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The
financial
fIrtintrira
VOL. 128.
SATURDAY, APRIL 6 1929.
NO. 3328.
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Published every Saturday morning by WILLIAM B. DANA COMPANY.
President and Editor, Jaeob Seibert; Business Manager, William D. Rigel
Treas.. William Dana Seibert;See., Herbert D.Seibert. Addressee of all, Office of CO cherished plans and ideas are now to come to fruition
through the medium of the proposed International
The Proposed International Bank—The Federal Bank, with the Federal Reserve in the van.
Reserve Banks Being Committed to It.
Utopia we must say has never made much of an
Two weeks ago we discussed the proposed Inter- appeal to us. It has always seemed best to us to
national Bank which the Committee of Experts, sit- keep the feet on solid ground. Our experience, too,
ting at Paris for the purpose of settling the German has been, that building castles in the air, while
reparations payments, has under consideration, and neglecting provision for a practical world, is liable
expressed fears that the purpose was to connect and to invite trouble and lead ultimately to disaster. It
involve our Federal Reserve Banks with the same. is for that reason that we have been looking askance
We indicated the grounds for our feeling of solici- at the novel proposition. It is already becoming
tude in that regard and stated that the developments painfully apparent that the solicitude we expressed
with reference to the establishment of the proposed two weeks ago with reference to our Federal Reserve
banking institution deserved most careful watching, Banks becoming participants in the operations of
inasmuch as it was becoming very plain that it was the International Bank, is based upon substantia
l
meant to endow the proposed bank with extraordi- grounds. It seems to have been definitely determine
d
nary functions and powers. Par from being con- that the United States is to engage in
the rash underfined to the mere handling of reparations payments, taking. It has passed the debatable
stage and the
it was assuming the character of a super-bank and part to be played by the Federal
Reserve Banks has
would take over not a little of the business now done already'been fixed.
by large private banking institutions and, most imAt the time of our previous article we stressed the
portant of all, would also lean very heavily upon our fact that W.
Randolph Burgess, the Assistant FedFederal Reserve Banks, especially in the matter of eral Reserve
Agent of the New York Federal Reserve
its gold holdings and gold supplies.
Bank, had been in Europe for some time and that
For some time past many of the Federal Reserve Gates W. McGarrah, the Federal
Reserve Agent, had
officials have had fantastic notions about regulating also then recently sailed for
Europe and we added
the gold movements, not only of the United States, that it was to be presumed
that these officials were on
which certainly ought to be a big enough job for the other side for a purpose. It
escaped our notice at.
any one, but the gold movements and gold supplies the time, that Owen D.
Young, who is one of the two
of the entire world. From time to time inspired American experts on the
Committee of Experts, and
utterances have been broadcast telling us how won- the Chairman of that illustrious
body, also has
derful it would be if all the gold in the world could Federal Reserve connections.
The matter seemed
be put into a common pool in which every country of no great moment
anyway. But now that Senator
would feel it had an ownership—how readily trans- Carter Glass would have President
Mitchell of the
fers from one country to another could be effected, National City Bank removed
as a Class A director of
financial Thronicit
2160
FINANCIAL CHRONICLE
[Vox,. 128.
the new Reparations Bank may also send to
the New York Federal Reserve Bank because of his dent,
gold from the Reserve Banks, and may
action of last week in coming to the rescue of the and receive
the exchange markets in cooperation with
money and the stock market at a critical juncture act in
no harm can come in noting that Mr. Young, too, is them."
In the foregoing, we have quoted from the news
a director of the New York Federal Reserve institucolumns of the Journal of Commerce. An editorial
tion.
d in the "Journal
Thus we have three men with direct Reserve af- article on the subject also appeare
the caption
filiations, who have been or are in Europe, and who of Commerce" the following day, under
in which the authority to
can be depended upon to favor the scheme, if not of "A Dangerous Scheme"
the kind is denied. As the editor of
aggressively at work for it. But it is unnecessary to do anything of
e" is H.Parker Willis, and
raise that point, for Mr. Burgess has now returned the "Journal of Commerc
of the framing of the
and he makes no secret of the fact that his stay as Mr. Willis was at the time
ion. In Reserve Act expert adviser to the Banking and
abroad had to do with the proposed Institut
House of Representathis country, and in fact in Europe also, it has been Currency Committee of the
the Reserve Act, he is
impossible to get anything but the barest outline of tives and actually drafted
with authority on this
what is actually proposed. But Mr. Burgess speaks certainly qualified to speak
the "Journal of Commerce" has
frankly and fully concerning the matter, which is point. Here is what
something quite unusual for anyone connected with to say editorially on the point:
"As for the acceptance by Federal Reserve Banks
the Federal Reserve, it being a fixed policy of the
of the functions of 'correspondent' for such a bank,
New York Reserve Bank, as of the Reserve Board at
and the further statement that they are 'empowered'
Washington,to withhold knowledge of what is going to operate in that capacity, it may as well be set
on as far as this can be done. As Mr. Burgess speaks down at the outset that any such power on their part
no power except by
wih full knowledge of the facts what he says ought is sheer imagination. They have
courtesy to do what they have been doing for foreign
to receive the closest attention. For, if the Federal central banks. As for going into an arrangement
Reserve System is to be involved in the operation of with the reparations bank to control or manipulate
the new bank, in the way suggested, the action may movements of gold, they are far from having any
such authority. A time will come, and probably
be fraught with most serious consequences.
shortly, when their powers in this and other matters
The Federal Reserve authorities have at all times are likely to be carefully tested. Meantime they will
been ready to embark upon new and untried ventures be wise to be careful about engaging in operations
of every kind and apparently they never reckon the that are entirely beyond their scope."
With reference to the operation of the new insticost. As one illustration, witness the jaunty way
their easy money policy tution; the news account quotes Mr. Burgess as sayin which they entered upon
in the autumn of 1927. See what has followed: ing that "it would function as an important factor
$500,000,000 of gold has been expelled from the in financing foreign trade, especially in Germany,
t
country, Stock Exchange speculation has become and would also engage in securii y transactions which
of borrowing would lead to the creation of exchange in Germany's
rampant and beyond control, the cost
has been raised to unwarrantably high figures and favor. This, he said, is substantially what press
the ultimate outcome is yet an unknown quantity. dispatches have indicated to be the function of the
Does the country now want a repetition of this on a institution."
The fact should well be noted that the new bank
larger scale?
Mr. Burgess' remarks were quoted in all the daily "would function (1) as an important factor in
papers, but the fullest account of what he said ap- financing foreign trade," that (2) it "would also
peared in the Journal of Commerce of this city on engage in security transactions"; and (3) that it
Friday of last week, and we reprinted this in full would engage in "creation of exchange." This is
in our issue of last Saturday. Mr. Burgess is quoted important as showing how varied would be the charas saying that the plans for the proposed Inter- acter of its operations and also how,* necessarily, it
national Bank have reached a point where its forma- would take over much of the business of the same
tion is assured. Its Organization and method of kind now done by private banks. What is contemoperation have been largely defined, in fact we are plated in the matter of handling gold and dealing
told that the Assistant Federal Reserve Agent has with the metal is best stated in the words of this
actually assisted in drafting plans for the new Inter- news account, in which Mr. Burgess is quoted as
national Bank. It is pertinant to ask where the saying:
Reserve Banks get authority to do anything of the
"It is believed that the International Reparations
Commerce account says that Bank will earmark gold in the other central banks
kind. The Journal of
as occasion arises. This will reduce the necessity
Mr. Burgess "indicated that the Federal Reserve for international gold shipments. Should a particuBank of New York is empowered to act as correspon- lar European currency fall to a level at which ordident for foreign central banks under its charter and narily it would be necessary, in order to protect its
the United
that from this it may be deduced that no additional exchange,for that country to ship gold to
States, the central bank of the country would instead
legislation would be needed to permit the local Re- instruct the Federal Reserve Bank to transfer the
serve institution to act in this capacity for the new required amount from the balance of the InternaReparations Bank. In the capacity of correspon- tional Bank to the account of the central bank.
APRIL 6 1929.]
FINANCIAL CHRONICLE
"The central bank could then transport its gold to
the International Bank,instead of shipping it across
the ocean to New York, thus saving on insurance
and shipping charges.
"This reduction of charges in transporting gold
would narrow the range between the gold import and
export points for currencies, since these charges are
an important factor in calculating the points at
which gold can be shipped from one country to another without loss to the importing country. The
narrowing of this range would in turn make for
more stable foreign exchange rates, it is said, the
reason being that these rates fluctuate between high
and low gold points."
'2161
mischievous and why therefore should the Reserve
officials engage in the spreading of such pernicious
doctrines? Congress should amend the Reserve Act
so these things will be rendered impossible hereafter.
The Reserve authorities should no longer be permitted to be a law unto themselves.
The Financial Situation.
It has frequently been intimated in the daily newspapers that Secretary Mellon is not entirely in accord
with Federal Reserve policy in seeking to curb stock
speculation. Be that as it may, the Secretary is
Mr. Burgess does not state whether the Reserve certainly, just now, placing and keeping huge
Banks would send $500,000,000 gold to Europe or amounts of Government deposits at command of the
member banks. He is enabled to do this by reason
$1,000,000,000, on some future date as part of the
of the large income-tax collections and the Treasury's
scheme.or none at all, but that the Reserve authori- March
financing by which $475,000,000 of new
ties are quite capable of undertaking something of Treasury certificates
of indebtedness were sold last
the kind is evident from the fact their easy money month. It is customary at quarterly tax dates
to
policy resulted in the expulsion of $500,000,000 gold find a big increase in Government deposits with the
to Europe from the United States and that not so member banks. But it is not customary to see these
very long ago they extended a credit of $200,000,000 heavy Government deposits maintained at their full
to Great Britain. Everyone should earnestly con- magnitude week after week. Usually, these deposits
are drawn down as quickly as they come into
sider whether the Reserve Banks ought to be perexistence.
mitted to engage in any venture such as is here
On the present occasion, this has not been the case.
proposed, and also the menace involved.
Whether this has been by design, or merely has
The Reserve Banks carry the entire reserves of happened so, it has been of decided assistance
to the
the member banks and this reserve of course con- banks during the present money stringency. Governsists of gold. Should any action be tolerated that ment deposits have a distinct advantage over other
involves even the remotest jeopardy to these gold deposits in that the banks are not required to hold
reserves? Should not these reserves by their very any reserves against the same. At the present time,
that of course is a consideration of the highest imnature be treated as a sacred trust?
portance. It obviates the need of borrowing at the
Another thing should not be overlooked, namely, Reserve institutions
to precisely the amount of such
that it is proposed to proceed without the authority deposits. And taking all the membe
r banks comof Congress. Does the country wish a repetition of bined the aggregate of such deposits represents
a
the costly blunder involved in the Reserve's easy very considerable sum, much larger than is commoney policy. Is it not high time that an end were monly supposed.
On March 13,—that is, before the Government had
put to such juggling with the large matters delegated
in its possession the proceeds of the $475,000,000 new
to it? Should not the new Congress when
it as- issue of Treasury certificates, or was
in receipt of
sembles on April 15 make an investigation with
the the heavy income tax payments—Government deview to preventing ill-advised action on
the part of posits in the reporting member banks in 101 leading
the Federal Reserve, besides taking
measures to cities were down to $6,000,000. On March 20 they
safeguard the vital interests that the
Federal Re- were up to $305,000,000, representing an increase for
serve would place in jeopardy?
that week of no less than $299,000,000. For the
entire body of member banks—that is, those which
Finally, why should the Federal Reserv
e give make
no weekly reports, as well as those that are
paramount consideration to things abroad,
when the required to make
such reports—the amount involved
situation is so critical at home? Why these
repeated would of course be still larger.
trips abroad by so many of the Reserv
e officials?
As already stated, ordinarily the deposits are
There has been altogether too much
meddling with almost immediately drawn upon and therefore
foreign affairs, and serious blunde
rs have attended greatly reduced. This time however, the amount for
such meddling. In the new warning
issued by the the reporting member banks, March 27, was exactly
the same as on March 20, namely, $305,000,000.
Reserve Board on.Thursday of this week
In
a statement
other words, the whole of such deposits was kept
to the effect that "the system has been
consistently intact
during the week referred to, not a single
in favor of a redistribution of a part
of its stock of dollar having
been drawn out. Nor does it seem
gold" is reiterated several times. Where
can author- likely that the amount the presen
t week will be
ity for such redistribution be found and
who can greatly reduced. The figures for the whole body of
affirm that redistribution would be wise
or that the reporting member banks will not be available until
Reserve Board would be competent to
make it? Any Monday evening of next week. But, those for New
"redistribution" would in the nature
of things, not York and Chicago are already known, and at New
York Government deposits have decreased only from
being the result of the operation of econom
ic law, be
$129,000,000 to $122,000,000 and at Chicago from
forced and artificial, and hence bound
to prove $33,000,000 to
$31,000,000.
futile. In these circumstances, what could
be more
2162
r
FINANCIAL CHRONICLE
[Vor.. 128.
Mercantile insolvencies during March were again
much less numerous than in recent preceding years.
March was the fifth consecutive month in which a
decrease was shown. The number of defaults last
month was not only considerably reduced as compared with a year ago, but the total of liabilities
was also very much less than in that year. R. G.
Dun & Co. report 1,987 commercial failures in the
United States for March this year with a total of
indebtedness of $36,355,691. The comparative statement for a year ago showed 2,236 insolvencies involving $54,814,145 of liabilities. The decrease in
number this year was equivalent to 11.1 %, while
the indebtedness reported for the month this year
shows a reduction of no less than 33.7 % from a year
ago. The March statement is much the best of the
past five months.
The improvement for March this year is reflected
in all three classes into which the insolvency record
is separated and the division embracing trading
concerns makes rather the best showing. There were
1,349 trading defaults last month for $17,190,437 of
000.
1,566 in March of last year
As compared with last week, the loans are smaller liabilities, compared with
different categories, involving $26,186,339 of indebtedness. In March 1928
the present week under all the
70% of all insolvencies
the loans made by the reporting member banks for trading failures constituted
this year was
their own account having decreased from $1,071,000,- in that month and while the number
actually and relatively less
000 to $1,021,000,000; those for account of out-of- still quite heavy it was
In manufacturing lines the
town banks from $1,680,000,000 to $1,652,000,000 and than it was a year ago.
ies last month was 512 involving
those for account of others from $2,898,000,000 to number of insolvenc
$15,000,572 of liabilities. These figures compare
$2,889,000,000.
in March 1928 for $20,411,It should not escape attention that the Stock Ex- with 546 similar defaults
a substantial decrease appearing for both items
change figures for the even month, down to March 956,
addition to the above there were 126
31, have also appeared the present week and are the this year. In
as is failures of agents and brokers last month for $4,164,largest on record. The Stock Exchange totals,
ness against 124 in March of last
known, are always much bigger than the Federal 682 of indebted
nsive. year involving $8,215,850 of liabilities.
Reserve figures, being much more comprehe
Fourteen groups into which the trading defaults
In February, it will be recalled, the Stock Exchange
25. This has now were separated for March this year involved about
had shown a reduction of $56,618,3
failures and of these fourteen
been followed by an increase of $125,911,491 during 81.5 % of all trading
fewer insolvencies in March this
show
the month of March, raising the grand total to the groups, eleven
e of $6,804,457,408, breaking, as year than a year ago, while only three groups reenormous aggregat
in the number. The groups in
already stated, all past records; on March 31 1928 ported an increase
reductions were most noteworthy are
the amount was only $4,640,174,172 and on March 31 which the
g dealers in clothing, in dry goods
1927 no more than $3,289,781,174. In the two years, those embracin
and in leather goods and shoes. There were also
therefore, the total has risen over $3,500,000,000.
than in March last year
With reference to this week's further increase in fewer failures last month
among grocers, general stores, dealers in furniture,
borrowing at the Reserve Banks, as shown in the
furs including hats, and in stationery and
weekly report of the Federal Reserve Banks, the dis- in drugs,
ons books. On the other hand quite an increase appearcount holdings of the twelve Reserve instituti
in the number of defaults among
have risen from $1,024,130,000 to $1,029,852,000. ed for the month
have further reduced jewelers, dealers in hardware, and for hotels and
The Reserve Banks, however,
ts. The large falling off in trading liabilitheir holdings of acceptances from $208,427,000 to restauran
this year was mainly due to the
$174,703,000, and have also slightly diminished their ties that appears
in March 1928 a large hotel failure swelled
fact that
holdings of U. S. securities. The result, altogether,
of bill and security holdings is the indebtedness for that month very heavily. Liais that the total
in the grocery line were considerably smaller
about $29,000,000 less than a week ago, standing at bilities
in March this year than they were a year ago. They
$1,380,458,000 April 2, against $1,409,712,000 on
were also somewhat reduced in the clothing line,
March 27.
for dealers in furniture, and in stationery and books.
With reference to the further increase in borrowThe other divisions of these fourteen leading classiing at the Reserve institutions, it should not escape
n of fications showed some increase in the indebtedness
notice that it has occurred in face of a reductio
in the month the present year, but in no instances
$63,645,000 at the Federal Reserve Bank of New
g has in- were the indicated losses especially large.
York. In other words, outside borrowin
Among manufacturing concerns nearly 60% of all
creased while that at New York has diminished. At
defaults last month were embraced in fourteen lead• Chicago the increase has been $20,100,000, at Atlanta
ing divisions and of these fourteen classifications
1$9,700,000, at San Francisco $9,400,000, at Kansas
there were eight in which a slightly smaller number
'City $8,000,000, at St. Louis $7,000,000 and at Cleve- of
failures occurred .than a year ago. There were
land $6,200,000.
no noteworthy changes, however. Among those re-
This week's return of the Federal Reserve Banks
shows a further reduction in brokers loans and to
that extent is encouraging, but member bank borrowing at the Reserve institutions has nevertheless
slightly further increased and to that extent the
showing is not what could be wished. The reduction
in brokers loans follows of course directly as a
result of the very extensive liquidation in the stock
market. The contraction last week, it may be recalled, reached $144,000,000, which fell $22,000,000
short of the $166,000,000 increase in the week immediately preceding. This week there has been a
further decrease of $87,000,000, making the contrac• tion for the two weeks $231,000,000, which is of
course a very considerable sum. And yet even after
this reduction, the total of these loans on securities
to brokers and dealers for the reporting member
banks in New York City still stands at the huge
figure of $5,562,000,000. A year ago, on April 4 1928,
When the totals were already considered unduly
large, the aggregate was no more than $3,979,000,-
APRIL 6 1929.]
FINANCIAL CHRONICLE
porting fewer defaults this year were the classifications embracing machinery and tools; furs, hats, and
gloves; chemicals and drugs; printing and leather
goods, the latter including shoes. There was some
increase in the defaults for manufacturers of lumber,
but for other manufacturing divisions, reported
separately, no important changes were shown. As
to liabilities, which in the aggregate were considerably smaller last month than a year ago, the only
divisions where the amount was at all heavy this
year was for machinery and tools, and in lumber,
the latter being especially heavy, owing to some
large defaults in that line, although the amount for
March this year was very much less than it was in
March 1928.
The large failures in March,that is those for which
liabilities in each instance involved $100,000 or more,
continued quite numerous, although the total of indebtedness for the past month was considerably
smaller than it was for March in both of the two
preceding years. There were 70 such defaults in
March this year involving $13,899,930 of liabilities,
against 72 a year ago for $28,251,022 and 76 two
years ago owing a total of $31,853,900. These latter
figures were especially heavy. The smaller failures
last month numbered 1,917 for $22,455,761, an average of indebtedness to each insolvency of $11,700.
In March of last year the corresponding figures
were for 2,161 similar defaults involving $26,593,128,
an average of $12,275. The improvements this year
has been quite marked.
The stock market this week has been depressed
most of the time with a general tendency towards
a lower level, though there have been the usual exceptions to the rule. The Stock Exchange was closed
on Saturday last. Monday proved a great disappointment both in the matter of money rates and in
the course of prices on the Stock Exchange. After
the sharp recovery the latter part of last week following the severe break in the early part of that
week,it was a surprise to find the market on Monday
showing decided weakness with selling orders largely
exceeding those to buy. Opening prices in many
leading stocks recorded large declines from the closingiarices the previous Thursday. General Motors
shares opened 2 points down at 83; United States
Steel opened at 179% against 18334 the close the
/
previous Thursday; Radio Corporation of America
opened at 102 against 106%; Anaconda at 155
against 159%; Packard Motor at 12514 off 9% from
/,
the closing price of 13478 on Thursday and Kenne/
cott Copper opened at 89% as compared with 94.
Evidently large amounts of stock bought in the
break the previous week in extending support to the
market, at the time of its greatest weakness, were
now being disposed of. The money market also again
furnished a cause for uneasiness. Call loans, as
against the closing rate of 8% the previous week,
renewed on Monday at 10% and this was followed
by an advance to 15%. The stock market remained
weak throughout Monday, though there was a rally
towards the close of the session in which a part of
the losses earlier in the day were cancelled. On
Tuesday the market showed a much better tone and
developed firmness as the day progressed; call loans
on the Stock Exchange were renewed at 12% and
did not go any higher. On Wednesday there was
renewed weakness in stocks and the tendency of
2163
prices was again strongly downward, though call
loans were renewed at 10% and only 8% was asked
on new loans by the end of the day. On Thursday
the renewal rate was again fixed at 10% with a drop
to 6% by the close of the day. This had a strengthening effect on stock prices and the market derived
additional tone from the fact that the railroad list
was taken in hand and moved upward in a moderate
kind of way. U. S. Steel common was also bid up
several points, with the result that the market improved all around.
On Friday the reduction shown in the total of
brokers' loans in the Federal Reserve statement
issued on Thursday evening was a favorable influence, but the reiteration by the Federal Reserve
Board of its intention to curb speculative excesses
rather dampened speculative ardor. Nevertheless,
many substantial advances in prices occurred.
Trading has been on a greatly reduced scale, the
sales on the New York Stock Exchange on Monday
haviag been 4,162,830 shares; on Tuesday 3,776,370
shares; on Wednesday 3,703,450 shares; on Thursday
3,330,060 shares and on Friday 3,405,740'shares; on
the New York Curb Market the volume of transactions also dwindled, sales Monday having been 1,100,900 shares; on Tuesday 878,900 shares; on
Wednesday 920,515 shares; on Thursday 862,200
shares and on Friday 1,100,200 shares.
As compared with Thursday of last week closing
prices yesterday show quite general declines, though
with ngt a few exceptions to the rule. American
Express is one of the exceptions, having sharply
advanced on the news that the company had purchased another large block of American Railway
Express stock. American Express closed yesterday
at 35914 against 310 on Thursday of last week;
/
Adams Express closed at 669 against 594 on Thursday of last week. In the chemical group, Allied
chemical & Dye closed yesterday at 270% against
275 on Thursday of last week; Commercial'Solvents
closed at 295% against 260; Davison Chemical at
55% against 57%; Mathieson Alkali at bid 188
against 192; Union Carbon & Carbide at 217 against
218; and E. I. du Pont de Nemours at 178 against
/
4
1813 . Radio Corporation closed yesterday at 100
against 106% on Thursday of last week, and Int. Tel.
& Tel. closed at 2601 8 against 274%; General Elec/
tric closed at 230 against 238; Amer. Tel. & Tel. at
220 against 224; National Cash Register at 130%
against 134; Montgomery Ward & Co. at 115%
against 122; Wright Aeronautic at bid 250% against
254; Sears, Roebuck & Co. at 1441 8 against 150%;
/
Inter'l Nickel at 48% against 52; A. M. Byers at
15778 against 156; American & Foreign Power at
/
90% against 96%; Brooklyn Union Gas at bid 174
against 180; Consol. Gas of N. Y. at 10338 against
/
105; Columbia Gas & Electric at 138% against 142;
Public Service Corporation of N. J. at 79% against
8278; American Can at 1261 4 against 123%; Timken
/
/
Roller Bearing at 79 against 81%; Warner Bros.
Pictures at 104 against 109; Mack Trucks at 99
against 98; Yellow Truck & Coach at 41% against
39/ National Dairy Products at 123% against
8;
124%; Western Union Tel. at 196 against 202%;
Westinghouse Electric & Mfg. at 148 against 151%;
Johns-Mansville at 168 against 170; National Bellas
Hess at 56 against 56; Associated Dry Goods at 54%
against 58; Commonwealth Power at 128' 8 against
/
7
133; Lambert Co. at 143 against 145%; Texas Gulf
2164
FINANCIAL CHRONICLE
/
4
/
Sulphur at 791 8 against 80%;Bolster Radio at 513
against 56%.
The copper stocks ha,ve shown less buoyancy the
present week. Anaconda Copper closed yesterday
/
/
1
2
at 147 against 15914 on Thursday of last week;
Kennecott Copper at 87 against 94; Greene-Cananea
/
/
4
/
4
at 1643 against 1753 ; Calumet & Hecla at 511 2
/
/
1
4
against 54 ; Andes Copper at 53% against 5878;
8
Chile Copper at 110 against 1161/ ; Inspiration Cop/
4
/
per at 5214 against 563 ; Calumet & Arizona at 128
/
against 133; Granby Consol. Copper at 9614 against
/
1
2
9818; American Smelting & Ref. at 106 against
/
113 ; U. S. Smelting Rfg. & Min., at 64 against
/
1
2
671 8
/
.
The oil shares have been heavily sold, on the stand
taken by the U. S. Attorney General against the conservation plan of the American Petroleum Institute.
/
1
2
Atlantic Refining closed yesterday at 57 against
64 on Thursday of last week; Phillips Petroleum
/
1
2
/
/
1
4
at 41 against 42%; Texas Corp. at 641 8 against
66%; Richfield Oil at 43 against 44%; M9rland
/
1
4
Oil at 40% against 42 ; Standard Oil of N. J. at
/
1
2
56% against 58%; Standard Oil of N. Y. at 42%
/
against 4378; and Pure Oil at 25 against 27%.
/
1
2
The steel stocks have been very strong on the
favorable condition of the steel trade. U. S. Steel
/
closed yesterday at 1865s against 18334 on Thursday
/
week; Bethlehem Steel at 10912 against
of last
/
104½; Republic Iron & Steel at 931 4 against 91;
/
and Ludlum Steel at 7678 against 72. In the motor
/
group General Motors closed yesterday at 85
/
1
2
against 85 on Thursday of last week; Nash Motors
at 1001 8 against 102%; Chrysler Corp. at 951 8
/
/
against 99 ; Studebaker Corporation at 82 against
/
1
2
84; Packard Motor at 129 against 13478; Hudson
/
/
Motor Car at 8634 against 87%; and Hupp Motor
at 65 against 70. In the rubber group Goodyear
/
1
2
Tire & Rubber closed yesterday at 13634 against
/
14078 on Thursday of last week; B. F. Goodrich
/
closed at 90 against 9278 and U. S. Rubber at 541 8
/,
/
against 57%, and the pref. at 8114 against 8478
/
/.
The railroad group has had greater attention than
for some time past and a few of the rails show net
gains for the week. New York Central closed yester/
1
2
day at 183 against 185 on Thursday of last week;
Del. & Hudson at 187 against 188; Baltimore &
/
1
2
Ohio at 123 against 124; New Haven at 89 against
88%; Union Pacific at 215 against 219%; Canadian
/
Pacific at 23414 against 239 ; Atchison at 199
/
1
2
against 19978; Southern Pacific at 128 against
/
1
4
/
1271 8; Missouri Pacific at 7734 against 7714; Kan/
/
/
sas City Southern at 87 against 82; St. Louis Southwestern at 99% against 101%; St. Louis-San Francisco at 112 against 1131 2; Missouri-Kansas-Texas
/
at 47% against 47 ; Rock Island at 124% against
/
1
2
126 ; Great Northern at 104 against 105; North/
1
2
/
1
2
ern Pacific at 102% against 103%; and Chicago Mil.
St. Paul & Pac. pref. at 5418 against 54 .
/
/
1
4
Securities markets in the important European
centers have been very quiet during most of this
week, with the price structure showing a fair degree
of strength, although there was some irregularity
in portions of the several lists. The markets were
.
all closed for a four-day holiday from Good Friday
over Easter Monday,reopening Tuesday. New York
remained the center of interest all week, owing to
the gyrations on the Stock Exchange in preceding
sessions and to our absorbing credit problem. The
[You 128.
London Stock Exchange was subdued at the opening
Tuesday, with Anglo-American issues declining
slightly to the levels prevailing at New York. British
industrials were fairly strong, and gilt-edged securities also advanced. Buying of the gilt-edged
securities was stimulated, according to the reports,
by the apparent belief that speculation in Wall St.
had been. restrained and that pressure on sterling
exchange would relax. This influence again prevailed Wednesday at London, and the gilt-edged list
was marked up to higher levels. British rails were
lower, while industrials were irregular. Although
gitl-edged issues were again firm Thursday, they
showed a tendency to react in the late dealings.
Trading was again in small volume, with only minor
price changes. The tone yesterday was cheerful,
with business on an increased scale. Industrials
generally showed improvement and home rails were
firm, but the gilt-edged list turned irregular.
The Paris Bourse opened with a flourish after the
four-day closing, prices advancing and showing appreciable gains over the previous quotations. Banks,
rails and chemicals were leaders in the advance.
Although trading was not on a large scale, the upward movement of prices caused some surprise as
money needs for the month-end liquidation had to
be met. A heavier tendency was manifested Wednesday, with trading exceedingly limited. There were
many offers and some profit-taking, which brought
about declines in nearly all stocks, domestic and international. The Bourse was dull Thursday, little
of interest occurring save for a decline in copper and
oil shares. Yesterday's session was again dull,
with prices declining further. The Berlin Bourse
also was firm at the opening Tuesday, largely
on account of increased confidence in regard to
the reparations discussions in Paris, but the
upward trend of prices was promptly reversed
as further tightness in the German money market caused realizations. Wednesday's market
followed a similar course, strength at the opening
giving way to some sharp declines. There was general apprehension of an early increase in discount
rates in all principal markets, and the unfavorable
impression was enhanced by the quarterly report of
the Reichsbank. Owing to improvement in mark
exchange Thursday, the Bourse showed more Ponfideuce and prices advanced moderately in quiet trading. This tendency was continued in yesterday's
market, with quotations showing further improvement.
Meetings of the Expert's Committee on German
reparations were resumed in Paris Thursday afternoon, after a recess of a full week occasioned by the
Easter holidays and by the need for careful study
on the part of the German experts of the tentative
figures previously drawn up by the various Allied
delegations. With the plan for the proposed new
international settlement bank drawn up and requiring only the insertion of figures to round it out,
discussion was confined in the plenary sessions last
week to the amount of reparations to be paid by
Germany and the scale of annuities. "There is little
doubt," a dispatch of April 4 to the New York
"Herald Tribune" said, "that the assortment of
principles and arithmetical estimates put forth by
the creditor powers, if totaled up and averaged,
would come close to approximating an annuity of
APRIL 6 1929.]
FINANCIAL CHRONICLE
2165
President Hoover, after sending condolences to
the Ambassador's son, Parmely Herrick, last Sunday, issued a statement saying: "I have heard with
profound regret of the death of Myron T. Herrick,
our Ambassador to Paris. Few men in American
public life have given during many years such unselfish and such valuable service to their country.
From 1903 to 1906 Mr. Herrick served most successfully as Governor of Ohio. He was appointed Ambassador to France in Feb., 1912, serving until Nov.,
1914. During the first year of the war he won the
admiration and affection of France by remaining at
his post in Paris when the government and the diplomatic corps moved to Bordeaux. He was reappointed Ambassador in April, 1921, since which
time he has been an admirable representative of his ,
country. Mr. Herrick's death will cause sorrow both
at home and abroad. The French loved him for his
sympathetic understanding, but realized that during
his long service in Paris he never lost any of his love
for his own country and therefore never failed in
his representative capacity. I grieve for the death
of a friend and for the passing of a splendid public
servant."
President Gaston Doumergue, of France, sent a
Herrick, American Ambassador to
Myron T.
France, died suddenly at the Embassy in Paris last message to Mr. Hoover on April 1 in which he exSunday evening, his unexpected death coming as a pressed his "profound sorrow upon learning of the
shock to all of France and America, and causing death of the eminent Ambassador, Myron T. Hergrief in many other countries as well. He was 74 rick, who in the course of his long career in France
years old, and had been in ill health for some time, gained through his noble character the esteem and
but of late had recovered much of his accustomed affection of all. His passing causes universal and
vigor. The Ambassador had been suffering from a sincere regret on the part of all the French nation,
cold for several days, and this was aggravated by who will never forget his numberless actions of
fatigue following a two-mile march through Paris in friendship which he manifested on all occasions, as
the funeral procession of Marshal Foch. A heart at- well as the constancy and effectiveness of his devotack carried him off while he was planning an official tion to the,common interests of our two countries."
function, fulfilling his own wish that he might die Mr. Hoover replied to the French Executive on the
"with his boots on," as Ambassador to France. Mr. following day, asking him to "convey to the French
Herrick was first appointed Ambassador to France people this nation's heartfelt thanks for their deep
on Feb. 15, 1912 by former,President Taft, and he sympathy." The Ambassador, Mr. Hoover added,
served until Nov., 1914, when he made way for Wil- had endeared himself to his fellow-countrymen not
liam Graves Sharp, who was appointed by President only as a statesman but as a truly noble character.
Wilson. President Harding re-appointed Mr. Her-- "His influence toward peace and justice won the
rick to the Paris post in April, 1921, and he had love of the French people and will be an inspiration
and example to our two countries," the President
since served there continuously.
The Ambassador was not only greatly esteemed said.
in this country, but universally known and beloved
by all classes of people in France. In a dispatch
Conferences were begun in London Tuesday beto the "New York Times" it was remarked that tween Sir Hugo Hirst, Chairman of the British
"everyone in France knows him as the greatest fac- General Electric Co., Ltd., and the representatives
tor in the preservation of Franco-American friend- of the American shareholders, Thomas L. Chadship, and can recount the history of the episode bourne and Herbert B. Swope, in an effort to settle
when, in 1914, Mr. Herrick announced he would re- the controversy caused by the decision of the directfuse to leave Paris if the French Government moved ors and the British voting shareholders to issue an
to Bordeaux." Another outstanding event in Mr. additional 1,500,000 a par value shares at 42 shilHerrick's diplomatic career was his reception of lings each, to British subjects only, to the exclusion
Colonel Lindbergh after the latter's airplane flight of American shareholders. The compromise plan
from the United States to France. As a last honor evolved by the British Foreign and Colonial Corto the Ambassador,the French Government arranged poration last week ,was severely condemned by the
impressive obsequies which were held in Paris American representatives in radio messages from the
Thursday. At the services in the Embassy, Premier Aquitania, before their arrival at Southampton last
Poincare spoke in the name of the French people, Saturday. This plan provided for the issuance of the
and the Spanish Ambassador, Quinones De Leon, new shares at 42 shillings each to all stockholders in
eulogized Mr. Herrick on behalf of the diplomatic the ratio of two new shares for every three held, with
corps in Paris. General Pershing spoke for the the requirement that foreign shareholders dispose
American people. The body was placed aboard the of their rights almost at once.
"Tourville," the finest cruiser in the French fleet,
In a wireless message to Sir Hugo Hirst the two
at Brest yesterday, and will be brought to New York. Americans expressed "surprise at the discourtesy
High governmental honors are planned here also. shown to the American stockholders in holding a
2,200,000,000 marks." A second set of figures supplied by Owen D. Young, the American Chairman
of the committee, would result, it was declared, in
an annuity of about 1,800,000,000 marks.
When the meetings were resumed Thursday at
3P. M., there was some expectation that Dr. Hjalmar
Schacht, head of the German delegation, would lay
a counter offer before the committee. Mr. Young
called on Dr. Schacht to take the floor, the "HeraldTribune" report indicated. The German banker contented himself, however, with making pertinent inquiries about certain phases of the two memoranda.
"He named no figures and attempted to name none,
and merely sparred for time in the guise of seeking
information," it was remarked. As a result, further
private meetings of representatives of the creditor
powers with Dr. Schacht were arranged in order to
elucidate the points brought forward by him. It is
expected that the discussions over the sets of figures
will be carried on for some days, making it likely
that the conference will run on until the latter part
of April or early in May before a final result can be
announced.
2166
FINANCIAL CHRONICLE
meeting while their representatives are en-route for
the conference which you said you welcomed. Further, we are surprised at the persistence in plans
which do serious injustice to a large group of stockholders, which injustice is inherent in all the plans
suggested and against which we must fight. It
works to deprive the American stockholders of important property rights. It violates the general conception of British fair play and is not calculated to
make foreign investors in English securities feel that
complete confidence which heretofore has always
existed."
Sir Hugo Hirst replied by wireless to Mr. Chadbourne as follows: "I have your cablegram, and I
am sorry you persist in misunderstanding and mistrusting our actions. The meeting held on Thursday
was purely formal, as it dealt merely with the machinery for carrying out resolutions already passed
and requiring no confirmation. I felt it my duty at
that meeting to communicate to the shareholders and
to the general public the plan submitted to us by the
British Foreign and Colonial Corporation. This
plan was neither discussed nor approved by that
meeting. I have laid it down repeatedly in my cables to you that my discussions with you must be
subject to the preservation of the principles laid
down in my address to our shareholders at the meeting of March 13. I stated then that a large body of
English shareholders is essential to the welfare of
the company, and to that I adhere. If you are prepared to agree that the welfare of the company is
identical with the interests of the shareholders you
represent, I am sure we can come to an amicable
understanding. If, however, you wish the interests
of the company to be subordinated to temporary
speculative operations, I am afraid we shall differ.
I am looking forward to a personal exchange of
views on these subjects on Monday next."
The meeting first scheduled for Monday was postponed until Tuesday Ilecause of the Easter Monday
holiday in London. The American representatives,
meanwhile, made it their business to discuss the
question with various British business men and
financiers, who assured them, a dispatch to the
"New York Times" said, that there is much British
sympathy with the stockholders in the United States
in their protest against the several plans advanced.
After the first meeting between the British General
Electric officials and the two Americans, Tuesday,
a joint statement was issued in which the word
"amicable" was used to describe the discussion. The
statement merely intimated that there would be several additional conferences to consider all phases
of the matter, and that in the meantime neither side
would have anything further to say. Further reporta from London indicated that the discussions
may last some time, because of the exhaustive consideration to be given the affair.
Balancing of the British Government's accounts
on March 30 for the financial year 1928-29 indicated
a budgetary surplus of £18,394,463, far exceeding
the expectations of Winston Churchill, Chancellor
of the Exchequer, who estimated a year ago that
there would be a surplus of about £14,502,000. Revenue for the fiscal year which ended last Sunday
amounted to £836,434,988, compared with £842,824465 last year, or a net decrease of £6,389,477. Expenditures totaled £818,040,525, against £838,563,341
[voL. 128.
last year, or a decrease of £20,522,816. A dispatch
to the "New York Times," to which we are indebted
for these figures, states that the entire surplus will
be devoted to rating relief, in accordance with the
policy of the Chancellor of the Exchequer. The new
British budget is to be introduced in Parliament by
Mr. Churchill on April 15. It is expected that the
budget will have been passed and Parliament dissolved by May 10. This will clear the way for the
general election, which will probably take place
May 30. The coming contest is already producing
a stir throughout the United Kingdom, with the
result more doubtful than usual. Three Labor victories in recent by-elections have disclosed a distinct
trend toward this party, which is certain at least
to reduce the large Conservative majority in the
present House. A factor of great uncertainty is the
addition of about 5,250,000 newly enfranchised
young women to the electorate. The campaign by
the Conservatives, Liberals and Laborites, which
has been in progress for several months,is dominated
completely by the problem of unemployment.
A cordial meeting between Sir Austen Chamberlain, the British Secretary for Foreign Affairs, and
Premier Benito Mussolini of Italy, took place at
Florence, Tuesday, the understanding prevailing
thereafter that there will be a continuance of the
present system whereby the British and Italian
Foreign Offices give each other mutual support in
most international questions. Sir Austen journeyed
to Florence to visit Lady Chamberlain, who is spending several months there. Premier Mussolini, who
passed the Easter holidays on one of his estates
nearby, drove over in his fast racing car, and was
joined at Sir Austen's villa by Signor Dino Grandi,
the Italian Under-Secretary for Foreign Affairs.
The conference which followed lasted more than an
hour. An official statement was issued thereafter
in which it was said that the two plenipotentiaries
"again re-affirmed the cordiality of Anglo-Italian
relations and found themselves in perfect agreement
on all the most important of the political questions
interesting their countries."
Monsignor Ignatz Seipel, the Christian Socialist
Chancellor of Austria, presented the resignations of
himself and his entire Coalition Cabinet to President
Wilhelm Miklas on Wednesday. The Chancellor
was also Minister of Home Affairs and Minister of
Foreign Affairs, and he is to continue in office
provisionally in order to dispose of current business.
Although it was known that there were serious differences within the Cabinet, the resignation of the
Chancellor was unexpected, dispatches said, as he
had encouraged the belief in recent speeches that
the differences would be adjusted. In a speech to
the Cabinet Council announcing his resignation, he
referred to attacks "on my priestly office and my
Church." Many of his fellow-clergymen had criticized his association of Catholicism with politics,
Vienna reports said, and it is considered that this
was one of the chief reasons for his resignation.
Another reason cited for his withdrawal was the
failure of the Government to obtain a loan for $100,000,000 from either Europe or America. The coalition which falls with Mgr. Seipel consists of the
Christian-Socialist, the Pan-German and the Agrarian parties. It was formed in 1927.
APRIL 6 1929.]
FINANCIAL CHRONICLE
In the speech of resignation to the Cabinet Council, Mgr. Seipel stated that "Austria's progress is
blocked by political tension, for a great deal of
which, though unjustly, the present government is
held responsible. Long-continued agitations and accumulated hatred, which so far as concerns my
person would be bearable, have also without reason
been cast on my priestly office and my Church. I
therefore thing it right to give the political parties
a chance to find another way to assure our political
future." The Chancellor stated specifically, a report
to the "New York Herald Tribune" said, that he
could not allow his duty to his church to suffer.
There was much conjecture in Vienna regarding the
influence of the Chancellor's religious affiliations
in bringing about the resignations. "There is even
speculation tonight," a "New York Times" dispatch
of April 3 said, "whether the Chancellor's resignation may have been influenced by a hint from the
Vatican itself."
The resignation of Casimir Bartel as Premier of
Poland was unofficially announced in Warsaw
Wednesday, confirming rumors of the past two
weeks of this impending action and indicating that
extensive changes in the Polish Government will be
necessary. A statement that he had tendered his
resignation to President Moscicki was made by M.
Bartel at a Cabinet meeting, and it was indicated in
dispatches from Warsaw that several other Ministers, among them the Ministers of Commerce and
Labor, probably will follow suit. The action now
taken has been considered likely since the defeat of
the Government in the Polish Parliament several
weeks ago. An official communication on the
chalges now impending will not be issued by the
Government until the final decisions have been
taken, a Warsaw dispatch to the New York "Times"
said. It was pointed out that there is a great confusion of parties in Poland, each one of which is
divided into several groups, including three distinct
labor parties and five representing as many minority
nationalities. These parties are opposed to any
measure which would reduce their representation,
and since last November have sought to obstruct
the advent of the new Constitution.
When the announcement of M. Bartel's resignation was made at the Cabinet meeting, President
Moscicki promptly conferred with the Premier and
with Marshal Pilsudski, the Minister of War and
virtual dictator of the country. The President is
reported to be opposed to any change in Government
at present and desired M. Bartel to continue in office. The latter, however, declined to change his
decision, the "Times" dispatch said, and President
Moscicki therefore asked Marshal Pilsudski to take
full responsibility for the Government by reassuming
the premiership. The Marshal refused to follow this
course, with the result, it is reported, that a third
alternative of a cabinet of "reconciliation with Parliament" has been proposed. The "Colonel" group
of Government parties in the Parliament, which
boasts a membership consisting of the inner circle of
Marshal Pilsudski's friends, is declared to be very
active in trying to obtain several portfolios in the
future Cabinet.
Sanguinary encounters between the largest armies
of insurgents and loyal Federal troops marked the
2167
military insurrection in Mexico this week, while
additional skirmishes took place between smaller
groups of combatants who are separated from the
main bodies. When the insurrection began in the
first days of March, the rebel forces concentrated at
Torreon, an industrial city of 40,000 people somewhat more than half way up the railway line from
Mexico City to Juarez on the border. On the approach of General Canes with a force of 20,000 loyal
troops, the insurgents, under General J. Gonzalo
Escobar, evacuated Torreon and slowly retreated up
the tracks toward Chihuahua City, destroying
bridges and tracks as they went. A stand was made
at Jiminez, between Torreon and Chihuahua City,
the first skirmish developing on March 31, near that
town, between the rebel rear-guard and advance
forces under General Eulogio Ortiz, Federal commander. In this brush the Federals were repulsed
with losses which the rebels placed at 200, but which
Mexico City authorities did not mention.
A battle for Jiminez began to rage April 1, when
General Almazan, with a loyal column estimated at
about 10,000 men, engaged about 5,000 rebels under
General Escobar in the environs of the town. No
decisive result was reached on the first day of the
battle for Jiminez, although fierce fighting continued for eighteen hours, much of it hand-to-hand.
Nightfall brought a lull in the engagement, although
desultory artillery firing continued through the
night. The Federals gained a foothold in the town
which they gradually extended, and from this point
of vantage they began a sweeping attack on the rebel
positions on the morning of April 2, which finally
gave them control of the entire city. Hundreds of
casualties resulted from this engagement, according
to the official reports, General Calles stating that
the rebels were "losing 300 men daily." The last
point given up by the insurgents was the railway station, whence they again entrained for a further flight
northward. Federal airplanes and cavalry detachments had in the meantime, however, destroyed several bridges on the railway route, and the pursuing
Federals were able to overtake the retreating rebels
at La Reforma, where a second and even bloodier
battle was fought. General Almazan, falling on the
rebels, almost annihilated their infantry units. The
dead and wounded in the three days' fighting were
reported at more than 3,000. The battle at La Reforma was described by General Calks in a message
to Mexico City as a "most decisive one in which the
rebels have paid dearly for bringing on this infamous
revolt." In this engagement, an Associated Press
dispatch from La Reforma said, "the back of the
Mexican revolution in the North was broken." Federal cavalry continued to pursue the remnants of the
rebel army, while the rebel generals fled in automobiles.
To the west, in the Pacific Coast state of Sinaloa,
loyal troops under General Lazaro Cardenas moved
swiftly up the Southern Pacific railway line in pursuit of a rebel force under Generals Roberto Cruz
and Ramon Iturbe, which had attempted to take the
Port of Mazatlan last week. Repulsed at Mazatlan,
the rebels fled northward to rejoin their fellows in
Sonora. A number of towns were invested by the
advancing Federal troops, but their progress was
slow. "That the Federals advancing northward in
Sinaloa can make little or no use of the Southern
Pacific railroad appears certain," a Mexico City
2168
FINANCIAL CHRONICLE
[VOL. 128.
dispatch of Wednesday to the ,New York "Times" tions and stating that they would obey the Central
said. "On the highest authority it is declared that Government and maintain peace. The split between
the destruction of that line northward from Mazat- the Nanking Government and the Wuhan (Hankow)
lan has had few parallels in Mexican revolts. Be- leaders widened, however, with Nationalist troops
tween March 5 and March 28 reports definitely list advancing up 'the Yangtze River for the purpose of
183 bridges destroyed, most of them north of Mazat- engaging the rebels. The latter began to raise a war
lan and between there and San Bias. It probably fund in Hankow last week, and "assessed" the
will take months to restore the railroads to their Chinese banks for $2,000,000 Mexican, and the cotton
former condition." The rebels in this section, ac- guilds for $1,500,000 Mexican. President Chiang
cording to late reports, are concentrating at Culia- Kai-shek is leading the advance upon Hankow in
can, the capital of the State. In order to protect the person. From his headquarters at Kiukiang, a stateinterests of United States citizens and other foreign- ment was issued Wednesday saying that many
ers in Sinaloa, Secretary of State Stimson yesterday prisoners had been taken in the advance. When
requested the War Department at Washington to contact between the armies was established Thursday, the opposition to the Nationalists collapsed,
send a destroyer to the port of Topolobampo.
Farther to the south, Federal troops were con- with the rebels either retreating or elge joining the
centrated in the States of Jalisco and Guanajuato Nationalist ranks. In Shantung, General Chang
to deal with bands of irregulars whom the authori- Tsung-chang, the former War Lord who has regained
ties in Mexico City call "Catholic fanatics." On the control of most of the province in defiance of the
withdrawal of the regular forces from the lowlands Nanking Government, consolidated his gains and
there, it is explained in reports from the capital, began negotiations with the Nationalist Commander,
insurrectionists who had been forced into the moun- General Liu Chen-nien, for the surrender of the lattains in the last two and a half years moved down ter's troops, who have occupied the walled city of
and took possession of a score or more of villages and Ninghaichow. The negotiations were conducted on
towns. Three thousand regulars under General a financial basis, according to the reports. In order
Saturino Cedillo began a campaign against these to replenrsh his war chest, Marshal Chang demanded
insurgents on April 1, in order to drive them back $500,000 from the Chefoo Chamber of Commerce.
into the hills and break up the united force which
A new national assembly was added to the roster
had been organised by General Augustin Goroztieta.
After the battle for Jiminez,' General Calles de- of Parliaments Tuesday, when the Emir Abdullah
tached a further 5,000 regulars to assist in this task. of Transjordania, formally opened the first LegisAt Naco, Sonora, just across the border from lative Assembly of that country at Amman, the
Naco, Ariz., a struggle began to take shape last capital. The occasion was a festive one, according
Sunday between 1,000 Federals under the command to a wireless dispatch to the New York "Times," the
of General Olachea, and the surrounding rebel town being gayly decorated with banners, national
troops under General Topete. The town was re- flags and floral arches in celebration of the memtained for the Federals in the midst of rebel terri- orable event. The Emir made an imposing entry
tory through a coup by General Olachea early in into the newly built Assembly Hall, where he was
March, with the defending troops maintaining a awaited by Colonel Cox, the chief British Represteadfast loyalty to Mexico City since. The first sentative; by Hassan Chalid Pasha, the Prime Mindefinite contacts were made by means of airplanes, ister, and by various British advisers to the Transthe rebels dropping a number of bombs into the jordanian Government. Twenty-two Deputies were
Federal lines. Two of the bombs landed on the present, some robed in the costumes of the ancient
American side of the international border tuesday, tribes, and others in ultra-modern European morna steel fragment wounding Harry,Baker, an Ameri- ing coats. After a speech by the Premier, Colonel
can. Brig. Gen. Cocheau, commander of the United Cox read a letter of congratulation from Sir John
States troops in the section, called on General To- Chancellor, High Commissioner to Palestine and
pete and warned him against a repetition of this Transjordania, the Emir responding with a few
incident. Another rebel bomb fell about 20 feet words of thanks. When the Deputies were sworn in,
inside the line on the following day, but did no nineteen read the oath, while three of them,illiterate,
damage. General Topete expressed regret over the repeated it after their colleagues. Committees were
incident and gave assurances that there would be no appointed by the Premier to draft the internal laws
repetition. A slight encounter between rebel cavalry of the Assembly.
and Federal infantry occurred Wednesday. By
There have been no changes this week in the disdirection of President Hoover, Secretary of State
count rates of any of the European central banks.
Stimson requested the War Department Wednesday
to release 325 Federal Mexican troops, detained at Rates continue 7% in Italy; at 63/2% in Germany
Fort Bliss, to the Mexican Consul General at El and Austria; 6% in Italy; 532% in Great Britain,
Paso. These troops entered the United States after Holland, Norway and Spain; 5% in Denmark; 432%
in Sweden; 4% in Belgium, and 332% in France and
the capture of Juarez by the rebels.
Switzerland. London open market discounts for
short bills are 51
4% and for long bills, 5 5-16%
Fighting between the various factions in China
against 5 5-16% for the former and 5 5-16%©5M%
continued in desultory fashion this week, with the
for the latter on Friday of last week. Money on
banks and the trading guilds apparently the chief
call in London is 431%. At Paris open market
sufferers, as usually happens in the initial stages
discounts remain at 3 7-16% and in Switzerland at
of Chinese unrest. The southern leaders at Canton
3%.
were reported definitely aligned with the Nanking
Nationalist Government, Sunday, the generals cirThe Bank of England statement this week shows
culating a telegram denouncing the rebellious fac- another increase in gold holdings, this time of £733,-
FINANCIAL CHRONICLE
APRIL 6 1929.]
704, the total now held being £154,467,255. The
highest figure for the year appeared in the statement of Jan. 9 at which time the amount was £154,479,280. Circulation increased £1,534,000 and accordingly reserves decreased £800,000. The bank
rate remains at 532%. The proportion of reserve
to liability, since it reached 54.7%, the high for the
year, on Feb. 27 has steadily declined. It now
stands at 41.79% against 45.44% last week and
35.16% for the corresponding period last year.
Loans on government securities rose £9,370,000,
while those on other securities dropped £490,000.
This latter comprises "discounts and advances"
and "securities" which increased £218,000 and decreased £708,000 respectively. Public deposits fell
£1,909,000. Other deposits gained £9,981,000; this
latter item is made up of "bankers accounts" and
"other accounts," both of which expanded, the
former in amount of £9,028,000 and the latter in
the sum of £953,000. Below we show the statement
in detail for five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1925.
1926.
1927.
1929.
1928.
AprU 6.
Aprl/ 8.
April 7.
April 4.
April 3.
b363,319,000
Circulation
17,796,000
Public deposits
104,675,000
Other deposits
Met.& advances__ 67,268,000
37,307,000
Securities
Bankers' accounts__ 59,956,855
29,577,000
Other accounts
Governm't securities 13,221,000
Other securitiCS- - - - 16,358,000
Reserve notes & coin 51,147,000
Coln and bullion_ _a154,467.255
Proportion of reserve
to liabilities
41.79%
Bank rate
5Si%
136,605,000 137.859,345 141,891.810 122,484,845
25,998,000 21,035,604 13.175.540 13,126.357
88,883,000 103,249,167 106,971,945 109,505,434
34,791,000 30,981,935 45,140,328 39,878,218
57,351,000 77,765,873 68,205,349 74.495,908
40,390,000 33,191,112 24,513,408 25,973,131
157,244,685 151,300,457 146,655,218 128,707,976
35.16%
41i%
26.70%
5%
20.40%
5%
2144%
5%
a Includes, beginning with April 29 1925, £27,000,000 gold coin and bullion
previously held as security for currency notes issued and which was transferred to the
Bank of England on the British Government's decision to return to gold standard:
b Beginning with the statement for April 29 1925, Includes £27,000,000 of Bank
of England notes issued In return for the same amount of gold coin and bullion
held up to that time In redemption account of currency note issue.
The Bank of France, in its statement as of Mar. 30,
showed an increase in note circulation of 1,948,000,000 francs, raising the total of that item to 64,574,764,295 francs, as against 62,626,764,295 francs,
the previous week and 62,879,764,295 francs two
weeks ago. Creditor current accounts rose 109,000,000 francs, while current accounts and deposits
decreased 152,000,000 francs. Due to a further increase during the week of 65,097,869 francs, gold
holdings now aggregate 34,186,453,842 francs. There
was decreases in credit balances abroad of 132,611,980 francs, in French commercial bills discounted 1,821,000,000 francs, and in advances
against securities 8,000,000 francs, while bills bought
abroad increased 9,000,000 francs. Below we furnish a comparison of the various items of the Bank's
return for three weeks past:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
for Week.
Mar. 30 1929. Mar. 23 1929. Mar, 16 1929.
Francs.
Francs,
Francs.
Francs.
Gold holdinge—Inc. 65,097,869 34,186,453,842 34,121,355,973 34,034,736,350
Credits bats. abr'd Dec. 132,611,980 10.577,365,264 10.709,977,244 10,965,483,593
French commercial
bills discled—Dec.1,821,000.000 3.071,347,353 4,892,347,353 4.566,347,353
Bills bought abed_Ine. 9.000,000 18,325,038,298 18,316,038.298 18,303,038,298
Adv.agst.securs—Dec. 8.000.000 2,322,466,731 2,330,466,731 2,384,466,731
Note cIrculatIon_Inc.1,948,000,000 64,574,764,295 62,626,764,295 62,879,764,295
Cred. curt. acels_Inc. 109,000,000 18,219,389,481 18,110,389,481 18,103,389,481
Curr.acels & dep_Dec. 152,000,000 6,263,245,511 6,415,245,511 6,261,245,511
The Bank of Germany in its statement for the last
week of March showed an increase in note circulation
of 788,989,000 marks, raising the total of that item
to 4,821,986,000 marks, as compared with 4,513,155,000 marks last year and 3,588,706,000 marks
the year before. Other liabilities rose 17,605,000
2169
marks while other daily maturing obligations declined 50,164,000 marks. On the asset side reserve
in foreign currency decreased 31,014,000 marks,
silver and other coin 28,277,000 marks, notes on
other German Banks 13,448,000 marks. Gold and
bullion increased 35,756,000 marks, bills of exchange
and checks 679,909,000 marks, advances, 91,443,000
marks and other assets 22,011,000 marks, while
deposits abroad and investments remained unchanged. Below we give a comparison of the various
items of the Bank's return for three years past:
REICHSBANK'S COMPARATIVE STATEMENT.
Changesfor
Mar. 301929. Mar.311928. Mar.311927.
Week.
Retchsmarks. Retchsmarks. Retchsmarks.
Reichsmark,.
Assets—
Inc. 35,756,000 2,682,702,000 1,930,756,000 1,851,669,000
Gold and bullion
85,626,000 101,388,000
85,626,000
Unchanged
Of which depos.abr'd_
35,956,000 188,866,000 203,002,000
Res've in for'n curl% Dec. 31,014,000
Bills of each.& checks.Inc. 679,909,000 2,352,777,000 2,652,042,000 1,962,733,000
59,947,000 131,768,000
Silver and other coin_ _Dec. 28,277,000 101.992,000
6,266.000
6,886,000
8,508,000
Notes on oth.Ger.bks-Dec. 13,448.000
81,064,000
84,866,000
Inc. 91.443,000 135,052,000
Advances
92,912,000
94,047,000
Unchanged
93,136,000
Investments
Inc. 22,011,000 550,794,000 623,781,000 425,507,000
Other assets
LtaMIttles—
Notts in eIrculation Inc. 788,989,000 4,821,986,000 4,513,155,000 3,588,706,000
Oth.dally matur.oblIg.Dec. 50,164.000 478,091,000 532,637,000 616,429,000
Inc. 17,605.000 188,284,000 188,381,000 183,605,000
Other liabilities
Severe fluctuations were again the rule in the New
York money market this week, although the swings
were not so wide as they were in the excited market
of the preceding week. The strain occasioned by the
spring demand for accommodation, super-imposed
upon the swollen speculative requirements, was
pronounced in all sessions, both in the call lean and
time loan departments. Call money, after renewing
at 10% Monday, rose to 15% and closed at that
figure. The demand was only fair, but offerings
were still lighter during most of the day. At the
close some additional offerings were available and
loans in the outside or street market were fixed at
14%. In time money, loans for shorter maturities
were arranged at the increased rate of 9%. Withdrawals for the day amounted to about $25,000,000.
Call loans Tuesday Were 12% throughout, with no
outside ,offerings available at concessionR. Withdrawals were heavy, amounting to approximately
$45,000,000. Renewals Wednesday were arranged
at 10%, withdrawals totaling about $35,000,000.
In the afternoon fund were offered in greater
volume and the call loan rate dropped to 8%. A
considerable flow of funds from abroad was considered the chief factor in bringing about the reduction. After renewals were again arranged at 10%
Thursday, further ease in the market caused a drop
to 6%, with some street trades reported at 53/2%.
Withdrawals for the day totaled $15,000,000. In
yesterday's market renewals were fixed at 8%, but
with demand very moderate, the rate declined again
to 6% on the Stock Exchange, while outside offerings were available at 5%.
Brokers' loans against stock and bond collateral
were reduced $87,000,000 for the week ended Wednesday night in the statement of the Federal Reserve
Bank, based on reports from member banks. This
is the second weekly reduction, and it makes the net
decrease from the high record $231,000,000—a disappointingly small decline when contrasted with the
huge previous .advance. The compilation of the
New York Stock Exchange for March, made public
early this week, showed an increase for that month
of $125,911,491, carrying the total to a new high
figure. Movements of gold through the port of
New York for the week ended Wednesday consisted
of imports of $624,000, and exports of $208,000.
2170
FINANCIAL CHRONICLE
The stock of earmarked gold held for foreign account
was decreased $13,533,000 in the same period.
Dealing in detail with the call loan rates on the
Stock Exchange from day to day, the renewal rate
on Monday was 10%, but the rate on new loans
advanced to 15%. On Tuesday all loans were put
through at 12%, including renewals. On Wednesday after loans had been renewed at 10% there
was a drop to 8%. On Thursday the renewal rate
was again 10%, followed by a drop of 6%. On
Friday the renewal rate was marked down to 8%
and the general rate fell again to 6%. Time loans
have advanced to the highest figures yet reached.
On Monday 83/2% was bid with no offerings for 30,
60 and 90 days, and 8% bid with no offerings for
four, five and six months. From Tuesday on, the
rates each day have been 9% for 30, 60 and 90 days,
and 83/2@9% for four, five and six months. There
was virtually no money to be had on time even at
these figures. Very little commercial paper passes
at less than 6%. Nominally rates for names of
choice character maturing in four to six months
are 59%, while names less well known are 6%, with
New England mill paper quoted at 5%@6%.
The market for banks' and bankers' acceptances
has been unusually active throughout the week with
the demand in excess of the supply. Rates remain
unchanged except that the asked rate for 120, 150
and 180 days has been reduced % of 1%. The
posted rates of the American Acceptance Council
are now 532% bid and 5 8 asked for bills run%
ning 30 days, 5%% bid and 532% asked for bills
running 60 and 90 days, 5%7 bid and 532% asked
0
for 120 days, and 53/% bid and 5%% asked for 150
and 180 days. The Acceptance Council no longer
gives the rate for call loans secured by acceptances,
the rates varying widely. Open market rates for acceptances have also remained as follows:
Prime eligible MIL
SPOT DELIVERY.
—180 Days— —150 Days—
Bid. Asked.
Bid. Asked.
534
534
534
534
—120 Days—
Bid. Asked.
534
5%
—90 Days— —60 Days— —30 Days—.
Bid. Asked.
Bid. Asked.
Bid. Asked.
534
534
534
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible members banks
1534 bill
Eligible non-member banks
574 bid
Prime eligible
There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve banks:
DISOOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASS
AND MATURITIES OF ELIGIBLE PAPER.
Federal Reserve Barg.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate in
Effect on
April 5
Date
Established.
5
July 19 1928
5
July 13 1928
5July 26 1928
Aug. 1 1928
5
July 13 1928
5July 14 1928
July 11 1928
5
July 19 1928
434
Apr.25 1928
June 7 1928
434
Mar. 2 1929
5
434
June 2 1928
a
PreviOne
Rate.
434
434
6%
435
434
434
AM
454
A
6
04
6
Sterling exchange continued dull and irregular
during the week. The market was, as during last
week, interrupted by the Easter holidays. Transactions were practically suspended in London and on
the Continent on Saturday and Monday and New
York foreign exchange traders were without cable
communication with London. The range this week
has been from 4.84% to 4.85 for bankers'sight, compared with 4.84% to 4.85 1-16 last week. The range
[VoL. 128.
for cable transfers has been from 4.85 3-16 to 4.85%,
compared with 4.85 9-32 to 4.85 7-16 the previous
week. Sterling continues to hold just above the gold
point. The essential features of the exchange situation are unchanged from the past several:weeks. The
pull of high money rates in New York is so strong
that seasonal factors which might ordinarily enhance
the London rate appear to have been eclipsed. Banking authorities seem to differ widely regarding the
immediate future of sterling and the Continental
currencies. In many quarters it was thought that
before April the rate would advance, owing to seasonal advantages in favor of London, but others see
in the continued high money rates here a pull so
great that only official support can keep the rate in
the least above the point at which the gold should be
shipped from London to New York. Even official
support would not be effective were it not for the
fact that American banks are reluctant to accept
British funds through their London branches.
The Bank of England has increased its gold holdings in pecent weeks and its total gold reserve now
stands at a point slightly above the figure shown when
London began to ship gold to New York in the middle
of January. The method employed by the Bank of
England in combating the strain from the New York
money market is shown in increased holdings of Government securities, which are near the high for the
year at £59,956,855. Since the end of February the
Bank has been supplying Lombard Street through its
open market operations. Cable dispatches from
London, Amsterdam and other centres indicate a
strong body of opinion in London which is confidently looking for easier money rates on this side.
Of course, should such a development take place, it
would be natural to expect that the better position
of the Bank of England and the ordinary seasonal
influences would react to create firmness in sterling,
with a corresponding benefit to other currencies.
The Federal Reserve Bank of New York in a preliminary estimate shows that the net gain in United States
gold stock in March was $29,500,000, making the net
gain since Jan. 1 $37,500,000. .The bulk of the imports were made up of two shipments from Germany,
aggregating $16,486,000, and two from Argentina,
amounting to $4,500,000. Great concern is felt in
England over the possibility of a large efflux of gold
from Europe to the United States and London bankers are urging the authorities to take steps to offset
this gold flow. There is much disappointment over
the continued high money rates on this side and their
depressing effect on sterling. It has even been suggested in important quarters that the European
countries should place an embargo on the export of
gold to the United States. In commenting on this proposal recently,the "Financial News" of London said:
"The effect of an embargo on gold exports on sterling
exchange would be considerable. The efflux of funds
to Wall Street would continue unabated, and would
result in a depreciation of the exchange well beneath
gold export point. Moreover, the psychological
effect of the elimination of the automatic limit to the
possible depreciation of the exchange would in itself
provoke an instantaneous depreciation of sterling.
The same situation would arise as has recently arisen
in Canada, when the unofficial embargo on gold exports to the United States resulted in a depreciation
of the Montreal rate not merely in relation to the
New York rate, but also in relation to sterling and
other exchanges. It is difficult to believe that our
APRIL 6 1929.]
FINANCIAL CHRONICLE
2171
authorities contemplate such steps, and it would be factor in mark exchange. German shipments of
highly desirable if any doubt in this respect were gold to the United States aggregated $16,486,000
to be eliminated by an official disclaimer. The in March. Reichsbank lost approximately 50,000,traditional silence of our central institution , would 000 marks in holdings of foreign exchange bills in the
in this case tend to produce a highly detrimental last week of March, making its total holdings only
and demoralizing effect."
150,000,000 marks. Bank will therefore be forced
This week the Bank of England shows an increase to sell gold in New York in the course of the next
in gold holdings of £733,704. On Friday of last few days. No gold will be shipped, as arrangement
week the Bank set aside £750,000 in sovereigns for has been made with the Bank of France and Bank of
account of an unnamed foreign central bank of Belgium whereby part of the gold earmarked for
issue, and on Tuesday the Bank released £750,000 their accounts in New York will be released against a
in sovereigns. On Tuesday the Bank bought similar amount sent from Cologne to Paris and Brus£702,100 in gold bars, presumably in the open mar- sels. Berlin dispatches state that unless the New York
ket. On Thursday the Bank exported £10,000. money market position is radically changed the Reichs
and on Friday bought £920 in gold bars. At bank will be compelled to sell more gold. Berlin
the Port of i\Tew York the gold movement for the bankers deny the existence of large German credits in
At the Port of New York the gold movement for the New York. Remittances to New York in the past few
week, Mar. 28 to Apr. 4, inclusive, as reported by weeks represent chiefly called-in or voluntarily paid
the Federal Reserve Bank of New York, consisted American credits. German bank deposits in Ameriof imports of $624,000, of which $500,000 came from can and other foreign banks have increased heavily
Argentina, and $124,000 from other points in Latin over 1928, but are less than foreign deposits in BerAmerica. Exports were $208,000, of which $200,000 lin. It is estimated that of 10,500,000,000 mark
was shipped to Venezuela and $8,000 to Spain. deposit liabilities of six chief banks, 4,500,000,000
There was no Canadian movement of gold either to marks are for account of foreigners. United Press
or from New York. The Federal Reserve Bank dispatches on Thursday said that a tense situation
reported a decrease of $13,533,000 in gold earmarked has arisen in the German money market, and the
for foreign account. The release of gold from ear- leading financial journals, such as the "Boersen
mark is in effect an import of like amount. In Courier," are attempting to tranquilize the public's
addition to the gold imports officially reported by the nervousness resulting from the fluctuation of the
Federal Reserve Bank press dispatches on Thursday mark this week. The American dollar is worth
stated that S. S. Southern Cross was bringing $2,- 4.2178 marks, as compared with 4.2155 a week ago.
225,000 gold from Argentina to New York. Mon- Only active intervention of the Reichsbank prevented
treal funds continue at a premium, ranging this week a further rise in the dollar. The demand for foreign
currencies in the German money market is abnorfrom 1 to % of 1%.
A
Referring to day-to-day rates sterling exchange mally high, ranging from 20,000,000 to 30,000,000
on Saturday last was quiet owing to almost uni- marks Tuesday and Wednesday. Hitherto the gold
versal holidays. Bankers' sight was 4.84 15-16@ export point among private banks hasibeen 4.21625
4.84 15-16 and cable transfers 4.85%@4.85 5-16. per dollar, but owing to the increase in New York
On Monday the market was dull. The range was interest rates, this gold export point rose to
4.84 13-16@4.84 15-16 for bankers' sight and 4.853 4.2190.
French francs have shown a lower tendency in
@4.85 516 for cable transfers. On Tuesday sterling
common with sterling and most of the Continental
was steady but inclined to ease. The range was
4.84%@4.84 15-16 for bankers' sight and 4.853.@ exchanges, although the Bank of France is in as
4.85 9-32 for cable transfers. On Wednesday ex- strong a position as ever to maintain the franc.
change was under pressure. The range was 4.843 The rate is permitted to rise or fall in harmony with
%
@4.84% for bankers' sight and 4.85 3-16@4.853' the major exchanges, but were the Bank of France
for cable transfers. On Thursday pressure continued. gold holdings in any way threatened, as they were
The range was 4.84%@4.84 15-16 for bankers' sight some weeks ago by the position of mark exchange,
and 4.85 7-32@4.85 9-32 for cable transfers. On it is believed that the Bank of France would imFriday the range was 4.84%@4.85 for bankers' mediately increase the peg so as to prevent any
sight and 4.85 9-3264.853 for cable transfers. seepage of its gold holdings. This week the Bank
4
Closing quotations on Friday were 4.85 for demand of France shows an increase in gold holdings of
and 4.85% for cable transfers. Commercial sight 65,000,000 francs, the total standing at 34,186,bills finished at 4.84%; 60-day bills at 4.79 15-16; 000,000 francs. Much of this increase is the result
90-day bills at 4.77 13-16; documents for payment of further acquisitions of gold from hoardings of
(60 days) at 4.79 15-16, and seven-day grain bills French nationals. The bank's sight balances abroad
at 4.83%. Cotton and grain for payment closed show a decrease of 132,000,000 francs.
at 4.84%.
Italian lire, in common with the other Continentals, are showing weakness. There are no
The Continental exchanges continue under pres- new features of importance pertaining to Italian
sure. German marks dropped to a new low in exchange. The pull of high money rates in New
Wednesday's trading, when cable transfers sold down York has retarded to a large degree transfer of funds
to 23.70%, which compares with the gold par of to Italy and this fact of course operates to the
23.82. Although so much gold has been sent to detriment of lire quotations. Recent dispatches
New York from Germany in the past few weeks, the from Rome state that as a result of the complete
mark seems to show no disposition to respond to adhesion to the Fascist regime in the recent general
the shipments. No material change for the better election, it is believed that the budget defense will
has occurred in the Berlin money situation. In have the effect of gradually strengthening Italy's
addition, the apparently unsatisfactory progress of gold reserves and that there will be a slow and orderly
the Reparations conference is proving an unfavorable deflation. An attempt will be made to bring about
2172
FINANCIAL CHRONICLE
a constant decrease in public debt and an increase
in agricultural and industrial programs.
The London check rate on Paris closed at 124.21
on Friday of this week, against 124.20 on Friday of
last week. In New York sight bills on the French
centre finished at 3.903/ on Friday, against 3.90 9-16
on Friday a week ago; cable transfers at 3.90%,
against 3.90* 13-16, and commercial sight bills at
3.903, against 3.90 5-16. Antwerp belgas finished
at 13.883 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 23.70 for
checks and 23.71 for cable transfers, in comparison
with 23.71 and 23.72 a week earlier. Italian lire
closed at 5.23 for bankers' sight bills and 5.2334 for
cable transfers, as against 5.231 and 5.233 on FriA
A
day of last week. Austrian schillings closed ,at 141
A
on Friday of this week, against 14.05 on Friday of
last week. Exchange on Czechoslovakia finished at
2.961 , against 2.9634; on Bucharest at .593',
A
against .593'; on Poland at 11.23, against 11.23, and
on Finland at 2.52, against 2.52. Greek exchange
closed at 1.2934 for checks and 1.29 for cable
transfers, against 1.2934 and 1.293/2.
[Vol,. 128.
Bankers' sight on Amsterdam finished on Friday
at 40.0734, against 40.05 on Friday of last week;
cable transfers at 40.0934, against 40.07, and commercial sight bills at 40.03, against 40.013.
Swiss francs closed at 19.24 for bankers' sight bills
and at 19.24% for cable transfers, in comparison with
19.2334 and 19.2434 a week earlier. Copenhagen
checks finished at 26.643/ and cable transfers at
26.66, against 26.633/i and 26.65. Checks on Sweden closed at 26.69 and cable transfers at 26.703,
against 26.70 and 26.713, while checks on Norway
finished at 26.66 and cable transfers at 26.673/2,
against 26.653' and 26.67. Spanish pesetas closed
at 15.00 and 15.01 for cable transfers, which compares
with 15.14 and 15.15 a week earlier.
The South American exchanges are practically
unchanged from last week. Brazilian milreis, however, continue to show the weaker tendency which
has been manifest now for a considerable time, owing
very largely to depressed conditions in the coffee
trade. Argentine paper pesos are very little changed.
As noted above, the New York Federal Reserve Bank
reported an import of $500,000 gold from Argentina,
while press dispatches indicate a further shipment on
the way of $2,225,000 in gold. This latest shipment
brings the total received at New York from Argentina to $7,500,000 since the first of the year. The
firmer money rates in New York are also a factor in
the generally weaker tone of the South American
currencies. It is believed that should New York
credit conditions ease several South American issues
would be floated here, which would strengthen the
exchanges. Argentine paper pesos closed on Friday
at 42.05 for checks, as compared with 42.05 on Friday of last week, and at 42.10 for cable transfers,
against 42.10. Brazilian milreis finished at 11.72
for checks and 11.75 for cable transfers, against 11.81
and 11.84. Chilean exchange closed at 123/i for
checks and 12 3-16 for cables, against 12.10 and 12.15, ,
and Peru at 4.00 for checks and 4.01 for cable transfers, against 4.00 and 4.01.
The exchanges on the countries neutral during
the war have been dull, but somewhat firmer. Holland guilders are slightly higher in response to the
increase in the Bank of The Netherlands rediscount
rate to 5% a few weeks ago. The guilder is now
around 40.09, 11 points below par. The backwardness of the season in Holland and the surrounding
countries has had much to do with the weakness in
guilder exchange. On the other hand, transfers
of Dutch funds to other centers, where returns are
more attractive, is an important factor in the rate.
The Bank of The Netherlands has been compelled
in recent weeks to make frequent shipments of gold
to London in order to strengthen the guilder rate.
The Scandinavian currencies are inclined to weakness. They have been showing a depreciating tendency for some time. This is largely due to weather
conditions, which have reduced foreign trade be- FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACTS OF 1922
MARCH 30 1939 TO APRIL 5 1929, INCLUSIVE.
cause of ice. Although imports have been stopped
as exports, import trade is financed for the
as well
Noon Bustin, Rate for Cable Transfers to Now York.
Value in UnUed States Money.
most part by 90-day bills, so that in the recent Country end Monetary
Unit.
Mar.30. April 1. April 2. April 3. April 4, April 5.
I
past there has been strong Scandinavian demand for
EUROPEg
8
g
$
i
foreign currencies to pay for imports made in the Austria, 0011111ns ___. .140530 .140540 .140535 .140497 .140522 .140505
Belgium, belga
.138856 .138855 .138848 .138839 .138836 .138838
latter part of 1928. Exports, however, are made Bulgaria, lev
.007227 .007200 .007204 .007212 .007207 .007202
Czechoslovakia, kront .029611 .029610 .029608 .029605 .029605 .029605
krone------266444 .266439 .266408 .266396 .266410 .266450
largely on a cash basis, so that practically no sup- Denmark, pound sterEngland.
ling
.852500
port has come to the Scandinavian exchanges from Finland, markka---. .025160 4.852539 4.812356 4.852092 4.852148 4.852812
.025162 .025166 .025165 .025153 .025156
France.franc
.03907:3 .039077 .039072
.039064 .039063
export sources. The severe weather has also caused Germany.reichsmark. .237161 .237165 .237148 .039077 .237059 .237090
.237078
Greece, drachma.- .012927 .012927 .012024 .012922 .012916 .012922
an increase in unemployment, an adverse factor in Holland, guilder
.400692 .400693 .400668 .400659 .400788 .400867
Hungary,
.174295 .174245 .174245 .174240 .174231 .174253
the exchanges. Danish exchange is believed to be Italy, lira Peng°
.052327 .052332 .052329 .052328 .052321 .052316
Norway. krone
.266607 .206631 .266596 .266596 .286579 .266632
beneath its gold export point to New York, in spite Poland,slaty
.111942 .111922 .111945 .111902 .111883 .111744
.044791 .044875 .045020 .044660 .044640 .044640
of the additional' expense of transport by rail or by Portugal. escudo
Rumania.len
.005965 .005963 .005063 .005962 .005968 .005955
Spain, peseta
.150858 .150895 .151093 .150881 .150703 .149945
air to an ice-free German port. No gold is being Sweden.krona
267062 .267052 .267011 .266992 .286978 .266989
Switzerland, franc
.192376 .192391
.192381 .192420
shipped, however. The only gold transactions Yugoslavia, dinar-- .017570 .017564 .102376 .192378 .017559 .017558
.017561 .017561
ASIAwhich have taken place since the return of the ChinaChelootael
.643750 .643750 .642916 .640416 .638750 .038041
cohntry to the gold basis were those carried out by Shang tael
Hankow tael
.636875 .636875 .635000 .634218 .631582 .629531
.621625 .621517 .618928 .618071 .616071 .613392
the National Bank of Denmark, which seems to T1entilln tael
655833 .655833 .654166 .652083 .649166 .647708
Hong Kong dollar-- .488785 .488678
.488000 .487803 .486910
Mexican dollar_ -indicate that, as in several other countries, the free- Tientsin or Pelyani .449000 .448750 .488160 .445500 .445250 .442500
.445500
dollar
.450000 .450000 .447083 .447916 .447500 .445833
dom. of the gold market in Denmark is largely Yuan dollar
446666 .446666 .443750 .444583 .444166 .442500
India, rupee
363643 .363643 .363612 .363817 .363365 .363228
theoretical.
Japan, yen
445236 .444862 .445746 .445660 .445628 .446000
8ingapore(f3.8.)dollar. .560416 .550166 .560416 .560000 .559583 .559583
Spanish pesetas continue to fluctuate rather NORTH AMER.Janada, dollar
.993940 .993328 .993159 .991990 .993118 .993725
widely and there are no indications that the Madrid Cuba,peso
.999937 .099937 .999957 .999957 .999957 .999937
Mexico. Peso
.483150 .483200 .483633 .483400 .483033 .483333
foreign exchange committee is giving support to the Newfoundland. dollar .991000 ,990500 .990500 .989112 .990562 .991187
SOUTH
peseta. However no information of importance Argentina, AMER.- .955334 .955364 .955221 .955353 .955422 .955505
pseo(gold)
Brasil. rallied.
.117859 .117860 .117805 .117666 .117800 .117695
.120771.
bearing on Spanish exchange seems to come from Calls. peso
.120626 .120593 .120733 .
.
Uruguay.Peso
.1.010634 1.010394 1.009439 1.007641 1.005610 1.001020
3olombla. peso
' .963900 .963900 .963900 .963900 .963900 .963900
official sources in Madrid.
APRIL 6 1929.]
FINANCIAL CHRONICLE
2173
very much up in the air. The conflict of authority
is the more interesting because it involves the constitutional rights of the States and the Federal
Government as well as those of individuals or corporations, and because, further, the proposal of the
Institute seems, at first sight, to coincide with the
policy of the Government in the matter of conservation of an important natural resource.
It will be recalled that the directors of the American Petroleum Institute, at a meeting in New York
on March 27, approved a report recommending "that
beginning April 1, 1929, the average production of
the four regions on a daily basis should not exceed
the average production during the year 1928," and
that in the event of "favorable reports" from regional committees as to "whether or not the production in the respective regions can be brought to the
Owing to a marked disinclination on the part of 1928 average for-that region," and the approval of
two or 'three leading institutions among the New the Institute,"the action be at once submitted to the
York Clearing House banks to keep up compiling Federal Oil Conservation Board for its approval,
the figures for us, we find ourselves obliged to die- and if approved" by that body "that the State
continue the publication of the table we have been authorities in the principal oil-producing States be
giving for so many years showing the shipments and at once advised of the proposed action, which shall
receipts of currency to and from the interior.
become effective as the policy and program of the
As the Sub-Treasury was taken over by the Fed- Institute if approved by such State authorities."
eral Reserve Bank on Dec.6 1920,it is also no longer The preamble of the resolution sets forth that "the
possible to show the effect of Government operations Federal Oil Conservation Board has repeatedly
in the Clearing House institutions. The Federal called the attention of the country to the over-proReserve Bank of New York was creditor at the Clear- duction of crude oil and the consequent waste of
ing House each day as follows:
this irreplacable national resource, and has repeatDAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
edly invited the industry to cooperate with governAT CLEARING HOUSE.
mental agencies in improving the situation and has
Aggregate
Saturday, Monday, 2'uesday, Wednesday Thum('y, Friday.
said, 'the complete organization of cooperative effor Week.
Mar.30. April 1. April 2. April 3. April 4. April 5.
$
fort is recommended, with simple but effective workS
79.000.000 135.000.000 191.000.000 188.00%00f 148.800.000 139.000,000 Cr. 880.003.000
Note.—The foregoing heavy credits reflect the huge mass of checks which come ing units that will insure full contact of the industo the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances. try with both State and Federal Government and
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 continuous contact of all operators in an oil field';
the daily balances. The large volume of checks on institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do and, further, that the State authorities of the prinnot pass through the Clearing House but are deposited with the Federal Reserve
cipal oil-producing States have eihibited a keen
Bank for collection for the account of the local Clearing House banks.
interest in the subject and a desire to have the coThe following table indicates the amount of bul- operation of the industry in formulating and carrylion in the principal European banks:
ing on an effective program."
April 5 1928.
April 4 1929.
Attorney General Mitchell, in his letter to Mr.
Banks of
Silver. I Total.
Gold.
Gold.
Silver. 1 Total.
Wilbur, Secretary of the Interior, points out that
£
the Federal Oil Conservation Board, created by an
157,244,685
England-- 154,467,255
154,467,255 157,244,685
France a_ - 188.872,708
188,872,708 147,181,1031 13,717,592 160,898,695 executive order on Dec. 19, 1924, has never had its
(d)
93.251.400
Germany b 129,853,800 c994,600130,848,400 92,256,800
994.600
Spain
102,383,000 28,644,000 131,027,000 104,317,000 28,074,000132,301,000
Italy
54,711,000
I 39.181.000 duties or powers defined by law. "It is clear," he
I 54,711,000 39,181,000
Netherl'ds. 30.627,000 1,761,000 32,388,000 36,266,000 2,225,000 38,491,000
Nat'l Belg. 25,934,000 1.268,000 27,202,000 21,456,000 1,244,000: 22,700,000 continues,"that Congress has not given to the Board
Switzerrd- 19,251,000 1,782,000 21,033,000, 17,289,000 2,511,000 19,800,000
Sweden- -- 13,072,000
I 12,930,000 any power to grant to any persons immunity from
I 13,072.000, 12.930,000
Denmark _ 9,593,000
470,000, 10,063,0001 10,109.000
641,000 10,750,000
I 8,158,000 8,180,000
Norway -- 8,158,000
8,180,000 the operation of acts of Congress prohibiting agreeTotal week 736,922,763 34,919,600771,842,363646.410,588, 49,407,192695,817,780 ments in restraint of interstate commerce, and that
Prey. week 732.816,580 34,813.600767,630,180646,192,7571 49.254,192695,446,949
the Board has no authoritiy to approve any action
aSThese are the gold holdings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
Congress or to the
abroad, the amount of which the present year is £2,481,300, c As of Oct. 7 1924. which is contrary to an act of
d Silver is now reported at only a trifling sum.
anti-trust laws of any State; and that no action
taken by the Board would have the effect of relievConservation and the Sherman Act—The Case ing parties to such an agreement from the operation
of the Oil Producers.
of the anti-trust laws of the United States and of
The opinion of Attorney General Mitchell, dated the States." The proceedings of the Institute, acMarch 29 but not made public at Washington until cording to'Mr. Mitchell, indicate that the purpose
Wednesday, denying the right of the Federal Oil Con- in submitting the proposed agreement to the Board
servation Board to approve the recent action of the for approval "is to obtain a sanction from the FedAmerican Petroleum Institute looking toward a re- eral Government which may operate to make the
duction in the production of oil in four American oil parties to the agreement immune from the operation
fields, and intimating that the agreement favored by of the anti-trust laws." Since, however, the Board
the Institute would be contrary to the anti-trust acts, has no authority to grant such approval, "the quescalls a halt in the plan that had been made for the tion whether the proposed agreement would violate
restriction of oil production, and leaves the question the anti-trust laws of the United States is apparently
of restriction, so far at least as oil properties not not a question arising in one of the Executive Deunder the control of the United States are concerned, partments on which the Attorney General is author-
The Far Eastern exchanges have been extremely
dull and show no important changes from the past
few weeks. Japiinese yen have been relatively steady
and the Chinese surrencies have shown a fractional
weakness owing to slightly lower silver quotations.
London advices from Bombay state that conditions
in the money market there are diStinctly easier and
give rise to the hope of an early reduction in the
Indian bank rate. Closing quotations for yen checks
Friday were 44 11-16@44%, against 44 9-16®44%
on Friday of last week. Hong Kong closed at
48 13-16@49, against 49; Shanghai at 61 9-16@
61%, against 62 3; Manila at 50, against 49 8;
/
Singapore at 463/s@563., againgt 563s; Bombay at
363/, against 363/2, and Calcutta at 363/2, against
.36M.
2174
FINANCIAL CHRONICLE
ized by law to give an opinion as to whether proposed
action by private persons would violate the laws of
the United States."
In so far as the Federal Oil Conservation Board
is without legal authority to approve an agreement
among oil producers looking to a reduction in the
output ,of oil, the opinion of the Attorney General
is a clear and much-needed reminder of the legal
limitation to which the Board is subject. The powers
of a Federal board depend wholly upon legislative
grant, and where authority has not been granted,
as Mr. Mitchell shows it has not been granted in this
case, it may not properly be exercised. The main
objection to the agreement, on the other hand, as the
opinion of the Attorney General implies, is that it
appears to be contrary to the Sherman act, which
declares to be illegal 'every contract, combination
in the form of trust or otherwise, or conspiracy, in
restraint of trade or commerce among the several
States, or with foreign nations." Whether or not
the agreement falls under this prohibition, however,
is an open question. The production of commodjties
is certainly not commerce. Not until an article has
actually entered into the ordinary course of trade
does it become an article of commerce, and the commerce itself is not interstate or foreign commerce
until it passes State or national boundaries. If the
restraint of competition which the Sherman act
aimed to prevent is to be construed to extend to the
production of oil, on the ground that a considerable
quantity of the oil that is produced enters eventually
into interstate or foreign commerce, there would
seem to be no reason why it may not be extended to
any or all other commodities in which there is interstate or foreign trade. The whole productive
activity of the country would then become subject
to Federal regulation under the anti-trust laws—
a situation which it was assuredly not the purpose
of the Sherman act to bring about.
There is doubtless a widespread fear than any
such agreement as the one which has been brought
forward for the oil industry, however useful it might
be in conserving an important natural resource,
is in fact more concerned with insuring adequate
returns to the industry and higher dividends for
stockholders than it is with aiding a Government
program. Moreover, such an agreement, once in
force and immune from legal attack, might easily
be followed after a time by a rise of prices to consumers. There is much to be said in opposition to
any policy which should turn over a great industry
like oil production to the uncontrolled management
of a group of powerful oil companies. On the other
hand the purpose of conservation, as we understand
it, is to put a stop to the present waste of crude oil
through unrestrained competitive production, and
insure to the nation an adequate supply of oil for
an indefinite number of years to come. The only
way to accomplish that result is to stop waste, not
merely here or here or in this or that part of the
oil fields, but as far as possible wherever waste is
found. If the conservation policy of the Administration, announced in President Hoover's statement
on March 12 that "there will be complete conservation of Government oil in this Administration,"
and enforced by the order of Secretary Wilbur interdicting the issuance of further permits for drilling on public land, is to have the general effect that
is desired, it should, apparently, be supplemented
[vox,. 128.
by some organized restriction of output in the private oil fields from which the greater part of the
American oil is drawn. Mr. Mitchell's opinion
makes it uncertain whether such cooperation is possible. He is clear that the Federal Board has no
authority to speak one way or the other, and equally
clear that he is not called upon to advise the Board
regarding the bearing of the anti-trust laws upon
the agreement of the operators in case it is put in
force. He does, however, virtually brand the agreement as presumptively illegal on the ground that
the parties to it, by asking the approval of the Board,
presumably sought a sanction which would render
them immune from prosecution under the anti-trust
laws.
The situation is further complicated by the reference, in the report adopted by the directors of the
American Petroleum Institute, to the action of the
States. The agreement, t will be noted, is to
become operative, first through the approval of the
Federal Oil Conservation Board, and, after that,
with the approval of the authorities of the States
in which the four regions affected by the agreement
lie. There is no question of the right of any State
to approve an agreement, operative only within its
own borders, restricting the production of oil, so
that if all the States within which the four designated regions lie were to agree to a substantially
identical policy, there would be no need to consult
the Federal Government at all. The Constitution,
however, specifically forbids any State to "enter into
any agreement or compact with another State"
without the consent of Congress, and joint action
without some kind of an agreement might be difficult to obtain. On the other hand, if a restriction
of the production of a commodity, some portion of
which enters into interstate or foreign commerce,
is to be held to contravene the Sherman act as an
unlawful restraint of trade or commerce, it would
seem that the act would be equally contravened
whether the restriction were brought about by the
oil companies themselves, or by the companies in
agreement with a State or States, or by the States
in agreement with one another. Mr. Mitchell's
opinion, unfortunately, throws no light on this
point, but there seems to be no reason for supposing
that the Sherman act intended to limit the right of
a State to enact such legislation as it saw fit regarding the production of commodities within its own
territory, or that such legislation, if enacted, must
be uniform among all the States concerned.
The whole controversy raises once more the issue
of the respective spheres of Federal and State authority. Such conflicts of authority are inherent in a
federal system of government, and have always to
be resolved, where the Constitution contains no final
prescription, by amicable arrangement between the
two jurisdictions. It is possible that the oil companies, having failed in their effort to obtain the
approval of the Federal Board, may find a way to
bring about the restriction which they desire with
the aid of the States, and at the same time avoid a
conflict with the Federal anti-trust laws. Such an
arrangement would tend to strengthen the authority
which the Constitution clearly intended should be
reserved to the States in the regulation of their internal affairs, at the same time that the Federal
Government would be free to enforce the anti-trust
laws in case those laws were obviously infringed.
APRIL 6 1929.1
FINANCIAL CHRONICLE
The Late Myron T. Herrick.
The unprecedented honors paid by the French
Government to the late Ambassador Herrick were
a fitting, as well as a generous,tribute to the memory
of one of the ablest and most beloved diplomatists
who has ever represented the United States abroad.
From the day when, in the first weeks of the World
War, Mr. Herrick refused to follow the French Government and a number of his colleagues of the diplomatic corps to Bordeaux, in anticipation of a
German occupation of Paris, Mr. Herrick enjoyed,
to an unwonted degree, the respect and regard of
the French people, and while his later services only
enhanced the general esteem in which he was held,
his course at that fateful moment never ceased to
be remembered in honor and gratitude.
Mr. Herrick was twice Ambassador to France,
first from 1912 to 1914, and then from 1921 until
his death. At the outbreak of the war he was called
upon to take over for a time the affairs of the German and Austrian embassies, to which were later
added those of several others, at the same time caring for thousands of Americans in their withdrawal
from the country, and busying himself with the organization of works of relief. The establishment of
an American ambulance station in the suburbs of
Paris, equipped and maintained by resident Americans and eventually turned over to the American
Red Cross, was largely his work, as was the organization of the American Relief Clearing House, the
agency which handled the transportation and distribution of supplies contributed by this country for
the relief of sufferers from the war in various parts
of Europe.
When, after an interval of seven years, Mr. Herrick returned to Paris, he found himself involved
presently in the difficult and delicate negotiations
regarding the settlement of the French war debt to
the United States, and had to meet the conflicting opinions to which the pressure of the United
States for a limitation of armaments gave rise. The
success with which he conducted himself in these
and other situations was attained without any sacrifice of American claims or impairment of personal
or official influence on his part. To many, however,
his crowning achievement was his instant recognition of the international importance of Colonel Lindbergh's transatlantic flight, and it was due to his
skillful handling of that situation that what might
otherwise have passed as a brilliant adventure of
temporary interest was transformed into a remarkable demonstration of international cordiality and
good will.
• Like a good many of the most distinguished American ministers and ambassadors, Mr. Herrick did
not owe his appointment in any appreciable degree
to politics. Politics, indeed, he was rather disposed
to shun. He served a term as Governor of Ohio, but
several offers of Cabinet positions were declined, as
were other tenders of diplomatic posts. His business
career, to which he owed his wealth, was mainly
identified with the growth of the Cleveland Society
for Savings, an institution which became under his
presidency one of the largest savings banks in the
country, and of which he was, at the time of his
death, honorary Chairman of the Board of Directors.
It is interesting to recall that he accepted the first
offer of the French mission largely because of the
2175
opportunity which he expected it would give him to
study the farm credit movement in Europe, he himself having been a leading promoter of that movement
here.
Mr. Herrick entertained freely and even lavishly,
and his ability to meet the exacting social requirements of his ambassadorship undoubtedly contributed to his popularity, but his hospitality was wholehearted and without parade. Officials and men of
affairs who came in contact with him quickly recognized his business ability, his knowledge of large
undertakings, and the soundness of his advice. The
tradition of speechmaking on formal or literary occasions which has long attached to the American
ambassadorship at London has never been duplicated
in France, perhaps because few American representatives have been able to speak fluently in French,
but Mr. Herrick's occasional addresses, while unpretentious, were marked by appropriateness and
effectiveness. American correspondents knew him
as a man whom it was a pleasure to interview, and
American travellers who flocked to the embassy to
pay their respects went away with the feeling that
the United States was indeed well represented. Tact,
courtesy, unfailing kindliness, personal interest,
and readiness to help whether formally or informally, were with Mr. Herrick Outstanding qualities,
and for these, as for his courage and exertions at a
time of crisis, France holds him in grateful remembrance and BO do his own countrymen.
The Riddle of the Perturbation in Banking.
"Washington" is perturbed! Washington is
alarmed. There has been riotous speculation in
"Wall Street!" The bulls and the bears have staged
the "greatest bull market in history." It has been
long continued—and now gives signs of waning.
The bear market,if it shall soon dominate, can never
continue as long. Things come down easier than
they go up. They must be pushed up; but, unsupported, they come down of their weight, and when
they are down, they stay down until they are forced
up again. The Federal Reserve Board, having al-.
lowed the waves of speculation to ride until they are
mountain high, finds difficulty in calming the turbulent waters. The Board has been meeting daily
in secret and in silence. But the great American
People continue to do business at the old stand and
much in the same old way. Yet, there is a difference
—not so much in the need and method of the industrial endeavor as in the animating motive. A
Constitutional Amendment has prohibited the consumption of certain stimulating fire waters but the
fillip of excitement has come from another source.
The ambrosial nectar of "prosperity" has been
quaffed to such a degree that the object of business
has been changed from sober service into a race for
quick riches.
And hence the speculation in stocks—the overnight method. The little towns that nestle peacefully out among the prairie hills get the stock
quotations by print and radio and beg to be let in
on the ground floor. The long "bull market" has
worked its charm. Stocks have been going up, up,
up,—until the blue sky seems the limit. It is a long
road to fortune selling goods at the store day after
day, month after month. Ten points up in a week
on a twenty-five percent margin is so much quicker.
Why not a little "flyer" to help along? Goods are
2176
FINANCIAL CHRONICLE
not going as rapidly as was their wont in former
times—it takes so much more money for gasoline
and the repairs on the car. And on the farm, crops
come but once a year, when they do not fail, though
through the dispensation of a kind Providence they
have been doing very well for the last seven fat
years. But prices are so much lower than they were
during the war! The farmer is not making anything.
He is hard hit. He is conscious of being "the problem." Promised relief through legislation does not
come. Why not buy a few shares of stock?
Why not? There is every facility offered. Brokers
are accommodating by nature and intent. Orders
can be telegraphed. Loans can be procured for remargining if necessary, but they can hardly become
necessary in a long continued "bull market" where
stocks go up, up, up! And—are not the fundamentals of business obstinately sound? Is not "prosperity" here to stay? Great financial authorities
think so. They speak with experience,—and though
they rarely fail to express the natural and cautionary mental reservations, one need not put too much
stress on that. What are the facts?—Compare stock
quotations of five years ago and 1929! Look at the
fortunes made by those who stayed in and pyramided
their profits! "Prosperity" is here to stay—we are
the richest country on earth—domestic trade holds
up well—money is plentiful and easy—foreign track
is increasing—Europe is getting on its feet and we
are helping with loans to stabilize and rebuild—why
not buy a few shares, why not join the bull market
chorus on the New York Exchange—it is so slow in
the store and on the farm—why not telegraph in a
small order?
And it is done. The old bucket shop was but a
piker's device. Why on normal days there are five
and six million shares "traded in." A man cannot
help but win—unless he loses. Of course there are
little flurries, natural fluctuations, the ups and
downs inherent in all stock trading, but with ample
margins and common sense selections, who can lose
on a fifty per cent margin? Occasionally there are
squeezes, but will not brokers give fair warning? Of
course they will, if they can. And certainly with
regular business sound and prosperity here to stay—
at least for another year—a man is well nigh foolish
to let so golden an opportunity knock and pass on to
come no more. And he does not, he buys. And the
buyers from the hinterland roll up a tremendous
volume of trading, in which the fools splash and
swim like frantic salmon running over a dam, and
where brokers gather commissions like manna falling from heaven, and where "brokers' loans" mount
to five and six billions without batting an eye, and
where the banks and the outside corporations get
sometimes fifteen per cent on call—never mind the
mixed metaphors!
And then the long road begins to waver, to bend,
to give signs of turning—and "Washington" becomes perturbed, alarmed! And certain senators,
self-constituted guardians of the "people back
home," look first askance, then with disfavor and at
last with positive aversion upon "the huge speculation on the Stock Exchange." Has it ever occurred
to the agitated legislator that where the big fish eat
the little fish, they are all fish in the same waters,
and that when the big fish in turn devour each other,
there is nothing left but the paper profits that are
consumed in the process? But speculation even in
[VOL. 128.
a long continued bull market, in the midst of prosperity, with money plentiful and easy can reach a
climax. Rubber is flexible. Balloon tires do burst.
Inflation cannot forever continue even in a long
continued bull market. A climax comes, sometime.
And when it impends there is a scuttling to cover.
The banks not wholly their own masters begin to
call loans, to take in sail, to bring pressure to bear,
to force liquidation and to save themselves for they
have deposits to meet. And though not wholly
blameless they do these very things.
But there is a creation called the Federal Reserve
Board. There are twelve Federal Reserve Banks.
The Board, especially, is the creature of Congress.
The Board and the Banks were instituted to form
the machinery for the emission of an emergency currency based on commercial paper backed by a reserve of gold. War came and there were amendments. The Reserve Banks wandered from the
straight and narrow path intended. They assumed
the right to aid foreign nations in pegging their
deflated currencies and in establishing the gold
standard. They moved the domestic loan rate up
and down. They were accused at one time of causing
a rapid deflation in domestic values.• The Reserve
Banks aided by war conditions made money fast, put
up magnificent buildings with the surplus they
could not disburse to the member banks. War ended,
their profits declined. Fattened by the huge incomes they became indurated with the idea of power.
And the Federal Reserve Board sought to recover a
power it had lost because it had not properly exercised it.
Then it awoke and did not know what to do.
Having permitted speculation to demoralize the
credit of the country, it was between the devil and
the deep sea. If it raised the discount rate precipitately that would hurt business. If it did not, speculation would so raise the market rate as to hurt
business. Certain crashes came on the Stock Exchange. The great city banks holding the balance of
power threw themselves into the breach, they could
do nothing else. But in so doing they disregarded
certain admonitions and warnings. They could do
no less and no more. And then—"Washington"
became alarmed. Having created a Federal Reserve
Board that somehow had lost comm,and of the situation, Washington, thrilled by its political power,
proposed to (so runs the comment) "put teeth into
the Law!" Members of Congress, speaking out of
session, rebuked the city banks for throwing themselves into the breach and defending the bridge. The
Federal Reserve Board became sacrosanct and must
not be defied. Members promised to take these
matters up in special session. Banking is a free and
independent business. There is no United States
Bank. But just how to preserve freedom and independence and not create a Money Power, nobody
seems to know. And there we are today.
Economic Effect of Widespread Speculation.
If it is true that tens of thousands, scattered over
the country, are "dabbling in stocks," that exchanges
in our principal cities have experienced a growth
little short of being proportionately equal to that of
New York City; if agencies of the big brokerage
houses have been opened in the small towns to accommodate a clientele never before encountered; the
APRIL 6 1929.]
FINANCIAL CHRONICLE
2177
after effect of this saturnalia of speculation is bound expanding credits, will ultimately, if and when it
to have an economic effect on our whole people. So- has to stop, make us a discontented people. Must
ber thought convinces us that these numbers are not the "smash," when it does come,react forcibly on
much exaggerated. But that too many of our citi- our ambitions, energies and initiative? When we
zens are following the will-o-the-wisp of "the market" slow down on luxuries will we have more love and
must be true. It is even related, and only half jest- respect for necessities? When we cannot get rich
ingly, that timid souls, who do not invest a dollar, in a few years will we be contented to plod along
are "playing the game" by selecting favorites among through many? Discontent—a canker that gnaws
the stocks and, in imagination, buying and selling, at good will among men! Discontent—a vampire
and piling up paper profits, which, at that, are often that sucks the blood of mutual helpfulness! Disas permanent as those on the brokers' books. The content—a spectre that haunts the ruins of "what
jesters say this new game is likely to rival the cross- might have been!" Will those who have gotten rich
word puzzle. Again,it is seriously said by some that on the indulgence in luxuries care? Let us not be
bets on the races are declining, and that those who too sure they will not be caught in the irretrievable
dispense the "tipster sheets" at the corners are downfall. The thing to realize most and keenest is,
lamenting because people do not "play the ponies that whatever comes as an aftermath, however long
any more." But be these things as they may,the fact or short the present kind and quality of our magic
remains that speculation in stocks has taken hold on prosperity may continue, we are now day by day
creating a division in the ranks. And if, in a half
the people's consciousness as never before.
Now ten years of thinking along these lines must sense, the poor are growing richer they are growing
have its effect upon the attitude borne toward the poorer in proportion.
It is here is disclosed the inevitable economic
business of making a living. It spreads over into
legitimate trade and induces a desire for short cuts effect of unmeasured expansion, speculation, luneand quick methods. It puts a fever into industry. tion and aggrandizement. Who will want to work
Coupled with a constant gloating over our power in when work can not return the departed glories of
domestic exchange, our prestige among the foreign "prosperity" that is vanished? Is it any wonder
nations in finance, it creates a sense of security that that there is a chorus of voices vaunting indefinite
presses us into business endeavors before the time is continuance? Continuance is its only salvation.
ripe for their advent. We not only desire to "get This fiction, if it is a fiction, cannot go on forever.
rich quick" but we deem it a duty to do so. We But let us be reasonable, and not excited by our own
become "go-getters." Nothing daunts us. The size visions. The real truth of this whole matter is that
of an undertaking does not deter—with unfailing the part of our present "prosperity" that is fevered
credit facilities we are equal to any occasion, ready and fictitious when it vanishes, as vanish sometime
for any call, empowered for any enterprise. We it must, will but return us that far toward normal,
have come to think it "old fogy," reactionary, to frugal, stable living; wherein there is comfort and
suggest caution. Who or what can stop us? Enam- rational abundance for all, a living wherein there
ored of bigness we launch enterprises that would is room for needful effort by all and wherein that
have astounded us a quarter of a century ago. Since need will spread an equality of results. There is
our actual needs cannot grow beyond a certain point, however this ever present fear. When the two classes
we conjure up luxuries never known before, and now forming are crystallized, because of the teachmaking them so common that almost everybody in- ings of false economics, the class that is "under"
dulges in them we say they have become necessities. will demand an equality by and through the power
We feel that we cannot do without them. We bend of government. Are we then, in our wild rush for
all our surplus energies to them.
riches sowing today the seeds of ultimate trouble?
Our definition of "better living conditions" is thus
There are immediate effects on the tide of enfounded on the possession of luxuries. These may deavor and the temper of the people from this feveradd little to the stability of life, but they give us ish "prosperity," this spectacular rise, this boom,,
pleasure and "we live but once." Now it must be we do well to note. The overuse and misuse of credit
apparent that those who "deal" in these luxuries, so culminating in staggering brokers loans that feed
universally sought, have, as against those who deal the wild days of the stock market, threaten to dein necessities, unlimited room for the extension of moralize our financial system. We are steadily
their businesses. There is only one natural limita- pushing the Federal Reserve System into politics,
tion to this and it is the fact that in the economics for we already are worshippers of the Little Father
of normal production the necessities pay for the at Washington. It will not be long, we hazard the
luxuries. This, however, is overcome by the inordi- prediction, until politics will link the farmers' prenate use and application of credit. We may be the dicament with the "gambling on Wall Street." It
richest people on earth but we have more debts than will not be long until the "money question" will rise
we ever dreamed we could have. And credit has that in a new form, and because some of our gold stock _
peculiar quality of tune extension that we are actu- is slipping to Europe it will be charged openly by
ally borrowing from the next generation to pay for politics that the gold standard is inadequate and
what we enjoy in this. As long as the wheels turn, as the Federal Reserve Board is a vacillating tyrant
long as the ball rolls, we are unconscious that pay because interest rates are and remain high. We are
day must come. We renew our loans. We repair the in a whirlwind of financial endeavor brought on by
waste of our extravagance. We swim in the hypnotic an uneven and partly fictitious prosperity that is
trance of ability to do anything. Why talk of in- destroying the economic sense of the people. We
flation? Why question our accomplishments?
need in our orderly and pressing advance great conTo return. Can it be other than that this fever solidations of banks, railroads, public utilities, but
to produce, to make money fast, to gain by specula- we do not need stock issues to become the playthings
tion, to take a chance on ever rising values and ever of speculators.
2178
FINANCIAL CHRONICLE
When the fever dies down, recuperation sets in.
Then the patient has need for patience and calm.
We cannot make over this country in a few years
when the effects of cessation come upon us by shouting in the ears of the world "we are the richest
country on earth." We can continue trade by rational and reciprocal exchange. We can continue the
Federal Reserve System by turning it to its original
purpose of creating an emergency- currency to continue trade with less breaks. We can continue
"prosperity" by redefining it and holding fast to our
normal activities and developing, according to need,
our indigenous resources. We can realize again that
we work and produce and exchange first for needs
and then for luxuries. We can approach an equalization of industries by setting them free from politics
and the influence of sections and classes. We can
prosper and grow comfortable and contented by
realizing again that speculation upon the foundation
and proceeds of a hundred years of saving frugal
industrious life is a form of robbery and a species
of deception that if continued will destroy any
people and corrupt and degrade any government.
The Letters of the Empress Frederick.
A moving tale is told in the letters of the Empress
Frederick, Queen Victoria's daughter, written to her
mother throughout her married life and now published in London and brought out here by Macmillan.
Their interest lies in the fact that they give an inner
and intimate account of the men and the influences
that determined the policy and career of Germany
through the epoch-making years of the second half
of the 19th century.
In January 1858 the Princess Victoria, not yet 18
years old, was married to Eitel Frederick William
of Prussia. The old King was failing and died three
years later. • His son, to be known as William I,
acting then as Regent, succeeded to the throne, and
it was his son who had married Victoria. The new
King already 63 years old was to survive 27 years,
1. e., till 1888, covering far the larger part of the
young couple's married life. Their son William w?ho
was to play so large a part in their lives, and still
more in that of Germany, was two years old and
peculiarly dear to his parents because he was born
with a defective shoulder and a crippled arm. Otherwise he was robust and attractive. Prussia was at
that time a second rate European state.
Frederick, now the Crown Prince, was, because of
Ms father's advanced age, eager to prepare his wife
for her new duties and sought to give her every
understanding of their common life with some grasp
on public affairs. To this she responded eagerly.
As the daughter and oldest child of the Prince Consort she had been the special object of his care. Thus
taught of her father, and having a clear intelligence
and settled character she was naturally eager to be
her husband's helpmate. They were through life a
peculiarly devoted couple, living largely in and with
each other.
Consequently nothing was more inevitable than
that when Bismarck was called to Berlin by the King
and made President Minister and Minister of Foreign Affairs, trouble should begin. Past middle life,
and knowing well his strength, Bismarck, committed
to his policy of "blood and iron," promptly persuaded
the King to dispense with the Parliament and send
the representatives home. To this the Crown Prince
[Von. 12S.
strongly objected. Bismarck, who regarded all women negligible in affairs of state, knowing the Crown
Princess's approval of her husband's opposition to
his plans, found it convenient to fall in with the
current opinion that she had too much influence with
her husband. Various incidents that occurred
served to strengthen his dislike which developed into
marked hostility.
Events unfolded rapidly. The King sided with his
minister. The views of the Crown Prince were disregarded, and when Austria attempted a solution of
the German question and Emperor Francis Joseph
invited King William to send the Crown Prince to
the Conference of the States in Frankfort the King
under Bismarck's advice refused. War soon followed, first with Denmark, then with Austria, and
in 1870 with France. In all the Crown Prince filled
the posts assigned to him with exceptional distinction. France was crushed. The Reich was created
at Frankfort, and the King was made Emperor.
Meanwhile the troubles of the Crown Princess were
increasing. Soon after her marriage the death of
her father had deprived her of her chief guide and
support. The war with Denmark increased the
break with England. With Denmark the British
royal family, since the coming of the beautiful Danish princess as the wife of the Prince of Wales, had
established bonds, while Princess Frederick's sympathy was with her husband and Germany. Her
youngest son not two years old died as her husband
was called out to a new war, that with Austria. The
war was short and she rendered what service she
could in the hospital. Bitterness between her and
Bismarck was increased by the absorption of Hanover by Prussia and the sequestration of the private
property of its King, her mother's relative. Her son
William was still the object of her constant solicitude and all in her power was done to remove or
reduce the defect of his arm, and he still responded
to her affection.
But the time came when he was called to join the
young sons of the nobility near the Court in training
for public life. He was barely in his teens, but it
was the beginning of the position in which he was to
show his true character. His vanity, excessive egotism, excitability, and passion for spectacular prestige began to break out. He resented restraint, was
suspicious of others, and asserted a superiority even
to his parents which increased as he was surrounded
with flatterers. When on his 18th birthday Queen
Victoria offered him the Grand Commandership of
the Bath, he was not pleased. He protested that
only the Garter, reserved for people of the greatest
distinction, would suit him; and it was given him.
At 21 estrangement with his family became marked.
He expected soon to be Crown Prince because of the
age of his grandfather the Emperor, and he regarded
his father as having little influence. He favored
Bismarck's rejection of his father's liberal opinions,
which he despised, and he considered his mother unpatriotic. He grew more and more uncivil to his
parents, opposing them at every point.
Great sorrow fell upon his mother. Her very dear
sister Alice died in 1878, and her own youngest child
died the year after. Her husband developed trouble
on his larynx which slowly increased. Specialists
were unable to arrest it, and differences among the
attending physicians as to its treatment served to increase the atmosphere of hostile criticism which
APRIL 6 1929.]
FINANCIAL CHRONICLE
surrounded them and centered on her. They went
to San Remo hoping for benefit for her husband, but
the disease increased. The Princess was bitterly
attacked in Germany as responsible for his condition. On March 8 1888 the old Emperor died and
Prince Frederick entered upon the 98 days of his
pitiful reign as Emperor. He was in his 57th year,
mentally alert and very brave, but with a mortal
disease.
The brief weeks flew rapidly. The Ernpress was
torn with anxiety over her husband and distressed
by the unmitigated hostility that surrounded her, and
the unchanged attitude of her son. On the 15th of
June Emperor Frederick died. When the end was
known to be near a cordon of soldiers was thrown
around the palace with orders to prevent the removal
of any dOcuments without the knowledge of his successor. Even the doctors were not permitted to
leave. The Empress was practically under arrest
with her suite. She soon fled however to her own
house. Her heart is poured out in the letters
before us which she wrote from there to her
mother.
William, now Emperor, promptly ordered the
breaking of the engagement of his sister to her fiance
which his father in his dying wish had charged him
to endorse. He changed the name "Friedrichskron"
which his father had given to the palace he had made
his home, restoring the old one "Neue Palais"; and
immediately began the career of egotistic self-assertion and disregard for all else which was to characterize his reign. His early address at Bremen to
the troops leaving for China is well remembered.
He declared himself as "ordained of God" and gave
notice that "anyone opposing his will would be
crushed." Bismarck was his representative, and
with the aid of his son Herbert, was to direct the
Empire in his interest.
William commanded the return from England of
his father's diary of his war service which during
his illness had been sent away for safe keeping; and
it was deposited in the Government Archive3 in
Berlin. In August 1888 after Frederick's death a
German jurist prepared a few pages of abstract of it
which was published. William was in a rage, accusing his mother of doing it. She had to protest her
entire ignorance; and when this was accepted, Bismarck proclaimed the paper a forgery, which of
course it was not; but it added to her trials. She
was surrounded by people who sought to increase the
breach, while her friends could only cheer her without demonstration. As time passed she tried to
establish better relations with her son but with no
success. Bismarck's fall from power because of
Count Waldersee's promotion, merely made William
more authoritative. The Empress was crowded still
further aside receiving little, if any, kindness from
him.
She made a visit to Paris with her daughter, and
sought to see Versailles and places where her husband had been stationed during the war. This
aroused old memories and flaming passions among
the French;and she hastened away newly tormented.
Returning home, few years were left to her. She
abjured all public affairs and settled quietly in her
home in Cronberg. Her mother, Queen Victoria,
died Jan. 22 1901. Her own health was failing and
this blow was grievous; theirs had been a life long
intimacy. King Edward soon came to visit his sister
2179
taking with him Sir Frederick Ponsonby, a warm
friend of the Empress. She seized the opportunity
of his return to England to send secretly with him
two cases containing her letters to her mother without their being detected by the German guards surrounding her. A few days later, Aug.5 1901,she died.
The letters are the ones now published. The first
copies of the book were at once picked up; a few
came to this country. Others will doubtless follow.
The Kaiser is said to have read it, and to have made
little comment.
The Empress, his mother, has wholly revealed herself. Her story may be read of all; that of her son
cannot be detached from it. The devoted wife of a
great hearted liberal Prince in an autocratic State,
she could not in her position escape the prejudice
and even the calumny which pursued her even
through the weary years of her widowhood. Her
biographer's last word is that "the time is surely
coming when that great country will recognize that
she sought to secure for Germany the cultural and
political leadership of Continental Europe." Many
individual judgments will have to be meanwhile rewritten.
H.Parker Willis on Failure of Federal Reserve—
Not Too Late to Turn Defeat into Victory.
In an article prepared for the forthcoming May issue of the
"North American Review," H. Parker Willis, Editor of the
New York "Journal of Commerce," and expert on the Congressional committee which drafted the Federal Reserve
Act, discusses the workings of the Federal Reserve System
under the head "The Failure of the Federal Reserve." In
the opening paragraphs of his article Dr. Willis says:
When I first made the acquaintance of President-elect Woodrow Wilson
In 1912, our conversation related entirely to banking reform. I asked him
whether he felt confident we could secure the adoption of a suitable law
and, having done so, get it applied and enforced.
He answered: "We must rely on American business idealism."
This was his watchword—the faith in which he lived and died. Because
he believed in American business idealism and its vital possibilities, he was
not willing to take the plan that had been made up. ready to be handed to
him, by a small group of special and selfish banking interests, but he sought
for something of his own which could be trusted to afford opportunity for
American idealism to work itself out. He got it. It served to finance the
World War and to revolutionize American banking practice. For a few
years it was a great, a brilliant, a world-wide success.
In part Dr.Willis went on to say:
President Wilson, however, was greater in ideas than in his choice of instruments to carry them out. He had shown great daring in his defiance
of vested banking interests when he gave his support to the Federal Reserve
Act. He had won a complete victory over his opponents in Congress.
Why should he not have shown the same degree of courage in the arrangements he made for administering the new Act and ensuring its success?
No one can answer this question. It can only be said that the President
was not able to maintain the same degree of insight and courage in his selection of the personnel that he had shown in his decision as to legislation.
His choice of the first members of the Federal Reserve Board was not wholly
happy. They represented a composite group chosen partly for the purpose
of placating this, that or the other interest, and containing an element
whose nomination was the result of personal favoritism that surprised and
disappointed many. • * *
In one Reserve bank to-day the chief management is in the hands of a
man who never before did a day's actual banking in his life, while in another
Institution both Governor and Chairman are the former heads of defunct
or failed banks, notwithstanding that one of their assumed duties as Reserve
bankers is to prevent other banks from failing. They have naturally had
a high failure record in their district. * * *
Few men are allowed to find the road to advancement in the banking profession through the holding of executive office in the Reserve Banks. The
feeling of doubt and even hostility which is thus indicated is naturally returned in many instances by Reserve bankers. They tend to think more
and more of the question of their own promotion, prerogatives, rights.
expense accounts and general privileges and advantages within the System.
* • •
The great extravagance of the System in providing for its own luxury has
illustrated this antagonism to simple financial living and high financial
thinking. It was only a little while after the System had been fully
launched, and when it was making war profits in considerable amounts,
that some one conceived the idea of using these profits to provide phenomenally costly buildings. The banks were able to pay for them out of their
earnings and they straightway did so. Vast, empty spaces used by only a
scattering of employees, costly marble halls and stairways, needless heavy
bronze work, elaborate furniture and unnecessary purchases of every kind
to-day survive as mementoes of this heyday of extravagant outlay upon
themselves of which Reserve bankers were guilty. It was a sad chapter in
American financial history that any such expenditure could ever have been
authorized,least of all when we consider the sources from which the profits
had been drawn that made it possible to engage in this saturnalia. * • •
Perhaps this waste of money and this tendency to decadence in ability
of management might have been forgiven had it been possible for Reserve
banks to show so great a grasp of principle and so sound a method of opera-
2180
FINANCIAL CHRONICLE
tion—whether as the result of instructions received from some one source,
or adopted as the outcome of conference and agreement among all the authorities of the several banks, does not matter—as to preserve the main
objects of the System. But the Reserve Banks unfortunately have lacked
the courage to move against the tide and to resist the dangerous tendencies
in banking which it is the special function of all central banks to correct.
They have lacked it again and again when they have followed, not led,
financial opinion.
Probably the best illustration of what they have done and not done is
afforded by the experience the country has had with stock speculation.
Four years ago the present "bull market" was just beginning to take
definite form and three years ago it was just getting fully under way. In
the autumn of 1926 a group of bankers, among whom was one with a worldfamous name, were sitting at a table in a Washington hotel. One of them
had raised the question whether the low discount rates of the System were
not likely to encourage speculation. "Yes." replied the conspicuous figure
referred to, "they will, but that cannot be helped. It is the price we must
pay for helping Europe." It may well be questioned whether the speculative era has been the price paid for helping Europe or the price paid to
induce a certain class of financiers to help Europe, but in either case European conditions had nothing to do with the discount policy except in name.
The truth of the matter is that Reserve Banks have kept their rates down
to abnormally low figures with the excuse that in so doing they enabled
Europe to borrow money here more readily and prevented European banks
from having to send gold here. Meanwhile, they have looked on complacently as more and more funds were borrowed from them for speculative
purposes, in amounts many times over what were borrowed for the purpose
of promoting European reconstruction. So they have "sat tight" and
said nothing while the "small man," from Maine to California, has gradually been led to invest his savings in the stock market with the result that
the constantly rising tide of speculative transactions at higher and higher
prices has swept over the business of the country. Concerns which formerly borrowed from banks for their current working capital and which
submitted to the guidance of these banks in making their commitments
have been able to get from the public at large the funds with which to pay
off their obligations and themselves to go into the business of lending on
collateral. In March 1928 Mr. Roy A. Young, the Governor of the Federal Reserve Board, was called before a Senate Committee. "Do you
think that brokers' loans are too high?" he was asked. "I am not prepared
to say whether brokers' loans are too high or too low. I am satisfied they
are safely and conservatively made," he answered. "I do not think the
Federal Reserve should say whether they are too high Or too low." At
about the same time the Secretary of the Treasury in a formal statement
assured the country that they were not too high, and even President Coolidge, using material supplied to him by the Treasury, perhaps by the Federal Reserve Board itself, had made a plain statement to the country that
they were not too high. Very much this same assertion was reiterated by
the Governor of the Federal Reserve Board in addresses before bankers'
associations in the autumn of 1928. The Federal Reserve System, designated by President Wilson as having been charged with the duty of protecting the interests of the average man, thus did its utmost to assure this
average man that there was no reason why he should feel any alarm or should
think that any excessive use was being made of his funds. Yet in the face
of such repeated assurance, the Reserve Board itself had no hesitation in
issuing, on Feb. 2 1929, a general letter addressed to Reserve Banks, cautioning them against the grave dangers of speculation, while admonishing
them that they had neither the right nor duty to lend for the promotion or
maintenance of speculative values. * * *
Perhaps the final, the most ironical phase in the history of an effort
which started as idealism and has shifted into a series of concessions to special interests, is the fact that as service has declined in courage and disinterestedness, praise of the System for what it has not done has grown.
* * *
If, again, the Reserve Banks themselves have fallen under the control
of home and foreign financial interests so that they have lacked courage to
exert any kind of control over banking rates, or banking practices, or the
conditions under which loans are advanced, can we feel surprised that, during the short life of the Reserve System, we have had one credit depression
or panic of major proportions, one era of banking failures of unprecedented
severity and extent, and one speculative stock market debauch which
threatens to wreck the whole fabric of American finance if allowed to go on
as at present?
If, finally, we know that through the fortunes of war the United States
has been entrusted with a very large fraction of the world's available gold
supply, yet instead of conserving this supply and rendering it available for
redistribution as a basis for post-war monetary systems, it has practically
allowed it to be absorbed through the desire to maintain inflation at home,
can we wonder that many who participated lir the development of the Fedwith a regretful eye upon
eral Reserve System originally look back to-day.
the fact that they ever imagined for a moment that President Wilson's
idealistic experiment could be accomplished?
It is not too late to turn defeat into victory. The Reserve System has
done much that has been worth while. Without the System we could not
have financed the war nor could we have accomplished many useful technical reforms that have taken place in American banking. • We have the
framework, the financial structure necessary to develop something of the
kind that was planned by hopeful and far-seeing minds fifteen years ago.
We have learned by experience that hopes, even though sustained by great
financial resources, cannot alone accomplish the desired results. There
must, however, be also popular interest, popular understanding, popular
support, if any system of financial reform designed to put the United States
Into position to maintain Its great industrial structure safely and well is to
be really successful. The question to-day is whether the bank and file of
American citizens, which means in the last analysis the rank and file of
American business men, are willing to take the time off from golf and business to bring about an actual realization of what has so long been sought—
so faithfully attempted by a few.
The Hypocrisy of Prohibition.
(Editorial from New York Herald Tribune, April
1)
If asked to justify in one central fact our conviction that
prohibition has failed, is failing and must continue to fail,
we think the answer lies in the one word "hypocrisy." We
mean not a passing pretense or some superficial inconsistency, but a fundamental and essential lie—a hypocrisy that
goes to the very roots of this effort to dry up a whole nation
by legislation, against the will of a large number of its
citizens.
Forh 128.
That hypocrisy is exhibited in a hundred ways every day
In the week. Just at present two dry Representatives from
Ohio and Illinois are decorating the front page with their
adventures in inconsistency, the one indicted, the other
merely accused by two customs officers of smuggling in four
bottles of whiskey. Both voted for the Jones law. Both, if
proved guilty of similar acts to-day, could be jailed for five
years under that preposterous enactment.
The cases of these two casuals, caught accidentally and
unintentionally in the enforcement net, are not very important in themselves. Their significance lies in the fact that,
in voting dry and drinking wet, they represent the overwhelming state of our national legislature. The House of
Representatives votes 4 to 1 dry whenever it has to stand
up and be counted publicly. Statistics of what it does
privately are not available. But nobody who knows the
national Capitol has much doubt that the ratio would be
pretty nearly reversed. There are a few sincere drys in
the House and in the Senate. The general run of legislator
is not unfairly represented by the two dry brethren from
Ohio and Illinois.
The whole Capital is, by every survey that has been made,
one of the wettest spots in the whole country. Wilat more
flagrant hypocrisy could there be than this pretense of a
prohibition that is dishonored by the very men who pass
the law and by the representative community wherein they
perform their public functions? Who ever expected children
to have respect for a rule which the teacher himself ignored?
There are countless other perennial hypocrisies of prohibition. Take the fact that the Volstead act, drawn by the
friends of prohibition, carefully softened its terms with
respect to no less important a member of the community
than the farmer—by making cider and wine legal. The
chief drink of the city man was prohibited—beer. To be
sure, brewing and wine making have now become one of the
great home industries of city and country alike. But how
can you expect the city dweller or any one else to respect
a law which, pretending to prohibit all liquor, winks at the
farnier's favorite tipple?
Take the question of the prohibitions appropriation. Dry
experts have estimated that at least $.300,000,000 would be
needed for a complete, nation-wide enforcement effort. Yet
Congress has refused to. go much above $50,000,000. The
drys themselves in Congress refuse to prove their faith by
their deeds. When the drys insisted upon a drastic gesture
of some kind, these wet-dry legislators voted with a whoop
for the Jones law—imposing penalties so indiscriminately
and extravagantly as to violate every established principle
of sound penology and to insure their own failure. If the
two accused Representatives did tote a little liquor around
—five years' worth, by the Jones law yardstick—they were
not one whit more hypocritical in their personal actions than
they were in voting for that egregious statute.
Finally, if Congress is really sincere why does it not
tackle the consumer of liquor? Why do the drys never
seek to penalize the purchaser, without whom there would
be no bootlegger or speakeasy? The truth is, of course, that
they do not dare to. They know that such a law—the
logical, perfect expression of the prohibition principle—
would crash of its own unpopularity and reveal at a stroke
the sham of the whole movement.
One impartial student of the situation has summed it up
in the observation that Americans want prohibition and
want their liquor, too. If he is right, the present pretense
will continue indefinitely. But we cannot believe that
Americans will consent to perpetuate such a sham. Many
of them, living in relatively dry regions, are still hoping
against hope that something can be done to make prohibition work—to eliminate the pretense from its operation.
Once they are convinced of the impossibility of their ideal,
they will gladly join in the search for a better and sincerer
formula. The beginning will come when the word "temperance" is substituted for "prohibition." Strictly regulated
drinking—rigorously restricted as to hours and places and
effectively taxed so as to discourage the consumption of
"hard" liquor—would unquestionably represent the overwhelming desire of the country. It would end the present
orgy of crime and corruption. It would reduce rather than
increase the consumption of, alcohol by discouraging the
drinking of gin, whisky, brandy and applejack, the favorite
prohibition drinks. It would, above all else, be an honest
effort to achieve the possible.
APRIL 6 1929.]
FINANCIAL CHRONICLE
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, April 5 1929.
Taking the country over, the condition of trade may be
described as fair to good, with some falling off in the jobbing
trade following the Easter activity. But trade and industry
show a noticeable increase over that of a year ago. As
April opens, most industries are operating at notable speed.
One striking fact is that new records were made in the
first quarter ending March 31 for steel, automobile, machine
tools, agricultural implements and electrical goods. The
production of electricity for the first two months of this
year was 13% larger than in the same time last year. The
proportion of the total electricity output produced by
water power dropped to 33% as compared with 38% in
the first two months of last year, this evidently pointing
to some increase in the operating expenses during that
period this year of public utilities. Building operations
were smaller in the first quarter aside from a few large
cities and one result is that many brick yards are said
to have closed down. Unfilled orders were much smaller
for brick than at this time last year. Metal miners' wages
have been raised again from Montana south to Arizona.
Business failures in March fell off nearly 15% from the
same month last year, while liabilities decreased 32%.
smaller than in
For the first quarter failures were 7
the same period last year and were the smallest for five
years past. Liabilities at the same time decreased 2 z%
and were the smallest of the last three years. Steel has
been in fair demand with production at a high level. Pig
iron has been quiet. March output was the second largest
on record. Copper has been less active and prices seemed
rather easier. Tin declined sharply here and in London.
Cotton declined about Xc. owing to better weather and
heavy liquidation. Worth Street and Manchester were dull
and more or less depressed. East India and Chinese advices
were unfavorable to Manchester. Labor troubles have
broken out in North Carolina and South Carolina, owing
apparently to the introduction of efficiency methods and
the troops have had to be called out to maintain order. Of
late, however, cotton has recovered some of the decline which
took place early in the week, for the technical position has
been better, the season is late, the trade has been a steady
buyer and shorts have been forced to cover. It is largely
a weather market, but the ups and downs of the stock market also have their influence. The weevil menace seems less
serious than it was at one time expected to be. Sugar declined 6 points with spot raws off to 1 13-16c. on a fair
amount of business. The chief drawback in the sugar trade
is the dullness of refined. Until that brightens up there
may be no sustained advance in raw sugars. Rubber has
declined 30 to 40 points net with London prices dropping
and New York following, the demand for consumption
meanwhile naturally going slow as usual in a falling market.
Coffee has declined further with cost-and-freight prices
lower and the spot demand in this country none too eager,
as mild grades compete for the market with Santos to a degree entirely unusual. The Brazilian authorities have felt
It necessary to reduce the permissible daily receipts at Santos
10,000 bags, making the total 30,000 bags. Whether this
will have any effect or not remains to be seen. Meanwhile,
Brazilian exchange has of late had a bad break, the worst in
a long time.
Wheat declined 3 to 4 cents owing to a better outlook for
the crop in this country and Canada and, it appears also, in
some parts of Europe. Moreover there has been considerable liquidation in an evidently overbought market. But
within a day or two the tone has been firmer owing partly to
a better demand for export. Still there are very large stocks
of old wheat held here and in Canada and it is believed that
it will require a pronounced export demand to bring about
any material advance. It is said, however, that Russia is
In such a predicament that it will have to buy foreign grain
this spring. Corn has declined partly in response to the lower
prices for wheat, but to-day the weather was bad, receipts
:
were small and prices were stronger It was noticed that a
small business was done for export in oats, rye and barley,
which may be more or less significant. Wool has been dull
and apparently none too steady. Lumber orders are outrunning production in most parts of the country. It is
2181
_
proposed to curtail petroleum production over big sections of
the country, and the tone in the trade is more cheerful.
Yet in February the total production was at the highest rate
on record, and the total for January and February showing
a gain of 11.7% over the same period last year. Domestic
consumption for two months increased 15% but on the other
hand stocks also increased. Gasoline production for the
first two months this year increased 19.6% and consumption
17.5% as compared with the like period last year, with
stocks larger than in 1928. Tobacco has been in fair demand
and cigar and cigarette manufacturing is on a large scale.
In fact so far as cigarettes are concerned it looks as though
the output will make a new high record this year.
Coarse yarn cotton goods have been quiet, especially
print cloths and the tendency of prices seems to have been
downward, especially as second hands were openly shading
quotations. Some of the larger mills, it is true, maintain
their old prices for print cloths, but here and there it seems
these goods sold at lower prices. A moderate demand
prevailed for wide print cloths. Sheetings were in some
demand from the bag trade. Fine yarn cloths sold to a fair
extent, especially fancies and specialties. The retail distribution of cotton goods and other textiles as well as clothing
lines was on a considerable scale over wide sections of the
country and new orders for seasonal lines were in some cases
accompanied by requests for prompt shipment. Woolens
and worsteds in men's wear lines remained quiet. Some
additional fall lines of dress fabrics were opened by leading
producers met with a good demand. In silk goods there
was a fair business for spring and summer as well as the fall
trade. Raw silk was quiet and steady. Silk imports in
March showed a decrease of 4.7% as compared with the
same month last year, and the mills took 4.2% less. Yet
for the first quarter the silk imports were 5%% larger than
in the same period last year.
The stock market to-day after some irregularity advanced
1 to 4 points on a number of issues, steel leading with the
trading over 3,400,000 shares. The tone impioved as
money dropped from 8% to 6. The warning in regard to
credits from Washington had no pronounced effect, though
some of the earlier advances were lost or partly lost before
the close. Stocks with many twists and turns during the
week advanced on Thursday some 3 to 12 points, on many
issues as money fell from 10% early in the day to 6% later.
Brokers' loans were reduced $87,000,000 in a week or $231,000,0001in a fortnight, as against an increase in the previous
three months of over $700,000,000. But the decrease was
disappointing to the Federal Reserve Board at Washington.
It bluntly said in effect that loans must be more sharply
reduced or the Reserve System "may adopt other methods
of influencing the situation." It is concerned over the
effects of high money rates on American trade and also
on the business of foreign nations. In other words the attempt to curb speculation persists. The transactions on
Thursday fell off, it was noticed, to about 3,300,000 shares
as against over 8,000,000 on one day recently. Steel,
Motor, copper and rail isses were uppermost in Thursday's
trading.
Detroit wired that with the first quarter of the year
behind it, the automobile industry enters its second period at
full speed and with every indication that factory facilities
will be strained to capacity for weeks to come. January
and February were record-breaking months, as no doubt
March will be, the reports say. The March output of
automobiles set a new record. The total for the United
States is estimated at 535,600 units, against 446,000 in
February.
Manchester, N. H., wired April 4 that an ultimatum
served by the special committee of the 12,000 Amoskeag
workers on Acting Agent Arthur 0. Roberts to the effect
that the employees' plan of representation, under which
the management and the employees have arbitrated wage
disputes and other grievances since 1923, will be dropped
unless Mr. Roberts recedes from his decision of no overtime
pay. In furtherance of its plan of retrenchment the management of the Amoskeag Co. announced that beginning April 1
no more overtime wages would be paid for extra work, except
that done on Sunday. The employees claim that this is a
breach of the agreement entered into when the plan was
2182
FINANCIAL CHRONICLE
formulated six years ago and they threaten to conduct
a referendum vote on the question of abolishing the plan.
Charlotte, N. C. wired that cotton manufacturers show
marked activity. Inquiries are numerous and there is a
better tone in business generally. Recent labor disturbances
among several mills of the South are traced to the efficiency
experts who do not understand the characteristics of the
operatives of Southern mills. Charlotte also wired that
five companies of National Guard men kept the peace about
the Loray Mills. The strike, it is said, threatens to be a long
drawn out contest in opening a campaign, the purpose of
which is, according to labor leaders, to unionize the 300,000
textile workers in the South. Charlotte, N.C.wired April 4
that picket lines and idle looms were guarded in North Carolina and South Carolina. Efforts at conciliation in the four
strike centers of the two States appeared to have failed and
many workers remained idle, most of them in protest against
the introduction of the efficiency systems. The only visible
sign of tense feeling was a cluster of white military tents
pitched upon the Loray Mill yards of Gastonia, N. C. Five
companies of the North Carolina National Guard were ordered
there, after police had been overpowered by jeering crowds
and rioting appeared imminent. At Gastonia, N. C., also
nine strike sympathizers, were arrested. At Greenville,
S. C. conferences held between officials of the Brandon
Mills and strike leaders were fruitless. Later on in the
Piedmont section of North Carolina and South Carolina more
than 5,000 workers in cotton mills struck, charging that
efficiency systems have forced them to man nearly double
the number of looms previously manned.
On April 4 the demands of the strikers at the ManvilleJenckes Mills, Gastonia, N. C., were rejected. About 50%
of the operatives, it was stated, reported for work on that
day. The mill owners say they think the trouble will
soon be over. Spartanburg, S. C., wired that labor troubles
had spread to the Union-Buffalo Mills Co. at Union, S. C.,
on the 1st inst., when employees of the weaving department
walked out. It is understood that the strike was a protest
against the recent installation of the "stretchout system."
The carding and spinning departments of the mill, it is
stated, were not affected by the strike. At Augusta, Ga..
on the 1st inst. the J. P. King Mfg. Co., it was reported, cut
wages 10%, effective at once.
Manchester, England, cabled that the Master Spinners
Federation and the Operative Amalgamation met to consider disputes at the Alma Mill, Oldham, and the Broadstone Mill, Stockford, but no settlement was reached. The
Alma mill dispute is due to alteration of wages and the
Broadstone mill trouble to spinners' claims for compensation
because of enforced stoppage at the mill.
Montgomery Ward & Co.'s sales for March amounted to
$22,616,668, an increase of 27% over March 1928. Sales
for the first three months of this year amounted to $59,400,774, an increase of 30.3% over the corresponding period
last year. Sears-Roebuck & Co.'s sales for March amounted
to $30,796,308, an increase of 28.3% .over March 1928.
Sales for the first three months of this year amounted to
7,809,000, an increase of 21.8% over the corresponding
period last year. The Woolworth Co. sales for March, new
stores included showed an increase of 12.3% over last year
and for the three months an increase of 6.2% over last year.
S. S. Kresge Co.'s sales for March showed an increase of
15.7% and for the first three months an increase of 8.7%
over last year.
On the 1st inst. gales swept Arkansas, Missouri, Nebraska,
Iowa, Illinois, Wisconsin, Michigan and Minnesota. In
the East high winds crippled wire service and unroofed
houses and schools. In this city there was a 60 mile gale
from the Northwest which did considerable damage to plate
glass windows and signs. Here the temperature was 45 to
72; in Boston 42 to 60, Chicago 32 to 38, Cincinnati 48,
Cleveland 46 to 62, Detroit 38 to 50, Kansas City 32 to 54,
Milwaukee 24 to 40; St. Paul 32 to 38, Montreal 26 to 48,
Omaha 28 to 54, Philadelphia 50 to 76, Portland, Mo. 38
to 46, San Francisco 68 to 72, Seattle 36 to 50 and St. Louis
36 to 54. On the 4th inst. it was 46 to 72 degrees here and
there was a brief thunderstorm darkening the city so that
electric lights were turned on four hours earlier than usual.
Two airplanes were driven down by the storm on Long
Island. Boston had temperatures of 38 to 62, Chicago 60
to 80, Cincinnati 56 to 80, Cleveland 58 to 66, Detroit 52
to 66, Kansas City 68 to 86, Milwaukee 58 to 74, Minneapolis 44 to 76. Montreal 36 to 58, Omaha 62 to 94, Philadelphia 50 to 76, Portland, Me. 34 to 48, San Francisco 52
to 56, Seattle 34 to 46, St. Louis 60 to 88. To-day came
[Vol,. 128.
reports that high record flood spreads ruin in Youngstown,
Ohio. Trains were marooned, industry halted and 30,000
people cut off. The water rise is the worst since 1913. A
torrential rain sent the tide over a mile square area of
Detroit, forcing people to boats. Here to-day the temperatures were 55 to 60 with a thunderstorm late at night,
at Chicago within 24 hours 56 to 80 degrees; Cincinnati
66 to 80, Kansas City 70 to 86, St. Paul 52 to 74.
Secretary of Commerce Lamont, Reviewing Huge Exports of January and February, Predicts Volume
for 1929 Will Approach Six Billion Dollars.
A statement in which he comments upon the two months'
record of exports, prompts Secretary of Commerce Lamont
to predict that if similar gains continue during the ensuing
months of the present year, "the total for 1929 might approach or even exceed $6,000,000,000, as against $5,128,000,000 in 1928." Mr. Lamont's statement, issued April 1,
is given as follows in the "Herald Tribune":
The exports of the United States (not counting re-exports of foreign
goods) during the two months, January and February.totaled $916,000,000.
which Is the largest sum ever exported during the first two months of any
year except during the war years and those immediately following, when
prices were far higher. Allowing for the difference in prices, these are record
figures by a large margin. The first two months of the year usually represent considerably less than one-sixth of the total exports for the entire year,
and if ensuing months show similar gains the total for 1929 might approach or
even exceed $6,000,000,000, as against $5,128,000,000 in 1928.
Exports for these two months were 20% greater than in the corresponding months last year, and 14% greater than in January and February.
1925, which were the previous post-war records.
The most notable point is that this gain in exports was not at all due to
abnormal conditions, such as exceptionally large export of some crude
product of exceptional advance in prices of major commodities. It was
primarily the result of immense exports of advanced manufactured goods.
The class of finished manufactures accounted for a gain of $109.000,000 out
of tho total increase of $151,000,000. Exports of finished manufactures
were valued at $432,000.000, or over one-third more than in the corsponding months of 1928. These are commodities the exportation of which depends upon the efficiency of American industry and the skill and energy
of American exporters.
Auto Exports Gain 60%.
The biggest item of finished manufactures and also the one which shows
the greatest gain is that of automobiles, trucks and other products of the
automotive industry. These were exported to the value of $105,400,000.
or at a rate of more than $650,000,000 annually as compared with the total of
$500,000,000 in 1928. The increase over the first two months of last year
was no less than 60%. Gains ranging from 30 to 50% appear in a number
ofother major items of manufactures,such as electrical machinery,industrial
machinery, advanced iron and steel products and heavy steel mill products.
A few commodities outside of this group of finished manufactures also
show marked increases, as compared with 1928. Corn exports during the
two months were nearly four times greater in value than during the same
period of last year. and, in fact, were equal to four-fifths of the total for all
twelve months of 1928. Corn during most recent years has not been an important export, but the present conditions are peculiar. European demand
for corn on account of its relatively low price has been unusually strong, and
the Argentine supply from the crop harvested early In 1928 has been substantially exhausted. Our export of apples during these two months has
been three times as great as in the corresponding period the year before.
This gain is partly due to the fact that the apple crop of 1927 was small,
while that of 1928 was somewhat above normal, but it also reflects a growing
popularity of American apples in European markets.
Among major export commodities the only ones which have advanced
materially in price as compared with the early months of last year are
petroleum products and copper. The increase in the value of exports of
these is chiefly due to the higher prices, although the foreign sales of copper
increased between 8 and 9% in auantity.
Rapid as has been the general increase In our total exports since 1922.
It has been checked somewhat by the relatively stationary position of
agricultural exports. Non-agricultural commodities, especially manufactured goods, now constitute so great a proportion of the total that a continuance of the rapid expansion in this field should add to the pace of
growth in aggregate foreign sales.
Gain in Import Quantity.
The value of imports during the first two months of 1929 was also exceptionally large, though the increase over 1928, amounting to about 7%
was much less than for exports. The import figure was the largest for
the first two months of any year since 1920, with the exception of 1926.
when the high total was due to the entirely abnormal inflation of the price
of rubber. The gain over 1928 would have been considerably greater
but for a further decline in the price of this same commodity, which in the
face of an increase in quantity purchased showed a decrease of more than
$10,000,000, or about one-fifth, In value of imports. Among major
commodities, of which imports wero greater during this period than last
year, are wool, copper, raw silk, furs, oil seeds and oils, tin and a number
of others.
Exports of principal commodities showing principal Increases or decreases during January and February 1929. as compared with January and
February 1928:
Two Months Ended February-1928.
1929.
Increase.
Decrease.
$
$
Grand total
764.500.000 915.600,000 151.100.000
Automobiles, parts. &c
66.000.000 105.400,000 39,400,000
Industrial machinery
32,200.000 43,600.000 11,400.000
Corn
5,400,000 20.500,000 15,100,000
Fruits and preparations
17,700,000 27,800,000 10,100,000
Apples
3,700,000 11,100,000 7,400,000
Refined oils (largely gasoline. &c.) 68.400.000 77.200,000 8,100,000
Copper
28,100.000 35.500.000 7,400,000
Cotton, unmanufactured
141,800,000 149,000,000 7,200.000
Agricultural machinery
15,900,000 23,000,000 7,100.000
Steel-mill products
12,100.000 18,100.000 6.000,000
Iron and steel semi-manufactures 13,300,000 19.200,000 5,900,000
Cotton manufactures
15,600,000 20.700,000 5,100.000
Electrical machinery
3,900,000
Iron and steel advanced
12.200,000 15,900,000 3,700,000
Automobile castings
4,700,000 7,000,000 2,300,000
Leather
12,000,000 8.100,000
3.900.000
Wheat
11,100,000 8.000.000
3,100,000
Furs and manufactures
16,300,000 13,900.000
1,400,000
APRIL 6 1929.]
FINANCIAL CHRONICLE
The bulk of the increases shown above was due to shipment of larger
quantities and not to advance in prices. The only exceptions of any importance are in the case of mineral oils and copper. The quantity of gasoline
exported during the two months increased 17% over the corresponding
period of 1928, but that of gas and fuel oil decreased by about the same number of barrels and the same percentage, while there was also a quantitative
decrease of 9% in the less important exports of kerosene.
The exports of copper increased 83 % in quantity, as against 26% in
value.
Import Items Listed.
Imports of principal commodities showing increases or decreases during
January and February, 1929. as compared with January and February,
1928:
Two Months Ended February—
Decrease.
Increase.
1929.
1928.
3
3
Grand total
689,000,000 738,300,000 49,300,000
Wool, manufactured
15,300,000 22,900,000 7.600,000
Copper
12,900,000 20,400,000 7,500,000
Silk, manufactured
61,500,000 68,500,000 7,000,000
Furs and manufactures
19,700,000 23,800,000 6.100,000
011 seeds
8,000,000 12,500,000 4.500,000
Tin bars, Sic
14,900,000 18,400,000 3,500,000
Expressed oils, Inedible
9,400,000 12,300,000 2.900,000
Wheat
2,800,000 5,300,000 2,500,000
Refined mineral oils
7,000,000 9,500,000 2,500,000
Leather manufactures
3,700,000 5,900,000 2,200.000
Art works
8,000,000 10,200.000 2,200,000
Precious stones, Ac
12,100,000 13,800,000 1,700,000
Cotton, unmanufactured
9,500,000 11,100,000 1,600,000
Rubber, crude
10,400,000
58,000.000 47,600,000
Cane sugar
2,600,000
35,800.000 33,200,000
As a result of the Department of Commerce figures, one of the greatest
trade years in history is forecast.
Prosperity of Present Business Cycle Probably Will Not End
in 1929 Says J. Henry Schroeder Banking Corporation.
That at least a part of the great amount of money in the
securities market may represent temporary employment of
funds eventually finding their way into business uses, and
that the prosperity of the present business cycle will probably not end in 1929, is the belief expressed by the J. Henry
Schroeder Banking Corporation in the quarterly review of
the London house of Schroeder. After pointing out that
at the end of 1928 production and trade were unseasonably
active, with money rates as a group higher than at any time
in seven years and with certain security market rates more
than a little reminiscent of the 1919 inflationary period, the
review says:
"Yet the outlook for business in 1929 may be considered satisfactory.
Over-discounting of the unexcelled corporate earnings of 1928 may
force a readjustment in the securities markets which, for a while may
influence business adversely. But from a longer time point of view,
the sound inventory position of most companies, the lack of any inflation in commodity prices, and the purchasing power of the people
augurs well for the coming year.
"At least a part of the astounding amount of money in the securities
market may represent more or less temporary employment of funds
eventually finding their way into business uses. The total expansion
of credit in the past year or so has taken place at a faster rate than
the expansion in the supply of physical goods, and, with employment
high, this expansion probably will eventually end the present prosperity
phase of what is commonly called 'the business cycle' through higher
commodity prices. However, it does not seem probable that the end
will come in 1929."
The review states that while changes in the manner of
doing business, such as the greater reliance of corporations
upon stock issues instead of commercial banks for their
funds and the policy of retaining dividends instead of paying them in cash, justify greater bank loans on collateral
security. These loans become questionable when they cause
firmness in business funds unwarranted by the supply of
available credit.
Industrial Activity Based on Consumption of Electricity
Sets New High Mark in First Quarter—Gain of 10% as
Compared With Same Period Last Year.
Manufacturing activity in the United States in the first
quarter of the year was the greatest on record. The average
rate of production, based on consumption of electrical energy,
was 10% higher than in the same period last year, and fully
15% greater than in the first quarter of 1927, according to
Robert M. Davis, Statistical Editor of the McGraw-Hill Publishing Company. The peak of operations for general manufacturing operations appears to have been reached in February, says the advices made available by Mr. Davis, which
continue:
Operations in the manufacturing plants were high in all sections of
the country, indicating that the entire country had a share in the favorable developments of the first quarter. The Western States reported a
rate of operations for the period that was 19% higher than in the same
period last year. The North Central section showed a gain of 17%;
Middle Atlantic, 5%, and New England, 7%. The Southern states
reported about the same rate as in 1928.
Average manufacturing activity in the rolling mills and steel plants
was some 20% greater than in the first quarter of last year. The
ferrous and non-ferrous metal working plants of the country also recorded an impressive gain over 1928, the average increase in the rate of
operations being 19%.
In the automobile industry, including the manufacture of parts and
accessories, the average rate of productive activity for the first quarter
2183
of the year was about 9% greater than in the same period last year.
The rubber products industry, which is tied in closely with the advances
made by the automobile industry, reported an average rate of activity
for the period that was 16% greater than in 1928.
Operations in the textile industry were about 6% above the corresponding period last year, which, viewed in the light of the depression
which set in about this time in 1928, was not particularly encouraging.
The showing made by the leather industry was rather unfavorable, the
rate of operations in that industry being about 14% under last yeas.
The average rate of activity in the forests products industry during the
first quarter was about 4% below the mark established in the like period
of 1928.
As for the immediate future the favorable economic factors outweigh
the unfavorable. The favorable business indicators are: Ability of
President Hoover to cope with existing problems; general confidence and
optimism of business men;, continued high employment; the improved
agricultural situation; maintenance of low inventories; high consumer
purchasing power, and record heavy construction operations. On theunfavorable side, Mr. Davis names the continued high money rates, overspeculation by the public, severe weather conditions and floods, and the
keener competition as a result of chain store, mail order and direct
selling operations.
Unemployment in Nebraska—Recent Severe Weather Cause.
Increase—Spring Expected to Bring Relief.
The following Lincoln (Neb.) advices appeared in the"Wall Street Journal" of March 26:
Unemployment has been greater during the past six weeks than usual,
says the monthly report of the State Department of Labor, due to thelong-continued severity of weather conditions that made all building
tradesmen idle and forced a decreased demand for labor in railroad repair
and flour milling lines.
To offset this a large transient demand for ice cutters was present.
Normal employment has prevailed in practically all manufacturing plants
and general business lines.
With the opening of spring many new construction plans will be put
into effect, principally in residences and highways. The assurance of
passage by the Legislature of the bill providing four-cent gasoline tax,.
three cents of which will go into state highway construction and maintenance fund, will make between $4,000,000 and $5,000,000 available
this year for graveled and paved road construction.
Outline of Business of Chatham Phoenix National Bank &
Trust Co.—Records in Number of Lines During First
Quarter Forecast.
In addition to mounting volume of production, The Chatham Phoenix Outline of Business for April indicates that
the first quarter of the year brought increased earnings per
individual worker and an enlarged number of wage earners
employed, despite increasing use of mechanical contrivances.
The Bank's Outline, issued April 2, states:
"Expansion of production in the mills and factories of the United
States is providing employment for an increasing number of wage
earners as the first quarter of 1929 closes. In addition, the average
earnings of industrial workers are gaining.
"These are the conclusions with regard to the employment situation
which appear from the newest reports to the United States Labor Department. The number of workers on the pay-rolls is greater than
at any time since the spring of 1927, the official data indicate.
"Returns from over 12,000 manufacturing establishments representing
the principal industries of the country show a 2.3% increase in number
of wage earners at work in February as compared with January, and
a gain of 4.7% over February of last year.
"Pay-roll totals of the reporting plants show an even greater rate
of increase, gaining 7.7% over January and 5.4% over a year ago.
Earnings per worker are also larger. The pay envelope of the average
employee during month contained $27.90 weekly, compared with $26.36
in the month preceding, a gain of $1.54.
"Employment data for March are not yet available and will not
be forthcoming until April 15. Further gains are anticipated, however,
in accordance with the trend usual at this period.
"More jobs and increased earnings are matters of general economic
interest. They mean greater comfort and security for the mass of
workers and their families. They also represent added buying power
and more active demand for the products of American factories and
the services of American business.
"Purchasing power poured into the pockets of workers in the form
of wages by all concerns reporting to the Labor Department in February aggregated $130,537,861 weekly, compared with $115,141,698
per week in the previous month.
"At the same time, larger quantities of liquid income are flowing
into the hands of the buying public this year from other sources than
ever before, it appears from additional Government data. Interest and
dividends paid in the first quarter of 1929 to investors in the country's
leading business enterprises totaled $1,701,245,000, according to preliminary reports to the United States Commerce Department, or 12.2%
more than in the corresponding period of any previous year. Payments
in March amounted to $462,870,000, compared with $428,900,000 in
March a year ago.
"Under the stimulus of increased purchasing power and other favorable
factors production for March and the quarter seems assured of records
in a number of lines. Leading steel producers are operating at close
to capacity, and an ingot output to exceed the 4,325,000 tons in Feb-ruary and 4,490,000 tons in January is anticipated. The automobile
factories, with an output of 868,238 machines to March 1 compared
with 555,527 last year, are surpassing all former marks. Retail trade
is more active in most sections of the country than a year ago, Reserve
Board data show. Commodity freight shipments are heavier. Merchandise exports show a 20% increase over 1928 and are the largest
in eight years.
"Life insurance production is running 10% higher than a Year
ago, totaling $1,997,526,000 to March 1. Check payments are up
30%.
[vol.. 128.
FINANCIAL CHRONICLE
2184
"Construction, after lagging in the first two months, showed gains
in March, and further improvement is looked for. Contracts awarded
in the first two months this year were valued at $771,242,000.
"Commercial failures dropped 10% in February compared with February, 1928, and liabilities declined 25.5%•
"In general, it may be said, reports so far available point to a
first quarter which has largely justified expectations, and a present
the
situation which warrants a reasonable degree of confidence in
Immediate future."
from 142.7 to 144.2, due largely to strength in live stock, which more than
offset declines in eggs and raw wool. Wholesale food prices, on the contrary, decline on the average because of a sharp decline In sugar. Textile
products and fuels are generally lower this week, but metals and building
materials are higher on account of advances which have occurred in finished steel, iron ore, zinc and lumber.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES (1913=100)•
Apr. 2 1929. Mar.26 1929 Apr. 3 1928
148.5
144.2
142.7
Farm products
150.8
140.0
142.8
Food products
152.4
152.2
152.6
Textile products
156.2
162.0
162.2
Fuels
120.5
135.9
134.5
Metals
150.2
154.5
154.0
Building materials
134.3
134.9
134.9
Chemicals
122.8
122.3
122.1
Miscellaneous
146.5
145.6
145.6
All commodities
Increased Wages Granted to Shopmen on Chicago, Milwaukee, St. Paul & Pacific Railway.
An increase of from 3 to 5 cents an hour in the wage rate
affecting about 10,000 shop employes of the Chicago, Milwaukee, St. Paul & Pacific Railway was announced on March
Loading of Railroad Revenue Freight Above 1928 but
29 by J. T. Gillick, vice-president in charge of operations,
Below 1927.
according to Associated Press advices from Chicago, which.
Loading of revenue freight for the week ended on March
23 totaled 960,968 cars, the Car Service Division of the
American Railway Association announced on April 2.
Compared with the corresponding week last year, loading
of revenue freight for the week was an increase of 10,504 cars.
but a reduction of 42,838 cars under the corresponding
of Electric Power in the United States in week in 1927. Details follow:
Production
said:
The increase will involve about $1,000,000 a year, Mr. Gillick
It follows negotiations between the company and the Federated
Crafts, representing the workers. It becomes effective April 1.
lar arrangements have been made between the shop workers and
railroads recently.
said.
Shop
Simiother
February Increased Approximately 8% Over Same
Month Last Year.
According to the Division of Power Resources, Geological
Survey, the production of electric power by public utility
power plants in the United States amounted to approximately 7,444,318,000 k.w.h., an increase of about 8% over
the corresponding period a year ago when output totaled
around 6,871,000,000 k.w.h. Of the total for February last,
4,993,702,000 k.w.h. were produced by fuels and 2,450,616,000 k.w.h. by water power. The "Survey" further
shows:
PRODUCTION OF ELECTRIC POWER BY PUBLIC UTILITY POWER
PLANTS IN THE UNITED STATES (IN KILOWATT-HOURS).
Total by Fuels and Water Power.
December
1928.
Division--
February
1929.
January
1929.
571,766,000 588,556,000 528,321,000
New England
Middle Atlantic- _ 2,092,066,000 2,162,020,000 1,921,919,900
East North Central_ 1,933,789,000 2,030,953,000 1,851,955,000
West North Central_ 466,503,000 472,252,000 428,285,000
907,686,000 985,768,000 905,118,000
South Atlantic
East South Central_ 301,614,000 320,172,000 289,775,000
South Central_ 371,137,000 385,787,000 359,470,000
West
321,133,000 322,892,000 287,690,000
Mountain
946,593,000 971.569,000 871,785,000
Pacific
7,912,287,000 239,969,000 7,444,318,000
United States_ _
Change in Output
from Previous Year.
Jan. 28. Feb.'28.
+15%
+7%
+17%
+8%
+22%
+7%
+25%
+11%
+13%
+10%
+2%
+12%
+6%
+21%
-1%
+26%
0%
+7%
+13%
+8%
The daily production of electr city by public utility power plants n February continued at the record rate established during January of 256.000,000
k.w.h. per day. There was practically no change in the rates of production
those
of electricity by the use of fuels and by the use of water power from
for January.
The total output of eleetricity in January and February of this year,
compared with that in January and February of 1928, reduced to the same
number of clays, was nearly 13% greater. The increase for the same period
in 1928 over that for 1927 was only 7%. These figures indicate that general
business conditions were apparently in a more satisfactory condition at the
beginning of 1929 than at the beginning of 1928.
TOTAL MONTHLY PRODUCTION OF ELECTRICITY BY P UBLIC
UTILITY POWER PLANTS IN 1928 AND 1929.
1928.
January-- February-March
April
May
June
July
August
September- October__
November_ _
December....
1929.
7,265,000.000 8,240,000,000
6,871,000,000 7.444.600,000
7,246,000,000
6,853,000,009
7,130,000,008
7,010,000,000
7,143,000,000
7.510,000,000
7,282,000,000
7,922,000,009
7,751,000.000
7,912,000,000
07
ons nen nun
Increase Increase
1928
1927
Over
Our
1927.
1923.
16%
8%
Produced by
Water Power,
1928.
1929
6%
an%
6%
6%
8%
8%
19%
12%
10%
14%
13%
10%
38%
38%
39%
43%
45%
44%
43%;
41%,
38%
36%
36%
36%
33%
33%
16%
40%
____
---____
____
---
a Part of increase le due to Feb. 1928 being one day longer than Feb. 1927.
The quantities given in the tables are based on the operation of all power
plants producing 10.000 k.w.h. or more per month, engaged in generating
Railway
electricity for public use, including Central Stations and Electric the total
plants. Reports are received from plants representing over 95% of
Capacity. The output of those plants which do not submit reports is estimated; therefore the figures of output and fuel consumption as reported in
She accompanying tables are on a 100% basis.
Annalists' Weekly Index of Wholesale Commodity
Prices.
The Annalist Weekly Index of Wholesale Commodity
Prices for this week is 145.6, unchanged from last week's
index, which was the lowest in more than a year. The
Annalist adds:
Commodity markets, despite the fact that the combined index shows
shown by the
no change, have nevertheless been active during the week, ashave declined.
fact that certain commodities have risen sharply while others
effect on the
She advances and declines just offsetting one another 12 their
average for all commodities. The group index for farm products recovered
Miscellaneous freight loading for the week totaled 398,378 cars. an Increase of 28,516 cars above the corresponding week last year and 22.101
cats over the same week in 1927.
Coal loading totaled 138,579 cars, a decrease of 18.544 cars below the
same week in 1928 and 67,807 cars below the same period two years ago.
Grain and grain products loading amounted to 42.071 cars, a decrease
of 4,546 cars below the same week in 1928 but 5,114 cars above the same
week in 1927. In the western districts alone, grain and grain products
loading totaled 28,655 cars, a decrease of 3,373 cars below the same week
in 1928.
Live stock loading amounted to 26,050 cars, a decrease of 1,958 cars
under the same week in 1928 and 1,047 cars under the same week in 1927.
In the Western districts alone, livestock loading totaled 20,542 cars, a
decrease of 1.169 cars under the same week in 1928.
Loading of merchandise less than carload lot freight totaled 263.143 cars.
an increase of 2,579 cars above the same week in 1928 and 632 cars over the
same week in 1927.
Forest products loading amounted to 68,467 cars. 675 cars below the
same week in 1928 and 2,426 cars below the same week in 1927.
Ore loading amounted to 11,886 cars, 3.338 cars above the same week In
1928 and 529 cars above the same week two years ago.
Coke loading totaled 12,124 cars, 1,794 cars above the same week last
year and 66 cars over the corresponding week two years ago.
All districts except the Southern, Northwestern, and Pocahontas reported increases in the total loading of all commodities compared with
the same week in 1928 but the Southwestern district was the only one to
report an increase compared with the same period in 1927.
Loading of revenue freight in 1929 compared with the two previous
years follows.
1927.
1928.
1929.
.756,660
3.448,895 3
3.570,978
Four weeks in January
3,801,918
3.590,742
3,767,758
Four weeks in February
959,494
989,863
976.987
Week ended March 2
951.556
1.000.754
945.770
Week ended March 9
1,001.932
942,572
957.460
Week ended March 16
1,003,536
950,194
960,698
Week ended Mar. 23
Total
11,179.651
10,843.453
11,554.663
Business Profits in 1928 15% Higher Than in 1926,
When Previous High Figures Were Shown.
In indicating the course of business profits in 1928, the
Federal Reserve Bank of New York, in its Monthly Review,
April 1, says:
Reports of earnings of 574 industrial and mercantile concerns show that
net profits of these companies in 1928 totaled 24% more than in 1927, and
15% more than in 1926, the previous high year of industrial profits. These
figures are perhaps somewhat more favorable than would be shown by a
more complete tabulation. The 574 companies included constitute, of
course, only a small fraction of all industrial establishments in the country
and in the past the returns from all companies have presented a less favorable situation than have the returns from the companies included in these
compilations.
The course of industrial profits during 1928 appears to have differed
somewhat from that of the two previous years, when in each year the peak
was reached in the second quarter, and was followed by sharp declines in
the third and fourth quarters. In 1928, third quarter earnings were slightly
above those of the second quarter and profits in the final quarter showed
much less reduction from those of the preceding quarter than in 1926 or 1927.
An important part of the very large gain in 1928 profits over the previous
year was due to recoveries that occurred In the profits of a limited number
of groups, including the oil companies, whose 1928 profits were nearly
twice as large as In the previous year but approximately the same as in
1926; the steel and motor accessories industries; the meat packing concerns,
which virtually recovered the ground lost in 1927, and the copper companies, which doubled their net earnings from 1927 to 1928. following a
moderate decline in 1927. Similar recoveries were also reported by the
machine and machine manufacturing, metal and mining (exclusive of coal
and copper), and paper groups. The building supplies and coal companies
showed some imporvement in 1928, but failed to regain the 1926 level.
Important groups that showed a further expansion of net profits from
1927 to 1928, following an increase in 1927 from the preceding year, were
the motor concerns, a number of the food and food products companies,
and the tobacco, printing and publishing, amusement, clothing, chemical
and drug, electrical equipment, radio, shipping and stores groups. The
rubber companies showed a large reduction in net profits from 1927 to
1928, and leather and shoe, silk and miscellaneous textile concerns likewise reported declined, following increases in the previous year. The
only important type of company to have a continued decline through the
two years was the railroad equipment group.
Net operating income of telephone and other public utility companie
continued to increase in 1928, and at a faster rate than in 1927. Nes
APRIL 6 1929.1
FINANCIAL CHRONICLE
operating income of Class 1 railroads was 10% larger than in 1927. but
remained smaller than in 1926.
Corporalloss Groups. No.
28
Steel companies
15
R. R.equipment
46
Oils
19
Motors
Motor accessories (ex29
cluding tires)
14
Rubber
7
Bakery Products
8
Dairy products
confectioners
8
Meat packing
6
Other misc,food prod_ 31
Tobacco
15
Leather and shoes__
13
Paper
8
Printing dx publishing_ 11
Amusement
10
Clothing
6
Silk
8
Other misc. textiles_ _ 28
.
Metal dr mining (excl
coal Sc copper)
24
13
Coal
11
Copper
Machine & mach. mfg_ 35
Chemical and drugs
21
Electrical equipment.._ 8
Radio
5
Realty
7
Shipping
6
Building suPPlies
37
31
Stores
Miscell. industries_ _
68
1925.
1926.
1927.
I
1928.
5
$
$
$
160,302,000 214,618,000 162,452,000 236,019,000
23,322,000 45,502,000 35,860,000 27,478,000
347,058,000 369,740,000 194,525,000 371,472,000
243,502,000 293,934,000 327,834,000 371,207,000
48,200,000 41,099,000 37,080,000
88,789,000 38,129,000 59,389,000
39,556,000 40,240,000 43,212,000
11,489,000
9,870,000 10,965,000
8,863,000
7,421,000
9,912,000
35,363,000 31,373.000 18,695.000
98,475,000 114,252,000 116.842,300
91,077,000 98,302,000 102,253,000
24.962,000 23,187,000 30,078,000
8.007.000
8,439,000
8.195,000
29,037,000
26,780,000 27,157,000
22,255,000 23.965,000
26.600,000
5.149,000
4,822,000
5,139,000
5,770,000
5,44.5.000
6.613,000
6,439,000
20,473,000
15,339,000
61,554,000
19,046,000
46,455,000
15,830,000
8,801,000
31,079,000
131,203.000
106,455.000
26,748,000
10,256,000
33,274,000
37,616,000
7,479,000
4,220,000
15,351,000
61,094,000 67,247,000 58,451,000 73,948.000
6,838,000
8,506,000 14.222,0001
700.000
24.191,000 39,932.0001 35,368,000 71,408,000
46,508,000 66,441,0001 53,358,000 58,765,000
69,880,000 86,001,000j 95,542,000 114.503,000
41,028,000 42,306,0001 42,766,000 50,611,000
8,349,0001 10,779,000 23,398,000
4,036,000
12,683,000 16,000,0001 15,974,000 16,841,000
4,370,000
3,224,000
4,834,000
4,209,0001
108,360,000 111,118,0001 94,160,000 98,889,000
110.464,000 122,381,0001 140,341,000 146,304,000
145,325,000 178.149,0001__193,464,000, 243,920,000
,I
74 1,940,008.000 2,153,116,000 1,987,439,000 2,471,902,000
Total 31 groups_ _
Telephone (net operatMg income)
94
Other public utilities 95
186,778,000/ 212,225,000 227,566,000/ 252,244,000
*
I 715.153,000 775,177,000! 868,703,000
Total public utilities 189
I 927,378,000 1.002,743.000 1,120,947,000
Total 33 groups__ 763
3080,494,0002.990,182.0003.592.849.000
Class 1 R.R.(net oper
sting income)
184 1,138,632,000 1,253,004,000 1,085.142,000 1,193,134,000
* Not available.
Shippers' Regional Advisory Boards Estimate that 8,836,714
Cars Will Be Needed for Freight Car Shipments in
Present Quarter.
Shippers of the country, through estimates of the Shippers'
Regional Advisory Boards, anticipate that carload shipments
of the 29 principal commodities in the second quarter of the
year (the months of April, May and June), will be approximately 8,836,714 cars, an increase of 612,844 cars above the
corresponding period of 1928, or 7.5%, the Car Service Division of the American Railway Association announced April
1. The announcement continues:
The Shippers' Regional Advisory Boards, covering the entire United
States, furnish these estimates quarterly to the Car Service Division
so that the railways may have a guide as to service they are to be
called upon to perform in a given quarterly period.
These estimates are based on the best information as to the outlook,
so far as transportation requirements are concerned, obtainable at
the present time by the commodity committees of the various Boards.
Of the thirteen Shippers' Regional Advisory Boards, twelve anticipate
an increase in their respective districts in transportation requirements
for the second quarter of the year compared with the same period last
Year while the other one expects a decrease. The twelve Boards which
estimate an increase over the preceding year are the Atlantic States,
Allegheny, Great Lakes, Ohio Valley, Northwestern, Pacific Coast,
Southwestern, Middle Western, Central Western, Trans-MissouriKansas, New England and the Pacific Northwest Boards.
The only Boards estimating a decrease in the Southeast, which expects
only a small reduction, however.
The estimate by each Shippers' Regional Advisory Board as to what
freight loadings by cars are anticipated for the 29 principal commodities
in the second quarter this year compared with the corresponding period
in 1928 and the percentage of increase or decrease follows:
Per Cent of
Board
1928
1929 Increase or Decrease
New England
171,450
179,977
5.0 Increase
Atlantic States
916,705
942,840
2.9 Increase
Ohio Valley
1 010,969 1,084,263
7.2 Increase
Northwest
465,872
483,233
3.7 Increase
Central-Western
262,508
263,525
.4 Increase
Pacific Coast
369,950
403,787
9.1 Increase
Pacific Northwest
303,601
314,429
3.6 Increase
Allegheny
1 047,288 1,193,781
14.0 Increase
Great Lakes
664,837
728,591
9.6 Increase
Mid-West
1,089,116 1,280,211
17.5 Increase
Trans-Missouri-Kansas
407,235
425,951
4.6 Increase
Southwest
515,445
546,964
6.1 Increase
998.894
Southeast
989.162
1.0 Decrease
The large comparative increase in freight car requirements over
last year in the Midwest, Allegheny, Great Lakes and Pacific Coast
Regions are due to a number of factors. In the Midwest Region, for
instance, it is due to the anticipated heavier movement of coal and
coke; iron and steel; automobiles, trucks and parts; potatoes and grain.
In the Allegheny Region, it is due in part to the anticipated heavier
movement of coal and coke, chemicals and explosives; machinery and
boilers and gravel, sand and stone. In the Great Lakes, the anticipated
requirements for freight cars is expected to be stimulated by the
heavier movement of grain, potatoes, ore and concentrates, salt, and
automobiles, trucks and parts. Heavier movement of citrus fruits
is indicated by the estimate of the Pacific Coast Region for the second
quarter.
In submitting reports to the Car Service Division, each Board estimated
what freight car requirements will be for the principal industries found
2185
in the territory covered by that Board. On the basis of this information,
it is estimated that of the 29 commodities, increases in transportation
requirements will be required for twenty-two as follows: All grain,
flour, meal and other mill products; Cotton; Citrus Fruits; Other fresh
fruits; Other fresh vegetables; Poultry and Dairy Products; Coal and
Coke; Ore and concentrates; Salt; Lumber and Forest products; Petroleum and Petroleum products; Sugar, Syrup and Molasses; Iron and
Steel; Machinery and Boilers; Cement; Brick and Clay Products;
Lime and Plaster; Agricultural implements and vehicles other than
automobiles; Automobiles, trucks and parts; Paper, paperboard and
prepared roofing and Chemicals and Explosives.
Commodities for which a decrease is estimated are: Hay, straw and
alfalfa; Cotton seed and products, except oil; Potatoes; Live stock;
Gravel, sand and stone; Fertilizers, and Canned Goods, which includes
all canned food products.
The estimate as to the what transportation requirements will be for
various commodities for the second quarter compared with the same
period last year follows:
Commodity
Actual
1928
Grain, all
294,319
Flour, meal and other mill products 224,383
Hay, straw and alfalfa......
71,959
Cotton
37,858
Cotton seed and products, except oil
14,188
Citrus fruits
24,855
Other fresh fruits
77,888
Potatoes
70,737
Other fresh vegetables
76,161
Live stock
246,947
Poutlry and dairy products
46,964
Coal and coke
2305,911
Ore and concentrates
556,575
Gravel, sand and stone
879,965
Salt
32,214
Lumber and forest porducts
924,672
Petroleum and Petroleum products 539,972
42,481
Sugar, syrup and molasses
Iron and steel
483,033
56,040
Machinery and boilers
Cement
240,923
products
18 ,037
Brick and clay
Lime and plaster
71,937
Agric. Implements and vehicles
other than automobiles
35,265
Automobiles, trucks and parts
263,260
Fertilizers, all kinds
155,694
Paper, paperboard and prepared
roofing
104,251
Chemicals and explosives
24,342
Canned Goods-All canned food
products (includes catsup, jams,
jellies, olives, pickles, preserves,
etc.)
35,039
Total All Commodities Listed
8,223,870
Estimated
1929
339,544
230,883
64,120
40,157
13,391
36,664
83,119
63,050
81,846
334,233
49,136
2,645,556
602,841
874,829
33,664
942,527
579,281
47,097
531,345
61,385
253,448
192,984
72,763
Estimated %
Dec.
Inc.
15.4
2.9
10.9
5.8
5.6
47.5
6.7
10.9
6.2
3.7
4.6
14.7
8.3
6
4.5
1.9
7.3
10.9
10.0
9.5
5.2
3.7
1.1
38,979
309,907
145,627
10.5
17.7
110,988
26,317
6.5
8.1
6.5
32,133
8,836,714
8.3
7.5
Dun's Report of Failures for March and the First
Quarter.
As had been indicated by the satisfactory progress of general business, the insolvency data compiled by R. G. Dun
& Co. for the month of March and the first quarter of this
year reveal several favorable points. The commercial
mortality, measured by failures, shows gratifying reductions
for both periods, not only in number of defaults but also in
amount of liabilities. Relatively the best exhibit is made
by the latter item, in comparison with the returns for 1928,
and in each ease decreases from the totals for 1927 are
disclosed.
The report for the first quarter is the most encouraging
that has been made since 1926, both as to number of insolvencies and indebtedness. Thus, there were 6,487 failures
during the three months recently ended, exclusive of banks
and other fiduciary suspensions, and these involved liabilities
of $124,268,608. The comparative figures for the first
quarter of last year were 7,055 and $147,519,198, the current
statistics therefore showing a numerical decline of about
9% and a contraction in the indebtedness of approximately
16%. Going back to 1927, when 6,643 defaults for $156,121,853 occurred in the first quarter, the present numerical
reduction is only a little more than 2%,but the falling off in
liabilities is fully 20%. The record for the first three
months of 1926 showed 6,081 insolvencies for $108,450,339,
while the high mark for the period was established in 1922,
with 7,517 insolvencies, involving $218,012,365.
The distinguishing feature of the returns for March is
the decided decrease in the liabilities, which were the smallest
for the month since 1926. At $36,355,691, last month's
indebtedness is nearly 34% below that for a year ago and
about 37% less than the total for March,1927, these declines
being accompanied by reductions of 11% and a little more
than 7%,respectively, in the number of failures. Naturally
with the longer month, more defaults were reported for
March, this year, than for February, but the increase is
slight, being even smaller than that which occurred a year
ago. Moreover the rise in last month's liabilities over
[VOL. 128.
FINANCIAL CHRONICLE
2186
'those for February is not nearly so marked as was the case
in March, 1928.
Monthly and quarterly failures, showing number and
liabilities, are contrasted below for the periods mentioned:
Liabilitie.s
Number
1927.
1928.
1929.
1929. 1928. 1927.
1,987 2,236 2,143 536.355,691 554,814,145 857,890,905
845.070,642 846,940,716
1,065 2,176 2,035 534,035,772
51,290,232
2,535 2,643 2,465 53,877,145 47,634,411
March
February
January
December
November
October
6,487 7,055 6,643 $124,268608 5147,519,198 $156,121 853
1926.
1927.
1928.
1928. 1927. 1926.
1.943 2,162 2,069 540,774,160 551,062,253 545,619.578
1 838 1,864 1,830 40,601,435 36,146,573 32,693,993
2,023 1,787 1,763 34,990.474 36,235,872 33,230.720
Fourth quarter
September
August
July
5,804 5,813
1,835 1,573
1,852 1,708
1 723 1,756
5,662 5116,366,069 5123,444,698 5111,544,291
1.437 33,956,686 32,786,125 29,989,817
1,593 58.201,830 39,195,953 28,129,660
1.605 29,586,633 43,149,974 29.680,009
Third quarter
June
May
April
5,210
1,947
2,008
1 818
5,037
1,833
1,852
1,968
4,635 $121,745,149 $115,132,052 $87,799,486
1,708 $29,827,073 $34,465,165 $29,407,523
1,730 36,116,990 37,784,773 33,543,318
1,957 37,985,145 53,155,727 38,487,321
Second Quarter
March
February
January
5 773 5,653 5,395 $103,929,208 $125,405,665 $101,438,162
2,236 2,143 1,984 $54,814,145 $57,890,905 $30,622,547
45,070,642 . 46,940,716, 34,176,348
2,176 2,035 1.801
51,290,232 43,661,444
2,643 2,485 2,296 47,634,411
First quarter
7 055 6,643 6.081 3147,519,198 $156,121,853 $108,460,339
First Quarter
FAILURES BY BRANCHES OF BUSINESS FEBRUARY 1929.
Liabilities.
Number.
1929. 1928. 1927.
1929.
1928.
1927.
1
Total manufacturing
Traders
General stores
Groceries, Meat and fish- _
.
Hotels and restaurants_ _ _
Tobacco, &c
Clothing and furnishings_
Dry goods and carpets- --Shoes,rubbers & trunks_ - _
.
Furniture and Crockery._ _
Hardware. stoves & tools_
Chemicals and drugs
Paints and one
Jewelry and clocks
Books and papers
Hats, Ana and gloves
All other
Total trading
Other commercial
Total United States
,
.00.0NC00.-.C•.C,C4C0u,C1.- .
•-1 14 •-I 1.1 .
C.,/,,-1
.I
-.N
..
N 1
I
ManufadurersIron, Foundries and Nails
Machinery and Tools
Woolens,carpets & knit g'ds
Cottons, lace and hosiery _ _
Lumber, carpent. & coops_
Clothing and millinery__
Hats, gloves and furs
Chemicals and drugs
Paints and oils
Print and engraving
Milling and bakers
Leather, shoes & harness..
Tobacco, &c
Glass, earthenware & brick
All other
$624,969
1,253.180
15,565
$976,065
678,170
69,000
74,900
6,121,273
1,513,233
209,926
182.680
9,100
132,861
335,019
344,095
87,200
528,857
9,149,577
$483,763
1,094,705
535,030
2,450,048
4,750,447
925,130
318,256
46,840
8,000
1,394,212
756,082
1,885,219
15,960
500,485
7,203,478
13
27
1
__
103
45
14
10
2
10
44
11
8
9
215
11
31
2
1
93
44
18
11
1
13
43
16
7
10
245
512
546
569 $15.000,572 520,411,956 $22,367,655
101
301
112
16
173
98
48
63
57
64
5
39
9
12
251
103
320
94
26
232
132
70
82
47
65
6
22
14
18
335
106 $1,139,695 $1,134,952 $1,904,121
332 2,496,997 3,095,368 5,897,088
81 1,182,400 6,552,196 1,067,062
295,338
138,688
307,250
22
208 2,621,714 2,798,877 3,189,745
1,416,833 2,054,555
123 1,570,353
819,351
585,750
486,976
58
69 1,583,176 1,675,450 1,134,647
624,420
756,431
802,468
39
672,411
643,780
662,463
69
93,545
8
61,800
26,791
734,432
285,189
579,237
35
18
194,365
882,384
48,800
224,935
80,316
329,752
10
290 3,317,358 6,656,734 8,742,067
4,651,461
621,000
187,400
140,861
66,000
185,198
505,517
217,113
321,067
132,981
6,078,260
1 349 1,566 1,468 517,190,437 $26,186,339 $28,191,482
126 124 106 4.164,682 8,215,850 7,331.768
1 987 2.236 2.143 536.355.691 $54.814.145$57.890.905
Dun's Price Index.
Monthly comparisons of Dun's index number of wholesale
prices based on the per capita consumption of each of the
many commodities included in the compilation, follow:
April 1
1929.
Breadstuffs
Meat
Dairy and garden
Other food
Clothing
Metals
Miscellaneous
Total
03,663
24.057
20.940
19.376
35.066
21.708
88.786
Mar. 1
1929.
$34,589
24.420
22.354
19.450
35.137
21.558
36.739
April 1
1928.
838.341
21.474
21.796
19.893
35.927
21.440
36.544
April 1
1927.
528.411
20.159
22.166
19.734
32.333
22.575
37.709
April 1
1926.
830.827
20.108
22.755
20.493
35.297
23.720
37.278
5191.596 5194.247 5195.415 5183.087 8190.478
Federal Reserve Board's Survey of Retail Trade in the
United States-Increase in February as Compared
with Same Month Last Year.
Department store sales in the United States declined from
January to February in considerably less than the usual
seasonal amount, according to reports made from all parts
of the country to the Federal Reserve system. After allowance is made for the fact that February of this year contained one less business day than February 1928, sales show
an increase of 4%, says the Federal Reserve Board in its
survey for February, which also says:
Average daily sales were larger than a year ago in nine Federal Reserve
districts
-Boston, New York, Philadelphia, Cleveland, Chicago, St. Louis,
Minneapolis. Kansas City, and San Francisco
-and smaller in three districts
Richmond, Atlanta and Dallas.
Chain stores, except cigar chains And mail order houses made substantially
larger sales than in February of last year. These increases reflected in part
the establishment during the year of additional stores.
Percentage changes in dollar sales between February 1928 and February
1929, together with the number of firms reporting and stores operating, are
given in the following table:
Increase or Decrease in Sales.
Number of Stores.
No.
of
Finns. February February
1929.
1928.
February 1929,
Compared with
February 1928.
Per Cent.
-0.9
527
Department stores
533
Chain stores34
+18.8
30.407
28,784
GrocerY
14
3,265
+5.8
Five-and-ten
2,943
5
1,295
+7.1
Apparel and dry goods
1,109
1,141
13
+15.1
Drug
946
4
3,638
-3.9
3,431
Cigar
694
7
+2.2
Shoe
634
4
296
+4.9
Candy
263
4
a
Mall order houses"'
a
+19.0
•Increases in the dollar sales of mai order houses reflect in part the establishment during the year of additional retail outlets.
a Number of stores not reported.
Stocks of merchandise carried by department stores increased from
January to February in slightly more than the usual seasonal amount, but
continued to be somewhat smaller than at the same season a year ago.
More detailed statistics, by districts and for previous months, are given
herewith:
DEPARTMENT STORE SALES AND STOCKS, BY FEDERAL
RESERVE DISTRICTS.
-1923-25 equals 100.)
(Index Numbers
Federal Reserve District Number.
U.S.
a
1
2
3
4
5
6
7a
8
9 10 b 11
12
Sales(unadju sled)
1928
-Jan--__ 88 98 94 75 85 81 85 90 82 72 80 89 98
.
Feb __ 86 78 89 75 85 82 91 92 85 72 77 88 92
Dec___ 188 181 206 172 174 197 180 200 175 137 166 186 195
-Jan____ 91 97 97 78 86 82 89 95 81 77 83 88 106
1929
Feb _ -- 85 76 88 75 83 78 87 93 85 76 76 84 91
Sales(adjusts d)1928
-Jan____ 104 108 108 89 104 103 107 114 104 86 __ 107 114
Feb ___ 105 100 109 89 103 105 108 113 101 94 __ 106 115
Dec ___ 116 111 122 105 111 113 112 124 108 92 -_ 118 122
-Jan____ 104 102 107 89 102 100 108 115 98 90 - 102 119
1929
Feb___ 109 101 113 93 105 105 108 119 106 103 -_ 105 119
Stocks (unadjailed)1928-Jan___. 93 93 96 88 89 89 92 95 84 78 98 75 98
Feb... 99 97 97 92 96 96 101 102 93 85 111 83 105
Dec_ 95 95 101 83 91 96 91 102 86 72 102 69 96
1929
-Jan- _ 91 88 97 78 84 89 88 98 82 71 101 71 93
Feb -__ 98 90 100 90 91 94 100 105 86 75 122 79 100
Stacks(adjust ed)-1928-Jan___ 105 102 104 98 104 102 101 107 97 87 -_ 86 107
Feb__. 104 103 104 96 101 101 103 106 99 88 -- 86 109
Dec... 101 97 105 86 99 102 102 111 93 80 -_ 79 105
1929 -Jan.. 102 97 106 84 99 101 96 110 94 80 - 82 101
Feb... 103 96 107 94 96 99 102 109 92 79 _ 81 105
a Revised to include a larger number of firms For description see Feeders
Reserve Bulletin for March 1929.
b Monthly average 1925 equals 100.
1 Boston; 2 New York; 3 Philadelphia; 4 Cleve and: 5 Richmond; 6 Atlanta:
7 Chicago:8 St. Louis; 9 Minneapolis; 10 Kansas City: 11 Dallas; 12 San Francisco.
SALES OF CHAIN STORES AND MAIL ORDER HOUSES.
(Index Numbers
-1923-25 Average equals 100.)
SalesWithout Seasonal
Sales with Seasonal
Adjustment.
Adjustment.
Feb.
1929.
Jan.
1929.
Feb.
1928.
Feb.
1929.
Jan.
1929.
Feb.
1928.
Chain stores: a
194
193
217
222
140
229
Grocery
142
115
146
112
157
122
Five-and-ten
201
219
140
224
147
137
Apparel and dry goods
153
148
177
183
170
178
Drugs
107
96
101
91
107
92
Cigar
120
132
102
127
86
88
Shoe
120
128
131
106
106
112
Candy
115
137
143
108
132
129
Mall order houses_ b
a For number of firms report ng and number of stores operated see table above.
b Including sales made through branch stores.
CHANGES IN SALES AND STOCKS OF DEPARTMENT STORES,
FEBRUARY 1929.
(Increase (+1 or Decrease(-) Based on value figures.)
Changes in Sates.
Chanties in Stocks.
Jan. 1 to Feb. 28
Feb. 28 1929
Federal Reserve
District and City. February 1929 1929 Compared
Compared with
Compared with with Jan. 1 to
February 1928 Feb. 29 1928. Feb. 29 1928. Jan. 31 1929.
Boston:
Boston
New York __
_
New Haven
Providence_ _..
Total
New York:
New York
Bridgeport
Buffalo
Newark
Rochester
Syracuse
Other cities....
Total
Philadelphia:
.
Philadelphia _ _
Allentown
Altoona
Harrisburg
Johnstown
Lancaster
Reading
Scranton
Trenton
Wilkee-Barre
Wilmington_-_
Other cities
Total
Cleveland:
Cleveland
Akron
Cincinnati
Columbus
Dayton
Pittsburgh
Toledo
Wheeling
Youngstown...
.
Other cities_ _ _
Total
Richmond:
Richmond
Baltimore
Washington----
Other cities_ -__
Per Cent.
-2.5
-1.8
-2.5
-0.2
-2.2
Per Cent.
-1.1
-2.5
-0.7
-1.4
-1.6
Per Cent.
-9.0
-2.7
-2.7
-3.9
-6.3
Per Cent.
-2.9
+12.7
+11.1
+13.5
+3.4
-0.4
+5.9
-2.5
+11.8
-4.5
-1.4
-4.2
+0.8
+3.2
-1.2
+1.9
+8.9
-5.4
+1.2
+6.8
+3.2
+1.8
-1.4
-1.1
+6.4
+0.8
+4.3
-1.4
+2.0
+0.2
+8.7
+7.9
+0.4
+6.3
+18.0
+6.6
+1.9
-7.4
-7.7
+5.9
-1.4
+2.8
+2.9
-0.8
+1.3
-5.5
-11.1
-5.5
-0.1
-6.1
-3.7
-6.4
+5.2
+3.0
-2.3
+0.1
-1.3
+0.8
-3.5
-8.5
-4.0
+2.7
-3.1
-6.6
-9.8
-5.9
+2.5
-14.8
+0.4
-8.6
-11.3
-5.3
+7.6
+2.7
+3.1
-5.1
+22.6
-0.2
+7.2
+9.9
-1.7
+16.9
+7.3
+5.0
+9.1
+12.2
+10.3
+9.3
+16.4
+0.3
-15.0
-3.1
-1.9
-1.8
+0.4
+9.9
-34
-3.3
+4.5
-1.0
+4.0
-0.1
+2.1
+0.2
-2.2
-2.9
+10.2
-2.5
+0.03
+3.9
+0.8
-8.9
-7.4
+5.8
-0.1
+1.3
-4.8
-12.7
-10.5
-12.
-8.6
-3.7
+16.1
+5.2
+8.8
+9.3
+11.9
+7.4
-9.0
-14.6
+7.7
+6.9
+8.9
-0.6
-7.6
-0.05
-11.2
+1.4
-3.9
+1.4
-7.7
-5.1
-1.4
-0.2
-8.5
+3.4
+4.7
+7.9
+7.2
APRIL 6 1929.]
FINANCIAL CHRONICLE
Changes in Sales.
Changes in Stocks.
Federal Reserve Distrias.
Federal Reserve
Jan.lto Feb.28
Feb. 28 1929
Di:grief and City. February 1929 1929 Compared
Compared with
Compared with with Jan. 1 to
February 1928. Feb. 29 1928. Feb. 29 1928. Jan. 31 1929.
Atlanta:
Atlanta
Birmingham
Chattanooga.-Nashville
New Orleans_._
Other cities_
Total
Chicago:
Chicago
Detroit
Indianapolis_ .....
Milwaukee
Other cities_.
Total
St. Louis:
St. Louis
Evansville
Little Rock _ _ ...
Louisville
Memphis
Total
Minneapolis:
Minneapolis....
Duluth-Superior
St. Paul
Total
Kansas City:
Kansas City- -Denver
Lincoln
Oklahoma City..
Omaha
Topeka
Other cities__
Total
Dallas:
Dallas
Fort Worth_ _
Houston
Other citiesTotal
San Francisco:
San Francisco._
Los Angeles__ _ _
Oakland
Salt Lake City_
Seattle
Spokane
Other cities_ __ Total
Per Cent.
Per Cent.
Per Cent.
Per Cent.
-3.5
-2.9
-10.1
-12.0
-9.5
-8.4
-5.5
+8.0
+1.4
-6.8
-10.9
-3.4
-4.5
-1.5
-7.3
-12.0
-2.4
-1.4
-0.5
-1.6
-3.6
+12.3
+2.0
+13.1
+10.3
+11.3
+11.2
+10.3
+0.6
+6.7
-4.7
-2.5
-2.1
+1.1
+3.2
+12.1
-0.7
+0.2
-2.5
-3.9
+4.2
+19.8
-3.3
-11.6
-7.0
+2.9
+5.0
+9.5
+10.6
+1.1
+9.4
+8.5
+3.8
-15.5
-1.1
-15.5
-9.1
-1.0
-1.6
+2.5
-3.4
-7.6
-8.7
-1.2
-8.1
-1.4
-14.4
-7.7
-6.3
-8.0
+2.1
+11.3
+11.0
+15.2
+8.7
+5.3
+2.0
-7.0
-5.0
-3.0
+1.0
-4.0
-3.0
-2.0
-8.0
-13.0
-8.0
-9.0
+8.0
-1.0
+6.0
+5.0
-8.6
-0.1
-3.7
+4.4
+2.2
-4.3
-1.2
-2.2
-4.8
+2.1
-4.1
+9.0
+2.1
-1.1
+1.8
-0.5
-1.1
-9.5
+5.7
-2.8
-12.3
-8.9
-2.4
-5.6
+11.0
+10.8
+9.2
+27.3
+17.8
-0.9
+14.8
+16.7
-10.1
-2.9
-3.2
-3.5
-4.1
-4.4
-1.9
-2.1
-0.6
-1.7
-3.7
-4.6
-15.4
+2.3
-5.1
+14.2
+7.9
+10.1
+10.0
+12.8
+5.4
+2.7
+5.9
+3.5
+3.4
+1.6
+0.8
+5.2
-7.1
-7.7
-2.9
-16.3
-1.6
-8.0
+11.5
-5.2
+7.3
+4.1
+6.1
+11.4
+14.6
+2.2
+11.5
+6.7
+0.04
-1.7
+0.4
-8.1
-2.3
-0.3
-4.5
-1.7
2187
Department.
Total.
Booton.
St. Dal- San
New Cleve- Rich- CMYork. land. mond. cam Louis. tat. Frau.
Per Cl. Per Ct. PerCt. Per Ct. Per Cl. Per Ct. Per Cl. Per Ct. Per Ct.
Ready-to-Wear A ccesori es
Neckwear & scarfs -8.4 -19.7 -3.5 -4.2-15.7 -8.2 -19.5 -6.8 -11.3
Millinery
-6.9 -6.1 -5.3 -8.2-11.3 -9.9 -15.2 -9.9 -3.6
Gloves (women's &
+4.7 -8.2 +6.5 +3.3 -2.2 +9.2 +11.4 +42.6 +7.3
children's)
Corsets&brassieres -0.9 -1.2 -0.5 +0.3 -6.4 +1.5 -7.9 +2.1 -1.2
Hosiery (women's
& children's)_ _ _ -0.6 -1.9 -2.1 +3.0 -6.8 -1.0 -8.2 -5.6 +3.4
Knit underwear
+1.2 -1.7 +4.1 +2.8 +2.1 -4.1 +3.7 -8.0 +34
Silk and muslin underwear (including petticoats)._ -0.8 -7.1 +3.1 +0.7 -9.5 +3.1 -0.04 +7.2 +0.1
+4.0 +3.1 +4.8 +5.5 +3.5 +2.3 -5.1 +4.7 +5.9
Infants' wear
Small leather goods -0.7 -2.9 +1.4 +7.9 +0.5 -3.8 -6.3 -4.4 -8.5
Women's shoes- +2.3 -0.3 +8.7 +1.1 +2.2 ---6.1 +21.5-15.5 +0.6
Children's shoes
-1.7 __ +4.4 -0.5 +4.2-11.8 +13.1 -24.9 -9.7
Women's & Miss es Rea dy-to- WearWomen's coats... +0.6 +1.5 +24.8 -5.7 -7.2 +5.0 -6.0 -2.9 -0.4
Women's suits- +0.9 ---- +78.3-18.0 -4.3 -9.3 -1.4 +52.6 -36.8
Tot.(2 above lines) -0.8 +0.9 +28.6 -6.5 -6.9 -6.9 -6.5 +11.3 -4.9
Women's dresses
-2.4 -14.9 +1.1 -3.4 -14.7 +7.8 +5.0 -14.7 +4.3
Misses' coats and
suits
+9.6 -3.3 +26.6 -1.4 -1.8 +33.0 -8.1 +24.0 +19.6
Misses' dresses- +2.3 +1.0 +4.1 +1.1 -5.0 +1.0 +4.0-17.8 +18.9
Juniors' and girls'
wear
+9.8 +14.6 +24.1 -6.3 +2.4 +16.9 -0.4 +13.6 -1.6
Men's & Boys' W ear
Men's clothing... -4.1 -6.2 -6.6 -3.3-17.8 -0.9 +8.9 -2.6 -2.4
Men's furnishings
(incl.men's hos-y
gloves & und'w'r +1.0 -5.0 +3.1 +0.9 -5.5 +6.1 -1.8 -4.2 +5.8
Men's hats & caps_ +1.8 ____ -5.2 +0.2 ____ +4.5 -4.5 --0.8 +6.8
Tot.(2 above lines) +1.6 --- +2.9 +0.9 -5.6 +3.0 -2.1 -4.7 +5.9
Boys' wear
-0.5 -2.4 -1.6 +2.2 -13.5 +1.8 +0.1 +2.0 -0.2
Men's&boy'sshoes +0.4 -3.6 +1.3 -2.9-11.1 +7.9 +15.1 -3.4 +4.5
House Furnishin gsFurn. (Incl. beds,
mattresses, spgs. -2.1 -4.1 +3.5 -0.6 +4.8 -7.8 -8.2 +5.4 -17.0
Oriental rugs
Domes.floor covers -1.8 -1.4 +7.8 -4.6 +4.7 +9.1-10.9 -6.6 -18.4
Draperies,curtains.
-1.9 ____ +1.6 -4.4 -5.6 -3.2 -10.2 +17.6 +1.1
upholstery
Lamps and shades_ -6.5 ____ -4.4 -9.0 -1.1 -6.3-21.8 ____ -3.8
Tot.(2 above lines) -3.3 -7.0 -0.02 -4.9 -4.7 -3.7-12.0 +14.2 +1.4
China & glassware -6.3 -0.5 -9.8 -11.5 -6.2 +7.0 -9.1 +1.5 -2.2
mammwo
44.2..6
Hoc000..m
-icac 0,1.0c.
<ow
m000=oc 0 wwwo.-wwc. wmo
000-.000
,
4+
•
,
.44
, .44
WWWA
oo*.&
I
CHANGE IN STOCKS OF DEPARTMENT STORES, BY DEPARTMENTS.
Piece Goods
Silk and velvets_ -8.1-15.3 -3.6 -8.3-15.2 -2.7-18.6 -1.2 -8.1
Woolen dress goods -22.3-33.2-22.3-23.1 -26.2-10.5-30.5-17.7 -19.0
Cotton wash goods -8.7-17.9 -4.0 +0.3 -8.6 -7.4 -6.5-12.6 -13.1
Linens
-5.4 -11.9 -1.4 -4.8 +8.8 +4.6 -13.2 -7.1-17.0
Domestics, muslins
sheeting. &c
United States- ---4.5 -2.7 +6.7 -9.3 +5.0 -3.4 +2.4 -2.5-12.0
-0.9
+1.2
-1.7
+7.6
Ready-to-Wear A ccessor(es
Neckwear & surds -8.8 -13.4 -10.7 -8.8 +5.3 -6.0-19.8 +8.7 +2.3
MilinnerY
-9.5 -0.8 -13.6 -2.6 -12.5 -7.7-34.5-16.8 -5.3
STOCK TURNOVER OF DEPARTMENT STORES, FEBRUARY 1929.
Gloves(women's dr
-4.9 -5.6 -9.1 -0.4 -2.2 +7.6 -17.4-18.6 -10.8
children's)
Rage of Stock Turnover.*
Corsets& brassieres -5.7 -5.7 -2.8 -4.1 +0.3 -5.5-16.3 -7.3 -8.5
Rate of Stock Turnover.*
Federal Reserve
Federal Reserve
Hosiery (women's
Distrie I and
February Jan. 1-Feb. 28 Mafia and
dr children's)._ -0.6 -2.4 +0.9 +3.3 -2.5 +13.9 -21.4 -5.1 -4.7
February Jan. 1-Feb.28
Cif 1.
Knit underwear
City.
-8.0 -14.6 +5.2 -11.5 +13.5 -9.0 -6.6 -4.0-12.9
1929. 1928. 1929. 1928.
1929. 1928. 1929. 1928. Silk and muslin underwear (Including petticoats)._ -5.3 -8.1 +0.9 -9.0 +10.4 +3.4 -8.5-11.6 -11.3
% %
%
% %
Bosto ,-New Orleans__ .15 .18
Infants' wear
-3.0 -1.1 -2.4 -1.9 +0.4 -0.9 -6.6 -4.0 -8.7
Boston
.29 .28
Small leather goods +3.4 -18.1 +10.4 +9.7 -1.7 +3.7 -2.5 +0.8 +14.5
Other cities-- .18 .19
.68
Outside Boston .24 .23
Women's shoes.-- +3.9 -7.1 +12.3 +8.2 +3.7 +11.7 -2.0 -19.6 -3.5
.49
Total
.18 .20
New II LVen.... .27 .28
Children's shoes
.52
-1.4 ____ +19.2 +2.2 +8.8 +11.5 -4.0 - -8.7
Providei
Women's & Miss es' Re ady-to- WearIce-. .23 .21
.47
Chicago
Total
Chicago
Women's coats... -8.4 -14.7 +3.8 -9.4 --25.4 +1.4 -5.0 -8.3-11.3
.27 .26
.29 ,.30
.80
New 'orkDetroit
Women's suits
.36 .41
-25.2 ---- +0.0-31.0-44.3-40,2 +22.9 +17.8 -37.2
New York__ __ .31 .32
Indianapolis
Tot.(2 above lines) -10.5-19.2 +3.4 -12.1 -23.3 -9.5 +6.2- 2.8 -14.4
.31 .30
.65
Milwaukee _ _ _ .28 .24
Women's dresses
BridgeP Brt ___ .20 .18
.55
-8.7-10.6 -13.3 -8.3 +15.6 -12.0 -5.1-20.7 -5.0
Buffalo
Other cities_ __ .24 .23
Misses' coats and
.24 .24
.50
Newark
.31 .29
.63
Total
suits
.30 .30
-7.4 -16.6 -5.5-14.0 -5.9 +1.1-11.9 +2.1 +2.5
Roches Br_ ___ .24 .26
.48
Misses' dresses _ _ _ -10.9 -2.9 +9.2 -15.0 -29.6 -20.6 -23.3-32.6 +5.1
Syrac )
Juniors' and girls'
St. Louis.31 .31
.80
Other :11es._ .18 .19
St. Louis
.32 .29
wear
-2.9 -3.1 +1.7 -6.7 -6.7 +0.9 -8.5-14.6 +5.7
.37
Total
Evansville.... .14 .17
30 .29
Men's & Boys' W ear
.61
Phila lelphiaLittle Rock_ _ _ .19 .17
Men's clothing... -7.7 -4.3 -4.1 -5.8 +3.5-13.6 -20.4-10.4 -15.5
Philade phia_ .27 .28
Louisville.... .22 .24
.60
Men's furnishings
Allento tn.__ .21 .21
Memphis
.39
.22 .23
(incl.men's hos'y
Altoona
.42
.20 .18
Total
.27 .28
gloves & und'w'r II 6.2 -9.7 -8.7 -3.0 -6.6 -2.8-13.8 -0.3 -7.8
Harrisb irg___ .20 .21
.43
Men's hats St caps_ --4.8 ____ -2.6 -5.0 _-__ +2.2-47,1 +5.8 -8.3
Johnsto am ___ .30 .25
Minneapolis__Tot.(2 above lines) I-5.1 ____ -8.5 -3.2 -2.9 -2.2-14.3 +0.04 -7.8
Laneas Bi-__ .19 .18
.39
Minneapolis
Boys' wear
.39 .38
,'-0.8 -5.1 +17.6 +1.1 +3.9 -11.0 +0.04 +4.4 -1.9
Beading
.27 .24
Duluth-Sup'r. .29 .28
.48
Men's&boy'sshoes T-1.3 -3.5 +8.0 -6.0 -6.5 +10.0 -18.5 -7.0 -2.8
_
Scranto 1
.24 .21
.49
St. Paul
.32 .31
House Furnishin gsTrenton
.36 .34
.56
Total
Furn. (incl. beds,
.32 .31
Wilkes- larre. .17 .20
.36
mattresses,spgs.) -0.3 -6.6 +7.5 -9.1 -3.8 +8.7 -8.0 +20.1 +5.8
Wilmi /on __ .21
.21
.41
Kansas CityOriental rugs
Other c ties__ .18 .17
Kansas City
.36
.19 .20
Domes.floor covers -3.3 -6.8 -0.7 -2.7 -7.9 +10.8 -16.4-18.5 +5.2
Total
24 .25
.52
Denver
.16 .15
Draperies, curtains
Clevel:netOkla. City... .28 .25
upholstery
+7.6 ---- +30.0 -4.8 +5.1 +13.3 -3.3 -3.7 +4.0
Clevela
.55
.27 .25
Omaha
24 .23
Lamps and shades 1-6.0 ____ +3.8 -6.0 -1.4 -17.9 -27.4 __-- -3.5
Akron_
.25 .34
.46
Topeka
17 .17
Tot.(2 above lines) +4.0 -5.1 +24.7 -5.0 +4.2 +8.8 -6.6 -8.5 +3.1
Cincinn W.__ .22 .24
.
Other cities_ .15 .17
.50
China dr glassware -0.2 -7.9 +18.3 -3.2 -7.8 +1.011.1-14.919.4
Columb as__ .22 .23
.49
Total
.19 .19
NR
Dayton
.22 .23
.44
DallasPittsbu gh .._ .26 .25
.50
Dallas
24 .22
Toledo.
.29 .24
Fort Worth- .19 .21
.58
Wheell g
.24 .23
Houston
Farm Price Index Advances During Month to March 15.
50
.25 .23
Youngs own__ .37 .34
San Antonio_ .25 .22
.66
Other c ties..,. .18 .16
.36
Other Mlles.__ .22 .22
The index of the general level of farm prices advanced
Total
25 .25
.51
Total
23 .22
Rich ondfrom 136 to 140% of the pre-war level from February 15
San Franeisc oRichmo
.25 .24
.51
San Francisco_ .23 .21
to March 15, reports the Bureau of Agricultural Economics,
Baltimore_... .21 .23
.44
Los Angeles.- .26 .24
.50
:ton -- .28 .26
Waahini
Oakland
.21 .20
U. S. Department of Agriculture. At 140, the index is
Other c yes__ .16 .17
.33
Salt Lake City .22 .20
.23 .23
.45
Total
Seattle
3 points higher than on March 15, and 14 points higher
.21 .22
AUanI
'aSpokane
.15 .14
than in March two years ago. The Bureau's adviees March
.26 .23
.53
Atlanta
Other cities... .12 .14
.37
Birmingham__ .19 .22
Total
23 .21
30 also state:
.34
Chattanooga_ .15 .16
.41
The advance of 4 points since February 15 is accounted for by a seasonal
United States- .28 .26
Nashvli le ____ .21 .24
.54
.82
advance In the farm price of horses and mules, a sharp advance in the
•Rate of stock turnover is the ratio of sales during given period to average stocks
price of hogs, moderate price advances of all other meat animals, cornon hand.
cotton, and apples, and slight advances in the farm price of wheat, flax,
CHANGES IN SALES OF DEPARTMENT STORES, BY DEPARTMENTS. seed, hay, milk cows, butterfat, and chickens. The upturns in these
(Increase (+) or decrease (-) in sales in Feb. 1929. compared with Feb. 1928.) commodities, however, were partially offset by a seasonal decline in egg
prices and minor declines in farm prices of oats, barley, potatoes and wool.
Federal Reserve Districts.
Hog prices Continued to advance from February 15 to March 15. At
Department.
Total.
$10 per hundred pounds on March 15, the farm price was about 13%
Bos- New Cleve- Rich- ChiSt.
Dal- San
ton. York, land. mond. cam Louis las. Fran. higher than in February and nearly 34% higher than in March of last
year. Higher farm prices of hogs have been due primarily to the rapid
Per Ct. Per Ct. Per Ct. Per Cl. Per Ct. Per Ct. Per Ct. Per Cl. Per Ct. falling off in receipts. Receipts at seven primary markets during the
Piece Goodsfour-week period ending March 16 were about 22% smaller than during
--5.4 --21.7 --9.2 --19.8 --22.1 -16.5 -6.4
ell:: and velvets.-- -12.8
Woolen dress goods -24.8 -20.5 -25.8 --27.7 --22.5 --32.3 --23.7 -25.7 -21.8 a similar period ending February 16 and approximately 32% lower than
Cotton wash goods -8.7-10.4 -0.05 --8.4 --11.3 --10.8 --14.9 -17.5 -8.8 receipts during the corresponding period last year.
Linens
-3.3 -3.3 -0.4 --7.8 -5.3 --4.1 --12.2 +16.3 +1.3
While hog prices were making sharp advances from February 15 to
Domestics, muslins
sheeting. &c___. +1.9 +3.1 +5.1 -2.4 +10.5 +7.2 -3.2 +8.8 -3.3 March 15, the farm price of corn showed only a comparatively small change.
This resulted in considerable improvement in the feeding ratio, the corn-
2188
FINANCIAL CHRONICLE
hog ratio for the United States being 11.3 on March 15 as compared with
10.2 on February 15 and 8.7 a year ago.
After an almost continuous decline from the peak reached last September. the farm price of beef cattle advanced approximately 3% from
February 15 to March 15. During the latter period the farm price advanced about 4 per cent. in the Far Western and South Central States.
3% in the North Central States, and 1% in the South Atlantic States,
but declined nearly 2% in the North Atlantic States. The farm price
advance for the country as a whole was accomplished by a decline in cattle
receipts at principal markets. Receipts of all cattle at seven primary
markets for the four-week period ending March 16 were about 4% below
receipts during a corresponding period ending February 16.
Corn prices advanced about 2% from February 15 to March 15. The
advance was accompanied by a continued strong export situation, expectations of a relatively low yield in Argentina,and a considerably smaller
Increase in commercial corn stocks than occurred last year.
The farm price of potatoes declined about 2% from February 15 to
March 15. Price declines of approximately 6% in northern producing
areas and 1% in the South Central States were partly offset by a 5%
price advance along the South Atlantic Seaboard: The average farm
price in the Far West held steady on March 15 at the February 15 figureThe farm price advance in the Southeast was influenced by the new crop
situation with apparent intentions to make a drastic cut in this year's
early potato acreage and the movement of the 1929 crop from Florida
gathering momentum.
An increased movement of the 1928 crop from northern potato districts
has apparently been the weakening influence in the price decline for the
country as a whole.
Farmers Cautious in Planning 1929 Acreages.
Farmers are planning this spring to plant acreages of
most crops with an expansion of about 2% in the aggregate
area but are planning some marked shifts between crops as
Indicated in intentions-to-plant reports received by the
United States Department of Agriculture from 50,000
[vol.. 128.
were large. The market has been supported, however, by unusually
light stocks of butter in cold storage.
The belated seasonal decline on the egg markets was in full swing
during the past month. February prices tended upward, due to extremely
short receipts, whereas the usual thing is a marked decline during that
month; but March prices tended sharply downward when the belated
late winter and early spring flush began to be felt, instead of showing
the more normal slight advances.
Market supplies of potatoes, according to the Bureau, are still rather
moderate in many consuming centers, although shipments have become
heavy, amounting to an average of more than 900 cars daily since the
middle of March. Demand is slow in most markets, and price changes
slant downward. The low returns to producers tend to lessen activity
in the Upper Lakes region where holdings of old potatoes are liberal.
There are still considerable local supplies near consuming centers, tending
to reduce the demand for car-lot shipments, which have been less than
last season so far by about one-fifth.
Discussing farmers' plans for the coming season, the Bureau declares
that the low price of durum wheat has influenced growers in the spring
wheat territory to plan a reduction of 20% in durum acreage, but that
this would be made up by increases of 8% more bread wheat, 10% more
flax, 6% more barley, the prospective combinations varying in different
sections from Minnesota to Montana.
Potato growers are planning about an 11% reduction in acreage as
contrasted with last spring when an increase was planned and carried
out against all warnings and was followed by a crop that broke the
market. The Bureau believes that the decrease contemplated this year
should help bring the main potato crop back into line for more profitable
prices.
On the whole, the Bureau declares, it appears that the general aop
program this spring is well balanced, barring some possible overplanting
of spring wheat, burley tobacco, and, in certain areas, beans and cabbage.
Review of Meat Packing Industry by Federal Reserve Bank
of Chicago—Decline in Production and Employment
During February.
The Federal Reserve Bank of Chicago reports that
"slaughtering establishments in the United States produced
a considerably smaller quantity of edible products during
February than in the preceding month or a year ago." The
bank also says that "employment for the last payroll of the
period also declined 4.9% In number of employes, 7.7% in
hours worked, and 6.5% in value compared with corresponding weeks of January." Further reviewing the meat packing
Industry in its April 1 Monthly Business Conditions Report
the bank says:
Domestic trade averaged fair to good for fresh pork, fair for the
majority of smoked meats, and rather quiet for lard, dry salt pork, lamb,
and bacon, demand for dressed beef remained slow until mid-month
and then improved slightly. February sales billed to domestic and
foreign customers by 61 meat packing companies in the United States
totaled 2.6% less in value in January and 5.4% in excess of a year
ago. Demand in domestic markets averaged fair early in March,
some recessions being shown from the beginning of February because
of the Lenten season. Stocks at packing plants and cold-storage warehouses in the United States increased on March 1 over the preceding
month and continued in excess of the corresponding date in 1928 and
the five-year average. Inventories of lamb and mutton, however,
decreased from last year, and those of beef were below the 1924-28
average for March 1; both decreased in volume from February 1. Chicago quotations for pork products advanced in February over the preceding month, prices of beef, veal, lamb, and smoked hams declined.
Reports from representative meat packing companies in the United
States show that shipments for export were smaller in February
than in the preceding month. Foreign trade in lard remained rather
quiet; a few fat backs were sold to Continental buyers; and a slight
improvement was reported in British demand for American meats, the
latter being attributed to a temporary falling off in imports from
Denmark as a result of the cold weather. Prices averaged a little
under the United States parity. March 1 consignment inventories of
goods, already landed or in transit to European countries, were indicated as slightly larger than on February 1.
farmers in all parts of the country.
"If farmers carry out their present plans," says the
Bureau of Agricultural Economics interpreting the reports
in a supplemental outlook for 1929, "there would seem to be
a reasonably favorable market outlook for all hay and feed
crops in the Western States, alfalfa for market, potatoes for
market after the first of July, sweet potatoes, rice, flax,
large-type peanuts and most types of tobacco."
Farmers are cautioned, by the Bureau, however, to reconsider intended increased acreages in beans, spring wheat,
Burley and flue-cured tobacco, and cabbage in certain areas.
Present numbers of livestock, it is pointed out, indicate no
material change in prospects for farmers growing hay and
feed crops for sale, except in some Western and Northwestern areas, where the severe winter has depleted reserves. The Bureau says:
"Spring wheat farmers should watch for the April winter wheat
report and be guided by it in determining whether to increase the
acreage of hard spring wheat. Should the intended increase in acreage
of hard red spring wheat of 8.8% be carried out and average yields
be obtained, a production of hard red spring wheat only slightly less
than in 1928 would result. Such a production with an average winter
wheat crop, would be large enough to produce an exportable surplus
of the lower qualities of spring wheat.
"The combined acreage of the principal feed grains, corn, oats,
barley, and grain sorghums, as now planned is unchanged from the
acreage harvested last year and remains 3% above that of 1927.
Farmers indicate intentions to increase tame hay acreage approximately
3% above that in 1928. Average yields on this acreage will result
in sufficiently increased production to provide a surplus of market
grades of hay in the North Central States as contrasted with the
present shortage.
"Potato growers indicate they intend to plant 3,418,000 acres or
10.6% less than that harvested last year. Allowing 2% for usual loss
of acreage from flood, hail, drouth, blight, and other causes, this intended acreage would leave about 3,350,000 acres for harvest next fall
compared with 3,825,000 acres harvested in 1928 and 3,476,000 acres Industrial Activity in Boston Federal Reserve District in
in 1927. With average weather conditions, this acreage would produce
First Quarter This Year at Higher Level Than Any
somewhere around 390,000,000 bushels, a production which would
First Quarter on Record.
furnish about the usual supply of potatoes after the heavy holdings
from the 1928 crop are off the market."
Industrial activity in New England during the first quarter
of 1929 was maintained at a higher level than in any first
quarter on record, according to the April 1 Dionthly Review
Well Balanced Crop Program Seen in Report of Bureau of
of the Federal Reserve Bank of Boston. The comments of
Agricultural Economics, Department of Agriculture.
the bank continue:
Farming preparations for the coming agricultural season
Although complete information as to activity in March is not yet
are gradually getting under way. Farm work has been available, the rate of business activity during January and February,
together with preliminary reports for March, makes it evident that
started in the North, a considerable part of the oats acreage
1929 was satisfactory. The
of New
has been sown, and preparations are going forward for the the first quarter of does not necessarily indicateIndex trend of England
profits,
Business Activity
the
of Agricultural Eco- prosperity, or the value of the trade, but rather is an estimate of the
whole crop program, says the Bureau
nomics, United States Department of Agriculture in its rate at which general business is proceeding. In January and February
the Index was higher for these two months than ever before, with the
April 1 report on the agricultural situation. In indicating exception of January, 1920. There was an increase from January in
the daily average amount of raw cotton consumed by New England
this April 1 the Department adds:
Farm work in the South, however, has been delayed by heavy rains. mills in February, and when allowances were made for customary
Winter wheat is starting up rapidly, and farmers generally report that seasonal changes, the volume consumed was the largest since November,
less winter wheat acreage than usual will be abandoned this spring. 1927. A more pronounced activity in the cloth markets has been
Fruit trees have shown about normal progress, early varieties being now evident during recent weeks, and prices have strengthened to some
extent. There was a substantial increase in February from January
in bloom well up into the North.
Butter production has held up remarkably well, says the Bureau, in the daily average production of fine cotton goods to a level about
despite the severe winter in the principal dairy sections. For the country equal to that of February a year ago. Although the daily average
as a whole, butter production is estimated to have been slightly heavier amount of raw wool consumed in New England mills in February was
in January, and again in February, than last year, and in some of the slightly larger than in the corresponding month a year ago, it was
leading States, such as Minnesota, Wisconsin, and Iowa, the increases substantially less than in January. Competition in the woolen industry
APRIL 6 1929.]
FINANCIAL CHRONICLE
continues to remain keen, so that profit margins of producers are
narrow. In the silk goods manufacturing industry activity in volume
is reported, but current prices do not seem to be yielding satisfactory
profits. The total volume of new building in New England during
February was larger than in the corresponding month a year ago.
Although there was a considerable decline in residential building in
February to the smallest volume since January, 1927, industrial building
was the largest during any February since 1920, and commercial building has continued in large volume. Activity in the New England boot
and shoe industry during recent weeks was at approximately the same
high level as that which prevailed during the first two months of
1928, although shoe factories in other sections of the country reported
declines in production from that of a year ago. Orders in the machine
tool industry in February were in nearly as large volume as in 1919-20,
and from reports regarding employment in the metal trades centers,
as well as from reports on orders received by Massachusetts establishments, it seems evident that conditions in New England metal industries
have been unusually active during recent weeks. Employment conditions
in February were reported as generally favorable throughout New
England, and the percentage of factories operating on a normal fulltime schedule in Massachusetts was higher than in either 1927 or 1928.
Increasing firmness in money rates prevailed during the first three
weeks of March.
2189
ago, and furniture sales in 35 department Mores also dropped 12.4%. For
the first two months, sales were 5.1% less than last year. Accounts
receivable at the end of the month increased 2.4% over a year ago. February collections were 4.8% larger.
February chain grocery sales (per individual unit operated) were 5.6%
larger than a year ago, and the first two months were up 8.2%. For
chain drugs, the figures showed a loss of 5.3 and 3.0% respectively.
Sales or retail hardware firms in Ohio in February decreased 6% from
last year, according to the National Retail Hardware Association, and
were 21% under the 1926-1928 average. For the first two months of
1928 .there was a loss of 3%•
Wholesale Trade.
All reporting wholesale lines in the Fourth District except drugs reported
smaller sales in February than in the same month last year.
Dry goods sales were 5.4% lower, but increased 14.5% over January.
The first two months combined showed a loss of 19.3%. Stocks were
3.3% larger than last year, receivables were up 0.5%. and collections 2%.
Collections during February were 39.9% of accounts receivable on Jan. 31.
The monthly stock turnover rate in February was 0.378„ or 4.54 times
a year.
Drug sales were 3.3% larger than February 1928, but were 17.9%
less than in January. For the first two months sales gained 14.6% over
last year. Accounts receivable were 1.4% larger and collections were
10.2% larger. The collection percentage against January receivables
was 78.2.
Business Conditions in Cleveland Federal Reserve
Every reporting city shared the District's loss from last year of 5%
January, the loss was greater
As
District-Unfavorable Spots Few-Tire Factories in grocery sales. first compared withhowever, sales increased 3.3% over
two months,
11.2%. For the
at Capacity.
last year. Stocks and receivables declined 2.8% and 3.7% respectively,
In summarizing business conditions in its district the while collections were 2% larger. The collection percentage was 56.9,
and the stock turnover rate was 0.516, or 6.19 times a year.
Federal Reserve Bank of Cleveland states that "unfavorHardware sales dropped 4.4% from last year but increased 4.2% over
able spots are few, the most important being in the building January. Sales for the first two months were 2.3% lower than a year
industry." The following is quoted from the. Bank's ago. Stocks were 2.8% less, receivables 1.2% less, and collections 3.2%
greater. The percentage of February collections to January receivables
Business Review dated April 1:
was 34.2.
The pace of business in the Fourth Cleveland District in March wal
Shoe sales in February decreased 42.5% from a year ago but gained
at least equal to if not greater than February, after allowing for seasenas 6% over January. The decline for the first two months combined
differences. Employment generally was at a high point and operations in was 27.8%.
most industries were above the level of a year ago. Steel mills in midMarch were having some difficulty in keeping up with orders, even though
their output was at practical capacity in numerous instances. The marked
Industrial Employment Conditions in Chicago Federal
recovery in the equipment industry continued, with orders for locomotives
Reserve District-Customary Increase in February
and freight cars much larger than for months. Tire output was large,
and motor accessory concerns were very busy. February sales of new
Reported. ,
passenger cars were about 50% larger than a year ago. Coal prices in
In surveying employment conditions in its district the
March were a little firmer; domestic demand was good and industrial
buying continued steady. Orders for electrical supplies were heavy, being Federal Reserve Bank of Chicago in its April 1 Monthly
well above last year at this time. Plate glass manufacturers have been
receiving large automotive orders. Paint and varnish manufacturers are Business Conditions Report:
Employment reports for the period Jan. 15 to Feb. 15 reflected the cue.
confident, dealers' stocks are low, and spring business is developing satistomary increase in industrial activity, seasonal for this period. Planks
factorily.
with an aggregate of 340.000 workers adding 2.1% to this number, while
Unfavorable spots are few, the most important being in the building
industry. This trade has continued to run behind last year, building payroll amounts advanced 7.0%. Vehicles and the metal products group
permits in February showing a decrease of 16%. Business in March was led the expansion, the former with a gain of 3.7% in men and 15.4% in
slow in the shoo trade; wholesale trade was less than last year in February. payrolls; the latter with increases of 4.0 and 9.0% respectively. Substantial gains were registered in the chemicals group by paints and oils;
and retail clothing sales were irregular as compared with last year.
in employment at boot and shoe factories; and in rubber products. Smaller
Fourth Cleveland Federal Reserve'. District Earnings
gains in the volume of employment but heavy expansions in payroll amounts
The chart below (this we omited), presents the net earnings by quarters, were reported by furniture and clothing manufacturers. Food products as a
1925-1928, ef 25 leading industrial corporations in the Fourth District. group showed declines in both the number of workers and in payrolls;
The group includes only concerns which operate wholly or largely in this stone, clay, and glass products also registered losses: and the paper and
District, so that it may be considered fairly representative of business in printing industries showed some reduction.
the District. Numerous large corporations doing considerable business
A further slight curtailment was shown in the volume of employment
in this area, but possessing plants in other parts of the country as well, reported by distributive industries, building and construction operations
have been excluded.
remained quiet, and there was little increase in the demand for outdoor
It will be noted that the fourth quarter of 1928 marked a new peak for workers. The ratio of applicants for work to available positions at the free
quarterly earnings during the four-year period, the figure being $19,418,000. employment offices, however, in general showed a downward trend. For
This is particularly noteworthy in view of the fact that fourth quarter Illinois the ratio fell from 182% to 169; for Indiana from 154% to 136:
earnings in the past have ordinarily declined somewhat from the level of while in Iowa an increase was recorded, the ratio rising from 316 during
the second and third quarters. The last quarter of 1928. therefore, was January to 336 in February.
the most prosperous period in the Fourth District throughout the four
-SEVENTH FEDERAL RESERVE
EMPLOYMENT AND EARNINGS
years.
DISTRICT.
The figures shown on the chart are as follows (in thousands of dollars)•
1928.
1927.
1926.
1925.
Toni; Earnings.
Number of Wage Earners
First quarter
$12.392 $13,698 $16,128 $13,142
Second quarter
18.537
15.667
18.568
16.666
Week Ended.
Weak Ended.
Third quarter
Per
Per
18.264
industrial Groups.
11,682
16,729
14.464
Fourth Quarter
Feb. 16
Cent
Jan. 15
Feb. 15 Jen. 15 Cen
19,418
10.329
13.877
15.319
1929. Can's.
1929. 1929. Change. 1929.
Year
$68,611 $51.376 $65.302 $59.591 All groups (10)
341,965 334,882 +2.1 $9,918,902 $9,273,128 +7.0
Metals & metal prods
Rubber and Tires.
(other than vehicles)137,345 132,013 +4.0 4,346.112 3,985,458 +8.0
Akron tire factories have been at practical capacity. Dealer buying has Vehicles
38,156 36,788 +3.7 1.149,066 995,665 +15.4
645,835 600,839 +7.5
been somewhat disappointing, but bad weather has held back the demand Textiles & textile products 25,556 25.359 +0.8
Food & related products
43,755 44,132 -0.9 1,141,934 1,153,123 -1.0
and up to the middle of March, spring buying by the public had not been
glass products 12,535 12,914 -2.9
355,830 361.725 -1.6
felt to any groat extent. Demand for tires as original equipment remains Stone,clay,&products
Lumber & its
27,298 27,057 +0.9
648,079 578.204 +12.1
exceptionally heavy as motor companies attain new high production records. Chemical products
246,643 229.983 +7.2
9,039 8,744 +3.4
289,147 267,397 +81
12.989 12,716 +2.1
Tire manufacturers are carrying rather heavy inventories, partly in anti- Leather producta
110,630 100,662 +9.8
4,286 4,139 +3.6
cipation of large orders when spring weather arrives. Employment in Rubber products
Paper and printing
985,626 999,982 -1.4
31,006 31,020 -0.1
tire factories in February was slightly higher than January and nearly
10%
greater than a year age.
Crude rubber prices recovered materially in the first two months of
1929 after averaging about 18 cents a pound during most of 1928. The Federal Reserve Bank of St. Louis Reports Production and
average was 20 cents, and that for February was 23M cents. By the
Distribution of Merchandise on Large Scale.
middle of March a further advance to around 25 cents had been scored,
but by the 20th the price had reacted slightly. Price advances have reProduction and distribution of merchandise in the St.
cently taken place in some mechanical rubber goods and rubber footwear. Louis Federal Reserve District continued
on a large scale
Crude rubber imports into the United States in February amounted
Se 64,538 tons, as compared with only 29.445 tons last year. For the during the past thirty days, says the Federal Reserve Bank
first two months, the figures are 116,843 and 75.688 tons respectively.
of St. Louis in its Monthly Review issued March 29. The
Tire production (including solids) in the United States aggregated
5.074.000 units in January, as compared with 4,155,000 a year ago-an bank also has the following to say as to conditions in its
Increase of 22%.
District:
Retail Trade.
In a majority of wholesale lines investigated sales were larger than
Sales of63 department stores in the Fourth (Cleveland)District in February than during the corresponding period last year or in 1927, and the
were 1% less than last year, - but after allowing for the one extra selling gains extended to several of the most important classifications, notably
day is February of 1928, sales this year were slightly larger. The greatest boots and shoes, clothing, meat packing, drugs and chemicals aid
increase took place in Toledo, with 9.9%. For the first two months, sales automobiles. Protracted low temperatures during the late winter resulted
this year Increased 0.8% over last year. Stocks on hand on February in a much better clearance of winter goods than had -been indicated a
28 were 3.7%lesa than a year ago but 8.9% larger than a month earlier.
month or six weeks earlier. At retail the movement of such goods
Sales of 16 wearing apparel firms declined 1.4% from last year, but was materially assisted by special sales at price concessions conducted
the first two months gained 1.1%. Stocks at the end of February were by merchants in the chief centers of population. As indicated by sales
10.1% lower than a year earlier, while accounts receivable were 9% larger. of department stores in principal cities, the volume of retail trade in
Sales of 48 furniture stores in February decreased 8.7% from a year February was 8.1% smaller than during the same month in 1928, but
2190
FINANCIAL CHRONICLE
substantial gains were recorded by five and ten cent stores, a number
of important chain stores, and mail order houses.
The improvement in the iron and steel industry, which started early
in the year, was continued through February and early March. Mills,
foundries and machine shops increased their operations to accommodate
heavy additional orders for their products and the heavy specifications
on materials previously purchased. Plants specializing in railroad castings and manufacturing materials for the automotive industry were
especially active. Miscellaneous users of iron and steel goods, however,
were heavy buyers, and accounted for an unusually large tonnage of a
wide variety of materials. Greater activity was also noted in the nonferrous metal industries, notably copper and lead, which were stimulated
by the sharp advance in prices and augmented consumption.
Orders placed by railroads in the district for freight and passenger
car equipment up to the middle of March this year showed a substantial
increase over lettings during the corresponding period in 1928. Sales
of automobiles scored a remarkable increase in February over a year
ago, and farm implement and stove manufacturers reported moderate
gains, with prospects for spring business good. Consumption of electric
power by industrial users in the chief cities of the district in February
was larger than a month and a year earlier. Permits for new construction in these centers represented a smaller dollar amount than in
February last year, but a gain of 20.4% over the January total this
year. Debits to checking accounts in February showed the usual decrease
under January, but were 3.8% larger than in February, 1928. For
January and February combined, the debits total was 6.1% greater
than for the first two months of 1928. Moderate gains over both a
month and a year earlier were shown in the amount of savings accounts
at the beginning of March.
The bituminous coal trade was substantially aided by the cold weather,
and February proved one of the most satisfactory months for producers
and distributors experienced in the past several years. Fuel for heating
purposes was in active demand, and the movement from mines was
sufficiently heavy to materially reduce accumulations. While price
changes were not of a marked character, average levels were slightly
higher and the general tone of the market was firm. Demand for
prepared sizes in the large cities was brisk, and improvement also
developed in purchasing in the rural areas. Both metallurgical and
heating coke was in active demand, and clearance of the latter grades
was more thorough at the middle of March than at any similar date
since the war. The total production of soft coal for the country as
a whole during the present coal year to March 9, approximately 288
working days, was 474,389,000 tons, against 446,075,000 tons a year
earlier and 553,368,000 tons two years ago.
Freight traffic of railroads operating in this district continues in
excess of the volume at the corresponding period last year, and in
the case of three important trunk lines, the February movement was
the largest ever recorded for that particular month. In the merchandise
and miscellaneous freight classifications a particularly good showing
was made. Gains were made in the movement of coal and coke, but
declines under a year ago in loadings of grain and grain products and
lumber. For the country as a whole loadings of revenue freight for
the first nine weeks this year or to March 2, totaled 8,315,723 cars,
against 7,999,131 oars for the corresponding period in 1928, and
8,548,441 cars in 1927. The St. Louis Terminal Railway Association,
which handles interchanges for 28 connecting lines, interchanged 243,690
loads in February, against 240,596 loads in January and 201,725 loads
in February, 1928. During the first nine days of March the interchange
amounted to 76,709 loads, which compares with 81,306 loads during
the corresponding period in February, and 70,916 loads during the
first nine days of March, 1928. Passenger traffic of the reporting
lines decreased 3% in February as contrasted with the same month
last year. Estimated tonnage of the Federal Barge Line between St.
Louis and New Orleans in February was 110,000 tons, which compares with 131,916 tons in January, and 125,228 tons in February,
1928. The navigation season for the Barge Line at St. Louis was
reopened on March 15, on which date sailings were resumed from this
port instead of from Cairo, Ill.
Generally throughout the district collections during the past thirty
days maintained the high average which has marked the past several
months. Results in the south were particularly good, both with the
wholesale and retail trade. Questionnaires addressed to representative
interests in the several lines scattered through the district showed the
following results:
Excellent
Good
Fair
Poor
February, 1929
2.7%
33.0%
44.0%
20.3%
January, 1929
3.6
33.7
44.6
16.1
February, 1928
2.5
35.5
52.0
10.0
The average daily circulation in the United States in February was
$4,686,000,000, against $4,748,000,000 in January, and $4,709,000,000 in
February, 1928.
Commercial failures in the Eighth Federal Reserve District in
February, according to Dun's, Numbered 120, involving liabilities of
$1,762,479, against 171 defaults in January with liabilities of $3,052,720,
and 105 failures for $1,853,273 in February, 1928.
[VOL. 128.
value of the February 1928 permits, but contracts actually awarded in
the district showed an increase last month of approximately 50% over
awards in February last year. Cotton prices rose between the middle of
February and the middle of March. Retail trade in department stores was
about at seasonable leveels, although total sales in February were 4% below
February 1928 sales. However, February 1928 contained an additional
business day, which accounts for the 4% decline in this year's sales.
Present conditions are moderately favorable to agriculture.
As to Labor Conditions the Bank says:
Labor.
-The industries of the Fifth district as a whole are employing
their usual quota of workman, and an extensive construction program is
taking care of building trades people. Weather conditions in recent weeks
have been favorable for outdoor work, and employment conditions appear
to be much better than they were a year ago, when unemployment was
much more extensive than at present.
Conditions in wholesale and Retail lines are indicated
as follows in the Banks Review:
Wholesale Trade.
Seventy-seven wholesalers and jobbers, representing six leading lines of
trade, sent confidential reports to the Federal Reserve Bank of Richmond
on their February business. Dry goods, shoe and furniture sales in February were higher than in January of this year, but grocery, hardware and
drug sales were less. In comperison with sales in February 1928, sales in
February this year showed a falling off in every line reported upon, part
of which was no doubt due to the additional business day in February
last year. In total sales since January let this year all reporting lines
show lower figures than in the first two months of last year except drugs,
which gained 10.3%. The decrease In groceries was less than 1%, and
and is probably due to the shorter time actually included in the 1929
period.
Stocks of dry goods, shoes and hardware increased moderately during
February, while grocery stocks declined very slightly. At the end of February 1929, stocks of groceries and shoes were larger than stocks on the
shelves of the reporting firms a year earlier, but dry goods and hardware
stocks were lower this year.
Collections In February were better than in January in groceries, but
were slower in dry goods, shoes, hardware and drugs. February collections
this year showed some improvement over collections in February 1928 in
dry goods and drugs, but grocery, shoe and hardware collections last
month fell below those of the earlier year. Furniture could not be figured
this month, less than three firms having reported on receivables and
collections.
Retail Trade.
Thirty-two leading department stores in the Fifth reserve district sold
an average of 4.2% less goods in February 1929 than in February 1928,
but February this year contained one less business day than the same
month last year. All cities for which individual averages are available
showed lower figures last month, but Richmond and Washington decreases
were undoubtedly due to the shorter month. Cumulative sales since the
beginning of the year averaged 1.7% lees than sales during the first two
months of 1928, Richmond and Washington again showing up well with
increases of 1.4% this year. February 1929 sales averaged 7.2% above
February sales during the three years 1923-1925, although the Baltimore
and the Other Cities stores failed to maintain the average of those years.
Stocks on the shelves of the reporting stores Increased seasonally an
average of 6.1% during February, but at the end of the month were 2.3%
below stocks on hand on February 29, 1928, all reporting cities showing
reductions during the year.
The percentage of sales to average stocks carried during February 1929
was 22.5% for the district as a whole, and the percentage of total sales
during the first two months of this year to average stocks carried during
each of the two months was 45.3%, indicating an annual turnover of
2.718 times, compared with business at an annual rate of 2.73 times during
the first two months of 1928.
Collections by the reporting stores during February totaled 27.5% of
receivables that were outstanding on February 1st, exactly the same percentage atained in February last year. Baltimore and Richmond collections showed slight improvement this year, Washington reported no
change, and the Other Cities experienced a slowing down in collections
last month.
Business Activity in Kansas City Federal Reserve District
at High Level Despite Exceptional Cold of January and
February This Year.
General business activity continued at a high level during
the current year to the middle of March, in spite of the
fact January and February combined was the coldest 2
month period the Tenth [Kansas City] District experienced
in twenty-four years. In stating this the Federal Reserve
Business in Richmond Federal Reserve District During
Bank of Kansas City in its April 1 Monthly Review adds:
Followed Seasonal Trends-Labor ConFebruary
Weekly reports of checks cashed by banks at the principal centers
ditions Better Than Year Ago.
show a higher total than ever before recorded for this period. Carloadings of freight, indicative of trade and industrial activity in this
In its summary of conditions in its District the Federal
regional
and
the entire country, show a gain during the
Reserve Bank of Richmond, has the following to say in its first nineDistrict, of theinyear over the
weeks
like period in 1928.
March 31 Monthly Reeview:
The outstanding development in the situation in this District during
February is a relatively slack month in trade circles, coming as It does
between the active Winter and Spring seasons. During February this year
business followed seasonal trends, without any marked deviation either
way. Credit demands at member banks and in turn at the reserve bank
Increased moderately, chiefly to meet the needs of farmers and merchants
for early agricultural operations and the discounting of bills for Spring
merchandise. Debits to individual accounts during the four weeks ended March 13th were seasonally below those of the preceeding four weeks,
but exceeded debits in the corresponding period of 1928. Business failures
In the Fifth district in February were fewer in number and lower in liabilities involved than in February a year ago. Labor conditions were
much better than in February 1928. Coal production held up better than
seasonal averages in February, daily output of bituminous coal being
higher than in January and considerably above February last year. The
textile industry reported progress last month, some data indicating a
considerably stronger demand for yarns and cloth than in the recent
months or a year ago. The value of building permits issued in the
chief cities of the Fifth district in February was slightly below the
the year to date was a forward surge in industrial production, February
setting a new high peak for the second month of all years for which
records are kept. The output of manufacturing establishments which
operate during the winter months was larger than a year ago, save
for decreases in the output of meat packing plants and of cement mills.
Steel and iron works, machine shops and factories-including the
manufacture of "combines" for harvesting wheat, and other farm implgments, the building of freight cars and aircraft, and the assembling
of automobile parts-all reported a high rate of operating activity.
The production of coal, zinc and lead ore and other metals was
larger than in February of last year, and there was a small increase
in the output of crude oil over a year ago. This, however, was the
result of tests of full production in Oklahoma for one day to obtain
data for use in a conservation program which seeks to reduce that
state's output to 650,000 barrels of crude oil per day, or more nearly
to market requirements.
Meanwhile, the outlook for this year's farm production improved with
the passing of the winter. Wheat survived the severe cold weather
APRIL 6 1929.]
FINANCIAL CHRONICLE
2191
and, although somewhat backward and showing injury in spots from
freezing and thawing, and soil blowing, it was making good progress
during March. Farmers were in their fields early and late preparing
the ground and planting spring crops.
Building permits during the first two months ran considerably behind
those for the corresponding two months last year. Under more favorable conditions in March there was a revival of activity and
a large
volume of spring building was starting. Building contracts
awarded
during the first two months of this year ran ahead of last year's
first
two months.
Trade reports indicate that goods moved into distributive
channels
and into the hands of consumers in a large and sustained
volume
during the first two months of the year, although the
returns of
wholesale firms were somewhat irregular. February sales of groceries
at wholesale were larger than in February last year, while
the month's
sales of dry goods, hardware, furniture and drugs showed
decreases
as compared with a year ago.
Sales of department stores were at a higher daily average during
February than in January of this year or February of last year,
after
allowance is made for the difference in the number of trading
days.
The grain trade during February was seasonally
heavy, due to
unusually large receipts of wheat at the markets in this District,
which
were more than twice the volume of receipts in the second
month of
the preceding year. Marketings of other grain, and of livestock,
were
smaller during the month than a year ago.
the case of Seattle stores a marked boom has been in progress
for several months, and the measurements clearly show the
probability of less active conditions from now on. In Spokane
the stores have greatly expanded their credit business and
total sales have been considerably in excess of the level
which has been maintained for a very long period.
ago. Wholesalers of dry goods, hardware and drugs reported their
sales for the month were smaller than in either of the former months
with which comparison is made. The wholesale furniture trade
was
substantially larger than in January but fell below that of a year
ago.
Dry goods firms reported that the cold and wet weather during
the
month was quite unfavorable for sales of spring goods,
although it
was a decided help to retailers who had carried over
stocks of rubber
goods and rough wear clothing. Deliveries of merchandise
during the
month were interfered with by bad roads which in
many sections of
the trade territory were practically impassible during
the spring thaw.
Manufacturers and distributors of "combines" reported high record
shipments of these machines into the Southwest territork
for use in
the harvest fields this year. Shipments of other farm
implements, and
also shipments of machinery, tankage and of automobiles,
were in
larger volume than at this time last year.
Stocks of all reporting wholesale lines were larger
at the end of
February than at the end of January. Compared with
the same month
last year, stocks of furniture, hardware and
drugs showed increases,
although stocks of dry goods and groceries were smaller.
RETAIL: Distribution of goods to consumers by retail
department
stores which report their trade statistics to the Monthly
Review continued through February at a higher daily average than
in January
or in February a year ago. Due to February having three
less trading
days than January and one less than February of last
year, gross
sales for the month were smaller than for the preceding
month or the
corresponding month last year. Of thirty-four stores reporting for
the
month, twelve showed increases in sales and twenty-two
decreases as
compared with the same month last year. Cumulative
sales of the
reporting department stores for January and February were
larger by
1.6% than in the first two months of 1928.
Sales of single line stores carrying mens and womens apparel
and
shoes, showed a decrease of 17.9% 'as compared with
January but an
increase of 10% over February a year ago. Retail
furniture stores
reported their February sales were 28.3% larger
than in the preceding
month but 3.4% smaller than for the same month
last year.
Stocks of reported department stores increased
during February but
were smaller at the end of the month than
a year earlier. Stocks of
apparel stores were smaller while stocks of
furniture stores were larger
than a year ago.
COLLECTIONS: Improvement in collections came with
the opening
of March, and the resumption of out-door activities.
Although wholesalers reported collections were still slow in some localities
was regarded as generally satisfactory. Department stores the situation
reported collections during February were 40.9% of outstandings.
This compares
with a composite collections figure of 42% for January
and 40.4%
for February 1928.
Unfilled Orders.
The unfilled orders of 348 Southern Pine and West Coast mills at the
end of last week amounted to 1,108,421,825 feet, as against 1.092.469.000
feet for 348 mills the previous week. The 149 identical Southern Pine
mills in the group showed unfilled orders of 285,406,825 feet last week,
as against 281,904,000 feet for the week before. For the 199 Wart Coast
mills the unfilled orders were 823.015,000 feet, as against 810.565.000 feet
for 199 mills a week earlier.
Altogether the 525 reporting softwood mills had shipments 110% and
orders 117%, of actual production. For the Southern Pine mills these
percentages were respectively 118 and 123; and for the West Coast mills 107
and 115. Of the reporting mills, the 525 with an established normal production for the week of 325,583.000 feet, gave actual production 104%.
shipments 115% and orders 122% thereof.
The following table compares the lumber movement, as reflected by
the reporting mills of eight softwood and two hardwood regional associa
nom for the two weeks indicated:
Softwood Order File Continues to Grow.
Lumber demand, especially in the softwood industry,
continued for the week ending March 30 at the high level
established during the past month. Reports from 788 mills
to the National Lumber Manufacturers' Association show
a gain in unfilled orders of approximately 17,000,000 feet
over the previous week, and accumulated softwood orders
reached a new high of 27.8 days average production. New
business for the week was 444,428,000 feet, as against 427,589,000 feet for 815 mills a week earlier. •Softwood reports
account for the increase, 525 mills showing new business
as 395,777,000 feet, against 367,767,000 feet for 540 mills
Conditions in wholesale and retail trade are detailed as the week before. Hardwood reports give new business as
48,651,000 feet for 305 units, compared with 59,822,000
follows by the bank:
WHOLESALE: Aggregate dollar sales in February, reported by feet for 343 units a week earlier. A smaller number of rewholesale firms in five leading lines located at the principal distributing porting units undoubtedly accounts
for this apparent decline.
centers in this District, were smaller than in January of this year
and in February of last year. However, a comparison made on the Production and shipments also show increases; shipments
basis of daily volume discloses that sales in February with twenty-three being in excess of production, and 20,000,000 feet over
trading days actually were higher in the daily average than in January last week's. Production stood at 383,731,0
00 feet, comwith its twenty-six trading days, and but slightly lower than in
pared with 377,417,000 the week before, and shipments were
February 1928 with its 24 trading days.
Of the five lines, wholesalers of groceries reported a larger volume 424,786,000, as against 404,105,000. The Association conof business in February than in either the preceding month or
a year tinues:
Coast Retail Trade Progress According to
Silberling Business Service.
The department stores of the Pacific Coast appear to
be
experiencing very satisfactory improvement,according to
the
latest report of the Silberling Business Service. The latter
says:
Pacific
The interesting feature of their analysis is the method whereby
the
reported sales of these stores in various cities are put through a statistical
process which indicates at a glance the exact degree to which the business
done month by month is running above or below normal. This is regarded
as an important step in the science and interpretation of the flow of trade,
because it makes it possible to determine the connection between retail
merchandising and the general tone of local business in all other lines.
The Silberling Service finds that in San Francisco the
February sales of all the reporting stores were several
percent above normal, with some expansion in credit business
over a year ago. In Oakland department stores are doing a
normal volume of selling, with a similar moderate expansion
in credit extension. Los Angeles stores have been running
something below normal in volume in recent months, but will
probably take up the slack vigorously before summer. In
ferrt Week.
Preceding Week 1929
(Revised).
Softwood. Hardwood.
Softwood.
Hardwood.
Mills (or unIta)•
525
305
540
343
Production
337,775,000 45,956.000 323,049,000 54.368.000
Shipments
372,799,000 51,987,000 345.232,000 58,873,000
Orders (new business)
395,777,000 48.851,000 387,767,000 59,822.000
•A unit is 35,000 feet of dahy production capacity.
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that
new business for the 199 mills reporting for the week ended March 30
totaled 216,033.000 feet, of which 74,068,000 feet was for domestic cargo
delivery, and 40,538,000 feet export. New business by rail amounted
to 88.882,000 feet. Shipments totaled 199,509,000 feet, of which 64.153.000 feet moved coastwise and intercoastal, and 38,328,000 feet export.
Rail shipments totaled 84,483,000 feet, and local deliveries 12,545.000 feet.
Unshipped orders totaled 823,015,000 feet, of which domestic cargo orders
totaled 317,660,000 feet, foreign 244.340,000 feet and rail trade 261,015.000
feet. Weekly capacity of these mills is 227,376,000 feet. For the 12
weeks ended March 23, reports from 144 identical mills showed orders
11.7% over production, shipments 1.2% over production. The same mills
showed a decrease in inventories of 1.2% on March 3, as compared with
Jan. 1.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for
149 mills reporting, shipments were 18.01% above production, and orders
23.30% above production and 4.48% above shipments. New business
taken during the week amounted to 81,676,650 feet (previous week 76.307.056); shipments 78,173,825 feet, (previous week 67,896,075); and production 66,243,783 feet, (previous week 59,848.178). The normal production (three-year average) of these mills is 75.735,630 feet.
The Western Pine Manufacturers Association of Portland. Ore., reports
production from 34 mills as 34,211,000 feet, as compared- with a normal
production for the week of 29.397,000. Thirty-five mills the week earlier
reported production as 32.777,000 feet. Shipments were about the same
last week, while new business showed a substantial increase.
The California White and Sugar Pine Manufacturers Association of
San Francisco,- reports production from 18 mills as 20,632,000 feet, as
compared with a normal figure for the week of 16.704,000. Twenty
mills the previous week reported production as 16,565,000 feet. Shipments showed a noticeable increase last week, while orders showed a nominal
reduction.
The California Redwood Association of San Francisco, reports production from 13 mills as 7,386,000 feet, compared with a normal figure
of 7,729,000. Twelve mills the preceding week reported production as
6,625,000 feet. Shipments were slightly larger last week, and new business
showed nearly 35% increase.
The North Carolina Pine Association of Norfolk, Va., reports production
from 70 mills as 11,374,000 feet, against a normal production for the week
of 12.020,000. Sixty-nine mills the week before reported production as
10,456,000 feet. Shipments and new business showed marked increases
last week.
The Northern Pine Manufacturers Association of Minneapolis, Minn..
reports production from 9 mills as 3.833.000 feet, as compared with a normal
figure for the week of 6,226,000, and for the week earlier 3.420.000. There
were no noteworthy changes in shipments and new business last week.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis., (in its softwood production) reports production from
27 mills as 3,703,000 feet, as compared with a normal production for the
week of 4,826,000. Thirty-two mills the preceding week reported production as 3,791,000 feet. Shipments were about the same last week, while
new business showed more than a 50% increase.
Hardwood Reports.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh. Wis., reports production from 42 units as 10,066,000 feet, as
compared with a normal figure for the week of 10,595,000. Fifty-one units
the prvious week reported production as 11,742,000 feet. There were
nominal decreases in shipments and new business last week.
The Hardwood Manufacturers Institute of Memphis, Tenn., reports
production from 263 units as 35,890,000 feet as against a normal production
for the week of 47,344,000. Two hundred and seventy-five units the week
before repotted production as 39,474,000 feet. There were noticeable
reductions in shipments and new business last week.
Detailed softwood and hardwood statistics for reporting mills of the
the comparably reporting regional associations will be found below:
LUMBER MOVEMENT FOR 13 WEEKS AND FOR WEEK ENDED
MARCH 30 1929.
Normal
Production
for Week.
Orders.
Shipments.
Production.
Feet.
Feet.
Feet.
Feet.
AssociationSouthern Pine (13 weeks)_ _ 852,231,000 879,392,000 938,050,000
81.677,000 75,736.000
78,174,000
66,244,000
Week (149 mills)
West Coast Lumbermen's2,070,981,000 2,057.430,000 2,240.490.000
(13 weeks)
190,392,000 202,821,000 219,666,000 172,945.000
Week (205 mills)
Western Pine Mfrs.(13 wka) 335,906,000 394,075,000 439.052,000
40,058,000 29,397,000
24,211,000
35,326,000
Week (34 mills)
Calif. White & Sugar Pine
203,723,000 337,265,000 333,825.000
(13 weeks)
21,090,000 16,704,000
20.632,000
23,816,000
Week (18 mills)
96,827,000
87,202,000
Calif. Redwood (13 weeks). 88,423,000
8.568,000 7,729,000
8,011,000
Week (13 mills)
7,386,000
No. Caro. Pine (13 weeks)_ 126,726,000 119,516,000 110,195,000
12,240,000 12,020,000
11,729,000
11,374,000
Week (70 mills)
96,298,000 101,172,000
Nor.Pine Mfrs.(13 weeks)_ 49,675,000
7,159,000 6,226,000
8,816,000
Week (9 mills)
3,833,000
No.Hemlock & Hardwood
53,434,000
43,382,000
Softwoods (13 weeks)._ _ 59,203,000
5,319.000 4,826,000
4,106,000
3.703,000
Week (27 mills)
Softwoods total(13 wks)-3.786,868.000 4,014.560,000 4,313.045.000
Week (525 mills)
337,775,000 372,799,000 395,777,000 325,583.000
No.11emlock de Hardwood
122,052,000 124,503,000
170,474,000
Hardwoods (13 weeks)
7,567,000 10,595,000
7,164,000
Week (42 units)
10.066,000
Hardwood Mfrs. Institute
515,176,000 559,719,C00 581,689,000
(13 weeks)
41.084,000 47,344,000
44,823,000
35,890,000
Week (263 units)
Hardwood total (13 wks.) 685,650,000
45,956,000
Week (305 units)
[VOL. 128.
FINANCIAL CHRONICLE
2192
681,771,000
890051„00
Silk Imports Increase in March, But are Lower than a
Year Ago-Deliveries to American Mills Increase
Stocks Lower.
According to the Silk Association of America, Inc.,imports
of raw silk in March amounted to 48,103 bales, an increase
of 4,825 bales as compared with the previous month, but
was 2,417 bales lower than in the month of March 1928.
Approximate deliveries to the American mills in March 1929,
totaled 49,878 bales, an increase of 3,650 bales as compared
with February last and compared with a total of 52,011 bales
in March of last year.
tistics have also been released by the Association:
RAW SILK IN STORAGE APRIL 1 1929.
:
,
(As reported by the principal warehouse in New York City and Hoboken.)
Total.
European. Japan. All Other.
(Figures in Bales.)
5,013
46,993
41,090
890
Stocks March 1 1929
4,743
48,103
43,054
306
Imports month of March 1929.:
1,196
773
84,144
38,972
9,756
5,473
95,096
45,218
423
Appr. deny. to Amer. 031118 during March y
SUMMARY,
45,172
4,283
49,878
Total amount available during March_
Stocks April 1 1929.z
Imports During the Month.'
According to the West Coast Lumbermen's Association,
reports from 204 mills show that for the week ended March 23
Storage at End of Month.x
1929.
1928.
1927.
1929.
1928.
1927.
58,384
43,278
48.103
46.408
44,828
50,520
36,555
62.972
45,090
38.670
62.930
47,286
48.857
48,134
44,128
48,456
33,991
38.600
46,488
49.264
42,809
47,856
59,819
52.475
51,207
86.650
44,828
49,943
46,993
45,218
47,528
41,677
40,186
35.483
42,088
41,127
38,866
50,975
50,464
49,381
49,806
48,908
52,627
43,758
33,116
31,749
35,527
37,024
48,841
56,618
58,986
62,366
52,069
53,540
149,765
Total
Average monthly-- 49,922
586,373
47,198
552,441
46.037
47,385
44,707
40,768
January
February
March
April
May
June
July
August
September
October
November
December
706,192.000
487.651,00 57,939,000
West Coast Lumbermen's Association Weekly Report
Stocks of raw silk on April 1 1929
totaled 45,218 bales as compared with 40,186 bales a year
ago and 49,993 bales on March 1 1929. The following sta-
Approximate Deliveries
to American MOIL,
Approximate Amount in Transit
Between Japan & New York,
End of Month.
1929.
January
February
March
April
May
June
July
August
September
October
1928.
1927.
1929.
1928.
57,349
46,226
49,878
52,420
50.679
52.011
41,258
46,367
46,051
40,931
50,821
47,797
49.940
47,709
45,026
48.307
42,860
49,242
47,553
45.486
41,312
41,039
47,042
50,107
47,827
46,947
43.357
31,000
30.000
29,000
25.000
23,500
19,200
28,500
24,000
17,600
32.300
27,600
25,600
31,200
22,800
42.500
1927.
17,700
19,000
21,700
25,000
22,900
26,600
29,000
28,400
21,500
18,500
26.900
33,500
orders were 9.4% over production, while shipments were
1.1% under output. The Association's statement follows:
WEEKLY REPORT OF PRODUCTION, ORDERS, AND SHIPMENTS.
204 Mills report for week ending March 23 1929.
(All mills reporting production, orders and shipments.)
November
Feet.
December
185.280.933(100%)
• Production
202.768,320(9.4% over production)
153,455 571,010 661.379
Total
Orders
Ao,666 26:iii 24,225
45.948
under production) Average monthly183,312,962 (1.1%
47.584
51,152
Shipments
to
COMPARISON OF CURRENT AND PAST PRODUCTION AND WEEKLY
Imports at New York during current month and at Par tic ports previous 77
x
OPERATING CAPACITY (252 IDENTICAL MILLS.)
the time allowed in transit across the Continent (covered by Manifests 48 to
terminals
(All mills reporting production for 1928 and 1926 to date.)
inclusive). y Includes re-exports. z Includes 258 bales held at railroad Exchange
Feet.
at end of month. Stocks in warehouses include National Raw Silk
206.219,059 certified stocks 2.735 bales.
Actual production week ended March 23
174,674,598
Average weekly production 12 weeks ended March 23
196,576,865
Average weekly Production during 1928
197,431.500
Average weekly production last three years
262,740,993
x Weekly operating capacity
Directors of National Raw Silk Exchange Authorize Apx Weekly operating capacity is based on average hourly production for the 12
preceding mill check and the normal number of operating hours for week.
last months
pointment of Committee to Study Change in Trading
-1929.
WEEKLY COMPARISON FOR 199 IDENTICAL MILLS
Unit in Raw Silk Futures.
(AU mills whose reports of production, orders and shipments are complete for the
last four weeks.)
Paolino Gerli, President of the National Raw Silk ExMar. 2.
Mar. 16.
Mar. 9.
Mar. 23.
Week Ended182,814,150 182,791,154 177,579,631 180,794,683 change, announced on March 26 that the directors had
Production (feet)
202,313,770 175,212,920 189,789,489 174,888,558
Orders (feet)
83,755.626 75,491,329 78,542.108 81,696,315 authorized the appointment of a committee to study a proRail
67.136,897 51,047.278 65,466,580 48,008,399
Domestic cargo
40,074,965 32,714.592 33,669.304 30.375.554 posal to change the trading unit in raw silk futures front
Export
14,808,490
15,959,721
12,111.497
11,346,282
Local
183.149,212 195,346,569 168,461.660 166,114,039 5 to 10 bales. This committee, which will be appointed by
Shipments ((eet)
78.839,108 78.774.370 72,585,656 70,893,335
Bail
of the Commissions and
54.257,927 61,953,013 51.371,159 47,410,308 the President and the Chairmen
Domestic cargo
38,705.895 38,659,465 32.393,348 33.001,906 Warehousing and Grading Committees, will also suggest
Export
12,111,497
15,959,721
14,808,490
11.346.282
Local
810,565,235 793,773.375 815,808,723 796,836,892 commissions to obtain in the event the trading unit is inUnfilled orders(feet)
258.335,830 254,850,847 258,829,338 254,166,393
Rail
309,264,428 297,137,703 308,724,019 294,996,562 creased. It is further announced:
Domestic cargo
242,964,977 241,784,825 248.255.366 247.673,937
Export
The ten bale unit, bv trade usage, has generally been considered as
112 IDENTICAL MILLS.
standard in the raw silk trade, and favorable action on the proposed
(All mills whose reports of production, orders and shipments are complete for 1928 change is looked for.
and 1929 to date.)
Average 12
Average 12
The Board of Governors of the Exchange adopted an amendment
Weeks Ended to Rule 4 of the commission laws, authorizing resident managing agents
Weeks Ended
Week Ended
Mar.24 '28.
Mar.23 '29.
Afar.23'29.
membership in
100,535,631
108,262,677 of foreign corporations to confer the privileges of their
114,747,760
Production (feet)
110,027,863
115,971,166 the exchange to their firms through the extension of corporate privileges.
125,747,252
Orders (feet)
104,531.114
101,989.458
121,267.590
Shipments (feet)
An announcement by the Exchange on March 23 said:
DOMESTIC CARGO DISTRIBUTION WEEK ENDED MAR. 16'29(113 mills.)
Increased use of the facilities of the National Raw Silk Exchange
by foreign silk interests is creating a larger demand forexchange
Unfilled
Orders on
Orders
Hand Betickers by firms with foreign connections. Tickers have just been
Week Ended
ShipCancelOrders
ain't, Week
Siedenburg & Co., Shin Yeii
wigs. Mar.16 '29. installed in the New York offices of Rhd.
Mar.16 '29. Received. lotions.
Kiito Kaisha and Harris & Vose. The Japanese, firm are importers,
and the other two commission houses. The National Raw Silk WeWashing ct Oregon
Feet.
Feet.
Feet.
Feet.
Feet.
(93 Mills.)change now has 74 tickers in operation.
143.001 27.277,233 93.302,269
97,515,929 23,206.574
California
359.834 20,570,092 140,058,270
„ _ 143,475,606 17,512.590
Atlantic Coast
855,143 5,589,628
None
5,922,754
522,017
Miscellaneous
Total Wash.& Oregon 246,914,289 41,241.181
502.835 48.702,468 238,950.167
Brit. Col.(20 Mills)
718.965
781.00e
California
20,380.330 6.570,787
Atlantic Coast
5.111.848 2,246,000
Miscellaneous
939.919
560.046
None
None 10,245,653 16,705,464
None 1.007,115 6,350.733
Total Brit. Columbia_ 26,211.143 9.597,787
Total domestic cargo_ 273,125.432 50,838.968
502,835 60.515.282 262,946.283
None 11,812,814 23,996,116
Price Differentials Announced by National Raw Silk Exchange, Inc.
It was announced on March 23 that the adjustment committee of the National Raw Silk Exchange has fixed the
following price differentials between the basis grades and
the premium and discount grades of raw silk which may
APRIL 6 1929.]
FINANCIAL CHRONICLE
be delivered against Exchange contracts during April:
Grade A-60 cents premium over basis grade.
B-25 cents premium; C-12 cents premium; D-basis grade; E-10 cents
discount; F-15 cents discount; W-5 cents discount; X-10 cents discount;
Y-2 cents premium; Z-3 cents discount.
Increase in Jute Imports in 1928.
Increase of 8.8% in the volume of jute burlap imports in
1928 indicates a steadily growing invasion of American
markets for heavy cotton goods, according to an analysis of
this trade just made by The Association of Cotton Textile
Merchants of New York. The latter's advices under date
,of April 2 state:
Imports of Jute burlap in 1928 as reported by the Department of Commerce amounted to 619.9 million pounds and were exceeded only by the
record imports of 625.8 million pounds in 1925. The volume of burlap
Imports last year was almost 50% larger than the average in the five years
from 1910 to 1914.
Imports of raw jute in 1928 amounted to 59,506 tons as compared with
80,836 tons in 1927. This decrease was nearly balanced by a record increase in the imports of Jute butts from 11,579 tons in 1927 to 30.543 tons
in 1928. Combined imports of jute and jute butts in 1928 were nearly
equal to the total of these two in 1927.
Almost all of this trade Is with India where the bulk of the world's commercial supply of jute is produced and manufactured. To protect AmeriCan markets for heavy cotton goods from such competition based on the
low wages and living standards of native Indian labor, revision of the
present tariff on burlap has been proposed. It is also urged that a duty
be placed on jute and jute butts which are now on the free list.
Petroleum and its Products-Tangle in Curtailment
Plan Brings Strong Statement from Holmes.
R. C. Holmes,President of the Texas Corp. and Chairman
of the general committee of the oil industry on conservation,
in a strong statement issued Thursday, declared for proceeding immediately with the plan promulgated by the
American Petroleum Institute to hold this year's production
of crude oil to the 1928 level. Attorney-General Mitchell
earlier this week ruled that the Institute could not proceed
with its plans without official sanction, and that no branch
of the Federal Government holds the authority to give
such sanction. Because of the danger of the Sherman antitrust law being invoked against any companies which proceed
with the curtailment plan, Mr. Holmes' statement was
received with deep interest throughout the producing end
of the petroleum industry.
Mr. Holmes declares that his recommendation is that
"we carry on without delay as we have planned to do, in
whatever ways and in every way that is open to us to do
properly, and if by chance we are held to be acting in restraint of trade, leave it to the courts to determine whether
such restrain is in the public interest or not." The need
for such curtailment of oil resources to prevent the dissipation of our crude oil supply is emphazised by Mr.
Holmes in his statement that "there has never been a time
in the history of the business when so many of the units
of the industry realize the desirability and the necessity,
both from a public standpoint and in their own interests, of
sacrificing to some extent their individual interests in a
united effort to conserve our crude oil supply, which it is
acknowledged by all competent authorities is being very
rapidly dissipated, and in a manner which has threatened
to bring on Government action if we ever have another
administration that fully comprehends the seriousness of the
matter, and the fear of this has brought some people into
line who might not through willingness co-operate."
While this conservation controversy has been raging
during the week, the fuel oil market itself proceeded on a
well-maintained basis. Grade C bunker is moving continuously on existing contracts. Slightly improved demand
for Diesel oil was noted during the week.
No changes in posted prices of crude oil were made during
the week.
2193
general quotation remains at 8No. Shell Eastern Petroleum
Products, Inc., is engaged in an important expansion program in the East, and will be one of the leading factors in
retail distribution by midsummer,according to present plans.
Marland Oil, through its recently acquired subsidiary, Prudential Refining of Baltimore, is also expanding its marketing facilities, and has acquired a number of stations in New
Jersey. Richfield Oil Co. of California, which already owns
Walburn Petroleum Co. of New York, is reported negotiating for other small independent marketing units in the East.
These developments presage a sharp selling competition during the coming motoring season. The large marketing groups
already established in the East are taking all steps possible
to protect their established outlets from the inroads of the
new companies.
U. S. Motor gasoline in Mid-Continent refining centers is
firmer this week, with the general quotation firm at 7ic.
per gallon. The demand from interior markets is reported
as heavy, with independent distributors filling their storage
in the belief that present price levels represent bottom for
the season. Natural gasoline in particular has been strong
throughout the week, with production for the first half of
April closely booked up.
In tankwagon gasoline markets, prices are fairly steady,
with an appreciable increase in demand reported for the
week throughout the East.
Kerosene business has fallen off further this week. Refiners are still quoting 8c. per gallon for water white in tankcar lots at East Coast terminals, but it is reported that this
price is being shaded in some transactions. Markets are
quiet and unchanged at other points. Fuel and gas oils are
without price change this week, demand being fairly well
sustained.
Gasoline. U. S. Motor, Tankcar Lots, F.O.B. Refinery.
New York (Bayonne).0834 Arkansas
0634 'North Louisiana_ __ _.07 M
West Texas
0834 California
.0834 North Texas
.0634
Chicago
.0734 Los Aneele3, export- .07% Oklahoma
07
New Orleans
0734 Gulf Coast,export_ _.08% I Pennsylvania
.cos
Gasoline, Service Station, Tax Included.
New York
Cincinnati
.19
18
Minneapolis
182
Atlanta
Denver
21
16
New Orleans
195
Baltimore
.22
Detroit
188 Philadelphia
20
Boston
Houston
.20
18
San Francisco
215
Buffalo
Jacksonville
15
.24
Spokane
205
Chicago
Kansas City
.15
.179 St. Louis
169
Kerosene, 41-43 Water White, Tankcar Lots, F.O.B. Refinery.
New York (Bayonne).0834 Chicago
0534 New Orleans
0754
North Texas
.0534 Los Angeles, export_ .0534 Tulsa
0834
Fuel Oil, 18-22 Degree, F.O.B. Refinery or Terminal.
New York (Bayonne)1.05 Los Angeles
85 I Gulf Coast
75
Diesel
2.00 New Orleans
95 I Chicago
55
Gas Oil, 32-34 Degree, F.O.B. Refinery or Terminal.
New York (Bayonne) 0534 !Chicago
03 'Tulsa
.03
•
I
Oil Curtailment in California-Resolutions Adopted
Propose Cut in Output to 650,000 Barrels
Daily.
The "Wall Street Journal" reported in its issue of Mar. 30
the following from Los Angeles:
The majority of Santa Fe Springs field operators at first meeting called
by F. C. Van Deinse. recently appointed umpire, adopted resolutions
favoring the proposed curtailment in California oil output to 650.000
barrels daily and in Santa Fe Springs field to 125,000 barrels daily.
A general committee of seven small operators was named to work out a
pro-rating schedule to meet the new requirements. The committee is
empowered to select research engineers from the major companies to advise
on a pro-ration scheme fair and equitable to all operators at Santa Fe, the
program to be adopted as early as possible. The umpire next will take
up the Signal Hill problem.
Governors of Three Western States Protest Against
Government's Policy Respecting Oil Permits on
Public Domain.
A letter protesting against the Federal Government's new
policy of rejecting all applications for oil and gas prospecting
permits on the public domain and restricting those in effect
has been sent to President Hoover by the Governors of
Prices of Typical Crudes per Barrel at Wells.
Colorado,Wyoming and Utah,says advices from Denver pub(All gravities, Where A. P. I. degrees are not shown.)
lished in the "Wall Street Journal" of Apr. 3. These
$4.10 Smackover, Ark., 24 and over. $90
Bradford, Pa
1.75 Smackover. Ark., below 24
Corning, Ohio
.75 advices state:
1.35 El Dorado. Ark, 34
Cabell. W. Va
1.14
The letter asks for a personal conference for frank discussion
1.45 UranIa. La
Illinois
.90
of a subject
1.53 Salt Creek, Wyo., 37
Western Kentucky
which, it says, is so vital to
state
Mideontlnent, Oklahoma, 87
Corsicana. Tex.. heavy
Hutchinson, Tex..35
Luling, Tex
Spindletop, Tex., grade A
Spindletop, Tex., below 25
Winkler. Tex
1.23
.80
.87
.80
1.20
1.05
.85
Sunburst. Mont
Artesia. N. Max
Santa Fe Springs, Calif., 33
Midway-Sunset, Calif., 22
Huntington, Calif.. 28
Ventura. Calif., 30
Petrone. Canada
1.23
1.85
1.08
1.35
.80
1.09
1.18
1.90
REFINED PRODUCTS
-BETTER FEELING IN GASOLINE AS CONSUMP-KEROSENE WEAK.
TION GAINS
Inquiry for U. S. Motor gasoline is better in Eastern
markets this week,favorable weather conditions having stimulated consumption materially. Refiners are still booking
business down to 8%c. per gallon at terminEds, although the
the
and nation.
"We feel changes of policy or proposed new policies
vitally affecting the
welfare of the Individual states," the letter states,
"should not be made
Without conference and consultation with those charged
with the duty of
protecting and advancing the interests of their people."
Statement points out that these Is no over-production In
the Rocky
Mountain States and the trend of production Is downward,
with a ready
market in the area naturally supplied by these states
for all oil produced,
and that total production of these states is leas than
3% of the nation's
output. At present refineries are running at only
50% of CapaCity, with
supply no more than sufficient to meet demand.
The Governors suggest that, instead of strict compliance in all cases with
terms of the permits as to actual development,a policy of moratoriums for
drilling be adopted; that recognition be given of equities that may have
been established, both in applications for permits and existing
permits
2194
and that consideration be given to continuing of granting Of leases on all
acreage under permits where discoveries have been made, instead of only
the 25% which is mandatory.
Crude Oil Output in United States Continues Increase
Over a Year Ago.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United States,
for the week ended March 30 1929 was 2,627,250 barrels,
as compared with 2,655,600 barrels for the preceding week,
a decrease of 28,350 barrels. Compared with the output
for the week ended March 31 1928 of 2,512,600 barrels
per day, the current figure shows an increase of 214,650
barrels daily. The daily average production east of California for the week ended March 30 1929 was 1,845,350
barrels, as compared with 1,881,700 barrels for the previous
week, a decrease of 36,350 barrels. The following estimates
of daily gross production, by districts, are for the weeks
shown below:
DAILY AVERAGE PRODUCTION
Mar. 30'29.
Oklahoma
644,350
Kamm
94,150
Panhandle Texas
60,700
North Texas
83,800
West central Texas
52.350
West Texas
378.850
East central Texas
19,900
Southwest Texas
72,200
North Louisiana
35,70e
Arkansas
74,250
Coastal Texas
126,600
Coastal Louisiana
21,550
Eastern
100,750
Wyoming
51.400
10,200
Montana
Colorado
6,750
New Mexico
2,850
California
781,900
Total
where developments in the vicinity of Wichita were instrumental in raising the daily average output to above the
100,000-barrel mark.
Stocks of crude petroleum east of California increased
slightly over 4,000,000 barrels in February. This increase
was divided almost equally between refinery stocks and tankfarm stocks. Stocks of all crudes in California increased
about 3,200,000 barrels, making a total increase in crude
stocks of 7,200,000 barrels.
Although crude stocks accumulated at a faster rate in
February than in January, an improvement was noted in
refined products, with the net result that the increase in
stocks of all oils for the former was only 8,864,000 barrels as
compared with 11,716,000 barrels in the latter month.
The "Bureau" further states:
The daily average production in the Seminole district, inclusive of the
St. Louis. Maud, and Mission fields, during February, 1929, amounted
to 409,000 barrels, as compared with 414,000 barrels in January. The
Mission field was opened on Feb. 15 and for the remainder of the month
produced about 50,000 barrels per day. That the daily average output
of the entire area declined in the face of this new flush production was due
IN BARRELS).
(FIGURES
The situation
Mar. 23'29.Mar. 1629. Mar. 31'28. primarily to the effectiveness of the shutdown movement.
635,300 was reversed in West Texas, where the operators were unable to agree on
649,450
677,650
113,900 proration and the daily average output of the district rose from 371,000
96,450
94.950
74,400
55,050
58,150
February.
67,200 barrels in January to 390,000 barrels in
81,750
83,650
The daily average production of Santa Fe Springs increased from 154,000
55,700
53,000
52,350
360,650 barrels in January to 189,000 barrels in February. This gain in output
-80,850
384,550
23,300 was so much below that of the preceding month that it would appear as
19,900
19,800
24.050
63,150
68,650
be reached: that is, provided the
43,500 though the peak for the field would soon
36,050
35,850
84,400 recently discovered deeper sands do not result in another rapid drilling cami4.500
74.700
104,100 paign.
129,000
1'S.150
16.600
21,200
[0,00
Little change was noted in the field activity of the Seminole and West
103.000
108.750
109..od
54,750 Texas districts, but the number of drilling wells in the Long Beach and
47.450
53,200
11,950 Santa Fe Springs recorded a distinct falling off during February.
...100
10,200
7,900
I .750
7,050
Stocks of crude petroleum in the Seminole district continued their slow
2,400
if.”50
2,950
629,500 increase and amounted to 18.394.000 barrels on Feb. 28.
739,600
773,900
PRODUCTION (BARRELS OF 42 U. B. GALS.)
, 0 -0 2,412,600
2,655,600
2,627,250
The estimated daily average gross pi oduction for tho As -Continent
field, including Oklahoma, Kansas, Panhandle, north, west ,:en. al wost.
0
east central and southwest Texas, north Louisiana and Arkan
the week ending March 30 was 1,516,250 barrels, as compared 'vita
1,550,300 barrels for the preceding week, a decrease of 34,050 barn.. .
The Mid-Continent production, excluding Smackover (Arkansas) heavy
oil, was 1,466,700 barrels, as compared with 1,500.450 barrels, a decrease
of 33,750 barrels.
The production figures of certain pools in the various districts for the
current week, compared with the previous week, in barrel of 42 gallons,
follow:
-Week Ended
-Week EndedMar.30 Ilfar.23
North LouisianaMar.30 Mar.23
Oklahoma5.450 5,450
26,150 26,300 Haynesville
Allen Dome
5,900 5,950
32.900 35,850 Urania
Bowlegs
Arkansas19,400 19,350
Bristow-Slick
10,050 /0,100
21,850 22,400 Champagnolle
Burbank
6.300 6,350
7,650 7,700 Smackover (light)
Cromwell
49,550 49.850
56,050 61,200 Smackover (heavy)
Earlsboro
72,200 80,500
River
Little
Coasta Texas
11,250 11,500
Logan County
10,290
27,600 31,300 Hull
Maud
12,200 12,500
24,050 31,050 Pierce Junction
Mission
32,500 33,200
98.750 100,650 Spindletop
St. Louts
7,950 8,250
9,850 10,750 West Columbia
Searight
31.550 34,350
Seminole
Coastal Louisiana
10,050 10,050
Tonkawa
6,050 6,600
East Hackberry
Kansas3,000 2,100
11,100 10,950 Sulphur Dome
Sedgwick County
400
400
Sweet Lake
Panhandle Texas
4,500 4,350
6,600 6,000 Vinton
Carson County
26,400 23,900
Gray County
Wyoming
Hutchinson County... _ _ 25,200 26,150
32,300 34,200
Salt Creek
North Texas
16,800 16,900
Archer County
Montana
27,600 27.500
Wilbarger County
5,300 5,300
Sunburst
West Central Texas
8,700 8,750
Brown County
California
13.000
Shackelford County- - 13,300
10,500 10,500
Dominguez
West Texas
28,500 29,000
Elwood-Goleta
Crane & Upton Counties 49,200 50,050 Huntington Beach
47,000 46,500
46,500 47,350
Howard County
26,000 26.000
86,750 86,700 Inglewood
Pecos County
3,500 3,400
18,400 18,400 Kettleman Hills
Reagan County
185,500 185.500
165,100 168,900 Long Beach
Winkler County
72.000 72,000
Midway-Sunset
Texas
East Central
7,000 7,000
8,250 8,300 Rosecrans
Corsicana-Powell
157,000 157,000
Santa Fe Springs
Southwest Texas
42,500 34,500
11,750 11.900 Seal Beach
Laredo District
15,000 15,000
12,850 12,750 Torrance
Luling
55,000 55,500
40,050 36,700 Ventura Avenue
Salt Flat
Crude Oil Production at a New High Rate, Amounting
to 2,703,000 Barrels Daily During February
Gasoline Output Also Higher-Stocks Again Increase.
According to reports received by the Bureau of Mines,
Department of Commerce,the production of crude petroleum
amounted to
in the United States during February, 1929,
75,693,000- barrels. This represents a daily average of
2,703,000 barrels, a new record, and an increase over January
a year ago of
of 59,000 barrels, and over the average of
342,000 barrels, or 14%.
its
The daily average production in California continued
to 796,500
rapid increase and for the month amounted
barrels, as compared with 754,400 barrels for January.
success
Texas also showed a material gain in output due to
attending drilling in the Salt Flat field and as efforts to
The
curtail production in West Texas were of no avail.
output of Oklahoma fell off, duo principally to success
daily
little
attending the shutdown movement. Comparatively
except in Kansas
change was recorded in the other States,
[VOL. 128.
FINANCIAL CHRONICLE
I
Daily Ayer
1.438.000
minole _
St. Louie, ...^.1
West Texa,___ 1 .915.00
I
9;1.0VA
Long Beach.....
Santa Fe Sp'gsi .
February 1928.
January 1929.
February 1929.
Taal.
Total.
Daily Ayer
409,III 12,840,000
300,''' 11,489 000
184,000 5,635.000
189,000 4,760,000
Daily Aver
Total.
414,000 19,540,000
1 334,000
371,000 8,119,000
182,000 3,436 000
154,000 1,099,000
329,000
12,000
280,000
118,000
38,000
STOCKS AT SEM 1 N:.LE,ST. LOUIS, ETC.(BARRELS OF 42 U. S. GALS..)
Feb. 28 1929.
Jan. 31 1920. Feb. 29 1928.x
497,000
17,600,000
493,000
17,901,000
Producers' stocks
Tank farm stocks
18,097.000
18.394.000
Total stocks
x Includes stocks at Seminole only.
RECORD OF WELLS, FEBRUARY 1029.
414,000
17,745,000
18.159.000
Oil.
Gas
Dry.
Total Initial
Production
(Barrels)
Aver. Initial
Production
(Barrels)
Drilling
February
28.
60
85
20
40
4
2
__
16
28
1
__
57,000
354,100
15,900
100.300
1,000
4,200
300
2.500
395
304
110
162
Completions.
'
Seminole,St. Louis,
&c
West Texas
Long Beach
Rftntn pa Stririma4
The daily average throughout of both domestic and foreign
crude petroleum increased in February and, together,
amounted to 2,573,000 barrels says the "Bureau" which
continues:
The daily average output of gasoline in February was 1,117,000 barrels,
which represents a slight increase over January and an increase of 21%
over February 1928. The daily average domestic demand for gasoline
showed an increase for the first month since August, amounting to 813,000
barrels as compared with 729,000 barrels for January and 7:38,000 barrels for
February 1928. Thus, while runs to stills and gasoline production were
12 and 21%, respectively, above a year ago, gasoline consumption was only
10% higher. The record output of gasoline was reflected in stocks which
increased over 5,000,000 barrels to 45,704,000 barrels on Feb. 28. At
the current rate of total demand, these stocks represent 48 days' supply as
compared with 46 days' supply on hand a month ago and 47 days' supply
on hand a year ago.
The daily average domestic demand for both kerosene and lubricants
increased materially in February and stocks of both were reduced. Stocks
of wax continued to increase sharply as demand remained below normal.
The consumption of fuel oil continued heavy and stocks east of California
were reduced to a point not far above that of a year ago.
The refinery data of this report were compiled from schedules of 328
refineries which had an aggregate daily crude oil capacity of 3,369,000
barrels. These refineries operated during February at 78% of their recorded
capacity,as compared with 332 refineries, operating at 76% of their recorded
capacity in January.
IMPORTS AND EXPORTS OF CRUDE PETROLEUM (BARRELS).
(From Bureau of Foreign and Domestic Commerce.)
February 1920,
January 1929.
Total Daily Ac. Total
Imports
529,000
18,900 784,000
From Mexico
4.791,000 171,100 5,622,000
From Venezuela
49,200 1,272.000
1,378,000
From Colombia
11,400 397.000
From other countr's 318,000
Daily Ac.
Jan.
Feb.
1929.
Jan.
Feb.
1928.
25,300 1,313,000 2,173,000
181,400 10,413,000 0.857,000
41,000 2,650,000 2,640,000
715,000
511,000
12,800
Total imports... 7,016,000
250,600 8,075,000
260,500 15,091,000 12,181,000
Exports
Domestic crude oil:
1,354,000
To Canada
To 0th. countr's- 324,000
Foreign crude oil_...
48,300 1,507,000
11,600 465,000
48,600 2,801,000 1,863,000
789,000
15,000
606,000
Total exports.-- 1,678.000
59,900 1,972.000
63,600 3,650,000 2,469,000
s No crude shipments to territories.
APRIL 6 1929.]
FINANCIAL CHRONICLE
INDICATED DELIVERIES OF CRUDE PETROLEUM, EXCLUSIVE OF
CALIFORNIA GRADES,TO DOMESTIC CONSUMERS(BARRELS).
February 1929.
Total.
Daily .4o.
origin:
Appalachian__
Lima-Indiana _
Michigan
III. & S. W.Ind
Mid-Continent
Gulf Coast
Rocky Mtn
Daily Av.
Jan.
-Feb.
1929.
0Deliveries & 51,505,000 1,839,500 56,177,000
Is exports-
1,812,200 107,682,000 95,833,000
1. Deliveries
50,603,000 1,807,200 54,909,000 1,771,300 105,512,000 94,346,000
For'n petrol'm_ 6,949,000 248,200 7,998,000 258,000 14.947,000 12,208,000
Isa
Deliveries of domestic & for.
Petroleum
57.552.000 2.055.400 62_907_000 2.029.200 120.459.000 106.554.000
NUMBER OF PRODUCING OIL WELLS COMPLETED. (y)
February 1929,
January 1929.
Jan.
-Feb. 1929.
Jan.
-Feb. 1928.
1,086
1,205
2,291
1,600
9 For States east of California, from "011 and Gas Journal"; for California. from
the American Petroleum Institute.
ANALYSIS OF SUPPLY AND DEMAND OF ALL OILS.
(Including wax. coke and asphalt, in thousands of barrels of 42 U. S gals.)
Feb.
1929.
Jan.
1929.
Feb.
1928.
New Supply
Domestic production:
Crude petroleum:
Light
Heavy
69.193
6,500
74,812
7.167
60,488 144.005 125,146
7,983 13,667 16,038
Total crude
Natural gasoline
Benzol
75.693
3,729
233
81,979
3,983
250
68,471 157,672 141,184
3,324
7,712
6.729
217
483
443
Total production
Dally average
Imports:
Crude
Refined
79,655
2,845
86,212
2,781
72,012 165.867 148.356
2,483
2,811
2,473
7,016
908
8.075
884
Total new supply all oils
Daily average
87,670
3,128
95.171
3,070
Change in stocks, all oils
8,864
11,716
78,715
2.811
83,455
2,692
72,074 162.170 145,389
2,485
2,749
2,423
1,678
9,506
67,531
2,412
1,972
11.714
69,769
2,251
1,243
3,650
2,475
9.578 21,220 21.312
61,253 137,300 121,602
2,112
2,327
2.027
433
531
6,036
1,054
Jan-Feb. Jan-Feb.
1928.
1929.
15,091
1,792
12,181
2,219
79,102 182,750 162,756
2,728
3,097
2,713
7,028
20.580
484
371
17,367
446
Stocks (End of Month)
Crude petroleum:
East of California:
Light
Heavy
California:
Light
Heavy
325.766 322,749 313,085 325,766 313.085
51,173 50,164 50,722 51,173 50,722
Total crude
Natural gasoline at plants
Refined products
498,033 490,791 478,714 498,033 478,714
821
824
741
821
824
135,209 133,867 127,436 135.209 127,436
21,810
99,284
MP
19,198
98,682
20,110
94,797
21,810
99,284
20,110
94,797
Grand total stocks all oils
634,063 625.199 606,974 634,063 606,974
Days' supply
226
244
232
231
251
Bunker oil (included above in domes
IS tic demand)
4,252
3.915
3,751
8,167
7.534
a Revised.
PRODUCTION OF CRUDE PETROLEUM BY FIELDS AND STATES, WITH
CLASSIFICATION BY GRAVITY (BARRELS OF 42 U. S. GALS.).
February 1929.
Total.
Daily Av.
January 1929.
Total.
Jan.
-Feb.
Daily As.
1929.
Jan.
-Feb.
1928.
Field6
0palachlan.-- 2,350,000
83,900 2,583,000
83,300 4,933,000 4,811,000
Lima-Indiana 99,000
3,500
108,000
3,500
207,000
256,000
Slichigan
130.000
4,600
159,000
5,100
289.000
61,000
534,000
III.-S. W. Ind_
19,100
589,000
19,000 1,123,000 1,171,000
Mid-Continent 44,488,000 1,588.900 48,760,000 1,572.000 93,248,000 86,345,000
Gulf Coast
3,840.000 137,100 4.253,000 137.200 8,093.000 6,903,000
Rocky Mtn
1,951,000
69,700 2,141,000
89,100 4,092,000 4,571,000
California
22,301.000 796,500 23,386.000 764,400 45,687,000 37.066,000
U. S. total- 75,693,000 2,703.300 81,979,000 2,644,500 157,672,000 141,184.000
,
ONM
0.
M.POC1
C.
,Sci.40;c;ci
8888888888888888888888888888888
.
76,600 2,324,000
696,500 23,386,000
6,600
214,000
16,200
506.000
3,000
87,000
2,900
83,000
100
4,000
101,300 2.929,000
18.200
586,000
54,100 1,776,000
19,300
723,000
34,800 1,053,000
4,600
159,000
9,800
306,000
2,400
76,000
8,600
255,000
17,200
532,000
13,800
428.000
3,400
104,000
716.800 22,884,000
44,300 1,399,000
672,500 21,485.000
850.000
28,800
2,000
100
777,200 23.100.000
117,800 3,530,000
859.400 19,570,000
462,000
14,400
50,900 1.545.000
916,000
32,300
629,000
18,600
0.110MWt..erOMMR.PONN 0.
.
0 ..N*NQMOWOM
,
StateAtkansas
8,145,000
California
22,301.000
Colorado
185,000
Illinois
453,000
Indiana:
85,000
Southwestern
81,000
Northeastern
4,000
2,836,000
Kansas
511,000
Kentucky
Louisiana:
1,514,000
541,000
Gulf Coast._
973,000
Rest of State
130,000
Michigan
275,000
Montana
67,000
New Mexico
240,000
New York
482,000
Ohio:
387,000
Cent. & East
95,000
Northwest'n.
20,070.000
Oklahoma:
OsageCounty 1,240,000
Rest of State 18,830.000
806,000
Pennsylvania
2,000
Tennessee
21,763,000
Texas:
3,209,000
Gulf Coast
Rest of State 18,464,000
404,000
Weal Virginia_
1,424,000
Wyoming:
Salt Creek003,000
Rest at State
521.000
4.469,000
45,687,000
399,000
959.000
172,000
164,000
8,000
5,765,000
1,097.000
3,290,000
1,264,000
2,026,000
289,000
581,000
143,000
495,000
1.014,000
815,000
199,000
42,954,000
2.639,000
40,315,000
1,656,000
4,000
44,863,000
6,829,000
38,034,000
866.000
2,969,000
1,819,000
1,150,000
5,301,000
37,066,000
448,000
1,027.000
159,000
144,000
15,000
6,591,000
1,100,000
3,478,000
828,000
2,650.000
61,000
724,000
145,000
369,000
1,123,000
882,000
241,000
40,055,000
3,694,000
36,361,000
1,532,000
6.000
37,823.000
6,075,000
31,748,000
922,000
3.254,000
2,394,000
860,000
Classification by Gratify (approx.)
Light crude
69,193,000 2,471,200 74,812,000 2,413.300 144,005,000 125,146,000
Heavy crude
6.500.000 232.100 7,167,000 231,200 13,667.000 16.038.000
Feb. 28
1929.
At Refineries (and in coastwise transit thereto)
Reported by location of storage:
East coast
-Domestic
Foreign
Appalachian
Indiana, Illinois, Kentucky, &c
Oklahoma, Kansas, Missouri, &c
Texas-Inland
Gulf coast-Domestic
Foreign
Arkansas and Inland Louisiana
Louisiana Gulf coast-Domestic
Foreign
Rocky Mountain
Jan. 31
1929.
Feb. 29
1928.
9,129,000
5,690,000
2,358,000
2.839.000
5,982,000
1,855,000
8,190.000
273.000
1,260,000
3,103,000
1,845,000
2,066,000
Jan.
-Feb.
1928.
2,390,000
85,400 2,606,000
84,100 4,996,000 4,842,000
129,000
4,600
155,000
6,000 , 284,000
237.000
130,000
4,600
159,000
5.100
289,000
61.000
592,000
21,200
644,000
20,800 1,236,000 1.302,000
42,120,000 1,504,300 46.230,000 1,491,300 88,350,000 77.393,000
4,064,000 145,100 3,989,000 128.700 8,053,000 7,347,000
2,080,000
74,300 2,394,000
77,200 4,474,000
4,651.000
Demand
Total demand
Daily average
Exports:
Crude
Refined
Domestic demand
Daily average
Excess of daily average domestic
Production over domestic demand
STOCKS OF CRUDE PETROLEUM HELD IN THE UNITED STATES
(BARRELS).
January 1929.
Total.
byes petro
.
te
rm i as o.
f
li
2195
8,340.000
5,072,000
2,256,000
2,856,000
6.001.000
2.166,000
8.130,000
310,000
841,000
2,731,000
1.717,000
2,098.000
8,463.000
4,323,000
1,956,000
2,904.000
5,888,000
1.554.000
7.996.000
263,000
578.000
6,063,000
1,230,000
1.610,000
Total east of California
44,590.000 42,518,000 42,828.000
Elsewhere than at Refineries
Domestic-Reported by field of origin:
Appalachian-N. Y., Pa., W. Va., Gross 4,907,000 4,954,000 8,551,000
Eastern
d Central Ohio
4,624,000 4,671,000 6.240.000
Net
Kentucky
Gross
962,000
955,000 1.191.000
815.000
Net
808,000 1,063,000
Lima-Indiana
Gross 1.268,000 1,298,000 1,306,000
1,085,000 1,115,000 1,153,000
Net
Illinois-S. W.Indiana
Gross 11,920,000 11,978,000 12,534,000
Net
11,254,000 11,312,000 12.039.000
Mid-Continent-Oklahoma, Kansas, Gross 257,085,000 254.591.000 242,223.000
Central, North and West Texas_ _ _ Net 244,863,000 241,984.000 229,696.000
Northern Louisiana and Arkansas
Gross 28,642,000 29.145,000 28,609.000
Net
25,842,000 26,353,000 26.095,000
Gulf coast
Gross 18,814,000 19,042,000 17,873,000
Net
18,344,000 18.568.000 17,478,000
Rocky Mountain
Gross 25,153,000 25.276.000 27,202,000
Net
25,119,000 25,248,000 27,158,000
Total pipe-line and tank-farm JGross 348.751,000 347,239,000 337,489,000
stocks east of California
'Net 331,948.00 330,059.000 320,922,000
Foreign crude petroleum on Atlantic coast
Foreign crude petroleum on Gulf Coast
83.000
320.000
69,000
267,000
43,000
14,000
403,000
336,000
57,000
Total refinery, Pipe-line and tank-farm
stocks of domestic and foreign crude
petroleum east of California
376,939,000 372,913,000 363,807,000
Classification by Gravity (Approximate)
East of California:
Light crude (24 deg. and above)
Heavy crude (below 24 deg.)
California-Light
Heavy (Including fuel)
Producer's Stocks (not included above approx.)
East of California
California
325,766,000 322,749,000 313,085,000
51,173,000 50,164,000 50,722.000
21,810,000 19,196,000 20,110.000
99.284,000 R98,682.000 94,797.000
7,500,000
1.863.000
7.400.000
1,223,000
SHIPMENTS OF CALIFORNIA OIL THROUGH PANAMA CANAL TO
EASTERN PORTS IN UNITED STATES(BARRELS).
February,
January,
Jan.
-Feb.,
-Feb.,
Jan.
1929.
1929.
1929.
1928.
Crude oil
241,000
241,000
649,000
Refined products:
Gasoline
1 735,000
1,823.000
3,558,000
1,982,000
Gas oil
343,000
334,000
677,000
404,000
Fuel oil
8,000
8.000
81,000
Lubricants
2,000
2,000
4.000
86,000
Asphalt
3,000
3,000
6,000
3,000
Total refined products__2,091,000
2,162,000
4,253,000
2.556,000
STOCKS HELD BY THE REFINING COMPANIES IN THE UNITED STATES
FEB. 28 1929.
Gas and
(In Barrels.)
Gasoline.
Kerosene. Fuel Oils, Lubricants.
East coast
7,209,000
1,077,000
4,667,000
2,598,000
Appalachian
1,870,000
295,000
1,071,000
1,241,000
Ind., Illinois, Kentucky, &c
8,124,000
679,000
1,989,000
803,000
Oklahoma, Kansas, &c
5,743,000
649,000
4,541,000
570,000
Texas
7,011,000
1,551,000 11,312,000
2,058,000
Louisiana and Arkansas
3,061,000
642,000
5,500,000
111,000
Rocky Mountain
2,500.000
344,000
1,038,000
197,000
California
10,186,000
2,973,000
958,000
Total
Total Jan. 31 1929
Texas Gulf Coast
Louisiana Gulf Coast
45,704,000
40,648,000
6,051,000
2,761,000
War
Coke
(Lbs.)
(Tons)
57,250,000
23,500
15,406,000
2,800
16,012,000
24,500
6,956.000
72,500
7,634,000 134,800
15,980,000
55,100
20,815,000
74,900
8,210,000 a30,118,000 8,534,000
8,865,000 a32,522,000
8,649,000
1,466,000
1,993.000
8,583,000
617,000
4,491,000
108.000
Asphalt Other Finished Unfinished
(Tons) Products(BBIs.) oils (BM.)
East coast
91,700
8,040,000
39,000
Appalachian
70,000
1,339.000
Ind.. III., Ky., &c
46,400
3,933,000
185,000
Okla., Kansas, &c
2,328,000
2,300
47,000
Texas
10,218,000
13,000
10.000
Louisiana & Arkansas
28,100
2,327.000
78,000
Rocky Mountain
1,453.000
5,500
37,000
California
b8,532,000
51,600
183,000
38,170,000
Total
140,053.000 388,100 235,600
652.000
c38,564,000
Total Jan. 31 1929.-123,521.000 403,800 229,100
653,000
Texas Gulf Coast
7,400,000 128,500
8,000
8.482,000
9,900
Louisiana Gulf Coast_
15,980,000
73,000
55,100
24,700
1,991,000
a East of California. b Includes 1,568,000 barrels tops in storage. c Revised
by addition of 300,000 barrels to East Coast district.
Quiet Prevails in Copper and Other Non-Ferrous
Metals
-Lull in Buying Due to Unsettlement in
Stocks and Easter Holidays.
Metal sales have exhibited a marked slump in the past
week, though the lack of demand has had little or no adverse
effect on prices, "Engineering and Mining Journal" reports
adding:
The break In the stock market is generally held accountable for the pronounced let-up In activity, with the Easter holidays a contributing factor.
Some copper business went through at 24 cents, delivered Connecticut,
thus maintaining the price at the peak figure recently reached in the current
movement. Producers seem perfectly willing to remain out of the market
for a month or two and are hoping that the demand will be sufficient to
absorb the offerings of the custom smelters and prevent a price recession.
Some resale lots of small magnitude offered at 23 @23% cents have been
quickly absorbed. Foreign demand has been dull, with the price unchanged at 24 Sic. c. i. f. basis.
Zinc has been quiet, but the price advanced to 6.80 cents. St. Louis, in
view of the Improved ore market at Joplin.
Enhanced lead production undoubtedly will soon be noticeable as a result
interfered
of the prevailing high prices, but if shipments from Mexico are
be
with to any marked extent a considerable increase in production will
a
needed to fulfill domestic requirements which are expected to remian at
high level.
Tin sold at easier prices.
Stocks End
of Month.
Production.
ALLY AVERAGE PRODUCTION OF COKE PIG IRON IN THE UNITED
-GROSS TONS.
STATES BY MONTHS SINCE JAN. 1 1924
1924.
97.384
January
106,026
February
111,809
March
107,781
April
84,358
May
67,541
June
First six months..... 95,794
57,577
July
60,875
August
68,442
September
79.907
October
83,656
November
95,539
December
85,075
12 months'average
1925.
1926.
108,720
114.791
114.975
108,632
94,542
89,115
105.039
85,936
87.241
90,873
97,528
100.767
104.853
99,735
106,974
104,408
111.032
115,004
112,304
107,844
109,660
103.978
103,241
104,543
107,553
107,890
99,712
107,043
1927.
1928.
1928.
92,573
100,004
103,215
106,183
105,931
102,733
101,763
99,061
111,044
114,507
119,822
101.180 '
102,077
108,832
110,084
108,705
103,382
-GROSS TONS.
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS
January
1929.
10.900
1,200
47,200
2,800
29,800
4,900
2,400
3,200
54,200
11,400
1,400
55,100
3,100
31,200
5,100
2,700
3,300
64,000
22,300
2,600
102,300
5,900
61.000
10,000
5.100
6.500
108,200
10,300
1,300
50,700
2.800
25,500
4.300
2,500
3,400
38,700
156.600
5,590
167,300
5,400
323,900
5.490
139,500
4,810
2,946
2.427
314
283
15,615 13,117
1,319
1,255
9,932
11,407
1,095
1,058
375.
329
717
708
1,371
1,337
34,465
31,140
-Record
March Total Pie Iron Output Second Largest
First Quarter.
With all producing furnaces heard from, data gathered by
wire by the "Iron Age" on April 2 show that the March pig
iron production was 119,822 gross tons per day. This is the
largest daily rate since June 1923, when it was 122,548 tons.
It is the third largest on record, the peak having been 124,764
tons per day in May 1923. The March daily rate of 119,822
tons is 5,315 tons per day or 4.6% larger than the 114,507
tons in February. The gain in February over January was
3.1%. A year ago the March daily rate was 103,215 tons,
making the March rate this year 16.1% higher.
Total March pig iron output was 3,714,473 tons. Only one
-May 1923 at
previous month ever reached 3,700,000 tons
3,867,694 tons.
The total for the first quarter of this year is 10,362,028
tons, the largest for any first quarter. The nearest approach
for that period was 10,148,726 tons in the first quarter of
1925. The largest quarter on record was 11,093,875 tons for
the second quarter of 1923, the record pig iron year, states
the "Iron Age," which adds:
Operating Rate Active on April 1.
There were 212 furnaces active on April 1 with an estimated operating
rate on that day of 120.740 tons per day. This compares with 115.770 tons
per day for the 207 furnaces blowing on March 1. In March nine furnaces
blew ni and four were shut down, a net increase of five, the same as in
February.
Of the nine furnaces blown in during March four were Steel Corporation
stacks,four belonged to independent steel companies and one was a merchant
furnace. Four Steel Corporation furnaces were blown out. Thus there was
a net gain of four steel-making and one merchant stack.
Cain in Steel-ldaking. Loss in derchant Iron.
Last month steel-making iron increased decidedly over February. while
merchant decreased. At 95.461 tons per day steel-making iron exceeded
February by 6,215 tons or 8.9%. Merchant iron at 24,361 per day last
month was 900 tons less than in February.
Ferromanganese and Spiegel Output.
Ferromanganese output in March was 24.978 tons or less than in either
January or February. The average per month for the first quarter of 26,388
tons compares with 26,000 tons per month in 1928. The spiegeleisen output
of three producers in March was 13,001 tons.
Bethlehem and Carnegie Slacks Active.
Ofthe 33 furnaces of the Bethlehem Steel Corp.,28 were blowing on April
1. Ofthe 47 furnaces owned by the Carnegie Steel Co., 33 were making iron
the first of this month. In the Chicago district 34 furnaces were active out
of 41 on April 1.
Possibly Active Stacks Reduced.
The Bay View furnaces of the Illinois Steel Co. at Milwaukee and the
Milton furnace in southern Ohio have recently been abandoned. The Crumwold stack in the Lehigh Valley, formerly owned by the Reading Iron Co..
which was sold late last year to the H. Sofranscy Co.. Allentown, Pa.,
dealer in scrap iron and steel, has been resold to the Pennebacker Co..
Braaus, Pa.. and may again be operated. Likewise, the Allen's Creek
furnace of the Tennessee Products Corp. in Tennessee, which had been
practically abandoned. has been reconditioned and may again be operated.
Thus the number of possibly active stacks in the United States has been
reduced from 320 to 319.
Furnaces Blown In and Out.
During March the following furnaces were blown in: One Lackawanna
stack of the Bethlehem Steel Co. in the Buffalo district; one Duquesne and
one Edgar Thomson furnace of the Carnegie Steel Co. in the Pittsburgh
and one Bessemer furnace of the Tennessee Coal. Iron & Railroad Co. in
Alabama.
The following furnaces were blown out or banked during the month: One
Lorain stack of the National Tube Co. in northern Ohio; one South Chicago
furnace of the 11'Ionia Steel Co. in the Chicago district, and two Ensley
stacks of the Tennessee Coal, Iron & Railroad Co. in Alabmaa.
Jan.
-Feb. February February January
1929.
1929.
1928.
1929.
February
1929.
U. S. total
Daily average
land; one Brier Hill stack of the Youngstown Sheet & Tube Co. in the
Mahoning Valley; one South Chicago furnace of the Illinois Steel Co. in
the Chicago district; one Detroit stack of the M.A. Hanna Co. in Michigan,
- 0M00000
0V0VOM,,
,
NINW,C000...1. 05..C..CC
.0VOONON
M0000,
OUTPUT OF NATURAL GASOLINE, FEBRUARY 1929.
(Thousands of Gallons.)
district; one Cambria furnace of the Bethelehem Steel Co. in western Pennsylvania; one Sparrows Point furnace of the Bethlehem Steel Co. in Mary-
r
ia4e;a,z.7.,
0-000.00.
Natural Gasoline Output in February Exceeded Same
Month Last Year by 17,100,000 Barrels-Stocks
Again Rise.
During the month of February, the output of natural
gasoline totaled 156,600,000 barrels, an increase of 17,100,000 barrels over the corresponding month a year ago, according to the Bureau of Mines, Department of Commerce.
In January last, the total production was 167,300,000 barrels.
Stocks on hand increased from 31,140,000 barrels at Jan. 31
1929 to 34,465,000 barrels at Feb. 28 1929. The Bureau
further shows:
Appalachian
Illinois, Kentucky, &a.
Oklahoma
Kamm
Texas
Louisiana
Arkansas
Rocky Mountain
California
[VOL. 128.
FINANCIAL CHRONICLE
2196
Steel Works.
Merchant..
69,520
78,444
83.489
85,183
85,576
81.630
79.513
82.642
82,590
88,051
88,474
85,415
85,530
89,246
95,461
23,053
21,560
19,726
21,000
20,355
21.103
19,678
18,538
19.487
20.781
21,610
23,290
25,514
25,261
24,361
1928-January
February
March
April
May
June
July
August
September
October
November
December
1929
-January
February
March
Total.
92.673
100,004
103,215
106,183
105,931
102,733
99,091
101,180
102,077
108,832
110,084
108,705
111,044
114,507
119,822
*Includes pig Iron made for the market by steel companies.
TOTAL PRODUCTION OF COKE
BEGINNING JAN. 1
1929.
1927.
1928.
3.103.820 2.869,761 3,442,370
Jan_
Feb.__ 2,940,679 2,900,126 3,206,185
Mar_ _ 3,483,362 3.199,674 3,714,473
Apr__ 3,422,226 3,185,504
May__ 3,390,940 3,283,856
June__ 3,089,651 3,082,000
PIG IRON IN UNITED STATES
-GROSS TONS.
1927
1927.
1928.
1926.
July__ 3.223,338 2,951,160 3,071,824
Aug _ _ 3,200,479 2,947,276 3,136,570
Sept__ 3,136,293 2.774.949 3,062.314
Oct... 3,334,132 2,784,112 3,373,806
Nov_ _ 3,236,707 2,648,376 3,302.523
Dec.__ 3,091,060 2,695,755 3,369,846
Year*.39.070.470 36,232,306 37,837,804
34 yr_19,430.678 18,520.921
• These totals do not include charcoal pig iron. The 1927 production of this
iron was 164,569 tons.
-GROSS TONS
PRODUCTION OF STEEL COMPANIES FOR OWN USE
Total Pig Iron
Spiegel and Ferromanganese.
Ferrentanyanese.x
1927.
1928.
1929.
1927.
1928.
1928'
January
February
March
2,343,881
2,258.651
2,675,417
2,155,133
2.274,880
2,588,158
2,651.416
2,498,901
2,959.295
31,844
24,560
27,834
22,298
19,320
27,912
28,208
25,978
24.978
3 Months
April
May
June
7,275,949
2,637.919
2,619,078
2,343.409
7,018,171
2,555,500
2,652,872
2,448,905
8,109,612
84,238
24,735
28.734
29,232
69,530
18,405
29,940
32,088
79,164
Half year
July
August
September
October
November
December
Year
14.876,355 14.675,448
2.163,101 2,464,896
2,213,815 2,561,904
2,090,200 2,477,695
2,076,722 2,729,589
1,938,043 2,654,211
1,987,652 2.647,863
166,939 149,963
26.394 32.909
21,279 24,583
20,675 22,278
17,710 23,939
17,851 29,773
20,992 28.618
27.345.888 30.211.606
291,840 812,061
x Includes output of merchant furnaces.
-Demand Well
Record Steel Production Keeps Up
Diversified-Pig Iron Output Holds at High Rate
Prices Again Advance.
Following a record-breaking quarter, iron and steel production shows no sign of declining, the "Iron Age" of April 4
says in its summary of iron and steel markets and conditions.
Delivery promises are still extending on certain products
and there has been little relaxing of pressure for shipments.
Demand is well diversified, reflecting a high general level of
activity in consuming industries. With buyers already
trying to contract for third quarter requirements in some
materials, the outlook is darkened only by the fear of a general collapse of the securities market, continues the "Age,"
which further states:
Pig iron production in the past three months, at 10,363,028 tons, was the
highest for any first quarter and the second largest for any quarter, having
been exceeded only by the output for April. May and June, 1923. Production in March. according to blast furnace returns to the "Iron Age,"
was 3,714,473 tons, or 119.822 tons a day, the second largest monthly
total and the third highest daily rate.
Steel ingot output in March undoubtedly established a new monthly
record, and production for the first quarter surpassed the previous high
mark,reached in the last three months of 1928, by at least 300,000 tons.
While undiminished demand from the automobile industry is contributing
Ins large way to the pressure on producers. railroad buying, pipe line awards
and structural steel lettings have been features of the week's developments.
Orders for 5.000 freight cars raise the total bought by domestic roads since
Jan. 1 to 43.000, compared with 51.000 for all of 1928. Three pipe line
contracts call for 195.000 tons of steel, and structural steel awards.at 84.000
tons, are the largest for any week thus far this year.
APRIL 6 1929.]
FINANCIAL CHRONICLE
Sheets and strips have established new high quarterly record, In sales,
production and shipments. The motor car industry has given strong
support to the demand for these products, as well as for bars. Although the
spring peak in automobile output is believed to be approaching, signs of a
let-down in requirements, which are usually felt by the mills four to six
weeks in advance, are still lacking.
A leading independent sheet producer had the largest unfilled orders in
history on April 1. and, with all of its mills operating at 100% of capacity,
has some units scheduled through the entire second quarter. The concern
of buyers over deliveries is reflected in efforts to place contracts for third
quarter and in increasing drafts on warehouse steel.
The extent to which consumers have departed from a hand-to-mouth
buying policy is also indicated by their readiness to place specifications
against second-quarter contracts despite the large shipments of first-quarter
steel still to be made. Second-quarter shipping orders have established the
advances in hot-rolled bars, shapes, plates, cold-finished bars and hotrolled strip. In sheets, notwithstanding large total bookings, first-quarter
prices on some finishes have not disappeared.
A desire to protect third-quarter supplies is also becoming manifest in the
pig iron market. At Cleveland, where the week's sales of malleable and
foundry grades totaled 63.000 tons, a moderate volume of third-quarter
business was taken at existing prices.
Purchases of Lake Superior iron ore by open market buyers and commitments by consumers having long term contracts average about
10%
larger than last year.
Heavy melting scrap has advanced 50c. at Philadelphia and 25c. a ton at
Pittsburgh and Chicago. Furnace coke at Connelisville has declined Sc.
a ton to $2.85.
Both of the "Iron Age" composite prices have advanced, pig iron from
$1.38 to $18.46 a ton and finished steel from 2.391c. to 2.412c. a lb., as the
following table shows:
Finished Steel.
April 2 1929, 2.412.3. a Lb.
One week ago
2.891c.
One month ago
2.391c
One year ago
2.357c.
10-year pre war average
1.689c
Based on steel bars, beams,tank plates.
wire nails, black pipe and black sheets.
These products make 87% of the United
States output of finished steel.
Low.
High.
1929_2.412c. Apr. 2 2.391e. Jan. 8
1928-2 Mo. Dee. 11 2.3140. Jan.
1927_3.453o. Jan. 4 2.293e, Oct. 25
1926-2.453c. Jan, 5 2.403e. May 18
11125-2.6600. Jan. 6 2.396c. Aug. 14
Pig Iron.
April 2 1929, 318.46 a Gross Ton.
One week ago
$18.29
One month ago
18.38
One year ago
17 67
10-year pre-war average
16.72
Based on average of basic iron at Valley
furnace and foundry irons at Chicago.
Philadelphia, Buffalo, Valley and Bir
High.
Low.
1929___ 18.46 Jan, 8 18 29 Mar 19
1928.-318.59 Nov. 27 $17.04 July 24
I927___ 19.71 Jan. 4 17.54 Nov. 1
1926... 21.54 Jan. 5 19.46 July 13
1925-- 22.50 Jan. 13 18.96 July 7
Pig iron production in March,as in January and February,
constituted a record for that month and was exceeded only
twice in all history, reports the "Iron Trade Review" in its
weekly review of the iron output. At 119,575 gross tons
daily and 3,706,822 tons for the month, it bettered the previous peak March, in 1925, by 13/2%. Over the rate of
February it gained 4% and over last March 16%, adds the
"Review," which further goes on to say:
First quarter output of pig iron, at 10,358,226 tons, also was a record,
the previous top being 10,157,696 tons in the opening quarter of 1925.
First quarter tonnage in 1928 was only 8.953,358. As March ended
213
blast furnace stacks were active, five more than amonth previews and the
largest number in blast since April, 1927.
This addition to capacity foreshadows another pig iron record in April.
A1130, it makes certain that statistics for steel ingot production
in March,
to be announced next week, will reveal an all time peak for both the month
and the first quarter. Since the net gain offive stacks last month was at
steelworks, the seal appears placed on April ingot operations.
With three record months behind them, and a fourth in prospect, iron
and steel producers in a spirit of prudence are scanning the situation more
closely. At Chicago, to-day's stronghold of the industry, second quarter
production is considered sold out, and deliveries have become further
deferred. Specifications at Cleveland have come back after a slight
letdown.
Weak spots in the automotive situation at Detroit are being neutralized,
but second quarter assembly rates fringe partially upon the rapidity with
which retail buying moves some of the overproduction of the first quarter.
The Pittsburgh and eastern markets have changed little in the past thirty
dap'. Youngstown largely mirrors the automotive situation at Detroit.
The rise of 25 cents per ton in Lake Superior iron ore,
applying on open
market sales of over 2.000,000 tons and on many long-term agreements,
has greatly stimulated pig iron selling in the lake region.
Furnaces at
Cleveland sold 65,000 tons, some for third quarter, in the past
week.
Buffalo furnaces are preparing to move 150,000 tons east by barge
this
season. Chicago district shipments in the first quarter were a record.
Canadian producers are considering an advance of 50 cents to $1 per ton.
Semifinished steel continues scarce in all districts, restricting finishing
mills at Chicago and Youngstown. Scrap is strong in most districts,
the result of a heavy melt and only moderate stocks, though prices
move
narrowly. Though output of beehive coke has been restricted, production
of merchant ovens declining for the first time since mid-January,
prices
of the furnace grade are softer. Beehive foundry coke prices are
unchanged
for April.
The 4,500 freight cars awarded late last week by the New York
Central
railroad brought March car orders up to 12,018 and
the first quarter to
41,158, contrasted with 44,763 in all 1928. For their portion-about
half
of the New York Central cars and the 500 placed by the Northern Pacific,
Chicago district carbuilders have 75,000 tons of steel to specify. Locomotive business continues brisk, 11 being placed and 25 inquired for in the
past week.
Though bars lead the heavy finished products, chiefly because of automotive demand, plates are a close second and structural shapes, for seasonal
reasons, crowd for attention. Deliveries on bars and plates are 12 weeks
deferred at Chicago, where specifications have been averaging 50 per cent
over 1928. An inquiry for 400,000 tons of steel by the Ford Motor Co.
includes bars.
A Kansas City pipeline, requiring 35,000 tons of plates, has been placed
with a Milwaukee interest. Barge work maturing at Pittsburgh will
take 15,000 tons of plates, and oil storage tanks awarded at Chicago 12.000
tons. At New York 8,200 tons of structurals for subway work has been
let and 35,000 tons nears final action. Concrete reinforcing bars, like
structural'', feel the spring revival in construction.
In sheets as in strip, record production and record deliveries in March
have made no appreciable dent in mill backlogs. Important makers
of full finished sheets have their entire second quarter output reserved.
and specifications now in hand against at least half of this tonnage. Chicago
heetmakers note a tendency to order farther ahead. Hot strip is moving a
rifle faster than cold. Because its sheet specifications are usually for
2197
specific Jobs, it is not believed that the automotive industry is pyramiding
Its needs.
Steel corporation subsidiaries continue to operate at their peak of 97%.
Independents are up one point, to 933-i %,and the entire industry averages
9534 %. Chicago ingot operations are at 98%. or practical capacity.
Pittsburgh mills average 95% and Buffalo 90%. Mahoning valley finishing
mills operate as heavily as supplies of semifinished steel permit. Tin
plate mills at Pittsburgh have heavier schedules.
Iron and steel prices continuing stable at the recent advances. the "Iron
Trade Review" composite of 14 leading iron and steel products is unchanged
at $36.57. the high point of 21 months.
Steel ingot production has been increased about 1%
during the past week, the average for the industry being
placed at present at nearly 95
compared with 94%%
in the preceding week and 94% two weeks ago, states the
"Wall Street Journal" of April 3, which goes on to say:
The gain is due entirely to the independents which are now running at
933%. Contrasted with 923. % a week ago and 92% two weeks ago.
The United States Steel Corp. is maintaining Its operations at between
97 and 98%, compared with a fraction above 90% last week and a shade
under 97% two weeks ago.
At this time last year the steel industry was operating at about 85% of
capacity, with independents running at nearly 80% and the Steel Corp.
at better than 90%•
The "American Metal Market" this week says:
Evidence that pressure for heavy steel deliveries during the next few
weeks is assured, is as conspicuous as is the absence of indications as to
the third quarter or second half of the year. It is taken for granted that
prognostications as to the later future of steel should not be expected.
The peak rate of steel production reached at the middle of March is
fully maintained, contrary to the frequent experience of recession quickly
following. The state of mill order books, with accumulations of shipping
orders in several lines involving more than 30 days of production, promises
full maintenance of the high rate into next month, barring only the contingency of delivery postponements and of such a turn there are no
Suggestions at the present time.
Current Bituminous Coal Output Below That of a
Year Ago-Production of Anthracite and Beehive
Coke Ahead of Corresponding Period in 1928.
According to the United States Bureau of Mines, the
output of bituminous coal for the week ended March 23
totaled 8,436,000 net tons, a decrease of 1,435,000 tons as
compared with the corresponding period last year and
1,150,000 tons less than for the week ended March 16 1929.
The output of Pennsylvania anthracite in the week ended
March 23 amounted to 1,132,000 net tons, an increase of
37,000 tons over the corresponding period a year ago, but
was 59,000 tons less than produced in the week ended
March 16 last. The Bureau's statement follows:
BITUMINOUS COAL.
The total production of soft coal during the week ended March 23 1929,
including lignite and coal coked at the mines, is estimated at 8.436.000
net tons. Compared with the revised estimate for the preceding week, this
shows a decrease of 1,150.000 net tons, or 12%. Production during the week
In 1928 corresponding with that of March 23 amounted to 9,871,000 tons.
Estimated United States Production of Bituminous Coal(Na Tons) Including Coal Coked.
. -1928-19291927 1928
Coal Year
Coal Year
Week.
to Date.
Week.
to Date.a
March 9
10,260,000 475,375.000
10,392,000 446.075.000
Daily average
1,649,000
1,710,000
1,732,000
1.546,000
March 16.6
9,586,000 484.961,000
9,943.000 456,018.000
Daily average
1,598.000
1,648,000
1,557.000
1,548,000
March 23..c
8,436,000 493.397.000
9,871,000 465,889,000
Daily average
1,406,000 1,644,000
1.645,000
1,550,000
Minus two days' production first week In April to equalize number of days in the
two coal years. b Rev.sed since last report. c Subject to revision.
The total production of soft coal during the present coal year to March 23
(approximately 300 working days) amounts to 493.397.000 net tons.
Figures for corresponding periods in other recent coal years are given below:
465,889,000 net tons11925-26
1927-28
525.350,000 net tons
1926-27
580,061,000 net tons 1924-25
461,075,000 net tons
As shown by the revised figures above, the total production of soft coal
for the country as a whole during the week ended March 16 1929. is estimated at 9,586.000 net tons. This I. a decrease of 674,000 tons, or 6.6%.
from the output in the preceding week. The following table apportions
the tonnage by States and gives comparable figures for other recent years:
Estimated Weekly Production of Coal by Stales(Na Tons).
Week Ended
March
Mar. 16
Mar. 9
Mar. 17 Mar. 19
1923
State1929.
1929.
1927.
Average.a
1928.
Alabama
324,000
373,000
321,000
464.000
423,000
Arkansas
20,000
19,000
25.000
b37,00
22,000
Colorado
148,000
225,000
179,000
171,000
195,000
Illinois
1,021,000 1,137,000 1,688,000 2,021,000 1,684,000
Indiana
349,000
391,000
471.000
678.000
575,000
Iowa
83,000
101,000
95,000
134,000
122.000
Kansas
63,000
36,000
49,000
108,000
84.000
Kentucky-Eastern.._ _ _
816,000
889,000
828,000
940,000
560,000
Western
387,000
239,000
286.000
362,000
215,000
Maryland
52,000
58,000
55,000
61,000
52,000
Michigan
15,000
14,000
12.000
10,000
32,000
Missouri
75,000
78,000
59,000
71,000
60,000
Montana
57,000
58,000
44,000
47,000
68,000
New Mexico
52,000
55,000
54,000
58,000
53,000
North Dakota
44,000
36,000
46,000
30,000
34,000
Ohio
426.000
195,000
397,000
820,000
740.000
Oklahoma
b83.000
44,000
39,000
61,000
55,000
Pennsylvania ((bit.)... 2,626,000 2,617,000 2,424.000 3,352,000 3,249,000
Tennessee
117,000
112,000
112,000
118,000
138,000
Texas
18,000
19,000
16,000
21,000
19,000
Utah
78,000
102,000
72,000
84,000
68.000
Virginia
265,000
274,000
219,000
254,000
230,000
Washington
46,000
48,000
41,000
36,000
74,000
W. Va.-Soutbermc.... 1,880,000 1,957,000 1,744,000 2,007,000 1,203.000
672,000
Nortbern_d
677,000
638,000
867,000
686,000
Wyoming
126,000
131,000
131,000
140,000
136,000
Other States
1,000
1,000
5,000
7,000
6,000
Total bituminouscoal. 9,586,000 10,260,000 9,943.000 12,969,000 10,764.000
Pennsylvania anthracite_
1,191.000 1,221,000 1,046,000 1.422,000 2,040,000
Total all coal
10,777,000 11,481,000 10,989,000 14,391,000 12,804.000
a Average weekly rate for entire month. b Revised. c Includes operations on
the N. & W.; C. &O.; Virginian; K. & M., and Charleston division of the B. dr 0.
d Rest of State, including Panhandle.
[VOL. 128.
FINANCIAL CHRONICLE
2198
PENNSYLVANIA ANTHRACITE.
The total production of Pennsylvania anthracite during the week ended
March 23 is estimated at 1.132,000 net tons. Compared with the output in
the preceding week,this shows a decrease of 59,000 tons, or 5%. Production
during the week in 1928 corresponding with that of March 23 amounted to
1.095,000.
Estimated Production of Pennsylvania Anthracite (Net Tons).
-1927-1928
928-1929-Coal Year
Coal Year
to Date.,
Week.
to Date.
Week.
Week Ended1,486,000 74,485,000
1,221,000 75,573,000
March 9
1,046,000 75,531,000
1,191,000 76,764,000
16
March
1,095,000 76,626,000
1,132,000 77,896,000
March 23
a Minus two day's production in April to equalize number of days in the two coal
Years.
BEEHIVE COKE.
The total production of beehive coke during the week ended March 23 is
estimated at 125,300 net tons, as against 126,700 tons in the preceding
week. Production during the week in 1928 corresponding with that of
March 23 amounted to 99,900 tons. In the Connellsville coke region.
according to the Connell/iv'Ile "Courier," there was a net decrease of 83
in the number of ovens fired during the week.
Estimated Production of Beehive Coke (Net Tons).
Week Ended1928
1929
to
Mar.23
to
Mar. 16
Mar. 24
Date.a
1929,
1929.b
Date.
1929.c
769.800
101,900
Pennsylvania dr Ohio.- 102,800
71,300 1,073,200
163.600
112,900
West Virginia
10,100
10,400
13,900
55,400
1,900
20,500
Georgia, Ky.& Tenn_ _ _
2,100
5,300
56,300
57,900
Virginia
5,600
5,600
5.100
55,600
72,500
5,800
Colo., Utah & Wash__ _
4,300
5,800
United States total--
125,300
126,700
99,900 1,337,000 1,100.700
15,503
Daily average
21,117
16,650
20,883
18,831
a Minus one day's production in April to equalize number of days in the two years.
b Subject to revision.Lc Revised.
Current Events and Discussions
the high record in all time) and with $3,979,000,000 on
The Week with the Federal Reserveillanks.
The consolidated statement of condition of the Federal April 4 1928.
Reserve banks on April 3, made public by the Federal CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
Reserve Board, and which deals with the results for the
New York.
April 3 1929. Mar.271929. April 4 1928.
12 Reserve banks combined, shows an increase for the
$
7,405,000.000 7,366,000,000 7.235,000,000
week of $5,700,000 in holdings of discounted bills, and Loans and investments-total
5,521,000,000 5,484.000.000 5,374,000,000
decreases of $33,700,000 in bills bought in open market and Loans-total
$1,300,000 in Government securities. Member bank reserve
2,819,000,000 2,852,000.000 2,733,000,000
On securities
2 702,000,000 2,632,000,000 2,641,000,000
deposits increased $3,100,000, Federal Reserve note cir- All other
1,884,000,000 1.881,000,000 1,860,000,000
culation $10,800,000, and cash reserves $13,500,000, while Investments-total
Government deposits declined $6,500,000. Total bills and
1,106,000,000 1,109,000,000 1.060,000,000
U.B. Government securities
778,000,000 772,000,000 800,000,000
Other securities
securities were $29,300,000 below the amount held on
Federal Reserve Reserve with Federal Reserve Bank.... 730,000,000 744,000,000 767,000,000
March 27. After noting these facts, the
51,000.000
55,000,000
55,000,000
Cash in vault
Board proceeds as follows:
Holdings of discounted bills increased 520,100,000 at the Federal Reserve
Bank of Chicago, $9,700,000 at Atlanta, $9,400.000 at San Francisco.
$8,000,000 at Kansas City, $7,000,000 at St. Louis, and $6,200,000 at
Cleveland, and declined $63.600,000 at New York. The System's holdings
of bills bought in open market deciled $33.700,000 and holdings of certificates of indebtedness $1,500,000. while holdings of United States bonds
and Treasury notes were practically unchanged.
Federal Reserve note circulation was $10,800,000 larger than a week
ago, the principal changes being increases of $11,500.000 at Chicago and
55,200,000 at New York. and decreases of $6,600.000 at Philadelphia
and $4.700,000 at Cleveland.
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 2231 and 2232. A
summary of the principal assets and liabilities of the Reserve
banks, together with changes during the week and the year
ended April 3, is as follows:
Increase (+) or Decrease (-)
During
Year.
April 3 1929.
Week.
Net demand deposits
Time deposits
Government deposits
5,326,000,000 5,251,000,000 5,636,000,000
1,187,000,000 1,187,000,000 1,116,000.000
81,000,000
122,000,000 129,000,000
123.000,000
924.000,000
Due from banks
Due to banks
Borrowings from Federal Reserve Bank_ 135,000.000
On demand
On time
Loans and investments-total
5,137,000.000 5,205,000,000 3,074,000,000
426,000,000 444,000,000 905.000,000
Chicago.
2,068,000,000 2.096,000,000 2,003,000.000
Loans-total
On securities
All other
Investments-total
U.S. Government secur.ties
Other securities
+13,506,000
+9,952,000
-15,450,000
-24,317,000
Total bills and securities
1 380.458.000 -29,254,000
+51,124,000
+5,722.000
1 029,852,000
Bills discounted, total
esotwed by U. B. Govt obliga'ns 610,418,000 -11,562,000
419,434,000 +17,284,000
Other Mils discounted
+428,376,000
+259,816,000
+168,560,000
Net demand deposits
Time deposits
Government deposits
174,703,000 -33,724,000
-168,933,000
Due from banks
Due to banks
-214,174,000
-4,624,000
-72,530,000
-137,020,000
-1,252,000
-2,000
+227,000
-1,477,000
Federal Reserve notes in circulation-1.6433.649.000
+10,770,000
-909.000
+3,123,000
-6.505,000
-52,510,000
-65.504,000
+6,920,000
1,631.000,000 1,643,000,000 1,505.000,000
918,000,000
724,000,000
834,000,000
670,000,000
437,000,000
453,000,000
498,000,000
201,000,000
237,000,000
201,000,000
252.000,000
216,000,000
282,000,000
914,000,000
717,000.000
Reserve with Federal Reserve Bank.- 166,000,000
16,000,000
Cash in vault
170,000.000
15,000,000
181,000,000
16,000,000
1,172,000,000 1,197,000,000 1,252,000,000
638,000,000 655,000,000 682,000,000
21,000,000
31,000,000
33,000,000
162,000,000
322,000,000
152,000,000
328,000,000
171,000,000
397,000,000
99,000,000
86,000,000
40,000,000
+62,639,000
2,382,477,000
2 335,304,000
16,900,000
162,000.000
5,562,000,000 5,649,000,000 3,979,000,000
Total
2 892,521,000
2 719,212,000
U. S. Government securities, total 169,058,000
51,609,000
Bonds
91,417,000
Treasury notes
26,032,000
Certificates of indebtedness
204,000,000
Loans on securities to brokers and dealers
1,021,000,000 1,071,000,000 1,265,000,000
For own account
1,652.000,000 1,680,000,000 1,600,000,000
Fo account of out-of-town banks
2 889,000,000 2,898,000,000 1,215,000,000
For account of others
Total reserves
Gold reserves
Bills bought in open market
133,000,000 124,000,000
927,000,000 1,151,000,000
Total dePosita
Members' reserve deposits
Government deposits
Returns of Member banks for New York and Chicago
Federal Reserve Districts-Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of the
member banks in the New York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics covering the entire body of reporting member banks in 101 cities
cannot be got ready.
Below is the statement for the New York member banks
and that for the Chicago member banks thus issued in
advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans or reporting member banks. The grand aggregate of
these brokers' loans the present week decreased $87,000,000.
This follows a decrease of $144,000,000 last week but an
increase of $166,000,000 two weeks ago. The amount of
these loans on April 3 1929 at $5,562,000,000 compares
with $5,793,000,000 March 20 1929 (this latter having been
Borrowings from Federal Reserve Bank_
• Revised. a 1928 figures in process of revision.
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, in 101
cities, cannot be got ready.
Beginning with the statement of Jan. 9 1929, the loan
figures exclude "Acceptances of other banks and bills of
exchange or drafts sold with endorsement," and include all
real estate mortgages and mortgage loans held by the banks;
previously acceptances of other banks and bills sold with
endorsement were include with loans, and some of the
banks included mortgages in investments. Loans secured by
U.S. Government obligations are no longer shown separately,
only the total of loans on securities being given. 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.
APRIL 6 1929.]
FINANCIAL CHRONICLE
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business March 27:
The Federal Reserve Board's condition statement of weekly
reporting
member banks in 101 leading cities on March 27 shows a decline
for the week
of $42,000.000 in investments, an increase of $5,000,000
in loans, a decline
of $125,000,000 in net demand deposits, and increases of $22,000,000 in
time deposits and of $68,000,000 in borrowings from Federal Reserve
banks.
Loans on securities declined $50,000,000 at all reporting banks, a
reduction of $77,000,000 in the Chicago district being partly offset by an
increase
of $16,000.000 in the New York district and smaller increases
in most of
the other districts. "All other" loans increased $22.000,00 in
0 the Chicago
district, $20.000,000 in the New York district. $7,000,000 each in
the
Philadelphia and Cleveland districts and $55.000,00
0 at all reporting banks.
Holdings of U. S. Government securities declined $27.000,00
0 at all
reporting banks, $14,000,000 in the New York district and $6,000,000
in
the Chicago district, while holdings of other securities declined
$10,000,000
in the Boston district and 815.000,000 at all reporting
banks.
Net demand deposits, which at all reporting banks were
$125,000,000
below the March 20 total, declined $88,000,000 in the Chicago
district,
$41,000.000 in the New York district, $7,000.000 in the Richmond district
and $6,000,000 in the Dallas district, and increased $10,000,00
0 in the Boston district and $5,000,000 in the Philadelphia district. Time deposits
increased $24,000,000 in the New York district and $22,000,000 at all reporting banka.
The principal changes in borrowings from Federal Reserve banks for the
week comprise increases of $86.000,000 at the Federal Reserve Bank
of
New York, $16,000,000 at Boston and $8,000,000 at Philadelphia, and a
decline of $50,000,000 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
March 27 1929, follows:
Increase (+) or Decrease (—)
&nee
Mar. 27 1929. Mar. 20 1929. Mar. 28 1928.
$
8
$
Loans and investments—total-22,543,000,000
—38.000,000 +892,000.000
Loans—total
16,557.000,000
+5,000.000 +1.066,000,000
On securities
All other
7,592,000,000
8,965,000,000
—50,000,000
+55,000,000
+917.000,000
+150,000,000
5.986,000,000
—42,000,000
—174,000,000
3,086,000,000
2,900,000,000
—27,000,000
—15,000,000
+100,000,000
—275,000,000
Reserve with Federal Ree've banks 1,706,000,000
Cash in vault
243.000,000
Net demand deposits
13,156,000,000
Time deposits
6,827,000,000
Government deposits
305,000,000
Due from banks
1,150,000,000
Due to banks
2,796,000,000
Borrowings rom Fed. Res. banks.. 779,000,000
—9,000,000
+8,000,000
—32,000,000
+1,000,000
—125,000,000
+22,000,000
—336,000,000
+84,000,000
+24,000,000
—29,000,000
—35,000,000
+9,000,000
—405,000,000
+68,000,000
+396,000,000
Investments—total
U.S. Government securities
Other securities
Summary of Conditions in World's Market, According
to Cablegrams and Other Reports to the Department of Commerce.
The Department of Commerce at Washington releases for
publication April 6 the following summary of market conditions abroad, based on advices by cable and radio:
AUSTRALIA.
Business in Australia continued quiet but steady, with the outlook
improved by beneficial rains in wheat-growing and dairying districts.
Labor
disputes in the coal and lumber industries continue. Wool
is firm, with
buying on German and Japanese accounts active. Subscriptio
ns to the
new Commonwealth loan of £7,000,000 are reported
to be satisfactory.
A new Australian company for the manufactur
e of light aeroplanes is
projected, according to reports.
AUSTRIA.
A dispute with workmen regarding the
principle of wage payment on
holidays has resulted in a strike in three, and a
lockout in two Vienna
automotive plants, while the Central Industrial
Association has voted a
lockout for the entire Vienna metal working industry,
effective April 8,
and for the same industries In the entire country effective
April 15, if the
Vienna strike is not favorably settled in the meantime.
The Austrian
industrial and trade situation has returned to approximat
ely the scale
of operations which prevailed three months ago, when
the handicap of
severe winter weather was first felt. The financial
situation in outside
markets combined with Increased local demands for
credit
has created a slight stringency in the local money market. accommodation
BRAZIL.
General business continues very dull, exchange
weak, and money tight.
The commodity markets have been dull with specialties
and textilesstagnant.
CANADA.
Very mild weather during the week contributed
materially to a brisk
movement of wearing apparel,footwear, haberdashery and
Easter novelties.
Wholesale dry goods and hardware also report a very
satisfactory level of
current business; in the latter line, sales have been somewhat
under 1928
records but the outlook is optimistic in view of the constructio
n outlook.
Electrical equipment sales continue active and lead and
copper manufacturers are firm and moving to higher levels. British Columbia
reports a
more brisk movement of wholesale groceries. Production of
maple sugar
and syrup has been begun in Eastern Canada. Gains in
manufacturing
continue the activating influence in higher employment levels and
freight
car loadings as reported in March. Automobiles, sheet metals and rubber
are all working on heavy production schedules, and in the first
and last of
these, the export movement is notably heavier than last year.
Sales of
now automobiles in Ontario and Quebec so far reported are
about one third
heavier than in the first two months of last year, the
increased business
extending to imports which registered notable gains in
commercial cars.
and a less substantial increase in lower priced passenger
automobiles.
February bank debits still reflect slower business in the Prairie
Provinces,
although other sections of the Dominion reported increases
aggregating
about 10%. Winnipeg collections by retailers are also
reported slow.
although wholesale payments are improving, and a fair to
good situation
is reported from other Western points.
2199
Fall wheat is reported by Ontario farmers to have come through the
winter in good condition. Ice conditions in the St. Lawrence are reported
unofficially to warrant the prediction of an early opening of navigation.
CHINA.
North China areas remain quiet but uneasy,resulting in runs on two local
Chinese banks. Termination is reported of the strike situation on
the
Peking-Mukden Railway, and through passenger service between Peking
and Mukden is resumed. The Shanghai trade outlook is less favorable
than at any time during the past year because of uneasiness with regard
to the political situation. Lower Yangtze trade movements continue at
normal volume, with some disruption considered possible in shipping and
import-export movements in upper Yangtze areas. Outlook is fair for
general business in Manchuria. Operating conditions on the PekingMukden Railway are improving slightly, and through daily mail service
was resumed on March 26. Construction Is progressing satisfactorily on
the railway planned between Taitsibar and Aigun (Tabeho), with rails
now laid for a distance of 29 kilometers from Tsitsihat. The planting
season is starting in districts near Mukden. Local paper currency, known
as fengpiao is holding steady at 38.50 to one Yuan dollar. (Yuan dollar
is normally worth $0.50.)
DENMARK.
With trade turnover growing, the slow improvement in Danish business
conditions of the past several months was further accelerated toward
the
close of March, owing to more favorable weather conditions. Money
is
growing somewhat easier but agriculture and trade are still hampered
by the scarcity of capital and relatively high rates of interest. Industries,
while leaving much to be desired, show increased activity
in all major
branches except in the textile industry. Unemployment is gradually being
reduced and was estimated at about 70.000 at the
end of March. The
agricultural production is maintained at a high level. Prices are satisfactory but the high prices, especially on butter,show a tendency
to decline.
Shipping is again fully occupied with no idle tonnage. The
only disturbing factor in the situation is the disagreement on the
defense question
between the Government Party and the Right Wing which
resulted in the
dissolution of the Parliament and the calling for a general
election on April
24. It is considered possible that a change of cabinet
may occur. A
temporary budget for 1929-1930 was passed when the regular
budget was
defeated. Although the severe ice conditions markedly
affected foreign
trade during February the turnover was greater than expected.
Exports
and re-exports were comparatively well maintained
and amounted to
105.000.000 crowns compared with 125,000,000 crowns during
January.
Imports likewise declined from 129,000,000 crowns to
93,000,000 crowns,
creating an export surplus of about 12,000,000 crowns.
Wholesale and
retail prices are entirely stable with the exception of fuel
prices which rose
rapidly during the period of shipping difficulties. February
wholesale
price index was 159,an increase of 8 points.
INDIA.
Holidays in the past week have interfered with business in all
bazaar lines.
Jute and hessians are both ruling steadily. The return
of Ghandi to
Calcutta resulted in only minor disturbances.
ITALY.
Activity in the strictly industrial districts of Italy continues
to increase
slowly, but some depression prevails elsewhere. Basic
industries show a
general improvement and annual reports of various important
concerns
indicate that last year's difficult conditions were readily surmounte
d. The
failure of the tourist season has been seriously felt and efforts are
being
made to attract greater numbers during the coming year.
The low purchasing power of the masses resulting from low wage levels is a
serious drawback to the development of the internal market, and the Governmen
t is
leading an attempt to remedy the situation by increasing the salaries
and
wages of all Government employees. Industrialists are expected to
follow
this lead when general conditions show greater improvement. The financial
position of the Government continues strong with revenues exceeding
expenditures. Severe winter weather resulted in higher unemploym
ent
during February.
January foreign trade figures compared unfavorably
with January of last year, showing higher imports and reduced exports;
the January 1929 figures were: Imports. 1,815,000,000 lire and
exports.
997,000,000 lire. Cold weather did considerable damage to fruit crops,
but the acreage offield crops is believed to be higher than last year. Sicilian
winter lemons were damaged by the cold, but the summer crop is
expected
to show a 50% increase over last year.
JAPAN.
Business in Japan is slow, but with a better outlook. The luxury
tariff
on several items has been abolished and new rates designated
. Items
Include all outdoor sporting goods, tea, certain leathers,
cocoa, honey,
jams, biscuits, and cheese. (For specific rates see item under Tariff
Section.) It is reported that steel prices will be raised in June.
MEXICO.
Business activity outside of the zone of military operations is
slowly
returning to normal, but retail buying is less active than usual for the
Easter
season. Petroleum production continues to decline, the output February
in
being 3,130,000 barrels as compared with 3.714,000 barrels in January and
4,474,000 barrels in the same month of 1928. Exports also have
dropped
sharply and were 1,206,000 barrels in February, or 608,000 barrels
less than
in January and 1.826,000 barrels less than in February of last
year. On
account ofthe need for funds in connection with the suppression of
the revolt.
It is believed that further payments by the Federal Treasury
on old supply
bills, or developments in connection with the public debt will be
indefinitely
postponed.
NETHERLAND EAST INDIES.
Retail markets have been particularly dull since the native
holiday celebrations. Import and export business is also inactive but
some recovery is
expected after Easter.
NEW ZEALAND.
A satisfactory business level has been maintained in New
Zealand for the
past month,and from all indications present conditions are
likely to continue
for some time. Due to the returns coming in from the
season's produce,
money is plentiful and banks are reporting a large
surplus of deposits in
relation to advances. The situation is being further improved
by a heavy
excess of exports over imports. It is estimated locally
that dairy farmers
will realize approximately £2,500,000 more for their
produce than in the
past season. Wool prices, however, while still at a satisfactor
y level,are
easier. Conditions in the motor trade are satisfactory,
with both new and
second hand cars moving well. Sales are expected
to exceed those of last
season by a good margin. Owing to slackness of building
operations, lumber is quiet. Talking motion pictures which were
shown recently for the
first time in New Zealand were enthusiastically received.
NORWAY.
The improvement which characterized the Norwegian business situation
at the beginning of the year has received a temporary check owing
chiefly
to seasonal influences. Industries, however, are generally active and
prices are firm. February bank clearings were 25% less than during Jan-
2200
FINANCIAL CHRONICLE
crowns. an Increase
uary. Note circulation on March 15 totaled 296,000.080
and discounts during
of 4,000.000 crowns since February 15, while loans
largest
February remained unchanged at 264.000.000 crowns. Norway's
immediately.
department store has been destroyed by fire but will be rebuilt Norwegian
ordered by the
Two new freighters of 5,500 tons each have been
New York
American Line. The ships will be employed in the route between
expected and reand Norway. Both imports and exports were less than
been estimated.
sulted in lower revenues from custom receipts than had
2.300.February imports were valued at 75,500.000 crowns, an increase of
previous month, while exports declined to
000 crowns compared with the
53,800,000 crowns from 60,300.000 crowns for January.
PANAMA.
National City
The economic commission headed by a member of the
York predicts that the Panama budget will be balanced by
Bank of New
a report for
the end of the current year. The commission is now completing
extra session
submission to President Arosemena who expects to call an commission.
of the Assembly in May to act on recommendations of the
After thorough investigation it is estimated that the value of purchases
Zone, the army,
made in the Republic of Panama by residents of the Canal
to fourteen
navy, biennial fleet visits, tourists, and transiting ships amount Sanitary
Long, of the Pan American
million annually. Dr. John D.
Government the
Bureau, submits a new sanitary code to the Panama
Public Health
stipulations of which would give the Board of Hygiene and
for the new
central control. The first shipment of building materials
The Panama auto finishing works
8300,000 Colon theater is on its way.
service.
have opened a plant as a result of the growing demand for such
for the exploitaA local British steamship agent, has secured a concession
banana district
tion of timber in Veraguas. The smallpox quarantine in the
foreign
of Darien prevents fruit purchases from that region. The first
on
commercial plans of the Scadta Co. entered the Canal Zone
on
March 27, coming from Barranquilla. Resumption of through traffic
by Apr'
the railroad from Port Limon to San Jose, Costa Rica, is predicted
[VoL. 128.
"While I do not know Mr. Kahn's private business," added Mr.
Gest, "he promised to look after certain artistic developments in
Europe for me, inasmuch as I couldn't leave now myself. Mr. Kahn
will probably see Max Reinhardt in Berlin. He is also going to meet
my father and mother there."
Concerning how long Mr. Kahn expected to remain abroad, Mr. Gest
said he was uncertain, but aided that he planned ts meet Mr. Kahn
in Europe later this spring.
At Mr. Kahn's residence no information was available concerning
Isis mission or the time he will be away.
Bank of England Adding to Its Gold—Establishes Net Gain
in Metal Movement for First Time Since January
Report—To Get African Shipment.
From the New York "Times" of April 1 we take the following from London, March 28:
LONDON, March 28.—Interesting events are taking place in regard to
gold movements. While there is a good deal of mystery surrounding
last Monday's purchase of nearly £1,000,000 of gold by the Bank of
England, owing to the fact that the Bank does not disclose the sources
from which it receives gold, it is generally assumed that this came from
Holland, which recently released £2,000,000 of gold, an amount that was
shown by British custom's returns as having been imported into England.
This movement of gold from Holland to London has been necessary
in order to maintain exchange, but the advance in the Dutch bank rate
to the same level as the London official discount rate has now corrected
the position to a considerable extent. Other gold movements are taking
place which are leading to a distinctly more optimistic feeling in the money
market. Next Tuesday £800,000 in gold arrives in London from
10.
South Africa, while even larger shipments are following from the
UNITED KINGDOM.
same quarter. A total of 11,000,000 of gold is also on its way from
the Australia, so that in the absence of any favorable exchange moveWith seasonal factors contributing, British trade conditions indicate
Substantial reductions ments there is every prospect of the Bank of England being able to
continuation of slow but gradual Improvement.
latest add very substantially to its gold reserve during the next few weeks.
in unemployment, due in part to the pre-Easter activity, feature the
This influx has turned the net gold movement of the Bank of
labor returns. Railway earnings are better and country check clearings
however.
through London have increased. Provincial bank clearings,
England from a loss to a gain for the first time since last January,
is shown in the coal while since the bank rate was raised in February there has been an
are still below last year's level. A notable expansion
output volume and steel production has also increased. Automotive increase in the bank's gold holdings from £150,000,000 to /154,734,000.
plants are busy while the engineering trades in general are somewhat
better engaged. The cotton and wool goods industries continue unsatisfactory, as do the shoe and leather trades, although the latter perhaps show
except wool
a little improvement. The import volume of raw materials,of this year. Holland Credits Increased Abroad—Banks Lend in Substihiand hides, was well maintained during the first two months
tion for Government Bill Holdings—Rate Rise
A slight reduction in exports Is indicated by the most recent figures. probably
Delayed as Long as Possible.
due to the recent retardation in transportation as a result of extremely
cold weather. The daily average of exports, however, compares favorably
In its issue of April 1 the New York "Times" carried the
with that of a year ago.
following cablegram from Amsterdam (Holland) dated
The Department's summary also contains the following
March 28:
with regard to the island possessions of the United States:
The increase of the discount of the Netherlands Bank by a full 1%
PHILIPPINE ISLANDS.
As a result of absence of demand from the United States and little inquiry
Europe and Japan, the abaca market remains quiet. Prices are unfrom
changed at 30 pesos per picul of 139 pounds for grade F; I, 27.50; JUL
of
20.50; JUL 16.75; and L, 14.75. (1 peso equals $0.50.) Receipts
arrivals
abaca at Manila during the past week totaled 37,455 bales. Copra
continue seasonally light and oil mills are operating intermittently. ToLegaspi,
day's f. o. b. price at Hondagua and Cebu are 11.75 pesos per picul;
Manila
11.375 pesos, and Manila, 12.25 pesos. It is announced that the
approximately $600,000 worth of new rolling
Railway Co.is soon to purchase
stock In the United States,
was delayed by the president as long as possible, as the rise in foreign
exchange was only the result of a temporary efflux of guilder balances
to the market's high interest rates, influenced to some extent by New
York. This situation is no proof of a worse economic situation in the
Netherlands, as even a weaker position of the Netherland Bank was
reflected only in the substitution by corresponding balances abroad of
private banks. As soon as these balances are returned, the position of
the Netherlands Bank will undoubtedly again be strengthened.
The last bank statement, as of March 25, again shows a fall in the
total of foreign bills and balances abroad from 555,000,000 guilders to
534,000,000. Inland bills increased from 59,000,000 to 149,000,000
February 4 and March 25. Bankers expect further gold shipYear—Showing, betweento London, as sterling is still strong. Monthly brokers' loans
Great Britain Has Surplus of $90,000,000 on
ments
4
Far Above Chancellor Churchill's Estimate, is Best are at 6, %.
The high money rates in New York has no influence on sterling, as
Since 1923.
the London banks withdrew balances from New York for monthly
A surplus of £18,394,463 (about $90,000,000) was indi- window dressing.
cated on March 30 when the British Government's accounts
for the financial year of 1928-29 were balanced, says a London message March 30 to the New York "Times." The account goes on to say:
This exceeds the expectations of Mr. Winston Churchill, Chancellor
year estimated the
of the Exchequer, who in his budget speech last
most
surplus would be £14,502,000 (about $70,625,000). It is the
satisfactory figure since 1923.
Revenue amounted to £836,434,988, compared with £842,824,465
totaled £818,last year—a net increase of 16,389,477. Expenditures
£20,522,816.
040,525 against £838,563,341 last year—a decrease of
£4,239,124 surplus of last year
If this year's surplus is added to the
£22,633,387.
it leaves Mr. Churchill with a total surplus of
Exchequer
In accordance with the policy of the Chancellor of the
the Governthe entire surplus will be devoted to rating relief under
existence
ment's ambitious de-rating scheme. Nevertheless, the mere
concessions to taxof such a large surplus indicates that substantial
Churchill will
payers will be made in the next budget, which Mr.
present to Parliament April 15.
The Conservatives are jubilant tonight as the result of Mr. Churchill's
opportunity of
handling of the nation's finances and they will lose no
reminding the voters of the government's financial record.
A slowly improving trade, increasing death duties and strict economies in expenditures are held responsible for the favorable balance.
German Reichsbank Selling Gold—Disposes of 35,000,000
Marks in New York to Meet Reparations Payment.
The following advices from Berlin April 2 (Associated
Press) are taken from the "Times":
The Reichsbank during the quarter ended on March 28 depleted its
gold and foreign exchange reserves by about 443,000,009 marks, of
which about 46,000,000 in gold were sold. The gold reserves on March
28 were announced today as 2,683,000,000 marks, and foreign exchanges
as 131,000,000.
Yesterday the Reichsbank sold an additional 35,000,000 marks in gold
in New York to procure foreign exchanges with which ts pay today to
the Agent General for Reparations 150,000,000 marks in semi-annual
payment of interest on industrial debentures for the fifth reparations.
The same paper had the following to say in Berlin advices
March 29:
Unless the New York money market position radically changes, the
Reichsbank will be compelled to sell further gold. Bankers deny the
existence of large German credits in New York. Remittances to New
York in the past few weeks mainly represent called in or voluntarily
paid American credits. German bank deposits in America and other
foreign banks have increased heavily over 1928, but are less than
foreign deposits here.
It is estimated that of the 10,500,000,000 marks deposit liabilities of
Otto H. Kahn of Kuhn, Loeb & Co. Sails for Europe.
six chief banks, 4,500,000,000 are to foreigners. The firmness of dollar
Loeb & Co., sailed for Europe exchange on Wednesday, however, represented the German dollar buyOtto H. Kahn of Kuhn,
investment in America as the result of
with the
Friday night (March 29) on the French liner Ile de France, ing big rise inaim of short-term New York last Tuesday and Wednesday.
the
interest rates in
says the "Times" of March 31, which in commenting on Mr.
Kahn's departure said:
His name was not on the passenger lists.
Morris Gest, however, was observed on the boat shortly before it
the
was scheduled to depart. When questioned yesterday concerning
report that Mr. Kahn had sailed, Mr. Gest reluctantly admitted he had
been on board the Ide le France to see Mr. Kahn off.
his
Mr. Gest explained that Mr. Kahn had not wanted tho fact of
sailing Friday to become known.
Germany Pays $36,000,000 Interest on War Debt.
Associated Press advices April 2 stated: "
BERLIN.—The first half-yearly instalment of interest in industrial
debentures for the fifth reparations year was handed today to the
Agent General for Reparations.
The amount was 150,000,000 marks (about ($36,000,000).
MAR., 1929.]
FINANCIAL CHRONICLE
2201
and the speeding up of the process of executing judgments obtained
for debts, which at present may take five years to realize, are other
preliminaries certain to be demanded. Some of the demands are
acceptable to the Yugoslav Government; others are obviously not,
for one of the Ministers assured your correspondent that if the lenders
are unreasonable the government is determined not to pursue the
With a few exceptions, the revaluation of old German paper mark matter of a loan at present, and by drastic economies to try to carry
bonds, which are being valorized on the basis of the present reichsmark, on without a loan. Whether this is possible over a long period,
whose parity is 23.80 cents, has been brought to a close, it was learned however, is questionable.
yesterday.
The Rothschild representative unobtrusively returned to Belgrade
In a few instances applications are still under consideration, but new from London a fortnight ago. His arrival was closely followed by
applications are no longer being accepted. This refers particularly to that of the Yugoslav Minister to Great Britain. Apparently imagining
bonds issued by the municipalities of Bremen, Coblenz, Darmstadt, that they had brought the £50,000,000 in their suitcases, swarms of
Dortmund, Duesseldorf, Elberfeld, Essen, Frankfurt, Hanover, Koeln, concession hunters, especially French and Czech railroad engineers,
Koenigsberg, Krefeld, Luebeck, Mainz, Magdeburg, Mannheim, Muen- descended on Belgrade, overcrowding
the hotels in their eagerness
chen, Offenbach, Pforzheim, Regensburg, Rostock, Stettin, Trier, Ulm, to share the anticipated golden harvest.
Wuerzburg, Worms and the majority of other cities.
It is already apparent, however, that the excitement was premature.
The special commission whose task it was to advise applicants and The loan negotiations have resumed their tedious course, and the
review applications has already discontinued its activities and for the disappointed gold diggers have departed,
but not so far as to prevent
purpose of winding up its work a clearance office of the commission being first on the scene
if the government decides to conform. Only
was established. In a few instances, such as German Government then will come a tug of
war when the Rothschilds will have to
bonds under the so-called new possession procedure and the bonds of
settle with Blair & Co.
the cities of Augsburg, Berlin, Chemnitz, Hamburg (1919 bonds acIn printing the above the "Times" said:
quired before July 1, 1920), Fuerth, Heidelberg, Karlsruhe, Leipzig,
Nuremberg and Stuttgart, valorization is still obtainable provided that
Terms of Blair Loans.
satisfactory reasons are offered for the delay in submitting the bonds.
After proposals to float a $100,000,000 loan of the Kingdom of
In regard to bonds of the remaining municipalities, such as Dresden
the Serbs, Croats and Slovenes here had been discussed, a $25,000,000
and Hamburg, belated applications are still being considered if notice
issue of forty-year 8% bonds were offered at 951 to yield 8.40%
4
is given by the bondholders directly to the German municipalities and
1922. The offering announcement described the kingdom as
if the delay is justified. This situation also applies, on general principle, in June,
"a constitutional monarchy governed by a national assembly and
to industrial bonds and mortgage bank bonds.
a King acting through Ministers." Since that time a dictatorship
has been established.
The houses offering the loan were Blair & Co., Chase Securities
Negotiations Concluded in Paris for Establishment
Corporation, Redmond & Co., E. H. Rollins & Sons, Kissel, Kinneof Central Bank in Poland for Agricultural Loans.
cutt & Co., J. & W. Seligman & Co., Bonbright & Co., Cassat &
Cable advices received by the American Polish Chamber Co., West & Co. and the Union Trust Company of Cleveland.
In September, 1924, Blair & Co. and the Chase Securities Corof Commerce from Warsaw announce the conclusion in poration offered $3,000,000
of 6% secured seven-month treasury gold
Paris of negotiations for the establishment of a Central notes of the kingdom to finance railways.
The $25,000,000 of bonds were described as a direct obligation of
Bank in Poland for long term agricultural loans. Under
the kingdom, "further secured by a direct charge against the prindate of Apr. 2 the Chamber says:
cipal source of government revenues."
The banking group co-operating in the establishment of the new bank
consists of the Banque de Paris at des Pays has of Paris, Lazard Bros. of
London, and the Bankers Trust Co.. Chase Securities Corporation and
Budget Passed—One-Sixth of the Total Devoted
Blair & Co. of New York. Several other large banks are expected to join Yugoslavia
this group later.
to National Defense.
The bond issue which is scheduled for the spring will amount to $20,Belgrade (Yugoslavia), Associated Press advices March
000.000. Establishment of adidltional facilities for long term agricultural
credits in Poland will contribute greatly to the expansion of the local 30 are taken as follows from the New York "Times":
Polish markets.
The Yugoslav budget of 12,000,000,000 dinars (approximately
$204,000,000), was approved today.
One-sixth of the budget is devoted to national defense, while
Yugoslavia Seeks New Loan—Dictatorship Reported as Nemore than a billion
will
gotiating With London Rothschilds for L50,000,000—Blair pensions used absorb highways, railroads dinars. Two billion dinars
for new
will be
and communications.
German Revaluation of Old Bonds Ended—Applications Still
Considered in a Few Instances, but New
Ones No Longer Accepted.
The following is from the New York "Times" of March 28:
& Co. Holds Control.
From Belgrade, April 2, the New York "Times" reported
Suggests Debt Sacrifice—Premier Venizelos Objects Otherthe following:
wise to Concession by Powers to Bulgaria.
Yugoslavia is hovering between the prospect of chill penury and
The following cablegram from Athens, April 2, is from the
that of experiencing a pleasant glow resulting from a sudden rush of
gold to the exchequer. Which will finally be her lot largely depends New York "Times":
on the New York banking house of Blair & Co.
Replying to the demands of various members in the chamber this
Since the Ministers deny it is so, one must not say that the fate
that Greece should sternly resist the application of Bulgaria
of Alexander's dictatorship depends upon obtaining the loan. Never- afternoon
for postpohement of her reparation instalment in consideration of the
theless, it is certainly by this criterion that the population generally
earthquake damage last year, Premier Venizelos urged the doctrine
will judge its success or failure. Thus the house of Rothschild in
"equality of sacrifice" on the great powers.
London, which at present is investigating the possibilities of floating of
Under the Greek war debt agreement, said M. Venizelos, the
the desired £50,000,000 ($250,000,000) loan, also occupies a place
near the dictatorial apex. That point itself, however, comfortably country was obliged to pay £1,000,000 while receiving only 8,000,000
marks from Germany. He suggested that the great powers forego
accommodates Blair & Co. of New York.
a portion of the share of German reparations corresponding to any
Made Two Previous Loans.
reduction granted Bulgaria on her reparation payments.
"Borrow in haste, repent at leisure," must be written above the
Subsequently it was learned here from Sofia that the Bulgarian
portals of the Yugoslav Finance Ministry. The terms obtained from Government today paid over half the amount of her reparation instalBlair & Co. for the loans of many millions in 1922 and 1924
have ment due April 1 without awaiting the decision of the representatives
given them virtual command of Yugoslav finances. Their millions of the Reparations Commission who at Bulgaria's request are inmay enable the Rothschilds to dictate to the dictators the terms on vestigating the damage in the earthquake areas.
which the loan may be procured, but, irrespective of Yugoslavia's
It is believed that Italy and Britain supported Bulgaria's applicacompliance, Blair & Co. are able to grant or withhold from the tion for relief, while France is understood to have adopted the Greek
Rothschilds the power to conclude the loan. For the existing Blair standpoint in the hope of loosening the Greco-Italian connection.
& Co. loan agreements stipulate that the banking house has a first
lien on all the customs and on all State monopolies, subject only to
the service of certain pre-war loans, as well as a first lien on the Unemployment Fund Approved in Poland—Increased Rereceipts of the State railways. It is obviously impossible for anyone
ceipts Due to Building Encouragement Accorded by the
to obtain security for a further loan to Yugoslavia without first coming to terms with Blair & Co.
Government.
The actual state of the loan negotiations is one of the topics which
From the New York "Times of March 24 we take the
is considered bad form to discuss in Belgrade. The efficiency of the
new regime, which is evident in departments of many of the Ministries, following:
and especially in the Press Section of the Foreign Office, where apThe managing committee of the Polish Unemployment Insurance Fund
pointments are arranged and kept with promptness, does not extend has recently approved the budget recommended by the fund, according
as far as the anteroom of the Finance Ministry. Perhaps deliberately to the Geneva office of the International Labor Organization of the
M. Sverliuga, Minister of Finance, makes himself the most inaccessible League of Nations.
Minister in Yugoslavia.
First place among the receipts goes to contributions from employers
and insured persons, which amount to 36,000,000 zloty ($4,140,000),
Dinar Rate Considered.
or 7,800,000 zloty ($897,000) more than in 1928. This increase is
Despite the absence of precise information, Belgrade financiers are caused
by the government's activity in encouraging building, which is
able to surmise generally the terms which the Rothschild house will
expected to increase the number of workers employed and enlarge the
demand that Yugoslavia comply with before granting the loan. Cer- scope of
insurance. The calculation was based on an average wage
tainly the severance of the existing connection between the National of 6
zloty (69 cents) a day.
Bank and the government will be a prime condition.
Among the expenses, $2,524,250 has been estimated as the amount
Though the dinar rate has long been steady there is no security of normal insurance benefits, as
compared with $1,794,615 spent in
against a fresh resort to inflation until the severance is effected. The 1928.
Special benefits paid by the government to workers who have
Rothschilds are further considered likely to demand the appointment used up their statutory right to benefit
amount to $1,770,310, as comof their nominee as adviser to the National Bank as well as a nominee pared with
$2,166,650 in 1928. The surplus of receipts, which will be
of theirs as controller of the productive investments to be made from used to increase
the reserve fund and to pay off part of the State
the loan. It is also certain they will require that the dinar be placed debt of previous years, will
amount to $2,889,310.
on a gold basis.
According to these figures, it is clear that the committee is looking
Legal reform providing for adequate security for foreign credit, forward to a reduction of
approximately 30% in the number of unwhich at present is lacking; the prevention of fraudulent bankruptcies employed persons receiving
the special benefit, which at present is about
2202
FINANCIAL CHRONICLE
28 cents a day. The committee also hopes that administrative costs
can be reduced by utilizing more and more the services of such public
authorities as municipalities and the like. At present the unemployment
fund has empowered 83 rural councils, 134 urban councils and 210
district authorities to carry out its administrative functions.
The Polish Minister of Labor on Dec. 14, 1928, published a decree
which suspended certain provisions of one section of the unemployment
insurance act of July 18, 1924, in respect to seasonal workers in the
building trades, brick work, inland navigation, paving and road mending.
Seasonal workers who ordinarily labor less than ten months in the
year are not entitled to unemployment relief during the off season,
according to Section 5 of the act; but Paragraph 3 of the same section empowers the Minister of Labor and Social Welfare to suspend
this provision.
Because of this decree, the workers affected by it will be enabled
to draw unemployment benefit during the off season of 1928-29. This
applies to 42 towns, 103 rural districts, and the entire Provinces of
Vilno, Novgogrodek, Pomerania, and Stanislavov, where the unemployment situation is particularly serious.
A similar provision was made for the Winter of 1927-28, but on
account of the more flourishing condition of the unemployment funds,
the Minister of Labor has decided to increase the decree's application
this year. The number of unemployed at the end of 1928 was 128,000,
as compared with 165,000 the previous year. In addition, most of them
are unskilled workers, which shows, according to the Polish press, that
the recent increase in the number of those out of work is not a sign
of general economic depression, but only the normal result of the
close of seasonal work. It is estimated that Winter unemployment
usually affects 70,000 to 100,000 workers a year.
[VoL. 128.
On March 27 the Federal Reserve bank reported a total of $5,649,000.000,
which was $142,000,000 more than the previous total. Since the stock
market was closed Friday and Saturday, and in view of the fact that on
Thursday, which was March 28, stock prices advanced, it is believed that
the difference in the periods upon which the respective reports are based
did not account for the discrepancy in the figures.
Local Bank Loans Up.
Comparison of the Stock Exchange and Federal Reserve Bank figures Indicated that during the month of March a larger proportion of loans was
placed through local banking institutions. In addition to the fact that
the Federal Reserve Bank reports a larger increase in loans, the Stock Exchange tabulation indicates that New York banks and trust companies
placed approximately $94,000,000 more in loans at the close than at the beginning of the month, whereas loans by private bankers, brokers, foreign
agencies, &c., increased by about $32,000,000. The former group, as classified by the Stock Exchange, largely coincides with the member banks.
Although a larger proportion of brokers' loans swere placed through the
local banks,the Federal Reserve Bank reports indicated that, in response to
the present policy of the Reserve Board, member banks slightly decreased
loans for their own account during the month. Such loans, in fact, dedined $19,000,000 since February 27, while loans by out-of town banks declined $13.000,000 and "others" loans, placed by member banks advanced
$174,000,000.
According to the Stock Exchange report both New York banks and private
and foreign agencies increased their demand loans, at the same time diminishing their time loans. Total demand loans advanced $261,849,110, while
time loans dropped $135,937,619, making a net advance of $125,911,491.
The New York banks were reported to have loaned 35,230,871,135 on demand and $482,187,921 on time, increasing the former by $196,466,911 and
decreasing the latter by $102,271,102. Demand loans of private and foreign
agencies increased $65,382,199 and totaled $979,127,385. The total of
time loans offered by the same group was $112,270,967, which was a decrease
of $33,666,517 from the previous month.
Stockholders of Kansas City Joint Stock Land Bank
Assessed 100%.
The following is the statement issued April 3 by the Stock
An assessment of 100%, aggregating $3,800,000 on the Exchange showing the volume of brokers' loans:
Total net loans by New York Stock Exchange members on collateral,
1,800 stockholders of the Kansas City Joint Stock Land Bank
New York as of the close of business March
contracted for and
has been levied by the Federal Farm Loan Board at Wash- 30 1929, aggregatedcarried in
$6,804,457,408.
ington. The Board's action was based on the recommendaThe detailed tabulation follows:
tion of Herman M. Langworthy, Receiver for the Bank, (1) Net borrowings on collateral from New YorkDemand Loans. Time Loans.
$5,230,871,135 $482,187,921
banks or trust companies
who estimates its deficit at $6,498,812. Associated Press
(2) Net borrowings on collateral from private bankers,
advices from Kansas City, April 1, reporting this, said:
brokers, foreign bank agencies or others in the
979,127,385 112,270,967
City of New York
A year ago Walter Cravens, former President. and Miss Alice B. Todd,
former Secretary of the institution, were sentenced to terms of six years
$6,209,998,520 $594,458,888
Combined total of time and demand loans, $6,804,457,408.
and a year and a day, respectively, in Federal prison for misapplication of
funds. Appeals a. e pending.
The scope of the above compilation is exactly the same as in the loan
While scattered holdings of stock are at Salina, Nan., Cravens's home report issued by the Exchange a month ago.
town, and elsewhere in the Southwest, the bulk is owned by investors in
The compilations of the Stock Exchange since the issuance
New York, New England, Pennsylvania. Ohio. Illinois, Michigan and
California. Some stock buyers paid as high as $180 a share for the stock, of the monthly figures by it, beginning in January 1926,
par at $100. To-day's assessment exacts $100 more on each share.
The Farm Loan Act specifically provides that Joint Stock Land Bank follow:
.
Total Loans.
Demand Loans.
Time Loans.
/926—
shareholders are individually responsible for contracts, debts and engage$3,513,174,154
$966,213,555
52,516,960,599
Jan. 30
ments of the Bank to the par value of stock held, in addition to the amount Feb. 27
3,536,590,321
1,040,744,057
2,494.846,264
3.000.096,167
966,612,407
already paid for the stock. The large capital of the Bank permitted the Mar. 31
2,033,483,760
2,835,718,509
865,848,657
1,969.869,852
April 30
issuance of more than $40,000.000 in mortgage-secured bonds.
2.707,400,514
780,084,111
1,987,316,403
The assessment announcement to-night may be met in four payments— May 28
2,026.298,345
700,844,512
2,225,453,833
June 30
May 1, June 1, July 1 and August 1. It is levied against shareholders of July 31
2,996,759,527
714,782,807
2,282,976,720
3.142,148,068
778,286,686
2,363,861,382
record May 4 1927, date of the receivership, and if unpaid may be collected Aug. 31
3,218,937,010
799.730,286
2,419,206,724
Sept.30
by suit.
3,111,176,925
821,748,475
2,289,430,450
31
Mr. Langworthy said that while bondholders also are confronted by Oct. 30
3,129.161,675
799.625,125
2,329,536.550
Nov.
3,292,860,255
751.178,370
osses, the Bank has sufficient assets to justify a reorganization, provided a Dec. 31
2,541,682,885
plan can be devised which is sound and can protect the interests of all con1927—
3,138,786,338
810,446,000
cerned. A reorganization plan went to the Federal Farm Loan Board last Jan. 31
2,328,340,338
3,256,459,379
780,961,250
2,475,498,129
Feb. 28
winter, but discussion was withheld pending the Langworthy report.
3,289,781,174
785,093,500
2,504,687,674
The receivers estimated valuation of assets, and as they were carried on Mar. 31
3,341,209,847
799,903,950
2,541,305,897
Apr1130
the books of the Bank disclosed a shrinkage of from $50,406,393 to May 31
3,457.869,029
783,875,950
2,673,993%079
3,568.966,843
811,998,250
2,756.968,593
441,544,097.
June 30
3,641,605,290
877,184,250
2,764,511.040
3,673,801,333
928,320,545
A reference to the conviction of President Cravens ap- July 30
2,745,570,788
Aug. 31
3,914.627,570
896,953,245
3,107,674,325
Sept 30
peared in our issue of June 9, page 3531.
3.946.137,374
922,898,500
3,023,238,874
Oct. 31
4,091.836,303
957,809,300
3,134,027,003
Nov.30
4,432,907,321
952,127,500
3,480,779,821
Dee. 31
Brokers Loans on New York Stock Exchange Reach
1928—
4.420,352,541
1,027,479,260
3,392,873,281
31
Record Figures of 56,804,457,408—Increase of Jan. 29
4.322,578,914
3,294,378,654
1,028,200,260
Feb.
4,840.174,172
3.580,425,172
1,059,749,006
Mar. 31
$125,911,491 in Month.
4,907,782,599
3,738.937,599
1,168,845,000
Apr1130
5,274,046,281
1,203,687,250
4,076,359,031
Brokers loans on the New York Stock Exchange on March May 31
4,898,351,487
3,741,632,505
1,156,718,082
June 30
4,837.347,579
30 reached the highest total on record, the figure at $6,804,- July 31
3,767,694,495
1,069,653,084
5,051.437,405
957,548,112
4,093,889,293
Aug. 31
457,408 at the end of March comparing with the previous Sept.30
5,513,639,685
4,689,551,974
824,087,711
5,879,721,062
5,115,727,534
763,993,528
31
high total of $6,735,164,242 on Jan. 31 1929. The February Oct. 30
6.391,644,264
777,255,904
Nov.
5,614,388,360
6,439,740,511
5,722,258,724
717,481,787
28 figures were slightly below those for Jan. 31, totaling Dec. 31
1929
-$6,678,545,917. The showing at the end of March represents Jan. 31
6,735,164,242
5,982,672,41.1
752,491,831
6,678,545,917
5,948,149,410
730,396,507
an advance of $125,911,491 over the Feb.28 volume. Of the Feb. 28
6,804,457,408
6,209,998,520
Mar.30
594,458,888
March 30 total $6,209,998,520 represents demand loans and
$594,458,888 time loans. The figures made public by the
Stock Exchange this week occasioned the following comment Members of New York Stock Exchange Required to Use
in the "Times" of April 3:
Identification Badges on Floor.
The Stock Exchange's monthly report on brokers' loans was fairly in
Under date of March 14 the following notice was issued to
ne with the Reserve bank's compilation, so far as regarded increase
during March. The last weekly Reserve bank showing made the increase members of the New York Stock Exchange by Ashbel
in a month $142.000,000; the Stock Exchange makes it $125,911,000. But Green, Secretary:
the Stock Exchange figures are chiefly interesting because of their more
comprehensive picture of the use of credit by New York brokers. The
NEW YORK STOCK EXCHANGE
March 14 1929.
total now employed is $6,804,000,000, covering only borrowings by
members of the larger New York Exchange, and not at the other stock To the Members of the Exchange:
Exchange who execute
exchanges in New York or elsewhere. It represents an expansion in
The Committee directs that all members of the
twelve months of $2,164,000,000, or 46it% and in two years an increase orders upon the Floor of the Exchange must be provided with identification
of $3,514,000,000, or 106% %. In any other than their present mood, badges on and after April 11929. This badge must contain the name, and
the apologists for the present stock market would recognize the absurdity firm name or clearing firm name of the member,(and annunciator number,
of their own talk about "underwritings of new securities" as the cause if desired) and is to be worn by each member while on the Floor.
of the brokers'loan inflation.
Application blanks may be obtained in the Secretary's Office.
By order of
The "Journal of Commerce" in its issue of April 3 observing
COMMITTEE OF ARRANGEMENTS,
that for the period between Feb. 27 and March 27, the
ASHBEL GREEN.
Secretary.
weekly reports of the Federal Reserve Bank of New York
The previous notice, addressed to members on January 2,
indicated a larger increase in brokers' loans, than did the
was given in these columns Jan. 5, page 38.
Stock Exchange figures for the same period, added:
APRIL 6 1929.]
FINANCIAL CHRONICLE
Value of Stock and Bond Transactions Through Stock
Clearing Corp.in March Over 11 Billion Dollars.
The New York Stock Exchange announced on April 2
that the value of stock and bond transactions (special
clearances omitted) settled through the Stock Clearing
Corp. during the month of March, 1929, amounted to
$11,365,198,974.38; this compares with
,022,337,769.85
for the month of February.
27 Stocks Lending "Flat" on New York Stock Exchange
—Large Short Interest Said to Be Indicated in
Stock Market.
The following is from the New York "Times" of Apr.5:
The fact that 27 securities were lending "flat" in the loan crowd on the
New York Stock Exchange yesterday was believed to indicate that there
was a large short interest in the market. Rates varied measurably with
most of the industrial issues commanding the going call money rate, and
with the run of railroad issues 1 to 2% lower. Only one stock is now
quoted at a premium,that being Baldwin Locomotive,on which a premium
of 1-64th of 1% Is demanded.
The following issues are lending flat: American Brown Boyer!, American Woolen, common and preferred, Armour dr Co., B., National Bellas
Hess, Chicago Pneumatic Tool, Chicago & Eastern Illinois. Chicago &
Great Western, preferred, Crucible Steel, Cuyamel Fruit, Devoe & Raynolds, Foundation Company, Jordan Motors, Lehigh Valley, Manhattan
Electric Supply, National Lead. Pressed Steel Car. Real Silk Hosiery,
Remington Arms, Savage Arms, Simmons Company, Sloss Sheffield Steel,
United Fruit, U. S. Rubber, first preferred. Virginia Carolina Chemical,
common and preferred, and Western Union Telegraph.
2203
meeting in Washington this week,the Federal Reserve Board
on April 4 gave out a statement surveying credit developments during the seven weeks to March 27. Thsi
statement, which is to appear in the April Bulletin of the
Federal Reserve Board, was regarded as a presentation
of the views developed at the meetings of the Governors,
and the joint meetings of the Reserve Board and Governors
which followed meetings of the Board itself, at which Secretary of the Treasury Mellon, ex-officio Chairman of the
Board, was present. In its statement this week on the credit
situation the Board took occasion to refer to the one issued
by it early in February, in which it "endeavored to enlist
the co-operation of the Federal Reserve Banks and member
banks in order to bring about an orderly re-adjustment in
the credit situation." "Progress in this readjustment in
recent weeks," says the Board, "is indicated by the decline
in brokers' loans of member banks." The Board adds:
Continued developments in this direction, indicating a definite reversal
of recent trends, would release an increasing amount of credit for the
use of trade and would lead to an easing in the money situation. In case
the desired readjustments is not brought about by voluntary cooperation,
however, the Federal Reserve System may adopt other methods of
influencing the situation.
The issuance of the Board's statement on the credit situation on April 4 was preceded by announcement by Secretary Mellon that no action would be taken on the situation
by the Board and the Reserve Bank Governors meeting in
Chicago Board of Trade Adopts Security Trading joint session. He furthermore indicated that the sessions
Rules.
had in large part been devoted to routine business. The
The following is from the Chicago "Tribune" of Apr. 2:
following is the statement given out by the Reserve Board
Board of Trade members voted in favor of the rules governing trading on April 4:
In securities yesterday, the vote standing 782 in favor and 57 against. The
Credit Trends by Districts.
rules are practically the same as those of the New York Stock Exchange.
Some changes were suggested in grain rules. Members supported the
In recent weeks there has been a considerable growth in the volume
officials in their efforts to expedite preparation for trading in securities of bank credit outstanding, chiefly in response to seasonal demands from
as soon as arrangements can be completed.
trade and industry. Security loans by banks have shown a small
increase and bank investments have declined slightly. In New York
New York Curb Market Accorded Recognition as Stock City the growth in bank credit has been practically confined to so-called
"all other loans," that is, loans not secured by stocks and bonds. This
Market by Kentucky Securities Commission.
class of loans by New York City banks increased by nearly $200,000,000
It was announced on March 27 that the New York Curb between early February and the end of March. These loans include
certain inter-bank loans and loans on real estate, as well as commercial
Exchange has been officially designated by the Kentucky paper, bills of exchange and regular line-of-credit advances to cusSecurities Commission as a stock market entitled to full tomers. Notwithstanding the inclusion of various kinds of borrowing
recognition under the Kentucky Statute Law. This means, in this item, it would appear that the increase in loans in recent weeks
has been chiefly in response to the seasonal demands of active trade and
It is stated, that securities dealt in on the New York Curb industry.
Exchange may be bought and sold in Kentucky without
In Chicago bank loans on securities increased in February and up
requiring further sanction by the Securities Commission in to the last week in March. This growth was accompanied by a loss
of funds through inter-sectional clearings and by increased borrowing
that State.
Dealers therein are also not required to be from the Reserve Bank, indicating a withdrawal from the district of
funds to be used elsewhere. Notwithstanding a sharp reduction in
registered. It is further stated that a number of other
of security
states having in force Blue Sky Laws have previously put that week, accompanied by a decline in borrowing, the totalconsiderably
loans in the Chicago District at the end of the month was
their stamp of approval on securities listed on the Curb larger than at the beginning of February. Security loans increased
Exchange, among them being Indiana, Georgia and Colo- also in several other districts, including Boston, Philadelphia, Cleveland
rado. Also, unofficially North Carolina and Utah. It is and San Francisco, while in St. Louis, Kansas City and Dallas they
declined. Investment holdings of reporting banks declined in all the
understood that the New York Curb Exchange has been districts, except Boston, Richmond and Dallas, while commercial loans
given exception in the new Ohio bill which has passed the increased in all districts, except Boston.
A survey of credit developments
seven-week period,
Assembly of that State and which, it is expected, will shortly therefore, indicates a general growth of during the loans and a general
commercial
receive due consideration in the Senate. Within a short time decline in investments throughout a large part of the country. Security
favorable action is anticipated in the States of Massachu- loans, which include brokers' loans in Nev, York City and elsewhere.
showed a small aggregate increase, but declined in several Federal
setts, West Virginia and Alabama.
Reserve districts.
Governors of New York Hide and Skin Exchange Name
Clearing House Committee.
The Board of Governors of the New York Hide & Skin
Exchange announced on March 27 the appointment of a
clearing house committee composed of Claude Douthit,
Chairman; F. R. Henderson, Floyd Y. Keeler, W. Leslie
Harriss and David Ong. The committee will draw up plans
for opening a clearing house in connection with the new
exchange. "Work on the exchange's new quarters at 7 Cedar
Street is progressing satisfactorily," said Milton R. Katzenberg, President of the exchange, "and it is expected that
the installation of the exchange's trading facilities will be
completed in time to permit of the start of futures trading
in hides and skins in May." An item regarding the exchange
appeared in our issue of March 16, page 1669.
Semi-Annual Meeting of Governors of Federal Reserve
Banks—Reserve Board Issues Statement on Credit Developments—Says Other Methods Will Be Adopted if
Voluntary Co-operation of Members to Curb Speculation Fail.
While no announcements were made available during the
week regarding the deliberations of the Governors of the
twelve Federal Reserve Banks during their semi-annual
Decline of Bank Loans to Brokers.
Demand for funds to finance the trading in securities in the New
York market has continued large, but the only increase in brokers' loans
has been in loans by lenders other than banks. This class of loans
showed an increase of about $275,000,000 for the period of seven weeks
ending March 27, while street loans by banks, including both New York
banks and other banks, declined by nearly $300,000,000. The liquidation of brokers' loans by banks since the Board's statement of February 1 indicates an effort by banks to comply with the desire of
the Board to restrain the diversion of bank credit into speculative
channels. This liquidation has been accompanied by a further rise in
money rates, which has attracted funds from corporations and individuals
in this country and abroad.
Reduction of Reserve Bank Credit.
The volume of Reserve Bank credit Outstanding showed a decline
of about $60,000,000 during the seven-week period ended March 27,
due in part to gold imports. The decline in Reserve Bank credit has
been in holdings of acceptances, as Government security holdings have
shown little change, and discounts for member banks increased by
$175,000,000. Acceptance holdings of the Reserve banks, which in
the last part of 1928 and the early months of this year were at the
highest level in nine years, declined sharply and since the end of
February have been smaller than a year ago. The reduction in acceptances held has been due in small part only to a decline in the total
volume of bills outstanding, as this decline has been relatively slight,
but chiefly to the fact that the higher prevailing rates on bills have
made them more attractive to investors. The buying rate at the Reserve
banks, which is now above the discount rate, has been an influence inducing member banks to obtain Reserve bank accommodation by discounting eligible paper rather than by selling acceptances. Increasing
indebtedness of the member banks has been a factor in further stiffening
money rates, and there has been during the period an advance bi
rates on all classes of loans both on time and on demand.
2204
FINANCIAL CHRONICLE
[VOL. 128.
indicating a definite reversal of recent trends, would release an increasing
Reserve Credit, Currency and Gold.
At the end of March the volume of Reserve Bank credit stood at amount of credit for the use of trade and would lead to an easing in
about $1,400,000,000, about $300,000,000 above the average level of the the money situation. In case the desired readjustment is not brought
five-year period 1922-'27. The increase in Reserve Bank credit since about by voluntary co-operation, however, the Federal Reserve System
1927 has been due to gold exports, which began in the autumn of that may adopt other methods of influencing the situation.
The System's desire to see money rates at a lower general level
year. During the period 1922-'27 gold had come to the United States
has been due in part to its realization of the bad effects of continued
in large volume and had been added in large part to the reserve balance
high money rates on domestic business, and in part to its unwillingness
of member banks, where it formed the basis of a rapid expansion of
bank credit. This expansion was more rapid than would otherwise to draw gold from abroad, with consequent advances in money rates
in other countries, some of which are suffering from industrial dehave been possible, owing to the fact that on the liability side the
member banks increased chiefly their time deposits, which require only pression. While the System recognizes that one of its most important
a 3% reserve with the Reserve banks, while their deposits showed a functions is to protect this country's gold reserves, in existing circumsmaller relative growth. Thus, owing to a gradually declining ratio of stances these reserves need protection primarily against wasteful abmember bank reserves to their deposits and, therefore, to their loans sorption into the base of an unduly expanded domestic credit structure
and investments, the gold which came to the country during the five-year rather than against demands from abroad. The objective of Federal
period 1922-'27 gave rise to an expansion at the unusually high rate Reserve policy, therefore, both from the point of view of domestic
business and of world trade conditions, is a readjustment in the credit
of $15 of member bank credit to $1 of member bank reserves.
The gold received during the period, having been deposited with situation with a view to assuring trade and industry of a continuous
reasonable rates."
the Reserve Banks to the credit of the member banks, became available supply of bank credit at
as reserve and enabled the member banks to expand their own operations.
The Reserve Banks, however, which are not operated on a profitmaking basis, did not expand the volume of their credit on the basis
Chicago Federal Reserve Discount Rate Stands—
of the additional gold received, but maintained it in accordance with
Reserve Bank Meeting Held Day in Advance.
the system's policy with reference to general credit conditions. Taking
From its Chicago bureau, the "Wall Street Journal,"
the period as a whole, Reserve Bank credit showed little change, and
the imports of gold alone were the basis of the growth in currency yesterday (April 5), announced the following advices:
and in member bank reserves. The rapid growth of credit, predicated
Federal Reserve Bank executive committee meeting, ordinarily held
upon gold imports, was a factor in keeping money rates relatively low
was held yesterday and while no announcement was made, it Is
throughout the period, and the relative ease in the money market in to-day
understood to have been routine, with no action on the rediscount rates.
turn was a factor in the continued active state of trade and industry.
From the supplementary pronouncement of the Federal Reserve Board
on the collateral loan situation, it appears that the individual bank meetings
Reversal of Gold Movements in 1927.
will assume little importance on the rate question henceforth, since it was
In 1927, after the world had largely returned to the gold basis, clearly Indicated that the policy has been mapped out on the basis of preseasy money conditions in this country were a factor in reversing the sure on member banks to reduce loans, without rediscount rate adjustments,
direction of gold movements. The Federal Reserve system encouraged unless this expedient is dictated by subsequent developments.
the outward movement of gold, as it had always considered a better
The meeting was advanced one day this week as it was a week ago, for
distribution of existing gold reserves to be in the interests of better the convenience of certain members who could not attend the regular
monetary and trade conditions throughout the world.
Friday meeting.
Foreign demand for gold was met by member banks out of their
reserves, and after November, 1927, this loss of reserves was not offset
by the Reserve banks through the purchase of securities. To bring Criticism of Federal Reserve Board's Measures to Curb
their reserves up to the legal requirements the banks were, therefore,
Speculation—Waddill Catchings and William T. Foster
obliged either to borrow from the Reserve banks, or to contract their
Hold Credit Stringency Has Been Artificially Created.
own outstanding volume of credit. Rather than cause a contraction
of bank credit in sufficient volume to reduce reserve requirements
According to Waddill Catchings and William Trufant
by the full amount of gold exports, member banks borrowed the amount
Foster "there is one way and only one way whereby the
necessary to replenish their reserves from the Reserve banks. The
increase in borrowing, which amounted to about $600,000,000 in the Federal Reserve System can succeed, for more than a little
course of six months in 1928, was larger than would have been while, at a time in its efforts to stop the rise in stock prices.
necessitated by the exports of gold alone, owing to the fact that the
Federal Reserve Banks during the period sold United States securities, That is by injuring business." Mr. Catchings is a member
of the firm of Goldman, Sachs & Co. and President of Goldthus withdrawing funds from the market.
Reserve Bank Credit and Money Rates.
Not only did the Federal Reserve System during that period do
nothing to offset the tightening effect of gold exports on the domestic
credit situation, but on the contrary, it increased their effect by the
sale of securities. This policy of the Federal Reserve banks, at a
time when the demand for credit was increasing, was reflected in a
rapid advance in money rates. The System's policy was not dictated
by the desire to prevent gold exports, as its gold in excess of the amount
required against Federal Reserve notes and deposits was between
$1,400,000,000 and $1,500,000,000 early in 1928, and as the System
has been consistently in favor of a redistribution of a part of its stock
of gold. The firm money policy of the System was due to the fact that
bank credit was rapidly expanding in this country and, particularly
in the form of security loans, while the current requirements of trade
and industry made relatively little demand for additional bank credit.
The Reserve System's policy in regard to the redistribution of gold
was thus subordinated during this period to the exigencies of the
domestic situation, which required the restraining influence of higher
money rates. The advance in rates, which was most pronounced in
rates on security loans, gradually spread to all kinds of bank credit,
and there was an increase in the cost of credit to all classes of borrowers. High money rates, in turn, caused a flow of funds to this country
from abroad. As a consequence, exchange rates declined, and beginning
with last June there was some inflow of gold. Central banks abroad
felt the pull upon their markets caused by our high money rates, and
were obliged to dispose of some of their holdings of dollar exchange,
as well as to ship gold. More recently, after a year of rising money
rates, which has carried the rates in the United States above those
prevailing in most othgr countries, several foreign central banks
have had to advance their discount rates in order to protect their gold
reserves from further losses. In the domestic situation, high rates
have caused a flow of non-banking funds into the security market, but
have not had the effect of slowing down business activity, except
in the building industry, which appears to have been unfavorably
affected by the difficulty of floating bonds. The unfavorable condition
of the bond market, due to high money rates, caused by the rapid
growth in the demand for credit by the security market, has also
greatly reduced foreign borrowing in this country, and consequently
has made it more difficult for foreign countries to obtain the exchange
necessary to pay for American products.
man Sachs Trading Corporation, while Mr. Foster is Director
of the Pollak Foundation for Economic Research. Their
criticisms of course of the Federal Reserve Board in seeking
to curb speculation were contained in a joint statement
Issued by them on April 3 at Charleston, S. C. They argue
that the Federal Reserve system was established not for
the prevention of speculation, but for the accommodation
of business. They further contend that the system was not
designed to enable a small body of men "on the basis of
opinions, to limit the bank credit available in any one branch
of business, and thereby control the prices of that business.
Yet recently the Board has done precisely that, by every
now and then restricting or threatening to restrict the bank
credit available for one indispensable branch of corporate
business—namely, the stock market. In this way the Board,
Instead of accommodating business, has long kept business
in a state of growing uncertainty and apprehension." "Such
credit stringency as this is," says the statement, "has been
artificially created by deliberate intent." "The permanent
purpose of the system," the statement asserts, "is to mainthin a growth of credit parallel with growth of real values.
If the System cannot do that, the wise course is not to
destroy real values, but to modify the System, as it has been
modified in the past so that our gold reserves can support a
volume of credit sufficient to match the growth in real
values." The statement issued by Messrs. Catchings and
Foster follows in its entirety:
Eharlestton, S. C., April 3, 1929.
There is one way and only one way whereby the Federal Reserve
System can succeed, for more than a little while at a time, in its efforts
to stop the rise in stock prices. That is by injuring business. For
without strength in business, there is no possibility of sustained strength
in the stock market. On the other hand, as long as investors have confiRecent Credit Policy.
dence in the growth of business, they will buy stocks for investment at
The Federal Reserve system has been aware of the consequences,
advancing prices. To bring about brief recessions, and thereby squeeze
present and prospective, of high money rates to the country's business,
out weak holders of stock, is possible in any market. But as long as the
and has pursued a policy formulated with a view to correcting the present
market, which is at bottom an investment market, is based on
situation that was causing these high rates. The Federal Reserve growth in real
values, recessions cannot last long.
Board's statement of February 7, which was published in the Federal
After all has been said about the recent speculation in stocks—and it
Reserve bulletin for February, pointed out that, owing to the unusual is difficult to
exaggerate--the fact remains that the fundamental basis of
absorption of credit in the security market, money rates to business the present bull market
is confidence in the soundness of American busiwere increasing at a time of the year when money conditions are ness and in the immediate possibility of further growth. And this confiusually easy.
dence—apart from the uncertainty created by the Federal Reserve Board
In the statement the Board endeavored to enlist the co-operation of itself—is warranted by the facts. That is why the Board can achieve its
the Federal Reserve Banks and member banks, in order to bring about announced purpose only by hurting business.
Even by so doing, the Board can only temporarily curb speculation. It
an orderly readjustment in the credit situation. Progress in this readjustment in recent weeks is indicated by the decline in brokers' cannot prevent speculation. Wherever there is a market in anything,
loans of member banks. Continued developments in this direction, there is speculation. Whichever way the market moves, there is specu-
APRIL 6 1929.]
FINANCIAL CHRONICLE
lation. Wherever there is an unusual rise or fall in prices, there is
unusual speculation. Unfortunately, speculation always has thrived on
investment, as barnacles grow on ships. The only way in which it can
be greatly reduced is through educating the people to a better understanding of values. Scolding and spanking are not enough.
Moreover, there is a question to what extent high money rates curb
speculation. Ordinary productive business cannot afford to pay high
rates. But speculators, by paying 20% interest on call loans one day
last week, and thus holding their stocks twenty-four hours, saved many
times the interest on their loans.
Incidentally, there is nothing in the Federal Reserve Act which charges
the Board with the responsibility for regulating speculation in stock
markets, or wheat markets, or cotton markets, or real estate markets,
or in any other markets.
The Reserve System was established, not for the prevention of speculation, but "for the accommodation of business"; and during a number
of years the Board successfully carried out that purpose by basing its
action upon facts.
Consider, for example, what happened in the Spring of 1923. During
the previous twelve months, the principal indexes of business activity
shot upward. Wholesale commodity prices rose from an index of 143 to
159; employment rose from 78 to 96. In March, the volume of building
permits reached a new high peak; in one month, manufactures rose about
7%; and pig-iron production rose to 16% above normal. In short,
business reached a point where a further increase in bank credit would
be accompanied by a further rise in commodity prices, but not by
substantial increases in employment or production. Inflation was well
under way. The question whether this condition prevailed was not
debatable. It was revealed by measurements.
In this emergency, the Reserve Banks put up their rates and sold
secudities. Thus the Banks reduced the volume of credit, and thereby
helped to stabilize employment, wages, profits, and volume of trade,
without further inflation of commodity prices.
In 1927, the Board also acted wisely. After commodity prices had
long been declining, and while industrial production and employment
were falling off rapidly, the Banks reduced rates and bought securities,
thus increasing the credit in circulation. Thereupon, both production
and employment increased. And, of course, speculation in stocks also
increased. Here, again, the Reserve System, basing its action on facts
and not on opinions, "accommodated business."
Thus, in the past, the System repeatedly did precisely what it was
designed to do, and thereby gained the confidence of the business world.
The System was not designed, however, to enable a small body of men,
on the basis of opinions, to limit the bank credit available in any one
branch of business, and thereby control prices in that business. Yet
recently the oBard has done precisely that, by every now and then
restricting, or threatening to restrict, the bank credit available for one
indispensable branch of corporate business—namely, the stock market.
In this way, the Board, instead of accommodating business, has long
kept business in a state of growing uncertainty and apprehension.
This action is not forced upon the Board by real credit stringency,
since gold reserves are over 70, whereas the legal requirement is only
40. Moreover, the reserves are as low as they are, because the Reserve
System itself has not only brought about the export of gold, but has also
put gold into circulation in the form of gold certificates. These certificates
may be retired at any time. If they were retired, the gold thus added
to the reserves would more than make up for the net exports of gold
during the past year. At this moment, therefore, the Reserve System
makes possible an ample supply of credit. Such credit stringency as
there is, has been artificially created by deliberate intent.
But it is said that restriction of credit is advisable now, in order to
prevent a possible credit stringency later on, when, perhaps, a large part
of our present gold supply shall have been exported to other countries.
The paramount purpose of the System, however, is to maintain a growth
of credit parallel with the growth of real values. If the System cannot
do that, the wise course is not to destroy real values, but to modify the
System, as it has been modified in the past, so that our gold reserves
can support a volume of credit sufficient to match the growth in real
values.
It is also said that, even at the present time, our banking structure
does not permit the speculative use in the stock market of a larger aggregate amount of credit. But how can anybody know that? In the
complicated financial world in which our country has grown so prosperous,
nobody knows how much credit has been used for speculation or how
much must be used for the wholesome growth of business. Moreover,
in such a large and intricate corporate organization, it is folly even to
attempt to control the credit which flows through one or another indispensable channel of this organization.
The basic question is whether the growth in real values actually
has kept pace with the increase in the volume of call loans. Apparently
it has. Indeed, a competent authority estimates that if the volume of
call loans a few years ago was justifiable, the normal growth in the values
behind American stocks will this year justify eight billions of call loans.
Great additional values have been created behind the old shares of stocks,
and there are also great values behind the newly-listed shares. In fact,
much of the money now loaned on stock collateral has been used by
business concerns in place of their own bank borrowings. Many scores of
companies have financed expansions by the sale of common stocks, a
method which, for most of these companies, is entirely new. And it is a
perfectly sound method. How, then does the Federal Reserve Board
know that too much money is being borrowed?
And how does the Board know that the general level of stock prices is
too high? Consider these facts. The chief function of the System is to
maintain an ample supply of sound money for all responsible borrowers,
so that producers may go forward confidently on a stable commodity
price-level. For several years, the Board served that purpose well. But
the Board cannot achieve that purpose without increasing real prosperity,
and thereby increasing the real values of common stocks.
Real values are unquestionably much higher than they were a few years
ago. How much higher? And how much too high are stock prices?
Nobody knows. How much too low were stock prices in 1921? Nobody
knows. Three years ago many people were sure that prices were too
high. What do they think now? What will the Reserve Board itself
.? And precisely bow much
think about present prices a year from now
of the money which is now being borrowed is unnecessary? These questions we do not hear discussed by the Board.
Many of those who do discuss these questions appear to regard stock
prices and call loans as "excessive," merely because they are much
higher than they used to be. By the same definition, wages are excessive;
savings are excessive; scientific knowledge is excessive; in short, the
wealth of the entire country is excessive. The fact is, if any one
2205
acts upon a belief that call loans are too large and prices are too
high, he acts upon an opinion.
Even if it were possible to prove that stock prices are too high,
the question would still remain whether the regulation of stock prices
is a proper function of the Reserve System. Nearly everybody agrees
that the System should not attempt to regulate the prices of anything
else. What can justify discrimination? It cannot be the large profits
made by speculation in stocks. For, if that is the basis of action,
why not restrict the credit available for speculation in real estate? Or,
for that matter, in copper? The possible rate of profit through speculation in copper during the past six months has been higher than
the average rate in the stock market. Why then should the Board
seek to regulate the prices of securities and of nothing else? Is it
not just as sound a policy to regulate prices of wheat, pig-iron, shoes
and rent?
Once, however, the Board goes into the price-fixing business, it will
be overwhelmed with problems which the wisest body of men could
not solve. It is not a proper function of the System to fix prices in
any business whatever. And regulating the credit available for any
one business is the chief way of regulating prices in that business.
Some men, it is true, censure the Board for having lost control of
the flow of credit into the security market. That, however, is something the Board should never have attempted to control. Control of
the total volume of credit is a proper function of the Board. Control
of the individual uses of credit is not.
But the Board must restrict the credit used in the security market,
we are told, in order to supply enough credit for other branches of
business. In point of fact, the Board cannot restrict credit in any
business without thereby restricting the credit which is available for
other branches of business. Conversely, the Board cannot put additional credit into circulation through brokers' loans without putting
additional credit into numerous other uses. For much of the new
credit moves on; and some of it moves quickly into the channels of
productive business.
Far from increasing the volume of bank credit available for business, the action of the Board has had the opposite effect. For, by
increasing the discount rate and influencing Member Banks to call
loans, the Board has put up rates in the call market, and thus prompted
private and corporate investors to draw out their bank deposits and
place them in the call market. As a result, private and corporate call
loans, which at the beginning of 1926 amounted to about 18 per cent
of the total, now form about half the total. This flow of funds away
from the banks has increased the price of credit for business, since
money in the banks is a basis for an expansion of credit, whereas in
private hands it permits no such expansion.
Another false assumption is that the action of the Board has safeguarded thousands of small, inexperienced investors. Actually these
are the ones who have suffered most. Professional traders make money
whichever way the market moves, so long as it moves. Nothing suits
them better than the terrifying uncertainty, and the frequent and
sudden movements of stock prices, upward and downward, which have
been caused in part by the vacillating policy of the Federal Reserve
Board.
The investment trusts also know how to take advantage of these
swings. During March they made millions of dollars by selling at high
prices and then, last week, buying near the bottom of the slump. For
though on a single day last week over eight million shares were sold,
it is also true that over eight million shares were bought. These shares
were bought, for the most part, by investment trusts and other large
operators who were waiting, with funds at hand, for precisely that
opportunity. The people who were forced to sell were not protected by
the action of the Board, and the people who bought did not need
protection.
We began by saying that the Reserve Board can stop the rise in
security prices only by injuring business. Let us explain how that
happens.
The prosperity of business requires an increased flow of money to
consumers about equal to the increased flow of goods. The commodity
price-level shows, better than any other one index, when this relation
is maintained. When the price-level is falling, the total flow of money
should be increased. It would seem, then, that as a rule the only time
when—gold reserves being abundant—the increase of credit should be
curbed, in order to promote sound business and public welfare, is when
the price-level of commodities is rising rapidly. But the price-level of
commodities has fallen since the end of 1925, and has fallen sharply
since the middle of last September. In other words, there is no COMmodity price inflation, but the reverse. Conditions at present also
differ from those of 1923, in that building activity and employment in
manufacturing concerns have been falling off. At this time, therefore,
it is bad for business—and hence bad for farmers, wage-earners, and
nearly everybody else—artificially to restrict the volume of bank
credit.
Since 1921, there has been large increases in bank credit, stock prices,
brokers' loans, income taxes, and profits on sales of securities; but also
an unusually stable commodity price-level. At the same time, there
have been large increases in real wages, and in the numbers of people
having savings in bonds, stocks, insurance, savings banks, and dwelling
houses. This rapid, long-continued increase in the standard of living
and security of the people has paralleled the very movement which the
Federal Reserve Board now seeks to stop.
How can this prosperity be perpetuated? One thing is certain:
On a stable commodity price-level, credit must be expanded at a
sufficient rate to meet the needs of all responsible borrowers. Nothing
should be allowed to prevent that. Over this problem, the Federal
Reserve Board is rightly concerned. The solution of this problem,
however, cannot be found by shackling the banks with anybody's opinion
of what the volume of credit ought to be, but rather by devising ways
of providing all the credit which the facts show to be required by
increasing prosperity.
The regulation of the total volume of credit is a proper function of
the Board. Until recently the Board attempted nothing more than that.
The present attempt to regulate, not only the total volume, but the uses
of credit, interferes with the beneficial functioning of the entire System,
complicates international exchange, and in our complicated financial
structure may lead to far-reaching injuries which nobody can new
foresee.
This, in brief, seems to be what has happened. First, the Federal
Reserve System made money rates artificially low, in order to encourage
the sale of foreign securities in this country, and bring about the export
of gold. Having accomplished that purpose,.the System proceeded to
make money rates artificially high, in order to reduce call loans and
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FINANCIAL CHRONICLE
[vol.. 128.
discourage the sale of securities. Yet it would not be necessary to he was so full of self-conceit, ignorance and error that he continued
bring back half the capital which this country sent abroad, in order in his evil ways. He is more fitted to raise cattle than to raise any
tide of prosperity in these United States of America."
to pay off the entire volume of call loans.
In the past, the Federal Reserve Board, acting upon facts, won the
business men. Recently,
aggressive and almost unanimous support of
Senator King to Seek Probe of Credit Situation at Special
by acting on opinions, it has undermined that confidence, and undone
Session—Will Offer Resolution Asking for Survey to
much of the constructive work which it has performed, throughout
the world, in support of stable money and the gold standard. By the
Revise Federal Reserve Act—Senator Glass Plans Bill
of
lack of any clear or positive policy, by undertaking the new task
to Enable Board to Curb Speculative Loans.
controlling the uses of credit, and by alternate vague warnings and
reassurances, the Board has kept business men in a state of nervous
A sweeping investigation of the brokers' loan situation is
apprehension, and at the same time has provided professional speculators
to be asked of Congress at the special session by Senator
with many opportunities to reap profits at the expense of small investors.
The course pursued by the Board, instead of maintaining an orderly King (Dem.) of Utah, in a resolution he proposes to present
money market, drove the call rate to 20% at a time of urgent seasonal calling for a comprehensive survey to determine what
need of funds for the most legitimate of purposes, and at a time when
are needed to the Federal Rethe country possessed much more gold than was needed to provide changes and amendments
credit for all business purposes, including the stock market. The rate serve Act. We quote the foregoing from a Washington disof 20% was indefensible. It was not justified by facts. It resulted patch March 29 to the New York "Journal of Commerce"
from actions based on opinions.
which went on to say:
No body of men should be allowed to exercise such power.
Senator Glass (Dem.) of Virginia is preparing a bill for the extra
session of Congress designed to give the Federal Reserve Board any
L. Williams & Sons, Rich- authority, it finds necessary to curb loans for speculative purposes.
Langbourne M. Williams, of John
Senator Norbeck (South Dakota), chairman of the Senate Committee
mond, Commends Action of President Mitchell of
conducted an investigation of the
National City Bank in Aiding Stock Market—Suggests on Banking and Currency, who year ago, views the situation with
brokers' loan situation about a
Resignation of Carter Glass as Senator.
that if the situation gets worse he would
equanimity, saying, however,
Instead of the resignation as Federal Reserve Bank di- favor another probe. At this time he sees no need for such action.
rector of Charles E. Mitchell, President of the National City
Bank of New York, which Senator Carter E. Glass advocated
a week ago, Langbourne M. Williams of John L. Williams
& Sons, of Richmond, states in a letter addressed to Senator
Glass that "It would be far more appropriate that you should
resign as Senator from Virginia." In addressing Senator
Glass, Mr. Williams says "some of the Federal Reserve
Governors and yourself seem to be in a conspicacy to destroy
the prosperity of the country for the sake of controlling a
few undesirable situations which will remedy themselves by
natural alws, if not interfered with by political office
holders." Mr. Williams has also written Mr. Mitchell commending his course, to which reference was made in these
columns March 30, page 2012, and to which we referred editorially in the same issue, page 1068. Mr. Williams is a
brother of the late John Skelton Williams, formerly Comptroller of the Currency. According to the Richmond "Dispatch" of April 2, Mr. Williams wrote Senator Glass as
follows:
Cites Previous Situation.
Norbeck said today that a year ago he was alarmed over the inflation
in the stock market and about the increased use of money at that time.
"I am one who believes that what goes up must come down," he
said. "We investigated this a year ago and then I reported to the
Senate a resolution calling on the board to admonish member banks
to curtail brokers' loans. The board, however, waited a year to do
that."
Senator King will also present a bill proposing to prevent Federal
Reserve Banks from lending any money for marginal transactions. He
believes some stens should be taken to prevent such activities as have
characterized trading on the exchange during the last few days.
"It is obvious that credit facilities have been improperly used to
influence the market, causing losses of millions of dollars to citizens,"
he said.
"In an investigation four years ago we learned that 80% of the
trading in the market was through marginal transactions. In other
words 80% was strictly gambling, because the traders had no intention
of purchasing stock outright for investment purposes."
Another bill is being prepared by Senator King denying the use of
the mails for advertising purposes to those engaged in speculation. To
this he said: "I have prepared a bill for introduction along with the
resolution denying the use of the mails to promoters encouraging this
gambling, and I have also prepared a bill to prevent the Federal
Reserve Banks from lending their funds to such purposes."
"Referring to your call on Mr. Charles Mitchell to resign from the
King's view was in part indorsed by former Senator Owen of
Federal Reserve Bank at New York, I believe it would be far more Oklahoma, who said the foundations of American prosperity are threatlet
appropriate that you should resign as Senator from Virginia and
ened by the attitude of the Federal Reserve Board toward brokers'
some one of broad and clear vision, like Governor Harry Byrd, who loans.
is not drowned in self-conceit and narrow-gauge thinking, take your
Before leaving Washington some days ago Chairman McFadden of
place in the Senate of the United States, as a real broad-gauge the House Committee intimated he would seek authority of the House
representative of Virginia.
to have his Committee sit between the end of the extra session and
"The scandalous, piratical deflation policy of 1920 seemed to have
of the regular session next December for the purpose
cordial approval on the theory that it was necessary to burn the beginning
your
considering revision of the Federal Reserve Act, with a view to
down the barn in order to kill a few rats, and now you take the of
the kind at present complained of. There is
astounding position that 15% money rates can be justified when some obviating conditions of
that it is not proposed so to draft legislation as to
of the reserve banks show 80% reserve on hand. This situation, in some thought here
conditions of the present type inasthe opinion of far-sighted, fair-minded, clear-visioned business men, be effective against stock market
an amount of money from
shows utmost lack of grasp of any intelligent and far-sighted handling much as there is in the market so large
was said today,
of the present situation. Some of the Federal Reserve Governors and private corporations augmented by foreign funds. It
Glass would get
yourself seem to be in a conspiracy to destroy the prosperity of the however, that the bill under preparation by Senator
country for the sake of controlling a few undesirable situations, which at the trouble in a very effective way.
•
will remedy themselves by natural laws, if not interfered with by
to the attitude in Wall Street toward the proposed
office holders. I am convinced that you can best serve by
political
returning to your native county and running your cattle farm rather legislation the same paper said:
than by mixing in big business whose importance and magnitude you
Proposal Favored Here.
do not seem to be able to grasp.
The proposal that Congress investigate the banking and credit
"Men of narrow vision do not realize that the money center of the
world has moved from London to New York, hence trading in New situation, and particularly the sudden advance in call loan rates this
York has necessarily increased, and furthermore the large bills payable week to 20%, which was followed by a decline even sharper, will
of the giant industrial companies have been converted into stocks that receive strong support in Wall Street, according to statements made
are now used as basis of credit instead of having the big banks carry in well informed circles. It is pointed out that the break in the stock
tremendous bills payable of our natedern giant corporations as formerly." market and the quick rally of security prices, accompanied by the
about-face movement of interest rates, suggests that both had been
The Richmond paper likewise says that:
subject to manipulation from the same hands.
Mr. Williams also made public the following letter which he said
It is suggested that a Congressional investigation would he likely
he sent to Mr. Mitchell on Saturday:
to continue through the summer and fall and that the report would
"The country owes you a debt of gratitude for your attempt to be made to the new Congress in December on what legislation, if any,
offset what many consider the vicious misconduct of the Federal
is needed in the banking field at the present time.
Reserve Board in attempting to destroy the large business interests
At the recent session of Congress efforts to secure authority for an
of this country. Senator Carter Glass in our opinion is a narrowinvestigation of the banking situation were shelved by the press of
gauge, short-visioned, incompetent director of financial matters with
in the short session. However, since the last session
most limited vision of the needs of a great country. Ile was one of other legislation
system has been made the subject of more criticism
the crowd along with W. P. G. Harding and former Secretary of the ended the Reserve
that thought then
Treasury Houston and a few associates who wrought such havoc and than ever before in its history, and many elements
much harm
ruin in the deflation period of 1920, and probably did more harm to a political investigation would do no good and might do
new legislation.
America from what we consider a dishonest deflation period than the have been inclined to favor study of the need for investigation of the
A canvass of opinion in Wall Street toward an
German emperor.
favor of the
"It was Glass' associate, Houston, who was so dense as to boast Reserve system reveals a number of diverse elements in
instances, that
that he had bought in government bonds at discounts of about 20% investigation. The conservative bankers feel, in many
to control
when he should have been ashamed that his administration had so more effective weapons should be given the Reserve system
the
injured the government credit. I regret exceedingly that Virginia the inflation of credit in speculative uses, especially in view of
has taken place this year.
has not a more capable representative than Carter Glass, whose policy, enormous expansion of brokers' loans which
opinion, was largely responsible for the defeat of the Democratic Brokers, on the other hand, have been made increasingly irate by the
in my .
party in 1920. The reversal of the Glass policy by our great present uncertainty created by the policy of warnings of the Reserve banks,
Secretary of the Treasury Mellon, in providing the American people and by the apparent effort to reduce the volume of stock trading, which
with necessary money for business purposes has been largely respon- sonic of them regard as an unwarranted interference with what they
sible for the re-election and continuance in office of the Republican believe to be their legitimate business.
There is a strong desire on the part of the dealers and banks
party, but if the present administration follows the lead of Carter
Glass they will be turned out of office just as the Democratic ad- interested in acceptances to have legislation passed permitting the use
ministration was turned out of office for the misconduct in the financial of acceptances held by a member bank to count as legal reserves.
world. I protested against Carter Glass' policy eight years ago, but This, it is argued by them, is the only way of assuring a permanent
AS
APRIL 6 1929.]
FINANCIAL CHRONICLE
2207
by the member banks, much less to demand the resignation of Charles
E. Mitchell as a director of the New York Federal Reserve Bank,
because he, as a director of the Reserve Bank, approved the loan
by the Reserve Bank which enabled the National City Bank to throw
$25,000,000 into the market to stop the panic on the Stock Exchange.
"Some members of the Senate seem to be under the impression they
know how to stop speculation on the Nev York Stock Exchange, which
they apparently hold to be against public policy. My study of fiscal
systems in connection with the construction of the Federal Reserve
act, and my observation of the operation of the Federal Reserve system,
convince me that speculation on the Stock Exchange cannot be stopped
without closing the Exchange—a remedy worse than the disease.
"Moreover, speculation on the stock and commodity exchange never
has been declared to be against public policy, either by Congress or
by the courts. The Supreme Court, in the Chicago Board of Trade
case, has emphatically sustained speculation as a necessary and unavoidable feature of the market structure required for the distribution
of commodities in a complex civilization.
"The excessive activity of a bull market through the attractive force
of a very high call loan rate, bringing a flood of money into the market,
could be checked by the New York Stock Exchange itself, by a simple
resolution forbidding a call rate to be fixed in excess of 5%—or by
F. H. Ecker Elected President of the Metropolitan Life In- adopting the hi-weekly settlement plan of the London Exchange, thus
eliminating the daily disturbing factors of the fluctuating call rate.
surance Company Succeeding the Late Haley Fiske.
"The banks pay only 2% on demand deposits, which in principle
Frederick H. Ecker was elected President of the Metro- are call loans without security. Call loans with security of 140% stock
market collateral are not
standards
2% according to
politan Life Insurance Company at a meeting of the direc- of the banks themselves. worth over the panic of 1907the rate in
call
Following
tors on March 26. Mr. Ecker, who for the past ten years the summer of 1908 ruled at 1, 14 and 2% for many months.
"It is against sound money to allow usurious call loan rates, because
had been executive Vice-President of the company, succeeds
such rates interefere with the normal flow of
in commerce, takes
in the presidency the late Haley Fiske, whose death on funds unfairly from localities whose deposits creditrepresent, interferes
they
March 3 was noted in our issue of March 9, page 1487. with international exchanges, raises the commercial rates and bank
Robert Lynn Cox, formerly Second Vice-President of the acceptances and creates the conditions which bring about industrial
depression.
company, has been elected to succeed Mr. Ecker in the office
"The present abnormal call money situation, which adversely affects
of Vice-President. At the same time the directors created the entire credit structure of the nation, can and should be corrected
the office of First Vice-President and elected Leroy A. Lin- by the Stock Exchange community."
market for bills outside of the Federal Reserve banks and the uncertain
support of foreign buying.
Wall Street had been expecting an investigation of the banking and
credit situation at the previous session of Congress, so any probe
authorized at the special session would not come as a surprise. Ample
evidence has been gathered by the New York Stock Exchange and
other bodies interested to help enlighten the Congressional committee
in its work.
The Committee on Banking and Currency of the Senate includes
Senator Walter E. Edge of New Jersey, Sackett of Kentucky, Frazier
of North Dakota, Brookhart of Iowa, Steiwer of Oregon, Carter Class
of Virginia, Wagner of New ;York and Edward I. Edwards of New
Jersey, among others. The Banking and Currency Committee of the
House includes Louis P. McFadden as chairman, James G. Strong as
chairman, Clarence MacGregor of New York, Hohn. C. Allen of Illinois
and Anning S. Pro11 of New York, among others.
While an investigation could be authorized in either house, it is
thought possible that any probe which is approved will likely be for
hearings by a joint committee of the House and Senate, in view of
the delicate nature of the subject and the universal interest it arouses.
The special session begins April 15.
coln General Counsel for the insurance company, to fill it.
Mr. Lincoln, as First Vice-President, will retain his former
title and will continue as the head of the company's law
division. The new President of the company, Mr. Ecker,
was born in Phoenicia, N. Y., on August 30, 1867. He entered
the employ of the Metropolitan forty-six years ago as a
mail clerk, at a salary of $4 a week, and at the age of 25
he had advanced to the head of the company's real estate
division. It is stated that since 1906, Mr. Ecker has passed
on all the company's investments in the securities of governments, States, municipalities, railroads and public utilities, as well as on loans on real estate.
68B—Former Senator Owen Defends Course of President
Mitchell of National City Bank of New York for Extending
Aid to Stock Market.—Disputes Senator Glass on Question
of Federal Reserve Board Calling for Resignation of Mr.
Mitchell as Reserve Bank Director.
Former Senator Owen Defends Course of President Mitchell
of National City Bank of New York for Extending Aid
to Stock Market—Disputes Senator Glass on Question
of Federal Reserve Board Calling for Resignation of Mr.
Mitchell as Reserve Bank Director.
Taking a position contrary to that of Senator Glass, whose
criticisms of President Mitchell of the National City Bank
were given in our issue of March 30 (page 2015), former
Senator Robert L. Owen of Oklahoma on March 30 defended the course of Mr. Mitchell in offering $25,000,000
last week to aid the stock market following the break on
March 25 and 26, mention of which was made in these
columns March 30, pages 2013-2015. Senator Glass, as we
noted on page 2015, declared that Mr. Mitchell's action
unfitted him for his position as a director of the New York
Federal Reserve Bank. Senator Owen asserts that "the
New York Federal Reserve Bank was within its legal rights
in making the $25,000,000 loan to the National City Bank,
even if it knew the funds were to be employed for brokers'
loans, which they doubtless did." Senator Owen further
said "the Reserve Board is not authorized by the law to
direct the making of loans by the member banks, much
less to demand the resignation of Charles E. Mitchell as
a director of the New York Federal Reserve Bank, because
he, as a director of the Reserve Bank, approved the loan
by the Reserve Bank which enabled the National City Bank
to throw $25,000,000 into the market to stop the panic on the
Stock Exchange." Senator Owen's statement follows:
The "Times" of March 31, in a Washington dispatch
March 30, contained the following:
The clash of opinion between former Senator Owen and Senator
Glass was of particular interest, as the act under which the Federal
Reserve system was created was known as the Owen-Glass bill. At
the time the measure was before Congress in the first Wilson Administration, Senator Glass, then a member of the House, was chairman of
the Banking and Currency Committee, while Mr. Owen was chairman
of the Banking and Currency Committee of the Senate. Both have
been referred to frequently as "authors" of the bill, and have ranked
as students of problems having to do with the Federal Reserve System.
60B—Charles G. Dawes In San Domingo With Other Members of Commission Yhich Is To Revise Economic and Fnancial Policies of Republic.
Charles G. Dawes In San Domingo With Other Members of
Commission Which is to Revise Economic and Financial
Policies of Republic.
Charles G. Dawes, former Vice-President of the United
States, who sailed on March 28 on the Porto Rico liner
Coamo with other members of the Commission to undertake a revision of the economic and financial policies of the
Dominican Republic, arrived at San Juan on April 1 and
on the following day reached Domingo. Mr. Dawes is head
of the Commission, to which reference was made in these
columns March 9, page 1481. With his departure on March
28 Mr. Dawes gave out a statement saying:
"We are going upon the invitation of President Vasquez to the
Dominican Rrepublic to make recommendations for the institution of a
budget system.
"The majority of the members of the Commission were formerly
associated with me in the establishment of the American budget system.
"Such a work necessarily covers a good deal of ground, and for the
reason that we wish to do it in a short time without sacrificing thoroughness I have formed a sizable Commission of experienced men.
"It should be understood that our work and the budget system we
shall'recommend has nothing to do with any question of the internal
or foreign policy of the Dominican Republic, and is concerned only
with proper methods for transacting its routine government business.
"The Dominican Government has generously authorized us to fix
our own compensation and expense. I may state here, however, that
it is the purpose of our Commission that the total expense to the
Dominican Government, covering everything, shall not exceed $10,008.
"Commissions recommending methods for efficiecncy and economy should
practice what they preach.
"We shall take no golf clubs."
The members of the Commission, according to the "HeraldTribune" of March 29, are:
The members of the commission are:
Mr. Dawes, chairman;
Major General James G. Harbord, President of the Radio Corporation
of America;
Sumner Welles, of Washington, former American Commissioner to
the Dominican Republic;
John S. Harris, of Harris, Winthrop & Co.;
"The New York Federal Reserve Bank was within its legal rights
T. W. Robinson, of Chicago, vice-president of the Illinois Steel Comin making the $25,000,000 loan to the National City Bank, even if pany;
it knew the funds were to be employed for brokers' loans, which they
Harry B. Hurd, attorney, of Chicago;
doubtless did.
H. C. Smither, of Lawrenceville, Ill., former chief co-ordinator of
"The Federal Reserve act authorized the member banks to elect the United States Budget, now Vice-President of the Indian Refining
six out of nine directors of the New York Federal Reserve Bank and Company;
these directors are authorized to administer the affairs of that Bank. The
John Stephen Sewell, of Birmingham, President of the Alabama
Reserve Board is not authorized by law to direct the making of loans Marble Company;
2208
FINANCIAL CHRONICLE
J. C. Roop, of the United States Bureau of the Budget;
Henry P. Seidemann, of Washington, of the Institute of Government
Research;
Francis J. Killkenny, of Chicago, investment banker and former
assistant to the director of the United States Bureau of the Budget;
E. Ross Bartley, secretary to Mr. Dawes when he was Vice-President
and now secretary to the Commission, and
Rufus S. Beach, nephew of Mr. Dawes.
San Juan advices to the "Times" April 1 said:
Porto Ricans seem to take it for granted that the Dawes commission is simply for putting the Dominican Republic in shape to float
a further loan in the United States requiring the approval of the
American State Department.
Senator Glass in Reply to Former Senator Owen and
Representative Fish Regarding the Action of President Mitchell of National City Bank and Federal
Reserve Board's Efforts to Restrain Speculation.
A further statement has come from Senator Carter Glass
this week relative to the action of President Charles E.
Mitchell of the National City Bank in extending financial
aid to the stock market a week ago. Following Mr. Mitchell's action, Senator Glass, as we noted in these columns
March 30, page 2015, declared that Mr. Mitchell's course
was "a challenge to the authority and announced policy of
the Federal Reserve Board." On April 2, in answer to a
defense of Mr. Mitchell's course by former Senator Owen
(which we give elsewhere in this issue), Senator Glass held
to the criticisms previously registered against Mr. Mitchell,
and declared that "stock speculation with funds of Federal
Reserve Banks is by law precluded, as it was distinctly intended to be." "If," says Senator Glass, "the New York
Federal Reserve Bank, as seems to be asserted, knew that
Mr. Mitchell was discounting for stock speculative purposes,
It aided one of its directors to violate the entire spirit and
intent of the law and assisted his defiance of the avowed
policy of the Federal Reserve Board."
The following is the reply of Senator Glass to former
Senator Owen:
[VOL. 128.
banks are not subject to the authority of the Federal Reserve Board in
making loans is to betray ignorance of the law. Even the fifteen-day emergency loans authorized by the Act, to avert a bank's temporary embarrassment in the war period, were required to be on eligible paper as defined
by law or secured by deposit of bonds and notes of the United States at
rates subject to the review and determination of the Federal Reserve
Board.
If the New York Federal Reserve Bank. as seemed to be asserted, knew
that Mr. Mitchell was discounting for stock speculative purposes, it aided
one of its directors to violate the entire spirit and intent of the law and
assisted his defiance of the avowed policy of the Federal Reserve Board.
No single provision of the Federal Reserve Act was ever designed to permit
the use of the system's funds for stock speculating. A person who does
not know this simply does not know the law.
Never having "played the market" nor gambled in foreign exhcange, I
have had no occasion to scrutinize the court decisions with respect to the
public policy of such transactions, but it requires no familiarity with court
decision to know perfectly well that Congress regarded the use of Reserve
Bank funds for stock speculative purposes as directly contrary to public
policy. That is why Congress in the Federal Reserve Act textually Prohibited Reserve banks lending their funds for such purposes.
Along with the above, there was also made public a statement by Senator Glass in reply to Representative HamilteR
Fish Jr., of New York, who, like Mr. Owen had endorsed
the action of Mr. Mitchell. Representative Fish,in expressing his views on April 2, said:
"The attack made by Senator Carter Glass,of Virginia, on Charles E.
Mitchell. President of the National City Bank, for coming to the rescue of
the market last week when the call money rate reached 20% was not warranted by the facts. The spontaneous action of Mr. Mitchell helped save
the market from a panic that would have seriously affected business generally and might have impaired the credit of the Federal Reserve System.
The quick thinking and acting on the part of Mr. Mitchell, who is President of the largest bank in the United States, should have been commended
Instead of condemned by the author of the Federal Reserve Bill. I am
positive that the members of the Federal Reserve Board did not want to
be the cause of a panic and should be thankful to Mr.Mitchell for supporting
the market with $25,000,000 of his bank's funds when a serious crash was
almost inevitable.
"Although Mr. Mitchell Is a constituent of mine, he needs no defense for
this sound and constructive action. Senator Glass may have been one of
the authors of the Federal Reserve bill, but he is not now responsible for
Its operation, and it might be just as well for him to remember that there
are larger financial transactions in New York City in one week than there
are in the entire state of Virginia In one year. and that the banking business of Wall Street is just as honest and ethical as that on Main Street.
"The Federal Reserve Board, of which my predecessor in Congress,
Edmund Platt. Is Vice-President is competent to defend its own action
Whether or not the Federal Reserve Board should have removed Mr. and speak for Itself. It does not need the assistance of Senator Glass to disCharles E. Mitchell, a Class A director of the New York Federal Reserve cipline prominent New York bankers for rendering a public service in
Bank, for his open defiance of the Board's authority and his avowed time of a real emergency, nor, in my opinion, has it any such intention.
attempt to frustrate its administration policy is, of course, a matter of
"An increase in the rediscount rate suggested by Mr.Mitchell,from 5% to
opinion. It was my conviction, and still is, that the Board should have 6%, should be a sufficient check on speculation at present, and this could
taken exactly that action.
be put into effect whenever the directors of the Federal Reserve Bank
This should have been done promptly, not so much, perhaps, for the of New York and the Federal Reserve Board agree that it is necessary?'
offer by Mr. Mtichell's bank of $25,000,000 to a dangerously extended
The rejoinder of Senator Glass to Representative Fish
speculative stock market, which the Board was conservatively trying to
curb, as for his dramatic assertion of a superior obligation to the stock follows:
"If Representative Fish really thinks the'Federal Reserve Board is compespeculators over against his obligation to the Federal Reserve System.
tent to defend its own act and speak for itself" it seems to me that Mr. Fish
of which Mr. Mitchell is a sworn official.
He was well aware of the policy being pursued by the Federal Reserve would have hesitated to make himself spokesman for the Board.
"For that matter I have no doubt that stock speculators on the New York
Board; nevertheless he set out with apparent deliberation to thwart it
and to bring the authority of the Board into contempt. In this he suc- Exchange, whose transactions are now absorbing inconceivable credits and
funds which should properly be applied to business interests throughout the
ceeded.
The authority of the Board to suspend or remove Mr. Mitchell or any country, are perfectly willing to speak for themselves. Nevertheless, Mr.
other officer or director of the New York Federal Reserve Bank Is not a Hamilton Fish Jr. seems to have constituted himself a spokesman for these
matter of opinion. It is so plain that denial of it betrays ignorance of stock gamblers.
"The boast that the stock gambling business in New York City exceeds in
the law. Among the enumerated powers of the Federal Reserve Board.
volume the legitimate business of the entire State of Virginia, only accendetailed in Section 11 of the Act, is
"(F) to suspend and remove any officer or director of any Federal Re- tuates the complaint made against this tremendous absorption of funds for
serve bank, the cause of such removal to be forthwith communicated in speculative purposes. Perhaps if there were less stock gambling there
writing by the Federal Reserve Board to the removed officer or director."
would be a greater volume oflegitimate business in Virginia and other states.
"When Mr. Fish speaks of 'business' he evidently visions that peculiar
There is no implied limitation on the procedure thus sanctioned. If
there were any it Is inconceivalbe that it would relate to an offense in- aptitude of some people to pit their gambling instinct and speculative discernment against the kindred wit of other men. When I speak of business
volving a vitiation of the Board's vital administrative policies. Likewise
the reference is to the industrial and commercial pursuits of the country,
It is not to be supposed that it could apply to open encouragement of
which are productive and not speculative.
mutiny among Reserve and member banks of the System.
"Moreover, I did not heedlessly rush Into print about this question. As a
Of course, everybody who knows anything about the System at all
knows that the law provides a board of nine directors to "administer matter of fact, I have an aversion for the sort of publicity Mr. Fish seems to
relish. I was asked by two newspaper men who came to my office what I
the affairs" of each Federal Reserve bank, but that is merely to state
thought of Mr. Mitchell's defiance of the Federal Reserve facilities for the
one of those half-truths that amount to a perversion of essential fact.
These Reserve boards are not permitted to manage as they please. The promotion of stock speculation, and I unhesitatingly declared that the use
of Federal Reserve facilities for stock speculation was textually in violation
law provides that the regional board of directors shall administer the
of the law, and that Mr. Mitchell having aided and abetted such violation of
affairs of the bank "subject to the provisions of the law and the orders
the law, and having flouted the authority of the Federal Reserve Board.
of the Federal Reserve Board." In scores of ways the Act lodges with
should be properly disciplined.
the central Board at Washington supremacy of control.
"I do not assume to be 'responsible for the operation of the Federal ReIn matters of all rediscounting, eligibility and classification of paper,
serve system,'as Mr.Fish suggests, but I do assume to be responsible for any
sufficiency, withdrawal and replacement of collateral, ruins salaries,
opinion that I may entertain on the subject, and I do not have to ask the
Issuing notes, liquidation of reserve banks, open-market transactions,
opinion of Mr. Hamilton Fish Jr. to express such an opinion."
foreign and domestic acceptances, foreign agencies, regulation of collection charges and exchange, rates of rediscount, suspension and taxation
of reserves, levying expense funds, admission of State banks, establishing President Hoover and Cabinet Said
To Be Giving
branch banks, examination, suspension and reorganization of Reserve
Attention to Credit Situation—President Reported
banks—it would necessitate a great expansion of space to enumerate the
As Opposed to Higher Rates.
things which Federal Reserve banks may not do without the sanction, or
must do by direction of the Federal Reserve Board.
According to a Washington dispatch to the "Sun" last
If the President of the National City Bank, who is also a class A director
of the New York Federal Reserve Bank, can be persuaded to believe that night, President Hoover and the Cabinet gave attention
the Federal Reserve Act authorizes Reserve banks to rediscount paper for yesterday (April 5) to the Federal Reserve Board statement
stock speculation purposes he is too simple to hold either position. Of
course Mr. Mitchell knows better; otherwise there was no point in his with reference to the credit situation of the country and
public defiance of the Federal Reserve Board. He would have thrown his absorption of general credit in sustaining stock exchange
bank's $25,000,000 in the speculative swirl as a customary transaction.
transactions. The account from which we quote also conThe Federal Reserve Act. Section 13, gives the Federal Reserve Board
power to determine and define the character of paper eligible for discount, tained the following further advices:
The President has been watching the situation closely. He is keenly
under the law, which paper must always be drawn for agricultural,industrial
or commercial purpose." The Act textually provides, as Mr. Mitchell Interested in the credit situation because of its possible effect on business
well knows, that "such definition shall not include notes, drafts, or bills and prosperity. His position never has been officially indleated, but It is
covering merely Investments or issued or drawn for the purpose of carrying understood that he does not favor higher credit rates which would follow
er trading in stocks, bonds or other investment securities, except bonds and increase in the rediscount rates at the Federal Reserve banks because of
their restrictive effect on the normal transactions of business.
notes of the United States Government."
Walter H. Newton, Secretary to the President, who Is maintaining
Thus stock speculation with funds of Federal Reserve banks is by law
distinctly intended to be. To say Federal Reserve contact with the independent Boards and Bureaus of the Government, has
precluded, as it was
APRIL 6 19291
FINANCIAL CHRONICLE
2209
been in close touch with the situation. It is understood that he has disSenator Norbeck's Views.
cussed it with the President and has advised Mr. Hoover of how members
Senator Norbeck of South Dakota, Chairman of the Senate Banking and
the Reserve Board stand and of the attitude of the various Reserve Currency Committee, reiterated to-day that in his
of
opinion the problem
Bank governors.
facing the Federal Reserve Board was an administrative rather than a
Independent Body.
legislative one. A "hands-off" policy on the part of Congress is in order.
The Reserve System is an independent organization, one of the most in- he said, to enable the Board to work out its own solution for curbing
dependent in Washington, but the views and desires of the President are speculation.
Senator Norbeck also said that Senator Glass, who was a leading participnot to be lightly taken. The President has a mighty influence over the
ant in writing the Federal Reserve Act, held the opinion that the Reserve
public mind, and he makes the appointments.
Whether the President will make any public statement of his judgment Board already had sufficient power to handle the situation.
"In this matter I believe Senator Glass can speak for most of the Comas to the use of credit and the control of the speculative movement probably
will depend on the willingness of the members of the Federal Reserve mittee, though not for me, better than I can," said the South Dakotan.
He said that he had not been in communication with any members of the
System to reflect his views as they have been made known to various
Board.
members through Secretary of the Treasury Mellon or Secretary Newton.
"Then, too," he concluded,"we must remember there is a new President
The first warning statement issued by the Board was put out after a
close vote and without the knowledge of the Secretary, who is ex-officio and new administration. I would not like to say anything until they have
Chairman of the Board. Mr. Mellon attends meetings only when his had the opportunity."
presence is desired for a particular reason. He has attended two sessions
Senator Fletcher's Views.
in the past week.
While contending that further legislation was perhaps advisable to limit
speculative loans, Senator Fletcher of Florida. ranking Democrat on the
Committee, took the position that the Board had the power and authority
Representative McFadden Says Federal Reserve Board and should employ it.
Was Tardy in Attempting to Check Speculation—
Would Let Market Right Itself—Senator Norgeck's
Views.
Representative L. T. McFadden of Pennsylvania, Chairman of the House Committee on Banking and Currency,
is not in accord with views expressed by Senators Glass
of Virginia and King of Utah, that the powers of the Federal
Reserve Board should be enlarged to enable it to deal more
effectively with speculative activities on the New York
Stock Market. Advices to this effect were contained in a
Washington dispatch April 1 to the New York "Times"
which also had the following to say:
Questionnaire Sent to Business Executives of Country by
W. C. Durant Seeks Views on Market Price of Stocks—
Federal Reserve Board's Attitude Considered Harmful
by Mr. Durant.
In a telegram sent to leading business executives of the
country on April 1, William C. Durant asked for an expression of view as to whether the present market price for the
common stock of their company is too high. Mr. Durant at
the same time stated it is his belief "that the attitude of the
[Federal Reserve] Board, the method of handling and the
thoughtless character of the publicity are most harmful to
our business interests and are threatening the prosperity
of the country." The following is the telegram:
Mr. McFadden takes the position that the Board, under present law,
has all the power it needs to handle any credit condition that may arise,
either in the field of industry or speculation, and that if any attempt is
made to change the law in this regard it should be preceded by a careful
This telegram being sent to one hundred executives of our represtudy by the appropriate committees of Congress.
sentative industrial, railroad and public utility corporations.
The Representative, who has Just returned from New York, declared
At a time when the reserves of the banking system of the country
to-day that if the Federal Reserve Board had moved promptly a year
ago there would have been little or no complaint in recent months on the are in no way threatened the Federal Reserve Board by questioning
the right of the bankers to loan on stock exchange collateral is giving
score that excessive sums had been used in the market for speculation.
Referring to the warning statement of Feb. 6, Mr. McFadden said the public the impression that our best securities are selling above their
the Board had used than one of the most potential influences under its value.
It is my belief that the attitude of the board, the method of handling
control—publicity.
"The other two powers vested in the system," said Chairman McFadden, and the thoughtless character of the publicity are most harmful to
"are the 'discount rate' and the 'purchase and sale of securities in the open our business interests and are threatening the prosperity of the
country.
market.'"
Heretofore, he said, use has been made of the last two functions within
With my assurances that the information will not be used for
the Board's power without satisfactory results. The main function of the speculative purposes and that no public reference direct or indirect
Federal Reserve System, he held, was the maintenance of a proper gold will be given to your response without your consent would you be
reserve and control of the total volume of credit, and in the exercise of willing to give a Yes or No answer to the following question:
these prerogatives, it necessarily must keep in touch with world gold and
"Based upon present conditions, prospects and plans for the future,
credit movements, but only for the purpose of wise and competent manage- do you think the present market price for the common stock of your
ment in the preservation of the gold reserve and total volume of credits.
company is too high?"
W. C. DURANT.
Would Let Wall Street Alone.
With regard to the above the "Times" of April 2 said:
"I do not understand at this time that the gold reserve is in danger,
Mr. Durant's questionnaire excited considerable comment in Wall
nor do I see any indication of a general rise in the commodity price level,
and because of these facts I do not see that the Federal Reserve system Street. He has been openly criticizing the Reserve Board for some
should concern itself shout the condition of the stock market or of the secur- time, but his latest move was regarded as part of a determined moveity loan market," said Mr. McFadden.
ment to arouse opposition to that body's policies with respect to the
"I think the Federal Reserve Board may have been quite right to try to use of funds for stock market purposes.
frighten the speculators a few month(' ago, but this having failed I think it
Mr. Durant is a stockholder in many of the companies to which
would be much better advised to leave Wall Street alone and let it boil over he sent his questionnaire.
of itself, rather than do things which, if continued, will put at risk the
general prosperity of the country."
Mr. McFadden insisted that although the Federal Reserve Board in W. C. Durant Takes Exception to Stand of Senator
recent months had absorbed about 81,000,000,000 in credit by open marGlass Regarding Stock Exchange Loans.
ket operations in government securities and credit had been further diminished by the tightening up by Reserve Banks on loans obviously sought for
In addition to the above action, W. C. Durant on April
speculative transactions, these moves had proved abortive because of the
3, issued the following statement taking exception to the
Board's delay in executing them.
"The powers of the Board in attempting to check undue speculation attitude of Senator Glass toward the curbing of stock exmust bo properly timed if they are to be made effective," said Mr. McFad- change loans.
den. "In handling the situation that now confronts it the Board was
"Senator Glass of Virginia, Justifying the Federal Reserve Board's attardy in making a start, and there is nothing that it can do at this time
tack upon the business interest of the country, makes the statement that
except to stand pat and permit the market to right itself."
that if less of the country's unemployed funds were loaned by bankers
He expressed grave doubts that any advance in rediscount rates would
on stock exchange security, the best collateral ever created. 'there would
Curb the present speculative tendencies.
be a greater volume of legitimate business in Virginia and other states.'
"Senator Glass probably is not aware that the Industrial Rayon CorporaFavors Banking Study.
tion is at this moment building a plant at Covington. Va., the Senator's
Referring to statements by Senator Glass, a former Secretary of the own
state, costing approximately $5.000,000.
Treasury, that stock speculation of the character now in progress should
"This industrial enterprise and hundreds of others making for our
be made the subject of legislation, Chairman McFadden voiced a sharp present prosperity would
never have been attempted if the securities of
dissent. He said it would be difficult in any legislation that might be enacted these companies
could not by order of the Federal Reserve Board be acto differentiate between the terms "speculation" and "investment," He cepted as collateral when
offered by brokers or others to the banks of the
said that he favored a study of banking problems by the Committee of country.
which he is Chairman and hoped that such a study would be authorized at
"Senator Glass might also be pleased to know that in addition to the
the special session of Congress to convene on April 15.
plant investment by the Industrial Rayon Corporation, 800 new houses
"We should pay special attention," he asserted. "to what are known as will be built withing the next
few months with a greatly increased number
'brokers' loans.' The public assumes that all credit so classified goes into within the next two years,
provided the prosperity of the country is not
the stock market for speculative purposes only. I doubt whether that is a Jeopardized by thoughtless demagogues."
fact. In making a study of this phase of our credit operations we should
determine what amounts of these brokers' loans are represented by unsold
bond issues; what amounts are represented by foreign financing; what Secretary of Treasury Mellon Says Reduction in Taxes is
amounts are represented by the endeavors of domestic corporations to get
Planned When Revenues Justify Action.
out of debt of banks; and what amounts are represented by 'long-term
investments.' The balance in my opinion would represent the speculative
In a radio address, over Station WMAL on March 30,
excess.
Secretary of the Treasury Mellon outlined the Government's
"In any attempts that may be made by tho Federal Reserve Board to
correct speculation, care should be taken to get all the information that I financial policies and in stating that the Government debt
have indicated. Without it we could not legislate intelligently.
has today "been reduced to manageable proportions and
"There is a tendency to pay too much attention to the spectacular action
about $300,000,000 a year saved in interest charges," he
of the stock market. We should remember that the business man, the
worker and the farmer are not greatly concerned about stock speculation. added "eventually, as the debt is paid oft entirely, this
Their chief interest is in the continuity of business and of the stability of drain on our revenues will be
removed and we can look
general prices, which serve as a guide to industrial activity and help to
forward to a very great reduction in taxes."
maintain employment, wages andlprofits."
2210
FINANCIAL CHRONICLE
Reviewing what had been done in the way of tax collections, and the refunding of taxes, Secretary Mellon said:
"Since 1917 the Bureau of Internal Revenue has collected almost
$39,000,000,000 and has assessed more than $4,000,000,000 of back taxes.
During this time it has refunded less than $1,000,000,000, or approximately 254% of the amount collected, notwithstanding the large amounts
refunded under interpretative court decisions or because of retroactive
legislation or under provisions of the law which can be administered
only through refunds. Even the credits and statements allowed since
1923 have amounted to less than $2,000,000,000. It is a record of
efficiency that would be hard to equal."
The address of Secretary Mellon (broadcast under the
auspices of "The Washington Star") follows in full:
"In this country, tradition plays an important part in government.
In the conduct of business, on the other hand, we are singularly free
as a people from being hampered by precedent. If a bridge must be
built or a new process developed or an industry established, we find
the best and quickest way to do it and are not concerned because it was
never done that way before. It is this initiative in blazing new trails,
this enterprise in overcoming difficulties, that have made America great.
"But in the conduct of government we have been slow, and rightly
so, in introducing innovations. We have changed somewhat and can
still improve the structure of governmental machinery, especially in the
coordination of related or overlapping activities. In so far, however,
as fundamental policies are concerned, they have been based, and are
based today, on certain guiding principles which, with the passage
of time, have assumed the force of great traditions.
"This is particularly true as regards our financial policies. These
policies are few in number and may be easily enumerated. One is
the keeping of expenditures always within the revenues. Another is
the payment of the public debt. A third is the levy of the lowest
taxes consistent with the government's needs; and still another is
the support of the public credit so that the financial integrity of the
government shall be a rock amidst the fluctuations of internal and world
finance.
"It is of these policies that I wish to speak. They are of general
interest because the business of government has become so vast in
extent and is so far-reaching in its influence that the manner in which
it is conducted is of vital concern to every man, woman and child
in the country.
"In so far as keeping down expenditures is concerned, we have always
believed that they should be kept within our revenues, and that the
piling up of debts for current expenses, except in time of war, is strictly
to be avoided. But before the establishment of the budget system
eight years ago, there was no way of knowing what our expenditures
would be. Each department went to Congress and secured whatever it
could in the way of appropriations.
"Since the budget system was established, however, Congress has
recognized the importance of a balanced budget and has adhered strictly
to the policy of keeping appropriations well within the budget estimates.
"Turning now to the question of debt payment. No other part of
our financial policy has been more consistently maintained than that providing for the prompt payment of the public debt.
"Even in the early days, after the Revolutionary War, when a debt
of $60,000,000, with an interest charge of less than $5,000,000 a year,
constituted a problem of the first magnitude, the newly formed government, with its slender resources and inadequate financial machinery,
set about paying its debts. The same thing was true after the Civil
War. After the World War this policy was continued and has been
responsible for much of the progress made in paying off the debt.
"Today that debt has been reduced to manageable proportions and
about $300,000,000 a year saved in interest charges. Eventually, as
the debt is paid off entirely, this drain on our revenues will be removed
and we can look forward then to a very great reduction in taxes.
Taxes Restored to Peace Time Level.
"Already taxes have been restored to a peace-time level. Over
2,000,000 individuals, in the lowest brackets, have been relieved of
all liability for Federal income taxes, and the substitution of moderate
rates for excessive ones has benefitted all along the line. Productive
business, by being relieved of oppressive rates, has found it possible
to expand in an orderly manner. As a result, prosperity has become
more general, the national income has increased, and during the year
1928, which set a new record for prosperity, the government received
revenues adequate for its needs, even with lower rates and fewer tax
payers.
"This is progress in the right direction. There is still much that
can be done and should be done when revenues show sufficient permanent increase.
Growing Demand For Further Tax Reductions.
"At present there is a growing demand for further reductions in
taxes on earned income. It is a position with which I have always
been in sympathy, as is evidenced by the recommendations which the
Treasury made to Congress as long ago as November, 1923. At that
time the Treasury said:
'The fairness of taxing more lightly income from wages, salaries
"
and professional services, than the income from a business or from
investment, is beyond question. In the first case, the income is uncertain and limited in duration; sickness or death destroys it and old
age diminishes it. In the other, the source of income continues; it
may be disposed of during a man't life and it descends to his heirs.'
"The Treasury is still of this opinion and will be glad to see these
principles still further carried into law whenever revenues justify
such action.
"Another place where progress can be made is in the administration
of the tax laws. As a business man, I realize'how the average man
and woman throughout the country view these laws. I know with
what impatience you face the long and tedious business of making out
your income tax return each year. The form which you must fill out
doubtless seems unduly long and complicated; and it is not unreasonable
that you should ask, first, why the law cannot be simplified, and,
secondly, why the return cannot be reduced to a few short, simple questions and answers.
"Believe me when I say that the Treasury appreciates and sympathizes with that point of view. But there is an answer to each of
these questions, and the first one is that, if the tax laws are, to cover
necessity
all the intricacies of modern business, then these laws must of
be technical in their provision.
[Vote. 128.
"Suppose, for example, that for the present law we should substitute the simple statement that all income shall be taxable at given
rates, without any attempt to define the word 'income' and ignoring
all such complicated and unpleasant matters as exemptions, credits
and deductions. What would happen?
"Neither the Treasury nor the taxpayer would know, for example,
whether business expenses were deductible or whether a particular
transaction gave rise to taxable gain. The result would be that they
would be obliged to go into the courts to determine tax liabilities.
True simplicity can be attained, not by omitting vitally necessary
statements and definitions, but by making them as clear and brief
as possible. If such statements are omitted in the name of simplicity,
we may perhaps secure brevity, but it will not be true simplicity.
Attempt to Simplify Tax Return.
"Now for the second question. An attempt is made each year to
simplify the tax return, and it might be possible to shorten it still
further and to make it seem less formidable if it were not necessary
for one form to cover such a variety of cases.
"The real opportunity for improvement lies in simplifying the administration of the tax laws; and this the Treasury is making a determined effort to do. The government is trying to settle each tax case
promptly and finally and with due regard to the interests of both the
government and the taxpayer. The progress which has been made
in this direction is encouraging.
Tax Refunds.
"It was the general rule in both State and Federal taxation that, if
a dispute arose over the amount to be paid, the dispute was not allowed
to postpone payments. This rule has been relaxed by the creation of the
Board of Tax Appeals, where the taxpayer can litigate all claims for
additional taxes before payment is required in the ordinary case. If,
however, the taxpayer prefers to have recourse to the Federal courts,
then he must pay before bringing suit.
money
"But this does not mean that the government should keep
the
to which it is not entitled. If the taxpayer is dissatisfied with
by
amount he has paid, either upon his original return or as determined
conscientious
the Commissioner of Internal Revenue, a responsible and
official of the Treasury who has the assistance of expert technical and
legal advice, then the taxpayer may claim a refund and eventually go
to the courts if necessary. It is worthy of note, however, in administering
this difficult law, and particularly the excess profits taxes levied during
the war period, that so small a part of the taxes paid have had to
be refunded.
"Since 1927 the Bureau of Internal Revenue has collected almost
$39,000,000,000 and has assessed more than $4,000,000,000 of back
taxes. During this time it has refunded less than $1,000,000,000, or
approximately 21/%, of the amount collected, notwithstanding the large
amounts refunded under interpretative court decisions or because of
retroactive legislation or under provisions of the law which can be
administered only through refunds. Even the credits and abatements
allowed since 1922 have amounted to less than $2,000,000,000.
"It is a record of efficiency that would hard to equal. And yet
responsible public officials, while not charging dishonesty, have attempted to discredit this record because occasionally a refund of several
million dollars has been made to a single taxpayer. They neglect to
state that the taxes paid by such individuals or corporations often run
into the hundreds of millions, of which only a small part is ever
refunded.
"Honest criticism, of course, is desirable and makes for efficiency
in government. But it should be constructive criticism and not made
in such a way as to increase the difficulties of administering a law as
to which large responsibilities for administration must be vested In
and assumed -by the officials charged with its enforcement. Responsibility must be placed somewhere. I am convinced that the enforcement
of the tax laws must of necessity remain an administrative problem,
not a legislative one, and that any policy of administration which
shuns such responsibility by transferring the problem to the courts
for solution endangers not only the law but the very existence of the
income tax.
Attitude Toward Tax Publicity.
"The Treasury has not and will not evade its responsibilities in
this respect. It is in furtherance of its policy never to endanger the
integrity of the income tax that it has maintained a consistent attitude
with respect to the so-called 'tax publicity' question. The Treasury
policy has always been that tax returns and the information disclosed
therein should under no circumstances be open to public inspection.
"This policy is based upon the principle that taxpayers should be
permitted to contribute their share of the revenue necessities of the
government without subjecting their business affairs to the scrutiny
of their competitors, the idly curious, the solicitors of contributions and
unscrupulous practitioners seeking out possible future clients.
"This policy is not affected by the regulations recently issued by the
Treasury providing for the publication of refund decisions. What
will be published will be a brief summary of the relevant facts and
a citation of the statutory and applicable judicial authorities. It is
believed that the publication of such decisions will remove any possible
grounds for misunderstanding or for loose and unfounded charges
that the decisions of the Commissioner of Internal Revenue are not
made in accordance with law.
"Now, as regards the public credit. It has been the aim of the
government to carry on its own financial operations with the least
possible disturbance either to business or to the individuals of the
country. Fortunately, in recent years, we have evolved the machinery
to do this. And yet there was a time not so very long ago, during
the Spanish-American War, when in order to float a bond issue of
only $200,000,000 the market had to be prepared and the operation
carried through with the greatest care.
"Compare the difficulty of that relatively small undertaking with
the ease with which the government's vast financial operations can be
carried on today. Last year these operations involved more than
$10,000,000,000. Within a twelve month period the government collected over $4,000,000,000, chiefly from customs duties and income
taxes. It paid out a like amount; and in addition to this, made provision
for the Third Liberty Loan, which came due in September and amounted,
at the time refunding operations commenced, to over $2,000,000,000.
"The Treasury was obliged to produce funds with which to pay
off this loan or else exchange part of it for other obligations bearing
lower rates of interest and coming due at some convenient time In
the future.
APRIL 6 1929.]
FINANCIAL CHRONICLE
Government's Quarterly Financing.
"It would have been difficult to do this, or even to carry on the
government's usual quarterly financing, without some such machinery
as that provided by the Federal Reserve System. This may be seen
by reviewing briefly how such quarterly financing is done.
"The principal source of government funds is from tax payments,
made on quarterly tax payment dates on the 15th of March, June,
September and December and deposited to the credit of the government with the Federal Reserve Banks. If these payments were permitted
to remain in the Federal Reserve Banks, outside the ordinary channels
of trade until needed for government expenditures, there would be
a stringency in the money market every quarter until the money was
distributed to the commercial banks of the country.
"So what the government does to avoid this situation is to sell
short-term notes or certificates timed to mature on quarterly taxpayment dates; and the proceeds, generally speaking, are left on deposit
at interest with the subscribing banks to be withdrawn into the
Federal Reserve Banks from time to time as needed during the
succeeding quarter for the government's current expenditures.
"When the tax payments are received they are used to pay off
in whole or in part these certificates or notes maturing on the same
date, and in this way transactions often involving half a billion dollars
or more on each side are cleared through the banks in the course
of a few days without involving the withdrawal of these vast sums
from general circulation even for a single day. If the tax payments
and other receipts should exceed the amounts needed for expenditures
for any three months' period, this surplus can always be profitably
applied in reduction of the public debt.
"By the use of the method which I have just described the government is enabled to carry on its financial operations with the least
possible disturbance to the business life of the country.
"Such, in brief outline, are the government's financial policies. They
still conform, as you see, to the traditions established when the
government was first founded. We cannot do better than to follow
those traditions and to make sure that in fundamental matters our
actions square with those great, immutable principles which our forefathers, with such consummate wisdom, made a part of the very
structure of our government."
Limits on Congress Session Unlikely—House Banking Committee May Organize to Consider Intermediate Credit.
Organization of the House Banking and Currency Committee during the forthcoming extra session of Congress for the
consideration of the revision of the Intermediate Credits
law in the interest of co-operative marketing associations
loomed up as a possibility on April 1, according to the Washington correspondent of the New York "Journal of Commerce," who further said:
This was intimated by Representative John Q. Tilson (Conn.), Republican leader of the House, following a conference with President
Hoover.
Co-operative marketing associations seeing their activities possibly
overshadowed by the independent stabilization corporation proposed to
be created by the contemplated farm relief legislation, have presented
a program of their own which involved direct Government loans to
the co-operatives.
Limits Not Inflexible.
Mr. Tilson called at the White House before leaving Washington for
a short vacation. With the President he discussed both farm relief and
tariff legislation and it is understood also that such other matters as
census and re-apportionment legislation entered into the conversation.
Later he told newspaper men that the present plans for limiting the
work of the House during the extra session would not be found to
be inflexible for, on the contrary, should the emergency arise, there
would be no hesitation in authorizing the proper committees to function
and the House to act on whatever matters might prove necessary.
The present program contemplates the organizing of the Ways and
Means, Agriculture and Rules Committees. That would limit the House
to the consideration merely to farm and tariff relief legislation as
emanating from committees. However, opportunity is afforded under
the rules of the House for the consideration of census and reapportionment bills, they having passed the House at the last session and do
not require committee action beyond that accorded by the Rules Committee in making them in order for House discussion. A somewhat
similar situation exists with respect to National Origins legislation.
Representative Tilson stated that if it were indicated to him that it
would expediate matters any, he would be glad to see originate in
the House the move to repeal this clause in the 1924 Immigration law.
The opposition comes from the Senate and if maintained for the
House to pass legislation of the character suggested would be a mere
gesture.
The Agricultural Relief bill will be the first measure to be considered in the House after convening on April 15. Mr. Tilson sees
no difficulty in working out an acceptable measure, pointing out that,
except for the equalization fee principle, other bills have been considered at former sessions and the legislation "has gone through the
fire" and that which can be put through both Houses of Congress and
-receive Presidential approval has been indicated in the process.
Tilson ebphasized the disinclination of the leadership to organize
the House as an entirety before the commencement of the regular
session in December.
"My only idea is that it would be very bad to open the doors to
general legislation for the consideration of everything that would and
could come up," he said. "It certainly would not be desirable to turn
Congress loose when it has been called for the consideration of two
particular subjects. If all the committees were organized and permitted
to busy themselves with public hearings and the taking of testimony,
instead of devoting themselves to farm and tariff relief as now contemplated, it would not be in keeping with the program."
Tilson would not hazard a prediction as to the possible date of
adjournment for the extra session, saying it depended altogether on what
may be the will of the Senate to speed up or retard the work for
,
which the session has been called.
2211
Gov. Roosevelt of New York Signs Bill Permitting Increased Directorates of Merged Banks—Restrictions Eased in Bank Loans to Individuals in Behalf
of Corporation.
The following from Albany, Apr. 2 is from the New York
"Journal of Commerce":
The Williams Bill, one of 15 measures signed by Gov. Roosevelt to-day.
permits Increases in the size of boards of directors of banks and trust companies so that it will be impossible to retain most of the directors of two
Institutions when a merger takes place.
Specifically the measure permits the number of directors of a bank or
trust company that has $2.000,000 or more capital to be increased to 40,
while in the case of an institution with $5,000.000 or more capital, the
number of directors can be increased to 50.
A second bill, also signed by the Governor to-day, would lift the restriotions now in the law against a bank snaking loans too great for safety to
an individual when such loans are made to an individual for the purposes
of a corporation and are so secured.
Life of New York Legislative Committee Investigating
Banking Conditions Prolonged.
The New York State Legislature adopted a resolution
prolonging for one year the life of the special Legislative
Committee investigating banking conditions, according
to Albany advices appearing in the Wall Street "Journal."
This committee, it is noted, has been especially engaged
in considering measures for broadening the scope of investments for savings banks.
Attorney General Mitchell Says no Federal Authority Exists
to Sanction Proposal to Restrict Oil Production—Industry Likely to Carry Out Plans to Bring Court Decision.
The plans of the interests in the American Petroleum
Institute to restrict the output of crude oil production in
1929 to the level of output in 1928, are likely to be carried
out despite the view expressed by U. S. Attorney General
Mitchell that "such an agreement could not safely be made
without the sanction of some officials of the United States
authorized to give It"; according to the Attorney General
"no such authority exists." The plans of the oil industry to
hold down the output this year were detailed in these columns March 30, page 1998. The ruling of the Attorney
General was made known on April 3, when a delegation
representing the Institute appeared in Washington to discuss
their proposals with the Federal Oil Conservation Board.
As to the attitude in Washington evidenced on April 2—the
day before the hearing—Washington advices to the "HeraldTribune" said:
The proposal of the American Petroleum Institute to reduce the
production of crude oil by voluntary agreements within the industry
faced a setback to-day when it was learned that President Hoover
might be considered opposed to the policy.
The President's objection is based on the ground that any modification of the Sherman act to permit a restricted output would result
in interstate agreements which, in turn, might lead to a situation
demanding Federal supervision of prices. To this contingency tke
President, although yielding nothing in his desire for oil conservation,
has distinct objections.
Wilbur Brings Meeting About.
The President's attitude becomes known a day before the officials
of the American Petroleum Institute are due here to discuss their plan
with the Federal Oil Conservation Board. As Secretary of Commerce,
Mr. Hoover was a member of the board and his attitude results from
a study of inquiries carried on by the board while he was a member
of the Cabinet.
Proposals by the institute to limit the production of crude oil were
approved at a meeting in New York last week. Immediately Ray
Lyman Wilbur, Secretary of the Interior, invited officers of the Institute to Washington for a conference with the Federal Oil Conservation Board, and then requested the Attorney General for an
opinion establishing the legal status of the program under the provisions of the Clayton act and the Sherman act.
The conclusions of the Attorney General were conveyed
as follows to Secretary Wilbur:
Office of the Attorney General.
Washington, March 29, 1929.
Hon. Ray Lyman Wilbur, Secretary of the Interior, Washington:
My Dear Mr. Secretary: I have the letter of March 28 written
by you as chairman of the Federal Oil Conservation Board, inclosing
a copy of a resolution passed by a committee of the American
Petroleum Institute at Houston, Tex., on March 16, 1929, proposing
that those engaged In the production of petroleum agree to limit
production in certain areas in 1929 to the amount produced in 1928,
provided that such action be first approved by the Federal Oil Conservation Board and by the authorities in the states affected.
The questions you submit for my opinion are whether the Federal
Oil Conservation Board has power to approve the proposed agreement,
and what, if any, effect such approval might have in relieving the
parties to the proposed agreement from the operation of acts of
Congress forbidding agreements in restraint of interstate commerce.
You also inquire whether the proposed agreement would violate
the anti-trust laws of the United States.
The Federal Oil Conservation Board was constituted December 19,
1924. by an executive order naming the Secretaries of War, Navy,
Interior and Commerce. There was no act of Congress then in force
2212
FINANCIAL CHRONICLE
defining the duties or powers of the Board and there has been no
legislation since dealing with the Board excepting appropriation acts,
commencing with the act of January 20, 1925, appropriating funds
for the expenses of the Board.
It is clear that Congress has not given to the Board any power
to grant to any persons immunity from the operation of acts of
Congress prohibiting agreements in restraint of interstate commerce,
and that Board has no authority to approve any action which is
contrary to an act of Congress or to the anti-trust laws of any
state; and that no action taken by the Board would have the effect
of relieving parties to such an agreement from the operation of the
anti-trust laws of the United States and of the states.
The proceedings of the American Petroleum Institute indicate that
the purpose of submitting the proposed agreement to the Federal Oil
Conservation Board for approval is to obtain a sanction from the
Federal government which may operate to make the parties to the
agreement immune from the operation of the anti-trust laws.
For the Federal Conservation Board to grant approval under such
circumstances would be assuming authority which it does not have.
The Board's only duties are to investigate and study for the purpose
of recommending methods of conservation, and not with the intent
that its action in approving or disapproving any plan would have
any legal effect on the validity of the plan proposed. As the powers
of the Board are limited in this way the question whether the
proposed agreement would violate the anti-trust laws of the United
States is apparently not a question arising in one of the executive
departments on which the Attorney General is authorized by law to
give an opinion. Furthermore, it is not the practice of Attorneys
General to give opinions as to whether proposed action by private
persons would violate the laws of the United States.
The proceedings of the Petroleum Institute make it clear that its
members already realize that under existing laws such an agreement
could not safely be made without the sanction of some officials of the
United States authorized to give it and, as I have already pointed
out, no such authority exists.
Respectfully yours.
WILLIAM D. MITCHELL,
Attorney General.
Regarding the hearing on April 4 the "Times" had the
following to say in part in telegraphic advices from Washington:
[VOL. 128.
so, he said that the Institute's membership controlled at least 90%
of the production of the United States and about the same percentage
of the total production of the entire Western Hemisphere.
"The Institute has for a long time," said Mr. Reeser, "viewed with
alarm the rapid depletion of the petroleum reserves of the United
States. Competitive conditions presented so many difficulties that it
seemed almost hopeless to unite the industry on a broad constructive
policy which would balance production and consumption. Finally,
however, following the suggestions in the reports of the Federal Oil
Conservation Board, it was decided to undertake the effort."
Mr. Reeser sketched the efforts of the Institute to bring about
improvement in production conditions, leading up to the decision to
lay the restriction plan before the Federal Board. In the formal
request for its approval he said:
"A great effort has been made to comply with the general plan
or procedure recommended by your board. The future welfare and
prosperity of the nation may depend upon the success of this movement. We cannot hope to succeed in our efforts without the continued
help and co-operation of governmental agencies, and, in fact, the
Institute would not wish to continue its activity without the approval
of your Board."
R. C. Holmes, President of the Texas Corporation and
Chairman of the Institute Oil Conservation Committee, announced on April 4 that he had recommended to the Institute
that "we carry on without delay as we have planned to do,
in whatever ways and in every way that is open to us to do
properly, and if by chance we are held to be acting in
restraint of trade, leave it to the courts to determine
whether such restraint is in the public interest or not." In
part, Mr. Holmes' statement follows:
"For four years. the industry has been encouraged, if not instructed,
by the President and the Federal Oil Conservation Board to take
some effective action through co-operation within the industry in the
interest of conservation of crude oil. There has never been a time
in the history of the business when so many units of the industry
realize the desirability and the necessity, both from a public standpoint and in their own interest, of sacrificing to some extent, their
individual interest in a united effort to conserve our crude oil supply,
which it is acknowledged by all competent authorities is being very
rapidly dissipated, and in a manner which has threatened to bring
on Government action if we ever have another administration that
fully comprehends the seriousness of the matter. The fear of this has
brought some people into line who might not, through willingness,
co-operate.
"In my address at Houston, I stated the authorities are still
patiently waiting for the industry to do something. It is inconceivable to us that the Federal Oil Conservation Board could have been
set up as it was and could have functioned for four years without
any authority to act or advise; that it should make requests and give
encouragement to the industry to do the very thing it is now attempting to do, and then that the Attorney General should kick the props
from under the whole structure, and leave it to anyone to interpret
his communication in a manner that would throw suspicion upon the
industry and its effort, and charge an attempt to get immunity from
wrong-doing.
"We have no criticism whatever of the Federal Oil Conservation
Board of today. They have fallen into a most unpleasant and untenable situation. We have suggested to them that they make their
report and recommendations to the President and that they call a
meeting of the governors of the states to consider the problem from
their standpoint of national welfare and from our standpoint as an
operating problem.
"While we are disappointed that this Board and the industry should
be placed in this embarrassing position, we are hopeful that we will
without delay have some statement that does not leave us under the
necessity of interpreting from this action and newspaper reports what
the Federal Government's attitude will be.
"My recommendation to the general committee of the American
Petroleum Institute, of which I am chairman, and to the regional
committees, is that we carry on without delay as we have planned
to do, in whatever ways and in every way that is open to us to do
properly, and if by chance we are held to be acting in restraint of
trade, leave it to the courts to determine whether such restraint is
in the public interest or not.
"Naturally, the whole situation as it stands at this minute is a
disappointment and an unwarranted discouragement to those making
this effort, but it is not sufficient by any means to cause us to
acknowledge defeat or give up the effort, and unless I am mistaken
we will have the understanding of the thoughtful ones and those
interested in the general welfare of the nation and of the industry.
"Certainly no one will be able to point out any advantages in
chaos, extravagance and waste, and they know, too, that it is possible
for a constructive conservation activity to go hand in hand with a
more equitable adjustment within the industry itself and proper
protection to the public. Protection against any excessive or harmful
activities is always given through the courts, and it is quite unnecessary to convict or condemn before the trial."
The outcome of the session was the insistence of the Federal Board
that the Government was without authority to sanction the plan of
the Petroleum Institute to conserve the nation's oil supply by limiting
this year's production to the average output for 1928.
The conclusion of the Board was based on an official opinion
rendered by Attorney General Mitchell. An interpretation of this
opinion by representatives of the Petroleum Institute was that it
inferred the institute, in asking the Board's authority to proceed with
its plan to curtail production, was seeking an "immunity bath" so
that its members would not be liable to prosecution under the Federal
anti-trust laws.
C. B. Ames, general counsel of the Texas Company, one of the
delegates of the Petroleum Institute, expressed that point of view
when he said:
"I do not challenge any legal conclusions the Attorney General
submits but I do insist that the industry is not here under the belief
that it is violating the laws and needs an immunity bath, but because
of the recommendations made to the Board in response to requests
for cooperation."
Raises Issue of Further Efforts.
E. B. Reeser, President of the Petroleum Institute, said:
"I only ask, in the light of the Attorney General's opinion, have
we come to the end?"
Mr. Reeser, however, spoke of the sympathetic attitude of the
Federal Board in attempting to pave the way for better control of
oil production to eliminate waste and safeguard the nation's supply.
Mr. Ames asserted that the industry had co-operated with the Board
and sought to carry out suggestions of President Coolidge on oil
conservation since 1924.
The hearing took place at the Interior Department. The members
of the Oil Conservation Board, which was created by President
Coolidge in December, 1924, are, besides Secretary of the Interior
Wilbur as chairman, Secretaries Good of the War Department, Adams
of the Navy and Lamont of the Commerce Department.
Others representing the Government present were Dr. George Otis
Smith. director of the geological survey; E. S. Rochester, secretary
of the Board; Major Gen. Edwin Jadwin, chief of army engineers;
Rear Admiral H. H. Rousseau for the Navy Department, Scott
Turner for the Commerce Department, Commissioner William Spry
of the general land office and Solicitor Edward C. Finney of the
Interior Department.
The Petroleum Institute was represented, in addition to President
Reeser and Mr. Ames, by William Irish of the Atlantic Refining
Company; E. J. Sadler, Vice-President of the Standard Oil Company
of New Jersey; R. C. Holmes, President of the Texas Company;
W. C. Franklin, general counsel of the Tidal Refining Company,
and K. R. Kingsbury, President of the Standard Oil Company of
California.
In the discussion that followed the reading of Mr. Mitchell's
opinion, Mr. Ames said that it never had occurred to any member
of the Petroleum Institute that the plan of the institute to curtail Order Calling for Strike on Texas & Pacific Railway Withoil production by limiting it this year to the 1928 output would be
drawn—President Hoover Issues Proclamation Creating
a violation of the Federal anti-trust laws.
"The suggestion of the Attorney General comes as a distinct
Emergency Board to Investigate Dispute.
shock," he asserted.
An order which originally had called for a strike of 4,000
To d question by Secretary Good as to whether he did not think
that legislation by Congress would be necessary before there could Texas & Pacific Railway shop and train employees at 6
be any general conservation of oil, Mr. Ames said that he did not a. m. March 30 was withdrawn on March 29 by officials of
think so and that he saw no reason why the Institute's plan should
the four brotherhoods, according to Associated Press disbe classed as a violation of the anti-trust statutes.
Mr. Reeser gave it as his opinion that it was impossible to regulate patches from Dallas, Texas, March 29, which went on to say:
production through curtailment in the individual States. Jealousies
The order of withdrawal was signed by Fred Barr, Vice-President
between States prevented any possibility of real and effective curtail- of the Brotherhood of Locomotive Firemen and Engineers, D. A. Mche asserted.
ment,
Kenzie, Vize-President of the Brotherhood of Railroad Trainmen; E.
Reeser Presents Report.
H. Kruse, Assistant Grand Chief Engineer of the Brotherhood of
presented the report of the Petroleum Institute's Com- Locomotive Engineers, and J. A. Gannon, Vice-President of the Order
Mr. Reeser
mittee on World Production and Consumption of Petroleum. In doing of Railroad Carmen.
APRIL
6 1929.]
FINANCIAL CHRONICLE
2213
defunct City Trust Co. of New York to the newly formed
Mutual Trust Co., according to the New York "Times," he
also approved the sale of the name City Trust Co. to the
National City Bank for $100,000, thus assuring that organization that no other bank will use any part of its title.
As we have before indicated in these columns, the City
Trust Co. was closed by the State Banking Department
on Feb. 11. The plans to organize a new institution under
In his proclamation issued March 29 President Hoover the name of the Mutual Trust Co. to succeed to the business
23,
announced the creation of a board of five members, under of the City Trust Co. were noted in our issue of March
the provisions of the Railway Labor Act, to investigate and page 1841. The "Times" of April 4 stated:
Justice McCook's Statement.
report on the dispute, which had failed of adjustment by
transfer of assets, asserted that the
Justice
the Board of Mediation. On March 30 dispatches from "liabilitiesMcCook. In approving thethe assets." He said that any other
of the old concern exceed
Dallas (Associated Press) stated:
plan of settlement would entail a long period of time with probable loss
The decision to withdraw came after an extended conference of the
Brotherhood leaders to-night. Spokesmen indicated that the withdrawal
was temporary only, pending the report of an emergency investigating
committee appointed by President Hoover late to-day. The decision
does not mean that the 4,000 employees have dropped their grievance,
the leaders asserted.
The trouble, dating back about six months, came to an impasse today when eight leaders of the four Brotherhoods, Locomotive Firemen
and Engine men, Engineers, Trainmen and Conductors, failed to agree
with Mr. Somerville and other T. & P. executives.
Four thousand employees of the Texas & Pacific Railway, who had
threatened to walk out at 6 o'clock this morning, returned to their
jobs as usual today as the result of action by President Hoover late
yesterday.
President Hoover issued the proclamation after he had been advised
by Samuel F. Winslow, Chairman of the Board of Mediation, that
the strike threatened a serious interruption of interstate commerce.
Under the rail labor act, the railway management and workers are
restrained from taking further action for thirty days.
The strike vote taken last week involved disputes over working
conditions and a desire of the employees for the company to reimburse
them for property' losses which they claim they incurred when the
railroad moved its yards from Longview and Marshall, Tex., to Mineola,
Tex., and Shreveport, La.
to depositors and other creditors.
"The Court's chief and moving concern," he added, "is the interest
of more than 20,000 depositors, men and women mostly of small means.
threatened with serious loss if something is not promptly done. They
are now confronted with closed doors. The plan submitted for my approval
would open those doors."
Justice McCook remarked that the sole objection to the plan was that
of a small group of stockholders who desire to k.now the exact amount
of the deficit. He added that the statutes "do not provide that the
Superintendent must disclose the details at this time," and said: "If
they have been wronged by the City Trust Co. officers or directors, their
rights are not affected in any detrimental way by the plan before me."
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
Arrangements for the transfer of two New York Curb
By the President of the United States of America:
Market memberships were reported this week, one for
A PROCLAMATION.
$170,000 and the other for $161,000. Last preceding sale
Whereas, the President, having been duly notified by the Board of was for $190,000.
the Texas & Pacific Railway ComThe following is President Hoover's proclamation:
Mediation that a dispute between
pany, a carrier, and certain of its employes represented by the Brotherhood of Locomotive Engineers, Brotherhood of Locomotive Firemen and
Enginemen, Order of Railway Conductors and Brotherhood of Railroad
Trainmen, which dispute has not been heretofore adjusted under the
provisions of the Railway Labor Act, now threatens substantially to
interrupt interstate commerce within the States of Louisiana, Texas
and Arkansas to a degree such as to deprive that section of the
country of essential transportation service:
Now, therefore, I, Herbert Hoover, President of the United States,
by virtue of the power vested in me by the Constitution and By-Laws
of the United States and by virtue and under the authority vested in
me by Section 10 of the Railway Labor Act, do hereby create a
Board to be composed of five persons not pecuniarily or otherwise
interested in any organization of railway employes or any carrier to
investigate such dispute and report their findings to me within thirty
days from this date.
The members of this Board shall be compensated for and on account
of such duties in the sum of $100 for each member for every day
actually employed with or upon and on account of travel and duties
incident to such board. The members will be reimbursed for and they
are hereby authorized to make expenditures for necessary expenses of
themselves and of the board, including traveling expenses and expenses
actually incurred for subsistence, in conformity with said act.
All expenditures of the Board shall be allowed and paid for out of
the appropriation "Eniergency Boards Act," approved Feb. 11, 1927,
vol. 44, stat. L, 1072, on the presentation of itemized vouchers properly
approved by the Chairman of the Board hereby created.
Done this twenty-ninth day of March in the year of our Lord one
thousand nine hundred and twenty-nine, and of the independence of
the United States of America the one hundred and fifty-third.
HERBERT HOOVER.
By the President: J. Reuben Clark Jr., Acting Secretary of State.
In indicating the membership of the Board as dispatched
from Washington April 1 to the New York "Journal of
Commerce" said:
James R. Garfield of Cleveland, Ohio, son of ex-President Garfield,
and Secretary of the Interior during the Roosevelt Administration,
will be Chairman of President Hoover's Emergency Board named under
the terms of the Railway Labor Act of 1922, to investigate the
threatened strike of employees against the Texas & Pacific Railway.
The Board probably will meet at the Baker Hotel, Dallas, April 10,
although the date is subject to confirmation of the members of the
Board, which is now being sought by wire. Mr. Garfield served on
the Emergency Board in the case of the Kansas City, Mexico & Orient
about a year ago, and in the case of the Western Carriers against
four train service organizations also last year.
Other members of the Board are:
Chester H. Rowell, Berkley, Calif., economist and former member
of the United States Shipping Board and of the California Railroad
Commisssion; he also served as member of the Emergency Board in
case of the Western Carriers.
Walter C. Clephane, Washington, attorney and professor of law at
George Washington University.
William Rogers Clay, Frankfort, Ky., Judge, Court of Appeals of
Kentucky.
F. H. Kreismann, St. Louis, insurance, and former Mayor of St.
Louis.
aephane, Clay and Kreismann have served as members of Arbitration Boards under the Railway Labor Act.
Transfer of Assets of City Trust Co. to Mutual Trust
Co. Approved by Court—National City Bank Buys
City Trust Title.
On April 3 Justice McCook in the New York Supreme
Court granted the application of Frank H. Warder, State
Superintendent of Banks, to transfer the assets of the
Total resources of the Chase National Bank of the City
of New York amounted to $1,316,188,226 as of March 27,
according to the statement of condition published April 1
in response to the call of the Comptroller of the Currency.
These resources are the second largest in the history of
the bank, comparing with the high record of $1,430,308,237
established at the end of last year. Due to the merger with
the Garfield National Bank which was effected early this
year, both capital and surplus of The Chase National Bank
were increased $1,000,000 each to totals of $61,000,000. Undivided profits increased to $18,937,918, compared with
$17,498,445 on December 31, 1928. Deposits on March 27
stood at $1,048,009,157 against $1,126,781,646 at the end of
last year. Reflecting decreased borrowing by the banks
from the Federal Reserve institutions, the statement shows
that The Chase National Bank on March 27 owed only
$8,000,000 to the Federal Reserve Bank, compared with
$50,000,000 on December 31, 1928.
The Bank of America N. A. announced that beginning
April 1 it was prepared to pay the dividend of Banca
d'America e d'Italia shares. Directors of the above-mentioned bank have declared for 1928 a dividend of 5 lire per
share and 2 lire per share on account Ameritalia Corporation. This dividend Is payable at the Bank of America
N. A., 44 Wall St. and its 30 branches by presenting the
1928 dividend coupon for the dividend of the Banca d'America e d'Italia. It is necessary, however, to present the stock
certificate in order to receive payment of the dividend of
the Banca d'America e d'Italia with Ameritalia.
Persistent reports of the possibility of the linking of the
interests of the National City Bank and the Farmers Loan
& Trust Co. of this city culminated in an announcement on
April 1 by Charles E. Mitchell, President of the National
City Bank of New York, and James H. Perkins, President
of the Farmers' Loan & Trust Co., that the Boards of
Directors of the two institutions had agreed on terms for
the affiliation of the trust company with the bank. Meetings of the stockholders of both institutions will be held in
the near future to approve the transaction. As to the arrangements entered into the announcement in the matter
said:
The shares of the capital stock of the Trust Company will be placed
in the hands of Trustees to be held for the benefit of the shareholders of
The National City Bank in a manner similar to that in which the capital
stock of The National City Co., which is the Bank's security affiliate,
is now held.
The name of the Trust Company will probably be changed to "City Bank
Farmers Trust Co." It will devote Itself entirely to the administration of trusts and will take over, as far as practicable, the trust business
of the National City Bank.
On the other hand, the commercial banking business of the Trust Company
will be taken over by the Bank.
The stockholders of the Trust Company will receive, when all necessary
corporate steps have been completed, five shares of stock of The National
2214
FINANCIAL CHRONICLE
City Bank for each share of stock in the Trust Company. This will remit
In an increase of the capital of the Bank from $100,000,000 to $110,000,000. It is planned that the Trust Company will have a capital of $10,000,000 and a surplus of the same amount.
In addition to the existing endorsement on the stock certificates of the
Bank, when evidences the beneficial interest of the shareholders of vie
Bank in the stock of The National City Co., there will be a second and
similar endorsement to evidence the beneficial interest of such shareholders
in the stock of the affiliated trust company.
Proceedings to effect these results will be taken under Federal and State
Laws, and full details will be given in the notices which will be sent out
to the stockholders of both institutions.
Charles E. Mitchell will become Chairman of the Trust Company, and
James H. Perkins will continue as its President and will become a director
of the bank. All of the present officers and entire organization of the
trust company will be retained, and will be supplemented by the personnel
of the trust department of the bank. The new building, which the trust
company is about to erect to replace its present building at 22 William
St., between Exchange Place and Beaver St., immediately to the south of
the head office of the Bank at 55 Wall St., will be designed to meet the
special needs of an organization devoted solely to the handling of trust
business.
Mi. Mitchell also announced that the board of directors of the bank
had approved the following administrative changes in the bank and The
National City Company, which will be effected at the next regular meetings of their boards of directors.
Mr. Mitchell will become Chairman of the Bank and of The National
City Co., as well as of the Trust Company. Eric P. Swenson, Chairman of
the Board of the Bank since 1921, will retire from that office but will
continue as a Director. Gordon S. Rentschler, since 1923 a Director and
since 1925 a Vice-President and Assistant to the President, will become
President of the Bank. Hugh B. Baker, since 1917 a Vice-President of
The National City Co., will become President of that Company and will
become a Director of he Bank. The By-Law changes necessary to invest
the office of Chairman with executive powers will be made in the three
affiliated institutions.
The affiliation which is to be effected of these two institutions is expected to restore the National City to its previoul rank as the foremost financial institution of the country, a position from which it was threatened to be displaced as a result of merger scheduled between the National
Bank of Commerce in New York and the Guaranty Trust
Co., and which is to go into effect next month. Comparing
the size of these banking combines, the "Times" of April 2
said:
The statements of the Guaranty and the Commerce as of Dec. 31, 1928,
showed aggregate resources of $1,991,523,797, putting the combination
practically in the two-billion-dollar class, but the Guaranty's statement
on March 22 showed a reduction in its resources from $1,052,211,198 to
$846,488,747 for the quarter, and it is now estimated that
when the
Guaranty and Commerce are finally put together in May, the resulting
institution will have total resources of about $1,500,000,000.
The National
Citys' statement of Dec. 31, 1928, showed total resources of $1,847,705,54
8,
and the current resources of the Farmers Loan and Trust are
reported at
$219,050,022, making a total of $2,066,755,570 for the latest
merger.
This is not only by far the greatest total resources of any
bank in the
United States but it is exceeded by only two banks in the
world, the
Midland and Lloyds in London. In point of capital funds,
the National
City is the largest in the world.
The development of the National City Bank is indicated
in the following announcement issued in behalf of the bank:
[VoL. 128.
National City Bank of New York, and Hugh B. Baker, of
The National City Company.
Mr. Rentschler, newly elected President of The National
City Bank, was born in Hamilton, Ohio, on Nov. 25, 1885.
He went to Princeton and was graduated in 1907. Mr.
Rentschler was made a life trustee of Princeton University
in 1920 and he also serves Antioch College in a similar
capacity. The following information has also been given
out:
Following his graduation from Princeton, Mr. Rentschler went to work
in his father's foundry in Ohio and devoted his energies to the manufacture
of castings and machinery. He still maintains his keen interest
in this
industry and is at present director of many machine manufacturing
companies in various parts of the country.
Perhaps Mr. Rentschler's greatest contribution to the welfare
of others
was at the time of the Miami River flood which in 1913
laid waste Dayton,
Hamilton and the Miami River valley. Mr. Rentschler played
a strenuous
role in the relief work and helped secure legislation which
resulted in the
creation of the Miami Conservancy District which raised
$35,000,000
through bond issues to render impossible a recurrence of such a
disaster.
Mr. Rentschler's interest in the building of sugar making
machinery
took him to Cuba where later he was able to render the National
City
Bank valuable service. In 1925, Mr. Rentschler decided to throw
in his
lot with the National City organization and was elected Vice
-President
and Assistant to the President, both of the Bank and its
investment
affiliate, The National City Co.
In addition to his National City activities, Mr. Rentschler is
Chairman
of the Board of Hooven, Owens Rentschler Co. and a Director of
NilesBement-Pond; United Aircraft & Transport Corporation, and
General
Machinery Corporation.
Hugh B. Baker, who becomes President of The National
City Co., was born on July 23, 1882. After finishing school
he came to New York in his early twenties and immediately
entered the investment banking business. He joined the
National City Bank in 1914 as the Bank's representative in
Philadelphia. Two years later, when The National City
Co. was organized by Charles E. Mitchell, Mr. Baker was
one of the key men selected by Mr. Mitchell for the
company.
In 1917, Mr. Baker was made a Vice-President of
the City
Company in charge of sales and distribution.
The following is a list of those who have served
as
Directors both of The National City Bank of New
York and
of The Farmers Loan & Trust 'Co.
Samuel Sloan
James Magee
Henry Parish
M0908 Taylor
Cornelius N. Lawrence
Percy R. Pyne
Moses Taylor Pyne
James Stillman
Cleveland H. Dodge
James A. Stillman
Frank A. Vanderlip
Percy A. Rockefeller
Francis M.Bacon Jr
Beekman Winthrop
Percy R. Pyne 2d
National City.
1867-1907
1817-1825
1863-1890
1837-1882
1824-1825
1869-1895
1895-1916
1890-1918
1889-1926
1904
1907-1919
1916
1895-1912
1914-1916
1921
Farmers' Loan.
1889-1897
1822
1826
1843
1844
1861
18 9
9
8
9
11980948
1909
1909
1913
1914
7
Some of the incidents in the development of the Farmers'
Loan & Trust Co., are taken as follows from the volume
The National City Bank of New York was established in 1812
with a "A Century
of Banking In New York 1822-1922" by Henry
paid-In capital of $800,000. At their annual meeting on January 8,
1929,
stockholders of the bank authorized an increase of capital from
$90,000,000 Wysham Lanier:
to $100,000,000. The surplus was increased from $65,000,000
to $100,000,000, while the capital of The National City Co., an affiliate
of The
National City Bank of New York, was increased from
$40,000,000 to
$50,000,000.
Total deposits of the bank, as given in the annual bank statement
of
December 31, 1928, amounted to $1,349,024,386, while the
total resources
were $1,847,705,548.
The National City Bank of New York has eighty-nine branches
in
twenty-three foreign countries and The National City Co. has more
than
fifty offices located in the principal cities of the United States and
Canada. The bank has correspondents in every important city of the world.
The National City Co. maintains the world's largest investment distributing organization with business limited strictly to the purchase and
sale of high grade bonds and other securities. It controls 11,000 miles
of private telegraph lines throughout the United States and Canada.
The International Banking Corporation, absorbed in 1926, was founded
In 1901 to specialize in foreign business. Its capital is $2,500,000, surplus
$2,500,000 and undivided profits, $2,000,000.
On August 17, 1922, the Banque Nationale de la Republique d'Haiti
began to operate under a Haitian charter under the direct supervision of
The National City Bank of New York. Previously, it had been operated
under a French charter. The head office is located at Port-au-Prince.
Shareholders of The National City Bank of New York number 35,138.
Distribution of the bank's shares extends throughout every State of the
United States and thirty-seven foreign countries.
At its weekly meeting this week the board of directors of
The National City Bank of New York made the following
administrative changes: Charles E. Mitchell appointed
Chairman; Gordon S. Rentschler appointed President; Hugh'
B. Baker elected a director; Eric P. Swenson resigned as
Chairman of the Board and will continue as director. The
board of directors of The National City Company appointed
Charles E. Mitchell Chairman and Hugh B. Baker President
and a director.
The National City organization on April 2 inducted into
office the two new Presidents—Gordon S. Rentschler of The
On February 28, 1822, the New York Legislature acted favorably
on the
petition of John T. Champlin, Francis Depau, John Bolton,
Richard Harrison, Benjamin Bailey, Theodosiush Fowler and others, and
granted a
charter to The Farmers' Fire Insurance and Loan Co.
The capital stock was declared to be $500,000 and when
$360,000 had
been paid in, the company might begin business.
When expedient, the
capital might be increased to $1,900,000.
Loans upon real estate should be made within the State,
and a definite
portion thereof within the Southern District of the State.
Directors must be stockholders of the company and also
citizens of the
United States. Six of the twenty-seven were to be from
out of town and
to represent, one each, "the great districts of this State."
At the first meeting of the directors, on March 9, 1922,
John T. Champlin was chosen President, he being at Albany at
the time. He held the
office until 1830—the date of his death. Archibald
McIntyre was the first
Secretary (though Thomas Franklin served temporarily
in this capacity).
Originally the stockholders chose twenty-one directors
who were residents
of the city and these chose six others from
different sections of the State.
Eleven of the twenty-one above mentioned
constituted a quorum for the
transaction of business.
On April 17, 1822, the same legislature--being
still in session—which
has granted the February charter, amended
and broadened it in regard to
property conveyed by deed or devise, enabling the
Company to assume and
execute any trust, "which has been, or may be,
created by any deed as
aforesaid."
This is the earliest bestowal in the United States of such powers
upon
any corporation. It is believed to be the first in the world.
Other changes came later: by an amendment in 1836 two changes
were
made in the charter. The title now became The Farmers' Loan and
Trust
Co., which has remained to the present time; and the directors
were
classified into three groups, so that nine must be elected each succeeding
year—the official period being three years.
It was provided that "the twenty-seven directors shall be chosen
from
the stockholders residing in any part of the State. Each Senate
District,
however, shall be represented." The number of directors has been,
in
recent times, eighteen instead of twenty-seven.
In 1875 the Legislature passed an act under which the Company
might
execute any trust committed to it, or vested in it, either by an order
of
the Supreme Court, or by a Surrogate, or any of the Courts of record;
and might take any real estate which might be the subject of
such trust.
APRIL 6 1929.]
FINANCIAL CHRONICLE
The company had an office first in a private dwelling at 34 Wall St.
(on the north aide), and it was from this address that President Champlin
notified subscribers in July that the apportionment of stock had been
completed. In August the general hegira on account of the yellow fever
caused a removal to 618 Broadway, "two doors above the Branch Bank";
like all the rest of New York's business concerns it was forced to stay
here until the cold weather of November checked the disease.
In 1823 the first Merchants Exchange building was begun, on Wall St.
east of William. The new company subscribed $8,000 toward its construction and agreed to occupy a room there at $800 rent a year. When the
building was completed in 1827 the "Farmers" moved there and made this
its home until the great fire of 1835 destroyed it. The Exchange had a
white marble front which stretched along Wall St. 114 feet, and it ran
through, 150 feet, to Garden Street (Exchange Place); the merchants'
hours there were from 1 to 3, and each firm or individual paid dues of $10
a year; and the structure was considered a very grard one at a period when
three-fourths of the houses being built were only two stories high, and
nearly a third of them were of wood.
In 1829 there appeared in the Talisman a description of the gloom
caused by the new buildings on Pine St. "The street is now full of tall,
massive buildings which overshadow the narrow passage between, and
make it one of the gloomiest streets in the city. The very bricks look of
a darker hue than elsewhere. The sun's rays seem to come through a
yellower and thicker atmosphere, and the shadows thrown there by moonlight seem of darker and more solid darkness than elsewhere. Formerly
the shops were low, cheerful, two-story buildings, of light-colored brick
or wood painted white or yellow, and which scarcely seemed a hindrance
to the air and the sunshine."
These "tall massive buildings" were four or five stories high.
Land in the financial district has not yet been found to be more valuable
than a gold mine.
In 1825 William Jauncey, at 25 Wall St., boasted that his house was
worth at least $8,000. William Seaman at 64 Wall St, and John Outhout at
13 Wall St, valued their homes at the same figure. Edward Livingston
at 45 Wall St., and William Bayard next door, rated their properties at
$9,000, and the Constantine family's home at 6 Wall St. was valued at
$15,000.
The later successive locations of the Company's offices have been:
From 1839 to 1848 at 16 Wall St.
From 1848 to 1852 at 50 Wall St.
From 1852 to 1859 at 28 Exchange Place.
From 1859 to 1866 at 56 Wall St.
From 1866 to 1882 at 26 Exchange Place.
From 1882 to 1889 at 20-22 William St.
From 1889 to 1929 at 16-22 William St.
In 1882 the company purchased on William St. a ,lot of land for
$120,000, and upon that plot a 2% story building was erected and occupied
until 1889-90.
Before 1882 the offices were always rented.
On February 15, 1889, the directors ratified the purchase of the Lichtfield property, adjacent to Its office on William St., for $250,000. On
April 1st of that year plans for a new building were approved, estimated
to cost about $450,000. On May 16, 1890, the building committee reported
that the total cost of the property, including the old building, amounted
to $1,064,159.19.
Again in 1908 the business had increased to such an extent that the
offices were declared inadequate; and a month later it was voted to
purchase the property of the D. L. & IV. Railroad Co. at the corner of
William St. and Exchange Place, north and west of that already owned by
the company, for $625,000.
In 1909 the building as it now stands was completed and occupied at
a cost of $1,476,037.94. This was, of course, in addition to the 1889-1890
construction. From that date to the present the company has made its
home in this building.
The Farmers' Loan and Trust Co. was from the first a conservative
institution.
Its President received $2,000 a year in 1825, which in 1830 was reduced
to $1,500.
Its office rent was $800 a year at first, and only $1,600 in 1836.
Its first clerk received $500 a year and it was stipulated that, when
convenient for him to leave the office, he should aid the company as
surveyor. At least some of the officers served at times without compensation. When it was deemed necessary, the expense account was
lessened by reducing the office force; and for quite a long period the office
of Vice-President was vacant.
At a special meeting of the stockholders of Bankers
Trust Co. of New York on April 4, the necessary action was
taken to authorize the change in par value of the shares from
$100 to $10 and the increase in the number of shares from
250,000 to 2,500,000 accordingly. The proposal was referred
to in these columns March 9, page 1496.
At a meeting this week of the directors of Bankers Trust
Co. of Now York, C. E. Groesbeck and John W. Hanes
were elected directors. Mr. Groesbeck is President of the
Electric Bond & Share Co. and Mr. Hanes is senior partner
of the firm of Charles D. Barney & Co. Norman Dodd was
appointed an Assistant Trust Officer.
At a meeting this week of the directors of the Chase
National Bank of New York, Edward Cornell Kerr was
elected Assistant Trust Officer. Mr. Kerr was formerly
associated with Compton and Delaney, Attorneys, and
more recently with the National Bank of Commerce.
2215
the institution into a State bank. This is a preliminary step
to the merger of the institution with the Guaranty Trust
Co. of New York, to which reference was made in our issues
of March 2, page 1319; March 9, page 1496; March 16,
page 1675 and March 30, page 2027.
The Prudential Bank of New York, which has occupied
temporary quarters on West 42nd Street, since its organization, will move into its permanent home in the Film Center
Building at 44th Street and Ninth Ave., on April 10. Following a recent trend among the banks of New York the
capital of the Prudential will be split on a five-for-one basis,
and 33,750 new $20 par shares will be issued, increasing the
capital to 800,000 and surplus to $1,500,000. Adrian W.
Benz,formerly Vice-President of the International Germanic
Trust Co., has been elected President of the Prudential Bank
to succeed Peter Grimm. The new Board of Directors is
constituted as follows: Col. H.A. Brown,President of RadioKeith-Orpheum Circuit; Edgar Whitmore, capitalist; August •
P. Munning, Chairman of Board, Hansen, Van Winkle,
Manning Co.; John H. Killinger, Treasurer, Treadwell Engineering Corp.; Samuel Lerner of G. & A. Seligman; Carl
Sherman, formerly State Attorney General; Frank Cohen,
Vice-President, Northeastern Surety Co.; George de B. Keim,
Vice-President, Chandler & Co., and Adrian W. Renz, Pres.
Samuel S. Lerner, member of G. & A. Seligman, has been
elected a director of the Prudential Bank.
Willard H. Pearsall resigned as Assistant Secretary of the
Brooklyn Trust Co. on April 1 to become a Vice-President
of the Plaza Trust Co. of this city.
The newly organized Kingsboro National Bank of Brooklyn was granted a charter by the Comptroller of the Currency
on March 27. The institution will open for business about
April 15 at Bay Ridge and Fifth Avenues, and will have a
capital of $500,000 and a surplus of 8250,000. A list of the
officers and directors of the institution was given in our issue
of March 9, page 1497.
The recently organized Brooklyn National Bank of New
York, opened for business on April 2 at 32 Court St.,
Brooklyn. As noted in our issue of March 23, page 1845 the
institution has a capital of $1,500,000 and a surplus of
$1,500,000. The officers of the bank are: Chairman of the
Board, Emanuel Celler, Member of Congress; President,
William C. Redfield, Secretary of Commerce, during President Wilson's Administration; Executive Vice-President,
Robert Sherwood, formerly of the Irving Trust Co.; VicePresident, Charles E. Hill formerly of the Nassau National
Bank; Cashier, George W. Siver formerly of the Midtown
Bank.
The newly organized Fleetwood Bank of Mount Vernon,
N. Y., opened for business on March 30 at the corner of
Broad and Locust streets. The bank has a capital of $200,000 and surplus of $100,000. The officers are Senator
Walter W. Westall, President, and Herman H. Kahrs, Jr.,
Cashier. The stock is in shares of $100; it was placed at
$160 per share.
A new bank is being organized in Rochester, N. Y., under
the title of the First National Bank & Trust Co. of Rochester.
The institution will have a capital of $1,000,000 (consisting
of 40,000 shares of the par value of $25 a share); surplus
of $1,000,000 and reserve of $400,000. An affiliated securities corporation to be known as the First National Corporation of Rochester with combined capital and surplus of
$1,000,000, consisting of 40,000 shares of no par value, is
also in process of organization. Shares of the bank and of
the corporation are being offered together in units of one
share each at a subscription price of $85 per unit of which
$00 is for one share of bank stock and $25 for each share
of corporation stock. Of the $60 paid for the bank stock
$25 will go to capital, $25 to surplus and $10 to reserve
account. According to the Rochester "Dispatch" of April 1,
the new bank will open for business in its remodeled banking
quarters in State St. on June 1.
On Apr. 1 Peter A. Vay retired as Executive Vice-PresThe Chase National Bank announces the election of ident of the Lincoln branch of the Lincoln-Alliance Bank of
Vice-President of the American
William B. Given, Jr.,
Rochester, N. Y., and was succeeded by Thomas R. Baker,
Brake Shoe & Foundry Co., to the Advisory Committee of heretofore Mr. Vay's senior assistant in the administration
Central branch.
the bank's Grand
of the Lincoln office, according to the Rochester "Democrat"
The stockholders of the National Bank of Commerce in of Apr. 1. Mr. Vay, who lacks but a few months of rounding
Now York at a special meeting on April 4 voted to convert out fifty years of banking service in Rochester, remains
2216
FINANCIAL CHRONICLE
with the Lincoln-Alliance Bank in an advisory capacity
with an office in the Lincoln branch at 31 Exchange St.
Speaking of Mr. Vay's retirement from active banking,
Thomas E. Lannin, President of the Lincoln-Alliance Bank
said in part:
The Board of Directors feels that Mr. Vay richly deserves snore time
for rest and recreation, yet we are exceedingly reluctant to deprive the
bank of the invaluable counsel and experience that Mr. Vay has brought
to the administration of its affairs. Accordingly, this plan has been
devised for freeing Mr. Vay from the pressure of the eveeryday business
activity and routine, and to retain for the bank and its customers his
oounsel and advise. Mr. Vay's friends are legion, and his sound judgment, sterling integrity, and excellent business and financial counsel
have won for him the respect and admiration of many of the city's most
prominent citizens. We of the Lincoln-Alliance Bank executive personnel,
and speaking also for the Board of Directors, hope that Mr. Vay enjoys
his well earned rest and that for many years he continues to possess good
health and that we retain the advantages of his counsel and friendship.
[VOL. 128.
on March 27 ratified a proposal to combine the institutions.
The stockholders of the Asbury Park and Ocean Grove Bank
also voted to increase the capital of the institution from
$400,000 to $600,000. The enlarged capital and the merger
will become effective April 8.
Advices from Philadelphia to the "Wall Street Journal"
yesterday (April 5) stated that a special meeting of the stockholders of the Bankers Trust Co. of Philadelphia has been
called for April 22 to take action on a proposed consolidation
of the Empire Title & Trust Co. of that city with the institution. The Bankers Trust Co. will exchange one share of its
stock for each 2 2-3 shares of Empire Title & Trust Co.
stock. The latter company has deposits of approximately
$2,000,000 and total resources of $2,500,000, it is stated.
According to the Philadelphia "Ledger" of April 2, Colonel
Cyrus S. Radford was on that day appointed a Vice-President
of the Bankers Trust Co. for Philadelphia and will make his
headquarters at the Federal office of the institution. Other
officers appointed at the same time to be located at the
Federal office are Paul E. McLean, Assistant Secretary and
Assistant Treasurer, and J. W. Sperry, Assistant Treasurer.
Mr. Vay began his banking career nearly fifty years ago,
when, on Aug. 19, 1879, he entered the Flour City National
Dank of Rochester as a messenger. In January 1894 he
became Assistant Cashier of the institution and in November
1898 was appointed Cashier. In 1906 the Flour City National
Dank together with two other Rochester banks was absorbed
by the Lincoln National ,Bank, forming the largest bank in
Rochester. It held this status until December 1920, when
The proposed increase in the capital of the Textile Nait was taken over by the Alliance Bank of Rochester and
the existing institution formed, Mr. Vay becoming Executive tional Dank of Philadelphia, from $400,000 to $500,000 (reVice-President at the Lincoln branch, the position he has ferred to in our issue of March 9, page 1487) was approved
by the stockholders at their special meeting on April 3,
now resigned.
according to the Philadelphia "Ledger" of April 4. The
Pursuant to the proposed consolidation of the three Syra- stockholders also approved the proposed reduction
in the
cuse (N. Y.) banks, the First Trust & Deposit Co., the par value of the bank's stock from $100 a
share to $10 a
Liberty National Bank, and the Third National Bank, under share. It was furthermore stated that
the 10,000 new
the title of the first-named institution (indicated in the shares will be sold to stockholders at $30
a share, thereby
"Chronicle" of Mar. 16, page 1676), stockholders of the Increasing the bank's surplus from
$500,000 to $700,000.
First Trust & Deposit Co. on Mar. 28 approved the merger
plans, according to the Syracuse "Post" of Mar. 29. They
According to the Philadelphia "Ledger" of Mar. 18,
a;lso voted to increase the bank's capital from $3,000,000 to the State Department at Harrisburg,Pa. on Mar. 17 granted
$3,600,000 and to use the additional 6,000 shares (par value a charter for the incorporation of the Woodland Bank it
$100 a share) to purchase the stock of the two national Trust Co., Philadelphia, with capital stock of $150,000.
banks, 3,000 shares going for each. The respective stock- Roy J. Gotshall, Darby, was named as Treasurer.
holders of the Liberty National Bank and the Third National
At their annual meeting on April 2, stockholders of the
Bank will meet on Apr. 15 to ratify the sale of their institutions. Changes made necessary by the consolidation Fox Chase Bank & Trust Co. of Philadelphia, approved a
will be carried out during April. The business of the Liberty proposed increase in the bank's capital from $125,000 to
National Bank will be transferred to the building now $187,500, according to the Philadelphia "Ledger" of Apr. 3.
owned by the Third National Bank, which on Apr. 27 will
As of Mar. 21, the Nationl Bank of Germantown, Philabe opened as the Clinton Square branch of the enlarged
delphia, changed its title to the National Bank of GermanFirst Trust & Deposit Co. Lucius G. Lacy, President of
the Third National Bank, together with Ralph B. Haven town & Trust Co.
and Ralph L. Stilwell, Vice-Presidents of the Liberty NaCharles B. Alexander was elected a director of the Colonial
tional Bank, will be in charge of the Clinton Square branch
Trust Co. of Baltimore at the annual meeting of the stockas Vice-Presidents of the new organization. The paper
mentioned furthermore stated that a new branch of the holders of the institution on April 1, according to the
First Trust & Deposit Co. located on West Onondaga St., Baltimore "Sun" of the following day. At the same meeting
it was decided to transfer $100,000 from undivided profits
similar in type to its other offices, would be opened Apr. 1.
to surplus account, increasing the latter to $400,000.
The Massachusetts State Board of Bank Incorporation
A new eighteen-story building is to be erected in the downon April 4 approved a petition of John R. Macomber and
others for the incorporation of the Harris Forbes Trust Co., town section of Cleveland for the new Midland Bank of
Cleveland and its affiliated institution, the Midland
according to the Boston "Transcript" of that date.
Cor—•___
poration. An announcement in the matter says:
"Transcript" of Mar. 30 it is learned
From the Boston
The plans for this building, prepared by Graham,
Anderson, Probst
that the Second National Bank of Boston is planning to & White, architects for the Terminal Group, were made public by John
Sherwin, Jr., President of the Midland Bank. Mr.
Sherwin stated that
reduce the par value of its capital stock from $100 a share the bank and the
Midland Corp. will occupy the main
to $25 a share find a special meeting of the shareholders two floors, the space above the third being available and the succeeding
for office suites for
has been called for May 1 to vote on the proposal. If the bond and brokerage houses, Cleveland offices of out-of-town banks, and
other related enterprises in the field of finance.
The purpose will be, he
plan is approved by the shareholders, the Comptroller of added, to develop the
building as one of the outstanding financial
buildings
the Currency will be asked to give his consent to the reduc- in the country.
Actual construction will start within ninety days,
tion. The institution has a capital of $2,000,000, surplus of
and it is expected the
building will be completed and available for
occupancy about March 1 1920,
$4,000,000 and undivided profits of $616,651. For each of the first anniversary of the opening
of the reorganized
the 20,000 shares of capital stock outstanding, of the par the newly formed Midland Corporation. Structural Midland Bank and
steel is now being
value of $100 a share, it is proposed to issue four new fabricated by the American Bridge Company at its plant in Ambridge, Pa.
The interior of
shares of the par value of $25 a share, or a total of 80,000 the treatment that the Midland Bank lobby will mark a departure from
has been typical of large banking institutions. In lieu
shares. The officers, headed by President Thomas P. Beal, of marble columns and walls, the interior will
be finished with English
the Boston paper went on to say, believe that lowering the Oak columns and panels and English Oak counter screens. Contributing
to this hospitable atmosphere, there will be a
large wood-burning fireplace
par value and multiplying the number of shares by four at the south end of the
lobby. The lobby
will mean a much wider distribution of ownership and in high, with a mezzanine level surrounding it.will be two and a half stories
Along the mezzanine will be
the executive banking offices, the loan
this way will directly benefit the bank by enabling them to
department and the offices of the
Midland Corp.
establish new contracts. They also believe that it Is a
The new bank building emphasizes the intention of the
Midland Bank
progressive step along the lines of present-day banking and the Midland Corp. to figure in Cleveland's financial and industrial
development in a large and effective manner, John Sherwin,
methods. Total deposits of the Second National Bank are
Jr., president
of the institution, said.
over $36,000,000.
Allan F.Ayers,President of the Ohio State Bank& Trust
Co.
Stockholders of the Merchants National Bank and the
of Akron, Ohio, and associates have acquired control of
the
Asbury Park and Ocean Grove Bank of Asbury Park, N. J. Peoples
Savings & Banking Co. of Barberton, Ohio, through
APRIL 6 1929.]
FINANCIAL CHRONICLE
2217
year, will
purchase of the majority of the stock of the institution. In ranged from a fiscal standpoint the first of the
report of the matter the Akron "Times-Press" of Mar. 16 be consummated April 22 with the removal of both instiits
tutions to the quarters formerly occupied by the Continental
said in part:
Control of the Peoples Savings and Banking Co. Barberton, has passed to National Bank & Trust Co. Among other changes, it was
Allan F. Ayers, president of the Ohio State Bank and Trust Co.. and his announced that C. Howard Marfield, formerly President of
associates, it was announced with Ayers, acquisition of the Moore-Kirkthe Bank of America, has been appointed a Vice-President
patrick stock of the Barberton bank.
Ayers has succeeded V. B. Kirkpatrick as director of the institution, of the enlarged bank and Chairman of the discount comit was stated. There will be no official change in the Barberton bank,
mittee. James G. Alexander, it was said, will continue as
Ayers asserted, officers and other directors of the bank will remain the
Executive Vice-President in addition to which he is schedThey are:
same.
E.F. Crites, President: A. 0. Austin. J. M. South and C. W.Seiberling, uled,to become President of the Central Securities Co., the
Vice-presidents; S. W. Baughman, Secretary and Treasurer, and P. 0.
investment organization of the consolidated bank.
Treasurer.
Baughman, Assistant Secretary and
Following his plea of "guilty" to embezzlement of more
than $20,000 from the First National Bank of Milroy, Ind.,
of which he was Cashier, Lloyd Nelson was sentenced on
Mar. 7 to three years at Leavenworth, beginning Apr. 1,
according to a dispatch from Indianapolis on the same
date (Mar. 7) to the Chicago "Tribune."
The new forty-story bank and office building of the Union
Trust Co. and the National Bank of Commerce, Detroit, was
formally opened on April 2. The structure occupies an entire
block on Griswold Street, between Congress and Lamed
Streets. A description of the building furnished by the
banks says In part:
According to the Chicago "J-ournal of Commerce" of March
28, the proposed consolidation of the Hyde Park National
Bank of Chicago and the Kenwood National Bank of that
city into a new institution to be known as the Hyde ParkKenwood National Bank, has been approved by the stockholders of the first named institution, who also voted to
increase the capital of the institution from $500,000 to
$600,000. The 1,000 shares of new stock will be offered to
stockholders of record March 28 at $350 a share in the ratio
of one new share for each five shares held. The consolidation will go into effect April 13 when both institutions will
move to the new $2,000,000 bank and office building just
completed at the Southeast corner of 53d Street and Lake
Park Avenue. The approaching union of these banks was
noted in our issue of Jan. 5 1929 page 44.
The Union Trust Building rises 483 feet to a tower at the north end.
The first six stories are of tan Mankato stone, above which the orange
brick of the remainder of the building is trimmed with angular architectural
detail in terra cotta in shades of reddish brown, green, yellow and white.
On Mar. 19 the Farmers N- ational Bank of Fort Gibson,
The north tower shines with the luster of light reflected on its gold terra
Okla. became the First National Bank in Fort Gibson.
cotta.
The interior also uses color lavishly and creates a startlingly beautiful
effect. In the lobby, Numidian marble of a blood red shade is set off
An application to convert the Niles City Bank, Niles,
against Belgian black marble in the side walls. The lobby ceiling is of
A feature of the Mich., with capital of $150,000 into the City National Bank
Rookwood tile in vivid colors and in geometric design.
lobby is the mosaic glass panel below which are set the elevator indicator & Trust Co. of Niles, was approved by the Comptroller of
•
board, hose cabinet and mail box, all of silvery Monel metal.
the Currency on Mar. 11.
Monel metal is used for all counterscreens, check desks and elevator
doors. It also has been fabricated into one of the most beautiful archiThe Detroit "Free Press" of March 30 stated that antectural details of the building, the ornamental grille between the lobby
example of craftsmanship in nouncement was made by Charles P. Spicer, Vice-President
and the main banking room. This star-like
metal work centers itself around a huge clock with illuminated face. in charge of the trust department of the Detroit & Security
The main banking room is 45 feet high, 155 feet long, and 70 feet wide.
Co., Detroit, that Selden B. Daume had been appointed
The vaulted ceiling is decorated in a geometric design with gold and Trust
silver leaf and red and blue paint. A dominant feature of the main banking a Vice-President in that department. Continuing the paper
room is the great mural at the south end. This is the work of Ezra mentioned said:
Winter and is a pictorial map of Michigan, showing some of the chief
Mr. Daume attended Dartmouth college and the University of Michigan,
products for which the state is noted.
law departmeat in 1920. Be was associated with
The great length of counterscreen of Monel metal rests on a black and graduating from the
& Lawton in Hancock, Michigan, in the practice
white marble base. This counterscreen contains 47 wickets. In the the firm of Hanchette
in 1920 and 1921, entering the employ of the Michigan Trust
center of the room are Monel metal check desks and a stationary guard's of law,
Company of Grand Rapids as trust officer, and there remained until
booth. Emphasis is added by black marble benches with red leather
Jan. 1 1927. At that time he resigned from the Michigan Trust Company
cushions.
of the Detroit Trust Company as assistant secretary.
down from the main lobby and and entered the employ
The lower banking room is a few steps
In July, 1928, he was appointed assistant vice-president a the new
is notable for its silver ceiling decorated in an angular design in blue
Security Trust Company.
and deep red with enough black for contrast. This contains the savings Detroit and
and bond departments of the two institutions.
The Comptroller of the Currency on Mar. 18 issued a
Rare woods lend dignity and beauty to the trust company quarters.
They are used for wall paneling and railings. The beauty of the wood charter to the First National Bank of Moorhead, Minn. with
itself is further set off by inlaying other rare woods in beautiful patterns.
capital of $100,000. J. H. Deems is President.
The interior furnishings are done in the moderne manner, that is, with
angles instead of curves and without meaningless ornamentation. The
On March 23 the proposed union of the First National
grain of the fine woods is used to create exquisite patterns in desks and
tables. Even coatraelcs, desk pads, waste baskets and inkwells have been Bank of St. Paul, Minn., and the Merchants National Bank
designed to harmonize with the general decorative scheme.
of that city was consummated. The consolidated bank,
The Union Commerce group occupies sixteen stories and three subBank of St. Paul,
basements of the new Union Trust Building. In addition to the Union which will be known as the First National
Trust Company and the National Bank of Commerce, the Union Commerce is capitalized at $5,000,000 and has total resources of more
group includes the Union Title and Guaranty Company, Union Company of
$100,000,000. In its issue of March 25, the St. Paul
Detroit, New Union Building Company, Union Joint Stock Land Bank, than
institution will
Savings Bank of Brightmoor, Union State Bank of Fordson, and "Pioneer-Press' stated that the enlarged
Union
the National Bank of Commerce of Fordson.
occupy the quarters of the old First National Bank on Jack•
present
Announcement was made by the Central Trust Co. of
Illinois, Chicago, on April 2 of the election as a director of
the institution of Eugene V. R. Thayer, formerly President
of the Chase National Bank of New York and prior to that
President of the Merchants' National Bank of Boston. Mr.
Thayer was also made Chairman of the executive committee. In reporting the matter, the Chicago "Journal of
Commerce" of April 3 said:
Mr. Thayer, who was formerly president of the Chase National Bank
of New York and prior to that, president of the Merchants National Bank
of Boston, will resume the role of active banker, taking up his residence
In Chicago, after a. retirement from direct participation in this field for
the last few years, to attend to broad personal interests.
His association with public utility, banking, railroad and industrial activities include membership of the Board of Telegraph Company, the Chase
National Bank of New York, Otis Elevator Company, Stock Yards National
Bank of Chicago, Sinclair Consolidated Oil Corporation, Massachusetts Bonding and Insurance Co., Liberty Mutual Insurance Co., Fairbanks Co. and the
following railroads: Pere Marquette, St. Louis-San Francisco, Kansas City,
Fort Scott and Memphis. In addition he is Chairman of the Board of
Directors of the Punta Alegre Sugar Co. and the Stutz Motor Car Co.
Antecedents of Mr. Thayer were pioneer investors in Chicago from New
England, the most familiar instance of the present family interests being
the participation in the Stock Yards National Bank and related activities.
According to the same paper, the physical consolidation
of the Central Trust Co. and the Bank of America, ar-
son Street for several years while an addition to the
Merchants National Bank Building is being constructed.
When completed the building will extend from Robert St.
to Minnesota St. on Fourth St. The hank will occupy two
whole floors of the structure. The Merchants Trust Co.,
the safe deposit vaults and the bank's travel bureau, it was
said, will operate in the present quarters at Fourth and
Robert Sts. The Merchants National Co., which deals in
Investment securities, also will remain as at present, but
will have its name changed to the First St. Paul Co. about
April 10. Advices from St. Paul on April 2 to the "Wall
Street Journal," stated that at the first meeting of the
directors of the new organization, officers were appointed
as follows:
George H. Prince, Chairman; R. C. Lilly, President;
Frank B. Kellogg, retiring Secretary of State, F. E. Wayerhaeuser and William P. Kenney (Vice-Presidents of the
Great Northern Railway), Advisory Vice-Presidents; H.
Von der Weyer, J. A. Once, Otto M. Nelson, J. L. Michell,
Isaac E. Hansen, A. B. Lathrop, R. W. Lindeke, Augustus
H. Kennedy, Walter H. Honebrink, Edward C. Brown and
E. J. Gifford, Vice-Presidents, and Edwin Mott, Cashier.
2218
FINANCIAL CHRONICLE
Proposed consolidation of the Marathon County Bank of
Wausau, Wis., with the American National Bank of that
city, was announced by the respective Presidents of the
institutions, Ben Alexander and Charles S. Gilbert, on Mar.
13, according to Associated Press advices from Wausau on
that date, appearing in the Milwaukee "Sentinel" of Mar. 14.
The institutions have combined resources of more than
$6,000,000. The officers named stated that the American
National Bank would take over the assets and liabilities of the
Marathon County Bank, which is the oldest financial institution in Wausau. The consolidation, they said, has yet to be
submitted to the stockholders and receive the endorsement
of the Comptroller of the Currency, but these formalities were
expected to be completed in a month to enable the union
to become effective about Apr. 15. The enlarged institution
will be capitalized at $600,000 and will have deposits of
between $6,000,000 and $7,000,000.
Incident to the approaching consolidation of the Mississippi Valley Trust Co., the Merchants-Laclede National
Bank and the State National Bank, all of St. Louis, a special
meeting of the stockholders of the first named institution
will be held lune 3 next, when action will be taken on the
following propositions:
1—To amend the first article of the Articles of Association of this
corporation so as to change the name of the corporation to Mississippi
Valley Merchants State Trust Company.
2—To amend the third article of the Articles of Association of this
corporation as heretofore amended, so as to increase the capital
stock of the corporation from $3,000,000, consisting of 30,000 shares
of par value of $100 each, to $6,000,000, consisting of 60,000 shares
of a par value of $100 each.
8—To amend the fifth article of the Articles of Association of
this
corporation as heretofore amended, so that the number of Directors
of the corporation shall be increased from twenty-five to sixty
and
so that the number of said Directors necessary to constitute a quorum
shall be fifteen instead of nine.
4—To adopt a new set of By-Laws of the corporation to
supersede the
existing By-Laws.
5—To approve, ratify and confirm the action of the Board of
Directors of
the corporation in entering into an agreement with the MerchantsLaclede National Bank and the State National Bank providing for
the
acquisition by this corporation of the businesses of said Banks
and
acceptable net assets of said Merchants-Laclede National Bank aggregating $2,720,000, over and above all liabilities, of which
at least
$1,700.000 shall be in lawful money of the United States, and
acceptable
net assets of said State National Bank aggregating $2,080,000,
over
and above all liabilities, of which at least $1,300,000 shall
be in
lawful money of the United States.
6—To authorize the issuance of 17,000 shares of the increased
capital stock
to Merchants-Laclede National Bank or its stockholders and
13,000
shares of the increased capital stock to State National Bank
or its
stockholders, all in accordance with the terms of said agreement with
Merchants-Laclede National Bank and State National Bank.
7—To authorize the Boara of Directors to cause to be transferred
to a
liquidating company, to be organized pursuant to said agreement
with
Merchants-Laclede National Bank and State National Bank, all
of the
net assets of this corporation, over and above all liabilities,
including
taxes, in excess of $4,800,000 and to distribute stock of such liquidating
company to the shareholders of this corporation, share for share.
Our last reference to the proposed consolidation of these
Institutions appeared in the "Chronicle" of March 9, page
1498.
Effective Jan. 19 1929 the Citizens National Bank of
Norfolk, Neb., capitalized at $100,000, was placed in voluntary liquidation. The institution was absorbed by the
Nebraska State Bank of Norfolk.
The Comptroller of the Currency on Mar. 19 issued a
charter for the First National Bank of New Bern, N. C.
with capital of $150,000. According to a press dispatch
from that place on Mar. 21, appearing in the Raleigh "News
& Observer" of the following day, the new bank was organized to take over the business of the old National Bank of
New Bern. The new institution, which has a paid-in surplus
of $30,000, started business on Mar. 20 with J. Vernon
Blades, a prominent local banker and lumber dealer, as
President. Other officers of the institution, all of whom
served the old bank, are Hugh P. Beal, Vice-President; W.
J. Caron, Vice-President and Cashier, and D. S. Willis,
Assistant Cashier. W. W. Griffin, who served as President
of the old bank ever since the death of the former chief
executive, James T. Bryan, is retained as a director of the
new bank and will devote his full time to adjusting the
affairs of the old institution.
A dispatch from Richmond, Va. en Mar. 14 to the "Wall
Street Journal" said that a merger of the Liberty Bank &
Trust Co. of that city withlthe Richmond Trust Co. is indicated by the election of two new directors to the former
institution. Theyjare1H. Carl Boschen, Assistant VicePresident of the Liberty National Bank & Trust Co. of New
[VOL. 128.
York, and Bent C. Darling, a Vice-President of the Richmond Trust Co.
Announcement that twelve small private banks in South
Georgia, located at Avers., Bartow, Ludowici, Cobbtown,
Harrison, Warthen, Davisboro, Alma, Register, Mansfield,
Midville and Rocky Ford, had been closed was made on
Mar. 13 by L. B. Holt, President of the Holt Banking Co.
of Sandersville, Ga., which operates the institutions, according to a dispatch by the Associated Press from Sandersville
on that day, printed in the Atlanta "Constitution" of Mar.
14. Total deposits of the closed banks, the dispatch said,
aggregated a little more than $100,000 with approximately
$30,000 in cash on hand and other assets of between $200,000
and $250,000. S. L.Holt,a son of the President of the bankng company, was reported as saying that the closing of the
institutions was occasioned in addition to other conditions
by "financial depression created by' bad crop conditions
throughout this territory." He added, "none of the depositors will lose a penny. We hope to reorganize and be
back in business in ten days."
In commenting on the closing of the banks, the paper
mentioned above said:
The Holt banks are private banks and are not under the supervision of
the State banking department, it was pointed out Wednesday night by Albert B. Mobley, State Superintendent of Banks. An effort was made, he
said, at the last session of the legislature to bring all private banks under
the jurisdiction of the State Banking Department.
The Holt banks will be placed in receivership in the State Court just
as a private business or merchantile concern.
The new West Palm Beach Atlantic National Bank, West
Palm Beach, Fla., reference to the organization of which
was made in our issue of March 23, page 1847, has now
opened for business, according to advices from West Palm
Beach on April 1 to the "Wall Street Journal." Deposits
on the first day totaled more than $250,000. The directors
on the opening day held a meeting, those present including
E. W. Lane, Chairman; E. C. Romfh, Mills B. Lane, H. E.
Bemis, C. C. Chillingworth, L. D. Simon, A. R. Nielsen, and
H. V. Martin. As stated in our previous item, the new bank
has a paid-in capital of *100,000 with surplus of $25,000.
H. V. Martin, formerly Assistant Wee-President of the
Atlantic National Bank of Jacksonville, Fla., with which the
new branch is affiliated, is President.
As of Feb. 19 1929 the City National Bank of Decatur,
Tex., with capital of $50,000 went into voluntary liquidation.
The institution was taken over by the First National Bank
of Decatur.
It is learned from the Dallas (Tex.) "News" of March 17,
that the Republic National Bank & Trust Co. of that city,
has extended its banking and trust company facilities by the
purchase on March 16 of a substantial interest in the Liberty
State Bank of Dallas. Joe E. Lawther, President of the
latter institution, announced that seven directors of the
Republic National Bank & Trust Co. had been added to the
directorate of the Liberty bank and that the capital of the
bank had been increased from $100,000 to $150,000. Officers
of the Liberty State Bank, in addition to Mr. Lawther, are
T. F. Hart, Chairman of the Board; Frank E. Austin, and
Sam Dysterbach, Vice-Presidents; F. E. Hendrick, Cashier;
W. M. Thompson, C. L. Dowlen, and T. B. Fisher, Assistant
Cashiers, and J. A. Currey, Auditor. The Republic National
Bank & Trust Co., Mr. Lowther said, is identified with the
Liberty State Bank as correspondent, giving the latter trust
features and its depositors a complete financial service in
commercial banking, trusts, savings and safe deposit facilities. Fred F. Florence, President of the Republic National
Bank & Trust Co., in a statement had the following to say:
"Acquisition of the interest in the Liberty bank is in line with the
Republic bank's policy of extending its banking to the area in which its
business patrons are located. The Liberty State Bank has a large area to
serve in the east section of Dallas business district. With the added
facilities afforded by the Republic bank's connection, the business interests
of that area will have a complete banking and trust service convenient
to their enterprises."
According to the Columbia (S. C.) "State" of March 14,
that city is to be the headquarters of a new consolidated
State banking group, with capital of $500,000 and surplus
of $100,000, headed by Goodwyn Rhett, and his son, Goodwyn Rhett, Jr., of Charleston, S. C. The People's State
Bank will be the name of the consolidated bank and what
is now the Peoples Bank of Columbia, with banking house
at 1244 Main Street, will be the parent or base bank of the
APRIL 6 1929.]
FINANCIAL CHRONTCLE
2219
of Dec. 31 last. The total of surplus and undivided profits
amounts to $5,458,920, against $5,147,762 on Dec. 31 1928.
In addition to the general assets of the institution, the statement shows that the capital of the Crocker First Co.,
amounting to $500,000, is held in trust for the benefit of
stockholders. This amount was diverted from the surplus
and undivided profits account in 1928 for the creation of
the Crocker First Co., which assumed the function of the
bond department of the bank. Combined working capital
of the Crocker First National Bank and its two auxiliary
institutions as of March 27 1929 amounted to $13,458,920,
as against $13,147,000 on Dec. 31 1928.
The following with reference to the affairs and present
Proposed consolidation of ten banks in the low country and Pee Dee shatus of the West Coast Bancorporation of Portland, Ore.,
sections of South Carolina was announced by officials of the People's comes to us from Edgar H. Sensenich, President of the
First National Bank of Charleston, S. C., after a meeting at Charleston.
New bank would be known as the People's State Bank, with head- organization:
chain of banks which will serve 15 communities in the
Eastern and Southern regions of the State. The communities other than Columbia in which the banks to be consolidated now operate were given as follows: Varnville,
Estill, Ehrhardt, Manning, St. George, Georgetown, Kingstree, Greeleyville, Johnsonville, Moncks Corner, St. Stephens,
Dillon, Lamar and Darlington. Neither the People's-First
National Bank of Charleston nor the National State Bank
of Columbia, both of which are Rhett institutions, will be
affiliated with the merger of'the State banks but will retain
their identities and continue to operate as heretofore. Advices from Richmond, Va., March 19 to the "Wall Street
Journal" in the same matter said:
quarters at Columbia, S. Cl. Capitalization would be $500,000 and surplus $100,000. R. Goodwyn Rhett, Chairman of the Board of People's
First National is to be Chairman of State Bank, and R. Goodwyn Rhett, Jr.,
President of the National,Bank, is to be President of the State Bank also.
All banks involved in the merger are affiliated already with People's Bank.
Organization is announced of the Security-First National
Co., with Capital and surplus of $6,000,000, identical in
ownership with the Security-First National Bank of Los
Angeles, with resouices of over $600,000,000. The new
company will succeed to the business of underwriting and
distributing investment securities heretofore conducted by
the First Securities Co. and Security Co. Head office,
Sixth and Spring streets, Los Angeles.
The Los Angeles "Times" in its issue of March 20 stated
that the directors of the Pacific National Co., holding company for the Pacific National Bank of Los Angeles and a
number of banks in outlying communities, on March 19
voted to increase the authorized capital of the company from
$4,000,000 to $10,000,000, and to Increase the number of
directors from five to eleven. The proposals will be submitted to the stockholders at a special meeting to be held
April 25. Continuing the paper mentioned said:
Increase in the number of directors, according to the announcement made
by Fred Swenson, President of the Pacific National Company, is to provide
for the election of new members now identified with the National Bank
of Commerce. As reported in The Times recently, it is expected that
the consolidation of the National Bank of Commerce with the Pacific
National Bank will take place shortly.
Additional capital stock provided In the resolution to increase the
authorized capitalization will not be issiled immediately, Mr. Swensen
said, and there are no definite plans in mind for the use of these shares.
The directors, he explained, are authorizing the increase in order to provide
for possible expansion.
After the proposal is ratified, the Pacific National Company will have
an authorized capitalization of 400,000 shares, as compared with the present
amount of 160,000 shares.
Combination of the Pacific National Bank and the National Bank of
Commerce will build a bank with total resources of more than $21,000,000,
ranking it near some of the older banks in the city.
A substantial interest in the National Bank of Commerce is already
owned by the Pacific National group.
Following a regular meeting of the Board of Directors of the West
anCoast Bancorporation held recently, President Edgar H. Sensenich
nounced that a dividend has been declared of 25 cents per share on
class A and class B stock, payable April 25, 1929 to stockholders of record
Apr. 5,
This is the second dividend to be paid by the West Coast Bancorporation,
the first dividend, also of 25 cents per share, having been paid Jan. 26,
1929. The stock is of nominal par value and at the present time is selling
around 26-27. Listing is on the San Francisco Stock Exchange.
Mr. Sensenich stated that earnings of the corporation during the first
quarter of 1929 have been amply sufficient to pay this dividend and also
to add a substantial amount to reserves and undivided profits. The strong
cash position of the Corporation, as shown by its Dec. 31st published
statement is being maintained and still further improved in accordance
with the conservative financial policies adhered to by the management.
During the same period the earnings of the nine affiliated banks have
been gratifying, President Sensenich stated, and the dividends paid by them
have been less than half of current net profits. Balances carried to undivided profits of these banks are large, as it is the purpose of the Corporation that these banks maintain ample surplus and reserve accounts.
Earnings of both the corporation and the affiliated banks will proportionately increase the book value of West Coast Bancorporation stock.
Economies and benefits resulting from the close cooperation of the
group of banks are daily becoming more evident and it is expected that
this will be reflected in increased business and profits during the current
year.
West Coast Bancorporation was organized in May 1928, being the first
banking group formed in Oregon. Its capital is now $4,916,825, fully
paid, giving it one of the largest capital investments of any financial
Institution in the State of Oregon. Total resources of the banks in the
group are in excess of $22,500,000. Shares of stock of the corporation
April
now outstanding are 190,633 so that the dividend disbursement in
will be approximately $47,600 to more than 1400 stockholders.
The nine affiliated banks are—
West Coast National Bank, Portland.
Peninsula National Bank, Portland.
Citizens National Bank, Portland.
Union State Bank, Portland.
United States National Bank, Salem, Oregon.
Bank of Mt. Angel, Mt. Angel, Oregon.
First National Bank, St. Helens, Oregon.
United States National Bank, McMinnville, Oregon.
First National Bank, Camas, Washington.
The Central National Bank of Portland, Oregon, a charter
for which was granted by the Comptroller of the Currency
on Mar. 12, and the opening date for which is set for April
15, is to be an affiliation of the United States National
Bank of Portland, Oregon, according to advices received
According to the Los Angeles "Times" of March 29, or- by us from J. C. Ainsworth, President of the latter. In
ganization by the Union Bank & Trust Co. of Los Angeles further information supplied to us regarding the Central
of a securities company to be known as the Union Co., with
National Mr. Ainsworth says:
capital of $1,500,000, was announced on March 28 by Ben
Its financial structure is:
R. Meyer, President of the Union Bank & Trust Co., followCapital, $200,000; Surplus, $20,000; Undivided Profits, $20,000.
Officers: J. C. Ainsworth, President; Frank C. flak, Frank S. Meagher,
ing the regular meeting of the directors at which it was
L. J. Davies, Vice-Presidents; C. H. Vaughan, Cashier.
voted to increase the bank's capital from $4,000,000 (40,000 and W.
Directors: J. C. Ainsworth, Edward Cookingham, Paul S. Dick, A. L.
shares) to $5,000,000 (50,000 shares). The new issue, 10,000 Tucker, and A. M. Wright.
Par value of shares is $100.00, but none will be offered to the public
shares, will be sold at the price of $250 a share. This in
shares are owned
as the entire number with the exception of qualifying
addition to increasing the bank's capital $1,000,000 will by the United States National Corporation, its shares in turn being owned
provide the capital (1,500,000) for the Union Co. The bank's by the stockholders of the United States National Bank.
The new Bank's location is at Grand Ave. and East Oak St., which is in
surplus is $2,000,000, it is understood. The proposed inthe center of the congested district of the so-called East Side, which emcrease will be submitted to the stockholders at a special braces the territory on the East Bank of the Williamette River.
meeting on April 25. When the new capital becomes effecCable advices from Balboa to the New York "Times"
tive, the combined capital and surplus of the Union Bank
Bank of Canada (head office
Co. and the Uni.n Co. will be $8,500,000. In com- Mar. 11 stated that the Royal
& Trust
Montreal) opened branches on that day in Panama and
menting on the action of the directors, President Meyer said:
marking the definite entry of Canadian capital into
It is considered desirable by the directors to make this increase at the Colon,
present time in order to provide additional capital for the bank, and to Panama and offering competition to the branches of the
provide the initial capital of a new securities company to be owned by National City Bank of New York and the Chase National
the stockholders of the Union Bank and Trust Company.
Bank. The advices went on to say:
new securities company, which will be known as the Union ComThe
pany, will serve the investing public by dealing in good bond issues and
other corporate securities of a high grade and conservative nature.
Practically all of the larger banks in the United States now have such
companies and in organizing the Union Company, the Union Bank is taking
another step in its plan for keeping abreast of modern trends and developments in the financial world.
The National Bank of Panama, which is owned and operated by the
government, is the only institution here. Canadian capitalists bought
51.000.000 worth of mortgage loan bonds from the national bank recently
and the appointment of a Canadian trade commissioner has been announced.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The stock market suffered a further sharp break on
First National Bank and Crocker First Fedrif The Crocker
the combined statement as Monday, prices sliding down with a rush when the renewal
eral Trust Co., SaniFrancisco, in
followed by a further
of March127 1929, report a net addition to surplus and un- rate on call money was posted at 10%
were
since the previous statement, advance later in the day to 15%. Price movements
dividediprofits of $311,158
2220
FINANCIAL CHRONICLE
[VOL. 1.28.
irregular on Tuesday and the market suffered another sink- York Central. The steel stocks assumed
the leadership of
ing spell on Wednesday as a result of the further calling of the market on Friday and moved briskly
forward to higher
loans amounting to $35,000,000 bringing the total with- levels. The list of strong issues
included United States
drawals to approximately $100,000,000 for the first three Steel, common, Bethlehem Steel and
Vanadium. American
days of the week. The weekly report of the Federal Re- Can and Continental Can were also well
up with the leaders.
serve Bank made public after the close of business on Thurs- Motor stocks dropped back a point or
more in the first
day showed a reduction of $87,000,000 in brokers' loans. hour but regained part of their losses
later in the day. RailCall money advanced from 10% to 15% on Monday,dropped road stocks were moderately active
particularly Erie, New
to 12% on Tuesday, was reduced to 8% on Wednesday, Haven and New York Central of all
which scored subdipped to 6% on Thursday, opened at 8% on Friday and stantial gains. Copper stocks were
inclined to sag and this
again dropped to 6%.
was also true of the oil stocks and rubber shares. The
Prices broke sharply on Monday as the market opened final tone was weak.
after the three day holiday, many of the speculative favorities
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
opening from 2 to 3 points below the closing prices of ThursDAILY. WEEKLY AND YEARLY.
day. In the final hour there was a brief rally which carrie
a few of the more important stocks above their early lows,
Stocks,
Railroad,
State,
United
Week Ended April 5.
Number of
&c.,
Municipal ct
States
but the general list continued at the lowest of the day.
Shares.
Bonds.
Foreign Bonds.
Bonds.
Copper stocks were particularly weak and such popular Saturday
HOLI DAY
Monday
4,162,830
86,958,000
82,508,000
issues as Anaconda, Kennecott, Greene-Cananea and Andes Tuesday
8482,000
3,776,370
6,675,500
2,139,000
33,000
slid downward and registered substantial losses. Chrysler Wednesday
3,703,450
6,026.500
2,128,000
282,000
Thrusday
3,330,060
5,705,000
2,169,000
481,500
was the weakest stock of the motor group and dropped to 91 Friday
3,405,740
7,904,000
1,333,000
399,000
at its low for the day but rallied to 95 and closed with a net Total
18,378,450 833,269,000 $10,275,000
81,977,500
loss of 43'2 points. General Electric at 2273/2 was down
Sales at
Week Ended April 5.
Jan. 1 to April 5.
about 10 points. Radio Corporation opened on a block
New York Stock
Exchange.
of 10,000 shares about 2 points down at 102 and continued
1929.
1928.
1929.
1928.
downward to 96 with a net loss of 8 points. Wright Aero- Stocks-No, of shares 18,378,450 15,732,260 312,814,700 192,147,674
Bonds
nautical showed a loss of 19 points and American Telephone Government bonds
81,977,500 $1,237,000
837.094,100
850,356,250
& Telegraph was off 9 points. The railroad shares were Stateand foreign bonds 10,276,000 18,209,000 172,586,050 246,633,125
Railroad & rinse bonds_ 33,269,000 41,256,000
462,784,000
597,703,560
represented on the downward side by New York Central
Total bonds
145,521,500 860,702,000
8672,464,150
6894,692,925
which showed a loss of about 5 points. On Tuesday prices
were generally irregular, though a fairly strong rally near DAILY
TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
the closing hour brought about some improvement in the
BALTIMORE EXCHANGES.
'list. Oil shares were the strong stocks of the day, Atlantic
Boston.
Refining selling near its high for the year followed by such
Philadelphia.
Baltimore.
Week Ended
stocks as Marland, Pan American "B," Standard Oil of
April 5 1929.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
California and Rio Grande. Some of the industrial issues Saturday
HOLI DAY
Monday
*65,117
$21,000 a56,786
826,000
15,528
837,200
like National Cash Register were especially strong and Tuesday
*51,634
34,000 a40,069
48,800
b4,779
23,409
*58,902
improved from 2 to 4 points, Radio Corporation slowly Wednesday
18,000 a57,335
49,900
54,856
8,000
Thursday
*51,626
15,000 a42,945
34,500
54,098
24,200
climbed upward and on the second hour wasiselling about Friday
*36.755
14,000 a34.680
15,528
23,100
3 points above the preceding close. American Can and
TWA!
282.034 2102.000 221 705 8150200
23750 8115.000
Montgomery Ward each advanced about 3jpoints. High
* In addition, sales of rights were: Monday, 535; Tuesday, 160; Wednesday.
priced express issues were in urgent demand and shot vio- 1,000.
a In addition,
of rights were:
lently upward, particularly Adams Express which broke 1,600; Thursday,sales Friday, 500. Monday, 2,400; Tuesday, 800; Wednesday.
400:
into new high ground at 624 with a net gainof 34 points. I In addition, sales of rights were: Monday, 750.
American Express was up 16 points at 316 and American
Railway Express advanced to 165 with a gain/of 14 points.
Bethlehem Steel led the upward swing of the steel stocks,
Course of Bank Clearings
followed by Superior Steel which lifted itsltop to 613 at
4
Bank clearings will again show a satisfactory increase the
its high for the day. United States Steel, common improved
13.4 points to 1803/2, American Tel. & Tel. made up a good present week. Preliminary figures compiled by us, based
part of its loss and International Tel. & Tel. recorded an upon telegraphic advices from the chief cities of the country,
8 point advance. The railroad group displayed substantial indicate that for the week ended to-day (Saturday, April 6)
bank exchanges for all the cities of the United States from •
improvement.
Prices again slipped downward on Wednesday as wave which it is possible to obtain weekly returns will be 9.9%
after wave of selling came into the market. Oil stocks larger than for the corresponding week last year. The
registered losses ranging from 2 to 3 points throughout the total stands at $14,207,206,520, against $12,931,418,959
group on the ruling of the U. S. Attorney General adverse for the same week in 1928. At this centre there is a gain for
the five days ended Friday of 3.2%. Our comparative
to the restriction scheme of the American Petroleum Insummary for the week follows:
stitute. Most of the copper stocks were heavy, though
1
metal continued firm at 24 cents per pound. On]the other
Clearings-Returns by Telegraph.
Per
hand, steel stocks were moderately strong and moved ahead
Week Ended April 5.
1929.
Cent.
1928.
under the leadership of Bethlehem Steel which crossed 108 New York
88,155,000.000 57,904,000,000
+3.2
Chicago
573,039.915
692.660,720 -17.3
with a gain of 4 points on the day. United States Steel, Philadelphia
632,000,000
561,000,000 +12.7
Boston
common above 108 was up more than 3 points for the day, Kansas
484,000,000
521E000.000
- 0
8.
City
118,734,098
109,611,822
+8.3
Montgomery Ward was down about 3 points and American St. Louis
121,100,000
124,600,000
-28.
Ban Francisco
187,668,000
191,248,000
-19.
Can which was moderately strong in the early trading Los Angeles
179,191,000
172,836,000
+3.7
179,539,165
weakened at the close. Radio Corporation moved within Pittsburgh
152,000,000 +18.1
Detroit
169,530,521
*165,000,000
+2.7
a narrow range and railroad shares were stronger but not Cleveland
140,037,944
118,685,516 +18.0
Baltimore
118,660,440
88,532,721 +33.8
particularly active. One of the bright spots of the day was New Orleans
49,099,131
52,808,962
-7.0
Commercial Solvents which moved rapidly upward to a new
Thirteen cities, 5 days
611,107,600,214 $10,858,983,741
+2.3
high above 288 though it slipped back later in the session Other cities, 5 days
1,070,005,375
1,004,863,900
+6.6
Total an cities, 5 days
to 284 and closed with a net gain of 1 point.
+2.6
612,177,605,589 811,863,847,641
The market was quiet with prices somewhat irregular An cities, 1 day
2,029,600,931
1,067,571,318 +90.1
during the greater part of the session on Thursday. Bethle- Total all cities for week
814.207.208.520 812.931.418.959
+9.9
hem Steel moved briskly upward to 110 where it was up
Complete and exact details for the week covered by the
about 5 points on the day. Col. Fuel & Iron followed with a foregoing will
appear in our issue of next week. We cangain of 3 points and so did United States Steel, common not furnish them
to-day, inasmuch as the week ends to-day
and Superior Steel. In the industrial group General Electric (Saturday) and the
was the feature as it surged forward about 4 points. In the until noon to-day. Saturday figures will not be available
Accordingly, in the above the last day
afternoon the railroad shares moved to the front under the of the week has
in all cases had to be estimated.
guidance of Erie, New Haven and Balt. & Ohio, all of
In the elaborate detailed statement, however, which we
which displayed substantial gains. American Can and Mont- present further
below, we are able to give final and complete
gomerly Ward also recovered the losses of the previous day. results for the
week previous
-the week ended Mar. 23. For
strong stocks of the group were Western Maryland, that week there is
Other
an increase of 12.3%, the 1929 aggregate
Missouri Pacific, Atchison, Kansas City Southern and New of clearings for
the whole country being $13,484,299,932,
2221
FINANCIAL CHRONICLE
APRIL 6 1929.1
Three Months
against $12,014,957,245 in the same week of 1928. Outside
150.07
of this city however, the increase is only 2.6%, the bank
1927.
1926.
Dec.
1928.
1929.
exchanges at this centre recording a gain of 17.2%. We Federal Reserve fists.
2
$
$
$
%
7.135,587,911 6,723,532,160
group the cities now according to the Federal Reserve districts 1st Boston - _ _ -14 cities 7,348,597,388 7,517,884,591 -2.3 79,303,029,523 78,576517,834
2nd New York..14 " 124,460,981,052 95,334,488,301 +30.5
in which they are located, and from this it appears that in the 2nd PhIladelpla 14 " 8,278,202,542 7,736,939,021 +7.0 7,634,278,696 8,039,735.532
Cleveland.
5,912.786,254 5,446,788.853
"
New York Reserve District (including this city) there is a 4th Richmond .15 " 2,363,549,080 2,412,663,847 +8.6 5,422.590,335 5,269,180,813
-2.0 2,538,096,671 2,661,382,330
5th
_10
58.563
2,695,772,267 2,719,462,279 -0.9 2,812,928,634 3.593.4
gain of 17.3%, but in the Boston Reserve District of only 6th Atlanta....18 " 14,593,055,311 13,284,922,655 +9.9 12,661,307,314 12,939,798,457
7th Chicago ___29 "
0.7%, while the Philadelphia Reserve District shows a loss 8th St. Louis__10 " 3,027,573,839 2,955,420,231 +2.4 2,935.618.954 3073, .884
. 536
, .
1,636,384,481 1,581,300,728 +3.5 1,449,106,955 1.509 339 983
Minneapolis13
of 2.9%. The Cleveland Reserve District records an in- 9th KansasCity 16 " 3,742,280,337 3,613,874,246 +3.6 3,664,950,842 3.544,147,684
10th
"
11th Dallas
11 "
1,727,343,013 1,554,606,915 +11.1 1,681,185,136 1,679.731,633
crease of 8.6%,and the Richmond Reserve District a decrease 12th San Fran._28 " 8,347,535,258 7,836,499,406 +6.5 7,296.909 109 7 143,869 794
.
.
.
of 4.9%, and the Atlanta Reserve District of 3.1%. In the
7
Total
192 cities 184,134,060,822 51,994,831,073 +21.1 134,535,590,380 134.836.210,66
Chicago Reserve District the totals are larger by 4.0%, but Outside N. Y. City
61,981,797,944 58,673,389,989 +5.6 57,186.704,738 58.184.691.986
in the St. Louis Reserve District they are slightly smaller Canada
29 cities 8.016.432.641 5.540.519.953 +8.6 4,324,149.204 3,939,890,981
(0.6%) and in the Minneapolis Reserve District show a
The course of bank clearings at leading cities of the country
decrease of 14.2%. The Kansas City Reserve District for the month of March and since Jan. 1 in each of the
registers a decrease of 1.4%, the Dallas Reserve District last four years is shown in the subjoined statement:
enjoys a gain of 15.4%, and the San Francisco Reserve
BANK CLEARINGS AT LEADING CITIES.
Jan. 1 to Mar. 31
Marsh
District of 7.4%.
1926.
1927.
1928.
(000,0003
1929. 1928. 1927. 1926. 1929.
$
omitted.)
$
$
$
$
$
$
In the following we furnish a summary by Federal Reserve New York
42,319 35,454 28,728 28,092 122,152 93,321 77,349 76,646
3,158 3,156 3,099 3,050
9,73.3 9,075 8,264 8,897
Chicago
districts:
5,959
Boston
2,217 2,319 2.292 2,078
6,482 6,710 6,402
SUMMARY or BANK CLEARINGS.
7,622
7,097
7,192
2,580 2,559
7,733
Philadelphia
2,727
Week End. Mar. 30 1929.
1929.
1928.
Federal Reserve fists.
$
1st Boston ____12 cities
544,457,986
2nd New York__11 "
9,400,007,783
3rd Philadelpla 10 "
673,426,633
4th Cleveland-- 8 "
420,482,390
5th Richmond _ 6 "
160,323,818
6th Atlanta_ _ _ _13 "
173,714,097
7th Chicago .--20 "
1,021,477,969
8th St. Louis_ __ 8 "
381,151,935
9th Minneapolis 7 "
101,449,539
10th KansasCity 12 "
227,320,367
5 "
llth Dallas
74,805,492
12th San Fran._17 "
585,676,923
150.07
Dec.
1927.
1926.
-1
$
$
%
697,708,718
540,684,549 +0.7
619,592,427
8,014,520,780 +17.3 6,581,119,417 6,980,507,932
580,082,457 -2.9
651,539.447
565,258,861
387,047,601 +8.6
389,789,093
393,468,855
168,511,468 -4.9
205,649,503
191,996,024
179,251,297 -3.1
157,446,068
287,630,859
962,334,296
982,574,107 +4.0
948,869,580
202,399,711 -0.6
213,371,473
227,057,138
118,255,983 -14.2
101,605,197
100,690,988
230,465,353 -1.4
246,306,951
226,472,503
65,838,748 +15.4
72,781,528
67,014,083
545,355,191 +7.4
563,673,292
538,365,879
129 eltle3 13,434,299,932 12,014,957,245 +12.3 10,743,324,963 11,066,625.639
Total
Outside N. Y. City
4,223,798,598 4,116,601,470 +2.6 4,293,586,751 4,247,828,940
n
.....
We also furnish to-day a summary by Federal Reserve
districts of the clearnings for the month of March. For
that month there is an increase for the whole country of
n.3%, the 1929 aggregate of the clearnings being $63,261,594,119 and the 1928 aggregate $55,857,017,358. While
the March total of $63,261,594,119 does not establish a
new high monthly aggregate, it is the highest amount ever
recorded for the month of March in any year. New York
City is responsible for a good part of the increase, its gain
being 19.4%. Outside of this city the increase is only 2.7%.
In the New York Reserve District the totals are larger by
19.2%, in the Philadelphia Reserve District by 0.4%, and
in the Cleveland Reserve District by 9.1%. The Boston
Reserve District shows a loss of 3.3%, the Richmond
Reserve District of 5.4%,and the Atlanta Reserve District of
1.9%. The Chicago Reserve District shows 4.6% increase,
and the Minneapolis Reserve District 3.8%, but the St. Louis
Reserve District suffers a trifling decrease (0.1%). The
Kansas City Reserve District of 3.7% gain, the Dallas
Reserve District 12.5%, and the San Francisco Reserve
District 2.9%.
Federal Reserve Mats.
1st Boeton ____13 cities
2nd New York_ _14 "
3rd Philadelpla 14 "
4th Cleveland_ .15 "
5th Richmond _10 "
8th Atlanta_ ---18 "
7th Chicago _ __29 "
.,
_.
9th Minneapolls13 "
10th KansasCity 16 "
llth Dallaa
11 "
12th San Fran,
.27 "
March
1928.
Inca?
Dec.
March
1927.
March
1926.
$
2,499,085,829
43,084,775,080
2,751,780,228
2,008,138,652
795,961,706
912,550,899
4,846.016,524
991,355,406
584,961,153
1,318,476,051
578,072,546
2,891,430,047
$
2,585,409,904
36,133,671,384
2,741,575,142
1,839,734,319
841,021,321
930,038,204
4,833,237,388
992,726,274
583,793,142
1,271,214,303
514,016,729
2,809,779,248
%
--3.3
+19.2
+0.4
+9.1
-5.4
-1.9
+4.8
-0.1
+3.8
+3.7
+12-5
+2.9
$
2,538,330,539
29,398,707,967
2,685,213,724
1,878,586,316
890,300,929
969,301,616
4,542,020.283
,
1,037,298,391
529,984,992
1,316,221,416
563,881,797
2,599.447,465
$
2,331,807,475
22,751,275,204
2,903,531,413
1,821,326,297
935,022,304
1,226,830,992
4,510,180,979
1,048,894,797
561,474.265
1,270,752,175
549,726,270
2,547,371,656
Total
192 cities 63,281,594,119 55,857,017,368 +13.3 48,940,295,438 48,457,993,827
Outside N. Y. City
20,942,755,441 20,403,182,269 +2.7 20,212,50,589 20,389,120,885
Oanarla
1.871
2,436
2,714
1,254
983
1,718
1,862
996
711
2,880
533
573
216
452
3,041
770
404
483
312
558
296
656
228
260
677
791
870
502
338
597
502
345
262
769
159
208
56
143
805
230
139
142
96
232
104
211
73
74
1,874
2,248
2,842
1,329
1,007
1.686
1,585
955
765
2.240
511
557
199
537
2,537
649
390
374
296
552
279
606
226
225
1,975
2,230
2,497
1.421
981
1,685
1,464
1,870
2,391
2,442
1,379
940
1.827
1,523
Nit
ra
2,100
459
540
180
2.057
468
510
173
2..12 2,21
683
642
397
394
278
673
324
571
215
215
370
348
301
616
283
557
212
187
59,265 51,967 45,025 44,322 172,307 140,767 123,213 122,855
3,997 3,890 3.915 4,139 11,827 11,228 11,323 11,976
Total
Other cities
63,262 55,857 48,940 48,461 184,134 151,995 134,536 134,831
Total all
Outside N.Y. City 20,943 20,403 20.213 20,369 61,982 58,674 57,187 58.185
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results for
March and the three months of 1929 and 1928 are given below
Month of March.
Three Months.
Description.
1929.
1928.
1928.
1929.
Stacks, number of shares__ _ 105,661,570 84.973,869
$
Railroad and miscell. bonds... 145,481,500 230,934.750
State, foreign, de.. bonds...- 53.108,000 74,083,500
11,927,500 12,000,750
U.S. Government bonds
294.436.250
429,515,000
162,311.050
35,116,600
188,902.334
$
562,373,550
229.956,125
49,204,750
210,517,000 317,019,000
626,942.650
841,534,425
Total bonds
The volume of transactions in share properties on the
New York Stock Exchange each month since Jan. 1 for
the years 1926 to 1929 is indicated in the following:
1929.
1928.
1027.
1926.
No. Shares.
No. Shares,
No. Shares.
No. Sham.
110.805,940
77,968,730
105.661,570
56,919,395
47,009,070
84,973,869
34,275,410
44,162,496
49,211,663
38,987,885
35,725,989
52,271.691
194,436,240
Month of January
February
March
1st quarter
March
1929.
2,504
657
827
867
485
327
649
528
308
257
742
167
194
58
198
878
220
136
140
102
215
102
210
72
63
St. Louis
616
628
Pittsburgh
820
767
San Francisco
952 1,020
459
419
Baltimore
331
337
Cincinnati
Kansas City
602
586
Cleveland
654
533
Minneapolis
347
340
New Orleans
' 230
257
Detroit
997
796
166
167
Louisville
Omaha
215
214
Providence
71
65
155
181
Milwaukee
Los Angeles
1,043
916
Buffalo
261
218
138
81.Paul
154
Denver
95
174
102
99
Indianapolis
195
Richmond
185
Memphis
98
92
231
Seattle
239
75
Salt Lake City_ _ _ _
77
Hartford
84
75
188,902,334
127,649.569
126.985.565
The following compilation covers the clearings by months
since Jan. 1 in 1929 and 1928:
MONTHLY CLEARINGS.
t,umwsnws. /UM. An..
Month.
1929.
1928.
1928.
1929.
%
%
$
$
IS
$
Jan_ _ _ 66,170,468,510 51.534,639,563 +28.5 22,266,802,640 20,491,159,634 +13.7
Feb.__ 54,701,998,193 44.603,174,152 +22.6 18,772,239,863 17,779,048,036 +5.41
Mar,, 63.261,594.119 55,857.017,358 +13.3 20,942.755,441 20,403,182.269 +2.7
lot au_ 184134060.822 151994831,073 +21.1 61.981.797.94458.673,389,989 +5.6
We now add our detailed statement showing the figures
for each city separately for March and since Jan. 1 for
two years and for the week ending March 30 for four years:
CLEARINGS FOR MARCH,SINCE JANUARY 1, AND FOR WEEK ENDING MARCH 30.
Month of March.
Three Months.
Clearings at
1929.
1928.
Inc. or
Dec.
8
$
First Federal Rese rye District- Boston
2.815.600
2,752,107
Maine-Bangor
16.009,105
15.362,702
Portland
2,217,182,054 2,318,700,598
Mass -Boston
5,923,899
8,147,012
Fall River
2,543,155
2,628,768
Holyeke
5,360.044
4,982,809
Lowell
5,355,167
5,482,783
New Bedford
23,877,621
22,321,142
Springfield
16,348,418
14.656,974
Worcester
74.546,261
84,169,474
Conn.
-Hartford_ - - 35.775,238
New Haven
36,384,131
11,136,400
10,569.500
Waterbury
it. I.-Providenee- - 64,826,700
70,851,700
3,228,447
N. 11.
-Manchester..
2,557.924
- 2,499.085,829 2,585,409.904
Total(13 cities)-
1929.
1928.
Week Ended March 30.
Inc. or
Dec.
1929.
1928.
Ina. or
Dec.
1927.
1926.
$
+2.2
+4.2
-27.2
-3.3
-7.6
+2.4
-6.6
+11.5
+12.9
+1.7
+5.4
+9.3
-20.8
7,952,255
48,697,551
6.482,213,063
18,102,501
7,998,094
16,504.277
16,017,672
72,644,363
48,171,156
260,422,341
113,140,704
32.728.800
215,623,800
8,480,811
8,287.274 -4.0
47,802,460 +1.7
6.709,618,346 -4.1
22,969,630 -21.2
9,917,964 -19.4
15,234.862
+8.3
14,684,633 +9.1
71,918,516 +1.0
44,569.497
+8.1
224,664,549 +15.9
107,196.960 +5.5
32,638,600 +0.3
199,162.000 +6.3
9,199.300 -7.9
579,108
2,994,193
491,000,000
1,313.196
-3.3
7,348.597.388
7.517.864.591
544.457.966
-2.3
503,263 +15.1
3,213,587 -6.8
485.000,000 +1.2
1,582,697 -17.0
864,127
3,434,757
539.000,000
2,095.222
765,503
4,194,325
564,000,000
2.167.236
1,142,866
1,223,096
4,678,642
3,506,669
15,106,611
6,576,899
917.369
1,261.721
4,979,594
2,924,342
18,494,524
7,383.634
+24.6
-3.1
-2.2
+19.9
-18.3
-10.9
1,232,129
1,244.116
6.385,846
4,693,214
16,398,303
7,411.540
1.067,160
1,291,640
6.628,993
8,899,402
14,487.445
6.358.282
15.728,806
607,906
13.612,800 + 15.5
811.018 -25.0
14,201,106
748.364
13.837.500
894.941
697708.718
619.592.427
540.684.549
+0.7
2222
FINANCIAL CHRONICLE
[VOL. 128.
CLEARINGS-(Continued.)
Month of March.
7'h cc Months.
Clearings at
1929.
Inc. or
Dec.
1928.
8
$
Second Federal Re serve District -NewYork-Albany
N. Y.
25,887,237
26.011,912
Binghamton
5,939,570
5,158,097
Buffalo
261,110.748
217,718,387
Elmira
5.462,980
4,447,729
Jamestown
5.240,589
5,389,327
New York
42.318.838,678 35,453,835.089
Niagara Falls
*6,500,000
6,334,221
Rochester
64,204.700
58,185,746
Syracuse
28,895,542
28.321,199
Conn.
-Stamford_ _
15,116,880
14.140,008
N. J.-Montc1air_ __ _
4,456,441
3,747,183
Newark
130,159,699
124,284.467
Northern N.J
206.141.105
180,974.497
Oranges
7,020,911
7,123,454
1929.
%
$
Week Ended March 30.
1928.
Inc. or
Dec.
1929.
1928,
Inc. or
Dec.
1927.
1926.
$
%
s
a
%
a
$
-1.3
79.881,258
77,481,682 +3.1
6,595,875
5,461,466 +20.8
6,949,258
8,869,103
+15.2
19,874.458
17,170,570 +0.9
1,408,872
1,022,794 +48.4
1,229,000
1,280,600
+ 19.9
769,789,551
648,668,232 +18.7
57.849,144
47,204,710 +22.1
50.633,289
47.483,123
+22.8
15.627,927
13,135,912 +19.0
1,521,137
964.972 +57.6
1,097,552
934,570
-2.8
17.505,924
16,811.804
+4.1
1,157,252
1,052,024 +10.0
1.397.528
1,315.013
+19.4 122,152,262,878 93,321,441,084 +30.9 9,260,501,334 7,898.355,775 + 17.26
.449.738,232 6.849,096,999
+2.6
18,993,517
18,171.940 +4.5
+10.4
207,451,342
177.180.778 +17.1
12,841,156
12,910,850 -0.5
14,180,491
15,497,750
+9.8
90,711,821
81,000,711 +11.9
8,042,998
*8,000,000 +0.7
6,795,118
7,029,845
+6.9
53,829,554
46,428.139 +14.9 ' 3,779,174
3,444,596 +9.8
3,018,702
3,072,725
+18.9
12,657,459
11,021,619 +14.8
778,815
603,404 +29.2
655,429
644,994
+4.7
352,899,464 +12.1
395,432,651
+13.9
603,740,539
532,831,551 +13.7
47.642,226
37,500,189 +27.1
45.426,758
47,303.210
-1.5
23,222,373
20.246.835 +14.7
Total(14 cities) __ - _ 43,084,775,080 36.133.871,384 +19.2 124,460.981.052 95.334.488.301 +30.5 9.400.007,7838.014.520.780
+19.3 6,581.119,417 6,980,507,932
Third Federal Res erve District -PhIladelphl a
Pa.
-Altoona
6.184.453
6,314.549 -2.1
Bethlehem
24,919,719
21,468.085 +16.0
Chester
4,984,818
5,805,209 -14.1
Harrisburg
19,153,299
18,133,127 +5.7
Lancaster
9.555,645
11,922,335 -19.9
Lebanon
2,387,763
2,684.275 -11.0
Norristown
3.710,731
4,209,621 -11.8
Philadelphia_
2,580,000.000 2,559.000,000 +0.8
Reading
17,078,676
16,577,705 +3.0
Scranton
27,179,445
31,314,439 -13.6
Wilkes-Barre
16,448,230
17,755,866 -7.4
York
9,244,539
+9.1
8.475,696
N. J.
-Camden
10,007,872
11,150.208 -2.2
Trenton
20,025,036
28,764,029 -8.0
18,770,590
76,805,790
14,085.691
59,921,151
26,877,193
7.157,447
11,367.186
7,733,000,000
54,528.268
84,249,154
53,274,591
27,157,991
30,902,133
79,207.357
18,808,097 -0.3
56,150.578 +36.8
16,474,409 -9.0
55,394,303 +8.2
30,913,043 -13.1
7,929,321 -9.7
12.486,974 -9.0
7,192.000.000 +7.5
52,806.831
+3.6
85.890.343 -1.9
52,896,511
+0.7
24.821,200 +9.4
31,942,670 -3.2
98,623,341 -19.7
1,138,183
5,310,650
1,072,008
1.156.425 -1.6
3,844,865 +38.1
1,163,537 -7.9
1,424,946
4,474,740
1,500,388
1.258,038
4,098,043
1,161,883
2,379,895
3,084.812 -22.8
5,661,242
8,216,561
615,000,000
4,735.359
7,207,202
3,519,106
2,263.968
530,000,000
4,174,497
6,401,392
4.544.198
2,312,453
544,000.000
3,746,749
5,987.727
3,610.800
1,949,129
4,231,492
550,000.000
3,459.201
6.059.780
3,548,909
2,121,388
-1.1
+8.3
-1.2
+1.8
-8.1
5,643.540 -25.0
5,752,440
5,127,820
Total (14 cities)- - - 2,751,780,226 2,741.575.142
+0.4
8,278.202,542
7.736,939,021
+7.0
573,426,833
580,082,457
-2.9
851,539,447
585,258,861
Fourth Federal Re serve District -Cleveland
Ohio-Akron
29,329,000
28,455,000
Canton
21,699.647
18,118,349
Cincinnati
331,099,304
337,145,935
Cleveland
853,607,848
533,s32,906
Columbus
70,890,700
7P:792.200
Hamilton
5,842,925
5.088,521
Lorain
1,779,400
1,541.870
Mansfield
9,905,209
8,877.098
Youngstown
25,730,962
24.255,427
Pa.
-Beaver Co
2,198,579
2,898,068
Franklin
888,521
1.203,223
Greensburg
5,841,154
5,838,495
Pittsburgh
767,061,518
820,483,972
Ky.-Lexington
7,447,080
7,036,585
W. Va.-Wbeelblg--21,838,351
20,089,126
+3.1
+19.8
-1.8
+22.6
-10.3
+14.8
+151
+11.6
+6.1
-24.2
-27.8
+0.1
+7.0
+5.8
+7.7
89,193,000
80,288,519
983,372,729
1,861,539,859
221,402,500
15,343,217
5.172,069
27,088,195
80.372,497
7,796,414
2,522,559
17,524,356
2,436,313,471
42.387,043
62,471,828
82,228,000
53,687.515
1,007,711,894
1,584,999,499
227,844,800
12,501.399
4,809.735
24,717.193
74,502.128
8,815.784
3,763.534
20,150,001
2,247,709.111
36.443,970
57.108,292
+8.6
+12.3
-2.4
+17.4
-2.3
+14.7
+7.5
+9.6
+7.0
-11.2
-33.0
-13.0
+8.4
+18.3
+9.4
6,678,000
5,852.748
*70,000.000
142,538,848
14,689,500
7,649,000 -12.7
3.258,494 +79.8
72,158,187 -3.0
116,547,118 +22.3
14,454,600 +1.6
6,751,000
3,670,456
74,527,854
124.852,866
18,388,600
7,851.000
3,644.521
81.080.915
123,625,188
18,564,800
Total(15 cities)--- 2,008,138,652 1,839,734,319
+9.1
5,912,788,254
5,440,788,853
• Fifth Federal Rese eve District- Richmond
W.Va.-Huntington.
5,107.152
5,347,899 -4.5
Norfolk
20.224.560
22.121,898 -8.6
Richmond
194,533,000 -5.2
184,815.324
-Raleigh
N.C.
10,616,094 -1.4
10,470,234
-Charleston_ _ _
B. C.
9,121.000
10,998,508 -17.1
Columbia
11,282,595
11.450,829 -1.3
Md.-Baltimore
418.788,047
459,001,203 -8.8
Frederick
1,674,254
2,076,130 -19.4
Hagerstown
2,874,602
3,410,970 -15.7
-WashingtonD. C.
131,795,929
122,284,090 +7.8
1.949,180
6,002.730
1,801,196
8,013.662
+8.3
-0.2
1,814,318
5,440,305
1,938,638
4,895,585
172.771,386
165,186,344
+4.6
154.343,604
151,868.208
+8.8
420,482,390
387,048.601
+8.6
389,789,093
393,488,855
14,844.487
61,526,989
557.632,260
30,723,097
28.417,984
31,107,720
1,254,327,559
5,332,728
8,752,996
370,883,260
15,654,237 -4.9
68,440,555 -10.1
551,883,964
+1.0
32,152.972 -4.4
30,468.754 -6.7
28,272,385 +10.0
1.329,370,057 -5.7
5.901,676 -9.6
10,320,920 -15.3
340,180,347
+9.0
914,059
4.589,993
43,497,477
1,045,041 -12.5
4,722,424 -2.8
41,707,000 +4.3
1,172,943
5,013,475
48,159,000
1,377,318
7,634,928
48,954,000
1,658,000
*2,000,000 -17.1
2,130,619
1,998.488
80,447,939
92,402,216 -12.9
120.855.281
105,257.471
29,221,350
26.834,787
-9.7
28,318,205
26,774,641
841,821.321
-5.4
2,383.549,080
2,412.663.847
2.0
160,328,818
168,511,468
-4.9
205,649.503
191,996,824
Sixth Federal Rese eve District- Atlanta
-Chattanooga
.
Tenn.
35,890,402
39,595.448
. Knoxville
13,539.331
15,482,820
Nashville
108,639,222
104,304,988
9eorgia-Atlanta-253,907,988
227,470,818
Augusta
9,462,674
9,234,223
Columbus
4,838,076
4,811.988
Macon
7,118,885
9,651.583
Fla.
-Jacksonville --77,090,702
81,804.859
Miami
17,209,000
18,282.000
Tampa
14,865,795
18,048,272
ma.
-Birmingham-103,472,209
107,657,908
Mobile
7,999.837
7,383,407
Montgomery
7,388,236
7.907,872
Ulsa.-11attlesburg
7,065,000
7,223,000
Jackson
8,795.400
8,338,000
Meridian
3.929,360
4,072,024
1.624.341
1,647,423
Vicksburg
229,714,881
257,121,779
-New Orleans
La.
-8.4
-12.6
+4.2
+11.6
+2.5
+0.6
-28.2
-5.8
-5.9
-17.6
-3.9
+8.3
-6.6
-2.2
+5.5
-3.5
+5.6
-10.7
108,472,755
42.880,031
316,759,551
715.580.879
27,907.588
15,160,196
22,551.477
222,011.640
43,415.000
45,410,239
310,056,067
23,591,391
21,784,402
22,242,000
29,476,382
11,889,551
5,680,050
710,923.070
100,432,958
45,597,488
301,635,648
662.985.561
25,356,129
13,979,227
27,436,001
236,096,036
49,552,000
52,987,100
315,883,822
21,528,992
23.494,018
22,625,000
27,185,283
12,797,820
5,721,909
765.188,409
-0.6
-6.0
+5.0
+7.9
+ 10.1
+8.5
-17.8
-6.0
-12.4
-14.3
1.8
+9.6
-7.3
-1.7
+8.5
-7.2
-0.7
-7.1
5,668,000
*2,800,000
21,681.847
53,552,753
1,919,954
7,287,267 -22.2
*2,750,000 +1.8
20,380,805 +6.3
*48,000,000 +18.4
1,938,407 -1.1
8,484,070
*2,800,000
20,793,932
46,117,705
1,830,971
8,814,822
2.418,537
19.128,272
86,212.057
1,919.898
1,389,149
15,788,927
3,320,000
945,054 +47.0
16,718,362 -5.5
4,330,000 -23.1
1.920.317
21,487,417
6,967,872
1,675.468
29,487,971
13,605,277
21,732,210
1,677.399
23,060,741
1,678,681
-5.8
-0.1
23,542.737
1,990,126
26,708,918
2,323,045
1,781,500
1,488,000 +19.7
1,246,976
1,329,000
313,427
42,101,931
390.500 -19.7
52,283,500 -19.5
371.837
21.906,308
445,278
65,782,318
-1.9
2.695,772.267
2,719,462,279
-0.9
173,714.097
170,251,297
-3.1
157,446,068
237,630,859
-Chicago.-Seventh Federal R eserve Distric t.
111ch.-Adrian
1.289.694
1,184,121
+8.9
4,901,808
4.297,442 +13.9
Ann Arbor
997.428.910
795,509,426 +25.4
Detroit
18.980,235
18,194.989 +17.2
Flint
35,045,560
33,762,602 +3.8
Grand Rapids
8,398,200
8,390,844
+0.1
Jackson
14.711,873
11,394,847 +29.1
Lansing
17,627,191
'lid.-Ft. Wayne-- - 13.908,472 +26.7
22,401,276
23,807,904 -5.1
Gary
98,988.483 +3.2
102.186.000
Indianapolis
13,140,324
12,082.000 +8.8
South Bead
24,803,412
25,181,756 -2.3
Terre Haute
17.918,353 -12.7
15,638,581
Wis.-Madison
Milwaukee
155,231,228 - 181,361,846 -14.4
Oshkosh
4,577,544
4,788,441 -4.0
14,979,314 -8.4
owa-Ced. Rapids_ _
13,728,678
Davenport
48,046.819 +52.1
73,081,863
Des Moines
44,225,921
47,557,484 -7.0
Iowa City
2,369,702 +0.9
2,390,084
Sioux City
+1.0
33,137,551
33,467,777
Waterloo
6,166,007 +17.2
7,223,787
-Aurora
11.
5,818.029 -3.8
5,598,570
Bloomington
+0.8
10,058.821
10,140,051
Chicago
3,158,010,843 3,155,823,170 +0.1
Decatur
5,844,254 +12.5
5,449,868
Peoria
25,521,536 -2.2
24,955,982
Rockford
+4.6
16,340,197
17,096,284
springfleld
13,023.578 +3.7
13.508,982
3,694.457
14.125,747
2,879,722,813
52,219,845
111,042,532
29,718,012
48,033,743
48,882,878
66,676.320
311,671,000
42,083,876
73.538,983
44,193,362
451,732,259
13,207,927
40,578,248
168.627,585
122,185,371
8,383,041
92,894,456
19,800.152
17,348,244
25.855,970
9.732,582,418
17,271,429
75,792,951
48,148.269
37,446,543
3,478,915
12,320,738
2,240,303,431
45,889,973
102,002,956
27,525,805
34,824,978
40.588.098
70,441,900
295,884.762
36,049,338
74.361,355
51,749,320
536,511,598
12,681,581
38,827,210
140,570,138
128,024,021
6,243,930
89.255,312
16,111,756
16,392,082
24,481.030
9,075,379,628
16.895,697
70,207,324
42,558,537
35,601,242
+8.2
+14.7
+28.5
+14.3
+8.9
+8.0
+37.9
+5.3
-1.0
+5.3
+16.7
-1.1
-14.6
-15.8
+4.2
+4.5
+20.0
-4.8
+2.3
+4.1
+22.9
+5.8
+4.9
+7.2
+2.2
+8.0
+ 13.2
+5.2
298,230
1,579.838
227,551,432
249,399 +18.8
1,339.013 +18.0
173,898,450 +30.9
315,318
1,305.321
158,936,772
255.119
1,280,927
164,457,078
8,359,418
6.748,323 +23.9
8,829.038
9,011,873
3,223,576
4,097,102
2,780.982 + 16.8
2,440.191 +87.9
2,485,000
2,843,593
2,300,000
2,551,953
Total(10 cities)----
Total (18 c!ties)--
Total(29 Citles)
795,951.706
912,550,899
930,038,204
4,845,016,524 4,633,237,388
+4.6 14,593,055,311 13,284,922,655
Eighth Federal Re serve District .-St.Louis.- ad.-Eva.nsville
21,835,216
22,205,293 +43.4
New Albany
761,396
887.858 +14.0
(o.
-8t.Louis
615,830,152
627,509,120 -1.6
:y.-Loulsville
166,302.985
108,815,381 -0.2
Owensboro
1,823,736
+4.1
1,559,604
Paducah
11,905.325
11,896,600 +0.1
, ne._memptds
e
98,454,029
92,468,286 +6.5
rk.-LIttle Ruck-85.877.802
59.978,438 +9.6
-Jacksonville__ _ _
1,738,147
I.
1,680,188 +3.5
7,026,638
Wiley
8,147,510 -13.8
Total(10 cities) _ _ _ _
991,355,406
992,726,274
-0.1
20.095.000
2.622.824
5,027,671
19,261,000
2.552.900
4,791.885
+4.3
+2.7
+4.9
21,064.000
3,259.700
4,747,682
20,390,000
3,172,383
4,724.415
35,811,433
36,878,257
-2.9
40,850,203
40.187,158
2,787,587
2,731,302
+1.3
3,011,676
3.021,005
9,314,728
9,691,955
-3.9
11,104,956
11,439,428
7,451,627
1,878.784
7,211.154 +3.3
5,188.879 -89.5
7,184,594
1,412,424
7,290.899
1.542,183
2,080,034
677,145,809
1,045,302
4,948,017
3,467,789
2,713.788
1,855.857 +12.1
691.432,441 -2.1
1,184,315 -10.1
4,948,398 +0.1
3,539,373 -2.0
2.914.253 --43.9
2,025,178
680,159,868
1.297.407
4,897,035
4,080.917
3,123.618
1,920,983
880,878,830
1,315.295
5,308.228
4,180.159
3,552,700
+4.0
962.334,298
948,889.590
+9.9 1,021,477.069
70,635.971
2,370,374
1.870,822,933
532,557,419
6,518.889
37.878.145
296,311,557
, 37
187.083 9
4,831,041
18,582,673
46,535,082 +51.8
2,224,785 +6.5
1,874,088,174 0.2
511.080,379 +4.2
5,907.450 +10.4
31.268,753 +21.1
279,276,009 +6.1
180,216,713 +3.8
4,432,714 +9.0
20,392,172 -8.9
3,027,573,839
2,955.420,231
+2.4
5,129.985
129,500,000
32,354,400
283.938
18,710,240
13,301.092
378.530
1,493.750
201,151,935
982,574.107
4,175,561 +22.9
5,824,294
5,096,613
-3.8
+2.1
-8.7
139,400,000
33,888,582
315,492
155.700,000
32,573.061
400,388
+3.1
18,150,044
11,788.130 +12.8
310.384 +22.0
1.662.527 -10.1
19,700,000
11,935,665
424.490
1,882,950
18,705.110
12,158,810
378,395
2,044,761
-0.6
213,371,473
227,057,138
134,300,000
31,701.929
311,156
202,399,711
APRIL 6 1929.]
2223
FINANCIAL CHRONICLE
-(Concluded.)
CLEARINGS.
Week Ended March 30.
Three Months.
Month of March.
Clearings at
1929.
1928.
Inc. or
Dec.
$
$
Ninth Federal Res erve District- -Minneapolis
Minn.
-Duluth
30,463,291
29,619,853
Minneapolis
347.335,283
340,304,086
Rochester
2.284,503
2,527,405
St. Paul
153,799,305
137.980,845
N. Dak.-Fargo
8,559,293
9,446,679
Grand Forks
6,205.000
5,695,000
Minot
1,689,284
1,493,395
S.Dak.-Aberdeen - _
4,754,030
6,030,944
Sioux Falls
8,100,626
7,628,127
Mont.
-Billings
2.729,754
2,960,051
Great Falls
4,991,708
5,340,429
Helena
13,558,721
14,141,883
Lewistown
490,355
624,445
%
1929.
1928.
Inc. or
Dec.
6
$
%
1929.
$
5,250,378
63,990.340
21,365,926
1,732,011
27,132,232 ---.1.2
11.732,152 +47.6
26.263,081
1,623,932
25.073,493
1,727.533
1.010,816
1,271,920 -20.7
1,078,144
1.382,548
+3.8
1,636,384,481
1,581,300,728
+3.5
Tenth Federal Re erve District- -Kansas CityNeb.-Fremont
1.947,519
1,930,304 +0.9
Hastings
3,018.215
2,567,730 +17.6
Lincoln
21,436,534
26,072,548 -17.8
214,840.620 -0.4
Omaha
214,063,446
Kan.
8.777.719
8,253.142 +6.4
-Kansas City _
14,925.216 -0.1
14.902,485
Topeka
38,636,262 -14.0
33,199,540
Wichita
5.797,486 +22.1
7,075,463
Mo.-Joplin
586,146,681 +2.8
602,389,833
Kansas City
32,686,526
32,914.780 -0.7
St. Joseph
134,931,522
125,058.453 +7.9
Okla.
-Okla. City_ 48,894,462 +15.7
56,569.355
Tulsa
5,504,820 +3.6
5,703,271
Colo.
-Col. Springs_
153,030,937 +14.0
•
174.439,441
Denver
6,640,862 +10.5
7,335.182
Pueblo
5.241,455
8,240,152
58,796,442
573,058,638
27,246,630
46,263,683
103,893,579
18,718,061
1,718.453.843
92,853,395
393,343,643
172,547,530
19,615,505
483.132,174
20,875,607
5,372,590
7,192,546
68,462,225
567,097,494
27,618,589
45,331,675
111,379,895
17.583,838
1.686.470.935
94.679,628
369,709,696
145,842.675
16,536,984
432.758,164
17,837,312
-2.4
+14.6
-14.1
+1.1
-1.4
+2.3
-6.7
+6.5
+1.9
-1.9
+6.4
+18.3
+18.6
+11.7
+17.0
-1-3.7
3,742,280,337
3,613,874,246
+3.6
+22.3
+18.6
+11.5
+10.5
+7.2
+22.5
+18.9
+33.9
+1.0
-9.9
-6.9
26,510,149
29,452,000
729,528,153
80,734,516
174,950,480
74,700,000
487,878,840
9,154,778
7,996,183
35.011,246
71,376,668
22,168,198
26.060,000
658,581.905
72,108,599
168.417,280
65,603,000
416,327,714
7,545,642
7,993,753
35,631,000
74,169,824
+19.6
+11.9
+10.8
+12.0
+3.9
+13.9
+17.1
+21.3
+0.1
-1.7
-3.8
514.016,729 +12.5
1.727,343,013
1,554,606,915 +11.1
Twelfth Federal Re ; erve District- -San Francis co-Wash.
-Bellingham _ •
p3,800.000
3,897,000 -2.5
Seattle
•
238,902,318
231,365,325 +3.2
Spokane
55.699.000
60,404,000 -7.8
Yakima
6,800,708
6,694.518 +1.6
Idaho-Boise
•
4,913.167
4.807,269 +4.4
Ore.
-Eugene
•
1,828,000 +13.2
2,070.000
Portland
156,573,494 +6.7
167,074,845
Utah-Ogden
•
6.471.518
6.471,938 -0.1
Salt Lake City
•
74,901,159 +2.3
76,631,667
Ariz.
-Phoenix
•
20,903,000
15,287,000 +36.7
Calif.-Bakersfield_ _
6,254.329
5,701,775 +9.7
22,787.179 -10.2
Berkeley
20,464,668
14,888,331 -3.1
Fresno
14,431,030
34,975,206 +15.2
Long Beach
•
40,282,579
916.043.000 +13.9
1,043,390,000
Los Angeles
3,688.846 +2.9
•
3,796,116
Modesto
88,891.972 -5.0
Oakland
84,531,950
32.361,500 +6.7
•
34,527,126
Pasadena
4,759,162 +20.1
5,715,805
Riverside
.
35,341,837 +8.5
•
38,342,700
Sacramento
24,537,976 -15.8
San Diego
20,664,057
San Francisco
• 951,967.478 1,020,172,091 -6.7
12,446,154 +4.3
San Jose
12,977,094
8,075.341
7,205,526 +12.1
Santa Barbara
.
9,497,850 -1.0
Santa Monica
•
9,402.198
•
2,129.240 -9.6
Santa Rosa
1,976,555
Stockton
11,364,800
12,061,900 -5.8
10,192,000
656,126,930
160,667,000
18,336,903
14,972,180
6.113.000
468,648,547
20,045,262
227,772,191
63,941.000
18,556.787
65,121.423
44.913.887
119,467.805
3,041.178.000
11,435,236
250,540,243
107,260.231
17,124,434
100.563.340
77,658,713
2,714,268,783
39,817,690
25,299,922
29,165,269
6,145,682
32,202,800
10,030,000
606,106,225
165,724,000
18,132,428
14.893,753
5,355.000
438,823,807
21,198,721
226.065.507
45,396,000
16,842,772
67.281,476
45,914,784
101,135.593
2,536,793.000
11,589.901
254,320,879
96,920.891
13,985,807
97,493,522
71,563,092
2,841,892,812
38,738,620
21,593,398
27,086,545
6,348.973
35,271,900
+1.6
+8.3
-3.0
+1.1
+0.1
+14.2
+6.8
-5.4
+0.8
+40.9
+10.2
-3.2
-2.2
+18.1
+19.9
-1.3
-1.5
+10.7
+22.4
+13.4
+8.5
-4.5
+2.8
+17.6
+7.7
-3.2
-8.7
8,347,535,258
7,836,499,406
+6.5
585,676,923
Eleventh Federal Reserve Distr ict-Dallas7,685,553
•
9,398,918
Texas
-Austin
8.392,000
•
9.952,000
Beaumont
218.410,754
•
243.485,066
Dallas
24,737,119
•
27,327,821
El Paso
55,804,000
52,063,540
•
Fort Worth
24,954,000
20,378,000
Galveston
•
168,283,224
141,490,536
Houston
•
3,197,336
2,387.290
Port Arthur
•
2,801,551
2,773,496
Texarkana
•
10.803,000
11,997,000
Wichita Falls
•
22,065,630
23.701,441
La.
-Shreveport
Total(11 cities)--- •
578,072,546
Total(27 cities)___ . 2,891.430,047 2,809,779.248
+2.9
$
5,460,663
64,000,656
-1.6
+4.3
-6.6
+3.5
-2.0
+5.5
+14.2
-12.9
+10.3
+4.7
+3.9
+2.2
-27.3
Total(16 cities)--- . 1,318,476,051 1,271,214,303
1926.
+8.4
-2.2
81,581,430
954,785,208
7,589,636
390,057,400
25,565,427
16,294,000
4,382.705
15,798,243
21,088,499
8.114,731
14,504,290
39,502,750
2,036.409
563,793,142
$
6,234,319
68,507,215
80,348,529
995,745,959
7.088,966
403.729,371
25,054,966
17,182,000
• 5,005,875
13,766,074
23,259.161
8.293,418
15,065.534
40,364.264
1,480,364
584.961,153
1927.
$
6,760,456
66.987.704
+2.8
+2.1
-9.7
+11.4
-9.4
+9.0
+21.2
-21.2
+6.1
-7.8
-6.5
-4.1
-21.5
Total(13 cities)
Inc. or
Dec.
%
1928.
590,626
583,145
+1.3
518,721
481,609
3,002,000
2,795,000
+7.4
2.660.000
2,785.087
101,449.539
118,255,983 -14.2
101,605,197
100,690,988
347,966
629,774
3,815,608
44,675,042
324,568 +7.2
500,156 +25.9
4,908,161 -22.3
40,392,037 +10.6
368,604
458,597
4,787,027
38.486,389
346,748
709,803
5,132,628
39.711.082
-4.5
-7.5
2,469,762
6,977,942
2,140,727
6,754,364
129,648,868
7,187.587
118,433,998 +9.5
6,155,568 +16.6
135,650,067
5,786,199
117.846,895
6,590,776
28,901,233
1,427,979
a
1,115,695
26.141,742 +10.6
1,258,266 +13.4
a
a
1.090,883 +2.3
28,586,386
1,254,723
a
651,822
23,815,549
972,952
a
512,795
246,306,951
226,472,503
2,558,614
7,012,001
227,320,367
2,679.065
7,580,910
230.465,353
-1.4
2.028,869
1,478.717 +37.2
1,736,848
1.358,418
52,502,198
45,264,613 +16.0
44.953.603
40.643.i77
11,356.189
5,110,000
10.160,476 +11.8
4.379,000 +16.7
11,426,160
10.157,000
10,688,660
10,406.900
3,808,236
4,525,942 -15.9
4,507,927
4,017,028
74,805,492
65,808,748 +15.4
72,781,528
67,014,083
51.791,993
11,016,000
*1,000,000
47,880.098
10,741.000
1,084,392
+8.2
+2.6
+1.4
43,300,920
9,948,000
1,164,558
42,074.901
9,652.000
1,479.930
36,782,228
32,698,761 +12.5
41,229.743
40,727,395
16,846,211
14,343,880 +17.4
15,478.158
17,235,245
2,744,641
8,316,524
224,921,000
2,438,642 +12.6
6.968.798 +19.3
188,188.000 +19.5
3.098,552
6.931,769
204,399,000
3,457,928
6,819,796
171.468,000
17.210,286
6,925,547
17,974,806
6.308,179
-4.3
+9.8
17,359,932
6,682,175
20,948,832
6,736,754
5.352,024
5.375,283
188,564,933
2,568,141
1,546,556
2.013,356
4,342,059
4,582,422
199.883,000
2,413,071
1,244,160
1.761.323
+23.3
+17.3
+5.7
+6.4
+24.3
+14.4
6,607,585
5,675,537
194,027,000
2,186,989
1,258,188
2.122.986
6,870,184
6,455,242
195,391,000
2,720,700
1,817,575
2,188,097
2,602,200
+4.0
2,222,200
2,322,300
+7.4
2,502,600
545,355,191
563,673,292
538.365R
9
Grand total(192 cities 1 63,261,594,119 55,857,017.358 +13.3 184,134,060,822 151,994,831,073 +21.1 13,484,299,93 212,014,957,24 5+12.3 10,743,324,983 11,096.925,939
Outside New York__ • 20.942,755,441 20,403,182,269
+2.6 4,293,586,751 4.247,828.940
+5.6 4,223,798.598 4,116.601,470
+2.7 61,981,797,944 58,673,389,989
3
CANADIAN CLEARINGS FOR MARCH, SINCE JANUARY 1, AND FOR WEEK ENDING MARCH. 28
Month of March.
Week Ended March 28.
Three Months.
Clearings al
1929.
1928.
Inc. or
Dec.
$
651,452,845
660,219,271
226,251,980
118,402,181
33,416,408
27,388,477
15.983,222
27,014,518
77,193.005
12,776,397
12,339,662
14,144,762
25,006,289
22.565,608
2,390,806
*3.000.000
9,823,298
5,430.660
6,332,930
3,574.460
3.745.144
2,093.746
4,433,589
4,606,909
5,649,874
27,147.239
2,056,700
3,668,425
3,518.982
*3,500,000
3,898,183
$
633,871.482
610,680,280
220,697,808
95,488,414
32,405,486
26,563,848
114,241.643
25,169.580
54,897,855
12,034,613
11,364,042
13,255,340
26.614,787
19.886,022
2.297,690
2.853,699
9,608,718
5,177,232
5,669,176
3,603,951
3,719,565
2,011.053
3,520.478
3,937,604
4,821,143
21.719,762
1,878.527
3,388.286
3,188,390
3,365,836
2,759,065
0 noo no. son
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia
1 550 R01.275
•No longer report clearings. •Estimated.
1929.
$
%
+50.1 1,979,526,918
+8.1 2,040,861,067
637,364.704
+2.5
+23.1
316,749,535
+3.1
110,694,306
83.467,189
+3.1
+12.2
47.437,287
+7.3
82.184.061
+40.6
182,637.676
36.231,233
+6.2
85,553,040
+8.5
+6.8
42,161,027
+5.2
81,712,947
+13.5
66,562,878
+4.1
7.104.679
8.656.135
+5.1
+2.2
29,162,491
+4.9
16,094.705
+11.7
18,438.703
10.898,235
-0.8
+0.7
11,796,700
+4.1
5,955,263
12,979,113
+25.9
+17.0
12,533,408
+17.2
16.583,214
74,677.615
+25.0
5,711.381
+9.5
11,855,827
+8.2
+10.3
10,606,459
10,291,613
+4.0
+41.3
9,968,232
-I-lit
5 010 412 541
1928.
Inc. or
Dec.
$
1,841,831,309
1,864,439,376
637,267.246
275.463,472
93,395,076
77,731,303
38,915.172
76.216,359
156.053,836
34,257,030
30,956,052
40,398,909
79.494.354
58,264,853
6.648.651
8,176,130
28,294,816
15,730,441
16,503,743
11.005,718
9,963.089
5,273,110
11,166,658
11.167,995
15,345,033
53.298,680
5,410,344
10,573.325
9,613,396
10,873,742
7.792,736
A
r..an
Ala 005
%
+7.5
+9.5
+0.1
+15.0
+18.5
+7.4
+21.9
+9.3
+17.0
+5.8
+21.3
+4.4
+2.8
+14.2
+6.9
+5.9
+3.1
+2.3
+2.3
-1.0
+18.4
+12.9
+16.1
+21.2
+7.9
+40.1
+5.6
+2.1
+10.3
-5.3
-27.9
.1.a A
1929.
1928.
Inc. or
Dec.
1927.
1926.
$
$
$
$
%
98.660,589
167.970.487 132,997,924 +26.3 104,832.766
83.641,921
166.360,940 128,380,156 +29.6 102,182,083
39,922,192
38.342,263
46,226,216 +24.4
57,505,667
14,947,261
16,786,429
20,320,228 +53.3
31,166,200
4,831,420 . 5,616,043
6,155,220 +24.4
7.654,291
5.950.569
4,378,278
5,189,535 +17.0
6,072,768
2,418,440
2,500,853
2,776,169 +35.8
3,769,374
4,727,901
4,202,061
5.210,422 +29.4
6,744,201
6,466,338
8,612,473
11,485,678 +49.8
17,200,037
2,446,243
2,349,247
2.494,854 +27.2
3,172,682
1.767,809
1,906,190
2,053,038 +34.1
2,751,477
2,565,984
2,206,320
2.705.526 +10.5
2,989,950
5,381,610 +21.6
4,070,097
4,525,404
6,545.319
4,047,786 +5.4
3,216,900
3.375.666
4.265.620
456,855 +14.6
453,700
425,960
523.537
544,725 +18.1
437,359
450.154
643,392
2,013,023 +11.6
1.559,721
1,570.554
2.246,110
1,056,798 +16.7
947,936
853,218
1,232,956
1,136,050 +25.0
950,369
875,963
1,420,434
759,926 +7.2
661,859
814,916
648,785
740,606 +164.8
664,053
1,960,211
654,170
447.341 +3.9
235.227
226,972
464,668
663,849
994,274
777,672 +27.9
699,283
790,194
753,390 +39.7
734,933
1,052,768
1,052,060 +16.0
1,137,227
1,210.348
990,976
3.066.116
6,844,111
4,420,034 +54.8
4.605,221
389.258
478,384
329,143
388.407 +23.2
754,088
689,106
715,672 +24.1
887.976
576,919
796.419
627,333 +27.0
526,375
931,616
669,676 +39.1
778,317
607,037 +28.2
007 410 IRA
202 Ron 0A7
.4.20 2
214 511 114
290.185.292
2224
FINANCIAL CHRONICLE
[VOL. 128.
The exports from the several seaboard ports for the week
THE CURB MARKET.
A selling movement at the opening of trading this week ending Saturday, Mar. 30 1929, are shown in the annexed
caused a general lowering of values. Thereafter prices statement:
moved about in erratic fashion, with the close to-day showExports fromWheal.
Corn.
Flour.
Oats.
Barley.
Rye.
ing an upward tendency. The volume of business has fallen
Bushels. Bushels.
bbb.
Bushels. Bushels. Bushels.
New York
off materially. Ford Motor of Canada was conspicuous
463.000
64,936
247,000
99,400
Portland,
595,000
11,000
8,000
for an advance from 1020 to 1190 with the close to-day at Boston Me
32,000
92,000
Philadelphia
179,000
1175. The passing of the dividend by Fajardo Sugar was Baltimore
569,000
18,000
4,000
400,000
Newport
5,000
reflected in a drop from 983. to 79. Oil stocks show only Mobile News
2,000
slight changes. Humble Oil & Refg. sold up from 10334 to New Orleans
46,000
48,000 12,000
14,000
226,000
Galveston
99,000
1,000
11534, reacted to 1083 amd finished to-day at 109. Vac- St. John, N. B
1,286,000
26.000
72.000
31,000
Houston
1,000
cum Oil advanced from 122 to 12734, but dropped finally Halifax
3,000
to 123%. Gulf Oil rose from 15534 to 164%, fell back to
Total week 1929._ 3,170,000 170,000 124,936 185,400
1,004,000
157 and closed to-day at 15734. Among utilities Int.
RIIMA we5 1c 1A2R
,
3 303 090
405.700
134 Rafl
100 910 909 Ann
qnk MO
Telep. & Teleg. new stock sold up from 8534 to 92, then
The destination of these exports for the week and since
down to 88 and at 8834 finally.
July 1 1928 is as below:
A complete record of Curb Market transactions for the
week will be found on page 2252.
Flour.
Wheat.
Corn.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
Bonds (Par Value).
Week Elnded
April 5.
Stake
(No. Shares)
Domestic
Rights
Foreign
Government
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
1,1011,900
878.900
920,500
862,200
1,100,200
HOLI DAY
51.401,000
28,700
1,291,000
15.500
1,424.000
14,300
1.375,000
15.400
1,378.000
21,500
$276,000
154,000
285,000
255,000
288,000
Total
4,862,700
95,400
*6,869,000
81,298,000
Volume of Freight Car Traffic Handled by Class I
Railroads in January.
The volume of freight tsaffic handled by the class I railroads of this country in January this year amounted to
39,103,646,000 net ton miles according to reports received
from the railroads by the Bureau of Railway Economics and
made public Apr. 1. The Bureau says:
Compared with January, 1928, this was an increase of 2,814,852,000
miles of 7.8%. It was, however, a defaces° of 128,870,000 net
ton Miles or three-tenths of 1% compared with January. 1927.
In the Eastern District, the volume of freight traffic handled in January
this year was an increase of 12% compared with the same month in 1928
while the Southern District reported an increase of 2.4%. In the Western
District there was an Increase of 4.1%.
net ton
gourrnerciai an4711i5cellaneonsgews
Breadstuffs figures brought from page 2327.
-All
the statements below regarding the movement of grain
receipts, exports, visible supply, &e., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years:
Total wk. '29
Same wk. '28
Same wk. '27
In',.
389,000
477,000
464,000
5,347.000 $,030, eg
0
0
5,485,000 7,027,
3,021,000
3,871.0001
Oats.
C40000000007-41•4404.4>c,,
Corn.
551.1.196155.bush.60 lasanuh.56 tbs.
308,000 1,22l,004
195,000
1,095,000
80,000
807,000
5,000
31,000
18,000
287.000
761,000
38,000
36.0e0
17.000
317,000
19,000
112,000
530.000
911.000
51,000
48.800
313,000
1,145,000
998,000
349,060
415,000
304,000
52,000
174,000
103,000,
43,0001
6,000
Chicago
MinneapolisDuhith
Milwaukee_
Toledo
Detroit
Indianapolis._
Bt. Louis_
Peoria
Kansas City__
Omaha
St. Joseph.Wichita
Sioux CRY.-
Since Aug.
Wheal.
P1 : 0.
90 4•FP: ,,,,4PS.:
•5
0%.
4e-t4
- - - - -----§- - -
Flour.
Receipts al-
1,829,000
2,903,000
1,947,001)
Barley.
Rye.
bush.481bs.bluh.5615s.
112,000
48,000
280,000
113,000
70,000
80,000
140,000
14,000
5,000
4,000
17,000
78,000
1,000
713,000
847,000
467,000
249,000
500,000
307,000
1-1
1927
1926
mins' ens 00021 210 000
17,268,000375.085,000238,826,000126,133,00026,551,00033,183,000
17.501,000275.295,000171.014,000109,200,000 15,275,00024,533.000
F,', vex niva Ano 01t9 11/11191 t WO nnn1011 /Is
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday Mar. 30, follow:
Receipts at-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
bbis.196lbs. bush.60 lbs.bush.58 lbs.biuh. 32 lbs. bush.4131bs.bush.56lbs.
New York _ _ _
350,000
74,000 434,000
808,000
5,000
12,111
Portland, Me_
11,000
8,000
595,000
Philadelphia__
39,000
19,000
12,1 v I
8,000
170,080
Baltimore_ __ _
14.000
4,000
784.000
62,000
24,# 11
Newport News
50,1
New Orleans.
42,006
46.000
12,000
69.'11
Galveston.
31,000
19,11#
Montreal....
26.000
31,000
89,000.
87,000
St. John, N.B
26,000 1.288.000
31,000
72,000
Boston
52,000
248.000
5
24,
554,000 3;857,000
Total wk. '29
281,0011 590.000
141,000
5,000
Since Jan.1'29 7,188,000 40.209,006 13.128,000 4,160,000 7,243,000 1,792,000
Week 1928... 517,000 2,534.0001
123,000
878.000
75,000
273,000
Since jan.1'28 6,191,000 32,573,000 59,563,000 5,200,000 7,077.000 3,259,000
do not include grain passing through New Orleans for foreign ports
•Receipts
06 through bills of lading.
Exports for Week
and Since
Week
July 1 to-Mar.30
1929.
Since
July 1
1928.
Week
Mar. 30.
1929.
Since
July 1
1928.
Week
Sinee
Mar.30. July 1.
1929.
1928.
United Kingdom_ 64,028 2,678,150
834,000 60,880,726
Continent
25,100 4,010,968 2,290,000 166,394,959
So. dr Cent. Amer_ 8,000
272.000
33,000
312,000
West Indies
3,000
361.000
13,000
73,000
Brit.No.Am.Cols.
1,000
20,000
Other countries
24,808 1,191,985
3,220,733
Total 1929
Total 1928
5,000 9,472,118
151,000 16,485,982
182,000
14,000
737.000
2,259
124,936 8,515,103 3,170,000 230,901,418
134.836 8.819.879 3.393.099 196.672.797
170,000 26,879,322
468.700 7,558.845
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Mar. 30, were as follows:
GRAIN STOCKS.
Corn.
Wheal.
Barley.
Oats.
Rye.
bush,
bush,
bush.
busk.
bush.
206,000
90,000
17,000
58,000
209.000
9,000
5,006
345,000
87,600
91,000
60,000
6,000
1,090,001)
182,000
85,000
4,000
190,000
7,000
588,000
578,000
81,000
47,000
5,000
873,000
153,000
1,000
39,000
2,580,000
423,000
225,000
4,000
45,0011
5,313,000 2,289,900 1,911,000
120,909
344.000
511.000
2,747,000
79,000
245,000
44,000
9.000
250,000
260,000
231.000
23,000
45,000
11,000
24,000
13,427,000 13,623,000 1,993,600 2,458,000
837.000
1,551,000
274,000
484,000 2,293,000
613,000
536,000
453.000
217,000
462,000
26,453,800 1,103,000
882,900 2,185,000 1,891.600
418,000
278,000
30,619,000 1,361,000 2,110,000 1,400,600 3,746,000
402,000
731,000
228,000
7.000
3,298,000 1,421,000
300.000
94,000
8,000
18,817,000 3,017,000
4,000
30,000
8,000
4,144,000
273,000
20,000
4.000
1,677,000
941,000
3,009
15,000
120,000
322,000
95,000
474,000 1,409,000 1,088,000
7,623,000 2,359,000 1,373.090
40,000
88,000
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Forth Worth
Buffalo
" afloat
Toledo
" afloat
Detroit
Chicago
" afloat
Milwaukee
" afloat
Duluth
" afloat
Minneapolis
Sioux City
St.Louts
Kansas City
Wichita
St.Joseph, Mo
Peoria
Indianapolis
Omaha
Total Mar. 30 1929...122,572,000 34,159,000 12,609,000 8,905,000 8,430,000
Total Mar. 23 1929...123,215,000 34,539,000 13,119,090 6,841,000 8,463,000
Total Mar. 31 1928_ 67,363,000 43,858,000 15,745,000 5,157,000 2,716,1300
Note.
-Bonded grain not included above: Oats-New York. 195,000
Boston, 15,000; Philadelphia, 4,000; Baltimore, 5,000; Buffalo, 282,000;bushels:
Duluth
14,000:: total, 515,000 bushels, against 115,000 bushels in 1928. Barley-New York,
470.000 bushels: Boston. 9,000: Philadelphia, 148,000; Baltimore. 247,000: Buffalo,
899,000: Duluth, 111,000: total. 1,884,000 bushels, against 1,099,000 bushels in
1928. Wheat
-New York, 3,868,000 bushels: Boston, 1,632,000: Philadelphia.
3,509,000; Baltimore, 4,343,000; Buffalo. 8,227,000: Buffalo, afloat, 876.000;
Duluth. 278,000; total. 22.533,000 bushels, against 13,126,080 bushels in 1928.
Canadian
Montreal
9,508,000
415,000
662.000
380,009
Ft. William dr Pt. Arthur_ 83,038,000
5,513,090 2,106.900 6,982,000
" afloat
7,792,000
41,000
298.090
Other Canadian
8,492,000
2,900,000
291,009 1,411,000
Total Mar.30 1928- .... _88,828,000
Total Mar.23 1929_ _ _ _87,786,000
Total Mar.31 1928-..- -77,058.000
Summary
American
122,672,000 34,150,000
Canadian
88,828,000
'
Total Mar. 30 1929._ _211,400,000 34,150,000
Total Mar. 23 1929._ _211,001,000 34,539,000
Total Mar. 31 l928....144,421.000 43,856,000
9,116.000 2,777,000 9,104,000
8,877,000 2,621,900 8,883.000
2,549,000 3,273,000 3,932,000
12,609.000 6.905,000 8.430.000
9,116,000 2,777,000 9,104.000
21,725,000 9,882,000 17,534.060
21,998,009 9,462,000 17,346,900
18,294,000 8,430.000 6,648,000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ending Friday, Mar. 29, and since July 1 1928 and 1927,
are shown in the following:
Wheal.
Exports.
1928-29.
Week
Mar. 29.
SiPICA
July 1.
Corn.
1927-28.
Since
July 1.
1928-29.
Week
Mar, 29.
Bushels.
Bushels.
Bushels,
Bushels
North Amer. 8.894,11 435,424,000375,577,I I I
781,
Black sea...
2,128,000 9,344. I I I
Argentina..,. 5,468,000 143,072,000119,348,I,, 1,585,
Australia __- 3.464,0001 83,658,000 49,903 1 1 I
India
48,000 1.112,000 8,256,I I I
Otis. countr's 408 000 39.292.0001 25,378,1 1
587,000
.
1
Total
Since
July 1.
1927-28.
Since
July 1.
Bushels,
11,278,000
16,847,000
211,349,000
21,357,000
18.082,000701,684.000587.804.I I I 2 953,000 39,002.080260,829,000
FINANCIAL CHRONICLE
APRIL 6 1929.]
-Record of transactions at
Pittsburgh Stock Exchange.
Pittsburgh Stock Exchange, Mar. 30 to Apr. 5, both inclusive, compiled from official sales lists:
oases
e rtaay
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low, High. Shares.
Stocks-
Allegheny Steel corn
31
Aluminum Goods Mfg
Amer Vitrified Prod pref100 84
Am Wind GI Mach corn 100
Preferred
100 46
Am Wind Glass Co pref.-- 87
Animal Trap Co
Arkansas Gas Corp com. 4%
8
10
Preferred
Armstrong Cork Co
* 654
25
Blaw-Knox Co
25
Calorozing pref
10 17
Carnegie Metals Co
Clark (DL) Co corn
Colonial Trust Co
100
Conley Tank Car pre! 100
Consolidated Ice pref. 50
Crandall McKenzie & H__ 26
614
Devonian 011
10
Dixie Gas & URI com-- *
50
Preferred
Barb-Walker Ref corn__
100 102
Preferred
Independent Brew pref__50
Jones dr Laughlin St pf.100
Koppers Gas & Coke pref__ 102
*
Libby Dairy Prod com
25 6934
Lone Star Gas
McKinney Mfg corn
Nat'l Fireproofing com- _50
50 3334
Preferred
431
Penn Federal Corp corn...
Peoples Say & Trust_ _ _100 750
Pittsburgh Brewing corn SO
59
Preferred
Plash Investors Security-.
5
Pittsburgh Oil& Gas
Pittsburgh Plate Glaas_100 68
5 2634
Plymouth Oil Co
Reymers Inc
6c
1
San Toy Mining
Standard Steel Springs___
Standard Steel Propeller__
Suburban Electric Dev_ *
Union Steel Casting com.. 20
United Eng &Fdy corn...* 41
Vanadium Alloy Steel
Westinghouse Air Brake__ 454
West Penn Rys pref___100
Witherow Steel pref. _100
,
Unlisted
Animal Trap Co
Fidelity Title lz Trust
National Erie pref A
Oil Well Supply pref
.______
Penns Industries(units)_ _
Pittsb Screw & Bolt Corp__ ______
Manufacturing w I__
Ruud
Western Pub Service v t c__
Witherow Steel w 1
Rights
Armstrong Cork Co
76
76
30M 313-4
84
84
25
25
46
46
87
87
59
50
44 5
8
834
6234 654
42
43
10
10
17
1734
1734 1834
312 312
1034 1034
20
20
26
25
6
634
12
11
70
70
60
60
60
102 102
234 234
121 121
101 102
3834 39
6931 71
1234
12
15
153(
3334 3334
434 434
750 750
3
3
7
734
31
30
334 334
69
68
2734
26
2234 23
Sc
6c
75
75
26
2734
2334 2334
20
20
41
41
71
71
4331 4834
98
98
7134 75
70
70
70
$2,000
70
APPLICATIONS TO ORGANIZE APPROVED.
-The First National Bank & Trust Co. in Bluffton. Ind- -$100.000
Mar. 26
Correspondent. Fred Pottlaeff, Bluffton. Ind.
-The Washington Square National Bank of New York,
Mar.26
500.000
N.Y
Correspondent, John S. Scully, 115 Broadway, New
York, N. Y.
50.000
-The First National Bank of Lexington, Miss
Mar.30
Correspondent, W. 0. Barrett, Lexington. Miss.
Mar
90
Feb
39
8534 Mar
Jan
32
Jan
50
Jan
88
Apr
50
534 Mar
834 Jan
6531 Jan
4511 Feb
Apr
10
Jan
20
1831 Apr
Jan
325
10334 Apr
Feb
26
Jan
29
Jan
8
1334 Feb
Feb
76
6031 Mar
Feb
110
Feb
3
12134 Mar
10334 Feb
Mar
43
Feb
75
1734 Mar
Mar
17
3511 Mar
534 Jan
Jan
780
Feb
3
Feb
8
Feb
34
411 Jan
Jan
75
3031 Jan
2734 Feb
25c Jan
8734 Feb
2734 Apr
Jan
29
Jan
25
4434 Feb
Mar
72
5434 Mar
10034 Jan
Feb
78
Mar 50
Apr 181
Apr 26
Apr 110
Feb111
Mar 29
Mar 44
Mar 284
Jan 79
14 Feb
9.720
131
High.
Low.
Feb
60
Mar
29
831( Mar
Feb
24
Jan
46
Mar
87
Apr
50
334 Jan
74 Jan
614 Jan
3834 Feb
Jan
8
Mar
17
164 Mar
Mar
310
10334 Apr
1934 Mar
Mar
25
Mar
6
734 Jan
Jan
70
Jan
52
Apr
102
134 Feb
Jan
121
Mar
101
2531 Jan
Jan
67
Apr
12
1034 Jan
2831 Jan
414 Feb
Apr
750
Jan
2
Jan
6
2534 Jan
314 Jan
Jan
64
Feb
24
Mar
22
6c Jan
73
Jan
Apr
26
2234 Mar
Feb
20
Jan
38
Mar
70
4334 Apr
Apr
98
714 Apr
100 45
240 150
500 254
10 108
265 110
2,780 2334
60 41
1,405 2434
33 3134
50
50
180 181
254 2534
108 108
110 110
24% 253.4
4134 4134
25
2534
56
56
134
Bonds
Independent Brew 68_1955
• No par value.
20
2.125
14
80
60
15
100
3,305
9,001
4,474
545
100
520
530
100
10
30
70
440
745
20
400
30
25
30
635
1,250
2,040
285
140
220
120
15
400
160
260
130
1,090
4,005
175
2,000
142
500
130
130
90
150
580
32
130
Range Since Jan. 1.
Apr
CHARTERS ISSUED.
-The Kingsboro National Bank of Brooklyn in New
Mar. 27
500.000
York, N. Y
President, Bonnet J. McCormack; Cashier, W. Sergeant
Nixon.
100,000
-The Old National Bank of Bluffton, Ind
Mar. 28
President, Henry C.Paul; Cashier, F. William Hitzeman.
VOLUNTARY LIQUIDATIONS.
$1,000.000
-Mercantile National Bank in Dallas, Tex
Mar. 25
Effective Feb. 1 1929. Liq. Committee, H. P. Willard
and Laurence Kahn, Dallas, Tex. Absorbed by
Meroantile Bank & Trust Co. of Texas, Dallas, Tex.
200,000
-The First National Bank of Long Beach, Calif
Mar. 26
Effective March 1 1929. Liq. Agent, W. C. Marshall,
650 S. Spring St., Los Angeles, Calif. Absorbed by
Bank of America of California. San Francisco, Calif.
50,000
-The First National Bank of Auburn, Calif
Mar. 26
Effective Jan. 8 1929. Liq. Agent, W. C. Marshall,
650 S. Spring St., Los Angeles, Calif. Absorbed by
Bank of .America of California, San Francisco, Calif.
50,000
-The First National Bank of Exeter, Calif
Mar. 26
Effective Jan. 8 1920. Liq. Agent, W. C. Marshall,
650 S. Spring St., Los Angeles, Calif. Absorbed by
Bank of America of California, San Francisco, Calif.
25.000
-The First National Bank of Chino, Calif
Mar, 26
Effective Feb. 14 1929. Liq. Agent, W. C. Marshall.
650 S. Spring St., Los Angeles, Call!. Absorbed by
Bank of America of California, San Francisco, Calif.
100.009
-New First National Bank in Visalia. Calif
Mar. 26
Effective Jan. 8 1929. Liq. Agent, W. C. Marshall,
650 S. Spring St., Los Angeles, Calif. Absorbed by
Bank of .America of California, San Francisco. Calif.
100,000
-First National Bank in South Pasadena, Calif
Mar, 26
Effective Jan. 16 1929. Liq. Agent, W. C. Marshall,
650 S. Spring St., Los Angeles, Calif. Absorbed by
Bank of America of California, San Francisco, Calif.
200,000
-City National Bank of Spokane, Wash
Mar. 27
Effective Mar. 19 1929. Liq. Agent, The Old Nat.
Bank & Union Trust Co. of Spokane, Wash. Absorbed by The Old National Bank & Union Trust Co.
of Spokane, Wash., Ne. 4668.
Apr
Apr
Mar
Feb
Feb
Mar
Mar
Mar
Mar
14 Mat
70
Api
Foreign Trade of New York-Monthly Statement.
Customs Receipts
at New York.
Merchandise Movement at New York.
Month.
Imports.
1928.
I
1927.
Exports.
1928.
1928.
1927.
$
I
$
$
1
$
149,390,065 58.169.697 147,613,519 38,384,513 26,130,127
July
August.- - 154,359.944166.332.013 139,961,583 142,661,747 30,315,887
September 150,470,783172,707,698 103.008,757 126,772,088 31,168,728
October__ _ 175,624,878175,855,280 170,708,771 137,849,733 34,691,171
.599,626179.611.688169,650,612 156.060,0571 27,651,679
November
December_ 168,359,836157,075,741 157.285,530 157.874,443 25,823,112
1929. I 1928. 1 1929.
1929. 1 1928.
171.501,300 168,712.467 176,480,92448,120,044 27,286.733
January
1927.
$
26,620,038
30,852,625
32,593,222
31,626,401
29,487,856
24,257.557
1928.
25,495,311
Total...1126307 332 1078464 484 1064709696907.722,625 203,067,437 200.933,010
Movement of gold and silver for the seven months:
Silver-New York.
Gold Movement at New York.
Month.
Imports.
1927.
1928.
605.267
July
863.544
August
September 2.895,149
October__ _ 12,723,677
November 28.078,532
419,784
December_
1929.
January - 8,772,302
Exports.
1928.
1927.
Imports.
I
Exports.
1928.
1928.
6
$
$
$
I
5,215,029 72,403,845 1,090,730, 2,395,829 3,401.081
883,6181 2,260,561 5,153,091
781,074
6.107,889
1,714,313 3,417,972 24.166,9811 1,933,546 2,551,976
526.726 9,147.118 3.095,261 3,764,703
495,910
429,043 34.200,3611 2,422,550 3,960.040
727,412
830,345 71,982.903 1.656.612 5,600,365
487,049
1929.
1929.
1929.
1928.
1928.
721,008 50.866,191 4,344.061 5,260,989
795.991
Total-- 54,358.255 15,544,493 79,110,018 192,337,902, 18,008,420 29,692.245
-The following information regarding
National Banks.
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED WITH TITLES
REQUESTED.
Capital.
$50.000
-National Bank of Thibodaux, Thibodaux, La
Mar.26
Correspondent, Dr. J. J. Danes, Thibodaux, La.
100,000
-The National City Bank of White Plains, N. Y
Mar.26
Correspondent, Morris Popper, 440 S. Lexington Ave.,
White Plains, N. Y.
-The Air Corps National Bank of Converse, Tex Houston 25.000
Mar. 26
Correspondent, J. E. Brinkmeyer, care Sam
State Rank .Sr Trust Co., San Antonio, Tex.
50.000
-The First National Bank of Haines City, Fla
Mar. 29
Correspondent, Victor Wray, Wray Bldg., Haines City,
Fla.
Succeeds Commercial Bank & Trust Co.,Haines City,Fla.
Y
-First National Bank in Tonawanda, N. Delaware Ave., 200,000
Mar,30
Correspondent, George E. Schnell, 464
Tonawanda. N. Y.
2225
CONSOLIDATICrNS.
$1,500, I
-The Nassau National Bank of Brooklyn. N. Y
Mar.30
Granite National Bank of Brooklyn in New York.N.Y. 300. 0
Consolidated to-day under Act of Nov. 7 1918 under
charter of The Nassau National Bank of Brooklyn,
No. 658, and under the corporate title of "The Nassau National Bank of Brooklyn in New York," with
capital stock of $1.700,000.
-Los Angeles-First National Trust & Savings Bank,
Mar. 30
13,750.000
Los Angeles, Calif
Security Trust & Savings Bank, Los Angeles, Calif_ __ _12,000.000
Consolidated to-day under Act of Nov. 7 1918, as
amended Feb. 25 1927, under the charter of the Los
Angeles-First National Trust & Savings Bank, No.
2491, and under the title "Security-First National
Bank of Los Angeles," with capital stock of $30.000,000. The consolidated bank has 142 branches
all located in California.
_
-The Charleston National Bank, Charleston, W. Va.... 500.000
Mar. 30
125.000
The Citizens National Bank of Charleston, W. Va _ _
500,000
Union Trust Co.. Charleston, W. Va
Consolidated to-day under Act of Nov. 7 1918, as
amended Feb. 25 1927, under the charter and title of
"The Charleston National Bank," No. 3236, with
capital stock of $1,000,000.
25,000
-The First National Bank of Richmond. Kan
Mar. 30
10,000
The Peoples State Bank of Richmond. Kan
Consolidated to-day under Act of Nov. 7 1918, as
amended Feb. 25 1927, under the charter of The
First National Bank of Richmond, No. 11728, and
under the title "The Peoples National Bank of
Richmond," with capital stock of $25,000.
BRANCHES AUTHORIZED UNDER THE ACT OF FEB. 25 1927.
-Security-First National Bank of Los Angeles, Calif. Locations
Mar. 30
of branches: S. W. corner of Spring and Seventh Streets cur
South Spring St.), S. E. corner of Spring and Fifth Streets (502
South Spring St.). 4450 West Adams St., 5473 Angeles Mesa
Drive, 8475 South Vermont Blvd., 7051 Hollywood Blvd., 6624
Melrose Ave., 1222 Maple Ave. (All located in Los Angeles,
Calif.)
-The Nassau National Bank of Brooklyn in New York, N. Y.
Mar. 30
Location of branch, 294 Livingston Si., Brooklyn, N. Y. City.
-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:
S Per sh.
$ per sh. Shares. Stocks.
Shares. Stocks.
15 Bankers Trust Co., par $50-14034
50 United Flremens Ins. Co., par
840
2 Franklin Trust Co
22 ex-rights
$10
605 6 Haddonfield (N. J.) Safe Dep. &
11 First Nat. Bank of Flints
130
Trust Co
950
29 Central National Bank
3 Moorestown (N. J.) Trust Co 2154
1056
6 Phila. National Bank
26
3 Phila. Bourse. pref.. par $25
1 Citizens Nat. Bank, Jenkintown,
100 60 Dixie Land Mtge. dr Inveert.
Pa
23 let
Co., Miami. Fla
Union Bank & Trust Co. as follows:
15 John B. Stetson Co., pref.. Par
1018100: 50E491; 51867; 20(4)54:
8634
$25
5(852; 10(4153: 20E452: 51(448;
12 Bankers Securities Corp., com 175
20 ©52:4063:30(860.
$2 lot
2564 100 Tacony Steel Co., Prat
City Nat. Bk. dr Trust Co
5
10 9 Pennsylvania Warehousing & Safe
95 U. S. Bank & Trust Co
119
Deposit Co
10 Cinnaminson Bank dr Trust Co..
618
276 4 Market St. Nat. Bank
Riverton, N. J
230
13 Colonial Trust
10 Kenkintown Bk. & Tr. Co., Par
Per seat.
Bonds.
195
$10
$1.800 mtge. on premises No. 439
50 Security Title & Tr. Co.. par $50.70
W. Godfrey Aye., Olney, Phila..
5 Chestnut Hill Title & Trust Co.,
124
subject to let mtge.of $4,000;int.
Par $50
accrued from Feb. 15 1929: mtge.
28 Real Estate Land Title Ss Trust
$100106
Co., par $10
7734
due Feb. 15 1931
100 Pa. Co.for Ins., &c., par $10_ _164
$300 Philadelphia 334e. 1932, reg..- 92
10 Bankers Trust Co.. par $50_ _ _1424 2100 Philadelphia 3s, 1930, reg..-.. 94
By A. J. Wright & Co., Buffalo:
$ Esc *h.
Shares. Stocks.
$ Per sh.
Shares. Stocks.
1,000 Baldwin Gold Mines. Par $1.
100 Assets Realization Co. par $10,
8S1 Eh.
$2.50 lot
100 NiDissIng Mines, Par $5-- -32.75 lot 600 New Sutherland Div'de Mining$210
Co., pas 10c
3 Big Ledge Copper Co.. par $5.--$1 lot
2226
FINANCIAL CHRONICLE
By Adrian H. Muller & Son, New York:
[VOL. 128.
Per
When
Books Closed
Shares. Stocks.
Name of Company.
$ per sh.
Cent. Payable.
Days Inclusive.
3,000 N. Y.RR.& Steamboat TerPublic Utilities (Concluded.)
mina' Co., Inc
$154 lot
1,000 Duval Co.(N.S.)
$54 lot
100 Montrose Farms, Inc.(N. Y)_69 lot Sierra Pacific Elec. Co., corn.(puar.)
50o. May 1 Holders of rec. Apr. 15a
Preferred (guar.)
Two certificates of membership in
114 May
Western Pow. Lt.& Tel., panic. A (qu.) *50o. May 1 Holders of rec. Apr. 155
Wawonalssa Club (N. Y.), each
I
West Penn Elec. Co.,7% pref.(guar.).- 114 May 15 *Holders of rec. Apr. 15
of the face value of $1,000: dues
Holders of rec. Apr. 20
and interest on each membership
6% Preferred (guar.)
134 May 15 Holders of rec. Apr. 20
amount to approximately $900_.$10 lot York Railways, corn. (guar.)
61.50 Apr. 15 Holders of rec. Apr. 65
Preferred (guar.)
62140. Apr. 30 Holders of rec. Apr. 201
Utility Shares Corp.,corn
30c. May 1 Holders of reo. Apr. 15
By R. L. Day & Co., Boston:
Mares. Stocks.
$ per M. Stocks. Shares.
$ per sh. Corn Exchange Banks.
(guar.)
38.593 New England Southern
2 Merchants Nat. Bank
5 May 1 Holders of rec. Apr. 30
460
Corp.. pref.: 6,385 53-100 New
5 Nat. Shawmut Bank
328
Fire Insurance.
England Southern Corp.; 547
10 Boston National Bank
195
American Alliance Ins.(No. 1)(qua?.).. *40c. Apr. 15
Lancaster Mills, corn.: 21 Rox10 U. S. Trust Co
*Holders of rm. Mar.30
413% Niagara Fire
bury Carpet Co.. corn.; 73 Law5 Central Trust Co., Cambridge..,..450
$1
Apr. 15 Holders of rec. Apr. 5
ton Mills Corp.: 100 Columbla
2 Ludlow Mfg. Associates
18514
Miscellaneous.
Nat. Bank, Columbia, S. C.;
9 Brookside Mills
53
50 Commonwealth Bond Corp.,
10 Border City Mfg. Co
734 Adams-MillLs
Corp., corn. (guar.)
Pref.: 50 Commonwealth Bond
20 Dartmouth Mfg. Co., pref
500. May 1 Holders of reo. Apr.
80
18
First and second pref.(guar.)
Corp., corn.: 565 Great Falls
10 King Philip Mill
114 May 1 Holders of rec. Apr. 18
125
Alleghany Corporation
Mfg. Co.: 280 Indian Co.: 15
16 Nashawena Mills
4114 Allis-Chalmers Mfg. , pref.(guar.).--• $1.3714 May 1 *Holders of rec. Apr. 15
(guar.)
Kendall Industrial Bldg. Trust;
•22 Wamsutta Mills
*$1.75 May 15 *Holders ef rec. Apr. 24
3234 Amerada Corp. (guar.)
80 Robertson Bleachery & Dye
*50c. Apr. 30 *Holders of rec. Apr. 15
4 Ware River RR
128
American Can, corn.(guar.)
Works, pref.: 275 Southern
75c. May 1 Holders of rec. Apr.
100 Checker Taxi Co., pref., par
30a
American Cigar, corn. (guar.)
Worsted Corp., corn.: $7,500
2
May
$10
Holders of rec. Apr. 15
4-434 American Fork
& Hoe, let prof
representing principal amt. of 8
30 Morse Twist Drill & Mach. Co_ 90. American
334 Apr. 1 Holders of rec. Apr. 5
Glue, Pref. (guar.)
Ivy St. Corp. Georgia 7% bond.
*2
May
1 unit First Peoples Trust
*Holders of reo. Apr. 20
40
Amer. Home Products Corp.(monthly)_
1934. with Sept. 15 1927 and
25e. May
3 special units First Peoples Trust_ 3
Holders of rec. Apr. 15a
Amer. Machine & Fdy., corn. (punt.).. $1
subsequent coupons attached:
May
42 Old Colony Trust Associates- 55
Holders of rec. Apr. 19
Preferred (guar.)
50 Lockwood Greene Engineers,
1) May
,
4
4 units First Peoples Trust
Holders of rec. Apr. 19
40
Amer. Smelt. & Refg., corn. (guar.)
Inc., pref.; all the right, title
*El
153 Amer. Mfg. Co., corn
May
*Holders of rec. Apr. 12
4511-45
Preferred (guar.)
•1% June
and interest of Lockwood Greene
5 Kidder Participations, Inc.,
Amer. Vitrified Products, corn.(punt.)... 500. Apr. 1 *Holders of rec. May 3
& Co.. Inc.. to its right to repref. No. 3
Holders of rec. Apr. 5
9231
Preferred (guar.)
demption of collateral pledged
1% May
5 Kidder Participations, Inc..
Holders of rec. Apr. 20
Anaconda Wire & Cable (qtr.)(No. 1).. *75c. May
by said co. under its indenture
common_
*Holders of rec. Apr. 16
38
Armstrong Cork (guar.)
dated Mar. 1 1923 to the Nat.
*3714c July
5 Kidder Peabody Acceptance
*Holders of rec. June 15
Extra
Shawmut Bank of Boston as
•1234c July
Corp., pref.B
*Holders of rec. June 15
99
Atlantic Refining, pref. (guar.)
trustee to secure an issue of
5 Batchelder & Snyder Co., pref.-- 85
1% May
Holders of rec. Apr. 15
Balaban & Katz, corn. (monthly)
$3,944,000 principal amt. of Its
•
25e. May
12 The trustees of the Hotel Belle*Holders of rec. Apr. 20
Common (monthly)
7% 10-yr. coll. tr. s. f. gold notes,
.
vue Trust
1250. June
*Holders of rec. May 20
$1 lot
Common (monthly)
which collateral is as follows:
45 Securities Holding Co
•25c. July
175
Bankers Secur. Trust of Amer.,com.(qu) 400. Apr. 1 *Holders of rec. June 20
40,000 Pacific Mills, 13,000 Lan102 Lowell Elec. Light Co. v. t. 0.,
Holders of rec. Mar.31
caster Mills, corn.. 1.000 New
7% preferred
par 625
11( Apr. 1 Holders of rec. Mar.31
5434 Bird & SODS, (punt.)
England Southern Mills, corn.,
Inc., pref.(guar.)
•1% May
5 Western Maas. Co
*Holders of reo. Apr. 25
80
6.000 The Lawton Mills Corp.,
5 Jessup & Moore Paper Co., corn. 134 Bloomingdale Bros.. pref. (guar.)
•1% May
*Holders of rec. Apr. 20
Borden Co.(guar.)
1,300 Roxbury Carpet Co.. 00m..
40 units First Peoples Trust
•$1.50 June
*Holders of rec. May 15
40
Brown Shoe, pref. (guar.)
625,000 lot 8 special snits First Peoples Trust. 3
1% May
Holders of rec. Apr. 20
Buckeye Pipe Line (guar.)
18 Nat. Shawmut Bank
328
$1
June 1 Holders of rec. Apr. 22
Extra
$1
June 1 Holders of rec. Apr. 22
By Wise, Hobbs & Arnold, Boston:
Bulkley-Newhall Co. (guar.)
*2
Apr.
*Holders of rec. May 19
Bunts Bros., pref.(guar.)
Shares. Stocks.
•114 May
$ per oh. Shares. Stocks.
*Holders of reo. Apr. 24
$ per oh. Canadian Bronx, corn. (guar.)
15 Central Trust Co.(Cambridge)-45034 6 units First Peoples Trust
82340 May
Holders of re0. Apr. 19
40
Preferred (guar.)
Nat. Rockland Bank
$1.75 May
420
Holders of rec. Apr. 19
30 Heywood-Wakefield Co.. corn.. 19% Canadian Fairbanks
Morse, corn
25 First Nat. Bank of Boston
*50c.
512
12 units First Peoples Trust
40
Cerro de Pasco Copper Corp.(guar.)
50 Merchants National Bank_460 ex-div. 2 units First Peoples Trust
61.50 May
Holders of rm. Apr. 11
40
Certo Corporation
*51
130 Naumkeag Steam Cotton Co 130
Apr. 2 *Holders of rec. Apr. 15
24 Mass. Bonding & Ins. Co.168 ex-dly. Charts Corp.,com.
(guar.)
9 Arlington Mills
*50e. May
*Holders of roc. Apr. 18
3234 6 units First Peoples Trust
40
Common (extra)
30 Hamilton Woolen Co
•25c. May
5114 20 Davis
*Holders of reo. Apr. 18
-Daley Copper Co., par $10;
Chic. Wilmingt.& Franklin Coal, pf.(qu.
20 Wamsutta Mills
134 May
Holders of rec. Apr. 156
3234
20 Internat. Products Co. (old);
Cleveland Stone (special)
20 Naumkeag Steam Gotten Co
10
Apr.
130
8 Keystone Tire & Rubber Co.;
Cluett, Peabody & Co., Inc., corn.(pp.) $1.25 May 1 Holders of rec. Mar. 28
15 Naumkeag Steam Cotton Go- 130
Holders of rec. Apr. 20
3 New England Oil & Ref. Co.,
Columbian Carbon (guar.)
*El
800-76 Warrants Old Colony Gas
May
*Holders of reo. Apr. 17
corn.: 100 Champion Copper
Extra
Co
48c. per 1-76
*Holders of rec. Apr.
Co. (old), par 625
$1101 Credit Alliance Corp.. eom.& cl. A (qu.) •250. May
25e. Apr. 1 Holders of rec. Apr. 17
39 Brockton Gas Light Co. v. t. 0.,
$5,000 1st mtge. & note on vacant
3
Common and class A (guar.)
25e. Apr. 1 Holders of rec. Apr. 8
Par $25
3934
land on Williston Road, AuburnCrum & Forster, corn.(guar.)
Dennison Mfg. Co., 7% pref.,
'2234c Apr. 1 *Apr. 6 to Apr. 14
75
dale, Maas.; $900 2d mtge. &
Cuneo Press, pref.(guar.)
•134 June 1 *Holders of rec. June 1
105%-106
note on 31 Wade St., Newton
Preferred (guar.)
19 Waltham Bleach dz Dye Works 1
•134 Sept. 1 *Holders of rec. Sept. 1
Highlands
$2,500 lot
Curtis Publishing, corn. (monthly)
8 North Boston Lighting Prop500. May
Holders of rec. Apr. 204
Rights.
$ per Bight. Eaton Axle & Spring, corn. (guar.)
75e. May
erties. corn. (=deposited)
Holders of rec. Apr. 15
67% 5 Old Colony Gas Co
6% Emsco Derrick & Equip.
•40c. Apr. 2 *Holders of rec. Apr. 10
5 North Boston Lighting PropBonds.
Per Cent. Exchange Buffet Corp. (guar.)
erties, corn v t c
(guar.)
3734c Apr. 30 Holders of rec. Apr. 15
8214 $445 Wickwire Spencer Steel Corp.
Fair (The), corn.(guar.)
•80e. May
6 units First Peoples Trust
*Holders of reo. Apr. 20
40
7s, 1930 (et(. of dep.)
29
Common (guar.)
•600. Aug.
67 Old Colony Trust Associates
*Holders of rec. July 20
55
8500 B.P.O.E. Boston Lodge No.
Preferred (guar.)
•114 May
20 North Boston Lighting Prop*Holders of rec. Apr. 20
10 2d mtge. 8s, April 1940 (April
Preferred (guar.)
erties, pref. v. t. c., par $50
*Holders of rec. July 20
57
1 1929 coupon attached)
20 flat Fajardo Sugar, com.-dividend omitted '134 Aug.
3 units First Peoples Trust
40
$100 B.P.O.E. Boston Lodge No.
Fashion Park Associates, pref. (punt.)
•1,‘ May
60 Coldak Corp., class A
*Holders of reo. Apr. 15
100.
10 2d mtge. 13s, April 1940 (April
Fenton United Clean.& Dye.,com.(qu ) •1
Apr. 1 *Holders of reo. Apr. 10
15 Federal Invest. Trust, corn
55e.
I 1929 coupon attached)
30 flat
Common (extra)
Apr. 1 *Holders of rec. Apr. 10
Preferred •(guar.)
*1% Apr. 1 *Holders
Finance Co. of Amer.,corn. A & B (qu.)_ 1714c July 1 Holders of reo. Apr. 10
of rec. July 5
DIVIDENDS.
Preferred (guar.)
43%c July 1 Holders of rec. July 5
Firestone Tire & Rubber.
Apr.
Holders of rec.
Dividends are grouped in two separate tables. In the 6% preferred (guar.) corn.(quar.)- $2 Apr. 2 Holders of reo. Apr. 10
134
1
Apr. 1
1)4 JUly
Holders of rec. June 150
first we bring together all the dividends announced the Florsheim Shoe. pref. (guar.) (punt.)
Franklin (H. M.) Mfg., corn.
50c. Apr. 2 Holden of ree. Apr. 10
Preferred (guar.)
154 May
current week. Then we follow with a second table, in General Mills, Inc., corn. (guar.)
Holders Of reo. Apr. 20
75e. May
Holders of tee. Apr.
Georgian,
which we show the dividends previously announced, but Grand Inc., class A (guar.)
•40c. Apr. 1 *Holders of rec. Apr. 15a
Rapids Metaleraft(guar.)
•
25c. Apr. 1 *Holders of reo. Apr. 5
Grand (F. & W.) 5-10-25 Cents Stores
which have not yet been paid.
Common (guar.)
250. Apr. 2 Holders of tee.
The dividends announced this week are:
Apr. 12
Preferred (guar.)
134 May
Holders of rec. Apr. 12
Ground Gripper Shoe,common (punt.)
250 Apr, 1 Holders of rec. Apr. 10
Preferred (guar.)
750. Apr. 1 Holders of reo. Apr.
Per
When
Books Closed
Hammermill Paper, common (guar.)
10
•25c. May 1 *Holders of reo. Apr. 30
Name of Company.
Cent, Payable.
Days Inchutre,
Hart,Schaffner & Marx,Inc., corn. (ofil.) *2
May 3 *Holders of rec. May 15
Hayden Chemical, common
50c. May
Railroads (Steam).
Hollinger Cons, Gold Mines(monthly).. 'Sc. Apr. 2 Holders of rec. Apr.1 0
Caro. Clinchlield & Ohio, stpd.(guar.). IN Apr. 10 Holders of reo. Mar.30
*Holden of reo. Apr. 5
Holly Sugar Corp., Pref.
134 May
((Mar.)
Holders of rec. Apr. 15
Household Finance Corp.(guar.)
750. Apr. 1 Holders of reo. Mar.30
Public Utilities.
Hunt Bros. Co.(guar.)
•
500. May
Amer. Light & Traction, corn.(Var.).- 214 May 1 Holders of rec. Apr. 18a Hussman
*Holders of rec. APT.
-Ligonier Co.(guar.)
500. Apr. 1 Holders of reo. Apr. 15
Preferred (guar.)
134 May 1 Holders of rec. Apr. 18a Imperial Chemical Industries
5
Amer. Water Wks.& Elec. corn.(qu.)
25c. May 15 Holders of rec. May 1
Amer. dep. rots. ord. reg. stock
*5
June
Bell Telephone of Pa. corn.(punt.)
*2
*Holders of tee. Apr. 18
Mar.30 *Holders of rec. Mar.30
Incorporated Investors (stock div.)
*ea° May
Black Hills Utilities pref.(guar.)
114 Apr. 1 Holders of rec. Mar. 20
*Holders of rec. Apr. 15
International Cigar Machinery (punt.)_. $1 May
Chesapeake & Potomac Telep.. Pi.(W.) 114 Apr. 15 Holders of rec. Mar.30
Holders of reo. Apr. 19
International Printing Ink, corn. (guar.) 6234c May
Cln.Newport & Coy. Lt.& Tr.,com.(gu) •131 Apr. 15 *Holders of rec. Mar.'30
Holders Of reo. Apr. 15a
Preferred (guar.)
134 May
Preferred (quar.)
•134 Apr. 15 *Holders of rec. Mar. 30
Holders of roe. Apr. 15a
Kayser (Julius) & Co., corn.(guar.).- 111.25 May
Columbia Gas & Elec., corn.(qua?).... •50e. May 15 *Holders of rec. Apr. 20
*Holders Of re°. Apr. 15
Kendall Co., pref.(guar.)
Preferred (guar.)
June
•134 May 15 *Holders of rec. Apr. 20
*Holden of reo. May 10
Preferred (participating dividend).- 111.50 June
•250.
Commonwealth-Edison Co. (punt.).... •2
'Holders of re°. May 10
May 1 *Holders of rec. Apr. 15
Lane Bryant, Inc., pref.(guar.)
Diamond State Telephone corn.(gu.)
134
*2
Mar.30 *Holders of rec. Mar. 30
Holdall Of MO. Apr. 15
Lanston Monotype Machine (guar.).- *134 May
Eaatern Mass. St. Rys., pref. B (guar.). 134 May 1 Holders of rec. Apr. 15
May 3 *Holders of rec. May 21
Lawton Mills-Dividend passed.
First preferred (guar.)
134 May 15 Holders of rec. Apr. 30
Letcourt Realty Corp., pref.(guar.).- The.
Elec. Pow.& Lt., allot. cif.. 50% paid
Apr. 1 Holders of rec. Mir. 5
814c. May 1 Holders of rec. Apr. 13
Lloyd Casualty
•3
Empire Gas & Fuel6% pref.(mthly.) _ *50c. May 1 *Holders of rec. Apr. 15
*Holders of reo. Apr. 3
Louisiana Oil Refining Corp., pref.(qu.) •144 Apr.
May 1 *Holders of reo. May 1
634% preferred (monthly)
•54 1-6c May 1 *Holders of rec. Apr. 15
Macy (R. H.) & Co., common (guar.).50o. May 1 Holders of ree. Apr. 26
7% Preferred (monthly)
•58 1-3c May 1 *Holders of rec. Apr. 15
Mandel Bros.(guar.)
8% preferred (monthly)
'6234c Apr, 20 *Holders of rec. Apr. 15
•86 2-3c May 1 *Holders of reo. Apr. 15
Mascot Oil (monthly)
•1
Fall River Gas Works(guar.)
Apr. 2 *Holders of tee. AIM. 15
•75c. May 1 *Holders of rec. Apr. 18
Maytag Co., 1st pref.(guar.)
Green&CoatesSts.Pass.Ry.(Phila.)
•$1.50 May
*Holders of reo. Apr. 15
(au ) $1.30 Apr. 8 Mar. 24 to Apr. 7
Preferred (guar.)
Hartford Electric Light (guar.)
•750.
*Holders of reo. Apr. 15
•813lic May 1 *Holders of Mo. Apr. 20
McCrory Storm Corp., pref.(guar.)._ '134 May
j,ong island Lighting, corn,(quay.)
May
*Holders of rec. Apr. 20
100. May 1 Holders of rec. Apr. 16
Melville Shoe, common (guar.)
Massachusetts Gas COs.00m.(quar.)_._
•350. May
*Holders of rec. Apr. 19
134 May 1 Holders of tee. Apr. 15
First preferred (guar.)
missialrippi Valley Utilities Investment
11114 May
*Holders of reo. Apr. 19
Second preferred (guar.)
Prior lien pref.(guar.)
*Holders of rec. Apr. 19
1340 May
$1.50 May 1 Holders of red/. Apr. 15
Miami Copper Co. (guar.)
$1
Mo. Gas dc Elec. Service, pr. lien (qu.)_ $1.75 Apr. 15 Holders of rec. Mar.30
May 15 Holders of rec. May la
Michigan Steel (guar.)
Montana-Dakota Power 7% Df.(gu.)
134 Apr. 1 Holders of rec. Mar.20
Mid Continent Laundries A (quar.)____ '82340 Apr 20 *Holders of rec. Apr. 1
060e. Apr. 15 *Holders of rec. Mar. 30
8% preferred (guar.)
Mid Continent Petroleum,corn.(guar.).
134 Apr. 1 Holders Of rec. Mar. 20
Montreal Tramways (guar.)
214 Apr. 15 Holders of reo. Apr. 8
Motor Products Corp., corn.(cluar.)___ •500. May 15 *Holders of rec. Apr. 15
. *50o. May 1 *Holder, of rec. Apr. 24
Piedmont& Northern (guar.)
*114 Apr .10
Preferred (guar.)
•$1.25 May 1 *Holders of rec. Apr. 24
Public Ben . Corp. of N. J.. pf. (mthly.)
,
Moloney Electric, corn. (guar.)
34 Apr. 30 Holders of rec. Apr. 5
$1
Apr. 15 Holders of rec. Apt. 1
Public Service of Northern Illinois-Muncie Gear Co. (guar.)
•500. Apr. 1 *Holders of rec. Mar. 15
Common $100 Par (guar.)
*2
May 1 *Holders of reo. Apr. 15
National Carbon. pref.(guar.)
May 1 Holders of rec. Apr. 20
Common no par (guar.)
•$2
May 1 *Holders of rec. Apr. 15
National Dept. Stores, 1st pref. (guar.). 2
•114 May 1 *Holden; of rec. Apr. 15
' May 1 *Holders of reo. Apr. 15
134
8% preferred (guar.)
Second preferred (guar.)
•134 June 1 *Holders of rec. May 15
•
134 May 1 *Holders of rec. Apr. 15
7% preferred (guar.)
National Grocers(guar.)
Apr. 25 Holders of Teo. Apr. 15
1
Shares. Stocks.
$ Per sh.
100 Simms Magneto Co., pref.
$1 lot
318,000 General Mines Corp. of
Bolivia coll. tr. 7s. dated Jan. 1
1934, with all coupons attached;
$15,000 General Mines Corp. of
Bolivia coll. tr. 75, Jan. 1 1934
with coupon No. 10 and subsequent coupons attached; 439
General Mines Corp. of Bolivia 32001ot
3 Truro Realty Corp., corn
$500 lot
APRIL 6 1929.]
Name of Company.
2227
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed
Days Inclusive:
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive,
Public Utilities (Concluded).
Cities Serv. Pow.& Light $7 pf. (mthly.) •581sc Apr. 15 'Holders of rec. Apr. 1
•50c. Apr. 15 'Holders of rec. Apr. 1
$6 preferred (monthly)
4 Apr. 15 *Holders of rec. Apr. 1
*412
$5 preferred (monthly)
Cleveland Electric Ilium., pref. (quar.) _ •1 A June 1 'Holders of rec. May 15
The. May 1 Holders of rec. Apr. 12a
Corp. corn.(qu.).
Commonwealth Power
May 1 Holders of rec. Apr. 120
$1
Common (extra)
14 May 1 Holders of rec. Apr. 12
Preferred (quar.)
Apr. 15 Holders of rec. Mar. 200
2
Detroit Edison Co.(quar.)
lq Apr. 15 Holders of rec. Mar. 150
Duquesne Light, 1st pref. (quar.)
May 1 Holders of rec. Apr. 10
3
Edison Elec. Ill., Boston (quar.)
135 May 1 Holders of rec. Apr. 15
Electric Bond & Share pref. Hoar.)
25c. Apr. 15 Holders of rec. Nlar. 11
Elec. Bond & Share Secur.(quar.)
25c. May 1 Holders of rec. Apr. 130
Electric Power & Lt.. corn. (quar.)
14 Apr. 15 Holders of rec. Apr. la
El Paso Electric Co.. Prof. (quar.)
75c. Apr. 15 Holders of rec. Mar. 30
Elec. Co. of Can. class A (Guar.)
English
May 15 Holders of rec. Apr. 30
Foreign Power Securities Corp. pf.(au.) 134
•115 May 1 'Holders of rec. Apr. 15
Illinois Northern Utli. pref. (quar.)
13.4 Apr. 15 Holders of rec. Mar. 226
(quar.)
Internat. Telep. & Teleg.
87 Ac Apr. 15 Holders of rec. Mar.306
International Utilities, class A (quar.)
$1.75 May 1 Holders of rec. Apr. 180
$7 preferred (quar.)
$1.25 Apr. 10 Mar. 21 to Apr. 10
Kentucky Securities, corn. (quar.)
115 Apr. 15 Mar. 21 to Apr. 10
Preferred (quar.(
Apr. 15 Holders of rec. Star. 30
2
Utilities pref. (quar.)
Middle West
$1.50 Apr. 15 Holders of rec. Star. 30
$6 preferred (guar.)
Apr. 6 Holders of rec. Mar.22
Midland Utilities, 7% prior lien (quar.)_
134 Apr. 6 Holders of rec. Mar. 22
Six per cent prior lien stock (quar.)_.
Apr. 6 Holders of rec. Mar. 22
Seven per cent pref. class A (quar.)
135 Apr. 6 Holders of rec. Star. 22
SIX per cent pref. class A (quer.)
1.34 Apr. 30 Holders of rec. Apr. 20
Milwaukee Elec. Ry.& Light, p1.(quar.)
Missouri River-Sioux City Bridge
$1.75 Apr. 15 Holders of rec. Mar. 31
Preferred (quar.)
60c. Apr. 30 Holders of rec. Mar. 31
.
Montreal L, Ht.& Pow. Cons.(guar.) Apr. 15 Holders of rec. Star. 30
2
Montreal Telegraph (quar.)
114 Apr. 20 Holders of rec. Star. 31
Mountain States Power, pref.(quer.)Apr. 13
National Power de Light,$6 prof. (quar.) $1.50 Slay 1 Holders of rec. Star. 30
May 1 Holders of rec.
Nevada-Calif. Elec. Corp.. pref. (quar.)..
50c. Apr. 15 Holders of rec. Mar. 29
New England Power Assn.. corn.(qu.)._
14 Apr. 15 Holders of rec. Star. 20
N.Y.Telephone. pref. (quar.)
pf.(au).. 151 Apr. 15 Holders of rec. Star. 30
North. Indiana Pub. Serv.
134 Apr. 15 Holders of rec. Star. 30
Six per cent. preferred (quar.)
145 Apr. 15 Holders of rec. Star. 30
5 A % preferred Hoar.)
May 1 Holders of rec. Star. 31
(an.) 2
Northern States Pr.(Del.), corn. A
14 Apr. 20 Holders of rec. Star. 31
Seven per cent pref. (quar.)
134 Apr. 20 Holders of rec. Star. 31
Six per cent pref.(quar.)
14 Apr. 15 Holders of rec. Star. 202
Northwestern Bell Telee., prof. Nu.)
135 June 1 Holders of rec. May 15
Ohio Edison Co.6% pref. (quar.)
1.65 June 1 Holders of rec. May 15
6.6% preferred (quar.)
131 June 1 Holders of rec. May 15
7% Preferred (quar.)
115 June 1 Holders of rec. May 15
(quar.)
5% Preferred
50e. May 1 Holders of rec. Apr. 15
6% preferred (monthly)
50c. June I Holders of rec. May 15
6% Preferred (monthly)
55e. May 1 Holders of rec. Apr. 15
(monthly)
6.67 Preferred
55c. June 1 Holders of rec. May 15
6.67: preferred 'monthly)
50c. Apr. 15 Holders of rec. Mar. 300
Pacific Gas & Elec., corn. (quar.)
.51.50 Apr. 15 'Holders of rec. Mar. 30
6% preferred Mar.)
'13.4 Apr. 15 'Holders of rec. Mar.530
Pacific Lighting, 6% prof. (quar.)
134 Apr. 15 Holders of rec. Mar. 300
Pacific Temp. & Teleg., pref. (quar.)__
25e. Slay 1 Holders of rec. Apr. 15
Penn-Ohio Edison, corn.(guar.)
(f) May 1 Holders of rec. Apr. 15
Common (1-50 share common stock)
51.50 Apr. 15 Holders of rec. Mar. 30
$6 preferred (quar.)
151 June 1 Holders of rec. May 15
7% prior pref. (auar.)
$1.50 May 1 Holders of rec. Apr. 20
-Ohio Pow. & Lt., $6 pref.(qu.)
Penn.
11.4 May 1 Holders of rec. Apr. 20
7% preferred (quar.)
60c. May 1 Holders of rec. Apr. 20
7.2% Preferred (monthly)
65e. May 1 Holders of rec. API% 20
6.6% preferred (monthly)
2
Apr. 17 Holders of rec. Apr. 30
Peoples Gas Light & Coke (quar.)
*51.25 Apr. 10 *Holders of rec. Star.'17
Below we give the dividends announced in previous weeks Phila. & Camden Ferry (quar.)
$1
Apr. 30 Holders of rec. Apr. la
and not yet paid. This list does not include dividends an- Philadelphia Company, corn. (quar.)_
75e. Apr. 30 Holders of rec. Apr. la
Common (extra)
$1.50 Slay 1 Holders of rec. Apr. la
nounced this week, these being given in the preceding table. 6% preferred
Apr. 30 Holders of rec. Apr. I50
51
Phila. Rapid Transit, corn. (quar.)
14 May 1 Ilolders of rec. Apr. la
Preferred (quar.)
Books Closed
When
Per
6234c Apr, 15 Holders of rec. Mar. 300
Philadelphia & Western, pref. (guar.) -Days Inclusive.
Cent. Payable.
Name of Company.
•i34 Apr. 15 'Holders of rec. Mar. 30
Power Corp. of Canada. pref. (quar.)_
$1.25 Apr. 15 Holders of rec. Mar. 206
Puget Sound Pow.& Lt., pr. of.(quar.)
Railroads (Steam).
$1.50 Apr. 15 Holders of rec. Mar. 200
Preferred (quar.)
June 1 Holders of rec. Apr. 13a
134
Baltimore & Ohio, corn.(quar.)
500. Apr. 15 Holders of rec. Star. 29
Quebec Power (quar.)
June 1 Holders of rec. Apr. 13a
1
Preferred (quar.)
Slay I 'Holders of rec. Apr. 18
"El
Rhode told. Pub.Serv., cl. A (quar.)
Apr. 10 Holders of rec. Mar. 30
1
Carolina Clinchfield & Ohio, corn.(qu.)
•50c. May 1 *Holders of rec. Apr. 18
Preferred (quar.)
rec. June 80
34 July 1 Holders of
Chesapeake & Ohio, preferred
151 Apr. 15 Holders of rec. Mar. 31
Gas & Elec. pf. (qu.)Apr. 20 Holders of rec. Mar. 28a San Diego Consol.
2
Cleve. Cin. Chic. & St. L., corn. (quar.)_
*154 Apr. 15 *Holders of rec. Apr. 1
1 St Apr. 20 Holders of rec. Mar. 28a Seattle Lighting, 7% pref.(quar.)
Preferred (quar.)
50c Apr. 10 Holders of rec. Mar. 15
Shawinigan Water & Power (quar.)
Delaware Lackawanna & West. (quar.)_ "51.50 Apr. 20 'Holders of rec. Apr. 6
Southeastern Power & Light, corn. (qu.) (k) Apr. 20 Holders of rec. Mar. 30
"251 Apr. 15 'Holders of rec. Apr. 1
Georgia 1111. & Banking (qua r.)
2 Slay 15 Holders of rec. Apr. 200
Mar. 30a Southern Calif. Edison, corn.(quar.)
Kansas City Southern, corn.(qu.)(N0.1) 134 May 1 llolders of rec.
500. Apr. 15 Holders of rec. Mar. 20
Original pref. (quar.)
Apr. 15 Holders of rec. Mar. 30a
1
l'referred (quar.)
344c Apr. 15 Holders of rec. Mar. 20
Series C 53.4% pref. (quar.)
May 1 Holders of rec. Apr. 10a
$12.50
Mationing Coal RR., corn.(quar.)
25e. Slay 15 Holders of rec. Apr. 30
$1.25 Apr. 15 Holders of rec. Mar. 30a Southern Canada Power, corn. (quar.)
Midland Valley I1R., common
Apr. 16 'Holders of rec. Mar. 30
"2
May 1 Holders o rec. Mar. 28a Southern N. E. Telephone (quar.)
2
Now York Central 1111. (quar.)
141 Apr. 15 Holders of rec. Apr. 1
306 South Pittsburgh Water, pref. (quar.)_
May 18 Holders of rec. Apr.
I
Norfolk & Western, ad). Prof. Wu.)
1.62 ti May I Holders of rec. Apr. 20
Southwest Gas Utilities, pre(.(quar.)--$
114 May 1 Mar. 13 to April 9
Northern Pacific (quar.)
Apr. 25 Holders of rec. Mar. 31
115 May 1 Holders of rec. Apr. 85 Standard Gas & Elec., corn. (quar.)__. 8734c. Apr. 25 Holders of rec. Star. 31
Pere Marquette, prior pref.(quar.)
134
Prior preference (quar.)
13.4 Stay I Holders of rec. Apr. Su
Five per cent preferred (quar.)
600. May 1 Holders of rec. Apr. 150
154 Apr. 30 Holders of rec. Apr. 15a Unit. Lt.& Pow.,old cl. A & B com.(qu.)
Pittsburgh & West Va., corn. (quar.).- 12e. May 1 Holders of rec. Apr. 150
New class A dr Deem.(quar.)
May 9 Holders of rec. Apr. Ila
$1
Reading Company, corn. (quar.)
154 Slay 1 Holders of rec. Apr. ba
b0c Apr. 11 Holders of rec. Mar. 216 West Penn Power,7% pref. (quar.)
Second preferred (quar.)
134 May 1 Holders of rec. Apr. 50
Six per cent preferred (quar.)
May 1 Apr. 14 to May 14
Louis-San Francisco, pref. (quar.) __
St.
134
la
Western Power Corp., 7% pref. (quer.). 151 Apr. 15 Holders ef rec. Apr. 22a
13.4 Aug. 1 Holders of rec. July la
Preferred (quar.)
Apr. 15 Holders of rec. Mar.
2
Western Union Telegraph (guar.)
Preferred (quar.)
134 Nov. 1 Holders of rec. Oct. is
Holders of rec. Apr. la
2 May 1
Southern Railway, corn. (quar.)
Trust Companies.
134 Apr. 15 Holders of rec. Mar. 19a
Preferred (quar.)
2.50 Apr. 10 *Holders of rec. Mar. 300
Bank of Sicily Trust Co. (guar.)
14 May 25 Holders of rec. Apr. 20
Wabash Ky., Prof. A (quar)
May 2 *Holders of rec. Slay 2
e20
Central Union (stock dividend)
Miscellaneous (Concluded).
51.25 May 15 Holders of rec. May 4
National Supply. common (quar.)
National Tea,534% Pref.($10 par) (qu.) 1355c May 1 Holders of rec. Apr. 12
New Jersey Bond & Sharehold'g, pf.(qu.) 14 Apr. 15 Holders of rec. Apr. 1
May 10 *Holders of rec. Apr. 20
.2
New Jersey Zinc (quar.)
New River Co., pref. (acct. accum.div.) *$1.50 May 1 *Holders of rec. Apr. 15
& Foreign Investing, pfd.(qu.) 21.625 Apr. 15 Holders of rec. Apr. 12
New York
N.Y. Merchandise Corp., corn.(quer.). "50c. May 1 *Hrlders of rec. Apr. 20
*$1.75 May 1 *Holders of rec. Apr. 20
Preferred (quar.)
*40c. May 1 *Holders of rec. Apr. 15
Noma Electric Co.(quar.)
*6c. Apr. 15 *Holders of rec. Apr. 5
Oceanic 011 (extra)
May I Holders of rec. Apr. 20
51
corn. (quar.)
Outlet Company,
$1.75 May 1 Holders of rec. Apr. 20
First preferred (quar.)
$1.50 May 1 Holders of rec. Apr. 20
Second preferred (quar.)
Parke, Austin & LipscombeConvertible participating preferred_- "50c. Apr. 15 *Holders of rec. Apr. 1
151 May I Holders of rec. Apr. 20a
Phillips Jones Corp., pref. (quar.)
•750. May I *Holders of rec. Apr. 15
Postum Co. (quar.)
Holders of rec. Mar. 18
Powdrell & Alexander, pref. (quar.)__.._ $1.75
"14 July 1 *Holders of rec. June 12
Pressed Metals of Amer., pref. (quar.)
'151 Oct. 1 *Holders of rec. Sept. 12
Preferred (quar.)
"155 Jan1'30 'Holders of rec. Dec. 12
Preferred (quar.)
87340. Apr. 1 Holders of rec. Mar. 27
Providence-Biltmore Hotel, 1st pref
334 May 1 Holders of rec. Apr. 10
Prudence Co., Inc.. pref
Apr. 8 Holders of rec. Mar. 28
$1
Queen City Cotton Co. (quar.)
50c. May 1 Holders of rec. Apr. 15
Railway & Light Securities, corn.(qu.)
$1.50 May 1 Holders of rec. Apr. 15
Preferred (quar.)
75e. May 1 Holders of rec. Apr. I56
Salt Creek Producers Ass'n. (quar,) _ _
30c. Apr. 20 Holders of rec. Apr. 30
Seagrave Corp. (quar.)
550c. May 1 *Holders of rec. Apr. 16
(quar.)
Seton Leather, corn.
50c. May 1 Holders of rec. Apr. 15
Seeman Brothers, Inc., corn.(quar.)_
Shares Holding Corp., class A (guar.)._ 4334c. Apr. 11 Holders of rec. Apr. 8
50c. Apr. 11 Holders of rec. Apr. 8
Class A (extra)
151 May 1 Holders of rec. Apr. 20
Silver (Isaac) & Bros., pref. (guar.).Speigel-May-Stern, Inc., corn. Mari_ "75c. May 1 'Holders of rec. Apr. 15
1.624 May 1 *Holders of rec. Apr. 15
Preferred (guar.)
Apr. 15 Holders of rec. Mar. 30
Standard Royalties Wetumka, pf.(qu.)- 1
Stewart-Warner Cori).
May 4
New $10 par stock (quar.)(No. 1)- -- 8735e. May 15 Holders of rec. Apr. 4
Apr. 4 Holders of rec.
e2
New $10 par stock (in stock)
Aug. 15 Holders of rec. Aug. 5
e2
New $10 par stock On stock)
Nov. 15 Holders of rec. Nov. 5
e2
New $10 par stock (in stock)
Feb.5'30 Holders of rec. Feb.510
e2
New $10 par stock (in stock)
Apr. 15 Holders of rec. Apr. 5
$1.50
Superheater Co. (quar.)
15c. May 1 Apr. 17 to Apr. 30
Teck-Hughes Gold Mines, Ltd
Apr. 11
Thermold Co. 7% pref. (quar.) (No. 1) 155 May 1 Holders of rec. Apr. 12
"14 May 15 *Holders of rec.
Tide Water 011 5% pref. (quar.)
35e. May 15 Holders of rec. Apr. 25
Products Corp., cl.A($20 par).
Tobacco
155 May 15 Holders of rec. Apr. 25
Class A ($100 par) (quar.)
*40c. May I *Holders of rec. Apr. 18
Truax-Traer Coal, corn.(quar.)
"200. May 1 'Holders of rec. Apr. 20
Works, corn. (quar.)
Tung Sol Lamp
*450. May 1 *Holders of rec. Apr. 20
Class A (quar.)
151 Apr. 10 Holders of rec. Apr. 1
Union Steel Castings, 7% pref. (quar.)_
May 1 'Holders of rec. Apr. 15
"$1
Vick Chemical Co. (quar.)
*50c. Apr. 15 *Holders of rec. Mar. 30
Warren (Chas.) Co., corn.(quar.)
*14c. May 1 "Holders of rec. Apr. 15
Western Air Express (No. 1)
"4351c Apr. 15 *Holders of rec. Apr. 1
Western Sulphur Industries (quar.)
West Va. Pulp & Paper, pref.(quar.) _ 5134 May 15 *Holders of rec. May 5
*134 Aug. 15 *Holders of rec. Aug. 5
(quar.)
Preferred
*13.5 Nov. 15 *Holders of rec. Nov. 5
Preferred (quar.)
Apr. 1 'Holders of rec. Mar. 20
"51
Whitaker Paper, corn. (quar.)
*51.25 Apr. 1 *Holders of rec. Mar. 20
Common (extra)
*155 Apr. 1 'Holders of rec. Mar. 20
Preferred (quar.)
.40e May 1 *Holders of rec. Apr. 15
Welbolt Store, Inc., corn
May 1 'Holders of rec. Apr. 19
*$1
White Sewing Machine, pref. (quar.)
151
151
151
Public Utilities.
Fire Insurance.
$1.25 May 1 Holders of rec. Apr. 15
Alabama Power, $5 Prof. (quar.)
Roasts (stk. div. sub), to meet. Apr. 22). • e 20 Stay 4
Amer. Cities Power & Lt.. el A (quar.)-- (o) May 1 Holders of rec. Apr. 10
(o) May 1 Iloiders of rec. Apr. 10
Class B (quar.)
Miscellaneous.
"El
Apr. 15 'Holders of rec. Mar. 15
Amer. Dist. Teleg., corn. (quar.)
50c. fuly 1 Holders of rec. June 20
Abbott Laboratories, corn.(No. 1)
•1 41 Apr. 15 'Holders of rec. Mar. 15
Preferred (quar.)
13.4 Apr. 20 Holders of rec. Apr. 100
Foreign Power 20 pf.(quar.)___ 51.75 May 1 Holders of rec. Apr. 15a Abitibi Pow. & Paper,6% pref. Hoar.)..
Amer.&
14 May 1 Holders of rec. Apr. 156
Abraham & Straus, prof. (quar.)
5I.5 May 1 Holders of rec. Apr. 9
Amer. Gas & Elec., Prof. (quar.)
May 1 'Holders of rec. Apr. 16
"2
Acme Wire, pref. (quar.)
24 Apr. 15 Holders of rec. Mar.14a
Amer. Telep. & Teleg. (guar.)
50c. Apr. 15 Holders of rec. Star. 300
Air Reduction (quar.)
Associated Gaa & Elec.. el. A (quar.)____ (z) May 1 Holders of rec. Mar. 30
•15e. Apr. 18 *Holders of rec. Star. 31.
2 Apr. 15 Holders of rec. Mar. 200 Allegheny Steel common
Bell Telephone of Canada (quar.)
.25c. Apr. 18 *Holders of rec. Mar. 31
Common (extra)
13.4 Apr. 15 Holders of rec. Mar. 206
Bell Tele')of Pa.,014% Pfd. (quar.)____
•155 June 1 'Holders of rec. May 15
Preferred (quar.)
•40c Apr. 1 *Holders of rec. Apr. 1
Bridgeport Hydraulic Co
•155 Sept. 1 *Holders of rec. Aug. 15
Preferred Hoar.)
50e. Apr. 15 Holders of rec. Mar. 15
British Columbia Power el. A (qsar.)
'13.4 Dee. I "Holders of rec. Nov. 15
Apr. 15 Holders of rec. Apr. la
Preferred (quar.)
Brooklyn-Manhattan Transit com.(qu.) 51
6235c. Apr. 20 Holders of rec. Apr. 8
$1.60 Apr. 15 Holders of rec. Apr. la Alliance Realty Mar.)
Preferred series A (guar.)
Allied Chem.& Dye Corp.. corn. (qu.) _ _ $1.50 Slay 1 Holders of rec. Apr. 96
Duff. Niagara & East. Pow., 1st pf.(qu.) •51.25 May 1 *Holders of rec. Apr. 15
Alpha Portland Cement,common (quar.) •750. Apr. 15 'Holders of rec. Mar. 15
155 Apr. 15 Holders of rec. Mar. 31
californiii-Oregon Pow. 7% pfd. (au.). _
'134 Apr. 18 'Holders of rec. Star. 20
American Aggregates, pref. (quar.)
134 Apr. 15 Holders of rec. Mar. 31
Six per cent pref. (thuar.)
American Art Works, corn. & pref. (qu.) 13.4 Apr. 15 Holders of rec. Mar. 31
Serv.. Prof• (guar.).- "51.75 Apr. 15 *Holders of rec. Mar. 31
Central III. Pub.
•51.75 May 1 'Holders of rec. Apr. 30
•51.50 Apr. 15 'Holders of rec. Star. 30
Amer. Chatilion Corp., pref. (quar.)......
$6 preferred (guar )
Slay 1 'Holders of rec. Apr. 11.
Amer. Coal of Allegheny Co. (auar.) - "El
75e. Apr, 15 Holders of rec. Mar. 30
Central & S. W. Utilities corn. (guar.)._
50c. Apr, 25 Holders of rec. Apr. 5
Amer. Ice, corn. (quar.)
11 Central States Electric
145 Apr. 25 Holders of rec. Apr. 5
Preferred (quar.)
Common (payable in common stock)._ f 100 Apr. 20 'Holders of roe. AM'. 15
Amer. Internat. Corp.
Chicago Rapid Transit, pr. pt. A (au)..-•65c. May 1 'Holders of roe. Apr. 16
Oct. 1
•e2
"650. June 1 'Holders of rec. May 21
Common (stock dividend)
Prior pref.. series A (quar.)
June 1 'Holders of rec. May 200
•600. May I *Holders of rec. Apr. 16
Amer. Laundry Mach., corn. (quar.) _ '51
13 (quar.)
Prior pref., series
June 1 'Holders of rec. May 20
•51
'600. June 1 *Holders of rec. May 2)
Quarterly
Prior pref., series II (quar.)
750. July 1 Holders of rec. June 15
corn. Hoar.).
Consolidated Gas of N.Y.. pref.(quer.). $1.25 May 1 Holders of rec. Mar. 29a American Manufacturing,
The. Oct. 1 Holders of rec. Sept. 15
51.25 July 1 Holders of rec. June 15
Common (quar.)
pref. (quar.)
Consumers Power, 35
75e. Dee, 31 Holders of rec. Dec. 15
134 July 1 Holders of rec. June 15
Common (quar.)
6% preferred (quar.)
14 Mar. 31 Holders of rec. Mar. 15
$1.65 July 1 Holders of rec. June 15
Preferred (guar.)
6.6% preferred (quar.)
134 July 1 Holders of rec. June 15
131 July 1 Holders of rec. June 15
(quar.)
Preferred
7% preferred (quar.)
13.4 Oct. 1 Holders of rec. Sept. 15
50c. May 1 Holders of rec. Apr. 15
Preferred (quar.)
6% preferred (monthly)
134 Dec. 31 Holders of rec. Dec. 15
500. June 1 Holders of rec. May 15
Preferred (quar.)
6% preferred (monthly)
Mill, common (quer.). •50c Apr. 15 'Holders of rec. Apr. 1
50c. July 1 Holders of rec. June 15
American Rolling
6% preferred (monthly)
July 30 'Holders of rec. July 1
55e. May 1 Holders of roe. Apr. 15
Common (payable in common stock).. •fb
6.6% preferred (monthly)
Stay 1 Holders of rec. Apr. 150
2
65e. June 1 Holders of rec. May 15
Amer. Shipbuilding, corn.(guar.)
6.6% preferred (monthly)
May 1 Holders of rec. Apr. the
55c. July 1 Holders of rec. June 15
Preferred (quar.)
6.6% preferred (monthly)
151
2228
FINANCIAL CHRONICLE
Per
Cent
When
Payable.
Books Cased
Days Inclusive.
[VoL. 128.
Per
When
Books Closed
Blame of Company.
Cern. Payable.
Days Inelastve.
Miscellaneous (Continued).
Miscellaneous (Continued).
Amer.Comml Alcohol, pref.(guar.).--- •13[ May 1 'Holders of rec. Apr. 10
Dexter Company (guar.)(No. 1)
•35o. June 1 *Holders of rec. May 20
Amer. Solv. & Chem., partic. pf. (extra) "$1.50 May 1 'Holders of rec. Apr. 10
Diamond Match (guar.)
*2
Amer. Steel Foundries, corn. (quar.)--June 15 *Holders of rec. May
750. Apr. 15 Holders of rec. Apr. le Dictograph Products Co.,
be.(guar.).250. Apr. 15 Holders of me. Apr. 31
Amer. Sumatra Tobacco common (cm.)75e. Apr. 15 Holders of roe. Apr. 15 Dkectlon der Diseonto-Gese
1
llschaft (Berl In)
Amer. Thermos Bottle corn. A (guar.)
.250. May 1 *Holders of rec. Apr. 20
Amer.shs.(subject to meeting Mar.25) 10
May 25 Holders of coupon No.3
Amer.Type Founders corn.(guar.)
Apr. 15 Holders of rec. Apr. 56 Dome Mines, Ltd.
2
(guar.)
25e. Apr. 20 Holders of rec. Mar. 30a
Preferred (guar.)
134 Apr. 15 Holders of rec. Apr. 5a Dominion Engineering
Works(guar.).
Atir, 15 Holders of roe. Mar. 30
- $1
Anaconda Copper Mining (guar.)
$1.75 May 20 Holders of rec. Mar. 29a Dominion Textile, pref.
134 Apr. 15 Holders of rec. Mar. 30
Andes Copper Mining (quar.)
750. May 6 Holders of rec. Mar. 296 Dunhill International (guar.)
(guar.)
El
Arrow Hart dr Hegeman EI.Co.co.(qu.)- *50c. Apr. 15 *Holders of rec. Apr. 10
Apr. 15 Holders of rev. Apr. la
Stock dividend
el
Apr. 15 Holders of rec. Apr. la
Associated Apparel Industries
Stock dividend
al
July 15 Holders of roe. July 10
Common (monthly)
•3311e. May 1 *Holders of rec. Apr. 19
Stock dividend
el
Common (monthly)
Oct. 15 Holders of tee. Oct. la
•33181. June 1 "Holders of rec. May 21
DuPont (E. I.) de Nem. dr Co.
Common (monthly)
•331•e. July 1 *Holders of rec. June 213
Debenture stock
134 Apr. 25 Holders
Associated Dry Goods corn.(guar.)
82e. May 1 Holders of rec. Apr. I33 Eagle-Picher Lead (guar.)
Co..corn.(guar.) -- •20c. Apr. 10 'Holders of rec. Apr. 100
First preferred (guar.)
134 June 1 Holders of rec. May 110 Eastern UM. by.Corp. partio.
of
pf.(qu.) $1.75 May 1 Holders of ree. Mar.31
Second preferred (guar.)
1% June 1 Holders of rec. May lb
rec. Mar.
$6 preferred (amar.)
$1.50 June 1 Holders of rec. Apr. 30
Atlantic Gulf & West Indies 5.13. Lines.
30
$7 preferred (guar.)
51.75 June 1 Holders of rec. Apr.
Preferred (guar.)
el
June 29 Holders of rec. June 106 Economy Grocery Stores corn.
.25c. Apr. 15 *Holders of roe. Apr. 30
(quar.)..
Preferred (guar.)
51
Sept.30 Holders of rec. Sept. 10a Electric Hose dr Rubber
(guar.)
•134 Apr. 15 *Holders of rec. Apr. 1
Preferred (guar.)
51
Dee. 31 Holders of rec. Dec. lla
6
Extra
•34 Apr. 15 *Holders of rec.
Atlas Plywood (guar.)
Apr. 15 *Holders of rec. Apr. 1
*El
Apr.
Electric Household Utilities(guar.)
*25c. Apr. 25 *Holders of rec. Apr.
Atlas Powder, pref.(guar.)
134 May 1 Holders of rec. Apr. 196
10
Stock dividend
*el% Apr. 25 *Holders of rec. Apr.
Autosales Corp. prof. (guar.)
75e. Apr. 15 Holders of rec. Mar. 306 Electric Shovel Coal
10
Corp. Partlo.pf.(qu) $1
May 1 Holders of rec. Apr. ly
Baldwin Company. corn. (guar.)
•3734c Apr. 15 *Holders of rec. Mar. 29
Eureka Pipe Line (guar.)
$1
May 1 Holders of tee. Apr. 15;
Preferred (guar.)
"I% Apr. 15 *Holders of ree. Mat. 29
Evans Auto Loading,stock dividendOct. 1 Holders of rec. Sent. 20
Bamberger (L.)& Co.,834% pf.((NJ
134 June 1 Holders of rec. May 136 Federal Terra Cotta. corn. (guar.) -"e2
'2
Apr. 15 *Holders of rec. Apr.
634% preferred (quar.)
134 Sept. 2 Holders of rec. Aug. 12a Finance Co.of America,corn. A & B
(qu)
150. Apr. 15 Holders of rec. Apr. 51:1
634% Preferred (guar.)
134 Dec. 2 Holders of rec. Nov. ha
Seven per cent prof. (guar.)
4354c. Apr. 15 Holders of rec. Apr. 5a
Bancroft(Joseph)& Bons Co.. pref.((lu.) 134 Apr. 30 Holders of rec. Apr. 15
First Federal Foreign Bkg. Corp.
51.75 May 15 Holders of roe. May 50
Bankers Capital Corp., pref.(guar.)-- *S2
Apr. 15 "Holders of rec. Apr. 1
1
Fitzsimmons & Connell Dredge & Dock,
Preferred (guar.)
'82
July lo *Holders of rec. July 1
Corn.(1-40th share com.stk.)
(f) June 1
Preferred (quar.)
'$2
Oct. 15 *Holders of rec. Sept.30
Corn.(1-40th share corn.stk.)
(f) Sept. 1
Preferred (guar.)
JanI5'30 "Holders of rec. Dee. 31
"82
Corn.(1-40th share corn.stk.)
01 Dec. 1
Bankers Securities Corp., Corn.(guar.)-750. Apr. 15 Holders of rec. Mar. 30a 551 Fifth Ave., Inc.,
3
Apr. 15 Mar. 27 to Apr. 15
Lommon (extra)
94c. Apr. 15 Holders of rec. Mar. 300 Flintkote Co., ccm pref
3734c. Apr. 15 Holders of me. Apr. 10
Participating preferred (guar.)
75e. Apr. 15 Holders of rec. Mar. 30a Fokker Aircraft, 1st
pref. (guar.)
4334o. Apr. 15 Holders of rec. Mar. 29
Participating preferred (extra)
250. Apr. 15 Holders of rec. Mar. 300 Fox Film Corp., class A & B (guar)
--- $1
Apr. 15 Holders of rec. Mar. 306
BanslcilLa Corp., cl. A & B (guar.)
- "25c. Apr. 10 'Holders of rec. Mar. 30
Franklin (H. H.) Mfg., corn. (guar.)..-- *50c. Apr. 20 *Holders
Barnsdall Corp., cl. A & B (guar.)
of rec. Apr. 10
*50e. May 6 'Holders of roe. Apr. 6
Preferred (guar.)
•134 May 1 *Holders of rec. Apr. 20
Bayuk Cigars, corn. (guar.)
50o. Apr. 15 Holders of rec. Mar. 31a Freeport-Texas Co.
(guar.)
$I
May I Holders of roe. Apr. 150
First preferred (quar.)
134 Apr. 15 Holders of rec. Mar. 31a Galr (Robert) & Co., cl. A (guar.)
•68340 Apr. 15 "Holders of rec. Mar. 30
Bean (John) Mfg. Co., COM
"3734c Apr. 15 'Holders of rec. Mar. 31
General American Tank Cox (guar.)._ -- $1
July 1 Holders of rec. June 136
Beech-Nut Packing (guar.)
75o. Apr. 10 Holders of roe. Mar. gba
Stock dividend
1
July 1 Holders of roe. June 13a
Belding-Corticelli. corn.(guar.)
134 May 1 Holders of rec. Apr. 15
General Cigar, corn. (quiz.)
$1
May 1 Holders of roe. Apr. 16a
Bethlehem Steel,corn
Ill
May 15 Holders of roe. Apr. 19a
Preferred (guar.)
134 June 1 Holders of rec. May 21a
Bigelow-Hartford Carpet, prei (guar.)_ •134 May 1 *Holders of rec. Apr. 18
.
General Electric(guar.)
$1
Apr. 26 Holders of rec. Mar. lla
Preferred (guar.)
•1.3.4 Aug. I *Holders of rec. July 18
Special stock (guar.)
15e. Apr. 25 Holders of reo. Mar. lba
Preferred (guar.)
•134 Nov. 1 *Holders of rec. Oct. 18
General Motors,6% pref.(qua.)
134 May 1 Holders of rec. Apr. 86
Bon Ami Co., corn. A (guar.)
*81
Apr. 30 *Holders of rec. Apr. 15
6% deb. stk. (guar.)
134 May 1 Holders of rec. Apr. 8a
Borne Scrymser Co
51
Apr. 15 Mar. 23 to Apr. 13
7% pref.(guar.)
154 May 1 Holders of me. Apr. 8a
Extra
50c. Apr. 15 Mar. 23 to Apr. 13
Gen'l Outdocr Advertising corn.(guar.).
50c. Apr. 15 Holders of rec. Apr.
Brockway Motor Truck, corn.
The. May 1 Holders of roe. Apr. 15a Gen. Pub. Sem
Corp. $534 et. (qt1.--.5 1.3734 May 1 *Holders of rec. Apr 50
Brompton Pulp dr Paper (guar.)
50c. Apr. 15 Holders of rec. Mar.30
10
$6 Preferred (guar.)
"31.50 May 1 *Holders of rec. Apr. 10
Brunswlek-Balke-Collender. corn. (qu.)750. May 15 Holders of rec. Apr. 256 General Realty & Utilities
$6 pref.(qu.)* 581.50 Apr. 15 *Holders of rec.
Buckeye Pipe Line (guar.)
51 June 15 Holders of rec. Apr. 22
Mar. 20
General Refractories (guar.)
75c. Apr. 25 Holders of rec. Apr. 80
Extra
$1 June 15 Holders of rec. Apr. 22
Extra
50c. Apr. 25 Holders of rec. Apr. 80
Burroughs Adding Mach. (guar.)
750. June 10 Holders of rec. May 270
Adjustment dividend
250. Apr. 25 Holders of rev. Apr. 85
Bush Terminal Co.. corn.(guar.)
50c. May 1 Holders of rec. Mar. 290 General Stock Yards Corp., corn.
(qu.) _- *50e. May 1 *Holders of rec. Apr.
Common (payable in common stock)
1134 May 1 Holders of roe. Mar. 296
15
Common (extra)
*el
May 1 *Holders of rec. Apr. 15
Debenture stock (guar.)
134 Apr. 15 Holders of rec. Mar. 296
$6 preferred (guar.)
.$1.50 May 1 *Holders of rec. Apr. 15
Byers(A. M.) Co., pref.(guar.)
134 May 1 Holders of rec. Apr. 150 Georgian, Inc., pref. A (quar.)
•400. Apr. 15 *Holders of rec. Apr. 5
Canada Dry Ginger Ale. Inc. (guar.)_
Apr. 15 Holders of rec. Apr. la Gimbel Bros.. pref.(guar.)
$1
lyI May 1 Holders of rec.
Canada Foundries ac Forg.. class A (qu.) 3734c Apr. 15 Holdres of rec. Mar. 30
Apr. 15a
Gladding.hiel3ean& Co..com(in corn stk) *2
Oct. 1
Canadian Brewing (guar.)
50c. Apr. 16 Holders of rec. Mar. 30
Gold Dust Corp. common
34 May 1 Holders of roe. Apr. 17
Canadian Car dr Fdy., corn. (quar.)---May 30 Holders of rec. May 15
134
Goldwyn Investment Corp..extra
$1
Apr. 15 Holders of me. Deo. 81
Preferred (guar.)
134 Apr. 10 Holders of rec. Mar. 22
Goodrich (B. F.) Co., corn. (quar.)____ II
June 1 Holders of me. May 10
Canadian Fairbanks
-Morse Co. pf. (qu.) 134 Apr. 15 Holders of rec. Mar. 30
Preferred (quar.)
Canadian Industrial Alcohol
134 July 1 Holders of roe. June 10
Gorham Mfg., corn. (guar.)
500. June 1 Holders of rec. May 1
Voting and non voting stock (guar.) _
38c. Apr. 15 Holders of rec. Mar. 30
Common (guar.)
50c. Sept. 1 Holders of ree. Aug.
Canadian Industries, prof. (guar.)
134 Apr. 15 Holders of rec. Mar. 30
1
Common (guar.)
50c. Dec. 1 Holders of rec. Nov. 1
Canadian Industries, Ltd.(extra)
'250. Apr. 30 *Holders of rec. Mar. 30
Common (payable in common stock)_ f5
June 1 Subj,to stkholders. meet.
Canadian Iron Foundries, Prof
5
Apr. 15 Holders of rec. Mar. 31
First preferred (guar.)
134 June 1 Holders of rec. May 15
Canfield 011, corn.& pref.(guar.)
51.75 June 30 Holders of rec. May 20
Gotham Silk Hosiery. 7% pref. (guar.). I% May 1 Holders
Common & preferred(guar.)
$1.75 Sept.30 Holders of reo. Aug. 20
Granby Consol. M.Sm.& Pow.(gu.)... $1.75 May 1 Holders of roe. Apr. 12a
Common es preferred(guar.)
of rec.
$1.75 Dec. 3 Holders of roe. Nov. 20
Great Northern Iron Ore Properties-- 81.25 Apr. 30 Holders of rec. Apr. 12a
Capital Securities Co.. Inc. corn. (qu.)__
15e. Apr. 1 Holders of rec. Mar. 25
Apr.
Greenway Corp., 5% prof. (guar.)
"75e. may 15 *Holders of rec. May 50
Castle (A. M.)& Co. (guar.)
75e. May
1
Holders of rec. Apr.d19
5% preferred (guar.)
•750. Aug. 15 *Holders of rec. Aug. 1
Extra
250. May
Holders of rec. Apr.d19
5% Preferred (quar.)
•75e. Nov. 15 *Holders of rec. Nov. 1
Celluloid Corp., 1st panic. pref.
$1.75 June
Holders of rec. May 10
Gulf States Steel, pref.(guar.)
134 July 1 Holders of rec. June 15a
Central Alloy Steel, corn. (guar.)
50c. Apr. I Holders of rec. Mar.
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept.160
Central Coal & Coke. Pref. (guar.) --- 134 Apr. 1 Holders of rec. Mar. 236
31
Preferred (quar.)
134
Century Ribbon Mills. Of. (quar.)
81.75 June
Holders of rec. May 186 Hall (W.F.) Printing common (guar.)._ •250. Jan 2'30 Holders of roe. Dec. 160
Apr. 30 "Holders of ree. Apr. 20
Chapman Ice Cream (guar.)
'3134c Apr. 1 *Holders of rec. Mar. 25
Hamilton Bank Note Engraving of Pig.
Chelsea Exchange Corp., cl. A & B (qu.)
250. May 1 Holders of rec. May 1
Common (guar.)
•734c May 15 *Holders of rec. May 1
Chicago Yellow Cab (monthly)
250. May
Holders of rec. Apr. 196 Harbison-Walker Refract.. pref.
(quar.)- 134 Apr. 20 Holders of roe. Apr. 10a
Monthly
250. June
Holders of rec. May 200 11aYes Body Corp.(guar.) (pay. la
July 1 *Holders of rec. June 25
stk.) *42
Chickasha Cotton 011 (guar.)
75o. July
Holders of rec. June 100
Quarterly (payable in stock)
*52
Oct. 1 *Holders of rec. Sept. 25
Chile Copper Co.(guar.)
87340 Apr. 2 Holders of rec. Mar. 29a
Quarterly (payable in stock)
ea
Jan 2'30 *Holders of rec. Dec. 24
Chrysler Corporation (guar.)
75c, June 2 Holders of rec. May 316 Heyden Chemical.
corn.(No. 1)
50e May 1 Holders of roe. Apr. 10
Cities Service. common (monthly)
% May
Holders of rec. Apr. 15
Hibbard, Spencer. Bartiett&Co.(mthly.)
35e Apr. 26 Holders of rec. Apr.
Com.(payable in common stock)
(f)A May
Holders of rec. Apr. 15
Monthly
350 May 31 Holders of rec. May 19
Preferred and preference BB (Willy.)50c. May
Holders of rec. Apr. 15
24
Monthly
35c June 28 Holders of rec. June
Preference B (monthly)
Sc. May
Holders of red. Apr. 15
21
[(Merest Collieries, corn. (guar.)
134 Apr. 15 Holders of rec. Mar. 30
City Machine & Tool, corn.(guar.)
•40c Apr. 1 *Holders of rec. Mar. 20
Preferred (guar.)
134 Apr. 15 Holders of reo. Mar.20
City Stores Co.. class A (quar.)
87340. May
Holders of rec. Apr. 15a Holly Development
(guar.)
.5e. AM'. 15 Holders of roe. Mar. 31
Claude Neon Elec. Prod., corn. (qu.) -- *21.10. May
*Holders of rec. Apr. 20
Horn dr Hardart of N.Y.corn.(guar.)._ 6234c May
Cleveland-Cliffs Iron (guar.)
El Apr, 2 Holders of rec. Apr. 15
Household Finance Corp.. partic prof__ _ "75e. Apr. 1 Holders of rec. Apr. lla
Cleveland Stone. common (quar.)
15 *Holders of rec. Apr. 1
.500. June
*Holders of roe. Slay lb
Howe Sound Co.(guar.)
51
Apr.
-15 Holders of roe. Mar. 300
Common (guar.)
.500. Sept.
'Holders of rec. Aug 15
Hupp Motor Car (guar.)
50e. May 1 Holders of rec. Apr. 156
Cockshutt Plow Co., Ltd.(guar.)
Holders of rec. Apr. 15
3734e. May
Hupp Motor Car (Stock dividend)(qu.) e23.4 May
1 Holders of rec. Apr. 150
Cohn-Hall
-Marx. corn. (guar.)
6234o July
Holders of roe. June 15
Stock dividend (guar.)
e234 May 1 Holders of rec. Apr. 15a
Colgate Palmolive Peet Co, pref. (guar.) 134 July
Holders of rec. June 8
Stook dividend (guar.)
e234 Aug. 1 Holders of roe. July liki
Preferred (guar.)
134 Oct.
Holders of rec. Sept. 7
Stook dividend (guar.)
e234 Nov. 1 Holders of roe. Oct. 15a
Preferred (guar.)
134 Janl'3 Holders of rec. Dec. 7
Huron & Erie Mortgage (guar.)
"2
July 2
Community State Corp., A as B (guar.). 134 May 1 Holders of tee. May 10
Quarterly
*2
Oct. 1
Class A & B (quer.)
134 Sept.
Holders of reo. Aug. 28
Illinois Brick (guar.)
"600. Apr. 15 *Holders of rec. Apr. 3
Class A & B (guar.)
131 Dee. 3 Holders of roe. Deo. 20
Quarterly
*60o. July 15 *Holders of rec. July 3
Consolidated Food ['reds., Ltd. A (qu.)- 37340. Apr. 1 Holders of rec. Mar. 30
Quarterly
*60. Oct. 15 *Holders of tee. Oct. 3
Consol. Lead & Zinc. el. A&B (quar.)--250. Apr. I
Holders of rec. Apr. 4
Independent 011 & Gas. corn. (quar.)_
500. Apr, 30 Holders of rec. Apr.
Congo!. Paper Box B (cm.)(No. 1
*25e. Apr. 1 'Holders of rec. Apr. 1
)
15
Indiana Pipe Line (guar.)
El
May 15 Holders of roe. Apr. 26
Consolidated Royalty 011 (quar.)
*2 Apr. 2 *Holders of rec. Apr. 15
Extra
SI
May 15 Holders of roe. Apr. 26
Continental Motors Corp. (guar.)
20e. Apr. 3 Holders of rec. Mar. 15
Industrial Finance Corp., 7% prof.(an.) 154 May
Coon (W. B.) Co., coin
1 Holders of roe. Apr. 19
*60o. Nov.
*Holders of roe. Oct. 10
Six per cent pref.(guar.)
134 May 1 Holders of rec. Apr. 10
Common
*Holders of rec. Apr. 10
*70c. May
Internat. Business Machines(guar.)._ 81.25
Common
Apr. 10 Holders of rec. Mar. 226
•70e. Aug.
*Holders of rec. July 10
Int. Cont.Invest. Corp.corn.(guar.).
Preferred
•25e. July 1
•134 Nov.
*Holders of rec. Oct. 10
Internat. Educational Publishing, pref
Preferred
51
*Holders of roe. Apr. 10
•134 May
Internat. Harvester, new no par (quar.)_ 62340 May 1 Holders of roe. Mar. 30:
Preferred
Apr. 15 Holders of roe. Mar. 250
•134 Aug.
"Holders of roe. July 10
Internat. Match, COD].(guar.)
Copper Range Co. (guar.)
80c. Apr. 15 Holders of me. Mar. 2511
50e. Apr. 1
Holders of rec. Mar. 15
Participating preferred (guar.)
Corn Products Refg., corn.(guar.)
800. Apr, 15 Holders of roe. Mar. 254
50c. Apr. 2 Holders of rec. Apr. la Int. Nickel of Canada, pref.(qu.)
(No.1) 51.75 May 1 Holders of rec. Apr. 20
Preferred (guar.)
Holders of rec. Apr. la Internat. Paper. 7% Prof.
134 Apr. 1
(guar.)
Coty, Inc., stock dividend
134 Apr. 15 Holders of roe. Mar. 250
n134 May 2 Holders of rec. May 13
Slx per cent pref.(guar.)
Stock dividend
134 Apr, 16 Holders of res. Mar. 25a
n13.4 Aug. 2 Holders of Teo. Aug. 12
Internat. Paper dr Power,7% prof.
Stock dividend
(<111.) 134 Apr. 15 Holders of me. Mar. 260
n134 Nov.2 Holders of rec. Nov. 12
Six per cent pref.(guar.)
Creamery Package Mfg., coin. (au.)
134 A.pr. 15 Holders of too. Mar. 280
•50c. Apr. 1 *Holders of rec. Apr. 1
International Perfume, corn.(No. I)._ _
Preferred (guar.)
25e. June 1 Holders of rec. May 20
*134 Apr. 1 *Holders of rec. Apr. 1
Preferred (No. 1)
Cresson Cons. Gold M & M (qu.)
Holders
*2c. Apr. 1 *Holders of rec. Mar. 30
International Shoe. pref. (monthly)._ 64.93 May 15 Holders of rec. May 4
Crown Zellerbach Co.corn.(guar.)
50e. May 1
of rec. Apr. 15
25e. Apr. 1 Holders of roe. Mar. 306
Preferred (monthly)
Crucible Steel,cons.(guar.)
*500. June 1 *Holders of ree. May 15
134 Apr. 3 Holders of rec. Apr. 15a
Preferred (monthly)
Cudahy Peeking. corn. (guar.)
•500. July 1 *Holders of roe. June 15
Holders of roe. Apr. ba
81 Apr. 1
Preferred (monthly)
6% preferred
•50e. Aug. 1 *Hoiders of roe. July 15
Holders of rec. Apr. 20
3 May
Preferred (monthly)
7% preferred
•500. Sept. 1 'Holders of roe. Aug. 15
Holders of rec. Apr. 20
334 May
Preferred (monthly)
Darby Petroleum (guar.)
.500. Oct. 1 *Holders of rect. Sept. 151
'250. Apr. 1 *Holders of ree. Apr. 1
Preferred (monthly)
Davenport Hosiery Mills, corn.
*500. Nov. 1 *Holders of roe. Oct. 15
*Holders of rec. Apr. 1
*50e. Apr.
Preferred (monthly)
(Alfred) dr Cohn,Inc.. Pref.( au.) •144 June 1 'Holders
*50o. Doe. 1 *Holders of too. Nov. 15
(quit.)Deckr
of rec. May 22
Preferred (monthly)
•500. Jan no *Holden) of roe. Dec. 15
Preferred (guar.)
*134 Sept. *Holders of rec. Aug. 22
Interstate Iron & Steel, corn.(quar.)--- 91
Apr. 15 *Holders of Teo. Apr. 5
Dennison Manufacturing, deb.stk.(nu.) $2
May
Holders of roe. Apr. 20
InvestOre Capital Corp., common
500. Apr. 15 Holders of rec. Dec. 81
Preferred (quiz.)
134 May
Holders of rec. Apr. 20
Jackson Motor Shaft
.300. Apr. 15 "Holders of roe. Mar. 15 1
Detroit Motorbus (guar.)
*20c. Apr. 1 *Holders of rec. Mar.30
Jewel Tea, corn. (guar.)
Apr. 16 Holders of roe. mar.3o
$1
Devonshire Investing, com.(qu.)(No.1)-50o. Apr. 1 Holders of roe. Apr. 1
Johns-Manville Corp.. cons. (guar.).
- 750. Apr. 15 Holders of rec. Mar.255
Name of ComPanY.
http://fraser.stlouisfed.org/
Alw•
Federal Reserve Bank of St. Louis
APRIL 6 1929.]
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
2229
Books Closed
Name of Company.
Per
When
Books Closed
Days Inclusive.
Name of Company
Cent. Payable.
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Cetitinuedi.
Joint Security Corp
Packard Elee Co.. cons. (guar.)
Corn.(PayableIn corn.stock)
d50c
Apr. 15 Holders of ree. Mar.as
11
May 1 Holders of rec. Apr. 20
Common (extra)
Corn.(payable In cora.stock)
412340 Apr. 15 Holders of rec. Mar. 4213
Aug. 1 Holders of rec. July 20
11
Packard Motor Car (monthly)
Corn.(payableIn oom.stock)
25e. Apr. 30 Holders of rec. Apr. 126
11
Nov. 1 Holders of rec. Oct. 20
Monthly
Kalamazoo Stove, corn.(guar.)
25e. May 31 Holders of ree. May Ila
$ 1.1234 Apr. 1 *Holders of rec. Mar. 20
Extra
Stock dividend
50e. May 31 Holders of rec. May lie
*134 Apr. 1 *Holders of rec. Mar. 20
Park & Tilford (stock div.) (guar.)
Kalamazoo Vegetable Parchment(Qu.)
75e. Apr. 14 Holders of reo. Mar.28
•15e. June 30 *Holders of rec. June 20
Stock dividend (guar.)
Quarterly
Ii Apr. 14 Holders of rec. Mar.29
•15o. Sept.30 *Holders of rec. Sept.20
Park-Utah Coosol. Mines (guar.)
Quarterly
20e. Apr. 10 Holders of rec. Mar.191
•15e. Dec. 31 *Holders of rec. Dec. 21
Partoa Realty Holding Corp., corn. (ern.)
Kaufman Dept. Stores corn.(guar.).350. Apr. 10 Holders of rec. Mar.30
37c. Apr. 29 Holders of rec. Apr. 10a
Preferred (guar.)
Kawnee Company (guar.)
430. Apr. 10 Holders of rec. Mar.36
'6234e Apr. 15 *Holders of rec. Mar. 30
Penmans, Limited, corn. (guar.)
Quarterly
al
May 15 Holders of ree. May 6
*6234c July 15 *Holders of rec. June 30
Preferred (guar.)
Quarterly
134 May 1 Holders of rms. Apr. 22
412340 Oct. 15 *Holders of rec. Sept. 30
Pennsylvania Salt Mfg.(guar.)
Quarterly
$1.25 Apr. 15 Holders of rec. Mar.306
•62.34c Jan1510 *Holders of rec. Dec. 31
Petroleum Industries, Inc., pref. (au.)
Rayne(' Co., common (extra)
750. Apr. 15 Holden of rec. Apr. 86
•1234e July 1 *Holders of rec. June 20
Perfection Stove (monthly)
Kelsey-Hayes Wheel. pref. (guar.)
*37W Apr. 30'Holders of reo. Apr. 18
'1( May I *Holders of rec. Apr. 19
Monthly
Kentucky Rock Asphalt.
'3734c May 31 "Holders of rec. May 17
Monthly
Cora.(payable in corn, stock)
•3735c June 30 *Holders of rec. June 18
15
Apr. 15 Holders of rec. Apr. 1
Monthly
Keystorle Steel & Wire common (eu.)
'373.4c July 31 'Holders of rec. July 18
.75c. Apr. 15 *Holders of rec. Apr. 5
Monthly
Preferred (guar.)
41735c Aug. 31 *Holders of rec. Aug. 16
•134 Apr. 15 *Holders of rec. Apr. 5
Monthly
Knott Corporation (guar.)
'37340 Sept.30 "Holders of rec. Sept.18
•60e. Apr. 15 *Holders of rec. Apr. 5
Monthly
Knox Hat, prior pref.(quar.)
•37340 Oct. 31 "Holders of MC. Oct. 17
$1.75 July 1 Holders of rec. June 15°
Monthly
Prior preference (quar.)
*3734c Nov.30 *Holders of rec. Nov.18
31.75 Oct. 1 Holders of rec. Sept. 166
Monthly
Participating pref.(guar.)
*37 lic Dec. 31 'Holders of rec. Dec. 18
750 June 1 Holders of roe. May 16a Philip Morris &
Co., Ltd.(guar.)
Participating pref.(guar.)
25e. Apr. 15 Holders of rec. Apr. 2
75e Sept. 3 Holders of rec. Aug. 15a Pittsburgh Screw
& Bolt (qu.)(No. 1)
ParticipatIng pref. (guar.)
35c. Apr. 18 Holders of rec. Apr. 4
75e Dee.
Holders
Kroger Grocery de Baking, 30 pref.(qu.) '134 May 2 *Holders of rec. Nov. 15a Pittsburgh Steel Co., pref. (guar.)
134' June 1 Holders of rec. May 116
1
of rec. Apr. 15
Plymouth Cordage (guar.)
Laboratory Products, stock dividend_ "e3
*1234 Apr. 20
Apr. 15 *Holders of rec. Mar. 20
Porto Rico Amer.Tobacco. el A (an.)... 1% Apr. 10 *Holders of rec. Apr. 1
Lakey Foundry & Mach.Holders of rec. mar.206
Procter & Gamble Co.8% pf.(quar.)
Lakey Foundry & Mach.(guar.)
2
Apr. 15 Holders of rec. Mar.256
*50c. Apr. 30 *Holders of rec. Apr. 15
Pro-phy-lac-tic Brush, corn. (quar.)..._
Stock dividend
50e. Apr. 15 Holders of rec. Mar.315
*e231 Apr. 30 *Holders of rec. Apr. 15
Quaker Oats, corn.(Qum.)
Stock dividend
'Si
Apr. 15 *Holders of rec. Apr. 1
4s234 July 30 *Holders of rec. July 15
Common (special)
Stock dividend
*34
Apr. 15
*e234 Oct. 30 *Holders of rec. Oct. 15
Corn.(In com.stk., one new for ea. 25) (f) Apr. 20 'Holders of rec. Apr. 1
Landers. Frary & Clark (ouar.)
•75e' June 30 *Holders of rec. June 19
"Holders
Preferred (guar.)
4.1% May 1 *Holders of rec. Apr. 1
Quarterly
•75e. Sept. 30 *Holders of rec. Sept.20
of rec. May 31
Q. R. S. Co., corn.(guar.)
50e. Apr. 15 Holders of rec. Apr. 1
Quarterly
•
75e. Dec. 31 *Holders of rec. Dec. 21
Preferred (guar.)
154 Apr. 15 Holders of rec. Apr. 1
Langendorf United Bakeries, cl. A (qu.) *500. Apr. 15 *Holders of rec. Mar. 31
Republic Supply, corn.(guar.)
*25e. Apr. 15 *Holders of rec. Mar.30
Class A and 11 (guar.)
*50c. July 15 *Holders of rec. June 30
Common (extra)
.750. Apr.
Class A and B (guar.)
.
50e. Oct. 15 *Holders of rec. Sept.30
Rice-Stix Dry Goods, 2d pref..(guar.)._ 373.40. May 15 *Holders of rec. Mar.30
Class A and B (guar.)
1 Holders of rec. Apr. 15
•
50c Ja 15'30 *Holders of rec. Dec. 30
Richfield Oil, pref. (guar.)
Lehigh Portland Cement corn. (quar.)
134 May 1 Holders of rec. Apr. 5
6230 May 1 Holders of rec. Apr. 13a Richmond
Radiator. pref.(quar.)
41734c Apr. 15 *Holders of rec. Mar.30
Lincoln Interstate Holding Co
lbo. July 1 Holders of rec. June 20
Rio Grande Oil
Lindsay Light, pref. (guar.)
SI
*134 Apr. 10 *Holders of rec. Apr. 6
July 25 Holders of rec. July 56
$1
Link Belt Co.(quar.)
600. June 1 Holders of rec. May 150 Rio Grande Oil
(r)
Hold, of rec. Jan. 5'30
rStock dividend
ea% Apr. 25 "Holders of rec. Apr. 5
Lion 011 Refining, corn. (guar.)
.50e. Apr. 27 *Holders of rec. Mar. 29
rStock dividend
edl 34 Oct. 25 "Holders of rec. Oct. 5
Liquid Carbonic (Guar.)
'Si
May 1 *Holders of ree. Apr. 20
Royalty Corp. of Amer., par. pf.(extra)
Loose-Wiles Biscuit common (guar.).
34 May 15 Holders of rec. May 106
65c. May 1 Holders of rec. Apr. 180 Humidor Corp.,
corn (guar.)
'62340 Apr. 15 "Holders of rec. Mar.2t
Lord & Taylor. 2d met (guar.)
*2
May 1 *Holders of rec. Apr. 17
St. Joseph Lead Co.(qear.)
Lunkenhelmer Co., pref. (guar.)
50e. June 20 June 8 to June 20
*134 June 29 *Holders of roe. June 19
Extra
25e June 20 June 8
Preferred ((Mar.)
•134 Sept. 30 *Holders of rec. Sept.20
to June 20
Quarterly
Preferred (quar.)
50e Sept.20 Sept.10 to Sept.20
•134 Dec. 31 *Holders of rec. Dec. 21
Extra
MacAndrelvs & Forbes. corn. (quar.).
25c Sept.20 Sept.10 to Sept.20
650 Apr. 15 Holders of rec. Mar. 300 St. Lawrence Paper Mills,
.
pref.(qu.)... 114 Apr. 15 Holders of rec.
Preferred (quar.)
134 Apr. 15 Holders of rec. Mar. 300
Mar.28
St. Louts Screw
McCall Corp.(guar.)
- •Lbr June I •Tiolders cf ree May 25
Si
May. 1 Holders of rec. Apr. 200 Savage Arms, & Bolt, corn.(guar.)
24 pref.(mar.)
MacMillan Petroleum (guar.)
•31.50 May 15 "Holders of rec. May 1
*50c. Apr. 15 *Holders or rec. Mar. 30
Scott Paper
Macy (R.H.) dr Co., corn.(guar.)
50c. May 15 Holders
Corn.(In stk,sub). to stkhrs.'aPProvi 12
Madison Square Garden Co.(guar.).- 3734c Apr. 15 Holders of rec. Apr. 260
June 30
of rec. Apr. 5a
Corn.(In stk.subj.to stkhrs.' apProv.) 12
Magma Copper Co.
Dec. 31
(quar.)
51.25 Apr. 16 Holders of rec. Mar. 306
Scott Paper Co. 7% sec. A pref. (qu.).. 13.4 May 1
Magnln (1.) & Co., corn. ((war.)
*3734c Apr. 15 *Holders of rec. Mar. 31
Holders of rec. Apr. 164
8% series B pref.(guar.)
Maple Leaf Milling, Pref. (quar.)
134 May 1 Holders of rec. Apr. 160
134 Apr. 18 Holders of rec. Apr. 3
Scullin Steel pref. (guar.)
Margay Oil Corp.(guar.)
75e Apr. 15 Holders of rec. Mar.30
50c. Apr. 10 Holders of rec. Mar. 19
Seagmve Corp. (guar.)
Massey-Harris Co.. Ltd.. coin.(qu.)._
y30c Apr. 20 Holders of rec. Mar. 306
75°. Apr, 15 Holders of rec. Mar.30
Sears. Roebuck & Co
-Mead Pulp & Paper, corn. (guar.)
*31
Apr. 15 *Holders of rec. Apr. 1
Quarterly (payable In stock)
Merchants Petroleum (guar.)
el
May 1 Holders of rec. Apr. 136
*2 Apr. 19 *Holders of ree. Mar. 31
Sears-Roebuck & Co.(guar.)
Extra
.6234c May 1 "Holders of rec. Apr.
*2 Apr. 19 *Holders of rec. Mar. 31
Quarterly (payable in stock)
Mexican Petroleum. corn. (guar.)
"el Aug. 1 *Holders of rec. July 13
4
13
Apr. 30 Holders of rec. Apr. la
15
Quarterly
Common (special)
'el Nov. 1 "Holders of rec. Oct. 15
*540 Apr. 30 Holders of rec. Apr. la Securities (payable in stock)
Management Corp., Cl. A (qu.)
Preferred (guar.)
'
Apr. 15 Holders of rec. Apr. 1
*S2
Apr. 30 Holders of rec. Apr. la
Class B and C (quar.)
Meyer-Blanke Co.common (guar.)
25e Apr. 15 Holders of rec. Apr. 1
313/e Apr. 10 Holders of rec. Apr. 1
Seeman Brothers, Inc., corn.(guar.)Minneapolis-Honeywell Reg., corn
500 May 1 Holders of rec. Apr. 15
*31.25 Aug. 15 *Holden of rec. Aug. 3
Segal Lock & Hardware, pref.(guar.) Preferred (guar.)
154 Apr. 16 Holders of rec. Mar.31
'134 May 15 *Holders of rec. May 1
Selby Shoe, prof.(guar.)
Preferred (guar.)
134 May 1 Holders of rec. Apr. 15
*134 Aug. 15 *Holders of rec. Aug. 1
Shaffer Oil& Refg. pref.(guar.)
Preferred (guar.)
154 Apr. 25 Holders of rec. Mar. 31
•134 Nov. 15 'Holders of rec. Nov. 1
Shattuck (Frank)
Morris (Philip) & Co., Ltd. guar.)
*50e Apr. 10 *Holders of rec. Mar.20
(
25c Apr. 15 Holders of rec. Apr. 2a Sheaffer(W A.) CI) Co.((mar.)
Pen Co. (guar.)
Mountain & Gulf Oil (guar.)
El
Sept. 19 Holders of rec. Aug. 27
.2c Apr. 15 *Holders of rec. Mar.30
Sheffield Steel
Muncie Gear Co.. class A (guar.)
.50e July 1 *Holders of rec. June 15
Common (payable in common stock)_ _ .11
July 1 'Holders of rec. June 20
Class A (guar.)
•500 Oct. 1 *Holders of rec. Sept. 15
Common (payable in common stock)
411
Class A (quar.)
Oct. 1 'Holders of rec. Sept. 20
•50c Jan1'30 'Holders of rec. Dec. 16
Shepard Stores. Inc., class A (quar.).. 750. May 1 Holders OI rec.
Murphy (G. C.) Co., pref. (quar.)
*2
Apr. 20
July 2 'Holders of rec. June 21
13Ignods Steel Strapping, pfd. (quar.)
'621.40 Apr. 15 *Holders of rec. Mar.31
Preferred (guar.)
4
1
Oct. 2 *Holders of rec. Sept. 21
Shiclair Consol. Oil, corn
National Acme, corn. (guar.)
50e. Apr. 15 Holders of rec. Mar. 150
*25c. May 1 *Holders of rec. Apr. 15
Common (extra)
National American Co. (guar.)
25e. Apr. 15 Holders of rec. Mar. 156
50e. May 1 Holders of rec. Apr. 150 Smallwood Stone
class A (guar.)
Nat Bellas-Hess, new corn.(qu.)(No. 1)
6234e. June 15 Holders of rec. Juse (5
25e. Apr. 15 Holders of rec. Mar. 206 Southland
RcyaltY
New common (quar.)
•150. Apr. 15'Holders of rec. Apr. 1
250. July 15 Holders of rec. July la Spalding(A.
G.)
New common (guar.)
40e. Apr. 15 Holders of reo. Mar. 300
(qu)25c. Oct. 15 Holders of rec. Oct. la Spencer Kellogg & Bros., new corn.
& Sons, Inc. (guar.).
New common (guar.)
40e. June 30 Holders of rec. June 156
25e. Jan. 15 Holders of rec. Jan.2'30a
Quarterly
Stock dividend (quar.)
40e. Sept.30 Holders of rec. Sept.144
el
Apr. 15 Holders of rec. Mar.200 Spicer Mfg.
pref. A (guar.)(No. 1)
Stock dividend (guar.)
750. Apr. 15 Holders of rec. Apr. Ss
Cl
July 15 Holders of rec. July la Steel Co. of Canada,
Stock dividend (guar.)
com.& pf.(qu.)
.May 1 Holders of rec. Apr. 6
4334c
Cl
Oct. 15 Holders of rec. Oct. la Steinberg's
Stock dividend (guar.)
Drug Stores pref.(guar.)
871.40 June 1 Holders of rec. May 20
el
Ja.1510 Holders of rec. Jan.2'300 StelnIte
National Biscuit,corn.(guar.)
Radio(quad.)
*234 July 1
$1.50 Apr. 15 Holders of rec. Mar. 290
Nat. Cash Register, class A (quar.)..
Quarterly
•
234 Oct. 1
75c. Apr. lb Holders of rec. Mar. 290
National Casket, common
Stix Baer & Fuller, corn.(guar.)
•3730 June 1 *Holders of rec. May 15
12
May 15 "Holders of ree. May I
Common (payable in common stock). 4*15
Common (guar.)
*3734e Sept. 1 'Holders of rec. Aug. 15
May 15 'Holders of roe. May 1
National Dairy Products (stock div.)_ e100
Common (guar.)
'37340 Dec. 1 *Holders of rec. Nov. 15
May 20 Holders of me. Apr. 25
Common (payable in common atk.)-Stroock (S.) Co. (guar.)
*75e. July 1 *Holders of rec. June 15
July 1 Holders of ree. June 30
Common (payable in common stock). 11
Quarterly
fl
•750. Oct. 1 *Holders of rec. Sept.16
Oct. 1 Holders of rec. Sept. 30
National Fireproofing, Prof. (guar.).- 6234c. Apr.
Quarterly
*750. Dec. 21 *Holders of ree. Dec. 10
15 Holders of rec. Apr. 1
Preferred (extra)
Studebaker Corr..
*7234c Apr. 15 "Holders of rec. Apr. 1
Preferred (guar.)
Common (payable in common stock)._ fl
June 1 Holders of rec. May 106
6234c. Jury 15 Holders of rec. July 1
Preferred (guar.)
Common (payable In corn. stock).... 11
6234o. Oct. 15 Holders of rec. Oct. 1
Sept. 1 Holders of rec. Aug. 10a
National Food Products, corn. A (guar ) 6234c May 15
Common (payable In corn. Mock).
fl
Dee, 1 Holders of rec. Nov. 90
Holders of rec. May 3a Sullivan
Class B (payable in class B stock)
Machinery (guar.)
2
$1
Apr. 15 Mar. 31 to Apr. 5
Pr. 11 Holders of rec. Apr. 5
Sweets Co. of America (guar.)
Class B (payable in class B stk.)
2
Oct. 15 Holders of rec. Oct. 5
25e. May 1 Holders of rec. Apr. 15
Telautograph Corp., corn. (guar.)
National Fuel Gas (guar.)
•25e. Apr. 15 *Holders of rec. Mar.30
•50c. May 1 •Holdes I rec. Apr. 15
National Lead, class B pref. (quar.)
Preferred (guar.)
61.50 May 1 Holders of rec. Apr.
4
.1M Apr. 10 "Holders of rec. Mar.30
190 Thompson (John R.) CO..
Nat. Rubber Machinery (No. 1)
*50c. Apr. 15 'Holders of rec. Mar.20
(monthly).
30e. May 1 Holders of rec. Apr. 230
New Bradford 011 (guar.)
Monthly
•1234c Apr. 15 *Holders of rec. Mar.
30e. June 1 Holders of rec. May 236
30
Tobacco Prod. Corp.COM.(320 par)
N.J.Bond & Shareholding, pref.(qu.)
- 13.1 Apr. 15 Holders of rec. Apr. 1
35c. Apr. 15 Holders of req. Mar. 250
(flu.)
Newmont Mining (guar.)
Common (3100 par) (guar.)
$1
Apr. 15 Holders of rec. Mar.30
13/ Apr. 15 Holders of rec. Mar.250
Toddy Corporation.class A (guar.)
Newton Steel, pref.(guar.)
*134 Apr. 30 *Holders of rec. Apr.
•500. Apr. 10 *Holders of rec. Mar.20
5
New York Air Brake (guar.)
75c. May 1 Holders of rec. Apr. 40 Tonopah Mining of Nevada
7350 Apr. 20 Mar. 31 to Apr. 7
Tooke Bros., Ltd.. Pref. (guar.)
New York Hamburg Corp
.31.25 Apr. 29 *Holders of rec. Apr. 15
134 Apr. 15 Holders of rec. Mar.30
Transamerica Corp.(quar.)(No. 1)_ -- *81
N. Y. & Hanseatic Corp
3
Apr. 15 Holders of rec. Mar. 28
Apr. 25 "Holders of rec. Apr. 5
Stock dividend
New York Investors, Inc.. corn
60c. Apr. 15 Holdres of rec. Apr. 1
'Cl
Apr. 25'Holders of rec. Apr. 5
Truscon Steel common (guar.)
Second preferred
3
Apr. 15 Holders of rec. Apr. 1
300. Apr. 15 Holders of rec. Mar.264
Tueketts Tobacco,corn.(guar.)
Nichols Copper Co., class B
.75c. May 1 *Holders of rec. Feb.
Si Apr. 15 Holders of rec. Mar.30
Preferred (guar.)
ClassB
*75c. Nov. 1 *Holders of rec. Feb. 1
$1.75 Apr. 15 Holders of rec. Mar.30
Union Steel Casting, pref. (guar.)
Nilee-Bement-Pond. pref. (guar.)
'134 June 29 *Holders of rec. June 1
$1.75 Apr. 10 Holders of rec. Apr. 1
19
IsTmesing mines(guar.)
United Biscuit, pref.(quar.)
7340. Apr. 20 Holders of
141 May 1 Holders of rec. Apr. 176
United Electric Coal Co., corn. lunar.)..
North Amer. Investment.6% pf.(quar.) 134 Apr. 20 Holders of rec. Mar.30
75c. June 1 Holders of rec.
rec. Mar.
United Linen Supply, class B (guar.)
156
53.4% preferred (quar.)
134 Apr. 20 Holders of rec. Mar. 31
*31.50 Apr. 20 *Holders cf rec. May 15
Apr.
31
United Paperboard. prof.(guar.)
Northern Manufacturing. pref.(guar.)
19e. June 1
$1.50 Apr.
United Piece Dye Wks..prof.(quar.)_.. *161 July 15 Holders of req. Apr. la
Preferred (guar.)
19e. Sept. 1
1 *Holders of rec. June 20
Preferred(guar.)
Preferred (guar.)
190. Deo. 1
•144 Oct. 1 "Holders of rec. Sept.20
Preferred (guar.)
Northwest Engineering, corn. (guar.)... *50e. May 1 *Holders of rec. Apr.
'13.4 Jan2'30 "Holders of rec. Dec. 20
15
United Profit Sharing. pref
Ohio Brass, class B (quar.)
$1.25 Apr. 15 Holders of rec. Mar.
40e. Apr. 30 Holders of rec. Mar. 30
28
United Verde Extension Mining (qu.).. SI
Preferred (quar.)
114 Apr. 15 Holders of rec. Mar.28
May 1 Holders of rec. Apr. 4
United Wholesale Grocery, pref. A
011 Shares, Inc., pref. (quar.)
The. Apr. 15 Holders of rec. Apr.
50 U.S. Cast Iron Pipe & Fdy.. corn.(qu) 183.4 Apr. 15 Holders of rec. Mar. 254
011 Well Supply. pref. (guar.)
(qu.)
134 May 1 Holders of rec. Apr. 12
500. Apr. 20 Mar.31 to Apr. 25
Common (guar.)
Oliver United Filters, class A (quar.).- •50e. May 1 *Holders of rec.
50e. July 20 Holders of rec. June 290
Apr. 19
Common (guar.)
Otis Elevator common (Quar.)
$1.50 Apr. 15 Holders of rec. Mar. 30a
500. Oct. 21 Holders of rec. Sept. 306
Common (guar.)
Preferred (guar.)
50c. Jar:120'30 Holders of rec. Dec. 316
134 Apr. 15 Holders of rec. Mar. 30a
First & second pref.(guar.)
Preferred (guar.)
300. Apr. 20 Mar. 31 to Apr. 25
13.4 July 15 Holders of rec. June 290
First & second pref. (guar.)
Preferred (qar.)
134 Oct. 15 Holders of rec. Sept. 300
300. July 20 Holders of roe. June 296
First & second pref. (guar.)
Preferred (guar.)
300. Oct. 21 Holders of rec.
114 J'n15'30 Holders of rec. Dec. 31a
306
First & second pref. (guar.)
Pacific Associates(guar.)(No.1)
30e. Jan20'30 Holders of rec. Sept.310
•60c. May 15 'Holders of rec. Apr. 30
Dee.
U.S. Finishing, corn.(guar.)
Pacific Coast Biscuit. corn.(qu.)
134 Apr. 15 Holders of rec. Apr.
•25e May 1 *Holders of rec. Apr. 15
U.S.Industrial Alcohol,corn.(guar.)
Preferred (quar.)
*31.50 May 1 *Holders of rec. Arm. 15
*8730 May 1 *Holders of rec. Apr. 15
U. B. Leather
Pacific Equities (quar.)
•500 Apr. 15 *Holders of rec. Mar.31
1111
Class A partic. & cony. stock (00.).... $1
Extra
July 1 Holders of rec. June I0a
•10e Apr. 15 *Holders of roe. Mar. 31
.
Class A partie. & cony. stock (qu.)
51
Oct. 1 Holders of rec. Seel. 100
Name of Company.
[VoL. 128.
FINANCIAL CHRONICLE
2230
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
50c Apr. 15 Holders of rec. Apr. 1
1U Apr. 15 Holders of rec. Apr. 1
Preferred (guar.)
4a
(qu.)_ 87Ac Apr. 15 Holders of rec. Apr. 4a
U.S.Smelt. Refg & Mining. corn.
87 Mc. Apr. 15 Holders of rec. Apr.
Preferred (quar.)
75c May 1 Holders of rec. Apr. 16
Leaf Tobacco, corn. (quar.)_
Universal
May I Holders of rec. Apr. 152
Universal Pipe & Radiator. pref. (roar.) 114 Apr. 15 *Holders of rec. Apr. 1
.40c
Upson Company, el. A & 13 (guar.)
•10c Apr. 15 *Holders of rec. Apr. 1
Class A & 13 (extra)
May 1 Holders of rec. Apr. 15
Vadsco Sales Corp., pref.(qu.)(No. 1)_ _ $1.75 June 10 *Holders of rec. June 1
•18
Vapor Car Heating. Pref.(quar.)
•1% Sept. 10 *Holders of rec. Sept. 2
Preferred (quar.)
•1% Dec. 10 *Holders of rec. Dec. 2
Preferred (quar.)
May 1 Holders of rec. Apr. la
Victor Talking Mach., corn.(guar.)._ _ _ $1
1% Apr. 15 Holders of rec. Apr. I
Old preferred (quar.)
51.75 May 1 Holders of rec. Apr. la
Prior preference (quar.)
$1.50 May 1 Holders of rec. Apr. la
Convertible pref. (quar.)
•35c. June 10 •Holders of rec. May 31
Volcanic 011 & Gas (quar.)
.5c June 10 *Holders of rec. May 31
Extra
•35c Sept. 10 •Holders of rec. Aug. 31
Quarterly
.5c Sept. 10 *Holders of rec. Aug. 31
Extra
*350 Dec. 10 *Holders of rec. Nov. 30
Quarterly
.5c Dec. 10 *Holders of rec. Nov. 30
Extra
lla
14 Apr. 20 Holders of rec. Apr. lla
Vulcan Detinning pref. & pref. A (qu.)
Apr. 20 Holders of rec. Apr.
53
dive.)
Prof.(acct. accumulated
1 •Holders of rec. June 22
•134 July
Waltham Watch, pref. (quar.)
•134 Oct. 1 Holders of rec. Sept. 21
Preferred (guar.)
*62 Sic May 1 *Holders of rec. Apr. 15
Warchell Co., pref. (qu.)(No. 1)
Holders of rec. Apr. 30
Warren (A. D.) Co.. corn.(qu.((No. l)_ $1.50 May 15 Mar. 22 to Mar. 31
m50c. Apr. 1
m Weinberger Drug Stores (guar../
.25e Apr. 25 *Holders of rec. Apr. 5
West Coast Bancorp., Cl. A &
114 Apr. 15 Holders of rec. Mar. 31
Western Grocers. Ltd., pref.(guar.)
50c. Apr. 30 Apr. 1 to Apr. 9
Westinghouse Air Brake(guar.)
Apr. 30 Holders of rec. Mar. lia
El
Westinghouse El. & Mfg. corn. (quar.)
Apr. 15 Holders of rec. Mar. lla
$1
Preferred (guar.)
50c. Apr. 20 Holders of rec. Mar. 29
White Eagle 011 & Refg. (quar.)
.40c. May 1 •Holders of rec. Apr. 15
Wieboldt Stores, Inc. (quar.)
•251 May 1 *Holders pf rec. Apr. 15
Winsted Hosiery (Quar.)
•34 May 1 *Holders of rec. Apr. 15
Extra
54 Aug. 1 *Holders of rec. July 15
Quarterly
•Si Aug. I *Holders of rec. July 15
Extra
of rec. Mar. 30
Worthington Ball Co., Did. A.(qu.)- - - .50c. Apr. 15 *Holders of rec. Apr. I5a
Holders
Wright Aeronautical Corp. (stock div.). el00 Apr. 30 Holders of rec. Apr. 20
25c. May 1
Wrigley (Wm.) Jr. Co.(monthly)
25e. June 1 Holders of rec. May 20
Monthly
25c. July 1 Holders of rec. June 20
Monthly
25c. Aug. 1 Holders of rec. July 20
Monthly
V. S. Radiator, corn. (quar.)
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 Mar. 30:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR THE WEEK ENDED SATURDAY, MAR. 30 1929.
NATIONAL AND STATE BANKS-Average Figures.
Oth.Cash, lies. Dep., Dep.Other
Gross.
Gold. Including N. Y. and Banksand
Bk. Notes Elsewhere TrustCos. Deposits.
Loans.
$
Manhattan161,143,700
Bank of U.S
Bryant Park Bank 2.091,600
Chelsea Exch. Bk. 24.117,000
Grace Notional__ 18.125,700
Harriman Nat'l__ 34.643,000
3,937,300
Port Morris
130,974,000
Public National
Brooklyn
65,674,900
Municipal
21,540,000
Nassau National_
8,300,000
Peoples National_
2.726.800
Traders National_
Exchange has ruled that stock
•From unofficial sources. 1 The New York Stock
until further notice I The
will not be quoted ex-dividend on this date and not
be quoted exCurb Market Association has ruled that stock will not
New York
notice.
dividend on this date and not until further
stock.
not closed for this dividend. d Correction. e Payable in
a Transfer books
On account of accumulated
f Payable in common stock. g Payable In scrip. b
dividends. J Payable in preferred stock.
in cash or 75-1,000 share of
S General Realty & Utilities dividend payable either
common stock.
is 1-100th of a share for each
k Southeastern Power & Light corn, stock dividend
share held.
stock.
I 60e. cash or one-fifteenth share class A common
Wc. quarterly and 60c. tra.
M Incorrectly reported in previous Issues as
payable In quarterly installments.
Coty, the.. declared a stock dividend of 6%.
called for March 29.
y Subject to stockholders' approval at meeting
a Payable also to holders of coupon No. 9.
basis. The company has
r Rio Grande 011 stock to be placed on a $2 per annum Si payable on or before
declared El payable July 25 and intends to declare another
on each 100 shares, the first
Jan. 25 1930. The stock dividends are 15i shares
to declare a second
1)4% having been declared payable April 25 with the intention
154% payable on or before Oct. 23.
Exchange rules Certo Corp. be not quoted ex the stock dividend
I New York Stock
until March 1.
I-32d share of class B on class A
o American Cities Power & Light dividends are
class A stock having the
stock and 1% in class B stock on the class 13 stock, the
taking cash at rate of 75e. per share.
option of
depositary.
w Less deduction for expenses of
in class A stock at rate of 23.4%
z Associated Gas & Elec. dividend payable
Of one share for each share held.
payable either 30e. cash or 23.4% in stock at option
y Seagrove Corp. dividend
of stockholders.
$
3
$
$
$
21,000 2,023,200 19,417,400 1,360,400 149,759.900
178,200
2,165.600
90,900 143,700
765,000
22,876,000
.1,731,000
4,500 111,300 1,527,000 1,773,000 16,294.700
20.000 730.000 4,444,000 822,000 40,000,000
192,700
95.300 3,433,800
96.700
31.500
31;000 2,177,000 7,852,000 13323000 129,625,000
42,400 1,727,500 5,359,000
83,000 294.000 1,562,000
555,000
5,000 120,000
305.400
52.700
____
76,900 64,150,500
617,000 18,475,000
91,000 7,900,000
32.500 2.217.600
TRUST COMPANIES-Average Figures.
Loans.
Cash.
Res're Dep., Depos.Other
N. Y. and Banks and
Elsewhere. Trust Cos.
$
5
$
Manhattan755,600 10,609,000
53,994.000
American
117,790
853,072
17,183.012
Bk.of Europe & Tr
562.460 1,588,818
22,123.393
Bronx County
245,291,000 .32,297,000 4,995,000
Central Union
77,374,200 .5,156,200 3.349,200
Empire
1.391.509
194,424
18,323,641
Federation
281,000
14.747.000 *2.013,200
Fulton
408,610,000 3,702.000 49,506,000
Manufacturers
70,483.693 3.766.667 8.016,192
United States
Brooklyn
122,355,500 2.858.000 19,501,000
Brooklyn
28,730,570 1.932.192 2,328.963
Kings County
Bayonne, N. J.
754.950
244 242
0.14e 5:311
Mechanic.'
Gross
Deposits.
5
3
21.800 54,669,900
16,573,604
21,726,674
3.273,000255.168.000
3,117,000 73,733.000
217.394 18,461,093
4,423,300
1,897,000 359,263.000
56,750,754
116.672,600
26,643.920
284.289
9.289.728
• Includes amount with Federal Reserve Bank as follows: Central Union;
331,317,000; Empire, 23,535,000; Fulton, 21,906,900.
-In the
Boston Clearing House Weekly Returns.
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
April 5
1929.
Changesfrom
Previous iVeek
Mar. 27
1929.
Mar. 20
1929.
$
$
86,550,000
86,550,000
89,550,000 Unchanged
Capital
+1,435,000 111,949,000 119,949,000
113,384,000
Surplus and profits
Loans, disc'ts & Invest143_ 1,141,117,000 +15.847,000 1,125.270,000 1,120,399,000
673,239,000 +14.970,000 658,2611,000 674,777,000
Individual deposits
+8,765,000 128,422,000 134,134,000
137,187,000
Due to banks
+1,191.000 276,140,000 277,335,0W
277,331.000
Time deposits
13,296,000
15,431,000
-192,000
15,239,000
United States deposits....
32.511,000
31,240,000
45,634,000 +14,394,000
Exchanges for Cie. House
86,855.000
78,660,000
+5,867.000
84,527.000
from otljer banks...
Due
81.412.000
79.526.000
82,307,000 +2,781,000
Retry° in legal depositor's
8,761,000
8,475,000
-260,000
8,215,000
Cash in bank
737.000
662,000
1,932,000 +1.270.000
Bk.
Ree've excess in F. R.
Weekly Return of New York City Clearing House.
Beginning with Mar. 31 1928, the New York City Clearing
House Association discontinued giving out all statements pre-The Philadelphia Clearing House
Philadelphia Banks.
viously issued and now makes only the barest kind of a report.
The new return shows nothing but the deposits, along return for the week ending Mar.30,with comparative figures
for the two weeks preceding, is given below. Reserve
with the capital and surplus. We give it below in full:
MEMBERS OF THE NEW YORK CLEARING HOUSE requirements for members of the Federal Reserve System
STATEMENT OF THE
MAR. 30 1929.
are 10% on demand deposits and 3% on time deposits, all
ASSOCIATION FOR 11EEK ENDED SATURDAY,
to be kept with the Federal Reserve Bank. "Cash in vaults"
Time
*Surplus & Na Demand
is not a part of legal reserve. For trust companies not
Deposits
Deposits
Unditided
•Capttal.
House
Clearing
Average.
Average.
Profits.
members of the Federal Res.erve System the reserve required
Members.
$
$
$
is 10% on demand deposits and includes "ReserVe with
$
9,058,000
61,072,000
6.000,000 13,324.400
Bank of New York & Tr. Co_ k22,250.000 k42,424,400 172,712,000
42,016,000 legal depositaries" and "Cash in vaults."
Bank of the Manhattan Co__ 25,000.000 37,384.600 141,607,000
48,588,000
Beginning with the return for the week ending May 14 1928,
Bank of America Nat'l Asso...
1100000.0001112693,300 a899.818.000 163.981,000
National City Bank
10,091.000 the Philadelphia Clearing House Association discontinued show6,000,000 20,294.200 126,361,000
Chemical National Bank
34,527.000
304,595.000
49,295,300
National Bank of Commerce_ 25.000.000 15,460,600 154.039.000
41,245,000 ing the reserves and whether reserves held are above or below
Chat.Phex. Nat. Bk. & Tr.Co 13,500.000 g21,983,000 120.438,000
3,034,000
510,000.000
the end
Hanover National Bank
32,818,000 requirements. This will account for the queries at
112.100.000 121,157,000 170,504,000
Corn Exchange Bank
11,249,000 of the table.
10,000,000 25,594.800 125.935,000
National Pork Bank
12.571.000
242,647,000
92.684.400
10,000,000
First National Bank
40,000.000 54.084,000
Irving Trust Co
1,000.000 1,522,300
Continental Bank
161,000,000 180,067,300
Chase National Bank
500.000 3.382,100
Fifth Avenue Bank
11.000,000 15,912.900
Seaboard National Bank
25.000.000 77.387,200
Co
Bankers Trust
5,000.000 6.187,200
U. S. Mtge. & Trust Co
10,000,000 22.577.900
Title Guarantee & Trust Co
40,000,000 63,377,000
Guaranty Trust Co
4,000,000 3.771.400
Fidelity Trust Co
3,000,000 4,087,800
Lawyers Trust Co
10,000,000 25,938,100
New York Trust Co
Farmers Loan & Trust Co... 10,000,000 23,113,900
30.000.000 27,098,900
Equitable Trust Co
7,000,000 7,000,000
Com'l Nat. Bank & Trust Co_
Clearing Non Member.
Mechanics Tr. Co.. Bayonne.
500,000
816,400
364.899.000
9,696,000
b589,189,000
25.093,000
120,289,000
c313.419,000
57,484,000
34,467,000
5463,401,000
41,835,000
19,540,000
144,868.000
e125,359,00(
1340.983,000
32,952,000
3,306,000
As, oan nnn or,. annonn Ronk ens
•
.
nnn
48,223,000
660,000
66,820.000
932.000
5,978,000
63.737,000
5,168,000
2,692.000
68,578,000
5.128,000
2,617.000
24,751,000
29,307.000
39,249,000
2,450.000
5.627,000
751
nn, nn
•
Dec. 31 1928: trust
15 e:As per official reports: National, Dec. 31 1928: State,
companies. Dec. 31 1928; g As of Jan. 91919. h As of Jan. 26 1929; 1 As of Feb. 1
1929; it As of March 7 1929.
1929. J As of Feb. 16
5 8299,629,000;
lb Includes deposits In foreign hrsnches:15117,352,000. b $14,523,000; c $64,152,000; d 5103,259,000; e 315,712,000;
Week Ended Mar. 30 1929.
Two Ciphers (00)
omitted.
Trust
Members of
I'. B.System Companies .
Capital
59,433,0
Surplus and profits
188,000,0
Loans, discts. & invest. 1,083,315,0
Exch. for Clear. House
47.675,0
Due from banks
107.311,0
Bank deposits
124,492,0
Individual deposit&._ 644.255,0
Time deposits
210,946,0
Total deposits
979,693,0
Res. with legal depoe_
Res. with F. R. Bank.
68,830,0
Comb In vault'
10.758.0
Total res. & cash held_
79,588.0
Reserve required
Excess reserve and cash
In vault
P. Cub In
Mar. 23
1929.
Mar. 16
1929.
Total.
$
3
68,933,0
68,833,0
68,933.0
9,500,0
18,521,0 206.521,0 201,166,0 201,041,0
1,181,953.0 1.171,1145,0 1,168,958,0
98,638,0
40,466,0
42,093.0
48,489,0
814,0
92,508,0
93,498,0
744,0 108,055.0
2,438,0 126,930,0 126,252.0 128,506,0
45,304,0 689,559,0 664,039.0 671,513,0
24,013.0 234,959,0 237,270,0 238,335,0
71,755,0 1,051,448,0 1.027,561,0 1.038,354,0
7.265.0
7,182,0
8,269,0
7.182,0
66,840,0
68,830,0
69,767,0
12,790,0
13,199,0
12.842.0
2,441,0
89,211,0
86,895,0
00,878,0
9,623,0
vault not counted as reserve for Federal Reserve 'members;
APRIL 6 1929.]
FINANCIAL CHRONICLE
2231
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board
of the twelve Reserve banks at the close of business on Wednesday. Thursday afternoon, April 4 and showing the condition
In the first table we present the results for the system
as a whole in comparison with the figures
for the seven preceding
The second table shows the resources and liabilities separately forweeks and with those of the corresponding week last year.
each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions
in
Reserve Agents and between the latter and Federal Reserve banks. Federal Reserve notes between the Comptroller and
latest week appears on page 2198, being the first item in our department The Reserve Board's comment upon the returns for the
of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE
FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS
APR. 3 1929.
April 3 1929 Mar.27 1929.1Mar.20 1929. Mar.13 1929. Mar. 6 1929.
Feb. 27 1929. Feb. 20 1929.1Feb. 13 1929. April 4 1928.
RESOURCES.
5
Gold with Federal Reserve agents
2
2
5
1,235,237,000 1.271,104,000 1,300.876,000,1.213,407,000 1,183,910,000 1.167,630.000
1,207,199,000.1.214,425,000 1,247,059.000
Gold redemption fund with U.S. Treas_
64,432,000
66,785,000j 70,707.000i
64,353,000
62,119,000
67,836,000
60.476,000i 60.347,000
58,841.000
Gold held exclusively asst. F. It. notes 1,299,669.000 1,337,889.000
1,371.583,000,1,277.760.000 1,246,029,000 1,235.466.000
Gold settlement fund with F.It. Board
1,267,675,600 1.274772.000 1,305,900.000
742,785,000
Gold and gold certificates held by banks. 676,758.000 709,176,000 675,996.0001 767,446,000 788,107.000 796,139,000 764.092,000 752,817.000 794,067.000
662,195,000 664.434,0001 654,919,000 648,701,000 655.241,,00
649.343.000 658,632.000 643,562.000
Totalgold reserves
2,719,212,000 2,709,260.000 2,712,013.000/2,700,125,000 2,682,837,000
2,686,846.000
Reserves other than gold
173,309.000 169,755,000 165,778.000 160,264,000 152,755,000 157.318,000 2,681,110,000 2.686,221.000 2,743,529.000
158,751,000 161,928,000 164,442.000
Total reserves
2,892,521,000 2.879,015,000 2,877,791,000 2,860,389,000 2,835,592,000 2,844.164,000
2.839,881,000 2,848.149,000 2,907,971.000
Non-reserve cash
75,924,000
77,510.000
78,367,000
78,312,000
75,231.000
78.118,000
Bills discounted:
61,504.000
77,396,000
81,967,000
Secured by U. S. Govt. obligations
610.418,000 621,980.000 588,439,000 583,135,000 606,053,000
Other bills discounted
419,434,000 402,150,000 354,298,000 372.488.000 383,119,000 608,752.000 518,271,000 617.744,000 350,602.000
343,730.000 346.709,000 286.205.000 250,874.000
Total bills discounted
1,029,852,000 1.024.130,000 942,737.000 955.623,000 989,172,000
BIM bought in open market
174.703.000 208,427,000 236,838,000 283.101,000 304.644,000 952,482,000 864,980,000 903,949,000 601,476.000
334,075.000 355,636,000 391,058.000 343,636.000
U.S. Government securities:
Bonds
51,609.000
51,611.000
51.611.000
51,618.000
51,594,000
51.593,000
51,592.000
56,233.000
Treasury notes
51,592,000
91,417,000
91.190,000
90,904,000
90.502,000
90,671.000
90,738.000
95,144,000
Certificates of Indebtedness
96,843.000 163,947.000
26,032,000
27,509,000
42.836,000
23.177.000
20,699,000
24.069.000
25,853,000
28.735.000 163.052.000
Total U. S. Government securities... 169,058,000 170,310,000 185,351,000 165,297,000 162,964.000
166,400,000 172.589.000 177,170.000 383,232.000
Othersecurities (see note)
6,845,000
6.845.000
6.845,000
10,250,000
10,250,000
10,075,000
10,075.000
990.000
Foreign loans on gold
9,075.000
7,562,000
1
I
Total bills and securities (see note)__
Gold held abroad
Due from foreign banks (see note)
Uncollected Items
Bank promisee
All other resources
Total resources
LIABILITIES.
F. It. notes in actual circulation
Deposits:
Member banks—reserve account
Government
Foreign banks (see note)
Other deposits
1.380,458,000 1.409,712,000 1.371,771,000 1,421,833,000 1,467,030,000
1.463,032,000 1,403,280,000 1,481.252,000 1,329,334.000
722,000
723.000
723,000
724,000
725,000
729,000
729,000
570.000
731,000
730,174,000 673.689,000 747,690,000 754,786,000 678,483.000
713,637,000 719,244,000 665,350,000 674,074.000
58,693.000
58.693,000
58,691,000
58,691,000
58,660,000
58.600,000
58,656,000
68,656,000
59,274.000
8,483,000
7,970.000
8.010,000
8,255.000
8,062,000
8.246.1300
7,934,000
10,131.000
7,830.000
5.146.975,000 5,107,312.000 5,143.043.000 5,182,990,000 5,123,783,000
5,166,586.000 5.107,100,000 5.143,935,000 5,042,858.000
1,663,649,000 1,652,879,000 1,641,577,000 1,650,009,000 1.666,567,000
1,653,971.000 1.651,595,000 1.659.777.000 1,601,010.000
335,304,000 2,332,181,000 2,339,544,000 2.362.567,000 2,350,497
,000 2,387,250.000 2,318,644,000 2,372.622,030 2,400,808.000
16,900,000
23,405,000
4,570,000
7,773,000
21,577,000
21.156,000
15,187,000
20,862,000
9,980.000
10,558.000
6,058,000
6,047,000
5,834,000
9,766.000
5,606,000
6,475,000
5,310.000
5,371,000
19,715,000
21,742,000
20,149,000
20.611.000
20,704.000
18,960,000
20,715,000
18.889.000
22.667,0013
Total deposit,
Deferred availability items
Capital paid In
Surplus
All other liabilities
2,382.477,000 2.383.386.000 2.370.310.000 2.396.785.0002.402
669,514,000 640,280.000 701.967,000 708,172,000 628,729,000 .544,0002.412.072.0002.434.987.000
640,560,000 623.648.000
154.307,000 154,310,000 1.53.730.000 152,521.000 152,118.000 675,013,000 671,503,000 .
254,398.000 254,398,000 254.398,000 254,398,000 254,398,000 151,266.000 150,196.000 149,764,000 135,731.000
254,398,000 254.398.000 254,398,000 233,319.000
22.630,000
22,059,000
21,061.000
21.105.000
19,427,000
18,966,000
18,387,000
17,914,000
14,163.000
Total liabilities
5.146,975,000 5,107.312.000 5,143,043,000 5,182,990,000 5,123,783,000
5,166,586.000 5,107.100.000 5.143,935,000 5,042,858.080
Ratio of gold reserves to deposits and
F. It. note liabilities combined
67.1%
67.8%
66.7%
65.9%
66.6%
65.8%
Ratio of total reserves to deposits and
65.8%
68.0%
F. It. note liabilities combined
71.5%
71.3%
71.7%
70.7%
69.7%
69.9%
Contingent liability on bills purchased
70.8%
72.1%
69.8%
for foreign correspondents
338,287.000 332,165,000 329,194,000 306,944.000 303,397,000
305,461,000 306,830,000 312,893,000 242,084.000
Distribution Si' Maturities—
$
2
$
2
2
2
1-15 days bills bought in open market _
2
2
2
79.288,000
93,984,000 124,186,000 148,860.000 145,352,000
1-15 days bills discounted
855,144.000 865,446,000 776,069.000 787,080,000 818,385,000 134,661,000 122,069.000 140.202,000 150,047,000
789,566,000 708,979,000 767,210,000 507,860.000
1-15 days U. S. certif. of Indebtedness_
2,420,000
2,940,000
19,275,000
794,000
1.705,000
1,737.000
884.000
1-15 days municipal warrants
706.000
940,000
16-30 days bills bought In open market _
4 L.937,000
52.370,000
54,169,000
64,002,000
81,997.000 104.774.000 104.340.000
16-30 days bills discounted
89,121,000
75.649,000
45.810,000
40,319.000
02,865,000
45,414,000
43,094,000
41,273.000
35,853,000
16-30 days U. S. certif. of indebtedness_
35,609,000
23,851,000
188.000
8.216,000
16-90 days municipal warrants
7.779,000
31-60 days bills bought In open market _
27,855.000
33,147,000
36,423,000
51,249,000
61,864.000
77,558,000 106.076,000 135.951.000
51-60 days bills discounted
57.775.000
70,143,000
65,365,000
73,860,000
69,563,000
70,834.000
69,807.000
31-60 days U. S. certif. of Indebtedness
67,067,000
56,914,000
36,347,000
51-60 days municipal warrants
4.000
61-00 days bills bought in open market. 23,489.000 26,164.000 19,123,000 14,613,000 11,504.000
13,419.000
61-90 days bills discounted
19,326,000
54,808,000
23.381.000
48,324.000
42,679.000
39,763,000
44,156,000
47,483.000
42.589,000
61-90 days U. S. certif. of Indebtedness_
43.758.000
23.957,000
33,905,000
80.000
128,000
39,000
61-90 days municipal warrants
2,000
1.000
Over 90 days bills bought In open market
2.134.000
2,762,000
2,937,000
4.377,000
3,927,000
3,663,000
Oyer 90 days bills discounted
3,825.000
2,403.000
5,357,000
10,431.000
10,321,000
10,180.000
9,410,000
9,376,000
9,247,000
Over 90 days certif. of Indebtedness
9.323.000
.
9,461,000
10,311.000
23.532,000
24,441,000
23,522.000
22.383.000
18,994,000
22.144.000
Over 90 days municipal warrants
16,753.000
20,215,000 162,110,000
F. R. notes received from Comptroller
V. R. notes held by F. R. Agent
Issued to Federal Reserve Banks
.„859.913,000 2,867,384,000 2.873,578,000 2.882,693,000
796.307.000 816,637,000 824,062,000 833,452,000 2,890,834.000 2.895.166,000 2,905.238,000 2,911.688,000 2,812.162,000
823,632,000 838,812,000 854.572,000 857,443,000 853,110,000
2.063,606,000 2,050,747,000 2.049.616.0002,049.241,000
2.067.202,0002,056,354.000 2.050,766,000 2,054.225.000 1,959,052,000
How Secured—
ay gold and gold certificates
367,595,000 367,195,000 363,195,000 363,195,000
Gold redemption fund
95,491.000
1.7,659,000
97,222.000
99,244,000
Gold fund—Federal Reserve Board.._ 772,151,000 806,250.000
840,459.000 750,968,000
By eligible paper
1,150.767,000 1,178.876.000 1,130.676,000 1,183,273,000
414,140,000
362,645.000 362.645,000 362,645,000 360.145,000 100,639,000
87,479,000
94,768,000 101.300.000
93.611,000
733.786.000 710.217,000 743.250.000 760,669.000 732,280,000
1.256.975,000 1,240,409.000 1.175.606,000 1,244.987.000 910,945,000
TetaL
2.386.004.000 2.449.960.0002.431.552 0011 2 200 son noon adil Reg ma 9 Ana
noo non', goo one non', a no elo nnn 7 122_004.006
NOTE.—Beginning with the statement of Oct. 7 1925,
40 foreign correspondents. In addition, the caption, "All two new Items were added in order to show separate y the amount of balances held abroad and amounts due
other earning assets," previously
made up of Fedora Intermediate Credit Bank debentures, was changed to
l'Other securities," and the caption. -Total earning assets" to
"Total
the discounts, acceptances and securitiee acuulred under the provisionbills and securities." The latter item was adopted as a more accurate description of the total of
of Sections 13 and 14 of the Federal Reserve
therein
Act, which. It was stated, are the only items included
WEEKLY STATEMENT OF RESOURCES AND LIABILITIE
S OF EACH OF THE 12 FEDERAL
RESERVE BANKS AT CLOSE OF BUSINESS APR. 3 1929
Two ciphers (00) onititea•
Total.
Boston. New Fork. Mita. Cleveland.
Federal NeilITO Bank of—
Richmond Atlanta. Chicago. St. Louts. Mtnneap. Kan.City. Dallas.
San ?rasa
RESOURCES.
$
$
$
$
$
5
5
$
3
Gold with Federal Reserve Agents 1.235.237.0 82,559.0 281,582,0 83,887,0 157.288,0
i
$
$
2
40,674,0 99,195,0 182,391,0 16,746,0 58,293,0 52,638,0 25,427,0
64.432.0 13,787.0
fund with U.S. Treas.
Gold redo
9,323,0 9,319,0 5,980,0 2,647.0
154,557.0
3,043,0 9,595,0 5,890,0 3,674,0 2,570.0 1,732,0 3.872,0
Gold held excl. asst. F. R.notes 1,299.669,0 80.346.0 290,905,0 93,206,0 163,268.0
Gold settlel fund with F.R.Board 742.785.0 72.584,0 254.357.0 28,599.0 60,006,0 43.321.0 102,238.0 191,986,0 22,636,0 61,967,0 55,208,0 27,159,0 158,429,0
Gold and gold UN held by banks 676,758.0 21,047,0 423,304.0 37.836,0 46,735.0 10,092,0 17.136,0 148,432,0 26,451,0 21.792,0 37.783.0 31,650,0 34,903.0
14,979,0 8.195,0 65.117,0 9,962,0 5.668,0 4,978.0
10,566.0 28,371,0
2,719.212,0 182,977,0 968,566.0 159,641.0
Total gold reserves
260,009.0
173,309.0 16,062,0
49,536,0 7.585,0 14.465,0 77.392,0 127,569.0 405,535,0 59,049,0 89.427,0 97.969,0 69,375,0 221,703,0
Reserve other than gold
7,444,0 9,046.0 23,371,0 14,811.0 2,598.0
5,692,0 6.867,0 15,832,0
2.892.521,0 199.039,0 1,018.102,0 167,226,0
Total reserves
274,474,0 84,836.0
75,924.0 6.203.0
Non-reserve cash
29,327.0 2.477.0 6,695,0 4,849,0 136.615.0 428,906.0 73.860,0 92.025,0 103.661.0 76,242,0 237.535,0
4,515,0 7,931,0 4,215,0 1.132,0 1.746,0 2,791,0 4,043,0
Bills discounted:
See. by U.S. Govt. obligations 610.418.0 38,311.0 160.135,0 60,939,0 55,060,0 18,580,0
Other bills discounted
419.424,0 34.187,0
75,393,0 43,921.0 34,868.0 30.976,0 15,918,0 134,421,0 31,710.0 10.693,0 16,704,0 7.852,0 60,195,0
43,674,0 70,334,0 29,458,0 2,517,0 21,579,0 6.873,0 25,654.0
—
Total billsdIscounted
1,029.862.0 72.498,0 235,528,0 104,860,0 89.928,0 49.556,0
Bills bought In open market
174.703,0 21,224.0
26,877.0 16,192,0 21,938,0 10,379,0 59,592,0 204.755,0 61.168,0 13,110,0 38.283,0 14.725,0 85.849,0
10.176,0 10,374.0 6.837.0 6,363,0 8,612.0 13,227.0 22,504,0
U. S. Government securities:
Bonds
689.0
51.669,0
1,384.0
585,0
548,0 1,152,0
23.0 19,937,0 7,125,0 4,534,0 7,755,0 7,813,0
Treasury notes
64.0
91.417.0 3,481,0
12,727.0 10,639.0 28,964,0
90.103 3,677.0 6,959,0
237,0 4,815,0
</ertlficates of Indebtedness
26,032,0 2,219.0
902,0 4,581,0 13,532,0
9.422,0 7,846,0
961,0
301,0
307.0 1,822,0
438,0 1.136,0
976,0
604,0
Total U. B. Gov't securities
1,10 11.55 0
6.380.0
23.533.0 19.070.0 30.473.0 2 355 0 4 0070 05 712 0 7 'Sc.', n flea,
n
0 70/
n
19 00S0
14 8720
[VoL. 128.
FINANCIAL CHRONICLE
2232
RESOURCES (Concludo0—
Two Ciphers (00) omitted.
New York.
Boston.
$
Dtherseourities
Foreign loans on gold
Taal.
$
$
I
$
$
$
$
$
$
1,380,458,0 100.111.0
53,0
722,0
730,174.0 72,568,0
58.693,0 3,702,0
294,0
8,483.0
$
$
$
2,000,0
2,095,0
6,845,0
Total bills and securities
Due from foreign banks
Uncollected Items
Bank premises
another
Cleveland. Richmond Atlanta. 6'hicago. Si, Lauf.. Minneap. Kan.otty. Daum. son From
Phila.
1,250.0
1,500,0
288,033,0 140,122,0 112,339.0 62,291.0 73.775,0 243,847,0 75,367,0 31,260.0 58,188,0 40.9500 124.175,0
52.0
33,0
99,0
29.0
18,0
2.4,0
74,0
28,0
24,0
69,0
219,0
215,995,0 65,053,0 66,786,0 51,219,0 25,299,0 90,247,0 30,342,0 12,664,0 39,913,0 23,729,0 36,359,0
16,087,0 1,752,0 6,535,0 3,575,0 2.744,0 8,529,0 3,893,0 2,110,0 4,140,0 1,922.0 3,704,0
491,0
640,0 1.930,0
885,0
385,0
724,0
520,0
333,0
201,0 1,204,0
876,0
5,146,975,0 381,970,0 1,568,639.0 376,900,0 498,107,0 207,443,0 244.906,0 780,444.0 188,091.0 139,933,0 208,005.0 146,178,0 406,359.0
Total resour•ces
LIABILITIES.
F. R. notes In actual circulation- 1,663,649,0 130,557,0 300,197,0 138,927,0 203,925,0 71,532,0 136,216,0 296,477,0 58,094.0 65,239,0 67,138,0 38,114,0 157,233.0
Deposits:
51,571,0 90,100,0 67,945.0 173,319.0
Member bank—reserve awl 2,335,304,0 144,041,0 939,102,0 135,786,0 184.778,0 68,362,0 65,339.0 336.784,0 78,177,0
321,0
958,0
605.0
824.0 1,947,0
247,0 - 449,0
306,0
817,0
707.0
8,696,0
928.0
16,900,0
Government
488,0
305,0
403,0
878.0
561,0
476,0 1,671,0
493,0
2,055,0 1,171.0 1,244,0
903,0
10,558,0
Foreign bank
245,0
700,0 1,846,0
23,0 7,810,00
321,0
112,0
135,0
732,0
186,0
7,540.0
65,0
19,715,0
Other deposita
2,382,477,0 145.937,0 957,393.0 137,850,0 187.571,0 69,341,0 66.774,0 341,102,0 81,464,0 52.726,0 91,171,0 68,820,0 182,328.0
Tetal deposita
669,514,0 74.299,0 178,445,0 59,765,0 63,418,0 46,768.0 24,450,0 82,743,0 30,965.0 10.808,0 35,582,0 25.475,0 36,796,0
Maenad availability items
55,261,0 14,977,0 14.683,0 6,179,0 5,339,0 19.351,0 5,508,0 3.099,0 4,293,0 4.439,0 10,872,0
154,307,0 10,306,0
Capital said in
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
Surplus
979,0
735.0
640.0 1.152,0
6,061,0 1,280.0 2,165,0 1,224.0 1,573,0 4.329,0 1,240,0
22.630,0 1,252,0
ill other liabilities
5.146,975,0 381,970,0 1,568.639,0 376.900,0 498,107,0 207,443,0 244,906,0780,444,0 188,091,0 139.933,0 208,005,0 146,178,0 400,359,0
Total liabilities
Memoranda.
78.0
65.5
52.9
71.3
67.3
70.0
67.3
60.2
70.1
60.4
81.0
72.0
71.5
(percent)
Reserve ratio
Contingent liability on bills pur46,227.0 13,497,0 8,436,0 11,136,0 11,136,0 24,295,0
chased for foreign corresPond'ts 338,287,0 24,069,0 103,102,0 32,393,0 34,417,0 15,521,0 13,160,0
F. R. notes on hand (notes reed
from F. R. Agent less notes in
goo OA, n AA 094 A tno 7,19 A 904000 RA 045n 10 07n A 91 4100 RI 009 n in 077 A 0 R50 n 10 497 n 0 017n As loon
BUSINESS APRIL 3 1929.
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF
Federal Reserve Agent at—
New York.
Boston.
Total.
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louts. Minneap. Kos.Cfly. Dallas. SonFras,
$
$
Two Ciphers (OW omitted—
F.R.notes reo'd from Comptroller 2,859.913,0 222,406,0
notes held by F.R.Agent-- 796,307,0 65,825,0
F.R.
$
$
$
$
$
$
$
$
$
$
3
767,955,0 211,287,0 269,220,0 110,313,0 221,294.0 416,689,0 80,381,0 84,659,0 104.175,0 60,073,0 311,761.9
357.716,0 32.900,0 28,350,0 20.711.0 53,659.0 88,520,0 12,210,0 11,064,0 26,610.0 12,342,0 86.400.0
Jr. R.notes issued to F. R.Bank_ 2,063,606,0 156,581,0
Collateral held as security for
F.P.notes issued to F. R.Bk.
Gold and gold certificates-- 367,595,0 35,300,0
95,491,0 14,259,0
Gold redemption fund
772,151,0 33,000.0
Gold fund—F.R.Board
1,150,767,0 93,645,0
Eligible panes
409,939,0 178,387,0 240,870,0 89,602.0 167.635,0 328,169,0 68,171.0 73,595,0 77,565.0 47,731,0 225,361,0
2,386,004,0 176,204,0
514,385,0 186,958,0 268,643.0 98,460.0 168,406,0 397.231,0 84,155.0 77,634,0 98,838,0 53,119,0 262,071,0
Total eollateral
14,758,0 35,000,0
8.050,0 14,167,0
171,880,0 4,400,0 50,000,0 6,690,0 27,350,0
14,702.0 12,330,0 12,288,0 4,984,0 7,345,0 1,391,0 2,696,0 3,126,0 4,278,0 4,669,0 13,423,0
64,500,0 181,000,0 6,000,0 41,000,0 48,360,0 6,000,0 106,134,0
95,000,0 67,157,0 95,000,0 29,000,0
232.803,0 103,071,0 111,355,0 57,786,0 69,211,0 214.840,0 67.409,0 19,241,0 46,200,0 27,692,0 107,614,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
a
and liabilities of the member banks in 101 cities from which weekly returns are obtained. These figures are alwaysin
week behind those for the Reserve banks themselves. Definitions of the different items in the statement were given
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 2198 immediately
preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
sold with
Beginning with the statement of Jan. 9 1929, the loan figures exclude "Acceptances of other banks and bills of exchange or drafts sold with
bills
endorsement," and include all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and obligations are
S. Government
endorsement were included with loans, and some of the banks included mortgages in investments. Leans secured by U.Reserve are not any more subthe
no longer shown separately, only the total of loans OD securities being given. Furthermore, borrowings at totalFederal
being given. The number of reporting
divided to chow the amount secured by U. S. obligations and those secured by commercial paper, only a lump
the San
to exclude
is now omitted: In its place the number of cities Included has been substituted. The figures have also been revised The figuresa bank ingiven In
banks
are now
Jan. 2, which recently merged with a non-member bank.
Francisco district, with loans and investments of 8135,000,000 on
round millions instead of in thousands.
AS AT CLOSE OF
1
PRINCIPAL RESOURCES AND LIABILITIES 01 WEEKLY REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT
BUSINESS ON MARCH 27 1929. (In millions of dollars.)
Federal Reserve Disila.
Total.
Boston. New York
Phila.
Cleveland Richmond Atlanta. Chicago. St. Louts. Minneap. Kan. City Dallas. San Prams
8
385
683
499
8
1,952
2,619
529
257
449
359
1,809
1,229
1.390
244
280
84
173
144
305
113
246
424
885
135
753
191
122
234
140
643
66
69
362
391
78
113
72
56
112
122
99
41
388
256
40
13
41
10
248
38
46
7
28
6
58
12
35
8
110
20
1,026
977
24
350
244
8
333
231
15
1.796
1,241
37
383
235
3
226
132
2
504
181
4
306
147
21
789
969
20
62
146
101
199
47
96
77
114
222
461
53
122
41
89
111
290
59
88
139
190
71
68
23
11
108
2511
10
a
nn
648
$
3.372
1,540
523
513
717
823
204
320
157
355
328
686
160
103
224
331
355
74
86
808
70
74
16
125
28
882
474
13
5.853
1.720
133
709
277
16
1,150
2,796
57
111
182
980
779
42
246
$
22,543
$
1.511
$
8,612
Loans—total
16.557
1,125
6,411
925
7.592
8,965
475
650
3.287
3,124
5,986
386
2,201
3,086
2,900
189
196
1,211
990
1,706
243
92
17
13,156
6,827
305
$
2.226
51.5
410
On securities
All other
Investments—total
U.S. Government securities
Other securities
Reserve with F. R. Bank
Cash In vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
FtnrrnyIntra tram
F. R. Bank
*Subject to correction.
$
720
683
Loans and Investments—total
8
1,253
i
8
8
8
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 3 1929.
In comparison with the previous week and the corresponding date last year:
April 3 1929. Mar.27 1029. April 4 1928.
Resources (Concluded)—
$
Resources—
281.582.000 281.581,000 228.646,000 Gold held abroad
Gold with Federal Reserve Agent
15,624,000 Due from foreign banks (See Note)
10,754,000
9,323,000
Gold redemp.fund with U.S. Treasury.
Uncollected items
Gold held exclusively asst. F. R.note, 290,905,000 292,335.000 244.270,000 Bank premises
288,469,000
Gold settlement fund with F. R. Beard- 254,357,000 214,217,000 413,995,000 All other resources
Gold and gold certificates held by bank- 423.304,000 414,346,000
Total resources
968,566,000 920,898,000 946,734,000
Totalgold reserves;
33.723,000
48,388,000
49,536,000
Reserves other than gold
1,018,102,000
Total reserves
29,327,000
Non-reserve cash
Bills discounted—
Secured by U.S. Govt. obligations... 160,135.000
75,393,000
Other bills discounted
969,286.000
29,880,000
980,457,000
19,465,000
196,001,000
103,172,000
128,394,000
78,465,000
235.528,000
26,877,000
299,173,000
35.821.000
206,859.000
102,660,000
1.384,000
12,727.000
9,422,000
1,384,000
9,195,000
0,569.000
1,514,000
27,629,000
41.239,000
23,533,000
2,095,000
20.148.000
2,095,000
April 31929. Mar.27 1929. April 4 1928.
$
$
1
219.000
215,995,000
16,087,000
876,000
218.000
194,143,000
10,087,000
970.000
217,000
183,030,000
16,548,000
1,635,000
1,568,639,000 1,667,821.000 1,581,253,000
300,197,000
Frail Reserve notes in actual circulation
Deposits—Member bank, reserve acct.. 939,102,000
8,606,000
Government
2.055,000
Foreign bank (See Note)
7.540,000
Other deposits
295,027,000
938.782,000
9,969,000
1,982,000
8,005,000
350,748,000
955,880,000
2,581,000
1,863,000
8,790,000
70,382,000
Total bills discounted
Bills bought in open market
U.S. Government securities—
Bonds
Treasury notes
Certificates of Indebtedness
Total U.S. Government securitlea-Other securities (see note)
Foreign Loans on Gold
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
Total liabilities
957,393,000
178,445,000
55,261,000
71,282,000
6,061,000
958,828,000 969,114,000
181,890,000 152.389,000
42,468,000
55,229,000
71,282,000
63,007,000
5,565.000
3,527,000
1,568,639,000 1,567,821,000 1,581,253,000-
Ratio of total reserves to deposit and
74.3%
77.3%
81.0%
Fedl Ree've note liabilities combinedContingent liability on bills purchased
68,595.000103,102,000 103,178,000
for foreign correspondence
Total bills and securities (See Nete)...._ 288.033,000 357,237,000 379,901,000
amount of balances held abroad and amounts due to
NOTE.—Beenning with the statement of Oct. 7 1925. two new items were added In order to show separately the
Dank debentures, was changed to
earning assets." Previously made up of Federal Intermediate Credit
foreign correspondents. In addition, the caption "All other"Total bills and securities.' Tbe latter term was adopted as a more accurate description of the total of sbs.
and the cantles "Total earning assets" to
-other securities."
Sections 13 and 14 of he Fedeall Reserve Act, which,it was stated,are the only Items included thereto..
diacount acceptances and wourinee acquired under the provisions of
APRIL 6 1929.]
FINANCIAL CHRONICLE
2233
New York City Realty and Surety Companies.
Oankers'
azetteo
(AU prices dollars per share.)
Wall Street, Friday Night, April 5 1929.
Railroad and Miscellaneous Stocks.
-The review of the
Stock Market is given this week on page 2219.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ended April 5.
Sales I
for '
Week.!
Range for Week.
Highest.
Lowest.
Range Since Jan. 1.
Lowest.
Highest.
Par. Shares $ per share. $ per share. 5 Per share.
Raileoads-
Albany & Susquehanna_
Buff Koch & Pitts pf_100
Canada Southern__ A00
Central RR of N J_ _100
C C C Sc St Louis pf_100
per share.
20 211
40 100
30 553j
300 305
10 104
Apr
Apr
Apr
Apr
Apr
6211
4100
1 55%
i305%
2104
Apr
Apr
Apr
Apr
Apr
6'210).(
4 98
5 553i
4 305
2 104
Green Bay & Weatern100
40 82%
III Cent leased line__100
90 733d
MIssotui Pacific rights_ 30,800
%
Mobile & Birming pf _100
20 76
New On Tex dr Mex_100
30 131
Pkts Ft W & Chicagol0
50 13836
Apr
Apr
Apr
Apr
Apr
Apr
3 82H
5 77
3 1H
3 76
4131
2138%
Apr
Apr
Apr
Apr
Apr
Ain
3 82% Apr 82%
1 7336 Apr 80
Apr 1%
Apr 76
3 76
Apr 140%
4 131
2,138H Apr 13836
Apr
Feb
Apr
Apr
Feb
Apr
Apr
Apr
Apr
Apr
Apr
AM'
Apr
Apr
Apr
1 33
1 10136
3 136
1 28%
3178
5 45%
1 3
5130%
5 31%
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
4l 27%
4 100
1
%
5 24%
3 17536
5 443(
5 2
I 12036
1 26%
Mar 3736
Mar 10536
Mar 3
Mar 3236
Apr 180
Apr 457.4
Mar 3%
Mar 140
Mar 3536
Mar
Feb
Mar
Mar
Mar
Apr
Mar
Mar
Mar
1
Feb 216
Jan
Feb
Jan 103
Apr! 61% Feb
Apr 360
Feb
Apr1106
Jan
Ind. & %Mal.
Allegheny Corp
4,000 29%
-Preferred
100 6,700 100
Ara & Foreign Pow rts__ 59,200 136
Am Hawa Ian S S Co_10 6,300 25%
Am Radiator ctfs_ _ __25
800 1753-(
km Rad & Std Sanitary_ 5,700 44%
Am Steel Foundries rts_ 30,300 2%
Anaconda Co new_ _50 125600 124
194300 28%
Rights
Atlantis Refining M9_113000 5% Apr
Cavanaglt-Bobba Inc__• 900 32% Apr
100
Apr
100 101
Preferred
Celotex
• 3,800 62% Apr
Preferred
100 200 90
Apr
City Ice & Fuel
• 1,600 54% Apr
Preferred
100 210 103% Apr
City Investing
40 160
100
Apr
Coca Cola el A
• 2,900 48% Apr
Col Gas & El new
• 7,600 54% Apr
Consol Cigar pref. 100
100 94% Apr
Croaky Radio Corp_ _ _ .•12,300 95
Apr
Curtis Publish Co pfd • 100 115
Apr
Duplan, Bilk
• 700, 21
Apr
Elk Horn Coal pref _ __ 50
30 856 Apr
Bng Pub Fiery pref(5%)• 3001 96% Apr
Evans Auto Loading
2,300 61% Apr
I
Fairbanks Co pref _ _25
.
30, 20
Apr
Fashion Park Assoc_ _ * 2,400: 8936 Apr
Preferred
ii
100100% Apr
First Nat Pict 1st pfd 100
270 108% Apr
Flak Rubber rites
% Apr
1233001
Gen Gas & Elec pfd(7)_• 360 108
Apr
Gen Motors deb (6)_ _100
200,109% Apr
Glidden Co rites
11,1001 I% Apr
0l
111
Apr
Goodrich Co rites
4,400 2% Apr
Hayes Body
1,700 53% Apr
Indian Refining rights 39,300 4% Apr
Certificates rights._.... 15,900 4
Apr
lot Nickel of Can pfd 100
400121
Apr
Kendall Co pref
• 1
90
Apr
Kreuger & Toll rights
4.4
36 Apr
Kuppenheimer & Co
5
Apr
101 34
7
33%
4 101
1 68%
190
5 55%
2104
2160
1 48%
6 57%
1 94%
1I00%
1 115
221
5 8%
397
1 83H
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
2 53i
1 32%
4 101
2 6236
1 89
3 5436
5;103%
156
3 4834
2 5336
1 9234
1 86
1 11336
2 20%
5 8H
3 96%
5 55
Apr 7
Apr 42%
Apr 10536
Apr 7934
Jan 9334
Apr 6274
Mar 10534
Feb 160
Feb 50
Mar 66
Feb 100
M 125
Mar 118
Mar 287-4
Mar 13
Mat 9974
Mar 737-f
Apr
Feb
Mar
Feb
Feb
Jan
Jan
Mar
Feb
Jan
Mar
Feb
Mar
Jan
Jan
Feb
Mar
220
5 71%
1100%
2 110
4 1H
1 111
5 109%,
4 1%
5114
4 2%
5 55%
1 7%
1 6
1 121
4 93
4
%
234
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
2 14
1 69
11100%
2 10434
1
Si
2 107
5 109
5. 1%
2 111
3' 234
5 5334
2 236
2 2%
1 118
2, 90
2/
%
21 34
Feb 35
31
72%
Apr 101%
Ja 11034
Apr 3
M 116%
Ja 110%
1%
AP
Apr 120
Apr 2%
AP 55%
Ma
7%
Ma
6
Ja 128
Apr 96
Mar 1%
Apr 433.4
Jan
Mar
Mar
Mar
Mar
Jan
Mar
Apr
Mar
Apr
Apr
Apr
Apr
Mar
Feb
Mar
Mar
Lehigh Valley Coal..._• 12,400 20%
Preferred
5
700 ssg
Link Belt Co
1,300 54
Loew's pref ex-war
100 91%
Ludlum Steel pref
• 1,000 99
McGraw-Hill Pub Co_ _•
500 41%
Manhattan Shirt pref 100
70 119
Mengel Co pref
10
20 99
Motor Products rights- _
900 50
Newport Co class A.50 7,400 43
Outlet Co pref
1
90 110
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
1 26%
1 40
5 55
1 91%
2 100
4 42%
1 120
2 99
4 50%
1 44%
1 110
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
5 19
4 3434
1 5374
1 90
3 9874
1 4174
4 119
2 99
4 50
2 43
1 106
Feb 2674
Mar 40
Mar 61
Mar 95
Mar 102%
Apr 48
Mar 120
Apr!99
.
Apr 5034
Marl 443-4
Jan 110
Apr
Feb
Feb
Mar
Jan
Feb
Jan
Apr
Apr
Apr
Apr
Plilla & Read C & Ir rts- 196700 lu Apr
Phillips-Jones Corp_ __ _•
40 42
Apr
Pirelli of Italy
900 533 Apr
Pittsburgh Steel pfd..1
50 96
Apr
Radio Corp pref B
32,800 75
Apr
.Rand Mines
50 35
Apr
Bernina Typew lst pf 100
100 102% Apr
-Warner new....20,500 65
Stewart
,
Apr
Sparks Withington_ - --• 3,500 170% Apr
Spalding Bros
• 700 58
Apr
Spencer Kellogg & Sons• 400 38% Apr
• 1,200 50% Apr
&Dicer Mfg pref A
Southern Calif Edison rts 9.500 3
Apr
Standard Sanitary Ws... 700 47
Apr
5
%
3 45
1 543i
5 96%
1 77
1 35
3102%
4 68%
4 180
1 58
1 39
3 52
1 3%
3 48
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr tsi
Mar 48
Mar 65%
Feb 97
Mar 78%
Apr 3636
Mar/109
Aprl 68%
17034 Apr 183
58
Apr 58
2 37% Mar 43
1 50
Mar 55%
Apr 3%
Apr 48
5 47
Mar
Jan
Jan
Mar
Mar
Feb
Jan
Apr
Mar
Apr
Feb
Mar
Apr
Apr
Texas Corp part pd. ..2
800 63%
Full paid
400 66
2•
1
US Express
4,800 3%
United Dyewood pref 100
160 5336
Common
100
100 7
Walgreen Co pref.__ _100
200 104%
Warner-Quinlan rights_ 20,500
Webster Eisenlohr rights 1,800 13%
Wilcox-Rich claw A..-* 2,500 39
• 1,700 37%
Class B
1 66
2 67%
4 4%
1 55
5 7
2104%
1 1
4 14
5 41%
3 4036
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
2 55%
2 56%
3 2
3 53%
5 034
2 100%
2
1 1354
3 37
1 34
Feb 6636
Mar 67%
Jan 4%
Apr 60
Jan 9%
Mar 106
Mar 1
Apr 17%
Mar 4836
Mar 47%
Mar
Apr
Jan
Jan
Feb
Mar
Mar
Mar
Feb
Mar
Jan 765
Mar
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
1
44
11 41
ii 50%
3 92%
1 74
1 35
3 100%
Bank, Trust & Insurance Co. Stocks.
40685
Equit Tr Co of N
Apr 2,690
Apr 2 493
•No par value.
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
Int.
Rate.
June 15 1929_.- 4)6%
Sept.15 1929.
- 4)6%
Des.15 1929..- 474%
844.
Asked.
6)9"n 100
999122 991911
9999ss 9999n
Maturity.
Int.
Bats.
Sept.15 1930-82
%
Mar.151930-32
%
Deo.15 1930-32
%
454%
Sept.15 1029
Deo.15 1929
474%
Bid.
Bid
85
155
510
270
320
Alliance R'Ity
AmSurety new
Bond & M G.
Home Title Ins
Lawyers Mtge
Lawyers Title
&Guarantee 375
Ask
100 Lawyers West
165
chest AI Sc T
630 Mtge Bond__
290 N Y Title Sc
330
Mortgage..
II 8 Casualty.
385
New w
Bid
300
195
775
450
118
Ask
Ask
320
45
Bid
Realty Assoc's
(Bklyn)cora f 44
lit Pre-- ga
2dpref.._.I 97
785 Westchester)
Title Sc Tr .1 700
470
125
77$
New York City Banks and Trust Companies.
(AU prices dollars per share.)
Ask Banks-N.Y. Bid
Banks-N.Y. Bid
America
240 242 Seaboard
1170
Amer Union*. 260 280 Seward
168
Bryant Park* 275 385 Trade*
310
Central
204 212 Yorkville ____ 230
225 250 Yorktown'.... 260
Century
1165 1175
Chase
Chath Phenix
Brooklyn.
Nat Bk& Tr 734 745 Globe Exch* _ 430
ChelseaEx new 111
115 Municipal* __ 615
Chls'aExC'p A 35
40 Nassau
820
40 People's
Class B...
35
1200
Chemical - _-- 1700 1775 Prospect
155
Commerce _- y965 975
_ Trust Cos.
Continental* _ 620
Corn Each_ _ 990 161
New York.
Banes Com'l
Fifth Avenue.2400
First
6600 .900
Banana Tr_ 420
Bank of N Y
750
Grace
Hanover
13130 1350
&Trust Co_ 995
Harriman
1150 1180 Bankers Trus 175
270 280 Bronx Co Tr _ 480
Liberty
cou ral
Manhattan* _ 915 925 Centty Union 445
National City 383 386
580
Park
1080 1100 Empire
615
Penn Each_ _ 155 165 Equitable Tr_ 695
Port Morris_ _ 900
Farm L Sc Tr- 1880
Publla
295 305 Fidelity Trutt 220
*State banks. I New stock. z Ex-dividend.
Tr.Cos.-N.Y Bid
Ad
.
Fulton
800
970 980
Guaranty_ Int'lGermanic 220 239
Interstate-- 347 354
Irving Trust. 790 800
Lawyers Trust
Manufacturers 300 305
460 Murray Hill- 320 330
630 MutuallWest375 400
chester)
845
NY Trust... 288 292
fio TimesSquare- 175 185
Title Gu Sc Ti1000 1040
USMtgeScTl 980 980
United Statar4400 4300
Weetcheerr Tr1000
430
Brooklyn.
1000 Brooklyn ---- 1200 1210
180 Kings Co-- 3200 3400
Midwood. - 310 $25
453
659
625
705
1900
230
g Ex-stook tliv. y Ex-rights.
Ask
1200
175
325
240
275
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. Mar.30 April 1 April 2 April 3 April 4 April 5
First Liberty LoanHigh
336% bonds of 1923-47_ _{LowClose
(First 336)
Total sales in $1,000 units__
(High
Converted 4% bonds of
Low1932-47 (First 433)
Close
Total sales In $1,000 units...
Converted 434% bonderigh
)(Lowof 1932-47 (First 474s
979932
97"at
97193t
1
976,2
54
97132
978 s
976,1
7
97821
976,2
971n
53
97"ss
97"n
97"n
102
----
----
----
----
--
98:W22 93
- - -91c2
98",,98"n
985831 98 *1
))
6
54
-------------
913;T;
98"s2
98)7st
2
-------
91A;
9 -942
8
9899n
981*”
44
-------
97922
978;
Total sale.: in $1,000 units___
Second converted 436 %{High
bonds of 1932-47 (First LowClose
Second 436s)
Total sales in $1,000 units--_-----_Fourth Liberty Loan
99121
99
{High
99',,
Low- HOLI
414% bonds of 1933-38
9820n 98nti 98)011
,
989032 99
(Fourth 434s)
Close DAY
99
357
157
230
Total sales in 51.000 units1089922 1081622 106"12
Treasury
{High
Low.
10666,2 106",, 101622
474e, 1947-52
108993 10619n 106"s2
Close
6
20
7
Total sales in 31.000 units_
102993 1021022 1021932
Illti
Low.
1026,2 1020,21 102622
48, 1944-1954
Clot*
102%1 10211)31 1021,31
62
3
Total sales in $1,000 units__
26
(High
____ 999932 99993
Low_
_-__ 996621 99",
354e. 1948-1958
___
992922 99913
Close
-20
Total sales in $1,000 units
gifti,
{High
Low_
3565, 1943-1947
98932
98932
Close
98922
---- 96932
Total sales in $1,000 units___
(High
Low.
366s, 1940-1943
Close
Total sales in 51 000 unity ___
--------10
-99622
989932
983931
221
106"n
10824,
10614
;
1
102292
102",,
102993
5.3
-_
__---_
-------
98",.Close
998n
39
-----99";
99922
099023
149
106"ao
106o.
106"ti
3C
102196
1022
%
102"31
ll
996
's
99"r
99993.
21
---•
---.
Note.-Tho above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1 4th 4345
99
to 99
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 4.8474(4
4.85 (en checks and 4.85 3-16@4.8534 for cables. Commercial on banks.
sight, 4.84)6 04.84%; sixty days. 4.7916 Q)4.79 15-16; ninety days, 4.7734
04.77 13-16, and documents for payment, 4.793-4104.79 15-16. Cotton
for payment. 4.8374, and grain for payment 4.8374.
To-day's (Friday's) actual rates for Paris bankers' franca were 3.9054@
3.909-4 for short. Amsterdam bankers' guilders were 40.05@40.0$ fee
short.
Exchange at Parts on London, 134.21 francs; week's range, 124.21 francs
high and 124.17 francs low.
The range for foreign exchange for the week follows:
Sterling, ActualChecks.
Cables.
High for the week
4.85
4.553-4
Low for the week
4.843-4
4.85 3-18
Paris Bankers FrancsHigh for the week
2.9074
3.9074
Low for the week
3.90 11-16
3.905.4
Amsterdam Bankers' Guilders
High for the week
40.07
40.093-4
Low for the week
40.03
40.06
Germany Bankers' Marks
High for the week
23.71%
23.72
Low for the week
33.69H
23.7031
Asked.
989922 97
9899n 97
989931 97
gg
100,
n
99,111 10041
The Curb Market.
-The review of the Curb Market is
given this week on page 2224.
A complete record of Curb Market transactions for the
week will be found on page 2252.
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
For sales during the week of stocks not recorded here, see preceding page.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Mar. 30.
Monday,
Apr. 1.
Tuesday, 'Wednesday,
Apr. 2.
Apr. 3.
$ per share $ per share $ per share 8 per share
4
197 1983 197 19812 1984 19812
103 103 *103 10318 103 103
*17618 180 *1764 178
17712 178
12014 1213 1217 12212 1214 12312
8
4
79
783 783
4
79
7812
4 78
*65
6612 *65
67
*66
6612
*10612 108
10612 10612 *10314 10612
90
02
90
90
88
89
7018 717
8 7112 745
8 723 7412
4
*871g 8912 *86
8812 *86
8812
2818 2818 28
293
4 27
2818
*55
*65
70
72
*65
71
*55
58
*57
56
56
62
2324 235
234 2373 2333 2383
4
4
4
*9714 101
99
99
•9712 101
213 21414 213 21412 215 216
Thursday,
Apr. 4.
Friday,
Apr. 5.
per share
$ per share
19778 201
19812 199
103 10318 103 103
180 180
179 1797
8
1214 12412 123 12412
*78
.78
79
80
67
67
*66
67
105 105 *105 10612
85
85
*85
90
75
73
73
74
*853 8812 .87
2
8812
254 2612 26
3112
*57
72
72
*57
•55
58
*55
60
23114 2363 23414 23612
4
*9712 101
*9712 101
215 21812 216 220
I438 1414
14 1112 14
1414 1414 1478 144 1412
1712 1812 1714 18
173 1818 1712 1912 183 1918
4
4
.35
41
*34
41
38
*32
•34
40
*35
40
.55
62
*55
62
•53
60
*58
587 59
8
60
164 18
1638 1734 174 173
4 17
187
8 1814 19
51
55
53
54
53
4
5418 5314 554 533 5512
313 3312 3214 3234 3218 33
4
3218 3412 3312 344
4 5253 5312 523 543
513 533
4
5434 5418 555
4
4 53
8
8378 83
8312 83
854 83
8212 83 4 83
3
8412
*134 139 *134 139 *135 140 *136 140 •136 140
123 1243 12212 12212 123 12314 12253 126
4
1224 1243
8
*10512 106
106 106 *10514 106
106 106
106 106
100 100 *10014 101
10012 10012 10012 10012 10112 10112
*110 114 *10978 112 *10978 112 *102 112 *108 112
*7614 79
*7614 774 *7614 79
•7614 79
7614 7714
•66
7212 *66
72
69 .66
*66
69
*66
60
65 65
6312 5412 *6312 6412 *6312 65
*6312 65
•__ 75 s____ 75 •____ 75 •__ 75 •____ 75
184 18412 18512 18512 186 188
186 190
187 187
125 126 *1254 12612 126 126
127 128
127 12714
69
693
4 68
Stock
6912 .67
69
683 693 *67
4
70
4
*314 312 *314 312 *314 312 .314
312 *3
312
Exchange
*414 6
*5
5
5
5
*47
*5
8 6
6
65
683
8 6612 6712 6614 6812 67
703
4 69
7112
Closed
5818 59
59
59
60 6014 60
614
6112 61
.58
5812 *56
57
5714 5714 5714 58
58
58
Extra
103 10512 10414 10414 *1033 10414 104 10714 10412 10412
4
10314 10314 1023 1024 102 10214 102 1033 102 102
4
4
Holiday
303 314 3014 3112 3114 3212 31% 3214 x3018 303
8
4
46
4612 4614 4612 46
46
4612
4614 4712 *46
*9713 98
*9712 100
98
98
*9712 100
*9712 100
73
4 8
8
*814 914 •814
8
911 •814 914
.64
68
*66
_ *68
__
70
70
*70
__
*376 416 *390 416 •390 413 *393 412 *390 410
_-- 12
-41
424 42
42
414 ^ :7
8 4118 4118 4112 4113
*74
7412 7412 *74
75
76
•74
76
574
76
1354 136
13612 13714 13612 1374 13512 13714 1365 137
8
•135 145 •135 145 *135 145 *135 145
1363 1363
4
4
77
78
77
*77
77
78
773 777
4
8 777 777
8
8
44
473
4 47
4912 47
5012 4812 4812 4814 5034
43
45
*4512 48
*4512 48
*4312 48
*45
48
54538 48
*43
48
*4312 48
*4312 48
*4312 48
*735 75
873 g 75
8
5
73 8 733 *735 75
5
4
8
734 7358
*33
34 3 4 *313 33
4 4
3
4 5312 33
4
4 *312 33
8212 823
83
4 8214 83
83
85
8712 8612 87
685 685 *67
8
8
69
6818 6818 *68
*68
69
69
883 883
4
8
4 893 8912 *89
8912 89
91
92
91
141 141
143 145
140 140 *14112 14412 14412 145
*7712 80
7712 7712 80 80
•78
813 *7812 81
8
5114 5412 523 53
53
50
504 48
8
503 523
8
4
*3
34 *3
3 4 *3
3
3 4 *3
3
33
4 *3
33
4
*3112 3412 3112 3112 *313 3412 *3112 3412 *3112 3412
4
*214 22
4
234
214
272
*30
42
42
*36
*35
*36
*36
42
42
42
4 713 713 *71
72
714 713
4
72
74
4
*71
74
60 60
*5914 63
•594 60
5914 5914 *5912 61
45
4678 4412 454 464 467
8 45
48
4618 475
8
4
1023 1033 10218 10218 10212 10212 10232 10212 10212 10272
4
763 795
4
4
775
78
8 773 7812 77
7912
8 77
76
13214 1337 13214 13314 13258 133
8
13218 133
1324 133
82
7814 783 •78
*80
82 .80
82
8
8
*783 83
19014 19014 10014 19014
•19014 197
19014 19014 *19014 196
238 24
214 214
214 214
214
214
218 218
180 18278 18112 18412 18012 185
18312 18512
17812 180
1293 1293 *130 133
4
4
1313 1313
4
129 129 •129 133
4
8
10712 1073 .107 109
4
10814 10814 *107 10814 1075 108
305 306
295 295 *290 310
300 305
*290 310
2 894 903
4
8712 8612 8714 8512 8714 8614 893
86
8
5
3
3
115 4 115 4 115 4 115 4 11512 11512 *115 115'z 11512 1157
3
26
2512 28
27
27
4 26
3
267
8 25 8 263
26
*714 9
*714 9
.714 9
65
8 7
9
*6
*2614 32
2614 2614 *2614 30
*2614 30
*2614 32
41
*40
41
41
42
39
42
39
*39
39
194 195
105 19614 196 19612
19112 19312 *195 197
8414 8414 .8412 86
8312 8312 8312 8312 *8414 86
10118 1041 1025 104
.8
10112 1024 10138 10138 10214 103
100 10212 1004 1017 10014 10214 100 104
101 1033
4
8
40
40
*30
*25
025
37
35
*25
37
*30
*36
*36
•36
47
47
47
47
*38
*40
47
.30
3514 *30
3514 *30
351 .30
3514 •30
3514
7413 7514 743 76
4 7418 764
8
745 7518 743 763
8
8
*24
33
•28
29
32
32
29
•24
*24
29
•155 159
15612 15612 *150 160 *155 162 *150 160
99
99
9914 100
8
9914 993 091 •9912 100
99
*92
96
95
92
*93
x92
*92
94
*92
96
51
*50
1- ,- ---_ *50 ____ *50
:
51
51
*50
'50.... *50
.
___ *50
-_ •50
- .50
13218 1312 1205 11052 130 131
131 131
8
130 135
- 10312 104
105 10512 1044 1055 105 1073 105 106
8
4
*4112 42
*4178 42
414 417 *414 4212 *414 42
8
4312 4518 *4415 45
4
*4412 45
*443 4512 *443 47
4
*60
•60
65
65
647 6812
8
*6218 65
65
•62
11 114 1 1214 11114 112
1115 11232 112 1133 112 11318
8
4
93 4 93 4 9312 931
3
3
9312 93'z 9312 9378 93
9312
4
100 10312 094 1023
893 90
4
90
90
•8834 90
91
*8834 90 •89
*214 212 •238 234 *214
oeos 10014 9834 9934 9814 10114
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
Highest
Shares
Railroads
Par $ Per share $ Per Mare
8,000 Atch Topeka &Santa Fe__100 19518 Nfar 26 2093 Feb 4
8
900 Preferred
100 10212 Jan 2 10378 Jan 7
900 Atlantic Coast Line RR
100 169 Jan 2 1913 Feb 4
4
27,800 Baltimore & Ohio
100 11818 Mar 26 133 Mar 5
1,000 Preferred
100 78 Jan 23 8012 Mar 20
200 Bangor & Aroostook
50 65 Feb 16 72 Jan 2
60 Preferred
100 105 Apr 4 11012 Jan 22
800 Boston & Maine
100 85 Apr 4 1093 Jan 5
4
20,300 Bklyn-Maiah Tran v t c_No par 6518 Mar 26 814 Feb 25
Preferred v t c
No par 84 Mar 26 925 Feb 1
8
11,000 Brunswick Term & Ry Sec_100 2.51 Apr 4 444 Jan 18
8
Buffalo .8 Susquehanna_ _ _100 5454 Jan 26 85 Mar 2
20 Preferred
100 5312 Jan 4 6812Mar 4
15,500 Canadian Pacific
100 22512 Mar 26 2694 Feb 2
10 Caro Clinch .8 Ohio ctfs st'd100 97 Mar 28 10112 Mar 14
6,300 Chesapeake .8 Ohio
100 210 Mar 26 2274 Feb 1
Preferred
100 21312 Jan 18 216 Feb 37
2:500 Chicago & Alton
4
100 114 Jan 2 193 Feb 4
3,400 Preferred
100 16 Mar 26 254 Feb 4
Chic .8 East Illinois RR___100 37 Mar 5 43 Feb 4
200 Preferred
100 5812 Feb 20 664 Feb 4
18,400 Chicago Great Western
100 1412 Mar 26 237 Feb 1
8
16,700 Preferred
100 4618 Jan 7 63 8 Jan 31
5
9,700 Chicago Milw St Paul .8 Pao_
31 Mar 26 397 Feb 2
8
30,500 Preferred new
50 Mar 26 634 Feb 2
14
6,300 Chicago & North Western_100 813 Mar 26 9414 Feb 5
4
Preferred
100 135 Jan 5 145 Feb 6
4,100 Chicago Rock 181& Pacifie_100 12212 Apr 2 1397 Jan 19
8
300 7% preferred
100 10514 Mar 27 10814 Jan 25
400 6% preferred
100 100 Jan 8 1024 Feb 5
Colorado & Southern
100 110 Mar 27 122 Mar 5
130 First preferred
100 75 Mar 20 80 Jan 25
Second preferred
100 6912 Jan 26 7212Nlar 5
400 Consol RR of Cuba pref
100 63 Mar 21 705 Jan 2
8
Cuba RR pref
100 7512Mar 21 81 Jan 2
3,200 Delaware & Hudson
100 182 Mar 26 20714 Feb 1
2.000 Delaware Lack & Western_100 1244 Feb 18 13314 Feb 1
1,200 Deny & Rio Or West pref._ 100 .5514 Jan 2 773 Feb 21
4
Duluth So Shore & All.. _100
34 Jan 8
44 Feb 4
100 Preferred
100
6 Mar 26
713 Feb 4
69,000 Erie
100 64 Mar 26 78 Mar 5
5,000 First preferred
100 57 Mar 26 643 Feb 4
4
1,300 Second preferred
100 56 Mar 27 6014 Jan 5
3,600 Great Northern preferred_100 102 Mar 26 1157 Mar 4
8
2,100 Pref certificates
100 10012Mar 26 112 Mar 4
15,700 Iron Ore Properties_No par 273 Jan 7 394 Feb 1
8
1,900 Gulf Mobile & Northern
100 4312 Mar 26 59 Feb 4
100 Preferred
100 98 Mar 22 103 Jan 3
7 Feb 18
400 Havana Electric Ry_ __No par
83 Jan 4
4
50 Preferred
100 55 Feb 16 70 Apr 4
Hocking Valley
100 375 Mar 26 450 Jan 22
4,100 Hudson & Manhattan
8
100 41 Apr 1 583 Jan 5
100 Preferred
100 7418 Mar 28 84 Jan 18
100 134 Mar 26 152 Feb 1
2,700 Illinois Central
100 Preferred
100 135 Mar 27 14514 Feb 4
410 RR See Stock certificates__
77 Apr 1 8018 Feb 21
19,300 Interboro Rapid Tran v t c_100 39 'Afar 26 583 Feb 25
8
300 lot Rye of Cent America_ _100 43 Apr 1 59 Jan 26
Certificates
No par 50 Jan 10 5912 Jan 25
140 Preferred
100 73 Mar 13 8014 Jan 2
200 Iowa Central
318 Jan 30
414 Jan 18
100
5,800 Kansas City Southern
100 78 Mar 26 987 Jan 12
8
300 Preferred
100 6612 Feb 21 7012 Jan 15
2,700 Lehigh Valley
4
50 863 Mar 26 10214 Feb 2
1,200 Louisville & Nashville
100 1383 Mar 26 15312 Feb 5
4
70 Manhattan Elevated guar 100 7712 Apr 2 87 Jan 3
10,600 Modified guaranty
100 454 Mar 26 5712 Jan 11
Market Street Ity
27 Mar 4
8
100
4 ,Jan 22
3
100 Prior preferred
100 314 Feb 27 3912 Jan 4
800 Minneapolis & St Louls
100
214 Mar 26
3 4 Jan 19
3
Minn St Paul .8 S S Nlarle_100 3912 Feb 20 4714 Feb 4
800 Preferred
100 71 Jan 14 87 Jan 23
70 Leased lines
100 5914 Mar 22 66 Jan 25
18,100 Mo-Kan-Texas RR_ __ _No par 4212 Mar 26 55 Feb 4
2.300 Preferred
100 10218 Apr 2 1053 Mar 13
4
22,600 Missouri Pacific
100 6212 Jan 4 874 Mar 5
7,800 Preferred
100 120 Jan 2 1373 Mar 5
8
100 Morris & Essex
8
50 7814 Apr 2 865 Jan 17
110 Nash Chatt & St Loule
100 186 Jan 29 1994 Feb 5
1,720 Nat Rye of ItIexlco 2d prof _100
2 Mar 27
3 8 Jan 25
5
35,300 New York Central
100 17812 Mar 26 2044 Feb 1
500 NY Chic & St Louis Co
100 12818 Mar 26 145 Feb 2
700 Preferred
4
100 1053 Feb 25 10914 Jan 4
80 NY & Harlem
50 285 Mar 26 379 Jan 8
39,100 NY N 11 .8 Hartford
100 807 Jan 4 983 Feb 2
8
4
900 Preferred
1145 Jan 3 1195 Feb 2
8
8
4,200 N Y Ontario & Western...100 25 Mar 27 32 Feb 4
500 NY Railways pref____No par
64 Mar 25
97 Feb 21
2
10 N Y State Rys pref
100 2614 Mar 26 41 Jan 30
600 Norfolk Southern
100 39 Apr 2 4812 Feb 4
2,700 Norfolk & Western
100 191 Jan 9 206 Feb 1
30 Preferred
100 83 Feb 15 86 Jan 17
6,100 Northern Pacific
100 9958 Mar 26 1143 Mar 5
4
5,400 Certificates
100 993 Mar 26 112 Feb 2
4
Pacific Coast
100 20 Feb 15 43 Feb 28
First preferred
100 32 Mar 27 50 Mar 2
Second preferred
100 2112 Jan 10 40 Feb 28
20,600 Pennsylvania
50 7212 Mar 26 8214 Jan 18
100 Peoria & Eastern
100 30 Jan 18 347 Feb 1
8
100 Pere Marquette
100 148 Jan 3 174 4 Feb 1
1
340 Prior preferred
100 96 Jan 5 100 Mar 22
300 Preferred
100 92 Mar 15 97 Jan 8
Phila Rapid Transit
50 50 Jan 9 50 Jan 9
_ __
.
Preferred
50 50 Jan 2 50 Jan 2
2:200 Pittsburgh & West Va
100 130 Mar 26 14834 Jan 10
8,700 Reading
50 10218 Mar 26 11712 Feb 4
200 First preferred
50 4178 Apr 3 4314 Feb 28
300 Second preferred
3
50 45 Mar 26 49 4 Feb 5
3a
1,000 Rutland RR pref
100 634 Mar 21 8812 Apr 5
4,200 St Louis-San Francisco_100 111 Mar 26 1224 Feb 4
1,500 let pref paid
100 9214 Mar 26 9612 Feb 2
6,300 St Louis Southwestern_ _ _100 9618 Mar 26 115. Feb 4
14
300 Preferred
100 898 Apr 2 9212Mar 4
4
• Bid and asked prime no *alas on this day. s Ex-dlvldend. a Ex-dividend and ex-rigists.
PER SHARE
Range Since Jan. 1.
On baste of 100
-Mare lots
y Rx-rIghts.
PER SHARE
Range for Prectotu
Year 1928
Lowest
Ilfehest
$ per share $ per share
1824 Mar 204 Nov
10212 Jan 10812 Apr
15718 Oct 19115 May
10334 June 1255 Dee
8
77 Nov 85 Apr
61 June 8414 Jan
104 Dec 1153 May
4
58 Feb 91 Dee
533 Ja t. 773 May
8
4
82 Jan 9538 May
1412 Jan
474 Sept
3214 July 6412 Nov
38 Sept 63 Nov
19512June 253 Nov
98 Sept 10718 Mar
17512 June 21854 Dee
-__ ---- --- -183 May
55 Jan
8
4
74 Feb 264 May
37 Feb 4814 May
58 Aug 765 May
8
918 Feb 25 Dee
204 Feb 503 Dec
8
2214 Mar 4012 ADS
37 Mar 5938 Nov
78 June 9414 May
135 Dec 150 May
106 Feb 13958 Nov
105 Dec 11112 May
99 2 Dec 105 May
105 Aug 120 May
67 July 85 Apt
6912 Nov 85 May
6912 Dec 875 Juno
8
79 Dec 04 June
16314 Feb 220 Apr
12514 Dec 150 Apt
5012 Feb BA Apr
3 Aug
63 Jan
4
8
43 June
9l May
483 June 7212 Dee
4
50 June 634 Jan
4914 June 62
Jail
9312 Feb 11434 Nov
914 Feb 11134 Nov
1914 June 333 Oct
8
43 Aug 014 May
99 Aug 109 May
7 Aug
1784 June
51 Dee 7818 Sept
340 July 473 Nov
504 Dee 7312 Ape
Oct 9312 Apr
81
1313 Jan 1483 May
4
4
13012 Jan 147 May
75 July 823 June
2
Jan 62 May
29
364 Mar 5218 Nov
6938 Jan 82 May
2 Mar
57 Mar
8
43 June 95 Nov
6612 Aug 77 Apr
8418 Feb 116 Apr
1393 Nov 15912 May
4
75 Jan 96 May
40 Jan 64 May
318 Dee
712 May
3812 Dec 543g May
178 May
613 May
40 June 523 Jan
8
7014 Dee 8754 May
60 Dec 7112 Jan
304 June 58 Dee
10112 June 109 Feb
4178 Feb 7614 Sept
105 Feb 1267 Dee
8
8212 Aug 89 June
17112 Aug 2043 May
4
2 Feb
512 Apt
150 Feb 196.2 Noy
12114 Oot 146 May
10412 Aug 110
Jan
168
Jan 505 Apr
543 June 823 Dee
8
4
112 Sept 117 May
24 Feb 39 May
13 May
514 Jan
2312 Dee 43 July
32 June 58 Nov
175 June 19812 Nov
847 Oct90 June
8
923 Feb 118 Not
8
905 Feb 115 Nor
8
1911 May 3411 May
40 Aug 70 Jan
2013 Aug 39 May
4
617 Juno 767 Dee
8
25 Mar 37 May
1247 Feb 154 NOV
8
96 001 10134 Mat
92 Nov 100 Mai
14
50 Nov $61 Aug
3
50 Ma
5113 Oct
12114 Feb 163
Oct
9414 Feb 1193 Ma,
3
4112 Nov46 Atm
44
Jan 597 May
8
50 Feb 77 DeI
109 Fob 122 Mai
94 Dee 101 Mai
0713 Feb1244 Nos
89 July 95 lax
b Hz-div. of VI. the shares of Chesapeake Corp. stook.
New York Stock Record-Continued-Page 2
2235
AU sales during the week of stocks not recorded here, see second page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Mar. 30.
Monday,
Apr. I.
Tuesday,
Apr. 2.
Wednesday.
Apr. 3.
Thursday,
Apr. 4.
Friday,
Apr. 5.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Railroads (Con.)
5 Per share, !per share $ per share $ per share $ per share $ per share Shares
Par
1714 1714 •17
100
2,100 Seaboard Air Line
18
17
17
17
1914
1712 18
21
21
*19
100
22
1,200 Preferred
2114 22
2018 2014 21
21
12512 1257 126 127
100
8
12712 12812 6,700 Southern Pacific Co
12612 128
12618 128
x141 14234 14112 142
100
14112 1423 142 146 •142 147
6,400 Southern Railway
4
100
9718 0718 974 98
9718 9718 9718 9718 9718 9712 1,100 Preferred
111 111
100
109 109
Mobile & Ohio certifs
140
108 110
104 108 *104 109
•157 165 *156 165 .156 165
100
700 Texas & Pacific
157 165 *160 163
2912 3212 32
100
1,900 Third Avenue
333
4 32
33
323 *32
8
33
33
4612 4612 .46
.100
300 Twin City Rapid Transit.
47 .46
47
4612 4612 *46
47
100
4
20 Preferred
99
993 993 .99 100
4
99 *____ 993 *____ 100
4
215 218
100
4,000 Union Pacific
21712 21712 21418 2167 21614 2187 215 215
8
82
100
82
*82
8 1,300 Preferred
8212 817 817
2
8
8 815 82
8
815 815
Vicksburg Shrev & Pac____100
*95 --- _ *9212 ____ *95 _ - *95
*95
s_ __ 4112 _
_
_
_
100
.. _
__
Preferred
100
6212 - - -12 0ZT, 62
6436614 02 0212 05 - --4 05 -- -7- - ,000 Wabash
63 8 5
9312 9312 .9212 95
9312 9312 9312 931
100
700 Preferred A
93
93
*81
90
100
*81
100 Preferred B
90
8112 8112 .80
90
00 .80
3714 4234 383 4218 3914 417
100
8 394 44
32,700 Western Maryland
8
425 44
8
40
100
40
4212 44
*3912 43
*394 43
700 Second preferred
*40
45
100
33
35
*33
36
3314 364 36
37
3514 3614 2.200 Western Pacific
100
58
58
58
900 Preferred
59 59
59
59
674 5812 58
Industrial 84 Miscellaneous.
394 4034 394 391
No par
3912 3912 *40
41
40
4114 1,700 Abitibi Pow & Pap
100
8014 8012 *8014 8012 8014 8014 80
1.000 Preferred
80
80
80
.135 13912 •13418 13912 *130 13912 *132 13912 .132 13012
Abraham & Straus____No par
111 111 *11014 111 *11114 111 .11014 111 .11014 111
100
10 Preferred
100
590 590
595 625
665 669
650 675 *610 870
1,900 Adams Express
100
.92
9218 *92
95
300 Preferred
95
*92
92
95
•9218 93
Nepal
30
.20
30
30
29
900 Adams Millis
30
2912 30
30
30
100
82
9012 8414 88
8 874 93
877 937
8
9512 167.900 Advance Rumely
93
90
847 8S1
100
8
92
9012 923 11,700 Preferred
90
844 90
92
4
358 31 2
1
34 17,500 Ahumada Lead
33
8 312
304
34 33
4
33
8
312
100 10212 100 10318 1014 1014 9918 101
100 1023
8 5,400 Air Reduction. Inc____No par
818 812
Nepal
818 838
8
83
8
8
814
818 818 6,200 Ajax Rubber. Inc
8 65 12,300 Alaska Juneau Gold Min10
64 74
8
612 63
658 7
4
63
612 712
1618 164 *1612 17
1614 17
1612 167
8 17
17
1.200 Albany Pert Wrap Pap_No par
26618 272
27012 274
267 270
11,400 Allied Chemical it Dye_No par
267 2704 267 271
121 121
8
121 121
121 121 .1207 121
121 121
900 Preferred
100
17112 17112 *170 176 *168 176 •170 176
175 175
200 Allis-Chalmers Mfg
100
*5
*5
8
9
8
*5
*5
8
8
*5
Amalgamated Leather_No par
I *59
.59
*59
62 .59
62
62 .59
62
62
Preferred
3312 3412 33
3212 33
34
3212 33
3214 334 13,000!Amerada Corp
No par
165 1758
8
17
1658 1778
17
163 174 163 173
4
4
8 3,200 Amer Agricultural Chem__100
60
603
2,100 Preferred
8 5812 5812 593 598
60
4
5812 618 60
100
11412 115
114 114
115 115 *115 120 *11512 120
400 Amer Bank Note
10
*6012 653
4 6012 6012 *6012 61
6012 6012 *6012 61
330 Preferred
50
1578 1578 1558 16
16
16
*155 16
8
157 16
8
1.400 American Beet Sugar__No par
51
51
*51
53
52
52 .51
53
52
900 Preferred
52
100
5418 554 5412 5738 55
5112 54
5684 55
5618 24,000 Amer Bosch Nfagneto__No par
53
54
52
54
5214 54
54
54
5314 537
8 7,100 Am Brake Shoe & F_ __ _No par
5122l2 124
12212 12212 1223 1223 12212 1223 1223 1223
4
460 Preferred
4
4
4
100
4
2418 2558 2514 2838 2638 283
4 274 3112 3014 3334 154,300 Amer Brown Boverl E1_No par
75 75
754 78
3.290 P-eferred
7812 823
91
4 80
100
873
4 88
11612 12112 11812 12178 1185* 12238 1183 1253 1237 12814 471,200 American Can
4
25
8
8
141 141
14118 14114 1414 14118 14114 14114
141 141
1,100 Preferred
100
Stock
100 101
99
991
2.100 American Car di Fdy__No par
9812 9914 100 100
90 100
•11712 120 *11712 120
11712 1171 .11612 120
200 Preferred
100
11612 11612
Exchange
74
74
7314 734 74
74
100
793
4 1,000 American Chain pref
7512 7512 77
49
5082 50
5134 5012 5212 51
504 51
3,900 American Chicle
No par
51
Closed
•11014 _
No par
Prior preferred
Amer Druggists Syndicate__10
Extra
3112 •5'77s 16
565 Amer Encaustic Tiling_No par
3912 -3882 iirs ii /9;' 9 2 /9
-7 7 7
6
300 300
308 31612 325 356
4,300 American Express
100
347 361
352 353
4 92
Holiday
90
948
9314 9018 9358 20,900 Amer & For'n Power___No par
94
9012 9414 91
106 10614 *106 1064 10612 107
No par
1,300 Preferred
106 106
____
___
9312 933
92
9312 9212 9212 913 11212 3,000 2d preferred
4 93
No par
933
4
4 .614
734
*614 734 *658 73
4 *614 73
American Hide & Leather_100
.512 73
*3012 333 *3212 3354 3212 3212 33
4
600 Preferred
100
333 *3112 33
4
7712 79
4,000 Amer Home Products__No par
775 79
8
7712 7614 77
7712 78
77
39
3912 40
No par
40
393 393
4
4 2,400 American Ice
4058 3912 4014 40
*93
95
100 Preferred
*93
95
*93
95
94
93
100
03 .91
6112 6312 6212 647
18,900 Amer Internet Corp__ _No par
62
647
625* 6412 62% 64
6i8 614 2,500 Amer La France & Foamite_10
614 612
618 63
6
614
6
6
66
66
190 Preferred
*6018 65
100
*6018 65
65
65 .6018 65
11312 11778 115 117
11412 11734 11514 117
115 1174 18,900 American Locomotive_No par
115 115 *115 116
100
115 115
11512 116 .115 116
5,400 Preferred
16514 16714 *165 166 *165 166
900 Amer Machine & FdyNo par
16514 16514 165 16514
*110 112 *110 112 *109 112 *110 112 *110 112
Pref (7) ex-warrants
607 6212 61
61
61
63
61
64
62
6434 8,100 Amer Metal Co Ltd___No par
12118 12118 *121 12785 122 122 .1205 12712 .1204 12712
300 Preferred (6%)
8
100
7934 75
80
80
794
77
67
370 Amer Nat Gas pref____No par
75
70 . 74
10
10
.9
97
8 97
10
.9
918 94
10
400 American Piano
NO par
41
4114 41
41
41
41
41
390 Preferred
100
41
*4012 41
94
97
9514 9804 945 96
8
9412 96
95
9614 10.100 Am Power & Ligbt____No par
99
903
4 9914 9984 995 100
8
094 997 100 101
8
1.600 Preferred
Al o par
7412 7412 7414 7414 7414 711 i
7414 7414 75
1,000 Preferred A
75
No par
7912 80
80
80
703 703* 793 81
4
4
8012 8012 1,200 Pre A stamped
No par
17434 18012 17112 1771 170 178
180 180
17712 180
3.900 American Radiator
25
•175 185 *175 185 *175 185 *175 185 *175 185
100
Preferred
150 151
154 1671 162 165
160 16112 160 162
10,000 Amer Railway Express
100
55
593
8 5814 6134 57
6012 5512 568 57
5738 16,200 American Republics___No par
6312 6312 65
65
•64
65
653 70
8
6714 6014 4,300 American Safety Razor_No par
36
36
3618 361
36
36
3512 36
3514 3512 1.700 Amer Seating v to
No par
414 414
414 414
434 43
4
43
8 44
412 4,
800 Amer Ship & Cornm
2
No par
90
90
90
90
88
90
87
87
*86
88
90 American Shipbuilding_ ___100
106 11014 1074 1093 1075 1105* 10614 110
10612 109
54,700 Am Smelting 84 Refining__100
•13512 13612 •135 8 136
5
1354 136
1353 1353 13512 1355
4
8
4
606 Preferred
100
194 19412 *194 199 *194 199 •194 199 .194 199
1,500 American Snuff
100
112 112 *110 112 *110 112
110 110 *110 112
110 Preferred
100
6778 68
x673*
67
86
6814 653 7014 69
4
71
11,900 Amer Steel Foundries_ _No par
•11012 111 *11012 111
111 ill *11012 111
11012 11012
40 Preferred
100
73
74
7212 73
7212 73
72
7258 7112 7218 3,500 Amer Sugar Refining
100
107 108 *10612 107
1067 10678 .10512 107 .10512 107
8
300 Preferred
100
:4638 4638 .4614 4814 *4614 4814 48 48 46 46
500 Am Sum Tob
No par
.21
23 .21
23 .22
23 .2112 23
23
200 Amer Telegraph & Cable__100
23
215 22312 218 22278 21758 22112 217 2217 219 2213 45.800 Amer Telep & Teleg
4
100
163 16412 165 165
16312 16514 165 167
167 16734
1,600 American Tobacco com___-50
16312 165
165 165
164 165
16514 16514 167 16812 2,800 Common class B
50
•120 12018 120 120 .120 12014 •120 12014 120 120
300 Preferred
100
144 144
14412 145
144 144
1433 144 *140 14412 1,300 American Type Founders 100
4
•110 112 *110 112 *110 112 *110 111
111 112
100 Preferred
100
82
81
823
4 80
79
82
81
8214 8058 8314 9,300 Am Wat Wks rk El
No par
__ *9818 10018 9918 994 •11918 100
-___
100 100
200 1st preferred
205 2114 2014 /012 *2012 21
8
2012 21
2038 21
1,300 American Woolen
100
8 463 463
8
493
8 4614 467
46
8 463 467
8
8 474 473
4 2,100 Preferred
100
8 11
11
,
1012 1012 10 2 10 2 105* 105
,
*1118 1112 1,200 Am Writing Paper ctfe_No par
*4014 41
4014 4014 *4014 41
•4014 41
41
41
500 Preferred certlficate
100
8 384 4012 3818 393
355 3914 3918 417
8
4 384 405* 28,500 Amer Zinc, Lead Sc Smelt___25
100 10178 99 100
10018 103
997 100
8
10018 10018 1,600 Preferred
25
1483s 1553 15118 15414 14812 15314 14712 15212 14712 15134 623,700 Anaconda Copper Mlning 50
4
563
4 5508 5758 543 5612 564 5884 11,500 Anchor Cap
65
4
524 537
No par
115 119 *114 11912
112 113 *115 118 *11518 119
200 Preferred
No par
4 5418 5578 5314 5512 63,000 Andes Copper Nfining No par
543 585
4
8 554 56% 553* 563
8 40
397 404 394 407
40
40
397 41
4014 5,400 Archer, Dan'Is, Mid'id_No par
11412 11412 .11412 115
115 115
•11412 115
1144 11412
100
150 Preferred
*8814 90
8812 8812 8812 8812 *884 8912 89 89
300 Armour & Co (Del) pref
100
1312 1318 135
1312 13
13% 13
13
8 134 135* 11.200 Armour of Illinois class A___25
7
712
7
712
7
704
7
718
7
738 11,500 Class B
25
77
77
4.7812 7712 7712 77% *774 773* 7712 778
900 Preferred
100
2612 27
2
26
2612 .26
2712 263 27
2612 263
4 1,100 Arnold Constable Corp_No par
26 .2412 26
*2412
*2412 26
*244 26
26
2714
800 Artioom Corp
No par
07
98
98
98
98
*96
9812 984 .96
99
290 Preferred
100
•Bid and asked Odom; no sales on this day.
1 Ex-dividend.
y Hz
-rights
PER SHARE
Range Sines Jan. I.
,
On baste of 100
-share tots
Lowest
Highest
PER SHARI
Ranee for Preston,
Year 1938
Lowest
Highest
$ per share
1612 Jan 2
20 Jan 2
124 Afar 25
141 Apr 1
9718 Apr 1
104 Apr 4
1561251ar 27
2912 Apr 1
44 Jan 29
9712 Jan 29
209 Mar 26
8158 Apr 4
08 Mar 4
103 Star 7
61 Afar 26
9112Nfar 26
8112 Apr 3
3212 Afar 26
385 Mar 26
8
33 Apr 1
57 Jan 28
5 per stars 5 per share S per share
4
1158 Mar 3012 Jan
213 Mar 5
2412 Mar 5
17 Aug 38
Jan
13838 Feb 2 1175 Feb 13114 May
8
1584 Feb 1 13912 Feb 185 May
965 Sept 10214 Jan
8
99 Jan 3
14078 Jan 14 100
Jan 15912 Jan
994 Jan 1945 Oct
178 Feb 1
8
2818 Jan 464 May
39 Feb 25
3214 Sept 56 May
5814 Jan 25
9458 Oct 107 Feb
100 Jan 5
231 Feb 2 18612 Feb 22458 Nov
824 Oct 8714 Jan
8438 Mar 16
Jan
99 Aug 111
10014 Jan 5
9914 Nov 10812 Mar
103 Mar 7
51 Feb 9614 May
813 Jan 5
8
8812 Feb 102 May
1047 Jan 7
8
87 Feb 9981 May
91 Jan 8
4
313 Feb 5484 May
54 Feb 4
3312 Feb 544 May
5312 Feb 4
384 Deo
2814 Feb
417 Mar 5
8
5212 Aug 6218 Jan
6412 Feb 4
3914 Mar 27
80 Mar 26
128 Feb 16
4
1093 Jan 16
389 Jan 16
92 Apr 3
283 Mar 27
4
48 Jan 29
5812 Jan 23
314 Apr 5
967 Jan 7
8
8
77 Nlar 27
5 4 NIar 26
3
16 Afar 15
241 Jan 7
121 Jan 3
166 Afar 26
8 Feb 14
60 Feb 13
30 Feb 18
1412 Nlar 26
5314 Mar 26
110 Mar 26
60 Jan 3
1514 Mar 25
5012 Mar 25
4012 Feb 14
45 Jan 16
122 Mar 27
1518 Jan 7
493 Jan 7
4
1073 Feb 18
4
1405 Feb 14
8
93 Feb 18
11612 Feb 7
724 Jan 23
4
463 Mar 26
10912 Jan 2
9 Jan 25
35 Mar 26
280 Feb 2
7514 Jan 4
10512 Jan 3
913 Apr 5
4
818 Mar 12
3014 Feb 6
75 Jan 2
38 Afar 26
9012 Feb 11
573 Mar 26
4
6 Mar 26
64 Mar I
10258 Feb 18
113 Jan 3
165 Apr 5
110 Mar 11
5512 Mar 26
117 Jan 3
67 Apr 4
918 Mar 27
38 Jan 2
814 Jan 8
988 Afar 28
7
73 Jan 7
79 Mar 26
165 Mar 26
140 Jan 7
1294 Jan 16
44 Feb 18
62 Mar 26
323* Feb 16
3 8 Jan 2
5
86 Feb 27
9313 Jan 16
13514 Afar 213
19312 Alar 26
108 Feb 13
62 Afar 26
11012 Jan 4
7112 Apr 5
10612 Jan 3
46 Apr 5
17 Jan 2
19314 Jan 8
160 Mar 26
16014 Mar 26
11812Afar 11
13612 Jan 5
544 Jan 22
8858 Jan 7
15912 Jan 3
112 Jan 2
675 Apr 3
96 Jan 3
357 Jan 15
9712 Mar 22
94 Mar 21
47 Feb 20
1145 Jan 28
8
1114 Jan 2
1014 Jan 8
25 Jan 3
3053 Mar 1
4
12314 Mar 27
194 Jan 11
1118 Jan 14
73 Jan 17
4258 Jan 3
235 Jan 15
8
733 Jan 11
4
13414 Feb 6
82 Feb 13
2012 Jan 16
6014 Feb 5
607 Mar 19
8
62 Feb 4
12612Nlar 21
333 Apr 5
4
91 Apr 5
129 Mar 22
1417 Jan 14
8
1064 Jan 3
123 Jan 29
8512 N1ar 13
5812 Feb 1
11414 Jan 30
11 Jan 2
473 Feb 25
4
361 Apr 5
1387 Feb 19
8
10812 Feb 14
103 Feb 21
10 Jan 2
38 Jan 2
855 Jan 24
8
433 Feb 6
4
98 Mar 6
7614 Jan 18
ws Jan 10
75 Feb 21
123 Mar 18
118 Jan 22
199 Mar 6
11612 Jan 12
813 Feb 6
4
135 Feb 6
9814 Jan 7
1772 Jan 31
55 Jan 31
120 Jan 30
105 Feb 28
80 Feb 13
84 4 Feb 15
3
210 Jan 15
105 Jan 29
17334 Mar I
643 Jan 2
4
4
743 Jan 31
411 Mar 15
7 Feb 5
04 Jan 24
12434Mar 1
138 Jan 4
206 Feb 1
112 Jan 24
79 2 Feb 4
7
114 Mar 13
943 Jan 25
4
111 Feb 1
60 Jan 2
327 Afar 25
8
224 Mar 28
1564 Jan 28
188 Jan 28
12114 Jan 15
155 Jan 31
10712 Jan 9
674 Jan 8
97 Jan 3
194 Mar 26
4514 Mar 8
1014 Mar 28
4014 Apr 1
304 Mar 26
9818 Mar 26
11514 Jan 15
5118 Mar 26
11114 Mar 25
48 Jan 31
3614 Mar 26
114 Jan 4
8512 Afar 26
1218 Mar 25
612 Mar 26
7512 Mar 26
25 Mar 25
26 Mar 20
97 Apr 5
112 Apr 5
94 Mar 2
104 Jan 28
277 Jan 3
8
8
583 Jan 2
1514 Jan 21
46 Mar 2
4914 Mar 18
11114 Mar 19
1747
8Nlar 21
823 Feb 21
1
124 Mar 1
6838 Mar 1
4912 Mar 4
115 Jan 11
95 Jan 30
1818 Jan 2
1014 Jan 2
86 Jan 24
407 Jan 2
8
30 Feb 5
100 Jan 4
3614 Nov
78 Nov
90 June
Oct
109
Jan
195
93 Jan
3012 Dec
Jan
11
3414 Jan
24 Jan
59 June
712 Jute
Jan
1
4
223 Dec
148
Feb
12012 June
11518 Feb
94 Oct
69 Mar
2718 Feb
155 Feb
8
555 Feb
8
743 Jan
4
60
Oct
1414 July
38
Feb
15 8 Feb
3
397 July
8
120 Dec
105 Apr
8
4014 Apr
7012 Jan
4
1363 Jan
8814 July
1105 Aug
8
71 Dec
44 Dec
107
Jan
1012 Dec
85 Apr
1025 July
8
142 Des
11412 June
425 Dec
9912 Mar
3312 Dee
65 Sept
693 Sept
4
53 Mar
4
8
995 Dee
1433 Jan
10 Nov
3114 Jan
4
2523 Nov
1275 May
8
200 Dec
1634 Apt
90
API
437 No/
2
28 Nov
797 Nor
8
159 May
657 Jam
2412 Aug
615 Sept
8
4438 Noy
494 Jan
128 June
2614 May
657 May
8
11712 Nov
147
Apr
1114 Jan
1374 Mal
105 June
5034 Dec
114 May
1512 Apr
169
Jan
225 Feb
8
10434 June
81
Feb
814 Oct
31 Nov
89 Feb
28
Jan
90
Jan
__ ____
51.4 Jan
58
Jan
87 June
10314 Oct
12912 June
110 Dec
39 Mar
109 Aug
963 Dec
4
123 Jut)
4
,
38 Dec
6214 Jan
10012 Dec
7018 Nov
8112 Dec
13018 Jan
Oct
141
11012 Jan
5114 Feb
Jan
56
275 Nov
8
312 Aug
80 Sept
Feb
169
131 Mar
141
Jan
Oct
100
504 June
109 June
65 Feb
100 Feb
48
Feb
1714 Dec
172 July
152 June
152 June
1162 Sept
4
g
1097 Aug
107 Nov
52 June
98
Oct
14 July
39 Aug
10, June
2
34 June
685 Jar
40
Jan
54
Jan
48 Dec
10614 Dec
3618 Nov
554 Feb
Oct
112
868 Jan
1114 Jan
652 Jan
674 Jan
3514 July
2814 Dec
99 Deo
310 Dec
85 De,
110 May
100 Sept
154 Feb
673* Feh
86 Nos
463 Aug
2
9912 May
115 Oct
8
8512 OM
115
Jar
134 Mai
1833 De4
4
116
Jar
63 4 Not
3
11712 Ma/
993 Not
4
2$ Fet
Jai
90
95 Mal
10714 Mn)
774 Not
8614 No
19112 Des
152 Ap
143 Del
Ap
85
747 Sep'
45 Ma)
618 Mal
119
Jaz
293 Del
142
Ap.
210 Del
120 Juno
70 8 JAI
8
120 Fel
934 Not
11012 Mai
735 Sep
8
32
Jai
211 Mal
1843 De,
8
1847 Not
8
126
Ap
14214 Not
116 Mn
7612 Not
108
Ap
324 Not
65% Not
194 Fel
53 4 Oe
3
57
Oci
1177 0.21
1204 De
5458 De
111 Des
56 Not
1127 Nos
2
11514 Mai
0702 JUDI
2312 Sept
1311 May
9112 June
513 Ain
4
443 Mal
2
114 Mai
2236
New York Stock Record-Continued-Page 3
For sales during the week of stocks not recorded here, see third page preceding.
HIOH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Mar. 30.
Monday,
Apr. 1.
Tuesday, 1 Wednesday,
Apr. 2.
Apr. 3.
Thursday,
Ayr. 4.
Friday,
Apr. 5.
Sales
for
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE
Lowest
Eper share $ per share $ per share $ per share $ per share $ Per share Shares Indus. & Iiilace!. (Con.) Par
29
29
2812
500 Art Metal Construction__ 10
28
288
28% 28% .28
2812 *28
5212 563
4 5418 5534 544 5654 5414 553. 5418 5512 16,000 Assoc Dry Goods
/
1
No par
101 101 •100 102 *100 102
100 100
*9712 102
200 First preferred
100
*4414 45
45
45
/
1
4714 4714
70 Associated 011
25
4414 4618 *454 47
49
511 9,100 Atl G & W I El 13 Line_ _No par
/
4
45
4612 451 51
497
487 487
8 49
2,200 Preferred
53 4 533
3
4 55
58
57
5712 571 5712 *55
57
100
y5612 59
59
61
5814 60
5734 588 5712 5884 144,800 Atlantic Refining
25
115 115
115 115 *115 116
115 115 *115 116
260 Preferred
100
96
96
9514 9514
400 Atlas Powder
No par
9512 95 4 *9514 97
3
*951 97
101 101
100 100
100 100
90 Preferred
100
100 10412 *100 10412
No par
123. 1238 *1218 1212 *1218 135 •1218 1358 1218 1218
200 Atlas Tack
8
6
64
6
6 18
6
612
6
8
900 Austin. Nichols de Co_No par
63. *6
Preferred non-voting...__100
*32
34
*32
34
*32
34
*32
34
*32
34
500 Austrian Credit Anstalt
59
59
60 60
60 60
*613 66
4
*62
65
274 29
/
1
2712 29
295 3314 33% 3514 328 3412 31,600 Autosales Corp
8
4
No par
411 43
41% 43
1,600 Preferred
*38
40
*38
40
397 41
50
300 Autostr Baf Razor"A"_No par
45 45
44
4
4518 *4418 45
*44
45
*4418 458
283 268
250 250
26312 26512 12,100 Baldwin Locomotive Wks_100
255 2611 259 267
11712 120
1175 1193 1177 125 *118 12012 1203 1204
8
4
660 Preferred
100
4
350 Bamberger(L) & Co pref_100
10814 10814 10814 10814 10814 10814 *10812 109
109 109
500 Barker Brothers
30
30
4
3
No par
30 30
*293 30
4
*293 30
4
293 29 4
953 *92
*92
9512 *92
Preferred
100
*90
95
95 4 *92
5
953
4
300 Barnett Leather
*17
20
*18
19
18
18
*17
20
18
18
No par
423. 4512 45
433 447 185,600 Barnadall Corp class A
4
25
463, 438 4534 4312 45
46
200 Class B
43
45
*45
48
46
*43
2.
*4312 46
*44
100 Bayuk Cigars, Inc
96
96
*95
99
No par
•95 100
*95 100
*97 102
First preferred
100
•104 105 *104 105 *104 105 *104 105 *104 105
2212 221 238 2318 23
1
No par
22
23
2312 2314 2312 10,100 Beacon Oil
86
900 Beech Nut Packing
8512 *83
86
20
*82
86
8512 8512 85
86
7
133 1312 1312 13 4 1314 1312 1314 1314 5,700 Belding Hem'way Co--No par
1312 13
8
82
817 817 *817 82 .81% 82
300 Belgian Nat Rya part pref _ _
81% 818 82
8
8
8
No par
838
4 8114 838 8114 825
80 4 813
5
4 81
8 811 8212 5,200 Best le CO
9858 102
10118 1047 1037 10814 1053, 11114 10912 113 525,800 Bethlehem Steel Corp____100
8
8
118 11914 11714 118
118 119
1198 12018 11814 11912 3,100 Beth Steel Corp pf (7%)_100
57
59
57
6014 59
6014 6014 618 27,800 Bloomingdale Bros
No par
5411 58
10812 1088 1085 1083, *109 11012 *109
4
8
____ *109
____
130 Preferred
100
40 Blumenthal & Co pref
102 102 *102 103
103 103 *102 103
10214 103
100
80
80
80 80
800 Bon Ami class A
80
80
80 80
*80
82
No par
8
612 65
8 •612 7
612 612
8
612 68
800 Booth Fisheries
63, 65
No par
*48
50
•48
51
•48
46
1st preferred
5012 *46
48 .44
100
177 179
178 18012 180 182
4
4,600 Borden Co
18012 1823 181 183
50
*11
1212 .11
1212 *10 4 12
Botany Cons Mills class A_50
3
*104 123 *10h 1212
4
435 451 139,400 Briggs Manufacturing_No par
8
4012 43% 417 443
4 4312 4634 4314 447
412 412 *4
412 *414
4.58
500 British Empire Steel
tool
414 43
8
43, 43.
*9
9
544
714
714
200 2d preferred
1001
934 *6
0 4 *73
3
8 81g
5312 54
3,200 Brockway Mot 'Tr____No sarI
53% 557
5512 *54
55
54
55
55
•105 125 *105 125 *106 135 *106 135 *106 135
1001
Preferred 7%
*305 325 .305 325 *305 325 *300 325 *300 325
Brooklyn Edison Inc
1001
178 178 *171 175 *171 175 *174 175 •174 175
100 Bklyn Union Gas
No porl
39
2,100 Brown Shoe Inc
No parl
39
3812 39
39
39
3818 383 *3812 39
4
411712 120 *11734 121 *118 119 *1175 120 *118 120
Preferred
1001
8
4512 47h 4514 4612 45
47
4514 4638 453 487s 13,200 Bruns-Balke-Collander_No par
4
5 347
3312 3414 33
335 345
8 335 337
8
8 34
3412 3,900 Bucyruo-Erie Co
101
4214 453
4 423. 437
4312 43% 4312 43% 43% 4312 2,700 Preferred
101
*1128 125
11338 11338 *11358 125 *1123 125 *1123 125
lOOt
4
4
10 Preferred (7)
*110 113 *110 113 *110% 11214 *1103. 113 *110 11212
Burns Bros new clAcomNo sarI
3112 3112
800 New class B corn_ __No purl
Stock
3112 3112 *3112 32
311 3112 3112 3112
1001
*993 104
8
104 104 *100 104
10012 1004 10912 10084
170 Preferred
ille
2,800 Burroughs Add Mach_No sarI
275 27514 *2734 275
/
1
27518 292
Exchange 2721z 279
272 275
No sari
67
6812 68
6812 67% 68
6612 2,100 Bush Terminal
6712 6712 66
lo
Closed
109 110
107 10914 107 1087 108 10834 10712 10812
340 Debenture
8
1001
•112 115
lOOI
112 112 •112 115
115 115
113 113
70 Bush Term Bldgs pret
9
9
/
1
4
912 912
914 912
9
9
9
9 12 1,300 Butte & Superior Mining__101
I Extra
714 712
7% 754
714 712
714
714
7
714 5,700 Butte Copper & Zinc
SI
Holiday
29
/ 29% 29
1
4
2912 291 334 327 347
1001
6,400 Butterick, Co
8 323 33
8
146 153
par
150 155
---No
14814 1537 14918 15512 15134 160
8
17,300 Byers & Co (A M)
100
*95 112
*95 112
105 105 *10512 11112 10512 10512
40 Preferred
110 112
11012 11034 *109 111 *110 112
500 By-Products Coke----No par
4
4
1113 1113
74
75
7518 7518 7414 7412 7318 74
75
7512 4,300 California Packing--„No par
•2,4
25
30
*24
30
30
30
.24
30
•24
38
30 California Petroleum
10
3
3 14
3% 314
3
/ 314
1
4
3
3 18
3
3
6.300 Callahan Zinc-Lead
1283, 13118 1273 12912 128 1302
9,600 Calumet & Arizona Mining_10
130 132
,
127% 131
25
504 521
51
50
54
5358 505 5318 5112 527 41,400 Calumet & Heels
8
8
28218 84
827 84
2
8212 84
82h 833
8 8218 83% 12,000 Canada Dry Ginger Ale No par
No par
407s 405
8 40 40
40 40
40
40
40
40
1,700 Cannon MUla
4493 4493
440 440
440 450 *420 450 *440 450
500 Case Thresh Machtne____100
4
100
*122 135 *122% 127 *122 135
122 122 •115 130
100 Preferred
•37
38
3512 37
35
3612 3412 3412 *3512 39
2,600 Central Aguirre Asso-No par
447
44
4418 4614 45
43
45
4614 45
47% 43,900 Central Alloy Steel--No par
•____ 107
100
105% 1078 *109 11012 .109 11012 1091 10914
4
130 Preferred
13
13
13
13
*1138 143
4 14
14
*14
1412
500 Century Ribbon MIlls.No par
*7214 7312 7214 7214 •
100
*7214 75
74
74
110 Preferred
7014 73
4
104 105
26,300 Cerro de Pasco Copper_No par
105 108
10612 109
10518 1073 105 106
*18
19
19
20
183 183
4
4 1,100 Certain-Teed Products_No par
19
1918 19%
19
*4912 60
*4912 5012 4912 4912 *3018 4912 *447 4912
100 7% Preferred
100
4
,
No par
*55
54 59
*5614 583 5563 588 *558 588 *5554 588
4
200 Certo Corp
*____ 21 *____ 21 *____ 21 •____ 21 *____ 21
Chandler Cleveland MotNapar
No par
CertIfIcates
...
*____ 40 *___ _ 40 8 _ _ 40 *____ 40 *____ 40
No par
Preferred
____ ____ ____ ____ ______
Pref certificate,
No par
7912 807
8 7912 8214 82
8 793,80
82% 6,500 Chesapeake Corp
8012 815
No par
3112 3112 *29
30
30
•2912 31
1,200 Chicago Pneumat Tool No par
30
313
30
3 493
5
4 493, 49
*4812 49
49 12 4912 49
50
50
400 Preferred
No par
640 Chicago Yellow Cab___No par
3218 3218 323, 32% 321 3212 3214 33
3214 3312
3
42
8 42
42
414 4112 4012 40 4 42
1.600 Chickasha Cotton OH
4158 413
10
4 4512 468 458 4612 4512 46
2,500 Childs Co
474 4812 4734 473
No par
10812 1113, 1073, 111
10912 110
5,800 Cjalle Copper
1124 1163 109 114
25
*994 125 *110 125 *110 125
110 110
40 Christie-Brown tem otfallo par
*110 125
4
2
933 9684 933 9814 9318 973
9484 968 359,500 Chrysler Corp
91
98
No par
52
700 City Stores class A___ No par
50
50
50 14 5014 .50
52 .50
50
50
2112 21
2112 6.200 New
No par
213, 2258 214 22'2 213, 22% 21
*6212 63
63
631
63 6314 6214 625
8 6212 6212 1,200 Cluett Peabody & Co__No par
Preferred
*112 115 *112 115 *112 115 .112 113 *112 113
100
4
1293 130% 2,700 Coca Cola Co
4
No par
12714 12714 12838 13114 127% 1318 *129 130
58
6014 58
59
58
60% 7,800 Collins & Allman
No par
*5812 60
5718 61
99
99
99
99
99
99
700 Preferred non-voting___100
*95 103
*97 102
64
6714 6512 674 18,700 Colorado Fuel & Iron
63
66
100
8
63 4 627 851
5
82
12812 131
13012 131
12614 13812 9.000 Columbian Carbon v t °No yO7
126 12912 128 131
8 3,700 Colum Gas & Eleo____No par
8
1375 139 *1373 138% 138 13812 13812 1397
139 141
8
100
10412 1041 *1044 10412 10414 104,•1033 10312 1,400 Preferred
104 105
k 6818 71
693 71% 215.700 Columbia Graphophone
8
2
68
7114 6918 7112 687 717
4
4 483 5112 43,300 Commercial Credit____Na par
46
4812 47
4 4712 497
503
478 493
20 Preferred
25
2512 25% 25
*2512 26
25
*254 26
*2512 26
2534 253 *2512 26
70 Preferred B
2613 26
26
25
•26
2612 *26
99
250 let preferred (85%).--100
99
99
98
*98
9518 9518 9518 99
98
16112 16112 3,190 Comm Invest pcuss___No par
163 1848 163 16484 162 1645 163 163
8
4
10 7% preferred
•____ 10414 102 102 *102 105 *102 10412 *102 105
100
400 Preferred P3M
100
*9312 9518 *9312 9514 *9312 9512 9518 9518 9518 9514
4812 4812 1,100
49
*4812 49
Warrants
5114 *48h 49
100
*4812 49
2588 260 259 285
4
4
28312 288
28014 2953 29212 3005, 26,900 Commercial Solvents_No par
128 129
12618 13214 12914 131
8
6,00 Commonwealth Power-No Dar
128 131% 1273 130
75
75
75
1,600 Conde Nast PublIca__No par
74% 76
74
72
74
73
74
24
25
233 243, 17,700 Congoleum-Nalrn Ino_No par
2378 2438 2378 2412 23% 24
80
2.300 Congress Cigar
7814 7814 7714 781
No par
7714 783, 7714 77% 78
*fg
1
fg
7
8
...78
I
*78 1
•78
1
10 Conley Tin Foil stpd No par
83
2,400 Consolidated Cigar--No Par
83
8412 843 8458 83
8
/ 84% 844 8418 83
1
4
9212
190 Prior pref
9212 9212 9112 921
9212 92
9214 9214 92
100
2612 3,600 Consol Film Ind pref-No par
2618 2714 2612 267
8 2612 2612 2618 2614 26
10012 103
1013. 1033. 10212 103 8 1024 1033 1028 104
4
79,300 Consolidated Gas(NT) No Par
7
99
99 18 995, 99
993
8 6,000 Preferred
99
/ 9958 99
1
4
99
99
No par
L
Big ingsaked Woo:no saline this day. t Er-dividend of 100% In atom. Hoek
PER SHARI,
Range Singe Jan. 1.
On harts of 100
-share kW
s Ex-dividend. I Et-Wiring
I
$ per share I
2784 Mar 26
50 Mar 26
100 Apr 4
43 Feb 11
3218 Feb 16
3
45 Feb 11
5312 Jan 29
115 Jan 21
92 Mar 26
100 Mar 13
1018 Feb 25
6 Mar 18
32 Mar 14
59 Apr 1
2218 Feb 15
3614 Mar 4
4314 Jan 10
225 Mar 2
115 4 Jan 4
3
10814 Jan 2
2812 Jan 14
893 Jan 19
4
17 Mar 14
3818 Feb 18
38 Feb 16
95 Mar 27
104 Feb 8
20 Feb 7
4
818 Mar 26
1118 Feb 13
81 Jan 29
3
75 4 Mar 26
8218 Jan 31
1188 Mar 27
4
4214 Jan 21
10812 Apr 1
97 Feb 15
7812 Mar 25
6 Mar 26
48 Mar 26
174% Jan 8
115 Jan 10
4
3314 Mar 26
3 4 Mar 26
3
5 4 Jan 14
8
51 Mar 27
121 Feb 18
300 Jan 2
17012 Mar 26
3818 Apr 4
117 Feb 7
42 Mar 26
3
323 Mar 26
415 Mar 26
8
112 Jan 3
110 Feb 25
3058 Jan 31
10012 Apr 4
234 Jan 16
65 Mar 25
10514 Jan 5
110 Mar 22
81z Mar 26
7 Mar 26
29 Mar 27
134 Mar 26
105 Apr 3
10414 Mar 26
721 Mar 26
/
4
263 Mar 2
4
3 Jan 8
12114 Jan 7
4218 Mar 26
78 Jan 4
38 Mar 25
412 Mar 26
122 Apr 4
3112 Mar 26
4012 Mar 26
1058 Apr 2
4
13 Mar 28
72 Apr 3
/
1
4
10014 Mar 26
188 Apr 5
4
4912 Apr 3
5614 Mar 28
20 Jan 24
22% Jan 11
36 Mar 7
39 Jan 9
7812Mar 26
2814 Mar 26
4818 Mar 27
305 Mar 28
8
4012 Apr 2
44% Mar 26
7114 Jan 8
102 Jan 8
8984Mar26
4912 Feb 25
2012 Mar 26
6214 Mar 27
110 Mar 27
123'458ar26
50 Jan 4
93 Jan 3
59 Mar 26
121'4Mar26
133l4Mar26
1037,Mar2l
6418 Mar 26
43 Mar 26
2412 Jan 2
25 Jan 21
954 Apr 1
13112 Jan 2
10114 Mar 27
93 Mar 15
2714 Jan 7
22514 Feb 18
10714 Jan 7
72 Apr 2
2212 Mar 26
76 Mar 26
78 Feb 19
81 Mar 26
901.Mar 27
25 - Mar 20
0.51r Mar 26
9812 Jan 2
Highest
PER SHARI
Range for Previous
Year 1928
Lowest
Highest
$ per share $ per awe 5 per men
3078 Feb 4
251/ Jan 343 Apr
4
705g Jan 10
4014 June 7513 Dee
107 Jan 15
9912 Aug 113 8 Apr
7
471 Apr 5
/
4
3712 Feb 53% Beni
511 Apr 5
371 Feb 597 May
/
4
58 Apr 2
38 Feb 6514 Oct
68 Jan 2
50 Nov 661 Dee
:
1173. Jan 11 1141 Sept 118
/ J813
1
4
115 Jan 2
63 Jar 114 Dec
10612 Jan 1'4 102 July 11012 Ma,
1512 Jan 3
814 Jan
17% June
10 Jan 11
914 May
43. Jan
4218 Jan 14
25 July 39
Jan
65 Jan 8
58
Oct 75 May
3514 Apr 4
612 Jan
3484 Nov
4378 Jan 23
25 Aug 41 Nov
50 Jan 11
43
Oct 5212 May
271 Mar 22 235 June 285 Mar
125 Apr 3 115
Oct124 4 Apr
8
11012 Feb 1 10714 Nov 11178 Jan
33114 Jan 23
267 Aug 351 Dee
8
4
97 Jan 28
9178 Dec 10112 June
29% Jan 15
23% Aug 521k Feb
46% Jan 3
20 June 53 No8
49 Feb 2
20 Jure 5118 Nov
1138 Jan 25
4
98 June 1401 Mar
1065 Jan 29 10312 Dec 1103. Mai
4
1214 Mar 241: Dec
281: Jan 8
101 Jan 12
708 July 10114 Dec
12 Dec 22
148 Jan 2
4
Jan
847 Jan 3
8
82% Sept 9212 May
931 Jan 3
8
53 Jan 102 001
113 Apr 5
517 June 8888 Dec
8
123 Jan 11 11618 June 125 Apz
617 Apr 5
335 July 50 Bepi
111 Jan 16 10912 Jan 1118 July
87 June 122 Dec
118 Jan 2
8912 Jan 12
6514 Jan 8513 Dee
118 Jan 2
4
514 Jan
1212 Nov
4114 Mar 7218 No#
633 Jan 18
4
203 4 Feb 5 152 June 187
8
Jar
8% Aug 23 Jar
1512 Feb 11
634 Jan 3
2118 Feb 635 Oct
678 Jan 28
1% Jan
94 Ma]
/
1
131 Jan 28
2% Jan
12 Fet
73% Jan 2
4512 June 7511 Not
145 Jan 2 110 June 150 Not
340 Jan 5 2088 Jan 325 Noi
4
20013 Jan 28 139 June 203 Not
8
47 Jan 2
44 Dec55 Api
12
1191 Feb 18 115 Nov120 Jaz
:
5514 Jan 18
271 Feb62 4 Sep,
3
:
428 Jan 5
241: Feb48% Mai
50 Feb 5
33 8 Feb54 8 Mal
3
5
11513 Feb 18 11014 Mar 117 Apt
127 Jan 11
9312 Feb127 001
157 Mar 4338 Juni
39 Jan 14
1054 Jan 7
978 Feb110 4Juni
8
29514 Mar 14 139
Jan 249 Del
8918 Feb 2
50 June 88 Dei
110
12Mar 2 1047 Aug 115 Mal
s
11812 Feb 19 111 Aug 11912Juni
125 Jan 4
8
88 Aug163 Mal
4
4
94 Jan 3
44 Jan
1214 Not
41 Jan 2
3712 Dec 6712 Mai
1927 Jan 2
8
904 Jan 206% De
1295 Jan 26 1085 Apr 118 Da
8
8
4
1298 Jan 25
65 Mar 122 Da,
8158 Feb 27
68% June 82% Belz
30 Apr 3
2514 Mar 30 Seto
15 Mar
5 8 Ap
3
4 Jan 22
14258Mar 1
89 Feb 133 No.
6178 Mar 1
2018 Jan 473. No,
8934 Mar 19
547 Jan 13812 Mot
s
43 Dee 50 Sep
4812 Jan 3
Jan 515 NO.
509 Jan 2 247
12818 Feb 15 12012 Dec 13518 Ma
384 Dec 39% Do
/
1
488 Jan 30
4
2818 Mar 483 Do
5212 Feb 1
8
11212 Jan 28 107
Jan 1113 Mai
4
11 Aug 24
20% Jan 2
Oc
77 Aug 92 Mai
82 Jan 17
58
/ Jan 119 No.
1
4
120 Mar 1
2318 Dec 64 8 Ap
3
285 Jan 2
8
811* Jan 11
75 Nov 100 Mai
924 Jan 31
70% Oct 8318 Dei
23 Jan 11
54 Feb 24 Nol
228 Jan 18
4
41 Jan 29
14 Mar 37 g De
7
40 Jan 14
623 July 8118 Jai
4
8988 Feb 2
35 2 Jan 25 111 Aug 1734 De
7
564 Jan 11
/
1
36 Jan 7
29% Aug 43 Jet
50 Jan 2
45 Dec 5612 Oa
60% Jan 2
37 Apr 64 De
2
1271s Mar 21
3758 Mar 747 No'
Jai
76 Dec 131
115 Feb 4
135 Jan 2
543 Jan 14012 Oa
4
52 Jan 2
5114 Jan 544 Jun
27 Feb 4
1
723 Jan 3
6038 Dec 100 AD
119 Jan 3 111% Dec 12434 Ma
140 Feb 5 -_-- -- -- - --- --72% Mar 14
441s Dec 11134 Jai
Jo
10312 Feb 6
99 Nov 109
7812 Mar 8
5212 June 8412 Jlz
8
1547 Feb 4
8
79 June 134 4 De
160 Jan 31
8912 Mar 140% De
s
1077 Jan 11 106 June 1104 Jlt
61 Dec 84% No
885 Jan 9
4
21 Feb 71 No
6238 Jan 2
23 Feb 27 Ma
26 Jan 9
23 Feb 28 De
2711 Jan 30
85 June 107 No
105 Jan 24
54
8
5534 Mar 1407 No
185 Feb 4
Jan 109 Ma
99
109 Feb 5
9812 Au
9258 Jun
99 Jan 28
618 Aug 2078 De
62 8 Feb 4
7
3005 Apr 5 137% June 2504 No
8
624 Jan11012 De
14314Mar 16
Jan84 Of
48
93 Jan 19
22 June 3112 Al
353 Jan 28
4
67 Feb 8714 De
921. Feb 6
h Jan
33 Ma
4
112 Feb 7
794 Jan 100 De
9614 Jan 2
941 Oct 102% Al
96 Jan 7
23 July 2912 Sal
28% Jan 16
Aug 1701 Ma
4
11812 Jan 26 574
9714 Aug 105 MI
8
1003 Mar 25
# saIling., a Ez-div. and 42-righla.
New York Stock Record-Continued-Page 4
For sales during the week of stocks not recorded here,
see fourth page preceding.
2237
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
PER SHARE
PER SHARE
Sales
STOCKS
Range Singe Jan. I.
Range for Prato=
for
NEW YORK STOCK
Monday,
Tuesday, Wednesday, i Thursday,
On bof 100
-share lots
Friday,
Fear 1928
the
EXCHANGE
Apr. 1.
Apr. 2.
Apr, 3. I Apr. 4.
Apr. 5.
Week.
Lowest
Highest]
Lowest
Highest
$ per share $ per share $ per share 8
per share' $ per share $ per share Shares Indus. & Miscel.
313 35
9
(Con.) Par $ Per shore 8 Der Omni 2 Per share i DO skate
312 4
3% 4
334 4
33
4 4
5,200 Conoolldated Textile--No per
19
83 Jan 15
1938 1818 1834 1818 1814 *1812 1834
3
12Mar 26
21 Aug
4
812 Dee
1818 1818 1,000 ContainerCorpAvot__Nopar 177
914 938
8 Mar 28 23% Jan 9
6
914
914 652
20 Nov 38 Apr
3% 913
914 912 3.000 Class B voting
60
No par
8$8 Mar 26 1112 Jan 2
6012 60% 8112 6184 623
9% Oct 194 Apr
4 62
6513 66
69
17,600 Continental Bahing el ANo par 471s Jan 8 69 Apr 5
918 93
4
912 914
2812 Apr 531 Jan
912 93
4
93 1114 103 113 50,000 Clan B
8
8
8
9134 92
No Dar
84 Jan 8 1354 Jan 17
9112 92
3 4 Apr
3
9 2 Dee
3
92
92
91
9214 9134 93
4,100 Preferred
7138 73 4 73% 7438
100 8812 Jan 2 97 Jan 16
3
73 Apr 9612 Jan
7
7212 73
7238 75
74
763 84,900 Continental Can Ine__No par 60 -Ian 19 8018 Mar 22
•125 126
53 Dee 1287 Sept
125 125 •125 126 *125 126 *125 126 4
8
210 Preferred
80
100 124 4 Jan 7 128 Feb 14 123 Jan 128 Mar
3
8013 8018 807
8 81
81
8014 81
8018 807
8 2,600 Continental Inc
195 21
10
i
75 Feb 947 MAY
2018 213
8
203 2138 20
8
3 2138 2038 213 32,800 Continental Motors___No par 79 Mar 26 9412 Jan 14
8
82
1718 Mar 26 283 Jan 21
8312 8212 8312 8212 8412 84
8
10 Mar 2012 Noy
25 6838 Feb 8 917 Jan 3
x14138 14138 14113 14112 14113 142 *14112 8518 8518 8618 12,700 Corn Products Refining
6438 Jan 94 Nov
1413 14112 14112
4
560 Preferred
100 14114 Feb 28 1448 Jan 19 13812 Jan 14638 Apr
5938 6214 60
6213 6018 6234 6018 617
8 603 617 28,500 CotY Inc
8
8
No par 51 Mar 26 8214 Jan 28
.34
37 '
334
8238 Dec 8978 Nov
37
34
34
*34
37 .34
37
100 Crex Carpet
100 2238 Jan 10 40 Mar 5
*98 10414 98
1212 Sept 27 Nov
98
*9712 100
*973 99
8
975 9733
70 Crown Will Pap lia pf_No par 9738 Apr 5 10114 Jan 18
*2114 2112 .21
9612 Jan 10514 Oct
2112 21
21
*203 21
4
*20 4 21
3
300 Crown Zellerbach
No par 21 Mar 26 251 Jan 9
86
2314 Dec 2538 Nov
883
4 88
8834 8818 89
8814 893
4 8914 903 10,300 Crucible Steel of America_100 85 Mar
8
.11414 115 *11414 115 .11414 115 *11414
26 94 Jan 11
6914 July 93 Feb
115 *11414 115
Preferred
100 109 Jan 8 116 4 Feb 28 111 Dec 121 May
17
17
3
17
1838 183 188 18
4
1812 188 20
5,300 Cuba Co
No par 17 Mar 27 2412 Jan 3
20
Oct 28,May
4
4
334 3 4
3
37
3 4 333
3
37
8 378
38 1,400 Cuba Cane Sugar
31,Mar 7
No par
•12
42 July
513 Jan 3
13
1112 12
712 Ma,
1213 12% *1118 123s 1118 113
4 3,200 Preferred
100 1118 Mar 27 188 Jan 3
12
12
12
13 4 Oct 323 Jan
3
8
12
12
12 .113 12
4
1112 113
4 2,500 Cuban-American Sugar...._ _10 113 Feb 20 17
8
65
66
Jan 3
6
153 Dec 2414 May
*65
6512 6513 658 6512 6512 *6512 66
420 Preferred
100 61 Mar 5 95 Jan 3
9334 Dec 108 Feb
5 2 5 2 *5
7
7
512
47
47
48
3
438
48 5
600 Cuban Dom'can Sug__No par
433 Apr 3
5414 5538 5414 55
8 4 Jan 2
1
Jan
5 Nov
12
548 5512 5514 5514 /55
55
2,800 Cudahy Packing
50 523 Mar 26 577 Jan 15
8
13912 144
54 Jan 7814 AIX
143 1477 1467 15014 14612 150
8
14718
*20714 ____ *20714 ____ .20714 ---- *20714 ____ •20714 1498 15.700 Curtiss Aer & Mot Co_No par 13518 Mar 26 17312 Feb 5
53% Feb 1921
4May
____
Cusbman's Sons
No par 221 Jan 25 22514 Jan 15 14414 Jan 230
•12034 130 .1203 125 .1203 125 *1203 125 *120 4 125
Oct
4
4
4
1
Preferred (7)
100 12018 Jan 22 130 Mar 22 114
60 60
Jan 141 Sept
6018 61
60
6018 *60
60 4 61
3
61
900 Cutler-Ham
10 5818 Mar 26 653 Jan 11
.77
4
7712 7638 7638 7614 7712 7738 778 7612 7838 1,200 Cuyamel mer Mfg
52 June 6512 Nov
Fruit
No par 63 Jan 3 85 Feb 5
53
557
8 531s 543
49 July 63 Oct
4 544 55 4 5314 543
3
4 5412 555g 21,700 Davison Chemical
No par 49 Mar 26 694 Jan 31
*37
39 .37
343 Feb 6838 Nov
39
*374 39
*3718 39
367 368
100 Debenham Securities
53 367 Apr 5 46% Jan 24
8
122 123 *120 1223 1223 1223 12214 12214 12212 1223
36
Oct 4914 Apr
4
4
4
4
280 Deere & Co pre}
100 116 Feb 26 128 Jan 4 1151 Feb 1261 MaY
25412 25412 255 255
4
2543 255
4
25414 25414 253% 25338 2,200 Detroit Edison
100 224
55
553
4 5514 56
5512 55 4 *5512 56
3
541 5512 2.100 Devoe & Raynolds A__No par 5312 Jan 2 260 Mar 21 16612 Jan 22414 flea
Mar 26 64% Feb 5
*1143 ____ 115 115 *11438115
8
40
Jan 61 Apr
1143 1145 •1143 115
8
8
20 1st preferred
100 112 Jan 7 11512 Jan 15 108
14412 14412 130 140
Jan 120
130 134
135 140
137 140
1,300 Diamond Match
100 130 Apr 2 1644 Jan 11 1343 Jan 172 May
9
912
8
9
Nov
9 14
87
8 9
87
9
9
914 1,500 Dome Mines, Ltd
No par
834 Mar 26 10% Jan 9
113 115
113 114
1312 Jan
8 June
113 1143 112 113
8
11313 1137
8 5,600 Drug Inc
No par 110 Mar 28
x67
67
80 Mar 12018 Nov
66
66
65
65
6412 6413 6412 641
1,000 Dunhill International No pat 6412 Feb 16 1264 Feb 4
•100 10012 1004 10018 *100 10014 100 100
92 Jan 2
1 Jan 995 Nov
55
100 100
500 Duquesne Light 1st pref....100 4913 Jan 24 1007
*83
8 712 *63
8 Mar 5
8 7
9938 Oct 11812 Mar
63
8 63
633 8
*7
714 1,800 Durham Hosiery Mills B-- 50
514 Jan 14 1112 Mar 4
3 Aug
84 May
*36
44
*36
44
*36
44
*37
44
*36
44
Preferred
100 36 Jan 2 44 Mar 28
•178 177
343 Oct 4612 Jan
177 177
177 177 .175 179 *176 17812
300 Eastman Kodak Co_-__No par 172 Mar 26 19412
•1211% 128 *12612 128
Feb 2 183 Feb 19414 July
12612 12612 1263 12638 *12612 128
8
20 Preferred
100 126 Jan 2
62
643
4 6214 64
64
64
63
657
8 6414 6514 5,000 Eaton Axle & Spring_„No par 6014 Mar 26 128 Mar 9 12312 Aug 134 Apr
17512 180
764 Feb 1
17712 180
28
1773 181
Jan 6818 Nov
4
17512 180
175 179
15,700 E I du Pont de INem
20 1553 Jan 22 19812 Feb 1
4
11712 11712 11712 118
1173 11738 118 118
8
118 119
800 8% non-vot deb
100 1153 Jan 21 119 Apr 5 114 July 1211k May
4
25 957 Jan 2 11213 Jan 18
1218 Jan 99 Dee
Preferred
100 9312 Jan 9 100 Jan 18
3214 3212 33
87 Nov 10013 Feb
33
3312 3312 *3338 34
34
800 Eitingon &laid
No par 2912 Mar 26 3938 Jan 10
101 101 .101 103 *10112 105 .1011 10412 34
3314 Aug 43 Nov
*10112 10412
100 Preferred 654%
100 98 Mar 26 113 Jan 19 1013 Aug 1217 Nov
136 143
141 145
8
140 144
8
138 143
140 1433 20,700 Electric Autolite
4
No par 1263 Mar 26 170 Jan 28
4
*115 ____ 115 115
60 June 13612 Dee
115 115 *11314 115 *11314 115
30 Preferred
100 109 Jan 2 115 Apr 2 10812 Sept 11212 Dee
1534 167
8 1618 163
4 16
1614 1538 16
10,400 Electric Boat
1538 16
No par 1212 Jan 9 188 Mar 19
61
627
4 613 6412 6212 65
834 Aug
4
172 June
6213 643
8 6238
65,400
Stock
No par 434 Jan 8 7018 Mar 21
105 105
1053 105 4 1057 10614 10618 10614 1061a 638 2,100 Electric Pow & Lt
s
285 Jan 492 Dec
4
3
Preferred
10633
No par 105 Apr 1 10914 Feb 13 105 Dec 1104 Mar
'
312414 ___. *13212 146 *13212 146
13212 13212 .13212 145
60 Certificates 50% paid
12213 Jan 4 138 Feb 13 1204 Nov 1297 Apr
Exchange
8012 82
8112 8112 8114 82
8118
4
8014
*433 514 *43
*438 538 *43 8118 •438 8212 3,900 Elea Storage Battery___No par 77 Mar 26 92 8 Feb 4
7
69 Feb 91% Dec
4 514
8 538
53,
Elk Horn Coal Corp__ _No par
412 Mar 25
Closed
121 13
613 Jan 9
one
6
*13
9 Jan
1412 *1212 1412 *1212 1412 *1212 1413
200 Emerson-Brant class A_No par
1038 Jan
72
723
8 72
514 Feb
72
15 8 Deo
1
7112 7112 7133 7112 7212 7212 2,200 Endicott-Johnson Corp____50 713 Apr 22 2212 Feb 7
Extra
8
4 833 Jan 4
•123 12418 *123 124
8
743 Dec 85 Apr
4
123 123
12314 12314 12312 12312
700 Preferred
100 121 Feb 7 12414 Feb 28 12114 Jan 127% Dec
4938 50
493 51
4
4938 5078 4918 487
8 48I8 50
7,100 Engineers Public Serv....No par 47 Mar 25 6014 Jan 31
Holiday
*9012 91
33 Feb 51 Nov
*91
9313 .90
9312 '
391
9312 *91
Preferred
9312
No par 90 Jan 12 10412 Jan 31
90% Dec 10212 Oct
3412 3478 3412 35
3438 348 3412 348 343 347
3 3,100 Equitable Office Bldg No par 3114 Jan 4
4
3714Mar 2
293 Oct33 4 July
8
49
1
49
497 51
*50
51
4914 5114 5114 52
1,600 Eureka Vacuum Clean_No par 4412 Feb 1 54 Feb 28
*2434 247
43 Dec 79 Jan
8 247 25
8
247 247g 243 243 *2438 25
3
4
4
500 Exchange Buffet Corp _No par 2214 Jan 15 25 Apr 2
45
19 4 July 24 8 Oct
3
8
45
43 4 43 4 4413 4412 44
3
3
45
*4412 45
1,000 Fairbanks Morse
No par 4319 Mar 26 513 Jan 21
4
*108 110 *108 110 *108 110 *108 110
3212 Jan 54 Apr
108 108
10 Preferred
100 10714 Feb 16 1107 Jan 9 104
Jan 114 4 May
3
817 83
8
8233 83
8212 8212 82
8214 813 82
5,300 Federal Light & Trae
4
15 6819 Jan 3 8612 Jan 29
10112 10112 9912 9912 9913 9912 *9914 101
42 Jan 71 Dee
9914
9914
60 Preferred
No par 9914 Mar 21 104 Feb 6
98 Jan 109 Apr
*265 300 *265 300 *265 300 *266 300 •266 3C0
Federal Mining & Smeit'g_100 234 Jan 8 310 Feb 4 120 Apr 230 Dee
*9812 993 *9812 993 *9812 993
4
4
4
4 983 983 *9812 993
4
4
100 Preferred
100 9814 Mar 27 10014 Jan 7
9114 Jan 10212 Sept
1614 1712 1612 1638
1612 17
1638 17
1633 1611 2,900 Federal Motor Truck__No par
1412Mar 26 2238 Feb 6
163 Aug 257 May
8
9414 95
31 93 93
s
9412 9614 95
95
95
95
1,800 Fidel Phen Fire Ins N Y
_10 9014 Mar 26 106 Jan 2
•1012 1312 *1012 1312 1312 1312 *1012 131
7514 June 10712 Dec
*1012 1312
10 Fifth Ave Bus
No par 1038 Mar 25 1334 Mar 2
111 Jan
883 90
4
1514 May
*88
92
863 88 8 *8618 881 *86
4
,
90
500 Filene's Sons
No par 84 Mar 26 9S12 Feb 25
10338 1033 10312 104
8
10312 10312 10312 10338 103 10312
310 Preferred
100 103 Mar 26 107 Jan 23
63
65 4 65
3
6684 6419 644 6438 66'z 657 663 15,000 First National
8
4
Stores__No par 63 Apr 1 747 Mar 16
8
y1212 1338
28
Apr 78% Dec
1212 13
113 1234 1112 1233 1138 123 138,700 Fisk Rubber
4
8
No
00
61
87 Aug 173 Jan
60
80'4 6012 644 621 6212 6112 6112 2,400 1st preferred ,tamped___ par 1112 Apr 4 2018 Jan 23
4
100 60 Mar 28 7212 Jan 14
65
55 4 Oct 9112 Jan
65
3
*6114 65
*6118 647 *62
8
65
*6314 67
300 1st preferred cony
100 65 Mar 28 8212 Jan 25
707 72
s
54
Oct 974 Jan
707 7113 71
8
717
8 707 7113 71
7112 18,300 Fleischmann Co
No par 683
8Mar 28 8438 Jan 2
50
65 June 89% Oct
50
50
50
51
513 *5012 51
*5012 51
1,300 Florsheim Shoe el A
No par 48 Feb 25 54 Jan 8
•100 101 *100 1001 *1001g 101
4914 Nov 561 Nov
*10018 101 *10018 101
Preferred 6%
100 9714 Mar 18 10218 Jan 18
6314 64
64
651
981s Oct 100 Dec
64
65
6512 67
6614 673
4 5,500 Follansbee Bros
8
No par 5913 Mar 26 73 Mar 19
.51
g
57
587 Dec 6912 Dee
5218 547 *54
5438 *53
55
54
55
400 Foundation Co
No par 45 Jan 22 8214 Mar 13
383 Oct 5712 flea
2
8612 893
4 865 88
8
8618 873
8838 8718 86
87
20,700 Fox Film class A
No par 84 Mar 26 101 Jan 19
*10612 110 *10612 110 *10612 110 *10612
72 June 1195 Sept
110 *10512 110
Franklin-Simon pref
100 10612 Feb 28
44
4614 4414 463
4 4514 4533 4518
4614 4714 12,700 Freeport Texas Co____No par 38 Mar 26 110 Jan 4 10612 Dec 113 Feb
'10014 1043 *10014 1043 *10014 10414 1043 46
547 Jan 25
8
4
43 Oct10914 Jan
4 1043 *101 106
4
200 Fuller Co prior pref-___No par 99 Mar 26 10812 Feb 28
2314 2333 2312 2312 2412 24'2 24
102 Mar 1097 Apr
8
24
24
2412 2.200 Gabriel Snubber A____No par 20 Mar 25
1314 1512 1414 147k
33 8 Feb 5
7
15 Mar 284 Jan
14
147
8 133 147
4
8 1418 143 18,300 Gardner Motor
4
No par 1O'1Mar25 25 Jan 31
844 87
8614 883 *8512 86
714 June 17% Dec
•86
8812 8718 897
5,600 Gen Amer Yank Car.. No par 8112 Mar 26 102 Jan 9
63
663
4 663 703
4
807 Feb 101 Dec
8
8 6518 68
673 69
8
68
683
4 9,800 General Asphalt
100 61 Mar 26 8114 Jan 12
106 106 *106 112 *106 112 *105 109
68 June 947 Apr
8
100 Preferred
131 131 •131 135 *131 135 *131 135 *105 109
100 10412 Mar 2 12014 Jan 12. l101sJune 14112 Apr
*131 135
lOGeneralBakingpref__Nopar 130 Mar 26 140 Feb 6 132
47
49
*48
49
Oct150 June
48
49
4712 48
4813 4813 2,400 General Cable
10112 102
No par 3712 Jan 9 61 Feb 28
102 102
21 Feb 41% Nov
10113 10318 101
3,500 Class A
•105 106 .105 106 .105 106 *105 10112 100 101
No par 81 Jar 8 12011 Feb 28
56 Feb 8854 Nov
106 *105 106
Preferred
.67
69
100 105 Mar 12 10712 Jan 21 102 Oct107
•68
69
6712 683
Oct
4 673 68
4
6712 6812
600 General Cigar Inc
120 120 .118 120 *118 120 *118
No par 63 Jan 8 74 Feb 25
5918 Nov 75 2 Feb
3
120 .118 120
20 Preferred
227 23313 22914 232
100 11214 Jan 5 122 Jan 24 11414 Sept130 Mar
227 234
22712 23414 230 2333 54,900 General Electric
4
114 1114
No par 219 Mar 26 2623 Feb 1 124 Feb 22112 Dec
1118 1114 1118 1114
8
1114 1114
1118 1114 2,900 Special
•86
8712 *86
10 11 Jan 3 1154 Feb 4
11 Sept12 June
8718 8914 90
*81
8812 .85
8812
500 General Gas & Else A__No par 70 Jan 7 90 Apr 3
101 101
10112 102
3514 Jan 74 Nov
105 105 *106 115 *106 115
600 Class B
13038 131
No par 76 Jan 3 105 Apr 3
131 131
37
Jan 80 Nov
131 131
131 131
131 131
450 Fret A (8)
107 107
No par 121 Feb 20 135 Feb 14 121
104 10712 107 108
Oct144 Apr
108 108
110 110
430 Pref B (7)
.100 110 .100 110
No par 104 Apr 2 115 Feb 15 105
110 110 *100 110
Oct1147 MaY
8
110 110
30 Gen Ice Cream Corp No par 797 Mar 9 110 Apr 3
75
798
2 7512 78
8
741s JUly 10511 Oct
7714 79
777
77
763 77
15,000 General Mills
No par 74 Mar 26 8918 Jan 18
79 Dee 8412 Nov
v883 97
4
*953 9612 95 4 95 4 *953 96
4
3
3
4
9512 9512
300 Preferred
100 9512 Apr 5 100 Jan 41 9812 Dec 10014 Dot
803 839 8218 8412 83
4
8638 8312 87
8514 8738
8
10 7718 Mar 28 91*4Mar2hI
125 1253 125 12518 12518 12514 12514 12512 1253 12618 1034200 General Motors Corp
73 4 Dee 904 Nov
3
4,900 7% Preferred
100 1243 Jan 10 12512 Jan 2 12312 Jan 12712 Apr
4
5012 5012 5012 51
5112 5134 513 513 *51
8
8
52
700 Gen Outdoor Adv A__ _No par 4938 Feb 6 52 Jan 21
37% 3918 3618 3838 37% 3814 3718 38
49 Aug 587 Jan
8
37
373 13,200 Trust certificates----No par 32 Feb 14
4
41 Mar 121
97
4
96
993
973 99
2912 Aug 523 Jan
097
8 97
8
9718 97
9912 12,100 Gen Ry Signal
No par 9312 Mar 26 1111
:Mar II
70
6912 71
8 69
8414 June 12333 Jmi
703 727
8
70
7214 7214 747 15,900 General Retractories
No par 69 Apr 2 864 Feb 20
112 11234 111 t2 112
11134 113
4
1113 113
45% June 82 Jan
11114 1123
8 7,400 Gillette Safety
8
4
8
9718 June 123 8 Oot
8 393 4012 397 41
3914 393
403 403
8
1
8 4014 414 6,700 Gimbel Bros Rasor No par 1101 Mar 26 1263 Jan 25
No par 371 Mar 26 48% Jan2811 3418 Mar 597 June
8312 *8312 8333 *8313 837 *8312 837
8312 8312 83
8
8
8
300 Preferred
100 8138Mar 2 90 Jan 311 87 Mar 101 June
42
427g 413 4233 y41
8 42
423
4
4112 41
4112 11.900 Glidden Co
Jan 2 45 Mar lii 20 s Jan 37 Dec
No par 36%
104 104 *10312 10414 10414 10414 1033 10414 *10312 103
5
8
SO Prior preferred
100 10312 Jan 3 10514Mar 811 98
4712 493
4 48
507s 4918 5038 4712 497
Jar 105 Sept
48
497 14,200 Globe'(Adolf)
No par 44 Jan 26 66 Feb sIl 4212 Dec 621 Nov
8014 623
61
633
8 60 4 62
8 6014 63
3
2
6114 633 58,300 Gold Dust Corp v t o
8
No par 5418 Mar 26 82 Jan loll 71
8
8 903 913
4 903 918 895, 901
Jan 14314 Dec
8838 923
4
8913 91
15,600 Goodrich Co (B F)
No par 83 8 Mar 26 10538 Jan 211 8814 June 10914 Dec
3
*11312 11412 113 11314 *113 114
11314
800 Preferred
13312 1368 136 1385* 13318 1893 134 11314 113 113
100 113 Jan 9 11518 Feb 2511 1094 Feb 1153 bia7
4
13738 13514 1385* 85,000
Goodyear T k Rub.
--_No par 112 Feb 21 15412 Mar 1911 451s June 140 s Dec
1025* 10314 103 103
103 10312 103 103
10278 103% 2,600 lat prefersed
No par 1013 Mar 27 1047 Feb 28
4
2
9812 Mar 105 Dec
Saturday,
Mar.30.
•315 and asked:'when no sales on this day. s
p Ex-rights
New York Stock Record-Continued-Page 5
2238
For sales during the week of stocks not recorded here, see fifth page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
cturday,
ar.
, 30.
Monday,
Apr. 1.
Tuesday,
Apr. 2.
Wednesday,
Apr. 3.
Thursday,
Apr. 4.
Friday,
Apr. 5.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan, 1.
-share lots
On basis of 100
Lowest
Highest
PER SHARE
Range for Previous
Year 1928
Lotocit
Highest
$ per share $ per share g per share
5812 Apr 5
7412 Jan 23
70 Dec 93 Apr
10114 Jan 5 100 Dec 130 Apr
100 Jan 12
95 Dec 112 May
8
10 Jan 9
8
67 Dec 125 Feb
54 Jan 2
1634 Feb 6114 Sept
:
491 Jan 11
2612 June 56 Sept
8
1027 Mar 20
3918 Feb 93 Dec
8
9612 M ar 18
6514 June 947 Oot
8
8
327 Jan 2
4
263 July 417 Oot
461: Aug 623 Oct
8
:
543 Jan 4
:
1443 Feb 5 1113A Dec 12512 Sept
44 Jan 25
Jan 381: Dec
31
1194 Feb 1 1121: Feb 120 Jan
8
s
893 June 17714 Dee
1975 Mar 20
434 Dec
3
9 Jan
54 Jan 3
90 July 107 Jan
90 Jan 2
Jan 73 8 Sept
51
7
79 Mar 5
3
109 Feb 14 1033 Nov 110 Apr
30
23 Jan
Jar
29 Feb 28
Jan 30 Dec
23
31 Mar 8
2512 Jan 29 June
29 Jan 14
55 Jan 10
115 Jan 31
99 Aug 104 Apr
8
1055 Jan 8
59 May 97 Nov
4
993 Jan 23
64 Dec 5713 Oct
6034 Mar 22
Jan
11812 Jan 29 110 June 120
8
2312 Aug 273 Feb
27 Jan 2
5
.
8
163 Aug 37 De,
8
393 Jan 2
61 Dec 68 No
63 Jan 10
Oct
118 Jan 29 105 Dee 120
:
784 Mar 18
721 Dec
4
1
/
30 Jan
89 Nov
7014 Feb
8712 Mar 15
106 Mar 1 10014 Aug 105 Apr
1014 Sept 30% Jan
8Mar 5
217
4
493 Oct
4018 Dec
51 Mar 9
8
367 Apr
18 Dec
22 Jan 2
Jan 80 Nov
67
76 Jan 3
Oct
6418 Feb 84
7911 Jan 7
79 Dec 167 Apr
109 Apr 2
3
403* Feb 73 4 Nov
8212 Mar 21
4
1
/
75 Jan 99 Mar
714 Feb 15 934Mar 15
79,900 Hudson Motor Car_ __No pa
8614 88
8 8618 88
4
8438 873
4 8.53 8812 8618 897
29 Jan 84 Nov
4
643 6614 41,900 Hupp Motor Car Corp_ _ __10 60 Mar 26 82 Jan 28
671
8 66
6414 643
6712 6512 687
66
4
213 Feb 38h Nov
3
30 Jan 31 35 8 Apr 2
54,700 Independent Oil& Gas_Na pa
3312 34
3558 34
3512 3312 341
3212 34
34
Oct 70 Apr
20
204 Jan 31 3212 Jan 2
No pa
800 Indian Motocycle
2312 2312 233 233 *2212 23
8
8
4
223 23
23 231
93 Nov 115 Apr
3
89 Mar 6 95 4 Feb 5
10
Preferred
89 •____ 89
89 *
89 •_ _ _
•____ 100
9 Feb 39h July
29 Jan 8 4978 Apr 2
1
8
4615 471 365,900 Indian Refining
8
3812 441
457 4912 4514 481
43 4 497
8
3
812 Jan 374 July
8
28 Jan 7 457 Apr 2
1
8
443 103.500 Certificates
8 42
433
8 4138 4512 41
374 41% 4138 457
100 160 Jan 2 165 Jan 11 140 De 185 Nov
Preferred
Oct
No pa 110 Mar 26 135 Jan 18 118 De 146
500 Industrial Rayon
Ili" *112 119
-ill 116- •114 115 ;iii 119 *ill
90 Feb 127 Nov
No pa 120 Jan 3 137 Jan 26
* 1,100 Ingersoll Rand
8
1295 1295
131 131
132 132
131 131
129 133
80 Dec
48 Ma
s
7812 Jan 2 967 Mar 20
No pa
9312 11,700 Inland Steel
8 01
917
90
9012 90
9114 89
89
90
8
18 Feb 487 Nov
4318 Jan 7 664 Mar 1
s
5318 5418 524 537 25,400 Inspiration Cons Copper___2
8 5314 5512 533 55
573
8
51
4
84 July 213 Jan
10 Apr 1 1414 Jan 11
No par
8 2,500 Intercont'l Rubber
3
10 8 103
8 103 10 4 1012 1058 •1012 11
103
10
8
3
8
207 May
13 Fe
8
8
No par 125 Mar 26 177 Jan 28
14
1318 1318 1314 1322 1314 13321 1,600 Internal Agricul
1318 13 4 1312
3
85 Dec
8
483 Ma
100 794 Feb 19 8812 Jan 26
200 Prior preferred
81
*80
81
*80
81
81
8014 803 •80
*80
Stock
4
166h Nov
4 6,000 Int Business Machlnes-No Par 1493: Jan 24 18812Mar 19 114 la
15812 1623
4
3
158 1593 156 156
15512 159 4 158 158
56 Jan 947s Dec
4
8614 8812 1,900 International Cement__No par 86 Mar 27 1023 Feb 4
87
87
88
87
86
8712 873 *86
4
Exchange
80 Dec
454 Fe
1 61 Mar 26 10312 Feb 15
8
8
s 703 733 154,100 Inter Comb Eng CorP-NO Pa
727
6714 73 2 6818 7212 6912 7438 70
,
100 10812 Jan 2 121 Feb 16 103 Mar 110 Bent
500 Preferred
4
8
8
1111 1117 *1103 11112
11012 111
112 112
112 112
Closed
g
80 Dec 977 Dec
4
International Harvester No Par 923 Jan 15 115 Jan 29
8
10314 1047 15,200
4
102 10412 10314 1053 10318 1053 10214 105
4
100 14014 Mar 28 145 Jan 18 13614 M .r 147 May
6001 Preferred
4
1423 143
14118 14118 14114 14114 *14112 142 *14112 146
Extra
8
85 Dec 1217 May
8
8
783 797 14,500 International Match pref__35 6514 Mar 26 10211 Jan 4
8138 80
8 80
785
81
81
8014 84
4
1
/
3 Mar
4
1
/
7 May
5 Mar 26
74 Feb 15
100
514 614 4,200 Int Mercantile Marine
54 6
8
s
514 57
512 63
Holiday
512 512
4
/
477e Feb 181 341 June 4458 Jan
100 3612 Feb
4238 42
4034 4338 41
8
451 25,300 Preferred
393 4114 4018 43
4
73 Feb 26912 Dec
4
1
/
4
8 4814 50 366,200 Int Nickel of Canada_No par 4012 Mar 26 723 Jan 23
8
467 50 4 4712 497
8 4738 5038 4718 493
3
Oct MN May
60
:Mar 8
500 International Paper-No par 5712 Jan 11 771
85
*76
80
*75
75 75
75
*70
75
75
89 Dee 108 Jan
100 8812 Mar 26 944 Jan 8
200 Preferred (7%)
90 9018
90
*88
91
*89
91
*90
90
*88
22 Dec 3412 Nov
26,400 Inter Pap & Pow Cl ANo par 2712 Jan 8 3538 Mar 19
3212 32
3312 3312 3514
32
33
32
32
31
1478 Dec 1$ Nov
s
153 Jan 16 2412 Mu 8
No par
2118 221
9.500 Class B
20 14 23
20
203
4 2014 2014 20 20
3
4
1
/
10 Nov 13 4 Dec
4
/
5
No par 10 8 Jan 10 171 Apr 4
17 119,100 Class C
174 16
14
1414 1418 1412 1412 1512 15
88 Dec 91 Dec
4
100 863 Apr 4 93 Jan 23
600 Preferred
4
4
4 863 863 *8712 881
8812 8812 8812 883
89
89
47h Oct 60 Dec
87
884 8812 58
500 Int Printing Ink Corp-No par 52 Mar 26 63 Jan 23
56
5712 499
*55
8
533 54
100 100 Jan 2 106 Mar 4 100 Dec 100 Dec
130 Preferred
100 103
100 100
103 103 •100 102 •100 102
4
1
/ Jan
49h Mar 68
3
100 5512 Jan 4 90 4 Feb 4
270 International Salt
83
82
*7514 80
*7514 80
76
7618 7618 74
Jan
100 131 Jan 22 150 Mar 6 126 June 196
3.400 International Silver
8
138 1423 140 140
138 13912 •136 138
136 136
Jan
100 11214 Jan 4 119 Jan 17 11214 Dec 131
20 Preferred
115 115 *115 11812 •115 11812 115 115 *115 1181
Feb 201 Dec
8
260 2645 47,000 Internet TeleP & Teleg--100 19714 Jan 7 279 Mar 28 13912
8
2593 265
26012 27214 25812 271
252 272
614 Nov 90 Dee
7,300 Interstate Dept Stores_No par 74 Mar 26 9313 Jan 2
791
3
80 4 78
79
8
797 80
8
807
79
79
76
100 130 Jan 15 150 Jan 2 12412 Nov 150 Dec
Preferred
4
4
4
4
4
•1283 14814 •1283 14814 *1283 14814 •1283 14814 *1283 1481
4
1
/
23 Sept 3812 Jan
4
1
/
No par 29 Jan 2 34 Feb 21
300 IntertyPe Corn
31
31
31
*30
31
3212 *30
3212 3212 *28
47
Oct 61 May
1 53 Jan 2 69 Mar 5
900 Island Creek Coal
59
57
59
59 .55
*58
*5314 57
57
54
4
773 Mar 179 Nov
Feb 5
No par 136 Mar 26 16214
500 Jewel Tea, Inc
140 1413 *138 139 *137 139 •137 139 *137 139
4
8
100 1244 Jan 3 12518 Feb 13 1193 Nov 1254 Nov
Preferred
•1254 - 9614 June 202 Dee
4
No par 15514 Mar 26 2423 Feb 2
4
8
-- 16384 1705* 1991. 169i3- 167 1707* 30.100 Johna-Manville
162 1673 167 -171
4
100 119 Jan 21 122 Mar 14 11812 Oct 122 Apr
Preferred
92112 ____ *12112
*121 122 •121 122 •12122
_100 11912 Jan 4 12214Mar 11 119 Dec 12414 Mut
140 Jones & Laugh Steel prof.
*12012 12112
12118 12118 121 12114 12014 12112 *12012 122
4112 Oct
3
25 8 Ma
cos *21
Jones Bros Tea Inc____No par 35 Jan 21 35 Jan 21
29
*21
29
*21
29
*21
934 29
29
*21
194 On
818 Au
6 Mar 26 164 Jan
No par
4
93 1014 7.200 Jordan Motor Car
8
5
9 s 103
4
924 104
93 10
108 Aug 114 AV
4
60 Kan City P&L 1st p1B_N0 par 106 Feb 16 1123 Jan 2
10812 10818 10818
•108 10812 10818 1081 *10818 10812 *10818
Oct
34
294 De
374 Feb
300 Kaufmann Dept Stores_812.50 2758 Mar 26
28
8 28
283
28% *28
8
2814 283 *28
*2814 50
8
623 Jan 92 Nov
No par 76 Mar 26 88 Jan
813 13,600 Kayser (J) Co v t a.
81
4
4
8 793 81313 793 82
813
4
8 81
8012 827
15's May 5112 Nov
300 Keith-Albee-OrpheuM_No par 2612 Mar 28 46 Jan
*2712 2912
2812 2812 *2712 29
2812 2812 2914 291
7512 May 160 Nov
8
100 057 Mar 27 138 Jan
600 Preferred 7%
98
8 98
*984 993
98
9912 9912 9912 991
98
254 Nov
1914 De
7
4
1812 1612 1512 163
4 1538 1614 153 1612 16,800 Kelly-Springfield TIre__No par 11 Mar 26 23 e Jan
8
1514 163
95 Nov
5514 Fe
8
947 Jan
100 8018 Mar 28
8% preferred
•7514 80
*7514 8214 *7514 8212 *7514 8218 *7814 82
101 Nov
58 Fe
100 93 Mar 15 100 Jan 1
6% preferred
•____ 90 *____ 90 •____ 90
90
*85
Oot
2211 Jan 56
4
3,700 Kelsey Hayes Wheel__ No par 4718 Mar 26 613 Feb 2
5212 53
5012 5312 5218 53
54
*53
54
51
108 Ma 111 Nov
100 108 Mar 26 110 Jan
10 Preferred
*108 10912 *108 10912 108 108 *108 10912 •108 10912
2238 Apr
4
1
/
7 Jul
12 Mar 26 1914 Feb
No par
12,000 Kelvinator Corp
8 1412 15
3
1412 15 8 1412 141
3
,
4
133 1418 13 4 14 2
,
No par 785 Feb 26 1047 Mar 1
8
8
887 292,000 Kennecott Copper
8 86
4 87
803
8712 9112 8918 9138 8718 907
4
:
4
/
371 Aug 563 Oct
No par 5012 Feb 1 691 Apr
6914 34,500 Kinney Co
8 65
8 6414 677
6112 647
61
60
60
59
8718 Mar 100 Apr
4
100 9312 Jan 2 1093 Mar
350 Preferred
1041
10218 10312 1033 10412 10412
4
:
102 1041 101 102
8
5114 Aug 957 Nov
8
par 475 Mar 26 78s Jan
3
8
8
s 515 5312 513 53 8 5118 5212 5112 623 38,000 Kolster Radio Corp--.NO par 323 Mar 26 39 Jan 21
5114 537
32 Dee 42 Nov
4
No
3438 3,000 Kraft Cheese
4 34
343
8 34
8
3414 3414 333 353
3318 34
994 Dec 10114 Dec
100 116 Mar 1 9954 Jan 2
100 Preferred
96
96
96
*95
97
*94
8
*937 97
07
*95
4
/
10 464 Mar 26 571254ar 4 065 Feb 911 Nov
11,100 Kresge (8 8)Co
51
8 49
4814 503
4878 51
4818 50
4818 49318
Apr
100 109 Jan 5 115 Feb 14 11014 June 118
Preferred
115 115 *114 115 •114 115
11478 11478 *114 115
1312 Jan 274 Feb
15 Mar 27 23 Jan 2
600 Kresge,Dept Stores_ --NO Par
18
•17
18
8 1714 1812 .17
8
1512 15% 167 161
4
/
511 Feb 75 Aug
:
100 711 Feb 19 7314 Mar 18
20 Preferred
731
7312 *73
73 *73
73
75
*72
4
87 Feb 1241 Nov
NO par 961:Mar 22 114 Jan 5
100 Kress Co
97 103
984 9814 *99 10212 *99 10212 *97 103
4
1
/
324 Dec 403 Oct
3518 Mar 26 4s3 Mar 6
8
8 3714 3812 45,100 Kreuger & Toll
8
365 373
3778 3858 3718 38
3714 39
7314 Mar 13214 Nov
31,000 Kroger Grocery & Iikg_No par 85 Mar 28 1224 Jan 3
904 92
3
894 90
8918 92
8718 92
8812 91
Jan 260 Feb
100 235 Jan 16 245 Mar14 200
100 Laclede Cu
240 240 •235 250
*235 24514 *235 24514 *235 245
99 Nov 12412 Jan
Preferred
100 100 Mar 8 102 Jan 4
•10018 115 *10018 110 •11018 115 *100 - -- •100
Me Apr
8
273 Feb
4.600 Lego 011 & Transport_Na par 2614 Feb lg 33 Jan 2.
31
303 *29
3112 .30
28
29
791a .1811 13634 Nov
295* 31,2 31
15714 Mar 19
NO par 12718 Jan 22
14014 14414 38,900 Lambert Co
1384 14112 1403 14414 14012 14414 140 143
4
1714 Jan 2614 Oct
1,500 Lee Rubber & Tire__ _No par 181:Mar 26 25 Jan 14
1912 20
19
1812 183 1912 19
8
1914 1812
424 June 5812 Nov
19
900 Lehigh Portland Conant__ 50 53 Apr 1 65 Feb 6
48312 58
55
55
5434 5512 5512 55
55
53
4
100 1063 Jan 3 11011 Fen 14 10614 Dee 1105* May
230 Preferred 7%
110 110 *110 111
109 109
110 110
10918 110
Jan 6435 Oot
38
No par 5212 Mar 26 6812 Feb 4
8
533 5412 2.700 Lehn & Fink
5312
53
55
55 551
55
5412 55
2818 Aug 4014 Nov
8
No par 2914 Jan 7 393 Jan 5
Lite Savers
_8318 June 12212
:
8112 Mar 26
2,600
86 88 88 88 89 8,100 Liggett & Myers Tobacco__ _25 8118 Mar 26 1051 Jan 28 8014 June 12313 Jan
8714 87
-.
85
87
Jan
10312 Jan 29
Series B
25
£10
87
88
86
8412 8714 87
87
3
85 4 87
100 1354 Mar 27 13712 Mar 1 134 Aug 147 Apr
200 Preferred
•13512 13612 136 136 *136 13612 •136 13612 •136 13612
8
38 July 657 May
4
503 52333 3,800 Lima Locom Worka__No par 4418 Mar 26 55 Mar 22
8
5138 50
11
8 50
8 507 501
511
5014 517
6312 Feb 12412 Nov
8
No par 713 Mar 26 113s Jan 3
8 2,900 Liquid Carbonic
793
78
80
79
76
77
76
78
3
79 4 81
4918 June 77 May
3
8
633 18,100 Loevr's Incorporated-NO Par 60 4 Mar 26 8412 Feb 27
62
63
6312 62
6312 62
8 62
645
62
8
4
997 Mar 1103 Apr
4
1
/
No par 98 Mar 19 110 Jan 31
800 Preferred
100 100
99
98
*9812 100
99
99
100 100
193 Aug
1
5 4 Feb
1112 Apr 1
71: Jan 19
No par
1112 10
8
9 3 22,100 Loft Incorporated
9
912
94
912 10
1012
978
26
VW PO
Jan
600 Long Bell Lumber A-__No par 2814 Jan 2 3212 Jan 5
2812 2812
29
29
2918 297
29
29
29
s 29
Par
• Per share $ Per share 3 Per share $ per share $ per share $ Per share Shares Indus. & Miscel. (Con.) par
5712 5812 5,600 Gotham Silk Hosiery__No
58
53
4 5513 5514 554 56
5512 563
No par
New
-----100
30 Preferred new
97 97
_
100
Preferred ex-warrants
99
*97
99
9812 •100 10912 *97 10912 *97
*97
No par
4 8
*78
812 *8
8
400 Gould Coupler A
83
814 814
4 *814 83
4
8
13
4238 4418 4212 4312 423 433 27,800 Graham-Paige Motors_No par
3
4134 43 8 4212 44
No par
400 Certificates
*3712 39
4
4
383 383 *3712 39
3713 38
39
*37
23,500 Granby Cons M Sm & Pr_100
8
957 96713 9614 97
3
95 4 98
8 9514 98
9312 973
100
84% 8814 9,100 Grand Stores
8712 *8578 86
8912 8512 893 *85
8
85
No par
1,300 Grand Union Co
*2212 23
8
2218 2212 227 23
8
227 23
2212 23
No par
4518 4518 1,100 Preferred
8
4612 457 457
8
4512 467
8 4538 4538 46
No par
11914 11914 11814 11814 118 11838 1,100 Grant (W T)
11814 11918 11812 119
4
3514 36
353 363
8 353 3612 7,300 Great Western Sugar _No par
3
351,3 3612 3512 36
100
190 Preferred
11514 11514 115 11512
115 115
115 115
116 116
4
8
2
166 1723 16518 1713 16318 1693 1643 17012 21,000 Greene Cananea Copper _100
4
163 171
300 Guantanamo Sugar_ __ _No par
4 4
*33
4
4
8
4
3
3 4 33
7
3 * 37
7
4 38
*33
100
Preferred
60
61 *____ 60 "5012 60
•____ 65
100
4
6314 6312 643 10,300 Gulf States Steel
62
4
4 6134 63
62
3
63 8 613 623
100
301 Preferred
103 103
106 106
*106 107 *106 107 *106 107
25
Water
10 Hackensack
2718
271s *26
*2618 2718 *2614 2718 2614 2614 *26
25
80 Preferred
29
*2912 31
2912 2712 2712 2712 2712 *2712 29
25
110 Preferred A
2712 2712
2712
827
28
2712 2712 *27
27
27
No Par
4 4234 4414 38,400 Hahn Dept Stores
433
4378 43
4378 43
43
423s 45
100
8 8,200 Preferred
8
100 1017 10018 10012 100 1007
10012 10118 10012 101
100
10 Hamilton Watch Prof
_
*103 ____ 103 103 •103
*10234 _
*103
100
9414 •94
140 Hanna let pref class A
95
9412 94
*94
94
94
95
*94
210 Harbison-Walk Refrac_No par
*5812 60
5812 5812
60 •____ 60
GO
*-- 60
100
Preferred
•11212 ---------*11212
-- •11212
•11212
2412 247
25
8 24'8 2418 1,800 Hartman Corp class A_No Par
2512 25
25 2512 25
No par
1,400 Class B
8
2434 257 *25
8
4 247 2512
253
8
25 2512 *247 25
" 20
200 Hawaiian Pineapple
60 60
*5812 60
60
*58
60
*58
60
•58
25
500 Helme (G W)
4
7
105 106 •10412 115 •10412 115 3 *1043 115 •105 115
7012 7012 7018 7312 7114 7312 3.400 Hershey Chocolate_ ___No par
74
7014 75 4 74
,
No par
4 4,000 Preferred
843
8 83
837
8312 83
8212 8318 8318 8438 83
100
400 Prior preferred
105 105 *105 10518
105 105
_ *105 106
*105
No par
19
100 Hoe (R) & Co
*17
19
*17
20
*17
20
1878 187 *17
8
No par
8 4312 4378 3,400 Holland Furnace
4312 437
433g 45
4312 44
4312 44
100 Hollander & Son (A)__N0 par
*1612 18
*1612 18
*1612 18
1714 1714 *1612 18
100
300 Homestake Mining
7212 7212
*7314 7434 *7314 7312 7314 7314 *7212 74
No par
3,900 Househ Prod Inc
70
70
70
69
68
68
70
*67
68 68
10014 10412 9814 10312 89,700 Houston Oil of Tea tern ctfs 100
10112 108
104 109
98 105
No par
4
8 723 7412 23,400 Howe Sound
7218 743
8 7212 76
7314 757
7318 75
Bid and ague prices; no salon on this day. s Ex-dIvIdand.
•
p Hz-rights.
0 Old stock.
$ per share
8
515 Mar 26
5312 Mar 26
97 Mar 28
97 Jan 11
7 Feb 18
3918 Mar 26
36 Mar 26
81 Mar 26
4
773 Jan 30
2018 Mar 26
41 Mar 26
11612 Jan 17
3234 Mar 26
115 Mar 25
8
1525 Mar 26
4
33 Mar 27
6014 Mar 28
4
613 Apr 2
103 Apr 5
25 Jan 7
27 Feb 18
26 Jan 31
4218 Mar 26
98 Mar 26
4
1003 Feb 15
91 Jan 14
54 Jan 3
112 Jan 14
2418 Apr 5
2338 Mar 26
60 Feb 19
104 Mar 15
64 Feb 16
80 Feb 16
101 Jan 4
17 Mar 26
4114 Jan 3
8
157 Mar 26
7214 Feb 21
6512 Mar 26
8018 Mar 7
6614 Jan 8
New York Stock Record-continued-Page b
2239
For sales during the week of stocks not recorded here, see sixth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Mar. 30.
Monday, iTuesday,
Apr. 1.
Apr. 2.
Wednesday,
Apr. 3.
Thursday,
Apr. 4.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
PER SHARE
Range for Previous
Year 1928
Friday,
Apr. 5.
Lowest
Highest
Lowest
Highest
6 per share 6 per share $ Per share $ per share $ per share $ per share Shares Indus. & Miscel.
(Con.) Par $ per share $ per Aare $ per share $ per sitars
5912 623
3 62
63
62
63 I 6112 62
61
62
5,200 Loose-Wiles Biscuit
25 5918 Mar 26 743 Jan 5
2
4414 June 8834 Sept
*119 12112 12112 12112 119 119
11814 11814 .11812 120
70 1st preferred
100 11612 Jan 12 12112 Apr 2 11712 Aug 125 May
224 23
2213 2214 223 223
4
4 2212 227
8 2214 23
5,100 Lorillard
25 20 Mar 25 2832 Jan 11
2334 June 467 Apr
8
*86
91
.86
89
*87
8812 "87
8812 8812 8812
100 Preferred
86 Mar 27 93 Jan 16
100
8612 Dec 114 Mar
1412 154 1453 1614 155 1612 1514 157
8 15
1512 83,400 Louisiana 011
No par
123 Mar 26 18 Jan 9
4
932 Feb
194 Apr
92 92
.92
9512 .9312 9512 .9312 94
9312 9312
60 Preferred
100 89 Feb 8 10014 Feb 21
78 July 90
Apr
383 397
2
3834 398 3914 40
8
3912 394 387 3914 4,000 Louisville0& El A_ __ _No par 364 Jan 23 47 Jan 31
28 Feb 41 May
70
7014 70
70
7114 7114 70
747
73
773
8 8.600 Ludlum Steel
No par 6612 Mar 26 823 Mar 4
4
40
40 .393 40
4
4
398 3973 393 393
4 393 394
700 MacAndrews & Forbes_No par 393 Apr 5 46 Jan 4
8
8
44 Aug 573 Apr
4
.107.107
*107
__ •10718 ___ •107
__ ___
Preferred
100 104 Jan 8 107 Mar 28 106
Oct 110 Nov
*140 150 *140 150
140 I40 *140 iso *140 160
--100 Mackay Companles
100 122 Jan 19 140 Mar 28 10812 Mar 134 Mar
5
8312 84
84
84
.84
8512 '84
8512 .84
8512
100 Preferred
100 8318 Jan 26 8412 Jan 14
6814 Jan 86
Oct
9512 973
4 9612 9812 963 100
2
9612 99
98 1003 14,700 Mack Trucks, Inc
4
No par 91 Mar 26 1143 Feb 5
83 Apr 110 Nov
4
15012 155
152 152
15012 154
15012 15012 151 15112 2,100 Macy Co
No par 148 Mar 28 1863 Jan 2 9134 Aug 382 Aug
4
1934 20
197 20
2012 217
2014 2072 2207 208 3,000 Madison So Garden__ _No par
2
1814 Jan 5 24 Feb 28
a
1814 Dec 34 May
7112 74
72
7434 72
743
4 7218 733
2 72
727
2 8,700 Magma Copper
No par 66 Jan 16 8212 Mar 21
433 Feb 75 Nov
4
*25
2613 *2512 261 *25
:
25 4 '25
3
26
253 253
4
100 MaIllson (II R) & Co No par 2413 Mar 27 393 Jan 15
4
16
2
Jan
3812 Nov
599 102 .99 100
*953 102
8
599 100
.953 102
4
Preferred
100 953
2Mar 25 10512 Jan 18
874 Jan 110
Oct
__
20 ._
20 *____ 20
1912 1912
0
10 Manati Sugar
100 1913 Feb 18 26 Jan 14
21 Nov 41
Jan
*40
48
*40
48 .40
45
414 4118 *4112 44
100 4112 Apr 4 5012 Jan 10
Preferred
100
40 Nov 88
Jan
33
3412 32
341
: 313 313 .31
4
4
32
*3112 32
1,700 Mandel Bros
No par 28 Feb 16 384 Mar 9
32 June 4012 Jan
2938 30
293 293
8
2 2914 2912 283 2912 2912 2912 3,800 Manh Elec Supply_ __ _No par 283 Apr 4 3734 Jan 14
4
4
2812 Sept 663 June
2
29
29
29
29
29
2912 29
29
*2914 293
8 1,600 Manhattan Shirt
8Mar 26 353 Jan 4
25 283
8
313 Feb 43 May
4
1413 1512 15
16
1513 1612 1438 15
1418 144 3,700 Maracaibo 011 Expl____No par
12 Feb 18 1714 Jan 3
1212 Feb 2512 Apr
4014 4238 4138 447
4132 4438 4138 4238 404 42 140,800 Marland Oil
No par 357 Feb 20 474 Jan 3
33 Feb 494 Nov
703 7038 703 7212 7238 7212 72
8
4
72
.71
74
1,100 Marlin-Rockwell
No par 6918 Mar 26 798 Jan 21
4514 Mar 83 Nov
74
7412 737 74
7514 7514 75
773
4 7712 784 4,200 Marmon Motor Car_ No par 663 Feb 18 84 Jan 2
4
77 Dec 86 Dec
51218 14
14
14
14
14
138 137 '14
1512
400 Martin-Parry Coro__No par 137 Apr 4 18 Jan 2
1218 Mar 2538 June
185 1913 183 183
4
185 190
188 188 "188 190
900 Mathleson Alkali Workallo par 172 Mar 27 2163 Jan 25 11734 June 190 Dec
4
•12314 124 .12214 124
12314 12314 12314 12314 .123 124
40 Preferred
100 120 Jan 28 125 Jan 2 115
Jan 130 Apr
843 857
4
8414 857
84
8512 847 85
8412 87
4,400 May Dept Stores
25 83 Mar 26 10812 Jan 10
75 July 11312 Nov
224 23
2232 233
8 2238 223
8 2238 25
223 2314 13,600 Maytag Co
2
4
No par 203 Mar 26 25 Apr 4
1712 Aug 3012 Nov
41
41
41
4112 41
41
4112 42
*424 43
1,500 Preferred
No par 41 Apr 1 4518 Jan 3
4018 Aug 52 May
8712 8712 8712 8712 87 2 8712 *8712 873
,
2 85
86
1,300 Prior preferred
No par 85 Apr 5 9012 Jan 10
8912 Dec 101 May
72
7112 7532 74
73
74
.734 733
4 73
74
1,900 McCall Corp
No par 7114 Feb 16 80 Jan 22
56 Feb 80 Dee
103 10318 .102 105
102 102 .10014 105 *10014 105
250 McCrory Stores class A No par 1003 Jan 4 1133 Feb 5
4
4
77 Feb 10972 Nov
103 103 *10212 108 *102 110 *10212 106 '102 110
100 Class B
No par 100 Mar 26 11512 Feb 6
4
8912 Mar 1193 Nov
•11014 115
115 115 *11014 118 511014 118 '11014 118
100 Preferred
100 1137 Jan 31 120 Feb 7 109 Feb 11812 Nov
8
*1913 20
*19
20
193 *19
4
*19
20 '19
20
McIntyre Porcupine MInes_5 1913 Mar 26 2312 Jan 5
1914 Sept 2812 Mal
66
68
87
6712 6712 67
69
6812 67
6712 2,600,McKeesport Tin Plate_No par 6212 Mar 26 82 Jan 31
6212 June 783 Nov
8
5312 534 5312 .5112 53
5212 51
51
5212 5213 1,600 McKesson & Robbins_No par 49 Jan 7 59 Mar 4
454 Nov 503 Dec
4
*57
7
58
57
58
*57
57 "5612 58 I 5714 5714
300! Preferred
50 55 Mar 26 62 Feb 4
54 Nov 633 NON
2
6114 6112 62
61
62
61
.81
62
61
61
1,300 Melville Shoe
561258ar 26 72 Jan 3
No par
6072 Nov
713 SeIll
2334 2412 2238 237
24
2432 23
2312 2312 2414 2,400 Mengel Co (The)
No par
20 Mar 26 347 Jan 1
2514 July 41 Sept
26
26
*253 2614 .253 2614 '257 26
4
4
'257 26
600 Metro-Goldwyn Pictures p1.27
24 Jan 10 27 Feb 25
2412 Dec 2712 Ma)
47
50
493 5213 49
4
5212 4912 5113 50
513 127.100 Mexican Seaboard 011 No par
4
4112 Mar 26 693 Jan 3
2
43 Jan 73 Del
2
45
50
5114 5312 5118 5212 51
52
50
5113 70,900 Miami Copper
3018 Jan 8 5412Mar 20
5
1734 Jan 33 Del
34
3514 343 3612 343 357
2
8
3412 35
344 343 35,800 Mid-Cont Petrol
4
3013 Feb 16 397 Jan 3
No par
2512 Feb 4412 Non
_
_ ____
_
_
Preferred
100 12014 Jan 18 121 Jan 4 10314 Feb 12012 Del
414 1
/
1
4
43 8 518
43
4 6'8
412 lirt
418 48 39,300 Middle States Oil Corn
3
33 Mar 6
4
54 Jan 3
10
23 Jan
2
73 Ma3
2
3
3
312 312
3
3
314 332
3
314 3,000 Certificates
8
23 Feb 25
10
34 Jan 3
112 Jan
57 Mal
26112 265
263 266
268 275
270 27434 269 27412 3,600 Midland Steel Prod on:L...100 225 Feb 15 275 Apr 3
193 June 295 Non
26
26
2512 26
.2513 26
.2512 26
26
26
1,600 Miller RUbber _ - _ - __ _No par
2212 Jan 5 287s Mar 20
1812 Aug 27
Jar
6812 7212 6914 753
2 73
77
7112 7312 72
7312 34,700 Mohawk Carpet MIlls_No par
6512Mar 26 8014 Mar 1
394 Aug 757 De(
1153 119
8
11778 12134 11414 120
11413 1183 115% 1187 238,
4
2
200 MontWard&CoII1CorpNo par 11112Mar 26 1568 Jan 2 11514 Dec 15812 Del
57
64 6
3
54 6
3
6
57
57
8 6
53
4
3,900 Moon Motors
No par
5 Mar 26
8 Jan 8
53 Feb
2
1112 Mat
Stock
434 5
412 47
413 47
412 412
412 43 20,700 Mother Lode Coallt1on_No par
4
3 Feb 8
612Mar 4
238 Aug418 hito
36
3712 353 36
4
36
3612 3514 3512 3512 3512 3,000 Motion Picture
121" Jan 8 43% Mar 6
No par
8
5 Mar 147 Do
Exchange *19
2013 203 201
: 1914 2012 51914 20
8
193 1932
3
800 Moto Meter A
1813 Mar 26 253 Jan 3
No par
4
13 Mar 244 Sep
180 180
180 181
18218 1824 913813 13018 .129 1293
4
900 Motor Products Corp No par y13013 Apr 4 200 Mar 1
4
94 July 2183 0c,
Closed
42
43
42
433
8 4218 433
4 4213 4334 424 43
8,500 Motor Wheel
No par
39 Mar 26 471/ Feb 4
2512 Jan 5114 Oa
61
6232 *61
82
61
6114 61
631
6014 623
4 2,500 Mullins Mfg Co
No par
584 Mar 26 817 Jan 4
8
9514 Oc
4914 Jun
Extra
.94
9412 *94
9412 94
7 94
94
.9214 94
93
160 Preferred
No par
92 Feb 21 10214 Jan 11
98 Dec 104% Noi
52
52
.50
51
*50
52 .50
52
51
51
300 Munstngwear Inc
5013 Mar 26 5932 Feb 13
No par
483 Mar 6212:dal
4
Holiday
6314 65
65
86
6512 6712 6512 67
6512 673 15.800 Murray Body
4
62 Mar 26 783
NO par
4Mar 5
211 Feb 12414 Or
:
9812 10112 9913 1014 9912 1027
9914 10112 10012 10112 41,5001 Nash Motors Co
No par 94 Mar 26 1187 Jan 25
2
804 Feb112 Noi
3034 3172 3113 3113 304 3113 303 313
4
4
3 303 31'1 7,600NatIonal Acmestamped10 2813 Jan 7 3912 Feb 28
3212 De,
714 Jan
504 5632 52
53
523 5314 5212 531
5612 18,200 Nat Bellas fleas
53
No par 5018 Mar 26 71 Mar 1
106 106
105 105
105 105 .105 120 .106 120
600 Preferred
100 105 Apr 2 118 Jan 3
9014 Jan 11812 Del
17012 175
17413 17413 174 17513 172 175
17213 175
3,700 National Biscuit
35 168 Mar 26 205 Jan 4 15912 July 1954 No?
•143 14417 *143 144 .143 14414 "14314 144
144 144
100 Preferred
100 1413 Feb 20 144 Jan 26 13712 Feb 150 Ap
4
125 132
12714 130
12514 131
12514 13032 12712 134 231,800 Nat Cash Register Awl No par 96 Jan 8 1483 Mar 20
4
474 Jan 10454 De,
120 122
12038 12313 123 12312 12212 12438 12234 124
14,800 Nat Dairy Products___No par 11612 Mar 26 13738 Jan 29
6412 Jan 13312 Do
334 337
3312 333
8 334 334 3314 3334 334 333
4 1,700 Nat Department Stores No par 2812 Jan 4 3734 Mar 5
2178 Jan 3214 Or
9338 9338 *934 94
94
94 .9338 957 5935 9572
400 18t preferred
100 9214 Feb 4 9412Mar 16
Jan 102 Mal
91
40
4332 4212 447
42
4413 4212 437
4238 4338 8.800 Nat Distill Prod etts___No par 33 Mar 26 5512 Mar 14
2914 June 581/ Jai
57473 7712 .75
75
76
7712 763 763
4
4 7712 7712
800 Preferred temp ctfs__No par 6712 Feb 7 8812 Mar 13
5114 June 7138 Jai
5212 5412 5012 5312 5212 525a .5212 54
.5212 5414
1,600 Nat Enam & StamPIng
100 497 Mar 26 6214 Jan 9
2
2
2314 Mar 573 No,
15434 155 *150 159
155 15713'150 154
154 154
900 National Lead
100 132 Jan 2 173 Mar 20 115 July 136
JII1
140 140 .140 141
140 140 •140 141
140 140
50 Preferred A
100 140 Jan 2 14112 Feb 1 139
Jan 14714 Ma:
118 118 .118 120 .118 120
118 118 .118 120
40 Preferred B
100 118 Jan 2 122 Mar 27 11212 Mar 122 Jul:
49
5114 494 5112 493 52
4
50
51
5010 51
76,900 National Pr & Lt
No par 4214 Mar 26 613 Mar 4
3
2172 Jan 465s De
103 11
8
11
II
11
11
11
11
11
11
800 National Radiator
No par 1012 Feb 18 17 Jan 10
14 July 403 Jai
.26
32
•26
30
*264 29 .28
28 .261 29
:
Preferred
No par 30 Mar 15 41 Jan 29
36 Dec 9812 Jai
11913 11934 120 1203 119 119
4
119 119
119 110
1,900 National Supply
4Mar 26 144 Jan 2
50 1113
8414June 146 De
•115 116
115 115
115 11514 '11512 116 .11512 116
220 Preferred
100 11414 Feb 8 118 Jan 15 114 Sept 119
Jai
128 128
125 127
123% 125
1233 1233 1233 124
4
4
4
1,600 National Surety
4
50 1233 Apr 4 155 Feb 1 1383 Dee 150 No
4
75
764 76
7912 774 794 77
7914 76
7812 9,700 National Tea Co
No par 70 Mar 26 913
2Mar 1 0180
Jan 390 De
5112 545s1 5214 54
5134 5272 5118 53
5238 54
99,900 Nevada ConsolCoPper_No par 393 Jan 16 627 Mar 21
8
2
4
173 Jan 423 De
4
4514 468 47 47
4714 48
x47
484 4672 47
3,600 N Y Air Brake
No par 4112 Mar 25 493 Mar 4
4
397 Oct5012 No
2
4314 447 543
45 .43
45 '43
45 .44
45
400 New York Dock
4
100 4114 Mar 27 583 Feb 2
47 Aug 8414 Joy
87
87
87 87
.87
88 .87
88 '87
88
200 Preferred
100 8512 Jan 7 89 Jan 31
85 Sept95 Ja
100 100
9914 100
993 9912 9914 9912 9912 9912
2
230 N Y Steam pref (6)____No par 9812 Mar 19 103 Jan 10
9812 Oct10512 Ma
11114 113 .11114 115
11238 11232 *11114 113 "11114 113
70 1st preferred (7)
No par 11114 Mar 15 1147 Feb 19 102
8
Jan 115 Ap
984 101
997 101
99 101
993 10038 0934 10013 25,100 North American
8
No par 004 Jan 7 10912 Feb 15
Co
581k Jan 97 No
.5112 53
52
5212 524 523
4 52
524 52
52
800 Preferred
0a
50 513
4Mar 5 544 Jan 9
100 100
51 Sept553825
100 10012 1003 1003 1004 100381o1 102
4
4
600 No Amer Edlson pref__NO par 997 Mar 27 1033 Jan 15
2
4
4
993 Oct105% Fe
523 5318 5214 53
4
5238 5314 53
5314 54
541
4,500 North German Lloyd
5214 Apr 2 8414 Jan 12
.46
634 June 6912 No
487 .46
2
48% 46
46
*46
487 .46
487
10 Northwestern Telegraph___50 46 Mar 26 50 Mar 16
Oct85 Ma
48
0
5
.5
54
5
5
5
5
5
538
500 Norwalk Tire & Rubber____10
74 Set
212 Star
5 Jan 7
.333 37
814 Feb 4
4
534
40 .333 37 .333 37
4
2
*333 37
3
Preferred
100 37 Mar 7 45 Jan 31
3334 Jan 48 Sell
.612 7
*612 7
.612 7
612 612 .6
7
100 Nunnally Co (The) __No pa"
.
614 Mar 15
83 Dec 13 Ma
4
2313 2417 2212 243
8 Feb 8
3 233 243 *2312 24
2
2
244 24%
1,600 011 Well Supply
20?4 June 41
25 2212 Apr 2 32 Jan 3
Ja
99
99
98
9912 9612 98
98
98
99 100
620 Preferred
100 9612 Apr 3 10612 Jan 16
97 June 11012 Ja
914 104
94 914
84 912
83
4 83
4
4 3,900 Omnibus Corp
838 83
No par
712 Feb 21 1072 Feb 28
712 Dec 151411a
.80
90
*80
90 .83
89 .83
89 .83
89
Preferred A
100 SO Mar 26 90 Feb 28
3
834 Dec 993 Jul
7812 79
783 783
4
4 79
79
7914 79i2 8012 82
4,000 Oppenbelm Collins& CoNo par 7214 Feb 8 827 Mar 6
*__ __ 50 •____ 60 .____ 50 .____ 50
673 Aug8812 Jo
4
2
•_ 50
Orpbeum Circuit, Inc
18 May 70 04
1
.71
76
- -.71
75
.71
75
"71
74
'71
75
Preferred
100 71 Mar 27 95 4 Jan 2
75 May 104 NO
3
31112 31112 319 320 *312 330
330 330
325 325
1,200 Oils Elevator
50 276 Jan 7 345 Mar 20 14712 Feb28512 De
012212 125 *12212 123 .12213 125
12213 12212 12212 12212
60 Preferred
100 122 Jan 8 125 Jan 24 1194 Jan 1263 Jul
4
4414 43
42
443
8 4234 45
4234 45
4414 45
27,500 Otis Steel
No par 3714 Jan 2 483 Mar 15
2
1012 Jan 4012 No
•101 10172 .101 102 .102 10212 102 102 .102 103
100 Prior preferred
100 101 Jan 21 108 Feb 20
821/ Jan 103 NO
*87
88 '87
88 .85
88 .85
88 '85
88
Outlet Co
No par 88 Mar 6 9634 Jan 4
81 June 994 Se;
91
93
93
913
4 9013 9013 90
907
2 18012 9012 1.800 Owens
25 81 Jan 7 983 Feb 13
4
7412 Jan 957 Al
2
56
5512 553
55
4 55
5512 5512 5513 547 554 3.500 Pacific Bottle
8
Gas & Elea
25 53 Jan 2 6814 Jan 31
4312 Feb 5812 Nc
7612 761 .75
75
76
76
74
74
.74
7512
1,000 Pacific Ltg Corp
No par 70 Jan 7 85 Mar 13
69 Dec 853 Jul
.30
31
3
31
•30
30 30 .30
31
3014 3014
60 Pacific hillia
100 29 Feb 18 3312 Jan 17
118
25
Oct 3511 No
118
112
13
8
112
13
2
118
114
112
112 34.800 Pacific 011
112 Jan 10
No par
1 Mar 6
1 Sept
214 Al
180 180 .175 179
177 18212 .175 185 *175 185
30 Pacific Tele].) & Teleg
100 159 Jan 3 200 Mar 14 148 June 189 Do
_ *12714 130 '12712
_ _ •12714
512712
_ __ _
Preferred
4
100 1163 Jan 3 129 Feb 27 114
Oct 12513 Ma
*1271412514 13f
127 13072 127 133
12814 132
12814 131 134,200 Packard Motor Car
10 11612Mar 28 153 Jan 2
5614 Feb 163 Di
49
3
5134 5313 523 523
51
2 60
5112 4914 51
11,300 Pan-Amer Petr & Trans
50 44)14 Feb 18 5312 Apr 2
7
3814 Feb 554 Nc
49
5112 53
544
517
0 51
5038 53
4934 5212 209,100 Class 11
50 401/ Feb 10 543 Apr 2
8
3734 Feb 587 No
.14
16
15
16
15 .14
2
*1412 1512 .1413 1512
100 Pan-Am West Petrol B_No par 1418 Mar 28 1712 Jan
3
1512 July 2833 At
1213 13
1314 1412
123 1312 1212 1212 7,500 Panhandle
4
1238 14
Prod & ref_No par
913 Feb 16 1514 Jan 3
1112 Feb 2114 Ma
.82
75 .65
75
75 .65
65 65
.62
75
100 Preferred
100 4712 Feb 25
70 Feb 10614 Ms
63
6514 6312 65
6312 68
6318 65
64
64% 54,400 Paramount Pam Laaky_No par 5512 Jan 2 76 Jan 18
707 Mar 18
2
4714 Oct 5638 Di
6514 65 4 66
3
65
64
6614 65
6412 6438 644 2,300 Park dr Tilford
No par 64 Apr 4 87% Jan 14
34 Mar 98 NG
103 115a
2
1038 103
4 1012 103
103 1118
8
4 1012 1038 21,100 Park Utah CM
1
10 Mar 26
137 Feb 28
1412 Js
9 Aug
912 1038
97 1010 42,000 Paths
03 11
103
8
10
4
072 10
Exchange
Vo par
712 Mar 28 1472 Jan 9
15 NG
2 Feb
1913 2034 20
204 22
23
2012 21
2114 2138 5.600 Class A
No par
131/ Mar 26 30
812 Feb 34 At
434 4212 423
4038 4332 4113 4214 42
4 42
43
17.600 Patine Mines & Enterpr-___20 3418 Jan 7 471 Jan 9
Al
4
4 Mar • 237 Jan 42
• Did and asked prices: no sales en jizis day. r Ex-dividend a
En-rights, I Ex-dividend and en-righte
o Old gook.
New York Stock Record-Continued-Page 7
2240
For sales during the week of stocks not recorded here, see seventh page preceding.
Sales
for
the
Week.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Afar. 30.
Monday,
Ayr. 1.
Tuesday,
Apr. 2.
Wednesday,
Apr. 3.
Thursday
Apr. 4.
Friday,
Apr. 5.
$ per share $ per share E per share $ per share $ Per share $ Per share
1
/
174 1812 177 184
*1714 1738 1714 177
1714 18
547
5312 53
4
/
521 51
5118 50
50
4818 51
3
100 104 4 105 105 *105 110 *105 110
•____ 109
8 *814 8 2
1
/
7
4
1
/ 8 8 *84 87
1
/
7
4
1
/ •8
*814 812 *84 8
8
1912 18
183
1818 18
1812 1912 184 1812 18
85 85
86
8612 86
86 386
86
88
*86
4
4
2683 2683
269 270 270 270
*268 272 *270 272
36
*34
34
3
35 4 34
3718 *34
8
*335 3412 *34
•____ 165 *160 170 *155 165 *158 165 *158 165
4912 *49
4912 *49
4912 *49
4912 *49
4912
*49
4 524 5212 5212 5212 5212 5212
4
523 523
52
z51
8
8
8 2214 227
4
1
/ 2312 223 2412 2212 227
4
/
2058 211 20
4
/
1638 161 163
4 1618 163
8 1612 174
17 :16
16
1
/
*844 90
*8414 86
*8414 88
*8414 88
*8414 98
4
/
1
/
/ 414 443
4012 427
4
/
8 411 42
3
4
1
/ 40 4 411 4118 4218
*2512 29
30
*2512 29
27 •25
*25
30
*26
99
*98
99
*98
99
*98
99
*98
99
*98
3312
8 3178 3314 32
323
4 32
8
297 3014 3018 323
8
827
80
4 81
8214 79
823
80
80
83
*75
4
1
/ 3
2
314
3
14
3
3
4
1
/ 3
2
4
1
/
8 3
27
49
4 48
483
4 47
8 4914 493
497
4
1
/ 49
4918 50
512 514
5
512
512 514
5
514
5
5
5212
51
5012 5212 5012 51
52
5212 52
50
PER SHARE
Range Mace Jan. 1.
-share lots
On basis of 100
STOCKS
NEW YORK STOCK
EXCHANGE
Shares Indus. & Miscall. (Con.) Par
50
2,100 Peerless Motor Car
No par
17,600 Penick & Ford
100
240 Preferred
50
Penn Coal & Coke
3,800 Penn-Dixie Cement--No par
100
300 Preferred
700 People's0L & C (Chie)_ _ _100
No par
400 Pet Milk
Philadelphia Co (PIttab)___50
50
5% preferred
50
900 6% preferred
31,600 Phila la Read C & I___ _No par
10
8,400 Philip Morris & Co., Ltd
100
Phillips Jones prof
35,700 Phillips Petroleum____No par
5
Phoenix Hosiery
100
Preferred
22,000 Pierce-Arrow Class A__No-par
100
4,400 Preferred
25
15,300 Pierce 011 Corporation
100
3,000 Preferred
No par
3,300 Pierce Petrol'm
5,600 Pillsbury Flour Mills-No par
100
Preferred
100
200 Pittsburgh Coal of Pa
65
•64
65
*63
65
4 6514 6514 *60
4
663 663
100
300 Preferred
89 89
89 89
90
*89
90
*89
90
90
100
Pitts Terminal Coal
26
*24
26
*24
26
•24
26
*24
26
*24
100
120 Preferred
63
*60
63
63 *60
62
60
60
61
.60
4
1
/ 2,100 Porto Rican-Am Tob cl A.100
4
1
/ 85
8412 84
4 8312 83
8312 843
85
4
1
/ 83
*83
No par
18,800 Class B
41
4 4312 47
4
/
411 4014 443
4
1
/ 4134 42
4012 42
8 1,000 Postal Tel & Cable pret___100
4
4
1
/
102 103
103 103
8
4
1
/
102 1027 10214 1023 *10212 1027
No par
36,400 Post= Co, Inc
6518 67
3
1
/
644 65 4 643 66
4
1
/ 67
4
1
/ 64
4
6518 67
25
6214 10,300 Prairie 011 dr Gas
8
8 6018 6112 61
4
4 613 6314 603 617
4
1
/ 613
60
25
5,400 Prairie Pipe & Line
8 564 57
1
/
57
57
5618 567
8 5612 567
57
56
No par
2212 23
23,400 Pressed Steel Car
4
1
/ 2212 2312 223 23
4
8
2218 2314 223 23
100
80
Preferred
*78
80
*78
80
*7812 8012 *78
8012
*78
1,800 Producers & Refiners Corp__50
22
*21
21
*2012 2112 2014 2234 2213 2218 21
50
40 Preferred
45
*43
4
43
443 443
4
43
4314 45
*4112 45
50 Pro-phy-lac-tic BrUsh__NO par
63
63 .61
63
63
*61
63
*61
63
*61
4
1
/ 8038 7912 8014 19,400 Pub Ser Corp of N J__No par
8 79
80
807
4
1
/ 81
79
8112 79
100
400 6% preferred
10512 10512 *10412 105 *10412 105 *10412 105 *10412 105
100
7% preferred
*119 12012 *119 120 *119 120 *119 120 *119 120
100
8% preferred
4
*14314 150 •145 149 *145 147 *145 1463 *145 147
300 Pub Serv Elee & Gas preL100
52
5
105 8 105 *106 107 *106 107
106 106
•104 105
No par
8212 8118 821 12,200 Pullman, Inc
4
8 823 8314 8112 8214 82
82 823
50
4
/
1638 161 2,100 Punta Alegre Sugar
*1614 17
*1614 17
1618 1614 1618 17
25
29,000 Pure Oil (The)
8 2512 26
8
8 255 263
273
254 273
2 26
8 2612 273
100
230 8% preferred
4
/
1121 1124 *11212 113
112 11212 11218 11214 11214 113
10,500 Purity Bakeries
4
120 120
11814 122
11914 1213 120 12114 1213 123
4
Preferred
155 *____ 155 •__ 155 _______
4
100 1033 1453600 Radio Corp of Amer___No par
4 99 103
8
954 1027
2 983 1041 993 1043
4
/
4
50
1,000 Preferred
4
/
*541 55
55
5412 5412 55
54
5418 5418 54
49,500 Radio Kelth-Orp cl A__No par
8
8 273 28
2914 274 283
8
4 277 2912 28
3712 403
10
19,900 Real Silk Hosiery
8 7118 74
723
8 70
717
70
72
8 70
6814 727
100
10 Preferred
4
1
/ *974 994
1
/
*9712 9912 *9712 99
*9712 100
98
98
No par
4
1
/
4
1
/ 144 1212 143 17,400 Reis (Robt) & Co
1014 1012 1034 13
1312 1412 13
100
800 First preferred
80
80
80
SO
80 80
7014 7112 75
75
Stock
Na par
4
3012 293 3014 21,100 Remington-Rand
285 2912 291s 297
8 29
30
29
8
100
400 First preferred
943 9438 9412 93
9412
9412 .92
*92
93
Exchange *93
100
100 Second preferred
4
1
/
9312 9312 *9312 9972 *9312 99
*931/ 100
*94 100
10
8
8 273 287
8 2712 283 13,600 Rao Motor Car
283
8 27
8 2712 277
4
1
/ 273
8
26
Closed
51,000 Republic Iron dr Steel- - - -100
4
1
/ 925
89
8712 90
8 8912 923
4
/
4 891 9272 9214 95
100
Preferred
*109 110 *109 110 *109 110 *109 110 *109 110
Extra
No par
4,700 Reynolds Spring
1
/
84 9
4
1
/
84 8
5
88 9
918
9
4 0
83
20,200 Reynolds (RJ) Top class 13.10
5312 55
54
5314 55
1
/
5412 534 54
5312 55
Holiday
10
50 Class A
76
76 .70
*70
76
*70
76
*70
76
76
900 Mine Westphalia Elec Pow__
4
5914 593
4
1
/ 60
2
593 *58
4
1
/ 6014 *5912 60
60
59
4212 4414 43
4
1
/ 4334 43
4 42
4312 18,100 Richfield 011 of Callfornia__25
1
/
4412 424 443
No par
1
/
23972 404 104,200 Rio Grande 011
8 393 413
4012 423
4 3912 41
4
2938 41
25
1,200 Rossia Insurance Co
275 285
4
4
2793 2793 •265 279 *265 280 *265 280
199,500 RoyalBaklngPowder__NOpar
371 36
4014
4
1
/ 33
32
4
1
/ 38
38
4 31
323
4
/
31
100
Preferred
4
/
*____ 10118 *__ __ 10118 *_ 1011 *____ 1001 •_...._ 10012
1
/
8
8 525 5312 524 5212 534 5312 6,600 Royal Dutch Co(N Y shares)
4 5318 543
5212 533
10
25,400 St.Joseph Lead
7312 70
71
71
8 69
737
723
6814 7212 70
No par
4
1
/
160 16734 160 16734 162 lSl7s 16012 16312 16,700 Safeway Stores
16014 164
100
600 Preferred (6)
95
94
93
4 96
9638 9312 9338 93
963
96
100
750 Preferred (7)
10312 104 *103 104
103 10314
10214 103
4
1
/
102 103
1,200 Savage Arms Corp--No par
3914 3914 3912 40
40
40
39
39's 40
39
15,000 Schulte Retail Stores__No pa
1
/
2934 2914 29
4
283 2984 284 29
29
4
1
/
2918 30
100
30 Preferred
4
/
1061 10614 .10614 112
108 108
108 108
*108 109
No par
17
700 Seagrave Corp
17
1714 1712
17
1712 1713 17
*1712 18
14418 146
14538 14212 146
53,600 Sears. Roebuck & Co No par
8
1443 14814 14514 1483 14212
4
No par
818 812 31,300 Seneca Copper
814 81
8
4
1
/ 87
8
3
98
8
91t
8
No par
1,800 Shattuck (F G)
129 130
128 131
128 128
4
12812 1293 *129 131
200 Shell Transport & TradIng.£2
48
*46
48
4512 47
*46
*4618 47
47
*46
No par
93,300 Shell Union 011
4
/
4
/
4
3134 293 311 2914 298 291 30
3038 30
29
2
5,400 Shubert Theatre Corp.No par
584 572 58
58
61
59
59'2 5712 594 *57
No par
4 8314 8414 21,000 Simmons Co
8212 833
841 .8212 85
8012 8412 83
Lowest
$ per share
1538 Mar 26
38 Jan 2
100 Apr 2
818 Mar 28
17 Mar 26
84 Mar 20
208 Jan 11
7
33 8 Mar 27
159 Jan 2
4812 Jan 15
51 Apr 1
4
1
/
20 Apr 1
1512 Mar 26
8814 Jan 17
3712Mar 8
2512 Mar 12
98 Mar 13
2712 Mar 25
724 Jan 2
214 Feb 8
30 Jan 8
8
45 Feb 11
4814 Mar 26
143 Jan 2
61 Mar 27
8712 Feb 20
25 Mar 22
60 Apr 2
77 Jan 11
36 Jan 4
102 ?gar 26
4
623 Mar 26
58 Jan 30
534 Jan 14
8
195 Feb 18
7412 Feb 16
1814 Feb 16
384 Feb 20
6012 Jan 7
75 Mar 26
104 Jan 5
119 Jan 8
10
8 20
4
1
/ 2114 13,700 Simms Petrolem
8
8 207 2212 2012 2158 2012 205
2018 203
1
/
1
/
8
387 404 384 3912 3812 3912 335,800 Sinclair Cons 011 Corp_No par
4
1
/ 41
3838 4012 39
100
200 Preferred
4
4
4
109 109 *109 1093 *109 10934 .109 1093 *109 1093
2
8
1
/
3772 384 3712 387 140,800 Skelly Oil Co
4
1
/ 40
3
35 4 3718 3714 4012 37
8
1145 115
300 Sloss-Sheffield Steel & Iron 10
112 114
1
/
•108 115 *108 115 *1104 115
100
Preferred
1
/
*10614 11012 *10614 11012 *1064 11012 *10614 11012 *10614 11012
No par
300 Snider Packing
4 1114 1114
*1114 1112 .1114 113
1112 1112 *1114 12
42
No par
700 Preferred
*40
42
4
.40
393 4118
41
4012 404 41
No par
4 6,900 So Porto Rico Bug
374 3712 383
3712 37
6
4 3
363
36
3512 36
25
6,400 Southern Calif Edison
56
8 56
567
1
/
6512 564 56
5614 57
554 58
Southern Dairies cl A__No par
*3512 3612 *3512 3712 *3512 3712 *3512 374 *3512 3712
No par
8
127 1318 2,200 ChM B
1212 1212 1214 13
4
1
/ 13
*12
13
12
100
110 Spalding Bros 1st prof
4
1
/
4
1
/
113 113 *113 117 *113 117
4
1
/
4
1
/
.113 117 •113 117
8 5,000 Spans Chaltant&Co IncNo par
4
1
/ 443
8 40
4
1
/ 405
40
4014 41
41
40
41
41
100
120 Preferred
95
95
95
*94
95
95
95
95
97
*95
No par
1012 10
60 Spear & Co
11
1038 11
*10
10
1012 1012 410
100
200 Preferred
77
*76
76
7712 76
7712 774 *76
4
*7712 793
No par
3,900 Spicer Mfg Co
5614 57
4
*553 57
57
56
57
57
5512 58
4
107 10914 10712 1103 10814 11014 16,200,Splegel-May-Stern Co_No par
4
1043 10812 10512 106
8 5,500'Stand Comm Tobacco_No par
4 3312 343
333
4
/
4 3312 341 33
4
4
333 3418 333 343
86
86
85
5,900 Standard Gas & El Co_No par
8614 85
8612 85
85
86
35
50
6412 6412 1,400 Preferred
63
63
1
/
6312 6412 634 64
6414
64
100
100 Standard Milling
11112 11112 *105 11112
*108 110 *108 113 *105 115
100
100 Preferred
4
/
8
8
8
*____ 112 *____ 1117 1117 112 *___ _ 1117 *____ 1111
7734 7912 268,000 Standard 011 of Cal____No Par
1
/
1
/
794 764 80
4 77
7778 7812 803
74
8
5612 587 546,800 Standard 011 of New Jersey_25
4
3
55 4 5814 5878 6112 573 6012 5738 59
4 4212 4312 4214 4312 264,600 Standard 011of New York __25
8
423 443
1
/
414 4338 43
45
900 Stand Plate Glue Co__No par
4
512 53
512 552 4512 6
*54 6
*512 6
100
90 Preferred
19
19
*1812 20
1
/
184 1938 184 1814 *1812 20
1
/
4
/
481 2,900 Stand San Mfg Co____No par
48
4638 47
4712 4712 474 4812 4712 48
Preferred
100
*13812 ____ *13812 ----'13812 ___. *13812 ____ *13812 ____ ______
400 Stanley Co of Amer__ _ _No par
30
29 .29
29
30
3012 3012 3012 3012 *29
-Warn SP CorP_NO par
8
1305 13814 20,600 Stewart
12812 132
12412 130
12812 133
12912 133
8,500 Stromberg Carburetor_No par
74
73
74
4
1
/ 74
74
4
673 72
69
7012 70
8312 28,700 Studeb'r Corp (The___No par
4
1
/ 82
4
8438 823 83
8334 82
8212 81
80
100
110 Preferred
1
/
4
4
4
4
4
*1243 125 .12434 128
1243 1243 *1243 ____ 1243 1244
8 6,300 Submarine Boat
8 33
33
No Par
3
3
318 318
34
3
4
1
/ 312
3
No par
4
1
/ 1,700 Sun 011
3
60 8 60
62
60
6212 *6014
6118 62
4
1
/ 62
63
100
60 Preferred
10212 10312 •100 10312 *104 10412 10412 10412 10
4 104
No par
4
1
/ 71,900 Superior 011
9
9
912
9
9
4
1
/ 10
8
4
1
/ 1014
918 1012
100
4
/
6512 711 76,500 Superior Steel
4 5912 6134 61
63
4
1
/ 71
63
4
1
/ 593
57
2,500 Sweets Co of America
8
50
187 19
19
19
1
/
194 1812 1914 19
19
19
No par
7,200 Symington
4
1
/ 8
7
4
1
/ 8
7
758 8
8
75
7
4
1
/
8 6
65
No par
1612 12,000 Class A
1
/
3
15 4 164 16
17
1512 1612 16
1412 16
No par
4 5,900 Telautograpla Corp
2212 233
2412 231 23
4
4
1
/ 213 23
4
223 2412 24
4
/
-rights
*Bid and asked prima: no sales on this day. X Ex-dividend. co Hz
Highest
PER SHARE
.
Range for P1614068
Year 1928
Lowest
Highest
$ per share $ per share $ per Oar/
4
1
/
1
/
144 Sept 25 Mar
2211 Jan 11
5538 Feb 28
2238 Jan 4112 Oct
110 Jan 9 103
Oct 115 Mar
12 Jan 20
8 Aug 1412 Jan
27 Jan 5
1444 July 31 May
4
1
/
94 Jan 22
75 Sept 96 Apr
28712Mar 14 1513 Jan 217 Nov
4
4512 Jan 3
4112 Dec 464 Dec
180 Jan 5 145 Mar 1743 May
4
49 Mar 16
454 Mar 49 Aug
1
/
514 Oct 57 Mar
54 Mar 18
4
34 Jan 8
273
8.11211e 393 Jan
4
1
/
23 Feb 26
15 Mar 2514 May
85 Apr 99 May
904 Jan 11
1
/
354 Feb 53 8 Noy
7
47 Jan 3
21
5
37 8 Jan T2
Oct 38 May
94 Dec 10314 Feb
100 Jan 8
3
4
1
/
37 Jan 9
1812 Oct 307 Dec
5612 Oct 74 Dec
4
1
/
8612 Jan 9
338 Mar 18
54 Ape
12 Mar
4
/
161 Feb 50
Oct
5112 Mar 18
312 Feb
4
1
/
578 Jan 15
6 Ain
3234 Feb 587 Dec
8
8
637 Jan 15
Jan 144 Dec
4
1
/
15614 Jan 14 108
8
1
/
364 June 787 Dec
4
833 Jan 9
8
81 May 1007 Dec
100 Jan 5
26 Feb 38 Dec
3438 Jan 9
6318 Oct82 Mat
7814 Jan 9
3
4
1
/
53 July 85 4 Dec
3
95 4 Mar 15
a
2314 Aug 517 Dee:
4
503 Jan 2
4
1
/
105 Jan 31 100 Aug 106 SeD1
6138 July 13612 May
7832 Jan 5
4
1
/
5912 Dec 64 Dec
4
1
/
65 Jan 2
60 Feb 25
18 June 3312 Oct
2538/gar 22
70 Aug 9312 Oct
81 Mar 27
8
16 Feb 297 No•
8
257 Jan 3
4
1
/
41 Feb 49 June
4
463 Mar 21
52 Nov 91 Yet
4
823 Jan 14
4112 Jan 8312 Del
4
1
/
94 Jan 31
4
/
1081 Feb 5 10338 Jan 115 May
Oct 12912 Ma)
8
1247 Jan 3 117
14518 Jan 18
8
1055 Apr 3
4
1
/
79 Mar 26
1518 Feb 18
2314 Feb 16
112 Jan 14
115 Mar 26
1501231ar15
10953 Jan 28
8
917 Jan 3
2114 Jan 14
284 Jan 3
116 Fen 25
1
/
1394 Feb 4
6814 Feb 18
54 Apr 2
19 Mar 26
57 Jan 7
97 Jan 5
9 Mar 26
70 Mar 28
28 Mar 26
9014 Jan 4
93 Mar 20
8
255 Mar 26
7914 Feb 8
8
1087 Jan 7
4
/
71 Mar 26
53 Mar 26
76 Feb 20
53 Feb 26
4
393 Feb 16
4
333 Feb 21
226 Feb 18
30 Mar 26
991256ar 25
4
1
/
49 Feb 19
62 Jan 7
157 Mar 26
93 Apr 4
102 Feb 16
3814 Mar 26
4
283 Act* 4
105 Feb 4
8
157 Jan 2
3
139 4 Mar 26
512 Jan 2
12312 Jan 8
43 Jan 25
4
253 Feb 18
5412 Mar 26
75 Mar 26
4
1093 Mar 16
57 Jun 3
4
1
/
45 Jan 4
8Mar 4
843
10212 Feb 8
1614 Feb 1
10812 Feb 6
4
353 Feb 4
96 Feb 4
4
1
/
99 Feb 19
3178 Jan 3
8Mar 4
1007
11512 Feb 27
1214 Jan 16
66 Jan 11
80 Mar 15
64 Jan 2
4938 Jan 3
421231ar 28
310 Mar 16
1
/
434 Jan 2
10312 Jan 21
4
1
/
55 Jan 5
94 Jan 21
19514 Jan 4
97 Jan 16
108 Jan 18
4
/
511 Jan 24
4112 Jan 8
11812 Jan 2
21 Mar 7
181 Jan 2
1012 Mar 20
142 Feb 4
4
553 Jan 10
4
313 Apr 2
7412 Jan 24
116 Jan 31
1818 Mar 26
3512 Mar 26
109 Mar 26
4
1
/
32 Mar 7
112 Apr 4
105 Jan 2
4
/
101 Mar 26
33 Jan 3
34 Mar 26
4
1
/
53 Jan 4
3512 Feb 16
4
113 Mar 4
4
1
/
113 Apr 3
3
39 4 Mar 26
89 Mar 19
10 Mar 25
76 Mar 4
45 Jan 7
7714 Jan 15
30 Mar 26
4
803 Mar 26
63 Apr 4
104 Mar 26
8
1117 Apr 3
64 Feb 18
48 Feb 16
38 Mar 7
412 Jan 2
17 Jan 3
41 Jan 26
11812 Jan 15
29 Mar 27
12012 Mar 26
4
/
x521 Jan 11
77 Jan 5
12434 Jan 2
3 Feb 27
57 Mar 26
100 Jan 3
7 Feb 16
38 Jan 2
1512 Mar 11
412 Mar 12
4
/
121 Mar 11
1914 Feb 8
Jan
134
10612 Dec
8
777 Oct
8
175 Dec
19 Feb
108 Mar
75 June
106 July
150 Ma)
11012 Ap
94 Mal
1
/
344 Jaz
3114 Not
119 Juni
8
1393 On
1664 On
5412 Jan 60 Ma)
3414 Dec 5112 Not
4
1
/
8
247 Jan 60 De,
8012 July 9712 De,
15 Del
512 Feb
6114 Feb 8911 Del
234 Jan 3612 Ma)
8714 Dee 98 Jun,
8818 Oct 100 Jal
4
1
/ Oc
224 Jan 35
491a June 9412 No:
102 June 112 Tel
4
1
/
14 Jun
84 Feb
16512 Mar 195 Ma:
Oct 61 Do
50
2312 Feb 56 No'
145 June
40 Dec
1044 Dec
8
445 Jan
37 Mar
171 Dec
95 Dec
10612 Dec
3614 Dec
4
353 Dec
115 Dec
10 Feb
8218 Jan
Jan
2
804 Feb
4
1
/ Jan
39
2314 Feb
1
/
544 June
4
553 June
278 No'
4
493 De
10412 De
Oc
64
7112 De
1
/
2014 De
97 De
10612 De
51 De
6712 AD
129 Ap
1712 Jun
19712 No
712 Oc
14014 Oc
574 Oc
4
1
/
39 No
8514 No
1
/
1014 No
4
1
/
23 Jan 3
45 Jan 2
111 Jan 29
4012 Apr 2
125 Jan 19
112 Jan 18
1614 Feb 5
5012 Feb 6
4
443 Jan 2
5812 Jan 31
42 Jan 2
8
153 Jan 12
117 Feb 6
5214 Jan 3
97 Jan 17
4
143 Feb 4
8012 Jan 2
4Mar 1
663
1174 Feb 6
1
/
4
1
/
43 Jan 11
,1
997 Jan 31
67 Feb 4
16314 Jan 18
1818 Feb
8
173 Feb
1024 Jan
25 Feb
102 June
10411 Oct
11 Dec
31 Nov
3212 Feb
4312 Jan
244 Jan
Jan
9
Jan
109
26 July
Oct
97
1014 Nov
1
/
764 Nov
2312 Jan
6512 Sept
Oct
24
574 Jan
4
1
/
64 Dec
100 Jan
2714 No
4634 No
Oc
110
4
1
/
42 No
134 Fe
123 Ms
20 All
Ja
60
8
493 Ma
5612 No
4
1
/
60 Mx
30 At
120 At
4
1
/
57 De
100 Au
20 Fe
8
923 Fe
4
/
511 De
91 No
4014 No
8458 De
7112 Ma
14212 De
133 Jan 12
8114 Mar 20
6112 Apr 2
4
453 Jan 2
4
1
/
9 Jan 21
31 Jan 18
54 Jan 29
138 Mar 21
4314 Jan 3
145 Jan 22
9212 Jan 9
98 Jan 26
125 Jan 18
412Mar 14
6812 Jan 10
10512 Jan 8
12 Jan 3
4
/
711 Apr 5
20 Jan 24
8 Apr 3
17 Apr 3
2512Mar 28
97 Nov
63 Feb
4
373 Feb
4
283 Feb
4
/
21 Jan
Jan
10
34 June
Oct
118
35 Dec
7714 Feb
Jan
44
Jan
57
12112 Feb
3 Feb
3111 Jan
Jan
100
212 Feb
Jan
18
4
/
111 Feb
4 Allif
10 Aug
154 Jan
115 Di
80 NG
4
1
/
59 No
454 De
4
1
/
7 Fe
40 Fe
4
1
/
53 Di
4
1263 Me
4
693 Set
1291s DI
99 DI
8712 01
127 Jut
614 Mt
77 No:
110 Al
1414 Ns
4
1
/
56 Ne
12
23 Set
7 Me
3
19 2 Al
8
223 Ms
New York Stock Record-Concluded-Page 8
For sales during the week of stocks not recorded here see eighth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Mar. 30.
Monday,
Apr. 1.
Tuesday,
Apr. 2.
Wednesday,
Apr. 3.
Thursday,
Apr. 4.
Friday,
Apr. 5.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. I.
On basis of 100-sbare lots
Lowest
Highest
2241
PER SHARE
Rangefor Previous
Year 1928
Lowest
Highest
$ Per share 8 per share $ per share $ Per Share $ Per share $ per share Shares Indus.
& Miscel. (Con.) Par $ per share $ Per share
1751 1814 1713 18
1713 177
1712 175
1712 17
/ 8,000 Tenn Copp & Chem-No par 1612Mar 26 2034 Feb 6 $ Per shan't. Per atm
1
4
104 Jan 19 Dee
/
1
6413 6838 65% 677
/
1
4
65
/ 67
1
4
643 6512 6413 85
4
/ 97,000 Texas Corporation
1
4
25
Feb
50 Feb 74 Nov
7714 7913 78
34
/ 8114 79
1
4
814 794 803s 791s 8038 231.400 Texas Gulf Sulphur --No par 5714 Feb 21 68 Jan 2
/
1
/
1
7214
18 82 Jan 3 621a June 8212 Nov
20
22
21
214 20 3 21
/
1
3
/ 2013 20
1
4
/ 204 207 20,300 Texas Pacific Coal at011-10 1614 Jan 25 23 Mar 21
1
4
8
-/
1
4
1213 Mar 2653 Nov
1612 1713 1873 1878 1758 193
3 1713 1734 17
1833 22,500 Texas Pao Land Trust
1 1314 Mar 28 2413 Jan 17
20 June 3034 Apr
22 22
/ 22
1
4
2278 221,2 23
2153 23
2278 2312 6,300 Thatcher Mfg
No par 1812 Mar 14 27 Jan 3
22 Jan 3913 May
4373 44
4378 44
4213 4212 43
/ 4312 4312 4334
1
4
900 Preferred
No par 35 Mar 9 4838 Jan 5
45 Oct 5353 June
3773 381/ 38
3812 38
3812 38
3838 38
384 3,300 The Fair
/
1
No par 3414 Mar 26 514 Jan 15
/
1
*110 112
34 Jan 524 Dec
/
1
110 110 *110 112
110 110 *110 112
20 Preferred 7%
100 10412 Feb 28 110 Jan 2 1044 Jan 1144 Oat
46
/
1
46
/
1
46 46
4513 46 '
54513 46
*454 46
/
1
700 Thompson (J R) Co
25 4414 Mar 28 62 Jan 12
561 June 711 Tune
20
4
21
/
4
2034 214 204 2133 201s 2033 20
/
1
/
1
20
/ 32,100 Tidewater Assoc 011__No par 17 Feb 8 22 Jan 3
1
4
/
1
4
14 Feb 25 Sept
/
1
4
8733 87
/ 8712 8712 87 8814 *88
1
4
/
1
4
88 *86
88
BOO Preferred
100 86 Mar 15 90 Jan 2
8173 Mar 914 Dec
3212 3358 33
/
1
34
33 3358 321 3213 *32
/
4
33
2.600 Tide Water 011
100 2718 Feb I 37 Jan 3
/
1
4
194 Mar 4113 Dee
/
1
*92
93
94 94
9312 9438 *9214 94
*94
94
/
1
4
400 Preferred
100 904 Feb 23 9712 Jan 17
/
1
/
1
8634 July 1004 Doe
7838 8114 784 80
/
1
784 795a 784 79
/
1
/
1
/ 7812 793 10.500 Timken Roller Bearing_No par 7312 Feb 16 150 Jan 3 112 Mar 154
1
4
4
/
1
4
174 1814 174 1813 1738 18
/
1
Nev
/
1
1734 18
1712 1814 15,800 Tobacco Products Corp--__20 1834 Mar 25 22 Mar 18 __-/
1
4
2012 21
---.. --2034 21
2012 21
2012 2114 2012 21
10,900 Class A
20 20 Mar 26 225sMar 18
*17
/ 18
1
4
163 163 *1613 18
4
4
8
165 165 •1734 18
3
200 Dividend certificates A ___
16 Feb 18 18 Feb 13
*1853 20 *16
19
/ 20 *18
1
4
/ 20 *1653 20 *1612 20
1
4
Dividend certificate‘13
1738 Jan 22 20 Mar 28
19 Aug 24 June
*1653 20 *16
/ 20 •1658 20
1
4
1634 1634 .
51658 20
100 Dividend certificates 0
18 Jan 18 1913 Jan 15
19 Dec 23 Aug
1018 11
10
/ 1138 1038 1118 1014 107
1
4
8 1018 10 4 72,000 TranseT1 Oil tern ctf-_No_3
par
9 Feb 26 13 Jan 2
*4812 48
6 June 1413 Nov
/
1
4
49 49
50 50 8 50
5
5133 *49
1,100 Transue & Williams St'l No par 41 Feb 28 5233 Mar 14
51
444 Dec 5912 Feb
43 4438 4434 45
/
1
/
1
4
43 45
44
447
44
/ 453
1
4
3 7,200 Trlco Products Corp-No par 3834 Feb 18 51 Mar 18
/
1
4
32 June 44 Sept
2314 234 *2313 25
/
1
4
24 24
23
/ 2334 23 • 2312
1
4
700 Truax Truer Coal
No par 23 Apr 5 314 Jan 23
/
1
46
47
4833 48
/ 48
1
4
48. '
548
4812 *48
48
/
1
4
400 Truacon Steel
4434Mar 26 614 Jan 3
10
/
105 10814 109 110
5514 Nov 63 Dee
/
1
4
105 1093 10814 110
/
1
4
4
1111s 11512 18,700 Under Elliott Fisher Co No par 91 Jan 7 1211Mar
'125___ 125 125 *125
19 63 June 937a Dec
_ •I25
__ •125
100 Preferred
100 125 Jan 5 125 Jan 5
'
531
34 *30
34 '
531 34 *31 -34
3334 - 3i600 Union Bag & Paper Corp_100 31 Mar 26 43 Jan 14 119 Mar 126 Apr
211 218 21613 218 21514 2195 218 218 214 4 217
30
4934
8
3
/ 24.500 Union Carbide & Carb_No par 19613 Jan 7 228 Mar 21 1361 Dec 209 Feb
1
4
50
5113 504 51
/ Feb
4
/
1
Nov
/ 5013 5138 5014 5034 49
1
4
/ 5012 11,000 Union 011 California
1
4
25 46 Feb 20 5212Mar 21
136 136 *136 138
4234 Feb 58 Nov
136 136 136 137 •135 137
600 Union Tank Car
100 1211 Jan 15 15014 Feb 20 110 Oct 12818 May
/
4
42 43 *42
/
1
4
/ 43
1
4
4234 43
4234 4234 •42
/ 43
1
4
900 United Biscuit
No par 4258 Mar28 53 Jan 14
/
1
4
3413 Apr 57 Oct
-- *122
-- *122
_ *122
___ *122
- _Preferred
100 120 Jan 19 126 Jan 24 11214 Mar 135 Oct
*122-2212 2412 2234 -2412 23 -- - 23 233
4
2312 2234 --2314 8:000 United Cigar Stores
10 2134 Mar 26 271$ Jan 11
*100 104
22 Aug 3458 Feb
/
1
4
100 101 *100 101
100 100 *100 10012
300 Preferred
100 100 Mar 26 104 Jan 2 10373 Dec 11413 Apr
4734 4834 4734 4814 4753 4858 47
/ 4814 4712 4814 5,800 United Electric CoaL_No par 4512 Mar 28 811s
1
4
Feb 8
13934 140
584 Oct 89 Dee
/
1
4
13812 1393 135 137
4
136 13634 13412 13412 2,100 United Fruit
No par 133 Mar 26 15812 Jan 31 13113 June 148 Nov
/
1
4
18
1813 181 21
/
4
19
20
/ 19
1
4
19
1812 1812 2,300 United Paperboard
100 16 Jan 7 2638 Jan 22
•7218 78
1611 Deo 277s Apr
*73 74 *73 78
*73
76
*73
76
Universal Leaf Tobacco No par 7134 Mar 26 811
/
4
6033 June 8733 Nov
861s 8818 85 8514 •8413 86
/
1
4
86
86 •8413 86
100 Universal Pictures 1st pfd_100 84 4 Mar 27 93 Jan 23
3
Jan 2
9114 Nov 100 Feb
16
1612 18
17
1614 1878 1612 1612 1513 1812 6,900 Universal Pipe
& Bad-No par 1513Mar 26 2214 Jan 2
1533 June 35 Oct
*86 100
*86 100 *86 100 *86 100
/
1
4
*86 100
Preferred
100 9814 Feb 6 10013 Jan 9
87 Sept 10534 Des
/
1
4
4112 444 4234 45
4314 4512 434 447
8 4312 4514 39,500 US Cast Iron Pipe & Fdy-20 36 Mar 26 5578 Mar 18
*1734 18
38 Dec 53 Nov
18
18 '
518
18 •18
/
1
4
184 18
/
1
18
200 let preferred
No par 18 Feb 20 19 Jan 11
• *1834 19
18 Nov 19 Nov
183 183 *1834 19 *19
/
1
4
4
4
194 '
/ 519
1
191$
500 Second pr iferred____No par 184 Apr 2 1958 Feb 8
/
1
1812 Nov 1914 Dee
1334 1373 1358 1353 1314 1312 1314 1314 1314 14
3,200 U 8 Distrib Corp
No par 1253 Mar 26 1734 Jan 3
1313 June 20 Jan
*74 76
/
1
4
7513 7513 *74
77 •73
77
73
73
200 Preferred
100 7114 Mar 12 8013 Jas 3
76 Oct 90 Jan
40 40
3912 3912 39
/
1
4
39 .38
3812 3712 38
700 US Hoff Mach Corp---No par 3713 Apr 5 4978 Jan 2
41
138 142
4
/ 1393 14114 139 14013 13912 14114 139 141
1
4
/
1
12,900 II 8 Industrial Alcohol-100 128 Jan 16 1547s Jan 25 1021s Dec 584 Jan
/
1
4
*12512
June 138
*12512
Oct
__ 127 127 *12513 127 •12511 127
10 Preferred
/
1
4
100 12414 Jan 8 127 Apr 3 11853 Sept 1257s Nov
22 ---- 2218 -/ 2334
1
4
2238 2278 2312 23
2412 2238 2318 5,400 U S 1 eathar
No par 20 Mar 26 3513 Jan 14
22 Jan 51 May
44 4434 444 454 444 45
443 45
4
45
45
2,900 Class A
No par 4014 Mar 26 614 Jan 14
/
1
52 Jan 72 Apr
*9812 100 '
599 100
99 99
9812 9813 *9812 99
300 Prior preferred
100 98 Mar 27 107 Feb 1 100 Dec 1094 May
/
1
4
8534 9012 88 883
/
1
4 87 89
87
8812 87
92
/ 22,100 U 8 Realty & Impt____No par 81 Jan 8 1194 Feb 6
1
4
/
1
614 Feb 93 May
54
5778 5412 5614 54
/
1
4
5678 5413 5512 53
/ 5533 51,600 United States Rubber
1
4
100 42 Jan 8 65 Mar 18
27 June 63 Jan
8312 8353 83 83
/
1
4
/ 8313 841 8318 8334 8114 8114 2,100 tat preferred
1
4
/
4
100 77 Feb 18 9211 Jan 16
Stock
55 July 1094 Jan
631s 651s 6453 6512 65 6814 x6314 643
/
1
4 63
/ 6414 11,000 U S Smelting, Ref & Mln___50 5712 Mar 26 721 Mar 20
1
4
/
4
3912 Feb 71 Nov
*52 5318 5212 5212 *5212 5534 *53
/
1
4
55
*53
55
200 Preferred
50 5212 Apr 2 58 Jan 3
51
Exchange 1761 18014 17814 18114 1794 184
Jan 58 Dec
/
4
/
1
180 18638 18512 189 740,000 United States Steel Cory
15713 Jan 8 19373Mar I 13233 June 172 Nov
1411 142
/
4
/
1
4
1421 14212 1421 14234 14234 14318 143 14318 5200,
/
4
/
4
Preferred
100 141 Feb 5 1444 Mar 1 13853 Jan 14714 Ape
Closed
*88
94
*9014 92
92
92 *9034 91
8833 8833
200 U 8 Tobacco
No par 8812 Apr 5 10934 Jan 30
86 June 120 Oct
13953 13953' / 140 *13933 141 *1394 140
5139
1
4
/
1
13914 139
/
1
4
210 Preferred
100 136 Mar 6 141. Mar 15 12713 Jan 139 June
Extra
*300 350 •350 350 *295 350 •290 320 *290 325
Utah Copper
10 264 Jan 2 353 Mar 19 139 Jan 273 Dec
384 4058 384 40
/
1
/
1
39
4053 39
/ 4033 3934 40
1
4
15,600 Utilities Pow & Lt A-No par 35 Mar 28 49 Jan 30
/
1
4
2812 Feb 45 4 May
Holiday
914 012
94 9 4
3
914 612
3
914 9 2 , 9
9
/ 7,000 Vadaco Sales
1
4
NO par
812'der 27 13 Jan 21
/
1
4
*71
7812 5
11
75 *72
75 *73
77
*74
77
Preferred
100 70 Feb 25 82 Jan 16
90 96
9014 9538 9313 97
9212 9614 95 100 4 43,800 Vanadium Cory
3
No par 8314 Mar 26 11813 Feb 8
60 Jan 11113 Nov
33 33
*3212 33
33 33
3212 33 *31
32
800 Van Raalte
No par 27 Mar 12 35 Jan 17
7 Jan 4074 001
/
1
4
78 80 *79 80 *7913 80
8012 8012 81
81
350 1st preferred
100 60 Jan 2 81 Apr 5
43 Jan 78 Nov
/
1
4
87
/ 8913 87
1
4
/ 874 8714 88 3 87
1
4
7
/ 8812 *88
1
4
883
4 3,500 Vick Chemical
No par 82 Jan 4 947p Mar 19
58 Jan 85 Dec
*170 200 200 200 200 200 •180_ *200
-200 Victor Talk Machine
No par 143 Feb 18 200 Mar 18
525 Jan 1581 Nov
/
4
x113 113 *11113 112
112 11234 *112 11 4 112 112
1,700 7% prior preferred
23-100 110 Mar 1 11414Mar 13 10112 Jan 11212 Dee
1618 171
1612 171
164 1678 164 1634 1614 17
9,700 VIrg-Caro Chem
No par 1518 Mar 26 2434 Jan 26
12 June 2034 Nov
52
5312 52
53
514 51
/
1
/ 5014 5112 5073 52
1
4
2,400 6% preferred
100 5014 Apr 4 654 Jan 26
/
1
44 Jan 641 Nov
53
4
*89 90
8912 8913 89 90 •89
8912 *89
8913
300 7% preferred
106 89 Apr 3 9712 Feb 4
8813 Jan 99 Nov
/
1
4
*108 109 *103 109 *108 109 *108 109 *108 .
Virg Elec & Pow pf (7)
109
100 107 Feb 21 109 Feb 18 10812 Dec 114 Apt
/
1
4
*45
471 *45
471 *45
471 *45
4712 *45
Virg Iron Coal & Coke pf 100 45 Feb 27 48 Jan 29
4712
47 Oct 62 Jan
•
/
1
4
'Medoff (V)
No par 13 Jan 16 15 Jan 4
1134 June 2538 Jan
'
Preferred
100
78 June 100 Jan
69
/ 69
1
4
/ 63 654 •63 65
1
4
63666565
540 Vulcan Detinning
100 50 Jan 18 89 Feb 20
2212 June 74 Nov
103 103 *103 108 *103 108 '
5103 108 '
5103 108
160 Preferred
100 91 Jan 4 105 Mar 15
74 June 99 SeP1
*66
70 •66
70 *86
70
66 66
*66
10 Class A
70
100 40 Jan 2 80 Feb 19
19 June 4834 Nov
/
1
4
2214 2234 2214 2212 22
/ 231s 2212 22
1
4
/ 2278 2338 4,900 Waldorf System
1
4
No par 2218 Mar 26 2712 Jan 3
1912 Jan 2814 Dec
36
397g 364 3878 38
3912 37
383
38
26,400 Walworth Co
4 37
No par 2318 Jan 8 433
4Mar 15
14 Aug 26 Sepl
/
1
4
*4753 51
/
1
4
50 50
47
4753 *47
497s •47
50
90 Ward Baking Class A No par 4312 Mar 13 8434 Jan 17
70 Dec 123 Fet
1034 12
11
11
11
11
/ 1013 10 4
1
4
3
9 4 1053 6,600 Class B
3
No pa
814 Niar 26 214 Jan 16
15 Dec 29
/
1
4
711s 7113 7253 7253 72
/ Jar
1
4
/ 73 *7314 74
1
4
73
74
1.000 Preferred (100)
Nopar 71 Mar 25 8713
100 10714 10413 106
77 Dee 9712 Jam
/
1
4
102111067* 10112 10512 104 108 42,000 Warner Bros Plotures_No par 97 Mar 26 134 Jan 15
Jan 21
807 Aug 13914 SeP1
a
4511 49
/ 48
1
4
47
48
48
4812 4653 4612 48
8,400 Preferred
No par 45 Mar 26 5914 Jan 22
34
5124 DeeI 574 Dec
35
35
3614 3514 35
/ 354 3512 3434 3514 8,800 Warner Quinlan
1
4
No par 3253 Mar 26 4278 Jan 2
143 144
28 FebI 444 Oct
142 143 141 142 *142 1444 *142 145
700 Warren Bros
No par 141 Feb 18 170 Jan 2 140 June 19213 Api
'50 53
52
52
49
50 •____ 49 •____ 50
40 First preferred
50 48 4 Feb 15 53 Mar 27
3
4914 NovI 61 Apt
20 2012 1912 20
20 2038 195s 19 4 1934 20
3
3.000 Warren Fdry & Pipe...No par 154 Mar 26 3414 Jan 3
/
1
'92 96
13 Junej 36 001
96
/
1
4
964 *92 9638 *911 964 •92
/
1
/
4
/
1
9638
200 Webster Eisenlohr
25 91 Feb 21 11333 Feb 5 ---/
1
4
*90 100 •90 100 *90 100 *90 100 .90 100
---- ---Preferred
100 99 Mar 11 100 Mar 11
404 4134 4012 41
/
1
404 4034 40
/
1
404 *39
/
1
/ 4014 3,300 Wesson Oil & Snowdrift No pa
1
4
37 Mar 26 48 Mar 7
6418 66
644 6612 65 65 4 6434 65
87 Nov 110 Dec
3
8453 645
8 5,600
6412 Apr 2 7212 Mar 9 1053s Deo 10834 Nov
No pa
197 203
198 20112 195 2004 195 19714 196 19738 25,100 Preferred
/
1
Western Union Telegram-100 1793 Jan 2 2203 Mar 9 13912 Julyl 201 001
4738 4813 47
4
/ 48
1
4
4
4738 48
47
/ 4834 4734 484 12,200 Watnghse Air Brake_
1
4
/
1
_No pa
4518 Jan 24 5453 Mar 2
14518 14913 1451 149
4218 June 5738 Jac
/
4
1461 1507 146 15013 147 15014 49,500 Westinghous
/
4
/
1
4
/
1
4
e Elea &Mfg_50 13712 Jan 15 16613 Feb 4
*139 150 *139 150 *139 150 *143 150
8813 JanI 144 Nov
14312 14312
10 1st preferred
50
37 4113 3814 40
Jan 2
9534 JanI 139 Nov
/ 3712 39
1
4
/ 3618 3812 3713 39
1
4
/ 32,700 Weston Elec Instruml_Ne par 132 Jan 28 159 Feb 4
1
4
22
*3334 34
4212Mar 28
/ *34
1
4
1211 Jan 2813Juni
35 *3334 35
33
/ 3333 *3334 35
1
4
100 Class A
No par 33 Jan 7 3514 Jan 16
106 106 *106 108 *106 108
/
1
4
3034 Jan 4013 May
106 106
1,06 106
330 West Penn Elea el A
8/e par 10234Mar 23 110 Feb 1 183 June 112 Apt
10513 106
/ 106 107
1
4
106 107 106 10713 107 107
350 Preferred
100 103 Mar 28 11114 Jan 17 10713 OctI 115 4 Apt
97
/ 974 97 9734 98 9912 9712 9713 9912 9913
1
4
1
290 Preferred (6)
11612 11613 116 116
100 9612 Mar 18 102 Jan 17
9813 July 10413 Ain
116 116 *115 118 *115 116
50 West Penn Power pref
100 113 Jan 8 117 Mar 18 113 0011 118 June
•108 109
/
1
4
109 109
/
1
4
109 109 •10815 109 *10813 109
20 6% Preferred
100 10714 Jan 9 1104 Jan 16 103 Junel 113 Jar
53 53
52 52
/
1
*5318 54 *5212 54
*52
54
200 West Dairy Prod cl A__No par 52 Apr 2 5934
30 3113 3012 314 30
Feb 5
/
1
6213 Dec1 78 Ale
31
2913 30
/ *29
1
4
/ 30
1
4
4,500 Class II
No par 26 Jan 10 34 Feb 5
35
/ 367
1
4
3 3612 363
/
1
4
4 36
204 .ianI 49 Am
/
1
37
3513 364 36
/
1
/ 3714 9,700 WhiteEagle
1
4
0114:Refg-No Par 304 Jan 30 38 Feb 25
201g FebI 38 Nov
48 48
48
48
/ 48
1
4
4833 48
4812 484 48
/ 3,600 White Motor
1
4
No par 404 Jan 3 5312Mar 2
46
/ 47
1
4
/
1
3014 Feb 4334 June
4712 48
/ 4813 493
1
4
3 49
She 503s 5214 15.300 White Rock Min
Sp ctf
2612 2713 2853 27
344 Jan 49 Nei
/
1
2812 2613 2553 2812 24
/
1
4
2513 5,000 White Sewing MachLue_N 50 43 Jan 2 524 Apr 5
o par 24 Apr 5 48 Jan 2
49 49
4712 50
48
33 June 52 Da
/
1
4
49
484 484 49 49
/
1
/
1
4
1.500 Preferred
No par 4713 Mar 22 57 Jan 16
3 2438 25
23 243
2312 2414 234 24
/
1
4
5134 Aug 58 Da
234 2318 2.200 Wilcox 011 & Gas
No par 191 Jan 7 29 Feb 6
/
4
26
2712 2014 27
25
27
/
1
4
12
/
1
4
/ 2614 27
1
4
1751 Dec 22 Not
/
1
4
/ 264 2753 105,700 Willys-Overland
1
4
/
1
ea% 9614 98
(The)
5 2453 Mar 26 35 Jan 3
9811 *98
99
17 Jan 83 De
/
1
4
99
99
*98
994
/
1
800 Preferred
100 984 Apr 1 103 Jan 3
/
1
933 10 *1012 1053 10
97
10
9234 Jan 1044 De(
9 8 .914 97
7
/
1
1.600 Wilson & Co Inc
No par
9 Mar 28 1313 Jan 23
•
1918 1934 191 1918 194 1918
1913 20 *1913 20
11
Oct 16 Fet
/
4
900 Class A
No par 17 Mar 26 27 Jan 21
64 64 *63 6413 *63 65
*63 64
22 Jan 35 Msz
64
64
300 Preferred
100 59 Mar 213 79 Jan 23
4
198 2043 203 20334 19612 20434 19914 20112 202 20434 19,400 Woolworth
/
1
4
1334 Oct 778 Fet
(F W)Co
25 19212Mo'26 2224 Jan 3 17513 Feb 22534 Nov
4912 4812 484 47
/
1
4533 47
14 47
49
4534 48
3.500 Worthington P & M
100 43 Mar 25 843 Feb 5
8412 *80
*80 8412 *80 8412 *80
28 Jan 55 Nov
8412 '
582
84
/
1
4
Preferred A
100 8212 Mar 8 9213 Jan 23
*65
70 *65 70 *65 67 .85
481 Jan 93 Nov
4
7014 .65
7014
Preferred B
100 72 Mar 16 82 Jan 11
235 247 242 '2531/ 248 260
24712 257
41
Jan 80 Nov
250 257
18,000 Wright Aeronautical__No par 220 Mar 26
299 Feb 5
7014 70
/ 7012 7113 *7113 74
1
4
70
89 Feb 289 Nov
70
*7014 74
1,000 Wrigley(Wm Jr)
No par 70 Mar 26 80 Jan 30
66
6612 *6614 6612 6614 684 6814 664 8514 6614
/
1
4
68 July 84 Ana
/
1
800 Yale & Towne
25 613 Feb 11 6833 Mar 8
4
3753 394 384 391s 373 403
6112 Nov 8413 Api
/
1
s 3812 40
3912 424 85,100 Yellow Truck az Coach
/
1
4
Cl 13_10 35 Mar 26 4838 Mar 15
2753 Feb 8734 Nos
92 92 *92 9812 '
592 96 *92
96
90
92
1,100 Preferred
56 57 *56
s
83 Nov 96 API
/
1
5613 564 574 5814 577 584 2,300 Young Spring & Wire_ _No 100 80 Mar 8 92 Apr 1
57
/
1
par 524 Mar 26 65 Mar 18
124 1294 12514 128
/
1
4
125 130
4524 Dec 564 Nov
12512 127
1284 13012 16,400 Youngstown Sheet
/
1
/
1
& T_No par 105 Feb 19 13012 Apr 5 83 June
/
1
4
1153* Dec
Aug 2538 "Jan
•131d and asked pilaw no ss1
on lEVI day. z PX-Clividend. a Ex-details. • No par value.
I/ Ex-rights.
2242
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan 1 1909 Ile Zschanee meshed of quoting bonds was changed and prices are now "and interest"-excepl for income and defaulted bonds.
N
BONDS
Y. STOCK EXCHANGE
Week Ended Apr. 5.
-?... .
il
-.5,
Price
Friday
Apr. 5.
Wears
Range or
Last Sate,
4. •
..I
.. 3
.
al,
Stara and City Securities.
ms
New York State Canal 48._ _1960 .___
1942 1 J
48 Barge Canal
Mar 1962 M 9
48 Highway
Foreign Govt. &Municipals.
1947 F A
Agri° Mtge Bank 51 6s
Sinking fund 68 A__Apr 16 1948 A 0
(Dept) esti 58-.1963 NI N
Akershus
Antioquia(Dept)col 7a A....1945 J J
19451 J
External e f 72 ser B
External e f 7s aeries C.-1045 J J
19451 .1
External 5 I 7s ser D
External s 1 78 1st ser--1957 A 0
Exti sec 8 f 7s 7s 2d ser -.1957 A 0
1957 A 0
Extl sees 1 7,3d Ber
Argentine Govt Pub Wlui 68_1960 A 0
Argentine Nation (Govt 01)
Sink fund 63 of June 1926-1959.3 D
Extl 5165 of Oct 1925 -1959 A 0
1957 M 5
Sink fund 6a series A
External 6s series B_ _Dec 1958 J D
Kitt,f 6s of May 1926 1960 M N
External,f 6s (State Ry)_1960 M 5
EMI 6s Sanitary Works.,,1961 F A
Ext 6s pub wks(May'27).1961 MN
Public Works °MI 5925_1962 F A
1945 M 5
Argentine Treasury 53 5
Auatralla 30-yr 5a__July 16 19661 J
External 58 of 1927-Sept 1957 51 5
1956 M N
Exti g 410 of 1928
1943 .1 D
Austrian (Govt) s 17s
Bavaria (Free State) 690-1945 F A
Belgium 25-yr eats!7345 8.1945 J D
1941 F A
20-yr 8183
-year external 1390-1949 M 4
25
1955 J 1
External a f 60
-year,f 75-1955 -I D
External 30
1956 M N
Stabilization loan 75
Berm (Norway) 6 j 431 ____1945 MN
15-year sinking fund 68_1949 A 0
Berlin (Germany)s I 690-1950 A 0
External sink fund 633_ _1958 J D
Bogota(City) ext'l 5 t 88_ _1945 A 0
Bolivia (Republic of) extlis_1947 M N
1958 1 J
External sec 7s
Externals17*.1969 M B
Bordeaux (City of) 15-yr 63_1934 M N
1941 J 13
Brazil(US of) external 85
External,f 692e of 1926-1967 A 0
1967 A 0
Extl 5 t 83.4. of 1927
7a (Central Railway) ___1962 J D
7922(coffee secur) i(flat).1952 A 0
1935 M S
Bremen (State of) extl 7s
1957 M E3
Brisbane (City) a f Ss
1958 F A
Sinking fund gold 58
(City) extl s f ila .1962 1 D
Budapest
Buenos Aires(City)692s__ _1955 J 1
1960 A (3
Extl a f 68 ser C-2
1960 A 0
Exti a f 68 ser C-3
Buenos Aires (Prov) ext1 68_1961 M S
Bulgaria(Kingdom)a I 75-1967 1 J
osab•pan a f 7922.N0v. 15'68 --Caidas Dept of(Colombia)7143'46 J J
Canada (Dominion of) 55_1931 A 0
1929 F A
10
-year 592e
1952 M N
56
1936 F A
4345
1954 J .1
Carlsbad (City) a I 88
Cauca Val (Dept) Coloin 790'53 A 0
Agri° Bank (GermallY)
Central
Farm Loan s I 7s Sent 15 1950 M S
.1
Farm Loans f 62_July 15 1960
Farm Loan a f 6a_Oct 16 1960 A 0
Farm Loan 6s ser A_Apr 16'38 A 0
Chile (Republic of)
-year external. f 732.-1942 Ng N
20
External slaking fund 64-1960 A 0
1961 F A
External s t 65
1961 1 .1
Ry ref extl a f 6s
1961 M 4
EMI sinking fund 6,
Chile Mtge Bk 6945 June 30 1957 J D
El 1 694s of 1926-_June 30 1961 J 13
Apr 30 1961 A 0
Guars:6a
_1951 J D
Chinese(Huktiang Ry)
56.Christiania (Oslo) 30-yr s 16s'54 M 4
Cologne(CIty)Germany 6901950 M B
1981 J J
Colombia (Republic)6,
External a f 0.01 1928.-1961 A 0
Colombia M tg Bank 01 6341.1947 A 0
Slaking fund 7.of 1926_1946 MN
Sinking fund 72 of 1937-1947 F A
19521 D
Copenhagen (City)54
1953 MN
25-yr g 4925
Cordoba (City) esti a f 75_1957 F A
External a 1 75 Nov 15 1937 M N
Cordoba (Prey) Argentina 7.19421 J
Costa Rica (Repub)ext1 71_1951 MN
4
Cuba (Repub) Ss of 1904_1944
External 650!1914 set A..1949 F A
loaa 492.ser C 11119 F A
External
rankles, pled AWL-Jae 15 1953 J 1
On tie bails of 85 So Ms IsissVas
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Apr. 5.
Price
Friday
Apr. 5.
Week's
Rang, or
Last Sale.
Range
Etna
Jan,1.
844
HMS
Ask Loss
Mob No. Low
NW
Cundinamarca (Dept) Columbia_
1959 M N 82% Sale 82%
Extl a 6925
8412 38
82 891
97131 991133
4
34 199 111
91051n 9911,3 Czechoslovakia(Rep of)8s 1951 A 0 10912 Bale 109% 110
1952 A 0 10914 1097 109
Sinking fund 8s ear B
44 108 111
110
98" 100113
s
9911329911u Danish Cons Municip 86 A 1948 F A 109 10912 10912 10912 16 10872 111
1946 F A 109 110 10852 10934 30 10712 11914
Series B s 88
-year extl 6s___1942 J J 10312 Sale 103% 1037s 55 102 10478
981%210011n Denmark 20
7
1955 F A 100 Bale 995, 10014 57
Exti g 5948
98 2 10134
105 111"31
Exti g 492e
Apr. 15 1962 A 0 87% Sale 8614
8612 90
87% 127
101%1106113i
9634 Sale 96
99
96
9634 56
9811,1103nm Deutsche Bk Am part ctf 88 1932 M
9
97
9514 99
951n 981733 Dominican Rep Coat Ad 5145'42 SI S 9512 97 9612
1940 A 0 ____ 94 9312
9312 9812
4
let ser 53433 01 1926
94
95%2 98wn
9012 9734
2d series sink fund 5945_1940 A 0 94% 947 94 Mar'29
Dresden (City) external 76_1945 38 N 100 10012 100
6 100 101%
10012
Dutch East Indies extl 65 19471 J 102 Sale 102
102
16 102 10314
1962 M 8 10134 Sale 10134 10212 37 10134 104
-year external 633
40
8812 8812
____ ____ 8812 Jan'29 ____
1953 M
101 10212 101
-year external 514s
30
101
7 10034 1037s
8812 8811
--------8811 Jan'29 ____
195338 N 101
-- 101
101
41 101 10312
-year external 534e
30
9934 Mar'28
110
3 110 111
- El Salvador (Repub) 80-1948 J J 10912 fib 110
_ ___ 9912 June'28
--__
1967 J J 8614 8612 8612
8612
2
8632 8612
9
-iis 1- Estonia (Rep of) 7s
99 95 Feb'29 _
-94 Sale 94
95
92
20
9722
- --, ._. Finland (Republic) extl 61-1945 M
____ ____ 10452 Nov'28%
997s 30
1950 M S 9978 Sale 98
External sink fund 7s
9712 101
-14
4
--------10234 Mar'29 ___. 1021 102
1
1956 M S 95 ---- 9512
7
9612
94 99%
External a f 6325
9712 97
9712 Jan'29 _
1958 F A 88 Sale 8714
88
19
92
85
Ext1 sink fund 5348
9712 98
99 98 Jan'29 _
995 100% Finnish Mun Loan 6925 A-1954 A 0 9512 Sale 95
96
95 99%
17
____ 1021 10012 Mar'29 ____
96
9834
External 6Ms series B.---1954 A 0 9512 9612 96 Mar'29
99 99
-------- 9_
3
99
57 10932 118
111
19411 D 11034 Sale 110
-- French Republic ext 134s
,-,
--------10134 Nov'28 ---1949 J D 10634 Sale 105% 107% 144 10512 10844
External 7s of 1924
814
9
9814 Mar'29 ---- - 9814 -173 10514 108
- Garman Republic ext'l 7s-1949 A 0 106 Sale 10514 106
107 10812 June'28 ---6
9914 10311
1954 M N 100 Sale 9914 10034
5
i ii4 Iliii arm (Municipality) 85
0212 Mar'29 _
iiiii2
102 11012 107 June'28 ---- -,,- - GIL Brit & Irel(UK of) 5345_1937 F A 1033* Sale 10314 1031± 100 103 10432
9912 11312
10
1929 F A 99 100 9934 100
10
-year cony 592s
Feb'29 ____ 10312 104%
10134 ____ 0418
3 5823* 873*
8414
4% fund loan £ op 1960_1990 M N 584% Sale c84I5
5 596 100
9612
5% War Loan .Copt 1929.19471 D 50612 Sale cOol2
____ ____ 9912 Aug'28 --- -- _...---- ---- 9934 Dec'28 ___ ...... .... Greater Prague (City) 790_1952 MN 105 10634 105 Mar'29 ____ 104 1074
9514 99
32
98
2
9712
--------10312 June'28 _-__ .... ...- Greek Governments I sec 731_1964 M N 977 Sale 82
84
49
82 872
1968 F A 8214 Sale
4
Sinking fund sec 68
98 101
16
988
1952 A 0 98 Sale 98
Haiti (Republic) a f (is
93 9644
16
95
1946 A 0 94% 9512 93
Hamburg (State) 68
1 101 104%
101
9012 Heidelberg(Germany)ext 734.60 J .1 102 104 101
84
1
84
84 87 84
94 100
28
96
Hungarian Munk!Loan 7925 19451 J 9412 Sale 94
3
8412 90
85
8514 87 8412
8632 94
9
88
4
External a f 733____Sept 1 1948 .9 „I 8612 873 8632
9
87
85% 8912
86
8612 8512
4
96 931
8
9612
Hungarian Land M Iru3t 7925 '61 M N 9412 9512 96
9114 96%
9314 16
93 Sale 9134
9912 10112
4 39
1003
92
8
91
92 Sale 9112
947 Hungary (K1ngd of) s f 7955_1944 F A 10012 Bale 100
4 34
14
953
9514 97
9112 9572 Irish Free State extla 5 f 58_ _1960 M N 9532 96 951
4
93
9112
9112 92
9412 975g
952 123
91
9112 13
95% Italy (Kingdom of) ext 17s 1951 J D 9512 Sale 95
91 Sale 91
94 9612
2
4
95 Sale 9434
943
95 Italian Cred Consortium 7s A1937
88
4 18
_...,_ 8912 88
893
9312 95
1047M B 94 Sale 9334
9414 18
'Exti sec f 72 ser B
94
2 89
89
89 Sale 89
024 62
9012 954
3 8812 93 Italian Public Utility ext 78.1952 J .1 9112 Sale 9014
89
87 8912 89
9214 13
90 94
1931 J .1 9218 Sale 9112
9814 100% Japanese Govt E loan 4s
52
991
9914 Sale 983
9934 10214
107
1954 F A 10078 Sale 0032 101
30-year s f 695s
8 98 100
9912
12
9914 127
98 10112 Leipzig (Germany) a f 72_1947 F A 99 Sale 99
99 Sale 984
991 117
3 9214 9914
9334
981s 1003 Lower Austria (Prov) 7945_1950 .1 D 9334 Sale 9334
4
9914 Sale 6814
4 66
993
-year 65_1934 MN 9938 Sale 9812
9814 101
Lyons (City of) 15
100
9812 101
98
9914 Sale 99
9812 101
9912 59
8
82
99
9812 100 4 Marselles (City of) 15-yr 68_1934 MN 99% Sale 9834
a
987 Sale 987
2
4
D 83
9412 1003 Medellin (Colombia) 6925_1954
8414 8312
8312 15
9914 38
8312 39 4
8
99 Sale 9812
28 22 Mar'29
20
2112 25
98% 1003 Mexican Irrigat Asstnit 490-1943
9914 152
99% Sale 98%
4
4934 Jan'28
9914 52
99 Sale 98
2
98 1007 Mexico(U 5) extl 53 of 1899 '45 Q J
1945
r4
-5134 85
Assenting 55 of 1899
98 10034
9912 69
9912 Sale 98
-- -- -- 2814 Mar'29
283 Bale 283
34
28
4
4
281 ____
Assenting 58 large
9434 9714
91
98
9534 Sale 9452
1612 2244
18
4
1612 19
18
Assenting 4s 01 1004
11
91
89% 924
89%
8914 91
1912 10
7
17 2 231
Assenting 43 of 1910 large__ ____ 1912 Sale 1912
4
9412 72
92% 97
94 Sale 9352
17
Assenting 4a 01 1910 small........ 17 Sale 16
9234 9612
9434 77
9434 Sale 93
29 Mar'29 -_7
316
29 2213
Treas Os of'13 assent(large)'33
7
3 12
176
87
8412 8814
86 Sale 86
30 Mar'29 ____
30
Small
52
35
1027
29 10114 10312
10214 Bale 102
8814 53
Milan (City, Italy) ext'l 6925'52 A 0 8814 Sale 8712
8734 905,
9412 94% 9312
93% 9612 Minas Games(State) Brazil4
9312
93
1958 M S 9234 Sale 9212
16
9212 91512
Extl s 69•231
81 11212 1155,
114 Sale 11334 1143
1 101 1004
102
Montevideo (City of) Is....1952 J D 10272 103 02
4
1083 Bale 10812 10912 46 108 110
4 10334 233 10212 107
10312 Sale 1023
10312 14 103 108
10314 Sale 03
9714 10072 Netherlands 68 (flat pricee)..1972 M
99 Sale 9734
9912 99
9932 10941
4
5 100
995
1954 A 0
-year external Os
30
4 1078 47 10634 109
107% Sale 1063
923
9012 95
92
4 24
1047a Sale 104% 10518 69 10412 10612 New So Wales (State) ext 541957 F A 923
923
9012 9484
4 22
Apr 1958A 0 9212 Sale 91%
External 5 f 63
11112 111
11112
8 1093 11212
111
10114 53 100 10334
-year extl 65-1943 F A 100% Bale 00
Norway 20
9812 101
9912 Sale 9812 10012 14
1944 F A 100 2 Sale Go% 10078 31 100 10314
5
973 98 96%
-year external 68
15
20
98
95 99
4 43 100 1037,
1952 A 0 10152 Sale 0014 1013
-year external 6a
30
89 Sale 881
8934 31
2
8872 92
9874 10144
4 70
991
19651 D 99% Salo 99%
40-year ,f 5925
19 10112 104
102 Sale 101% 103
9434 30
94 Sale 9372
9312 9744
Externals f Ss_ _ __Mar 15 1963 M
10012 Sale 10014 10034 36 100 a 104
9012 31
89
95
D 8952 Sale 8912
Municipal Bank extl s f fm_1967
88
90
8712 95
8912 89
17
_ 86 8778 Mar'29 _ _
877s 901
1
Nuremberg (City) extl 65_1952 F A
8714 Sale 87
8818 24
92
87
9944 1023*
18
a I 65_1955 M N i0012 Sale 0012 101
Oslo (City) 30-year
9914 29
9914 Sale 9834
9814 101
98 10114
1946 F A
5
4
983
4
983 9834
Sinking fund 5925
10614 Sale 106
1065, 49 10534 109
1953 J D 9914 100 00 Mar'29 - 100 10211
AA Sale 92
9314 110
91
9612 Panama (Rep) extl 5925
0112 Jan'29 --- 10114 10112
19611 D
6925
Extl see
9314 136
9312 Sale 92
92
9652
93
30
9212 9414
Ertl a I 55 ser A_May 15 1963 MN 9212 Sale 9212
967
45
9614 Sale 9552
9534 102
92
92 Sale 92
3
95
91
Pernambuco (State of) ext 7. '47 M
_
102 . __ 10712 Mar'29 -- 105 1075
99% 10212 Peru (Republic of)
100 Sale 9934 10012 37
0714 Jan'29 ____ 107 10712
Exti f sec 734,(of 1926)_1956 M
4
903
93
90
8
90 Bale 90
1959 MS IF)ii4 "Ye 0114 1014 21 100 103
Exti, f sec 75
6038 20
90
8912 90% 90
8
917
1960J D 86 Sale 8514
8612 51
85
9012
Nat Loan esti s f as
8012 53
4
79
7934 Sale 793
8312
4
8612 64
1961 A 0 863 Bale 8514
85
81462
2
901
99% 102%
99% 10014 15
9012 Sale
81
19
831s
79
9712
3 97 100 Poland (Rep of) gold 6s....1940 A 0 80 Bale 79
____ 97 97
8412 73 83 884
gall 100%
4
Stabilization loan s I 76_1947 A 0 83% Sale 8312
4
99%
964 98% 984
19501 J 98 Bale 354
9514 99
9614 77
9212 38
Exti sink fund 8s
4
92 Sale 9112
9112 9334
8412 go
6 10414 10434
2
1
Porto Alegre (City of) 8a...1961 J D 10434 105 0434 1047
8412
80 85 8412
9972 00
36% 9714
100
2 100 10234
Ext.! guar sink td 7923L...1966 I J
8714 26
Sale 8634
874
28 10812 113
Queensland (State) extl f 7s 1941 A 0 109 Sale 0834 112
1947 F A 104 1047 02
36 102 1047
103
2
25
s
9712 18
9414 101
-year external 6e
9414 Sale 9414
10512 15 105 108
9912 10152 Rio G panda do Sul extl a f 8a_1946 A 0 19535 Sale 05
9034 Sale 0934 10014 51
8714 34
93
86
19681 D 87 Sale 8612
Exti t 6a temp
99% 1005e
9952 Sale 9914 10014 113
98
95 99%
1968 M N 97 Sale 9614
32
4 103
85 10144 105 4
Exti I 7s of 1928
103 Sale 1013
3
973
10512 11 105 106%
995, Rio da Janeiro 26-yr s I 8s._ _1946 A 0 105 Sale 05
97
37
97 Bale 97
94
92 904
1953 F A 94 Sale 9212
44
Ext.' if 6345
3 10414 10712
10614 Sale 106
10614
1952 A 0 897 Sale 8834
2
9134
88
67
90
9714 102 Roma (City) extl 6345
2
0812
9814 100 9714
1 10312 10434
Rotterdam (City) ext1 64_1964 M N 10212 10414 0414 10414
19531 J 8712 91 87
5
87
87 9134
99
20
4
9512 99 Saarbruecken (City)64
99 Sale 963
9 112 116
113
85
20
83
4
833 Sale 838
5
881 Sao Paulo(City)s f8s_Mar 1952 MN 112 Sale 12
1957 MN 93
95 9412
95
4
93 9334
83 88
Exti s f 6928 of 1927
8412 80
835 Sale 8312
8 105 108
67
90
8814
8612 9014 San Paulo(State) esti If 80_1936 1 J 10514 Sale 0514 106
8834 Sale
1950 1 J 10514 Sale 05
10514
9 105 1071s
External sees 18.
9973 102
External 5 f 75 Water L'n_1956 M S 10012 Sale 997
10114 22
47 100 103
10052 Sale 10012 101
1908J
88% Sale 8814
4
871s 931
Extl f 68 $ int rots
89% 19
9234 66
902 94
2
925 Sale 9152
95 98
15
9555 Sale 95
97
4 62
923
9112 94% Santa Fe (Prov Arg Rev) 75 1942 M
9214 Sale 9134
J D 97% Sale 97%
3 9012 10015
9714
39
93
4
915s 94 Saxon State Mtg lust
Sale 913
0255
96
92
6
92
9312 02
Deo 1946 J D 92
524692a
9112 94
85
93
4
93 Sale 913
4 51 10212 10812
98% 65
95% 9914 Seine, Dept of(France)esti 75'42 J J 10272 Sale 0212 1031
97 Sale 97
96
89
9112 24
Serbs. Croats & Slovenes 8a '62 M N 90 Sale 90
98
23
97 1007
s
98 Sale 9714
8115
77
4 57
793
11162 M N 7934 Sale 785,
Exti aec 733 aer B
91
46
89 94
907 Salo 8952
79% 847
7912
6
84'i
81
38
8
35
Sale 37
a
443 Bileelan Landowners Assn 61.1947 F A 79
3712
975s Ms
38
99
9912
1
9912 10112 Soissom (City of) extl 6a-1936 MN 98 Sale 971%
--__ 9912 9912
4
9044 931
s
935* 14
1946 F A 93 Sale 920
Styria (Prov) a:0 7s
971 Sweden 20
-year 6s
1939.3 D 10312 Sale 10212 10312 20 10134 10434
11
95
92
94% 95 92
38 10034 105
4 103
1954 MN 10212 Sale 1003
External loan 594s
36
88
4
8412 91
89% Sale 863
Swiss Confecien 20-yr a 8a--1940 1 J 10912 Sale 1081s 10912 19 108% 11044
8414 91
58
88
87% Sale 86%
7
14
81
8034 8812 Switzerland Govt ext 5145_1948 A 0 10112 Sale 10112 10212 44 1005, 103 a
81 Sale 8052
77
75
781
4
a 41
907
88
9314 Tokyo City 55 loan of 1912_1952 121 S 7512 Sale 7515
90 Sale 8814
86
8714 56
9034
1961 A 0 86 Sale 88
Extl f 5945 guar
40
93
8812 9514
8912 Sale 8912
89
1
89
89
92
MN
941
15
94
97 Tolima(Dept of) extl
9412 Sale 94
93
93 Mar'29 ___
9834
8732 26
2
86% 891s Trondhlem (City) lin 5921_1957M N
8612 88 863
973
91114 9812
8
4
97 9732
94
9
941
98 Upper Austria (Prov) 79____1945 J D
94 Sale 94
857 8734
2
873 912
External s 692s_Juna 15 1967 J D 8744 Sale 87
3
95
94
2
947
9414 9512 9414
9512 10034 Uruguay (Republic) extl 85_1946 F A 10814 109 10812 1093 if 40 108 MN
6
97
9634 98 96
9712 100
4
4
9212 935
1960 M N 983 Sale 9812 100 235
External a f (Se
9412 10
9412 Sale 92%
90
2 13
913
94 1
100
7 100 10212 Venetian Prov Mtg Bank 75_1952 A 0 9114 Sale 9114
Sale 100
100
86
39
8512 9012
N 86 Sale 851
101_ 101 Mar'29 ____ 101 102% Vienna (City of) situ I 66 1952 121
15
83 82
83
80
4
851
9412 97% Warsaw (city) external 74_1968 F A 82
94 Iii 9412 Mar'29 _-_9278 24
2
92
923 Bale 92
Yakahanui,(014,1 NEU 66... _1961 J
943*
10112 123 100 104
100 Sale 100
Ask Low
Rid
mint.
IROA No.
U. S. GI
First Liberty Lean
J D 971/n Sale 97132 97118 217
312% of 1932-1947
J D _ _ __ __ __ 99"41Jan'29 ___.
Cony 4% .1 1932-47
J D 991,, Sale 981731 99113, 142
Cony 492% of 1932-47
J D 981133 99133 991431Mar29 --24 cony 492% of 1932-47
Fourth Liberty Loan
A 0 99113, Sale 98113, 991531 1014
41(% of 1933-1938
1947-1952 A 0106",,Sale 106131 1061531 63
TreasurY 49111
1944-19541 0 102113, Sale 102131 1021133 179
Treasury 45
1946-1956 M 5 9911,3 Sale 991033 991531 65
Treasury 3925
1943-1947 J D 96"31961132 96131 96143, 12
Treasury 392e
Treasury 3925 June 15 1940-1943 J D 9611329611n 96133 96in 10
NYC 394% Corp st_Nov 1954 MN
334% Corporate at_May 1954 M N
1938 MN
lis registered
1956 MN
43 registered
1957 MN
4% corporate stock
4)4 corporate stock--1957 M N
.
492% corporate Mock _1957 MN
1958 M N
4% corporate stock
1959 MN
4% corporate stook
1960 M 8
4928 corporate stock
1964 M 8
4925 corporate stock
1966 A 0
492s corporate stock
1972 A 0
422s corporate stock
1971J 0
corporate stock
492s
1963
4925 corporate stock
19651 D
49231 corporate stock
490 corporate atock_July 19671 J
Range
Since
Jan. 1.
Low
gfe"
a CIO NM&
New York Bond Record—Contihdea—Page 2
BONDS
N. Y STOCK EXCHANGE
Week Ended Apr. 5.
n
Price
Friday
Apr, 5.
Week's
Range or
Last Sale
4,53
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Apr, 5,
2243
Price
Friday
Apr, 5.
Week's
Range or
Last Sale.
.2 2
Range
Sinc.a
Jan.1.
HUI
Ask Low
High No. Low
High Chic Mew & St P (Concluded)—
Bid
Ask Low
High No, Low
Railroad
Hegi
Gen 470 series C__ _May 19895 J 9312 Sale 9212
Ala Gt Sou 1st cons A 58___1943 Jo 10112 104 10312 NIar'29
9312 13
92% 96AI
102% 10313
Registered
100 May'28
let cons 4s ser U
1943 J D 93,2 94
93 Nlar'29
93
94
Gen 49933series E.__.May 1989 .1 J 9212 Sale 92
95
Alb & Susu lot guar 354s.,_.1948 AO 83
8
917g 98
90
8612
8612
85
11612
Debentures 41,
1925 J D
_
817 Feb'28
Alleg & West let g gu 4s_ __ _1998 AO
8
9212 Mar'29
90
9212 Chic Milw St P & Pac 55.._ _1975 F A
95i2 Sale 9012
917 293 -6151 94
Alleg al gen guar g 4a
1942M s 8812 93
4
95 Mar'29
925 95
8
Cony adj Ea
Jan 1 2000 A 0 7314 Sale 7318
Ann Arbor let g 4a_ __July 1095 QJ 6812 7412 72 Nlar'29
74
898
SO
72
78
Chic & N'west gen g 399s. _ _1987 MN 7114 78
7734 Mar'29
Atch Top & S Fe—Gen g 4,8_1995 AO 9112 Sale 907
76
801s
91% 101
8
9014 93 4
3
Registered
7712 Oct'28
@ F
Registered
__
AO
8812 Jan'29
8914 907
8
General 4s
1987 M N 8512 Sale 8552
Adjustment gold 4s_ _July 1995 Nov 85 Sale 85
86
8512 Ws;
20
86
84 8 87%
5
11
RegIsteree
Q F
94
Apr'28
Registered
_ 8812 Jan'28
Nov
_
Stpd Is non-o Neta ia tax '87 M N 8512
_ 9718 Mar'29
Stamped
8715 168;
July 1995
N 84% Sale 83%
85
3E8 ii8
60
7Gen 434s stpd Fed Inc tax.1887 NI N 96 107 10812 Oct'28
Registered
MN
Oct'28
89
Gen 5s stpd Fed Inc tax. _1987 NI N 10618 108 10512 10512
Cony gold 48 of 1909
2 105 fois;
1955 J O 8818
89 Mar'29
-lira 16Registered
NI N
_ 113 May'28
Cony 45 of 1905
_
1955 J D 8714 88
873
8
87% io
91
87
Sinking fund 65
1879-1929 A 0 100 ____ 100
100
Cony g 413 issue of 1910.. _ _1960 J D 8318 87
1
90 Mar'29
8514 90
Registered
A 0
_ 10014 Oct'28
Cony deb 4998
1948
113 Sale 111
11334 857 10812 119
Sinking fund 5s
1879-1929 A 0 95
99% 987 Mar'29
8
Rocky Mtn Div 1st 4s_ 1965
.▪ 1 _93 9158 Feb'29
orN 92
Registered
A 0
99 Mar'29 _ _ _
Trans-Con Short L 1st 4s_1953• J §85 oo
'8
88 Mar'29
8712 93
SInking fund deb 58
1933 M N 99 10012 997
8 100
7
Cal-Ado lot & ref 4995 A.1962 MS 97% Sale 967
997 10134
2
9712 18
8
9512 98 4
,
Registered
M N
1003 Jan'29 _ _ _ 100 4100's
4
All Knoxy & Nor 1st g is. _1946 J
1
994 10314 10314 Jan'29
10314 10314
10-year secured g 75
1930 J D 101 Sale 100 4 101% 27 100% 103
3
All & Char! AL let 45e A.1944 ..f
9214 95 Mar'29
95
96
15
-year secure(' g 699s_ _ _ _1936 M
107% Sale 10712 1073
let 30
4 27 10712 1111
-year 58 series B _ _ _1944 J J
4
17- 102 Mar'29
2
101 104
1st ref g 58
May 2037 J D 10218 103 10218 10212 12 10112
Atlantic City lot cons 95_ ._1951 J J
105%
8912 8718 Oct'28
lst & ref 494s
May 2037 J D 9434 Sale 943
4
95
At!Coast Llne 1st cons 4s July 52 M
13
94
973
8
,
9112 -36 -86i4 - 91 2 Sale 913
9i- Chic R 1 & P ItallwaY gen 481988 J J 8.512 Sale 8518 8512 24 8512 89 4
Registered
MS
9014 Jan'29
9014 9014
Registered
J J
General unified 4998
1964 J D 9612 Sale 9412
961, -- 39
94
9Th
Refunding gold 45
1934 A 0 9234 Sale 88 2 Dec3 2 -19- -iZT2 - 192114
9 218 - -7
.
L & N coll gold 4s_ _ _ _Oct 1952 MN 87 Sale 87
6
89
91
87
13
Registered
A 0
923 Jan'29
All & Day let g 49
1948 .9 _1 70% 7218 70
923 112%
4
70
75
70
1
Secured 4 As series A
1952 M S 89 Sale 89
90
2d 45
29
1948 J J
86
9511
6412 Mar'29
6412 6712 Ch St L & N 0 Mem Div 4s_1951 J D 893 88
4
843 Mar'29 _
4
& Yad let guar 431
845 88
1949 AO
8
833 81 Mar'29
8
81
81
Gold 58
June 15 19515 D 10318 ____ 10312 Feb'29
Austin& NW let gu g 533_1941 J J
10312 105
1025 10314
8
100 10314
10314
Registered
.1 D
107 Apr'28
Gold 399e
June 15 1951 J D 834 ____ 8412 Jan'27 _ _
Bait & Ohio 1st g 4s____July 1948 AO 9114 Sale 9018
9112 72
93
90
Iteglatered
J D
80 Mar'29 _ _ -797 -i61-2
Registered
July 1943 @ J
8912 Feb'29
8912 91, Ch St L & P 1st cons g 5s _ _ _ _1932 A 0 90
4
9912 Mar'29
20
-year cony 4995
1933 MS 97 Sale 982
4
97%
0
% 4 , _ 9912 ma
1
4
Registered
MS
_ 98 June'28 137 96% 99 ChicRegistered0cons 65_ _ _ _1930 A D 98 DO's 1915 Jun;'28 _ _ _5
St P NI &
J
Refund & gen 58 series A_ _1995 J O 1018 gale 101
-6OR2 16f101% 64 -5514
Cons 69 reduced to 3999_1930
963
4- ___ 9612 Jan'29 _ _ _ _
Registered
9614 97
J D
4
993 Dec'28
Debenture 5.5
1930M 9 9712 98
9712
97's
1st gold 5s
2
July 1948 A 0 10214 Sale 1024 104
9712 101
96 10214 10412
Stamped
M 9 975 9918 9814 Mar'29
8
Ref & gen is series C
1995 J D 109 Sale 108
Ms 991s
10912 49 107% 110
Chic T II & So East 1st 58_ _ _1960 J D 9312 Sale 924
PLE&W Va Sys ref 4s_ _1941 m N 9014 Sale 9014
931
31
91 10012
91% 37
9014 94
Inc gu 5.9
Dec 1 1960 NI 5 85
8612 85
Southw Div let 58
85
1950 J
2
100 4 Sale 10012 1013
3
9215
85
4 53
99% 10312 Chic Un Sta'n 1st gu 499s A_I963 J J 9714 98
9754
Tol & Cm Dly let ref 41, A_ 1959 J
9794
1
97 100%
8012 8112 81
82
8018 8514
28
1st 5s series 13
19635 J
1025 102% 102%
Ref & gen 5s series D_ _20001M
I 102 10412
1004 Sale 100
1013
4 37 100 102
Guaranteed g 5s
1944 J D 101 10212 101
Bangor & Aroostook 1st 55_ _1943 J J 10018 Sale 100
101°4 11 100 10212
10018
5 100 105
let guar 634o series C
1963 J J 114% 116 11418 11412
1931
Con ref 95
8 112 1163
____ 82
8318
2
8314
8318 8614 Chic & West Ind gen Os Dec 1932 0 Id
6
Battle Crk & Stur 1st gu 38_ _1989 J D 5612
10114 Feb'29 _
85
6
10114 101%
- 6812 Feb'28
Consol 50-year 45
1952 J .1 8528 88
Beech Creek let gu g 48- -1936
___
25
8412 8914
9412 Mar'29
9412 94's
let ref 534s series A
1962 M 5 102 Sale 101
Registered
102
56 101 105
95 Aug'28
Choc Okla 9, Gulf cons So.._1952 M N 100
1936• J 9312
2d guar g 5.5
101 Feb'29
J
100% 10112
97 June'28
CM II & D 2d gold 4%5
19371 J 92 Beech Crk Eat let g 390-1951 AO 7714 ---- 80 Mar'29
95
9412 Mar'29
_
9412 94%
80
80
C 1 St L A C 1st g 4s_Aug 2 1936Q F 93
Belvidere Del cons gu 3998_1943 J
96
9412 Feb'29 _ _ -0412 96 4
,
Registered
Aug 2 1936 Q F
Big Sandy 1st 4s guar
1944• D —
Oct'28
91
i6- 91 s Mar'29
81 9
-86- - 14 CM Lob 9, Nor 1st con gu 4s 1942 51 N SS
Bo119 la Ity lot 55
1927 JJ
_ - 81 Mar'29
81
88
Boston & Maine let 55 A C _ _1967 NI
g;1-e- F2T4
- 9234 --01 -9113 99 Clearfield NI Nlah 1st gu 5s_ _1943 J J 9812 ___ 100 July'28
Boston N Y Air Line let 45 1955• A 78
787 76 Mar'29
8
8112 Cleve Cin Ch & St L gen 9.s_ _1903 ▪ D 883 76
8 8812 883
Brun* A West let gu g 4s-1938
884
93
94% 93
-88- 01
93
9512
20
-year deb 49.98
1931 J J 973 99
4
Buff Koch & Pitts gen g 55..1937 M S_ 1013 10012 Mar'29 -_-_-_-_
98
983
4
973 99%
12
4
Dec'28
General 55 series B
1993 J D 10312
Consul 434s
Jan'29
1957 MN 91
112
112 112
91% 9178
92
9012 92,8
Ref & !rapt 613 series A.
..1929 5, 9912 Sale 9913 100
Burl(3K & Nor 1st & coil 55 1934 A 0 100 10012 100 Mar'29 13
71
9512 10172
100 102
Ref & Rapt es ser C
1941 J J 1027
_
1027
8 1027
8
10272 105
Ref & Inapt 55 ser D
1963 J J 9814 99% 9814
Canada Sou cons gu So A _ _1962 A 0 10312 10414
8101
9814 1033
2
4
1 10338 1063
Cairo Div 1st gold 45 _ _ _ _1939• J 9214 9412 9312 Feb'29
Canadian Nat 4348_Sept 15 1954 NI 5 93 Sale 0412 10412
9312 9312
93
963
93
93% 21
4
Cm W & M Div 1st g 98_ _1991 S i 80 Sale 80
5
-year gold 434s. Feb 15 1930 F A 983 Sale
80
4
92
80
973
634
973 9934
4
943
838 50
4 10
St Div 1st coll tr g g 4a_ _1990 MN
30
-year gold 4995
9112 8758 Mar'29
1957 J J 9358 Sale
8.5% 8812
9312 96
Spr A Col Div lot g 4.5_ _ _1940 M S 9112 95 92% Mar'29
Canadian North deb s f 7,3_1940 J D 10812 10912
021s 921a
110
4 10818 113
W WVal Div lat g Is
1940 J J 25
1946 J .1 114 Sale 110
Oct'28
90
-years I deb 6995
114
114 11612
1143
4
7
Ref & Inapt 434s ser E___ _1977 .7
5. i2 1
95
10-yr gold 4SO_ _ _ _Feb 15 1935 FA 98 Sale
947
8
947 98
95% IS
9514 99
98
CCC&Igenconsges
15
1934 .1 .7 9912 10512 103
Canadian Pac Ry 4% deb stock. J J 84% Sale 954
103
103 10411
8334
8318 86
85
56
Clev Lor & W con 1st g 55_._1933 AO 100 101
Col tr 499e
99 Mar'29
1946 M S 9814 Sale 9714
99 10112
96
984 16
99
Cleve & Nfahon Val g bs_ _ _ _1938 J J 961
___ 100 Oct'28
Carb & Shaw let gold 413._ _ _1932
9818 Nov'28
Cl & Mar let gu g 434s.._.1935 MN 9618 9712 9614 Mar'29 -_-_-_-_
8Caro Cent 1st cons g 4s
7414 80
1949
96
7014
9684
7914
81;8
-7514 - 1- Cleve & 13 gen gu 434s ser B_1942 AO 97 101 10034 Nlar'28
Caro Clinch & 01st 30-yr 59.1938 J D 100 1018 100
10012 13 100 10112
Series A 434s
1942 is 97 100
97
1st & con g Baser A_ Dec 1552 J D 1073 108
97
2
97
98's
10734 1074
Series C 334s..
1 107 109
1948 St N 97 ____ 91
Oct'28
Cart & Ad lst gu g 48
198 J 0 84
87% Feb'29
87% 873
4
Series D 3995
1950 F A
___ 893 Jan'29
Cent Branch U P let g 4a_1948 J D
4
_ 8512 85 Mar'29
-89i4
8412 85
Cleve Shor Line let gu 4;0_1961 AO 979512 9712 96
Central of Ga 1st gs_Noy 1945 13 A 101
96
99%
105 Dec'28
103_ Cleve Union Term let 5 Ma _ _1972 AO 10638 Sale 106 Mar'29 4 10512 109
1063
8
Consol gold be
1945 SI N 95 10218 100% Mar'29
IOW
Registered
AO
Oct'28
107
Registered
MN
100 Jan'29
100 100
lots f isserll
1973 AO 15112 16412 104
10
-year secured 6s_ _June 1929• D 99% 993
1094
101'i l051
4
9914 10018
last guar 49isserC
18
1977 A0 95
9812 98 Mar'29
Ref & gen 5145 series 13.._1959 AO 102 104 10
98 101
02
94 10 %
92
9
3 102 10512
Ref & gen bs series C
1959 AO 99 101 100 Feb'29
16012 10112 Coal River fly lst gu 4a
1945 J D 83
90
90% Mar'29
Chatt Div our moneys 4s.1951 J D 83
85
90%
8
857 9312 June'29
87
87
Colorado & South let g 4s__ _1929 P A
997 Jan'29
8
Mac & Nor Div let g 5s_ _ _1946 J J
9912 gra
102 101
Jan'29
101 101
Refunding & eaten 4;95_1935 MN 961 - 8 9632
967
Mid Ga & AtIdly our m 55 1947 ii 99 103
96%
8
9512 97
12
10312 Apr'28
16i_ Col & II V lat ext g 45
1948 A0 87
____ 8912 Mar'29
Mobile Div lot g58
1946 J
8912 91
100 Sale
7
Col & Tol 1st eat 4.s
11 -5538
1955 FA 91_ 9112 Mar'29 -_-_-_-_
Cent New Eng let gu 4s._ _1961 J J 80 Sale 9958 100
9112 9112
80
80
84
SO
Conn & Possum Riv let 4a_ _1943 AO 88 1
89
Central Ohtoreorg let 4998 _ _1930 NI S ____ 0712
90 Mar'29
90
90
97
9914 Consol fly deb 4s
97
1
1930 P A
Cent ItR &13kg of Ga coil bs 1937 MN 95 100 97
___ 9412 Mar'29
9412 9412
95
Non-cony 4s
99 4
,
1959 J J 9412Central of N J gen gold 55.._1987 ii 10818 Sale 95 Mar'29
72
73 Mar'29
71
75
10818 10818
1075 11118
8
Non-cony deb 45_ _J&J 1955 J J -___ 72
Registered
70 Mar'29
1987 Q J
72
69
107 Mar'29
107 1095
8
Non-cony deb 45.. _ _A&O 1955 AO
General 48
76 Nov'28
1987 J J 88 i63 89 Feb'29
4
89
89
Non-cony debenture 48_ _1956 ii Cent Pac let ref gu g 48
8S% 73 Jan'29
1949 F A _904 90% 9018
9012 33
9018 9112 Cuba Nor Ry 1st 590
1942 ID
Registered
lig Bale 81
82
FA
25
81
9314
88 Sept'28 _ _
_ Cuba RR let 50-year 5s g _ _1952
Mtge guar gold 3jis_Aug1929 J D 6590 Sale 89
901s
7
96
89
99
09
99
99
let ref 7995 series A
Through Short L 1st gu 48_1954 AO 9014 91
1930 J D 10112 Sale 101
10112,
8 100% 106
9014
9014
1
90% 9134
1st lien & ref 63 ser B .... _1936 J D 95
Guaranteed g fai
954 9012 Mar'29
1960 F A 10014 Bale 993
93 2 98
,
4 10014 69
99% 103
Day & Mich 1st cons 499s__1931 J
Charleston & Sayn'h 1st 7s_ _1936 J J 11114 11312
___ 9714 Mar'29
9714 97s4
1114 Mar'29
111 14 11314 Del & Hudson lst & ref 4s_ _1943 MN 97Ches& Ohio let con g 58_
9012 9514 8912
1939 MN 103 1043 102
9012
9412
89
4
102
1013 10412
2
30
-year cony 5,
Registered
1935 AO 10014 ____ 100
1939 MN
100
1
97 1041s
- 1024 Dec'28
15
-year 594e
General gold 499s
1937 MN 103 Sale 10112 103
1992 MS 953 Sale 95
20 100 106
4
945 166 4
954 42
- 110
-year secured 75
Registered
1930 J D 10012 1015 1013
MS
i
8 1013
8
5 1004 10314
9214 Mar'29
92% 9518 D RR & Bldge let gu g 4s_.,1936 P A
-year cony 4345
20
1930 FA -ogi4 gale 98%
9614 Aug'28
9894
9812 997 Den & R G lst cons g 4a_ _ _1936 S i -3814 Stile_ 88
8
Ref & impt 4995
1993 AO 9112 Sale 9014
8812 22
1:124
88
9118 221
9018 95
Consolgold 4995
Registered
1936 J J 89
FA
91
93 Mar'29
91
9411
-- 9218 Mar'29
92% 9218 Den & R G West gen 55_Aug 1955• N 93 Sale 91
Craig Valley 1st 5a_May 1 '40 J J 100
9312 203
91
98
- 100 Mar'29
99% 10012
Ref & impt 55 ser B Apr 1978 56 N 8712 Sale 87
Potts Creek Branch 1st 48_1946 J J 8812 86
88
42
87
9374
8812 8812 Des & Ft D lat gu te
R dr A Div 1st con g 48_ _ _1989 J J 86 Sale 8812 Mar'29
25
1935 J J 3014 33
25
25
40
86
86
86
86%
Temporary (Ifs of deposit
2d consol gold 4s
1989 J J
20
27
2712 27%
88
2712 38
86 Mar'29
82 2 SO
7
Des PlaMes Val let gen 4398_1947 MS 92% 99
Warm Springs V 1st g ba _ _1941 M
9258 Feb'29
10034
92% 92%
100 100
Oct & Mac let lien g 45
Cbesap Corp cony baNiay 15 1947 MN 9834 Sale 100 Mar'29
753 76 Feb'29
1995 ID 75
4
78
7614
99
132
98 10012
Gold 48
Chic & Alton RR ref g 3s_ _1949 AO 653 683 9818
7912 75 Feb'29
1995 J O 70
4
8 70 Mar'29
75
75
68
70, Detroit River Tunnel 4 Ms_ _1961 MN
2
Ctf dep etpd Oct 1928 Int
9714
65% 69
9818 97%
971• 10014
97
68 Mar'29 -_-_-__
68
Dui Missabe & Nor gen 53..1941 ii 1023 ____ 103 Mar'29
69
Rallway first lien 3948_---1950 ii 67
4
68
103 10314
6614
67
6614 71
5
Dul & Iron Range let 5s.......1937 A0 10112 ____ 10114 Mar'29
Certificates of deposit
67- _
10014 101%
6712 Mar'29
6712 71
Registered
Chle Burl & Q-111Dly 3343_1949 J J 83
A0
10012 May'28
84 83 Mar'29
83
Dui Sou Shore & Atl g 5a......1937 J J 75 16 74
86
Registered
J J
76
7
_
8512 Dec'28
74
ifli
East Ity NIInn Nor Div 1st 45'48 AO 88
1949J J 91
Illinois Division 48
931 Feb'29
99
02
91
8
9312 94
3
East'F Va & G a Div g 58___1930 .1 .1 98
1958 M S 905 Sale 905
General 4s
9812 9912 Mar'29
8
8912
91
99
99%
50 -89 2 - 3 2
66E13 9i10Cons 1st gold Is
MS
Registered
1956 MN 104% Sale 1043
8 104%
2 10418 105 4
91% Sept'28
3
Elgin Joliet & East let g 5s._1941 MN 102 10514 101 Mar'29
1977 FA ilo% 96
lstJcrefd3'4sseril
95
100 105
97
28 -6iEl Paso & W 1st 5s
1971 FA 10212 Sale 10112
1st & ref 5,5 series A
1965 AO 98 102 100 Mar'29
100 105%
1021 2 68 10118 105
Chicago & East III let 6e_ _ _ _1934 A 0 _
1037 106 Feb'29
8
105 106
Erist c teonso priod 75 ext_ 1930 NI 5 10118 Sale 101
le Iaonlg:olr
4 g
C & Kill Ry (new co) con 55_1951 MN 8l7 Sale 81
10134 12 100 104
8
82
80% 8518
1982 MN 10214 Sale 10214 10214 35
1996 J J 8212 Sale 8012
Chic & Erie 1st gold 58
83
14
8012 857
s
99% 106
Registered
Chicago Great West Is t 48..1959 NI S 67 Sale 665
86
Jan'28
6714 43
665 69%
8
liegnsoirten
Istco ie,gd lien g 4e_ _991 I j 77 Sale 7612
19 J J
Chic Ind & Lout/iv—Ref60_ _1947 J J 10012
7712 46 .7 i8 8015
- 109 Mar'29
7
_ 10314 113%
1996 J J
1947 J J 98 104 108
Refunding gold bs
- -12
108
723 73%
4
1 100 108
Penn coil trust gold 4s_ _ _ _1951 F A ioi- f6r;- 10358 3Nar2
Refunding 4s Series C _ _ _1047 J J
71 '
Mar'29
-. 92
Jan'29
100% 101 12
92
92
50
-year cony 48 series A _ _1953 A 0 7922 81
1966 MN 82-& gen 5s ser A
96
9912 955 Mar'29
781
8212 15
8
7814 8412
95 10314
Series B
1953 A 0 7912 80
let & gen (is ser B___Nlay 1966 J J 10212 10414 103
80
81
2
103
7912 8412
5 103 10812
Gen cony 45 series D
1953 A 0
Chic Intl & Sou 50
-year 48_ _1956 ▪ J ___ 924 943 Feb'29
8412 Dec'28
8
87% 94%
Ref & impt 5s
1967 M N 927 Sale 92
Chic L S & East 1st 499e_ _ _ _1969 ▪ 1)
2
94 Mar'29
9314
94
94
Erie & Jersey lst a f 68_ _ _ _1955 J .1 1_073_4 10778 1062 mar16 175
1sf & St P gen g 4sA_Nlay 1989 J J 83 Sale 8:3
Ch
9
074 l0 22
7
1_ 10812 nal,
89
5
81
86%
Genessee River 1st a f 5e 1957 J J
Registered
80
Q J
80
10612 ill'
7
80
,
80
Erie & Pitts gu g 359e ser 13_1940 .1 .1 8818
7112 73
Gen g 319s sec 11_ _Nlay 1089 ,j
102 Feb'28
72 Mar'29
7112 75
Series C 3998
1940 J J 8818 8818 Jan 29 ____ -iiis
91
Eat RR ex tl a f 7s
1954 M 14 10214 Sale 102
1021
, 46 1011, 105
--in
2244
BONDS
N. Y. STOCK EXCHANGE
Week Ended Apr. 5.
New York Bond Record—Continued—Page 3
Price
Friday
Apr. 5.
Week's
Range or
Last Sale
•
Range
Since
Jan,1.
BONDS
N. Y. STOCK EXCHANGE. h
Week Ended Apr. 5.
High
High No. Low
Ask Low
Bid
Louisville & Naafi.(Concluded)
Fla Cent&Pen let ext g 5s__1930 J J 98 99 99 Oct'28
9914
.May 15 1930
95
-year sec 7i..
10
194 II 9312 95 95 Mar'29
let consol gold 55
9178 94
let refund 5345 series A._2003
91%
8
9414 917
Florida East Coast let 458_1959 D 91
2003
let & ref 5a series B
75 80
7714 25
1974 MS 7614 Sale 7511
& ref 58 series A
2003
let & ref 434e series C
2512 50
4
373 36 Mar'29
Fonda Johns& Glov lit4Sis 195 MN 35
N 0& M 1st gold 68
1930
94 94
94 Mar'29
194 J J
Fort St D Co let g 4%s
2d gold 68
1930
10714 Mar'29
10714 10714
Ft W& Den C lst g 530-198 ID
Paducah & Mera Div 48_ _1946
7
103 103 8
103
From Elk & Mo Val 1st 66_193 AO 10213 105 103
St Louis Div 2d gold Is.. _1980
8
977 100
5
9912
193 MN 99% Sale 97%
OH&SAM&P lst 58
Mob & Montg lit g 4545..1945
97 100
98
5
193 I, 9811 99 98
2d extene 58 guar
South Ry joint Monon 48_1952
9812 9912
99
8
2
98 987
Oalv boos & bend let 55_ 193 AO 97
All Knoxv & Cin Div 4s.1955
II 86
85 86
86
1
88 86
Oa & Ala Ry lit cons 55 Oct 194
Louisv Cin & Lex Div g 430'31
98
4
5 964 983
99 98
Ca Caro & Nor let gu g 5s 192 J J 98
1934
7312
7312
7312 75 Mahon Coal RR lit 56
2
194 AO
Georgia Midland lit 38
97 Mar'29
95% 97 Manila RR(South Lines)48_1939
Or It & I eat lit gu g 43.0_194 J J
lit ext 45
1959
111
10814 113
Grand Trunk of Can deb 68_1940 AO liF Sale 110
Manitoba S W Colonba'n 5s 1934
104
16 183 106
193 MS 10312 Sale 103
-year a I 68
15
98 Oct'28
Grays Point Term 1st 58_ _194 ID 9618
Man GB&NW let 3355_ _1941
10912 143 109 11258 Mich Cent Det& Bay City 58_'31
10914 Sale 109
Great Nor gen 7s eeries A_ 193
.1
Registered
114 Apr'28
Registered
1940
Mich Alr Line 4.
94
98
93
4
9212 933 94
4
let & ref 4 ;,‘ sseriet A_ _1961
Registered
3
9 10412 109 4
104% Sale 10412 105
General 534 series B__ _ _1952
1952
1st gold 351e
10218 19 10013 104
102 1037 101
1973
8
General 58 series C
9418
1929
20
-year debenture 45
93 9714
5
94% Sale 9418
General 4358 series D___ _1976
Registered
.1 94 Sale 94
94
8
973
4 93
1977
General 43B series E
1940
Mid of N J lat ext 5a
85 Oct'28
Green Bay & West deb ctfs A.... Feb 79
Feb 24 Sale 2312
24
218
17 -2312 - 5- Milw L BA West imp g 5s-1929
Debentures ctfs j3
9114 9114 Mil& Nor lit ex t 4)0(1880) 1934
9114 Mar'29
Greenbrier Ry let gu 4s____1940 MN 9114
Cons ext 4 Ma (1884) 1934
100% 106
113 8 10114 Mar'29
Mob & Nor let 5348--- 1950 AO
-7Gull
Mil Spar & NW let gu 45..1947
1950 A
1st M Ss selloff C
98% 102 Dec'28
Milw & State Line 1st 3%s 1941
l3
lO41e 108
Gulf & S I 1st ref & ter g 5s_b1952 II loo. 10612 10418 Mar'29
96%
99 Minn & St Louis let cons 55_1934
95
Hocking Val lit cons g 4%8_1999Ii 95 Sale 95
.1934
Temp ctfs of deposit.
10212 May'28
1999I,
Registered
1949
4
978
lit dr refunding gold 4a
98 Mar'29
1937 MN
Housatonic Ry cons g 5s
Ref & ext 50-yr 58 ger A 1962
10214 10214
_ 10214 Mar'29
H & T C istgselntguar..l937Ii 102
Certificates of deposit-----10014 102
1930 MN
166 10014 Mar'29
Waco & N W dig lit 60
M StP&SSM con g 48lot au'38
9912
98% 100
Houston Belt .1. Term lit 58_1937 Ii 9912 102 9913
1938
99
1st cons 58
99
9812 99
Houston E & W Tex lit g 58_1933 M N 9812 _
lit cone Si gu as to int_ 1938
9714 10213
1933 38 N 9813 10184 98% Feb'29 _
let guar fa red
92
-year coil trust 6 Hs_ __ _1931
10
90 08
71
Hod & Manhat lit 5s ser A-1957 F A 9118 Sale 90
1946
76
lit dr ref Be series A
84
72% 84%
Adjustmentincome 58Feb 1957 A 0 74 Sale 7312
1949
-year 534$
25
92
lat Chicago Terms f 43.....1941
91
9514
8
1951 11 91 Sale 91
Illinois Central lst gold 4s
1949
95 May'28
J
Mississippi Central let fa
Registered
8588 8588 Mo Kan dr Tex lit gold 48..1990
lit gold 3s
iF 85 85% Jan'29
84 Nov'28
II
Mo-K-T RR pr lien 5s ser A_1962
Registered
1982
-year 45 series B
40
Extended let gold 3MB--.1951 AO 83 85 8612 June'28
7414 7414 Prior lien 434.sir
7414 Mar'29
"
let gold 3s sterling
1951 MS 7112
Cum adjust 55 ser A _Jan 1967
9014
4
4
863 933
Collateral trust gold 4s 1952 AO 9014 dale 9014
Oct'28
1965
Mo Par lat dr ref baser A
87
MN
Registered
91
General 4e
1975
15 "iF 9273
1str efunding 4s
1955 MN 90'e Sale 90
1977
8334 9334 1st & ref 55series F
Puhased lines 3)48
87 83% Jan'29
1952I,
87 Nov'28
Mo Pao 3d 75 ext at4% July 1938
II
Registered
1978
86
lat & ref g 58ser G
91
27
84
Collateral trust gold 4a___1953 MN -85" Bale" 85
Mob dr Bir prior lien g 55...1945
9014 May'28
MN
Registered
Small
102 iciEsi
Reloading be
1955 MN 10311 104 104 Mar'29
1945
107
1st M gold 4a
2 107 11138
-year secured 6AB g
15
1938 11 107 1073 107
4
1945
Small
4 31
973
97 10012
-year 434s
60
Aug 1 1966 LA 97% Sale 97
90 Mobile & Ohio gen gold 48._1938
86
Cairo Midge gold 45
1950ID 8514 92 90 Mar'29
Montgomery Div 1st g 55_1947
4
J 7112 7412 713 Mar'29
4
713 7514
Litehfleld Div let gold 38_1951
1977
Ref & impt 435a
8212 8458
Louie,.Div & Term g 3345 1953 J J 81
831z 8212 Jan'29
Mob & Mar let gu gold 45_1991
74 74
Omaha Div let gold 3a1951 LA 7312 77 74 Mar'29
1937
Mont C 1st gu 68
7638 Oct'28
38_1951 J J 72%
St Louis Div & Term g
1937
81 Mar'29
let guar 8991 55
-Si- 16 2
1
Gold 33.5e
1951 Ii 773
3
Morris & Kean 1st gu 3Hs_ _2000
4
II
- 783 Oct'28
Registered
88 Dec'28
Springfield Div 1st j 330_1951 11 78
Nash Chatt & St L 45 ser A_1978
-8914
Western Lines let g 4a____1951 LA 8812 9012 8914 Mar'29
1937
N Fla & E3 lat gu g be
92 Apr'28
PA
Registered
Nat Ry of Meg pr lien 430.1957
-Ill Cent and Chit)St L& N0
July 1914 coupon on
10012
9 100 10514
Joint 1st ref 56 eeriea A.__1963ID 10012 10112 100
Assent cash war rct No 4 on
97
94% 9712
50
let & ref 4As series C____1963ID 97 Sale 95%
1977
-year 5 f 48
Guar 70
91 Nov'28
Assent cash war rot No 5 on
Ind Bloom & Waft let ext 451940 AO 85
9214 Feb'29
12 4
'al - -1- Nat RR Meg pr lien 4548 Oct'26
1950 I J
Ind III & Iowa let g de
Assent cash war rct No. 4 on
8478 8814 Feb'29
8814 8814
Ind & Louisville lit gu 48...1956 II
1951
102
lst consol 45
102 103
Ind Unloa Ry gen fe ear A 1985 11 ioi sale 102
Assent cash war rct No 4 on
103 103
1965 II ---- 103 103 Mar'29
Gen & ref 5a aerial B
102
2 10014 10612 Naugatuck RR lit g 45- _ -1954
4
195211 10218 1033 102
Int& Got Nor lat68se;A
91
New England RR Cons 55_1945
96
89
81
90 Sale 89
Adjustment 68 sir A July 1952
1945
7712 Feb'28
Consol guar 4.
Stamped
9214 33
1986
924 94 92
9112 965 N I Juno RR guar let 4a
8
1956 J
let 5a series B
93
'I 92 9314 93
91
6
954 NO&NE 1st ref &imp 4;58A•52
1956
lstgssieriesC
81
New Orleans Term lit 4a_ 1953
82
20
80 Sale 78
78
tat Rye Cent Amer let 5s..1972 M
93 963 N 0Texas & Mix n-o Inc 58_1935
1941 MN 9213 9312 93 Mar'29
4
let colt tr 6% notes
1954
9612 45
let befouled B
9858
93
1947 FA 94% Sale 93
lit lien & ref650
1958
let 55 series C
51
40
1938 D 40% 47 43 Mar'29
Iowa Central 1st gold 8s.
1956
let 4345 series D
40
40% 50 40 Mar'29
6112
Certificates of deposit
14
1954
let 5%5 series A
1413 14
14
1
20
1951 MS 12
Refunding gold As
8912 N & C Bdge gen guar 4348_1945
90 85 Mar'29
85
Jamas Frank & Clear 1st 48_1959 ID 86
100 Feb'29
9914 10018 NYB&MB 1st con g 5s-1935
1928I, 100%
Kan A &GR lingua 5a
89 8
8414 8412 N Y Cent RR cony deb 66._1935
1990 AO 88% - - -7- 8412 Mar'29
Kan & M lstgug4s
Registered
9014
1998
Congol 45 aeries A
9 89
93
K 0 Ft S & M RY ref g 48_1936 A 0 8913 Sale 8912
Ref& impt 4515 series A 2013
9811 99%
KC&MR&Bletfru 58_1929 A 0 96% 98 9812 Mar'29
Ref & impt 5s series C--_ _2013
76
70
Kan City Sou let gold 38_1950 A 0 72 Bale 71% '7214 18
9612 25
8
Registered
9512 99 4
3
APr 1950 J I 957 9613 96
Ref & impt 56
8713 27
86% 90
11
Kansas City Term let 48—.1960 J J 87% 89% 8612
8918
88% 007 NY Cent dr bud Rio M 3;551997
1
Kentucky Central gold 48_1987 J I 8918 Sale 8918
1997
9212 95 Jan'29
95 95
Registered
Kentucky & Ind Term 4%8_1961 J J _
87
1934
3 87 87
90 87
Debenture gold 48
1961 J J 87
Stamped
90% 15
90% 95
Registered
19611 J 9012 94 90%
Plain
99%
1942
1
30
99% 101
4
-year debenture 48
Lake Erie& West lat g 58-1937 .1 I 993 100 99%
Lake Shore coil gold 3358_1998
99 100
19411 J 93 10312 100 Feb'29
2d gold Se
7
81
1998
8112
Registered
78
Sh & Mich Bog 3555_1997 1 I) 81 Sale 7812
Lake
7612
1
Mich Cent coil gold 334e-1998
8
753 7612
7612 Sale 7612
Regertered
9713 70
1998
Registered
96% 9814
1ST MN 9712 Sale 9612
-year gold 4s
25
9934 Apr'28
N Y Chic & St L 1st g 48_ _1937
RegisteredMN
1937
Registered
102 fa%
Leh Val Harbor Term go 56_1954 F A iiii- 16313 10212 Mar'29
9512
1931
2
-year debenture 45
25
99 9512
9512 9944
Leh Val N Y lat gu g 4356_1940 J J 98
843
1931
4
8
841s 8814 2d 68 series A B C
Lehigh Val(Pa) cons g 48_2003 M N 845 Sale 8418 Jan'29 26
86
Refunding 5568-series A._1974
MN
86
86
Registered
96
7
Refunding 5548 series B._1975
9212 100
2003 MN 94 Sale 94
General cons 454i
1978
99 Nov'28
Ref 4.55 series C
- —
MN
Registered
NY Connect let gu 430 A_1953
lit guar 58 series B
1953
10138 10714
MN 102% 103% 10138 Mar'29
Lehi Valley RR gen 55 aeries 2003
10312 10312 N Y dc Erie let ext gold 4s 1947
Leh V Term Ry lat gu g 58__1941 A 0 10114 10312 103% Mar'29
8
1933
1037 Feb'28
3d ext gold 434s
A 0
Registered
4th est gold 50
1930
89 90 Oct'28
Leb & N Y lat guar gold 45_1945 M S
N Y dr Greenw L gu g 56-1946
2 iFift
Lea & East let 50-yr 55 gu_ 1965 A 0 i0612 10712 10612 10612
NY dr Harlem gold 335e_ _ _2000
- 88% Dec'28
Little Miami gen 4s series A_1962 M N 85
8
Registered
10412 1412
101 995 Mar'29
Long Dock consol g 65
1935 A 0
99% Mar'29
9958 10114 N Y Lack & W lst & ref gu 55'73
Long Lad 1st eon gold 5a July1931 Q I 9953 101
1973
lst & ref gu 43is con
97 100
let consol gold 4s____July 1931 Q
- 100 Feb'29
9014
1930
9014 93 NYLE&W lit 78 ext
General gold 48
90 91
1938 J D 96- 12 9014
1932
N Y & Jersey lit 6s
9912 Dec'28
ea
Gold
1932 J D
1
88
9014 NY&NE Bost Term 4a....1939
88
Unified gold 48
1949 M S 88 Sale 88
NYNHAH n-c deb 4s...1947
2
98
98 100
Debenture gold 53
4
993 98
1934 J D
2
4
963
Non-conv debenture 350_1947
4
983
96
30
96% 9612
-year p m deb 58
1937 M N
Non-conv debenture 330_1954
3
913
90
Guar Sh B let con go Be Oct 32 M
89 9014 90 Mar'29
100 Mar'29
Non-conv debenture 4a
1955
4
993 100
Nor Sh B let con gu Sa_Oct *32 Q J 99
_88
Non-e.onv debenture 45_ _1958
10
8418 90
Lotg& Jeff Bdge Co gd g 48_1945 M S 88 1413 86
5 10014 10212
Cony debenture 334.
1956
1937 M N 1003 10212 10014 10012
Louisville dr Nashville 5a
4
28
93
Cony debenture 88
92% 95 4
1948
3
19401 J 927 Bale 92%
8
Unified gold 45
9812 Dec'28
Registered
J J
Registered
Collateral trust 65
9912 10058
1940
100 Feb'29
Collateral trust gold 58_1931 MN
Debenture 4s
1957
let & ref 434.ser 01 1927.1967
Harlem HA Pt Ches let 481954
# Due Feb. 1.
Price
Friday
Apr. 5.
Bid
Week's
Range or
Last Sale.
Ask Low
care
Range
Since
Jan.1.
High No. Low
4
1003 Sale 100 4 105
3
105 109% 10014 102
103 Sale 103
103
97% 9812 98 Mar'29
8
10012 -- 997 Feb'29
10014 Jan'29
10012
100 10012 9114 Mar'29
65
6414 Sale 6414
97 100 100 Sept'28
85 Sale 85
8518
4
893 9012 89% Mar'29
08
9712 98 98
_ 100 Feb'29
100
74 §:Ye 74
74
8
_737 77 Feb'29
iiii4
9912
99%
6
6
2
2
12
6
1
2
85% 90
100
88 July'28
100
100
4
1003 Apr'28 _
93 9612 9812 Nov'28
_
9218 July'28
11- 8412 Mar'29
-79- 4
993 Mar'29
99 Oct'28
-712 8 94 Mar'29
-$58 96% 9912 Jan'29
95 9512 96 Feb'29
94 Feb'29
164 90 Mar'29
90 Apr'28
51 Sale 51
2
51
47% Sale 47
6
47%
2512 67
2512 Bale 2312
19
19
28
20
20
16 Jan'29
-___ 19
4
873 Bale 87
8814 10
1
95 9712 9712
9712
12
98
98 Sale 98
100 Sale 998 10014 19
9812 101 981 Mar'28
4
92
- - 9178 921
93 Jan'29
_
i8
4
978 973
3
4
973
7
84%
4
83 8414 823
69
99% Sale 98% 100
83 86% 83
84% 21
8
895 9012 89% Mar'29
103 Bale 10212 103
68
9812 Bala 97
97% 54
7214 Sale 7112
7212 73
9714 Sale 95
9714 137
9018 9078 9013
1
9018
96% Sale 957
8
965 110
100 101 99 Feb'29
95
99 Feb'29
1912 89 Mar'29
1612
8513 Mar'29
9318 WI; 9112 Mar'29
9918
10034 Nov'28
8
905 1114 9012
11
02
83% 87 8412 Mar'29
106 109 106
106
1
4
1003 Feb'29
1003
4
75 /161Y 76%
7618
1
8934 Sale 89%
32
90
99
102 Mar'29
18 July'28
1714
4
183 July'28
11
11
6
934 -1- 2 87% Aug'28
(111313
1255 18
1318
3
3812 July'27
1912 Mar'29
22 Apr'28
W 9
9 dia9
4
93
86 Oet'28
-95 9813 98% Mar'29
8
8088803 8618 8618 Mar'29
88 Mar'29
92% 9314 93 Mar'29
.
87% Sale 873
4
8814
1
98 100 98 Mar'29
95 97 97%
97% 21
10018
9912 Mar'29
1 4
-9212 - 23 9212 Mar'29
8
1007 Bale 100% 101%
951g 98 95 Feb'29
9512 98 97 Mar'29
104 Sale 104
106
28
_
106 Jan'29
8734 dife 8612
4 18
873
97% Sale 9714
37
98
10412 Sale 10418 105
73
106 Mar'28 -7812 Sale 7812
4
783
4
773 77% Feb'29
76
94% 95 9412
9434
95 Jan'29
94 97 - 94%
9418
75
78 76
70
71% 79% 78 Mar'28
75%
4
743 Sale 7434
725 78 78 Mar'28
8
927 95% 9316
8
93%
96% Feb'28
9714 Sale 96%
9714
101 Sale 100% 10118
10514 Bale 10412 10614
10518 10512 105% 10512
9312 933 0312
4
8
957
9412 Sale 9412
9412
10014 102 993
4 100
90
90 Mar'29
1 99% Mar'28
----- 10
99 Feb'29
95%
94% Feb'29
83 Jan'29
85% Apr'28
19112
0
7
00
10018 Feb'29
100 10018 Feb'29
100 105 104 Feb'28
--_ 10018 100 Mar'29
_ 90 Nov'28
75 14 - 86 Dec'28
4
8
723 773 773 Feb' 9
4
4
67% 673 7014 Mar'29
77
4
77 Sale 753
76
73% 7814 76
704
8
4
7014 773 703
121
120 Sale 116
117 Mar'29
10412
104 fOi" 103
7212
71 Sale 71
87
87 Sale 8618
87 89% 89 Mar'29
19
_
2
1
4
2
15
81
51
4
22
3
6
H4011
10012 106
10014 1074
1024 10578
9714 99
3
9934 100 4
10014 10014
9114 9114
6414 674
85
89li
8978 92
994
98
100 100
75
74
744 77
984 1008
-974T, 100
805 8513
9938 994
-93149613
ow, 994
96
96
94
90
94
92
60 651.
67
5314
1918 35
8
155 20
16 16
87
4
891
9334 99
98% 994
974 101
9812 102
92 95
934 934
4
973 9958
8158 8658
9812 102
8111 884
944
89
102 1054
9518 10138
77
70
9312 99
9018 917/
941s 9834
99 99
99 100
86 98
8512 89
914 93 8
5
911.
90
8413 Se
106 106
1004 101
7618 804
891s 904
14
100 102
Oil l31
1214 1638
19
She
711 111a
98
98e
861s 863s
88 88
93 974
4
873 91
98 4 100
8
975 1004
9812 101
9212 pa
10018 1054
944 95
97
97
10214 168
108 106
8612 89re
97 10012
10418 1074
774
771,
9334
95
90
7414
4
821
7811
9734
95
94re
4
813
4
-743 79
7814 78
9318 96
-93F4
10018
10411
105
93
944
9914
90
98
1024
10714
107
9515
9714
1024
90
99
99
944 98
83 83
1o918 lows
100 folirs
2
1
1
51
21
15
88
7
75 8 774
7014 75
74
8418
76
844
6914 75
118 126
115 119
102 1054
704 784
8512 9212
904
89
2245
New York Bond Record—Continued—Page 4
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Apr. 5.
Price
Friday
Apr. 5.
Week's
Range or
Last Sale.
Ask Low
Rid
N Y 0& op ref 1st g 4s_June 1992 MS 674 68
67
Reg 55.000 onlyJune 1992 MS
_ 70
General 48
1955 in 62
653 64
4
NY Providence Jr Boston 4s 1942 AO 8912 91
87%
AO
Registered
893
4
N Y & Putnam let con gu 4s 1933 AO 8512 Sale 8512
N y Susq & West 1st ref 56_1937 J J 8014 8414 8018
430
2d gold
1937 FA
8434
General gold bs
1940 FA 7014 7612 7112
Terminal 1st gold 55
10112 9912
1943 MN _
N Y W-ches & 13 lst ser I 430'46 J J 82 Sale 82
.
Nord Ry ext!sf 630
1950 AO 10112 Sale 1003
4
Norfolk South let & ref A 5s_1961 FA 83
8312
85
Norfolk & South lot gold 55_1941 MN
9712
Norfolk & West gen gold 6s_1931 MN
Improvement Jr ext 6s_ _ _1934 FA
New River lot gold 65_
1932 AO
N & W Ry lot cons g 4s 1996 AO
Registered
1996 AO
DWI 1st lien & gen g 4s 1944 J J
10-yr cony 6s
1929 M S
Pocah C & C joint 4s_ _.1941 JO
North Cent gen & ref 53 A 1974 MS
Gen & ref 430 ser A stpd_1975 MS
North Ohio 1st guar g 5s__ _1945 AO
North Pacific prior lien 48...A997 @ J
Registered
1997 @ J
Gen lien ry & Id g 3s_Jan 2047 @ F
Registered
Jan 2047
F
Ref & leapt 434s series A2047 J J
Ref & impt 68 series B____2047 J J
Ref & Rapt Is series C____2047 J J
Ref & impt Is series D_2047 J J
Nor Pac Term Co 1st g 61...1933 J J
Nor Ry of Calif guar g 58..__1938 AO
6363
High
High No. Low
21
67
743
68
4
Apr'28
7114
Mar'29
-82
Oct'28
Jan'28
8414 8912
1
8512
804 8612
8014 - 4
Nov'28
i5T8 82
2
7112
9918 10112
Feb'29
8212 33
8
795 85
10238 82 10012 105
83
903
4
5
83%
9712 102
26
99
102 103 102 Mar'29
105 Mar'29
102
101 1031 10312 Mar'29
90
89% 901 90
8912 Feb'29
9014 ____ 94 Mar'29
_ 13213 Feb'29
9112
9112 923 9112
1073 _--- 10773 Jan'29
4
9578 Feb'29
953
4 96 Feb'29
8712
9712 Sale 87
8512 _
_ 86 Mar'29
6312 Sale 63
63%
62 Mar'29
975
96
973 9752
8
1103 Sale 11038 111
4
1013
8
104 Sale 101
101
10112
101
1093 ---- 10934 Feb'29
4
100 ---- 107 June'28
_
_
_
4
_
_
57
_
19
_
12
31
8
4
_
North Wisconsin let 6,.. _ _ _1930 J J 9614 ---- 100 Sept'28 _ _
787 Mar'29 _
J
Off & L Chain 1st gu g 4s---1948 J
Ohio Connecting Sty 1st 48..1943 M S
9508 Nov'28 _
_
104 Apr'28
Ohio River RR 1st g 5s_ _ _ _1936 JD
3
99%
1937 AO 99% Sale 99%
General gold 58
9018 23
4
4
Oregon RIL & Nay con g 43_1946 in 893 Sale 893
Ore Short 1.100 1st cons g 58_1946 J J 10212 10414 103 Mar'29
_ 10212 Mar'29 _
1946 J J 10212
Guar stud cons be
128
99
1929 JO 98% Sale 9812
Guar refunding 4s
85 7
8 17
Oregon-Wash let & ref 48_ _1961 J J 85% Sale 85
5
75
Pacific Coast Co 1st g be_ _ _1946 J D 75 Sale 75
_
93
918 Feb'29
Pao RR of Mo 1st ext g 4s 1938 PA
3
973
4
9818
2d extended gold 55
1938 J J 973
4
8
1005 Oct'28 _
8
Paducah & Ills 1st 81 430._1955 J J 925
987
2 70
Paris-Lyons-Sled ItR eat!6s 1958 PA 987 Sale 9712
8
Sinking fund external 78....1958 MS 9812 98o 10212 10312 14
1033 Jan'28
Paris-Orleans RR f 7s__ _ _1954 M S
Ext sinking fund 534s
1968 MS 9312 Sale 933
943
4 32
8
Faunae Ry 1st & ref e f 76_1942 MS 102% 1027 10234 103
14
Pennsylvania RR eons g 48_1943 MN
Consol gold 48
1948 MN
40 sterl stpd dollar_May 1 1948 MN
Consol sink fund 430
1960 PA
General 434s series A _ _1965 D
General 55 series II
1968 JO
10
-year secured 78
1930 AO
16
-year secured 630
1936 FA
FA
Registered
40
-year secured gold Is
1964 SIN
Pa Co gu 330 coll tr A reg.-1937 M
Guar 330 coil trust ser 13_1941 FA
Guar 3358 trust ctfe C
1942 JO
Guar 334s trust etre D
1944 JO
Guar 15-25
-year gold 4s_ _1931 AO
Guar 48 ser E trust etfs
1952 MN
Secured gold 432e
1963 MN
Pa Ohio & Pet let & ref 430 A'77 AO
Peoria Jr Eastern 1st cons 48_1940 AO
Income 4s
April 1990 Apr.
Peoria & Pekin Un 1st 530_1974 PA
Pere Marquette 1st Ber A 55_1956 J J
let 4s series B
1956 J J
Phil& Halt & Wash let g 4s 1943 MN
General Os series B
1974 FA
Phillippine Ity 1st 30-yr af 4s '37 J J
Pine Creek registered 1st 6s_1932 JO
P C C& St L gu 430 A
_1940 AO
Series 13 430 guar
1942 AO
Series C 430 guar
1942 Si N
Series 13 48 guar
1045 MN
Series E 3368 guar gold__ _1949 FA
Series 1' 45 guar gold
1953 JO
Series 0 4s guar
1957 MN
Series II con guar 48
1060 PA
Series I cons guar 434e
1963 FA
Series J cons guar 454e__.1964 MN
General NI Gs series A
1970 J
Registered
in
Gen mtge guar Is aer 13___1975 AO
Registered
AO
Pitts McK & Y let gu Os_ ___1932 ii
2d guar 6s
1934 J J
Pitts Sit & LE lst g bs
1940 w 0
let consol gold bs
1943 J J
Pitts Vs & Char 1st 4s
1943 MN
Pitts Y & Ash lot 4s ser A-1948 in
let gen 5s series 11
1962 FA
1974 J D
let gen 58 series C
Providence Secur deb 4s
1957 MN
Providence Term let 4s_ _ _ _1956 MS
Reading Co Jersey Cen coil 4551 AO
Registered
AO
Gen Jr ref 430 series A__I997 J J
1948 MN
Rich Jr Meek 1st g 48
lot gu 5s_ _1952 J J
Richm Term Ry
Rio Grande June lot gu 58 1939 JO
Rio Grande Sou let gold 43_1940 J J
Guar 48 (Jan 1922 coupon)'40 J J
Rio Grande West let gold 4s_1939 J J
1st con Sr coil trust 45 A 1949 AO
RI Ark Jr Louis 1st 430_1934 MS
Rut
-Canada 1st gu g 4s_ _ _ _1949 J J
1941 J J
Rutland lot con g 430
1947 J J
St Jos Jr Grand Lai 1st 4s
St Lawr Jr Adlr 1st g 58—.1996 J J
1996 AO
Os
20 gold
1931 J J
St L Jr Cairo riar 448
fit L Jr Mt Jr S gen con g 511_1931 AO
1931 AO
Stamped guar bs
1929 J J
Unified & ref gold 48
Jr G Div 1st g 4s_ _ _1933 MN
Rio
St L M Bridge Ter gu g bs- _1930 AO
I Due May
• Due June.
Range
Since
10113 10314
105 105
9972 104
89
9214
8912 8912
9014 94
13212 13212
9112 95
1077 1077
s
,2
95% 99
9614
96
90
87
89
86
63
6712
62
6312
96
987
8
1103 11312
8
101 105
101 104%
1093 109%
4
Fa -si-554 165-
Fria
Friday
Apr, 5.
h.
St L
-San Fran pr lien 4s A__ 197 ra 8
58 M s
0
Con M 430 series A
Prior lien 5s series B
St Louis & San Fr Ry gen 68_193i j j
1 N J J
General gold Is
St L Peor & N W lst gu 5s 1948 '1 j
9 13 J
3
St Louis Sou 1st gu g 4s
1931 M
St L S W 1st g 4s bond etts 1989 MN
20 g 4s Inc bond Ws Nov 1989 J J
Consol gold 4s
let terminal Jr unifying 53_1952 j D
1 9 JJ
32
St Paul & K C Sh L 1st 430_1941 F A
1931 F A
St Paul Jr Duluth 1st 5s
lot consol gold 48
4msA948 J D
19 7
6
J
St Paul E Gr Trunk 1st
St Paul Minn Jr Man con 48_1933 J J
J J
let consol g 6s
1933 JJ
Registered
6s reduced to gold 430.___1933 J J
J J
Registered
Mont ext lst gold 4s
Pacific ext guar Is (sterling)'40 JJ
19 i D
St Paul Un Dep 1st Jr ref 58_1972 J J
SA Jr Ar Pass 1st gu g 4s
1943 J J
Santa Fe Pres Jr Phen 1st 5,9_1942 M 5
Say Fla Jr West lot g 6s
1934 A 0
lot gold 55
-11989 A 0
8
94
MN
Scioto V & N E 1st gu g 4s-Seaboard Air Line lst g 4s-1950 A 0
A A
Gold 4s stamped
1950 F O
Adjustment 55
Oct 1949
Refunding 45
1959 A 0
lot & cons 65 series A____1945 M
M
Registered
Atl & 13irm 30-yr 1st g 4e_d1933 M S
Seaboard All Fla let gu 6s A_1935 F A
F A
Series
Seaboard Jr Roan 1st 58 extd 1931 J J
B35
So Car dr Ga lst ext 530____1929 MN
1936 F A
S&NAlaconsgug 5s
1963 A 0
Gen cons guar 50-yr 6a
Week's
Range or
Last Sale
•t1; •
E'=e>
caz
&mod
Since
Jan. 1.
High
High No Low
Bid
Ask Low
8312 8812
8412 84
8414 Sale 84
83% 89
8612 189
8518 Sale 8413
983 101
4
1003
8 41
100 Sale 100
101 102
100 100% 10018 Mar'29
8
953 10014
9812
9812 10014 9812
102 1034
102 10212 102 Mar'29
9513 9714
9618 97% 974 Mar'29
8312 89
10
84
87 834
84
7914 8114
7912 Mar'29
77
79
95
9812
95% 26
95
953 95
4
97 101%
98% 18
9814 Sale 97
89% 9514
38
91
4
91 Sale 893
98
98
11
98
98
95 100
894 8014
884 9013 8014 Mar'29
9718 Jan'28
56i2 - 681;
95 9734 9812 Mar'29 1 10134 10312
4
1013 Sale 101% 1013
4
103 103
Jan'29
1003 1043 103
4
4
9712 994
9713
9712
9713 98
95 Dec'28
97
99
-94- Vs
-94 Mar'29
93
95
8712 91 103 Mar'29
4 i6i- 10634
101 101% 102
10214
874 91
8912 20
894 Sale 88%
4 102 102
102
983 102 102
4
106 106
10312
Mar'29
106
4
993 10012
99
_ 10012 Mar'29
9012
89
6113 89 Mar'29
8812 74
73
7318 80
74 Mar'29
7318 18
71
75
14
734 Sale 71
355 45
8
4314 258
43 Sale 39i8
5714 60%
5814 Sale 574
5814 45
73
/
1
4
75 Sale 75
763 115
4
75
75
_
75 Mar'29
89
1
85
8514 86
85
85
64
7114
31
6534 Sale 653
6614
4
64% 7012
65
653 6112
4
5
6534
9712 98 Dec'28 -00E8 99% 9958
995
8
5 -55ie 9984
994
_ 101 Dec'28
_
10434 Cos 1045 1041 1 10454 1664
9212 So Pac coil 48(Cent Pac col) k'49
J D
1063
8
Registered
106
20-year cony 4s
June 1929 J 13
9914
lot 430(Oregon Lines) A_1977 M S
20-year cony 5s
1934i D
8918
Gold 430
1968 M S
80
9418
San Fran Term let 4s
1950 A 0
A 0
99
Registered
So Pac of Cal lot con gu g 5s_1937 lii N
J J
So Pas Coast lot gu g
9712 101
10113 1047 So Pac RR 1st ref 4s
8
1955 J J
J J
Registered
-55- 1631- Southern Ry lot cons g 5s___1994 J J
-2
102% 104
J J
Registered
Devel & gen 4s series A_1956 A 0
A 0
9318 95
12
934
9318 Sale 934
Registered
9214 94
19
94
923 Sale 9234
4
Develop Jr gen 6s
1956 A 0
9214 93 4
93
Develop Jr gen 630
1956 A 0
6
9314
3
1996 J J
10534 1- -5o 10013 10058 7 99% 10112 /31em Div let g
61
9714 10013
St Louis Div lst g 4s
9913 32
1951 J
OS 8 Sale 9818
106% Sale 10613 1063
East Tenn reorg Ilen g 59.._1938 /31
4 28 10534 10812
,3
10138 Sale 10034 10112 79 1003 1037
Mob Jr Ohio coll tr 4s
1938 M
8
80 10712 111
108 Sale 10712 108
Spokane Internal let g 5s
1955 J J
_
112 Apr'28
155- Sale 102 103 38 i6i- 105 Staten Island Ry 1st 430_1943 J D
Sunbury Jr Lewiston lot 48_1936 J J
Oct'28 _ _
88
89
8412 8712 Superior Short Line let 5s_ _e1930 M S
10
86
86 Sale 86
Term Assn of St L lst g 430_1939 A 0
89
89
867 89 Feb'29
8
1st cons gold Is
1944 F A
_
85
85
867 85 Feb'29
8
Gen refund s f g 4s
1953J J
9612 9913
973
21
964 Sale 9613
Texarkana Jr Ft S 1st 530 A 1950 F A
_ 8814 92
8814 Mar'29 _
_ 90
19433 J
98
96% 994 Tex & N 0com gold 5s
100
97% Sale 9718
2000 J D
94
3
94
9714 Texas& Pac lot gold 55
92
95 94
2d inc6s(Mar'28cp on)Dec 2000 Mar
834 87
84 Mar'29 _
82
84
1977 A 0
37
Gen & ref ba series B
45
38
413 37 Mar'29
8
La Div 13 L 1st g 5s
_ 10112 10212
1931 J J
101% 102 10218 Mar'29
1013
4 14 10014 104% Tex Pac-Mo Pac Ter 530..1964 M S
10014 102 101
1935 J
86
3
917 Tol Jr Ohio Cent 1st gu 5s
8
89
89 Sale 89
Western Div 1st e 58
1935 A 0
9214 95
General gold 55
925 93 95 Mar'29
8
1 107 108
Toledo Peoria Jr West lot 411_1935 j D
1917 JJ
107
107 Sale 107
35
36
3512 3712 354
39
4
Tol St L & W 50-yr g 4s
1950 A 0
_ 103 103
1931 J J
Tol W V & 0 gu 430 A
10112 104 103 Mar'29
95% 993
4
1st guar 430 series B
1933 J J
963 9812 9712 Mar'29
4
9614 10012
1st guar 48 series C
1942 M
8
965 Mar'29
97
9612
_
993 993 Toronto Ham Jr Buff 1st g 4s 1946 J D
4
4
9954 Mar'29
9413 9612
964 Mar'29
9518
974 Sept'28 _
Ulster Jr Del let cons g 5s_ 1928 J D
9614
940 Jan'29 _
Certificates of deposit......
9408 9408
95
9614
2
A0
let refunding g 48
1952 -9614
9614
9612
95
9612 Union Pac let RR Jr Id gr't 4131947 J J
2
9612 Sale 9612
983 100
4
J J
4
99% 993 Feb'29
Registered
9913 993
9912
1st Ilen Jr ref 45
2
993 9913
4
4
June 2008 M S
1053 107 106
4
4
3 1053 1084
106
Gold 430
1967 J J
1033 Jan'28
1st lien Jr ref 53
June 2008 131 8
4 106 10813
1065 Sale 106% 107
8
40
-year gold 45
11312 Jan'28
U NJ RR & Can gen 48
68 MS
1944 j D
Utah Jr Nor let ext 4s
1933 J J
Oct'28
_ 105
Vandalla cons g 48 series A 1955 F A
10012 101 1038o July'28
- 14
Cons s f 4s series B
10022 10012 Vera Cruz Jr P assent 4348._19 4 M N
997 ____ 10012 Jan'29
193
5
7
---- 10014 Aug'28
Virginia Mid be series F
1931
994 Sept'28
General 5s
1936 M N
9114
-03; 93 3 Va Jr Southw'n ht gu 5s
9312 Mar'29
-12003 .1 J
10312 ____ 1034 Mar'29
10318 10318
let cons 50-year be
1958 A 0
Virginian Ry lot 5s series A_1962 MN
7113 74
Hi;/%1:;.r- 26
'
-65Wabash RR let gold Os
1939 M N
84 Fe13 20
.
813
84
84
2d gold be
1939 F A
91 8--34 91
91
4
92
90% 9312
Ref dr gen s f 530 ser A
1975 M S
9434 June'28
Debenture B Os registered_ 1939 J J
94 Sale 92
9413 16 -55- - 7
65- 8 1st lien 50-yr g term 4s 1954 .1 J
79
7918 May'28
Det Jr Chic ext 1st g 5s
1941 J J
165- _ 101 Feb'29
-55i2 102
Des Moines Div lot g 48_1939 J J
__ - . 100 Nov'28
994
Omaha Div 1st g 330
1941 A 0
-___
7
6 May'28
Tol & Chic Div g 4s
1941 M S
712 Apr'28
Wabash Ry ref Jr gen Ea B 1976 A
-8008 gide 86
863
8 19
86
9214
Ref Jr gen 430 aeries C
1978 F A
78
7814 78
7818 13
78
865
8
9312 967 Warren let ref gu g 330__ _2948 Q m
8
944 Sale 9334
943
4
5
1000F A
____ 81
82 Nov'28
Wash Cent 1st gold 48
80
87 Mar'29
87 - 2 Wash Term let gu 330
6611945 F A
let 40-year guar 48
1945 F A
84
3
84
84
8814
1047 Feb'29
8
104% 104% W
West1nW & N W st t gu -_ 1932 F O
Maryland 1 isg 4s
5 A A
9
leo- 165- 10534 Nov'28
let Jr ref 530 series A
1977 J J
965 9612 Mar'28
90% 9718 West N Y & Pa 1st g bs
1937i S
9812 Sale 98
99
98 101
51
ni O
A s
Gen gold
1013 Dec'28
Western Pac lit ser A bs
ieg
453
194
96
9914 Sale 99
993
8 68 -55- 991M
2
933
4 38
933 Sale 93
8
923 943 West S tered 18t 49 guar
4
4
isho e
2361 J J
_ 993 9712 Mar'29
9712 100
2361 J J
Wheeling Jr Lake Erie—
1930 F A
Ext'n Jr impt gold Ss
Refunding 430 series A 1966 M
1996 M 5
Refunding 5s series B
RR 1st coneol 43
1949 MS
1 Due August.
893
4
103
10213
98
8412
75
9153
9614
BONDS
N. Y. STOCK EXCHANGE
Week Ended Apr. 5.
SO
88
8413
9938
92
10118
944
Sale
8712
Sale
9813
864
88
8514 Mar'29
99%
995s
9812 Mar'29
10112 10112
9412
Sale 93%
9018 Mar'29
90
- Ai_ 90 Nov'28
100 102 10112 10112
9514
9514
9412 97
91
9014 Sale 9014
9034 Mar'29
10612 Sale 10618 107
105
105
105
85 Sale 84
85
874 Sept'28
112 11i 11113 11214
-- 18
1187 Sale 11812 11914
8
102 1063 10614 Feb'29
4
8512 _
86
86
100 Feb'29
96
91 - - -573 9234
92
93
7212
73
86 Nov'28
95 Apr'28
99 Mar'28
98
98 Mar'29
100 1023- 101% 101%
- 4
8612
86 Sale 86
1013 Sale 10134 10214
4
98 Mar'29
98-10614
1065 10912 106
s
_
97 100 Dec'27
5ST2 so 9734 99
.
99 Sale 98%
9912
105
100 105 105
983
4
98%
9913 100
103
103 Sale 103
9912
9912
98 103
15 Nov'27
12
8812 Mar'29
90
8712 955
8
95% Sale 9552
95% Sale 9553
95%
9412 Nov'28
84% 89
8414 Mar'29
23
58
1
28
1
5
74
71
2
87
17
20
11
7212 Sale
6812 79
68 Mar'29
6612 Sale 65
6612
54
534 Sale 534
92% Sale 924
9258
911 90
90
90
873 891 86%
8
87%
97
9612 Sale 9458
10813 1123 10812 10812
8612
8612 Sale 8538
91
93
96 Mar'29
9413 _ _ _ _ 96 Nov'28
943
4
93 Sale 93
94%
9312 95% 9334
1412 Mar'29
10018 Mar'29
iooTe 1
-61-12 10018 Mar'29
9914 8131 100 Jan'29
Jan'29
90
161 sate 101% 102
-E8
10212 Sale 10112 10212
9914
9914 99% 994
10012
1003 Sale 100
8
8818 May'27
8
75
8834 887 Nov'28
10012 10112 101 Mar'29
Jan'29
88
91
4
793
4
79% Sale 793
9212 9012 Mar'29
8
98
9713 Sale 967
86 Sale 8413
8613
804 83
844
87
86
91
8818
99
97
Sale 78
Sale 9412
_
100
8514 8914 894
1009712 Sale 96%
_
974
8514 Sale 8412
813 82% 82
3
Nov'28
Mar'29
Feb'29
8818
Feb'29
783
4
95
10012
Mar'29
973
4
Aug'28
8514
Mar'29
_- 100
854 ____ 90
102 102
8413 88
88
Sept'28
Feb'29
Feb'29
Mar'29
83
8818
97
78%
9413
8514
8514
994
9818
100
923
2
89
917
2
854
902
4
9914
1014
9712
91
101C2
9514
8914
90 4
2
106%
105
83%
f6i954
924
90 4
3
110
108
8812
--15512 1145;
117 12212
loati 59914
89
85
99 100
9112 9312
7212 8112
-55- 65-2
13
7
12
9
56
5
2
2
98
101%
85
10112
98
1055
8
98
103
89
10412
08
1093
5
-67 10234
9812 100
10212 10614
9612 10112
9912 103
95 10013
-Lifs
2
91
05
955
8
8
9513 955
8414 881,
11
16
1
38
14
1
18
17
27
50
29
4
43
10
32
20
2
50
13
4
27
21
55
55
33
9114
1)0
86
933
4
1067
8
8514
96
85
86
62%
954
92
90%
9912
1084
8914
98
-55- bIsi
93
943
4
1412 17%
100% 10012
100 100%
1013 100
90
9524
101% 10434
10012 103%
98% 10114
100 1044
lO
101
---88
88
79% 85%
9012 9012
94% 10014
84% 90%
841. WI;
86
84
8812 91
97
97
82
78
93
99%
9913 1014
8812 9112
9512 100
8412 5S1
8132 85 3
1
568;
-55- 102 1061
854 89%
2246
BONDS
NI Y. STOCK EXCHANGE
Week Ended Apr. 5.
New York Bond
•
t3
Price
Friday
Apr. 5.
Week's
Range or
Last Sale
4t2
Record-continued-Page 5
Range
Since
Jan.1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Apr. 5,
L.;
Price
Friday
Apr. 5,
Week's
Range or
Last Sate.
Range
Since
Jan. 1.
High No Low
Bid
Ask Low
High
Bid
Ask Low
High
High NO. Low
19423 D 70 Sale 70
65
12 74
Wilk&East lat gu g fal
Cuba Cane Sugar cony 75___1930 33 66 Sale 66
70
2
68
18
654 794
1938J D 100
Cony deben stamped 8%.1930
10012 10012 10 10012 100%
Will &13 F 1st gold 5a
64 Sale 64
80
64
6612 45
Winston-Salem S B lit 40_1960 .1 J Cuban Am Sugar let coll 85_1931
92 June'28
*
1007 Sale 10012 1014 71
9912 1034s
J 7712 79
7 3 -11949
WI.Cent 50-yr 1st gen 4a
78
9 -7 5 14 4 Cuban Dom Bug 1st 7Hs_ _ _1944 MN 9114 Sale 903
7713
4
9114 30
884 97 s
7
977 9112 CUMb T & T Ist & gen 58_1937 J
2
& Dul div de term let 4s'36 M N 84
877 88 Mar'29
8
Sup
10115 Sale 10118 1014
2 10118 103
Wor&ConEastlet484s._...1943J J
Cuyamel Fruit Ist s f 68 A _ __1940 40 9914 Sale 99
92% Dec'28
99 102
9914
8
Denver Cons Tramw lot 5s _ _1933 AO
INDUSTRIALS
76 Dec'27
N looTs
Den Gas& EL 1st & ref sIg 58'51
Abraham & Straus deb 5;0-1943
98
1(1018- --97- Yor
4
N 10018
With warrants
Stamped as to Pa tax
A 0 10912 Sale 10912 111
1951
94 10912 120
__ 97 Mar'29 -97 101
8314 884 Deny Corp(D 0) 1st s I 7s 1942 MS 85 -AdamsEx press coil tr 4 --1048 111 S 85
85 12
2
87% 85
70 6912 Feb'29
8694 73
Adriatic Elec Co ext1 75_ __ _1952 A 0 9514 9612 9514
94
98
Second stamped
5
65
9612
6712 62
70
65 -62
J 1003 10012 100
Ajax Rubber let 15-yr s I 85.19363 D 104 Sale 103
104
14 102 10412 Detrolt Edison 1st coll In 58_1933
3
s
1005
4 101) 102
s
4
4
Alaska Gold M deb as A___ _1925 M
1st & ref Ea series A_July 1940 M
10118 10234 102
4
12
4 Feb'29
1027
8
3 10114 104%
8
8
1926 M S
Cony deb 65 series B
Gen & ref 58 series A
1949 A0 1013 Sale 1014 10134 48 1003 1041
312
4
8 Jan'29
4
4
984 9834
1st & ref Os series B__July 1040 MS 10612 Sale 106
Albany Pefor Wrap Pao 68_1948 A 0 954 96 9512
98
8
7
9512
10612 25 1053 108%
4
3D 1013 Sale 10134 10134 14 10014 104 8
9818 11012
Allegheny Corp coil tr 5s_ _ _ _1944 F A 1003 Sale 10018 10114 890
Gen 3c ref 58 ser B
4
3
Allis-Chalmers Mfg deb 58_1937 M N 9911 Sale 99
Series C
97 101
1962 FA 103 105 103
9912 77
103
3 103 1054
J J 97 Sale 984
Det United let cone
93
18 96
Alpine-Montan Steel 1st Is.. _1955 M
95
10
95 Bale 94
97
9612 98
12
Am Agric Chem 1st ref 5f 730'41 F A 104% Sale 10412 105
-1940
1 2
24 104 10612 Dodge Bros deb Os g4h4-93 MN 99 Bale 9812
9912 389
97 1844
N 874 873 873
893 Dold (Jacob)Pack Mt6a__ _1942
8
Amer Beet Sug cony deb 66_1935 F A 8614 9238 88
80
4
88
4
4
873
4
1
863 88
4
Dominion Iron & Steel 521_1939 MS 90
99
0 99 Sale 973
9513
American Chain deb s f 6a
1933 A
99 97 Dec'28
4
99
175
Donner Steel let net 7s
99
1931 P•1 N 9818 Sale 9818
1942 33 10812 101 10012 10012 10
98
Am Cot 011 debenture 5e
2
98I 101
9812
8 9612 Duke-Price Pow 1st Os ser A '66 MN 103 Sale 103
1942 A 0 9514 Sale 9412
93
Am Cynamid deb 613
9514 21
1037
s 18 103 10518
92
18 Duquesne Light let 410 A1967 AO 9914 Sale 98
90
Amer Ice a f deb 5s
19533 D 91
9112 91 Mar'29
9914 125
98 1007
8
East Cuba Bug 15-yr s f g 7145'37 56
Amer Internet Corp cony 530'49 J J 104 Sale 10212 10412 270 101 111
80
82
80
81
20
97
80
Ed El Ill Bkn let con g 4s...1039
1033 104
4
954 Sale 95
1939 A 0 104 1053 1033 Mar'29
Am Mach dr Fdy f Os
4
9512
4
8
95
963
4
Ed Elec III 1st cons g 5s
108 1097 109
8
1995
American Natural Gas Corp
-109
2 109 110%
7512 96% Else Pow Corp (Germany)6301'50
924 Sale 92
Deb 630(with perch warr)'42 A 0 7512 Sale 7512
85
72
9212
911s 96
8
Elk Horn Coal let & ref 034s.1931
9312 95 923 Mar'29
Am Sm & R 1st 30-yr 58 sec A '47 A 0 1003 Sale 100
4
101
115 100 102
4
90
954
Deb 7% notes(with warr'ts)'31
774 80
Amer Sugar Ref 15-yr 6s_ _ 1937 J J 104 Sale 1034 1044 47 101% 104%
8118
79 Mar'29
78
99
995 Equit Gas Light let con 58_1932
8
994 Mar'29
Am Telep & Teleg coil tr 4s.._1929 .1 .1 9914 Sale 99
9912 69
994 10018
917 9712 Federal Light & Tr 1st 59_1942
8
"931 95 934 9312 3 9214 9634
1936 M
Convertible 48
9412
943
4 11
93%
1st lien 5155 stamped
9718 101
1942
1933 M
20
-year cony 4345
93
9412 9214
6
99%
9234
99 Bale 9718
6
9214 97
lot lien 6s stamped
19463 D 1024 Sale 102
30
1942
-year coil tr 53
102 104 103
103
43 101 1047
103
3 10118 104
101 101
30-year deb 6s ser B
1954
Registered
J D
963 Sale 965
4
101 Feb'29 _
8
963
4
2
965 102
8
1964) 3 J 10214 Sale 1013
35-yr if deb 58..
1939 3D 104 Sale 10254 10512 63 102 105
4 102% 201 10114 10534 Federated Metals ills
94
14
1943 M N 105 Bale 1047
13918 Bale 39
20
1946 J
-year s f 5)0
140
22 139 171
s 10514 251 10412 1074 Fiat deb 7s (with warn)
944 103
1940 A 0 1044 105 1044 10412 10 10418 10514
Am Type Found deb fits
Without stock punch warrants_
947 Sale 94
974 '9934 Flak Rubber let s f 85
Am Wat Wks & El eel tr5a 1934 A 0 98 Sale 98
11112 1117 111
98
11214 11 111 114%
12 38
r 10214 Sale 013
4
Deb g 6s ser A
1975 M N 1013 Sale 101
1941
103
33 101 1053 Frameric Ind & Deb 20-yr 734s'42
4
8 103
13 101% 1061s
81
8812 Francisco Sugar 1sts f7Hs _ _1942 MN 100 Sale 100
1947 J J 81
Am Writ Pap let a Os
7
8214
81
100
82
1 100 109
3
3
Anaconda Cop Min 1st 65
1953 F A 104 Bale 10334 104
210, 103 4 105 4 French Nat Mall SS Lines 75 1949 3D 101 Bale 1009
4 10112 12 1003
41028
4
Registered
dr El of Berg Co cons g 58 1949 3D 9912 ---- 306 Mar'29 _ - _ _ 106 106
__
10414 Oct'28
15
1938 F A 23014 Sale 231
Gen Asphalt cony Os
-year cony deb 73
1939 A0 105 Sale 104
238
93 186 268
10573 21 103 10918
196 200
Gen Cable 1st a f 530 A---- 1947 33 9812 Sale 98
Registered
200 Jan'29
994 85
98 100
Andes Cop MM cony deb 75_1943 .1
Gen Electric deb g 3Hs
_
235 Dec'28
4
1942 FA 943 ___ 100 Feb'29
94% 96
9412 166 Gen Dec(Germany) 7s Jan 15'45 33 101 Bale 10012 10212 14 100 1041
Anglo-Chilean s I deb'AL....1945 M N 96 gio" 96
9812 49
4
AntIlla(Comp Azue)730---1930
65, 797
8
8
1131 deb6 Hs with Warr _ _1940 JO 115 11712 121
_
8514 Bale 72 Mar'29
121
1 11118 123
10112 10312
Ark & Mem Bridge & Ter 51_1964 Al 13 _
Without warn'1* attach'd '40 JO 90
101% 10312 Mar'29
97
928
97
4
92% 9914
MN 903 Sale 897
Armour & Co let 4Hs
90
927
1939 3 D 9012 Sale 9012
20
-year a f deb Os
9114 95
4
91
89
9412
44
9018 9212 Gen Mot Accept deb Os
Armour 33 Co of Del 530_1943 J J 91 Bale 9012
9112 150
193 FA 10114 Sale 10012 10112 174 10014 1033
94
8
7
4
Associated Oil6% gold notes 1935 Af
1023 Sale 10112 102% 11 10112 10318 Gen! Petrol 1st s f 5s
8
1940 FA 993 Sale 993
4
4 100
27
993 102
4
Gen Refr Ist s fOsserA
Atlanta Gas L 1st 58
19473 D 1013
10312 Dec'28 _
4
1952 PA 1064 107 10712 10712
1 103% 10712
Good Hope Steel & I sec 7s 194.5 A0 983 Sale 9812
Atlantic Fruit 75 °Us dep__ _1934 J D 12%
15 Nov'28
4
9912 15
95 10018
Goodrich (It F) Co 1st6 Hs_ _1947 3, 10634 Sale 1063
AURamped ctfa of deposit
.1 D 125 _
8
15 July'28
s 107
70 1063 10814
8
Atl Gulf 33W I SS L col tr 58.1951) 3 J 714 Sale 70%
Goodyear Tire & Rub 1st 55_1957 MN 9212 Sale 9112
73
38 -tif 77
9212 141
91
93%
Atlantic Refg deb 533
1937 .1 -I 1007 Sale 100
101
15 100 10212 Gotham Silk Hosiery deb 65_1936 JO 9912 1004 9912 100
8
19
994 100
Baldw Loco Works let 5(1_1940 M N 10612 Bale 10612 10612
Gould Coupler 1st a f65
1940 FA 70 Sale 887
5 106 107
71
30
68% 73
1937 J .1 94
Ot Cons El Power(Japan)7a_1944 FA 98 Sale 96
95
12 99
Baragua (Comp Az) 734s
94% 9512 Mar'29
98
14
96
9918
12918 142
lit & gene!614s
Barnsdall Corp Os with Warn.1940 .5 D
1950 33 9034 Sale 9034
Jan'29 _
136
_
93
27
905 951s
8
Great Falls Power ist s I 531_ _1940 MN 9214 93 10612
Deb as(without warrant).1940 J D
9834 100
99% Feb'29
104% 107
18 Gulf States Steel deb 5Hs_ _1942 3D 9612 Sale 964 197 3 18
Batavian Pete gen deb 430_1942 J J 91 Sale 90
90
93
24
91
99
9314
6
2
96
Belding-Hemingway Cs
Hackensack Water let 4s_ 1952 .1
8912 92
1938 3 J 9014 95 904
9018
3
84
87
87 Mar'29
_
87
1171a
Bell Telep of Pa 5s series 13_1948 J J 10318 Sale 103
1930 MS 9614 98 9618 Nov'28
47 103 10512 Hartford St Ry 1st 48
104
-----1960 A 0 10514 Sale 10412 1053
let & ref 5e series C
4 49 104 10814 Havana Elec consol g 58_ _..1952 FA 80
83
89
80
17
80
87
Berlin City Elec Co deb()Hs 1951
Deb 514s series of 1926_ _ _1951 MS 67 Bale 6512
D 9112 Sale 9114
95
91
923
4 54
67
34
67
59
Berlin Elec El & Undg 6345_1956 A 0
Hoe(R)& Co let 614s ser A1934 A0 89
94
89
91
897s
89
9018 36
39
1
85
89
Beth Steel 1st 33 ref 55 guar A '42 M N 100 Sale 997
Holland-Amer Line 65(flat)_ 1947 MN 103 1033, 103
997 104
1013
4 16
103
7 10238 103%
D 7612 Sale 76
30-yr p m & imp f 5s_ _ _1936 J J 100 Sale 9934 101
Hudson Coal Mt s f 55ser A.1962
9934 102
46
77
36
7412 85
Cons 30-year Os series A_ _1948 F A 104 Sale 10314 10418 88 10212 105 4 Hudson Co Gas let g 55
3
1940 MN 10012 103 10212 Mar'29
102 10.5
1953 F A 101% Sale 10034 1017e 42 100 4 104
Cons 30
-year 514sser B
Humble Oil & Refining 5;0_1932 J J 1007 Sale 19012 101
8
3
116 10014 10215
Bing & Bing deb 6345
1950 M
Deb gold 55
9412 Sale 9412
1937 A0 10014 Sale 993
94 100
4 101
9412
7
79
994 10111
Botany ConsM1110330
1934 A 0 69 Bale 69
744 Illinois Bell Telephone 5s-1956 3D 10112 Sale 10112 102
6912
69
5
17 10112 104%
Bowman-Bat Hotels 75
1934M 13 984 99 98
Illinois Steel deb 434s
4
1941)*0 963 Sale 9534
9812
98 100
2
93% 9914
974 19
Sway & 7th A v 1st cons U1943 J 0 74 Bale 7314
1946 AO
74
7218 774 Raeder Steel Corp if 75
103 103 Mar'29
9
103 10318
Brooklyn City RR let Ed__1941 J J 88 Sale 88
Mtge as
83
9212
1948 FA 0112 Sale 0312
88
0
81
88
3414 22
1
8318 921
4
88_1941 MN
Bklyn Edlson Inc gen 5a A_ 1949 J J 103 10312 10234 103
91% 17
17 10212 10512 Indiana Limestone 1st
92
90
Registered
Ind Nat Gas & 01155
4
105% Dec'28
1936 MN 1003 Sale 1003
J
4 10034
2
9712 1003
4
N 102 Sale 1014 102
1930 3 J 10012 1003 10012 101
General (Os series B
Indlana Steel let 58
4
1952
5 100 103
7 1013 105
8
933 984 Ingersoll-Rand 1st 58 Dec 31 1035 J J
4
Bklyn-Man ill'sec Be
1968.5 J 943 Bale 933
102 fiept'213
978
4
4
9514 369
_
AO -Oirs Ei;l1 9114
Bklyn Qu Co & Sub con gtd 5s'41 MN 62
63
70 784 Mar'29 _
7812 Inland Steel 1st 430
92
27 --1/011 -13
4
-1941.5
7412 80 83 Jan'29
80
83
Inspiration Con Copper 6301931 MS 101 Sale 101
let 58 stamped
10118 13 101 10318
Brooklyn R Tr 1st cony g 0_2002 J .1
7312 7912
1nterboro Rap 'Fran 1st 58..1968 .1 I 7518 Sale 7412
8814 Noy'27
7612 34
J 7512 Sale 743
J
3-yr 7% secured notes_ _ _1921 J
105
_ 13614 Nov'27 --4
Stamped
76
107
73
12 7918
Bklyn tin El 1st g 4-6s
1950 F A so &ifs 85
9218
76 Mar'29
Registered
87
18 -85
_
76
7612
8714 93
1950 F A 8712 88 8714
Stamped guar 4-55
87
77
12
4
14
12
10-year Os19324.0 77 Bale 77
84
76
Bklyn tin Gas 1st cons g 58._1945 M N 10318 10812 103 Mar'28
10-year cony 7% notes__ _1932 MS 964 Sale 9611
_ 103 1064
97
41
9618 9914
1947 MN 115 120 11612 Mar'29
1st lien & ref 66 series A
11612 118
Int Agric Corp ist 20-yr.52_ _1932 MN 903 95 904
4
903
4
1
9133 95
4
19363 J 330 360
544 Mar'29 _- 35412 400
Cony deb 530
Stamped extended to 1942_ _ _ _ MN 773 8014 773
4
4
774
1
773 8112
4
1932 .1 D 924
9412 Mar'29
.Buff & Susq Iron 1st s f 5s
_
4
9412 9018 Int Cement cony deb 55__ _ _1948 MN 1043 Sale 104
106
106 102 11818
1952 A 0
4
Internal Match deb 53
88
5
87 88
614 873
14
Bush Terminal lit 45
1947 M N 9514 Sale 94
9534 137
933 99
4
4
8
1955
9812 10
J 98 Sale 975
9612 993 Inter Nieman Marine s f 65_1941 A 0 101 Sale 101
Consol 55
10112 11
994 102
Haab Term Bldgs 5a gu tax-ex 110 A 0 10012 102 10012 101
8 100 104% International Paper 53ser A_ 1947 .11
93 Sale 923
4
9512 46
924 98%
1st 530 A..1945 MN 100-. _ 100
100
Ref 5 f 65 ser A
8 100 102
By-Prod Coke
195510
95 Bale 94
9518 20
93
97
4 101
jut Telep & Teleg deb g 430 1052 3 1 9334 Sale 9214
4
9914 103
7
.Cal G & E Corp unit & ref5s_1937 MN 1003 101 993
93 3 J
0
94 384
9214 951s
4
96% 23
Cony deb 434s
12618 Sale 123
Cal Petroleum cony debs f 58 1939 F A 9614 Sale 953
9534 102
12812 5295 10912 131
998 1971 Kansas City Pow at Lt 58_1 32 JI j 1013 Sale 10112 10134
0 8 03
:
1938 M N 10112 Bale 10014 10112 17
Cony deb s f 530
05 A 5
9 7
4
4 1011a 1058
4
1942 A 0 93 Bale 924
93
6
90
971
Camaguey Bug Ist f g 7s
gold 434s series B
99
98 Mar'29
98 10012
98 4 10112 Kansas Gas & Electric 138_ _1952 M
3
Canada BS L let & gen 6s_ 1941 A 0 9814 99% 984 Mar'29
104 Sale 10318 104
32 103 106
Cent Diet Tel 1st 30-yr 5•3_ _ _1943 J D 102 10312 0212 10212 10 10218 10414 Kayser (Julius) & Co deb 530'47 M
132
128 141
Jan'29
904 9812 Keith (13 F) Corp 1st Os__..1946 N S
98% 9812 Feb'29
Cent Foundry lets f fla May 1931 F A
93
93
6
9212 97
1941 MN Hii8 12318 22 Mar'29 _ _ _ 122 1244 Kelly-Bpring/ Tire 8% note/3_193i M N 110 Sale 110
Central Steel ist g 18a
110
15 110 11014
70 Sale 6912
70
29
Kendall Co 534s with wart._ _1948 M
83
68
Certain-teed Prod 5345 A..1948 M
9314 Sale 92
9314 21
92
96 s
5
00
100
1
Co lets!734e'39 M S 96 100
95 100
Keystone Telep Co 1st 5s_ _1935 J
Cespedes Sugar
9312 Nov'28
4
1937 A 0
_ 713 Mar'29
69
Kings County El & P g sa
65
Chic City & Conn Rys 56 Jan 1927 A 0 724
10214 Mar'29
10214 103;
1
1997 A 0 12814
10012 Sale 0012 101
3 10012 103
Purchase money 6a
Cb G L & Coke lstgug 543-1937
12814 12814
1 12814 130
30
1927 F A 8012 Bale 80
81
Kings County Elev 1st g 45 1949 F A 81 -- 8 85 Mar'29
77
11 83
847Chicago Rye 1st .581
80
8.5
1949 F A 78
954 49
Stamped guar 4s
9312 9612
1947 3 J 95 Sale 94
Chile Copper Co deb 58
81
80 Mar'29
7914 82
ss
894 Kings County Lighting 55
1968 A 0 8714 Sale 863
4
874 65
1954 .1 .1 10412 104 4 10412 Mar'29 _- 10412 10514
1st M 4s A
CMG& E
3
First & ref 634s
77
90 Dec'28
11514 120 10418 Mar'29
Clearfield Blt Coal let 4s...-1940 3 J
1954 J
- 11514 1164
1938 F A ioila sole 064 10812 75 105 11934 Kinney ((llt) .13 Co 734% note8•36 J 0 10518 1064 1053
Colon 011 cony deb Os
4 10014
5 10518 10712
9712 9912 Kresge Found'n coll tr 13s
1938 .1 D 108 Sal e 10
974
5
.1 9712 98 9712
1943
0112 Salee 0118 10 1819 1014 104
Colo F & I Co gen s f 58
l
8
9
2 291
8
9312 98 8 Kreuger & Toll 51 with war 1959 M
20
94
Col Indus 1st & coil 5s gU-1934 F A 9312 948 934
4
.
9312 99
9914 102
9734 100
Lackwanna Steel let 55 A.1950 M S 10012 Sale 994 10012 16
1952 M N 984 Bale 98
Columbia G & E deb 5s
99 1021s
_
9712 Mar'29
96 100
97
993 Lace IGas 01St L ref&ext 58_1934 A 0 100 Sale 100
4
1932
Columbus Gas 1st gold 5s
984 101%
1013
4 11
Col & ref 538s aeries C_ _1953 F A 103 Bale 10212 103
91
5
9012 9312
Columbus Ry P & L let430 1957 3 J oolz 911: 9012
a
11 1017 1054
8714
_ 8712 Feb'20
Lehl C & Nay a f 414s A.19543 .1
8712 8712
Commercial Cable 1st g 48-2397 Q
0312 994
3
94
9313
9612 994 Lehigh Valley Coal beta 58..1933 J J 9834 00 984
7
Commercial Credits I 68
Oils 9612 97
1934 M N 97 9834 101
9914
6
9512
3
92
984
Col tr
Registered
94% 92
.1 J
.1 92
534% notes
1935
00
Oct'28
944 20
04 Bale 93%
93 8 9812
5
Comm'l Invest Tr deb 6a
1st.40-yr gull:Arad to 47...1933 J J 0212 9312 97
11148 M
Oct'28
Cony deb 530
9914 486
95 10518
1st & ref s 5a
1949 F A 96 Sale 95
_ 1934 F A 101
-jai- 101
__ 01 Mar'29
Computing-Tab-Bee f 6s 1941 JJ 105 Sale 05
105
7 10434 100
lat 33 ref s f 5s
vas.
1944 F A ---- _8712 9118 Mar'29
_
1st & ref a 165
9614 99
2
91
9311
1954 F A
ConnRy&Llst&reig434.19513 J 9512 9812 9612 Mar'29
91
91
91
9512
let & ref 515e
96
Stamped guar 4Hs
3
9512 99
1964 F A
19513 J
94 Nov'28
90
82
Consul Agrieul Loan 834s_1958 J D 84 Sale 83%
85
1st & ref 5 f
83 8 8712
3
F A ---- 877a 88 Mar'29
NIs
88
904
Consolidated Hydro-Elec Works
Lox Ave & P F 1st gu g 5s_ -.1199734
589
3714 May'28
9312 9412
95
5
15 118 12111
942 973 Liggett & Myers Tobacco 78_1944 A 0 lig dale 118
4
of Upper Wuertemberg 75_1956
120
J
9
Cons Coal ofMd 1st& ref 53.19503 13 69 2 Sale 68%
6912 25
99 103
0218 103
381951F A 101 102
,
censot Gas(N Y)deb 530 1945 F A 10512 Sale 04
: 64
34
10512 77
Carbonic
64 103 Liq uld Cbonic Corp 6s__ _ _1941 F A 11112 114 117 Dec'28
03 7 3
3i
----Consumers Gas of Chic an Si 1936 J D 10012 10212 1003 Mar'29
4
10134 Loew's Inc deb 65 with warr_1941 A 0 11212 Sale 1l0z 11212 67 1101s 1231s
Consumers Power 1st.55
245
10112 21 101 104
Without stock pur warrants_ A 0 9712 Bale 97
98
97 1001s
1952 MN 10112 Bale 101
91 10012 Lombard Elec 1st 75 with war'623 D 973 Bale 973
4
7
Container Corp 1st 65
96
9812
1946 3 D 94 Bale 92
4
97 4 102
8
4
13
15-yr deb 58 with warr
88
85
90
914
Without warrants
7
1943 D 88 Bale 87
944
4
9511
J D 913 94 94
3 108 11314
10812
97 97
Lorillard (P)Co 75
97 Mar'29
Conk Pap & Bag Mills6Hs 1944 F A
RegRegisteredA 0 108 Sale 108
1944 A
_ 117 Apr'28
9912
1
9912
_ _ _ 1950 A 0 100 102
Copenhagen Telep ext
99 10012
8314 10
5
994 103
4
80
5s
103
917
Corn Prod Refg 1st 25-yr sf53'34 M N 10318 ---- 101
4
1951 F A 803 Bale 804
86
12
854
87
1947
D 9712 Bale 95
897s
9712 17
86
95 100
85
Crown Cork & Seal s f 8s
Deb 51411
1003
4 28 10014 104
1951
99 10314 Louisville Gas & El(Ky)5e-19 2 3 N 10012 Sale 10014
100. 101 100%
14
Crown-Willamette Pap 6s
3
1957 M j
10113 26
9218 9012 Feb'29
Louisville Ry let cons
90
9312
3 J 92
2247
New York Bond Record-Concluded-Page 6
BONDS
N. Y. STOCK EXCHANGE
Week Ended Apr. 5.
Price
Friday
Apr. 5.
Week's
Range or
Last Sale.
, •
Zi"'
High No.
Bid
Ask Low
Lower Austrian Hydro El Pow
5
let f 6545
1944F A 8112 Sale 8112
83
12
McCrory Stores Corp deb 5)46'41 J D 0812 99
9814
99
12
Menet! Sugar 1st a!7As__ _1942 A 0 9312 9412 933
4
94
Manhat Ry(NY)cons g 4a..1990 A 0 65 Sale 6478
6514 45
2d 4s
2013.1 D 5912 6312 60 Mar'29
Manila Elec Ry & Lt s f 5s.1953 M S 102 10412 101
6
1013
4
Marlon Steam Shove s f 65_ _1947 A 0 93
94
94
98
Mfrs Tr Co Ws of partic In
A I Namm & Son 1st 6s 1943 J D 10234 Sale 102
4
1023
4
Market St Ry 75 ser A April 1940 Q J 91 Sale 8838
147
92
Meridional El 1st 75
66
1957 A 0 95 Sale 9434
95
Metr Ed 1st & ref 55 ser C.. 1953 J J 1017 Sale 101
6
1017
8
8
Metr West Side El(Chic) 45_1938 F A 7212 74
3
74
7214
'Wag Mill Mach 744 with war_1956 J D 95 102
97 Mar'29
Without warrants
3
87
D 87 Sale 87
Mid-Cont Petrol 1st 6 As_ ._1940 M
105 Feb'29
Midvale Steel 41,0 cony at 5e_ 1936 M S 978 Sale 9712
9814 98
Milw El Ry & Lt ref & ext 4%5'31 .1 .7
2
973
4
9818 9734
1
D 10018 101 100
General & ref 5s series A__1951
100
1st & ref 5s series LI
.54
1961J D 9812 Sale 9814
99
Montana Power 1st 55 A _
10052 24
1943 J J 10012 Sale 100
Deb 55 series A
22
98
98 Sale 9714
MontecatIni M M & Agric-1962
D
9
114
Deb 75 with warrant8
1937
J 112 Sale 112
9412 35
.1 .1 9412 Sale 9378
Without warrants
3
Montreal Tram lst & ref 5s1941 .1 .1
9614
9614
Gen & ref e f 55 series A__1955 A 0
4
963 Mar'29
973 97 Mar'29
Series B
1955 A 0
10
Morris & Co 1st s f 440_1939 J
8614
87
8612 87
8112 Jan'29
90
Mortgage-Bond Co 45 ser 2 1966 A 0 79
1
10-25
9534
983
4
1932 J .1 95 4 97
3
-year 68 series 3
2
4
Murray Body let 6((s
993
1934.1 D 993 101
4
4
993
2
4
Mutual Fuel Gas 1st gu g 65_1947 M N 10212 1033 10213 10212
Mut Un Tel gtd 6s ext at 5% 1941 MN 9818
- 98 Feb'29
Namm (A I) & Son-See Mfrs Tr
8
Nassau Elec guar gold 45_ _1951 J .7 5728 595 58 Mar'29 _ _
1
10114
19423 D 10114 102 10114
Nat Acme Ists f 65
943 302
4
/
1
Nat Dalry Prod deb 5As_ _ _1948 F A 944 Sale 9312
Jan'29
__-- 101
Nat Enam & Stampg 1st as 1929 J D 101
74
15
Nat Radiator deb 61.(s
19471F A 74 Sale 71
Jan'29
98
Nat Starch 20-year deb 55_ _.19303J 96 100
National Tube 1st s1 55_ ..,..1952 M N 10112 102 10114 Mar'29
Newark Consol Gas eons 5s_1948 7 D 10012 10312 103 Mar'29
4 24
4
New England Tel & Tel 55 A 1952 J D 1043 Sale 10438 1043
9812 33
1981 M N 9811 Sale 9713
1st g 4As series B
9414 29
New ON Pub Serv 1st 58 A 1952 A 0 9134 Sale 915
9312 32
D 925 Sale 92
8
1955
First & ref fis series B
__
NY Dock 50
-year lst g 4s 1951 F A ____ 8334 8238 Mar'29
2
8414
1938 A 0
_ 8412 83
Serial 5% notes
N Y Edison 1st dr ref 8 As A_194I A 0 1.1234 Sale 11238 11312 16
13
103
1944 A 0 102 Sale 102
1st lien AC ref 58series 13
4 14
NY Gas El Lt LI &Pr g 56_1948 J D 10313 105 10313 1033
_ 110 Apr'28
Registered
9112
9
Purchase money gold 4s1949 F A 9113 Bale 9113
10258 Oct'27 _ _
NYLE&WC&RR5A5_1942 M N
N Y LE& W Dock & Imp 54)1943 J J 9814 102
98 Mar'29 _
9914 9914 Mar'29
NY&QEIL&Plstg 5s__1930 F A 98
Jan'29 _
Y Rye let It E & ref 4s_ _1942 J .1
56
56.. 5614 Mar'29 _
Certificates of deposit
_
-year acH Inc Sa.._ _Jan 1942 A 0
80
2513 10
234 Mar'29
3 Jan'29 _ _ _ _
2
9
Certificates of deposit
- N Y Rys Corp Inc 6s. ______-Apr 20 Sale 20
.Jan 1965 23
21
Prior lien &leerier; A
1965.3 .1 8313 8412 8412
4
85
NY & Mehra Gas 1st 6s A 1951 M N
105 10512 Mar'29
NY State Rys lst cons 4 As_ 1962 MN 4312 Sale 43
4312 23
lat cons6 As series 13
55
55
55
1962 MN 50
1
N Y Steam let 25-yr 6s ser A 1947 MN 1043 105 10414 10512 19
4
N Y Telco 1st & gen s 14)4s_ 1939 M N 99 Sale 9734
99
/ 59
1
4
30
-year deben f 68_ _Feb 1949 F A 11013 Sale 110
11028 38
20
-year refunding gold 65.1941 A 0 10814 Sale 10514 10814 82
N Y Trap Rock lst (Ss
1946.1 D 99 Sale 99
9912 25
Niagara Falls Power 1st 55_ _1932 J J 101 Sale 100
9
10212
Ref & gen 66
Jan 1932 AG 102 104 102 Mar'29
10112
Niag Lock & 0 Pr 1st 55 A_ _1955 A 0 10114 10212 101
9
Norddeutsche Lloyd (Bremen)
913
4 24
20
-year s f 85
1947 M N 92 Sale 90
71
7
Nor Amer Com deb 810 A 1940 M S 69
70 70
8 1007
8 65
4
NO Am Edison deb Meer A _ _1957 M 8 993 Sale 995
1005 130
8
Deb 5 As ser B_ _ _ _Aug 15 1963 F A 10014 Sale 100
Nor Ohio Tree & Light &L....1947 M S 102 1023 10111 10212 10
4
4
Nor States Pow 25-yr 55 A _1941 A 0 1003 Sale 10012 10112 40
1047
8
8
8
1st 64 ref 6-yr 435 series IL _1941 A 0 1047 Sale 104
4
North W T lst fd g 4 As gtd_1934 J J 973 98
4
/ 973 Feb'29
1
4
Norweg Hydro-El Nit 5)48_1957 MN 89 Sale 89
/
1
4
/
1
4
9014 18
2
113
Ohio Public Service 734e A _ _1946 A 0 113 Sale 112
1.t& ref 75 series B
1
/
1
4
1947 F A 11012 111 11034 110
8
Ohio River Edison let 138_ _ _1948 J .1 105 10612 1053
/
4
4 1061
/
1
4
Old Ben Coal let fis
2
90
1944 F A 90 Sale 8913
Ontario Power N F tel 55_1943 F A 99 100
99
5
99
Ontario Transmission 1st 55_1945 M N 9914 Sale 9914
9914
Oriental Bevel guar 65
1953 M S 9514 Sale 9518
9612 22
Ext1 deb 5 As int ctfs
1958 MN 8618 Sale 8618
867
8 42
Oslo Gas & El Wks extl 55._1963 M S 9114 9112 9114
9112 18
604s
1948
100 Nov'28
Otis Steel let M 6s see A_
1941 M 5 11301 gale 100
4
50
101
Pacific Gas & El gen & ref 5s 1942 J J 1003 Sale 100
101
4
34
Pao Pow & Lt 1st A ref 20-yr 5530 F A 995 Sale 991
/
10014
3
Pacific Tel & Tel 1st 53
1937 J J 100 Sale 100
10018
9
Ref mtge 5s series A
1952 MN 102 10212 10112 102
6
Pan-Amer P & T cony s f 65_1934 MN 105 Sale 105
10512 31
1st lien cony 10-yr 75
1930 F A 10412 1043 1043
4 1043
4
1
4
Pan-Am Pet Co(of Cal)conv 65'40 J D 9512 Sale 95
9512 38
Paramount-Wway 15t 5 As_ _ 1951 .1 .7 1013 102 10114 1017
4
5
8
Paramount-Fam's-Lasky 68.1947 .1 D 985 Sale 9834
8
993
4 84
Park-Lea 1st leasehold 8 A5.1953 J J 8512 93
9212
9212
1
Pat& Passaic & El cons ta 1949 M 5 _
Jan'29
1037 105
8
Pathe Each deb 714 with warr 1937 M N 7823 Sale 7812
7912 24
Penn-Dixie Cement us A _ _ _ _1941 M S 92 Sale 913
4
9212
5
Poop Gas & C lst cons g 65._1943 A 0 11112 113 11112 113
5
Refunding gold 58
1947 hi S 103 101 104
10412 18
Registered
M S
102 Nov'28
Philadelphia Co see 58 ser A _1967 J D 9713 Sale 9612
9712 152
Phila Elm Co ist 4 As
1967 MN 981 Sale 9812
/
4
9812 30
Phila & Reading C & I ref 55_1973 J
9112 93 923
4
1
923
4
1939 J D 91 Sale 905
Phillips Petrol deb 541s
8
01
49
Pierce-Arrow Mot Car deb 851943 M S 106 1065 106
8
8
1061s
at 8s_ _Dec 15 1931 J D 106 107 107
Pierce 011 deb
107
2
4
Pillsbury Fl Mills 20-yr 65_1943 A 0 1033 Sale 102A
105
57
Pirelli Co(Italy) cony 75 ..._ _1952 M N 12412 Sale 125
128
48
Pocah Con Collieries 1st a 1551957 .1 J 9412
9412 Mar'29
Port Arthur Can Jr Dk 85 A_1953 F A 97 16l7g 10434 Mar'29
1953 F A 97 10413 10558 Mar'29
let M 65 series B
Portland Elec Pow lst 6s B._1947 MN 100 Sale 100
102
18
Portland Gen Elec let 5s___ _1935 J J 9712
1
99 4
,
993
4
Portland Ity 1st & ref 5s _ _ _1930 M N 97 Sale 9612
9
9712
9812
8
Portland IV L & P 1st ref 55_1942 F A 965 9812 9612
5
_ _1947 M N 100 Sale 100
1st lien & ref 65 series B_
5
100
1st lien & ref 7345 series A _1946 M N 107 Sale 107
107
8
Porto Rican Am Tob cony 6s 1942.3 .1 10012 Sale 100
10112 87
4
Postal Teleg & Cable coil 58.1953.1 J 913 Sale 803
4
913 171
4
Pressed Steel Car cony g 5s_ 1933 J .1 9614 9714 98
97
46
Prod & Role f 80(with war).1931 J D 11114
- 111 Mar'29
108 166 10912 Mar'29
- 12
Without warrants attached__ J
178
Pub fiery Corp N J deb 4748_1948 F A 170
178
1
Pub Serv El& Gas 1st & ref Ea '65 J D 10212 Sale 10134 10212
8
/
4
9812 75
151 & ref 434s
1997.1 D 9314 Sale 971
76
78
77
Punta Alegre Sugar deb 7s_.1937.1
4
7612
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Apr. 5.
Price
Friday
Apr. 5,
Week's
Range or
Last Sale.
Mob No.
Bid
Ask Low
97 3
4 56
1937 F A 973 Sale 97
4
Pure Oil s f 5A% notes
901
6
4
4
Purity Bakeries s f deb 55_ _ _1948J .7 893 9013 893
13
99
Remington Arms Os
1937 M N 9714 Sale 9714
64
94
Rem Rand deb 534s with war '47 M N 9334 Sale 9314
Repub I & 5 10-30-yr 585 1_1940 A () 10158 Sale 10118 10134 14
14
102
Ref & gen 534s series A...1953 J J 102 Sale 101
13
102
10212 Sale 10114
Reinelbe Union 78 with war.1946 J
33
95
8
Without stk purch war_ _1946 J J 947 Sale 9412
S 9812 Sale 9712
9
9812
Rhine-Main-Danube 7s A_ _ _1950
102 105
1007
8 19
/
1
Rhine-Westphalia Elec Pow 75'50 MN 1004 Sale 100
10
90
1,7852 MN 90 Sale 89
1 9 3
80
975
8
Direct mtge 43s
FA 933 Sale 9212
933
4 18
93
4
Cons m 65 of 1928
9712
94
4
993 103
4
1955 FA 9313 Sale 9312
Riots Steel 1st at 75
1
72
8014 Rochester Gas& El 7s ser B _1946 MS 10713 98
0712 10713.
1948 MS 104 10612 107 Mar'29
93 4 983
3
Gen mtge 5 As seriese
2
9918 Mar'29 - 1977 M S 9912
86
9412
Gen mtge 434a series D
_
N 90
104 10514 Roch & Pitts C&Ipm 5s..1946
_ 90 Dec'28
7
953
4
1937 MN 94 16 9512
97 10018 St Jos Sty Lt& Pr 1st 5s..
9713 9918 St Joseph Stk Yds 1st 4As_ _1930 ii
99 Feb'29
4
100 103
70
664
/
1
St L Rock Mt& P 5s stmpd_1955 J J 6414 71
1
94
973 10114 St Paul City Cable cons 55_ _1937 J J 94
4
9714 94
8
9912 104
San Antonio Pub Serv Set 65_1952 J J 10212 103 10212 103
9714 28
97 101
Saxon Pub Wks(Germany)is'45 FA 9614 Sale 96
9
N 921 Sale 92
1951
9313
Gen ref guar 61is
/
4
schtue0 co guar6 As
112 127
I _
1946
10014 104) Mar'29 _
1946 AO 56
93
95
Guar s f 6 As series B
98543 99 Mar'29
9614 993 Sharon Steel Hoop s f 5145_1948 MN 9512 955 953
s
5
3
9552
8
4 49
1952 MN 94 Sale 94
963 963 Shell Pipe Lines f deb 5a
4
943
4
98
/ 85
1
4
1947 MN 9514 Sale 9412
97
9814 Shell Union 011 s f deb 5e
6
8512
8614 8812 Shinyetau El Pow 1st 6)15..1952 Jo
854
/
1
8112 8112 Shubert Theatre 68_June 15 1942 J
843
4 38
8214 Sale 8214
953 9712 Siemens f 6Irske s f 7s
4
9
1935'.1 97 Sale 993
D
& 8
4 100
1951 MS 104 Sale 103
993 102
4
39
104
10212 104
33
St 634e allot ctfs 50% pd__'51 M S
104
103
98
98
Sierra & San Fran Power 55.1949 FA 98 Sale 9714
9734 26
Silesia Elec Corp e 10 As_._.1946 FA
85 Mar'29
55
64
1941 FA 97 Sale 97
Silesian-Am Exp coil tr 7s
22
97
1011 10214 Simms Petrol6% notes
/
4
1929 MN 99
9913 99 Feb'29
9312 97
-year 75_1937 MS 102 Sale 10112 10212 110
/ Sinclair Cons Oil 15
1
4
101 101
1938
1st lien roil 6s series D__ _1930 MS 9914 Sale 9812
9914 34
Jo 9918 Sale 99
70
/ 8214
1
4
1st lien 6)4s series D
9912 40
98
98
1932
Sincalir Crude Oil 534a ser A _1948 J J 96 Sale 95
64
96
/
1
4
10452 Sinclair Pipe Line f 5s
AO 93 Sale 93
/
1
4
10034
33
94
10012 10313 Skelly Oil deb 5Sis
1939 MS 9234 Sale 9212
932. 37
N 997 Sale 997
104 107
8
Smith (A 0) Corp 1518348-1933
8 10112 14
97 10014 South Porto Rico Sugar 78_ _1941 JO 105 Sale 105
105
9158 9834 South BellTel & Tel 1sts f 551941 '.1 102 Sale 101
10
102
9014 9613 Southern Cob Power 642 A 1947.13 102 Sale 102
10214 16
813 873 S'west Bell Tel let & ref 55_ _1954 FA 10218 Sale 102
4
4
6
10218
N 973
90
83
1943
4
_ 9712 Mar'29
Spring Val Water (etc 5s
11238 1153 Standard hinting 1st 55
4
1930 MN 983 Sale 983
4
3
4 100
102 105
194.5 MS 100 102 102
1
1st & ref 5345
102
19312 10712 Stand 01101 NJ deb As Dec 15'46 PA 102 Sale 100 4 102
167
3
9612 124
Stand 011 01 N Y deb 434s_ _1951 JO 9618 Sale 9534
-5113 94 Stevens Hotel 15165 series A_1945 J J 98 Sale 9738 9812 18
9
/
1
4
2
13
93
Sug.ir Estates (Oriente) 75_ 1942 MS 92 Sale 92
FA
-55- 98 Superior Oil isle 175
100 Nov'28
9014 10018 Syracuse Lighting 1st g 5s_ _ _1951 JO iC6i2
_ 107 Mar'29
66
56
Tenn Coal Iron & RR gen 5E1551 3" 102 103 102 Mar'29
58
58
1941 AO 102 Sale 102
7
1021s
Tenn Cop & Chem deb 6s
/
1
4
2
511 2541 Tennessee Elec Pow 1st 6s 1947.10 104 Sale 10412 10512 40
2
3 Third Ave 1st ref 45
1960 .1.1 60 Sale 60
611 17
/
4
96
0
18
2412
55
57
67
5512
57
Ad)Inc 5s tax-ex N Y Jan 1,37 A
J J 94
84
87
_
95 4 9.5 Mar'29
3
Third Ave Ry 1st g 58
10518 108
1955 MS 9634 Sale 96
9
98
Toho Elec Pow 1st 75
42
54
9952 22
9914 995 99
/
1
4
3
6% gold notes--_ _July 15 1929 .1
55
70
Tokyo Elec Light Co. Ltd-_ _ _ _
10414 1071
1953 J
4
9014 74
1st 65 dollar series
8934 Sale 8934
973 101
4
1
9914
4
Toledo Tr L & P 5A% notes 1930 J .7 993 Sale 9914
110 1113 Transcont Oil 634s with war 1938 J
8
99 Sale 98
/
1
4
94
100
10514 10812 Trenton 0 & El let g 5s_ _1949 M S 10112 10412 1044 June'28
/
1
99 101
9
9713
Truax-Traer Coal cony 6;45_1943 51 N 9512 9712 96
100 10234 Trumbull Steel lst sf 63_ _ _ _1940 MN 10212 103 10214 103
21
101 10318 Twenty-third St Ry ref 55_1962 J .7 _65 58 Mar'29
9712
101 10412 Tyrol Hydro-Elec Pow 7 As-1955 M N Sirs ss
98
10
91
1952 F A 89
9
89
8934
Guar sec s f 7s_.
90
94
1945 M 8 961 Sale 9638
8
977
1
Ujigawa El Pow 8178
8
80
70
95 Mar'28
/
1
4
Undergr'd of London 43.45_1933 J .1
99 102
/
1
4
- 100 101
ioo25
Union Elec Lt & Pr(Mo)5.1_1932 M
99 10178
1933 M N
1
10034 100 4
3
61-20
Ref & ext 5s
10013 10314 UnEL&P(II1) lstg 5 Asser A_'54 J .1 10114 10214 101
2
101
9814 1013 Union Elev Ry (Chic) 55_ _ _1945 A 0
4
1
85
8612 85
104 10613 Union 011 ist lien I 5.9
15313 J 16112 _
10113 Mar'29
973 1053
4
4
30-yr 65 series A._ _ May 1942 F A 107 Sale 107
5
107
9212
89
98
/ 973 9714
1
4
1st lien s f 5s series C _Feb 1935 A 0 97
4
11013 11312 United Biscuit of Am deb 65.1042 1st N 9812 Sale 98
99
3
109 11512 United Drug 25-yr 5s
/
1
4
1953 NI S 9412 Sale 9412
108
98
105 107
United Rys St L Ist g 45_ _ _1934 J .1 8314 84
8312
8312 22
91
99
1937 M N 9813 Sale 9812
United SS Co 15-yr 68
8
98A
99 102
85
32
8412 84
Un Steel Works Corp 8 As A_1951 J D 84
9914 103
J D 8414 Sale 84
With stock pur warrants
8412 23
95
99
89
/ 8714
1
4
Series C without warrants J D 86
2
8714
85 4 90
3
With stock put warrants J D 8714 Sale 8714
1
8714
91
9314 United Steel Wks of Burbach
_
Esch-Dudelange s f 7s_ _ _ _1951 A 0 103 105 10314 10518
7
100 10312 US Rubber 1st& ref 55 ser A 1047 J .1 9012 Sale 8912
90
/ 134
1
4
99 10212
10-yr 734% secured notes.1930 F A 10048 Sale 100
10012 54
9814 10014 US Steel Corp(Coupon Apr 1963 MN 108 Sale 10734 10814 95
100 10314
6
4
of 10-60-yr 5s1Regis_ _Apr 1963 MN 1063 Sale 1064 10714
/
1
10114 1055 Universal Pipe & Rad deb 65 1936 J D 87
8
2
87
/
1
4
873 874
4
10213 106
Utah Lt & Trac 1st & ref 55_ _1944 A 0 93 Sale 9234
9318 33
10234 1043 Utah Power & Lt 1st 58
995
.
4
1944 F A 9714 9812 971/4
21
_ 104 Feb'29
92
9718 Utica Elec LA Platef g 55..1950J J 10214
10012 10212 Utica Gas & Elec ref & ext 5s 1957 J .1 106 We 108
9
10618
981 1003 Utilities Power & Light 5;48_1947 J D 924 Sale 92
/
4
4
36
93
/
1
91
9513 Vertientes Sugar 1st ref 75..1942 J D 9212 Sale 9112
927
s 46
102 105
5
Victor Fuel Ists f 5s
1953 J J 3812 Sale 3812
3812
84
78
Vs. Iron Coal & Coke 1st g 55 1949 M S 74
74 Mar'29
79
91
9714 Va Ry & Pow 1st & ref 5s._1934 J .1 983 983 9812
13
99
8
4
11112 113
10
99
Walworth deb 0348(with war)'35 A 0 98
9814
99
104 1053
4
5
90
/
4
1st sink fund 6s series A __ _1945 A 0 90 Sale 891
3
106
Warner Sugar Refin 1st 7s..1941 .7 D 106 Sale 108
-56i2 166- Warner Sugar Corp 1st 76_ _ _1939 J J
_ 8312 84 Mar'29
98 10013 Wash Water Power s f 5e_ _ _1939 J
101 Mar'29 _
ioi
89
/ 94
1
4
5
Westches Ltg g 58stmpd gtd 19503 D 104
_ 10334 10328
8912 94
101
4
West Penn Power ser A 55_1946 M S 101 162 101
106 10712
/
1
4
5
8
let 5.9 series E
1963 M S 1027 Sale 10218 102
106 107
3
/ 10512
1
4
1st 534s series F
1953 A 0 105 10512 104
102 105
6
1st sec 5.s series0
1956 .1 D 10218 103 10218 10218
119 15412 West Va C &C lat tis
2612
27
6
19503 .1 2612 29
9412 95
8 50
Western Electric deb 5s
1944 A 0 102 Sale 10112 1023
104 1053 Western Union coil tr cur 58.1938 J .1 1017 103 10212 10312
4
8
5
1033 111534
4
1
Fun ear reals g 4 Ati....._1950 M N 953 9612 053
18_ yd & oi eet
4
4
95 4
,
100 10314
34
1936 F A 10814 Sale 10714 109
993 102
4
3
4 1004 66
1951 J D 100 4 Sale 993
25
-year gold 5s
/
1
96
99
10434 Feb'29
West'h'se E & NI 20-yr g ls., 194084 S
98
9914 Westphalia Un El Pow 624_1953
J 84 Sale 8312
8414 25
100 10212 Wheeling Steel Corp 1st 5448 1948.3 J 99 Sale 99
993
4 13
107 1071g White Eagle Oil& Ref deb 5345'37
100 107
1023
With stock porch warrants...._ M S 102 Sale 102
4 14
89
95
1194 128 Feb'29
/
1
WhlteSewMach6s(wltbwar)'SOJ J
93 8 99
5
6
/
1
4
9478
94
/ 94
1
4
Without warrants
111 111
1940 M N 9412 Sale 9413
11
95
Pattie f deb 85
10912 11212 Wickwire Spen St'l 1st 75.-1935 3 J 43 Sale 42
12
42
172 20814 Wickwire Sp St'l Co 75...Jan 1935 MN 42
11
44
40A
43
101 10512 Willy's-Overland 51 6 As_
1933 M S 10112 Sale 10112 102
12
9718 99
/ Wilson & Co 1st 25-yr s f 6s_ _1941 A 0 100 4 Sale 10014
1
4
46
3
101
76
88
6
Winchester Repeat Arms 7;0'41 A 0 10713 Sale 10712 1075
8
VroingStown Shnet Ar Tube 5,41978 J .7 100
10014 140
Sale 993
4
Low
High
81
87
/
1
4
98
9914
93 4 10012
3
64
/ 68
1
4
60 8
5
59
9718 10412
94
9912
Rdisse
Since
Jan. 1,
Low
HOB
96 1001
/
1
4
4
893 95
4
9714 101
9314 9514
101 103
14
5s
101 103
10114 10412
98
94
97A 1023
4
100 102
8712 934
8
90
98
/
1
4
91
96
10712 110
106 107
9918 10011
-9513
9814
99
99
667 77
8
94
92
10112 106
98 10018
941
/
4
92
99 101
/
1
4
9814 101
9412 9714
94
97
944 987
4
85
94
82
9114
9974 106
102 108
101 106
9644 101
89
85
97 09
99 100
1011: 10312
9812 100
99 1013
4
94
/ 9774
1
4
93 95
92
93 4
7
99 1037
/
1
4
4
102 107
101 10414
10118 10414
10112 10514
9712 9712
983 1014
4
/
1
102 105
10934 103
/
1
2
9512 98
96A 100
90
98
151 16i101A 10312
102 114
1041 107
5812 541
55
94 4
3
944 97
14
96
99
14
9814 NW
8914 911s
99t4 19014
96 104,
14
96
102
58
9714
$9
96 s
3
1031j
103
14
92
991
:
9212
100
166- ficisi
los 101%
lows 104
93
87
11
10112 10128
107 1091g
97 1015s
98 10014
94A 97
14
82
8414
97 8 100
7
84
9013
84
92
8512 9014
89 4
1
86
103 108
88
92 4
3
100 102
/
1
4
107 10912
4
1063 10713
853 90
4
9234 9812
973 101
8
104 104%
104.4 107
3
98
92
9016 973
4
3414 40
74
82
9712 10011
91 103
93
88
108 107
83 8 8534
3
100 10252
1023 10512
3
100 4 104
3
10178 105
10312 10512
10134 104 4
3
25
3314
10112 103 4
3
102 104 4
/
1
4
3
95
9914
107 111
993 10312
4
10414 105
8212 90
99 102
9914 1057
2
125 130
941 9912
/
4
9412 10012
42
5012
4053 60
1
101 102 1
100 1031i
10712 108
9934 101
2248
FINANCIAL CHRONICLE
[VOL. 128.
Outside Stock Exchanges
Boston Stock Exchange.
-Record of transactions at
the Boston Stock Exchange, Mar.30 to April 5, both inclusive, compiled from official sales lists:
Stocks
Friday
Sales
Last Week's Range for
Of Prices.
Sale
Week.
Par. Price. Low. High. Shares.
Railroad
100
Boston & Albany
100
Barton Elevated
100
Preferred
100
1st preferred
100
2d preferred
BOSSOn & Maine
Ser A let pref unstpd-100
Ser B let pf unstpd-100
Ser C let pf unstpd-100
100
Preferred stPd
Prior preferred stpd 100
-100
Ser A let pfd Mod
Ser"B"let pfdstpd 100
Ser C lot prof stpd 10P
Ser D 1st pref stpd-100
Negot receipts 85% Paid
Boston &Providence_100
Chic Jet Ity & U S Y pf 100
East Mass St RY CO
100
lot preferred
100
Preferred B
100
Adjustment
100
Maine Central
100
Preferred
NYNH& Hartford-100
Northern New Hamp100
Norwich & Worcester p1100
50
Pennsylvania RR
100
Prov & Worcester
High.
140
5
70
103
175
80
10
24
52
10
52
32
94
113
152
90
110
8131
129
111
180
107
199
10755
Feb
Mar
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Mar
Feb 72
Feb 70
Max 564
Jan 76
Apr 84
Mar 9874
Apr 115
Mar 134
Mar 824
Jan 185
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Feb
224
70
4334
29
20
75
331
2331
22331
24
105
104
94
78,4
8835
120
47)1
1531
13
634
Mar
Jan
Mar
Feb
Jan
Jan
Mar
Mar
Apr
Jan
Apr
Jan
Jan
Mar
Jan
Mar
Jan
Jan
Feb
Jan
Apr
Feb
Jan
Mar
Apr
Mar
Jan
Jan
Jan
Jan
Feb
70
1Q8
98
88
107
107
74
116
102
102
14735 14731
104
18141
107
107
72
108
100
8854
107
75
118
10255
148
10411
18145
107
65
85
63
65
50
50
66
69
804 8234
905 864 9051
105
105 105
12631 12631
7451 7655
76
18031 18054 18031
525
95
42
50
25
165
525
991
4,189
1,115
826
20
200
100
1,590
76
691
585
455
300
335
980
345
42
1,100
40
644
1,578
150
62
20
214
2851
41
5031
29
49
17031
32
Mar
Feb
Mar
Mar
Mar
Mar
Mar
Jan
Apr
Mar
Jan
Jan
Jan
Jan
934 9354
100 93
Mar
2051 2431 27,000 184 Mar
1451 1455 3,760 1434 Feb
2634 2751
250 2531 Mar
2154 2151
250 21
Mar
28
2831
300 28
Mar
4051 43
3.550 36
Jan
4754 5051 2,400 4551 Mar
5131 53
850 50
Mar
274 29
2,800 27
Feb
47
50
1,350 45
Mar
167 177
8,900 13131 Jan
32
3231
900 32
Mar
42
44
350 41
Mar
76
77
150 7445;Mar
3634 3634
150 36
mar
18
19
500 18
Mar
82
86
500 78
mar
114 1254 81,050 98
Mar
30
31
3,150 2751 Mar
10755 116
52,100 9455 Mar
10135 102
400 10135 Apr
3834 3731
950 29
Mar
234 25
300 234 Mar
23
2331
300 22
Mar
11
1231 3,200
8
Feb
26
28
1,050 25
Mar
25
27
1,400 24
Mar
46
48
700 45
Mar
29
313
650 284 Mar
49
50
500 4854 Mar
3034 3134 5,800 2734 Mar
40
42
800 36
Mar
1931 20
450 19
Feb
70
72
2,200 88
Mar
50
5375 1,900 4331 Mar
22
22
100 22
Apr
9634 98
200 94
Mar
MM
5001
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Feb
Mar
Feb
Apr
Jan
Mar
Jan
Jan
Apr
Mar
vae
M
600 35
850 94
500 100
700 4834
600 60
800
154
200 18
4,400 18
7,100 65
50 1431
100 984
100
24
3,450 2631
965 209
500 35
200 28
1,650 27
V/OMMagM.V.04QC.VMM.OWA
Mum.C..m. M.O.S.OmA
M
434 44
98
9855
102 10331
4834 50
50
51
235 231
24
25
25
2531
605 6634
1455 1454
9851 100
4
4
274 284
245 250
42
40
2951
28
32
30
High.
MMMXMM
Backstay Welt Co corn _ __• 42
Balaban & Katz v t c__ _25
Bastian-Blessing Co corn.*
Baxter Laundries Ino A' 1831
Beatrice Creamery com_50 86
Bendix Corn Class B new5 1204
Binks Mfg Co el A cony pf• 31
sorg-Warner Corp corn _10 11354
7% preferred
100
Borin Vivitone Corp prof • 37
Brach & Sons(E J) corn__' 2431
Bright Star Elea "A"........'
Class B
• 12
Brown Fence & Wire cl A _• 27
Class"13"
•
Brown Mfg Co
10 47
Bulova Watch Co com___• 29
• 49
$3.4 Preferred
Busier Brothers
20 31
Cam pb Wyant& Can Fdy• 41
Canal Constr Co cony pf_• 20
Castle & Co(AM)corn _10 7051
CeCo Mfg Co Ino coin --* 5131
Cent Dairy Prod Corp A pf•
Central III Pub Berv pref_'
Cent Pub Ser (Del)
Class"A"
• 44
Central SW Util Prat
•
•
Prior lien. pref
Chain Belt Co corn
• 4831
Cherry Burrell Corp corn..' 504
Chic City & C Ry par oh- •
Preferred
• 24
Chicago Corp corn
• 254
Units
• cm
Chicago Elee Mfg A
•
Chic Rap Trans pr pf A 100
Chic Rys part ett set 2..100
Club Alum Uten Co
• 28
Commonwealtb Edison-100 24531
Commonw UM Corp B. •
Community Tel Co cum pt• 28
Construction /Material_ _• 31.4
.
'
Low.
39
83/4
38
1754
344
1454
294
4954
39
79
22
24
6
9951
MMMM
600. Mar
2
Feb
534 Jan
58 'Apr
804 Mar
Mar
38
23
1451
3,550
485
900
850
1.150
800
6,200
5,150
100
50
400
160
50
250
MM
Jan
Jan
Mar
Jan
Mar
Jan
3934 41
8955 9034
38
3851
19
21
37
3831
16
17
36
4035
6055 6551
39
39
80
80
2535 254 27
274 27
2754
9
9
102
101 102
MM
250.
1
3)(
6034
42
34
41
8934
3851
19
38
1635
40
65
39
MMM
250
250
765
1,533
1,070
200
Apr 954 Jan
Feb 102
Jan
Apr 16455 Jan
Jan
Feb 52
Mar 3531 Jan
Apr 109 War
Apr 1731 Jan
Abbott Laboratories com.•
arms Steel Co
25
Adams (J D) Mfg oom___•
Adams Royalty Co corn__'
Ainsworth Mfg Corp com10
All-Amer Mohawk "A"--5
Allied Motor Ind Inc corn _•
Allied Products "A"......•
A Itorfer Bros,con pfd _.....•
Amer Com Ale Corp corn.*
Amer Commw Pow "A"_.
Class"B"
•
Warrants
Amer Pub Serv pre:_100
Amer Pub Utll Co
Participating pref_100
Amer Radio & Tel St Corp*
American Service Co.core•
Am States Pub Ser A corn _•
Amer Yvette Co Inc cora •
•
Preferred
Art Metal Wks Ina Corn..'
AarAC Appar Ind Inc com_•
Assoc Investment Co_ •
Assoc Tel Util Co corn.....'
Atlas Stores Corp corn _•
Auburn Auto Co coal_ _•
AutomatWasherCo eon pf
•
Range Since Jan. 1.
MM
263 8435
24 100
388 140
5 49
10 27
32 107
B
55
Jan
17
335( Jan
12631 Jan
184 Feb
4214 Apr
47
Jan
126
Feb
3551 Feb
2834 Mar
5231 Jan
Jan
108
Jan
33
1024 Feb
93)4 Feb
1331 Jan
Jan
13
Apr
164
Mar
81
15
Jan
55' Jan
40
Jan
64 Jan
Apr
43
Mar
98
9935 Feb
1044 Jan
156
Feb
Jan
19
10
Feb
3551 Jan
33
Jan
25
Jan
1851 Mar
134 Mar
3631 Feb
Mar
26
Jan
37
13955 Jan
Jan
84
174 Feb
24
Mar
34
Feb
106
Feb
3731 Mar
Jan
87
314 Jan
4154 Jan
Apr
44
2754 Mar
11151 Mar
7755 Jan
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices
Week.
Par Price. Low. High, Shares.
Mo000MMI..MMOMWVOt-n.QWe...0
,
40MM
.0X.OMOmM.00MNM.MMWM.-0.0M1 00.00
,
16
Mar
20
Apr
11141 Mar
1255 Jan
39
Jan
434 Apr
110
Jan
30
Mar
21
Feb
Apr
37
97
Apr
2631 Apr
8731 Apr
93
Jan
11
Mar
11
Apr
128/4 Jan
Mar
76
1251 Apr
351 Mar
Apr
28
6
Mar
36
Feb
92
Jan
96
Mar
10051 Apr
144
Jan
1554 Apr
8
Feb
Apr
25
2834 Mar
18
Feb
1734 Mar
131 Mar
28
Mar
2334 Jan
304 Mar
127
Apr
72
Mar
Jan
8
1851 Jan
2935 Jan
Apr
104
25
Mar
744 Mar
Jan
31
Jan
39
4254 iAPr
Apr
24
Jan
100
Feb
68
10831
48
10235
1751
27
351
4951
27
6151
19
Chicago Stock Exchange.-Rocord of transactions
at
Chicago Stock Exchange Mar.30 to April 5, both inclusive,
compiled from official sales lists:
M M
so
30
3,035
2,320
260
212
1,557
5,120
375
687
105
2,261
1,960
720
120
1,355
350
1,141
218
Mar
Mar
Feb
Mar
Mar
Apr
Jan
Jan
Jan
Mar
Jan
Feb
Jan
Apr
Mar
Feb
Apr
Jan
Apr
Feb
Jan
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Mar
Apr
Apr
MIMM
165
1,430
331
1,235
220
320
230
10
265
1,149
150
95
620
5
134
1,220
24,641
439
4,294
264
340
492
1,690
40
20
15
267
660
7
95
1,073
5
18
61
40
2351
16
70
234
1535
193
163.4
95
1004
924
7051
6451
105
OH
13)4
951
4
24
99
4554
99
12
224
280
3955
21
50
14
M
5731
514
50o
500
151 151
4
451
53
58
50)1 5335
3555 3531
65
62
50
62
8034
824
5 105
5 125
681 724
26 180
10
25
15
45
55
895
Apr
Apr
Mar
Jan
Apr
Apr
Mar
Mar
Apr
Apr
Apr
Jan
Ce-CMNOt-VOMV.M
pM.MOINv.us,Mt-OM
50e
70
108
98
88
107
74
116
101
14731
104
1814
104
21,1:u9Iptutu2 gutItilltSig: 1g325532M121z0421%51:15
70
148
149
M
...m.oclonwmeo.v.m
Jan
Jan
Jan
Jan
Jan
VCOVN,M10t,
"000mm.0
102 1744 Mar 182
Apr 8841
544 82
86 964 Mar 101
50 110
Jan 114
284 100
Mar 108
1111
Low.
175
175 1764
:83
82
83
9651 9855 9935
110 111
103
100 103
Miscellaneous
18
18
19
Air Investors Ine
Amer Cities Pr Lt Corp 50
6334 6331
40
40
Class A
40
2451 2435
Class B
American Brick Co
17
17
724 70
Amer.& Gen See Corn73
334
Amer Pneumatic Service 25
351 851
25 2054 2034 2131
Preferred
100 22034 21834 22351
Amer Tel & Tel
• 1754 1651 1755
Amoskeag Mfg Co
Bigelow-Hartf Carpel
104
10351 105
100
Preferred
102 10251
9331 93
Brown & Co
9331
7031 704 704
Capital Admin Co Ltd
68
7134
Columbia Graph'n
Continental Securities Corp
108 110
Credit Alliance Corp el A _ _ 42
4034 4234
15
Crown Cork & Seal Co.Ltd 15
1554
Dixie Gas & Utll Co
9/1 955
10
431 441
East Boston Land
34
34 4
Eastern Manufacturing --5
1024 106
ganarn BS Lines Inc....._20 105
46
•
Preferred
47
100
10131 10231
las preferred
1534 174
Eastern Utility Inv Corti-- 17
z23
Economy Grocery Stores'
2331
100 303
300 310
Edison Elea Ilium
4054 4054 414
Erapl Grout) A19100
_IGO
Galv-Houston Elec
2255 24
100
50
Preferred
53
14
General Alloys Co
1654
Georgian Inc (The)
20 1634 1651 1631
Preferred class A
• 23
20
23
GUeluist Co
11131 11234
Gillette Safety Rasor Co' 112
1454 1634
Greenfield Tap & Die---25
41
4235
Greif Coop'se Corp el A
Hathaways Bakeries Marra 4334 4354 44
123
120 125
Preferred
30
30
Class B
2144 24
•
Hood Rubber
39
37
43
Hygrade Lamp Co
101
97 101
Preferred
10 2854 2854 29
Insurance See Inc
International Com..
6731 72%
93
93
Kidder Peab accep A pf 100
11
1131
Libby McNeill & L1bby_10 11
11
25 11
1155
Loew's Theatres
Massachusetts Gas Co_100 16351 15634 164
100 76% 7635 78
Preferred
Mass Utilities Ass, com__ 1234 1254 12)1
331
10
331 354
National Leather
29
28
as
Nail Manuf Stores Corp
5
5
NatService Co
-----40
43
New Engl Equity Corp_
98
100 98
98
Preferred
98
98
New Eng Public Service- •
10035 10234
New Engl Pub fiery pr pfd'
New Eng Tel & Tel--10q 14751 147 149
- 14/4 1454 1441
North Amer Aviation Inc
8
8
100
North Texas Elec
25
26
100 25
Preferred
3055
100 3055 30
Pacific MUls
1851 1851
Plant (Thor; 6). 1st p1-100
1734 1731
Reece But Hole Ni Co.-.10
134 131
Reece Folding Mach-_10
3035 32
Reliance ManagementCorti 31
Shawmut Ass'n Con Stk__- 244 2354 2451
Eiter See Corp pf allot offs
- 3351 3234 3554
127 131
Swift & Co
100 131
7451 76
Torrington Co
•
114 1231
Tower Mfg
22
2241
Traveller Shoe Co
31
3231
TM-Continental Corp
32
104 1044
Preferred
Union Twist Drill
5 3631 3534 3655
United Shoe Mac])Corp_25 7454 7431 76
Preferred
3134
23 314 31
41
S-Brit Int $3 pfd
41
41
U S & Int'l Sec Corp
42)4 44
44
Utility Equities Corp
24
24
Preferred
100 103
100
Venezuelan Mx Oil Corp 10
8754
86
Waltham Watch
100 8431 8451 86
Prof trust otts
100
Prior preferred
100 100
140 148
Warren Bros
50
50
50
lot Preferred
50
com_
Westfield Mfg Co
28
30
107 107
Preferred
8
Whitenights:In°
1055
allninit-Adventure Cons Copper 25
Arcadian Cons Min Co--25
5
Arisons Commercial
10
Bingham Mines
25
Calumet & Hada
25
Cuff Mining Co
Range Since Jan. 1.
Friday
Saies
Last Week's Range for
Range Since Jan. 1.
Sale
Of Prices.
Week.
Stocks (Concluded) Par. Price, Low. High. Shares.
Low.
High.
Copper Range Co
25 2735 2754 29
2,917 254 Jan 324 Mar
East Butte Copper Min..10
431
451 5
2.985
354 Jan
5
Mar
Franklin Mining Co__25
355 4
351
6,885
1
Jan
4
Apr
Hancock Consolidated 25
2
255
355
14 Jan
351 Jan
Hardy Coal Co
1
234
141 235
435
144 Apr
2)1 Mar
Helvetia
25
95e
1
120 658 Jan
134 Mar
Island Creek Coal
1 57
55
57
110 524 Jan 86
Mar
Preferred
1
105 105
15 106
Jan 10534 Jan
Isle Royal Copper
25 30
29)1 314 1,795 25
Jan 35
Mar
Keweenaw Copper
25
6
551 654
140
534 Feb
7)1 Mar
La Salle Copper Co
25
251 3
254
475
155 Jan
354 Mar
Lake Copper Corp
25
134 2
500
14 Jan
251 Mar
Mason Valley
5
135 134
100
135 Feb
255 Jan
Mass Consolidated
25
75c 75e
75e
175 50o
Jan 80o
Jan
Mayflower & Old Colony 25
85c 85c
900
400 700 Jan
1
Mar
Mohawk
25 514 5155 5355 1,341 41
Jan 55)4 Mar
New Cornelia Copper
5
4131 5355
130 4051 Jan 48
New,Dominton Conner-52c 50e
64e 8,950 20e Jan 65o Mar
Mar
NipissIng Mines
b
23.4
241 3
395
244 Apr
351 Mar
North Butte
15
754
751 731 7,310
54 Jan
851
North Lake Mining Co..25
25e
25e
275 25c Mar 50e Mar
Feb
Old Dominion Co
25 1435 1451 15
80 13
Mar 1954 Jan
P. C.Pocationtas Co
• 18
18
184 3,130 11
Feb 22
Mar
Quincy
25 3951 3954 42
2.208 384 Mar 60
Feb
Eit Mary's Mineral Land_25 39
39
4131
225 3434 Jan 46
Shannon
10
40c 40e
50e 1,060 250 Feb 55e Mar
Mar
Utah Apex Mining
5
554
554 614 1,300
331 Jan
631 Mar
Utah Metal & Tunnel
1
131
131 1)4 3,539 990 Jan
231 Mar
BondsAmoskeag Mfg 68____1948
8634 87
$5,000 86
Mar 90
Jan
Barstow(W 5)& Co 58 '42
9631 9651 2,000 9851 Apr 9631 Apr
Chic Jet By & US Y 58'40 100
100 10034 7,000 99
Feb 10135 Jan
45
1940
8655 864 1,000 8651 Apr 89
Jan
Crown Cork & Seal Co Inc
6s
1947
9731 974 2,000 9751 Apr 9751 Apr
East Mass Street RR& series B
1948
60
60
1,000 58
Mar 80
Feb
Hood Rubber 75
1936
94
94
1,000 90
Jan 90
Jan
Karstadt(Rud) Inc 6s 1943 8955 8811 90
21,000 87
Mar 98
Jan
Lexington Wat Pr 58_1948
9335 9351 2,000 9134 Mar 934 Apr
555s
1953
934 9355 2,000 9335 Apr 9351 Apr
Miss River Power Co 58 '51
9734 97/4 1.000 9731 Apr 102
Jan
New Engl Tel& Tel 68.1932
99 1013
11,000 99
Mar 1004 Mar
Pneumatic Scale Corp. Ltd
8s
1936
103 103
1,000 103
Apr 103
Apr
PC Pocati Co 78deb._1935
113 116
7,000 103
Feb 125
Mar
Puget Sound El By 58 1932
1731 18
7,000 1734 Apr 18
Apr
Reliance Managment 58'54
97
9851 18,000 97
Apr 10151 Feb
Swift & Co 55
1944 101
101 101
8,000
Mar 10341 Mar
Western Tel & Tel 55_1932 9935 9955 9931 8,000 100
9831 Mar 10054 Feb
• No par value. z Ex-d vidend
no
so
APRIL 6 1929.]
FINANCIAL CHRONICLE
154
39
274
28
17154
5454 56
50
494 48
414
4054 37
35
39
4054
3354 33% 35
80
75
80
4054 424
42
210 217
210
2754 274
29
284 28
52
13
24
5254
47
1134
4
3154
2554
5,250 131% Jan 17954
350 354 Feb 4254
1,400 23
Mar 3554
700 24
8454
Ma
10 171
Mar 190
l'
300 5434 Apr 58
350 334 Jan 5754
5,950
5954
6,150 304 Mar 59
450 33 y. Mar 41
300 704 Mar 88
4,950 30
Jan 53
81 125
Jan 250
50 2754 Mar 31
4,300 244 Jan 344
Mar
Mar
Jan
Jan
Feb
24
24%
250 24
5034 52
700 4554
95 102
1,500 95
13
144
1,900 1035
69
69
100 69
23
2534 5,000 20
5254 5254
245 504
4554 47
1,200 40
4
4
550
4
184 194
350 17
224 2234
200 20
100 101
150 100
1854 1934
350 17
42
43
400 42
50
8
8
5
11
1134
1,400 11
23
244 1,850 23
44
43
100 42
000
354 44
34
27
3254 24,650 23
2534 2334
no 20
McCord Radiator Mfg A.•
393.4 4134
Mapes Cone Mfg Co corn.* 38
38
38
Mark Bras Theatres pref •
2354
23
Material Sery Corp coin 10 34
34
34
Meadow Mfg Co com____• 1831 18
1934
Mer & Mfrs See--Part preferred
28
25 26% 25
Metro Ind Co ctfs of del -•
100 100
,
Midland Steel Prod corn. •
100 100
Mprei r eest
iddle IV d
165 174
170
117 117
ioo
26 cum Preferred
99 101
• 101
$6 cum prior lien pref_ _•
100 100%
Prior lien preferred __100
124 124
Midland.Util,7% pri lien100
98
98
Miller & Hart,Inc.conv pf * 4034 48
4654
MInneap Honeywell Reg.•
6354 6554
Me-Han Pipe Line com__• 3134 3134 3354
&Iodine Mfg corn
• 55
3
55
Mohawk Ilubber
Rommon
• 54
52
564
Monlghan11,115 Corp A
29
* 2855 28
Monsanto Chem Works__• 117
117 120
Monroe Chem corn
•
19
20
Preferred
40
• 40
36
Morgan Lithograph eoln.• 25
2734
25
Morrell& Co Inc_
__.• 594 59% 604
Muncie Gear class"A" • 224 2254 23
Class"B"
log 20
•
Muskegon Mot Specialties
Convertible class A __ • 27
26% 27
Nachman SpringfIlled corn* 81
66
61
National Battery Co pfd_• 5254 50
55
Nat Elea Power A part _ ..• 3251
34
31
National Leather oom___1(
354 354
35(
Nat'Secur Inv Co
cumul prof
100 103
1014 103
Nat Standard(tom
4354 4754
Nobblitt-Sparks Ind corn.* 39
364 41
North American car corn.* 4954 49
52
North Amer 0 & El ci A.•
22
20
Northwest Eng Co.corn •
40
40
Northw Util or lien pfd 100
10154 1014
Ontario Mfg Co corn
• 30
30
31
Oshkosh Overall Co corn_ •
12
1.34
Convertible preferred..
24
24
24
PacPub Ser Codl"A"cora•
234 234
46
Parker Pen (The)Co0=10
47
Penn Gas & Elea A corn..' 2154 21
21%
50
5154
Peoples Lt & Pow "A"com•
47
49
Perfect Circle (The) Co- •
178 180
Pines Winterfront A eom -5
2534 29
Poor & Co class B corn...* 28
28% 31
Potter Co(The)corn
•
214
20
• 20
Process Coro corn
Pub Sem of Nor 111
240% 240%
100
Common
2404 241
C0010300
• 241
118 120
6% preferred
100
13934 142
Q
-It-s music Co. corn---- 142
•
320 320
Quaker Oats Co corn
•
684
62
Raytheon Mfg Co
• 63
2254
21
Reliance Mfg corn
10 22
274
Richards(Elmer) Co prof.' 274 26
50
Ross Gear & Tool oom---• 50
50
42
41
Ruud Mfg Co. corn
41
40
Ryerson & Son Inc corn.' 40
38
Sally Frocks. Inc, c,om _* 28% 28
29
Elangamo Electric Co-- • 37
40
36
Preferred
104 104
100
Feb
Jan
Mar
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Mar
Jan
Feb
Feb
Feb
Jan
Mar
Feb
Feb
Jan
Feb
Apr 28%
Jan 59
Mar 131
1954
Mar
Mar 74
Mar 42
Feb 5254
Mar 58
554
Jan
Mar 2934
32
Ma
Jan 10254
25%
Jan
Mar 45
Mar 114
154
Mar
Mar 284
Jan 454
754
Apr
Mar 34
Mar 30
Max
Mar
Jan
Jan
Jan
Feb
Mar
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Jan
Feb
Jan
Feb
Jan
Jan
150
50
400
150
4,400
38
37
23
33
144
Mar
Mar
Mar
Mar
Jan
4454
42
333(
4235
2935
Jan
Jan
Jan
Jan
Feb
2,350
200
50
5,300
350
500
150
150
85
500
750
3,400
950
24
100
98
181
117
98
90
121
97
46
5554
224
48
Mar
Mar
Feb
Mar
Mar
Jan
Jan
Mar
Mar
Mar
Jan
Jan
Mar
32
106
108
190
122
1034
104
127
102
52
71
39%
68
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Mar
Mar
Feb
1,250 Si
550 27
627 104
200 18
750 36
400 25
1,000 5954
550 18
150 15
Mar 86
Mar 35
Jan 130
Mar 2854
Apr 51
Mar 584
Mar 8835
Mar 31
Mar 30
Jan
Jan
Mar
Jan
Jan
Jan
Feb
Jan
Jan
400
1,800
1,100
1.900
500
Mar
Mar
Feb
Mar
Mar
Jan
Feb
Jan
Jan
Jan
2334
80
50
27
3
864
7635
84
88
5%
2,000 101
4,30
39
2,700 324
950 40
2,750 20
100 39
ao 101
550 30
150 12
250 234
1,700 214
550 45
1,050 204
400 47%
500 4(354
300 166
2,850 224
527 27
900 1954
Mar 10554 Feb
Mar se
Feb
Mar 50
Feb
Mar 70
Jan
Mar 26
Feb
48
Ma
Feb
Jan 103
Jan
Mar 4054 Jan
154 Mar
Apr
27
Ma
Mar
2454 Mar
Feb
Mar 57
Jan
Feb 244 Feb
Jan 58
Feb
Mar 60
Jan
Mar 236
Feb
Mar 34
Mar
Mar 4054 Jan
Mar 33
Jan
18
343
565
300
29
4,100
1,250
350
250
350
2,100
550
1,800
50
Jan
Jan
Jan
Mar
Apr
Mar
Mar
Apr
Jan
Mar
Jan
Mar
Jan
Apr
205
205
11754
130
320
53
20
26
45
41
38
28
3534
104
245
245
12554
164
369
7454
804
2834
57
4435
45
3135
4535
106
Feb
Feb
Jan
Feb
Feb
Mar
Jan
Jan
Feb
Mar
Feb
Mar
Jan
Jan
Bonds
Col & So Chic 1st 55..1927
Cent States Util 6s.._1938
Chic City & Con Rys 53'27
1927
Chic City RY 58
Certificates of deposit_
1927 8134
Chicago Rial 58
8051
Certificates of deposit__
1927
55 series A
1927
55 series B
Adjustmant Inc 4s....1927
Purchase money 55_1927
Commonw Ed 4548 C.1956 9534
1943
Ell Paw 6541
1936 100
Holland Fur 65
Insult UM Inv 5s A..1949
Met West S El Ry 1st 4s'73 7334
1949 994
Nat Prop 5548
Northwest Elev 55-1941
Pub Seri Nor III 5548 1962
United Pub Sent 845_1933
Wrought Iron of Am654538
• No par value.
High.
103
1654
29
13254
105
103
17
30
13254
170
2,050 103
500 1654
30
2854
5 131
170 165
Feb
Apr 105
Jan
Apr 26
Jan
Mar 36
Jan 13335 Mar
Mar
Feb 210
38
46
2355
32
45
25
66
64
39
4954
244
34
47
26
68
64
600
6,450
1,050
100
650
2,050
400
100
35
38
2354
32
44
20
57
Mar
Jan
Ma
Feb
Mar
Jan
Mar
Jan
48
6535
244
3554
57
294
94
8
24
24
32
3834
2434
250
2751 6,470
3354 2,850
4054 19,900
24
2134
3035
3335
Apr
Mar
Mar
Mar
284 Jan
Jan
82
35
Jan
6254 Fob
81
$2,000 81
2,000 90
90
7214 2,000 55
8351 8,000 8135
8254
1,000 8054
814 13,000 78
8054 14,000 7734
53
6
% 5,000 60
14,000 414
2631 2851 5,000 23
5154 8,000 44
51
954 9554 5,000 954
100 100
2,000 9854
100 100
4.000 100
215 215
1,000 140
7354 7354 2,000 7354
9951 994 11,000 9954
83% 84
3,000 8354
103 103
2,000 97
1,000 98
99
99
13,000 100
100 100
Apr
Apr
Jan
Feb
Mar
Feb
Mar
Feb
Feb
Mar
Jan
Apr
Jan
Feb
Jan
AD
Apr
Apr
Jan
Ma
Jan
81
90
724
8254
824
79%
79%
81
5
8
81
97
7235
85
8354
89%
8334
68
53)(
284
5154
99*
101
100
251
7851
9954
96
103
10034
103
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Apr
Feb
Mar
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Feb
Apr
Jan
Mar
Jan
Jan
Mar
Jan
Apr
Apr
Apr
Apr
Jan
Jan
Feb
Feb
Feb
Apr
Feb
Apr
Feb
Feb
-Record of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange, Mar. 30 to Aug. 5, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High Shares.
634
*
Almar Stores
• 8334
American Stores
Bank of N A & Tr Co_ _100
New
Bankers Secur Corp pref 50 5454
Bell Tel Co of Pa pref__100 11454
Bornot Inc
Budd (HG) Mfg Co
* 49
Preferred
80
Budd Wheel Co
89
Preferred
Cambria Iron
50
Camden Fire Insurance... 3534
Central Prop common__
10
Com'wealth Can Co___10 2334
Congo' Trac of N J._..100
Cramp Ship & Eng_ _100
24
Electric Stor Battery_100
Fire Association
10
Giant Porti'd Cem pref--50
Horn & Hardart(NY) cony"
Insurance Co of N A __-10 80
Lake Superior Corp._ __100 2554
Lehigh Coal At Nay
50 150
Lit Brothers
10 204
Lit Schuylkill NavRII&C50
Manufac Casualty Ins__ 6454
Manufactured Rubber_ _10
Mark (Louis) Shoes Ino_ •
North East Power Co---•
Penn Cent L & P cum pf.• 79
Pennsylvania Insurance- 1594
Pennsylvania RR
50
Phila. Co (Pitts) 6% pf-50
Phila Dairy Prod pref.Phila Elec of Pa
25
Phila Else Pow pref____25 3354
41
Philadelphia Inquirer
52
Preference
Phila Rapid Transit- _50 524
50 494
7% Preferred
Phila & Read C & I Co _- -----Philadelphia Traction-50 6134
Phila & Western Ry pf_ _50
__.,
Reading Traction
6
654
8154 8434
525 526
130 134
5454 564
11434 11454
9
9
5454
49
82
80
83
8954
100 100
40
40
3554 36
954 1051
244 25
51
51
254 254
8054 824
474 4751
37
37
56
5634
81
80
2554 2854
150 15254
2034 21
39
39
64
66
154 2
2
2
44
4554
79
7951
15951 160
7434 7654
52
52
90
90
8154 8154
33
3354
41
42
52
52
52
5234
494 50
2354 2334
5154 5154
2754 274
20
204
03
0314
140
38
26
27
17154
Mar 834
Mar 30
Mar 53
Mar 4954
Mar 49
Apr 26
Mar 30
Mar 125
Jan
38
Mar 88
Mar 32
Feb 275
Feb 424
03
143
38
26
27
350 59
900 22
950 47
800 384
1,350 3735
200 19
650 24
700 90
350 24
450 28
7,350 1554
150 220
150 8954
Low.
Mar 73
Feb 514
Jan 90
Mar 204
Mar 3234
Mar
434
Mar 4435
Mar 264
Jan 95
Mar 41
Mar 394
Jan 3354
Apr 97
Mar 49
mar 36
Mar 80
Jan 22
Apr 30
Mar 74
Mar 21
Mar 140
Mar 3754
Feb 28%
62
AP
mar 3954
mar 26
Mar 60%
374
Ma
23
AP
3934
AD
Mar 424
7235
Ma
Mar 53
Jan 141
Mar 56
Feb 31
Feb 31
Mar 364
mar 1735
Apr 27
1-•
59
60
24
23
49
48
41% 44
3954 42
19
20
25
27
27
984 92
9854
29
28
28
30
21
19% 19
225 225
225
4154 414 4135
234
48
42
41
Range Since Jan. 1.
60
60
300 50
60
50
500 47
6654 68
150 66
1754
17
250 17
2634 28
300 2634
254 254
300
2
33
29
11,600 274
2354 25
200 23
92
95
385 8734
304 324 1,150 28
28
30
500 26
2854 30
100 27
9351 9354
50 9354
29
26
3,000 25
31
3,0
700 30
2754
26
300 23
19
19
20() 1354
2554 2655 1,100 2554
58
65
3 300 50
.
16
16
50 leg
129 131
1,150 129
8,214 34%
4,650 3054
25
25
400 21
4554 46
300 4554
284 3055
1,050 26
22
22
350 22
50
48
650 45
2654 29
1,400 23
1855 194
750 1854
25
28
4
00 25
32
29
1,450 2
834
59
62
2,650 55
4354 44
550 42
10354 109
9,700 4454
2154 22% 5,200 18
2254 24
22,600 2054
27
28
12,950 25
29
304 1,750 29
4454 45
200 37
21
20
650 20
031-.4
6t.303
(003
9354
9654
Saunders class A com__• 60
Preferred
50
Sheffield Steel cons
Signode Steel Strap Co- •
Preferred
30
Purchase warrants
254
&matron Tube Co com___• 3131
Bo Colo Pow El A 0=1_25 2354
Southwest Lt&Pow pfd. •
Standard Dredge cony p1.' 32
Common
• 2834
Standard Pub Sem A.--• 30
Standard Tel $7 pref- •
Stelnite Radio Co
• 28
Sterling Motor, pref _ _ .50 31
Storkline Fur cony pref_25 26
Studebaker Mail Or com_5
Class A
• 2855
Super Maid Corp corn
_• 65
Sutherland Pap Co corn_10
Swift & Co
100 130
Swift International
15 3354
•
Tenn Prod Corp,com
Thompson (J R) com_25
Time-O-St Controls "A".• 3054
12th St Store (The) pfd a •
United Chemicals Inc pt.*
Unit Corp of Am prof....' 27
• 1854
United Dry Bk.,Inc cora• 26
United Gas Co corn
2954
17n Repro Corp part pf A
20 60
US Gypsum
25% paid
U Radio & Telev corn_ _* 107
Utah Radio Products coml. 22
• 23
Ut & Ind Corp. com
• 2754
Cony. pref
Van Sicklen Corp part cl A* 30
Vorclone Corp part pref..*
•
Wahl Co corn
Walgreen Co
100
654% Preferred
Warchel Corporation__ -• 17
•
Preferred
Ward(M)& Co,class A..*
Waukesha Motor Co corn.'
Wayne Pump Co
Convertible preferred.• 38
Wextark Had Sts Ino,corn* 4651
Western Con CHI Inc A..* 24%
West Pow LakTel 1st
A*
Wieboldt Stores. Inc
• 45
Williams 011-0-Matio corn' 2531
Winton Engine con prat-. 66
Wolverine Porti Cement_10
Woodruff & Edwards Inc
• 24
Panic class A
Yates
-Amer Mach part pf•
Yellow Cab Co Inc(Chic)• --ii;i
Zenith Radio Corp corn..' 384
ac'-
11
18%
3151
1954
2454
4254
854
84 954
800
Mar 1354 Jan
7
354
3
200
654 Jan
Mar
3
221 46
46
46
Jan 4854 Mar
33
31
250 30
Jan
Mar 37
11
1,150
114
7% Mar 1754 Jan
40
40
50 38
Jan 44
Mar
1834 19
350 1854 Apr 27
Jan
3154 314
50 314 Apr 3754 Feb
19
300 19
1954
Apr 22% Mar
2454 25
300 2454 Jan 28
Jan
44
42
2,750 30
Jan 49
Mar
74 1154 10,650
Mar 2254 Jan
7
92
92
50 92
Mar 06% Jan
9354 93%
100 93% Apr 97
Jan
9654 9654
200 9554 Mar 9854 Mar
109 109
50 10854 Mar 1104 Jan
20
20
50 194 Mar 25
Jan
26
300 25
2634
Jan
2854 Mar
1-•
CA IA
401o;-.
'Au:4to. qw'r.
835
High.
•-•
Consumers Co common_5
Warrants
25
Crane Co, common
Curtis Mfg Co
Davis Indult Inc "A"__•
Dayton Rub Mfg A corn..'
Decker (Alf)& Cohn,Ina.*
Be Meta Inc. pref w w__•
„
Dexter Co (The) cora.-•
Eddy Paper Corp (The)_•
El Household Util Corp_10
Elea Research Lab Inc...'
Empire0& F Co 6%1;6100
634% preferred
100
7% preferred
100
100
8% Preferred
Fabrics Finishing cora
•
Fed'ated Publlens $2 pref'
Fitz Simmons dc Cannel Dk
& Dredge Co corn
•
Foote Bros G M Co__ .5
tote-Burt Co (The) tom •
Gen
•
Bumper A
SpringClamB
•
Gerlach Barkiow corn _ *
Preferred
•
GleanerComHarveirCorp•
Godchaux Sugar,Inc, el B•
Goldblatt Bros the corn_ •
Great Lakes Aircraft A•
Great Lakes D & D-....100
Greif Bros Cooper A corn.'
OrIgsby-Grunow Co
•
Common (new)
God Grip Sh Co,Inc cora•
liall Plittting Co corn__ _10
Hart
-Carter Co cony p •
fart Schaffer & Marx _100
Hibbard, Spencer, Bartlett
& Co com
25
Horrnell & Co(Geo)com A •
Houdaille-Hershey Corp A•
Class B
•
Illinois Brick Co
28
Inland WI & Cable com_10
Instill Util Invest Inc....'
$554 prior preferred. _•
Internat Pwr Co Ltd corn •
Iron Fireman Mfg Co• a•
s
Irving Air Chute Co.Inc
Common
•
Jefferson Electric Co corn •
Kalamazoo Stove corn_ •
Kellogg SwItchbd corn_ _10
Preferred
100
Ken-Rad Tube&Lp Atom'
Kentucky Util Jr cum pf50
Keystone St & Wi corn_ •
La Salle Ext Univ com__10
Lane Drug com v t o
•
Cum preferred
•
Lawbeck Corp ctfa of dep_ Leath & Comm
•
Cumulative preferred •
Warrants
Libby McNeill & Libby_le
Lincoln Ptg Co Common _•
7% Preferred
50
Purchase warrants
Lion 011 Ref Co corn
•
Lynch Glass Mach Co-*
Range Since Jan. 1.
Low.
2249
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
03ppla
:828SQgt288:1888888888888G88n8t88888=88.°88Tn
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks ((Jontinued) Par Price. Low. High. Shares
Range Since Jan. 1.
Low.
6
804
485
130
544
11454
854
3454
5654
34
100
3954
3354
754
2434
51
254
7974
4654
37
5554
78
17
146
2034
39
59
54
2
40
78
136
73
52
90
814
33
41
52
51
4954
2354
51
2754
18
mar
Mar
Jan
Apr
Apr
Apr
Jan
Jan
Jan
Jan
Apr
Mar
Jan
Mar
Mar
Mar
Apr
Mar
Mar
Apr
Mar
Mar
Jan
Mar
Apr
Apr
Feb
Jan
Feb
Mar
Mar
Feb
Mar
Apr
Mar
Apr
Apr
Apr
Mar
Mar
Apr
Apr
Jan
Apr
Mar
High.
834
97
595
134
6334
118
10
8634
88
10834
100
4154
4254
11
32
61
4
9274
5251
4154
6234
91
42
169
26
41
71
34
34
5734
81
175
8254
5354
9314
95
3434
4254
5254
54
5154
3054
5534
3054
204
Jan
Jan
Max
Apr
Jan
Jan
Feb
Max
Mar
Mai
Apr
Jar
Jar
Mai
Jar
Jar
Fitt
Fel
Ma
Fel
Jai
Jai
Jai
Jai
Jsu
Fel
Jai
Ma
Jai
Jai
Fel
Ma
Jai
Ja,
Jai
Fe'
Fe'
Ma
Ma
Fe'
Ma
Ma
JI5
Jo'
Ap
2250
FINANCIAL CHRONICLE
Friday
Sates
Last Week's Range for
Sale
Week.
of Prices.
Stocks Concluded) Par. Price. Low. High. Shares.
Range Since Jan. I.
Low.
10 224 224 2234
300 22
Reliance Insurance
32
Shreve El Dorado Pipe L 25 35
354 3,720 3134
216 48
66
• 654 65
Soon Paper Co
123.6500 114
12
Sentry Safety Control
Tacony-Palmyra Bridge_*
65 36
464 47
Telephone Sec Corp
100
8
8
73.4
Preferred
73 15
15
15
4
Tono-Belmont Havel _ _ _ _1
lli
3,000
4
%
1
34 34 1,000
34
Tonopah Mining
Union Traction
37
50 374
374 2,425 35
Certificates
34
100 34
34
United Corp temp ctfs__ _ _ 454 434 47
29,400 393.4
Temp ctfs preference__ _ _ 434 4334 454 12,500 42
United Gas Improve__ __50 1644 161% 1684 18,200 157
US Dairy Prod class A.._ -• 51)
400 48
50
50
Common class B
* 124 124 124
20 124
1st preferred
57 95
95
95
Victory Insurance Co_ _ _10 214 21
300 204
2134
Warwick Iron & Steel_ _10
4
60
%
.
0
4
45
West Jersey & Seash RR_50
45
600 45
Westmoreland Coal
100 35
39
39
50
BondsAdv Bag & Pap 6s W E'62
Consol Trac NJ lot 5s 1932
Elee & Peoples tr ctfs 4s_'45
Certificates of deposit_
Inter Paper Co ser C
Lake Sup Corp 5s_ _ _ _1929
5sstamped
Phila Elea(Pa)1967
Ist 4Sis series
1960
1st lien & ref 5s
lot 5s
1968
lat lien dr ref 5.4s__ _1947
1st lien & ref 548_1953
Phila Flec Pow Co 54s;72
Stra.whrlehro .1. Cloth Am '48
,
97
804
50
514
17
60
55
984 $6,000
1,000
8034
5,700
54
514
1,000
1,000
17
2,000
60
40,500
60
974 9734
1014 103
1033<4 1033,4
105 105
10534 1054'
1034 1034
9934 993-0
1,000
30,000
22,500
3,000
3,000
34,000
13.000
9.54
804
50
51
16
40
45
9734
101
1024
105
10434
10234
994
High.
Jan
Feb 26
Mar 384 Jan
Mar
Jan 70
Feb 154 Jan
Jan 494 Feb
Mar
934 Mar
Apr 15
Apr
Mar
14 Jan
Jan
Apr
4
Jan 384 Jan
Apr 35
Feb
Mar 604 Mar
Mar 47
Feb
Mar 1954 Jan
Jan 534 Mar
Apr 15
Feb
Apr 954 Mar
Feb 254 Jan
4 Jan
Jan
Jan 524 Jan
Mar 43
Jan
Mar
Apr
Apr
Mar
Mar
Jan
Jan
Apr
Mar
Mar
Feb
Mar
Mar
Jan
983.4
844
5434
513.4
17
624
65
994
105
1053-4
10634
1063-4
106
1004
Apr
Jan
Jaw
Mar
Apr
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
•No par value.
Cleveland Stock Exchange.
-Record of transactions at
Cleveland Stock Exchange, Mar. 30 to April 5, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last IVeek's Range for
Sale
Week.
of Prices.
Par Price, Low. High. Shares.
Aetna Rubber corn
• 18
Air-Way El Appli pfd..100
Akron Rub Reel com
•
Allen Industries com
• 10
Preferred
• 31
Amer Multigraph corn. •
Apex Electric
• 34
Preferred
100
Bishop & Babcock com _ _50
20
Bond Stores A
13
"
114
Buckeye Incubator corn. _• 2234
Bulkley Building pfd_ _100
Byers Nlachine A
• 124
2
Cleve Sand Brew
leo
Canfield Oil corn
100
Central Alloy Steel pfd.100 1104
City Ice & Fuel
•
Clark, Grad G com
10
Cleve Bidrs Sup & Br corn * 30
Cleve-Cliffs Iron corn ._ _ ..• 200
Cleve El 111 6% pfd_ _100
Cleve Railway com_ _100 105.4
Cleve Securities P L pfd_10
•
Cleve Stone corn
Cleveland Trust
100 460
Cleve lin Stkyds corn_.*
* 32
Col Auto Parts pfd
100
Chase Brass pfd
El Controller & Mfg com_• 62
Enamel Products
•
Firest T & Rub 6% pfd.100 110
100 1094
7% preferred
Foote-Burt, corn new _ _ _ _. 48
Geometric Stamp
' 35
General Tire & Rub pfd 100
Godman Shoe com
• 47
Gt Lakes Towing com_ _100 934
Greif Bros Cooperage coro• 42
100 405
Guardian Trust
100 112%
Goodrich pfd
100 104
Halle Bros, pfd
• 18
Rarbauer, corn
100 10734
Highee lot pfd
100
2d preferred
India Tire & Rub com __ _ _• 62
100
Preferred
Interlake Steamship corns
• 33
Jaeger Machine corn
100 36
Jordan Motor pfd
10
Kay nee corn
100
Preferred
Kelley Isl Lime & Tr corn •
Lake Erie Bolt & Nut com *
Lamson Ae Sessions
25 464
Midland Ind
100 400
McKee Arth G & Co corn •
Matron Paving Brick corn • 44
Preferred
100 105
Miller Whsale Drug com_• 37
Miller Rubber pref _ _ _100 80
Mohawk Rubber pref._100
Murray Ohio Mfg corn. •
Myers Pump,corn
* 35
Preferred
•
National Carbon pref._100
National Refining corn.._25 36
Preferred
100 1354
National Tile corn
• 354
Nestle-LeMur Ce/T1
• 24
1900 Washer corn
• 30
Nor Ohio P & L 6% p1_100 9734
Ohio Bell Teleph pref_ _100 112
Ohio Braes B
• 8334
Ohio Seamless Tube,com *
Packard Electric com-___• 41
Packer Corp corn
* 2934
Paragon Refining corn _ _ _• 243.4
Pat Sargent
• 37
Reliance Mfg corn
• 58
Richman Brothers com
* 335
•
R & M Vtg tr ctf
• 2114
Scher-Hirst class A
SelberlIng Rubber com_ _ _• 51
100
Preferred
*
Selby Shoe cern
Sherwin-Williams corn_ 25
100 108
Preferred
Std Textile Prod A p1.. 100
100 47
B preferred
* 31
Stouffer Corp
18
184
964 9634
20
20
94 10
30
31
37
37
324 34
102 102
5
6
34 34
114
13.4
193.4 24
64.14 644
124 124
24
2
146 146
110 1104
544 553-4
10
1033
284 29
200 220
111
11214
105 1063.4
3
34
68
70
460 460
23
23
32
324
103 10334
614 624
30
30
110 110
1084 1094
48
48
3434 35
994 100
47
47
9334 9334
414 42
402 405
11234 1124
104 105
17
18
1073.4 10754
1074 1074
62
62
85
85
165 166
3234 3334
34
36'%
304 304
954 954
59
594
30
30
46.4 484
400 400
394 40
44
444
105 105
37
39
80
80
86
86
35
35
334 3534
103 103
130 130
35
3834
138 13834
35
38
23
27
3014
30
9714 9714
112 113
834 854
71
71
41
414
29
30
2434 25
3614 37
53
58
335 338
12
12
2114 22
50'/ 52
167 167
27
28
85
86
10534 107
81
814
47
47
30
_31
450
20
125
500
45
10
809
15
289
100
220
2,533
5
200
240
32
155
869
125
278
234
128
678
1,617
221
10
40
150
155
57
300
120
340
220
1,054
45
121
15
60
39
40
85
158
17
10
240
2
35
616
374
655
20
225
310
115
54
507
71
5
175
55
20
20
784
42
35
196
140
625
737
1.854
82
185
878
70
145
360
2,463
475
5,181
161
40
50
690
20
50
245.
318
200
500
490
Range Since Jan. 1.
Low.
High.
18
Mar
9634 Apr
20
Mar
94 Apr
30
Mar
35
Mar
264 Feb
102
Apr
4
Mar
3
Jan
Jan
1
104 Jan
644 Mar
934 Feb
Apr
2
140
Feb
108% Mar
544 Apr
5
Jan
284 Mar
Feb
135
1104 Mar
10434 Jan
3
Apr
61
Feb
398
Jan
22
Mar
304 Mar
103
Mar
57
Jan
30
Apr
1094 Jan
108
Feb
40
Jan
29
Feb
994 Jan
47
Apr
93'% Mar
40
Jan
376
Jan
11234 Mar
10334 Jan
17
Apr
1064 Jan
10734 Apr
39
Jan
85
Feb
Feb
145
3234 Apr
30
Mar
29
Jan
954 Apr
564 Feb
29
Jan
43
Feb
Mar
350
394 Mar
44
Jan
105
Mar
27
Jan
904 Mar
81
Jan
34
Feb
3234 Mar
103
Apr
127
Feb
Apr
35
134
Feb
34
Jan
22
Mar
Feb
22
973.4 Mar
11134 Mar
834 Apr
684 Feb
Mar
39
2834 Mar
224 Jan
364 Mar
474 Mar
Mar
330
Mar
10
2134 Feb
474 Mar
Mar
105
Apr
27
Mar
83
1044 mar
Jan
71
Jan
33
Feb
30
27
Jan
Feb
101
24
Feb
1434 Jan
34
Feb
40
Jan
344 Mar
Mar
107
6
Jan
Jan
4
134 Feb
2834 Mar
66
Mar
20
Feb
234 Apr
150
Jan
Mar
113
Mar
64
1334 Mar
35
Feb
220
Mar
1124 Feb
Mar
110
33-4 Jan
79
Mar
470
Mar
25
Mar
35
Mar
1044 Feb
69 P.lar
34
Feb
111
Jan
111
Jan
544 Feb
3534 Mar
102
Jan
54
Jan
96
Jan
43
Jan
500
Jan
11234 Mar
105
Mar
254 Feb
1084 Jan
1074 Apr
73
Jan
85
Feb
165
Mar
454 Jan
42
Jan
33
Feb
Mar
99
soy; Mar
324 Jan
50
Feb
400
Mar
434 Jan
52
Jan
1084 Mar
4114 Mar
85
Mar
903.4 Jan
43
Jan
Jan
38
105
Jan
1304 Feb
38
Jan
1384 Apr
Mar
41
294 Jan
304 Apr
9934 Jan
11534 Jan
Jan
92
754 Jan
42
Mar
334 Jan
30
Mar
383-4 Mar
Apr
88
390
Jan
16
Jan
Jan
25
65
Jan
1073.4 Jan
35
Jan
Jan
88
Jan
108
Jan
89
Feb
50
324 Mar
[Vol,. 128.
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price. Low. 1.1Wh. Shares.
Thompson Products com_•
54
57
Trumbull-Cliffs Furn p1100
103 104
Union Bank
100
280 284
Union Metal Mfg com_ •
50
504
Union Trust
100
345 348
Van Dorn Iron Wks com_•
7
7
7
W R I Corp
100 10334 1034 103%
Weinberger Drug
•
4334 45
Wellman-Seav-Nlorg pf 100 65
65
65
Wheeler Products
• 35
324 354
White Motor Serum pf.
104 101
-100
Widlar
•
25% 26
Youngstown S & T _ _ _100 102
101 102
375
40
22
125
62
100
367
260
400
1,470
1
200
253
Range Since Jan. 1.
Low.
464
101
280
494
307
64
103
24
64
32%
1.02
25
101
Jan
Jan
Apr
Mar
Jan
Mar
Mar
Jan
Jan
Apr
Jan
Mar
Jan
Ilion.
68
1054
300
60
360
12
104
45
85
36
105
294
1034
Bonds
City Ice & Fuel 6s_ _ _1933
101
101
$6,000 101
Feb 101
Cloy & Sand Brwg 6s.1948 1013,4 101 H 101% 5,000 10134 Mar 102
Youngstown S & T 63_1913 9334 93
934 8.550 93
Apr 96
• No par value.
Jan
Jan
Jan
Jan
Mar
Feb
Mar
Mar
Jan
Mar
Mar
Feb
Feb
Feb
Jan
Jan
Baltimore Stock Exchange.
--Record of transactions
at Baltimore Stock Exchange, Mar. 30 to Apr. 5, both
inclusive, compiled from official sales lists:
Stocks-
r rmay
sates
Last Week's Range for
Sale
of Prices.
TVeek.
Par Price. Low. High. Shares.
Arundel Corporation_ _ _ _• 40
Atlantic C Line (Conn)_50
Baltimore Com'l Bank_ 100
Baltimore Trust Co____50 1904
Baltimore Tube pref. _ _100
(I) 13enesch & Sons new w 1
Black & Decker corn
• 47
Canton Co vol trust
Central Fire Insurance._10 35
Century Trust
50
Ches & Po Tel of Balt pf100
Commercial Credit
• 514
Preferred
25 254
Preferred D
25 254
63-4% 1st pref
100
Corn Credit of NO pref___
244
Consol Gas EL & Pow._ _. 89
6% pref series D__ _100
53-4 % pref w I ser E_ _100
5% pref series A_ _100 iooy,
Consolidation Coal_ __100 17
.
Preferred
100
Delion Tire & Rubber _ _ _•
23
4
Eastern Roiling Mill
• 294
Fidelity& Deposit
50 293
Finance Co of Amer A _• 1254
Series B
* 1234
First Nat Bank w 1
57
Handler Creamery pref_ _
______
Houston Oil pref v t c_ _100
Mfrs Finance corn v t___25 _ _28
lot preferred
25 2034
2d preferred
25 173-4
Maryland Casualty Co_ _25 150
Maryland Mtge corn
• 40
Maryland Trust
100
Merril & Min Transp_
•
Monon W Penn PS pref.25
ci
'Mortgage Security corn_ *
2
20 preferred
150
Mt V-Woodb'y NI v t_ _100
Preferred
100
Nat'l Sash 1V't pfd w 1New Arnst Casualty Co.10 8934
Northern Central Ry_ _50
Park Bank
10
Real Estate Tnistee_ _100
Sharpe & Dohme pref....100 1004
Southern Bank Sec Corp__ .54
100
Preferred
Standard Gas common_
Stand Gas Eu pf w war_100 46
Un Porto Rican Sug corn.* 40
• 45
Preferred
United Rys & Electric _ _ _50 104
US Fidelity & Guar new.,, 80
U S Fid & Guar Co Fire ve 1 65
Wash Bait & Annap_ _50
West Md Dairy Inc pref_ •
Western National Bank _20 5334
Rights
Cons G E Lt & Pow w I__
40
41
180 180
157 158
190 1904
884
68
16
16
4234 47
400 402
35
36
200 200
116 1164
47
51 4
254 25%
254 26
98
98
244 24 5
'
904
88
109 110
108 108
loosi 101
153-4 17
554 563-4
14 234
28
30
290 295
124 123-4
1234 123-4
57
5734
97
98
833-4 85
28
29
204 21
174 174
150 155
3814 42
220 220
44
45
2534 254
4 154
2
2
1534 1534
80
80
5014 5134
85
893-4
853-4 88
31
31
814 844
100 10034
54
57
100 100
15
15
46
46
40
40
45
45
94 103.4
84
79
65
694
93-4
934
90
904
5334 54
24
Bonds
Baltimore City Bonds
45 Sewer Loan
1961 9734
4s School House__ _1961
4s Water Loan
1958
4s Annex Impt
1954
4s 2d Sewer Ser(coup)'46
34s New Sewer
_1980
Benesch (I) & Sons Inc w I.
Black & Decker1310„1937 16534
Fairmont Coal 1st 58_1931
Handler Creamery 6s.1946 97
Iron City Sand & Gravel
1940
let 6s
Maryland Electric Ry1st & ref 64s ser A_1957 83
Nixon Nitration 648_1937
Prudential Rein 640.1943 103
St Louis Chain Stores 68_ _. __ __
Sandura Co Inc 1st 6s..1940 93
1932 107
Silica Gel 63.4s
Southern Bankers Sec 5838 10214
Stand Gas Equip 6s_ _ _1929
United Ry & El 1st 4s.1949
1919 35
Income 4s
1936 52
Funding 5s
1st 6s
1949
Wash Balt & Annan 5s 1941
97
9714
97
97
9734
8634
99
158
964
97
94
83
99
103
994
93
107
10214
98
6034
333e
52
7534
764
3
688
55
9
263
37
10
2,074
28
42
2
15
351
33
473
7
30
850
38
9
532
437
300
1,315
1,081
117
775
25
1,129
26
106
159
170
88
659
1,119
2
353
556
507
5
331
130
145
3,216
45
2
422
41
207
96
1,222
311
160
110
466
2,179
207
20
15
20
750
Range Since Jan. 1.
Low.
394
179
1564
165
61
15
314
400
35
198
1134
404
244
254
98
24
88
109
10634
1004
15
54
1
274
290
11
1034
57
97
83
27
203.4
17
148
31
210
433-4
2534
4
2
13
764
4914
7714
853-4
30
813,4
994
50
100
15
404
39
44
9
7834
65
8
90
53
23-4 Mar
800 97
973.4
2,000 9734
9734
97
500 97
9714
1,700 97
974 12,000 974
863i
400 86
99
2,000 99
16534 16,000 120
964
1,000 964
97
2,000 97
94
1,000
Mar
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Mar
Feb
Jan
Feb
Mar
Mar
Apr
Feb
Mar
Mar
Jan
Mar
Mar
Mar
Jan
Mar
Apr
Jan
Jan
Apr
Mar
Mar
Jan
Apr
Mar
Mar
Jan
Jan
Mar
Mar
Apr
Apr
Jan
Feb
Mar
Jan
Apr
Feb
Apr
Feb
Jan
Jan
Feb
Jan
Jan
Mar
Feb
Mar
Apr
Jan
Apr
Feb
94
83
3,000 814
994 11,000 974
103
28,000 100
9936
3,000 99
93
1,500 93
108
6,500 1004
104
3,000 101
98
500 98
61
6,000 6014
35
9,000 33
52
3.000 52
1,000 744
7534
1,000 76
7636
Mar
Apr
Mar
Mar
Mar
Feb
Mar
Mar
Apr
Apr
Apr
High.
4334
200
158
195
75
184
47
402
40
210
1174
62
26
27
1014
2554
104
1114
1094
103
224
553-4
33.4
3434
310
1234
1234
603.4
98
9234
36
22
1934
1834
4614
225
4714
27
54
14
154
82
5214
93
88
31
100
1004
57
1014
1534
48
43
48
1314
9454
87
934
95
54
Feb
Feb
Feb
Jan
Feb
Feb
Mar
Apr
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Mar
Jan
Jan
Apr
Jan
Feb
Jan
Apr
Apr
Jan
Apr
Jan
Feb
Feb
Feb
Jan
Mar
Feb
Jan
Feb
Jan
Jan
Apr
Jan
Mar
Jan
Jan
Feb
Jan
Apr
Apr
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Mar
Jan
Feb
3% Feb
9934
9914
9934
993-4
974
864
993.4
Jan
Feb
Feb
J1141
Apr
Apr
Feb
18554 Apr
964 Apr
9934 Jan
97
Jan
Star 88
Feb
Feb 994 Apr
Jan 10434 Jan
Feb 994 Feb
Jan
Apr 95
Jan 110
Mar
Jan 1053.4 Mar
Apr
Apr 98
Feb
Feb 65
Jan
Mar 43
Jan
Mar 63
Mar 834 Jan
Jan 834 Jan
• No par value.
Cincinnati Stock Exchange.
-Record of transactions
at Cincinnati Stock Exchange, Mar. 30 to Apr. 5, both
inclusive, compiled from official sales lists:
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices
Stocks
--Par Price. Low, High. Shares.
Ahrens
-Fox B
•
Amer Laun Mach corn_ _ 25
Amer Products common,_ _
Preferred
•
Amer Rolling Mill corn...25
Amer Seeding Mach corn 50
Preferred
100
83
26
96
424
1314
82
26
26
92
15
423-4
1314
84
26
27
96
151e
424
45
2,474
62
178
806
39
26
Range Since Jan. I.
Low.
13
81
20
23
90
64
194
High.
Mar 154 Jan
Mar 06
Jan
Mar 34
Jan
Mar 30
Jan
Jan
Mar 105
Mar 153 Apr
-4
424 Apr
Jan
APRIL 6 1929.]
FINANCIAL CHRONICLE
251
27
2,616
126
1,500
202
25
23
10
334
238
2
469
48
75
889
25
82
50
165
222
1
276
2.70
28
10
1
4
6
3
705
9
135
16%
47
3751
2355
10
38
20
105
106
20
33%
440
9751
93
70
4855
119
3555
54%
3035
29
88
30
1855
69
34
455
15
327
430
2631
101
25
Jan
Jan
Mar
Apr
Jan
Mar
Apr
Mar
Apr
Mar
Jan
Apr
Apr
Apr
Apr
Mar
Jan
Jan
Mar
Feb
Apr
Feb
Mar
Mar
Jan
Feb
Apr
Feb
Mar
Ma
Jan
Feb
Mar
18
4755
50
29
2755
4031
27%
106
10854
37
40
450
99
9834
77
5535
130
44%
63
3451
3155
127
41%
21%
75
37
5
30
360
450
40.35
104%
2854
Jan
Jan
Star
Jan
Mar
Apr
Jan
Jan
Star
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Mar
Feb
Jan
Jan
Feb
Jan
Apr
Feb
Mar
Jan
afar
Apr
Feb
Gibson Art common
• 5234
Globe-Wernicke pref.- _100 90
Goldsmith Sons
31
Gruen Watch corn
• 57
Preferred
100 116
Hatfield-Campbell corn_ •
Hobart Mfg
• 66
• 5551
Int Print Ink
Preferred
100 103
Kahn lot prof
100
Kodel Elec & Mfg A
• 20
Kokenge (Julian)
Kroger common
10 03
Manischewitz corn
100 3551
McLaren Cons A
• 19
Mead Pulp
Special preferred_ ___100
Moors Coney A
• 2934
11
7
Nash (A)
100 181
*
Nat Recording Pump
Ohio Bell Tel pref
100
Paragon A prat
4315
B
243-4
Pearl-Market
100
Procter & Gamble corn_ _20 350
5% preferred
100 10334
Pure 0116% pref
100
8% preferred
100
Putman Candy corn
•
Queen City Pet prat __ _100
Rapid Electrotype
• 63
Richardson new
U S Playing Card
10 106
U S Ptg & Litho prat _ _110
Preferred
100
US Shoe common
Whitaker Paper common_• _75
52
5335
90
90
31
3631
57
55
11534 116
13
13
67
65
5531 5551
101% 103
100 100
22
20
2534 2755
91
93
35
353,4
1755 19
68
68
106 107
29
30
8
7
161
185
30
30
11234 11351
43% 43%
24
25
550 550
345 3513i
10334 10311
993.4 10051
113 113
10
10
100 100
62
63
48
50
102 loan
0634 993-4
100 1013-4
6
6
75
75
417
12
356
228
118
150
156
5
116
12
1,043
115
20
245
240
10
14
1,254
617
42
120
99
43
806
30
633
401
89
5
20
25
150
280
212
310
43
20
10
4855
82
24
50
11411
13
6334
55
10134
0935
15
25
90
33
163-4
67
105
29
7
150
2954
112
42
2234
550
279
10251
9931
111
4
100
58
48
102
8551
100
534
7455
Jan
Feb
Jan
Jan
Jan
Jan
Mar
Mar
Apr
Jan
Jan
Mar
Mar
Jan
Jan
Mar
Jan
Apr
Apr
Jan
Mar
Feb
Feb
Jan
Jan
Jan
Feb
Apr
Star
Jan
Apr
Feb
AP
AP
Jan
Apr
Feb
Jan
58
97
36%
.
60
116
13%
70
63%
108
104
29
30
116
39%
19
71
10851
3035
10
175
3434
11434
44
30
560
375
10455
10355
114
10
10151
68
58
115
100
102
8
87
Feb
Jan
Jan
Feb
Apr
Feb
Feb
Jan
Feb
Mar
Feb
Jan
Jan
Feb
Apr
Jan
Jan
Mar
Mar
Jan
Feb
Jan
Mar
Mar
Feb
Feb
Mar
Jan
Jan
Jan
Feb
Mar
Mar
Jan
Feb
Mar
Jan
Jan
• No par value.
St. Louis Stock Exchange.
-Record of transactions
at St. Louis Stock Exchange, Mar. 30 to April 5, both inclusive, compiled from official sales lists:
Stocks-
Friday
sates
Last Week's Range for
Sale
Week.
of Prices
Par Price, Low. High. Shares.
Trust Company Stocks
Mississippi Vail Trust..
.100
St Louis Union Trust...10i
385
530
385
530
Miscellaneous Stocks
A S Aloe Co common_ _20
Preferred
100
Baer Sternb & Cohen com.•
Beck & Corbitt pref__100
Bentley Ch Stores cora_ •
•
Boyd-Welsh Shoe
Brown Shoe corn
100 39
100
Preferred
•
Burkart Mfg common_
Preferred
•
Champ Shoe Mach'y pf.100
Chicago Ity Equip com _.25
7
Coca-Cola Bottling Sec_l 433.1
_
Consol Lead & Zinc A._* 13
III
Como Mills Co
Ely & Walk D G corn_ __25 2834
100
lot preferred
Hamilton-Brown Shoe__25
•
Hussman Refr corn
18
Huttig S & 1) corn
Hydr Press Brick corn_ _100
100 68
Preferred
International Shoe com___• 66%
100
Preferred
•
Johnson-S & S Shoe
Knapp Monarch pref._ •
Lacl-Christy Clay Pr 0(.100 100
Laclede Gas Light pref_100
100 5035
LacWe Steel Co
Landis Machine corn_ _25
Mahoney-Ryan Aircraft_ _5
• 5735
Moloney Electric A
Mo Portland Cement.. 25 45
Marathon Shoe corn_ _25
National Candy corn
•
2d preferred
100 96
Nicholas Beazley Aircraft _5 20
Rice-Stlx D (l corn
• 2135
lot preferred
1E10
Scruggs-V-I3 1) G com__25
Scullin Steel poet
• 36
Securities Inv corn
• 33
Preferred
100
Sedalia Water pref._ _100
Southern Acid & Sul com _• 50
Sweat Bell Tel prof _ _ _100 11731
.
37
37
104 104
754
735
85
85
30
32
3735 3
755
39
39
118 118
6
6
17
17
103% 103%
7
8
4254 44
1231 1355
200 200
2
834 2834
107 10735
17
17.55
26
26
18
18
354
335
08
69
68
68%
107 10755
55
5.5
24
24
100 100
100 10031
5055 51%
55
55
1755 1734
5635 5734
46
44
42
42
2234 23
96
96
1931 2031
213.5 22
105 105
1834 1831
3455 36
34
33
107 107
9955 9934
50
50
11755 11855
SOU 5514
a+
W
..0
383
345
181
Low,
High.
342% Jan 420
Apr 370
345
175
Jan 210
Feb
Jan
Jan
370
500
P
380
345
176
00s. w 204.WW.1=a+4..W0.A.NOM .4 aQW. 0W0!w... .
to
a. .
0
Wv.avw
.41
,
12W.J.w00
,
)04200GROWOC,WWWWW0.00-40WWWWW,20000+4.WWWWWW0001,2001,2
Bank Stocks
First National Stank...100
Nferchants-Laclede Nat 100
Nat Bk of efornrnerce_100 176
Range Since Jan. 1.
Mar
Apr
Jan 387
Jan 530
3555
10351
7
85
28%
3734
39
117
8
17
103%
7
37
10%
190
2831
107
17
25
18
3
62
63
10634
54
23
100
100
50%
4754
1654
5234
4354
42
1834
96
1954
2034
105
18
33
33
107
9934
48
117
Mar
Mar
Mar
Apr
Jan
Apr
Apr
Feb
Apr
Apr
Apr
Apr
Jan
Jan
Mar
Apr
Apr
Apr
Jan
Apr
Jan
Feb
Feb
Mar
Feb
Mar
Apr
Apr
Mar
Jan
Jan
Feb
Mar
Apr
Jan
Apr
Mar
Mar
Apr
Mar
Mar
Apr
Apr
Apr
Jan
Jan
37
105
734
85
35
4055
48
11955
10%
20%
108%
9
4755
1334
200
30
109
24
3551
22%
455
71%
7455
110
65
24
100
10
034
57
62
2334
5935
553.4
5334
25
99
22%
24%
110
19%
423.5
37
107
100
58
121
22 1%
An,'
ASIA
Apr
Mar
Apr
Apr
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Mar
Jan
Apr
Jan
Jan
Feb
Feb
Jar
Feb
Mar
Mar
Pet
Feb
Apr
Apr
Apr
Star
Jar
Feb
Mar
Jar
Jar
Mar
Mar
Mar
Jar
Feb
Feb
Jar
Jar
Api
Pet
Pet
Mai
y,,
St Louis Pub Ser corn._.._* 20% 20% 21%
Preferred A
• 77
77
7851
Steinbergs' Drug Stores *
52% 5255
Wagner Electric corn_ _15 44
43% 4531
Preferred
100 10655 1003-410634
Street Railway Bonds
E St Louis & Sub Co 5s '32
United Rys 4s
1934
Miscellaneous Bonds
Houston 011555s
1038
Moloney Electric 5%s _1943
Scullin Steel 6s
1941
St Louis Chain Store 6s_
Range Since Jan. 1_
Low.
55 19
2155 77
20 5235
3,441 42%
3 106%
Irish.
Star 24
Jan
Jan
Apr 81
Apr 5235 Apr
Feb
Mar 50
Jan
Mar 110
96
8354
96
$4,000
96
8351 8335
4,000
95% Mar
801i Jan
9435
9735
98
94
9755
99
9951 Jan
9754 Ma
9355 Jan 9555 Feb
9755 Apr 101
Feb
Apr
Apr 99
99
86,000
98
94% 12,000
97% 4,000
4,000
99
96
85
Apr
Jan
• No par value.
Los Angeles Stock Exchange.
-Record of transactions
at the Los Angeles Stock Exchange, Mar. 30 to Apr. 5, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices
Week.
Par Price. Low. High. Shares.
Range Since Jan. 1.
High,
Low.
25 44
13arnsdall Corp A
Bolas Chica Oil A
1
2.20
Bway Dept St pf ex-war 100 9435
Buckeye Union Oil pref 1
.36
Byron Jackson Co
• 34
25 13255
California Bank
Central Investment._ _100 10155
Citizens National Bank 100 515
Douglas Aircraft
• 30
Emsco Der & Eq corn. _100 39
Globe Grain & NITg COM 25 3234
Goodyear T & Rub pref 100 100%
1.10
1
Holly Development
25 2234
Home Service corn
25 2555
8% preferred
International Re-Ins.._ _ _10 6155
Jantzen Knit Mills
• 46
* 12
Jenkins Television
Lincoln Mtge Pre!
9
L A Gas & Elec pref____100 105
1
2.30
L A Investment Co
25 38
Macmillan Pete
1
1.90
Mascot Oil
1
Nierchants Pete
.55
.2
Midway Northern Oil....1
191
Mortgage Guarantee Co100
1
1.00
Mt Diablo Oil
Nat Bank of Commerce_25 46
2.85
1
Occidental Pete corn
1.15
1
Oceanic Oil
80A
,
Paratfine Co
Pacific Clay Products_ _ _ _. 35
Pacific Finance com____25 11755
Preferred series D._.25 25
Pacific Lighting corn.._ _* 743-4
Pacific National Bank. 25 48
25 3834
Pacific National Co
20
Pacific Western Corp....
10
6%
Republic Pete Co
• 6055
Republic Supply Co
25 43
Richfield Oil corn
Preferred ex-warrants_25 25
Rio Grande 011 com(new)25 4055
25 44
Seaboard Nat Sec
25 4355
Seaboard Nat Bank_
San Joaq L&P 7% pr pf100 11255
• 3151
Shell Union Oil corn
25 44
Signal Oil& Gas A
25 4334
B
So Calif Edison com _ _ _ _25 5534
Original preferred__..25 80
2
2834
7% preferred
2.
6% preferred
2531
24
2
534% preferred
So Counties Gas6% Pf-100 101
Standard 011 01 Calif
* 78
3.15
See rights
25 131
Security First Nat
25 1353.4
Trans
-America Corp
Seaboard Dairy Credit__ _ 99
Union Oil Associates_ _ 25 4931
25 50
Union Oil Calif
.11
25c
U S Royalties
1
.05
White Star Oil
4234 4634
3,1300 38
2.05 2.30 72,900
1.80
943-4 9455
11
92%
.35
.37 20.350
.34
34
34
100
131 133
749 125
101
10155
165 101
515 516
55 505
30
31
1,600 24%
3835 4135
3,400 3751
32% 3234
120 3155
100 10051
42 100
1.10 1.1754
1
4,000
2254 2235
lea 2255
2555 2534
349 3555
5931 6151
2,400 53
4514 46
200 44
12
12
100 12
9
9
450
834
10431 10534
320 10451
2.30 2.35 9,900
2.15
3735 4055
3.60
3455
1.75 1.9755
7,155
1.75
.55 .55 1,500
.50
.25 .25 1,000
.20
191
101
25
190
1.00 1.10 1,950
1.00
46
47
31 45
2.85 3.10 8,800 2.10
1.15 1.20 1,250
1
80%
scui 8034
100
35
311 31
35
112 11834 4,450 67%
2.5
25
20 25
600 70
7454 76
48
10 4834
48
3854 38
800 35
1931 2111 28,300 1854
6
200
635
5%
50 60
6054 01
4255 4435 5,800 40
24% 25
605 2455
3974 4134 34,000 3234
44
42
40 42
53) 4355
4334 4355
11255 11255
61 112%
31% 3151
100 27
4355 45
2,600 37
43% 43%
200 39
5511 5635
1,500 5455
104 60
60
60
1,092 28%
2831 2834
1.824 2531
2.535 2534
2455 2455 3,409 2455
101
49 100
101
7555 8051 30,400 6435
3.15 3.25 3,400
3.10
126 132
5,350 125
134 13634 2.200 125
99
99
55 99
49% 5155 6,200 45
50
51% 7.900 46%
.11 .1255 35,000
.12
.05
.05 1,000
.05
Bonds
LA Railway Co 1st m 5s'38 9734
1940 8755
1st R. 5s
1951 100
So Calif Edison 5s_
97,4 9734 81,000 9734
8775 8735
1,000 573.4
100 100
4,000 100
Feb 14366:5 Mar
4.30 Jan
Mar
Jan
Feb
95
1.85 Jan
Feb
Feb
39
Jan
Apr 10331 Mar
Jan
Mar 520
Mar
3
l‘te b
Far
Feb 44
Feb
Jan 34
Jan 101% afar
Jan 1.1735 Apr
Apr 25
Jan
Jan 26)i Jan
Feb 81% Apr
Feb 4835 Jan
Mar
Mar 17
Jan
Jan
9
Apr 108
Jan
Jan
2.55 Jan
Feb 4055 Mar
Apr
3.10 Jan
Jan
:35 Jan
8 Jan
0
Jan
Feb
192 Mar
Feb
3.00 Jan
Jan
Jan 48
Jan
535 Jan
1.20 Jan
Feb
Apr 8331 Mar
Jan 36
Jan
Jan 118% Apr
Jan 2534 Jan
Jan 8011 Jan
Jan
Jan 50
Feb 4051 Mar
Feb 23
Jan
Jan
935 Feb
Jan 62
Mar
Feb 4811 Jan
Jan
Jan
Apr
aab
en°
Apr 4835 Feb
Apr 2515°4162: Mar
Feb 31% Apr
Feb 48% Mar
Feb 47% Mar
Jan 6754 Jan
Feb
70
AD
Mar 2931 Jan
Mar 2631 Jan
Mar 25
Feb
101% Feb
Fe
2635 Mar
Fe
Mar
3.55 Feb
Mar 132
Apr
Mar
Feb 142
Mar 99
Mar
Feb 5231 Feb
Feb 5235 Feb
Nfar .1755 Jan
Mar
.05 Mar
31
Apr
Jan
Apr
9731
87%
102
Jan
Jan
Jan
• No par value.
-Record of transacSan Francisco Stock Exchange.
tions at San Francisco Stock Exchange, Mar. 30 to Apr. 5,
both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Par Price. Low. High. Shares,
Alaska Packers Assn
American Co
141
Anglo Cant Trust Co
Anglo London P Nat Bk.. 256
Atlas Im Diesel Engine A
5634
Asso Ins A corn
10%
Bank of California N A _
______
Byron Jackson Pump Co
3354
John Bean Mfg corn
493.4*
Calamba Sugar corn
California Copper
834
Calif Cot Mills corn ex-div_
70
California Packing Corp.__
7434
Caterpillar Tractor
73%
Clorox Chemical Co
Coast Co Gas & El lot pf
- ______
Crocker First Nat Bank
______
Crown Zellerbach pref A
923.4
Voting trust ctfs
203-4
Dairy Dale A
2234
B
._29
Emporium Corp The
Fageol Motors corn
5%
Preferred
Fireman's Fund Insur x-cliv 106%
140
First Security of Ogden
Foster & Kleiser corn
.
Golden State Milk Prod _, 5331
Gt West Pow ser A 6% pref
106
Preferred
30
General Paint A
n
22
ww
tO
0.43 W.
wo.'wow-Cw4. 0C40.400000140O"Olabe
10'w
1.7
0010!
ww
A01,20.0WWW00.WWWJWC,AJWWWWWWWWJW
17% 1734
47
47
40
45
23% 24
20% 24
40%
40
20
20
106 106
106 107
2235 2555
35
3555
440 440
9751 98
9555
93
72
70
49% 5054
122 123
36
3831
55
55
32
32
29
3054
97
99
30
33
18% 19
70
74
34
34
455 5
20
20
340 345
435 435
38
3954
10455 10435
25
25
g
Amer Thermos Bottle A •
50
Preferred
45
Amrad Corp
100 23%
Baldwin com mon
• 2235
Buckeye Incubator
•
Carthage Mills
•
Central Brass A
Champ Coat Pap spl 0_100 106
100 107
Champ Fibre pref
• 25%
Churngold Corp
* 3555
CM Ball Crank pref
100
CNO&TP
CM Gas & Elec pref ___ _100 97%
g N & C Lt & Tr com_ _100
100
Preferred
50 4911
CM Street Ry
50
CM & Sub Tel
CM Union Stk Yds _ __ _100 37
•
City Ice & Fuel
•
Coca Cola A
Cohen (Dan)
30%
*
Crosley Radio A
Dow Drug common_ _ _ _100 30
Eagle-Picher Lead com _ _20 19
Early & Daniel corn
• 74
Egry Register A
Excelsior Shoe corn
5
Fay & Egan corn
100
Fifth-Third-Un'n Trust 100 341
First National
100
Formica Insulation
• 3835
Foundation Inv pref
• 25
Fyr Fyter A
g
Mae.
SX=."
Low.
W
'2WOCCOl.a.QWWW ,
W4
pu2
400.oNWOW.40Uww.WOW.4.WWWWW4..0•44101
,
20
;c X
.
XXX XX X
XX
X X
X
Range Since Jan. 1.
2251
Friday
Sates
Last Week's Range for
Sale
Week.
ofPrices.
Stocks (Concluded) Par. Price. Low. High. Shares
b?..7WWCAW.P.
1,
24+WP,
ARnI:SEVOWwW012+4W.WWWWW.4wwWWW000
'
Sates
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Stocks Concluded) Par. Price. Low. High. Shares.
Range Since Jan. 1.
High.
Low.
169
13955
495
25234
50
935
290
31
4534
26
7
6534
73
71
38
98
380
92
1931
2351
1755
2734
5
755
104%
140
1051
52%
100
10535
30
22
Mar
Jan
Jan
Jan
Mar
Mar
Jan
Mar
Feb
Apr
Feb
Apr
Mar
Mar
Mar
Jan
Feb
Jan
Mar
Jan
Jan
Jan
Mar
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Aar
180
15134
510
261
6555
12
306
863.4
5055
2755
10%
94
8134
8031
5055
99
400
96
2534
293i
2634
3734
7
8
151
146
1214
5955
10234
10755
3235
2614
Mar
Mar
Jan
Feb
Jan
Mar
Apr
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Feb
Jan
Feb
Feb
Feb
Jan
,Tan
Feb
Jan
Jan
Feb
[VOL. 128.
FINANCIAL CHRONICLE
2252
Friday
Sales
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
Haiku Pineapple Ltd corn.
Preferred
Hale Bros Stores Inc
Hawaiian Com'l & Sug Ltd
Hawaiian Pineapple
Home Fire dr Marine Ins
Honolulu COLu3 Oil
Hunt Bros Pack A com
Hutchinson Sugar Plant'n_
Illinois Pacific Glass A
Jantzeia Knitting Mills__
Holster Radio Corp
Langendorf U Bak A ex-div
B
Leighton Ind A
Leslie Salt Co
Los Ang Gas & Elea pref._
Magnavox Co
Magnin I corn
Mere Amer Realty 6% pref
Natomas Co
No Amer Investment corn.
Preferred
Preferred rites
536% Preferred
North American Oil
Oliver Filter A
B
Pacific Pub Service A
Pacific Gas dr Elec corn....
First preferred
Pacific Lighting Corp corn_
6% preferred
6051
______
4034
______
114
______
45
5134
2934
38
______
834
9934
121
60c
94
254
2334
5534
2634
75
103
Range Since Jan. 1.
Low.
9
100
9
9
70 21
21
21
253 2134
22
22
5134 52
300 504
696 59
6031
59
200 3934
40% 41
3834 4034 6,778 35g
1,005 22
2236 23
45 114
1134 25
39
4034
890 37
255 44
45
45
51% 5334 7,973 4834
31
120 28
31
880 25
29
30
17
30 1634
17
3731 38
1,250 534
104 10434
35 104
831 834 12,732
7
334 3336
230 3334
160 9934
9935 994
2934 30
200 2931
121 121
75 113
101
5 100
101
55c 60o
2,260 550
94
94
25 94
9,295 20
244 26
3931 3934
160 38
340 34
3634 3634
2336 2334 4.295 2034
5534 5634 5,202 54
3,748 2631
2534 27
74
7834 5,064 70
102 103
130 10134
197
197
Rc
Apr
Mar
Jan
Jan
Mar
Mar
Feb
Mar
Jan
Mar
Jan
Mar
Feb
Jan
Jan
Mar
Apr
Feb
Apr
Feb
Apr
Jan
Feb
High.
13
2334
244
53
6234
4634
4034
2334
1234
47
4831
7936
3534
3235
1834
4731
10834
1334
39
10034
30
123
10131
Jan
Jan
Jan
Feb
Jan
Jan
Mar
Jan
Feb
Feb
Mar
Jan
Mar
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Apr
Feb
Jan
Jan 95
Mar 38
Jan 46
Mar 45
Jan 24
Jan 6734
Mar 28
Jan 874
Jan 104
Mar
Jan
Feb
Feb
Feb
Jan
Jan
Mar
Feb
191
Tan
1711
Mon.
Friday
Sales
Last Week's Range for •
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
Paraffine Co's Inc com____ 8134 80
8135 5,256 79%
Phillips Petroleum
4331 43,
g
100 41
Pign Whistle pref
13
13
10 1234
Ranier Pulp & Paper
32
32
245 32
Richfield Oil
43
4234 4434 4,489 39%
Preferred ex-warr ex-div. 24% 24% 25
700 2431
Roos Bros com
33
334 1,225 3151
Preferred
984 984
5 98%
S J Light & Power pr pref._ 112
112% 11235
65 112%
100
100 100
6% prior preferred
45 9834
Schlesinger (B F) corn A _
17% 17%
124 1734
Preferred
884
160 88%
8834 87
Shell Union Oil corn
29% 29
3134 3,171 26
Sherman & Clay pr pref _ _
98 100
165 884
Sierra Pacific Elec pref.__ _
94
94
10 90
Spring Valley Water
415 86
874 87%
Standard 011 of Calif
77% 7534 80% 92,267 644
Telephone Invest Corp_
5934 5936 5934
205 59
Tidewater Asso Oil corn _ _
2034 2034 2151 3,060 18
Preferred
89
89
88
95 86%
Transcont Air Trans Inc_
200 24
27
28
Transamerica x-div 1% stk 135% 133% 13751 6,768 125
Union Oil Associates
4931 4934 5135 4.667 4434
Union 011 of Calif
5134 10,353 46%
50
50
Union Sugar corn
2534 254 2734 8.807 21
Preferred
3134
200 28
3034 31%
West Amer Finance pf x-div
4.50 4.50
50 4.50
W Coast Bancorp A ex-div_
610 2534
2534 2534 26
Yellow & Checker Cab Co_
540 49%
5136
51
Mar
Mar
Mar
Mar
Feb
Jan
Mar
Mar
Apr
Mar
Mar
Mar
Feb
Feb
Mar
Mar
Feb
Jan
Feb
Jan
Mar
Feb
Feb
Feb
Mar
Mar
Mar
Apr
Mar
High.
8834
4334
14
35
48%
25
34
10031
115
10231
21
90
314
103
96%
92
80%
60
21%
89%
29
142%
424
5234
28
32
634
30
53
Jan
Apr
Jan
Mar
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Apr
Mar
Mar
Jan
Apr
Mar
Jan
Jan
Jan
Mar
Mar
Mar
Mar
Mar
Jan
Jan
Jan
Pittsburgh Stock Exchange.
-For this week's record of
transactions on the Pittsburgh Exchange see page 2225.
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(Mar.30) and ending the present Friday (April 5). 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
Week.
Sale
of Prices
Par. Price. Low. High. Shares.
11Week Ended April 5.
Stocks-
Range Since Jan. 1.
Low.
Indus. & Miscellaneous.
300 15
Acetol Produeta corn A_ •
16
18%
5
Acoustic Products com___•
8% 35,300
6% 6%
700 384
Aero Supply Mfg Cl A- •
4434 48
•
100 38
Class Et
4434 4435
14% 2,100 14
Class B new
14
• 41% 4131 4434
700 4154
Aero Underwriters
3534
300 3335
Agfa Ansco Corp com- • 3534 35
Freterpd
100 7335
150 8731 874 8731
100 150
50
Ala Gt Sou pref
150 150
Alexander Industries
1751 19% 4.600 13
18
300 2731
29
30
Alles dr Fisher Inc com_ •
• 90e
900
134 1.600 80a
Allied Pack corn
100
234 24
1%
Senior preferred
100
100
44 434
Allison Drug Stores A- •
44
2%
2% 236 1.100
Class B
•
234
49%
600 46
48
Alpha Portl Cement com..•
165 1674
200 146
Aluminum Co common_ •
700 10334
i00 105% 10531 106
Preferred
Aluminum Goods Mfg _ •
200 30
3031 31
800 4234
100 42% 4234 4334
Amer Arch Co
15% 3.000 134
Amer Beverage Corp.---• 1634 15
Amer Brit dr Coot Corp.'
Am Brown Bovert Eleo Corp
Founders shares
100
Amer Cigar corn
100
Preference
•
Amer Colortype corn
Amer Corn Alcoholv tO 100
Amer Cyanamid corn cl B 20
Amer Dept Stores Corp..*
let preferred
100
American Mfg corn... 150
•
Amer Meter
Amer Rolling Mill eom--25
Am Solvents & Chem v to•
Cony panic preferred_ •
•
Amer Stores corn
American Stove Co__ __100
5
Amer Thread pref
Amsterdam Trading Co
-American shares.
Anchor Post Fence cora...
Anglo-Chile Nitrate Corp.'
Apco Mossberg Co cl A...25
•
Apponaug Co corn
Arcturus Radio Tube._._'
•
Armstrong Cork com_
Art Metal Works corn.
Associated Dye & Print..'
Associated Laundries A..*
Associated Rayon corn... •
100
6% Preferred
Atlantic Fruit & Sugar...*
•
Atlas Plywood
Atlas Portland Cement-- •
Auburn Automobile corn_•
Automatic Regis Mach
•
Cony prior panto
Aviation Corp of the Amer*
New, when issued
•
Aviation Credit
_•
Axton-Fisher Tob corn A10
Corp.__Babcock et Wilcox Co_ _100
Bahia Corp common
•
Bauman(Ludwig) & Co
Cony 7% let pref_ .100
Bellanca Aircraft v t
Bendlx Corp new com ---5
Blauner's common
•
Min(E W)Co common.*
Blumenthal(3)& Co corn •
Bohack (H C) Co corn___•
Bohn Aluminum &
Borden Co.new corn- _25
Bridgeport Machine corn.*
Briggs & Stratton
•
Corp_Bright Star Electric classB
•
Brill Corp clam A
•
Class B
•
Brill() Mfg COM
•
Class A
Bristol-Myers Co Cora __•
Brit Amer Tob ord bear.£1
British Celanese
rewl.tnto,
Amer
•
17
16% 17
200
High.
Apr 23
Feb 19
Mar 46
Feb 4531
Ain 1434
Apr 4835
,
Mar 4334
Jan 87%
Mar 167
Mar 23
Mar 3634
Mar
2
Jan
234
Apr
731
Mar
534
Mar 54%
Jan 189
Jan 107
Mar 41
Apr 4734
Jan
1534
1634 Mar
22% Feb
7,600
1934 1534 20
834 Jan 20
135 135
225 135
135
Apr 14451
11035 11036
75 11034 Apr 112
43 43
100 37
Jan 4934
8436 7931 8534 5,800 74
Mar 90
564 59% 11,400 y50
58
Jan 80
18
19
2034 1,900 18
Mar 29
150 95
95 102
Apr 114
46
46
25 3734 Jan 49
115% 11434 11634
375 1144 lpr a124
95% 9131 9654 10.500 8834 Mar 10531
3634 1,000 2634 Jan 4034
35
49
500 46% Jan 5534
5036
83
804 84%
1,200 804 Apr 97
112 113
20 112
113
Apr 118
100
331 331
3
Feb
334
32
41
11
36)4
214
11%
1
170
1136
22
6231
1834
1831
32
30
31
41
1034
65
3431
6231
40%
20%
1134
32
500
32
200
4434 3,200
400
11
100
65
37% 23,700
65
600
42
700
22% 1,400
300
11%
Mar
Mar
Jan
Feb
Jan
Mar
Jan
Apr
Feb
Mar
Apr
Mar
Jan
Feb
Feb
Jan
Mar
Mar
Mar
Jan
Jan
Mar
Jan
Jan
Jan
Jan
33
43%
45%
1234
654
41
65
56%
2734
1434
Jan
Jan
Jan
Jan
Jan
Mar
Feb
Feb
Feb
Feb
200 2234 Mar 3534
22% 23;f
1,000 7034 Apr 874
7034 72
134 4,200
1
2
Jan
1
54
700 53
5434
Feb 804
49
49
100 49
Apr 54%
1,500 13034 Jan 192
170 175
1031 11% 2.700
Jan 1534
8
22
3,000 19% Mar 2936
20
3,000 3234 Jan 89%
60% 65
18% 19% 27.200 1834 Apr 2254
1,800 18% Mar
1831 21
2334
32
3534
600 32
Apr 4334
75 2331 Mar 137
12031 125
1131 12% 1,900
93( Mar 2231
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Mar
Mar
Feb
Feb
Jan
Jan
95
94
1935
18% 18
12134 11914 1234
564
5634 53
4335 4434
44
8634
83
67
56
66
113
10934 11634
9634 94%
1% 1%
35
3434 3531
12
1131 12
25
25
10
10
23
24
2734 27
2734
94
90% 95
30% 29% 30%
7%
30
2934
33
5
65
2234
61
40%
19
10
Jan
Jan
Apr
Mar
Apr
Feb
Jan
Apr
Feb
Mar
Jan
Jan
Feb
Jan
Mar
Feb
Jan
Mar
Feb
Jan
Jan
634
734
100 9234
3,100 15
1,600 100
1,100 51
1,500 394
800 80
400 66
2,900 103
1,300 88
200
1%
6,500 3434
200 11%
200 224
200
8%
200 20
200 2834
2,500 9034
1,000 2934
3,600
Mar
Feb 97
Jan 23% Jan
Mar 12954 Jan
Jan 604 Feb
Mar 5634 Jan
Feb 9431 Jan
Jan
Apr 77
Mar 124
Mar
Mar 100
Feb
234 Jan
Jan
Mar
Mar 38
Mar 1434 Mar
Mar
Feb 29
Mar 124 Mar
Feb 27% Mar
Feb 28% Mar
Apr 10994 Feb
Apr 3234 Feb
4)4 Jan
8% Jan
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Continued) Par. Pries. Low. High. Shares.
Budd(E 0) Mfg corn....'
•
Bullard Co (new co)
Bulova Watch corn
•
83.50 cony pref
•
Burma Corp Amer dep fete
Butler Bros
20
Buses Clark & Inc cora_ •
Campbell Wyant & Cannon
Foundry
•
Canadian Indust Alcohol.'
Capital AdminIstr allot elf
Carman & Co CIA
•
Class B
•
Carnation Mil Prod corn 25
Casein Co of Amer
100
Caterpillar Tractor
•
Ceco Mfg common
•
Celanese Corp of Am COM •
First preferred
100
New preferred
100
Centrifugal Pipe Corp__ •
Chain Store Stocks Inc..'
Charis Corp
•
Checker Cab Mfg corn...'
Chic Jefferson Fuse Sr El.'
Childs Co pref
100
Cities Service common._20
New common
Preferred
100
Preferred B
10
Preferred BB
100
City Machine & Tool corn •
City Say Bank (Budapest).
Clark (D L) Co
•
Clark Lighter corn A
•
Club Aluminum Utensil..'
Cohn-Hall-Marx Co
•
Colgate Palmolive Peet
Colombian Syndicate
Colts Pat Fire Arms Mfg 25
Columbia Pict corn w L_ •
Columbus Auto Parts pf..•
Consolidated Aircraft_
Consol Automatic
Merchandising v t
$3.50 preferred
•
Consol Dairy Products. •
Consol Film Indus corn..'
Consol Instrument corn..'
•
Consol Laundries
Cons Ret Stores Inc corn.*
Congo]Theatres 1.td v t c •
.
Consolidation Coal corn 100
ContinentalDlamondFibre•
Coon(W B) Co
Common
•
7% pref with warr_ _ _100
Copeland Products Inc.
Class A with warm
•
Courtaulds Ltd Amer dep
recta for ord stk reg.-01
Crock Wheel El Mfg corn 100
Crosse de Black wellPref with warrants__
Crowley Milner & Co com •
Curtiss Aeropl Exp Corp.*
Curtiss Flying Fiery
Curtiss-Reid Aircraft
pfd with elk purch war 30
48
434
3134
48
4731
29
49%
434
304
54
374 41%
34
34
72
7335
31
31
24
2431
3934 42
190 202
74
75
52
52
4531
4434 43
112 115
9534 9534 9534
934 934
32%
80
53
1194
30%
97%
9
26
43%
1)4
2931
32% 34
3331 3331
7434 814
53
53
100 100
11831 120%
304 31
97
9754
9
9
924 924
26
2731
504 604
1731 18%
834 8%
28
28%
3934 4634
72
69
134
134
36
36
29
31
31% 31%
29
3334
734
28
42
24%
27%
1834
32%
2og
16
26%
735
27
41
2434
2434
1834
32%
19
16
2634
31
2954 31
91
91
1735 1834
5031
4834
4031
2034
Mar 4031
Mar 4334
Mar 78
Feb 3134
Apr 2534
Mar 48
Jan 267
Mar 82
Apr 70
Mar 574
Mar 118
Feb 100
Apr 13
Jan
Mar
Mar
Feb
Mar
Feb
Jan
Jan
Mar
Feb
Feb
Feb
Jan
2,000 33
Mar 4034
100 31
Mar 42
22,900 4631 Jan 04
100 48
Mar 6934
20 974 Mar 109
52,300 88% Jan 1214
27,000 30
Mar 3131
2,200 9644 Feb 9834
500
934
834 Jan
100 s9136 Feb 93
800 25
Mar 3434
200 504 Apr 6635
1,500 1731 Apr 18%
500
Mar 2431
7
700 27
Mar 334
4,900 3634 Feb 4634
2,200 59
Apr 8034
11,100
lire Jan
2
600 36
Apr 4534
1,100 29
Apr 3134
100 30
Mar 35
3,200 2534 Mar 43
Jan
Jan
Mar
Mar
Jan
Max
Mar
Jan
Jan
Jan
Jan
Feb
Apr
Jan
Feb
Apr
Jan
Jan
Jan
Mar
Mu
Max
3434
44
29
49
334
25%
634
SOO 3635
100 34
300 72
600 31
200 24
1,000 39
60 180
400 69
100 52
1,900 41%
300 10434
100 924
900
934
1,100
100
500
7
27
37%
18
23
17
3234
1836
14
2534
Jan
Feb
Mar
Mar
Feb
Mar
Feb
Mar
Apr
Mar
Jan
Feb
Feb
Mar
Mar
Mar
Mar
1734
45
50%
26
35
21
Jan
Jan
Feb
Mar
Mar
Mar
8954 Feb
21g Mar
Jan
22
29% Mar
29% Mar
9034 Mar
4354 Jan
9834 Feb
,
Jan
2134 Feb
1531
100 1834 Mar 25)4 Jan
275 12734 Jan 29331 Mar
Apr
Mar
Jan
Mar
5031 5034
200
48
4931 2.100
1.700
40% 42
203.4 21% 11,800
5031
47
264
1931
3051
304 Mar
30%
High.
Mar
Mar
Mar
Mar
Jan
Jhn
Jan
934 40,200
32
3.300
42
600
2531 10.900
2734 5,800
1951 2,400
3331 3,400
204 3,000
16
75
274 6.200
1934 1936
250 285
Low.
67
53%
31
50
531
444
1734
54
3,000
4934
800
400
30
50
300
434 23,200
314
1,500
2,100
9
72
31
2431
4034
Range Since Jan. I.
400
66
62%
5234
28
Feb
Jan
Feb
Feb
35
Mar
Feb 3034
Davega Inc
500 29
• 32% 304 32%
Davenport Hosiery Co-- •
600 1891 Jan 3454
254 28%
Davis Drug Stores allot ctfs z40
x3934 5034 1,700 53934 Apr 5734
Decor, Record Ltd
Amer shs for ord eh_ _.£1
434
351 Ma
4
334 4% 8,300
Apr 542
300 570
Deere dr Co common-100 585
570 585
Ma
Be Forest Radio v to.....' 1834
28%
1934 12,400 16
18
42
Doehler Die-Casting
Ma
• 28% 27% 29% 1,400 27
Mar 5534
Dom inionStores Ltd new w
51
52% 3,800 48
100 21
Jan
32
Donner Steel corn
26
•
26
3154 4,000 24% Mar 3331
Douglas Aircraft Inc
30
• 30
25 88
Douglas (IV L)Shoe pf-100
90
AP
88
88
200 4634 Apr 4834
Dresser (S II) Mfg CIA..'
4634 47
1134
631 Ma
835 5,600
Dubiller Condenser Corp..*
7
835
Durant Motors Inc
19%
• 15% 1251 163-1 18,000 1235 Mar
Due Co Inc, el_ A
300
4
Ma
44 5%
7
•
600
234
ClassA vt c
134
•
15-4 Apr
434
Jan
Feb
Mar
Feb
Feb
Jan
Jan
Mar
Feb
Mar
Jan
Jan
Jan
Jan
Jan
Jan
APRIL 6 1929.]
2253
FINANCIAL CHRONICLE
Sales
Friday
Last Week', Range for
ofPrices.
Week.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
Elec Household HUI__ 10
Electric Shovel Coal pfd. •
•
Fabrics Finishing corn_
Fageol Motors corn
10
Fairchild Aviation class A •
100
Fajardo Sugar
•
Fandango Corp corn
Fansteel Products Inc....*
•
Fashion Park Inc com
Fedders Mfg Inc class A..•
534
79
6%
13%
45%
49
50.
19%
5
22
79
634
11%
45%
33%
Federated Metals tr ctf • 34
34
35
Ferro Enameling Co cl A • 70
60
70
Film lave° Mach
1%
134
Fire Assoc of Phila
10
47
49%
Fireman's Fund In.s
100
106 107
Firestone Tire & R com_10 252
252 265
7% preferred
100 108
107% 108%
Fokker Air Corp of Amer.* 35% 33% 36%
Foltis-Fischer Inc com_ •
34% 37%
Ford Motor Co Ltd
Amer dep rots ord reg _LI 20
18% 20%
Ford Motor Co of Can_100 1175 1020 1190
Class B
6934 5634 70
Foster & Klelser
11% 11%
Foundation Co
Foreign shares class A _ _• 1434 14% 16
Fox Theatres class A com_• 2834 28
29%
Franklin (H H) Mfg com.•
3694 37%
Freed-Eiseman Radio----•
3% 334
334
French Line Am stis for
corn B stock__600 franca 47% 47% 48
Freshman (Chas)Co
734 855
8
•
Gamewell Co corn
•
General Alloys Co
•
General Amer Investors •
General Baking corn
•
Preferred
General Bronze Corp corn •
General Cable warrants_ -Gen Elec Co of Gt Britain
American deposit mtg.__
Gaul Fireperg new corn
Gen'l Laundry Mach corn •
Gen'l Realty & 1R11 corn_•
Pf with corn purch war 100
*
Gilbert(A C)c:0 com
Preference
•
Glen Alden Coal
•
Goldman-Sachs Trading..'
New when issue
Gold Seal Electrical Co ___•
Gotham Knitbac
Gramophone Co Ltd
Amer dep rcts ord £1
Granite City Steel corn.,..'
Gt Atl & Pao Tea let p1100
Greenfield Tap & DIe oom •
Greif (L) & Bros pf
Griffith (D W)Class A_ •
Grigsby-GrUnow Co now...
Ground Gripper Shoe Co
•
Common
Guardian Fire Assuran“ 10
Hall(C M) Lamp Co_
•
Hall(W F) Printing.
.__10
Happiness Candy St al A _•
Hartford Times part pf_ •
•
Hart-Parr Co corn
•
634% preferred
•
Haygart Corp
•
Hazeltine Corp
Helena Itub'stein Inc cora •
73%
66%
69%
4634
35%
200
600
200
400
2,400
730
5,200
2,100
100
600
49
613.4
20%
534
2434
98%
7%
13%
4534
3634
72
16
66%
754
67%
46
35%
Low.
43
50
1934
494
22
79
4%
10%
44
35
Apr
Mar 49
Jan
Apr 61
Mar 254 Jan
63' Jan
Mar
Apr 34% Feb
Apr 124% Jan
Mar
10
Feb
Mar 21% Jan
Mar
Jan 54
Jan
Mar 50
Mar 39
Apr 70%
3%
Jan
Apr 53
Mar 155
Feb 285
Apr 110%
Jan 44%
Mar 38%
Mar
Feb
Jan
Mar
Feb
Mar
Jan
Mar
Jan
15%
69,70
1,80 625
12,800 5634
11%
10
Jan 20%
Feb 1190
Apr 70
11%
AD
Jan
Apr
Apr
Apr
Mar
Jan
Mar
Jan
30
31,10
60
20
1334 Feb
28
Feb
30% Mar
1% _ Fe
19%
35%
4234
4%
30
17,400
42% Jan
6% Ma
Jan
59
12% Jan
68%
14
863.4
7
67%
43
17%
74%
21%
9334
10%
79%
59%
47
500
73%
100
16
400
67%
11,900
8
71% 12,000
48% 2,400
1,800
38
14
15% 49,600 11%
33% 35% 2,100 30%
25% 1,500 25
25
18% 20% 3,700 18%
20
90% 89% 91% 3,200 89%
200 18
2134
21
2,100 42%
48
43
48
125% 130% 2,100 119%
130
14%
33%
76,600
108% 103% 111
78% 24,600
77% 69
13% 12% 14% 3,600
78% 8134
41%
41% 38
115 115
1534 17
17
96
96
2% 23,4
145% 141% 159
Jackson Motor Shaft
•
Johnson Motor
Jonas & Naumburg corn_ •
•
$3 cum cony prof
Karstadt(Rudolph) Am slim
Kellogg Switch & Supply 10
Keystone Aircraft Corp_ ..•
Kimberly-Clark Coro corn'
Klein (D Emil) Co corn..'
Klein(I)& Co Part Prof 2
Knott Corp corn
Kobacher Stores corn. •
KoLster-Brandes, Ltd.
Amer shares
Lackawanna Securities__ _•
Lake Superior Corp.--_100
Lakey Foundry & Mach--*
•
Landay Bros class A
•
Land Co of Florida
Lane Bryant Inc
Common
Lazarus(l'& R)& Co corn*
100
634% cum pref
•
Leicourt Realty corn
Preferred
50
Lehigh Coal & Nay
Lerner Stores Corp coin. •
Ley (Fred T)& Co Inc w 1•
Libby Owens Sheet Glass 25
Lily-Tulip Cup Corp
•
10
Lit Brothers Corp
Loew's Inc warrants
London Tin Syndicate
Am dep rots ord reg.-£1
Louisiana Land & Explor _•
High.
900 32%
1,400 60
1%
200
300 47
400 101
2,400 220%
500 1073.4
7,600 18%
2,30
33
Ma
Jan
AP
Ma
AP
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Feb
Mar
Jan 20% Feb
Jan 3834 Mar
Jan 27% Jan
Feb
Mar 25
Apr 100% Feb
Jan 25% Jan
Jan
Jan 48
Jan 139
Jan
93
Feb 121% Mar
Mar
Jan 79
23
12% Apr 19% Feb
200 62%
6,800 35
40 115
1,400 12
50 95
200
134
3,000 132%
Jan 89% Mar
Mar 44% Mar
Jan 117% Feb
Jan 19% Feb
Jan
Feb 97
Jan
4% Feb
Mar
Mar 183
Jan 43% Mar
37
38% 2,300 27
700 57% Apr 6914 Jan
57% 58%
100 20% Mar 26% Jan
22
22
Jan
Apr 35
600 26
26
26
27%
5% Jan
1,900
3% 3%
334 Mar
Jan
100 42% Jan 45
43
43
18,000 63% Jan 90% Mar
88
8734 82
25 14634 Jan 200% Mar
186 195
195
Jan 82% Mar
8,20
46
6934 75
z70
60
41% 42
4134 Apr 50% Jan
2,100 20
Feb 26% Jan
2134 20% 22
38
58%
Hercules Powder pref- -100
119 119
Hayden Chemical
• 2634 2034 27
24% 24%
Hires(Chas E) Co corn A •
Holt (Henry) & Cool A_ •
23% 24
35
Horn (A C) Co corn
34
• 34
7% 1st pref
46
46%
50
Horn & Hardart com____• 57
56
57
Housli'd Finance Part Pf 50
4634 4634
Huyler's of Del corn
• 2634 26% 28
7% preferred
98
98
100
Hygrade Food Prod com_• 41% 37% 4134
Imperial Chem Industries
934
Am dep Fete ord she reg £1
93-4
Imperial Tobacco of Can_5 103i 10% 10%
Indus Fin 7% cum prof_100
81
81
Maur Coot North Amer_10 8034
7934 80%
Insurance Securities_ ___10 29
29
29%
Internal Cigar Machy__* 105
105 105
lnternat Perfume Corn....• 1794
17% 18%
Internet Products corn- _• 1034
10% 11%
Preferred
100
7834 78%
Internat. Projector
52
55
•
,
3234 36
Internat Safety Razor B.* 34%
66
68
International Shoe coin...• 66
3034
Interstate Hosiery Mille__• 3034 30
Irving Air Chute corn _.-• 2434 24% 26
12% 12%
IssOtta Fraschini
9
Range Since Jan. 1.
4634
2134
3754
24
z13%
8
3934
25%
3234
25
100
9%
200 10%
25 80%
1,900 77%
5,800 28%
100 IC5
800 1631
1,100
9%
100 7834
300 12%
1,400 25
100 60
1,200 30
2,800 23%
100 12%
Ma
Apr
Mar
Feb
Mar
Apr
Mar
Mar
Apr
Jan
Feb
Feb
Mar
Mar
Mar
25%
48%
16
49
10
1,200
1,60
30
2234
3334
15
48%
Mar
Jan
Mar
Apr
21%
15
33
46
24
19
32
65
22%
15
38%
49
24
20
z33%
65
2,30
30
4,60
1,90
10
1,700
200
10
20%
12
31%
46
23%
19
32
44
Mar
Mar
Mar
Apr
Mar
Mar
Jan
Jan
834 15,400
400
39%
2834
3,000
3234 2,300
1,300
26
200
752
7%
39%
16%
8034
17%
734
Apr
Apr
Jan
Mar
Mar
Mar
100 70
900 33%
400 101
1,000 28%
BOO 36%
2,700 149%
1,900 44
500 6734
360 179
2,100 1934
1,200 21
300
834
Apr
Feb
Apr
Apr
Mar
Apr
Feb
Mar
Jan
Apr
Mar
Mar
7%
39%
25%
3194
2294
734
70
70
4234 45
101 101%
294 28% 31
37
3734
14934 149% 151
46% 47%
57% 58%
190 195
19% 19% 21%
21
21
21
9
9
17% 18
10% 12
• 34% 3394 35%
Mangel Stores corn
654% pf with cam pur w• 10234 1023-4 10234
Feb 121% Jan
Apr
Feb 27
Jan 2554 Feb
Apr 24% Jan
Apr 47
Jan
Ma
4634 Jan
Ma
61% Feb
Mar 50% Jan
Jan
Jan 32
Mar 10034 Mar
Jan 49% Jan
25%
4614
15
48%
42%
10%
1 115
1,00
19%
10
23%
900 23%
200 34
300 43%
SOO 55%
100 45
600 2534
100 96%
2,200 34%
400
6,400
17% Apr
1034 Apr
4,900 33% Apr
800 102% Mar
Saks
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Low. High. Shares.
Stocks (Continued) Par.
Range Since Jan. 1*
Low.
High.
Manning Bowman & Co A• 19% 19% 19%
38
38
Manes Consol Mfg
•
Marion Steam Shov corn..' 25% 25% 27%
Massey-Harris Lid com * 7134 71% 78
8% 8%
834
Mavia Bottling Co of Am.'
45% 48
McLellan Stores class A_ •
18
18
Meadows Mfg common_ •
100 10634 10634 108
Mercantile Stores
25
25
Merritt Chapman & Scott• 25
100 100
634% pfd A with warr100 100
2%
2
2
•
Mesabi Iron
400 1734 Jan 20%
Mar 42
100 38
1,400 2594 Apr 66%
700 71% Apr 99%
Feb
11
8
3,400
Mar 59
500 44
Mar 24
200 15
600 105% Feb 11994
Mar 28%
700 25
Jan 100%
200 100
2
Apr
3
1,000
77
74
Metropol-Chain Stores- •
734 734
Met 5 & 50c Stores cl A_ •
• 100% 100% 100%
Michigan Steel Cow
29
28
Mid-Continent Laund A.• 28
102 103%
102
Midland Steel Products_
Milgrim (H) & Bra cont • 1534 1534 16%
45%
• 45% 45
Miller (I) & Sons com
Minneapons-Honeywell
Regulator common.....' 64% 83% 66
82
82
Minneapolis St'l & Mach 10 82
36
36
Mock,Judson Voehringer• 36
Montecatini LI & Agr3% 4%
334
Warrants
Moody's Inv part pref__ _• 48% 48% 49%
65
66%
Moore Drop Forge cl A.....' 66
59
59
60
Merrell (J) & Co, Inc_
Mtge Bank of Colombia
47
47
47
American shares
600
100
100
600
200
600
1,400
70
6%
6234
28
98%
1534
39
1,700
100
300
5594 Jan
Ma
77
Jan
28
72)4 Mar
Mar
83
39% Mar
3,700
1,100
800
300
3
4734
59
59
6% Feb
52% Jan
75
Jan
65% Feb
62%
60
Nachmann-Spgf
• 62
• 7134 70% 74%
Nat Aviation Corp
5
5
. 5
National Baking com
67% 67%
Nat Bankservice Corn •
64
Nat Dairy Prod newcomwl• 6334 62
104 104%
100 104
Preferred A
3234 35
Nat Family Stores corn....' 35
4034 42%
Preferred with warr__25
Nat Food Products
34
34
Class A with warr
• z1036 10% 10%
s
Class B
3
Nat Leather stamped _ _ _10
28% 28% 29%
Nat Mfrs & Stores
30
31
Nat Rubber Machinery • 31
25% 25%
•
Nat Screen Serv
Nat Sugar Refg
• 41% 41% 43
12%
Nat Theatre Supply corn,.' 12
28
28
Nat Trade Journal Inc_ •
9% 935
,
Nanheim Pharmacies corn.
19
20
Nebel(Oscar) Co Inc coin •
23
23
Nehl Corp common
•
1,300 60
4,700 63%
5
300
100 6714
8,300 60%
30 103
4,600 30%
400 3234
100
1,500
600
1,600
1,000
100
1,000
5,300
100
300
200
200
3334
10%
3
28%
30
25
41%
7
27
9%
19
20%
Jan
Mar
Apr
Apr
Apr
Mar
Apr
Mar
Mar
Apr
Apr
Mar
37
12
5
4034
4134
34%
5594
1394
34%
12
2694
2994
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Feb
Jan
• 155
Neisner Bros common
Preferred
100
NeLson(Herman) Corp___5 2334
Neptune Meter Cl A
•
Nestle Le Mur Co cl A_ *
•
Newberry (J J) corn
Preferred
100
New Meg & Ariz Land___1
• 96
Newton Steel new
N Y Auction com A
* 19%
42
N Y Investors
N Y Merchandise
•
Niagara Share Corp
• 41
Nichols& Shepard Co,....,.' 107%
Stock purchase warrants
Niles-Beml-Pond corn new 44%
Nineteen Hundred Washer
•
Class A
Noma Electric Corp Corn_• 2134
North American Aviation_• 16
North Amer Cement
•
Northam Warren Corp pf_•
Northwest Engineering.. •
Novadel-Agne common_ •
20
2
60
10
200
60
5
10
2,10
1,90
2,30
60
1,200
400
100
6,300
142
187
2394
19%
24%
11194
10294
71i
66%
1894
40
3634
25
76
55
36%
Jan
Jan
Mar
Jan
Feb
Ma
Jan
Ma
Jan
Apr
Mar
Jan
Jan
Jan
Jan
Ma
164
210
28
21
27
125
10791
9%
10514
24%
48%
57%
47
113
90
5834
Feb
Feb
Feb
Feb
Feb
Jan
Mar
Mar
Mar
Feb
Feb
Max
Feb
Mar
Mar
Mar
28
20%
14%
834
39%
39
24%
300
29%
3.000
21%
26,400
16
300
200
39.
4
3
900
41
200
25
25
17
14
834
39
39
22%
Ma
Ma
Mar
Apr
Mar
Mar
Feb
29%
24
24
13
4534
4894
3194
Apr
Jan
Jan
Jan
Jan
Feb
Feb
83
83
92
Jan
Ohio Brass class B
• 83
Oil Stocks Ltd
Class A without ware..' 1534
Class B without ware.........
OliverFarmEguip w !cora* 46
• 6634
Cony partie. stk.
Prior pref A with ware,.' 100
123-4
Outbd Motors Corp corn II*
Cony pref el A
* 20
11% Feb Ovington Bros panic pr. *
11% Feb Page-Hersey Tubes corn,. _* 126
Jan Paramount Cab Mfg corn..' 28%
91
90% Jan Park Austin & Lipscomb
Participating preferred
33% Jan
•
120
Feb Parke Davis & Co
-- -24% Jan Penney (J C) Co
Class A preferred_ _ __100 9934
14% Jan
83% Feb Pennsylvania Salt Mfg_ _50
Mar Peoples Drug Stores Inc...'
63
100 98
Jan Pepperell Mfg
46
10
74% Mar Pet Milk preferred
32% Mar Phelps Dodge Corp____100 300
New
25 7534
Mar
29
14% Jan Philirme(Louis)Inc A corn• 2734
Common class B
• 2634
23.4
50
Feb Phil Morris Con Inc corn.'
60
Mar Pick (Albert). Barth & Co
Prof class A (panic pf).• 15
20
Mar
59
Mar Piedmont & North Ry _100 z80
• 32
Pierce Governor Co
24% Mar Pitney Bowes Postage
Meter Co new
* 17%
17
Feb
Jan Pitteb & L Erie RR com_50
50
Pittsb Plate Glass new..........
53% Feb
25
28% Jan Pitts Screw & Bolt new w 1_
•
24% Feb Pratt & Lambert Co
37
Feb Procter & Gamble corn...10 350
71% Mar Frontier Silk Hosiery Inc• 3734
Prudence Co 7% pref__100 10434
12% Mar Pyrene Manufacturing__ lu
8
4534 Jan
4134 Jan Rainbow LuminousProd A• 42%
353i Jan Raybeetos Co common _25
29
Feb Reeves(Daniel) common..' 39%
Repetti Inc
Jan
13
5
Republic Brass common..' 4534
Class A
81% Jan
•
49
2%
Mar Republic Motor Try t 0_ _•
104
Mar Reynolds Metals common• 44%
39
• 7234
Preferred
Jan
39
Jan
172
Jan Rice-Stlx Dry Goods corn •
4834 Mar Richman Bros Co
6494 Mar Richmond Radiator com •
34
220% Feb
7% cum cony pref
2334 Mar Ritter Dental Mfg corn---: 56
2634 Jan Roils-Royce of Am pf _100 00
14
Mar Rolls Royce Ltd
11
Amer dep receipts reg stk
• 1634
22% Mar Roosevelt Field Inc
•
14% Feb Ross Stores Inc
Royal Typewriter corn...,'
100 76%
35% Mar Ruberold Co
40%
103
Mar RuddMfg
14831 155
199% 199%
2314 24
20% 20%
25
25%
115 117
106 106
734
794
90
96%
1834 18%
41
43
39
40
42%
41
103 107%
83% 83%
433i 4734
15%
16
42%
63
100
11
1934
634
122
25
Mar 89
Feb
754
Jan 111
Apr 34%
Mar 106%
Apr 20%
Jan 48%
Mar
Feb
Mar
Apr
4634 Fe
100
25
83
24
500 24
24
300 51
52%
51
260 336
340% 349
810 98%
98% 100%
2
90
90
90
40
78
80
74%
20 98
98
98%
10 110%
112 112
100 19914
300 310
74% 79% 17,000 74%
1,000 243.4
24% 27%
400 23%
23% 26%
1,400
2% 3
2%
17% 18%
139% 140
67% 67%
24% 25
74% 75
345% 350%
36
375(
104% 104%
7% 8
42%
75
37%
1%
45%
105
2%
43
72%
11%
17%
10%
95
76%
40%
48% Mar
Apr
1994 Jan
Jan
Mar 17% Feb
Mar
Mar 50
Mar 885( Mar
Mar 102% Mar
Apr
Apr 13
Apr 21% Apr
7% Jan
Apr
Mar
Apr 126
Mar 43% Jan
Jan
Apr
Jan
Apr
AP
Feb
Mar
Feb
Jan
Apr
Apr
Apr
Mar
Mar
15
53% Jan
Mar
30
27%
58%
412'
10294
100
94
113%
114
375
89
30
2994
4%
Feb
Feb
Few
Fen
Jan
Jan
Feb
Jan
Feb
Max
Jan
Jan
Jan
19
Jan
Apr
80
3834 Jan
9,800 13% Mar 20%
200 135% Mar 156%
Jan 78%
200 64
Mar 2714
600 23
200 63% Jan 85
Jan 370
450 281
Mar 43
700 35
25 102
Jan 104%
1,100
7% Jan
934
49% 6,10
1,60
783.5
1.100
39%
334 28,000
47% 1,300
300
108
200
2%
200
44%
700
74%
21% 23%
335 335
15% 1.53(
34
34%
56
57%
55
70
10
15%
10
95
76
40%
4,600
875
1,100
Feb
Jan
Mar
Jan
Jan
Feb
Mar
Apr 7631 Feb
Jan
74% Mar
Jan
6
Mar
Apr 75% Jan
Mar 6894 Mar
Feb 10694 Jan
Jan 48% Feb
Jan 49% Mar
1,400 1454
16%
200 15
16
16,700 37%
46
13,200 61
65
5,200 100
100
13
1,700 11
1,800 1934
2194
6%
600
6%
100 122
126
29
5,000 23
15
15%
69% z80
31% 33
Jan
Jan
Jan
Jan
Mar
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Mar
Feb
Mar
Jan
Apr
Jan
Jan
42)4
6914
37%
65c
42
90
1%
3134
63
Mar 65
Jan
Apr
Jan
Jan
13 4
Jan 1456844
55%
6%
Jan
Jan 52%
Jan 79
Max
MarMMA pra
a
Feb
Feb
Mar
2,800 19
10 330
100 10%
200 29
700 46
0 45
45
24%
Ma
Mar 394
19%
Jan
Jan 38%
Feb 6394
Ma
73%
Jan
Jan
Feb
Mar
Mar
Mar
994
15%
10
81
76
40%
Mar 1594
Apr 18
29%
AD
Jan 106
40 34
Apr 10 %
Apr
Feb
Mar
Jan
2,100
6,100
200
50
300
100
Jan
Ay
Ja
F nebr
Friday
Saks
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
31
Safe-T-Stat Co common
Safety Car Mg & Ltg__100
Safeway Stores
Second series warrants__
• 12534
St Regis Paper Co
100
7% cum prof
•
Schiff Co com
Schulte Real Estate Co___
2611
Schulte-United 50 to $1 St• 1611
Second Gen'l Amer Inv Co_
Common
• 25%
8% pref with warrants_ _ 10511
Seeman Bros common. •
Segal Lock & Hardw corn.• 10
Seiberling Rubber com_ •
Selected Industries corn..• 2094
Allot ctfs let paid
93%
Selfridge Provincial Stores
El
Ltd ordinary
391
Sentry Safety Control__ _.* 15%
20%
Serve!Inc(new co) v t
100 75%
Pref v t c
50 4134
Sharon Steel Hoop
• 49%
Sbeaffer(W A)Pen
Sherwin-Wrns Co com__21
Siemans & Halske
Sikorsky Aviation com__ _• 55%
Silica Gel Corp corn v t a_ _• 4091
• 72
Silver (Isaac) az Bro
Simmons Boardman
•
Publishing $3 prat
Singer ManufacturIng__100 575
£1
Singer Mfg Ltd
•
Skinner Organ corn
Smith (A 0) Corn new._.• 185
200 lira
Sala Viscose
Dep reps Chase Nat Bank
Sonatron Tube common_.• 31
• 36%
Southern Asbestos
•
Sou Groc Stores rem •
Cony class A
Southern Ice & UtilcomA_•
• 1114
Corn class B
Southwest Dairy Prod.._• 17%
100
7% preferred
Southwestern Stores corn.
18
Preference series A •
Span & Gen Corp Ltd___£1
4%
Spiegel May Stern Co100 88%
ll%% preferred
•
Stahl Meyer Inc corn_
Stand Dredging Prof
" 30
Standard Investing com • 3531
Standard Motor Constr.100
3%
Stand Steel Propeller
2615
29
Starrett Corp corn
• 17
Stein Cosmetics corn
Stein (A)& Co corn W I _
2894
Preferred W I
Sterchl Bros Stores
28%
Sterling Securities allot ens 33%
•
Stern Bros Class A
•
Stetson (John B)com_
Stewart-Warner(new corp)
Stinnes(Hugo)Corp
Strauss (Nathan)Inc rem • 29
Stromb Carlson Tel Mfg_ •
Stroock (S)& Co
•
Stutz Motor Car
• 18%
Sullivan Machinery
Superheater Co
•
Super Maid Corp com _ •
100 130%
Swift & Co
15
Swift International
Syrac Wash Mach B com_• 1834
-
Taggart Corp common.... 46%
Tennessee Prod Corp corn* 25
31
Thermold Co corn w L.__
7% Cum oonv pref__100 9934
Thompson Prod Inc el A_
57%
Thompson Starrett pref___
Timken-Detroit Agle___10 2434
100
Preferred
Tishman Realty & Constr• 56%
Tobacco & Allied Stocks_ •
Tobacco Products Experts*
Todd Shipyards Corp._.._
59%
*
Toddy Corp cl B v t c_
-America Corn
z136
Trans
Transcont Air TransP.---• 26
-Lux Pict Screen
Trans
• 1714
Class A common
•
Travel Air Co
Tr-Continental Corp corn • 33
6% cum pref with war100 104%
Triplex Safety Glass
Am rcts for ord ab reg.
•
Trunz Pork Stores
Tublze Artificial Silk cl B_• 392
•
Tulip Cup Corp corn
Tung-Sol Lamp Wks corn.•
• 29%
Class A
--
Union Amer Investment
Un Carbide & Carb now.-•
Union Tobacco
United Aircraft & Transp-•
6% cum pfd with war.50
United Carbon v t o
•
100
Preferred
United Chemicals corn __.•
$3 corn panic pref
•
United Dry Docks
United Milk Prod rem. •
7% guns preferred. .100
Un Piece Dye Wks new. •
United Profit Sbar com_-•
United Shoe Mach corn._25
U 8 Asbestos corn
•
US Dairy Prod class A. •
US Foil class B new
•
U S & Foreign fko corn__ _•
$13 preferred
•
138 Freight
•
U13 GYPSUM COMr0011---20
Preferred
100
U S Radiator common._ •
Common v t
U 43 Rubber Reclaiming__*
Universal Aviation
•
Universal Insurance.___25
Universal Pictures
•
Van Camp Pack new com.•
25
New preferred
Vogt Mfg Cons
•
•
Wahl Co common
Want & Bond class A....*
Waigreen Co common....•
Warrants
Walker(Rtram)Gooderham
•
& Wortscommon
[VOL. 128.
FINANCIAL CHRONICLE
2254
55%
73%
14%
77%
6991
60
114
46%
1934
10
47
51%
91
91%
63
2695
17%
24
29%
25%
76%
71
Range Sines Jan. 1,
Low.
1 10a.
/
29% 34
212 213
4,700 17
125 157
Feb 37% Mar
Jan 229% Jan
480 480
119 12714
10334 103%
58
63%
2631 27
log 1794
20 480
2,000 119
100 100
2,000 57
600 26
3,700 16%
Jan
Apr 626
Apr 150% Mar
Jan
Feb 107
Mar 79
Jan
Feb 3991 Jan
Jan
Apr 26
24%
105
6915
10
51
20%
9394
26% 1.300 24%
1,100 105
106
1,000 6914
71%
10
100
9%
51
200 47
22% 11,500 18%
95
2,400 9314
Mar 35%
Apr 125
80
Apr
Mar 1311
Mar 65%
Jan 3191
Apr 106
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Friday
Saks
Last Week's Rangel for
Sale
of Prices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Watson (Sohn Warren)Co•
734
7
7%
Wayne Pump common___• 1831 18
19
Western Auto Supp cl A_ *
50% 53
Westvaco Chlorine Prod..• 90% 86% 91
Wbitenights Inc com_.....•
9
9
11
Widiar Food Products_ *
26
27
Williams(R C)& Co Inc.*
3234 3294
Wit
-Low Cafeterias corn .• 23
20
23%
Preferred
5214 54
Winter (Beni) Inc com_ •
12% 13%
Wire Wheel Corp corn new* 28% 28
3194
Worth Inc cony class A__.•
7%
6
8
Wright Aero corn
• 127X 12014 131
• 32% 2991 33
Yellow Taxi Corp
Zenith Radio new
41%
3814 38
Zonite Products Corp coin •
34
34%
Range Since Jan. 1.
Low.
High.
Mar 14% Jan
Jan
Apr 32
Apr 5991 Jan
Jan 116% Mar
Jan
Apr 18
Feb
Mar 29
Mar 41% Feb
Mar
Mar 30
Mar
Mar 58
Mar 1834 Jan
Feb
Apr 38
Mar 1131 Jan
Mar
Mar 155
Apr
33
Jan
Mar 6191 Feb
Jan 44% Jan
2,300
1,100 18
400 50%
7,100 4791
2,300
9
600 2431
100 30%
2,000 22
600 50
1,200 1194
5,700 28
500
5%
7,800 114
5,100 18%
5,000 34%
600 3114
Rights39.1
700
3%
9
2,700
13% 15%
17% 2034 122,000 14%
78
68
600 60
39% 41%
500 35%
4991 4974
100 49
84% 85
50 81
20 670
670 680
17,700 2034
41% 58
38% 41% 15,400 23%
1,200 6591
6591 73
Illsz Feb
Jan
Mar 15% Jan
2094 Apr
Jan
Apr
Mar 78
Jan 50% Feb
Mar 6334 Jan
Mar 88% Jan
Apr
Apr 680
Jan 63% Mar
Jan 4891 Mar
Feb
Apr 88
48
48
575 575
711 7%
45
45%
175% 185
5
5%
4% 5
29% 32
36% 3794
22% 22%
33
33
10
10
11% 12
16% 18
9994 9994
18
1991
21% 21%
411 491
100 48
10 570
6%
300
200 40
50 163
1,000
5
434
200
1,100 2811
1,400 36
100 2134
100 30%
100 10
600 10
1,200 1211
100 9914
400 18
100 2136
3,100
4
Mar 5291
Feb 631
994
Jan
Jan 47
Feb 19414
Apr
634
4%
Apr
Mar 4394
Mar 49%
Jan 35
Mar 37%
Mar 17%
Mar 27%
Jan 21
Jan 99%
Apr 2834
Apr 2834
Mar
7
Jan
Jan
Jan
Mar
Jan
Feb
Mar
Feb
Feb
Mar
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
8894 9014
42% 46%
2931 30
3534 38%
3
3%
26% 26%
29
2911
,
17
17%
28% 30
92
93%
2891 29
32% 33%
43
44
88
88
6434 67%
12% 1494
29
28
29% 29%
43
43
18% 20
53
53
163 163
6034 6114
129% 130%
31% 3414
1894 18%
500 86
Jan 98%
800 39
Feb 53%
300 2991 Apr 30
800 35% Apr 4394
2,100
4%
291 Mar
300 2694 Apr 30
3,900 29
Mar 31
300 1514 Mar 18%
900 2834 Apr 385
,
5
400 92.
Apr 99%
1,100 28% Apr 29
9,300 30% Mar 34%
125 42
Mar 4791
25 85% Mar 100
2,000 6011 Mar 72%
1,600
1614
9% Jan
600 2634 Mar 3694
100 29
Jan 3494
100 42% Mar 61%
1,100 18
Y,eb 34
200 53
Apr 55
25 159% Jan 176
150 54
Mar 61%
850 12954 Mar 13915
3,100 29% Mar 37%
1,000 16% Mar 23%
Feb
Jan
Apr
Feb
Jan
Mar
Mar
Mar
Feb
Feb
Apr
Mar
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Apr
Jan
Jan
Jan
43% 48
700 43%
25
25
100 24
31% 5,200 25
31
9914 99%
1,000 90
52
5714 2,600 46
51% 52
400 51%
23% 2574 4,200 2014
108 109
30 107
56
800 4994
56%
500 5431
5434 54%
234 2%
200
2%
59% 6334
400 5994
994 9%
900
9%
133% 13691 11,700 125
25% 26% 7,100 2434
17
49
3091
104
Feb
Feb
Mar
Mar
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Jan
Mar
Feb
19
15,500
5% Jan 24
Mar
51
1,100 49
Apr 61
Jan
33
48,500 30
Feb
Jan 035
104% 4,200 104
Apr 10791 Jan
24% 2431
45
47
370 395
1194 11%
2134 22
29% 2934
100 22%
1,000 45
235 370
100 10%
200 15
600 24%
54
56
900 54
71% 75% 25,300 68
14
16% 9,500 1331
74% 8094 16,100 67
7091 4,200 60%
68
62
60
1,400 46
98
400 92
9831
110 115
600 110
46% 50
2,100 44
1,600 18%
1831 1914
1391
13
300 10%
75 75
75
75
44
500 44
45
500
1031
9%
10
100 7414
75
75
500 4591
4734
47
100 4814
50
50
1,800 57
59% 60
4931 51% 2,300 4934
800 91
9294
91
8894 92% 3,700 82
63% 1,300 56
60
100 123
123 124
600 4311
4994
48
200 4814
48% 4896
900 16
24
2614
16% 19/
4 3,900 15%
200 7034
70% 72
1,400 16%
24
26
BOO 28
2834 29%
31 n3295
125 28
29% 29%
100 28
2134 22
200 zog
25% 2594
800 25
74% 7714 1,600 7191
51% 5111
300 51
70
Jan 5914
Jan 27
Feb 35%
Feb 105
Jan 6991
Apr 58%
Mar 36%
Feb 109
Jan 6491
Feb 5534
Mar
314
Apr 7694
Apr 1434
Feb 14334
Feb 3031
72
6,700
66
Jan 8314
Apr 60%
Apr 595
1311
Jan
32
Jan
Feb 32
Apr
Mar
Mar
Mar
Mar
Jan
Jan
Apr
Mar
Apr
Mar
Jan
Mar
Feb
Mar
Mar
Jan
Jan
Apr
Apr
Mar
Mar
Apr
Jan
Apr
Jan
Mar
Jan
Mar
Jan
Jan
Jan
Mar
Jan
Mar
Mar
Mar
72%
78
20
97
80
76
102%
115
61%
1914
21
080
53
11
85%
51%
53%
7414
65%
9594
109%
73
130
6231
5634
31
27%
79
26
38%
38
35
26%
2634
91
65
Feb
Jan
Jan
Feb
Mar
Mar
Feb
Mar
Jan
Feb
Feb
Feb
Mar
Mar
Feb
Apr
Jan
Jan
Mar
Mar
Feb
Jan
Mar
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Mar
Mar
Mar
Feb
Apr
Feb
Feb
Feb
Jan
Feb
Jan
Jan
93% Feb
Aero Supply Mfg
American Cyanamid
10%
Armstrong Cork
191
associated U & E deb rts_ _
03.4
Con Gas El L & Pow Bait.
Dominion Stores
Flat
10%
Goodrich (B F)
Haygart Corp
Loew's Inc
Nat Family Stores
Niagara Share Corp
Rainbow Luminous Prod.. 740
Union Nat Gas (Canada).. -----United Chemicals
Universal Pictures pref_
4
994
1%
9%
2%
88%
9%
251
4
30
500
234
740
1%
76c
1
700
4
431
5,300
11
9%
1%
1% 9,400
10% 17,200
734
2%
700
2%
90
500 88%
7,300
1034
934
7,900
2%
3
4% 8,700
4
31
200 28
1% 18,600 500
211
214
800
12,400 74c
3
2
500 76c
2
3,300 76c
1%
1
400
Apr
Apr
Mar
Feb
Apr
Apr
Apr
Apr
Apr
Jan
Apr
Apr
Apr
Mar
Apr
Apr
4,1
11
14
129i
3%
98
17%
3
7
4914
36%
2334
22
2851
8
111%
52%
128
104
205
13%
26%
6234
68
9811
89%
28
100
49%
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Mar
Mar
Mar
Jan
Jan
Feb
Jan
Jan
Feb
Jan
4334
30%
31
3734
1134
114
113%
192%
10934
259%
1891
2734
134%
133
10014
94
3891
107
6114
Mar
Feb
Feb
Jan
Jan
Feb
Jan
Mar
Jan
Jan
Feb
Jan
Feb
Apr
Mar
2,700 53
5894 61
8% 10% 14,300
8
6534 6814 1,900 6194
5434 5591
700 4934
25% 25% 1,300 25%
71% 7291
500 71%
111 111
50 105
4314 4411 3,500 35
1694 1994 11,900 13
15191 154% 1,300 116
77
200 7351
77
110 n115
200 10355
120 83
8411 8631
1,800 97
127% 132
1,300 19%
2494 20
100 106%
107% 10731
95% 9514
200 95%
60
400 56
6631
200 215
243% 249%
800 9994
10074 101%
Mar
Jan
Mar
Jan
Apr
Apr
Feb
Jan
Feb
Jan
Mar
Jan
Mar
Jan
Jan
Feb
Apr
Mar
Jan
Mar
70
1134
79%
72%
2694
7294
111
45
19%
154%
80
122
8794
132
40
10714
96%
72%
258
10314
Mar
Jan
Jan
Jan
Jan
Apr
Apr
Mar
Apr
Apr
Mar
Jan
Feb
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Apr
Apr
Apr
Feb
Feb
Feb
Jan
Mar
Mar
Feb
Mar
3
Mar
311 Mar
2
Apr
2
Apr
114 Apr
Public Utilities
Amer Cities Pow & Lt Corp
50 39%
Class A
• 26%
Class B
Am Com'w'ith P corn A_.• 25%
Common B
• 27%
Warrants
8%
Amer Dist Tel NJ pref 100
Amer & Foreign Pow warn. 67
Amer Gas az Elec
142
Preferred
•
Amer Lt & Trac com_ _100
Amer Nat Gaa corn v t a_ _• 14
Amer States Pub Serv cl A.
Amer Superpower Corp A• 100%
Class B common
• 10214
99
First preferred
Convertible preferred.._
9091
Arizona Power cons __ _100
Arkansas Pow & Lt pref 100
Assoc Gas & Elec class A..• 60
Brazilian Tr L & P Ord.__
Brooklyn City RR
100
Buff Niag az East Pr corn.•
Clam A
•
Preferred
25
Capital Traction Co
Carolina Pow & Lt pref100
Central Pub dery el A.._ _•
,
Cent Atl Seri States v t 0.
Cent States Elea common _•
•
New corn
6% prat with warr.._100
6% prat without warm...
Convertible PreferredWarranta
Cities Ser P & Lt 7% Pf 100
$6 preferred
Columbus Elec az Pow
•
Com'w'Ith Edison Co__100
Com'wath Pow Corp pf.100
Compania Maisano Amer
de Electri S A (Chad).
Cons G E L &T Baitcom_•
Conti G & E 7% pr pf..100
6034
10
66
54%
2591
44
17%
15431
86
132
24%
24534
89
38% 39%
2494 26%
25
26%
2714 27%
8% 9
11234 11234
75
67
14191 148
105% 106%
225 230
1434
14
27
27
9514 104%
9694 104
9894 99
9011 9134
33
33
107 107
6014
60
107 107
88% 8974
101% 10194
3,300
14,300
12,800
300
2.100
50
12,400
6,200
700
825
2,400
200
17,400
1.600
1,000
800
100
70
43,800
• 107%
Nat Power & Lt pref
Nat Pub fiery corn class A• 23
Nev Calif Eire corn...
.100 4891
New Eng Pow Assn
6% preferred
NY Teiep 615% preL-100 113
Nor Amer Util Sec corn__• 15%
Northeast Power cow
_• 46%
Nor Ont Lt & Pow com100
Nor States P Corp com_100 149%
Preferred
100
ObloPubServ7% IstpfA.100 10995
Pacific Gas & El 1st pref _25 27
Penn-Ohio Ed corn
• 55%
7% Prior Preferred._101
•
$13 Preferred
Option warrants
32%
Warrants series 13
16%
Pa Gas az Elise class A--__• ------
10614 107%
23
2334
4891 49
Jan
Feb 10734 Mar
200 107
2,400 88% Apr 112
Jan
25 101% Apr 10434 Jan
200
180 180
Duke Power Co
100
46% 2,300
46
East States Pow B com___• 46
Mee Bond & Share pref _100 106% 106% 106% 1,000
Elea Bond az Share SeoNew 78% 77
8174 65,600
Elea Invest without wan...' 100% 100 104% 6,400
300
98% 9911
99
Preferred
400
102 103
Elec Pow & Lt 2nd pf A. •
4295 40% 43% 2,600
Option warrants
108 108%
400
Emp Gas & Fuel 8%;Pf-100
500
9634 9694
100
7% preferred
40
Empire Pow Corp Part stk. 40
41% 3,800
25
100
Engineers Pub Serv war...
25
Federal Water Serv CIA..'
50% 5234 2,200
Florida Pow & Lt $7 PL-* 100
100 100
300
General Pub Serv corn__ • 3631 35% 36% 2,800
Internat Tel & Tel new wi*
88% 8594 92 357,100
Internal WU class A
44
500
4431
•
Claas B
16
17% 9,800
• 1695
100
Participating preferred.'
9714 9791
Italian Super Power
17,300
15% 17
16
900
Warrants
10
914 1034
Jersey Cent Pow & Lt
50
105 105
100
7% Preferred
400
K C Pub Serv com v t c. •
7
714
Preferred A vtc
39
400
40
•
Long Island Light cam. •
51
5314 1,400
Marconi internal Marine
Common Am dep rots-- 21
2091 23% 23,900
Marconi Wire'Tot Can_ _1
8%
8
9
24,900
Marconi Wireless Tel Lond
Class B
2131 20
18,800
22
Mass G11.9 Cos com __I00
152 157
150
Memphis Nat Gas
13% 16% 8,000
1694
Middle West Unicorn_
166 170%
500
•
$6 preferred
98
•
200
98
Mohawk & ilud Pow corn* 4914 48% 49% 3,400
Warrants
300
2714 29%
• 20
Municipal Service
1,300
26
28
-
Mar
Mar
Mar
155
42%
106
73
7714
97%
9914
2
834
108
9634
39
23
5034
100
27
7494
43
14%
93
1194
554
103
4
38
49
210
58%
10934
9734
124
101
103
46%
110
9894
69
85
6394
102
44
94%
49
2236
100
18%
15
Jan
Feb
Jan
Mar
Jan
Feb
Mar
Mar
Jan
Jan
Feb
Jan
Feb
Mar
Jan
Mar
Jan
Feb
Jan
Jan
Jan
Jan 105
7%
Jan
Jan 4091
Jan 67%
Apr
Apr
IJan
Feb
Jan
Feb
Mar
Mar
Jan
Mar
Jan
Jan
Apr
Apr
Mar
Mar
Mar
Jan
Jan
Mar
Mar
Mar
Feb
Jan
Jan
1934 Mar
7% Feb
1894
132
1234
162
98
38
23%
25
Jan
28
% Mar
2291 Jan
Jan
Feb 157% Mar
19% Mar
Ma
Jan
Ma 189
Apr 104% Feb
Jan
71
Ma
4514 Jan
Ma
Jan 3354 Mar
350 106% Mar 10934 Feb
26
Feb
2,400 22% Ma
60
Jan
200 48% AP
Feb
Jan 100
120 95
96
96
Jan
250 111% Ma 114
113 1133.1
300 1314 Jan 19% Mar
15% 14314
15,800 40
Mar 61% Feb
42% 48
43
Apr
100 43
AD
43
43
148% 150% 3,200 136% Jan 169% Jan
150 10791 Apr 109% Feb
10791 10791
40 10914 Apr 110% Jan
109% 109%
28% Jan
Ma
600 26
26% 2791
2,200 53
Mar 71% Jan
56
55
110 102
106% Jan
Fe
105% 105%
Mar
220 89
Feb 97
94
95
Jan
700 30
Mar 46
3194 33
300 16% Apr 16% Apr
16% 1694
300 21% Apr 24% Jan
2191 2194
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Public Utilities (Cenci.) Sale
Par. Price. Low. High. Shares.
Penn Pow & Lt $7 pref_ •
Penn Water & Power__ *
Peoples Light & Pow cl A._
Power Corp of Can corn_ •
Power Scour preferred. •
Puget Sd P&L 6% pref_100
Rochester Central Power_ _
10933 11035
81% 8335
5031 48% 5034
9931 102
77
77
9931
0935 99
3235 3235 36
50
5174
Sierra Pacific Eleo com_100
Southeast Pow & Lt corn.* 7633 7535 7836
•
87
8733
Panic preferred
32% 3535
Warr'ts to our corn stk. 34
2834 29
Sou Calif Edison pre A.25
25 2535 25% 2633
Preferred "B"
2435 2431
535% preferred C....25
4635 47
Sou Cities Utll el A corn_.
23% 23%
Sou Colo Pow class A...25
11835 11835
Sou'west Bell Telep p1.100
_
So'westPow&Lt7%pf.-100 10834 10834 109%
Standard Pow & Lt
25
52
5533
97% 98
98
-Amer Bloc pre
Swiss
6535
Tampa Electric Co
• 66
111
Toledo Edison 7% met 100
Union Nat Gas of Can • 42% 39
275
United Elee Serv warrants_
2%
24
United Gas when issued.. 26
162%
UnitedGas Improvern't_50 164
United Lt & Pow corn A • 33% 33%
53%
Common class 13
55
96
Preferred class A
•
UM Pow & Lt class B
• 4034 40
United Pub Service Co _ _ ------ 19
Sates
Friday
Last Week's Range for
Week.
ofPrices.
Mining Stocks
Sale
(Concluded)
Par. Price. Low. High. Shares.
Range Since Jan. 1.
High.
Low.
200 108
1,000 8133
2,600 47%
300 9733
100 65
310 98
1,600 32
400 50
2,600 7135
300 86
1,900 27%
400 23%
1,500 2534
1,200 24
200 40
100 23%
50 118
110 108
1,100 4936
200 96
200 64
66
20 10834
111
4234 3,600 34
2%
276 3,000
13,600 23
26
168% 12,100 155
30%
3435 36,70
32
50
55
400 95%
96%
37
41% 2,70
18
30
1931
Jan 11035 Feb
Apr 101% Jan
Jan 58% Feb
J111:1 12234 Feb
Jan 8634 Mar
Jan 10034 Mar
Jan
Mar 49
Mar 6274 Feb
Jan
Jan 90
Feb
Mar 98
4734 Jan
Jan
Jan
Mar 30
Mar 2634 Jan
Mar 2631 Jan
Mar
Feb 48
Mar 2735 Feb
Mar 123% Mar
Mar 111% Jan
70
Feb
Jan
Mar 9834 Feb
Mar 7933
Feb 111
Mar 4233
Mar
433
Mar 39
Mar 19734
Mar 43)3
Jan 56
Mar 100%
Jan 4634
Feb 21
Jan
Mar
Apr
Feb
Jan
Mar
Jan
Feb
Jan
Feb
Feb
Former Standard Oil
Subsidiaries.
Anglo-Amer 011(vot
£1
Non-voting shares____£1
Ctfs of deposit
Borne Scrymser Co_ _100
50
Buckeye Pipe Line
Cheesbrough Mfg
25
Continental 011 v t e_ _10
Cumberland Pipe Line_100
Eureka Pipe Line
Humble Oil & RefMing __25
100
Illinois Pipe Line
Imperial Oil(Canada)con •
Indiana Pipe Line
50
National Transit___12.50
Northern Pipe Line_ _ _100
Ohio 011
25
Penn-Mex Fuel
25
Solar Refining
South Penn Oil New
10
Southern Pipe Line
Standard Oil (Indiana) new
Standard 011 (Kansas)__25
Standard 011 (KY) new___
Standard 011(Neb)
25
Standard 011(0) com___25
Preferred
Swan Finch Oil Corp_ _25
Vacuum 011 new
1633
15
160 33
2433
109
305
10431
2333
4431
4633
58%
20
3933
116
123%
1635 17%
14% 1631
15% 1533
40
42
71
70
16033 160%
2434
22
62
65
6234 62%
10333 11535
302 307
9433 10633
9133 95
23
2335
59
58
67% 71
34
34
4334 45
46
49
15% 16
5833 6174
si 20%
3934 4131
48
48%
114 117%
116% 120
17
17
122 12735
1831
17
16
4635
74%
160%
29
7531
7033
11535
318
10634
95
2534
63
74%
4433
50
49
1835
63
21%
4531
4933
124%
12435
18
133%
Feb
Feb
Mar
Feb
Jan
Apr
Mar
Feb
Jan
Apr
Mar
Apr
Apr
Jan
Jan
Jan
Feb
Feb
Apr
Mar
Mar
Jan
Jan
Feb
Feb
Mar
Jan
Mar
21,400 450 Mar 720
833
4% Mar
2,600
334
1% Feb
13,700
5%
14,800
3% Jan
9
7% Mar
500
4%
3% Feb
100
4%
2% Feb
2,200
2,500
8% Mar 15
11%
7,900
633 Jan
1131
17,10
833 Mar
231
133 Feb
4,900
11%
8
Feb
10
17
Mar 26
60
5
2
Jan
70
22,30 14233 Jan 167
734
7,71
434 Jan
22
1,000 1634 AP
1% Feb
37,600
235
31,000 4633 Mar 6534
3%
13( Mar
3,600
835
Jan
1,400
3333
2,600 2334 Mar
7433
Jan
700 67
Jan
Jan
Apr
Mar
Mar
Apr
Jan
Jan
Feb
Jan
Apr
Mar
Jail
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Feb
1%
38%
233
6%
40
134
2235
2733
2433
1135
24
333
10)4
7%
34%
30
Jan
Jan
Mar
Mar
Mar
Jan
Feb
Mar
Mar
Jan
Mar
Mar
Jan
Jan
Feb
Jan
2,800
1,100
100
200
200
200
92,400
100
50
27,500
650
20,400
500
1,900
150
3,100
100
500
10,500
300
67,200
700
8,200
800
1,150
140
200
10,100
14%
14%
1435
3833
67
14054
17%
62
6034
89%
285
88
81%
21%
54
8435
30
3831
40%
13
56
18
38
454
11031
11634
15
10534
Jan
Jan
Jan
Ma
Jan
Jan
Jan
Jan
Ma
Feb
Jan
Mar
Feb
Mar
Ma
Jan
Ma
Ma
Fe
Fe
Mar
Jan
Mar
Feb
Feb
Jan
Mar
Jan
Other Oil Stocks
560 660
Amer Contr 011 Fields_ _.1 600
535 574
Amer Maracaibo Co
536
6
2% 3%
Argo Oil Corp
10
3%
435 534
Arkansas Gas Corp com_ _•
434
833 834
10
Preferred
833
434 4%
Atlantic Lobos 011 pref___*
231 3
Carib Syndlcats new com
251
9% 10
Colon 011
•
9%
Consol Royalty Ole
8
9%
874
1
9% 9%
Creole Syndicate
9%
•
135 2%
134
Crown Cent Petrol Corp_.•
8
8
Crystal Oil Refg corn_
•
1735 18%
Darby Petrol Corp
•
Derby Oil & Ref corn....*
373 3%
335
Gulf Oil Corp of Penna__25 157% 15533 164%
471
Homaokla 011
43-4 5%
1633 17
Houston Gulf Gas
• 16%
2
2%
Intercontinental Petrol__10
235
International Petroleum... 55% 54
59%
Kirby Petroleum
175 274
•
533 533
Leonard 011Developm't _25
533
Lion 011 Refg
2735 32
• 3134
Lone Star Gas Corp_ _ __25 69% 6935 70
Magdalena Syndicate
I
Margay Oil Co
•
Marland 011 of Mexico__ _
me:leo-Ohio Oil Co
•
Mo Kansas Pipe Line
Mountain & Gulf 011
1
Mountain Prod Corp..
.10
Nat Fuel Gas new
•
N Y Petrol Royalty
Nor Cent Texas 011 Co_ •
•
Pacific Western 011
Panden 01 icon)
•
Parietpec Oil of Venezuela•
Pennock Oil Corp
•
Petroleum (Amer)
Plymouth Oil
Relter Foster 011 Corp...
___25
Richfield Oil Co
Root Refining Co prof.._ _
•
Royal Canadian 011
•
Ryan Consol Petrol
Salt Creek Consol 011_10
Salt Creek Producers-10
Savoy OH Corp
Southland Royalty Co....
Tealon Oil& Laud new w 1
•
Tld-Osage 011
Tidal Osage 011non-vt stk.
_25
Union Oil Associates
Venezuela Petroleum- --.5
Woodley Petroleum Corn25
"Y" Oil& Gas Co
70c
233
3131
131
1835
2633
1971
235
8%
30%
26%
5%
25
130
23%
2234
2133
1375
13%
431
6%
3
610
2631
231
4%
31%
133
19%
2634
21%
931
19%
2%
835
431,
2931
2535
5%
2433
2335
130
7%
4
2333
2%
22%
2135
13
12
4733
433
634
3
4,600
740
100
26%
300
235
2,300
6
3336 8,800
131 1,400
2034 4,700
600
26,71
1,500
23
10% 3,200
7,800
21
213 2,100
933 13,600
400
5
11,900
31
2774 11,500
6
2434
26
150
8%
431
24%
2%
23
2135
13%
1333
47%
5
8
371
3,300
1,200
1,700
2.000
1,300
700
4,700
200
1,100
5,600
900
4,200
100
4,000
4,000
900
60c
Jan
26% Apr
Feb
3% Jan
1534 Jan
1% Fe
18% Mar
2531 Feb
16
Feb
831 Jan
1833 Feb
2
Jan
733 Mar
Feb
29% Mar
23
Feb
5
24%
23
10c
733
4
22
131
21%
16%
1033
1031
47
491
57
,
4
25‘
Feb
Mar
Mar
Mar
Feb
Mar
Jan
Feb
Mar
Feb
Jan
Jan
Jan
Feb
Jan
Feb
833
25
26
210
11
5%
2534
231
24
23
1433
1434
50
6%
934
5%
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Apr
Mar
Jan
Jan
Jan
Feb
Jan
Mar
Jan
Mining Stocks
Arizona Globe Copper. I
10
Bingham Mines Co
Bunker Hill & Sullivan.1
Carnegie Metals
10
Chief Consol Mining
1
Comstock Tun & Dege_10o
Consol. Copper Mines...,
Conool Nev Utah Cop..
.8
Copper Range Co
25
Cresson Congo' M & M_ I
0
Dolores Esperanza Corp_ -2
Engineer Gold Min Ltd__5
Evans Wallower Lead com•
Falcon Lead Millet,
1
2255
FINANCIAL CHRONICLE
APRIL 6 1929.]
220
55
150
1634
335
17,6 980
1433 1434
90
90
2735 27
850
850
1
3
17
17
310
350
240
56
250 60,000
9e
Jan 470
56%
Apr 56%
500 55
160
300 125% Feb 165
18
2,000 1634 Apr 19%
200
4
333
333 Jan
1% 4,900 50o Mar
1%
1531 17,700 13% Jan 18
10c
3,000
5o
Jan 240
600 25% Jan 3236
28%
1,100 71c
900
Jan
1%
135 1.500 760 Jan
135
700
4%
234 Mar
3
18% 3,800 14% Mar 28%
431 59.000 100
Jan 540
Jan
Apr
Mar
Jan
Jan
Jan
Mar
Jan
Mar
Jan
Mar
Jan
Feb
Jan
Range Since Jan. 1.
High.
Low.
First National Copper_ _
Gold Coin Mines
Gorden Centr: Mines_ __ _5
Go2dfield Conso. Mines_.1
80c
2%
10
650
6,000
750 89c
1% 2% 40,500
89,800
774 10
450 700 46,800
200 Jan
Jan
210
731 Apr
Jon
be
1%
294
12
804
Jan
Apr
Jan
Mar
Heels Mining
25e
EloilingerConsGold mines 5
Had Ray Min & Smelt...
Iron Cap Conner
10
Isle Royale Cop N J__ _25
18%
1831 2036 2,800
7% 7% 1,200
1831 1935 13,600
631 733 3,800
100
29
29
16
733
1833
334
29
Jan
Mar
Mar
Jan
Apr
23%
931
23
9%
35
Mar
Jan
Feb
Mar
Mar
Kirkland Lake G M Ltd __1
Lucky Tiger Combination
Gold Mining
10
Mason Valley Mines
5
Mining Corp of Canada_5
Mohawk Mining
135
750
Mar
279 Feb
531
1%
43
,
3
51
Apr
Jan
Jan
Apr
7
Mar
234 Jan
673 Mar
5335 Apr
18%
7
133
51
135
500
531 531
135
153
431 531
51
5333
100
4,300
1,800
1,200
135
New Cornelia Copper-__5 43% 4134 44
Jan 4834
7,300 40
New Jersey Zinc
310 327
100 323
390 279% Jan 327
New
8035 7534 8273 2,700 75% Mar 8774
1734
NY &Honduras Rosario 10
1733 1733
100 15% Jan
Newmont Mining Corp_10 198
197 20871 8,600 18735 Feb 233%
374
231, Apr
Nipissing Mines
5
231 2% 1,800
Nnranda Mines. Ltd
• 5334 5174 57% 28,600 4574 Mar 138%
4%
Ohio Copper
1% Jan
2%
2% 334 20,700
1
Pond Creek Pocahontas_ _.
Premier iiold
Red Warrior Mining
1
Roan Antelope C Min Ltd_
St Anthony Gold Min
Shattuck Dann Mining___•
So Amer Gold & Plat____1
Standard Silver Lead_ _ _ _1
Tack Hugbea
1
United Eastern Min
1
United Verde Extension 50e
United Zinc Smelting
•
Unity Gold Mines
1
Utah Apex
5
Utah Metal & Tunnel_ _I
Walker Mining
Wenden Copper Mining...1
117.6
21c
48
2135
234
17c
9
19%
134
531
131
Mar
Apr
Jan
Apr
Mar
Jan
Jan
Jan
300
19
11.fi
900
24c 11,000
48
4,300
35c
1,000
22% 5,600
300
235
180
2,000
11
131
lie
3836
30e
20%
2%
15e
Feb
Feb
Jan
Jan
Mar
Mar
Feb
Jan
21% Mar
2 7-16Jan
32o Mar
Jan
50
910 Feb
28
Feb
3% JAB
Jan
360
874 935
1,400
850 850
200
1931 22
10,700
131 1%
1,700
134 1% 5,200
900
591 551
133 1m
500
313,, 4
800
174 12,000
114
833
700
1574
1%
80e
374
950
2%
134
Mar
Mar
Feb
Jan
Mar
Jan
Jan
Feb
Jan
10%
1716
26
2%
2)4
634
234
436
231
Mar
Feb
Mar
Jan
Jan
Mar
Mar
Mar
Jan
8535 $88,000 85
9435 94,000 92%
101
7,000 99%
5235 18,000 45
5335 13,000 46
v5235 11,000 47
52
6.000 4535
10133 118,000 100
9774 41,000 98
112
12.000 110
9533 120,000 9335
Mar
Mar
Feb
Jan
Jan
Mar
Jan
Feb
Feb
Apr
Feb
8735
9531
103
57
5531
v57
54
10234
98%
11535
97%
Jan
105%
9634
95,%
95
116%
96
97
Feb 106%
Mar 9935
Mar 9733
Ma
9
74
Jan 122
Fe
9734
Feb 99%
19
134
2Ic
42%
35e
2131
2%
170
Bonds
Abitibi P & P 5s A____1953
Alabama Power 435s._1967
lst & ref 58
1956
Allied Pk 1st col tr 88_1939
Ctfs of deposit
Debenture (Is
1939
Ctfs of deposit
Aluminum Co s f deb Es'52
Aluminum Ltd 58____1948
Amer Aggregates 68..1943
Amer 0 & El deb 55_2028
American Power & Light
68, without warr___2016
Amer Radiator deb 4338,47
,
Amer Roll MU deb 58_1948
1938
Amer Seating Os
Amer Solv & Chem 68.1936
Without warrants
Appalachian El Pr 55_1956
Arkansas Pr & Lt.5s__1956
Arnold Pr Wks 1st 65_1941
Aaso Dye & Press 68..1938
Associated OAR 53581977
Con deb 4358 wi war 1948
Without warrants....
Assoc'd Sim Hard 6348 '33
Atlantic Fruit 88
1949
Bates Valve Bag 65_1942
With stock purch warr_ _
Beacon 011 68. with warr'36
Bell Tel of Canada 58_1955
1st 55 series B
1957
New
Berlin City Eke 630-1969
Boston & Maine RR 68 '33
Buffalo Gen Elec 55_1956
Burmeister & Wain of
Copenhagen 15-yr 13s '40
Canadian Nat Rys 76.1935
435s
1968
tCapital Admin 58 A.1953
Carolina Pr & Lt 58_1956
Cent States Eleo 514._ _1948
Cent States P & Lt 534s'53
Chic Pneum Tool 5358 '42
Chic Rys 58 MI dep-1927
Childs Co deb fe
1943
Cigar Stores Realty
5%s series A
1949
Cities Service Se
1966
Cities Service Gas 535s 1942
Cities Serv Gaa Pipe L 63'43
Cities Serv P & L 5346_1952
Clev Elee Ill deb 7s___1941
Cleveland Term Bldg 661'41
Columbia River Long Edge
I5-yr 7% deb__Oct 31'43
let 634s
1953
Commander Lambee 68241
Commerz und Private
Bank 5348
1937
Common Edison 430.'57
Consol GEL&P Balt6s series A
1949
534s series E
1952
5315
1969
Consol Publishers 65481936
Consol Textile 8s
1941
Consumers Power 433s 748
Conn 0 & El 55
1958
Continental 011531s 1937
Cuba Co 6% notes_ _ _1929
Cuban Wei)734s....1941
Cudahy Pack deb 53561937
58
1946
85
94%
101%
97%
11133
9535
85
93
100%
51
52
52
52
101
9671
110
94%
10533 105
96
95% 9434
95
116
116
96
96
96
97
109,000 105
10,000 95%
42,000 94
1,000 9333
18,000 114
1,000 94
114,000 8734
95
30,000
94% 94
96
96
2,000
96
85
88
4,000
86
11734 11733 11834 130,000
140% 139 942% 294,000
117% 117% 11731 167.000
8635 8633 7.000
17
1733 28,000
17
10431 103%
109%
9931
100
0931 99%
9934 09%
91
'91
9935 9834
103
10431
112
100
10034
100
93
99%
103
98
98
HD% 10734
93%
9335 92
9835 9735 99
9934 100%
8735 8733 87%
9135 93
9935 100%
80% 7933 8031
88
88
88
93
89%
8933
9435
9434 94
106%
9533
,
9435
8931
8935
Jan
Jan
Jan
Jan
Jan
mar
Jan
Mar
Feb
Ma
Jan
Jan
Jan
Jan
Mar
(198
98
94
131
148
120%
88
2234
Jan
Jan
Jan
Mar
Feb
Feb
Feb
Jail
6,000 103% Apr
Ma
14,000 106
Mar
32.000 98
14,000 09% Apr
17,000 9934 Mar
15,000 91
Apr
14,000 9834 Apr
5,000 101% Feb
11031
11835
10235
10234
most
93%
103
104
Jan
Jan
Jan
Feb
Mar
Feb
Jan
Jan
9935
Jan
1.000
9734
Jan
3,000 107% Apr 110
Jan
50,000 92
Apr 9894 Jan
Feb
36.000 9631 Mar 101
10,000 9933 Mar 102% Jan
48,000 85% Mar 9034 Jan
22.000 9135 Mar
Jan
an
96
9,000 9833 Mar 1011 j
Feb
19,000 7731 Mar 82
Jan
Mar ao
11,000 88
9435 147.000 93
9073 82,000 8835
90% 38,000 8974
9534 21.000 94
94% 36,00
94
106% 1,000 104
95%
52,00
96
Mar 9934 Jan
Mar 9034 Jan
Apr 9235 Jan
Mar 98% Jan
Mar 9751 Jan
Feb
Feb 108
Apr 98% Jan
85
89
92
85
92
94
85
8,00
10,00
1.00
89
92
85
Apr 9935 Feb
Jan
Apr 100
Jan
Mar 90
86
96
86
96
87
96
29,000
5,000
86
96
Mar
Mar
9035
9634
8771
9535
9734
99
10474
105
100
100%
9034
9691
86
9575
9734
10931
97
9834
10434
10535
10031
10071
9134
0611
8735
95%
9731
10933
98
99
85
81
Deny & Salt Lake Ry 6'1'60 83
Detroit City Gas 68 B_1950 9933 9934 99%
105 105
68 series A
1947 105
89
88
Detroit lot Bdge 6366_1952 88
71
75
1952 72
25year s f deb 7s
Dixie Gulf Gas 6358_1937
84
8231 82
With warrants
El Pow Corp(Germ'y) 68'53
El Paso Nat Gas 6358 A '43
Deb 6.35s._ _Dec 1 1938
Empire 01,& Refg 533s '42
Ereolc Mare! Elec Mfg
6338 with warrants_1953
EuropMtg&Inv7seerC 1967
7358
1950
93
95
83
98%
99%
9433
8635
17
Jan
Jan
Feb
Feb
Feb
Mar
Jan
Jan
Jan
Jan
95%
99
103
8835 8833
88
91
1,000
3,000
12,000
3,000
19,000
8,000
34.000
39,000
21,000
23,000
10.000
3,000
10434
105
100
98%
90
96
85
93
96
10734
97
97%
Jan
Feb
Feb
Jan
Feb
Mar
Mar
Feb
Mar
Jan
Mar
Mar
88
Jan
9834 Jan
106%
10835
100%
100%
96
9733
9134
9631
9731
111
9934
101
Jan
Mar
Feb
Mar
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
19,000
81
8,000 98
2,000 105
10.000 88
10,000 70
Apr 9134 Jan
Mar 100% Jan
Feb loess Jan
Jan
Mar 96
Mar 89% Feb
16,000
82
Apr
9533 2,000
9933 13,000
10334 29,000
88% 24,000
93
99
99
88
Feb
Jan 97
Mar
Jan 101
Jan 10531 Mg:
Mar 91% Jan
8,000
86
88
91
9135 23,000
9734 97% 8,000
8834
Jan
Apr 98% Jan
86
Jan
Jan 92
91
Mar
9734 Feb 100
2256
Bonds (Continued)
-
FINANCIAL CHRONICLE
Friday
Last Week's Range Sales
Sate
Of Prices.
Price. Low. High. Week.
Range Since Jan. 1.
Low.
High.
Bonds (Concluded)
-
[VoL. 128.
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
Range Since Jan. 1.
Low.
High.
Saud& Falls 5s
1955
100 101
12,000 98
Mar 10231 Jan
Schulte Real Estate 6s 1935
With warrants
10434 10755 5.000 102
Jan
Jan 110
Mar 91% Jan
Without warrants
94
94
10,000 92
Jan 9634 Mar
Mar 94
Jan Scripps(E W)534s__1943
9451 11,000 9255 Jan 95
94
Jan
Mar 95
Jan Serve!Inc(new co)58_1948
7755 78% 4,000 75
Jan 8574 Jan
Shawinigan W & P 4Sis'87 93
9234 93
9,000 9151 Mar 9434 Jan
Jan 88
Feb Shawsheen Mills 7s_ _1931
96
97
6,000 96
Apr 98% Jan
Jan 96
Jan Silica Gel 635% notes..I932
Apr 92% Feb
With warrants
105
108 105
5,000 101
Jan 1125( Mar
Apr 99% Apr Sloss
-Sheffield 8& 16$ 1929 99
99
9954 8,000 99
Apr 100% Feb
Apr 97% Feb
Purchase money 65_1929
9956 9956 3,000 9954 Apr 100
Jan
Mar 10031 Jan Snider Pack 8% notes_1932
9254 94
20,000 91
Mar 10754 Jan
Jan 91% Jan Solvay-Am Invest 58_1942
96
9655 12,000 9555 Mar 98% Feb
Southeast P & L 6s___2025
Mar 8634 Feb
Without warrants
10134 101 10131 185,000 ISO
Mar 105% Jan
Jan 10234 Jan Sou Calif Edison 58._ _1951 100
9955 100% 52,000 99
Mar 10234 Feb
Apr 9634 Mar
Gen & refunding 55_1944
100 101
16,000 100
Mar 10251 Mar
Jan
Mar 95
Refunding 5s
1952
9934 100
29,000 9955 Mar 10155 Feb
Sou Calif Gas 58
1937 92% 9234 9234 14,000 92
Mar 95
Mar
Apr 8734 Feb Southern Dairies 65_ 1930
9634 9634 9734 7,000 96
Mar 99
Feb
Jan 7034 Jan So'west Dairies 656s
Mar 98% Jan
With warrants
1938
9934 9934 2,000 9955 Jan 101
Jan
Jan 100
Feb S'west0& E 58 A _ _1957 9434 93
94% 12,000 9255 Mar 97% Jan
Mar 108
Jan Sweet Pow & Lt 8s___2022 101
9951 101
8,000 9931 Apr 10734 Jan
Apr 8534 Mar Staley (A El Mfg 66...1942 9831
9856 98% 16,000 9751 Jan
99
Feb
Stand Pow & Lt _ _1957 9654 9655 97
42,000 96% Mar 9934 Jag
Mar 10134 Jan Stinnes (Hugo) Corp
68101% Jan
Mar
78 Oct 1 '36 without warr 9331 9351 933.1 58,000 8855 Jan 94%
Feb
Apr 102
Jan
78 1946 without ware=
87
8856 9,000 86
Mar 91
Feb
Apr 9931 Jan Strauss (Nathan) 6s...1938 120
120 120
2,000 117
Jan 14055 Jan
Strawbridge & Cloth Es '48 100
100 100
2,000 99
Mar 100
Hamburg Elec 7s____1935
Feb
99 100
6,000 99
Apr 103
Jan Surunald Raisin 6348_1942 7051 7031 73
5,000 65
Hamburg El & Ind 5555'38 84% 84
Feb 79% Jan
85
31,000 82
Jan Sun 011556a
Mar 88
1939 10034 10054 101
16,000 100
Feb 102
Hanover CredInst6550949
Jan
92% 92%
1,00
923.4 Mar 9551 Mar Swift & Co 513 Oct 15 1932
9931 30,000 98% Mar 10031 Mar
6.5_
1931 9634 95
9634 10,00
9334 Jan 9655 Feb Texas Cities Gas 53_1948 9934 9851 88
87
8656
Haman Mining 6s
23,000 8655 Apr 89
Mar
1949
Texas Pacific Ry 55._ _1979
9955 9934 5,000 9934 Mar 0934 Mar
With warrants
,
87
8634 8931 75,00
8655 Apr 93
Mar Texas Power & Lt 6o1956
97
85,000 96
Mar 9954 Jae
Harz WW (Ger) 6555_1949 93% 9234 9334
3,000 9255 Apr 9356 Apr Thermold Co 65 w w 1934 96% 96
105
105 105
18,000 100
Feb 10535 Mar
Hood Rubber 78
1936
94
94
1,00
93)5 Jan 97
Jan Tran Lux Day! Pict Screen
10-yr cony 5Hs ___.1936
7831 7834 5,000 77% Ma
8431 Jan
6558 without war _ _1932
94% 95
Jan 97
Houston Gulf Gas 6348 '43 83
Mar
4,000 90
83
89
11.00
Apr 9255 Jan Union Amer Invest Is.1948 95
83
102 10234 7,000 100
68
Mar 11655 Feb
1943
8634 89
12,000 8635 Mar 9255 Jan United El Serv (Unes)78'56
Pow&Lt534e ser B 1954 97% 97
98
14,00
Apr 101
97
Feb
Without warrants
8935 40,000 88
8934 88
Apr 9234 Jan
Indep Oil& Gal( deb 6s 1939 109% 108% 113% 144,00 10256 Feb 113% Apr
United Industrial 6Hs 1941 8554 85
87
Ind'polis P & L 5s ser A '57 9734 97% 98% 95,00
8,000 85
Mar 91% Jan
9751 Mar 99% Jan United Lt & Rys 531s_1952 89
89
90
Int Pow Scour 78 ser E 1957
58,000 8634 Mar 943i Jan
93% 95
23,00
9151 Mar 9635 Feb
es series A
1952
99%
Internat Securities 5.5_1947 87% 86% 87% 47.000 85
34,000 99% Apr 10114 Jan
Mar 92
Jan United Oil Producers 8s '31 9931 7151 100
75
Interstate Power 55-1957 92
2,000 71
Jan
Feb 79
90
92% 18,00
90
Apr 9634 Jan Un Ilya Havana
New
110 110
0-193
2,000 110
Jan 110
6
Jan
92% 91% 93% 10.00
91% Apr 9834 Jan United Steel Wks75
634. 1947
Debenture 6s
1952 94
94
93
13,00
Mar 97
93
Jan
With warrants
Interstate P Ser Is ser D '56 97% 9755 97% 17,000 96
84% 84% 8556 12,000 8454 Mar 90
Feb
Mar 98
Jan US Rubber
Invent Co of Am 5s A_1947 9535 9555 98
13,00
Apr 107
95
Jan
Serial 656% notes__1930 99
Without warrants
99
99% 3,00
983( Jan 10031 Jan
80
80
10,00
Jan
Jan 83
78
Serial 634% notes__1931
99
Iowa-Neb. L & P 58_1957 92
9956 8,00
Jan 10034 Jan
98
9134 93
13,00
90% Mar 94% Jan
Serial 655% notes...1932
Isaroo Hydro-Eleo 78_1952
9854 98% 3,00
Jan 10094 Jail
97
88
88
3,000 8655 Feb 91% Jan
Serial 634% notes_1934
98
Letts Fraschini 7s___1942
99
10,00
NM Jan 10034 Jan
Serial 634% notes..1935
98
With warrants
98
9.00
96
Jan 10034 Jan
97
9774 12,000 97
Apr 10634 Jan
Serial 634% notes_ _1936
9755 99
Without warrants
9,00
9755 Apr 10074 Jan
87
87
1,000 87
Jan 8831 Feb
Serial 654% notes--1937
98
Italian Superpower 68_1963
9831 2,000 97
Jan 1003,4 Jan
Serial
% notes_1938
Without warrants
3,00
063.4 Mar 1003.4 Jam
7531 75% 77 217,000 75
Mar 82
Jan
Serial 634% notes...1939
98
9856 6.00
Mddo Highland Coal es'41
90
Jan 10034 Jan
103% 103% 2,000 10351 Mar 104
Jan
Serial 634% notes 1940
100 100
EsIvinator Co 6s
2,00
Jai 102
97
Feb
1936
U S Smelt & Ref 5555_1935
103% 103% 5,000 103
Without warrants
Ma 104% Feb
70
75% 11,000 70
Jan
Apr 79
Utilities Pr & Lt 5s__ _1959 98
98
98
Kimberly Clark 5s A _ _1943
29,000 OS
Feb 0834 Felt
9754 9735
2.000 973.4 Apr 9935 Mar Valvoline 011 713
1937
Koppers0& C deb 58.1947 10055 99% 10055 98,000 98
Ma 106
Jan
Feb 10034 Apr Van Camp Packing 68_1948 10331 10351 10351 1.000 103
84
84
Laclede Gas Light 5558 '35
Ma
8735 Feb
9855 9954 10,000 9834 Apr 101
Mar Virginia Elea Pow 58._1955 96% 9631 8455 5,000 84
Lehigh Pow Fiecur 68-2026 103% 103 103% 70,000 102% Mar 108
9755 12,000 96% Apr 10054 Jan
Jan Warner-Quinlan Co (Is 1939 9831 98
99
Lernhard Tretz Inc 7556'46
18,000 98
Mar
Apr 99
Webster Mills 634s...1933
9051 9031 1,000 90
With warrants
Ma
9655 Jan
162
162 162
10,000 154
Mar 163% Jan West Texas Util
9251 9,000 92
Without warrants
Ma
9651 Jan
10034 100% 100% 2,000 10035 Apr 10234 Jan Western Power 5.5___1957 9234 92
5H8._1957
113 11451
Libby, McN & Libby 5s'42 91% 9134 91% 20,000
Jan Westvaco Chlorine 534s '37 113% 10235 102% 43,000 10,1% Jan 12134 Mar
9034 Feb 94
10,000 9934 Ma 104
Lone Star Gas Corp 5s 1942
Jan
97% 9734 3,000 96
Mar 9955 Jan
Wheeling Steel4Hs___1953 87
87
8754 76,000 87
Long Island Ltg 6s__1945 10354 103% 10431 8,000 103% Jan 106
Jan
Mar 89
Feb
1930 97% 97
9755 7.000
Louisiana Pow & Lt 5$ 1957
Jan 9836 Jan
90% 9131 52,000 9034 Apr 96% Jan Wlso Cent Ry 56
New
9034 90
91% 105,000 90
Apr 97
Jan
Foreign Government
Manitoba Power 5555_1951 9951 98% 9931 13,000 98% Apr 101
Jan
and MunicipalitiesMansfield Min & Smelt
Agricul Mtge Bk Rep ofCol
78 with warranta___1941 101% 101% 102% 3,000 96
Mar 103
Mar
20-yr 78
Jan 15 1946 95
95% 10,000 95
95
Ma 100
Without warrants
Jan
95
95
3,000 93
Mar 97
Feb
20-yr 7s. _Jan 15 1947
95
9734 8.000 95
Jan
Mar 99
Mass Gas Cos 5558_ _1946 10331 103% 10335 15,000 102% Feb 104% Feb
Antwerp (City) 58-1958 9055 8956 9035 37.000 8934 Apr 9455 Jan
McCord Rad & Mfg 681943 94
94
94%
7,0q0 9334 Mar 99% Jan Baden
(Germany) 76-.1951
92% 9231 2,000 9231 Mar 98
Jan
Memphis Nat Gas 6s__1943
Bank ofPrussia Landowners
With warrants
99
99 100
29,000 9634 Jan 107
Feb
Ass'n 6% notes_ _1930
96% 9735 10,000 95
Jan 98
Matron Edison 4558_1968 9634 9531 9634 6,000 935' Mar 99
Mar
Jan Buenos Aires(Prov)7555'47 10054 100 101
32,000 100
Milwaukee Gas Lt 455s '67 9635 9634 97
Apr 10454 Feb
9,000 9634 Mar 100% Feb
78
1952 10031 100 100% 30,000 99% Ma 101
Minn Pow & Lt 4 he _ _1978 89
Jan
89
90
64,000 89
Apr 92% Jan Cauca Valley
(Dept) Co.Montreal L H & Fool 58 61
9634 98
6,000 96% Apr 101;5 Jan
ombla call.f
__1948
94
90
26,000 8834 Ma
Morris & Co 734e____1930 100
9854 Jan
100 10034 11,000 9914 Mar 101
Jan Cent Bk of German Staid
7s_Munson SS Lines6558_1937
Prov Banks Os B___1951 84
84
84
23,000 84
8734 Feb
With warrants
Ma
9731 97% 9834 21,000 9731 Apr 99
Feb
68 serial A
1952
84
84
4,000 84
Apr 8734 mu
Danish Cons Munk)555855 9855 9835 99
Narragansett Eleo 58 A '57 9856 97% 98% 23,000 97
7,000 9834 Mar 10154 Jan
Mar 100% Jan
as new
1953
94
94
2.000 92
Nat Distillers Prod 6555'35
Ma
9655 Jan
9954 9955 3,000 9951 Mar 101
Jan Danzig P & Waterway Bd
Nat Power & Lt fis A_2026 103
103 103% 56,000 102
Mar 105% Feb
Esti a (634.
1952
86% 8634 6,000 81
Nat Public Service 58_1978 8011 79% 80% 53,000 79
Jan 8655 Apr
Mar 83% Jan Frankford (City)6558_1953
9255 9234 93
12,000 9235 Mar 96Ss Jan
Nat Trade Journal 65.1938
87% 88
10.000 8755 Apr 98% Jan German
Cons Manic 76 '47 97
97
Nebraska Power 6s A2022 107
9735 27,000 96
107 10855 5,000 107
Jan
Jan 98
Apr 110
Mar
68
1947 8531 8431 86
Weisner Realty deb 613_1948 104
39,000 84% Mar 89
104 105
Jan
9.000 104
Apr 10854 Jan Indus Mtg Bk of
Finland
New Eng G &El Assn 56'47 90
8955 90
14,000 89
Mar 9755 Feb
lot mtge col s f 70_1944 101
100 10131 64,000 100
Jan
Apr 102
58
1948 8834 88
90
39,000 88
Apr 9751 Jan Lima(City)Peru
634e 1958 8855 8855 90
6.000 88% Apr 93
New Jer Pow & Lt 55_1956
Jan
100 100
5.000 100
Apr 101
Feb
Medellin (Colombia) 76 '51
& Foreign Invest
7,000 9234 Mar 9734 Fels
9235 93
Mendosa (Prov) Argentina
5555 A with warr_ 1948
89% 9035 44,000 89% Apr 94
Feb
7555
1951
9434 95
16,000 9431 Apr 9834 Jan
NYP&L Corp lst 45067 90% 90% 91
85,000 90
Mar 93% Jan
96
13.000 94
Niagara Falls Pow 68_1950
105 105% 2,000 10434 Jan 10854 Feb Montevideo (City) 66 1959 9534 95
Feb 9616 Feb
Mtge Bk Bogota new 78'47
90
90
3.000 90
Jan
Mar 94
Nippon Elea Pow 635s 1953 89
8834 8931 24,000 8835 Apr 92
,
Jan
Mtge Bank of Chile 61931
96% 97
43,000 9634 Mar 9834 Feb
North Ind Pub Serv 56 1966 99
98% 99
18,000 98
Mar 10155 Jan Mtge Bk Denmark 58_1972 97
95
95
2,000 95
101 10255 23,000 101
Jan
Mar 97
Nor States Pow 6%7..1933 102
Apr 104
Feb Mtge Ilk of Jugoslav Ts '57
7634 78
77
34,000 75
North Texas Utilities 7635 100
100 100
Mar 8234 Jan
5,000 100
Mar 103
Feb Netherlands6s
1972 10335 10335 10334
1.000 10234 Mar 10751 Feb
Ohio Power 58 ser B__1952 9931 9931 9951 8,000 98
Mar 101
Jan Parana(State
88
8855 2,000 88
Apr 112136 ' Jan
455s series D
1956 91% 9031 9151 38,000 90% Mar 9334 Jan Prussia(Free of) Bras 7858
State)630'51 93
9634 12.000 92
93
Osgood Co with ware as'38 100
Feb
Feb 97
100 100
70,000 100
Jan 102% Feb
Esti
Paa 0a8 & El 1st 450.1957 94% 94
95
63,000 9334 Mar 98% Jan Rio de 6s (of'27) Oct 15'52 8631 88% 87% 44,000 8634 Apr SOH Jam
ciranddeSu178 _1967
9331 9331
Pacific Invest 58
5.000 93% AD
Jan
91
97
94
14,000 91
1948
Apr 96% Feb Rumanian Mono Inst
76'59 88
88
88% 23,000 88
Pacific Western 011655s'43 9634 96
9634 66,000 9531 Feb 9834 Jan Russian
Mar 8934 Feb
Governments
Penn-Ohio Edison 68 1950
634.
11319
16
1634 11,00
Without warrants
1755 Mar
1255 Feb
993' 983410
034 66,000 9835 Apr 102
Jan
655s etre
1919 1534 15% 1634 60,00
534e when issued_ _ _1959 95
Mar
18
1254 Jan
94% 9556 23,000 943t Mar 9734 Mar
555s
1921
1431 15% 5.000 12% Feb 173( Mar
Penn Pow & Light be D '53 1013‘ 10034 10151 65,000 100
Feb 102% Jan
555s Certificates- -1921
14% 113% 11,000 1251 Feb
lot & ref 58 B
1751 Mar
10255 8,000 100% Feb 101% Jan Saar
1952 10134 101
Basin 78
1935
98 100
Penna Glass Sand 68._1952 101
Jan
2,000 98
Mar 101
101 10134 20,000 101
Apr 103
Jan Saarbruoken 75
1936
Peoples Lt & Pr 58_1979 98
99% 9934 8,000 99
Mar 10194 Feb
98% 48,000 98
98
Feb 100
Feb
Pulls Elio Pow 5558_1972 103% 10334 103% 21,000 10234 Mar 10534 Jan Santa Fe (City) Argentine
Republic ext1 7s.,....1945
9134 93
94
Phil& Rapid Trans 68_1962
8,000 9134 AD
Jan
99
6,000 98% Mar 10334 Feb Santiago
99
(Chile) 75...1949
99% 9935 1,000 9755 Jan 100
Jan
Phtla Suburban Cos
-Silesia(Prov) 78
1958 80
Mar 85
81
80
9.000 80
Gas& El lot & ref 45057 96
Jan
96% 97
9,000 9634 Apr 9854 Jan Switzerland Govt
5358 1929 9915 99% 99%
2,000 9934 Ma 1404 Jan
Pittsburgh Steel 68_1948
10055 101
2.000 10034 Apr 103
Jan
Pitts& W VaRy 4558A '513 9455 9434 9631 4,000 9434 Apr 96% Apr
• No par value. 1 Correction, In Listed on the Stock Exchange this week, whenil
Potomac Edison 58_1956 97
24,000 9634 Jan 98
97
98
Mar additional transactions will be found. *Sold under the rule. *Sold for
Cub.
Potrero Sugar 78 Nov 1547
70
11,000 70
70
Apr 76
Jan s Option sales. t Ex-rights and bonus. w When Issued. s Ex-divi
dend.
Power Corp of NY 534s'47
95
95
Apr 9834 Feb rights. s Ex-stock dividend.
2.000 95
Procter & Gamble 434s '47
98
97
9,000 9434 Mar 97fi Jan
Queensboro0& £634.'52 103
"Under the rule" Bales were made as follows:
103 10354 17,000 102
Feb 105
Feb
Rem Arms 534% notes 1930 9834 98
9855 36,000 98
Jan 99
Jan
a Amer. Meter Co.,
Richfield 011555% notes'31 100
99 100
12,000 9851 Mar 102% Jan at 105: p Educational Jan. 15 at 128: C Danish Con. Muni°. 535a, 1955, Jan. 11
Pictures
Feb.6 at 100. u United Milk Products, Mar.
Rochester Cent Pew fei '53 8434 84
8534 49,000 83
Mar 8854 Jan 21, Pref. at 81 v Allied Pack. pref.. April 2 at 59.
as, 1939
1963 80% 80
630
Ruhr Gas
83
70,000 80
Aut
Mar 94
Ryerson (JOB T)& Sons In.
"Cash" sales were made as follows:
16
-year.f deb 5s-1943 93% 9334 93% 1,000 93
Jan 96
Jan
d Arkansas Power & Light 1st & ref. Is, Jan. 22 at 99.
86
St Louis Cake & Gas es '47
86
4,000 84
Mar 92
Jan
"Option" sales were made as follows: 14 Schutter-Johnson Candy, elms A, Mar,6.
San Ant Public Serv 58 1956 9131 91% 9434 26,000 91% Apr 97
Feb 100 at S.
Fabrics Finish 6s
1939 95
95
96 125,000 95
Fairbanks Morse Co 58 '42
94% 95
6,000 9455
Finland Residential Mtge
Ban]: 68
1961 86
85
86
9,000 85
Firestone Cot Milis 58_1948 9155 91
9235 17,000 91
Firestone T&R Cal 58_1942 93% 93
94
21,000 92%
First Bohemian Glass Wks
30-yr 7s with warr__1957 85
85
85
1,000 84
Fisk Rubber 534s,_,1931
93
93% 7,000 89%
Florida Power & Lt 58_1954 89
8731 89
45,000 8751
FoItis-Flscher 655s.__1939 9954 9956 99% 7,000 9955
Gatineau Power 53-1956 93% 93
94
46,000 93
6s
1941 97% 9755 98
43,000 9655
Gelsenkirchen Min 66_1934 90
895( 90
42,000 89
Gaul Amer Invest 58__1952
Without warrants
84
85
20,000 84
Gen Laund Mach 634.1937
100 101
6,000 100
Gen Public Serv 5s.. _1953
96% 96% 6,000 9651
General Rayon 66 see A '48
80
82
7.000 7834
General Vending Corn
ett with warr Aug 11 1937 70
70
78
92,000 70
& Fla RR 66
1946
67
67
2,000 65
Georgia Power ref 158_1967 9634 9651 97 143,000 9651
Goody'r Tire & Rub 555831 100
100 100
2,000 99
Grand Trunk Ry 6358_1936
105% 106
17,000 105
Guantanamo&WRy5s 1958
8434 8434 6,000 84%
Guardian Invest 55_1948
With warrants
95
96
8,000 94
Gulf()Hof Pale
1937 100
99% 100
37,000 9851
Sinking fund deb 58_1947 9974 9934 100
19,000 99%
Gulf States LIU 53.....-1956 941( 9431 9534 13,000 9451
Apr 10135 Feb
Apr 9634 Jan
APRIL 6 1929.]
FINANCIAL CHRONICLE
2257
Quotations of Sundry Securities
All bond prices are "and int•met" except where nte,ked
Investment Trust Stocks
Chain Store Stocks
Railroad Equipment'
Public Utilities
and Bonds
Ask
Par 844 Ask
Par Bid
Ask
Par Rid
Par /Rd Ask
Atlantic & Pae corn
32
32
35
Chicago & North West Els_ 5.50 5.20 Fan Farmer Candy Sh pref 3 *28
.
American Gas & Electric _1 .142 146
*71
Preferred
45
49
t *106 107
5.40 5.10 Fed Bak Shone.corn
Equipment645
6% Preferred
A tl & Pac Intl Corp unite _
7312 76
Prel 7% with warr___ _100 90 100
;Isle 11 I & Pac 4348 &
5.20 4.90
Light & Tree com.100 222 227
Amer
Bankers Financial Trust...... 26
100 Ill 11512
Eoulpment68
5.50 5.20 Feltman & Curme Shoe
Preferred
Bankers Investml Am corn.. 1512
1•
Stores A corn
Colorado & Southern
5.60 5.20
Amer Pow & Light
65
Debenture shares
M&E) 10552 106
Delaware & Hudson Is
5.50 5.20
100 50
7% preferred
Deb 662016
Bankers See Tr of Am corn _
IS
5.30 5.00 Gt Atl & Pac Tea vol com.1 *345 355
20
_ Erie 414e & bri
50
A sr Public Utll cons__ _100
Baninstocks Holding Corp_ _
931 9512
4
22
1
Equipment(is
)4_.
24
10
0 13 117
Preferred
5.60 5.20
7% prior preferred__ _100
llanstocks Corp of Md units
931 9512 Great Northern 68
100
15
_
5.50 5.20 Howorth-Snyder Co.
earth) preferred
Class A
Equipment be
14
18
Appalachian El Pr pf _100 1051 108
5.10 4.90 Kinnear Stores corn
Class B
8% preferred
100
Associated Gas & Elea
Hocklisg Valley CA
5.10 4.90
912 11
Preferred
48
50
i :220 215
t 104
__
Equipment 65
5.50 5.20 Knox Hat,corn
1
65 preferred
9
108
Basic Industry Shares
93
4
5.10 4.90
Com'w'Ith Pr Corti pref _100 *97- - Illinois Central 4145 & 5s
101 103
17 cum pref
British Type Inveetore A__ _ 59
60
60
CI A partie pref
5.20 5.00
3 *55
38
Equipment(Is
1 *37
East. Util. Mee. corn
25
Canadian Bank stocks
27
68
Eauipment 7e & 6145_
5.20 5.00 Kobacker Stores corn
t *12
3 .60
123
4
Cone, etock__
27
Colonial Investor Shares
100 172 106
, 500
273
4
Cum pref 7%
5.50 5.20
Klee Bond & Share pref _100 105 107 Kanawha & Michigan Os_
75
Continental Securities Corp. 107 113
General Pub Serv com
5.25 5.00 Lane Bryant Inc corn
t *3512 3712 Kaneas City Southern 5
82
85
132
Preferred
67 preferred
5.50 5.20
6 •170
_ Louisville & Nashville 51.._
7% cum pre
Equipment 634s
58 194? with warrant... _.
Gen'l Public UM $7 pref._6 d 92
9412
b 5.20 5.00 Leonard Fitzpatrick &100 124
Without warrants
28
5.20 4.90
Mlasiselppi RI,Pow prer.100 104 106 'Michigan Central be &
3 *24
Muller Stores corn
42
Credit Alliance A
44
100 108 112
First mtge 58 1951___J&J
Preferred 8% . _
MinnStP&SSM 414s& 52 5.40 5.10
98
Crum & Forster IneuranM&N
9 2
Equipment 63.4e & 71---. 5.50 5.00 Lerner Stores 614% Pref.
Deb be 1947
941 -. 1106 109
99 102
share* corn
National Pow & Light pref_t *105 108
Without warrants
Missouri Piscine 65 & 03.4.5.25 4.95
3 *971 9912 Mobile & Ohio 55
100 102
Preferred
100 380 390
55 preferred
5.1' 4.95 Lord & Taylor
28
263
4
Diversified Trustee she
North Mates Pow com_100 150 151
New York Central tie & & 5.00 4.85
First preferred 6% _ _ 100 100
2214 23
10(1 110
Equipment 68
Shares B
5.50 5.20
100 108 110
Second pref.8%
7% Preferred
102
_
Eastern Bankers Corp WM. 25
Equipment 7s
5.00 4.80 McLellan Stores 6% prof 100
ORM Texas Elea Co com_100
5
145 isf
Units
Preferred
5.00 4.80 Melville Shoe Corp
100
24 - "
2/ Norfolk & Western 6348_
Eastern CHI Invest corn A.... 1612 17
Ohio Pub Sere.7% preL 100 1071 10912 Northern Pacific 7e
5.30 5.00
let pref 6% with warr_100 105
u-st Fed Foreign Inv Truss
6% pref
101 103 PacIfIc Fruit Express 7s..__. 5.20 4.90 Mercantile Stores
48
100 103
First Investment, A pref.
43
5.10 4.90
Pacific Gas & El let pref _25 d 263 27 Pennsylvania RR eq 55
Preferred
s
217 225
s
0
Pitteb & Lake Erie He_ _
FixedTrust Shares
5.25 5.00 Metropolitan Chain Stores.1
Paget Sound Pow& Lt(1%p t .99
s
Foundation Sec corn
5.00 4.90
100 114 118
5% preferred
New preferred..
t *85
88 Reading Co 6148 & be
48
__ t
let & ref 514s 1969_ -IAD
General Trustee common.. x23
-- 21;
_ _ 100 *45
iller er e bro m 7o
I
981 2 __ St Louie & San Francisco 5s. 5.10 4.90 Mpref(rl d Sons
93 97
x70
New unite
75
Eauth Cal Edison 8% DI_ _25 *55 - - Seaboard Air Line 51422 & Os 6.00 5.50
65
5.10 4.90 Mock Judson & Voekinger pf 101 103
6% bonds
-100 108 110 Southern Pacific Co 434*...
'tend 0& E 7% Dr
EQuipment 76
Tenn Elea Power 1st pref 7% 106 108
5.25 5.00 Murphy (Ci C) Co coin_
9414 °412
52 25
2
°
55
Greenway Corp corn
1 595 100
8% preferred
5.10 4.90
Preferred (w 88)
100
100 104 109
98 100 Southern RV 43.4e& 5.8% cum pref
18
Equipment 65
5.50 5.20 Nat Family Stores Ine warr, 12
Guardian Investment
27
Toledo Edleon 0% of
101 10312
*16
20
5.50 5.20 NaptroSfheirrrteSd
Preferred
100 109 10934 Toledo & Ohio Central es_
7% pref
corn
28 90
Western Pow Corp Met100 10412 110 Union Pacific 7e_
Guardian Investors
5.25 5.00
100 85
17 21-8%
Aeronautical Securities
Nat Tea 512% Pre
100 101 105
in
Aeromarine-K Lem
*20
22
$3 units
6
8
90 1°°
42 50
Nedlck's Inc corn
•148 155
Aeronautical Industries_ _ _
Short Term Securities
2112 2214 Neisner Brcs Inc corn
Incorporated Equities
48
A ir Associates
12
14
Incorporated Investor,___
9711
100 197 205
x95
Preferred 7%
•116 120
4
18
Allis Coal Mfg, 58 May '37_
19
99 993 Air Investors corn
Insuranshares sec A
Newberry (J J) Co corn
Preferred
38
Alum Cool Amer.5s atay'52 101 10114
Series B 1928
40
100 104 107
22
7,4 233
Preferred 7%
281
95
9522 Alrstocks Inc
4212
May'47
47
Amer Rad.deb 4SO,
49
Series C
NY Merchandise corn......t .40
28
2911
95
9512 Alexander Indus corn
Am Roll 151111 deb 55. Jan '48
18
Series F
1011 32
1812
100 104 110
First pref7%
98
9922
8% participating pref _
Anfilo-Am 011 434*, July '20
*90
Seriee
95
25
2612
Penney (JC) Co new....100 121 126
Amer Aeronautical
260
23
25
Anede Cop Min let cone 623
Inter Germanic Tr new.. _
2631 22614
20 66
A merIcan Airports Corp__ 1 86
Feb. 1953 10324 104
.
92
Peoplei Drug Stores com _ t •76 16- Int Sec Corp of Am corn•
Ratingen Pete 4 tie__1942 90; 9114 Amer Eagle Aircraft
10
11
Common B
109 117 125
614% cum pref
54712 5012
Bell Tel of Can be A _Mar '55
9912 100 Aviation Sec Co of NE
23
94
33
2312 Piggly-Wiggly Corp
99
37
511% preferred
Beth St15% notesJune 1529 9914 9934 Beach Aircraft
23
34
Preferred 8% _
0% Preferred
,
IOC, 102
Sec 5% notes_June 15 '30
98 9914 ItellancaAlrcraft Corp. new
18
°4
41
1812 Reeves(Daniel) Preferred -- 98 16i- Invest Co of Am corn
05
50
Sec 5% notes_June 15 '31
98
9914 Berliner-Joyce Aircraft
7% preferred
19
x95 100
21
Rogers Peet Co corn
.100 130 140
98
93
9914 Cessna Aircraft new corn_ _
94
Bee 5% notes_June 15 '32
2612 2712 Safeway Stcres pref
Series A units
164 _ _
Com'l Inveet Tr 5t2_15/lay '29
Preferred
98
99
100 110
12
123
4
Saunders(Clarence). corn B. 3412 3712 Investment Trust of N Y_
May 1930
Invest Trust Associates.,,..•
6% notes
98 97 Claude Neon Lights
360 380
49
53
Saunders (Clarence) Pacific
Cud Pkg, deb 5148_0ct 1937
Joint Investors class A
97 99
New w I
41
40
4112
Stores A com
Cunard SS Line 4 Yis Dec'29
0814 99 Consolidated Aircraft
Convertible
3112 3212
106 1(17
Preferred
•60 6212 Kent Securitiespreferred_ __ _ 110 114
Ed El III Bost
Consolidated Instrument_t 24
25
Schiff Co corn
Corp corn_
ith% notes__ _Nov 1930
Preferred
12
983 9914 Crescent Aircraft
4
10
100 102
Cum cony pref 7% _ _100 115 118
73
Empire Gas & Fuel bs
Curtis Flying Service
Keystone Invest Corp notes - 153 15334
47
49
2012 21
Silver (Isaac) & Bros corn.' *67
9712 993 Curtiss-Robertson Airplane
June 1929-30
Massachusetts investor,..
4
7% cum cone pref _ _ _ _100 113 117
Flak Rub 524eJan 1931
80
Mohawk invest Corp
93
94
120 125
Units
Southern Storee6 unite_
Genl Mot Accept.
7
Motor & Bankstock Corp _.. 10
Curtiss Assets
30
35
12
U 8 Stores eon' class A _ _ t *5
*2
4
Mutual Investment Trust.
5% serial notes_Mar '30
9812 9912 Curtiss Reid pref
12
Corn class B
302 32
13
5% serial notes_ _Mar '31
New England Invest Trust
9712 9812 Fairchild Caminez Engine55
12
65
100 60 65
let preferred 7%
5% aortal notes_ _Mar '32 96
Old Colony Invest Tr corn_
35
3512
Standard 011 Stocks
9712 Fokker Aircraft
26
28
4
4 SI er, bonds
5% serial notes_Mar '33 9612 97
20
23
Anglo-Amer 011 vot stock_ 51 *1612 163
Preferred
98
4
Pacific Investing Corp corn
fl *143 16
95
9612 Great Lakes Aircraft
244 2514
30
5% serial notes_ _ Mar '34
35
Non-voting stock
*5712 575 Second Internet See Corp__
9312 9512 Haskelite Mfg
8
30
53
5% serial notes_ _Mar '35
34
56
Atlantic Rehr corn new_25
Com 11
23
27
100 115 11512
5% serial notes_ _ 61 ar '36
9312 9512 Heywood Starter Corp
6% preferred
43
Kreider-Reisner Aircraft.. _
5°1 5
10
17
21 *39
Borne remser Co
4412 4712
1Pre Selarred
Gulf 011 Corp of Pa deb Is
Allot Ws
18
20
Buckeye Pipe Line Co_ _50 *6912 72
Dec 1937
9912 100 Lockheed-Vega
Shawmut Bk Inv Trust_ _
12
14
CI:membrane' Mfg Cons__21 •160 165
Deb fis
50
54
9912 100 Maddux Air Lines corn
Feb 1947
19
4145
21
10 *2438 2412
Koppers Gas & Coke deb 5s
Continental 011•to
Mahoney-Ryan Aircraft_ _ _
1942 90 93
68
be 1952
Cumberland Pipe L1118_100 60
10
12
June 1947
9912 100 Mohawk Aircraft
95
98
63
68
9
12
Meg Pet 4348_Feb 1530-35 9412 9934 Mono Aircraft
Eureka Pipe Line Co__ _IOC 60
1952
512 7
Mar ()II bs. notes June 1530 96
South Bond & Share
Galena Signal 011com._ _100
Preferred
30
35
98
Corn & allotment Ws
Serial 5% notee June 1531
83
18
20
100 75
94 96 Moth Aircraft Corp units c _
Preferred old
32
34
12
100 75
Serial 5% notes June 1532
90
10
$3 pref allotment ctfe___. x50
Preferred new
Common
93 95
52
Mass Gas Cos,5SO Jan 1946 103 10312 National Air Transport_
4
Spencer Trask Fund Inc__ _
650 700
Humble 011 & Reflnlng.,..21 •1083 109
Pacific Mills 2514s_ _ _Feb '31
96
98
Nat Aircraft Marls Corp_ -- 14
Stand Int Secs Corp unite_
15
10e 304 312
Illinois Pipe Llne
Peoples Gas I. & Coke 4148
*10412 10512 Standard Investing Corp- -- 1National Aviation
7014 713 Imperial 011
4
66 103
Dec 1929 & 1930
99 100 North Amer Aviation
14
943
4
5
1412 Indiana Pipe Line Co_ _ _SE• .92
125
preferred w
Proot & Clamb.4;48July '47
96
97 Pollak Mfg
International Petroleum..,,.' *55
5514
5% bonds w w
3
6
21
24
Sloss She( SU & Ir tls Aug '29
99
9912 Scenic Airways common__
National Transit Co__12.50 *2314 2312 State Bankers Financial..... 135s 1438
312 5
Swift & Co 5% notes
Stearman Aircraft com
80
• 115 120
New York Transit Co__ _100 77
Trustee Stand 011 She
137 21
8
9914 993 Stinson Aircraft corn
Oct 15 1932
59
4
II S Share. class A
18
22
Northern Pipe Line Co_ _100 52
133 147s
8
Un NJ RR & Can 423Sept'29
99 993 Swallow Airplane
4
12
13
Class A 1
20 *6712 6912
Ohio Oil
36
Wise Cent be
97 9712 Travel Air Mfg New
Jan '30
4712 49
Clam C 1
21 *30 34
Penn Mex Fuel Co
357g
U S Air Transport
10
12
Prairie Oil& Gas
615s
Class C 2
26 *61
12
327e 16
Tobacco Stocks Par
United Aircraft w
70
71
PrairlePlpe Line
*5648 57
Claes C 3
181g
•
Preferred
76'2 77
Solar Refining new
*40
45
Class D
16
American Cigar corn__ _100 135 140 Universal Aviation
1712 1612 Southern Pipe Line Co_ __50 *1568 1612 U S & Brit Internal el B...... 3612 3911
_
Preferred
Warner Aircraft Engine new
100
17
18
South Penn 011 new
42
4612 47
Class A
45
British-Amer Talmo ord.,,,El .29
106- -- Western Air Express, new _
31
57
59
Sweet Pa Pipe Linee, new __ *65 66
40 42
Preferred
Bearer
31
Welter Bends.
El .29
Standard 011 (California).-t *7818 7834 US Elec L & Powr
51
52
Imperial Tob of G B & Irel'd *30
32
Arkan Wat let 58'56 A.A&O 94
9512 Standard Oil (Indiana)
90 92
*885 857s 13 S & Foreign Sec cons__
8
list Cigar Machinery new 100 108 115 Birm WW lst 5145A'54.A&O 10134 1023 Standard 011 (Kansas)._25 •1914 2014
4
Preferred
Johnson Tin Poll & Met _100
55 65
lst M 5e WA (ger B_ _J&D 97
99
Standard 011 (Kentucky). _ _ *393 40
2
Sugar Stocks
Stand Coin mil class 11
18
21
City W(Chatt)5146'54AJ&D 101 103
Standard 011(Neb)
49
50 80
82
26 *48
Caracas Sugar
001011 Cigar
714 814
let M be 1954
J&D 94
Standard 011 of New Jer _ _25 *561 563 Fajardo Sugar
100 *25
4
35
Union Tobacco Cle Corn_ *14
16
City of New Castle Water
85
Standard Oil of New York.25 *4238 425 Godchaux Sugars.Ins
90
8
Class A
*64 68
58 Dee 2 1941
94
Standard 011 (Ohio)
Preferred
100 •14
17
25 *1151 11712
Young (J tri) Co corn _100 116 123 Clinton WW let 58'891:
.1 A
.
1
*35
Preferred
Haytian Corp Amer
39
100 1161 120
Preferred
100 104
Com'w'th Wat let 514sA'47 100 1
94- Swan & Finch
(
25 515
1512 Holly Sugar Corp cora---1 80
83
Connelle• W bsOct2'39A&01 95Preferred
Preferred
100 41
43
Indus. & Miscellaneous
St L & lot Wat be '112.J&J 95 - - Union Tank Car Co
66
National Sugar Ref
100 20
30
25 •135 137
1st M 68 1942
J&J 100 102
Vacuum 011 (New)
New Nlaucro Sugar
26 *12312 124
100 *120 123
American Hardware
26 *67
69 1111ntingten lot Os '54_14&19 100 102
Investment Trust Stocks
Savannah Sugar corn
112 114
100 118 125
Babcock & Wilcox
5e
1954 94
96
and Bonds
Preferred
100 20
23
•44
45
Bliss(E W)Co
Mid States WW 68'35 MAN 100Allied Internal Investors_ _1 109 113
Sugar Estates Oriente pf.100 40 5
50 *60
Preferred
MonmCon W lst5e'56AJ&D 91 Vertientee Sugar pi
6i- Amer Alliance Invest
63
58
100
97 102 Mom Val Wt 5345 '50.J&J 95
Childs Company Pret
100
97
Amer Bond & Share com_10 2812 3114 Rubber Stocks (Cleveland •17
18
• •106 113 Muncie WW be Oct2'39 A01 94Amer Brit & Cent eons
Hercules Powder new
Aetna Rubber common_ _ _t .63
2012 21
4 712
100 117 120 St Joseph Water 58 1941A&O 92 Preferred
66Falls Rubber corn
90 92
1734
*11
Shenango ValWat 5febi3A.40 92
Internet Silver 7% ,rer..100 114
95
AmCtP rree L units,..... 62 65
eel iefeow &
Preferred
25 *3112 36
7512 77 So Pitts Wat 151 58 1980
Phelpe Dodge Corp new .
J&J 95____ Amer Finan Hold corn A__
Faultless Rubber
.250 255
1st M 58 1955
100 515 500
Singer Manufacturing
FAA 911
Am AFor Sh Corp units..... 85 ...... Firestone Tire & Rub com.10 110 1103
4
*718 8 Ter H W W 6s'49 A __J&D 100 163£1
Singer Mfg Ltd
Common
35
37
0% preferred
100 108
let M be 1966 ser B__F&D 94
7% preferred
% conv debg
1938
0 114
90 89
109 *26912 2:05
Wichita Wat 1st 88'49.1n&B 100 1-Cii
Railroad Equipments
8712 General Tire & Rub com_ _25
1st M 551958 ser B__F&A 94 _ _ _ Amer Foundere Corp °ern --8412 48
45
Preferred
6% preferred
100 r10814 10812
Chain Store Stocks
5.50 5.20
Atlantic Coast Line Os
5014 5314 Goody'r T & 11 of Can 01.100:60 62
7% preferred
5.15 4.90 Am Dep St 1st Di % _.100
Equipment6145
59c 63c India Tire & Rubber
hs
5.20 Berland Stores units new., 105 109
5.50
Baltimore & Ohio Os
75
Amer & Genl Sec. units-- 63
Mason Tire & Rubber oom-t
Bohack
C) Inc corn_ _„I •66
5.20 5
Equipment 44* & 15e_
70
Class A
30
34
Preferred
100 •"fE 81
7% let preferred
5.50 5.40
Buff Hoch & Pitts equip 01_
100 104 107
11
13
57
Class B
Miller Rubber preferred_100 52
Canadian Pacific 41411 & Og_ 5.40 5.10 Butler (James) eons
*812 1012 Amer Internet Bona dr Sh__
47 50
Mohawk Rubber
100 85 90
;'referred
5.50 5.20
Central RR of N J 65
100 35
45
5214
26
Amer & Scottish Invest
29
Preferred
100 *50
4.20 Cobsol Ret Sts, 8% pi wit!
Cbeempeake & Ohio Os
5.50
Andrews Secur Co
Selberling The & Robber-1 106 107
warrants
00
Equipment 014e
5.20 5.
1C0 112
Actor Financial class A
47
50
Preferred
100
Equipment be
5.10 4.90 Diamond Shoe. corn
44
47
Class B
10
14
Preferred
104 108
d Purchaser also pays accrued dividend. k Last sale. Nominal. x Ex-dividend. y Ex-rigliTge ? Canadian quotation. e Sale Dr1e41
•Percher°. 1 No imevalue. I Basis.
9
2258
Inuestment ant gaiiroatt /uttirigute.
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the fourth week
of March. The table covers four roads and shows 0.81%
decrease over the same week last year:
-Grossfrom Railway
- -Net from Railway- -Net after Taxes
1929.
1928.
1929.
1928.
1929.
1928.
$
$
Det G H & Milwaukee
February __ 660,023
678,932
256,347
237,128
225,278
267,250
From Jan E 1,295,165 1,270,418
435,091
438,166
456,906
414,466
Canadian Pac Lines in Me
Fourth Week of March.
1929.
1928.
Increase. Decrease.
February __
356,394
281.037
65.755
101,774
87,274
79,655
From Jan E 748,243
584,373
153,977
184.957
155,957
181,977
$
$
$
$
Canadian Pac Lines in VtCanadian National
7,259,143 7,234,125
25,018
February __
156,906
164,027
18,634
10,313
6,293
23,484
Canadian Pacific
5,404,000
5,401,000
3,000
From Jan 1.. 316,210
326,155
14,519
6,479 -15.687
-5,987
Minneapolis & St Louis
265,836
342,197
76,361 Central
of Georgia
St Louis Southwestern
690,200
741,816
51,616
February __ 1,905.871 2.042,707
324,759
421,009
295,232
446,636
From Jan 1.. 3,819,048 4,062,116
599.619
Total (4 roads)
788,601
555,697
842,444
13,619,179 13.719,138
28,018
127,977
Net decrease (0.81%)
99.959 Chicago & Alton
February __ 2,284,501 2,204,566
610,832
377,150
483,011
504,876
From
In the following table we show the weekly earnings for ChicagoJan 1_ 4,560,068 4,440,626 1,022,976 782,178 812,037 570,753
& Illinois Midland
a number of weeks past:
February __ 259,130
229.389
67,611
79,032
71.597
59,676
From Jan 1_
511.146
445.913
129,237
140,007
113,367
125,137
Chicago River & Indiana
Current
Previous
Per
Increase or
February __
544,116
567,617
223,359
227,916
Week.
183,114
177,455
Year.
Year.
Decrease.
Cent.
From Jan 1_ 1,137,008 1,119,612
480,838
422,889
384,454
326,558
Chicago Rock Island & Pacific
$
$
$
let week Dee. (12 roads)
February _10,738,369 10,074,729 2,418,144 2,523,654 1,692,407 1,886,303
15,877,441 14,501,895 +1,175,546
9.49
2d week Dec. (12 roads)
From Jan 1_21,701,716 20,170,228 4,795,390 4,654,891 3,343,748 3,396,334
15,642,128 14,280,804 +1,361,324
9.53
Ed week Dec. (12 roads)
15,776.100 14.385,208
+1.410,892
9.82
Chic R I & Gulf
4th week Dec. (10 roads)
12,177.506 12.061,018
+116,488
0.96
February __
586,964
255,003
534,022
200,111
228,053
172.266
1st week Jan. (11 roads)
11.317,960 11.212.753
+105,207
0.94
From Jan 1_ 1,178,552 1,046,720
486,111
402,457
432,260
350,842
2d week Jan. (11 roads)
12.137.810 12,721,605
-593,795
4.60 Colorado & Southern
ad week Jan. (10 roads)
12.780,980 12.905,285
-124.303
0.97
February __
935,189
928,926
134.506
283,002
214,301
64,949
8th week Jan. (11 roads)
19,183,384 18.082,346 +1,101,038
6.08
From Jan 1_ 1,940,670 2.012,908
429,682
535,853
386,885
296.797
let week Feb. (11 roads)
12,958,515 13,296,256
-340.741
2.56
Ft Worth & Denver City
2d week Feb. (11 roads)
13.630,111
+31.827
13,598,284
0.23
February _- 881,242
868,745
3d week Feb. (11 roads)
298,146
240,895
276,351
237,122
13,368,601 13,226,590
+142,011
1.06
From Jan 1_ 1,914.611 1.812.239
8th week Feb. (11 roads)
041,505
590,034
717,374
543,733
14.482,134 15,431,548
-949,414
6.15
let week Mar.(11 roads)
13,838,516 13,385,303
+453,213
Trinity & Brazos Valley
3.38
2d week Mar.(11 roads)
14,087,158 13,715,106
+372,052
February __
2.70
174,323
16,337
18,190
24,285
10,725
203,226
ad week Mar.(10 roads)
14,469,728 13,812,593
+657,135
From Jan E 399,770
4.75
28,911
55,199
44,618
40,104
438.121
8th week Mar. 4 roads)
(
13.619.179 13.719.138
-99.959
0.81
Wichita Valley
February __
124,527
144,324
52,502
72,506
60,910
65.586
From Jan 1_
109,686
267,964
150,306
126,945
133,625
300.144
We also give the following comparisons of the monthly
Greens
totals of railroad earnings, both gross and net (the net before Columbus &_- 138,051 140,952
February
18,942
19,436
22,550
18,218
the deduction of taxes), both being very comprehensive.
From Jan 1_ 308,293
37.498
46,197
39,920
53.704
291,384
Conemaugh Black Lick
They include all the class 1 roads in the country.
February _ _
141,444
13,150 -13.118
14.150 -12.118
106,977
From Jan 1_ 289,310
217,094
29,755 -21,470
31,755 -19.470
Length of Road.
Gross Earnings.
Denver & Rio Grande Western
Month.
February __ 2,443,382 2,273,142
324.814
472,418
509,856
657,525
Inc.(+1 or
From Jan E 5,192,311 4,957,878 1.476,435 1,230,404 1,126.327
860,348
1928.
1927.
1927.
1928.
Dec.(-)
•
Denver & Salt Lake
February __
413,898
302,061
222,303
85,994
232,303
78,989
Miles.
Miles.
From Jan E 810,573
252.684
768,133
448,699
428,699
266,691
Jan
456,520.897 488,722.646 -30,161.749 239,476 238,608
Detroit & Mackinac
February
455,681,258 468,532,117 12,850,859 239,584 238.731
February __
March
504,233,099 530,643,758 97,238
99,449
26,410,659 239.649 238,729
12.031
1,122
2,086
-9,292
From Jan 1_
April
473,428,231 497.865.380 -24,437.149 239,852 238.904
187,235
199,087
18,493 -26,640
-5.674
-1,417
May
509,746,395 518,569.718
-8.823,323 240,120 239.079
Detroit Toledo & Ironton
June
501,576,771 516,448,211 -14,871,440 240.302 239,066
February _ _ 1,182,665
714,725
503,605
182,298
585,757
141,097
July
512,145,231 508.811,786
+3.333,445 240,433 238,906
From Jan E 2,526,790 1,474,260 1.307,792
231,629
321,061 1,137,372
August
556.908,120 558,743,013
+165.107 240.724 239,205
Detroit & Tol Shore Line
September
554.440,941 564,421.630
-9.980.689 240.693 239,205
February __
517,641
415,091
320,952
280,140
264.348
233,128
October
616,710.737 579,954.887 +36,765.850 240,661 239.602
From Jan E 971,660
823,043
577,154
479.233
600,963
418,863
November
530.909,223 503.940,776 +29,968.447 241,138 239.982
Duluth & Iron Range
December
484,848,952 458.660,736 +26.188,216 237,234 236.094
February _
108,011
114.495 -171,222 -155,347 -191.485 -175,943
1929.
1928.
1929.
1928.
From Jan 1_
208,475
205,326 -350.857 -329.059 -391.025 -369.172
January
486,201,495 457,347,810 +28,853,685 240,833 240,4)7
Duluth Missabe & Northern
February _ _
93,162
108,453 -307,710 -281,083 -406,562 -358,908
Net Earnings.
Inc. (-4-) Or Dec. (-)•
From Jan 1. 172,652
189,016 -634,032 -586,454 -831,108 -740,795
Month.
1928.
Amount.
1927.
Per Cent. Duluth South Shore & Atlantic
February __
393,867
400,901
85,248
80.456
53,247
50,456
769,434
From Jan 1_
809,837
117,320
163,191
53,319
103,191
January
93,990.640
99.649,436
-5,558.796
-5.58 Elgin Joliet & Eastern
February
108,120,729
February __ 2,087.962 2,025,629
107,579.051
637,810
705,964
574,465
+541,678
534,610
+0.50
March
131.840,275
From Jan E 4.049,482 3,921.934 1,250,875 1,171,131 13312,573
135.874.542
4,034,267
964,784
2.96
April
110,907,453
113,818,315
2,910.862
2.56 Ft Smith & Western
May
128,780,393
126,940,076
+840.317
+0.66
February __
112,714
119,305
13,648
13,908
9,188
10,640
June
127,284.367
129,111.754
1,827.387
1.41
239,590
271,976
From Jan 1_
30.132
53,925
44,443
21,613
July
137.412,487
125,700,631
+11.711,856
+9.32 Galveston Wharf
August
173,922,684
164,087,125
+5.99
+9.835,559
166,012
February __
64,342
133,183
39.687
22,687
47,342
September
180.359,111
178.647,780
+1,171,331
+0.98
From Jan E 394.943
268,097
178,509
144,509
79,983
45,983
October
216.522,015
181,084,281
+35,437.734
+19.56
November
157,140,516
127,243,825
+29,896,691
+23.49 Georgia Railroad
February __
December
395,006
400,352
30,715
58,496
49.806
27.902
133,743,748
87.551,700
+46,192.048
+52.74
From Jan 1_
801,042
806,750
100,958
79,266
1929.
84,136
1928.
61,873
January
117,730,186
94,151,973
+23,578.213
+25.04 Georgia & Florida
112,637
February _127,899
9,145
24,043
567
16,037
From Jan 1_
225.215
3,396
30,999 -16,041
14,981
Net Earnings Monthly to Latest Dates.
-The table Grand Trunk Western- 238,716
February __ 1.920,180 1,617.159
following shows the gross and net earnings for STEAM
715,204
418,019
623,654
335,608
From Jan 1.. 3,611,604 3,182,350 1,175,873
751,432
992,823
586,621
railroads reported this week:
Gulf Mobile & Northern
February __
585,803
567,398
126,673
129,231
90,232
108,369
Grossfrom Railway- -Net from Railway- -Net after Taxes
From Jan E 1,125,403 1,134,802
287.924
214,234
211.436
266,272
1927.
1923.
1928.
1927.
1928.
1927.
Illinois Central System
.
$
8
$
s
$
$
Illinois Central Co
•New Orleans Great NarthernFebruary _ _12,819.707 12,205,989 3,342,979 2,895,023 2,413,484 2,051.172
258.664
237,005
December_ _
81,016
59,003
50,128
59,033
From Jan E25.814,172 24,512,215 6,557,062 5.496,563 4.720.635 3,810,795
From Jan 1_ 3,231,189 3.309,494 1.029,274
974,262
801,000
788,621
Yazoo & Miss Valley
February __ 1,997,867 2.096,824
322,666
229,499
395,185
152,492
• Corrected.
From Jan 1_ 4,135.291 4,272,856
752.294
807,579
411,913
476.316
Grossfrom Railway- -Net from Railway- -Net after Taxes
International Great Northern
1929.
1928.
1929.
1928.
1929.
1928.
February _ _ 1,484.135 1.427.568
260,414
230,627
217,227
188.509
From Jan 1_ 2,980.368 2.785,165
502.483
373,401
290,403
417.016
Atch Topek & Santa Fe
February _15,655,332 14.619,207 4,782,132 3,817,030 3,365,586 2,568,379 Kansas City Mexico & Orient
February __
127,011
241,585 -50.507
35,461
39.471 -60,095
From Jan 1_31,740,725 29,398,378 9,731,200 7,468,119 6.881,859 4.986,044
From Jan 1_
302,283
489,238 -34.824
67,414
75,479 -54,057
Gulf Col & Santa Fe
312,080
267,739
February
173,523
2,037,296 2,146,079
220,487 K C Mex & 0 of T
February __
244,732
497,951
31,365
99,088
19,948
106,141
From Jan 1- 4,432,955 4,220.784
573,262
963,178
788,454
389,548
From Jan 1.. 680,590
992,641
79,094
184,236
56,116
198.716
Panhandle & Santa Fe
Kansas City Southern
February __
157,447
399,769
342,948
121,069
981.796
939,388
February __ 1,425,269 1,488,428
391,893
289,384
From Jan 1. 2,020,416 1,947,383
407,120
506,281
390.877
818,724
703,383
320,725
From Jan 1_ 2.958,358 2,896,533
054.170
645,352
880,761
882,633
Atlanta & West Point
Texarkana & Ft Smith
February __ 226,162
53,628
32,125
46,379
34,820
244,980
February __
239,992
60.963
203,588
102,296
From .Tan 1_ 461.034
119,138
73,130
121,669
91,953
62,406
87.525
300,189
From Jan E 500,704
157.927
215,493
425,361
182,265
249.172
Atlantic City
Los Angeles & Salt Lake
February -_
201,374 -56.503 -106,023 -96,817 -143,373
191,942
February __ 2,054,407 1,767.501
404,151
91,652
FronzJanl_ 392.095
227,570
544,972
414.121 -129,938 -234,991 -210,550 -309,691
From Jan 1.. 4,201,326 3,881,841 1,065,087
784,414
236,415
507,490
Baltimore & Ohio
B & 0 Chic Terminal
Louisiana & Arkansas
February - _
February __
322,279
5,448
65,125
299,610
58.446
110.204
1,606
76,118
63,690
98,921
329,182
316,326
From Jan 1_ 636,047
From Jan 1_ 614,121
22,575
133,125
191,125
6.617
130,810
102,820
199,941
852,951
91,469
592,979
Belt Ry of Chicago
Louisiana Ry & Nay Co
February -- 676,448
110,611
127,959
158,331
615,063
177,757
February __
30,097
275,026
54,697
51,376
31,638
264,529
From Jan 1_ 1,314,176 1.218.404
242.272
212,295
307,731
342,587
From Jan 1- 568.657
81,115
67,751
110,039
35,044
536,156
Bingham & Garfield
La Ry & Nay Co of T
45,666
February 39.122
14,869
-881
6,745
24.116
February __
-5,021
8,250
-1,609
77.613
4,199
91,255
From Jan 1_
89,184
-531
77,901
19,958
14.869
37.288
From Jan I- 160.185
1,380
13.624
-8,643
5,582
177,528
Canadian National RysLouisv Henderson & St Louis
Atl & St Lawrence
February __
73,463
28,138
14,307
248.174
49,596
182,375
February _236,391
295,466
5,143
20,043 -12,059
2,601
From Jan 1_
93.270
131,953
61,303
526,078
85,683
597,043
357,554
514,000 -23,716
From Jan 1_
-1,140
26,710 -52,776
Chi Del & Can 0 T JctMississippi Central
315,878
280,754
February February
182,583
133.170
33,479
171,683
49,471
24,388
143.579
127,442
139,223
39,530
846,267
571,225
From Jan 1_
From Jan 1_
371,446
70.182
349,646
278.680
299,489
260,746
83,695
264,802
51,665
66.191
(
APRIL 6 1929.]
2259
FINANCIAL CHRONICLE
Mo-Kansas-Texas Lines
972,960
964.950
February __ 4.159.620 4,179.481 1,230.787 1.242,029
From Jan E 8,738,402 8,379,117 2.569,969 2,370,184 2,034,217 1,860,796
Missouri & No Arkansas
-381
17,026
February __ 142,790
1,975
19,617
138,702
14,127 -18,521
From Jan 1_ 280,481
19,109 -13,805
261,776
Nash Chatt & St Louis
184,118
February __ 1,783,002 1,779,261
365,163
259,581
447,193
251,613
From Jan E 3,601,025 3,463,693
402,098
608,567
772,711
Nevada Northern
20.863
51,353
February
107,685
31,573
71.610
65,067
39,155
105,926
From Jan 1_ 220,769
60,575
145,554
135,606
Newburgh & South Shore
17,577
12.450
February __
143,187
30,309
149,718
33,635
From Jan 1_ 273.791
20,995
10,985
248,415
46,143
2,947
New Orleans Gt Northern
71,572
49,259
February __ 238,395
89,165
278,360
65,952
147,672
From Jan E 491,712
111,254
185,826
145,817
558,842
New On Tex & Mexico
0
2 3
79:6157
7,374
35,957
February _ _ 224,611
25.168
27.858
212,333
61.875
From Jan 1_ 456,197
77,803
434,056
Beaumont So Lake & W
30,882
67.994
36.439
February __ 277,732
71,951
238,945
50.222
120,638
From Jan 1_ 550,776
61.325
128.912
465,300
St L Browns & Mexico
331,597
257,161
355,295
277,257
872.927
February - 816,620
490.855
440,006
From Jan 1_ 1,555,502 1,570,852
538,166
480,333
New Orleans Term
53,150
60,381
53.150
67,311
February .._ 149,034
140,581
64.260
92,471
86,315
From Jan 1_ 281,084
110.398
271.842
New York Central
Indiana Harbor Belt
196,534
229,941
242,190
282,655
965,787
February _ 980,932
370,206
430,984
461.714
541,736
From Jan E 1,975.784 1,901.379
New York Connecting
122,515
131.726
162,015
169,726
255,833
February -_ 234,354
232,563
106,632
311,563
182,632
495,935
From Jan E 477,488
Northwestern Pacific
397.310 -32,351 -13,774 -70,628 -54,415
382,606
February _
774,654 -102,673 -74,379 -179,189 -155,720
From Jan 1_ 767,083
Pennsylvania System
Long Island
312,974
567,168
391,934
648,672
February -- 2,758,438 2.669.965
614,193
763,023 1,131,362
From Jan 1_ 5.662,862 5,589,575 1,288,848
Peoria & Pekin Union
46,458
31,570
63,458
48,570
167,556
156.788
February __
84,235
59,594
118,235
93,594
330,509
From Jan E 309,785
Pere Marquette
691,141
985,331
885,666
February __ 3,619.560 3,170,815 1.199.880
From Jan E 6,899,865 6,072,329 2,057.972 1,447,986 1,627,943 1,053,352
Pullman Company
638.296
609,901
932,171
919,337
February _ _ 6,417,489 6.392,996
From Jan L03,450.559 13.356.413 2,349,078 2,294,609 1,696,473 1,643.732
Quincy Omaha & K C
-2,930
-7,429
1,896
-2,573
59,340
53,323
February _ _
-8.217
-9,634
1,436
79
121,460
From Jan 1.. 100,637
-San Francisco
St L
1,290,048 1,357,332
February _ _ 5,901,095 6,118,977 1,595,213 1,698,886
From Jan E12.429,706 12,554,861 3.426,206 3,389.263 2,663,440 2,701,687
-S
St L Fran of T
22,734
31.791
25.922
34,926
149.682
144,164
February _ _
47,040
55,801
53,429
292,679
61,830
From Jan E 298,155
Ft Worth & 11.10 Grande
-6,501
-4,063
91.823
-2.413
87,354
331
February _
-2,013
11,088
6.210
19,656
197,712
From Jan 1_ 200,297
St Louis Southwestern
-W of T
St Louis S
-9.689 -182,896 -37,569
537,882 -155,292
February __ 573,268
From Jan I_ 1,184,451 1,132,132 -270,939 -54,933 -326.225 -110.564
San Diego & Arizona
26,693
25,993
32,360
31,880
113,525
112,003
February __
41,456
56,876
52.787
68,649
215,194
From Jan L 229,708
San Ant Uvalde & Gulf
52,812
44.761
56,522
48.885
177.557
164,911
February __
76.679
64.656
84,125
72,947
317,129
From Jan L 315,319
Southern Pacific System
Sou Pacific Co.
February _16,328,001 15,567,280 4,680,537
From Jan 1_33.085,992 30.847.339 8,819.824
Texas & New Orleans
February __ 5,815,919 5.240.190 1,318,803
From Jan 1_11,434,215 10,534.807 2.291,368
(Southern Pacific S.S. Lines)
29,197
912,937
February __ 890,429
From Jan 1_ 1,724,663 1,791,427 - 10,510
Spokane International
41,624
88,093
133,610
February __
49,397
179.642
From Jan 1. 214,635
Spokane Port & Seattle
254,210
635.177
February __ 644,524
476,619
From Jan I_ 1.295,614 1,227,491
Tennessee Central
50,894
259,310
_ 257,409
February
92,674
513,653
From Jan 1_ 510.004
Term fly Assn of St Louis
287,638
February __ 1.059,173 1.069,439
598,758
From Jun 1_ 2.110,706 2,181,013
Texas & Pacific
922,540
3.536,285 3,767,630
February
From Jan 1_ 7,297.101 7,377,756 2,015,915
Texas Mexican
498
89,297
86.806
February -152,165
19,416
From Jan 1- 199,014
Toledo Peoria & West
187.881
173,065
71,356
February _
307,431
131,638
From Jan E 372.922
Union Pacific Co.
8,629,295 7,987,222 3,000.242
February
From Jan E17.205.265 16,168,842 5,745.183
Short Line
Oregon
February __ 2,984,051 2,785,534 1,134,664
From Jan 1_ 6,033,726 5,621,683 2,229,169
Ore-Wash fly & Nay Co
326,070
2.119,360 2,118,008
February
621,438
From Jan E 4,169,305 4,178,721
St Jos & Gd Island-February __ 309,223
From Jan L 623,040
319,131
621,080
114.880
228.787
Feb '29
'28
2 mos ended Feb 28 '29
'28
Feb '29
Florida Johnstown & Gloversville
'28
2 mos ended Feb 28 '29
'28
Feb '29
'28
2 moo ended Feb 28 '29
'28
Denver & Rio Grande Western
15,069
48,653
Balance.
$
35,468
32.224
392.206
291,354
-12,084
-7.954
-24,657
-13,538
2,870,612
1,551,411
5,499,089
2,958,432
Electric Railway and Other Public Utility Net
-The following table gives the returns of
Earnings.
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this Week:
American Water Works & Electric Co., Inc.
(And Subsidiary Companies)
-Month of February- 12 Mos. End. Feb. 28.
1928.
1929.
1929.
1928.
$
$
$
$
4,423,953 4,225.256 51.439,003 49,034.313
Gross earnings
2.187,202 2,163,930 26.085.765 26,074,195
Oper. exp., maint. & taxes
2,236,756
Gross earnings
Net income
2,061,326 25,353,298 22,960,118
6,539,394 4,703,599
Boston Elevated Railway
1929.
Month of FebruaryReceipts2.704,233
From fares
From operation of special cars, mail pouch service,
918
express and service cars
From advertising in cars, on transfers, privileges at
65.060
stations, &c
4,760
From other ry. cos,for use of tracks & facilities
4.338
From rent of buildings and other property
22,298
From sale of power and other revenue
1928.
$
2.886.925
Total receipts from direct operation of the road- 2.801,609
4.057
Interest on deposits, income from securities, &c,,,.
2,991,130
4,694
2.805,666
Total receipts
Cost of Service
equipment and buildings
272,465
Maintaining track, line
363,359
Maintaining cars,shop equipment,&c
226,448
Power
876.490
Transportation exp.(incl. wages of car service men)
7,538
Salaries and expenses of general officers
Law expenses,injuries and damages,and insurance
150,905
117,442
Other general operating expenses
143.955
Federal, State and municipal tax accruals
261,903
Rent for leased roads
Subway, tunnel and rapid transit line rentals to
187,595
be paid to the City of Boston
Cambridge subway rental to be paid to the Com33,361
monwealth of Massachusetts
212,052
Interest on bonds and notes
5.381
Miscellaneous items
2,995,824
2,858,902
2.920.355
75,469
5
Total cost of service
Excess of receipts over cost of service
Excess of cost of service over receipts
1,018
66,147
6,994
4.778
25,265
294,324
354,822
234,074
930.053
7.591
150,511
115,153
163,808
262,458
157.423
33.411
212,441
4,280
53,235
Carolina Power & Light Co.
(National Power & Light Co. Subsidiary)
-month of December- 12 Mos. End. Dee.31.
1928.
1929.
1928.
1929.
$
$
$
$
790.544 9,010,866 8,928,650
Gross earns,from operation_ - 804,995
393,155 4,318.431 4.802,132
317,370
Operating expenses & taxes-Net earns,from operationOther income
4,246,917 3,216,951 2,831,543
7,618.523 6,012,971 4.939.551
487,625
50,987
397,389
81,066
4,692,435
675,777
4,126,518
585,400
Total income
Interest on bonds
Other interest & deductions_
538,612
160,808
19,726
478,455
147,917
12.770
5,368,212
1,835,643
223,726
4,711,918
1,496,049
85.204
Balance
Dividends on preferred stock
358,078
317.768
3.308,843 3,130,665
1,112,452 1,037,399
982,241
861,326
1,324,996 1,653,409
572,216
748,016
15,605
95,334
27,585
-13,536
12,761
90,629
23,372
41.816
36,160
38.469
17.854
30,825
211,547
389,435
168.878
306,001
127.810
221,960
50,497
91,509
45.129
81,154
44,437
80,107
358.242
734,970
195,111
408,524
259,354
536,680
Net earnings from operat'n
Other income
446,166
58,094
370.494 4,768,107
661,871
72.000
4.147,133
629,754
964.311
720,366
1,123,276
2,079,404 1,611,259 1.762,198
Total income
Interest on bonds
Other interest and deductions
504,260
160,808
19.402
442,494
150,167
18,477
5,429,978
1,846,284
224.651
4,776,887
1,539,966
99.613
Balance
Dividends on preferred stock
324,050
273,850
3.359,043 3,137.308
1,112.452 1,037.399
26,152
10,802
-4,502
9,338
21,028
669
25,174
42,207
62,475
114,759
20,174
35,157
(National Power 8c Light Co., Subsidiary)
-Month of January- 12 Mos. End. Jan. 31.
1928.
1929.
1928.
1929.
$
$
776.027 9,032,092 8,941,975
Gross earnings from operation 797,253
405.533 4.263.985 4,794,842
Operating expenses and taxes 351,087
S$
05,208
52,368
134,406
236,341
92.795
184,144
108,206
187,825
16,028
28,537
9,097
37.203
11,054
18.240
2,246,591
Balance
2,099,909
Engineers Public Service Co.
Gross earnings
131.452
232.333
2,093,266
Carolina Power & Light Co.
634,302
847,715
897.803
1,752,763 1,655.466 1,227,776
283,323
435,886
2.196,391
Balance
2,788,258 2,275.923 2,118,946
5,382,541 4,295,987 4.050,344
Wabash
February -- 6,071,692 5,310,314 1,794.969 1.280.474 1.476,249 1,013,703
From Jan L11,860,010 10.541,421 3,210,831 2,403,637 2.602,999 1,883.176
Western Pacific
84.671
-1.431 -12,999
101.604
1,101.943 1,013,971
February
302,604
143,587
96.062 -51,872
From Jan 1_ 2.365,375 2,089.861
Western fly of Alabama
15,713
67.558
29,291
41,314
258,056
February __ 231.162
143,099
31,109
62,292
99,964
518,271
From Jan E 467,228
Wichita Falls & Southern
80,974
February __
75,713
149,287
161,188
From Jan I_
Fixed
Charges.
$
528.173
354.567
907,306
709,158
31.399
31,474
63,015
62,941
403,271
412,666
810,842
836,335
Gross
Income.
$
563.639
386,792
1,299.512
1,000,513
19,315
23.519
38,358
49,402
3,273,883
1,964,077
6,309.932
3.794,767
-Grossfrom Railway- -Net from Railway- -Net after TOM^
1928.
1929.
1929.
1928.
1928.
1929.
(And Subsidiary Companies)
-Month of February- 12 Mos. End. Feb. 28
1929.
1928.
1928.
1929.
$
$
$
$
4,058,956 2,480,285 36,091.384 29.828,554
1,857,167
278,483
14,492
308.575
1,052,623 15,575,710 13.392,459
176,754 2,663,346 2,395,700
43,457
223.071 2,687,312 2.453.214
Net operating revenue_ - 1,600,238
Income from other sources
82.801
1,027.835 15,121,557 11,587,179
31.542
302,259
2,276
1.683,039
Balance
Interest and amortization__ _
579.930
1,030,112 15,423,816 11,618.722
321,587 4,634,318 3,554.290
Operation
Maintenance
Depreciation of equipment
Taxes
Balance
1,103,108
708,525 10,789,498 8,064,431
Divs, on pref. stock of sub. companies (accrued)__ 2,537,206 1,632,763
8,252,291 6,431.668
Balance
Amount applicable to common stock of subsidi48.825
71.264
aries in hands of public
Bal. applic. to reserve and to Eng.P S. Co----
8,181,027 6,382,842
2260
'
FINANCIAL CHRONICLE
Federal Light & Traction Co.
[VOL. 128.
Portland Gas 8c Coke Co.
(And Subsidiary Companies)
(American Power & Light Co. Subsidiary)
Month of February-- 12 Mos. End. Feb. 28.
-Month of December- 12 Mos. End, Dec. 31
1929.
1928.
1929.
1928.
1928.
1927.
1928.
1927.
$
$
8
S
$
16
$
$
Gross earnings
769,813
675.750 8.062.911 7,135,020 Gross earningsfrom operation 430,281
422,880 4.486.196 4,492.156
426.183
Oper., admin. exp. & taxes
403,704 4,747,406 4,440,418 Operating expenses and taxes 268,117
288,858 2,927,308 2.937,083
Total income
343,630
272.046 3,315,505 2,694,602
Net earns, from operation_ 162,164
134,022 1,558,888 1,555,073
Interest and discount
97,192
89,033 1,105,781
950.846 Other income
8,350
3,610
52.746
31,040
Preferred stock dividends:
Central Arkansas Public
Total income
170,514
130.412 1,611,634 1,586,113
Service Corp
104,823
104.766 Interest on bonds
40,606
35,481
478,375
425,750
New Mexico Power Co_
239
Other interest & deductions
4,016
23.944
86,384
261,312
Springfield Gas & Elec. Co.
68,742
65.482
Balance
125,892
70,987 1,046,875
899,051
Balance after charges
246,438
183,013 2.035,920 1.573,508 Dividends on preferred stock
381.471
380,923
Balance
Fort Worth Power & Light Co.
665,404
518.128
(Southwestern Power & Light Co. Subsidiary)
-Month ofDecember- 12 Mos. End. Dec. 31
(The) Pullman Company.
1928.
1927.
1928.
1927.
-Month of February- -Jan. 1 to Feb. 28$
$
$
$
1929.
1928.
Gross earnings from operation 291,228
270,314 3.212.516 3,001.279
1929.
1928.
Sleeping Car
Operating expenses and taxes 153.441
138,562 1,661,772 1,551,632 Berth revenue Operations$
5,987,865 5,785.545 12,628.076 12.364.628
Seat revenue
777,270
774.579 1,617.911 1,615.920
Net earns,from operation_ 137,787
131.752 1,550.744 1,449.647 Charter of cars
203.101
216.063
Other income
2,608
374,204
1.677
27,100
21,424 Miscellaneous revenue
372.364
14,148
13.479
29,848
26,497
Car mileage revenue
85.847
79,512
Total income
155.085
140,395
133,429 1,577.844 1,471,071 Contract revenue
172,399
-Dr
650,743
476.183 1.354.567 1.195,296
Interest on bonds
14.538
14,538
174,500
174,500
Other interest and deductions
2,576
2,467
30.840
30,811
Total revenues
6,417,489 6.392.996 13,450,559 13,356,413
Maintenance of cars
2,449,530 2,438,456 4,814.587 4.786,256
Balance
123,281
116.424 1,372,504 1,265.760 All other maintenance
42,132
Dividends on preferred stock
38.855
83.590
160,832
160.832 Conducting car operations
81,222
2,759,694 2,763,094 5,714.115 5,714,693
246.793
Balance
220,418
489,187
1,211,672 1.104,928 General expenses
479.632
Total expenses
5,498,152 5,460.824 11,101,480 11,061,804
Net revenue.(or deficit)
Idaho Power Co.
919,337
932.171 2,349,078 2,294,609
Auxiliary Operations
(Subsidiary of Power Securities Corp.)
Total revenues
125,155
121,324
241,856
246,743
Month of February- 12 Mos. End. Feb. 28. Total expenses
105,680
99.302
197,674
198,692
1929.
1928.
1929.
1928.
$
$
$
$
Net revenue (or defidt)
19.475
22,021
44,181
48,051
Gross earns, from operation_ 303.600
270.913 3.561.023 3.225,895
Operating expenses and taxes 146.381
130,400 1,682.268 1.534.122
Total net rev. (or deficit)- 938,813
954.193 2,393.259 2,342,660
Taxes accrued
328,911
315,896
696,785
698,927
Net earns,from operation_ 157.219
140.513 1.878.755 1,691.773
Other income
3,931
3.955
76.310
97,707
Oper. income (or less)
609,901
638,296 1,696.473 1,643.732
Total Income
161.150
144,468 1,955.065 1,789.480
Interest on bonds
54,167
54.167
650.000
637,668
Southern California Edison Co. Other interest & deductions
5.462
6,657
69.357
71,503
-Month of January--12 Afos.End. Jan. 31Balance1929.
1928.
101,521
84,644 1.235.708 1,080,309
1929.
1928.
Dividends on preferred stock
324,026
273,996 Gross earnings
3,022,921 2,646.738 35,658.110 30,822,708
Expenses
Balance
762.340
515.158 8,662.871 6,940,307
911,682
806,313 Taxes
321.635
283,249 3,417,841 3.109,172
Massachusetts Utilities Associates
Total expenses and taxes
1,083.975
798.408 12.080.513 10,049,480
Total
1,938,945 1,848.330 23,577,596 20,773,228
Month of February- 12 Mos. End. Feb. 28. Fixed net income
charges
542,640
449,978 6,058,588 5,765,370
1929.
1928.
1929.
1928.
i
8
$
$
Balance
1,396,305 1,398,351 17,519.007 15,007,857
Gross earnings
903,503
866,154 1,885,604 1,789,720
Bal. for div., deprec. & ree
281,167
267,987
577,885
568,704
Southern California Edison Co.
Nebraska Power Co.
-Month of February- -12 Mos.End. Feb. 28(American Power & Light Co. Subsidiary)
1929.
1928.
1929.
1928.
Month of December- 12 Mos. End. Dec. 31
$
$
$
$
Gross earnings
1928.
2,963,723 2,523,042 36.098,791 31,059,845
1927.
1928.
1927.
Expenses
8
867,966
i
602,811 8,928,025 6.991,314
i
S
Taxes
Gross earnings from operation 519,773
476.685 5,330,169 4,876.387
323,097
282,310 3,458,429 3,132,302
Operating expenses and taxes 249,452
250,075 2.760,584 2,533,381
Total expenses and taxes- 1,191,063
885,122 12,386,455 10,123,617
Net earns, from operation_ 270,321
1,772,659 1,637,920 23,712.336 20.936,228
226,610 2.569,585 2,343.006 Total net income
Other income
13,368
544,526
9,154
440,222 6,162.892 5,676,017
189,537
179.655 Fixed charges
Total income
Balance
283,689
1,228.132 1,197,697 17,549.443 15,260,210
235,764 2,759,122 2,522.661
Interest on bonds
67,250
67,250
807.000
807,000
Other interest & deductions
17,288
14,519
188,562
131,506
Texas Power & Light Co.
Balance
199,151
153,995 1.763,560 1,584,155
(Southwestern Power & Light Co. Subsidiary)
Dividends on preferred stock
364,000
364,000
-Month of December- 12 Mos. End. Dec. 31
1928.
1927.
1928.
Balance
1927.
1,399,560 1,220,155
$
$
$
$
Gross earnings from operation 850,702
844.628 9,717,664 9,382,286
New Bedford Gas & Edison Light Co.
Operating expenses and taxes 264,786
381,998 5,003,435 5,251,421
-Month of February
-12 Mos. End. Feb. 28.
Net earns,from operation- 585,916
462,630 4,714,229 4,130,865
1929.
1928.
1929.
1928.
Other income
14,304
11.464
188.147
138,982
$
8
-Gas dept___
Oper.revenues
97,757
88,664 1,124.200 1,129,056
Total
600.220
474,094 4.902,376 4,269,847
Oper. revenues-Elec. dept_
299,276
283,762 3,226.751 3,210,200 Interest income
on bonds
157.520
155,854 1,882,472 1,713,583
Other interest & deductions11,202
12,505
135,315
397.033
Total oper. revenues
142,638
372.427 4,350,951 4,339.256
Balance
431,498
305,735 2,884,589 2,413,626
-Gas dept_
57.199
Oper. expenses
59,143
704,452
736.227 Dividends on preferred stock
496,000
111,487
455,000
111,103 1,345,553 1,330.201
Oper.expenses-Elec.dept
Balance
2,388,589 1,958,626
168.687
Total oper.expenses
170.246 2,050,006 2,066,428
228.346
202,180 2,300.945 2,272,827
Net oper.revenue
Utah Power & Light Co.
11,289
10,580
-Gas dept
Taxes
128,485
123,341
(Including the Western Colorado Power Co.)
Taxes-Elec. dept
39,241
40,572
411,705
444,942
-Month of February- 12 Mos. End. Feb. 28.
50,531
51.153
Total taxes
540,191
568,283
1929.
1928.
1929.
1928.
$
$
177.815
151,027 1.760,753 , 1,704,544 Gross earns, from operation- 971,629
Net oper. income
898,337 11,199,849 10,632,078
loss3,995
1.644 loss6,657
Non-oper. income
397 Operating expenses & taxes__ 485,236
435,644 5,444,796 5,157,318
173,819
Net earns, from operation_ 486,393
152,672 1,754,096 1,704,942
Gross income
462,693 5,755,053 5,474,760
Other income
23,777
31,665
408,230
Deductions from Gross Income482,942
19,079
19,079
Int.on bonds & coupon notes
228.950
244,275
Total income
510,170
494,358 6,163,283 5,957,702
Int. on notes payable, &c
346
1,233
6.055
13,369 Interest on bonds
168,529 1,947,260 2,021,794
247
Amortization charges
247
2.970
7.474 Other interest & deductions. 161,654
16,772
35,583
14,266
178,534
174,696
37,443
343,062
Depreciation
375,472
Total deduc. fr. gross inc.
Net income
57.117
116,702
56,143
581,038
640,591
96.528 1,173,058 1.064,350
Balance331,744
Dividends on preferred stock
Balance
Pacific Power & Light Co.
(American Power & Light Co. Subsidiary)
-Month ofDecember- 12 Mos. End. Dec. 31
1928.
1927.
1927.
1928.
S
$
$
S
Gross earnings from operation 432,202
340.096 4,594,350 3,764,552
Operating expenses and taxes 166,547
186,299 2,408,325 2,197,974
Net earns,from operation_
Other income
256,655
8,921
153,797 2,186,025 1,566,578
36.754
9,957
-193
Total income
Interest on bonds
Other interest & deductions
265,576
37,996
70.694
153,604 2,222,779 1,576,535
455,950
455,950
37,996
703,044
315,586
26.117
Balance
Dividends on preferred stock
156,886
Balance
89,491
1,063.785
406,459
804.999
405.663
657,326
399,336
311,563 4,037,480 3,761,212
1,619,724 1,555,815
2,417,756 2,205.897
FINANCIAL REPORTS
Annual, &c. Reports.
-The following is an index to all
annual and other reports of steam railroads, public utilities,
industrial and miscellaneous companies published since and
including March 2 1929.
This index, which is given monthly, does not include
reports in to-day's "Chronicle."
Boldface figures indicate reports published at length.
APRIL 6 1929.]
FINANCIAL CHRONICLE
2261
-ContinuedPage.
Industrials
Page.
Industrials-ContinuedPage.
Public Utilities-Conauded- Page.
Railroads1734
1402 Loews, Inc
1391 North Boston Lighting Properties_1554 Buckeye Pipe Line Co
Alabama Great Southern RR
1411
1402 Loose-Wiles Biscuits Co
2090 Bulova Watch Co.Inc
1550 North West Utilities Co
Atlantic Coast Line RR
1743
Ludlum Steel Co
1727 Bunker Hill & Sullivan Mining &
1385 Northwestern Power Corp
Baltimore & Ohio RR
1411
1734 McCrory Stores Corti
Concentrating Co
Pacific Ry___2127, 2079, 1720 Northern Indiana Public Service Co _1727
Canadian
1568
1734 McKeesport Tin Plate Co
1391 Northwestern Bell Telephone Co_ _2091 Bunte Bros
Carolina Clinchfield & Ohio By
1403 McKesson&Robbins,Inc 1944, 1892, 1743
1554 Butler Bros
Central of Georgia By
1550 Ohio Bell Telephone Co
1568
2091 Calumet & Arizona Mining Co 1911, 1734 McLellan Stores Co
1391 Ohio Public Service Co
Central RR of New Jersey
1743
1727 Calumet & Heels Consol.Copper Co_2095 McQuay-Norris Mfg. Co
1391 Oklahoma Gas & Electric Co
Chesapeake Corp
1546
1911 Mack Trucks, Inc
1550 Oregon Washington Water Ser. Co__2091 Canada Dry Ginger Ale Inc
Chicago & Alton RR
2103
2095 (R. H.) Macy & Co
Chicago Milwaukee St. P.& Pac RR1391 Ottawa Light Heat & Power Co__ _1554 Canada Steamship Lines Ltd
1918
1402 (I.) Magnin & Co
1901 Corman & Co. Inc
Chicago & Northwestern By
1900 Pacific Tel. & Tel. Co
1668
2091 (.1. 3.) Case Threshing Machine Co_ _1911 Mandel Bros. Inc
Western Indiana RR_ _1900 Penn. Ohio Edison Co
Chicago &
1568
1735 Mapes Consol. Mfg. Co
1728 Celanese Corp. of America
Cleveland Union Terminal Co
1391 Philadelphia Co
1895
1403 Marland Oil Co
1896 Central Alloy Steel Corp
Denver & Rio Grande Western RR_ _2083 Phila.Rapid Transit Co
1919
2096 Marlin-Rockwell Corn
1391 Pittsburgh Suburban Water Ser. Co_2092 Central Coal & Coke Co
Detroit & Mackinac By
2096 Massey, Harris dr Co., Ltd_ _ _2103, 1568
2092 Centrifugal Pipe Corp
Detroit Toledo & Ironton RR
1391 Postal Tel. & Cable Corp
1569
1735 Matson Navigation Co
2092 Century Ribbon Mills. Inc
Great Northern By
1391 Providence Gas Co
1919
1548 Mavis Bottling Co. of Amer
Green Bay & Western RR
1901 Public Service Co. of New Hemp__ _1905 Certain-teed Products Corp
2103
1561 May Department Stores Co
Hocking Valley By
1894 Public Service Corp. of N..1..2110, 2080 Certo Corp
1919
1735 Maytag Co
Hudson & Manhattan RR
1894 Puget Sound Power .Sc Light Co__ _2092 Chain Belt Co
1919
1397 Chi. Jct. By & Union Stock Yards__1912 Melville Shoe Corp
Kansas Oklahoma & Gulf Ry
1722 Quebec Power Co
1569
1561 Michigan Steel Corp
1899, 1397 Chicago By. Equipment Co
Lehigh Valley RR
1544 Radio Corp. of America
1920
1403 Midland Steel Products Co
2092 Chicago Yellow Cab Co., Inc
Louisville & Nashville RR
1550 Rochester Gas & El. Corp
2104
2081, 1912 (H.) Milgrim & Bros., Inc
1556 Chrysler Cons
Mahoning Coal RR
1551 Rockland Light & Power Co
1569
2096 Miller Rubber Co
Maine Central RR
1720 San Diego Consol. Gas & El. Co__ _1728 Colorado Fuel & Iron Co
1569
1736 Mohawk Rubber Co
1386 Columbia Steel Corn
Midland Valley RR
1723 Shawinigan Water & POwer Co
1743
2079. 1942 Monsanto Chemical Works
Minneapolis & St. Louis RR
1551 Southern Bell Tel. & Tel. Co. Inc_ _ _1905 Columbian Carbon Co
1736 Morse Twist Drill & Machine Co_ _ _1569
Missouri Kansas Texas RR
1719 Southern Counties Gas Co.of Calif_ _1905 Consol. Laundries
1920
1897 Mortgage Co. of Pa
Mobile & Ohio RR
1392 Southern Calif. Edison Co. A755, 1719 Consolidation Coal Co
1404 Morton Picture Capital Corp
1569
1556 Consumers Co
Nashville Chattanooga & St. L. RY-1551 Southern Calif. Gas Corp
1569
1736 Motor Wheel Corp
1728 Container Corp. of America
New York Central RR
1551 Southern Colorado Power Co
1547 Mount Vernon Woodbury Mills
1744
New York Connecting RR
2086 Southern Indiana Gas is El. Co_ _2092 Corn Products Refining Co
1404 Municipal Service Corp
1570
1905 Coty, Inc
N. Y. New Haven & Hartford RR_ _2084 Southwestern Bell Tel. Co
1404 (G. C.) Murphy Co
1744
1392 Southwestern Light & Power Co. _1905 Craddock-Terry Co
Northern Pacific By
1542 Nashawena Mills
1570
1556 Crane Co
Springfield Gas Light Co
Reading
1544, 1386
1570
1913 National Acme Co
2092 Croft & Allen Corn
St. Louis San Francisco By
1545 Springfield Street By
1920
2097 National Bond & Interest Co
1728 Crowley. Milner & Co
1892 Standard Gas & El. Co
Southern By
1892
1561 National Cash Register Co
1729 Crown Williamette Paper Co
Light Corp
1901 Standard Power &
Toledo Terminal RR
2104
1737 National Department Stores
1556 Crown Zellerback Corp
1724 Syracuse Lighting Co. Inc
Wheeling & Lake Erie By
1737 National Distillers Products Corp__1744
1397 Crystal Oil Ref. Corp
Tampa Electric Co
1737 National Family Stores, Inc_1921, 1744
Terre Haute Traction & Light Co_.1398 Curtis Publishing Co
Public Utilities
1745
1729 Curtiss Aeroplane Motor Co., Inc_ _1737 National Lead Co
1901 Toledo Edison
Alabama Water Service Co
National Leather Co
1744
1729 Cuyamel Fruit Co
Tri-State Tel. & Tel. Co
Allied Power & Light Corp.(Del.)__1901
1562 National Sugar Refining Co__1921, 1745
Amer. Commonwealths Pow.Corp_ _1901 Underground El. Rys of London_ __ _1905 Dartmouth Mfg. Como
1562 National Tea Co
1745
1729 Davenport Hosiery Mills, Inc
2086 Union Street By
Amer. Power & Light Co
1404 NeLsner, Bros., Inc
1413
1905 David & Frere, Ltd
2086 Union Telephone Co
Amer. Public Service Co
1913 New Cornelia Copper Co
1921
2092 De Forest Radio Co
American Tel.& Tel. Co _1580,1542.1393 Union Traction Co. of Indiana
1913 New England S.S. Co
1906 Dennison Mfg. Co
2164
2086 Union Water Service Co
America Union Tel. Co
1738 New Orleans Pontchartrain Bridge
1906 Detroit Creamery Co
1901 Utica Gas & Electric Co
Assoc. Gas & El. Co
1738
Co
1398 Diamond Shoe Corp
1552 Virginia El. & Power Co
Bell Tel. Co. of Canada
Doehler Die Casting Co
1738 New York Air Brake Co
1746
1393 Washington Baltimore Annapolis El.
Bell Telephone Co. of Pa
2097 New York Transit Co
1906 Dome Mines, Ltd
1746
BR
2087
Berkshire Street By
1906 Dominion Engineering Works, Ltd _ _1562 (.1.1.) Newberry Co
1745
Blackstone Valley Gas & El. Co__ __1902 West Ohio Gas Co
2097 Newrnont Mining Corp
1729 Dominion Rubber Co., Ltd
2980
1550 West Penn Power Co
Boston Elevated By
1404 Niles-Bement
-Pond Co
1546 Drug Inc
1746
1724 Western Electric Co
Brockton Gas Light Co
1405 North American Cement Corp
1398 Eagle-Picher Lead Co
1746
1389 Western Massachusetts Cos
Brooklyn Edison Co., Inc
1563 North American Refractories Co__ __1922
2087 Western Union Tel. Co. Inc_2136, 2089 Eastern Mfg. Co
California Water Service Co
1405 North Packing & Provision Co
12 Eaton Axle & Spring Co
1746
1552, 1393 Wisconsin Power & Light Co
Calgary Power Co.. Ltd
1562 North Eastern Surety Co
1729 El. Controller & Mfg. Co
171$
2087 Wisconsin Public Service Corp
Calumet & South Chicago By
1739 Ohio Brass Co
Wisconsin Valley El. Co
1730 El. Household Utilities Corp
1413
Canadian Western Natural Gas Light
1563 Ohio Copper Co. of Utah
2104
2093 El. Storage Battery Co
1724 Worcester Consol. Street By
Heat ar Power Co
1914 Ohio 011 Co
Elk Horn Coal Corp
2105
2087
Capital Traction Co
2098 Oliver Farm Equipment Co
Engels Copper Mining Co
1414
Industrials
1902
Central Illinois Light Co
1563 Oneida Community, Ltd
1730 Evans Auto Loading Co., Inc
1746
Central Illinois Light Co
1553 Abitibi Power & Paper Co
1895 Exchange Buffet Corp
1405 Oppenhelm, Collins & Co., Inc
1570
Central Maine Power Co
2087 Adams Express Co
1914 Otis Steel Co
1747
1906 (The) Fair
2087 Adams Royalty Co
Chester Water Service Co
1405 Overseas Securities Co., Inc
1557 Fairbanks Co
1747
2087 Ahumada Lead Co
Chicago City By
1398 Federal Mining & Smelting Co 2098, 1915 Packard Motor Car Co
2105
Chic. N. Shore dr Milwaukee RR_ __1393 Ainsworth Mfg Corp
1739 Paraffine Cos., Inc
1922
Alaska Juneau Gold Min. Co.1907, 1730 Federal Motor Truck 65o
Chicago Surface Lines
2087
1922
Cincinnati Street By
2087 Albany Pert. Wrapping Paper Co._ _1907 Financial Investing Co.of N.Y.,Ltd2098 Paramount Broadway Corp
1548 Paramount
-Famous
-Lasky Corp_2082
1907 Fisk Rubber Co
Cincinnati & Suburban Bell Tel. Co_1395 Alles & Fisher Inc
2081 Park Utah Consol. Miners Co
1892 Ford Motor Co. of Canada, Ltd_
2105
Cleveland (Electric) By.Co
1395 Allied Chemical & Dye Corti
1406 Peerless Motor Car Corp
1922
Columbia Gas& Electric Corp
1549 Allied Internat. Investing Corp_ _1730 Gabriel Snubber Mfg. Co
2099 (David) Pender Grocery Co
1938, 1892 (Robert) Gals' Co
1747
Concord (N. II.) Electric Co
1725 Allis Chalmers Mfg Co
1246 Penick & Ford, Ltd
1748
Connecticut Co
2087 Amalgamated Leather Cos. Inc_ __1730 Gabriel Snubber Mfg Co
1915 Penmans,Ltd
1558 Gamewell Co
1747
Connecticut Power Co
1902 Amer. Bank Note Co
1739 Pennsylvania-Dixie-Cement Corp_ -_I748
1907 General Box Corp
Consul. Gas Co. of New York
1388 Amer.Bosch Magneto Corp
1740 Phelps Dodge Corp
1399 General Cable Corp
1748
Amer.Brown Boyer!El. Co
Consol. Gas El. Light & Power Co.
2083 Philadelphia Inquirer Co
173
55
0 General Electric Co
8
1922
1552 American Can Co
of Baltimore
General Motors Acceptance Corp--1740 Phila. ,Sz Reading Coal & Iron Co___1748
1903 American Cigar Co
Detroit Edison Co
1547
1731 General Refractories Co
1563 Phillips Petroleum Co
Diamond State Tel. Co
1395 American Colotype Co
1406 Phoenix Hosiery Co
1571
Duke Power Co
1902 Amer Commercial Alcohol Corp_ _1731 Gerlach-Barklow Co
2099 Pierce-Arrow Motor Car Co
1897
9 3
0
1553 Amer. Department Stores Corp_ _ 1898 (A.C.) Gilbert Co
Duke Price Power Co. Ltd
1386 Pittsburgh Plate Glass Co
Gillette Safety Razor Co
1749
Amer. Encaustic Tiling Co '
1553
Eastern Mass. Street By
2099 Pittsburgh Terminal Coal Corp
1414
2081 Gimbel Bros., Inc
1553 Amer. European Securities Co
Eastern States Power Corp
1731, 1399 Glidden Co
1916 Poto Rican Amer. Tobacco Co
1414
1903 Amer. Express Co
Eastern Utilities Assoc
2100 Posturn Co.,Inc
1908 (S. M.) Goldberg Stores, Inc
1543
Edison El. Ilium. Co. of Boston_ __ _1893 Amer. Fruit Growers Inc
1387 Prairie Oil & Gas Co
58
0
1414
Edison El. Ilium. Co.of Brockton__ _1903 Amer. Furniture Mart Bldg. Corp_ _ 1958 (B. F.) Goodrich Co
Goodyear Tire & Rubber Co
1389 Prairie Pipe Line Co
1414
Ei Paso Electric Co
1395 American Glue Co
Pressed Steel Car Co
1415
Amer. International Corp__ 1760, 1719 (F. & W. ) Grand 5-10-25 Cent
El. Light & Power Co. of Abington
2100 Procter & Gamble Co
2094
Stores, Inc
1923
1903 Amer. Hardware Corp
& Rockland
2100 Pro-phy-lao-tic Brush Co
1558 (F.& W.) Grand Properties Corp
1571
El. Power dr Light Corp
2088 Amer -Hawaiian Steamship Co
1740 Pullman Co
0
Corp._2155589549 Grand Union Co
2105
Empire Gas & Fuel Co
2088 American Ice Co
1916 Pullman, Inc
Greenfield Tap & Die Corp
2105
-La France & Foamite
Engineers Public Service Co...1422. 1388 Amer.
1741 Real Estate-Land Title & Trust Co_ _ 1749
(L.) Grief dr Bros., Inc
Exeter (N. H.) & Hampton El. Co_ _1725 Amer. Locomotive Co
2100 (Robert) Reis & Co
1399 Gulf Oil Corp
1749
Fall River Electric Light Co
1396 Amer. Metal Co.(Ltd.)
1564 Reo Motor Car Co
1894
1730 Gulf States Steel Co
Federal Light & Traction Co
1396 American Milling Co
1565 Republic Iron & Steel Co
1893
1399 Hale Bros. Stores, Inc
Fitchburg Gas & El. Light Co
1554 American Multigraphing Co
1407 Reynolds Spring Co
1908, 1731 (C. M.) Hall Lamp Co
1571
Galveston Houston Electric Co
1554 American Radiator Co
1731 (M.A.) Hanna Co
1565 Richfield Oil Co. of Calif
1415
Gary Rye
2088 American Reserve Insur. Co
1564 Rossia Insur. Co. of America
1899 Hart
-Parr Co
1750
1554 Amer. Rolling Mill Co
Haverhill Electric Co
1731 Hathaway Bakeries, Inc
1407 Russeks Fifth Ave., Inc
2106
Holyoke Street By
1396 American Safety Razor Corp
1741 Sally Frocks, Inc
1415
Honolulu Rapid Transit Co. Ltd_ __ _1903 Amer. Smeltering & Refin. Co 1584, 1543 Hayes Body Corp
Hayes Wheels & ForgingS, Ltd
1741 Sefton Mfg. Corp
1924
1396 Amer. Steel Foundries
Illinois Northern Utilities Co
2 94 Hazel-Atlas Glass Co
1031
7
1565 Servel, Inc
1572
Illinois Power Co
2088 American Stoves Co
17 8
0
1741 Beton Leather Co
1725 Amer Sugar Refining Co_ _1898,19 31 Hazeltine Corti
1572
Illinois Power & Light Corp
Heels Minting Co
1917 Shattuck Henn Mining Corn
1924
2088 Amer. Tobacco Co
Illinois Water Service Co
1899, 1731 Hibbard, Spence, Bartlett & Co_ _1741 Shreveport El. Dorado Pipe Line
1725 American Woolen Co
Indiana Service Corp
2106
Indianapolis* Northwest. Tree. Co.1396 Anchor Cap Corp
1908 Homestake Mining Co
Co.,Inc
1917
1750
2094 Honolulu Consol. 011 Co
Indianapolis 84reet By Co
1396 Apollo Steel Co
1565 Shubert Theatre Corp
1924
Hood Rubber Co
Internat. Hydro El. System
1565 Silver Control. Oil Corn
2088 Arizona Comm Mining Co
Hoskins Mfg. Co
1586, 1544
Internat. Power Co. Ltd
1725 Armstrong Corp. Co
1917 Simms Petroleum Co
17 22 Houdaille-Hershey Corn
119
International By
7339
0
1572
1726 Arnold Constable Corp
1917 Simmons CO
International Tel. & Tel. Corp 1903, 1726 Assoc. Insurance Fund
1542 Houston 011 Co. of Texas
73
9
2106
1407 (Franklin) Simons de Co.,Inc
Interstate Public Service Co
Howe Sound Co
1726 Associated Oil Co
1572
1565 Simpsons, Ltd
Interstate Rya
1554 Atlantic Fruit & Sugar Co
1909 Humble Oil & Refining Co
1566 (L. C)Smith & Corona Typewriters,
1396 Atlantic Refining Co
1400 Hupp Motor Car Corp
Jacksonville Traction Co
Inc
1984
1917
1400 Illinois Pipe Line Co
1924
Kansas City Power & Light Co 1940,1892 Atlantic Sugar Refineries Ltd
1742 (A. 0.) Smith Corp
2089 Atlas Imperial Diesel Engine Co__ _1559 Imperial Tobacco Co.(of Gt. Britain
15 9
Solar Refining Co
2106
Kentucky Utilities Co
1726 Auburn Automobile Co
& Ireland)
1924
1408 Southern Asbestos Co
Kings County Lighting Co
1408 Southern Surety Co., of N.Y
1573
Lake Superior District Power Co.._ _1904 Auto-Strop Safety Razor Co. Inc_. 1732 Independent Oil & Gas Co
1554 (L) Bomberger & Co
1909 Industrial Rayon Corp
1408 Southland Royalty Co
1416
Lincoln (Neb.) Tel. dr Tel. Co
1726 Barker Bros Corp
1560 Internat-Bus, Machines Corp_2134, 2180 Spears & Co
Louisville Gas & El. Co
1573
1396 Barnet Leather Co. Ino
1733 Internat. Cement Corp
1544 Spicer Mfg. Corp
1573
Mackay Companies
1727 Barnsdall Corp
1387 Internat. Gen Electric Co
2101 Standard Oil Co. of Calif
1897
Maritime Tel.& Tel. Co.,Ltd
2089, 1726 Bastian-Blessing Co
1401 Internat. Harvester Co
2032, 2981 Standard Oil Co. of Indiana_ _1750. 1574
Market St. By
1904 Beacon 011 Co
1733 Internat. Nickel Co.of Canada,Ltd_1721 Standard Oil Co.(Kenna)
1925
Michigan Bell Tel. Co
1895 Bearings Co. of America
1401 Internat. Safety Razor Corp
1742 Standard Oil Co.(Ohio)
2107
Middle West Utilities Co
1904 Beech-Nut Packing Co
1401 Internat. Salt Co
1918 Standard Sanitary Mfg. Co
1925
Midland Utilities Co
2089 (Isaac) Benesch & Sons Co.Inc...., 1560 Internat. Silver Co
1566 Stanley Works
1574
Milwaukee Gas Light Co
1904 Bethlehem Steel Corp
1936, 1893 Interstate Iron & Steel Co
1409 Stewart
-Warner Speedometer Co__ _1575
Mississippi River Power Co
Bigelow-Hartford Carpet Corp
1409 Studebaker Corp
1401 Intertype Corp
1925, 1575
Monongahelia West Penn. Public
Birtman Electric Co
1554
Iron Fireman Mfg.Co
1918 Sullivan Mchy.Co
1925
Service Co
2090 Blauner's (Specialty Store)
1913 Irving Air Chute Co., Inc
1409 Sun Oil Co
730
1575
Montreal Tramways Co
1727 Bloomingdale Bros. Inc
1742 Superior Steel Corp
Isle Royale Copper Co
1926
Mountain State Power Co
1419, 2385 Johns-Manville Corp
1096
1409 Sweets Co.of America,Inc
1925
National Power & Light Co__1554, 1396 Borden Co
1567 Swift International Corn
1402 Jones & Laughlin Steel Corp
2107
New England Public Service Co___ _2090 Borne-Crymser Co
1918 Telantograph Corp
Kaufmann Depart. Stores, Inc
1575
New Bedford Gas & Edison Lt. Co_1396 Boston Metropolitan Bldg. Inc
1548 Telephone Invest Co
1727 Briggs & Stratton Corp
11956100 Kelly-Springfield Tire CO
1926
New Jersey Bell Tel. Co
2090 Brystol-Meyers Co
1560 Keystone Watch Case Corp
1587 Texas Corp
2082, 1720, 1544
New York & Stamford By
1387 Texas Pacific Coal dc 011 Co
1926
1546 British Empire Steel Corp_1911, 1733 Kraft-Phoenix Cheese Corn
New York Telephone Co
1575
2090 Brompton Pulp & Paper Co. Ltd..- A560 Langendorf United Bakeries, Inc__ 2102 Thatcher Mfg. Co
New York Transportation Co
1926
1896 Thermoid Co
1734 Lehigh Coal & Navig. Co
1904 Brunswick-Balke-Collender Co
New York Water Service Corp
1751
Lehn & Fink Products Co
1410 (John R.) Thompson Co
N.Y. Westchester & Boston Ry ___ _2090 Brunswick Terminal & By Securities
Co
1751
1560 Lion 011 Refining CO
1410 Timken Roller Bearing Co
North American Co---_2121, 2097, 1397
2262
FINANCIAL CHRONICLE
Industrials—Concluded—
Industslals—Conefnued-Page.
Page.
1577
Transcontinental Air Transport,Ine_1575 Vesta Battery Corp
1547
1576 Virginia Iron Coal & Coke Co
Transcontinental Oil Co
Vulcan Dethaning Co
1577
Transue & Williams Steel Forging
1752
1751 Waitt & Bond, Inc
Corp
1577
1575 Walworth Co
Traung Label & Lithograph Co
1577
1926 Ward Baking Corp
Trio) Products Corp
1927
Truax-Traer Coal Co
1576 Warner Bros. Pictures, Inc
1927
1751 Warner-Quinlan Co
Traveler Shoe Co
1578
1544 Western Grocers, Ltd
Union Carbide & Carbon Corp
1753
1751 Westinghouse Air Brakes Co
Union Sugar Co
Union Tank Car Co
1752 Westinghouse El. & Mfg. Co_1758, 1719
1753
1752 Westmoreland Coal Co
United Carbon Co
United Profit-Sharing Corp
1417 Westvaco Chlorine Products Corp 1753
1753
U.S. Cast Iron Pipe & Fdry Co
1899 Wheeler, Osgood Co
2109
U.S.Envelope Co
1576 Wheeling Steel Corp
1578
U.S. Radiator Corp
1752 Whitaker Paper Co
2130, 2081
U.S. Realty & Improve. Co__1927, 1752 White Motor Co
1578
1721, 1576 (Benjamin) Winter. Inc
U. S. Rubber Co
U. S. Steel Corn
1930, 1893 Worthington Pump & Mchy Corp_ -1753
2109
U.S.Tobacco Co
1547 Wright Aeronautical Corp
1753
United Verde Extension Mining Co-1576 (Wm.) Wrigley, Jr., Co
1719
1752 Yale & Towne Mfg. Co
Universal Products Co.,Inc
1754
Vacuum Oil Co
2108 Yellow & Checker Cab Co
1578
Van Raalte Co., Inc
1577 (J. S.) Young Co
1578
2109 Youngstown Sheet & Tube Co
Vanadium Corp.of America
Louisville & Nashville Railroad.
(78th Annual Report—Year Ending Dec. 31 1928.)
The report, signed by Chairman H. Walters and President
W. R. Cole, together with income account, comparative
balance sheet as of Dec. 31 1928 and other statistical data,
will be found under "Reports and Documents" on subsequent pages of this issue.
INCOME ACC O&NT FOR CALENDAR YEARS
1925.
1926.
1928.
1927.
5.042
5
,064
5,038
5.076
$
112,805,423 116,384,472 116.617.329 111,111085
Freight revenue
Passenger revenue
17.353,852 20.026,869 22,142,710 22,799,553
Mail, & express, &c
5.479,183 8,193.776 8.376.492 8.326,669
Avge. miles ofroad oper-
Total income
135.638.457
Maint. way- 21,036.462
aint.ofequipment 30.408.612
Traffic expenses
2,962,228
Transportation exp...... 46.993.053
Miscell.& gen.exp_ _ _ 5,026.774
Transp.for inv.—Cr
196,088
144,605.117
22.147,438
32,443.885
3.189,787
50,531,905
4,837,089
292,271
147,136,530
21.715.672
33.029,477
3,061.003
50.658.351
4,417,565
419.668
142,244,307
20,332,051
32.149.513
2,895,007
49.144,204
4,111.246
229.765
Total expenses
106.231.041
Net from railroad
29.407.416
Taxes
7,605.176
Uncollectible revenue_
20,214
Equipment rents (net) Cr.793.069
Jointfacility rents (net)_ Dr.370,042
112,857,835
31,747.282
7,639.855
19,696
Cr.178,041
Dr.388,938
112,462,391
34.674,140
7.927.642
23,738
Cr.812,459
Dr.495.900
108.402.256
33.842,051
7.049.363
32,569
Cr.518,467
Dr.339,968
E
Net ry. ow.income.. 22.205,053 23,876,834 27.039.319 26,938,619
3.783,224
3.219,503
Non-operating income-- 3,251,675 4.075.051
El:
otal income
on funded debtOther deductions
I
25.456,728 27.951,885 30,822,543 30,158.123
10.763,746 10,893,095 11.023.086 11,155.143
377.346
302,270
332,550
369,761
II Net income
14,323,219
Dividends
8.190.000
Income applic. to sk. fd289
Miscell.approp.ofinc
16.726,240
8.190.000
328
19.422,111
8.190.000
328
13,379
18.700,711
7.020.000
13,479
118,824
Balance, surplus
6.132,930 8.535,913 11,218,404 11.548.408
Profit & loss, surplus86,500.406 80.341.468 71,336,122 59.143.936
Earns per sh. on cap.stk
$16.60
$15.98
$12.24
$14.31
—V.128, p. 1550.
The Pennsylvania Railroad Company.
(82d Annual Report—Year Ended Dec. 31 1928.)
President W. W. Atterbury, Philadelphia, March
wrote in substance:
13
Income Statement.—Briefly summarized, the result for the year, compared with 1927. were as follows:
+) or
1928.
Railway operating revenues
$650,567.316 —$14,2L3,h17
By.oper. exp..,incl, taxes, hire of equip.. &c..- 533,269,630 —27,604,090
Net railway operating income
Non-operating income, chiefly dividends and
interest from securities owned
$117.297,686 +$13,320,383
44,535.658
+1,298,662
Gross income
$161,833,344 +$14.619.045
Fixed charges—chiefly rentals paid to leased
79,325,731
+271.728
roads, and interest on the company's debt
Net inc., out of which were paid s. f. dive.. &c $82.507.613 +14.317.317
The net income for the year increased $14,347,317, compared with 1927.
being equal to 14.69% upon the present outstanding capital stock, compared with 13.65% upon the amount outstanding at the close of 1927.
Revenues and expenses.—The complete income statement indicates a
further contraction in revenues,as evidenced by the decrease of $14,283,707,
or 2.1%, in operating revenues, due chiefly to the continued decline in
passenger traffic, and to the smaller volume of freight traffic handled during
the larger part of the year. The decline in freight traffic was principally in
coal, coke and traffic received from connecting lines. The number of
loaded cars of all freight decreased 1.4% compared with 1927, and the
ton mileage decreased 0.4%. The reduction in passenger revenues was due
to a smaller volume of both long and short haul traffic, the passenger mileage
decreasing 6.9%. This reflects the continued loss a traffic from the more
extensive use of private and commercial automobiles, buses and trucks,
which is affecting all railroads.
While the operating revenues decreased $14,283,707, this loss was more
than offset by a reduction of $30,497,027, or 6.0%. in operating expenses,
so that the net railway operating income increased $13.320,383, or 12.8%,
compared with 1927. The principal reductions in operating expenses were:
$2.509,625 in maintenance of way and structures; $10,647,553 in maintenance of equipment, and $17,348,372 in transportation expenses. The
reductions in operating expenses were due in part to decreased business.
but the major portions resulted from the co-ordinated efforts to operate
your property with the highest degree of efficiency. The large reduction
in transportation expenses was due to the falling off in traffic; decreased
unit cost of fuel;further consolidation of trains in both freight and passenger
service; increased lading and speed of trains, and generally increased
operating efficiency. While there were large reductions in Maintenance
expenditures, nevertheless, the road and equipment were fully maintained.
The use of improved machinery, tools and other appliances, and the concentration of new work and repairs at points on the railroad where the
benefits of modern plants and mass production are available, have been
decidedly beneficial in reducing expenses.
0/ Net Railway Operating Income.—The net railway operating income increased $13.320,383 over 1927, but is equal to only 5.11% upon the investment in road and equipment, so that company is not yet earning the fair
return to which it is entitled.
Non-Operating Income.—Non-operating income increased $1,298,662,
chiefly as a result of dividends received on larger holdings ofstocks of leased
and affiliated companies. It includes a 4% dividend on the stock of the
Long Island RR., the first dividend paid by that company since 1896.
Settlements made by various leased and affiliated companies for construction and other advances made by company in prior years are the
chief reasons for the decreases in "income from funded securities" and
Income from'anfunded securities and accounts."
[VOL. 128.
Fixed Charges and Other Payments.—Under "deductions from gross income," the increase in rent for leased roads" represents larger amounts
earned by the Western New York & Pennsylvania By. and Elmira & Lake
Ontario RR., whose railroads are operated by company on the basis of
net earnings, and to increased rentals paid as interest on securities issued
for capital account purposes by the Philadelphia, Baltimore & Washington
RR.; the Cleveland & Pittsburgh RR. Co., the Pennsylvania, Ohio & Deroil RR. and the Pittsburgh Cincinnati Chicago & St. Louis RR., whose
lines are leased to company. The decrease in "interest on funded debt" refleets the saving in interest resulting from the payment redemption and
cancellation of equipment trust and other obligations during the year.
Net Income, Dividends, &c.—The net income for the year amounted to
$82,507,613, an increase of $14,347,317, compared with 1927. Against
this net income were charged dividends of 7% upon the capital stock.
The stock was increased during the year. There was also charged against
net income appropriations to the sinking and other reserve funds of $4,634.802, and $750,261 advanced to leased and affiliated companies for construction and other purposes, these companies being unable to pay the
same. The remaining surplus of $38,950,928 was transferred to the credit
of profit and loss account. That account was charged with sundry net
debits aggregating $3,056,141, resulting chiefly from sales and retirements
of various items of road and equipment during the year, and from charges
arising from the recapitalization of the Western New York & Pennsylvania
By.
The improved net results above indicated, notwithstanding decreased
revenues, emphasize the soundness of the long continued policy of company in utilizing portions of its net earnings to furnish additional and
Improved transportation facilities.
Investment in Road Eguipment.—The net increase for 1928 in investment
in road and equipment on lines owned, leased and operated, as carried on
the general balance sheet, was:
Road
$16,481,425
Equipment
27,080,643
General expenditures
864,479
Total, lines owned
% $44.426,548
Improvements on leased railway porperty, payable by the
Pennsylvania RR., Lessee:
Road
$2,018,281
Equipment
dec.566,675
General expenditures
58,210
Total, leased lines
$1.509,815
Grand total
$45,936,363
In addition, large sums were expendea for capital account purposes in
1928 by leased and affiliated companies of the Pennsylvania RR., the
most important of which are referred to elsewhere in this report.
These outlays are a further evidence of the large expenditures necessary
to enable the Pennsylvania RR. System to furnish the public with an adequate and efficient transportation service.
Investments in Affiliated Companies—The increase Ih "stocks"of affiliated
companies is due chiefly to additional capital stock of the Long Island
RR., subscribed for at par by company, which now owns $39,964,546, or
practically all of the outstanding stock of that company; and to the receipt
of $44,625,000 capital stock of the Pennsylvania Co., issued by it to company in exchange for $35,700,000 Norfolk & Western By. common stock.
The Pennsylvania Co. is an investment company, the entire capital stock
of which is owned by the Pennsylvania RR. and it has large holdings of
securities of lines in which your company is interested. Bondholdings in
affiliated companies were increased chiefly through the receipt of bonds of
the Cleveland & Pittsburgh RR. and the Pittsburgh Cincinnati Chicago
& St. Louis RR. in payment of advances made to those leased companies
for additions and betterments to their properties and the retirement etc
their maturing obligations, which also explains the decrease in "advances."
The decrease in the latter item would have been much greater, but additional
advances were made during the year to the Pittsburgh Ft. Wayne & Chicago
By. Co., the Philadelphia Baltimore & Washington RR., the New York
Bay RR., the Pennsylvania Ohio & Detroit RR. and other subsidiary
companies, which will later make settlement therefor.
'
Western New York & Pennsylvania Railway
.—To enable the above named
company to reduce its indebtedness and lay the foundation for financing
its future capital requirements, your company, as the owner of more than
99% of its capital stock and income mortgage bonds. accepted new 8
non-cumulative 5% preferred stock of the Western New York & Pennsylvania By., amounting to $6,847,300 at par on the basis of 31% of
$9,546,885 par value of its holdings of income mortgage bonds and scrip,
and 20% of $19.438,851 par value of its holdings of capital stock and scrip.
It likewise accepted at par $23,846,951 of new common stock of the Western
New York & Pennsylvania By. in payment for a like amount of advances
previously made to that company to improve its road and equipment.
The old stock and income mortgage bonds were surrendered during the
year, and the new common and preferred stocks appear in the list of "stocks
owned.'
Other Investments.—The decrease in "stocks," under "other investments,"
Is due chiefly to the exchange of common stock of the Norfolk & Western
By. for stock of the Pennsylvania Co., already explained.
There were purchased 50,000 shares, without par value (or about 10%),
of the capital stock of the Transcontinental .Air Transport. Inc. The
changes in "bonds" and "notes" reflect chiefly sales and purchases of
United States Government securities. The increase in "advances" is due
principally to amount advanced to the Little Miami RR.for capital account
purposes.
Current and Other Assets.—The increases in "demand loans and deposits"
and "time drafts and deposits" are due principally to funds on deposit
resulting from the stock allotments of 1928. The increase in "traffic and
car-service balances receivable" is due to unsettled balances due by various
individuals and companies. The decrease in "material and supplies"
reflects the further efforts of the management to conduct the operations of
your railroad with a smaller inventory. The increase in "other adjusted
debits" represents various items held in this account pending final settlement.
Capital Stock.—To provide for company's requirements and reimburse
the treasury for expenditures made for capital account purposcF. and pay
off certain equipment trusts and other obligations, an allotment of stock
was made to the stockholders during the year at $50 per share, in amounts
equal to 12%% of their respective holdings. The issue was promptly
subscribed, excepting a small number of shares which were subsequently
sold at current market prices. A premium of $380,410 was realized therefrom and is Included in the general balance sheet. The net result of the
allotment was an increase of $62,408,250 par value of stock, making the
total outstanding capital stock on Dec. 311928, $561.673.950.
A further allotment of $17,500,000 of capital stock was made,and offered
to the employees at $50 per share, in accordance with authority granted
by the stockholders. Under the plan approved by the board of directors,
each employee was given an opportunity to subscribe for not exceeding
10 shares, payable in monthly installments of$2 or $5 per share per month.
Subscriptions were made by over 100,000 employees in all departments of
the service. As this stock is not fully paid for it does not appear on the
general balance sheet.
As a result of the foregoing sales of stock, about $21,000,000 of the
present $600,000.000 authorized capital stock remains unissued, which is
not sufficient to meet the company's future requirements. Therefore. in
accordance with notice already given, there will be submitted to the stockholders at the,annual meeting the question of authorizing the board of
directors to increase the authorized capital stock to the extent of $100,000.000. making the total authorized 8700.000,000. Such increase is, in the
judgment of your board of directors, necessary and desirable.
If the stockholders authorize such increase, the new stock may be issued
by your board of directors at such times, in such amounts and for such
improvements and extensions of the road, equipment and facilities, and for
such other lawful purposes and requirements, as may be for the best interests of the company.
Changes in Funded Debt and Other Liabilities—The sales of capital stock,
already referred to, enabled company to reduce the "long term debt" by
the payment of the bonds of the following subsidiary roads which now
form a part of your railroad, viz.: Western Pennsylvania RR. consolidated
mortgage 4% bonds, which matured June 1 1928, and Sunbury, Hazleton
& Wilkes-Barre By. 1st mtge. 5% bonds, which matured May 1 1928.
The balance of outstanding 6% equipment trust obligations of 1920 were
called for redemption and paid; and other issues of equipment trust obligations which matured during he year were also paid, so that a total reduction of nearly $25.842,000 in these obligations were effected. Minor reductions in other various outstanding bonds and trust certificates were also
made, all of which reductions in company's capital liabilities are reflected
APRIL 6 1929.]
FINANCIAL CHRONICLE
2263
Pa., on the
on the general balance sheet. The reduction of $3.008.678 in "mortgages Wilmington, Del.; and west from Philadelphia to Atglen, will have a
and ground rents payable" is due chiefly to the payment of a mortgage on Philadelphia Division. When completed, your company
properry purchased in the City of Pittsburgh for terminal improvements. total of 658 miles of line and 2,260 miles of track under electric operation.
,
The work will be carried out progressively during the next six or seven
The total reduction in funded debt and other fixed obligations was
years, at an estimated cost of approximately $100,000,000, involving an
533.358,984.
accounts and wages payable" is due chiefly annual expenditure of about $15,000.000. About 60% of the total cost
The reduction in "audited
to a decrease in the amount of vouchers outstanding at the close of the will be required for the apparatus supplying the power, including stations.
year. The increase in "miscellaneous accounts payable" is due to larger transmission lines and overhead feed wires, and about 40% of the cost
amounts on deposit with your company by various leased and affiliated will be required for the rolling stock.
-S. C. Commission
-The proceedings before the I.
Federal Valuation.
companies, and to installments paid by employees for subscriptions to
capital stock. The changes in accrued depreciation accounts are the net have been completed in the inventory work and primary valuation of the
result of the operation of these accounts during the year including the properties embraced in your System, and the decision of the Commission is
the years later than
depreciation on equipment purchased from certain leased llnes, heretofore expected as to its final valuations, none of which are forthese valuations up
June 30 1918, but work is now under way to bring
referred to.
Leased and Affiliated Companies.
-The expenditures for road and equip- to date.
-Conferences have been held during the year with
Railroad Consolidation.
ment during 1928 on lines operated under lease or contract, have lyeen
purpose of
charged against the respective companies, and are included in their general other large systems in the Eastern District for the but no finaloutlining a
agreement
general consolidation plan for the Eastern railroads,
balance sheets.
of the Penn- was reached. Certain modifications of the Transportation Act have been
The lease to your company of the property and franchises
sylvania Tunnel & Terminal RR. for.999 years. which the stockholders recommended to Congress, which, if enacted, should encourage the consoliapproved at the last annual meeting was consummated and became effective dation of railroad lines into the larger systems, provided such consolidations
-S. C. Commission as being in the public interest.
are approved by the I.
July 1 1928.
-The capital stock of the company is owned by 154.008
Stockholders.
The Pennsylvania Co. has made the following important investments in
railroads which are not affiliated with the Pennsylvania RR. System, holders,an increase of 11,386 compared with the previous year, the average
number ofshares held by each stockholder being 73. This does not include
but with which the latter exchanges large amounts of traffic:
subscribers
518,251,950 capital stock of the Lehigh Valley RR., which is equal to the large number of employees who, during the year, became new shares
to company's capital stock, as under the allotment plan the
30.2% of its outstanding stock:
$31,290,000 preferred stock, and $36,290,000 common stock of the Wabash subscribed for have not yet been fully paid for.
Railway, which Is equal to 48.8% of its outstanding stock.
STOCKS OWNED BY THE PENNSYLVANIA RR. DEC. 31 1928.
-The lines embraced in the
Pennsylvania RR, System-Public Service.
Total Par.
Shares.
Pennsylvania RR. System serve a vast territory covering 13 States and
Name of Company-.
5500,000.00
the District of Columbia, lying between the Atlantic Ocean and the Missis- American Contract & Trust Co
10,000
841,500.00
sippi River, and between the Great Lakes and the Potomac and Ohio Baltimore & Eastern RR
16.830
440,000.00
8,800
Rivers, in which territory resides more than one-half the population of the Baltimore & Virginia Steamboat Co., oom_
59.550.00
United States.
1,191
Baltimore & Virginia Steamboat Co.. pref.
daily opera- Belvidere Delaware RR
244,600.00
The public service performed during the year, involving the
4,892
250.000.00
tion of approximately 6,700 trains, freight and passenger, on its 28.000 Cherry Tree & Dixonville RR
5,000
700.000.00
miles of track, was equivalent to moving one ton of freight,45 billion miles. Chicago Union Station Co
7.000
50
5,000.00
and to carrying one passenger a distance of6 billion miles. This represents Cincinnati Union Terminal Co.. common
9,800.000.00
over 10% of the freight traffic and about 19% of the passenger traffic of the Cleve. & Pius. RR.,spec. guar. betterment 196,000
1,099.850.00
entire nation. The magnitude of these operations continues to emphasize Columbus & Xenia RR
21.997
175,350.00
the importance of the Pennsylvania RE.System to our national prosperity, Connecting Ry3,507
20,000.00
and especially to the section of the country contiguous to its lines, in the Connecting Terminal RR
400
700,000.00
development of which it has played such an important part not only in Cumberland Valley & Martinsburg RR
7,000
1,300.000.00
public service performed, but also through its large annual disbursements Delaware River RR. & Bridge Co
26,009
for improvements and operating and maintenance expenses. These outlays Duquesne Warehouse Co
100.000.00
2,000
50,000.00
during 1928 amounted to almost 2200,000,000 for fuel, materials and sup- Extols Realty Co
1,000
25,000.00
plies and for improvement work; about 2344.000,000 for wages paid to Enola Sewerage Co
500
in taxes for the support Fort Wayne Union By
20,000.00
186,000 employees, while $41,800,000 were paid
200
of our national, State county and municipal governments.
37,800.00
Freehold & Jamesburg Agricultural RR_.._
378
During the year, 14,344,000 tons of fuel were consumed bylocomotives Frontier Electric By
12,500.00
125
and the maintenance of the property required the installation of 4,046,000 Fruit Growers Express Co
1,849,400.00
18,494
cross ties and 237,000 tons of new heavy steel rail. Over 6,000 miles of Grand Rapids & Indiana By
2,650,000.00
26,500
track are now laid with 130-1b. rail.
150.000.00
3,000
Johnsonburg RR
209,400.00
2,094
-Some idea of the further progress which has been Lehigh & Hudson River By
Operating Efficiency.
30,964,545.50
799,290,10.
made in improving operating efficiency is shown in the following statement Long Island RR
600.00
30
of the operating ratio of the system beginning with 1921. This ratio is the Lykens Valley RR. & Coal Co
2.000,000.00
40,000
percentage of operating revenues used to pay operating expenses. Each Manor Real Estate & Trust Co
1,245
124,500.00
1% reduction is equal to a saving of between $6,000,000 and $7,000,000 Merchants' Warehouse Co
1,666.666.67
33.3334
Monongahela Ry
per annum:
76.9% New York Connecting RR
78.3% 1927
1,500,000.00
15.000
81.8% 1925
87.6% 1923
1921
73.8% N. Y. N. H.& Hartford RR.,common_.
73,025
7,302,500.00
77.5% 1928
80.2% 1926
82.4% 1924
1922
2,500,000.00
50,000
New York Philadelphia & Norfolk RR
It will be noted that 1928 marks the eighth consecutive year in which
12,313,000.00
123,130
the operating ratio has shown a progressive reduction. This is the lowest Norfolk & Western By., adjust. prof
21,656.000.00
., 216.560
operating ratio since 1916 and is lower than 1913 and 1914. This was made Norfolk & Western Ry.,common
13,058.050.00
261,161
possible lyy further operating economies and a higher degree of efficiency Northern Central Ry
22.157
1.107,850.00
In methods, plant and machinery; further consolidations of trains, shops, Pennsylvania & Atlantic RR
124,625,000.00
2,492,500
stations offices and departments; increased lading and speed of trains, Pennsylvania Co
500.000
50.000,000.00
and byincreased vigilance and co-operation of officers and employees, all Pennsylvania Tunnel & Terminal RR
3,000,000.00
30,000
aided by many:millions of dollars expended to improve and expand the Pennsylvania Terminal Real Estate Co198,400.00
3,968
plant, equipment and facilities. The following comparisons between 1921 Perth Amboy & Woodbridge RR
200,000.00
4.000
and 1928 will illustrate, to some degree, what has been accomplished in the Philadelphia & Beach Haven RR
'448,225.00
17,929
Philadelphia & Camden Ferry Co
Important factors of operation:
6
600.00
Philadelphia & Trenton RR
45.2
'
Gross ton miles per train hour increased
21,586,943.75
Philadelphia Baltimore & Washington RR_ 431,738%
15.3
Net ton miles per freight car day increased
1.000
10,000.00
Philadelphia Union Stock Yards Co
26.1
Miles per freight car day increased
260,700
26,070,000.00
Pittsburgh Cincinnati Chic. & St. L. RR
27.2
Revenue car loadings Increased
69.634.900.00
Pittsburgh Ft. Wayne & Chicago Ry.,corn.. 696,349
31.1
Net revenue ton miles increased
15,000
1,500.000.00
Pittsburgh Joint Stock Yards Co
12.7
Locomotive miles per locomotive day (freight) increased
4.450
445,000.00
Richmond-Washington Co
11.7
Pounds of fuel per 1,000 gross ton miles decreased
5
250.00
Rocky Hill RR.& Transportation Co
56.7%
Materials and supplies on hand decreased
800,000.00
the operating ratio Southern Pennsylvania R.& Mining Co-.. 16.000
Continued efforts are being made to further reduce
100,000.00
1,000
St. Louis Connecting RR., common
and, at the same time, adequately maintain the property, and render an
190
9,500.00
tewartstown ER. Co. of Pa
expeditious and dependable service to the public.
500,000.00
5,000
Stuyvesant Real Estate Co
Linking Air and Rail Service.
-Plans are ining rapidly completed by the Susquehanna Coal Co
21,368
2,136.800.00
Transcontinental Air Transport, Inc., which was formed during the year,
2.000
200,000.00
Co.of Baltimore City_
and in which your company has acquired a 10% stock interest, for a co- Terminal Warehouse Co
3,872
387.200.00
ordinated rail-air route between New York and Pacific coast cities, which Toledo Terminal RR.Transport, Inc
No par
50.000
Transcontinental Air
involves a combination of train and airplane service.
13,500
1,350,000.00
RR.
Colonel Charles A. Lindbergh, as Chairman of the Air Company's United New Jersey RR & Canal Co
30,222
1,511,100.00
Western Allegheny
Technical Committee, and who has been engaged by your company as West Jersey & Seashore RR.,common_ _ _ _ 134,958
6,747.900.00
Consulting Aeronautical Engineer, is in direct charge of the location of
45,350.00
907
landing fields, selection of planes and other arrangements incident to the West Jersey & Seashore RR.,spec. guar
23,846.951.00
476.9392oe
Western N. Y. & Pa. Ry.,common
completion of the line.
6,847,300.00
inaugurated this summer Western N. Y.& Pa. Ry., non-cum.5% pf- 136,946
It is proposed that the new service will be
91,300.00
1,826
on a regularly established schedule, carrying passengers between New York Wilkes-Barre Connecting RR
987,000.00
19.740
and Pacific Coast cities in 48 hours approximately one-half the time of York Hanover & Frederick By
8,019,150.00
Sundry water companies
the present rail journey, by allowing passengers the comfort and con19.717.50
venience of sleeping car travel at night, and giving them the advantages of Miscellaneous stocks
the great speed of airplane travel by day. As the route is now laid out, Stocks held under lease of United NewJersey
6,415,000.00
RR. & Canal Co
passengers will leave New York at 6,05 p.m. on the "American" your
company's 24-hour train to St. Louis via Columbus. Ohio, spending the
$482,167,249.42
Total
night in a sleeping car. On arriving at Columbus in the monying, transfer
will be made to an airplane for the daylight flight to Waynoka, Okla.,
RETURN ON THE INVESTMENT IN ROAD AND EQUIPMENT.
stopping en route at Indianapolis, Si. Louis, Kansas City and Wichita.
After dinner at Waynoka, the passengers will board an Atchison Topeka &
[Showing per cent of net railway operating income on property investment.]
Santa Fe Ry.train for another night's journey in a sleeping car. On arrival Cal.
Net ley. P.C.
Property
P.C. Cal.
Property
Net Ity.
at Clovis, New Mexico, the next morning, a plane will be boarded for the Year, Investment.
Oper. Inc. Inc.
Oper. Inc. Inc. Year. Investment.
final lap of the journey to the coast, arriving either at Los Angeles or San 1910-51,533,111,360 576,966,497 5.0 1920_52,092,052,738dP.62,742,376 -Francisco late that afternoon.
74,020.181 4.7 1921-- 2,012.582,603 40,928,284 LC
1911-The route selected offers the nearest approach to ideal flying conditions 1912_ 1,568,863,769 81.089,138 5.0 1922- 2,112,565,888 79,832,502 3.5
1,606,721,857
that the country affords, insuring a maximum of comfort and safety to 1913
1,681,779,771 67,850,644 4.0 1923__ 2,198.947,406 88,065,252 4.0
passengers. The service will be the result of carefully worked-out plans 1914
1,710.368,222
3.6 1924._ 2,258,292,092 84.010,909 3.72
and tests to develop an air line that can be operated regularly and efficiently 1915- 1,739,081.326 61.980.355 4.8 1925- 2,302,802.826 107.792,415 4.68
83,747.573
throughout the year under every condition of weather.
113,151,122
and feeders are being planned for the main transcontin- 1916_ 1,799.055,282 102,201,922 5.7 1926_ 2,375,674,983 110,168,249 4.76
Many auxiliaries
4.51
77,800.154 4.2 1927- 2,440,322,098
, 1917_
ental rail-air line. The first of these was established on Sept. 1 1928 by 1918- 1,872,315,915 y27.017,878 *1.4 1928_ 2,466,441,793 125.138,687 5.07
1,952,017,162
Northwest Airways. Inc. which is associated in interest with the Trans- 1919_ 2,069,968,807
the
•10,034.053•0.05
continental Air Transport, Inc.. between Chicago and the Twin-Cities
*Based on result of Federal operation and taxes and expenses of the corporations.
Minneapolis and St. Paul, Minn. It is now in successful daily operation
Property investment above stated does not include material and supplies or work
between those cities, connecting, on regular schedules, with transcontinental trains both eastbound and westbound. This new rail-air route lag capital. Net railway operating income includes income from lease of road.
to the Northwest saves an entire business day on trips between Eastern
St. Paul. Passengers using this
TRAFFIC STATISTICS PENNSYLVANIA RR. REGIONAL SYSTEM.
cities and points west of Minneapolis and
route leave New York on your company's "Manhattan Limited," at 6.15
Calendar Years1928.
1927.
1925.
1926.
1.40 p.m., the following
p.m., arriving at Englewood Station, Chicago, at Chicago,twenty
No.of pass. carried- 118,120,504
129,076,258
137,141,641
140,184,622
minutes
day. The connecting airplane loaves Cicero Field.
can. 1 mile 4,318,664,600 4,641,211,501 4,918,301.580 4,860.581.036
at St. Paul at 6 p. m., and Minneapolis at 6.10 p. m., pro- No. pass.
later, arriving
Avge, revenue from
viding convenient connections for the evening limited trains of all railroads
each passenger___
115 cts.
114 eta.
109.2 eta.
113 eta.
to the Northwest.
not measurably compete with the train, steamship or Average revenue per
The airplane will
passenger per mile_
3.158 eta.
3.167 eta.
3.149 eta.
but it will stimulate a demand
3.159 eta.
automobile for daily transportation needs, higher rates than those charged No. of pass. carried
for very fast transportation, at necessarily
12,214
Per mile of road___
13,060
14,068
13,927
,
by the railroads and other forms of transport. With the vast distances No.of rev, tons carr- 215,371,187
many opportuni223,200,064
244.704,115
229.509,596
to be covered in the United States, undoubtedly there areextraordinary de- No. of revenue tons
operation of the airplane to meet
ties for the successful
carried 1 mile
45,171.430.130 45,356,971.186 49.116,691,068 45,025.731,708
mands.
942
(tons)
847
824
806
-After extensive consideration of the industrial Avg. trainloadton
Electrification Program.
$2.15
$2.05
$2.09
22.06
the eastern part of the country served by Avge. rev, per
and transportation situation in
in Average revenue per
your lines, including the terminal developments under way or projectedfor
1.024 cts.
ton per mlle
1.045 ets.
1.030 cta.
1.024 et,.
that section, your board of directors have authorized the electrificatipn
No. of rev, tons carfreight and passenger service of about 325 additional miles of line and 1,300
ried
21,080
20,037
22,467
20,568
miles of track, so that when completed there will be a completely equipped Gross per mile of rd..
revenue per
electrified service beginning at Hell Gate Bridge, New York City where
mile of road
543.219
$43.039
$48,051
$ 46.1011
,
eonnection is made with the New England railroad to Philadelphia. Pa..
2264
FINANCIAL CHRONICLE
INCOME STATEMENT FOR YEARS ENDED DEC. 31.
1928.
1927.
1926.
1925.
Mileage (including 67 miles of
canals and ferries)
10,534
10,581
10,594
10,582
Railway Operating Revenues$
$
$
$
Freight
457,294,397 461,612,156 497,424,226 465,013,724
Passenger
131,179,770 140,810,692 147.976,357 144,969,963
Mall, express, &c
42,535,860 42,008,898 42,872,757 42,087,354
Incidental
_ 19,058,688 19,902,722 20,974,876 19.149.262
Joint facility (net)
Cr498,600 Cr516,555 Cr569,233 Cr916,659
Total railway open revenues-650,567,316 664,851,023 709,817,450 672,136,962
Railway Operating Expenses
Mahn. of way and structures__ 85,419.898 87,929,524
Maintenance of equipment
130,231,307 140,878.861
Traffic
9,761,214
9,578,003
Transportation
227,703,832 245,052,205
Miscellaneous operations
8.368.7558,760,046
General
19,220.966 18,971,707
Transportation for investment _ _ Cr534,338 Cr501,684
92,362,198
161,880.739
8,884,633
259,815,202
9,228.605
18,642,827
Cr453,625
85,003,417
162,033,562
8,175,440
245,226,468
8,734,359
18,203,608
Cr237,507
Total railway oper. expenses-480,171,634 510,668,662 550.360,578 527,139,347
Net rev,from railway operations_170.395,682 154,182,361 159,458,872 144,997,615
Railway tax accruals
37,846,357 35,709,749 37,110,193 31,700,789
Uncollectible railway revenues--149,611
88,002
261,611
279,863
Railway operating income___ _132,461,323 118,323,001 122,085,068 113,016,963
Hire of equipment
-Debit bal___ 14,047,210 12,923,190 14,921,271 12,723,961
Joint facility rents
Dr1.116,427 Dr1,422,508 Dr731,039 Dr184,995
Net railway operating income_117,297,686 103.977,303 106,432,757 100,108,008
Non-Operating Income
Income from lease of road
Miscellaneous rent income
Misc. non-oper. physical prop.
Seperately operated prop., profit..
Dividend income
Income from funded securities._.
Inc. from unfunded secs. dr accts..
Inc. from skg. & other res. funds_
Release of prem. on funded debt..
Miscellaneous Income
277,695
2,188,469
276,804
2,339,276
100,542
6,464
2,397,274
2,684,429
52,002
46,536
77.126
132,437
27,042,894 23,613,366 24,038,838 21,804,028
8.176.070
9,127,555 6,808,091
2,335.475
3,441.766
4,917,164
3,452,541
7,415,582
3,361,935
2,921,468
2,958.214
2,850,613
3,921
3,921
40,829
41.363
1,487
2,001
Total non-operating income_ 44,535,658 43,236.996 39,890,036 37,281,490
Gross income
161,833,345 147,214,300 146,322,793 137,389,498
Deductions
Rent for leased roads
48,585,352 47,029,935 45,927,919 44,385,949
Operating deficits of branch roads
borne by Pennsylvania RR
Cr46.671
56,960
206,305
154,858
Miscellaneous rents
1,093,092
1,223,430
1,226,473
1,210,820
Miscellaneous tax accruals
113,068
101,882
123,769
115,092
Separately operated prop., loss
18,957
Interest on funded debt
28,800,584 29,893,587 30.013,723 28,261,040
Interest on unfunded debt
465,704
458,658
976,810
742,411
Miscellaneous income °barges_
295.662
289.550
279,838
299,003
Total deductions
Net income
79,325,731 79,054,004 78,754,835 75.169,173
82,507,613 08,160,296 67,567,959 62,220,324
[VOL. 128.
INCOME ACCOUNT FOR CALENDAR YEARS.
[Southern Pacific Co. and Proprietary Companies.'
1928.
1927.
1926.
1925.
Operating Income$
$
$
$
Freight
222,360,880 216,616,634 216,625,764 211,314,582
Passenger
50,353,632 53,240,928 55,282,330 56,101.353
Mall and express
12,184,801 11,756,751 11,434,005 11,054,123
All otber transportation
8,808,334
9,412,126
9,055,585 8,052,861
Incidental
7,399,352
7.612,406
7,383,699
6,822.288
Joint facility-Credit
07.803
3
398,650
260.824
418,678
Joint facility-Debit
1,310,776
1,292,089
1,379,062
531,478
Total ry. operating revenues_ _300.104,027 297,745,406
293.074,553
Maintenance of way & structure_ 38,753.847 40.972,090 298,800,998 40.110,806
42,464,362
Maintenance of equipment
51,676,503 50,731.306 50,637,576 49,196.333
Traffic
7,245,259 6,785,542
6,359,578
5,638,295
Transportation
104,182,759 104,488,674 102,132,950 106,977,411
Miscellaneous operations
4,961,450
5,198,737
4,706,362
4,997,186
General
11,408,543 11,277,449 10,788,767 10,513.786
Transportation for invest.-Cr
1,494,161
1,274,608
1,784,939
1,533,675
Total railway open expenses_ _216,734,202 218,179,192 215,595,480
215,609,318
Net revenue from railway °per
83,369,825 79,566.213 83,205,518 77,465,235
Railway tax accruals
21,525,425 21,213,512 21.476,811 21,275,282
Unccliectible railway revenue.-75,568
132,123
80,823
95,349
Equipment, rents-net
7,018,073
6,359,886
5,636,727
5,764,352
Joint facility rents
-net
Cr.157,342
256,622
214,439
16,492
Net railway operating Income_ 54,908,101 51,604,068
55.796,718 50.313.759
Non-operating Income
Income from lease of road
95,442
95,581
95,316
81,853
Miscellaneous rent income
1,691,917
1,777,251
1,525,836
1,493,683
Misc. non-oper. physical prop
91,344
104,179
260,961
314,464
Dividend income
5.729,467
3,936,023
2,995,796
2,780,977
Income from funded securities.-- 2,953,171
2,900,242
3,191,375
3,777,912
Inc.from unfunded securs.& sects 1,460,047
832,760
2,273,964
2,365,930
Income from slug., &c., res. funds 1,053,340
1,005,169
993,577
947,738
Other miscellaneous income
225,927
406,064
571,198
536.887
Gross income
68,208,759 62.661,343 67,703.740 62,613,202
Rents for leased roads
253,428
250.628
242,104
227.880
Miscellaneous rents
790,340
789,110
774.198
760,992
Miscellaneous tax accruals
43,984
178,732
52.087
206,700
Separately operated property.
73,481
55,934
Interest on funded debt
27,423,829 27,129,971 27,035,588 25,339,335
Interest on unfunded debt
320,657
203,720
228,624
212,341
Amon's. of disct. on funded debt
99,095
73,317
64,211
30,199
Maintenance on investment org'n
36,962
34,317
92,413
38,880
Miscellaneous income charges...
369,731
138,347
296,497
139,466
Total deductions
29,180,127 28,958.819 28,912,367 26,955,792
Net income
39,028,633 33,702,524 38,791,374 35,657,410
Inc. applied to ekg., &c., funds
1,494,159
1,439,862
1,413,351
1,232,776
Income appropriated for investment in physical properties_ _._
81,573
126,318
204,842
128,609
Dividends(6%)
22.342,884 22,342.929 22,342,854 22,342,854
Balance
15,110,016
Earns, per share on capital stock_
510.48
9,793,415
$9.05
14,830,327
$10.42
11,955,111
$9.57
BALANCE SHEET DEC.31 SOUTHERN PACIFIC CO. AND TRANSPORTATION
SYSTEM COMPANIES COMBINED.
1928.
1927.
1926.
Assets$
$
$
1 457.765,341 1,432,318.752 1,400,075,851
Balance,surplus
39,701,190 28,046,355 31,008,137 28,170,829 Investment in road and equipment
Improvements on leased rail prop
603.929
She,of cap.stk. outsrg (Par 550). 11,233,479
550,830
531,207
9,985,314
9,985,314
9,985,314 Sinking funds
21,351,456
Earns per share on capital stock20,269,304
21,838,332
$7.35
$6.83
$6.77
$6.23 Dens. in lieu of
mtge. prop. sold
2,220,650
1.611,614
1,860.350
Miscellaneous physical property
2,94(1,554
3,031,760
3,993,582
GENERAL BALANCE SHEET DEC. 31.
Investment in affiliated companies:
1928.
1927.
1928.
1927.
Stocks
367,381,809 368,618,405 366.788,164
3
Assets5
Bonds
•
$
148,359,675 148,673,711 162.184.044
Investment In
Capital stock-561,073,950 499,265,709
Other stocks and bonds
57,024,085
54.297,160
54,407,340
Road
531,656,921 515,175,505 Prem. on stock. 7,834,657
7.254,248
Notes
24,419,757
24,763.382
25.618,499
Equipment-527,385,465 500,304,822 Grants in aid of
Advances
45,914,020
42.161,449
36,956,474
Gen'! expend_ 3,161,855
construction__
2,297,376
100
100 Other investments
4,416,330
4,219,770
4,258,817
Imp*. on leased
Funded debt_428,477,860 428,505,020 Cash
24,449,427
24.054,555
24,916,418
railway prop. 69,205,592 67,695,777 Fd. debt of acq.
Demand loans and deposits
10,617,501
9.020,813
Sinking funds
72,342
cos. assum. by
70,574
Special deposits
46,599
91,752
149,069
Dep. in lieu of
Penna. RR.- 34,591,500 38,610,700 Loans and Ms receivable
762,299
718,344
687,499
mtg. prop.sold
97,685 Fd. debt cumin_ 29,453,000 29,883,000 Traffic and car service bal. remit(
3.467.770
3,020,146
2,755,618
Misc. phys. prop 1,318.527
1,343,755 Guaranteed stk.
Net bal. rec, from agents & conductors._
2,907,410
2,086.547
3,468,942
Inv. In Mill. cos.
trust ctfs.__ - 7,478,250
7,478,250 Miscellaneous accounts receivable
10,638,079
7,255,501
6.747,556
Stocks
360.202,143 305,426.075 Equip. tr. oblig. 64,189,000 90,030,945 Material and supplies
33,154,664
36,549,831
42,582,351
Bonds
37,491,227 26,626,296 Girard P. Stor.
Interest and dividends receivable
2,687,794
2,575,380
3,094,657
Notes
39,376,238 39.376,238
Co.istM.334s 1.649,000
1,672,000 Rents receivable
5,000
5,000
5,833
Advances_ _123,358,503 124,728.273 Mtges.& ground
Other current assets
1,846,093
144,771
, 205,850
Inv.in sec.iss'd
rents payable_
729,305
3,737,983 Working fund advances
136,390
109,550
109,931
assum.or
Loans & bills pay
34,000
109,800 Insurance, &c., funds
35,810
25,300
25,360
as liability by
Traf. & car serv.
Other deferred assets
2,626,168
2,338,328
2,387,434
accounting co. 1.673,280
2,539,642
balances pay. 11,164,270 10,170,800 Rents & insurance prem. paid in adv._
208,217
140,848
184,001
Other inveerts_ 82,021,205 120,052,734 Audited accts. &
Discount on capital stock
3.813,600
3,988,600
3,988,600
34,920,895 31,700,815
Cash
wages payable 28,993,903 30,795,470 Discount on funded debt
3,281,297
2,434,092
2,024,001
Demand loans,
Misc.accts. pay. 21,612,500 15,016,414 Other unadjusted debts
10,296,725
10,640,192
11,750,581
time drafts &
Int. mat. unpaid
460,828
484,135
12,654,233
deposits
802,540 Div. mat. unpd.
100,662
118.092
Total
2 243,378,454 2,206,621,752 2.183.597,003
307,373
962,792 Fund, debt mat.
Special deposits.
71,506
75,674
Loans & bills rec.
unpaid
152,371
Liabilities
69,071
Unmet.int.accr. 6,221,389
Tref. & car serv.
6,878.043 Capital stock
372,402,166 372.402,766 372,380,906
7,129,735 Unmatrents ace. 6,664,421
balances rec..- 9,050,658
6,635,104
do trans. system companies
397,870,640 398,008,040 398,029.900
0th. curr. Habil_ 1,178,237
Net bal. rec. fr.
1,373,484 Premium on capital stock
6,304,440
0,304,440
6,304,440
agts. Sc cond. 11,020,380 10,429,419 0th. def. Habits. 2,756,786
2,407,604 Governmental grants
502,602
349,754
13,974,865 13,000,848 Tax liability... 36,708,994 33,665,065 Funded debt
Misc, accts. rec.
736,025,854 736,895,267 737,287,629
Marl & supplies 40,547.730 47,105,789 Prem. on fd. dt.
123,846
127,767 Non-neg, debt to attn. companies
52,264,374
46,581,409
40,997,591
3,614,573 Accrued deprec.
Int. & diva. rec_ 3,872,203
Traffic and car service bal. payable
4,514,407
5,284,037
5, .662
019
268,814
road & equip_193,000,484 178,353,166 Audited accounts and wages payable.-- 16,856,184
399,504
0th. curr. assets
15,795,584
20,297.418
283,824 0th. unadi. cred 60,419,285 74,894,486 Loans and bills payable
265,833
Work,fund adv_
40,000
18,715
18,715
135.551,342 Add'ns to prop.
Insur. & 0th. fds 67,553.999
Miscellaneous accounts payable
1.533,560
1,455,996
1,454,783
thr. inc.& sur.212,314,083 212,282,682 Int. payable and int, matured unpaid
70,136
77,988
Other def. assets
4.057.789
4,074,340
4,516,623
Unadjus.debits_ 17,129,718 13,158,748 Fund.dl.retired
Divs. payable & divs, matured unpaid.5,625,077
5,634,004
5.655,754
thr. Inc.& sur. 6.515,488
6,071,130 Funded debt matured unpaid
81.000
90,000
14,000
Sinking fund res.
72,342
1,053,374 Unmatured dividends declared
250,000
Misc. fund res.. 60,245,688 55,783.853 Unmatured interest accrued
6,792,963
6,506,466
6,274,465
Approp. surplus
Unmatured rents accrued
167,736
144,825
143,553
not specif. Inv 9,829,627
8,737,377 Other current liabilities
957,820
817.703
939,406
Prof.& loss, ba1.185,316,574 149,421,786 Deferd liabilities
re
353,035
354,631
306,451
Tax liability
8
.650,175
8,559,349
4,721,574
Total
Total
1988762405 1899895,659
1988702405 1899895,059 Insurance and casualty reserves
3
3,665,161
,282,326
3,120,117
Acced deprec. of road and equipment. 116,513,227 106,702,866
ru
-V.128, p. 1651.
97,428,693
Other unadjusted credits
42,948,044
40,312,642
42,116,099
Additions to prop. through Inc.& surp
8,950,513
9,590,724
9,304.621
Funded debt retired through inc.& surp- 24,628,246
Southern Pacific Company.
24,865,518
26,045.007
Sinking fund reserves
19,480,863
20,315.815
20,576,844
(45th Annual Report-Year Ending Dec. 311928.)
Miscellaneous fund reserve
52.802
Appropriated
3,818,178
3.818,178
3,818.178
On subsequent pages of this issue will be found extended Profit and losssurp. not spec. Invested- 409,650,446 387,984.340 373,911,681
Disposition of Net Income
Shaking and other reserve funds
4,634,802
5,164,438
4,108,483 4,090,091
Dividends
(7%) 38.171,621(7)34949502(6ti)32451339(6)29950404
extracts from the report of Henry W. De Forest, Chairman of the Executive Committee, together with the income
account and the balance sheet as of Dec. 31 1928.
Total
-V. 128, p. 1901, 1724.
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1925.
1926.
1928.
1927.
miles of road _ _
Average
13,280
12,950
13,600
13.505
Passenger Traffic
-Rail pass. carried. No... 12,932,911
14,284,5.59
14,409,391
13,903,477
Rall pass. carried 1 mile...1,737,915.930 1.805,706,891 1,837,935,341 1,858,621.528
AV.rec, per pass. per mile
2.755 eta.
2.882 cta.
2.868 eta.
2.817 etc
Freight Traffic
59,156,625
Tons carried rev. freight_ 61,259.597
59,749.130
59,546,561
Tons carr. 1 M.,all fgt__15,695,443.557 15133.358,240 14724,692,862 14581,434,596
1.358 eta.
1.382 Ms.
Av.per ton p. m.rev.fgt.
1.368 eta.
1.401 eta.
613.14
Net tons per train, all fgt019.39628.97
631.11
General Motors Corporation.
(20th Annual Report-Year Ended Dec. 31 1928.)
The joint remarks of Chairman Lammot du Pont and
President Alfred P. Sloan Jr., together with a comparative
income account and balance sheet, and other tables, will
be found under "Reports and Documents" on subsequent
pages. The report also contains the balance sheet of General Motors Acceptance Corp. as of Dec. 31 1928.
2,243.378,454 2,2013,621,752 2,183,597.003
CONDENSED CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
1926.
1927.
1925.
1928.
$
$
$
$
1459,762,9061289,519,6731058,153,338 734,592,592
Net sales
Exps.incident to oper.&inv.,incil
Not
depr.of real est.,pl'ts & equipI Available), 967,554,973 835,271,837 802,634,584
Profit from over. & inv'ts, (incl.
non-eper, profit) after all exp.
incident thereto, but before
depr.of real est.. plants & eq_ _372,770,132 328,893,359 243,141,475 149,296,499
Provision for depreciation of real
estate, plants and equipment_ - 30,515,441 26,928,658 20,259,974 17,238,507
342,254,691
Net Profits
Less provision for:
Bmployees bonus
12,408,595
Amt.due Managers Sec. Co _ _ _ 12,408,595
Empl.savings & investment fd. 10,470,075
Special payment to employees
under stock subscription
58,976
Int.on not(*)Payable
Provision for U. S. and foreign
inoome taxes
33,349,360
Net Income
COMMODITIES CARRIED FOR CALENDAR YEARS (REV. FREIGHT).
Bituminous Other MM. Mfgrs.
Revenu
Products of
Misce.
Products.
Coal.
Forests. Animals,
Tons. Agricut.
1928-- 1,223,551
1927-- 1,244,164
1926-- 1.277,097
1925-- 1,201,667
1924-- 1,323,170
1923-- 1,368,517
1922-- 1,243,028
192h- 1,164,425
1920-- 1.441,205
1919-- 1,666,139
301,964,701 222,881,501 132,059,993
.
10,488,071
10,488,071
7,214,861
8,274,099
8,274.099
3.461,992
3,969,227
4,633,535
2,355,524
40,412
32,984
304,644
17.190
101,984
34,468,759 25,834,939
13,912,000
273,559,091 239,264,725 176,698,743 107,070,532
G.M.Corp. propor.of net Inc_ _ _272,344,270 238,319,009 176,085,144 106,484,756
7% preferred stock dividends
7,352,291
7,315,222
9.168,578 8,850,590
6% Preferred dividends
98,155
104,911
116,928
135,541
8% debentur stock dividends_ _
138,025
153,828
189,229
176,069
2,071,501
2,266,728
2,170,076
2,206.979
2,248,297
2,311,274
1,544,598
1,441.257
2,267,150
2,251,811
Amount earned on corn. stock*262,939,513 229,209,679 168339,857 98,844,765
Amountearned per sh. of common
stock outstanding
an15.11
*$19.15
*$13.19
*$20.48
•Adding General Motors Corp. equity in undivided profits of General Motors
Accept. Corp.(100%), Yellow Truck & Coach Mfg. Co.(50.002%), Ethyl Gasoline
Corp.(50%), General Exchange Inc. Corp. in 1928 (100%), Vauxhall Motors, Ltd.,
In 1928 (100%), and Fisher Body Corp.(60%) prior to June 30 1926 (after which
time the earnings are consolidated), the amount earned per share of common stock
standing is $15.35 in 1928, $12.99 in 1927, $21.80 In 1926 and $21 in 1925 on the
stock actually outstanding. a Giving effect to split up of share, the earnings per
share Is equivalent to $6.04 on the $10 par value shares in 1928 as compared with
$5.28 in 1927.
SURPLUS ACCOUNT YEAR ENDED DEC. 31.
1926.
1925.
1928.
1927.
$
Surplus forward
187,819,083 89,341,318 119,020,473 82,110,929
Surplus for year as above
262,939.513 229,209,679 188,439,857 98,844.764
Addition arising thru.adj. of holdings in Fisher Body Corp. prior
to the acquisition of minority
interest, to the net asset value
thereof as at June 301926
27,727.439
Capital surp. arising thru. sale
above par of 250,000 she. bf 7%
preferred stock
4,104,167
Addition arising thru. acquisition
of the bal. of the corn. cap. stk.
of Fisher Body Corp. not already owned (minority int.).
for which there was paid 638,401 she, of original issue and
28,319 shs. out of treasury of
Gen. Motors corn stock
23,084,542
Cap. surp. arising thru. exchange
of 6% deb. and 6% pref. stock
272,075
for 7% preferred stock (Cr.) _ _
40,890
75,375
107,100
This amt.transf. to no.for sundry
contingencies by order of the
272,075
directors(Dr.)
40,890
75.375
107.100
Total surplus
450,758,596 322,655,164 338,272.312 180.955.694
Cash dive, paid on oom. stock _ -1(35,300,002 134,836,081 103,930,993 61,935,221
Stock dive. paid on corn.(50%)145,000,000
285,458.595 187,819,083 89.341,318 119,020.473
CONSOLIDATED BALANCE SHEET DEC. 31.
1926.
1927.
1928.
$
$
$
AsedsFixed assets:
Invest. in attn. & misc. cos, not
consol
117,819,124
Gen, Motors Corp. stks. held
in trees
50,053,193
Real estate, plants & equipml.542,987.155
Deterred expenses
19,552,635
Good-will, patents, &c
43,673,476
Cash in banks and on hand
99,189,839
U.S. Government securities
112,351,174
Temporary loans & marketle sec- 4,384,217
Sight drafts with bills of lading attached,and Co.0.D.Items_
9.273,824
Notes nscelvable
8,788,453
Acc'ts recle & trade acceptances _a34,565.880
Inventories
196,692,888
Prepaid expenses:
Taxes(State and local)
Insurance
Rent
3,583.232
Stamps and mileage
Sundries
Total
1925.
$
98,262,014 79,715,823 86,183,747
31,338,034
480,473,508
12,436,188
43.687.708
132,272,218
75,542,698
381,282
19,491,739
434,373,903
7,404,422
43,570,005
117,825,372
12,840,581
4,732,433
11,963,578
287.268,286
.5,119,838
22,382,127
108,290,770
25,141,318
11,710,000
14,849.097 12,073,434 8,195.348
2,764,005
1,580,878
1,895,577
31,848,088 27,707,286 20,817,403
172,647,716 156,203,663 112,091.659
2.001.097
988.668
426,531
47,040
137,010
1.795,352
895.774
127.695
29.860
211,187
1,020,245
657,023
101.512
18,613
61.191
1242.894,8691098,477.575 920,894,108 703,786,685
LiabiiiticsAocounts payable
01,244,892
Taxes,payrolls dr sundries accrued
not due
33.482,805
U.S.& foreign Income taxes
33,225,609
Accrued dive,on pref. deb.stk
1,567,673
Extra dividend on common
43,500,000
Reeervee-Depr. of real estate.
plants & milt
162,680,113
,
Employees'investment funds
9,019,707
Employees' saving fund
23,100,639
Sundry contingencies
2,532,542
Bonus to employees
14,078,560
131,108,300
7% preferred stock
6% preferred stock
1,579,500
2.228.200
6% debenture stock
Common stock _b
435,000,000
Interest of minority stockholders
In subsidiary companies with
3,087,730
respect to capital & surplus_.
285,458,595
Surplus
51,828,549 48,221,294 44,829.843
27,236,070 29,723,533 23,657,819
35,224,309 30.324,497 13,912,000
1,587,219
1,274,715
1,214,873
43,500,000 34,788,558 25,427,673
141,872,940 123,892.340 91,625,429
8,316,320
2,858,798
1,853,460
14,933,834
3,943,588
4,613,921
8,305,946
11.715,710 8,520,447
3,981,382
130,835,700 105,333,200 104,619,200
1.713,400
1,795,900
2,175,700
2,366,9002,786,900 3,121,100
435,000,000 435,000,000 258,079.950
2,603,975 2,420.685
1,961,818
187,819,083 89,341,318 119,020,473
1242,894,869 1098,477,575 920,894,106 703.788.665
Total
a Less reserve for doubtful accounts in 1928 $1,229,849, in 1927, $2,293,437:
in 1926, 61,716,037: in 1925, $1,798,694. b In 1928 authorized. 30,000,000 shares,
par value $25 effective Jan. 7 1929 the $25 par value stock was exchanged for new
$10 par stock in the ratio of 21i new shares for 1 old. 1927 corporation had shares
-V. 128, p. 1916.
of no par value outstanding taken at $50 per share.
Norfolk Sc Western Railway Co.
(33rd Annual Report-Year Ended Dec. 31 1928.)
The remarks of President A. C. Needles, together with a
comparative income account, balance sheet and other
statistical data, will be found under "Reports and Documents" on subsequent pages.
194,442
195,810
189,161
198,819
200,910
190,638
188,257
174.829
198,097
265,568
2,870,066
3,211,205
3,630,344
3,281,822
3,152,754
3,985,728
2,423,619
1,781.245
4,808.726
4,407,907
42,305,396
42,634,250
45,599,980
38,122,834
32,579,530
29,468,395
28,120,614
21,766,196
26,035,500
24,265,803
4,388,520
5,294,403
5.321,419
5,254,436
4,921.040
5,250.331
3,836,962
3.356,983
5,935.065
5.087,387
OPERATING STATISTICS FOR CALENDAR YEARS.
1925.
1927.
1926.
1928.
2,241
2,241
2,241
Avge. mileage operated_
2,241
Revenue tons carried.. _ _ 54,053,476 54,846,560 58,188,077 50,266.557
do 1 mile (000 omit.) 15,015,685 15.024,347 16.719,411 13.683,557
do 1 m.per m.road_ 6,699,065 6,702,062 7,459,095 6,106,114
Av.per rev, ton per mile. 0.649 cts. 0.666 cts. 0.650 cts. 0.682 Ma.
$48.496
$41,665
$44,605
Av.rev, per mile ofroad.
$43,499
No.rev. passengers car'd 2,882,888 3,603,429 4,169,260 4,538,851
168,626,906 202,062,992 221,808,900 235,135,070
do one mile
3.412 cts.
3.455 cts.
3.416 cts.
3.396 cts.
Av.rev, per pass. mile
$4.777
$4,568
$3,718
$4,234
Av.pass,rev, per m.rd.
$16.638
$18,402
$21,942
Net op.rev. per m.road.
$18,035
INCOME STATEMENT FOR CALENDAR YEARS.
1928.
Operating Revenues-
Surplus at end of period
2265 ,
FINANCIAL CHRONICLE
APRIL 6 1929.]
$
1926.
1927.
$
1925.
$
97.501,583 99,992,235 108.703,463 93,40,357
5,726,833 6.893,708 7,663,494 8,031,229
Passenger
1,149,651
1,120.521
1,221,686 1,113,538
Mail
1,012,223 1,106,575 1,067,487 1.101,736
Express
539.245
562,354
496,883
539.574
All other transportation_
987,902 1,302,571
1,314,830 1.003,664
Incid.& it. tacit. revs_ _ _
Freight
Total
106,947,111 110,948,201 120,409,038 105.218,991
Operating Expenses
-
Malay. of way & struc_ _ 15,475,725 15.711.540 16,413,152 15,109,848
Maintenance of equip _ _ _ 19,933,551 21,261,404 21.215.215 21,655,956
1,190,439
Traffic
1.360.490
1,309,177
1,340,034
Transportation
26.608,500 28.988,768 30.283,220 28,140,128
275,430
270,640
272.971
Miscell. operations
245.895
General
3,110,151
2,558,173 2.269,535 2,084,549
212,618
439,225
534,026
519,077
Tramp.for invest.-Cr._
Totals
66,521.696 69,696,126 71,226,914 67,934,815
Net revenue from over,. _ 40,425,415 41,252.075 49,182.124 37.284.175
Tax accruals
9,200.000 10,300,000 11.075.000 8,600,000
Uncollectible revenue_ _ _
7,271
12.332
29,022
13.740
Total oper.income_ _ _ 31,218,144 30,938,335 38,094,793 28,655,153
Non-Oper. Income
-
Hire offreight cars (net). 2,866.195
Hire ofother equip.(net)
151.948
Joint facility rents (net),. Dr.32,230
2,690,571
182.099
199.945
2,418,469
128,812
280.077
2,386.617
167.130
302.052
Totals
2,985,913 3,072,616 2.827,358 2,855.799
Net ry. oper. income-- - 34,204,058 34,010.950 40,922.151 31,510.952
Inc.from lease of road,.,.
1,110
1.110
1.110
1,110
90,300
83,433
75,873
Miscell.rent income_ _
96,252
113,010
99.159
81.446
Misc. non-op. phys. prop
106,779
7.049
Dividend income
49,713
7,098
7,099
Inc. Cr.funded securities. 1,237,968
1.431.003
812.166
488.545
Inc. from unfunded se429,432
219,459
curities & accounts_ _ _
301,541
438,019
103,976
76.099
6,649
Miscellaneousincome-108,469
Total
1,901,826 2,184,518
1,508,498
880.131
Gross income
36,105,884 36.195,469 42,430.648 32.391.083
Rent for leased roads_ _ _
100,481
97,625
105,388
99,840
Miscellaneous rents_
2,069
1,847
2,357
2,280
Interest on funded debt,. 4,966,918
5,127,620 5,224,779 5.366.8.57
Int. on unfunded debt_ _
19,209
13,503
13.275
74.618
Misc. income charges_ _ _
294,791
288,500
277,614
296,221
Total
5,378,840 5,544,173 5,626,460 5,826,325
Net income
30,727,043 30,651,295, 36.804.188 26,564,759
Dividends on adjustment
pref.stock(4%)
919,692
919,692
919.692
919.692
Common dive- ---(10%)14.020.370(10)13990,767(10)13920718(8)10890199
Balance,surplus
15,786,981 15,740.836 21.963,778 14.754.888
Com.shs.outst.(par$100) 1,402,883
1,400,063 1.395.703 1.373 193
Earn, per sh, on com_ _ _
$21.24
$21.23
$25.71
$18.68
-V. 128. p. 881.
Chicago .Railways Company.
(21st Annual Report-Year Ended Jan. 31 1929.)
President Henry A. Blair, March 8, wrote in substance:
-As set forth in previous report, on Feb. 2 1927, Harris
Receivership.
Trust & Savings Bank, as trustee under the let mtge. deed of trust of
Chicago Railways Co., filed in the U. S. District Court its bill to foreclose
the let mtge. deed of trust; followed by the filing of counter-claims by the
trustees of the respective deeds of trust securing the respective issues of
bonds, junior to the let mtge. bonds. After hearings before the Court,
a decree was entered on July 18 1928, which decree among other things,
fixed the priorities of the respective issues of bonds of Chicago Railways
Co.; directed the receivers on or before Feb. 1 and Aug. 1 of each year, so
long as the property shall remain in their hands, to pay to the trustee of
the let mtge. bonds the full amount of the interest at 5% per annum,
accruing upon said bonds, outstanding in the hands of the public, for the
preceding six months' period: and that no payment, either of interest or
principal, on the consolidated mtge. bonds, series A and series B. the purchase money mtge, bonds or the adjustment income bonds, should be
made by the receivers until the full amount of the principal and interest
of the let mtge. bonds should first be paid.
The decree entered July 18 1928 adjudged the following to be the amounts
outstanding in the hands of the public of the various issues of bonds of
Chicago Railways Co.:
let mtge. bonds
$55,655,000
Consolidated mtge. bonds, series A
15.696,600
Series B
16,934,405
Purchase money mtge. bends
3.969,155
Adjustment mtge. bonds
2.379,136
As above stated, the receivers are directed by said decree to pay, on
or before Feb. 1 and Aug. 1 of each year, the interest on the let mtge.
bonds; but upon all other bonds no interest has been paid since the maturity of said bonds on Feb. 1 1927.
During the year successive ordinances have been passed by the City
Council of the City of Chicago, each entitled: An ordinance granting a
day to day permit for the unified operation of street railways in the City
of Chicago," under which permission and authority were granted for short
periods of time to continue unified operation upon the same terms and
conditions as were provided by the ordinances which expired on Feb. 1 1927.
-Chicago Surface Lines, during the fiscal
Passenger Traffic Statistics.
year, carried 892,814,620 revenue passengers, an increase of 10,355,973
over the previous year. Total passengers carried during the year, including transfer and free passengers, were 1,621,215,876.
-Chicago Railways Co.
-At the end of the fiscal year.
City Purchase Price
the certified capital valuation, or city purchase-price, was as follows:
$94,547,260
Certified valuation at Jan. 31 1928
Additions during the year for which certificates have been issued
375.249
by the Board of Supervising Engineers
$94.922.509
City purchase-price at Jan. 31 1929
-The decree entered July 18 1928 diCompensation to City of Chicago.
rected the receivers to pay compensation for the use of city streets computed and payable as heretofore unless the Court otherwise orders upon
further hearing and determination, after due notice to all parties. Thus
2266
FINANCIAL CHRONICLE
computed, the amount payable to the City, representing 55% of the company's divisible net receipts for the year. is $1,687,860. as compared with
$1,564,787 for the previous year.
Renewal and Depreciation Reserve.
Amount in reserve at Jan. 31 1928
Sale of unnecessary property and value of salvage
Interest earned
Balance in reserve at Jan. 31 1929
Special Renewal and Eequipment Reserve.
Amount in reserve at Jan. 31 1928
8% of gross earnings
Interest on fund
Total
Expended during the year:
For renewals
For equipment purposes
For track extensions
69,944,166
69.782
325,567
$10,339,516
$216,483
2,994,798
16.894
$3,228,175
2,442,110
2,784
39.335
Balance in special reserve at Jan. 31 1929
$743,944
'Under orders of the Public Utilities Commission of Illinois and its successor, the Illinois Commerce Commission, a total of $4,748,250 has been
expended since July 1 1920 (the date when such special reserve became
effective) out of the special renewal and equipment reserve for new passenger car equipment and track extensions.
The property thus acquired or constructed does not appear in the capital
account, as the Commission orders provide that such expenditures shall
not be charged to capital account "unless and until the sum or sums thus
expended have been paid into the renewal and depreciation fund."
Franchise Negotiations.
-Negotiations have continued between representatives of the surface lines add of the elevated lines, and representatives of the City of Chicago in an endeavor to agree upon a satisfactory
basis for an ordinance which would provide a unified and comprehensive
local transportation system. An important step toward the solution of
the problem was taken on Dec. 6 1928 by Judge James H. Wilkerson of
the District Court of the United States when he appointed a committee
of five prominent citizens of the City of Chicago to cooperate with the
Mayor, the City Council and with the representatives of the transportation properties. The appointment of this committee was approved by
resolution of the City Council; and it is hoped that, as a result of the efforts
of this committee a program of enabling legislation may be agreed upon,
that such legislation may be obtained and that a satisfactory ordinance
authorized by such legislation may be worked out.
[VOL. 128.
INCOME ACCOUNT FOR CALENDAR YEARS.
Operating Revenues1928.
1927.
1925.
1926.
$
$
Freight
108,640,633 109,331,009 112.772,537 106,776,762
Passenger
24.016,843 26,749,397 30,384,544 30,951,806
Misc. passenger-train
911,797
994,540
1,182,794
1.091,360
Mail
3,658,229 3,365,835 3,392,662 3,314,728
Express
2,578,723 2,7.52,259 2,770,968 2,596,008
Other transportation
1,188,367
1,376,304
1,353,662
1,485,793
Incidental
2.154,059 2,139,556 2,508,376
2,306,593
Joint Facility
967,798
930.162
922,968
970.300
Total oper. revenues-144,116,452
Operating ExpensesMatnt. of way & struct. 21.050,021
Maint. of equipment.-- 24,870,262
TraffIc
3,111,347
Transportation
47.572,634
Misc. operations
1,041,519
General
4,341,708
Transp. for inv
Cr.99,772
147,639,063 155,467.975 149,313.891
20,337,178 21,049,999 20,437,949
26,081.329 26.773,735 25,702,133
3,035,472 3,094.112 2,907,511
49,342,000 51,859,715 49,848,796
1,113,030
1,172,412
1,240,075
4,183,915 4,050,052 3,871,137
Cr184,972 Cr201,101 Cr127„988
Total operating exp-101,887,718 103,907,953
103,811,951
Net revenue from oper-- 42,228,734 43,731,109 107,866,588 45,501,940
47.601,387
Taxes
9,579,113 9,454,004 10,351,100 9,441,564
Uncollectible revenues
19,267
34,873
43,790
48,679
Hire of equipment
832,987
566,185
808,829
151,464
Joint facility rents
954,812
910.985
868,882
774,209
Total other expenses_ 11.386.179 10,966,047 12,072,604 10,415,918
Operating income
30,842,554 32,765,062 35,528.783 35,086,021
Non-Operating Income
Income from lease road74.348
72.398
69.853
64,607
Miscel. rent income. 299,865
280,123
283,284
279,311
Misc, non oper. physical
property
96,311
104,617
130,623
157,691
Dividend income
3.168,242 3.313.378 2,704,441
2,143,277
Inc. from fund. secur..- 1,909,899 2,286,951
1,843.423 1.846,102
Income from unfunded
securities and accts.824,015
731,715
805,247
776,281
Miscellaneous income
10,220
33,967
20.079
6,726
Total non-oper. inc___ 6,382,900 6,823,150 5,856,953 5,273,998
Total gross income
37,225,455 39,588,212 41,385,736 40,360,019
Deduct.from Total Gross
Income
Rent for leased roads- 2,890,670 2,835,320 2,829,869 2,786.202
Miscellaneous rents
35,508
32,210
31,638
31.314
INCOME ACCT.
-YEARS END.JAN.31-CHICAGO SURFACE LINES. Int. on unfunded debt
172,645
113,760
75.285
41,936
Miscel. income charges1928-29.
1926-27.
149,340
154,716
1927-28.
1925-26.
163,030
189,946
Gross earnings
$62,391,622 $61,624,752 $61.173,601 $58,785,881
-Total deductions
Operating expenses
48,961,067 48,231,496 47,871,490 46,628,207
3,189,278 3,194,892 3.099,823 3,049,399
Total available income 34.036,177 36,393,320 38,285,913 37,310,619
Residue receipts
$13,430,555 $13,393,256 $13,302.112 $12,157,674 Interest on funded debt_ 12,728,630 12,728,630 , 12,728,630 12,740,852
Chicago Rys.(60%)
8.058,333 8,035,953 7,981.267 7,294.604 Int.on equip. obligations 1,814,406
1,738.775
1,734,553
1.764,587
South Side Lines (40%)- 5,372,222 5,357,303 5,320,845 4,863,070 Div. on South'n Ry.Mobile & Ohio Stock
Trust certificates_ _ _ _
226.008
226,008
226,008
226,008
INCOME ACCOUNT CHICAGO RYS-YEAR ENDED JAN. 31.
1929-28.
1927-28.
1926-27.
1925-26.
Bal. of inc. over chgs. 19,267,133 21,699,908 23,596.721 22,57 ,S) 172
Chicago Rys.(60%)..... $8.058,333 $8,035,953 $7.981,267 $7,294,604 Pref. diva.(5%)
3,000,000 3.000,000 3,000,000 3,0000000
Joint acct. expenses__ -254,449
467.039
298,935
70,646 Common diva
(8%)10,385,600(73)9403,805(7)8.400000(53i)6600000
Balance
$7,803,884 $7.568,915 $7,682,332 $7,223,958
Balance
5,881,533 9,296,103 12,196,721 12,979,172
Deduct-Int. at 5% on
Credit bal. Dec. 31
105,849,240 96,790,459 85.328.655 72,831,199
capital valuation
4,735.046 4,723,846 4.713.629 4,707,592 Net miscel. credits
240,230
210.811
Property retired
223.150 Dr448,132 Dr298,149 Dr239,566
Net income
$3,068,838 $2,845,068 $2,968,703 $2,516.366 Net miscel. debits
436,768
242,150
Chicago Rys.(45%)
1,280.281
1,335,916
1,132,364
1 380, 77
.
9
59' on investment
4,735,046 4,723,846 4,713,629 4,707,592 Profit & loss sur.Dec. 31.111,747,854 105,849,240 96,790,459 85,328,655
Miscall. interest, &c
274,869
196,612
236,392
198,340 Shs.com.stk.
(par $100).. 1,298 167 1,297,636
1.200,000
1,200,000
Earns, per share
$1.53
$14.40
$17.16
$16.31
Gross income
$6,390,893 $6,200,739 $6,285,937 $6,038,297
GENERAL BALANCE SHEET DEC. 31.
Deduct
1928.
Total interest on bonds- 4,612.730 4,612,736 4,681,679 4,681,679
1927.
1928.
1927.
Assets
Interest on loans
$
43,262
46,847 Invest. -road_402.237,053
In
Fed.inc. tax on int. coup
66,000
65,017
60,500
66,000 Invest. in equIp-145.631,533 395.843,832 Common stock_129,816,700 129,763,600
134,391,503 Receipts outst'g
Corp. expend.& adj
244,541
166,151
203,304
182,222 Constr. fund defor corn. stk.
rived fr'm cash
Net inc. for int., &c.... $1,473,122 $1,355.852 $1,292,675 $1,061.548
subset. paid in
3,300
54,960
pd. on corn.
Previous surplus
Preferred stock- 60,000,000 60,000,000
6,695,201
5,429,693 4,337,018 3,375,470
stk. subscrip. 1,662,030 2,804.804 Southern Ry.
Deduct-Int. on adjust.
income bonds
Mobile &Ohio
95,172
90,344
200,000
100,000 Proc'ds from sale
of mtgd. prop.
stk, tr. certif.. 5,650,200 5,650,200
held by trust.
Total prof. & loss surp. $8,073,151 $6.695,201 $5,429,693 $4,337,018
Funded debt_ - _259,213,500 259,213,500
for reinvest__
385,203
380.000 Equipment trust
prop.
Obligations- 39,400,400 33,014,600
858,441
GENERAL BALANCE SHEET AS AT JAN. 31 (CHICAGO RYS. CO.). Misc. phys.Affil. 793,496
Invest.in
Grants sinceJuly
1929.
1928.
1929.
Companies
1928.
1 1914, in aid
AssetsLiaMlisies$
8
Stocks
$
34,897,679 34,848,779 of construct__
$
426,918
426,635
Road, equipm't
Capital stock_ _
. 100,000
100,000 Bonds
22,047.148 23,015,148 Traffic& car ser.
& franchises _ 11101,478,820 101,132,995 Funded debt_ 103,854,255 103,854,255 Notes
-103.854.255
3,809,071 3.955,394 balance pay... 1.868,976 1,934,662
Treasury securs 9,218,366 9,218,366 Cum. liabilities.
Advances
5,435,278 4,372,282 Audited accts. &
Cons. mtg. bds.
Incl. 55% of
Other Invest.
wages pay...11,011,219 11,466,682
held for exch.
1,980
1,980 net earnings
Stocks
59,907
59,957 Misc.accts. pay.
884,726
983,113
b Gen. acc't and
due City of
Bonds
2,378,308 2,378,308 Int. mat., inel
cash Items__ _ 7,948,450 4,949,615 Chicago
1,755,028 1,643,877 Notes
14,449 int. due Jan. 1 2,920,838 2,922,519
Renewal and deInterest & taxes
Cash
18,257,796 19,236,520 Div. mat.unpd2,129
2,106
prec1at'n fund 10,337,488 9,940,897 accrued
5,525,646 3,605,615 U. S. Govt. sec. 25,215,980 25,216,310 Fund, debt mat.
Sp.ren. de eq.f.
635,179
187,675 Reserves
1,11,159,704 10.235,336 Loans & bills rec.
20,275
18,000 unpaid
29,550
22,998
823,995
Accla receivable
679,574 Surplus
8,073.151 6,695,201 Traffic & car ser.
Unmat,div. ace.
Items in suspen.
23,575
23,182
balance rec.. 2.026,194 1,679,936 on South. Ry.
Bal.due fr. agts.
M. & 0. stk.
Total(each side)130,467,783 126,134,284 Total(each side)130,467,783 126,134,284
dt conductors_
12,788
64,215 . trust certif...
56,502
56,502
a Certified valuation or city purchase price, $94,922,509. b For re- Misc. accts. rec. 4,436,734 4.386,963 Unmat. int. accr 2,416,024 2,308,625
newals and depreciation, $10,339,516; for special renewals and equip- Material & sup_ 8,251,532 10,768,775 Unmatrents ace. 220,325
220,325
ment, $743,944; for injury and damage claims, $76,244.-V. 126. P. 2304. Int. & div. rec.. 1,416,616 1.344,757 Exp. accr. not
Other cur. assets
105,522
145,088 vouchered
1,496,271 1,299,513
Work,fund adv.
67,988
68,879 Other cur. Habil.
458,119
505,917
Cash & sec. In
Southern Railway Company.
Dividend reeerv. 5,596,400 5,596,400
insurance fund 2,561,722 2,590,885 Sundry def. nab. 4,163,852 3,883,104
Cash depos. un-Year Ended Dec. 311928.)
(35th Annual Report
Taxes
3,474,240 4,160,334
der N. Caro.
Insurance res
2,561,723 2,590,885
RR.
175,000 Opemting res__ _ 1,416,242 1,470,906
The report of President Fairfax Harrison covering the Other lease__ _ _ 175,000
219,560 Deprec. accr. on:
affairs of the company for the year 1928 were given in the Ins. def. assets 388,803
prem. &
Equip. owned 34,127,489 31,357,618
rents paid in
advertising pages of our issue of Mar. 23. The report conEquip, leased
advnace
11.409
17,306
from other
tains numerous charts showing the operations for a number Add.& betterm's
430,811
companies
415,628
of years back. The financial results for the year, as well
Expenditures_ 4,097,318 3,465,601 Sundry Items
3,702,240 4,037.761
Special approp.
as the financial position of the company are given below
for add. to
in comparative form.
Property since
June 50 1407_ 3,297,028 3,095,178
Tot.(ea. skle)686,384,391 672.318, 694 Profit & loes
OPERATING STATISTICS FOR CALENDAR YEARS.
111,747,854 105,849,240
-V. 128, p. 1892.
1928.
1927.
1926.
1925.
Average miles operated6,771
6,795
6.761
6.874
x Equipment
Kansas City Southern Railway.
Locomotives
1,793
1,825
1,817
1,777
Passenger equipment. _
.
1,073
1.091
1.074
1,078
(29th Annual Report-Year Ended Dec. 31 1928.)
Freight equipment
59,433
62,220
58,365
57,918
Road service equipment
A complete annual report will be ready for distribution about May 15,
2.316
2,578
2.364
1,887
Marine equipment
24
25
25
23 which will be furnished stockholders and others upon application.
Operations
GENERAL STATISTICS FOR CALENDAR YEARS.
Passengers carried
7,051,100 8.093,490 9,208,549 10,509,669
1927.
1926.
1925.
1928.
Passengers carr. 1 mile-714,476,824 788,884,193 880.788,917 901.910,077 Miles operated
865
865
865
865
Av.rev, per pass. per m_ 3.361 eta.
3.391 cts. 3.450 cts. 3.435 cts
Statistics
Tons carr.(rev. freight). 45.807.934 46,158,865 48,142,441 45,509,851 Passengers carried
358.713 • 491,973
603.297
724.364
Tons 1 m.(rev.frt.)(000) 8,412,608 8,482,575 9.023.254 8,273,604 Pass. carried 1 mile
43,482,593 48.997,298 51,675.305
Av rev, per ton per mile 1.291 cts. 1.289 cts. 1.250 cts. 1.291 cts. Rev,per pass. per mile.- 36,729,917 3.263 cts. 3.297 cts. 3.385 cts.
3.181 cts.
Av.rev, train load (tons)
478.18
464.61
450.25 Rev, freight car'd (tons) 7.477.706 7.951,076 8.090.227
472.78
7,303,324
Rev, per pass. train mile
$2.0317
$2.31643
$2.1384
$2.33767 Rev. fr't car'd 1 mile
1829419103 1931629299 1733662983 1592310943
per ght. train mile
Rev,
$6.175
$5.80675
35.81085 Rev, per ton per mile... 0.986 cts. 0.957 cts. 1.050 cts.
$6.094
1.095 eta.
x Includes narrow-gauge equipment.
Rev, per mile of road.-$24,765
$25.487
$25,340
$24,466
APRIL 6 1929.]
FINANCIAL CHRONICLE
2267
-Class 1 railroads on March 23 had 261.290 surplus
Surplus Freight Cars.
COMPARATIVE STATEMENT OF OPERATIONS FOR CAL. YEARS.
freight cars in good repair and immediately available for service, the Car
[Kansas City Southern By., Texarkana & Fort Smith Ry.1
Service Division of the American Railway Association announced. This
1925.
1926.
1927.
1928.
Operating Revenues15, at which time there
$18.034,002 $18,489.931 $18.196,796 $17,439,572 was an increase of 22,772 cars compared with March totaled 117.987. an inFreight
1,749.399 were 238,518 cars. Surplus coal cars on March 23
1,615,559
1,418.707
1,168,531
Passenger
box cars
1,684.725 crease of 21,120 cars within approximately a week, while surplus showed
1,830,956
1,874,953
1,923,432
Mail, express, &c
291,459 totaled 96,587, an increase of654 for the same period. Reports also
278,635
265,012
297,929
Incidental & jointfacility
increase of 912 cars over the number reported
27,435 surplus stock cars, an
10,540, an increase of
Gross revenues
$21,423,896 $22.048,606 $21,921.947 $21,165,155 on March 15, while surplus refrigerator cars totaled
393 for the same period.
.
Operating Expenses
Freight Cars, dec., on Order Show Increase -Freight cars on order on March
Maint. of way & struc_ $2,485,054 $2,603,629 $2,506,165 $2.843,100
3,523,780 3,473.567 1 1929 by the railroads of this country totaled 37,820, compared with 21,726
3,496,471
Maint. of equipment- 3,321,178
634,671 on the same date last year, according to reports received from the carriers
687,870
716.771
784,472
Traffic
Transportation
6,369,109
6,785,784 6,766.974 6,607.757 hy the Car Service Division of the American Railway Association. On
18,067 Feb. 1 this year 30,216 freight cars were on order. Of the freight cars on
18,719
17,912
Miscellaneous operations
28.337
1.040.909 order on March 1, 16,989 were box cars, an increase of 10,417 compared with
1,076.034
1,171.081
1,109,927
General
Cr.32.267 the same date last year. Coal cars for which orders have been placed
Cr.30,883
Cr.27,158
Transporta'n for invest.
Cr.9,057
number 15,234, an increase of 7,217 compared with the number of such cars
Total oper.expenses_ 314,089,021 $14,764,490 $14,548,658 $14,585,804 on order on March 1 last year. Reductions, for the most part small, were
Net revenue
7,334,875 7,284.115 7,373.288 6.579,352 reported in the number of refrigerator, stock and flat cars on order this year
1,350,568 compared with one year ago. New and rebuilt freight cars placed in serTaxes
1,437,017
1 396 770
1 259 496
9,713 vice in the first two months of 1929 totaled 3,566, of which box cars totaled
Uncollectible revenues
,472
6,683
7
4,408
1,442; coal cars 856; flat cars 589; refrigerator cars 568, and stock cars 100.
Operating income__ $6.070,971 $5,879,872 $5.929,587 $5.219,070 Eleven cars of other classes were also installed in service.
Locomotives for which orders had been placed on March 1 this year
89.259
Rentfrom equipment__ _
75,491
76.034
69,824
172,996 numbered 291,compared with 171 on the same day in 1928. New or rebuilt
168.845
Joint facility rent income
169,670
179,643
80.
935 locomotives placed in service in the first two months of 1929 totaledincluded
968
Inc.from lease of road__
950
1.003
Freight cars or locomotives leased or otherwise acquired are not
9.785
Miscell.rent income_ __ _
11,384
11,320
12,882
22,688 in the above figures.
42,305
Misc. non-op. phys. prop
34,579
34.859
-Class I railroads of this coun168,750
337,500
Dividend income
Movement of Freight Shipments in January.
1.687,500
11,388 try in January continued to move freight shipments with the greatest
7,829
Inc.from funded secur_ _
14.412
13,414
ever achieved, the Bureau of Railway Economics announced.
Inc. from unfund. secur.
promptness
77.535 The daily average movement per freight car for that month was 29.5 miles.
311,646
580,326
and accounts
Dr.100,976
347 the highest average for any January on record and an increase of 1.9 miles
634
554 Dr.276,725
Miscellaneous income_ _ _
over January 1928. It also was an increase of one mile over that for
$553.683 January 1927. In computing the average movement per day, account is
$956.604
$610,568
Total non-op. income_ $1,898,702
$6,490.441 $6.886,192 $5.772,753 taken of all freight cars in service, including cars in transit, cars in process
Gross income
$7,969,673
of being loaded and unloaded, cars undergoing or awaiting repairs and also
Deduaions$568,712 cars on side tracks for which no load is immediately available.
$784,831
$968,932
Hire offr't cars, deb. bal. $935.499
107,863
146,183
126.213
141.539
The average speed of freight trains in January was 12.9 miles per hour,
Rent for equipment_ _ .. _
311,324 an increase of 3-10ths of one mile above that for the same period last year
259,068
262.413
269,832
Joint facility rents
161,578 and an increase of one mile above January 1927. The average load per car
173,268
171.814
171,759
Rent for leased roads
611 in January this year was 27.4 tons, including less than carload lot freight
493
491
667
Miscellaneous rents_ __ _
2.832 as well as carload freight. This was an increase of 2-10ths of one ton over
5.895
10,837
10.693
Misc,tax cccruals
2,062,832 the average for January 1928. but a decrease of one ton under January 1927.
2,490,576
2,599,987
Int. on funded debt.. _- 2.590.231
421.368
736,384
419.283
874,882
Int. on unfunded debt
Matters Covered in "Chronicle" of March 30.-(a) Hoch-Smith resolution
5,138
6.511
6,511
Amort.ofdisc.on fd.debt
governs rate policies-Commissioner Meyer reviews work of the I.- S. 0.
24,530
22,333 Commission under this edict, p. 2025. (b) Southern Pacific shops in
26.290
26,770
Misc, income charges_
-Kansas
Texas and Louisiana grant increased wages, p. 2025. (c) Missouri
$5,028.386 94,592.774 $4.606,360 $3.659.454 Texas RR. grants wage increase to shopmen-wage increase on St. LouisTotal deductions
$2.941,287 $1,897,667 $2,279,832 92,113.299 San Francisco, p. 2025. (d) Northern Pacific By. grants increased wages
Net income
840.000 to shopmen, p. 2026. (e) Reading Co. increases wages of station agents.
840.000
840,000
840,000
Preferred dive. (4%) p. 2026. (f) Wage increase on Kansas City Southern RR., p. 2026.
Income balance transferred to profit &loss $2,101,288 $1.057.667 $1,439,832 $1,273,299
-Annual Report.
Bangor & Aroostook RR.
299,599
299,599
299,599
299,599
Shs.com.outst.(par$100)
See page 2291-V. 128, p. 1391.
$4.81
$4.25
$7.02
$3.53
Earns. per sh.on corn_ --Acquisition.
Belt Ry. of Chicago.
BALANCE SHEET DEC. 31.
-V. 126, 1). 2305.
See Chicago & Western Indiana RR. below.
[Kansas City Southern By., Texarkana & Fort Smith Ry.1
-New Directors, &c.
Chicago Great Western RR.
1927.
1927.
1928.
1928.
Liabilities
Assets
J. W. O'Leary and P. H. Joyce have been elected directors succeeding
Common stock_ 29,959,900 29,959,900 Clive T. Jaffrey and Gordon W. Wattles, whose terms expired. G. H.
Invested in road
& equipment_111,567,262 110,461,912 Preferred stock_ 21,000,000 21,000,000 Prince and Milton Tootle, Jr., whose terms also expired, were re-elected.
Grants in aid of
lmpta. on leased
-S.
The I. a Commission on March 22 issued a certificate authorizing the
122,527
construction _
ry. property135,350
71
(1) to operate over about 0.407 miles of tack of the Union Pacific
1st M.3% g.bds. 30,000,000 30,000,000 company about 1.73 miles of track of the Chicago Burlington & Quincy
Deposited in lieu
RR. and
Ref.&imp.M.5s 21,000,000 21,000,000 RR.; and (2) to abandon operation over about 3.947 miles of track of the
of mortgaged
property sold_ 4,800,442 4,800,442 1st M.544% bds.
Union Pacific RR. at Omaha, Douglas County, Neb.-V. 128, p. 1722.
of Texas de Ft.
Misc. phys. prop 1,025.034 1,004,191
Chicago & North Western Ry.-Listing.Smith
Inv. in OM.cos :
10,000,000 10,000.000
Stocks
1,958,207 2,000,207 Eq. Tr. No. 34
The New York Stock Exchange has authorized the listing of $3,577,000
508,800 gen. mort, gold bonds, due Nov. 1. 1987, stamped as to non-payment of
1,023,915 8% notes____
Bonds
445,200
1,023,915
92,301 Equip.Tr.534s_ 1,080,000 1,188,000 Federal income tax.
-V. 128, p. 2085, 1900.
Notes
81,478
Advances_ ___ 2,063,679 1,887,893 Texarkana Un'n
-Annual Report.
Chicago Rock Island 8c Pacific RR.
Other invest'ts. 12.463,655
44,562 Sta. tr. ctfs.,
See page 2291-V. 128, p. 2085.
series A
Secure. in course
285,000
9,142
of acquisition6,094
25,268,609 Misc,fund. debt
-Equip.
Chicago South Shore & South Bend RR.
Cash
3,493,782 2,370,008 Liab.& commit's
in connection
571,326
573,926
Special deposits_
Trusts:
with securities
Los & bills rec.
886
petitions with the Illinois Commerce Commission
318
The company has filed
13,830,612 and the Indiana P.S. Commission asking authority to issue and sell $810.000
being acquired
Traffic and car
Traffic& car serservice bal'ees
of equipment trust certificates. The proceeds will be used to finance in
801,478 part the purchase of 14 steel passenger motor cars, 5 steel trailer cars, 4
pay. 1,005,124
vice bals.
503,170
receivable_ _ _
577,752
Audited acc'ts &
Net balance reelectric freight locomotives and 6 caboose cars, some of which are now bewages payable 1,720,930 11909,194 ing operated by the railroad.
ceivable from
33,475
32,916
252,324 Misc.accts. pay.
393,506
agts. & cond's
The certificates, dated April 1 1929, will mature serially in annual in678,792
602,250 Int. & diva, maMisc. accts. rec.
stallments over a period of 10 years and will bear dividends at the ratesof
573,926
571,327
Material & supp. 1,956,955 2,272,132 tured unpaid.
%.-V. 128, p. 1051.
4,327 Unmat'd dive.,
4,125
Int. & dive. rec.
-Acquisition.
Chicago & Western Indiana RR.
770,110
768,573
11,057 int. & rents_
75,809
0th. cur, assets
172,817
269,691
-S. C. Commission on March 16 issued a certificate authorizing the
The I.
20,379 Other cur. Habil.
21,150
Work,fund adv.
434,562
457,129 company to acquire the railroad properties of the Burlington South Chicago
Other def. assets
643 Other def. nab_ _
406
1,405,367 Terminal RR. in Cook County, Ill.
1,230,431
Tax liabilitY
Rents & Ins. pre.
.
The acquisition by the Belt Railway Co. of Chicago of control, under
paid In adv
74,627
54,157 Accr.depr.equity 2,984,850 2,650,643
490,842
445,594 lease, of the railroad properties of the Burlington South Chicago Terminal
0th. unatb.cred.
Disc, on funded
140,520
147,032 Add'ns to prop.
• debt
RR. and (or) the Chicago & Western Indiana RR. was also approved
419,214
thru. income
406,297
-V. 128. p. 1900.
Other accounts_
and authorized.
457,468
and surplus
479,976
---Notes.
Federal Valley RR.
Appr. surp. not
-S. C. Commission on March 28 authorized the company to issue
The I.
679,129
spec. Invested
726,809
$43.557 of promissory notes, to retire maturing notes of the same amount.
and loss
Profit
credit balance 18,751,467 15,839,999 -V. 127, p. 104.
Total(ea.side; 143,379,046 153,815,612
-Bonds.
-V. 128, p. 1391.
Genesee & Wyoming RR.
The I..S. C. Commission on March 27 authorized the company (1) to
issue a promissory note for 9400.000 and (2) to pledge as collateral security
GENERAL INVESTMENT NEWS
therefor $400,000 of 57 1st mtge. gold bonds; the proceeds of said note to
be used to pay $400.000 of 5% 1st mtge. gold bonds, due April 11929.
The proposed note will be dated April 1 1929 will be for a period of
STEAM RAILROADS.
els months with the privilege of renewal for an additional six months, and
annum,payable monthly.
-V.129.
,
Texas Rail Strike Halted by President Hoover.
-4,000 employees of the will bear interest at the rate of 551% per
Texas & Pacific By. who had threatened to walk out March 30 returned to P. 880.
their jobs as usual as the result of action by President Hoover late March 29.
Beaumont & Kansas City Ry.-Bonds.Gulf
New York "Post," March 30, P. 5.
The I.- S. C. Commission on March 23 authorized the company to ism
Si. Paul Shopmen Wage Raise.-ChIcago Milwaukee St. Paul dc Pacific one general mortgage gold bond for $1,700,000 to be delivered to the AtchiBy.shopmen have been granted a wage increase ranging from 3c. to Sc. an son, Topeka & Santa Fe Railway in satisfaction of 92,007,699 of indebtedhour. Approximately 10,000 workers are effected. "Wall Street Journal," ness to that company.
-V. 124, p. 1851.
April 1, p. 18.
Kansas City Mexico & Orient Ry.-Sub. Co. Stock, &c.
-A movement for a six-hour day
Ask Six-Hour Day for Railroad Work.
without reduction in wages for all railroad employees of the country was
The stockholders have authorized the directors to increase the capital
launched March 31, when Alexander F. Whitney. President of the Brother- stock of the Texas corporation of the system to $5,000,000 from $1,000,000
hood of Railroad Trainmen, and Timothy Shea, Asst. President of the and to refund 69,000,000 of outstanding bonds.
Brotherhood of Locomotive Firemen and Enginemen, told New England
The directors ordered construction of track connections between the
Brotherhoods lodge meetings that the "Big Four" railroad brotherhoods Kansas City Mexico & Oriente By. and the Atchison Topeka & Santa Fe
-V. 127. p. 2953, 1250.
were definitely committed to such a program to displace the present eight- By. at Sweetwater and San Angelo, Tex.
hour day. New York "Times," April 1. p. 25.
-Abandonment.
Los Angeles & Salt Lake RR.
Locomotives in Need of Repair -Locomotives in need of repair on the
Commission on March 18 issued a certificate authorizing the
The I.S.
Class 1 railroads of this country on March 15 totaled 8,781, or 15.1% of company toC.
abandon that portion of its Pasadena branch which extends
the number on line, according to reports filed by the carriers with the Car from mile post 11.87 in a generally northerly direction to the end of the
Service Division of the American Railway Association. This was an in- track at Mile Post 13.28, a distance of 1.41 miles in the City of Pasadena,
crease of 398 compared with the number in need of repair on March 1, at Los Angeles County, Callf.-V. 127. p. 950.
Which time there were 8.383, or 14.4%. Locomotives in need of classified
-New Director.
on March 15 totaled 4,844, or 8.4%, an increase of 329 compared
Louisville 8c Nashville RR.
With March 1, while 3,937. or 6.7%. were in need of running repairs, an
At the annual meeting held this week H. L. Borden. Vice-President and
increase of 69 compared with March 1. Class I railroads on March 15 Secretary of the Atlantic Coast Line RR., has been elected a director to
storage compared with 5,132 on Mar. 1. succeed the late John R. Waterbury. The other directors wete reelected.
had 5,205 serviceable locomotives in
-Class 1 railroads on March 15 had 140,- -V. 128, p. 1550.
Freight Cars in Need of Repairs.
571 freight cars in need of repair, or 6.4% of the number online, according
Piedmont 8c Northern Ry.-Resumes Dividends.to reports just filed by the carriers with the Car Service Division of the
The directors have declared a quarterly dividend of 14i%, payable
American Railway Association. This was a decrease of 4,049 cars under
which time there were 144,620. or April 10. This is the first dividend paid in three years, payments being disthe number reported on March 1, at
0
6.6'7. Freight cars in need of heavy repairs on March 15 totaled 98.516, continued when extension plans were first announced.
Action of the directors in authorizing the dividend does not mean that the
or 4.5% a decrease of 383 compared with March 1. while freight cars in
need of light repairs totaled 42,055, or 1.9%, a decrease of 3,666 compared railroad is contemplating abandonment of its enlargement program,officials
explained.
with March 1.
iirs
2268
FINANCIAL CHRONICLE
The road plans to connect Gastonia and Spartanburg, S. C., and extend
Its lines to Winston-Salem. thus giving continuous trackage between
Greenwood, S. C., and Winston-Salem.
-S. C. Commission denied the railroad's petition for permission to
The I.
carry out these plans, and the petition has been carried to the courts, an
appeal being made from the recent unfavorable ruling of three Federal
judges.
H. A. Ligon, of Spartanburg, and Irving Southworth, of Boston, have
been elected to the board to succeed Edwin Greene and the late W. S.
Montgomery.
The Piedmont & Northern Ry., is an electric interurban
126.
p.2640; V. 123, p. 2520.
Pittsburgh & West Virginia Ry.-New Financing.Company has sold to Brown Brothers & Co. and Stone & Webster and
Blodget, Inc. the second series of first mortgage 4M % bonds, issued to
finance a 38
-mile cut-off between Cochran's Mill, near Pittsburgh, and
Connellsville, Pa., the proposed junction point of the Western Maryland
By. The total cost of this cut-off will be about 810,000,000 and this new
issue of $3,000,000, which will be offered probably early next week, brings
the total of financing on this account up to $6,000,000. The cut-off is
expected to be completed and in operation early in 1930.
Net income of the Pittsburgh & West Virginia Railway for 1928 applicable to interest and funded debt was $2,186,484, equivalent to over 5 times
the interest on all debt including this new issue. For the 5 years ending
Dec. 31 1928, earnings were equivalent to 5.28 times these debt charges.
-V. 128, p. 881.
Southern Pacific Co.
-New Directors.John F. Harris, Charles E. Perkins and Jackson E. Reynolds have been
elected directors to fill vacancies caused by the deaths of J. Horace Harding
(who died Jan. 4 1929), Ogden Mills (who died Jan. 20 1929), and Samuel
Rea (who died March 24 1929).
J. P. Blair, general counsel, and George M. Thornton, treasurer, have
been elected directors to succeed William Sproule, retired president, who
retired from active service under the pension rules of the company and in
accordance with his expressed wish on Dec. 31 1928; and L. J. Spence,
retired executive officer, who similarly, at his own request, retired from
active service on Dec. 31 1928.
The annual report for the year 1928 will be found under "Financial
Reports" on a preceding pago.-V. 128, p. 1901.
Virginian Railway Co.
-To Remove Offices.Adrian H. Larkin, chairman of the board, announces that on or about
April 30th, this company will remove its offices to Room 2100. 44 Wall
St., N. Y. City.
-V.128, p. 1223.
PUBLIC UTILITIES.
American Cities Power & Light Corp.
-Earnings.
Income Accountfrom Nov. 7 1928 to Dec. 31 1928.
Stock dividends
x$522.356
Cash dividends and interest
153,957
Profit on sale of securities, &c
241,265
Total income
lexpeaases and taxes
8917,578
37,755
Net Income
$ 879.823
x Represents one quarterly dividend in common stock of NorthAmerican
•Go. taken at the record date for that dividend, at the approximate market
want/ of such common stock immediately following such date.
Balance Sheet Dec. 311928.
Assets
Investments, at cost_ _ _ _837,270.247 Capital
x$40,000.000
Synd. participations, &c.
330.340 Accounts payable. incl.
Cash in banks & on call__ 1.790,238
Federal income tax.-613,144
Accts.& dive.receivable_ 2.102.142 Surplus
879,823
Total
$41,492,968
Total
M1,492,969
x Represented by 400,000 shares of serial class A stock (par $50) and
2.000,000 shares of class B stock (no par varue).-V. 128. p. 1551.
American Commonwealths Power Corp.
trolled Cos.).
-Earnings.-
(&
Con-
12 Mos. Ended Feb. 28Gross earnings
-all sources
Operating expenses, incl. maint. and gen'l taxes
1928.
1929.
$8,114.716 $17,964,248
4,919,044 10.827.945
Net earnings
Interest charges
-funded debt
-sub. companies
$3,195,671 $7,136,302
L325,174 3,324,555
Balance
Divs.-pref, stocks
-subsidiary companies
$1,870,498 83,811,747
470,871
1,318,074
Balance available-Amer.Commonwealths Pow.
Corp. and for reserves
81,399,627 $2.493.673
Interest charges
-funded debt
-Amer. Commonwealths Power Corp
251.305
515,000
[VOL. 128.
American Natural Gas Corp.(& Subs.).
-Earnings.
Consolidated Income Account Year Ended Dec. 31 1928.
Gross revenues
$10,173,735
Operating expenses, maintenance & taxes
6,168.718
Net operating income
84,005,016
Interest paid Ss accrued on funded debt of sub. companies
1,403,281
Interest paid & accrued on unfunded debt ofsub. companies
184,549
Depreciation and depletion
782,100
Interest paid & accrued on 634% sink, fund gold debs. of corp.728,442
Interest paid & accrued on unfunded debt of corporation
68,810
DeductAmortiz, of debt discount & expense of sub. companies
146,690
Amortiz. of debt discount & expense of corporation
147.071
Miscellaneous deductions
1.003
Net income
Previous surplus
$543,070
1.533.844
Total surplus
Dividends paid and accrued on pref. stock:
American Natural Gas Corp
Subsidiary companies
Dividends paid on common stock of subsidiary company
82,076,914
349.891
521.923
7.055
Balance,surplus
Miscellaneous debits and credits (net)
$1,198,045
32.415
Profit and loss surplus
$1,165,630
Consolidated Balance Sheet as of Dec. 311928.
Assets,
LiablItttes.
Plant, properties,equip.. &c-556,731.329 $7 cumul. pref.stock (no par) x24,498,200
Cash
869,710 Common stock capital Burp_ y2,129,100
Notes receivable
3,352 Pref, stock of sub. companies 9,669,655
Accounts receivable
1,336,459 Pref, stock subscribed
734,400
Marketable securities
156,000 kiinorlty stockholders' equity
Materials and supplied
1,178,753
in corn.stock &surp.of subs
114,390
Prepayments
58,047 Long Term Debt:
Subscribers to 634% pref. stk.
620,996 6)4% sink,fund gold debs. 11,996,500
Miscell. current assets
40,319
Long term debt of sub. co's 26,783,000
Invest. In Mill. companies
3,037 Obits. incurred in connection
Special deposits
with acquLs. of properties__ 1,132,000
74,746
Miscellaneous investments2,691,608
17,600 Notes payable
.
Unamortized debt discount &
Accounts payable
607,982
expense
2,780,083 Taxes accrued
500,985
Preferred stock expense
787,913 Interest accrued
960,322
Other deferred debits
137,122 Cumul. dividends accrued .
152,261
_ _
Miscall. accrued liabilities_
17.787
Consumers'dep.& prepaym't 1,271,439
Reserve for depreciation and
348,270
depletion
8,144
Miscellaneous reserves
Miscell. unadjusted credits_ _
13,733
Total (each side)
664,795,466 Surplus(earned & paid in)_ _. 1,165,630
x Represented by 49,980 shares of no-par value. y Represented by
651.320 shares of no-par value.
-V. 127, p. 2816.
Arizona Power Co.
-Earnings.
(Inter-Company Items Eliminated.)
Calendar Years1928,
Gross operating revenue
$689,157
Gross operating expenses & taxes
341.643
1927.
8659,554
340,614
Net operating revenue
Non-operating revenue
8347,514
9,451
$318.940
6.633
Total corporate income
Income charges, incl. bond & other int., depre., &c
8356,965
325,135
8325,572
296.995
$31,830
79,937
828.577
77,720
Net income
Divs. on 8% & 7% preferred
Balance, surplus
def$48,107 def$49,143
Balance Sheet as of December 31.
Assets1927.
1928.
Liabilities1928.
1927.
Property investm367,829,853 $7,749,595 Preferred stock _ _ .31,134,000 61,097,500
Treasury securities
13,940 Common stock _ _ 3,000,000 3,000,000
13,940
Cash in sink.fund.
820
820 Funded debt
3,319,200 3,277,700
Cash
35,215
2,591 Notes payable...._
8,000
45,000
Cash in bond int. &
Vouchers & acc'ts
div. account__
19,143
19,834
payable
47,716
51,105
Acc'ta receivable._ 113,406
81,923 Bond int. and die.
Material & supp48,369 Payable
57,221
44,972
60,035
Unamortized debt
Workm ns compen282,747 sation insurance
disct. & expense 267.816
16,891
Prepaid accounts.
24,128 Consumer's deps_ 110,525
10,289
100,652
Accrued liabilities_
8,604
7,785
Reserves
468,763
382,649
Corporate surplus. 150,122
185,871
Balance available for diva, and reserves
$1.148,322 $1,978,673
Annual div. charges-lst pref. stock-American
Total
68,336,146 98,223,256
68,336,146 $8,223,251
Total
Commonwealths Power Corp
175,000
534.996 -V. 128. p. 398.
Annual div. charges
-2d pref. stock-American
Commonwealths Power Corp
95,977
Associated Gas & Electric System.-Power Output.
95,977
Output of electricity by the Associated Gas & Klectric System for the
Balance avail, for res., Fed. taxes and surplus
$877.345 $1,347.700 4 weeks ended March 23. totaled 77,896.360 kwh., an increase of 7,897.791
-T. 128. p. 1901.
kwh..or 11.4% over the same period oflast year. Among the large increases
were those reported by the Cape and Vineyard properties, which increased
American Community Power Co.
-Earnings.
26.7%; Manila properties, 22.4%; Cambridge, 20.4%; Patchogue (L. I.).
Income Account Twelve Months Ended Feb. 28 1929.
20.2%, and Central New York, 17%. The Pennsylvania properties
-all sources
Gress earnings
$8,938,315 Increased their output 10.5% and the Kentucky-Tennessee group 13.9%.
"Operating expenses, including maintenance and local taxes
5,090.450 -V. 128, p. 1901.
Net earnings
Associated Telephone Utilities Co.(& Subs.).
$3847865
-EarnInterest charges on funded debt of subsidiary companies
1,598,605 ings for Calendar Year 1928.$2,249,260 (Incl. earnings of subsidiaries acquired during year for period since date
of acquisition only.]
692.757
Operating revenues
$4,738.498
Balance available for Amer. Community Pow. Co.& for res.-41,556,503 Non-operating revenues
158,343
Annual int, requirement of $5,000.000 secured gold debentures
Total gross earnings
% series, due 1953
$4,896,842
275,000
Operation
1,452,039
Balance available for dividends and reserves
666,814
$1,281,503 Maintenance
Ann. div. requirement 0(30,000 abs. 1st pref. stock ($6 series)
326,880
180,000 State and local taxes
Ann. div, requirement of 40,000 shs. preference stk. (86 series)._
59,086
240,000 Federal income taxes
Net earnings before depreciation
$2,392,012
Balance for reserves and dividends on common stock
$861,503
Interest on funded debt
-T. 127, p. 1944, 1387, 258.
823,297
Depreciation
548.718
American Public Utilities Co.-Earnings.
General interest
76,871
Calendar Years-1927.
1928.
1926.
Amortization of debt discount and expense
74,669
-Gross revenue
$776.788 $1,093,171
8567,933 Divs. on pref. stock of subsidiaries in hands of public
103,536
Operating and administrative exps.
30,308
28,349
36,173 Minority interest
57,367
Gross income
$746,480 $1,064,822
Net income
$531.760
8707,594
Interest on funded debt
116,044
141.015
22,790 Previous surplus
261,422
Miscellaneous deductions
24,392
13,447
15,588
Total surplus
$969,016
Net income
$924,385
8592,019
$493,383 Prior preferred stock dividends
257,333
Dividends on prior preferred stock
200,810
200.846
200,524 Common dividends
131,575
Dividends on partic. preferred stock..
247.336
238.490 Premium & unexpired disc't & exp. on subsidiary bonds retired
247.350
33.282
Sundry direct surplus items (net)
36,204
Balance to surplus
$476,238
$143,823
854,369
Previous surplus
Profit and loss surplus
725.543
682,107
1.161,401
8510 622
Beftmd received in connection with
Earnings per share en 217,024 (no par) common shares
32.12
Fed. income tax 1922
-V. 128, IL 555
24,507
.
Sundry
Dr.8,774 Dr.10.926
Dr.16,262
Boston Elevated Ry.-New Directors.
Provisions for retirement
Dr.26.308 Dr.31,607
Homer Loring and Bernard J. Bothwell have been added to the board 0
Profit and loss surplus
$725,543 directors for the ensuing year; and Edwin M. Richards has been °Jested
$1.287.160 $1,161,401
Earns, per sh.on 79,069 abs. corn.stk.
to succeed the late Henry S. Lyons. All the other directors were re-elected,
(oar $100)
$6.02
$1.82
$0.68 bringing the total membership to nine instead of seven as formerly.
p. 2473.
V. 128, p. 1550.
Net income
Dividends/en preferred stocks of subsidiary companies
2269
FINANCIAL CHRONICLE
APRIL 6 1929.]
shares now outstanding and also junior to any additional series thereof
-Extends Deposit Time.
Brooklyn City RR.
which may be hereafter created.
The time for deposit of stock under the plan to merge the surface lines
In addition Henry L. Doherty & Co. are to have like option to purchase
of the Brooklyn-Manhattan Transit Corp. and the Brooklyn City RR. any additional stock which may be voted by the stockholders In the future.
has been extended from April 1 to April 15.-V. 128, p. 1724.
-V.128. p. 1902.
-Earns.
Canadian Hydro-Electric Corp.(& Subs.).
Income Account for Year Ended Dec. 31 1928.
Gross revenue, including other income
Operating expenses
Maintenance
Administration and general
Interest
Amortization of discount on funded debt
Depreciation
$4,367,393
324,540
105,225
444,619
22,272,811
146,708
297.427
$776,063
6,816.670
Net revenue
Previous surplus
Total surplus
Dividends on 1st preferred stock
$7,592,733
750,000
Chesapeake & Potomac Telephone Co. (W. Va.)-
1926.
1925.
1927.
1928.
Calendar YearsTelep. oper.revenues _ _ $5,637,683 $5,327,817 $5,071,196 $4,727,933
3,402.701
3,458,078
3,672,778
Telep. oper.expenses_ _ _ 3,887,014
21,122
20,573
21,190
28,477
Uncollectible oper.rev_ _
367.732
419,467
472,299
484,522
Taxes assign. to oper.___
$1,237,670 $1,161,551 81.172,529
Operating income_
12.857
9,227
Net non-oper.income_ _ _
5,350
$936.927
52.463
Total gross Income...,. $1,243,020 $1,170,778 81,185.386
144,545
154,079
172,278
Rent & misc. deduction_
243,898
28,226
Interest
97,876
715,500
972,000
Dividends
972,000
2989,390
147.538
229,479
630,000
$81,443 def.217,627
216,472
corp.
Balance
$866
Total surplus
$6,842,733 -V. 126, for1808. surp.
p.
Consolidated General Balance Sheet as of Dec. 31 1928.
-Split-up Approved.
Columbia Gas & Electric Corp.
AssetsLiabilities
Properties, rights, &c
$115,015,282 6% cumul. 1st pref. stock__ $12,500,000 The stockholders on April 4 ratified a proposal to increase
Cash in escrow for comple6% non-cumul. 26 pref. stk_ 25,000,000 the authorized common stock (no par value) from 4,000,000
pletion of developments
x5,000,000
1,912,346 Common stock
71,833,589 shares to 10,000,000 shares, 23 shares of the new stock
Securities & other investmls
67,206 Funded debt
173,523 to be issued in exchange for each common share held.
Cash
169,888 Accounts payable
10,289
Accounts receivable
476,224 Customers' deposits
371,325
New Common Stock Placed on a $2 Annual Dividend Basis.
Inventories
170,155 Accrued interest
62,500
Cash on dep.with Prov.Gov.
50,000 Accrued dividends
The directors have declared an initial quarterly dividend of 50c. Per
424,541 share on the new common stock. This places the issue on a $2 annual
Construction accts. payable
Cash on deposit with trustee
4,549
Prepaid and deterred exDue to Mill. cos. for conbasis and is equivalent to the old rate of $5 annually which was being paid
struction advances & proppenses, applic, to future
on the old common stock. The directors also declared the regular quarterly
1,940,199 dividend of $1.50 a share on the preferred stock. Both dividends are
78,254
erty purchases, &c
operations
460,868 payable May 15 to holders of record Apr. 20.
Pref. stock held by sub. for
Reserve for depreciation___ _
23,838
182,272 Other reserves
oustomers' subscriptions_
The company is now ready to distribute the new shares in exchange far
199,600 the old. Holders of old common must surrender certificates for exchange
Minority interest
Discount on bonds & other
6,842,733 to receive dividends, it is stated.
Surplus
-V. 128, p. 1549.
securs. Issued, organist"6,716,828
tIon expenses, &c
Commonwealth Power Corp.
-Annual Report.
-
$124,843,004
Total
$124,843,004
Total
-V. 128, p. 1224.
x Represented by 1,000,000 shares of no par value.
Central & Southwest Utilities Co. (& Subs.).
1927.
1928.
$31,002,677 228,047,641
19.320,747 18,255,741
Earnings Calendar YearsSubsidiary companies: Gross earnings
Gross expenses
$11,681,930 $9.791,900
Net earnings from operation
Bond & other int. charges, amort. of disc, on secur.
divs. & proportion of undistrib. earnings to out5.756.117
6,992.507
side holders
Total earnings accruing to Central & South West
$4,689,423 $4,035,783
Utilities Co
1.143.831
679,661
Other earnings
Total earnings
Admin.exp., taxes & liaised'. charges
25,369,084 $5,179,614
385,752
309,729
Net income
Divs. on prior lien stock
Divs. on preferred stock
Divs. on common stock
$5,059,355 $4,793.862
819.000
829,125
932,750
880,712
1,530,000
1,543,125
Balance,surplus
Shares of common stock outstanding
Lamed per share
-V. 127, p. 2525.
$1,754,355 $1,564,150
510,000
527,500
26.25
$6.06
Chesapeake & Potomac Telephone Co. of Baltimore
City.
-Earnings.
-Calendar Years1925.
1928.
1927.
1926.
Telephone operatingrov.212.624,151 $11,903,402 $11,277,233 $10,512,746
7,413,594
7,262,825
Telephone oper. caps__ _ 8,327,441
7.989,048
Net tel. oper. rev.._.,$4,296,710 $3,914,353 $3,863,639 $3,249,921
40,664
85,400
Uncoil. oper. revenues__
62,307
42,721
1,034,444
Taxes assignable to oper. 1,327,774
1,308,496
1,191.224
Operating income_ _ _ _ $2,926,215 $2,543,550 82,631.753 22,130,077
Net non-oper. income...
23,405
58.413
63,000
11,244
Total gross income_ _ _ $2,937,458 $2,566.955 $2,690,166 $2,193,077
Deduct-Rent & miscell.
144,256
160,627
182,329
180,337
Interest
496,671
332,461
28.558
132,900
Preferred dividends_ _ _ _
210,000
210,000
210,009
210.000
Common dividends_ _ _ _ 2,145,944
1,373,944
2,145,944 1,373,944
Other appropria'ns from
net income
100,000
67,839
Bal.for corporate surp.
-V. 126, p. 1808.
2266,285
$2,117
2348,924
$64,577
Chesapeake & Potomac Telephone Co. (District of
Columbia).
-Earnings.
Calendar Years1928.
1926.
1927.
1925.
Telephone oper. rev____ $7,914,206 $7,247,802 $7,052,894 $6,420,862
5,268,823
4,771,200 4,435,662
Telephone oper. exPs- 5,573,494
Uncoil. oper. revenues__
39,368
15,492
32,562
15,267
Taxes assign, to oper- _
546,126
536,583
572,841
489.272
-Years Ended Dec. 31.
Consolidated Income Account
(Commonwealth Power Corp. and Subsidiary Companies.)
Gross Earnings1925.
1928.
1927.
1926.
Electric department_ _ _ .842.561,991 237.834,771 234,299,007 230.188:529
Gas department
7,375,928 6,708,283
9,009,506
7,929.253
4.746,888
Railway department_ - _ 4.763,432
4,829,505
4.816,532
Heating, water, coal and
2.579,446
2.706,076 2.533,184
appliance departments 2,169,193
Total
Oper. expenses & taxes
$58,504,122 $53,172,976 249,197,543 $44,174,864
30,064,063 28,431,373 26,389,803 24.922,566
Gross income
828,440,059 $24,741,603 822,807.740 219.252,298
Fixed chgs. ofsub. cos.
5,807,845
6.801,798
5,858,996
Bond & gen. interest_ _ 5,732,812
398,004
431,768
446,216
444,34.4
Amortization of disc't
Divs. on pref. stock of
5,026.912
4,156.650
5,691,862
subs, held by public 6,086.540
654,656
652,760
396,500
Int.chgs.Comm.P.Corp. Cr.73,769
3,112,903
3,422,263
3,386,275
Prow. for depr. & replace 4,047,671
Net income
212,248,801
Annual div. on Commw.
P. Corp. pref. stock_ _ 2,999,776
do corn. cash
4,971,903
do do stock
28,991,366
$7,291,883
25,026.646
2,478,212
3,551.078
2,203.044
2.161,894
881.828
2,189,457
1,379,507
Balance,surplus
$4,277.122 22.962.076 $2,045,125 81,457.582
The net income of $12,248,801 for 1928 as shown above Is equivalent
after pref. diva. to 65.62 a share earned on 1,645,054 shs.(no par corn,stock,
comparing with 23.96 a share in 1927,computed) on same share basis.
V. 128. p. 1902.
Connecticut Electric Service Co.-Earnings.-(Inter-Company Transactions Eliminated).
1928.
1927.
Calendar Years$12,986,977 $11,239.586
Operating revenues
7,806,888
6,802.656
Operating expenses
Operating income
Income from non-operating properties
$5.180,089 24,436,930
97,167
484.349
Gross corporate income
Interest, rentals,&c
$5,664,438 $4.534.097
1,880,314
1,598,221
$3.784.124 $2,935,876
Net income
1,312.708
Divs. on pref.stock of subs.cos. in hands of public_ 1,677,191
Pro-rata share of earnings applic. to corn. stk. of
542
306
subsidiary companies held by the public
22,106.391
Balance, surplus
V. 128. p. 1395
$1,622,862
-Income Account.
Connecticut Light & Power Co.
Calendar YearsOperating revenues
Oper.exps.(incl. maint.replace. & taxes)
1927.
1928.
$11,112,632 29,500,906
5.668.120
6,608.279
Operating income
Income from non-operating properties
$4.504,353 S3.834,786
187,924
583.177
Gross corporate income
Deducts,from gross corporate income
25,087,538
1,688,936
24,022.710
1.439,345
Operating income.... $1,755,219 $1,426,903 $1,676,291 $1.480.661
Net non-oper. income__
40,786
44,670
43,269
60.288
$3,398,594 22,583,365
Net income
1.057,500
1,416,215
Dividends on preferred stock
Total gross income_ _ _ $1,796.005 21,471,574 $1,719.560 51,540,949
Balance available for common stock dividends__ 21,982,379 21.525,865
Deduct.
-Rent & misc.
39,381
35,965
27.393
27,313 -V. 127, p. 2087.
Bond and other interest_
225,623
279,901
100,801
69,029
-Annual Report.
Dakota Central Telephone Co.
Dividends
1,040,000
1,040,000
1,040,000 1,040,000
1925.
Calendar Years1926.
Other approp. from net
1928.
1927.
Total telephone revenue $1,543,666 21,418,063 21,328.474 81,249.822
income
100,000
150.000
399,056
379,755
Operating expenses
428,080
468,947
229,960
201,673
Bal. for corp. surplus_ $436,723
245,738
$169,986
$451,365
260,934
2254,608 Current maintenance__ _
240.440
221,737
Depreciation
259,020
-v. 127, P. 2683
272.565
.
Taxes
124,303
111.246
126,602
139,059
Chesapeake & Potomac Telephone Co. (of Va.).-
1928.
1927.
1926.
1925.
Calendar YearsTelep. oper. revenues_ _ $7,111,362 26.550,757 86,063,074 $5,537,752
4,393.326
4.139,530 4,083,352
Telep. oper. expenses_ _ _ 4,700.177
22,533
25,315
19,194
11,192
Uncollectiblo oper. rev_ _
675,727
658,736
573.636
476,931
Taxes assign. to °peens_
Operating income__ _ 21,712,925 21,473.380 21,330.715
32,293
28,607
25,800
Net non-oper.income_ _ _
$986,277
30,032
Total gross income_ _ _ $1.745,218 $1,501,987 21,356,515
172,167
182,778
147,500
Rent & misc. deductions.
252,911
457,403
294,365
Interest and discount_ _ _
792,000
924,000
540,000
Dividends
2996,309
151.216
401,020
540,000
Balance,surplus
-V. 127, p. 407.
$344,075
$284,908
$211,611 def.$95,926
.
-New Issue of 5% Non-Cum. Pref.
Cities Service Co.
Stock To Be Sold to Henry L. Doherty & Co.
The stockholders will be asked to vote at the annual meeting to be held
April 30 1929, on the issuance of 1,000.000 shares of 5% non-cum. pref.
stock of $I par value to be sold to Henry L. Doherty & Co. at par for the
Purpose of facilitating the management of the Cities Service Co., according
to a letter to the stockholders of the latter company. Each share of this
new stock will carry one vote and will be Junior to the pref. and preference
Net telephone earns__
Sundry net earnings_ _ -
$402,161
6.908
2358.623
8,409
$334,715
5,457
$335,408
5.855
Total net earnings_ _
Interest
Divs., pref. & common
$409,069
87,647
175,159
$367,032
90,641
169,196
2340.172
84,016
153,488
$341,263
76,379
142,980
Balance for surplus_ _ _
-V.127, p. 1389.
$146,263
2107,195
2102,668
•
$121,904
Eastern Connecticut Power Co.
-Earnings.
Calendar YearsOperating revenues
Oper. expenses (incl. maint.,replace. & taxes
1927.
1928.
21.603,049 21,503,948
934.579
,
994,561
Operating income
Income from non-operating properties
$608,488
22,055
$569,367
15,08
Gross corporate income
Deductions from gross corporate income
$630,543
228.568
2584,446
217.360
Net income
Dividends on preferred stock
$401,975
255,000
$367.09q
255.208
Balance available for common stock dividends.--V. 116, p. 2393.
$148,975
$111,882-
FINANCIAL CHRONICLE
2270
-Bonds Called.
Eastern Montana`Light & Power Co.
[VOL. 128.
Massachusetts Gas Companies.
-Larger Dividend.
-
The directors have declared a quarterly dividend of 114% on the outAn of the outstanding 7% gen. mtge. gold bonds, dated May 1 1922,
have been called for payment May 1 next at 105 and int, at the Continental standing_$25.000,000 common stock. par $100, payable 1Way 1 at the Old
-V. 128, Colony Trust Co.. transfer agent, Boston. Mass., to holders of record April
National Bank & Trust Co.. successor trustee, Chicago, Ill.
15. Previously quarterly disbursements of 1 3j% were made on this issue.
.o
p.883.
A record of dividends paid on the common stock to date follows:
1907-'10. 1911-'12. 1913. 1914-'16. 1917,1918-'20. 1921.1922-'27. Feb.'28.
-Rates Deferred.
Fall River Gas Works Co.
Massachusetts Department of Public Utilities has again deferred 3% p. a. 4% p. a.4X% 5% p. a.655% 7%P.a.63i% 5% p. a. 1)(7p'
The
until May 1 1929. operation of the new schedule of rates and charges as -V. 126, p. 2963.
-V. 125, P. 2934.
filed by this company.
National Water Works Corp.
-Capitalization Increased.
The stockholders on April 3 authorized an Increase in the capitalization
Federal Light & Traction Co.
-Listing.
of the company affecting all classes of stock. The capitalization of the
The New York Stock Exchange has authorized the listing on or after company will hereafter consist of 500,000
stock against
April 1. of not exceeding 4,477 additional shares of common stock (par $15 200,000 shares hitherto, 1,000.000 shares shares of preferred stock against
class A common
per share) on official notice of issuance as a stock dividend, making the 200,000 shares and 500,000 shares of class of common
B
stock against 200.000
total amount applied for 452,175 shares ofcommon stock.
-V.128,P. 1554• shares, all of no-par value.
-V. 128, p. 557, 400.
Florida Power & Light Co.
-Earnings Increase.
The company, which supplies electric power and light service in 144
communities in large sections of eastern, central and western Florida,
reports substantial increases in earnings for the month of March, 1929.
Gross earnings for the month were $1,269,799, an increase of 6% _Over
March, 1928. while net earnings for March this year were $657.290 an
increase of 14% over March. 1928. A comparative statement of th caompany's earnings follows:
-IncreaseMonth of March1928.
1929.
Amt. Per Ct.
Gross operating revenues
$1,269,799 $1.190,891 $78,908
6.8
Total operating expenses
612,509
616,435
*3,926
0.7
Net revenue from operations.. $657,290
$574,456 $82,834
14.4
* Decrease.
The improvement in the earnings of the company may be taken as a
barometer of general business conditions in Florida, since the service of
the company reaches nearly every section of the State. The increased
earnings of the company are regarded as an indication that Florida has
turned the corner as a State and is recovering from the business depression
following the period of real estate deflation and the effects of the hurricane
of 1926.
The company is a subsidiary of American Power & Light Co. and is operated under the supervision of Electric Bond & Share Co.
-V.127. p. 106.
' General Gas & Electric Corp.
-Rights, &c.
-H. C.
Hopson, Vice-President and Treasurer, April 1, says:
New York Telephone Co.
-Expenditures Authorized.
-
The directors have authorized the additional expenditure of $11,401,210
for new construction. This brings the total of appropriations made since
Jan. 1 1929, to $30,059,755, of which $26,628,445 has been set aside for
enlargement of plant facilities in the metropolitan area alone.
-V. 128. p•
1727.
North American Co.-Listing.
The New York Stock Exchange has authorized the listing on or after
April 1 of 128,132 additional shares common stock (without par value),
on official notice of issuance as a stock dividend, making a total of 5,276,244
shares applied for.
-V.128, p. 2079.
Northwestern Public Service Co.
-Earnings.Results for Year Ended Dec. 31Operating revenues
Operating expenses and taxes
Retirement
.
1928.
1927.
$2.686,416 $2,414,241
1,813.723 1.608,437
144.816
120.242
Operating income
Non-operating income
$872.693
10.248
$685,562
14,425
Gross income
Interest on funded debt
Miscellaneous interest, amortization, &c
$882,941
348.673
78.658
$699,987
327,514
73,324
Net income
$455,610
$299,149
In order to be in a position to take advantage of current opportunities Divs. paid & accrued on pref. stock
196,587
145.522
for the acquisition of additional securities at favorable prices, the board has Divs. paid on common stock
140,000
determined to offer to the holders of class A and B common stocks and diviBalance
dend participations of record April 15 1929 rights to subscribe for additional
$119,023
$143,627
common stock, class A, at $70 per share, in the proportion of one share for Earnings per share on 35,000 (no par) corn, stock_
$7.40
$4.00
Capital Increase.
each three shares of common stocks or each three dividend participations
-The stockholders on March 26 increased the authorthen held. The privilege of subscription will expire not earlier than May 1 ized common stock from 40,000 shares to 60,000 shares (no par value.)
V. 127. p. 953.
1929.
The management of the corporation expects to present to the stockholders
Penn-Ohio Edison Co.
-Electric Output.
if their approval of this offering on the above basis is indicated by a subK. W. H. Outputstantial participation, a plan of recapitalization which will provide for a
1929.
Increase.
1928.
split-up of the common stocks and dividend participations and will enable Month of March
85,296,750 79,994,570 5,302,180
the board of directors to offer additional subscription rights when deemed 3 mos. ended March 31
255,750,039 242,069,214 13,680,825
12 mos. ended March 31
desirable
998,939,196 927,402,253 71,536.943
This offer has been underwritten so that all shares not subscribed for will -V. 128, p. 2091. 1905.
be taken.
-V. 128, P. 884, 725.
Portland Electric Power Co.
-Rights-Split-up.
The company has notified the common stockholders that It proposes
Key System Transit Co.
-Earnings.
-to
The earnings for the month and 12 months ended Dec.31 1928 were given at change the value of its common stock from $100 a share to no par value.
the same time giving rights to the common stockholders to subscribe to
In V. 128, p. 1542.-V. 126, p. 1810.
one additional share for each three shares previously held at the price of
$331,50 a share. Rights will accrue to stockholders of record on April 13.
Lehigh Valley Transit Co.(& Subs.).
-Annual Report. and payment for the new stock should be made at the office of E. W.
Calendar Years1928.
1927.
1926.
1925.
Philadelphia,
Total gross earnings__ _ $4,314,937 $4.590,261 $4.950,443 $5,047,105 Clark & Co., in stockholders on or before April 29.
The common
April 13 1929
Total op. exp., incl. t,;x_ 3,199,996 3,367,094 3,710,217 3,603,063 certificates at the office of E.of record & Co.. for a may exchange their
W. Clark
corresponding number
of
Net earns, from oper- $1,114,941 $1.223,167 $1,240,226 $1,444,042 to no par value shares, together with warrants giving the right to subscribe
the additional shares.
-V. 126, p. 2149.
Inc.from int. on bonds_
1,067
1.067
977
907
Inc. from int. on notes
Providence (R. I.) Gas Co.
-New No Par Shares Placed
and deposits
32,467
18,791
3,619 on a $1 Annual Dividend Basis.-Stock
28,025
Split-up on a 5 for
Inc.from divs, on stock_
110,076
109,076
110.075
110,075
1 Basis.
Total net earnings_ _ _ _ $1,258,551 $1,352,100 $1.379,304 $1,558,643
The Rhode Island General Assembly at the present January Session
Depreciation allowance_
260,215
243,842
277,712
377.799 1929. passed an act amending the charter to permit a change from $50 par
Int. on funded debt_ _ _ _
554,372
567,676
599.803 stock to stock without par value on the basis of5 shares of stock without par
599,585
Amort.of disc. & exp.-19,589
20.536
21,594
21,705 value for one share of $50 par stock.
This amendment was accepted at the annual meeting of the stockholders
Net income
$424.375
$520,047
$480,413
$559,336 hold March 4 1929, and the board of directors Was authorized to carry
Shares of common outout the provisions of the amendment.
standing (par $50)- - 59.947
59.947
59.947
59,947
The present certificates for $50 par stock may be exchanged for certiEarns. per share on corn$2.92
$4.52
$3.86
$5.18 ficates of stock without par value, on the basis of 5 shares of the new stock
-V.124, p. 2279.
for one share of the old, on and after April 11, 1929, at the office of the
Company, 100 Weybosset Street, Providence, R. I.
London (Ont.) Street Ry.-Annual Report.A quarterly dividend of 25c. per share on the new capital stock without
par value was declared payable on April 1. 1929 to holders of record of
CatendarYears1928.
1927.
1926.
1925.
Gross earnings
$618,961
$638,519
$626,691
$628,918 March 15. This is equivalent to $1 per annum on this issue and compares
Operating expenses
519,690
531,598
528,528
529,011 with quarterly dividend of $1 per share paid on the old capital stock outInterest and taxes
43,766
44,129
43,793
45,418 standing prior to the split up. An extra of $2 per share was also paid
Depreciation
48,625
48,625
38,125
38,125 on Jan. 1. 1929.-V. 128, p. 2092.
Dominion income tax_ _ _
398
1,118
1,287
1,513
Public Service Co. of Oklahoma.
-Annual Report.
-
Calendar Years1928.
1927.
1926.
1925.
Operating revenue
$6.283,062 $4,495,746 $3,122,090 $2,796.690
Operating exp.& taxes
3,733,070 x2,775,185 x2,205,134
1,858,378
Interest
795,948
Massachusetts Lighting Cos.
518,753
248,434
-Annual Report.
279,750
Amort. of debt discount
Income Statement of Trustees of Holding Company.
& expenses, &c
67,493
41.251
27,385
33,990
Calendar Years1928.
1927.
1926.
1925.
Net income
$1,687,451 $1,160,556
$862,557
$631,177
$634,532
Total income
$807.562
$742,045
$728,395 7% prior
224.030
224.301
Expenses, taxes. inc., &c
207,552
91,313
150,526
103,704
140,049
140,070 6% prior lien diva
lien divs
217,350
121,440
15,480
15,468
he
671,152
443,136
t Balance
210,560
2771,244
200.040
$703.858
$601,996
$588,325 Common dividends
Consolidated Operating Accounts of Companies Whose Shares are Owned by
Balance, surplus
$574,010
$371,680
$365,131
$200,952
Massachusetts Lighting Companies.
abs. com,stock outstanding (par $100)
1927.
1928.
96,894
Calendar Years.70,894
1926.
1925.
26,320
25,005
Earned per share
$12.86
Gross income
$4.336,350 $4,118,868 $3,977,473 $3.690,494
$11.49
$18.60
$15.63
x Including retirement appropriation of $368,277.
Net income after exp..
909,514
deprec. & taxes. &c-807,875
792,100
749,815
Comparative Balance Sheet Dec. 31.
Other income
122,462
139.114
151,038
150,042
1928.
1927.
1927.
1928,
ALICtS$
8
Liabilities$
i
Total income
$943.138
$946,988
$1,031,976
$899.857 Fixed capital
38,423,645 28,757,042 7% prior lien atk_ - 3,232,900 3,232,900
Interest charges
149,100
150,889
135,655
164.128 Inventories
372.376
245,447 6% prior lien stk__ 4,100,000 3.100.000
Dividends
655,947
724,044
628,662
605,615 Prepayments
17,986
500,000
7,244 6% pref.stock._ __ 500,000
Subs, to cap. stock
24.935
36,227 Common stock... 9,689,400 7,089.400
Balance, surplus
$140,152
$130,114 Acc'ts At notes rec. 758,612
$165,377
$172,276
45,000
525,798 Cap,stock subscr_
59,900
Trustees' balance
703,859
771,244
588,325 Cash
601,996
422,050
18,280,200 14,282,200
340.800 Funded debt
Deferred charges__ 1,985,510 1,652,945 Consumers'demos. 364,234
264,171
Total, surplus
$767,373
$844,011
$718,439 MIscell. assets_-__
$943,520
56,944
430,192
213,202 Acc'ts payable.... 182,794
Mass. Light,pref. dive-449,623
496,986
551.213
445,877 Ream securities-- 704,008
678,013 Dividends deo'cl... 307,902
241,185
Mass. Light,corn.
145,834
171,506
138.507
171,762
9,100
9,566
Misc. curr. liab
675,640
657,490
Accr. taxes & Int
Surplus
$171.915
$175,519
$134,055
$220.545
1,886.600 1,686,746
Reserves
81n.corn.stk.eutstand'g
38,171
Unadl. credits....
23,766
(no par)
55,939
46,169
57.254
57.254
Total(each side
1,454,123
32,458,720 Surplus
us)-40,76
879,204
Earnings Per share
$5.90 -V.
$5.68
$6.06
$6.85
127. p. 2528.
Balance Sheet of Mass. Lighting Companies Dec. 31.
Assets1928.
Public Service Corp. of New Jersey.
1921.
1928.
Liabilities1927.
-Listing, &c.
Stocks (at cost)_ $8,817,955 $7,851,605 Share capital---x$9,627,966 $9,534,416
The IN ow York Stock Exchange has authorized the listing of an additional
Notes receivable 1,462.392 2,009,892 Serial bonds__
116,000 272,600 shares of common stock (without par value) on official notice of
183,496
Cosh
961
244,705 Acole payable-242 Issuance, and payment in full making the total amount applied for 6,138,888
3,491
Acc'ts receivable
8.266 shares of common stock.
11,405
108,820 Accrued items._
138,428
136,998
The directors on Jan. 22, 1929, authorized the issue of common stock
Reserve for dive.
4,100
57,895 for cash at the rate of $65 per share in the proportion of one share for each
Share subscrIp__
525,000
250,000 20 shares of common and 8% cumulative preferred stock outstanding
Notes payable__
111,206 Jan. 31, 1929.
Total(each side)310,467,334 $10,215,024 Surplus
159,475
x1Paid in 57,254 common shares, 51.164 6% preferred shares and 30,841
William S.Barker,Comptroller,died at Clifton Springs, N.Y.,on April 2
-V 126, p. 2474.
8% preferred shares.
-V.128, p.2092.
Net income
-V. 122, p. 2519.
$6.482
$13,048
$14,958
$14,851
APRIL 6 1929.]
2271
FINANCIAL CHRONICLE
Public Service Electric & Gas Co.
-Annual Report.
Years End. Dec. 311925.
1928.
1927.
1926.
Operating revenue
$87,543,468 $79,636,301 $73.240,609 $64.197,606
Oper, exps. and taxes...,_ 48,121.479 45,341,161 42,488,650 37,671,672
Retire. exps. (dep., &c.) x8,644.069 7,422,273% 7,035,388 6,005,149
Operating income----$30,777,921 $26,872,868 $23,716,570 $20,520,785
Non-operating revenue_ 3,418,524 3,001,893
1,949,553 1,938,018
Non-oper. rev. deduct_
37,184
23,613
25,254
23,883
Non-oper. income_ - $3,381,340 $2,978,010 $1,925,940 $1.912.764
Gross income
$34,159,261 $29,850,878 $25,642.511
Bond int., rentals &
misc, hit. charges---- 10,079,024 10,725,053 10,492,104
Approp. accts., adjust.
of surplus accounts
(excl. divs.)
Cr41
Cr4.186
Dr47,005
Total
$24,084,423 $11,078,819 $15,150,449
7% cum. pref. stock divs 1,400,000
1.400,000 1,400.000
6% cum.pref. stk. diva. 3,104,008 2.674,958
977,500
Common stock
16,843,749 14,526,563 12,052,500
Surplus
$720,449
$477,298
$2,736,666
Surp.begin'g of period
13,524,686 13.047,388 12,326.940
$22,433,550
8,772,767
INDUSTRIAL AND MISCELLANEOUS.
Raises Copper Miners' Pay.
-The fourth increase in pay tominers of the
Bisbee (Ariz.) district since Oct. 1928 was announced April 1 by copper
producers. N. Y."Times," April 3, p. 43.
Matters Covered in "Chronicle" of March 30.-(a) Fifty-six export associations representing 800 industrial enterprises formed under Webb-Pomerene Act according to Dominick & Dominick, p. 2009. (b) Federal Trade
Commission to conduct inquiry into newsprint industry in accordance with
Senate Resolution, P. 2022. (c) 1,042 companies in 1928 report rise of
17.19% in net profits over 1927, according to Ernst & Ernst, p. 2022.
(d) First quarter Standard 011 dividends break all records, distributons
total $63,379,618, highest in any three months period compilation by C.H.
Pforzheimer & Co., p. 2023.
-An issue
Abercrombie & Fitch Co.-Pref. Stock Offered.
of $1,000,000 7% cumul. pref. stock (par $100) is being
offered by Hincks Bros. & Co., Hartford, Conn., at 102%
43,679.943
1.400,000 yielding 6.83%.
Cr19,160
827.500
9,285,000
$2,167,443
10,159.496
Surplus end of period_$16,261,352 $13,524,686 $13.047,389 $12,326,939
Earns, per sh. on pref.
stks. outstanding end
of period
$339.08
$30.30
$33.57
$26.60
x Includes $202,025 Camden Coke Co. retirement expense.
-V. 128.
P.884.
-Earnings.
Rochester Telephone Corp.
Calendar YearsOperating revenue
Operating expenses
1927.
1926.
1928.
$4,818,545 34.473.809 $4,168,000
3,374.088
3,757,211 3,667,081
Net earnings from operations
Non-operating revenue
$1,061,334
63,152
3806.727
35,569
3793.912
68,218
Total income
Interest deduction
$1,124,486
360,876
$842,296
325,663
$862,130
317,455
Net income
First preferred dividends
Second preferred dividends
Common dividends
3763.610
135,080
240,700
5,000
3516.633
130.328
240,700
5.000
$544,676
80,890
240.700
5,000
Balance, surplus
Ins. of corn. outstand'g (par $100)
Earnings per share on common
-V. 126. P. 3119-
$382,830
1,000
$387.83
3140,605
1,000
$145.61
$218,086
1,000
$223.09
State Line Generating Co.-7'o Issue Notes.'-'
A petition has been filed with the Indiana P. S. Commission asking
authority to issue and sell $7,000,000 of 2
-year 5%% notes.
The petition states that as of Feb. 28 of this year, a total of $18,911.000
has been expended in connection with the construction of the large generating staticn of the company, being erected on the shore of Lake Michigan
at the Indiana-Illinois State line in Hammond. It relates that the Commission last year authorized the issuance and sale of $14,000,000 of 2
-year
53% notes, the sale of which yielded the net sum of 313.489,000, all of
which has been expended in the construction of the station. The new
Issue of $7,000.000 of 2
-year notes will be used to repay open account
borrowings and to secure additional funds which will shortly be required
In the construction of the station.
The total coat of the station, which will be placed in operation in the Fall
of this year, is estimated at $28,500.000. The electric output of the station
will be purchased by the Northern Indiana Public Service Co.and the Interstate Public Service Co. which operate in Indiana and the Commonwealth
Edison Co. which serves Chicago and the Public Service Co. of Northern
Illinois.
-V. 127. p. 3706.
Scranton Spring Brook Water Service Co.
-Earnings.
Years End. Dec. 31Operating revenue
Operation expense
Maintenance
Taxes (excl. Federal income tax)
Preferred as to dividends, and as to assets in case of voluntary or involuntary liquidation up to $110 per share plus divs. Dividends payable
Q.
-J. Red. as a whole or in part upon 30 days' notice at $112.50 per
share, plus divs. Transfer agent, Irving Trust Co. Registrar, Equitable
Trust Co., New York.
Outstanding.
Authorized.
Capitalization*31,736,7010
7% cumulative preference stock ($100 par)--- $2,000,000
71,800 shs.
Common stock (no par)
100.000 shs.
*Including $4,900 held in treasury.
Data from Letter of J. S. Cobb, President of the Company.
Business.
-Company was established in 1895 as a partnership and
was incorporated in New York in 1904. In the fall of 1928 the comapny
acquired a substantial interest•in Von Lengerke & Detmold, Inc., of New
York, and in Von Lengerke & Antoine, of Chicago. The business of
Von Lengerke & Detmold, Inc.. is now housed in the Abercrombie &
Fitch building.
The business of the company and its subsidiaries consists in the merchandising of a large variety of goods for outdoor life throughout the year,
and includes all of the equipment used in shooting, fishing, camPin,
exploration, hunting, polo, golf, tennis, skating, and in general the whole
range of outdoor sports, including appropriate outdoor clothing and boots
and shoes for both men and women. Company also sells indoor games,
pocket cutlery, cameras, dog supplies, and everything for the traveller.
Assets.
-The consolidated balance sheet as of Jan. 31 1929, adjusted
to give effect to this financing, shows current assets of 22,965,197 and
current liabilities of 3401,763, or net current assets of $2,563,434. which
is equivalent to over $147 for each share of preference stock to be presently
outstanding. Net tangible assets are equal to $158 per share of preference
stock to be presently outstanding.
Earnings.
-The business has been operated profitably for the past 33
years. Consolidated sales and net earnings after depreciation and Federal
Income taxes at the present rate of 12% for the years ending Jan. 31
1926-29 for Von Lengerke & Detmold, Inc., and Von Lengerke & Antoine,
and for the years ending Dec. 31 1925-28 for Abercrombie Sr Fitch Co..
as certified to by Searle, Oakey & Miller, Public Accountants, are as follows:
Year1925.
1926.
1927.
1928.
Net sales
$5,029,180 $5,231,953 $5,577,296 $6,122,129
246,158
Net earnings
344.684
463,226
179,536
2.02
2.84
3.81
Times pref. div. earned1.48
Sinking Fund.
-As a sinking fund for the preference stock there shall
be set aside a sum equal to 10% of the net earnings for the preceding fiscal
Year, and in any event an amount not less than 2%% of the maximum
amount of preference stock at any time outstanding. The sum so set
aside shall be applied to the purchase of preference stock at not exceeding
the redemption price, and if not so obtainable shall be used to call by lot
sufficient shares to exhaust the moneys in the sinking fund.
-Proceeds of the sale of this $1,000,000 preference stock will
Purpose.
be used to pay off bank loans incurred in the purchase of Von Lengerke
Detmold, Inc., and Von Lengerke & Antoine, and for other corporate
purposes.
-Earnings.
Abraham & Straus, Inc.
1928.
1929.
Years End. Jan. 31$25,421,916 $25.571,1501
Net sales
Cost of sales,sell. operat.
23,417,995 23,575,6481
&c.,expenses
1927.
19261
Not
Available.
1927.
1928.
$4,815,857 $4,166.529
1,122,491
1,154,611
$2,003,920 31,995.501 $1,681,332 $1,398.303
Net profit
368,801
377.865
214,532
236,496
118,722 Depreciation
170,885
160,000
235,000
250,000
210,000
Provision for Fed.taxes_
Net earnings from operation
$3,153,681 $2,515,331
31,557,424 $1,530,968 $1.446,332 $1,238,303
Netincome
Other income
457
24,162
310,944
297,500
297,500
267,750
Preferred dividends.. _ _ _
Gross corporate income
$3,154,138 $2.539.493
$927.359
Balance,surplus
$1,289,674 $1,233,468 $1,148,832
Ann'l int, req. on total funded debt
1,629,075
Shs, of corn. outstd'g (no
-V. 128. p. 249.
155,000
155,000
155,130
155.000
Par)
$5.98
$7.96
$7.41
$8.32
Earns. per sh.on coin_ _ _
United Corp. (Del.).-Transfer Agent-Registrars.1929.
1928.
1929.
1928.
The transfer agent for all classes of stock is J.P. Morgan Sz Co. Registrars
Liabilities
Assets$
I;
are: for the preference stock, First National Bank of the City of New
Preferred stock_ _ _ 3,825,000 4,250,000
York; for the common stock and option warrants, Bankers Trust Co. of Land, bidgs., equip
x3,595,845 3,071,385 Common stock_ _ -y1.402,450 1,387,500
Ste
New York. (See also V. 128, p.249).-V.128,P. 1729.
5,150,000
1 Gold debs
1
Goodwill
863,347
Cash& call loans 5,623,218 1,671,622 Accts. payable_ _ _ 889,157
Utilities Power & Light Corp.
-Listing.
250,000
210,000
The New York Stock Exchange has authorized the listing of 28.000 Accts.& notes rec_ 2,771,550 2,569,894 Federal taxes
74,375
additional shares of class A stock (without par value), on official notice Mark. securities_ _ 2,361,199 1,209,480 Pref, diva. pay _ _ 66,937
250,000
47,500
89,694 Pref, money mtge_
of issuance and payment in full, making the total amount applied for Sundry debtors_ _ _ 134,655
249,247
3,272,140 Res.for cont'g., &c 276,297
2,893,409
Inventories
1,098,000 shares of class A stock.
5,912,410 4,784,064
139,703 Surplus
On Feb. 28. the directors authorized the issuance of 28.000 shares of M heel.invest_ _ _ _ 135,074
84,614
264,800
class A stock to continue the corporation's policy of offering for purchase Prepaid expenses
such stock to class A stockholders to be paid for by cash dividend for the
17,779,751 12,108,533
Total
17,779,751 12,108,533 Total
current quarter of 50 cents per share, payable April 1. 1929, such sale to
-V.
be at the rate of $20 per share.
-V.128, p. 1228.
x After depreciation
. y Represented by 155,130 no par shares.
128, p 2093.
.
West Kootenay Power & Lt. Co., Ltd.-Earnin s.-
Calendar Years
Gross earnings
Expenses
Bond interest
Depreciation
Writ. off
Sinking fund
Other interest
1928.
1927.
1926.
1925.
32,133.526 $1,923,701 31,660.669 $1,041,125
536,406
522,685
385.387
344,772
152,494
160,663
221,582
172,751
507,511
507,232
465.072
364,863
209
146
311
112,491
105,479
99.262
95,854
16.594
13,591
4,487
23,206
Acme Steel Co.
-Earnings Improve.
Earnings for the first quarter of 1929 were substantially ahead or earnings for the corresponding period of last year, according to President R. H.
Norton, who added that the outlook for the second quarter of this year is
highly satisfactory. He stated that business is running at such a rate
that the management is considering expansion through fthe acquisiton
of further plant properties. The company, which paid a 50% stock
dividend on Feb. 1 last, reported earnings for 1928 of 32.183,408, equivalent
to $11.93 a share on the old stock and to $7.96 a share on the amount of
stock now outstanding.
-V. 128. p. 728, 402.
Net income
Dividends
$807,822
35,000
$614,051
35,000
$484,733
35,000
$39,368
35,000
Balance
Tax adjustment
Previous surplus
$772.822
26,667
1.045,417
$579,051
$449,733
The stockholders on March 29, authorized an increase in the common
stock (no par value) from 1,000,000 shares to 1,300.000 shares. It Is
11.374 Proposed to use all or part of the increased shares for various acquisitions
with negotiations which are in progress looking toward synchronization
8 p 19 .
. th 0tur
sound-wi--pic7 es both for the home and public performance field.
$16.M2 of v
466,339
16,609
Profit dr loss surplus_ $1,844.906 $1,045,390
-V. 126, p. 3120.
3466,342
-Acquires
Adams Express Co.
Railway Express Co. stock.
-
-Earnings.
West Texas Utilities Co.
Income Account for Year Ended Dec. 31.
Operating revenues
$6,676,429
Operating expenses & taxes (incl. retirement approP., $265,459) x4.466,806
Operating income
Non-operating income
$2,209,623
73.515
Gross income
Interest on funded debt
Miscellaneous interest, amortization, &c
$2,283.139
760,911
173,932
Net income
Dividends paid on preferred stock
Dividends paid and declared on common stock
$1.348,295
605,440
610.514
Balance, surplus
$132,341
Earnings per share on 221,115 common shares (no par)
33.36
x Including retirement appropriation. $265,459.-V. 127. p. 2821.
Acoustic Products Co.-Stock Increased.-
:0
6
E4 87
cr3 8
Additional
American
The Adams Express Co. has purchased from the American Express Co.
the latter's entire holdings of American Railway Express Co. stock. This,
with the holdings which it previously had, makes the Adams Express Co.
the owner of approximately 75% of the entire capital stock of the American
Railway Express Co. Since the sale of the assets of the American Railway
Express to the railroads,the American Railway Express Co.is at the present
time virtually an investment trust with some $42,000,000 in cash and securities in its treasury.
The American Railway Express Co. has outstanding 346,420 shares of
stock. When the stock was listed in 1924, this amount was held by Adams.
American and Southern Express companies and Wells Fargo & Co. Adams
held 109.043 shares, American Express 122,710 shares, Southern Express
10,000 shares and Wells Fargo 104,667 shares. Wells Fargo has been
steadily liquidated, and presumably a portion of its stock has been acquired
by Adams, since combining Adams' original holdings with American's
original holdings would not reach 75% of the total issue. or 259.81$ shares.
-Y. 128. p. 1895
2272
FINANCIAL CHRONICLE
-Annual Report.
Advance Rumely Co.
1926.
1925.
Calendar Years1928.
1927.
Gross profits from oper_ $3.717,880 $2,378.622 $3,244,364 $2,824,041
771,684
595,440
576,477
609,428
Other income
Totalincome
$4,313,321 $2,955,099 $3,853,792 $3,595,725
2,186,187
Sell., gen.& adm.exp
2,592,239 2,388,781
2,376,173
279,926
Debenture & other int
384,162
459,948
410,106
496,963
Depreciation reserve
470,037
497,037
545,768
92,071
Provision for Fed. taxes_
116,738
81.376
Net profitfrom oper_ Pref.dividends
Prior years Federal taxes
$750,143 def$340,666
$540,577
$440,369
(2;1)280,690 (3)374,253
36.768
Balance,surplus
Previoussurplus
$750,143 def$340,666
8-1,290
1,161,956
$122,911
1,039,044
$166,344
872,720
Profit & loss surplus_ _ $1,571,432
$821,290 $1,161,956 $1,039,044
Pdf.shs.outstg.
(par 100)
125.000
125,000
125,000
125,000
Earned per share
Nil
$4.33
$3.52
$6.01
Balance Sheet December 31.
1928.
1927.
1928.
1927.
Assets
LiabilitiesPf. stk.6% cum _c12,500,000 12,500,000
Land, buildings St
equipment
a4,666,604 4,979,038 Common stock_ _b13,750,000 13,750,000
Outside real estate. 106,094
119,054 Notes payable...... 3,000,000 3,375,000
Trade marks and
Accts. pay. (incl.
323,886
accrued pay roll) 532,334
names, patents,
126,762
262,727
good-will,/cc_ _ _13,000,000 13,000,000 General taxes_ _ _ _
Operditconting.res.
Secur. purch. and
222,150 (excl. of provis'n
in treas.(at cost)
24,900
Inventories
b5,848,380 5,116,207 for depreciation) 1,606,367 1,659,990
1,571,432
821.290
Customers' notes
Surplus
(Incl.int. accr.). 8,419,962 8,518,350
Trade accounts_
264,012
154,473
Misc.accts. reedy. 124,173
249,753
6,853
Invest. securities_
7,303
660,653
83,491
Cash
101,229
107,111
Deferred charges
Total
33,222,861 32,556,929
33.222,861 32,556,929
Total
a After deducting $4.380,258 reserve for depreciation. b Inventories of
raw materials, finished and partly finished products, repair parts and
supplies, &c., valued at cost or market prices, whichever were lower:at
factories, $3,682,541; at branches, $2,165,839. c Pref. stock, auth., issued
and fully paid, 125,000 shares of $100 each. d Common stock, 137,500
shares of $100 each.
Note.
-Arrears in cumulative dividends on preferred stock at Dec. 31
1928 amount to $29.25 per share.
-V. 127, p. 1809.
Allegheny Corp.
-Initial Preferred Dividend.
The directors have declared an initial quarterly dividend of 1%% on
the 5%% cum. pref. stock, series A, payable May 1 to holders of record
April 15. (For offering see V. 128, p. 728.)-V. 128, p. 1557.
Allied Packers, Inc.
-Plan Declared Operative-Deposits.
[tioL. 128.
American Express Co.
-Sale of Holdings in American
Railway Express Co.
-See Adams Express Co. above.
-V.
128, p. 1731.
American Hide & Leather Co.-Transfer Agent.
-
The Chase National Dank has been appointed transfer agent for 100,000
shares of 7% cumul. pref. stock (par $100) and 115,000 shares of no par
value, common stock.
-V. 128, p. 559.
American Radiator & Standard Sanitary Corp.
Listing-Rights, &c.
The New York Stock Exchange has authorized the listing of (1) temporary certificatesoxon r 4 8eA shares
ssono
for7br .
6
Issuance
exchange
stock :f Standard Sanitary
f
notice on
a share-for-share basis, and (2) temporary certificates for' •160 shares
A,937 .
of common stock without par value (out of a total authorized issue of
15,000,000 shares) on official notice of issuance in exchange for common
and pref. stock of American Radiator Co. and common stock of Standard
Sanitary Mfg. Co. on the basis of four shares of such stock for one share
of pref. stock of Radiator, four shares of such stock for one share of common
stock of Radiator and 1.09043 shares of such stock for one share ofcommon
stock of Standard.
American Radiator & Standard Sanitary Corp. was incorporated in
Delaware March 26 1929 for the purpose, among other things, of acquiring
shares of stock of American Radiator Co. and of Standard Sanitary Mfg.
Co. both of which were organized under the laws of New Jersey in 1899.
'
The corporation was formed pursuant to a plan, dated Feb. 11 1929.
providing (1) for the exchange of the 30,000 outstanding shares of pref.
stock of Radiator on the basis of four shares of common stock without
par value of the corporation for each such share of Radiator; (2) fon the
exchange of the 1,322,620 outstanding shares of common stock of Radiator
on the basis of four shares of common stock wihout par value of the corporation for each share of such stock of Radiator; (3) for the exchange of
the 47,864 outstanding shares of pref. stock of Standard on a share-for
share basis of the pref. stock of the corporation, and (4) for the exchange
of the 3,234,486 outstanding shares of common stock of Standard for
common stock without par value of the corporation on the basis of 1.09043
shares of the latter for each share of such stock of Standard.
The plan was declared operative on March 26 1929. The privilege of
deposit under the plan has been extended to May 1 1929. Up to the
close of business on March 27 there had been deposited for exchange more
than 77% of the outstanding Radiator pref. stock. 78% of Radiator common
stock.84% of Standard pref. stock, and 81% of Standard common stock.
The common stockholders of record May 2 will be given the rights to
subscribe on or before June 3, at $25 a share, for additional shares of common stock (no par value) at the rate of one share for each ten shares held.
The subscription privilege will also extend to the holders of record,
May 2 1929, of certificates of deposit (Issued under the deposit agreement
as of Feb. 11 1929) exchangeable for common stock at the rate of one share
of common stock for each 10 shares of common stock for which such certificates of deposit are exchangeable.
This offering has been underwritten by the First Security Co. and
J. P. Morgan & Co.
Francis D. Bartow of J. P. Morgan & Co.and Jackson E. Reynolds,President of the First National Bank, have been elected directors.
-V. 128.
p. 2094, 1057.
The reorganization committee has declared the plan and agreement,
American Railway Express Co.
-Control Held by Adams
dated Nov. 1 1928, operative. The time within which deposits under
-V. 128, p. 1229.
the plan may be made without penalty has been extended to April 23. Express Co.-Seo latter above.
The Central Union Trust Co. of New York, 80 Broadway; Chicago Trust
American Safety Razor Corp.
-Listing.
Co., the First National Bank of Philadelphia and the First National Bank
The New York Stock Exchange has authorized the listing of certificates
of Boston are depositaries under the plan (see V. 127. p. 2958,3400,3543).
for 20,000 additional shares of captial stock (without par value) on official
The Central Union Trust Co. of New York is depositary for the prior
preference, senior preferred, preferred and common stocks of the company notice of issuance, for cash and other considerations, making the total
and will receive deposits of these securities until the close of business April 23 amount applied for to date 228,120 shares.
The 20,000 shares, are to be issued to United Cigar Stores Co. of American
upon payment at the time of deposit of the first instalment of the purchase
price
-$2 per share-and interest on said installment at the rate of 6% pursuant to resolutions adopted by the board of directors at their meeting
on Feb. 1 1929, for considerations consisting of cash In the amount of
from Dec. 8 last to date of payment.
-V. 128, p. 887.
$950,000 and the agreement of United Cigar Stores Co. of America over
a period of 10 years to advertise, display and feature the products
American Alliance Insurance Co., N. Y.
- corporation in the stores of the company and subsidiaries. The of the
-40c. Div.
entire
The directors have declared an initial quarterly dividend of 40 cents proceeds of this issue will be capitalized.
-V. 128, p. 1731.
per share on the new common stock, par $10, Payable April 15 to holders
ef record March 30.-V. 128, p. 1229.
American Steel Foundries.
-Listing.
The New York Stock Exchange has authorized the listing of 90,275
additional shares of its common stock (without par value) on official notice
American Chatillon Corp.-Listed.
There have been placed on the Boston Stock Exchange list 41.000 shares of issuance on or after April 2 1929, upon payment in full in cash, making
(par $100) preferred Stock series A, with authority to add thereto, 9,000 the total amount applied for 993,020 shares. See also V. 128, p. 1559. 1731.
additional shares as notice of issuance and payment are had, and 531,000
-Rights, &c.
American Sumatra Tobacco Co.
shares without nominal or par value, common stock, with authority to add
The common stockholders of record April 12 will be given the right to
thereto 9,000 additional shares on notice of issuance and payment in full subscribe on or before May 6 for 36.050 additional shares of common stock
50,000 additional shares as they may be issued through conversion of the (no par value) at $45 per share on the basis of one new share for every five
preferred stock and 10,000 additional shares as they may be issued as common shares owned. The proceeds will provide for the retirement of
bonuses to employees.
the outstanding preferred stock.
Corporation was organized in Delaware, April 26 1928, for the purpose,
Tile directors have voted to retire the $1,500,000 outstanding 7% preamong other things, of engaging in the manufacture, the buying,selling ferred stock at 110 and dividends.
-V.127, p. 2822'
transporting, &c. of rayon or artificial silk. At Rome, Ga., it is completing
Hallgarten & Co. will underwrite the new stock offering.
a plant for the manufacture of rayon by the acetate and viscose processes.
American Writing Paper Co., I nc.-Earnings.Its authorized capital consists of 100,000 shares of preferred stock (par $100)
of which 61,000 are outstanding and 1,000,000 shares of common stock
1928.
Calendar Years
1927.
(without par value) of which 531,000 shares are outstanding.
Gross sales
$12,987,464 $14,208,129
788,419
868,599
The voting power is vested in the common stock except under specified Returns allowance & discounts
5,661,167
6,346,701
conditions. The preferred stock,series A is entitled to cumulative dividends Raw materials consumed
1,436,196
1,604,315
at the rate of 7% per year, and on liquidation or dissolution whether Direct labor
3,296,166
3,738,083
voluntary or involuntary, the preferred stock is entitled to $110 per share Manufacturing expenses
19,456
120,156
before any assets are distributed among holders of any other class of stock. Inventory adjustments
284,217
296,217
The preferred stock has received dividends regularly since its issue. No Administrative expenses
883,316
725.083
dividend has been paid upon the common stock. As issued, these shares, Selling expenses
of both classes, are full-paid and non-assessable and no personal liability
Operating profit
$508,975
$618,525
attaches to ownership.
119,511
131,592
Transfer Agents.
-State Street Trust Co., Boston, Mass. and Brooklyn Other income
Trust Co., New York, N. Y.
Total income
$628,487
$750,117
Registrars.
-Old Colony Trust Co., Boston, Mass. and New York Trust Other expense
125,271
106,255
Co., New York, N . Y.
Interest on bonds
327,960
330,009
Reserved for Federal income tax
23,384
39,908
-To Split-Up
American Commercial Alcohol Corp.
Stock.
-
The directors have voted to call a meeting of the common stockholders
of record April 15 to be held on April 26, for the purpose of amending
the charter to split up the present no par common shares on a two-for-one
basis and to increase the authorized amount of no par value common
-V. 128, p. 1731.
stock from 300,000 to 750,000 shares.
-Exchange of Stock:
American Cyanamid Co.
Net profit
$277,994
$149 832
Earns, per sh. on 90.000 shs. pref. stock (no par).._
$1.66
$3.08
Balance Sheet Dec. 31.
1927.
1928.
1928.
1927.
AssetsLiabilities$
$
$
$
Land, bldgs., equip
Capital stock
x9,345,322 9,318,522
exe
x11,049,223 10,508,013 Accounts payable_ 546,298
466,184
Cash
1,329,050 1,172,670 Accrued accounts52,177
86,996
Notes & accts. n3e.
795,300
Serial notes
610,000
Ste
1,012,862 1,271,026 Mortgage bonds_ 5,466,000 5,500,000
.
Inventories
2,494,751 2,713.425 Federal tax res.....
23,384
49,751
Sales of assets, &c_ y407,598
149.832
489,701 Surplus
427,825
Investments
2
2
Trade urirks,goodwill, &c
1
1
Deferred charges._ 238,705
150,561
The company is sell-ding out formal notices to the preferred and class A
and B common stockholders asking for the exchange of stock certificates
under the reorganization plan voted by the directors on March 14 and
approved by the stockholders on April 1. The old certificates are to be
surrendered to the transfer department of the Equitable Trust Co. of
New York.
Under the terms of the reorganization the authorized class B stock was
Increased from 1.000,000 to 1,600,000 shares and the par value of the class
A and class B shares was changed from $20 a share to no par value. An
Total
16,532,192 16.305,199
16,532,192 16,305,399
Total
offering of the additional class B shares, which do not carry voting power,
x After depreciation of $7,253,503. y Net amount realizable through rewill be made to holders of the class A and class B stocks of record May 14,
organization and sale of assets. z Represented by 90,000 no-par shares of
on the basis of one new class B share for every 3 class A or B shares owned.
-V. 128. p. 1399.
Rights will expire on June 17. Holders of the $100 par value 6% pref. $6 preferred and 200,000 no par shares of common.
stock will receive in exchange for each share of pref., two class B shares
American Yvette Co., Inc.
-February Business.
until Sept. 1.
The company did a business of $239,421 during the month of February,
The proceeds of the new issue are to be used for installations and equip- This amount represents an increase over the month of January although
ment, both on new properties recently acquired and on the Warners, there were 4 less business days.__The company, which operates a nationN. J., and Florida properties.
wide chain of
expanding its Detroit unit to twice its forThe directors have stated their intention to continue dividends on the mer size, the beauty salons, is
enlarged salon being scheduled for
opening
increased stock at the present quarterly rate of 30 cents per share regular early April. formal p. 1399. of this
-V. 128.
and 10 cents per share extra. See also V. 128,p. 1908.
American Druggist Syndicate.
-Stricken from List.
The common stock was stricken from the list of the New York Stock
Exchange on March 26. This company was recently acquired by V.
-See V. 128, p. 251.
Vivaudau, Inc.
Anaconda Wire & Cable Co.-Initital Dividend-Acguis.
An initial quarterly dividend has been declared on the capital no par value,
payable May 6 to holders of record April 15.
This company, a subsidiary of the Anaconda Copper Mining Co., on
April 4 authorized the purchase of all the assets of the Tubular Woven
APRIL 6 1929.]
2273
FINANCIAL CHRONICLE
Fabric Co., of Pawtucket, R. I., and the Maring Wire Co. of Muskegon,
Mich., and Anderson, Ind.
The Tubular company is one of the best known manufacturers of rubbercovered wire and the Maring company is one of the largest manufacturers of
magnet wire. With the recent acquisition of the Inland Wire & Cable Co.,
the Anaconda Wire & Cable Co. becomes one of the first companies to
manufacture all lines of insulated. wire.
Assets of the Anaconda Wire & Cable Co. now exceed 320,000.000, it is
-V. 128, p. 1908.
stated.
Bankers National Investing Corp.
-President.
Reginald H. Smith, partner in the firm of Hale & Dorr, Boston attorneys,
has been elected President. Mr. Smith is treasurer of the Harvard Law
School Association and a director of the Bankers National Life Insurance
Co. of New Jersey, of the Beneficial Loan Society of Boston and of the
-V. 128, p. 1909.
Boston Legal Aid Society.
Baldwin Locomotive Works.
-Receives Order.
R. B. White, president of the Central R. R.of New Jersey, announces
the placing with the Baldwin Locomotive Works an order for 5 switching
locomotives of the 0-8-0 type. The engines will cost approximately $250.000
and will be delivered Sept. 30, next.
-V. 128, p. 2095.
-Stock
Berkshire Fine Spinning Associates, Inc.
Offered.
-Baker, Young & Co., and Old Colony Corp., are
offering at $40 a share 33,000 shares common stock (no par
value).
-Transfer Agent.
Briggs & Stratton Corp.
The Chase National Bank has been appointed transfer agent in New
-V. 128. p. 1910.
York for 360.000 shares of capital stock, no par value.
-Bonds Offered.Broadway-Barry Bldg., Chicago.
Greenebaum Sons Investment Co. is offering $400,000 1st
mtge. 634%-serial gold bonds of the Broadway-Barry Bldg.,
Chicago. Dated April 1 1929, maturing 3 to 10 years.
The bonds are priced to net 64% on maturities 6 to 10 years. inclusive.
and on maturities from 3 to 5% years, inclusive to yield 5.88% to 6.14%.
The entire building has been leased for 15 years at a yearly rental of $68,000
to the Chicago Ritz Garage Corp. Rental provided for is 2.72 times maximum yearly interest charges on the entire issue. The bonds are secured by a
closed first mortgage on land, building, equipment and earnings.
-Acquisition.
Brunswick-Balke Collender Co.
The company has acquired the entire stock of the Bremer Tully Manufacturing Co., of Chicago. Ill., licensed by Hazeltine Latur, Radio Corp. of
America, Westinghouse Electric. General Electric Co. and the Meisner
Co.
-V. 128, p. 1734.
-Earnings.
Bush Terminal Co.(& Subs.).
1925.
1926.
Years Ended Dec.31- 1928.
1927.
Gross earnings
$8.811,417 38.979,582 $9,126,158 58.813.724
4,781,455 4.523.418
Operating expenses
4.233,528
4,512.727
1,141.502
1,204,274
1,126,949
1,142,902
Dividends exempt from present Mass, and normal Federal income taxes. Taxes
1,103,907
1,022,842
Transfer Agents, Old Colony Trust Co., Boston,and Chase National Bank, Interest
1,031,805
989.098
175,824
Depreciation
175,956
New York.
207,802
183,744
137.778
202,600
237,940
216,926
Company.-Borkshire Cotton Manufacturing Co., Valley Falls Co., Income tax
Coventry Co., the Greylock Mills, and Fort Dummer Mills are being
Netincome
$1,931,408 $1,929,123 51.786.076 31,731.296
consolidated into the Berkshire Cotton Manufacturing Co. a new Mass5,364
138,000
138,000
achusetts corporation, under the name Berkshire Fine Spinning Associates, Pref. divs., Bush Ter.Co
138.000
Inc. The Berkshire Fine Spinning Associates, Inc., will own directly or Pref. diva. Bush Term.
490,000
Bldgs.Co
through stock ownership all of the properties and good will of the five
490,000
490,000
490.000
companies above named wihch five companies are hereinafter referred to as Common divs., Bush Ter86,077
minal Co.(cash)
442.403
76.549
the constituent companies.
199.081
-The mills of the constituent companies are Common dive. (stock)_ 123.658
Properties and Business.
482,256
361.617
482,219
482.211
located at Adams,North Adams and Williamstown. Mass.;at North Pownal Debenture diva
and Brattleboro, Vt.; and at Albion and Anthony, R.I. They are equipped
Balance,surplus
$312,302
$655.602
$618,697
$675,866
with 515,384 spindles and 11,353 looms. They manufacture fine grades of
226,638
153,219
137.770
cotton textiles and specialize in fine lawns, batistes, nainsooks, organdies. Shs.of corn. out.(no par)
137.776
$4.21
$5.34
$5.38
$4.91
dimities, handkerchief cloths, broadcloths, oxfords, sateens, rayon and silk Earns, per share on corn..
mixtures.
Comparative Consolidated Balance Sheet Dec. 31.
Authorized. To Be Issued.
Capitalization1927.
1928.
1927.
1928.
$12,500,000 $6.647.200
it 7% cony. pref. stock ($100 par)
Assets,
y500,000 shs. 195,854 shs.
Common stock (without par value)
10,865,967 10,865,967 Guar. pref. stock. 7,000,000 7,000,000
x Convertible into common shares on the basis of two common shares for Land
Y Improvements- -19,105,029 18,893,422 Debenture stock- - 6,889.986 6,889,986
each preferred share.
1.268,182 1,389,738 Common stock. _x3,450,449 3,251,213
y Includes 132,944 shares to be reserved for issue upon conversion of Construction
GoodwUl
3.000,000 3,000,000 Funded debt
20,798,000 21,033,000
preferred stock initially issued and 55,000 shares to be reserved for issue upon Sales
building- _ - 3,768,415 4,585,030 Dividends payable 2,338,621
266.106
to the underwriters entitling
exercise of stock purchase warrants to be issued
1,222,973 1,170,486 Accts. & notes pay 481,534
554,840
the holders to buy common shares at $45 per share for the first two years, Equipment
424,153
361,146
for the second two years, $52.50 for the third two years, $57,50 for Furn. & fixtures_ _ 423,155 1,877,532 Accrued interest.-- 357,721
$47.50
2.885,798
Accrued taxes_ __ _ 220,618
256,084
the fourth two years and $60 for the fifth two years. Provisions will be Investments
1,356,247 3,081,016 Red.6% pref.stk _
2,530,000
, made designed to protect the stock purchase warrants and the conversion Cash
Emp.stk. subscr'p 103,604
141,700 Accrued expenses6,966
8,391
privilege of preferred stock in case of stock dividends, &c.
30,391
22,790
Earnings.
-The following statement is contained in the Certificate of Accounts receiv___ 1,080,523 1,101.751 Other current liab1,060,035 Other liabilities_ _ 282,324
284,275
°ornery, Davison & Jacobson, Accountants, with respect to the earnings of B.T.stock subs_
20,522 Surplus
Accr. str. lab. &c_
14,659
6,060,064 5,882,201
the constituent companies:
70,000
65,000
"The average combined annual net earnings of the constituent companies Securities owned_ _
74,256
76,595
as shown by their books for the years from 1915 to 1928, inclusive, after Deposits
232,028
all charges for operating expenses, maintenance, repairs and Federal taxes Advance payments 282,581
12,249
7,487
but before charges for depreciation equal $1,214,834. In each of the 14 Insurance loss rec_
303,573
220,584
combined earnings of the Supplies
years stated above, with the exception of 1921,the
2,153
1,775
constituent companies on the above basis show a profit. In arriving at the Other cur. assets _
37,783
Total(each side)45,813,103 48.338,612
57,783
combined annpal net earnings the fiscal years not calendar years have, for Misc.Investments.
x Represented by 230,029 no par shares, of which 3,291 shares are to
convenience, been considered as calendar years."
The managements of the constituent companies state that during the be issued Feb. 1 1929 in form of stock dividend. y After depreciation
Years 1915 to 1928 incl., the charges on the books of the constituent com- of 32,578,331.-V.128, p. 1233.
panies for operating expenses, maintenance and repairs in lieu of charges
for depreciation were ample to maintain the properties in excellent con-Subsidiary to Expand.
Butler Bros., Chicago.
tion.
A dispatch from Chicago says that the Scott Stores. Inc., a subsidiary
The average combined annual net earnings of the constituent companies which plans to have 100 stores in operation after the end of its first year'
as stated above would equal at least $3.82 per share on the common stock of has set a goal of several thousand stores. Ray N. Brinkman will join
the enlarged company after allowance for the dividends on the preferred Scott Stores, Inc., on April 16, as vice-president in charge of the real estate
stock.
department.
-V.128, p. 1402.
The earnings referred to resulted from the independent operations of the
Constituent companies and do not reflect any of the material advantages
-Earnings.
-Lead Co.
Callahan Zinc
which are expected as a result of the consolidation. It is expected that
1927.
1926.
1925.
1928.
Calendar YearsInitially dividends at the rate of $3 per share per annum will be paid on the
5118.386
598.141
$33.290
5216.161
Income__
common stock.
48.207
193,487
219.4011
273,714
Assets -As shown in the pro forma balance sheet as of Dec. 31 1928 the Expenditures
ratio of the current assets to the current liabilities will be in excess of 10
470.179 def$95,346 def$186,119
x def$57,553
Operating profit
to 1.
x Before depletion and depreciation.
Officers.
-Chairman of the board, Charles H. Sherrill; Pres. Gilbert T.
V.
,
Thompson; Vice-Pros. & Treas., Edward G. Chace; Vice-President, Wallace - 127, p..3095.
E. Stoddard (in charge of sales); Vice-President, John H. McMahon (in
-Production.
charge of operation); Asst. Treas., Linsley V. Dodge; Clerk and Sec.,
Calumet 8c Arizona Mining Co.
Henry C. Halle.
1928.
1927.
1926.
1929.
Copper Output (Lbs.)Directors.
-The above and Herbert G. Beede, Arnold B. Chace, M. G. January
4,312,000 4,132,000 3,728,000 3,474,000
• Chace, Edwin N. Chapman,Sanford A. Daniels, W.R.L. McBee,Stephen February
5,102,000 4.082,000 3.000,000 3.590,000
Plunkett, Jr., Philip Stockton and March
0. Metcalf, Ralph H. Paige, Charles T.
6,228,000 4,038,000 5,408,000 4,020.000
Charles N. Stoddard.
- 128, p. 1911. 1734.
V.
Best & Co.
-Earnings.
Year End. Jan. 31Income from sales
Costs & expenses
Depreciation
Federal taxes
1929.
1928.
$13,345,643 $12,519,017
12,037,156 x11,360.199
116,563
See x
188,000
180,000
Net profit
Preferred dividends
Common dividends
$1.003.924
25,156
450.000
$978.818
1325,472
a225,000
-Earnings.
Canada Iron Foundries, Ltd.
Period EndingOperating profits
Other income
12 Mos.End. 15 Mos.End.12 Mos.End.
Dec.31 '28. Dec. 31 '27. Sept. 30 '26.
$320,027
$341,922
$454,820
82,704
52,744
122,290
$464,212
195,059
31,980
4,689
Total income
Depreciation
Interest..
Maintenance
$507,564
243,824
72.754
6,529
$402,731
195.059
59.899
8,950
Surplus
$528,768
$727,346
$138,828
$184,457
$232,484
$6.52
Net income
Earns, per share on 150.000 shs. corn. stk.(no par)
$6.33
(6%)193,890 (4)155,112 (4)155.112
x Includes depreciation. a Dividends paid on the new no par stock. Dividend
b Estimated.
$38,594
$29,345 def$16,289
Surplus
Condensed Balance Sheet Dec. 31.
21.142
4,853
34,198
Previous surplus
1929
199.
1928.
1928.
Dr.35,698
Transferred to gen. res.fund
LiabilitiesAssets$
5
$
$
•
Accounts payable_ 456,146
349,107
Land,bides.. equip
$34.198
$4,853
$37,095
Profit and loss surplus
44,573,520 3,640,097 Contract daps_
553
500
&o
1
I Tax accrued
237,515
184,372 -V.128. p. 1734.
Good-will
23,687
44,765 Other accruals_ _ _ 237,795
225,639
Prepayments Ac..-Larger Dividend.
Canadian Bronze Co., Ltd.
Divs. payable12,736
Expenses funds In
3,671
8,321 Real estate mtge..- 950,000
950,000
The directors have declared a quarterly dividend of 623-f cents per share
t hands of emp1-872,153 6% pref.stock
_ 231.100
300,862
318,400 on the no par value common stock, payable May 1 to holders of record
Cash
1.206,180 1,234,956 Common stock_ _ _z3,750.000 3,750,000 April 19. A quarterly disbursement of 50 cents per share was made on
Inventories
1,782,699 y1,514,037 Res.for contings
33,816
50,236 this issue on Feb. 1 last
-V. 128, p. 732.
Accounts receiv
Unearned surplus..
61,652
21,562,
70,610
Supplies on hand
Earned surplus_ _ 1,933,605 1,391,730
Canadian Consolidated Felt Co., Ltd.
-Resumes Div.
The directors have declared a dividend of 2}f% on the
7.892,182 7,312,330 stock, payable April 15 to holders of record March 30. 7% cumul. pref.
71892,182 7,312.330 Total
Total
This is the first
a lees depreciation charges,&c. of $568,583. y Includes notes receivable disbursement on the issue since July 1914.-V. 126, P. 3597.
x 150,000 no par shares -V. 127, p. 1393.
Canadian Westinghouse Co., Ltd.
-Earnings.
-
--Earnings.
Bingham Mines Co.
(Including Eagle & Blue Mining Co.)
1927.
1925.
1928.
1928.
W Calendar Years$1.036,727 $1,600,163 $1,315,642 $1,690.992
Gross earnings
1,158,631
988,174
1,019.339
732,389
Oper.expenses,taxes,&c
129,772
146,274
61,716
135.080
).One developments_ _ .. Net operating gain-- -Outside int.(E &
Less
B. B.M.Co)
$169.258
5311,760
$267,752
$525,379
46
64
3,065
2.176
$169,305
0311,695
$264.688
$523,202
Bingham Mime Co net
,14?l
et
aili ten
epir ' )r7.!
-V. 127, p. 2823.
Years End. Dec. 311927.
1928.
1926.
1925.
Net after expenses
33.748,503 $2.551.189 $1.796.742 51,473.387
Depreciation
395,000
240,000
250,000
245.000
Dominion taxes
280.000
187,000
140,000
131.000
Donation to pension fund
100.000
40.000
20.000
50,000
Net income
52.973.503 51.074.190 51.366,742 51.077,387
Patents, rights. &c
499.999
Dividends paid
1.080,000
743.290
743.290
838,116
Balance,surplus
11.893.503
1736.074
1623.452
$334.007
Shares of capital stock
outstanding (par $100)
Barn. per sh. on cap.star
-V. 127, D. 1811.
n
A.A
InIt313 LTI.
.
2274
FINANCIAL CHRONICLE
Capital Administration Co., Ltd.
-Stock Certificates
to Be Ready May 10.
The company announces that on and after May 10 1929 holders of allotment certificates may receive certificates for the number of shares of 6%
cumul. pref. stock, series A, and class A stock represented by the allotment
certificates at the office of the transfer agents of the corporation, the New
York Trust Co., New York City, or the National Shawmut Bank ofBoston,
Mass.
-V. 128, p. 1911.
(A. M.) Castle & Co.
-Dividends Dates.
The extra dividend of 25 cents per share and the regular quarterly dividend
of 75 cents per share are payable May 1 to holders of record April 19 (not
April 20 as currently reported last week.)
-V.128. p. 2095.
Cerro de Pasco Copper Corp.
-Larger Dividend-New
Directors, &c.
-The directors on April 3 declared a quarterly
dividend of $1.50 per share on the outstanding 1,122,842
shares of common stock, no par value, payable May 1 to
holders of record April 11. In each of the preceding three
quarters a regular dividend of $1.25 per share was paid.
Previously the company paid quarterly dividends of $1 per
share, and, in addition, paid an extra dividend of $1 per
share in December 1925 and December 1926. No extra distribution was made in December 1927.
Edward H. Clark has been elected President to succeed the late Louis T.
Haggin. Cl. V. Drew succeeds Mr. Clark as a Vice-President.
Roy C. Gasser (of Anderson & Anderson), J. P. Greer (of C. D. Barney
& Co.), and Campbell Locke (one of the executives of the L. T. Haggin
estate) have been elected directors to take the place of Ogden Mills, J.
Horace Harding and Louis T. Haggin, deceased.
-V. 127. p. 111.
Certo Corp., Rochester, N. Y.
-Merger With Postom
Co. Approved.
The stockholders on April 4 approved a plan and agreement dated Feb.
23, 1928. providing for the conveyance of substantially all the properties
and assests of the corporation in exchange for 351,000 shares of stock of
the Postum Co., he dissolution, liquidation and winding up of the Certo
• Corp. and the dstribution to its stockholders of the shares of Postum stock
-See also V. 128, p. 1912, 1561.
received in exchange for its properties.
-Co-transfer Agent.
Cessna Aircraft Co.
The Bankers Trust Co. has been appointed co-transfer agent for the
-V.127, p..3095.
common stock, no par value.
-Extra Dividend.
Charis Corp.
The directors have declared the regular quarterly dividend of 50 cents
per share and an extra dividend of 25 cents per share on the common stock,
no par value, both payable May 1 to holders of record April 18. Like
-V. 128, p. 406.
amounts were paid on Nov. 1 1928 and on Feb. 1 last.
Chicago Mill & Lumber Corp.
-Leases Plant.
The company has leased for 10 years the property of the Wilts National
Veneer Corp. and under the terms of the lease will pay $1,350,000, plus
maintenance, taxes and insurance. This lease is assigned to, deposited
with and the rental is paid to the trustee of Wilts National Veneer Corp.
-V.
1st mtge. 6% serial gold bond issue. See latter company below.
127. p. 2825, 2961.
Cleveland Stone Co.
-Extra Dividend of $10.
The directors have declared an extra dividend of $10 per share, payable
April 15 to holders of record March 28. An extra distribution of 25 cents
per share, in addition to the regular quarterly dividend of 50 cents per
share, was paid on March 1 to holders of record Feb. 15. An extra dividend of 25 cents per share was paid in each of the four preceding quarters,
while an extra distribution of 50 cents per share was made on Dec. 1 1927.
-V.128. p. 892.
Calendar Years1928.
xOperating profit
loss$221,042
28,547
Fixed charges
Tax reserve
36,171
Pref.stk.sink. fund_..--
1927.
$224.317
30,114
29,131
42.525
1926.
$567,911
48.268
77,946
50,486
1925.
$672,354
88.361
87.599
50,874
loss$285,760
Net profit
75,515
Preferred dividends-Common dividends
$122,547
78.422
$391,211
80,336
218,214
$445,520
80,880
218,214
Balance,surplus
361,275
$44.125
$92.661
-V.125, p. 1667.
x After depreciation and depletion.
$146,426
-Stock Certificates Ready.
Columbia Pictures Corp.
The Bank of America, N. A., is prepared to exchange interim receipts
for convertible preference stock and common stock. See also V. 128. p.
1561, 1912.
-Extra Dividend-Listing.
Columbian Carbon Co.
The directors have declared an extra dividend of 25 cents per share and
the regular quarter dividend on $1 per share, both payable May 1 to holders of voting trust certificates of record, April 17. Like amounts were
paid on Feb. 1 last. From Feb. 1 1923 to Nov. 1 1928 inclusive, the company paid regular quarterly dive. of $1 per share.
The New York Stock Exchange has authorized the listing of voting
trust certificates for 15.000 additional shares of capital stock, (without
par value). on official notice of issuance, in exchange for all of the outstanding capital stock (1,000 shares of common) of the Magnetic Pigment
Co. making the total amount applied for voting trust certificates for
-V. 128. p. 2079.
457:344 shares.
-Listing.
Commercial Solvents Corp.
The New York Stock Exchange has authorized the listing of 4,441
additional shares capital stock (without par value), on official notice of
issuance as a stock dividend, making the total amount applied for 226,517
shares.
-V.128, p. 734. 1234.
Consolidated Mining & Smelting Co., of Canada, Ltd.
Income Account, Calendar Years.
1927.
1928.
1926.
1925.
$29,296,520 $31,438.567 $32,650,727 $28,562,066
5,130,329 4,309,160 4,836,184 5,009,939
866,462
776.442
479,173
94.196
335.293.311 $36.524.169 $37.966,083 $33,666,202
Total
Ore. previous year
4,409,160 4.836,184 5,009,939 4,700,468
3,421,206 4,349,582 2.208,183
Custom ore
3,698;691
Freight & ins, on ores
762.454
764,937
from company's mines
913,064
631.331
General,&c.,expenses
12,893,720 11,572,064 11,124,962 9.535,248
Develo ment expenses
646.877595,609
588,310
597,943
Depreciation
1.745,948 1,565,835 1,354,233 1,123,758
Depletion
523,881
535,250
521,432
650.799
Directors'fees
6,360
6.130
4,725
6.340
Written off
4,321
6,454
2,654
1.178
Fire insurance reserve
193.670
62.994
234,679
97,188
Employees pension fund
100,000
200,000
14,578
Bond interest
517,521
Interest, bank and gen'l23.557
142,486
68,534
23,537
Income & mineral taxes.. 1.158,333 1.388,989 1,887,864 2,474,769
Net income
Dividends
$9.182.829 $11.750,969 $12.027,399 $10.780.637
6,366,593 6.358,875 5.078,492 3,238.054
Balance
$2,816,236 35,392.094 $6,948,906 $7,542,583
Profit and loss balance-413.247.852 113.199.696 $12,398,109 $8.723.975
nip. cap. stk. outstand.
509.463
508,221
507.012
508.863
(no par)
$18.24
Barns.parshare
, $23.08
$23.67
$21.26
Balance Sheet Dec. 31.
1928,
1927.
1928,
1927.
Assets-'
$
$
Liabilities$
$
Properties
12,581,583 10,844,370 Stock
12,736,575 12,721,575
Plant
12,586,503 13,024,850 Prem.on stock
2,294,520 2,294,520
Ores, metals, arc.5,130,329 4,309,160 Accts. payable__ 2,789,200 3,703,594
.
Stores, &c
3,408,736 2,788,959 Dividends payable 3,187,406 3,183,816
Advances
28,590 Reserves
16,158,084 13,278,238
Accts.receivable_ 1,885;912 2,173,103 Surplus
• 13,247,852 13,199,695
aShareholders_
137
Bonds, eec
13,629,130 13,575,501
Cash
1,167,455 1,629.339
Defer, charges _- 23,993
7,426
Totals(ea.side) 50,413,645 48,381,440
a Due upon shares alloted.-V. 127. p. 3546.
Continental Oil Co., (Me.) & Subs.
-Earnings.-
Calendar Years
Gross operating income
$62,776,262 $55,281.843
Cos s, operati g and general expense
t
n
50.400,997 45,834,853
Taxes (exclusive of Federal)
*726,099
797,853
Intangible development costs
2.339.348 2,905,736
Depletion (cost) and lease amortization
.632,75
1,876,07
Depreciation,retirements and other amortization_ _ 3,906,963
3.830,619
Net operating income
$3,770,103
$36,706
Non-operating income (net)
460,651
319,503
Total income
$4,230,754
$356,209
Interest and discount on funded and long term debt 809.733
180,678
Other interest
56,764
326,092
Profit for period
33.364,256 108E4150,561
Profit applicab leto minority interests
16,565
15,431
Net profit accrued to corporation
$3,347,691 los4135,129
Shs. capital stk. outstanding (par $10)
3,645 242 3.612.350
Earns, pershare$0.91
Nil
*In addition to the amount of taxes shown above, there was paid (or
accrued) for State gasoline taxes the sum of $4,288,309 in 1928 and
$2,776,129 in 1927.
Consolidated Balance Sheet Dec. 31.
1928.
1927.
1925.
1927.
Assets$Liabilities$
Prop.,leases, wells,
Capital stock
36,452,420 36,123,350
refineries, &c_ _x57,147,701 57,222,640 Notes & accts. pay 3,060,711 2,537,160
Cash & callloans__ 5,900,033 5,863,858 Accr. & 0th. Habil_ 894,857 637.660
82,425 10-yr. 534% g.deb.11,700,000 12,00040
Marketable secur_ 694,229
4
Notes receivable__ 596,975
685,917 Equip, trust notes
Accts.receivable__ 3,831,243 3,355,017 Sapulpa ref. bonds 462,900
535,500
Mdse.,mat'l & sup.11,806,951 9,989,333 Continental 011
Other curr. assets_
32,654
26,676
bldg. notes
630,000
665.000
Investments
2.535,747 2,470,744 Def. Day. Prop.
Sinking and special
purcb. contracts
775,000
funds
20,787
20,787 Contract payable_ 223,860
261,810
Deferred assets- 1,730,683 1,878,132 Res. for Fed, tax,
annuities & cont. 585,973
547,763
Minority int. in
affiliated cos_- 429,841
431,903
Total(each side)84,297,004 81,595,532 Surplus
29,856,440 27,039,377
x After deducting $65,802,699 reserves for depreciation, depletion, dec.
-V.127, p. 3709.
Credit Alliance Corp.
-25c. Extra Dividend.
-
The directors have declared an extra dividend of 25c per share on the
common and class A stock and a regular quarterly dividend of 25c. per
share on the common and class A stocks. payable April 15 to holders of
record April 3. Like amounts were paid on Jan. 15 last. Prior to the
300% stock distribution recently made on these issues in class A stock,
the company in each of the four preceding quarters paid a regular dividend
of75 cents per share and an extra dividend of $1.25 per share on the common,
and class A stocks.
-V. 128, p. 734.
Croft & Allen Corp.
-To Reopen Plant.
-
Clinchfield Coal Corp.
-Earnings.
-
Sales
Inventories
Other revenue
[vol.. 128.
This corporation has been reorganized and the plant at Bethlehem. Pa..
employing about 700 persons, will soon be put in operation, according to;
an announcement. Frank P. Snyder of Bethlehem, Pa., is the new president of the corporation; R. C. Boeckel of New York, vice-president and
general manager; Albert Zimmerman of Philadelphia 2nd vice-president;
William F. Metzger of Philadelphia, secretary, and 0.1.Morse of New York
City, treasurer. The other members of the board of directors are:Frank
B. Croft, Philadelphia; Thomas B. Greening, Seattle, Wash. Mr. Morse,
was also elected chairman of the board. The capacity of the plant is
-V.128, A• 1913.
25 tons a day.
Crown Cork International Corp.
-To Control Businesses
in Six Foreign Countries.
An outstanding merger in the cork industry is announced through the
formation under the laws of Delaware of the above corporation, which
will acquire and develop companies engaged in the bottle crown business
and other branches of the cork industry outside of the United States. The
new company has purchased control of companies in Germany, France, and
Spain and will acquire all the principal foreign subsidiaries now owned by
the Crown Cork & Seal Co. of Baltimore City and the Crown Cork & Seal
Co., Inc. The companies of which control already has been purchased, or
will be acquired. are engaged in the manufacture of natural cork discs and
completed bottle crowns with plants located and distributing their manufactured products in England, Spain, Germany, France, Brazil and Canada
The company will own either directly or through subsidiary companies, a
controlling interest in the following companies: (1) the Crown Cork Co
.
Ltd. of Southall, England;(2) the Crown Cork Co. Ltd. of Rio de Janeiro,
Brazil'(3) the Wallis Crown Cork Co. Ltd. of London, England; (4) Crown.
Cork & Seal Co. Ltd. of Toronto, Canada;(5) the Fulham Manufacturing
.
Co. Ltd. of London, England;(6) Corchera Internacional, of Seville, Spain;
(7) Mies de H. A. Bender, of San Feliu, Spain; (8) H. A. Bender Sohn°,
of Mannheim, Germany; (9) Korkfabrick Frankenthal-Bender & Co. of
Frankenthal. Germany; (10) Societe du Bouchon Couronne, of Paris,
France.
The aforementioned companies are said to be the leading manufacturers
in the world of natural cork discs, bottle crowns with a business extending
Into many foreign countries. These foreign subsidiaries will be operated
with a centrarsupply of raw material, which, together with the installation
of modern equipment and the consolidation of plant facilities wherever
possible, is regarded as a sound economic development and should result in
increased profits. The combined properties, upon completion of certain
plant improvements, will have a capacity of 24,000,000 gross lots of crownsper year and 20,000,000 gross lots of natural cork discs. Combined sales for
1928 were approximately 19,000,000 gross lots. Net sales of the subsidiary
companies in 1928 exceeded 35.200.000.
The Crown Cork & Seal Co.. Inc., has its plants in Baltimore, Md.,
and it will provide a market in the United States for natural cork discs, and
for all of the waste products of the Crown Cork International Corp. The American company will have a substantial interest in the stock of the new
corporation and will be represented in the management. It is intended to
Install in the subsidiary companies the same methods formerly used in the
United States by the New Process Cork Co., Inc. and recently by the
Crown Cork & Seal Co., Inc.
Capitalization of the Crown Cork International Corp. to be outstanding
consists of 310,000 shares of no ppm, class"A"stock and 200,000 shares of no
par class "B" stock. Paine, Webber & Co., members of New York Stock
Exchange,are the bankers.
The Bank of America, N. A., has been appointed co-transfer agent/of
400.000 shares of class"A"stock.
Crown Cork & Seal Co. of Baltimore City.
-Transfer
of Control of Foreign Subsidiaries.
See Crown Cork International Corp. above.
-V.126, p. 110.
Crown Cork & Seal Co., Ltd.
-Control.
See Crown Cork International Corp. above.
-V.127, p.552.
Crown Cork & Seal Co., Inc. (New York).
-Transfer
of Control of Foreign Subsidiaries.
See Crown Cork International Corp. above.
-V.127,P. 1812.
APRIL 6 1929.]
2275
FINANCIAL CHRONICLE
assessable. Equal share for share in voting power with class B stock
Cuba Cane Sugar Corp.
-Obituary.-Dividends free of present normal Federal income tax. Corporation agrees
Albert Strauss, a member of J. & W. Seligman & Co., died late last to pay into
Dec. 31 of each calendar year
week. He was also a director of the Cuba Cane Sugar Corp., the Manati commencing a sinking fund, on or before surplus or net profits remaining
with 1931, an amount out of
Sugar Co., the Pierce-Arrow Motor Car Co., the Cuban Tobacco Co.,
purchase, at
class A
the Brooklyn-Manhattan Transit Corp. and the Irving National Bank & after all dividends onshare, upstock, sufficient to acquire by class A stock
not exceeding $20 per
to 2% of the largest number of
Trust Co. etc.
-V.128. p.408.
shares which shall ever have been issued and outstanding. Registrar.
Bank of United States, New York; transfer agent, Anglo-South American
Davis Coal & Coke Co.(& Sub. Cos.).
-Earnings.
Trust Company, New York.
Calendar Years1925.
1928.
1927.
1926.
Authorized Capitalization.
Sales
$2,546,111 $3,482,440 $3,665,248 $3,343,040 Class A common stock (no par)
100,000 shs.
Oper. costs, sell. & gen.
Class B common stock (no par)
*200,000 Binh
expenses,taxes, &c__ _ 2,413.238 3,213,221
3,149.655
3,427,679
* Represented by voting trust certificates.
Empl. group life insur. &
Organization.
-Corporation has been organized in Delaware with
Indus. relation active_
22,558
20,427
13,840
18,498
broad powers, but particularly to acquire, hold, sell, underwrite and offer
Depletion, depreciation,
141,752 securities of every nature. It is designed to afford to investors an oproyalties & amortiz'n_
193,385
149.622
187.211
portunity to participate in selected and diversified investments and in under$29,073 writings and other financial operations, and to obtain the advantage of
Profit from operations def$30,588
$23.757
$63,509
245,349 constant, experienced management for their funds.
Net inc. fr. other sources
331,912
161,918
154.373
• Management.
-The initial board of directors will consist of bankers and
Profit before interest_ $123,785
$274,422 business men selected by International Bank and Bennett, Converse &
$355.669
$225,427
Schwab, Inc., who have purchased 60,000 shares of class B stock. For
Int, on bonded debt..
69,905
67,498
48,974
each share of class A stock issued, they have agreed to purchase one share
Prov. for Federal taxes,
of class B stock, and will receive options to purchase for cash 100,000
contingencies, &c_ _ _ _
15,804
6,656
additional shares.
Other Charter Provisions.
-The consent of the holders of two-thirds in
Net income
$204,517
$288,171
$160,649
$117,129
Dividends declared
325,686 interest of the class A stock then outstanding shall be necessary to create
325,692
or issue any preferred stock, unless immediately after the issuance thereof
Profit & loss Cr. adjust.
11,760
the net assets of the corporation, after deducting redemption value of such
preferred
Balance
sur$128,889 sur$160,649 def$37,521 def$121,169 to create stock, are equal to at least $20 for each share of class A stock, or
any funded debt, unless immediately after the creation thereof
Shares of capital stock
54.294 the net assets of the corporation, before deducting face value of funded
outstanding par $100)
54,294
54.294
54,294
Earns.per sh.on cap.stk_
$5.31
$3.76 debt, are equal to at least 200% of the funded debt.
$2.95
$2.16
So long as any class A stock is outstanding, the corporation will not
-V. 126, p. 2972.
make any distribution upon or purchase any of its class B stock if thereby
-Receives Order for 200 the net assets applicable to class A stock would be reduced below $20 per
Dayton Airplane Engine Co.
share of class A stock. Neither class of stock will have any preemptive
"Dayton Bear" Motors.
right of subscription.
The company announces that it has just received an order for 200 "Dayton Bear" light aircraft engines from Alexander Industries of Colorado
Evans-Wallower Lead Co.
-Earnings:
Springs, Colo. The "Dayton Bear" is the only four-cylinder in line air
Earnings for Year Ending December 31, 1928.
cooled motor which has been approved by the Department of Commerce.
Net sales
$3.288.348
V. 128, p. 1404.
Cost of sales
2,816,429
-Stock Offer- Selling expenses
Deisel-Wemmer-Gilbert Corp., Lima, 0.
54.321
80,708
ing.
-In our issue of March 30 we stated that A. E. Aub & General & administrative expenses
Management bonus
37,660
Co., Cincinnati, recently offered 40,000 shares corn. stock.
While this firm did advertise the issue, the underwriting was
not theirs but was made by H. W. Noble & Co. of Detroit,
Mich., who should have been given the credit for underwrit-V. 128, p. 2097.
ing this issue.
Eagle & Blue Bell Mining Co.
-Earnings.
Calendar YearsGross inc.from oper_ _
Operating expenses_ _ __
Prospecting & develop__
1928.
$115,108
95,077
22,249
1927.
6262,578
232,311
27,072
1926.
$410,250
315,860
42,231
1925.
$296,894
187,987
35,505
Net operating inc____ loss$2,617
Other income_
956
$3,195
652,159
56.517
$73,402
2,430
Net income
Dividends paid
loss$1,661
$3.195
$108,677
44,657
$75.831
89,315
Balance,surplus__
-V. 126, p. 2320.
loss$1,661
$3,195
1928.
$739,521
112,300
1927.
$491,939
74,323
1926.
$486.068
225,438
1925.
$521.128
211,010
Total income
Operation and maint__ _
$851,821
744,485
6566,262
652,080
$711,506
790,343
$732,138
746,434
Loss on operation
pf.$107,335
Depreciation
5,435
Foreign exploration_ _ _ _
556
Appreciation copper investment
Miscellaneous chgs
597
$85,817
5,447
7,806
$78,837
33.123
19.347
$14.296
67.802
7,756
Deficit on all oper
-V.126, p.2154.
$91,313
$131,306
Increase. 1929-3 Months
-1927.
$560.127
$155,3741$790,374
$89,854
Increase.
$230,247
Electric Storage Battery Co.
-Registrar.
The National City Bank of New York has been appointed registrar for
the preferred and common stock.
-V. 128. p. 1563.
Emporium Capwell Corp.
-Merger Negotiations Off.
-
President A. B. C. Dohrmann has issued the following statement: "In
regard to the rumored negotiations between this corporation and Hahn
Department Stores, Inc., I wish to point out that such negotiations have
never progressed beyond a conversational stage, no negotiations are being
conducted at the present time, nor are any further negotiations in prospect."
-V. 127, p. 3097.
Emsco Derrick & Equipment Co.
-New Stock Placed on
a $1.60 Annual Dividend Basis.
The directors have declared a quarterly dividend of 40 cents per share
on the outstanding 400,000 shares of capital stock, no par value. payable
April 25 to holders of record April 10. This is equivalent to $12.80 per
share on the old $100 par capital stock which was recently split up on an
-for-1 basis. Prior to this change in capitalization, the old shares were
8
on an $8 annual dividend basis.
-V. 128. p. 736.
Equitable Office Building Corp.
-Earnings.
1929.
9 Mos. End, Jan. 311928.
1927.
1926.
Rentals earned
$3.989.646 $3,882,854 $3,704,095 $3,288,015
Miscelaneous earnings- 345,122
278,380
237.652
198.603
Total
Operating expenses
Depreciation
$4.334,769 $4.161,234 $3,941,747 $3,486,618
838,482
762,120
747.170
669.167
206.836
206,836
205,849
201,957
Net operating profit
Other income
$3.289,451 $3.192.277 $2,988,728 $2.615.494
52,358
44.002
22,162
18,945
$3,341,809 $3,236,279 $3,010,890 $2.634.439
Total income
1,637,098
1.645,219
1,647.478
Int..real estate taxes, &c 1,638,514
207,000
210.000
162.000
Prov.for Federal taxes
100,000
$1.496,295 81.389.181
$407.353
96,463
95,319
30.570
Net operating profit
Profit on sale of capital assets
Adjust. appli. to prior years,incl.refund of Federal taxes, etcInterest charged to construction
$185,001
31,642
57,948
4,069
Total surplus
Write down of value of invest.in Foch Mining Co.stock
Organization expenses, written off
Dividends paid on preferred stock
$278,659
70,102
56,383
97,177
$1,203,671
$54,997
-Earnings.
Fageol Motors Co.
(Including Fageol Motors Sales Co.)
Earnings for Year Ended Dec. 31, 1928.
Net sales
Cost of goods sold
Factory expense
$3,612,564
2.793,819
390.093
$688,961
Gross profit from sales
Royalties
Interest & discount & miscl. profit
$428,652
75,000
159.471
Gross profit from operations
Commercial & selling expense
Interest & discount
$663,123
303,576
157.037
Profit before Federal income tax
-V. 128. p. 1739.
7,758
Edison Brothers Stores, Inc.
-March Sales.
-
Net profit
-V. 128. p. 118.
Total operating income
Provision for depreciation
Provision for depletion
Abandoned properties
Earned surplus
-V. 128, p. 1405.
East Butte Copper Mining Co.
-Earnings.
-
1929
-March-1928.
$388,080
6232,706
-V. 128, P. 1913.
6299,230
80,251
15,534
12.338
$64,020 def.$13,484
Calendar YearsGross value ores shipped
Other income
pf.$100,747
Balance of income
Income from jointly owned properties
Interest received, less paid
Miscellaneous income
6202,510
(The) Fair (Depart. Store), Chicago.-Reg. Divs. etc,
The directors have declared two regular quarterly dividends of 60c. a
share on the common stock, no par value, and two regular quarterly dividends of 1I.4% On the preferred stock, par $100, payable May 1 and Aug.
1 to holders of record April 20 and July 20, respectively. From May
1 1925 to Feb. 1 1928, incl., dividends on the common stock were paid at
the rate of 20c. monthly.
J. J. Phelan, Jr., and J. Espovich have been elected directors, succeeding R. J. Goerke and P. J. Nugent, resigned.
President D. F. Kelly announced that net sales of the company for the
year ended Jan. 31, were most satisfactory and that sales for the months
of February and March were $500,000 in excess of sales during the same
months of 1928, a gain of about 12%.
In January 1929, the company purchased all of the capital stock (except
directors' qualifying shares) of E.Iverson & Co., Chicago.
-V.128. p. 1914
Fajardo Sugar Co.
-Omits Dividend.
The directors have voted to omit the quarterly dividend of $2.50 a share
on capital stock, due at this time. From May 1 1925 to Feb. 1 1929.
incl., quarterly distributions of this amount were paid.
-V.126, p. 3536.
Farrand Building, Detroit.
-Offering
-Bonds Offered.
of $700,000 1st mtge. 6% serial gold bonds has just been
made by Straus Brothers Investment Co., Chicago.
These bonds are secured by land appraised at $280.000 and by the Farrand Building appraised at $985,070, a 4
-story structure to contain 10
stores and 133 apartments. The estimated net earnings of the project are
$92,176.80. The bonds mature from 1932-41 and are priced to yield 5.80%
to 5%.
Fashion Park Associates, Inc.-Acguisition.-
A contract has been completed looking to the merger of The Hub-Henry
C. Lytton & Sons, of Chicago. with the above corporation. Counsel
for the respective enterprises are now engaged in the legal detail necessary
to consumate the arrangements. George Lytton will become a director
of Fashion Park Associates, Inc. and will act as president and general
manager of The Hub
-V.128. p. 2098.
Federal Bake Shops,. Inc.
-March Sales.1920-Afarch-1928.
$411,351
$364,510
-V. 128, p. 1739, 894.
Increased 1929-3 Mos.-1928.
$46,8411$1,124,774 $1,014,293
Increase.
$110,481
(Wm.) Filene's Sons Co.
-Holding Company to Be
Equity Ownership Shares, Inc.-Stocks Offered.-Inter- Formed-Deposits Asked.
national Bank, Washington, D. C., and Bennett, Converse
See F. & R. Lazarus Co. below and Abraham & Straus, Inc. in last week's
& Schwab, Inc., New York, are offering 100,000 shares "Chronicle," page 2093.-V. 128, p. 736.
First Illinois Co.
class A common stock at $1S per share, payable 50% on
-Preferred Stock Offered.
-W.E.Willard
& Co., Inc., New York, are offering 10,000 units of partic.
allotment, 25% June 1 and 25% Aug. 11929.
Class A stock is preferred as to dividends, cumulative from August 1 class A cumul. pref. stock. Stock is offered in units of 5
-F., and as to assets
1929. at the rate of $1 per share per annum, payable Q.
to tho extent of $20 per share and diva. in eveut of liquidation. It partici- shares at 3150 per unit.
pates equally share for share thereafter with class B stock in payment of
dividends and distribution of assets. Non-callable. Full paid and non-
Preferred as to assets and dividends. Entitled to cumulative dividends at
rate of$1.75 per share per annum. In addition, will participate in the profits
2276
FINANCIAL CHRONICLE
up to $2.50 per share before any dividends can be declared or paid on the
common stock. Preferred over common stock as to assets up to $35 per
share and dive. in the case of liquidation. Red. at $37.50 per share on 30
days' notice. Non-voting except that each share of class A stock will have
equal voting rights with common stock, share for share, it for any four consecutive quarterly periods less than the $1.75 per share per annum is paid;
such voting rights to continue so long as such default shall continue.
Authorized. Outstanding.
Capitalization250,000 she. 10,000 she.
Class A cumulative stock (no par)
100,000 shs. 29.000 shs.
Common stock (no par)
[VOL. 128.
Comparative Balance Sheet.
Dec.29'28. Dec. 31'27.
Dee.29'28. Dee.31 '27.
Assets$
$
Liabilities-$
Land, bidgs., &c_24,005,482 12,893,929 Capital stock....a42,610,000 10,945,000
17,932 Funded debt
Mortgages owned_
8,192,498 7,209,000
Inventories
162,969
16,589,797 14,374,423 Mortgages
83,490
Cash value ins
354,464
247,776 Adv. Payments..
132,559
. 202,363
Accts. receivable_ 2,852,604 1,024,285 Accounts pay.,&c. 3,486,426 1,426,931
Cash
3,496,058 2,046,436 Notes payable
1,164,594 2,175,000
Call loans
Tax reserve
5,700,000
250,000
515,874
Leaseholds & rental
500,000
Dividends pay . 916,102
335,193
deposits
Foreign remittance
38,319
Inv. in other cos_ _15,923,279 5,240,018 Res. for contIng
285,935
Deferred charges
1,437,020 1,158,404 Surplus
16,565,995 14,000,395
38,970
Sundry invest__.... 3,309,387
Data from Letter of H. P. Heiss, Pres. of the Company.
-Organized in Delaware to buy, sell and trade in stocks and
Company.
securities of any kind; to participate in underwritings and syndicates and
to engage in such other investment activities as its board of directors may
determine. Corporation will own all of the common stock of the First
Total
Illinois Co.,together with 51% of the common stock of the First Illinois Co.
74,003,276 36,840,173 Total
74,003,276 36,840,173
of Pa. The predecessor company was founded in 1919 and incorporated as
a Represented by 820,660 no par shares of class A and 100,000 no par
the First Illinois Co. in 1925 as securities dealers, dealing in high grade shares of class B stocks.
-V. 127, 1)• 3405.
public utility, railroad, municipal, industrial, and real estate bonds and
stock.
General American Tank Car Corp.
--Earnings.
-The assetsof the present company,as of March 4 1929,as shown
Assets.
Calendar Years1928.
1927.
1925.
1926.
on the balance sheet, amounts to $2,283,018, which is equivalent to more Gross sales & rent
$23,354,316 $20,199,066 319.802,8921
Not
than $228 per share of every share of preference stock to be outstanding.
before taxes. Cost of sales,&c.incl.tax 19,443.561 17.278,020 17,537,879! Available
-Average net earnings for more than two years,
Earnings.
amounted to $70,866. or more than 4 times dividend requirements on the
Net income
$3.910.753 $2,921.046 $2,265,014 $2,003.956
to be presently outstanding preference stock, and for 1928 and 2 months of Prof. dividends
481,117
553,924
574,425
596,013
1929, earnings were approximately $217,700, or more than 12 times the Common dividends
1,220,605
1,801,922
910,710
760,200
dividend requirements.
be used to finance the increase
-The proceeds of the issue will
Proceeds.
Balance to sur •
$1.627.714 $1,146,517
$779,878
$647.743
in the volume of business, to provide additional working capital and, in Shs.com.stk.out.
(no par)
363,030
608.399
303.570
303.570
general, to enable the company to avail itself of its increasing opportunities Earns, per share
45.63
$6.55
$5.57
$4.63
for profit.
x The earnings per share on the average amount of common stock out.
the year amounted to $7.71.
standing during
Dividend.
-Initial Preferred
• Foltis-Fischer, Inc.
Balance,Sheet December 31.
The directors have declared an initial dividend on the no par value pref.
1927.
1928.
1928.
1927.
stock at the rate of $1.50 per share for the period Jan. 1 1929, to March
Liabilities
Assets31 1929. payable April 1 to holders of record March 28.
Cash
2,638,776 3,319,651 Accts. payable__ 1,304,482 1,222,646
The stock originally issued after Jan. 1, 1929, will received a pro-rata Notes receivable
4,123,526 4,359.540 Accr.taxes,int.,&e. 257,331
310,274
dividend from date of original issue to March 31. 1929.-V. 128. p. 1405.
104,855 Div. payable _- 665,780
Cash value life ins_ 119,940
498,702
Accts.receivable 1,674,023 2,766,722 Res. for conting. &
-Notes Offered.-Halsey, Stuart & Co., Unp'd install, corn
Fox Film Corp.
423,552
372,914
taxes
Other reserves....,. 936,004 1.006,094
elks. subecrip__
43,745
Inc. are offering $12,000,000 6% gold notes at 99 and int.
1,649,063 2,551,990 Tank car eq. notes16,473,000 16,729,150
Inventories
Dated April 1 1929; due April 1 1930. Principal and int, payable at Investments _
435,729 Preferred stock
7,752,700
9,688,847
Halsey, Stuart & Co., nc. New York or Chicago. Interest payable Rolling stk. (tank
Balance applicable
without deduction for eny Federal normal income tax, not in excess of 2%
to corn stock_ _a36,333,458 18,883,140
cars, &c.) ____29,752,844_26,232,748
per annum. Denom. $1,000. Company may, at any time and from time Real estate, Plants
to time, redeem all or any part of the notes at 100ti to and incl. Oct. 1
and machinery.. 6.193.541 6,084,853
1929, and thereafter to maturity at the principal amount, together without Prep.Int., ins., &c. 511,498
919,531
accrued int. in each case, upon notice published once a week for two con- Patents & goodwill
1 Total (each side)-56,393,605 46,775,620
1
of these
secutive weeks. Corporation agrees to reimburse the holders
a Common stock outstanding 608.399 shares of no par value.
-V. 128.
notes upon application within 60 days after payment thereof for any State.
or District of Columbia personal property taxes, or P. 1915.
Commonwealth,
security taxes, but in no event to exceed 5X mills per annum on each dollar
General Electric Co.
--Pensions.
of taxable value of the notes, and any State, Commonwealth or District of
More than a half million dollars was paid in pensions by the General
Columbia income taxes on interest, but in no event to exceed 6% Per Electric Company during 1928, the majority of the $514,495 going to
annum of such interest.
pensioners from the various apparatus works. Since the inception of the
in 1912 a total of $2,129,471 has been paid
1928.
Data from Letter of Pres. Wm. Fox, dated New York, March 28. pension plan 1928, there were 607 pensioners, and at the throughthe year
On Jan. 1
end of
-Organized in New York in 1915. Is one of the largest com- there were 877. The average age of those receiving pensions is 68.72
Company.
panies in the world engaged in the production, distribution and exhibition years; the average active service is 28.35 years; and the average annual
of motion pictures. At the time of its organization, corporation embraced pension $730.-V. 128. p. 2083.
6 exchanges for the distribution of motion pictures employing, together
General Leather Co.
-Bonds Called.•
with its New York Office, approximately 150 people. To-day there are
The company has called for redemption May 1 next $68,000 1st mtge.
operated throughout the world 130 offices requiring the employment ofabout
,
-year 636% sinking fund gold bonds, dated May 1 1924. Payment
8,666 persons. This growth has made possible the distribution of the 15
company's films in all parts of the world through branches located in the will be made at the American Trust Co., trustee, 135 Broadway, N. Y.
City, at 105 and int. V. 125, IL 1588.
United States, Canada and the several foreign countries:
The company's production, which consists of the highest type, embraces
General Mills, Inc.
-The Na-Common Stock Offered.
feature pictures, both silent and in sound, educational pictures, comedies
and a three times a week "Fox Movietone News" service. In the talking tional City Co. are offering at $77 per share 61,068 shares
motion picture field the corporation features "Fix Movietone," the leading common stock '
(without par value).
sound-on-film system. The "Movietone" process of sound recordation
Transfer agents: National City Bank, New York. and First Minneapolis
permits the taking of perfectly synchronized "talking pictures" both in
Registrars: First National Bank, New
Co., Minneapolis,
and out of the studio. This method of producing all-talking sequences in Trustand Minnesota Loan Minn. Co., Minneapolis.
& Trust
feature pictures is also utilized in the production of"Fox Movietone News." York
Authorized. Outstanding.
CapitalizationWhich has attained a great popularity with motion picture audiences.
Preferred stock (par $100)
$50,000,000 4421,240.900
• Exhibition is engaged in primarily through its wholly owned subsidiary, Common stock (no par)
1,000,000 shs. 666,011 shs.
subsidiaries, owns,
Weaco Corp., acquired Jan. 1928 which, through
a 6% cumulative series.
'
sostrols, operates or leases approximately 250 theatres located in the middle
Data from Letter of James F. Bell, President of the Company.
and far western sections of the country, and which through subsidiaries
Company.-Incorp. June 30 1928 in Delaware to acquire the businesses
owns a 33 1-3% stock interest in First National Pictures, Inc. Many of the
theatres operated by Wesco Corp. are outstanding in their respective cities. and properties of certain companies engaged in the production and disThis is in keeping with the Fox policy of theatre operation which is based tribution of floor and other food products,in order to realize the advantages
-run houses in inherent in centralized direction of policy and financial control of widely
on two clearly defined principles: first, the operation of first
metropolitan distributor centers; and second, the acquisition of neigh- distributed plants and nationally advertised brands.
Since its organization, the company has followed a policy of expansion
borhood houses so located that they are in a position to profit by the
-run houses, which are essentially the "show and has acquired the businesses and properties of Washburn-Crosby Co.,
exhibition policies of the first
business. With its screen affiliation, Fox Film Corp.represents the Red Star Milling Co., Kell Mill & Elevator Co., Oklahoma City Mill ls
oases" of the
Elevator Co., Perry Mill & Elevator Co., El Reno Mill & Elevator Co.,
a completely integrated unit from the studio to the screen.
A substantial stock interest has been acquired by Fox Theatres Corp. in Sperry Fleur Co. and others. Company now owns and operates mills loLeew's Inc.one of the large factors in each of the three divisions of the cated in 23 different cities having an aggregate capacity of 88,300 barrels
picire industry. Production is engaged in by Loew's.Inc.,through of flour per day and a terminal storage capacity for 32.840,500 bushels of
picturemon
-Goldwyn Pictures Corp., producers of wheat (including 2,500,000 bushels capacity under lease). Mills are located
its wholly owned subsidiary, Metro
Metro-Goldwyn-Mayer pictures. Through the theatres of its wholly in Minnesota, New York, Illinois, Kentucky, Kansas, Oklahoma. Texas,
owned subsidbry, Wesco Corp., and through the theatres of Fox Theatres Montana, Washington, California, Missouri. Oregon and Utah, and, in
Corp.,Fox Film Corp. is assured of a market for its product in the principal addition, the company operates seven plants for the production of special
and poultry feeds, to which the acquisition of the Larrowe Milling Co. will
111m distribution points of the United States.
-Proceeds ofthis note issue will be used to reimburse the treasury add a modern feed plant in Toledo,Ohio. Other facilities,including country
Purpose.
of the company for expenditures made by it in anticipation of more per- elevators and sales offices, are advantageously located throughout the
manent financing, through the issuance of additional capital stock or United States.
Dividends -Dividends are being paid on the common stock at the rate of
otherwise, of certain major projects which it is contemplated will be effected
$3 per share per annum.
before the maturity of these notes.
-The preferred and common stocks are listed on the New York
Listed.
Authorized. Outstanding.
Capitalisation$12.000,000 Stock Exchange.
8% gold notes$12,000,000 820,660 shs.
-Proceeds from the sale of this stock are being used in part te
Purpose.
900.000 shs
Class A common Steck (no Par)
100,000 she. 100.000 shs. reimburse the company for expenditures in connection with the acquisition
Class B common stock (no par)
of Sperry Flour Co., and, in part. in anticipation of the acquisition of the
funded debt of 100% owned subsidiary companies, Larrowe Milling Co., for which latter purpose over 60.000 shares are
The mortgage and
upon the completion of this financing, will total approximately 26.196.000. Included in this offering, and for working capital.
Corporation is contingently liable on a note obligation of $15,000,000due
Earnings.
-Combined net earnings after depreciation, interest, Federal
Feb. 26 1930, which in all respects is subordinate to the issue.
income tax and all other charges, of the properties acquired by General
-As at Feb. 23 1929 the consolidated balance sheet of Mills, Inc.. at the time of organization, and the relation of such earnings
Evity and Assets.
companies, after giving effect to this financ- to the securities then outstanding, have been reported by Peat, Marwick,
Fox-Film Corp. and subsidiary
amount
ing, reveals net tangible assets of approximately $71,053,000, anassets of Mitchell & Co. as follows:
equivalent to $5.921 for each $1,000 of notes, and net current
Net Earnings
Per
Times
on the New
$18.743,000. The class A common stock is listed market valueYork Stock
Share
Applicable to
.
Pre Div.
in excess of
Fiscal Year Ended in
Exchange and has, based on current quotations, a
Dividends. Requirements. Corn.
1924
$66,000,000.
$4.66
2.60
12.652.236
Earninos.-Consolidated earnings of corporation and subsidiary com- 1925 5
53.4$
52.18
2,231,068
panies available for interest on these notes, after all charges, for the two 1926
1.31
1.44
1,479,546
below:
fiscal years ended Dec. 29 1928 is given
.
. ,
1927.
Amount.
Year
z6.16
53.11
3.178.889
63,370,556 1928 y (11 months ended May 31)
x Includes Washburn-Crosby Co. earnings for 11 months only. y In1927 (53 weeks)
6.473,093 cludes earnings for only 10
O9R(9.nI
months for companies representing approxi720,000 mately 10% of the total. z
Annual interest requirements on this issue
Based upon dividend requirements on tho
The above earnings for the year 1928 do not fully reflect the employment preferred stock for full 12 months' paged.
the corporation from the sale of 153,444 shares of its
of funds received by
Pro Forma Balance Sheet May 31 1928.
class A common stock at $85 a share, offered to stockholders of record
[After giving effect to recent acquisitions.)
of Oa. 1 1928.
Assets
Cash
$11,187,331 Notes Parable
811.755,200
Consolidated Income Statement.
1,580,453 savings accts., off. & empl__ 2,224,695
Dec.29'28. Dec. 31 '27. Dec. 25 '26. Drafts
Years Ended1,484,487
$20,152,646 $22,847,132 $20.639.364 Notes and accts. rec., less res. 6.337.359 Accounts payable
Gross profits
1,164,815 Acar. exp., local taxes, &e.....
393,314
13,232,605 17,544,432 14,704.372 Advances on grain
Exhaustion of film
217.469 Inventories
25,845,502 Provision for Federal tax.... 1,629.818
491,656
446,948
Interest charges
1.440.488 2,252.811 Land, bides.& eq., less depr- 21,873.146 Preferred dive. accrued (preOther expenses (net)
decessor companies)
340,711 Mtges. & notes rec.(Sperry).
209,125
250,000
30.903
515,874
Federal taxes
MLscellancous assets
312,250 Res.for organ. exp.& conting
200,000
629,131 Spatial & contIng. reservers- 2,415,290
$5,957,218 $3,120,556 $3424,000 Prepaid insur., taxes, int., &e
ifet income
1 6% cumul. pref. stock
21,240.900
2,000.000 2.000.000 Good-will, trade marks, &e...
3,217,741
Dividends paid
Common stock
17.276.118
Initial surplus
10,228.383
$2,739.477 $1,120,556 $1,124,000
Balance, surplus
500,000
600,000
920.660
combined cl. A & B stk.(no par)
She,
Total
868,939.113
Total
$6.25
$613.91111.1Lt
$6.24
$6.47
Barns. per share
APRIL 6 1929.]
FINANCIAL CHRONICLE
-Above balance sheet gives effect to the issue of 148,553 shares
Note.
common stock for cash at $75 per share, offered to common stockholders
acquisitr 11ZperrytlouCo.
22,283 shares
upon completion oftoner
eued
Mills Securities
In accordance
coact,and to retirement on June 1 1929, of the 1st mtge. 6 sinking
fund gold bonds ($4,410,500) of the Sperry Flour Co. outstanding and to
-V. 128. p. 1915.
be assumed by General Mills, Inc.
-Stock Practically Sold.
General Refractories Co.
-
Successful completion of the offering to stockholders of 75,000 shares
of common stock was announced on April 2 by Ladenburg, Thalmann & Co.
who stated, as managers of the syndicate which underwrote the offering,
that practically all this stock had been subscribed for by the shareholders.
Part of the proceeds of this financing will be applied to the redemption
on April 8 of $3.608,000 1st mtge. sinking fund bonds, leaving the company without any funded debt and with a capitalization consisting exclusively of 300,000 shares of common stock.
The improvement of the company's current position as a result of the
financing, part of the proceeds also being employed to increase working
capital, is reflected in the balance sheet as of Dec. 31, last, adjusted to
give effect to this financing. This shows current assets of $4.663,138
and current liabilities of only $446,269, a ratio of better than 10 to 1.
Sales of the company during th% first 2 months of 1929 were 19% in
excess of those for the same period of last year while unfilled orders as of
March 1 1929, were 23.5% larger than those on March 1 a year ago. The
company expects to maintain a dividend rate of $3 per share on the increased number of common shares outstanding with the recent distribution
of an extra dividend of 50 cents a share pointing to the possibilty offurther
extra disbursements.
-V.128.p. 2099.
Listing.
The Now York Stock Exchange has authorized the listing of 75,000
additional shares of capital stock without par value, on official notice of
issue and payment in full, making the total amount applied for 300,000
shares. All of the 75,000 shares were offered to the stockholders at $68
per share and the offering at such price has been underwritten. (See
V. 128, p. 1563)-V. 128, p. 2099.
General Tire & Rubber Co.
-Sales Increase.
-
Sales for the first quarter of the fiscal year ending Feb. 28 showed a substantial increase over the same period of last year in spite of lower selling
prices. This increase was gained through much heavier early shipments to
the company's exclusive distributors for replacement tire business.
The company does not seek any original equipment tire business of the
automobile manufacturers and their total output is sold through distributors
to the retail trade. The capacity of the General Tire factory has just been
increased about 33 j/3% in larger tires and 507 in smaller tires through
g
additions to the Akron plant, it s announced.
-v.128, p. 738, 567.
Goodyear Tire 8c Rubber Co.
-New Plant.
-
Vice-President Clifton Slusser announced on March 29 that Rockmart.
Ga., had been selected by the company as the site for a 50.000.spindle
mill for the manufacture of tire fabric. The project contemplates the
immediate erection of 400 houses for mill workers. Operations will probably begin about Sept. 1. The company is operating a similar plant in
Cedartown, Ga.-V. 128. p.1564.
Gorham Manufacturing Co.
-Aldred& Co.Get Optiorts
-
2277
April 4. Previously the company paid quarterly dividends of 1234c.
per share.
-V. 127, p. 2829.
Gould Coupler Co.
-Earnings.
-
Calendar YearsGross profit from operations
Other income
1928.
1927
$1.087.667 $1.050,730
93,686
74.585
Total income
Administrative,selling IL engineering expenses_ _ _
Interest on bonds
Gould Car Lighting Corp-Interest on notes
Deprc. of plant, buildings & equipment
81.181.353 $1,125.315
544.019
515,419
220.005
226.392
60,000
60.000
310.897
281.240
Net to surplus
$46.433
342.264
Earns, per sh. on 175,000 shs. class A stk (no par)_
$0.27
$0.24
Consolidated Balance Sheet Dec. 31.
1928.
1927.
1928.
1927.
Assets$
$
Ltabtlhies$
Property acct., &c. 6,830,276 6,744,238 Capital stock____x 4,687,500 4,887.500
Good-will & pats-- 620,119
620,118 Gold bonds
3.600,000 4.725,000
Investments
1,000,000 1,000,000 Notes due 1929_
1,000,000
Materials
921,584
842,898 Notes & accts. Pay. 546.427
900,322
Accts. & notes rec. 1,452,514 1,846,222 Res. for depr., &c. • 397,360
559,150
Cash
496,474
370,650 Accrued accounts_ 178,466
129,752
Deferred charges
184,755
127,334 Surplus
595,969
549,536
Total
11,505,722 11,551,280
Total
11,505,722 11,551,280
x Represented by 175,000 no-par shares of class A and 300,000 no-par
shares of common stock.
-V.128, p. 1063.
Grand Union Co.
-Listing.
-
The New York Stock Exchange has authorized the listing of trust certificates in respect of 2,500 additional shares of common stock (without
par value) on official notice of issuance in partial exchange for all the outstanding capital stock of Royal Importing Co. (Wis.) with authority to
add trust certificates in respect of 11,500 additional shares of such common
stock (which are also being issued in partial exchange for said capital
stock of the Royal Importing Co.) upon the termination of the restrictive
agreement or upon the release of such stock from such agreement
time to time, provided, however, that notice of the termination offrom
said
agreement, or of any such release, shall be given to the New York Stock
Exchange at least 30 days prior to such termination or release: making
the total amount applied for common stock trust certificates in respect
of 566,620 shares out of a total authorized issue of 1,000,000 shares of
common stock.
The directors at a meeting held on Feb. 26 1929, authorized the
of 14,000 additional shares of common stock and the delivery issuance
of trust
certificates in respect thereof, together with the sum of $550.000 in cash,
In exchange for the entire outstanding capital stock of Royal Importing
Co.. (Wis.) consisting of 450 shares of preferred stock (of $100 each) and
2.000 shares of comon stock without par value. The 14:000
shares of common stock will be capitalized on the books of theadditional
company
at $1 per share.
The trust certificates in respect of 11,500 of such 14,000 additional shares
of common stock will beheld, by the present stockholders of Royal Importing Co. under an agreement that they will not sell or dispose of trust certificates representing more than an aggregate of 2,875 shares in any one
year, beginning with the first anniversary of the date on which the exchange of stocks takes place.
-V. 128, p. 1740.
Directors of Gorham Manufacturing Co. have given to Aldred & Co. of
New York an option on the assets of the Gorham Retail Store at Fifth
Ave. and 47th St., New York, and of Spaulding & Co. of Chicago.
The annual report just issued states that "it is proposed that a new company, to be known as Gorham. Inc., shall be formed, which your company
Graybar Management Corp.
-Initial Common Dividend.
will control through the right to elect a majority of the board of directors,
The first proceeds
and Gorham, Inc., will include, in addition to your retail store on Fifth received on April 1 by of their joint ownership of the corporation were
employee owners, ranging from office boy to ChairAve. and Spaulding & Co.Inc., the firm of Black, Starr & Frost, whose man, when the directors declared a
cash dividend, for the first quarter
premises at Fifth Ave. and'48th St. are sufficiently large to house the busi- of the year, on all common stock outstanding.
The dividend represents
ness of the two companies."
a cash payment at the rate of 6% per annum on the $3,000,000 of common
On Aug. 1 1928 the good-will and certain assets of the Alvin Silver Co., stock.
manufacturers ofsterling and plated ware, were acquired for cash by Gorham
This corporation was organized last year to purchase the Graybar Electric
and the manufacturing(equipment moved to the Providence plant of Gorham Co.from the Western Electric Co. Total
business done last year amounted
Manufacturing Co. The sales of the Alvin product will be handled
to $75,000.000. Of the corporation's employees, 98% are stockholders.
separate sales organization and the identity of its product preserved.by a -V.127.
P. 36 .
49
During the year the company, which has owned a controlling interest in
Spaulding S.: Co., Inc. of Chicago, purchased for cash all of the remaining
Guaranteed Mortgage Co. of New York.
-Merger.
stock of Spaulding & Co., Inc.
'
See National Title Guaranty Co. below.
-V.128, p. 738..
Income Account Years Ended Jan. 31.
Hahn Department Stores, Inc.
1929.
-Listing.
1928.
1927.
1926.
Gross profit from sales_ -x$4,045,762 x$3,635,767 $3,296,647 $3,466,671
The New York Stock Exchange has authorized the listing of
$2,200.Commercial expenses-- 2,574,361
2,395,084 y2.349.897 y2,606,056 000 634% convertible preferred stock (par $100). 51,700 shares of its
The Now York Stock Exchange has authorized the listing of $2,200,000
convertible preferred stock (par value $100). 51,700 shares of its
Profit from operations $1,471,401 $1,240,682
$860,615 634%
$946,750
Other income
137.602
138,650
111,169
94.853 common stock (no par value) on official notice of issuance on payment in
full; and 44.000 shares of common stock on official notice of issuance on
Gross income
$1,609,003 $1,379,333 81 057.918
$955,468 conversion of 63497 convertible preferred stock, making the total amounts
Int.,cash disc, on sales.
applied for $25,200,000 preferred stock: and 1,839,700 shares of common
prov.for shrinkage of
stock of a total authorized issue of 5,000,000 shares.
inventories. &c
The corporation entered into an exchange agreement dated as of Feb.
495,426
565,627
327,972 ' 334,210
Provision for Fed. taxes
25,000 18 1929 with a committee ofstockholders of Joske Bros. Co.,of San Antonio.
87.500
Texas, by which the corporation offered to acquire a mimimum (which
Net income for year__ $1,113,577
$813,706
1642,446
$596,258 may be decreased at the option of the corporation) of 75,000 shares of
1st preferred dividends__
the capital stock of Joske Bros. Co. (or voting trust certificates thereof)
732,793
534,387
Common dividends
in exchange for stock of the corporation in the ratio of (a) 1-5 of a share
51.487
of the corporation's 634% convertible preferred stock. and (b) 47-100 of
Balance. surplus
$329,297
$279,319
$642.446
$596,258 a share of its common stock for each share of the capital stock of Joske
Profit and loss (net)_ _ _
Dr.2,500
Cr.1,506
Cr.82
Dr.5,055 Bros. Co.
Surplus at begin, of yr
By a purchase agreement dated Fob. 18 1929 between the committee
1.840,459
1,559,633
917.104
325,902
and the corporation's bankers, the committee, on behalf of all stockholders
Profit & loss surplus-- $2,167,256 $1,840,458 $1,559,633
of Joske Bros. Co. depositing their holdings pursuant to the terms of the
$917,104
Shs. 1st pf. stk. outst's
exchange agreement and at the time of deposit electing to receive cash
(par $100)
37,449
38,153
38.181
38.181 therefor and to sell the stock of the corporation to which they may be
Earnings per share
$29.68
$21.32
$16.83
$15.61 entitled, agreed to sell the stock of the corporation otherwise issuable
x After depreciation. y Includes depreciation.
to such depositors to the bankers for $43 per
After allowing for the regular 7% dividends on the preferred stock, the the corporation's 634% convertible preferred unit of (a) 1-5 of a share of
stock. and (b) 47-100 of a
balance was equivalent to $8.26 per share on the 102,973 no par common share of its common stock. On surrender of their
stock to the committee's
shares outstanding and compares with $5.50 per share on the 99.475 com- depositary the stockholders of Joske Bros. Co., may receive
at their option
mon shares outstanding Dec. 31 1927.
certificates of deposit entitling the holder under the conditions therein
stated to receive (a) 1-5 of a share of the corporation's 634% convertible
Consolidated Balance Sheet Jan. 31.
preferred stock. and (b) 47-100 of a share of its common stock. For each
Assets1929.
1928.
Liabilities-1929.
1928.
share of stock of Joske Bros. Co. deposited, or certificates of deposit enCash
$1,190,528 $1,109,878 Acc'ts pay. & suntitling the holder under the conditions therein stated to receive $43 in cash
Notes & acc'ts rec.,
dry accruaLs_.-- $563,054 $368,663 for each such share.
less reserve
1,974,714 1,623,937 Divs. pay. Mar. 1
Joske Bros. Co. has a total of 100.000 shares of capital stock outstandFifth Avenue ItIty
1929
117,360
ing. If all of its stockholders accept the corporation's offer to acquire
pur. mon.
Corp.
1st mtge. is, Durtheir stock there will thus be issuable $2,000,000 of the corporation's 634%
bond duo May 1
80,000
80,000 gin plant
7,000
12,000 convertible preferred stock and 47,000 shares of its common
Inventories
stock.
3,800,212 3,299,5135 Res.agast. inven'y
The board of directors at
Accr. int., not due
16,335
loss, &c
725,592
828,058 shares of the corporation's the same time authorized the issuance of 2,000
634% convertible preferred stock and 4,700
Inv. (book value). 408,128
488,108 Deterred credit_
2.750 shares of its common stock to the corporation's bankers in
consideration
Plant property (deContingent liabils_ 176.318
123,008
2,059,550 2,336,731 7% lit pfd. stk.__ 3,744,900 3.815,300 of their negotiating and arranging for the acceptance of the corporation's
preciated)
plan by some of the principal stockholders of Joske Bros. Co.. their services
Expends.spoil°. to
Common stock -.n1,598,090 1,580,800 in
endeavoring to procure its acceptance by other stockholders and their
60,477
89,290 Capital surplus___ 662,355
future opera'ns.
009.814
123,008 Earned surplus___ 2,167.256 1.840,459 agreement to purchase of $43 per unit the units of 1-5 of a share of the
Contingent assets. 170,318
corporation's 634% convertible preferred stock and 47-100 of a share of
its common stock
$9,761,924 $9,166,852
Total
Total
$9,781,924 $9,166,852 prefer to receive of such depositors of stock of Joske Bros. Co. as may
cash.
a Represented by 102,973 shares (no par value).
-V. 128. p. 2100.
A total of 44.000 shares of common stock has been reserved for
issue
upon conversion of the 634% convertible preferred stock to be issued.
Gotham Silk Hosiery Co., Inc.
-Subs. Contract.
-V. 128.1). 1741. 411.
Gotham Knitbac Service Co., Inc., a subsidiary, announces the receipt
of contracts covering the installation of 20 additional Knitbac machines
(M. A.) Hanna Co.
-New Directors.
for the exploitation of Knitbac service in the metropolitan district of
P. W. Harvey
elected to the
Chicago. The machines covered by the contracts will be placed in stores Booth, resigned.has been S. Andrews board of directors in place of H.E.
and D.
has been made a director to fill the
of tho Neumode Hosiery Shops.
vacancy caused by the death of M. S. Andrews.
-V.128, p. 1565. 568.
Walter T. Fitzpatrick, General Manager of Gotham Knitbac, stated
that the Jordan Marsh Co., one of America's outstanding stores, had also
Hayes Body Corp. -Listing.contracted for ICnitbac service.
-V. 128, p. 2100.
The New York Stock Exchange has authorized the listing on or after
April 5, of t,emporary certificates for 250,000 shares of capital stock(with(F. & W.) Grand 5-10-25 Cent Stores, Inc.
-Sales.
-out par) with authority to add 5.000
official notice of issuance
1929
-March-1928.
Increased 1929-3 Mos.-1928.
Increase. as a stock dividend, making the totalshares onapplied for
amount
255,000 shares
$1,712,394 61,127,673
3584,721183.983. 6 $2.829.521 $1,153,915 of capital stock.
43
-V.128. p. 1917. 1741.
-V.128, D. 2100. 1564.
Grand Rapids Metalcraft Corp.
-Larger Dividend.
-
The directors have declared a quarterly dividend of 25c. per share on
the no par value common stock, payable April 15 to holders of record
Haygart Corp. (Del.).-Stock Increased-Rights.
-
The stockholders April 1 increased the authorized capital stock from
350,000 shares without par value to 1,000,000 shares without par value.
The stockholders of record April 6 will be given the privilege to purchase
2278
[VOL. 128.
FINANCIAL CHRONICLE
at $60 per share, two shares of additional stock for each five shares held.
Payment must be made in full on or before April 22, 1929 at the Commercial National Bank az Trust Co., 56 Wall St., N. Y. City.
Hallgarten & Co. and Hayden, Stone & Co. (with which firms the directors are associated as partners) have agreed to underwrite the additional
shares so to be offered to stockholders, at a price of $60 per share, with
an underwriting commission of $2.50 per share. See also V. 128. p. 1917.
1741.
-Listing.
Holland Furnace Co.
The New York Stock Exchange has authorized the listing of 8,057
additional shares of (non par) stock, on official notice of issuance as a
stock dividend, making the total amount applied for 410,914 shares.
Directors at meeting held July 9 1927, placed the stock on a quarterly
dividend basis of 0.6c. per share in cash, or, at the option of each individual
stockholder, 2% of such stockholder's holdings in stock, payable on Janunary, April, July and Oct. 1, of each year, when, as and if declared, by
the board of directors. In accordance with the foregoing, directors at
meeting held Feb. 4 1929, declared a stock dividend of 2%,or a cash dividend of 623,c. per share, at the option of each stockholder, payable April 1
1929. to holders of record March 15 1929.
The 8,057 shares herein applied to be listed represent the maximum
that may be required should all stockholders elect to take 2% in stock
instead of 62Mc. in cash. It is the intention of the company to capitalize
the shares issued in accordance with the foregoing at $10 per share.
Income Account Years Ended Dec.31 1928.
1926.
1927.
1928.
$15,849,035 $15,335,124 $16,008,394
Net sales
7,255,629 7,146,060 7,646,025
Cost of dales
Selling, admin.& general expenses -- 6,657.442 6,266,828 6,111,909
85,233
69,771
74,850
Other deductions less other income.._ _
242,187
307,817
281,997
Interest paid
182,348
159,396
160.924
Depreciation
237,386
196,038
173,003
Provision for Federal taxes
31,245.190 $1,229,214 31.503,305
Net profit
3,430,502 4,324,436 3.183,346
Balance.Jan.1
Adjust. of prov. for Fed, income tax
55,230
on deferred inc.due to ch'ge ofrate_
54.730,922 $5,553,650 $4,686,651
Total surplus.....
112,000
112,000
112,000
Dividendson preferred stock
250,000
277.238
138.761
do In cash on common
294.660 4,733,910
no par stock
do In
215
Adjustment of prior yr. Fed. taxes _
5,267
Discounts on stock sold to employees..
5,247
Adjust.ofamort.of bond disc. & exp
Last May the shares were split up on a 2 for 1 basis.
The company has adhered to the policy of buying common stocks of
American corporations and holding them until the companies show signs of
decreased earnings. Of this policy, Treasurer W. A. Parker, says: "The
appreciation of Incorporated Investors shares over the last eight months
has been the result of the policy of the board in investing in only those
companies with outstanding potentialities."
-V. 127, p. 2239.
Indian Refining Co.
-Listing.
The New York Stock Exchange has authorized the listing of 246.147
additional shares of common stock (par $10), on official notice of issuance
and payment in full; and of 246,147 shares of stock trust certificates for
246,147 shares of common stock, on official notice of deposit of additional
common stock, under the terms of the stock trust agreement: making
the total amounts applied for. 1,271,147 shares of common stock and
1,271.147 shares of common stock trust certificates.
Consolidated Income Account For Calendar Years.
1928.
1925.
1927.
1926.
Netsales
$18,370,311 $19,024,232 $23,657,732 520.159.928
Cost ofsales
12,561,024 14,008,203 17,586,928 15,488,570
Selling & general exp..-- 4,020,405 4,217,191 3.992,833 3,321,674
Net profitfrom sales__ $1,788,883 • $798.838 $2,077.971 31.349.685
Other income credits......
102.646
363,325
226,402
111,006
Grossincome
$2,152,708 31,025,240 52,188.976 $1,452,331
Other income charges
321.107
95,746
147,517
132,210
685,071
893,023
Depreciation
751,757
757,615
Interest & discount
282.181
200,852
238,332
218,603
Provision for Fed.taxes_
50,000
Net profitfrom oper-Profits and loss credits:
Bayonne advert. exp. of
prior yrs.--capitalized
Transf.from cap.surp.&
res.for depr.,to profit
& loss surp., represTg
over depr. prior years..
'Claim for refund of inc.
taxes paid in 1920Unused tax res.,reversed
Miscellaneous (net)_
$656,396
$6,092 $1,030,549
3352,205
527,954
696,458
118,679
24,336
1,118,185
71,158
27,696
180,138
669,628
6,978
12,502
$892,661
3801,406 $3,005,478
5799.411
Total surplus
Profit and loss charges:
Divs. paid to Dec.31 '28 $133,477
Oper.& liq. losses & exp.
incident to stat'ns dis$4,174,986 $3,430,502 $4,324,435
Profit&loss surplus
continued Dec. 31 '25,
Shares ofcom,stock outstanding_ ---402.857 shs. 373,391 shs. 200,000 shs.
$264,381
$88,033
$9,499
$6.96
or shortly thereafter_
$2.99
$2.81
Earns.per share
Net loss on sale of phy.
Balance Sheets as at December 31.
prop. of the Indian
1927.
1928.
1927.
1928.
590,030
Pipe Line Corp
$
Liabilities$
$
$
Ands450,000 Obsolete plant property
1,405,484 1,302,004 Notes payable.--Cash
225,472
written off
Accts rec.less allow 9,200,981 8,829,364 Accts pay., accr.
268,768
Miscellaneous (net)_
1,590,422 1,330,372 Bond disc. & exp. on pl't
1,445,744 1,777,799 exp., Ac
Inventories
237,235
116,611 Federal income tax 186,024
Value of life insur_ 174,879
108.944
mtge.red
Sink.fund 6% gold
Due from agents dc
2,942,000 3,221,000
370,134 debentures
salesmen
405,098
$628,279
Prof. &loss for the yr.. 3556,997
3297.666 $2,327,414
536,624 Res. for Fed. inc.
Invest.& advances 546,743
497,078 Prof. & loss surp. begin- 670,395
tax on def. Inc.- 428.825
Empl. stk. purch.
372,729 def1,954,685def2,582,964
ning of the year
Preferred stock 1,600,000 1,600,000
197,767
accounts
7%
53,863 zNon-par value stk 4,028,570 3,733,910
32,028
Misc. notes & sects
Prof.& loss surp. close
Prof.& loos surplus 4,174,986 3,430,502
Real est. not used
$372 729df$1,954,685
5670.395
31.227.386
of the year
24,228
26,266
in operations..
5.24
Nil
3.67
Net per share of common
Land,bldgs.,mach
Consolidated General Balance Sheet Dec. 31.
& equipment. _ - 1,215,576 1,258,759
1927.
•1928.
1927.
•1928.
1
1
Patents
Liabilities$
$
It
Assets$
230,709
300,259
Deferred charges
Accounts payable- 1,318,288 1,140.573
Cash in banks & on
361.000
-trade.
372,140 Notes pay.
2,292,789
hand
14,950,829 14,500.098
14,950,829 14,500,098 Total
Total
475,000
1 336,815 1,394,976 Bank loans
Receivables
-V. 127. p. 3550.
x Stated value $10 per share.
32,255 Accr. int.on funded
44,889
Advances
29,333.
12,362 debt
- Special deposits_ _ _ 14,618
-Stocks Offered.
Holophane Co., Inc., New York.
78,912 534% eq.trust cert 1,600,000 1,600,000
Prepaid expenses- 325,638
Jackson & Curtis, New York are offering 34,000 units, Inventories
1st mtge. gold
2,653,519 2,253,241
1,600,000
13,561 serial bonds 5Yis
6,085
each unit consisting of 1 share of preference stock (with Securities owned_,.
Station realty oh96,000
sink. funds
Cash in
purchase warrant) and 1 share of common stock at $40 per Refiner's,tank ears
884,091
ligat'n 1925-41- 847,773
unit (plus accrued div. on the pref. stock.)
sell'g stations &c16,001,612 15,845,362 Res. for uninsured
64,539
6,642
850,000 prop.,dm
is preferred as to dividends at the rate of $2.10 per year: Havoline tradem'k 850,000
Preference stock
Disc. notes receiv.
preferred as to assets up to 333 and diva. upon voluntary or involuntary Notes receiv. disc.
38,000
38,000 (contra)
dissolution: and red. in whole or in part upon 30 days' notice at $33 Per
(contra)
15,300 2,296,400
7% preferred stock
share and diva. Transfer agent, Seaboard National Bank. Registrar. Exp. appl. to fu402,167 Common stock-12,307.370 7,850,680
The Equitable Trust Co. of New York.
84,053
tura oper
78,768 Capital surplus..... 6,418,016 4.391,068
-Each share of preference stock will carry a warrant to buy Items in suspenseWarrants.
64,087
670,395
Prof.& loss surplus 1,227,386
at any time ;I share of common stock, at $12 per share up to April 1 1932,
and at $15 per share until April 1 1939. This warrant will be non-detach23,770,107 21,371,747
Total
21,371,746
or purchase by comable unless exercised, or in the event of redemption,
23,770,107
Total
pany upon call for tenders, of share carrying such warrant.
*After giving effect to the sale of 246,147 shares of common stock and
Outstanding. the application of the proceeds thereof'to the reduction of current liabilities
Authorized.
Capitalization34,000 shs.
34,000 shs.
Preference stock (no par)
of station realty obligations and to the proposed redemption of all
96,500 shs. and company's outstanding first mortgage serial gold bonds and refunding
*105,000 shs.
Common stock (no par)
the
* 8.500 shares are reserved for exercise of warrants.
-V. 128, p. 1408.
preferred stock.
Data from Letter of Charles Franck, President of the Company.
-Earnings.
Inspiration Consolidated Copper Co.
Company.-Incorp. in Delaware. Owns or controls the entire outstand1925.
ing common stock of a New York corporation of the same name, whose
1927.
1926.
1928.
Calendar Yearsproperties and business will be acquired by the Delaware company through Copper produced (lbs)-- 88,504,100 88,374,049 81,696,084 81,944,321
merger to be effected as soon as the outstanding preferred stock of the Sales ofcopper
$14,049,860 $12,817,599 $10,721,994 $11,497,356
New York corporation, called for redemption within 30 days, has been Min. exp. (incl. devel.). 3,627,273 3,917.037 4.340.620 4,072,801
redeemed.
Reduction expenses(incl.
The business was originally started in America by the Holophane Glass
transport. of ore).-- 4,978,636 5.415,209 3,540,388 3,672,292
Co., a predecessor, in 1898 to manufacture prismatic glass and other appli- Ref. & sell. exp. (incl.
1,738,543
1,551,039
ances for lighting purposes. The purpose of prismatic glass is to reflect
transp. of metals)_ _ - _
258.446
143,507
244.571
150,785
light rays to the place where light is desired. There is a Holophane product Admin.exp.& Fed.Tax.
2.360,491
called "Holophane Specific" for practically every known lighting problem. Copper on handJan.!.... 1,763,215 3,071.494 2,628,091
-For the past 6 years the net earnings of the company have Copper on hand Dec.31-Or 979.710 Cr1,763,216 Cr3,071.494 Cr2,628,090
Earnings.
368.749
348,872
751,897
752,284
Increased steadily, and the sales and net earnings for the first three months Depreciation
16,787
483.629
330.739
of 1929 have been considerably higher than those for the same period of Interest paid
1928. For the past 35i years earnings were as follows:
34 Yr.End. -Years Ended June 30
3696.976 31.240.972 $1.637,335
53.426.636
Balance
1926. Interest received
1927.
Dec.31 '28.
1928.
37,207
179,485
32,718
32,718
38.904
Income from investment
Net income after deprec. & Fed.
tax at present rate of 12%..___$131,608 $228,047 $163,865 $142,331
$729,694 $1,310,896 $1,818,801
Netincome
$3.465,540
Earned per share:
$4.81
$4.18 Dividends paid
$6.70
$3.87
295.492 2.363.934 1.772,950
886,475
Preference stock
.95
.73
1.62
.99
Common stock
$43,851
3434.202 df$1.053.038
Balance,surplus
-It is the intention of the directors to inaugurate dividends on
$2.579.065
Dividends.
Shs. cap.stk. outst.(par
the common stock at the rate of 3.70 per share, payable semi-annually.
-Each fiscal year there will be set aside for the sinking
1,181,967 1.181,967 1.181,987 1,181.967
Sinking Fund.
$20)
$1.54
$1.11
fund on the preference stock, 30 of net earnings after allowing for pref. Earns.per sh.on cap.stk.
$0.62
$2.92
dividends. Such sinking fund will be ,used for the purchase and retireBaiancelsheet Dec. 31.
-V.128. p. 2101.
ment, or for the redemption on call, of preference stock.
1927.
1928.
1928.
1927.
$
$
Ltablittles-Shipments Higher.
AssetsHudson Motor Car Co.
$
$
23,639,340 23,639,340
Prop.accts.&a-38,780.091 38,612,728 Capitalstock
1929-3 Mos.-1928.
-Month-1928.
Period End. Mar.31- 1929
5.500,000 6,000,000
Gold notes
91,435 Suppl. &copper
108,298
35,730
Shipments (no. of cars)_
44,295
on band
2,100,995 3.107,015 Depreo.reserve....- 6,738.297 5,958.342
The schedule for the month of April calls for total shipmentseof approxiAccts.receivable.... 3,728,093 1,318,825 Accts.. tax, &o ,
mately 45,000 cars, it is stated.
1,059,582
817,774
are its production and shipments Mark. securities
1,099,138
256,002 payable
The company announces that not only
886,475
1,715,335
82.230 Divs. payable
at a new high level, but that retail sales are now at a higher rate than cars Cash
9,700,145 7.121.082
100,187
159,738 Surplus
are being manufactured, although the plant has been operating at capacity Def.charges
since a little after the middle of February. Ordinarily the sale of cars
47,523,839 43,536.538
Total
47,523,839 43.536,538 Total
does not catch up with manufacturing schedules until around April 15,
but Hudson-Essex anticipated this date by about 3 weeks. In the week -V. 128, D. 1408.
ending March 27 shipments were around 10.300 while retail sales were 10,of Delaware.
-Listed.
Insuranshares Corporation
801. The company's first quarter schedule was almost exactly as planned.
Stock Exchange
There have been
Early in the year it was announced that 109,000 or 110,000 cars would be shares (authorized placed upon the Boston common stock. list 750,000
"A"
5,000,000 shares) class
.-V.128.
built the first3 months,and thisfigure was missed by less than 1%
The corporation was organized in Delaware July 311928, with subsequent
P. 1741.
amendments to the Charter. The corporation is an investment company of
Incorporated Investors.
the general management type specializing in insurance and bank stocks.
-50% Stock Dividend.
The directors have declared a 50% stock dividend, prayable May 1 to Its authorized capital consists of 5,000.000 shares of class "A" common
holders of record April 15. The regular cash dividend of 40 cents per share stock, of which 750,000 shares are issued, and 500,000 shares class "B"
stock,all of which is issued, both classes of stock being without par value.
will he payable on the same date.
$1.11
APRIL 6 1929.]
Transfer agents, the First National Bank of Boston, Boston, Mass., and
Guaranty Trust Co. of New York, New York, N. Y. Registrars, Merchants National Bank. Boston, Mass, and the Farmers Loan 6: Trust Co.,
New York,iN. Y. See also V. 128, P. 1742.
Inland Steel Co. (& Subs.).-Earnings.
Calendar YearsxNet earnings
Other income
2279 1
FINANCIAL CHRONICLE
1928.
1927.
1926.
1925.
$14,159,581 $10,966.861 $10,782,508 $7,789,587
592,346
375,193
398,274
208,871
Island Creek Coal Co.
-Earnings.
Calendar YearsNet tons produced
Earns, from operation
Other income
1926.
9125.
1928.
1927.
6,025,715
7,397,980 6,568,930
5,430,843
$4,247,963 $5,358,700 $4,030,418 $3,305,785
430,835
672,741
220,022
273,668
Total earnings
$4,521,631 $5,578,722 $4,703,159 $3,736,620
306,541
Exps., int. & sundry tax
329,651
351,377
334,146
904,130
Depreciation & depletion
912,493
1,055.937
984,409
464,396
315,000
560,000
Reserve for Federal taxes
385,000
Total income
$14,751,927 $11,342,054 $11,180,782 37,998,458
Deprec. & depletion_ 2,682,880
2,508,251
2,080,911
2,059,890
Bond interest
1,234,750
674,908
143,833
703,167
Federal tax
1,060,000
994,000
669,000
892,000
Employees' pension fund
440,000
358,000
256,000
357.000
Net income
Preferred dive. (6%)_
Common dive. (cash)
Common dive. (stock)
Net profit
$9,334,297 $6,806,894 $7,147,704 $4,869,735
Preferred dividends_ _ _ _
700,000
175,000
700,000
700,000
Common dividends
2,956,998
8,250,000
2,956,998
2.956,998
Balance, surplus
Corn. shs. out'g (par $1)
Earnings per share
Surplus for year
Previoussurlus
$909,297 $3,149,896 $3490706 $1.212,737
25,269,632
22,119,735 19,830,233 18,617,496
Total surplus
$26,178,929 $25,269,631 $23,320,939 $19,830,233
Prem. on pf. stk. retired 1,500,000
Prem. on bonds retired_
420.000
Unamort.disc.& exp.on
bonds retired
557,596
Debit adjustment
1,201,204
Profit & loss surplus-- _323,701.333 $25,269,631 $22,119,735 $19,830,233
*Earned,a share
$
$7.63
x After deducting all expenses incident to operations, including charges
36
3
erations,i5n.c415
$
for repairs and maintenance.
* Based on 1,200,000 shares of no par value in 1928 and 1,182,799 shares
in 1927, 1926 and 1925.
Consolidated Balance Sheet Dec. 31.
1927.
1928.
1927.
1928.
Liabtlitte.s$
$
Assets$
$
10,000,000
Land, plants &
Preferred stock_
mines
52.904,433 53,797,068 Common stock-b35,000,000 35,000,000
30,000,000 12,150.000
Funded debt
Inv. & ad. to
affiliated cos
4,087,064 3,569,676 Oper.& contingres 2,951.191 2,556,219
Cash
5,390,148 5,534,549 Accounts payable- 1,839,630 1,539,897
679.411
Current payrolls.... 676,714
Time dep. 4: call
1,076,681
716,709
Accruals
loans
1,850,000
994,000
55,284 Res. for Fed. taxes 1,060,000
1311Is receivable__ 61,939
Pref. dive. Pay175,000
Inland bonds pur.
23,701,333 25,269,632
Surplus
1,129,500
for sink. fund
Accts.receivable_ 6,997,242 6,239,666
11,821,612 12,935,618
Inventories
Govt.securities_a 9,193,936 a5,831,850
Deferred charges 2,869,673 1,117,157
Total
96,305,550 89,080.868
Total
96,305.550 89,080,868
a Includes other investments. b Represented by 1,200,000 shares of
no par value stock.
Employees Receive Stock.
Employees have received 29,557 shares of common stock as a result of
their participation in the Employee's Savings and Profit Sharing Pension
Fund. More than 1,000 employees received stock certificates at this
time. Although participation in the fund is voluntary, some 6,000 employees of the Inland Steel Co.
-77% of the total number employed-are
enrolled.
Any employee who has been with the company 18 months is eligible to
join. Participants contribute 5% of their salary but not over $300 a
year, while the company's share is 5% of net earnings before payment of any
dividends. Inland common stock, purchased with these funds, is distributed to employees at the end of five years' participation
The plan has been in operation for 10 years and this is therefore the
sixth distribution of stock. The total number of shares distributed since
the start of the fund is 72,815.-V. 128. P• 739.
Intercontinental Rubber Co.
-Earnings.
Years Ended Dec. 31Operating profit
Other income
1928.
$427,091
132,296
Totalincome
Expenses,&c
Interest
Depreciation
Federal taxes
$559,388 $1,026.079 $1.189,855
183,177
202,330
126,370
9,072
119,991
138,666
134,641
113,493
106,000
28,042
Net profit
Dividends paid
$190,349
148,815
$659,067
594,845
$764.122
594.006
$41,534
$64,222
170.116
$0.32
$1.11
$1.21
Balance,surplus
Earns, per share on 596.004 shares
bo capital stock (no par)
-V. 127. v. 1110.
1927.
1926.
$923.327 $1,109,906
102.752
79.949
International Paper & Power Co.
-Rights.
The class A, B and C common stockholders of record Apr. Swill be given
the right to subscribe on or before Apr. 30 for class A stock of the newly
formed International Ilydro-Electric System at $43 per share in the ratio
of one share of the latter Issue for each 10 shares of class A, B or C I. P.
&LP. Co. common shares held.
-V. 128, P• Al&
-Earnings.
Iron Cap Copper Co.
Calendar Years1928.
Gross income
$526,306
Transportation, smelt'g,
389,891
market & milling exp6,783
Taxes
25,164
Int. & disc, on bonds_ _ 31,415
Adrnin. & litigation exp_
Deprec. & obsolescence32.006
Netincome
Preferred dividends.-
$41,044
13,968
1927.'
$287,949
1926.
$645,251
1925.
$767,197
190,193
7.112
19,511
21,971
25,000
491,053
12,885
28,725
38,616
53.378
455,504
7,595
32,014
31,744
94,479
$24,160
11,208
$20,594
6,981
$145,861
Balance,surplus
$27,076
$12,952
$13,613
$145,861
The net income of $41,044 is equal after preferred dividends to 17c. a
share on the 162.240 common shares ($10 par) outstanding, and compares
with $24,159. or 8c. a share on the 160,781 common shares outstanding
In 1927.-V. 128. p. 1409.
-Operating at Capacity.
Irving Air Chute Co., Inc.
-
With present unfilled orders for the Irvin Air Chute sufficient to keep the
company's Buffalo (N. Y.) plant at capacity for the next eight months, and
with new orders received from the Mexican Government and substantial
repeat orders from the Governments of Cuba and Norway, the corporation
has directed an order from the Spanish Government to the Englaish plant
for production,it is announced by President George Waite.
In the future the English factory will take all overflow orders directed
hero, Mr. Waite stated, in order to relieve the pressure on the American
plant. At the present time, both English and Buffalo plants are operating
at full capacity.
The announcement further states:
Due to the tremendous increase in both military and commercial flying
in the United States, the demand for parachutes has been greatly increased,
Mr. Waite pointed out. Present unfilled orders for the Irvin Air Chute,
which has been adopted as standard equipment for U. S. Army. Navy and
Marine Corps, as well as leading European and South American Governments, exceed the entire output of 1928, which had set a new production
record. While no efforts have been made thus far to push the sale of Irvin
Air Chutes for commercial use, since most of the business has been in the
past directly through United States and foreign governments, the company
Is now considering more than 800 applications for agencies.
In addition to the present line of Irvin Air Chutes the company is experimenting on several new types, one of which is expected to handle all
passengers as a unit, by adjusting the parachute to the passenger compartment of transport planes. and another Is a parachute for the plane
tself.-V. 128, p. 1568.
$2,889,991 83.611,407 $2,924.703 $2,210,949
299,196
299.196
241,761
261,272
1.663,172
2,376.105
2.318,190
2,375,459
475,207
$498,822
$297,317
$248,581
$272,771
118,801
118,801
593,865
593,865
$23.61
$4.47
$5.28
$16.09
Balance Sheet Dec. 31.
1928.
1927.
1928.
1927.
Assets$
Property acct___x13,594,818 13,837,855 Preferred stock_-41,711
36,906
Cash 8: call loans_ 2,171,180 1,952,975 Common stock___ 593,865
593,865
Liberty bonds__-- 4,868,750 5.000,000 Paid in surplus__12,309,144 12,808,964
Accts 4: notes ree_ 1,302,931 1,565,749 Accts. pay., &e___ 506,503
286,578
517,132
614,352 Accr.tax, pay.,&e.
Inventories
89,378
94.098
Deferred charges
87,064
72,944 Federal taxes
385,000
560,000
656,579
Dividends pay
649,231
283,003
Reserves
170,560
Profit & loss surp_ 7.996,568 7,723,797
22,541,875 23,043,875
Total
Total (ea. side)_22,541,875 23,043,875
x After depreciation and depletion of $6,744,200.-V. 128, p. 1240.
Kelvinator Corp.-Record Volume of Business.Vice-Pres. H. W. Burritt announces that the corporation established a
new high record in volume of business during March. Orders received were
double those of the preceding month and showed a like gain over the same
month last year, he added. This peak March business follows an increase
of 110% during February 1929. over January, and 44% increase over the
same month a year ago.
"April, May and June." said Mr. Burritt, "are the largest months in
the electrical regrigeration industry and indications point to Kelvinator
showing an even more substantial increase in the second quarter than was
-V.128, p. 740, 259.
reported for the first 3 months."
Kermath Manufacturing Co.-Stock Offered.
-Baker,
Simonds & Co., Inc., and Jackson & Curtis are offering
43,000 shares common stock (no par value) at $17.50 per
share. The offering does not represent new financing in
behalf of the company. See further details in V. 128, p.2102.
Kinner Airplane & Motors Co., Los Angeles.
-To
Reorganize.
The stockholders will vote April 12 on a proposal for the reorganization
and transfer of the assets of the present company in exchange for 60,000
no-par shares of a new company, to be known as Kinner Airplane Engine
Corp.
The stockholders of the present company will have the right to subscribe at $10 a share for one additional share in the new company for each
10 shares now held. The old company has authorized issue of 600,000 shs.
The authorized capital stock of the new company will be 500,000 no-par
shares, of which it is proposed to issue 240.000 shares as follows: 60,000 to
Kinner Airplane & Motors Corp., 60,000 to be reserved for subscription
by stockholders, 40.000 to be sold to bankers at $10.50 a share, and 80.000
shares to be reserved under option to bankers at $10.50 a share.
The stock offering has been underwritten by Pynchon & Co., New York:
Bayly Bros., Los Angeles, and the Manufacturers & Traders-Peoples Trust
Co. of Buffalo, N. Y.
President W. B. rinner stated: "The company as a result of negotiation
will receive immediately an order for 1,000 motors, to be delivered at the
rate of 100 monthly, or a total of approximately $1.800,000."
-March Sales.
(S. S.) Kresge Co.
--1928. Increase.
1929
-March--1928. Increase. 11929-3 Months
$12,566,987 $10,854,979 $1,712,0081$31,360,238 $28,832,418 $2,527,320
-V. 128. P. 1567, 1066.
The company reports 517 stores in operation.
-Listing.
Kroger Grocery & Baking Co.
The New York Stock Exchange has authorized the listing of 81,039
additional shares of common stock without par value, on official notice
of issuance as a stock dividend, making the total amount applied for to
date 1,712.555,shares.-V. 128, p. 1568.
-To Increase Stock, &c.
Lambert Co. (Del.).
In addition to taking action on a proposed increase in the authorized
common stock (no par value) from 1,000,000 shares to 2.500.000 shares,
the stockholders, at the annual meeting to be held April 15. will also vote
on approving a contract providing for the employment by the company of
John L. Johnston (now president) for a term of 5 years and for the grant to
him of certain options to purchase stock of the company.
-V,128, p. 1568.
-Earnings.
-La Salle Copper Co.
Calendar YearsInterest,land rentals,&C
Mine exploration
Office and mine taxes
Depreciation
Net gain for year
-V..126, p. 2322.
1928.
$14,301
617
5,941
1,155
1927.
$12.122
706
5.781
1,155
$6,586
$4,480
1926.
$16,715
14,551
5.641
1,155
1925.
$17,542
44,007
7.792
1,155
def.$4,633 def.335,412
Lawton Mills Corp. Boston.-Omits Dividend.The directors have voted to omit the quarterly dividend ordinary payable
about March 31 1929. From March 31 1927 to Dec. 31 1928, incl., the
company paid quarterly dividends of 134% on the outstanding $2,000,090
capital stock, par $100.-V. 128. p. 413.
Lloyds Casualty Co.
-New Directors
-3% Dividend.
11. Edward Bllkey. Vice-President of the Stuyvesant Insurance Co. and
Rollin C. Bortle, President of the Chatham-Phenix Corp. and a director
of the Hanover Fire Insurance Co., have been elected directors. The
Board also includes other insurance executives, such as James Gibbs,
President of the Excess Insurance Co.; Otho E. Lane, President of Niagara
Fire Insurance Co.; S. T. Brown, Vice-President of Glens Falls Insurance
Co.; Rudolph 0. Haubold, Vice-President of North River Insurance Co.and
a partner of Crum & Forster, Inc.
The directors have declared a semi-annual dividend of 3%, payable
April8 to holders ofrecord April 3.-V.128.p. 1241.
(F. & R.) Lazarus Co., Columbus, 0.
-Deposit of Corn.
Stock Asked in Plan to Form Holding Company for Acquisitions.
Fred Lazarus Jr., President of the John Shillito Co , Cincinnati, O.
(the common stock of which Is all substantially owned y the F. & R.
Lazarus Co., Columbus, 0.), recently announced that a letter has been
sent to the common stockholders of the F. & R. Lazarus Co. by a committee consisting of Fred Lazarus Jr., Simon Lazarus, Robert Lazarus and
Jeffery L. Lazarus, owning and controlling a majority of the common
stock, asking for deposits of the common stock of the company for transfer
to a holding company, which will be part of a plan to bring under unified
control succmsfuI retail stores through their acquisition, affiliation or consolidation.
Authority is asked for In the letter to assent to such plans for the affiliation of this company with William Filene's Sons Co., Boston, which owns
all of the common stock of R. H. White Co., of Boston, and Abraham &
Straus, Inc., Brooklyn. N. Y.,(see V. 128. p. 2093) and such other companies as the committee may deem desirable.
-V.'128, p. 900; V. 127,
p. 557.
2280
[Vor.. 128.
FINANCIAL CHRONICLE
-To Enlarge Plant.
Lehigh Portland Cement Co.
The company has decided to enlarge its plant to double the present
capacity. The addition will cost about $2,000,000. The Edison Portland
Cement Co. on the New Jersey side of the river oposite the Lehigh Portland Cement plant at Sandt's Eddy, along the Delaware River, is completing several new mills, which are expected to increase the output about
40%.-V. 128,P. 260.
(Charles) Leich & Co.-Stock Units Offered.-Fletcher
American Co., Indianapolis, and The Lincoln Co. of Evansville, Inc., are offering 2,500 units of stock at $150 per unit.
Each unit consists of one share 7% cumul. partie. pref. stock,
series A (par $100), and four shares common stock (no par).
A circular shows:
Exempt under present laws from Indiana personal property tax. Dividends are exempt from present normal Federal income tax. Fletcher
American Co., Indianapolis, registrar and transfer agent. The 7% partic.
prefered stock. series A, dated March 1 1929 and maturing March 1 1949
Is preferred over the common stock as to assets in the event of liquidation
at $100 per share plus dive. and is entitled to cumulative preferential
dividends from March 1 1929 payable July 1 1929 and quarterly thereafter
stock;
at the rate of 7% per annum before any div. is paid on the common on the
and after dividends aggregating 875.5 cents per share have been paid
common stock for any one fiscal year, all outstanding participating preferred
stock, series A, shall share equally as a class with all outstanding common
stock as a class in any additional dividends that may be paid within or for
such fiscal year; provided, however,that total dividends on the participating
preferred stock, series A, shall in no case exceed 9% for any such year.
The Berke A stock is redeemable in whole or in part at the option of the
company at any dividend-paying date upon 30 days written notice at
$115 per share, plus all accumulated dividends.
Authorized. Outstanding.
Capitalization6250,000
$500.000
Preferred stock ($100 par)
75,000 shs. 50,000 shs.
Common stock (no par)
Application will be made,in due course, to list both the 7% participating
preferred stock, series A. and the common stock on the Indiantpolis stock
exchange.
-Incorporated in Indiana Sept. 4 1928. Is the outgrowth of
Company.
a business founded in Evansville, Ind., in 1855. Business originally consisted exclusively of the wholesale distribution of drugs and druggists'
sundries but since Jan. 1 1926,company has not only continued In that line
of activity', but through a wholly owned subsidiary, H. A. Woods, Inc.,
organized in 1919 in Indiana, has owned and operated a chain of strategically located retail drug stores, now 9 in number in Evansville and one
in Washington. Ind. Through this subsidiary the company has also purchased as of Jan. 1 1929 an established chain of 9 retail drug stores situated
in Southern Illinois, 8 of which were formerly operated by the Cline-Vick
interests and one by the Wilhelm Drug Co.
-As certified by Peat, Marwick. Mitchell dc Co., the conEarnings.
solidated net income of company and its subsidiary for the year ended
Dec. 311927; and of company and its subsidiary, of Cline-Vick Drug Co.,
and of other retail stores operated by L. V. Cline and El. S. Vick for the
year ended Dec. 31 1928, after (a) adjustments of depredation charges to
g charges including
of appraised values.(b) elimination of non-r
interest on indebtedness to be retired, less non-recurring income, resulting
of $8.414 in 1927 and 69,199 in 1928, and (c) provision
in a net adjustment
for Federal income tax at the current rate of 12% were as follows:
Bal. Apprble
Num.of Times to Corn. Stock
per Sh.
Pref. Div.
Net Income
Calendar Years$0.67
2.94
651,469.62
1927
1.19
4.41
77,208.13
1928
-The consolidated balance sheet as of Dec. 31 1928 after giving
Assets
effect to this financing and transactions incident thereto, shows net tangible
assets of $805,116 equivalent to $322 for each share of 7% participating
preferred stock, series A, presently to be outstanding and includes net
such
current assets of $413.363 equivalent to $165 for each of7% shares.
participating
Purpose.Proceeds from the sale of the 2.500 shares of
preferred stock series A, and of 10,000 shares of the common stock will be
used to retire the present $19,400 preferred stock and certain obligations
incurred in connection with the acquisition of the stock of H. A. Woods,
Inc.. to complete the purchase of the Illinois stores and to increase working
capital.
Balance Sheet as of Dec. 31.
1927.
1928.
1927.
1928.
$
LiabilitiesAssets$
$
$
b8,500,000 6,500.000
Plant, equip., Ac_a6,264,910 5.977,905 Capital stock
200,000
300,000
345,887 Notes payable_
Leaselfcis acqu red 340,4111
278,765
143,023 Accts. payable ...._ 227,163
Cash
237,266
500,000
375,000
50,969 Mortgages
Govt.securities
Accts. receivable
160,872 .170,494 Deposit on rental
61,000
Inventories
879,870
996,488 agreement
125,000
75,602 Mtge.installment_ 125,000
Prep. accounts_
62,100
109.138
1,541 Accr. liabilities_ _
. 79,857
2,716
Investments
26,579
26,578
104,380 Coating. reservesDeferred charges_ 78,319
25,748
26,287
131,033 Prov.for Fed.tax_
Stock for empl..
28.375
30,277
2,394,952 2,394,952 Cash security dep_
Goodwill,&c
Surplus
2,731,304 2.537,849
10,421,469 10,392,254
10,421,469 10,392,254 Total
Total
a After depreciation of $2.403,851. b Represented by 650.000 no par
shares.
-V. 128. p. 2103.
-Regular Dividend-Sales.
Liquid Carbonic Corp.
The directors have declared the regular quarterly dividend of $1 per
share on the common stock, no par value, payable May 1 to holders of
record April 20.
The common stock was recently increased by 207. In view of this
recent stock dividend, the extra quarterly dividend of 25 cents per share
was not declared, the directors having deferred consideration of extra
dividends to the end of the year. (Compare V. 127, p. 3101.)
Sales for the first 5 months of the fiscal year, which ends Sept. 30, 1929.
were 20% ahead of the same period in the preceding year. with profits
-V. 128, p. 900.
more than correspondingly increased.
-Merrill,
MacMarr Stores, Inc.-Pref. Stock Offered.
Lynch & Co. are offering at 110 and diva. $1,614,600 7%
cumul. preferred stock (with common stock purchase warrants).
Preferred as to dividends and as to assets in case of liquidation either
voluntary or involuntary at $110 per share and dive. Entitled to cumulative
dividends at the rate of 7% per annum, payable Q-J. Red. on any div.
date,as a whole or in part,on not less than 30 days' notice,at$110 per share
and dive. Sinking fund,commencing in 1931, is provided to retire annually
3% of the largest amount of 7% preferred stock at any time outstanding.
Dividends exempt from present normal Federal income tax.
Authorized. Outstanding.
CapitalizationPreferred stock ($100 par)7% dividend series- - $5,000,000 $1.614,600
1,000.000
Not yet classified into series
*600,000 shs. 226,881 shs'
Conunon stock(no par)
the common stock reserved for common stock purchase
* 16,146 shares of
warrants.
• Data from Letter of Ross McIntyre, Pres. of the Company.
Company
.-A Maryland corporation. Has acquired, directly or through
subsidiaries, the assets and businesses of International Sales & Produce
Co.; "Mares, a chain of grocery stores operated by Charles E. Mart,
individually; Stone's Cash Stores, Inc., Consolidated Stores,Inc.,LaGrande
Western Piggly Wiggly Co., MacLean Bros. Inc., Eagle
Co.,Grcey
Stores, Inc. The properties thus acquired comprise 387 grocery stores, of
which 23 include meat markets,located in California, Washington, Oregon.
Idaho and Montana, and eight warehouses in connection therewith.
On March 25 1929, MacMarr Stores, Inc., acquired the assets and
business, subject to liabilities, of Piggly Wiggly Co. of San Joaquin Valley.
through the iSER10 22,000 shares of common stock.
-The combined net sales of the predecessor comSales and Earnings.
panies and the net earnings for the three years ended Dec. 31 1928, applicable to the assets actually acquired by MacMarr Stores, Inc. and sub'
sidiaries, after reducing executives' salaries to basis of present contracts
(such reductions amounting to $24,537 in 1926,$61,619 in 1927 and $65,347
in 1928) and after Federal income tax at 127, were as follows:
1928.
1927.
1926.
Calendar Years387
259
357
Stores at end of year
$12,223,415 $17.034,754 $20,304,201
Netsales
536,682
358,768
236 444
Net earnings as above
4.74
2.09
3.17
Times dividend on preferred stock_ _ $1.86
$.54
$1.08
Equiv. per sh.on com.after pref. diva.
Financial Condition.-The pro-forma consolidated balance sheet of
MacMarr Stores, Inc., and subsidiaries, as of Dec. 311928, giving effect
-March Sales.
Lerner Stores Corp.
as at that date to the formation of the company and other transactions
Increase. 11929-3 Months-1928. Increase.
mentioned therein, shows total net assets of $2,299,011 and net current
-March---1928.
1929
62,096,869 $1,261,052 assets of $1,730,793
$599.3401$3.357,921
$829.506
$1.428,846
-V. 128. P. 1568,
-The proceeds of this issue of 51614.600 of preferred stock have
Purpose.
At March 31 1929 there were 103 stores in operation.
been used in Dart payment for the acquisition of the assets and businesses
1241
4
above mentioned.
.-This7% preferred stock will be accomLincoln Printing Co.-Common Stock Offered.-Emery,
Common Stock Purchase Warrants
entitling the holders to purchase on or before Dec.
Peck & Rockwood Co., and Paul H. Davis & Co., Chicago, panied by warrants $30 per share,one full paid and non-assessable share31
of
1933, at the price of
in February last offered 15,000 shares common stock (no common stock without par value for each share of preferred stock.
par) at $24.50 per share.
This stock is listed on the Chicago Stock Exchange, registrar, First
Trust & Savings Bank, Chicago: transfer agent, Central Trust Company
of Minims, Chicago Conany.-Incorp.in Delaware,and owns all the stock
except directors qualifying shares, of Lincoln Printing Co., (Chicago)
and 99% of the stock o Lincoln Financial Service, Inc.,(New York) both
printing companies.and all of the stock of Lincoln-Lilly Advertising Agency,
Inc.. (Chicago). Together with an affiliated company (Marcus Brower
& Co., San Francisco) these subsidiaries render a complete national printing
and advertising service.
Outstanding.
- Authorized.
Capitalization31,500 shs.
31,500 shs.
7% cumul. preference stock ($50 par)
a175,000 shs.
200,000 shs.
Common stock (no par)
outstanding common stock 47,250 shares were deposited by the
a Of the
holders thereof for purchase by holders of warrants.
-Company has total current assets of $1,565,121 and total
Assets.
liabilities, except capital, of $205,490 a ratio of more than 7.5 to 1. Of
excess of$1.100.000.
the current assets,cash and marketable securities are in a profitable earnings
Eeanings.-Each of the operating units has been on
basis practically from inception and has shown substantial annual increases
month of
in sales volume and in net earnings. The business for the of 1928. Jan.
same period
1929 shows an increase of nearly 40% over the companies as then existing.
Consolidated net earnings of the subsidiary
available for dividends, after deducting all expenses, including liberal
allowance for depredation and Federal income taxes have been independently certified to as follows:
1928.
1927.
1926.
Years Ended Dec. 31- 1925.
$482.063
$395.713
$345,639
$281,283
Net earnings
on outDiv. requirem't
110,250
110,250
110,250
110,250
standing pref. stock-$371,813
$285,463
$235,389
$171,033
Balance
$2.12
$1.63
$1.34
$0.97
Equiv. per com.sh. to..
Divtdends.-Dividends are now being paid at the annual rate of $1.40.
payable, when declared, on Feb.. May.
The quarterly dividend of 35c. is
Aug. and Nov. 1, to stockholders of record on approximately the 20th day
of the preceding months. Dividends are exempt from the present normal
Federal Income tax.
-V. 128. p. 1743.
Loft, Inc.
-Earningsfor Calendar Years.
-Sales Increase.
McCrory Stores Corp.
Month of March
3 months ended March 31
-V.128, p. 1568, 1411.
Increase.
1928.
1929.
$3,729,139 $3,121,846
19.47
9.264,386 8,418.115
10.0%
-Sales Increase.
McLellan Stores Co.
Net sales, including sales of the recently acquired Green Stores Co., for
March 1929 were $1,668,684, compared with combined sales of $1,096,152
in March 1928, an increase a $572,532, or 52.4%.
Combined net sales for the first three months of 1929 were $4,042,077.
compared with $2.710.188 for the same period of 1928, an increase of
$1,331.889 or 49.1%.-V. 128. p. 901, 1568.
McKesson & Robbins,' Inc.-Listing.
The Now York Stock Exchange has authorized the listing of 156,931
additional shares ofcommon stock and 34,391 additional shares of preference
stock to he Issued as part consideration for the assets of certain com-V.128. p. 1892.
panies.
-Note Purchase WarMagazine Repeating Razor Co.
rants.
-year 6% convertible notes
Holders of note purchase warrants for 10
were recently notified that April 1, 1929, is the last day to exercise the
privilege of purchase granted by these warrants. Warrants and payments
were to be presented to the Central Union Trust Co.,80 Broadway, N. Y.
City on or before that date (see also V. 128, p. 1067).-V. 128. D. 1411,
1242.
Manhattan Electrical Supply Co., Inc.(& Subs.).
1925.
1926.
1928.
Earnings Calendar Yrs.
1927.
Sales (net)
$9.669,770 $9,245,676 $6,141,305 $8.140,853
Cost of sales
6.994,082 5,990,455 4.971,832 6.231.291
Gross profit
$2,675,688 53,255,222 $1.169.473 $1.909,562
105,314
133,546
269.358
Miscellaneous profits312,124
Net profit on sale of bat586.704
tery business
1925.
1926.
1927.
1928.
Total income
$2.987.813 $3,524,680 $1,861,491 $2.043.108
$7.266,382 $7,873.223 $8.397,521 $8.169.673 Admin. &
Net sales
general exps.,
Raw materials,labor,8m.
905,315 1,483.360
depreciation, &c
7,647.696
2,383,478 2.342.419
7,633.250 8,267,083
expenses
7.149.707
180.843
388,751 Depreciation
227,020
249.862
105,561
272,453
Depreciation
133,669
Interest on bonds
192,357
134,932
$133,226 Extraordinary charges
x927,264
$134,412 def$119.424
Operating income_ __ _ df$155,778
74.056
90.000
72,422
161.334 Federal income tax
157.480
203,993
Miscellaneous income_
374.836
$882,120
$642.716
6487.326
Net Income
def$742,306
$38,057
$294.560
$338,405
Profit for year
$219,058
394,875
575,000
333 250
325,000
39.600 Dividends
5.138
25,748
Federal taxes
26.287
($4.874)
($4.5)
($5)
Rate per share
($3.75)
$254,960
$32.919
$312.657
$192.771
Balance,surplus
$154,076
8487.245
$67.718
Balance,surplus_ -__def$1,067.308
2,318.875 2.065.331
2.224.992
Previous surplus adj_ _ _ _ 2.538,532
Shares capital stock out86.000
130.000
81,000
162.500
standing (no par)__.._
surplus_ _ 52.731,303 $2,537,649 $2,351.794 $2,320,291
Profit & loss
$10.26
$4.94
$6.00
Nil
650.000 Earnings per share_ ___
650.000
650,000
650,000
No. of shs. outstanding_
x Includes upkeep of idle plants,inventory write offs, developm't exps.&c.
$0.39
$0.05
$0.41
$0.29
per share
Earns,
APRIL 6 1929.]
2281
FINANCIAL CHRONICLE
Consolidated Balance Sheet December 31.
1928.
1927.
1928.
$
Liabilities$
8
Assetsy9,348,360
Capital stock
Real estate, bldgs.,
2,850,000
x4,037,969 3,126,927 Funded debt
dre
437,833
666,648 Adv. payable on
Cash
42,738
contingencies
20,975
71,488
Sinking fund
143,870
Notes & accts. reo_ 2,659,869 2,867,453 Notes payable
78,911
76,127 Accounts payable. 715,513
rec..
Accrued tnt.
2,167,538 2,370,365 Reserve for taxes_
Inventories
131,354
62.051
42,204 Accrued int., &c
Marketable seem*.
54,922
38,811 Dividends declared
Deposits
1,225,000 Contingent reserve
Investments
369,199
390,526 Surplus
Prepaid ins. 4z tax_ 585,286
Pats.,goodwill,&o. 3,495,689 3,617,009
1927.
$
8,450,000
1,371,500
37,118
2,163,994
473,731
90,000
97,721
162,500
47,412
1,598,582
13,601,037 14,492,558
Total
13,601,037 14,492,568
Total
x After depreciation of 51.686,872. y Represented by 162,500 no-par
-V. 127, P. 3552.
shares.
-Div. Declared Out of Surplus.
Mandel Bros., Inc.
The directors have declared the regular quarterly dividend of 62%c. a
share, payable April 20 to holders of record April 15; thla dividend to be
paid out of surplus. Quarterly dividends of 623c. a share have been
paid since July 1927.-V. 128. P• 1568•
-Registrar.
Mengel Stores Corp.
The Chatham Phenix National Dank & Trust Co. has been appointed
registrar of 35,000 shares of 63 % cumul. pref. stock, Par $100 and 250.000 shares common stock without par value. See V. 128, P. 1918.
-Earnings.
Margay Oil Corporation.
Calendar Years
Number of barrels of crude oil produced
Gross income
Operating expenses
General expenses
1927.
1928.
461,120
1,091,597
$661,408 $1,510,463
171,506
210,853
89,611
95,387
Net profit from operations
Income credits (net)
3394,515 81.210,000
49,830
Dr2,897
Total income
Reserve for depreciation and depletion, &c
$391,617 $1,259,830
x494,048
242,818
Netincome for the year
Surplus, Jan. 1
Other profit and loss credits
$148,799
799,504
33,847
would show preference dividend earned twice and earnings in excess of $1
per share of common stock.
Authorized. Outstanding.
CapitalizationConvertible cumulative preferred stock (no par)- _ 50,000 shs. 50,000 she.
200,000 she. 100,000 shs.
Common stock (no par)
-Balance Sheet:
Mercantile Stores Co., Inc.(& Subs.).
1929.
AssetsFurn., fixtures &
impts. on leas.
prop., less res.- 246,170
Real est. Sr bldgs.
c3,861,357
owned
Delivery equip._ 126,240
1,734.141
Cash
Accts. & nts. rec...8,012,219
Merch. in stk. &
b8,609,900
in trans
M'klable secur's_ 1,528,095
Treasury stock _
Deferred charges... 264,456
187,609
Investments
40,620
Stores supplies...
1928.
81
8,285,348
135,845
2,404,284
7,544,400
5,947,647
1,798,227
84,318
327,140
173,952
39,580
1929.
Liabilities-Preferred stock.- 1,616,300
Corn. stk.&Burp x14,804,154
Accts. payable.... 1,775,965
Notes payable_ ___ 495,000
Obiltens pay. on
purch.of r.est- 130,034
Sundry creditors- - 1,084,994
Unearned profit on
instal. sales con1,362,010
tracts
Dividend pay _ _ _ - 226,083
Oblig'ns pay. after
1928 on pur. of
1,266,367
real estate
Res. for Fed. tax
& conting'c's...... 1,839.904
1928.
$
2,165,400
12,127,530
1,728.766
140,033
1,011,178
1,300,220
194,727
1.044,099
2,028.786
24,600,811 21,740,742
Total
24,600,811 21,740,742
Total
a After deducting $900,675 reserves. b After deducting $472.252 undiscount. c After deducting property sold and $250,300 reserves.
earned
-V.127. p.420.
x Represented by 161,847 shares of no par value.
-Earnings.
Metro-Goldwyn Pictures Corp.
-12 Weeks Ended Nov. 18 1928.
Income Account
Gross profit
Operating expense
$2,355,202
1,374.329
$980,873
101.448
Operating profit
Miscellaneous income
21.082,321
Net profit(before taxes)
V.128,p. 1242.
-Sales Higher.
Metropolitan Chain Stores, Inc.
1929
-March-1928.
$765,782
$912,087
$1,138,358
216.586 -V. 128.
p. 1569, 1067.
41.774
Increased 1929-3 Mos.-192S.
5226,271152,819,860 $2,356,526
Increase.
$463,334
(The) Milam Co., San Antonio, Texas.-Bonds Offered.
-First National Co., Tulsa, Okla.; Exchange National Co.,
Trust Co., Kansas City, Mo.; Cen$799,504 Tulsa, Okla.; Commerce
$682,635
Surplus, Dec.31
tral Trust Co., San Antonio, Tex.; Security National lank,
Earnings per share on 149,758 shs. outstanding
$0.99
$5.66 Oklahoma City, Okla., and Continental National Co., Chi(no par)
-V. 126. p. 3607.
x Includes $342,539 cost of drilling.
-year 6% 1st
cago, Ill., in January last offered $1,000,000 7
Marine Hotel (Co.)., Port Arthur, Tex.
-Bonds Of- lien collateral trust gold bonds.
-Wheeler Kelly Hagny Trust Co., Wichita, Kan. is
fered.
Dated Jan. 11929: due Jan. 1 1936. Denoms. 51,000,$500 and $100.0
Prin. int. payable at the office of Exchange Trust Co.. Tulsa. okhi..
offering $310,000 6% 1st mtge. bonds.
Gross surplus
Dividends
$982,151 51.024,142
299,516
224.637
Dated March 11929; due March 1 1930-41. Denom. $1,000, $500 and trustee. from Letter of Russell C. Hill, Vice-Pres. of the Company
.
,
Data
$100. Interest and principal payable (M. & S.) at offices of the Wheeler
1928. with a paid in capital of 52.500.000
Kelly Hagny Trust Co., trustee. Callable all or part at any int. date, after ofCompany.-Incorp. July 20
which approximately one-half is owned by Harry H. Rogers and onepar plus int. and a premium of 1%. Borrower will pay
90 days' notice, at
half by Russell 0. Hill, who have a part in the management of all the
normal Federal income tax up to 2%.
These bonds are the direct obligation of the Marine Hotel Co. of Port companies. was formed to consolidated the management, accounting
Company
Arthur, Tex., and are secured by a closed 1st mtge. upon a site 88x140 feet, and financing of companies, previously organized and operating succassat the corner of Fifth St. and Waco Ave.in the city of Port Arthar, and the fully, in
which Harry H. Rogers and Russell C. Hill held controlling inrecently completed thereon. This loan also covers
-story building
new 10
terests. These companies are: Milam Building Co., Travis Investment Co..
upon allfurnishings with which the hotel is being equipped.
Robert E. Lee Hotel Co., Maverick-Clarke Litho Co. and Milam Cafeteria
Co. In addition to the above companies wholly owned and controlled,
Marmon Motor Car Co.
-March Shipments.
owned and put into The Milam Co. one-half of
During the month of March the company exceeded all former records Messrs. Rogers and Hill Wright & Co. one-fourth of the stock of the
when 3,604 cars were shipped from the factory, according to Vice-President the capital stock of L. T. of the stock of the City National Bank, and
'
Central Trust Co., one-tenth
A. R. Heiskell. This total exceeds by approximately 40% the previous high
common stock of the Central Mortgage Co.. all located in
-day one-half of theTexas.
shipping mark of 2,583 cars established in March of last year,in the 13
San Antonio,
period representing the latter half of last month, the company produced a
-Bonds will constitute a direct secured obligation of The Milam
Security.
daily average of 206 cars, Mr. Heiskeil said. The company's new "Roose- Co. The assets of The Milam Co. are shown as $3,660,981. or over $3.600
velt," the first straight eight in the world selling under $1,000 at the factory for
each $1,000 bond. The Milam Co. agrees, as provided in the indenture.
was given a most enthusiastic reception at its introduction to the public
bonds are outstanding it will deposit with and
during the past week. Mr.Heiskellsaid. The heavy demand for the company's that while any of these
to the trustee collateral, satisfactory to the trustee, of a total value
products, which include the model "78," model "68" and the new Roosevelt assignto at least twice the amount ofoutstanding bonds,and the earningsfrom
all straight eight automobiles, will necessitate a continuation of the recently equal
interest requirements of outstanding bonds, shall be
adopted production of 250 cars a day, according to Mr. Heiskell.-V. 128, same, available forrequirements. Restrictions are made, in the indenture,
at least twice such
p. 2103.
protecting these bonds, affecting the issuance of additional bonds of equal
or prior standing or rating, both of The Milam Company and subsidiaries.
-Stock Increase, &c.
Mathieson Alkali Works.
-For the year ending Dec. 31 1929. earnings of Milam Co.,
Earnings.
The stockholders on Mar. 26 increased the authorized common stock
available for the interest requirements of the bonds are shown as $297.510
(no par value) from 200.000 shares to 1,000,000 shares.
compared with $65,000. the maximum requirement. This shows eve
The directors have sanctioned the distribution, as a stock dividend,
of three shares of common stock for each share of such stock held by stock- 4% times interest requirements.
holders of record on a date to be hereafter fixed by the board, of which
-The
-Dividend Rate Increased.
Miami Copper Co.
due notice will be given. The remaining shares will be reserved for general
Corporate purposes, and any thereof sold for cash,will be offered for pro directors on April 1 declared a quarterly dividend of $1 per
rata subscription by the stockholders.
-V. 128. p. 1743.
par value, payable May 15
-Stocks Offered.
Mayflower Drug Stores, Inc.
-Moore,
Leonard & Lynch, Hill, Wright & Frew and J. H. Holmes
& Co. are offering 50,000 shares convertible preference
stock and 50,000 shares common stock in units of 1 share
of each at $35 per unit, payable $17.50 April 15 1929 and
$17.50 July 15 1929.
Preference stock is preferred as to assets and dividends, in the event of
liquidation, whether voluntary or involuntary, up to $35 per share and diva.
Dividends payable quarterly at tho rate of 52 per annum, cumulative from
April 15 1929. Red. in whole or in part on 60 days' notice at $35 per share
and dive. Free of present Penn. personal property tax. Union Trust Co.
of Pittsburgh, transfer agent. Peoples Savings & Trust Co. of Pittsburgh,
registrar.
-Each share of convertible preference stock is convertible
Convertible.
into two shares of common stock up to and including April 15 1931, into
1% shares of common stock up to and including April 15 1933, and on a
share for share basis up to and including April 15 1935.
Data from Letter of George 0. Yohe, Chairman of the Board.
-A Pennsylvania corporation. Has arranged to
History and Business.
acquire 14 retail drug concerns in the Pittsburgh area. These stores have
been in operation an average of over 15 years. The principal downtown
store will be opened in the Jenkins Arcade Building, with direct entrances
from Liberty Ave. and the Arcade, where a traffic count indicates that
50,000 to 60,000 people pass daily.
Purpose.-Procoods of the sale of this stock will be used to purchase the
stores to be acquired presently and others on which.it is expected that
options now held, will be exercised. The right is reserved to reject any
stores and to substitute any other stores which meet the approval of the
Board of Directors.
-Sales and net earnings accruing to the owners of
Sales and Earnings.
these 14 concerns and the pro forma not earnings if these concerns had been
the three years ended Dec. 31 1928; after, in each case,
consolidated, for
eliminating non-recurring charges averaging 53.373 annually and after
Providing for Pennsylvania capital stock taxes and Federal taxes at 12%
were as follows:
1927.
1928.
Average.
1926.
$1,444,305 $1,421,991 51.367,945 $1,411,414
Sales
Net earns. accr. to for128,873
124,016
117,362
125,812
mer owners
104,957
96,466
100.996
Pro forma net earnings_ 101,565
The average pro forma net earnings, as above, for the 14 concerns preently to be acquired, are slightly in excess of the dividend requirements of
the entire amount of convertible preference stock to be outstanding, giving
no effect to the employment of $875,000 to be received by the corporation
upon final payment; the additional stores to be acquired may be expected
to double the volume and corresponding net earnings indicated above which
share on the capital stock, no
to holders of record May 1. A quarterly distribution of 50
cents per share was made on Feb. 15 last. From Nov. 15
1926 to Nov. 15 1928, incl. the company paid quarterly
dividends of 3734 cents per share, while from May 15 1925
to Aug. 15 1926 incl. quarterly payments of 25 cents per
share were roade.-V. 128, p. 123.
Mohawk Investment Corp.
-Balance Sheet.Dec.311928.
Assets.
Cash
$46,981
Call loans
100,000
Amt. due fr. subsc. to cap.stk.
9,446
Other accounts receivable....
245
Securities (at cost)
1,445,774
Liabilities.
$2,629
Accts. payable & accrued exp.
11,875
Res. for Federal& State taxes.
15,490
Dividend payable
stock, paid-in surplus
Capital
al.572.452
and earned surplus
81,602,446
Total
Total
81.602,446
a Represented by common stock of no par value; issued and outstanding.
15,413 shares; subscribed, 77 shares.
The authorized stock was increased from 21,000 shares to 100,000 shares
on Feb. 4 1929.-V. 127, p. 694.
-Annual Report.
Mohawk Mining Co.
Calendar YearsSales
Cost ofsales,&c
1926.
1925.
1927.
1928.
43,227,433 $2,722.235 52,386,159 52.497.698
1.549.091
1,762,085
1,677.859
1.654,155
$837,068
$735,613
Profit on sales
51,573.278 $1,044,375
77,513
69,032
85,304
Other income
154,482
469.412
455,206
APPrec. realiz. dur g Yr.
Total income
51,727.760 $1,129,679 $1,369,787 $1,274,057
90,219
77,925
84,926
Depreciation
227,964
555,875
578,009
122.241
Depletion
131.391
64,581
Federal tax reserves- - -29.386
83.668
Net profit
Previous surplus
Total
Dividends
Other deductions
51.284.736
2,550,614
5864.932
2,288,681
$699.600
2,202,506
$605,828
2,066,678
$3,835,350 $3,153,613 $2,902,106 $2,672,506
(86)690.000 (55)575,000 (55)575,000 (54)460.000
10.000
38,425
12,700
28,000
P.& L.surplus
$3.132,650 $2.550,613 $2,288,681 52.202,506
Earns, per share on 115,$nag
$6.26
$7.52
• (Par 325). _ _
000arks
.°5
-V. 128, P. 743.
)21.847,010 lbs. of copper at 14.7729 cents per lb.
2282
FINANCIAL CHRONICLE
Montgomery Ward & Co., Chicago.
-March Sales.
-March-1928.
1928
Increase.f 1929-3 Mos.-1928. Increase.
$22,616.668 517.800,945 54.815,7231559,400,774 $45,576,495 $13824,279
-V. 128. p. 901, 1412.
Morison Electrical Supply Co.
-March Sales.
Increase.
Increase. 1929-3 Mos.-1928.
3272,972 AL $230,447
387.50413503.419
-March-1928.
1929
$184,038
$96,534
-V.128,p. 1569, 1412.
Mortgage Co. of Pennsylvania.-Has7Capital and
Surplus of Over $2,700,000.
-
Due to a typographical error in our Issue of March 23, the capital and
surplus of the company is quoted as 52,700, instead of 52,700,000.-V.
128, p. 1920.
Motor Products Corp.
-Listing.
-
The New York Stock Exchange has authorized the listing of an additional
84,797 common shares without par value on official notice of issuance
thereof: 65,203 shares for sale to the holders of record of the common
shares and 19,594 shares for sale to employees, making a total of 215,203
of common shares to be listed.
At a meeting held Feb. 27 1929 directors approved the increasing of
the authorized common shares to 500.000: the offering to the holders of
record of the common shares on March 28 1929 the right to subscribe,
pro rata at $28 per share, for an additional number of such common shares
equal to one-half the number of common shares held' and the making of
employment and stock purchase agreements with certain of the employees.
EarningsYears Ended Dec. 31.
1927.
1928.
Gross profitsfrom operations
$4,004,841 $1,411,564
Other income
85,090
90,369
[VOL. 128.
National Enameling & Stamping Co. Inc.-Earnings.
Calendar Yearsx1928.
1926.
'
1927.
Sales billed to customers
512.325,773 523,373.718 526.310,145
Cost of sales, incl. selling. publicity &
administration expenses
11,385,354 20,283.020 22,517,726
Profitsfrom operations
$940,419 $3,090.698 53,792,419
Income from investments
297,324
2.678
103.121
Profit on sale of securities
170.874
Total income
51,237.743 53,364,693 53,795,097
Repairs, renewals and maintenance
445.347 1,536,123 1,605,762
Depreciation
398,721
1,037,765 1,120,615
Increase in operating reserves
96,061
73,076
Bond interest
15,438
37,710
26,523
Other interest (net)
15,691
Cr.33,143
Provision for Federal income taxes_
58,000
Strike expenses, &c
246,708
Net income for year
5378.235
5614,550
5724,349
Preferred stock dividends paid
231.224
700,000
700,000
Common dividends
155.918
Balance, surplus
def$8.907
$24,349 def$85,450
Previous surplus
2,482,068 2,481,765 2,579,177
Surplus adjustments
-net
Dr.4,392 Dr.11,962
Surplus, Dec. 31
52,473.162 52.501.722 52,481,765
Shs. com.stock outstanding (no par)155.918
y155,918
y155,918
Earnings per share
$0.94
50.15
Nil
x Excluding Granite City Steel Co. y Par $100.
Alfred J. Kieckhefer, President, says in part:
Four years ago we had bank loans of $2,500,000 and $1,197,000 1st mtge.
Total
34.089,930 51,501.933 bonds outstanding; an investment in the St. Louis Coke & Iron Corp. of
Selling, administrative and general expenses
$457,531 52,700,000, which was yielding no return; also $10,000,000 of 7% cumula$691,090
-Interest
19,265
93,211 tive preferred stock outstanding. As at Dec. 31 1928 the bank loans were
Depreciation
359,825
375.311 liquidated in their entirety; the bonds reduced to $235,000, all of which is
due and
Federal and Canadian income taxes
376,000
93,000 & Iron will be paid April 5 1929, and the investment in the St. Louis Coke
Corp. was advantageously sold. As a result of this sale, part of the
Net profit
52.643,749
$4482,879 ourstanding preferred stock was purchased for the treasury. Through the
Balance at beginning of year
$154,179
$85,182 segregation and subsequent sale of the company's interest in the steel works
property, which until the sale formed a part of this company,the retirement
Total
$568,061 of the remaining cumulative 7% preferred stock was effected and there are
32,797.929
Dividends paid
413,882 now outstanding only 155,918 shares of common stock.
413,88os
Comparative Balance Sheet Dec. 31.
Balance at end of the year
52.384,047
5154.180
1927.
1928.
1928.
1927.
Earnings per common share outstanding
$19.10
$2.53
AssetsLiabilates-8
8
3
$ •
Real estate, plant.
Preferred stock.
Balance Sheet Dec. 31.
10,000,000
good-will, &a-13,002,020 17,630,652 Common stock_.:15,591,800 15,591,800
Assets-1928.
1927.
1928.
1927.
Liabilities
Investments
231,118 2,900.789 1st M.5% bds.-235,000
Prop: Less deprec-$3,929,195 $3,787,218 6% 20-yr debent-- $951,700
431,000
3,413,498 6,134,898 Accla payable and
Misc. Invest. &c_ _
210,457 Inventories
31,167
34,366 Accounts payable. 806.698
Accts.& notkw ree- 1,048,243 1,505,335 payrolls
412,215 1,101,297
Inventories
1,366,062
852,119 Accr. payrolls, int.
1,150,173 1,966.097 Accr. prop. taxes
Accounts receiv-_ - 1,197,224
159,920
123,405 Cash
478,401
Deferred charges._
71,891 (State & local).
40,078
50,028
200,888
U.S.Govt& muniRes.for Fed.& Can
Accrued interest_
1,095
2,142
cipal bonds ____ 2,594,738 1.644.619 income tax
385.963
119,953
Prov,for inc. taxes
Cash
223,854
335,803
317,728 Reserve for contin. 423,654
(Fed.& State)._
80,553
50,809
Deferred charges
308,140
306,140
86.162
100,609 Preferred stock41,279
Reserves
330,002
1.304,060 1,304,080
Common stock
Surplus
2,473,182 2,501,722
Capital surplus.-- 3.821,508 3,821,508
Total each aide. 39,540,353 $7,215,058 Earned surplus__ 2,332,409 154,180
Total
18,885,132 30,209,839 Total
18,885,132 30,209,839
-V.128, p. 2104.
z Represented by 155.918 no par shares In 1928, against shares of 5100
par value for 1927.
Mountain 8c Gulf Oil Co.
-Earnings.
Calendar Years,1926.
1927.
1928.
National Sash Weight Corp.-Pref. Stock Offered.Net oper. profit before deplet., deprec.
& Federal taxes
$711,126 $1,438,529 Westheimer & Co., Baltimore, in Marcn offered 8,000 shares
$645,024
The decline in earnings for 1928 was due mostly to the decline in the $3.50 cumulative dividend
convertible preference stock (no
price received for crude which averaged $1.32 against 51.41 for 1927.
The company paid dividends on Jan. 16 of 2% regular, and an extra par value) at $51.50 per share.
dividend of 1% on Jan. 16 1928. On April 16 1928, paid regular quarterly
Convertible into common stock, share for share, at any time up to 15
,
dividend of 2%,and a special extra dividend of 48%. Since that date, the day prior to the redemption date. Entitled to preferential dividends of
,
company has maintained the regular quarterly dividend of 2%•
$3.50 per share per annum, and no more, cumul. from Feb. 1 1929, and
payable Q.
-F. Red., in whole or in part, on any div. date, on 30 days'
Consolidated Balance Sheet Dec. 31.
notice,at 357.50 per share plus divs. Neither the convertible preference stock
AudiLiabintles1927.
1928.
1927.
1928.
nor the common stock has any pre-emptive rights, but appropriate adjustOil lands & leases x38,392,187 $8,352,758 Capitalstock...-z$3,705,200 $3,705,200 ments in conversion rate will be made in case
Field inv. & eel_ _ y107,680
123,251 27,000 shares, other than shares issued upon common stock in excess of
215,701 Accounts payable_
28,400
conversion of convertible
Cash
59,492 preference stock. is Issued at less than $50 a share. Transfer agent, Union
83,724
179,695 Working int. pay.
80,975
Bonds
734,780 2,335,018 Contracts pay.... 100,000
100.000 Trust Co. of Maryland.
Stocks
284,490
52,903
238,084 Res. for taxes_ _ 110,777
CapitalizationAuthorized.
Outstanding.
Notes receivable.
185,000 Unclaimed divs. &
-year 6's, 1944
Closed Issue
5400.000
Loans
118,481 1st mtge. 15
78,778
dive. payable...
218,000
Convertible preference stock
12,000 shs.
8,000 shs.
Accts.receivable.- 106.396
1,752
84,708 Res.for minor int_
51,349
*43,000 shs.
24,000 shs.
Deferred assets... 273,520
271,153 Surplus
4.045,261 5,681,055 Common stock
•12,000 shares reserved for conversion of convertible preference stock;
Total
8,180,741 9,842,115 Total
88,180,741 39,842,115 4,000 shares for exercies of warrants issued with the bonds, entitling the
x After deducting $3,383,372 reserve for depletion. y After deducting holders to purchase common stock, on or before Feb. 1 1939, at $60 per
$2,256,030 reserve for depreciation. z 82% owned by the New Bradford share; and 3,000 shares for exercise of warrants, issued to the bankers,
entitling the holders to purchase common stock, on or before Feb. 1 1939
1311 Co.
-V:126, p. 3133.
at $20 per share.
Murray Corp. of America.-Earnings.
Data from Letter of Wilson K.Levering, President of the company.
Calendar Years
-1927.
Company.
-Organized, in Maryland, for the purpose of manufacturing
Gross revenue
54,609:862 51.930,653 and selling sash and counter weights and generally engaging in the iron
Selling, gen.& admin.expense
901,564 foundry business. Company will acquire the following foundries and
1.731,166
Depreciation
432.197 property: from Levering Brothers, their iron foundry located in Baltimore
' 474,216
Interest
285,178
297,135 City, at the intersection of Wicomico and Monroe Sts.; from E. E. Brown
Taxes
306,877
20.000 & Co., Inc., its iron foundry located at Darby, Pa. On the environs of
Subs, preferred dividends
17,624
19,016 Philadelphia); from Borough ,
Foundry Co., Inc., its Iron foundry located
In Brooklyn, N. Y., and from the Carteret Foundry Co., its iron
Netincome
$260,741 located In Jersey City, N. J., and its iron foundry located at foundry
$1,794.802
Booton,
Premium on preferred stock purchased
Dr.134
Dr.3,882 Morris County, N. J., together with all the machinery, equipment, &c.,
Profitfrom sale ofstock
2,756
pertaining to said iron foundries and certain machinery and equipment
Previous surplus
256,859
pertaining to the Key Highway Plant (Baltimore) of Levering Brothers;
concerns their
Profit and loss surplus
$256,859 the company will also acquire, from the above mentionedand all patents
$2,054,283
aggregating
Share common stock outstanding(no par)
268.590 inventories, own relating in value approximately $210000,
538,020
which they
to the sash and counter weight business.
Earned per share
50.97
53.84
Assets.
-A tentative balance sheet as of Dec. 15 1928, giving effect to
the above mentioned transactions and to the proceeds from the sale of
Consolidated Balance Sheet Dec. 31.
5400,000 of 1st mtge bonds, 8,000 shares of convertible preference stock
1928.
1927.
1927.
1928.
and 24,000 shares of common stock, shows total current assets of 5329,500
Assets$
Liabilities-$
$
current
Fixed assets
10,523,683 10,235,252 Common stock_ _x15,805,958 11,750,245 and noThe net liabilities (except organization expenses estimated at $20,book value of the total tangible assets (exclusive of patents
000).
Patti & god-will.
302,329
222,600
302,329 Pref.stk.of subs__ 217,400
liabilities Including the $400,000 of
Invest. in MM.cos. 585,924
428,479 Funded debt
3,451,700 3,824,700 and good-will), after deducting all Is
bonds, to be presently outstanding, $638,462, or approximately $79 per
Sink,fund depr- -- 298,103
125,558 Perch. money oblig 935,000 1,115,358 share of convertible preference
stock to be presently outstanding. The
Misc.sec.& acc'ta. 244,296
101,368 Res. for conting &
and
Prep.exp.& miscel 228,757
281,270 (lisp. tax
1,288,795 1,174,574 above mentioned foundries of equipment have been appraised by the
American Appraisal Co., as
Dec.
Dies& patterns beAccounts payable- 1,011,597 1,595,429 in said balance sheet at that figure. 15 1928, at $728,962, and are carried
ing amort
888.183 Accruals
83,043
35,830
88,703
Earnings.
-Total net earnings, (adjusted) as derived from the sash and
Cash
2,483,629 1,088,896 Tax reserve
320,000
20.000
Callloans
256,859 counter weight business, have been as follows:
5,700,000
P.& L.surplus_ _ _ 2,054,283
After Depr. After Depr.,
Accountareceirle. 1,584,455 2,116,353
Inventories
but Before Int. on Bds.
3,032,454 4,735,120
Dies & patterns
Int. on lids & Fed. Tax Per Sh.Cono. Per Share
153.975
Calendar YearsPref. Stk, Corn, Stk.
& Fed. Tax. at 12%.
Total
$3.36
$13.58
$108,692
$147,513
25,153,436 20,042,806 1925
25.153,438 20,042,808 Total
1926
19.25
5.25
154,010
199,012
x Represented by 538,020 no par shares.
-V. 128, p. 415.
16.47
1927
131,782
4.32
173,752
1928 (to Dec. 15)
15.69
125,543
4.11
165,662
Nash Motors Co.
-Production tt Shipments.
In determining the above earnings the interest paid by Borough Foundry
Period End.March 311929
-Month-1928. 1929-4 Mos.-1928. Co., Inc., on a mortgage to be paid off and the non-recurring net income
Production & shipments
(number of cars)
29,721 amounting to $2,473 for the entire period were eliminated. The earnings
43,011
10,672
15.384
Retail deliveries of Nash cars in the leading markets for the week ended of the above mentioned concerns as shown above have been adjusted by
and then deducting the
March 30 1929. were the highest in the history of the company, it was restoring all amounts paid for officers' salariespaid by the new company.
initial amount of executive salaries proposed to be
stated:
Sinking
-Company shall set aside each year 20% of its net earnings,
The company expects to operate on an increased schedule during April remaining Fund.
after deducting depreciation, taxes, interest, sinking fund payhaving carried over 1,500 unfllled orders from March.
-V.128, p. 571.
ments on the bonds ($25,000 per annum) and dividends on the outstanding
convertible preference stock, and apply the same to the purchase for retireNational Belles Hess Co., Inc.
-Net Cash Receipts.
ment at not exceeding the redemption price and or to the redemption of
-March-1928.
Increase. I 1929-3 Mos.-1928.
1929
Increase. shares of convertible preference stock.
$603,8981511,211,172 510,365,197 5845,975
Listing.
-Company has agreed to make application to list this stock on
55 842,208 $5,238,310
-V,128, p. 1744. 1570, 1412. 1243.
the Baltimore Stock Exchange.
APRIL 6 1929.]
FINANCIAL CHRONICLE
National Sewer Pipe Co., Ltd.
-Stock Offered.
-A.E.
Ames& Co.,Ltd., Toronto are offering 30,000 shares of $2.40
non-cumul. cony. class A stock (no par) at $38.50 per share.
The 10,000 shares of first preference stock which are outstanding are
being called for redemption at $105 and ciiv. per share, and holders are
being offered the right to accept in lieu of the redemption price 2 shares
class A and 1 share common, provision for which is included in the capital
stock to be outstanding, and holders of at least 5,000 first preferred shares
have already agreed to take such shares in lieu of the redemption price.
The preference shares of holders who do not desire to take class A and common shares will be redeemed by the Royal Trust Co., on June 1 1929.
CapitalizationAuthorized. Outstanding.
Class A stock (no par)
50,000 shs. 40,000 shs.
Common stock (no par)
50,000 shs. 43,000 shs.
Stockholders will have no pre-emptive rights to subscribe for additional
securities.
stock or
Class A stock is to be fully paid and non-assessable; preferred as to dividends and assets over common stock; entitled to non-cumulative dividends
at the rate of $2.40 per share per annum, payable (Q-M) at par at any
branch in Canada (Yukon Territory excepted) of the company's bankers
(Bank of Montreal). Callable in whole or in part in blocks of not less than
2.500 shares at $43.50 per share on 45 days' prior notice, or the company
may.at any time, purchase shares for redemption in the market or by tender
up to the call price and cost of purchase. Convertible at the option of the
holder at any time into common stock on the basis of one share of no par
value common stock for one share of class A stock, unless called for redemption, and the calling of class A stock for redemption shall not extinguish
the conversion rights until the expiration of 45 days' notice and the actual
redemption of the shares or the provision of the necessary money for the
purpose. Appropriate adjustment of conversion terms and voting rights
will be made in the event of the payment of a stock dividend or in the event
ofsub-division, consolidation or any other similar change ofcommon shares,
but no fractions of shares will be issued in conversion. Transfer Agent,
Royal Trust Co., Toronto. Registrar, Toronto Agency Co., Ltd., Toronto.
Company.-Incorp. in 1928 as an Ontario company to acquire the underproperties and assets of Ontario Sewer Pipe & Clay Products,
L . Sominion Sewer Pipe & Clay Industries, Ltd.,Clay Products Agency.
tat1.11
,
Ltd.,and of the Hamilton & Toronto Sewer Pipe Co., Ltd., with the exception of certain special accounts and investments not necessary to the carrying on of the company's operations. These constituent companies, which
have been established for many years, are engaged in the manufacture and
sale of vitrified clay sewer pipe, wall coping, flue lining, vitrified clay
conduits, segment sewer blocks, radial chimney blocks and other vitrified
clay products. Other lines of manufacture are being developed by the
company under the active direction of its Ceramic Engineer.
Earnings.
-The net earnings of the constituent companies whose businesses were purchased, after making adequate provision for depreciation.
depletion, and Dominion Government income taxes, and allowing for
interest savings, were:
interest savings were for years ended Oct. 31:
1925.
1926.
1927.
1928.
$171,641
$140,033
$150,520
$267.457
Dividend Policy.
-The President has stated that it is the intention of the
directors to pay quarterly dividends of 60c. per share on the class A stock
(the first to be payable June 15 1929). at the rate of $2.40 per share Per
aIIIIIIM.
Purpose,
-Proceeds will be utilized principally to retire the 7% first
preference stock and certain loans which were created as a result of the
purchases of the assets of the constituent companies previously referred to
and the balance for the general purposes of the company.
2283
about 30,945 sq. ft. and has been appraised by Feist& Feist, Inc., Newark,
N. J. at $5,240,607. free of tenancies.
Buikling.-Corporation will erect on the site a banking and office building
of the most modern fireproof construction, which, with a tower, will be
_pproximately 30 stories in height and will be known as the "Newark &
ssex Bank Building.
The National Newark & Essex Banking Co. will
lease, for a long term of years, the main floor of the building, directly above
the street level, as its banking quarters. Starrett Bros., Inc., will construct the building from plans by John H. & Wilson C. Ely, architects,
and have estimated the cost at not to exceed $7,000,000. Based upon the
above appraisal ofthesite to be acquired, and the builder's estimate of the
cost of construction, the total value of the land and building upon completion will b e approximately $12,240,000.
Financing -The necessary funds will be provided through a first mortgage 5% loan of $7,200,000 from the Mutual Benefit Life Insurance Co.
and from the proceeds of the present offering of 60,000 shares of 7% cumulative class A stock and 30,000 shares of class B stock. The National
Newark & Essex Banking Co. will control the building corporation through
ownership of a majority of the class B stock.
Earnings.
-The annual net earnings of the corporation, on completion
of the building, after deducting operating expenses, taxes, interest on the
first mortgage and depreciation, are estimated at $457,248, equal to 2.18
times the annual dividend requirements of $210,000 on the class A stock.
After deducting the class A dividend,such estimated net earnings are equal
to $3.09 per share on the class B stock.
Equity.
-Upon completion of this financing, the equity applicable to the
class A stock, based upon the appraisal of the land and the estimated cost
of the building, will be approximately 35,500,000, equal to about $91 per
share ofsuch class A stock, or about 182% of its par value. After allowing
for the liquidating value of the class A stock, the equity applicable to the
class B stock, on the same basis, will amount to approximately $1,900,000.
equal to about $23 per share.
Dividends.
-Dividends on the class A stock are cumulative from Mar. 15
1929 at the rate of 7% per annum. It is not proposed to begin payment
of dividends on the class A stock until the building is completed but any
arrears which may accumulate during the construction period must be paid
In full before any dividend is paid on the class B stock.
t
New Cornelia Copper Co.
-Production (Lbs.).Month of1929.
January
6,207,040
February
6,003,040
March
5,548,600
-V.128. P. 1921, 1746.
1928,
7,345,020
6,534,480
6,633,620
1927.
5,540,400
4,746,920
6,895,000
1926.
7,328.120
5,972,400
7,281.560
New England Equity Corp.
-To Increase Stock.
The stockholders will vote April 11 on increasing the authorized common
stock (no par value) from 50,000 shares to 150,000 shares.
If the plan is approved the directors will be authorized to determine the
terms and manner of disposing of the additional authorized stock for cash.
New England Fuel Oil Co.(Mass.)-Earnings.
Calendar YearsGross inc. (incl, sales
royalty oil)
Expenses and taxes
Amort. of cap. assets
Net income
Dividends
1928.
1927.
1926.
1925.
$36,741
27,648
$83,796
34,989
$101,621
37,271
$153,832
40.247
41,713
$9,093
25,000
$48.806
50,000
$64,350
50,000
$71,873
50,000
Balance
def$1,194
$21.873
def$15,907
$14,350
National Tea Co., Chicago.
per
-Initial Pref. Dividend.
- Earns (no sh. on 50,000
$1.43
shs.
$0.97
$1.28
The directors have declared an initial quarterly dividend of lV on
par)
$0.18
the new 5M % preferred stock, payable May 1 to holders of record April 12 -V. 127. p. 1688.
(see V. 1211, p. 262).
-Earnings.
New Idria Quicksilver Mines, Inc.
All of the outstanding 6 % cum. pref. stock has been called for payment
1927.
1926.
1925.
Calendar Years1928
May 1 next at 105 and dive. at the State Bank of Chicago, 110 South
Net income for year_..__
$52,864
$148,919
$6,996
$15,979
La Salle St., Chicago,
128, p. 1921. 1745. 1570.
10,252
Prov.for Federal taxes15,613
National Title Guaranty Co.
-To Acquire Guaranteed
Mortgage Co. of New York-Rights.
-According to President Manasseh Miller, the company has completed
negotiations for the absorption of the Guaranteed Mortgage Co. of New
York. As part of the plan for taking over the company and developing
business in New York City, the capital of the National company will be
increased to 10,000 shares or $1,000,000, and stockholders will receive the
right to purchase the new shares at the rate of $170 per share. A meeting
of the stockholders has been called for April 15 to ratify the action of the
board of directors in recommending the increase of capital.
The Guaranteed Mortgage Co. does business throughout the State of
Now York. The lattees office at 345 Madison Ave., N. Y. City, will hereafter be in charge of James J. Brooke, 1st Vice-President of the National
company, who will direct the New York operations from there of both the
Guaranteed Mortgage Co. of New York and the National Title Guaranty
Co. Present officers of the Guaranteed company will be superseded by
officers of the National company.
Regarding the acquisition, the company has issued the following
statement:
"It has been intended for some time to open an office in the Borough of
Manhattan where the company has been doing considerable business both
as to insuring of titles as well as guaranteeing of mortgages. Because of
the many clients the company has in Manhattan, it was found necessary
to enter into the immediate field so that service could be more readily given
to its New York clientele. It is the intention of the National company to
give the same service throughout the State as is now given by the Guaranteed company.
"About 8 months ago the National company completed the construction
of its 10
-story building in Jamaica and is now constructing its own building
at 185-187 Montague St., Brooklyn, N. Y., upon the completion of which
Its value will be $1,000,000."
The directors of the National company are: Michael Furst, chairman of
the board; William Boardman, Vice-President of Brooklyn Trust Co.;
James J. Brooke, 1st Vice-President of Bedford Nat. Bank; Irwin S.
Chanin, President of Chanin Construction Co.; August Hasenflug, trustee
of Prudential Savings Bank; Charles Jaffa, Clarence Kempner, VicePresident; Martin Ii. Latner, Clarence Levy of Levy Bros.' Clarles C.
Lockwood, trustee of Queensboro Savings Bank; Matthew S.McNamara,
Treasurer; William J. McNulty, Manasseh Miller, President of Prudential
Savings Bank; Dr. Chas. J. Pflug, trustee of Lincoln Savings Bank; David
Rudberg, Morris Salzman, Meier Steinbrink, James A. Stewart, Nathan
Strauss and George U. Tompers.-V. 126, p. 1994.
Neisner Bros. Inc.
-March Sales.-
-March-192£1.
1929
$664,847
$1 074,793
-V.128, p. 1570. 1413.
Increase. I 1928-3 Mos.-1927.
$409,946 I $2,377,326 $1,493,055
Increase.
$884,271
Newark & Essex Building Corp., Newark, N. J.
-Clark, Dodge & Co. are offering 60,000
Stocks Offered.
shares 7% cumulative class A stock and 30,000 shares class
B stock in units of 2 shares of class A and 1 of class B at
$125 per unit.
Balance, surplus
-V.126,P. 1995
.
$6,996
$15,979
$42.612
$133,305
-New Certificates Ready.
New Jersey Zinc Co.
In a notice to the stockholders, it is stated that the new stock certificates of $25 par value are now ready for issuance. Holders of the old $100
par value stock will receive four shares of the new for each old share. Any
dividends declared after May 1, which may be applicable to shares for
which exchange of certificates has not been effected shall be withheld in
the treasury of the company until such exchange has been effected, it is
announced.
The directors have declared the regular quarterly dividend of $2 a share
on the capital stock of $100 par value payable May 10 to holders of record
April 20.-V. 128, p. 1412.
Newport Company.
-Listing.
The New York Stock Exchange has authorized the listing of 130.000
shares class A cony. stock (par $50).-V. 128, p. 125.
New York Investors, Inc.-Initial Dividend.
The directors have declared a semi-annual dividend of 60c. per share
on the common stock, no par value. This is on the basis of $12 per share
Per annum on the old Realty Association stock as compared to $5 per share
per annum which was previously paid.
-V. 128, p. 573.
New York Times Co.
-Issue of $10,000,000 Non-Cumul:
Red.8% 4th Pref. Stock Created-Stock Dividend.
At a special meeting of the stockholders held on April 3, the capital
structure of the company was authorized to be increased frm $16,000,000
to $26.000,000, divided into $1,000,000 common shares, $4,000,000 1st
pref. 8% cum. redeemable shares, $5,000,000 2d pref. 8% non-cum. redeemable shares, $6,000,000 3d pref. 8% non-cum. redeemable shares,
and $10,000,000 4th pref. 8% non-cum. redeemable shares. The 1st, 2d,
and 3d pref, shares have heretofore been declared as stock dividends. Of
the new issue of $10,000,000 4th pref. shares, $5,000,000 will be presently
distributed as a dividend to common stock holders. The remainder of
$5,000,000 will be held for further disposition by the company.
The company has no bonds, mortgages or other forms of indebtedness.
-V. 124, p. 2760.
New York Transit Co.
-To Reduce Capitalization and
Change Par Value.-Liquidating Dividend to be Paid.
A special meeting of stockholders has been called for April 15 to vote
Upon a proposal to reduce the captilization from $5,000,000 $1,000,000and
reduce the par value from $100 to $10 per share. It is proposed to issue
2 shares of now $10 par value for each share of old stock of 3100 par value
together with a cash distribution the exact amount of which will be determined later but which should not be less than $50 per share for each old
share. The stockholders were advised that the disposal of certain of its
properties has been practically completed but there still remains some
miscellaneous equipment and parcels of land which are of comparatively
limited value.
-V.128, p. 1746.
-Annual Report.
North Central Texas Oil Co., Inc.
1926.
1927.
Calendar Years1928.
1925.
Each unit consists of two shares of class A stock and one share of class B
*466.165
$527,245
$461,304
stock represented by receipts issued by the National Newark & Essex Income from all sources_ $532,707
114,452
112,388
110,623
129,219
Banking Co., which will be exchangeable for the stock constituting such Oper. and gen. expenses
unit on and after payment of the first dividend on the class A stock.
Net operating income_ $4422,083
$351,712
$414.857
$332,085
Class A stock (of $50 par value) has preference over the class B stock as
33,107
to both dividends and assets. Entitled to dividends at the annual rate of Other income
$3.50 per share cumulative from Mar. 15 1929, payable quarterly June 15,
Total income
$351,712
$422,083
$365,192
$414,857
&c. Entitled to $50 per share in liquidation, plus a premium of $10 per
133,363
164,153
127,582
138,966
share in the event such liquidation be voluntary. Red. at the option of Depletion & deprec---30.464
26,324
29,832
33,481
the corporation, in whole or in part, at $60 per share and div. Transfer Federal taxes
Development costs
4,371 •
agent, National Newark & Essex Banking Co., Newark, N. J.
Authorized.
CapitalizationOutstanding.
Net income
$227,466
$192,025
$207.778
$238,039
First mortgage 5% loan
37.200,000
x189,304
157.183
7% cumul.class A stock (par $50)
111,980
58.447
$5.000,000
3,000,000 Dividends
Cbss B stock(no par)
100,000 shs.
80,000shs.
$149,331
Surplus
$38,161
$34,842
$126,059
Data from Letter of Albert H. Baldwin, Pres. of the Corporation. Shs. of
com. stk. outProperty ct Location.
-Corporation (New Jersey) will own in fee simple
x212.846
standing (no par)_ _..270.000
x266,346
x248.846
one of the largest office building sites in the City of Newark, N. J located Earns, per sh. on com
$0.98
$0.75
$0.72
$0.96
on the northeast corner of Broad and Clinton Sts. This site has an area of
x Preferred dividends $27,397; common dividends $161,908.
2284
[IroL. 128.
FINANCIAL CHRONICLE
Comparative Balance Sheet Dec. 31.
Ltab12ilies-1927.
Assets1928.
1928.
1927.
Preferred stock.- 1,000,000
Mineral rights &
Common stock..- _y2,031,440 1,994,900
leases (less res.
8,844
5,241
for depletion).- 2,072,174 2,069,070 Accounts payable.
Fed. inc. tax
30,464
26,324
Lease equip. (less
33,588 Dividends payable
16,250
res.for deprec.)21,130
Furn.. fixt. & auto
Surplus
342,030
308,159
2,581
3,553
(less reslor dep.)
Cash & time dep__ 532,465
147,982
Time loans
300,000
Securities owned... 297,942
Accts. receivable_
39.638
38,301
Deferred assets
163,095
42.128
Total (ea. side).$3,429,028 82,334,624
-V. 127, p. 2970.
y Represented by 270,000 no par shares.
new company is one of the largest farm implement manufacturing concerns
in the country.
Melvin W. Ellis, president of the Hart Parr Co., becomes president of
the new company. Joseph D. Oliver, president a the Oliver company,
becomes chairman of the board of directors, and Lewis J. Brown, president
of Nichols & Shepard, executive vice-president.
-See also V. 128. p. 1414.
Old Dominion Co.
-Earnings.
-
Calendar Years1928.
1927.
1926.
1925.
Sales of copper, silver &
gold
$3,289,680 $2,860,410 $3,765,438 $3,809,275
Income from invest_ _ _ _
34,618
17,073
21,217
17,564
Interest
24,798
17,861
Total income
$3.349,096 $2.899,490 $3.783,002 $3,826,348
Min.,treat. & ref. exp..- 3.080,597
2,836,419 3,313,371
3,209,275
Selling expenses, &c......_
21.476
North American Refractories Co.
-Registrar.
33,916
25,726
31,786
69,292
62,899
4,335
The Chatham Phenix National Bank & Trust Co. lass been appointed Depreciation
78,749
62,899
76,857
registrar of 50,000 shares of 63% cumul. cony. pref. stock, par $100; Interest
78,749
262,294 , 251.288
434,560
468,794
300,000 shares class "A" and 500,000 shares class "B" stock, without Depletion
par value.
-V. 128, p. 1922.
Balance, deficit
$84,564
$276,843
$109,699 sur$67,403
P.&
Nova Scotia Steel & Coal Co., Ltd.
-Annual Report.
- -V.L.surp. Dec.31_ - - $1.126,728 $1,211,292 $521,180 $630,879
126, p.2160.
Calendar Years1925.
1928.
1927.
1926.
Combined profit from
Ontario Silknit Limited.-Pref. Stock Offered.
-Harley,
oper. after deducting
mfg.,sell. & adm.exps $569,340
$857,333
$346,380
$118,779 Milner & Co., Toronto, recently offered $850,000 7% cumul.
-down exp..
Strike & shut
617,413 pref. stock at par (8100) and dividend.
Interest (net)
578,188
565,244
629,466
556,407
Dividends payable Q.
-M. Red. as a whole or in part at any time on
Prov. for sinking fund &
not less
depreciation of plants_
340,741
337,096
300,000
300.000 Imperialthan 60 days' notice, at $110 per share and div. Transfer agent,
Trusts Co. of Canada. Registrar, Toronto General Trusts Corp.
CapitalizationLoss for the year
$518,864 $1,428,100
Authorized.
$327,807
$57,951
Issued.
Sur. br't forward Dec.31
671,822
729,773
1,339,327 2,767,427 7% cumulative preferred stock
$1,500,000
$850,000
Common stock (no par)
Propor. of loss on sales of
100.000 shs.
40.000 shs.
Wabana Ore prior to
This capitalization is subject to a liability of $138,125 in the form of a
Dec. 31 1925
Dr.90,359
mortgage upon one of the company's properties.
Dist. to coal employees.. Dr33,325
Compang.-Incorp. under the Dominion Companies Act in June 1928,
Dividends paid_a
Dr45,042
to acquire from a company of the same name all its business, properties,
plants and undertakings. This business was founded in 1922 and has
Balance. surplus
$265,647
$671,822
$730,104 $1,339,327 grown to be the largest manufacturer of rayon products in the Dominion
a On 6% pref. stock of Eastern Car Co., Ltd.. $45,000; on 6% pref. of Canada. Company's products, including "MayBelle" lingerie, dresses,
stock of Acadia Coal Co., $42.
&c., are nationally advertised and are sold from coast to coast. In addition to an export business, the company,through wholly-owned subsidiaries,
Balance Sheet Dec. 31.
operates rayon knitting plants at Sydney, Australia, and in Mexico City
1928.
1928.
1927.
1927.
Mexico. It also owns and operates through the Summit Dyeing Co. Ltd.,
AssetsLiabilities8
S
$
in Toronto, Can.,
dyeing business
Properties
27,098,015 27,384,272 Preferred stock__ 1,000,000 1,000,000 customers many ofa silk weighting and silk importers. and has among its
the larger Canadian
Cash (trustees).3,258
4,102 Common stock...15,000,000 15,000,000
Sink,fund bonds._
8,070
100,400
10,643 Acadia stock
101,900
Pan American Airways, Inc.
-Passengers Carried, &c.
Inventories
2,020,569 1,205,016 East. Car pref.__ 750,000
750,000
This corporation, the operating company for the
Accts.& bills rec_ 1,225,292
10,681,572 10,802,065 Americas, transported 1,540 passengers on routesAviation Corp. of the
763,585 Funded debt
to Havana, Nassau
Call loans
670,000
425,000
600,000 Bank loans
300,000 and the 'West Indies during the second 30
-day operating
Cash
352,622
734,953 Meta: payable__ 310,389
163,870 according to a report by James M.Eaton, general traffic period to March 9,
manager. During
Deferred charges..
81,934
61,290
79,375 Wages payable.... 103,062
14 tons of mad
Balances rec
104,958
300,654 this same period more thanCanal Zone were between the United States,
414,807 Accrued interest_ 297,721
West
carried and Pan-American
Nat. Trust Co__
503,199
38,058 planesIndies and Panama on perfect schedules during this time.
operated 97,254 miles
335,617
216,174
Reserves
On March 9 another international air
Tot.(each side)_31,544,073 31,197.255 Surplus
x2,037,112 2.442,597 system was opened between Brownsville, line of Pan .American Airways
Tex., and Mexico City, which
x Including capital surplus.
-V. 127, p. 1399.
Is now operating at capacity on daily schedules.
-V. 128, p. 1244.
Ohmer Fare Register Co.
-F.J. Lisman
-Stock Offered.
& Co., New York are offering 100,000 shares $3 cony, participating class A stock (without par value) at $51.50 per
share and div.
Transfer agents: Central Union Trust Co. of New York, Continental
Illinois Bank & Trust Co., Chicago, and Old Colony Trust Co., Boston.
Registrars: National Park Bank, New York, First Trust & Savings Bank,
Chicago, and First National Bank of Boston. Dividends exempt from
normal Federal income tax. Ohio personal property taxes and Penn.,four
mills tax refunded on request.
CapitalizationOutstanding.
Authorized.
$3 cony. particip. class A stock (no par)
100,000 shs.
100,000 shs.
Class B stock (no par)
x400,000 shs.
270,000 shs.
x 100,000 shares are reserved for conversion of class A stock; and 30,000
shares are reserved for outstanding options.
Note.
-There are outstanding at present, 4,922 shares of preferred stock
(par $100) entitled to 6% cumulative dividends and $100 per share upon
dissolution. It is intended that this preferred stock, which is non-callable
and which ranks ahead of the class A stock and the class B stock as both
dividends and assets, will be retired out of the proceeds of class A stock
purchased from the company and the surrender of practically all of such
preferred stock has been assured.
Data from Letter of John F. Ohmer, Pres. of the company.
Company.
-The business was established in 1898 by John F. Ohmer.
The present company was incorp. in 1902 and,from a small beginning, has
grown to be the largest producer of fare registers and taximeters in the
United States and one of the principal manufacturers in the United States
of recording and printing fare registers.
Company owns and controls 175 unexpired United States and foreign
patents, and has approximately 78 applications pending for such patents
on its fare registers, cash registers, taximeters and other recording devices.
Company also owns and controls 66 trademark registrations in connection
with these products.
Company owns a large, modern, well-equipped plant in Dayton, Ohio,
and maintains numerous sales and service branches throughout the United
States. The company's business is now being extended throughout the
principal commercial countries of the world.
Earnings.
-Company has an unbroken record of 26 years for the payment of dividends on its preferred stock, and has paid common stock dividends every year during that period excepting 1907 and part of 1908. The
average annual net earnings of the company for the five years ended Dec.31
1928 were $641,087, after depreciation (which averaged over 35% of such
net earnings before depreciation), but before interest (which will be eliminated through the retirement of notes and bank loans out of proceeds of
this financing), charge off of experiments and models, amortization of
patents and Federal taxes. For the month of January 1929, the company
shows earnings, on the above basis, of over $100,000 and there is every
Indication that the earnings for the year 1929 will be greater than at any
time in its history.
The company derives a large part of its regular income from rentals of fare
registers and taximeters leased under long-term leases,in addition to income
from the sales of its various other devices hereinbefore mentioned.
-After giving effect to this financing, the company will show
Assets.
net quick assets of approximately $3,764,152 and current liabilities of
$317,500, a ratio of over 11 to 1. After deducting reserves and depreciation
of $2,583,000 and after deducting all liabilities and without giving any
value to patents, experiments and models, the total net tangible assets
amount to $6,597,853. or $65.97 per share on class A stock to be presently
issued and outstanding, approximately 60% of which will be represented
• by current assets.
Net quick assets do not include cost of instruments leased under long
term contracts amounting, after depreciation. to $1,739,410 and also secured notes receivable due subsequent to Dec. 31 1929 amounting to
$114,766.
Purpose.
-Of the 100,000 shares of class A stock offered only 72,222
shares will represent new financing by the company, the balance having
been purchased from stockholders of the company. The proceeds from
the sale of the class A stock purchased from the company are to be used
to retire the outstanding note issue of $1.500,000 at or before its maturity.
Apr. 1 1930: to retire existing bank loans; to retire all or substantially all
of the $492.000 par value preferred stock as'above provided; and to provide the company with a large amount of additional working capital for
the purpose of financing its rapidly expanding business, particularly in the
field of recording and registering machines.
Upon retirement of the notes and preferred stock, the company will have
no funded debt and no stock ranking ahead of the class A stock as to dividends.
-V. 128, p. 2104, 1922.
Oliver Farm Equipment Co.
-Merger Ratified.
The stockholders on 'March 29 ratified a merger plan which involved the
Hart Parr Co. of Charles City, Ia., the Oliver Chilled Plow Works of South
Bend, Ind., and the Nichols & Shepard Co. of Battle Creek, Mich. The
Paragon Refining Co., Toledo, Ohio.
-Rep.
-
Years End: Dec. 311928.
1927.
1926.
1926.
Net sales
$9,899,633 $7.979,798 $8,891,809 $7,919,341
Oper. & gen. expenses
8.949,534
7,495,674
8,687,862 7,744.267
Operating profit
Other income
484,123
236,550
$203,946
179,853
$175,073
83,818
Total income
81.244.516
8720,674
Depreciation
460,430
384,981
Interest
23.885
Loss on sale of assets, &c
40.527
Prov.for Federal taxes88,883 '
8383,799
311,643
36,680
$258,891
305,111
52,538
18,089
Balance, surplus
-V.127, p. 2102.
$950,099
294,417
$654,675
$311,827
$35,471 def$116,847
Parker Trading Corp.
-Stocks Offered.
-C. D. Parker
& Co., Inc., Boston, are offering 25,000 shares Class A
participating convertible common and 25,000 shares Class B
common in units of 1 share of pref. and
share of common
at $30 per unit. Of the 25,000 class B common shares,
12,500 have been purchased by C. D. Parker & Co., Inc.,
for its own account at $20 per share.
Transfer agent, National Shawmut Bank of Boston. Dividends payable Q.
-M. Exempt from Mass, income tax and the normal Fedora
income tax.
CapitalizationAuthorized Outstanding
Class.A particip. cony.common (no par)
25,000 shs. 25,000 shs.
Class B common (no par)
x 50,000 she. 25.000 shs.
Founders shares (no par)
y
100 she.
100 shs.
x 25.000 shares reserved for the conversion of the class A.
yEntitled neither to dividends nor to assets in the event of liquidation.
Common Share Provisions.
-The class A participating convertible common shares are entitled to current dividends at the rate of $1.20 per share
per annum before any dividend can be declared on the class 13 common
shares. After payment of $1.20 per share in any year on the class A and
class B common shares all further distribution shall be in the ratio that each
share of class A stock shall receive two-thirds of the amount paid on each
share of class 13 stock.
The class A participating convertible common shares are callable all
or part on any div. date on 30 days' notice at $25 per share plus any unpaid
dive, at the rate of $1.20 per annum. In case of liquidation the class A
participating convertible common shares have priority up to $20 plus any
unpaid dividends thereon at the rate of $1.20 per annum, the remaining
proceeds of liquidation to be distributed to the holders of class B common
shares.
The class A participating convertible common shares are convertible
at the option of the shareholder into the class B dommon shares on a share
for share basis at any time, unless said class A shares shall have been called
for redemption, in case the conversion privilege expires five days prior to
the date set for said redemption.
Officers and Directors:
-Chauncey D. Parker, Pres. (Pros. C. D. Parker
& Co. Inc.); Edward L. Bennett, Vice-Pros. (Pres. National Service
Companies); Bowen Tufts, Vice-Pres. (Vice-Pres. Massachusetts Utilities Associates); Merton E. Grush, Treas. (Vice-Pros. C. D. Parker &
Co., Inc.): Charles R. Adams (Vice-Pres. Worcester Suburban Elec. Co.);
George R. S. Denton (Dir. Underwritings & Participations, Inc.); Harold
S. Goldberg (C. D. Parker & Co., Inc.): Lorne B. Hulsman (Dir. Southern
Berkshire Power & Elec. Co.); Harold B. Lamont (Trustee, Massachusetts
Utilities Associates.)
Business.
-A Mass. corporation. Corporation may buy or sell or otherwise deal in the securities and obligations issued by any firm ,corporation
or other organization both in the United States and (or) in foreign countries.
It has power to deal in and underwrite stocks and securities and to acquire.
hold, and dispose of controlling or minority interests as its directors may
from time to time decide.
It is anticipated that this corporation will be in a position to participate
in various profitable and semi-confidential transactions *which are not
offered to the average investor.
Restrictions.
-It Is provided that no shares of stock having rights or
preferences prior to those of the class A and class B common shares and no
bonds, notes, evidences ofindebtedness, or other obligations shall be issued,
unless at the time of issue thereof the total assets of the corporation (including proceeds of any such securities to be issued) shall be at least 200%
of the par value of principal amount of all securities outstanding and te
be issued.
In the event of issue of any additional class A and (or) class B shares,
Other than as stock dividends or upon exercise of the conversion privilege,
the class A and class B shareholders shall have the pre-emptive right o
subscription on terms provided by the board of directors (unless authorized
APRIL 6 1929.]
,
FINANCIAL CHRONICLE
otherwise by shareholders) in the ratio that each share of said classes
bears to the total shares of both classes of stock outstanding at the time
of increase.
In the event of payment of any stock dividend such dividend shall be
payable in the same class of stock held by the shareholder in the same
ratio as a participating cash dividend.
Voting Power.
-Each share of stock shall have one vote. It is provided,
however, that the holders of the Founders shares shall elect a majority of
the board of directors.
Patino Mines & Enterprises Consol.-Earnings.-
2285
$123,577; other income, $59,274; premium reserve was increased from
$1,128,487 to $1,170,253; reserve for contingencies and taxes was increased
from $40,000 to $199,000; reserve for depreciation in securities was increased
from $64,171 to $184,759. This statement does not reflect the benefits
to be derived from the utilization of the proceeds of the sale of the 20,000
additional shares.
Subscription books on the public offering of 10,000 shares closed on
April 5.
Pond Creek Pocahontas Co.-Earning8.1928.
1927.
1926.
$459,937
71,325
$533,999
67.253
$363,527
36.012
Balance
69,314
$7,342,347 $6,974,685 $6,345.741 $7,732,211
Prof.from rallraod oper.
218,905
396,311
157,242
449.835
201,614
Gross income
Net profit for the year
37.792,182 57.370,996 56,547.355 $7,951,116
3162.054
Int.accr.on railroad pur.
249,156 Earns, per share on 125,000 shares
194.415
79,891
143,455
Federal taxes
cap. stock (no par)
685,739
574.418
451.980
562,660
$1.29
Depreciation & depletion 1.913,647 1,864,810 1,614,875 2,200,688 -V. 128, p. 1244.
95,286
161,398
95,861
151,960
$210,062
$79,695
$1.69
$0.84
Calendar YearsTotal income
Costs
Net income
Dividends
1928.
1925.
1927.
1926.
$18,366,998 $15,815,092 $14,182,852 $13,015,424
11,024.651 8,840,406 7,837,111 5,283.213
Port Huron Sulphite & Paper Co.
-Stock Offered.
Livingstone, Crouse & Co., Detroit, recently offered a block
of common stock (no par) at market.
def$133,056sur$1.770,450 def$405,573 sur$490.154
$5,224,226 $4.800,071 $4,286,085 $4,815,533
5,357,282 3,029,621 4,691,658 4,325.379
Balance
Shs.of cap.stk.outstanding (par $20)
1.380.316
Earns.per sh.on cap.stk
$3.78
-V.127, p.2837.
1,380,316
$3.48
1.380,316
$3.11
1,380,316
$3.49
Pennok Oil Corp.
-Exchange Plan Effective.
-
In a letter to the stockholders of this corporation. Thomas W. Streeter.
Chairman of the board of Simms Petroleum Co., announces that over
51% of the outstanding Pennok Oil stock has been deposited under the
provisions of the exchange offer, thereby making the plan effective. He
adds that the Simms company has extended the closing date of the exchange to April 30 1929.
The plan provides for the exchange of one Simms Petroleum share (par
$10) for each four Pennok Oil shares (no par value) and the payments by
Simms Petroleum of $5 a share in cash for the excess over multiples of
4 shares. See V. 128, p. 1068.
1925.
1926.
1927.
Calendar Years1928.
$965,913 $2,100,971
$431,303
Gross operating revenue $358,554
743,277
422.216
253,924
Oper..admin.& gen.exps.
234,261
Operating profit
Other income
8124.293
13,485
$177.379
49.287
$543.697 51,357,694
582,560
64,326
Total income
Interest, &c
Deprec. & deplet. res__..
Federal tax reserve_
$137,778
$226,666
40,324
192.713
$608,023 31.940.254
Net profit
Dividends paid
Total earns, of the main. & sub. co.
from coal and misc. operations_ ..Admin.& gen.exps.incl.sundry taxes
Int.& chgs. on gold debs. less int. on
bank deposit, &c
Reserve for depreciation & depletion.
167,570
def$29,792 def$6,371
112,500
Surplus
def$29.792 def$118,871
Shares cap. stock outstanding (no par)150,000
150,000
Earns.per sh.on cap.stk.
Nil
Nil
-V.128, p. 1068.
263,255
37.671
1,253,836
130,520
$307.096
300,000
$555.898
243,750
$7,097
$312,148
150.000
$2.05
150.000
$3.71
Phelps-Dodge Corp.
-Annual Report.
-
Transfer agent, Detroit & Security Trust Co., Detroit, Registrar,
Union Trust Co., Detroit.
CapitalizationOutstanding.
Authorized.
let mtge.63 % sinking fund gold bonds_ -- $300,000
$300.000
7% cumul. pref.stock (par $100)
3,530 abs.
10,000 shs.
Common stock (no par)
89,742 shs.
150,000 ahs.
Company.
-Has been engaged continuously and profitably since its
original incorporation in 1888 in the manufacture of the tissues grade
sulphite and papers of all types from building papers to issuest. Since
the completion in 1928 of improvements and betterments to plant facilities
the company has increased its annual productive capacity to 18,000 tons
of sulphite and 10,000 tons of paper. These additions to manufacturing
facilities were necessitated by the increased demand for the company's
products by its customers.
Earnings.
-Net earnings of the company available for no par common
stock dividends, after interest, depreciation, Federal taxes, preferred
dividends and all other charges for the fiscal years ending Jan. 31, were
as follows:
Earns. After
Int..Depr.
Net Earns.
& Federal
Preferred
Avail. for Earned Per
Year Ending Jan.31- Taxes.
Dividends.
Share.
Stock.
1926
$120,201
$9,476
$1.30
$110,725
1927
84,288
9,695
74,587
0.87
1928
137,377
10,065
127,272
1.49
1929 (estimate)
125,000
24,710
100.290
1.13
Ddividends.-Dividends are being paid on the no par common stock
at the rate of 60c. per share per annum, payable quarterly. Company
has paid cash and stock dividends on its no par common stock as follows:
1916. 1917. 1918-19. 1920. 1921. 1922. 1923-24. 1925. 1926-28.
Cash
() 8 36
8 ea.
8
20
-2 ea.
4
6 ea.
IN
-----.
-V.1 4, p. 3509.
Portland Gold Mining Co.
-Earnings.
-
Calendar Years-.
1925.
1926.
Net lossfrom oper
$191,i93
$199,187 sur$428,646 sur$273.
308
Disc., regist., foes, &c
Cr.2,750
Cr.7,306
Cr.4,165
Cr.9.311
Depreciation
63,129
138,591
107,783
136,249
Depletion
37.801
46,928
82,221
101,988
(Including Operations of Subsidiary Companies Owned.)
Calendar Year1928.
1927.
1925.
1926.
Gross income
547,230.068 $32,985,490 338,424,039 $39,707,084
Netloss _ ---...
$3346,592 sur$199,720 sur$56.661
3289.974
Cost of fuel, metal &
120,000
merchandise
180,000
34,764,539 27,455,027 31.175,849 31.753,604 Dividends paid
Balance deficit --- -- $289,974
$466,592 sur$19,720 sur$56,661
Depreciation of plants
2,388,077 1.906,881
2,378,522 2,467.046
Interest
428,429 -V.126. p. 2161.
Depletion of mines
6,395,765 4,822,680 5,817,264 6.211,687
Postum Co., Inc.
-Reorganizes Calumet Unit.
The Calumet Distributing Co., Inc., has been reorganized as a subNetloss
surP$3.681,686 51.199,099
3947,598 $1,153,681
Dividends
4,000,000 %)3000000
(6
(535)2750000(4)2,000,000 sidiary of the Postum Co., Inc., and its headquarters have been removed
front Chicago to New York, according to Colby M. Chester, Jr., President
Total deficit
3318,314 54,199,099 63.697,597 $3,153,681 of Postum Co.
Dean A. Thompson will be president of Calumet Distributing Co., Inc.,
Reserve for contiug_
1,350.000
Balance, forward
68,538.157 74,087,255 7,784,852 80,938,533 to succeed Warren Wright, who continues as President of the Calumet
Baking powder Co. A. S. Rader will be Vice-President of the Calumet
Profit & loss surplus368,219,842 $68,538,157 374,087,2553 77,784,852 Distributing Co.. Inc.
Sales offices of the company throughout the country have been conEarns, per share on 500,solidated with the local district offices of Post Products Co., Inc., Baker
000 shares capital stk.
Associated Cos., Inc., and the other distributing organizations of Postum
(par $100)
Nil
Nil
$7.36
Nil
and associated companies, which distribute the 45 nationally advertised
Consolidated Balance Sheet Dec. 31.
products of the 11 companies now controlled by the Postum Co.
-V.
1928.
1927.
1927.
1928.
128, p. 1923, 1543.
Assets5
$
Mines Fs claims_150,953,514 160,831,539 Capital stock___ 50,000,000 50,000,000
Powdrell & Alexander, Inc.-Tenders.DIdgs. & plants_ 38,876,417 38,354,852 Accts. payable- 5,579,464 5,357,907
Tho company will receive tenders of preferred stock until the close of
Inventories_____ 1,743,725 2,028,887 Divs. payable__ 1,250,000
750,000 business June 18 1929 and to the extent to which shares may be offered
Investments-- 1,013,834
880,917 Deprec.& depict.
at less than the redemption price of 115 and diva..the company will purMerchandise (P.
112,165,298 101,183,596 chase as many shares as $50,000 will permit, begining with those shares
reserve
D. M. Co.)_- 1,080,136 1,007,638 Surplus
68,219,842 68,538.157 offered at the lowest price.
Metals & ores on
Stockholders desiring to make tenders of their stock should address
hand
3,759,731 7,027,389
such offers to William H. Brown, Treasurer, 420 Statler Office Bldg.,
M•ktable secur_ 1,373,496 1,405,912
Boston, Mass. Payment for all shares accepted will be made at the office
Accts.receivable 10,015,482 4,216408
of the company on or after July 1 1929.-V. 128, p. 1923.
Cash
17,244,390 9,400,636
M'k'ble sec. held
Producers and Refiners Corp.(cir Subs.).
-Earnings.
540,190
agst. reserve540,190
1928.
1927.
1925.
1926.
Stripp'g & prep.
Calendar Years$
$
$
1,613,685 3,126,893 Total (ea.side)257,214,605 228,829,680 Gross sales & earnings_ _ 14,693,559
expenses
14.002,430 22,066,956 19,213,193
-V. 128. p. 1748.
Prod., oper., gen. and
admin. expenses
10,072,632 11,968,632 16.474,722 15,223,985
Phoenix Oil Co.-Bal. Sheet Jan. 1 1929.-
Assets
I Liabilit1.esProperty account
5845,668 6% preferred stock
$967,033
Cash
89,6151Pref. & corn, stock (no par)_x
1,660
Accounts receivable
5.109 Accounts payable
49,293
Coll. notes rec, on stk. subser.
21,640'Notes payable (in litigation)._ 100,000
Cash & securities in escrow_ 135,454!Surplus
59,222
Stocks of other cos
39,350
Deferred charges
40,2811 Total (each side)
81,177,208
x Represented by 58,936 shares of no par value 6% preferred stock and
1,275,549 no par common shares.
-V. 126. p. 1210.
Gross earnings
Other income_
4,620,926
65,777
Total earnings_ _ 4,686,703
Deduct-Depreciation_ - a2,831,870
Int.& bond expense..- 920,349
5,592,234
73,669
4,059.208
163,781
2,091,310 5.665,903
2,350,254 a2.314,840
1,042.364
927,347
4,222,989
1,967,949
1,019,243
2,033,798
57,512
Net inc. bet. depl_ _ _ - 3934,484losal,186,291 _2,30
Previous surplus
def2,903,857
140,446
MR
&ANSI
Total surplus_ _ ____def1,969,373loss1,045,845 2.315.801 16,247,033
Adjustment prior
Dr.5,482,841
Pierce, Butler & Pierce Mfg. Corp.
-New Directors.
- Apprec. of devel. years.
leaseStanley B. Do Long, P. J. Ebbott, W. T. Perkins and E. J. Quintal
hold
,
10,657,503
have been elected directors, succeeding Franklin T. Miller, Roger Morton, Adjust charged off_
of surp. due to
-V. 126, p. 3137.
C. F. Bennett and Royce Bush.
appraisal
Dr.20,447,903
Loss on sale of cap.assets
281,870
-Stock Increased.
Pillsbury Flour Mills, Inc.
124,143
1,039,388
The stockholders have approved an increase in the authorized common Invest. &accts.writtenoff
Loss on acct. of Eamonstock from 550,000 shares to 1,000.000 shares of no par value.
-V. 128.
der of leases,&c
1,733.869
854.097
P. 125.
Preferred dividends..
99,587
Pilot Reinsurance Co. of New York.
-Authorizes
Total sur. Dec. 31_ def22,417,276def2,903.857
7,102
$140,447
Increase in Capital Stock-Stockholders Take 10,000 Shares
- a Includes depletion.
L. R. Crawford, Pres. says in part: For some time the management
10,000 More Sold Publicly.
has been considering the adjustment of the book value of its capital assets
This
declared a 25% stock dividend
on its outstanding
company, which
capitalization as of Doc. 31 1928, announces a readjustment of its capitalization and has authorized the issuance of an additional 20,000 shares of $25
par value stock, thus creating a total outstanding issue of 60,000 shares
of $25 par value each. It is announced that 10,000 shares of this stock
have been purchased by the present stockholders of the company, and
the balance of 10,000 shares will be offered for public subscription at $77
per share.
This company, organized under the laws of the State of New York to
transact the business of reinsurance of fire, marine and allied lines, has
total assets of 35,054,187-adjusted• to the increased capitalization. The
profit and loss account as of Dec. 31 1928 showed an income of 33,024,022;
net premiums, less cancellations, were $1,165,781; interest and dividends,
to the true value thereof, in order that the stockholders might receive
a financial statement which would reflect a fair and conservative valuation of the company's properties. Valuations set up during the early
years of the company's existence have been found to be excessive-in
some instances through liquidation or abandoment of certain properties
and investments, and in other instances through revaluation of certain
properties which were acquired in exchange for the company's capital stock.
It has been deemed advisable to make one general adjustment which,
Insofar as possible, would eliminate all extraordinary losses. To accomplish that purpose, an appraisal of all of the company's assets was
made during the year 1928. It was also deemed advisable, insofar as
practicable, to adopt the method of reporting to stockholders which has
been recommended by the accounting committee of the American Petroleum
2286
FINANCIAL CHRONICLE
Institute, notwithstanding the adoption of such a system would require
the charging off of a substantial amount representing depletion heretofore
sustained and intangible development costs heretofore included in property
account.
The balance sheet reflects the financial condition of the company as
of Dec. 31 1928, after giving effect to the reappraisal of assets and the
charge-offs resulting from a change in accounting methods.
Balance Sheet Dec. 31.
1928.
1927,
1928.
1927.
Assets6
Liabilities
6
$
5
Fixed assets
x19.831,422 49,376,529 Preferred stock___ 2,845,350 2,845,350
Investments
11,765,604 1,949,856 Common stock_ __37,438,950 37,438,950
Deferred charges
45,606
Minority interest253
707,529
Due from affil. cos. 191,208
Funded debt
2,004,395 2,650,374
Unamortized bond
Notes payable- _ _ _10,011,000 10,026,405
disc. & exp
296,598 Accounts payable- 730,727
587,674
Prepayments
141,109 Note & accts. pay
79,347
Cont.sects recely_
270,696
4,543,913 4,540,436
to aftll. cos
Cash
376,446
290,642 Accruals
232,419
242,695
Notes receivable__
24,169
38,876 Tax, ins. & cont.
Accounts recely'le_ 615,647 1,619,638
223,742
169,582
reserves
2,684,023 2,321,194
Inventories
22,417,276 2,903,857
Deficit
Total
58,030,749 59,208,995
Total
58,030,749 59,208,995
x Less depreciation, depletion & intangible development of $21,650,944.-V. 127, p. 3717.
Queen City Cotton Co.
-Resumes Dividend.
The directors have declared a dividend of 1% on the outstanding $1,500,000 capital stock, par $100, payable April 8 to holders of record March
28. Quatrerly dividends of 136% each were paid from Feb. 1 1922 to
May 1 1924 incl.; none since. Recent dividends follow:
'10. '11. '12. '13-'15. '16. '17. '18-'19. '20. '21. '22-'23. '24.'25-28.
8% 4% 536 6% p.a. 7% 11% 12 p. a. 19% 1% 6% p.a 3% None
In addition a 100% stock dividend was paid on May 1 1920.-V. 110.
P. 1648.
Realty Associates Securities Corp.
-Permanent Bonds.
Halsey, Stuart & Co., Inc., announce that permanent guaranteed 15
-year
sinking fund 6% gold bonds, due Oct. 1 1943, are now ready and exchangeable for interim certificates originally issued. See offering in
V. 127, p. 3261.
[VoL. 128.
St. Joseph Lead Co. (8c Subs.).
-Earnings.
-
Calendar Years1928.
1927.
1926.
1925.
Income
b$7,815,039b$8.282.310a$12,971,944a$14,355,305
Depletion, &c
2,826,151
3,406,158 3,067,434 2,855,464
Federal taxes
455,624
1,926,696
781,099
1,552,667
Applic. to min. int., &c..
42,289
67,928
135,019
146,773
Net income
Dividends (cash)
$4,490,973 $4,027,125 $8,216,825 $9,426,373
5,851,377
5,851,332 5,851,369 8,497,506
Balance,surplus_ _ _ _def$1,360,404 df$1,824,208 $2,365,456
$928,868
Shares of capital stock
outstanding (par $10)- 1,950,508
1,950,390
1,950,508
1,950,429
Earns. per sh.on cap.stk
$2.29
$4.83
$2.07
$4.21
a After providing for depreciation of plant and equipment. b After
writing off development and exploration expenses on properties abandoned
and including interest, dividends and misc. income.
Consolidated Balance Sheet (Incl. Subs.) Dec. 31.
1928.
1927.
1928.
1927.
Assets$
$
Liabilities$
$
Ore res. & mining
Capital stock__.d19,504,520 19,504,380
rights
a10,198,511 11,103,457 Scrip
708
568
Bldgs. & eoulp__b11,799,936 11,991,384 Min. int. sub. cos
228,984
263,029
RR.prop.& equlp.c 3,017,614 3,027,585 Purch.money obllg. 368,750
522,500
Exp. on prop
299,992
Accts.& wages pay 1,609,182 1,387,889
Investments
1,682,750 1,327,462 Divs. payable- 5,851,356 5,851,314
Cash
2,686,394 2,742,589 Federal taxes
596,968
781,099
Marketable sec. &
Res.for conting.&c 1,461,503 1,819,579
call loans
8,063,374 9,640,319 Surplus
13,493,586 14.853.990
Accts. receivable_ 1,758,733 1,481,460
Inventories
3,475,619 3,307,588
Deferred charges_ 252,474
362,644
Total
43,115,397 44,984,488
Total
43,115,397 44,984,488
a After depletion of $23,327,099. la After depreciation of $5,892.892.
c After depreciation of $726,291. d Par value $10.-V. 127, p. 3556.
Sarnia Distilleries Limited.-Stock Offered.-An issue
of 24,710 shares capital stock was recently offered at $27.50
per share by Dickson, Jolliffe & Co., Ltd., Toronto.
Registrar and transfer agent, Chartered Trust & Executor Co.
Issued.
Authorized,
Capitalization100,000 shs. 50,000 shs.
Capital stock (no par)
Company.
-Upon completion of the present financing and exchange of
,
shares, provision for which is made in this issue, the company will own the
entire issued capital stock of the Sarnia Wine & Cognac Co., Ltd., licensed
Dated Feb. 1 1929. Due serially, $125,000 each Jan. 1 1932-1939 both distillers, Sarnia, Ont., which commenced production in June 1928. The
plant is thoroughly modern in design and equipment with a distilling
inclusive.
about 600,000 gallons per annum of high-grade bourbon and rye
Data from Letter of Sec'y Archie D. Walker, Minneapolis, March 22. capacity ofThe property covers about three acres, including nearly 550 it.
whiskey.
Company.
-Business founded in 1872 and present company incorp.in along the harbor front on the St. Clair River.
Minnesota in 1884. Company or its predecessors have been successfully
Earnings.
-Based upon present production of about 1,000 gallons a day
engaged in the manufacture of pine lumber and allied products for more and the company selling its product even at the present insurable value.
than half a century. It is believed the timber holdings of the company in I. e., $2.80 per gallon, net earnings should be in excess of $12 per share
California contain the largest amount of merchantable California white from the end of the second year.
pine and sugar pine owned by any individual corporation in the United
-Daniel
Schickerling Radio Tube Corp.
-Stock Offered.
States. These holdings comprise more than 600,000 acres and are estimated to carry in excess of ten billion feet of merchantable sugar pine Runkle & Co., Inc., New York, are offering 56,250 shares
and California white pine together with a small amount of fir and cedar.
These timber lands are almost entirely contiguous, being located in five of no par value capital stock at $20 per share.
adjoining counties in California, and through the company's complete
Transfer Agent, U. S. Corporation Co., New York. Registrar, Bank of
system of logging railroads are readily accessible for economic logging oper- America National Association, New York.
ations.
CapitalizationAuthorized. To be Issued.
-Bonds are a direct obligation of the company, and are specifi- Capital stock (no par)
security.
120,000
125.000
cally secured by a first mortgage upon the company's interest in a tract of Data from Letter of Conrad Schickerling, President of the Corp
approximately 80,000 acres of pine timber lands situated in Shasta. Sisk
History and Business.
-Has been organized in Delaware and has acquired
you, Modoc and Lassen counties, California, together with and subject to
the company's interest in a contract for sale of this timber to the McCloud all the assets, patent applications and patents for manufacturing SchickerlRiver Lumber Co. This tract is estimated to carry two billion feet of mer- ing radio tubes. Its factory is located at Newark, N. J., and is at present
chantable pine stumpage, of which approximately 50% represents the un- equipped to produce 1.000,000 tubes a year.
.-The balance sheet as of March 1 1929, giving effect to the
Balance Sheet
divided interest of the Red River Lumber Co. Based upon this estimate,
the company will receive in excess of $5,000,000 from the sale of its portion sale of 56,250 shares no par capital stock shows total assets of $943,692 of
of this timber. The McCloud River Lumber Co. is controlled and managed which $798,740 are current assets as compared with current liabilities of
85,143.
by interests identified with the Shevlin, Carpenter & Clarke Co.
-Net proceeds of the present financing will be used to enlarge
Purpose.
Balance Sheet.
-The balance sheet as of Dec. 31 1928, after giving effect
to this financing, reveals net current assets of $8,686,652 and net tangible the plant and equipment and to supply working capital for the expansion
-V. 128, p. 2106.
assets of $35,147,452,after deducting all liabilities other than the first mort- of the business.
gage timber bonds. Included in net tangible assets are the company's
Schlage Lock Co., San Francisco.-Initial Corn. Div.
timber holdings valued as of March 1 1913. less depletion. Based upon
representative sales of portions of this stumpage, the timber lands of the
The company has established its common stock on an annual 6% basis
company have an indicated market value very substantially in excess of with the payment on March 31 of an initial quarterly dividend of 15 cents
the amount at which they are carried on the balance sheet. All other fixed per share. The company also declared the regular quarterly dividend
assets are carried at cost less depreciation.
173.6 cents per share on the pref. stock, payable on the same date.
Earnings.
-Netearnings of company,after deducting all operating charges
The major part of the preferred stock was converted into common stock
and depletion, but before depreciation, and after deducting interest on all during last year, only 3,865 shares of this $10 par valise 7% preferred.
funded indebtedness of the company outstanding after giving effect to this remaining outstanding. The company has 53,138 shares of $10 par common
financing,other than the first mortgage timber bonds,for the six year period outstanding on Dec. 31 1928. The annual report for 1928 showed net before
ended Dec. 31 1928, have averaged $961,809 per annum, and for the year Federal tax of $108,330, against $84,157 in 1927 and a deficit of $85,585
ended Dec. 31 1928 amounted to $1,168,159. Annual interest charges on in 1926. Current assets were $298,861 on Jan. 1 1929 and current liabilities
outstanding first mortgage timber bonds amount to $203,500.
$31,403.
Purpose.
-Proceeds from these bonds will be used to retire current inSears, Roebuck ez Co., Chicago.
-March Sales.
debtedness and for other corporate purposes.
-V. 121, p. 2416.
-March-1928.
1929-3 Mos.-1928. Increase.
1929
(Robert) Reis 8t Co.
-Plans to Open a Chain of Retail $30,796,308 $23,985,681 Increase, 1$87,809,000 $72,067,865 $15,741,135
$6,810,627
Sales during March this year were aided by the opening of 3 new retail
Apparel Stores-Stock Increased.
The proceeds of the stock financing recently approved by the stockholders department (class A) stores, located at San Francisco, Calif., San Antonio.
Texas, and Wilkes-Barre, Pa., The opening of these stores brought the
are to be used in developing a nation-wido chain of retail apparel stores, it number of class A stores in the company's retail system to 41.-V. 128, p.
wasreported on Apri13. The stockholders approved the issuance of 100,000
additional common shares to be offered to stockholders. The authorized 1416, 2106.
common stock was increased from 125,000 shares to 225,000 shares.
Security Title Building, Inc., Los Angeles.-Pref.
The expansion plans, although incomplete, are understood to call for
Stock Offered.
-California Securities Co., and M. H. Lewis
-V. 128, p. 1749.
opening about 300 stores.
Red River Lumber Co., Minneapolis, Minn.
-Bonds
Offered.
-The Minnesota Co., Minneapolis recently offered
$1,000,000 1st mtge. 532% serial gold bonds at 100 and int.
-Shipments Increase.
Reo Motor Car Co.
-Month-1928.
1929-3 Mos.-1928.
Period End. Mar. 31- 1929
Shipments of cars and
4,611
3,539
10,160
8,148
speedwagons (No.) _
The number of units shipped in Feb. 1929 were 3,250.
Unfilled orders on hand, in excess of 5.000 units, equal the greatest
number in the company's history.
April production schedule calls for 6,000 units divided equally between
passenger cars and speedwagons, and compares with output of 5,200 units
-V. 128, p. 1894, 1415.
in April of last year.
-Earnings.
Rio Grande Oil Co.
Calendar YearsSales
Cost of sales
Market expense
General & admin. exp
1926.
1927.
1925.
1928.
$10,146,663 $5,999,797 86,347,802 $4,454,659
4,829,582 3,682,614
3,887,971
6,743,323
860,917
402,438
389,718
467,320
289,157
218,371
110,691
382,487
Profit from operations $2,553,531
Other income, miscell
Profit, sale of leases
369,437
$961,753
782
8897,401
41
$271,637
Total earnings
$2,922,969
Bond interest & expense
165,014
Other interest
64,160
Depletion reserves
517,030
Depreciation reserves_ _ _
302.164
Federal inc. taxes paid
225,000
$962,535
232,751
58,530
189,000
256,406
425
$897,452
192,500
67,831
162,260
215,407
2,500
$271,637
Net income
81.649,600
Shs.corn.sties, outstand.
(no par)
1,200,000
Earns. per share- _
$1.37
x Par $25.-V. 128, p. 2106.
$225,423
$256,954
$121,295
x120,680
$1.87
x120.000
$2.13
120,000
$1.01
65,659
72,842
11,840
Schulte-United Properties, Inc.
-Registrar.
The Chatham Phenix National Bank & Trust Co. has been appointed
registrar of 200,000 shares of $3 div. cumul. cony, pref. stock, without
-V. 128. p. 1571.
par value.
& Co:, Los Angeles, recently offered 7,500 shares $7 dividend cumulative participating pref. stock (no par). The
offering does not represent new financing by the company.
Preferred both as to assets and dividends and carrying full voting power
Dividends payable Q-J. Red. all or part upon any div. date upon 30 days
notice at $110 and diva. per share. Entitled to $110 and diva, per share in
event of liquidation. Entitled to participate equally share for share with
the common stock in dividends declared in any year after $3 per share shall
have been declared and paid on the common stock in such year. Transferable at the office of the company, 530 West Sixth St., Los Angeles.
Registrar, California Trust Co., Los Angeles, Calif. Exempt from personal
property tax in California, and dividends exempt from normal Federal
income tax.
Company.
-A California Corporation organized In 1926 for the purpose
of building, owning, and operating the Security Title Insurance Building.
located at the Southeast corner of Sixth St. and Grand Ave., Los Angeles.
The building is a 13
-story, limit height, class A, steel frame, fireproof
bank and office building,completed and opened for occupancy in Aug. 1927.
It contains approximately 111,000 sq. ft. of net rentable area on the 12
upper floors, a full basement, and 160 ft. of not rentable bank and store
frontage (11,343 sq. ft.) on the ground floor.
Income.
-Since its opening in Aug. 1927, the building has experienced
steady demand for space from responsible tenants. At the present time the
ground floor and basement are 100% occupied and the upper floors about
83% occupied.
According to an audit report for the period from inception to Nov. 30
1928, the building has experienced a continuous monthly increase in occupancy since its opening-gross income from all sources for Nov. 1928, totaling over $30,000. Unaudited figures from the company's books indicate a
total gross income for Dec. 1928, in excess of $31,000.-V. 123, p. 2666.
-Extra Divs.Service Station Equipment Co., Ltd.
The directors recently declared an extra dividend of 10 cents per share and
the regular quarterly dividend of 40 cents per share on the class A and
class B stocks, no par value, all payable April 1 to holders of record March
15. An extra of 40 cents per share was paid on the class A stock on Jan. 2
last, but no extra disbursement was made on the class B shares at that time.
-V. 127, p. 2550.
APRIL 6 1929.]
FINANCIAL CHRONICLE
(Isaac) Silver & Bros. Co.
-March Sales.
1929
-March-1928. Increase. I 1929-3 Mos.-1928. Increase.
$615,066
$479,652
$135,414 I $1,420,933
$240,568
$1,180,365
-V. 128, P. 904, 1572.
Simms Petroleum Co.
-Controls Pennok Oil Corp.
-See
that company above.
The New York Stock Exchange has authorized the listing of $345,500
additional capital stock (par $10) on official notice of issuance of such
shares for acquisition of Pennok Oil Corp., making the total amount
applied for, 874,240 shares.
-V. 128, p. 1071, 1544.
2287
Assets.
-The net tangible assets as shown by the balance sheet as at Dec.
31 1928, after giving effect to the present financing, were $6,442,730, or
over $257 per share on the 7% convertible 1st pref. stock. Net current
assets were $6,118,637, or over $244 per share. The ratio of current asset
to current liabilities was over 13 to 1.
-Proceeds of this issue and of the sale of 40,000 shares
Purpose of Issue.
of common stock will be used to pay the cash portion of the purchase price
of the properties to be acquired, to retire short term indebtedness and to
provide additional working capital necessary for the expansion of the business.
Listing.
-Application has been made to list the common stock on the New
York Curb Market.
Southern Sugar Co.
-30,000 Additional Shares of 7%
Sterling Motor Truck Co., Milwaukee, Wis.-Stock
Pref. Stock and 15,000 Additional Shares of Common Stock Offered.-The Milwaukee Co. recently offered 60,000 shares
Offered to Stockholders.
convertible preferred stock.
The company is
offering 30,000 unissued shares of 7% preferred and 15,000 shares of common stock to its stockholders in units of one share of the
former and ono-half share of the latter at $100 per unit. The stockholders
of record March 30 may subscribe on the basis of their holdings on that
date at the rate of 3 units for each 8 shares of preferred stock then held.
The new money is to be used for increasing acreage and building a new mill.
-V. 128, p. 265.
Company was incorp. in Wisconsin in 1909. Company produces a complete line of trucks including light, fast bevel drive and heavy duty chain
and worm drive units up to the maximum capacities. Company's line is
now entirely powered with six-cylinder Waukesha motors, in which respect
it was one of the earliest to conform to this trend in the industry.
The volume of sales, for the four years ended Oct. 31 1928, and the 12
months ended Dec. 31 1928, was as follows:
$4,874,374
Year ended Oct.31 1925
(A. G.) Spalding & Bros.
-Listing.
5,656,042
The New York Stock Exchange has authorized the listing of 349,110 Year ended Oct. 31 1926
5.541,891
shares of common stock (without par value), with authority to admit to Year ended Oct. 31 1927
6,566,566
the list permanent engraved certificates for said common stock, on official Year ended Oct.31 1928
7,128.035
12 months ended Dec.31 1928
notice of issuance in exchange for outstanding temporary certificates.
The company's sales of trucks during each calendar year were as follows:
All of the said stock is fully paid and non-assessable and no personal
1925, 780; 1926, 873; 1927, 860; 1928, 1,374.
liability attaches to the stockholders.
-The net earnings of the company available for dividends have
Earnings.
The stockholders on Feb.5 authorized a change in the outstanding 59,822
shares of general (common)stock (par $100)into 299,110 shares fo common been certified as follows:
Giving Effect to Applicastock (no par value), the exchange being on the basis of 5 shares of no par
tion of Net Proceeds of
value stock for each one share of general stock (par $100) . On Feb. 29
Stock at 6% Per
1929, there was issued for cash for the purpose of providing additional
Annum:
Actual.
working capital 50,000 shares of common stock without par value. The Year ended Oct.
$275,744
$218,803
treasurer has been directed to credit the cash consideration received for Year ended Oct. 31 1925
307.190
363,964
31 1926
the sale of the 50.000 shares to capital account.
-V. 128, p. 905.
Year ended Oct. 31 1927
201,125
253,056
Year ended Oct. 31 1928
200,711
259,098
Sparks-Withington Co.
-Listing.
12 months ended Dec.31 1928
324,547
378,124
The New York Stock Exchange has authorized the listing of 165,979
shares of common stock (without par value), with authority to add to the ofSuch earnings for the four fiscal years,as adjusted to give effect to earnings
on the net proceeds of this
llst 9,216 additional shares of common stock on official notice of issuance or 6% per annum maximum annual dividendstock, have averaged $287.965
of $120.000 on this stock. In
on conversion of the 6% cum. cony. pref.stock ($100 par), making the total no 2.39 times the
year of the four have the earnings, so stated, been below twice the
amount applied for 175,195 shares of common stock.
dividend requirements.
Earnings for '7 Months Ended Jan. 31 1929.
After deduction of the dividend on this stock, the average earnings, so
$11,698,342 stated, have been $167,965 or $2.79 a share on the 60,000 shares of common
Sales
8,009,421 stock outstanding.
Cost of sales
1,188,778
Selling,administrative and general expense
Purpose of Issue.
-The proceeds of the sale of this stock will be used to
343,485 retire all the present outstanding 8% cumul. pref. stock, totaling $470,150;
Other deductions,less other incomes
7,964 to retire a mtge. and land contract amounting to $42,400, thereby freeing
Interest paid
118,030 the company from all debt except current obligations, and to increase the
Depreciation
Federal income taxes (estimated)
243,000 working capital of the company for a program of sales and service expansion.
Conversion.
-Convertible preferred stock is convertible at the option of
Net profit
$1,787,663 the owner into the no par value common stock on a basis of one share of
Earnings on 165,979 shares of no par stock outst. at Jan. 31 1929
10.59 common stock for each share of preferred stock on or before Nov. 1 1931:
-V.127,P. 1820.
thereafter on a basis of three shares of common stock for four shares of
preferred stock until Nov. 1 1933, after which date the stock shall no longer
Standard Oil Co.(Ky.).-Earnings.
be convertible.
Calendar Years1928.
1927.
1926.
1925.
Net profit
$5,308,116 $5,163,559 $8,306,620 $8,272,201
-Probably Will Break Up
Sterling Securities Corp.
Federal taxes
562,512
1,083,711
671,551
997,052
Net income
$4,745,604 $4,492,008 $7,309,568 $7,188,490
Previous surplus_ _
- 17,277,497 15,858,319 11,264,886
6,781,067
Tax adjust, prior years_- 1,980,186
Stock Units.
-
Plans for breaking up the stock units into separate certificates and
application to list the preference and class "A" common stocks of the
corporation on the New York Curb Market are reported under consideration
Total,surplus
$24,003,287 820.350,327 $18,574,454 $13,969,557 by the directors as the company approaches the completion of the first
Cash dividends__ (18%)3,078.549(18)3072,830(16)2716,135(16)2704,671 year of its operations. Each unit consists of one share of preference 5)4%
cumulative stock, entitled to 34% additional non-cumulative, if earned, of
Stock dividends_ - _(50%)8,750,000
$20 par value, and one share of no par value class "A"common stock.
It is officially stated that earned surplus of the corporation during the
Profit & loss surplus_ 412,174,738 $17,277,497 $15,858,319 $11,264,886
first quarter of 1929 will exceed $600,000 as compared with $400,000
Shs. cap. stk. outstandearned surplus for the last seven months of 1928, representing the entire
ing (par $10)
2,565,460
677,192
x684,120
680,500
Earns, per share
Y$1.85
$10.61 period of the corporation's full operations. The unrealized appreciation of
$6.58
$10.74
x Par $25. y Equivalent to $6.94 a share on the 684,120 shares (par $25) securities held as of March 31 1929, was higher than as of Dec. 31 1928,
while as of March 31, the corporation had in cash and call loans more than
which were outstanding practically the entire year.
$6,500,000. or approximately one-third of it paid-in capital and surplus.
-3
Balance Sheet Dec. 31.
V. 128. p. 1575.
1928.
1927.
1927.
1928.
Assets$
$
Liabilities
Stewart-Warner Corp.
-New Name, &c.
Plant improvemls
25,654,600 17,103,011
Capital stock
The New York Stock Exchange has authorized the listing of 1,200,000
and equipment-32,543,242 31,598,997 Accounts payable_ 4,886,252 4,392,305
shares of common stock (par $10) on official notice of issuance and exchange
Merchandise
7,286,504 6,777,046 Accrued deprec'n _14,309,541 12,345,438 for 600,000 shares of the common stock (no par value) and bearing the
Cash, sects rec.,
Pension 8: annuity
name Stewart
-Warner
Corp., and 98,919 shares of common
dtc.,invest'ts- _ _18,982,401 14,421,036
res. & ins. fund_ 1,224,502 1,007,276 stock on official noticeSpeedometer in the payment of stock dividends of
671,551 2% each April 4, Aug. of issuance1929 and Feb. 5 1930, making a total
562,512
Fed'I tax reserve
5, Nov. 5
12,174.738 17,277,497 amount applied for 1,298,919 shares.
Surplus
approved
Total
58,812,147 52,797,079
58,812,147 52,797,079 ofThe stockholders on April 2 name fromamendments to the certificate
Total
Stewart
-Warner Speedometer
incorporation changing the
-V.128, P. 1416
-Warner Corp., and changing the authorized and outCorp. to Stewart
Sterchi Bros. Stores, Inc.-Pref. Stock Offered.-Blyth standing 600,000 shares of no par stock, to 2,000,000 shares (par $10)
be exchanged for the
authorized, of
1.200,000 shares
& Co. are offering at 100 and div. $2,500,000 7% convertible 600,000 shareswhich98,919 shares willwill used in the paymentoutstanding
of the four
be
and
first preferred stock. An issue of 40,000 shares of no par stock dividends.
The
value common stock is also being offered by the same bankers. the directors also voted to pay the first quarterly installment of 2% of
exchange of share
8%
Preferred as to assets and cumulative dividends. Dividends payable if same stock dividend on April 4, or thereafter with the
This dividend was
by New York
Q.
-J. Red, all or part on 30 days' notice at $110 per share and diva. En- declared is approved ago, to holdersStock Exchange.
of record of March 2, subject to the
some time
titled to receive $110 per share and diva, in event of voluntary liquidation,
Exchange ruled then that the
and $100 per share and diva. in event of involuntary liquidation. Divi- stockholders approval. The New York Stock further notice. The other
stock would not be quoted ex-dividend until
dends exempt from present normal Federal income tax. Corporation has Installments of the stock dividend will be paid on Aug. 15, Nov. 15, and
agreed to domesticate in the State of Georgia and in the opinion of counsel Feb. 15, to holders of record on Aug. 5, Nov. 5, and Feb. 5. respectively.
the stock of a domesticated corporation is not subject to property taxes in
the State of Georgia. Transfer agents, Guaranty Trust Co. of New York
-Changes Name.
Stewart-Warner Speedometer Corp.
and Fourth National Bank of Atlanta. Registrars, Chase National Bank,
See Stewart
-Warner Corp. above.
-V. 128. p. 1575.
New York, and Citizens & Southern National Bank, Atlanta, Ga.
Convertible.
-Each share of 7% convertible first preferred stock is conStouffer Corp.
-Stock Offered.-Borton & Borton, Clevevertible at option of holder into three shares of common stock, without
time limit except in event of call, in which case the conversion privilege land recently offered 10,000 shares class A common stock
on called shares expires 10 days before redemption date.
(no par) (with class B stock purchase warrants) at $30 per
CapitalizationAuthorized. Outstanding share.
1st pref. stock (issuable in series)
$3,500,000 a$2.500.000
Dividends are examptifrom the present normal Federal income tax and
Common stock (no par)
b350000 she. 200,000 shs.
a 7% convertible 1st pref. stock (this issue). b Includes 75,000 shares the shares are free frombersonal property tax in Ohio. Application will
reserved for conversion of 7% convertible 1st prof. stock and 20,000 shares be made to list this stock on the Cleveland Stock Exchange,
Capitalization
Authorized. Outstanding.
reserved subject to option.
Class A common (no par)
25,000 shs. 10,000 shs.
Data from Letter of J. G. Sterchi, President of the Company.
60,000 shs. 32,500 shs.
Business.-Sterchi Bros. Stores, Inc., has been organized in Delaware to Class B common (no par)
Transfer agent and registrar, the Guardian Trust Co.
consolidate 50 stores engaged in the retail and wholesale furniture business.
Business.
These stores have heretofore operated as independent units under the
-Corporation was incorporated in Ohio in Jan. 1929 to acquire
"Sterchi" name and management. Company is the outgrowth of a business all of the common stock and continue the business of Stouffer Lunch
established by J. G. Sterchi in 1901 and its development to date has been Systems, Inc., Cleveland; Stouffer Lunch Systems, Detroit; Stouffer
Central Co., ;Detroit; Stouffer Pittsburgh Lunch, Inc., Pittsburgh, and
financed entirely out of earnings.
The Sterchi Stores are advantageously situated in important cities in the Stouffer Lunch, Inc., Pittsburgh. The present chain of successful restauStates of Tennessee, Kentucky, Virginia, North Carolina, South Carolina, rants has been built up largely from earnings and the proceeds of this
Georgia, Florida and Alabama, and enjoy an established reputation. The financing will facilitate the logical expansion of the business.
Sinking Fund.
-A sinking fund of 20% of the net earnings after class A
Sterchi factories, which will be leased and operated by the company,produce
certain staple lines of furniture. The consolidation will effect a centraliza- dividend is provided to retire the class A stock by purchase in the open
tion of the buying and selling activities of the various stores, and should market or by call.
result in sabstantial economies and increased earnings.
Earnings.
-Combined net earnings, after all charges including Federal
Sales and Earnings.-Ilaskins & Sells have certified to the net sales and taxes, as shown by Ernst & Ernst have been as follows: 1925. 321,418:
net earnings of the consolidated business, as shown below, after deprecia- 1926, $36,556; 1927, $68.935: 1928, $108,045.
tion and Federal taxes at the present rate of 12%, but before deducting
Earnings for the year 1928 are equivalent to over 4)4 times the class A
Interest paid averaging $65,952.52 annually, which should be amply offset dividend requirement and show $2.60 per share available for class B shares
by the introduction of this new capital.
after class A dividends. Earnings for 1929 from units now in operation
are conservatively estimated at $150.000.
Cal. Years1926.
1927.
1925.
1924.
1928.
Stores
37
37
48
36
50
Net sales
$5,115,117 $5,755,013 $6,196,586 $6,967,383 $8,002,539
Studebaker Corp. of America.
-'
-Record 1st Quarter. 41
Net earn.as above 267.040
496,223
370,088
621,350
777.485
The corporation has just completed the most profitable first quarter in
Earned per share:
5 years, President A. R. Erskine, told the stockholders at the annual
7% pref. stock
$19.85
$24.85
$10.68
$14.80
$31.09 meeting held April 2. Mr. Erskine estimated earnings for the period at
200,000 shares
$4,500,000, or approximately $2.30 on the increased capitalization of
Common..__ _
$0.46
$1.60
$2.23
$0.97
$3.01
1 ,MJ-3,7t0 Elam in no par ectrmon stock outstanding, following the pay-
ment of the 1% stock dividend March 1. This compares with $3,979,873,
or $2.e5 per share on 1,875,000 shares outstanding during the same period
of 1928. The best previous first quarter was in 1923.
Based on the favorable status of the company and general good conditions
in the industry, Mr. Erskine expects an even greater increase in earnings
during the second quarter than in the initial 3 months. He estimates an
income of between $5 and $6 per share on the first half of the year without
taking into consideration the corporation's share in the Pierce-Arrow Motor
Co.'s profits.
Stocks of cars at the factory and in dealers hands at March 31 1929 were
at the lowest level for any like period since 1925, Mr. Erskine stated.
Retail deliveries of the President Eight for January and February of this
year were more than double the total recorded during the first 2 months of
1928, according to J. M. Cleary, Sales Manager, who adds: "The enthusiastic reception accorded the new President Eight at the automobile shows
held during the winter has beep followed by.a 130% increase in actual sales
by dealers for the first 2 months of this year compared to the same period
last year."
George F. Rand, President of the Marine Trust Co. of Buffalo. N. Y..
-V.128, p. 2107.
has been elected a director.
Symington Company.-Earnings.
Calender YearsGross profitfrom operations
Other income-net
1928.
$770,882
14,143
1927.
$975,770
20,403
Total income
Administrative, selling & engineering expense__
-year notes
Interest on 3
Depreciation of plant, machinery &equipment_
General reserves
Reserve for Federal taxes
$785,026
304,362
12,500
166.341
56,500
36,393
$996,174
342,655
60.000
194,962
139,013
38,423
$221,121
$208,928
Net to surplus
$1.10
$1.04
Earns, per sh. on 200,000 ohs, class A stk.(no par)
Balance Sheet Dec. 31.
1927.
1928.
,
Liabilities1927.
1928.
AsseisProp. account_ - -$3,347,228 $3,314,172 Capital stock ___ _44,591,305 $4,591,305
835,000
1
1 Gold notes
Good-will & pats__
85,781
538,912
544,698 Accounts payable.
Materials
161.036
69,770
1,179,964 1,182.913 Accr. accounts rec.
Investments
694,909
532,176 Res.for dep., &c__ 918,305
Accts. & notes rec. 574,004
376,606
585,535
670,024 Surplus
495,383
Cash
400,000
Call loans
44,652
35,685
Cash vain.Ins. poi.
70,552
36,729
Deferred charges
$6,250,696 $8,716,398
Total
Total
$6,250,696 $6,716,398
x Represented by 200,000 no par shares of class A and 300,000 no par
of common stock -V. 128, p. 1247.
shares
--Listing.
Tennessee Copper & Chemical Corp.
The New York Stock Exchange has authorized the listing of $3,358,700
.
-year 6% cony, debenture gold bonds, series "B" due March 1 1944
15
and 167,93.) additional shares of common stock (without par value) on
-year 6% cony, debenture
official notice of issuance on conversion of the 15
gold bonds.
Consolidated Income Account for Calendar Years.
1926.
1927.
1928.
310,223,579 $8,329,284 $9,508,661
Sales
57,328
68,365
75,022
Interest received
95,152
122,471
202,879
Other income
$10,501,481 $8,520,122 $9,661,142
Total
Cost of sales, incl. all mfg. exps. ex6,919.940 7.425,002
7,960,016
cept depreciation
506,189
556,338
726,606
Selling and administration expenses-94.336
56,283
88,800
Interest
116.113
112,735
30,000
Organization expenses
446,547
428,273
427,597
Depreciation
21,390
1.233
Federal income taxes
Net profits
V.128,p. 1751.
[VOL. 128.
FINANCIAL CHRONICLE
2288
$1.267,226
$408,498 $1,089,616
-Listing.
Texas Corporation.
The New York Stock Exchange has authorized the listing of 1.407,190
additional shares of common stock (par $25) upon official notice of issuance
and payment in full thereof, for cash, making the total amount now and
-V.128. p.2082.
heretofore applied for 9,856,916 shares of common stock.
Thermoid Co.
-Initial Preferred Dividend.
The directors have declared an initial quarterly dividend of 1Y,% on
the 7% cumulative convertible preferred stock, payable May 1 to holders
of record April 11.-V. 128, p. 1926. 905.
-Earnings.
Truscon Steel Co.
Calendar YearsGross sales
Net sales
Cost of sales & expenses
1926.
1927.
1928.
$33.910,354 $29,213,355 $31,565,073
32.171,474 27,879,580 30.288,058
29,175,057 26,087,424 28,152.003
Operating profit
Other income (net)
$2.996,417 $1,792,156 $2,136,055
385,907
399.873
Dr409,866
Total income
Depreciation
Federal tax
$2.586,551 $2,192.029 $2,521,962
282,952
224.135
341,370
291,893
214,542
275,000
Net profit
*Balance ofsubsidiary earnings
$1,970,181 $1,753,352 $1,947,117
84.168
Total net profit
Preferred dividends
Common dividends
$2.054,349 51.753,552 $1,947,117
202,473
253,234
247,199
427,104
646,294
806,568
$860,059 $1,317.540
$994,547
Surplus
474,932
548,400
509,645
Shs. cont. stk. outstand. (par $10)$3.67
$3.28
Earns per share
$2.95
* Truscon Steel proportion of Trussed Concrete Steel Co. of Canada,
Ltd., earnings in 1928.
Comparative Balance Sheet Dec. 31.
1927.
1928.
1927.
1928.
Liabilities$
$
$
Assets$
Common stock--- 5,484,000 5,096,450
Real estate, bldgs.,
machinery A: ilst 7,846,474i 6,215,333 Preferred stock- -- 3,533,910 3,599,650
662,229 Notes & bills pay. 1,200,000 1,856,979
620,218
Cash
4,101,513 3,933,045 Acts., pay., exps.
Merchandise
payrolls,&c...-- 2,191,092
Accts. & bills rec.s5,154,788 4,231,694
70,484 Other current nab- 479,517
Investment bonds..
Adv.bill on struct.
Gen.fireprooLbldg.
126,243
contract
175,000
Products
153,882 Mtge. & Id. contr
Stock, other cos__ 219,646
74,390
payable
339,200
Other assets
115,390
4,501 Def. obligation... 110,821
191,167
Patents
80,072
34,002
205,468 Res. for adjust...
Deferred accounts 257,083
5,496,116 4,903,094
Surplus
-18,730,092 15,651,636
Tot.(each side)
-V. 128.
x After deducting $646,621 for accrued freight, adjust., &c.
D. 749.
-Listing.
United Biscuit Co. of America.
The New York Stock Exchange has authorized the listing of 10,000
additional shares of common stock (witi)out par value) on official notice
of issuance in exchange for shares of the Purity Biscuit Co., making a
total applied for of 506,500 shares of common stock.
Consolidated Income Account Year Ending Dec. 31 1928.
Statement of Profit & Loss for Year for Businesses.
Acquired
Owned at
Jan.1 1928. During Yr. Together.
Gross profit before prov. for deprec_- $5,311,297 $1,973,984 $7,285,281
330,311
125,616
204.696
Depreciation
3,932,592
1,110,181
2,822.412
Selling & delivery expenses
306,044
1,091,918
785,873
Administrative & general expenses- Operating profit
$1.498,316
8,416
Interest received on bank bats., &c....
17,735
Miscellaneous other income
$432,143 $1,930,459
9.662
1,245
25,936
8,201
$1.524,468
Total profit & income
253,812
Interest on debentures,loans. &c......
166,177
Federal & state income taxes
10,895
Propor.of organiz. exp. &c., writ'n off
2,402
Other deductions
$441,589 $1,966,057
271,637
17,725
204,284
38,106
10,895
3.966
1,564
$1,091,181
Net profit for year
Net profit prior to date of acquisi. of
businesses acquired during yr. (excl.
credits & charges not pertaining to
business)
$384,194 $1,475.375
269,519
269,519
$114,675 $1,205,856
Net prof. for yr.. carr'd to surp. acct $1,091.181
Consolidated Statement of Surplus.
$162,566
Balance at Dec.31 1927
1,205,856
Profit for the year 1923. as above
Dr.2.451
accruing to minority stockholders
Portion
$1,365,970
Total surplus
131,339
Preferred dividends
564,843
Common dividends ($1.60)
Balance at Dec.31 1928
-V. 128. p. 1247.
$669.787
-New Class A Stock Placed on a
Tobacco Products Corp.
-Preferred Stock
United Bond & Share Corp.(Canada).
$1.40 Annual Dividend Basis.
-Hodgson Brothers & Co., Ltd., Montreal, are ofOffered.
a dividend of 1 % (35e. per share) on the
The directors have declared
cumulative preferred stock and 25,000
outstanding class A stock of $20 par value, or $1.75 per share on the fering $2,000,000 6
outstanding class A stock of $100 par value, payable May 15 to holders of shares class A stock. Price $65 and div. per unit of one
record April 25. This is at the same rate as previously paid since and
incl. Nov. 15 1922 on the 8100 par class A stock, which is being split up share of preferred and 34 share of class A stock.
-V.128,
The preferred stock is entitled to cumulative preferential dividends at
on a basis of five new $20 par shares for each $100 par share held.
p.1751.
the rate of 6% per annum, payable Q-J. After such cumulative dividends
have been paid on the preferred stock, any further distribution by way of
equally
to
A
class
-Stocks Sold.
-The corpo- dividend in any year will be made thethe class ofand class B stockone-half
Tr -National Trading Corp.
A and
all
holders
by classes, I. e., one-half among
ration, with offices at 42 Broadway, New York, announces among the holders of all class B stock outstanding. Red. all or part on
thereafter
30 days' notice on or before
the sale of 10,000 units at $110 per unit, each unit consist- at 105 and diva. In case ofDec. 311931. at 107 and diva, and holders of
a winding-up of the company the
ing of one share 6% cumulative preferred (par $100), and Preferred stock are entitled to receive the full amount paid up thereon
before any of the company's assets are distributed among the holders of
one share common (no par).
class A or class B stock. Thereafter all the remaining assets of the company
Transfer Agent, Irving Trust Co. Registrar, Manufacturers Trust Co. will be distributed among the holders of class A and class B stock equally by
Authorized.
Outstanding. classes. Transfer agent, the Royal Trust Co. Registrar, the Bankers
Capitalization10,000 shs.
10,000 shs.
6% cumul. pref. stock (par $100)
110,000 shs.
60,000 ohs. Trust Co.
Common stock (no par)
Capitalization Authorized and to Be Issued.
-Corporation has been formed in Delaware to buy, sell, underBusiness.
$2,000,000
write offer and generally deal in governmental, corporation and other Preferred stock (par
25,000 shs.
Class A stock (no par)
securities of all kinds, both domestic and foreign: to finance approved and
25,000 shs.
sound industrial corporations; to organize, own and operate other invest- Class B stock (no par)
Company.-Incorp. under
of the Province of Quebec in May
ment corporations; and to participate in syndicates and, underwritings, &c. and has since been carryingthe laws business of an Investment trust. 1927.
The
on the
The corporation will start business with a paid in capital of $1,600,000 primary business of the company is tho investment and reinvestment of
the sale of 10,000 units of preferred and common stock at its resources in carefully selected obligations and shares, both domestic
derived from
$110 per unit, plus 50,000 shares of common stock of no par value to Jerome and foreign, and at the same
time to afford its shareholders diversification
B. Sullivan & Co. at $10 per share. The balance of the authorized common
security holdings.
stock, amounting to 50,000 shares, will roniain in the treasury for con- ofEarnings.
-Company derives its income from the return en its interest
version of the preferred.
profits realized on change of
Jerome B. Sullivan & Co. are acting as bankers for the corporation, and dividend bearing securities and from the
year 1028 the
which will have the benefit of the services of the partners of the banking investments. On the average invested capital during the
profit and loss account shows net profit after expenses and income
company's
firm, and the use of all of its facilities here and abroad.
there were profits
tax equal to
any time at the option of the holder available for 11%. After payment of preferred dividends $2 per share on
Preferred Stock.
-Is convertible at
the class A shares equivalent to approximately
Into 5 shares of common for each share of preferred; red. at any time upon
appreciation in value
60 days' notice at $110 per share and dividends. Convertible at any time the average number of shares outstanding. If the not
over cost price of securities held at the end of the year had been realized,
redemption.
by the holder thereof up to the actual date of
the amount of profits available for the class A shares would have been over
Officers.
-Moritz Rothenberger, Pres.; Maurice P. Davidson, V.-Preo.;
Arthur Loewenheim, Treasurer; Jerome B. Sullivan, Asat. Treasurer; $5 per share on the average number of shares outstanding. During the year
Samuel Kramer, Secretary; Harvex T. Mann, Asst. Secretary, and H. B. 1928 the average amount invested in common stocks was 38%.
Managcment.-Company pays no salaries or directors'fees and its manageVan Allen, Asst. SecretarY,
34 of 1% of the average aggreDirectors.
-Louis L. Allen, Emanuel Caller, A. K. Cohen, Maurice P. ment fee is limited to an annual sum equal to the preceding 12 months.
gate amount of its invested resources during
Davidson, David T. Fleisher, Herman Hirschleifer, Samuel Kramer,
Directors.-D1rectors includes the following: John II. Price, Walter
Arthur Loewenheim, Moritz Rothenberger, Louis Reich, George M. Sachs,
Kinirman, Jr., Andrew
Isidore Sobel. Jerome B. Sullivan, Harry B.. Van Allen, Harold F. White, Moison, James H. Webb, AbnerA., J. H. Copeman, F. Fleming, D. J.
Curzon Dobell,
O'Donahoe, W. E. Dunton, O.
.1. Purdon Wright and William F. Wund.-V. 128, P. 2107.
George R. Hodgson. G. Edwin Roberton.
Listing.-ApplIcatIon will be made in due course to list the shares of the
Truax-Traer Coal Co.
-Dividend No. 2.- •
company on the Montreal Stock Exchange.
-The company's resources may be invested only
Investment Restrictions.
The directors have declared the regular quarterly dividend of 40 cents per
common stock, no par value,payable May 1 to holders of record in the following classes of securities, viz:
share on the
Trustee securities, bonds or other obligations Issued or guaranteed by
April 18. An initial quarterly dividend of like amount was paid on Feb. 1
any Governmental or municipal authority and bonds, debentures and other
P. 1576.
-V. 128,
last.
au
APRIL 6 1929.]
FINANCIAL CHRONICLE
2289
Consolidated Balance Sheet Dec. 31.
evidences of indebtedness of and preferred and common stocks issued by
1927
1928
any corporation having its head office or whose bonds, debentures, stocks
1928.
1927.
or other obligations are listed or traded in on any Stock Exchange within
Ltabiliffes-$
,
$
Assets-the Dominion of Canada, the United States of America, the United King- Inventories
30,945,366 21,843,134 Accounts payable _ 2,037,723 1,267,434
354,786
dom of Great Britain or any British Colony or Dependency.
Accts.receivable 3,443,933 5,206,626 Div. pr. pref. stk_ 1,357,080
Investment in these classes of securities is further subject to the follow- Bills receivable__ _
89,392
80.595 Insurance reserves 1,075,000 1,075,000
ing, among other, restrictions:
Cash
888,544
828,130 General reserves__ 7,826,677 6,902,188
(a) Not more than 2% of the company's total resources may at any time U. S. Leather Co.
Prior. pref. stock_16,649,525 16.649,525
be invested in bonds or other obligations issued or guaranteed by any one
387,174 Class A stock _a__ _ 7,941,823 7.941,823
prior pref. stock 1.253,500
Governmental or municipal authority outside of Canada, nor in bonds, Other investments 489,580 3.021.261 Common stock _b_ 3,970,103 3,970,103
debentures and other evidences of indebtedness of and all classes of securi- Real estate, incl.
Surplus at date of
ties Issued by any corporation having its head office outside but whose
Um.l'els,plls,&c.13,901,320 14,882,851
merger & consol. 6,605.261 6,605,261
bonds, debentures, stocks or other obligations are listed or traded in on Prepaid taxes, inEarned surplus- 3,622,370 1,670,386
any Stock Exchange within the Dominion of Canada, the United States of
73,926
186,735
surance, &c____
America, the United Kingdom of Great Britain or any British Colony or
Dependency.
Totai
51.085,563 46,436,506
Total
51,085,563 46,436,506
(b) Not more than 5% of the company's total resources may at any time
a 249,743 shares (no par). b 397.010 shares (no par).
be invested in bonds, debentures and other evidences of indebtedness of
and all classes of securities issued by any one corporation, nor, except as -V. 127. p. 3722.
mentioned in the succeeding paragraph, more than 25% in bonds, deben-Rights, &c.
United States Radio & Television Corp.
tures and other evidences of indebtedness of and all classes of securities
The stockholders will vote April 12 on increasing the authorized capital
Issued by corporations whose operations fall primarily within any one
stock from 125,000 shares (all outstanding) to 250,000 shares, without par
industry.
(c) Not more than 50% of the company's total resources may at any time value, and on authorizing the directors to offer rights to the present stock-V. 127, p. 3722.
be invested in bonds, debentures and other evidences of indebtedness of holders.
and all classes of securities issued by public utility corporations.
United States Shares Corp.-Dividends.
(d) No investment may be made in any stock issued by any corporation
The carporation on March 30 announces dividends payable on April 1
the aggregate market value of the total issued share capital of which is
on 4 of its investment trusts as follows: Common stock trust shares, series
less than 82,000,000.
A, established in May 1927 and the first trust to be created by the corUnited Continental Corp.
-Organized.
-poration (Guaranty Trust Co. of New York, successor trustee). 80.42375
This corporation has been organized in New York State with a capital of per share, equivalent to yield of 6.78% on original offering price: Common
$3,000.000. The company will transact a general investment business, and stock trust shares, series A-1, established in January 1928 (The Chase
there will be no public offering of securities. Frank Lewisohn has been National Bank of the City of New York, trustee). $0.490356 per share,
elected president and Elisha M. Friedman, Vice-President.
equivalent to yield of 8.17% on original offering price; Bank stock trust
shares, series C-1 and series 0-2, established in May 1927(The Empire
United Fruit Co.
-Listing.
Trust Co.,trustee),$0.9701245 per share, equivalent to yield of
The New York Stock Exchange has authorized the listing on or after original offering price,and $0.997866 per share, equivalent to yield8.82% on ,
of 9.07%
April 1 of 125,000 additional shares of capital stock (without par value) on original offering price, respectively. (See V. 128, p. 3418.) These
Upon official notice of issuance as a stock dividend making the total amount dividends were paid to holders of trust shares of record March 1.
applied for 2,625,000 shares.
-V.128. p. 1074.
The trust shares are distributed widely in 45 States and 7foreign countries.
- -V. 128. p. 2108.
-Stock Units Offered.
United States Banking Corp.
An issue of $5,000,000 7% cumulative preferred stock ($50
par) and 50,000 shares (no par) common stock is being
offered by W. E. Willard & Co., Inc., New York and
Benjamin Baker & Co., Inc., Syracuse, in units consisting
of 2 shares of preferred and 1 share of common, at $130 per
unit to yield about 7.70% on preference dividend basis.
•
United Wholesale Grocery Co.
-Stock Offered.
-
An issue of 35,000 shares of class "A" participating preference stock was
recently offered in this market by Traver & Dugan, New York. The
company, organized in Delaware, enables their clients which number more
than 1,300 independent retailers to compete with chain store systems
through concentrating unit buying under a single direction. These clients
are privileged to buy at current prices quoted in a weekly catalogue published by the company. Additional sales are also realized through disHolders of the cumul. pref. stock are entitled to receive cumul. divs, at tribution by the company of its magazine "United System of Co-operative
the rate of $3.50 per share out of the net earnings in each fiscal year, before Buying."
The company has popularized their own brands of canned, bottled and
any dive, shall be declared or paid to the holders of any other class of stock.
Prof. stock is callable on or after March 1 1936, at a premium of 5%. package goods. included among which are "Arks Run" and "United"
Has preference over all other classes of stock both as to assets and dividends. brands. Authorized capitalization consists of 135,000 class"A" participating
preference stock and 135.000 class"B"stock, no par value.
Dividends cumulative from date of issue.
Common stock has preference rights as to assets and dividends over the
Utility & Industrial Corp.-Operations.
class A and class B common stocks. After the payment of dive, on pref.
President John J. O'Brien has sent the following letter to the stockstock outstanding, the common stock is entitled to receive divs. up to but.
not in excess of $3 per share before any dive, shall be declared or paid to holders:
"The company was organized on Feb.9 1929,and in the short interim to
the holders of the common stock class A or common stock class B. After
the payment of dive. of $3 per share on the common stock, and payment March 30 has accomplished the distribution of its preferred and common
of divs. on the common stock class A,the common stock class B is entitled stock to 15,000 shareholders averaging approximately 82,000 investment
to receive dividends up to but not in excess of $3 per share in each fiscal per holder. New shareholders, purchasing stock at present market prices
year. Thereafter additional dividends will be divided equally share and for long term investment, are being constantly added to the list, and are
share alike to the holders of the common stock, and the common stock rapidly absorbing the samll amount of speculative stock remaining in the
class B. Common stock has preferential rights as to assets up to $30 per market. This broad distribution insures an excellent market at all times,
share in the event of liquidation or dissolution after payment of par to and provides a strong foundation for the stability of the future market
the holders of the cumul. pref. stock. The common stock is therefore for the stock of this company.
fully participating in the earnings of the corporation and preferred as to
"Approximately one-half of the company's capital is now invested in
assets and dividends over the class A and class B common stocks.
income bearing securities which have excellent possibilities ef enhancement
.
during the coming year. The company has completed arrangements
op ta /se wn.
Cumul. pref. stock (par $50)
100,000 shs. whereby it may participate in original bases with investment bankers in
Common stock (no par)
75,000 she. the underwriting of securities issued, and it is expected that the company
Common stock, class A (par $100)
1.000 shs. will realize a substantial annual profit from this phase of the business.
Common stock, class B (no par)
75.000 shs. In that connection the company has already underwritten an attractive
Data from Letter of Alexander H. Figge, Pres, of the Corporation. Industrial enterprise, and is a participant with several investment banking
houses in the underwriting of a large public utility issue, both of which
Company.
-Organized in Delaware in 1927. The corporation is a hold- undertakings should
excellent underwriting profits in addition to
ing company organized for the purpose of controlling either a majority or an annual return on produce
the investment.
the entire capital stock of companies operating in the financial field. Cor"Every facility for scientific research and complete analyses will be utilized
poration has acquired the entire outstanding capital stock of industrial in the
investments for this company. The large balance of
loan corporations operating in New Jersey and Pennsylvania. Directors cash onselection of profitably employed at the present time in the money
while
have planned a program of expansion and proposes to acquit e or establish market,hand,
immediately available for use at opportune times, under the
is
a national system of industrial loan corporations to be supervised by a supervision of the directors, for a broad diversification of investment."technical management organization skilled in the operation of that branch -V. 128, p. 1075.
of the financial field.
The affairs of the corporation will continue under the direction of the
-Earnings.
Venezuelan Petroleum Co.
founders of the business who have been instrumental in developing the
1926.
1928.
1927.
Years Ended Dec. 31corporation to its present condition. These men have had long and ex- Royalties
$223.537
$180,209
$32,562
tensive experience in the business, and the companies with which they Interest & miscellaneous income
35.777
23,392
7.637
have been identified have been remarkably profitable and successful.
Purpose.
-Proceeds from the sale of the $5,000,000 pref. stock and the
$259,314
$203,602
$40,199
Total income
50,000 shares of common stock, now offered, will be used in the company's Expete3es,incl. deprec., Fed,tax.,&c.
105.580
43.504
94,977
expansion program.
$153.734
$108,625 loss$3,304
Net income
United States & International Securities Corp.152,268
Dividends paid
Listing.
-
There have been placed upon the Boston Stock Exchange list, 2,500,000
$1,466
$108,625 loss33,304
Balance, surplus
shares (authorized 3,000.000 shares) without par value common stock. Shs.capital stock outstand g (par 95)- 2.000,000
755,090
736,050
with authority to add thereto upon official notice of issuance from time to Earnings per share
$0.07
Nil
$0.15
time through the exercise of certain subscription warrants outstanding.
Kunhardt Jr.. Chairman of.the Board of Directors, says in part:
500,000 additional shares.
Company sold during the year for cash, at par, 243,910 shares of treasThis company was organized in Maryland, Oct. 26 1928 for the purpose, ury and unissued stock.
among other things, of buying, selling, underwriting, offering and generally
As approval at a special meeting of the shareholders held on Dec. 17
dealing in corporation governmental and other securities, both American 1928. the capital stock 11 8,4 increased by 1,000.000 shares, making a total
,
and foreign, participation in the organization, reorganization and operations authorized issue of 2.000.000 shares of the par value of $5 each. At the
of corporations and such other business authorized by the certificate of same meeting the action of the board of directors was ratified whereby, in
incorporation as may be deemed advisable.
exchange for 1,001,000 shares of the stock of this company issued to SinOn Oct. 30 1928 there were listed upon the Exchange 1st preferred clair Consolidated Oil Corp., the company acquired certain stocks and
allotment certificates. 25% paid, representing when fully paid 500,000 advances, and a contract, as follows:
shares of 1st preferred stock, 500,000 shares of common stock and warrants
425,000
representing the right to subscribe for common stock of the company at having an shares of the capital stock of Apure-Venezuela Petroleum Corp..
of
$25 per share, in ratio of one share of common stock for each share of to explore authorized capitalthe500,000 shares. owning certain concessions
for
in
State of Apure. Venezuela; 240,000 shares
preferred stock represented by the allotment certificate. As of April 1 of the capitaloil and gas Zamora-Venezuela Petroleum Corp., having an
first
stock of
1929 these certificates became 50% paid.
Transfer agents: The First National Bank of Boston, and the National authorized capital of 300,000 shares, owning certain concessions in Zamora.
Venezuela; 22,500 shares of the capital stock of Eastern Zamora Oil Fields.
Park Bank of New York. Registrars: The National Shawmut Bank of Inc., having an authorized capital of 25,000 shares, owning certain con-V.128, p. 1247.
Boston, and Irving Trust Co., New York.
cessions in Eastern Zamora, Venezuela: all of the capital stock of the Cordillera Petroleum Corp., having an authorized capital of 1,000 shares,
-Earnings.
United States Leather Co.
owning certain concessions in Venezuela: a certain contract relating to
1928.
1927.
Calendar Yearsx$3,454,761 $4,041,734 properties in Colombia; 780.685 shares of the capital stock of Sinclair CenNet income
241,073
226,742 tral American Oil Corp., having an authorized capital of 1,000,000 shares.
Income from investments
which corporation through a subsidiary company owns an interest in a
$3.695,834 $4,268,476 concession in Panama: and all indebtedness owing by any of the aforesaid
Total
517,077 companies or subsidiaries thereof to Sinclair Consolidated Oil Corp.
Deduct-Int. on bonds
Condensed Balance Sheet Dec. 31.
66,000
Discount on bonds
LiabilitiesAssets534,000
1927.
1928,
1928.
368.000
1927.
Federal taxes
Capital stock_ -$10,000,000 $3,775,450
Concessions, roy$3,161,834 $,3,317,396
alties, &c
$9,070,172 $4,007,414 Acc'ts payable---9,780
675
Balance,surplus
Furn. & fixtures1.751 G.Jeffreys contr__
1,165,445
Prior preferred dividends
36,500
Res.for Fed.tax_
998,972
Accts.receivable
58,552
,
Class A.dividends
20,000
9,000
-623,38g Surplus
Investments
540,547
923,481
922.015
$997,418 $3,317,399 Accr. Int. rec'ble_..
848
404
Balance
44,877
y10,227,631
Profit and loss surplus
8,275,647 Royalties rec'ble_
65,362 Total(each 5160510,953,262 $4.743,640
The net of $3,161,834 for 1928 is equivalent after dividend requirements Cash in banks__ 1,283.585
on 7% prior preference stock and allowance for participating provisions of -V. 127, p. 3722.
the class A stock, to $5.54 a share earned on 249,743 no par shares of class
A and $1.54 a share on 397,010 no par shares of common stock,and compares
Von's, Inc., Los Angeles, Calif.
-To Retire Preferred
with net income of $3,31'7,399 or $5.78 a share on class A and $1.78 a share Stock-Proposed Sale.
on common stock in ion.
The company has called for redemption on June 1 next at 110 and dive.,
X The net income for 1927 includes the net income of Central Leather
Co. Jan. 1 to June 23, amounting to $1,064.292. y Includes $954.566 the entire outstanding issue of its $8 cumul, pref. stock, no par value.
This action is taken as a step incident to the action of the directors
refund on account of Federal taxes.
approving the sale of the company's business and certain assets to bankers
-V. 127. D. 3722.
2290
FINANCIAL CHRONICLE
[VOL. 128.
$220,500 on 31,500 shares of $7 1st preferred stock presently to be outstanding. After deduction of such dividend requirement, and of the annual
dividend requirement of $402,500 on 57,500 shares of $7 2d preferred stock,
there remains $695,804 in 1928, equivalent to $3.43 a share on the 203,000
-Dillon, Read & Co., Janney shares of common stock presently to be outstanding.
-Bonds Offered.
Warner Co.
Pro Forma Consolidated Balance Sheet (Incl. Subs.) Dec. 31 1928.
& Co., Hemphill, Noyes & Co., Chandler & Co., Inc. J. S.
•
AssetsLiabilities-Wilson Jr. & Co., and Laird, Bissell & Meeds are offering Cash
$232,379
$529,430 Accounts payable
mtge. 6% Accts. & notes rec., less res__ 1,777,965 Accrued Federal tax
230,059
at 99 and interest to yield 6.10%, $7,000,000 1st
184,076
sinking fund bonds (with corn, stock subscription warrants). Inventories deposits, bldgs. 909,616 Other accruals
1st mtge.6% sink, fund bds_ 7,000,000
Land, mineral
c*. Interest payDated April 1 1929: due April 11944. Denom.$1,000
17,227,692 Purchase money obligations- 1,373,760
and equipment
able (A. & 0. 1) without deduction for Federal income tax not exceeding Inv. at cost (incl. Interest in
365,000
Ground rentals payable
2% per annum. Principal and Mt. payable in United States gold coin at
752,000
472,829 Leasehold purch. contracts •
affiliated companies
the principal office of the trustee in Philadelphia, and at the principal office Fire insurance & workmen's
Res. for fire ins, workmen's
of National Bank of Commerce in New York. Red. as a whole, or in part
126,444
174,883
compensation funds
compensation, &c
by lot, on any int, date, on 30 days' notice, at 105% and int. to and incl. Deferred charges
3,150,000
673,872 $7 first preferred stock
April 1 1934, with successive reductions of 34 of 1% during each full year
57 2nd preferred stock
5,750,000
thereafter to maturity. The indenture is to contain provision for refund of
2,505,691
$21,717,848 Common stock
Total (each side)
the Maryland personal property tax not exceeding 434 mills per annum.
• Represents Installments aggregating at the annual rate of $97,000 until
Free of present Penn. personal property tax. Tradesmen's National Bank 1934, when titles pass to lessee upon final payments of 3200,000.-V. 128.
& Trust Co., Philadelphia, trustee.
Listing.-Company has agreed to make application in due course to list p.2109.
these bonds on the NOW York and Philadelphia Stock Exchanges.
-Merger.
(Charles) Warner Co.
-Secured by first mortgage lien upon mortgageable fixed assets
Security.
-V.127. p. 3560.
See Warner Co. above.
which have been appraised by Lockwood Greene Engineers, Inc. at a
less depreciation, of more than $11,500,000,
present replacement value,
-Forms Finance Company.
Warren Bros.(Asphalt) Co.
subject only to 3365,000 redeemable amount of ground rents payable. In
The stockholders at the annual meeting, April 9, will be asked to vote
addition, the lien of the mortgage is to cover certain items of marine equip- on the question of authorizing the purchase by this company for cash of a
a total appraised value
ment presently to be acquired, such items having
interest in the common capital stock of a corporation, organized
of not less than $2.500,000, subject to such maritime lien claims as may 50% Delaware laws, to be known as the Warren Bros. Finance Corp., the
under
arise against the respective items, including claims arising from collisions. remaining 50% interest to be purchased by Paine, Webber & Co.
mortgage is also to
salvage, and for supplies and repairs. The lien of the
The decision to organize a finance corporation grows out of the conviction
cover fixed assets hereafter acquired.
that through this means Warren Bros. will be able to handle considerable
Titles to the real estate presently to be subject to the mortgage are to be work which otherwise might have to be passed up. In connection with
insured by the Real Estate-Land Title & Trust Co. of Philadelphia.
many of its contracts, particularly in foreign countries, Warren Bros. ac-Each bond is to carry a subscription warrant, detachable cepts securities in payment for work. These securities often are no readily
Warrants.
on
after Oct. 1 1929, entitling the holder thereof to purchase, the or before marketable; hence the pot= to organize a corporation which will hold such
following
April 1 1934,5 shares of the common stock of the company at
securities and issue against them its own debentures for sale to investors.
rates per share of common stock: to and including April 1 1930, at $40 a V. 127. p. 3263.
share; thereafter to and including April 1 1932,at $45 a share;and thereafter
to and including April 1 1934, at $50 a share. The warrants are to contain
-Sales.
Weinberger Drug Stores, Inc.
provisions designed to protect the warrants against the effects of dilution.
March. Total3 Mos.
February.
January.
-The indenture is to provide for a sinking fund sufficient
Sinking Fund.
5109.781
$272,621
374,795
388,045
amount of bonds per annum, payable semi- 1929
to retire $200,000 principal
40,253
34,044
107.326
33,029
bonds 1928
annually commencing Aug. 1 1929. to be applied to the retirement of
by purchase at or below the then current redemption price, or, to the extent -V. 128. p. 1928.
of bonds by lot at that price.
not so obtainable, by redemption
-Initial Dividend.
Western Air Express Corp.
-Dillon, Read & Co., Janney
1st Preferred Stock Offered.
The directors have declared an initial dividend of 14 cents per share
payable May 1 to holders of record
& Co., Hemphill, Noyes & Co., Chandler & Co., Inc., J. S. on the new common stock, par $10, a single quarter only,as the directors
April 15. This dividend is declared for
Wilson, Jr. & Co. and Laird, Bissell & Meeds are offering felt no dividend policy could be established in view of uncertainties of
at $99 per share and div. 31,500 shares $7 1st pref. stock earnings outlook on the company's new Kansas City line. See also V. 128.
p. 1928.
(with common stock subscription warrants).
Entitled to preference over the $7 2d pref. stock and common stock as to
-Extends Time for
Westinghouse Electric & Mfg. Co.
cumulative dividends at the rate of $7 a share per annum,and as to assets,
In event of involuntary liquidation, to the extent of $100 a share and diva., Exchange of Outstanding Scrip Certificates.
dive.
and,in event of voluntary liquidation, to the extent of $110 a share and divs.
The company has extended to May 21 1930 the time within which outor part at any time on 30 days' notice at $110 a share and
Red. all
standing scrip certificates issued in connection with the 10% stock dividend
-J.
Dividends payable Q. (accruing from April 1 1929). Dividends free of of 1924 may be surrendered in exchange for shares of common stock.
personal
present normal Federal income tax. Free of present Penna. Fidelity- V. 128. P• 1719.
Philadelphia, registrar.
property tax. Colonial Trust Co.,
-Earnings.
Philadelphia Trust Co.,transfer agent.
WestKentucky Coal Co.(& Subs.).
-Each certificate representing $7 1st preferred
Stock Purchase Warrants.
1925.
1926.
1927.
1928.
Calendar Yearsstock now offered will be accompanied by a subscription warrant, detachable Sales
$7,017,199 $10,103,335 37,100.489 $6,607,957
before
after Oct. 1 1929, entitling the holder thereof to subscribe, on or stock Oper.expenses & taxes
6,261,010
6,601.751
6,522.332 8,833,379
common stock, in the ratio of one share of common the
April 1 1934, for
for each share of preferred stock represented by such certificate, at
$346,947
$558,737
Net over. revenues--- 3494,867 $1,269.956
$40 a share;
following rates per share; to and including April 1 1930, at thereafter to Non-operating revenues_
368,408
405.520
480,370
574,266
thereafter to and including April 1 1932, at $45 a share; and
and including April 1 1934 at $50 a share.
$715,355
$964,257
31.069,133 31,750,326
Gross income
-Charter provides for a sinking fund for the $7 1st pref. Interest charges
Sinking Fund.
342,977
315.978
302,481
268,847
3%
stock, payable annually commencing April 1 1930, sufficient to retireout- Depreciation & depl. res.
417,587
512,058
535.820
337,480
at anv time
of the largest amount of shares of such preferred stock stock by purchase
to the retirement ofsuch preferred
standing, to be applied
$149.718 def$45,208
3898.527
5462.804
Net income
at or below $110 a share and divs., or, to the extent not so obtainable, by Preferred dividends- _ _ 420,000
105.000
x735.000
420,000
call at that price.
to make application in due course to list
-Company has agreed
Listing.
$163.527 def$270'.282 def$150,208
$42,804
Balance, surplus
Stock
its $7 first preferred stock and common stock on the Philadelphia
Earns. per sh.00 280,000
Exchange.
Nil
Nil
31.64
30.16
shs. corn.stock (no par)
Data from Letter of Pres. Charles Warner, Philadelphia, April 2.
x Includes $315,000 dividends previously accumulated but unpaid.
organized in Delaware to acquire the businesses, V. 126, p. 2812.
Company.-lias been
of Charles
I
and substantially all of the assets, subject to certain liabilities, have been
Warner Co. and the Van Sciver Corp., both of which companies
Weston Electrical Instrument Co. Earnings.engaged primarily in the production, transportation and wholesaling of
1926.
1925.
1927.
1928.
Calendar Yearssand, gravel and lime products, and in the retailing of such products and of Earns, after deducting
plaster, cement and mixed concrete, in Philadelphia and Wilmington. The
cost to manufacturer,
Charles Warner Co.
predecessor companies have been long established.
repairs deprec.,selling
was incorp. in 1885 as successor to a transportation and merchandising
5791,037
$797.267
5573.750
& admin. expenses_ __ $802.816
business founded by members of the Warner family in 1794. The Van Sciver Other deductions, less
formed
Corp. was incorp. in 1923 to consolidate the operations of companies
9,609
56,242
30,411
90,928
other
outgrowth of the entrance of the Van Sciver family into the concrete Federal income tax
as an
100,302
77,738
87.864
93,963
income
sand business in 1901.
Warner Co. will be the largest company supplying sand and gravel in the
$666,554
$646,931
$486,402
Net profit for year__ $617,923
for distribuPhiladelphia district. Through its wharves and other facilitiesmarket with Divs. paid on cl. A stk__
201,000
166,300
180,050
144,600
tion in that district, the company will supply a large consuming
gravel, and other building materials.
sand and
$445.931
$320.102
$486.504
$473,323
Balance, surplus
Authorized. Outstanding.
Capitalization976
$7,000,000 $7,000,000 -v. 127. P. 2 .
1st mtge. 6% sinking fund bonds
50,000 shs. 31,500 shs.
a $7 1st pref. stock (no par)
-Stock Offered.-Borton
Wheeler Metal Products Corp.
57,500 shs. 57.500 shs.
b 37 2nd preferred stock- (no par)
e350.000 shs. 203,000 shs. & Borton, Cleveland recently offered 10,000 shares (no par
Common stock (no par)
April 1930, sufficient to retire 3%
a Annual sinking fund, commencing
b Semi-annual sinking common stock at $31 per share. The offering does not
of largest amount of shares at any time outstanding. increasing to $400,000
1930,
represent new financing in behalf of the company.
fund of $200,000 per annum commencing June
in 1934.
Dividends are exempt from the present normal Federal income tax and
this amount 74,000 shares are to be reserved against subscription the shares are free from personal property tax in Ohio. Application will
c Of
follows: 35.000 shares
warrants, identical in substance, to be issued as 31.500 shares against be made to list this stock on the Cleveland Stock Exchange.
bonds;
Outstanding.
Authorized.
against warrants to be issued with theseof $7 1st preferred stock, and
Capitalization25.000 she.
warrants to be issued with 31,500 shares
25,000 shs.
andingrights Common stock (no par)
7.500 shares against warrants to be issued in exchangeforoutst
Transfer agent and registrar, Central National Bank, Cleveland.
Co.
Charles
-Company was incom. in Feb. 1929 in Ohio, to take over
to purchase common stock of has beenWarner
Business.
provided for $694,000 par value of the assets and business of The Wheeler Radiator & Manufacturing Co..
-Redemption in full
Note.
companies, such stocks being
preferred stocks of one of the predecessor
Into common stock of which was 'Deem. in 1919. Company is engaged in the manufacture of a
brass, steel,
convertible until April 25 1929, the redemption date,
common stock for each share of great variety of stampings and in chromium and nickel plating
such company in the ratio of 2 shares of prior to such date, a maximum aluminum and zinc, and in the production of heavy duty radiators. Compreferred stock. Should conversions occur
pany also manufactures Goodwin grass shears. Plant located at East
to Warner Co. and the number of shares of Cleveland, contains 16,000 sq. ft. of floor space.
of $763,400 cash would revert
shown above, would be
common stock presently to be outstanding, as
-For the five-year period ended Dec. 31 1928 the average
Earnings.
increased by a maximum of 13,880 shares. 31,500 shares of $7 first pref. annual earning,s of the company .after all charges, were $82.158, which Is
of
Purpose.
-Proceeds of these bonds, and
equivalent to $3.28 per share on the new no-par stock. During the latter
the
stock, are to be used in connection with the acquisition of assets, and The part of 1928 the capacity of the plant was increased approximately 50%
retirement of certain indebtedness, of the predecessor companies. part with the result that the earnings for the first two months of 1929 were
in
entire issue of$7 2nd pref. stock is to he taken by vendor interests,
substantially greater than for the corresponding period in 1928.
payment for assets.
-In the past the company has maintained a liberal dividend
Dividends.
Earnings.--cornbiped consolidated earnings of the predecessor businesses, policy and has declared its intention to establish dividends at the rate of
depletion,and after
Dec. 15. The initial
for the 5 years ended Dec.31 1928 after depreciation and
but before int. 50 cents quarterly, payable March. June. Sept. and
ground rentals and leaeshold purchase contract payments,Sells as follows: dividend on this issue will be payable June 15 1929.
and Federal income taxes, have been certified by Haskins &
1928.
1927.
1926.
1924.
-Annual Report.
1925.
White Motor Securities Co.
$2.023,333
$2,377,583
$2,932,558
$2,618,151
$1,440.456
1927.
1026.
1928.
Calendar Yearsthe year 1928.
Combined earnings, as shown above, of $2,023,333 for requirement of Interest & discount earned
51,097,644 $1,293,187 $1,250,962
were approximately 4 times the maximum annual interest
523,955
456,848
524,097
presently to Interest on money borrowed
$489,692 on all interest-bearing indebtedness of the company
80,787
61,737
116,639
depreciation and Administrative & general expenses--9,033
be outstanding, including this issue of bonds. After
17.160
13,088
contract pay- Taxes
depletion, and after ground rentals and leasehold purchase
92,000
61,000
87,500
for Federal taxes (est.)
indebted- Provision
ments. allowance for interest and discount on all interest bearing
5587,411
ness presently to be outstanding (including $7,000.000 1st mtge. 6%
5445,996
5564,539
Net profit
annum. Consinking fund bonds). and Federal income taxes at 12% per
175,000
175,000
175,000
Preferred dividends
solidated net earnings have been certified as follows:
50,000
50.000
100,000
Common dividends
1928.
1927.
1925.
1926.
1924.
$1,318,804
$1,630,544
$2.118,922
$805,872 .31.842.243
5362,411
5220,996
5289.539
Balance surplus
Combined earnings, as shown above, of $1.318,804 for the year 1928. -Ir. 126. p. 2165.
requirement of
were approximately six times the maximum annual dividend
understood to be acting in behalf of the new McMarr Stores, Inc. Ratification will be sought at a special stockholders' meeting called for April 10.
-V. 126, p. 3142.
APRIL 6 1929.]
FINANCIAL CHRONICLE
(H. F.) Wilcox Oil & Gas Co.-Earnings.
-
Calendar YearsOperating earnings
Other income
1928.
1927.
1926.
1925.
$2,666,016 $3,514.241 $4,561.105 $3,366.815
42.127
145.534
255,321
102,921
Total income
$2,7j8,143 $3,659,775 $4,816,425 $3,469,736
Operating expense
1,064.186 1,121,568 1,050,944 1.029.270
Operating profit
$1.643,956 52.538,207 $3,765,482 82,440.465
Prop. & lease aband.,&c
240,790
489,212
673,641
482,279
Int. charges, less int.
earned
32.656
35.809
31,155
18.906
Cap, stock selling exp.
amortized
30,000
30,000
30,000
30.000
Sundry
2.772
18.343
146,370
59.320
Depl. & deprec. on cost..
869.127 1,664,267 1,678,775
816,956
Fed. inc. tax & conting
110,000
61.000
Less: Net inc. of H. F.
Wllcox-Pampa Oil Co.
for the 9 mos. ended
Sept.30
42.056
Net profit for the year x$468.612 x$300,575 $1,053,485
$972,005
Surplus Dec. 31
1.184.776 1.709,035 1,451,821
1,303,344
Adjustments
Cr.27.729
Dr.47,084
Cash dividends paid---321,716
852,565
796,270
776.441
Profit & loss, surplus_ $1,331,671 $1,184,776 $1,709,036 $1,451,821
She.ofcap.stk.outst'd'g
(no par)
428,967
428.967
427.896
388.222
Earn. per sh. on cap.stk.
x$1.09
x$0.71
$2.46
$2.50
x Before Federal taxes.
-V.128,e.908.
Wilts
-National Veneer Corp., Plymouth, N. C.
-Bonds
Offered.
-Hitchcock & Co., Chicago, are offering at 100 and
interest, $1,000,000 1st mtge. 6% serial gold bonds. The
Chicago Mill & Lumber Corp. is lessee and operator of the
property under a 10-year lease assigned to and deposited
with the trustee.
Dated March 1 1929; due serially semi-annually Sept. 1 1929
-March 1
1939. Principal and int. (M. & S.) payable at the office of the trustee,
Chicago. Red. on any int, date on 30 days' notice at 100 and int., plus a
premium of 14 of 1% for each 6 months or fractional part thereof of the
unexpired life of the bonds, but never at a greater premium than 2%.
Interest payable without deduction for Federal normal income tax not in
excess of 2%. Denom. $1,000 and $500 c*. Continental Illinois Bank &
Trust Co. and Leon L. Loehr, Chicago. trustees.
Data from Letters of E. A. Wagonseller, President of Wilts-National
Veneer Corp., and Walter P. Paepcke, President of Chicago
Mill & Lumber Corporation.
Security.
-These bonds are the direct obligation of the Wilts-National
Veneer Corp. and are secured by a closed first mortgage on all of the fixed
property of the corporation. A recent appraisal of the plant properties
by the .American Appraisal Co.shows a sound depredated value of $1,062,612 and G. W. Calhoun of Memphis, Tenn., estimates the standing timber
In excess of 85,000,000 feet conservatively worth $4 per 1,000 feet, thus
giving an immediate value to the real property mortgaged of $1,402.612.
to which will be presently added additional equipment and improvements
to cost approximately 2200,000, making a total of $1,602,612.
Payment of Principal and Interest Assured.
-Chicago Mill
Corp. has leased and will operate the Wilts-National Veneer & Lumber
erty (with the right to cut standing timber), for a period of 10Corp.'s propyears for the
sum of $1,350,000, plus maintenance, taxes and insurance. This lease has
been assigned to the trustee and payments will be made to it in
installments to meet the payment of interest and principal of semi-annual
these bonds
as they mature.
Chicago Mill & Lumber Corp. conducts the largest hardwood lumber
operation in the United States, lsoth as to sawmill capacity and wood box
production, operating a complete industrial unit, comprising the ownership
of raw material,sawmills, veneer mills, and wood box and flooring factories.
This lease will be very valuable to the Chicago Mill & Lumber Corp.,
as it will provide it with complete ply-wood facilities to supply
trade with boxes, qatee and panels without disadvantage on its Eastern
account of
freight rates.
(F. W.) Woolworth Co.
-March Sales.
-
-March-1928.
1929
Increase.' 1929-3 Mos.-1928.
Increase.
$24,528,483 $21,839,750 52.688,7331561,563,869 $57,945.793 23,618.076
The gain in sales for the old stores for March was 81.623,173, or 7.46 •
while for the 3 months' period old stores' sales gained $961.616.
There were five Saturdays and 26 business days in March 1929, or 1.67 o •
as against
five Saturdays and 27 business days in the same month of 1928.-.V 128,
D. 1578.
Wright Aeronautical Corp.
-Stock Increased.
The stockholders on April 3 increased the authorized capital stock (no
par value)from 500,000 shares to 1,500,000 shares. A 100% stock dividend
is payable April 30 to holders of record April 15, increasing the outstanding
stook to 595,330 shares. V. 128, p. 2109.
Wyatt Metal 8c Boiler Works.
-Bonds Offered.-Republie
National Co., Dallas, Tex., recently offered at 100 and. int.,
$250,000 serial 1st mortgage 6% gold bonds.
Dated Nov. 1 1928; due serially Jan. 1 1932-39. Int. payable J. de J.
Prin. and int, payable at the office of the Republic National Bank & Trust
Co., Dallas, trustee. Callable not less than 30 days' or more than 60 days'
notice on any int. date at 102% and accrued interest.
Capitalization Outstanding.
Serial 6% gold bonds (this issue)
$250,000
Capital stock (authorized $1.000,000)
750,000
Company.
-Organized Feb. 5 1913 with an authorized capital stock of
$25.000; paid in 212,500. In 1917 the company was consolidated with
the Dallas Boiler Works with a combined capitalization of $100,000, all
paid in. In 1918 the paid-in capital stock was increased to
the present time the authorized capital stock is $1,000,000,$200,000. At
with $750.000
paid in.
The company manufactures practically everything in sheet
plate work. Its products are used principally by oil refineries,metal and
dealers in
oil products. builders of State highways, and contractors who favor metal
coofi
szenrite.-Secured by a direct first mortgage on all the physical property
of the Wyatt Metal & Boiler Works, including the plant in Dallas and the
plant in Houston, with a net depreciated value of $534,259, or more than
2.13 times the outstanding bonds.
-Proceeds have been used as part payment for the acquisitio
Purpose.
of the Houston properties and for other corporate purposes.
Bangor & Aroostook Railroad Co.
(35th Annual Report-Year Ended Dec. 31 1928.)
Pres, Percy R. Todd, Bangor, Me., Feb. 18, wrote in
substance:
Company's property has been well maintanined and with the many
additions and betterments, such as ballasting, heavier rails and bridges,
Is now in an exceptionally high state of efficiency.
A. total of 30,244 carloads of potatoes, containing 20.344,933 bushels,
were handled during the year. This compares with a total of 32,242 cars,
containing 21.542,200 bushels of potatoes handled last year. The 1928
crop, while not as large as the previous year. was considered a fairly
good one but owing to a very large crop harvested in other states
-the
government estimate being 60,000.000 bushels in excess of the previous
year and 79,000,000 bushels in excess of the five year average and the
largest crop ever grown in the United States
-the price has been very
low and up to the close of the year in most cases farmers were obliged to
sell their crops at considerably less than the cost of raising them. This not
only caused a reduction in the shipments during the fall of 1928 but has
curtailed the buying power of the farmers accordingly.
2291
Among the new industries established along your company's lines
the year was a Diamond Match Co. lumber mill at Grindstone, during
a new
pulpwood chip-mill at Van Buren, a large trap rock quarry at Mapleton,
Maine-reported to be the only one of its kind in the state-and the completion of a third paper mill unit to the Fraser Company's mills at Madawaska. Maine, to manufacture a pulp board.
The old agreement whereby company's passenger trains ran over the
tracks of the Maine Central RR. between Northern Maine Jct. and Bangor
(6 miles) expired on July 1 1928, and a new agreement was entered into
as of Dec. 3 1928. whereby company was granted trackage rights for its
passenger trains between these points.
TRAFFIC STATISTICS CALENDAR YEARS,
1928,
1927,
1926.
1925.
Tons revenue freight_ _ - 2,152.297 2,151,155 2,000,533 2.088,807
Ton miles,rev.freight-275,076,764 284,819,029 259,840,334 269,688,735
Passengers carried
398,202
427,805
471,210
407.701
Pass. miles
-revenue-- 15,341,483 16,678.835 18,559.256 16.053.796
Freight revenue
$6,227.533 $6,371,217 25,852.025 $5.867.703
Passenger revenue$764.641
$694,413
Av.frt. rev, p.m.road510,139
$10.379
59.509
59.525
INCOME ACCOUNT CALENDAR YEARS.
1928.
1927.
1926.
1925.
Freight revenue
$6,227,533 56.371,217 $5,852,025 $5.867,703
Passenger revenue
650,586
704,326
764,641
694.413
Mall,express, &c
321.099
325,532
310.937
300.372
Railway oper. revenue $7,199.222 $7.401.075 56.927.603 86,862,488
Maint. of way & struc-- 1.313,165
1.254.495 1.143.112 1.268,914
Maintenance of equip__ 1.414,229
1,392,447 1,447,214 1.410,353
Traffic
71.226
73,993
61,505
57.353
Transportation_ _
1.797,966
1,882.296 1.866,829 1.888,222
General & miscellaneous
355.259
354.842
313,790
282.224
Transp. for invest. (Cr.)
1,342
1.478
3.042
3.199
Net oper.revenue.._
$2,248.717 $2,444,478 82,098,195 $1,948.621
Tax accruals & uncollec574.859
596,827
552,693
572,448
Railway oper.income_ $1.673,857 $1.847.651 $1,545.502 $1,376,181
Hire of equipment
213,803
227.711
332,716
327,196
Other income
71.501
73.033
80.345
71,623
Gross income
$1,959,162 82,148,395 $1.958,564 $1,775,000
Interest on funded debt..
947.851
995.600 1,023.942 1.031,651
Int. on unfunded debt
16,054
1.098
7,017
6,118
Miscellaneous charges..10,770
10.297
11,333
11.387
Amort.of disc.on fd.(it1,407
1.677
1,947
2.216
Net income
$983.077 51,139,723
$914.325
$723,628
Preferred div. (7%)__243.600
243.600
243,600
243,600
Common dividend___ _(3%)372,960(64)302.041 (6)231.600 (6)231.600
Balance,surplus
$366.517
$594,082
$439.126
8248.428
Eihs.com. outst.(par $50)
106.560
106.560
77.200
77.200
Earns.per sh.on com
$6.94
$8.41
$8.69
$6.22
BALANCE SHEET DECEMBER 31.
1928.
1927.
1928.
1927.
Assets-Liabilities$
s
$
2
Inv.in road & eq._33,518,320 32.985.999 Preferred stock__ 3,480,000 3,480.000
Deposits In lieu of
Common stock.... 5,328,000 5,328,000
mtgd. prop. sold
4,427 Prem,on cap.stk. 296,792
66,218
296,792
Misc. phys. prop- 138.267
150,270 Funded debt
20,010,000 20,266,000
Inv.instill. cos__ 512,600
512,600 'Traffic dc car serv.
Cash
706,496 bale, payable- - _
236,874
68,814
72,685
Specialdeposits
374,810 Acc'ts & wages pay 241,720
373,813
225,555
Loans & bills rec.825
624 Misc. acc'ts pay.,.
15,870
22,534
Traffic de car serv.
Int. mat'd unpaid.. 219,752
220,960
bale, receivable_ 367.622
345,925 Divs. mat'd unp'd. 154,061
153,859
Net bal. rec. from
Unmat. int. acer- 148,611
153,032
26,935 Other curr. Habil _ _
agents St cond'rs
15.971
5,700
4,794
Misc.acc'ts receiv. 143,834
155,7¢5 Deterred liabilities.
7,723
2,874
Material dc suppTs. 919,647
824,582 Tax liability
133.492
254,417
Int. rec. accrued
5
586 Pren. on fund.d't_
2,032
2,353
Other cur.assets51,377
75,941 Accr. depr.,equip.. 2,305,740 2,177,398
Working fund adv.
233
234 Other unadj. creel.
33,019
21,133
Other def d assets.
310
1,123 Add'ns to property
Unadjusted debits. 139,328
94,537 through surplus_ 362,105
227.307
Profit and loss.-- 3,671,816 3,351,174
Total
36,485,248 36,260,857 Total
36,485,247 36,260,857
-V.128, p. 1391.
Chicago Rock Island & Pacific Ry.
(Annual Report-Year Ended Dec. 31 1928.)
Charles Hayden, Chairman,and J. E. Gorman,President,
report in substance:
Results.
-The net income for the year available for dividends and other
corporate purposes, after the payment of interest, rentals, taxes and other
fixed charges, was $13,167.696, the largest in its history, exceeding by
4.87 the net income for 1927. the highest previous year, which was $12.564.830.
After paying the full dividends of 7% and 6% upon the preferred stocks.
there remained $9,600,511. equal to $12.91 per share on the common stock
outstanding. Dividends at the rate of 6% per annum were paid on the
common stock outstanding during the year, after which there remained for
the year's operations, to be carried to profit and loss. $5,139,031, which
was invested in additions and betterments to the company's property.
The outstanding feature of the income account is the fact that traffic
representing an increase of over $3,500,000 in gross freight revenue was
handled with a reduction of over $400,000 in transportation expenses, due
principally to economies in operation produced by improvements to
ties, and improved condition of the equipment. The higher wage facilirates
paid during the year 1928 over 1927 increased the transportation expenses
31,095,761; otherwise, the transportation expenses would have shown a
decrease of $1,496,885 under the previous year.
Road and Equipment.
-The
investment in
road and equipment amounted increase during the year in
to $8,186.984, as follows:
Expenditures for road extensions
$1.386.382
Expenditures for rolling stock
2.934.487
Expenditures for other additions and betterments
9.281.793
Total expenditures
213.602.663
Less: Property retired and equipment vacated
5,415,679
Net increase in investment in road and equipment
$8.1811.984
The property has been well maintained and is in good physical condition.
Construction.
-The most important project which we have in immediate
contemplation is the construction of a low-grade line from Coburn, Mo.,
about 12 miles southwest of Trenton, to a connection with the Wabash,
the Chicago Milwaukee St. Paul St Pacific and the Chicago Burlington &
Quincy RR.companies'lines at Birmingham. Mo.,just across the 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 50 miles. The distance
from
Trenton to Birmingham via the
lino will be approximately
as compared with about 91 miles newthe present line. This will 85 miles,
via
afford
Rock Island a continuous llne of its own from Trenton via Birmingham the
into
Kansas City,and avoid the heavy grades and curvature
and give the company a much better entrance into in the line now used.
east. It is estimated that the new line will result Kansas City from the
in a
saving in fixed charges and in maintenance and operating very substantial
expenses.
Application has been made to the Inter-State Commerce Commission
for a certificate of public convenience and necessity, authorizing
the construction of a line from Groom, Carson County. Texas, in a southeasterly
direction to Paducah Cottle County, Texas, approximately 97 miles; and
for the approval of a joint trackage agreement with the GulfTexas
ern By.for trackage over its line from Paducah to Jacksboro. Jack & WestCounty.
Texas. The Gulf Texas & Western now owns a line from Seymour, Baylor
County, Texas, to Jacksboro, Texas, approximately 75.6 miles, where it
Intersects the Graham branch of the Rock Island; and the Gulf Texas &
Western By, has filed an application for a certificate of public convenience
2292
FINANCIAL CHRONICLE
[VOL. 128.
-Benj. D. Bartlett & Co., members New York and Cincinnati Stock
and necessity, authorizing it to construct a line between Seymour and
Paducah, approximately 71 miles. The proposed line from Groom to Pa- Exchanges, have opened their new offices in the Union Central Building.
ducah, together with the joint trackage over the present and proposed line annex ground floor, with a private entrance at 313 Vine St., Cincinnati.
of GulfTexas & Western Ry.from Paducah to Jacksboro,and the line thence
-Holt, Rose & Troster. 74 Trinity Place, New York, have issued an
to Ft. Worth and Dallas over the Rock Island Lines, will give the Rock Island a short line of railroad through the "Texas Pan Handle" between Ama- analysis of bank stocks, showing that these securities maintained their
which the agricultural and commercial basic strength during March despite the reaction in the stock market.
rillo and Dallas, a territory within
development has been very rapid during the past ten years. The existing
-Lewis-Dewes & Co., Chicago, offers a market and statistical service
route from Amarillo , Texas, via El Reno, Oklahoma. to Fort Worth is
457.6 miles. The proposed new route will make the distance from Amarillo on Insurance Stocks and Chicago and New York Bank Stocks, under the
to Port Worth approximately 356 miles.
Aldworth.
Extension of Amarillo Line. Stinnett to Gruver. Texas, a distance of suprervision of Warner S. Conn., assisted by Richard J.
33.79 miles, was started April 7 1928 and the line will be completed on
-James H. Oliphant & Co.. members, New York Stock Exchange, 61
April 1 1929. Further extension of this line from Gruver to Liberal, a dis- Broadway, N. Y., have issued a supplement to Mundy's Earning Power o
tance of 61 miles, has been authorized, and grading was started Feb. 6
1929. Construction will be carried on south from Liberal and north from Railroads which brings the 1928 edition substantially up to date.
Gruver, and construction from each end will proceed to the Beaver River.
-W. A. Harriman & Co., Inc., announce that Frederick 13. Krom has
This section will be completed about July, in time for the handling of the
manager of the syndicate department and Robert J. Lamer
1929 wheat crop. The gap of eight miles at the Beaver River will be com- been appointed
has joined their organization as manager of the sales department.
pleted by Sept. 1 1929.
-Harrison, Smith & Co., members New York and Philadelphia Stock
INCOME ACCOUNT FOR CALENDAR YEARS.
Exchanges, announce that Clifford H. Ayres, formerly Vice-President of
1925.
1926.
1927.
1928.
R. F. DeVoe & Co., Inc.. has become associated with the firm.
$
$
$
Operating Revenues108.758.903 105,256,593 102,203,024 95,923.398
Freight
Miller Investment Co., Chicago, take pleasure in announcing that
20,059.597 22,791,552 23,857,117 24.356,632 Leo J. Talieur, formerly Assistant Vice-Pres, of the National Bank of the
Passenger
2,515,758
2,597,828
2,631,856
2,808,303
Mail3,649.875 Republic, has become associated with them as Vice-Pros.
'
„
3,543,459. ,
Express
1.786,406
2.292,988
2,753.898
Other transportation.. _ _ 2,804,178
Stanton & Co., members of the New York Stock Exchange announce
817.825
814,136
805,834
826,537
Dining and buffet car_ _ _
1,633,352 that Wilbur H. Talbot, Edward A. Werner and Thomas II. Lee have
2.472,145 2,488.191
2,431,624
Miscellaneous
been admitted to the firm as general partners.
Total operating rev_ _141,232,604 140,086,990 137,911,415 130,683.246
-Marks & Graham, members of the New York Stock Exchange, have
Operating Expensesopened a new branch office at 181st St. and St. Nicholas Ave. which wil
19,173,523 18.585,993 17.145,109 15,622,835
Maint. of way .1.7 struc
Maint. of equipment--- 26.598,095 27,586.674 28,607,808 28,271,705 be under the management of John V. H. Leary.
2,941,232
3.012,324 3,021,627
3,146,389
Traffic
-R. S. Dickson & Co., Inc., have removed their main office from
50,233,183 50.634.307 49,848,490 49,868,630 Gastonia to Charlotte, No. Caro., according to an announcement made,
Transportation
1,152,292
1,123,752
1,112,072
Miscellaneous operations 1.125,876
3,934,834 3,754,781 by the New York office of the company.
4,140,850 3,969,557
General
Transp. for investment_Cr1,151,577 Cr1.567.878 Cr869,364 Cr841.989
-J. & W. Seligman & Co., members New York Stock Exchange,
as their representative, with
Total ry. oper. exp- -103.266,340 103,333,050 102.812,256 100.769,486 announce the appointment of Carl M. Stolle
Net revenue from oper- 37.966,263 36,753.940 35.099.160 29,913,760 offices at 1501 Hoge Building, Seattle.
7,037,771
7,490,680
7,935,957
8,379,348
Tax accruals
76,044
68,620
-A. Bradhurst Field, Jr.. member of the New York Stock Exchange,
44.047
73,711
Uncollectible revenue--has been admitted to general partnership in the firm of W. R. K. Taylor
Total ry. °per. income 29,513,204 28.773,936 27,539,860 22.799.945 & Co., 49 Wall St., New York.
Other Income
-Campbell, Starring & Co., members of the New York Steele Exchange,
Rent from equip. (other
296,394 announce that Theodore I. Merseles is now associated with them at their
357,987
482,875
518,347
than freight cars)
Joint facilities and misc.
Lexington Ave.
744,869 office at 420
848.727
1,006,256
935,072
rent income
34,764
34,766
E.
- Nelson Sims, formerly manager of the First Avenue Branch of the
31,169
24,795
Inc.from lease of road
716,973
1.001,916 Bank of United States, has become associated with the sales organization
857,530
698,285
Miscellaneous income-- _
of Harris, Ayers & Co.
Gross income
31,689.705 31,151,767 29,498.308 24,877,887
-The Shawmut Corporation of Boston is distributing a folder in which
Deductions
4,104,905 3.761,215 3,328,423 is described the advantages of "Bankers' Acceptances" as a prime short
Hire offr't cars(deb.bal.) 3,926,907
Rent for equip. (other
404,794 term investment.
472.823
512.884
513,211
than freight cars)
1,989,765
1,953,235
1,934,930
Sidney S. Walcott & Co. announce the opening of an office at 807
Joint facil. & misc. rents 2,026,152
172,734
161,009
158,056
156,301
Rent for leased roads.-Wilder Building, Rochester, N. Y., under the management of Horace
Int. on fund. & unf. debt 11,715,536 11,707,972 11,475,619 11.861,206 D. Greenfield.
154,833
158.527
168,188
183,899
Other charges
Arthur W.Wood Co., 19 Congress St., Boston, have issued a pamphlet
18.522,009 18,586.937 17.982,427 17,911.756 which gives financial statistics of gas and electric companies of MassTotal deductions
6,966,132
13.167,696 12.564,830 11.515,881
Net income
2,059,547 achusetts.
2,059,547
2.059,547
7% preferred dividends- 2,059.547
1,507,638
1,507.638
1,507,638
6% preferred dividends- 1,507.638
-William Henry Jones. formerly associated with Dominick & Dominick,
Common diva.(5%) --- 4.461.480 3,717,900
has been admitted to partnership in the firm of Bauer, Pogue, Pond &
3,398,947 Vivian.
7,948,696
5,279,745
5,139,031
Balance, surplus
4.54%
10.62%
12.10%
Per cent on corn.stock
12.91%
Announcement is made that William Kurt Deckers has been admitted to
general partnership in the firm of Spencer Trask & Co., effective April 1
CONDENSED GENERAL BALAlVCE SHEET DECEMBER 31.
1929.
1927.
1928.
•
1927.
1928.
Liabilities
-Gilbert Ellott & Co.,26 Exchange Place, New York, have issued special
Assets
7% pref.stock__ 29,422,189 29.422,189 circulars on Irving Trust Co. and Chatham Phenix National Bank & Trust
Investments:
Road & equip.442,700,242 437,213,752 6% pref.stock-- 25,127,300 25,127.300 Co.
Common stock- 74,482,522 74,482,522
Imp.on leased
710,029 Funded debt __271,703.835 288,549,030
782,124
_
-Reinhart & Bennet, members New York Stock Exchange, 52 BroadNon-negot. debt
Misc, physical
issued a circular discussing the credit situation.
87.100 way, New York City., have
12,100
property-.- 2.275,852 2,363,603 to MM.cos.._
623,000
5,000
Affiliated cos- 20,871,158 18,367.279 L'ns & bills pay..
-Ingalls & Snyder, members New York Stock Exchange, 100 Broadway,
698,631 Audited accts
644,511
Other haveatmls
analysis of Bethlehem Steel Corporation.
wages payable 7,334,629 7,185.220 New York City, have issued an
Cash,time drafts
& special dep.. 8,493,105 27,337,849 Interest & diva.
M. H. Connell & Co., 34 Pine St., New York City, announce that
matured unpd. 1,096,547 1,349,685 Timothy P. Allen, Jr. has been admitted to partnership in their firm.
5,176
28,788
Loans & bills rec.
Material & sup- 8,850,907 8,866,374 TJnmatured int.
-Ernest & Co., members of New York Stock Exchange, 120 Broadway.
0th. curr. assets 6,422.908 5,944,357 & rents acer'd 2,877,122 3,017,810
74,563 Misc.accts. Pay. 3,083.081 2,770,197 New York, have prepared a circular on R. C. Williams & Co., Inc.
94,181
Other def. assets
643,953
498,702
Other def'd liab.
Rents & insur.
-William G. Kirtland Jr., formerly with P. L. Putnam & Co., has beTax liability__ 5,864,176 5.448,580
premiums paid
11,253 Acer.depr.equip. 32,168,350 29,897,628 come associated in New York with Stranahan, Harris & Oaths, Inc.
134,609
in advance._ _
0th.unadj. cred. 2,708,896 2,563,173
0th. unadjusted
Mulliken & Roberts, Inc., 120 Broadway, New York, announce the
1.971,039 2,433,903 Add'ns to prop.
debits
through Inc.&
B. Westcott as Vice-President in charge of sales.
1,061,431 election of John
1,107,531
surplus
-Price, Waterhouse & Co., announce the removal of their Pittsburgh
Total(each side) 493,245,816 504,050,383 Profit and loss_ 35,753,835 31,821,582
offices from Peoples Bank Building to the Grant Building.
-V. 128. p. 2085.
C.
- F. Childs and Co., Inc., Chicago, announce the removal of their
office to 231 South La Salle St., Telephone State 9500.
CURRENT NOTICES.
Farr & Co. announce that W.Tilden P. Hazard is now associated with
them at their uptown office at 277 Madison Avenue.
Clark Williams & Co., 160 Broadway, New York, announce the
Bruce C. Hoblitzell has been admitted to partnership in the firm of
admission to general partnership of Bernard B. Badgley, formerly with Bulkley, Valiance & Co., 100 Broadway, New York.
J. Ridgeway. formerly with Prince
Reynolds, Fish & Co., and of Frank
Raymond L. Myrer has been elected a Vice-President of Guibord.
& Whitely. The firm also announces the retirement of Herman Rumpon. White & Co., Inc., 52 Cedar St., Now York City.
Williamson & Co. has dissolved by mutual
-The firm of Boldtmann,
-George P. Smith Jr., has become a general partner in the firm of
consent. Albert H. Boldtmann, John M. Dodd and Donald S. Pouch, Smith & Gallatin, 115 Broadway, New York.
New York Curb Market, announce the formation of a new partnermember
Potter & Company, 5 Nassau St., New York, have issued an analysis
ship under the firm name of Boldtmann & Co. with offices at 120 Broadway.
the of The American Superpower Corporation.
Allyn C. Donaldson has been admitted to general partnership in
assoOutwater & Wells, Jersey City, N. J., have issued a list of New Jersey
firm of Tooker & Co. as of April 1. Mr. Donaldson was formerly
suggestions.
ciated with Goodbody & Co. amd prior to that, for a number of years, bond and stock investment
-Willard Johnstone has become associated with Baker, Simonds &
with J. P. Morgan & Co. He is a member of the New York Bar.
New York.
-Adamson & O'Brien, members of the New York Curb Market, at 25 Co., Inc., 37 Wall Street,
-Prince & Whitely, 25 Broad Street, New York, are distributing an
Broad St., New York, announce the opening of an unlisted trading department in bank and trust company stocks under the management of Garvin analysis of Texas Gulf Sulphur Co.
K. Shields, a former member of the New York Curb market.
-K. W. Todd & Co., Inc., 52 William St., New York, has issued an
-Newburger, IIenderson & Loeb. 100 Broadway, New York, have analysis of The Hayes Body Corp.
and ten cent stores,
issued their annual statistical summary of the five
-Struthers & Dean, members New York Stock Exchange, announce
grocery chains and mail order houses, giving detailed sales and profit figures their removal to 49 Wall Street.
these fields.
of the leading companies in
White, Weld & Co., 14 Wall Street, New York, have issued a circular
-Leonard H. Marvin, formerly with Bank of America; Walter W. on Mohawk Investment Corp.
&
Pollard Jr., formerly with Ralph B. Leonard & Co., and Gilbert Brown,
-Samuel S. Lerner has been admitted to the firm of G. A. Seligmann
formerly with Clinton Gilbert, have become associated with Woodward, as a general partner. •
Butler & Co., 37 Wall St., New York.
removal of their offices to
-Purdy, Rennick & Co., Inc., announce the
The Atlantic-Merrill Oldham Corporation, the investment subsidiary
name, the Atlantic 67 Wall Street.
of the Atlantic National Bank, reverts to its former
-Hart Taub Co.,56 Pine St., N.Y.,have prepared an analysis of Coastal
Corporation of Boston. Ivo change of ownership, personnel or policy is
<4Irways.
nvolved.
•
APRIL 6 1929.]
FINANCIAL CHRONICLE
fltvorts anti
2293
ponuments.
SUIDUSIMII AS ADVENTI
SOUTHERN PACIFIC COMPANY
FORTY-FIFTH ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 1928
New York, N. Y April 4, 1929.
the Stockholders of the Southern Pacific Company:
To
Your Board of Directors submits this report of the operations and affairs of the Southern Pacific Lines and Affiliated
Companies for the fiscal year ended December 31, 1928.
INCOME ACCOUNT
The following statements of income and of surplus show
the income for the year and the accumulated surplus to the
close of the year, accruing to Southern Pacific Company
stock from the Transportation System and from all separately
operated Solely Controlled Affiliated Companies,combined:
NET INCOME OF THE SOUTHERN PACIFIC LINES AND SOLELY
CONTROLLED AFFILIATED COMPANIES, COMBINED, FOR
THE YEAR 1928 COMPARED WITH THE YEAR 1927.
or Dec.(-)
(
Year Ended
Compared with 1927.
Dec. 31 1928.
Amount.
P.C.
1. Net income of Transportation System
*239,028,633.24 +$5,326,108.77 15.80
2 Netincomeof Affiliated Companies *848,024.04 -1,448,648.30 63.08
3. NetIncome of Transportation System and of all separately operated Solely Controlled Affiliated
Companies, combined
$30,876,657.28 +$3,877,460.47 10.77
.
Year Ended
+ Increase.
Dec. 31, 1928. -Decrease.
Operating Income
1. Railway operating revenues
2. Railway operating expenses
300,104,027.55 +2.358.621.39
216,734,202.82 -1.444,989.50
Per
Cent.
.79
.88
3.
Net revenue from railway oper83,369,824.73 +3,803,610.89 4.78
ations
4. Rallway tax accruals
21,525,425.43 +311,913.08 1.47
5. Uncollectible railway revenues
75,568.19
-56.555.50 42.80
6. Equipment rents-Net
7,018,072.68 +658,184.73 10.35
7. Joint facility rents
*167,342.64 -413,964.21 ----Net
8.
Net railway operating income-- 54.908.101.07 +3.304.032.79 6.40
Nonoperating Income
9. Income from lease of road
95.442.10
-139.85 .15
10. Miscellaneous rent income
1,691,917.26
-85,337.13 4.80
11. Miscellaneous nonoperating physical property
91,344.35
-12.834.97 12.32
12. Dividend income
a5,729,469.87 +1,793,446.77 45.56
13. Income from funded securities
Bonds and notes
2,905,280.70
+45,566.72 1.59
14. Income from funded securities
47,890.17
Investment advances
+7,361.57 18.16
15. Income from unfunded securities
1,460,047.38 +627.287.30 75.33
and accounts
16. Income from sinking and other re1,053,340.94
serve funds
+48,171.96 4.79
225,925.60 -180,138.86 44.36
17. Miscellaneous income
Total nonoperating income
13.300,658.37 +2,243,383.51 20.29
19.
4. Per cent earned on average amount
of outstanding capital stock of
Southern Pacific Company:
(a) From operations of Transportation System
(b) From operations of Affiliated Companies
18.
Gross income
68,208,759.44 +5,547,416.30 8.85
Deductions from Gross Income
' •253,428.99
20. Rent for leased roads
+2,801.03 1.12
10.48
+1.43 15.80 21. Miscellaneous rents
790,339.52
+1,229.60 .16
43,984.00
22. Miscellaneous tax accruals
-8,103.22 15.56
.23
-.39 62.90 23. Separately operated properties
73,480.95
+17.546.00 31.37
Loss
(c) Total for the year 1928_10.71
+1.04 10.75 24. Interest on funded debt
-Bonds
(d) Total for the year 1927-9.67
27,380,646.95 +273.141.13 1.01
and notes
-Non25. Interest on funded debt
* Excludes all inter-company dividends.
negotiable debt to affiliated corn+20.717.73 92.22
43,182.99
Denies
SURPLUS OF THE SOUTHERN PACIFIC LINES AND SOLELY
26. Interest on unfunded debt
320,657.53 +116,936.59 57.40
CONTROLLED AFFILIATED COMPANIES, COMBINED, TO
27. Amortization of discount on funded
DECEMBER 31, 1928
+25,777.56 35.16
99,095.54
debt
Debit.
Credit.
28. Maintenance of investment organ.Total corporate surplus at Dec.31,1927
ization
$480,186,890.62
36,961.85
+2,645.13 7.71
Net corporate deficit, at date of acquisi29. Miscellaneous income charges_ ___
138,347.88 -231,384.02 62.53
tion, of properties acquired during the
year
30. Total deductions from gross in$1,077,586.25
.Credit balance transferred from income:
come
29,180,126.20 +221.307.53 .76.
Transportation System $37452,900.31
31. Net income
Affiliated Companies39,028,633.24 +5,326,108.77 15.80
816,204.04
38.269,104.35
Dividends paid:
On capital stock of Southern Pacific Company:
134% per cont. paid
April 2 1928
$5,585,713.50
1% per cent. paid
July 2, 1928
5,585,713.50
1% per cent. paid
October 1, 1928
5,585,713.50
1% per cent. payable
January 2, 1929
5,585,713.50
Disposition of Net Income
32. Income applied to sinking and
other reserve funds
1.494,159.41
33. Income appropriated for investment in physical property
81,573.52
34.
9,088.483.78
$527,544,478.75 2527,544,478,75
INCOME ACCOUNT OF SOUTHERN PACIFIC LINES
The income account of the Transportation System (Southern Pacific Company and Transportation System Companies,
combined, excluding offsetting accounts and inter-company
dividends) for the year 1928 compared with the year 1927,
was as follows, viz.:
1.575,732.93
--44,744.59 35.42
+9,552.30
.81
35. Income balance transferred to
credit of profit and loss
37.452,900.31 +5,316,556.47 16.54
* Credit. a Excludes all inter-company dividends.
Total So.Pac. Co.222,342,854.00
On capital stocks of
Transportation System Companies held
30.00 22,342,884.00
by the public
Miscellaneous adjustments during the
year
Credit balance December 31, 1928
504,124,008.50
Total appropriations
+54,296.89 3.77
, The operating income of the Transportation System is
dealt with further on under the heading "Transportation
Operations-Southern Pacific Lines." The causes of the
principal increases and decreases in non-operating income
and in deductions from gross income are explained below, viz:
NONOPERATING INCOME.
The increase of $1,793,446.77 in the account Dividend
Income is due, principally, to increased dividends received
from Pacific Fruit Express Company and from Standard Oil
Company of California, which increases were partly offset
by a decrease in the amount of dividends received from the
Reward Oil Company.
Of the increase of $627,287.30 in the account Income from
Unfunded Securities and Accounts, the sum of $502,343.84
[VOL. 128.
FINANCIAL CHRONICLE
2294
Year Ended Increase(+)or Per
Dec. 311928. Decrease (-)• Cent.
$
1. Average miles of road operated- _ _
+94.84 .70
13,599.69
Net Railway Operating Income.
Railway Operating Revenues
2. Freight
222,360,880.87 +5,744.246.83 2.65
3. Passenger
50,353,632.20 -2,887,296.09 5.42
4. Mail and express
12,184.801.38 +428,050.56 3.64
5. All other transportation
8,808,333.75 -603,792.03 6.42
6. Incidental
7.399,352.36 -213,053.34 2.80
-90,846.34 22.79
7. Joint facility-Credit
307,803.86
-18,688.20 1.45
8. Joint facility-Debit
1,310,776.87
cepresents an increase in interest on time and demand loans,
due to the increased amount of such loans and to increased
interest rates; and $103,828.72 represents an increase in int.erest on Federal income and other tax refunds received during the year.
The decrease of $180,138.86 in the account Miscellaneous
Income is due, principally, to decrease in royalties received
on oil from wells located on transportation property in the
Spindletop, Texas, field.
DEDUCTIONS FROM GROSS INCOME.
9.
The increase of $273,141.13 in Interest on Funded Debt
Bonds and Notes, is made up as follows:
Total railway operat'g revenues _300,104.027.55 +2,358,621.39
.79
Railway Operating Expenses
10. Maintenance of way and structures 38.753.847.86 -2,218,242.45 5.41
11. Maintenance of equipment
51,676,503.65 +945,197.01 1.86
Interest.
Principal.
Bonds issued this year and the interest
12. Total maintenance
90,430,351.51 -1,273,045.44 1.39
$34,537.000.00 $1,178,680.10 13. Traffic
accrued thereon this year
7,245,258.66 +459,716.08 6.77
Bonds retired this year and the difference
14. Transportation
104,182,759.26 -305,914.55 .29
between the interest accrued thereon this
15. Miscellaneous operations
4.961,450.49 -237,287.40 4.56
year and a full year's interest last year _ _ *35,921.879.14
11,408,543.92 +131,094.46 1.16
16. General
*1,127,780.74 17. Transportation for investment
Decrease in outstanding bonds held by public .$1,384,879.14
1,494,161.02 -219,552.65 17.23
Credit
Increase in interest accrued this year as compared with last
$50,899.36 18. Totalrailway operat's expenses_ 216,734,202.82 -1,444.989.50 .66
year on the bonds so issued and retired
Difference between a full year's interest accruing this year
19. Net revenue from rail. operations_ 83,369,824.73 +3,803,610.89 4.78
and the interest accruing last year on bonds issued last
21,525,425.43 +311.913.08 1.47
20. Railway tax accruals
610,253.97
year as shown on page 15 of last year's report
75,568.19
-56,555.50 42.8
49.913.50 21. Uncollectible railway revenues_
Net increase in interest paid on bonds held in sinking funds_
61,768,831.11 +3,548,253.31 6.09
22. Railway operating income
$711.066.83 23. Equipment rents
7.018,072.68 +658,184.73 10.35
-Net
Less
*157,342.64 -413,964.21 -24. Joint facility rents-Net
accrued last year on bonds retired last year as shown
Interest
*437.925.70 25. Net railway operating income 54,908,101.07 +3,304.032.79 6.40
on page 15 of last year's report
Net increase
$273,141.13
•Represents decreases.
The net decrease of $1,384,879.14 in the principal of the
outstanding funded debt will result in a decrease of about
$190,000 in the annual interest payments.
The increase in the account Interest on Unfunded Debt
is due, principally, to interest paid during the year on deferred payment of claims, which have been in dispute for
several years.
The dividends paid for 1928 were appropriated from the
profit and loss surplus and, therefore, do not appear in the
income account. Payments for 1928 amounted to $22,342,884.00,compared with $22,342,929.00for 1927. The figures
for this year include $30.00, and those for last year, $75.00,
representing dividends on stocks of Transportation System
,
Companies held by the public.
Traffic Statistics.
(Steam Rail Lines).
Freight Traffic
+1,027,286 3.72
28,674,552
26. Freight service train-miles
+1,713,036 2.88
61,259,597
27. Tons carried-revenue freight_ _ _
+562,085,317 3.71
15,695,443,557
28. Ton-miles-revenue freight
+.30 1.08
cars per train
27.97
29. Loaded
-6.25 1.01
613.14
30. Net tons per train-all freight_ .._
31. Revenue per ton-mile-revenue
1.358 cents -.010 cents .73
freight
32. Average distance carried-revenue
+2.07 .81
256.21
freight-(miles)
Passenger Traffic
-905,407 3.31
26,412,863
33.Passenger service train-miles
-970,566 6.98
12.932.911
34.Passengers carried-revenue
Passenger-miles-revenue
1.
737.915,936 -67,790,955 3.75
35.
36. Passengers per train-revenue pas63.72
-.61 .95
sengers
37. Passenger revenue per passenger-.
2.755 cents
-.062 cents 2.20
mile
38. Average distance carried-revenue
134.38
+4.51 3.4
passengers (miles)
•Credit.
The following tabulation gives the transportation operations for the five years 1924, 1925, 1926, 1927 and 1928,
compared with 1917, the last year prior to Federal control,
and with 1921, the first complete year subsequent to Fedora
control, the figures being given in round thousand dollars:
-SOUTHERN
TRANSPORTATION OPERATIONS
PACIFIC LINES.
The following table shows the Net Railway Operating
Income and Traffic Statistics of the Transportation System
for the year 1928 compared with those for the year 1927:
1928.
1927.
1926.
1925.
1924.
1921.
1917.
$295.102
152.14
109.50
$291.727
150.40
108.25
$269,494
$193.971
$217,762
180.56
102.44
$214,812
178.12
101.05
$212,572
$120.601
Operating revenues
Per cent of 1917
Pa'cent of 1921
$300,104
154.72
111.36
$297,745
153.50
110.48
$298,801
154.04
110.87
Operating expenses
Per cent of 1917
Per cent of 1921
$216,734
$218.179
180.91
102.64
$215.595
178.77
101.42
179.71
101.96
72.22
73.28
72.15
73.79
73.63
78.88
62.17
Net revenue from railway operations
Per cent of 1917
Per cent of 1921
283.370
113.63
146.46
$79.566
108.44
139.78
$83,206
113.41
146.18
$77,340
105.41
135.87
$76.915
104.83
135.12
$56,922
$73.370
Railway tax accruals
Per cent of 1917
Per cent of 1921
$21.525
156.07
138.52
$21,214
153.81
136.52
$21.477
155.72
138.21
$21,340
154.73
137.33
$20,909
151.60
134.56
$15,539
$13,792
Net railway operating income
Per cent of 1917
Per cent of 1921
$54.908
88.20
152.75
$51.604
82.89
143.56
$55,797
89.63
155.22
$50,043
80.39
139.21
$50.475
81.08
140.42
$35,947
$62,253
23.149
110.88
132.65
22.908
109.73
131.27
22.5R4
108.18
129.41
21.929
105.04
125.66
17,451
20,877
Operating ratio
Traffic units (ton miles, all freight, plus three times passenger-miles)
millions
Per cent of 1917
Per cent of 1921
As has been stated in reports for previous years, the Transportation Act of 1920 provides that the railways shall receive
a fair return upon the aggregate value of railway property
held for and used in the service of transportation, such fair
return being 5% percent,as last fixed by the Inter-State Corn.
Commission, under authority of the Act. Notwithstanding
a steady increase in the volume of traffic handled, and the
marked gain in operating efficiency as reflected in net revenue
from railway operations, the existing rate structure, during
each year since enactment of the Transportation Act, has
failed to give your Company the fair return contemplated by
the Act, the rate of return upon the book value of road and
equipment of the lines constituting the Transportation Sysem having been as follows:
22.679
108.63
129.96
1921
1922
1923
1924
1925
1926
1927
1928
Average return for 8 years
3.36%
4.29%
4.81%
3.99%
3.77%
3.98%
3.59%
3.94%
The total Railway Operating Revenues for 1928 amounted
to $300,104,027.55, and were the largest in the Company's
history, exceeding the previous high record established in
1926 by $1,303,029.49, and exceeding last year by $2,358,621.39. This was the result of an increase of 562,085,317
ton-miles, or 3.71 per cent, over the record established last
year, in the volume of revenue freight carried by your lines.
APRIL 6 1929.]
FINANCIAL CHRONICLE
2295
New England
This increase in the volume of freight carried, resulted in an Louisiana last year, and of the strike in the
partly textile mills; to Panama Canal and tramp steamer comincrease of $5,744,246.83 in freight revenue, which was
flood
offselby a decrease of $2,887,296.09 in passenger revenue, petition on railroad ties; and to the after effects of the
by a net de- last year, in the lower Mississippi Valley.
duebrincipally to automobile competition, and
Passenger revenues decreased $2,887,296.09, or 5.42 per
crease of/ 98,329.35 in other operating revenues, the result
cent., of which a decrease of $1,840,742.20 allocated to the
a decrease in the earnings of tank steamers.
principally of
Texas
The increase in operating revenues was accompanied by a Pacific Lines, and a decrease of $1,158,949.21 to the
decrease of $1,444,989.50 in operating expenses, an increase and Louisiana Lines, such decreases being partly offset
of $311,913.08 in taxes, and an increase of $187,665.02 in by an increase of $112,395.32 on Southern Pacific Steamequipment and joint facility rents and other charges, the ship Lines. While the decrease on the rail lines is attributresult/being an increase of $3,304,032.79, or 6.40 per cent. able in part to the competition of the Panama-Pacific Line
which, in January, 1928, established a steamship passenger
in/Net Railway Operating Income.
Panama
On the Pacific Lines, freight revenues increased $5,442,- service between Atlantic and Pacific ports, via the
resulted from in- Canal; and to increased travel to Europe, which has diverted
603.10, or 3.53 per cent. This increase
the decreased tonnage of nearly all products of agriculture, except tourists from the Pacific Coast; the major part of
tonnage of forest products; crease is due to the more extensive use of private automooranges and barley; increased
competition of
and increased tonnage of manufactures and miscellaneous biles and to the continued and increased
and conpartly offset by a decrease in the tonnage of motor coach lines, which, through co-ordination
commodities,
the orange crop solidation of services are reaching out for transcontinental
mineral products. There was a decrease in
$112,395.32
which caused a decrease in revenue of about $800,000. On and other long haul traffic. The increase of
increase in the apple crop which on Southern Pacific Steamship Lines is attributable to the
the other hand there was an
S. S. "Dixie,"
brought a substantial increase in revenue. Other fruit placing in service during 1928 of the new
consideralso greater, and the increased tonnage resulted of 12,440 tons displacement, which has attracted
crops were
per cent. re- able new business owing to her superior accommodations.
in increased revenue, notwithstanding a 7M
The following tabulation, giving for the past five years the
duction in rates to transcontinental points, effective Februfruits except apples, which fluctuations in gross passenger revenue, contrasted with the
ary 10, 1928, on all deciduous
other than passenger, indicaused a decrease in the revenue from grapes, although the fluctuations in gross revenues
was greater than in 1927. Freight revenue cates the extent to which automobile competition has aftonnage handled
-bound movement of fected the passenger business of your lines:
was also increased by a heavy west
corn. These conditions, together with greatly improved
Gross Revenues Other
Gross Passenger
crops of cantaloupes, watermelons, sugar beets, and fresh
Revenue.
Than Passenger.
Year.
vegetables (particularly lettuce), account for the increased
Incra2se
Decrease
During
For the Year.
During
For the Year.
revenue from agricultural products. The increase in
Year.
Year.
revenues from forest products is the result of a more staDebilized condition of the lumber industry; an improved de- Year ended 1923 $62,158,876
$225,045.759
cember 31,
mand for lumber in the East; and a large increase in the box
DeYear ended 1924 $58,818.668 *3,340,208 $232,908.352 $7.862.593
shook movement, caused by the increased production of
cember 31, Defruits, vegetables, and melons. The increase in revenue Year ended 1925 56,292,247 2,526,421 238,809,507 5,901,155
cember 31, Defrom manufactures and miscellaneous commodities is the Year ended 1926 55,262,330 1,029,917 243.538.668 4,729,161
cember 31, Deresult, principally, of an increase in the tonnage of auto- Year ended
965,810
cemberr 31,1927 53,240.928 2,021,402 244.504,478
biles and parts, the production of automobiles in 1928 Year ended De31, year
c berper 1928 50,353,632i 2,887,296 249.750.395 5,245.917
having exceeded that of 1927 by approximately 950,000 Average
cars and trucks; of an increase in the tonnage of gasoline, for thefive years 54,793,561 2,361,049 241.902.280 4,940,927
brought about, principally, by the increased production
and distribution of automobiles; and of a large increase in
The gross revenues of your lines from all business, other
the tonnage of potash fertilizer originating, principally, at than passenger, increased from $225,045,759 for the year
Trona, California. The decrease in the tonnage of mineral 1923, to $249,750,395 for the year 1928. This is an average
products was due, principally, to a decrease in coal ship- increase per year for the five years, of $4,940,927, and
ments from Dawson, New Mexico, to the Chicago, Rock represents a steady increase in the traffic handled, imIsland & Pacific Railway, for locomotive use; and to a de- plying a condition of prosperity, which, ordinarily, would
creased movement of coal from Utah to California, caused by indicate that there should be a corresponding proportionate
producers not making the usual price reductions on coal for increase in passenger revenue. As will be seen, However,
summer storage.
passenger revenue, instead of increasing, has shown a steady
On the Texas and Louisiana Lines, freight revenues in- decline, decreasing from $62,158,876 for the year 1923, to
creased $666,099.81, or 1.26 per cent. This increase was $50,353,632 for the year 1928, or an average decrease for
the result, principally, of increased tonnage of agricultural each year of the five year period of $2,361,049. As indiproducts, practically all commodities under this classifica- cated in the annual reports for the years under consideration,
tion, except bananas, showing gratifying increases, due, this decline is due, chiefly, to the increasing inroads of motor
principally, to larger crops of cotton, rice, melons, and coach and other automobile competition. To meet this
potatoes, in the territory served by these lines, and to in- condition, and to effect certain economies in train service,
creased tonnage of fruits, fresh vegetables, and other perish- your Company caused the incorporation, in April, 1927, of
ables from California and from the Rio Grande Valley. The the Southern Pacific Motor Transport Company,which comdecreased movement of bananas is due to the fact that a menced operations last year by the establishment of certain
large proportion of this tonnage formerly received at Gulf motor coach lines, as set forth on page 24 of last year's
ports for the West, is now moving via the Panama Canal. annual report. Since its establishment last year this service
There was an increase in the tonnage of automobiles and has been actively extended, which matter is dealt with under
parts, due to increased production; and an increase in the the heading "Southern Pacific Motor Transport Company,"
tonnage of brick, cement, tile and other manufactures, due further on in this report.
to increased building activities and to generally improved
All Other Transportation Revenue decreased $603,792.03,
business conditions. The above mentioned increases were or 6.42 per cent. This is the result, principally, of a departly offset by a decrease in the tonnage of animal prod- crease in the revenue of Southern Pacific Steamship Lines,
ucts, due to a shortage of cattle which caused higher prices due to falling off in the demand for tank steamers for transfor meat and packing house products, thus decreasing the portation of commercial oil and to decreased rates on the
demand therefor; by a decrease in the tonnage of forest tonnage handled. This decrease in the revenue of the
products, due to increased use of substitutes and of fir from Steamship Lines was partly offset by increased revenues
the Northwest; by a decrease in the tonnage of petroleum of the rail lines from switching and from the operation of
and gasoline, due to shifting of trade territory and to pipe automobile ferries.
line and truck competition; and by decreased tonnage of iron
Incidental Revenue decreased $213,053.34, or 2.80 per
and steel articles and machinery, due, principally, to de- cent., due, principally, to abnormal revenues last year for
creased construction of pipe line and oil tank facilities.
detouring trains in the flood districts of Louisiana, and to
On the Southern Pacific Steamship Lines, freight revenues credit adjustments of miscellaneous rentals last year.
decreased $364,456.08, or 3.84 per cent. This decrease is
Maintenance of Way and Structures decreased $2,218,due, principally, to a decrease in the tonnage of cotton and 242.45, or 5.41 per cent. This decrease is due, principally,
cotton linters, the result of a short cotton crop in Texas and to the completion in the early part of last year of the work,
2296
FINANCIAL CHRONICLE
begun in 1926, of bringing certain portions of your line up
to main line standard, to fit them for use as a part of through
traffic routes established through the construction of new
lines, to a decrease in the charge to operating expenses on
account of retirements in connection with additions and
betterments, which is the result of the large expenditures for
improvements to the property in previous years; to a decrease in tire renewals, brought about by the constantly
increasing percentage of treated ties in the track; and to decreases in prices of maintenance materials. These decreases
were partly offset by increases in the wages paid to maintenance forces. The following table, giving the principal
items of materials used in repairs and renewals during the
past six years, shows that the property has been maintained up to your Company's usual high standard:
MATERIAL USED IN REPAIRS AND RENEWALS.
924.
1927.
1928.
1925.
1926.
1923.
New steel rail,
track mile8__
506.77
403.32
349.09
510.14
536.82
458.12
Ties, number__ 4,289,056 4,431,318 4,8,32,239 4,767,408 3,973,715 3.971,158
Ties, number
per mile ____
214
225
222
252
248
245
Tle-plates, No. 6,981,084 6,442,358 7,516,596 6,164,239 5,485,332 5,390,530
Piling, lineal ft. 666,291 403,417 489,580 883,017 766,208 825,745
Lumber,ft.b.m. 23,540,870 24,037,955 27,528,359 37,661,011 32,023,097 26,463,926
Maintenance of Equipment increased $945,197.01, or
1.86 per cent., which is the result, principally, of the increase in the volume of freight traffic handled by your lines.
Traffic Expenses increased $459,716.08, or 6.77 per cent.,
due, principally, to increases in the expenses of outside
agencies, in advertising, and in expenses of industrial and
development bureaus.
Transportation Expenses decreased $305,914.55, or .29
per cent., which was made up of an increase of $211,855.70
on the rail lines and a decrease of $517,770.25 on the Steamship Lines. The increase on the rail lines was caused,
mainly, by increases aggregating $1,433,000 in the pay of
yardmen and trainmen, due to an increase of 3.71 per cent.
in the ton-miles of freight traffic handled and to increases
in the rates of pay (including back pay for the year 1927 for
locomotive firemen); and by a decrease of $1,038,000 in the
cost of fuel for locomotives, due to the decreased price of
fuel and to the saving in fuel consumption. The constant
campaign carried on for years to reduce fuel consumption
in locomotives, has been reflected by a gradual but large
reduction in the amount of fuel used in proportion to the
ton-miles of traffic moved. The reduction in pounds of
fuel used per 1,000 gross ton-miles in 1928, compared with
1927, amounted to 1.22 per cent, in passenger service, and
2.80 per cent. in freight service. The value of the economy
realized in 1928, compared with 1927, amounted to $456,920,
and in 1928 compared with 1913, to $12,158,588. The
following table shows results obtained in fuel economy in
1928, compared with the preceding two years, and with the
year 1913:
Locomotive Fuel
Performance.
Comparison of 1928
With
1928. 1927. 1926. 1913. 1927.
1926.
1913.
Pounds of fuel per1,000
gross ton miles:
Passenger service_ _ _ 124.03 125.56 126.35 206.67 —1.22% —1.84% —39.99%
116.52 119.88 124.67 192.83 —2.80% —6.54% —39.57%
Freight service
Value of fuel saved In
1928 over 1927
1928 over 1926
1928 over 1913
[VOL. 1213,.
8466,920
1,043.644
12.158,588
The decrease in Transportation Expenses of the Steamship
Lines was the result, principally, of a decrease in the operation of tank steamers.
Miscellaneous Operations decreased $237,287.40, or 4.56
per cent., due, principally, to decreased dining car operations
resulting from decreased passenger travel.
General Expenses increased $131,094.46, or 1.16 per cent.,
due, principally, to increased pension and relief department
expenses of $104,000 and to an increase in valuation expenses
of $76,000.
Railway Tax Accruals increased $311,913.68, or 1.47 per
cent., due to increased income taxes and to increased rates
and assessments for local and state taxes.
CAPITAL STOCK—SOUTHERN PACIFIC LINES
The decrease during the year in capital stocks of Southern Pacific Company and Transportation System Companies held by the public amounted to $600.00, as follows:
Capital stocks of Transportation System Cmpanies, acquired from
the Public
$600.00
FUNDED DEBT—SOUTHERN PACIFIC LINES
To provide for the construction and acquisition of new
rolling stock, an equipment trust, known as "Southern
Pacific Company Equipment Trust, Series K," was created,
and an issue of $4,815,000, par value, of Four and OneHalf Per Cent. Equipment Trust Certificates authorized,
all of which were issued during the year, pursuant to authority of Interstate Commerce Commission's order dated
August 14, 1928, in Finance Docket No. 7062. The certificates are dated August 1, 1928; they mature serially, in
lots of $321,000 on August 1 of each year from 1929 to 1943,
both inclusive; and have attached dividend warrants entitling the holders to dividends at the rate of 43- per cent.
per annum from August 1, 1928, payable semi-annually on
February 1 and August 1. In accordance with the terms
of the trust all certificates were guaranteed by the Southern Pacific Company.
On January 26, 1928, the Executive Committee of the
Southern Pacific Company authorized the issue of $29,400,000, par value, of Forty-Year Four and One-Half Per Cent.
Gold Bonds, to provide funds for the retirement of a like
amount of Twenty-Year Five Per Cent. (Collateral Trust)
Gold Bonds, which latter bonds were called for redemption
on May 1, 1928. All the bonds so authorized were issued
during the year, pursuant to authority of Interstate Commerce Commission's order dated February 23, 1928, in
Finance Docket No. 6722. By issuing $29,400,000 of
Four and One-Half Per Cent. Bonds, to retire a like amount
of Five Per Cent. Bonds, a considerable reduction in fixed
charges will be effected. The new bonds are dated March 1,
1928, are payable on March 1, 1968, and bear interest at
the rate of 43-i per cent. per annum from March 1, 1928,
payable semi-annually on March 1 and September 1.
The net decrease during the year in funded debt of Southern Pacific Company and Transportation System Companies held by the public amounted to $1,384,879.14, as
follows:
FUNDED DEBT RETIRED DURING THE YEAR.
Southern Pacific Company Equipment Trust Certificates maturing during the year, paid off
$5,520,600.00
Southern Pacific Company Twenty-Year Five Per Cent. (Collateral Trust) Gold Bonds, called for redemption May 1 1928
29,400,000.00
Alamogordo & Sacramento Mountain Railway Company Thirty-Year First Mortgage Five Per Cent. Bonds, purchased from the
public
and held alive in treasury of Southern Pacific Company
118,000.00
Central Pacific Railway Company Three and One-Half Per Cent. Mortgage Bonds:
Retired from proceeds of sale of lands
$436,000.00
Retired by sinking fund
461,000.00
25,000.00
Bonds of El Paso & Southwestern subsidiary companies, acquired from the public during the year in exchange for an equal amount El
of
Paso & Southwestern R. R.Co. First and Refunding Mortgage Five Per Cent. Bonds owned by Southern Pacific Company, pursuant
to El Paso & Southwestern Refunding Plan approved by Interstate Commerce Commission, December 26 1923..
322,000.00
Other funded debt held by the public retired during the year
100,279.14
Total funded debt held by the public retired during the year
$35,921,879.14
Less:
FUNDED DEBT ISSUED DURING THE YEAR.
Southern Pacific Company Four and One-Half Per Cent. Equipment Trust Certificates, Series K,issued during the
year to provide for the construction and acquisition of new rolling stock
$4,815,000.00
Southern Pacific Company Forty-Year Four and One
-Half Per Cent. Gold Bonds, issued during the year to provide
funds for the retirement of a like amount of Twenty-Year Five Per Cent.(Collateral Trust) Gold Bonds which were
called for redemption May 1 1928
29,400,000.00
El Paso & Southwestern Railroad Company First and Refunding Mortgage Five Per Cent. Bonds delivered to the
public during the year,in exchange for an equal amount, par value, of bonds of El Paso & Southwestern subsidiary
companies, in accordance with El Paso & Southwestern Refunding Plan, as explained above
322,000.00
Total funded debt issued to the public during the year
Decrease in funded debt held by the public
34,537.000.00
$1,384,879.14
APRIL
2297
FINANCIAL CHRONICLE
6 1929.]
BALANCE SHEET OF SOUTHERN PACIFIC LINES.
31 1928.
SOUTHERN PACIFIC COMPANY AND TRANSPORTATION SYSTEM COMPANIES. COMBINED ASSETS—DECEMBER
COMPARED WITH DECEMBER 31 1927, EXCLUDING OFFSETTING ACCOUNTS.
LIABILITIES.
ASSETS.
+Increase.
December 31
December 31
—Decrease.
1928.
1928.
$
$
Capital Stock—
Investments—
Investment in road and equipment _ __ $1,457,765,340.83 +$25,446,588.36 Southern Pacific Co._$372,380,905.64
+53.099.47 Transportation Sys603,929.03
Improvementon leased railway property
+1.082,151.29
21,351.455.82
stem Companies_ _ _ 397,891,900.00
Sinking funds
Deposits in lieu of mortgaged property
+609,036.54
2,220,650.46
Total
$770.272,805.64
sold
—91,206.09
2,940,553.85
Miscellaneous physical property
$372,402,165.64
Held by the public
Investments in affiliated companies:
—1,236,596.01
367,381,808.72
397.870,640.00
Held within the system
Stocks
—314,036.58
148,359,675.22
Bonds
$770,272,805.64
Total stock
Stocks I
+477.100.00
54,774,260.15
Bonds 1 Cost inseparable
Stocks
Premium on capital stock of Southern
+2,249.825.00
2,249,825.00
$6.304,440.00
Pacific Company
Bonds
{Cost inseparable
Advances
—343,624.09
24,419.757.93
$776,577,245.64
Total
Notes
+3.752,570.82
45.914,019.83
Advances
Governmental Grants—
Other Investments—
—22.634.74 Grants in aid of construction
61,878.12
$502.601.87
Stocks
—6,400.00
2.576.751.85
Bonds
+127.646.03
557,179.85
Long Term Debt—
Notes
+5,739.67 Funded debt umnatured:
43,126.29
Advances
+92,208.62
1,177,395.08
Southern Pacific 00$238,836,885.00
Miscellaneous
Transportation Sys$2.132,397,608.03 +$31.881,468.29
tem Companies__ 497,188,969.19
Total
Current Assets—
Cash
Demand loans 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 asets
Total
Deferred Assets—
Working fund advances
Insurance and other funds
Other deferred assets
Total
Unadjusted Debits—
Rents and insurance premiums paid in
advance
Discount on capital stock
Discount on funded debt
Other unadjusted debits
Securities Issued or assumed—
Unpledged (a)
Pledged (a)
Total
+$394,872.56
+1,596,687.85
—45,153.96
+43,954.46
3,467.770.41
+441,624.39
2,907,409.85
10.638,079.29
33,154,663.74
2,687,794.31
5,000.00
1,846,093.98
—79,136.80
+3,382,577.53
—3,395,167.53
+112,414.08
890,582,637.48
+64,153,995.96
$136,390.78
35,810.00
2626,168.47
+826,840.88
+10,450.00
+287,840.00
$2.798,369.25
+8325,130.88
+1,701,323.38
+667.368.87
—175,000.00
+847,204.77
—343,466.86
2,179,575.00
101,250.00
$17,599,839.06
+6396,106.78
+8152,847.44
—$869,412.46
+65,682.964.61
$788,290,227.97
+34,813.552.15
840,000.00
4.514,406.96
16,856,184.14
1.533.560.39
264,626.55
3,793,162.50
39,363.21
5,585,713.50
81,000.00
6,792,963.22
167,735.82
957,819.59
+621,284.95
—769.630.20
+1,060,600.02
+77.564.03
—9,090.50
—7.460.00
—8,928.00
$40.626,535.88
+8804,863.75
8363.034.87
+646,583.62
88.650.175.14
3,282,326.21
2,799,040.92
113,714,185.63
40,312.641.76
+890,826.22
+162.209.01
+42.013.69
+9,768,346.65
—1,803,457.69
8168,758,369.66
+68,259,937.88
29,596,724.00
+8292,102.63
24,628,246.05
20,576,844.10
—237,272.47
+1,095,980.94
Total
Current Liabilities—
Loans and bills payable
Traffic and car-service balances payable
Audited accounts and wagesPayable-Miscellaneous accounts payable
Interest matured unpaid
Interest payable January 1st
Dividends matured unpaid
Dividends payable January 1st
Funded debt matured unpaid
Unmatured interest accrued
Unmatured rents accrued
Other current liabilities
Deferred Liabilities—
Other deferred liabilities
Unadjusted Credits—
Tax liability
Insurance and casualty reserves
Accrued depreciation—Road
Accrued depreciation—Equipment---Other unadjusted credits
Corporate Surplus—
Additions to property through income
and surplus
and s debt
Fundedurplus retired through income
Sinking fund reserves
Appropriated surplus not specifically
ted
Total appropriated surplus
Profit and loss—Balance
Total corporate surplus
82,243,378,453.82 +836,756,701.91
—$138,000.00
$736,025,854.19
Total funded debt
Nonnegotiable debt to affiliated companics:
52,264,373.78
Open accounts
Total
Grand total
—138.000.00
$604,432,747.26 —$1,384,879.14
+8515,466.68
131,593,106.93
Held by the public
Held within the system
Total
8208,217.07
3,813,600.00
3,281,296.83
10,296,725.16
—$600.00
—137,400.00
$736,025,854.19
Total
$24,449,427.17
10,617,601.41
46,598.60
762,298.72
+Increase.
—Decrease.
Grand total
—9,000.00
+286,496.31
+22,910.72
+140,116.42
3,818,177.M
$58,619,991.98
409,650,445.95
+81,150,811.10
+21,666,105.97
3468,270,437.93 +822,816.917.07
$2,243,378,453.82 +836.756,701.91
(a) Excluded from total assets, and a corresponding amount excluded from outstanding funded debt, in accordance with regulations of the Interstate
0011111118rCe Commission.
INVESTMENT ASSETS—SOUTHERN PACIFIC LINES
The following is a brief description of the investment
assets of the Transportation System, reported in the balance
sheet, viz:
61.458,369,269.86
Investment in Transportation Property
Book value of investment in transportation property
carried on the book of the companies comprising the
Transportation System, consisting of 13,634 miles of
first main track, 972 miles of additional main tracks,
5,895 miles of yard tracks and sidings,the Company's
terminals at Galveston, a ten-story office building in
San Francisco, 2,427 locomotives 2,805 passenger-train cars, 5,713 company
train cars, 82,469 freight
service cars 23 ocean steamships, 2 river steamships,
13 automobile ferry boats, 14 passenger ferry and car
transfer boats, 11 tugs, 73 barges, and 20 other vessels, the whole forming a transcontinental system
extending from New York via New Orleans and Galveston,to San Francisco, California,and to Portland
Oregon wth a line extending from Ogden, Utah, to
San Francisco. California.
21,351.455.82
Sinking Funds
Sinking funds for the redemption of outstanding funded
debt,consisting principally of $19,700,000, par value,
System Companies,$1.838,bonds of Transportation
000, par value, bonds of other companies, and $272,143.79 cash in hands of Trustees.
2,940,553.85
Miscellaneous Physical Property
Book value of terminal and other real estate acquired in
anticipation of future use.
643,099,346.85
Investments in Affiliated Companies
Investments in securities of Transportation System
Companies, which are included in the outstanding
obligations as shown by the balance sheet, but which
are owned within the system:
Investments in securities of, and advances to, Solely
Controlled Affiliated Companies and Jointly Controlled Affiliated Companies collateral to, but not a
part of, the Transportation System, representing,
principally, investments as follows:
Electric Railways in California (full ownership), owning 45 electric locomotives, 1
steam locomotive, 4 gas-electric locomotives, 551 motor cars, 19 motor car trailers
-train cars, 101 company ser581 freight
vice cars, and 1 gasoline launch—operated
872.84
mileage
(The above railways also own 198 auto
buses, 4 auto trucks, 2 auto service
cars, and 1 auto business car used in
operation of 212 miles of auto bus
routes.)
Electric Railways (one-third ownership),
owning 4 electric locomotives, 15 motor
cars, 2 motor car trailers, 33 freight-train
cars, and 2 company service cars—oper56.00
ated mileage
Steam Railways (full ownership), owning
steam locomotives, 131 passenger112
train cars, 1,251 freight-train cars, and
412 company service cars—operated
1.535.43
mileage
Steam Railways (half ownership),owning 90
steam locomotives, 235 passenger-train
cars, 1,631 freight-train cars, 381 company service cars, 8 automobile and passenger ferry boats, and 1 gasoline launch
804.411
—operated mileage
(The above jointly owned steam railways include the Northwestern Pacific Railroad, with operated mileage
of 477.56 full control of which was
acquired in January 1929, as shown
further on under the heading_"Acquisition of full control of the Northwestern Pacific Railroad company."
Total operated mileage of railwaro collateral to, but not a part of, the Trans3,268.96
portation System
Automobile Transportation Companies (full
ownership),owning 151 auto buses,6 auto
business cars, 5 auto service cars, and 8
auto trucks, operating over 4,986 miles of
auto bus routes. Although this service is
operated independently, it is coordinated
with, and constitutes an extension of, the
steam train service of your Company's
transportation lines;
32,125.760,626.38
Land Companies (full ownership). owning 8,789.273 acres of lands in various states traversed by
the Southern Pacific Lines; and 5,902 town lots.
Of these town lots. 2,873 are located in the State
of Texas; 644 in the State of Nevada; and 2.385
2298
FINANCIAL CHRONICLE
in the State of California, of which 953 are located in Los Angeles and vicinity;
Oil Companies (full ownership), owning 2,444
aCT08 (including 1,925 acres fully owned and 519
acres jointly owned), and holding under lease
30,066 acres of producing and prospective oil
lands in Texas and Louisiana, together with
ownership of mineral rights in 84,159 acres of
prospective oil lands in Texas. Number orproducing wells, 144. Annual production, about
1,800,000 barrels;
Timber Lands (full ownership): 21,567 acres of
timber lands and 44,925 acres of other lands,
including 2 saw mills;
Coal Lands (full ownership: 22,688 acres of coal
lands in Oregon and Colorado, 6,321 acres of
prospective coal lands in Texas, and 2.502 acres
of lignite, clay, and other lands in Texas and
Louisiana;
Terminal Companies (full ownership), owning 25
acres of land in the City of Los Angeles, California, with improvements, including three twostory market buildings, and one seven-story,
two six-story, and one four-story warehouse
buildings situated on the line of Southern Pacific
in the heart of the wholesale district of Los
Angeles;
Southern Pacific Building Co. (full ownership),
owning a nine-story office building at Houston,
Texas;
Associated Pipe Line Co. (one-third ownership),
owning 561 miles of oil pipe line serving California oil fields;
Pacific Fruit Express Co.(half ownership),operating 40,513 refrigerator cars serving Southern
Pacific, Union Pacifc, and Western Pacific
lines; and
Stock interest, as indicated, in following companies operating railroad terminal facilities:
El Paso (Texas) Union Depot Co.,50 per cent;
Ft. Worth (Texas) Union Passenger Station
Co., 50 per cent;
Northern Pacific Terminal Co. (Portland,
Ore.) 20 per cent;
Ogden (Utah) Union Railway & Depot Co..
50 per cent;
Union Terminal Co. (Dallas, Tex.) 12.50
per cent.
Other Investments
Of this amount,$2,202,383.61 represents cash in hands
of Trustee, to be applied in payment for new equipment; and the remainder represents, principally,
investments in outside securities.
[VOL. 128.
LIABILITIES.
15. Capital stock
*$148,471,460.00
16. Premium on capital stock
535,151.75
17. Funded debt:
(a) Held by the public
$30,864.000.00
(b) Held within the system
29,968,000.00
(c)
Total
60,832,000.00
18. Non-negotiable debt to affiliated companies
64,501.215.57
19. Current liabilities
3,945,556.47
20. Deferred liabilities
122,586.19
21. Accrued depreciation
14,330,904.60
22. Reserve for amortization of property investment
10,066,052.64
23. Other unadjusted credits
13,896,426.60
24.
Total liabilities
$316,701,353.82
25. Additions to property through income and surplus_ _
26. Sinking fund reserves
27. Appropriated surplus not specifically invested
28. Profit and loss-Balance
29.
Total corporate surplus
30.
Grand total
$1,434,340.97
364,686.52
700,000.00
33,354,543.08
$35,853,570.57
$352,554,924.39
INCOME ACCOUNT.
31. Operating revenues
32. Operating expenses (including depreciation)
Year Ended
Dec. 31 1928.
$34,477,153.69
27,786,270.62
33. Net revenue from operations
34. Taxes
35. Uncollectible railway revenues
-Net
36. Equipment and joint facility rents
$6.690,883.07
2,549,612.56
204.66
401,957.28
37. Net operating income
38. Non-operating income
$3,739,108.57
1,242,544.80
39.
$4,981,653.37
Gross income
40. Interest on funded debt
41. Other deductions from gross income
$2,994,184.77
1,139,444.56
42.
Total deductions
$4.133,629.33
43.
Net income
6,636.981.65
44. Income applied to sinking and other reserve funds_ -- _
$848,024.04
$31,820.00
45. Income balance transferred to credit of profit and loss_ _
$816,204.04
Total Investments
$2,132,397,608.03
* The amount of outstanding capital stock includes $1,300.00 owned by
Directors and $52,910.00 owned by the public; the remaining $148,417,250.00 being owned within the System.
ROAD AND EQUIPMENT-SOUTHERN PACIFIC
LINES.
CLAIM FOR CLOSING COLORADO RIVER BREAK.
The increase during the year in Investment in Road and
On page 22 of last year's report, mention was made of a
Equipment of the Transportation System, as shown in the suit brought under an Act of Congress, by your Company,
balance sheet amounted to $25,446,588.36, as follows:
in the Court of Claims, Washington, D. C., to enforce its
Expenditures for Road Extensions
$902,987.75
Expenditures for Rolling Stock
8,065,710.68 claim against the Government of the United States, for the
Expenditures for Floating Equipment
270,145.38 sum of $1,113,677.42, expenditures incurred over twentyExpenditures for Other Additions and Betterments
22,048,416.41
one years ago, at the instance of President Roosevelt, in
Total Expenditures
$31,287,260.22
closing a break in the Colorado River to protect the Imperial
Add
Valley.
Investment in Road and Equipment of the Texas Midland
Railroad at April 1 1928, on which date such company
On April 12 1928, United States Court of Claims Commiswas taken into the Transportation System
3,605,449.69
sioner, John M. Lewis, filed his findings, allowing your
$34.892.709.91
Company, on account of its claim, the sum of $1,012,700.
Deduct
Improvements to property held under lease, inGovernment counsel has however, excepted to the findings
cluded in above expenditures, transferred to
"Improvements on Leased Railway Property" $53,099.47
of the Commissioner. Briefs have been filed by your ComAdjustments in construction accounts, company and by the Government and the case is now on the
pleted lines
95,326.17
Property retired, equipment vacated, and
calendar of the Cuurt of Claims for oral argument.
other adjustments
9,297.695.91
9,446.121.55
After submission to that Court, it may, by its judgment,
Net Increase in Investment in Road and Equipment-$25,446,588.36 affirm the findings of the Commissioner, or the Court may
make independent findings of its own as to the amount due.
The following table shows the number of units of each The parties have the right to appeal. If no appeal be taken,
class of rolling stock owned at December 31 1928, and at it will then be in order for Congress, by appropriation, to
December 31 1927, and the number of units of each class pay the claim as finally determined.
added and retired during year:
NEW LINE FROM KLA.MATH FALLS, OREGON, TO
Changes During
ALTURAS, CALIF.
Owned
Owned
the Year.
Class.
Dec.31 1928 Dec.31 1927
On page 24 of last year's annual report, mention was made
Added * Retired
of the construction by your Company of a line extending
2,427
2,448
42
63
Locomotives
from Klamath Falls, Oregon, through Cornell, California,
2,805
2,896
69
Passenger-train cars
160
82,469
82,213
1,487
1,231
Freight-train cars
to a connection with the Nevada-California-Oregon Rail5,713
5,860
532
Company service equipment_ 679
way near Alturas, California, a distance of about 95 miles.
•Includes 17 locomotives, 16 passenger-train cars, 191 freight-train cars,
The construction of this line was resumed during 1928,
and 16 units of company service equipment, acquired with Texas Midland
Railroad taken into System April 1 1928.
and at the end of the year grading had been completed,
ready for rails and ties, on about 12 miles, and was under
BALANCE SHEET AND INCOME ACCOUNT OF
SOLELY CONTROLLED AFFILIATED COMPANIES. way along the remaining 83 miles of the line. It is expected
that the line will be placed in operation during the latter
Below will be found a condensed balance sheet as of Dec. part of
1929.
31 1928, and a condensed income account for the year 1928,
of all separately operated Solely Controlled Affiliated Com- EXTENSION OF OREGON, CALIFORNIA AND EASTpanies, combined:
ERN RAILWAY.
On pages. and 23 of last year's annual report, mention
22
SHEET.
BALANCE
was made of the purchase by your Company of the Oregon,
ASSETS. __
Dec. 31 1928.
California & Eastern Railway, and the subsequent sale of
1. Property investment
$253,022,652.95
2. Sinking funds
319,460.86 one-half the capital stock of said Company to the Great
3. Investments in affiliated companies
-Stocks
809,090.12
4. Investments in affiliated companies
-Bonds
418,950.00 Northern Railway Company, under authority of the In5. Investments in affiliated companies
-Advances
38,502,075.07
6. Other investments
17,691,850.62 terstate Commerce Commission. On May 19 1928, grading
7. Cash _______
1,236,552.90 was started on an extension of the line eastward from its
8. Accounts rive- le
tcrab3,307,709.22
9. Material and supplies
terminus at Sprague River to Bly, a distance of 26.42 miles,
10. Merchandise
485,021.73
11. Deferred assets
1,986.023.40 and on November 23 1928, laying of rail into Ely was com12. Discount on securities
11,196,338.96
conditions in December caused
13. Other unadjusted debits
19,860,090.33 pleted. Severe weather
cessation of the work before the ballasting and the fencing
14. Total assets
$352,554,924.39
of the 'line were completed. Work will be resumed early in
APRIL 6 1929.]
FINANCIAL CHRONICLE
2299
and two routes from the center
the Spring of 1929, and, its is expected, will be completed the Los Angeles Railway, served by both lines.
the City through territory
within a few weeks from the date of commencement. This of In Southern California, motor truck operation has diextension will tap a heavily timbered territory which nas verted from the railroads a large amount of the local less.
not been developed heretofore because of lack of transporta- than-carload business, and to meet this competition, there.
tion facilities. The opening up of this territory will result was incorporated on October 13, 1928, the Pacific Electric
of whose capital stock is
immediately in a considerable increase in the log traffic Motor Transport Company, all Railway Company. This'
by the Pacific Electric,
moving over the Oregon, California & Eastern Railway, a owned
Company will begin operations in the Spring of 1929 with
large part of which will be moved subsequently as lumber an experimental service from store door to store door, the
over the lines of your Company.
pick-up and delivery service being rendered,as far as possible,
by local motor truck companies, under contract and lease'
AUTOMATIC BLOCK SIGNALS.
arrangements,the railway being used for the line haul service.
The mileage of your Company's Pacific Lines equipped
SUISUN BAY BRIDGE.
with automatic block signals has been gradually increased
To replace the train-ferry between Port Costa and Benicia,
from time to time, so that nearly all of its main lines are so
the
protected. A program was adopted in the latter part of 1928 a distance of about one mile, which constitutes a gap in
Oakland
will result heavy traffic, double track, main line between
involving an expenditure of $2,315,000, which
and Sacramento, and in the main line between Oakland and
in the complete equipment of all of such main lines some Portland, authority has been obtained from the War Detime in 1930.
partment and from the Interestate Commerce Commission,
to construct a double track railroad bridge across Suisun
SOUTHERN PACIFIC MOTOR TRANSPORT
Bay, about three miles east of the present ferry.
COMPANY.
This bridge, which will extend from Suisun Point in the
On page 24 of last year's report, mention was made of City of Martinez, to Army Point east of Benicia, will be
the incorporation in April, 1927, of the Southern Pacific 5,600 feet long, the main spans will be 531 feet long, and
will provide 300
feet
Motor Transport Company, all of whose capital stock is there will be a lift span 327and long which under-clearance.
135 feet of
1928 the opera- feet of horizontal clearance
owned by your Company. During the year
However, as the minimum clearance under bottom of the
tions of the Southern Pacific Motor Transport Company steel will be 70 feet at mean high water, which will permit
have been actively extended, with the view of providing nearly all the water-borne traffic at the bridge to pass under
a more economical method of transportation by the sub- it, it is estimated that it will be necessary to open the lift
stitution of motor coaches for steam and electric trains, span, on an average, only about five times during each
opening of the
and of providing supplementary feeder service for your Com- twenty-four hours, so that the effect of the
lift span upon train operations will be negligible. The
pany's lines, where profitable. The substitution of motor estimated cost of the bridge, including the cost of building
coach service for steam train operation is being extablished a second track on the line from Porta Costa to Suisun Point
where it is found more economical, upon securing the in the City of Martinez, is $12,000,000.
It is estimated that the saving which will result from the
approval of the necessary regulatory commissions. Such
service will
substitutions have been made upon several branch lines discontinuance of this ferryamount that exceed the cost of
will be more than
an
bridge
in California; and motor bus operations in Oregon have en- operating thepay theby
carrying charges on the cost of the
sufficient to
abled your Company to discontinue to a great extent both bridge, including depreciation.
electric and steam train operations on branch lines which
were no longer profitable. Interstate operations have been ACQUISITION OF FULL CONTROL OF THE NORTHWESTERN PACIFIC RAILROAD COMPANY.
established between Los Angeles, California, and El Paso,
Pursuant to authority granted by the Interstate Commerce
Texas; between San Francisco, California, and Portland,
dated December 14 1928,in Finance
Oregon; between Grants Pass, Oregon, and Eureka, Cali- Commission in its order,
Docket No. 7102, the Southern Pacific Company, on Janufornia; between Truckee, California, and Reno, Nevada; ary 17 1929, acquired full control of the Northwestern
and between Phoenix, Arizona, and Lordsburg, New Mexico Pacific Railroad Company, by the purchase from the Atchiover the "Apache Trail."
son, Topeka & Santa Fe Railway Company of its one-half
To provide a more flexible service and to secure greater of the outstanding capital stock of the said Company, the
outstanding stock, since the incorporaeconomy in operation, the Southern Pacific Motor Trans- total amount of such
tion of the Northwestern Pacific, in January 1907, having
port Company, during 1928, acquired control, by stock been owned, one-half each, by your Company and the
ownership, of the Oregon Stages, Inc. and the Coast Atchison, Topeka & Santa Fe Railway Company.
Auto Lines, Inc., and similarly in January, 1929, acquired
The Northwestern Pacific Railroad Company owns a line
control of the Pacific Stages, Inc. These three companies of road extending from Sausalito and Tiburon, California,
operate a total of 75 motor coaches in intrastate service in a general northerly direction, to Trinidad, California,
in Oregon, and these operations, together with the opera- which, with several branch lines, makes an aggregate of
ticins of the Southern Pacific Motor Transport Company, 514.68 miles of road owned, of which 477.56 miles are operwill provide an adequate and co-ordinated service with ated directly by the Northwestern Pacific, and 37.12 miles.
'our Company's rail lines serving Western Oregon resulting of branch lines are leased to lumber companies. Thisline
in .
improved service and reduced expenses. With the ac- of railroad is an important direct connection of your Comquistion of these three companies, the Southern Pacific pany's Pacific Lines which receive a substantial haul on a
Motor Transport Company now has a total of 222 motor
traffic originating on and destined
coaches, trucks, and service cars operating in the States of large part of the freight
line. With complete ownership of the line it is exOregon, California, Nevada, Arizona, New Mexico and to suchthat substantial economies in operation will be efpected
Texas.
fected by reduction of expenses not possible under dual
MOTOR COACH ACTIVITIES OF PACIFIC ELECTRIC control.
RAILWAY COMPANY.
SAN JOSE LINE CHANGE.
The Pacific Electric Railway Company, a wholly owned
Because of the expiration of the franchise by-virtuelof
subsidiary of the Southern Pacific Company, operating which your Company has operated along 4th Street, in the
686.56 miles of electric lines in Southern California, is heart of the City of San Jose, California,it becomes necessary
located in one of the most rapidly growing territories of the to establish a new route through that City.
United States, and while the increase in population in that
This will involve a line change extending from College
part of California has been marked, the passenger business Park to Lick station, a distance of 5.64 miles, and will reof the pacific Electric Railway Company has not grown in sult in a route one-quarter of a mile shorter than the present
proportion, both the interurban lines and the local street operated line. It will be so located that there will be a
ear lines of that Company having been seriously affected by minimum of interference to train movements by vehicular
the increasing motor coach and automobile competition. traffic at cross streets, the plan contemplating eight grade
To meet this condition the Pacific Electric Railway Com- separations, permitting greater speed of trains with consepany established a motor coach service, and is now operating quent saving in running time.
The estimated cost of the project is $3,236,848, and Mil"
forty-two motor coaches over ten interurban routes aggregating 143 miles, and seventy-two motor coaches over proposed to undertake the work at once, with the expectasixteen routes, giving city service, aggregating 81 miles, or tion of completing it within two years.
A new passenger station will be built on the line change
a total of one hundred and fourteen motor coaches operating over twenty-six routes having an aggregate length of at a suitable location.
224 miles.
OF
The Western section of Los Angeles is served locally by SOUTHERN PACIFIC RAILROAD COMPANY
MEXICO.
the Pacific Electric Railway Company and by the Los
The operations of the line were interrupted at various.
Angeles Railway, and in order to meet parallel motor coach
competition which was threatened, a joint agency, known times during the year, by the firing of bridges and trestles
as the Los Angeles Motor Coach Company, was formed and by tunnel fires set by bandits and Yaqui Indians, eight
by the Pacific Electric Railway and the Los Angeles Rail- trestles having an aggregate length of 1,545 feet, and 1,723
way. This joint agency, with 132 motor coaches, is now feet of timber lining in two tunnels, having been destroyed
operating, for the equal joint account of the parent com- during the year by such fires. Operations were also inters
panies, four routes giving cross town service between the fered with by damages caused by floods in the Presidioterritory served by the Pacific Electric and that served by Rosario, and Sonora Rivers.aSharges to operating expense,
2300
FINANCIAL CHRONICLE
[Vol.. 128.
on account of these extraordinary causes, including the
Briefs have been filed by
charges in connection with replacing the bridge over the the items not disposed of at your Companies in respect of
the joint conferences and formal
Fuerte River (washed out in 1927) with a 700 foot steel hearings, and after the Bureau
of
bridge and 540 feet of trestle, increased operating expenses brief, and your Companies have Valuation has filed its
filed their reply briefs,
by about $584,000.
the matter will then be submitted to the Commission for
The unsettled conditions which existed in 1927, however, it final decision.
were greatly improved during 1928, with resulting benefits
In connection
to agriculture and industry, which in turn resulted in an 'date, the value with the matter of bringing to a common
of the properties of all common carriers
increase in the volume of railroad traffic. Operating subject to the provisions of
Section 19a of the Interstate
results for the year 1928, therefore, show a substantial Commerce Act, the Commission
issued an order, effective
improvement over those of the previous year. Expressed July 1, 1928, requiring each
in United States currency, operating revenues for the year mission, returns showing all carrier to file with the Comadditions and retirements, and
amounted to $6,474,207, an increase of $672,638, or 11.59 the cost thereof, from the several
per cent. Operating expenses amounted to $5,278,023, and including December 31, 1927. valuation dates down to
a decrease of $812,093, or 13.33 per cent. After deductions
The method which
for Taxes, Joint Facility Rents, and Uncollectible Revenues, the valuations Of all the Commission will use in bringing
properties down
there was a net operating income of $831,386 compared has not been disclosed, and it cannot to a common date
now be determined
with an operating loss last year of $708,324.
how long it will take to accomplish this task.
At the time of going to press, affairs in Mexico are in
a very unsettled condition which, probably, will have a
CHANGE IN ORGANIZATION.
serious affect upon the operations of this line during 1929.
On December 13, 1928, the Board announced the following
SOUTHERN PACIFIC GOLDEN GATE FERRIES,LTD. changes in the organization and management
of the ComOn account of the wide distribution and increased use of pany's affairs, effective January 1 1929:
automobiles, the transportation of automobiles by ferry
Mr. Henry W. do Forest, Chairman of the Executive Committee
June 1, 1925,
across San Francisco Bay between San Francisco and other de Forest will was elected Chairman of the Board, a new position. since
Mr.
have the
Bay points, has grown rapidly during the past few years. affairs and consolidation management of the Company's general financial
matters.
Mr. Hale Holden, for many years President and Chairman of the ExecuTo provide for this traffic, automobile ferries have been
Committee of the Chicago, Burlington & Quincy Railroad Company,
operated by your Company, by the Northwestern Pacific tive elected Chairman of the Executive Committee. Mr. Holden will have
was
general
Railroad Company, and by the Golden Gate Ferries, Inc., general control of the Company's business, except the management of its
financial affairs and consolidation matters.
between San Francisco on the one hand, and Oakland,
Mr. Wm. Sproule, President since September 25, 1911 (except during
Alameda, Richmond, Berkeley, Sausalito, and Vallejo, the period from July 12, 1918. to December 31, 1919, both inclusive, when
he was District
California, on the other. The result has been a wasteful after more than Director of the United States Railroad Administration),
41 years of service with the
duplication of service without compensating public benefit tired from active service December 31, 1928, Southern Pacific Lines, reunder the pension rules of
and in accordance with his expressed wish.
or adequate return upon the investments of the companies the Company McDonald, Vice Chairman of the
Mr. A. D.
Executive Committee of
mentioned. To improve the situation and to avoid such this Company, will, in addition to the other duties of that position, have
general control of the
costly and unprofitable operations, an agreement has been Lines. He will also management of the Southern Pacific Steamship
continue in the office of President of the
reached between the Southern Pacific Company, the North- New Orleans Railroad Company (the Southern Pacific LinesTexas and
in Texas
and Louisiana). In
western Pacific Railroad Company, and the Golden Gate under the direction these dual capacities; he will have immediate charge,
of the Chairman of
Ferries, Inc. under the terms of which the three companies management, operation and traffic of the Executive Committee, of the
the Southern Pacific Steamship
will transfer to a new company, to be known as the SOUTH- Lines, and of the railroads and other properties of all Southern Pacific Lines
'
ERN PACIFIC GOLDEN GATE FERRIES, LTD., the East of El Paso, Texas.
Mr. Paul Shoup, Executive Vice
1925, was elected
automobile ferry equipment and facilities heretofore operated President to succeed Mr. Sproule. President since June 1immediate charge,
Mr. Shoup will have
of the Executive Committee, of the
by the respective companies. Appraisal will be made of under the direction of the Chairmanof the railroads and
management, operation, and traffic
other properties
the value of the properties, now estimated at $15,500,000, of the Company, West of El Paso. Texas, and Ogden, Utah. The office
Executive
and securities of the new company will be issued to pay ofMr. Lewis Vice President was discontinued.
J. Spence, Executive Officer since JIM) 1, 1925, after more
for such properties. Southern Pacific interests will direct than 43 years of continuous service with the Southern Pacific Lines, at
his own
operations of the new company through having, with a office ofrequest, retired from active service on December 31, 1928. The
Executive Officer was discontinued.
majority of the stock, five of its nine directors.
Mr. J. H. Dyer, General Manager of the Pacific Linos, was appointed
Vice President in charge of
It is expected that substantial savings will be made charge, under the direction Operations. Mr. Dyer will have immediate
the maintenance and operathrough the elimination of wasteful service, the better tion of the railroads of the of the President, ofEl Paso, Texas, and Ogden.
Company West of
employment of the operating equipment, and the operating Utah. F. L.
Mr.
Burckhalter, First Assistant General Manager of the Pacific
economies which will be effected as a result of this consoli- Lines, was appointed General Manager to succeed Mr. Dyer, promoted.
The position of First Assistant General Manager was discontinued.
dation.
The headquarters
of
The plan is subject to the approval of the California operating accounts, of Mr. T. 0. Edwards, General Auditor in charge to
was transferred from San Francisco, California,
Railraod Commission, and it is hoped it will be made opera- New York City.
The title of Mr. C. M.Scott, Assistant Treasurer, with headquarters in
tive some time during the year 1929.
San Francisco, California, was changed to Local Treasurer.
ACQUISITION OF CONTROL OF THE TEXAS MIDGENERAL
LAND RAILROAD.
The dividends for the year, on the capital stocks of the
Pursuant to authority granted by the Interstate Commerce Commission in its order, dated February 11, 1928, Southern Pacific Company and its Transportation System
In Finance Docket No. 6650, the Southern Pacific Company Companies held by the public, amounted to $22,342,884.00,
and the Texas and New Orleans Railroad Company (a as follows:
solely controlled subsidiary of the Southern Pacific Com- Dividends on capital stock of the Southern Pacific Company:
l4 percent. paid April 2, 1928 '
$5,585,713.50
pany) acquired control on April 1, 1928, (the former by
34 per cent. paid July 2. 1928
5,585,713.50
stock ownership and the latter by lease) of the Texas Midland
1% per cent. paid October 1, 1928
5,585,713.50
1% per cent. payable January 2, 1929
Railroad, extending from Ennis, Texas, a divisional terminal
5,585,713.50
point on the Dallas Division of your Texas Lines, to Paris,
Total Southern Pacific Company
$22,342,854.00
Texas, a distance of 125 miles. This line, which thus Dividends on stocks of Transportation
System Companies held by the public
becomes a part of the Southern Pacific Lines in Texas and
30.00
Louisiana, serves an agricultural district which it is expected
Total dividend payments for the year
$22,342,884.00
will give your lines a considerable tonnage of cotton and
The total taxes for the year. of the
other valuable traffic.
Transportation System and of all
separately operated Solely ConFEDERAL VALUATION OF RAILROADS
trolled
Affiliated
Companies,
amounted to
$24,075,037.99
The joint conferences referred to on page 27 of last year's
report, between representatives of your Company and of
Under the pension system put into effect January 1, 1903,
the Interstate Commerce Commission's Bureau of Valuation, there were carried on the pension rolls
at the end of the year,
were continued in 1928, and resulted in reducing the number 1,982 employes. The payments
to pensioners for the year
of protested items to be diposed of at formal hearings, so amounted to $1,189,012.27,
that the formal hearings in respect of the tentative valu- annum on an investment of equivalent to six per cent. per
$19,816,871.17.
ations of the lines in Texas and Louisiana were completed
The Board announces with sorrow the death, on January
on July 2, 1928,and of the Pacific Lines on October 26, 1928. 4, 1929, of Mr. J. Horace
Harding, who served your ComThe joint conferences resulted in substantial increases in pany as a Director from
January 13, 1913, to the time of his
the estimates of reproduction cost which the Bureau of death, and also
Valuation recommended to the Commission. At the formal mittee from andserved as a Member of the Executive Comhearings, many claims involving principles upon which 29,1929, of Mr. after April 4, 1928; the death on January
Ogden Mills, who served your Company
the Commission had formerly decided adversely to your as a Director from
April 4, 1906, to the time of his death,
Company's contentions, were disposed of by making general and also served
and specific reservations under which the right was reserved from and after as a Member of the Executive Committee
to support such claims by the introduction of evidence, and 1929, of Mr. June 20, 1907; and the death, on March 24,
Samuel Rea, who served your Company as a
by argument, whenever the Commission makes.any change
of
in its decisions relating to these or similar claims; or makes Director from April 9, 1919 to the time its his death.
The Board
appreciation of
any order changing or modifying its policy or practice in any the loyal and gratefully acknowledges
efficient services rendered by officers and emway relating to such claims; or whenever any decision or employes
during the year.
order entered in the primary valuation proceedings becomes
related to, or is used in any manner in, any other proceedings;
By order of the Board of Directors,
or whenever the valuation of the properties of your ComHENRY W. DE FOREST,
panies may be determined as of some subsequent date or
dates.
Chairman of the Board.
2301
FINANCIAL CHRONICLE
APRIL 6 1929.]
LOUISVILLE & NASHVILLE RAILROAD COMPANY.
SEVENTY-EIGHTH ANNUAL REPORT—FOR THE YEAR ENDED DECEMBER 311928.
Louisville, Ky., April 3 1929.
To the Stockholders of the Louisville & Nashville Railroad Company:
The Board of Directors of your Company respectfully submits the following report for the year ended December 31 1928
MILEAGE.
Miles.
5,068.90
I. Lines Owned and Operated
II. Lines Operated uncles' Their Separate Organizations in which this Company Owns a Majority of the Capital Stock or is interested as Joint
2,667.32
Owner or Lessee
269.19
III. Lines Owned by this Company, but Operated by other Companies
8,005.41
Total mileage
8,002.94
Total mileage December 31 1927
2.47
Increase
Follows—
Accounted for as
Additions—
6.67
Catrons Creek Branch, Cumberland Valley Division
1.46
Slater's Creek Branch, Cumberland Valley Division
2.70
Chicago Indianapolis & Louisville Railway
.
10.83
Deductions—
Action Branch, Birmingham Division
Sundry deductions (net)
5.95
2.41
8.36
2.47
INCOME.
No. I, page 18 [pamphlet report], is here summarized, compared with previous
The Income as shown in detail in Table
year:
1927
1928
$144,605,117.23
112.857,834.65
9135,638,457.88
106,231,041.45
Railway Operating Revenues
Railway Operating Expenses
31,747,282.58
29,407.416.43
Net Revenue from Railway Operations
Railway Tax Accruals
Uncollectible Railway Revenues
97,639,855.29
19,696.40
97.605,175.65
20.214.70
Cr. 793,068.82
Dr. 370,041.70
7.625,390.35
7.659,551.69
21,782,026.08
Total Operating Income
Equipment Rents (Net)
Joint Facility Rents (net)
24,087,730.89
Cr. 178,040.81
Dr. 388,937.65
Cr. 423,027.12
Dr. 210,896.84
22,205,053.20
3.251,674.82
23.876.834.05
4,075.051.79
25,456,728.02
27,951,885.84
Net Railway Operating Income
Other Income (Non-operating)
Deductions from Income:
Interest on Funded Debt
Other Deductions
10,893.094.80
332,549.78
10,763,746.58
369,761.89
11,133,508.47
11,225,644.58
914,323,219.55
916,726.241.26
Total Deductions
Net Income
The following is a comparison of freight and passenger traffic with the previous year:
7,418.093
9,438,696
532.834,074
608,070,632
61,241.738
63.898.695
12,920,716.557
13,442.474,976
Number of passengers carried, 1928
Number of passengers carried, 1927
Number of passengers carried one mile, 1928
Number of passengers carried one mile, 1927
Number of tons of freight carried, 1928
Number of tons of freight carried, 1927
Number of tons of freight carried one mile, 1928
Number of tons of freight carried one mile, 1927 ..
FUNDED DEBT.
OUTSTANDING IN HANDS OF PUBLIC.
$233,279.020.00
Funded Debt, December 31 1927
CHANGES DURING YEAR.
Matured—
Redeemed—
Equipment Trust No. 37 Gold Notes
Equipment Trust No. 37-A Gold Notes
Equipment Trust Series "D" Certificates
Equipment Trust Series "E" Certificates
Equipment Trust Series "F" Certificates
$512,600.00
191,300.00
735.000.00
420,000.00
400,000.00
Bonds Purchased for Sinking Fund—
Newport and Cincinnati Bridge Co. General Mortgage
Bonds Purchased and Canceled—
Unified Fifty-Year
92,258,900.00
8,000.00
4,000.00
Decrease in Funded Debt Outstanding Held by the Public
Total Outstanding Funded Debt, December 31 1928
2,270,900.00
231,008,120.00
OWNED.
Bonds Owned, December 31 1927
925.474,500.00
CHANGES DURING THE YEAR.
Bonds Issued—
First and Refunding. Series "C"
49,503,000.00
________________________________________ 74,977.500.00
Total Funded Debt Owned, December 31 1928 _____________________ ________________
________________________________________________________________________________ 305,985,620.00
Funded Debt, December 31 1928, total issue
258.753,520.00
unded Debt, December 31 1927, total issue
Increase
947,232,100.00
2302
FINANCIAL CHRONICLE
[Vox,. 128.
RAILS.
ADDITIONS AND BETTERMENTS
-EQUIPMENT.
The rails in main track operated, except trackage rights,
The following expenditures for additions and betterments,
are shown below:
equipment, were charged to Investment, Equipment, during
Steel RailsMiles.
the year:
Under 70 pounds per yard
86.52
576.30
813.06
13.40
1,822.94
1,615.84
1.45
70 pounds per yard
80 pounds per yard
85 pounds per yard
90 pounds per yard
100 pounds per yard
Over 100 pounds per yard
Total
To which add
Operated under trackage arrangements
4,929.51
139.39
Total mileage owned and operated
5,068.90
ChargesLocomotives
Equipping one (1) locomotive with automatic
train control
Equipping two (2) locomotives with third
cylinders
Equipping with superheaters. Walschaert
valve gears, automatic stokers, power reverse gears, &c
Seventy-one (71) extra locomotive tenders
acquired prior to January 1 1928, transferred from other accounts
$2,853.21
10,000.00
13,349.68
74,192.00
$100,394.89
The rails in main track owned, operated by other companies, are shown below:
Freight-Train Cars
Two thousand one hundred-fifty (2,150) acquired
Steel Rails56 pounds per yard
60 pounds per yard
80 pounds per yard
85 pounds per yard
90 pounds per yard
Passenger-Train Cars
Seventeen (17) acquired
Equipping diners with metal screens, cinder $444,029.51
deflectors, linen, silverwear, &c.: also baggage and mail, and postal cars with electric
fans
9,467.70
Miles.
24.09
.08
71.85
137.90
40.8
Less
-Portion of Paducah & Memphis Division used by L. & N.
Railroad under trackage arrangements
Total mileage operated by other companies
274.72
453,497.21
5.53
269.19
ADDITIONS AND BETTERMENTS
-ROAD.
During the year there were charged to Investment, Road,
expenditures for additions and betterments as follows:
Engineering
Land for Transportation Purposes
Grading
Tunnels and Subways
Bridges, Trestles and Culverts
Ties
Rails
Other Track Material
Ballast
Track Laying and Surfacing
Right-of
-Way Fences
Crossings and Signs
Station and Office Buildings
Roadway Buildings
Water Stations
Fuel Stations
Shops and Enginehouses
Storage Warehouses
Wharves and Docks
Coal and Ore Wharves
Telegraph and Telephone Lines
Signals and Interlockers
Power Substation Buildings
Power Transmission Systems
Power Distribution Systems
Power Line Poles and Fixtures
Miscellaneous Structures
Paving
Roadway Machines
Roadway Small Tools
Assessments for Public Improvements
Other Expenditures
-Road
Shop Machinery
Power Plant Machinery
Cost of Road Purchased
Unapplied Construction Material and Supplies
Interest during Construction
Total for year ended December 31 1928
Total for year ended December 31 1927
Decrease
Cr.
Cr.
Cr.
Cr.
Cr.
Cr.
3,878,874.13
$55,143.56
140,314.18
470,680.44
52,550.59
914,529.98
319,802.50
561,731.26
939,653.69
67,295.36
261,330.04
9,740.97
194,110.82
330,391.87
52,616.11
87,346.75
50,211.72
123,831.76
231.60
51,201.29
226,744.29
66,777.00
269,975.63
2,164.52
263.75
834.67
740.64
93.60
56,913.92
38,838.46
935.60
90,829.56
64.78
90,216.79
172.68
7,711.68
30,718.32
118,044.94
$5,418,290.76
7,832,457.28
$2,414,166.52
Work Equipment
One hundred (100) ballast cars acquired
$223,646.80
Seventy-nine (79) other units acquired
202,490.54
Forty-five (45) freight-train cars changed to
work equipment
11,123.52
Twenty-one (21) passenger-train cars changed
to work equipment
11,323.35
Eight (8) extra locomotive tenders changed to
work equipment
2,914.00
Equipping pile drivers and wreckers with electric lights
1,356.30
Additional charges for work equipment acquired in 1927
50.24
452,904.75
Miscellaneous Equipment
One (1) motor truck and three (3) motorcycles acquired----
2,130.97
$4,887,801.95
CreditsLocomotivesThirty-three (33) retired
$337,527.12
One (1) extra locomotive tender
retired
1,500.00
Eight (8) extra locomotive tenders transferred to work equipment
2,914.00
$341,941.12
Freight-Train Cars
Two thousand eight hundred
seven (2,807) retired
$1,909,454.25
Forty-five (45) changed to work
equipment
30,076.87
Passenger-Train Cars
Seven (7) retired
Twenty-one (21) changed to
work equipment
1,939,531.12
$16,080.65
92,928.42
109,009.07
Work Equipment
One hundred thirty-one (131) units retired__ _
46,257.83
Miscellaneous Equipment
One (1) motor truck retired
674.00
2,437,413.14
Net charge to Additions and Betterments, equipment for 1928 $2,450,388.81
Net charge to Additions and Betterments, Equipment for 1927 2,706.448.28
Decrease
$256,059.47
The following equipment remained to be delivered at December 31 1928 on contracts placed prior thereto:
24 Locomotives, and
2,500 Freight-Train Cars, of which 1,200 are Coal Cars.
EQUIPMENT OWNED OR OPERATED UNDER TRUST AGREEMENTS.
Locomotives.
On hand December 31 1927
Acquired
Changed
Freight Cars.
33
64.019'
2,150
---66,169
2,807
45
2.852
1.323
1,356
Destroyed or sold
Changed
33
_
On hand December 31 1928
Passenger Cars.
63.317
1,356
1,005
17
---1,022
Work Eguipm ent.
.
2,465
185a
746
1
2,724
7
' 21
131
28
131
994
2.5931
a Includes 6 Water Tanks heretofore classified as part of the units of work equipment to which attached.
b Includes 8 Extra Locomotive Tenders converted to Water Tanks.
The following table shows the equipment on hand at the close of each of the past ten years:
1919.
I.
Locomotives
Freight Cars
Passenger Cars
Work Enffinmant
1920.
1921.
1922.
1923.
1924.
1925.
1926.
1927.
1928.
1,181
54,017
686
2.347
1.209
52,462
683
2.338
1,234
55,523
834
2.303
1,289
54,674
856
2.250
1,327
61,375
881
2.362
1.347
64,825
922
2.451
1,344
65,025
925
2 441
1,371
65,237
992
9 467
1,356
64,019
1,005
2465
1,323
63,317
994
2.593
SINKING FUND REQUIREMENTS, 1929.
Newport & Cincinnati Bridge Co
July 1 1929
GUARANTIES.
The Company has guaranteed, by endorsement or by
agreement, the following obligations:
Annual Charge.
Louisville & Nashville Terminal Company First Mortgage
4 per cent. Gold Bonds
Endorsement, made jointly and severally with Nashville
Chattanooga & St. Louis Railway, covers principal and
interest of bonds issued:
Amount Issued
$2,601,000.00
Owned by this Company
101,000.00
Outstanding
82,500,000.00 $100,000.00
$12,250.00
Louisville & Nashville-Southern, Monon Collateral, Joint
4 per cent Gold Bonds
This Company and the Southern Railway Company are
each liable for one-half of the principal and interest of
bonds issued, $11,827,000.00. Should either Company
default in its obligations to the other in respect of the
bonds of this issue, the pledged shares of stock belonging
to such Company so in default shall become and be the
property of the Company not in default, which thenceforth shall be liable in severalty upon all covenants contained in the bonds:
Southern Railway Company's liability-55,913,500.00
One-half of amount of bonds owned by
this Company
15,500.00
$5,898,000.00 $235,920.00
APRIL 6 1929.]
FINANCIAL CHRONICLE
Nashville & Decatur Railroad, Rent Dividend—
Under lease of this property, the payment of seven and onehalf per cent annual dividend to stockholders is guaranteed as rent:
$3,553,750.00
Amount of Capital Stock Issued
1,758,850.00
Owned by this Company
$1,794,900.00 $134,617.50
Outstanding
Memphis Union Station Company First Mortgage 5 per cent
Gold Bonds—
Endorsement, made jointly and severally with Nashville
Chattanooga & St. Louis Railway, Southern Railway
Company. St. Louis Iron Mountain & Southern Railway
Company,and St. Louis Southwestern Railway Company,
covers principal and interest of bonds issued,$2,500,000-- $125,000.00
Fruit Growers Express Company—
This Company and the other interested companies unconditionally guarantee severally, in the proportions indicated in the Guaranty Agreement dated April 24 1920,
but not jointly, the prompt payment by the Fruit Growers Express Company to the 1 it Growers Express, Incorporated, of the rental installments due annually on
May 1, as set forth in the Car Trust Agreement:
$650,286.80
Payment due May 1 1929
$32,514.34
This Company's liability, five per cent
Lexington Union Station Company—
This Company and the Chesapeake & Ohio Railway Company, joint users of the property of the Lexington Union
Station Company, obligate themselves to pay jointly and
severally, according to the use made of the property, to
the Lexington Union Station Company, semi-annually,
an amount equal to 4 per cent upon the Preferred Capital
Stock of that Company:
$390,600.00
Amount of Preferred Stock Issued
1,700.00
Owned by this Company
fields and the Clinchfield Railroad, progressed satisfactorily
during the year. The relocation and revision of 3.28 miles
of Martins Fork Branch, between Chevrolet and Cawood,is
expected to be completed in July, 1929. The remainder of
the work, including the construction of four tunnels aggregating 8,933 feet in length, will probably be completed during the summer of 1930. At December 31, grading and
bridge work were about 50 per cent, tunnel work about
25 per cent, and the project as a whole about 40 per cent
completed.
AUTOMATIC BLOCKISIGNALS.
The installation of automatic block signals between Avoca
and Lexington, Ky., a distance of 68.95 miles, authorized in
November, 1927, and between Union Station and A Street
Junction, Louisville, 1.76 miles, was completed during the
year.
In order fully to protect the line from Cincinnati, Ohio,
to Atlanta, Ga., the construction of approximately 88 miles
of automatic block signals, between Etowah, Tenn. and
Junta, Ga., was authorized in December, 1928, and tliis installation, it is expected, will be in operation by the end of
this year.
At December 31 1928 a total of 1,309.30 miles of road was
protected by automatic block signals, as follows:
Cincinnati, Ohio, to Louisville, Ky
On Lexington Branch at La Grange, Ky
Anchorage to Lexington, Ky
Louisville Union Station to A Street Junction
South Louisville, Ky., to Nashville,'Tenn
Maplewood to Radnor Yard, Tenn
Mayton to Brentwood, Tenn
Calera to Three Mile Creek, Mobile. Ala
$1,061,600.00
$70.773.33 Mobile, Ala., to New Orleans, La
liability, one-fifteenth
This Company's
Covington, Ky., to Etowah, Tenn
Oakdale to Jackson. Ky
CINCINNATI PASSENGER TERMINALS.
Perritt to North Hazard. Ky
Company has proceeded Leewood to Anion,Tenn Ind
The Cincinnati Union Terminal
Maunie. Ill., to Howell,
during the year with the making of surveys, preparation of Evansville, Ind.,to Amqui, Tenn
3388.900.00
Outstanding
Terminal Railroad Association of St. Louis—
Amount of General Mortgage Bonds outstanding in the
hands of the public, December 31 1928.$23.790,000.00:
$951,600.00
One year's interest © 4 per cent
110,000.00
Annual Sinking Fund Payment
2303
815,556.00
plans, and acquisition of the necessary real estate. Various
plans are under consideration, but construction work has
not yet been started.
On October 10 1928 the Inter-State Commerce Commission
gave authority to The Cincinnati Union Terminal Company
to sell all of its common stock in equal amounts to the Baltimore & Ohio Railroad Company, The Chesapeake & Ohio
Railway Company, The Cincinnati, New Orleans and Texas
Pacific Railway Company, The Cleveland Cincinnati Chicago & St. Louis Railway Company, Louisville & Nashville
Railroad Company, Norfolk & Western Railway Company,
and The Pennsylvania Railroad Company.
CONSTRUCTION OF NEW BRIDGE OVER KENTUCKY RIVER AT
FRANKFORT, KY., LEXINGTON BRANCH.
In November, 1927, the construction of this bridge and
approach was authorized. The plans contemplate constructing a new bridge immediately upstream from the location of
the existing structure. The new bridge will consist of one
317 ft. 4 in. through truss span, one 140 ft. through truss
span, and one 52 ft. 9 in. deck girder span.
The work was commenced in August, 1928, and on December 31 was about 30 per cent completed.
After completion of this bridge and the reconstruction of
other smaller bridges on the Lexington and Shelby Branches,
which work is in progress, heavy power may be utilized between Louisville and Lexington.
BRIDGE OVER TENSAS RIVER, MOBILE AND MONTGOMERY
DIVISION.
The reconstruction of this bridge, No. 188, to permit the
use of heavier locomotives, commenced in February, 1927,
was completed in May, 1928.
Total
Total December 31 1927
108.00 miles
1.50 miles
71.45 miles
1.76 miles
183.96 miles
7.51 miles
5.00 miles
240.40 miles
137.20 miles
346.49 miles
12.00 miles
15.80 miles
2.33 miles
27.80 miles
148.10 miles
1,309.30 miles
1,238.59 miles
70.71 miles
Increase during 1928
GRADES IN THE CITY OF LOUISVILLE, KY.
SEPARATION OF
The first project undertaken, the separation of the grade
of the tracks of this company and the Southern Railway from
the grade of Fourth Street at G Street, commenced in August
1927, was completed during November 1928.
It is expected that the second project, the separation of
the grade of Third Street and the tracks of this company at
K Street, will be undertaken shortly.
,ALA.
SEPARATION OF GRADES IN THE CITY OF BIRMINGHAM
An agreement, dated October 31 1928, was entered into
by this company, Southern Railway Company and Alabama
Great Southern Railroad Company, with the City of Birmingham, providing for the reconstruction of viaduct at
Twenty-second Street, and for the construction of underpasses at Fourteenth, Eighteenth, and Twentieth Streets.
The work will be handled by this company as Agent for the
parties to the agreement. The estimated cost is $3,255,000,
of which $912,000 will be chargeable to this company. The
cost of the project will be advanced by the City of Birmingham, and the Railroad Companies will refund their respective proportions by payments to the City in twenty (20)
equal annual installments, the first payment to be made one
year from date of completion. Interest on unpaid balances
at a rate equal to the actual interest cost to the City will be
paid semi-annually.
The reconstruction of viaduct at Twenty-second Street
was started in December 1928.
RECONSTRUCTION OF BRIDGE OVER CHICKASAW CREEK,
KY.
AT MILE 664, MOBILE AND MONTGOMERY DIVISION.
ANNEX TO GENERAL OFFICE BUILDING, LOUISVILLE,
To provide for use of heavier locomotives, the reconstrucFor the purpose of centralizing certain of the administration of this bridge, No. 200, was commenced in August, tion forces, now housed in various rented quarters in Louis1927, and completed in August, 1928.
ville, and of providing space for future growth, the construction of an eleven-story annex to the Company's General
YARD AND MECHANICAL FACILITIES AT MOBILE, ALA.
Broadway, has been
On account of the inadequate yard and mechanical facili- Office Building, at Ninth Street and
prepaof a new yard near the north- authorized. The plans and specifications are now in
ties at Mobile, the construction
engine facilities, was author- ration, and the work will be started shortly.
ern city limits, with necessary
ized in April,. 1928. These facilities are needed to take care LEASE OF LOUISVILLE HENDERSON AND ST. LOUIS RAILWAY.
of longer trains handled by the larger engines that are now
In accordance with a resolution adopted at the annual
used on the Mobile & Montgomery and New Orleans & meeting of the stockholders, April 4 1928, an application was
Mobile Divisions, and to avoid the difficulty of handling filed with the Interstate Commerce Commission for authority
such trains through Commerce Street,in Mobile, and switch- to acquire control of, and to operate under lease, the railroad
ing a large part of the business back through this street to and other properties of the Louisville, Henderson & St. Louis
the docks and interchange facilities in the northern part of Railway Company. The case has been fully heard and is
the city.
now awaiting decision by the Commission.
The work was commenced in August, 1928, and at the end
FEDERAL VALUATION.
of the year the track work in the yard was nearing compleReport on the final valuation of the property of the comtion, and construction of the buildings was well under way.
yet been issued by the
It is expected that the yard and other facilities will be ready pany as of June 30 1917, has not On September 7 1928,
Interstate Commerce Commission.
for use in June 1929.
the company received from the Commission certain docuCONSTRUCTION OF FERTILIZER WAREHOUSE AT PENSACOLA,
FLA.
ments, supplemental orders, etc., outlining its plan of bring1927, and on
In order to accommodate traffic in fertilizer imported at ing railroad valuations down to December 31 accounting rereceived to file the
Pensacola, the construction of a warehouse, and the re- September 11, advice wasthe orders by December 15 1928;
of
arrangement of Tarragona Street wharf, were authorized in ports required by oneextended, on
15 1929.
request,
December, 1928. The work was immediately started, and this was subsequently the necessary steps to June
to comply with
The company is taking
was about 18 per cent completed at the end of the year.
these orders.
CONSTRUCTION OF NEW LINE FROM CHEVROLET, HARLAN
FINANCIAL.
COUNTY,KY.,TO HAGANS,LEE COUNTY,VA., AND REOF MARTINS FORK BRANCH.
During the year there has been a decrease in the funded
CONSTRUCTION
The construction of this line, and revision of Martins Fork debt outstanding of $2,270,900.
There have been no sales of securities during the year.
Branch, part of the proposed route between the Harlan coal
•
2301
FINANCIAL CHRONICLE
[VoL. 128.
P'Attention is called to the report of the Comptroller for
The Board acknowledges the fidelity and efficienc
the details of the year's business.
which the officers and employees of the company have y with
served
its interests.
Announcement is made with regret of the death on March
For the Board of Directors,
4 1929, at his home in Morristown, N. J., of Mr. John I.
Waterbury, a Director of this Company since Jan. 18 1894.
H. Walters, Chairman.
some
W. R. Cole, President.
Railway Operating Income—
Railway Operating Revenues
Railway Operating Expenses, 78.32 per cent
TABLE NO. L—INCOME ACCOUNT.
$135,638,457.88
106.231.041.45
Net Revenue from Railway Operations, 21.68 per cent
Railway Tax Accruals
Uncollectible Railway Revenues
$7.605,175.65
20,214.70
29,407,416.43
7.625.390.35
Total Operating Income
Non-operating Income—
Equipment Rents—
Hire of Freight Cars—Credit Balance
Rent from Locomotives
Rent from Passenger-Train Cars
Rent from Work Equipment
Joint Facility Rent Income
Income from Lease of Road—
Clarksville & Princeton Branch
Paducah & Memphis Division
21,782,026.08
$927,925.94
41.362.24
188,481.38
20,019.31
1.177,788.87
381,572.97
$12,039.70
206,506.20
Miscellaneous Rent Income
Miscellaneous Non-operating Physical Property
Dividend Income—
Chicago Indianapolis & Louisville Railway Co
Nashville Chattanooga & St. Louis Railway
Louisville Henderson & St. Louis Railway Co
Sundry Stocks
From stocks held under Georgia Railroad Lease
Income from Funded Securities—
Sundry bonds and notes maturing more than two years after date
From bonds held under Georgia Railroad Lease
Income from Unfunded Securities and Accounts
Income from Sinking Funds
Miscellaneous Income
218,545.90
100,410.64
30,299.68
420,709.50
$803,887.00
180,700.00
98,539.50
97.444.00
1,601.280.00
360,569.88
620.00
361,189.88
919,323.93
19,944.80
679.99
3,251,674.82
Total non-operating Income
4,817.036.66
Gross Income
Deductions from Gross Income—
Equipment Rents—
Rent for Locomotives
Rent for Passenger-Train Cars
Rent for Work Equipment
26.599,062.74
87.922.14
283,668.83
13,129.08
Joint Facility Rents
Rent for Leased Roads—
Nashville & Decatur Railroad
Rents of other roads
384,720.05
757,614.67
134,867.49
97,214.95
232,082.44
47,712.31
18,461.69
10.763,746.58
42,085.18
Miscellaneous Rents
Miscellaneous Tax Accruals
Interest on Funded Debt
Interest on Unfunded Debt
Miscellaneous Income Charges—
U. S. Income Tax paid on Interest on Tax-Exempt Bonds
Fees and Expenses paid Mortgage Trustees, &c
23,330.91
6.089.36
29,420.27
11.133,508.47
Total Deductions from Gross Income
12,275.843.19
Net Income
Disposition of Net Income—
Income applied to Sinking Funds
14,323,219.55
289.53
Income Balance Transferred to Credit of Profit and Loss
$14,322,930.02
TABLE NO. II.—PROFIT AND LOSS ACCOUNT.
CREDITS.
Balance to Credit of this account, December 31, 1927
Credit Balance transferred from Income Account
Profit on Road and Equipment Sold
Unrefundable Overcharges
Donations—
Estimated value ofland and cost of labor and material donated for transportation
purposes
Miscellaneous Credits
Dividend Appropriations of Surplus—
Cash Dividend, 334 per cent, payable August 10 1928
Cash Dividend, 3Si per cent, payable February 11 1929
$80,341.468.01
14,322,930.02
2,048.87
167,635.02
5,803.37
101,055.50
894.940.940.79
DEBITS.
$4,095,000.00
4,095,000.00
8,190,000.00
5,803.37
85,221.13
159,510.18
86.500,406.11
Surplus Appropriated for Investment in Physical Property
Loss on Retired Road and Equipment
Miscellaneous Debits
Credit Balance, December 31 1928
$94,940,940.79
TABLE NO. VL—INVESTMENT IN ROAD AND EQUIPMENT.
(INCLUDING IMPROVEMENTS ON LEASED RAILWAY PROPERTY.)
Road and Equipment, December 311927, was—
Road
$284,731,553.99
Equipment
142,989,365.83
$427,720,919.82
Improvements on Leased Railway Property
2,156,045.76
$429.876,965.58
To which add the following:
Road—
New Line, Chevrolet, Ky.,to Hagans, Va
1,505,947.77
Catrons Creek Branch
194.717.98
Left Fork Branch
78,125.93
Additions and Betterments
$5,418,290.76
Deduct—
Amounts includdd in above account of Elkton & Guthrie Railroad, Glasgow
Railway and Cumberland & Manchester Railroad
31,985.65
5,386,305.11
7,165,096.79
Less—
Sundry Items
17,282.01
7,147,814.78
Equipment—
Bought,built or otherwise acquired during the year
2,450,388.81
9,598,203.59
Total—
•
Eoad -meii _______________________________________________________________
ligulp - _________
__2 91,810,384.45
145,439.754.64
Improvements on Leased Railway Property
437,250,139.09
2,225,030.08
—$439,475,169.17
APRIL 6 19291
FINANCIAL CHRONICLE
2305
TABLE NO. 111.
-GENERAL BALANCE SHEET.
Dr.
Dec. 311927.
INVESTMENTS:
Investment in Road and Equipment—
$284,731,553.99
Road
142.989,365.83
Equipment
427.720,919.82
2,156.045.76
602,461.23
81,000.00
521,461.23
7,495.82
3,565,946.30
19,323,431.57
1.931,019.15
1,030,395.40
2.389 595 65
• 24,674,441.77
1,991,535.99
4,685,443.42
16,235.84
ASSETS.
$291,810,384.45
145,439,754.64
$437,250,139.09
2,225,030.08
Improvements on Leased Railway Property
Sinking Funds—
Total Book Assets
Bonds, this Company's Issue
601.382.76
81,000.00
520,382.76
71,495.82
3.196,288.75
Deposits in Lieu of Mortgaged Property Sold
Miscellaneous Physical Property
Investments in Affiliated Companies—
a) Stocks
b) Bonds
) Notes
d) Advances
19,323,443.00
1,770,019.15
992,287.89
2.701,663.26
24,787,413.30
Other Investments—
(a) Stocks
(b) Bonds
(c) Notes
(d) Advances
1.991,555.99
4,676,943.42
65,158.31
1,000.00
6.693,215.25
$465,339,525.95
6.734.657.72
$474,785,407.52
CURRENT ASSETS:
18,259,057.41
Cash
11,638,004.48
Time Drafts and Deposits
Special Deposits—
621,458.50
Total Book Assets
500,000.00
Bonds, this Company's Issue
5.00
121,453.50
121,458.50
14,043.62
2,965,264.96
787,466.57
2,390,237.68
15,220,876.50
346.322.45
92,064.10
144,560.72
51,979,356.99
Stock
Cash
15,585,185.65
13,742,892.31
620,598.50
500,000.00
$5.00
120,593.50
120.598.50
3,545.278.52
3,069,185.78
782,430.89
2,382,932.10
11,214,918.95
349.261.43
86.044.25
93,084.76
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
DEFERRED ASSETS:
Working Fund Advances
Other Deferred Assets—
5,913,500.00
Southern Railway Company's Proportion of Bonds Issued Jointly
654,201.28
Other Accounts
50,971.813.14
59,237.59
59.687.59
5,913,500.00
495,663.13
6.567.701.28
6,626,938.87
6.409.163.13
UNADJUSTED DEBITS:
Rents and Insurance Premiums Paid in Advance
4,346.13
2,127 495.08
Other Unadjusted Debits
2,131,841.21
2.659.29
1,972,761.99
6.468.850.72
1,975,420.28
$6.564,500.00 *Securities Issued or Assumed—Unpledged
18,329,000.00 Securities Issued or Assumed—Pledged
56,067,500.00
18,329,000.00
CONTINGENT ASSETS:
L.& N. Terminal Co. Fifty-Year 4 per cent Gold Bonds outstanding, endorsed by Louisville &
Nashville Railroad Company and Nashville Chattanooga & St. Louis Railway
2,500,000.00
Memphis Union Station Company First Mortgage 5 per cent Gold Bonds,guaranteed by Louisville 2,500,000.00
& Nashville Railroad Company and other interested Railroad Companies
2.500,000.00
5,000.000.00
5.000,000.00
$531.077,663.02
Grand Total
$539,201,492.66
* In addition, the Treasury holds the Certificate of the Trustee for the First and Refunding Mortgage Bonds that the
Company is entitled under the
mortgage to the issue of $11,426,000 bonds for capitalizable expenditures heretofore made
2,500,000.00
Dec. 31 1927.
$116.858,500.00
720.00
140,780.00
117.000,000.00
12,116.76
117.012,116.76
125,263.74
258.753,520.00
6,564,500.00
81,000.00
18,329.000.00
500.000.00
25,474,500.00
233.279,020.00
5,913,500.00
239,192,520.00
79,314.34
239,271,834.34
749,068.59
7,165,681.07
914,260.78
1,833,916.00
189.331.00
21,000.00
4,095,000.00
1,900.278.40
20,936.56
298,576.31
17.188,048.71
101,314.05
4,487.938.29
15,233,879.22
42,856,290.10
349,390.92
6 112 898 70
69.040,397.23
2,647,814.93
56,057.57
293,347.68
2.997,220.18
80 341 468 01
83,338.688.19
STOCKS:
Capital Stock—
Full shares outstanding
Fractional shares outstanding
Original stock and subsequent stock dividends unissued
Premium on Capital Stock
GOVERNMENTAL GRANTS:
Grants in Aid of Construction
LONG TERM DEBT:
Funded Debt—Unmatured—
Book Liability
Held by or for this Company—
In Treasury
In Sinking Funds
Deposited as Collateral
Special Deposit
Cr.
$116,859,500.00
720.00
139.780.00
$117.000.000.00
12.116.76
$117.012,116.76
132,531.60
305,985,620.00
56,067.500.00
81,000.00
18,329.000.00
500,000.00
Actually outstanding
Liability of Southern Railway Company for Bonds Issued Jointly
with this Company
Non-negotiable Debt to Affiliated Companies—Open Accounts
CURRENT LIABILITIES.
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 Dividends Declared
Unmatured Interest Accrued
Unmatured Rents Accrued
Other Current Liabilities
DEFERRED LIABILITIES:
Other Deferred Liabilities
UNADJUSTED CREDITS:
Tax Liability
Accrued Depreciation—Road
Accrued Depreciation—Equipment
Accrued Depreciation—Miscellaneous Physical Property
Other Unadjusted Cred ts
CORPORATE SURPLUS:
Additions to Property through Income and Surplus
Sinking Fund Reserves
Appropriated Surplus not Specifically Invested
Total Appropriated Surplus
Profit and Loss—Balance
CONTINGENT LIABILITIES:
L. & N. Terminal Co. Fifty-year 4 per cent Gold Bonds outstanding, endorsed by
Louisville &
Nashville Railroad Company and Nashville Chattanooga & St. Louis Railway
2.500,000.00 Memphis Union Station Company First Mortgage 5 per cent Gold Gonds, guaranteed by
Louisville &
Nashville Railroad Company and other interested Railroad Companies
5.000.000.00
t531.077.663 02
Grand Total
74,977,500.00
231,008,120.00
5,193.500.00
236,921,620.00
55 685 91
236,977.305.91
761,039.64
7,704,732.24
1.087.339.34
1,828,890.50
201,199.00
11,000.00
4.095.000.00
1,856,754.48
18,760.12
232,351.69
17,797,067.01
113,326.72
4,070,707.58
16.063,006.08
45,123,399.56
323,580.64
7.101.825.85
72.682.519.71
2,653,618.30
56,347.10
276.253.44
2,986,218.84
86,500,406.11
89.486,624.95
2,500,000.00
2,500,000.00
2.500,000.00
5.000.000.00
2539.201.492.06
[VoL. 128.
FINANCIAL CHRONICLE
2306
NORFOLK AND WESTERN RAILWAY COMPANY.
THIRTY-THIRD ANNUAL REPORT-FOR THE YEAR ENDED DECEMBER 31 1928.
8 mail storage cars, all steel.
250 box cars, 100,000 lbs. capacity, all steel (built at Roanoke Shops).
1,000 gondola cars, 180,000 lbs. capacity,all steel (built at Roanoke Shops)
1,000 hopper cars, 115,000 lbs. capacity, all steel.
2 maintenance of way locomotive tenders (built at Roanoke Shops).
2 maintenance of way camp cars (built at Roanoke Shops).
6 maintenance of way flat cars (built at Roanoke Shops).
2 automobile trucks.
Roanoke, Va., March 26, 1929.
To the Stockholders of the Norfolk and Western Railway Company
Your Board of Directors submits the following report for
the year which ended December 31, 1928.
MILEAGE OF ROAD AND TRACK IN OPERATION.
o -,
Dec. 31st 1928 Dec. 31st 1927 Inc Dec.
Miles.
Miles.
1,542.67
1,642.67
Main Line
127.28
Branchesf Oper.as second track_ _127.28
533.75
532.41
'Other branches
659.69
Miles.
661.03 - 1.34
Total miles
Lines operated under lease
Lines oper.under trackage rights-
2,202.36
22.27
15.60
2,203.70
22.27
15.60
1.34
Total miles of road in operation
Second track
Third track
Sidings and yard tracks
2,240.23
620.75
13.58
1,626.88
2,241.57 - 1.34
620.75
13.58
1,601.32 +25.66
Total miles of all tracks in operation
4,501.44
4,477.22
+24.22
2.241.75 - .29
2,241.46
Average miles of road operated
4,448.82 +32.64
4,481.46
Average miles of track operated
The decrease in miles of road in operation, 1.34 miles, is due to the abandonment of portion of Dingess Branch.
The aggregate amounts of Adjustment Preferred and
Common capital stock authorized by the stockholders and
issued, including 77 shares ($7,700) of Adjustment Preferred
stock and 24 shares ($2,400) of Common stock held in the
Company's treasury, were as follows:
CAPITAL STOCK.
Authorized by
Stockholders
Adjustment Preferred Stock__ $23,000,000
250,000,000
Common Stock
Totals, Dec.31 1928
Totals, Dec.31 1927
Issued
Par Value
Shares
230,000
$23,000,000
140,290,700
1,402,907
Increase (all Common Stock)
$163,290,700
163,008,700
1,632,907
1,630,087
$282,000
$273,000,000
273,000,000
2,820
The additional 2,820 shares of Common Stock were issued
in exchange for $282,000 Convertible 10 Year 6 per cent.
Gold Bonds of 1919 surrendered for conversion.
Of the $109,709,300 Common Stock authorized by the
stockholders but unissued, $435,300 was reserved for the
conversion at par of a like amount of outstanding Convertible 10 Year 6 per cent. Gold Bonds of 1919.
FUNDED DEBT.
The aggregate Funded Debt actually outstanding was
as follows:
Dec.311928. Dec.311927.
$95,265,500 $95,288,500
Mortgage Bonds
Convertible Bonds (3410.000 nob'
‘11
, 845,300
1,158,300
now convertible)
Equipment Trust Obligations__ _ _ 16,870,000 - 20.010,000
Totals
Decrease.
$23,000
313,000
3,140,000
$112,980.800 3116,456,800 33,476,000
ROAD AND EQUIPMENT.
The charges to Investment in Road and Equipment
during the year were $4,658,393.05.
The investment in road, equipment, and miscellaneous
physical property on December 31, 1928 was $430,156,455.40, of which $44,395,593.93 was provided by appropriations from income and surplus, as shown by the General
Balance Sheet.
New equipment received during the year was as follows:
ADDITIONS AND BETTERMENTS TO WAY AND
STRUCTURES.
246.08 miles of track were laid with 130-lb. rail, making a
total of 1,279.66 miles of track now laid with this weight
of rail.
240,410 cubic yards of stone and 31,117 cubic yards of
prepared slag were used in standard ballasting on the main
line.
A passing siding 3,389 feet in length was constructed and
extensions, aggregating 5,076 feet, were made to existing
passing sidings.
A one-story brick passenger station building was constructed at Tazewell, Va., and stations at Martinsville
and Plasterco, Va., were enlarged.
The new yard at Winston-Salem, N. C., including 14
yard tracks, sundry running, car repair, and wye tracks,
water station, shop and storage buildings, track scale of
200 tons capacity, flood light tower system and a second
track between the old and new yards, was completed.
Additional fire protection was provided at Crewe, Shenandoah, Bristol and Richlands, Va., at Bluefield and Williamson, W. Va., and at Portsmouth, Ohio. A boiler washing
plant, with pumps,a filter plant, and a new flood light tower
system have been installed at Williamson, W. Va. A
service tank of 50,000 gallons capacity was erected at
Wheatland, W. Va. A pump house, with electric pump,
pipe lines and a tank of 2,000 gallons capacity, was built
at Clift Yard, W. Va. An interlocking plant was built at
Norfolk, Va.
High tension transmission lines were built between
Roanoke and Arthur, Va., to improve automatic signal
service and provide electric lighting of switch lamps, stations
and pumps, and between Vera and Clifford, Ohio, to im'prove signal service and lower cost of operating signals,
station and switch lighting and electric pumps.
Separation of grades at crossings and elevation of tracks,
including crossings of the Baltimore and Ohio and Pennsylvania Railroads, over a distance of approximately 3 miles,
at Columbus, Ohio, have been commenced.
Concrete overhead highway bridges were constructed at
Ford, Blackstone and Ridgeway, Va., and at WinstonSalem and Ogburn, N. C. Concrete undergrade crossings
were constructed at Sutherland, Poole and Dewey, Va.,
and at Portsmouth and Cincinnati, Ohio.
Twenty grade crossings were eliminated during the year,
five by construction of overhead bridges, five by construction of undergrade crossings and ten by changes in road.
118 linear feet of new steel bridges were constructed, 527
linear feet of light steel bridges were replaced by standard
steel structures, and 117 linear feet of light steel bridges were
replaced with fit steel doubled.
157 linear feet of timber trestle were filled, 624 linear feet
were replaced with fit steel and 59 linear feet were replaced
with reinforced concrete culvert.
MAINTENANCE EXPENDITURES.
The charges to Maintenance of Way and Structures
Accounts were as follows:
MAINTENANCE EXPENDITURES.
1928.
Total Expenses
Average per mile of road operated
Average per mile of track operated
1927.
$15,475,724.65
6,904.31
3,453.28
$15,711,540.40
7,008.61
3,531.62
Decrease.
$235,815.75
104.30
78.34
Per
Cent.
1.50
1.49
2.22
The charges to Maintenance of Equipment Accounts were as follows:
1928.
Total Maintenance of Equipment Expenses
In which are included:
Steam Locomotives: Repairs, retirements and depreciation
Average per locomotive
Average per 1000 locomotive miles
Electric Locomotives (Double units): Repairs, retirements and depredation
Average per locomotive
Average per 1000 locomotive miles
Freight Train Cars: Repairs, retirement end depreciation
Average per freight car
Average per 1000 tons one mile
Passenger Train Cars: Repairs, retirements and depreciation
Average per passenger car
Average per 1000 passengers one mile
Work Equipment: Repairs, retirements and depreciation
1927.
Increase (-I-) or
Decrease (-).
Per
Cent,
319,933,551.65
$21,261,404.42
-$1,327,852.77
6.2
9,882,797.16
11,401.08
477.84
298,422.02
18,651.38
624.47
6,324,628.38
133.09
.42
911,315.03
1,862.37
5.40
331,979.28
9,913,600.14
10,840.46
444.86
346,887.32
21,680.46
702.11
7,646,765,14
159.58
.50
924,669.88
1,817.25
4.58
311,698.01
-30,802.98
+560.62
+32.98
-48,465.30
-3,029.08
-77.64
-1,222,136.76
-26.49
-.08
-13.354.85
+45.12
+.82
+20.281.27
.3
5.2
7.4
14.0
14.0
11.1
16.2
16.6
16.0
1.4
2.5
17.9
6.5
APRIL 6 1929.]
FINANCIAL CHRONICLE
There were in the shops undergoing and awaiting classified
repairs at the close of the year 56 locomotives (30 of which
needed only light repairs), or 6.7 per cent., 16 passenger
cars, or 3.3 per cent., and 424 freight and work equipment
cars, or .9 per cent.
TRAFFIC AND OPERATING REVENUE
COMPARISONS.
Comparison of traffic and operating revenue figures with
those of the preceding year shows the following changes:
Number of passengers
2.882,888 decreased
720,541 20.00%
Average haul of passengers_ _ _58.49 miles increased
2.41 miles 4.30%
Rev,
from passenger fares- _$5,726,833.34 decreased $1,166,874.26 16.93%
Aver,rate per pass, per mile_ _3.396 cents decreased
.016 cents .47%
Revenuefreight carried_ -54,053.476 tons decreased 793.084 tons 1.45%
Average haul of freight
277.79 miles increased
3.86 miles 1.41%
Revenue from freight
transportation
$97.501,583.52 decreased $2,490,651.58 2.49%
Average rate per ton per mlle_ _.649 cents decreased
.017 cents 2.55%
Average tons of revenue freight
Per train mile
1,515.07 increased
50.46 tons 3.45%
Shipments of coal
42,312,259 tons decreased 329,100 tons .77%
Shipments of coke
268,643 tons decreased
10,352 tons 3.71%
Shipments of ore
443.227 tons decreased
90,589 tons 16.97%
Shipments of pig and bloom
iron
95.991 tons decreased
48,408 tons 33.52%
Shipments of lumber
1,351.329 tons decreased 170,246 tons 11.19%
The falling off in passenger traffic and revenue, to which
reference was made in the preceding annual report, still
continues. The number of passengers carried in 1928 was
3,360,590 less than in 1923, a decrease of 53.28 per cent.,
and although it has been possible to some extent to reduce
expenses allocated to passenger service, the revenue from
passenger fares in the same five-year period decreased
$4,467,663.69, or 43.82 per cent.
TAXES.
Accruals for taxes in the year amounted to $9,200,000, a
decrease of $1,100,000 from the previous year. This
amount was made up of United States Government taxes,
$3,800,000, and State, County, and Municipal taxes,
$5,400,000. United States Government taxes show a decrease, compared with the previous year, due in part to a
reduction in rate tif tax and in part to credit of an excess
accrual of tax in previous years.
RELIEF AND PENSION DEPARTMENT.
At the close of the year the Relief Fund had 20,991 members, equivalent to 77.20 per cent. of the total number of
employees, a decrease in the year of 988 members and an
increase of .01 per cent. in ratio of members to employees.
The members of the Fund contributed during the year
$757,308.13 and the Fund received additional income of
$75,696.84 from interest and $838.82 from profit on securities matured. Against these total receipts of $833,843.79
death benefits aggregating $173,250.00 and sickness and
accident disability benefits aggregating $383,387.50 were
paid, leaving a balance of $237,206.29, which was added
to the Fund's credit balance now standing at $1,912,023.99
compared with $1,634,817.70 on December 31, 1927. In
the same period the Company paid the operating expenses
of the Fund amounting to $134,030.60.
At the close of 1928 there were 701 employees on the
Pension Roll, a net increase of 41 in the year, with an
average pension of $618.60 per annum, compared with an
average pension of $583.08 per annum at the close of 1927.
PENSION RESERVE FUND.
In December, 1928, your Directors appropriated from
Surplus the sum of $599,233.27, which was paid over to
the Trustees of the Pension Reserve Fund, this amount being
figured from actuarial tables as sufficient to take care of
pensions to the 112 employees retired in the year 1928 so
long as they may live. The total amount appropriated
to date for this purpose is $3,355,233.27. In 1928 the fund
was credited with interest, amortization and profit on sales
of securities aggregating $102,990.89 and was charged with
$412,376.65 paid to the Railway Company in reimbursement of pensions paid during the year. At the close of the
year the Trustees held securities of a face value of $2,695,000,
having a book value of $2,533,130.94, and $1,948.35 in cash.
POCAHONTAS COAL AND COKE COMPANY.
Earnings for the year 1928 from royalties on total output
of coal mined and coke manufactured were $1,470,059.92
and from other sources $162,833.65, making total earnings
of $1,632,893.57 compared with $1,642,871.05 in 1927.
Operating expenses were $179,729.55 and taxes $157,246.23,
leaving net earnings of $1,295,917.79. Sinking fund and
interest on funded debt, with other deductions, resulted in
2307
net income of $316,618.46, a decrease of $61,933.03 from
that of the preceding war. The output of coal from the
Company's leased propM•ty in 1928 was 14,198,379 gross
tons and of coke 15,931 gross tons.
Under the sinking fund provision of the Pocahontas
Coal Lands Purchase Money First Mortgage, dated December 2, 1901, $355,596.72 accrued from royalties on coal
mined during the calendar year 1928. From the beginning
of the operation of the sinking fund in 1906 to December 31,
1928, the accruals from royalties have aggregated $6,490,643.68 and those from sales of lands $222,236.95, a total of
$6,712,880.63 applicable to the purchase and retirement of
mortgage bonds. Through this fund $7,111,000 of bonds
had been purchased and cancelled to December 31, 1928,
and $372,000 subsequent thereto. The outstanding bonds
on December 31, 1928 were $12,889,000 and at the date of
this report $12,517,000 out of original issue of $20,000,000.
A further payment of $330,000 has been made on account
of indebtedness incurred in previous years to meet fixed
charges, reducing this indebtedness to $315,000.
BIG SANDY AND CUMBERLAND RAILROAD
COMPANY.
The Big Sandy and Cumberland Railroad Company, the
entire capital stock of which is owned by your Company,
secured authority from the Interstate Commerce Commission, by order dated July 31 1928, to reconstruct its
present narrow gauge line of railroad from Devon, W. Va.,
where it connects with the line of your Company, to Hurley,
Va., a distance of 13.46 miles. The Interstate Commerce
Commission's order also authorized the Big Sandy and
Cumberland Railroad Company to construct a standard
gauge extension from Hurley, Va., to Levisa Fork of Big
Sandy River, a distance of 14.08 miles, and to relocate and
reconstruct as a standard gauge line its existing narrow
gauge line along Louisa Fork between Grundy, Va., and
the state line between the states of Virginia and Kentucky,a
distance of 13.3 miles. The total cost of this work is estimated at $8,360,000. The construction and reconstruction
of this line has commenced.
The stockholders will be asked at the annual and special
meeting on April 11, 1929, to authorize the acquisition of
the railroad, property, and franchises of the Big Sandy
and Cumberland Railroad Company. Through this acquisition important areas of low volatile coal lands will be.
brought into the territory of your Company as reserves to
protect and maintain the coal tonnages moving over your
line in the future.
GUYANDOT AND TUG RIVER RAILROAD COMPANY
The Guyandot and Tug River Railroad Company, the
entire capital stock of which, except Directors' qualifying
shares, is owned by your Company, was organized to construct a railroad beginning near the western end of Widemouth Branch in Wyoming County, W. Va., and extending
through Wyoming and Mingo Counties, W. Va., to a connection with your main line at Wharncliffe, W. Va., a
distance of 65.6 miles. In 1926 application was made by
the Guyandot and Tug River Railroad Company to the
Interstate Commerce Commission for a certificate of publicconvenience and necessity authorizing the construction of
this line, and about the same time The Chesapeake and Ohio
Railway Company and the Virginian Railway Company
filed similar applications for authority to build lines to the
same territory. On July 23, 1928, the Interstate Commerce.
Commissionissued an order granting authority to and
directing the Virginian Railway Company to build a line ofrailroad from a point near the beginning of the Guyandot
and Tug River Railroad in Wyoming County, W. Va., to.
Gilbert, in Mingo County, W. Va., and authorized the
Guyandot and Tug River Railroad Company to construct
its line of railroad from a connection with the Virginian
Railway at Gilbert to a connection with your main line at
Wharncliffe, a distance of 10.5 miles, the estimated cost of which will be $2,500,000. In compliance with the order.
of the Interstate Commerce Commission, construction on
the line from Gilbert to Wharncliffe has commenced. This
line will enable your Company to continue in sharing with
The Chesapeake and Ohio Railway Company the important
coal traffic originating on the Virginian and moving to the
West.
INDUSTRIES.
Dur ng the past year there were located on your Com—
pany's lines ninety-eight new industries with a total cap—
italization of $53,800,000, employing 7,767 perons.
[VoL. 128.
FINANCIAL CHRONICLE
2308
OBITUARY.
Rea, a Director of the cOmpany from June 13,
Samuel
1900, to December 27, 1912, and from June 1, 1918, to the
time of his death, died at his home in Gladwyne, Pennsylvania, on March 24, 1929, in his seventy-fourth year.
In his long connection with the Board he brought to it and
to your Company a long and varied experience with large
engineering problems and a grasp of business conditions
that made his counsel of the highest value. The success
which the Company has achieved is largely due to his informed advice concerning engineering matters, new operating
facilities and financial and other problems.
Thomas S. Southgate of Norfolk, Va., a member of the
Board of Directors since March 22, 1927, died suddenly on
September 27, 1928. Mr.Southgate was born in Richmond,
Va., February 7, 1868, and acquired his education in the
schools of that city and privately. Mr. Southgate's death
is a great loss to your Company and to the shipping industry
of the Atlantic seaboard. His knowledge of transportation
and maritime affairs was thorough, and his vision of the
future of the City of Norfolk, Va., was an inspiration to
those associated with him.
Alexander Kearney, Superintendent Motive Power, died
on May 19, 1928. Mr. Kearney had served the Company
in its Motive Power Department for more than 23 years,
and had been Superintendent Motive Power since November 1, 1918.
CHANGE IN BOARD OF DIRECTORS.
At a meeting of the Board of Directors held November 27,
1928, the vacancy in the Board occasioned by the death of
Thomas S. Southgate was filled by the election of Samuel L.
Slover of Norfolk, Va.
The Board expresses to the officers and employees its
appreciation of the fidelity and efficiency with which they
have served the Company throughout the year.
By order of the Board of Directors,
A. C. NEEDLES, President.
INCOME STATEMENT.
1928.
Net Revenue from Operations
Tax Accruals
Uncollectible Revenue
2.49
16.93
9.71
8.53
7.91
24.16
$106,947,111.38
$110,948,200.64
-$4,001,089.26
3.61
$15.475.724.65
19,933.551.65
1,360.490.46
26,608,500.41
245.895.27
3.110,151.52
212,618.25
315,711,540.40
21,261,404.42
1.340,033.90
28,988,768.59
275,429.66
2.558,173.40
439,224.74
-3235,815.75
-1.327.852.77
+20.456.56
-2,380,268.18
-29,534.39
+551,978.12
-225,505.49
1.50
6.25
1.53
8.21
10.72
21.58
51.59
$69.696,125.63
-33,174,429.92
4.55
62.20%
62.82%
-.62%
341.252,075.01
-$826.659.34
2.00
39,200.000.00 '
310.300,000.00
7,271.30
13,740.03
Ratio of Expenses to Total Operating Revenues
-52.490,651.58
-1,166,874.26
+108,147.61
-94,351.66
-42,690.33
-314,669.04
$40,425,415.67
Totals
399,992.235.10
6,893,707.60
1,113,538.31
1.106,574.69
539,573.66
1,302,571.28
366.521.695.71
Totals
Operating Expenses (see details on pages 27. 28 and 29, pamphlet report):
Maintenance of Way and Structures
Maintenance of Equipment
Traffic
Transportation
Miscellaneous Operations
General
Transportation for Investment-Credit
Increase (+) or
Decrease (-).
397,501,583.52
5,726,833.34
1,221.685.92
1.012.223.03
496,883.33
987,902.24
Operating Income:
Operating Revenues:
Freight
Passenger
Mall
Express
All Other Transportation
Incidental and Joint Facility Revenue
1927.
-31,100,000.00
-36,468.73
10 68
47.08
Per
Cent.
$31,218,144.37
$30.938,334.98
3+279,809.39
.90
32,866.195.57
151,947.85
32,229.85
Total Operating Income
Non-Operating Income:
Hire of Freight Cars-Net
-Net
Hire of Other Equipment
-Net
Joint Facility Rents
32.690,571.29
182,098.85
199,945.41
+3175,624.28
-30,151.00
-232.175.26
6.53
16.56
116.12
52,985.913.57
Net Railway Operating Income
Other 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
53,072,615.55
-286.701.98
2.82
334,204.057.94
Totals
334.010,950.53
+5193.107.41
.57
51,110.00
96,252.34
106,779.95
49,713.66
1,237,968.23
301.541.68
102.990.89
5,469.33
31.110.00
90,300.31
113,009.74
7,098.66
1,431,003.03
438.019.88
98,320.27
5,656.27
+35,952.03
-6,229.79
+42,615.00
-193,034.80
-136,478.20
+4,670.62
-186.94
6.59
5.51
600.32
13.49
31.16
4.75
3.31
Totals
31.901.826.08
$2,184,518.16
-3282,692.08
12.94
Dross Income
$36,105.884.02
$36,195,468.69
-589,584.67
.25
$99,840.23
2.356.70
1,771.90
5100.481.95
2,069.70
1,935.15
-3641.72
+287.00
-163.25
.64
13.87
8.44
4,093,722.36
49,920.77
823,275.00
13,503.24
102,990.89
191,459.50
4,096,084.44
67,299.08
964,237.50
19,209.42
98,320.27
194,535.69
-2,362.08
-17,378.31
-140,962.50
-5,706.18
+4,670.62
-3,076.19
.06
25.82
14.62
29.71
4.75
1.58
Deductions from Gross Income:
Rent for Leased Roads
Miscellaneous Rents
Miscellaneous Tax Accruals
Interest on Funded Debt:
Mortgage Bonds
Convertible Bonds
Equipment Obligations
Interest on Unfunded Debt
Income applied to Sinking and Other Reserve Funds
Miscellaneous Income Charges
35,378,840.59
35.544,173.20
-5165,332.61
2.98
330,727.043.43
919.692.00
530.651,295.49
919.692.00
+575.747.94
.25
529.807.351.43
'Petals
.fet Income
Dividends on Adjustment Preferred Stock
ncome Balance: Transferred to Profit and Loss
129.731.603.49'
+575.747.94
.25
PROFIT AND LOSS STATEMENT.
1928.
Credits:
3101,652.615.19
Balance, January 1
29.807.351.43
Credit Balance from Income
317.23
Unrefundable Overcharges
Repayment by Pocahontas Coal and Coke Company. Advances for Mortgage
220,000.00
Bond Interest
3,634.85
Profit on Road and Equipment Sold
40,736.43
Donations for Construction of Endings
52.538.70
Delayed Income Credits
Repayment by Trustees of Norfolk and Western Pension Reserve Fund covering
412,376.65
payments to retired employees during the year 1928
37.681.28
Miscellaneous Credits
Total Credits
Charges:
Appropriation of Surplus for Dividends on Common Stock
Appropriation of Surplus for Investment in Physical Property
Loss on Retired Road and Equipment
ppropriation of Surplus to Norfolk and Western Pension Reserve Fund
Is..laneous Charges
A
Total Charges
lIctramher 21
$132,227.251.76
814,020,370.00
40,736.43
2,771.99
599,233.27
83,736.81
314,741,304.52
2117 42A 047 94
1927.
Increase (+) or
Decrease (-).
Per
Cent.
22.72
.25
54.84
582,830,080.46 +518,822,534.73
+75,747.94
29,731,603.49
-385.23
702.46
+4,000.00
216,000.00
-10,052.65
13,687.50
-32,169.37
72,905.80
-3,092,984.05
3,145,522.75
1.85
73.44
44.12
98.33
+53,913.43
-16,782.16
15.04
30.81
$116,423,429.12 +515,803,822.64
13,58
813,990,767.50
72.905.80
83,677.92
566,000.00
57,462.71
+829.602.50
-32,169.37
-86,449.91
+33,233.27
+26.274.10
.21
44.12
114,770,813.93
-$29,509.41
.20
is MI
358,463.22
54.463.44
1101.652.815.12 4-215 san :4:12 OA
5.87
45.72
APRIL
6 1929.]
FINANCIAL CHRONICLE
2309
CONDENSED GENERAL BALANCE SHEET DECEMBER 31 1928.
ASSETS.
Investments:
Investment in Road and Equipment:
Road
Equipment Owned
Equipment in Trust
Comparison With
Dec. 31, 1927.
+63,464.190.84
$300,125,018.45
$86,530.745.66
39,520,165.72
126,050.911.38
+1,194.202.21
$426.175,929.83
30,799.34
3.980,525.57
Deposits in lieu of mortgaged property sold
Miscellaneous Physical Property
Investments in Affiliated Companies
Stocks: Pledged
Unpledged
$647,740.00
1,471,601.42
+8.109.56
—116.584.20
62,119,341.42
+42.000.00
598,452.50
6,431.255.93
Bonds
Advances
+334.045.00
+622.819.23
9,149.049.85 -
Other Investments:
Stocks
Bonds
$25.000.00
31,074.720.04
+8,201.254.90
31,099,720.04
Total Investments
Current Assets:
Cash:
In Treasury
In Transit
Held in Trust for Belief Fund
$470,436.024.63
66,876,153.18
388,428.62
66,824.22
$7,331.406.02
40,267.41
1,698.434.11
263.687.80
878,838.33
10.218.721.91
139,622.08
47,150.50
Loans and Bills Receivable
Traffic and Car-Service Balances Receivable
Net Balances Receivable from Agents and Conductors
Miscellaneous Accounts Receivable
Material and Supplies
Interest and Dividends Receivable
Other Current Assets
Total Current Assets
Deferred Assets:
Working Fund Advances
Norfolk and Western Railway Company and Pocahontas Coal and Coke Company Joint Purchase Money Mortgage Bonds
Cost of Securities held in trust for Relief Fund
Other Accounts
Total Deferred Assets
Trustees for Norfolk and Western Pension Reserve Fund
Unadjusted Debits:
Rents and Insurance Premiums paid in advance
Discount on Funded Debt
Other Unadjusted Debits
+2,795,479.62
—.61.451.65
+200.368.05
—39,508.97
—489.394.72
—3,643.903.99
+16.613.79
+2.843.06
20,618.128.16
$14,153.72
—1.000.00
12,889.000.00
1,845,199.77
82,350.00
—378.000.00
+279,291.32
—3,450.00
14,830,703.49
2,537.006.36
$124,015.42
1,538.647.53
5,573.989.97
Securities Issued or Assumed—Unpledged
Par Value of holdings at close of year
Total Unadjusted Debits
+286,847.51
+96.688.12
—164.105.61
+1.566.524.37
$87,100.00
7.236,652.92
6515.658,515.56 +614,213,878.44
LIABILITIES.
Comparison toith
Dec. 31 1927.
Capital Stock :
Adjustment Preferred
Held in Treasury
623.000,000.00
7.700.00
Common
Held in Treasury
$140,290,700.00
2,400.00
Total Capital Stock
Long Term Debt:
Mortgage h onds
eld
Treasury
Convertible Bonds
Held in Treasury
Equipment Obligations
Held in Treasury
Total Long Term Debt
Current Liabilities:
Traffic and Car-Service Balances Payable
Audited Accounts and Wages Payable
Miscellaneous Accounts Payable
Relief Fund (Cash held in trust)
$22,992,300.00
140,288.300.00
6163.280.600.00
+8282,000.00
$95,301,500.00
36.000.00
$876,300.00
31.000.00
616,880.000.00
10,000.00
$95,265.500.00
—23,000.00
845.300.00
—313,000.00
16,870.000.00
—3,140,000.09
112.980,800.00
$755,872.08
3,506,908.99
+198.781.82
—687,472.54
294.374.22
Interest Matured Unpaid------------------------------------------------------------39,674.00
Dividends Matured 13npaid
13,356.50
Funded Debt Matured Unpaid
6,000.00
Unmatured Dividends Declared
229.923.00
Unmatured Interest Accrued
1,552.490.00
Total Current Liabilities
Deferred Liabilities:
Cost of Securities Purchased for Relief Fund
61.845,199.77
Other Accounts--------------------------------------------------------------------71,236.76
Total Deferred Liabilities
Joint Liabilities:
Norfolk and Western Railway Company and Pocahontas Coal and Coke Company Joint Purchase Money Mortgage BondsUnadjusted Credits:
Tax Liability-------------------------------------------------------$6.493.639.30
rie;eiVes
Insurance and oitifiiiiii200.799.10
Accrued Depreciation—Road
10.948.180.69
Accrued Depreciation—Equipment
31,959,289.80
Accrued Depreciation—Miscellaneous Physical Property
1.054.735.34
Other Unadjusted Credits
3,117,888.48
—298.240.69
6227.550.00
66,824.22
Total Unadjusted Credits
Corporate Surplus:
Norfolk and Western Pension Reserve
(Held by Independent Trustees.)
Additions to Property through Income and Surplus:
Road --------------------------------------------------------- $21,090,417.66
Equipment
23.305.176.27
Total Appropriated Surplus
Profit and Loss—Balance
Total Corporate Surplus
—14,191.00
+3.534.75
—39.165.00
6.398.598.79
+279,291.32
—13.604.22
1.916.436.53
12.889.000.00
—378,000,00
—577.282.70
+16,601.22
+726.357.99
+1,568,130.34
+176,790.23
+286.430.93
53,774,532.71
2.537.006.36
$44.395,593.93
117,485,947.24
+286.847.51
+40.736.43
+15.833.332.05
161,881.541.17
9515,658,515.56 +814,213,878.44
[Vol.. 128.
FINANCIAL CHRONICLE
2310
GENERAL MOTORS CORPORATION.
TWENTIETH ANNUAL REPORT FOR Iti1.4 YEAR ENDED DECEMBER 31, 1928
March 30, 1929.
To the Stockholders:—
The consolidated balance sheet and income account of
General Motors Corporation and subsidiary companies for
the year ended December 31, 1928 are submitted herewith.
Attention is called to the fact that certain subsidiaries and
affiliated and miscellaneous companies are not consolidated
in the accounts of the Corporation. A list of these companies, not consolidated, is displayed on page 23 [Pamphlet
Report.]
General Motors Corporation net earnings for the year
1928 were $276,468,108. This is after adding $4,123,838
which is the Corporation's proportion of the earnings and
losses of subsidiary and affiliated companies not consolidated but accruing to General Motors Corporation in excess
of dividends received. These net earnings compare with
$235,104,826 for the year 1927, an increase of $41,363,282 or
17.6%. After paying regular dividends on preferred and
debenture stock requiring $9,404,756 for the year, there
remains $267,063,352, being the amount earned on the common shares outstanding. This is equivalent to $15.35 per
share on the $25.00 par value common stock outstanding
at December 31, 1928, or $6.14 per share on the new $10.00
par value common stock now outstanding. This also compares with $12.99 per share earned in 1927 on the $25.00 par
value common stock, or the equivalent of $5.20 per Share
on the present issue of $10.00 par value common stock.
By comparison with previous years it will be noted that
1928 was by far the most successful year that the Corporation has yet enjoyed. During the last four consecutive years
net earnings have shown a substantial increase each Year
over the previous year. Although the record of earnings is
otherwise displayed in detail in this report, for the sake
of ready reference the following comparison is submitted:
Year—
1975
19iti
1927
1928
Net
Earnings.
$116,016,277
186.231,182
235.104,826
276.468,108
Increase Over
Previous Year.
$64,392,787
70,214,905
48,873,644
41,363,282
The regular quarterly dividend on the $25.00 par value
common stock which was established December 12, 1927 at
the rate of $5.00 per share per annum was continued
throughout the year 1928. On July 3, 1928 an extra dividend of $2.00 per share was paid. On January 4, 1929 an
extra dividend of $2.50 per share was paid to stockholders
of record November 17, 1928. There resulted a total declaration of cash dividends on the common stock in 1928 of $165,300,002, which compares with the total declaration of cash
'dividends on the common stock in 1927 of $134,836,081.
On December 10, 1928 there was authorized by the stockholders an exchange of two and one-half shares of newly
authorized $10.00 par value common stock for each share
Of $25.00 par value common stock then outstanding, which
exchange became effective is January 1929.
' After providing for the disbursements on account of dividends as stated above, there was available out of earnings
for reinvestment in the business, including the Corporation's
proportion of the earnings and losses of subsidiary and
affiliated companies not consolidated but accruing to General Motors Corporation in excess of dividends received, a
total of $101,763,350. This compares with $91,159,415 for
the year 1927.
Cash, United States Government securities and other
marketable securities at the close of the year amounted to
$215,905,230. This compares with $208,176,198 at the close
of the previous year. Sight drafts were $9,273,824; inventories $196,692,868; total current assets $468,809,287; current liabilities $173,020,983. This leaves an excess of current assets over current liabilities of $295,788,304, which
compares with $272,923,976 at the close of the previous
year. The total capital stock and surplus increased $97,639,511. Total real estate, plant and equipment accounts show
an increase of $62,513,646 over the previous year, representing an expansion in the Corporation's facilities, the purposes and neccessities of which are explained elsewhere in
this report. Reserves for depreciation of real estate, plants
and equipment show a net increase of $20,807,173 over the
•previous year. Investments in subsidiaries and affiliated
and miscellaneous companies not consolidated increased
$19,557,110, the details of which are shown elsewhere in
this report.
An Operating Review of the Year
It was stated in the annual report a year ago that the
year 1927 had resulted in a new record. It is gratifying to
be able to record the game statement for the year 1928. As
a matter of fact, for the fourth consecutive year, new records
have been established for sales of General Motors ears and
trucks to dealers as well as for sales of cars and
users by General Motors dealers and distributing
tions throughout the world. There is displayed
ready reference, a comparison of dealers sales to
the years indicated:
Years
1925
1926
1927
1928
Dealers Sales
of Cars and
Trucks to Users.
827,056
1,215.826
1.554,577
1,842,443
trucks to
organizahere, for
users for
Increase
Over
Prey. Year.
169,488
388,770
338,751
287,866
During 1924 the Corporation manufactured approximately
one car in every six produced in the United States and
Canada. In 1925 this was increased to one car in every
five. In 1926 a gain was made to approximately one car in
every four and in the year 1927 the Corporation produced
forty-four cars out of every one hundred. During the year
1928 the Corporation produced approximately forty cars
out of every one hundred produced in the United States and
Canada. During the year 1927 the production of the automotive industry was subnormal due to the absence from the
market for a large part of the year of a quantity producer.
The re-entry of that producer into the market in 1928 necessarily had an important influence on the statistical position
of the industry and the relative position of the other manufacturers. This fact, together with the generally prosperous economic conditions prevailing, resulted in an important increase in total units produced. The fact that
the Corporation was able to so nearly maintain its record
proportion of the total volume attained in 1927 is, it is
believed, a tribute to the quality of its products and the
effectiveness of its engineering, manufacturing and selling
organizations.
The Corporation's sales for the year 1928, excluding all
inter-company items, amounted to $1,459,762,906 as compared with $1,269,519,673 for the year 1927, or hn increase
of 15.0%. It was pointed out in the last annual report that
the corresponding increase in 1927 over 1926 was $211,363,335
or 20.0%. It will be noted, therefore, that from the standpoint of increase in unit and in dollar volume, as well as
in profits as already dealt with, the Corporation continues
to make progress.
The outstanding event of the year under review unquestionably was the culmination of a program which had been
under development for some time—the introduction by
Chevrolet of a six-cylinder car within the price range of
the four. The Corporation's policy of offering to the public
the maximum possible value in each price class, is well
established. As the number of units produced increases,
the possibilities of adding value at the same price likewise
increase. Recognizing some two or three years ago the
potential possibilities of the Chevrolet Motor Division, a
study was inaugurated to determine whether it would be
possible to give the world a six-cylinder car within the price
range of the Chevrolet four-cylinder car. The advantages
of a six-cylinder over a four-cylinder engine are too well
konwn to warrant any detailed discussion. It might be
stated, moreover, that although much study has been given
the subject, automotive engineers have not as yet been able
to devise ways and means to secure in a four-cylinder engine
the smoothness of performance and flexibility possible in
the six.
Intensive research work was started, supported later by
the engineering and production departments, and it was
finally decided that the program was practical.
The magnitude of the task of carrying out a change which
involved such a diversified character of complicated processes of manufacture can not be adequately described. As
a matter of fact, considering the time in which it was accomplished, it is unquestionbly one of the most spectacular
industrial transformations ever accomplished. On October
1st Chevrolet completed its four-cylinder engine-building
program although assembly operations continued until October 25th. From October 1st until November 15th the task
of the organization was to install new machinery and rebuild old machinery for the new work as well as to educate
Its forty thousand direct employes in an entirely different
problem. It had been recognized that all risk of delay must
be reduced to a minimum, and therefore, early in 1928 an
experimental motor plant, complete from beginning to end,
was developed to test out the new machinery, tools, jigs
and fixtures incident to the new program.
In addition to Chevrolet's own organization the change
Involved more or less readjustment in various other General Motors Divisions. The most important part of this
supplementary program took place within the Fisher Body
Division. It was recognized that, in order that the forthcoming model might embody every feature possible in the
way of attractiveness of appointment and appearance, a
APRIL 6 1929.]
complete re-design of bodies was essential. This involved
complete re-tooling, the magnitude of which is difficult to
appreciate without direct contact with the work itself. The
modern motor car, irrespective of price class, must not only
have all the performance characteristics necessary to meet
present road conditions, but must be outstanding in appearance and in luxury of appointment as well.
So efficiently was the work planned and accomplished
that within approximately sixty days after closing down,
the main motor plant was in production on the new model.
In the month of December sixty thousand six-cylinder motors
were produced, or an average of more than two thousand
per day. In the month of January nearly ninety thousand
cars of the new model were produced. In February production was in excess ef one hundred and twenty thousand
cars.
The complete change involved eleven Chevrolet manufacturing plants and nine assembly plants in the United States,
the Canadian manufacturing and assembly operations, some
twenty assembly plants overseas, as well as the many Fisher
Body and accessory and parts plants. An important step
in automotive progress is thus recorded. It could not have
been recorded, however, without a full appreciation on the
part of every one concerned as to the part he had to play
in the program. The job required more than engineering,
machinery, materials and substantial financial resources—
it necessitated the willingness of each to give all that he
had to give for the promotion of the cause. The stockholders
have reason to be pleased with such an accomplishment.
In addition to the development of the new six-cylinder
Chevrolet, the performance characteristics'and attractiveness of appearance of all General Motors cars were improved. This had an unfavorable influence on earnings,
due to the fact that several operations were closed down
for model changes and production schedules restricted for
a period.
As has been previously pointed out, real estate, plant and
equipment accounts show a substantial increase over the
previous year. A part of this additional investment of
capital was essential in order to increase the capacity of
the Corporation's motor car operations, which has been
reflected in their increased sales. Additional capital was
also employed in increasing the capacity of the acoessory
operations essential to the proper support of the Corporation's motor car program. In addition to all this, the Corporation is continually broadening the scope of its manufacturing operations by producing more and more of the
materials and components entering into its completed products. This required still additional capital. Increased investments in subsidiaries and affiliated and miscellaneous
companies not consolidated (therefore not reflected in the
real estate, plant and equipment accounts) have been made,
some closely allied to and some entirely distinct from and
having no relation to motor car operations. Additional
investment in working capital has also been necessary to
parallel the increase in manufacturing plant.
To amplify the above, further attention is called to the
fact that during the last four years $425,854,930 of additional
capital has been invested in the Corporation's varous operations. Of this amount $314,018,732 has resulted from earn, ings in excess of dividends paid, including the Corporation's
proportion of earnings and losses of subsidiary and affiHated companies not consolidated but accruing to General
Motors Corporation in excess of dividends received, $29,104,167 from the sale of $25,000,000 additional preferred stock
and $82,732,031 incident to the acquisition in 1926 of the
minority interest of Fisher Body Corporation. This additional capital has, in general been employed in the following
manner:
(a) Production facilities of the car manufacturing divisions have been materially expanded. There has resulted
the ability to manufacture a larger number of units on which
the aggregate profit has been increased and the cost per
unit reduced, on account of this increased volume.
(b) Production facilities of the accessory manufacturing
divisions have likewise been expanded in proportion to the
increased demands made by the car manufacturing divisions
with results similar to those mentioned above.
(c) The scope of the Corporation's manufacturing operations has been boadened by producing more and more of
the components entering into its completed products. In
addition to the satisfactory return on the increased capital
thus employed, there has resulted, in general, a lower cost
and a better product, thus reacting favorably on the Corporation's general program.
(d) Merchandising operations have been expanded; I. e.,
the Corporation's products have been carried closer to the
ultimate consumer. This applies almost entirely to the
Corporation's overseas operations where, through the establishment of assembly plants and warehousing operations in
various parts of the world, an increased proportion of the
Corporation's products are sold directly to dealers, resulting
in a more satisfactory relationship and a lower price to the
ultimate user.
2311
FINANCIAL CHRONICLE
(e) Capital has been employed in other productive enterprises in part allied to the Corporation's general activities.
Thus large sums have been invested in General Motors
Acceptance Corporation, Frigidaire Corporation, General
Exchange Insurance Corporation, and in other activities.
These investments contribute materially to the total earnings of the Corporation.
The extent to which it may be possible in the future to
employ additional capital in any of the above ways will
govern, all other things being equal, the extent to which
the Corporation's aggregate profits may be still further
increased. Notwithstanding the rapid expansion of the industry of which the Corporation's major operations are a
part and the very intensive development which that industry
has attained, yet each year offers opportunities for further
development. The policy of the Corporation will be to avail
Itself of such opportunities as appear to be safe and profitable.
It has been pointed out in previous annual reports, and
It is repeated for emphasis, that the total earnings of the
Corporation must not be taken as a measure of its earnings
from the motor car divisions. Notwithstanding the fact
that the Corporation's motor car operations are equally if
not more completely self-contained than those of competitors, yet the motor car operations contribute only about onehalf of the Corporation's total profits. The expansion of
the Corporation's activities aside from motor car operations,
as outlined above, has contributed importantly to the increase in net profits of the Corporation and it is to be expected that this tendency will continue from year to year.
It is hoped that the improvement in the Corporation's
position, as measured by the number of cars produced and
sold, as well as by turnover of capital, net profits and financial position, will continue to be satisfactory to the stockholders. Yet, perhaps, it should be stated that even more
gratifying and encouraging to the management is the development of procedures and policies dealing with the
operating problems which a business of this magnitude must
necessarily encounter. These developments are bound to
have a tremendous influence in continuing progress as well
as stabilizing and solidifying the general position of the
Corporation throughout the world.
The policy of the Corporation, as has been previously outlined, is to build a line of cars from the lowest to the highest
price justified by quantity production. The tremendous
growth in the number of cars sold affords an opportunity
to offer to the public a car in every price class and also,
as circumstances justify, to offer cars differing in type and
characteristics within the same price class, thus attracting
additional business to the Corporation. As a matter of fact,
it is within the scope of the manufacturing facilities of the
Corporation to make practically any type or design of motor
vehicle. Its engineering policy will not be confined to any
particular design or construction, although only those
designs or constructions will be offered to the public which
embody sound principles and afford safe, durable, economic
and effective transportation.
General Motors Overseas
Reference has been made in previous reports to the expansion which has taken place from year to year in the
Corporation's business overseas. Overseas sales in units
during the year under review aggregated 282,157 cars and
trucks, representing a wholesale value of $252,152,284. The
trend during the past four years is presented herewith:
Year—
1925
1926
1927
1928
Number
of Cars
Increase Over
and Trucks Previous Year
100.894
118,791
193,830
282.157
36,049
17.897
75,039
88.327
Net
Sales
Wholesale.
$77.109,696
98,156,088
171,991.251
252.152.284
Increase Over
Previous Year.
$26,180.374
21,046,392
73,835.163
80.161.033
The very rapid increase in overseas business and the carrying of the organization nearer to the user has required the
investment of large amounts of additional capital on which
a satisfactory return is being made.
One of the most gratifying and encouraging features of
the Corporation's progress is its gain in strength in overseas
countries. It is recognized that the curve of development
within the United States must necessarily flatten out—
as a matter of fact it already has—as the years progress.
The opportunity for further progress in all overseas countries, however, is and will continue to be great for many
years to come. Such a development brings with it important
and difficult problems of organization. To build a personnel
to handle an overseas business of this magnitude with the
necessary standards of efficency and effectiveness is a tremendous undertaking. The stockholders have a right to be
pleased with what has been accomplished. Although the
Corporation has a dominating position in practically all
overseas countries, it is hoped and believed that this position can be strengthened still further. The policy referred
to in previous reports, of making the Corporation a real
factor in the industrial life of each country in which it
operates, will be continued. This means the establishment
by the Corporation of local organizations, supported by
assembly plants as increasing volume justifies. Such a
2312
FINANCIAL CHRONICLE
[VOL 128.
policy brings the Corporation's own organization in closer
It is the belief, based upon the former experience of the
contact with the ultimate user and enables prices to be Better Corporation, that the decentralization of these activities
controlled and stabilized in the interest of the user. Inven- Into separate and distinct responsible managements will
tories can be handled in such a manner that the most satis- mean increased effectiveness from every standpoint.
factory results are obtained. All this means a more effectEthyl Gasoline Corporation
ive operation. It enables the Corporation also to deal more
constructively with that most important factor—service.
Lack of space makes it impossible to deal separately with
each of the Corporation's activities. Due to the special
General Motors Acceptance Corporation
nature of Ethyl Gasoline Corporation, its purpose and prosThis organization continues to effectively support the pects have been mentioned in previous reports. During the
selling divisions in furthering the sale of General Motors year under review gratifying progress has been made and
products at home and abroad. During the year the Corpo- there has resulted a satisfactory profit. For the sake of
ration subscribed to additional capital stock of General those who may not be familiar with the previous record, it
Motors Acceptance Corporation to the amount of $6,250,000. might be stated that Ethyl Gasoline Corporation was organThe total capital, surplus and undivided profits of General ized to commercialize an important development emanating
Motors Acceptance Corporation is now $64,239,934. The from the Corporation's research activities. By the addition
extent of its operations throughout the world may be visual- of a very small amount of tetra-ethyl lead, it is possible to
ized when it is stated that, in order to contact as closely so change the characteristics of ordinary gasoline as to
as possible with the Corporation's dealers and distributors, enable the compression of the engine to be materially raised.
it conducts fifty-four branch offices situated in various In view of the fact that the performance as well as the econcities in the United States. For the same purpose it operates omy of operation of any engine of the automotive type is
in eight points in Canada and in fifteen overseas countries. increased through higher compression, it naturally follows
It requires an organization of about six thousand individuals that this development makes possible either substantially
to conduct its business. Total volume handled in 1928 was Increased power from the same size of engine or greater
close to $1,000,000,000. The financial position and standing fuel economy. As a matter of fact, the discovery of this
of this Company as a banking institution is unquestioned. principle and its exploitation has resulted in much progress
This has resulted from a strict adherence to sound principles being made in coordinating the present-day fuel with the
of policy as well as from the highly efficient manner in present-day engine, with resulting increases in efficiency
which the business has been administered.
and effectiveness. Further progress is bound to be made in
that direction. The Ethyl Gasoline Corporation has conYellow Truck & Coach Manufacturing Company
tracts with the most important oil producers and distributors
As has been recorded in previous reports, the Corporation for the distribution of its products. It is believed that this
effected a consolidation between the Yellow Cab Manufac- company will continue to contribute increasingly to the
turing Company and the Truck Division of the Corporation Corporation's earnings. General Motors Corporation owns
in the year 1925. As a result of this consolidation the Cor- a one-half interest in Ethyl Gasoline Corporation.
poration obtained a controlling interest in the common
Cooperative Plans
stock equity of the Yellow Truck & Coach Manufacturing
Previous annual reports have dealt with the various plans
Company, organized at that time. The operations of this
Company have, so far, been disappointing. It was recog- which have been developed by the Corporation for the purnized that a complete reconstruction of the Company's prod- pose of promoting the well-being of its operating organizaucts and manufacturing facilities was essential. A program tion. Stockholders must necessarily appreciate that, irrewas undertaken that provided, among other things, for the spective of the number of millions of dollars that the Corpobuilding of a suitable manufacturing plant and the concen- ration may have invested in real estate, buildings, machintration of the Company's scattered operations, with the ery, inventories or cash, and while recognizing the essential
exception of the engine plant, at one location in Pontiac, part that such investments play, yet after all the ability to
Michigan. As a result of this reorganization a substantial capitalize that investment in the form of a satisfactory
loss was recorded in the year 1927, and operations in 1928 profit from year to year, depends upon the loyalty, effihave also been adversely influenced. The Company's new ciency and effectiveness of the operating organization. It
products have been well received. Important economies Is believed that General Motors Corporation is taking an
have resulted from the new manufacturing facilities made advanced stand in establishing the principle that each memavailable and, although the year 1928 resulted in a loss, it ber of the organization is entitled, in addition to the daily
Is believed that the period of readjustment is now com- wage, to an opportunity to participate financially, in some
form or other depending upon his relative position, in the
pleted.
progress of the Corporation. In this way a partnership
Changes in Divisions
relationship to the 'business is developed, the effect of which
In line with one of the fundamental policies of the Cor- upon the efficiency of the organization is an important conporation—decentralized operations with coordinated control sideration.
—the following changes have been made during the past
Due to the rapid growth of the Corporation's business and
year in the Corporation's subsidiary organizations:
the resultant enlargement of its earnings, the plans adopted
Delco-Light Company—From the Delco-Light Company in applying this principle of participation have already
there have been created two organizations: first, the Delco- substantially furthered (as in the future they should conLight Company which is engaged in the manufacture of tinue to further) the attainment by the members of the
farm electric power and light plants and water systems to organization of financial independence in greater or less
supply those localities that have not been reached by trans- degree. This should and will, if properly dealt with, have
mission lines of central power stations; and second, the the effect of making possible a higher standard of achieveFrigidaire Corporation which is manufacturing and mer- ment, not only through the stimulating effect of financial
chandising the well-known automatic refrigeration system incentive, but also by facilitating the maintenance of an
"Frigidaire." The separation of the Delco-Light Company efficient personnel. Individuals who have been loyal and
into these two operating subsidiaries makes it possible for effective members of the organization for many years but
each organization to concentrate on one line of activity and whose effectiveness is declining for any cause whatsoever,
thereby to give greater intensity to its operations. This in must be replaced if efficiency is to be maintained. Means
turn results in increased sales, a quicker turnover of capital should be provided whereby this can be effected without inemployed, and consequently a greater return to the Cor- justice and without resulting hardship to themselves or
poration.
their dependents. They are entitled to that consideration.
Delco-Remy Corporation—As of December 31, 1928 the Financial independence, even in limited degree, enables the
Delco-Remy Corporation has been reorganized. From this situation to be dealt with, having solely in mind the prime
subsidiary there have been created three companies: first, necessity of efficiency. Younger men can then take up the
the Delco-Remy Corporation which is engaged in the manu- burden—men having their position in'life to create; men
facture of starting, lighting and ignition systems, horns, with new ideas, new enthusiasm and ambition to do bigger
locks and storage batteries for motor cars; second, the Delco things. This policy cannot help having a stimulating inProducts Corporation which is engaged in the manufacture fluence, besides making possible the maintenance of a high
of aviation ignition systems, Lovejoy shock absorbers and standard of efficiency.
fractional horsepower electric motors used by Frigidaire;
Managers Securities Company—This plan was inauguand third, the Guide Lamp Corporation, which was formed rated in 1923 for the purpose of enabling the more important
by the purchase in 1928 of the Guide LaniP Company of executives of the Corporation to acquire a substantial interCleveland, Ohio, and its consolidation with the automobile est in the Corporation's common stock. It is essential, in
lamp business previously carried on by the Delco-Remy Cor- developing a personnel of the degree of ability required to
poration. The consolidation of the cowl and tail lamp bus- cope with the Corporation's tremendous operating and
iness previously carried on by the Delco-Remy Corporation financial problems, that the more important executives
with the Guide Lamp Company, one of the outstanding should be placed in a position from the standpoint of finanautomobile lamp companies, enables the Corporation to take cial reward comparable to what they would occupy were
a more aggressive position in the development of satisfac- they conducting a business on their own individual account.
tory lighting equipment. This step will make for better In no other way, it is believed, can the Corporation attract
safety factors in driving automobiles at night, which is a to its organization the type of executive absolutely essential
most important consideration.
to its continued success. This plan took the form of Man-
APRIL 6 1929.]
FINANCIAL CHRONICLE
agers Securities Company. It continues to justify its purpose. At a meeting of the General Motors stockholders on
May 11, 1927 a plan was approved which provided for the
purchase over a period of years of a substhntial block of
common stock by the Corporation to be available for the
formation of a second Managers Securities Company at the
expiration of the present plan at the end of 1930. Whatever
form the new plan may take will be submitted to the stockholders, in due course, for final approval.
Bonus Plan—There were allotted during the year 195,570
shares of the new $10.00 par value common stock as bonus
awards to 2,513 employes for conspicuous service during
the year. Under the terms of the Bonus Plan the stock to
be allotted is purchased in the open market and the cost
thereof charged against earnings. Bonus awards by years
since the inception of the plan, including the distribution
for 1928, are set forth elsewhere in this report.
Employes Savings and Investment Plan—This plan was
originally adopted in 1919 and has been modified in detail
as experience has justified. It now provides that employes
may make monthly or semi-monthly payments to the Employes Savings Fund not to exceed 20% of their wages and
not to exceed an annual total of $M. For each dollar put
into this fund by an employe, the Corporation puts fifty
cents into the Employes Investment Fund which is credited
to the employe over a period of five years. Employes have
the right to withdraw their savings from the Savings Fund,
plus interest, but if they withdraw before the end of five
years, they are subject to certain forfeitures in respect to
the Corporation's contribution to the Investment Fund,
except that the savings may be applied to the purchasing
or building of homes without losing any benefits of the plan
Whatsoever. Since this plan has been inaugurated 18,400
employes have utilized it to assist in the buying and building of homes. At the close of 1928, 158,753 employes, or
89.0% of those eligible, were participants in this plan.
At the end of 1928 the fifth class, which was that of 1923,
matured and as a result there was paid to 12.033 employes,
the following:
On account of their savings
$1,592,620
On account of 6% interest on savings
601,490
On account of amount accumulated in the Investment Fund,
representing accumulation on account of contributions made
by the Corporation five years ago (this amount is represented
by 147,185 shares of new $10 par value common stock of the
Corporation at market value at the time of distribution)
*11.995,578
This makes a total value of
$14,189,688
*Note.—This amount is not the same as shown in Employes Savings
and Investment statement on page page 30 !pamphlet report] because
that statement shows cost of stock to Corporation, whereas this amount
represents the market value of said stock at time of distribution as stated.
An employe who paid in $300 during the year 1923 received
In January, 1929 on maturity, cash and securities having
a market value of $2,680. This was only possible due to
the fact that through the investment of the Corporation's
contribution in common stock of the Corporation the employe
became, in a measure, a partner in the success of the Corporation's activities in which he plays a part. A summary
of the results of the Savings and Investment Plan from inception is shown on page 30 [pamphlet report].
Group Insurance Plan—The Group Insurance Plan, applicable to all employes of General Motors, its subsidiaries and
affiliated companies, was inaugurated in 1926. The results
of this plan have been highly satisfactory. At the close of
1928, 180,383 employes, or 98.3% of those eligible, were insured under the provisions of the plan. During the year
1928 General Motors lost, through death, 1,041 of its employes insured under this plan. The families of a large
percentage of those employes were dependent, during the
period of readjustment, on the funds made available by this
plan. During the year the plan was enlarged to include
Increased death benefits and in addition health and nonoccupational accident insurance.
Preferred Stock Plan—This plan, inaugurated in 1924,
recognized the importance of affording a suitable investment for the Corporation's employes, particularly those unfamiliar with the selection of proper securities for investment. The plan provides for the sale of General Motors
preferred stock to employes, who may subscribe in amounts
proportionate to their earnings but not to exceed ten shares
per employe in any one year, to be paid for through monthly
instaments over a period of one year. As a special inducement the Corporation makes an extra payment of $2.00 per
share each for a period of five years to employes availing
themselves of this offer. This plan is particularly of value
to employes as the Savings and Investment Fund classes
mature. It enables them to obtain a security of standing
and worth in which such funds may be safely invested at
an unusually high rate of return, otherwise the purpose and
value of the Savings and Investment Plan itself is likely to
be jeopardized. There is recorded on page 31 [pamphlet
report] the number of shares purchased and subscribed to by
employes.
Executive Educational Work—The annual report of 1927
dealt with the necessity of the development, through proper
selection and training, of employes having potentiality for
responsibilities of management throughout the Corpora-
2313
tion's operations. There is a full realization of the importance of this problem as affecting the future prosperity of
the Corporation. For that purpose the Corporation has
provided a building and equipment at Flint, Michigan, one
of its largest manufacturing centers, and is operating its
educational work under the designation of General Motors
Institute of Technology. Aside from the investment in the
building and equipment, practically the entire cost of operation is covered by income received from those enjoying the
privileges of this institution, the contribution on the part
of the Corporation being of practically negligible amount.
Although this activity has been under development in a
limited way for a number of years, the work is really only
beginning. It is expected that rapid development will take
place in giving special training to an increasing number of
the members of the organization. This is bound to result
in an improvement in the efficiency and effectiveness of
the Corporation's operating organization.
Housing for Employes—Previous reports have from time
to time dealt with this subject. The policy has in no sense
been changed. Sale of property to employes has continued
during the year. Additional sums have been temporarily
advanced for the erection of additional houses on property
already owned by the Corporation. It is believed that every
proper incentive and facility should be offered by the Corporation to promote home building and home ownership on
the part of its employes. In addition to this it is important
that employes should be protected against abnormal coatis.
The following subsidiaries continue to handle this phase of
the Corporation's activities: Modern Housing Corporation,
Modern Dwellings Limited, Bristol Realty Company and
New Departure Realty Company: The assets of these companies are not consolidated in the balance sheet of the Corporation, but the latter's investment in the same is included
in the investment in subsidiaries and affiliated and miscellaneous companies not consolidated as shown on page 23
[pamphlet report].
Goodwill and Patents
Previous reports have dealt with these items and pointed
out the relatively small amount at which they are carried
on the Corporation's balance sheet. It is in line with
precedent to recognize goodwill in substantially the manner
that it is dealt with in the financial statement, yet in the
broader aspect of things this is an entirely inadequate
recognition of such an important factor in any institution.
deneral Motors differs from institutions in other industries,
among other ways, through the fact that the stability of
Its position and its future success are predicated to an important degree upon the favorable attitude of a tremendous
majority of the public both at home and abroad, who are
either in a position or who will eventually come into a position where they are prospects for one or another of the Corporation's various products. Irrespective of how impressive
the balance sheet may be, the intangible item of the goodwill
of the public toward the Corporation, its policies and its
products is of incalculably greater value. That principle
is fully recognized and the policy will continue to be to
conduct the operations of the Corporation with a view to
increasing the value of this most important asset.
In General
During the year 1928 there have been no important
changes in policy. While fully recognizing the importance
of constructive decisions on the many daily problems that
present themselves, consideration is at all times being given
to the fact that the business must go forward; and that
however effectively to-day's task may be accomplished, a
better result is essential to-morrow if continued progress is
to be recorded. The recognition of this principle and the
spirit of cooperation and confidence in one another which
it is believed exists universally throughout the Corporation's extensive organizations both at home and abroad,
will be outstanding factors in influencing the future of the
institution.
It is the purpose of this report to record such important
events as occurred during the year under review as will be
of interest to the stockholders. It is not within its province
to forecast or discuss probabilities for the year 1929.
By order of the Board of Directors,
ALFRED P. SLOAN, Jr., President.
LAMMOT DU PONT, Chairman.
HASKINS & SELLS
Certified Public Accountants
Offices in the Principal Cities of
the United States of America
—and in—
London, Paris, Berlin, Shanghai,
Manila, Montreal, Havana, Mexico City
Executive Offices
15 Broad Street
New York
Cable Address "Hasksells"
General Motors Corporation, Broadway at 57th Street,
New York.
We have made a general general examination of your accounts for the purpose of verifying the stated financial
FINANCIAL CHRONICLE
2314
condition at December 31, 1928, and of reviewing the operations for the year ended that date, and have satisfied ourselves as to the general correctness of the accounts.
We have verified the provision for your Federal income
tax liability for the year 1928, but have made no study of
the existing situation with respect to tax adjustments applicable to prior years, inasmuch as you have a special department to handle such tax matters. We have not examined
the minutes of your governing bodies.
WE HEREBY CERTIFY that, subject to the above, the
accompanying Condensed Consolidated Balance Sheet, December 31, 1928 and 1927, and related Summaries of Income
and Surplus for the years ended those dates, in our opinion,
are correct.
(Signed) HASKINS & SELLS.
New York February 11, 1929.
SUMMARY OF CONSOLIDATED INCOME FOR THE YEARS
ENDED DECEMBER 31 1928 AND 1927.
Year Ended
Year Ended
Dec. 31 1928.
Dec. 31 1927.
Profit from operations and income from investments, after all expenses incident
thereto, but before providing for depreciation of real estate, plants, and equipment
$362.853,572.46 5326.126,716.54
Provision for depreciation of real estate,
plants, and equipment
30.515,441.44
26,928,657.89
Net Profit from operations & investments_$332,338.131.02 $299,198,058.65
Non-operating profit (net)
9,916,560.05
2,766,642.08
Net Profit
$342,254,691.07 $301.964,700.73
Less: Provision for:
Employes' bonus
$12,408,594.97 $10,488.071.53
Amount due Managers Securities Company
12,408,594.97
10,488,071.53
Employes' savings and investmentfund 10.470,074.77
7,214.661.93
Special payment be employes under
stock subscription plan
58.976.00
40,412.00
Total
$35,346,240.71
$28,231,216.99
Net Income before Income Taxes
$306.908,450.36 $273,733,483.74
Less: Provision for United States and foreign income taxes
33,349,359.75
34,468.759.22
Nei Income for the Year
$273,559,090.61 $239,264,724.52
General Motors Corporation's Proportion of
Net Income
$272,344,269.93 5238,319,009.48
Dividends on preferred and debenture
capital stocks:
Seven per cent preferred
$9,168.577.83
Six per cent preferred
98,154.50
Six per cent debenture
138,024.50
Total
0.404,756.83
$8,850,590.50
104,911.50
153,828.00
$9,109,330.00
Amount Earned on Common Capital Stock_*3262,939,513.10*$229,209.679.48
*Note.
-Including the General Motors
Corporation's equity in the undivided
profits of General Motors Acceptance Corporation (100%), Yellow Truck & Coach
Manufacturing Company (50.002%).
Ethyl Gasoline Corporation (50%), General Exchange Insurance Corporation
(100%). and Vauxhall Motors, Limited
(100%), the amount earned on the common capital stock is
$267.063,351.53 $225,995,495.76
SUMMARY OF CONSOLIDATED SURPLUS FOR THE YEARS
ENDED DECEMBER 31 1928 AND 1927.
Year Ended
Year Ended
Dec. 31 1928.
Dec. 311927.
Surplus at beginning of year
$187,819,083.30 $89.341,318.47
General Motors Corporation's proportion
of Net Income, per Summary of Consolidated Income
272,344,269.93 238,319,009.48
Capital surplus arising through the sale
above par of 250,000 shares of seven per
cent preferred capital stock
4.104,166.75
Capital surplus arising through the exchange of six per cent debenture and six
per cent preferred capital stocks for
40,890.00
seven per cent preferred capital stock
75,375.00
Amount transferred to reserve for sundry
contingencies, by order of the Board of
40,890.00
75,375.00
Directors
Total
$460,163,353.23 $3331,764,494.70
Less cash dividend paid or accrued:
Seven per cent preferred capital stock.._
Six per cent preferred capital stock_ __Six per cent debenture capital stock_ _ -
Common capital stock:
March 12 ($1.25 on 17,400.000 shares
in 1928)
June 12 ($1.25 on 17,400,000 shares
in 1928)
July 3 ($2.0o extra on 17.400,000
shares in 1928)
Sept. 12 ($1.25 on 17,400,000 shares
in 1928)
Dec. 12 ($1.25 on 17,400.000 shares
in 1928)
Dec. 12 (52.50 extra on 17,400,000
shares in 1928. Payable Jan.4 1929)
5468,809,287.27 5432,280,122.51
LIABILITIES, RESERVES, AND CAPITAL.
Dec. 31 1928.
Dec. 31 1927.
Current Liabilities$61,244,891.61 $51,828,549.12
Accounts payable
20,671,868.35
Taxes, payrolls,and sundry accrued items_ 24,180,315.35
33,225,608.63
United States and foreign income taxes
35,224,309.26
Employes savings funds, payable during
9,302,494.26
6,564,262.63
1929
Accrued dividends on preferred and de1,567,672.96
1.567,218.63
benture capital stocks
Extra dividend on common capital stock,
payable January 4 1929 (for 1927, pay43.500,000.00 43,500,000.00
•
able January 3 1928)
$173,020,982.81 5159,356,147.36
Total Current Liabilities
Reserves
Depreciation of real estate, plants, and
$162,680,112.72 $141,872,939.54
equipment
6,316.320.00
Employes investment fund
9,019.707.50
Employes savings funds, payable subse14,933,833.65
23,100,639.43
quent to 1929
11,715,710.51
14,078.560.38
Employes bonus
2.532.511.89
Sundry contingencies
3,943,565.78
Total Reserves
$211.411,561.92 $178,782,369.48
Capital Stock and Surplus
Capital stock of General Motors Corporation:
Seven per cent preferred * (authorized,
$500,000,000)
$131,108,300.00 $130,835,700.00
Six per cent preferred (authorized and
outstanding)
1,579,500.90
1,713,400.00
Six per cent debenture (authorized and
outstanding)
2,228,200.00
2.366,900.09
Common,$25 par value (authorized. 30,000,000 shares. Issued and outstand435.000,000.00 435.000.000.00
ing, 17,400,000 shares)
Total Capital Stock
$569,916,000.00 $569,916,000.00
Interest of minority stockholders in subsidiary companies with respect to capital
3,087,730.12
2,603,975.44
and surplus
285,458,594.63 187,819,083.30
Surplus
$858,462,324.75 $760,339,058.74
Total Capital Stock and Surplus
Total Liabilities, Reserves, and Capital_ $1,242,894,869.48 51098477,575.58
* The seven per cent preferred capital stock is preferred as to assets and
dividends over all other capital stocks of the Corporation under charter
amendments adopted June 16 1924.
Detail of Investment in Subsidiaries aotd Affiliated
and Miscellaneous Companies
In the condensed consolidated balance sheet of General
Motors Corporation the investment in subsidiaries and affiliated and miscellaneous companies not consolidated is carried at $117,819,123.62 as of December 31, 1928, as compared
with $98,262,013.86 at December 31, 1927. This consists of
investments in companies not consolidated in the account$
of the Corporation.
A list of these investments and the value at which they
are carried on the books of the Corporation follows:
Dec. 311928.
Dec. 31 1927.
General Motors Acceptance Corporation_ $50,000,000.00 $43,750,009.00
Yellow Truck & Coach Manufacturing Co.. *30,669,251.51
24,091,000.00
750,000.00
Ethyl Gasoline Corporation
750,000.00
General Motors Building Corporation_ _ _ _
7,695,777.35
8,627,635.95
4,245,442.11
Vauxhall Motors, Limited
6,219.181.47
Argonaut Realty Corporation
3.145,317.90
8,298.277.36
Investment in Housing Facilities
Bristol Realty Company
425,000.00
425,000.00
House Financing Corporation
190,000.00
170,000.00
Modern Dwellings, Limited
141.550.09
162,665.55
Modern Housing Corporation
8,935,368.93
10,149,733.11
New Departure Realty Company
227,602.04
240,561.63
Miscellaneous
3,733,096.84
3,303,675.64
$8.850,590.50
104,911.50
153,828.00
59,109.330.00
Total Investment in Subsidiaries and
Affiliated and Miscellaneous Companies not Consolidated
$117,819,123.62 $98,262,013.86
$21,750,000.52 $17,395,751.75
* Of this amount, $9,668,251.51 is represented by Yellow Truckj&
ss-1.040
Coach Manufacturing Co. 7% preferred stock. .
21.750.000.45
17,396,603.00
34,800.000.00
17,396,603.00
21,750,000.43
17,397,123.00
21.750,000.37
21,750.000.65
43.500,000.00
43,500,000.00
$165,300.001.77 5134,836.081.49
5285.458,594.63 5187.819.083.30
Note.
-Bee Page 26 [pamphlet report] for detail of dividend payments
made prior to the year 1928.
Total Current Assets
Fixed Assets
Investment in subsidiaries and affiliated
and miscellaneous companies not consolidated
$117,819,123.62 598,262,013.86
General Motors Corporation capital stocks
held in treasury for corporate purposes
(in 1928. 495,744 shares common, $49,528,067.89; 4,215 shares 7% preferred,
0,0 3,193.19
$525,125.30)
31,338,034.37
Real estate, plants, and equipment
542,987,154.81 480,473,308.46
Deferred expenses
19,552,634.95
12,436,188.01
Good-will, patents, etc
43,673.475.64 43,687,708.37
$774,085,582.21 $666,197,453.07
Total Fixed Assets
$1,242.894,869.48 51098477,575.58
Total Assets
39,168.577.83
98.154.50
138,024.50
Total cash dividends paid or accrued-$174,704.758.60 3143.945.411.40
Surplus at end of year
CONDENSED CONSOLIDATED BALANCE SHEET AS OF
DECEMBER 31 1928 AND 1927.
ASSETS.
Current Assets- .
Dec. 31 1928.
Dec. 311927.
Cash
$99,189,838.71 $132,272,217.78
United States Government securities
112,351,174.48
75,542,697.94.
Other marketable securities
4.364,216.70
361,282.00
Sight drafts with bills of lading attached.
and C. 0. D.items
,
9,273,824.28
14,649,997.20
Notes receivable
1.560.677.71
8,788,452.77
Accounts receivable and trade acceptances,
less reserve for doubtful accounts (in
1928. $1,229,649.24; in 1927, 52.293,437.10)
31,646.088.80
34,565,680.14
Inventories at cost or market, whichever
is lower
196,692.868.08 172,647,715.62
Prepaid expenses
3,600,345.42
3,583,232.11
$9.404,756.83
Total
Total
[vol.,. 128.
BALANCE:SHEETZAS OF DECEMBER 31 1928.511
Yó: 1 ASSETS. p ekl
WOW'
Cash im'Banks and on Hand
$55.397,794.59
Notes and Bills Receivable:
$279,083,829.83
United States and Canada
43,549,868.62
Foreign
322,633,698.45
Accounts Receivable
1,158,598.72
1.605,189.15
Furniture and Equipment, less depreciation
Investments:
General Exchange Insurance Corporation 55,222,703.77
General Motors Acceptance Corporation
134,831.78
of Delaware
6,000.00
Other
5,363,535.55
Deferred Charges
4,359.178.87
Total Assets
$390,557,995.33
Liabilities.
540,000,000.00
10,000,900.00
14,239.934.11
Capital Stock
Surplus
Undivided Profits
564.239,934.11
Ten Year Sinking Fund 6% Gold Debentures, due February
48,000,000.00
1 1937
Five Per Cent Serial Gold Notes:
40,000.000.00
$5.000,000 due annually March 1 1929 to 1936
Notes and Bills Payable:
Gold Notes, United States
$152,374,000.00
Demand Notes, Canadian and Foreign
18,444,032.29
Bankers Acceptances Discounted
32,160,000.00
Bills of Exchange Discounted
3,237,105.49
206,215,137.78
3,514,869.96
'Accounts Payable
Dealers' Repossession Loss Reserves
7.056,173.38
Accrued Interest Payable
1,871,224.83
Unearned Income
11,638.391.63
Years Ended Dec. 31-
uloo*
1910*
1911a
19126
19136
19146
19155
19166
19176
1917e
1918
1919
1920
1921
1N2
1923
1924
1925
1926
1927
1928
Total
2315
FINANCIAL CHRONICLE
APRIL 6 1929.]
Reserves:
Receivables
Contingencies
Taxes
Miscellaneous
54,596.053.38
1,000,000.00
2.076,098.28
350.111.98
8.022,269.6.4
$390,557,995.3S
Total Liabilities
Record of Earnings
Net sales, net income, amount paid in dividends and the
amount reinvested in the business since the beginning of
General Motors are shown in the following table. Net income and amount reinvested in the business beginning 1922
include General Motors Corporation's equity in the undivided profits of subsidiary and affiliated companies not
consolidated.
Net Saks.
$29,029,875
49,430,179
42.733,303
64,744.496
85,603,920
85,373,303
94,424,841
156.900,296
172,677.499
96.295,741
269,796,829
509,676,694
567,320,603
304,487,243
463,706,733
698,038,947
568,007,459
734,592.592
1,058.153,338
1,269,519.673
1,459,762.906
Net Income
Available for
Dividends
$9,114,498
„
3,316,251
3,896,293
7,459,471
7,249,734
14,457.803
28,789,560
24,780,916
14,294,482
14,825,530
60,005,484
37,750.375
d38,680,770
54,474,493
72,008,955
51,623,490
116,016,277
186,231,182
235.104.826
276.468,108
Preferred
Dividends.
$417,621
.
842,074
1,040,211
1.048.534
1.048,679
1,048,964
1.048.964
1,048,964
491,890
1.920,467
4,212,513
5,620,426
6,310,010
6,429.228
6,887.371
7,272,637
7,639,991
7,645,287
9,109,330
9,404,756
Balance
Available
for Common
Stock
$8.696,877
9,582,420
2.474.177
2.856,082
6,410,937
6,201,055
13,408,839
27,740,596
23,731.952
13,802,592
12.905,063
55.792,971
32,129,949
444,990,780
48,045,265
65,121,584
44,350,853
108,376,286
178,58.5,895
225,995,496
267,063,352
$8,780.276,470
$1,189,412,325
$81.130,864
$1,108,281,461
Income
Cash Divi- % Income Disbursed
dends paid In Cash Dividends Reinvested
in the
op. Preferred and
on Common
Business
Stock.
Common Stocks.
58.696.877
4.58%
9.582,420
6.29%
2,474,177
25.39
26.70
2,856.082
6,410,937
14.06.
6.201,055
14.47%
13,908.839
7.26%
17,010,437
40.91%
$10,730.159
34.22%
16,301.650
7.430.302
11.508.393
2.294,199
19.49%
1.667.753
88.75
11,237,310
38.988.490
17,324,541
35.89
14,236.660
17,893,289
62.29
465,459,056
20,468.276
10,177,117
37,868,148
30.48%
24,772,026
43.97%
40.349,558
19,320.221
25.030,632
62.579'
46,441,065
61.935.221
59.97%
103.930,993
74,654,902
59.91%
134.836.981
61.23%
91,159,415
165.300.002
63.19%
191,763.350
5613.360.148
58.39%
$494.921.313
Notes.
-General Motors Corporation WM Incorporated October 13 1916, succeeding General Motors Company, organized September 16 1998.
* Fiscal years ended October 1. a Ten months ended July 31 1911. b Years 1912-1917 inclusive are fiscal years ended July 31. c Five months
ended December 31 1917. d Deficit.
Record of Dividend Payments
value stock for one share of the old $25 par value stock was
A detailed record of the dividends declared by quarters ratified.
The payments by years upon the common stock, since the
during 1928, together with the dates of payment, is as folorganization of General Motors Corporation of Delaware;
lows:
the present Corporation, follow:
7%
•
Prof.
Periods. Stock.
1st Quar.$1.75
2d Quar.. 1.75
6%
6%
Date
Stock
Sloe
Date
1917
-Common $100 par, $10.00. Initial $1.00 was paid February 1 1017
Deb. Prof.
of
of
Com,
of
of
and thereafter $3.00 quarterly to and including February 2 1920.
Stock. Stock. Pam's. Record. Stock. Payment.
Record.
-Common $100 par. $12.00.
$1.50 $1.50 Feb. 1 Jan. 9 $1.25 Mar. 12'28 Feb. 18'28 1918
1919
--Common $100 par, $12.00.
1.50 1.50 May 1 Apr. 7 1.25 June 12'28 May 19'28
--Common $100 par, $5.50. On and after March 1 1920 tort shares
Extra 2.00 July 3'28 May 20'28 1920
no par value common exchanged for each share of $100 par value
8d Qua% 1.75 1.50 1.50 Aug. 1 July 9 1.25 Sept. 12'28 Aug. i828
Final dividend on $100 par was $2.50 cash and 3 share no pa'
4th Qua% 1.75 1.50 1.50 Nov. 1 Oct. 8 1.25 Dec. l228 Nov. 1728
stock, paid May 1 1920.
:Extra 2.50 Jan. 4'29 Nov. 17'211
-Common no par. 75 cents cash and 3-40ths of a share of no par
x The extra dividend of 62.50. payable January 4 1929 to stock of record Novemvalue stock. Initial quarterly payment of 25 cents cash and 1-40
ber 17 1928 was declared November 18 1928.
share of no par value stock was made May 1 1920 and continued
on August 2 and November 1 1920. Stock dividend of 1-40 share
The General Motors Company of New Jersey, organized
quarterly was discontinued after November 1 1920.
September 16, 108, paid regular dividends of 7% per annum 1921--Common no par. $1.00.
due
-Common
upon its 7% cumulative preferred stock, without interrup- 1922 1922 was no par. 50 cents. Quarterly dividend 1922.February /
passed at meeting held January 4
"Special"
dividend of 50 cents a share was paid December 20 1922.
tion, beginning with an initial payment on April 1, 1909.
1923
-Common no par, $1.20. Quarterly dividend of 30 cents a !bass
Since the organization on October 13, 1916 of the present
was initiated March 15 1923 and continued to and including
September 12 1924.
General Motors Corporation of Delaware, which succeeded
1924
-Common no par (old), 90 cents. After payment of three quarterly
the General Motors Company of New Jersey, regular quardividends of 30 cents a share in 1924 the number of shares was
reduced by issuing one share of new no par value stock for four
terly dividends have been paid, without interruption, on
shares of old. Initial dividend of $1.25 on this new no par value
the preferred and debenture stocks outstanding from their
stock was paid December 12 1924.
-Common no par (new), $1.25.
date of issuance. The initial quarterly dividend of $1.50 a 1925
-Common no par, 512.00. This consisted of extras of $1.08 paid
share on the present 6% preferred stock was paid February
September 12 1925 and $5.00 paid January 7 1926, in addition
each.
to quarterly
1, 1917. The initial quarterly dividend of $1.50 a share on 1926-Common no payments of $1.50 stock dividend).
par (before 50%
$7.50. Quarterly
the present 6% debenture stock was paid February 1, 1919.
dividends of $1.75 each were paid March 12 and June 12 and $4.
extra was paid July 2. On September 11 a 50% increase in number
The initial quarterly dividend of $1.75 a share on the 7%
of no par shares outstanding was made through payment of a stook
dividend of ;4 share on each share of no par value stork.
debenture stock was paid May 1, 1920. At a special meeting
-Common no par (after 50% stock dividend), $7.50. On the inof stockholders on June 16, 1924, the name of the 7% debencreased number of shares quarterly dividends of $1.75 each were
paid September 11 and December 11, and an extra of $4.00
ture stock was changed to 7% preferred stock. The initial
1927.
dividend on the present 7% preferred stock was paid No- 1927 January 4no par, $8.00. Quarterly dividends of $2.00 each were
-Common
paid March 12, June 13, and September 12, and $2.00 extra was
vember 1, 1924.
paid July 5. In September two shares of new $25 par value stock
Changes in the capital structure of General Motors Corwere issued in exchange for each no par share.
-Common $25 par. $3.75. Initial quarterly dividend of $1.25
poration with respect to the nature of its common stock are
was paid December 12 and $2.50 extra was paid January 3 1928.
as follows. When General Motors Corporation of Delaware 1928-Common $25 par. $9.50. This consisted of quarterly payments
of $1.25 with $2.00 extra paid July 3 and $2.50 extra paid January 4
was organized to succeed General Motors Company, five
1929.
shares of the common stock of the Corporation, par value
$100, were exchanged for one share of the Company's stock,
also par value $100. On and after March 1, 1920 ten shares
no par value common stock were issued in exchange for one
share of the old $100 par value common. On May 1 1920
there was paid on the $100 par value common a stock dividend of IA share of the new no par common. During 1920,
on May 1, August 2, and November 1, there were paid stock
dividends on the no pax common, each amounting to 140
share of no par common. On account of charter changes,
the number of shares of common stock was reduced in 1924
through the exchange of four shares of old stock for one
share of the new no par value common. On September 11
1926 a 50% dividend was paid in common stock. During
September 1927 two shares of new $25 par value common
stock were issued in exchange for one share of no par value
common stock previously outstanding. At a special meeting of the stockholders on December 10, 1928 the authorized
oommon stock of the Corporation was changed from 30,000,000 shares of $25 par value stock to 75,000,000 shares of
$10 par value stock, and the exchange, effective on and after
January 7 1929, of two and one-half shares of new $10 par
Number of Stockholders
The total number of stockholders, all classes, by quarters,
follows:
Year Ended
Dec.311917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
First
Quarter.
1,927
3,918
8,012
24,148
49.035
70,504
67,115
70,009
60,458
54,851
56,520
72,986
Second
Quarter.
2,525
3,737
12,523
26,136
59,059
72,665
67,417
71,382
60,414
53,097
57.595
70,399
Third
Quarter.
2,669
3,615
12,358
31,029
65,324
71,331
68,281
69,428
58,118
47,805
57,190
71.682
Fourth
Quarter.
2,920
4,739
18,214
36,894
66,837
65,665
68,063
66,097
50.917
50,369
66,209
71.185
Overseas Sales
Sales overseas by the Export Organization of General
Motors follow:
Year Ended
December 311922
1923
1924
1925
1926
1927
1928
Number of
Cars and Trucks.
21,872
45,000
64,845
100.894
118.791
193.830
282.157
Net Sales
Wholesale.
519.875,015
39,193,869
50.929,322
77,109.696
98,156.088
171.991.251
252,152.284
2316
[Vol,. 128.
FINANCIAL CHRONICLE
General Motors overseas asembly plants are located in
London, England; Copenhagen, Denmark; Stockholm, Sweden; Warsaw, Poland; Antwerp, Belgium; Berlin, Germany; Buenos Aires, Argentina; Sao Paulo, Brazil; Montevideo, Uruguay; Port Elizabeth, South Africa; Adelaide,
Brisbane, Melbourne, Perth and Sydney, Australia; Wellington, New Zealand; Osaka, Japan; Batavia, Java; and Bom-
bay, India. Warehousing operations are located in Madrid,
Spain; Paris, France; and Alexandria, Egypt.
Sales of Cars and Trucks
The following tabulation shows sales of General Motors
cars by dealers to users, as well as sales by manufacturing
divisions of General Motors to their dealers:
Dealers' Sales to Users
1926.
1927.
1928.
1925.
1928.
Divisions' Sales to Dealers
1927.
1926.
1925.
107.278
132,029
183.706
209,367
224,094
206,259
177.728
187,463
148,784
140,883
91,410
33.442
Total
81,010
102.025
146,275
180,106
171.364
159.701
134.749
158.619
132.596
153.833
80.539
53.760
53,698
64.971
106.051
136,643
141.651
117,176
101,576
122,305
118,224
99.073
101,729
52,729
25,593
39,579
70.594
97.242
87,488
75,864
65,872
78,638
83,519
86,281
60,257
56,129
125,181
169,232
197,821
197,597
207,325
186,160
169.473
186.653
167,468
120,876
47.587
35,441
99,367
124,426
161,910
169,067
173,182
155,525
136,909
155,604
140,697
128.459
57,621
60,071
76,332
91,313
113,341
122.742
120,979
111,380
87,643
134,231
138,360
115,849
78.550
44.130
30,642
49,146
75,527
85,583
77,223
71,088
57,358
76,462
89,018
96,36.4
73,374
54,117
1,842.443
January
February
March
April
May
June
July
August
September
October
November
December
1,554,577
1.215.826
827.856
1,810,806
1.562.748
1,234,850
835.902
The sales by makes of cars by General Motors divisions to dealers for the year ended Dec. 31, 1928, compared with
the sales of preceding years, follow:
1928.
1927.
1926.
1925.
1924.
229,788
20,042
21.392
930,935
45,724
214,534
90,202
268,698
18.639
16.371
791.870
53,922
140.791
58,016
280.009
27.489
208,575
22,773
166,952
17,905
218,286
22.201
138,501
22,021
83,888
11.130
620.364
58.537
75.836
59.536
466.485
45.380
295,456
36.512
464,800
35,974
249,390
20,853
75.667
12.661
43,935
45,728
33,356
21,216
644
20,245
4,852
258,189
209.272
5.169
111,781
1,298
45,824
2,930
19,277
5,511
15,326
8.515
2,932
7,821
1,489
3.973
1,552,617
258,189
Passenger Cars
Buick
Cadillac
La Salle
Chevrolet
Oakland
Pontiac
Olds
Other *
Commercial Cars:
Chevrolet
Other *
Totals:
Passenger
Commercial
Miscellaneous•
1923.
1922.
1,348.307
214,441
1,121.771
113.079
787,148
48,754
562,553
24,788
774,617
23,841
97
443,625
10,753
2,385
208.448
5,482
894
1921.
214,799
1,234,850
798,555
456,763
1,810,806
1,562,748
835,902
587,341
d
* "Passenger Cars
-Other" includes lines not now manufactured, also in °dee
-Other" includes lines not now manufactured. "Commercial Cars
GMC trucks to the end of April 1925, when the General Motors Truck Division was transferred to Yellow Truck & Coach Mfg. Co., the operations of
which are not consolidated in the accounts of General Motors Corporation. "Miscellaneous" includes tractors not now manufactured.
Grand Total
Employes' Savings and Investnzent Funds
A summary of the condition of unmatured Classes of the
Employes' Savings and Investment Funds at December 31
1928 (including the Class of 1923 which matured December
31 1928), and of the results of the matured Classes since
establishment of the plan in 1919, follows:
Total
Total
Unmatured Matured
Aggregate
Classes
Classes
All Classes
Class
Class
Class
(1923 to
Class
(1919 to
Class
(1919 to
Class
1927.
1926.
1928.
1928 Incl.) 1922 Incl.) 1928 incl.)
1925.
Employees' Savings Fund1924.
1923.
Net amount paid in by employees____ $3,052,510 $2,823,215 $3,707,095 $5,714,100 $12,539,075 $17,829,415 $45.665.410 $11,201,385 $56,866,795
720,236
933,940
425,981
4,069,656
654,268
2,089,238
Interest credited by Corporation
622,189
6,158,894
713,042
Total
Withdrawals by employees
Balance credited to employees
$3,765,552 $3,445,404 $4,361,363 $6,434,336 $13,473,015 $18,255,396 $49,735,066 $13,290,623 $63,025,689
2,508,764
1.455,695
7,732.087
7,374,547 15,106,634
1,134,717
1,061,469
1,571.442
$2,194,110 $2,383,935 $3,226,646 $4,978,641 $10.964,251 $18,255,396*$42,002,979 $5,916,076 $47,919,055
Employees' Investment Fund
Amount paid in and invested by
Corporation
$1.526,255 $1,411,607 $1,853,547 $2,857,050 $6,269.537 $8,914,707 $22,832,703 $10,057.172 $32,889.875
7,403,235
431,200
5,221,692 12,624,927
911,665
1,488,575
Income received
1,994.151
2,577,644
Total
Withdrawals by empheyees
$4,103,899 $3,405.758 $3,342,122 $3,768,715 $6,700,737 $8,914,707 $30,235.938 $15,278,864 $45.514,802
82,622
580,471
98,262
1,333,717
1,914.188
105,643
116.636
177.308
Balance
$3,926,591 $3,289,122 $3,236,479 $3,670,453 $6,618,115 $8,914,707 $29,655,467 $13,945,147 $43.600,614
Amount guaranteed to employees
(50% of Savings Fund balance
credited to employees; 100%
5,482.125
9,127,698 21,001,488
5,070,099 26,071.587
2,489,320
prior to 1922 Class)
1,191,967
1,613,323
1,097,055
Amount reverting to Corporation
(balance in Investment fund after
deducting amount guaranteed to
employees)
2.829,536
2,097,155
1,623,156
1,181,133
1,135,990
8,866,970
1,171,257
10,038,227
-Under the 1919, 1920 and 1921 Plan the Corporation guaranteed to the employees in the Investment Fund an amount equal to 100% of
Note.
Forfeitures in the Investment Fund on account of withdrawals did not revert to the Corporation. Beginning with
the Class of 1922, the Plan was amended to provide that thereafter forfeitures in the Investment Fund revert to the Corporation and that the Corporation
guarantee that the Investment Fund at maturity shall equal an amount equivalent to 50% of the Savings Fund credits. The amount paid into the
1928 Investment Fund Class was not invested until 1929. The above figures do not include separate Funds established by foreign subsidiaries.
* Includes amounts applied by employees to purchase of homes (see page 14 lpamphlet report].)
their credits in the Savings Fund.
Investment in 7% Preferred Stock by Employes:
This plan, inaugurated in 1924, recognized the importance
of affording a suitable investment for the Corporation's
employes, particularly those unfamiliar with the subject
of selecting securities for proper investment. The plan provides for the sale of General Motors preferred stock to
employes who may subscribe in amounts proportionate to
their salaries but not to exceed ten shares per employe in
any one year, to be paid for through monthly instalments
over a period of one year. As a special inducement the
Corporation makes an extra payment of $2.00 per share
each year for a period of five years to employes availing
themselves of this offer.
A record of the results of this plan by years since its
adoption fellows:
Year1924
1925
1926
1927
1928
1929
Offering
Price
per Share.
$99.00
99.00
114.00
119.00
124.00
124.50
Number
of Employes
Purchasing.
3,342
3,633
1,888
3.245
2,817
*3,066
Number
of Shares
Purchased.
10.993
14,005
8.025
13,971
12,803
*13,538
such funds may be safely invested, otherwise the purpose
and value of the Savings and Investment Plan itself is
likely to be jeopardized.
Payrolls and Number of Employes.
The annual payrolls of General Motors Corporation, for
1921 and subsequent years, not including certain affiliated
companies, such as Yellow Truck & Coach Manufacturing
Company and Fisher Bodies Corporation prior to the acquisition of the minority interest as of June 30 1926, have been
as follows:
1921___$66,020,481
1922___ 95.128,435
1923_ __138.290.734
1924$110,478,000
192&_ 136,747,178
1926_ _ 220,918.568
1927__8302,904.988
1928__ 365,352,304
The number of employes of the Corporation, not including
certain affiliated companies, for 1928 and prior years has
been as follows:
191985,980
1914___14,141
1924_ 73.642
1909_ _ _14,250
*1920_ _ _80,612
1915_ _ _21,599
1925._ 83,278
1920__10.000
1921___45,965
1916-__25,666
a1926__129 538
1911_ _ _11,474
1922___65,345
1917___25,427
1912___16,584
'
1927__175,666
1923-__91,265
1918---49,118
1913_ _ _20,042
1928_-208,981
* Beginning with the year 1920 figures shown in this table are averages
for the year.
a Average for 1926 does not include Fisher Body prior to June 30.
Bonus Awards.
This plan is particularly of service to employes as the
Each year there is credited to a bonus fund a percentage
Savings and Investment Fund classes mature. It enables of the Corporation's net earnings ofter deducting 7% on
them to obtain a security of standing and worth in which the capital invested in the business. Prior to 1923 the sum
•Returns incomplete at this date.
APRIL 6 1929.]
FINANCIAL CHRONICLE
so credited to the bonus fund was 10% of the net earnings
of the Corporation. Since 1923, at which time the Managers Securities Company was organized, the amount set
aside for the bonus plan has been 5%. The fund is invested
In General Motors common stock. At the end of each year
stock is awarded to employes on the basis of the degree to
which their services individually have contributed to the
success of the Corporation. Stock so awarded is delivered
one-fourth at the time of the award and the balance in
three equal annual instalments. A record of the awards
follows:
Year—
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
150
647
676
943
1,613
1,998
2,513
Number of
Shares of
Common Stock
Awarded.b
196.095
c160,994
c63,725
a
71,893
90,511
46,109
138,128
171,268
109,119
78,228
25,755
1.126,070
Number
of
Bonus
Awards.
3,884
6,453
6,578
4
Total
a No bonus was available for the year 1921. b Equivalent number of
shares on basis of $25 par value common stock. c In addition to the
common stock awarded in 1919 and 1920, 18,934 shares of 7% preferred
stock were awarded, of which 14.191 shares applied to the 1919 awards
and 4.743 shares to the 1920 awards.
2317
Guide Lamp Corporation (2)
Anderson, Ind.
Automobile head lamps, cowl lamps, stop and tail lamps.
Plants at Anderson. Ind., and Cleveland, Ohio.
Harrison Radiator Corporation (2)
Lockport, N. Y.
Radiators for passenger cars and trucks. Plants at Lockport, N. Y., and Detroit, Mich.
Hyatt Bearings Division (1)
Newark, N. J.
Hyatt anti-friction roller bearings.
Inland Manufacturing Company (2)
Dayton, Ohio
Rubber and moulded parts, steering wheels and battery
containers.
Jaxon Steel Products Division (1)
Jackson. Mich.
Wheels, rims, tire carriers and rim parts, steel stampings.
Moraine Products Company (2)
Dayton, Ohio
Durex oil impregnated metal bearings.
Muncie Products 'Division (1)
Muncie, Ind.
Transmissions, steering gears and chassis parts.
New Departure Manufacturing Company (3)
Bristol, Conn.
Ball bearings, coaster brakes, bells and bicycle hubs.
Saginaw Crankshaft Division (1)
Saginaw, Mich.
Crankshafts for automobile engines.
Saginaw Malleable Iron Division (1)_ _ _______ __ _
Saginaw, Mich.
Malleable iron castings for passenger cars and trucks.
Saginaw Steering Gear Division (1)
Saginaw, Mich.
Steering gears for passenger cars and trucks.
Detroit, Mich.
United Motors Service, Inc.(2)
Provides authorized national service for Delco-Remy
starting, lighting and ignition systems; Delco batteries;
Lovejoy hydraulic shock absorbers; Klaxon horns; Jason
rims, rim parts and wheels; Harrison radiators; New
Departure ball bearings; Hyatt roller bearings; AC
speedometers, air cleaners, oilfilters, gasoline strainers,
fuel pumps and gauges; Guide lamps.
EXPORT AND OVERSEAS GROUP.
General Motors Export Company (2)
New York, N. Y
Distribution of General Motors cars and trucks in overseas
territories not covered by General Motors overseas operations; Zone Offices in fourteen cities abroad.
General Motors Limited 2)
London, England
Distribution of cars and trucks in Great Britain and
Ireland; assembly plant at London.
Companies,
Divisions, Subsidiaries and Affiliated
General Motors International, A/St.
General Motors Corporation is primarily an operating
Copenhagen.Denmark
Distribution of cars and trucks in Denmark, Norway,
Esthonia Iceland, Latvia and Lithuania; assembly
concern owning the plants, properties and other assets of
plant at Copenhagen.
Stockholm,
its manufacturing operations which are designated in this General Motors Nordiska. A/B2 in
Sweden and Finland;
Distribution of cars and trucks
Sweden
list as Divisions. It is also a holding company owning all
assembly plant at Stockholm.
Polsce
Warsaw. Poland
or part of the capital stock of other companies known as General Motors wcars andSp. z 0.0. (2)
trucks in Poland and Danzig
Distribution of
subsidiaries or affiliated companies. These relations are
Free State; assembly plant at Warsaw.
A.
Antwerp,Belgium
Indicated by numerals appended after the names of the General Motors Continental. S. in (2)
Belgium, Holland and
Distribution of cars and trucks
companies:
Switzerland; assembly plant at Antwerp.
Berlin, Germany
General Motors G.m.b.H. (2)
1. Assets owned by General Motors Corporation.
Distribution of cars and trucks in Germany, Austria,
2. All stock owned by General Motors Corporation.
Czechoslovakia, Hungary and European Russia; as3. All common stock owned by General Motors Corporation.
sembly plant at Berlin.
4. Majority of stock owned by General Motors Corporation.
Paris, France
General Motors (France) S. A.(2)
5. One-half interest owned by General Motors Corporation.
Distribution of cars and trucks in France Algeria, French
6. All stock owned by General Motors of Canada, limited.
Morocco and Tunisia,' warehouse at Le Havre.
7. All stock owned by General Motors Export Company.
Madrid, Spain
General Motors Peninsular. S. A.(2)
8. All stock owned by General Motors Acceptance Corporation.
Distribution of cars and trucks in Spain, Portugal, Span9. All stock owned by New Departure Manufacturing Company.
ish Morocco, Canary Islands and Gibraltar; warehouse
10. Majority ofstock owned by New Departure Manufacturing Company.
w Madrid.
Alexandria,Egypt
General Motors Near East, S. A.(2)
Passenger and Commercial Car Group.
Distribution of cars and trucks in Egypt, Greece. Italy.
Buick Motor Division (1)
Flint, Mich.
Bulgaria, Arabia, Hejaz, Iraq. Italian Africa, Aden,
Buick passenger cars.
Syria, Persia west of 56 deg. E. L.. Palestine, JugoCadillac Motor Car Division (1)
Detroit, Mich.
slavia, Roumania and Turkey; warehouse at Alexandria.
Cadillac and La Salle passenger cars.
Buenos Aires,
General Motors Argentina, S. A.(2)
Chevrolet Motor Division (1)(including subsidiaries)(2) Detroit, Mich.
Argentina
Distribution of cars and trucks in Argentina and ParaChevrolet passenger and commercial cars produced in the
quay; assembly plant at Buenos Aires,
manufacturing and assembly plants located as follows:
Sao Paulo, Brazil
General Motors of Brazil, S. A. (2)
Flint, Mich, motors,sheet metal and assembly Detroit,
Distribution of cars and trucks in Brazil; assembly plant
Mich., forgings, gears, axles and wheels Saginaw.
at Sao Paulo; branch warehouses at Recife and Porto
Mich., foundry Bay City, Mich., carburetors and
Alegre.
hardened and ground parts Toledo. Ohio, transmisMontevideo.
General Motors Uruguay, S. A.(2)
sions. Assembly plants in these cities: St. LOWS
Uruguay
Distribution of cars and trucks in Uruguay; assembly
and Kansas City, Mo. Janesville, Wis. Oakland,
plant at Montevideo.
Calif. Buffalo and Tarrytown, N. Y. Norwood, Ohio,
Port Elizabeth
General Motors South African, Ltd.(2)
and Atlanta, Ga. Export boxing plant at Bloomfield,
South Africa
Distribution of cars and trucks in the Union of South
. .
Africa, Rhodesia, British Southwest Africa, Portuguese
Oakland Motor Car Division (1)
Pontiac, Mich.
East Africa, Nyasaland. Bechuanaland and the KaOakland and Pontiac passenger cars.
tanga district of the Belgian Congo; assembly plant at
Olds Motors Works Division (1)
Lansing, Mich.
Port Elizabeth,
Oldsmobile passengera s.
General Motors (Australia) Pty., Ltd.(2)
Melbourne,
General Motors of Canada, Limited (2)
Oshawa, Ontario
Distribution ef cars and trucks in Australia; assembly
Australia
Cadillac, La Salle, McLaughlin-Buick, Oakland, Oldsplants at Adelaide, Brisbane, Melbourne, Perth and
mobile, Pontiac and Chevrolet passenger cars Chevrolet
Sydney.
commercial cars and General Motors Trucks. Plants
General Motors New Zealand, Ltd.(2)
at Oshawa and Walkerville, Ont., and Regina, Sask.
We'
Distribution of cars and trucks in New Zealand; a sembly
s
Ifr tcm
As
riealand
•
plant at Wellington.
Fisher Body Group.
General Motors Japan. Ltd.(2)
Osaka, Japan
Fisher Body Division (1)
Detroit, Mich.
Distribution of cars and trucks in Japan, Korea, China
Automobile body building plants located at Detroit.
and Manchuria; assembly plant at Osaka.
Lansing,Pontiac and Flint, Mich. Buffalo and TarryN. V. General Motors Java (2)
Batavia, Java
town, N. Y. Extensive acreage of virgin hardwood
Distribution of cars and trucks in the Dutch East Indies,
timber in northern Michigan.
French Indo-China, Siam and the Straits Settlements;
Fisher Body Company of Cleveland (2)
Cleveland, Ohio
assembly plant at Batavia.
Automobile body building plants at Cleveland and CinGeneral Motors India, Ltd.(2)
Bombay,India
cinnati, Ohio.
Distribution of cars and trucks in British India, Ceylon
Fisher Body St. Louis Company (2)
St. Louis, Mo.
and Persia east of 56 deg. E. L.; assembly plant at
Automobile body building plants at St. Louis and Kansas
Bombay.
City, Mo. Oakland, Cali., and Janesville, Wis.
Vauxhall Motors, Ltd. (3)
Luton, England
Fisher Body Company of Atlanta (2)
Atlanta, Ga.
Manufacture of Vauxhall motor cars and their sale in
Automobile body building plant.
Great Britain and Ireland; plant at Luton.
Fleetwood Body Corporation (2)
Fleetwood, Pa.
Delco-Remy & Hyatt, Ltd. (2)
London, England
Automobile body building_plant for custom bodies.
Sales and service on all Corporation accessory products in
Ternstedt Manufactu,ing Company 2
Detroit, Mich.
the British Isles and on the Continent of Europe;
Hardware for automlotflle bodies and Frigidaire cabinets.
technical and service headquarters at London.
The National Plate Glass Company (2)
Detroit, Mich.
Overseas Motor Service Corporation (7)
New York. N. Y.
Plate glass for automobile bodies. Plants at I3lairsville.
Sales and service overseas on all Corporation accessory
Pa., and Ottawa, Ill.
products.
Fisher Lumber Corporation (2)
Memphis, Tenn.
(Fisher Delta Log Company,subsidiary.)
Large tracts of virgin hardwood timber in Louisiana and
FINANCING, INSURANCE AND ACCOUNTING
Arkansas; saw mills at Ferriday and Wisner, La., and
GROUP.
saw mill and automobile body woodworking plant at
Memphis, Tenn.
New York, N. Y
General Motors Acceptance Corporation (2)
Fisher Body Service Corporation (2)
Detroit, Mich.
Finances wholesale distribution and retail credit sales
Automobile body parts; depots and body servicing plants at
of General Motors products; branch offices in 77 cities
Detroit, Mich., and Oakland, Calif.
in the United Stales, Dominion of Canada and overseas.
New York, N. Y.
General Exchange Insurance Corporation (8)
ACCESSORY AND PARTS GROUP.
Provides fire-theft insurance service on cars sold at retail.
Armstrong Spring Division (1)
Flint, Mich.
Motor Accounting Company (2)
Detroit, Mich.
Automobile chassis springs for passenger cars and trucks.
Installs, audits and supervises standardized accounting
Brown
-Chapin Division (1)
-We
Syracuse, N. Y.
practices for General Motors dealers and distributors.
Differential gears for passenger cars and trucks.
Delco-Light Company (2)
Dayton, Ohio
REAL ESTATE GROUP.
-L
Delco-Light electric power and light plants and D resident water systems.
Argonaut Realty Corporation (2)
Detroit, Mich.
Delco Products Corporation (2)
Dayton, Ohio
Erects and finances salesrooms, parts depots, garages
Lovejoy hydraulic shock absorbers and fractional H. P.
and service stations for General Motors divisions,
motors.
subsidiaries and affiliated companies.
Delco-Remy Corporation (2)
Anderson, Ind.
Bristol Realty Company (10)
Bristol, Conn.
De/co-Remy starting, lighting and ignition systems for
Housing for employees in Bristol.
cars, trucks and coaches; Klaxon horns; Dual locks;
General Motors Building Corporation (2)
Detroit, Mich.
Electrolocks and Delco batteries. Plants at Anderson
Owns and operates central office building in Detroit.
and Muncie, Ind.
Modern Dwellings, Limited (6)
Oshawa, Ontario
Frigidaire Corporation (2)
Dayton, Ohio
Housing for employees at Oshawa.
Frigidaire automatic refrigerators; automatic refrigerating
Modern Housing Corporation (2)
Detroit, Mich.
units for household and commercial use; ice cream
Housing for employees in Flint. Pontiac and Janesville.
cabinets and Frigidaire water coolers for homes, offices,
New Departure Realty Company (10)
Bristol, Conn.
stores and factories.
Housing for employees in Bristol,
2318
FINANCIAL CHRONICLE
Affiliated Group.
Flint. Mich.
Aell(Spark Plug Company (4)
AC spark plugs, speedometers, air cleaners, oilfilters, oil
gauges, ammeters, thermo gauges,fuel pumps, gasoline
strainers. instrument panels, tachometers, film speed
indicators, die castings and decorative tile.
New York, N. Y.
Ethyl Gasoline Corporation (5)
Markets Ethyl fluid to oil refining companies which
manufacture Ethyl Gasoline.
Pontiac, Mich.
Yellow Truck & Coach Manufacturing Co. (4)
General Motors Trucks, Yellow Coaches and Yellow Cabs.
Plants at Pontiac. Mich.. and East Moline, Ill.
Sales Companies.
The following sales organizations sell the products of the
manufacturing units. The capital stock of these selling
companies is owned by the General Motors Corporation,
except in the cases noted:
Flint, Mich.
Buick Motor Compasy
Syracuse, N.Y.
Brown-Lipe-Chapin Company
Detroit, Mich.
Cadillac Motor Car Company
Detroit, Mich.
Chevrolet Sales Companies
Newark, N. J.
Hyatt Roller Bearing Company
Anderson, Ind.
Maxon Company
Pontiac, Mich.
Oakland Motor Car Company
Lansing, Mich.
°Ids Motor Works
Cadillac Motor Car Company of Canada, Limited (6) Oshawa, Ontario
Oshawa, Ontario
Chevrolet Motor Company of Canada, Limited (6)
Oshawa, Ontario
General Motors Products of Canada, Limited (6)
Oshawa, Ontario
McLaughlin Motor Car Company, Limited (6)
Oakland Motor Car Company of Canada. Limited (6) Oshawa, Ontario
Oshawa, Ontario
Olds Motor Works of Canada, Limited (6)
In addition to the annual report and quarterly statements of earnings
General Motors issues special booklets to inform stockholders, employees,
dealers and the public generally. A request to General Motors Corporation
Department of Publicity. Broadway at 57th St., New York, will bring
a selected set of these booklets by mail.
CURRENT NOTICES.
—A prize contest for business building methods has been announced
by Preston E. Reed, Executive Sectreary of the Financial Advertisers
Association. The campaign is open to all members of the Association,
which includes a majority of the larger banks trust companies and investment houses of the country. The contest is in line with the Association's
policy of promoting better advertising and business building methods.
The contest is now open and will close on August 10. The best plans will
be selected by a committee consisting of Julian M. Case, Dime Savings
Bank, Detroit; Virgil D. Allen, First Bank & Trust Company. Utica, New
York; Henry 0. Ochs, Winters National Bank & Trust Company, Dayton;
J. A. Price, Peoples Savings & Trust Company, Pittsburgh; Robert D.
Mathias, Depositors State Bank, Chicago; C. E. Auracher. Cedar Rapids
Savings Bank & Trust Company,Cedar Rapids; and Paul Bollinger, Harris,
Small & Co., Detroit. Awards will be made at the Association Convention
in Atlanta October 30. The contest has several divisions, so as to cover
advertising and business building methods in all branches of the financial
field.
—"Foreign News and Comments," monthly business review published
by the Hibernia Bank & Trust Co., New Orleans, La., was issued on
March 27th. This issue, specially dedicated to the cotton industry, con
tains an interesting review of the diverse uses to which cotton is put. It
endeavors to visualize the space that 15,000,000 bales of compressed cotton
would occupy could it be gathered in one place, and which is the amount
actually consumed by the world annually. The amazing uses are set forth
starting with clothing, followed by the household textiles, the commercial
fabrics and automobile tires. It touches on its use in Rayon,for guncotton,
collodion, and celluloid and finally shows that the basis of the new lacquers
now used for painting motor cars and fine furniture is the fibre of the cotton
plant. The difficult textile situation in Lancashire is dealt with in detail
and the progress of cotton raising in the British Empire and its future effect
on our own production is made a feature of the issue.
—Announcement has been made of the formation of Arthur S. Kleeman
& Company, to originate, underwrite and generally deal in securities, with
offices in the Equitable Building. 120 Broadway, New York. Arthur
S. Kleeman resigned recently as vice-president in charge of the Investment
Department of the Manufacturers Trust Company to organize his own firm.
Prior to organizing the investment departmet of the Manufacturer Trust
Company about seven years ago, he was a member of the firm of George
H.Burr & Co. He continues as a director of Manufacturers Trust. Charles
D. Deyo, who has been assistant to the vice-president in charge of this
department of the Manufacturers Trust Company since its organization,
Is associated with Mr. Kleeman in the new firm as a partner, as is also
Lupardus Moore, formerly vice-president of one of the corporations affiliated with the Manufacturers Trust Company Adolph J. Walter,formerly
an executive of George H. Burr & Co., is another partner.
—Dedicated to Clement M. Keys, head of the Keys Group of Aviation
Enterprises which include the Curtiss Aeroplane & Motor Co., Inc., and
Its associated companies, James C. Willson & Co.,39 Broadway, New York
City and Louisville, Ky., have issued a most exhaustive survey in booklet
form of Mr. Key's enterprises. The group comprising research, engineering, manufacturing, sales and export, transportation, consumer credit,
training and finance, covers every phase of the aviation industry in the
United States. In a foreword it is pointed out that "flying has grown
from an adventure into a great and successful international enterprise,
with 15,000 miles of airways in operation, more than 1.200 flying fields,
over 4.300 licensed planes and 4,500 licensed pilots." It is estimated that
air mail in 1929 will require more than 40,000 miles of flying each day its
oonipared with flying miles of 9,500.000 for passengers, freight, express
and mall in 1928.
—Frederick W. Beinecke, formerly president of the Studebaker sales
company of Newark and former vice-president of the Newark Automobile
Trade Association has, with others, formed the partnership of Coady,
Beinecke & Co., which will continue the old established stock brokerage
business of MacQuoid & Coady at 60 Broad St., New York City. The
firm are members of the New York Stock Exchange and New York Curb
Market Association. Mr. Beinecke is also a director in the United States
Mortgage and Title Guarantee Co. and the Motor Finance Company,
both of Newark. The members of Coady, Beinecke & Co. are Charles B.
Coady, Frederick W. Beinecke, M. F. MacQuoid, Frederick F. Turrell
and Harold M. Ward. Charles W. MacQuoid will continue his address
at the office of the new firm.
—Pynchon & Co. announce the appointment of Frederick J. Wright,
Jr., as their New England representative with headquarters in the Atlantic
National Bank Building, 10 Post Office Square. Mr. Wright. formerly
with Taylor, Ewart & Co., Inc., is widely known in New England financial
circles.
[VOL. 128.
ss —Southwestern offices with divisional headquarters in DalL„ Tex.,
......_s
been opened by th7W. B. Foshay Co. accordilare23 "-.
Salisbury, Vice-President in charmed' the investment department
the
company. Mr. Salisbury has been in Texas, Oklahoma and Kansas for
the past six weeks arranging details in connection with the new offices,
together with Harold E. Norton, manager of the Pacific Coast sales offices.
The offices opened are in Dallas, Houston and Fort Worth, Tex., in Oklahoma City and Tulsa, Okla., and Wichita, Kan. 0, Paul Laubenheim,
formerly with the Henry L. Doherty Co. in Texas, is the divisional manager
in charge of the southwestern offices.
—F. J. S. Pigott who for three years was Mechanical Engineer with
Stevens & Wood. Incorporated and later Consulting Engineer with Public
Service Corporation of New Jersey Production Company and Smoot
Engineering Corporation has re-entered the service of the Stevens & Wood
organization as Consulting Mechanical Engineer. For several years Mr.
Pigott was Chairman of the American Society of Mechanical Engineers
Main Research Committee and has had wide experience with industrial
and power plants. In his new assignment he will devote his time principally
to solving the problems of industrial companies both in matters of power
and production.
—W. H. Eshbaugh, formerly a partner in the. Stock Exchange firm of
W. E. Hutton & Co. with whom he has been associated since 1926, has
established his own firm with offices at 20 Pine St., Now York. Before
coming to Wall Street, Mr. Eshbaugh was prominently identified with the
Canadian lumber industry and, since he came here, has been actively
representing some of the most important interests in the market. The
establishment of his own firm follows his recent purchase of a seat on the
New York Exchange.
—Announcement is made that the co-partnership of J. J. Gerstenlauer
& Co. has been dissolved due to the death of J. J. Gerstenlauer, Jr. The
co-partnership of I. H. Pullman & Co. has been formed with offices at 32
.
Broadway, New York, to continue the business of the dissolved company
as specialists in bank and insurance stocks, and over-the-counter securities.
Partners of the new firm are Irving H. Pullman, M. A. Seiden, David M.
Cytryn, Edward Cytryn, and Alex Levinsohn.
—Announcement has been made of the formation of R. E. Westervelt
& Co., to deal in general market bonds and bank and insurance company
stocks and other seasoned investments, with offices at 15 William St.,
New York. R. E. Westervelt and J. R. Reilly, officers of the company,
were associated for several years with McKinley & Co. where they specialized in bank and insurance stocks. Previously Mr. Westervelt was secretary
of the Light & Power Co. at Lewiston, Idaho.
—The 1929 edition of The Insurance Chart, compiled by Thomas J. V.
Cullen, chief of the Insurance Research Bureau of the Spectator Co. of
New York, has just been issued. The chart, an important factor in bringing balance sheets within easy grasp of the layman, analyzes the financial
standing and earnings of the leading life, fire and casualty and surety
companies in such a way as to reduce to simple terms what have heretofore
been considered involved computations.
—Frank E. Gannett, President of the Gannett group of sixteen eastern.
newspapers, has announced, the establishment of a bureau to handle al
financial advertising for his papers. It will be under the direction of Edward R. Redmond, for many years indentified with financial advertising
in Wall Street and more recently manager of the financial department of
the Booklyn Daily Times. Mr. Redmond will make his headquarters
in the Eagle Building, Brooklyn.
—Howard W. Cornelius, Chicago, announces the organization of a company to deal in Insurance Stocks and Unlisted Securities. Associated with
him will be James A Bryan and Harry Carlson. The firm will be known
as II. W.Cornelius & Co.,and is located at 105 So. La Salle St. Telephone
Randolph 9168. Mr. Cornelius has been recently associated with LewisDewes & Co. and for the past 18 years has been a pioneer in Insurance
Securities.
—Theodore Prince & Co., 120 Broadway, New York, announce that
Thomas G. Campbell has retired from general partnership in the firm as
of March 311929. Julian H. Bachrach, member New York Curb Market,
has been admitted to the firm as a general partner as of April 1 AM
John J. Kennedy Jr., has become associated with Theodore Prince &
in their bank stock trading department.
—Speyer & Co. announce with regret that Richard Schuster, a partner
of the firm for over twenty-three years, retired on March 32 from active
business on account of his health, expecting to spend a gooil part of each
year in Europe. Mr. Schuster is the son of the late Ignace Schuster, who
began his business career with Speyer & Co. in 1865, and was a partner
of the firm from 1868 until 1885.
'have
—Kelley, Converse & Co.,40 Exchange Place, New York, have admitted
A. Thornton Baker to general partnership in their firm. For several years
Mr. Baker has been active in the pile fabric industry, having been Presi
dent of A. T. Baker & Co. up until the time of their merger with Collins
& Aikman in 1927, and at which time he was elected Vice-President and
director of the new company.
—Paul J. N. Kuhn of Oppenheimer & Co. has retired from partnership
in the firm and a new partnership under the same name has been formed
to continue the business with offices at 74 Trinity Place, New York. The
partners in the now firm are Herbert D. Oppenheimer, Charles E. Alveri,
Edward J. Hagerty, Harry S. Lawson, Arthur W. Clark and Leon N.
Oppenheimer.
—Bauer, Pogue, Pond & Vivian, members of the New York Stock
Exchange, have opened a new branch office at 160 Jamaica Ave., Jamaica,
Long Island:
—Thenew Office
--At lrst
H...'"Ivleyer. They:also announce that John Bayless has become assoa- tA
- a
with thalrm in the Stock Exchange department of
office.
Pr—Thomas G. Cana
_1
formerly with Hornblowor & Weeks and for the
past few years a artner ri PrhoodorTNIM &
- -CO7haresablished Camp.:
belli=ciar ervice, Inc., th offices at 49 Wall St.71707Ya•k, which
will be an Informatory, advisory
..and statistical financial service to banks,
kinancial institutions, bro0Frindiagnis;
—West & Co., members New York and Philadelphia Stock Exchanges,
1,511 Walnut St., Philadelphia, announce thatVirilliam West has retired
--They
mular irthe fian7
as a general_partner and haii 13- iame
-i
also announce the admission, as general partners, of Charles Sheridin.
Bryce Blynn and Edward F. Weber.
—Freeman & Co., authorities on equipment trust securities will occupy
temporary quarters on the eighth floor of the Bank of New York and
Trust Co. Building at 48 Wall St., pending construction of a new building at 34 Pine Street where the firm has maintained its offices for more than
twenty years.
—Blyth & Co., 120 Broadway, New York, have issued an analysis of
International Cement Corporation, in which the operations and earnings
record of the company is reviewed since its organization in 1919.
APRIL 6 1929.]
FINANCIAL CHRONICLE
2319
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES-METALS
-DRY GOODS
-WOOL
-ETC.
COMMERCIAL EPITOME
The introductory remarks formerly appearing here will now be
found in an earlier part of this paper immediately following the
editorial matter, in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."
1,..odalitisl rid
Friday Night, April 5 1929.
COFFEE on the spot was in rather better demand and
steady at 242 to 25c. for Santos 4s, 17 to 18c. for Rio 7s,
/
1
/
3
4
174 to 172 for Victoria '/-8s and 20c. for Robustas. Fair
/
1c.
to good Cucuta 231 to 24c.; Colombian, Ocana 23 to 232
/
2
/
1c.;
Bucaramanga, Natural 232 to 24 c.; washed 25 to 251
/
1
/
1
2
/
4c.;
Honda 25 to 251c.; Medellin 26 to 262
/
4
/
1c.; Manizales 25 to
251c. Surinam 22 to 23c.; Ankola 30 to 35c.; Genuine, Java,
/
2
33% to 341c.; Robusta washed 20 to 203/c.; Mocha 271 to
/
2
4
/
2
28%c.; Harrar 261 to 27c. Guatemala, prime 26 to 27c. On
/
2
the 1st inst. cost and freight offers from Brazil were in some
cases slightly lower. On the 2nd inst. cost and freight offers
from Brazil were generally unchanged with a few lower.
On the 3rd inst. cost and freight offers from Brazil were 10
points lower on the average. For prompt shipment Santos
Bourbon 2-3s were here at 24.35c.; 3s at 232 to 244c.; /
/
1c.
3
4s
at 233 to 23.80c.; 3-5s at 22.95c. to 23.55c.; 4-5s at 224c.
/
4
c.
/
1
/
4c.
to 23 tc.; 5s at 22c. to 23.55c.; 5-6s at 213 to 22
,
/
/ 6s at
3
4c.;
/
4c.
20.80c. to 22%c.; 6-7s at 193 to 21.45c.; 7s at 19
/ to
3
4c.
21.90c; Ns at 16.35c. to 18
/ part Bourbon 3-5s at 22%c.;
3
4c.;
4-5s at 22.80c.; Peaberry 4s at 22.80c.; 4-5s at 22
/ to 22.55c.;
1
4c.
5-6s at 22.05c.; Rain-damaged 3-5s at 19.70c.; 5s at 211
/
4c.
/ 7-8s at 16c. to 16.65c.;
4c.;
to 22%c.; 5-6s at 18c.; 7s at 171
Rio 7s at 16.60c.; 7-8s at 16.30c.; Victoria 7-8s at 16.10c.
On the 4th inst. cost and freight offers from Brazil were irregular and generally slightly lower. They included for
prompt shipment Santos Bourbon 2-3s at 24.35c. to 24%c.;
3-4s at 232c. to 23.90c.; 3-5s at 22.95 to 23.55c.; 4-5s at 213
/
4
/
4c.
to 23
/ Ss at 213 to 23.15c.; 5-6s at 22.05c. to 23.31k.;
3
4c.;
6s at 20.71k. to 21.80c.; 6-7s at 19.85c. to 21.31k.; 7s at 19
/
3
4c.
/ part Bourbon / at 23c.
3
4c.;
to 21.90c.; 7-8s at 16.15c. to 18
3
4s
to 23gc.; 3-5s at 22.45c. to 22%c.; 4-55 at 22.55c.; Peaberry
4s at 22.80c.; 4-55 at 22.55c.; 5s at 22.10c.; 5-6s at 22.05c.;
Rain-damaged 3-5s at 19.70c.; 5-6s at 18c.; 7s at 174c.; Ns
/
1
at 153 to 16.65c.; Rio 7s at 16.60c.; Ns at 16.30c and Vic/
4c.
toria Ns at 16.10c. As mild is about on a parity with competing Santos grades and in some instances even cheaper than
Santos roasters have been buying mild. Yet Santos has not
been very urgently pressed for sale and prices if they decline at all decline noly slightly. Brazilian coffees were steady
because of the scarcity of desirable soft drinking grades. E.
Laneuville of Havre gave the world's visible supply on April
1st as 4,976,000 bags which compares with 5,017,000 bags on
March 1st and 4,978,000 on April 1st last year. The world's
deliveries in March he put at 2,064,000 against 1,969,000 last
year and 1,810,000 the year before. The deliveries for the
nine months in the world's markets were 16,734,000 against
17,711,000 a year ago and 16,059,000 two years ago. Arrivals
in Europe during March were estimated by Duuring & Zoon
as 1,125,000 bags of which 517,000 bags were Brazilian. Deliveries were 1,055,000 bags of which 515,000 bags were Brazilian. Stock in Europe on April 1st was 1,813,000. The
world's visible supply on April 1st was placed at 4,980,000 bags
showing a decrease of 17,000 bags for the month. Last year,
the visible supply at this time was 5,255,000 bags.
The New York Coffee and Sugar Exchange put the
world's visible supply of coffee on April 1st at 4,982,667
bags against 5,021,939 on March 1st and 5,050,137 on April
last, last year. Arrivals of mild coffee in the United
States during March were 353,495 bags against 342,655 in
February and 387,339 in the same month last year; deliveries were 366,778 bags against 339,793 in February and
342,616 in March last year. The stock of mild coffee on
April 1st in the United States was 360,779 bags against
373,367 on March 1st and 314,763 on April 1st last year.
Deliveries of Brazil coffee in the United States last week
were 134,503 bags against 178,744 in the previous week
and 107,939 in the same week last year. Arrivals of all
kinds of coffee from Antwerp during March were 73,000
bags of which 52,000 were Brazilian; deliveries of all kinds
during March were 53,000 of which 37,000 were Brazilian;
stock in Antwerp 85,000, of which 50,500 was Brazilian.
Arrivals of all kinds of coffee during March from Amsterdam were 224,000 bags of which 77,000 were Brazilian;
deliveries of all kinds during March 252,000 of which 94,000 were Brazilian; stock in Netherlands 354,000 of which
136,000 was Brazilian. Private reports during the week
indicated that receipts in Santos were temporarily suspended, stocks in that port having reached the maximum
quantity of 1,200,000 bags stipulated in the agreement between Santos, Rio and Victoria, to the effect that port
stocks shall not exceed a given amount.
Some think prices on the New York Stock Exchange
are still too much below actual street values to encourage
short sales, and speculative trading is lacking. The approach of the coming crop, which begins July 1st some
suggest may have a depressing effect on the new crop
months, although they already are at a good discount
under the near months. Futures on the 1st inst. closed
10 to 14 points higher on Rio with sales of 3,000 bags and
17 to 19 points higher on Santos with sales of 27,750 bags.
The Brazilian cables were firm. Offerings were smaller.
Shorts became nervous and covered. Futures on the 2nd
inst. fell 10 to 15 points with lower Rio cables and scattered liquidation. Receipts at Santos on and after April
8th will be limited to 30,000 bags a decrease of 10,000
bags compared with the daily total in March and the
first week of April. Official confirmation of private advices of a break in Brazilian Exchange, the greatest that
has been known in a long time, caused renewed weakness today in coffee futures. To-day futures closed 10
to 21 points lower on Santos with sales of 55,000 bags
and 12 to 22 points lower on Rio with sales of 30,000
bags. Final prices show a decline for the week of 29
to 31 points on Santos and 4 to 20 points on Rio.
Rio coffee prices closed as follows:
Spot unofficial 17Ii PAY
May- _
_ I Sept
15.63@
15.63 ®
14.43®
[Dec
13.99
-1March ----13.60 ®
Santos coffee prices closed as follows:
21.28011_
I Dec
19.90 - 20.43@I---- I March_ __..19.38
COCOA today ended 1 to 2 points lower on May and
July while other months were 2 points higher. May ended
at 10.31c., July at 10.62c., September at 10.96c., December
at 10.97c. and January at 11.02c. Final prices show a
decline for the week of 14 to 21 points.
SUGAR-Cuban prompt was quiet early in the week
with 1 Nc. c. & f. bid. Some 70,000 bags of Cuban raw
sugars for prompt and second half April shipment sold
on the 1st inst. at l7/sc. c. & f. It turned out later that
New Orleans bought 26,000 bags prompt shipment Cuban
raw sugars at 1 27/32c. c. & f. on the 2nd inst. Licht's
preliminary estimate of the European beet acreage was
delayed. Receipts at Cuban ports for the week were
228,643 tons against 220,347 in the same week last year;
exports 157,957 tons against 137,264 last year; stocks (consumption deducted) 1,296,744 against 1,185,044 last year;
centrals grinding 146 against 131 last year. Of the exports 86,885 went to Atlantic ports, 27,320 to New Orleans; 1,044 to interior United States; 7,617 to Savannah,
5,971 to Galveston, 4,915 to China and 24,205 to Europe.
According to the Sugar Institute, Inc., the total melt of
fifteen United States refiners for the period January 1st
to March 23rd was 1,095,000 long tons against 965,000 in
the same period in 1928; deliveries were 925,000 long tons
against 930,000 in the same period last year.
For the second half of March, 667,000 tons were turned
out as compared with 732,000 tons last year and 753,843
the previous year. This represents the smallest daily production since 1925 when it amounted to 40,350 tons. -The
current season average was 41,687 tons per day; last year
45,750 and the year before 47,115. Havana cabled the
following on the Cuban crop movement for the week
ending March 30th; Receipts 220,171; exports 136,806;
stock 1,243,487. Centrals grinding 146. The exports were
divided as follows: New York 40,907; Philadelphia 14,922; Boston 7,357; Baltimore 4,681; New Orleans 24,642;
Savannah 7,617; Galveston 9,287; Interior United States
1,110; Canada 582; United Kingdom 16,430; Belgium 6,314; China 2,957. The stock of sugar in New York licensed warehouses on April 1st was 1,254,660 bags against
650,151 bags a month ago and 1,715,179 bags at the
same time last year. Receipts at United States Atlantic
ports for the week were 113,851 tons against 100,169 in
the previous week, and 119,061 last year; meltings 73,636
against 80,992 in the previous week and 67,000 last year;
importers stocks 199,538 tons against 176,633 in previous
week and 267,547 last year; refiners' stocks 218,508 against
201,198 previous week and 97,581 last year; total stock
418,046 against 377,831 in previous week and 365,128 last
year. F. 0. Licht cabled on the 4th inst. that it was
impossible at this time to estimate in detail the European
beet area. Except in Russia, which is uncertain, a moderate increase is expected.
The Sugar Club of Havana reports the Cuban production
to April 1st this season as 3,942,000 tons which compared
with 3,315,000 tons last year when grinding started on Jan.
15th and 3,500,000 tons from Jan. 1st to April 1st, 1927. In
the second half of March, 667,000 tons were turned out as
Spot unofficial - - I July
May
22.28®I__._Sept
2320
compared with 732,000 tons last year and 753,843 the previous
year. This represents the smallest daily production since 1925
when it amounted to 40,350 tons. The current season average
was 41,687 tons per day, last year 45,750 and the year before
47,115. Refined was 4.90c. with withdrawals better. On the
1st inst. futures fell to new lows on a decline of 1 to 3 points
with sales of 22,300 tons. Futures on the 2nd inst. closed
firm at 1 point lower to 1 higher with sales of 77,000 tons.
The pool it was said had cabled to Europe asking for bids
on the sugar it is holding for sale away from the United
States. But some other sellers had evidently taken the lead
as a late London cable reported a sale or sales of Cubas for
April shipment at 9s c.i.f. According to late reports 23 Cuban
centrals have finished grinding, with a total outturn of 2,145,391 bags, as against Guma's estimate for these mills of 2,440,000 bags, a decrease of about 8 per cent.
Early London cables on the 2nd inst. reported offerings of
several cargoes of Cuba at 9s 3d c.i.f. equal to 1.79c f.o.b.
for May and 9s 4%d c.i.f. equal to 1.81c. f.o.b. for June shipment. Some people here suggest that this might be the sign
of opening activity on the part of the pool. Sales on the
3rd inst. included 22,000 bags of Cuba now loading at the unusual price of 1.83c. c.&f. and it was reported but not definitely
confirmed that 10,000 bags sold very prompt Cuba at 1-53/64c.
Of Philippines 4,200 tons due at Philadelphia sold at the new
low price for duty frees of 3.55c. delivered, which is equal
to 1-25/32c. c.&f. for Cuba; 14,000 bags of Porto Ricos due
in about a week sold at 3.58c. delivered, equal to 1-13/16c.
c.&f. On the 4th inst. futures declined 1 to 2 points with
selling by Cuba, Wall Street and the trade. Sales of 10,000
bags Porto Ricos, due Monday were confirmed at 3.54c. delivered or one point under 1-25/32c. c.&f. for Cubas. On the
4th inst. Cuban for prompt shipment was offered at 1-27.32c.
c.&f. or 3.61c. delivered. London cabled on the 4th sales of
Cuban raw sugars for May shipment at 9s equal to 1.73c.
4d
1
/ or 1.78c. f.o.b. Some
• f.o.b. and for June shipment at 9s 2
advices stated that the trade demand was poor. London terminal at 3.15 p. m. on the 4th inst. was barely steady and
unchanged to 14d lower as compared with opening prices.
London beet sugar at 3.15 p. m. was barely steady and gd
4
1d
lower to / higher. London terminal on the 4th inst. opened
1
/
easy unchanged to 1-4d lower while beet sugars were easy and
gd to 1-%d lower.
On the 2nd inst. there were rumored sales of Cuban at
1-27/32c. but were not then confirmed. Havana cabled:
"President Machado in message to the Cuban Congress on
the sugar situation declared that even though it is still critical,
I do not consider it desperate. On the contrary, I am pleased
to announce that I feel optimistic as to results of intense and
careful steps that government is developing to defend and better it. This is all I can say now." Are fresh restrictions to
be applied, it is asked here. Some take the ground that the
weight of stocks in Cuba may cause lower prices, but that
there can be no doubt that the market will ultimately find a
higher level as a result of increased consumption, due to the
low prices as well as seasonal influences, but that there will
be any pronounced advance will be seen for a long time to
come is improbable. Havana cabled that a report that the
grinding season has come virtually. A close with a considerable amount of cane still standing in the fields is absurd. The
mills, the cable stated were grinding all cane available. About
20 mills have finished for the season. A report from Washington said: "Secretary of Agriculture Hyde proposed to
Senate Committee among other things that Agricultural relief
must first come through the revision of the tariff for better
and greater protection of American agriculture.
Havana cabled: "According to the Department of Agriculture, sugar production to March 31st was 3,981,480 tons.
The exporting Company places production to March 30th
at 3,935,949 tons. The above figures compare with the
Sugar Club's report of production to March 31st of 3,942,000 tons. The joint foreign sales syndicate popularly
known as "the Pool" announced that it sold on April 4th
about 30,000 tons at an average price 7 to 8 points over
the United States market. It was added that it is not
the policy of the syndicate to unduly press sugars for
sale but to seil in orderly manner and in a cooperative
way. This seems to suggest that the total sales by the
syndicate and others in the past two days have amounted
to between 68,000 and 65,000 tons for April, May and
June shipment. Plans for the proposed new selling
agency organized in Cuba but largely controlled by American capital have been virtually completed and it was
expected to begin operation this week. Some say it will
be a bullish factory; others, a bearish one. To-day prices
closed 1 point lower to 1 point higher with sales of 26,400 tons. May ended at 1.84c. and July at 1.94c. or at
a decline for the week of 6 points.
Spot unofficial_ -1 13-16 Sept
l.84(
May
Dec
1.94@ July
2.O4'
2.14 ®
I Jan
March
2.15 ®
2.18
LARD on the spot late last week was firmer; Prime
4c.;
1
/ South
Western 12.69 to 12.70; Refined Continent 12
4c. Spot was steady at 12.60
/
1
/
America 134c.; Brazil 141
4c.
1
/ for refined Continent,
to 12.70c. for prime Western, 12
4c.
1
/ for Brazil. On March
1
/
134c. for South America and 14
30th futures ended unchanged to 3 points lower with hogs 10c.
lower, grains weaker, Liverpool closed and some tendency
[VOL. 128.
FINANCIAL CP-RONICLE
to liquidate though it was far from marked. Futures on
the 1st inst. advanced 5 points but lost most of it later.
Yet hogs were 25 to 35c. higher. A decline in grain
finally weakened lard prices somewhat. Total western
receipts of hogs were much smaller than expected,
amounting to 96,200 against 146,000 a week previously and
146,100 last year. Clearances of lard from New York
last week were 7,065,173 lbs. against 9,000,000 the week
previous. The stocks of all lard at Chicago on March
30th were 98,146,158 lbs. against 95,242,643 on March 1st,
an increase of 2,903,515 lbs. for the month, whereas the
expectations were for a decrease of around 6,000,000 lbs.
On April 1st last year the total was 75,558,115 lbs. Today futures ended 5 to 7 points higher. Final prices show
a decline for the week of 23 points.
DAILY CLOSING PRICES OFC-LARDZ FUTURES INWCHICAGO.
Wed.] Thurs. Fri.
Sat. I Mon. Tues.
March delivery
May delivery
July delivery
September delivery_
12.22
12.57
____
'
12.20 iii57,r 11.921 11.95
a
12.557 12.50r 12.301r 12.32
12.87 12.82
12.62, - 12.67
12.02
12.37
12.72
PORK firm; Mess $33.50; family $34 to $36; fat back
$28 to $31. Ribs 13.75c. for 50 to 60 lbs. at Chicago.
Beef quiet; Mess $26; packet $26 to $27; family $28.50
to $30; extra India mess $42 to $45; No. 1 canned corned
beef $3.10; No. 2, six pounds, South America $16.75;
pickled tongues $75 to $80 per bbl. Cut meats steady;
2c.;
/
/
pickled hams 10 to 20 lbs. 2114 to 211 pickled bellies
1
/
1
/
6 to 12 lbs. 184 to 194c.; bellies, clear, dry salted, boxed,
.
1
/
4c.;
/
18 to 20 lbs. 151 14 to 16 lbs. 164 Butter, lower
1
/
grades to high scorings 43 to 46c. Cheese, flats 242 to
/
/
2912c.; daisies 231 2 to 28c. Eggs medium to extras
4c.;
1
/ closely selected 30 to 31c.
1
/
282 to 29
OILS-Linseed was fair demand recently. New buying
was not large but consumption is steadily gaining and
some rather large contract withdrawals were reported.
Prices have been steady at 10.1c. for carlots and 10.9c.
for single barrels. Crushers expect a larger movement
in oil soon with the warm weather near at hand and
the demand for paint increasing. Cocoanut, Manila Coast
4c.;
1
/ spot N. Y. tanks 8c. Corn, crude, bbls.,
tanks 7
2
1
/
tanks f.o.b. mill 8 c. Olive, Den. $1.30 to $1.40. China
4c.;
1
/ Pacific Coast
/
wood, N. Y. drums, carlots 141 2 to 14
2c„;
/
tanks, futures 13c. Soya Bean, bbls,, N. Y. 111 tanks
4c.; extra strained winter,
/
2
1
/
coast 9 c. Lard, prime 151
1
/
4c.
1
/ Cod, Newfoundland 67c. Turpentine 542 to
N. Y. 13
2c.
1
/ Rosin $7.50 to $11.20.
59
Cottonseed oil sales today including switches 19,300
bbls. P. Crude S. E. nominal. Prices closed as follows:
Spot
April
May
Pi
®10.65IJune
July
10.25
10.41 ©10.43 Aug
10.4510.601Sept
Oct
10.63
10.69@10.71 Nov
10.7610.77
10.61 ---10.25@1O.55
PETROLEUM-Gasoline was much stronger. Buyers who
were heretofore pursuing a hand-to-mouth policy are now purchasing on a large scale. There was less competition of late
although here and there some shading is reported.2 For U. S.
/
4
1
/
/
4
1
/
motor the range was 81 2 to 8 c. refinery and 91 to 9 in
tank cars delivered to nearby trade. The Gulf reported a fair
foreign demand at steady prices, There was a better demand
from the Far East for cased gasoline. Fuel oils were steady.
The movement of bunker Grade C was large against old contracts. The price was steady at $1.05 refinery and $1.10 f.a.s.
New York Harbor. Gas oil was in good demand and steady.
Kerosene was weak. The Standard Oil Co. of Ohio advanced
the price lc. to 13c in tank wagon and 15c service station early
4c
1
/ rein the week. Water white 41-43 gravity was quoted at 8
4c.
1
/ in tank cars delivered to nearby trade. The
finery and 9
Gulf reported a fair export demand. Pennsylvania cylinder
stocks were in good demand and firm. Other Pennsylvania
oils met with a good inquiry. Diesel oil was advanced 5c. a
barrel to $2.05 by the Shell Eastern but other refiners still
quoted $2 at New York Harbor refineries.
Tables of prices usually appearing here will be found on an earlier pageln
our department of"Business Indications," in an article entitled "Petroleum
and its Products."'
-New York advanced 10 to 20 points on the
RUBBER.
1st of September at one time up 50 points from the low of the
day that is from 23.40c. to 23.90c. The sales were 361 lots
compared with 1166 lots on March 28th just before the Easter
holidays. On the 2nd inst. early prices were 20 points lower
on most months closing unchanged to 10 points higher. Lon4
11:1
don was / higher than on March 28th when it reopened on
the 2nd inst. and Singapore 7/16d higher. London's stock
fell off last week 421 tons to 28,077 tons against 27,656 a week
previously. Sales here were 1061 lots on the 2nd inst. and
prices closed with May 23.10 to 23.20c.; July 23.60c.; September
23.90c.; December 24.10 to 24.20c., January 24.20c.; February
24.30c. and March 24.40c. New York on the 3rd inst. fell 80 to
4d
1
00 points with London off / on large selling partly by dealers.
The sales were 2,392 tons. Prices closed with May 22.30c.; July
2.70 to 22.80c., September 22.90c.; December 23.20 to 24.30. and
March 23.60c. Outside prices: Ribbed smoked, spot and April
4
1
/
4
1
/
4c.;
1
/ May-June 22% to 22 c.; July-September 22 to
22 to 22
2
/
4
1
/
1
/
234c.; OctoberDecember 23 to 231c. Spot first latex
4
1
/
4
/
crepe 221 to 22%c.; clean thin brown crepe 19 to 29c.;
/
4c.;
1
/ rolled 16 to 16c.; no. 2 amber 20 to
specky 191 2 to 19
4c.
1
/ Paras, up4
1
/
4c.;
1
/ No. 3, 19 to 20c.; No. 4, 19% to 19
20
4
1
/
4
1
/
river fine spot 20% to 20 c.; coarse 13 to 14c.; Acre, fine
4c.;
1
/ Caucho Ball-Upper 1334 to 11c. London
spot 24 to 24
spot and April 11d; May lid. Singapore April 11d.
AI'RIL 6 1929.]
FINANCIAL CHRONICLE
On the 4th inst. New York advanced 30 to 50 points as
shorts and others bought. The sales were 686 lots a decrease
from the previous day of some 1,000 lots. Gross shipments
of crude rubber from Malaya during March were 49,448 tons
against 47,926 tons during February. New York closed on
the 4th inst. with May 22.70c.; July 23.10 to 23.20c.; September
23.40c.; December 23.60 to 23.70c. Smoked spot and April
224 to 23c.; May-June 23 to 23Ac. First latex crepe 23 to
,
234c.; clean thin brown 191 to 19Y
/
2
4c. London spot and
April 1078d. Singapore April 10-9/16d. London today closed
/
unchanged to / higher with spot-April 11d; May llqd;
8d
4
June 113/d; July-Sept. 177/16d and October-December 1111/16d. .Stocks in London are expected to show an increase
of 800 tons on Monday. Singapore closed dull today at 5/16d
to 3/d net higher. No. 3 Amber crepe spot quoted at 9/ d or
8
4.
3/16d net higher. Today prices closed unchanged to 30 points
lower with sales of 522 lots. Final prices show a decline for
the week of 30 to 60 points.
HIDES-Prices were reported generally steady with a somewhat larger business in common dry hides. In frigorifico hides
business was rather slow, recent sales being 9,000 Argentine
at $41.50 or 19Y to 19 5/16c. City packer have been in
8
/
fair demand. Common dry, Orinocos 22 2c.; Central America 22 to 23c.; La Guayra and Maracaibo 22c.; Savanillas
2c.; butt
22c.; Santa Marta 23/
2c. Packer native steers 14/
2c.;
brands 13 2c.; Colorados 13c.; bulls, native 10/
/
OCEAN FREIGHTS-Tanker rates were supposed to be
tending downward. Business was quiet late last week on
the eve of the Easter holidays.
CHARTERS included grain, Montreal, May to Mediterranean 174c.
Coal-Hampton Roads to West Italy, April $2.50. Sugar-Cuba, April
to Marseilles 20s 6,1; Santo Domingo, April. to Antwerp. Rotterdam
-Continent 18s 9d. Tankers:
and Amsterdam 21s; Cuba, to U. K.
light crude, U. S. Gulf, first half April, to north of Hatteras not
east of New York 28c.; clean, San Pedro, April, to north of Hatteras
71c.; crude, three trips, Tampico, June, to Ostermoor 20s; clean,
-Continent 13s; clean, California, April, to
April. Constanza to U. K.
-Continent
-Continent 27s 6d • clean April 20 to May 10, U. K.
U. K.
from Gulf, 18s from North Atlantic 15s. Time:-St. Quentin, abroad,
prompt Antwerp, redelivery Rio Grande
6 to 9 months, prompt $1.15;
-Boston, April-May. Dumfries to Danzig
do Sul, Is 6d. Scrap iron:
$4.25.
COAL-The holiday interruption and mild weather have
tended to hurt business, A cash discount of 2 per cent or
from 16 to 17c. per ton on wholtsale domestic sizes of
anthracite on 10 days' cash and 1 per cent on 30 days' cash
with 60 days' for full invoice price, as announced in the
wholesale trade, is to become general. It takes in buckwheat No. 1. The effect of this and other recent easing of
prices on trade will be interesting to watch. Twenty-two
States out of 24 included by name in the Bureau of Mines
production figures curtailed their output in the March 16th
week.
TOBACCO was in fair demand and steady here, with
Southern prices in some cases lower and in others higher.
Mayfield, Ky., wired the U. S. Tobacco Journal: "Sales for
week 810,695 lbs. at an average of $9.51; for season 10,604,885 lbs. at an average of $12.26 against an average year ago
of $11.54 on 6,403,040 lbs. Week's average 78c. lower than
preceding week." Paducah: Sales for week 232,950 lbs. at
an average of $9.74. Week's average 28c. lower than preceding week. Murray: Sales for week 221,590 lbs. at an
average of $9.61; week's average 52c. lower. Hopkinsville;
Sales for week 1,496,970 lbs. at an average of $13.20; week's
average 52c. higher. Clarksville: Sales for week 1,785,'015 lbs. at an average of $13.60; for season 16,110,895 lbs. at
an average of $16 against an average year ago of $17.31
.on 12,664,375 lbs. Week's average 13c. lower than preceding
week. Springfield: Sales for week 1,367,790 lbs. at an average of $14.66; for season 11,856,430 lbs. at an average of
-$16.78 against an average year ago of $18.73 on 11,561,09
lbs. Week's average 87c. lower than in the preceding week.
At Lynchburg, Va., sales the past week were 216,036 lbs.;
average price $7.11. Offerings were slightly smaller. Average price was somewhat higher. Sales from the 1928 crop
now, aggregate 6,417,958 lbs., a decrease of 95,3,271 lbs. compared with a year ago. Estimates now are that this crop
will weigh a million and a half pounds lighter than that of
1927. Tobacco is the third in the exports from the United
States. The 1929 crop of Porto Rican is estimated at 24,600,000 lbs. against 22,000,000 in 1928, according to the U. S.
Department of Agriculture. The new Java crop of 1928
was 50 per cent smaller than in 1927. Amsterdam cabled
late last week that about 3,800 bales have been bought for
America, and that the market was unchanged.
COPPER was quiet both for domestic and foreign account. Prices were firm at 24c. delivered to the Connecticut
Valley and 243'8c. c.i.f. Europe. Shipments from the Lake
districts are at the highest point in 20 years except for the
war-time period. Sales in March were estimated at 110,050
tons against 162,000 in February and 126,500 in January.
March sales were made up of 62,750 tons for foreign shipment and 48,300 for domestic shipment. The scarcity of
copper and the reluctance of producers to sell accounted for the smallness of sales in March. London on
the 2nd Inst. advanced £15s to spot 195 5s; futures up lOs to
£95 17s 6d; sales 600 tons futures. Electrolytic was unchanged at £110 for spot and 2111 for futures. Later on offerings were said to have been made in some instances at
23/c. hut investigation divulged the fact that these offers
-were of August and September delivery copper which are
2321
not yet being sold by producers. They were made, some
thought, with the intent of hammering down prices. Producers adhered to the 24c. and 24Y level, however. The
8c.
general expectation is that prices will advance with the next
good buying movement. Trading continued light and. is expected to continue so until after the March statistics are
out of the way, which will be about the middle of the
month. Shipments for March are expected to be very large
and refined stocks it is believed will show another reduction. The Anaconda Copper Mining Co. advanced wages
another 23c. per day to $6 at Butte, Montana. It was effective April 1st and was the third raise since October 1st.
London spot standard on the 3rd inst. advanced 12s 6d to
195 17s 6d; futures up 3s 9d to £96 Is 3d; sales 400 tons
spot and 2,600 futures. Spot electrolytic fell 12 to £108;
futures off fl to £110.
Of late with London falling 16 lOs in a day, New York
has weakened. Though the official price is given as 24c,
sales are reported at 23/ to 23%c. In London on the 4th
4
inst. spot standard dropped £6 lOs to £89 7s 6d; futures off
£6 8s 9d to £89 12s 6d; sales 1,800 tons futures. Spot electrolytic declined £4 to £104 and futures off £2 t® £110. At
the second session in London standard fell 2s 6d further.
Copper has advanced 9 cents in 6 months because the
domestic consumption has risen to 57,000 tons a month.
It had been growing for years. There is a larger use of
copper in building. Brass and bronze so largely used in
structures is 60 to 90 per cent copper. Buildings are more
decorative. Brass pipe uses, it is said, up to 40,000 tons
annually.
TIN early in the week declined to nearly the low point
of the year. On the 2nd inst. prices on the exchange
closed 10 to 20 points lpwer or 10 to 15 points above
the low point in the history of the Exchange. April
closed at 48.10c.; May at 48.15.to 48.25c.; June at 48.20
to 48.30c.; July at 48.20 to 48.30c.; August at 48.35c. and
September at 48.35c. Trading was quiet. Sales on the
exchange were 45 tons while 100 tons of specific brands
were sold in the outside market. Straits tin sold on the
2nd inst. at 48/2 to 48Y
8c. The world's visible supply
increased only 230 tons in March in contrast with early
expectation of 1,000 to 1,500. Total supplies on March
31st were 26,663 tons. Straits tin shipments to all countries in March were 8,145 tons distributed As follows:
United States 4,893 tons; United Kingdom 925 tons; European Continent 1,740 tons and all other countries 587
tons. American tin deliveries in April are expected to
be about 7,500 tons, which is about the average of the
past several months. In London on the 2nd inst. spot
standard dropped 15s to 1219 10s; futures off £1 2s 6d
to £2 27s 6d; sales 80 tons spot and 120 futures. Spot
Straits dropped 15s to 1221. Eastern c.i.f. London fell
11 15s to £223 on sales of 600 tons. At the second session
London spot standard was unchanged and futures advanced 2s 6d; sales for the day 290 tons. Here on the
3rd inst. futures on the exchange ended unchanged to
20 points lower, the latter on August and September.
Sales of specified brands in the outside market were 100
to 150 tons at 48/2c. for all deliveries, while trading on
the exchange amounted to only 35 tons. London standard tin at the first session on the 3rd inst. was unchanged
but at the second session spot advanced 2s 6d and futures
5s; total sales 450 tons. Spot Straits dropped 5s to £220
15s. Eastern c.i.f. London unchanged at 1223 on sales
of 300 tons.
On the 4th inst. the sales here were 760 tons, a new
high record with prices declining here at London fell 11
to El lOs due it was said to Federal victories in Mexico
and the possibility of larger shipments of metals from
Mexico. Whatever the cause tin fell sharply on both sides
of the water. Here April sold at 47.65c. a new low for
the Exchange. Futures here on that day closed at 36
to 50 points net lower for the day. April closed at 47.60
to 47.80c., May 47.70 to 47.80c. In London on the 4th inst. spot
standard dropped 11 to 1218 10s; futures fell Li lOs to /218 17s
64; sales 150 tons spot and 500 futures. Spot Straits tin fell
to 1219 15s. Eastern c.i.f. London sold at 1222 7s 6d
on pales of 375 tons. At the second session in London
spot standard declined lOs and futures 12s 6d; sales for
the day 730 tons. To-day futures closed 20 points lower
to 5 points higher with sales of 465 tons. April ended
at 47.65 to 47.75c.; May at 47.60 to 47.65c. and July at
47.60c to 47.65c.
LEAD early in the week was in good demand. One
large producer stated that the inquiry on the 2nd inst.
was brisker than on any day last week.. April and May
were the most wanted. There was some inquiry for June,
but producers are reluctant to contract so far ahead.
Prices were steady at 7.65c. East St. Louis and 7.75c. New
York. In London on the 2nd inst. prices advanced Is
3d to 126 7s 6d for both spot and futures; sales 200 tons
futures. On the 3rd inst. the demand fell of somewhat
but prices remained unchanged. London spot advanced
is 3d to 126 13s 9d on the 3rd inst.; futures up 7s 6d to
26 15s; sales 300 tons spot and 1,200 futures. On the 4th
inst. the American Smelting Co. reduced its price $5 a
tion; now 7.50; Central West 7.40c. The demand of late
has been only moderate. On the 4th inst. London
2322
FINANCIAL CHRONICLE
dropped sharply for both spot and futures closing at
125 17s 6d; sales 200 tons spot and 1,200 futures. At the
second session in London came a further decline to 124
15s for spot and futures.
ZINC was firm but quiet. The price was 6.80c. East
St. Louis. In London on the 2nd inst. prices advanced
is 3d to £27 us 3d; for both spot and futures; sales 50
tons spot and 500 futures. On the 3rd inst. spot in London advanced 2s 6d to £27 13s 9d; futures unchanged at
£27 us 3d; sales 50 tons spot and 350 futures. Latterly
trade has been less active at 6.80c. East St. Louis. In
London spot dropped 8s 9d on the 4th inst. to 127 5s;
futures off 7s 6d to £27 3s 9d; sales 150 tons spot and
150 futures. Taking the steel trade as a whole the demand is pretty well spread out so that consumers are
said to have bought on a somewhat larger scale. Steel
ingot production in March has never been equalled and
output was 300,000 tons above the old peak. Sales of
sheets and strips for the quarter marked a new' high
record. Youngstown reported that a shortage of steel
was interfering with production schedules of rolling mills
in that district to a larger extent than was generally
understood, especially on strip sheet and tin mills. Such
mills have been pushed for production records the past
three months and longer have consumed steel in semifinished form heavily. In Birmingham pipe output was
increased. In structural business elsewhere bridges were
the feature. Pittsburgh wires early in the week said that
quotation were considered firm with most finished descriptions higher by $1 or $2 per ton than in the first
quarter though an exception to this was seen in plates
and shapes, the $1 Pittsburgh being still regarded as a
bit dubious. Primary materials were steady and scrap
was firmer. Consumers were bidding at slightly higher
prices. Heavy melting steel was quoted at $18.50 and
$19, Pittsburgh delivery. Semi-finished steel was definitely at advanced quotations of $34. Pittsburgh for billets and $35 Pittsburgh for sheet bars.
PIG IRON has been in only moderate demand. In Pittsburgh merchant pig iron producers reported quite a good
tonnage sold into next quarter. Foundry iron was said to
be scarcer with the minimum quotations for basis, $17.50
valley; Bessemer $16.50 and No. 2 foundry $18 with 50c.
per ton higher quoted in some cases. The output for the
first quarter of 10,363,028 tons was a new peak for that
period and was the second largest for any quarter. The
March total of 3,714,473 tons so far as the published records
go was a new high though some declared it was exceeded
once. The daily total in March of 119,822 tons is put down
as the third highest on record.
WOOL-Boston wired a government report which stated
the Eastern buyers and the Texas mohair growers appear
in a deadlock over the prices of the new clip according to
reports from merchants here. The manufacturing industry
is persistently demanding a lower price basis on mohair in
order to cope with the increased use of competing fibers.
Buyers'ideas of prices are around 50c for Texas grown
hair and 60c. for kid hair. Thus far these prices have
not been acceptable to the growers, their ideas being at least
5c. a pound above these figures. Later in the week trade
in Boston was dull and prices were more or less unsettled.
Ohio & Pennsylvania fine delaine 43c.; / blood 50c.; 3'
12
blood 52 to 53c.; / blood 51 to 52c. Territory, clean basis,
14
fine staple 1.02 to 1.05; fine, medium, French combing 97
to 1.02; fine clothing 92 to 95c.; Y2 blood staple 1.02 to 1.05;
34 blood 95 to 1.; i/s blood 90 to 93. Texas clean basis,
fine 12 months 1. to 1.03; 8 months 98 to 1.02; fall 95 to
98c. Pulled, scoured basis, A super 98 to 1.02; B, 87 to
90c.; C, 78 to 80c.; Mohair, original Texas 58 to 60c. Foreign clothing wools: Australian, clean basis in bond, 64-70s,
combing super 88 to 90c.; New Zealand clean basis, in bond,
58-60s, 78 to 80c.; 56-58s, 73 to 75c.
SILK to-day ended unchanged to 1 point higher with sales
of 102 lots or 510 bales. May closed at 4.98 to 4.99c.;
July at 4.87 to 4.88c.
COTTON
Friday Night, April 5 1929.
Wir THE MOVEMENT OF THE CROP, as indicated by our
4
telegrams from the South to-night, is given below. For the
weeklending thisrevening the total receipts have reached
59,884 bales, against 78,041 bales last week and 97,085
bales the previous week, making the total receipts since
Aug. 1 1928 8,537,674 bales, against 7,414,742 bales for
the same period of 1927-28, showing an increase since
Aug. 1 1928 of 1,122,932 bales.
Receipts at-
Sat.
Mon.
Tues,
Wed.
Thurs.
Fri.
Total.
Galveston
790
3.029 2,583 2,656 1.889
694 11.641
TexasCity541
541
Houston_
1,692 3:ii8 Ogo
751 2,613 1,801 11,862
New1Orleans.2.705
590 8,387 2,489 2.020 6.988 23.129
Mobile
40
313 2,730
675
313
262 1,127
Savannah
1,428
590
542 4,135
433
143
999
Charleston_
18
407
250 1,274
15
584
Wilmington
382
160
81
724
47
54
---,
Norfolk
286
206
453 1.569
157
282
185
New York
--------935
450
485
Boston
208
---17
--------303
528
Baltimore
870
---____
146
-----816
Totals this week- 10,440
7,228 15,424
7,428
7,252 12.112 59.884
[VOL. 128.
The following table shows the week's total receipts, the
total since Aug. 1 1928 and the stocks to-night, compared
with last year:
1928-29.
Receipts to
April 5.
1927-28.
Stock.
This Since Aug This Since Aug
Week. 11928. Week. 11927.
Galveston
11,641 2,686,718 23.546 2,001.417
Texas City
541 174,632
300
87,326
Houston
11,862 2,768,235 14.3962,405,799
Corpus Christi_ - _
____ 256,831
-- -- 176,343
Port Arthur, arc
____
14,390
--736
New Orleans
23.129 1.443,747 16,168 1,305,901
Gulfport
498
Mobile
2,730 249.050 4.066 248.231
Pensacola
11,573
12,582
Jacksonville
186
____
8
Savannah
4,135 338.594 11.466 560,530
Brunswick
Charleston
1.274 159.493 2,073 230,894
Lake Charles
____
5,505
__-756
Wilmington
724 121,493, 3,312 111,099
Norfolk
1,569 217,273 1,616 199,292
N'port News, &c_
__ _
92
New York
935
43,109
42
6,230
Boston
528
2,747
115
5.560
Baltimore
816
43,502 3,191
61,883
Philadelphia
155
Totals
1929.
1928.
360,528
20,919
612,213
321.182
32,140
582,000
301,364
415,000
20,704
10,138
674
30,880
582
27.427
25.856
25,822
32,862
72.487
31,124
67,285
144,103
3,550
1,094
4,642
147,817
3,185
1.495
5.857
59.834 8.537 074 80.232 7.414.742 1.1131 11711 11171 (Mt
In order that comparison may be made with other years.
we give below the totals at leading ports for six seasons:
Receipts at- 1928-29. 1927-28. 1926-27. 1925-26. 1924-25. 1923-24.
Galveston_ _ -Houston
New Orleans_
Mobile
Savannah_ --Brunswick..
Charleston.... _
Wilmington
Norfolk
N'port N.,&c.
All others__ - _
11,641
11,862
23,120
2,730
4,135
23.546
14.396
16,109
4,066
11,466
30,227
39.126
29,319
3,169
16,652
20,158
16,220
27.487
2,566
10,196
19,450
16.377
18,324
1,573
7,949
21,065
4,713
20,773
1,701
4,253
1,274
724
1.569
2,073
3,312
1.616
9,393
2.910
6,033
7,358
2,141
3,242
5,847
2.519
2,302
3,790
776
2.726
2.820
3,648
4,099
1,713
370
912
Total this wk.
59,884
80.232
140,928
91.081
74.709
60,709
Siwe Aug. 1 8.5371174 7 414 '749 11 Ft4n990 R.5911 108 St Ailci 5191 A (124 Add
*Beginning with the season of 1926. Houston figures include movement of
cotton previously reported by Houston as an interior town. The distinction
between port and town has been abandoned.
The exports for the week endink this evening reach a
total of 171,151 bales, of which 46,400 were to Great Britain,
20,263 to France, 35,338 to Germany, 9,117 to Italy,
30,544 to Japan and China, and 29,489 to othor destinations.
In the corresponding week last year total exports were
164,767 bales. For the season to date aggregate exports
have been 6,768,410 bales, against 5,832,641 bales in the
same period of the previous season. Below are the exports
for the week.
Exported to
Week Ended
Great
AM.5 1929.
GerExports from
- Britain. France. many.
Japan&
Italy. Russia. China. Other.
3,234
4.227
46,400 20,263 35,338
9,117
30.544 29,489 171,151
53,767 18,272 43,614 9,033
48,386 13,548 42,334 15,057
Total
Total 1928
-29
Total 1927-28
8,966 2,227 28,888 164,767
-___ 53,069 44,927 219,233
1.550
100
6,015 16.507 60.884
10,179 8.450 45,098
2,754
s:oii 4;iii 33,73()
50 15,200
3,000
856
193
2,000
1,520
"ioo
379
2,125
7,826
200
711
From
Exported to
Aug. 1 1928 t
Apt. 5 1929. Great
GerJapan&
Exportsfr,
Britain. France. many. Italy. Russia. China, Other.
Galveston____
Houston
Texas City_
Corpus Christi
Port Arthur..
Lake Charles_
New Orleans_
Mobile
Pensacola_ _-Savannah....
Gulfport
Char eston Wilmington
Norfolk
Newport News
New York...
Boston
Baltimore.
Philadelphia__
Los Angeles__
San Diego_ -San Francisco
Seattle
Total
Total.
11,601 11,631 11,896
3,346 5,999 12,897
916
1,838
11,234 2;i55 5,200
9,217
2,933
856
193
2,000
1.520
29
50
150 f,a(35
4,248
611
Galveston
Houston
Texas City
New Orleans_
Mobile
Savannah
•
Charleston
Wilmington
Norfolk
New York
Los Angeles
San Francisco
358,942204,331
378,294267,961
32,998 12,068
46,405 41,940
480 2,430
1,296
373.384 84.279
82,616 1,943
4,048
____
144,183
24
498
-___
54,884
777
33,800
____
66.746
638
92
21,626 4,951
873
2.555
82
-__
58,436 13:699
4.166 1,948
9,248
250
__
Total.
538,480 167,894 15,798528,138336,6092,239,992
498,928 186,980 63.340408.092 151,572 1,945,167
37,434 1,616-__ 8,417
.
,
89,541 21,624 4,90 55,036 27,781 287,231
7,422
500
____
3,558
14,390
1.151 3.250
330
8.027
203,890 105,169 69,340 144,726 92,264 1,073,052
72,260 3,298 __-. 10,300 4,470 174,887
5,275
750
____ 1,400
100
11,573
108,137 1.730 -_-- 10,500 3,221 267.795
498
55,500 --------1,150 13,546 125,856
---9,842 34.900 --------3,400 81.942
23,454 2,374
____ 5900 1,855 100,967
92
25,117 12,749
_--- 6,010 14.071 84,524
4,259
------------2,045
441
I
------------4,378
83
11 145
_110_ 187:608
.
5
________ 68. 48
34,948 5,815_5_
17 015
.
000
-----------4,296
11 919
.
609 32.285
__-_ 16.370
200
5,608
1,673,097 729,868 1,721,725550,183 143,382 281990668.157 .768,411
Total 1927-28 1,123,505768,513 1,775,244502,006 167,107809.483686,7835,832,641
Total 1926-27 2,259,831 882.125 2,449.181 632,410214.537 1460369 1000769 8,899.822
Note.
-Exports te C6134611.
-It has never been our practice to Include in the
above table reports of cotton shipments to Canada, the reason being that virtually
all the cotton detained to the Dominion comes overland and it be imposisble to get
returns concerning the same from week to week, while reports from the customs
,
districts on the Canadian border are always very slow In coming to hand. In view
however, of the numerous Inquiries we are receiving regarding the matter, we will
Bay that for the month of February the exports to the Dominlon the present season
have been 25,805 bales. In the corresPondinif month of the preceding season the
exports were 20,466 bales. For the seven months ended Feb. 28 1929 there were
174,366 bales exported. as against 152,800 bates for the eon'esPendlog seven month*
of 1927-28.
In addition to above exports, our telegrams to-night also,
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
APRIL 6 1929.]
*Estimated.
April 5 atGalveston
New Orleans
Savannah
CharlestonMobile
Norfolk
Other porta *
FINANCIAL CHRONICLE
On Shipboard Not Cleared for
-
Great
GerOther CoastBritain. France. many. Foreign wise.
6.200
3,711
--854
4,000
4,100
4,567
6,000 27,800
3,160 10,517
300
1,400
____
_____ _
--------1,
546
2.000
4,000 24,000
Total 1929
14,761 10,667 14,560 64.117
Total 1928- 21,575 6,739 14,010 48,839
Total 1927- 22.995 11.756 27.812 69.660
Total.
4,500 48,600
140 22,095
2.000
300
509
509
1,845 4,195
1,000 35,000
Leaving
Stock.
311.928
279,269
28,880
25,347
16,509
72,487
785,057
8,294 112,399 1,519.477
3,570 94.733 1,576,321
6.016 138.239 2.145.319
2323
as unfavorable Manchester advices. Trade in Manchester
was dull in both yarns and cloths and it was said that advices from China and India were unfavorable. In the Eastern belt the weather was generally favorable. Beneficial
rains fell in Western Texas. More were predicted. Worth
Street was quiet and prices there seemed rather weak for
print cloths. Labor troubles in North Carolina and South
Carolina excited comment. Later in the day came a rally
and a net advance of some 10 to 15 points owing largely to
fears of bad weather over Sunday. Moreover, the long
liquidation had evidently run its course. The technical
position was plainly better. The trade was a steady buyer.
Early sellers covered. Liverpool and Wall Street bought to
some extent. The weekly figures were regarded as bullish.
The report next week by the Association of Textile Merchants
is expected to be rather bullish than otherwise, though some
take the ground that the total sales of standard cloths in
March will be found to have been somewhat below the production. That would be something new and, of course,
more or less unfavorable. Final prices show a decline for the
week of some 23 to'30 points. Spot cotton ended at 20.65c.
for middling, a decline of 30 points.
Speculation in cotton for future delivery was rather active
at times with prices declining at first on better wheater,
increased estimates of the acreage, liquidation of May and,
to cap the climax,sharp declines in stocks and a rise in money
from 8% late last week to 15% in the forepart of the present
week. A Chicago firm estimated an increase in the acreage
of 4.7%, making it 49,137,000, or some 2,400,000 more than
last year, after one statistician had latterly stated the increase at 2.3% and another at 1.9%. Moreover, there was
less rain. Temperatures for a time were higher. The
weekly report, it was predicted, would be favorable. Goods Staple
Differences between grades established
were less active. Manchester was quiet. Yarns sold there 60% of Premiums
average of
markets
at low prices. Spot markets were less active and at times six deliveriesquoting for delivery on contract April 11 1929.
for
on
Figured from the April 4 average quolower. On the 2d inst. prices declined early 20 to 25 points,
April 11 1929
tations of the ten markets designated by
owing to poor Liverpool cables, an early decline in stocks, 15-16
1-Inch &
the Secretary of Agriculture.
a call money rate of 12% and further unloading of May. Inch. longer.
But most of the decline was recovered later. In the first
.18
Middling Fair
.54
White
.80 on Mk"
place, the technical position was stronger. Much liquida.18
Strict Good Middling
.54
do
GO
it.
.18
.59
Good Middling
tion had recently been done. The trade wsa a persistent
do
.42
do
.18
Strict Middling
do
.58
.29
do
buyer on a scale down. A bullish report on the weevil sur.20
Middling
.68
do
Basis
.19
vival was expected. Wall Street and local traders bought
Strict Low Middling.55
do
76 off Mid.
.19
.55 Low Middling
do
1.61
do
for both sides of the account. The West, which had sold
Good Middling
Extra White
42 on do
on the estimated increase of 4.7% in the acreage, seemed to
Strict Middling
do do
.29
do
Middling
do do
even
be covering later. At any rate, there was enough trade and
do
Strict Low Middling-- do do
.711 off do
other buying, partly for short account, to cause a rally nearly
Low Middling
do do
1 61
do
.18
.52
Good Middling
Spotted
to the previous closing prices. Pressure had relaxed. Con.24 on do
.18
.52
Strict Middling
do
.01 off do
tracts had become comparatively scarce as stocks rallied and
.18
.54
do
Middling
.74
do
.18
money on the 2d inst. did not go above 12%. Rather heavy
.49
Strict Good Middling---Yellow Tinged
04 off do
.18
.49
Good Middling
do do
45
do
rains fell in Georgia and Alabama. It was 26 degrees in
.18
Strict Middling
do d
.49
.92
do
pasts of northwestern Texas, 32 in the Memphis district,
.18
Light Yellow Stained_1.08 off do
.49
Good Middling
.18
.49
Good Middling
Yellow Stained
1.37 off do
and 33 in Oklahoma. Planting was said to be 2 to 6 weeks
.17
.47
Good Middling
Gray
69 off do
late. The weevil infestation has been aided by a mild,
.17
Strict Middling
do
.47
1.08
do
wet spring.
The official quotation for middling upland cotton in the
On the 3rd inst. prices declined 22 to 32 points with good New York market each day for the past
week has been:
weather, weak cables and a more favorable weevil report
March 29 to April 5Sat. Mon. Tues. Wed. Thurs. Fri.
Hol. 20.75 20.75 20.45 20.55 20.6
than had been expected. Wall Street, the South, "Wire Middling upland
houses and local interests sold. Texas,it is true, reported the
FUTURES.
-The highest, lowest and closing prices at
weevil survival as 101.7 per ton of moss,against 77.5 a year New York for The past week have been as follows:
ago and South Carolina as 70.7 against 21.1 last year.
Saturday. Monday, Tuesday. Wednesday, Thursday, Fri
But on the other hand in Georgia it was 38.7, against 88.7
Mar. 80.
Apr. I.
Apr. 2.
Apr. 3.
Apr,4.
Ay .8.
last year; in Alabama 10.8, against 45.2 last year; in Louisiana 40.6, against 65.9 last year. ,outh Louisiana was stated Jan.
B
Range._
.--as 261.8, against 365.1,if North Louisiana was 3.8, against 1
Closinga year ago. This was not the rather lurid sort of thing that Feb.
Range__
had been expected. It caused selling. Moreover stocks for a
Closing.
were lower, though they rallied later and money Marchtime
Range-fell to 8%. But big blocks of long cotton came out and it
Closingwas said that some of the mills had reduced their limits or AprilRange__
actually withdrawn from the market. What is more, the
Closing20.48 -20.46 -20.20 -20.3120.41
weekly report was favorable. It said that cotton planting May
Range_ _
20.45-20.75 20.40-20.58 20.30-20.56 20.22-20.43 20.31 20.55
has moved northward to South Carolina and locally in
Closing.
20.58-20.59 20.56-20.58 20.30-20.31 20.41-20.43 20.61 -20.53
Arkansas and is general in Southern Georgia. It has pro- June
Range..
20.44
gressed rapidly in Louisiana and has made very good adClosing.
20.30 -20.27 -20.20 -20.31 -20.41
vance in Southern Texas, where considerable of the early July
Range.
19.86-20.17 19.82-20.02 19.77-20.00 19.66-19.89 19.81 20.03
seeded is up to a good stand. Planting has begun in the
Closing_
20.01-20.02 19.99-20.01 19.77-19.80 19.88-19.89 19.91 -19.99
Central and Eastern portions of Texas. As to fertilizers, August
Range..
the sales in March were only about 79,000 tons less than in
19.56-19.61
Closing- HOLIDAY 20.1520.0919.77
19.7$19.91
the same month last year, but that showed an increase Sept.
Range__
over some recent months. This also caused selling.
20.15
19.6 19.74
,
Closing_
19.95 -20.0019.7819.7919.91
On the other hand the big liquidation was on the whole Oct.
not so badly taken. The chances and dangers of the spring
Range_
20.00-20.29 19.99-20.13 19.77-20.08 19.68-19.88 19.71 49.99
Closing.
20.1420.0919.77-19.80 19.88and summer weather are ahead. Acreage and crop are un- Oct. (new)
19.91
certain things. So is the weevil damage yet to come. The
Range_ _
19.85-20.17 19.81-19.99 19.71-19.98 19.57-19.81 11.71 19.93
Closing.
20.00-20.01 19.97-19.98 19.71mills keep buying on a scale down. The technical position Nov.
19.80-19.81 19.91
was better. A New Orleans statement put the sales of
Range _ Closing_
20.16 -20.11fertilizer in the cotton growing States for eight months ended Nov.(new)
19.7919.9020.0
March 30 at 3,158,217 tons, against 3,779,091 in the same
Range_
Closing_
period last season, and 2,687,070 tons two seasons ago;
20.0219.9919.7319.8219.9
that is 621,000 tons less than last year and 470,000 more than
Range__
19.90-20.20 19.87-20.05 19.78-20.03 19.66-19.87 19.71 19.98
Closing_
two years ago.
20.08 -20.04 -19.78 -19.87 -19.91
On the 4th inst. prices ended about 10 to 15 points net
Range._
19.93-20.20 19.84-20.04 19.77-20.00 19.64-19.87 19.71 -19.97
Closing_
higher owing to a soldout condition of the market and a better
20.0920.0419.7719.8719.91
demand. A higher stock market and a drop in money to Feb.
Range..
.
6% helped the rise. Also in the later trading there was a
Closing20.12 -20.07 -19.80 -19.90 -20.0
scarcity of contracts. It 18 believed that the March report March- _
Range_
20.00-20.25 19.93-20.10 19.83-20.07 19.72-19.93 19.8: 20.0
of the Association of Textile Merchants next week will be
Closing_
11 111 -2010 -10S2 -1005
bullish even if not perhaps quite so much so as that for
Range of future prices at New York for week ending
Feb/Mary. Spot markets advanced. The trade bought. April 5 1929
and since trading began on each option:
Early sellers covered later. Some new buying was re- °mosforRange for Week.
Range Since Beginning of Option.
ported. Early prices it is true were some 9 to 11 points
Mar. 1929_
18.58 Aug. 18 1928 22.06 July 9 1928
lower as the weather was in the main good. For the most Apr, 1929_
17.72
19
part it was warm and clear. Liverpool and Manchester May 1929__ 20.22 Apr. 4 20.76 Apr. 1 18.00 Sept.13 1928 22.30 June 29 1923
Aug.
1928 21.47 Mar. 1929
June 1929._
cables were not heartening. Then there were the recently July 1929_ 20.44 Apr. 3 20.44 Apr. 3 17.12 Sent. 19 1928 21.28 Mar. 9 1929
9
19.66 Apr. 4 20.17 Apr. 1 19.53 Feb. 19 1929 20.95 Mar. 9 1929
increased acreage estimates, increased March fertilizer Aug. 1929_ 19.56 Apr. 4 19.61 Apr. 4 19.50 Dec. 6 1928 20.53 Mar. 6 1929
Sept. 1929..
sales, lessened fear of the weevil, dam, of goods and Oct. 1929_ 19.64 Apr. 20.15 Apr. 3 18.08 Nov. 5 1928 20.63 Mar. 8 1929
19.38 Mar.
1929
labor trouble involving 5,000 mill workers,in the Piedmont Nov. 1929 19.67 Apr. 4 20.29 Apr. 1 18.89 Jan. 26 1929 20.72 Mar. 15 1929
7
20.38 Mar. 13 1929
Dec. 1929.. 19.66 Apr. 4 20.20 Apr. 1 19.06
section of North Carolina and South Carolina.
4
20.70
Jan. 1930.. 19.64 Ayr. 4,20.20 Apr. 1 19.42 Feb. 26 1929 20.66 Mar. 15 1929
Mar. 1929
Mar. 15 1929
Today prices declined, at first some 6 to 10 points on Feb. 1930..
favorable weather, and rather poor Liverpool cables, as well Mar. 1930- 19.72 Apr. 4 20.26 Apr. 1 19.72 Apr. 4 1929 20.25 Apr. 1 1929
[VOL. 122.
FINANCIAL CHRONICLE
2324
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.
April 5
Stock 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
1929.
bales_1,012,000
97.000
1.109,000
529,000
247,000
20,000
79,000
40,000
1927.
1928.
765,000 1,323,000
1926.
866.000
169.000
83.000
850,000 1,492,000
949,000
670.000
287,000
19,000
130,000
42,000
243.000
219,000
3.000
99,000
32.000
85,000
482,000
292,000
16,000
119,000
62,000
124,012 bales less than at the same time last year. The
receipts at all the towns have been 8,788 bales more than the
same week last year.
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
April 5 for each of the past 32 years have been as follows:
1929
1928
1927
1926
1925
1924
1923
1922
20.65c.
19.85c.
14.35c.
19.50c.
24.40c.
30.65c.
30.05c.
18.05c.
1921
1920
1919
1918
1917
1916
1915
1914
11.70c.
42.00c.
29.25c.
35.35c.
20.55c.
12.00c.
9.90c.
13.50c.
915.000
971.000 1.148,000
596,000
12.60c.
11.00c.
14.50c.
35.35c.
10.10c.
10.50c.
11.00c.
11.70c.
8.15c.
14.00c.
10.25c.
9.19c.
8.44c.
9.75c.
6.190.
6.190.
1905
1904
1903
1902
1901
1900
1899
1898
MARKET AND SALES AT NEW YORK.
Futures
Market
Closed.
Spot Market
Closed.
2,024.000 1,821.000 2,640.000 1.545.000
Total European stocks
99,000
68.000
148,000 122.000
India cotton afloat for Europe
afloat for Europe 333,000 435,000 730.000 264.000
American cotton
78.000
85,000 107,000
Egypt,Brazil.dtc.,afloatforEurope 74.000
405.000 375.000 431,000 288.000
Stock in Alexandria, Egypt
905.000 600,000 846.000
1.288,000
Stock in Bombay, India
al.631,876a1.671,054a2.283,558 1.121.920
Stock in U.S. ports
Stock in U. S. interior towns_ _-- a711,349 a835.361 a922.735 1,630308
1,319
775
U. S. exports to-day
1913
1912
1911
1910
1909
1908
1907
1906
Saturday___
Monday __ _
Tuesday
Wednesday_
Thursday _Friday
SALES.
Spot. Contr'cl Total.
IIOLI DAY
Quiet. 20 pts. dec.. Steady
Steady, unchanged. Steady
Quiet. 30 pts. dec.. Barely steady
Steady. 10 pts. adv. Steady
Steady, 10 pts. adv. Steady
Total week_
Since Aug. 1
400
400
700
520
100
700
520
100
1,720
_-__ 1.720
153.027 400,900 553 927
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
6,616,000 6.249,415 7,783,612 5.872.228 SINCE AUG. 1.
Total visible supply
Of the above, totals of American and other descriptions are as follows: overland movement for the week and since Aug. 1, as made
Americanfrom telegraphic reports Friday night. The results for
bales 710,000 541.000 997.000 564,000 up
Uverpoolatock
70,000 the week and since Aug. 1 in the last two years are as follows:
59,000 148.000
74.000
Mane ester stock
546.000
851,000 922.000 1,090.000
Continental stock
----------1928-29
----1927 28
333,000 435.000 370.000 264,000
American afloat for Europe
Since
Since
April 5al.631,876a1,671.054a2.283.558 1.121,920 Shipped-Week. Aug. 1.
U. S. port stocks
Week. Aug. 1.
a711,349 a835,361 a922.735 1,630.308
U.S. interior stocks
6,798 313.238
9,579 395,366
Via St. Louis
1.319
775
U. S. exports to-day
75.365
2,175
3.750 225,308
Via Mounds, Stc
5,181
591
13,183
Via Rock Island
4,312,000 4.463.415 6.172.812 4.196,228
Total American
37,668
-621
264
27.006
Via Louisville
Brazil, &c,
East Indian.
5,838 171,296
T.649 198,922
Via Virginia points
302,000 224.000 326,000 302.000
Liverpool stock
16.437 508,134
10,649 317,917
Via other routes. acc
13.000
London stock
50,000
21.000
26.000
23,000
Manchester stook
34,650 1.193,010
29,699 1.195.572
Total gross overland
99.000
58.000
49,000
64,000
Continental stock
78.000 Deduct Shipments
68,000
148.000 122.000
Indian afloat for Europe
88,463
73,828
2,279
3,348
Overland to N. Y., Boston. etc
85.000 107.000 288.000
74,000
Egypt, Brazil, &c., afloat
15,631
516
512
Between interior towns
17.364
405,000 375.000 431.000 846,000
Stock in Alexandria. Egypt
15,014 529,173
Inland. &c.,from South
7,463 508,431
905.000 500.000
1.288.000
Stock in Bombay, India
Total to be deducted
17,839 633,267
11,323 599,623
2.304.000 1.786.000 1.611,000 1.676,000
Total East India, .!tc
4,312,000 4,463,415 6.172,612 4.196,228
Total American
Leaving total net overland 5
..A6,811 559,743
18,378 495.949
6.616.000 6,249,415 7,783.612 5,872.228
Total visible supply
*Including movement by rail to Canada.
9.99d.
7.76d.
10.73d. 10.91d.
Middling uplands. Liverpool
19.30c.
14.45c.
19.850.
20.65c.
Middling uplands, New York
The foregoing shows the week's net overland movement
20.25h . 22.154. 15.304. 17.354.
Egypt. good Sakel. Liverpool
Peruvian, rough good. Liverpool.. 14.50h. 13.254. 10.50d. 18.00d. this year has been 16,811 bales, against 18,376 bales for
[
8.65d. the week last year, and that for the season to date the
6.95d.
9.65d.
9.104.
Broach, fine. Liverpool
9.204.
7.404.
10.25d. 10.35d.
Tinnevelly, good, Liverpool
a Houston stocks are now included in the port stocks; in previous years
they formed part of the interior stocks.
•Estimated.
Continental imports for past week have been 195,000 bales.
The above figures for 1929 show a decrease from last
week of 133,152 bales, a gain of 366,585 over 1928, a
decrease of 1 167,612 bales from 1927,and a gain of 743,772
bales over 1926.
-that is'
AT THE INTERIOR TOWNS the movement
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
-is set out in
corresponding periods of the previous year,
detail below:
Movement to Apr. 5 1929.
Towns.
Reeeipts.
Week.
Ala.,Birming'm
Eugaula- _
Montgomery.
Selma
Ark.,Blythevlile
Forest CRY
Helena_
Hope
Jonesboro-.._
Little Rock_ Newport-Pine Bluff___
Walnut Ridge
Oa., Albany
Athens_
Atlanta
Augusta- - -Columbus-Macon
Rome
La.. Shreveport
Miss.Clark'dale
Columbus_
Greenwood _
Merithan
Natchez _ _
Vicksburg._
Yazoo City
Mo., St. Louis_
x.c..Greensb'o
Ship- Stocks
mews. Apr.
Week.
5.
436 4,737
488 50,448
288 4,325
13,549
21
767 14,759
54.834
4
33 14,859
56,450
40
491 87,167 1,398 12,453
382 27,957
587 4,376
312 56,611 1,030 8,112
808 2,394
93 58.84
178 1.750
80 33.155
1,045 115,111 2,530 12,380
804 2,560
194 47.618
284 139,322 1,226 14,504
3,904
298 38.828 1,0
157 1,494
3,57
375 8,425
28,588
1,611 121,874 5.204 38,370
3,420 229,991 4.831 74,806
417 48,169 1,012 10,835
271 49,421 1,908 4,989
690 29,230
35.871
230 144.543 1,792 39,814
457 145.575 3,120 15,992
383 5,588
45 30.867
222 188,605 2,502 25,336
862 4,070
48,553
302
371 17.985
44 31,777
285 2,098
37, 24.858
259 4.015
6 39,278
9,271 415.296 9.579 19,587
394 10,921
842 21,772
Movement to Apr.6 1928.
Ship- Stocks
ments. Apr.
Week. Season. Week.
6.
Receipts.
1,399 86,3
9 18,871
917 73,591
433 57,287
99 77,803
36,769
7
149 51,110
541 47.962
46 31,703
478 104.680
48,447
21
73 123,468
42 35.386
4.979
3
50,717
1,714 119,615
6,327 248.791
32 50.771
1,578 60.862
275 33,821
587 95.259
264 152,204
249 34.201
331 157,074
347 39,246
200 36,474
17,773
94
35 27,658
6,827 316.401
190 23,954
203 13,349
1,276
218
1,955
3.119
452
766
644
439
225
1,593
278
1.223
399
42
1,000
1.277
8,576
170
1,981
1.700
1.637
2,660
620
2,344
571
200
128
425
6,796
284
342
9.477
7,952
20,366
15,185
10,675
9,756
12,654
3.895
2,933
14,456
3,209
25,202
20,024
1,715
6.845
29,907
60.460
1,700
5,397
15,449
38.390
34,645
4,558
53.839
6.032
17,903
3.933
8.600
4,765
11.301
3,421
Raleigh
Oklahoma
15 towns... 1,4711 768.579 3.723 21,278 1,469 731,173 4,994 60,211
S.C.,Greenville 5,102 181.858 5,152 43,960 4.000 279,944 4,000 58,092
Tenn.,Memphis 32,0411,645,067 49,444204,663 20,170 1,363.957 27,783212,299
252 2,056
340 52,928
144 53,235
317 1,357
Texas, Abilene203 1,997
25,523
81
56 48,357
Austin
253 1,202
576 11.965
713 27,000
313 34,647
424 2,310
Brenham
769 89,850 1,277 26.039
1,255 138.130 2,344 9,474
Dallas
872 2,910
502 73,330
240 89.791
Paris
317 2,221
27.725
1,201
____I 14,008
Robstown_
330
____I 42,418
78 5,581
35,625
1,560
San Antonio_
248 6,285
154 56,705
25 64.594
436 3,791
Texarkana
515 10,123
638 86,848
133 143.562
416 8,535
Waco
Total, 57 towns 62,2995.611.447107.872711,349 53.511 5,129,142 81,938835,381
The above total shows that the interior stocks have
decreased during the week 41,610 bales and are to-night
aggregate net overland exhibits an increase over a year ago
of 63,794 bales.
-1928-29
-1927-28
Since
/n Sight and Spinners'
Since
Takings.
Week.
Week.
Aug. 1.
Aug. 1.
50,884 8,537.674
Receipts at ports to April 5
80.232 7,414,742
16,811
Net overland to April 5
559.74318,376
495,949
Southern consumption to April 5_124.000 3,937,000 108,000 3,873.000
200,695 13,034,417 206,608 11.783.691
Total marketed
393,880 *28,427
*41,610
Interior stocks in excess
462,529
Excess of Southern mills takings
709,288
258,489
over consumption to April 1
Came into sight during week.--159.085
14.137.585
Total in sight April 5
North.spinn's' takings to April 5_ 44,486
178,181
-_-_ 12.502,709
1,055.873
38,384
1.160.782
*Decrease.
Movement into sight in previous years:
Bales.
Since Aug. 1200,159 1928
156,834 1927
113.895 1926
Week-April 8
1928
-April 9
1927
-April 10
1926
Bales.
19.228,723
14,761.392
13,632.508
QUOTATIONS FOR MIDDLING COTTON AT
-Below are the closing quotations
OTHER MARKETS.
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Closing Quotations for Middling Cotton on
Week Ended
April 5.
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
Galveston
New Orleans
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
19.20
Houston
Little Rock....
Dallas
Fort Worth_
19.85
19.58
19.40
19.69
19.75
20.60
19.50
19.00
19.80
19 10
19.25
19.25
19.85
19.58
19.40
19.88
19.69
20.50
19.50
19.00
19.80
19.10
19.25
19.25
19.60
19.39
19.15
19.41
19.44
20.45
19.19
18.70
19.65
18.80
19.00
19.00
19.70
19.49
19.25
19.53
19.56
20.25
19.31
18.80
19.65
18.02
19.10
19.10
19.80
19.58
19.35
19.81
19.89
20.30
19.44
18.90
19.75
19.00
19.20
19.20
-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
Mar. 30.
Monday,
Apr. 1.
Tuesday, Wednesday, Thursday,
Apr. 4.
Apr. 3.
Apr. 2.
Friday,
Ayr. h.
ranuaty - .....,a
February - ;ddr4
March.___
April
May
19.83-19.85 19.82-19.83 19.83.19.84 19.7419.75 19.81HOLIDAY
June
July
19.92-19.93 19.92-19.93 19.71-19.72 19.81-19.82 19.88-19.89
August...
Septembr
19.85 ---- 19.81 ---- 19.58 ---- 19.82 ---- 19.72-19.74
October _
November
December.
19.90-19.84-19.85 19.60 bid 19.65-19.67 19.77 ---19.90 bid 19.84 bid 19.80 bid 19.67 bid 19.77 Bid
Jan. 1930_
Tone
Quiet
Steady
Steady
Quiet
Quiet
Spot
Steady
Steady
Steady
Steady
Stsukdo
nratinne
.A A
APRIL 6 1929.]
FINANCIAL CHRONICLE
WEATHER REPORTS BY TELEGRAPH.
-Reports to
us by telegraph this evening denote that the week as a whole
has been generally favorable for farm work. Rainfall has
been scattered and light and temperatures have been seasonable. Farm work has made good progress and planting
has been started as far north as South Carolina and locally
in Arkansas.
Texas.
-Seeding has made very good progress in this
State and considerable of the early seeded in the southern
part is up to a good stand.
Mobile, Ala.
-The weather has been favorable and good
progress has been made in breaking land. Planting is under
way. Fertilizer shipments are large.
Memphis, Tenn.
-The river is 4.8 feet above flood stage
and is rising slowly. Farm work is active.
Rain. Rainfall.
dry
dry
dry
dry
dry
2 days 0.02 In.
dry
dry
1 day 0.05 in.
dry
dry
1 day 0.01 in.
dry
dry
1 day 0.19 in.
1 day 0.22 in.
1 day 0.43 in.
dry
dry
2 days 0.03 in.
dry
dry
1 day 0.30 in.
1 day 0.13 in.
2 days 0.83 in.
1 day 0.31 in.
1 day 0.03 in.
dry
1 day 0.05 in.
1 day 0.03 in.
2 days 0.16 In.
2 days 0.30 in.
1 day 0.52 in.
1 day 0.29 in.
1 day 0.06 in.
1 day 0.32 in.
1 day 0.36 In.
2 days 0.78 in.
1 day 0.07 in.
dry
3 days 0.77 In.
Galveston. Tex
Abilene
Brownsville
Corpus Christi
Dallas
Del Rio
Palestine
San Antonio
Ardmore, Okla
Altus
Muskogee
Oklahoma City
Brinkley, Ark
Eldorado
Little Rock
Pine Bluff
Alexandria, La
Amite
New Orleans
Shreveport
Columbus, Miss
Greenwood
Vicksburg
Mobile, Ala
Decatur
Montgomery
Selma
Gainesville, Fla
Madison
Savannah,Ga
Athens
Augusta
Columbus
Charleston. S. 0
Greenwood
Columbia
Conway
Charlotte. N. C
New Bern
Weldon
Memphis, Tenn
April 5 1929.
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge_
Above zero of gauge_
Above aero of gauge_
Above zero of gauge.
Above zero of guage_
Feel.
16.7
39.8
35.7
17.1
50.4
April8 1928
Feel.
11.0
2.4
15.4
7.4
34.8
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures do not include overland receipta nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Week
Reredos I Herts.
M.O
1928.
Cotton Takings,
Week and Season.
1928-29.
Week.
Season.
1927-28.
Season.
Visible supply March 29
6,749,152
6,273,385
Visible supply Aug. 1
4,175,480
4.961.754
American in sight to April 5
-- 159,085 14,137,585 178,181 12.502.709
Bombay receipts to April 4
163,000 2,360.000 143.000 2.343.000
Other India ship'ts to April 4.....
2.000
466,000
436,500
13.000
Alexandria receipts to April 3
30,000 1,449,200
17,000 1.144.860
Other supply to April
3,000
513,000
5,000
465.000
Total supply
Deduct
Visible supply April 5
Week.
7.106,237 23,101,265 6,629,566 21,853.823
6,616,000 6,616,000 6.249,415 6.249,415
Total takings to April 5_a
490,237 16,485,265 380,151 15.604.408
Of which American
316.237 11.967,065 258,151 11,429,048
Of which other
174,000 4,518.200 122.000 4.175,360
* Embraces receipts in Europe from Brazil, Smyrna, West Indies. /cc.
a This total embraces since Aug. 1 the total estimated consumption by
Southern milts, 3.937.000 bales in 1928-29 and 3,873.000 balesin 1927 -28
takings not being available-and the aggregate amounts taken by Northern
and foreign spinners. 12,548,265 bales in 1928-29 and 11,731.408 bales in
1927-28, of which 8,030,065 bales and 7,556.048 bales American.
b Estimated.
Thermometer
high 79 low 70 mean 75
high 88 low 42 mean 65
high 86 low 70 mean 78
INDIA COTTON MOVEMENT FROM ALL PORTS.
high 82 low 70 mean 76
high 88 low 44 mean 66
high 96 low 62 mean 79
1928-29.
1927-28.
1926-27.
Aprtl4
high 86 low 48 mean 67
Receipts at
Since
Since
Sines
high 92 low 58 mean 75
Week. Aug. 1. Week. !Aug. 1. Week. !Aug. 1.
high 87 low 39 mean 63
high 91 low 62 mean 77 Bombay
163,000 2,360.000 143,000 2,343,000 60,000 2,288,000
high 84 low 35 mean 60
For the Week.
high 87 low 64 maen 76
Since August 1
.
Exports
high 84 low 55 mean 70
fromGreat Conti- 'Japan&
Great
Conti- Japan &
high 86 low 47 mean 67
airs nent. 1China. Total. Britain.
nen:.
China.
Total.
high 84 low 44 mean 64
high 88 low 41 mean 70 Bombay
1928
-29_ 7,000 14,000 29,000 50,000 42,Ifs 549,0001,153.0001.744,000
high 86 low 56 mean 71
1927-28- 1.000 6,000 55,000 62,000 52,
406,000 768,0001.226,000
1926-27_ _
high 86 low 56 mean 71
4,000 45,000 49,000
6,
242,000 1,244,0001.492,000
mean 77 Other India
---l928-29 _
2,000
2
,
82.000 384,000
high 87 low 49 mean 68
466.000
13,000:
1927-2813.000 72,500 364.000
436,500
high 89 low 45 mean 67
1926-27_
7,0001
7.000
31.000 273.000
304.000
high 87 low 49 mean 68
high 85 low 52 mean 69 Total all
1928
-29_ _ 7,000 16,000, 29.000 52.000 124.000 933,000 1,153,000 2,210.000
high 82 low 65 mean 73
1927-28_ _ 1,000 19.000 55.000 75,000 124,500 770.000 768,000 1,662.500
high 82 low 45 mean 64
1926-27_ _
11.000 45,000 56,000 37,000 515,000 1,244.0001.796.000
high 84 low 51 mean 68
According to the foregoing, Bombay appears to show an
high 86 low 52 mean 69
high 89 low 58 mean 74 increase compared with last year in the week's receipts of
high 89 low 54 mean 72 20,000 bales. Exports from all India ports record a decrease
high 86 low 57 mean 72 of 23,000 bales during the week, and since Aug. 1 show
high 80 low 44 mean 62 an increase of 548,500 bales.
high 82 low 50 man 66e
high 86 low 50 mean 68
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
high 79 low 58 mean 69
high 74 low 50 mean 62 now receive weekly a cable of the movements of cottiin at
high 80 low 50 mean 65 Alexandria, Egypt. The following are the
receipts and
high 87 low 44 mean 66
high 78 low 45 moan 69 shipments for the past week and for the corresponding week
high 83 low 42 moan 63 of the previous two years:
high 82 low 37 mean 60
high 82 low 48 mean 68
Alerandria, Egypt,
1928-29.
1927-28.
1926-27.
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
2325
I stocks at interior Towns. 'Receiptsfrom PlarUaPna
1927. I 1926. I 1928.
1927.
1920.
1928. 1927. 1926.
Deo.
I
28..255,661 169,0691323,7961,255,901 1,328.743 1.562,861 279,131
179.042325.197
1929. 1928. 1927.
Jan.
1929.
1928.
1927. 1929. 1928. 1927.
6-- 188.298 110.324 238.809 1.240,631 1.295.533 1.529, 1 173.02. 77.118206.262
.
11_. 172.34 1 117.3311264,749 1,203.459 1,261,688 1,509,8 135.16.
18- 151.177 122,215296.254 1.161.140 1,217,543 1,487.981 108.8. 83.487 284.220
:
25-- 171,701 120,406268.9821.118,699 1.180,096 1,467,42' 129.3 I 78.070274.408
82,968235,380
Feb.
1.. 165.731 139,567 235,198 1,072,678 1.134,0871,404,18' 109.710 93.558
171.958
8-- 135,07 111.82 228.4411,007.913 1.087.654 1.350,17
16._ 81,57 107,419 06.770 966.412 1,049,180 1,305.580 70.31 65.392 174.431
23_ 80,866 76.323210,193 936.027 1,023,120 1,279,19 40,06' 68.945 162.171
50,481 49.263 184.807
Mar.
1-- 91.488 62,281 196.159 006.387 987,384 1,224.581 61.7981 26.545141,545
8-- 86.941 70.755217.975 849.195
941,0431,168,286
is.. 106.350 73.234227.660 814.522 916.246 1.097.531
22- 97.08. 76,637 185,888 781,667 887,1701,036. 1
20_ 78,041 88,473 168,766 752.959 863.788
984,188
29,749
71.677
64.40
49,333
24,434 161,681
48.437166.805
47.661124.717
65,091 116,594
Apr.
5-- 59,884 80.232140,928 711,349 835,381 922,735 18.274 51,805 79.475
April 3.
Receipts (cantors)
This week
Since Aug. 1
150,000
7,232.183
85.000
5,381.651
115.000
7.282.655
This Since
This Since
This Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
To Liverpool
136.942 3.000 113.650 4.500 187.035
To Manchester. &c
130.660 8,750 126.898 6.250 148.861
To Continent & India_ _ _ 5.006 365.931 6.250298.413 14.250 289.062
To America
140.183 2.750 98.090 9.250 107.649
Total exports
5.000 773,716 20.7501637,051 34.250 732.607
.-A cantor Is 99 lbs. Egyptian ba es weigh about 750 lbs.
Note
Thts statement shows that the receipts for the week ending April 3 were
150.000 canters and the foreign shipments 5.000 bales.
Export (bales)
-
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market for
yarns is active and for cloths is quiet. Demand for both
India and China is poor. We give prices to-day below and
leave those for previous weeks of this and last year for
comparison.
1928.
823 Cop
Twist.
11127.
834 as. Shirt- Conon
Inas, Common
kW'
p
So Finest.
Upnis
d. 6. s. d.
s. d.
28---_ 155401631 138 @136
Des.Jan.-
19 29.
153(01634 13 3 013 5
6.
d.
d.
10.83 1514017
6. 11.
s.d.
13 4 1614 1
a.
11.06
@138
10.50
10.50
10.63
10.48
19 28.
1534017 13 5
15340164 13 5
153(0163S 13 7
15 @1634 13 6
014 1
014 1
014 1
614 0
10.92
10.90
10.62
10.82
(413
013
013
(413
10.35
10.34
10.43
10.49
1440153i 13 5 (813 7
144(418 13 5 013 7
14440163( 13 6 (414 0
143.4(41614 13 6 014 0
9.79
10.07
10.25
10.40
11____ 153(0163( 13 3 013 5
153(0184 13 3 013 5
25.... 15350184 13 3
Feb.1534(41814 13 3
15 016 13 3
1534(41634 13 3
1534010 34 13 3
Mar.
15%618% 13 4
1534(41634 13 4
15-- 153401854 13 4
22.- 15340164 13 4
29-- 15401034 13 4
April
6.... 1334(41534 13 3
32s Cop
Twist.
834 Lb.. Shirt- Cotton
ilia,. Commas lfiststrs
to Finest.
UpTds.
S
The above statement shows: (1) That the total receijots
10.75 15 61834 13 5 013 7
613 7
from the plantations since Aug. 1 1928 are 8,903,215 bales;
10.63
013 7
11.12 15 @1834 13 5 013 7
10.54
in 1927-28 were 7,870,462 bales,and in 1926-27were 11,745,414
613 7
11.14 15 01634 13 5 013 7
10.77
(413 7
although the receipts at the outports the
11.10 1534017 13 6 014 0
bales. (2) That,
10.96
013 7
10.96 1514@17 13 6 014 1
10.86
past week were 59,884 bales, the actual movement from
013 6
plantations was 18,274 bales, stocks at interior towns
10.73 1534017 13 7 014 1 10.91
having decreased 41,610 bales during the week. Last year
SHIPPING NEWS.
-As shown,
receipts from the plantations for the week were 51,805 bales from the United States the past week the exports of cotton
have reached 171,151
and for 1927 they were 79,475 bales.
bales. The shipments in detail, as made up from mail and
telegraphic reports, are as follows:
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
Saks.
at a glance the world's supply of cotton for the week and MOBILE-To Japan-Mar. 28-Steel Inventor, 3.000
3.000
To Liverpool-Apr. 1-Logician, 4,O22
Mar. 26
-West
Kyska, 3.322
since Aug. 1 for the last two seasons from all sources from
7,344
To Manchester-Apr. 1-Logician. 728.._ Mar. 26
-West
which statistics are obtainable; also the takings or amounts
Kyska. 1,145
1.873
gone out of sight for the like period:
To Bremen-Mar. 28
-Maiden Creek, 2.933
2.933
To Rotterdam
-Mar. 30-Antinous, 59
50
Bales.
70
-Mount Evans,70 .
-To London-Mar.28
NEW ORLEANS
To Bremen-Mar. 27-Mose11a, 1,579---Mar. 30-Sahale,
4,649
3.070
-Moselle, 633.. Mar. 30-Sahale,
To Rotterdam-Mar. 27
902
269
8,930
-Duquesne,2,971: Lo clan, 5.959
-Mar.28
To Liverpool
-Duquesne, 1.126; LogicIan. 1.108- 2,234
To Manchester-Mar.28
3,100
-Baja California, 3,100
-Mar.29
To Vera Cruz
-Steel In-Mar. 27-Larchbank, 2,200---Mar. 30
To Japan
-Manila
--Apr.3
ventor. 900_ __Apr. 2-Slenunstad, 2,800.
7.500
Marn, 1,600
1.525
To China-Mar.27-Larchbank, 1,525
-Marina Oder°. 350___Apr. 2-Mon-Mar. 30
To Genoa
1,556
stella, 1,206
551
To Hamburg
-Mar. 20-Sahale, 551
25
-Toronto,25
To Stockholm-Apr.2
1,132
-Apr.4-Gand, 1.132
To Havre
1.301
To Dunkirk-Apr.4-Gand, 1,301
255
To Antwerp-Apr.4-Gand, 255
150
-March 28
-Alaska,150
-To Havre
LOS ANGELES
2.125
To Japan-March 28-Asuka Maru, 1,625; Golden Star, 500
To Liverpool-April 1-West Lynn,1,993;Pacific Grove, 1,305 3.298
1,303
To Bremen-April 3-Goosterdijk, 1,303
950
To Manchester-April 1-West Lynn.850; Pacific Grove, 100-Thomas P. Beale,
-March 23
-To Liverpool
SAN FRANCISCO
-West
March 29
-Pacific Grove, 5O
540---Mar. 28
511
Lynn, 121
200
-President Pierce. 200
-March 29
To China
-Lancaster Castle, 909...
-March 29
HOUSTON-To Havre
5.999
2,424_ _ _April 2-Dalworth, 2.666
March30-Brush,
-Lancaster Castle, 2,129_ __March 30
-March 29
To Ghent
3,078
Brush,949
50
-Lancaster Castle, 50
To Antwerp-March 29
494
-Cody, 494
-March 29
To Oporto
3.141
-West Cohas,3.141
-March 29
Liverpool
To
205
-West Cohas. 205
To Manchester-March 29
410
-March 30-Tergestea,410
To Naples
3,134
, 3,134
-March 30-Tergestea
To Venice
683
To Trieste-March 30-Tergestea,683
-Mar Blanco,
To Barcelona-March 30-Prasa, 574_ _ _Aprfl 2
1,205
631
-March 30-Yorck, 1,603; March 30--Trifels,
To Bremen
2,947_ _ _April 1-Juventus, 2,459_ _ _April 2-Salabot.
12,317
5.308
2,587
-Brash, 2.587
To Rotterdam-March 30
836
To Gothenburg-April 1-Tugela, 836
200
To Warburg-April 1.200
-Steel Inventor, 930: Thames Maru, 2,650
Japan-April 2
To
9.874
-Egypt Mara,6.294
_April 4
-Steel Inventor. 125; Thames Meru, 90 To China-April 2
305
-Egypt Maru, 100
April 4
580
-April 2-Salabot, 580
To Hamburg
-Gloria de Larrinaga.
-Mar. 29
GALVESTON-To Liverpool
6.293
-West Cohas, 2.832
3.461- _ _April 2
-Gloria de Larrinaga, 3,979--To Manchester-March 29
5.308
-West Cubes, 1,329
April 2
--March 28-Dalworth,
-March 30
-Ontario,2,440.
To Havre
10.559
6,590; Brush. 406_ _April 1-Lancaster Castle. 1.123
-Brush.
30-Ontarto, 1.022- _ _March 28
To Dunidrk-March 1,072
50
To Bremen-March 29-0airman, 1,932- March 29-Trifels,
11,896
7,503--Aprit 1-Yorek, 2.461
-March 28
-Brush, 107 .April 1-Lancaster CasTo Ghent
8.757
tle, 8,600
602
-Brush,502
To Rotterdam-March 29
1.752
-March 30-Tergestea, 1,752
To Venice
1,192
To Trieste-March 30-Tergestea, 1,192
290
-March 30-Tergestea. 290
To Naples
1,226
To Barcelona-March 30-Prusa. 1,226
To Japan-March 30-Steel Inventor.50;Takaoka Maru.5,140 5,190
25
-Steel Inventor,825
To China-March 30
2,220
To Gothenburg-April 1-Tugela, 2,220
302
To Oslo-April 1-Tugela.302
3,175
To Oporto-April 1-Cody. 3.175
200
To Lisbon-April 1-Cody. 200
125
-April 1-Cody. 125
To Passages
745--Aprtl 5
-Hatteras,
-To Manchester-March 30
NORFOLK
1,145
-Dakartan.400
375
To Liverpool-April 5-Dakarlan. 375
26
-March 29-Andania,26
NEW YORK-To Liverpool
100
-Exchange, 100
To Genoa-March 29
3
-March 30-Nevislan, 3
To Manchester
50
-McKeesport, 50
To Havre-April 3
200
-Estrella,200
To Lisbon-April 2
856
-March 30-Sundance, 856
SAVANNAH-To Liverpool
2,000
-April 2-Sundance,2,000
WILMINGTON-To Liverpool
193
-To Hamburg-April 2-Wlldwood, 193
CHARLESTON
535
-Gloria de Larrinaga,535
-March 28
-To Liverpool
TEXAS CITY
1,303
-Gloria de Larrinaga. 1,303
To Manchester-March 28
916
To Bremen-March 27-0akman 916
171.151
-Current rates for cotton from
COTTON FREIGHTS.
New York, as furnished by Lambert & Burrowes, Inc., are
as follows, quotations being in cents per pound:High Stand-
HIS StandDensity. tad.
Liverpool .456. .600.
M a:let:ester.450- .606.
Antwerp .600. .600.
.310. .48c.
Havre
Rotterdani .450. '.600.
.50e. .650.
Genoa
High StandDensity. ard.
.50e. .05c.
Oslo
Stockholm .606. .750.
.500. .850.
Trieste
.50e. .650.
Flume
.450. .500.
Lisbon
.60e. .750.
Oporto
Barcelona .30e. .450.
.650. .800,
Japan
Shanghai
Bombay
Bremen
Hamburg
'Pinions
Saionica
Venice
Density.
.700.
.600.
.460.
.450.
.75o.
.750.
.50o.
ord.
.850.
.750.
.130e.
.60c.
.900.
.90c.
.65c.
-By cable from Liverpool we have the folLIVERPOOL.
stocks, &c.,
lowing statement of the week's sales,ear. 22. Mar. at that port:
April 5.
29.
Mar. 15.
38.000
37.000
21,000
22.000
2.000
1.000
61.000
66.000
1,006,000 1,004,000
722,000 714.000
44.00(1
66,000
53,000
44,000
189,000 199,000
100,000 101.000
Sales of the week
Of which American
Sales for export
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
16,000
27.000
10.000
15.000
1,000
50,000
49,000
997.000 1,012,000
698,000 710.000
73,000
44.000
49.000
19.000
179.000 180.000
96,000
95,000
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:
Spot.
Saturday,
Monday,
Market, 1
12:15
P. M.
7"ueday,
Quiet.
Wednesday, Thursday.
Quiet.
More
demand.
'
10.960.
10.960.
10.655.
5,000
Mtd.1J9rds
Sales
[Vol.. 128.
FINANCIAL CHRONICLE
2326
5,000
5,000
HOLIDAY HOLIDAY
Friday,
Dull.
10.75d.
4.000
Steady
Steady
to 11 pts. 6 to 8 PtIL
advance.
decline.
Futures.
Market f
opened 1
Quiet
St'dy unch.
o 3 points 1 to 4 pta.
advance,
decline,
Market, I
4
P. M.
Steady Q't but st'y
Barely sty
Quiet
800 18 DtEr. 2 to 6 pis. 1200 131)08. 4 to 5 Ms.
advance.
decline.
decline,
advance.
Prices of futures at Liverpool for each day are given below:
Sat.
Mar. 30
to
Apr. 5.
I
Nec.
Thur..
12.15y.3012.15I 4.0052.15i 4.0012.15 4.00'12.15
p. m. .m.:p. m.p. m.!p. m.p. m..p .m.p. m.lp. m.
d. ' d.
January
February
March
April
May
June
July
August
September_ _
October
November_ _ _ _
December
January
February
March
April
3
Mon. I Tues. I
d.
d.
ii. 1 d.
d.
d.
d.
Fri.
12.15 4.00
it.
d.
d.
10.6010.4710.6010.6010.3510.3710.4310.42
HOLIDAY
10.68 10.56 10.58 10.58 10.43 10.45 10.51 10.50
HOLI- 10.64 10.53 10.5510.55 10.4010.42 10.4710.47
DAY 10.88 10.57 10.6010.60 10.45 10.47 10.52 10.51
10.82,10.52 11.55 10.55 10.40 10.42 10.47 10.46
10.58.10.48 10.52 10.52 10.37 10.39 10.44 10.43
10.54'.10.45 10.49 10.49 10.3410.36 10.41 10.40
10.51,10.42 10.47 10.47 10.32 10.34 10.3 10.39
10.51 10.42 10.47 10.47 10.32 10.34 10.39110.39
10.49 10.41 10.46 10.45 10.31 10.33 10.39 10.38
10.48 10.40 10.45 10.4610.300.3310.39 10.38
10.48 10.4010.45 10.46 10.3150.34 10.4010.39
10.47,10.3910.44 11.45 10.30 10.33 10.39 10.38
B RE ADSTUF FS
Friday Night, April 5 1929.
Flour met with the usual routine demand and nothing
more. Prices at one time seemed rather steadier. But
nothing stirs the trading into real activity. Export business
has to all appearance been quiet. Later prices were further
reduced. Clearances from New York on March 30 were only
1,200 sacks; total for the week 596 bbls., and 88,623 sacks
against 107 bbls., and 179,000 sacks in the previous week.
Most of it went to Continental Europe.
Wheat declined with better crop reports and considerable
liquidation offset to some extent of late by a better export
demand. On Mar. 30 prices declined 1 to 1 Ye. for a time
on reports of good rains in the Southwest and what looked
like prospects of rains in Canada. It was said that some
rain had fallen in dry parts of Canada. The cables were
disappointing. Liverpool did not advance. It was due to
come 3/3 to id. higher. Crop news from the Southwest
was favorable. But later came a rally that left tho final
prices on Mar.30 only to %c.lower. Canada either had
no rain or did not have enough. The labor strike in Argentine seemed likely to spread. Winnipeg rallied. Chicago
ic.
followed. Winnipeg at one time V lower ended unchanged to Nc. higher. Northwestern Canada is too dry..
Bradstreet's stated the North American exports last week:
at 7,939,835 bushels against 8,325,414 bushels a week ago
and 7,045,201 at the same time last year. Total clearances:
since July 1 were 401,154,106 bushels against 364,283,334
bushels at the same time last year.
;
On the 1st inst. prices fell 1% to 2c., owing to beneficial
rains in the Southwest and in Canada and a decline in the,
stock market. Private crop reports were considered as bear-f
ish, indicating a winter wheat crop of 563,000,000 to 590,000,000 bushels, averaging 577,000,000 against official figures
of 579,000,000 a year ago and 576,000,000 harvested. The.
reports all indicated a high crop condition, that is, about 81.2!
against 68.8 last year. Abandoned acreage was estimated.
at about8%. Winnipeg,however,showed weakness. Liver-,
pool was closed. The export demand at the seaboard was:
poor. The visible supply decreased 641,000 bushels but this:
had been discounted. Last year the decrease was 1,297,000
bushels. The total is 122,572,000 against 67,363,000 a year
ago. World's shipments for the week were 18,082,000
bushels against 20,392,000 last week and 17,401,000 last
year. On the 2nd inst. prices declined le. and then rallied:
,
3f
sharply ending / to lo. net higher in an oversold market.
3
Liverpool was X to 1%d. higher, export demand was small
and crop news on this side mostly good and in Europe in
some cases good. Kansas needed rain. But helpful rains
and snows fell in Canada. On the other hand, the total
North American supply was stated at 233,923,000 bushels,'
a decrease of 838,000 bushels.
On the 4th inst. export sales were estimated at 700,000 to
1,000,000 bushels and prices rallied 2c. from the early new
low on this movement. Covering was on a considerable
scale. It was the best export business in a week. Winnipeg was strong on reports from Europe that Russia would
probably have to buy foreign grain this spring. Chicago
wired: "Arthur Outten, back from Mississippi, is reported
as saying that he has never seen the wheat fields between
here and the South look better than, this spring, and he anticipates, it is said, a big wheat crop for the United States."
The Government weekly weather report said that winter
wheat continued to make favorable progress quite generally
throughout principal producing areas of the central and eastern portions of the country.
ic.
To-day prices ended tH lower to 3%c. higher. Beneficial
rains in the Southwest, and rains and snows in Canada
together with favorable foreign news, and liquidation of
May caused an early decline. Russia may have to buy foreign grain. Then came a rally, and prices went a little above
the previous day's closing on a good foreign demand, estimated export sales of 1,000,000 bush. reports of dust storms
'
and high winds in the West and Southwest, and firmer
APRIL 6 1929.]
2327
FINANCIAL CHRONICLE
Northwestern markets.1 Theretwas renewed selling and
liquidation on the advance and:prices again fell. Northwestern markets became weaker. Bradstreet's exports were
only 5,290,000 bushels, indicating world's shipments this
week of about 14,500,000 bushels, pointing to a good reduction in stocks afloat. Final prices show a decline for the
week of 3 to 334c.
against 15,745,000 a year ago. To-day prices ended unchanged to Wic. higher with reports of a little foreign demend, lack of selling pressure and cash markets steady.
Final prices are % to %c.lower than a week ago.
Indian corn declined noticeably following wheat, though
steadier of late with a good cash demand and bad weather.
On March 30 prices ended M to Mc. higher, the latter on
March. The comparative steadiness of wheat helped corn.
So did reports of an excellent cash demand with sales overnight of 400,000 bushels. And the country offerings were
small. That fact was not without its effect. On the 1st
inst. prices fell 1%c. in response to the decline in wheat,
and better weather for moving the crop. The Illinois acreage, it is reported, will be reduced 7% from last year's acreage. The United States visible supply decreased 389,000
bushels to 34,150,000 bushels against 43,856,000 a year ago.
Shipping demand was somewhat smaller on the 1st inst.
owing to poor wire service. Buffalo reported a good cash
demand. Some wires indicated that outside markets were
outbidding Chicago. Spot market basis was steady with
the receipts well taken. A fair percentage of the receipts
went direct to industries and elevators on previous contracts.
Country offerings and shipments were light and are expected
to remain so until spring work is finished.
On the 2d inst. prices fell lc. early but under the lead of
wheat they advanced later and ended % to Mc. net higher.
Selling pressure relaxed.Shippers reported a good demand.
There was a good general'demand in the spot market. The
trading basis was unchanged to a trifle higher with an advance on good quality corn. Country offerings and shipments continued light and are expected to remain so until
the spring work is completed. On the 4th inst. after declining on liquidation partly on stop orders, prices rallied with
wheat. Shippers reported a good business. Country offerings to arrive were still small. The spot basis was steady
to Mc. higher. Receipts at outside terminal markets were
smaller with a fair percentage of the Chicago receipts going
direct on previous contracts. The weather in Argentina
was favorable for conditioning the new crop. Its exports
for the week were estimated at 2,362,000 bushels, compared
with 1,585,000 the previous week. In Chicago the technical
position was better.
To-day prices closed unchanged to %c. net higher. Early
prices were higher on the unfavorable weather conditions,
and a lack of offerings. The country movement was light.
The cash demand, was better and there was some foreign
buying reported. The advance was soon lost, however,
when wheat turned downward and liquidation set in. Final
/
prices for the week show a decline of
to 33 0.
March 30 advanced 434c. on March. Rye which closed at
1.10 due to belated covering. Other months closed on that
day Mc. higher. On the 1st inst. prices ended 1 hc. lower
after having been 1%c. to 2c. lower in sympathy with a
decline in wheat. The trading was small. Not a few were
bullish for a long pull. On the 2nd inst. prices as usual
followed those for wheat on light trading. The ending was
M to 3'2c. higher. Murray estimated the crop at 43,000,000
bushels, against 42,000,000 harvested last year and a fiveyear average of 55,000,000 bushels.
On the 4th inst. prices closed 1Mc. net lower. July and
September went to a new low. They rallied with wheat for
a time some M to 13je. , but reacted later in a dull market
.
with no sign of export demand, let alone actual business.
The United States visible supply increased last week 64,000
bushels against 263,000 last year. The total is 6,905,000
bushels against 5,157,000 a year ago. To-day prices were
4 to %e. higher. Seaboard interests were buying and there
3
were reports of some foreign demand. The weather, too,
was unfavorable. Final prices are 33,1 to 35 3. lower than
4
a week ago.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
5
No.2 white
583.4 574 5734 5734 5734 57%
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat, Mon. Tues, Wed. Thurs. Fri.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri. March delivery
45% 46
46%
No.2red
46
46
46
149% 149% 148% 146% 1463.4 1463-4 May delivery
July delivery
45%
45% 4534 45
443.4 45
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO. September delivery
4334 43%
43% 4334 43
Sat. Mon. Tues. Wed. Thurs. Fri.
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
March delivery
11811
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery
121
119% lioR 1183-4 118% 118
52
July delivery
52% 5134 52% 51% 52
12414 1223.4 123% 121% 121% 121% May delivery
September delivery
52%
5334 52% 5334 52% 53
124
124% July delivery
124% 125% 124
51% 51%
52% 51% 52
51
DAILY CLOSING PRICES OF' WHEAT FUTURES IN WINNIPEG. October delivery
Thurs. Frt.
Sat. Mon. Tues. Wed.
Rye has sympathized with the decline in wheat though
May delivery
12631 12534 125% 1243.4 124% 123
latterly firmer partly on buying for export, and bad weather.
July delivery
125
128% 127
12734 12634 126
October delivery
1247
A small export business was done in barley. Prices on
125% 12631 125% 125
127
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues, Wed. Thurs. Fri.
No.2 yellow
109
112% 114 114
10834 10831
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
March delivery
9454 93
May delivery
iZq 9034 iks 9031
July delivery
9734 9634 9534 9411 9334 9334
September delivery
9734 96% 9431 9454 94
March delivery
May delivery
J
July delivery
September delivery
Sat.
110
105
106
Mon. Tues. Wed. Thurs. Fri.
103% 165103%HY)
104% 104% 103
101
104% 105% 103% 101
16/
1
102
102
Closing quotations were as follows:
GRAIN.
Oats. New York
Wheat. New YorkNo. 2 white
1.46%
No. 2 red, f.o.b
57%
No.3 white
No.2 bard winter.f.o.b.---1.31 X
56%
Rye. New York
Oorn, New York1.08%
No. 2 f.o.b
No. 2 yellow
1.14%
No. 3 yellow
I.0534 Barley, New York
Malting
8634
FLOUR.
$6.30@$6.80 Rye flour, patents
Spring patents
$7.00@$7.25
(Mears, first spring
5.50(4 5.90 Semolina No. 2. pound334
Soft winter straights
5.05(4 6.30 Oats goods
2.80 ® 2.85
Bard winter straights_ 5 80@ 6.10 Corn flour
2.65415 2.70
Bard winter patents.-- 6.10 ® 6.50 Barley goods5 25t® 5.75
Coarse
ilsrdwinter clears
3.60
7.75(4 8.35
Fanand 4 rl Nos.1.2.
s cy laea
Fancyoityintum
Minn. patents
8.05 ® 8.75
6.50(i) 7.00
For other tables usually given here, see page 0000.
WEATHER BULLETIN FOR THE WEEK ENDED •
APRIL 2.
-The general summary of the weather bulletin,
issued by the Department of Agriculture, indicating the influence of the weather for the week ended April 2,follows:
At the beginning of the week temperatures had fallen over the central
East and Northeast as far south as the Carolinas, but at the same time
there was a warming up over the central valley sections; elsewhere they
were not markedly abnormal. Light precipitation was rather general on
the 27th over the Middle Atlantic States and some sections to the westward, and on the succeeding day rains were reported over parts of the
Southwest. Temperatures were about normal generally on the 28th, but
on the 29th there was a change to cooler over the East, and a sharp drop
was reported over the Northwest where widespread rain or snow occurred.
The weather was mostly mild in areas east of the Mississippi River from
the 30th until the close of the week, under the influence of an area of low
Pressure which moved eastward from Oklahoma. and widespread rains
fell on the closing days, especially heavy amounts being reported from
the central Mississippi Valley and western Lake region on April 1. Temperatures were not unusually low in the West, but in the Northwest and
northern Great Plains there was a sharp change to colder on the 30th, and
somed bat cool weather for the season continued until near the close of the
periow
Oats declined only slightly in respond to the lower prices
for other grain, and of late there has been a little business
done for export. On March 30 prices ended unchanged to
3ic. lower the latter for March. .All months at one time on
that day were3.4 to % lower, but they rallied slightly.
ie.
But as may be gathered from the smallness of the fluctuations, nothing striking took place. A little scattered liquiChart I shows that the week,as a whole, was mostly warmer than normal
the eastern half of
Stfuthwest, but
dation had little effect. On the 1st inst. prices declined % overmoderately cool over the country and also in the farand New Mexico
was
a belt extending from Oklahoma
/s43., but regained a little of the loss. The decline was northwestward to Washington and Oregon. Temperatures were markedly
to 5
duo to the lower prices for other grain. Eastern interests high for the season in the Southeastern States which many stations reported
weekly means ranging from 6 degreesteas much as 13 degrees above normal,
bought May and sold July, while local shippers were doing While from the Middle Atlantic States and the Ohio Valley northward they
the opposite. An excellent cash demand prevailed with were mostly from 4 deg. to 7 deg. above. In the northern Pacific area there
were deficiencies in
ranging from 3 deg. to as much as 4
receipts light and country offerings and shipments also small. While the weather temperatureduring most of the week throughoutdeg.
was warm
the
The weather over the week-end was unfavorable for field East,lower temperatures obtained about its close, bringing freezing weather
Appalchian Mountain districts and the upper
but good progress was made last week in the seeding to the centralfreezing extended as far south as south-centralOhio Valley.
work,
Farther west
Illinois and
in the southwest and central West. The acreage may be extreme northern Oklahoma. Minimum temperatures were low in some
western sections, the
first-order
in Illinois this year. On the 2nd inst. prices being 6 degrees abovelowest for the week reported fromWyoming. stations
reduced 5%
zero in central and northwestern
ended unchanged to %e. lower. There was, however, a
Chart II shows that rainfall was heavy over most of a rather extensive
demand. Chicago made good sized area extending from Arkansas and Oklahoma northeastward over the
good outside shipping
Mississippi Valley to the Lake region, where most stations reported weekly
shipments. The cash situation itself was called strong. On amounts ranging'from 1 inch up to more than 4 inches. It was fairly
heavy
the other hand, the weather was better and seeding was some also along the north Pacific coast, and moderately so locally in
Atlantic coast sections. Elsewhere precipitation was mostly light.
resumed.
with a large area of the Southwest,including most Rocky Mountain sections
little.
On the 4th inst. prices rallied sharply from the early new and the Great Basin. receiving veryheavy
In the Southeastern
rains
persisted and greatly
low on July and September on reports of an export demand delayed field work in States, where the week haveclosed brought much
many sections,
just
and the firmness of Winnipeg. Shorts covered. The cash better weather conditions. Under the influence of high temperatures
dried out
weather,
situation continues bullish, as the country is taking its time and mostly fair except onthe soiloverflowed rapidly and field operations
some
became active,
in selling and shippers reported a good outside demand. general, made rapid progress. In much of lands, while vegetation, In
Florida, however the hot,
Seeding of oats in Kansas is nearing completion. Good dry weather was generally unfavorable, and many crops deteriorated on
Uplands of the peninsula where citrus trees were wilting because of dryness.
progress is being made in Illinois. The United States Conditions were also fairly favorable in the middle Gulf area and the
visiblo supply decreased last week 510,000 bushels against Southwest, except for too much rain in Arkansas and much of Oklahoma.
Moisture was favorable
areas to
1,234,000 a year ago. The total is now 12,609,000 bushels I northwestern Kansas andin New Mexico andneed rain.the northeast, but
southern Nebraska
FINANCIAL CHRONICLE
2328
In the Atlantic coast area the week was generally favorable and both
the
farm work and vegetation made rapid advance. From were Ohio and
beneficial
lower Missouri valleys northward warmth and sunshine again stopped
the first part of the week, but later heavy rains, or snows, snowfall to a
outside operations; in parts of the upper Mississippi Valley plowing and
depth of 12 inches occurred at places on the 31st. Some
seeding were accomplished the first part of the week, but little work was
possible the latter part.
In the more western States cool weather retarded growth, and it conmuch of
tinued too dry in the interior of the Pacific Northwest and in northern
California; there was some frost damage to early fruit in the
in the interior, with
part of this State. Fruit trees are well advanced
early varieties blooming in the Ohio Valley, where frosts or freezing temperatures occurred at the close of the week and probably did some damage.
SMALL GRAINS.—Winter wheat continued to make favorable progress
quite generally throughout the principal producing areas of the central
and eastern portions of the country. The crop is rather spotted in northern Illinois where ice prevailed over fields in the winter, and some effects
of winter-killing are showing up in south-central and southeastern Kansas.
Wheat needs rain in northwestern Kansas and parts of southern Nebraska,
but in general the crop is making good growth in the Plains States. Moisture
Is needed in the wheat areas of the Pacific Northwest, but conditions are
favorable in Montana.
Some spring wheat was seeded in the eastern portions of the belt the
first part of the week, but work was interrupted by heavy rains the latter
part; seeding is becoming general in South Dakota, and some wheat has
been sown locally in North Dakota, but the soil there is mostly too wet
to work. In the more eastern States oat seeding made good progress, but
was again interrupted by rain in much of the interior.
CORN AND COTTON.—Corn planting made fair to good progress in the
South, except where it continued too wet in parts of the Southwest. Some
was seeded during the week as far north as North Carolina, while planting
was becoming general in much of Oklahoma; progress and condition of the
early-planted were reported good in Texas. Cotton planting was begun
northward to South Carolina and locally in Arkansas, while this work
was becoming general in southern Georgia. Seeding advanced rapidly
In Louisiana and made very good progress in southern Texas where considerable of the early-seeded is up to a good stand,and planting has been started
In the central and eastern portions. Good progress was made in the Imperial
Valley of California and in sough western Arizona.
The Weather Bureau also furnishes the following resume
of the conditions in the different States:
Virginia.—Richmond: Seasonable temperatures; moderate rainfall.
Good progress in plowing, seeding oats, and other farm activities. Wheat
and pastures in good condition. Truck crops made rapid growth. Small
fruits blooming heavily.
North Caroleta.—Raleigh: Abnormally warm first part of week, but
cooler latter part: showers on two to three days. Soil mostly too wet for
work in west, but better conditions in east where considerable farm work
done. Truck made very good progress; potatoes up. Some corn planted
in southeast. Strawberries doing well. All fruit in good condition so far.
Small grain and pastures making good growth.
South Carolina.—Columbia: Winter truck and cereals look well and all
vegetation responding rapidly to mild temperatures. Strawberries improved. Cotton and corn planting begun and some early corn germinated
in sections. Tree fruits show seasonable development. Dry weather
needed to promote spring plowing, which has been retarded by intermittent
rains.
Georgia.—Atlanta: Warm weather, with light precipitation, very favorable and much plowing and planting accomplished, but soil conditions in
flooded areas still bad. Planting cotton and corn becoming general in
southern division. Winter cereals look well. Potatoes up to good stands;
planting continues and many sweet potatoes bedded and sprouting nicely.
Tobacco beds fine and transplanting progressing rapidly. Early-seeded
sugar cane coming up. All fruits so far safe and promising. Pastures,
gardens, and general vegetation greening rapidly.
Florida.—Jacksonville: Hot, dry weather unfavorable for all truck
and much deteriorating on uplands. Potatoes matured rapidly and digging finished in some central areas and locally in Hastings district. Tobacco mostly planted in north; setting tobacco and planting corn and
strawberries continued in west where work delayed. Corn good growth
on peninsula. Melons doing well. Citrus light bloom and much dropping
foliage and wilting on some uplands where rain badly needed. Peaches
holding nicely.
Alabama.—Montgomery: Averaged warm, but cooler at close; mostly
dry, with scattered, light showers. Soil preparations for planting cotton
and corn progressed satisfactorily, except where showers interfered.. Corn
planting becoming general in south and central. Cotton planting progressed
in some sections of south. Progress of wheat and oats mostly good. Pastures improving. Potatoes being planted and sweets being bedded. Truck
crops late, but improving. Fruits generally progressing satisfactorily.
Alississippi.—Vicksburg: Week warm until Monday night and generally favorable, except light to moderate precipitation Sunday and Monday. Vegetation and farm work belated, but gaining. Progress of pastures and truck mostly good.
Louisiana.—New Orleans: Warm and dry, except cooler near end,
with light to moderate showers in north, highly favorable for work and
most crops, but rain would benefit crops in south, especially truck and
strawberries. Corn mostly planted and much up. Plowing and planting
cotton and rice progressing rapidly. Sugar cane making excellent progress.
Pastures fair to good and improving.
Texas.—Houston: Cool, with moderately heavy precipitation in northwest; mostly warm, with light or no rain elsewhere. Favorable distribution of moisture and mostly warm weather favorable for farm work and
vegetation. Progress of pastures, winter wheat, oats, and truck very
good; condition fair to good. Fruit crop unusually promising. Progress
and stands of corn very good: planting continues. Planting cotton made
very good progress in south and considerable up to good stands; planting
started In central and east. Favorable weather overcoming late start of
vegetation.
Oklahonia.—Oklahoma City: Temperatures seasonable, but sunshine
deficient; heavy to excessive rains early part of week interrupted plowtoo
ing and planting. Field work mostly suspended in east where groundwest
and
wet, but fair progress in west. Light to heavy frost in north rapid adno material damage. Wheat and oats making
Monday. but
vance and are in fair to good condition. Corn planting becoming general, except in extreme northwest. Potato planting about finished. Gardens late. Fruit prospects fair to good in most sections. Pastures and
meadows made good growth.
Arkansas.—Little Rock: Heavy rains in west and central; moderate
elsewhere, with three to five rainy days and much cloudiness. Unfavorable for farm work, but very favorable for growth of crops. Considerable
to
corn planted in south and central, with some coming up; beginning for
plant in north. Cotton planting just beginning. Very favorable
meadows, pastures, truck, fruit, and strawberries.
wheat, oats,
Tennessee.—Nashville: Generally light to moderate rains and somewhat above normal temperatures. All crops made decided progress.
Clover coming rapidly and spring sowings appear unusually fine. Livestock continue in good condition. Rain delayed farm work to some extent.
Kentucky—Louisville: Temperatures generally high. ending with freeze
In some localities where some injury to fruit probable; peaches, plums.
and pears in full bloom. Precipitation moderate, but frequent. Considerable progress in plowing and potato planting in west and drier uplands
of east where too wet on several days. Wheat and rye stooling. Some
grazing.
THE DRY GOODS TRADE
New York, Friday Night, April 5 1929.
Reports from the retail trade are generally very favorable.
It is said that business is now definitely greater than at the
same time last year, and manufacturers are accordingly
encouraged to expect to receive their share of the beneficial
influence of the large consumption in process. The volume
of retail activity was not expected to total such large proportions and storekeepers stocks on hand are therefore none too
plentiful. In fact many of the latter, practicing the handto-mouth policy which has distinguished most buying of late,
are said to be dangerously near the bottom of their stocks,
[VOL. 128.
and the urgent requests for prompt delivery which continue
to be received in the mails are a corroboration of this assumption. It is generally thought that the public buying movement should last for some time without important diminution, and producers are regarding reports of goods on hand
in distributors hands with considerable satisfaction, as
indicating an influx of duplicate orders into the primary
market in the near future. Cotton, silk, and woolen print
cloths continue to enjoy a brisk demand. The improved
character of offerings, which, in addition to better styling
and the influence of fashion trends, are now distinguished by
guarantees of fast color and obviously better qualities, has
created a great popularity for these fabrics. The ingenuity
of producers in capturing the public fancy is illustrated by
the successful tweed effects put on the market by silk
factors. Light weight woolens of the same motive are a
great attraction to buyers and are the inspiration of the
production of silk products in the same manner. Silk
statistics for March issued during the week, show larger
imports while stocks were reported to be only slightly increased. This is due to large deliveries by mills during the
month, and is regarded very favorably by factors who feared
that such conditions as the increasing mixture of rayon with
silk might be leading to a decrease in silk consumption.
DOMESTIC COTTON GOODS.—Cotton goods were
quieter, with the expected after-Easter lull intensified by
unfavorable movements in the raw cotton market and general
apprehension regarding the financial situation. However,
the mails continued full of requests for prompt shipment,
with activity in retail channels good and reports indicating
further benefits in prospect for the primary end of the trade
as a result of the large volume of goods being consumed.
But although the quieter conditions were relieved here and
there by fairly good business, many factors appeared to be
disposed toward a pessimistic view of the general position.
It is again noted that whenever a lull takes place in cotton
cloths the evil influence of acute competition is immediately
felt. While the concessions recorded are said to be largely
traceable to small lot offerings from second-hand factors, the
promptitude with which such easiness manifests itself, even
when goods are being sold on a very narrow margin, is
certainly not indicative of a sound position. On the other
hand, mills engaged in the manufacture of sheetings, print
cloths and other finished goods of various constructions are
sufficiently sold ahead to offer resistance to threatened
easier prices at this time, but when demand slackens off, as
it is expected to do within a few weeks, the problem of competition threatens to obtrude itself with more insistence.
Profits thus far for 1929 are regarded as nearly on a parity
with the corresponding period of last year, or possibly
slightly better, but it is pointed out that the precarious
situation of the weaker producers cannot be maintained on its
present basis indefinitely. Yarns are slower and somewhat
easier. Cotton ducks are progressing favorably. Slightly
better prices are balancing a less active business than was
going forward toward the end of March and factors are holdmg prices steady and in many cases refusing good business
where even a very small concession is involved. Print
-inch 64x60's construction are quoted at 5/0.,
cloths, 28
-inch 64x60's at 5%c. Grey goods 39-inch 68x72's
and 27
-inch 80x80's at
construction are quoted at 8%c. and 39
10%c.
WOOLEN GOODS.—The Wool Institute's report for
February reveals further evidence of the success attending
its efforts to preveat production from outrunning demand.
The month's estimated output of 10,227,647 yards is some
600,000 yards under that for billings, which were put at
10,862,636 yards, and stocks on hand were reported as reduced to the extent of approximately half a million yards.
After an expected lull in the women's wear division around
Easter business has revived. Owing to the necessity of
securing prompt delivery, and the fact that many types of
goods are unprocurable for immediate shipment, buyers
whose stocks are at a low figure are placing orders for fabrics
which they have rejected in the past. Both the production
and billings figures for women's wear goods show a marked
increase, and it is expected that the present spot demand will
practically clean out stocks in many quarters. A good deal
of significance is attached to the better conditions. It is
expected as a consequence that more and more looms engaged
in the manufacture of fabrics intended for men's wear will
be transferred back to the women's division. It is generally
inagreed that if feminine consumption of woolen goods encreases in accordance with the hopes of those who have
deavored to bring about such an expansion, the whole into
dustry will receive immeasurable benefit, since the keylies
most of the evils in the woolens and worsteds markets
in the danger of overproduction. The too numerous spindles
occupied in the men's division is said to be at the root of
the trouble.
FOREIGN DRY GOODS.—Linens intended for men's
summer suitings and knickers continue to sell fairly well,
and handkerchiefs are moving into distribution steadily.
The situation in household linens is relatively unchanged.
Prices are firm, and there are no indications of change in
the immediate future. Sentiment is fairlyahopeful, apparently, although some houses are only doing moderate business at present. Burlaps are rather quiet, but prices are
holding steady. Light weights are quoted at 7.050. and
heavies at 9.50o.
APRIL 6 1929.]
*tate an Tit
tpartuxent
MUNICIPAL BOND SALES IN MARCH AND FOR THE
FIRST QUARTER.
State and municipal bond disposals for the month of March
aggregated $85,354,404. The awards for the previous month
totaled $68,835,702 and for March 1928 were $129,832,864.
The sales during the first quarter of 1929 totaled $229,669,
071. This figure is subject to revision by later returns.
Disposals in the first quarter of last year were $364,000,414
which compares with $372,613,765 in 1927, $359,623,729 in
1926; $326,927,507 in 1925, and $295,559,537 in 1924.
The tension in the money market resulted as in preceding
months in a large number of municipalities being unable to
market their offerings. Instances of this kind, which have
been common since lass May, were more numerous during
March than in any other month. An approximate figure
would place the total amount of all of the issues unsuccessfully offered in March at $30,000,000. This total includes
$10,200,000 State of Kentucky toll bridge bonds for which
no bids were submitted on March 15. The failure to receive
a tender may have been due in part to the peculiarities of
the offering—V. 128, p. 1961. On March 26 all bids received for the purchase of $3,500,000 4% Chicago South
Park District, Ill., bonds were rejected. Offers were considered unsatisfactory—V. 128, p. 2151. Of the $8,400,000
City of Los Angeles, Calif., bonds offered on March 26, a
bid for only $4,500,000 bonds was accepted. The State of
Tennessee on March 25, rejected all bids tendered for the
$4,361,000 not to exceed 6% bonds offered for sale—V. 128,
p. 2156. Further on in this article we enumerate some of
the other municipalities, numbering about 35, which failed
to dispose of their offerings.
The largest award during the month which consisted of
$28,000,000 highway and toll bridge bonds sold as 5s, was
made by the State of Arkansas. A syndicate headed by
Halsey, Stuart & Co. of New York submitted the accepted
offer. A $14,000,000 block of the issue was bought outright
by the successful syndicate at par, plus a premium of $280,
equal to a price of 100.002. The group secured a 90
-day
option on the remaining $14,000,000 bonds at a price of
100.50—V. 128, p. 2150.
A summary of the other awards of $1,000,000 or over
made during the month is given herewith:
$9,250,000 Newark, N. j.,4% coupon or registered bends, consisting o
five issues maturing serially from 1930 to 1968inclusive;awarded
to a syndicate headed by the Guaranty Co.of New York. which
paid 100.15 for three of the issues aggregating $5,255,000;100.11
for $2,997,000 bonds and 100.25 for $998,000 bonds. Interest
cost basis of about 4.4ti%.
4.000,000 State of West Virginia bonds, awarded as 430 to a syndicate
headed by the Bankers Co. of New York, at 100.7199. a basis
of about 4.44%. Bonds mature serially from 1945 to 1954 incl.
4,500,000 City of Los Angeles, Calif., bonds. $2,500,000, due from 1930
to 1969 inclusive, awarded as 4 Ns, and $2,000,000 bonds due
in equal amounts fom 1929 to 1948 inclusive, awarded as 5s.
Syndicate headed by the First National Bank of New York,
Paid 100.088 for the bonds a basis of about 4.81%. Bids were
requested for bonds amounting to $8,400,000.
4,000.000 Massachusetts (State of) 4% bonds, due serially from 1930 to
1959 inclusive; awarded to a syndicate headed by Harris, Forbes
& Co. of Boston, at a price of 100.329, a basis of about 3.97%.
3,000.000 East Bay Municipal Utility District, Calif., 5% bonds, maturing serially from 1935 to 1974 inclusive; awarded to a syndicate
headed by the Illinois Merchants Trust Co.,Chicago,at 101.876,
a basis of about 4.86%.
2.430,000 North Bergen Twp.,N. J., award consisting of $1,865,000 sewer
assessment bonds sold as Os and $565,000 sewer bonds awarded
as 5Ns. Bonds mature serially from 1930 to 1969 inclusive;
were purchased at par by the Steneck Trust Co., of Hoboken
2,370,000 Birmingham. Ala., bonds, consisting of three issues maturing
serially from 1929 to 1957 inclusive. $1,370,000 bonds are 5s
and $1,000,000 bonds 4(s. Syndicate headed by White,Weld
& Co. of New York, purchased the obligations, at a price of
100.023, a net interest cost basis of about 4.78%.
2,100,000 Buncombe County, N. Caro., 5% bonds, consisting of three
Issues maturing serially from 1932 to 1968 inclusive; awarded
at par to Breed, Elliott & Harrison and Walter, Woody and
Heimordinger, both of Cincinnati.
2,154,819 Toledo, Ohio, bonds, consisting of four issues, two of which
aggregating $1,624,819 and maturing serially from 1930 to
1933 inclusive; were sold as 58 and the other two issues totaling
$530,000, due from 1930 to 1954 inclusive, were sold as 4 he.
Bonds were awarded to a syndicate headed by Halsey, Stuart
& Co. of New York at 100.22, a basis of about 4.80%•
1,719,000 Akron, Ohio, consisting of six issues, maturing seriallyfroM
1930 to 1954 inclusive; $1,335,000 bonds, consisting of 2600,000.
4Xs; $335,000. 4Ms, and $400,000 4 Us, were purchased by a
group headed by Leman Bros. of New York at 100.02, a basis
of about 4.69%. An issue of $384,000 4"4% airport bonds,
due serially from 1930 to 1954 inclusive was awarded to Halsey.
Stuart at Cu. of Chicago, at a price of 101.07, a basis of about
4.64%.
1,553,000 Bloomfield, N. J., bonds, two issues of 4%s, maturing serially
from 1930 to 1969 inclusive, wore awarded to the Bloomfield
Trust Co., Bloomfield, at 101.62, a basis of about 4.61%.
An Issue of $419,000 bonds was purchased by the Sinking Fund
Commission. These bonds were unsuccessfully offered as 4
on March 4—V. 128. p. 1263.
2329
FINANCIAL CHRONICLE
1,325,000 Nutley, N. J., consisting of three issues due serially from 19311
to 1956 inclusive, awarded to a syndicate headed by the Bands
merle Corp. of New York, as follows: $697,000 improvement
bonds as 6s, at a price of 100.004; $402,000 assessment bonds as
6s, at a price of 100.007; $226,000 improvement bonds as 431s.
at a price of 100.01.
1,000,000 Columbus, Ohio, sewerage and sewage disposal bonds, due in
equal annual amounts from 1931 to 1955 Inclusive, awarded as
431s to Eldredge & Co. of New York. at a price of 100.219. a
basis of about 4.48%•
Mention is made herewith of some of the municipalities
which were unsuccessful in disposing of their offerings in
addition to those already enumerated above: Waco, Tex.,
all bids rejected on March 19 for $1,000,000 43.1 or 434%
bonds—V. 128, p. 1964. No bids were received on March 6
for $564,000 Monmouth Co., N. J., bonds. Sold later privately—V. 128, p. 1777. No bids submitted on March 15
for 3400,000434% Marion Co.,Ind., bonds—V.128, p. 1962.
State of Michigan, $773,000 County road assessment district bonds, bids rejected on March 20—V. 128, p. 1962.
No bids received on March 6 for $500,000 434% Multnomah
Co., Ore., bonds—V. 128, p. 1603. Eugene, Ore., no bids
submitted on March 11 for $300,000 power plant bonds—
V. 128, p. 1960. $300,000 Hopewell, Va., bonds offered on
March 12 reported not sold—V. 128, p. 1775. Bids rejected
on March 14 for $177,000 Clark County,Wis.,434% bonds—
V. 128, p. 1959. Lewis A. Hodges, City Treasurer, states
that no bids were received on March 5 for $100,000 4%
Taunton, Mass., bonds—V. 128, p. 1605. Bids rejected on
March 12 for $227,500 Secaucus, N. J., 5, 53.4 or 534%
bonds. Second unsuccessful offer of this issue—V. 128, p.
1778. Bid of par submitted on March 27 for $177,000 Orleans Co., N. Y., 434% bonds, submitted by Livingston
County Trust Co., rejected—V. 128, p. 2155. $200,000
Fort Pierce, Fla., 6% refunding bonds offered on March 5,
no bids submitted—V. 128, p. 1960. Bids rejected on
4
March 5 for $200,000 43 % Ashland, Ky., bonds—V. 128,
p. 1772. One bid of 95.25 submitted on March 6 by D. E.
Dunne & Co. of Wichita, for $230,000 434% Carson Co.,
Tex., bonds rejected—V. 128, p. 1600. Bids rejected on
March 28 for $300,000 Holyoke, Mass., temporary loan,
due Nov.8 1929—V. 128, p. 2153. $107,000 Punta Gorda,
Fla. 6% bonds, offered on March 4, bids rejected—V. 128,
;
p. 1604.
Temporary loans negotiated during the month aggregated
$48,994,000 which includes $34,204,000 borrowed by the
City of New York. Canadian bond sales for the month
amounted to $3,810,820 of this total $250,000 bonds were
placed in the United States. No financing during March
was undertaken by any of the United States Possessions.
A comparison is giyen in the table below of all the various
securities placed in March in the last five years:
1929.
Permanent loans (U.S.)
•Temtery loans (U.S.)
Bonds U.S. possessions
Canadian loans (Derma
Placed in Canada-Placed in U. S
(len. id. bds.(N.Y.C.)
Total
1928.
1927.
1926.
1925.
1
$
$
$
$
$
85.354,404 129,832,864 88,605,561 116,898,902 111,067,653
48.994.000 74.132,292 65,388,700 71,248,000 94.940.827
none
110,000
ent)—
1
3.560.820 3,829,090
3,046,251 4,017,141
250,000
5.000.000
none I
480,000 8,750.000
138,159,224207,904,246 154,474,261 204,943,153210,025,624
•Includes temporary securities by New York City in March, $34,204,000 is
1929 $46,456,000 In 1928: $50.000,000 in 1927; $53,000,000 in 1926, and $79,850.000 in 1925.
The number of places in the United States selling permanent bonds and the number of separate issues made during
March 1929 were 292 and 374, respectively. This contrasts
with 310 and 410 for February 1929, and with 470 and 569
for March 1928.
For comparative purposes we add the following table
showing the aggregates for March and the three months for
a series of years. In these figures temporary loans, New
York City's "general fund" bonds and also issues by Canadian municipalities are excluded:
Month of
For the
- 3farch.
Three .11Os.
$85,354,404 $229,669,071 1910
•129,832,864 364,000.414 1909
88,605.561 372,613,765 1908
116,898,902 359,623.729 1907
111,067,656 328,927,507 1906
101,135,402 295,559,537 1905
69,575,262 246,574,494 1904
116,816,422 292,061,290 1903
51,570,797 204,456,916 1902
58.838,866 174,073,118 1001
50,221,395 106,239,269 1900
28,376,235 75,130,589 1899
35,017,852 101,047,293 1898
32,779,315 120,003,238 1897
a67,939,805 144,859,202 1896
43,346,491 165,762,752 1895
14,541,020 72,613,546 1894
21,138,269
75,634,179 1893
22,800,196 123,463,619 1892
a Includes $27,000.000 bonds of New York State.
Includes $50,000,000 bonds of New York State.
•Includes $22,500,000 bonds of New York State.
1929
1928
1927
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
1913
1912
1911
3fonth of
For the
March.
Three Mot:
469,093,390 $104,017,321
32,680,227
79,940,446
18,912,083 90,769,225
10,620,197 58,320.063
20,332,012 57,030,249
17.980,922 35,727,806
14,723,524
46,518,646
9,084,046
40,176,768
7.989,232 31,519,536
10,432,241
23,894,354
8,980,735
34,492,466
5,507,311
18,621,586
6,309,351
23.765,733
35.571,062
12,488,809
4.219,027
15,150,268
21.026,942
4,915,355
24,118,813
5.080,424
17,504,423
6,994,246
8,150,500 22,264.431
2330
FINANCIAL CHRONICLE
[vol.. 128.
seem
Owing to the crowded condition of our columns, we are improvement districts, which decision would make itas are
public libraries are as necessary to communities
obliged to omit this week the customary table showing the that schools, this decision placing them in the higher
public
month's bond sales in detail. It will be given later.
category. The court upheld a decision which ordered Supervisor McClellan to sign a $90,000 issue of 53/2% library
bonds and validate them for sale, which he had refused to do.
NEWS ITEMS
The report states that these are the first library bonds to be
Tex.—Bond offered for sale in the State.
Jasper County Road District No. 2,
Issue Held Invalid.—We are informed by our western
Rhode Island, State of.—Senate Passes State Comptroller
correspondent that the State's Attorney General has ruled Bill.—On March 28 the Senate passed in concurrence a bill
that an issue of $150,000 road bonds that was awarded prior which abolishes the office of State Auditor and establishes
to the election and then voted on Feb. 19, was invalidated a State Comptroller to be appointed by the Finance Combecause no rate of interest had been set forth in the election missioner, despite the opposition of the Democratic faction
notice. It is also stated that a second election on the bonds to the measure, according to a report in the Providence
may be held on May 8.
"Journal" of March 29. The report goes on to say that the
Maryland, State of.—Legislature Approves Special Road Comptroller bill increases the salary of the Insurance ComBond Bill. —A bill that was introduced- as an emergency missioner from $1,500 to $4,000 per annum. Previously
measure, and which required 70 votes to pass, calling for the State Auditor who was also the Insurance Commissioner
a $4,000,000 bond issue for special road construction, was handled the work in conjunction with his other duties.
approved by the House on Mar. 29 by a vote of 95 to 15,
South Carolina, State of.—Suit Instituted Against
following the recommendations made by Governor Ritchie.
article on the action is taken from the Balti- Highway Bond Issue.—Colonel Keith, President of the
The following
Greenville delegation, has expressed the opposition of the
more "Sun' of Mar. 30:
section of the State by opening
passage by the House to-day of the bill calling for a $4,000,000 counties in the Piedmont
With the
sponsored by
bond issue for special road construction, all the measures without much a suit against the $65,000,000 road bond issue that was
Governor Ritchie have been approved by the Legislature
recently approved—V. 128, p. 1772, 1958—according to a
change.
had the
The measure for recodification of the State tax laws, whichThe only dispatch to the "Wall Street Journal" of April 1. It is
houses.
Governor's backing, also has been adopted by bothnot pass is the one stated that the Colonel has declared that the present action
measure the Governor was interested in which will
will be "a fight to the finish and not just a friendly suit."
placing building and loan associations under regulation.
bill by
Despite the objection raised to the 64,000,000 road construction floor He intends, it is said, to have the issue ruled out as unconA. Wilmer, Republican
anti-administration forces, including Joseph
firm to assist in the
Democrats,
leader, and Daniel C. Joseph. spokesman for the insurgentof 95 to 15. stitutional and has retained a local law
Governor Ritchie's recommendations were upheld by a vote
suit.
The measure, an emergency one, required 70 votes to pass.
Made Emergency Measure.
Starr County Water Control and Improvement
By making the bill an emergency measure, the Governor made it possible
be
to advertise for bids for the bond issue next month. The bonds will for District No. 1, Tex.—Bonds Validated.—Our western corresdated as of June 15 and the money available at that time will be used
pondent advises us that the $1,500,000 issue of irrigation
commencement of the work.
Among the major projects to be undertaken are the widening from 20 bonds that was approved by the voters on Aug. 1 1928—
Boulevard from Baltimore to
to 40 feet of the Washington-Baltimore
V. 127, p. 857—has been validated by the Legislature and
Savage, Md.: construction of spur roads from the boulevard leading into
A
Rhode Island Ave. and into Sixteenth St., Washington; construction of a the approving Act has been signed by the Governor.
Highway and the widening
road connecting Calvert County with the Crain
part of the issue, it is stated, will soon be offered for sale.
Western Maryland.
of 25 miles of the National Highway through
Eastern Shore Boulevard.
Another project is the construction of 221111106 of road to be known as the
Shore Boulevard, connecting the proposed terminal of the ClaiEastern
borne-Annapolis ferry on Kent Island with the upper part of the Eastern
will be Hillsboro.
Shore. The Eastern terminus of the through boulevard and roads leading
The program also calls for construction of approaches
that
to the proposed Chesapeake Bay bridge. It was this item in the bill sugbrought the most opposition. Both Mr. Wilmer and Mr. Joseph prounconstitutional in view of the
gested this part of the measure was
hibition against the State lending credit for internal improvements.
Legislative Session Closes.—The 1929 session of the Legislature was adjourned sine die at midnight on April 1 after
the Senate had confirmed without exception the nominations
as proposed by Governor Ritchie.
New York State.—Governor Approves Municipal Temporary Loan Bill.—On April 3 Governor Roosevelt signed
a bill permitting municipalities to borrow money on a temporary loan in anticipation of the receipts on the sale of
bonds, according to an Associated Press report to the New
York "Times" of April 4.
Governor Signs Thirteen School Bills.—On April 4 Governor
Roosevelt signed 13 amendments to the present law governing
rural schools. The amendments, as they appeared in the
"Evening Post" of April 4, are as follows:
One change requires the use of voting machines in school meetings in all
counties. The present law restricts the use of voting machines to the
large counties adjoining New York.
Safety for rural school children transported by school buses is the aim
of another change which requires school superintendents to inspect buses
and approve contracts for the transportation of pupils.
Other changes are:
In cities of less than 50,000 boards of education may borrow money
of money to be received
on the credit of the district in anticipationholidays will be in the 190 as
-day
State aid. Saturdays will not be counted, but
term of public schools.
take part in the election of a candidate for
No school director shall
district superintendent if related to the candidate. for instruction of nonEach district shall get $50 a year from the State
resident pupils.
County boards maintaining vocational extension work shall not incur
liabilities against county funds in excess of appropriations with regard to
State aid for the counties.
Other education law amendments are:
be rescinded
Medical llcenses issued to foreigners willnaturalized. within ten years
Instead of six if the holder fails to become rehabilitation of the Veterans'
certificates of
The regents may indorse
Bureau as licenses to practice any of the professions under the regulation
Of the Board of Regents.
--GoverNew York State.—Decedent Estates Bill Signed.
nor Roosevelt on April 1 signed the Decedent Estates Bill
which removes distinction between the sexes in the right
of inheritance and provides that the survivor shall have
right to one-third of the deceased's real and personal property.
The New York "World" of April 2 said in part:
The bill will not become law until Sept. 1 1930. It having been agreed to
leave time for amendment by the next Legislature if additional study should
reveal the need.
The new law eliminates all distinction between the sexes in inheritances.
It makes it possible for either a husband or a wife to disinherit the other.
The surviving spouse is entitled to a one-third life interest in both the real
and personal property of the other,and,if there is no will, to absolute ownership of one-third of both the real and personal property. given to charity
The new law limits the amount of an estate which may be
of a
to one-half where there are immediate heirs. It gives to the executor the
will the right to sell real estate, unites the right is expressly withheld in
permission is given to take
will,and to the administrator of an estate
sion of property and collect rents, provisions which not only simplify the
but eliminate expensive proceedings.
Palos Verdes Library District, Calif.—District Wins
Bond Action in Appellate Court.—The Los Angeles "Times"
of Mar. 27 reports that the Appellate Court recently held
that public hearings to decide the boundaries of library
districts are not necessary as in street-lighting or park
Texas, State of.—Governor Calls Special Session.—
According to the Dallas "News" of April 2, Governor Dan
Moody has announced that the first called session of the
-day
41st Legislature will convene on April 22 for a 30
period. It is stated that the Governor has not as yet definitely
decided just what subjects he will submit to the first session.
Willacy County Water Control and Improvement
District No. 1, Tex.—Suit Filed Questioning Constitutionality of Irrigation Bond Law.—A suit has been filed in the
District Court of Austin by A. F. Smith of Austin, which
attacks the legality of the $7,500,000 irrigation system
bonds that were voted on Jan. 14—V.128, p. 598—according
to a report appearing in the "Wall Street Journal" of April 2.
The suit it is stated, also questions the constitutionality of
the law which was passed at tlie recent legislative session
validating the bonds of irrigation districts. The suit was
instituted in order to prevent the Attorney General from
approving the bonds and also to restrain the State Board
of Water Engineers from granting any water rights to the
district.
BOND PROPOSALS AND NEGOTIATIONS.
ADAIR COUNTY (P. 0. Greenfield), lowa.—BOND OFFERING.—
Bids will be received until 2 p. m. on Apr. 18 by Arthur Louk, County
Treasurer, for the purchase of a $200,000 issue of annual primary road
bonds. Denom. $1,000. Dated May 1 1929. Due $2,000 from May 1
1935 to 1944 incl. Optional after five years. After all open bids are in.
sealed bids will be opened. Chapman & Cutler of Chicago will furnish
legal opinion to the purchaser. Purchases to furnish the blank bonds. A
certified check for 3%, payable to the County Treasurer, must acompany
ALLEN COUNTY (P. 0. Iola), Kan.—BOND SALE.—A $40,000 Issue
of 4%% road bonds has recently been purchased by Stern Bros. & Co. of
Kansas City.
ALLENTOWN SCHOOL DISTRICT, Lehigh County, Pa.—BOND
SALE.—The $850.000 434% coupon school bonds offered on April 1—V.
128, p. 1958—were awarded to a syndicate composed of the Guaranty Co.
of New York, W. H. Newbold's Son & Co. and Edward B. Smith & CO. of
Philadelphia, at a price of 100.15, a basis of about 4.24%. This ‘s
the only bli submittal. Bonds are dated April 1 1928 and mature as
follows: 878,000, 1934: $98,000. 1939; 8120.000, 1944; 8147,000, 1949;
$182,000, 19.54; and $225,000, 1959. Successful group is offering the bends
for public investment priced according to maturity to yield 4.15%.
ALTOONA SCHOOL DISTRICT, Blair County, Pa.—BOND OFFERING.—Sealed bids will be received by W. N. Decicer, Secretary Board
coupon
of Directors, until 8 p. m. Apr. 9, for the purchase of S500,000 4% follows:
school bonds. Dated Apr. 15 1929. Denoms. 61,000. Due as
$15,900. 1931 to 1940 incl.; S20,000, 1941 to 1950 inel.; and $30,000. 1951
to 1955 incl. Prin. and int. payable at the Central Trust Co., Altoona.
A certified check for $5,000 is required.
AMITY UNION FREE SDHOOL DISTRICT NO. 1 (P.O. Belmont),
Allegheny County, N. Y.—BOND SALE.—The $190,000 coupon or registered school offered on April 2—V. 128. p. 1958—were awarded as 5s. to
the Manufacturers & Traders-Peoples Trust Co., Buffalo, at a price of
100.839, a basis of about 4.92%. Bonds are dated March 1 1929 and
mature on March 1, aa follows: S4,000, 1930 to 1934 incl.; $5,000, 1935 to
1939 incl.; WON. 1940 to 1944 incl.; $7,000, 1945 to 1949 incl.; and
$8.000. 1950 to 1959 incl. Other bidders were:
Rate Bid.
Bidder—
100.551
George B. Gibbons & Co
100.64
Dewey, Bacon & Co
ANN ARBOR, Washtenaw County, Mich.—NO BIDS.—Isaac 0.
Reynolds, City Clerk, states that no bids were received on April 4 for the
purchase of the following Issues a 434% coupon or registered bonds aggre,
gating 8184,000. According to Mr. Reynolds the bonds may be sold to
local investors or be reoffered at a later date. No definite course of action
has been decided on.
6100,000 bridge bombs. Due 65,000, April 5 from 1930 to 1949, incl.
84.000 pavement district bonds. Due 68.400. Aug. I 1929 to 1938, incl.
Dated April 5, 1928.
APRIL 6 1929.]
FINANCIAL CHRONICLE
2331
ARKANSAS, State of (P.10. Little Rock).
-ADDITIONAL
The City Comptroller states that the bonds are to be disposed of locally
MATION-We are now Informed that the syndicate headed by INFORHalsey,
Stuart & Co. of Chicago that purchased the $28,000,000 5% highway and through private arrangements.
toll bridge bonds on March 28-V. 128. p. 2150
-paid a premium of $280
CALDWELL COUNTY ROAD DISTRICTS (P. 0. Lockhart). Tex.
on the first block of $14,000,000 in bonds and obtained the remaining
-The two issues of road district bonds
$14.000.000 at a price of 100.50. The bonds are coupon in form,registerable -ADDITIONAL DETAILS.
aggregating $368,000, that were sold to the First National Bank of Lockas to principal.
hart at par
-V. 128. p. 592-are due from Dec. 1
BONDS OFFERED FOR INVESTMENT.
-The successful syndicate is and int. is payable at the Seaboard National Bank 1929 to 1958 incl. Prin.
in New York.
now offering the above bonds at prices to yield 4.75% on all maturities for
public subscription. Dated March 1 1929. Due serially from
CALIFORNIA SCHOOL
(P.
1930 to 1962 Incl. These bonds,it Is stated, will constitute, in the Sept. 1 County, Mo.-BOND SALE.DISTRICT Issue0. California), Moniteau
opinion
-A $90,000
of school bonds has recently
of counsel, general obligation of the State. for the payment
been purchased by the Commerce Trust Co. of Kansas City.
full faith and credit of the State are pledged. Legality to be of which the
approved by
Thomson. Wood and Hoffman and Rose, Hemingway, Cantrell
CALIFORNIA, State of (P. 0. Sacramento).
-BOND SALE.
-The
& Lough- two
borough of Little Rock.
issues of bonds aggregating $2,500,000 offered for sale on April 4-V.
128. p. 1773
-were awarded as follows:
ARLINGTON, Middlesex County, Mass.
-TEMPORARY LOAN.
- $2,000,000 434% State buildings and State University bonds to a syndicate
F. S. Moseley & Co. of Boston, were awarded on April 1.
composed of R. IL Moulton & Co. of Los Angeles; the Ameriporary loan, dated April 1 1929 and due on November a $100,000 tem7. 1929, on a discan National Co. and Dean Witter & Co.,both of San Francisco,
count basis of 5.70%. The following bids were also submitted:
at a price of 100.88. a basis of about 4.44%.
Discount Basis.
500,000 4% San Francisco Harbor improvement bonds to the sinking
Bank of Commerce & Trust Co.
5.825
fund, who in turn awarded them to the Anglo-London-Paris Co.
First National Bank, Boston
5.86%
and the Bankltaly Co., both of San Francisco, jointly at a price
Menotomy Trust Co., Arlington
5.94
of 92.95, a basis of about 4.40%. Due on July 2 1989 and
Shawmut Corp. of Boston (plus $3.00)
5.99%
optional after 1954.
ASHAROKEN. N.Y.
-BOND OFFERING.
-Sealed bids
CAMBRIDGE, Middlesex County, Mass.
-TEMPORARY LOAN.
by Victor D. Bevin, Village Clerk, until 2 p. m., April 15, will be received
for the purchase The $1,000,000 temporary loan offered
Apr. 1-V. 128, p. 2150
of $75.000 coupon or registered 'paving bonds
-was
-rate of interest not to exceed awarded to the Harvard Trust Co. on on discount basis
a
6% and to be !dated in a multiple of jse or 1-10th of 1%. Dated April
of 5.92% plus a
1 premium of $2.75. Loan Is dated Apr. 2 1929 and is payable on Nov. 1
1929. Denominations $1,000. Due April 1,
incl.; and $4,000, 1935 to 1949 incl.; Prin. as follows:10,000,1930 to 1934 1929 at the National Shawinut Bank, Boston, or at the Chase National
and int. (April and October)
payable at the First National Bank. Northport or at the Irving Trust (Jo., Bank, New York. Other bidders were:
BidderNew York. A certified check payable to the order of the Village
Discount Basis.
for $1,500
is required. Legality to be approved by Clay, Dillon & Vandewater of Central Trust Co.(plus $2)
5.92%
Shawmut Corporation of Boston
New York City.
5.97%
CAREY CONSOLIDATED SCHOOL DISTRICT (P. 0. Childress),
ASHEVILLE, Buncombe County, N. C.
-NOTE SALE.
-A
-BOND SALE.
-A 560.000 issue of school bonds
Issue of6% coupon refunding notes was jointly purchased recently$950.000 Childress County, Tex.
Van Ingen & Co. and W. O. Gay & Co., both of New York. by B.J. has recently been purchased by Hall & Hall of Temple.
Denom.
$1.000. Dated Apr. 15 1929. Due on Apr. 15 1933. Prin. and hit.
CHARLESTON, Charleston County, S. C.
-BOND OFFERING-.
A. & 0. 15) payable at the Chemical National Bank in New York
Sealed bids will
Legality to be approved by Reed, Hoyt & Washburn of New York. City. Treasurer,for be received until noon on April 15, by W.8. Smith, City
the purchase of a $74,000 issue of 434% semi-annual paving.
series P bonds. Denom. $1,000. Dated April 1 1929. Due on April 1.
ASHTABULA COUNTY(P.O.Jefferson). Ohio.
-BOND
-W. W. Howes, Clerk Board of County Commissioners, OFFERING. as follows: $7,000, 1931 to 1939 and $11,000 in 1940. Legal opinion is to
will receive
sealed bids until 1 p. m.(Eastern standard ttme) April 22 for the purchase be paid for by the purchaser. Previous issues of these paving bonds have
of 112,7805% road impt. bonds. Dated May 15 1929. Due $710 April 1 been approved by Caldwell & Raymond of New York City. A $2,500
and Oct. 1 1930 to 1938 Incl. Int. payable on April 1 and Oct. 1. A certified check, payable to the City Treasurer, is required.
certified check, payable to the order of the Board of Commissioners for
CHICAGO, Cook County, 111.-$40.000.000 TAX ANTICIPATION
$500, Is required.
WARRANTS SOLD.
-A syndicate composed of Chicago banks
Financial Statement.
York investment houses on April 2, purchased $40,000,000 tax and New
True valuation. approximate
anticipa1155.000.000 tion warrants, bearing 6% interest at a price of par, according to the
Assessed valuation
149.000,000 April 3 issue of the Chicago "Journal of Commerce." Members
This Issue
12,780 group, according to the report, are: The Continental Illinois Bank &of the
Total bonded debt, including township's portion and general
Co.„ the First National Bank of Chicago, Foreman National Bank,Trust
assessments, this issue included
Cen2,961,765 tral Trust Co. of Illinois, National Bank of the Republic, State Bank
Sinking fund
of
246,077 Chicago, Harris Trust & Savings Bank, Northern Trust Co. and the
Population, 65.000. Tax rate. 5.282 mills.
Chicago Trust Co., all of Chicago; Lehman Bros., E. H. Rollins & Sons
and Hallgarten & Co., all of New York. Maturities are arranged for
ASHTON SCHOOL DISTRICT (P. 0. Ashton), Osceola
County,
lowa.-BONDS NOT SOLD.
-The $35,000 issue of school building bonds various dates during the summer of 1530, in accordance with anticipated
offered on April 2-V. 128. P. 2150
-was not sold, as all the bids were tax receipts from the 1929 levy. The funds, it is stated, are to be used
exclusively to pay the salaries of city
rejected. Denom.'$1,000. Dated April 1 1029. It
is reported that financing, the aforemention journal employees. In commenting on the
the bonds will again be offered in about 30 days.
ed
said:
"Of the total, $20,000.000 are corporate fund warrants and 320.000,000
BAMBERG, Bamberg County, S. C.
educational fund warrants. Except for miscellaneous receipte, the pro-BONDS
-Sealed ceeds
bids were received until 11 a. m. on Apr. 4 by B. F. OFFERED.
represent the only funds received by the city since the sale of $15.Folk, City Clerk &
Treasurer, for the purchase of a $60,000 issue
000,000 warrants to New York hankers in January, the
street paving bonds. Denom. $1,000. Dated of 534% coupon semi-ann. are exhausted. It Is calculated that the school payrolls proceeds of which
to the completion
Jan. 1 1929. Due $6,000
from .Tan. 1 1930 to 1939 incl. Prin. and hit. (J. 1)
of the present term can be met from the 320,000.000 now provided
payable
in gold. Legality approved by Reed. Hoyt & Washburn in New York city payrolls, particularly for police and firemen, are estimated toand
be
of New York covered until the
City. The following is an official statement:
first of October. By that time it is expected that tax
Assessed value of property
reforms will be completed to the point where substantial personal prop$588.480 erty levies can be collected, which,
Debt:
together with license fees and miscelLight & water bonds
77.000 laneous revenues, should tide the city over on its emends' expenses until
Public building bonds
3.375 the real estate taxes can be collected.
BARLOW TOWNSHIP RURAL SCHOOL DISTRICT,
Borrowing Power Exhausted.
Washington
County, Ohio.
-BOND SALE.
-The $39,000 school building bonds
"No arrangement was made for the sale of board of education building
offered on Feb. 11-V. 128, 13. 919
-were awarded to Otis & Co. of Cleve- fund warrants, but the bankers took an option on the purchase of further
land. as 531s, at a premium of $22.00, equal to 100.05, a basis
Issuance, which would give them first
of
5.24%. Bonds are dated Jan. 15 1929 and mature 11,500. March about construction department of the school call upon any borrowing by the
system. The $40,000,000 virtually
15, and
Sept. 15,from 1930 to 1942 incl. Other bidders were:
exhausts corporate and school anticipation borrowing power, which is
BidderInt. Rate.
Premium. based upon the 1927 assessment, although a few millions more of warrants
Blanchet, Bowman & Wood, Toledo
$66.30 may be permitted by the revised assessment, when it is completed."
53.4%
First-Citizens Corp. Columbus
266.20
filler, Carpenter dc Reese.Toledo
CHICKASHA, Grady County, Okla.
-BOND SALE.
-A $75,000
292.50
Issue
storm sewer bonds
BECKHAM COUNTY CONSOLIDATED SCHOOL DISTRICT NO.50 Trustof of Oklahoma City. has been purchased by the American-First
Co.
Due 15,000 from Aug. 1 1931 to 1945,incl.
(P. 0. Carter), Okla.
-BOND SALE.
-The $27.000 issue of school bonds
CINCINNATI, Hamilton County, Ohio.
offered for sale on Mar. 25-V. 128, P. 1599
-BOND SALE.
-The follow-was awarded to the First
ing issues of bonds aggregating 1800,000 offered on April 3-V.128. 1774
National Bank of Carter as follows: $22,000 as 53.is and $5,000 as 5s.
-were awarded to Stranahan. Harris & Otitis, Inc. of Toledo, at p.price
a
BLACKHAWK COUNTY (P. 0. Waterloo), Iowa.
-BOND OFFER- of 100.13, a basis of about 4.52%:
ING.
-Sealed bids will be delivered until 10 a.
Madigan, County Treasurer, for the purchase of am. on April 15 by Ed. 1400,000 Playground and Boulevard improvement bonds sold as 436s.
Due $20.000. Sept. 1 from 1930 to 1949. incl.
primary road refunding bonds. Int. rate Is not $25.000 issue of coupon
to exceed 5%. Dated
200.000 Park and Playground improvement bonds sold as 414e. Due
May 1 1929 and due on May 1. as follows: $5,000 from
$10,000. Sept. 1 from 1930 to 1949. incl.
Int. payable on May and Nov. I. Purchaser to furnish1939 to 1943 incl.
the blank bonds.
200,000 City's portion street improvement bonds sold as 4%s.
County will furnish the approving opinion of Chapman & Cutler
Due
320.000. Sept. 1 from 103010 1939. incl.
A certified chock for 3% of the bonds offered must accompanyof Chicago.
Dated April 1 1929.
the bid.
BLAINE COUNTY SCHOOL DISTRICT NO. 10 (P. 0,
BONDS OFFERED FOR INVESTMENT.
Chinook),
-The successful bidders are
Mont.
-BOND OFFERING.
--Sealed bids will be
reoffering the bonds for public investment, priced according to maturity to
District Clerk, until Apr. 22 for the purchase of a received by Guy Dowen. yield from 4.75
0 Bonds it is
annual school bonds. Dated Jan. 1 1929. Due$30,000 issue of 6% semi- savings banks in to 4.35'7. Connecticut stated are a legal investment for
in 20 years and optional
New York,
and Massachusetts. A statement
after five years.
of the financial condition of the city appeared in V. 128, p. 1959.
BROCKTON, Plymouth County, Mass.
-TEMPORARY
CLEVELAND HEIGHTS(P.O.Cleveland),Cuyahoga County.Ohio.
The Shawmut Corporation of Boston was awarded on Mar. 27, aLOAN.
$300,009 -BOND OFFERING -Charles C. Frazine, Director of Finance, will
temporary loan maturing in about eight months,
5.87%. The following bide were also sublintted: on a discount basis of receive sealed bids until 11 a. m., April 22, for the purchase of $472,770
4I4% special assessment improvement bonds.
BidderDiscount Basis, Due Oct. 1, as follows:$46.770, 1930: $4'7,000, 1931;Dated May 15 1929.
Brockton National Co
$47.000.
1933 to 1935 inclusive; $48.000. 1936; $47.000, 1937 $48,000. 1932:$48,009,
5.94
Plymouth County Trust Co., Brockton
and 1938; and
5.94% 1939. A certified check payable to the erder of the above-mentioned
Home National Bank,Brockton
5.96% official for 3% of the bonds bid for is required.
BROOKLINE, Norfolk County, Mass.
-BOND SALE.
CLEVES, Hamilton
coupon or registered bonds aggregating $360.000 offered on -The following
-BOND SALE.
-The 110.000 fire
April 1-V. 128, apparatus bonds offered County, Ohio.
-were awarded to R. L. Day & Co. of Boston, at a
p. 2150
on
-were awarded as 5345
price of 100.06, to the First-Citizens Corp.April 1-V. 128, p. 1600
a basis of about 4.15
of Columbus, at a premium of $23, equal to
1
school n. Due 128.000, Jan. 1 1930 to 1934 inclusive. 100.23, a basis of about 5.20%. Bonds are coupon in denominations of
$140,000 4it%
ds
120.0004% sewerage system impt bonds. D118 38.000. January 1 1930 $500, are dated Feb. 1 1929 and mature 11.000. March 1 from 1930 to
1939. incl. Interest payable in March and September.
to 1944 inclusive.
100,000 43.1% street construction bonds. Due $10,000, Jan. 1 1930 to
COKE COUNTY ROAD PRECINCT NO. 1 (P. 0. Robert
1939 inclusive.
Lee), Tex.
-The $100.000 issue of road bonds that
Dated Jan. 1 1929. F. 8. Moseley & Co. and E. IT. Rollins & Co., -ADDITIONAL DETAILS.
was purchased by
jointly bid 100.039 for bonds to bear interest rates as stated above. The bears interest at the B. F. Dittmar Co. of San Antonie-V. 128. p. 141
534% and is due from 1930
following bids were submitted for three Issues as 4jis:
were purchased at a price of 100.127, giving a to 1959 incl. The bonds
basis of about 5.49%•
'
BidderRate Bid.
er
Stone & Webst and Bledget. Inc., and Curtis & Sanger, jointly_ 100.22
COLUMBIA, Maury County, Tenn.
-BOND SALE.
-A 350.000
Harris, Forbes & Co
100.06 Issue of street improvement bonds has been purchased by an unknown
investor.
BROWNSMEAD WATER DISTRICT (P. 0. Brownsmead) Clatsop
COMPTON CITY SCHOOL DISTRICT (P. 0.
County, Ore.
-The 313.250 issue of 6% water
-BONDS NOT SOLD.
Los Angeles), Los
-BOND SALE.
-was not sold as there were no Angeles County, Calif.
bonds offered on Mar. 27-V. 128. p. 1959
-The 1180.000 issue of 5%
school bonds offered for sale on April 1-V.
bids received. Dated Jan. 1 1929. Due from 1931 to 1945.
128, p. 1959
-was awarded
to the Angio-London-Paris Co. of San Francisco
for premium of $3,813,
BUCHANAN COUNTY (P. O. Independence), Iowa.
-BOND equal to 102.118, a basis of about 4.82%. Dateda April
1 1929. Due
OFFERING -Bids will be received until Apr. 19 by Don A. Risk. County 15,000 from April 1 1931 to 1966 inclusive.
Treasurer, for the purchase of a $200,000 Issue of road bonds.
CORNING, Perry County, Ohio.
-BOND OFFERING.
-W. D.
Foraker, Village Clerk, will receive sealed
BUFFALO, Erie County, N. Y.
-NO BIDS.
-No bids were received
bids until 12 m, April
on Apr. 1 for the purchase of the following 43 % coupon or registered bonds the purchase of $12,000 534% water works system improvement 13, for
,
1
bonds.
Dated Jan, 1 1929. Denom. $1,200.
aggregating 32.520,000 scheduled to have been sold-V. 128. 13• 1952Due $1,200, Sept. 1930 to 1939
11.920.000 general improvement school bonds. Dated Apr 1 1929. Due incl. Interest payable on March and Sept. 1. A certified1check'payable
to the order of the Village Treasurer
$96.000, Apr. 1 1930 to 1949 incl.
for 50% of the total amount
370.000 series A general Improvement bonds. Dated Oct. 1 1929. Due bid for is required.
137.000. Oct. 1 from 1929 to 1938 incl.
CORPUS CHRISTI, Nueces County, Tex.
-WARRANT SALE.
230,000 series A general improvement bonds. Dated Apr. 1 1929. A $22,435 issue of 6%
coupon storm sewer
has been purchased by
Due $23,000, Apr. 1 1930 to 1939 incl.
the J. E. Jarrett Co. of San Antonio. warrants $1,000. one for
Denom.
$435.
2332
FINANCIAL CHRONICLE
[VoL. 128.
Dated Jan. 1 1929. Due from July to 1933 to 1948. Prin. and semi- for the construction of an addition to the present school structure. Of 949
annual int. payable at the Chase National Bank in New York City. Legal votes polled 493 were in the affirmative,443 in the negative, and 13 ballots
were defaced.
opinion of J. T. Binder of San Antonio.
-The following
-BOND SALE.
ELIZABETH, Union County, N. J.
-A $42,300
CRAWFORD, Dawes County, Neb.-BOND SALE.
has recently been coupon or registered bonds aggregating $1.104.000 offered on April 2
ISER10 of 434% semi-annual intersection paving bonds
-were awarded as 430 to a syndicate composed of White.
-V.128, p. 1775
purchased at par by the State of Nebraska.
& Co. of New York, J. S. Rippel & Co. of Newark, and the Elmora State
-A $62,000 Bank. Elizabeth. at a price of 100.019. a basis of about 4.49%:
-BOND SALE.
CROSBYTON, Crosby County, Tex.
issue of 0% refunding bonds has been purchased by an unknown investor. $888,000 school bonds. Due April as follows:$26.000, 1930 to 1944 incl.
Due in from 1 to 40 years.
330.000. 1945: and $39,000, 1946 to 1957 inclusive.
- 216,000 street !rapt. bonds. Due April 1, as follows: $12,000, 1930 ta
-BOND OFFERING.
CUYAHOGA FALLS, Summit County, Ohio.
1937 incl.: $17,000, 1938 to 1943 inclusive; and $18,000, 1944.
by H. 0. Bach, City Auditor, untll 12 m.
Sealed bids will be received
Dated April 11929.
(eastern standard time) April 23, for the purchase of the following issues of
The successful bidders are reoffering the bonds for public investment
0
57 bonds:
$764.192.60 improvement bonds. Due as follows' $39,192.60, April and priced to yield 5.25 to 4.35% according to maturity. Bonds are stated to
839,060, Oct. 1. 1930: $38,000, April and Oct. 1, 1931 to 1938 be a legal investment for saving banks and trust funds in New York, Massachusetts, Connecticut and New Jersey.
incl.; and $39,000, April and Oct. 1, 1939.
15,209.00 improvement bonds. Due Oct. 1, as follows: $3,209, 1930;
Financial Statement (As Officially Reported).
and $3,000, 1931 to 1934 incl.
$156,517,107
Assessed valuation
12,891,345
Dated May 1, 1929. Interest payable on April and Oct. 1. Principal Total debt, including this issue
9,073,004
and interest payable at the Depositors Savings & Trust Co.. Cuyahoga Net debt
Falls. A certified check payable to the order of the City Treasurer for
Population. U. S. Census, 1920, 95.783; present population (est.).
2% of the bonds bid for is required.
120,000.
-The two issues
-BONDS NOT SOLD.
DALLAS, Dallas County, Tex.
The above statement does not include obligations of other municipal
of 4It% coupon bonds aggregating $315,000, offered on Mar. 29-V. 128, corporations having taxing power against property within the city.
p. 2151-were sold as the only bid submitted was rejected. This bid was
EVANSVILLE SCHOOL CITY (P. 0. Evansville), Vanderburg
a joint offer of $291,659 for the $315,000 of bonds by Braun. Bosworth
-R. A. Putnam. Clerk Board of Education,
-NO BIDS.
& Co. of Cleveland and C. W. McNear & Co. of Chicago. The same firms County, Ind.
offered a premium of $3,717 for 5% bonds which was also rejected. The reports that no bids were submitted on April 1, for the $240,000 434%
-V. 128, p. 1960. Bonds are dated
coupon school bonds offered for sale
Issues are divided as follows:
April 1 1929 and mature $48,000, April 1 1944 to 1948, incl.
$215,000 hospital bonds. Due from 1930 to 1969 inclusive. inclusive.
100,000 garbage incinerator bonds. Due from 1930 to 1969
Conn.-BOND OFFERING.FAIRFIELD, Fairfield County
-Sealed Sealed bids will be received by Frederick A. Burr, First Selectman, until
-BOND OFFERING.
DALLAS COUNTY (P. 0. Dallas), Tex.
County Judge, until May 13 12:15 p. ELL April 11, for the purchase of $150,000 434 or 434% coupon
bids will be received by F. H. Alexander,
for the purchase of an issue of $1,250,000 43i% road improvement\bonds. school bonds. Dated March 1 1929. Denoms. $1,000. Due March 1, as
follows: $4,000, 1930 to 1966 incl., and $2,000, 1967. Principal and interest
-year period.
Due serially over a 30
York or at the
-Sealed (M.& S.) payable at the National Bank of Commerce, New Ropes, Gray,
DANE COUNTY (P. 0. Madison), Wis.-BOND OFFERING.
Fairfield Trust Co., Fairfield. Legality to be approved by
bids will be received until noon on April 15, by Selma Fjelstad. CountY Boyden & Perkins of Boston.
Clerk, for the purchase of a $350,000 Issue of 434% coupon highway imFinancial Statement, Jan. 7 1929.
provement bonds. Denom.$1,000. Dated May 1 1929 and due on May 1.
$28,515,109.00
as follows:$239,000 in 1939 and 5111,0001n 1940. Prin. and int.(M.&N.), Last and list
898,000.00
Total bonded debt,including this issue
County Treasurer's office.
payable at the
73,061.94
fund
-The Sinking
-BOND SALE.
DARLINGTON, Darlington County, S. C.
$824.938.06
982,000 issue of refunding bonds offered for sale on April 2-V. 128, p.
Net debt
•
2151-was jointly awarded to the Peoples Bank of Darlington and the
FAIRFAX SCHOOL DISTRICT (P. 0. Bakersfield), Kern County,
Securities Co. of Charleston as 534s for a premium of $782, equal to 100.831,
-Sealed bids will be received until 11 a. in.
-BOND OFFERING.
a basis of about 5.43%. Dated April 1 1929. Due from April 1 1932 Calif.
on April 22 by F. E. Smith, County Clerk, for the purchase of a $15,000
to 1951.
from 1932 to
Due
-BOND issue of 6% school bonds. Denom. $1.000. at the $1.000 of the County
DEER PARK (P. 0. Cincinnati), Hamilton Couttty, Ohio.
office
and int. (M. & S.) payable
1946 incl.
-The $11,200 fire engine bonds offered on March 25-V. 128, Treasurer. Prin.
SALE.
bid, payable to the County
A certified check for 10% of the
p. 1601-were awarded as 530 to Seasongood & Mayer of Cincinnati. Clerk, is required.
Bonds are dated March 1 1929 and mature $1,400 Sept. 1 from 1930 to
-The following
1937 inclusive.
FAIRVIEW,Cuyahoga County,°Mo.-BOND SALE.
-The Issues of special assessment bonds aggregating $159,000 offered on March
DEKALB COUNTY (P. 0. Auburn), Ind -BOND SALE.
g
on March 30-V. 25-V.128, p. 1601-were awarded as 52 s to Otis & Co.of Cleveland, at a
$9,800 Stafford Township 434% road bonds offered
-were awarded to the City National Bank, at par and accrued premium of 31,030, equal to 100.64, a basis of about 5.61%:
128, p. 1774
$5,000.
interest bonds are dated April 1 1929 are in denom. of $490. and mature $55.000 West 229th St. paving bonds. Due Oct. 1 as follows: 1934;
1930: 86.000, 1931; $5,000, 1932; $6,000, .1933; 95,000,
$490. May and Nov. 15, from 1930 to 1939 incl. The Farmers Loan &
86,000, 1935;$5,000, 1936; 86,000, 1937; $5,000. 1938. and $6,000.
Trust Co., Columbia City, also bid par.
1939.
-The
-BOND SALE.
DELAWARE COUNTY (P. 0. Muncie), Ind.
40,000 West 220th St. paving bonds. Due $4,000 Oct. 1 1930 to 1939.
Inclusive.
$35,600 434% Albert Bauer et al Union Township road construction
-were awarded to the Merbonds offered on March 19-V. 128, p. 1774
35,000 Woodlawn Ave. paving bonds. Due Oct. 1 as follows: $3,000,
chants National Bank of Muncie, at a premium of $43.75 equal to 100.122
19313; $4.000, 1931; $3,000, 1932; $4,000, 1933; $3,000, 1934;
a basis...of about 4,47%. Bonds are dated Jan. 15 1929 and mature on
$4 000, 1935; $3.000, 1936;$4,000, 1937; $3,000, 1938. and $4,000.
May and Nov. 15, from 1930 to 1939 incl.
191).
15.500 Woodlawn Ave., sewer bonds. Due Oct. 1 as follows: $1,500.
-PROPOSAL TO ISSUE $54,600.000
DETROIT,Wayne County, Mich.
1930 to 1938, incl., and $2,000. 1939.
-At the election held on April 1-V. 128, p. 1264BONDS DEFEATED.
8.800 West 221st St. sewer bonds. Due Oct. 1 as follows: $300, 1930
the proposal to issue $54,600,000 bonds, for the construction of a subway
$500, 1931 and 81.000, 1932 to 1939, incl.
system to supplement street railways and bus lines was overwhelmingly
4,700 West 221st St. sewer bonds. Due Oct. 1 as follows: $200, 1930.
defeated. The proposal which required a 60% majority of the votes polled
and *500. 1931 to 1939. incl.
by 90,439 to 35,416.
for approval, was beaten
Other bids for 534% were as follows:
Premium.
BidderDODGE COUNTY (P. 0. Juneau) Wis.-BOND OFFERING.
3419.00
Sealed bids will be received until 2 p. in. on April 18 by E. F. Becker, Braun, Bosworth dc Co., Toledo
938.10
Carpenter & Roose, Toledo
County Clerk, for the purchase of an issue of $114,000 434% highway, Silver,
series "V" bonds. Denom. $1,000. Dated May 1 1929. Due on May 1
Room,
-Albert
-BOND OFFERING.
FLINT, Genesee County, Mich.
Purchaser to pay for the printing
1948. Interest payable semi-annually.
City Clerk, will receive sealed bids until 8 p. m. (Eastern standard time)
of the bonds. A certified check for 2% of the bid is required.
April 8, for the purchase of the following issues of bonds aggregating
DONNA INDEPENDENT SCHOOL DISTRICT (P. 0. Donna), 3320,000
-rate of interest not to exceed 5%.
-The $100,000 issue of $180,000 series A, 1928, delinquent special assessment tax bonds.
-BONDS NOT SOLD.
Tex.
Hidalgo County,
-and registered
Dated April 1 1929. Due as follows: $70,000. October 1 1929;
5% serial school bonds offered on Feb. 21-V. 128, p. 593
-has not as yet been sold. It is stated that
340,000, April 1 1930; $35,000, October 1 1930; and $35,000.
on March 20-V. 128, p. 2152
Department of Education,
April 1 1931.
the bonds may be purchased at par by the State
140,000 series B, 1928. delinquent special assessment tax bonds. Dated
-A $10,000
-BOND SALE.
DRESDEN, Weakley County, Tenn.
April 11929. Due as follows: $40,000. October 1 1929; $20,000.
has been purchased by Caldissue of 5% outstanding indebtedness bonds
Nov. 11929; $40,000, Dec. 1 1929; and $40,000, Jan. 11930.
well & Co. of Nashville.
Prin. and int. payable at the office of the City Treasurer. A certified
accompany proposal. Legality to be
DRYDEN TOWNSHIP SCHOOL DISTRICT NO. 1, Lapeer County, check of $1,000 for each issue must
-William H. Dittman, Secretary of School approved by Miller, Canfield, Paddock & Stone of Detroit.
-BOND OFFERING.
Mich.
Board, will receiveseale ibids until 4 p.m.(eastern standard time), April 11,
-Howard
-BOND OFFERING.
FREEPORT, Nassau County, N. Y.
-rate ofinterest not to exceed 534 %.
for the purchase of$50,000 school bonds
E. Pearsall, Village Clerk, will receive sealed bids until 8 p. in. April 12 for
Dated April 1 1929. Denom. $1.000. Due April 1, as follows: $1,000: the purchase of the following issues of coupon or registered bonds, aggre1932 to 1946 incl.;$2.000, 1947 to 1951 incl.:and $3,000, 1925 to 1959 Incl. gating $289,000, rate of interest not to exceed 6% and to be stated in a mulPrin. and int. payable at some Detroit bank or trust company mutually tiple of
34 or 1-10th of 1%:
agreeable. A certified check payable to the order of the District Treasurer $205,000 street improvement bonds. Due April 1 as follows: $10 000.
for $1,000 Is required.
1930 to 1948 incl., and $15,000, 1949.
Financial Statement
64.000 water works bonds. Due April 1 as follows: $3,000, 1930 to
$676,420.00
Assessed valuation
1949 incl., and $4,000, 1950.
50,000.00
debt (this issue)
Total bonded
20,000 street opening bonds. Due $1,000, April 1 1930 to 1949 incl.
Population (est.) 500.
Dated April 11929. Denom.$1,000. Prin. and int. (A.& 0. 1) payable
-Frank J. in gold at the Citizens' National Bank, Freeport. A certified check Paya-NO BIDS.
DUNKIRK, Chautauqua County, N. Y.
Janice, City Treasurer, reports that no bids were submitted on April 2 ble to the order of the village for $5,000 is required. Legality to be approved
for the $100,000 434% Hyde Creek Diversion bonds scheduled to have by Clay, Dillon & Vandewater of New York City.
-Bonds are dated June 1 1929 and mature
been sold-V. 128. p. 1774
-INTEREST RATE.
FREESTONE COUNTY (P. 0. Fairfield) Tex.
$10,000, June 1 from 1930 to 1939, incl.
issue of refunding bonds that was purchased at a price of
-At The $53,000C.
-BONDS VOTED.
-bears interest at
DYER COUNTY (P. 0. Dyersburg), Tenn.
Burt & Co. of Houston-V. 128. p. 1960
98.75 by H.
-the voters authorthe special election held on March 23-V. 128. p. 1601
534%.giving a basis of about 5.59%. Due In 30 years.
ized the proposed *1.000,000 gravel road bond issue. As already reported,
-Sealed bids ad-BOND OFFERING.
GARY, Lake County, Ind.
this is the third million dollar road bond issue voted by this county.
-BOND dressed to the City Comptroller will be received until 12 m. April 15.
EAST CHICAGO SCHOOL CITY, Lake County, Ind.Trustees for the purchase of $170,000
% Fire alarm and police signal system
addressed to the Board a School
-Sealed proposals
OFFERING.
bonds.
April 1 1929. Denom. $1,000. Due Dec. 1. as follows:
will be received until 8 p. in. April 24, for the purchase of $175,000 school $20,000. Dated to 1942, incl.; and $10,000, 1943. A certified check for
1935
bonds
-rate of interest not to exceed 434%. Bonds are dated June 1 234% of the bonds bid for must accompany each proposal.
mature June 1 as follows: $25.000.
1929 are in denominations of $1.000 and
-BOND OFFERING.GENESEE COUNTY (P. 0. Flint), Mich.
1946 to 1948. incl., and $75,000, 1949. Interest payable on June and
Dec. I. Principal and interest payable at the American State Bank of Sealed bids will be received by the Board of County Road Commissioners,
East Chicago. Proposals must be accompanied with a certified check for until 2 13. m. (Eastern standard time) April 16. for the purchase of *54.000
$3.500.
bonds of road assessment districts Nos. 83, 84 and 85. Rate of interest
6%. Dated May 1 1929. Due
by bidder not to
to be
EAST CLEVELAND SCHOOL DISTRICT,Cuyahoga County, Ohio. seriallynamed 1930 to 1934, incl. exceed
A certified check for 31,000 is required.
from
following statistics have been
-The
-STATISTICAL INFORMATION.
bonds and legal opinion.
prepared in connection with the proposed award on April 13. of two issues Successful bidder to furnish printed
-The
-BOND SALE.
of 43i% bonds aggregating $1,242,000 full description of which appeared
GIBSON COUNTY (P. 0. Prince/on), Ind.
in V. 128, p. 2152:
following issues of 434% bonds, aggregating $48,000, offered on March 30
Actual value of property, $125.000,000.
(ir. 128, p. 1775). were awarded to the Peoples American National Bank,
Assessed valuation, tax year 1928, $98,417.380.
Princeton, at a premium of $4.80, equal to 100.01. a basis of about 4.49%:
Total bond debt, including this issue, $3,682,000.
$25,000 H. 0. Barr et al. Patoka Twp. road improvement bonds. Due
fund on hand for redemption of bonds to date, $498,146.54.
Sinking
$1,250 May and Nov. 15 from 1930 to 1939 incl.
Population, 1920. 37.552. 1928, 44.000.
23,000 0. M. Gilbert et al. Patoka Twp. road improvement bonds. Due
School tax rate for all purposes, 12.6714 per thousand.
$1,150 May and Nov. 15 from 1930 to 1939 incl.
Tax levy to pay for above issues, 1928, 2.7377 mills.
Dated March 15 1929. Farmers National Bank of Princeton, also sub- mitted a bid.
-BONDS VOTED.
EAST MOLINE, Rock Island County, 111.
GILBOA, BLENHEIM, BROOME AND CONESVILLE CENTRAL
A proposal to issue $210,000 bonds for the construction of anew high school
building was approved by the electors on March 26. The measure received a SCHOOL DISTRICT NO. 1 (P. 0. Gilboa) Schoharie County, N. Y.
plurality of 160 votes. Of the ballots cast 591 were in the affirmative, and -BOND OFFERING.
-Ruth E. Leger, District Clerk, will receive sealed
bids until 12 in. April 20, for the purchase of *160.000 coupon or registered
431 in the negative.
-rate of interest not to exceed 5% and to be stated in a
-At an school bonds
-BONDS VOTED.
Fazewell County, 111.
EAST PEORIA,
of 1%. Dated May 11929. Denom. $1,000. Due
election held recently the voters authorized the issuance of $82,000 bonds multiple of 34 of 1-10
APRIL 6 1929.]
FINANCIAL CHRONICLE
Nov. 1, as follows: $3,000, 1930 to 1934, incl.; $5,000. 1935 to 1939, incl.:
and $6,000, 1940 to 1959, incl. Prin. and int. (May and Nov.) payable
at the Hanover National Bank, New York or at the First National Bank,
Grand Gorge. A certified check payable to the order of the District Treasurer for $3,000 is required. Legality to be approved by Clay, Dillon &
Vandewater of New York.
GLASGOW, Barren County, Ky.-BOND SALE.
-A $91,000 issue
of street improvement bonds has recently been purchased at par by local
banks.
GLENDALE CITY SCHOOL DISTRICT (P. O. Los Angeles) Los
Angeles County, Calif.
-LIST OF BIDS.
-The following is a list of the
other bids submitted March 25 for the $400,000 issue 01 5% coupon or
registered school bonds awarded jointly to R. H. Moulton & Co. and the
Security Co., both of Los Angeles, at 100.76, a basis of about 4.90%:
In second place was Dean Witter & Co., Heller, Bruce & Co.,and Citizens
National Co. with a bid of$2,839.
Other bids were: American National Co. and Detroit Co., 11,188:
William R. Staats & Co., William Cavalier & Co., and Guardian Detroit
Co., $616; Securities Division National Bankitaly Co.,Anglo-London-Paris
Co.and Weeden & Co.,$526, and National City Co.and Bond & Goodwin
& Tucker, Inc., 524.
GLENWOOD HIGHWAY DISTRICT(P.O.Kamiah)Idaho County,
Ida.
-BOND SALE.
-The $11,900 issue of 6% semi-annual highway bonds
offered for sale on March 16-V. 128. p. 1436
-was awarded at par to
Mr.E. C.Powell of Kamiah. Due in 20 Years.
GRAY COUNTY (P. O. Pampa), Tex.
-BOND SALE.
-Two issues of
6% bonds aggregating $100,000 have been purchased by the Brown()rummer Co. of Wichita. The issues are divided as follows: $75,000 road
and bridge and $25,000 county bonds. Due in 30 years.
-BOND SALE.
GRAYSVILLE, Greene County, Pa.
-The $17,000
4.60% coupon or registered impt, bonds offered on April 1-V. 128, P.
921-were awarded to the First National Bank & Trust Co., Waynesburg,
at a price of 100.735, a basis of about 4.40%. The bonds are dated March
15 1929 and mature $1.000 March 15 from 1932 to 1948 inclusive.
2333.
HENDERSON COUNTY (P. 0. Hendersonville), N. C.
-BOND
OFFERING.
-Sealed bids will be received by P. S. Ramsey, Register of
Deeds, until noon on April 15,for the purchase of two issues of coupon or
registered bonds, aggregating $350,000 as follows:
$155,000 school, road and bridge funding bonds. Due $5,000 in 1932 and
$10.000 from 1933 to 1947, incl.
195,000 refunding bonds. Due $15.000 from 1932 to 1944,
Denom. $1,000. Dated May 1 1929. Int. rate is not to exceed
%.
stated in a multiple of 31; of 1%. Prin. and semi-annual int, payable at the
National Bank of Commerce in New York. County Auditor will furnish
bidding forms on request. A certified check for 2%,payable to the County
Treasurer, is required.
HERKIMER COUNTY (P. 0. Herkmer),- N. Y.
-ADDITIONAL
-Lehman Bros. and E. H. Rollins & Sons both of New
INFORMATION.
York were associated with the Manufacturers & Traders-Peoples Trust
Co.,buffalo, in the purchase on March 26, of $622,000 434°! bonds, at
100.062, a basis of about 4.48%-V. 128, p. 2153- Successful group
bonds
reoffering the bon for investment priced according to maturity, to yield
from 4.75 to 4.35%. Bonded debt of the county including this
e
reported at $3,780,000.
HICO Hamilton County, Tex.
-ADDITIONAL DETAILS.
-The
$38,000issue of water bonds that was purchased by H. C. Burt & Co. of
Houston
-V. 128, p. 921-was awarded at par 5% bonds, due from Jan. 1
1930 to 1967, inclusive
HIGGINS INDEPENDENT SCHOOL DISTRICT (P. 0. Higgins)
-BOND SALE.
Lipscomb County, Tex.
-A $40.000 issue of 5% school
bonds has been purchased at par by local investors.
-Sealed
-BOND OFFERING.
HOMESTEAD, Dade County, Fla.
bids will be received until 2 p. m. On .April 16 by R.E.Edwards, City Clerk,
for the purchase of an issue of $100,000 6% semi-annual refunding bonds.
Denom.$1,000. Due serially over a 25 year period.
HUNTSVILLE Walker County, Tex
-Two issues
-BOND SALE.
os 5% bonds aggregating $108.000, have been purchased by the J. R.
Phillips Investment Co. of Houston. The issues are as follows: $98,100
refunding and $9,900 fire engine bonds.
GREEN BAY, Brown County, Wis.-BOND SALE.
-A $2,000 issue
of 5% semi-annual sewer bonds has been disposed of over the counter.
-NOTES NOT SOLD.
-It is reported that
IDAHO, State of.
Denom. $200. Dated April 1 1929. Due $200 from April 1 1930 to 1939, issues of not to exceed 6% Treasury notes offered on April 4 (V.the two
128,p.
incl.
1961, 2153) were not sold, as there were no bidders for the notes. The
GREENBURGH-FAIRVIEW WATER DISTRICT (P.0.Tarrytown) issues are divided as follows:
notes. Dated
Westchester County, N. Y.
-Sealed bids will be $1,000,000 Treasury notes. Dated April 16 1929. Due on April 16 1930.
-BOND OFFERING.
April 16 1929. Due on Oct. 16 1929.
500,000 Treasury
recived by Norman C.'Templeton Town Clerk,until3 p. m.April 10,for the
purchase of $6,000 coupon or registered water bonds. Rate of interest not
INDEPENDENCE, Polk County, Ore
-Sealed
-BOND
to exceed 6%. Dated March 1 1929. Denoms.$1,000. Due $1.000 March bids will be received until 7:30 p. m. on April 18. by OFFERING. Act.
B. F. Swope,
1 from 1934 to 1939, incl. Principal and interest (March and Sept. 1) City Recorder,for the purchaser of two issues of bonds,aggregating $12,000
payable in gold at the Tarrytown National Bank & Trust Co., Tarrytown; as follows:
or at the First National Bank, New York. A certified check payable to the
library bonds.
order of the Town for $500 is required. Legality to be approved by Clay, $6.000 public improvement Denom. $500. Due in from 1 to 12 years.
bonds. Denom. $600. Dated Dec. 28 1928.
6,000 street
Dillon & Vandewater of New York City.
•
Due $600 in 1 to 10 years.
Int. rate is not to exceed 6%. Prin. and semi-annual int. payable at
GREENFIELD, Weakley County, Tenn.
-BONDS VOTED.
-At a
special election held on Mar. 21 the voters apRroved a proposition to the office of the City Treasurer or at the State's fiscal agency in New York.
issue street paving bonds by a count of 175 "for to 36 "against.' It is A certified check for 5% of the bid, payable to the City is required.
reported that the bonds will be offered for sale at an early data.
-BOND SALE.
JACKSON, Hinds County, Miss.
-TWO WRNS Of
GREEN LAKE COUNTY (P. O. Green Lake), Wis.-BOND OFFER- 534% bonds aggregating $79,620 have been purchased at par by the MerING.
--Sealed bids will be received until 2 p. m. on April 23, by G. A. chants Bank & Trust Co., the Jackson-State National Bank and the MisWeinkauf, County Clerk, for the purchase of a $312,000 issue of 434% sissippi Bond & Securities Co., all of Jackson. The issues are as follows:
coupon highway bonds. Denom. $1,000. Dated Apr. 1 1929 and due on 861.394 special street improvement and $18,226 street intersection bonds.
Apr. 1, as follows: $20,000, 1933; $60.000, 1934 to 1937 and $52,000 in
-BOND SALE.
JACKSON, Hinds County, Miss.
-The two issues of
1938. Prin. and hit.(A.& 0.) payable at the office of the County Treasurer.
Bids will be received on a depositary arrangement, the successful bidder to bonds aggregating $675,000, offered at public auction on April 2-V. 128.
furnish a surety bond on the deposits or they can be submitted on a straight p. 1961-were awarded to a syndicate composed of the National City Co.
principal and premium basis. Bonds have not been printed and the bidders of New York.the Mississippi Bond & Securities Co.,and the Capital Nationmay consider the price of the printing in their bid. A $624 certified check al Bank, both of Jackson, as 534% bonds, at a price of 100.843, a basis of
must accompany the bid
about 5.16%. The issues are divided as follows:
$500,000 general improvement bonds. Due from 1930 to 1954 incl.
GUILFORD TOWNSHIP SCHOOL DISTRICT (P. O. Plainfield),
175,000 water works extension and impt. bonds. Due from 1930 to 1954.
Hendricks County, Ind.
-BOND OFFERING.
-Sealed bids will be re-The above bonds are
BONDS OFFERED TO PUBLIC.
ceived by R. W. Stephenson, Trustee, until 10 a. m. Aprll 15, for the offered for investment by the successful bidders at prices to now being
yield from
purchase of $16,000 school bonds to bear a coupon rate of 434%. Bonds 4.90 to 5.50%, according to maturity. It is stated that these bonds, issued
are dated May 1 1929 and are in denom. of $400. Prin. and semi-annual for water works and general improvement purposes, are direct obligations
int, payable at the First National Bank, Plainfield. A certified check for of the city, payable from unlimited taxes on all taaxable property therein.
1% of the bonds bid for is required.
Actual value of taxable property last year according to report, was estimated
HALE COUNTY (P. 0.Plainview), Tex.
-BONDS REGISTERED.
- at $75,000,000. and assessed value $42,932,932. Net bonded debt,including
A $250,000 issue of 5% serial road, series 1929 bonds was registered on this issue, is $6,495,181.
March 28 by the State Comptroller.
JAMESVILLE WATER DISTRICT (p.0. East Syracuse) Onondaga
-BOND AWARD POSTPONED.
HAMDEN, New Haven County, Conn.
-The award of $30,000
-BOND SALE.
-The $50,000 County, N. Y.
434% school bonds offered on March 22-V. 128. p. 1094
-were awarded coupon or registered water bonds scheduled for April 2-V. 128, p. 2153
to
M. Grant & Co. of New York, at a premium of $19.50 equal to according to a report has been indefinitely postponed. Bonds are dated
-rate of interest not to exceed 5%, and are to mature $2,000.
100.039, a basis of about 4.49%. Bonds are coupon or registerable,_dated April 1 1929
R.
April 1 1929 and mature $2,000. April 1 1931 to 1955, hid. R. L. Day & April 1 from 1934 to 1948 inclusive.
Co. of Boston, offered par for the bonds.
JEFFERSON COUNTY (P. 0. Madison), Ind.
-BOND SALE.
HAMILTON COUNTY (P. 0. Noblesville), Ind.
-BOND SALE.
- The $7,500 434% Jacob Vath et al Hanover Township road improvement
The $7,500 Clay Township road bonds, bearing interest at the rate of bonds offered on April 1-V. 128, p. 2153
-were awarded to the Madison
4;4% offered on March 29-V. 128. p. 1775
-were awarded to the American Safe Deposit & Trust Co.. Madison,at a premium of $37.06,equal to a price
National Bank of Noblesville, at a price of par. Bonds are dated March
100.491. a basis of about 4.40%. Bonds are dated March 1 1929 and
26 1929 and mature on May and Nov. 15,from 1930 to 1939,incl. No other of
mature $375 May and Nov. 15 from 1930 to 1939, incl.
bid was submitted.
KENNETT SQUARE, Chester County, Pa.
-BOND OFFERING.
HARRISON TOWNSHIP SCHOOL DISTRICT NO. 1, Macomb
County, Mich.
-BOND OFFERING.
-D, F. Vanderbossche, Secretary John Cuncannon, President of Borough Council, will receive sealed bids
April 29, for the purchaes of $40,000 434% highway and
of School Board, will receive sealed bids until8 p. m.(eastern standard time) until 7:30 p.
April 8, for the purchase of $55.000 434% school bonds. Dated March funding bonds of 1929. Dated May 1 1929. Denoms.$500. One-twentieth
1 1929. Denom. $1,000. Due March 1, as follows: $1,000, 1931 to 1943' of the total amount will be redeemed annually. A certified check payable
incl.; $2,000, 1944 to 1949, incl.* and $3.000. 1950 to 1959, incl. Prin. to the order of the Borough Treasurer for 10% ofthe bends bid for is required.
and hit, payable at some Detroit'bank or trust company mutually agreeKENTUCKY, State of (P. 0. Frankfort).
-BOND OFFERING.able. A certified check payable to the order of the School District Treasurer
Sealed bids will be received by Ben Johnson, Chairman of the State Highfor $1,000 is required.
way Commission,until 10 a. m.on April 23 for the purchase of a 310,767.000
Financial Statement.
issue of bridge bonds. The official
offering states that the
Assessed valutaion
$2,050.482 bonds to be issued and sold by said notice of the under the provisions of
Commission
Bonded debt
55.000 Chapter 172 of the Acts of the General Assembly of Kentucky of 1928.
Population, 500.
from the proceeds of which said Commission proposes to build and(or)
HARTFORD, Hartford County, Conn.
-FINANCIAL STATE- acquire the following toll bridges, to wit: Cumberland River. near BurnMENT.
-In connection with the scheduled award on April 17 of $1,550,000 side; South Fork Cumberland River, near Burnside; Tennessee River. at
434% public improvement bonds, notice of which appeared in V. 128. P. or near Paducah; Tennessee River, at or near Eggners Ferry; Cumberland
2153, we are now in receipt of the following statement:
River, at or near Smithland; Cumberland River, at or near Canton; Green
Valuation of Taxable Property, 1928.
River, at or near Spottsville; Ohio River, at or near Evansville; Kentucky
-Real
Grand list
$319.540,725.00 River,at or near Boonesboro; Kentucky River,at or near Tyrone: Kentucky
Personal
43,116.291.00 River, at Clays Ferry; Green River, at Munfordsville; Green River. near
Rio; Ohio River, at or near Carrollton, and Ohio River, at or near Mays$362,657.016.00 ville. Bids may be made for the purchase of bonds for the construction
Personal
-Corporation stock-Taxable value 1927
280,478,624.00 and(or) purchase of any one or more of said bridges. Any two of said
(1928 not available.)
bridges, except Ohio River bridge at Evansville, may be coupled as a unit
Total lists for assessment of taxes
$643,135,640.00 for the purpose of issuing bonds and securing the payment of same, and
Tax rate, 1928 grand list, 22.75 mills.
such coupling of two bridges into single units may be made of any two
Percentage of net city indebtedness to assessed valuation_ -1.62% bridges herein named, but no more than two bridges may be coupled as one
Percentage, Including net debt of school districts
2.57% unit. If any bid or proposal shall be made for the purchase of bonds to be
Total debt
$17,126,481.00 issued for any one or more of said bridges less than the entire number, the
-City sinking fund
$1.951,110.00
Less
bidder must specify clearly each particular bridge or bridge unit, the bonds
for which the bidder proposes to purchase. The total estimated cost of
Water debt
4.805,000.00
said bridges is $10,767,000. Bridge layouts, plans and traffic surveys for
1,000.00
Cash reserved for matured bond
6,757,110.00 each of said bridges may be examined at the offices of the State Highway
Commission. Frankfort, Ky., and engineers' estimates of cost of each of
Net city debt
$10,369,371.00 said bridges and other information, including copies of the Act under which
Net indebtedness of school districts (not included in city
said bonds will be issued and sold, and the opinion of the Court of Appeals
debt statement)
$6.118,947.00 of Kentucky sustaining the constitutionality and validity of said Act will
Water Department sinking fund (not incl. in city skg.fund)
$742,557.00 be furnished to prospective bidders upon application to the Chairman of
Debt limitation (Laws of 1925, Chapter 162)
$21.146,857.00 the State Highway Commission. Fran.Wort. S,y,
0. Rogersville), Tenn.
HAWKINS COUNTY (P.
-BONDS NOT
KEOKUK COUNTY (P. 0. Sigourney), lowa.-BOND SALE.
-The
SOLD.
-The 3160.000 issue of 5% road bonds offered on March 23(V. 128. $200,000 issue of coupon primary road bonds offered for sale on April 2P. 1437) was not sold as all the bids received were below par. Dated March V. 128, p. 2153
-was awarded to the First National Bank of Sigourney, as
11929. Due $10.000 from March 1 1933 to 1948 inclusive.
Is.for a premium of $556, equal to 100.278, a basis of about 4.95%. Dated
Due $20,000
HENDERSON COUNTY (P.O. Henderson)Ky.-BOND OFFERING. May 1 1929. were no otherfrom 1935 to 1944. hicl, and optional after 5
bidders.
-Sealed bids will be received by R. F. Oration, County Judge, until 1;30 years. There
P. m.on April 17,for the purchase of a $200,000 issue of 411% semi-annual
KING COUNTY SCHOOL DISTRICT NO. 51 (P. 0. Seattle),
road and bridge bonds. 'The bonds will be issued in $100,000 blocks. All Wash.
-BOND OFFERING.
-Sealed bids will be received until 11 a. m.
the printing and legal expenses are to be borne by the purchase*. A on April 6 by W. W.Shields,
County Treasurer, for the purchase of a
certified check for 1% must accompany the bid.
$25,000 issue of semi-annual school bonds. Int. rate is not to exceed 6%•
2334
FINANCIAL CHRONICLE
KLAMATH FALLS SCHOOL DISTRICT (P. 0. Klamath Falls)
-The $150.-ADDITIONAL INFORMATION.
Klamath County, Ore.
M0 issue of school bonds that was jointly purchased by the First National
-V. 128,
Bank and the American National Bank, both of Klamath Falls
D. 1961-bears interest at 534% and was awarded for a $375 premium,
-equal to 100.25. a basis of about 5.23%. Due in 1944.
-Joseph
-BOND OFFERING.
LACKAWANNA, Erie County, N. Y.
A. Reap, City Treasurer, will receive sealed bids until 2 p. m. April 10. for
the 'purchase of $214,000 coupon or registered paving, sewer, drake, sidewalk, bridge and light bonds. Rate of interest not to exceed 5% and to be
stated in a multiple of X of 1%. Dated April 1 1929. Denoms. $1,000.
Due April 1 as follows: $12,000, 1930 to 1936, incl.. and $10,000. 1937 to
1949, incl. Principal and interest payable at a bank in Buffalo or in New
York City. A certified check payable to the order of the City for 14,000 is
required. Legality to be approved by Clay, Dillon & Vandewater of New
York City.
-A
LAKE NORDEN, Hamlin County, S. Dak.-BOND SALE.
$10,000 block of the $30,000 issue ofsemi-annual refunding bonds unsuccess-has since been privately
fully offered for sale on Dec. 28-V. 128, p. 284
purchased, as 434s.
-BOND OFFERING.
LAKEWOOD, Cuyahoya County, Ohio.
A.I. Kauhfraan, Director of Finance, will receive sealed bids until 12 m.
(Eastern Standard time) April 20, for the purchase of $70,000 44%
Grade Crossing Elimination bonds. Dated June 1 1929. Denoms. $1,000.
Due Oct. 1, as follows: $2,000. 1930 to 1949 incl., and 13,000. 1950 to
1959 ind. Interest payable on April and Oct. 1. Principal and interest
payable at the office of the above-mentioned official. A certified check for
5% of the bonds bid for is required.
-R. E.
-BOND OFFERING.
LANSING Ingham County, Mich.
Sanderson, City Comptroller, will receive sealed bids until 85). m. April 22,
• for the purchase of$225,0004% paving bonds. Dated May 11929. Denoms.
11,000. Due $45,000. May 1 1930 to 1934 incl. Principal and interest
payable at the office of the City Treasurer. A certified check for 82,250 is
required.
LANSING AND DELTA TOWNSHIPS FRACTIONAL SCHOOL
-r
DISTRICT NO. 1, Ingham County, Mich. -BOND OFFERING.
L. J. Yariger, Secretary School Board, will receive sealed bids until 8 p. m.
(Eastern Standard time) April 8,for the purchase of $75,000 school building
-rate of interest not to exceed 434%. Due March 1 as follows:
bonds
11,000. 1930 to 1939 incl.; $1,500. 1940 to 1944 incl.: $2,000. 1945 to 1949
incl.; $4,000. 1950 to 1954 incl.: $5,000. 1955 and 1956; 15.500. 1957 and
1958, and $6,500, 1959. A certified check payable to the order of the
School District Treasurer for 5% of the bonds bid for is required.
Financial Statement.
1878,000.00
Assessed valuation
1,000.00
Bonded debt (this issue excluded)
500
Population
LARAMIE COUNTY SCHOOL DISTRICT NO.7(P.O. Pine Bluff),
-The $90,000 issue of 5% school building bonds
Wyo.-BOND SALE.
-was awarded to the State
offered for sale on March 16-V. 128, p. 1437
of Wyoming at a price of 101.95, a basis of about 4.82%. Dated Jan. 1
1929. Due as foliows $3,000. 1935 to 1939: $4000, 1940 to 1944: 15.000.
1945 to 1949 and 16.000, 1950 to 1954 all inclusive.
-BOND OFFERING.
LA PORTE COUNTY (P. 0. La Porte), Ind.
Lyman A.(Riming, County Treasurer, will receive sealed bids until 2 p. m.
April 17, for the purchase of the following issues of 5% bonds, aggregating
SM200:
,
000 Charles Severs et al highway improvement bonds. Denoms.
148,
$2,400. Due $2,400 May and Nov. 15 from 1930 to 1939, incl.
21,800 Garland Slocum et al highway improvement bonds. Denoras.
81,090. Due 51,090 May and Nov. 15 from 1930 to 1939, incl.
14,400 Ewalt Werner et al highway improvement bonds. Denoms. $720.
Due $720 May and Nov. 15 from 1930 to 1939, incl.
Dated April 15 1929. Interest payable May and Nov. 15.
-Effie BenLAUREL, Franklin County, Ind.
-BOND OFFERING.
nett, Clerk-Treasurer, will receive sealed bids until 8 p. m. April 15, for the
purchase of $4,500 5% bonds for the purpose of purchasing 90 shares of the
common capital stock of the Laurel -Water Co. Bonds are dated April 1
1929 and are in denoms. of 1100. Issue matures in 20 years. Int. payable
semi-annually.
-BONDS REGISLAVACA COUNTY (P. 0. Hallettsville), Tex.
-A $4.000 issue of 5% road district No. 3 bonds was registered on
TERED.
March 29 by the State Comptroller. Due In 20 years.
LEE COUNTY (P. 0. Fort Madison), lowa.-BONDS OFFERED.
Sealed and open bids were received until April 5 by A. H. Skyles, County
Treasurer, for the purchase of a 8200.000 issue of annual primary road
bonds.
-NO BIDS -Charles D.
LEOMINSTER, Worcester County, Mass.
Harnden, City Treasurer, states that no bids were submitted on April 2
for the $25,000 434% coupon sewer bonds scheduled to have been sold
V. 128, p. 2154. Bonds are dated March 1 1929 and mature on March 1,
as follows: 12.000, 1930 to 1934 incl.; and $1,000. 1935 to 1949 inclusive.
LINCOLN PARK DISTRICT (P. 0. Chicago), Cook County, Ill.
-The 12.000,000 44% series C park bonds offered on April
BOND SALE.
3-V. 128, p. 1961-were awarded to the Harris Trust & Savings Bank, the
Cont.Ill. Bk.& Tr. Co., the First Trust & Savings Bk., and the Northern
Trust Co., all of Chicago, at a price of 99.10, a basis of about 4.6059'.
Bonds are dated April 1 1929 and mature 1100,000 April 1 1930 to 1949..
incl. Purchasers are reoffering the bonds for public investment, priced to
yield according to maturity, 5.00 to 4.40%. Assessed valuation of the district
is reported as 1734.243,588 and the total bonded debt, including this issue,
given as 113,126,000. Estimated population 450.000.
-NO BIDS.
-No bids were submitted
LODI, Bergen County, N. J.
on March 25 for the purchase of the following issues ef 434, 5, bg or
.5,44% coupon or registered bonds aggregating 1130,500:
1318,000 assessment bonds. Due March 1, as follows: 126,000, 1930 to
1934 incl.; $36.000. 1935, and $38,000, 1936 to 1939 incl.
112,500 public improvement bonds. Due March 1. as follows: $6.000,
1931 to 1938 lad.; 38,000, 1939 to 1945 incl., and $8,500, 1946.
Dated March 1 1929.
-The 1237,318.88
LOFtAIN, Lorain County, °Mo.-BOND SALE.
5% coupon special assessment street improvement bonds offered on March
-were awarded to the First-Citizens Corp.of Columbus,
30-V.128, p. 1776
at a ipremium of /285.00. equal to 100.12,0 basis of about 4.97%. Bonds
are dated March 15 1929 and mature on Sept. 15, as follows: $26,318.88,
1930; $26,000, 1931 to 1935 incl.; and 127,000, 1936 to 1938 incl. The
following is a list of the bids submitted:
Premium.
Int. Rate.
Bidder$1,282.00
5
Otis & Co., Cleveland
430.00
Braun, Bosworth & Co., Toledo
1.012.00
5s
W. L. Slayton & Co., Toledo
907.00
Seasongood & Mayer, Cincinnati
285.00
First-Citizens Corp., Columbus
1,566.00
Stranahan, Harris& Oatis, Toledo
150.00
5
Wllliam R. Compton Co., Chicago
1,236.09
5
Detroit & Security Trust Co., Detroit
AND IMPROVEMENT
LOS ANGELES COUNTY ACQUISITION
-BOND OFFERING.
DISTRICT NO. 44 (P. 0. Los Angeles), Calif.
Sealed bids will be received by L. E.7..ampton, County Clerk, until 2 p.m.
on April 15. for the purchase of an issue of 1162,536.26 improvement bonds.
Interest rate is not to exceed 7%. Denoms. $1,000, $500 and one for.
1536.26. Dated March 25 1929 and due on March 25, as follows: $8,000.
1934 to 1936; 18.500 in 1937: 18.000, 1938 to 1940; 18,500 in 1941; 18,000,
1942 to 1944; $8,500 in 1945; 18,000. 1946 to 1948; 18,500 in 1949; 13.000.
1950 to 1952 and 18,536.26 in 1953. Principal and semi-annual interest
payable in gold coin at the County Treasury. A certified check for 5%
of the bonds, payable to the Chairman of the Board of Supervisors, is
required. The following statement accompanies the bid:
The attention of the bidder is hereby directed to the Acquisition and
Improvement Act of 1925, amended as of 1927, to the Resolution of Intention in the matter of said Acquisition and Improvement District No. 44
of the County of Los Angeles and to all proceedings had thereunder.
LOVE COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 2
-BOND OFFBRINO.--Sealed bids will be received
(P.O. Marietta), Okla. Clerk, until 2p.
in. on April 9, for the purchase
by E. F. Thomas, District
hool
of a 112,000 issue of school bonds. Due 1,000 from 1954 to 1935. incl. A
check for 2% of the bid, is required.
certified
[VoL. 128.
-The
LUFKIN, Angelina County, Tex.
-BONDS REGISTERED.
$100,._000 issue of 534% semi-annual street bonds that was sold on Feb.
-was registered on Mar. 25 by the State Comptroller.
19-V. 128, p. 1438
McLENNAN COUNTY (P. 0. Waco), Tex.
-BONDS NOT SOLD.
The 11.160.000 issue of 4% road bonds offered on April 2-V. 128.
p. 922
-was not sold as there were no bids received.
-Sealed bids will be received until 10 a. m. on
BONDS RE
-OFFERED.
April 22 by It. B. Stanford, County Judge, for the purchase of the above
Issue of $1,160,000 44% road bonds. Denom. 11.000. Dated April 10
1929. Due $29,000 from April 10 1930 to 1969 inclusive. Principal and
interest (A. & 0.) payable at the National Park Bank in N. Y. City.
Legality to be approved by Thomson. Wood & Hoffman of N. Y. City.
Bids will be received for the entire issue or for any part thereof. The tequired bidding forms will be furnished to all prospective bidders. A $20.000 certified check must accompany the bid.
MACOMB COUNTY (P. 0. Mount Clemens) Mich.
-BOND OFFERING.
-Bert Engelbrecht, County Drain Commissioner, will receive sealed
bids until 12 m. (Eastern Standard time) April 6, for the purchase of
-rate of interest not to exceed 6.%. Dated Feb. 1
$33.000 drainage bonds
1929. Denoms. 11,000. Due May 1, as follows: $1,000. 1931 to 1934 incl.;
12.000. 1935 and 1936:13.000. 1937 to 1943 incl., and 14,000. 1944. Interest
payable on May and Nov. 1. A certified check payable to the order of the
above-mentioned official for $1,000 is required.
MADISON TOWNSHIP, Richland County, Ohio.
-BOND SALE.
The $1.250 54% Michigan Ave. improvement bonds offered on March 30
-were awarded to the Richland Savings Bank, at a
-V. 128, II. 1962
premium of 16. equal to a price of 100.48, a basis of about 5.33%. Bonds
are dated April 1 1929 and. mature 1125, April and Oct. 1, from 1930 to
1934 inclusive. Citizens National Bank offered par, plus a premium of
83 for the issue.
-BIDS REJECTED.
MANCHESTER,Hillsborough County, N. H.
W.0. McAllister, City Treasurer,states that all bids submitted on March
-were
-V. 128, p. 2154
30, for the $250,000 note issue offered for sale
rejected. The notes are dated April 2 1929 and are payable on Dec. 10
1929 in New York or Boston.
MANLIUS UNION FREE SCHOOL DISTRICT NO. 2(P.O. Minoa)
-Walter A. Soule,
-BOND OFFERING.
Onondaga 'County, N. Y.
District Clerk, will receive sealed bids until 8 p. m. April 16, for the pur-rate of interest not to
chase of $175,000 coupon or registered school bonds
exceed 59' and to be stated in a multiple of X of 1%. Dated May 1 1929.
Denoms. 11,000. Due May 1. as follows: 14,000, 1930 to 1964 incl., and
$7,000, 1965 to 1969 incl. Principal and interest(May and Nov. 1) payable
in gold at the Bank of East Syracuse, East Syracuse. A certified check
payable to the order of Clayton Flanigan. District Treasurer, for $3,500 is
required. Legality to be approved by Clay, Dillon & Vandewater of New
York.
-P. L.
--BOND OFFERING.
MANSFIELD, Richland County, Ohio.
Kelley, City Auditor, will receive sealed bids until 1 o. m. April 17, for the
purchase ofthe following issues of bonds aggregating 1161,450:
$36,300 6%1mnrovement bonds. Due as follows: 56,300. April and $6,000.
Oct. 1 1930, and $6.000. April and Oct. 1 1931 and 1932.
118,250 57 improvement bonds. Due as follows: $12,250, April and
.
512°000. Oct. 1 1930; $12,000, April and Oct. 1 1931 and 1932:
April and $UMO.Oct. 1 1933 and 1934.
6,900 54% improvement bonds. Due as follows: 11,300, April and
51.000. Oct. 1 1930; $1,300, April and Oct. 1 1931 and 1932.
The three issues are dated April 1 1929 in denims. of $1,000 and multiples thereof. Interest payable on April and Oct. 1. A certified check
payable to the order.of the City Treasurer for 2% of the bonds bid for is
required.
-Sealed bids will be
MANY, Sabine Parish, La.
-BOND OFFERING.
received until April 16 by the City Clerk for the purchase of a $50,000 Jeans
of 6% semi-annual sewer bonds.
MAPLE HEIGHTS,Cuyahoga County,°Mo.-BOND OFFERIMLPrank J. Vasek, Village Clerk, will receive sealed bids until 12 m. May 1
for the purchase of $22,318.92 547 special assessment street improvement
0
bonds. Bonds are dated May 1 1929 and mature on Oct. 1 as follows:
12,318.92. 1930: 52.000. 1931 to 1933 incl.; 53.000, 1934; 12,000, 1935 to
1937 incl.; 13,000. 1938, and 12,000, 1939. Principal and interest (April
and Oct. 1) payable at the Central National Bank, Cleveland. A certified
check, payable to the order of the Village Treasurer for 5% of the bonds
bid for, is required.
MAPLEWOOD TOWNSHIP (P. 0. Maplewood), Essex County,
-Edward It. Arcularius, Township Clerk,
-BOND OFFERING.
N. J.
will receive sealed bids until 8 p. m. April 16 for the purchase of the following issues of 434. 5, 534 or 53.% coupon or registered bonds, aggregating
1975,000:
$482,000 assessment bonds. Due April 1 as follows: $70,000, 1930 and
1931; $72,000. 1932, and $90,000. 1933 to 1935 inclusive.
393,000 public improvement bonds. Due April 1 as follows: 120,000,
1931 to 19:38 incl.; $23,000, 1939,and 530.000, 1940 to 1946 incl.
100,000 park bonds. Due April 1 as follows: $2,000. 1931 to 1947 incl.,
and $3,000, 1948 to 1969 incl.
Dated April 1 1929. Denom.$1,000. Prin. and int.(A.& 0.1) payable
in gold at the United States Mtge. & Trust Co. New York. No more
bonds to be awarded than will produce a premium of $1,000 over the
amount of each issue. The United States Mtge. & Trust Co., New York,
will supervise the preparation of the bonds and will certify as to the genuineness of the signatures of the officials and the seal impressed thereon.
A certified check payable to the order of the township for 2% of the bonds
bid for is required. Legality to be approved by Reed, Hoyt & Washburn
of New York City.
MARICOPA COUNTY SCHOOL DISTRICT NO.83(P.O.Phoenix),
-BOND OFFERING.-Sealed bids will be received until April 24 by
Ariz.
C. L. Walmsley, Clerk of the Board of Supervisors, for the purchase of
an CLOW issue of school bonds. (This report corrects that given In
V. 128, D. 1962.)
MARICOPA COUNTY SCHOOL DISTRICT NO. 14(P.O. Phoenix),
-Sealed bide will be received until May 4, by
Ariz.
-BOND OFFERING.
C. L. Walmsley, Clerk of the Board of Supervisors, for the purchase of a
$75,000 issue of school building bonds.
MARION COUNTY(P.O.Indianapolis), Incl.-BOND OFFERING.
C. E. Robinson, County Treasurer. will receive sealed bids until 10 a. in.
15 for the purchase of $24,400 44% Vernon Hommel et al Perry
April
Township gravel road construction bonds. Dated March 15 1929. Denominations 1610. Due 5610. May and Nov. 15. from 1930 to 1949 Ind.
Prin. and int. (May and Nov. 15) payable at the office of the above-mentioned official.
MARSHALL COUNTY (P. 0. Lewisburg), Tenn.-130ND OFFER-Sealed bids will be received by W. T. Edmondson, Chairman of the
ING.
County Court, until 1 p. m. on May 2, for the purchase of an issue of
$190,000 44% refunding bonds. Denom. 51,000. Dated May 1 1929.
Due serially in 30 years. Prin. and semi-annual int, payable either in New
York or Lewisburg. A 11.000 certified check, payable to the above Chairman, must accompany the bid.
MARYVILLE SCHOOL DISTRICT (P. 0. Maryville), Nodaway
-An issue of 1185.000 5% school bonds has
County, Mo.-BOND SALE.
recently been purchased by an unknown investor.
-S. J. Ogden,Borough
-NO BIDS.
MAYWOOD,Bergen County, N. J.
Clerk, reports that no bids were submitted on April 2-V. 128, p. 2154for the purchase of the following 44, 5, 5g or 54% coupon or registered
bonds, aggregating $425,000;
8341,000 assessment bonds. Due April 15, as follows: $30,000, 1930 to 1933
incl.: 141.000, 1934, and $45,000. 1935 to 1938 incl.
84,000 public improvement bonds. Due April 15, as follows: $1,09e,
1931 to 1941 incl., and 55.000, 1942 to 1949 incl.
Dated April 15 1929.
MECKLENBURG COUNTY (P. 0. Charlotte), N. C.-MATLRITY
-The $1,200,000 issue of notes that was awarded on Feb. 4 to the
BASIS.
Independence Trust Co. of Charlotte as 6a at a price of 100.002-V. 128,
-is due on June 291929. giving a basis of about 5.96%.
P. 922
-BOND OFFERING.
-0. H.
MIDDLETOWN, Butler County, Ohio.
Campbell, City Auditor, will receive sealed bids until 12 m. (Easters
standard time) April 12 for the purchase of 85.000 6% water works system
APRIL 6 1929.]
FINANCIAL CHRONICLE
improvement bonds. Dated ;April 1 1929. Denomination $500. Due
$1,000 Sept. 1 1930 to 1934 incl. Principal and semi-annual interest payable at the National Park Bank, New York. A certified check, payable to
the order of the City Treasurer for $100, is required. Legality to be approved by Peck. Shaffer & Williams of Cincinnati.
MIDLAND TOWNSHIP (P. 0. Rochelle Park), Bergen County,
-BONDS NOT SOLD.
N. J.
-The $14,000 5. 541, 5;4, 551 or 6% coupon
or registered fire apparatus bonds offered on April 1-V. 128. D. 1962
were not sold according to Frederick W. Schlosser, Township Clerk. Bonds
are dated April 1 1929 and mature on April 1, as follows: $1,000, 1930 and
$1.500. 1932 to 1939 inclusive.
1931: and
MILWAUKEE COUNTY(P.O. Milwaukee) Wis.-BOND OFFERING.
--Sealed bids will be received until 11 am. April 22, by Patrick McManus.
County Treasurer, for the purchase of an issue of $1,150.000 444% metropolltan sewerage bonds of 1929. Denom. $1,000. Dated April 25 1929.
Due $115,000 from Apr1115 to 1940 1949 incl. Prin. and int.(A.& 0. 25)
payable at the office of the County Treasurer. Any legal opinion desired
on the bonds must be paid for by the purchaser. The official offering
circular reports that$400.000 of these bonds are issued in conformity with
Section 7 of Chapter 554 of the Laws of Wisconsin of 1921, being Section
59.96. Sub-section (7) of the Wisconsin Statutes of 1927,for the purpose of
procuring the necessary money to pay for the projection, planning,construction and maintenance of main sewers or in other respects In connection
therewith, pursuant to a resolution adopted Oct. 30 1928, by the Metropolitan Sewerage Commission of the County of Milwaukee, pursuant to
Section 7 of Chapter 554 of the Laws of Wisconsin of 1921.being Section
59.96. Sub-section (7) of the Wisconsin Statutes of 1927. that it required
$400,000 for the projection, planning, construction and maintenance of
main sewers or in other respects in connection therewith, and $750,000 of
these bonds are issued in conformity with Section 7, Sub-section (b) of
Chapter 554 of the Laws of Wisconsin of 1921. being Section 59.96, Subsection (7) sub-division (b) of the Wisconsin Statutes of 1927, for the
Purpose of procuring the necessary money to pay for the projection, planning
construction and maintenance of a dewerage system for the collection.
transmission and disposal of house and other sewage and for constructing
and building a sewage disposal plant, pursuant to a resolution adopted
Oct. 30 1928, by the Sewerage Commission of the city of Milwaukee,
pursuant to Section 7, sub-division (b), of Chapter 554 of the Laws of
NVisconsin of 1921. being Section 59.96, sub-section (7), sub-division (b)
of the Wisconsin Statutes of 1927, that it required 6750,000 for the proiection. planning and construction of a sewerage system for the collection,
transmission and disposal of house and other sewage and for constructing,
building and maintaining a sewage disposal plant in connection therewith.
Financial Statement.
The assessed valuation of real estate and personal prop,in
the Metropolitan drainage area as returned by assessors
for the year 1928 was
$1.169,957.274.00
The equalized valuation of all real estate and personal property in the
metropolitan drainage area according to each of the last five assessments
thereof for State and County taxes next prior to the issuance of these bonds
Is as follows:
1924
61,231,096,500.00
1925
1,192,539,284.00
1926
1.342,212,549.00
1927
1,478,105,131.00
1928
1.662,384,723.00
And the average there is
$1.381.267,637.40
The assessed val. of real est. & personal prop in the entire
County of Milwaukee as returned by assessors for the
year 1928 was
The equalized val. of all real mt. & personal prop, in the 1,196,119.882.00
entire County of Milwaukee as determined by the last
last assessment for State and County taxes prior to the
issuance of these bonds for the year 1928 was
Total valuation of real estate and personal property in 1,705.126.174.00
of Milwaukee as fixed by the Wisconsin Tax Commissionthe entire County
for the five years
receding the issuance of these bonds was as follows:
61.095.132,707.00
1925
1,338,095,913.00
1926
1.465,942,559.00
1927
1,515,164,723.00
1928
1,705,126,174.00
And the average thereofis
$1.423,892,415.20
MILWOOD SCHOOL DISTRICT, Mich.
-BOND ,ELECTION.
A special election to be held on April 5, wlll permit the electors to express
their opinion as to the desirability of issuing 550,000 bonds for school construction and Imprrivement Purposes.
MONROE, Monroe County, Mich.
-BONDS DEFEATED.
-At an
election held on April 1, a proposition to issue 6100,000 bonds for jail construction purposes was defeated. The proposal received 1,046 affirmative
notes and 3,463 in the negative.
MONROE, Ouachita Parish, La.
-BONDS VOTED.
-At the special
election held on March 28-V. 128, P. 766
-the voters approved a proposition calling for the issuance of $600,000 in bonds for new school buildings by
a majority reported to be about 10 to 1.
2335
First National Bank of N. Y., Barr Bros. & Co., Inc., and
Salomon Bros.& Hutzler
2.515,950 00
Estabrook & Co., the Detroit Co., Inc., Hannahs. Ballin &
Lee, the Bancamerica Corp., H.. L. Allen & Co., and
Rutter & Co
2.511,775.00
Harris, Forbes & Co., the National City Co., Bankers Trust
Co.of New York,and the First National Bank & Trust Co. 2.508.247.50
of Freeport
Guaranty Co. of New York, R. L. Day & Co., Kountze
Brothers. and Kean, Taylor & Co
2,507,749.75
Chase Securities Corp_
2,502.175.00
*White, Weld & Co., E. H. Rollins & Sons, and Arthur Sinclair, Wallace & Co
1.156,090.00
* For $1,360,000, no bid: for 6500,000. $506,650; for $100,000.$101.470:
for $540,000, $547,970: total. $1,156,090.
-The bonds are now being offered
SYNDICATE REOFFERS BONDS.
by the syndicate for public subscription, priced according to maturity to
yield 4.50 to 4.25%. The bonds it is stated are a legal investment for savings banks and trust funds in New York. The county reports an assessed
valuation in 1929 of $805,174,414. Total bonded debt, intending the
current bonds, reported at $19,648.000.
NATICK, Middlesex County, Mass.
-TEMPORARY LOAN.
-The
Atlantic-Merrill Oldham Corp. of Boston was awarded on April 4 a $100,000
temporary loan on a discount basis of 5.82%. Loan is payable on Nov.27
19B9d Other bidders were:
2i
.
BidderDisco5u Ba s
5: .
;
First National Bank, Boston
5.9
nst615%
Old Colony Corporation, Boston
NAVARRO COUNTY ROAD DISTRICT NO. 2 (P. 0. Corsicana),
-The $135.000 issue of 5% coupon road bonds
Tex.
-BONDS NOT SOLD.
offered on March 25-V. 128, p. 1777
-was not sold as there wore no bids
received. Dated April 1 1928. Due from April 1 1931 to 1958.
NEW BEDFORD, Bristol County, Mass.
-LOAN OFFERING.
Sealed bids addressed to the City Treasurer will be received until 11 a. m.
April 8 for the purchase on a discount basis of a 8500,000 temporary loan
payable on Nov. 12 1929.
-BOND OFFERING.
NEW HAMPSHIRE (State of).
-Sealed bids
will be received until April 12, according to a report, for the purchase of
$1.600,000 4).f % flood bonds to mature $400,000 on May 14 from 1930 to
1933 inclusive. Dated May 14 1929. The State on April 27 last awarded
six issues of 4% bonds, aggregating $586,000, to Estabrook & Co. of New
York. One issue of $200,000 brought a price of 102.42, and the remaining
issues, aggregating $386,000, were sold at 101.73. Interest cost basis to
the State of about 3.72%. V. 126, p. 2694.
NEW LONDON, Huron County Ohio.
-BOND SALE.
-The $4,_200
5% coupon fire apparatus bonds offeCed on March 22-V. 128. p. 1603were awarded at a price of par to the Third National Bank and the Savings
& Loan Banking Co., both of New London. Bonds are dated Jan. 1 1929.
First-Citizens Corp. of Columbus submitted a tender for 551% bonds.
NEW YORK, N. Y.-834204,000 CORPORATE STOCK NOTES SOLD.
-The City of New York during March issued the following corporate stock
notes for rapid transit construction purposes. aggregating $34,204,000:
Maturity.
Interest7 . Date Issued.
5 go.
Rate
Amount.
May 26 1929
5.99%
Mar.26
$10,000,000
May 7 1929
5,000,000
May 14 1929
Mar. 17
. 1
5,000,000
May 14 1929
Mar. 14
5,000,000
5....999999999!
May 21 1929
Mar. 21
55 :
3,000.000
May 20 1929
Mar. 19
3,000.000
May 7 1930
5.259
2,504,000
Mar. 19 1930
Mar. 7
Mar .19
5.25%
700,000
NORTH BERGEN TOWNSHIP (P. 0. North Bergen), Hudson
-The following issues of bonds, aggregat-BOND SALE.
County, N. J.
ing $2.430.000, offered on March 28 (V. 128. p. 1962). were awarded at a
price of par to the Steneck Trust Co. of Hoboken:
$1.865,000 sewer assessment bonds of 1929 sold as 6s. Due March 1 as
follows: $165,000, 1930 to 1935 incl., and $175,000, 1936 to
ilonds
565.000 sewer ilaci. of 1929. sold as 5311‘. Due March 1 as follows:
$10.000. 1931 to 1943 incl., and $15,000, 1935 to 1969 incl.
Dated March 1 1929. The trust company bid was the only one received.
-A syndicate composed of
BONDS REOFFERED FOR INVESTMENT.
B. J. Van Ingen & Co., Eldredge & Co.. Morris Mather & Co.. Inc., M.F.
Schlater & Co., Inc Stephens & Co.. Hoffman dr Co., Seasongood k
Mayer, Prudden & Co. and H. M. Byllesby & Co.all of New York, Is
offering the bonds for public investment, priced to yfeld 5%.
NORTH VERSAILLES TOWNSHIP, Allegheny County, Pa.-F.B. Gilchrist, Secretary, McKeesport.Pa., R. D.1,
BOND OFFERING.
will receive sealed bids until 7 p. m. (Eastern standard time) April 29 for
the purchase of $20.000 04% road improvement bonds. Dated Jan. 1
1929. Due Jan. 1 as follows: $1,000. 1933 to 1947 incl.; 62,000, 1948.
and $3,000, 1949. Interest payable on Jan. and July 1. A certified check
payable to the order of the Township Treasurer for $500 is required. The
Department of Internal Affairs has approved the issuance of these bonds.
MONROVIA ACQUISITION AND IMPROVEMENT DISTRICT
NO.3(P.0. Monrovia), Los Angeles County, Calif.
-BOND SALE.A $260,000 issue of6% impt, bonds has recently been jointly purchased by
-BOND SALE.
OAKLAND, Alameda County, Calif.
-The 61.000,000
B. L. Homes & Co. and Griffith-Wagenseller & Co., both of Lm Angeles.
Denoms. $1,000 and $500. Dated April 15 1929. Due from 1932 to issue of harbor improvement bonds offered for sale on April 4 (V. 128,
p. 2155) was awarded to Eldredge & Co.of New York as 431s for a premium
1957 Incl. Prin. and int. (.1. & J. 2) payable at the City Treasurer's office.
of $7,400, equal to 100.74, a basis of about 4.68%. Dated July 1 1926 and
Legality to be approved by OMelveny, Fuller & Myers of Los Angeles.
due on July 1 as follows: $28,000 in 1930 and $27,000 from 1931 to 1966
incl. The second highest bid was reported to be an offer of 100.467. tenMORGANTON, Burke County, N. C.
-BONDS NOT SOLD.
-The dered by a group composed of the Anglo-London-Paris Co., the Bancitaly
$95,000 issue of not to exceed 6% coupon water bonds offered on Apr. 2V. 128, p. 1777
-was not sold as all the bids were rejected. Dated Apr. 1 Co., Heller, Bruce & Co. and Weeden & C4,
1929. Due from 1931 to 1955. Incl.
-BOND SALE.
ORION, Obion County, Tenn.
-A 615,000 issue of
MOUNT PLEASANT COMMON SCHOOL DISTRICT NO. 7 (P. 0.• 544% funding bonds has been purchased by Little, Wooten a; Co. of Jackson. Denom. $1,000. Due on Nov. 1 1935. Prin. and int, is payable
Hawthorne), Westchester County, N. Y.
-BOND SALE.
-The $272,000 at the Chemical National Bank in New York.
5% coupon or registered school bonds offered on March
-were awarded to George B. Gibbons & Co. of New29-V. 128,P. 1777
York at a price of
OLIN CONSOLIDATED SCHOOL DISTRICT (P. 0. Olin), Jones
102.179, a basis of about 4.82%. Bonds are dated Feb. 1 1929 and
-BONDS NOT SOLD.
-The $110,000 issue a school
mature County, Iowa.
on Feb. 1 as follows: $5,000, 1930 to 1941 incl.; $10,000, 1942 to 1951 incl.
bonds offered on March 30-V. 128, p. 2155
-was not sold.
and $14.000, 1952 to 1959 incl.
-BONDS VOTED.
-At the
PALM BEACH, Palm Beach County, Fla.
-the voters approved
special election held on March 30-V. 128. p. 1777
MUSKOGEE, Muskogee County, Okla.-MATUR1TY.-The
$100.- the proposition to issue $450,000
000 issue ofstorm sewer bonds that was purchased by the Muskogee Clearing
PALMER. Hampden
-F. S.
lic
yLITP”
in Mass.
House Association as 444s at par
-V. 128, p. 767
-is due $10,000 from 1935 Moseley & Co. or Boston were awardeu on April 3 a $75,000 temporary
.
to 1944 inclusive.
loan on a discount basis of 5.70%. Loan is dated April 5 1929 and is
payable onOther bidders were:
e on Dec. 6 1929. Oth
NASHUA, Hillsborough County, N. H.
-TEMPORARY LOAN.
BidderDisa. Basis.
E. Lowber Stokes & Co. of Philadelphia were awarded on March 29 a
$150,000 temporary loan maturing in about 9 months on a discount basis Curtis & Sanger
Old Colony Corp
5 75 %
..81
%
of 537%. Other bidders were:
Grafton Co
5.83%
Bidder
Discount Basis.
Old Colony Corporation
-BOND OFFERING.
ORLEANS COUNTY (P. 0. Albion), N. Y.
5.86%
First National Bank, Boston
6.19% Franck W.Buell County Treasurer, will receive sealed bids until 3. p.m.
April 12 for the purchase of $177,000 4g% coupon or registered highway
NASSAU COUNTY (P. 0. Mineola), N. Y.
-BOND SALE.
-The and general purpose bonds. Dated March 20 1929. Denom. 61,080.
following issues of444% coupon or registered bonds,aggregating $2,500.000, Due $59,000 Sept. 20 from 1938 to 1940 incl. Prin. and int, payable in
offered on April 3-V.128, p. 1962
-were awarded to a syndicate composed gold at the Citizens National Bank of Albion. A certified check, payable
of George I!. Gibbons & Co., Roosevelt & Son., Stone & Webster and to the order of the County Treasurer,for 2% of the bonds bid for is required.
Biodget, Inc., Dewey, Bacon Sr Co., and R. M.Schmidt & Co.. all of New Legality to be approved by Caldwell & Raymond of New York. Only
York. at a premium a$17.825, equal to a price of 100.713. a basis of about one bid of 'oar was submitted for these bonds on March 27, when they
were offered as 441s. The bid tendered by the Livingston County Trust
$1.360,000 series X,county road bonds. Due April 1 as follows: $100.000. Co. was rejected-V. 128. p. 2155.
1931 to 1940. Incl., $247,000. 1941, and 8113.000, 1942.
OTTAWA COUNTY (P.O. Grand Haven) Mich.
-BOND OFFERING.
540,000 series F, county building bonds. Due April 1 as follows:
-William Wilds, Clerk Board of County Road Commissioners. will receive
$513,000, 1943, and $27,000. 1944.
500,000 series D,county road and highway bonds. Due April 1 1942. • sealed bids until 10 a. m.(Central Standard time) April 11,for the purchase
of $90,000 Road Assessment District No. 16 bonds. Bidders to state rate of
100,000 series A,county bridge bonds. Due April 1 1943.
Dated April 1 1929. An official tabulation of the bids submitted follows: interest. Denoms. $1,000. Due $10,000. May 1 1931 to 1939 incl. A
certified check payable to the order of the Beard of County Road OozeName of BidderAmount Bid.
missioners for $900 is required.
Geo. B. Gibbons & Co.. Inc., Roosevelt as Son, Stone &
Webster & Blodget, R. M. Schmidt & Co., and Dewey,
PARMA, Cuyahoga County, Ohio.
-BOND SALE.
-The following
Bacon & Co
$2.517,825.00 Issues of bonds, aggregating $152,000. offered on April 1 (V. 128, p. 1777.
White, Weld & Co., E. H. Rollins & Sons, Kissel], Kinnicutt
1963), were awarded as 534s to Stranahan, Harris & Oasis. Inc.. of Toledo
k.& Co.,and Arthur Sinclair, Wallace & Co
2,517,500.00 on their total premium bid of $608, equal to 100.53, a basis of about 5.37%:
2336
FINANCIAL CHRONICLE
[Vol.. 128.
$140,300 special assessment road improvement bonds. Due Oct. 1 as p. m. April 11 for the purchase of $221,000 4A % coupon school bonds.
Dated May 1 1929. Denom. $1,000. Due May 1 as follows: $20,000.
follows: $14,300, 1930; and $14,000, 1931 to 1939 inclusive.
11,700 special assessment street improvement bonds. Due Oct. 1 as 1934: $24,000, 1939; $31,000, 1944; $39,000. 1949; 848,000, 1954, and
follows: $2.700. 1930:$2,000, 1931 to 1933 incl., and $3,000. 1934. $50,000. 1959. A certified check, payable to the order of the District
Treasurer,for 2% of the bonds bid for is required. Legality to be approved
Dated April 15 1929. An official list of the bids submitted follows:
by Townsend, Elliott & Munson of Philadelphia.
Total
$140,300 Issue. $11,700 Issue.
Premium %. Premium. %. Premium
BidderSPRINGFIELD, Clark County, Ohio.
-BOND SALE.
-0. 0. Hay$608.00 5
Stranahan, Harris & Oatis_
man, City Auditor, states that an Initial issue of $100,000 bonds for flood
440.80 5
Slier, Carpenter & Roose__
prevention purposes has been taken by the Sinking Fund. Further issues
$570.00 5M
•$60.00 6
Assel, Goetz &
according to the Auditor are contemplated.
First-Citizens Corporation-- 590.00 53
26.00 6
28.00 5A
Otis 3c Co
27.00 535
1.00 5A
,
STICKNEY, Cook County, III.
-BOND SALE.
-Herbert C. Heller
W.L.Slayton & Co
5.00 6
l 61.00 53
& Co. of New York, recently purchased an issue of $191,000 6% coupon
Ryan, Sutherland & Co-._ I
paving bonds, and are reoffering the issue for investment priced at par to
Braun, Bosworth & Co
788.00 5A
13.00 6
578.00 5( yield 6.00%. Bonds are dated July 5 1928. Denoms. $1,000. Due
The Herrick Co
10.00 5A
568.00 5A
410.00 51 Dec. 31, as follows: $20,000, 1930; $22.000, 1931; $21,000, 1932; $26,000,
Blanchet,Bowman & Wood_
1933; $17.000. 1934; $22,000, 1935; $23,000, 1936 and 1937; and $17,000.
53%
First Nat. Co.(Detroit)_ _ _ _ 325.00
Prin. and annual interest (Dec. 31) payable at the office of the Village
1,516.00 6
Prudden & Co
Treasurer. Legality has been approved by Chapman & Cutler, Chicago
Par 6
Pruddeia & Co
157.00 53%
and Holland M. Cassidy of Chicago.
R.L. Eiurfee & Co
26.00 6
STOWE TOWNSHIP SCHOOL DISTRICT (P. 0. McKees Rocks),
-The City Council on
-BOND SALE.
PEORIA, Peoria County, III.
-BIDS REJECTED.-J W. McLaughlin, Town.
April 2 accepted the bid of 98 tendered on March 26 by C. W. McNear Allegheny County, Pa.
& Co. and the H. C. Speer & Sons Co. both of Chicago, for the purchase ship Clerk, reports that all bids submitted on April 1, for the $200,000
registerable as to principal bridge bonds. Dated May 1 4A % coupon township bonds scheduled to have been sold-V. 128. P.
of $1,000,000 4%
-were rejected Bonds are dated April 1 1929 and mature on April 1
1928. Due $50,000 May 1 1929 to 1948 inclusive. Interest cost basis to 1605
the city about 4.26%. The price bid represents a discount of $20,000 1949.
on the amount of the Issue.
SUFFOLK COUNTY (P. 0. Riverhead), N. Y.
-BOND SALE.
The following issues of coupon or registered bonds, aggregating $558,000,
PONTOTOC COUNTY CONSOLIDATED SCHOOL DISTRICT offered on April 4-V. 128. p. 2157
-were awarded as 4s
Ada) Okla.
-BOND SALE.
-The $8.000 issue of semi- Gibbons & Co. and Roosevelt & Son, both of New York, to George B.
NO. 3 (P. 0.
at a price of
-was 101.362, a basis of about 4.36%:
annual school bonds offered for sale on March 29-V. 128, p. 1963
awarded to Taylor, White & Co.of Oklahoma City, as follows:
$358,000 highway and bridge bonds. Due April 1 as follows: $15,000.
$4,000 school bonds as 5As. Due $1.000 from April 1 1934 to 1937 incl.
1930 to 1938 incl.; 320.000, 1939 to 1948 incl., and $23,000, 1949.
L4,000 school bonds as 5As. Due $1,000 from April 1 1938 to 1941 incl.
200,000 county building bonds. Due $10,000 April 1 from 1939 to
1958 inclusive.
COUNTY (P. 0. Valparaiso), Ind.
-BOND OFFERING.
PORTER
Dated April 1 1929. Bonds are being re-offered for public investment
A. J. Fehrman, County Treasurer, vrill receive sealed bids until 10 a. m. priced
to yield, according to maturity, 4.50 to 4.25%. County reports an
April 8, for the purchase of the following issues of 43 % bonds aggregating
assessed valuation for 1928 of $223,238.712 and total bonded debt of
$67200:
$58,.000 Peter W.Samuelson et al Portage Twp,road inapt. bonds. Denom. $3,035,000.
$2,900. Due $2,900, May and Nov. 15, from 1930 to 1939 incl.
-Sealed bids
-BOND OFFERING.
TOLEDO, Lucas County, Ohio.
5,460 Charles F. Leeka-Pleasant and Boone Twps. road impt. bonds. will be received by Earle L. Peters, Director of Finance, until 11 a. m.
Denom. $273. Due $273, May and Nov. 15, from 1930 to 1939 April 15 for the purchase of the following issues of43 % coupon or registered
inclusive.
bonds, aggregating $640,000:
3.740 Charles F. Leeka-Pleasant and Boone Twps. road impt. bonds. $500,000 University of Toledo bonds. Due Sept. 15 as follows: $23,000,
Denoms. $187. Due $187, May and Nov. 15,from 1930 to 1939
1930 to 1945 incl., and $22.000. 1946 to 1951 Mid.
inclusive.
140,000 public hall impt. bonds. Due Sept. 15 as follows: 55,000, 1930
Dated Feb. 16 1929. Interest payable on May and November 15.
to 1939 incl., and 56,000, 1940 to 1954 incl.
Dated March 15 1929. Denom. $1,000. Bidders may bid for a difPORTSMOUTH, Norfolk County, Va.-ADDITIONAL DETAILS.
The $600,000 issue of 6% city notes that was purchased by W. 0. Gay & ferent rate of interest stated in multiples of M of 1%. Coupon rate to be
-V.128, p. 1266
Co.of New York
-was awarded for a premium of$1,503.56 uniform for all bonds. Principal and interest (M. & Et.) payable at the
Chemical National Bank, New York. A certified check, payable to the
equal to 100.25,a basis of about 5.69%. Due on Dec.12 1929.
order of the Commissioner of the Treasury, for 2% of the bonds bid for
-BONDS NOT is required. Legality to be approved by Squire, Sanders & Dempsey of
POWESHIEK COUNTY (P. 0. Montezuma) Iowa.
-The $100,000 issue of 43 % County Road bonds offered on March Cleveland.'
SOLD.
-was not sold,the bids being rejected as unsatisfactory.
26-V.128. p. 1963
TROY, Oakland
-BOND OFFERING.
-George L.
It is reported that the bonds will probably be re-advertised within the next Dalton, City Auditor County, Ohio. bids until 12 m. April 18, for the
will receive sealed
60 days. Due $10.000 from Nov. 1 1933 to 1942 incl.
purchase of the following issues of 5% bonds aggregating $19,735:
PRAIRIE COUNTY SCHOOL DISTRICT NO. 5 (P. 0. Terry), $9,400 special assessment sanitary sewer bonds. Due $940, March and
Sept. 1, from 1930 to 1934 inclusive.
Mont.
-BOND OFFERING.
-Sealed bids will be received until 7 la• m•
3,900 special assessment Boulevard lighting bonds. Due March 1, as
Apr. 24 by S. A. Barber, District Clerk, for the purchase of a $65,000 issue
follows: $700, 1930. and $400. 1931 to 1934 inclusive.
Denom. $1.000.
of school building bonds. Int. rate is not to exceed 6%.
2,105 judgment bonds. Due Sept. 1, as follows: $605. 1930, and $500,
A $6,500 certified check must accompany the bid.
1931 to 1933 inclusive.
1.500 special assessment sidewalk, curb and gutter improvement bonds.
DISTRICT, Clinton County, Ohio.
REESVILLE RURAL SCHOOL
Due $300, March 1 from 1930 to 1934 inclusive.
-NOTE SALE.
-Ryan. Sutherland & Co. of Toledo purchased during
1,450 special assessment street paving bonds. Due March 1, as follows:
March an issue of $50.000 6% notes at par and accrued interest.
$250. 1930,and $300, 1931 to 1934 inclusive.
-The First
1,380 special assessment grading and graveling bonds. Due March 1, as
REVERE, Suffolk County, Mass.
-TEMPORARY LOAN.
follows: $180, 1930, and $300, 1931 to 1934 inclusive.
National Bank of Boston was awarded on April 3 a $200.000 temporary
The judgment bond issue is dated Sept. 1 1929 the others are dated
loan on a discount basis of 6.125%. Loan is dated April 5 1929 and is
payable on Nov. 4 1929. Bank of Commerce & Trust Co. offered to March 1 1929. Interest payable on March and Sept. 1. A certified check
discount the loan on a 6.225% basis, and R. E. Holden offered to discount payable to the order of the above-mentioned official, for 5% of the bonds
offered is required.
the loan on a 6.25% basis.
-NOTE SALE.
TURTLE CREEK, Allegheny County Pa.-BOND OFFERING.ROBESON COUNTY (P. 0, Lumberton) N. C.
purchased as 5s, E. E. Little, Borough Secretary, will receive sealed bids until 8 p. m.
Two issues of notes aggregating $35.000, were recently
by the First National Bank of Lumberton. The issues are divided as April 22 for the purchase of 5300,000 4 A % coupon borough bonds. Dated
Jan. 1 1929. Denom. $1,000. Due Jan. 1 as follows: 320,000, 1945 to
follows: $25,000 school and $10,000 road notes. Due in six months.
1951 incl.; 525,000, 1952 to 1955 incl., and 520.000, 1956 to 1958 incl.
- A certified check for $3,000 Is required. Legality to be approved by
-BOND OFFERING.
ROCKWELL CITY, Calhoun County, Iowa.
Bids will be received by C. 0. Dixon, Secretary of the Board of Park Com- Moorhead & Knox of Pittsburgh. These are the bonds offered on March 25
missioners, until 7:30 p. m. on April 5, for the purchase of a $10,000 issue -V. 128, p. 1440.
of park bonds.
-The $154,000
-BOND SALE.
UNION COUNTY (P. 0. Union) S. C.
-was
ST. JAMES SCHOOL DISTRICT (P. 0. St. James)'Watonwan issue of county bonds offered for sale on April 3-V. 128. p. 2157
County, Minn.
-BOND SALE.
-An $80,000 Issue of school bonds has awarded to Stranahan, Harris & Oath', Inc., of Toledo, at a discount of
been purchased at par recently by the State of Minnesota.
$2,410, equal to 98.383.
-BOND SALE.
-The
-The State Savings
SALAMANCA, Cattaraugus County, N. Y.
-BOND SALE.
VASSAR, Tuscola County, Mich.
following registered paving bonds aggregating $18,220 offered on April 1 Bank of Vassar, was awarded on April 1, and issue of $30,000 bonds due
-were awarded as 54 to the First National Bank of Sala- In from 1 to 30 years. at a premium of $21.00, equal to a price of 100.07.
-V. 128, p. 1963
manca, at a price of par.
The issue bears a coupon rate of .5g%. Interest payable semi-annually.
$14,220 Front Ave., bonds. Due $948, 1930 to 1944 inclusive.
-BOND OFFERING.
-Sealed
WAKE COUNTY (P. 0. Raleigh) N. C.
4,000 Broad St. bonds. Due $1,000. from 1930 to 1933 inclusive.
Dated April 1 1929.
bids will be received until noon on April 15, by Hunter Ellington, Clerk of
the Board of County Commissioners, for the purchase of three issues of
- 5% coupon bonds aggregating $642,000, divided as follows:
-BONDS REGISTERED.
SAN ANGELO, Tom Green County,Tex.
A $38,000 issue of 5% serial fire station bonds was registered by the State $400,000 school bonds. Due on March 1, as follows:510,000,1931 to 1940;
Comptroller on Mar. 26.
312,000, 1941 to 1947. and $18.000 from 1948 to 1959 all incl.
- 200,000 school funding bonds. Due on March-1 as follows: $5,000, 1931 to
SCOTT COUNTY (P. 0. Davenport) lowa.-BOND OFFERING.
1940; $6,000, 1941 to 1947, and 39,000, 1948 to 1959 all incl.
Sealed bids will be received until 2 p. m. on April 15, by J. F. Reddy,
42,000 road and bridge funding bonds. Due on March 1, as follows:
County Treasurer, for the purchase of a $93,000 issue of coupon primary
$1,000. 1932 to 1945 and $2,000, 1946 to 1959 all incl.
road refunding bonds. Int. rate is not to exceed 5%. Denom. $1,000.
Denom. $1,000. Dated March 11929. Bids must be made for all of the
Dated May 11929. Due $10,000 from May 1 1935 to 1943 and $3,000 in
Washburn
1944. Int. payable on May and Nov. 1. Blank bonds to be furnished by the bonds. Prin. and int.(M.& S.) payable in gold. Reed, Hoyt &
purchaser. County will furnish the approving opinion of Chapman & of New York City will furnish the legal approval. A certified check for 2%,
Chicago. A certified check for 3% of the bonds offered, must payable to the County, is required.
Cutler of
accompany the laid.
-BOND
WASHINGTON COUNTY (P. 0. Washington) lows.
-The $200,000 issue of primary road bonds offered for sale on
SHAKER HEIGHTS VILLAGE SCHOOL DISTRICT Cuyahoga SALE.
-was sold to Harry H. Polk & Co.of Des Moines.
-BOND SALE-The $500,000 school building construc- April 3-V. 128, p. 1964
Ohio.
County,
-were Dated May 1 1929. Due $20,000 from May 1 1935 to 1944 incl. Optional
tion and improvement bonds offered on April 1-V. 128, p. 1778
awarded to a syndicate composed of the Herrick Co. and the Guardian after five years.
Cleveland, also the Detroit & Security Trust Co., of
Trust Co., both of
WAVERLY, Humphreys County, Tenn.
-WARRANT SALE.
Detroit, as 53(s, at a premium of $6,855, equal to a price of 101.37, a basis A $6,000 issue of 6% water works warrants has been purchased by local
of about 507%. Bonds are dated Jan. 1 1928 and mature $25,000, Oct. 1, banks. Due in one year.
from 1929 to 1948 inclusive.
-On April 30
WAYCROSS, Ware County, Ga.-BOND ELECTION.
J. W. Main, Clerk-Treasurer states that about Jan. 11930, $1,171,625 a special election will be held for the purpose of passing upon a proposition to
notes will be offered. The following is a list of the bids submitted:
Premium. Issue $250,000 in 4A % bonds for refunding purposes.
Int. Rate.
Bidder-The
Guardian Trust Co., Cleveland; Herrick Co., Cleve-BOND SALE.
WAYNE COUNTY (P. 0. Honesdale)
%
$6,835.00 $250,000 4M % coupon County bonds offered on Pa. 1-V. 128. P. 177 land,and the Detroit & Sec. Trust Co., Toledo_ _ 5(
9
April
Otis & Co., Cleveland, and Stranahan, Harris &
were awarded to R. M.Snyder & Co. of Philadelphia, at par plus a premium
4,210.00 of $2,225, equal to 100.89, a basis of about 4.37%. Bonds are dated Jan. 1
Oatis, Inc., Toledo
3,050.00 1929 and mature Jan. 1 as follows: $13,000, 1930 to 1934 hid.; $14,000,
Cincinnati_ - 5534
Provident Savings Bank & Trust Co.,
2,210.00 1935; $15,000, 1936; $16,000.
53i
First-Citizens Corp., Columbus
1937: 517.000. 1938; $18,000, 1939: 519,000,
1.919.00 19BO;derSM %
Braun,Bosworth & Co.,Toledo
4 id $20,000, 1941; $21,000, 1942; $22,000. 1943, and 523,000, 1944.
- Other bidders were:
BOTTOM-BEACH ARLINGTON, Ocean County, N. J.
SHIP
Premium.
BOND OFFERING.
-Cooper B. Conrad, Borough Clerk, will receive sealed
$1,781.40
bids until7p.m.April13.for the purchase ofthefollowing 6% coupon bonds Townsend Whelan & Co.,Philadelphia
1,524.75
National City Co., Pittsburgh
$2400.
1,317.50
bonds. Dated March 1 1929. Due March 1,as follows: M. M. Freeman & Co., Philadelphia
1,047.50
Harris, Forbes & Co., Phlladelphia
930 to 1935 incl.; and $2,000, 1936 and 1937.
$1.500.
9.000 water supply bonds. Dated Jan. 1 1929. Due Jan. 1. as follows:
-BOND OFFERING.-SealedIbids
WEIMER, Colorado County, Tex.
$1,000. 1930 to 1933 incl.; 1934 to 1943 incl. Prin. and will be received
until 10 a. m. on April 15 for the
Int. payable at the Beach Haven National Bank & Trust Co. purchase of fromby the City Secretary Vo semi-annual water works bonds.
to $50,000 5A
Beach Haven. No more bonds to be awarded than will produce a premium Denom. $1,000. 540,000April 10 1929. Due in from 1 10 40 years.
Dated
over the amount of each issue. A certified check payable to the
of $500
-BOND SALE.
-A $2,623.55
order of the Borough Treasurer for 2% of the bonds bid for is required.
WEST LINN, Clackamas County, Ore.
SOUTH WILLIAMSPORT SCHOOL DISTRICT (P. 0. Williams- issue of6% improvement district bonds has recently been purchased by local
-Sealed bids will be Investors, at a price of 101.00, a basis of about 5.39%. Dated Jan. 3 1929.
coming_County, Pa.
-BOND OFFERING.
port), Ly
received by W. M. Wise, Secretary Board of School Directors, until 7:30 Due in 1939 and optional after 1 year.
arogic
APRIL 6 1929.]
FINANCIAL CHRONICLE
-BONDS NOT
WEST PALM BEACH, Palm Beach County, Fla.
SOLD.
-The $240,000 issue of 6% coupon or registered refunding bonds
-was not sold as all the bids were
offered on April 3-V. 128, p. 1964
rejected.
WEST PALM BEACH, Palm Beach County, Fla.
-BOND OFFER-Sealed bids will be received until 9:30 a. m. on April 17, by W. D.
ING.
Bradford, City Treasurer, for the purchase of the above $240,000 issue of
6% coupon or registered refunding bonds. Denom. $1,000. Dated April 1
1929, and due on April 1, as follows: $8,000, 1932 Co 1953, and $64,000 in
1954. Prin, and semi-annual int, payable in gold at the Guaranty Trust
Co. in New York City. Caldwell & Raymond of New York City will
furnish the legal approval to the purchaser. A certified check for 2% of the
bid, payable to the City,is required.
-BOND SALE.
WEST SALEM (P.0. Salem), Marion County, Ore.
The $20.000 issue of 6% impt. bonds offered for sale on March 18-V. 128,
-was awarded at par to Peirce, Fair & Co. of Portland. Dated
p. 1779
March 1 1929. Due $1,000 from Jan. 1 1930 to 1949 inclusive.
WHEELER INDEPENDENT SCHOOL DISTRICT (P. 0. Wheeler)
Wheeler County, Texas.
-A $16,000 issue of school
-BOND SALE.
bonds has recently been purchased at par by the permanent county school
fund.
WHITE ROCK SCHOOL DISTRICT (P. 0. White Rock) Roberts
County, S. Dak.-BOND OFFERING.-Sealed bids will be received until
April 12, by the District Clerk,for the purchase of a $6,000 issue of5% semiannual school bonds.
-BOND SALE.
WHITLEY COUNTY (P. 0. Columbia City) Ind.
-were
The $6.800 43 % road bonds offered on March 26--V. 128, p. 1779
awarded to the Columbia State Bank of Columbia City, at a price of par.
Bonds are dated March 15 1929 are coupon in form and mature $340. May
and Nov. 15,from 1930 to 1939 inclusive.
WICHITA COUNTY DRAINAGE DISTRICT NO. 1 (P. 0. Wichita
Falls) Tex.
-BOND SALE.
-A $27,500 issue of 6% drainage bonds has
recently been purchased at par by a local investor.
ROAD DISTRICT NO. 1 (P. 0. Wichita
WICHITA COUNTY
Falls), Tex.
-BOND SALE.
-A $26.000 issue of 5%% serial road bonds
has recently been purchased by the county sinking fund for a premium of
$973.96, equal to 103.74.
-The following
WILLOWICK, Lake County, Ohlo.-BOND SALE.
67 bond issues aggregating $296,915 offered on March 29-V. 128, p.
0
1605
-were awarded to Spitzer, Rorick & Co. of Toledo, at a premium of
52,741, equal to a price of 100.94 a basis of about 5.48%
:
$184,500 paving and sewer improvement bonds. Due Oct. 1 as follows:
518,500, 1930; 518,000. 1931 So 1935 incl., and 519.000, 1936 to
1939 inclusive.
112,415 sewer construction bonds. Due Oct. 1, as follows: $5.416, 1930:
$5.000, 1931 to 1937 incl., and $6,000. 1938 to 1949 incl.
-BOND OFFERING.
WILMINGTON, New Castle County, Del.
Isaac T. McClure, City Treasurer, will receive sealed bids until 12 m.
April 15, for the purchase of 5800,000 4%% sinking fund bonds. Dated
May 1 1929. Denoms. $1,000. Due as follows: $142,950 Oct. 1 1959;
$226,150 April and $230,650 Oct. 1 1959, and $200,250 April 1 1960.
Principal and interest payable in Wilmington. The'United States Mtge.&
Trust Co.. New York, will supervise the preparation of the bonds. A
certified check payable to the order of the Mayor and City Council,for 2%
of the bonds bid for is required. Legality to be approved by Reed. Hoyt
& Washburn of New York.
WINTER HAVEN, Polk County, Fla.
-ADDITIONAL DETAILS.
The 590,000 issue of improvement bonds that was purchased at.a price of
96.50 by the Brown-Crummer Co. of Wichita-V. 128, p. 1965
-bears
interest at 6%. Dated April 15 1929.
-LOAN OFFERING.
WOBURN, Middlesex County, Mass.
-William
H. Weafer, City Treasurer, will receive sealed bids until 12 m. April 9, for
the purchase on a discount basis of a $100,000 temporary loan. Denom.
$25,000, $10,000 and 55,000. Legality to be approved by Storey, Thorndike, Palmer & Dodge of Boston
WORTH COUNTY (P. 0. Northwood) Iowa.
-BOND OFFERING.
Bids will be received until 2 p. m. onApril 17, by Louie Mostrom, County
Treasurer, for the purchase of an issue of $150,000 annual
road
bonds. Denom. 51,000. Dated May 1 1929. Due from May 1 1935 to
1944 incl. After open bids are in, sealed bids will be opened. Purchaser
to furnish blank bonds. Approving opinion of Chapman & Cutler of
Chicago will be furnished by the county. A certified check for 3%,payable
to the County Treasurer, is required.
FINANCIAL
YANKTON, Yankton County, S. Dak.-BOND OFFERING.
-Sealed
bids will be received until April 15 by John W. Summers, City Auditor, for
the purchase of a $51,000 issue of semi-annual water plant bonds. Int.
rate not to exceed 5%. Due in 20 years.
CANADA,its Provinces and Municipalities.
SASKATCHEWAN SCHOOL DISTRICTS, Sask.-BONDS SOLD
-The information below is taken from the March
AND AUTHORIZED.
29 issue of the "Monetary Times" of Toronto:
DEBENTURES SOLD.
-The following is a list of debentures reported
sold by the Local Government Board frbm March 9 to 16:
School Districts: Linden Valley. $4,000, 5%% 15 years to Prince Albert
Sinking Fund; Graton R.C.,58,000.5%,10 years to Houston, Willoughby
& Co.
AUTHOR'
ZATION.-The following is a list of authorization granted by
the Local Government Board from March 9 to 16.
School Districts: Bonnie Brae,52,000, not exceeding 67,10
-installments;
-years; Hooverville,$4,000, net exceeding
Adel,4,300, not exceeding 6%,15
°, 15
-years; Clear Creek, $2,500, not exceeding 6%. 15 years; KOibl.
-years; Berlin, $3.500, not exceeding 6%
$3,200, not exceeding 67, 10
-years; Sunny View,
15
-years; Lount Lorraine, $4,500, not exceeding 6%,15
-years; South St. Gregor,51,000, not exceeding
$4,000, not exceeding 67,15
-years; Denzil. $24,000, not exceeding 6%, 20
-years; Rhona Lake,
, 10
-instalments.
$1°640, not exceeding 7%, 15
.
-years; Kelvington, 51.000,7%,5
Villages: Hague,52,500,7%,10
-years.
-The following bond issues
SASICATOON, Sask.-BOND SALE.
-were awarded
aggregating $907,300 offered on March 28-V. 128, p. 1965
to Wood, Gundy & Co. of Winnipeg, at a price of 91.40. The numbered
by-laws bear interest at the rate of 5%, and those unnumbered bear a
coupon rate of4%%. No other bid was submitted for the bonds.
By-law No.
$15,000 comfort station, 15 years
60,500 electric light extensions, 10 years
1812
14,600 streetrailway extensions and equipment, 15 years
1813
12,000 water meters, 15 years
1814
65,000 filtration plant extensions,20 years
1815
42,830 storm sewers,30 years
1816
4,970 retaining wall-lIth Street.20 years
1818
25,000 hospital accommodation and equipment,10 years
1823
170,000 high school accommodation and equipment,30 years
1824
75,000 storm sewers,30 rars
1867
41,300 sewer mains(192 ),30 years
41,100 water mains(192 ),30 years
59,000 pavements-asphaltic-(1928).15 years
,
35,800 concrete sidewalks and curbs(1928) 20 years
4.100 boulevards for walks (1928). 15 years
21,400 concrete curbs (1928). 10 Years
70,100 macadamizing-gravelling (1928).10 years
6,200 boulevards (1928), 10 years
16,900 sewer connections (1928), 10 years
26.500 water connections (1928_ ,) 10 years
The debentures will be dated May 1 1929.
-The $372.000. 10-. 30
SHERBROOKE, Que.-BIDS REJECTED.
and 40
-year serial bonds offered on April 2-V. 128, p. 2158
-were not sold
as all bids submitted were rejected. Bonds are dated Nov. 1 1928 and are
payable at Sherbrooke, Montreal and Quebec. Wood, Gundy & Co.. bid
94.56. and the Bank of Montreal,92.41. The Banque Canadienne Nationale
bid as follows:
Rate Bid.
Amount of Bonds
97.01
5175,000
96.29
75,000
97.01
61,000
97.76
31,000
97.01
30,000
TOWNSHIP, Ont.-BOND SALE.
-The $55,281.21 5%
THOROLD
-were awarded to Bell,
debentures offered on April 2-V. 128, p. 1965
Gouiniock & Co. of Toronto, at a price of 96.35. Bonds are dated March 1
1929 and are payable in 20 annual equal installments on March 1 from 1930
to 1949, incl. Interest cost basis to township about 5.41%. Other bidders
were:
BidderRate Bid.
Rate Bid.
Bidder94.50 Dyment, Anderson & Co
95.29
Wood, Gundy & Co
93.73 Harris MacKeen & Co
94.51
C. H. Burgess & Co
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MUNICIPAL BONDS
PENOBSCOT BLDG., DETROIT
PUBLIC IMPROVEMENT BONDS
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The City of Hartford
CONNECTICUT.
Sealed proposals will be received by
the City Treasurer, at his office in the
City of Hartford, until April 17, 1929,
at one o'clock P.M., for the purchase
H. M. CHANCE & CO.
of the whole or any part of the aboveMining Engineers and Geologists
named Bonds amounting to One Million
1522 Locust Street
Five Hundred Fifty Thousand Dollars
COAL AND MINERAL PROPERTIES ($1,550,000) with interest at four and
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PHILADELPHIA Fifty Thousand Dollars ($50,000) annually May 1, 1930 to 1960 inclusive.
Principal and interest payable in gold
coin of the United States of America of
the present standard of weight and
fineness.
Bids must be accompanied by a certified check, payable to the order of the
Treasurer of the City of Hartford for
two per cent., of the par value of the
is an economy and cuts the cost of selling, making
amount bid for as a guarantee of good
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faith. The right is reserved to reject
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For further information, address
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