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The
titilmtrri31
iirontde
SATURDAY. AUGUST 311929.
VOL. 129
LEinancial Chronicle
PU13A:3FM) WEEKLY
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The Financial Situation.
Outside the credit situation there have been no
untoward developments this week. In certain directions, indeed, the course of events has furnished distinct grounds for encouragement, but it would be
a mistake to attempt to deny that the credit situation, both in its national and international aspects,
is furnishing steadily growing cause for uneasiness, and even anxiety. One of the distinctly favorable events of the week has unquestionably been the
action of the representatives of the Great Powers in
conference at The Hague considering the Young
Plan for German reparations payments in finding
a way out of the tangle in which they became involved because of the insistent demand of Philip
Snowden, the British Chancellor of the Exchequer,
that in the allocation among the allied creditor
countries Great Britain must receive the share fixed
in the so-called Spa percentages, instead of the somewhat lower ratios assigned to her under the Young
Plan. Through concessions and sacrifices made by
the other creditor countries, and also some concessions upon the part of Germany, Great Britain is
to receive the greater part of what she demanded.
Accordingly, that ticklish problem, which for the
last three weeks has hung as a cloud over the Conference, and threatened to wreck the Young Plan,
appears to have been definitely disposed of; as a
consequence, the integrity, and even the very life
of the plan, is no longer at stake, though it is known
that the British Chancellor is prepared to raise
other objections which will have to be dealt with
at a later date. This improved outlook cannot be
regarded as otherwit e than highly gratifying, since
it is obvious that great unsettlement, to say the
least, throughout the whole world must have resulted had the Conference broken up, leaving the
whole subject of reparations payments for the immediate future up in the air. No one can tell what
I financial
NO. 3349.
would have happened or what the consequences
would have been in such a contingency.
Great satisfaction is also to be derived from the
auspicious outlook in the trade and agricultural
world. The Spring wheat crop in the American
Northwest will unquestionably be substantially
smaller than the exceptionally bounteous harvests
of the two previous years. In other respects, however, there is little occasion for complaint, and the
sharp reaction from the recent huge advancees in
grain prices that has occurred lately is evidence that
the agricultural outlook, which was never distinctly
bad, except in the single particular of a reduced
Spring wheat yield in the United States and Canada,
has greatly improved as compared with the very
low estimates put forth a few weeks ago, when the
disposition was to take quite gloomy views regarding agricultural prospects, though this was tempered
by knowledge that the higher level of market values
for agricultural products that had been brought
about would afford partial if not complete compensation for any deficiency in yield.
The trade outlook, too, in the United States, continues in the last degree encouraging, at least if the
state of the iron and steel trades, usually considered
an industrial barometer, can be accepted as a guide.
The "Iron Age's" market review for this week tells
a story in that respect the significance of which
cannot be gainsaid. The "Age" tells us that "reduced mill operations in rails, tin plate, merchant
and alloy steel bars, and strip steel are offset to
some extent by continued large output of other products, notably plates, structural material and sheets."
The "Age" adds that "the larger producers, including the Steel Corporation and at least two of the
leading independents, having diversified lines, are
still maintaining ingot output at 90 to 95% of
capacity, while some of the smaller companies average about 85%." New business and rpecifications,
we are told, for nearly all steel products, except
plates and sheets, have been in smaller volume than
dlipments this month, resulting in a reduction in
back-logs and shortening of deliveries, but we are
also told that the lull in demand is regarded as
merely the seasonal expectation that has come much
later in the year than usual.
The credit situation, however, constitutes the one
weak point in the outlook, even though no deterring effect upon trade is as yet discernible. And
this credit situation, so distinctly disturbing, is
having its repercussions abroad, as well as in this
country. High rates in this country in all branches
of the money market are acting as a magnet to draw
funds from all parts of the world, and this in turn,
along with gold withdrawals on both French and
German account, has so greatly weakened the gold
position of the Bank of England that a further
1330
FINANCIAL CHRONICLE
[VOL.129.
rise in the Bank rate of discount appears an from 5/% to 5/ 70, the market rate for acceptances
14
18
early probability. The governors of the Bank are had last week actually been advanced. This was
engaged in a strenuous endeavor to escape putting not done in the case of the shorter maturities, that
up the rate and this week have again left the rate is, those for 30, 60 and 90 days, but it was done
unchanged at 52 0 However, their gold holdings in the case of the longer maturities. The Federal
/ .
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7
have been further reduced during the week, though Reserve Banks tu‘ually buy 90-day bills, and in these
in a relatively small amount, the further loss this there was no change in market rates, which remained
week having been no more than £568,327. But total at 51 7 bid and 518 asked. For bills running
4 0
/%
gold holdings are now well below £140,000,000, 120 days, however, where the rate was 5%70 bid
being, in fact, after this further loss, down to and 5 % asked, the asking rate was raised last
/
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only £137,633,677, whereas the Cunliffe Committee week to 51
470, and in the case of bills running for
suggested £150,000,000 as a minimum under ordi- 150 days and 180 days, where the quotation had
nary conditions. Furthermore, since Wednesday been 5%70 bid and 5/ 70 asked, the bid rate was
18
there have been further withdrawals of the metal raised 18% to 5 70, and the asked rate advanced
/
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2
from the Bank, the Bank having sold £526,431 in 1470 to 5%70. On Monday of this week the Amer/
gold bars on Thursday and £488,471 on Friday. It ican Acceptance Council raised both the bid and
is evident that the process of depletion cannot be the asked rate a further/ 0 in the case of 150 days
1
2
7
carried much further without compelling a rise in and 180 days. This made the new rates for 150 days
the discount rate as a measure of self defense and and 180 days 5%7 bid and 5 % asked. Thus we
0
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protection.
have the anomaly of the Federal Reserve Banks
As it happens, there have been new evidences of reducing their acceptance rates, while following this
credit tension at New York the present week. In action the market rates for acceptances are soaring
the first place there has been a sharp rise in the upward.
call loan rate on the Stock Exchange. Following
There is, however, nothing very strange or surthe advance in the rediscount rate of the Federal prising about this jump in the market rate for
Reserve Bank of New York on August 9 from 5% to acceptances at a time when the Federal Reserve
67, the call loan rate on the Stock Exchange Banks have resumed their policy of granting pref0
actually declined, and for two weeks ruled no higher erential rates to acceptances after having abanthan 77, and occasionally dropped to 6%. The doned it at the opening of 1929. Responding to the
0
reason for this was not altogether clear. Stock announcement of the Federal Reserve Banks that
speculation proceeded on an increasing scale, divert- the granting of preferential rates would be resumed,
ing additional amounts of bank funds into specu- the member banks began creating acceptances with
lative channels, and the effect, therefore, under nor- renewed energy. They were well aware of the fact
mal conditions ought to have been to raise the call that to just the extent they put out acceptances
loan rate instead of holding it down to a figure instead of financing the needs of merchants in the
but little higher than the rediscount rate of the New ordinary way, to just that extent they obtained a
York Federal Reserve Bank. Whether the purpose release of the funds that would be required for the
was to encourage the Reserve authorities to think purpose and hence could employ such funds for other
that by raising the rediscount rate, while at the uses, which in this instance meant for use in making
same time lowering the buying rate for bankers' security loans on the Stock Exchange.
acceptances (this last having been reduced, as will
With acceptances thus being poured out in large
be recalled, from 514% to 5 70) and thereby once volume under Federal Reserve stimulus, the market
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more granting a preferential rate to acceptances for acceptances became congested, as might readily
well below the Federal Reserve rediscount rate, they be imagined would be the case. The Federal Reserve
were doing just the right thing, or whether some Banks bought acceptances only of the shorter maother purpose actuated the Clearing House institu- turities and rather sparingly of these. This left
tions in holding down the call loan rate (for obvi- the longer maturities on the hands of the dealers,
ously with the demand for call loan accommodation and in order in move these bills, rates were advanced
all the time expanding, only concerted action on so as to make such bills more attractive for inthe part of the Clearing House institutions could vestment. It can be readily seen, however, that the
have prevented a rise)—whatever the explanation, effect is to cause a sharp discrimination against
this week it became no longer possible to continue financing by means of the longer maturities. The
the low level of call loan rates voluntarily main- merchant who is obliged to do his financing by means
tained for fully two weeks. Preparations began for of bills running for 150 to 180 days is obliged to
the large end-of-the-month payments and also for pay / of 1% more per annum than the merchant
1
2
the large amounts due on September 1 (this time who is able to do his financing by means of 90-day
September 2, the first of the month being Sunday) bills. This is a rather unhappy ,result. At the
for interest and dividends on corporation issues. same time, borrowing to support security speculaAccordingly, on Tuesday, after the renewal rate had tion as represented by brokers' loans remains unagain been fixed at 77, the same as on Monday, abated—in fact, is expanding at a more rapid rate
0
when all loans on the Stock Exchange were at the than ever before.
figure mentioned, there was a quick rise to 9%, and
This growth, this phenomenal growth, in borrowthis 970 rate has ruled unchanged the rest of the ing on security account furnishes additional occaweek, all loans each day being at that figure, includ- sion for uneasiness regarding the credit situation,
ing renewals.
and also helps explain the sharp rise this week in
Most important of all, there has this week been a the call loan rate on the Stock Exchange, notwithfurther advance in the rates for bankers' accept- standing an evident determination to prevent the
ances. It was pointed out here a week ago that rate from soaring to exceptionally high figures.
notwithstanding that the New York Federal Reserve This week's further huge addition to the total of
Bank had reduced its buying rate for acceptances brokers' loans furnishes renewed illustration of
Atm 311929.1
FINANCIAL CHRONICLE
what is going on in that respect, but that development, unquestionably the most important of the
week, is discussed in a separate paragraph immediately below.
All this is happening, too, at a time when the
United States Treasury is preparing for its customary quarterly financing at the middle of Septeember. The precise nature of this financing has
not yet been disclosed, and much will undoubtedly
depend upon money market conditions within the
next few days, but the Federal Reserve Banks have
given preliminary notice of the intended offering of
a new Treasury issue. In a circular dated August
24 they announced that from advices received from
the Treasury Department at Washington they were
enabled to say that a Treasury offering might be
expected shortly.
1331
the twelve Reserve institutions, representing the
borrowing of the member banks, have also been
slightly further reduced and are reported at $973,627,000 August 28 against $986,378,000 August 21.
On account of the larger holdings of acceptances,
the total of the bill and security holdings has increased somewhat, being $1,291,562,000 the present
week against $1,283,072,000 last week.
This week's stock market has been a duplicate of
that of last week and that of the week before.
Prices have been moving upward almost without
interruption day after day, and many new high
records for the year have been established. The
railroad stocks have been in the foreground, and in
the case of the high-priced issues like New York
Central, Atchison, and Pennsylvania the advances
have been hardly less sensational than those to
Brokers' loans are now expanding in a really which we have become accustomed in the case of the
appalling fashion. The Federal Reserve statement public utilities and industrial and other specialties.
issued after the close of business on Thursday The general railroad list has also moved upward,
showed that for the week ending Wednesday night but in a much more moderate fashion. A stimulatthere had been a further increase in the loans on ing agency has been the wonderfully good reports
securities to brokers and dealers by the reporting of earnings for the month of July made by such
member banks in New York City in the huge SUM roads as the Pennsylvania, New York Central, Balt.
of $132,000,000, and this followed $133,000,000 in- & Ohio, Northern Pacific, Great Northern, New
crease in the preceding week, making for the two Haven, Lackawanna and many others.
weeks combined an addition of $265,000,000. The
Other groups of stocks, however, have not been
week before that, when the action of the Reserve neglected and speculative leaders of the high-priced
Bank in unexpectedly advancing its discount rate type, long prominent, have been no le s conspicuous
caused a temporary collapse on the Stock Exchange than before, with U. S. Steel remaining a prime
with resulting great liquidation of speculative hold- favorite. The speculation for higher prices has
ings, there was a decrease of $68,000,000 in the progressed from day to day with little interruption
amount of these loans. But this decrease in turn in its upward course, except that the marking up of
came after no less than $676,000,000 increase in the the call loan rate to 9% on Tuesday led to quite a
,
seven week' immediately preceding. For the last general reaction all through the list. It then seemed
ten weeks, therefore, the result is a net expansion that this rise in charge for call loan accommodation
in the enormous sum of $873,000,000. The grand might serve to check the bull speculation, at least
total of these brokers' loans now (August 28) stands for the time being, but on Wednesday the speculaat $6,217,000,000, which compares with $4,235,- tion was continued as serenely as before. As the
000,000 a year ago on August 29 1928. Roughly, it week progressed there appeared to be growing
will be seen, the addition for the twelve months is apprehension with reference to the possibility of a
but little less than $2,000,000,000. Such figures further pronounced increase in the aggregate of
carry their own comment, and it is not necessary brokers' loans, but this feeling found reflection
to enlarge upon them beyond wondering when the merely in a decrease in the volume of trading, the
end is to come.
upward tendency of prices not being arrested. The
In the latest week's addition of $132,000,000 to real extent of the increase, when it came, was foinol
these brokers' loans, the heaviest increase appears, to aggregate $132,000,000, and followed $133,000.000
as usual, in the category of loans "for account of increase the week previous. This proved staggering
others," these now having reached the prodigious by reason of its magnitude. It was then supposed
figure of $3,468,000,000, which is an addition for that the market would suffer a severe setback on
the week under that head of $96,000,000. The loans Friday, especially in view of the three-day holiday
made by the reporting member banks for their own to come, next Monday being Labor Day and a legal
account increased during the week from $926,000,000 holiday, and the Stock Exchange also having decided
to $992,000,000, but the loans for account of out-of- to close to-day (Saturday). Instead, the
market
town bank,. ore slightly lower at $1, 6,000,000, plunged ahead in a display of great buoyancy
73
and
August 28, against $1,787,000,000, August 21.
made the most violent advances of the whole
The changes in the items relating to the Federal week.
Reserve Banks themselves are along the same lines
Trading has been on a somewhat reduced scale,
as previously. The Reserve Banks have further though nevertheless large, and with a very
heavy
enlarged their holdings of acceptances purchased in turnover on Friday, when such great
buoyancy dethe open market, but in only a moderate way, these veloped. On the Now York
Stock Exchange the
holdings the present week standing at $156,514,000 sales at the half day se sion
last Saturday were
against $132,137,ma0 a week ago. Their holdings for 2,126,920 shares; on the full (lay
Monday they were
foreign corresillfinlents are also slightly larger at 4.425,090 shares; on Tuesday,
3,896,440 shares; on
$447,997.000. against $442,668,000. The twelve Wednesday,3,935,800 shares;
on Thursday, 3,476,140
Reserve Banks. however, have further reduced their shares, and on Friday,
4,571,960 shares. On the
holdings of United States Government securities, New York Curb
Exchange the sales last Saturday
these being down to $145,321,001 this week against were 1,161,400 shares;
on Monday, 2,074,900 shares;
$148,607,000 ugust 21. The discount holdings of on Tuesday,
1,802,500 shares; on Wednesday,
1332
FINANCIAL CHRONICLE
[VoL. 129.
1,972,500 shares; on Thursday, 1,865,700 shares, and Industrial and Miami.(Con — Royal Dutch Co.(N.Y.Shares)
Inland Steel
Shattuck (F. G.)
on Friday, 1,987,100 shares.
International Harvester
Simmons Co.
As compared with Friday of last week, the record International Tel. & Tel.
Southern California Edison
Kimberley Clark
Standard Gas & Electric
is again one of large and general advances, though Kraft Cheese
Stone & Webster
Loose-Wiles Biscuit
Texas Corp.
with the gains varying in extent and the "rails" the Macy
Transcontinental Oil
foremost leaders among them. A few declines also Midland Steel Products Pref.
United Carbide & Carbon
National
U. S. Industrial Alcohol
appear. United Aircraft & Transport closed yester- National Dairy Products
Lead
U.S.Steel
Warren Bros.
day at 13478 against 137 on Friday of last week; Otis Steel
/
Pacific Gas & Elec.
Western Union Telegram
American Can at 178 against 180; United States Pacific Lighting
Woolworth
Worthirgton P.
Industrial Alcohol at 208% against 194; Com- Pan Amer. Petroleum & Transp. Yale & Towne tic M.
Philadelphia Co.
Youngstown Sheet dr Tube
mercial Solvents at 495% against 497; Corn Prod- Remington-Band.
Republic Iron & Steel
ucts at 110% against 10614; Shattuck & Co. at 193
/
against 183; Columbia Graphophone at 64% against
The steel shares have been less conspicuous than
64%; Brooklyn Union Gas at 246 against 238%; in previous weeks in the further rise, yet not a few
North American at 179 against 176%; American of them have advanced to new high figures for the
Water Works at 170% against 148; Elec. Power & year, as the foregoing shows. U. S. Steel shares
Light at 74% against 75;Pacific Gas & Elec. at 90% closed yesterday at 2561 2 against 2593 on Friday
/
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4
against 86; Standard Gas & Elec. at 163% against of last week; Bethlehem Steel at 13818 against
/
142%; Consolidated Gas of New York at 180% 139%; Republic Iron & Steel at 129 against 117%;
against 175%; Columbia Gas & Elec. at 913 against Ludlum Steel at 89% against 94%; Youngstown
/
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92%; Public Service of N. J. at 122 against 11978; Sheet & Tube at 170 against 166. The motors have
/
International Harvester at 139 against 122; Sears also been somewhat less prominent. General Motors
Roebuck & Co. at 171 against 162%; Montgomery closed yesterday at 72 against 73%; Nash Motors
Ward & Co. at 137 against 1313 Woolworth at at 85% against 87; Chrysler at 713/ against 7373;
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99% against 99%; Safeway Stores at 174 against Packard Motors at 149% against 153; Hudson Motor
17678; Western Union Telegraph at 2337 3 against Car at 82% against 84%; Hupp Motors at 40%
/
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225; Amer. TeL & Tel. at 29858 against 294%, and against 42. In the rubber group Goodyear Tire &
/
Int. Tel. & TeL at 146 against 138%.
Rubber closed yesterday at 113% against 1081 2 on
/
Allied Chem. & Dye closed at 350 against 329 on Friday of last week; B. F. Goodrich at 73 against
Friday of last week; Davison Chemical at 47% 73; United States Rubber at 46% against 46%, and
against 48%; E. I. du Pont de Nemours at 213 the preferred at bid 70% against 71.
against 222; Radio Corporation at 100 against 96; . In the railroad list the high-priced stocks, with
General Elec. at 395% against 393%; National Cash Atchison, Pennsylvania and New York Central in
Register at 127% against 123%; Wright Aero- the forefront, have again surpassed all others, as a
nautical at 1331 2 against 137; International Nickel class, for their strong tone and the magnitude of
/
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at ex. div. 5414 against 54%; A. M. Byers at 146% their upward surge. Pennsylvania closed yesterday
against 13318; Timken Roller Bearing at 10878 at 109 against 99% on Friday of last week; Atchison
/
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against 10478; Warner Bros. Pictures at 613 closed at 295% against 277; New York Central at
/
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4
against 61%; Mack Trucks at 97 against 99%; Yel- 256 against 242; Erie RR. at 88% against 8618;
/
low Truck & Coach at 36 against 37%; National Delaware & Hudson at 223 against 215; Baltimore &
Daily Products at 85% against 81%;Johns-Manville Ohio at 140% against 137%; New Haven at 124%
at 2021 against 203; National Bellas Hess at 40% against 123; Union Pacific at 295 against 2833
4
4;
against 41%; Associated Dry Goods at 493 against Southern Pacific at 153% against 146%; Missouri
4
48%; Lambert Company at 1423 against 137%; Pacific at 94 against 92; Kansas City Southern at
4
Texas Gulf Sulphur at ex. div. 72% against 72%, 106% against 100%; St. Louis Southwestern at
and Kolster Radio at 283 against 2978 The list of 100% against 991 St. Louis-San Francisco at 132%
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4;
stocks which the present week have made new high against 129; Missouri-Kansas-Texas at 541 8 against ,
/
records for the year is an unusually long one this 5478; Rock Island at 143 against 138; Great North/
time, with the high-priced railroad stocks especially ern at 124% against 123%, and Northern Pacific at
conspicuous in that respect. The following shows 1111 against 110.
%
most of the new highs for the week:
The copper group has also distinguished itself for
STOCKS MAKING NEW HIGH FOR YEAR.
some new advances. Anaconda closed yesterday at
Railroads—
American Tobacco
129 against 122 on Friday of last week; GreeneAtchison Topeka & Santa Fe
American Type Founders
Baltimore & Ohio
American Water Works & Elec.
Cananea at 192 against 18178; Calumet & Ueda at
/
Chic Milwaukee St. Paul & Pacific
Alias Powder
ex. dix. 461 against 45%; Andes Copper at
Chicago & North Western
4
Auburn Automobile
5778
/
Chicago Rock Island & Pacific
Austin Nichols & Co.
against 54%; Inspiration Copper at 46% against
Delaware Lackawanna & Western
Bethlehem Steel
Erie
Brooklyn Union Gas
44%; Calumet & Arizona at 131 against 12914;
/
Hocking Valley
California Packing
Granby Consolidated Copper at 83% against 79;
Minn. St. Paul & SS. Marie
California Petroleum
Nashville Chattanooga & St. Louis Coca Cola
American Smelting & Refining at 124 against 114%,
New York Central
Columbian Carbon
New York Chicago & St. Louis
and U. S. Smelting & Ref. at 55% against 53.
Continental Can
New York New Haven & Hartford
Continental Insurance
The oil stocks have been laggards. Standard Oil
Norfolk h Western
Corn Products Refining
Pennsylvania
Crucible Steel of America
of N. J. closed yesterday at 713 against 723 on
%
%
Pere Marquette
Cuyamel Fruit
Reading
Friday of last week; Simms Petroleum at ex. div.
Eastman Kodak
-San Francisco
St. Louis
Fidelity Phenix Fire Ins. Co.of N.Y.
36% against 38; Skelly Oil at 42% again 42; AtSouthern Pacific
First National Stores
Union Pacific
Fleischmann Co.
lantic Refining at 671 against 67%;Pan American
%
Industrial and MisceRaneous—
Follansbee Bros.
Alr Reduction
B at 671 against 65%; Phillips Petroleum at 38
4
General Amer. Tank Car
Allied Chemical & Dye
General Gas & Elec. ciao A
against 38%; Texas Corporation at 701 4 against
American Bank Note
/
General Railway Signal
American Can
Granite City Steel
70%; Richfield Oil at 42/ against 43; Standard
78
American Chicle
Hackensack Water
Oil of N. Y. at 44% against 46%, and Pure Oil at
American & Foreign Power
Hartman Corp. class B
International Corp
American
Hershey Chocolate
26 against 27.
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Ingersoll Rand
American Tel. & Tel.
AUG. 31 1929.]
FINANCIAL CHRONICLE
1333
European securities markets were increasingly tion of the Young Plan produced a bullish demoncheerful this week as political uncertainties began stration at Berlin Wednesday and individual issues
to clear up, and there were some bursts of real jumped as much as 17 points. The mining and elecstrength and activity in the mid-week sessions when trical stocks were again made the favorites, with
it appeared at length that the Young Plan of repara- banks, brewery, textiles and other shares following
tions payments would be accepted by the interested close after. The movement was continued Thurspowers. This favorable news overshadowed the day, but with less enthusiasm, owing to the addimonetary uncertainty at London and the London tional troubles of the German delegation at The
Stock Exchange joined the Continental ones in regis- Hague. Most sections of the market advanced furtering satisfaction. Gold losses at London also were ther, however, and some pronounced gains were
less pronounced than previously, and little doubt again recorded. The upward trend was continued
was expressed of the ability of the Bank of England yesterday.
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to hold its discount rate unchanged at 5 % per
Agreement on the most important of the details
cent for some time further.
Trading on the London Stock Exchange opened of the Young Plan has been reached by the conferwith a good tone Monday, with British rails show- ence of six interested Governments at The Hague,
ing strength, while gilt-edged securities were steady. and the indications now are that complete accord
Some good gains were made in the industrial and will eventually be reached. The Hague conference
mining list, the tobaccos rising sharply. Business has been an exceptionally difficult one from its very
broadened out Tuesday, with the industrials com- inception on Aug. 6. The trying negotiations were
ing in for more attention. Gilt-edged securities resumed this week in a jaded atmosphere, and the
maintained their position notwithstanding renewed weariness felt by the assembled diplomats pervaded
weakness of sterling as against the dollar. The Brit- even the newspaper accounts, all emphasis being
ish victory at The Hague was reflected Wednesday placed on the victory won by Philip Snowden, Chanin improved exchange rates, and gilt-edged listings cellor of the British Exchequer. There can be no
were marked up substantially. Gramophone issues question, however, of the importance of what has
came into their own again in this session, leading now been accomplished. This follows closely the
the industrials upward, while collieries also were outline laid down in the joint statement of the six
higher owing to provisions for heavy Italian pur- powers issued at Geneva on Sept. 16, 1928. Two
chases of English coal at The Hague. In Thurs- weighty objects were visualized at that time, of
day's market sterling again reacted in New York which the first was the definitive settlement of the
and Paris, and the gilt-edged section moved off to German reparations problem. The second object
some extent. Most other sections continued to rise, was the early evacuation of the German Rhineland
however, with the electric stocks and artificial silk by the French, Belgian and British troops, which
shares in the van of the movement. The London was to be arranged when reparations were finally
market was dull and but little changed in yesterday's settled. Both these main ends are now assured, and
The Hague conference, decpite the strain and
session.
The Paris Bourse also displayed a confident tone difficulty of the negotiations, is sure to go down
at the opening of the trading Monday and numer- in history as one of the most significant ever
ous issues advanced with the support of professional held.
traders. Some of the buying was believed to be for
Efforts were resumed this week by the other credforeign account. French industrial stocks were fa- itor powers to meet the demands of Chancellor
vored in the transactions, which made up a larger Snowden, who headed the British delegation. A
total than on any previous Monday session this virtual ultimatum had been delivered by Mr. Snowmonth. Unfavorable news from The Hague gather- den in the opening session of the meeting, in which
ing caused a reaction in the French market Tuesday, the success of the conference was made to depend
and the list receded almost in its entirety. In view on satisfaction of his demand for restoration of the
of the pessimistic reports, the overnight accord Spa percentages of reparations distribution, from
reached on important points at The Hague was un- which he declared the experts at Paris had deviated.
expected in Paris, and the market bounded forward British mathematicians at The Hague computed the
Wednesday morning. Stocks were marked upward additional sum due Britain to restore these perthroughout the session in heavy trading, and opti- centages at an annuity of 48,000,000 marks. Mr.
mistic advices from other centers continued to Snowden also demanded an increase in the amount
strengthen the trend at Paris. Coal shares and of non-postponable annuities allotted to his Governsteel issues staged the best performances. Buying ment, and he also protested against continuance of
was resumed on Thursday, and stocks continued to payments in kind by Germany which he declared
move into higher territory, with public interest in- harmed British trade. Several attempts to meet
creasing. Some of the industrial shares were less these demands had been made jointly by the French,
active, but the rest of the list, including the banks, Belgian, Italian and Japanese delegates, but Mr.
came in for more attention. Additional gains were Snowden had dismissed them summarily as insufscored in the final session of the week, yesterday.
ficient. A new proposition in which previous offers
The Berlin Bourse was firm in the opening ses- were somewhat increased was made by these Govsion Monday, the situation at The Hague impress- ernments Monday of this week, but again the British
ing traders favorably. Activity was pronounced in Chancellor declared that it was not enough. Exthe mining and electrical sections, the average price perts of the "offering powers" figured this proffer
level improving substantially. Some nervousness as equivalent to 60% of the British demands, but
was manifested Tuesday because of gloomy out- the British stated that it was only 57%. Consultalook at The Hague conference, and the average price tions were continued, despite expressions of the
level declined slightly. Assurances of a favorable greatest pessimism which emanated from The
outcome of the conference and the ultimate adop- Hague.
1334
FINANCIAL CHRONICLE
rvoi_ 129.
A session of the creditor powers that was destined theme that the
Young Plan could not be revised and
to end in success was begun Tuesday afternoon, and that Mr. Snowde
n was met without doing so. Of
it continued until the small hours of Wednesday course,
Mr. Snowden was quoted as saying it was
morning. Final agreement among the creditor pow- the prineip
le, not the money, he was fighting for,
ers was reached at this meeting, but since some and it was argued
he got only his money. However,
minor adjustments were included in the proposed money is what
this conference is about. It remains
settlement which required the consent of the German now for the Powers concer
ned to begin the work
delegates, these also were called into the conference for which the conference was
called. On the interat 1 o'clock Wednesday morning. At 1:20 A. M. an national bank and numero
us other measures of the
official British statement was issued to the effect Young Plan much work remain
s to be done. This
that the other creditor powers had agreed that by will be largely attend
ed to by the four commissions
adjustments within the Young Plan, subject to the of experts who
will go to Berlin for a week, and
consent of Germany, they would find for Britain then probably to Lausan
ne, where the conference is
40,000,000 marks annually of the 48,000,000 marks scheduled to resume
again after the League of Naadditional demanded by Mr. Snowden. Of this tions Assembly Meetin
g. The League session may
amount 36,000,000 marks is to be guaranteed by last a month or
six weeks, which would indicate the
the other creditor powers. "Mr. Snowden," it was Young Plan would
come into effect about Nov. 1."
remarked in a dispatch to the New York "Times,"
Wednesday's meeting of the creditor Powers and
"thus receives more than 80% satisfaction, as com- the German delegat
es, at which the question of
pared with the 60% involved in the offer he rejected Rhineland evacua
tion came up more pointedly,
yesterday." On the unconditional annuities, this again proved
difficult. The Germans reiterated
report continued, it was agreed Britain should re- their willingness
to agree in principle to the settleceive 92,000,000 marks, whereas under the Young ment arranged the
previous night, but Dr. StresePlan she received practically no unconditional pay- mann insisted that
the cost of the armies of occupaments. This was made possible by rearrangement tion should not be
borne by Germany after Sept. 1.
of the German payments. It was further announced Premier Briand of
France deprecated them e dethat, in addition to an agreement that payments in mands, and Mr. Snowde
n also attacked the German
. kind were in no case to last more than ten years contention. This resulte
d in a bitter exchange belonger, the Italian State Railways agreed to buy tween Herr Strese
mann and Mr. Snowden, in which
1,000,000 tons of coal annually from Britain for the British Chance
llor did not fare particularly
three years at the highest British export market well. Dr. Stresemann
scored heavily by quoting Mr.
prices. "The method by which the extra money is Snowden's campaign
speeches in favor of Germany's
to be found to meet Mr. Snowden's demands is most position regarding the
occupation. As on the presimple," the "Times" dispatch said. "Germany vious night, the meetin
g was continued to 2 o'clock
will pay on the first of every month instead of the in the morning, but
no agreement was reached on
fifteenth. This will make the difference out of this'occasion.
which the other creditor powers undertake the BritThe proceedings were held up for only one day,
ish shall get 40,000,000 marks more yearly."
however, by these considerations, and agreement
The meeting was adjourned at 2 o'clock Wednes- on the Rhineland questio
ns was reached Thursday.
day morning, and at 2:30 the Germans announced Foreign Minister Stresemann
accepted one after
that they would accept the sacrifices asked of them another all the compromises
which had been proif the. French would give satisfactory assurances posed. The most import
ant of the decisions taken
of evacuation of the Rhine at a meeting to be held was one setting June
30 1930 as the (lay on which
later the same morning. In return for moving up all occupying troops must
be out of the Rhineland.
the payments under the Young Plan for fifteen days, This was calcula
ted as eight months after the Young
Germany secured the satisfaction of paying only the Plan enters into effectual
operation. Dr. StreseYoung Plan annuities as from Sept. 1, although the mann had desired comple
te evacuation by March 15,
plan will not be ready to operate in all respects on next year, while
Premier Briand of France had
that date. In all the delegations, great pleasure insisted a year
was necessary to move and place
and relief was expressed at this turn of events, which in France the 60,000 men
maintained by the Prench
permits the Young Plan to go ahead. High praise Government on the Rhine.
Under the arrangement
was heard for Premier Jaspar of Belgium, who acted finally reached Thursday,
evacuation of the second
as mediator throughout the conference, working zone will start Sept.
15 and all troops will dikpart
ceaselessly for its success. One of the inimitable by the middle of next year. The
English announced
touches that sometimes characterize a conference at the same time
that they would remain with the
of this kind inns portrayed in the report of Edwin L. French and Belgia
ns on the Rhine, keeping both
James, European correspondent of the New York troops and occupation commis
sioners until the end
"Times." "As Mr. Snowden left the meeting to- of the occupation. Compro
mise also prevailed in
night," the dispatch said, "he was asked if every- the arrangements
for payment of the costs of occupathing was all right. In a strangely angelic
voice, tion. The Germans had maintained that such costs
with the softness of a girl, he answer
ed, 'Yes, I be- must fall on the occupying Powers after Sept. 1,
lieve so,' and lie rode away whistling."
whereas the French position was that the Treaty
of
Among the delegations generally it was considered Versailles puts the charge
on Germany. The Young
that Mr. Snowden had won a decided victory.
His Plan provides that the Governments shall agree
demands were met, it was declare
d. because the other on the subject. In settlement of the point, a pool
nations were not willing to let a small
snm stand in of 60,000,000 marks was created, of which Germany
the way of the pacification of Europe
. "While it cer- pays half, France 35%, England 12%, Lnd Belgium
tainly is true Mr. Snowden takes away most
of what 3%. The cost of moving the troops is to be paid by
be came after," the "Times" report said, "it should Germany, and Berlin also
wiped the slate clear of
be said that perhaps the others have won out on the all claims for damages to
German citizens arising
AUG. 311929.]
FINANCIAL CHRONICLE
from the occupation. Accepting in full the settlement made with Mr. Snowden, Dr. Stresemann notified the other powers that Germany gives up all
claim to the overlapping amount of 300,000,000
marks between the Dawes Plan and the Young Plan.
The delicate quecition of a "Commission of Conciliation," to be set up in the Rhineland in place of the
departed troops was settled through invocation of
the Locarno treaty, where a method was found to
create a commission to consider allegations of violation of that treaty through German activities in the
Rhineland.
Some problems remain before The Hague conference, chief among them the matter of satisfying
the small Powers whose share of reparations was
cut to satisfy Mr. Snowden. The Britiiih Chancellor, evidently impressed by the good work done
when his demands were out of the way, let it be
known that Britain would give up 5,000,000 marks
of the unconditional annuity allocated to Britain
earlier in the week. Arrangements must also be
made for the committees which are to work on the
international bank organization and other matters
while the chief delegates attended the League Assembly sessions. Work on these problems wai begun
yesterday, and there were indications that it will
be pushed to a rapid conclusion. Letters and documents recording the agreement of the Governments
on the Rhineland evacuation and the financial questions incident to acceptance of the Young Plan
were signed at The Hague yesterday afternoon, and
arrangements were made to hold the final meeting
to-day. Some question was raised regarding the
date of withdrawal of British troops from the Rhineland by London reports.
1335
last week-end, where the problem confronting the
negotiatars is to establish grinciples which will provide for actual armament reduction and not merely
limitation when the details are worked out in a formal
conference. In administration circles it was conceded that great strides had been taken toward the
establishment of the principles which will govern a
formal disarmament conference, but at the same
time it was emphasized that harm would result if
the public should receive the impression that any
actual formal agreement had been effected. Long
conferences on the subject were held at the White
House Tuesday and Wednesday by President Hoover,
Secretary Stimson, Secretary Adams and other officials of the State and Navy Departments. It was
declared in Washington dispatches that the diplomatic
exchanges have now reached their most important
phase, with the negotiators confronted by the problem
of determining what sacrifices in cruiser strength each
nation should make in order to bring about parity
in this class of vessels. Although Britain and America
have now come close to an understanding on this
matter, no definite announcement is to be expected
for at least ten days and possibly two weeks, it was
indicated. Reports from London also have been to
the effect that "excellent progress" has been made
in recent days.
Widespread disorders have prevailed in Palestine
this week, owing to religious dissension between
Jews and Arabs which came to a head on Aug. 23
at the Wailing Wall in Jerusalem. Clashes have
been frequent at this remnant of the ancient Jewish
temple, which is a holy spot for the followers of Moses
and Mahomet alike. The controversy flared up
anew early this month, with Moslem mobs interDiscussion of the naval armaments question has fering with Jewish devotions. Great Britain holds
continued on both sides of the Atlantic this week, a mandate over Palestine, and the small British force
with the impression slowly gaining ground in un- in Jerusalem maintained order as best it could,
official quarters that an important agreement impends. arresting a number of the Arabs after the early
Ambassador Dawes took occasion late last week to attacks. The difficulties continued, however, and
reiterate the statement made Aug. 20 by Prime rumors gradually spread through the city that the
Minister MacDonald, calling for patience and for- Arabs were planning general attacks on Friday,
bearance on the part of the public of both countries, Aug. 23. The rumors were substantiated with painsince "it would be misleading if the trial suggestions ful emphasis early on that day, when huge mobs
and proposals were disclosed." In an address at of Arab peasants, armed with heavy clubs and dagElgin, Scotland, on Aug. 23, Mr. Dawes described a gers, flocked to Jerusalem from the surrounding
naval agreement as entirely dependent upon the villages to attack the Jews. Rioting continued for
public sympathy of the nations concerned, and he two days, almost unchecked, centering on the old
explained that the dearth of information given to remnant of Solomon's Temple and gradually spreadthe public about the substance of his conversations ing to the suburbs and neighboring villages. Crowds
with the Prime Minister was due to the fact that of armed Arabs attacked the Jews, who formed thembefore the stage of public discussion is reached, "time selves intq defense units. Scores were reported dead
must be taken to reduce to the simplest terms the or wounded on each side in these initial encounters,
problems involved, so that the average man can and the hospitals were soon full to overflowing.
better understand ,what it is all about." The "one Martial law was proclaimed by the authorities in
unfavorable thing," Ambassador Dawes remarked, Jerusalem and an emergency was declared in the
would be to hold the proposed naval conference with- whole mandated territory.
out adequate preparation. If the problems are not
The British Government began to take steps
mastered so that the final solution is clear and satis- instantly to end the dispute and restore order in
factory to the average man, Parliaments and Con- Jerusalem. A number of British warships in the
gresses may not ratify, he said. In London it was eastern Mediterranean were immediately ordered to
reported this week that Prime Minister MacDonald's proceed to Palestine, and troops were dispatched
forthcoming visit to the United States has been ad- from Cairo by air. Prime Minister MacDonald
vanced to about the end of September.
called a meeting of the Cabinet last Saturday to
Washington reports, meanwhile, have given the consider measures for pacifying the city. The riotimpression of distinct and rapid progress in clearing ing spread, however, before these steps could be
up some of the issues that make up this vast and made effective, and some terrible incidents occurred.
complex problem. The discussions have now reached The most serious of these was an attack by frenzied
the stage, a dispatch to the New York "Times" said Islamites on the Solbodka Rabbinical College at
1336
FINANCIAL CHRONICLE
[vol.. 129.
Hebron, twenty miles southwest of Jerusalem. Of Japanese official circles were confident that the Mosthe 190 students in the college, 30 were killed, 8 of cow and Nanking Governments know what they
are
whom were said to be Americans. Total fatalities doing and do not intend to proceed to extremities.
in Hebron alone exceeded 70, and the death list con- A formal statement was issued at Shanghai, Monday,
tinued to grow in Jerusalem and other places. By by C. T. Wang, the Chinese Minister of Foreign
Monday British troops began to arrive in force by Affairs, in which he declared that China is not opairplanes and from battleships, and the situation posed to mediation of the dispute with'Russia, but still
rapidly cleared up in the important centres where clings to the hope that plans for direct negotiations
they were stationed. A further serious incident will bear fruit. He added at the same time that,
occurred at Haifa, on the coast, Tuesday, where a "with ample proofs of underground and subversive
British railway official was stoned to death. Marines propaganda carried on in the past and planned for
were quickly landed at Haifa from the battleship the future, China cannot possibly agree to return
Barham, and order was restored there, too. The to the status quo as a preliminary to opening negotiatroubles diminished rapidly thereafter, as British tions, knowing that the return of Soviet Consular
troops spread out through the land. Minor troubles officials and their proteges will unfailingly result in
were reported from Trans-Jordania and from Syria, more intensive Communist propaganda, unless ample
and sporadic outbursts continued throughout Pales- guarantees are forthcoming that such subversive actine with the likelihood that restoration of complete tion will terminate."
order will take several weeks. Based on admittedly
incomplete reports, the deaths are said to number
Soviet authorities are making rapid progress in
more than 85 among the Jews, and more than 35 the development of Russian industry and agriculture,
among the Arabs, while 4 Christians also were with the result that the ambitious five-year program
killed. The wounded were said to number hun- inaugurated a year ago has been closely adhered
dreds.
to in most respects and exceeded in some. A preCognizance of the rioting and bloodshed, and liminary estimate of the Soviet Union budget for the
particularly of the casualties among American stu- fiscal year beginning Oct. 1 1929 was published in
dents at Hebron, was promptly taken by the State Moscow last Sunday, and it contains ample evidence
Department in Washington, which cabled to Paul of the progress made, according to Walter Duranty,
Knabenshue, American Consul at Jerusalem, asking Moscow correspondent of the New York "Times."
for full information. Mr. Knabenshue was author- Although the five-year plan originally called for
ized last Saturday to make "emphatic" representa- budgetary expenditures of 8,000,000,000 rubles in
tions to local authorities for the protection of Ameri- the coming year, development has been sufficiently
can lives and property. Ambassador Dawes, at rapid to permit an increase to 10,000,000,000 rubles,
London, was subsequently instructed to express he reports. When originally adopted, the plan
orally to the British Foreign Office, the "earnest called for total expenditures in the five-year period
hope" of this Government that comprehensive meas- of 55,000,000,000 rubles, on a progressive scale from
ures to safeguard American citizens would be taken. 7,250,000,000 rubles during the current year to about
The British Government immediately assured the 15,000,000,000 rubles in the fiscal year 1933-34.
Ambassador that every effort is being made and will The results in the current year, which is the first of
be made to protect all Americans in the Holy Land. the five-year plan, have been so good that an increase
Jewish organizations in this country were assured by to 8,000,000,000 rubles has been effected, and proSir Esme Howard, the British Ambassador to Wash- gressively greater advancement is contemplated in
ington, that every precaution will be taken to pre- coming years, Mr. Duranty says.
vent further rioting and pillaging, and that the whole
Industrial production in the current year has been
affair will be made the subject of an impartial and increased 24% over the previous period, instead of
dispassionate investigation. In London fast action 21.4%, as planned, with a capital investment of
was considered necessary to quell the disorders,since 1,700,000,000 rubles instead of the projected 1,660,any sign of delay or weakness would probably be 000,000, it is indicated. Labor productivity and
followed by grave difficulties in other Oriental coun- wages have increased almost exactly according to the
tries under British rule. The 66,000,000 Moham- plan, but reduction in first costs and improvement in
medans in India, have shown signs of restlessness on quality have fallen below expectations. Agriculture
more than one occasion.
made a better showing than was expected by the
budgetary program, with particularly large gains in
Rumors of impending warfare between China and the grain collecting sections. In some respects the
Russia over the Chinese Eastern Railway have been five-year plan is now to be greatly accelerated,
few, and far between this week, indicating, if pre- the "Times" correspondent remarks. "Whereas the
vious experience is any guide, that informal parleys plan for the coming year proposed to increase indusbetween the two governments have been resumed at trial production by 20%, the revised program calls
s'onre point or other. Reports from both Nanking for an increase of 32 to 35%," he states.
"Heavy
and Moscow appeared exceedingly pessimistic last industry has actually planned an increase by 42 to
week, and the frequent border clashes caused much 45%. Instead of 1,700,000,000 rubles for capital
concern. White Guard Russian troops from China investment during the current year, industry for
were repeatedly crossing the border into Siberia on 1929-30 demands an investment of 3,500,000,000,
raiding expeditions, and Red detachments were although the original plan provided for only 3,000,ordered to pursue them into Chinese territory if 000,000. Still more striking are the advances in
necessary to "exterminate" them. Reports from agriculture, if these accounts are to be credited. It
Tokio this week have again minimized the serious- is planned to increase the sown area by 7 to 8%, to
ness of the situation growing out of Chinese seizure extend the socialized farms from 5,000,000 hectares
on July 10 of the Russian-owned Chinese Eastern to between 15,000,000 and 18,000,000, to advance
Railway. Despite the interminable recriminations, the production of tractors from 3,000 units to 10,000,
AUG. 31 19291
FINANCIAL CHRONICLE
1337
and to invest a total of 700,000,000 rubles in agri- .and the Dominion, in some sort of ratio to be worked
out. The matter bristles with difficulties, and if
cultural work."
one school of Canadian thought would like to see the
changes were made in the Chilean country rounded out to the Labrador coastline,
Important
Cabinet last Saturday, after a short period of un- another is against taking on so heavy a financial
certainty which followed the resignations of all the commitment at this time."
Ministers on the preceding Thursday. The breaking
up of the Cabinet came as a surprise, Santiago dis: There have been no changes this week in the dispatches said, but it did not cause unusual excitement, count rates of any of the central banks of Europe.
beyond a natural speculation regarding the successors. Rates continue at 732% in Germany; at 7% in Italy;
President Carlos Ibanez moved quickly to recon- at 5% in Great Britain, Holland, Norway and
struct the Government, and he announced the forma- Spain; 5% in Belgium and Denmark; 432% in Swetion of the new Cabinet a week ago to-day. Only den; and 31 % in France and Switzerland. London
A
four changes were made, but these included the most open market discounts for short bills are 5 7-16%
important Ministreies. The Ministry of Finance has the same as on Friday of last week, and 532% for
been placed in the hands of Rodolfo Jaramillo, who long bills, also the same as on the previous Friday.
/%.
was at one time Controller General of the Republic Money on call in London yesterday was 43
A
and also director of the national railways. Later he At Paris open market discounts remain at 31 %,and
became Director of Public Works, which office he in Switzerland at 33j%.
now leaves in order to become a member of the
Cabinet. He succeeds Pablo Ramirez, who inThe Bank of England statement for the week ended
augurated the policy of the Chilean Finance Depart- Aug. 29 reveals a loss of £568,327 in bullion. Rement for the contracting of substantial loans in the serves, however, increased £830,000 as circulation
United States to provide funds for roads, port con- contracted £1,399,000. The Bank's discount rate
struction, railways and public buildings. In a dis- remains at 5M%. Gold holdings now total £137,patch of last Sunday to the New York "Times," it 633,677 as compared with £175,867,362 a year ago.
was indicated that Senor Ramirez will be assigned to Public deposits fell off £5,768,000 while other dea high post in the bureau for the development of the posits increased £2,242,977. The latter is subdivided
Chilean nitrate industry. The post of Foreign Af- into bankers' accounts and other accounts, which infairs in the Cabinet has been given to Manuel Barros creased £2,139,202 and £103,775, respectively. The
Castanon, the present Ambassador to Mexico, while proportion of reserves to liabilities is now 29.29%;
Conradio Rios Canard°, who was Foreign Minister last week it was 27.71% and two weeks ago it was
for the past two years, will gd to Europe for a short 25.99%. At this time last year the proportion was
rest. The new Minister of the Interior is Enrique 52.54%. Loans on Government securities increased
Bermudez, at present Ambassador to Argentina. £2,230,000. Those on other securities fell off £6,Emiliano Bustos will be Minister of Public Works 551,771. Other securities are made up of "discounts
and National Development. General approval of the and advances" and "securities." Both of these
new Cabinet was expressed by the newspapers of the items decreased, the former £79,748, the latter
capital, according to the. Santiago report to the £6,472,023. Below we show comparative figures of
"Times."
the various items for five years:
Negotiations may be opened shortly by the Government of Newfoundland for the sale of Labrador
to Canada, authority for conversations to this end
having been granted by the Newfoundland regime
to J. de Champlain, a native of Quebec with large
interests in Labrador. It was reported in a Moncton
N. B., dispatch of Monday to the Associated Press
that Mr. de Champlain was on his way to Ottawa.
Canadian press reports from Ottawa on the same day
intimated that Canada is to be invited to make a
bid for Labrador. The suggestion that Canada buy
Labrador had been put before the Ottawa Cabinet
a month ago, it was stated, but the proposals lacked
the backing of the St. John's Government and therefore could not be considered seriously at Ottawa.
"It would be a natural guess," a Canadian press
dispatch said, "to suppose that Mr. de Champlain
made the tentative suggestion. At that time
$100,000,000 was mentioned—evidently a shot in
the dark." The value of Labrador was declared
problematical, and its mineral, pulp and power develment would mean the expenditure of vast sums Of
money, which would have to be found by private
capital. "Maintenance of Government services would
for many years to come be an annual liability rather
than an asset should Canada take it over," the report
added. "Then, again, there is the question as to
who would pay for it—possibly Quebec, to which
presumably the new territory would be annexed,
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1927.
1926.
1928.
1925.
1929.
Aug. 31.
Sept. 1.
Aug. 30.
Aug. 29.
Sept. 2.
£
a364,044,000 135,440,000 137,448,885 141,288,970 144,978,535
Circulation
20,518,000 19,228,000 22.148,776 15,731,775 12,664.797
Public deposits
94,130,977 95,303,000 93,200,320 108.580.583 116,780.630
Other deposits
Bankers' accounts 57,990,151
36,140,826
Other accounts
Governm't securities 73,276,855 29,141,000 58,446,999 38.056,779 39,646,555
26,018,431 43,443.000 41.638,510 70.568,095 70,767,495.
Other securities _
Disct. & advances 3,752,639
22,265,792
Securities
Reserve notes & coin 33,587,000 60,176,000 33,540,789 33,959,827 37,302,983
Coln and bullion_ 137,633,677 175,867,362 151,239,624 155,498,797 162,531,513
Proportion of reserve
29.08%
52.54%.
27.32%
29.29%
to liabilities
284%
4%
434%
5%
Bank rate
554%
414%
a On Nov.29 1928 the fiduciary currency was amalgamated with Bank of England
note Issues, adding at that time £234,199,000 to the amount of Bank of England
notes outstanding.
In its statement for the week ended Aug. 24, the
Bank of France shows an increase in gold holdings
of 327,578,583 francs raising the total of the item
to 38,803,740,570 francs, which compares with only
30,361,673,115 francs a year ago on Aug. 25 1928.
French commercial bills discounted expanded 834,000,000 francs, while credit balances abroad declined
16,000,000 francs. A decrease was shown in note
circulation of 338,000,000 francs, reducing the item
to 64,353,267,925 francs, which compares with
60,318,658,605 francs a year ago. An increase was
shown in bills bought abroad of 18,000,000 francs and
in creditor current accounts of 795,000,000 franes,
while advances against securities declined 72,000,000
francs. Below is furnished a comparison of the vari-
1338
FINANCIAL CHRONICLE
[VoL. 129.
Oils items of the Bank's return for the past two weeks needs got under way Tuesday,a nd the rate was increased from a renewal figure of 7% to a closing rate
as well as for the corresponding week last year:
of 9%, banks withdrawing about $20,000,000 in the
BANK OF FRANCES COMPARATIVE STATEMENT.
Status as o
Changes
period. The rate continued at 9% on all subsequent
Aug. 24 1929. Aug. 17 1929. Aug. 25 1928.
for Week.
Francs.
Francs.
Francs.
Francs.
transactions of the week, and supply and demand apGold holdings _ _ _Inc. 327,578.583 38.803,740,570 38.476,161.987 30,361,673,115
only further withdrawals
Credit halo' abed_Dec. 16,000.000 7.248,293,083 7,264,293,083 14,064,322,425 peared well balanced, as the
French commercial
by the banks took place Thursday, when about
bills discouated_Inc. 834,000,000 9,164.726.474 8,330.726,474 4,431,699,350
Gold movements through
Bills bought abr'd _Inc. 18,000,000 18,542.444,232 18.524,444,232 17,173,576,599 $15,000,000 was called.
Adv.agst.secure_ _Dec. 72,000.000 2,368.046,230 2,440,046,230 1,938,598,836
the Port of New York for the week ended Wednesday
Note circulation_ _Dec. 338,000,000 64.353,267.925 64.691,267.925 60,318,658,605
Cred. eurr. sects_ _Inc. 795,000,000 20.271,464,712 19,476,464,712 17,390.660,509 consisted of imports of $2,217,000 and exports of
$102,000. No change was reported in the stock of
. The Bank of Germany in its statement for the gold held earmarked for foreign account.
third week of August shows another increase in gold
and bullion, this time of 26,758,000 marks. This
Dealing in detail with the call loan rates on the
raises the total gold holdings to 2,177,022,000 marks, Stock Exchange from day to day, all loans on Monbut compares with 2,240,909,000 marks at the cor- day were at 7%, including renewals. On Tuesday
responding date last year. Reserve in foreign cur- the renewal charge was again 7%, but on new loans
rency rose during the week 9,552,000 marks, while there was an advance to 9%, and this latter rate
deposits abroad remained unchanged. Notes in cir- was maintained unchanged the rest of the week,
culation contracted 138,634,000 marks, reducing the all loans on Wednesday, Thursday and Friday being
total of the item to 4,153,109,000 marks, as against at that figure, including renewals. Time money
3,969,597,000 marks last year and 3,406,878,000 has continued inactive, though with some improvemarks two years ago. Silver and other coin increased ment towards the end of the week. Quotations have
7,960,000 marks and notes on other German banks remained unchanged from day to day at 8%@9%
4,499,000 marks. A decrease of 154.889,000 marks for all maturities from 30 days to six months. Little
was shown in bills of exchange and checks, of 7,890,- activity has been apparent in commercial paper.
000 marks in other daily maturing obligations and Rates for names of choice character maturing in
of 42,085,000 marks in advances, while investment four to six months remain nominally at 6@63.%,
continued unchanged. Other assets expanded 2,515,- while names less well known are 6Y @6%, with
.
4
000 marks and other liabilities 834,000 marks. A New England mill paper quoted at 63.%.
comparison of the various items for the past three
years is shown below:
The market for prime bankers' acceptances has
REICHSBANK'S COMPARATIVE STATEMENT.
continued quiet, with Offerings in excess of demand.
Changes for
Aug. 23 1929. Aug. 23 1928. Aug. 23 1927. Rates for the longer maturities were further advanced
Week.
Assets—
Retchsmarks. Retchsmarks. Reichsmarks.
Reichsmarks.
on Saturday last, both the bid and the asked prices
Gold and bullion
Inc. 26.758,000 2,177,022,000 2,240,909,000 1,831,235,000
85,636,000
149,788,000
66,543,000 for 150 and 180 day bills being raised an additional
Of which dopes. abed, Unchanged
Res've in for'n curr_ _ _Inc. 9,552,000 312,213,000 211,412,000 167,939,000
American AcBills ofexch. &checks.Dec. 154,889,000 2,042,533.000 1,972,311,000 2.092.555.000 4, of 1%. The posted rates of the
95.348,000 ceptance Council are now 53470 bid and 51 % asked
Silver and other coin,_Inc. 7,960,000 144,307.000 111,371,000
4
27,181,000
28.740,000
23,916,000
;Cotes on oth.Ger.blcs _Inc. 4,499,000
bills running 30 days, and also for 60 to 90 days;
27.136,000
43,685,000
24,957.000 for
Advances
Dec. 42,085.000
93,819,000
92,744.000
92,261,000
Investments
Unchanged
5%% bid and 534% asked for 120 days and 5/%
Other assets
Inc.
2,515,000 548,198,000 560,998,000 532,472,000
bid and 5% asked for 150 and 180 days. The
Notes in circulatioII- -Dec. 138,634,000 4.153,109,000 3,969,597.000 3.406,878,000
631,996.000 711,270,000 Acceptance Council no longer gives the rates for call
0th daily matur.obilg.Dee. 7,890.000 444,841,000
Other liabilities
Inc.
834.000 344,272,000 236.442.000 381,178.000
loans secured by acceptances, the rates varying
widely. Open market rates for acceptances have also
• Money rates in the New York market moved up- been advanced for the longer maturities and are as
Ward this week in response to the heavier demand below:
occasioned by the month-end settlements and the
SPOT DELIVERY,
currency needs of holiday makers. Call loan rates
—150 Days—
—180 DaYe—120 Days—
Bid. Asked,
Bid. Asked.
Bid. Asked.
reflected these influences and the exceptionally heavy Prime eligible bills
53
5M
534
534
634
65(
—60 Days—
—90 Days—
—30 Days—
additional demands for stock market accommodation
Bid. Asked.
Bid. Asked.
Bid. Asked
634
534
53
(
,
534
534
53i
by moving from 7% in the early sessions of the week Prime eligible bills
FOR DELIVERY WITHIN THIRTY DAYS.
to 9% in the later periods. Maturity funds were
member banks
5% bld
unchanged at 83 to 9%, for all dates. Although Eligible non-member banks
%
5% bid
Eligible
the end of August is not an important dividend and
interest payment date, more payments are being
There have been no changes this week in the redismade this year than ever before at this time owing to count rates of any of the Federal
Reserve banks.
the growing practice of corporations to diversify
The following is the schedule of rates now in effect
payment dates instead of concentrating them at for
the various classes of paper at the different
quarterly periods. Brokers' loans increased $132,Reserve banks:
000,000 for the week ended Wednesday in the stateRESERVE BANKS ON
ment of the Federal Reserve Bank of New York DISCOUNT RATES OF FEDERAL OF ELIGIBLE PAPER. ALL CLASSES
AND MATURITIES
based on reports of member banks, indicating further
Rate is
Date
Federal Reserve Bank.
Egeef on
Pretioue
heavy absorption of credit in stock market speculaduo. 30.
Established.
Rate.
tion. In view of the concurrence of all these require- Roston
July 19 1928
5
434
New York
Aug 9 1929
6
is
ments the increase in the call loan rate was regarded Philadelphia
5
JUI,v 26 1928
434
Aug. 1 1928
5
434
'
as moderate, even though the level reached is very Cleveland
July 13 1928
8
Richmond
454
July 14 1928
5
454
Atlanta
high when considered by itself. Demand loans were Chicago
July 11 1928
5
434
July 19 1928
8
434
7% all of Monday, with a tendency toward tightness St. Louis
5
454
Minneapolis
MAY 14 1929
Kansas city
5
434
May 6 1929
apparent as withdrawals by the banks aggregated Dallas
Mar. 2 1929
5
434
May 20 1929
414
Ban Francisco
5
about $15,000,000. Preparations for month.-enci`
AUG. 31 1929.1
FINANCIAL CHRONICLE
1339
sign in the
Sterling exchange is extremely dull. Rates this 867,362. Traders regard it as a favorable
limits, but a general sterling-situation that the loss-during the, week
week have been -within the narrowest
compgratively,
slight -fraction lower and close to the export point has been confined ::to thisby evidence;that.the
for gold from London to New York. Uncertainties amount. They are encauraged
The proportion of
arising out of the probable course of The Hague Con- banking position is improved.
.
deposit liabilities has riser' to
ference and the international credit situation are banking reserves to
27.7% on Aug. 21. A .further effoq
largely responsible for the extreme dullness -of the 29.29% from
indicated by an increase in
market. Traders are disinclined to take a technical to ease money rates is
Government securities to £73,276,855
position at present. Essentially the exchange situa- holdings of
Saturday the Bank of
tion is little different from what it was throughout against £71,046,855. On
York England sold £6,863 in gold bars and exported £2,009
the past few weeks. High money rates in New
the Bank bought £169,595
are the dominating adverse factor. The range for in sovereigns. On Tuesday
A
4.841 to 4.84 7-16 in gold bars and sold £169,526 in gold bars. On
sterling this week has.been from
sold £351,169 in gold bars.
for bankers' sight bills, compared with 4.84 5-16 to Wednesday the Bank
reported • that 050,000 of
4.843/ last week. The range for cable transfers has London bullion brokers
the Bank of England for
been from 4.84 21-32 to 4.84 13-16, compared with this gold was taken from
£70,000 for shipment to the
A
4.84% to 4.847 the previous week. What appears shipment to France and
that 00,000 taken in
to be a more satisfactory outcome of the Hague United States. It is believed
market was also destined for the
negotiations has resulted in a slightly better tone of Tuesday's open
the Bank of England
sterling exchange, although neither the quotations United States. On Thursday
in gold bars, exported £5,000 in 4
nor the volume of transactions in the market gave sold £526,481
in gold bars. On
signs of over-confidence in this one factor. That the sovereigns and bought £1,262
Friday the Bank of England sold £488,471 in gold
Bank of England continues to lose gold to Germany
sovereigns. The Bank
and France and might easily suffer losses of gold to bars and exported £2,000 in
received £200,000 in sovereigns from abroad.
the United States were there not tacit reluctance and
At the Port of New York the gold movement for
opposition to such imports here, makes the British
-Aug. 28, inclusive, as reported by
position so precarious that diplomats' findings at the week Aug. 22
The Hague have little effect. ,The seasonal pressure the Federal Reserve Bank of New York, consisted
against sterling has now fully set in and in the next of imports of $2,217,000, of which $1,950,000 came
few weeks tourist requirements will fall off rapidly, from Argentina and $267,000 chiefly from other.
while bills against commodity imports into England Latin American countries. Gold exports were $102,000 to Mexico. The Reserve Bank reported no change
will rise steadily in volume.
tabular
Unless an unexpected ease in money rates should in gold earmarked for foreign account. In
movement at the Port of New York for
develop on this side the foreign exchanges must be form the gold
strongly against Europe throughout the autumn. the week ended Aug. 28, as reported by the Federal.
However, London seems to be trusting that some Reserve Bank of New York, was as follows:
AT NEW YORK, AUG. 22-26,.INCLUSIVE.
miracle may happen, so that Bank of England gold GOLD MOVEMENT
Exports.
Imports.
$102,000 to Mexico
holdings may not suffer further great depletion. $1,950,000 from Argentina
267,000 chiefly from other Latin
There is undoubtedly a strong body of opinion on the
American countries.
other side urging that no advance be made in the $2,217,000 total.
$102,000 total.
Bank of England rate of discount and it seems
Net Change in Gold Earmarked for Foreign Account.
None.
probable that every measure will be resorted to
Canadian exchange is still at a discount.. On
before an advance is made in the rate. The London
Montreal funds were at a discount of
banks may be urged to call home some of their foreign Saturday
1%; on Monday at %; on Tuesday 25-32;
balances. The general opinion in London seems to 21-32 of
on Wednesday at %; on Thursday at 23-32 of 1%,
be that an advance in the Bank of England's rate
and on Friday at 11-16 of 1%.
• would not have the slightest influence in checking
Referring to day-to-day rates, sterling on Saturday
the outflow of gold to France, because the French
irregular in the ordinary dull half-day marbanks have real need for funds in their home market. last was
sight was 4.84 5-16@4.84 7-16 and
These French banks are consequently not interested ket. Bankers'
%
4.843 @4.84 13-16. On Monday the
cable transfers
in the question of rates and continue to draw on their
continued quiet. The range was 4.84 5-16
foreign balances so long as it suits their purpose to market
@4.84 7-16 for bankers' sight and 4.844@4.84 25-32
do so. Under such circumstances London opinion
for cable transfers. On Tuesday the market continhas it that the feeling has grown that a higher Bank
dull. Bankers' sight was 4.843.@4.84 7-16;
rate would merely penalize British trade and industry ued
cable transfers 4.84 23-32@4.84 13-16. On Wedneswithout improving the foreign exchange situation.
market showed a slightly better tone. Bank-.
French public and private balances in London and day the
was 4.843'@4.84 7-16 and cable transfers
New York are in very great volume. At other times, ers' sight
13-16. On Thursday the market conunder more normal conditions in the money market, 4.84%@4.84
dull and steady. The range was 4.843.@
a very considerable proportion of these balances tinued
for bankers' sight and 4.84%@4.84 13-16
would be invested in foreign securities, but for a long 4.84 7-16
transfers. On Friday the market was easier.'
for cable
time the French investors have shown a disinclina8@4.8.4% for bankers' sight and
and while this condition The range was 4.843/
tion toward foreign securities
21-32@4.84% for cable transfers. Closing quo-*
persists it is only reasonable to believe that they will 4.84
tations on Friday were 4.84 5-16 for demand and
draw down their balances in London and New York
4.84 11-16 for cable transfers. Commercial sight
from time to time in the form of gold.
1
bills finished at 4.84 3-16, sixty-day bills at 4.79%,
The Bank of England's weekly statement. shows a
ninety-day bills at 4.77, documents for payment (60
further reduction of bullion holdings of £568,327,
and seven-day grain bills at 4.83 7-16.
bringing the total to £137,633,677. This compares days) at 4.793.
1928 of C175,- Cotton and grain for payment closed at 4.84 3-16.
with total gold holdings on Aug. 30
1340
FINANCIAL CHRONICLE
[VOL. 129.
The Continental exchanges have been dull and on year, has decreased in the four subsequent months,
average fractionally lower than a week ago, but and it is thought that in the final result the import
transactions have been so light in volume that fluc- surplus will be about the same as last year. The
tuations in the rates have been of small moment. larger first half import excess is attributed to raw
French francs show little change from a week ago. material needs and the tariff. The increased raw
This week the Bank of France shows an increase in materials followed on industrial revival, increased
gokl holdings of 327,578,583 francs. One of the chief consumption, and protectionist tendencies abroad.
reasons ascribed for the recent weakness of sterling
The London check rate on Paris closed at 123.89
in Paris has been the strong demand for francs oc- on Friday of this week, against 123.87 on Friday of
casioned by scarcity of currency in Paris. This is last week. In New York sight bills on the French
largely the result of heavy balances being carried centre finished at 3.91%, against 3.91% on Friday
with the Bank of France by the French Treasury a week ago; cable transfers at 3.913 ,against 3.913
%
%
and the Caisse d'Amortissement. The current state- and commercial sight bills at 3.90 13-16, against
ment of the Bank shows, however, reduction of the 3.90 8. Antwerp belgas finished at 13.893 for
%
present balances totaling 426,000,000 francs. This checks and at 13.903/ for cable transfers, against
is only partly offset by an increase of 135,000,000 13.893/2 and 13.903 on Friday of last week. Final
francs in the account of the sinking fund commission quotations for Berlin marks were 23.793/ for checks
and is ascribed as a chief reason for the slightly easier and 23.8034 for cable transfers, in comparison with
tone recently apparent in French exchange. As 23.81 and 23.82 a week earlier. Italian lire closed
noted above, France continues to draw down gold at 5.22% for bankers' sight bills and at 5.2334 for
'
from London. Money rates in Paris are easier than cable transfers, as against 5.22% and 5.2334 on Friin any other centre. Nevertheless, French banks day of last week. Austrian schillings closed at
continue to repatriate their balances in London, al- 14.10 on Friday of this week, against 143 on Friday
though indications are not wanting that this drain of last week. Exchange on Czechoslovakia finished
will not continue to be as heavy as it was in recent at 2.963/, against 2.963/; on Bucharest at 0.5932
8
,
8
weeks. Experience has shown that purchases of gold against 0.5932, on Poland at 11.23, against 11.23,
in London for French account cease when sterling and on Finland at 2.52, against 2.52. Greek exreaches 123.85 at Paris. The British press continues change closed at 1.293/2 for checks and at 1.293 for
%
to reproach the Bank of France for permitting heavy cable transfers, against 1.293 and 1.
293/2.
drafts on London gold. It is admitted in Paris that
the French Bank did not intervene to encourage or to
The exchanges on the countries neutral during the
discourage the gold operation, for it had no option in war, like the leading Continentals, have been quiet,
the matter. The law of Aug. 7 1926, which author- governed largely by the day-to-day position of sterling
ized the Bank to regulate gold movements, was exchange. The Scandinavian currencies have been
abrogated by the law of June 25 1928, fixing the gold steady and continue to be in good demand in comvalue of the new franc. According to that law, the parison with what they were a few weeks ago. This is
Bank can circulate francs only by discounting drafts owing to active business in those countries, all of
through loans against securities or through gold pur- which are enjoying a larger share of tourist expendichases. The Bank is obliged to buy all gold offered tures than usual. This item of firmness is, however,
at the price of 15,267.17 francs per kilogramme, less soon to terminate as a seasonal matter. Spanish
stamp expense, whereby the seller receives 15,247.17. pesetas, contrary to the trend of most exchanges,
The Bank's present attitude, therefore, conforms to have been decidedly firm for several weeks owing to
the statute and to the normal operation of the gold the support of the foreign exchange committee at
standard. Paris bankers say that the reason Paris Madrid. Holland guilders continue to show weakness
draws on London rather than on New York is the because of the fact that Dutch lenders are sending
speed of transport, which makes the gold import funds to London, Berlin and New York, where they
point for sterling more readily obtainable than the can be more profitably employed than at home. In
dollar gold point.
addition, from now on exchange should be normally
The German mark has been at minimum demand against Amsterdam, as grain and cotton import bills
and quotations have shown on average little change accumulate.
from last week. The negotiations at The Hague
Bankers' sight on Amsterdam finished on Friday
have taken a turn which is favorable to the tone of at 40.043-i, against 40.043/ on Friday of last week;
2
mark exchange. As noted above, Berlin continues cable transfers at 40.063, against 40.063/; and com2
to draw gold from London. Money rates in Germany mercial sight bills at 40.01, against 40.01. Swiss
are firm and credit is in demand,factors which should francs closed at 19.233 for bankers' sight bills and
give firmness to mark exchange in New York, but at 19.243 for cable transfers, in comparison with
they are altogether offset by the high money rates 19.24 and 19.25 a week earlier. Copenhagen checks
and credit demand on this side, which has curtailed finished at 26.603/2 and cable transfers at 26.62,
to a marked degree the volume of German borrowing against 26.61 and 26.623/2. Checks on Sweden
here. At present Mark exchange has a notable share closed at 26.773/2 and cable transfers at 26.79, against
in tourist traffic, but from now on this factor of firm- 26 7
. 73/2 and 26.79, while checks on Norway 'finished
ness will gradually disappear and the period of at 26.613/2 and cable transfers at 26.62, against 26.62
seasonal pressure develop.
and 26.633/2. Spanish pesetas closed at 14.74 for
Italian lire have been relatively firm, owing largely checks and at 14.75 for cable transfers, which comto official support which always seems forthcoming pares with 14.71 and 14.72 a week earlier.
whenever the unit is inclined to sag. Money continues scarce in the Italian market and operations are
The South American exchanges show little change.
difficult owing to the gradual reduction of circulation. They have been quiet. Argentine pesos seem not to
Italian import surplus, according to Rome dispatches, reflect in any way the heavy gold shipments from
which increased 'during the first three months of the Buenos Aires in recent weeks to both New York and
Aro. 31'19291
FINANCIAL CHRONICLE
London.. This week the Federal Reserve Bank fo
New York reports an import of $1,950,000 gold coin
from Buenos Aires. This shipment came to the
Guaranty Trust Co. The continued labor troubles
and consequent business unrest are largely responsible for the weakness and dullness in Argentine exchange. Of course, all the South American exchanges
feel adversely the effects of the high money rates
in New York, which have resulted in the postponement at least of many American loans to these countries that might be expected to influence favorably
the demand for South American exchange. Argentine
paper pesos closed on Friday at 41.98 for checks, as
compared with 41.98 on Friday of last week, and at
42.03 for cable transfers, against 42.03. Brazilian
milreis finished at 11.86 for checks and at 11.89 for
cable transfers, against 11.86 and 11.89. Chilean
exchange closed at 12 1-16 for checks and at 123/i for
cable transfers, against 12.10 and 12.15, and Peru
at 3.98 for checks and at 3.99 for cable transfers,
against 3.98 and 3.99.
1341
Owing to a marked disinclination on the part of
two or three leading institutions among the New
York Clearing House banks to keep up compiling
the figures for us, we find ourselves obliged to discontinue the publication of the table we have been
giving for so many years showing the shipments and
receipts of currency to and from the interior.
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is also no longer
possible to show the effect of Government operations
in the Clearing House institutions. The Federal
Reserve Bank of New York was creditor at the Clear- •
ing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday,
Aug. 24.
Monday,
Aug. 26.
Tuesday, Wedneay, Thursday, Friday,
Aug. 27. Aug. 28. Aug. 29. Aug. 30.
Aggregate
for Week.
5
$
$
8
5
874.000,00
150.000,000 106.000.000 170.000,000 158,000,000 159.000,000 151,000.008 Cr.
foregoing heavy credits reflect the huge mass of checks which come
Note.
-The
to the New York Reserve Bank-from all parts of the country in the operation of
the Federal Reserve System's par collection scherre. Th&.e large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the items payable in New York City are represented
of
the daily balances. The large volume of checks on institutions located outside
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Dank for collection for the account of the local Clearing House banks.
The Far Eastern exchanges are largely unchanged
from the past few weeks. The Chinese quota-ijons
The following table indicates the amount of bulfluctuate strictly with the price of silver and seem not
lion in the principal European banks:
to have been influenced to any great extent by the
Aug. 30 1928.
Sito-Russian difficulties over Manchuria. Japanese
Aug. 29 1929.
Tot.'
Silver.
Gold.
Total. I
Siker.
yen have been dull but on the whole maintain most of Banks ofi Gold.
the ground attained a few weeks ago, when the GovI
.£
75,867,362
137.633.677 175,867,362
137,633,677
42,893,385
310,429,924 242,893,
ernment announced its plans for resuming the gold England__ 310.429,924 d
France a__
c994.600 08.758,750
c994,600 109,845,711 107.764,150
Gennany b 108,851,111
28.632,000 131,200,000 104,341.000 28,070,000 132,411,000
102,568.000
standard at the earliest possible date. This has re- Spain
53.261.000
55,t 93,000 53,261,000
55,793,000
Italy
newed confidence in Japanese business circles and is Netherrds. 36,931,000 1,754,000 38,685,000 36,245,000 1,955,000 38,200,000
22,983,000 1,250,000 24,233,000
Nat. Belg_ 28.928,000 1,270,000 30.198,000i
Switzeri'd.
responsible for the generally firmer tone of yen. Sweden__ 20,274,000 1,369,000 21,643.000 17,980,000 2,187,000 20,167,000
12,767,000
12,967,000 12,767,000
12,967.000
_
Closing qubtations for yen checks yesterday were Denmark.... 9,585,000 420,000 10,005,0001 10,100,000 606,000 10.706,000
8.166,000
8,153,0001 8,166.000
8,153,000
Norway
/
46.60@46%, against 46%@4678 on Friday of last Total week 832,113,712 34,439,600 866,553,312 792,367,897 35,062,6007,430,497
week. Hongkong closed at 48 3-16@48%, against Prey. week 829,140,500 34,552,600863,693,100 791,113,455 35,074.6001825,188.055
new
gold holdings of the Bank of France as reported in
48 3-16@483; Shanghai at 57%@57 15-16, against Of a These are theGold holdings of the Bank of Germany are exclusivethe gold form
held
of
statement. b
which the present year is £7,489,400. c As of Oct. 7 1924.
amount of
8
58@583/; Manila at 49%, against 499.; Singapore at abroad, thenow reported at only a trifling sum.
it Silver Is
/,
56/@56q against 56%@563'; Bombay • at 363-i,
agains1,36 3-16, and Calcutta at 36,against 363-16.
The Reparations Compromise at The Hague.
While the conference at The Hague has not yet
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACTS OF 1922
approved the Young Plan as a whole, and a number
AUG. 21 TO AUG. 30 1929, INCLUSIVE.
of important matters still remain to be discussed,
Noon 8'111010 Rate for Cable Transfers to New York
there will be general gratification that on some of
Value in United States .if°neg.
Country and Monetary
Unit.
Aug. 24. Aug. 26. Aug. 27. Aug. 28. Aug. 29. .4ug. 31
the issues that have been acutely in controversy an
EUROPE$
8
I
11
8
$
agreement has been reached. All things considered,
Austria, ecbilling_.... .140855 .140769 .140748 .140790 .140823 .14070
.138997 .139001 .139008 .139011 .13839
Belgium, belga
the proceedings of the conference have not been very
Blligarla, ley
.007220 .007207 .007207 .007222 .007220 .00721
Czechoslovakia, krone .029596 .029596 .029598 .029602 .029603 .02950
impresi ive. The efforts of the French, Belgian,
Denmark. krone
.266173 .266169 .266168 .266173 .206173 .266159
England. pound sterItalian and Japanese delegates to meet the British
4.817573 1.817589 4.847227 4.847870 4.847380 4.847008
ling
Finland, markka
.025145 .025151 .025152 .025150 .025153 .02515
demands put forward by Phillip Snowden, the Brit.039133 .039130 .039135 .039134 .039137 .039127
France, ham
Germany, reichsmark .238110 .238100 .238108 .238120 .238116 .236055
ish Chancellor of the Exchequer, resulted in a hagGreece, drachma
.012917 .012917 .01291/ .012916 .012919 .012913
Holland. guilder
.400627 .400687 .400757 .400642 .100677 .400652
gling over terms in which the Powers that obviously
Hungary. Peluso
.174392 .174338 .174388 .174407 .174423 .17135
Italy, lira
.052297 .052288 .052285 .052291 .052299 .032208
had to concede something struggled to yield as little
Norway. krone
.266261 .266257 .266254 .266251 .288260 .266226
Poland, sioty
.112065 .112085 .112094 .112105 .112087 .111987
as possible, at the same time that neither side
Portugal, escudo
.041800 .044820 .044820 .044800 .044800 .08480
Rumania len
.005943 .005940 .005938 .005940 .005916 .005947
seemed able to agree with the other as to precisely
Spain, Peseta
.147100 .147075 .147055 .147075 .147114 .147265
Sweden. krona
267825 .267822 .267830 .267835 .267823 .267826
Switzerland. franc... .192 inG .192474 .192477 .192465 .192455 .192428
what the proffered ternic involved. Germany, meanYugoslavia, diner-------560 .017550 .017554 .017561 .017562 .10755
ASIAtime, at whose expeni e some, at least, of the concesChinaChefoo tool
.598750 .600000 .600000 .6001'00 .599583 .599166
sions that were de_manded .would apparently have to
Hankow tool
.592500 .592968 .592656 .592988 .592988 .5917t8
Shanghai, tael
.576964 .577767 .577707 .5/7589 .577053 .576517
be made, was left to watch the proceedings from the
Tientsin tool
.609166 .608541 .608541 .608541 .608541 .608125
Hong Kong dollar
.480625 .480482 .480803 .480714 .480714 .480535
sidelines, although it used the interval to obtain
Mexican dollar._ .114166 .414166 .414583 .414166 .414166 .412916
Tientsin or Peiyang
from the British and the Belgians an undertaking
.417083 .417083 .417083 .417500 .417083 .41625
dollar
.413750 .413750 .413750 .414166 .413750 .412916
Yuan dollar
to begin at once the withdrawal of their troops from
.360210 .360196 .360210 .360367 .360339 .360353
India. rupee
.466840 .466356 .466084 .466359 .465828 .46.5943
Japan, yen
the Rhineland. When, on Wednesday, a financial
.558583 .558583 .558583 .55816
Bingapore(S. S.) dollar .338383 .
NORTH AMER.compromise was at last reached by the creditor Powdollar
.993186 .993055 .992061 .992565 .992767 .992767
Cana8a.
.999485 .999625 .999654 .999823 .999625 .999452
Cuba. Peso
4
ers, it was only by juggling the term; of the Young
485625 .484800 .485537 .485425 .485100 . 85662
Mexico, peso
Newfoundland, dollar .990390 .990375 .989235 .990061 .990062 .990003
Plan in a manner that left it uncertain how much
BOU7'11 AMER.-I
Argentina, peso (gold) .953795 .953850 .953558 .953459 .953564 .953517
1 118643 .118661 .118650 .118606 .118631 .118625
either side had conceded or gained, and leaving open
Brasil, inlirels
I .120398 .120607 .120604 .120501 .120497 .12042
Chile, Peso
.984044 .983804 .983104 .983505 .983322 .9833c 4
the question whether Germany would acquiesce and
Uruguay. latsu
963900 Miser
982900 .963900 .963900
963900
CUllnmblu Dean
allow the compromise to take effect.
1342
FINANCIAL CHRONICLE
[Voch,12D.
On its face, the compromise agreement appears equitable treatment of Great Britain in the reparato have granted a very substantial part of the tions settlement, or to a realization that the Young
British financial demands. The cabled accounts of Plan,in its allocation of the annuities, had impaired
the agreement contain some contradictions, but as some obligation attaching to the Spa percentages, or
reported by the correspondent of the New York to a general feeling that a breakdown of the negotia"Times" it was agreed, subject to the consent of tions might have serious political consequences for
Germany, that Great Britain should receive from Europe, and financial consequences as well, we do
the other creditor Powers 40,000,000 marks an- not yet know. It is plain that the Young Plan came
nually, or 8,000,000 marks less than Mr. Snowden in for some rough handling, and that at a number
originally asked for. Of this amount, according to of points it showed itself rather easily open to atanother report, 36,000,000 marks is to be uncondi- tack. It had been increasingly evident, too, after
tionally guaranteed by the Powers from the annui- the violent reaction of the first few days, that
ties allocated to them by the Young Plan, while the the MacDonald Government and British public
remaining 4,000,000 marks are represented by the opinion tood solidly behind the British Chancellor
interest which will be saved by making the German of the Exchequer in his demands; and Europe Is
payments semi-annual, on June 15 and Dec. 15, in not yet ready to go on without Great Britain. Dr.
advance, instead of monthly as heretofore. Of the Stresemann's argument that Germany stood by the
unconditional annuities, Great Britain will receive Young Plan and expected to see it adopted, that the
92,000,000 marks in place of the negligible amount budget plans had been made with that expectation,
provided by the Young Plan. Precisely how the and that a serious political situation, with perhaps
financial stipulations of the Young Plan are to be the overthrow of the Government, might develop if
manipulated so as to support this arrangement is the Plan were rejected, seems to have carried a good
not stated, nor is it clear whether, under the com- deal of weight with the delegates. The provisional
promise, the total German payments are to be in- agreements with Great Britain and Belgium for
creased .or are to remain as the Young committee the prompt evacuation of the Rhineland by their
scheduled them. In addition to these direct finan- troops, the scheduled meeting of the League of Nacial payments, the Italian State Railways are to tions next week which a number of the leading
purchase from Great Britain 1,000,000 tons of coal delegates at The Hague expected to attend, and the
annually "at the best British export market price," grave conditions which suddenly developed in Palesand some obligation seems to have been laid upon tine, were doubtless also among the influences which
the Bank for International Settlements to adminis- hastened an agreement.
ter the reparation payments in kind in such a way
An agreement on paper, on the other hand, is
as not to injure British trade.
not always the same thing as an agreement in fact.
For a time it looked as if this compromise, reached The Young Plan is still a long way from being
after a session of the principal conferees which was adopted, and the date when it may go into effect,
prolonged nearly all night, would fail because of in case its adoption is achieved, is still a considerGerman opposition. Dr. Stresemann, the German able distance off. The dispatches from The Hague
Foreign Minister, who has insisted all along that do not make clear whether the agreement that has
Germany was ready to accept the Young Plan with- been reached disposes of all of Mr. Snowden's obout change, objected strongly to the compromise jections to the continuance of deliveries in kind, and
agreement unless it were accompanied by an agree- the full and exact nature of his objections to the
ment for the speedy evacuation of the Rhineland, Bank has not yet been made known. It is reported
and demanded that Germany should be relieved from that the Bank plan and other details of the report •
paying the costs of military occupation after Sept. will be turned over to commissions for study while
1. Other points to which German assent was neces- the League is in session, but the findings of
the comsary included the disposition of the Dawes Plan micsions will probably necessitate another meeting
surplus and the new allocation of the unconditional of the conference before they can be given finality.
annuities. The Dawes Plan surplus, amounting to In view of the character of the Mussolini Governabout 300,000,000 marks, represents the difference ment, it may be assumed that the Italian delegation
between the higher payments under the Dawes Plan at The Hague would not have entered into any agreeand the lower payments under the Young Plan for ment about coal purchases or any
other matters
the past five months, but the amount chargeable to without Mussolini's approval, and the MacDonald
costs of occupation, depending upon the length of Government, if it shall continue to win
the concesthe occupation period, appears to have been esti- sions which it wants, will have nothing
to do but
mated at about 70,000,000 marks. These financial to approve the modified Plan. The agreements that
difficulties, whatever their precise nature, were re- have just been entered into, however, will require
ported on Thursday to have been ironed out and the the ratification of the German and
French Parliafinal date for evacuation fixed. M. Briand's scheme ments. The opposition which has
been voiced by
of a special demilitarized zone on the Rhine, in part the German Nationalists is
perhaps not formidable,
under Allied control, was dropped, and it was agreed although any material increase in
the amounts
that evacuation should be completed within eight which Germany has to pay might
precipitate a parmonths after the ratification of the Young Plan by liamentary battle and solidify
opposition to the
France and Germany, and in any case by June 30 present Government. The French
situation is more
1930. As a part of this latter agreement, the British uncertain. An influential
section of the French
and Belgian evacuation was deferred, and the troops press has been outspoken in
its criticism of the
of those Powers and of France will continue the Young Plan, and the financial
concessions which
occupation until the general withdrawal can be France will be called upon to
make have been rebegun.
ceived with ill grace by the French public. M.
How far the compromise was due to Mr. Snow- Briand, accordingly, may find his
diplomatic powers
den's stubborn insistence upon what he regarded as once more tried when he faces
Parliament with the
Aug. 31 1929.]
FINANCIAL CHRONICLE
1343
operative organizations with their helpful marketing arrangements." Mr. B. F. Yoakum, President
of the Empire Bond and Mortgage Company of New
York said: "No elaborate machinery is required,
only two major agencies—the Federal Farm Board
and, for each standard farm product, a commodity
marketing board." . . . "Farmers organized
under two simple amendments to the farm law,
enabling them to meet this condition, which will
be a growing menace to their business if allowed
to proceed unchallenged, is the only remedy. They
of Farm Products.
Surplus and Scarcity
should have authority for: (1) control of producA few weeks ago, and before the Federal Farm tion, so as to prevent unwieldy surpluses; (2) conBoard had- aided a single existent agricultural co- trol of distribution and marketing through comoperative marketing as:ociation, or loaned a dollar, modity marketing boards.for each standard product,
or even formulated a policy, the price of wheat ad- without cost to any other commodity or cost to the
.
vanced forty to fifty cents a bushel. The cause is Government except an initial loan for organization
everywhere admitted to be a short crop in Canada expenses, including educational work."
Are we to augur from this ostensibly non-political
and in the American Northwest. This price, owing
Farm
to attendant speculation, is unsteady, but bids fair discussion a prospective failure of the great
amendments before the
to hold a substantial part of the advance during the Relief Act? Why talk of
so at
period of the disposal of the present crop. As a law is really in effect? Why propose plans
as it stands? In practice,
result of price, lowered freights on immediate ship- variance with the law
ments, and the disposal of a holdover surplus, a rushing an old surplus to market and selling a
huge volume of the product is in transit to ware- scarcity at a high price, at the same time, is conhousing and foreign shipment points, heavily taxing trary to any and all plans proposed. And does it
the facilities of the railroads and exerting reaction- uot demonstrate the hopelessness of any Governary influences on prices. In this emergency it has mental law to meet the exigencies that from time to
been given out that the Farm Board tentatively time occur in agricultufe? Senator Connally is
favors the holding of wheat by the farmers. This, probably right in asserting that there is never a
however, at most, is the promulgation of an opinion world-surplus of wheat. Somewhere on this round
and has nothing to do with the yet-to-be-created ball of ours people are starving for the want of food.
machinery of the law. So that we witness almost If not for bread in Ohina, to-day, then for want of
at once upon, and despite, the passage of the Act rice cakes. The idea of controlling a surplus in one
of "relief," the operation of the old law of supply country, if it is possible, is repugnant to the welfare
and demand, and the freedom of the individual of peoples that may have a scarcity. And price,
farmer to take advantage of opportunities that seem though temporarily enhanced at the source in a
limited territory, is in time levelled by the flow of
to favor his own interests.
the relief of the exchange over the seas and the earth. Too much
The politically-begotten law for
farmer is not yet out of the woods. It is still the wheat and wheat farmers are in the public mind.
subject of discussion and speculation. And there is In this the Yoakum proposal of "commodity marketan insinuation in some quarters that the hue and ing boards," though promising possibly too much,
cry of the pre-election talk that eventuated in the is in the right direction. Prices of farm products
Federal Farm Board and the five hundred million act and react on each other. Live stock for beef
dollar appropriation has resulted in nothing more depends largely on the quantity and price of corn.
direct than "helping the farmer to help himself." Confining the flow of our product affects all prodOn August 9th, at the Institute of Public Affairs at ucts. Why not consider an easier flow through a
the University of Virginia three "widely differing" freer trade?
plans were offered to overcome what is charged as
Surplus and ccarcity under any law, natural or
present ineffectuality of the new farm law." artificial, is an individual as well as a collective
"the
Senator Connally advocated the debenture plan problem. The farmer, whose small farm is best
which was adopted by the Senate and rejected by adapted to wheat, who enters into an association
the House and lost in conference. A report says: aimed at the eradication of a country's surplus, is
"Our problem, Senator Connally said, is to get the simply committing suicide. The single farmer who
products of one land to the people of other lands. refuses to market his own crop when the "price is
He did not believe that in the economy of things right," for any reason, is standing in his own light,
there had ever been or ever would be a true world and the nation, or people, that will not produce a
surplus. Farm relief to be real must give the Amer- surplus, because it may, forsooth, lower price,
ican farmer economic equality with other indus- disregarding the human needs of the world. Why
tries." . . . "If we are to protect manufacturers talk of unity and universal prosperity and refuse to
from paupers abroad,it is unjust by the same process contribute anything to make other peoples healthto create paupers at home." Senator Walsh of ful, happy and contented? A surplus is always and
Massachusetts said: "Something Should be done to everywhere needed to counterbalance a possible
help American agriculture. We are all agreed about scarcity. For the lean years inevitably follow the
that. But manipulating the tariff so as to fool the fat ones. Nature must have rest. No law was ever
farmer is not the way to do. The correction of the enacted that could supersede the natural law.
enormous waste of distribution—the handling and Political promises are a poor dependence against
trading aspects of distribution, is one of the things storms, insects, weeds. In Egypt, prolific, fertile,
to do. And the farmer is already manfully and the surplus of the fat years was stored up against
sensibly largely doing for himself through his co- the lean, and regardless of price.
modified Young Plan as a vital part of the ministerial program.
Nevertheless, the outlook is distinctly more hopeful. Mr. Snowden's victory has been attained at the
cost of considerable strain in the entente cordiale,
but some serious difficulties have, nevertheless, been
surmounted. We shall have the Young Plan with
us for some months yet, but the remainder of its
course seems easier now that some acute differences
have been adjusted.
1344
FINANCIAL CHRONICLE
[VoL. 129.
Price is only an index, a measuring stick. The ation he becomes the tool of those who, by manipuimportant thing is the surplus itself. The essential lating the total 8iiiplus, can artificially create a
object of all life is to produce a surplus, that prog- scarcity, of which he himself becomes the prey as
ress, another name for true prosperity, may con- well as the beneficiary.
tinue. But a surplus always diminishes, while a
scarcity never increases. In all this talk about
equalization it must be recognized that the surplus
The Rejuvenation of the Erie RR.
in agriculture is limited by the year's possible outThe Van Sweringen interests took over active
put, while, with the machine, in manufacture the
making of a surplus is continuous and practically management of the Erie on January 1 1927. They
unlimited. The product of each buys the other. have now had charge two and a half years. The
But when the crop is sold, exchanged, for the manu- first twelve months was a period of revision and
factured article, the one can be replenished without reorganization. Mr. Bernet, the President, brought
regard to time; the other cannot. Talk of limitation with him from the Nickel Plate some of the men who
of agricultural output.for any reason, therefore, is had produced results there. The regional plan of
organization under Vice-Presidents was abolished
an economic wrong.
Manufacture of articles and appliances, utensils and the former plan of a single organization reand machines never knows an equivalent to a bread established. A comprehensive program of scrapping
line. One of the patent follies of this extended dis- obsolete rolling stock was set up. An early objective
cussion over the "plight" of the farmer is talk of was the reduction of the locomotive costs for fuel
increasing the consumption of wheat or bread in his and repairs, the freight car repair costs, and certain
interest. When the normal consumption is satis- overhead and train service wages costs, by revised
fied, the rest is waste. Let the farmer market as methods. Many burdensome contracts were abrohe will or can, by association or individually, but gated. The stock of material and supplies was
do not ask him to limit acreage or production, to his reduced. A heavy charge for old coal previously
own undoing. If he has no surplus, what is he to accumulated at high prices in anticipation of a
exchange for the ever-multiplying products of the. strike was absorbed in current expenses.
In 1927, 367 steam locomotives, 249 coaches, 7,298
factory?
The fact is that manufacture is protected by an freight cars were scrapped. The heavy charges inartificial price, the result of tariff. Under such a volved in this scrapping, together with certain large
system there can be no equability of exchange be- delayed accounting items for depreciation were cartween agriculture and manufacture. But if this ried to profit and loss account, by special authorizacould be removed there would still be inequality, tion of the Inter-State Commerce Commission. The
though it would tend to diminish through the level- amount thus absorbed was $12,417,748. The formula
ling of prices. Wages, through the influence of for depreciation of equipment was revised to a
unions of technical workers, work to the disadvan- heavier current charge. In addition, certain detage of the farmer. In a word, there are so many ferred items of expense were written off in 1927—
interferences with free exchange that price favors through income account up to the amount of $2,manufacture. To work on one factor and ignore 100,000.
the other is to stumble along and forever prevent a
Very shortly after the new interests took charge
there was accomplished a large financing which
solution.
Normally, scarcity increases price; but nature greatly changed the face of affairs. So low had been
works for a surplus. The factory, when glutted by the credit of Erie that for full two decades no
mass-production, can shut down. But the farm that considerable financing,save for emergency purposes,
lies fallow, though. the soil is enriched, grows to had been possible. Capital requirements in this
weeds, and must be made over for tillage. You can period were almost altogether provided out of suroil the machinery, rub off the rust, light the fires, plus earnings. From 1907 to 1926 the net investand set the factory going, regardless of time and ment in road and equipment was increased $148,place; not so with the farm. And if limitation is 000,000, while the increase in funded debt, excluding
to be the salvation of the agriculturist, let it first be equipments trusts, was less than $36,000,000.
applied to the manufacturer. But here again we Therefore, when in May 1927 there was effected a
are confronted with the abnormal. For we can not sale of $50,000,000 of its 5% bonds on a 5.30 basis,
escape the principle that the creation of a surplus the whole Erie situation took on new aspect. Some
is the guaranty of life and prosperity. Applying $33,000,000 of the proceeds of this issue were used
huge consolidated,labor-saving machines to produc- for retiring high interest bearing short term and
tion on the farm is beneficial, but not wholly satis- floating debt obligations. There was left about
factory, since the small farm, as lately shown in this $14,000,000 cash to further the expansion program.
voluminous discussion, is the normal unit in agri- In addition to this new financing there was a shift
culture, in. that it best allows for intelligence and in the capital structure by conversion of $19,317,400
efficiency in management, through personal appli- convertible bonds for which common stock was
cation buttresced upon experience. Further than exchanged on the basis of two for one, thus effecting
this, when the mechanical farmer displaces the "dirt a considerable reduction in fixed charges.
farmer" the rugged citizenship produced by this
The changes in the balance sheet in the years 1927,
division of human work must deteriorate and the 1928 are indicated below, which cover the period
State will correspondingly suffer. When the indi- of the new management:
vidual farmer on the unit farm can house his own
Application.
Source.
surplus, he is the more independent of price and, ,Road and equipment and Improvem'ts leased lines Dec. Assets. Inc. Assets.
$13,335,351
can become his own marketing association, relying Miscellaneous physical property
427,231
175,384
on the protection of his own granary against the Investments
Cash
4,253,808
Materials and supplies
$4,346,947
viciscitudes of price. Merged in a marketing associ- Miscellaneous receivables
2,309,951
Inc. ',Jab.
Dec. Liab.
$38,634,800
Capital stock (common)
800,231
Government grants
Long term debts
11,833,427
Short term debt
$10,000,000
Current liabilities
5,708,478
217,099
Deferred liabilities
7,255,182
Depreciation
827,704
Miscellaneous unadjusted credits
Additions to property and retirement of funded
330,283
debt through surplus and income
2,593,620
Sinking fund reserves
29,958,524
Profit and loss (credit balance)
$66,509,010 $66,509,010
The current assets and liabilities position has been
improved. Floating debt and current liabilities
have been reduced nearly $16,000,000; cash and current receivables have been increased $6,000,000. For
the first time in many years Erie is freed from the
harassment of floating debt.
Under circumstances of such radical and farreaching changes which were further complicated by
a temporary recession of earnings, the year 1927
could hardly serve for a test of the new policies.
But by 1928 many of the reorganizations had been
carried through and anticipated savings had been
realized. Setting the twelve months of 1928 against
the average of the three years next preceding, the
operations compare as below:
Operating revenue
Operating expenses
Net revenue
Taxes and U-c
Average
1928.
1924-7.
Increase.
$124,976,542 $121,037,937 $3,938,605
95,362,966 96,065,602
Decrease.
$702,636
In the above comparison Erie showed an increase
of about $1,000,000 in surplus for the year 1928.
When we come to analyze this net figure we find
the Erie had a better gross revenue by nearly
$4,000,000, and by reduction of $700,000 in expenses
it produced nearly $4,700,000 better net income.
But it lost all but $1,000,000 of this:
Loss by increase in taxes
Loss by increase in hire of equipment
Loss by decrease, non-operating income
$3.06,000
1,748,000
1,575,000
$3.629,000
In the direct operation of the railway, the management shows very satisfactory results, except in
the heavy increase of the hire of equipment charge.
The decrease in non-operating income, however,
points to the weak place in the company's stability
over a period of years. This non-operating income
in 1926 constituted 26% of the gross income and
68% of the net income of that year. The principal
source of this non-operating income is the dividends
from the coal companies whose stock the Erie owns.
The item of "dividends received" in' the last seven
years has fluctuated as below:
$11.095,000 1926
6,027,000 1927
7,002,000 1928
3,177,000
$5,913,000
4,200,000
3,200,000
In past years the coal properties contributed liberally to Erie's gross income, but this yield has
dwindled in recent years. Unless and until the coal
mining industry "comes back," Erie must increasingly sustain itself as a railway. Furthermore,
anticipating very possible changes in the art of
power production and distribution which may happen in the course of the next one or two decades,
it is not reassuring that 20% to 25% of Erie's grossrevenue is derived from its business as a coal carrier.
Unquestionably Erie's management is fully alert to
these conditions. To this its intensive drive to perfect the railway as a railway bears witness. In the
competition for current business, Erie seems to be
holding its place. When the traffic of other trunk
lines in 1927 suffered a recession of 2 to 4%, Erie's
decline was but 1%. In 1928 this gross revenue was
restored to about the level of 1926, or something
over 3% of the average of the three years next preceding 1927. In 1929 the upward swing continues.
In the first six months of this year the increase in
gross revenue is some $4,000,000, or over 6%, compared with the same months of 1928.
Special effort is now being made to promote new
industries. In Northern New Jersey there is a zone
of some forty miles westwardly from the Hudson •
where the growth is marked and the possibilities
indicated yet more promising. In this district in
the past five years the influx of new industrial
plants along the lines of the Erie is said to be five
times as great as in the previous five years. Buffalo
is another district of large promise.
Erie is quite the smallest of the four great systems
from New York westwardly to Chicago. In the three
years 1914-16 the tonnage handled by these lines
•
was distributed as below:
Erie
New York Central
$29,613,576 $24,972,335 $4,641,241
5,080,305
4,774,184
306,121
Gross ry. oper. Inc.._ $24,533,271 $20,198,151 $4,335,120
Less—
Hire of equipment
$4,498,063 $2,649,635 $1,848,428
Joint facilities
Cr.11,951
Cr.3,323 Cr.8,628
Net ry. oper.income $20,047,159 $17,551,839 $2,595,320
Non-operating income._
4,675,280
6,250,731
$1,575,451
Gross income
$24,722,439 $23,802.570 $919,869
Deductions from income 14,719,555 14.987,794
268,239
Net income
$10,002,884 $8,814,776 $1,188,108
Applied to sinking fund_
1,388,092
1,251,359
136,733
Surplus
$8,614,792 $7,563,417 $1,051,375
1922
1923
1924
1925
1345
FINANCIAL CHRONICLE
AUG. 31 1929.]
I iaOhlo
r
4
2 :P
9 ol=ii nt
47.2%
18.5%
But Erie is maintaining itself. In fact, it has
slightly bettered its relative position, its present
proportion being something over 10%.
In 1928 Erie's net income was $10,000,000. If
the increase in the first half of 1929 is maintained
in the latter half of the year the net income for 1929
will reach $14,000,000. This is $7.84 per share of
common stock. Erie has for now many years been
laying the foundations for larger operations. The
line from New York to Chicago is all double tracked
(except for a short throat of five miles); it is automatic block signalled throughout; 70% of the rail is
100 pound steel, 27% 110 pound, and the company is
now equipping some of the track with 130 pound
steel; 81% of the line is "hard ballasted" (i.e., rock
or hard slag). Bridges have been made ready for
heavy power. The former neck of the bottle at the
Eastern terminus, through the Bergen hill at Jersey
City, no longer exists. Six main line tracks there
reach the water front over the Erie and two over the
New York, Susquehanna and Western, which is
operated as one with the Erie. Thirty per cent. of
the old locomotives were scrapped in 1927 and 82
new locomotives substituted. In 1928 36 more new
locomotives were placed in operation. In 1929, 35
new locomotives have gone into service. Compared
with the old power, the new locomotives that are in
road freight service haul 17% greater load, at 34%
increase in speed, and burn 32% less coal, so great
has been the advance in locomotive design.
Yards and passing sidings are being rapidly
standardized to the requirements of the 120- to 140car freight train. The entire shop situation has been
revised and shop equipment modernized.
At the New Jersey water front there was completed in 1927 an enormous fireproof double deck
pier one quarter of a mile long with every modern
facility.
The bettered facilities and improved methods are
sharply reflected in operating results as _indicated
by the table below. Some of these are extraordinary, as for instance the net tons per train and
the freight car miles per car day:
1346
FINANCIAL CHRONICLE
1927.
1928.
1926.
1925.
1924.
Gross tons per train (excl. loco.
2,296
2.534
2,211
2,189
2,133
and tender) _
1.041
956
931
911
919
Net tons per train(incl.co.mat'l)
24.4
25.2
25.4
24.8
25.8
Net tons per loaded car
62.9
62.9
65.2
65.4
66.4
Per cent loaded car miles to total
Gross ton miles per train hour
26,854
31,566
25,483
24,844
24,239
(excl. loco. and tender)
11,348
12,989
11,125
10,777
10,853
Net ton miles per train hour_._ _
563
618
572
510
547
Net ton miles per car day
34.4
39.6*
33.4
30.3
30.9
Freight car miles per day
Per cent unserviceable locomo21.3
23.9
16.6
13.5
13.8
tives to total locomotives__Per cent unserviceable freight
0.4
4.7
7.5
7.3
6.6
cars to total on line
Pounds of coal consumed per
1,000 gross ton miles (incl.
120
129
128
128
133
loco. and tender)
66.6
63.0
59.4
51.7
50.6
Miles per locomotive day
Revenue ton miles per mile of
4 244.176 4,072,329 4,486.196 4,384,332 4,535,012
line per year
• For first six months 1929 the figure is 40.9.
Erie results are demonstrating that for the time
being a considerable part of any increase in gross
revenue can be passed over to net income. Thus in
1928 the road produced $3,000,000 more gross revenue than in 1927, and actually reduced expenses
$1,000,000. In the first six months of 1929, with
an increase of $4,300,000 in gross over 1928, the
added cost of handling the business was but $300,000,
or about 7% of the added revenue. The effect upon
the general "operating ratio" is pronounced. Thus:
Operating ratio, average
Operating ratio
Operating ratio
Iperating ratio
1924-6
85.32
81.96
1927
1928
76.30
1929(8mos.) 75.55
The productivity of the added dollar applied to
additions and betterments seems to be well understood by the management. Their gross expenditures
for this account were: 1927,$18,458,000; 1928, $16,653,000. The additions and betterments budget for
the current year is about $27,000,000.
The road is not confronted with any large and
pressing non-productive betterments. Grade ceparation problems at highway crossings and terminals
it has in common with all railways in its territory,
but the work Can be spread over several years. It
is understood no electrification outlay is at present
contemplated. Existing facilities can handle an
increase of 25% of business.
The decline in non-operating income during the
past seven years would seem to have reached its
limit for the present. Non-operating income will
hardly fall below the present figure of $2,000,000 to
$3,000,000. Advances in the art of power production and distribution may some time cut into the
railway business of hauling coal for power purposes,
but thee results are not of the immediate future.
If Erie can maintain its present grors revenue
and Continue to 'secure the savings in expense by
bettered•facilities and modernized methods it is not
unreasonable to expect that with a rehabilitated
credit the road will at a not very remote date be
in position to finance its continued betterment program. from security issues. This would release to
the corinnon stockholder some part of the approxim a tely $8 now being earned on his stock.
Reparations and Settlements As the Consequences of War.
Though a Reparations Settlement appears now to
be definitely in sight, and the world rejoices thereat,
we may be sure the subject will reappear for discussion, at perhaps long periods, until the colossal
War debts are paid or cancelled. 'Whatever is dope
rests upon the judgment of a few men, representative
in character, but in large part free, as financial
experts. And this fact should give us pause, and
teach us one of the most important lessons making
for peace. Governments made and fashioned the
World War. The peoples, behind and under these
Governments, fought out the tremendous conflict;
[Vou 129.
they had, as peoples, little direct voice in the
treaties; and must toil to pay the debts incurred.
Other peoples, other representative men, are seeking
to settle the reparations and the debts. Unborn
generations are being bound by the edicts that are
now in process of formation. It is an inextricable
muddle,a painful problem, a cause of future slavery,
an exemplification of the horrible evil of war. The
living are impoverished, the dead return not, the
provocations to conflict linger on. Those who make
war never settle its consequences. Governments, of
whatever form, become infinitely powerful over the
individual in war. In peace, and in payment, they
fall back on the people as collective individuals.
Thus they start something they cannot finish. Governments are autocratic, peoples are democratic;
and both in finality reduce to the opinions of a few
men.
There is no annulment of the consequences of war,
but there is always the seeds of more war. When
war is declared by a Government, imperial or democratic, human destiny is changed, and no one can
foresee the end. Should peoples pause long, hesitate
long,think long, before engaging in wars that cannot
be measured in duration or estimated in damages?
There is but one answer. Should peoples give over
to political representatives or to monarchical rulers
the right to declare war, without first submitting the
question to the judgment of individuals? There is
the same answer. Should peoples give into a few
hands the settlement of consequences? There is the
same answer,though it does not seem so clear. And
because it is not clear, it should draw the lesson of
peace. Look at conditions to-day! When the Great
War closed there were a few in each country who
were for cancelling all the debts and wiping the
slate clean, but only a few. The Treaty of Versailles
laid insuperable burdens upon the vanquished. No
such a treaty was ever forced upon a defeated people
before. Time isoftened its asperities. A calmer
judgment ensued. The impossible gave way to what
was deemed the possible. A few men shaped what
was known as the "Dawes Plan."
Still the gigantic shadows of unpaid debts and
unsettled reparations hung above the warring States.
Other treaties, looking to the future peace of the
world, were made. These treaties were fashioned
by Governments through duly empowered representatives, and some were almost independent of the
Governments themselves. And special and separate
settlement;; between the victorious States were made
and confirmed. In every case the peoples were not
consulted first as to debts and settlements. Into
the hands of a few men, by commissions and committees variously constituted, the amounts of the debts
were determined-and Governments confirmed or
rejected them. The last proffer of this kind is known
as the "Young Plan." Note how far, how very far,
all these proposals are from the amounts demanded
by the Treaty of Versailles ending the war. Note
how the original debts of the vanquished and victors,
and of the debts between the victors themselves,
have been altered, scaled down, and by what financial arithmetic they have been reduced. And the
"Young Plan" is the computation of a few men, a
few experts!
Was it for this ignominious ending that the engulfing war was fought? Was it for this that men
-"A war to make the
cried out:"A war to end war"
world safe for democracy"? What have these quar.
AUG. 31 19291
FINANCIAL CHRONICLE
relsome debts to do with democracy? What is the
hope to end war, while experts cannot agree upon
these changing amounts that hang even now over
the destiny of those coming generations? And is
there a greater urge to preserve peace than this haggling over debts that no two rets of experts can
agree upon as to amounts due? War is cumulative
in its effects. If one generation makes war and
another pays for it, is not war the crime of the ages?
If reparations cannot be made in kind, if the victor
and the vanquished cannot reduce reparations to
living payments, if the debts are to be the judgments
of financial experts ten years afterward, if the dead
cannot return, and the toilers unborn are the only
means of payment, is not the aftermath of war a
conrequence that is ever to be avoided by banning
war in the first instance?
The Close of the Williamstown Institute.
It would be a mistake to regard the Williamstown
Institute unprofitable or futile if as it closes it produces no formulated conclusions and possesses no
final resolutions. It has successfully avoided being
run off into debate over the unquestionably great
questions now disturbing Europe, like the Young
Plan and Manchuria, which are in the hands of the
authorities at The Hague or Geneva; and has concerned itself with discussion that would spread information in the many directions of special, or even
general, interest. The fact that interest has been
constant, and debate ever insistent, is good evidence
that the Institute firmly holds the place it has won.
We have called attention to certain leading discussions, but subjects have been so many that it is
possible only to refer to two or three in addition.
One that has immediate interest is concerning the
effect of the rapid extension of electrical communication with Latin America by wire and radio in developing international relations. It was an address
by Col. M. C. Horty, Vice-president of the International Telephone & Telegraph Corporation. The
telephone dwarfs all other services in the cost of the
investment, he said. On a per capita basis, the figures are, roughly: Interior telephone service,
United States, $33.00; Argentina, $7.00; interior
telegraph service, United States, $3.00; Argentina,
$2.35; international services, United States and Argentina, each about 80c. Argentina has a development relative to population slightly greater than
the United States, namely, 22.4 miles of railway and
192 miles of telegraph wire per 10,000 of population,
as against 21 and 170 for corresponding figures for
the United States. On the other hand, Argentina in
1927 had 2.27 automobiles, and 2.12 telephones for
100 inhabitants as against 19.50 automobiles and
15.61 telephones per 100 inhabitants for the United
States. As Argentina is typical of the rest of South
America, having climate, population and resources
necessary for intensive economic development, these
figures give a general idea of the size and trend of
the problems of communication involved.
The International Telephone & Telegraph Co. is
linking up Cuban, Caribbean and South American
telephone and submarine cable systems with those
of the American T. & T. Co. Uruguay, Argentina
and Chile are about completing commercial service
with all European countries via Madrid. Within six
months similar connection is expected with a radio
station in the United States. When this second link
1347
is completed we shall be connected not only with
Mexico and Cuba, but also with Uruguay, Argentina and Chile, and these countries may have intercommunication by land wires, cables, or radio, or
by all three, as required.
All this is but a beginning. Such advance is making in electrical technique that submarine cables
will be adapted to such simultaneous transmission
as now exists with the telephone and the telegraph.
There is every probability that this will lead to a
complete linking up of the Latin American countries
among themselves and with the United States.
From a commercial standpoint the telegraph
service, whether by submarine cable or radio, will
probably play the more important role; but it is
impossible to overestimate the international value
of the telephone for promoting friendly personal and
national understanding. While Latin America is
more akin to Europe than to us, we are growing
industrially and economically together. The Latin
American may look to Europe for inspiration in art
and literature, and be jealous of his national individuality, resenting any political patronage, but he
readily adopts North American automobiles, home
conveniences and new North American architecture,
and is equally ready to profit by our engineering
and industrial devices. With all these lines of contact, personal, social, and even political relations
are sure to develop.
In the same Conference, Captain C. S. Baker of
the Navy, returning from long and responsible
service in the Caribbean, bore testimony to the abundant gifts Nature has bestowed upon these nearer
people of a different race, in their tropical surroundings and their many kindly traits; but there is
tragedy in their inescapable limitations. They cannot be expected readily to adopt so different a form
of life and society as ours, or to possess our more
energetic traits. They will unquestionably long
need the white man's help if they are to move out
into what must be to them a new world. Wise and
patient guidance and support are necessary if they
are to acquire stable government and eventual freedom in the enjoyment of the more desirable conditions.
Prof. Priestley of the University of California,
who presided at the Conference, confirmed this
position by saying that the agencies of government,
paternalistic as they may be, and far-reaching in
their aim, are powerless to evolve a society based
on our own, or to establish equilibrium unless they
are assisted by the helpful private and individually
sustained agencies on which we are so dependent
at home. Even then progress will still be against
the inveterate evils of climate and environment. We
shall have to pay greater respect for the efforts
which the Spanish made in earlier days; but both
Haiti and San Domingo,as republics, had thoroughly
demonstrated before the Great War their political
and financial instability.
Dr. Rappard in his closing lectures sustained and
strengthened the spirit he had evoked and the interest he had created. After contributing much to
the daily Conferences, he dealt finally with the chief
agencies of peace gathering about the League of
Nations, and the development of the League itself.
Since the issue of the war the world has felt a new
sense of security, though by no means universal. Of
this France is a leading illustration. Because of
;
her expanded area in her new colonial possessions
1348
FINANCIAL CHRONICLE
and the inadequacy of her natural security, coupled
with the controversies over reparations, she relies
on the disarming of her former enemies, maintenance
of her own defenses, and direct mutual treaties with
other nations for protection and peaceful settling
of disputes. All this might properly come within
the League of Nations, but these treaties, representing a general tendency, are negotiated outside
• the League.
Turning to the Kellogg Pact as the most important
of these treaties, and examining its terms and its
relations to the League, he considers it vague both in
its opening articles and in its final application.
• This vagueness,in his view,led the least co-operative
and most nationalistic nations to accept the treaty
with promptness,and the wording of the Pact allows
the man in the street to become familiar with its
terms and to share Lloyd George's "thrill of peace."
But he believes it may be a real danger if it tends
to sustain the illusion that peace is a blessing that
may be had for the asking, and not an ideal to be
attained only by the most strenuous and self-sacrificing moral and intellectual efforts.
He regards the Pact defective in its uncertainty
as to what it permits and what it prohibits, in its
failure to indicate the means to be used for the settlement of international disputes, and its lack of
provision for the not impossible event of its violation. He appears to have entirely overlooked the
fact that in the last analysis the Pact is simply a
Moral obligation and that moral obligations are
often, especially between nations, more effective
than legal ones prescribed with great precision. As
we said on a previous occasion, it may well be that
this simple agreement, providing no penalties or
punishment for the violation of its provisions, will
prove more effective in preventing war than any
other similar document ever drawn up in the history
of civilized nations. In this sense, attempts to dissect it, with the view to uncovering seemingly weak
points, as Dr. Rappard has done, are to be regarded
as clearly a mistake. It is, of course, within possi• bility that the Kellogg-Briand Pact may fail the
world. But at all events, it is not to be judged by
ordinary standards. However, it is pleasng to note
that Dr. Rappard, in spite of the objections urged
by him, gave hearty testimony to the help the Pact
has given mankind to make one step toward the goal
of international peace. Dr. Rappard also made some
extravagant claims for the League of Nations, but
here we cannot follow him.
What might be said of Dr. Rappard's contribution
to the Institute might be said also of Mr. Andre
Siegfried, of Paris, lecturing on France's Political
System. He is so well known here that a word will
suffice. He represented in his own personality the
characteristics of France, the distinctiveness of her
race, the strength of her loyalty to her ideals and her
traditions, and the clarity and vivacity of her intelligence and her expressions. He explained the apparent instability of her Government as only a surface
feature, characteristic, but not in fact disturbing
the established permanence and solidity of her republicanism. The liberty she won in 1792 has survived through the years, and to those who understand France and the French is undisturbed, though
Rights and Lefts in her government get inextricably
mixed, and Ministries may change half a dozen times
in a decade. The "common sense" of the French will
always eventually prevail.
[vol.. 129.
No one sitting under the charm of Mr. Siegfried's
personality could fail to accept his conclusions, or
to be grateful for his friendly service. So the Institute closes with a sustained.appreciation of its
service to the country which justifies the attendance
of leading men from California to Maine and the
springing up of several similar gatherings elsewhere.
The Activities of Investment Trusts — The
Report of the Los Angeles Chamber of
Commerce.
The communication below from Vice-President Frank C.
Mortimer of the Citizens National Trust & Savings Bank
of Los Angeles will be found interesting. Mr. Mortimer
was Chairman of the Committee on Investigation and
Regulation of Investment Trusts of the Los Angeles Chamber of Commerce, which rendered its report somewhat over
a year ago. His comments relate to the article on "The
Activities of Investment Trusts," published in our issue of
Aug. 10, and are contained in a personal letter to the Editor,
which is herewith given in full except for the personal allusions in it:
Aug. 22 1929.
To the Editor:
Dear Sir—I have read with keen interest an enlightening
article in the "Chronicle" of Aug. 10 entitled "The Activities of Investment Trusts and Their Part in Stock Speculation, &c.," communicated by Mr. F. 0. March.
As Chairman of the Los Angeles Chamber of Commerce
Committee on the Investigation and Regulation of Investment Trusts, I observe that Mr. March has quoted from our
report to the Chamber which was prepared and submitted
in May 1928 and approved by the Board of the Chamber
June 7 1928. After quoting from the closing paragraphs
of the report, Mr. March says:
. . . "but again was overlooked the fact that frequent
periodical disclosures of investment trust holdings would
prevent runaway, speculative operations by such trusts and
the consequent endangerment to the funds entrusted to the
care of their managements."
I would like to have Mr. March know, through your good
offices, that our report referred specifically to this subject
as shown in the enclosed copy in the following language:
"Investors who may be contemplating the purchase of
shares, certificates or other obligations issued by investment
companies (investment trusts) should make certain inquiries
on their own account or through the co-operation of reliable
aud experienced bankers and investment houses. Their
investigations should cover:
"1. An analysis of the financial structure of the group,
company or corporation operating the investment trust.
"2. The character of the investment trust—whether of
the fixed, semi-discretionary or discretionary type.
"3. The amount of capital; the percentage of profits to
be taken by the management;the rate of commission paid for
sale of securities.
"4. The character of investments already made or to be
made and how investors are protected against the purchase
by the management of indigestible securities and securities
of doubtful value—in other words, see that the investment
standards of the management are well defined.
"5. Whether or not copies of a certified public accountant's audits of financial condition and securities purchased
will be furnished to investors at stated intervals.
"6. And the inquiry should by all means cover the antecedents, character, responsibility and investment experience
of the management."
I do not believe it advisable to require investment trusts
to publish their investments for the scrutiny of the general
public, but I agree with Mr. March that those who invest
in the offerings of investment trusts should, by all means,
be furnished with frequent reports covering securities purchased, &c.
Sincerely yours,
PRANK C. MORTIMER.
It is proper to add that the report of the Los Angeles
Chamber of Commerce Committee, to which Mr. Mortimer
refers, was printed in full in our issue for June 2 last year
and will be found on pages 3383-3384.
Investment Trusts Undergoing Change in Basic
Functions—Becoming Incorporated Investment Banks, Holdings Companies.
pules I. Bogen In New York "Journal of Commerce" Aug. 30.]
The American investment trust movement is undergoing
a fundamental change in emphasis and purpose which Is
affecting many of the older organizations, as well as new
ones currently being formed, a careful analysis of the situation and extensive inquiry among trust executives reveals.
This change may be briefly summarized as involving a trans-
AUG.31 1929.)
FINANCIAL CHRONICLE
formation of these organizations from investing and trading
companies into full-fledged investment banking institutions
• I I,
and holding companies.
Investment trust executives are frank to admit that the
success of the movement to date, and its growth has been
phenomenal during the past year, has been a direct result
of the general advance in security prices. However, they
point out that the prices of securities cannot rise indefinitely, and those in charge of the destinies of many of the
leading trusts have found a new important function for
themselves through operation in the investment banking
field in co-operation with existing investment banking
houses.
Incorporates Investment Banking.
The investment trust movement is coming to be regarded
to an increasing extent as involving the incorporation and
public financing of the investment banking business.
Whereas, formerly virtually all such firms were partnerships or close corporations, through the wholesale formation of investment trusts that enter into the various phases
of investment banking, in alliance with old established
houses, a veritable revolution has Peen worked in the business.
•
Many of the leading investment trusts, it is said, are now
threatening to give stiff competition to the great investment
banking houses, compelling a growing number of the latter
to affiliate themselves with such organizations. Before
long, it is believed; the large investment companies will
confine their activities mainly to holding company and investment banking functions, making general investing and
trading activities a secondary matter. In the meanwhile,
with the security markets rising rapidly, they continue to
give a large measure of attention to this field. The public,
In buying investment trust securities, has given this latter
aspect of the matter almost exclusive attention.
Effect of Long Evolution.
The new place of the investment trust in the financial
organization of the nation, one investment trust executive
states, is a result primarily of a peculiar evolution within
the investment banking field, rather than a planned change
on the part of the trusts themselves. Before the war, the
leading international banking houses had assumed a leading
place through their connections with railroad, public utility
and industrial concerns, as well as foreign governments,
which enabled them to originate the bulk of mew financing
In the form of bond issues. These bond issues were gold
to large financial institutions, such as savings banks and
insurance companies, and to a limited number of large pri-
1349
vate interests. The major stress, therefore, was on the
origination of securities.
During the years following the war, bond investment
became greatly popularized, as a result of the Liberty Loan
drives and the vast increase in the surplus free wealth of
the country. The result was a partial shift in the stress
within the investment banking business, distribution power
becoming more important than previously. A number of
investment houses which previously had occupied a relatively minor position forged to the front because of their
extensive forces of salesmen and branch offices, which were
able to distribute large amounts of securities. The old line
originating firms thus came to lean to an increasing extent
.
upon the distributing houses.
Public Wants Trust Stocks.
However, during the past year and a half another fundamental change has occurred, which has made distribution
power itself of little use, except to sell investment trust
securities. The fact is there are virtually no bonds to distribute, the demand for this type of security having dwindled considerably and assumed primarily an institutional
aspect. The public has turned to stocks as its favorite investment medium, and most corporations carry on their
stock financing through the issue of rights to existing shareholders rather than through public offering by investment
bankers. But the public demand for investment trust stocks
appears insatiable.
This shift in interest to stocks has placed the old line
investment bankers once again in an advantageous position,
since they are affiliated with many of the leading railroad,
industrial and public utility enterprises of the country and
are thus in a position to know their internal situation.
Furthermore, such contacts have enabled the investment
banking houses to benefit from placing surplus funds of
these corporations on loans, etc. Thus it has once again
become the major interest of investment banking houses
to take part in the management of corporations.
Now the investment trust is being utilized to an increasing degree for such purposes. In most instances a voice
In control of corporations can be acquired by purchase of
large blocks of stock in the open market and from controlling interests. While investment houses may not have large
amounts of free funds available for this purpose, through
formation of investment trusts they have been able to acquire such stock interests, and utilize them for the joint
benefit of the investment trust and the banking house. The
public, by buying trust stocks, has furnished the funds for
the purpose.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
very well. But there has been a smaller production of rails,
The trade exhibit is fully as good as last year and is
about cars, bars and tin plates.
on a par with that of last week. In other words there
is
The cotton manufacturing industry has not been active,
still a fair to good business going on. It could be
wished though of late, with raw cotton advancing, finished cotton
that collections were better. They are still rather slow if goods have had
a better demand. The sales of fine and
not indeed slower than they were. The fall wholesale and fancy cotton cloths have increased somewhat, though they
jobbing business is fully as large as it was last week. Retail are not
large. Georgia has the biggest tobacco crop in its
trade has been helped to some extent by "Market Weeks", history, and is obtaining
an average price of $18.38 per
State fairs and conventions, in the matter of sales of fall hundred pounds. Coke prices have declined. Bituminous
goods. The weather, however, has been a drawback. coal has been quiet. Anthracite of late has been more active,
Over great tracts of the Southwest drought has prevailed on the eve of a proposed advance of 50 cents a ton on Sept.
1.
for months past especially in Texas. It threatens to reduce Copper has been in better demand for both home and foreign
the cotton crop in that State a full million bales. Okla- account, but more particularly for domestic
consumption.
homa and Arkansas have also had too little rain to the Raw wool has not sold so well, the firmness of
prices reprejudice of its cotton culture. In the corn belt rain is also strieting business. Worsted wools are for the
time being
urgently needed. Drought may cut down the corn crop in the best position. Foreign trade in
manufactured goods
his year. At one time this summer there was too little is said to be at its peak. Grain exports have ben
increasing,
rain in the Northwestern spring wheat country. All this though those of wheat thus far this season are
only 58,500,000
has had a tendency to somewhat to lessen the purchases bushels or some 23,000,000 bushels less than for
the same
of the agricultural community, in populous sections of the time last year. The August output of automobiles
mostly
country. Of course there is another side to this. Smaller in the smaller units equals that of July, but
the crest of the
crops may bring quite as much money or more than larger wave seems to have passed. The high
record automobile
crops especially in the case of cotton, so that in the end totals of the earlier part of this year are not
expected to be
taldng the agricultural public as a whole there may not be repeated in the near future. Building
outside of the big
any great reduction in its buying power this year. The, cities has slackened, partly owing to the relatively
high
steel trade in some of its branches has been less active. The rates for money.
demand for sheet steel is pretty well maintained and plates
One significant thing is that employment in the industries
and structural material in some parts of the country, sell is on a much larger scale than at this time last year. To all
1350
FINANCIAL CHRONICLE
[VOL. 129.
appearance the business in agricultural implements is less they would have smiled broadly at the bare prediction of
active. Certainly this branch of trade is buying less steel such a thing. Money was still at 9% to-day but it mattered
than it did earlier in the year. The car loadings for the week nothing. Besides easier money is expected after the Labor
ending Aug. 17th showed an increase. The total for that Day holiday, but there may be disappointment as to this
week has been exceeded only twice thus far this year. The as so many times in the past. The trading to-day was
average total since Jan. 1st has been about a million cars over 4,500,000 shares. The absorptive powers of the market
a week. The enormous business activity in this country are very great. Most classes of stocks advanced. Among
implied by such figures even in times when trade is not the utilities were Foreign Power, Standard Gas and Water
considered remarkably good is an interesting commentary Works. Stone & Webster advanced to 200. United Coron the times and the position of the American Republic in poration was buoyant. Food shares rose noticeably expecially National Biscuit, Loose Wiles, Fleishmann and
the world's trade.
Cotton has advanced some $3 a bale, largely because of Cuyamel. U. S. Steel grew strong as the day advanced.
persistence of the Texas drought. High temperatures in There was a rising demand for the electrics. Specialties were
Texas have lasted for three or four months. The Texas Many of the rails were well to the fore. New highs were
rainfall has been it appears, rather under the average for reached by Atchison, New York Central and Nickel Plate.
nearly three years past. Not a few are now estimating the Anaconda was strong. In bonds railroad issues were a
. crop at 15,000,000 bales or less. A Chicago firm on Thursday U- ature at rising prices. Net operating income of the first
put it at 14,961,000 bales and it had a noticeable effect. 72 railroads to report on July business is 28.1% larger than
Statisticians are calling the condition of the belt 57%• That in July last year. The gross on the 72 roads for July was
is over 12% less than on Aug. 1st and 10% less than the 83/2% larger than in the same month of 1928.
Charlotte, N. C. on Aug. 28 wired that the strike at
-year average at this time. Texas is put at 50% or 14%
10
Clinchfield Mills at Marion was deadlocked despite con-year average for Sept. 1.
under a year ago and also the 10
Wheat ended slightly lower than a week ago, due to pre- tinned efforts to effect a settlement on the original terms.
holiday liquidation. The situation in Argentina, however, The feeling there was described as tense. President Hart
is regarded with uneasiness. The crop in some of its Prey- of the mill company declined to make further concessions
inces is threatened by drought. And the world's crop is said to the strikers. Promiscuous shooting and the exploding
to be over 660,000,000 bushels smaller than the last one, of dynamite are reported nightly. Marion, N. C. wired
even taking the maximum estimates of this year. Galveston Aug. 26 that officials of the Clinchfield cotton mills and
cleared over a million bushels on the 29th inst., though of their striking workmen reached an agreement on the 26th
late little new export business has been done in this country. inst. which is expected to bring to an end the four week's
One estimate of the Canadian crop is 200,000,000 bushels, walkout precipitated when the company discharged men
against 508,000,000 last year. Corn advanced somewhat who had joined the United Textile Workers' Union. Spartanowing to deterioration of the crop due to dry weather. Corn burg, S. C. wired that indications are that most of the mills
is a weather market. The crop may fall a couple of hundred of the county that have not already cut short operations
million bushels under the last one which was 2,830,959,000 will curtail within the next week for one week. The Arkbushels. One suggestion is 2,500,000,000. But good rains right will resume operations Monday, Sept. 9. It has been
would, no doubt, increase that total. Oats have advanced operating during the day only with no night shifts. The
with an excellent cash demand and unfavorable crop advices. Spartan mills with 50,000 spindles running night and day
Besides Canada's crop of oats is so small that Canadian and the 35,000 spindles employed at nights will be idle all
buying of American oats is a feature. Rye has declined this week. The Whitney mills have also been closed down
because of hedge selling and the lack of a foreign demand, for this week. They have 30,000 spindles. The Saxon Mills
will close on Aug. 31 to reopen Sept. 9, with its 40,000
Provisions have declined with no stimulating demand.
Raw sugar has advanced half a dozen points on futures spindles. Beaumont Mills may also curtail next week.
Greenville, S. C., wired on the 26th inst. that several
despite the issuance on the 27th inst. of 825 notices. They
were promptly stopped. The Single Selling Agency plan of textile plants in this section announced curtailment plans
Cuba will go into effect on Monday. The surplus stock is for the latter part of the present month or the first of Seplarge, but the feeling is more hopeful for better prices. tember, due to the continued depression in the textile
Coffee advanced 15 to 30 points. At one time Santos recently market. Officials of other mills said they had not yet formuwas up 60 points within a week owing largely to Brazilian laied plans and therefore could make no definite statement.
support and covering by nervous shorts. Brazilian markets Brandon and Poinsett Mills of the Brandon Corp. will curtail
have been advancing and the September tenders here were the first week in September, it was announced. Monaghan
small and not a factor in price-making unless it were to help Mill and possibly all units of the Victor, Monaghan chain
to advance it. The competition of low-priced mild coffee will curtail but the date has not been decided upon. The
with Brazilian seems to be over with the absorption of Colum- Woodside and Easly groups are shutting down each Friday
at noon but have no further curtailment plans, it is stated.
bian coffee by masters and chain stores.
Rubber advanced slightly on covering of shorts and a The F. W. Poe Manufacturing Co. has abandoned its night
somewhat better demand for the actual rubber. But the shift, and no further curtailment is contemplated. No plans
speculation has not been active. There is a fear of heavy for curtailment have as yet been made by either the American
shipments from the Far East. August consumption moreover Spinning Co.or Mills Mill. All fine goods mills in this section
may not prove to have been equal to that of July. Cer- will continue without interruption, it is understood, business
tainly manufacturers have not been buying heavily this being good in this line. Chester, S. 0., wired that the
month. July inventories of tires fell off over 2,000,000 units. Springstein Mill, manufacturers of gingham and Chester's
A further reduction is expected in the August total. The oldest cotton mill, according to the announcement posted
trouble, however, is that inventories are still about 40% at the mill, has closed down indefinitely. This plant has
larger than at this time last year. But covering of shorts 14,560 spindles and 610 looms.
At Manchester there was a larger trade. Spinners and
helped the market somewhat especially on the September
manufacturers extended their order lists. India, China and
delivery,
The stock market on the 29th inst. was in general notice- smaller markets want more. Manchester's cloth sales exably higher despite a rise in call money to 9%. Notable ()ceded production. There is an improved turnover in
advances took place in Westinghouse Electric, Air Reduc- American and Egyptian yarns. Producers are benefitted by
tion, Allied Chemical, American & Foreign Power, American the cut in wages. The upward trend in activity is expected
Tobacco, American Water Works, A. M. Byers, Fleisch- to be maintained. The uncertain cotton price outlook is a
mann, Continental Can, Freeport Texas, Pere Marquette, drawback.
North American, Macy, Simmons, Stone & Webster and
Department store sales for July were 3% larger than in
Procter & Gamble. Yet reaction had been generally ex- July 1928 according to reports to the Federal Reserve
pected. The trading approximated 3,500,000 shares. To- System by 522stores in 229 cities. On the basis of the average
day stocks, despite high record loans, showing an increase per business day, sales were about equal to the same month
of $132,000,000, advanced sharply on active trading though of 1928. For the first seven months of the year sales were
there was naturally some irregularity due to pre-holiday 3% larger. Inventories of the reporting stores at the end
profit taking. The Stock Exchange will be closed on Satur- of July were 1% below the level of a year ago, according to
day Aug. 31. Total loans are now up to the almost incred- reports from 433 stores.
ible sum of $6,217,000,000. What would Commodore VanThe week here has been seasonable. Yesterday the temderbilt, Daniel Drew, Jay Gould, Harriman, Huntington, Peratures were 61 to 72 degrees. To-day it was a little
Ryan and the rest have thought of such figures? Surely cooler. It has continued hot and dry in Texas, Oklahoma,
AUG. 31 1929.]
FINANCIAL CHRONICLE
Arkansas and many other parts of the South. Here to-day
it was 62 to 68 degrees. The forecast here for to-morrow is
fair and warmer. At Boston it was 60 to 68, Philadelphia
62 to 76; Portland, Me. 54 to 72, Chicago 62 to 70; Cincinnati 52 to 74; Cleveland 56 to 64; Detroit 52 to 70; Milwaukee 64 to 66; Kansas City 68 to 84; Minneapolis 62 to 82; St.
Louis 66 to 82; Los Angeles 72 to 88; San Francisco 54 to 66
and Seattle 56 to 76.
Trade and Industry In U. S. as Viewed By Statisticians
In Industry Operating Under Auspices of National
-Continuance
Industrial Conference Board Inc.
of Trade Activity at Present High Rate Looked For.
"Industrial and trade activity should continue at the
present high rate for some time," the Conference of Statisticians in Industry, operating under the auspices of the
National Industrial Conference Board, declares in its August report, issued Aug. 24. The Conference analysis emphasizes the improvement in building construction, which established a new high monthly record owing to extensive undertakings in public works, and points out that although agriculture suffered considerable losses in certain sections, these
were nearly balanced by bumper crops in other sections so
that the total purchasing power of agriculture for the year
should come close to that of last year.
Exceptional activity in both industry and trade continued
throughout the mid-Summer season, new July production
records having been made in both the iron and steel and
automobile industries, and building activity increased in
spite of the fact that a seasonal decline would have been
in order. Distribution as indicated by freight car loadings
continued on the upgrade, increases being noticeable for
all commodities excepting livestock during the month of
July. An interesting sidelight on sales effort is given in
data for newspaper advertising, which, although showing a
seasonal decline for June and July, continues to show an
increase over 1928. Some Summer recessions have been in
evidence, according to the report, but none were pronounced,
and in many cases seasonal declines started later than usual.
There is no indication of an accumulation of materials. In
some cases stocks on hand have decreased, while in other
lines where overaccumulation seemed impending attempts
to adjust production were made.
The full text of the August report of the Conference of
Statisticians in Industry follows:
1. Summary.
Abundant evidence of a Summer of exceptional industrial activity and
trade In both the domestic and foreign fields is furnished by the results
of the major divisions during the past month. New July production records
have been made in the automobile and iron and steel industries. Building
construction, which has shown little activity since the downward trend
of early Spring, made a marked Improvement. Distribution of commodities, evidenced by freight car loadings, is continuing to improve.
Some Summer recession has been in evidence, but seldom to a very
pronounced degree, and in many instances later than usual. Stocks of
manufactured goods and raw materials on the whole have shown no
accumulation. In some cases stocks have actually decreased, and in others,
where there was a possibility for an overaccumulation, an attempt to
adjust production was noticeable.
2. Automobiles, Rubber, Petroleum.
The output of 517,792 cars, trucks and buses last month established a
new July record in the automobile industry. July production decreased
seasonally 8.6% from June, but compared with July a year ago there was
an increase of 24.0%. The production for the first seven months of this
year, 3,929,186 units, is an increase of 43.2% over the same period last
year, and the largest for any similar seven months. The number of new
car registrations for the calendar year to July 1st represents an increase
of 41.0% over 1928, and foreign sales in the first six months of, this
year increased 55% when compared with the same period last year.
July crude rubber consumption is estimated at 41,525 long tons, according to the Rubber Manufacturers' Association. This compares with 43,228
long tons for June and 37,407 long tons for July 1928. Consumption of
crude rubber for the first seven months of this year is estimated at
310,834 long tons as compared with 248,972 long tons a year ago.
Crude rubber imports for July totaled 44,252 tons as compared with
44,490 long tons in June and 33,382 long tons in July 1928. For the
seven months ended July 31st total imports amounted to 382,759 long
tons as against imports of 245,879 long tons for the corresponding period
of last year. Domestic stocks of crude rubber on July 31st were 95,536
long tong compared with 92,062 long tons on June 30th and 83,242 long
tons on July 31 1928. Crude rubber afloat for United States ports on
July 31st is estimated at 38,859 long tons as against 46,036 long tone
on June 30th.
Daily average production of crude oil reached a new high level during
the week ending August 3rd, when it climbed to 2,908,609 barrels per day.
However, later reports show that daily production is off from that high
level by about 12,600 barrels. Crude oil stocks in the United States on
the first of last month increased less than 1% over June 1st, but were
about 5.4% larger than a year ago.
Stocks of gasoline in the United States on July 1st were 41,461,000
barrels, a decrease of 7.1% from the preceding month, and a decrease
of 18.9% from the same date last year, but 23.9% more than on the
first day of this year. However, consumption has been increasing. June
this year increased 14.4% over June last year, and consumption of gasoline
for the first six months of 1929, compared with the same period of 1928,
shows an increase of 16.6*
1351
3. Iron and Steel; Machine Tools and Other Metal Products; Non-Ferrous
Metals.
The average daily output of coke pig iron in July declined 1.5% from
June, and is the third successive month in which a small decline has been
noted. The total production for the month, however, established a new
July record. Increasing 1.8% over June, the tonnage was exceeded only
twice, May 1923, and May this year. For the calendar year to August 1st,
the total is 17.8% more than the same period last year, and exceeds
the next best first seven months, 1923, by 3.7%.
Although for the first time since last November more stacks were blown
out than in, at the close of July 34 more stacks were blowing than in
last August.
Iron ore shipments from Upper Lake Ports amounted to 10,670,882 tons
in July, an increase of 4.9% over June, and was a record for the month,
being nearly equal to the peak reached in August 1926. During this
season, April to August 1st, shipments were 41.4% greater than the
corresponding period last year and greater than any season to date.
Steel ingot production established a new July record. The decrease from
June was less than 1%, and the output for the first seven months of this
year 18.2% in advance of the corresponding period of 1928. Late reports
from the important steel centers indicate a variation in activity, but it
seems generally agreed that back-logs, building up of stocks, and the
increased demand for miscellaneous products should keep production near
the recent high levels and especially so in the case of highly diversified
plants. On July 31st, the unfilled orders of the United States Steel
Corporation were off about 169,000 tons from the figures of a month
earlier, and although it is the third successive month of declines, total
unfilled orders were still well above July a year ago and nearly equal
to the amount reported on January 31st of this year. The composite
price of finished steel remained unchanged from March to the second week
in August, when a small decline was indicated.
In the machine tool industry, orders for July were considerably under
June and reflected a seasonal decline. In other years the recession lasted
from May to August. The gross orders for July were under the three
hundred point mark as compared with the 1922-3-4 average taken as 100,
for the first time since the early part of the year. Some further evidence
of the seasonal depression has been reported since July.
Employment in the metal trades, as reported by the National Metal
Trades Association, has had little change for several months. In most
cases a small decline has been followed by a rise in employment or a
decline of some importance in one of the reporting cities is balanced by
renewed activity in another. The number of employees reported in June
and July declined less than one quarter of 1%, and increased employment
was reported from 19 of the 33 reporting cities and decreased employment from 14.
The usual seasonal decline occurred in some of the July railway equipment orders, when compared with June. However, freight cars ordered
during the past seven months are 162.3% more than last year; locomotives
225.7% more, and passenger cars only 16.6% less. Substantial increases
were shown in the rail orders over both the preceding month and July 1928.
Recent inquiries indicate renewed activity for both freight and passenger
cars and the back-log of unfilled orders for locomotives at the end of July
was heavier than at any other time this year.
Blister copper production, including direct cathode copper in the two
Americas, showed little variation from June to July. North and South
American refined production in July was 1.9% smaller than in June, 6.1%
less than the high mark reached last March, but 13.6% greater than July a
year ago. Due to a decline in the export market, shipments of refined
copper were also smaller in July than June by 3.3%, but nearly equal to
July last year. Refined stocks increased 17.5% from the end of June to
the end of July, and are the largest so far this year.
The June sales of electrical apparatus were less than May, but far in
advance of June a year ago. Eighty one manufacturers of electrical goods
booked 5.7% more orders at the end of the second quarter of this year
than at the end of the first. Comparing the second quarter of this year
with 1928, there is an increase of 38.8%.
4.
Building Oonatruc‘ion; Lumber and Cement.
Building contracts in the 37 States East of the Rocky Mountains increased
20% over the preceding month and 12% over July of last year, according
to the F. W. Dodge Corporation. This increase was not only contrary to
the customary seasonal decline for this month, but was sufficiently pronounced to establish a record figure for July, which was also the second
highest monthly total yet attained.
The encouraging feature of the July contracts record was the general
increase noted in all the major classes of construction. Residential building showed an increase of 5% over June, but was 13% below July of
last year. Non-residential building continued to make further increases,
amounting to 10% over the preceding month and 18% over July of last
year. Both commercial and industrial construction maintained the high
level of the past half year. The most pronounced increase, however,
occurred in the public works and utilities class of construction, due to
large individual contracts, and amounted to 61% over June 1929 and
42% over July 1928. The July increase was also significant in that the
contract record for New York State and Northern New Jersey was more
than double the June 1929 total and 60% greater than July 1928.
The average daily lumber production for the first four weeks in July,
with allowance for one less working day, was nearly equal to that of June.
For the eleven weeks preceding July 27th, actual production was only 1.2%
under the same period last year. The decrease in both cases was in soft.
woods offset by an increase in hardwoods. Shipments, in relation to production, as well as orders, varied little from the end of June to July 27th.
For the calendar year to July 27th, shipments were 103% of production
against 105 last year, and orders 104% as compared with 108 last year.
Portland cement production in July showed an increase of 2.6% over
June, but was 1.5% less than last year. Shipments advanced 7.0% from
June to July, and were 1.9% more than in July 1928. Stocks at the
end of July decreased 11.2% from the end of June, but increased 7.9%
when compared with last year.
5.
Textiles; Shoes, Hides and Leather.
Production of staple cotton cloths during July decreased 20% from June.
July sales were 112% of production and shipments 107.8% in contrast
with the previous month, and also with July a year ago, when both sales
and shipments were below production.
Stocks on hand at the end of the month represented a decrease of 4.1%
from the month previous, and a decrease of 17% from July 21 1928. Unfilled orders on July 31 1929 represented an increase of 2.8% compared
with the month previous and an increase of 35% compared with a year ago.
A year ago, stocks on hand exceeded unfilled orders by nearly three and
one-half weeks' production, whereas on July 31st this stock on hand in
excess of orders amounted to only one-quarter of a week's production.
1352
Consumption of raw cotton last month was the heaviest of any July in
recent years except 1927, and the consumption for the cotton year just
ended was also the highest for any recent year excepting 1926-1927, a
year of very low-priced cotton. July const.mption was the lowest in the
present calendar year, which is a natural trend in cotton monufacturing,
the Summer months always experiencing a slackening in running time.
The approximate deliveries of silk for the three months ending with July
were nearly the same as in the preceding three months. The ratio of
monthly mployment to normal requirements, as shown by the Silk Association of America, was 85.8% in July; 85.6% in June, and 80.3% in July
of last year.
Measured in terms of wool consumption, June indicated a decrease of
9.9% from the preceding month, but an increase of 10.3% over June a
year ago. For the first six months of this year there has been an increase
in consumption of 12.6% over the same period of 1928. Stocks at the
end of June were considerably under those on the same date last year, but
a part of the decline may be due to increased consignments this year
compared with last.
Shoe production was down 4.3% in June from May, but showed a
considerable improvement over June last year, and for the first half of
this year there was an increase of 2.3% compared with 1928. On the
other hand, cattle bides in stock on June 30th were less than at the end
of the preceding month and nearly equal to June 30 1928. Stocks of sole
leather also showed a decrease over the end of May, but were greater
than last year.
6. Newsprint Paper.
Production of newsprint paper In North America for the first seven
months, 1929, totaled 2,505,730 tons, of which Canada produced 1,540,367,
United States 809,287, Newfoundland 144,894, and Mexico 11,182. Com,
pared with the same period of 1928, these figures represent a 14% increase
for Canadian mills, a 2% decrease for the United States, and 11%
increase for Newfoundland, and a 23% increase for Mexico. The total
increase of 191,350 tons is 8% in excess of the same period in 1928.
Mill stocks at the end of July were equivalent to 3.3 days' average production and had declined 40% from what they were on the same day a
year ago. Publishers' stocks were also at a low level.
Based upon Government reports, the imports into the United States of
newsprint paper from countries overseas amounted to 43,762 tons for the
first six months (July figures not yet available). This represented a
decrease of 15% compared with the same period of 1928. Exports of
newsprint paper overseas from the United States and Canada totaled
166,673 tons for the first six months, which represented an increase of 59%
compared with the same period of 1928.
Consumption as indicated by identical reports from leading publishers
in the United States increased 7% for the first six months of this year
over the same period a year ago. Newspaper advertising meets with Its
usual seasonal decline in June and July, but continues to slaow an
increase over 1928.
7. Trade
-Domestic and Foreign.
Sales by department stores in July were 2.7% greater than the corresponding month last year, but reduced to a daily average there was a
decrease of about 1%. The greatest gain, 5.5%, was in the St. Louis
district, and the greatest loss, 3.7%, in the Minneapolis district.
Chain store sales continued to expand, 47 reporting an average gain of
27.7% over June and an average gain of 25.0% in the first seven months
of this year compared with last.
Total wholesale sales in June declined more than in usual at this season,
and chiefly as a result of a decrease in dry goods, men's clothing, and
boots and shoes. Compared with the corresponding month of last year
there was an increase in all but one of the eight reporting lines-groceries.
However, wholesale prices in general remained firm, showing an increase
in the aggregate of less than 1% over the preceding month but a decrease
when compared with June last year. July wholesale prices advanced
1 2/3% over June and one-third of 1% over July last year.
Sales of agricultural implements in June were larger than in the
preceding month and larger than a year ago.
Both exports and imports in July were the highest for that month
since 1920 and, compared with June, exports were 3.7% and imports 1.3%
greater. During the past seven months there was an increase of 10.5% in
exports and 10.0% in imports over the first seven months of 1928.
The June export value of finished manufactures increased over the
previous month as well as the corresponding month a year ago. Fiftysix and nine-tenths per cent, of the total value of exports in June were
finished manufactures, the highest for any month during the past two and
one-half years. For the six months ending with June, finished manufactures
represented 52.3% of the total value, against 47.3% in the same period
of last year. On the other hand, crude materials accounted for 18.8%
this year, and 23.1% in 1928.
The number of commercial failures in July showed little varlation over
the preceding month or July a year ago, and early this month there was a
downward tendency. However, liabilities increased rapidly. From an
average of about 825,000 for 1928, abnormal conditions chiefly in one
area caused an increase to $43,000 in June and $65,000 in July.
8. Coal and Freight Car Loadings.
The production of bituminous coal for the four weeks preceding July 27
amounted to 35,528,000 net tons. This compares with a production of
the corresponding weeks of 1928 of 33,046,000. The increase, amounting
to 7.5%, was less marked than that shown in the production of the four
weeks in June compared with 1928.
The report on consumers' stocks issued by the Bureau of Mines is
unusually ilnteresting,. In spite of the fact that production has been
running high for the season of the year, consumers' stocks declined between
April 1st and July 1st by the very substantial amount of 3,800,000 net
tons. Stocks on hand on June 1st, amounting to 33,100,000 tons, are the
lowest recorded on any date since June 1 1920, except the figure for
September 1 1922, after five months of strike conditions. Nearly threefourths of this decline was due to reduced stocks held by railroads. The
railroad stocks as reported are lower than at any corresponding date
since 1922.
Over against the decrease in stocks between July 1 1928 and July 1 1929,
of 8,600,000 tons, is to be set a substantial increase in current demand.
The Bureau of Mines estimates that from April 1 to June 30 1928 the
average weekly demand for bituminous coal, as shown by combining
domestic consumption and exports, amounted to 8,582,000 net tons, whereas
for the corresponding period of the present year it amounted to 8,993,000
net tons. This combination of almost unprecedentedly low consumers'
stocks and relatively high demand holds out promise of a good market for
bituminous coal during the coming month.
Although the shipments of anthracite in July were about 90,000 tons
less than in the preceding month of June, they exceeded those of July last
[VoL. 129.
FINANCIAL CHRONICLE
year by more than 280,000 tons. A much better showing is anticipated
for August. Stocks of anthracite on July 1st held by coal merchants
reporting, as estimated by the Bureau of Mines, Indicated the customary
increase over April 1st, and were slightly more than on the same date
in recent years.
Distribution of commodities by railroads continues to grow and during
the last week in July reached the highest total so far this year. This is the
first time that the 1,100,000 figure has been exceeded at this season.
Loadings of grain mounted rapidly after the July increase in wheat
prices, and at the end of the month had reached the highest figure since
1924. For the first thirty weeks of this year there was an increase of 4.7%
in the loadings of all commodities when compared with the corresponding
period last year, and increases were made in each of the eight groups
except live stock. Subsequent events are even more encouraging with
grain and grain products reaching a new high point and an increase in the
miscellaneous and less-than-carload lot group.
9. A gricutture.
On the 15th of last month the index of the general level of farm prices
increased five points over the preceding month, although still five points
less than a year ago. The recently estimated decrease for an average yield
of 34 important crops, 1.4% under that for the past ten years, should
tend to keep the purchasing power of the agricultural population about
equal to last year, but very unevenly distributed owing to the spotty
condition of the crops.
10. Conclusion.
With an improved building situation, and an agricultural purchasing
power about equal to last year, it seems reasonable to believe that, outside
of a small seasonal decline, industrial and trade activity should continue
close to the present high rates for some time.
Federal Reserve Board's Summary of Business Conditions in the United States--Industrial Production, Despite Slight Decrease in July, at Higher
Level Than in Recent Years.
The Federal Reserve Board reports that "industrial production decreased slightly during July, but continued at
a higher level than in other recent years." The Board
adds that "wholesale commodity prices increased further
during the month, reflecting chiefly higher prices of agricultural products. Loans for commercial and agricultural
purposes by reporting member banks increased during July
and the first half of August," says the Board, its monthly
summary of business conditions in the United States, issued
Aug. 27, continuing:
Production.
Output of manufactures decreased in July, v,tile mineral production
increased. Average daily output of automobiles, copper, tin, zinc and
cotton, and wool textiles decreased, and there was a small decline in the
production of iron and steel. In all of these industries, however, the
output was larger than in the same month in earlier years. Activity
increased during July in silk and shoe factories, and in meat packing
plants, and there was also a larger output of bituminous coal and crude
petroleum than in June. Reports for the first half of August indicate
sustained activity in the iron and steel and automobile industries, and
a further increase in the output of coal and petroleum. Employment in
manufacturing industries decreased in July by less than 1%, while a
somewhat greater decrease in payrolls was reported. At this level factory
employment and payrolls, as in earlier months, were larger than in any
other years since 1926. Value of construction contracts awarded in July
was higher than in the preceding month or in July 1928, reflecting chiefly
a sharp increase in contracts for public works and utilities. For the first
half of August, however, total contracts declined to a level below the corresponding period a year ago.
The August estimate of the Department of Agriculture indicates a wheat
crop of 774,000,000 bushels, slightly below the five-year average, and
128,000,000 bushels below last year's production, and a corn crop approximately equal to the five-year average crop, or about 100,000,000 bushels
smaller than in 1928. The cotton crop is estimated at 15,5,43,000 bales,
7% larger than last year.
Distribution.
Freight carloadings increased seasonally during July and the first two
weeks of August, reflecting chiefly increased loadings of coal, grain and
ore, while shipments of miscellaneous freight continued in about the same
volume as in June. Sales of department stores declined seasonally from
June and on a daily basis were about the same as in July a year ago.
Prices.
Wholesale pricea in July continued the rise which began in June, according to the index of the Bureau of Labor Statistics, reflecting chiefly
higher prices for farm products and their manufacture, particularly livestock and meats, grains and flour and potatoes. Prices of hides and
leather also increased. Wool, rayon, and textile products declined slightly
in price. There was a marked advance in the price of sugar and rubber
prices also rose somewhat. Prices of petroleum and gasoline declined and
prices of iron and steel were somewhat lower. During the first three
weeks in August there were declines in the priees of cotton, petroleum,
beef, sugar, oats, rubber, and tin, and marked fluctuations in the prices
of pork and wheat.
Bank Credit.
Loans for commercial purposes by reporting member banks increased
to new high levels during the four weeks ending Aug. 14, while security
loans, after increasing further during the latter part of July, declined
during the first two weeks In August. Member bank borrowings at the
Reserve Banks averaged $45,000,000 less during the week ending Aug.
17 than the week ending July 20, reflecting increased sales of acceptances
to the Reserve Banks and further imports of gold. Open market rates on
call and time loans on securities were firmer during the last half of July
and the first week of August. During the second week of August rates
on call loans declined while rates on commercial paper in the open market
advanced from 8 to 61
/
4%. On Aug. 8 the discount rate of the Federal
Reserve Bank of New York was increased from 5 to 6% and the buying
rate on bankers' acceptances was reduced from 5% to the market rate of
5%%.
AUG. 31 1929.]
FINANCIAL CHRONICLE
Wholesale Trade During July as Reported to Federal
Reserve Board-More Than Seasonal Increase Reported.
Sales at wholesale during July increased in general more
than is usual at this season, according to reports to the
Federal Reserve System from firms in 8 lines of trade.
Increased sales over the previous month were shown by
wholesalers of groceries, dry goods, boots and shoes, and
drugs, while sales of hardware and furniture were smaller.
The Board, under date of Aug. 28 reports further as follows:
As compared with the corresponding month a year ago, July sales were
substantially larger for all reporting lines of trade except dry goods, which
showed little change.
The following table summarizes percentage changes in sales by lines
during July, as compared with June 1929, and July 1928:
PERCENTAGE OF INCREASE (+) OR DECREASE (-) IN SALES.
July 1929, Compared with
June 1929.
July 1928.
+3.6
+0.8
+4.9
+40.7
+22.3
-1.4
+5.4
-5.7
Groceries
Meats
Dry goods
Men's clothing
Boots and shoes
Hardware
Drugs
Furniture
+7.5
+8.7
-0.7
+1.9
+12.1
+6.4
+8.8
+12.2
Total (eight lines)
+4.7
+6.6
Sales of agricultural implements were smaller than during the previous
were in larger volume than a year ago.
month, but
Detailed statistics by districts and lines follow:
CHANGES IN SALES AND STOCKS OF WHOLESALE FIRMS BY LINES
AND BY FEDERAL RESERVE DISTRICTS.
(Increase (+) or Decrease (-) Per Cent.)
Sales, July 1929,
Compared with
Line and Federal
Reserve District.
Stocks, July 1929,
Cornpa ed with
June 1929. July 1928. June 1929. July 1928.
Groceries(Per Cent.) (Per Cent.)(Per Cent.) Per Cent.)
+3.6
United States
+7.5
-2.2
-6.2
Boston District
+1.3
+10.7
---New York District
+0.8
+8.9
+0.4
Philadelphia District
+5.9
+8.5
-0.3
-0.5
Cleveland District
+5.0
+11.2
-1.3
-9.7
Richmond District
+5.7
+2.9
-3.7
-1.0
Atlanta District
+4.2
+6.3
+4.2
+5.3
Chicago District
-0.3
+9.4
-3.4
-12.6
St. Louis District
+2.7
+5.3
-7.4
-10.8
Minneapolis District
+2.0
+4.0
-1.0
-3.0
Kansas City District
+7.3
-8.4
-6.0
-13.0
Dallas District
+7.1
+9.6
-6.5
-0.6
San Francisco District
+3.2
+9.4
+3.7
+16.4
Dry Goods
United States
+4.9
-0.7
+7.9
New York District
-7.0
-8.5
Philadelphia District
-13.8
-9.3
-17.8
+0.5
Cleveland District
-15.7
+0.2
-11.4
+9.5
Richmond District
-0.3
-0.4
-16.8
+2.7
Atlanta District
+10.3
+1.7
+0.2
-17.8
Chicago District
-6.2
-2.0
+12.6
+3.2
St. Louis District
+28.7
-1.9
-17.1
+3.9
Kansas City District
+ I:l :i
-6.2
+27.8
-13.4
Dallas District
+21.5
-3.1
+10.2
-8.8
Ban Francisco District
+6.4
-1.8
+1.1
+0.8
Boots and Shoes
+22.3
+12.1
United States
+7.5
-13.8
-1.2
Boston District
-9.5
+9.6
-12.7
-16.1
New York District
+5.1
+15.7
-18.7
-14.8
-12.9
Philadelphia District
-15.7
-8.6
Cleveland District
+0.8
-16.0
+44.1
+16.2
Richmond District
+4.3
-17.9
+4.9
Atlanta District
+0.5
-23.3
Chicago District
-7.2
+12.3
+2.1
+49.0
+14.7
St. Louis District
+7.6
-17.5
Minneapolis District
+5.0
-7.0
-21.0
-8.7
San Francisco District
-6.6
+4.7
-10.4
Hardware
-1.4
United States
+6.4
+0.1
+2.1
-21.0
New York District
-0.7
-0.2
-10.1
Philadelphia District
-8.9
+1.0
+0.2
Cleveland District
-3.9
+1.0
-1.5
+0.4
Richmond District
+9.1
+7.1
+4.2
-1.7
Atlanta District
+6.2
+9.3
-0.4
-1.0
Chicago District
-1.3
+15.7
-2.5
+6.8
+1.1
-3.5
St. Louis District
-2.7
+1.2
Minneapolis
+11.0
+4.0
-2.0
lialls88 City District
+9.6
-9.8
-1.5
+8.9
Dallas District
+15.11
+7.8
-1.7
-1.6
-6.3
Ban Francisco District
+9.5
+1.3
Druys+5.4
United States
+8.8
+1.7
-5.5
+14.0
+15.3
New York District
+3.3
+23.8
Philadelphia District
+IS
-0.9
Cleveland District
+0.5
+5.9
Richmond District
+6.9
+2.1
------Atlanta District
+1.0
+13.8
District
+5.1
Chicago
+6.7
•;4.6
+0
-.1
+5.4
+20.2
at. Louis District
+1.1
+1.8
+5.0
+18.4
Kans.'s City District
+0.1
+1.1
Dallas District
+6.6
+7.7
+7.4
+15.9
Ban Francisco District
+1.7
+0.1
+1.1
+5.2
-Furniture
_5,7
+12.2
United States
+1.2
+7.6
Atlanta District
-0.6
-4.8
+4.3
--7.7
Chicago District
-4.3
+20.5
+9.3
-9.4
St. Louis District
+0.1
-0.2
gamuts City District
-12.8
+27.7
+4.7
+10.2
+3.2
-8.7
Ban Francisco District
-7.6
+13.0
Agricultural Implements
-8.4
United States
+9.4
WHOLESALE DISTRIBUTION-EIGHT LINES OF TRADE.
(Index numbers, monthly average 1923-1925=100)
Adjusted for
Seasonal Variations.
Without Seasonal
Adjustment.
July
1929.
Groceries
Meats
Dry goods
Men's clothing
Boots and shoes
Hardware
Drugs
Furniture
Total eight lines
I, preliminary, r Revised.
June
1929.
July
1028.
July
1929.
June
1929.
July
1928.
089
121
80
80
138
97
117
107
03
120r
79
96
96
03
112r
105
91
111
80
79
123
91
107
95
099
123
73
69
110
95
111
87
96
122r
70
49
90
97r
105r
93
92
113
74
68
98
90
102
78
Mr
94
96
91
90
100
1353
Federal Reserve Board's Survey of Retail Trade in the
United States-July Sales 3% Above Same Month
Last Year.
Department store sales for July were 3% larger in the
aggregate than in the corresponding month a year ago, according to reports to the Federal Reserve System by 523
stores in 229 cities; on the basis of the average per business
day, however, sales were about equal to the same month a
year ago. For the first 7 months of 1929, sales were 3%
larger than for the same period last year. The Board's
survey, issued Aug. 27, continues:
Inventories of the reporting department stores at the end of July were
1% below the level of a year ago, according to reports from 433 stores.
Changes in sales and stocks of reporting department stores are summarized by districts in the following table:
-DATA BY DISTRICTS
DEPARTMENT STORES
-SALES,STOCKS.
(Based on value figures.)
P. C. Inc. (-I-) or Dec.(-): 1929 Compared with same Period or Date in 1928a
Federal Reserve District.
Sales.
Stocks.
July.a
+0.9
+3.8
-3.8
+3.6
+1.5
-2.2
+0.8
+3.4
-5.0
+2.9
+2.0
+5.7
United States b
+1.0
+4.6
-1.6
+3.0
+2.6
-2.0
+3.8
+1.1
-20
+3.6
+0.2
+2.8
-2.8
+3.0
-9.8
-1.4
-1.9
-3.0
+3.7
-3.8
-11.0
-1.5
-2.G
-4.4
+2.6
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. LOUIS
Minneapolis
Kansas City
Dallas
San Francisco
Jan.
-July.
+2.5
-1.1
July 31.
a The month had 26 business days this year and (23) last year.
b Based on statistics of sales from 523 stores; of stocks, from 433 stores.
-DATA BY CITIES
-SALES. STOCKS. RATE OF
DEPARTMENT STORES
STOCK TURN.
Increase(+) or Decrease(-)
1929 Compared With 1928.
Gtty.
Sales.
1929.
Rate of Stock Turn z.
Docks.
Jan. 1July 31.
July
Northeastern
Boston
New Haven
Providence
New York
Bridgeport
Buffalo
Newark
Rochester
Syracuse
Philadelphia
Mid-Western
Cleveland
Akron
Cincinnati
Columbus
Dayton
Pittsburgh
Toledo
Chicago
Detroit
Indianapolis
Milwaukee
Southern
Richmond
Baltimore
Washington
Atlanta
Birmingham
Chattanooga
Nashville
New Orleans
St. Louis
Little Rock
Louisville
Memphis
Dallas
Forth Worth
Houston
Western
Minneapolis
Duluth-Superior
St. Paul
Kansas City
Denver
Oklahoma City
Omaha •
Topeka
Tulsa
San Francisco
Los Angeles
Oakland
Salt Lake City
Seattle
Spokane
Jan.
-July.
July 31.
July
Per Cent.
+2.0
-6.4
+0.9
+5.0
+9.7
-1.3
+1.1
-6.2
+9.6
-4.6
Per Cent.
+0.7
+0.3
+2.8
+4.8
+2.4
+1.9
+7.3
+0.6
+3.4
-2.4
Per Cent.
-2.9
-2.3
+0.7
+3.1
+13.8
-2.9
+5.9
-2.1
+8.2
-13.5
.29
.23
.22
.26
.35
.23
.24
.25
.29
.24
2.48
1.75
1.82
2.36
1.97
1.86
2.28
1.91
2.20
2.27
+5.2
+18.1
-0.6
+3.0
+7.8
+3.3
-2.9 •
-11.1
+6.5
+7.6
-0.2
-0.9
-13.9
+5.2
+16.8
+10.1
-6.2
.25
.27
.24
.25
.23
.21
.35
.24
.32
.28
.27
2.03
1.81
1.95
1.93
1.78
1.88
2.30
2.06
2.69
2.21
2.16
+2.9
-5.3
+3.0
-1.7
-4.0
-3.6
-6.0
-5.3
-4.2
-7.5
-0.6
-5.6
+0.6
-2.7
-4.5
.24
.22
.23
.24
.14
.16
.18
.12
.26
.17
.21
.23
.20
.17
.22
2.04
1.87
1.97
1.95
1.37
1.32
1.66
1.13
2.26
1.40
1.80
1.80
1.80
1.46
1.83
-2.0
-14.0
-8.0
-20.0
+2.0
-7.0
+0.5
-1.1
+2.3
-2.5
+10.2---+3.1
-7.2
+1.0
-5.6
+10.4
+9.0
+1.3
-2.3
+3.9
-0.5
+4.4
-24.0
+0.6
-21.4
+2.2
+1.0
+0.1
-4.3
.42
.33
.29
.18
.18
.20
.19
.13
.19
.22
.25
.27
.23
.29
.18
3.33
2.24
2.37
1.52
1.35
1.82
1.62
1.08
1.65
1.66
1.94
1.74
1.73
1.87
,,
•
-2.1--L0.3
-3.8
+1.3
+1.8
+16.6
+10.2
-0.9
+2.1
+5.7
+11.8
+3.2
+2.8
+2.6
+1.5
+4.9
+4.6
-0.6
+8.0
-3.4
-4.4
-6.0
-0.6
+7.8
-1.5
-3.6
-2.8
+8.0
-3.5
-3.8
-13.0
-7.0
+3.0
+3.8
+1.1
+9.2
+1.4
-4.4
+12.6
+6.3
+9.0
+17.9
-6.1
+4.1
+0.8
+3.7
+2.4
+4.3
+3.2
-1.4
-3.2
-1.8
-4.8
+2.9
-1.5
-0.4
-3.6
+3.8
-1.9
-1.2
I Ratio of sales during given period to average stocks on hand.
SALES OF CHAIN STORES.
(Index Numbers of sales. Monthly Average
1923-1925=100.)
Aajusted for Sea- Without
Seasons
No. of No. of Stares. sonal
Vartans.b Adjustments.b
ReportChains.
ina
July
July
July
July
July
July
Firms. 1929. 1928. 1929.
1928.
1929.
1928.
Grocery
34
30,034 29,239 231
208
227
Ten cent
14
197
3,479 3,053 162
143
146
Drug
13
128
1,263 1,008 201
167
204
7
Shoo
163
727
663 132
119
Ion
....
b Figures relate to reporting firms with no
adjustment to
Of increase in the number of stores Operated: thus indexeseliminate the nfluenos
given reflect the feu
growth of the business of the reporting companies.
1354
[VOL. 129.
FINANCIAL CHRONICLE
-SALES. STOCKS.
-DATA BY DEPARTMENTS
DEPARTMENT STORES
(Percentage increase(+)or decrease(-)-June 1929 compared with June 1928)
Sales
Percentage Change Percentage Change Per Cent of Acets
July 1929
July 1920
Outstanding
Compared with
Compared with
June 30 Collected
June 1929.
July 1928.
in Jule.
Commodity.
reat7ai ILC8e7De /roma.
Net
Sales.
Department.
Total. Bogton.
San
Fran.
Si.
DalRich- ChiNew Cle
York, land. mond. cage. Louis. las.
Piece Goods
Mks and velvets__ -10.9 -14.2 -14.7 -15.6 -14.5 -13.1 -11.9 +0.2 +4.4
Woolen dress goods -9.9-10.5 -0.3-21.6 +43.6 -19.0 -20.9 -7.7 -8.1
Cotton wash goods -15.1 -19.0 -11.6 -18.5 -6.7 -23.0 -25.2 -8.8 -3.0
+7.0 +3.5 +18.1 +9.8 +2.4 +2.6 -21.5 +0.01 +5.2
Linens
Domestics, muslIns
+4.1 -10.2 +11.9 +7.3 -2.9 +6.1 +8.5 -2.4 +1.4
&c
Ready-to-IVear A ccessor teaNeckwear. scarfs.... +1.6 +1.8 +21.3 -3.1 +1.4 -10.5 -11.5 -3.8 -.6.8
-4.6 -7.9 -7.8 -5.1 +2.8 -2.0 -11.8 -11.7 +4.9
Millinery
Gloves (women &
+57.2 +21.8 +89.7 +97.1 +104.9 +70.3 +52.6 +111. +11.1
children)
Corsets, brassieres. -0.7 -3.2 -1.4 -1.1 -8.5 +1.6 -2.7 +8.7 +5.3
Hosiery (women &
+6.9 +7.6 +10.3 +10.1 +1.6 +7.5 -6.• +2.8 +4.7
children)
-0.3 +1.0 +0.5 +2.5 f1.-10.1 +1.2-18.5 +4.0
Knit underwear
Silk, muslin under-2.6 -5.3 -4.2 -2.4 -6.4 -2. -9.8 +0.5 +12.0
wear
+4.9 +2.8 +12.5 +5.7 -1.0 +2.9 -1.2 +10.6 +2.5
Infants' wear
Small leather goods +12.7 +16.2 +12.9 +12.2 +31.4 +1.5 +9.3 +10.8 +11.4
+8.8 +1.3 +18.4 +6.8 +5.7 +3.1 +13.6 +19.5 +13.4
Women's shoes
+2.5 ____ +4.0 -2.1 +20.3 -6.4 -7.2 -12.4 +10.3
Children's shoes
Women's Wear-+1.8 +4.4 +4.4 +1.3 +34.1 +14.7 -11.6 +12.6 -8.0
Women's coats
+39.0 ---- +117.2 +23.0 -9.8 +87.4 ____ +237.0 -15.5
Wom,en's sults
Tot.(2 above lines) +6.7 +3.3 +9.8 +2.3 +22.5 +29.1 +2.2 +33.5 -8.5
-2.3 -7.5 -7.7 -5.7 -1.3 +8.6 -6.9 -8.8 +33.5
Women's dresses
Misses' coats, suits +15.1 +17.4 +26.1 +12.0 +10.4 +50.0 -16.9 +50.2 +1.4
+5.2 -0.6 +3.0 +5.6 +5.1 +1.5 +5.9 +19.9 +22.0
Misses' dresses
Juniors', girLs' wear +4.5 +2.6 +6.1 +3.6 -4.0 +4.6 -3.2 +15.9 +15.9
Men's. Boys' We ear
Men's clothing_ _ _ -5.9 -4.1 -5.0 -4.3 -23.7 -7.3 -6.3 +33 -0.9
Men's furnishings. -0.3 __- +0.2 -3.8 +0.3 +2.7 +8.6 -5.5 +11.3
Men's ham, caps -10.6 ____ -21.1 -15.1 -25.3 -12.1 -2.6 -1.1 +8.6
rot.(2 above lines) -1.4 -2.1 -0.3 -4.6 -1.0 -1.7 -8.0 -5.5-11.1
-4.4 -6.0 -9.6 -3.0 +0.4 -2.7 -10.6 -0.3 -2.1
Boys' wear
Men's, boys' shoes +9.2 +5.0 +9.7 +11.9 +8.9 +12.0 +10.2 -4.6 +3.8
House Furnishin Ps
+10.8 +10.7 +20.0 +8.2 +7.4 -2.8 +12.0 +49.3 +2.3
Furniture
-----24.5
+13.4 -___ +48.1 -6.4 +11.4 -0.3--- Driental rugs
Domesticfloorcov.1 -9.9
erings
+9.5 +16.5 +14.6 +9.2 +10.7 +13.1 +10.2
+9.8 +11.4 +10.5 +7.7 -4.7 -4.9 +1.8
Draperies, uphory +7.5 --'..amps,shades
+6.9 -___ 4-5.8 +15.5 +8.2 +4.7 -„_-= --_-, +3.2
9
.
7.
rot.(2 above lines) +7.2 +5.9 +9.0 + 12.0 +0.1 +7.3 - 3 -7 4 +1.
hina. ViII.IWArP_ _ .4-6.2 +3.3 -I-7.0 +3.8 +17.9 +5.5 +2.7 +6.4 +5.0
a Departmental data of sales are for about 200 reporting stores with total sales
in listed departments of somewhat less than 5850.000,000 per annum and in all
departments of somewhat leas than $1,250,000,000 per annum. More than 50%
of these sales are for about 40 stores located in 6 cities: Boston, New York, Pittsburgh, Detroit. Cleveland and Los Angeles. In the Individual Federal Reserve
districts more than half of the reported sales are made by reporting stores in the
-Pittsburgh and
-New York City: No. 4
following cities: No. 1-Boston; No. 2
-St. Louis;
-Detroit and Milwaukee; No. 8
Cleveland: No. 5
-Washington; No. 7
and San Francisco.
No. 11-Dallas and Houston: No. 12
-Los Angeles
-SALES AND STOCKS. BY FEDERAL
DEPARTMENT STORES
RESERVE DISTRICTS.
(Index Numbers. Monthly Average 1923-1925=100J
Federal Reserve
District.
Number
of
Stores.
(a
Adjusted for Seasonal
Variations.
June.
1020.
July.
1928.
108
116r
95
103
107
93
117
96
87
97
100
76
77
65
78
75
77
86
73
68
71
71
94
80
106
88
100
98
97
99
106
105
108
79
93
81
87
88
98
93
95
88
100
97
97
90
101
09
98
103
101
112
112
84
93
91
90
68
83
72
72
---------108
70
78
76
76
96
106
102
100
94
101
83
02
94
94
105
88
70
112
72
99
91
96
85
91
91
93
98
87
78
106
72
101
92
95
93
Weighted average
104
112
89
106
105
100
114
108
89
107
122,
99
101
111
102
122
le&
03,
108
112
96
106
107
106
117
108
89
iiii
Rio
ioi
112
118
76
80
62
80
76
75
87
76
72
12
74
100
112r
107
ASS2g1;124F0'4NN
June
1929.
120
United States
Sinekni-...
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
It. Louis
Minneapolis
Kansas City_b
Dallas
Ian Francisco
523
106
United States
433
99
98
100
oo
a Stores for which figures are available since base Peded. 1923 1925.
b Monthly average 1925=100. r Revised.
Net
Sales.
Stock
End of
Month.
-1-5.0
____
+8.6
--__
1928.
1929,
70.9
37.0
73.9
38.8
_
38.4
42.8
46.4
42 4
-.
44.7
47.7
68.7
61.8
23.9
65:8
67.0
28.4
60.7
-0.5
+8.9
+0.4
+0.8
+40.7
__
+1.9
____
-0.2 +11.4
+3.8
-6.2
-6.7* +6.6* +18.6*
+5.6*
-16.1
+15.7
+5.1 -16.7
+15.3
+3.3 +14.0 +23.8
-21.0
-0.2
-0.7 -10.1
-11.3
____
+26.8
____
+6.3
____
-7.0
-1.4
+11.6
___
+47.41 -1.6+23.8-12.1
-35.1j
+4.1)'
53.2
• Quantity, not value. Reported by Silk Association of America.
** Reported by the National Machine Tool Builders' Association.
July Department Store Sales in New York Federal
Reserve District 4% Higher Than in July Last
Year.
The July sales of the reporting department stores in the
New York Federal Reserve District showed about a 4%
increase from a year ago, but as there was one more selling
day in July of this year, the average daily rate of sales
showed little change from that of July 1928. This statement
is made by the Federal Reserve Bank of New Yrok in its
Sept. 1 "Monthly Review," from which we quote further as
follows:
At least small increases in the daily rate of sales were reported by stores
In New York, Syracuse, the Capital District. and Central New York State,
but there were considerable decreases in several other localities within the
district.
Stocks of merchandise on hand at the end of the month remained somewhat higher than a year ago, and the rate of stock turnover was about the
same .as in July 1928. The percentage of outstanding charge accounts
during July showed a slight increase over last year, following decreases in
the three preceding months.
Percentage Change
July 1929 Compared
With !lay 1928.
Locality.
Stock on
Na Sales. Hand End
of At onth.
New York
Buffalo
Rochester
Syracuse
Newark
Bridgeport
Elsewhere
Northern New York State
Central New York State
Southern New York 8/tate
Iludson River Valley District
Capital District
Westchester District
All department stores
Apparel stores
78
July.
July.
1928.
' 1929.
July.
1929.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City_bs
Dallas
San Francisco
38
45
47
53
29
31
81
19
16
21
21
32
WWtout Seasonal
Adjustment.
Groceries
Men's clothing
Cotton goods
Silk goods*
Shoes
Drugs
Hardware
Machine tools**
Stationery
Paper
Diamonds
rewelry
Stock
End of
Month.
+5.0
-1.3
-8.2
+9.6
+1.1
+9.7
+1.2
-5.0
+4.4
+2.9
+2.5
+4.9
-9.3
+3.8
+1.8
+3.1
-2.9
-2.1
+8.2
+5.9
+13.8
-2.4
-4.2
Per Cent of Accounts
Outstanding June 30
Collected in July.
1928.
1929.
50.0
50.9
39.9
32.8
44.2
50.7
50.4
40.4
30.6
43.9
42.8
_
_
_
_
42.5
46.4
44.8
46.8
46.1
Sales and stocks by departments are compared with July 1928 in the following table. The furniture, home furnishings, and radio departments
were among those showing the largest Increases over last year.
Net Sales
Percentage Change
July 1929
Compared with
July 1928.
Toys and sporting goods
Furniture
Linens and handkerchiefs
Shoes
Luggage and other leather goods
Books and stationery
Hosiery
Home furnishings
Musical instruments and radio
Silverware and jewelry
Toilet articles and drugs
Cotton goods
Women's ready-to-wear accessories
Woolen goods
Men's furnishings
Women's and
ready-to-wear
Men's and boys' wear
Silks and velvets
Miscellaneous
Stock on Hand
Percentage Change
July 311920
Compared with
July 311928.
+23.2
+20.0
+19.1
+15.1
+15.0
+14.6
+10.3
+9.8
+9.8
+9.2
+9.1
+4.6
+1.4
-0.3
-0.3
-1.5
-6.5
-19.4
+2.7
+2.4
+5.8
+4.2
+7.9
+11.8
+2.6
-3.6
+4.1
+19.7
-7.8
-2.9
-4.8
+9.0
-14.5
-0.8
+11.0
+8.7
-10.9
-8.7
Wholesale Trade in New York Federal Reserve District
During July Averaged Above That in Same Month
Year Ago.
The Sept. 1 "Monthly Review" of the Federal Reserve Chain Store Sales in New York Federal Reserve District
in July Increased 2% Over July 1928.
Bank of New York indicates that "the average July sales of
reporting wholesale firms in this district were 9% larger than
Regarding chain store trade in this district, the Sept. 1
in July 1928, but a part of the increase was probably due to "Monthly Review" of the New York Federal Reserve Bank
the fact that there was one more selling day in July this says:
year than last." The "Review" adds:
Sales in all lines of chain store business compared more favorably with
Increases were reported In sales of groceries, stationery, shoes, Paper
cotton goods jobbers and silk goods, following gains in those lines in each
of the preceding three months. Sales of diamonds and jewelry also showed
Increases over a year ago in July. which followed decreases in June,and drug
sales showed the largest increase since January. Sales of machine tools
continued well above the high level of last year.
Stocks showed no consistent change from a year previous. Silk and drug
firms reported increases, while cotton goods, shoes, hardware, diamonds
and jewelry firms reported smaller stocks than last year. Collections
were considerably better than in July 1928 In most lines.
those of last Year in July than in June. Grocery organizations reported
the largest increase in more than a year. and drug chains reported tho largest
increase since the autumn of 1926. Following decreases In eaeh of the previous three months, the sales of candy chains showed a 2% increase over a
Year ago in July.
The extra selling day in July this year no doubt was a factor in the large
increases over July 1928. but even after adjustment for this, sales showed
substantial increases in most lines. After allowance for the Increase In
number of stores operated, sales per unit for all reporting chains averaged
7% larger than a year ago.
Percentage Change July 1929
Compared with July 1928.
Type of Store.
Number of
Stores.
Grocers
Ten cent
Drug
Shoe
Variety
Candy
Total
1355
FINANCIAL CHRONICLE
Atra. 31 1929.]
Total
Sales.
Sales per
Store.
+0.7
+10.2
+18.4
+8.5
+27.0
+2.3
+17.0
+10.8
+20.3
+9.7
+23.2
+2.0
+16.2
+0.4
+1.6
+1.1
-3.0
-0.4
+7.0
+14.9
+7.4
Guaranty Trust Company Says Outlook Is For Continuance of Active Industrial Operations-Seasonal Declines Viewed as Emphasizing Exceptional
Activity.
Predicting "a continuance of active Industrial operations
and large trade volumes for weeks to come," "The Guaranty
Survey," published August 26 by the Guaranty Trust Company of New York, says:
"With the advance of the Summer season, numerous signs are appearing
that the influences that ordinarily cause a marked business recession at
-this time of year are, even in the present instance, not entirely without
effect. The Department of Labor reports a slight decrease in employment
between June and July. Industrial consumption of electrical energy indicates a moderate curtailment of operations. There has at last been some
decline in steel production, although the iron and steel industry continues
on an unusually high plane for late August. The output of automobiles
has been decreasing moderately for some time, though the stimulation of
sales by the introduction of new models has apparently caused an upturn
this month. Cotton consumption was somewhat smaller last month than
in June. Retail trade reports indicate sense slowing up since the beginning
of August. Building activity increased sharply last month but has declined
in recent weeks.
"In most cases these declines are purely seasonal and serve merely to
emphasize the exceptional rates, of activity that have been maintained
throughout the Summer. There is little doubt that business as a whole
remains at a distinctly higher level than a year ago-probably higher than
has ever before been witnessed at this season. With the beginning of
Autumn at hand, the outlook is for a continuance of active industrial
operations and large trade volumes for some weeks to come. If no marked
upturn is in prospect, it is only because the level of activity is already so
high.
"Such a favorable forecast for the immediate future, it is contended by
some students of the situation, must be coupled with a recognition of the
fact that the present rate of business appears, in the longer perspective,
too high to be maintained indefinitely. An examination of business fluctuations in recent years, it is maintained in certain quarters, indcates that
the country is now on the crest of a business wave, and that the next
major movement must be downward. When such a movement may appear
and how much further expansion may take place in the meantime are matters
of conjecture. It is interesting to note; according to these authorities,
that the last three marked recessions have occurred at intervals of approximately three years and a half-one in 1920 and 1921, one in the middle of
1924, and one at the end of 1927. This tendency would appear to suggest,
they point out, that the next important contraction should not be expected
for about two years.
"But the history of business movements over a longer period shows that
the intervals between the major swings are far from regular, and also that
the severity and duration of contractions are highly variable. If the ease
were otherwise, the forecasting of business movements would be comparatively easy. As it is, expectations are necessarily based, for the most part,
on the observation and interpretation of current trends in activity and in
Underlying conditions."
are expected by reason of a material reduction in the world crop. Canadian
wheat will be very short. In the Spring wheat section the increased pricewill not compensate for reduced production. The gain will accrue largely
,
to the soft Winter N heat growers of the Central States. Farmers, however,
will not reap the full benefit from higher wheat prices because a large
percentage of the crop left the farms before the full price advance.
Comparison is sometimes made between the curernt year and the season
1924-25, when wheat in Chicago went to $2.05. The world crop of 1924,
like that of 1929, was short and was preceded by the bumper crop of 1923,
comparable to that of 1928. In December 1924 the price of wheat ranged
from $1.51 to $1.79, and in December 1925 prices were still higher, $1.61
to $1.90. This year, although the crop in the United States is about 100
million bushels Tess than in '24, December futures have not exceeded $1.58.
Loading of Railroad Revenue Freight Continues to
Increase.
Loading of revenue freight for the week ended on Aug. 17
,
totaled 1,100,267 cars, the Car Service Division of the Amerjean Railway Association announced on Aug. 27. This was
an increase of 9,651 cars over the preceding week and an increase of 42,358 cars above the corresponding week last year.
It also was an increase of 33,439 cars above the corresponding week in 1927. Other details follow:
Grain and grain products loading for the week totaled 61,423 cars, an
Increase of 216 cars over the corresponding week last year and 7,378 cars
over the same period in 1927. In the Western districts alone grain and grain
products loading totaled 44,924 cars, an Increase of 1,735 cars over the same
week in 1928.
Ore loading amounted to 74.574 cars, an increase of 10,348 cars over the
same week in 1928 and an increase of 11,672 cars compared with the corresponding week two years ago.
Miscellaneous freight loading for the week totaled 437.260 cars, 22,055
cars above the same week last year and 31,033 cars over the corresponding
week two years ago.
Coal loadinc amounted to 162.862 cars, an increase of 2,136 cars over
the same week in 1928 but 10.581 cars below the same period in 1927.
Live stock loading totaled 24.651 cars, 919 cars below the same week last
Year and 4,883 cars under the corresponding week in 1927. In the Western
districts alone live stock loading amounted to 18,556 cars, a decrease of 590
cars compared with the same week in 1928.
Loading of merchandise less than carload lot freight amounted to 260,017
cars, an increase of 4,110 cars above the same week in 1928 but 1,339 cars
below the same week two years ago.
Forest products loading totaled 67,975 cars, 2,046 cars above the same
week in 1928 but 1.956 cars below the corresponding week in 1927.
Coke loading amounted to 11.505 cars, an Increase of 2,366 cars above
the corresponding week last year and 2,115 cars over the same week two
Years ago.
All districts except the Central Western reported increases in the total
loading of all commodities compared with the same week in 1928, while
all except the Pocahontas and Southern districts showed increases over
the same week in 1927.
Loading of revenue freight in 1929 compared with the two previous years
follows:
1927.
1928.
1929.
3,756,660
3.448.895
3,570,978
Four weeks in January
3.801.918
3,590.742
3.767.758
Four weeks in February
4,982,547
4,752.559
4,807,944
Five weeks in March
3,875.589
3,740,307
3.983,978
Four weeks in April
4,108.472
4,005.155
4,205.709
Four weeks in May
4,995.854
4,924,115
5,260.571
Five weeks in June
3,913.761
3,944,041
4,153,220
Four weeks in July
1,048.821
1,024.038
1,101393
Week ended Aug. 3
1,049,639
1.044.268
1.090,616
Week ended Aug. 10
1,066,828
1.057.909
1,100,267
Week ended Aug. 17
Total
33,045,234
31,556,812
32,575,306
Trend of Business as Viewed by Continental Illinois
Bank & Trust Co., Chicago-Current Year ExBuilding Trend Upward According to Greenebaum Sons
pected to Set Record as to Volume and Profits
-Dodge Corporations Figures.
Investment Co.
Higher Wheat Price Looked For.
trend in building this year has been upward,
The prevailing
In indicating the trend of business, the Continental Illiof newest data made by the
nois Bank & Trust Company of Chicago, under date of it is found from an examination
Research Department of Greenebaum Sons Investment Co.,
Aug. 26, observes:
generally has been somewhat below last
Paradoxically, business has continued active while the price of money although activity
been high. We expect the paradox to continue. The second half of the year's record levels. Investment in new work in July, howhas
year should be as good as the last half of '28. It may easily be better. ever, in addition to being the largest of any month in 1929,
The current year should set a new record, both as to volume and profits.
set a new July record for all time, surpassing July 1928 by
There is no doubt that Americans generally believe in America-more than
12%.
ever. If any of them don't, they should pay a visit to Europe.
Contracts awarded during the month had a valuation of
According to the forecast, "the price of wheat should go
approximately $652,000,000, according to F. W. Dodge
higher." In stating this, the bank adds:
compared with $545,000,000 in June and $583,While the Young Plan ran into rough weather at The Hague, corn kept Corp., as
on growing in Iowa. Cattle prices are up and will remain high. Hogs 000,000 in July a year ago. Non-residential construction,
are profitable. Cotton growing again will prove remunerative. All told, it is noted has shown the most consistent upward movement
the American farmer will have a larger income than last year. The only
during the year. Residential work has supplied a somewhat
question is how much larger.
Industrial production has set a new high record and the volume of smaller proportion of the total than usual. The trends in
trade has been greater than last year. New building, not unexpectedly, residential, non-residential and total construction for the
has eased off. Stock speculation has continued, but the average of comfirst 7 months of 1929 appear from the following figures,
modity prices has remained stable. Money rates have been high and,
frankly, the factor of credit elasticity is to be found in the Federal which show millions of dollars:
Reserve Banks rather than in member banks. The latter have made on.
seasonally heavy commercial loans, in response to legitimate agricultural
and business demands, and collateral loans have been running at record
figures.
We feel sure that there will be adequate credit for agriculture and busiMSS. The Reserve Banks have the reserves to assure this and their coin.
bined bill holdings-Government securities and acceptances-are so low
that they can easily buy bills in the open market and thus relieve any credit
tension. But we see little in either the domestic or international money
market to give promise of an Autumn decline in rates.
•
•
Wheat the Spectacular Feature of the Crop Situation.
Wheat is in the most spectacular position of all the crops. High prices
MonthJanuary
February
March
April
May
June
July
Residential.
$138
129
197
256
192
189
199
NonAll
Residential, Construction.
$271
$409
232
361
287
484
386
642
395
.587
356
545
453
652
Construction Contracts Awarded Above Last Year.
Total construction contracts awarded during July in the
37 Eastern States amounted to $652,436,100, according to
statistics compiled by the F. W. Dodge Corp. In July 192
1356
FINANCIAL CHRONICLE
[VOL. 129.
95,312,300
52,806,300
37,551,900
10,236,900
6,364,800
10,011,300
16,671,200
82,125,100
88
Go.,,
Ag
.01.4
-a
MN.
OWt
a
N
N
.6
S
1
.dt.:cOsiW.
.
2cm
500,431,400
4,848,400
..
..
a
.
aa-ia44
WM.
00
0
.
153,683,982,900
580,918,500
460,677,000
237,296,500
74,206,300
70,048,500
67,389,000
87,925,600
88p888
234,864,300 $1,578,461,300
265,567,100 1,302.995,500
81,673,700
451,400
AK.> ARA inn
..
Inn
Tr0;0a
.
.00
7A AAR
§8§§§8?
.c.-,.....,
.0.0000
et:
NC.
oi
.,
Faggm
0'..-itsca-.. *I': eteg. ".
42 ::» 2
o.
.?o. 'lel ,
m. 00 N
457,889,400
194.546,700
New Floor
Space. In
Square Feet
1929.
Valuation.
91,348,300
66,604,000
47,979,300
15,696.800
8,550,400
11,969,000
15,816,100
.
.-1..
8
88 88.
t-.so m.
v M M,; 5:
.
rj! m t
1
.2 2
x aa a
74,985,900
477,800
4 i 5228Pg2
,
&; elveD---" e4
,.
37,003,200
44,670,500
Uontracts Awarded.
OT8g8g.ig
.'
V ; '"e4e01eq.
.4. .0
..1
257,963,900
199,925,500
W RUMESS:
':ir
37,227,000
37,758,900
1928.
b.
I $4.028,299.900
81,490,827,100
1,759,564,400
563,219.000
338,831,600
237,798,300
77,649,600
45,621,300
84,532,500
143,274,800
.10,20 Ann
446,357.700
137,074,700
i
217,654,900
228,702,800
95,696,800
31,399,800
36.926,400
12,768,900
6,902,000
15,347,100
18,623,900
these construction contracts aggregated $583,432,400. For an above-average yield in Ontario, and other grains, both
the seven months of 1929 the contracts awarded foot up there and in Quebec, will reach normal production.
$3,683,982,900, as compared with $4,028,299,900 in the corIn summarizing business in general; the Bank of Montreal
responding seven months of 1928.
says:
We give below a table showing the details of projects con"The state of domestic business is satisfactory as a whole, with retail
templated in July and for the seven months of this year as trade profiting from an unprecedentedly large tourist traffic. Iron and
steel
well employed; cotton textile mills operate
compared with the corresponding period a year ago, and the 70% industries areproduction artificial silk is at a higher at about
of capacity;
of
ratio; boot
contracts awarded for the same periods. These figures, and shoe factories are moderately busy; wholesale trade is at normal
cover 91% of the total United States construction, according Summer level.
"Mercantile mortality for the first half of the current year showed 1,158
to the F. W. Dodge Corp.
failures as compared with 968 for the same period of last year, this
4
'es. ..._
C C2
NN..00vNm
cev
$4,802,623,9C0
1,325,182,300
locl
M
8
-.
og
»
N
222228:: 42 AA
-;--;a .d aa ,.:
t:446
•
g
a 45 Pg.
1
1
74
a52' §.3
0
2.7044 fla '4 g i-a2.
W126 fTi.0; 14
4
g3
9
.
EignN5i 1 -4.. g Zgigs..5 0
2
6
8.11men
$4,175,307,400
1,203,364,500
N.
1
g
2g20g.
--a .. aa a
aa
4
8.9oW014a
;
Total construetlon
a
0
a
Total bulklings
Public worka.
i
e:
N
.
a
.
228=2 !!..i P2 2
uv.v
we-.
715,806,900
648,763,400
255,134,000
130,739,200
148,226,800
104,289,000
128,654,000
365,736,800
114,475,300
:
i
N
...WggM
480,212,100
V
$2,857,177,400
2,445,446,500
647,682,700
472,845,500
174,837,200
198,293,900
274,551,600
$72,248,600
42,446,600
25.230,600
11,687,100
25,497.200
8,463,100
12,730,800
b g 0g....., .. .0
11
0 41.4;1422 %IS 271:. 2
.
4.; 4. r.z
Z
N. .0
AggelgRA 22 22 2
4a.
NN
t5 m. 2
8
el
.
V
190,475,400
176,261,400
I
aa .. eq
872,446,900
42,244,700
27,131,800
10,373,300
7.611,500
20,822,600
9,844,600
Valuation.
Number
of
Projects
1928.
1
3
1929.
...entemptatea rrojects.
i
2221
e'Ve
...,m .22% 28 PS 0
..N
WN
gt
a
M05.0.00
WM.
$2,131,513,300
2,043,794,100
N.
815,670,500
42,446,500
314,569,700
139,148,900
157,718,900
108,708,600
191,061,000
MMWMWMW
it ',:ZP222A P58 PA 8
,R
'owe a
z
A k a
reflecting continued pressure upon the smaller merchants by departmental
and chain store organizations.
"While the ratio of output to capacity of Canadian newsprint mills was
slightly lower in July than in June or May, it was exceeded in only three
months last year. Volume of production reflects growth of capacity.
Thus, at a lower ratio, production in July was 4,000 tons more than in
June, and 44,846 tons more than in July 1928. In the last seven months
Canadian output has reached 1,540,367 tons, an increase of 14% over
1928, while production in the United States in the same period, 809,287
tons, shows a decrease of 2%. Notable is it that as late as 1925 newsprint production in the United States was larger than in Canada; now
production in Canada is nearly double that in the United States. Prices
are stable.
"Both building and engineering construction show little sign of abatement, the estimated value of new contracts in July, $38,360,000, being 51%
In excess of last year, and the highest July of record. Business buildings
ranked first, followed by engineering and residential. Contracts for the
elapsed seven months of the year aggregate $336,062,000, a figure far above
any previously recorded. This activity continues to make a large call
upon labor, and to create a lively market for builders' supplies.
Crop Report
-Canadian National Railways.
Harvesting operations in Western Canada are in all stages
of progress, as some districts have just commenced cutting
while others have finished with binders and are beginning
threshing, according to the last weekly crop report of the
Canadian National Railways. In its report it says:
A better grade of grain than was expected is reported from numerous
districts in Manitoba. Rust conditions are found between two subdivisions
only in Manitoba, but the whole of the West is exceptionally free from
damage. Some districts in this Province report threshing complete, while
in others threshing will be in full swing this week. Along the Carman
subdivision Garnet wheat is yielding from 20 to 25 bushels. Barley will
run about 25 to 30 bushels, oats from 20 to 40 bushels, and rye 20 to 80
bushels. The Swan River Valley reports that wheat yields will vary from
12 to 25 bushels, with oats 16 to 35 bushels, and barley 18 to 25 bushels.
Hot, dry weather has been prevalent throughout Saskatchewan, and grain
cutting is now general. Wheat yields of from 15 to 20 bushels on Summer
fallow and from 10 to 15 bushels on stubbled-in land, are expected in the
Northern territories. Southern Saskatchewan is not so fortunate, as
three of the Southern subdivisions are only expecting out-turns of from
five to seven bushels of wheat. Rye has witstood the drought very well,
and yields varying from 18 to 30 bushels are now coming down the
grain spout. Three other Southern subdivisions expect wheat yields of
from 10 to 20 bushels. In the Peace River cutting has started and will
be general this week. Weather conditions for the past seven days have
been cool, with light Elsowers, and ripening has been somewhat slow.
Grain prospects, however, continue up to previous expectations, and 80
bushel wheat yields will not be uncommon.
In Alberta, heavy rains were experienced along several of the subdivisions at the beginning of last week, and harvesting was delayed from
two to three days. Stubbled crops in these territories will not be heavy,
but wheat on Summer fallow and sweet clover sod will in several districts
exceed 20 bushels.
The Athabaska subdivision was visited by a storm which did damage
varying from only slight to 100%. One Alberta subdivision expects
stubble wheat to yield from four to six bushels per acre, whereas Summer
fallow will yield from 10 to 15 bushels. Coarse grains will also show
great variation in yield, as some oats are not fit to cut, while others will
run from 20 to 30 bushels.
Annalist's Weekly Index of Wholesale Commodity
Prices.
Bank of Montreal Finds State of Business Satisfactory
The "Annalist" Weekly Index of Wholesale Commodity
-Canada's Wheat Carry-Over of 118,000,000
Prices stands at 148.4, which is 0.5 points lower than last
Bushels an Offset to Poor Crop This Year.
Week's index of 148.9 (revised), and compares with 152.1
The fact that Canada has a carryover of 118,000,000
last year at this time. The "Annalist" goes on to say:
bushels of wheat from the crop of 1928 is one consoling
The farm products, food and metal groups' indices declined, and the
feature of the situation brought about by the deterioration textile and miscellaneous groups' indices rose. The increases in grain
prices reported last week were lost again this week, while live stock prices
of crops in the Prairie Provinces, according to a view exhave recovered some of the losses of last week.
which inpressed by the Bank of Montreal in its summary of business, creased 50 cents a barrel last week, this week showFlour prices,40 cents a
a decline of
barrel. Potatoes also show a price reversal almost equal to the increase
issued August 22, in which it says:
Further deterioration of Prairie Province crOps has occurred during the made last week.
The index for the month of August stands at
148.6 and compares with
last four weeks, and it is probable that the wheat yield will not greatly
exceed 250,000,000 bushels, which is less than half that of 1928. This 149.1 for June. The indices of the groups during the four weeks in August
did not depart widely from the median. The farm products and food
shrinkage, after allowance for compensations, can scarcely fail of unfavorable reaction upon some branches of business. In fine, the wheat crop products groups were the most active, and while commodity prices fluowill for a year to come play a less important part than in recent periods tuated widely the indices remained relatively unaffected. On the whole.
In the domestic and foreign commerce of Canada, will probably cause an grain prices were lower and live stock prices were unchanged from the
adverse shifting of the balance of trade, and temporarily moderate the Preceding month. Continued high prices for live stock are the consequences of a shortage of both beef and hogs. Since beef production is
activity of agencies dependent directly upon a large production of grain.
The people of the Prairie Provinces, however, no longer have all their more of a long-time industry than pork production, it is reasonable to
assume that beef prices will remain at present levels or higher for some
eggs in one basket.. There is a growing diversity of industries and live
time. Hog prices, while more seasonal, may be expected to remain at
stock and dairy production is large. Higher prices, too, prevail for all high
levels until prospects for the new pig crop have materialized. Warren
classes of cereals, and there is a carryover from the Canadian crop of &
Pearson say that "the shortgage of live stock is indicated by the fact
1928 of 118,000,000 bushels of wheat.
that the weighted index numbers for the United States prices paid to
The bank states that in Central Canada a large hay crop farmers for all classes of live stock and live stock products used for food
was 75% above
of excellent quality has been housed, Fall wheat has given above pre-war." pre-war; whereas grain and potatoes averaged only 19%
PRICES.
THE ANNALIST'S INDEX OF WHOLESALE COMMODITY
(1913=100.)
146.9
154.8
146.1
160.9
127.6
153.6
134.0
127.1
148.4
co-Awswvocno-4
Aug. 27 1929. Aug. 20 1929. Aug. 28 1928.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All cornmotutic.
153.6
155.9
153.0
165.5
121.0
156.8
134.6
121.1
152.1
PRICES.
THE ANNALIST'S INDEX OF WHOLESALE COMMODITY
August 1929.
Miscellaneous
All commodities
Jtdy 1029.
August 1928.
147.3
154.8
145.6
161.3
127.8
153.6
134.3
127.1
148.6
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
1357
FINANCIAL CHRONICLE
Auo. 31 19291
147.1
154.2
147.0
162.8
128.3
153.4
134.6
129.9
149.1
151.6
154.5
153.2
164.6
120.8
156.7
134.6
120.8
150.8
Unfavorable Factors in the Northwest.
The hot, dry weather which was so favorable for the corn crop was
disastrous for wheat. According to the Government crop estimate mentioned
above, the yield of Spring wheat in Montana is expected to be 33,875,000
bushels less than last year, a decline of 62%. The reduction in yield for
North Dakota is expected to be 65,387,000 bushels, or 46%. The reduction for South Dakota is expected to be 4,173,000 bushels, or 13%, and
for Minnesota, 4,753,000 bushels, a 22% reduction in yield. The Department of Agriculture's index of the general level of farm prices, after a
gain of 5 points during July, was still 5 points below its position a
year ago.
Advance Report on Wholesale and Retail Trade in
Philadelphia Federal Reserve District During July.
The following advance report on wholesale and retail trade
during July, in the Philadelphia Federal Reserve District, is
made available by the Federal Reserve Bank of Philadelphia:
ADVANCE REPORT ON WHOLESALE TRADE IN THE PHILADELPHIA
FEDERAL RESERVE DISTRICT FOR THE MONTH OF
JULY 1929.
Stocks at End of Me.
Net Sales During Month.
Survey of Industrial Development in United States and
Canada by National Electric Light Association
and Metropolitan Life Insurance Co.
An exhaustive study of industrial development in the
United States and Canada, has been completed by the Policyholders' Service Bureau of the Metropolitan Life Insurance
Company, at the request of and in co-operation with the
Civic Development Committee of the National Electric
Light Association. It is pointed out that hitherto no comprehensive or reliable information has been available from
any source in regard to the extent and character of what
Is popularly known as the "migration of industry." After
more than a year of intensive research, collecting and
classifying data, and summarizing the results of these findings, the first public announcement of the results is now
being recorded in a report entitled "Industrial Development
-A Summary," published
in the United States and Canada
by the Metropolitan Life Insurance Company.
The general objects of the study have been two: First,
to measure in terms of number of plants and employees the
extent and nature of these phases of industrial development;
and second, to determine the underlying economic reasons
which have brought about these changes. The first of
these objectives has been accomplished through the collection and analysis of detailed reports from 2,084 communities scattered throughout the United States and Canada;
the second through the testimony of business men upon the
factors influencing them to select a particular community
as a site for a manufacturing plant. Copies of the "Summary" may be obtained by interested business executives
on application either to the National Electric Light Association, 420 Lexington Avenue, New York City, or the Policyholders' Service Bureau, Metropolitan Life Insurance Company, One Madison Avenue, New York City.
Business Trends as Viewed by First National Bank,
First Saint Paul Company and Merchants Trust
Company of Saint Paul-Favorable and Unfavorable Factors in Northwest.
In the "Digest of Business Trends," issued August 25 by
the First National Bank, the First Saint Paul Company and
the Merchants' Trust Company of St. Paul, favorable and
unfavorable factors in the Northwest are indicated as
follows:
Compared Compared Compared Compared
Index Numbers
with
with
with
with
(P. Cl. of 14123-1925
Same
Precious
Same
Monthly Average). Precious
Month
Month.
Month
Month.
Last Year.
Last Year.
June '29. July '29.
71.2
Boots and shoes_ -0102.6
Drugs
*59.5
Dry goods
*98.5
Groceries
*93.7
Hardware
84.3
Jewelry
96.1
Paper
14.8% -12.9%
-0.9
+1.8
-9.3
13.8
+8.5
+5.9
-8.9
+1.9
+9.1
-16.6
+9.6
+4.3
7
.9 0:6
0.3
-0.2
+9.8
+3.2
0.5
-
+0.2
5.6
-
Collections
During Month.
Accounts Outstanding
at End of Month.
Compared Compared Ratio to Compared Corn pored
with
Net Sales
with
with
with
Some
Same
During Previous
Precious
Month
Month
Month
Month
Month
Last Year
Last Year
521.3% -13.9% -17.6%
-2.5% -13.1%
Boots and shoes
112.8
-6.2
-0.4
+0.5
-0.8
Drugs
238.4
4.6
-11.3
7.0
+2.4
Dry goods
-0.4
+3.4
+1.1
111.0
+7.8
Groceries
212.7
3.3
+0.4
+3.2
Hardware
+32.7
507.5
5.8
+11.3
+5.2
Jewelry
195.9
-3.8
+4.9
+7.1
+11 7
Paper
*Subject to revision when reports are complete.
ADVANCE REPORT ON RETAIL TRADE IN THE PHILADELPHIA
FEDERAL RESERVE DISTRICT FOR THE MONTII OF JULY 1929.
Index
Numbers
of Sales
(P. C. of '23-'25
Monthly
Average.)
June
1929.
*99.4
All reporting stores
96.3
Department stores
Philadelphia
In
Outside Philadelphia
123.2
Apparel stores
111.8
Men's apparel stores
In Philadelphia
Outside Philadelphia
128.1
Women's apparel stores
In Philadelphia
Philadelphia
Outside
*147.8
Shoe stores
89.7
Credit stores
Stores in:
98.4
Philadelphia
Allentown, Bethlehem & Easton 104.2
91.7
Altoona
95.3
Harrisburg
72.5
Johnstown
100.2
Lancaster
96.1
Reading
92.8
Scranton
*107.4
Trenton
88.4
Wilkes-Barre
137.8
Wilmington
All other cities
Favorable Factors in the Northwest.
General business activity in the Northwest, as measured by the volume All reporting stores
of check payments, as 18% higher during the five weeks ended August 7th Department stores
In Philadelphia
than during the corresponding five weeks last year. The increase was 5%
Outside Philadelphia....
for the country districts, 16% in the total for Minneapolis, St. Paul, Apparel stores
South St. Paul, and Superior, and 60% for Duluth. This phenomenal
Men's apparel stores__ _ _
In Philadelphia
Increase for Duluth was largely caused by increased activity in the iron
Outside Philadelphia
in turn, was a result of the exceptionally high rate of activity
mines, which,
Women's apparel stores
in the steel industry. In connection with this increase in activity in the
In Philadelphia
Outside Philadelphia
Northwest, the analysis of carloadings is interesting. For the five weeks
ended August 3rd, carloadings of all Nolthwest commodities were 9% Shoe stores
stores
last year. Carleadings of ore Credit In:
higher than for the corresponding period
Stores
Increased 20%, and grain 25%. The recent hot, dry weather was favorable
Philadelphia
Allentown, Bethlehem &
for the Northwest corn crop. In the Government crop report made public
Easton
August 10th it was estimated that Minnesota's corn crop for 1929 will be
Altoona
156,670,000 bushels, an increase of 13,561,000 bushels compared with the
Harrisburg
Johnstown
actual yield in 1928. South Dakota is expected to raise 123,118,000
Lancaster
bushels, which is an increase of 29,209,000 bushels, and the crop for
Reading
North Dakota is expected to be 25,463,000 bushels, or an increase of
Scranton
Trenton
1,037,000 bushels. According to an estimate made by the Federal Reserve
WIlkes-I3arre
Bank, the income in this district from grains and hogs marketed during
Wilmington
July was more than double that of the same month last year. Retail
All other cities
and collections in the Northwest better
agencies report merchandise sales
year ago.
than a
July 1928. •
60.6
104.4
51.2
105.0
85.8
70.5
100.2
Net Sales.
July 1929 Compared With
July 1928
(Daily
July (Monthly
1929.
Total).
67.3
65.4
78.5
75.2
79.9
108.8
65.8
Stocks at
End of
Month
Compared
With
-2.9
-3.8
-4.6
-2.2
-0.2
-9.7
-2.7
-13.9
+4.3
+6.2
-6.6
+0.4
+14.7
61.5
79.9
81.1
69.9
57.5
87.0
71.1
75.6
72.9
69.1
99.3
Afer3
..
Jan. 1 to
July 31
Compared
1VUh
Santo
Period a
Year Ago.
-7.5
-6.0
-4.0
-13.2
-6.5
-17.2
+0.3
+2.1
-10.2
+10.3
-3.3
+0.7
+0.4
-3.0
+4.5
-5.3
+6.5
+7.9
-2.6
+2.0
-1.0
-1.1
+5.8
+2.4
-2.9
+1.4
+0.7
-3.3
-0.5
+0.5
+6.2
-1.1
-9.6
-7.7
-6.9
-0.3
+3.0
Stocks
Turnover
Jan. 1-J511, 31
-0.8
-1.6
--2.4
+0.4
+2.5
+2.4
Accts.
ReceivCol
able
!tenons
at End During
of Mo. Month
CornCornpared
pared
With
IVith
Year
year
Ago.
Ago.
Year
Ago.
1929.
1928.
-6.2
-5.4
-6.1
-4.3
-8.9
-9.8
-13.5
-2.1
2.09
2.04
2.27
1.69
1.90
1.83
1.97
1.61
.9
5
-- -
+ 1 1-- .2
-11.2
-14.9
-8.6
-15.8
-16.1
-14.7
--3.1
-6.7
9
-I6
+10.9
+2.4
+2.0
+3.0
-1.6
-7.9
-13.2
I.58
1.87
1.33
3.58
3.85
2.31
1.62
1.38
165
1.92
1.33
3.52
3.77
2.43
1.52
1.24
- .
-i 1- 3
+9.5
+11.1
+7.6
+7.2
- 9i
9 -+21.4
+21.7
+19.6
+4.1
+14.2
-6.9
-12.3
2.40
2.10
----
---
-5.3
-1.3
-7.1
-1.3
-6.7
-1.4
-9.7
-5.6
-1.8
-4.7
-5.8
-6.7
1.47
1.37
-4.9
+3.3
-4.4
1.65
1.45
+5.4
+13.2
-3.5
1.50
1.53
+2.7 +13.6
--4.6
_
+4.6
+12.1
+5.5
la
iisi
-6.9
1.61
1.43
+- 3 0 +111
.
1--7.6
1.89
1.83
+4.1
+9.0
+1.0
1.86
1.73
+11.6
+7.1
+4.5
1.42
1.52
-3.2
+8.6
-0.7
1.72
1.64
+13.8
+24.3
-0.5
1.76
1.60
+23.5
+10.6
eas Cl8y5 In July 1929 and 25 business days in
Month
Ago.
+3.6
1358
FINANCIAL CHRONICLE
Form 129.
Consumption of Electrical Energy by Industrials in
Philadelphia Federal Reserve District During July
Smaller Than in June-Increase over July Last
Year.
Industrial consumption of electrical energy in the Philadelphia Federal Reserve District was slightly smaller in
July than in June but almost 11% larger than in July 1928.
Total sales of electricity also were a trifle smaller in the
month but nearly 16% larger than a year before according
to the Federal Reserve Bank of Philadelphia, which adds:
grocery, drug, five-and-ten-cent, cigar, furniture, and women's clothing
groups had larger aggregate sales.
Other Retail Trade.
-A seasonal decline of 27.9% from June took place
In aggregate July sales of 26 retail shoe dealers and the shoe sections of 22
department stores in the district; the volume sold totaled 4.4% more.
however, than for the corresponding month last year. The majority of
department stores recorded declines In the latter comparison. Sales for
the seven months of 1929 have aggregated 5.6% greater than for the same
Period of 1928. A reduction of 9.8% was shown in stocks on July 31 from
a month previous, but the volume held was 0.6% heavier than a year ago.
Dealers reported July collections as 1.8% larger than for Juno and 8.9%
above last year, while accounts receivable the end of the month fell off
5.0% in the month-to-month comparison and Increased 7.4% over July
The output of electric power by 12 systems of this district, however. 31 1928. Accounts receivable averaged 66.1% of July sales, compared
with a ratio of 65.1% for June and 62.7% a year ago.
Increased nearly 3% in the month and was approximately 15% greater
Sales of furniture In.July likewise showed the customary downward trend.
than in July 1928. Comparisons are given in the accompanying table.
The volume of furniture and house furnishings sold during that month by
ELECTRIC POWER-PHILADELPHIA FEDERAL RESERVE DISTRICT. twenty-four dealers
and 26 department stores totaled 14.4% less than a
month previous, though exceeding sales In July last year by 9.2%. Sales
Changefrom Change from
made by dealers on the installment plan fell 5.9% below June but aggre12 Systems
July.
June 1929. July 1928.
gated 9.7% more than a year ago. Stocks on hand the end of the month
recorded little change from June 29 or from the corresponding date of 1928.
Rated generator capacity
1,791,000 k.w.
+1.3%
+0.6%
Generated output
Dealers' collections increased 1.7% in July over June and 4.4% over July
531,892,000 k.w.h.
+14.5%
+2.9%
Hydro-electric
-37.4%
-59.6%
73.753.000 k.w.h.
last year, with installment collections declining 1.2% and gaining 0.2%
Steam
341,003.000 k.w.h.
+15.8%
+78.6%
in the respective comparisons. Accounts receivable July 31 were 4.6%
Purchased
+12.1%
117.136.000 k.w.h.
+28.7%
less than at the end of June, but 2.5% larger than a year ago.
Sales of electricity
429,124.000 k.w.h.
-0.9%
+15.9%
Lighting
In line with other phases of retail trade. July sales of 102 retail hardware
+5.2%
66.669.000 k.w.h.
-9.1%
Municipal
8,071.000 k.w.h.
+9.8%
-4.7%
dealers in the five states including the Seventh District, declined 2.2% In
Residential and commercial
+4.6%
58,598.000 k.w.h.
-9.7%
the aggregate from June. but gained 12.7% over a year ago, with sales for
Pewer
+10.7%
-2.2%
271.378,000 k.w.h.
the seven months of the year 2.6% above the same period of 1928. In
Municipal
+43.5%
6,910,000 k.w.h.
+32.3%
Street cars and railroads_ _
47.418.000 k.w.h.
+6.9%
the month-to-month comparison, Wisconsin furnished the single exception
-2.2%
-3.0%
Industries
+10.9%
217.050.000 k.w.h.
to the downward trend, the volume of merchandise sold by dealers in that
All other Klieg
91.077.000k w h.
+47.3%
+10.7%
state totaling 20.9% greater than in June; Illinois recorded a decline of
4.8%, Indiana of 18.9%.Iowa 18.6%. and Michigan 9.6%. As compared
with July last year, sales in Illinois gained 1.5%. In
10.6%, and
Merchandising Conditions in Chicago Federal Reserve 33.8% in Wisconsin, while Indiana and Iowa showedMichiganof 2.8% and
declines
District-Declines in Wholesale and Department 2.3% respectively. Sales In the last two states likewise have totaled less
Store Trade in July as Compared With June
- for the year to date.
Gains in Chain Store Trade.
Recessions in wholesale and retail trade in the Chicago Industrial Employment Conditions in Chicago Federal
Reserve District-Slight Decline in Employment
Federal Reserve District during July as compared with the
and Wages.
previous month are indicated in the September Monthly
The Chicago Federal Reserve Bank states that manufacBusiness Conditions Report of the Federal Reserve Bank of
Chicago, which has the following to say regarding Merchan- turing plants in its District report a decline of 0.2% in
employment during the period June 15 to July 15, with a
dising conditions:
Wholesale Trade.
-Declines were shown in July from June in all report- reduction of 5.0% in the amount of payrolls. In its Monthly
ing lines of wholesale trade except drugs; the recessions in the grocery and
Business Conditions Report, dated Sept. 1, the Bank adds:
hardware groups, however, were slight, and the majority of grocery and
The heavier payroll decline was mainly the result of lay-offs incident to
dry goods firms recorded gains in the comparison. Only dry goods and
vacations and the taking of inventories. Figures for the corresponding
shoes recorded declines from July last year, with the majority of dry goods
Period a year ago show losses of 0.6 and 6.1%, respectively, in employfirms in this comparison also reporting increases and half the shoe firms.
ment and amount of pay. In the metals and metal products group, a
For the first seven months of 1929. sales in all lines except shoes gained
over the corresponding period of 1928, the increases being as follows: decline of 2.0% took place In the number of men employed and of 5.9%
In payroll amounts, as against curtailments of 4.1 and 8.9%, respectively.
groceries. 2.3%; hardware. 7.8%; dry goods. 7.4%; drugs. 2.3%. and elec
vehicles group, reflecting largely the trend within the
trical supplies, 21.6%. The decline In shoes averaged 0.6%. Prices In a Year ago. The
automobile industry, reduced employment 3.8% and payrolls 7.4%, condrugs, dry goods, and shoes remained steady during July, those in the tinuing
the downward movement that began last April. Last year this
gncery line were firm to upward, while the trend in hardware and electrical
group showed a steady increase in the volume of employment, although
supplies was steady to downward.
payroll amounts declined 7.4% during July-similar to the loss reported
this year. Groups including the building materials also continued the
WHOLESALE TRADE DURING THE MONTH OF JULY 1929.
downward trend of previous months, with the losses generally heavier
than a year ago. Only one group, that of food products, showed a gain
Stocks at End of Month
Net Sates During Month
In payrolls as well as in number of workers; here the gains were mostly of a
Per Cent Change from
Per Cent Change from
seasonal nature, as in canning and preserving, and in the manufacture of
Same Month
Preceding
Preceding
Same Month
beverages, ice, and ice cream. Flour and cereals, dairy products, and
Month.
Last Year,
Month.
Last Year.
confectionery showed declines. Groups with increased employment but a
Groceries
(34)- 0.3 (35) + 9.4 (24)- 3.4 (23) -12.0
curtailment in payrolls, were the chemicals, leather products, and paper
Hardware
(14)- 1.3 (14) +15.7 (10)- 2.5 (10) + 6.8
and printing.
Dry Goods
(8) + 3.2
(10)- 6.2 (10)- 2.0
(8) +12.6
Reports on employment other than at manufacturing plants reflect a
Drugs
(15) + 5.1 (15) + 6.7 (12) + 4.6 (12) + 0.1
Shoes
slight increase in the demand for labor, especially for road work and in
(6) + 2.1
(6) +12.3
(8)- 7.2
(8)-23.3
Electrical Supplies
(39)- 3.4 (39) +18.4 (32)- 0.2 (32) +26.8
the coal mines. The ratio of the number of applicants for positions avail'
able at the free employment offices showed practically no change during
ACCOUntl Outstanding End of Month.
Collections During Month.
July. registering 113% for Indiana and 231% for Iowa, as compared with
Per Cent Change from
113 and 232%. respectively, a month previous.
Per Cent Change from
Ratio to
Net Sales
-SEVENTH FEDERAL RESERVE
EMPLOYMENT AND EARNINGS
Preceding
Same Month
Predecting
During
Same Month
DISTRICT.
Month.
Last Year.
Month.
Month.
Last Year.
Groceries
(31)- 2.5 (32)- 5.8 (32) 91.4 (28) + 2.5 (27) +10.1
Hardware - (14)- 2.6 (14) + 7.6 (14) 196.4 (10) + 4.0 (11) + 7.2
Dry Goods (10)- 1.5 (10) + 1.3 (10) 319.2
(9) +10.6
(9)- 3.3
Drugs
(13) + 0.5 (13) + 0.4 (13) 137.2
(8) + 4.2
1.0
(8)
Shoes
(7)- 3.6
(6) -10.6
(6) -21.4
(7) 364.5
(7) + 4.5
Elec. anon (391 - 0 6 (39) +26 8 (39) 137 8 (28)- 2.7 (27) +20.3
Figures In parentheses indicate number of firms Inc uded.
Department Store Trade.
-July sales of 115 department stores in the
Seventh District [Chicago] declined seasonally 22.3% from the
June aggregate, though showing an Increase of 0.8% over a year ago. Gains of 5.7,
3.2, and 2.6% in the latter comparison for Detroit. Indianapolis, and
Milwaukee stores, respectively, were largely counteracted by a decline of
0.9% recorded in the Chicago total and of 3.2% In that for 63 stores In
smaller centers. In the first seven months of 1929, department store
trade in the district has averaged
3.8% above the same period of 1928,
sales in the larger cities effecting the Increase shown, as the total for the
smaller centers was slightly less than a year ago. A decline of 1.3% had
taken place in stocks on hand between the
end of June and July 31, but
the volume was 3.7% above the corresponding
date last year. For the
Year so far, stock turnover has averaged 2.17 times against 2.16 for the
same period of 1928: the rate for the month
of July was .26, or the same
as a year ago. July collections totaled 5.6%
less than a month previous,
though Increasing 14.0% over last July, while accounts receivable the
end
of the month declined 9.4% and gained
9.2% in the respective monthly
and yearly comparisons. Collections averaged
38.6% of accounts receivable the end of June, compared with 37.8%
for the same period a year ago.
Chain Store Trade.
-The number of stores operated by 22 chains continued to gain In July, increasing 0.3% over
June, but aggregate sales fell
off 4.0% and average sales per store were 4.3% loss. The 2,674 units
operated during July represented an expansion of
15.3% over the corresponding month of 1928, while total sales were 14.4% larger and
average
sales per store 0.7% smaller. Cigar, grocery, and drug chains were the
only groups to record gains in sales over the preceding month, with fiveand-ten-cent, shoe, musical instrument, furniture, and men's and women's
clothing chains showing declines; in the comparison with a year ago, the
Number of Wage Earners
Industrial Groups.
Week Ended.
Total Earnings.
Week Ended
Per
July 15
July 15 June 15 Cent
1929. 1929. Change. 1929,
All groups (10)
351.919 352.774
Metals and metal products
(other than vehicles).
- 136,007 138,846
Vehicles
40,822 42,432
Textiles and textile products 25.482 25.881
Food and related products_ 47.416 43,818
Stone, clay dr glass products 14.041 14,291
Lumber and its products -. 27,401 27.634
Chemical products
10,956 10,929
Leather products
15.805 15.357
Rubber products
3.971 4,067
Paper and printing
30.018 29,519
Per
June 15
Cent
1929. Change.
-0.2
9.770,820 10,287,218 -5.0
-2.0
-3.8
-1.5
+8.2
-1.7
-0.8
+0.2
+2.9
-2.4
+1.7
4.110,576
1,175,517
583,967
1.232,570
389.555
630,550
283,267
341.758
81.842
941.228
4,366.878 -5.0
1,269.058 -7.4
632,823 -7.7
1,177.548 +4.7
423,360 -8.0
085,533 -8.0
287,599 -1.6
343,143 -0.4
94,730 -13.6
1,006,548 -6.5
Manufacturing Activities and Output in Chicago Federal Reserve District-Midwest Distribution of
Automobiles.
A falling off in wholesale distribution and retail sales of
new cars in the Middle West is shown in the following which
we quote from the Sept. 1 Monthly Business Conditions Report of the Federal Reserve Bank of Chicago:
Automobile Production and Distribution.
-The number of passenger cars
produced In the United States during July (426.159) declined
5.8% from
the preceding month but was 25.9% greater than for the
corresponding
month a year ago. Truck production of 73,118 fell off 20.0 and gained
37.2% in the respective comparisnos.
A further recession was shown in retail sales of now cars In July. but
the volume sold remained above the level of a year ago. Wholesale
Am.31 1929.]
FINANCIAL CHB DNICLE
tribution in the Middle West totaled smaller than in the preceding month
or July 1928: the bringing out of new models by certain of the manufacturers
effected an increase in aggregate value over June, but almost two-thirds of
the firms reported declines in the comparison. Used car sales were less
than in June and gained over a year ago. Stocks of both new and used
cars continued to decline, but remained heavier than on the corresponding
date 0( 1928. Of total retail sales by 40 dealers, 56-1% were made on the
deferred payment plan,compared with 51.2% a month previous and 49.2%
for 22 dealers last July.
MIDWEST DISTRIBUTION OF AUTOMOBILES.
(Changes in July 1929, from Previous Months.)
Per Cent Charspe from
Companies Included
June 1929. July 1928. June 1929. July 1928.
New Cars
Wholesale:
Number sold
Value
Retail:
Number sold
Value
On hand July 31:
Number
Value
Used Cars
Number sold
Salable on hand:
Number
Value
- 3.6
+ 6.7
-26.3
-26.7
36
36
24
24
- 9.3
-9.3
+24.4
+ 7.8
64
64
40
40
-14.6
-20.0
+42.2
+51.0
65
65
41
41
- 6.9
+30.6
63
39
- 2.1
-10.0
+47.8
+15.9
63
63
39
39
Conditions in the furniture trade are reviewed as follows
by the Chicago Federal Reserve Bank:
Furniture.
-The usual seasonal gain in orders was recorded during July;
the aggregate volume of new business booked by 27 furniture manufacturers
In the Seventh District increased 30.2% over June, with nine firms reporting declines in the comparison. The volume totaled 3.5% below last July,
although the majority of companies recorded gains. Shipments were 4.3%
less in the monthly comparison but showed an increase of 20.5% over a
Year ago. Unfilled orders on hand July 31 aggregated 31.8% over the
amount held June 29, and 8.2% over the corresponding date of 1928. An
average rate of operations for 19 firms in July of 77.6% of capacity compared with 81.3% a month previous; in the comparison with July 1928,
however, the average Increased.
Buying Power of Northwest States Not Impaired By
Dry Weather Says Northwest Bancorporation
Review.
Buying power of the Northwest group of States has not
been impaired by the dry weather that in June and July
covered Western Canada and extended over much territory
South of the boundary line, The Northwest Bancorporation
Review indicates in the August issue, made public Aug. 20.
Based on reports from bankers, merchants and farmers of
conditions between August 10 and August 15 the Review
finds a material reduction in wheat, flaxseed and other
grains. Estimated revenue from livestock, the good condition of corn on the whole and the promise for exceptional
corn crops in many localities and greater value of the new
crop of wheat due to price advancement affecting also
the value of a large carryover of old wheat are principal
offsetting factors. The Review says:
Iowa, with its present corn and livestock prospects, will go well ahead
of last year in total farm income.
Minnesota, despite sorne bad spots, and Western Wisconsin and Northern
Michigan will have farm income exceeding last .year.
Nebraska, although spotted, indicates a total farm money return bettering 1928.
South Dakota promises farm income fully up to last year, with possibility
of a material increase with good weather through the remainder of August.
Montana will be better than a smaller wheat crop in itself would indicate
and should have a normal income. Wyoming returns will be normal.
North Dakota lost 25% of its early wheat possibility and suffered a
material impairment of the flaxseed crop, but livestock and other crops,
coupled with higher prices, should make an approximate offset.
What happens to corn from now on will be the major influence in
bettering or lowering this mid-Augdst prospect, but the review finds the
conditions at this time highly favorable for a very large corn production.
Silberling Business Service
Reports That Income
From Pacific Coast Farm Crops Will Exceed Last
Year.
Total money income from farm crops on the Pacific Coast
will exceed that of last year by a small amount, according
to the latest quarterly Crop Income number of the Silberling
Business Reports. The report, made available August 17,
goes on to say:
Serious regional inequalities in California will result, however, as a
result of the Spring frost damage which was particularly severe in the
Sacramento Valley. While the income from prunes, peaches, apricots and
pears will be higher than in 1928, this improvement is restricted to Santa
Clara Valley chiefly, and to the San Joaquin Valley. In the Sacramento
Valley, income from these crops will be greatly reduced.
The prospects are for a larger money income than ever before in the
Santa Clara Valley as a result of a very favorable outlook for prunes,
peaches, apricots, pears and grapes. The San Joaquin Valley should also
experience increased money income, the higher cash returns from grapes
,
cotton, peaches and apricots more than offsetting smaller returns on
wheat, oranges, lemons and apples. Income in the Stockton region will
exceed that of a year ago, increased value of potatoes, grapes and pears
being only partly offset by reduced value of wheat, peaches, walnuts, prunes
and apricots. In the Sacramento Valley region, money income will be
sharply curtailed. Smaller incomes will be received by growers of rice,
wheat, prunes, peaches, pears, oranges and apricots. An important
reduction in money income of farmers is Southern California is indicated by
1359
lower prospective returns for oranges, lemons, apples and wheat, which will
more than offset increased returns for walnuts, cotton, apples, grapes, apricots, peaches, cantaloupes and potatoes. In the Seattle region, higher
prospective incomes to growers of apples, potatoes, pears and peaches will
benefit that area. The Spokane region, on the other hand, faces a lower
money income for agriculture because of smaller grain crops. In the
Portland area, increased money income is expected from pears, apples,
peaches and wheat.
The Crop Income number of the Silberling Business Service summarizes
the Pacific Coast regional income outlook for 1929 as follows: Loa
Angeles region, fair; San Joaquin Valley, fair; Stockton region, fair;
Santa Clara Valley, Bay region, very good; Sacramento Valley, poor;
Portland region, good; Seattle region, good; Spokane region, fair.
Volume of Business in Kansas City Federal Reserve District
In July At Highest Level on Record.
In its September 1 Monthly Review the Federal Reserve
Bank of Kansas announces that the volume of general business in its District rose during July to the highest level of
record, according to statistics presented in the Review, the
Bank states:
Wholesale and retail trade was heavy for the mid-summer month,
with sales in dollars slightly above a year ago. Production of manufactures and minerals continued the record output of the earlier months
of the year with a few lines showing seasonal slowings down. Loans
and discounts of reporting member banks at the close of the month
were the highest ever reported. Demand, time and savings deposits
increased and were larger than a year ago. Debits by banks to
individual accounts in thirty cities during five weeks ending July 31
reflected the largest aggregate of payments by check for a like period
in the history of bank statistics, indicating gains of 23% over the
preceding five weeks and 17.6% over the corresponding five weeks
in 1928.
The outstanding development of July in this regional District was
a general betterment of conditions for agriculture. While the official
reports as of August 1 indicated this year's crops of winter wheat
and some other harvested grains were smaller than those of last
year, and the corn crop would fall considerably below that of 1928,
there was a promise of good yields of cotton, hay and other important
crops. The material advance in prices of farm products during July
was an incentive to heavier marketings than ever before reported for a
month. Receipts of wheat at five primary markets in the district
mounted to 84yj million bushels for the month, more than 11% million
bushels above receipts in July 1928, the previous high wheat marketing
month. Marketings of other grains, except corn, also were in record
volume. Receipts of cattle at six markets were the heaviest for July in
three years. Sheep moved to market in very large numbers and only
a few thousand head less than in July a year ago. Receipts of hogs,
although seasonally light, were the heaviest for July in five years.
Productive activity in the food industries was maintained at a high
rate. Flour mills opened the 1929-30 wheat year with the largest July
output since 1926. The slaughter of cattle was the largest for July
since 1926, while the number of sheep killed and dressed was the
largest for July on eleven years records. More hogs were slaughtered
than in any previous July since 1924.
The output of crude oil in this District increased during the month
to a daily average of 909,000 barrels, as against 793,100 barrels as the
daily average for the same month last year. The production and shipment of zinc ore was larger, and of lead ore smaller, than in either
the preceding month or teh corresponding month last year. The output
of soft coal showed a substantial increase over that for June but a
decrease as compared with that of a year ago.
The value of building contracts awarded in this District in July
exhibited increases over the preceding month and the corresponding
month last year. The value of building permits issued in leading cities
was larger than in June but smaller than in july of last year.
The Bank has the following to say regarding wholesale
and retail:
Trade.
WHOLESALE: Sales of merchandise in this District, during July,
as reported by wholesale firms in five lines, were 3% larger than for
June and 1% larger than for July a year ago. By separate lines, July
sales of drygoods, groceries and drugs showed increases over the
preceding month, while sales of hardware and furniture showed decreases. In comparison with the corresponding month last year, this
year's July sales of drygoods and groceries decreased and sales of
hardware, furniture and drugs increased.
Inventories at the close of July showed stocks of drygoods, furniture and drugs were larger while stocks of groceries and hardware were
smaller than at the close of June. Compared with a year ago stocks
at the close of this July were reported larger by hardware, furniture
and drug firms, and smaller by drygoods and grocery firms.
RETAIL: Sales of department stores in this District for July, while
showing about the usual seasonal decline from the preceding month,
were 2.9% larger in the aggregate than in the corresponding month last
year, according to reports in dollars to the Federal Reserve Bank of
Kansas City. On the basis of the average per business day, however,
the July sales were about 1% smaller than a year ago. Increases over
a year ago in total sales were reported by 20 stores and decreases by
15
Sales of furniture at reporting retail stores during July were 26.2%
.
stores
larger than in June and 20.3% larger than in July a year ago.
Stocks of department stores at the close of July were smaller by
3.4% than one month earlier and smaller by 1.5% than one year ago.
Stocks of retail furniture stores at the close of July were smaller by
3.4% and 7.3%, respectively, than one month earlier or a year ago.
Business Activity In San Francisco Federal Reserve District
At High Level During July.
Isaac B. Newton, Chairman of the Board and Federal
Reserve Agent, of the Federal Reserve Bank of San Francisco under date of Aug. 20 reports that "business activity
in the Twelfth (San Francisco) Federal Reserve District
reached a high level during July." He likewise says "the
agricultural outlook improved moderately, price movements,
on the whole, were not unfavorable, and the supply of credit
1360
FINANCIAL CHRONICLE
continued ample, although the price of credit advanced
slightly." Continuing Mr. Newton states:
Increased prices for many farm products and favorable weather,
which benefited growing crops and facilitated early harvesting operations, were important developments in the agricultural situation during
the month. Substantial advances in prices of wheat, potatoes, and
deciduous fruits pointed to an improvement in aggregate farm income.
The announcement, on August 19, by the recently created Federal
Farm Board, that it had agreed to extend substantial financial aid to
California organizations engaged in handling raising grapes, was an
additional factor in the improved agricultural outlook.
The number of unemployed in the District is estimated to have
decreased during July and was smaller than a year ago, a natural
accompaniment of increased activity in industry. Perhaps the most
noteworthy production figures of the month were those pertaining to
the record output of oil in California. Average daily output during
July, 1929, was 868,165 barrels, an increase of nearly 10,000 barrels
or more than one per cent over the previous record output of September,
1923. This record flow accentuated the problem of temporary overproduction which has faced the oil industry for some months past.
The usual mid-summer recession in trade failed to appear during
July of this year. Railroad and waterborne traffic was well maintained,
and a relatively large volume of goods was distributed at wbolesale
and at retail. Contrary to the seasonal movement, sales of new automobiles increased during the month and established a new monthly
sales record.
There was a large outflow of funds from this District to New York
during late July and early August. This was a delayed seasonal movement which ordinarily occurs early in July and which is related to the
customary June 30 adjustments of banking position. This year the
movement was evidently postponed by reason of credit needs growing
out of the curiosity demand for the new small-size currency which was
placed in circulation on July 10. Deposits of member banks declined
during this period (July 17 to August 14) while their loans increased,
as did their borrowings from the Federal Reserve Bank. The discount
rate of the Federal Reserve Bank of San Francisco was unchanged at
5%, but the Bank's buying rate for short term bankers' acceptances
was reduced from 554 to 55. % on August 13.
Tire Output and Shipments Continue Ahead of Last
Year-Tire Inventories Reach New High Level.
According to statistics compiled by the Rubber Manufacturers' Association, Inc., from figures estimated to represent 75% of the industry, 5,477,771 pneumatic casings
and 39,741 solid and cushion tires were produced in the
month of June 1929 as compared with 5,019,472 pneumatic
casings and 48,614 solid and cushion tires in the same month
last year and with 6,109,026 pneumatic casings and 39,611
solid and cushion tires in the month of May 1929. Shipments in June of this year amounted to 5,440,693 pneumatic
casings and 40,355 solid and cushion tires, as against 5,338,056 pneumatic casings and 48,426 solid and cushion tires in
June 1928 and 5,388,291 pneumatic casings and 42,414 solid
and cushion tires in May last.
In the six months ended June 30 1929 there were produced
33,364,300 pneumatic casings and 214,542 solid and cushion
tires, as compared with 28,626,540 pneumatic casings and
254,032 solid and cushion tires in the corresponding period
last year. Shipments totaled 30,262,262 pneumatic casings
and 230,625 solid and cushion tires in the first six months of
this year as against 26,657,337 pneumatic casings and 255,352
solid and cushion tires in the same six months in 1928.
Inventory at June 30 1929 showed 13,467,771 pneumatic
casings, a new high figure, as compared with 13,386,440 at
May 31 1929 and 9,121,776 at June 30 1928. Inventory
of both balloon and high-pressure inner tubes at June 30 1929
totaled 14,055,514, as against 14,195,731 at May 31 1929 and
12,869,659 at June 30 1928.
The Association in its bulletin dated Aug. 15 also gave the
following statistics:
PRODUCTION AND SHIPMENTS OF TIRES AND INNER TUBES FOR
MONTH AND SIX MONTHS ENDED JUNE 30 1929 AND 1928.
Month of June1928
1929
TiresProduction. Shipments. Production. Shipments.
Balloon casings
4,223.335 3,829,500 3,658,508 3,486.748
High presure cords
1,345.857 1,812.907
1,594.201
1,249,596
High-pressure fabrics
38,401
15,107
12,588
aMillimeter casings
4,398
4,840
Total pneumatics
Solid and cushion tires
yMillimeter solids
5,477.771
39,741
288
5,440.693
40,355
281
5,019,472
48.614
5,338.056
48,426
Total
Inner Tubes
Balloon inner tubes
High-pressure inner tubes
:Millimeter inner tubes
5,517,800
5,481,329
5,068,086
5,386,482
4.049.173
1,177,147
7,484
3,510,947
1,698,896
2,328
3,553,191
1,661,897
3,184,056
2,168,337
5,233,804
5,212,171
5,215.088
5,352,393
Total
First Six MonthsTires
Balloon casings
High-pressure cords
High-pressure fabrics
xMillimeter casings
25.054,579 22,315.654 19,541,535 17,662,318
8,255,428 7,871.403 8,904.307 8,774,974
220,049
20.674
180.698
40.447
33.619
34.758
Total pneumatics
Solid and cushion tires
yMilllmeter solids
33.384,300 30,262.262 28,626,540 26,657,337
255,352
214.542
254,032
230.625
2,463
2.593
Total
Inner Tubes
Balloon inner tubes
High-pressure Inner tubes
:Millimeter inner tubes
25.154,968 21.540.635 19,931,341 17.009,505
8.089.807 8,746.900 10.330.765 10,260,148
24,476
18,647
33,581,305 30,495,480 28,880.572 26.912.689
Total
32,269,251 30,306,182 30.262,106 27,278,653
x Formerly included under "High Pressure Cords." y Formerly under "Solid
Tires." z Formerly under "High-Pressure Inner Tubes."
[VoL. 129.
The Association also released the following figures, estimated to represent 75% of the industry:
CONSUMPTION OF COTTON FABRIC AND CRUDE RUBBER IN THE
PRODUCTION OF CASINGS, TUBES, SOLID AND CUSHION TIRES.
Month of
6 Mos.End. Cal. Year
PeriodJune.
May.
April. June 30 '29.
1928.
Cotton fabrics (lbs.)..__20.358,937 23,302,120 23,619.687 128.774,826 222.243,398
Crude rubber (lbs.)._ __56.861,320 66,028.029 65,673.453 361.617,390 600,423,401
Statistics representing 100% of the following industries
were also issued:
Month of
6 Mos. End. Calendar Year
PeriodJune.
June 30 '29.
May.
1928.
Gasoline c005umed(gal.) 1,401,498,000 1,433,502,000 7,250,964,000 13,633,452,000
Pass. cars produced (a)_
470,467
541,184
2,925,205
4,024,590
Trucks produced (a)____
96,277
93,026
476,446
576,540
a These figures include Canadian production and cars assembled abroad, the
Parts of which were manufactured in the United States.
Lumber Production Still Leads in Weekly Movement
Figures.
Production of both hardwood and softwood lumber seemed
to feature the movement for the week ended Aug. 24,
according to figures reported by 780 hardwood and softwood
mills to the National Lumber Manufacturers Association.
Some improvement in hardwood orders was indicated in
reports from 223 hardwood mills which gave new business
received as 9% below production and shipments as 12%
below production. Softwood orders were 13% below production, according to reports from 583 softwood mills, which
same mills gave shipments as 12% below production. A
total of 456 softwood mills reporting unfilled orders on hand
as of Aug. 24 gave combined footage as amounting to 1,089,269,000 feet, or the equivalent of 21 days' production.
This represents no change from the days' equivalent figure
for unfilled orders reported by 477 mills a week earlier.
Lumber orders reported for the week ended Aug. 24 1929,
by 583 softwood mills totaled 330,040,000 feet, or 13% below
the production of the same mills. Shipments as reported
for the same week were 334,269,000 feet, or 12% below
production. Production was 377,940,000 feet.
Reports from 223 hardwood mills give now business as
45,706,000 feet, or 9% below production. Shipments as
reported for the same week were 44,390,000 feet, or 12%
below production. Production was 50,286,000 feet. The
Association, in its statement, further says:
Unfilled Orders.
Reports from 456 softwood mills give unfilled orders of 1,089,269,000
feet, on Aug. 24 1929, or the equivalent of 21 days' production. This is
based upon production of latest calendar year 300
- -thy -year-and may
be compared with unfilled orders of 477 softwood mills on Aug. 17 1929, of
1,129,823.000 feet, the equivalent of 21 days' production.
The 331 identical softwood mills reported unfilled orders as 812,571.000
feet, on Aug. 24 1929. as compared with 866,041,000 feet for the same
week a year ago. Last week's production of 391 identical softwood mills
was 290,159.000 feet, and a year ago it was 239,022.000 feet; shipments
were respectively 256.912,000 feet and 289,117,000; and orders received
250.290,000 feet and 273,825,000. In the ease of hardwoods, 211 identical
mills reported production last week and a year ago 43,079,000 feet and 40.910,000 feet; shipments 42,605,000 feet and 41,536,000, and orders 43,964,
feet and 41,796,000.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle that new
business for the 211 mills reporting, for the week ended Aug. 24, totaled
169.058,000 feet, of which 48,039,000 feet was for domestic cargo delivery,
and 40,421,000 feet export. New business by rail amounted to 67,737,000
feet. Shipments totaled 169,518,000 feet, of of which 46,816,000 feet moved
coastwise and intercoastal, and 38,552,000 feet export. Rail shipments
totaled 71,239,000 feet, and local deliveries 12.861,000 feet. Unshipped
orders totaled 652,760,000 feet, of which domestic cargo orders, totaled
259,621,000 feet. foreign 214,507.000 feet and rail trade 178,632,000 feet.
The weekly capacity of these mills is 241,228,000 foot. For the 33 weeks
ended Aug. 17, 139 identical mills reported orders 6.7% over production,
and shipments were 4.9% over production. The same mills allowed a decrease in inventories of 11% on Aug. 17, as compared with Jan. 1.
Southern Pine Reports.
The Southern Pine Association reported from New Orleans that for
166
mills reporting, shipments were 1% below production, and orders 6% below
production and 4% below shipments, New business taken during the week
amounted to 69,609,000 feet, (previous week 70,644,000 for 165 mills);
shipments 72,738,000 feet, (previous week 91,526,000); and production
73.678.000 feet, (previous week 74,766,000). 'rho 3
-year average production of these mills is 81,472.000 feet.
Orders on hand at the end of the
week were at 117 mills 157,143,000 feet. The 147 indentical mills reported
a decrease in production of 3%,and in new business a decrease of
22%, as
compared with the same week a year ago.
The Western Pine Manufacturers Association, of Portland. Ore., reported production from 37 mills as 38,857,000 feet, shipments 32,750,000
and new business 30,072,000. Thirty-five identical mills reported an increase of 3% in production, and a decrease of 5% in new businoss, compared
with the corresponding week last year.
The California White and Sugar Pine Manufacturers Association, of
San Francisco. reported production from 21 mills as 36,528,000 feet, shipments 27,366,060 feet and orders 29,462,000 foot. The Same number of
mills reported production 11% more, and orders 20% more, than for the
same week a year ago.
The Northern Pine Manufacturers Association, of Minneapolis, Minn..
reported production from 9 mills as 10,126,000 feet, shipments 8,575,000
and new business 7,230.000. The same number of mills reported a decrease in production of 20%, and in now business of 32%. compared with
the same period a year ago.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported production from 26 mills as 4,424,000 feet. ado-
1361
FINANCIAL CHRONICLE
AUG. 311929.]
Ments 3,919,000 and orders 2,966,000. Twenty-three identical mills re- West Coast Lumbermen's Association Weekly Report.
ported production 4% more, and orders 15% less, than for the correspondAccording to the West Coast Lumbermen's Association,
ing week last year.
The Northern Carolina Pine Association, of Norfolk, Va., reported reports from 218 mills for the week ended Aug. 17 1929,
production from 93 mills as 10,182,000 feet, shipments 10.303,000 and new
show that orders and shipments were 8.01% and 3.11%,
business 10,650,000. Forty indentical mills reported a decrease of 1% in
production, and an increase of 23% in new business, in comparison with respectively, below output, which amounted to 191,574,767
1928.
feet. The Association's statement follows:
The California Redwood Association, of San Francisco, reported producWEEKLY REPORT OF PRODUCTION, ORDERS, AND SHIPMENTS.
tion from 14 mills as 7,838.000 feet, shipments 8,417.000 and orders 9.218 mills report for week ending Aug. 17 1929.
412,000. The same number of mills reported production 10% more, and
(All mills reporting Production, orders and shipments.)
orders 41% more than for the same week a year ago.
191,574,767 feet (100%)
Production
176,239,712 feet (8.01% under production)
Hardwood Reports.
Orders
185,618,918 feet(3.11%)underproduction)
The Hardwood Manufacturers Institute, of Memphis, Tenn., reported Shipments
production from 197 mills as 45.665.000 feet, shipments 38.017,000 and new COMPARISON OF CURRENT AND PAST PRODUCTION AND WEEKLY
OPERATING CAPACITY (284 IDENTICAL MILLS).
business 37,839,000. Reports from 188 indentical mills showed an increase
(All mills reporting production for 1928 and 1929 to date).
of 19% in production, and a decrease of 4% in new business, in comparison
214,274,567 feet
Actual production week ended Aug. 17 1929
with the corresponding week of last year.
199,660,892 feet
33 weeks ended Aug. 17 1929
The Northern Hemlock and Hardwood Manufacturers Association, of Average weekly production,during 1928
201.346,164 feet
Average weekly production
206,249.370 feet
Oshkosh, Wis., reported production from 26 mills as 4,621.000 feet, ship- Average weekly production, last three years
287,932,226 feet
ments 6,373.000 and orders 7,867.000. Twenty-three indentical mills re- *Weekly operating capacity
ported an increase of 4% in production, and of 94% in orders, compared
• Weekly operating capacity is based on average hourly production for the 12
operating hours per week.
last months preceding mill check and the normal number of
with 1928.
CURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS TO PRODUC- WEEKLY COMPARISON (IN FEET) FOR 211 IDENTICAL MILLS-1929.
TION FOR THE WEEK ENDED AUG. 24 1929 AND FOR 34 WEEKS (All mills whose reports of production, orders and shipments are complete for the
last four weeks).
TO DATE.
July 27.
Aug. 3.
Aug. 10.
Production, Shipments, P.C. of Orders P.C.of
Aug. 17.
AssociationWax Ended188,564,811 190,469,891 187.083,621 191,340,476
M.Feet. Prod. M.Feet. Prod. Production
M. Feet.
Southern Pine:
176,206,412 156,867,615 190,878,056 160,691,160
69,609 94 Orders
73,678
72,738 99
Week-166 mill reports
69.765,174 65,811,417 67,527,309 71,463,242
2,274,698 2,311,244 102 2,297,332 101
34 weeks-5,058 mill reports
Rail
West Coast Lumbermen's196,307
Week-217 mill reports
5,931.056
-6,759 mill reports
34 weeks
Western Pine Manufacturers
38,857
Week-37 mill reports
1,173,516
34 weeks-1,289 mill reports
Calif. White & Sugar Pine
36,528
Week-21 mill reports
908,935
-878 mill reports
34 weeks
Northern Pine Manufacturers
10,126
Week-9 mill reports
256,782
34 weeks-306 mill reports
North. Hemlock & Hardwood (Softwoods):
4,424
Week-26 mill reports
158,209
34 weeks-1,419 mill reports
North Carolina Pine
10,182
Week-93 mill reports
343,348
34 weeks-2.616 mill reports
California Redwood
Week-14 mill reports
7,838
-476 mill reports
34 weeks
252,890
Softwood Total:
Week-583 mill reports
377,940
34 weeks-I8,801 mill reports
11,299,434
Hardwood Manufacturers Institute
Week-197 mill reports
45,665
34 weeks
-7,162 mill reports
1,340.638
Northern Hemlock & Hardwood
Week-26 mill reports
4,621
34 weeks-1,419 mill reports
394,461
Hardwood Total:
Week-223 mill reports
50,286
34 weeks-8,581 mill reports
1.735,099
Grand Total:
Week-780 mill reports
428,226
34 weeks--25,963 mill reports
13,034.533
170.201
6,038,296
87
170,639
87
102 6,089,370 103
32,750 84
30.072
1,196,819 102 1,143,498
77
97
915,969 101
29,462 81
936,214 103
8,575 85
296,610 116
7,230 71
285,475 111
27,306
3,919
145,399
75
89
92
10,303 101
334,033 97
2,966
135,012
67
85
10,650 105
309,498 90
61,488,143 48,366,844 60.401.786 50,858,858
32,774,730 30,422,024 44,698,735 26,510.459
12,178,365 12,267,330 18,250,226 11,858.601
185,582,952 159,764,998 186.571,990 182,764.235
71,727,272 69,913,616 70.912,691 72,230,540
60,611,590 46,713,469 62,179,043 60.102,965
41.065,725 30,870,583 35,230,030 38,572,129
12,178,365 12,267.330 18,250,226 11,858,601
661,806,487 676,066,031 682,704.491 683,793.643
184,909.387 188,186,683 193,004,857 198,139,482
261,150,004 260,795,058 261,124,738 265,674.527
215,747,096 227,084,290 228,574,896 219,979,634
112 IDENTICAL MILLS.
(All mills whose reports of production, orders and shipments are complete for 1928
and 1929 to date).
Average 33
Average 33
Domestic cargo
Export
Local
Shipments
Rail
Domestic cargo
Export
Local
Unfilled orders
Rail
Domestic cargo_ _ _
Export
Weeks Ended
Weeks Ended
Week Ended
Aug. 17 1929. Aug. 17 1929. Aug. 18 1928.
113,791.567
109,833,715
115,847,602
Production (feet)
122,337.046
113,271,528
108,526,110
Orders (feet)
122,101,845
114,495,180
118,313,367
Shipments (feet)
334,269 88
330,040 87
WEEK ENDED AUG. 10'29 (116 mills).
DISTRIBUTION
11,494,935 102 11,470,157 102 DOMESTIC CARGO
8,417 107
256,565 101
9,412 120
273,758 108
37,839 83
38,017 83
1,402,748 105 1,402,121 105
6,373 138
303,191 77
44,390
1,705,939
Orders on
Hand BoOrders
env Week
Aug.10'29. Received.
7.867 170
287,738 73
45,706
88
98 1,689,859
91
97
375,746 88
378.659 88
13,200.874 101 13.160,016 101
Washington
ct cocoon
(99 Mills)California
Atlantic Coast
Miscellaneous
Feet.
Feet.
Cancellotions.
Shipmenu.
Unfilled
Orders
Week Ended
Aug.10'29.
Feet.
Feet.
Feet.
87,239,085 15,062,063 283,000 16,379,806 85,638,342
125,386,313 22,711,278 1,074,895 18,172,633 128,850,063
None 459,379 4,646,012
50.058
5,055.333
Total Wash.& Oregon 217,680,731 37,823,399 1,357,895 35,011,818 219,134,417
Brit. Cat.(17 Mills)
None 450,000 1.599,051
894,051 1,155.000
California
185,000 6,083,722 13,281,663
15,336,345 4,214,040
Atlantic Coast
None 302,000 2,785,804
2,287,804 800,000
Miscellaneous
185,000 6.835,722 17,666,518
Total Brit. Columbia_ 18,518,200 6,169,040
Canadian Pulp and Paper Exports in July Valued at
$15,384,331-Increase of $262,169 Over Total for
July Last Year.
Canadian exports of pulp and paper in July were valued at
.,so 104 051 45 000 450 1 342 RAE Al R47 san 2311 EEO 93E
$15,384,331, according to the report issued by the Canadian
Pulp and Paper Association. This was a decline of $1,904,American Woolen Company Opens Spring Lines of
525 from the June total and showed a gain of $262,169 over
Men's Wear Suitings-Prices Slightly Below Those
for July 1928, says the Montreal "Gazette" of Aug.
the total
For Previous Season.
22, which also states:
The American Woolen Co. on Aug. 26 quoted prices on
Wood-pulp exports for the month were valued at $3,127,292 and exports of paper at $12,257,039,as compared with 83.896,754 and 511,225.408 men's wear suitings for the spring 190 season at levels
respectively in July 1928.
below those for the previous season, said
For the various grades of pulp and paper exports for the past month about 23i to 3%
the New York "Journal of Commerce" of Aug. 26, which
and for July 1928 were as follows:
July 1929July 1928
in its account of the opening of these lines also stated:
Tons.Tons.
PulpMechanical
Sulphite bleached
Sulphite, unbleached
Sulphate
Screenings
15,579
16.479
435,939
1,270,063
15.589
763,710
10.314
2,734
60,695
602.891
54,639
17.006
23,557
16,719
13,934
1,877
478,337
1,732,910
823,397
821,670
40,440
3,127,292
73,093
3,896.754
199.692 11,795,510
108,330
1,013
51.030
5,956
743
20
301,426
167,456
1,341
4,907
1,101
10,765,033
147,938
45.913
10,330
256,194
Paper
Newsprint
Wrapping
Book (cwts.)
Writing (cwts.)
All other
12,257,039
11.225.408
For the first seven months of the year exports of pulp and paper were
valued at 8112,584,311, as compared with a total of $109,226,243 in the
corresponding seven months of 1928, an increase for this year of 83,358,058.
Wood-pulp exports for the seven months amounted to $24,597,797 and
exports of paper to $87,986,514 as compared with 826.236,634 and 882,989,609 respectively in the same period for 1928.
Details for the various grades of pulp and paper exported in the seven
months' period are as follows:
-Seven months 1929- -Seven Months, 1928Tons.
$
Pulpsulphite, bleached
147,420
147,792 11,278.588
11,070,136
2.967,472
103,927
Mechanical
108,832
2,827.380
5.309,838
125,396
107,061
Sulphite, unbleached
6,333,246
4,691,636
95.544
78,988
5,650,481
Sulphate
350,263
17,077
19,445
Screenings
346.391
24,597,797
489,364 26,236.634
1,409.993 84,414.737
943.453
8,728
372,349
43,629
28,428
3,114
2,177,547
1,232.836 79,469.925
9.371
1,026,819
36,243
302,821
2,825
26.967
2,183,077
462,118
Paper
Newsprint
Wrapping
Book (cwts.)
Writing (cwts.)
AU other
87,986.514
82.989,609
Pulpwood exports have been smaller this year, the total for the seven
months being 742,012 cords valued at 57,332.441 as compared with 931.357
cords valued at $8,917,914 in the first seven months of 1928.
The reductions are considered moderate and in line with wool goods
market opinion, which believes that the decline In raw wool values will not
profitably permit mark-downs of more than 3% on woolen and worsted
ta ly
fabrics.
The majority of the worsted fabrics priced 82.50 and up show reductions
ranging from Sc. to 7)4c. and a few are marked down to 10c. Worsteds at
82.50 and under, for the most part, are Sc. to 7Mc. under last season's
quotations, while a few numbers have been reduced Sc. Many of the
woolen =Rings and topcoatings opened to-day show reductions ranging
from 30. to 5c.. but a number remain unchanged from last season.
The possibility of an advance in price on woolens Is predicted by market
leaders. Commenting on this, Raymond S. Bartlett, General Manager
of the American Woolen Co. stated:
In naming prices on medium and low priced woolens, we feel we should
Point out to our customers that it is doubtful if this price level can be
maintained if the present tariff rates on by-products made by the Senate in
Paragraph 1105 become law.
These proposed duties on by-products are prohibitive and will eliminate
the use of raw materials which are now imported. This will undoubtedly
affect the domestic by-products and w Ill be reflected in higher prices on
merchandise containing this class of raw material which is so largely used
In all manipulated fabrics.
As was the case in staples, other mills are expected to follow the price
trends established by the leader. The refusal of the big company to slash
prices is expected to definitely check price irregularity and prevent market
demoralization. Leaders in the wool industry have long maintained that
declining raw wool values will not permit reductions averaging more than
a 3% or roughly mark-downs ranging from Sc. to 7M c. on goods selling at
about $2.50. Fear of an advance in raw wool has led many mills to move
cautiously in the matter of pricing and the majority are solidly behind the
movement to widen narrow profit margins.
Although base and high prices on certain fabrics when compared to the
low-high figures for the last year show but a reduction of a few cents, officials of the company point out that the styles between the bottom and top
quotations are priced in such a way that the average for the entire rang
,
shows a mark-down of approximately 23i to 3%.
Although price is a prime consideration with many buyers, representatives of Quality houses who viewed the lines state that their style appeal
1362
FINANCIAL CHRONICLE
alone insures ready sale for the majority of the firm's offerings. A
leading
buyer remarked over the week-end that the fancy worsted suitings in Department 2 are styled so as to command the attention of clothing firms which
stress both style and durability.
The offerings of all departments have been amplified to include a wide
variety of colors and patterns. Included in the lines in Department 1
are comprehensive ranges of worsted mixtures in plain and fancy weaves.
Of particular interest to clothiers who predict a worsted season are the fancy
worsted suitings offered by Department 2. For months past the stylers
employed by the company have directed their efforts toward securing
coverage on all possible style trends. Glen plaids, overplaids, twists,
subdued and pronounced stripes, tartan checks, small weaves, bird's eye
effects, sharkskins and attractive combinations of two and three designs
are high-lighted in the worsted lines, the most comprehensive ever offered
by the company. By experimenting with colors, stylers also managed to
develop a number of new shades particularly adaptable for spring wear.
As many as twenty shades of brown, gray and blue are seen in a single
range of worsteds.
The offerings of Department 3 include sports wear cloths, tweeds, flannels, cassimeres. shetlands, crashes and coverts. In the same department
are shown fancybacks, through and through and camel's hair topcoatings
and cap cloths. In Department 6 are shown uniform.and specialty fabrics
and gaiter cloths. Among the topcoatings fabrics offered by Department 3
Is a Harris tweed, 16-16% ounces, made of wool imported from Wales.
The fabric is priced at $2.15 with a few styles at $2.20.
From sources in close touch with the company it was learned Saturday
that officials are optimistic over prospects for the coming season. Their
optimism is grounded upon reports of salesmen who have contacted the
Clothing trade in all sections of the country and on the reception accorded
the recently opened staples and summer goods lines. The company is re
ported to be making prompt deliveries and has instituted a number of merchandising policies that have met with the approval of clothiers. Many
Clothiers, it is said, are using "Ram's Head" labels and find that the extensive advertising campaign being carried on by the concern has stimulated
demand for its fabrics to a marked degree.
Despite losses incurred by shrinkage of raw wool values earlier in the year,
the company is In a strong financial position and, according to reliable re-.
ports in the wool market, bids fair to substantially improve its position during the season. Its current assets on June 30 were $69,406,106, against
current liabilities of $8,398.608. The company has brought its Inventory
down close to.$40,000,000 from $54.000,000 at the,end of 1925.
[VOL.129.
Reference to the opening by the American Woolen Co.
of men's wear staple worsteds for spring 1930 was made in
our issue of Aug. 3, page 717.
Activity of Wool Weaving Industry During July 1929.
According to the Wool Institute, Inc., of this city the
statistics for July 1929, of the Cloth Weaving Division of the
Wool Industry, compared with June 1929, reveal a normal
"between season" activity, decreased production in both
menswear and womenswear divisions and increased billings
of womens wear and manipulated warp fabrics offset by
decreased billings in menswear. The further report by
the Institute follows:
A slight net increase in stocks on hand in excess of orders is due to increases in womenswear and menswear worsteds and womenswear manipulated warp fabrics and decreases in menswear and womenswear woolens
and menswear manipulated fabrics.
July Activity.
Yardage of combined groups adjusted to a 6-4 basis:
Production
8,933,895 yards
Billings
9,259,001 yards
Stock on hand
7,188,889 yards
Value of billings
$18,203.921
In comparison with July 1928. the reports of identical mills show a net
increase in total production of the combined groups making menswear and
womenswear woolens and worsted, with a marked decrease Of stocks on
hand in excess of orders.
The same comparison shows a moderate increase in production and
billings of menswear fancy worsteds, with a sharp decrease in stocks.
In menswear fancy woolen suitings a slight Increase in production is
shown, with billings practically even, and a sharp decrease in excess stocks
over orders.
Amendments To By-Laws To Provide for Handling of
Cotton Deliveries at Southern Points.
The following price comparison is also taken from the
Members of the New York Cotton Exchange, by a unanipaper quoted above.
mous vote on Aug. 29 adopted a number of amendments to
DEPT. ONE
-WORSTED MIXTURES IN PLAIN AND FANCY WEAVES. the by-laws which will enable the Exchange to set up the
Sr Washington MillWeight.
Spring 1930.
Fail 1929. machinery necessary to handle deliveries of cotton at five
Style 8918
18
$3.27
$3.37 southern points, in addition
6,
13204
to the present deliveries at New
13
2.38
2.48
, 13296
P
14
1.95
82.01-2.03 York. In making this known, an
announcement of the
F 13414
14
21.95-1.97
2.03.2.05
r Wood Worsted MO-Exchange said:
Style 407
647
670
97013
W Ayer Mill
Style 2189
2228
1'
2358
2391
W'
'r
2414
F 2429
Champlain Mill
Style 1703
Fulton Mill
Style 1580
12
12
12)4
13
2.06-2.10
2.04
2.20
2.32-2.34
2.14-2.18
2.12
2.27
2.38-2.40
13
13
14
14
12
14
2.10-2.12
2.30-2.32
2.63-2.65
2.63-2.65
2.28
2.64-2.68
2.18-2.20
2.38
2.70-2.72
2.70-2.72
2.33
2.61-2.63
15
1.63-1.58
1.53-1.55
13
2.43
2.47
While the Exchange adopted Southern deliveries last November, the
Board of managers fixed Oct. 1929 as the first month in which cotton sold
on the new future contract could, at seller's option, be delivered at southern
points.
In order to provide for such deliveries of cotton,it will be necessary for the
Warehouse and Delivery Committee of the Exchange to establish inspection
agencies at Norfolk, Charleston, Galveston, Houston and New Orleans, in
addition to the present Inspection Bureau in New York. One of the amendments adopted yesterday makes provision for this.
The inspection agencies at the five Southern points must license warehousemen, inspectors, weighers and samplers for the handling of cotton
delivered on the new contract of the Exchange.
The official United States cotton standards are to be used as the standards for the grade, staple, quality or value of all cotton delivered on New
York Cotton Exchange contract at the five Southern points, which are the
same standards as for deliveries at New York.
DEPARTMENT TWO-FANCY WORSTEDS.
Spring
Fall
Spring Approximate
W Chase
MS.
1930.
1029.
1929.
Reduction.
Style 2243
81.78-1.87
11
81.77-2.03
8o
Champlain Mill
Style 2130
1.83-1.96
1.87-1.99
1034
7c
Grain Embargo at Minneapolis and St. Paul Lifted.
fr Saranac MW
Style 2055
1.91-2.07
11
5-7e
1.91-2.08
Associated Press advices from Minneapolis, Aug.29,states:
2052
13
2.68-2.90
22.70-2.90
5-90
Ayer Mill
Shipments of barley, oats and rye from Northwestern States to the twin
Style 2043
1.94-2.07
13
2.02-2.12
8e
cities, Duluth and Superior, were accepted to-day by five railroads in this
Manton Mill
territory following a 6
-day embargo due to congested conditions at grain
Style 2221
2.09-2.48
2.17-2.45
1034
8e
terminals.
2220
2.55-2.82
2.60-2.89
13
5-8e
Decision to lift the embargo, effective to-day, was reached by the joint
Weybosset
Transportation Committee of the Northwest Shippers' Advisory Board.
Style 2262
2.11-2.24
2.19-2.34
113.4
8e
2267
2.25-2.41
2.28-2.40
5-8c
1234
The embargo was referred to in these columns Aug. 24,
Shairsheen MW
Style 2092_ _ _ _ _14
page 1203.
2.65-3.00
2.55-2.90
10c
2080
19X
2.25-2.64
2.20-2.56
7-8c
Arden Mill
South Carolina Tobacco Growers Profiting from
Style 2100
13
2.37-2.68
2.45-2.75
7-8c
National & Providence
Grading Service.
Style 2001
2.48-2.65
2.40-2.53
8c
1434
2010
15
3.00-3.30
6-10o
2.95-3.14
The Federal-State grading service on tobacco was inauguFuhon Mill
rated at Lake City, South Carolina, on July 30, and in the
Style 2070
12
2.80-3.05
2.70-2.85
10c
Globe MW
short time it has been in operation at this point it has
Style 2176
1.97-2.19
1134-12
Sc
1.92-2.10
grown greatly in popularity among the growers and brought
2170
2.10-2.21
1134-12
2.02-2.23
8c
2179
10c
3.40-3.65
3.34-3.50
1434-15
forth expressions of approval on the part of large comPuritan Mill
Style 2202
13
So
mercial tobacco purchasing interests, field representatives
2.56-2.95
2.50-2.77
2205
1234
100
2.62-2.85
2.68-2.07
of the Bureau of Agricultural Economics, United States
2206
be
1534-16
3.15-3.41
3.25-3.00
MIS
Department of Agriculture, report. The Department of
Style 2156
12
100
2.80-3.05
2.70-2.95
2157
14
Agriculture, In making this known, Aug. 26, says:
100
3.10
3.00-3.40
In the first week of the grading at Lake City 90,950 pounds of tobacco
DEPT. THREE
-FANCY WOOL SUITINGS, TOPCOATINGS, FLANNELS. was graded, in the second week 101,378 pounds
was graded, and early
SPORTSWEAR.
reports for the third week indicated that the grading for this week
Assabet
Weight,
Spring 1930.
Fall 1929. Spline 1929. would exceed in volume the amount graded in both the first and second
Style 1011
11
$1.77
weeks. Farmers who are having their tobacco graded are reported as
21.70
7212
12
1.95
1.87
being well pleased with the beneficial results obtained and are commending
714
14
1.77
1.70
the service to fellow producers.
Vassalboro Mtn
Style 2.563
The average price of tobacco graded during the first week of the service
12X-13
1.34 base
1.30 base
clunegan Mill-was $15.50 per hundred pounds, and the second week the average was
Style 2610
14
.95 base $17.44, Although this increase is not wholly attributable to the grading,
.99 base
Forest Mill
the grading was a helpful influence, the Department believes. RepresentaStyle 2871
14-15
.90 base
$0.89 base
tives of an American tobacco concern and of the Japanese Tobacco Monopoly
Newport MW
visited Lake City to study the grading service and expressed approval of it.
Style 2742
13
2.00 base
2.00 base
In addition to the service in South Carolina, at Lake City, the DepartLebanon MW
ment of Agriculture plans to inaugurate Federal-State egrading service on
Style 2771
13-13X
1.30 hue
1.35 base
Maseoma MW
tobacco at one market in North Carolina, three markets in Virginia, two
17
Style 2738
1.58 base
1.61 base in Kentucky, and One in Tennessee.
AUG. 31 1929.]
FINANCIAL CHRONICLE
International Raw Silk Technical Conference to be
Held in New York Oct. 15
-Nov. 8.
Douglas Walker, Director of the Intelligence Bureau of
the National Raw Silk Exchange, has been appointed Chairman of the Program Committee for the International Raw
Silk Technical Conference, which will be held in New York
from October 15 to November 8. Delegates from Japan,
China, Italy, England and the Continent will attend the
sessions, to join in the discussion of raw silk testing and
classification problems. Delegates who do not speak or read
English will have the privilege of addressing the conference
in their own language, through interpreters. The National
Raw Silk Exchange is represented on the Executive Committee for the conference by James A. Goldsmith, of Hess,
Goldsmith & Co., who is Chairman; E. C. Geier, Duplan Silk
Corporation; Paolino Ger11, E. Ger11 & Co., Inc.; Irving
Lewin, Lang & Lewin, Inc.; J. Mayuzumu, Hare & Co.;
William Meyer, Apex Hosiery Co.; Charles Muller, Sulzer,
Rudolph & Co., and M. A. Salembier, Salembler & Viilate, Inc.
1363
1928. Prices of feed cattle next Winter probably will average higher than
last Winter. Prices next Spring and early Summer are not expected to
differ greatly from these in the corresponding period this year. Prices of
stocker and feeder cattle probably will average lower in the last half of
1929 than in the last hall of 1928.
"Although some decline from the present high level of cattle prices is
to be expected within the next three years, there seems little possibility
that this decline will carry prices to the low levels prevailing from 1921
to 1926."
Shoe Workers Strike at Lynn, Salem and Beverly, Mass.
Shoe workers of 11 factories in the Salem (Mass.) district
of the United Shoe Workers' Union of America, which ineludes Salem, Lynn and Beverly, left their work on Aug. 27
after a meeting in which they had voted to strike unless
demands for a revision of wages and improved working
conditions were met by the manufacturers. More than
2,000 employes joined in the walkout. Associated Press
accounts from Lynn, on Aug. 27, in reporting this said:
Among the demands by the employes was establishment in the district
of the schedule of wages set by the State Board of Arbitration and Concitation. Union officials also said that one of the chief purposes of the
strike was to obtain recognition of the union in Salem and Beverly. Previously the employee had been affiliated with the Shoe Workers' Protective
Union.
Increase in Membership of Adjustment Committee of
Further Associated Press accounts, from Salem, Aug. 29,
National Raw Silk Exchange, Inc.
stated:
Members of the National Raw Silk Exchange voted,
August 20, to increase the Adjustment Committee from
seven to nine members. Douglas Walker and Frederick D.
Huntington are added to the committee as the result of
this approval by the members. Alexander D. Walker is
Chairman of the Adjustment Committee.
More than 2,000 shoe workers, on strike since Tuesday in the LynnSalem-Beverly district, won a partial victory when one of the 11 factories
affected signed an agreement with its 150 employes recognizing the Shoe
Workers' Union of America and making the factory a closed shop.
Rise in Pay Averts Strike of Painters—Employers
Grant 10% Increase from $12 a Day to $13.20.
The following is from the New York "Times" of Aug. 24:
Slaughter Cattle Outlook Indicates Sustained Supply
—Average Prices in First Half of Year Second
Highest on Record for Period.
Eugene McNamara, local Secretary of the Brotherhood of Painters,
Paperhangers and Decorators of America, announced last night that
the threatened strike of 17,000 members of the union had been averted
by the concession by the employers of the 10% wage increase demanded
Supplies of cattle available for slaughter in the next by the men.
The announcement was made after a conference between Mr. McNamara
twelve months are expected to equal those of the past year, and representatives of the Master Painters' Association, Interior Decosays the mid-Summer cattle outlook report issued Aug. 26 rators' Association and Cabinet-makers' Association in the offices of the
Employers' Association at
by the Bureau of Agricultural Economics, United States Building Trades victory gives them $13.20 2 Park Ave.
a day instead of the present
The workers'
Department of Agriculture. Although the marketings of $12, effective Oct. 25. The men already have a 5
-day week and hence do
Because the strike notices had already been sent out.
cattle this Pall probably will differ little from those of the not work to-day.
following the unanimous vote of the union Thursday, the men will not
Fall of 1928, the proportion going for slaughter may be report for work on Monday, but will instead appear at their union
halls for
larger, the Bureau says. It goes on to state:
registration. They will then be instructed to report for work on Tuesday,
"Early Winter marketings probably will be smaller than those of last Mr. McNamara said.
The original demand of the union was that the increase should go into
Winter. No marked change in the present active demand for beef is
effect immediately. This was denied by the employers, who contended in
anticipated. Imports of cattle and beef, although increasing, are not
yesterday in support of an application for a temporary
expected to amount to more than a small proportion of our domestic affidavits filed
against the calling of the strike that the union was bound by an
production. Demand for stocker and feeder cattle, however, is not likely to injunction
agreement in effect until Dec. 31.
equal the unusually strong demand prevailing in the Summer of 1928.
A temporary restraining order was signed by Supreme Court Justice
"The seasonal trends in cattle prices are expected to be more nearly Peter
A. Matting yesterday before the compromise was reached.
normal than those of the Fall and Winter of 1928-29. Peak prices for feed
Mr. McNamara declared that all the independent employers had agreed
cattle probably will occur later in the season this year than last, while to
the new wage scale before the conference last night.
prices of other cattle probably will follow the usual downward seasonal
trend. The increase in cattle numbers which now appears to be under
The expected strike was referred to in our issue of Aug. 24,
way is expected to be moderate.
page 1206.
"The estimated number of cattle on feed on August 1 was a little
larger than on that date last year. Reports on probable marketings this
Fall from the Western range States indicate a small decrease. With Petroleum and its Products—Reduction in Mid-Contimarket supplies little changed, total slaughter will be affected by the
nent Crude not to be Made Until Fall—Production
number of cattle taken out for feeding and restocking.
Reaches New High Level—California Conservation
"Information available early in August indicated that Corn Belt feeders
would probably not take out any more cattle this Fall than last. Corn
Law Becomes Effective Sunday—Drop in Crude
prospects on August 1 were much more uncertain than on that date last
Imports Offsets Domestic Increase.
year, at which time it was fairly certain that a crop of good size and
It appears certain that there will be no reductions made in
quality would be produced in most of the Corn Belt States. High
temperatures and lack of moisture in August and early September this Mid-Continent crude oil prices until this fall. It had been
year would reduce materially August 1 prospects.
thought that producers there would follow the lead of
"Range and feed conditions in the Western States are much less
favorable than a year ago, and in some areas conditions are the worst Pennsylvania fields and cut prices now, but reports from
that have prevailed since the Fidespread drought of 1919. Winter range Mid-Continent indicate that no action of this nature will
prospeects are poor over large areas of the Northern Plains and Rocky be taken
at this time. The most important development
Mountain States, and hay and forage production will be considerably
below normal. The hay situation is made more serious by the fact that the which brought about the decision of Mid-Continent operators
carry-over of old hay in all the Western States is the smallest in several to delay price reductions is the feeling that strict enforceyears, the heavy feed requirements of last Winter being responsible for ment
of the California State gas conservation law, which
that condition.
"In some of these States forced marketings of cattle undoubtedly will becomes effective Sunday, Sept. 1, will have a beneficial
occur, but it is still too early to forecast how large such marketings will effect on the situation throughout the country. The
shipbe or how much the feed situation will affect total csttle movements. ping of California
gasoline into eastern markets has proved
Although there is evidence that cattle are tending to increase in numbers,
cattle and calf slaughter in 1930 probably will not be greatly different a serious form of competition to Mid-Continent producers.
from that of 1928 and 1929, but some increase is to' be expected in Opinions vary as to the probable enforcement in
California.
1931 and 1932.
By this time next week the trade will know more or
"Average prices of slaughter cattle and calves in the first half of 1929
less
definitely just how much of a factor the California law
were the second highest on record for the period, being exceeded only by
is to
1919. The average of cattle prices was $11.04 as compared with $10.69 in be in the industry.
the first half of 1928, $8.40 in 1927, and $6.82 in 1922, the low point
Meanwhile crude production established a
new high
in the general depression of cattle values which occurred in the period
1921-1926. Prices of calves averaged $13.17 as compared with $12.09 in record last week when the daily average reached
2,966,350
1928, $10.44 in 1927, and $8.45 in 1924 and 1922, the low points in the barrels. This was a daily increase of 24,800
barrels. lathe
depression.
same period, however, crude imports dropped
"The present cattle supply situation indicates a continuance during the
65,143 barrels
next twelve months, with seasonal variations, of the general level of to 185,857 barrels, so that the total new crude supply
was
slaughter cattle prices which prevailed in 1928 and 1929. However, if less than during the previous
week. It totaled 3,152,207
unfavorable feed conditions force heavier marketings of cattle this Fall
barrels daily last week, against 3,192,550
than now seems probable the price situation might be considerably
barrels daily the
week before.
changed.
"The seasonal downturn in prices of the better grades of feed cattle this
In California 12 new wells started drilling
this week in an
Fall is expected to occur later than the decline which started in September
attempt to extend the Marieopa
Flats area. the Pennsyl-
vania Western Oil Co. is also making a test in Kings County,
California, on the theory that a separate structure parallels
the famous Kettleman Hills development. The increase in
production in California last week was duo to completions in
the O'Connell and 3rd Clarke zones, at Santa Fe Springs.
In the Panhandle, mounting production has become so serious
that operators in Gray County fields are in an agreement
until Oct. I, by which 25 drilling wells have boon shut down,
no wells now producing are to be deepened, and no unnecessary wells started.
The Tide-Water Pipe Co., a subsidiary of Tide-Water Oil
Co., has announced that in the future it will announce its
price for crude oil including the premium which it has been
paying for the past 5 years. This will make the present
Tide-Water price for Bradford and Allegheny oil $3.55 a
barrel.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown)
$3.45 Smackover. Ark., 24 and over
Bradford. Pa
1.75 Smackover, Ark., below 24
Corning, Ohio
1.35 El Dorado, Ark.. 34
W. Va
Cebell,
1.45 Urania, La
Illinois
1.53 Salt Crock. Wyo., 37
Western Kentucky
1.23 Sunburst, Mont
Mideontinent, Oklahoma, 37
.80 Artesia, New Mexico
Corsleana, Texas. heavy
.87 Santa Fe Springs, Cant., 33
Hutchinson, Texas, 35
1.00 Midway-Sunset, Calif., 22
Luling, Texas
1.20 Huntington, Calif., 26
Spindietop, Texas, grade A
1.05 Ventura, Calif.. 30
Bpindictor), Texas, below 25
.65 Petrone, Canada
Winkler. Texas
$.90
.75
1.14
.90
1.23
1.65
1.08
1.35
.80
1.09
1.18
1.90
-GASOLINE PRICE WAR FORESEEN IN
REFINED PRODUCTS
NEW YORK AREA AS STANDARD ANNOUNCES DRASTIC
-OTHER PRODUCTS HOLD UNCHANGED
REDUCTIONS
-SHELL UNION BUYS 200 SERVICE STATIONS IN
MID-WEST.
Reductions of 1 to 3 cents in the price of gasoline in the
New York area, announced Friday, Aug. 30, by the Standard Oil Co. of New York, presage an era of price-cutting, in
the opinion of important factors in the trade. The action
of the Standard of New York follows a period of uncertainty
in the trade, with prices easy and buyers wary. The invasion
of this territory by Shell Union and other producing units,
as well as the volume of California gasoline which has been
absorbed in the east-coast markets, has brought about a
highly competitive market, with resultant benefits to buyers.
The present cut is the biggest made by the Standard of New
York in four years. They have ordinarily limited their cuts
to 2 cents a gallon. The Standard of New York is reported
to be on the verge of several innovations which might be
classed as competitive measures. Included is a plan for
equipping their retail stations with automobile accessories,
tires, &c., and the inauguration of roadside refreshment
stands as an adjunct to the service depot.
The scope of the expansion program of the Shell Union
organization is further illustrated in the purchase this week
of more than 200 service stations in Indiana and Ohio. The
purchase was made by the Shell Petroleum Corp., a unit in
the Shell Union group, from the Western Oil Refining Co.
of Indianapolis. The amount involved in the purchase has
not been announced, but is believed to be in the neighborhood of several millions of dollars.
The entire eastern territory is affected by the cut made by
Standard Oil Co. of New Jersey, Thursday, Aug. 29. This
was a reduction of 1 cent a gallon tank car, making the new
price 9 cents.
Tho tank car situation has been uneasy for several weeks.
While quoted prices have been held at 10 cents a gallon,
there have boon reports freely circulated to the effect that
cents a gallon. The move
the actual price ran from 9 to
on the part of the Standard of New Jersey substantiates
these reports, and puts the entire market on a more equitable
basis. This was the most important development of the
week in the eastern territory, as the Standard occupies the
position of bell-ringer for the industry. That the other
companies will follow the lead of the New Jersey organization is almost a certainty.
There has been a little more firmness shown in kerosene
demand this week, and prices in some quarters have been
firmed up to an 8
-cent basis. Whether business has been
done on this basis is not known, but the 73. -cent level which
has obtained for some time has been considerable contract
business being placed. With the domestic tank wagon and
export markets for kerosene exhibiting greater activity and
strength, it is probable that the price will be established on
-cent basis throughout the market by this time next
the 8
week.
Bunker fuel oil is steady at $1.05 per gallon f.o.b. refinery
and $1.10 f.a.s., within harbor limits. Demand for bunker,
which was fairly active earlier this week, quieted during the
last few days. Price changes have been:
[VoL. 129.
FINANCIAL CHRONICLE
1364
-Standard Oil Co. of Now Jersey announces 1 cent per gallon
August 29.
reduction in U. S. Motor gasoline, Tank car, making new price 9 cents per
gallon, tank car, f.o.b. refinery.
-Standard Oil Co. of New York announces 3 cent reduction in
August 30.
U. S. Motor gasoline, tank wagon, effective immediately in Manhattan,
Bronx, Brooklyn, Queens, making now price 14 cents a gallon, tank wagon,
and 16 cents a gallon, service station, exclusive of State tax.
-Standard Oil Co. of New York announces 1-cent reduction
August 30.
in U. S. Motor gasoline, tank wagon, effective immediately in Richmond,
Westchester, and Long Island, making now price 16 cents a gallon, tank
wagon, and 18 cents a gallon, service station, exclusive of State tax.
Gasoline, U. S. Motor, Tankcar Lots, F.O.B. Refinery.
$.0641 North 1.outstaria____$.07q
Arkansas
N.Y.(Bayonne)__4.09
.005i
.0841 North Texas
West Texas
.064 California
07
Chicago
0934 Los Angeles, export_ .0744 Oklahoma
093.4
New Orleans
.0741 Gull Coast, export_ .0834 Pennsylvania
Gasoline, Service Station, Tax Included.
Minneapolis
$.182
$.18
Cincinnati
New York
$18
New Orleans
195
16
Denver
Atlanta
.21
.21
.188 Philadelphia
Detroit
Baltimore
.22
215
San Francisco
.18
Houston
Boston
.20
205
Spokane
24
Jacksonville
Buffalo
.15
169
179 St. Louis
Kansas City
Chicago
.15
Kerosene, 41-43 Water White, Tankcar Lots F.O.B. Refinery.
$.070
$.0541 New Orleans
N.Y.(Dayonne).11.0741-.08 Chicago
0634
North Texas
0534 Los Angeles, export_ .0534 Tulsa
Fuel Oil, 18-22 Degree, F.O.B. Refinery or Terminal.
$.75
$.85 Gulf Coast
New York(Bayonne)_31.05 Los Angeles
5.5
95 Chicago
Diesel
2.00 New Orleans
Gas Oil, 32-36 Degree. F.O.B. Refinery or Terminal.
8.0
$.03 I Tulsa
New Y ork(Bayonne)$.05 Yi I Chicago
Crude Oil Output in United States at New High Level.
The American Petroleum Institute estimates that the daily
average gross crude production in tho United States, for tho
week ended Aug. 24 1929, was 2,966,350 barrels, as compared with 2,941,550 barrels for the preceding week, an
increase of 24,800 barrels. Compared with the output for
the week ended Aug. 25 1928 of 2,477,450 barrels per day,
the current figure shows an increase of 488,900 barrels daily.
The daily average production east of California for the week
ended Aug. 24 1929 was 2,078,450 barrels, as compared with
2,059,750 barrels, for the preceding week, an increase of
18,700 barrels. The following estimates of daily average
gross production, by districts, are for the weeks shown
below.
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
Aug. 24 '29. Aug. 17 '29. Aug. 10 '29. Aug. 25 '28
Weeks Ended721,000
727.350
724,400
699,050
Oklahoma
127.300
128,650
128,200
102,200
Kansas
133,850
120.000
109,850
62,700
Panhandle Texas
93,300
95.500
95,300
'
.
North Texas
57.750
58,500
57.900
15,300
West Central Texas
383,800
374,200
387,500
334.800
West Texas
17,000
17,950
16,950
23,000
East Central Texas
76,300
78,200
77.400
25.450
Southwest Texas
36,350
36,000
36,650
39,800
North Louisiana
66,700
67,300
67,150
88,050
Arkansas
128,650
132,100
134,000
106,050
Coastal Texas
20,600
20,200
20,100
23,300
Coastal Louisiana
127,600
125.100
113,500
126,300
Eastern
54,100
58,050
57.050
57,350
Wyoming
11,500
11,500
9,850
11,550
Montana
7,750
7,000
6,750
6,850
Colorado
2,550
2,650
3,600
2,500
New Mexico
853,200
887,000
881,800
630,400
California
Total
2,966,350
2.941,550
2,896,000
2.477,450
The estimated daily average gross production for tho Mid-Continent Field.
including Oklahoma, Kansas, Panhandle, North, West Central, West.
East Central and Southwest Texas. North Louisiana and Arkansas. for the
week ended Aug. 24, was 1,717,250 barrels, as compared with 1.703,250
barrels for the preceding week, an increase of 14.000 barrels. The MidContinent production, excluding Smackover (Arkansas) heavy oil, was
1,671.150 barrels, as compared with 1,656,950 barrels, an increase of
14,200 barrels.
The production figures of certain pools in the various districts for the current week, compared with the previous week,in barrels of 42 gallons,follow:
-'Week Ended
-Week Ended
North LouisianaAug. 24. Aug. 1.
Aug. 24. Aug. 17
5,000
4,900
144.'0
2 50 24,450 Hayeetwille
10,500 Urania
6.300
0,450
33,000 32,650
BABotweiregs
A rkonsaa20,500
21,000
Bristow-Slick
expo
6,800
18,750 18,850 Champagnolle
Burbank
arr
6,050
11,950 12,600 Smackover (light) _____ 6,050
City
8,000 Smackover (heavy) ____ 96,100 46,300
8,100
Cromwell
EarLsboro
90,850 80,650
Coastal Tema:
6,201) 5,400
East Seminole
19,300 18,000
77,700 Barbera Hill
Little River
7,400
8,400
Logan County
7197;010500 19,500 Hull
13,100 15,350
13,400 13,700 Pierce Junction
Maud
8,300
26,350 Raccoon Bend
8,000
Mission
24,450 25,800
0
35 800 34,700 Spindletop
06:60
Oklahoma City
12,500 11,650
69,950 71.300 Sugariand
St. Louis
6,350
6,300
&aright
11,950 12,200 West Columbia
Seminole
32,650 33,1(10
Coastal Louisiana
9,150
Tonkawa
9,100
East Hackberry
2,300
2,500
Kansas2,000
2,300
36,450 36,000 Old Hackberry
liedgwick County
Sulphur Dome
3,150
3,050
Panhandle Texas
4,200
9,200 Vinton
4,500
9,350
Carson County
97,300 83,500
Gray County
0
7 400
Hutchinson County ____ 25,3 0 25.300 iVyoteingSalt Creek
33,300 32,600
North Texas19,700 19.500
Archer County
AIon:am32,500 31,200
County
6,050
Sunburst
6,950
Vest Central Tartu
7.700
8,200
Brown County
California
.
Shackelford County ___ 10,950 11,000
9,500
Dominguez
9,000
West Texas
21,000 22,800
47,700 47,100 Elwood-Goleta
Crane & Upton Coe._
44,000 44,000
Howard County
, 0 38,500 Huntington Beath
24.000 24,000
130,200 130,300 Inglewood
Pecos County
4.000
4,000
17,400 17,500 Kettleman HUI'
Reagan County
170,000 168,000
0
15
131,000 141,00 Long Beach
Winkler County
68,000 68.000
Midway-Sunset
7 entrat TexasE :C
Leaulutas t
6,500
6,500
Rosecranm
Corsicana-Powell
093,000 289,000
Santa Fe Springs
&Wettest Toms46.000 47.000
Seal Beach
10,500
7,2
:7'
10 5
Laredo District
12,600 12,600
11,450 11,10)) Torrance
63,000 60,000
46,500 47.200 Ventura AvenueOklahoma
Allen Dome
AUG. 31 1929.]
FINANCIAL CHRONICLE
1365
Weekly Refinery Statistics for the United States.
COMPARATIVE PRODUCTION (ACTUAL) IN VENEZUELA BY COMPANIES, FOR FIRST AND SECOND QUARTERS OF 1928 AND 1929.
According to the American Petroleum Institute, companies
First Quarter
-Second Quarter1929.
1928.
1928.
aggregating 3,141,700 barrels, or 93.5% of the 3,359,700
Company1929.
6,771,971 11,501.837
Venezuelan 011 Concessions
8.837,803 11,515.000
barrels estimated daily potential refining capacity of the Lego Petroleum Corp
6,057.289
9,774.498
6.343.563
8.787.357
4.858,102
7,152.595
Gulf 01 Corp
5,325.141
7.825.380
plants operating in the United States during the week ended Creole Petroleum Corp
a
1,753.820
a
1.343,234
3.066.213
1,816.044
Caribbean Petroleum
3,656.553
4,349,400
Aug. 24 1929 report that the crude runs to stills for the British Controlled OilCo
Fields, Ltd_
526,774
453.789
453.114
486,296
113,500
88,500
101.500
week show that these companies operated to 86.2% of their General Asphalt
113,950
total capacity. Figures published last week show that com21,393.849 32,541,083 24,717,674 34,290,827
Total
235,097
357,594
271,623
383,743
panies aggregating 3,107,500 barrels or 93.0% of the 3,339,- Daily averageIn Gulf.
a Included
potential refining capacity of all
650 barrel estimated daily
plants operating in the United States during that week, but
Proposed Oil Curtailment in Oklahoma.
which operated to 86.2% of their total capacity, contributed
Tulsa (Okla.) advices Aug. 28 to the New York "Times"
to that report. The report for the week ended Aug. 24
stated:
follows:
Operators in the Oklahoma City oil pool decided this afternoon to recomCRUDE RUNS TO STILLS. GASOLINE AND GAS AND FUEL OIL STOCKS
WEEK ENDING AUG. 17 (BARRELS OF 42 GALLONS).
P. C.
Pointtint
Capac'y
Report'y
Crude
Runs
to
Mills.
P. C.
Oper.
of Tot.
Caper,
Report
Gasoline
Stocks.
Gas
and
Fuel 011
Stocks
East Coast
Appalachian
Ind., Ill. and Ky
Okla., Kansas az Mo
Texas
Louisiana de Arkansas
Rocky Mountain
California
100.0
86.8
98.7
79.3
88.8
94.9
93.4
98.7
3,563,700
516,900
2,167,500
1,868,800
3.956,000
1,287,100
537.100
5,068,000
89.8
72.8
95.3
79.4
91.1
77.1
61.8
87.3
4,341,000
911,000
4,983.000
2.582,000
4,104,000
1,721,000
1,789,000
11,966.000
8,449.000
777.000
3,420.000
4.590,000
12,766,000
5.383.000
943.000
106.983,000
Total week Aug. 24
Daily average
Total week Aug. 17
Daily average
93.5
18.965,100
2,709,300
18,743,100
2,677,600
86.2
32,397,000
143.301,000
93.0
86.2
33.879.000
140.884,000
Texas (Gulf Coast)
Louisiana (Gulf Coast)
98.7
100.0
3,042,400
894.800
93.9
82.5
3,456,000
1.419000
9,699,000
4 A411 non
District.
-All crude runs to stills and stocks figures follow exactly the present Bureau
Note.
of Mines definitions. In California, stocks of heavy crude and all grades of fuel
oil are included under the heading "Gas and Fuel 011 Stocks." Crude oil runs to
stills include both foreign and domestic crude.
Due to revisions by certain companies in figures they previous reported,
gas and fuel oil stocks, by districts, for the week ended Aug. 17, v.111 11 ,,ro
,
comparable with the figures appearing under that heading in this week's
report, are as follows: East Coast, 8,014,000 bbls.; Appalachian, 785.000
bbls.; Indiana, Illinois, Kentucky, 3.698.000 bbls.; Oklahoma, Kansas,
Missouri, 4,624,009 bbls.; Texas, 12,247,000 bbls.; Louisiana, Arkansas,
5,498,000 bbls.: Rocky Mountain, 921,000 bbls.; California, 105.097.000
bbls.; Total, United States. 140,884,000 bbls.; Texas Gulf Coast, 9,254,000
bbls.; Louisiana Gulf Coast, 4,558.000 bbls.
Due to inclusion of certain gasoline stocks not previously reported, revised figure for the Rocky Mountain district for the week of Aug. 17,
comparable with the Aug. 24 figure, is 1,929.000 barrels. The United
States total should also be changed to 33,879,000 barrels.
-day, 100% shut
-down in
mend to the executives of their companies a 30
that field.
Oklahoma City pool produced 53.000 barrels Tuesday, the entire
The
State's gauge is but 727.000 and the nation's 3.975.000. so the big produotion of this individual pool is causing serious concern in the oil business.
Various forms of proration were discussed before the decision was reached
to shut down the entire field. An additional point agreed to was that all
drilling was to stop at the casing point. It was understood that all companies represented at the meeting agreed to the terms with the exception
of the Sinclair. which Was awaiting orders from New York City.
California Gas Conservation Plan-Expect Adminis.
trator of Program to Make Some Modifications.
From its San Francisco bureau the "Wall Street Journal"
of Aug. 30 reported the following:
California's gas conservation program becomes effective Sept. 1, but it
is evident that the proposed plan of Gas Administrator R. D. Bush for disposition of natural gas now wasted is to be modified in some details. The
exact changes and how they will affect the plan as a whole will not be known
for several days.
According to members of the operators' committee meeting here, the
tentative program is again under consideration and several sections are
being revamped. When the concrete plan is ready it will be submitted to
operators in the areas most affected for their approval and co-operation in
making it effective.
Meanwhile Los Angeles basin operators are making preparations to comply with provisions of the new law. Union Oil Co.'s action in killing
Alexander No.6 well with 30,000.000 cubic feet of natural gas at Santa Fe
Springs indicates the major companies will pave the way for cutting down
the tremendous wastage which in that field alone totals 500.000,000 cubic
feet daily. Since the major companies control 85% of the production and
are practically a unit in favoring conservation, the eventual success of the
program is not doubted.
The "Wall Street Journal," of Aug. 29, in stating that
Oklahoma City oil field operators considered on Aug. 28
various methods of controlling production added that "as
Venezuelan Oil Production Declines, Although Higher none had authority to act, no definite conclusion was reached.
Than a Year Ago-Shipments Reach New High Action was deferred to next week, at which time something
Figure.
definite will be decided as to handling overproduction in
In the month of July, the output of crude oil in Venezuela the area."
totaled 10,793,254 barrels, an increase of 1,395,713 barrels
as compared with the same month last year, but 1,307,705 Large-Scale Buying of Copper and Lead-Prices for
barrels less than produced in June 1929, according to the
Major Non-Ferrous Metals Firm.
current issue of "O'Shaughnessy's South American Oil ReConsumers entered the market for both copper and lead
ports." The current figure also compares with 12,269,931 on a large scale, the past week's business being greater in
barrels in December 1928, the record month.
volume than for any similar period since early March,
Shipments in July 1929 amounted to 10,730,922 barrels, "Engineering and Mining Journal" reports. It adds:
a new high level, and this compares with 10,564,396 barrels
Demand for zinc, while not active, showed a little improvement; tin was
quiet. Prices, with the exception of tin, held on a firm basis. A feature
in June last and 8,807,594 barrels in July 1929.
was the tendency on the part of consumers to take on
in
The total output for the first seven months of the current forthe market a little beyond immediate needs, indicating that theymetal
shipment
have
year was 78,254,964 barrels, as against 55,509,064 barrels more confidence in the general situation.
The volume of business booked in copper during the week was the largest
for the same period last year and 106,651,481 barrels in the
for any period since early this year, the quantity sold for domestic account
calendar year 1928.
being close to 28,000 tons. All of the business was placed on the basis of
The following statistics are compiled from the above- 18 cents per pound, Connecticut. Export sales have been good so far this
month,sales to date having reached about 45,000 tons.
mentioned report:
been sold in the past week than in any like period
PRODUCTION BY COMPANIES, PARTLY ESTIMATED.
(In Barrels of 42 Gallons.)
July
1929.
Month of-
Per
Day.
June
1929.
Per
Day.
July
1928.
Venezuelan 011Concess'ns 3,513,256 113,331 3,839.835 127.995 3.247.523
Lago Petroleum Corp____ 2,726,647 87.956 3,203,294 106,776 2,426,456
Creole Petroleum Corp__
669,200 21,587
625,900 20,863 538,314
Gulf Oil Corp
2,741,200 88,426 2,637,100 87,903 1.522,810
Caribbean Petroleum Co_
930,000 30,000 1.598,400 53,280 1,436.872
British Controlled 011
Fields, Ltd
168,930 5,631 139.566
175,051 5,647
General Asphalt Co
37,900 1,223
27,500
917
36,000
Total
10,793,254 348,170 12,100,959 403,365 9,397.541
per
Day.
104,759
78.273
17.365
49,122
47,964
4,502
1,161
303,146
SHIPMENTS BY COMPANIES. PARTLY ESTIMATED.
(In Barrels of 42 Gallons.)
July
1929.
Month of-
Per
Day.
June
1929.
Per
Day.
July
1928.
Venezuelan 011 Concess'ns 3.607,292 116,364 2,680.120 89,337 2,606.537
Lago Petroleum Corp_ _ _... 2,767,942 89.288 3,107,296 103,577 2,545,412
Creole Petroleum Corp__
658,800 21,52
588.000 19,600 616,220
Gulf 011 Corp
2,857,200 85,716 2,514,000 83.800 1,582,780
Caribbean Petroleum Co_
840,278 27.106 1,480,200 49,340 1,283,200
British Controlled Oil
IliField5, Ltd
167.280 5,576 137,445
173,410 5,594
General Asphalt
839
27,500
26,000
917
36.000
Total
per
Day.
84.082
82110
19.878
51057
41,394
4 434
1:161
10,730.922 346,159 10,564,396 353,147 8.807.594 9i,,, ,112
for
More lead has
almost a year, total sales closely approaching 10.000 tons. Cable manuclasses of consumers in volume of orders placed.
facturers led all other
,
4
Prices are unchanged at 6, cents, New York, and 6.55 cents, St. Louis.
The total sales were almost evenly divided among prompt, September and
October.
Inquiry for zinc showed some improvement, the volume of sales for the
week exceeding the totals for several weeks past. Prices held on a steady
basis, producers holding uniformly at 6.80 cents for prime Western, St.
Louis. Tin has been dull and, with no buying interest evinced by either
traders or consumers, prices have declined slightly.
Steel Output Reduced in Some Products due to Seasonal Lull in Steel Trade-Pig Iron Price Lower.
Reduced mill operations in rails, tin plate, merchant and
alloy steel bars and strip steel are offset to some extent by
continued large output of other products, notably plates,
structual material and sheets says the "Iron Age" of Aug.
29, in its summary of iron and steel conditions. The larger
producers, including the Steel Corp. and at least two of the
eading independents, having diversified lines, are still maintaining ingot output at 90 to 95% of capacity, while some of
the smaller companies average about 85%, continues the
"Age," adding:
1366
FINANCIAL CHRONICLE
New business and specifications for nearly all steel products except plates
and sheets have been in smaller volume than shipments this month,resulting
in a reduction in backlogs and shortening of deliveries.
The lull in demand is regarded as merely the seasonal expectation that has
come much later in the year than usual. The decline in the requirements of
the automobile industry is partly responsible, although other factors are
at work, such as a setback in farm implement manufacturing.
Ingot production this month should show a slight loss from that of July.
Last year the low point came in June, with each succeeding month bringing
an Increase up to the last two of the year. Indications point to the present
volume of ingot output holding fairly well for another month, by which time
the trend of fall business will have become apparent.
Prospects as to the extent of the possible recovery in automobile manufacturing and revival of railroad car buying are still in doubt. A fall buying
movement in rails and tin plate is regarded as certain to revive declining
rollings of those Items.
Automobile output in August will be slightly larger than in July, which
was the low month since February, but steel orders from the motor car
builders have increased very slowly. Ford production this month is expected to reach 200,000 units, but Chevrolet's schedule is well below its
recent peak. Other motor car companies, some of which had sharply
reduced their August programs, are expected to manufacture on a greater
scale next month.
Demand for sheets has held up surprisingly well in spite of the decline in
automobile demand. Orders this month have been almost equal to shipments. At the beginning of August independent mills had unfilled orders
for a month and a half, while the leading interest has two months' bookings
and is again operating this week just under 100%.
This is an in-between season for rails and tin plate and both have had
sharp curtailment in rolllngs. The rail buying movement is expected to get
started earlier than usual this year, and 20.000 tons is already mentioned
as a possible purchase before Sept. 15for fall delivery. Meanwhile,some rail
mills have reached the end oftheir obligations. Thisis true ofone at Chicago
though the other there has a 75% schedule arranged into October, while
the Ensley mill of the Tennessee Coal, Iron & RR. Co. has been shut down,
together with four open-hearth furnaces which were supplying it with steel.
Tin plate operations have declined to an average of 80% or less. Though
the leading producer is at better than 85% output of independent mills
ranges from 50 to 75%. Within a month, however, mills will begin rolling
on next year's business.
Structural steel demand during August has been heavy, on top of a seven
months' total which exceeded that for the same period last year by 16%.
Although the week's awards dropped to 22,000 tons from more than 50,000
tons in the preceding week, fresh inquiries totaled 58,000 tons, of which
27,000 tons is for bridges, one at Cleveland calling for 15.000 tons.
Plate mills are still operating at close to capacity. Plates are theonlysteel
product in which deliveries have not been materially cut down. Among
new requirements is 30,000 tons for four ships.
Railroad equipment orders, totaling nearly 1,800 cars, of which 1393
are for the Lackawanna road, were the largest in any week since June.
Steel prices are holding remarkably well despite lessened demand. The
fact that a fourth-quarter contract for black sheets has been made at the
present quotation of 2.85c. a lb., Pittsburgh, points to a continuance
of current prices to the end of the year, notwithstanding talk of an advance.
Heavy sales of Southern pig iron have placed producers in that distriaS
In a somewhat more favorable position. One company, which has sold
Upward of 50,600 tons in the North in the week, has withdrawn from the
market,and the others show a tendency to stiffen their quotations,although
much of the week's business was taken at prices ranging from $12 to $13.50.
Birmingham. Sales included 20,000 tons to two Delaware River cast iron
pipe makers, 10,000 tons of basic to an Illinois steel company and 10,000
tons of foundry iron to other Chicago district consumers.
Northern iron remains fairly steady in the face of the Southern competition, though prices have given way 50c. a ton at St. LOUIE, and Buffalo
iron is lower in New England.
The "Iron Age" pig iron composite price has dropped to $18.25 a gross
ton,the year's low,from $18.42 last week. Finished steel remains at 2.398c.
a lb.for the third week, as the following table shows:
Pig Iron.
Finished Steel.
Aug. 27, 1929, 2.398c, a Lb.
Aug. 27. 1929, $18.25 a Gross Ton.
$11788...0438
32
One week ago
One
2.398c. On week ago
One monthago
2.412c. One month ago
One year ago
2.348c. One year ago
10-year pre-war average
15.72
16890. 10-year pre-war average
Based on steel bars, beams. tank plates.
Based on average of basic Iron at Valley
wire, rails, black pipe and black sheets, furnace and foundry irons at Chicago.
These products make'87% of the United Philadelphia, Buffalo. Valley and BirStates output of finished steel.
mingham.
Low.
High.
High.
Low.
1929....2.412e. Apr. 2 2.3910. Jan. 8 1929_518.71 May 14 818.25 Ang 27
1928-2.391o, Dec. 11 2.3140. Jan. 3 I928_-- 18.59 Nov.27 17.04 July 24
1927-2.453c. Jan. 4 2.2930. Oct. 2.5 1927_
19.71 Jan. 4 17.54 Nov. 1
1920-2.453c, Jan. 5 2.403o. May 18 1928— 21.54 Jan. 5 19.413 July 13
1925.-2.580o. Jan. 8 2.3980. Aug. 18 1925.— 22.50 Jan. 13 18.98 July 7
[VOL.129.
Sheet mills have practically bridged the summer season, usually a slack
period, without cessation in the high rate of operations. The inflow of new
orders has been unusually steady and heavy. Some automotive manufacturers are ordering sheets for new models. Demands from electrical.
radio and electric refrigerator sources are the best for any August in their
histories. Sheet mill production may establish a new August record in the
Chicago district. Some Pittsburgh mills are unable to meet delivery requirements.
Independent sheet mills of the country increased the daily rate of their
sales from 10.264 tons in June to 10,878 tons in July. Production dropped
from 11,261 tons in June to 10.448 tons in July, and shipments fell slightly
from 11,560 tons to 11,118 tons.
Plate specifications are diminishing, though sales and specifications in
the Middle West still lead the finished steel lines. It now appears a federal
loan will be finally authorized to facilitate construction of four private
merchant vessels, which will require a total of fully 20,000 tons of plates.
Bethlehem Shipbuilding Co. will furnish 6.000 tons of steel, mainly plates,
for a cruiser recently authorized.
Railmakers at Chicago expect at least 30,000 tons of rails for autumn
delivery will be in the market by Sept. 15. There are indications railroads
are making budgets earlier for 1930 rail orders. Specifications on contracts
are heavy. Carbuilders estimate 10,000 to 12,000 cars will be on inquiry
or order by Oct. 15. The Delaware, Lackawanna & Western has placed
1,250 freight cars and 141 electric passenger cars. Five hundred twentyfive freight cars and 350 passenger cars are pending in the East.
Shape awards in the past week totaled approximately 40.000 tons, ineluding an estimated 20,000 tons for new units of the Illinois Steel Co.,
at South Chicago and Gary; 8.300 tons for the St. Johns bridge, Portland.
Ore., and 3,500 tons for a bridge at Rochester, N. Y. Pending business
includes 20,600 tons additional for the Illinois Steel units; 15,000 to 20.000
tons for 3 major building operations in Cincinnati; 2,400 tons for Inland
Steel Co. plant extension work at Indiana Harbor, Ind., and 3,000 tons for
a New York Central railroad storehouse, New York City.
Doherty and Texas Oil Co. interests may merge plans for a 250,000
-ton
steel gas line from Taxes to Chicago and Omaha.
Continued slowness in demand for soft steel bars, generally attributed to
lack of automotive buying, is reducing backlogs and slowing mill activity.
While business has diminished It continues substantially ahead of the
volume of last August, and prices are firm. Iron and steel scrap shows
continuing strength and railroad accumulations bring relatively high prices.
Buying of tonnage by Bethlehem was at the established market. Supplies
are being held closely and are not abundant.
The Nippon Oil Co. has withdrawn its inquiry for 20,000 base boxes of
tin plate, with the possibility of re-entering the market for a larger amount
within a month. Iron Trade Review's cablegram reports German output
of pig iron in July. 1,203,510 tons, broke all records for the month.
The "Iron Trade Review" composite of 14 leading iron and steel products
is unchanged for the second consecutive week at $36.52.
Further decreases were shown in steel ingotTproduction
during the past week, the "Wall Street Journal" of Aug. 27,
says. The U. S. Steel Corp. is now running at slightly under
94%, compared with about 95% in the preceding week and
97% 2 weeks ago, continues the "Journal," which further
states:
Independent steel companies are at approximately 85%,contrasted with
between 86% and 87% a week ago and better than 90% 2 weeks ago.
For the entire industry the average is a shade under 89%, against better
than 90% in the previous week and about 93% 2 weeks ago.
At his time last year the Steel Corp. was running at not quite 78%, with
independents around 75%, and the average was better than 76%•
Rogers Brown & Crocker Bros., Inc., writing under date
of Aug. 29,see a better outlook for Southern iron. They say:
Notwithstanding the tendency on the part of buyers of pig iron to postpone purchases until after the approaching holiday, the signs of a possibility
of advancing prices have prompted many to cover their requirements
immediately. As a result, a large tonnage of Southern iron has been sold
during the past week and a substantial amount of Northern iron was included, making the total tonnage sold in some districts larger than for many
weeks. At least one Southern producer advanced prices and later withdrew from the market. Production has been curtailed by the blowing out
of additional furnaces.
The time of the year is approaching when some melters of pig iron enter
the period of their largest production, and while a slight curtailment Is
noted in other lines, the total melt is well maintained and prospects for the
balance of the year look bright.
The Ferro Alloy market is quiet and sales are confined to small lots.
The coke market shows little change. Shipments on contracts are moving
at about the same rate with but little demand for spot coke, although
prices are firm with a tendency to advance on domestic sizes.
Steel is nearing the close of an unusually active midsummer
season with moderate decline in sales, production and shipments; a breathing space between the peaks attained a few
Coal Wages Advanced—Western Kentucky Miners Back
weeks ago and an autumn revival, ,signs of which are beon Winter Scale as Demand Improves.
.
ginning to appear, reports the "Iron Trade Review" of
From the "Wall Street Journal" of Aug. 28, we take the
Cleveland in its current issue. New business is declining
slowly, is relatively high for the season, and substantially following Richmond advices:
Kentucky miners whose wages
above that of the same point in 1928. The general opinion onFour thousand Westernthe old scale on Sept. 1. T. E. were reduced 20%
July 16 will go back to
in the trade is that an upturn will appear after the middle KY.. President of the West Kentucky Coal Co., said Jenkins, of Sturgis,
that an Increased
of September. With few exceptions, all producers tell of demand for coal from this field justifies the increased wages.
The announcement came after weeks of organizing work on the part of
slight recessions in specifications, though production has not the 'United Mine Workers of America, who abandondoned
this field after an
declined commensurately, as backlogs have tempered the extended strike five years ago.
rate of shrinkage. Prices in general are firm, adds the
Ontario Government to Pay Bounty on Iron Ore Mined In
"Review," which goes on to say:
Canadian Province.
Steelworks operations in the Middle West average 95 to 98% of capqcity;
in the Pittsburgh district 90 to 95% and in the Mahoning valley 90%. Steel
corporation units this week are operating at 98%,3 points higher than a
week ago.
August pig iron shipments equal those of July, and more interest is displayed in fourth quarter requirements, a number of melters have placed
substantial orders for that period. The position of Southern furnaces has
improved, one maker having sold all of its output for this year. Southern
basic and No. 2 foundry have been sold at $12.50, furnace, in competitive
districts. A Peoria, Ill., steel company has ordered 10.000 tons of the basic.
below $13,to use as a substitute for scrap. Larger requirements for standard
basic iron are expected to develop in northern districts soon. The week's
sales of all grades at Cleveland totaled 22.000 tons; in eastern New York
12,000 to 15,000 tons. Demand for Connellsville furnace and foundry
coke is quiet. By-product coke Prices are being renewed for September.
Announcement that the Ontario Government will pay a
bonus of one cent a unit on all iron ore mined in the Province,
was made by Premier Howard Ferguson at a banquet at
Sault Ste Marie (Ontario) on Aug. 23. The Toronto "Globe"
in a dispatch reporting this said:
This is one of the important homes of the basic steel industry, and
the surrounding District of Algoma has within its borders great areas
of iron ore deposits. The legislation to bring the bonus into effect
will be introduced at the next session of the Legislature. Steel experts estimate that on the basis of the iron content of the ore available in Northern Ontario this bonus will work out at about 75 cents
a ton.
AUG. 31 1929.]
FINANCIAL CHRONICLE
1367
efficiency of modern mining
At present no Canadian ore is being used. All the ore used in the ore in the earlier days and the increased
this production, the most recent survey
Sault plants, for example, is imported from Lake Superior mines in machinery and methods. Despite that the veins were exhausted.
showed no signs
the United States. The reason ascribed for this is that iron ore of the properties Company, in deciding to reopen the properties, has deThe Ringwood
mined in Ontario is of such a quality that it would have to be
calling for an annual production of 200,000
"beneficiated," or as the Premier explained, put through a "pre-cure" cided upon a schedule necessitate the employment of about 500 men.
will
process. This makes it more expensive to use than to import United tons of ore. This
thought to be a larger production than either of the
States ore. The bonus, it is estimated, will wipe out this difference. This schedule is
other two mines, neither of them as old as the Ramapo Hills properties,
Estimated.
Cost Not
the Richard and the Mount Hope, both at Dover, N. J.
No accurate estimate of how much the bonus will cost the Province
is available, but the Helen Mine alone, which is located near this city,
would produce 3,000 tons a day if put in operation. It will likely be Movement of Bituminous Coal to Lake Erie Ports Heavy.
the first mine affected.
Movement of bituminous coal to Lake Erie ports for
Some years ago the Province passed an act to pay a bonus of half
Lake Erie points has been the
a cent a unit on condition that the Dominion Government pay an equal shipment by boat to upper
amount. The Dominion Government, however, did not comply, so noth- heaviest so far this year of any corresponding period in
ing was then done.
Now the Ontario Government has decided to recent years, the car service division of the American
go the whole way.
Railway Association announced. From Jan. 1 to Aug. 11
Railway for Patricia?
year, inclusive, 21,128,196 tons of bituminous coal were
The Province has an exploration party working north of the Trans- this
continental investigating the advisability of extending the Timiskaming dumped into vessels at Lake Erie ports. This was an
& Northern Ontario Railway into the Patricia District and tap the increase of 3,737,104 tons over the corresponding period
mining resources there. That was another announcement made by Mr.
an increase of 303,005 tons over the correFerguson. A third was a confirmation of reports that the party drilling last year and
in the lignite deposits north of Cochrane and investigating for oil met sponding period in 1927. It also exceeded the correspondwith such encouraging results that the Government had withdrawn ing periods in 1924, 1925 and 1926. On Aug. 12 1929 there
from staking great areas, in the interests of the public, until the whole
were 22,606 cars of bituminous coal on hand at Lake Erie
situation could be more thoroughly probed.
ports ready for dumping compared with 21,682 on the same
Restriction on U. S. Export.
1927.
"We regard the iron industry not only of basic importance, but as date last year and 17,082 on the same date in
transcending in importance every development in this Province," the
Premier asserted. The Government had gone very thoroughly into the
problem. The best technical ability had been secured. Investigation had Coal Stocks Advance—Industrial Consumers Again
shown that 60% of the ore deposits of the United States were owned
Stocking—Consumption Higher Than a Year Ago.
by one corporation. The great bulk of what remained was owned by
other companies, who used it for their own manufacturing. AccordAccording to report prepared by the Coal Committee of
ingly, the Government had been informed there was a possibility of
the National Association of Purchasing Agents, Inc., under
restriction in the export of ore from the United States. The day
Jr., Chairman of E. I.
might come when ore would not be available from that country for the supervision of Thomas W.Harris,
Canada.
duPont de Nemours & Co., total stocks advanced for the
"Now is the psychological time to give this boost," he said, after he
any extent as of Aug. 1 1929, since April 1 1927,
had announced the bonus. Now was the psychological time to stand first time to
the iron industry, till it could get on its feet and get going and it would appear that as of July 1 1929, the low point on
behind
properly with Canadian ore. The people of Ontario were behind the stocks was reached. Industrial consumers are again stockAdministration in this."
of industries in the United States and
Total stocks
The following advices from Ottawa Aug. 25 appeared in ing.
4
Canada amounted to 323 million tons, an advance of 1 1-3
the Toronto "Globe" of Aug. 26:
million tons from the previous month. Total consumption
Federal Government officials were keenly interested in the announcement that the Province of Ontario may pay a bonus of 1% per unit figures advanced only M million tons in July as compared
on iron ore beneficiated in the Province. At the present time no with June, being at 35 million tons. This can be accounted
Canadian ore is being used in Canada, though large supplies are
increase in number of days in the month. Conavailable if an economical method of treating them to make their use for by the
sumption during July 1929 was 4%2% higher than July 1928.
commercially feasible can be discovered.
Experts of the Department of Mines have been conducting experi- As a result of the increase in stocking, the number of days'
ments for some time, and the results obtained have been such that iron
coal on hand increased from 27 days as of July 1
and steel experts have encouraged the hope that Canadian ore might supply of
be used on a large scale within the next ten years. Canada imported to 29 days' supply as of Aug. 1. The increase in stocking
$4,325,000 worth of iron ore last year, including $3,419,000 from the prevailed in Canada where the stocks were increased approxiUnited States, and $584,000 from Newfoundland.
600,000 tons, stocks in Canada being ahead of a year
The Globe was informed tonight by a metallurgical expert that the mately
Algoma District probably would be the first in Canada to take ad- previous. By-product coke plants also increased their stocks
vantage of the new proposal of the Ontario Government, as the one from 20 days' to 24 days' supply. All other industries stocks
cent per unit bonus would be equivalent to about 35 cents per ton,
constant. The Associations statement
and there are ore deposits in the Algoma District which might be suc- remained about
cessfully treated with such financial assistance. "It is almost a paying continues:
proposition now and they ought to be able to start on a small scale
anyway," The Globe was informed.
The question of using Canadian ores was raised some months ago by
Dr. William H. Moore, Chairman of the Advisory Board on Tariff and
Taxation, when an exhaustive hearing took place on the iron and steel
schedules of the customs tariff. Dix Fraser, a Toronto expert, stated
that Canadian ores might be used extensively within ten years, and this
opinion was shared by Robert Dodds of the Algoma Steel Corporation,
and Dr. Wilson of the Dominion Mines Department.
At the present time, however, it is much cheaper to import American
ores, according to Mr. Jones, General Manager of the Algoma Steel
Corporation, while others agree that, "bounty or no bounty, the use of
Canadian ores will not be a commercially feasible proposition for
some time."
The problem is still being wrestled with in the laboratory. Robert
Turnbull of the Volta Furnace Company, Welland, is working on a
process with an electric furnace whereby he hopes to use native ores.
No expression of opinion is available as to what the Federal Government might do to assist in the development of Canadian ore deposits,
but it is considered doubtful that it would offer anything in the form
of a bounty.
Historic Iron Mines In Ramapo Hills, N. J. To Be Reopened
Soon—Metal for Revolutionary War Was Taken From
Properties
The following is from the New York "Times" of Aug. 26:
Two of the oldest iron mines in the United 'States, the Peters and
the Messon, in which operations were started before the Revolutionary
War, are about to be reopened after a shutdown of five years. They
are in the Ramapo Hills in New Jersey. While the original date of
their openings has not been established, there is record of mining being
done in them in the 1770s, and there is no doubt but much metal taken
from them went into cannon and other equipment for the Colonial troops
in the eight years' war for independence.
The Ringwood Company, present owner of the two properties, has a
crew of men preparing the mines for resumption of operation for the
first time since 1924. The present five-year shutdown is thought to be
the longest period that they have remained idle since operations were
originally started'. Allowing for cessations of operations front various
causes in their long history, the present owners estimate that the
mines have been worked for at least 140 years.
It is estimated that the mines have produced at least 15,000,000 tons
of iron ore, making allowances for the slower methods of recovering
The consumption of coal among utilities and coal gas plants increased,
primarily to the dry weather causing the shutting down of hydraulic plants
and opening up of steam generating plants. Railroad consumption also
Increased, which reduced their number of days' supply from 20 to 19.
Consumption of steel mills was about constant but there was quite a marked
falling off in consumPtion among other industries, which had a tendency
to increase the number of days' supply, the stocks increasing from 27 to
coke and pig iron industry
32 days' supply. Great activity in both the
continued through July, although the daily rate of production declined
slightly below the high level of June. July as compared with June showed
a decrease of 1% In production of by-product coke but as compared with
July 1928 showed an increase of 18%. There were 86 by-product plants In
operation during the month producing at about 94% of their capacity.
Production of bituminous coal is averaging slightly under 93 million tons
or coal.
Per week and as of Aug. 1. industry has on hand 29 days' supply
With business remaining about the same or possibly slightly Increasing and
if total stocks are increased by Jan. 1 1930, to what they were Jan. 1 1929,
during the months of September. October and November, It would appear
that stocking will go forward at the rate of slightly over 4 million tons per
month. If this stocking is handled in an orderly manner, production of
s
bituminous coal should not reach the high point of October 1928 when
production was over 50 million tons or about 11 to 11A million tons per
ro
week.
The number of days' supply In industries in the United States of bitumlnous coal is as follows:
24
productlicoss
uet ti keand coal gas
ati
plants
BEylecpt
19 days
Railroads
Steel mills---------------------------------------------------------------------------------------------- 27 days
32 days
Other industries
27 days
Total bituminous stocks throughout the United States
New England.
Report of Regional Chairman It. C. Swanton. Winchester Repeating
Arms Co., New Haven, Conn.:
Bituminous Coal.—There is apparently no change in the coal situation in
the last month throughout New England. Prices are holding about the
same. There has been the usual seasonal stocking and apparently smaller
stocks of New River Nut and Slack.
Anthracite.—No change In anthracite situation.
Coke.—No apparent change in coke reports since last month.
Canada.
Report of Regional Chairman W.G. Henderson, the Steel Co. of Canada.
re
Montoea ,Caa a .
Ltd., i._cralidem nnda:
mains normal with no variation in prices. Some
dealers are looking for higher prices this fall.
good with no change in price.
Coke.—Demand
1368
FINANCIAL CHRONICLE
[VoL. 129.
Seaboard.
year ago, while Pennsylvania anthracite production conReport of Regional Chairman H. T. Coates, Diarymen's League, Co- tinues to fall behind. For the calendar year
to Aug. 17 1929,
Operative Association. New York City. N.Y.:
Bituminous.
-There seems to be a general apathy, both among the buyers the production of bituminous coal amounted to 317,080,000
and sellers at the present moment. On the part of the buyers. conditions net tons, as compared with 292,253,000 net tons in the same
have been soft and they have been able to get coal readily when wanted at period
last year, while output of Pennsylvania anthracite
low prices for so long, that there is no stimulus to buying, while there is a
general tendency toward falling off in consumption. On the other hand, totaled 44,598,000 net tons, as against 44,902,000 net tons
those selling seem to be counting on the present low days supply to cause in the calendar year to Aug. 18 1928. Total production for
a sharp demand very soon, and fear that too much sales pressure at this
the week ended'Aug. 17 1929, was as follows:: Bituminous
time might destroy chances for a rise in prices a little later.
coal, 9,550,000 net tons; Pennsylvania anthracite, 1,113,000
Hampton Roads.
Cargo coals continue to show an increase compared with last year, in tons, and beehive coke, 123,200 tons. This compares with
foreign shipments, New England. and in other coastwise trade, though 8,959,000 tons of bituminous coal, 1,416,000 tons of Pennbunker dumpings do not show it. New River and Pocahontas coals have sylvania
anthracite and 67,900 tons of beehive coke in the
been in rather brisk demand, with a tendency toward stiffening in price.
On the other hand, the high volatiles have shown a general weakness, week ended Aug. 18 1928, and 9,570,000 tons of bituminous
without, however, any change in price.
coal, 1,104,000 tons of Pennsylvania anthracite and 125,500
Anthracite.
-There is no change in conditions in the anthracite market,
as we approach the date in which increase in price on domestic sizes goes tons of beehive coke produced in the week ended Aug. 10
into effect. There is no indication that there will be other changes until 1929. The Bureau's statement follows:
the first flurry of cold weather.
BITUMINOUS COAL.
Southern.
The total production ofsoft coal during the week ended Aug.17,including
Report of Regional Chairman, M. W. Hutchings, DeBardeleben Coal lignite and coal coked at the mines, is estimated at 9,550.000 net tons.
Corp., Birmingham, Ala.:
Compared with the revised estimate for the preceding week, this shows a
The Southeast and Mississippi Valley Territories have not participated in decrease of 20,000 tons, or 0.2%. Production during the week in
1928
the general prosperity so strongly in evidence in other sections of the corresponding with that of Aug. 17 amounted to 8,959.000 tons.
country during the past several months. However, the fall outlook is most
Estimated United States Production of Bituminous Coal (Net Tons).
encouraging as to crops, with a distinct improvement in prospect for all
In this trade territory and a marked improvement is anticipated for the coal
Cal Year
Cal Year
market.
Week EndedWeek.
Week.
to Date.a
to Date.
8,757,000
297,960,000
9,226,000
274,292,000
Considerable publicity has been given to the reports of the American August 3
Daily
1,460,000
1,538,000
1,634,000
1.505,000
Railway Association that there is now a surplus of only 60,000 open-top August average
10.1)
9,002,000
307,530.000
9,570,000
283,294,000
Cars in the entire United States, as compared with more than 100,000 at
Daily average
1,632,000
1,595,000
1,500,0001,504,000
the same time last year. Also, that coal stocks for United States stood at August 17_c
9,550,000
8,969,000
317,080,000
292,253,000
Daily average
1,493,000
1 592,000
a low point on July 1, that is the smallest tonnage in storage since the fall
1,631,000
1,504,000
• Minus one day's production first week in January to equalize number of days In
of 1922, is arousing the trade to the need of early protection of fall and
the two years. b Revised since last report. c Subject to revision.
winter coal requirements.
The total production of soft coal during the present calendar year to
The movement of domestic coal to dealers' yards continues slow, but
with every evidence of an increased demand for late August. The require- Aug. 17(approximately 194 working days)amounts to 317.080.000 net tons.
summer but, with Figures for corresponding periods in other recent years are given below:
ments of coking coal has varied very little through the
a good fall and winter coke market in prospect the demand for this grade 1928
292,253,000 net tons11926
333,156,000 net tons
331,204,000 net tons 1026
will soon improve. The railroad fuel takings likewise have varied little 1927
298,358,000 net tons
through the summer season, but the increased traffic in the fall months
As already indicated by the revised figures above, the total production
will substantially increase these requirements. In addition, the bunker of soft coal for the country as a whole during the week ended Aug. 10
takings on the Gulf show a decided improvement for the first time in several amounted to 9,570,000 net tons. This is an increase of 344,000 tons, or
months.
3.7%, over the output in the preceding week. The following table apporThis generally favorable outlook is expected to bring about some improve- tions the tonnage by States, and gives comparable figures for other recent
ment in the level of steam coal Prices.
years.
Estimated Weekly Production of Coal by Stales (Net Tons).
Central Competitive.
Week Ended
August '23.
Report of Regional Chairman B. L. Verner, Interstate Iron & Steel Co.,
Aug. 1029. Aug. 329. Aug. 11'29. Aug. 13'27. Aserage.•
State
Chicago, Ill.:
323,000
350.000
Alabama
303,000
374,000
397,000
26,000
32.000
33,
28.000
Production has increased but not In excess of demand. Prices are about Arkansas
26,000
116,000
127,000
Colorado
156,000
179,000
173,000
the same. Very little distress coal offered. Domestic demand developing Illinois
911,000
900,000
768,000
155,000 1.363.000
early this year and would look for some slight improvement in prices this Indiana
287,909
287,000
229,000
273.000
440,000
60 000
.
56,000
fall and winter. Storage in hands of consumers not as high at this time Iowa
83,000
10,000
100,000
Kansas
40,000
as in previous years.
84.000
900,090
885,000
984,000 1,080,000
Kentucky-Eastern
765,000
192,000
197.000
244,000
Western
Upper Lakes.
506.000
217,000
44,000
49,000
51,000
58,000
44,000
Report of Regional Chairman G. B. Smith. Swift & Co., South St. Paul, Maryland
15,000
1,
1.000
12,000
Michigan
15,000
21,000
Minn.:
56.000
45,000
51,000
Missouri
41,000
61.000
Stocks of coal on hand July 1 in the Upper Lake ports amounted to Montana
44.000
54,000
51,000
49.000
50.000
42,000
40,000
62,000
52,000
4,535,970 with cargo receipts July 1 to Aug. 1. 1,273,848 tons. Reloading New Mexico
49,000
11,000
11,000
13,000
North
12,000
20,000
during July amounted to 484,718 tons. Balance on hand Aug. 1, 5.325.100 Ohio Dakota
440,000
456.000
325,000
149,000
871,000
tons.
49.000
44.000
51.000
Oklahoma
67.000
55,000
2,510,000 2,249,000 2,321,000 3,734,000
Pennsylvania (BItum.)-- 2.640,000
Central West.
97,000
100,000
105,000
Tennessee
108,000
118,000
Report of Regional Chairman W. M. James, American Beet Sugar Co.. Texas
19,000
18,000
19,000
29,000
24,000
88.000
65,000
68,000
Utah
Denver, Colo.:
92,000
83,000
230,000
233,000
236,000
251,000
248,000
There is nothing new to report in the coal situation in the Arkansas, Virginia
32,000
34,000
36,000
Washington
48,000
47,000
Kansas, Oklahoma, Colorado and Wyoming fields.
W. Va.-Southern-b---- 2.133.000 1,982,000 2,015,000 2,216,000 1.552,000
6 :000 736
The market is easy and while there has been some production on domestic
90 00
63 0
649.000
11%00
Northern_c
837 004
8 :0
6
538:L00
154
Wyoming
103,000
sizes. conditions do not indicate a very large production until September.
42,000
45,000
33,000
Other States
5.000
4,000
Pacific Coast.
Total bituminous coal__ 9,570,000 9.226,000 9,002,000 9.057,000 11.538,000
Report of Regional Chairman A. D. Smith, Utah Power & Light Co..
1,104,000 1,290,000 1.389,000 1,598,000 1,926,000
Pennsylvania anthracite__
Salt Lake City, Utah:
Production of Utah coal mines during July was 43,400 tons less than
Total all coal
10,674,000 10,516,000 10.391.000 10.653,000 13,464,000
during July1928. However,for the period Jan. 1 to July 31,the total produca Average weekly rate for the entire month. b Includes operations on the N.&W..
tion was 317.000 tons greater than during the similar 1928 period. The C. dr 0., Virginian, K. & M., and Charleston division of the B. & 0. c Ileat of
decline in July is probably attributable to the fact that special storage rates State, including Panhandle. d Kansas included In "Other States."
were in effect during July 1928, whereas no such rates were in effect this
PENNSYLVANIA ANTHRACITE.
year. It is also possible that the imminence of gas competition has affected
The total production of Pennsylvania Anthracite during the week ended
the sale of coal to dealers in the urban communities where natural gas Aug. 17 is estimated at 1.113.000 net tons. Compared with
the output
will be on the market within a few weeks. Coal prices are firm and normal in the preceding week, this shows an increase of 9,000 tons,
or less than
business Is looked for except as natural gas affects the market which it is 1%. Production during tho week in 1928 corresponding with
that of Aug.
believed will be considerable in the limited territory served.
17 amounted to 1.416,000 net tons.
COMPARATIVE ESTIMATES OF UNITED STATES PRODUCTION AND
Estimated Production of Pennsylvania Anthracite (Net Tons).
Cal. Year
CONSUMPTION AND STOCKS OF ANTHRACITE AND BITUCal. Year
to Date.
Week EndedWeek.
Wee.t.
MUNOUS COAL IN INDUSTRIES OF THE UNITED
to Date. a
1929
1928-STATES AND CANADA.
42,381,000
August 3
1,290,000
1,164,000
42,097,000
On Hand in August 10..b
Industrial
43,485,000
U. S.
1,104,000
43,486.000
' .
1 889 000
Industries
Consumption.
Production.
44,598,000
August 17
1,113.000
1,416 000
44.902.000
July 1928
90,700,000
33,527,000
41,785,000
a Minus
week in January to equalize number of days
production
August
39,415,000 In the two one day's Revised. first
33,890,000
48.598,000
years. b
September
34,223,000
40,090,000
98.332,000
October
BEEHIVE COKE.
40,778,000
36,500.000
58,914,000
November
35,879,000
41,520,000
53,498,000
The total production of beehive coke during the week ended Aug. 17 is
December
37,354.000
99,808,000
41,010,000
January 1929
35,518,000
58,500.000
41,492,000 estimated at 123,200 net tons, as against 125,500 tons in the preceding week.
February
38,175.000
54,000,000
40,808.000 Production during the week in 1928 corresponding with that of Aug. 17
March
40,588,000
44,391.000
40,108,000 amounted to 67,900 tons. In the Connellsville region,
according to the
Aror11
43,329,000
37,750,000
35,385,000
May
48,480,000
37,298,000
33,468,000 Connellsville "Courier," there was a decrease of 80 in the number of ovens
June
42,969,000
34,485,000
81,282,000 fired during the week ended Aug. 17.
July
45,635,000
35,040,000
31,415,000
Estimated Production of Beehive Coke (Net Tons).
Aug. I
32,712,000
Week Ended
1929
1928
Aug. 10
June 25
Aug. 17
to
to
1929.
1929.6
1928.
Output of Bituminous Coal and Beehive Coke ConDate.
to Date.a
104.300
101,000
Pennsylvania and Ohio,...
43,700 3,305.300 1,911,300
10.990
Continues Ahead of Last Year-Anthracite Produc- WestVirginia
11,800
13,200
340,100
382.100
800
1,500
2,000
Georgia,
50,100
110.200
tion for Calendar Year to Aug. 17 1929, Below That Virginia Ky. and Tenn8,000
5,000
6,000
174,500
155,400
3,500
Colorado,UtahandWash
2,900
4,000
135.400
168,600
for the Same Period in 1928.
According to the report of the United States Bureau of
Mines, Department of Commerce, the output of bituminous
coal and beehive coke continues to improve over that of a
125,500
123,200
67,900 4,038,800 2,894,400
United States total-20,917
Dally average
20,533
11,317
13,747
20,805
a Minus one day's production first week in January to equalise number of days in
the two years. b Subject to revision.
1369
FINANCIAL CHRONICLE
AUG. 31 1929.]
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Aug. 28, made public by the Federal Reserve Board, and which deals with the results for the twelve
Reserve banks, shows decreases for the week of $12,800,000
in holdings of discounted bills and of $3,300,000 in United
States Government securities and an increase of $24,400,000
in bills bought in open market. Member bank reserve deposits increased $13,600,000, Federal Reserve note circulation $6,500,000 and cash reserves $6,200,000. Total bills
and securities were $8,500,000 above the total reported the
previous week. After noting these facts, the Federal Reserve Board proceeds as follows:
Holdings of discounted bills increased $7,700,000 at the Federal Reserve
Bank of New York and $4,700,000 at Minneapolis and declined $6,400.000
at Chicago,$5,500.000 at San Francisco, 34,600,000 at St. Louis,$4.100,000
at Boston and $3,500.000 at Cleveland. The System's holdings of bills
bought in open market increased $24,400,000, while holdings of Treasury
certificates declined $3,400.000.
The principal changes in Federal Reserve note circulation for the week
were increases of $5.500,000 at Boston and of $2.800,000 at Atlanta.
Aug. 28,1020. Aug. 21, 1929. Aug. 29, 1928.
Reserve with Federal Reserve Bank___ 662,000,000
51.000,000
Cash In vault
Net demand deposits
Time deposits
Government deposits
Total
On demand
On time
1 291,562,000
+8.490,000
2,046,000,000 2,063,000,000 2,047,000,000
Loans—total
1 650,000,000 1,661,000,000 1,582,000.000
156,514,000
+24,377,000
Net demand deposits
Time deposits
Government deposits
145,321,000
42,678,000
91,073,000
11,570,000
—3,286,000
—15,000
+130,000
—3,401.000
Federal Reserve notes in circulation_ A,829,372,000
+6.519.000
Borrowings from Federal Reserve Bank_
+178,376,000
347,508,000
2,305,598,000
17,400,000
+10,335,000
+13,566.000
—1,068,000
+22,826,000
+36 916.000
.
—9.924,000
Total deposits
Members' reserve deposits
Government deposits
Returns of Member Banks for New York and Chicago
Federal Reserve Districts---Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of the
member banks in the Now 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 tho 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
Now York statement, of course, also includes the brokers,
loans of reporting member banks. The grand aggregate of
these brokers' loans the present week has increased no less
than $132,000,000, thereby again establishing a now high
record in all time. The present week's increase of $132,000,000 follows an increase last week of $13,000,000, bringing
the amount of these loans on Aug. 28 1929 up to $6,217,000,000. The present week's total of $6,217,000,000 compares
with $4,235,000,000 on Aug. 29 1928.
New York.
Aug. 28 1920. Aug. 211920. Aug. 29 1928.
Loans—total
On securities
All other
Investments—total
U. S. Government securities
Other securities
7.383,000,000 7,354,000,000 6.914,000.000
.686,000.000 5,637.000,000 5,157,000,000
2 819,000,000 2,775,000.000 2,454,000,000
2,867,000,000 2,862,000,000 2
.703,000,000
1 697.000,000 1,717,000.000 1.758,000,000
946,000,000
751,000,000
216.000,000
249,000,000
175.000,000
15,000,000
175.000,000
16,000,000
144,000,000
298,000.000
137.000,000
307,000.000
143,000,000
337,000,000
23,000,000
33,000,000
71,000,000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, in 101
cities, cannot be got ready.
Beginning with the statement of Jan. 9 1929, the loan
figures exclude "Acceptances of other banks and bills of
exchange or drafts sold with endorsement," and include all
real estate mortgages and mortgage loans held by the banks;
previously acceptances of other banks and bills sold with
endorsement were included with loans, and some of the
banks included mortgages in investments. Loans secured by
U.S. Goverment obligations are no longer shown separately,
only the total of loans on securities being given. Furthermore, borrowings at the Federal Reserve are not now subdivided to show the amount secured by U. S. Government
obligations and those secured by commercial paper, only
a lump total of the two being given. The figures have also
been revised to exclude a bank in the San Francisco district, with loans and investments of $135,000,000 on Jan. 2,
which recently merged with a non-member bank.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business Aug. 21:
CONDITION OF WEEKLY REPORTING MEMBER HANKS IN CENTRAL
RESERVE CITIES,
Loans and investments—total
465,000,000
165,000,000
237,000,000
1 251,000,000 1,257,000,000 1,223.000,000
670.000.000 669,000,000 660,000.000
3.000,000
10.000,000
3,000.000
Due from banks
Due to banks
—63.643,000
— 12.086,000
+2.822.000
—54,379,000
403,000,000
175,000,000
15.000,000
Reserve with Federal Reserve Bank
Cash In vault
848,000,000
734,000,000
162,000,000
234.000,000
U. S. Government securities
Other securities
936,000.000
725.000,000
396,000,000
Investments—total
—27.785,000
U. S. Government securities, total_
Bonds
Treasury notes
Certificates of Indebtedness
025,000,000
725,000,000
On securities
Al! other
—65.146,000
—134.920.000
+69,774,000
Bills bought in open market
6,217,000.000 6,085,000,000 4,235,000.000
5 872,000,000 5,738,000.000 3,418,000.000
347,000,000 817,000,000
345.000,000
Chicago.
—141,464,000
973,627,000 —12,751,000
Secured by U.S. Govt. oblIga'ns_ 469,396,000 +21,276,000
504,231,000 —34.027,000
bills discounted
Other
Bills discounted, total
5,106,000,000 5,120,000.000 5,033,000,000
1.189,000,000 1.149.000,000 1,162.000.000
11,000,000
9,000,000
20,000.000
Loans and investments—total
Increase 1+) or Decrease (--)
During
Year,
Week.
Aug. 28 1929.
$
+6,224.000 +384,144,000
3,140,038,000
+7.911,000 +343.290,000
2 962,099,000
Total bills and securities
691,000,000
52,000,000
83,000.000
78,000,000
64.000,000
Due from banks
820.000,000 810,000,000 872,000.000
Due to banks
Reserve Bank_
Borrowings from Federal
153.000,000 144.000,000 198.000,000
Loans on securities to brokers and dealers
992,000,000 926,000,000 793,000,000
For own account
For account of out-of-town banks___ _1,756,000.000 1,787,000,000 1,535,000,000
3,468,000,000 3,372,000.000 1.907.000,000
For account of others
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 1403 and 1404.
A summary of the principal assets and liabilities of the Reserve banks, together with changes during the week and the
year ended Aug. 28, is as follows:
Total reserves
Gold reserves
700,000,000
52,000,000
955,000,000 1,002,000,000
762,000,000 756,000.000
The Federal Reserve Board's condition statement of weekly reporting
member banks In 101 leading cities on Aug. 21 shows decreases for the week
of $28,000,000 in loans and investments, of $126.000.000 in net demand
deposits and of $40,000,000 in borrowings from Federal Reserve banks.
Loans on securities declined $44,000.000 at reporting banks in the Now
York district and $62,000,000 at all reporting banks. "All other" loans
increased 829.000,000 in the New York district. $10,000,000 in the Boston
district, $8.000,000 in the Chicago district. 87.000,000 in the Philadelphia
district and $57.000,000 at all reporting banks.
Holdings of United States Government securities declined S7,000,000 In
the New York district and $10,000,000 at all reporting banks, while holdings
of other securities show a reduction of $13,000,000 for the week.
Net demand deposits, which at all reporting banks were $126,000,000
below the Aug. 14 total declined In all districts except Cleveland, which
shows an increase of $17,000,000, the principal reductions by districts being:
New York $57,000.000, St. Louis, $14,000,000, Boston and Kansas City
$13,000,000 each, San Francisco $11,000,000, Dallas $10,000,000 and
Atlanta $9,000,000. Time deposits show little change for the week.
The principal changes in borrowings from Federal Reserve banks for the
week comprise decreases of $47,000,000 at tho Federal Reserve Bank of
Now York and $20,000,000 at Cleveland, and an Increase of $20.000,000 at
Boston.
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and the year ending
Aug. 211020 follows:
1370
FINANCIAL CHRONICLE
Increase 1+) or Decrease (--)
Since
Aug. 211029. Aug. 14 1929.
Aug. 22 1928.
$
$
$
Loans and Investments—total_ ___22,433,000,000 •-28,000.000 +747.000,000
Loans—tota1
On securities
All other
16,946,000,000
•-4,000,000 +1,190,000,000
7,513,000,000
9,432,000,000
—62,000,000
*+57,000,000
+768,000,000
+421,000,000
5,488,000,000
—23,000,000
—442,000,000
U. S. Government securities.... 2,724,000,000
Other securities
2,764,000,000
—10,000,000
—13,000,000
—180,000,000
—262,000,000
Reserve with Federal Heave banks 1,650,000,000
Cash In vault
236,000,000
—24,000,000
—10,000,000
—11,000,000
—9,000.000
13,068,000,000
6,730,000,000
44,000,000
—126,000,000
—1,000,000
+283,000,00
0
—93,000,000
—104,000,000
1,039,000,000
2,557,000,000
—40,000,000
—77,000,000
+2,000,000
—166,000,00
686,000,000
—40,000,000
—112,000,000
Investments—total
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
as against $4,746,296,567 June 30 1929 and $4,700,535,405
July 31 1928, and comparing with $5,698,214,612 on Oct.
31 1920. Just before the outbreak of the World War, that
15, on June 30 1914, the total was only $3,458,059,755.
The following is the statement:
0 ...3V,'4 '41
• August 14 figures revised.
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MONEY OUTSIDE OF THE TREASURY.
For the present, discussions are concerned with arranging a program
and a method for the studying of the question, which may go on for
several years.
This is the first attempt on such an international scale to investigate
the relations between price variations and variations in the price of gold,
which is the basic purchasing medium. Various economists, of course,
have already made private studies of the problem, and it come up for
extensive hearings by the House Banking Committee during the past two
sessions of Congress, with the result that a bill was introduced by Representative Strong of Kansas to have the Federal Reserve seek as far as
possible to stabilize gold.
The League committee's work is in the nature of a fact-finding investigation, however, instead of one aiming to solve the problem or frame proposals for attempting to stabilize prices.
Such current developments as the International Reparations Bank and
the fall in the British gold reserve and the rise in francs, it is said, show
the timeliness and value of the present investigation. Some experts feel
that little of practical use can be done, however, until the prevailing
uncertainty at The Hague is ended.
L.;
1
League of Nations Begins Study of Gold Fluctuations
—Preliminary Work by Financial Committee Group
to Include Private Talks with Experts.
A preliminary Investigation of the abnormal fluctuations
in the purchasing power of gold was begun at Geneva, Aug.
26, by a delegation of the League of Nations Financial Committee, which is consulting privately a group of internationally known experts, including Professor 0. M.W.Sprague
of Harvard University and Professor Gustave Cassell of
Stockholm. This is learned from Geneva advices, Aug. 26,
to the New York "Times," which likewise said:
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In a further item in its issue of Aug. 30 the "Times" said:
It was learned yesterday that when J. P. Morgan's auxiliary schooner
yacht, the "Corsair," is turned over to the TJ. S. Government for use as a
coast and geodetic survey ship the banker will probably receive $1 in consideration for the craft, the original cost and upkeep of which have run into
the millions.
At Mr. Morgan's office yesterday it was said that it was his desire to
make a present of the ship to the Government, but that in order to comply
with the law prohibiting the Government from accepting gifts a nominal
consideration might have to be fixed.
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CIRCULATION STATEMENT OF UNITED STATES MONEY-JULY 31 1929.
The "Corsair," J. P. Morgan's steam yacht, sailed from Glen Cove, L. I.,
yesterday, to Brooklyn, to be turned over to the U. S. Government for use
as a coast and geodetic survey ship.
Mr. Morgan is having a now yacht built at Bath, Me. The new "Corsair,"
It is understood, will cost about $3,000,000.
The present "Corsair" was built at Newburgh, N. Y., in 1899, and was
designed by Beavor Webb. She was built for the late J. P. Morgan, Sr.,
and the present head of the house inherited her. He lent her to the Government during the War,and when she was returned to him had her completely
refitted and refurnished. She has been in all parts of the world. Her latest
long voyage was In the Aegean Sea when one of Mr. Morgan's guests was
the Archbishop of Canterbury.
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MONEY HELD IN THE TREASURY.
J. P. Morgan's Yacht "Corsair" to be Turned Over to
Government.
From the New York "Times" of Aug. 29 we take the
following:
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Borrowings from Fed. Res. banks_
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a Includes United States Paper currency In circulation In foreign
the amount held by the Cuban agency of the Federal Reserve Bank ofcountries and
b Does not Include gold bullion or foreign coin other than that held Atlanta.
by the Treasury, Federal Reserve banks. and Federal Reserve agents. Gold held by Federal
Reserve banks under earmark for foreign account is excluded, and gold held
abroad
for Federal Reserve banks 1.9 Included,
e These amounts are not included In the total since the money
held In trust
against gold and silver certificates and Treasury notes of 1890 Is
included under
gold coin and bullion and standard silver dollars, respectively.
d The amount of money held In trust against gold and silver
certificates and
Treasury notes of 1890 should be deducted from this total before combining
It with
total money outside of the Treasury to arrive at the stock of money in
the U. S.
e This total includes $32,390,959 of notes In process of redemption,
5172,788,684
of gold deposited for redemption of Federal Reserve notes, $1,950
deposited for
retirement of additional circulation (Act of May 30 1908), and $7.459,992
deposited
as a reserve against postal savings deposits.
I Includes money held by the Cuban agency of the Federal
Reserve Bank of
Atlanta.
Naie.—Gold certificates are secured dollar for dollar by gold held In
for their redemption; silver certificates are secured dollar for dollar the Treasury
by
silver dollars held In the Treasury for their redemption; United States standard
notes are
secured by a gold reserve of $156,039,088 held In the Treasury. This
reserve fund
may also be used for ti, redemption of Treasury notes of 1890,
which are also
secured dollar for dollar by standard silver dollars held In the Treasury. Federal
Reserve notes are obligations of the United States and a first lien
of the Lssuing Federal Reserve Bank. Federal Reserve notes areon all the assets
secured by the
deposit with Federal Reserve agents of a like amount of gold or of gold and and,
discounted or purchased paper as Is eligible under the terms of the Federal
Reserve
Act. Federal Reserve banks must maintain a gold reserve of at least
ing the gold redemption fund which must be deposited with the 40%, IncludUnited States
Treasiuvr, against Federal Reserve notes In actual circulation. Lawful money has
been deposited with the Treasurer of the United States for
retirement of all outstanding Federal Reserve bank notes. National bank notes are secured
by United
States bonds except where lawful money has been deposited with the
Treasurer of
the United States for their retirement. A 5% fund is also
maintained in lawful
money with the Treasurer of the United States for the redemption fif
national bank
notee secured by Government bonds.
Stock of Money in the Country.
The Treasury Department at Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount in circulation after deducting
the moneys held in the United States Treasury and by Federal Reserve banks and agents. It is important to note that,
beginning with the statement of Doc. 311927, several very
important changes have been made. They are as follows:
(1) The statement is dated for the end of the month instead
of for the first of the month;(2) gold held by Federal Reserve
banks under earmark for foreign account is now excluded,
and gold held abroad for Federal Reserve banks is now included; (3) minor coin (nickels and cents) has been added. Production of Gold and Silver in the United States,
According to the Director of the Mint.
On this basis the figures this time, which are for July 31
1929, show that the money in circulation at that date (inThe Director of the Mint reports that 2,233,251 ounces
cluding, of course, what is held in bank vaults of member of refined gold valued at $46,165,400 and 58,462,507 ounces
banks of the Federal Reserve System), was $4,716,862,547, of refined silver, valued at $34,200,567, were produced in
FINANCIAL CHRONICLE
Atra. 31 1929.]
the United States in 1928, a $746,800 gain in gold over 1927
and a reduction of 1,971,934 ounces in silver as compared
with 1927. The following is the statement issued by the
Treasury Department:
PRODUCTION OF GOLD AND SILVER IN THE UNITED STATES IN 1928.
(Arrivals at United States Mints and Assay Offices and at private refineries.)
The Bureau of the Mint, with the cooperation of the Bureau of Mines,
has issued the following statement of the final estimate of refinery production of gold and silver in the United States during the calendar year 1928:
Silver.
Gold.
Stales.
Alaska
Arizona
California
Colorado
Georgia
Idaho
Illinois
Michigan
Missouri
Montana
Nevada
New Mexico
North Carolina
Oregon
Pennsylvania
South Carolina
South Dakota
Tennessee
Texas
Utah
Washington
Wyoming
Philippine Islands
Ounces.
Value.
Ounces.
330,604
189,519
513,249
258,564
34
20,351
$6,834,200
3,917,700
10,609,800
5,345.000
700
420,700
59,661
177,730
34,961
131
11,865
987
10
318,095
537
556
211,418
16,414
34
88,531
1,233,300
3,674,000
722,700
2,700
245,300
20,400
200
6,575,600
11,100
11,500
4,370,400
339,300
700
1,830,100
486,859
6,564,933
1,467,088
4,384,072
5
8,949,716
2,677
18,707
158,280
10,681,675
5,312,610
925,449
19,141
31,858
7,428
Value.:
$284,812
3,840,486
858,246
2,564,682
3
5,235,584
1,566
10,944
92,594
6,248,780
3,107,877
541,388
11,197
18,637
4,345
91,697
75,907
1,394,665
17,749,317
103,907
13
36,503
53,643
44,406
815,879
10,383,350
60,786
8
21,354
2,233,251 $46,165,400 58,462,507 $34.200,567
Totals
x Value at 58.15e. per ounce, the average New York price of bar silver.
This estimate indicates $746,800 gain in gold product as compared with
the prior year; the reduction in silver output, as compared with 1927,
was 1,971,934 ounces. The year of largest output, 1915, produced $101,035,700 gold, and 74.961.075 ounces silver.
1371
Opinion here is that the American agent for the new bank is more likely
to be a well rounded financial institution, which would have a department
to handle each of the types of business which the International Bank would
give rise to. Thus a number of the New York institutions have departments
devoted to foreign exchange, security selling and other activities which the
new institution will engage in. The need for such a well-rounded agency
will be especially great if the new bank will be developed to perform all
of the functions envisaged for it in the Young Plan.
Plan for Bank of International Settlements Again
Criticized-German Banking Authorities Skeptical
Over Proposed Activities in Gold Market.
A wireless message from Berlin, Aug. 23, to the New York
"Times" said:
German banking experts continue to open a "battery attack" on the
proposed International Bank. The Frankfort banker, Albert Hahn, derides
the notion that the Bank can increase volume of credit or can advantageously
distribute the present volume of credit. Hence he expresses unbelief in the
Bank's effectiveness in fostering trade. Alfred Lansburgh, editor of "Die
Bank," attacks the idea of international gold clearing. Lansburgh declares
that the Young Committee's hope, that cost of gold shipment will be
avoided by merely rebooking gold deposits in the International Bank from
one nation to another is chimerical.
The Bank, he believes, will never have sufficient gold deposits for such
purposes. As an instance, asks Lansburgh, can one believe that America,
which in 1927-28 exported $600,000,000 in gold to Europe, would have
kept this large quantity of gold in the International Bank? Lansburgh
further argues that abolishing the expense of international gold shipments
might have disastrous effects, since the result would be that the gold
import and export points would be brought close together, which would
make it profitable to part with gold every time exchange weakened even
slightly. As a result, advances in discount rates and restrictions on credit
would be much more in request than now, and business would be kept in a
condition of ceaseless unrest,
Paris Thinks London Bank Able to Protect Its Gold.
In advices from Paris, Aug. 23, the New York "Titres"
Less Mexican Silver-Estimated Output in First Half said:
Dropped 13% on Low Price for Metal.
London's anxiety about the continuing gold withdrawals from the Bank
is felt
the Bank officials
The "Wall Street Journal" of Aug. 28 reports the follow- is perfectly understood in Paris; yet itadvance thatthe discount rate. will
in
The
certainly defer as long as possible an
ing from Mexico City:
firm tendency of sterling at New York makes Paris believe that even if the
Silver production, according to estimates made in mining circles, dropped
13% in Mexico during first half of 1929, says the Boleft Financiero y
Minero,leading financial daily. It is feared the drop even will be heavier
during the latter half of 1929.
Decrease of production is attributed to the low price of silver. At
Present price is hovering around 52 cents an ounce.
The mines that produce principally copper, zinc or lead are able to keep
up their production as the market on these metals is stronger, and the
silver obtained as a by-product comes to the market in the same volume
as formerly. In the mines that produce principally silver, however, the
ores have had to be graded, and the extraction limited to the good parts
of the mines.
Bank of England has not established official support in the American
market Norman's journey was at all events not absolutely useless.
It is believed that the American market can support the sterling rate if,
as the New York cables state, the banks continue to buy streling acceptances. Furthermore, it is not impossible, according to th egeneral view
in French banking circles, that the Bank of England may apply pressure
to London joint stock banks to make them repatriate funds invested in
New York. These measures might easily be sufficient to protect the
Bank's gold reserve, always provided the rise in money rates at New York
is not too accentuated.
Spain May Levy Tax on Movie Profits-Government
Looks Favorably on Idea of a 20% Excise-AmeriInstitutions Here Desire U. S. Agency of Bank for
cans Affected Most.
International Settlement-Organization of New
Debt Bank Discussed Despite Uncertainty.
From the New York "Times" of Aug. 25 we take the
According to the Washington correspondent of the New following Madrid advices, Aug. 24:
York "Journal of Commerce," several American banking
The proposal that the Spanish Government should subsidize the formation
picture company has had
so
Institutions have expressed a keen interest in the proposed of a national moving the Government started to as its principal resultsthe
obtain suggestions for
far an inquiry which
Bank for International Settlements and have indicated a solution of the film situation.
desire to take over the domestic agency for this institution.
The Government is not wholly favorable to this suggestion, bu tthere
The advices to the paper quoted-from Washington, Aug. 26 is little doubt that it will adopt the idea of a 20% Government tax on
movie profits in Spain.
-go on to say:
The inquiry has shown that the film industry represents annual profits
However, as far as can be learned, no decision has yet been made by of 250,000,000 pesetas, including 20,000,000 worth of films imported
Federal Reserve authorities or others as to what advice they would give if annually, 30,000,000 rentals paid for these films, and 200,000,000 which
requested by the European central banks to suggest an agent for the new represent entrance fees paid at cinema houses in Spain.
institution in this country.
American films will be mostly affected by the cinema tax, since they
As originally contemplated, the Federal Reserve Board or the New York are by far the most popular pictures shown in Spain, in most of the
Reserve Bank would have participated directly in the organization of the larger theaters constituting the entire program. They are imported either
Bank for International Settlements proposed in the Young Plan. Secretary direct or through France. French and German films come next in
of State Stinmon has ruled out that possibility, so that at most the Federal popularity, for Spanish production is insignificant.
Reserve Board would make only an informal suggestion of a Bank to take
It is expected that a royal decree instituting the tax will be issued and
over the agency.
made effective very shortly.
Several Banks Interested.
While J. P. Morgan & Co. played a leading role in the evolution of the
Austria-Balance of Funds
Young Plan through participation by Mr. Morgan and Mr. Young on the U. S. Returns $1,122,814 to
Deposited in Treasury by Alien Property CusCommittee of Experts which framed it, several other American financial
institutions are expected to make a bid for it, if they have not already done
todian.
so. Among those which have been mentioned in discussions of the subject
Associated Press accounts from Washington, Aug. 23,
are the National City Bank, the Guaranty Trust Co., and the Bankers'
Trust Co.
stated:
Despite the current uncertainty surrounding the proposed Bank of InterSecretary Mellon has sent a check for $1,122,814.70 to the Austrian
national Settlements as a result of the disagreement at The Hague ConferMinister out of funds seized by the Alien Property Custodian during
ence, it is learned here that interested partis hay taken a number of steps
the war.
towards the organization of the new institution. Word received from
The action was taken under the Trading with the Enemy Act, which
abroad indicates that leading financial circles there feel that the institution
provided that funds not needed to make payments on account of awards
will finally be established in one form or another, and that meanwhile
of the Tripartite Claims Commission against Austria could be returned.
several preliminary problems connected with its formation can be solved.
In making the payment Secretary Mellon said virtually all the awards
of the commission against Austria have now been paid, amounting to about
Agency Believed Valuable.
but that approximately $9,000 was being retained to pay the
The American agency of the new Bank for International Settlements, $370,000,
remaining awards.
should it be organized, is regarded as a highly desirable piece of banking few
business. Should the functions of the institution be circumscribed, so that
it carries on only the remittance of reparations and incidental exchange American Shares of Budapest Bank Earn $2.52 in
transactions, the chief benefit to the agent would be the international
Six Months.
prestige involved. On the other hand, if the new institution should really
The City Savings Bank Company, Ltd., of Budapest, redeveloped along the lines outlined in the Young Plan, engaging in the
be
security business and foreign trade financing, as well as in the develop- ports net profit for the six
months ended June 30 1929 of
ment of national resourcese in undeveloped parts of the world, the American
agent would gain a large volume of business and would also develop con- $151,662, as compared with $149,653 for the first six months
of 1928. Such profits were equal to $2.52 and $2.49 per
tacts which would be invaluable for the future.
1372
FINANCIAL CHRONICLE
American share in the respective periods. During the first
half of 1929, total deposits increased from $4,599,382 on
December 31 1928 to $4,922,503 on June 30 1929, while bills
receivable on June 30 1929 totaled $4,092,676, as against
$4,023,357 on December 31 1928.
Polish Government's Receipts in First Quarter of
Current Fiscal Year Higher Than Last Year.
Polish Government receipts during the first quarter of
the fiscal year beginning April 1 1929 have been maintained
at a somewhat higher level than last year, according to the
first section of the seventh quarterly report of Charles S.
Dewey, Adviser to the Polish Government and Director of
the Bank of Poland. Customs duties during the quarter
have been more than seven times the amount needed to
service the Stabilization Loan. Mr. Dewey, according to an
announcement, August 22, by the Legation of Poland at
Washington, says:
"Operating under substantially the same revenue system, total receipts
amounted to 728,828,000 zlotys as compared to 683,092,000 zlotys for the
corresponding quarter of 1928-1929. Tax receipts as a whole were 8%
higher, monopoly profits substantially the same, profits of State enterprises paid into the Treasury higher and miscellaneous administrative
receipts slightly lower. As regards expenditures, the Government has
been pursuing a conservative policy, and during the three months under
consideration has made less than one-quarter of the expenditures allowed
by the current budget.
"The principal reason for the limitation of investment expenditures is
the uncertain outlook for credit conditions. The marked tightening of
money in most European countries in recent months has aggravated the
stringency in Poland, and as there is no assurance of improvement in the
near future, the Government is taking steps to prepare for a continuation
of, present conditions. Budgetary surpluses have been smaller than last
year and totalled 10,853,000 zlotys as compared to 83,394,000 zlotys
during the corresponding quarter of 1928-1929."
According to the advices from the Legation, the report
points out that, despite the financial stringency, production
so far is being maintained at levels which compare favorably
with a year ago. Total volume of freight carried by the
railroads exceeds the figure for the previous year, and
the average number of 15-ton cars handled daily is 16,162
In 1929 as compared with 15,741 In 1928. Industrial products carried, however, show an average decline of about 9%.
Output of coal is 10% greater than a year ago. Coal
exports, which had declined in the first quarter of the
current year, recovered so strongly in April, May and June
as to bring the half year's figure approximately equal to the
first half of 1928. In the building industry employment is
maintained at levels practically equal to last year, but the
expansion of building construction continues to be checked
by the high cost of credit. There has been some decline
in the textile activity, and while production in the iron
and steel trade is considerably in excess of last year, sales
through the Iron Foundries Syndicate for the first five
months of 1929 are 17% less than In the same period a
year ago. Mr. Dewey is further quoted as follows:
"With a good crop last year and a better one in prospect this year, the
Position of the average farmer is nevertheless not too satisfactory. Prices
have exhibited a downward tendency and at present levels represent a fall
of 88% for rye, 25% for barley, and 22% for oats, as compared with
average prices in 1927-1928. The purchasing power of the rural population
has thus been severely weakened, a fact which partially explains reduced
operations in certain industries such as the textile and agricultural implement which are especially dependent on demand from the agricultural
community.
"In foreign trade, the first six months of 1929 ended with an excess
of imports over exports amounting to 433,000,000 zlotys as compared with
an excess of 663,000,000 zlotys for the first half year of 1928. As
between the two periods, the figures for current year show an increase
of 1.7% in exports. One important feature of the foreign trade during
recent months has been the very considerable reduction in imports of
foodstuffs, particularly wheat and rye, due to abundant stocks resulting
from last year's harvest and to the Government's conservation policy.
. "In addition to constituting a direct obligation to the Republic of
Poland, the service of the Stabilization Loan is specifically secured by
all revenues from custom duties. These receipts have been consistently
high since the inauguration of the Stabilization Plan in the Fall of 1927.
During the past quarter customs receipts totalled 112,000,000 zlotys, or
nearly seven times the amount required to service the loan for these
three months. This is somewhat more than the amount collected during
the corresponding quarter of last year."
Maritime Traffic of Danzig (Poland) Reviewed in
Report of Charles S. Dewey.
As a natural outlet for Polish commerce and with Poland
as its natural hinterland, Danzig has become one of the
great Baltic ports in recent years, according to the second
section of the seventh quarterly report of Charles S. Dewey,
Adviser to the Polish Government and Director of the Bank
of Poland. From the Legation of Poland, at Washington,
under date of August 24, we learn that Mr. Dewey has
the following to say on the subject:
"Inclusion in the Polish customs territory stimulated a rapid growth in
Danzig's martime traffic. During the first few years the reconstruction
[voL.129.
needs of Poland caused large imports, and soon there began a commercial
development within the country Itself which is necessitating a constantly
increasing foreign trade. From a relatively small port with a cargo
turnover (exports plus imports) of a little over one million tons in 1913,
Danzig has become one of the most important ports on the Baltic, with a
turnover of 82 million tons in 1928.
/
1
"Already in the early years of the development of Poland's overseas trade
it was foreseen that Danzig, whose potentiality for enlargement is restricted
by unfavorable natural conditions, would prove inadequate to meet satisfactorily the growing needs of Poland. Poland, with its abundance of
natural resources and population of 30 millions, expects to increase its
foreign trade for many years to come, and feels that it should not be
hampered by restricted port facilities.
"This factor, in conjunction with the manifest advantages of possessing
a national port, led Poland to decide upon the construction of a large modern
port on its own seacoast at Gdynia. Although preliminary work had been
done before, construction was vigorously pushed only in 1925, and has
been continued at an accelerating pace since then. Already in 1926 part of
the port was in use and 414,000 tons of goods were loaded and unloaded
and by 1928 the turnover had reached nearly 2,000,000 tons.
"It is expected that the essential features of the port will be finished
by the end of 1929 and at that time it will possess all necessary facilities
for a convenient trans-shipping of over 500,000 tons a month. The total
cost of Gdynia to this point of construction will be approximately
84,000,000 zlotys, all of which will have been paid by the Government out
of ordinary revenues and without recourse to foreign borrowings. Further
enlarging of the capacity of the port will be continued for several years
until nearly one million tons a month can be handled. This will make it
one of the largest ports on the Baltic.
"Concurrently with the building of the port there is being constructed
a modern town with the various facilities required by a shipping center.
From a small fishing village of 2,560 inhabitants in 1921, Gdynia has
become a busy commercial town with a population of more than 25,000.
Streets have been planned and laid out, public utilities organized and
buildings constructed. Special inducements, including exemption from
various taxes, have been offered to attract private enterprise and in spite
of the great dearth of capital in the country many stores, warehouses,
office buildings, etc., are being erected to meet the growing requirements
of business."
Russia Plans to Create Big Automobile Industry
23,000 Miles Road Construction Project.
Comprehensive plans to link up Russia by motor transport—including an initial production of 192,000 automobiles
yearly and the construction of 23,105 miles of roadway—has
been put in hand by the Soviet Government, according to
reports from London. A factory, which Is to be built at
Nizhni Novgorod with the co-operation of an American
company (Ford) and a specially formed native body, the
"Autostori," will, it is stated, produce 100,000 passenger
cars and trucks a year. The Amo works in Moscow are to
be extended to produce 25,000 two-ton trucks a year; the
Yaroslav plant, 1,000 heavy trucks; and the Spartalk plant,
2,500 light machines. It is pointed out that tangible evidence of Russia's growing activity in the motor and other
mechanical industries is shown by the fact that the country
consumed 5,407 tons of tin—a vital component in the making of automobiles—in 1927-1928, as compared with 2,398
tons in 1926-1927, and 2,500 tons in 1913. These imports
are rising rapidly.
For the motor road scheme a sum equivalent to £20,000,000
has so far been apportioned by local and Federal authorities.
Already, it is stated, seven bridges have been built. The
road plan embraces the construction over a period of years
of 4,560 miles of stone dressed roads; 9,318 miles of gravel
roads; 7,700 miles of graded and drained dirt roads; 1,687
miles of asphalt roads. To create a body of skilled mechanics fitted to operate the motor production plants, the
Soviet Government has decided to invite specialists to go
to Russia in the capacity of teachers, and to send young
workers abroad to foreign plants to learn methods.
Receipts In First Six Months of 1929 From Revenues
Pledged For Bulgarian Stabilization Loan.
Speyer & Co. have been advised that the receipts for the
first six months of 1929, from the revenue pledged for the
Kingdom of Bulgaria 7 % Stabilization Loan of 1929 were
/
1
4
equal (at 138 Leva to the Dollar) to about $5,528,900, as
against $4,340,300 for the corresponding period of 1928. The
semi-annual service requirements for the Loan are only
$1,066,000.
Free State of Prussia Retires $579,000 Outstanding Bonds.
Brown Brothers & Co., as fiscal agents, announce that the
Free State of Prussia will redeem on October 15, 1929,
$579,000 of its outstanding 6% external loan of 1927. The
bonds will be redeemed at the office of the bankers, 59 Wall
Street, New York.
Redemption of Swedish Government Bonds—Privilege of
Exchange Offered To Holders.
Announcement was made on Aug. 29 by The National City
Bank of New York, as agent, to the effect that the Swedish
1373
FINANCIAL CHRONICLE
Atm. 311929.1
Government has elected to redeem on Dec. 15, 1929, all its
twenty-year 6% gold bonds, dated June 15, 1919 and maturing June 15, 1939, of which there are $25,000,000 outstanding, at 102 and accrued interest to the redemption date.
Simultaneous with the announcement, it was stated that
the Swedish Government is offering to holders of such bonds
the privilege of exchanging their holdings for Swedish Government 4%% perpetual Kronor bonds, dated Dec. 15, 1929,
with interest payable June 15 and Dec. 15, at a price of
97%. There Kronor bonds have no definite maturity date
and are callable at the option of the Swedish Government
in whole or in part, on three months notice, on and after
Dec. 15, 1939. Holders of the 6% dollar bonds desiring to
make the exchange are instructed to deposit their bonds at
the office of The National City Bank of New York, 55 Wall
Street, on or before Sept. 18, 1929. Kronor bonds will be
issued in denominations of 10,000, 5,000, 1,000, 500 and 100
kronor. The total premium amount of dollar bonds, plus
premium, deposited by any depositor shall be converted into
Kronor at the fixed rate of 3.735 Kronor per dollar and the
depositor is required to take such principal amount of
Kronor bonds at 97% of their principal amount, as will
absorb such amount, as nearly as may be; provided, that
no depositor shall be required to, but may take Kronor
bonds of denominations less than 500 Kronor. Any balance
due the depositor, including interest on deposited bonds to
Dec. 15, 1929, will be paid in cash at the time of depositing
the bonds.
Bank of New York, 55 Wall Street, on Oct. 1, next, from
which date all interest on drawn bonds will cease.
United States of Brazil Retires $363,500 of Outstanding
Bonds.
Dillon, Read & Company, as sinking fund trustee for the
United States of Brazil 6%% external sinking fund gold
bonds of 1926, due Oct. 1, 1957, announces that the Government has deposited with it $363,500 for the retirement of
that amount of the said bonds on Oct. 1, 1929. The bonds
will be redeemed at the offices of the bankers at 100%.
Interest accrued to Oct. 1, 1929 will be payable to the respective bearers of coupons attached to such bonds. In
England the bonds will be redeemed at the office of N. M.
Rothschild & Sons.
Bonds of Republic of Peru Drawn For Redemption.
J. & W. Seligman & Co. and the National City Bank of
New York, fiscal agents of the Republic of Peru, have
issued a notice to holders of Republic of Peru 6% external
sinking fund gold bonds, second series, due Oct. 1, 1961,
that $128,500 principal amount of bonds of this issue have
been drawn by lot for redemption on Oct. 1, 1929 at their
principal amount and accrued interest. Of bonds drawn,
$22,500 are represented by interim certificates by J. & W.
Seligman & Co. Holders of certificates are required to
exchange them at the office of J. & W. Seligman & Co. for
definitive bonds reserved for them.
Rosario (Argentina) Workmen Quit Long Strike-Port
Argentine Government Bonds Drawn For Retirement.
Workers, However, Halt Activity 24 Hours in SaccoJ. P. Morgan & Co., and The National City Bank of New
Vanzetti Demonstration.
York, as fiscal agents, are issuing a notice to holders of
A Rosario (Argentina) message Aug. 23 to the New York
Government of the Argentine Nation external sinking fund
6% gold bonds, issue of October 1, 1925, due October 1, "Times" stated:
All activity in the port here and at Santa Fe was halted today, the
1959, announcing that $172,000 principal amount of these
second anniversary of the Sacco and Vanzetti executions in the United
bonds have been drawn for retirement at par and accrued States, stevedores in both cities having given the anniversary as the reason
interest, on October 1, 1929, out of moneys in the sinking for twenty-four-hour strikes. other vehicles in Rosario which
are driven
taxicabs and
fund. Bonds so drawn will be paid upon presentation and byAll omnibuses,
union men stopped for five minutes at noon. and the drivers assumed
silent grief for Sacco and Vanzetti, whose photographs
surrender at either the office of J. P. Morgan & Co., 23 an attitude of
their story
with a
Wall Street, New York or at the head office of The National appeared in large size Buenos full-page resume ofother cities. in all of the
Aires, Rosario and
radical newspapers in
City Bank of New York, 55 Wall Street on October 1, next,
collapsed, despite the feverish efforts
The communistic general strike has
from which date all interest on drawn bonds will cease. of agitators, including recently arrived European Communists said to be
pay.
Holders of Argentine Government Loan 1926 external In Russian workmen, weary of the fifteen months of strikes and their
Rosario
sinking fund 6% gold bonds, public works issue of Oct. 1, steadily increasing indebtedness to the butcher and baker, refused to
1926, due Oct. 1, 1960 are being notified by J. P. Morgan remain out longer and began drifting back today after meetings of the
refused to heed pleas to continue with the strike.
& Co., and The National City Bank of New York, fiscal unions at which they
Rosario today presented the aspect of a city under siege. The streets
agents, to the effect that $92,000 principal amount of these were full of soldiers and police patrols armed with mausers. No public
bonds have been drawn for retirement at par and accrued meetings of any kind were allowed. the strikers will be working
tomorrow,
tonight that most of
It is
Interest, on Oct. 1, 1929, out of moneys in the sinking fund. except expected car crews, whose difficulties were made the occasion for
the street
Bonds so drawn will be paid upon presentation and sur- the present general strike.
render at either the office of J. P. Morgan & Co., 23 Wall
A previous reference to the strike appeared in our issue
Street, New York, or at head office of The National City of Aug. 24, page 1217.
Ratio of Borrowings in Open Market by Various Industries-Statistics of National Credit Office.
The Bank Service Department of the National Credit Office of this city has made available the following statistics of
borrowings in the open market by prominent industries, showing the ratio of borrowings among the different classes of trade.
IMPORTANT RATIOS IN THE PROMINENT INDUSTRIES USING THE OPEN MARKET BASED ON FINANCIAL STATEMENTS ISSUED DURING
THE FIRST SIX MONTHS OP' 1929 ON 1928 OPERATIONS.
Lines of Industry.
,
oi.4•1
TentIesConverters cotton goods-.
Department stores
Factors
Manufacturers of hosiery..
.
Mfrs. men's wear (cutters).Mfrs. work clothing
ANL.t.,
New England cot.cloth mills
Southern cotton cloth mills_
Wholesalers dry goods
Wool dealers
Woolen cloth mills
Foodstuffs
Meat packers.a
Net Worth Net Worth Working InsentOry
Net
Worth
ReproReproCapital
ReproProfits Turnover Turnover
on
• ,• Turnover Insetted sented by tented by Repro- tented by
of
of
Total
Quick
sensed by
Working Working
in Fixed
Quick
of
Net
lion
Capital. Capital, worth. Period. asentarr• AMU.
Debt.
' Inbe Wr
Debt
" e
Debt.
•
%
%
%
•
•
%
%
Data.
%
51.52
49.75
0.81
78.44
12.47
5.76
65
3.82
71.44
3.42
35.20
26.64
13.53
33.84
76.05
4.94
3.91
57.64
58
2.14
159.70
9.45
61159.70
10.39
9.33
---19.45
24.39
24.19
8
- .403
757.01
5.ii
-49
4.25
51.32
1.91
36.97
10.95
35.74
66.05
14.69
5.61
84
3.62
81.12
2.64
37.86
11.27 '
36.47
17.88
3.76
82.36
71
2.99
2.13
60.39
Quick
Assets
to
Quick
Debt.
Profits
on
Sales.
Profits
on
Net
Worth.
17
71
12
18
27
14
Ratio.
2.94
3.73
1.64
3.31
3.98
4.48
%
3.68
3.84
1.06
6.65
3.11
4.51
%
11.12
7.45
8.39
10.62
8.98
8.01
17
47
47
13
14
2.67
2.86
3.88
7.45
4.07
3.19
5.30
2.02
1.57
0.41
3.90
5.88
4.83
5.17
1.41
7.01
22.08
6.31
6.76
3.12
2.46
5.09
3.18
5.00
2.77
3.22
3.45
2.30
1.47
10.09
6.13
25.24
8.67
12.95
5.80
5.67
4.08
3.78
3.84
7.03
3.60
3.87
6.20
5.45
4.56
3.57
4.32
9.24
8.55
5.36
6.96
5.41
19.30
14.55
8.52
8.86
6.26
3.34
2.94
2.06
2.94
3.22
4.86
7.68
5.55
4.49
12,01
8.77
18.89
12.18
3.43
4.99
4.12
4.10
4.13
1.49
5.92
6.15
6.44
2.32
8.96
9.02
1.97
1.48
3.30
3.39
allmInAts.d..
12.75
7.85
Number
of
Conterns.
28
121
Metals
Mfrs.light & heavy hardw're 51
Mfrs.light & heavy machines 27
16
Mfrs. stoves at ranges
Wholesale heavy hardware-. SS
wholesale light hardware.- 25
Leather
Manufacturers of shoes.... 29
Tanners of upper leather.-- 14
Lumber
Manufacturers of furniture- 21
Manufacturers of lumber.-- 14
27
Retail furniture
64
Retail lumber
.Aliocellaneous
-w holeettle and
Auto finance
33
retail
23
Wholesale drugs
• w,,mnee of times, a file Firmr
waokasie grocers
3.32
1.23
1.183.71
5.25
2.48
-7
8
4.89
26
4.59
3.75
54
1.35
69.52
67.10
18.76
6.55
51.13
29.84
26.80
36.09
43.81
22.13
30.51
29.61
39.15
43.81
24.20
106.70
124.78
64.55
86.61
86.80
72.24
74.97
72.50
60.43
46.72
14
30
12.41
5.90
58.54
16.66
25.85
38.27
39.86
39.98
95.66
84.39
70.89
63.14
1.54
1.90
1.11
2.18
2.36
51
87
115
70
60
4.61
3.59
4.21
3.99
3.80
47.64
43.50
31.80
20.32
15.78
20.87
27.05
14.59
34.22
34.00
29.29
37.81
18.93
59.09
36.16
78.14
69.39
54.37
77,39
87.15
66,98
63.12
53.25
.
53 68
49.78
3.94
2.80
2.45
1.99
56
42
7.69
2.55
35.67
30.41
30.25
39.12
34.24
41.33
70.87
108.58
67.88
50.95
11.07
4.02
11.41
14.28
2.69
2.65
1.67
2.61
1.40
1.16
1.44
1.49
103
50
254
107
3.65
2.56
5.92
4.80
39.64
68.12
18.04
30.61
29.25
16.84
36.62
22.71
32.07
31.96
44.08
24.99
76.10
102.51
36.15
65.93
72.25
49.82
131.07
62.13
12.87
11.22
7.34
3.52
7.48--, 263.00
ii
4ti
2.64
21.13
35.60
278.00
38.34
.
71.28
63:57
1374
FINANCIAL CHRONICLE
[VoL. 129.
Cuban Sugar Export Agency Opens.
43/i Billion Dollars of $90,000,000,000 Income in U. S.
Goes into Installment Buying According to L. C.
Associated Press advices from Havana, published in
Harbinson of Household Finance Corporation.
the New York "Times" of Aug. 28 said:
The Co-operative Exports Agency came into bebig to-day with a general
With the national income approximately $90,000,000,000,
meeting of the Cuban Exports Corporation, which elected 14 of its
members to serve as directors of the new agency. The agency will regulate
all sugar exports after next Sunday.
the people of the United States spend about $40,000,000,000
a year in retail establishments, and out of this approximately $4,500,000,000 goes into installment buying, according
to Leslie C. Harbinson, President of the Household Finance
Underwriters Trust Company Formed in New York Corporation.
Mr. Harbinson says:
City To Serve Insurance Section.
"Two-thirds of all dealer automobiles sales are made an credit, one-half
of all grocery store sales and one-third of all department store sales.
Designed to serve the insurance district of New York
Yet ultimately
The average loss of a large group of
City and also, it is stated, to fill the need of a banking houses revealed almost all do pay. follows:
that losses were as
institution familiar with the requirements of the under"Motor car sales, open account, 0.9%; installment payments, 0.4%;
writing business, a group of men active in this field has department stores, charge accounts, 0.4%; installment sales, 1.1%;
grocery stores,
making loans more and more to
Working men
completed plans for the organization of the Underwriters' pay their trade0.6%. but by doing soare maintaining their credit
bills,
are
standTrust Company. A portion of the main floor and basement ings. The American citizen, generally, is proving himself honest."
In the new 111 John Street Building has been leased for
the banking quarters and vaults. Included within the "in- Installment
Selling in the Foreign Field Claimed to
surance" district from Cedar to Chambers Streets, East of
Be Spreading—Much Claimed for It.
Nassau Street also are located the centers of the coffee,
Installment selling is rapidly spreading throughout the
tobacco, sugar, leather, fish and drug and chemical trades,
major world countries, and, aided by American finance
and the Underwriters' Trust Company plans to be equipped
companies, is destinea to increase notably the general level
to handle and attend to the peculiarities of the financial
of purchasing power and produce a wide market for American
needs of these industries, in addition to the needs of inproducts, according to B. Hwoschinsky, Assistant Vicesurance firms.
President of the Central Hanover Bank & Trust Co., writing
Plans as announced on August 26 by one of the organizers
in the current issue of "Forbes." "Up to comparatively
of the new institutions, Horatio N. Kelsey, former United
recently the work of our finance companies was confined
States manager of the London & Scottish Assurance Corp.,
to the United States, but now, with increasing knowledge
Ltd., and Hamburg-Bremen Fire Ins. Co., call for the formal
of the foreign field and more reliable credit data, American
opening of the bank about October 1. In discussing the
companies are rapidly extending their operations throughout
need for such an institution in the insurance section of
the world, and they will have a most important influence
Manhattan, Mr. Kelsey points out that in this area are not
only on the expansion of our export trade, but also on
located the main offices and general agencies of most of the
the internal development of many countries," Mr.Hwofire, casualty and indemnity insurance companies of the schinsky
writes, and continues:
country authorized to transact business in this State, while
It is interesting to note that the difficulties in the United States at the
start of automobile installment selling were very similar to those that have
offices of large insurance underwriting organizations also
characterized
honeycomb the district. These companies handle a volume interesting tothe beginning of operations in the foreign field, and it is equally
note how the obstacles abroad are gradually being removed.
of premiums conservatively estimated at one hundred milAt present facilities for financing sales, both to the dealer and consumer,
lion dollars a year and the district has a population of are offered by American companies in practically all of Latin America,
offices being maintained in the principal centres that in certain cases care
nearly 30,000. He adds:
for business In their own and neighboring territory.
"The character of the neighborhood where the Underwriters' Trust ComThese companies are rapidly extending their range of action throughout
pany is to locate has changed rapidly during the last few years. Many the world as a whole and facilities are now offered in India. Dutch
East
new and large office buildings have been erected and are now occupied Indies, Singapore, Java, Straits Settlements, South Africa, East Africa and
almost exclusively by insurance and allied firms. And the development plans are being developed for representation in all countries offering a field
of this section is going along at a record pace. The change in the character for the work.
of the business from small and diversified industries occupying
As a result of these activities increase in purchasing power will be obsmall
buildings to one strictly insurance demanding skyscrapers is resulting in
a served as well as a tendency to stabilization and regularity of output, and
tremendous increase in the business population. Consequently, there is an an actual increase in production. Plans based on low purchasing power
increased demand for banking facilities of the kind which the trust com- In foreign countries, compared to the United States, will have to be revised
pany will be prepared to provide.
after finance company practice has had an opportunity to become organized.
"The relations of a trust company to its customers are peculiarly personal. In the case of such an institution located in a district highly
specialized industrially its activities will involve the administmton of Workmen Using Credit to Buy Necessities—This Factor
trusts and estates containing many problems peculiar to the trade of the
Believed to Be Important Influence on Prosperity
neighborhood. The successful administration of trusts and estates arising
of the Nation.
from accumulations in the insurance district would be greatly facilitated
by their administrators having a comprehensive knowledge of customs
As a result of an increase in earning power compared with
and usages in the insurance field."
pre-war years, the workingman is more and more financing
Former Mayor HyIan of New York Heads Five Borough
Trading Corp.
himself with loans and buying more and more on his future
credit, according to L. C. Harbison, President of Household
Finance Corp. Mr. Harbison argues that, as the workman
almost always manages to pay, this has a large influence on
the prosperity of the nation.
Based upon a study made of 1928 statistics, Mr. Harbison
points out that "skilled workmen in the United States
averaged to earn 66 cents an hour and unskilled men 49 cents.
The average for all was 57 cents; women 40 cents. Using
100 as the index figure for pre-war pay, the United States
is now paying 245 for skilled labor and 236 for unskilled labor.
Farm labor, under the same comparison, is 163. Union
workers in the United States, by the same comparison, now
draw 261, which shows that their ratio of increase is higher
than the average. The average hourly pay for union
workers in 1928 was $1.20 per hour."
Announcement was made on Aug. 28 by Judge John F.
Hyland, for eight years Mayor of New York, that after
more than thirty years in public life he has entered the
financial field by accepting the Chairmanship of the Board
of directors of a corpation to be known as the Five Borough
Trading Corporation. The company will be sponsored by
Jerome B. Sullivan & Company, members of the New York
Curb Market, and will carry on a general investment trust
and trading corporation business, specializing in small industries. In his announcment, Judge Hyland emphasized that
he had no intention of divorcing himself from public life,
adding that as long as he lived he would be interested in
the welfare of the people of New York City. He continues:
"I feel that by giving the small investor a chance to participate in the Federal Farm Board Says Wheat Growers Must Obtain
profits made in a sound enterprise is the surest way to prevent dishonesty
and losses to those who can ill afford them.
The small investor has been
cheated by tipsters and through bucketshops
out of tremendous sums.
The Better Business Bureau, The New York Stock Exchange and
the New
York Curb Market are doing their utmost,
of course, to present such
losses.
"This corporation will finance small
sound growing businesses and help
small industries that have the proper
management. This is the age of
consolidation and the people themselves will
be benefited by the consolidation of honest, progressive business
enterprises."
Aid Through Intermediate Credit Banks—Loans
of $4,900,000 from Latter Approved by Federal
Farm Loan Bureau.
Immediate action by the Federal Farm Board to relieve
the acute grain marketing situation in the Northwest was
urged in a telegram to the Board by S. M. Williams, Editor
of the St. Paul "Pioneer Press and Dispatch." The Board's
reply, made public at Washington Aug. 23, indicated that
Judge Hylan began his career as a lawyer in New York
the Board was not yet in a position to supplement loans on
City in 1897. He was successively appointed City Magiswheat which are being made to growers by the Intermediate
trate, County Judge and elected Mayor in 1917, serving Credit
Banks, and that advances to those wishing to store
until 1925.
grain would be made through the Intermediate Credit
Auo. 31 1929.)
FINANCIAL CHRONICLE
Banks. On Aug. 28 it was announced by the Federal Farm
Loan Bureau at Washington that all applications of wheat
co-operative organizations for loans from Intermediate
Banks had been approved. The Associated Press advices
from Washington Aug. 28, in reporting this, said:
The announcement was made in connection with a telegram sent to Alexander Legge, Chairman of the Federal Farm Board at Chicago, by George
R. Cooksey, Acting Loan Commissioner, notifying the Board that the
Bureau had expedited action on the applications to assist the co-operatives
in handling their 1929 crops.
The applications approved included those of the Oklahoma Wheat Growers' Association and the Southwestern Co-operative Wheat Growers' Assotion, by the Intermediate Bank at Wichita, Kan., the North DakotaMontana Wheat Growers' Association of Fargo, N. Dak., by the Intermediate Bank at St. Paul, and the South Dakota Wheat Growers' Association by the Intermediate Bank at Omaha, Neb.
The total amount of the loans, the bureau said, was $4,900,000.
The Bureau did not make public the Individual loans, explaining that this
was customarily done by the Intermediate Banks or the associations obtaining the loans.
The telegram (made public Aug. 24), sent by Mr. Williams
of the St. Paul "Pioneer Press" to the Federal Farm Board
was as follows:
Critical situation developed in Northwestern grain marketing. Farmers
endeavoring to follow your advice hold back their crops, but unable to do
so partly through lack of storage facilities, but principally from lack of
credit accommodation. Urgent need of immediate measures to facilitate
assistance to farmers of Minnesota and North Dakota, as crop is being
threshed and moving on market already flooded and embargoed.
Officers of new co-operative grain corporation organized under your
approval say they are unable to do anything because not yet incorporated.
Situation seems to call for emergency action by the Federal Board to open
the channels of financial credit in Northwest.
Specific question has been submitted to us whether it is possible for
Federal Farm Board to make direct advances secured by wheat through
existing co-operative terminal organizations, such as Farmers Union
Terminal Association of St. Paul.
Northwestern agricultural suddenly aroused and alarmed over prospect
of being obliged to dump wheat on stagnated market, and producers suffer
heavy losses in price in addition to short crop. We urge your
immediate
and direct attention to relieve tense situation.
1375
zation of them where it was possible to perform an equally
efficient service for themselves.
The Board announces that it is of the opinion that if this
organization is operated along the lines as represented it
will perform a valuable service, especially to the areas now
lacking such a service.
Department of Agriculture to Ask Congress for Appropriation of $26,000,000 for Eradication of Fruit Fly.
The Department of Agriculture plans to ask the special
session of Congress for an emergency appropriation of $26,000,000 to carry on the eradication of the Mediterranean
fruit fly in Florida, where the pest has menaced the entire
fruit and vegetable industry. Associated Press advices
from Washington Aug. 26, reporting this, said:
Secretary Hyde said to-day it would take that amount to finance the intensive campaign which will be necessary before the fly is completely
stamped out.
Present eradication measures and the inspection and certification of
fruit and vegetables placed in inter-state shipment will be continued and
intensified. The border inspection designed to prevent the carrying of
the fly into otner States will be increased.
Agriculture Department officials, particularly those in the plant quarantine and control administration, have been apprehensive of the spread
of the fly from Florida into neighboring States during the past Summer,
and stringent measures have been taken to prevent such spread. With
the coming of Winter it is felt that greater attention can be given to eradication, as colder weather to the northward will act as a deterrent to spread.
If the $26,000,000 is made available, it will bring the sum appropriated
for fighting the pest to $30,500,000, as $4.500,000 was made available soon
after infestation was found near Orlando last Winter.
Federal Farm Board To Make Advance of 10 Cents Bushel
On Unhedged Grain In Addition To Advances By Intermediate Credit Banks.
The decision of the Federal Farm Board to grant an
The following reply was made by the Federal Farm Board: additional credit of 10 cents a bushel on unhedged grain
in storage, over and above any loans accorded on the same
"S. M. Williams, editor-in-chief, Pioneer-Press, St. Paul, Minn:
"In response to your wire of Aug. 22,information in possession of Federal grain by Federal Intermediate Credit Banks, was given to
Farm Board from abroad is to effect that wheat export market is Just
grain growers was made known at Chicago on Aug. 28.
opening up with indications that worst of situation is over.
"Farm Board has not yet been able to set up machinery to supple- The announcement was made by Alexander Legge, Chairman
ment loans on wheat and other grains that have been and are being made ,of the Board, in connection with the meeting of the organiby Intermediate Credits Hanks to growers' organization of Northwest
zation committee of the Farmers' National Grain CorporStates, desiring to withhold their crops from market.
"Board is advised that there is a substantial amount of storage space ation. Mr. Legge's announcement said:
In bonded warehouses of Northwest States available to those who wish to
store grain on which Intermediate Credits Banks is ready to make advances up to 65% of value of
grain*
"Board is in sympathy with movement among farmer's organizations
to withhold their wheat from market."
Proposed Plan of Operation of United Growers of
America Outlined to Federal Farm Board.
Interests in the United Growers of America, a $50,000,000
corporation which has been organized for the purpose of
offering to the small co-operatives of fruit and vegetable
growers of the United States a national co-operative sales
service and to encourage the organization of such groups in
other communities, were given hearings by the Federal
Farm Board at Washington during the past week. On
Aug.23former Secretary.of Agriculture William M.Jardine,
Julius Barnes, Arthur R. Rule and John Burgess appeared
before the Board and explained the organization set-up and
the proposed plan of operation of the new project. According to an announcement Aug. 26 by the Board, it was represented by these gentlemen that this organization was purely
co-operative in character; that the dividends on both common
and preferred stocks will be strictly limited to a reasonable
dividend earning. The common stock, which alone has
voting power, will be lodged exclusively with local growerowned and controlled shipping units which will become members of the organization.
In response to inquiries from the Board,it was represented
that the service proposed was to take care of a greatly
needed service to co-operative groups in the fruit and vegetable business whose individual output is not large enough
to form the basis of a national sales system, or where crops
move in such a seasonal way over a short period of time that
it was not practical for these local and district associations
by themselves to maintain a year-round national selling
organization, and that through a combination of several of
these groups scattered throughout the United States that it
would be possible to provide a selling service of salaried men
in the terminal markets and in the other markets that would
afford a more efficient and better selling organization than
was available to them under present cdnditions. It was
represented that the United Growers of America did not
propose to enter the field in such a way as to interfere with
areas where existing co-operatives have sufficient volume to
maintain their own selling organization or the future organi-
"Whenever co-operative elevators, terminal associations and grain
pool organizations have obtained loans from a Federal Intermediate
Credit Bank, the Federal Farm Board will make an additional advance
of tell cents a bushel on unhedged grain. This advance will be made
on the same storage receipts or documents which have been accepted by
the Intermediate Credit Bank. These papers are to be deposited with
the custodian of the Intermediate Credit Bank.
"The lien of the Federal Farm Board will be junior and subordinate
to the lien of the Federal Intermediate Credit Bank received as security
for its loans.
"Further if grain received by a given co-operative has been hedged
through a sale of future delivery at a definite price the Federal Farm
Board will make an advance, bringing the total loan up to 50% of the
sale price of the grain. The Board will also make a similar advance in
cases where grain has not been sold through an exchange but definitely
contracted for to a reputable buyer."
Plans For Organization of Farmers' National Grain
Corporation.
• Members of the Federal Farm Board met in Chicago this
week with members of the organization committee of the
Farmers' National Grain Corporation to work out plans for
the development of the organization, the proposed formation
of which was noted in these columns Aug. 3, page 740.
The committee in made up of sixteen representatives of all
the co-operative farmers' unions, pools and commission agencies of the grain-growing States. W. H. Settle of Indianapolis presided at the meetings and Chairman Alexander
Legge of the Federal Farm Board, together with Carl
Williams, James Stone, W. F. Schilling and C. B. Denman
of the Board were in attendance. It was stated on Monday,
Aug. 26 when the meeting opened, that members of the organization committee struggled with two plans. Associated Press advices from Chicago on that date said:
Cooperatives, it was understood, strenuously opposed a tentative plan
proposed by the Department of Aviculture because it would result in
loss of identity to the standing farm marketing groups, which would
be merged into the gigantic new corporation.
The Department of Agriculture plan calls for the issuance of $20,000,000 of stock in the new organization to the farmers and the various
representative organizations, with the proposed corporation acting
as
the clearing house for the entire field.
Another plan, designed by the Farmers' Union Terminal
Association,
and favored by the co-operatives, would make the grain corporation a
P
holding company with the already organized marketing groups
buying
the stock in their own names. It was said this plan, however, has received no encouragement from the members of the farm
board.
'
AL W. Thatcher, one of the leaders in the
movement to retain identity for the marketing groups, announced he was authorized by the
Union Terminal Association to purchase $1,000,000 worth of stock in
the proposed corporation if the organization set-up should meet with his
approval.
1376
FINANCIAL CHRONICLE
Many members of the committee, fearing the farmer will be caught
in a market slump this year, expressed desire for speedy organization
and functioning of the corporation. There were predictions, however,
that the committee would not effect an organization before tomorrow
night, as was hoped.
[vol.. 129.
over March No. 1 contracts than the amount of the present
duty on Cuban sugar, reckoning on a profit from the increase
,
in duty."
On the other hand, the Porto Rican and Philippine producer can find
Under date of Aug. 28 a dispatch from Chicago to the buyers for his non-dutiable sugar only at a premium of 1.76 cents a pound
over the price of Cuban sugar In bond (1.76 cents being the present duty
New York "Times" stated:
Cuban
if the
Senate tariff bill
The type of co-operation has been agreed upon, and although the
committee of sixteen grain leaders adjourned a subcommittee of three
remained in Chicago to draft articles of incorporation and by-laws.
The final draft of organization papers is to be submitted to George
Farrand, General Counsel of the Federal Farm Board. He is expected
to pass upon them from the viewpoint of their value under the Agricultural Marketing Act, under which the Farm Board functions. Upon
approval by the Board, the corporation's articles will be immediately
filed and a board of directors will meet to elect officers, adopt by-laws
and employ a general manager to start marketing grain, Chairman
William Settle said.
An item in the matter appearing in the Chicago "Journal
of Commerce" Aug. 29 contained the following advices:
William Settle, Chairman, said that no information as to the constitution of the corporation would be released, nor any indication as to
general policies before the general committee had passed on the finished
document and organization papers were filed.
He voiced the general satisfaction of the farm leaders as to the
work so far done and issued a statement in explaining the action taken.
Agree on Fundamentals.
"Our Committee during its three days' session," the statement said,
"has discussed and unanimously agreed upon the fundamental points
and principles to be included in the articles of incorporation and by-laws
of the Farmers' National Grain Corporation. A committee of three
has been assigned to draft the necessary papers."
Michigan Bean Growers Seek Advice From Federal Farm
Board on Marketing.
A plea for Government aid in the handling and marketing
of Michigan beans was made to the Federal Farm Board
at Washington Aug. 29 by a delegation from that State
headed by H. B. Powell, Commissioner of Agriculture,
Lansing. The New York "Journal of Commerce," in indicating this in a Washington dispatch Aug. 29 said:
It was understood, however, that the representatives of the bean
growers of Michigan, who appeared before the board, were not asking
for financial aid, but were only seeking information on the co-operative
marketing act and advice of the •Board on handling this year's crop.
C. C. Teague, a member of the Board, following the meeting today
pointed out that, although there have been surpluses in the bean crop in
several past seasons, no surplus is expected to occur from this crop because of dry weather in that State this season.
This delegation which told the Board that approximately 60% of the
white navy beans produced in the United States were grown in
Michigan, advised them of the various problems affecting the marketing
of small beans and also discussed the desirability of working out some
plan for a more orderly program with respect to the marketing of this
commodity, the purpose being to assure the grower a more stable price
for his product. Mr. Teague declared that these suggestions were taken
under advisement by the Board for investigation and further consideration.
Sylvan L. Olson, Vice President and director, Montana Bean Growers' Association, Billings, Mont., also appeared before the Board. Mr.
Olson advised the Board of the operations of the Montana association.
He said this association was organized in 1928 and since then has
trebled its membership. This association is handling great northern
beans. Mr. Olson also represented the Southern Idaho Bean Growers'
Association.
Joe Plununer, President of the Colorado Bean Growers' Association
and of the Colorado & New Mexico Bean Growers' Sales Agency, also
appeared before the Board. Mr. Plummer presented to the Board certain
facts concerning the bean industry in Colorado and New Mexico and
also informed the board regarding the Colorado Bean Growers' Association. The Colorado Bean Growers' Association has a membership of
2,000 bean growers. Mr. Plummer, on behalf of his association, made
application to the Federal Farm Board for supplement loans to enable
his association to make larger advances to grower-members.
present
becomes law,
sugar), although
such sugar will be actually worth 22.0 cents a pound more than Cuban
sugar. If trading in the No. 2 contract were poplar, buyers might be
willing to buy March No. 2 contracts at say 2 cents per pound over the
level of March No. 1; if the duty were increased from 1.76 to 2.20 cents
such buyers would presumably be better off by .20 cents per pound than
though they had bought March No. 1 contracts. On the other hand,
Porto Rican and Philippine producers would probably be sellers of March
No. 2 contracts at a premium of 2 cents per pound over March No. 1,
especially as in the spot market they are currently receiving no premium
whatever beyond the present duty on Cuban sugar, in spite of the possibility of an advance in this duty in the near future.
This present amendment aims merely to broaden still more the No. 2
contract by adding foreign sugars upon which the duty has been paid."
Increase In Membership of Chicago Stock Exchange
-100%
Membership Dividend Approved by Governors.
A 100% membership dividend was approved by the Board
of Governors of The Chicago Stock Exchange on Aug. 27,
giving each of the 235 members an additional seat and
Increasing the total number of membership on the Chicago
Exchange to 470. The Law Committee of the Exchange will
prepare the necessary changes in the constitution of the
Exchange to provide for the membership increase. The
changes will then be posted, and if no petition signed within
one week from posting, by one-third or more of the members
of the Exchange this week's action by the Board of Governors becomes a rule of the Exchange. That a negative vote
by the members would be taken was considered in Exchange circles as extremely unlikely. In commenting on
the increase in membership, R. Arthur Wood, President of
the Exchange, said:
"The volume of business and the inauguration of the specialists
system has made it imperative we have more members to handle the
increased business on The Chicago Stock Exchange. Despite the fact
that practically all of the inactive memberships have become active the
Board of Governors realized it was essential that this one hundred
percent increase in memberships be made.
"On account of the extension of the tioker service of The Chicago
Stock Exchange throughout the Central States and because daily newspapers in every section of the United States are now carrying the
tables of sales of the Chicago Exchange, a number of brokerage houses
without headquarters in Chicago are expected to take advantage of the
situation offered by this action and apply for memberships."
The action on Aug. 27 followed a marked increase in the
past two weeks in the value of Chicago Exchange membership. During the forenoon of August 12, this year, a seat
sold for $80,000; in the afternoon of the same day one was
sold for $85,000; nine days later one was sold for $100,000;
and on August 24 one was sold for $110,000, an increase of
$30,000, from $80,000 to $110,00, in twelve days. With a
membership of 235 this increase in seat values of $30,000
each, brings a total increase in value of $7,005,000. It Is
recalled that in the spring of 1882 the number of memberships reached its high mark of 749 with values around $50
per seat. Since that time the Exchange gradually bought
up and retired many of these memberships. By 1909 there
were 275 memberships and between 1909 and 1912, 25 additional memberships were retired, reducing the number to
250. Again early In 1927 the Exchange bought and retired
15 more memberships at $3,000 each, bringing the total
Members of New York Coffee & Sugar Exchange, Inc. number to 235 where it remained until the present week's
to Vote Sept. 6 on Amendment Providing for Trad- action brought the number to 470.
ing in Foreign Sugars.
Members of the New York Coffee & Sugar Exchange will Chicago Stock Exchange Names Committee To Confer With
Committee of Chicago Board of Trade To Work Out
vote Sept. 6 on an amendment adding foreign sugars on
Problems Incident To Trading In Securities By Board.
which the United States duty has been paid to sugars at
The Board of Governors of The Chicago Stock Exchange
present deliverable on the so-called No. 2 contract. An
on Aug. 26 passed a resolution providing "that the listing
announcement of this by the Exchange Aug. 29 said:
The sugar contract which has thus far been traded in almost exclusively committee of the Exchange be instructed not to consider
on the Exchange Is the Number 1 contract, the basis of which is Cuban any
application for the listing of any security listed on the
raw sugar In bond in New York. Other dutiable sugars are deliverable
also on the No. 1 contract under certain conditions. The Exchange rules Chicago Board of Trade, provided that reciprocal action be
have also provided for a so-called Number 2 contract covering duty-free taken by the Governors of the Chicago Board of Trade with
sugar, which includes American grown cane and beet, Porto Rican, Philippine, and Hawaiian, but for various reasons, possibly the chief of which Is respect to securities listed on The Chicago Stock Exchange."
that Cuban raw sugar greatly exceeds in quantity all other kinds which come A committee of four Chicago Stock Exchange members was
to New York, the Number 1 contract has been traded in exclusively up to appointed by R. Arthur Wood, President of the Exchange,
the present time. Even Philippine and Porto Rican sugars have been to
meet with a similar committee to be appointed by the
frequently hedged by sales of Number 1 future contracts although traders
have realized that this contract would not constitute a perfect hedge, for Board of Trade, the joint committee to work out problems
instance, In the event of a change in duty.
that might develop between the two organizations when the
"Various interests have come to the conclusion that Board of Trade starts dealing in securities on September 16.
the No.2 contract should be utilized," J. H.Walter Lemkau, The Exchange committee appointed by President Wood is
a director of the exchange explained on Aug. 29. "If made up of Robert J. Fischer, Chairman, Wallace C. Winter,
anyone felt reasonably sure of an advance in the duty Sydney Gardiner, Harvey T. Hill. Incident to this action
on sugar, prior say to the first of next March, he would on the part of The Chicago Stock Exchange, La Salle Street
be willing to buy March No.2contracts at a greater premium observers pointed out that the constitution and by-laws of
AUG. 31 1929.]
FINANCIAL CHRONICLE
the Exchange provide "a member who shall be connected,
either through a partner or otherwise, with another exchange or similar organization in the State of Illinois which
permits dealings in any securities dealt in on the Exchange,
or who directly or indirectly deals upon such exchange or
organization, shall be fined and suspended by the Governing
Committee for a period of sixty days, and in case he shall
not cease such connection and pay his fine within sixty days
from the date of his suspension, he shall be expelled from
the Exchange."
Courses In Finance and Stock Exchange Operation By Loss
Angeles Stock Exchange Institute.
The first session of the Los Angeles Stock Exchange Institute will be conducted September 30 with an enrollment
of more than 500 members, their employees and the personnel of the Los Angeles Stock and Curb Exchanges in the
six courses to be offered in the first semester, it was announced on Aug. 26 by Carl P. Miller, Secretary and Manager of the Exchange and Secretary of the Institute. With
a total of 1300 persons eligible for the Institute's seven
courses in various phases of finance and stock exchange
operation, an inaugural banquet will be observed Sept. 25
preliminary to launching of the Institute program, at
which Dr. Birl Shultz, educational director of the New York
Stock Exchange, will be one of the speakers.
Although seven courses will be available in the second
semester, the six subjects to be offered during the term
beginning Sept. 30, are announced as follows: brokerage
practice and stock exchange organization and operation;
investments; corporation finance; business economics;
brokerage accounting and business statistics; business barometers and forecasting. Authorities on the various subjects
are being selected as instructors, with the first semester
ending about the middle of January after fifteen consecutive
weeks. After two weeks vacation, the second term of
fifteen weeks will open Feb.3 and close in May. Dr. Gordon
S. Watkins, Director of the Institute and Professor of
Economics in the University of California at Los Angeles,
will arrive in Los Angeles about Sept. 20 after having
visited financial markets in New York, London, Paris and
Berlin where he studied procedure. Officers are as follows:
Murray Brophy, President; Norman B. Courteney, VicePresident; Carl P. Miller, Secretary; Franklin H. Donnell,
Treasurer, and Elsa M. Jaehne, Assistant Secretary. The
Institute, preparations for which have been proceeding for
several months, has, in addition to the instructional feature,
a program to promote recreational, vocational and social
opportunities for its membership. Offices and two auditoriums have been provided for in plans for the height-limit
Stock Exchange building to rise at 618 South Spring Street.
C. P. Miller Resigns as Secretary of Los Angeles Stock
Exchange to Become Vice-President of Pacific
Coast Edition of Wall Street Journal.
Carl P. Miller, Secretary and Manager of the Los Angeles
Stock Exchange, has resigned to accept an appointment as
Vice-President of the Pacific Coast edition of "The Wall
Street Journal," in charge of Southern California, it was
announced jointly on August 21 by John Earle Jardine,
President of the Exchange, and K. C. Hogate, Vice-President and General Manager of Dow-Jones & Company, pubUshers of the "Wall Street Journal." Mr. Miller will assume
his new duties about the middle of September. Robert H.
O'Hair, previously in charge of Dow-Jones & Company
activities in the South, will become Business Manager and
Treasurer of the Pacific Coast edition of "The Wall Street
Journal" and will be stationed in San Francisco. Louis F.
Holtzman, for some time associated with the Dow-Jones
organization in the Los Angeles area, will become Southern
California news editor of the Pacific Coast edition of "The
Journal" and news manager of the Los Angeles bureau
of Dow-Jones & Company.
Mr. Miller became affiliated with the Los Angeles Stock
Exchange October 15 1928 as assistant to Norman B. Courteney, Secretary and Manager, after having been Assistant
Financial Editor of the Los Angeles "Times." Upon the
resignation of Mr. Courteney in April, Mr. Miller was named
successor to the office of Secretary and Manager. Ile also
Is Assistant Secretary of the Los Angeles Stock Exchange
Building Corporation, the holding company formed to carry
out the construction of the height-limit building on Spring
Street which will house the Stock Exchange within about
a year.
1377
Appointment of Receiver for Mortgage & Securities
Co., Investment Banking House of New Orleans.
According to the "Times-Picayune" of Aug. 9, Guy Hopkins was named, on Aug. 8, as receiver for the Mortgage &
Securities Company, an investment banking house of New
Orleans, La. The receiver, it is said, was appointed by
Judge Wayne G. Borah, in the Federal Court, on application of Elias R. Harlan, McComb, Miss., capitalist, who
alleged that the concern is solvent, but unable to meet its
curreent obligations because of frozen assets. The "TimesPicayune," from which we quoted, also stated:
The petition for Harlin was filed by Henry H. Chaffe, of Denegre, Leovy
and Chaffe, and a bond of $50,000 was required of the receiver in the
order signed by Judge Borah.
The condition of the investment market in this section was cited by
Harlan as a reason for the "frozen" condition of the investment banking
company of which Donald Yarbrough is President.
"I bave been President of the Mortgage and Securities Company only
since April 17th, this year," Mr. Yarbrough said Thursday afternoon
[Aug. 8]. "However, my investigation of its condition and affairs convinces me that it is solvent and that through the administration of the
receiver, who has been appointed by the United States Court, a sufficient
amount will be realized to pay all claims and to satisfy all creditors in
full, while providing a substantial amount for distribution among the
stockholders. The present situation was brought about by the widespread
depression both in real estate and in the bond business, and was precipitated
by the unexpected inability of the company to sell $600,000 of its class B
stock, which was recently offered.
Receiver Appointed for Frank T. Stanton & Co.,
Specialists in Radio Securities.
On Aug. 23, Federal Judge Coleman appointed the Irving
Trust Co., of this city as receiver in the bankruptcy action
begun in the Federal Court against Frank T. Stanton & Co.,
brokers, of 25 Broad St., dealing largely in radio securities.
An involuntary petition in bankruptcy against Frank T.
Stanton, and Frank T.Stanton & Co., was filed in the United
States District Court of New York on Aug. 23.
The New York "Sun" of that date in reporting the bankruptcy proceedings said:
An aggregate sum of $1,200 is claimed by 3 creditors who signed the
petition and a preferential payment of $5,000 and the execution of a general
assignment for the benefit of creditors are the alleged acts in bankruptcy
said to have occurred Aug. 14, when the company was insolvent.
The petioning creditors are Edna R. Silverman of 133 Hooper St.,Brooklyn, who claims $500; Herbert Mann of 1015 East 23d St.. Brooklyn, who
claims a like amount, and Sol Mann of the same address, who claims $200.
The petition was filed by David P.Levinson,an attorney,of 2 Lafayette St.
Frank T. Stanton is said to have been instrumental in the
organization last April of the Radio Securities Corp., which
he heads as President.
Trust Device Used for Bank Chains—Holding Company
to Unite Banks.
Considerable interest in investment trust and banking circles has been aroused, says the New York "Journal of Commerce" in its issue of Aug. 30, by the formation during the
past week of a new investment trust in the Northwest, the
First Bank Stock Corporation, which will control 37 banks
with combined resources generally placed in the neighborhood of $350,000,000. This continuation of the trend toward
the investment trust device to facilitate the formation of a
chain of banks, already exemplified in the Transamerica
Corporation and the Northwest Bancorporation, formed
during the past year, is considered extremely significant.
The account goes on to say:
it is expected that unless wide changes in the present laws are made
shortly, to facilitate the establishment of branch banking on a nation-wide,
or at least a State-wide basis, the movement toward the establishment of
chains of banks,controlled by holding companies,will increase in momentum
and become one of the outstanding factors of the whole banking field during the next few Yearn.
Already plans for the establishment of other chains are understood to be
well under way. The Goldman-Sachs Trading Corporation, or perhaps a
newly organized subsidiary, has been mentioned as likely soon to announce
the formation of a nation-wide chain of banks with such important institutions as the Irving Trust Co. and the Manufacturers' Trust Co. as the
nucleus in New York for such a development.
Investment trusts specializing in bank stocks are, of course, no new
thing, but a shift of interest has been noticeable during the past year to
trusts of the holding company type, which are definitely out to control
the banks in which they have holdings. Such holding companies are
capitalized at much high
higher amounts in order that
they may
actually be able to purchase majority interests in a number of banking inura
s
.
ea
stitutions.
n back of this recent growth lies in the fact that the
holding
specializes in the control of a chain of banks
company
is not subject
to the usual State and nation-wide laws which severely restrict branch
banking at the present time. A few of the States, notably
California,allow
their State banks to engage in branch banking throughout their confines.
but in many of the States, including New York. the State banks
are only
permitted to have branches within the city in which
the main organization
is located. The McFadden Act of 1927 allowed the national banks the same
privileges as the State banks of the particular States in which
they are
located and varying with the particular laws of each
State.
The First Bank Stock Corporation has been formed as a $250,000,000
holding company by the First National Bank of Minneapolis and St. Paul.
The new company will take over the 17 banks of the First Bank Stock
1378
FINANCIAL CHRONICLE
[VOL. 129.
Investment Co., organized last spring,seven Montana banks,an important
Prof. Jenks received from the University of Michigan the degree of
North Dakota bank, subsidiary banks of the two Twin Cities institutions, Bachelor and Master of Arts. After studying law at the same time that he
and several other banks.
was teaching at Mount Morris (Ill.) College, he was admitted in 1881 to
The importance and strength of the First Bank Stock Corporation are the Michigan bar. A course at the University of Belle, Germany, brought
further emphasized by the close affiliation of the Anaconda Copper interests him the degree of Ph.D. in 1885, whereupon he was appointed to the chair
through the inclusion in the new investment trust of holdings of seven Mon- of political science and English literature at Knox College, Ill.
tana banks.
He subsequently held professorships in Indiana University, Cornell and
John D. Ryan, Chairman of the Board of the Anaconda Copper Mining New York University. While he chose teaching as the major pursuit of his
Co.; Cornelius F. Kelley, its President, and L. 0. Evans, General Counsel, career, his knowledge of Governmental sciences and economics led to his
became members of the board of directors of the First Bank Stock Corpora- being constantly in demand as an expert to serve on various Federal comtion. The remainder of the members of the board of the new trust are in- org:izstions.on special educational and other committees ofsociological
mis n
lona and
dustrial and financial leaders of St. Paul and Minneapolis.
Approximately $75,000,000 of the stock of the First Bank Stock CorporaFrom 1899 to 1901 he was expert agent of the United States Industrial
tion will be issued in exchange for the 37 banks acquired. The remainder Commission in the investigation of trusts and industrial combinations here
of the $250,000,000 capitalization will be held in reserve for further expan- and in Europe. During the same period he was a special consultant of the
sion. The Chairman of the Board of First Bank Stock will be C. T. Jaf- United States Department of Labor on allied subjects. His familiarity with
frey,former President of the First National Bank of Minneapolis and now labor problems led to his being chosen as one of the two neutral arbitrators
President of the Soo Line. The President will be George H.Prince, Chair- on a board of 6 appointed in 1916 to settle a dispute between the Switchman of the First National Bank of St. Paul.
men's Union of North America and certain railways.
Authority on Oriental Affairs.
Dr. Jenks went to China in 1903 as the representative of the Commission
on International Exchange, created at the request of the Mexican and
Chinese Governments, and seeking the co-operation of the United States
in bringing about a fixed relationship between money of gold standard and
silver using countries. His work in that connection won him the friendship
of many prominent Chinese and he became an authority on Oriental affairs,
revisiting Ckina In 1928 to study at first hand its progress under the Nating gi .
renae
tionalist
1918 he was made a member of the High Commission of Nicaragua,
and 7 years later he went there, at the request of its Government, to revise
its banking laws, serving with Abraham F. Lindberg, a customs export.
In 1922 he was one of 4 experts who, at the invitation of the Berlin
Government, investigated economic conditions in Germany with a view
to stabilizing the value of the mark.
He was the author of several works on Government, business and sociNevertheless, following defections from the National Banking Systems of ology
and was a director of the National Bank of Nicaragua and of the Pacific
banks with resources amounting to several million dollars in the last year
Railway of Nicaragua. He achieved considei able repute as a member of
and a material decrease in total resources of the system as shown by the the
United States Immigration Commission from 1907 to 1910.
last report on the bank call, officials are giving careful consideration to
At this death Professor Jenks was a member of the National Civic
methods of putting the National banks on a parity with State banks and of
Federation,American Asiatic Association, National Monetary Association
fices.
trust companies.
and China Society of America,in the last two of which he had held executive
Comptroller of the Currency J. W. Pole has frequently called attention
to the difficulties of competition with State institutions of the National
banks because of the peculiar advantages in branch banking and other
channels enjoyed by the former. He has gone as far as to declare that the Report on Service Charge by Committee of New York
National system Is threatened with deterioration unless legislation is enacted
State Bankers' Association.
to improve its position.
The New York State Bankers' Association, has issued
Bankers Not Agreed.
There is, however, no agreement among high Treasury officials as to under the title "Why a Service Charge?" A pamphlet based
what should be done. Indications received from letters of National hankers on
the Association's Committee on Bank Costs. The comto the Treasury Department also show that the bankers are not agreed
as to what should be done to improve their position. For this reason, mittee, "sifting all the evidence before it, comes to the
among others, it appeared that the Treasury might not sponsor legislation definite conclusion that a cost carrying charge is the only
at this session, but would await bills proposed by other elements and make
fair and just method of handling small checking accounts
recommendations on them.
The big difference of opinion is over branch banking and it was antici- which are now sources of loss." The report likewise says
pated that around that question would the battle rage in the next Congress. "County organizations should be formed and strengthened,
Pointing out what a complex problem is involved in branch banking.
should come
one high Treasury official to-day called attention to the fact that this sys- and a decision to install a charge for all banks
tem might be satisfactory for sparsely settled and rural districts, but from the organization." The Association in its presentation
entirely extravagant and unworkable in sections of the country where there of the report says:
are large cities, strong banks and big corporations.
"This pamphlet is submitted by the Committee on Bank Costs, and
In the agricultural sections, he explained, in many cases the banks are deals wholly with the question of what has been known as a service charge
small and are operated by persons not entirely familiar with the bank on small personal accounts. Yet this name is not an appropriate designabusiness and sound investments. Banks of this character, it was stated, tion for a charge made to stop losses, or a charge which represents a fair
might be vulnerable to unfavorable influences in their communities and for cost of carrying certain types of accounts. Service is freely given by any
this and other reasons would not be as sound as those operated by experiwell-conducted bank; but no bank should be called upon to conduct any
enced and efficient bankers.
znportant part of its business at a loss."
On the other hand in industrial sections like New England, New York,
The letter of transmittal and the report follow:
Pennsylvania and the Federal Reserve District of Cleveland, branch banking, expanded to the limits of States or the Reserve district, would prove
LETTER OF TRANSMITTAL.
extravagant. To illustrate this point the case of the Cleveland district Mr.
Michael H. Cahill, President,
was brought up. Within its limits lie the cities of Cleveland, Cincinnati,
New York State Bankers Association.
Pittsburgh, Columbus, Toledo and others which have large and powerful Dear
Sir:
banks.
The accompanying report is submitted by the Conunittee on Bank Costs,
Cites Competitive Factor.
in the hope that the findings of the Committee may be of value to the
"If branch banking were permitted to extend to the limits of the Reserve members of the Association, and to bankers everywhere. Its purpose is
district there would at once be a mad scramble on the part of the Pittsburgh to present the facts and to indicate a method by which bank
earnings may
banks to put branches in the other cities, while the big banks in the other keep pace with the rising costs of operation.
cities would be in competition with them," this official said.
The report deals with what has been known as a service charge. Your
"This would result in great banking extravagance and would not be Committee has touched on the analysis of larger accounts in a very general
beneficial to the general public relying on the banks for financial protection. way, believing that the report of the Committee of 1927 treated this sub"To a lesser degree this would be true of branch banking on State lines." ject in a very thorough manner. The researches of the Committee, lead
From this statement it was the understanding that the Treasury would to the conclusion that there is enough important work still to be done to
be likely to oppose any legislation that would permit unrestricted branch warrant the appointment of a permanent Committee on Bank Costs conbanking or that on Reserve district or State lines. However, Comptroller sisting of five members,some of whom should rotate.
Pole is generally believed to be favorable to a wide expansion of the branch
Respectfully submitted,
banking privileges of the National banks and he has strong backing in
COMMITTEE ON BANK COSTS.
certain banking circles.
H. H.Griswold,
Unrestricted branch banking was characterized as radical departure Arthur 13, Weller, Chairman
President, Merchants Nat. Bank
Cashier, Ithaca Trust Co.,
from the American system and hardly would be practicable in this country.
Bank & Tr. Co., Elmira, N. Y.
Ithaca, N. Y.
, according to one authority. He doubted whether public sentiment would
John C. O'Byrne,
C. J. Beckett,
countenance the concentration of banking power that would result from
Vice-Pres. & Cashier, Central Bk.
Vice-Pres., Citizens Bank of Bingnrestricted branch banking, pointing out the possibility under that system
of Albany, Albany, N. Y.
hamton, Binghamton, N. Y.
of big New York banks having branches in every large city of the country.
The belief was expressed that no law could be written at the present
Scope and Purpose of the Study.
time that would solve the National bank problem. Such laws will "have
As a result of the fully recognized fact that the cost of doing business in
to develop," an official said, on the basis of longer experience.
a bank has increased during the past two decades at a much greater rate
than the gross earnings, bankers have sought reasons for the increase in
costs, and methods for reducing these costs. It is equally well recognized
additional duties
Death of Prof. Jeremiah W. Jenks of New York Uni- that mounting costs have been caused by additional returns which banks
have been called upon to assume without
for the Perversity—Also President Alexander Hamilton In- formance of these duties. In short, the banks, accustomed to recommending systems of cost accounting in manufacturing industries, in the farm
stitute.
business, and in various other commercial enterprises, numbered among
Dr. Jeremiah Whipple Jenks, Research Professor of the bank's clients, have themselves been some what remiss in applying the
Government at New York University and President of the methods and the remedies to their own operations.
Paper dealers, for example, have found that it costs
Alexander Hamilton Institue, died at the Memorial Hospital, each sale. These costs include storage, handling, and at least $1.28 for
delivery charges.
this city on Aug. 24. His death followed an attack of The average cost for each transaction is much higher. Yet many of their
pneumonia. Prof. Jenks was 73 years of age, having been sales, of a few sheets of paper, or a few dozen cards for a local printer, did
not amoount to the actual cost of making the transaction, The dealers
born on Sept. 2 1856 at St. Clair, Mich. Reviewing his could not see the fairness of losing money on such sales, or of endeavoring
to recoup their losses from their larger orders and their more profitable
activities the New York "Times" of Aug.25 said:
Treasury Undecided on Bank Legislation—Not Agreed
on Recommendation for National Bank Relief
—May Not Offer Any.
There has been no agreement in the Treasury Department as to what course recommendations for National
Bank felief legislation will take when the December Congress
meets or even whether legislation will be proposed, it was
made known officially, says the Washington correspondent
Aug. 29, of the New York "Journal of Commerce," the account which we quote, continuing as follows:
FINANCIAL CHRONICLE
AUG. 31 1929.]
customers. Hence they instituted a cost charge on orders of less than a
thousand sheets of paper, or cards, or envelopes, or other supplies.
The small printers soon saw the fairness of this and no longer expected
the paper dealers to lose money on these small sales. Hence, the printers
calculated their needs more carefully, and ceased to look to the paper man
to make good on their last-minute orders for small quantitites.
In just the same way, the banks have found that the small depositors
are likely to be sources of loss, and that the cost of doing business with
certain clients considerably exceeds the returns from their accounts.
It is for the purpose of stopping these leaks that the present study is
undertaken.
Methods of Procedure.
The Committee on Bank Costs prepared and sent to every bank in the
State a questionnaire containing a list of questions on unprofitable checking
accounts. These questionnaires were exceedingly brief and simple, consisting of only nine questions on one side of a single sheet of paper and all
the essential queries could be answered by a simple "yes" or "no." or by
figures which are readily available in all banks, such as "number of checking accounts," "number carrying balances of less than $100," "amount of
deposits," and so on.
Possibly as a result of the simplicity of the questions, or probably because of the helpful attitude of the banks, coupled with a desire to stop
the losses of which they were somewhat aware, more than two-thirds of
the banks, or 68%, returned replies. When it is realized that any questionnaire which gets a 25% return is considered highly successful, and
that 33% is almost phenomenal, there is every reason to feel highly gratified, and to deduce from the large proportion of replies received that the
subject is one of paramount interest to bankers.
The tabulated results of the questionnaire are here given, by districts
or groups:
A glance at Table II shows strikingly the difference in attitudes toward
a charge for carrying costs. In all groups, except 8. the banks not making
such a charge are much more numerous than those which are (columns I
and 2). Only 78 (column 9) are expressly opposed to the charge; and the
total number of those who may be described as being in a receptive mood
(columns 3, 4 and 5) about equals the number (column 2) of those who
are not making a charge for handling small accounts.
TABLE I.
STATEMENT OF RELATIVE AMOUNTS IN CHECKING ACCOUNTS.
(In Dollars and Percentages.)
1
2
4
3
Checking
Accounts.
Accounts
of $100
or Less.
Relation
to All
Deposits.
Aggregate
Deposits
of $100
or Less.
I
II
III
IV
V
VI
VII
VIII
Number.
124,019
38,238
63,319
207,764
86,239
79.984
112,456
110,811
Number.
62,689
21,107
36.118
96.610
32,877
23,581
61,283
8,089
Per Cent.
50
55
57
46
38
30
54
7
Dollars,
1,995,938
731,312
1,033,876
3,111,617
1,236,483
1,008,630
1.737.221
385.552
Total
Avnrnirn
822,830
109 55,4
342,35411,240,629
42 704
42
1 40A 075
Group Numbers.
'
5
6
7
Average
Relation
to All
of Each
Account
Deposits
in Group. Under $100
Group Numbers.
Dollars.
32
35
28
32
28
28
42
47
Per Cent.
3
6
3
2
2
2
1
.03
I
II
III
IV
V
VI
VII
VIII
8
Total
Deposits
Subject
to Check.
Average
of Each
Account
in Total.
Dollars.
72.987,848
12.513,491
33,771.664
158.500,341
84.915,301
54,956,843
71,129.374
105,663,923
Dollars.
588
327
517
762
757
637
888
9,530
Total594,438,785
2.38
74.304.848
...........
ii
__
1 7RF)
From the foregoing table it can be seen that in half of the groups of the
state, the checking accounts of $100 or less constitute at least one-half of
all accounts. The average IS 42%, even counting the exceptional figures
of Group 8 (metropolitan district). Without this group the number of
such accounts constitutes an average of a little more than 49%, or nearly
one-half.
A study of Table I clearly indicated that practically 50% of the operations of the commercial departments are being run at a loss, which should
bring this situation forcibly to the attention of all bankers.
Another natural query arises at this point: Why have bankers carried
accounts that do not pay?
The answers are many: Some hoped that this unprofitable business
might some day become profitable. Experience has taught that this is a
vain hope. Other bankers felt that this carrying of accounts at a loss
meant a service to the community, even though such service was made
possible at the expense of good business. While the ideal of service to
the community is a laudable one, it still must be kept in mind that banking is a business and is not a philanthropy.
Note also from the table in Column 5 that the small accounts supply
only a little more than 2% of all deposits. Note further (Column 6) that
the average amount of these accounts is only $34.
TABLE II.
RECAPITULATION OF REPLIES RECEIVED TO QUESTIONS 5 TO 9.
1
2
3
4
5
6
7
Ready
Not
for
Analyz- Away:Not Consid- Asking
Charge
ing
for
ing
Group Making Making ering
No. Charge. Charge. Charge. Fads. if 0th- Large Large
ers Do. Acc'ts. Acc'ts.
I
II
III
IV
V
VI
VII
VIII
Total
8
9
Circa- Not in
tartan° Favor of
Depost- Charge.
tors.
Number Number Number Number Number Number Number Number Number
16
12
68
31
37
57
23
32
8
6
19
18
9
12
7
30
4
11
5
14
21
5
12
12
15
23
3
7
6
58
40
19
30
68
16
22
9
15
57
12
9
6
63
26
14
11
2
45
18
13
24
39
6
11
4
48
2
25
9
34
39
16
9
0
10
20
0
0
23
6
7
0
172
as
321
4f1
107
15
46
6
63
8
309
39
185
23
111
14
78
in
It Is an interesting fact to note than over 97% of commercial deposits
is contributed by 58% of the depositors. This, however, includes Group
VIII (New York City) if this was excluded from the compilation the ratio
of profitable accounts would be materially reduced. Some of the larger
accounts may not be profitable as will be shown later.
1379
Need of Analysis.
Possibly a more striking commentary on the conduct of bank business
In relation to cost findings is presented in the figures which show (columns
6 and 7) the number of banks which analyze the larger accounts. In all
groups but number 3, and in group 8, which is on a more distinctly business basis than the others, far more banks are in ignorance of their costs
than there are banks that are informed.
Some Sample Accounts.
Just to indicate how moderately large accounts may be affecting business, examples are here given of typical transactions in a city of approximately 20,000 population.
Analysis of An Account for One Month (May).
Cost
$7,184.17
Average daily balance
For activity 189 checks
Less
Paid at 3c. each____ $5.67
Daily aver. in process
$771.04
For activity 593 checks
of collection
depos. at 3c. each _ _ 17.79
862.08
12% reserve
1,634.02 Overhead for size at 13c
per M. per month__
.93
Average balance for earnings_$5,550.15 Overhead for mainteIncomenance at 9c. per mo.
.09
5%
23.12
Int. on bal. $5,550 at
Total cost
Income
Loss
Analysis of An Account for One Month (February).
Cost
$9,747.25
Average daily balance
For activity 1,010 ch'ks
Less
Paid at 3c. each __ _ _ $30.30
Daily aver. in process
For activity 15 checks
$7,987.00
of collection
1,169.64
depos. at 3c. each__
.45
12% reserve
9,156.64 Overhead for size at 13c
per M. per month.._
1.25
Aver, balance for earnings__ - $590.61 Overhead, for maintenance at 90. per ma.
Income
.09
2.45
Available balance, $590 at 5%_
Total cost
Income
$24.48
23.12
$1.36
$32.09
2.45
Loss
$29.64
The figures on these two forms show how necessary it is to make analysis
checking accounts. One of the strongest recommendations of the
of all
Committee is that such analysis be adopted by all banks.
Objections to Charge.
It is not possible to dismiss the 78 objectors to a service charge without
a due consideration of their objections. They must have reasons for holding out against the pressure of competition and heavy expense which has
forced progressive banks to put on a charge for the costs of carrying small
customers whose deposits are not kept up to a certain standard. Many
of the banks which began to make a charge inaugurated the practice with
fear and trembling.
They were not unlike those country newspapers which gained courage,
after long periods of trusting their subscribers, and put their subscriptions
on a strictly paid-In-advance basis. Much to their surprise they were able
to collect arrearages, nobody stopped the paper, and for the first time the
publisher could do business on an assured income and a budget.
With banks, also, the response was favorable. They found that the
public likes to do business in a business-like way. In every instance in
which the plan of a cost-carrying charge has been adopted, the costs went
down: in almost every instance the profits went up; and in bank after bank
the total deposits increased. Large depositors look with favor on the
Idea as they readily see that it strengthens the bank; small depositors are
stimulated to make their deposits profitable. Sorting the good from the
bad tends to spur both the good, and the potentially good, toward strength
and progressiveness.
By far the most prevalent reason for not making a charge is that other
banks in the vicinity do not co-operate in the idea. This points to the
need of county-wide action on the part of the county organization, to
strengthen the determination of those who desire the change and to give
a unified backing to the project. In effect this is not an objection to the
idea, but an endorsement of it, and is equivalent to saying "We want to
make the charge, and need help to accomplish the end we seek." One
banker expresses his sentiment very frankly in the succinct statement,
"We lack the nerve to do it."
The expressed objections are few, but varied. One banker says "We
haven't done it for ninety years." In the same group another avers,
"We are only a few months old, we want to wait until we are better established."
Not a few tie their objections to advertising. One bank says "We consider cheeks drawn on us as good advertising." Another says
that "A
charge conflicts with advertised inducements for new depositors"; again,
-it is an effort to get new accounts, hard enough to do without a
charge."
Some say they have many depositors who have good savings accounts
but have poor checking accounts, and they are willing to make sacrifices
on the second for the sake of the first. Others give as a reason for not
making a service charge the statement that they pay no interest. One or
two claim that a charge "hurts good-will rather than helps to meet costs,"
yet the few who gave that answer have never tried the plan.
Perhaps too much space has been given to the very few who
oppose a
charge for their individual banks. Yet these objections must be
met, and
have been met, by the proved experience that the charge has not
lost good
customers, has lowered costs, and has increased deposits. No
bank which
tried it, according to the responses received by the
Committee, would
return to the old method.
Summary and Conclusions.
Sifting all the evidence before it, the Committee comes
to the definite
conclusion that a cost-carrying charge is the only fair
and just method of
handling small checking accounts which are now
sources of loss. That
charge may be on the basis of a flat
charge of a dollar a month for all ac
counts that do not maintain a balance of $100.
Customers can readily
be taught to see that checks and
stationery cost money, that expenses
of
handling small accounts are far greater than
any returns the bank can
receive, and that checks, as records and
receipts, have a distinct value.
County organizations should be formed
and
the decision to install a charge for all banks, should strengthened, and
come from the organization.
Then any unfavorable response which
might ensue would not react to
the disadvantage of any bank,
while the advantages would accrue to all.
1380
FINANCIAL CHRONICLE
Federal Tax Cut Considered Likely Treasury Deficit
$17,000,000 Less Than at Same Time Last Year.
Under date of Aug. 25, the New York "Journal of Commerce" reported the following from its Washington correspondent:
Impetus was furnished yesterday to a movement for the reduction of
Income and miscellaneous taxes by the next Congress, when Treasury
Department figures indicated a considerable improvement over the finances
of the 1928-1929 fiscal year.
Treasury officials, who for some time have declined to offer any encouragement to those who have been bacbking a cut in rates, said yesterday
that the situation is encouraging and that receipts are running somewhat
ahead of last year.
For approximately two months of the new year the Treasury deficit was
about $17,000,000 less than in the same period a year ago. The Treasury is
now running a deficit of $216,261,000, against $233,314,000 at the same
time last year, owing to an increase of receipts, and a slight decline in
expenditures.
Conditions Favorable.
While Treasury officials said that it would be necessary to await the
results of the September tax collection period before reaching any determination as to whether it would be wise to slash rates, it was stated that
conditions are favorable to a tax cut
Receipts of the Government to date totaled $299,766,000, an increase of
$15,000,000, while the expenditures of $516,028,000 were somewhat below
last year. However, governmental costs are gradually rising, in view
of greater population and the expansion of Government activity.
This was shown by the fact that the "overhead," not including the
operations incident to the public debt, amounted to $412,149,000, an
Increase of $11,000,000 over last year. The reduction in total expenditures
was due to the fact that larger purchases were made in the sinking
fund last year.
Due probably to a reduced collection of back taxes, the income tax
receipts were $2,000,000 less than last year. Current tax collections,
however, virtually offset the loss. A gain of $9,000,000 was shown in
customs receipts, which amounted to $90,621,000. There was a gain of
$7,000,000 to $95,788,000 in miscellaneous internal revenue collections
due chiefly to heavier receipts from tobacco taxes.
The Internal Revenue Bureau issued a statement for July showing that
corporation tax collections amounted to $21,625,000, a loss of $4,712,000,
while individual income tax collections of $13,110,067 were $3,097,000
greater. The capital stock transfer tax continued to increase, indicating
activity in stock transactions. For July a tax of $3,385,000 was paid, a
gain of $1,168,000 over the same month a year ago.
The report showed that all internal revenue collections for July amounted
to $89,819,000, a drop of $1,207,000 over last year.
Investigating Finances.
The Treasury Department, it was learned, is making a careful investigation of the state of the Government finances with special reference to
future revenues, because of indications issued at the White House relative
to possible tax reduction at the next session of Congress. So far officials
have declined to issue any statement, nor has Secretary Mellon indicated
whether, in his opinion, finances will permit a tax cut.
Officials said, however, that the course of the stock market to data
this year shows that individual income taxes will be even greater than
last year, when a new record was established, unless an unanticipated
break occurs before the end of the year. Large profits on the market
last year were held chiefly responsible for the unusually heavy colletion
of individual income taxes.
Forthcoming U. S. Treasury Issue.
Indications that preparations are under way for the Treasury Department's September financing are furnished in the
following notice issued Aug. 24 by the Federal Reserve Bank
of New York:
FEDERAL RESERVE BANK OF NEW YORK.
(Fiscal Agent of the United States.]
New Treasury Issue—Preliminary Notice of Offerings and Methods
of Filing Subscriptions.
To all Member Banks, State Banks, Trust Companies and
Savings Banks In the Second Federal Reserve District:
Prom the advices received from the Treasury Department of the United
States, this bank is enabled to transmit to banking institutions in this district the following Information:
1. That a Treasury offering may be expected shortly.
2. That the subscription books may be closed by the Treasury without
advance notice, and therefore,
3. That each subscribing bank, upon receipt of information as to the
terms of the Treasury offering (either in the press, through the mails or
by telegram) should promptly file with the Federal Reserve Bank any
subscriptions for itself and its customers. This is important, as no guarantee can be given as to the period the subscription books may remain
open, and subscribing banks, even before receipt of official subscription
blanks, may file their subscriptions by telegram or by mall with the Federal
Reserve Bank. Any subscriptions so filed by telegram or mail in advance
of receipt by subscribing bank of subscription blanks furnished for the
Particular Issue should be confirmed immediately by mail, and on the
blank provided, when such blank shall have been received.
4. That if the terms of the offering when announced provide for both
cash subscriptions and subscriptions for which payment may be tendered
in other securities, the subscribing bank should prepare its subscriptions
in such manner as to Indicate the method by which it proposes to make
payment and the respective par amounts of securities, if any, to be tendered in payment.
Classification of Subscriptions, Ike.
Bank Customers' Subscriptions.—With regard to Issues, subscriptions to
which the Treasury determines for the purpose of allotment shall he c moldered as on a cash basis Irrespective of whether or not payment is to b3
made In cash or in securities. the following classification viii be required
of subscriptions made for account or customers, stating the number of
subscriptions In each class:
Cl-is A—subscriptions for $1.000 or less for any one subscriber:
elass B—Subscriptions for over $ 1,000, but not exceeding $ 10.000:
Class C—Subscriptions for over
50.000:
10.000, but not exceeding
Class D—Subscriptions for over
100.000;
50.000. but not exceeding
Class E—Subscriptions for over 100,000, but not exceeding
500.000:
Class F—Subscriptions for over 500,000, but not exceeding 1,000.000:
Class 0—Subscriptions for over $1.000.000.
[VOL.19.
Where the maturing securities are not by the instructions accompanying
the offering given a preference they shall be treated as cash and such subscriptions to be paid for in securities should be included in the classification.
Bank Subscriptions.—A subscription for a bank's own account should not
be included in the above classification of subscriptions for account of customers but should be clearly indicated as for the bank's own account and
In addition to subscriptions for customers.
Subscriptions Not Classified.—Where under the terms of an offering or
under instructions accompanying an offering, the Treasury agrees to allot
new securities in full for any of its securities maturing on the date of the
new issue or on any later date, subscriptions to be paid for in such securities should not be classified.
Application Forms to be Furnished.
When the terms of the offering are announced, notice thereof, together
with subscription blanks, will be mailed promptly by this bank to banking institutions in this district. Should notice and subscription blanks for
any reason be delayed in reaching such institutions this bank will nevertheless receive subscriptions either by letter or telegraph. It Is suggested
that subscriptions be promptly transmitted to this bank.
If it be found necessary to telegraph subscriptions they should be confirmed immediately either by letter or on subscription blank, setting
forth the classifications indicated above and method of payment, and
clearly stating that the confirmation is not an original subscription so that
duplication may be avoided.
George L. Harrison. Governor.
The New York "Times" of Aug. 26, commenting on the
forthcoming issue, said:
It is a matter of much speculation In Washington and in financial circles
throughout the country as to whether the Treasury will take advantage
of the new law in making the contemplated offering, which permits it to
issue non-interest bearing Treasury bills with the subscribers bidding for
them and thereby fixing the price. Money market conditions at the time
of the offering are regarded as the guide which will influence the Treasury
Officials as to the exact nature of the offering, and up to the present time
they have been unwilling to give any hint as to what course will be pursued.
President Hoover In Letter Read At Conference of Governors of Western Public Land States Favors Turning
Over Public Lands To States—Governors Approve Proposal.
A tentative suggestion that "the surface rights of the remaining unappropriated, unreserved public lands should,
subject to certain details for protection of homesteaders
and smaller stockmen, be transferred to the State Governments for public school purposes and thus be placed under
State Administration," is made by President Hoover in a
letter addressed to Assistant Secretary of the Interior J. M.
Dixon, and read on Aug. 26 at the conference, at Salt Lake
City, Utah, of Governors of Public Land States. The
President announced in his letter that he proposes "to
appoint a commission of at least nine or ten members, at
least five or whom should be chosen from leading citizens
of the public land States," and he indicated that he would
like to secure the co-operation of the Governors by submission from them of names for such a commission. The
President points out that "it is not proposed, to transfer
forest, park, Indian and other existing reservations which
have a distinctly national as well as local importance."
"It seems to me," says the President, "that the vital questions here are to reorient the direction of the reclamation
service primarily to the storage of water and to simplify
Its administration." On Aug. 27, according to Associated
Press advices from Salt Lake City, the conference unanimously endorsed President Hoover's suggestion for appointment of a commission to study his proposal. The
press accounts added:
The conference recommended that each Governor submit to the
President the names of three citizens for members of a commission to
study the proposal.
Governor H. C. Balbridge of Idaho, Chairman of the conference
of Governors of Public Land States in session here, and Joseph M.
Dixon, Assistant Secretary of the Interior, were roundly applauded
today after they had explained further President Hoover's plan outlined in his letter which Mr. Dixon read yesterday.
The resolution said:
The Governors and other representatives of the eleven Western
States of this conference express our hearty appreciation of the message of the President of the United States, and our deep interest in
the proposal contained therein, and we hereby endorse the offer of the
President to appoint a commission to study western lands and reclamation, and pledge our co-operation in the work of such commission."
At a banquet given for the Governors last night by the Salt Lake
Chamber of Commerce, approval was voiced of the President's plan
for the appointment of the commission.
The following is the letter of the President addressed to
Assistant Secretary Dixon:
Hon. Joseph M. Dixon,
Assistant Secretary of the Interior,
Washington, D. C.
My dear Secretary Dixon:
I have for some years given thought to the necessity and desirability for a further step in development of the relations between the
Federal and State governments in respect to the Public Lands and
the Reclamation Service. The meeting of the Governors of the public
land States at Salt Lake City which you are attending offers an
opportunity for consideration of some phases of these questions, and I
should appreciate it if you would present them to the Governors.
It may be stated at once that our Western States have long since
passed from their swaddling clothes and are today more competent
to manage much of these affairs than is the Federal Government.
AUG. 31 1929.1
FINANCIAL CHRONICLE
1381
Again, there are certain instances of insufficiently capitalized comMoreover, we must seek every opportunity to retard the expansion of
Federal bureaucracy and to place our communities in control of their munity-owned irrigation projects which are at the point of failure,
The problems are in large degree administrative in for whom the Reclamation Fund might be made a proper vehicle to
own destinies.
character, both as they affect the Federal Government and the gov- rescue homes that are now in jeopardy.
A further activity which might be considered for incorporation in
ernments of the States.
It seems to me that the time has come when we should determine the Reclamation Service would be the authorization to join with the
individuals for the creation
the facts in the present situation, should consider the policies now States and local communities or private
The primary purpose of
irrigation purposes.
being pursued and the changes which I might recommend to Congress. of water storage for
thus to devote the Federal Government activities
That these matters may be gone into exhaustively and that I may these suggestions is
a reduction of other activities
be advised intelligently, I propose to appoint a commission of nine to the creation of water storage and
or ten members, at least five of whom should be chosen from leading within the States.
Under such arrangements the States would have the entire mancitizens of the public land States, and I should like to secure the coprojects and would themselves deal
operation of the Governors by submission from them of names for agement of all new reclamation
questions and land settlements. It is only
such a commission. This commission would naturally co-operate with with the irrigation land
through the powers of the States that reclamation districts can legally
the Department of the Interior.
incorporate the liability of privately owned
As an indication of the far-reaching character of the subjects which be organized which would
and by such organization it ought
could come before such a commission, I may recount certain tenta- lands for irrigation expenditure,
subsidiary works.
tive suggestions for its consideration. No doubt other subjects and to be possible to finance the
the Reclamation Service in some such manner the
By direction of
other proposals would arise.
large provision of water storage would ultimately secure a very
Public Lands.
large increase in the irrigable area of the various States. It is evident
The most vital question in respect to the remaining free public lands
engineer that water storage is not always directly connected
for both the individual States and the nation is the preservation of to every
irrigation project but vital to expansion of irrigation. This
their most important values--that is, grazing.The remaining free with an
and this direction of Federal activities to water storage rather
lands of the public domain (that is, not including lands reserved for emphasis
development abs has and incidental importance to flood
parks, forests, Indians, minerals, power sites and other minor reserves) than land navigation.
control and
are valuable in the main only for that purpose.
It is not suggested that the States should take over the administraThe first of the tentative suggestions, therefore, is that the surestablished projects, but that the system should be set up
face rights of the remaining unappropriated unreserved public lands tion of the undertakings. If it were instituted it would, of course, be
to certain details for protection of homesteaders and for future
should, subject
set up some safeguards to cover interstate projects.
the smaller stockmen, be transferred to the State governments for necessary to
each new project as at present should be specifically aupublic school purposes and thus be placed under State administration. No doubt
Congress.
At the present time these unappropriated lands aggregate in the thorized by understood that these suggestions are only tentative; that
It must be
neighborhood of 190,000,000 acres and in addition some 10,000,000
application to dealing with power questions except that
acres have been withdrawn for purposes of stock watering places and they have no
incidental to storage of water for irrigation or its further
stock drives which might be transferred as a part of a program of which is
and flood control. Moreover, the quesIn addition, some 35,000,000 acres have been incidental use in navigation
range preservation.
advisability or inadvisability of opening new areas of
withdrawn for coal and shale reserves, the surface rights of which, tion of the
in the face of present obvious surplus of farm
with proper reservations, might be added to this program of range land for cultivation
products does not arise because the activities outlined herein will only
development in the hands of the States.
ten or twenty years hence, by which time we
Reports which I have received indicate that due to lack of con- affect farm production
more agricultural land.
structive regulation the grazing value of these lands is steadily de- shall probably need
Mineral Resources.
creasing due to over-grazing and their deterioration, aside from their
decreased value in the production of herds, is likely to have a
The policies to be pursued in development and conservation of
marked effect upon the destruction of the soil and ultimately upon
mineral resources of the public domain present many problems. They
the water supply.
problems of a national as well as a local character. I know that
They bring no revenue to the Federal Government. The Federal are
that abuse of permits
the Western as well as the Eastern States agree
Government is incapable of the adequate administration of matters
and waste in our
for mineral development or unnecessary production
which require so large a matter of local understanding.
Practiresources of minerals is a matter of deepest concern and
cally none of these lands can be commercially afforested, but in national vigorously prevented.
any event the forest reserves could be rounded out from them must be
Because of such abuse and waste I recently instituted measures to
where this is desirable. Therefore, for the best interest
the people suspend further issue of oil prospecting permits on public lands
as a whole, and people of the Western States and the small farmers
clean up the misuse of outstanding permits and thereby to
and stockmen by whom they are primarily used, they should be and to
clear the way for constructive conservation.
managed and the policies for their use determined by the State
It may interest the Governors to know that when this decision was
Governments.
taken on the 12th of March there were prospecting permits in force
The capacity which the individual States have shown in handling
covering over 40,000,000 acres of the public domain. We have now
school lands already ceded out of every township which are of the determined that over 40% of these holders had not complied with
same character is in itself proof of this, and most of the individual
the requirements of the law, that the large portion of these licenses
States already maintain administrative organization for this purpose
were being used for the purpose of preventing others from engaging
so that but little added burden would thus be imposed.
in honest development and some even as a basis of "blue-sky" proThey could, to the advantage of the animal industry, be made to motions.
ultimately yield some proper return to the States for school purposes
After yielding to the claimants the widest latitude to show any
and the fundamental values could be safeguarded in a fashion not
genuine effort at development under the outstanding prospeqting
They would also increase the
possible by the Federal Government.
permits the total will probably be reduced to about 10,000,000 acres
tax base of the State Governments.
The public
upon which genuine development is now in progress.
A question might arise upon the allotment of the Federal road fund domain is, therefore, being rapidly cleared of this abuse. The posias a result of a shift of the public land ownership. It would only be
restored to a point where measures can be discussed
tion is already
just if this allotment could be undisturbed for at least ten years,
which will further effectually conserve the national resources and
while the States were organizing their range conservation measures.
same time take account of any necessity for local supplies.
It is not proposed to transfer forest, park, Indian and other ex- at the
General.
isting reservations which have a distinctly national as well as local
importance.
Inasmuch as the royalties from mineral rights revert
These suggestions are, of course, tentative pending investigation of
to the Western States, either direct or through the Reclamation Fund, the full facts, but generally I may state that it is my desire to work
their reservation to the Federal control is not of the nature of a out more constructive policies for conservation in our grazing lands,
deprival.
our water storage and our mineral resources, at the same time check
Reclamation Service.
the growth of Federal bureaucracy, reduce Federal interference in
It seems to me that the vital questions here are to reorient the affairs of essentially local interest and thereby increase the opporService primarily to the storage of tunity of the States to govern themselves and in all obtain better
direction of the Reclamation
water and to simplify its administration.
government.
Yours faithfully,
The Reclamation Fund and the Reclamation Service were created
HERBERT HOOVER.
in 1902 and the situation has since changed materially. The present
plan, as you are aware, is that receipts from sale of public lands,
According to a Washington dispatch Aug. 27 to the New
repayments by the beneficiaries for expenditure
mineral royalties and
upon projects all accrue to this fund.
York "Times" western Senators appear to be very much up
The Reclamation Service undertakes special projects upon the authoriin the air as a result of the policy revealed in the President's
zation of Congress, which are financed from the fund on the basis
Governor's conference, and bitter opof return by the land owners or purchasers of the cost of the letter read at the
project, but without interest, for a term of years. A total of ap- position to the plan undoubtedly will develop in Congress
proximately $182,000,000 has been expended from the fund.
is presented there for consideration. The dispatch
The present reclamation act is based fundamentally on the recla- once it
mation of government-owned lands. Possible areas available for recla- continued:
Western Senators Opposed.
mation have now passed almost wholly into private ownership, and
the use of the Reclamation Fund for further projects may be legally
Alienation of Federal public lands cannot be authorized by Executive
criticized owing to the fact that the land is no longer part of the proclamation, but must be passed upon by Congress. Those Western
public domain and circumlocution by voluntary agreements may not Senators who have commented on the Hoover letter express opposition
always be possible.
to the innovation on the ground that the transfer would affect lands of
Moreover, the application of the fund under the present organiza- little value and of doubtful potentiality as revenue producers.
tion results in very large Federal administrative activities within the
In his discussions with callers at the White House today the PresiStates of a character which was never originally contemplated and dent emphasized that in the recommendations for disposal of range
which could be much better administered by the local State Govern- lands to the States he is actuated solely by a desire to apply conservaments themselves. In many ways it duplicates the State water ad. tion methods to a section of the public domain where they have never
ministrations.
been applied before, namely, to a vast area used for grazing to such
There are several tentative suggestions for more effective handling a point that it is now almost useless for any purpose. This land, the
For instance, the Reclamation Service for all new President believes, can be reclaimed, and the work should be underof the find.
aken by the States in which it is located.
projects might well be confined to the construction of permanent
There is no thought on the part of the President to dispose of rninworks; that is, darns and such construction as results in water storage_
and at the completion of such construction the entire works be :ra I rights to which the Federal Government hiAds title, it was stressed
mu his talks today. The only proposal made is that the surface rights
handed over to the States, with no obligation for repayment to thi
done be transferred to the state.
Reclamation Fund, except such revenues as might arise from elec
Conservation of water resources, one o fthe primary objects of the
trical power and, possibly, in some cases from the sale of water until
policy, is involved. It is hoped that the commission which the
the outlay has been repaid, or, in any event, for not longer than, say
President will name will evolve a plan of water storage that will
fifty years.
a
1382
FINANCIAL CHRONICLE
simplify the relations between the Federal Government and the States
in connection with State projects. The latter plan would involve some
changes in the reclamation act.
Government forest lands are not involved, as most of them are embraced within reserves that are fully protected. At the same time, inquiries will be made as to whether there are any additional timbered
lands belonging to the government that should be embraced in reserves.
Governor and Borah at Odds
A good deal of interest was created by the indications that Governor
Aldrich of Idaho is inclined to throw his support to the new public
land policy, whereas Senator Borah of that State has made it plain
that he is bitterly opposed to it.
Senators representing States embracing public domain take the
ground that without the mineral rights the land to be turned over by
the government would be worthless and would afford no tax revenue,
Senator Borah said.
"You can be sure," he added, "that nothing will be included in this
program which will constitute any income to the States."
Mr. Borah discussed the situation with other Westerners today and
said they took the same position. He preferred, however, not to reveal
their names without their consent. Senators Smoot, King, Kendrick
and others, however, are known to believe that the mineral rights
of the lands, as well as the surface rights, should be conveyed to the
States.
Taking his own State as an example, Senator Borah said this afternoon that ,the Presidential program would amount to retaining .the mim
eral rights of lands in Idaho, as well as the national forest reserves,
which amount to 69% of the State's area, and turning over to
Idaho "lands which are wholly unfit for anything."
"The lands are chiefly desert and mountain territory, and a jackrabbit could hardly live on them," he continued.
All the good land had been taken up long ago and now homesteaders are unable to find homes, Mr. Borah said. He explained
that the land lay mainly in the forest areas, which included much
land on which timber "had never grown."
"If the reserves were limited to timber lands it would be all right,"
he added. "But they are not. I can see no benefit whatever to the
States in the plan. I wish the situation to continue as it is."
Urges Mineral Rights for States.
Senator Kendrick of Wyoming said:
"Wyoming would be vastly concerned as to what influence the
transfer of these public lands would have upon the reclamation law.
"As I see it, under no circumstances could she afford to suspend
the operation of the reclamation law, if that plan be considered, and
have the government retain title to the minerals upon which she must
ultimately depend to complete reclamation of several million acres of
the arid lands within the State.
"If, as the President has suggested, he desires to transfer local
problems to local control, it would seem advisable to avoid dual control
or a duplication of administration. In other words, if these lands are
to be transferred to the States, the mineral rights should be transferred to the States along with the lands and in authorizing such
transfer the Congress might very well prohibit the alienation on the
part of the States of the title to the mineral rights.
"If a plan could be perfected that would deliver the lands to the
States to be disposed of under certain conditions and with the lands
the title to the minerals underlying them, I see no reason why the
representative of any of the arid land States could do other than
approve such a plan and whole-heartedly support legislation to that
end."
On Aug. 26 Senator Borah was quoted in the "Times"
as saying:
"I am not in favor of the scheme to turn the public lands over to
the States. This is no new question with us in the West. We have
lived with it for years. We know it. The National Government
inaugurated its public land and conservation policy years ago. The
West adapted itself to it, and, in my opinion, does not want, under
the circumstances, to see a change. There was a time when the West
would have liked to have been heard, but as conditions now exist,
speaking for myself, I do not care to see these lands turned over to
the States."
[Vol.. 129.
the fiscal year 1929, were practically the same, with the exception
of the
tax affecting corporations, as prevailed during the fiscal year
1928.41 The
corporation income tax collected during the fiscal year 1929 was at
the rate
of 12% on incomes earned in the calendar year 1928 and at the rate
of 13)4%
on incomes earned in the calendar years 1926 and 1927, while the
tax collected during the fiscal year 1928 was at the rate of 133i% on
incomes
earned in the calendar years 1926 and 1927 and at the rate
of 13% on
Incomes earned in the calendar year 1925.
The normal income tax rates on individuals was 13•6% upon the
first
$4,000 of net taxable income, 3% on the next $4,000 and 5% on the
net
taxable incomes above $8,000. The surtax rates ranged from 1%
on net
Income in excess of $10,000 to a maximum of 20% on net incomes in
excess
of $100,000. There was a 25% reduction of the net tax upon
earned incomes of 820,000 or less for income for the calendar year 1927, and
of
$30,000 or less for income for the calendar year 1928. The personal
exemption was $1,500 for a single person and $3.500 for a married person
living with husband or wife. A credit of $400 was allowed for each dependent.
The miscellaneous taxes, with the exception of the repeal of the excise
tax on automobiles and modification in the admission tax, were practically
the same in the fiscal year 1929 as in the fiscal year 1928. However, the
loss of revenue resulting from these changes was almost entirely recovered
in 1929 by the increased collections from the tax on tobacco manufactures
and from stamp taxes.
During the fiscal year 1929 tax refunds were made from the following
appropriations:
Refunding taxes Illegally collected 1927 and prior years
$13,705.67
Refunding taxes Illegally collected 1928 and prior years
7,321,603.50
Refunding taxes Illegally collected 1929 and prior years
182.829.050.31
Net total
$190,164,359.48
The following is a summary of these refunds, showing the number of
schedules and claims, amount refunded, and interest allowed on each class
of tax:
Class of Tax.
Capital stock
Estate
Income
Miscellaneous
Sales
Spirits. narcotics
Tobacco
Schedules. Claims.
125
1,488
6,314
42
227
21
29
1,319
2,024
130,559
137
3,454
347
39
Amount
Refunded.
82,408.247.90
17,234,384.13
165,363,940.84
45,671.15
4,906,960.18
113,314.14
1.841.14
Interest
Included.
$411,932.22
1,191,199.32
38,768,622.33
6,858.80
524,476.01
1,911.39
57.77
Total
8.246
137.879 8190.164.35948 $40.905.057.84
In addition to the foregoing statement of refunds. 136 schedules, containing 4,499 claims, amounting to $773,482.92, were paid from funds provided
under the appropriation "Redemption of stamps." These claims included
interest in the amount of $82,613.76.
There were 19 schedules containing 342 claims,amounting to $418,180.41,
paid from funds provided under the appropriation "Refunding legacy taxes,
Act March 30 1928."
There were four schedules containing eight claims, amounting to $420.71•
Paid from funds provided under the appropriation "Refunding automobile
and cigar taxes. 1926 and 1927."
There were seven schedules containing seven claims, amounting to
825.090.39, paid from funds provided under the appropriation "Repayment of taxes erroneously collected under Act of June 13 1898." These
Claims included interest in the amount of $8,788.15.
If the taxes refunded for erroneous or illegal collections for the fiscal year
1920 and prior years, amounting to $190,164,359.48, were deducted from
the gross collections of $2.939,054,375.43. the net collections for the fiscal
Year would be $2,748,890.015.95. The gross collections, however, are used
for comparative purposes in this report.
The total amount of additional assessments and collections resulting from
office audits and field investigations for the fiscal year 1929 was as follows:
Income tax
x$311,093,169.72
Estate tax
24,109,746.26
Gift tax
2,871,784.73
Capital stock tax
1,621,197.50
Sales tax
2,519,863.53
Miscellaneous tax
336,035.90
Tobacco tax
240,448.31
Accounts and collections unit: Reported by deputy collectors on
delinquent taxes, &c
63,063,230.00
Total
$405,855,475.95
I Includes $50,865,425.58 deficiency assessments subject to provisions
of Sections
279 and 280 of Revenue Act of 1926 and Section 27301 Revenue Act
011928(Jeopardy
assessments).
It is interesting to note that the total amount of refunds of
taxes Illegally
or erroneously collected which were made during the fiscal
years 1917 to
1929. inclusive—namely, $1,127,481,557.40—is approximately 22% of
the total amount of additional assessments and collectionh resulting
from
office audits and field investigations ($5,042,147,250) which have been
made
during the same period. The percentage of the total refunds
(51,127,481.557.40) to the total internal revenue receipts during the period in question
($40,992.225,624.77) is approximately 2.8% •
Income Tax.
The collections from income tax for the fiscal years 1929 and
1928 were
as follows:
1929
82,331,274,428.64
1928
2,174,573,102.89
Increase, 1929
8156,701,325.75
The receipts for 1929 include payments of the third and fourth
Installments of the tax on the returns of net income for 1927 and the first
Quarter Ended—
Corporation.
Total.
Individual.
and secSept.30 1928
$297,010,455.50 $213,996,617.34 $511,007,072.84 ond installments of the tax on the returns of net income for 1928, together
Dec. 31 1928
502,064,524.72 with additional collections made for prior years.
299,113,180.07
202.951,344.65
Mar.31 1929
329,737,408.10
676,093,560.98
346,356,152.88
A comparison of the quarterly receipts from the tax on
June 30 1929
incomes during
642,109.270.10 the
309,872,212.57
332,237,057.53
last two fiscal years is as follows:
Total fiscal year 1929_ ___$1,235,733,25
6.24 $1,095,541,172.40 82,331,274,428.64
1928.
Total fiscal year 1928____
1927.
1,291,845,989.25
882,727,113.64 2,174,573,102.89 Quarter ended Sept.30
$511,007,072.84
$517,717,329.53
Quarter ended Dec. 31
502,064,524.72
Incr.(+) or deer.(—) 1929
500.510,139.28
—$56,112,733.01 +$212,814,058.76 +8156,701,325.75
1929.
1928.
The following is the preliminary statement (dated Aug. 1) Quarter ended Mar. 31
$676,093,560.98
8597,137,752.17
Quarter ended June 30
642,109.270.10
559,207,881.91
issued by the Internal Revenue Bureau Aug. 18:
Total
$2,331,274,428.64
$2,174,573,102.89
Total Collections, 1929 and 1928.
Miscellaneous Taxes.
The total collections of internal revenue
from all sources for the fiscal
The collections for the fiscal years 1929 and 1928 from miscellaneous
years 1929 and 1928 were as follows:
taxes, which include all sources of internal revenue except income tax,
1929
$2,039,054,375.43 were as follows:
1928
2,790,535,537.68 1929
$607,779,946.79
Increase, 1929
615,062,434.79
8148,518,837.75 1928
The income tax provisions of the Revenue Act of
1928, in effect during
Decrease, 1929
$8,182,488.00
Internal Revenue Collections for Fiscal Year Ended
June 30 1929 Nearly Three Billion Dollars—Federal
Income Tax Collections $2,331,274,429.
According to the preliminary statement of internal revenue
collections for the fiscal year ended June 30 1929, made available Aug. 19 by the Bureau of Internal Revenue, this year's
collections, at $2,939,054,375, exceeded by $148,518,838
the collections in the preceding fiscal year, when the total
amounted to $2,790,535,538. For the fiscal year 1929 the
receipts from income tax were $2,331,274,429, as compared
with $2,174,573,103, an increase of $156,701,326 for the
present year thus being recorded. For the two years the
returns of corporation and individual income taxes are summarized as follows in the preliminary statement:
•
1
A comparison of the quarterly receipts from miscellaneous taxes during
the last two fiscal years Is as follows:
1927.
1928.
5162,575,618.66
$151.579,200.18
Quarter ended Sept.30
148,342.257.07
149,535,965.35
Quarter ended Dec. 31
1928.
1929.
$150,284,861.76
$146,898,323.08
Quarter ended Mar. 31
154,459,697.30
159,766,458.15
ended June 30
Quarter
8615,962,434.79
$607,779,946.79
Total
for the
'ghe principal increase in the revenue from miscellaneous taxes
which amounted to $37,fiscal year 1929 was from tobacco manufactures,
increase in the manufacture and sale
994,502.18. This was due to the great
the preview year.
of small cigarettes, which was in excess of 13% of
tobacco
The States reporting the largest collections from manufactures of
Title VII.—Special taxes:
Corporations, on value of capital stock (repealed, effective on June 30 1926)
Use of foreign-built yachts,6cc.(tax repealed
effective July 1 1928)
Importers, manufacturers and compounders
of and dealers and practitioners in opium,
cocoa leaves, their salt derivatives, Ste..
Including tax on the product
Cigarettes.
Cigars.
$261,707.76
59.985.45
3,029,681.15
301,985.82
590,743.57
256,402.05
422,175.71
1,106,892.63
99,509.05
3,118.310.16
2,231,277.13
59,587.33
1,215.041.79
6,026,154.91
257,459.39
1,025,456.84
164.349.26
California
Delaware
Florida
Illinois
Indiana
Kentucky
Massachusetts
Michigan
Missouri
New Jersey
New York
North Carolina
Ohio
Pennsylvania
Tennessee
Virginia
West VIrainla
Manufactured
Tobacco and
Snuff.
$12,610,785.06
.38
11,591.29
14,526.05
21.88
6,305,370.00
11,686.75
9,894.40
• 56,300.51
17,411,984.97
24,934,370.02
211,322,418.81
132.40
6,603,150.17
2.44
62,711,566.41
1,691.07
$36,700.85
436,012.64
1,058.81
6,273.223.05
62,908.31
3,589,239.90
72,383.56
2,617,675.51
9,383,107.31
1,633.732.05
1372,806.16
22,237,263.97
10,534,942.65
921,353.13
3,572,959.50
3,228,028.92
2.249.47230
Bonds of
Indebtedness,
Capital Stock
Issues, tic.
States.
California
Illinois
Louisiana
Massachusetts
Michigan
Minnesota
Missouri
New Jersey
New York
Ohio
Pennsylvania
•
Wisconsin
Capital Stock, Sales of Pro
Sales or
duce (Future
Delivery).
Transfers.,
Playing
Cards.
$372,920.07
Total
There was also collected $406,156.46 from sale of stamps affixed to
tobacco manufactures shipped to the United Statesfrom Porto Rico. These
collections were deposited in San Juan, I'. R., to the credit of the Treasurer
of the Territory of Porto Rico, and are not included in the internal revenue
receipts.
Collections Under the Revenue Act of 1928 and Other Internal Revenue Laws.
The following is a comparative statement of internal revenue receipts
for the fiscal years 1928 and 1929, which are shown as nearly as possible
according to the grouping of taxes levied in the revenue Acts of 1926 and
1929.
$1,291,845,989.25 $1,235,733,256.24
1,095,541,172.40
882,727,113.64
2,
$2,174,573,102.89 $ 331,274,428.64
Title III.—Estate tax
560.087333.97
61
5 ,897.141.48
Title IV.—Tax on cigars, tobacco and manufactures thereof:
Cigars
Cigarettes
Tobacco
Snuff
Cigarette papers and tubes
Miscellaneous collections relating to tobacco
223,180358.68
301,828,344.62
62,774,542.43
7,461,354.90
1,123.809.52
81,130.58
22 5
$ . 71,826.32
342,034,059.99
61,159,178.09
7 26,905.99
,1
1,179,52533
73,044.29
$3396,450,041.03
434,444,543.21
5
$17,724,952.08
10,352,989.83
5 083,055.82
6,
11, 45,254.65
2
$28,077,941.91
517,328,310.47
551,628365.96
169,057.01
$5,545,865.90
165.684.14
$51,797,322.97
5 .711,550.04
5
Total
Title V.—Tax on admissions and dues:
Admissions to places of amusement or entertainment
Club dues
Total
Title VI.—Excise taxes:
Automobiles (tax repealed. effective May 29
1928)
Pistols and revolvers
Total
$15,307,796.45
812,776328.46
139,265.31
$12,776,728.46
$3,422,702.90
925,252.22
113,623,393.97
727,005.93
21,216.94
1,515,751.58
4,479.18
531.631.60
$4,856,510.68
82,790,535,537.68 $2,939,054,375r3
Recapitulation.
$55,424.52
Missouri
$289,578.95
California
76,026.95
New Jersey
79,551.14
Florida
New York
3,711.889.62
774,614.65
Illinois
Pennsylvania
264,710.04
215,872.49
Massachusetts
149,150.86
Michigan
The miscellaneous taxes for 1929 include the following collections on account of the Philippine Islands and the Virgin Islands:
$372,711.73
Philippine Islands
208.34
Virgin Islands
Total
$64,173.530.84
of receipts, by general sources
The following table gives a recapitulation
Acts of 1926 and 1928, for the
corresponding to the titles in the Revenue
fiscal years 1928 and 1929:
1929.
1925.
General Sources—
5'2,174,573.102.89 $2,331.274328.64
Income
61,897,141.48
60,087.233.97
Estate
434,444,543.21
396.450,041.03
___
Cigars, tobacco and manufactures thereof_
17,328,310.47
28.077,941.91
Anmissions and dues
5.711,550.04
51,797,322.97
Excise taxes, manufacturers
capital
Special tuxes, including corporation
6.561.631.61
9,388,698.27
stock tax
64,173,530.54
48329,205.24
Stamp taxes, including playing cards
12,776,728.46
15,447,064.76
spirits and cereal beverages
Distilled
Miscellaneous taxes, including delinquent
4,856.510.68
5.884.923.64
taxes under repealed laws, Az
There was an increase of $1,809 907.51 in the collections from the tax on
the transfer of estates of decedents. The States, including the District
of Columbia, reporting the largest collections from the estate tax were as
follows:
$1,772,822.20
$6,073,975.77
Michigan
California
3319,091.11
Missouri
1,235,588.57
Connecticut
1,315,678.45
Montana
1,284,870.19
Delaware
1,736,502.52
New Jersey
1,124,866.74
District of Columbia
14,380,929.26
New York
5,129,551.11
Florida
2,052,589.62
Ohio
Illinois3,444,313.78
8,959,403.85
Pennsylvania
1,424,946.06
Maryland
1,11730435
Texas
2,182,113.37
Massachusetts
There was a decrease of $11,641.896.26 in the collections from the tax on
admissions to theatres or other places of amusement which resulted from
the Increased exemptions provided in the Revenue Act of 1928. The States
reporting the largest collections from the admission taxes were as follows:
1928.
$17,568,372.17
37.595,927.33
3.333.427.14
5,375.804.20
of July 18 1914) amounting to
x Includes income tax on Alaska railroads (Act
$14.658.19 for 1925 and $13,517.52 for 1929.
for 1929, delinquent taxes colz Includes $1,467,626.93 for 1925 and $440,386.52
ected under repealed laws.
$5,496.00
$619,534.43
51,376306.98
236,858.80
1,309.492.98 1,616,123.77 51,546,557.66
8,965.90
352.545.85
119,045.69
251.40
468,673.10
745,614.39
.
33.90
242,033.40
335,388.82
54,329.10
1,679.68
128,329.57
225,974.90
2,173.40
87,906.40
65,421.27
173,512.38
884.040.50
7,614.09
351.416.91
311.676.20
9,888.274.61 33,652,774.83 1,206,409.57
145.00 3,420,617.20
11831140
482,363.91
17,949.70
515.107.10
782.797.57
435.071.00
8.354.06
1.824.82
132,876.42
1928:
Sources of Revenue—
Title 11.—Income tax: (x)
Corporation
Individual
605,336.04
$6,561,631.61
$5,584,923.64
Miscellaneous taxes:
Oleomargarine, adulterated and process
butter, filled cheese and mixed flour
Receipts under prohibition laws
Internal revenue collected through custom
offices
Other miscellaneous receipts (z)
There was an increase of $14,979,230.80 in the total collections from
play"stamp taxes" and an increase of $365,091.80 in the tax collected on
stamp
ing cards. The States reporting the largest collections from these
taxes are shown in the following table:
690,432.41
$15,447,064.76
Total
Total from all sources
9,763.47
$45329.205.24
Title IX.—Tax on distilled spirits and cereal
beverages:
Distilled spirits, Arc
Cereal beverages (tax repealed, effective
June 29 1928)
Total
1929.
85,956.295.'7
515,561,459.56
24,208.537 68
4 048,498 60
5,010,712.40
Total
Total
-
1925.
58355,502.39
$9,355,698.27
Title VIII.—Stamp taxes:
Bonds, capital stock issues, Ste
Capital stock sales or transfers
Sales of produce on exchange
Playing cards
are shown in the following table:
States.
1383
FINANCIAL CHRONICLE
AUG. 31 1929.)
$2,790,535.537.68 $2,939,054,375.43
Total
taxes 23%
Note.—Income tax represents approximately 77% and miscellaneousincome and
1929, as compared with 75% for
of the total receipts for the fiscal year
taxes for the fiscal year 1928.
22% for miscellaneous
.
Expen dit ores
in administering the internal revenue
The amount expended and obligated
was $34,377.082.59, not including the
tax laws for the fiscal year 1929
taxes illegally or erroneously collected,
amount expended for refunding
e expense. The aggregate receipts of
which is in no sense an administrativ
which makes the cost of operation
internal revenue were $2,939,054.375.43.
each $100 collected, the same as the cost
for the fiscal year 1929. 81.17 for
of operation for the fiscal year 1928.
statistical szatements of internal revenue
There are appended certain
totals for the fiscal year 1929 are subject
receipts for 1929 and 1928. The
collectors' accounts.
to revision on the verification of
Twelve Seasons a Year in Renting Apartment Buildings Favored in Resolution Adopted by Division
of National Association of Real Estate Boards.
A move to eliminate the twice yearly peak of migration
and shifting of apartment house tenants which characterizes the first day of May and October first in many cities,
and its attendant economic loss is seen in the resolution
unanimously passed by the Property Management Division
which
of the National Association of Real Estate Boards, in
goes on record as favoring twelve rental seathe Division
sons a year for apartment buildings.
According to reports made by members of the Division at
cities in
the. Association's annual convention in Boston,
which leases are written to expire at any date during the
ly.
year have solved the moving day problem satisfactori
The tenant finds the Realtor in a position to give much
time and attention to each individual housing problem; the
decorator is not rushed and can carry out his customer's
instructions to a satisfactory result; the moving companies'
laborers do not have to work overtime, so that moving is less
expensive. According to the Board, Chicago Realtors report that through the program of the Chicago Homes Economic Council, which is making a stand for twelve annual
rental periods in that city, the peak moving days are gradually passing and that during the past year 100,000 leases
were written to expire at dates other than October first and
May first. The New Orleans Real Estate Board is co-operating with the Chamber of Commerce of that city in an
effort to distribute leases throughout the year in New
Orleans. The Board of Realtors of the Oranges and Maplewood, New Jersey, is making a study of local leasing and
moving with a view to the advisability of recommending
staggered leases. to the communities served by the Board.
1384
FINANCIAL CHRONICLE
[VOL. 129.
New York Property Owners Get Relief Through
Abolition of Direct State Tax.
Under date of Aug. 20, the National Association of Real
Estate Boards has the following to say:
In other words, it is now known that the farm relief program, which was
In effect a rural tax relief program, will save to Sullivan County taxpayers
this year $198.108, plus sizeable amounts for rural schools and an uncertain
amount for grade crossing elimination. This yearly saving will continue
In
succeeding years.
This Is the first step, and a very definite one, as lam sure you will agree.
An estimated saving to property owners of approximately $15,000,000,
I am vitally interested in seeing this tax relief passed along to you.
Whether
which will be felt by the farmer and the city dweller alike, results from
or not you receive the full benefit depends on your board of supervisor
s and
the abolition by the State of New York of the direct State tax, a measure
other local officials. If this benefit is passed on, your taxes should be materenacted by the 1929 State Legislature. This is the first time since 1916
ially lower. If, on the other hand, the board of supervisors and town
that New York State has been free from the direct tax, levied for emergency
and
village officials increase local expenditures for other purposes, a
considerable
to make up deficits in the State finance budget, and may be regarded in
portion or the whole of this saving may disappear.
large measure as an accomplishment of the New York State Association of
In the final analysis the great majority of your taxes go, not into
the
Real Estate Boards.
State Treasury, but for local expenditures. And I am sending this
letter
In 1924 and again in 1925 and in 1928 legislative action reduced the to
the taxpayers of Sullivan County with the hope that they will take an
New York State real estate property tax. The 1924 reduction was a 25% increased
interest in their local expenditures and especially in the decision
one, and in 1925 a further 25% reduction was granted. l'roperty owners reached
by your local governing bodies as to how this very substantial saving
were given a 50% reduction on their direct tax in the 1928 measure.
will be used in your county in this and succeeding years.
Abolition of the direct State tax on real estate is in line with the
Respectfully yours,
program for general tax adjustment recommended by the National AssociaFRANKLIN D. ROOSEVELT.
tion of Real Estate Boards. The National Association favors relieving
The aggregate saving on highway construction and maintenreal estate altogether from State taxation and giving it the principal burden
of city and county taxation.
ance and through
Double Estate Tax Ended in Texas-Thirty-four States
Have Laws Exempting Non-Residents of Inheritance Levies-Relief Granted in Canada.
The progress which is being made in the abolition of
double inheritance taxes by various States of the Union
has been materially aided by the action of the Legislature
of Texas in relieving non-resident owners of stocks of companies incorporated in Texas from local inheritance taxes
on the transfer of property after death. The New York
"Times," in stating this in its issue of Aug. 25, added:
This leaves only fourteen States, only two of which are East of the
Mississippi River, which still claim death duties
on the estates of nonresidents who own stock in companies incorporated in their jurisdictions.
The relief afforded is in the nature of a reciprocal agreement whereby
the States do not insist on the transfer tax of non-residents of another
State, provided the second State does likewise in regard to the transfer
tax as it affects the estates of those who have been residents of the first
State. In other words, the thirty-four States which have passed laws
avoiding the collection of duplicate or multiple inheritance taxes are in
agreement, but are still free to tax the transfer of stock
of citizens of the
fourteen other States who die possessed of stocks of companies incorporated
in the former group.
As a matter of fact, comparatively few corporations whose stocks are
widely distributed are chartered in the fourteen States, so that the failure
of these States to join the reciprocity movement works a burden on their
own citizens rather than upon the majority of the country at large. Therefore, pressure to bring these States into line will come from within rather
than from sister States of the Union.
The fourteen States which still insist on the double taxation are
as
follows: Arizona, Arkansas, Iowa, Kansas, Kentucky, Louisiana, Minnesota, Montana, Nebraska, North Dakota, Oklahoma, South Dakota, Utah
and Wisconsin.
In addition to the other States which have adopted the reciprocal law,
of which Texas makes the thirty-fourth, two Canadian Provinces and
the
District of Columbia have passed legislation abolishing duplicate taxation
after death. The Canadian Provinces are Ontario and Yukon Territory.
elimination of the direct state tax as
reported by the Governor by counties was as follows:
Albany
Allegany
Broome
Cattaraugus
Cayuga
Chautauqua
Chemung
Chenango
Clinton
Columbia
Cortland
Delaware
Dutchess
Erie
Greene
Hamilton
lierkhner
Jefferson
Lewis
Livingston
Madison
Monroe
Montgomery
Nassau
Niagara
Oneida
Onondaga
8179.978 Ontario
200.236 Orange
267.914 Orleans
195.829 Oswego
200.988 Otsego
276.614 Putnam
120.258 Rensselaer
121.651 Rockland
29.878 St. Lawrence
129.682 Saratoga
21.113 Schenectady
10.015 Schoharie
157.935 Schuyler
856.770 Seneca
21.181 Steuben
12.641 Suffolk
162.134 Sullivan
210.575 Tinge
20.236 Tompkins
33.245 Ulster
137.787 Warren
523,781 Washington
193.438 Wayne
485.867 Westchester
282.157 Wyoming
104.800 Yates
484.290
$98.863
257.139
170.626
116,833
44.151
193,387
98.374
213,944
65,867
51.777
108.555
18.509
50.38.5
107.724
121.543
323.092
198,108
100,907
47.958
228.642
340.455
67.648
128.581
897.701
23,805
16.063
Analysis by C. C. Streeter & Co. Shows Earning
s of
Oil Companies in First Six Months this
Year
Greater than in Same Period Last Year.
A review of measures to curtail over production of oil
and
the earnings for the half year of oil companies, is issued
as
follows by C. C. Streeter of C. C. Stroter & Co., Los Angeles:
Students of securities markets hold the opinion that their various
doPartments, oil. Industrial, public utility, railroad, metal, &c.. enjoy
cycles
of popularity and unusual profits, based, of course. on conditions
warranting public interest. Just at present there are indications that
the oils are
entering a new cycle, due to the passing of the bugaboo of the
industryover-production, through a developing combination of
elements which
should eliminate, or. at least, reduce it to a negligible quantity.
Anaissis of the income statements of practically all of the
major oll
companies show that their earnings for the first half of the
current year
were well above those for the same priod of 1028
Ordinarily this condiGov. Roosevelt of New York Indicates Savings to Coun- tion should have been reflected by an advance in the market prices of the
shares they represent, but, for the most, it has not been.
This has been
ties Through Rural Tax Relief Program.
due to the depressing fear of the over-production, for
which California
Savings to counties in New York State through new laws has been largely responsible, and which has affected the wohle list of oil
shares to a
enacted in the State this year are indicated by Gov. Frank- companies. more or less degree, according to the position of the Individual
Incidentally, this condition has invited "short
-selling", by
lin D. Roosevelt in letters addressed to the taxpayers of the traders fearful of the effects of overproduction.
We give below the comparative 6 months' earnings of
various counties. In making public one of these letters, the
11 representative
Governor stated that a saving of $4,714,360 to the counties companies:
1929.
1928.
1929.
1928.
on highway construction would result this year, while $571,- Ilarnsdall
81,83
1.80 Signal
113.21
(b)
Houston
2.04
1.83 Sinclair
2.87
2.08
435 would be saved on highway maintenance. Ho likewise NlaeMillan Pete
6.54
2.11 Skelly
2.93
.41
Patine Western
1.07
.16
(a) Tidewater Assodatton
reported that there would be a total saving on highway Rich field
.75
2.03
1.75 Union
1.72
1.53
Rio Grande
2.48
.50
construction and maintenance of $54,215,000 on the ten(a) Started business November 1928. (b) Not available.
year highway program. With $12,666,291 saved through
Califorria is getting the problem of over-production well in
hand. The
elimination of the direct State tax, he reported a total saving future holds great promise of seeing it wholly obliterate
d. or, at
to the taxpayers of $17,952,086 this year. The letter given duced to a degree that should make It unimportant. By far theleast, regreatest
step In that direction was the enactment by the Legislature
of California
out by the Governor on Aug. 27 follows:
of the gas-wastage law, which becomes operative the
first of next month.
The new statute should correct the mal-adjustment in
State of New York,
crude oil production,
Executive Chamber, Albany. insofar as California is concerned, and in so doing it should he a
potent
factor In curbing over-production generally, since it is a
To the Taxpayers of Sullivan County:
known fact that
Because they have such a direct bearing on county and local taxes and California Is the "chief offender." Plans are in a formative
state for the
expenditures, and so vitally affect your tax bills, I venture to present some use of an increasing volume of the excess gas through public
utility cornsimple figures showing what the new legislation generally known
,
as the panie.s at present operating In Southern California by the extension of their
farm relief program, has accomplished
gas service trunk lines to additional cities and towns of
for you.
the area named,
A new Uss enacted this year relieves your and other counties
as well as through the erection of proposed now obsorption
from conplants and the
tributing 35% of the cost of completin
g the State highway system. This piping of excess gas from places of origin to wells in other fields lacking in
saves your county this year $154,805.
gas pressure or having but low gas pressure This
and In 10 years it will save you
latter
$2,266.000.
speak, revitalize the crude oil front sues wells, it licrear plan will, so to
i
sIt
k
Another now law reit yes the towns
and villages from contributing content of their product, and thereby improving
g v hle gaso"ne
t ta ue.
toward the upkeep of improved highways
As is well known, the Santa Fe Springs Field has been
In the State highway system.
one of the chief
That saves this year to taxpayers in Sullivan
contributors to the over-production of California crude MI,
County towns and villages
and has had an
$7.47.5. This will be a continued yearly
Indirect, adverse effect on the market position of many oil
savings.
isstias, particuThe direct State tax on property was eliminated
this year. Measured by larly those of California. Unfortunately, from the viewpoint of the inlast year's direct State tax that saves you $35.828.
dividual operator, but fortunately, from the viewpoint
of the holders of
Two other laws were enacted this year which
will give tax relief to all oil shares, It would seem that the peak of production in Santa Fe Springs,
Sullivan County taxpayers. but I am
unable at the present moment to notorious for its promiscuous town lot drilling, has been reached. Under
express In dollars and cents the benefits accruing to Sullivan
County. They all accepted rules of the oil game, production from that area should register
will, however, be sizeable.
a decline, perhaps, a rapid one. Assuming this line of
reasoning proves
correct, and we believe it will, this condition should
School and Grade Crossing Savings.
greatly relieve the
over-production situation.
One of these laws equalizes the burden of school taxes and gives relief on
Still another factor likely to further reduce over-productio
n in California
a State-wide basis of about 83.000.000 per yi ar. The other reduces from is found in the 'Cattlema
n Hills Field. The more linprotant operators there
10% to 1% the counties' shares of the cost of grade crossing eliminations. nave entered into
a Pact to restrict drilling until 1931. This arrangement,
This will save, oh a State-wide basis $2,801,133 tills year.
should, in the long run, prove more profitable than
would be Possible
AuG. 31 1929.]
FINANCIAL CHRONICLE
should they indulge in a wild frenzy of drilling, which, as in the past, has
In the past, has marked the development of many oil fields of Southern
California that have either quickly spent themselves, or are declining
steadily In production. In this connection it is well to point out that town
lot drilling in California. generally speaking, has apparently had its day,
and, due to Federal and state policies of conservation adopted, it seems
certain that the pernicious practice will not again be tolerated. Ptactically
all "wild-cat" or text wells underway at this time are located on vast acreages and are being drilled by companies noted for their efficiency and
financial responsibility, highly important elements which should be borne
in mind by both investors and speculators in oil shares.
Inter-State Commerce Commission Postpones Western
Freight Rate Rise.
Upward revision of class rates on westbound freight out
of Chicago, Milwaukee, St. Louis and nearby points to the
Northwest, which the Chicago & North Western and the
Chicago Burlington & Quincy railroads proposed to make
effective Aug. 24, was postponed on Aug. 23 by the InterState Commerce Commission until March 24. Advices
from Washington (Associated Press) Aug. 23 state:
The C,ommtssion announced that an investigation would be instituted to
determine the justice of the rates.
Illustrating the s.tuation which the new schedules would bring about.
the Commission said that first-class freight from Chicago to Sioux City, la.,
now carrying a rate of $1.20 per 100 pounds, would be charged 31.31, while
fifth-class rates to Sioux City. now 42 cents per 100, would be 473. cents.
To Canton, S. D., the first-class rate from Chicago of $l.264 cents
would become $1.31 and the fifth-class rate of 43 cents would become
473 cents. Charges on other classifications and to other points would
be similarly altered.
4,600 Erie Clerks Get Wage Rise.
At a conference on Aug. 23 between representatives of the
Erie System Clerical Association and J. M. Condon, Assistant Vice-President of the Erie RR., held at the company
offices at 50 Church St., an increase of pay was granted to
more than 4,500 clerical employees of the railroad between
New York and Chicago and side lines which will amount to
$300,000 a year, according to an item appearing in the
New York "Sun" of Aug. 24.
1385
interesting and ingenious Wabash or Williams plan will be sanctioned
because it does not seem reasonable that the Commission will authorize
a new trunk line system under the aegis of the Pennsylvania Railroad.
"A four trunk line plan can be effectuated immediately ; a five or six
trunk line plan would leave everything in suspense indefinitely because
it would be largely theoretical for several years. It would have to await
the action of the highest court in the interpretation of the Inter-State
Commerce and the Clayton Act and as to whether the obvious evasion of
the intent of the law by the creation of two important holding corporation,
—the Allegheny Corporation and the Pennroad Corporation—is within the
law. These holding companies are not under the jurisdiction of the Commission and are only subject to the I. C. C. act if the Supreme Court
should find a theory for that purpose.
"The Clayton Act is quite specific in forbidding certain matters to be
done directly or indirectly. The entire capital stock of the Pennsylvania
Company which now owns the dominating interest in the Wabash and
Lehigh Valley roads is owned by the Pennsylvania Rsilrnsd, which latter
claims that its subsidiary corporation has acquired thesis stocks as iss
investment. The Supreme Court may dilferentiate bet,een tne status
of an coned mbQidisrv and that of a friendly ally like the Pennroad and
the Allegheny Corporations. If the Supreme Court should not find a way
to do tills then Congress will surely make a try at it.
"If four trunk line systems should be ordained then quite likely it will
be deemed in the interest of New England to group all New England
roads, excepting only the Boston & Maine division of the New York
Central, into one strong system which will be in a position to support local
industry by making traffic arrangements with all the tonnage-hungry' trunk
lines and Canadian systems."
The Union Trust Company of Cleveland on Railroad
Progress in 1929.
The railroads in the future, instead of concerning Meat
selves with rail transportation alone, will also purvey transportation on highways and waterways and in the air, and
will co-ordinate all forms of transportation into a single,
Integrated service, the Union Trust Co. of Cleveland predicts. "Into the ultimate future of the roads two fundamentally important and highly conjectural elements enter
—consolidation and aviation," the bank says in its magazine,
"Trade Winds." "No tangible predictions can be made concerning consolidation, but its vital relation to general
national progress makes it indubitable that some decisive
action will be forced within a year or so." The bank adds:
"The railroads are anticipating the growth of aviation. With the motor
bus experience fresh in their minds, railroad leaders face the promised air
Cost of Locomotive Fuel Coal in June Lower Than in competition with the idea that railroads should develop into all around
transportation companies, adapting and co-ordinating other means of
Same Month Last Year.
transportation.
The quantity and average cost per ton of coal used by
"And so the railroads are assisting aviation as an ally, instead of fighting
It as a competitor. The immediate future promises
Class 1 railroads in locomotives in yard switching and developments in the further co-ordination by railroads of some interesting
air and highway
transportation train service during the months of June 1929 transportation with railway service.
"Although up to the present the high rates of air travel have prevented
and 1928 were as follows:
any serious encroachment on rail passenger traffic, railroad men believe
the picture is changing. Many of the air transport operators are reducing
Average Cost per Net Tots.
their passenger rates in an attempt to obtain volume, since the reduction
Nd
Net
Including Direct
a year ago of mail rates almost doubled volume. If the new passenger
Excluding Dina
Tons
Tons
Freight Charges.
Freight Charges.
rates are successful in obtaining the desired volume, it is likely that the
Used.
Used.
air transport operators will either make them permanent or further
1929.
1928.
1929.
1929.
1928.
1928.
reduce them.
Eastern district
4,228,962 4,079,660 $2.47
$2.50
$1.91
$1.96
"The full extent to which railroads will be influenced by aviation Is
Southern district.... 1,816.351 1,808,715
2.00
2.07
1.69
1.75
purely conjectural, because aviation itself is in so early a period of its
Western district ____ 2,484,343 2,437,534
2.62
2.88
2.49
2.72
formative stage that virtually nothing is certain. That railroad participaTotal United States_ R.529.656 8,325,909 $2.41
$2.55
$2.14
$2.03
tion will benefit aviation and already has benefited it, is acknowledged by
Notts.—The averages, both those Meted ng direct freight charges and those oscine aviation leaders.
Mg such chat gee, as shown above, Include charges for labor and supplies incidental
"The establishment of the two transcontinental air-rail routes particularly
to the handling of the coal.
called attention to what is now the greatest weakness in aviation--the
lack of adequate air passenger terminals. The two air-rail enterprises
took the lead in developing
F. J. Lisman Sees Hopeless Tangle in Railroad Con- air transport operations." terminals properly equipped to handle modern
solidation in Event Five or Six Systems Are Created
In Eastern Trunk Line Territory.
The Supreme Court and probably Congress would have
to be called in to settle the railroad consolidation tangle
in event the forthcoming plan of the Inter-State Commerce
Commission for railroad unification recommended five or
six trunk lines in Eastern trunk line territory, according
to F. J. Lisman of F. J. Lisman & Co. The Commission,
Mr. Lisman believes, will decide upon a "four trunk line
plan" in view of the existing situation and of the injunction
of the Transportation Act of 1920 to form "a limited number of systems." Mr. Lisman says:
"If the Commission should decide in favor of four Eastern systems then
such a plan could be effectuated almost immediately because the Van
Sweringena actually control the most important lines which they wish
to merge, while the Baltimore & Ohio, jointly with the New York Central,
controls the immensely important Reading and Jersey Central roads.
Presumably the New York Central would acquiesce to the recommendation
of the Commission, although it would want to retain rights over the
Jersey Central with its very valuable terminals on New York Harbor,
The Wabash Railroad and Lehigh Valley Railroad, which in that event
would be allotted to the Baltimore & Ohio, would remain where they are,
nominally independent but under the stock control of a Pennsylvania
Railroad subsidiary. Their future allocations would have to await the
action of the Supreme Court because Mr. Atterbury is quoted as having
said that only the Supreme Court could make him surrender these
properties.
"Should the Commission decide in favor of one or two additional
systems, then several lines controlled by different companies would have
to be pried loose from their present ownership. The Western Maryland
would have to be relinquished by the Baltimore & Ohio, the Wheeling &
Lake Erie by a inkling company of the Van Sweringens and the Wabash
by the Pennsylvania. It does not seem in the least likely that the very
-Hour Week.
Post Office Clerks to Ask a 44
A dispatch from Washington Aug. 27 to the New York
"Times" stated that the chief subject of discussion scheduled
for the convention of the National Federation of Post Office
Clerks, which will meet in New York Sept. 2, will be a
move to obtain legislation granting post office clerks a Saturday half holiday, or a 44
-hour working week. It is expected
that the convention will be attended by 3,000 delegates,
representing a membership of 50,000.
29,252 Miles of State Highways Improved Last Year—
Expenditures By States $764,648,134.
During 1928 the 48 States improved a total of 29,252
miles of their highway systems, according to figures received from the States and compiled by the Bureau of
Public Roads of the United States Department of Agriculture. This is an incrense of 2,530 miles over the 1927 figure
of 26,722 miles, says the Department, which, under date
of
August 24, adds:
The 1928 total includes 8,875 miles of graded and
drained roads and
20,577 miles of new surfacing. Of the roads surfaced,
13,843 miles were
previously unsurfaced and 3,587 miles were previously
improved with a
type of surface lower than the one newly applied.
The remaining 3,147
miles were previously improved with the same
type of surface, and the
work done during the year is therefore classed as
The total of 20,577 miles of surfacing placed is reconstruction.
classified by types as
follows: 1,200 miles of sand-clay and topsoil ;
9,823 miles of gravel;
1,006 miles of water-bound macadam; 1,979 miles
of bituminous macadam;
225 miles of sheet asphalt; 873 miles of
bituminous concrete; 8,055 miles
1386
FINANCIAL CHRONICLE
of Portland cement concrete, and 116 miles of brick and other block
pavements.
Texas heads the States in the year's improvement with 2,356 miles.
Kansas, with 1,785 miles, ranks second; Arkansas, with 1,673, is third.
Iowa improved 1,345 miles, and Illinois 1,344, ranking fourth and fifth
respectively. Minnesota, with 1,243 miles, is sixth; North Dakota, with
1,230, is seventh; New Mexico, with 1,052, is eighth; Kentucky, with
1,021, is ninth, and Ohio, with 928 miles, is tenth.
The State systems at the end of 1928 had 306,442 miles of highways,
according to figures given to the Bureau. Of this total, 193,138 miles
were surfaced roads, 31,755 miles graded and drained, and 81,549 miles
were unimproved and partly graded highways. This is an increase of
13,090 miles over the 1927 total figure. The surfaced mileage is made up
of the following types of pavement: 13,499 miles of sand-clay and topsoil;
93,124 miles of gravel; 18,142 miles of waterbound macadam; 15,200
miles of bituminous macadam ; 1,498 miles of sheet asphalt; 5,392 miles
of bituminous concrete; 42,957 miles of Portland cement concrete, and
3,326 Miles of brick and other block pavements.
During 1928 the States spent $764,648,134 for State highway and bridge
work under the supervision of the State Highway Departments, made up
as follows: For construction and right of way, $536,294,303; for maintenance, $158,878,573; for equipment and machinery, $20,505,483; for
interest on outstanding bonds and notes, $37,637,034, and for miscellaneous
expense, $11,332,741. The States also paid out $27,016,499 in retirement
of the principal of outstanding bonds and notes and transferred $35,885,350
to county and town funds for local roads, making a total disbursement of
$827,549,983. At the end of 1928 there was an unexpended balance of
available funds amounting to $205,221,565 for all States.
For 1928 there was available to the 48 States for State highway and
bridge work under supervision of State Highway Departments a total of
$1,035,486,474, made up of an unexpended balance of the previous year's
funds of $186,159,876 and a total income of $849,326,598. Of the total
income, motor vehicle fees of $259,134,820 and gasoline tax receipts of
$234,163,826 allotted to State highways represent over 68%. Sales of
State bonds and notes issued for State highways of $121,483,599 form more
than 14% of the total income, while Federal-aid fund allotments of
$80,798,365 represent more than 9%%. Highway taxes levied in several
States amounted to $11,955,782, and appropriations by several States
amounted to $42,468,386. Miscellaneous incomes were reported as $12,611,916 and funds transferred from local authorities as $86,709,904.
American Merchant Marine, Aviation and Congressional Legislation Affecting American Trade and
Commerce Discussed in Report of Commerce and
Marine Commission of A. B. A.
The Commission on Commerce and Marine of the American Bankers' Association has issued a report in pamphlet
form on developments in domestic and foreign affairs having a bearing upon the commerce of the United States. The
pamphlet covers the following subjects:
Domestic affairs: American merchant marine; American railroads, railroad consolidation ; railroads and automotive transportation ; aviation;
Congressional legislation that might affect American trade and commerce,
Mississippi flood control act, Boulder Dam legislation, foreign trade zones;
brokers' loans; American agriculture.
Foreign conditions: Stabilization of currencies; reparations; InterAllied debts; documents used in carrying on international commercial
operations, uniform bills of lading, protection of letters of credit, differences in American and foreign laws covering such matters as forged
indorsements and regulations having to do with receipt and delivery of
goods; developments in special countries where the commercial interests
of the United States might be strongly affected.
•
The members of the Commission on Commerce and
Marine are:
Fred I. Kent, Director Bankers' Trust Company, New York, N. Y.,
Chairman;
W. S. Bucklin, President National Shawmut Bank, Boston, Massachusetts,
Vice-Chairman;
Chellis A. Austin, President Seaboard National Bank, New York, N. Y.;
A. P. Giannini, Chairman Advisory Committee, Bank of Italy National
Trust and Savings Association, San Francisco;
Walter W. Head, President State Bank of Chicago, Chicago;
Clay H. Hollister, President Old Kent Bank, Grand Rapids, Michigan;
J. R. Kraus, Vice-President and Executive Manager The Union Trust
Company, Cleveland, Ohio;
F. M. Law, Vice-President First National Bank, Houston, Texas;
Robert F. Maddox, Chairman of Board, Atlanta & Lowry National Bank,
Atlanta, Georgia;
Charles B. Mills, President Midland National Bank & Trust Company,
Minneapolis, Minnesota;
Lewis E. Pierson, Chairman of Board, Irving Trust Company, New
York, N. Y.;
Jackson E. Reynolds, President First National Bank, New York, N. Y.;
J. R. Washburn, Vice-President Continental Illinois Bank dc Trust
Cotnpany, Chicago;
•
F. 0. Watts, Chairman of- Board, First National Bank, St. Louis,
Missouri;
Joseph Wayne, Jr., President Philadelphia National Bank, Philadelphia,
Pennsylvania;
IV. Espey Albig, Secretary, 110 East 42nd Street, New York N. Y.
[VoL. 129.
example of good management, analyzing our own bank, the
laws of operating expense, the laws of loan administration
expense, operating expense ratios—per cent. of gross income, charge-offs and recoveries, analysis of earning assets
and income therefrom, cost of making loans, the cost of
transactions in various departments, profitable savings
accounts, N. S. F. checks, float charges and interest paid,
salary costs and efficiency, analysis of cost of deposit accounts, and problems of commercial bank management.
Los Angeles Will Entertain Stop-Over Delegates to
San Francisco Convention of A.B.A—September
30
-October 3.
Delegates to the annual convention of the American Bankers' Association Convention at San Francisco, Sept. 30-Oct. 3,
who can arrange to visit Los Angeles, going or coming, are
invited to visit the city. A committee has been appointed
by Henry M. Robinson, President of Los Angeles Clearing
House Association, consisting of the following:
W. D. Longyear, Vice-President, Security First National Bank, Chairman;
Frank C. Mortimer, Vice-President Citizens' National Trust & Saving
Bank, Acting Chairman;
J. R. Page, Executive Vice-President, California Bank;
V. H. Rosetti, Vice-President, Farmers' and Merchants' National Bank ;
Ben. R. Meyer, President, Union Bank and Trust Company;
E. J. Nolan, President Bank of America of California;
H. R. Erkes, Vice-President, Bank of Italy National Trust and Savings
Association.
A number of special trains are scheduled to stop at Los
Angeles for at least a day, and the hope is expressed that
delegates going by steamship will avail themselves of the
hospitality planned for them by the Los Angeles Clearing
House Association. The invitation includes not only the
delegates themselves, but likewise members of their families.
Headquarters will be maintained at the Los Angeles Biltmore and the Hotel St. Francis, San Francisco. A reception
committee will meet trains and steamers on which delegate:
may be arriving, and the entertainment plans include automobile tours about the city and surrounding territory, golf
at a number of well known country clubs, and visits to
motion picture studios. Delegates desiring to avail themselves of the invitation are requested to advise Frank C.
Mortimer (Acting Chairman), 47 South Spring Street, Los
Angeles.
Alumni Dinner of San Francisco Chapter of American
Institute of Banking To Be Held During Annual
Convention of American Bankers' Association at
San Francisco.
Preparations are announced by San Francisco Chapter of
tile American Institute of Banking for the alumni dinner
which will be held during the annual convention of the
American Bankers' Association in this city, September 30
to October 3. The dinner gathering of the institute will be
the outstanding function to be given by the organization
in connection with the national convention. The affair has
been set for Tuesday evening, October I, at the St. Francis
Hotel, one of the two hostelries that will serve as joint
headquarters for the bankers' convention, the other being
the closely adjacent Hotel Sir Francis Drake Appearing
;
as the principal speaker at the alumni dinner will be W. J.
Evans, Assistant Federal Reserve Agent of the Federal
Reserve Bank at Dallas, Texas. Mr. Evans is President of
the American Institute of Banking. Frank M. Totten, VicePresident of the Chase National Bank of New York and
former President of the Institute, will preside as toastmaster. Edwin V. Krick, of San Francisco, a past President
of the Institute, is Chairman of the local committee in
charge of the arrangements.
Banking circles in San Francisco are engaged in making
impressive preparations for the reception of the delegates
and the handling of the convention sessions. The general
committee is composed of W. E. Wilcox, Chairman; A. J.
Mount, Acting Chairman; Russell Lowry, Vice-Chairman;
F. E. Wolfe, Treasurer; H. E. Rush, Secretary; E. Avenali,
Leon Bocqueraz, John U. Calkins, C. J. Deering, John E.
Fitzpatrick, Mortimer Fleishhacker, H. It. Gaither, F. C.
Harrison, Bruce Heathcote, Harris C. Kirk, W. F. Morrish,
E. J. Tobin and George TournY.
Clearing House Section of A. B. A. Issues Booklet on
Commercial Bank Management Under Title of
"Profit and Loss Operations."
The Clearing House Section of the American Bankers'
Association has issued a booklet on "Profit and Loss Operations," as the second in the series of publications on commercial bank management which it is publishing as a
result of its investigations of banking conditions and in Reopening of Tampa (Florida) Bank—Other
Closed Florida
furtherance of betterments in banking practice. The first
Institutions Reported Reopened—New Laws Permits
booklet dealt with "Loan Administration Policies." The
Opening Under "Freezing" Provisions.
present booklet covers the following subjects: Scientific
The First Bank of Port Tampa Oity (Florida) one of the
expense control, trend of earnings, a story of two banks, institutions reported closed in July (referred to in these
1
AUG. 31 1929.]
FINANCIAL CHRONICLE
1387
a sysFarm storage for grain, declare Bureau officials, will make possible
, make
tem of more orderly marketing, reduce car shortage and embargoes
to clean
it possible to handle the crop with less hired help, make it possible
the need of piling the
grain on the farm and at country elevators, prevent
to condition damp
newly threshed grain on the ground, make it possible
to sell wheat on
grain before selling it on the market, and enable farmers
a protein basis.
out, in years of
Farm storage is especially advantageous, it is pointed
of grain from previous
large crops in which there is also a large carry-over
market gluts which may cause
crops in store in elevators, in preventing
study supply and demand
price declines, giving farmers an opportunity to
grain on what they consider to
conditions, and enabling them to sell their
be the most favorable market.
terminal markets, farmers are
To prevent car shortages or embargoes at
in properly constructed farm
urged to place at least a part of each new crop
country and terminal elestorage bins so as to enable the railroads and the
the marketed grain. It is pointed
vator operators to better handle and move
from local markets, less help
out that on farms located at some distance
combine or threshing machine
will be required to move the grain from the
to market. Grain placed in
to the farm bin than is required to haul direct
hauled later to local markets by
storage on farms at threshing time can be
farmers themselves.
high percentages of dockage
Farm storage in areas in which grain contains
of grain on the farm; the clean
or other foreign material permits the cleaning
is used for feed. Storing part of
grain brings a better price, and the dockage
the marketing period and gives the
each new crop on the farm lengthens
also stated:
clean any grain that is received
27) country elevator operator an opportunity to saves freight on the dockage.
This
The Citizens Bank of Frostproof will be reopened today (Aug.
of from farmers in an uncleaned condition.when the country elevators and the
according to W. U. Etheridge, examiner in charge. The reopening
The Bureau's survey has shown that
the Port Tampa bank was without any celebration, but $28,000 had railroads, and sometimes the terminal elevators, can not handle and move
time.
farmers who are not equipped with
been deposited at closing
grain as fast as it is received from farms,
threshed grain
From the Atlanta "Constitution" of Aug. 28 we take the farm storage facilities frequently are compelled to pile their trash is mixed
by rain and
following Associated Press account dated Tampa, Aug. 27: on the ground. This grain often becomes spoiled at a lower grade and for a
be sold
In a statement made public today E. P. Jackson, State Bank Examiner, with it, with the result that the grain must content or the excess of foreign
estimated that five closed banks here would pay their depositors 71% lower price on account of high moisture
material.
of their money or better. He listed pospects as follows:
of the Department of AgriculDiscussing protein premiums, economists
Citizens Bank & Trust, 82%; Lafayette, 71; Fraklin, 87; Citizens
premiums for hard wheats of high protein
of Nebraska Avenue, 88, and American bank, 100.
ture declare that the payment of
many of the interior terminal
When the money can be paid depended on how fast debtors can meet content has become a common practice at
to farmers at
he added. The figures were based on today's pros- markets. Protein premiums are now also being paid direct pring wheat
their obligations,
and bard-red-s
country elevators in the hard-red-winter
pects, he added, and may be revised, either upward or downward.
many
grain area, however, country
His statement for the Citizens Bank & Trust shows an estimated areas. During the harvesting period in any
grain on a protein basis
loss to the bank of five and three-quarter million dollars of which elevator operators often have difficulty handling to Its protein content.
nearly two and one-half millions will be depositors money. Their claims and usually must bin the wheat without reference of the wheat into farm
part
were given as $13,858,213.95. The others were small banks, all except This situation may be overcome by putting a
protein content, and marketing
the American being affiliated with the Citizens Bank & Trust.
storage at time of threshing, testing for
on Aug.
columns July 20, page 422) reopened for business
provision of a new State law that permits such
24 under a
g" 90%
action if 75% of the depositors agree to "freezin
to this
of their money for a period of four years. Advices
Associated Press dispatches from
effect were contained in
Tampa, Aug. 24, which added:
business
This was the second of the closed Florida banks to resume
operations
this week, the State Bank at Bowling Green resuming
earlier in the week.
withUnder the agreement, officials made available for immediate 90%
drawal 10% of the deposits. Certificates of deposit for the other mortwere issued and are negotiable in the same manner as bonds,
gages, &c. James G. Yeats is President of the (Port Tampa) institution.
Several other banks are negotiating for resumption under provisions
•
of the law.
The closing of the State Bank of Bowling Green, Bowling
20
Green, Fla., was also noted on Page 422 of our July
Issue. Tampa advices Aug. 27 published in the "Wall Street
24
News" announced the resumption of business on Aug.
by the Bank of Pasco City, at Dade City, Fla. The dispatch
The following further Associated Press advices, from at a later date.
Department may be portable or staGrain storage recommended by the
Tallahassee, Fla., Aug. 29, appeared in the New York
permanent construction. Complete
tionary, and of either temporary or
obtained from the Bureau of
"Herald-Tribune" of Aug. 30:
drawings for the structures may be
working
Washington,
Numerous announcements of organization of new banks and reopen- Public Roads, United States Department of Agriculture,
unless the
ing of closed institutions were on record today, as liquidators working D.C. All farm grain bins, it Is pointed out,should be ventilated
bin to anover the books of many banks that recently closed pushed efforts to equipment is such that damp grain can be transferred from one
discusses fully
leaflet which
adjust their affairs.
other to prevent heating in storage. A printed
Copies may,be
Governor Doyle E. Carlton recently expressed the belief that the the advantage of farm storage of grain will be issued soon.
Agriculture, Washstate "had turned the corner" and today business men throughout Florida obtained free by addressing the U. S. Department of
Grain Storage.
spoke in the same terms.
ington, D. C.. and asking for Leaflet 46, Farm
Organization of the Bank of Deland with $50,000 capital and $25,000
IES, ETC.
surplus under a charter granted by the State Banking Department was
ITEMS ABOUT BANKS, TRUST COMPAN
announced yesterday.
membership of J. Herbert
The New York Stock Exchange
Application Filed With United States.
transfer to Otto A.
At the same time, it was learned, an application has been entered with Ware, Jr., was reported posted for
the Federal Comptroller of Currency for establishment of the Florida Schreiber, the consideration being stated as $464,500.
National Bank of Deland. The application, it was learned, had been
made through Edward Ball, Vice President of Almours Securities, Inc.,
transfer of a
Arrangements are reported made for the
$200,000,000 Jacksonville corporation, and Ben Wethers, Vice President
$110,000, a new
Florida National Bank of Jacksonville. Almours Securities, Inc., Chicago Stock Exchange membership for
of the
is headed by Alfred I. du Pont.
high mark.
Opening of the Bank of Deland will mark the presence of the first
New York
financial institution in the Volusia County seat since the Volusia County
Following the action of the Governors of the
Bank and Trust Company and the First National Bank closed there
suspend trading
Stock Exchange on Aug. 28 in voting to
early in July.
The interests seeking a charter fo rthe National Bank of Deland to-day (Saturday), other Exchanges of this city and elsealready have organized a Florida National Bank at Lakeland and are
to avail of a three day cessation of business
reported to be seeking Federal permission to organize a Florida National where decided
to the holiday on Monday next (Labor Day). 'The
at Orlando.
Bank
incident
Chicago Board of
Several Banks to Reopen.
New York Cotton Exchange and the
to-day; the New
The last few days have seen the reopening of several closed Florida
Trade will be open for the trading as usual
banks under the new state banking law which enables the State CompExchange will also be open to-day-, but for
troller to "freeze" a certain per cent of deposits for such time as he York Produce
deems necessary to place the various institutions on a sound footing. trading in grain only. The New York Curb Exchange, and
gh, Cleveland,
The most recent of this class of banks is the Bank of Frostproof, which
the Boston, Chicago, Philadelphia, Pittsbur
opened Tuesday after being closed for several months.
Detroit, Los Angeles, San Francisco
Circuit Judge Johnson, sitting in Tallahassee, denied an application Cincinnati, Buffalo,
of State Comptroller Ernest Amos for permission to reopen the First and Montreal Stock Exchanges are among those which will
American Bank and Trust Company of West Palm Beach under the
-day as a holiday.
"freezing" provisions. Judge Johnson held that the bank was insolvent observe to
The Board of Governors of the New York Hide Exchange
and "not susceptible of being placed in a safe and sound condition."
the exchange to-day
Reopening of the institution had been contested by two depositors voted on Aug. 28 to suspend trading on
on the ground that such action would result in impairment of con- but passed a resolution to the effect that in all other respects
tractual obligations existing before its closing. Comptroller Amos had the day should be regarded as a regular business day on the
Planned to reopen the bank if 75% of the depositors agreed, the exchange, particularly in regard to transferable notices.
remaining deposits to be "frozen."
Notice of appeal from the decision had been filed.
Interests identified with the Chemical Bank & Trust ComIn addition to the item in our July 20 issue on the
York are forming a new corporation to be
Florida bank failures, a further item was published in our pany of New
known as the Chemical National Associates, Inc., capital
of July 27, page 576.
issue
$40,000,000, with headquarters at 165 Broadway, New York
Farm Storage of Wheat Urged on Growers
City. This corporation will be incorporated under the laws
A nationwide program in which wheat growers are being of the State of Delaware with broad powers, among others,
for storing grain on farms in
urged to increase their facilities
hold, or exchange securities, participate in
order to distribute marketings throughout the season to pre- to buy, sell,
vent gluts and to secure the premiums for high protein con- syndicates, underwritings'and in other financial transactent is being launched by the Bureau of Agricultural Eco- tions, control, manage or operate companies. The Chemical
nomics, United States Department of Agriculture. A state- National Company, Inc., an affiliation of the Chemical Bank
ment in the matter issued by the Department July 3 says: & Trust Company, will elect the Board of Directors and
Recent surveys by the Bureau in the hard-red-winter and hard-red-spring
ent. It is expected details of the
wheat areas have shown that a larger proportion of the crop each year is control the managem
being marketed during the early months of the new crop. The result is formation of the proposed corporation will be announced
and the railroads are taxed to the
that the facilities of the country elevators
shortly.
it becomes physically impossible during this rush Period to handle
limit, and
the wheat according to its protein content.
1388
FINANCIAL CHRONICLE
[VoL. 129.
At a meeting of the Board of Directors of the Chemical
National Company, Inc., on Aug. 29, Joseph A. Bower was
elected President and a Director. Percy H. Johnston, heretofore President, was elected Chairman of the Board. The
office of Executive Vice-President was created, and N. Baxter Jackson, formerly Vice-President of the Company, was
elected to fill this office. Until recently Mr. Bower was a
Vice-President of the New York Trust Company. At a
later date he will become a director of the Chemical Rank &
Trust Company of New York.
formerly President of the National Park Bank, becomes
President of the bank and Vice-Chairman of the Board of
the Securities Corporation. Robert L. Clarkson, formerly
President of the Chase, becomes Vice-Chairman of the
Board of Directors.
Officers and employees of the National Park Bank join
the official and clerical staff of the Chase, many of them
having transferred to the head office of the bank, at Pine
Street, Corner of Nassau, in the new Chase National Bank
Building. Preliminary to effecting this change, the Board
At the regular meeting of the Executive Committee of of Directors approved the following appointments, all of
the Board of Trustees of the Equitable Trust Company of whom were former Park Bank officers and who now assume
New York, on Aug. 27, Harold R. Robinson was appointed official position with the enlarged Chase National Bank:
Vice-Presidents: Maurice H. Ewer, Hugo E. Scheuermann,
Ralph L.
an Assistant Vice-President.
Cerero, Jay 1). Rising, Harold W. Vanderpoel, James Bruce,
Peter F. Reilly, at present with the Continental Illinois
Bank & Trust Company of Chicago, has been appointed an
Assistant Secretary at Manufacturers' Trust Compan
y of
New York, according to an announcement made by
Henry C.
Von Elm, President of the latter institution. Mr. Reilly
will undertake his new duties on September 3.
The Central Hanover Bahl( and Trust Company of New
York announces the appointment of Arthur F. Clarke
and
Daniel A. Hohman as Assistant Secretaries.
Walter S.
Jelliffe, Arthur W. McCain, Claude H. Beaty, Frederick 0. Foxcroft
;
Second Vice-Presidents: William A. Main, William C. Macavoy,
John
Matthews, Jr., Louis H. Ohlrogge, John B. Heinrichs, Dale Graham,
Roland
0. Irvine, Stanley F. Ketcham, William F. Latus;
Assistant Cashiers: William E. Douglas, Henry L. Sparks,
Byron P.
Robbins, Joseph E. Ullman Kenly Saville, Harold
Truslow, George C.
Braden, Arthur R. Brown, Zawrence C. Freer, Richard C. Piper,
Frank A.
Conefrey;
Assistant Trust Officers: Lester A. Hraushaar, Caspar
A. Blass, Horace
Tomlinson;
Assistant Managers, Foreign Department: Oscar Armbrust
er, Louis
Dezzi.
It is also announced that the directors of the
Chase
National Bank have elected Byron P. Robbins, formerly
The Irving Trust Company of New York announced, on Assistant Cashier, a Second
Vice-President. Fred G. Kraft
Aug. 27, the appointment of John E. Larney, of Brooklyn, was appointed an
Assistant Cashier.
as a member of the Advisory Board of its office in downIn Chase Securities Corporation, Charles S. McCain
and
town Brooklyn, 350 Fulton Street.
James B. Forrestal are added to the Board of Directo
rs;
The merger of the Chase National Bank and the National Robert J. Whitfield becomes Vice-President, and Edward S.
Park Bank, both of New York, became effective on Aug. 26. Flash and Walter A. Paxton, Assistant Vice-Presidents.
Under the plan of consolidation a share-for-share
The consolidation joins the 73
exchange
-year-old National Park Bank of the $20 par
stock of the Chase and Park was approved
with the 52-year-old Chase institution, which is a little
by shareholders of both institutions on August
more than half a century has grown to occupy an enviabl
12th, after
e declaration of an equalizing stock
dividend to shareholders
position among the first seven or eight largest banks of
the of Chase National Bank and
Chase Securities Corporation
world. The growth of the Chase is shown by the Met that
on the basis of one new share for each eight
the original capital of $300,000 is to-day 350 times greater
held. At current prices, the total market value of the 5,250,0
than It was when the bank was established in 1877. By
00 shares of
Chase stock outstanding is $1,118,250,000. The
virtue of the merger the consolidated institution will have
consolida28 offices in Manhattan and Brooklyn, three foreign offices, tion of the interests of Chase Securities Corporation, with
its recent affiliation, American Express Compan
and representatives in England, France, Germany and Italy.
y, and
Parkbanc Corporation, was also effected as of
The consolidated institution has capital of $105,00
August 26.
0,000, The consolidated institution takes rank
as one of Amersurplus of $105,000,000, and undivided profits of not
less ica's largest wholesale and retail
securities companies.
than $28,000,000, or a total capital structure of $238,000,000.
During the past two years since Chase Securities
The capital funds of Chase Securities Corporation after conCorporation entered the field of retail securities dealing
it has
solidation with the Parkbanc Corporation add over $100,established offices in many key cities of the United
States,
000,000 to the above figures, giving the entire Chase orand also has representatives abroad. Recent items
relative
ganization total capital funds in excess of $340,000,000.'
to the consolidation appeared in our issue of
August 17,
The official statement of condition of the enlarged Chase
page 1069, and August 24, page 1235.
National Bank is awaited with interest, as several capital
changes have occurred since the June 29 1929 figures were
At a meeting of the Executi- ve Committee of
the National
made public.
City Bank of New York, on August 27, Vincent
De P. Jamme,
The Chase National Bank claims to rank first In this Assistant Cashier, was
appointed an Assistant Vice-Presicountry in point of capital funds—its capital, surplus and dent.
undivided profits totaling $242,069,453, according to a statement as of the close of business August 26, the first busiThe Bankus Corporation, the investment
affiliate of the
ness day following the merger with the National Park Bank of United States of New York City,
opened its first
Bank. This figure does not include capital funds of
Western office at 208 S. LaSalle Street, Chicago
the
, on August
Chase Securities Corporation, which are in excess of $100,- 26, following the practice of other prominent
Eastern bank000,000. It compares with $235,260,406 capital funds of ing institutions. The Chicago 'office will be
in charge of
the National City Bank as shown in the latest published Paul V. Warde, who has been in the investm
ent business in
statement as of June 29, and with capital funds of $186,- LaSalle Street for fifteen years. Following the
rapid
418,167 for the Guaranty Trust Company on the same date. growth of the Bank of United States from
a capital of
On August. 26 the Chase National had resources totalin $100,000 in 1913, to 1928 when capital,
g
surplus and un$1,497,876,996. This compares with combined resources of divided profits were in excess of $13,000,000, its investm
ent
the Chase and the National Park Bank of $1,382,058,052
on affiliate, Bankus Corporation, was founded upon the conJune 29, the date of the last statements to the Comptroller solidation of the City Financial Corporation
with the bank.
of the Currency. This increase of $115,81
8,943 does not Present resources are in excess of $340,000,000. Consolialter the bank's position as the
third largest in the country dated Indemnity Co., of which Alfred E. Smith, former
in point of total resources,
but it brings the Chase within Governor of New York, is a Director, is owned by Bankus
$58,133,964 of the total reported on June 29 by the Guaranty Corporation. The corporation, it is announced,
has a broad
Trust Company, bolder of second
place. Deposits on Au- charter and wide powers of investment and functions as
gust 26 totaled $1,064,
the direct investment affiliate of the bank.
088,956, an increase of $56,527,196
over the combined totals two
months ago.
The question of merging the
The directors of the two
banks constitute the Board Brooklyn (capital $200,000) into Erasmus State Bank of
the Globe Exchange Bank
of Directors of the consolidated
bank. Albert H. Wiggin, of the same borough (capital $1,100,000) will
be acted upon
who for many years has
guided the destinies of the at meeting of the stockholders of the two banks on Aug. 22.
Chase National Bank, continu
es to hold the Senior Ex- It is planned to increase the capital of the Globe Exchange
Bank to
ecutive position as Chairman
of the Board of Directors, "Eagle 31,250,000. In its issuo of Aug. 29, the Brooklyn
" said:
with John McHugh, formerly
President of the Mechanics'
Tentative terms, it was learned to-day, Provide
& Metals Bank, which merged with the
for the exchange of
Chase in 1926, as three shares of Globe Exchange stock for each four of Erasmus state.
Chairman of the Executive Commit
Globe Exchange is now quoted around 425 and Erasmus
tee. Charles S. McCain, Brooklyn
at 270 bid by the
Commerce Co. Erasmus has risen more than
100 points in the
Am.31 1929.]
FINANCIAL CHRONICLE
rumors of an
past three weeks, and has almost doubled in value since first
Impending merger began to circulate.
a smaller
The proposed merger, if ratified, will be the third acquisition of
Bank
bank by the Globe Exchange during the past year. Late in 1928, the
Bushwick
of Glendale. Queens, was absorbed, and in April this year the
29 stateNational Bank of Brooklyn was taken over. On the basis of June
ments, the Globe Exchange Bank will have resources of about 314,600.000
after the consolidation.
The Thames National Bank, of Norwich, Conn., has
relinquished its National charter and converted to a State
Institution under the title of the Thames Bank. The stockholders of the Thames National, at a special meeting, Aug. 2,
voted to place the institution in voluntary liquidation, and
elected W. T. Crandall liquidating agent. An announcement, August 3, by Nathan A. Gibbs, Cashier of the bank,
•
adds:
The Thames Bank resumed business under the General Laws of Connecticut, with all the rights and powers which it possessed under its
original charter from the State of Connecticut, passed in May 1825,
together with all other rights given to all State banks and trust companies under the general laws of this State.
The Thames Bank took over all of the assets of the Thames National
Bank and assumed all of its liabilities.
The present officers and directors of the Thames National Bank are
continued as officers and directors, respectively, of the succeeding State
bank. There will be no change in the amount of the capital stock, or of the
par value of each share, or in the certificates of the Thames National Bank,
which will represent the ownership of the Thames Bank. The Thames
National Bank checks will be honored by the Thames Bank and its
correspondents as long as the present supply shall last.
The Thames Bank continues as a member of the Federal Reserve Bank
of Boston.
The bank has a capital of $1,000,000.
Supplementing our item of Aug. 17 (page 1070), with reference to the appointment of William T. McCaffrey, a VicePresident of the Union Trust Co. of Rochester, N. Y., as
President of the newly organized Lincoln National Bank of
Syracuse, N. Y., we take the following from the Rochester
"Democrat" of August 16:
Banking circles were interested yesterday in the announcement that
William T. McCaffrey, Vice-President of the Union Trust Company, had
been selected as President of the newly organized Lincoln National Bank
of Syracuse.
There was some speculation as to whether the new appointment would
lead to Mr. McCaffrey's breaking his connection with the Union Trust
Company. In answer to that query, it was stated that Mr. McCaffrey
would remain a director of the Union Trust Company and a member of its
Executive Committee, and that he also would continue as a Director of the
Union Rochester Share Corporation. His services in an advisory capacity
will be devoted particularly to the Bank of Rochester office of the Trust
Company, with which he has been associated.
President Frederick %V. Zoller, of the Union Trust Company, expressed
his pleasure that a Union Trust official had been chosen for the leadership
of the new Syracuse bank. A strong group of Syracuse business men are
behind the bank, which will have a capital and surplus of more than
$2,000,000. Its application for a National Bank charter was approved
recently by the Comptroller of the Currency of the United States, and the
bank will begin to do business in the Fall.
1389
People's Savings & Trust, with capital of $4,000,000, surplus of 9,000,000
and undivided profits of $1,277,113, had total resources as of June 29
1929 of $55,954,564. Pittsburgh Trust, with capital of $2,000,000, surplus
of $2,000,000 and undivided profits of $897,701, had total resources as of
the same date of $23,380,522.
Stock of People's Savings & Trust has been selling at $195 per share,
while that of Pittsburgh Trust recently climbed to $400 per share.
The basis of merger will be two and one-half shares of $20 par value
of stock of the consolidated institution for each present share of $100 par
of the Pittsburgh Trust and one share of the $20 par of the consolidated
institution for each share of $20 par of People's Savings & Trust.
From the same paper we take the following:
Referring to the proposed merger, A. C. Robinson, President of People's
Savings & Trust Company of Pittsburgh, said:
"The proposed merger and consolidation has been under consideration
of each institution by
for some time, and is the result of careful study
It is based on the
the officers of each and review by the directors.
supported by its earning
intrinsic value of the stock of each institution
which can be introduced through the consolidapower and by the economies
company.
tion, and the prospect for increased business by a larger
con"The strong tendency throughout the United States toward the
economic principles.
solidation of banks into larger units is based on sound
and private enterprises in this
The great size reached by corporations
The cost of banking is
country requires larger banking accommodations.
of service rendered to
rising, owing to the increased amount and quality
furnished by large institutions
the clients of the banks, which can only be
a large volume of business
which can afford these facilities. It is only by
of profits that a bank can give
and large deposits with the narrow margin
which they are entitled.
the service which its clients require and to
well managed and successful,
"The Pittsburgh Trust Company, although
its present insufficient
with a strong board of directors, has recognized that
of its business. The merger
quarters do not permit of a further expansion
but will permit of increased faciliwill not only take care of its customers
People's Savings & Trust Company.
ties for them ir, the ample offices of the
Pittsburgh with this increased
The People's Savings & Trust Company of
from the directors,
business and the able assistance which it will secure
Trust Company, all of whom will
officers and employees of the Pittsburgh
institution, will be able to give
become connected with the consolidated
customers."
still further advantages to its own
Trust Company, said:
Louis II. Gethoefer, President of the Pittsburgh
builded up a moderate-sized
"While the Pittsburgh Trust Company has
established its reputation as a well-managed and
and profitable business,
to the community, it has
conservative institution and proved its usefulness
its desire to extend its
nevertheless been handicapped to some extent in
here and elsewhere and to enlarge those
service to the larger institutions
now enjoy; therefore, it welcomed
facilities which its friends and customers
quick and adequate solution of its problems.
the proposed merger as a
the splendid and larger
"This merger will enable our customers to enjoy
modern and comprehensive equipbanking offices of our new company, its
its larger resources. The comment and to fkare in the advantages of
companies will make the consolidated company
bined resources of the two
and equip it to extend to the
one of the larger in Western Pennsylvania
those facilities for which
larger industries and merchants of that territory
elsewhere.
they too frequently must go
are
"Under the plans of the merger all of the officers and employees
and customers of the Pittsburgh
taken care of by the consolidated company,
will not be the slightest interruption
Trust Company are assured that there
officials and employees."
in their relations with favored
Assistant Treasurer C. J. Jindra has been appointed
Manager of the Kinsman-140th office of the Union Trust of
Cleveland, Ohio, to succeed the late Vice-President, C. D.
Hajek. Mr. Jindra started his banking career in 1904 with
the Broadway Savings & Trust Company. When the two
merged in 1921 he wag made an officer of the Union
The possibility of a merger of the First National Bank of banks
Boston with the Old ,Colonyarust Co. was intimated in the Trust Co.
following in the Boston "Herald" of Aug. 23:
Henry H. Sanger, President of the National Bank of ComFollowing closely the announcement by Philip Stockton. President of the
merce, Detroit, announces the promotion of Walter P. Jacobs
Old Colony Trust Co., that negotiations for a consolidation with another
an Assistant Vice-President
Boston bank, presumably the First National Bank. had been resumed, the from an Assistant Cashier to
market value of the Old Colony stock was marked up $15.000,000 in yester- of the National Bank of Commerce. Mr. Jacobs will have
day's over-the-counter trading. This appreciation represents an advance
bank and bankers' division, which departof $100 a share in the price of the stock. State St.'has been "flooded" with charge of the
formerly headed by Mark B. Peck, Vice-President.
rumors of bank mergers recently, and yesterday's advance marked the ment was
second time within a week that the'Old Colony Trust stock has gained $100
who resigned recently. The new Assistant Vice-President
a share in one day. 1
Bank of Commerce and its comMr Stockton when asked to comment on the possibilities of the Old Colony has been with the National
Trust combining with some other institutions said "For some time we have ponent institutions since early in 1926, and for a greater
boon talking informally about mergers. A week ago I thought the discussion
time he has been closely associated with Mr.
had ended. Since then, however, the subject of consolidation has been re- part of the
nowod, but, of course, no definite action may ensue."
Peck in the bank and bankers' department. Formerly he
Apparently the thought of combining the resources of the Old Colony was connected with the Continental & Commercial National
Trust and First National Bank has been under consideration for some time
engaged in similar work. Mr.
and while considerable progress has been made there appears to he several Bank of Chicago and was
factors of more or less importance yet to be ironed out before definite plans Jacobs was born in Chicago and was educated in the public
can be announced.
schools of that city and at the School of Commerce of
dispatch from Dover (Del.), on Northwestern University. He is also a graduate of the
An Associated Press
American Institute of Banking and a former Governor of
Aug. 28, stated:
the Detroit and Chicago Chapters.
A certificate of amendment changing its name from the First Bank
Stock
Investment Company to the First Bank Stock Corporation was filed with
the Secretary of State to-day. At the same time the incorporation filed
notice of an increase to $250,000,000 in its authorized capital stock.
The concern is an investment trust connected with the First National
Bank of Minneapolis, Minn. It is a Delaware Corporation, but its home
office is in Minneapolis.
Plans for the consolidation of two Pittsburgh institutions
—namely, the People's Savings & Trust Company, and the
Pittsburgh Trust Company—were announced on Aug. 27.
The merger is to be effected under the name of the People's.
Pittsburgh Trust Company. Meetings of the stockholders
of the two institutions are scheduled for Sept. 12, to act on
the proposal. The respective standing of the merging trust
companies is indicated as follows in the Pittsburgh "PostGazette" of Aug. 28, in outlining the basis of the merger:
John A. Mylin, formerly Vice-President of the Union
Bank of Chicago, has been elected a Vice-President of the
People's Trust and Savings Bank, Chicago's "Lake Front
Bank," located on Michigan Avenue at Washington Street.
His activities at the People's Trust will be confined exclusively to new business development. Mr. Nylin started his
banking career as a messenger boy at the National Live
Stock Bank twenty-nine years ago. Since that time he has
been connected with several Chicago banks in various capacities. In 1922 he was President of the Chicago and Cook
County Bankers' Association, at which time, it is stated.
he was instrumental in the introduction of a new system
of early morning clearings.
1390
FINANCIAL CHRONICLE
[VoL. 129.
Supplementing the item appearing in these columns, Aug. operation than his ever before existed between Montana and the Twin
24 (page 1237), regarding the organization of the First Cities.
"Organization of
holding company opens the way to a wider
Bank Stock Corporation by the First National Bank of public participation the new ownership
in the
of leading banks throughout the
Northwest closely associated for a common, constructive purpose under
Minneapolis and the First National Bank of St. Paul, we
strong local management and centralized control."
are giving herewith information contained in the Minneapolis "Journal" of Aug. 22, enumerating the banking inThe Stock Yards National Bank of Omaha, Neb., which
stitutions which have been acquired by the new holding with its two subsidiarie has resources
s
in excess of $13,company:
000,000, became affiliated, on Aug. 23, with the Northwest
Partnership affiliation of the First National Bank of Minneapolis, the Bancorporation of Minneapolis, it is learned from
the MinneFirst National Bank of St. Paul, four large Montana banks, and a North
Dakota bank in a new $250,000,000 bank holding company, which takes the apolis "Journal" of Aug. 23, which also stated in part:
This is the second important banking institution in Nebraska which his
name First Bank Stock Corporation, was announced to-day.
The new holding company will acquire, through an exchange of stock, become affiliated with the Northwest Bancorporation. In July the United
not only ownership of the two First Nationals of the Twin Cities, the States National Bank and United States Trust Company of Omaha united
Montana and North Dakota banks, but 17 banks now controlled by the with the Bancorporation.
Combined resources of banks and trust companies now affiliated in the
First Bank Stock Investment Company, a holding company owned by the
Northwest Bancorporation exceed $267,000,000.
two First Nationals.
Newspapers in Des Moines to-day carried the news that. the Iowa-Des
The First Bank Stock Corporation begins operations with the control
of 34 banks, 18 of which are situated in Minnesota. The affiliated banks Moinees National Bank, a proposed merged institution, might become
will have resources in excess of $341,000,000, making the new corporation affiliated with the Boncorporation. A merger of the Iowa National Bank
and the Des Moines National Bank already has been approved by their
the largest banking organization in the Northwest.
The First Bank Stock Corporation will issue approximately $70,000,000 Boards. According to the Des Moines report, stockholders of th emerged
in stock in exchange for stock of banks entering the holding company, and banks now are considering the Bancorporation affiliation and a definite
will hold in reserve the rest of the authorized capitalization for future decision is expected in 10 days.
The total resources of the Stock Yards National Bank of South Omaha
expansion.
The Montana banks entering the corporation are the Metals Bank & Trust and its affiliated institutions, the South Omaha Savings Bank and the
Cattle Feeders' Loan Company, Inc., is $13,187,000. The capital, surplus
Company of Butte, First National Bank of Great Falls, Western Montana
National Bank of Missoula and the Midland National Bank of Billings. and undivided profits is $1,638,000 and the deposits runeunt to $9,566,959.
Ford E. Hovey, President of the Stock Yards National Bank; John E.
Vie North Dakota bank is the First National Bank of Bismarck.
Formation of the new company makes Minneapolis the headquarters for Wagner, Treasurer of "the Cudahy Packing Company and a Director of the
two of the largest bank holding corporations in the country, the First bank, and J. E. Davidson, President of the Nebraska Power Company and
Bank Stock Corporation with an authorized capitalization of $250,000,000 a director, will become Directors of the Northwest Bancorporation.
The South Omaha bank will become affiliated with the Bancorporation
and resources in excess of $341,000,000, and the Northwest Bancorporation
with an authorized capitalization of $75,000,000 and resources in excess through an exchange of stock. The Nebraska institutions will make no
change in the directorate or officer personnal, and the bank will
of $253,000,000.
bemanaged as in the past.
Officers of the First Bank Stock Corporation, announced to-day, are:
Chairman of Board of Directors, Clive T. Jaffray, Minneapolis, former
The Aug. 15 Issue of the Northwest Bancorporation "RePresident First National Bank, Minneapolis, now President Minneapolis,
- view" contained
the following regarding the institution's
St. Paul & Sault Ste. Marie Railway.
President, George H. Prince, St. Paul, Chairman First National Bank affiliatedDvith the Bancorporation:
of St. Paul.
Five Northwestern banks during the past month have
affiliated themVice-President, Richard C. Lilly, President First National Bank of St. Paul. selves with the Northwest Bancorporatio
n. Stockholders' investment in
Vice-President, Lyman E. Wakefield, President First National Bank, the five institutions amounts to $1,032,442, of
which $475,000 is capital
Minneapolis.
stock, and the remainder, $557,442, an amount in excess
of capital, repreVice-President and General Manager, Paul J. Leeman, Vice-President sents surplus and undivided profits; deposits of
these banks are $11,893,787,
First National Bank, Minneapolis.
and total resources, $13,206,934. Aggregate assets
of the 29 institutions
Other executives of the company are to be named later.
now included in the Northwest Bancorporation amount
to $253,537,170.
John D. Ryan, Chairman of the Board of the Anaconda Copper Mining ... The five banks joining the group during the month
are the National
Company; C. F. Kelley, President, and L. 0. Evans, General Counsel, Bank of Huron, third largest bank of South Dakota;
First National Bank
become members of the Board of Directors of the First Bank Stock Corpo- of 3linot, oldest and largest bank of Northwestern North
Dakota; Citizens'
ration, but will retain their directorshins in the individual Montana banks. National Bank of Wahpeton, in the Red River Valley, in
which region, on
James E. Woodard, President of the Metals Bank of Butte, and Sam the Dakota side, only two cities—Fargo and Grand
Forks—report banks
Stephenson, President of the First National Bank of Great Falls, also of larger size; First National Bank of Rapid City, South Dakota,
situated
become Directors. The rest of the Board includes, in addition to Presidents in one of the most rapidly developing sections of
the State, and in the
of the seven leading railroads
serving the Northwest, one of the strongest sonic section, the Commercial National Bank of Sturgis. The last named
and most representative groups of men ever assembled on the directorate bank, smallest of the new co-operating units, was
established in 1903,
of a financial institution in this
declared its first dividend two years later, and in the ensuing quarter
part of the country.
The following banks are acquired by the First Bank Stock Corporation: of a century has the unusual record of paying dividends
without a single
First Bank Stock Investment Group—First National Bank of Brainerd, interruption. . .. Banks now included in this amalgamation of NorthMinn., capital $100,000, resources $3,824,431 ; First National Bank of western banking strength are:
Graceville, Minn., capital $25,000, resources $902,380; American National
Northwestern National Bank and Affiliated Banks, Minneapolis, Minn.;
Bank in Little Falls, Little Falls, Minn., capital $100,000, resources Minnesota Loan & Trust Company, Minneapolis, Minn.; First
National
$1,774,871; Northfield National Bank & Trust Company, Northfield, Bank, Aberdeen, South Dakota; First National Bank,
Deadwood, South
Minn., capital $100,000, resources $1,306,392; First National Bank, Dakota; First and American National Bank, Duluth, Minn.; First
National
Owatonna, Minn., capital $100,000, resources $2,063,089.
Bank & Trust Company, Fargo, North Dakota; Security National
Bank &
First National Bank of Rochester, Rochester, Minn., capital $200,000, Trust Company, Faribault, Minn.; Fergus Falls
National Bank, Fergus
resources $4,365,743; Merchants' National
Falls, Minn.; National Bank of Huron, Huron, South Dakota; James
Bank & Trust Company of
River
Fargo, N. D., capital $250,000, resources $2,946,402; Red River National National Bank, Jamestown, North Dakota; National
Bank
Bank it Trust Company, Grand Forks, N. D., capital $200,000, resources La Crosse, Wisc.; First National Bank, Lead, South Dakota; of La Crosse,
First National
$784,775; First National Bank, Hebron, N. D., capital $25,000, resources Bank, Mason City, Ia.; First National Bank, Minot,
North Dakota; First
$715,322; First National Bank, Cando, N. D., capital $50,000, resources National Bank, Moorhead, Minn.; United States
National Bank, Omaha,
$781,106.
Neb.; United States Trust Company, Omaha, Neb.; Security
state Bank,
First National Bank, Cooperstown, N. D., capital $50,000, resources Owatonna, Mine.; First National Bank, Rapid City, South
Dakota; Security
$365,009; The National Bank & Trust Company of Jamestown, Jamestown, National Bank, Sioux Falls, South Dakota;
Commercial National Bank,
N. D., capital $100,000, resources $1,519,166;
First National Bank, New Sturgis, South Dakota; Citizens' National Bank, Wahpeton,
Rockford, N. D., capital $25,000, resources $852,944; The National Bank Citizens' National Bank, Watertown, South Dakota; First North Dakota;
National Bank,
of Valley City, Valley City, N. D., capital $100,000, resources $1,306,713 ; Watertown, South Dakota.
Aberdeen National Bank, Aberdeen, S. D., capital $50,000, resources
$1,002,020; First National Bank & Trust Company, Vermilion, S. D.,
From the Des Moines "Register" of Aug. 23 we take the
capital $100,000, resources $2,546,635; First National Bank, Bismarck,
following:
N. D., capital $200,000, resources $4,800,000.
Holders of a majority of the stock.of the Iowa National
First National Group—First National Bank, Minneapolis, capital
Bank, Des
Moines Savings Bank and Trust Co., and the Des Moines
National Bank.
$6,000,000, resources $111,288,206; First Minneapolis Trust Company,
which are shortly to be merged into one institution under the
name of
Minneapolis, capital $1,000,000, resources $29,629,564; Minnehaha National
Bank, Minneapolis, capital $100,000 resources $1,890,114; Bloomington- Iowa-Des Moines National Bank and Trust Co., have informally agreed
to accept a proposal to affiliate the bank with the Northwest
Lake National Bank, Minneapolis, capital $200,000, resources $2,476,928;
Bancorporation of Minneapolis, it was reported unofficially hero Thursday.
Produce State Bank, Minneapolis, capital $100,000, resources $1,416,605;
Officials of the bank declined to discuss the proposal although
North Side, West Broadway and St.
admitting
Anthony Falls office of First National that one had been made. It is thought that no decision
will be reached
Bank, Minneapolis.
definitely until next week.
St. Paul banks—First National
If it is determined to Join the Minneapolis chain, tho
Bank, St. Paul, capital $5,000,000,
affiliation will be
resources $101,343,000 ; Merchants 'Trust
Company, St. Paul, capital accomplished through exchanging the stock of the Iowa-Des
Moines Bank
$800,000, resources $8,275,000; Grand
Avenue State Bank, St. Paul, capital for stock of the Northwest Bancorporation. The basis of the
exchange has
$25,000, resources $616,867;
Farmers' & Merchants' State Bank, St. Paul, not been made public.
capital $50,000, resources $960,155.
Montana banks—Metals Bank &
Trust Company, Butte, Mont., capital
An Owensboro (Ky.) dispatch (Associated Press), Aug.
$600,000, resources $23,436,500;
First National Bank, Great Falls, Mont., 23,
to the Nashville "Banner," says:
capital $200,000, resources $13,900,000;
Western Montana National Bank,
Missoula, Mont., capital $200,000,
Announcement was made Friday (Aug. 23) that the First National Bank '
resources $5,239,000; Midland National
Bank, Billings, Mont., capital $200,000,
of Louisville had acquired control of the Farmers' and
Traders' Bank of
resources $4,330,000.
"The formation of the First Bank
Stock Corporation," Mr. Prince, Owensboro. The Louisville institution obtained 225 of the 300 shares of
President of the corporation, said to-day,
the stock at $250 a share.
"is a further and important
development of the policy of group
This is the second Owensboro bank recently acquired by the Louisville
banking undertaken last Spring by
the First National Banks of St. Paul
and Minneapolis. As we and our Institution in its move to obtain control of a number of strong banks in
associates view the step, it means an
expansion of the operations formerly the State and to form a new bank to be known as the First Bank of
carried on by the First Bank Stock Investment
Kentucky, with main headquarters in Louisville. The Farmers' and
Company and a decided
broadening of the scope of our activities in
Traders' Bank has deposits of approximately $700,000.
the group banking field.
"The affiliation with this group of the four
Montana banks and the
accession to the corporation's Board of Directors
Telegraphic advices, August 24, from Vicksburg (Miss.)
.—
—
of Mr. Ryan, Mr. Kelley,
Mr. Evans, Mr. Woodard and Mt. Stephenson will make
for closer co- to the Jackson "News" state that announcement was made
Atm. 31 1929.]
FINANCIAL CHRONICLE
that day that the First National Bank, the National City
Savings Bank & Trust Company, and the American Bank
and Trust Company had merged into an institution to be
known as the First National Bank & Trust -Company. It is
announced that George Williamson, President of the First
National and National City Savings Bank & Trust Company
retains the same title with the new institution. The dispatch also says Mr. Williamson gave out the following
statement concerning the merger:
1391
ada) will be fully equipped tcr undertake every banking
service, and is expected to play an important role in the
development of trade between Canada and other units of
the British Empire. The Barclays group of banks with
which Barclays Bank (Canada) is affiliated operates over
2,750 offices throughout England, Scotland and Wales;
France, Italy, Mauritius, Palestine, Egype and Sudan, the
Continent of Africa, and the West Indies and British
Guiana.
City
"The consolidation of the First National Bank and the National
both institutions
Savings Bank & Trust Company is only a natural one, as
occupy the same banking rooms and are under the same management.
merging
With the acquisition of the American Bank & Trust Company, the
of these three strong and progressive banks gives Vicksburg an institution
of outstanding size, strength and prestige.
y
"The new First National Bank will have employed capital of approximatel
$1,000,000, deposits of over $7,000,000, and total resources of between
$9,000,000 and $10,000,000.
be
"Following the merged institution, a large securities company will
This
formed to be owned by the bank for the benefit of its shareholders.
company will deal largely with investment securities."
in
W. G. Paxton, President of the American Bank & Trust Company,
announcing the merger, said:
have been transferred to the First
"The accounts of our depositors
National Bank, effective at the close of business to-day, and the business
of the combined banks will be conducted in the office of the First National
Bank beginning Monday morning, August 26.
"There will be no interruption whatever in the handling of accounts, or
interest on savings accounts, the only difference being in the place of
business."
GE.
THE WEEK ON THE NEW YORK STOCK EXCHAN
shares have been the outstanding feature in
The railroad
the
the trading on the New York Stock Exchange during
week.' On Saturday and again on Monday interest
present
electric and
was attracted to some extent to the telephone,
shares, but these were superseded as niarket leaders
copper
rails have aton Tuesday, and for the rest of the week the
tracted the keenest speculative attention. Brisk upturns
the industrial
also took place at various times in some of
interest- manifested
shares and specialties. Aside from the
noteworthy
in these stocks the market has been without
of the Federal Reserve Bank made
feature. The report
showed a
public after the close of business on Thursday
expansion of $132,000,000 in brokers' loans in this
further
reaching
district, the increase during the past two weeks
Call money renewed at 7% on Monday.
$265,000,000.
Organized and sponsored by the Alfred I. du Pont interests advanced to 9% on Tuesday and continued unchanged
financial organization, Almours Securities, thereafter
through their
Inc., the Florida National Bank at Lakeland, Florida, forSpeculation for the rise continued the dominating feature
mally opened for business on August 28, according to an during the early trading on Saturday, though most of the
announcement made in New York to-day. A majority of noteworthy advances were confined to a few of the more
the stock of the newly chartered bank is held by the du important high grade stocks. The outstanding feature of
Pont interests. This new banking institution, with a capital the trading was the strength of Amer. Tel. & Tel. which
its history, though it
of $100,000 and surplus of $50,000, is allied through a close
crossed 300, to the highest peak in
working agreement with the Florida National Bank of slid back to 399 and closed with a net gain of 434 points on
Jacksonville, in which Almours Securities, Inc., has a large the day. Int. Tel. & Tel. was equally strong and rushed
interest, and its board of directors includes two officers upward to 145 at its top for the session and then dropped
of the Jacksonville institution. Willard Hamilton, of back to 1433' with a gain of 534 points. Western Union
Almours Securities, Inc., is President, and George E. Tribble, followed to a record top and closed with a gain of 8 points
Assistant Vice-President of the Florida National Bank of at 230. New tops were scored by some of the steel stocks,
Jacksonville, is Vice-President. The Board of Directors particularly the independent issues like Bethlehem which
Includes the following: James G. Bright, Almours Securi- crossed 140, Republic Iron & Steel which raised its peak
tiese, Inc.; H. G. Deen; Henry Dew, Almours Securities, to 125, and Crucible Steel which was boosted above 115.
Inc.; Willard Hamilton; E. B. Hardin, M. D.; J. H. Peter- Youngstown and Inland Steel were also higher and United
son; H. Mercer Richards, M. D.; George E. Tribble and States Steel, common again crossed 260. In the final hour
of
B. S. Weathers, Vice-Presidents of Florida National Bank copper shares moved to the front under the guidance
gain
of Jacksonville.
Anaconda which moved briskly upward to 125 with a
of the other members
of 3 points followed by a large majority
The reopening of several Florida institutions which
showed improvement,
of the group. Some of the specialties
a new high above
closed in July (details of which were given in our issues
United States Industrial Alcohol reaching
of July 20, page 422 and July 27, page 576) is noted in a
points.
200 with a gain of 8
special item in the earlier pages of to-day's issue of our
Monday though the
Prices continued to move ahead on
paper.
selective and the demand for special favmarket was highly
•
day.. Amer. Tel.& Tel. again broke through
P. J. Studdert has been elected Vice-President of the orites ruled the
its top to 30334, Int. Tel. & Tel. improved
Public National Bank & Trust Company of Houston, Tex., 300 and raised
though at one time it was nearly 4 points above
and H. H. Galloway has been added to the directorate of fractionally
previous close, Brooklyn Union Gas was conspicuous in
the institution, according to the Houston "Post" of August its
as it surged forward 8 points to 24434 and
25. The item states that Mr. Studdert has been connected the advances
2
Southern California Edison improved nearly points. Pennwith the Public National for the past seven years, joining
rose 3 points to 102, Ches. & Ohio moved.
the bank as note teller at that time. In 1924 he was made sylvania RR.
points to 2691 and Chicago & North Western
%
Assistant Cashier and continued at that post until his elec- ahead 43
forward 51% points to 102. Sears-Roebuck was
to the Vice-Presidency. It is added that Mr. Galloway surging
tion
%
y for an advance of over 8 points to 1707 and
joined the Public National as Assistant Cashier and was noteworth
Montgomery Ward was in active demand at higher prices.
made Cashier at the Board meeting prior to his election
to the Board.
stocks of the day.
Copper issues were among the strong
to 191%,
Greene-Cananea shooting ahead nearly 7 points
Kennecott Crossed 91. Steel stocks were heavy and
while
Harry C. Carr, a Vice-Pres- ident of the Bank of Italy in
standstill. Railroad stocks surged
San Francisco since June 15 1927, and a former President motor stocks were at a
n, died on Au- forward on Tuesday, under the leadership of Pennsylvania
of the California State Bankers' Associatio
which broke into new high ground above 105. Nickel Plate
gust 23.
Formal extension into Ca-nada of the interests of the
Barclays group of banks is scheduled for September 3, when
Barclays Bank (Canada), incorporated earlier this year
by Act of Parliament, will open for business at 214 St. James
Street West, 'Montreal. Capital and surplus of this institution have been contributed jointly by Barclays Bank, Ltd.,
of London, and by Barclays Bank (Dominion, Colonial and
Overseas). The Board of Directors of the new institution
will comprise Sir Robert Laird Borden, President of the
bank; Arthur 131aikle Purvis, Vice-President; Louis Alexandre Taschereau of Quebec; Allen Angus Magee of Montreal, and Walter Osborne Stevenson, H. Poe Alton and
Julian Stanley Crossley of London. Barclays Bank (Can-
forged.ahead to a new record level above 170 and Del. Lack.
& Western broke into new high ground above 161. Atchison
also reached a new top in all time and'substantial gains were
scored by New York Central, Reading and New Haven.
Oil shares were more or less sluggish though the demand
for Pan American "B" was fairly strong and carried that
stock forward nearly a point and one-hRlf. Other strong
stocks included such issues as Air Reduction which gained
2 points to 199, American Type Foundry which closed at
15334 with an advance of 734 points, Auburn Auto which
had an over-night gain of 5 points to 455, Commercial Solvents which bounded upward 103, points to 50034 and Midland Steel, pref. which scored an advance of 16 points to
321. Briggs Body had a sharp spurt of 3 points to 36.
1392
FINANCIAL CHRONICLE
[VOL. 129.
The market continued to climb upward on Wednesday
THE CURB EXCHANGE.
though profit taking caused moderate recessions which
There was no definite trend to Curb Exchange prices this
checked the forward movement somewhat in the final hour.
The railroad shares were again the dominating feature and week, gains in some issues being offset by losses in others.
were in stronger demand than any other single group. New Business was rather quiet. An upward movement in
York Central started the session with an overnight gain of Electric Bond & Shares, corn, gave prominence to utility
5 points, advancing into new high ground at 252, though it issues, that.stock advancing from 165% to 184 and closing
slipped back to 2483/i at the close. Union Pacific again to-day at 1837 Allied Power & Light, corn. dropped
8.
raised its top and closed at 292% with a gain of 33 points. from 927 to 893.1 and to-day recovered to 943.1. Amer.
%
Pere Marquette was the star performer and bounded forward Cities Power & Light, cl. A sold down from 753 to 68 and
8
to a new peak at 230,followed by Pennsylvania which closed at 703/ finally. Amer. Commonwealths Power, corn. B,
above 207 with a gain of nearly 3 points. Motor shares after an early gain from 403/i to 50 broke to 467 ,the close
4
moved to the front for the first time in several days and most to-day being at 4932. Shawingan Water & Power sold up
4
of the active issues closed at higher levels. General Motors, from 1053 to 1119/ and reacted finally to 1105 s Standard
/
.
for instance, sold up to 73 at its high for the day, Packard Power & Light, corn. rose from 1103.1 to 1283 . Among
4
was up 2 points and Chrysler sold up to 74. Air Reduction industrials Aluminum Co. was conspicuous for a drop of
continued its remarkable advance and added 63j points to some 30 points to 4503/2, and a recovery to-day to 464.
Electric Shareholdings, corn. weakened at first from
its previous gain. Goodyear Tire closed 'with a gain of
53%
63/è
8
points at 118% and A. M. Byers moved ahead 5% points to 513/, then sold up to 577/8, the close to-day being at 573.
The $6 pref. gained over 12 points to 1423/8 and ends the
to 137%.
8
During the greater part of the session on Thursday the week at 1413/ Insull Utility Invest., corn. sold down
.
8
market manifested a firm tone. American & Foreign Power from 1063/ to 1013 ,then up to 11031, the closing transac4
was particularly noteworthy as it climbed upward 7 points tion to-day being at 110. Lane Bryant, Inc., corn. moved
to 152. American Water Works was also strong as it moved up from 77 to 89 and rested finally at 87%. National
into new high ground above 150 and registered a net gain of Investors, corn. was up from 21531 to 243 but reacted to
8
10 points. General Electric continued its spectacular per- 2303/, the close to-day being at 232. Second National
formance and closed at 391% with a gain of over 4 points Investors advanced from 1463. to 158. Oils were quiet and
and Westinghouse followed with a similar gain. Railroad only slightly changed.
A complete record of Curb Exchange transactions for the
stocks were represented on the up side by Pere Marquette
which closed at 249 with a gain of 19 points, Union Pacific week will be found on page 1392.
with an advance of nearly 4 points, New York Central which
DAILY TRANSACTIONS AT THE NEW
YORK CURB EXCHANGE.
shot ahead nearly 3 points to 2509g and New York Chic. &
St. Louis with a gain of 6% points. The sulphur stocks were
Bonds (Par Value).
Week BMW
unusually active Texas Gulf crossing 74 at its high for the
Aug. 30.
Stocks
Foreign
(No. Shares). Rights.
day and Freeport Texas selling around 50 with a gain of 3
Domestic Gosennsens.,
1.161.400
or more points. Auburn Auto Company soared 32 points Saturday
228,300
$626,000
8206.000
Monday
2.074.900
418.000
1,356.000
203.000
to 487, but other motor shares moved generally downward. Tuesday
1,802,500
245,100
1,528.000
282,000
Wednesday
1,972,500
226,500
1.658,000
On Friday the market moved forward at a furious pace as Thursday
384.000
1.865.700
195,700
1.587.000
473,000
1,987,100
201.300
bullNh enthusiasm broke out anew among the more active Friday
1,883,000
266,000
speculative stocks and advances ranging from 2 to 12 points Total
10,564.100 1,514,900
$8.638,000 $1,794,000
were recorded at the close. American Water Works was the
outstanding feature and sold up to 178% at its top for the
day but slipped back to 1703/è and closed with a gain of
113/s
COURSE OF BANK CLEARINGS.
points. International Harvester was the feature of the opening hour, as a block of 18,000 shares sold at a new peak with
Bank clearings will again show a substantial increase
an advance of 14 points. Railroad stocks were strong and the present week. Preliminary figures
compiled by us,
new peaks were recorded by New York Chic. & St. Louis based upon telegraphic advices from the chief
cities of the
Railroad, Norfolk & Western, St. Louis
-San Francisco, country, indicate that for the week ended to-day (Saturday,
Southern Pacific, Atchison and Ches. & Ohio. United Aug. 31), bank exchanges for all the cities
of the United
States Steel, common improved 33/i points: to 256% and States from which it is possible to obtain
weekly returns will
substantial gains were recorded by American Can and Con- be 20.9% larger than for the corresponding
week last year.
tinental Can.
The total stands at $12,595,380,453, against $10,417,137,28
7
TRANSACTIONS AT THE NEW YORK STOCK =CHANGE:
for the same week in 1928. At this center there is a gain
for
DAILY. WEEKLY AND YEARLY.
the five days ended Friday of 34.1%. Our comparative sum•
mary for the week follows:
Itegreael.
Socks.
Beate.
United
Week Ended Aug. 30.
Number of
Shores.
40..
bads.
Municipal ct•
Foreign Bonds
2,126,920
4.425,090
3,896.440
3,955,800
3.476,140
4.571,900
$3,895.000
7.106.900
8.238.000
7,567,000
7.274.000
7.682,000
81,216,000
2,088,000
2.062,000
2.191.000
2.249,000
1,394,000
$78.000
1,160,000
674,000
176.200
275.000
155,000
99 4c5 RAO
841 762.900
311.200.000
32.518.200
Saturday
NIonday
Tuesday
Wednesday
Thursday
Friday
Total
Sates at
New York Stock
Bschange.
Week Ended Aug. 30.
1929.
Stocks
-No, of shares_
Bonds.
Government bonds_ _ _
State and Foreign bonds
Railroad & inIse. bonds
1928.
$tate*
Bonds.
Jan. 1 to Aug. 30.
1929.
1928.
22,452,350
20,008,130
726,951,330
499.190.198
82,518,200
11,200,000
11,762,90(1
81,550,100
8,987,000
26.890„501
385.426,700
415,347,150
1,301,102,900
$138,744,750
541,105,565
1,624,383,176
Total bonds
855,481.100 837,434,000 51.861,876,750 82,302,233,491
DAILY TRANSACTIONS AT THE
BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Week Ended
Aug. 30 1929.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Boston.
Philadelphia.
Shares. BondSaise. Shares. Bond Saks
36.836
.65,627
.67,643
67.549
*63.249
56,975
Total
218,000 a54.343
55,000 078,741
41,000 a70.733
23.000 a67,182
53,000 063,836
38,000 031,685
33.500
7.000
20.000
82,000
50,100
•
Bonhomie&
Shares. Dendlkdoe.
82,896
84.603
84,889
53,884
83,819
83.230
811,000
8,200
7.000
19.500
17.0
00
12.000
357.879 3226,000 386.520 3142,600
$74,700
23,121
429,806 5198.000 1•14.1 Aso
can Inn
95 017 5105 000
•In addition, sales of rights were: Monday,
25; Tuesday, 5.205: Thurs lay, 1,000.
a In addition there were sold:
Rights-Sa
19,000: Wednesday. 13.000: Thursday, ttuday. 0,500: Monday. 7,800; Tuesday,
15,400; Friday. 1,700. Wanants--Saturday, 200: Monday, 900; Tuesday, 1,100;
Wednesday, 1,000; Thursday, 400:
Friday, 2
.700In addition there were sold: Seriti s•turday.
24-5; Monday, 27-5; 'fliesdaY.
Wednesday. 12-5: 7-5: 8-20. Warrants
23-5;
-Thursday, 15.
Prey, week revised
Clearings
-Sauna by Telegraph.
Week Ended August 31.
.
1929.
New York
Chicago
Philadelphia
Boston
Ranges City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$38,799,000,000
516,753.824
417.000.000
399,000.000
112.489.606
98,600.000
179,891,000
151,183,000
154.787.642
171.747.072
113,831.860
69,554.020
44,340,674
Thirteen cities,5 days
Other cities, 5 days
$9.233,178,698
1,012,971.680
Total all Mimi, 5 days'
All clilea. 1 day
Tataj all cities for week
1928.
Per
Cent.
55,070.000,000 +34.1
535,100.503
-3.4
3
67.000.000 +13.6
317,000,000 +25.9
*118.000.000
-4.7
103.500,000
-4.7
144,862,000 +24.8
127,829,000 +22.2
125.798,193 +22.0
147,602.834 +18.4
103.471.145 +10.0
*85.000,000 -18.2
39,652,318 +11.8
$7,284,615,993
9
06,096.875
+26.7
+11.8
38,190,712,868
2.226,424,419
312.595.380,453 S10.417.137.207
+24.9
+5.5
310.248,150,378
2,349,230.075
400 0
Complete and exact details for the week covered by
the
foregoing will appear in our ssue of next week. We
cannot
furnish them to-day, inasmuch as the week ends
to-day
(Saturday) and the Saturday figures will not be availab
le
until noon to-day. Accordingly, in the above, the
last day
of the week has in all cases had to be estimated.
In the elaborate detailed statements, however,
which we
present further below, we are able to give final and complete
results for the week previous
-the week ended Aug. 24. For
that week there is an increase of 36.4%, the 1929 aggrega
te
of clearings for the whole country being $12,721
,842,491,
against $9,327,798,864 in the same week of 1928. Outside
of this city the increase is only 12.5%, the bank exchang
es
at this center having recorded a gain of 53.0%. We group
AUG. 31 1929.]
FINANCIAL
CHRONICLE
the cities now according to the Federal Reserve districts in
which they are located, and from this it appears that in the
New York Reserve District (including this city) there is an
expansion of 52.5%,in the Boston Reserve District of 26.5%
and in the Philadelphia Reserve District of 19.7%. The
Cleveland Reserve District has a gain of 15.4% and the
Atlanta Reserve District of 7.5%, but the Richmond Reserve District shows a loss of 13.9%. In the Chicago Reserve District the totals are larger by 11.9%, in the St.
Louis Reserve District by 3.3% and in the Minneapolis
Reserve District by 26.1%. The Kansas City Reserve
District registers a decrease of 3.3%, but the Dallas Reserve
District has an increase of 19.2% and the San Francisco
Reserve District 8.7%.
In the following we furnish a summary by Federal Reserve
districts:
Week Ended August 24.
Clearings Cl
1929.
1929.
1928.
1927.
1926.
$
$
$
$
%
Federal Reserve Diets.
423.195.745 +26.5
421,349.249
535,532.531
426,221,565
185 Boston ......13 cities
8,563,447.789 6,611,728.450 +52.5 6,421.554.200 4,636.726,267
2nd New York..!! "
470.084.800 +19.7
562,851,579
502,892,753
517.759.517
ird PhIladelpla 10 "
372,428,891 +15.4
431,083.379
336.261,050
368,076,402
4th Cleveland__ 8 "
195,232.160 -13.9
159,649,748
166.769.363
203.636.165
6th Richmond . 0 "
151,9E6,594 +7.5
163.446,925
164,100.053
170.721.602
6th Atlanta_....13 "
930.776.420 +11.9
1,041,637,048
874,172.617
889.363.558
7th Chicago ...20 "
189.981,460 +3.3
196.384,569
188.271,039
189.211.133
8th 86. 1,outs... 8 "
116,941,658 +20.1
140,416.353
108.633.141
107.717.632
9th Minneapolis 7 "
254,922,526 -3.3
246,513,890
206,207.960
215.068.213
10th KansasCity 12 "
64,818.128 +19.2
77,266,223
63,606 650
64,656,357
5 "
11th Dallas
603,820,457
165,702,012 +8.7
484,119,946
506.5E2.055
12th San Fran._17 "
129 cities 12,721,842,491 9.327,798.864 +36.4 8,937,938,011 8,296,740,436
Total
4,303,222.863 3,826503,579 +12.5 3,596,487,533 3,765,576,2E5
Outside N. Y. City
AAA st n Al d
las Mao 44A .1-1A I
'SAC co. ne.
...... ... ...._
Al MCI..
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
IWeek Ended August 24.
Clearings 011929.
1928.
Inc. or
Dec.
1927.
a
g
$
$
1
First Federal Reserve Dist net
-Boston
Maine-Bangor _
822,209
568,028
Portland
4.038,018
3,032,562
Mass.
-Boston-- 477.936.152 379,000,000
Fall River
1,170,193
1,268.122
Lowell
1,103,405
961,003
New Bedford..
1,003,260
917,350
Springfield_ __ 5,496.382
4,169.008
Worcester
3,059.483
2,782,511
Conn.
-Hartford
17,606,312
10,708.352
New Haven_ __
7,797,959
8,789.706
R.I.-Providence
13,919,300
11,495,700
N.H.-Manches'r
808,111
495,150
Total(12 cities)
535.532431
639,199
+9.5
+33.1
3.339,326
+26.1 378,000,000
7)
1,462.563
+14)
• 947.385
888,760
+9-4
+31
4.098.036
+10
2.966.988
+64 •
13,245,166
+13.
6.950.982
+21 ,
10,237,800
+63
567.844
603,975
2,898.266
384.000,000
1,449.467
889.630
1,148,027
4.753.946
3.128372
10,760,355
6,749.990
9,382.100
457.937
421,349,249
426,221,565
423,195,745 +26
Second Feder al Reserve D Istrict-New
N. Y.
-Albany_.
5,691,764
4,875,506
Binghamton__ _
1.253,092
1.297.791
48,939,548
Buffalo
71,004,118
Elmira
968,919
1,040.328
Jamestown_ _
1,200.864
1,152,556
New York... _ 8,418.619,628 5401,295.285
10,070,614
Rochester
14,621,993
Syracuse
6.235,123
4,874,52
Conn.- Stamford
3,598,041
4,304.578
N. J.
-Montclair
521,972
597.998
Northern N.J38,979,714
34,162,286
1926.
Tort
+16
6.222.202
5,077,396
857.227
-3
871,601
44.548.042
+45
44,509.804
6
821.663
883.610
+4
1,067.435
1,406.426
+53 3,815.892,448 4,531.164.151
+45.2
10,101,168
9.738,372
-9.3
4.781.182
4.802.408
+22.7
3,467.882
3,594.603
+14.6
. 431,902
489.845
+14.1
33,305,106
34.245.994
Total(11 cities) 8,583,447,789 5,611,728,450 +52.5 5.421,554,200 4,636,726,267
Third Federal Reserve Dist rict-Philed elphia
-Altoona
1,535,199 -1.7
Pa.
1.508,437
Bethlehem
4,344,450 +9.2
4,742.519
Chester
970.156 +0.3
973.204
Lancaster
1,833,185 -0.3
1,827,846
Philadelphia
636,000,000 444,000.000 -20.7
Reading
2.931.076 -9.1
2.863,808
Scranton
4,732.600 +23.6
5.847,895
Wilkes-Barre...
3,044,662 +16.2
3,538.725
York
1.630,381 +17.7
1,919,737
-Trenton
5,063.091 -24 4
N.J,
3.829,408
Total(10 cities)
562,851,579
470,084.800 +19.7
1,794.468
1.601.662
4,034,991
4.134.556
1.107,460
1.166.934
1.886.120
1,737,097
476.000,000 491.000,000
3,208.948
3.449,205
4.855.141
5.438.290
3,128,055
3,460.796
1,247479
1.383.720
5.629.992
4.387.257
502,892,753
517.759,517
5,519,000
3.146,226
64.181,854
107,555,169
14,739,000
1.735,973
4.948.690
134,435.138
5,258.000
3,314.901
64,398,240
106,784,935
14.247.900
1,907,982
5,864.389
167.300,055
372,428.891 +15.4
336.261,050
369.076,402
Fifth Federal Reserve Dist Het-Richm nd1,044,425 +4.2
W.Va.-Hunt'g'n
1.088,607
Va.-Norfolk _
3,753.844 -5.5
3447.857
Richmond -- _
44,940.000 -7.8
41,444,000
-Charleston
2,180.894 -16.8
1.813.473
S.C.
Md.-Baltimore _
91,892,103 -3.6
88,568,852
D.C.-WashIng'n
21.800,894 4-5.9
23,086,959
1,121.608
4,852,519
49.344,000
1,667.500
90.279.426
19,504,310
1.250,253
6,798.719
48,210,000
1.863,004
124.850.243
20373,948
185,232.160 -13.9
166,769,363
203,636,165
Sixth Federal Reserve Dist rict-Atlant a2.646,223 -0.8
-Knoxville
2,625,674
Tenn.
20,182,691 +3.6
Nashville
21,394.444
Ga.-Atlanta
45,754.965 +14.2
52.268,017
1,327,387 +25.2
Augusta
1.661,532
1,859,057 -26.6
Macon_
1364,578
11,952.524 +4.9
12,542,817
1,712.000 -4.7
1,632,000
Miami
21,389.120 +1.1
Ala.-Birming'n
21,627.437
1,306.536 +47.1
1,921,88
Mobile
1,773,601 +3.2
-Jackson-1,895,290
MISS.
267,569 -5.7
252,34
Vicksburg----41,814,921 +6.0
44,322,90
La.-New Orleans
2.598.115
21,418,314
44,727.714
1.843.017
2,081,091
15.060.141
2,857,000
21.169.664
1.619.459
1.844.000
248.990
49.934448
2.531,430
18.688.183
46,166.041
1.518.143
1.541,079
23.339.199
4.782.630
20,981,834
1,581.284
1,177,000
256,635
47
.158.144
164,100,053
Total(8 cities).
Total(12 cities)
431,083.379
159,549,748
163,448,925
151,986,594
+7•5
1926.
$
183.378
1,383,958
178,259.416
8374,700
7,770,369
2.279,487
18,568,000
1,790.000
4.863.578
36.158,058
2,823.832
8,905.584
5,503.999
1,050.562
1,212.103
599.962.858
1,224.823
4,509.871
2.608.359
2.230.625
874,172,617
889.303,558
5,039,914
123,500,000
30,162,932
268.115
15.551,804
12.067,669
385,407
1,315.198
4,972,431
123,269.905
30,411.606
253,042
16.223.206
12,302.442
401.649
1,366,852
+3.3
Total(8 cities).
Ninth Federa
-Duluth_
Minn.
Minneapolis..
St. Paul_ -N. D.-Farg0- -Aberdeen
S. D.
Mont.Billings -Helena
Total(7011165) ,
188,271.039
189,211,1E3
Reserve Dia trict-Minn eapolis5,565.460
5.617,703 +15.8
6407,534
72,205.418 +41.9
71.883,942
102,454.319
27.991,483 -13.8
24,775.891
24.129.945
1,726,012 +11.4
1,608338
1.923.283
1.161,384
1,350.637 -12.8
1,181.357
644.405 -4.4
469,826
615.915
3.406.000 +5.9
3,188,000
3,606,000
6,365.261
70.031.978
25.215.482
1.539.332
1,189.398
495,734
2.880,447
116,941.658 +20.1
107,717,632
196.384,569
140,418.353
189,981,480
108,633.141
Tenth Federa I Reserve DIs trict Hans as City286.015 +18.0
258.320
337.479
Neb.-Fremont.
469.841
513,971 -3.7
495.119
Hastings
4,078.418
3.867.769 -15.3
3.276,437
Lincoln
45.750.862 +3.5
40.124.949
47,369.175
Omaha
3.348.396 -3.9
2,561.036
3,216,331
Kan.
-Topeka .
8,823,011 -2.9
7,858,781
8.564.515
.
Wichita
.
Mo.-Kan. City. 143.442,849 154.185.014 -7.0 120,101.369
7,146.975 +1.0
5.649.305
7.221,565
. St. Joseph.....
28,371.378 +3.9
22,696,100
29.499,396
Okla.
-Okla. Clt •
1,356.259 -2.6
1.208,388
1.321.102
.
-Col. Spgs
Colo.
1.272.878 +39.0
1.769,922
1,201,455
Pueblo
Total(11 cities 1 246.513,890 254,922,526 -3.3 206,207,960
Eleventh Fed:ral Reserve District-Da has
1.734.298 -26.5
1.274.484
Texas-Austin...41.974,772 +25.9
52,756.977
Dallas.
12.175,769 +4.0
12.657,054
.
Fort Worth...
4.215.000 +30.2
5,490300
Galveston... .
4,718.289 +7.8
5,087,708
.
La.
-Shreveport
316,420
396.041
3309.608
35,987,964
2.898.187
7.386.713
129,797.674
5.957.008
26.396,097
1,134,772
1,187.729
215,068,213
1.375.620
41,928,264
10.153,093
5,670.000
4.479,673
1,184.646
34,199,192
11,721,450
13,133,000
4.418,039
84318,128 +19.2
63,606.650
. 77.266.223
Total(5 cities)
Twelfth Fede r al Reserve D strict-San Franc'sea45,001,927 +19.3
42.345,440
. 53384,845
-Seattle Wash.
12.719,000 +4.6
12,038,000
. 13.303.000
Spokane.. -1,534,137 -3.5
•1,191,003
1.480.057
Yakima
35.567,371 +14.5
35,133.770
40,740,158
Oregon-Portlan 1
16,892.984 +17.8
15.281.163
19.894.807
Utah-S. L. City.
3,962.816
3,377.749 +7.8
3.641.073
Cal.-Fresno._ _ _
7.743.303 +12.8 , 6,386.967
8.730,733
.
Long Beach _
'
Los Angeles... _ 202.261.000 183.311.000 +10.3 150.563,000
15.756.922
17.963,527 +7.4
19.301.407
Oakland
5.113,357
5,000,974 --0.6
4.971.605
.
Pasadena_ _ -7.439,922 -1.0
6.251.623
7.363.754
Sacramento _ _ _
4.433.139
4,970.647 +13.7
5.649.830
San Diego -- _
San Francisco _ 212.385,000 205.134,000 +3.5 177.495.000
2.445.705
3,016.868 +24.4
3,754,188
San Jose
1,206302
1,508377 +24.0
1.870.574
Santa Barbara _
2370,419
2.018.326 +11.3
2.245.426
Monica _
Santa
2.445,300
2401,900 +1.2
2,533.000
_
Stockton
64.556.327
45.788.516
11,006.000
1,348.726
41,060,940
16.098.143
5.033.311
5.720.990
161,393,000
17,828,990
4,935.110
7.036.020
5.118.844
175.943.000
2,538.553
1,204,963
2.076,949
2.450,000
) 603,810,457 555,702,012 +8.7 484.119,948 506.582.055
Total(17 cities
Grand total 127
12721 842491 9.327,798.864 +36.48.937.938.011.8.296,740,436
cities)
Outside NewYor1 4,303,222,863 3.826.503.579 +12.5 3,596.487.533 3.765.576,235
Week Ended August 22.
_
170,721,602
Total(8 cities).
1927.
930.776,420 +11.9
1929.
Fourth Feder al Reserve !strict
-Cie eland
,
Ohio-Akron._ _ _
6,118,000 +8.0
6.607300
Canton
3.542,319 +29.7
4.558.622
Cincinnati__ _
62.589,137 +7.5
67.287,275
Cleveland
143,415,276 119345,260 +19-7
Columbus
13,329.100 +13.3
15,098,700
Mansfield
1,736.520 +34.9
2,343.180
Youngstown
4337,218 +17.6
5,453.155
Pa.-Plttsburgh. 188,320,171 160,631,337 +15.8
Inc. or
Dec.
Eighth Feder Reserve Dis trict-St.Lo uis5,232,402 -4.5
4,999,438
Ind.-EvansvIlle
Mo.-St. Louis.. 126,800.000 126,700.000 +0.1
30,438.018 +8.0
32,881.037
Ky.-Loulsville 268.618 +6.3
285.618
Owensboro.- -14.389,969 +15.5
16,626.742
Tenn.- Memphis
11,256,293 +15.2
12,956,080
Ark.
-Little Roc
324.780 +14.0
370,297
111.-JacksonvIll
1,371,400 +8.8
1.465,357
Quincy
Total(20 cities) 1,041.537348
Week End. Aug. 24 1929.
1928.
$
$
$
%
Seventh Feder al Reserve D istriet-Chi cage251.392
229.371 +9.6
208,225
Mich.
-Adrian-818,984
957.888 -14.5
757.714
Ann Arbor_ --244,763,676 206.206,473 +18.7 169.481,801
Detroit
6,529.799
7,322.632 +0.4
7,352,582
Grand Raelds4.517,939
2,927,834 +54.3
2.272,288
Lansing
2,456.231
4.132,682
2,663,238 +55.2
-Ft. Wayne
Ind.
20.184,000 +12.7
19,375.000
22.750.000
Indianapolis..
2,513.300
2.639.500 +4.0
2,744.154
South Bend._.
5,377.026 -9.2
4,432.481
4.881.861
Terre Haute--37.917.749
37,564.920 -13.4
32,531,579
WIs.-Miiwaukee
2,650.476
2.575,615 +27.8
Ia.-Ced. RapidS ' 3.294,439
8.054.969
9,334.376
9,003.000 +3.7
Des Moines- - 4,928,758
6,809,537
6,464.341 +5.3
Sioux City...
947.595
1,207,012 +19.4
1.441,331
Waterloo
1.304376
1,454,609 +25.7
1,828,712
III.-Bloom'gton
681.440,971 612,812.834 +11.2 599.792,296
Chicago
1.359.546
1,189.246 -1.5
1.170,866
Decatur
3,991.518
4,157,304 +33.5
5,550.045
Peoria
2,715,889
2.961,007 +25.4
3.705,593
Rockford
2,102,106
2,247.570 -1.4
2,216,329
Springfield....
SUMMARY OF BANK CLEARINGS.
Inc.or
Dec.
1393
1928.
1,56. 07
Dec.
1927.
1926.
$
$
$
%
$
145.023,617 121,283,634 +19.6 105,807,854 107,061,884
Montreal
87,760,517
133,415.752 119,318,695 +11.9 114,218,943
Toronto
45.019.208
49.287,422 +31.4
64.768,329
37,572.426
Winnipeg
17,951,957
20,069.370 +15.2
23,119,182
16.514.683
Vancouver
5,5417431
6.341.004
6,630,890 +24.2
8.233.756
Ottawa
5,857,415 +18.0
5,714,379
6.914.404
5,899.467
Quebec
3,437.727 -5.1
2,752.817
3,260.821
Halifax
2.584,020
5,859,229 +13.0
5,041,200
6,619.571
Hamilton
4.921.208
10.163,696 +189
12,086.204
6,545.547
5,394.172
Calgary
2,565.744 + 1.1.0
2,314.947
2.847.960
St. John
2,300,034
2.815.207
2.130,721
2,421.040 +18.3
1,896.833
Victoria
3,179,739 +14.3
3,634339
2,686.353
London
3,708.135
6,709.778 -0.2
6.696,013
4,921.163
Edmonton
4,060,724
8,332,812 -7.2
5,877.716
5,372.413
3,679.785
Regina
822,283 -15.2
696,961
590,496
Brandon
561,771
908,427 -10.5
813.269
Lethbridge
583,482
469,164
2.864.84
2.860,467
-0.2
Saskatoon
2,423.166
1.780.789
1,301.30 +19.5
1.555.388
1.223.21
Moose Jaw
1,107;768
1,360,887
1,302,800 +4.5
Brantford
1,182,764
965,417
1.036,729
1.086,26
-4.6
Fort William _ _
852,062
720,044
798.27 +25.4
1,001.905
New Westminster
873,443
672.289
492.174
477.034 +19.7
hat...
Medicine
298.219
249.068
931,256
845.604 +10.1
Peterborough....
789,584
684.471
1,000.255
876.436 +14.4
Sherbrooke
849,274
868,816
1,327.254
990,932 +33.9
Kitchener
1,082,764
802.134
4.679.844
4.855.948 -3.6
Windsor
4,653,492
4,018,651
447.338
Albert
507,998 -11.9
Prince
414,229
413,455
948.937
Moncton
903,251 +5.1
872.042
775,490
878.228
Kingston
894,055 -1.8
776.024
681,812
657.151
Chatham
769,575 -14.6
767.681
587.359
0800 000
Sarnia
752,427 +6.3
633.608
654,641
Total(31 cities) 446,800,614 384,069,645 +16.1 345,684,053 304,914,560
•Estimated.
1394
FINANCIAL CHRONICLE
[VOL. 129.
Condition of National Banks June 29 1929.
-The statement of condition of the national banks under the Comptroller's call of June 29 1929 has been issued and is summarized below.
-For purposes of comparison, like details for previous calls back to and including Feb. 28 1928 are included.
ABSTRACT OF REPORTS OF CONDITION OF NATIONAL BANKS IN THE UNITED STATES ON FEB. 28, JUNE 30, OCT. 3 AND
DEC. 31 1928 AND MAR. 27 AND JUNE 29 1929 (in Thousands of Dollars).
Figures are given in thousands of dollars.
Feb. 28'28. June 30'28. Oct. 3'28. Dec. 31 '28. Mar.27'29. June 29'29.
7,734 banks. 7.691 banks. 7.676 banks. 7.635 banks. 7,575 banks. 7,536 banks.
Resources
$
$
$
$
$
Loans and discounts (including rediscounts) a
a14.399.447 15,144,995 15,116.869 615,279.631 614,849,926 614,801,130
Overdrafts
12,156
12.257
11,638
15.606
10.138
10.193
United States Government securities owned
2,900,896 2,891,167 3.012.584 3,008.723 3.096.760 2,803,860
Other bonds, stocks. securities, &c owned
4.180,004 4,256.281 4,104.022 4.118.595 3,973.995 3,852,675
Customers' liability account of acceptance.
375.185
414.573
472.486
531.305
429.034
397,333
Banking house, furniture and fixtures
712.278
721.229
726.267
730.182
732,455
747,684
inkier real estate owned
123.653
126.903
123,050
122.773
125.680
118,839
Reserve with Federal Reserve banks
1,457.431 1.453.383 1.467.535 1.496,316 1.404.528 1.344.951
Items with Federal Reserve banks in process of collection
567,942c
454.166
448.182
Cash in vault
370,228
363.491
315.113
29i3,003
364.281
3 -- 8,129
8
Amount due from national banks
1,058.531 1,020.320 1,556.235
Amount due from other banks, bankers and trust companies
427.247
417.465
4.184,693 3,385,661 2,569.098
Exchanges for clearing house
845.738
989.920
756.176
Checks on other banks in the same place
70.286
106.789
Outside checks and other cash items
76.918
72.290
100.367
70,095
116,187
99.213
Redemption fund and due from United States Treasurer
32.849
32,740
32.786
33.426
33,050
33,261
Acceptances of other banks and bills of exchange or drafts sold with endorsement
247.867
164,886
329,764
United States Government securities borrowed
13.979
17,877 1
20,186
35.425
20,472
18.545
3.810
Bonds and securities, other than United States. borrowed
3.358 I
Other assets
258,885
272.096
208,575
221.270
217.045
295.205
Total
___________________________________________________________
•
Liabilities
Capital stock paid in
Surplus fund
Undivided profits
-net
Reserves for dividends, contingencies, &c
ite.serves for interest, taxes and other expenses accrued and unpaid
National bank notes outstanding
Due to Federal Reserve banks
Amount due to national banks
Amount due to other banks, bankers and trust companies
Certified checks outstanding
Cashiers' checks o itstand Ina
Dividend cheeks outstanding
Letters of credit and travelers checks outstanding
Demand depo.its
Time deposits (including postal savings)
United States deposits
fotal deposits d
United States iloverninent securities borrowed
Bonds and securities (other than United States) borrowed.
Agreements to repurchase United States Government or other securities sold...
Bills payable (Including all obligations representing borrowed money other than
rediscounts)
Notes and bills
Acceptances of other banks and foreign billsof exchange or drafts sold with}
endorsement
------Letters of credit and travelers
tUt;st;iiiNig----------------------A,
veptances executed for customers
Acceptances executed by other banks
Liabilities. other than those stated above
Total
Details of Cash in Vault
Gold coin _
Gold certificates
Clearing house
----- ---------i1ujiiand gold certificates
Clearing house certificates based on other specie and lawful money
Standard silver dollars
Subsidiary silver and minor coin
Silver certificates
Legal tender notes
National bank notes
Federal Reserve and Federal Reserve Bank notes
Details of Demand Deposits
Individual subject to check
Certificates due in less than 30 days
State and municipal
Deposits subject to less than 30 days' notice
Dividends unpaid
Other demand-deposits
Details of Time Deposits
Certificates due on or about 30 days
Other time deposits
State ana municipal
Postal savings
Percentages of Reserve
Central Reserve cities
Other Reserve cities
All Reserve cities
Oountry banks.
Total United States
27.573.687 28.508.239 28.925.480 30.589.156 29,021.912 27,440,228
1.537.214
1,330.096
558.647
1.593.856
1,419.695
557.437
73.625
646,656
3:3.732
1,008.175
1,900.773
209.079
244.182
1,192
83,753
649.095
35.618
885.197
1.817.202
78.943
307,624
28.404
1
1,616.476
1,490.146
491.681
85.360
66,609
650.405
1.633.271
1,528.326
538.744
67.271
80.700
647.848
1,627,375
1,479,052
487,504
80,832
73,968
649,452
4,073.551
1.615.744
1.450.499
549.624
58.055
81.464
648.548
49.745
2.843.472
3.498.397
2,548,482
602,326
12.389
10,826.357 11.003.795 11.073.155 11.780.721 10.934.994 10,504,268
7.992,213 8.296.638 8.310.891 8.306.938 8,166.596 8.317.095
63.379
185.916
113.333
228.243
272.893
186.170
22,279.082 22,639.337 23,005,311 24,347,380 22,872,880 21,598,088
13,979
17.877 }
18.545
35.425
20.472
49,660
3.810
3.358
12.524
7.217
35.591
75,165
714,507
53.451
302.199
92,499
622.108 }
179,077
208.867
12.156
375.075
17.121
110.137
227.745
17.934
411.763
19.173
58.814
707.581
[ 785.309
703,812
164,866
222.508
329.764
247.867
392,623
420.754
26.133
85.123
524.725
23,248
82,416
473,509
20.918
117.890
18,648
20,186
83,467
27.573.687 28.508.239 28.925.480 30.589.156 29.021,912 27.440.228
17.216
38,382
314,630
9,830.883
187.143
648.359
9.201
150.711
7.680.178
231,416
80.669
11 42%
7.46%
8.96%
4.93%
7.05%
16.637
39.766
10
44
5.798
28.291
25.013
21.730
58.181
119,643
1I
9.926.692
181.166
698.202
8.814
16.877
39.277
11.691
25.502
16,105
39.159
15,237
35,669
308.127
215.919
308.227
207,097
9.851.699 10.505.598
175.363
167.691
948,302
914.749
9.615.080
153.454
1.015,157
9,071,077
149,107
1,104,247
139.016
151.458
151.303
179,837
7,969.152 )7.325.703
620.685
275,064
244.475
89,439
83,011
7.373.441
549.369
292,958
91,170
7.735.472
52.066
287.971
91.087
1,290,947
6,595,086
344,493
88,569
11.33%
7.40%
8.97%
4.93%
7.06%
11.43%
7.37%
8.86°1
4.88
.92
11.367
7.20
8.60
4.86 •
6.77%
188.921
11.26%
7.33%
8.86%
4.00%
99%
11.21%
7.39
8.84
4.92
961,,
64
a Includes customers' liability
under letters of credit. b Excludes "acceptances of other banks and bills of exchange or drafts sold with indorsement, now shown separately. c Included in aggregate amount of due from banks. d Letters of credit and travelers' checks sold for cash and outstanding have not been Included with total deposits for rails prior tn Oct.3 192R.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from' the weekly circular or
Samuel Montagu & Co. of London, written under date of
.
Aug. 14 1929:
GOLD.
The Bank of Envland gold reserve against notes amounted to £140,'
180,545 on the 7th instant (as compared with £141,375,637 on the previous
Wednesday), and represents a decrease of £13,725,770 since April 29 1925
when an effective gold standard was resumed.
About £866.000 of bar gold from South Africa was on offer In the open
market yesterday and was disposed of at 84s. 11%d. per fine ounce.
/500,000 was taken for a destination not disclosed and the Bank of England
secured V11,000. Of the balance .C42,000 was taken for the Home and
trade and £10,000 for India.
No gold was taken for the U. S. A. yesterday although the exchange was
favorable to the export of gold to that quarter, but withdrawals amounting
to £1,025.000 were made from the Bank of England to day for shipment by
the fast steamers sailing for New York to day and to morrow.
The following movements
from the Bank of England have
been announced, showing a of gold to and£759,967 during the week under
net efflux of
review:
Aug. 8. Aug. 9. Aug. 10. Aug. 12. Aug. 13. Aug. 14.
Received
£150
£311,100
£7
£8,393
Withdrawn
2.000 £1065,384
2.000
The receipt yesterday was in bar gold from£10,233 Africa and the bulk
$outh
of the amount 'withdrawn to day was in bar gold for New York.
The following were the United
imports and exports of gold
registered from mid day on the 3rdKingdom to mid day on the 12th inst.:
instant
ImportsExports
British West Africa
£31.534 Prance
British South Africa
1,145,445 Germany
,
Other countries
30,727
1,428 Switzerland
18,275
Austria
22,776
British India
27,596
Straits Settlements
15,620
Other countries
£3,680,492
Total
£1,178,407
Total
£3,826,221
United Kingdom imports and exports of gold for the month of July last
are detailed below:
Imports.
Exports.
Germany
.C9,824,601
Netherlands
£2,895
16,259
Belgium
201,370
France
51,658
Switzerland
Austria
33,960
Spain and Canaries
52,890
__gE ypt
27,292
West Africa
67,290
United States of America
Co- 1,666
0
Argentina, Uruguay and Paraguay
700.000
Union of South Africa
3,721,889
Rhodesia
82,037
British India
99,938
Other countries
13.781
34,325
Total
£4,639,550 - £20,647,146
The Transvaal gold output for the month of July last amounted to
889,480 fine ounces, as compared with 856,029 fine ounces for June 1929
and 867,211 fine ounces for July 1928.
SILVER.
The market has been quietly steady,fluctuations in prices during the week
having kept within the limit of Md. A small enquiry has been maintained
from the Indian Bazaars, mostly to cover bear commitments, but China has
been inclined to work both ways, although orders wore generally limited to
prices slightly outside those ruling. American operators have been rather
inactive, and, although inclined on occasion to support the market, have
been sellers on balance.
Tho following were the United Kingdom imports and exports of silver
registered from mid day on the 3rd instant to mid day on the 12th inst.:
Exports
Imports£14,60.1 British India
Germany
£135,000
France
61,663 Other countries
5,58:3
United States of America._ 10,780
British India
68.464
Canada
14,989
Other countries
4,517
£140,583
Total
Total
£174.917
9,1AR:102
AUG. 31 1929.]
1395
FINANCIAL CHRONICLE
INDIAN CURRENCY RETURNS.
Aug. 7. July 31. July 22.
(/n lacs of rupees.
18770
18572
18595
Notes in circulation
10642
10845
10868
Silver coin and bullion in India
Silver coin and bullion out of India
3222
3221
3221
in India
Gold coin and bullion
Gold coin and bullion out of India
4320
4319
4319
Securities (Indian Government)
586
187
187
Securities (British Government)
consisted of about 82,400,000
The stocks in Shanghai on the 10th instant
silver bars, as compared
ounces in sycee, 125,000,000 dollars and 9,180
0 dollars and 10,340 silver
with 81,900,000 ounces in sycee. 123,000,00
bars on the 3rd instant.
Quotations during the week:
Bar Gold,
-Bar Silver, Per Or. Std.Per Oz. Fine.
2 Mos.
Cash.
Quotations84s. 11%d.
24 5 16d.
24.316d.
Aug. 8
84s. 1134d.
243d.
24%d.
9
84s. 1134d.
24%d.
2430.
10
84s. 11 d.
245 16d.
243 16d.
12
84s. 113d.
247 16d.
245 16d.
13
84s. 11 d.
2434d.
2414d.
14
845. 11.47d
24.364d.
24.239d.
Average
two months' delivery are the
silver quotations to day for cash and
The
same as those fixed a week ago.
-PER CABLE.
ENGLISH FINANCIAL MARKET
ns for securities, &c.,at London,
The daily closing quotatio
as reported by cable, have been as follows the past week:
Fri.,
Thurs.,
Wed.,
Tues.,
Mon.,
Sal..
30.
Aug. 24, Aug. 28. Aug. 27. Aug. 28. Aug. 29. Aug.
2454d.
24 5-16d. 24 5-16d.
Silver. per oz__24 5-16d. 24 5-18d. 24%d.
848.1134d. 840.1134sd, 845.11144.
Gold perfineoz.845.114d. 84s.1134d. 848.11%d.
5334
54
54
54
54
Consols,2%%100%
101%
10134
101%
10134
British, 5% _ _ 94
94
94
94
94
British, 434%
French Rentes
75.15
75.05
72.50
74.65
74.90
On Paris)._fr
French War L'n
103.80
103.30
103.50
103.25
103.20
(in Paris)._ fr
Sales
Friday
Last Week's Range -for
Week.
of Prices.
Sale
Stocks (Conaudea0 Par .Price .Low. High Shares
40
28
28
*
Selby Shoe common
100
9534 96
Sherwin-Williams corn. 25
15
105 105
100
Preferred
60
8% 8%
Stand Textile Prod corn...5
100
88% 68%
A preferred
40
45
43
• 45
B preferred
65
1% 2
Stearns Motor common *
20
* 30% 30% 30%
Stouffer A
90
25
23
24
Sun-Glow
200
27
25
* 25
Thompson Aero
110
55
55
Thompson Proa corn A_ •
10
45 • 45
Union Metal Mfg corn..*
1,922
107 130
25 124
Union Trust new
10
320 320
100
United Bank
65
11% 11%
Van Dorn Iron Wks com..•
75
25%
25
•
Vlehek Tool
60
40
40
*
Weinberger Drug
110
103% 103%
West Reserve Inv Corp 100
10
_50 44% 44% 44%
White Motor common_
117
103 104
White Motor Secur pfd_100
120
• 24% 24% 25
Products
Widlar
10
25
25
Wood Chem Prod COM A..5
10
10134 101%
.100
Youngstown S de T p1.
Bonds
City Ice & Fuel 6s.._ __1933
1931
Cleveland Ry 5s
Cleveland S W Ry & Lt
1954
G dr C 5s
1943
Steel & Tubes 6
9934 9914 $5,000
97% 9734 1,000
28% 2834
9634 96%
1,000
1.500
Range Since Jan. 1.
Low.
25 June
Apr
82
Aug
104
July
6
88% Aug
42 May
134 Aug
July
29
Aug
20
Aug
25
4634 Jan
Aug
42
104% Aug
Apr
280
8% Mar
Aug
25
Jan
24
102 June
44% May
Jan
102
22 May
Aug
25
Jan
101
High,
Jan
35
105 May
Jan
108
934 Aug
79 June
52 June
6% Jan
3234 Apr
30 May
Aug
30
Jan
68
Jan
80
Aug
130
Aug
320
15
Apr
27% June
50 May
Mar
104
4834 Apr
105
Mar
2934 Feb
Jan
29
104 May
Feb
9934; Aug 101
97 June 100% Feb
28% May
Apr
93
2814 Aug
97% Aug
• No par value.
Zonmercial ananXiscaiantottsnem
-
-The following information regarding,
National Banks.
banks is from the office of the Comptroller of the
national
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED
WITH TITLES REQUESTED.
Capita/.
Louis, Mo......
-The Kingshighway Nat. Bank of St. 1311 Highland $200.000
New York on the same days has been: Aug. 21 Correspondent, Edgar Hendricks,
The price of silver in
Terrace, St. Louis. Mo.
Neb._
25.000
Silver in N.Y., per oz.(ets.):
-Newman Grove Nat. Bank, Newman Grove,
523-4
52%
52%
52%
5214
Aug. 21
62%
Foreign
Correspondent, M. E. Currie, Schaller. Iowa.
100.000
National Bank at Deland, Fla.- _-____
-The Florida
Aug. 23
Correspondent. Almours Securities, Inc., 1514 BarFla.
-Record of transactions at
Cleveland Stock Exchange.
nett Bank Bldg., Jacksonville,
Fla
e, Aug. 24 to Aug. 30, both in- Aug. 23
-The Florida National Bank at Orlando, Box 851. 100,000
Cleveland Stock Exchang
W. B. Crawford, P. 0.
Correspondent,
clusive, compiled from official sales lists:
Orlando. Fla.
Mass
100.000
-The Second National Bank of Arlington,
Sates
Friaag
Aug. 24
Correspondent. Frank G. Volpe, 38 Hayes St.,
Range Since Jan.!.
Last Week's Range for
Arlington, Mass.
Week.
of Prices.
Sale
High.
Low.
Par. Price. Low. High. Shares.
Stocks-.
APPLICATIONS TO ORGANIZE APPROVED.
$100.000
Jan Aug. 23
-The Willmar National Bank, Willmar, Minn
Aug 27
185 10
1134
11
•
Aetna Rubber corn
Correspondent. J. W. Black. 806 First National Soo
Mar 40
Feb
100 35
3754 38%
Amer Nlultigraph corn_ *
Bldg.. Minneapolis, Minn.
Line
Aug 40 May
1,383 20
29% 35
35
Apex Electric
Las Vegas, Nev
may
July 107
31 88
-The First National Bank of Miller, Box 702, Las 150.000
101 102
24
100
Preferred
734 July Aug.
Jan
Correspondent, Harry E.
3
ao
5% 5%
20
Bond Stores A
Mar
Vegas, Nevada.
18 63% Aug 66
__100 83% 6354 6354
13ulkley Building prat
Feb
934 Feb 20
10
10% 10%
CHANGES OF TITLES.
•
Byers Machine A
100 46% Feb 55% Aug
52% 5251
of
hia, Pa to
Central Alloy Steel corn_ •
mar Aug. 20
-The Tioga National Bank & Philadelp
40 108% Mar 113
111%
111%
100
PhilaTrust Co.
Preferred
64
'Isioga National Bank
dephia..
"The
Mar
510 49 June
57%
55
• 55
City Ice &. Fuel
Jan 14% July
5
110
Clark (Fred (I) com.......10 12% 12% 12%
Pleasant Beach National Bank, Point
2554 July 55
Feb Aug. 22
280
27
27
-The Point
Cleve Build Sun & Br COM *
114 97 June 98% July
Pleasant Beach, N. J., to "Point Pleasant Beach
Cleve-Cliffs Iron pref.__ _• 9734 9744 97%
Aug 11234 Feb
40 110
109 110
National Bank & Trust Co."
Cleve Electric in6% p1100 109
may
Apr 111
311 100
102 102%
_100
VOLUNTARY LIQUIDATIONS.
Cleve Railway com
July 93
Aug
243 90
93
deposit_
92% 92
Okla
Certificates of
234 July
3% Jan Aug. 12
-The First National Bank of Wellston,Committee: S. J.• 25.000
2% 3% 1,834
g
Cleve Securities FL pfd_10
Jan 475
Aug
Effective July 22 1929. Liquidatin Okla.; R. A. Vose
78 398
460 475
100 475
Cleve Trust
Whitson, Ira F. Baird, Wellston,
Max
40 20 June 25
21
21
com..•
Cleve Union Stkyds
340 1234 July 25
Aug
and A. E. King, Oklahoma City, Okla.
25
Cleve Worst Mills com_100 24% 18% 24%
Aug 28% may
Absorbed by The Wellston National Bank, Wellston,
20 20
24%
Commercial Bookbinding_
Jan 405
12 200
Okla., No. 12078.
July
400
400
• 400
Dow Chemical corn
wn, N. Dak
Jan 73
50.000
July
55 57
67
67
-The First National Bank of Coopersto
Elee Control)& Mfg coin.*
400 25 June 34
Feb Aug. 13 Effective Aug. 9 1929.
25
25
25
Enamel Products
July 3934 Jan
30
Hanuner, Cooperstown, N. Dak.
325
33
33
Liq. Agent: R.. A.
Faultless Rubber com____• 33
may
100 35% June 48
37
36
Succeeded by The First National Bank in Cooperstown,
Federal Knit Mills corn_ _* 37
Aug 3414 Apr
370 27
28
27
27
No. 13362.
Ferry Cap & Screw
Jan
75 108% Apr 111
Conn
109% 109%
.,
1000000
Firestone T & B.8% pf _100
-The Thames National Bank, Norwich,
Jan Aug. 14
320 10754 May 111
108% 109%
100 109
7% preferred
Effective Aug. 2 1929.
mar
Feb 300
10 250
Conn.
250 250
General Tire dr Rub corn _25 250
Liq. Agent: Wm. T. Crandall, Norwich,
Aug 102
51 93
94
Jan
94
94
100
Preferred
Succeeded by The Thames Bank, Norwich, Conn.
Feb 40
60 29
Apr
3344 3344
Geometric Stamp
50,000
-The Dakota National Bank of Aberdeen. S. Dak
20 102% June 105
Jan Aug. 15
104% 104%
100
Glidoen prior prof
Jan 46
Effective June 24 1929.
724 40
48
44
Aug
S. Dak.
Greif Bros Cooperage corn • 46
Jan 500
Liq. Agent: Ed. A. Porter, Aberdeen,
201 376
400
Jan
395
100 400
of Aberdeen,
Guardian Trust
Absorbed by The First National Bank
175 40% July SO
4234
Mar
41
10
Halle Bros
S. Dak., No. 2980.
5 101% Aug 105 'Jan
10144
100
Pref
100,000
Bank of Ypsilanti, Mich
1,760 15 June SO
30
Aug Aug. 15
• 2934 29
-The Peoples National
Hanauer corn
M.J.
Jan 73
50 39
40
Jan
39
Effective Aug. 10 1929. Liquidating Committee:bank.
India Tire dr Rub corn.. _• 40
Feb 190 may
114 145
169
John A. Garrett, care of liquidating
165
Lewis and
Interlake Steamship com_• 189
Bank of Ypsilanti,
Aug 45% Jan
167 32
3234
32
• 32
Absorbed by The First National
Jaeger Machine corn
may
Mar 60
10 30
35% 3531
Mich.. No. 155.
100
Jordan Motor prof
July 60% mar
90 48
Kans
50
50
50,000
Kelley 181 Lime & Tr corn.*
-The Union National Bank of Neodesha.
Jan 48
25 29
40
40
July Aug. 15 Effective June 8 1929.
Lake Erie Bolt & Nut corn •
Feb 80% July
110 43
80
60
25
Lamson & Session
Liquidating Agent: W. J. Small, Neodesha, Kans.
may
Mar 430
38 350
Bank of Neodesha.
411 415
100 415
Midland
Absorbed by The First National
22 38% July 43% Jan
39
39
McKee (A G) dr Co corn_ •
Kans., No. 6914.
Aug 52
78 39
39
Jan
39
Metrop Pay Brk prof __100
25,000
First National Bank of Bainbridge. Pa
-The
Aug 85
92 49
51
Mar Aug. 16
50
Miller Rubber prof.......100 so
Effective Aug. 5 1929.
Aug 65% Jan
157 35
36
Mohawk Rubber corn_ -• 35% 35
Lb.Agent:Elizabethtown Trust Co.,Elizabethtown,Pa.
Aug 43
80 26
30
Jan
30
.
Murray Ohio Mfg corn_ •
Absorbed by Elizabethtown Trust Co., Elizabethtown,Pa
1,145 32% Mar 43% Aug
42
41
Myers Pump common...* 42
Mar 310
$25.000
5 254
-The First National Bank of Deer Creek, Minn_ _
Aug Aug. 19
310 310
100
Nat City Bank
Liquidating Agent, T.
100 2934 Jan 41
Effective Aug. 7 1929.
34
July
34
National Acme corn._..10
Jan 32
25 31
36
Lee. Deer Creek, Minn. Succeeded by First National
Feb
36
Nat Recording Pump corn •
Apr 38
180 33
Bank in Deer Creek, Minn., No. 13303.
3734
Jan
25 37% 38
Nat Refiring corn
450 3251 May 41
Mar Aug. 21-The Norwood National Bank, Norwood, Ohio __ _ _
32% 33
200.000
National Tile common.. •
Jan 90
20 45
85
Aug
85
Effective April 22 1929. Liquidating Agent. Henri
National Tool pref.. _100
July 2954 Jan
700 18
20
Feldman, Smith Road, Norwood, Ohio. Abrsorbed
ur common..* 19% 19
Nestle-LeM
Feb 30% Apr
50 22
27
27
by: Norwood-Hyde Park Bank & Trust Co., NorNineteen Hued Wash com•
30 95 June 9934 Jan
98
95
wood. Ohio.
Nor Ohio P & L 6% pfd 100
257 111% Mar 115% Jan
114 115
..100 114%
-The Yuma National Bank, Yuma, Airz
Ohio Bell Telep prof.
150.000
Jan Aug. 21
969 80% Apr 92
88%
82
• 87
Effective June 22 1929. Liquidating Commission*
Ohio Brass B
Aug 107
55 100
Mar
103 103
100
Bert Caudry, O. H. Robertson, James L.
Preferred
Jan 105
11 102
Feb
103 103
'
S. E. Larkins. E. F. Sanguinetti, Gordon Gray
Edwards
Ohio Seamless Tube pfd100
Aug 9
10 95
Aug
95
5
95
Care of the liquidating bank. Succeeded by the
Ohio Telephone Serv p1100
Aug 42
450 30
31
Mar
30
• 31
Yuma Valley Bank, Yuma, Ariz.
Packard Elec corn
260 2334 Apr 3344 Jan
24% 24%
•
Packer Corp corn
-Farmers & Merchants National Bank of Jamestown,
879 1954 Aug 30
2314
Mar Aug. 23
Paragon Refining com___• 21% 21% 23
N. Da
Wolfer.k
50,000
Aug 28
25 19
Mar
23
Paragon v t c
Effective Aug. 13 1929. Liquidation Agent: R. R
Aug 38% Mar
1,850 32
33
• 32% 32
Patterson Sergeant
the
562 47% Mar 62
Aug
56% 59
Reliance Mfg common_ • 56%
National Bank & Trust Co. of Jamestown,NbY
Dak.,
160 2554 Aug 28 May
13344..
Republic Stamp & Enamels 2534 25% 2531
No.
590 11234 June 138
Aug
133% 138
Richman Brothers corn- _• 138
6% June
40
8% Apr
BRANCH AUTHORIZED UNDER THE ACT OF FEB. 25 1927.
7
7
Robbins & Myers aeries 1.•
6% June 10
Mar
180
7
7
-The Chase Nat.Bank of the City of New York, N.Y.
Aug. 24
Series 2
Mar 18
Jan
387 10
14
13
Location of Branch, 214 Broadway, Borough f
25
Preferred
123 28% Aug 65
Jan
29
28%
Manhattan.
Seiberling Rubber corn. •
a
1396
FINANCIAL CHRONICLE
[voL. 129.
CONSOLIDATIONS.
Aug.23-The Central Nat. Bank of Philadelphia,
DIVIDENDS.
Pa
81.500.000
Aug.23-American Bank & Trust Co., Philadelp
Dividends are grouped in two separate tables. In the
hia,
500,000
Consolidated to-day under the Act of Nov. Pa.._ - _
first we bring together all the dividends announced
7
as amended Feb. 25 1927. under the charter1918.
current week. Then we follow with a second table,the
title of "the Central National Bank of Philadelp and
hia."
No. 728, with capital stock of 81.700.00
which we show the dividends previously announced, in
0. The
consolidated bank has two branches located in the
but
which have not yet been paid.
City of Philadelphia which were in operation
on
Feb. 25 1927, one being a branch of the Central
The dividends announced this week are:
National Bank and the other a branch of the American Bank & Trust Co. Two branches of the Central
Per
When
Books Close.d
National, which were authorized since Feb.
Name of Company.Manske.
Cent. Payable.
25
Days
were reauthorized for the consolidated bank. 1927,
Aug. 24
Railroads (Steam).
-The Chase Nat. Bk.of the City of New York,
N. Y._80,000.000 Alabama & Vicksburg
Aug. 24
3
Oct. 1 Holders of rec. Sept. 6
-The National Park Bank of New York.
_ _15,000,000 Chesapeake Corporation (quar.)
Holders
75c Oct.
Consolidated to-day under the Act of N. Y__
N. Y., New Haven & Hart.. COM.(au). •134 Oct. 1 "Holders of rec. Sept. 6a
Nov. 7 1918,
1
under the charter and title of the Chase National
of rec. Sept. 6
Preferred (quar.)
"I.% Oct. 1 *Holders of rec. Sept. 6
Bank of the City of New York,"
Pittsburgh & it est Va. com.(quar.)No. 2370, with
capital stock of 5105,000,000.
- •134 Oct. 31 'Holders of rec. Oct. 15
Texas & Pacific, corn, and pref. (quar.).
The consolida
bank has 22 branches which were in operation ted
•114 Sept. 30 'Holders of rec. SePt.14
on
Vicksburg. Shreveport & Pacific
Feb. 25 1927. all of which are located
in the City of
Common and preferred
234 Oct. 1 Holders of rec. Sept. 6
New York. Two branches of the Chase National
and two branches of the National Park Bank
which
Public Utilities.
were authorized since Feb. 25 1927,
Arkansas Natural Gas, pref. (quar.)
were re-autho*15c. Oct. 1 *Holders of rec. Sept. 20
orlzed for the consolidated bank.
Bangor Ilydro-Elec. 7% pref. (quar.)
O1% Oct. 1 'Holders of rec. Sept. 10
6% preferred (guar.)
*134 Oct. I 'Holders of rec. Sept. 10
Bell Telephone of Canada (guar.)
Auction Sales.
*2
Oct. 15 'Holders of roe. Sept. 23
-Among other securities, the following, Bell Telep.
of Pa. Prof. (quar.)
•144 Oct. 15 *Holders of rec. Sept. 20
not actually dealt in at the Stork
Exchange, were sold at auction Boston Elevated Ky., corn. (quer.)
•144 Oct. 1 "Holders of rec. Sept. 10
Second preferred
in New York, Boston, Philadelphia and Buffalo on Wednes"345 Oct. 1 'Holders of rec. Sept. 10
Brazilian Tr., L.& Pow. pref. (quar.)
•
134 Oct. 1 *Holders of rec. Sept. 16
day of this week:
British Columbia Power class A (quar.) _ .50c. Oct.
15 "Holders of rec. Sept. 20
Connecticut Elec. Service, corn.(quar.)' 62440 Oct.
By Adrian H. Muller & Son, New York:
1 *Holders of rec Sept. 15
Preferred (quar.)
'Si
Shares. Stocks.
Oct. 1 "Holders of rec. Sept. 15
$ Per Sit. Shares. Stocky.
S PT Sh. Continental Gas & Else., earn.(quar.).. $1.10 Oct. 1 Holders of rec.
50 Young's Hats, Inc.,(Del.), pref.;
Sept. I2a
50 Consol. Mills Corp.. class A,
Prior preference (quar.)
100 Young's Hats, Inc. (Del.),
134 Oct. 1 Holders of rec. Sept. 12a
no par
$50 lot Denver Tramway, pref. (quar.)
'75e. Oct. 1 *Holders of rec Sept. 15
common
$200 lot 1 Be Leon Hill& Co., Inc.. no par_525 lot Electric Power Sr Lt. pref. (quar.)
214 Anderson Cotton M1118_114,920 lot
$1.75 Oct. I Holders of rec. Sept. 14
Warrant for 312 shares Spreckels
General Gas & Elec., class A (quar.)
•374(c Oct. 1 'Holders of rec. Sept. 12
213 Anderson Cotton Mills_314.850 lot
Sugar Corp., common
$34 lot
Class II (guar.)
"37 i4e Oct. 1 'Holders of rec. Sept. 12
200 Mammoth Divide Mining Co..
Bonds.
Per Cent.
$8 Preferred (oust.)
•$2
Oct. 1 *Iloiders of rec. Sept. 12
Inc., (Nev.), par 10c.; 12.000
51.000 Indianapolis & Martinsville
$7 Preferred (quar.)
.134 Oct. 1 'Holders of rec. Sept. 12
Campion Oil Co.. Inc. (Ariz.),
Rapid Transit Co., lot 30 yr. 58,
Illinois Bell Telephone (guar.)
'2
a par 11; 20 Precious Metals
Sept.30 'Holders of rec. Sept. 28
Corp.,
1932. certificate of deposit---.5103 lot Kansas City Power & Lt.. pref. (quar.)_ "$1.50 Oct.
,.. Ltd., Inc., (Canada), no par$4 lot 510,000
1 'Holders of rec. Sept. 14
United Rys. & Elec. Co. of
N. Y.& Queens Elec. Light & Pow„
(qu.) "8744c Sept. 14 *Holders of rec. Sept. 6
69
Balt., 6% bonds, due 1949
Preferred (guar.)
*154 Sept. 3 'Holders of rec. Aug. 23
Ohio Bell Telep. Prof. (quar.)
By Wise, Hobbs & Arnold, Boston:
"134 Oct. I 'Holders of rec. Sept. 20
Pacific Tel. & Tel. common (tear.)
*IN Sept. 30 'Holders of rec. Sept. 20
Shares. Stocks.
$ per Sh. Shares. Stocks.
$ per Sir.
Preferred (Outer.)
'13.4 Oct. 15 'holders of rec. Sept. 30
25 Nat. Shaw-mut Bank, par $25_111
100 Beacon Participations, Inc.,
Pennsylvania Water & Power (quar.)_ _ 6214c
20 Webster & Atlas Nat. Bank_222
Oct. I Holders of rec. Sept. 13
17ex-div. Philadelphia Electric (guar.)
MASS A preferred
66 First Nat. Bank, par $20
50e. Sept. 14 Holders of rec. Aug. 31
1971.4 56W. M. Lowney Co
1
Savannah Elec. & Pow., 6% pref
13 Merchants Nat Bank
3
Oct. I Holders of rec Sept. 10a
571
25 Brockton G. L. Co., v. t. c.. par
8% debenture (tear.)
21 Nat. Shawrnut Bank, par $25_110%
2
Oct. 1 holders of rec Sept. I0a
42% South Western Gas & El.8% pf.(quo)._
$25
.2
450 National Slaawmut Bank, par
Oct. 1 'holders
Sept. 15
5 Quincy Market Cold Storage dc
7% preferred (guar.)
11825
*134 Oct. 1 'Holders of rec. Sept. 15
of rec.
1104-11034
Warehouse Co., prof
6534 Public Service of Oklahoma corn.(qu.)_. 2
15 East Middlesex St. Ry.,8% stk. 8344 10 Fall River Gas Works, par $23..
Oct. I Sept. 21 to Oct. 1
7% prior lien stock (quar.)
6034
134 Oct. 1 Sept. 21 to Oct. 1
1-3-5 Suburban Elec. Secur., com_ 3
8 special units First Peoples Trust_ 3
6% prior lien stock (quar-)
83 Boston RR. Holding CO,Pre:115 Oct. 1 Sept. 21 to Oct. 1
31 New England Power Ass., pref._ 893-4 Texas Louisiana Power pref. (quar.)_.
•1 3( Oct. 1 "Holders of rec. Sept. 15
35 Worcester Consol. St. fly., 1st 804 500 York Mfg. Co
8
Winnipeg Electric Co , pref. (quar.)
144 Oct. I Holders of rec. Sept. 6
Preferred. par $80
2144 142 Farr Alpaca Co
101
Banks.
8 Worcester Consol. St. RV.. 1St
160
American (Bank of) (tear.)
50 Collateral LOAD CO
.11.25 Sept.30 'Holders of rec. Sept. 15
preferred, par 580
2134 81 New England Pub. Seri. Co.,
,
100 Amoskeag Co., pref. (old)
118
75
Miscellaneous.
$6 convertible preferred
50 Saco-Lowell Shops, Inc., lot Pt
95
Allied Chemical & Dye, pref.(gnar)
5354 30 Plymouth Cordage Co
-- 154 Oct. 1 Holders of rec. Sept.
10 Saco-Lowell Shops. Inc.. 2nd pf_ 30
11
70c
American Can. pref. (Ouar.)
18 IV, M. Lowney Co
134 Oct. 1 Holders of rec. Sept.
2 Pepperell Mfg. Co
08 ex-dlv 10 units First Peoples Trust
25
American Chain. pref. (guar-)
•134 Oct. 1 "Holders of rec. Sept. 16a
50 Indian Co
134
43 Graton & Knight Co.. corn..-. 10% Amer. home Products (monthly)
30c. Oct. 1 Holders of rec. Sept. 21
10 Lancaster Mills, pref
14a
1134 5 Tennessee East. Elec. Co.. 7 pref. 99
Amer. Safety Razor (Oust.)
"51
Oct. 1 'Holders of rec. Sept. 15
10 Arlington Mills
28
50 Beacon Participations, Inc., cl.
•250. Oct. 1 "Holders of rec. Sept. 15
4 Associated Textile Co
_17 ex-div. American Tobacco, pref. (quar.)
3'
A preferred
14 Oct. 1 Holders of rec. Sept. 10
6 Nashua Mfg. Co.. pref
83 ex-div. 10 Graton & Knight Co , pref
Anchor Post Fence (quar.)
"85c. Oct. 1 "Holders of rec. Sept. 14
2-5-10 Gosnold Mills, corn. (new)__ 6
45 Shawmut Bank Invest. Trust- 52:
24 %
7 i
Stock dividend
'C23.4 Oct. 1 "Holders of rec. Sept. 14
5 Arlington Mills
50
28
Arnold Print Works. pref. (quar.)
35 E E Taylor Corp., pref
'873.4c Sept. 1 'Holders o free. Aug. 20
6 Genic Mfg. Co
75
Associated Breweries, corn
10 U. S. Envelope Co., corn
50c. Sept. 30 holders of rec. Sept. 14
50 Nashua Mfg. Co., common
45
10 Chain & General Equities. Inc..
Preferred (guar.)
134 Oct. I Holders of rec. Sept. 14
30 Continental Mills
333.4
common
188
Associated Laundries, new corn
(o) Oct. 1 'Holders of rec. Sept. 1
65 Arlington Mills
173i
28
25 Old Colony Trust Associates..160
Associated
•50c Sept. 30 "Holders of rec. Sept. 16
33 Otis Co
4544-46 40 Beacon Participations, Inc..
ARaOilfet y
zor,
Strop Sa (O ua
class A (411.)
75c. Oct. 1 Holders of rec. Sept. 10
9 Pepperell Mfg. Co
18 ex-div. Autocar Company. pref. (quar.)
class
9844 class A preferred
2
Sept. 15 Holders of
3 Merrimack Mfg. Co., corn
Sept.
165
10 U. S. Envelope Co., pref
Bancroft (Joseph) & Sons Co. corn. (q11.) 82 tic Sept. 30 'folders of rec. Sept. 5
rec.
5 Ludlow Mfg. Assoclates_164 ex-dly.
16
Beech-Nut Packing, corn. (quar.)
75C. Oct. 10 Holders of rec. Sept. 25
Bohn Aluminum & Brass corn. (quar.)
By R. L. Day & Co., Boston:
*75c. Oct. 1 'Holders of rec. Sept. 14
Common (extra)
*50c. Oct. 1 "Holders of rec. Sept. 14
Shares. Stocks.
5 per Sit. British-Amer. Tobacco preference
$ Per Sit. Shares. Stocks.
234 Sept. 30 Holders of coup. No. 52
10 Federal Nat. Bank
40 Boston Woven Hose & Rubber 92
Borg-Warner Co., corn. (quar.)
*El
Oct. I 'Holders of rec. Sept. 16
300 Nat. Shawmut Bank, par $25 380
common
14
Co.,
112
Preferred (quar.)
*31.75 Oct. 1 *Holders of rec. Sept. 16
10 Webster & Atlas Nat. Bank_ ___228
44% Bunker Hill & Sullivan Min.&
25 United Elastic Corp
ooncents.
100 Nat. Shawmut Bank, par $25__11 I % 4 No. Bost. Ltg. Prop., com.,v.t.c_
9434
Monthly
525c. Sept. 5 "Holders of rec. Aug. 22
200 First Nat. Bank, par $20
40 No. Bost. Ltg. Prop. pref. v.t.c.,
198
Extra
.
50e. Sept. 5 "Holders of rec. Aug. 22
100 Beacon Trust Co., par $20
74
5834 Burns Bros., pref.(guar.)
par $50
•14I Oct. 1 *Holders of rec. Sept. 15
100 Old Colony Trust Co
875-881 20 Amer Glue Co.. pref
1103.4
Bush Terminal common (guar.)
*50c. Nov. 1 "Holders of rec. Sept. 27
10 Beacon Trust Co.. par 520
420 It. S. Brine Transportation Co., 1
Common (payable In common stock).. "1134 Nov. I "Holders
10 Central Trust Co., Cambridge. 73
of rec. Sent.
common, v.t.c
Bush Terminal Bides. pref. (quar.)
•134 Oct. 1 'Holders of rec. Sept. 27
par $10
13
105
73
26 Boston Wharf Co
Canada Malting (guar.)
3714c Sept. 15 "Wilms of rec. Aug.
10 Union Mills, Inc
31
20 J. R. Whipple Corp., 1st pref.- 20
18
Canadian Car & Fdy.. pref. (Quer.)
134 Oct. 10 Holders of rec. Sept. 25
13 Harmony Mills. pref
- 17 Puget Sound Pow. & Lt. Co..
55
Canadian Cottons. Ltd.. corn. (quer.)- - 2
Oct. 4 Holders of rec. Sept. 21
10 Boott Mills
122, ex-dly.
99
6% pre(
Preference (gnarl
7 West Point Mfg. Co
13.4 Oct. 4 holders of rec. Sept. 21
120
3 Boston RR. Holding Co., pref._- 804 Clark Equipment. corn. (guar.)
75e. Sept. 16 'Holders of rec. Aug.
•
2 Ludlow Mfg. Associates
67
Founders Trust
162
10 United
Coca-Cois Co., corn. (guar.)
.11
Oct. 1 "Holders of rec. Sept. 31
100 Union Street Ky., New Bedford 24
1086
25 Boston Insurance Co
12
Commercial Invest. Trust, corn.(in stk.) (5)
15 Worcester Consol. Street fly.
Holders of rec. Oct. 20
150 Beacon Participations, Inc.,
Congress Cigar (quar.)
.$1.2.5 Sept. 30 ,
'
Co.. 1st pref., par $80
Holders of rec.
17-18
pref. A
22
Extra
'25c. Sept. 30 "Holders of rec. Sept. 14
6 Nashua & Lowell RR
1061.4
Sept. 14
13034 2 Fiberlold CorP., pref
Consol. Automatic Merchandising pref. -Nos (lion to ken.
30 Union St. fly. El. Co., New
10 New England Power Assn.. pref. 894 Coty. Inc. (quar.)
50c Sept. 30 holders of rec. Sept. 12
Bedford
25
12 units First Peoples Trust
24
Crowley, Milner Co. (quar.)
iii50c Sept. 30 "Holders of rec.
44 Nantasket Beach Steamboat Co_ 25
Sept. 10
20 West Boston Gas Co., v.t.c., par
Cutler Hammer, Inc (quar.)
.870. Sept. 14 'Holders of rec. Sept. 4
100 New Columbia Co., corn., par
48
25
Draper Corporation
Oct. 1 Holders of rec. Aug. 31
$1
1 sio
Per Cent. Em Ire Laundries (guar.)
$1 101 Bonds.
pref. (guar.)
134 Sept. I Holders of rec. Aug. 28
55 Old Colony Trust Associates
60% $1,000 Old Colony Investment Tr.
Equitable Financial Corp., CI. A.tqu.) _
30c. Sept. 15 Holders of rec. Sept.
10 E. H. Rollins & Sons, pref
82
4%s. Feb. 1947
100
Equitable Office Bldg., corn. (qu.)
62 Sic Oct. 1 Holders of rec. Sept. 3
100 Beacon Participations, Inc..
58,000 Smith Crawford Shoe Co.
16
Preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 16
preferred A
17
interim receipts for 7% serial
Federal Motor Truck (quar.)
"20c. Oct. 1 'Holders of rec. Sept.
75 Eastern Utilities Associates.conv. 161.4
notes maturing Dec. 1925- _5100 lot Fifth Ave. Bus Secur. (quar.)
20
•160. Sent. 30 'Holders of rec. Sept.
14
Finance Corp. of Amer., pref. (guar.)... "2
By Barnes & Lofland, Philadelphia:
Sept. I 'Holders of rec. Aug 21
Firstbtook Boxes. Ltd.. pref. (quar.)
Shares. Stocks.
13-4 Sept. 15 Holders of rec. Aug.
$ per Sit. Forhan Co..
$ per .58. Shares Stocks.
class A (lear.)
50 Bankers 13ond & Mtge Co
•400. Oct. 1 "Holders of rec. Sept. 31
27 Lancaster Av.T & T.Co.. par 550 90
13
Gen. Amer. Tank Can, corn. (In stk.)_ _ *.fl
Jun 130 'Holders of rec.
50 Bankers bond & Mtge. Guaranty 2634 100 Bankers Trust Co.. par 550.-144
Gerrard (S. A ) Co., corn.
•37 34c Dee. 1 "Holder's of rec. Deo. 13
Co., no par
14214 Goodyear Tire & Rub.. (guar.)
50 Bankers Trust Co., par 550
150 Bankers Bond & Mtge. Guaran- 26
Can., corn.(qu.) "$1.25 Oct. 1 'Holders of rec. Nov. 15
146 Bankers Trust Co.. par $50. _ - _140 II
Sept. 14
Common (extra)
'5
Oct. 1 'Holders of rec.
tY Co
354
88 Colonial Trust Co.. par 550
Preferred (quar.)
8 Merlon Title & Tr. Co., Ardmore. 23
•I% Oct. I 'Holders of rec. Sept. 14
7044 Granite City Steel (quar.)
35 Broad St. Tr. Co., par 550
Sept. 14
•si
Pa., Dar 550
Sept. 30 'holders
290
24 Real Estate Land 'title & Tr. Co..
Grigsby Grunow, new stk. (qu.)(No. I) •50c. Oct. I *Holders of rec. Sept. 14
15 Penn Nat. Bank, par MO
of
6734 Hail
8434
par $10
'373.4o Sept. 16 "Holders of rec. Sept. 20
Lamp (guar.)
10 Penn Nat. Bank. par $10
198
8434 18 Girard Tr. Co.. par 310
Extra M
C.
•I2c sept. 16 *Holders of rec. Sept. 2
20 Penn Nat. Bank. par $10
82444 Hartman Tobacco.
84% 3 Provident Trust Co
rec. Sept. 2
let pref. (gnarl
165 Northwestern Nat. Bank, par
•134 Sept. 1 "Holders of rec. Aug.
822
8 Provident Trust Co
Hawaiian pineapple (stock dividend)
$100
•e20 Jan 130 *Holders of rec. Nov. 23
4041 10 Industrial Trust Co., par 550.- _560
15
Hayes Jackson Co., cl. A (quar.)(No. 1) •
10 Phila. Nat. Bank, par $20
240. Oct. 1 'Holders of
1823.4 20 Manheim Trust Co.. par 550____ 63
Preferred (quar
•144 Oct. 1 *II°liters of rec. Sept. 10
19 Phila. Nat. Bank, par $20
182
2 Martheim Trust Co., par $50
61
rec. Sept. 19
Elelme (George W.) Co., corn. (guar.)-- $1.25 Oct. 1
85 Drovers & Merchants Nat. Bank,
Holders of me Sept. 10
10 Security Title( Tr. CO., par $10 12
k
Preferred (quar.)
0 par SIO
134 Oct. 1 Holders of rec. Sept. 10
19
4 Bankers Secur. Corp., pref
503.4 Hercules Powder,
corn. (quar.)
150 Adelphla Bk.& Tr. Co.. par $10 23
75c Sept. 25 Holders of rec. Sept. 14
40 Bank. Recur Corp ,com.v.t.e.100
Heywood Wakefield Co . lot & 2nd pref. •g3,50 Sept. 3
2City Nat. Bk.& Tr. Co
227
"Holders of roe. Aug. 27
5 Frank ford dr Southwark Pass. fly.225
Honolulu Consol. 011
•50c Sept 14 ...Holders of rec.
50 Northern Central Tr. Co.. par
4 The Bourse
2745 Imperial Tobaccoof (guar.)
Can., corn. (quar.). 7%c. Sept 27 Holders of roe Sept. 5
$10
13414 20 Franklin Tru.st
71
Sept. 6
3
Sept. 30 Holders of rec. Sept. 6
17 Northern Central Tr. Co.. Par
ktolds.
$ per Mold. Internal tonal Cement,
corn. (quer.)
510
Sept 27 "Holders of rec. Sept. 11
"$1
129
160 Northwestern Nat. Ilk.. at $100 40
Internationa) Sliver. pref (quar.) I% Oct. 1 Holders
me
120
Johansen Shoe, eons ((Mar 1
By A. J. Wright & Co., Buffalo:
3734c Sept. 3 Holders of rec. Sept. 26
Aug.
of
Kimberly
Shares Stocks.
$ per Sh.1Shares Stocks.
$ per Sit. Kleinert Clark Corp.. corn. (quar.).... '6244c Oct. I 'Holders of rec. Sept. 12
(J. B.) Rubber. corn. (Outer.)_. "62 Sic
100 Boston & Montana Bevel. Co,
1,000 Baldwin Gold Minos, par 51.._ 3%0
Knapp Monarch Co., pref. (guar.)
84410, Oct. 1 Holders of rec. Sept. 16
$5.25 lot 100 Nipissing Mines,
Boston. at Par
3
par 55
Name of Company.
1397
FINANCIAL CHRONICLE
AUG. 31 1929.]
When
Per
Cent. Payable.
Books Closed
Days Inclusire.
Name of Company •
When
Per
Cent. Payable.
Beets Closed
Days inclusive.
Public Utilities (Continued).
Miscellaneous (Concluded).
Assoelated Telep. Utilities. corn. (guar.) *25c. Oct. 15 'Holders of rec. Sept. 30
"56c. Sept. 15 *Holders of rec. Aug. 31
Leslie California Salt (guar.)
Common (payable In corn. stock)... _ '124 Oct. 15 "Holders of rec. Sept. 30
•75e. Oct. 1 Holders of rec. Sept. 16
London Packing (quar.)
50c. Sept. I Holders of rec. Aug. 10
Atlantic Public Utilities, corn. A (guar.)
50c Oct. 1 Holders of rec. Sept. lu
Mapes Consol. Mfg. (guar.)
$1.75 Sept. 1 Holders of rec. Aug. 10
$7 pref. series A (guar.)
*30c. Sept. 25 *Holders of rec. Aug. 31
McFadden Corp
Sept.
Oct. I Holders of rec. Sept. 7a Birmingham Water Wks.,6% pref.(qu.) "14 Sept. 16 *Holders of rec. July 2
- i50c
Mathieson Alkali. Works. corn.(guar.)
31
(quar.)
50e. Sept. 3 Holders of rec.
14 Oct. 1 Holders of rec. Sept. 7a Brazilian Tr. L. & Pow., ord.
Preferred (guar.)
Sept. 3 Holders of rec. Aug. Da
2
Brooklyn Edison (guar.)
*750. Oct. 1 Holders of rec. Sept. 15
Mead. Johnson & Co. (quar.)
Brooklyn-Manhattan Transit Corp.*25e. Oct. 1 *Holders of rec. Sept. 15
Extra
$1.50 Oct. 15 Holders of rec. Oct. la
Preferred. series A (guar.)
Mohawk Investment Corp. (in stock)__ _ *e100 Subject to stockholders approval
.
$1.50 lan15 30 Holders of rec. Dee. 3Ia
Preferred. series A (guar.)
•90c. Sept. 14 'Holders of rec. Aug. 31
Morrell (John) & Co. (guar )
$1.50 Apr15'30 Hold. of rec. Apr. 1 '30a
A (quar.)
Preferred, series
*50c. Sept. 30 'Holders of rec. Sept. 14
Myers (F. E.) & Bros. Co.. coin. (qu.)
51.25 Oct. 1 Holders of rec. Sept. 36
Brooklyn Union Gas (guar.)
*SI.50 Sept. 30 'Holders of rec. Sept. 14
Preferred (quar.)
Butler Water Works. hot pref. (guar.).- "ISI Sept. 16 'Holders of rec. Sept. 2
Sept. 5 'Holders of rec. Aug. 30
"S1
Nassau Management
California-Oregon Power. 7% pf. (guar.) 14 Oct. 15 Holders of rec. Sept. 30
*S3.50 Sept. 1 'Holders of rec Aug. 20
National Linen Service, pref
1!..4 Oct. 15 Holders of rec. Sept. 30
6% preferred (guar.)
S1.25 Oct. 1 Holders of rec. Sept. 17a
National Surety (guar.)
15e. Oct. 25 Holders of rec. Sept. 30
Canada Northern Power (quar.)(No. 1)
New Method Laundry (Can.) pfd. (qu.) 14 Sept. 2 Holders of rec. Aug. 28
194 Sept. 3 Holders of rec. Aug. 15a
Cent. Ark. Public Service, pref. (guar.)
*50c. Sept. 28 "Holders of rec. Sept. 13
Transportation (guar.)
New Yor
'Holders of rec. Aug. 16
20 Holders of rec. Sept. 10a Central Gas & Elec. $634 prof. (quar.)*3 1.62(4 Sept. 1 "Holders of rec. Aug. 20
373.4c. Sept.
Oil Shares. Inc., corn. (quar.)
*31.75 Sept. 2
Central Indiana Power, pref. (ouar.)
Oct. 1 *Holders of rec. Sept. 13
*$2
Omnibus Corp. (guar.)
of rec. Aug. 26
Central Public Service, class A (guar.).- (u) Sept. 15 *Holders
*62340 Oct. 1 *Holders of rec. Sept. 19
OW Steel, corn. (guar.)(No. 1)
10c. Oct. 1 Holders of rec. Sept. 5
Cent States Elec. Corp., corn.(quar.). _
•14 Oct. 1 *Holders of rec. Sept. 19
Preferred (guar.)
Oct. 1 Holders of rec. Sept. 5
124
Corn.(payable in corn. stock)
60c. Oct. 2 Holders of rec. Sept. 21
Paramount Cab (guar.)
I% Oct. 1 Holders of rec. Sept: 5
7% pref. Issue of 1912 (guar.)
*25c. Sept. 30 *Holders of rec. Sept. 20
Parke. Davis & Co (quar.)
14 Oct. 1 Holders of rec. Sept. 5
6% preferred (guar.)
*10c. Sept. 30 *Holders of rec. Sept. 20
Extra
(m) Oct. 1 Holders of rec. Sept. 5
Cony. pref. opt. series of 1928(qu.)
ConsolPatino Mines & Enterprises
(m) Oct. 1 Holders of rec. Sept. 5
Cone pref. opt, series 01 1929 (qu.) _
07c. Sept. 28 Holders of rec. Aug. 31
American shares
•850. Sept. 1 'Holders of rec. Aug. 20
Chic. Rap. Transit pr. pf. A (mthly.)
50c. Oct. 1 Holders of rec. Sept. 20
Perfect Circle Co. (guar.)
•6130. Sept. 1 'Holders of rec. Aug. 20
Prior preferred class B (mt1119.)
(quar.)_ _ *15i Oct. 1
Pettibone, Mulliken Co., pref.
South Shore HR.
Chic. South Bend &
3734c Oct. 2 Holders of rec. Sept. 16
Phillips Petroleum (guar.)
14 Sept. 2 Holders of rec. Aug. 15
50c. Oct. 1 Holders of rec. Sept. 13
634% pref., class A (guar.)
el. A (guar.)
Pie Bakeries of Amer.,
13.4 Sept. 3 Holders of rec. Aug. 15
Cleve. Elec. Illuminating, pfd. (au.) - 1% Oct. 1 Holders of rec. Sept. 13
Preferred (guar.)
`51.50 Oct. 1 'Holders of rec. Sept 10
Cleveland Railway, corn. (guar.)
Sept. 7 'Holders of rec. Aug. 21
Pinchin Johnson & Co., Am.she.(No. 1) *10
134 Sept. 16 Holders of rec. Aug. 26
Coast Counties G. dr E. 1st pref. (gu.)
"4334c Sept. 15 'Holders of rec. Aug. 31
Platt Music Co.. corn. (Qatar)
14 Sept. 16 Holders of rec. Aug. 25
Second preferred (oliar.)
Sept. 15 Holders of rec. Sept. I
Port Alfred Pulp & Paper. Pref. (guar.)
Commonwealth & Southern Corp
Port Hope Sanitary MN., corn. (guar.)- '623.4e Sept. I 'Holders of rec. Aug. 28
Holders of roe. Aug. 1
Corn. (qu.) (No. 1)(1/80 sti. com.etk.) (/) Sept. 1 Holders of rec. Sept. 30
•14 Sept. 1 'Holders of rec. Aug. 28
Preferred (guar.)
25c.Oct. 1
Commonwealth Utilities. corn. B
'13.4 Oct. 1 'Holders of rec. Sept. 10
*Holders of rec. Aug. 20
Pure Oil, 54% pref. (quar.)
Community Water Service, lot pt. (riu.). "81.7.5 Sept. 1 'Holders of rec. Aug. 20
*14 Oct. I *Holders of rec. Sept. 10
6% Preferred (guar.)
'62 tic Sept. 1
1M wl
v ne e tedt, .
Contefctlru ( o .) corn.(guar.)
*2
Oct. 1 *Holders of rec. Sept. 10
8% Preferred (guar.)
'134 Sept. 1 'Holders of rec. Aug. 20
s 66 2-3c Sept. 14 *Holders of rec. Sept. 1
Raybestos Co., common
1 *Holders of rec. Sept. 14
Cons'd Gas ELL. drPow.Balt.corn(quar.) •75e. Oct. 1 *Holders of tee. Sept. 14
*14 Sept. 15 *Holders of rec. Aug. 31
Reeves (Daniel) Inc.. prof. tnuar.)
•1 St Oct.
*50c. Oct. 1 *Holders of rec. Sept. 10
5% Preferred series A (quar.)
Sangamo Electric Co.. corn. (quar.)
•14 Oct. I *Holders of rec. Sept. 14
54% preferred, series E (guar.)
•i'% Oct. 1 'Holders of rec. Sept. 10
Preferred (guar.)
'134 Oct. 1 *Holders of rec. Sept. 14
)
6% preferred. series 1- (guar.)
*5
Aug. 31 'Holders of rec. Aug. 19
St. Paul Union Stock Yards
750 Sept.18 Holders of rec. Aug. 90
Consolidated Gas of N. Y., corn.(quar.)_
St. Marurice Valley Corp.. pref. (Quar.) I% Oct. I Holders of rec. Sept. 16
$1.25 Oct. 1 Holders of rec. Sept. 14
Consumers Power, $5 pref. Muer.)
"31.25 Oct. I 'Holders of rec. Sept. 10
Second National Investing. pref. (W1.)
14 Oct. I Holders of rec. Sept. 14
6% pref. (guar.)
Sheaffer(W. A.) Pen Co.. corn.(extra).- *50c Sept. 15 *Holders of rec. Aug 20
$uss Oct. 1 Holders of rec. Sept. 14
6.6% preferred (guar.)
Schlesinger (B. F.) Co.. corn. (quar.L... *37 Sic Oct. 1 *Holders of rec. Sept. 15
I% Oct. 1 Holders of roe. Sept. 14
7% pee/ (guar.)
'134 Oct. 1 'Holders of rec. Sept. 15
Preferred (aUll.r.)
50e. Sept. 3 Holders of rec. Aug. 15
6% pref. (monthly)
*50c. Sept. 30 *Holders of rec Sept. 14
South Penn Oil (quar.)
50c. Oct. 1 Holders of rec. Sept. 14
6% pref. (monthly)
50c. Oct. 1 Holders of rec. Sept. 10
South Porto Rico Sugar. cons.(quar.)
550. Sept. 3 Holders of rec. Aug. 15
6.8% preferred (inonthlY)
2
Oct. I Holders of rec. Sept. 10
Preferred (guar.)
550. Oct. 1 Holders of rec. Sept. 14
6.8% Preferred (monthly)
Si
Oct. 1 Holders of rec. Sept. 16
South West Pa. Pipe Lines
•50c. Sept. 3 "Holders of rec. Aug. 20
Light. pref. (mthly.)
Dayton Power &
Stannard Irrug & Sales Co., pref.(qu.)
25c. Sept. 1 Holders of rec. Aug. 26
Oct. 15 Holders of rec. Sept. 20
2
Detroit Edison co. mar.)
*50c. Sept. 30 'Sept. 17 to Sept. 29
Standard 011 (Kentucky) (guar.)
14 Oct. 15 Holders of rec. Sept. 146
Duquesne Light 5% 1st prof.(guar.).*2
Swift & Co. (aum.)
Oct. 1 'Holders of rec. Sept. 10
"Holders of rec. Aug. 15
(Cluar.) "$1.50 Sept.
Eastern Shore Pub. Serv.. $6 Pt.
Sycamore-Hammond Realty-diviaeno o mined
*$ 1.624 Sept. 'Holders of rec. Aug. 15
$634 preferred (guar.)
Todd Shipyards Corp. (Qatar.)
•$1.
Sept. 20 'Hoboes of rec. Sept. 5
Holders of rec. Aug. 31
134 Sept. 1
Pow., I.td.. Pf. (qu.)--East Kootenay
Union Steel Casting, pref. (guar.)
"134 Oct. 1 *Holders of rec. Aug. 31
3 'Holders of rec. Aug. 15
Empire Gas & Fuel,6% pref.(monthly). '50c. Aug. 3 'Holders of rec. Aug. 15
U.S. Elee it. & Pow. Shares Ins., nor. A *83c. Sept. 3
54 1-6c Aug.
rt % preferred (monthly)
U.S. Leather, prior preference (quar.)- 1% Oct. 1 Holders of rec. Sept. 10
• 58 1-3c Aug. 3 *Holders of rec. Aug. 15
7% preferred (monthly)
Valvoline 011 pref. (guar.)
•82 Oct. 1 'Holders of rec. Sept. 17
• 662-3d'Aug. 3 'Holders of rec. Aug. 15
8% Preferred (monthly)
Van Sickien Corp.. class A ((mar.)
*50o. Oct. 1 *Holders of rec. Sept. 14
'Holders of rec. Sept. 14
& Fuel. 6% pref. (mthly.)__ "50e Oct.
Empire Gas
Vick Chemical (guar.)
*6234c Nov. 1 'Holders of rec. Oct. 17
'holders of rec. Sept. 14
• 54 1-6r Oct.
64% preferred (monthly)
.2
Sept. 1 Holders of rec. Aug. 20
Victor Monaghan Co., corn. (quar.)
'Holders of rec. Sept. 14
•58 I-3r Oct.
7% preferred (monthly)
37 tie Oct. 1 Holders of rec Sept. 20
Waldorf System, corn. (guar.)
'Holders of rec. Sept. 14
•662-3cOct.
8% preferred (monthly)
20c. Oct. I Holders of rec. Sept. 20
Preferred (guar.)
Holders of rec. Aug. 296
25c Oct.
Engineers Public Service, corn.(quar.)__
*50e. Oct. 1 Holders of rec. Sent. 12
Warner-Quinlan Co. (guar.)
Holders of rec. Aug. 29a
(1) Oct.
(1-50th share corn. stock)._
Common
Holders of rec. Aug. 290
$1.25 Oct.
$5 preferred (guar.)
Below we give the dividends announced in previous weeks
Holders of rec. Aug. 296
$ 1.3734 Oct.
$5.50 Preferred (guar.)
Holders of rec. Sept. 130
and not yet paid. This list does not include dividends an- Federal Light & Tract, corn. (quar.)____ 374c Oct.
Holders of rec. Aug. I50
Oct.
Common (payable in corn. stock)____ 11
nounced this week, these being given in the preceding table.
Holders of rec. Aug. 156
11.4 Sept.
Preferred (guar.)
*Holders of rec. Aug. 15
"14 Sept.
Per When
Boat, Closed
Federal Utilities, pref. (quar.)
Holders of rec. Aug 2
60c. Sept.
Coil. Payable.
Days Inclustre.
Name of Company.
Federal Water Serv., class A (quar.)____
'Holders of rec. Aug. 15
Florida Power & Light, pref. A (guar.)._ •ISt Sept.
*Holders of rec. Aug. 15
Sept.
'873.4e
Railloads (Steam).
7% preferred (guar.)
Holders of rec. Sept. 36
Sept. 1
3
214 Sept. 3 Holders of rec. July 26a Galveston-Houston Electric, Prof
Atoll. Topeka & Santa Fe, corn. (qu.) _
$1.80 Sept. ' Holders of rec. Aug. 20
•52.50 Sept. 10 'holders of rec. Aug. 31
Gary Railways. pref. A (guar.)
Atlantic Coast Line Co. (guar.)
r :
te: AAugug. 1155
:HIloolladeerfss
4
00ti Sept.
. seit.
14 Sept. 3 Holders of rec. July I3a Gas Securities. corn. (payable In scrip)._
Baltimore & Ohio. corn. (guar.)
ug
of
1
Sept. 3 Holders of rec. July I3a
Preferred (mthly.)
Preferred (Quer.)
•Holders of rec. Aug. 15
egki Oct.
880. Oct. 1 Holders of rec. Aug. 3Ia
Bangor & Aroostook. corn. (guar.)
Common (payable in scrip)
'[holders of rec. Sept. 14
•Si Oct.
14 Oct. 1 Holders of rec. Aug. 3Ia
Preferred (guar.)
Preferred (mthly.)
Holders of rec. Aug. 15
2
Sept. 30 Holders of rec. Alto dil
Boston & Albany (guar.)
General Gas & Elec. Corp.,$8 pf. (guar.) $1.50 Sept. 1 'Holders of rec. Aug. 24
24 Oct. 1 Holders of rec. Aug. MA
Canadian Pacific common (quar.)
Green Mountain Power. $6 pt. (quar.)__ .$1.50 sept.
f
of tree:: Aug.Aug. 15
2a
115 sIpptt..
2
Oct. 1 Holders of rec. Aug. 30
Preference
Ry.,6% prof. (guar.).- - *6
Havana Elec
'holders
23.4 Oct. 1 Holders of rec. Sept. 6a Houston Gulf CRS Co. pref. (guar.)
Chesapeake & Ohio, corn. (guar.)
"Holders of rec. Aug. 20
0134 Sept.
334 Jan 1'30 Holders of rec. Dec. 6a
Preferred
Huntington Water, pref. (guar.)
Hol
•Ifoldets off
6
2
Sept.Aug. 15
25c Sept. 1 'holders o
751'.. Sept. 4 Aug. 21 to Sept. 3
Chestnut 11111 RR.(guar.)
Hydro-Electric Secur
roe.
14 Oct.
1S4 Sept.3 Holders of rec. Sept. 60 Indianapolis Water, pref. A (quar.)____
Chic. it. I. & Pacific. coin. (guar.)
Holders of rec. Aug. 15
1% Sept.
Cleveland & Pitt.sb. reg. guar. (qu.)
874c Sept. 2 Ilolders of rec. Aug. 10a Indiana Service. 7% prof. (quar.)
14 Sept. ' Holders of rec. Aug. 150
50c. Sept. 2 Holders of rec. Aug. 10a
Special guar. (guar.)
6% preferred (guar.)
Holders of roc. Aug. 1
50e. Sept.
14 Oct. 1 Holders of rec. Sept. 10a Intercontinents Pow.,com.A(qu.)(No.1)
Consolidated RII.'s of Cuba. pref. (qu.)
l
Holders of
Holdrs ()f tree:: Aug. 15
4
$1.75 Sept.
$1.20 Sept. 27 Holders of rec. Sept. 27a
Cuba RR.. COM. (guar.)
Preferred (guar.)
Sept.
SI 75 Oct.
3
Febl'30 Holders of rec. Jan. 15a
Preferred
Iowa Pub. ServIce $7 first prof.
Holders of rec. Sept. 14
$ 1.62 tt Oct.
21.d Sept. 20 Holders of rec. Aug. 28a
Delaware & Hudson Co.(guar.)
first preferred (guar.)
$634
Holders of rec. Sept 14
8734c Sept. 1( Holders or rec. Aug. 310
Erie & Pittsburgh (guar.)
56 first preferred (guar.)
'Holders of rec. Sept. 18
$ 71" et .
•S1 ..54) ct..
2 Dec. 3 Holders of rec. Dec. 18a Kings County I.tg.. prof. (guar.)
Erie RR..find &second prof
Holders of rec. Sept. 20
234 Sept. I
13.4 Oct.
Gulf Mobile & Nor.. pref. (guar.)
Holders of rec. Sept. 16a Laclede Gas Light. corn. (guar.)
A a 31a
o
rs of t
14
Hocking Valley. corn. (guar.)
23.4 Sept. 30 Holders of rec. Sept. 6a Louisville
& Elec., corn. A&B (qtr.). 434e. Sept. 2. Holders or
Sept.
Sept.
Illinois Central, ann.(quar.)
Holders of rec. Aug. le
Memphis Power & Light, $7 Prof.(guar.) $1.75 Oct.
Holders of rec. Sept. 14
$1.50 Oct.
3
Sept.
Holders of reo. Aug. la
Preferred A
$6 preferred (guar.)
$2 Sept.] Holders of rec. Aug. 31
1
Oct.
alaine Central. corn. (guar.)
[folders of roe. Sept. 16
Middle West Utilities, prior lien (au.).
$1.50 Sept. 1 !folders of rec. Aug. 31
Sept.134
Preferred (guar.)
Holders of rec. Aug. 15
$6 prior lien (no par) (guar.)
Holders of rec. Aug. 22
"14 Sept.
14 Sept. 30 Holders of rec. Sept. 14a ktherissiper Valley Power. 7% pref. (qu.)
Mo.-Kansas-Texas. prof. (guar.)
I% Oct. 1 Holders of rec. Sept. 6a
Missouri Pacific. pref. (guar.)
Monongahela West Penn. Pub. Service,
Holders of rec. Sept. 14
:L
0
3I
45li.0 .
14 Oct. 1 holders of rec. Aug. 15a
N.Y. Chic. & St. Louis, coin. & Pref.0110
7% preferred (guar.)
Holders of rec. Sept. 16
1% Oct.
New Orleans Texas & Mexico (guar.).
- 154 Sept. 3 Holders of rec. Aug. 15a Nassau & Suffolk I.tg., pref. (quar.)__
f
ol
Ho re of oe.Sept. 1
• H iders () rec. st.22
0
2
Sept. 19 Holders of rec. Aug. 31a
Norfolk & Western. corn. (quar.)
Elec., $6.50 pref.(quar.)'$ 1.62 ti Oct.
Nat. Gas &
Holders of rec. Aug. I2a
Sept.
25c.
$1
Aug. 31 Holders of rec. Aug. ha
Pennsylvania RR.(guar.)
Nat. Power & Light. corn. (guar.)
14 Sept. 30 Holders of rec. Sept. 6a
Pere Marquette. coin. (guar.)
$7 preferred ((mar.)
ot ;Lc. ug.. 27
.
t AAttg 15
444 sep
1 00 Se pt. 1
Nov. 1 Holders of rec. Oct. 40 National Public Serv. common A (qu.)__
Prof. and prior preference (quar.)
Holders
Phila. Germantown & Morristown Mu.) _ $1.50 Sept. 4 Aug 21 to Sept. 3
Nebraska Power pref. (guar.)
"Holders of rec. Aug. 21
"hi Sept.
Pittsb. Youngstown & As(itabula.pf.(qu) 1% Sept. 3 Holders of rec. Aug. 20a New Brunswick Power, 1st prof
500. Sept. 12 Holders of rec. Aug. 22a New England Public Serv.. $7 prof. (qu.) •$1.75 Sept. I *Holders of rec. Aug. 30
Reading Co., first pref. (guar.)
1 Holders of
Sept.2
500. Oct. 10 Holders of rec. Sept. 19a New England Telep. & Teleg. (guar.)._ .214i Sept.e(-pt. 30 ntoldcrs of
0
mig. 10
Second preferred (guar.)
yi Sept. 16 Sept. 11 to Sept. 15
St. Joseph So. Bend & Sou. common_ _
New Rochelle Water. pref. (quar.)
$1.75 Oct. I Holders of rec. Sept 16a
24 Sept. 16 Sept. II to Sept. 15
Preferred
New York Steam. $7 pref. (guar.)
2
Oct. 1 Holders of rec. Sept. 3a
51.50 Oct. 1 Holders of rec. Sept. 166
St. Louts-San Fran., corn. (guar.)
58 preferred (guar.)
Preferred (guar.)
13.4 Nov 1 Holders of roe Oct
1. New York Water Service, pref. (guar.). $1.50 Sept. 15 Holders of rec. Sept. 5
0
of toc
Sept. 30 Holders of rec. Sept. I4a North American Co (payable in com.stk) f23401.. 1 Holders of rec.. Sept. 5a
54
a
5
St. Louis Southwestern, pref. (guar.)
134 Oct. 1 Holders of rec. Aug. 280
Southern Pacific Co.(guar.)
Preferred (quar.)
24 Oct. 1 Holders of rec. Sept. 30 North American Edison Co.. pt. MI_ 51 50 Sept. 3 Holders of rec. Aug. 150
Union Pacific, cont. (guar.)
2
Oct. 1 Holders of rec. Sept, 30 North Amer. Utility Secur. corn. (guar.) •3511.5N01 Sept.Set 18 'Holders of treoc. Aug. 31
16
Preferred
of e .
31
Holders
Public Utilities.
Aug.
let preferred (guar.)
American Commonwealths Power
$1.50 Sept. 16 Holders of rec. Aug. 31
hat pref. allot. ctfs. (guar.)
1,i t tt. 1 H lde m t r :
Corn. el A & 11(1-4(1 share cl. A stock) (f) Oct. 15 Holders of rect. Oct. I
o
.
First pref. allot. certifs. 75% paid _ 1.124 fi tp. 16 Holde m of te: seAulft.
$1.50 Sept. 1 Holders of rec. Aug. 22
Amer. Electric Power, $8 pref. (quor.)
Nor. Ohio Pow. & Lt., 8% pref. (guar.)
$1.75 Sept. 15 Holders of rec. Aug. 31
$7 Preferred (guar.)
10
2
Northern States Power. pref. (quar.)__. 14 Sept. 3 Holders of rec. Aug. 341
25e. Sept. 3 Holders of rec. Aug. 15a Ohio Edison Co 6% prof. (guar.)
Power & Light, corn. (quar.)- 14 Sept. 2 Holders of rec. Aug. 15
Amer.
1.65 Sept. 2 Holders of rec. Aug. 15
1 4 Sept. 3 Holders of rec. Aug. 206
6 6% preferred (guar.)
Amer. Teleg. & Cable (guar.)
254 Oct. 15 Holders of rec. Sept. 20a
Amer.'h'elp. & Teleg. (quar.)
7% preferred (guar.)
13.4 Sept. 2 Holders of rec. Aug. 15
134 Sept. 2 Holders of rec. Aug. 15
Amer. Utilities Co.. $7 pref. (quar.)--- - $1.75 Sept. 1 llolders of rec. Aug. 20
5% preferred (guar.)
Amer. Water Works & Elea.
50c. Sept. 2 Holders of rec. Aug. 15
6% preferred (monthly)
$1.50 Oct. 1 Holders of rec. Sept. 12a
55e. Sept. 2 Holders of rec. Aug. 15
6 6% preferred (monthly)
$8 first preferred (guar.)
Arizona Edison. $6.50 Prof. (quar.)----* $16234 Oct. 1 "Holders of rec. Sept. 27
Ohio Power 8% met. (guar.)
'134 Sept. 3'Holders of rec. Aug. 7
Associated Gas dir Elec. orig. pfd. (qu.) .87 tic Oct. 1 'Holders of roe. Aug. 31
Oklahoma Gas dt Elec., Prof. (Olinr.)___
13, `3ePt. 161 Holders of rec. Aug. 31
'Si 75 Oct. 1 •Holders of rec. Aug. 31
$7 preferred (guar.)
Oregon-Wash. Water Serv., $6 of. (cpa.)_ "$1.50 Sept. 3'Holders of rec. Aug. 15
31.5(1 Aug. 31 Holders of rec. July 31
$6 preferred (guar.)
Pennsylvania Gas & El. corn. A (qu.)___ 3734e Sept. 1 Holders of rec. Aug. 20
1.6234 Aug. 31 Holders of rec. July 31
56.50 preferred (guar.)
104 Oct. 1 Holders of rec. Sept. 20
7% preferred Mar.)
$1.25 Sept. 14 Holders of rec. Aug. 15
$5 preferred (error.)
57 preferred (guar.)
1 Holders of rec Sept 20
$1.75 Oct
14
14
14
14
1398
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inctu.rtve.
Public Utilities (Concluded).
P5.
-Ohio Power & Light $6 pf.(guar.). _ $1.51 Nov. 1 Holders of rec. Oct. 21
7% Preferred (Oust.)
144 Nov. 1 Holders of rec. Oct. 21
7.2% preferred (monthly)
60e ept. 1 Holders of rec. Aug. 20
7.2% preferred (monthly)
60c tn. 1 Holders of rec. Sept.20
7.2% preferred (monthly)
60c Nov. 1 Holders of rec. Oct. 21
6.6% Preferred t monthly)
55c rept. 1 Holders of rec. Aug. 20
6.6% Preferred (monthly)
55e let. 1 Holders of rec. Sept. 20
8.6% preferred (monthly)
558 Nov. 1 Holders of rec. Oct. 21
Penn-Ohio Edison 7% prior pf. (quar.). 14 9mt. I Holders of rec Aug Is
Peoples Gas Light & Coke (guar()
let. 17 Holders of rec. Oct. 3s
2
Peoples rieht & rower. corn. A (quar.). 030c tot. 1 Holders of rec. Sept. 7
Philacelphla Co., 5% pref
Si 2 rept. 2 Holders of rec. Aug. 100
Philadelphia Elee. Power, pref.(guar.).50( let. I Holders of rec. Sept. 10a
Phil& Suburban Water pref.(quar.)__. 134 (rept. 1 Holders of rec. Aug 12a
Portland Electric Power. 2nd pfd. (au.).
ept. 2 Holders of rec. Aug. 15
1 it
Power Corp. of Can., corn.(In corn. stk.) (p) iept. 25 Holders of rec. Aug. 31
let Preferred (guar.)
mt. IS Holders of rec. Sept. 30
14
Participating 2nd pref. (In corn. stk.). (p) .414.25 Holders of rec. Aug. 31
Public Electric Light. pref. (qu.)
ept. 1 *Holders of rec. Aug. 24
'134
Public Serv. of Cob.6% pref. (manly.). "Ms opt. 3 *Holders of rec. Aug. 15
• 58 1-3 opt. 3 Holders of rec Aug. 15
' 7% Preferred (monthly)
Public Sen. Corp. of N. J., corn. (qu.)
65. ept. 30 Holden of rec. Sept. 80
.8% preferred (guar.)
2
opt 30 Holders of rec. Sept. 60
144 (apt. 30 Holden of rec. Sept. 60
7% Preferred (quar.)
$h preferred (guar.)
$1.2( ,
ept. 30 Holders of rec. Sept. 6a
8% preferred (monthly)
5th tug. 31 Holders of rec. Aug. ea
6% preferred (monthly)
50e (ern.30 Holders of rec. Sept. ela
Pub.Serv. Elec. & Gas.6% pref.(qu.)._
134 (ept. 30 Holders of roe. Sept. 60
7% preferred (guar.)
*144 (ept. 30 Holders of rec. Sept. 6
Radio Corp. of Amer.. Prof. A (guar.)... 8734' ict. I Holders of rec. Sept. 2a
Preferred B (quar.)
$1.2 mt. 1 Holders of rec. Sept. 20
Rochester Gas & Elec. 7% pf. ser. H(qu.) •
144 rept. 3 Holders of rec. Aug. 15,
6% pref. series C (quar.)
'lit Opt. 3 Ilolders of rec. Aug. 15
6% pref. series D (guar.)
*14 rept. 3 *Holders of rec. Aug. 15
Savannah Gas preferred (quar.)
"4344( 'cut. I *Holders of rec. Aug. 31
Seaboard Public Service.6% pref. (gel.) *I k; +pt. I *Holders of tee. Aug. 15
Shawinigan A ater eic Power (guar.)... _
50e ict. 10 Holders of rec. Sept. 17
Southern Calif. Edison, orig. pf. (guar.)
50c )rt. 15 Holders of rec. Sept. 20
54 preferred series C (guar.)
344( id. 15 Holders of rec. Sept. 20
Southern Canada Power, pref. (guar.)._
14
Holders of rec. Sept. 20
Southern Cities Mil. $6 pr. pref. (qu.)
$1.50 *pt. 2 Holders of rec. Aug. 12
Southern Calif. Edison, pref. A (quar.)_ _ 43*, -lent. 15 Holders of rec. Aug. 211
Preferred B (guar.)
374c -lent 15 Holders of rec. Ally. 20
Southern Colorado Power. pref. (quer.). 144 Sept. 16' Holders of rec. Aug. 31
Southwestern Pr. & I.t.. pref. (guar.)._
134 Sept. 3 Holders of rec. Aug. 15
Standard Gm nee.,S4 pref (quar.)- $1
Sept. 18 Holders of rec. Aug. 31a
Standard Public Sen.. Cl. A (guar.)
*50c. Sept. 2 *Holders of rec. Aug. 24
Participating class A (guar.)
*50c. Sept. 2 *Holders of rec. Aug. 24
Tennessee Elec. Pow. 5% first pref.(11U) 14 Oct. 1 Holders of tee. Sept. 19
8% first preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 14
7% first preferred (guar.).
144 Oct. 1 Holders of tee. Sept. 14
7.2% first preferred (guar.)
$1.80 Oct. I Holders of tee. Sept. 14
6% first preferred (monthly)
50e. Sept. 2 Holders of rec. Aug. 16
6% first preferred (monthly)
50c. Oct. 1 Holders of reel. Sept. 14
7.2% first preferred (monthly)
60c. Sept. 2 Holders of rem Aug. 16
7.2% first preferred (monthly)
600. Oct. 1 Holders of rec. Sept. 1 5
Tri-State Tel. & Tel.. pref. (guar.)
•158 Sept. 1 'Holders of rec. Aug. 15a
Utilfeu Corp.. $3 pref. (guar.)
75c Oct. 1 'lenders of roe. Sept. .,u
• United (Ms Co. $7 pref. (quar.)
$1.75 Sept. 1 Holders of rec. Aug. 15
United Gas Impt.. corn (quar.)
1.12it Sept. 30 Holders of rec. Aug. 310
Virginia Elec. & Power, pref. (Ouar.).-144 Sept. 20 Holders of rec. Aug. 300
6% preferred (guar.)
134 Sept.20 Holders of rec. Aug. 300
Western Continent. Utilities, A (guar.) _ "3'24e Sept. I 'Holders of rec. Aug. 16
western Power Corp., pref. (guar.)._
14 ()et. 15 Holders of rec. Sept. 30
West Coast Telephone pref. (quar.)
-____ '3734e Sept. 1 *Holders of roe. Aug. 20
West Ohio Gas. pref. A (quar.)
144 Sept. 2 Holders of rec. Aug. 15
West Penn Elea Co.,class A (guar.).
- 14 Sept.30 Holders of rec. Sept. 17e
West Penn Rye Co.. pref. (guar.)
134 Sept. 18 Holders of rec. Aug. 24
Wilmington Gas Co.. preferred
$3
Aug. 31 Holders of rec. Aug. 120
Wisconsin Public Service. 7% Pref.(qu.) 144 Sept. 20 Holders of rec. Aug. 31
634% preferred (guar.)
14 Sept. 20 Holders of rec. Aug. 31
6% Preferred (guar.)
14 Sept.20 Holders of rec. Aug. 31
Banks.
Chelsea Exchange (civar.)
6234e Oct. 1 Holders of rec. Sept. 13
Continent:a (new $i0 ear stock, (quar.).
30c. Sept. 15 Holders of rec. Sept 70
Grace National
*5
Sept. 1 "Holders of rec. Sept. 31
Port Morris (quar.)
*30e. Sept. 1 *Holders of rec. Aug. 24
Trust Companies.
Equitable (var.)
3
Sept. 30 Holders of rec. Sept. 14a
Irving (quar.)
4
Oct. 1 Holders of rec. Sept. 3
Fire Insurance.
Importers dr Exporters (guar.)
*81
Sept. 1 "Holders of rec. Aug. 17
North River (stock dividend)
"e100 Oct. 1 *Holders of rec. Sept. 16
Name of Company.
[VoL. 129.
Per
When
Cent. Payable
Books Closed
Days Inclusive.
Miscellaneous (continued).
Amer. Metal, coin. (guar.)
750 Sept. 1 Holders Of rec. Aug. 21a
Preferred (guar.)
$1.50 Sept. 3 Holders of tee. Aug. 21a
Amer. Multigraph, corn.(guar.)
624c Sept. 1 Holders of ree. Aug. 17
American Radiator, common (qua?.)... $1.50 Sept. 30 Holders of rec. Sept. lba
Amer. Radiator & Standard
Sanitary Corp., coin. (guar.)
374e Sept.30 Holders of rem Sept. lla
Preferred (guar.)
$1.75 Aug. 31 Holders of rev. Aug. 15a
Amer. Radio & Television (In stock)
'e234 Sept. 1 'Holders of rec. Able. 20
o madcap Rolling M111, corn. (guar.)60e. Oct. 16 Holders of rec. Sept.30a
Amer.& Scottish Invest. Co.. corn.(qu.)
300. Sept. 1 Holders ot rec. Aug. 15
Preferred (guar.)
14 Sept. 1 Holders of rec. Aug. 15
Amer. Shipbuilding, torn. (quar.)
2
Nov. 1 Holders of rec. Oct. 15a
Preferred (guar.)
141 Nov. 1 Holders of rec. Oct. 15
Smelt. & Rote.. pref. (quar.)
134 Sept. 3 Holders of rec. Aug. 2a
American Stores (guar.)
50o. Oat. 1 Holders of rec. Sept.14a
Amer.Sugar Refg.,COW.(guar.)
14 Oct. 2 Holders of rec. Sept. So
Preferred (guar.)
14 Oct. 2 Holders of rec. Sept. 5a
American Surety (quar.)
31.50 Sept. 30 Holders of rec. Sept. 14a
American Tobacco, corn. & corn. B (qu.) $2
Sept. I Holders of rec. Aug. 10a
Amer Utilities & Gerth Corp. CIA.(an.). 32)40. Sept. 3 Holders of rem Aug. 26
Class Li (No. I)
be. Sept. 3 Holders of rec. Aug. 26
Amer. Window Glass Co., pref
*34 Sept. 3"Holders of rec. Aug. 21
American Writing Paper, pref. (quar.)758. Oct.
Holders of rec. Sept. 18a
American Yvette Co.. pref.(guar.)
*50c. Oct.
*Holders of rec. Sept. 16
Anticosti Corporation, pref. (quar.).... 14 Sept.
Holders of Yee. Aug. 16
Apex Electrical Mfg., pref. (guar.)
$1.75 Oct.
Holders of rec. Sept. 20
Pref. (acct. accrued dividends)
$1
Oct.
Holders of rec. Sept. 20
Armour & Co. of Del.. pref (guar.)...
Holders of roe. Sept. 100
141 Oct.
Armour At Co. (lir) pref (guar.)
i34 Oct.
Holders of rec. Sept. 10a
Armstrong Cork. corn. (guar.)
*3734c Oct.
'Holders of rec. Sept. 16
Common (extra)
*Holders of rec. Sept. 16
•1240 Oct.
Artloom Corp., pref. (guar.)
Holders of rem Aug. 150
14 Sept.
Ascii, Limited, pref. (guar.)
Holden of rec. Aug. 20
14 Sept.
Associated A ppare Industries (qu.)
Oct.
Holders of rec. Sept. 200
$1
Associated Dry Goods. 1st pref. (guar.). 134 Sept. 2 Holders of rem Aug. 10a
Second preferred (guar.)
144 Sept. 2 Holders of rem Aug. 100
Associated Rayon pref. (Quar.)
•134 Sept. 1 'Holders of rec. Aug. 20
Associates lot estment. COM.(quar.)____ '8734e Sept. 30'Holders of rec. Sept. 22
Preferred (quar.)
*$1.75 Sept. 30 *Holders of rec. Sept. 22
Atlantic Coast Fisheries (guar.)
•30e. Sept. I 'Holders of rec. Aug. 20
mantic Gulf & West Indies e S. Lines
Preferred (guard
SI
Sept. 30 Holders of rem Sept. 100
Preferred (guar.)
Dec. 31 Holders of rev. Dee. lie
Si
Atlantic Refining, corn. (guar.)
25e. Sept. 16 Holders of rec. Aug. 210
Common (extra)
25c. Sept. 16 Holders of rec. Aug. 210
Atlantic Securities. $3 pref. (guar.)...
- .75c. Sept. 1 'Holders of rec. Aug. 15
Atlantic Steel (guar.)
"11.50 Sept. 30 *Holders of rec. Sept. 20
Atlantic Terra Cottle, prior pref. (guar.) 14 Sept. 16
Holders of tee. Sept. 5
Preferred (guar.)
1
Sept. 25 Holders of rec. Sept. 5
Atlas Imperial Diesel Engine
Class A & Li (guar.)
•50c. Sept. I 'Holders of rec. Aug. 20
Atlas Portland Cement(guar.)
'50o. Sept. 3 *Holders of tea. Aug. 16
Athos Powder. corn. (guar.)
$1
Sept. 10 Holders of rec. Aug. 300
Atlas Stores, corn. (guar.)
'6240 Sept. 1 'Holders of rev. Aug. 20
Autocar Co., Prof. (guar.)
'2
Sept. 15 *Holders of rec. Sept. 5
Automatic Gear Wks.. pref. (quar.)_
_ •414e Sept. 1 *Holders of rec. Aug. 20
Bakers Sher° Corp.. corn. (oU.)
134 Got. I Holders of rem Aug. 1
CUIlimon (guar.)
134 Jan 1'80 Holders of rec. Nov. 1
Balaban & Eats. corn. (guar.)
' .Sept. 27'Holders of rec. Sept. 16
750
Preferred (guar.)
• 44 Sept. 27 *Holders of rec. Sept. 16
I
Baldwin Rubber, Prof. A (guar.)
'374c Sept. 30 *Holders of rec. Sept.20
Bamberger (L.) & Co. it% pf. tau./
14 Sept. 2 Holders of reo. Aug. 1Z.
,
% preferred thuar.)
14 Dec. 2 Holders of rec. Nov. 110
Bankers Capital Corp.. pref.(guar.)._ *52
Oct. 15 'Holders of tea. Sept.30
Preferred (guar.)
.$2
Jan15'30 *Holders of tee. Dec. 81
Bankshares Corp. of the U. S.
Common class A and B (guar.)
15e. Sept. 3 Holders of rec. Aug. 20
Barker Bros.;corn. (guar.)
50c. Oct. 1 Holders of rec. Sept. 140
Preferred (guar.)
134 Oct. I Holders of rec. Sept. 140
Bestial) Blessing Co., corn.(guar.)
'6234a Sept.
Beacon Participations, Inc., A & B (qu.) "25e. Sept. 2 "Holders of rec. Aug. 15
2 Holders of rec. Aug. 15
Beatrice Creamery common (guar.)._ *SI
Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
Oct. 1 Holders of rec. Sept. 15
Belding-Corticelli. Ltd., pref. (guar.)...
144 Sept.
Beigo-Canadlan Paper, pref. (gust.).... 134 Oct. 14 Holders of rec. AUR. 31
1 Holders of rec. Sept. 3
Bendix Aviation Corp.(guar.)
50c. Oct.
Holders of roe. Sept. 100
Bentley Chain Stores,common (guar.)
30e. Sept. 3 Holders of rec. Aug. 20
Preferred (quar.)
1
Sept. 3 Holders of rec. Aug. 20
Berkey dc Gay Furniture. 8% pf. (guar.) *2
Sept. 15 Holders of rec. Sept. 1
Berkshire Flue Spinning Associates
Common (guard
760. Sept. 1 Holders of rec. Aug. 15
Preferred (guar.)
14 Sept. 1 Holders of reo. Aug. 15
Best & Co. common (guar.)
The. Sept. 16 Holders of rec. Aug. 230
Common (payable in cont.s(ock)
(s) Sept. 30 Holders of rec. Sept. 18a
Miscellaneous.
Bethlehem Steel common (gust.)
$1.14() Nov. 15 Holders of tee. Oct. 18a
Acme Wire, pier (gum )
*2
Nov. 1 *Holders of rem Oct. 18
Preferred (guar.)
14 Oct. 1 Holders of rec. Sept. 80
Adams Express, corn. (guar.)
14 Sept. 30 Holders of rec. Sept. 140 Bibb Manufacturing (guar.)
Preferred (quar.)
14 Sept.30 Holders of rec. Sept. 14a Bigelow Hartford Curvet. pref.(guar.)._ '134 Oct. 1 "Holders of rem Sept. 20
"14 Nov. 1 'Holders of rec. Oct. 18
Agnew-Surplus Shoe Stoles pref.(Qu.)- 144 Oct. 1 Holders of rec. Sept. 16
Black & Clawson,corn.(guar
'134 Sept. 1 *Holders of rec. Aug. 25
Ainsworth M 1g (guar.)
*624c Sept. 3 "Holden of rec. Aug. 20
Preferred (guar.)
*134 Sept. 1 *Holders of rec. Aug. 25
Stock dividerd (quar.)
*el
'Sept. 3 *Holders of rec. Aug. 20
Blew-Knox co., corn.(guar.)
•260. Sept. 6 *
Stock divideed (quar.)
el
Dec. 2 *Holders of rec. Nov. 20
Blumenthal(Sidney) & Co.. prof (guar). 144 Oct. 1 Holders of rec. Aug. 26
Stock dividerd (guar.)
Holders of rec. Sept. 16a
*el
Marl 30 *Holders of rec. Feb. 20
Preferred (am. accum. din.)
8534 Oct. 1 Holders of rec. Sept. 160
Stork dividend (guar)
*el
Jun 230 'Holders of rec. elay 20
Blume. Inc.. cony. pref.(quar.)
'8734c Sept. 1 *Holders of rec. Aug. 20
Allegheny Steel, common Monti:ail-15e. Sept. 18 Holders of rec. Aug. 3Ia Bohn Refrigerator, pref. (guar.)
'2
Sept. 1 *Holders of roe. Aug. 21
Preferred (Ouer.)
134 Sept. I Holders of tee. Aug. Dia bun Anil Cu., Coln. class A (Oust.)
51
Oct. 30 Holders of rem Oct. 150
Preferred(Oem.)14 Dec. I Holders of rem Nov Ito
Common Class B (goar.)
50c. Oct
1 Holders of rev. Sept.24
Alliance Realty pref.(guar.)
134 Sept. 1 Holders of rec. Aug. 26
Borden Co.. common (guar.)
758. Aug. 31 Holders of tee. Aug. 154
Allied Laboratories cony. pref. (guar.) - '8734c Oct.
'Holders of rec. Sept. 15
.
Boise Chin Oil. class A (qu.)
•2c. Sept. 15 *Holders of rec. Aug. 31
Allied Motor II du/tries. corn. (guar.)- -- •
26c Oct. 10 "Holders of rec. Aug. 20
Boston Woven Hose & Rub.,corn. (qu.). $1.50 Sept. 16
(Common ayable in common stock). *11
Holders of rec. Sept. 3
Oct. 1 "Holders of rec. Aug. 20
Brach (E. J.) dr Sons, corn. (guar.)
*50c. Sept. 1 'Holders of rec. Aug. 17
4.$1
Preferred (rihar.)
Oct. 1 "Holders of rec. Sept. 14
Brading Breweries, pref. (guar.)
*14 Sept. 1 *Holders of rec. Aug.
Allen Industries, Inc.. pref.(quar.)
75e Sept. 1 Holders of rec. Aug. 20
Brill Corporation, pref. (guar.)
141 Sept. 2 Holders of MC Aug. 31
Allied Products. class A (quar.)
190
*874c Oct. 1 'Holders of rec. Sept. 15
BUM Mfg. Co., claw A (quar.).,
600. Oct. I Holders of rem Sept. 150
Alpha Portland Cement. pref. (quar.).__ •131 Sept. 14 *Holders of rec. Aug. 31
British-Amer. Tob. ordinary (Interim)
- (n) Sept. 30 Holders of coup. No. 131
Aluminum Industries (guar)
.37
Sept. 16 *Holders of rec. Aug. 31
British Type Investors (hi-monthly).
(
016e. Oct. 1 *Holders of ree. Sept.
Aluminum Ilifre., cuti. (Qum.)
3
•60c. Sept. 30 *Holden of tee. Sent. 16
Brown Durrell Co., corn. (gust.)
.500. Noy. lb *Holders of rem
Common (goat)
Nov. 1
•500. Dee. 31 *Holders of ree. Dec. 16
634% preferred (guar.)
•144 Oct. 1 *Holders of rem Sept. 15
Preferred (quar.)
June 30 *Holders of rem June 16
64% preferred (guar.)
•I4 1/1/30 "Holden of rec. Dec.
Preferred (quar)
15
el% Sept. 30 'Holders of rec. Sept. 16
Brown Fence 6( Wire, A & B (goat.)
60c. Aug. 31 Holden of rem Aug. 15
Preferred (guar.).•141 Dee. 31 *Holders of rem Deo. 15
Brown Shoe, cont. (guar.)
6234e Sept. 2 Holders of rec. Aug. 20
American Arch. corn. (guar.)
*75e. Sept. 1 *Holders of rec. Aug. 21
Buckeye Pipe Line (guar.)
$1
Sept. 14 Holders of rec. Aug. 23
American Art Works corn. de pf.(qu.)
$1.50 Oct. 15 Holders of rec. Sept. 30
Bucyrus-Erie Co.. common (qua?)
260 Oct. 1 Holden of rec. Aug. 2140
Amer. Bank Note, corn. (guar.)
50c. Oct. 1 Holders of rec. Sept. 100
Preferred (guar
fi Oct. I Holders of rem Aug. 280
Preferred (guar.)
The. Oct. 1 Holders of rec. Sept. 100
Convertible preference (guar.)
6230 Oct. 1 Holders of rec. Aug. 280
Artier. British & Continental Corp.
Budd Wheel preferred (guar.)
•134 Sept. 30 *Holders of rec. Sept. 10
(Quarterly)
• .50 Sept. 1 Holders of rec. Aug. 15
*873tr Sept. 3 *Holders of
Amer. Brown Boyer'Elec., pref. (quar.) $1.75 Oct. I Holders of rec. Sept. 20a Bulova %etch Prof. (guar.)
rec. Aug. 13
Burroughs Adding Machine
Amer. Capital Corp. pref. (quar.)----"S 1.374 Sept. 1 'Holders of rec. Aug. 15
New no par Mock (au.)(No. I)
20e Sept. 10 Holders of no. Aug. 270
American Cbstillon Co., pt. (qu.)
*141 Nov. 1 Holders of rec. Oct. 20
BYers(A M.)Co.Prof.(goar.)
144 Nov. 1 Holders of rec. Oct.
American Chide,corn.(quar.)
150
50c. Oct. I Holders of rec. Sept. 120 By-Products Coke Corp. (guar.)
525c. Sept. 26 *Holders of rec. Sept. 10
Amer. CclortYne. corn. (quar.)
60c. Sept.30 Holders of rec. Sept. 12
Byron Jackson Pump (guar.)
*50c. Sept. '1 *Holders of rem Aug. 15
Amer. Encaustic Tiling, rem.
(quar.)
50e. Sept.27 Holden of rec. Sept. Ms California Dairies. pref. A (guar.)
'1)4 Sept. 1 *Holders of roe. Aug. 11
Amer.Fiduciary. pref. A (No. 1)
*158. Sept. 1 Holders of rec. Aug. 15
California Ink class A & B new corn (gu.) "50c. Oct. 1 *Holders of rec.
Amer. Fork de Hoe, corn. (quar.)
Sept. 20
*2
Sept. 15 *Holders of rec. Sept. 5
California Packing (guar.)
Sept. 15 Holders of rec. Aug. 310
Si
Amer. & General Securities Corp.
Calumet & Arizona Mining (guar.)
$2.50 Sept. 23 Holders of rec. Sept. ela
It pref. $3 dlv. series (quar.)
75c. Sept. 2 Holders of rec. Aug. 15
Calumet & Heels Consol. Copp.(guar.)_ 51
Sept.30 Holders of rec. Aug.
Amer. Hardware Corp. (guar.)
*1
Oct. 1 *Holders of rem. Sept. 14
Camped W yant&Cannon Fdy emu (qu.)
50c Sept. I Holders of rec. Aug. 31a
Quarterly
150
•1
Jan2'30 *Holders of ree. Dec. 17
Canada Bread, corn
(03734c Sept. 1 *Holders of rec. Aug. 21
Amer. Home Products Corp.(M thly.)_
_
30c Sept. 3 Holders of rec. Aug. 140 Canada Cement. Ltd.. pref. (guar.)._
14 Sept.30 Holders of rec. Aug.
Amer. Internat. Corp.. common
31
Oct. 1 Holders of rec. Sept. 120 Canada Paving & Supply 1st pref. (qu.). 14 Sept. 1 Holders
31
Corn. (payable in corn. stock)
of rec. Aug. 200
Oct. 1 Holders of rec. Sept. 120 Canada Wire de Cable. corn. A (gust.)... Si
Sept. 15 Holders of rec. Aug.
Amer. Laundry MacIfy, corn.(quar.) _ 12
*$1 Sept. 1 *Holders of rec. Aug. 20
Canadian General Electric, Prof. (gnar.). 8754c Oct. 1 Holders of rec. Sept. 31
American Locomotive, corn. (quar.)
14
$2
•2
Sept. 30 Holders of rec. Sept. 13a Canadian 011 Cos., pref. (guar.)
Oct. 1 *Holders of rec. Sept. 20
Preferred (guar.)
141 Sept.30 Holders of rec. Sept. 130 Canadian Vinegars
40c. Sept. 1 Holders of rec. Aug. 15
American Manufacturing
Canfield 011. corn.& Pref. (
111.76 SOIL 30 Holders of rec. Aug. 90
Common (Quan)
(nat.)
76e. Oct. 1 Holders of not. Sept. 16
Common & preferred (guar.)
$1.70 Deo. 91 Holders of tee. Noe. 20
Common (OUar.)
Mo. Dec. 31 Holders of roe. Dee. 18
Carman & Co., elms A (quar.)
*500. Sept. 1 *Holders of rem Aug. 15
Preferred (guar.)
131 Mar. 31 Holders of tee. Mar. 18
Carnation Milk Products
Preferred (guar.)
14 Oct. I Holders of tee. Sept. 16
•I
Jan 230 *Holders of rec. Dee. 21
Continent(payable in common stock)
preferred (nose)
Le
ql wolelees of rib. It.. 10
Onv•nr (Willlarn)
nref ((Mar.)
).4 .eot. la Holders of tee Sent. 0
-
Auo. 311929.]
Noose of Company.
•
FINANCIAL CHRONICLE
WANG
Per
Cent. Payable.
Books Closes
Days luclustoe.
Miscellaneous iContinued).
Case (J. I.) Co.,corn.(qiar.)
134 Oct. 1 Holders of n3c. Sept. 12a
Preferred (quar.)
114 Oct. 1 Holders of rec. Sept. 12a
Catelli Macaroni Products pref A (au.)
50e. Sept. 1 Holders of rec. Aug. 17
Celluloid Corp let panic. prof. (guar.)- $1.75 Sept. 1 Holders of roe. Aug. 10
$7 preferred (quar.)
51.75 Sept. •1 Holders of rec. Aug. 10
Central Alloy Steel common (quar.)..
50c. Oct. 10 Holders of rec. Sept. 250
Preferred (quar.)
114 Oct. 1 Holders of rec. Sept. 13a
Century Ribbon Mills. prof. (quar.)- 114 Sept. 3 Holders of me. Aug. 23a
Chartered Inv., Inc. pref. (q11.)(No. 1). *81.25 Sept. 1 *Holders of rec. Aug. 1
ChelseaExchange Corp. class A de B (qu) 25c. Nov. 15 Holders of roe. Nov. 1
Class A & B (quar.)
25e. FbI5'30 Hold,of rec. Jan. 31 '30
Class A & B (guar.)
25c. My15'30 Hold, of rec. May 1 '30
Chesebrough Mfg. Cons.(quar.)
$1 Sept.30 Holders of rec. Sept.'10
Extra
500. Sept. 30 Holders of rec. Sept. 10
Chicago Corporation, pref. (quar.)
•75c. Sept. 1 *Holders of rec. Aug. 15
Chicago Yellow Cab (monthly)
25e. Sept. 2 Holders of rec. Aug. 20n
Monthly
250. Oct. 1 Holders of rec. Sept. 206
25e. Nov. 1 Holders of rec. Oct. I8a
Monthly
250. Dec. 2 Holders of rec. Nov. 200
Monthly
75c. Oct. 1 Holders of rec. Sept. 100
Chickasha Cotton Oil (quar.)
60e. Sept. 10 Holders of rec. Aug. 23a
Childs Co.,corn.(quer.)
114 Sept. 10 Holders of rec. Aug. 23a
Preferred (quar.)
Chile Copper Co.(quar.)
87 Sic Sept. 30 Holders of rec. Sept. 4
Chrysler Corp (quar.)
75c. Sept. 30 Holders of rec. Sept. 3a
03
Cincinnati Wholesale Grocers
Sept. 1 *Holders of rec. Aug. 25
21.4c Sept. 1 Holders of rec. Aug. t5a
Cities Service, corn. (monthly)
f34 Sept. 1 Holders of rec. Aug. 15a
Corn. (payable in corn. stock)
500 Sept. 1 Holders of tee. Aug. 15a
Preferred and preference BB (mthly.)Sc. Sept. 1 Holders of ree. Ault. I50
Preference B (monthly)
Cities Service Co. common (monthlY)-_ 2340. Oct. 1 Holders of rec. Sept. 15
'4 Oct. 1 Holders of rec. Sept. 15
Com mon (payable in common stock)_ _
50c. Oct. 1 Holders of rec. Sept. 15
Preferred and preference BB
5e. Oct. 1 Holders of rec. Sept. 15
B (monthly)
(mthly.)Prefnc
90c Aug. 31 Holders of rec. Aug. 154
City Ice at Fuel, COM. (quar.)
Preferred (quar.)
114 Sept. .1 Holders of rec. Aug. 15a
City Radio Stores, coin.(guar.)
3734c Sept. 1 Holders of rec. Aug. 150
City Stores class A (quer.)
87S40. Nov. 1 Holders of roe. Oct. 15a
Cleveland Quarries, corn. (quar.)
50e. Sept. 2 Holders of rec. Aug. 15
Common (extra)
25e. Sept. 2 Holders of rec. Aug. 15
Cleveland stone. common (Qijar.)
•50e.
•HoIders of rec Aug. 15
Coats (J. P.), Ltd.
Amer dep. rots, for ordinary shares--_ teed. Oct. 5 *Holders of rec. Sept. 7
Cocksbutt Plow, Ltd. (Qum.)
37lic Nov. 1 Holders of rec. Oct. 15
Colgate-Palmolive-Peet Co., pref. (qu.). 114 Oct. 1 Holders of rec. Sept. 7
Preferred 'clear.)
154 Janl'30 Holders of rec. Deo 7
Collins & Alkinan, pref.(mar.)
134 Sept. 3 Holders of rec. Aug. lea
Colt's Patent Fire Arms Mfg. (au.). __- *50e. Sept.30 *Holders of rec. Sept. 12
Columbia Pictures Corp., pref.(qu.)
75e. Sept. 1 Holders of rec. Aug. 156
Columbus Auto Parts Co.. pref.(qu.)
50c. Sept. 1 Holders of rec. Aug. 19
Commercial Invest. Trust corn. (quar.). El
Oct. 1 Holders of rec. Sept. 50
Common (payable in common stock)_ 11
Oct. 1 Holders of rec. Sept. 5a
7% first preferred (quar.)
131 Oct. 1 Holders of rec. Sept. 5a
% first preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 5a
Commercial Solvents (guar.)
$2
Oct. 1 Holders of rec. Sept. 13a
Community State Corp.. A it B (Quar.).
Sept. 2 Holders
Aug.
Class A & B (quar.)
14 Dec. 31 Holders of rec. Dec. 28
of roe.
20
Congoleum-Nairn Co., prof. (quar.)___ •ru Sept. 1 *Holders of rec.
Aug. IS
Consolidated Cigar, prof.(mar.)
$1.75 Sept. 3 Holders of roe. Aug. 19a
Cense!. Gas Utilities, class A (quar.) _
*55c Sept. 3 *Holders of rec. Aug. 15
Consumers Co.. prior pref. (guar.)
41.50 Oct. 1 'Holders of rec. Sept. 15
Container Corp. pref. (quar.)
•13( Oct. 1 *Holders of roe. Sept. 11
Continental Can, pref.(mar.)
111 Oct. 1 Holders of rec. Sept. 14a
,
Continental Securities. prof. (quar.)...... *I11.25 Sept. 3'Holders of rec. Aug. 15
Cook Paint dr Varnish, corn. (quar.)
*50c Sept. 1 *Holders of rec. Aug. 25
Preferred (quar.)
*SI Sept. 1 *Holders of rec. Aug. 25
Cooksyllie Co. pref. (quar.)
Sept. 16 Holders of rec. Aug. 31
Coon (W B.) Co., corn
0
600 Nov. 1 *Holders of rec. Oct. 10
Preferred
•114 Nov. 1 *Holders of roe. Oct. 10
Corrugated Paper Box pref.(quar.)
•15( Sept. I *Holders of rec. Aug. 16
Cots. Inc.. stock dividend
,
154 Nov. 27 Holders of reo. Nov. 12
Courts Building Corp. pref.(qu.)(No. 1) *51.7 Oct. 1 *Holders of rec. Sept. 15
Crane Co., corn. (quar.)
43140. Sept. 16 Holders of rec. Aug. 31
Preferred (quar.)
114 Sept. 16 Holders of rec. Aug. 31
Crosley Radio (stook dividend)
e4 Dec. 81 Holders of ree. Dee 20a
Crosse & Blackwell pref. (quar.)
•870 Aug. 31 *Holders of rec. Aug. 21
Crown Williamette Paper, 1st pt.(qu.)-- $1.75 Oct. 1 Holders of rec. Sept. I3a
Second preferred (quar.)
$1.50 Oct. 1 Holders of rec. Sept. 13
Crown Zelierbach Corp. corn. (quar.)_ "250. Oct. 15 *Holders of rec. Sept. 30
Convertible prof. (all.)
$1.50 Sept. 1 Holders of roe. Aug. 13
Preferred mules A& B (quar.)
$1.50 Sept. 1 Holders of rec. Aug. 13
Crucible Steel Pref. (guar.)--134 Sept. 30 Holders of rec. Sept. 16a
--rerun)& Forster Ins. Stu., corn.A.&13(qu.) •25e. Aug. 31 'Holders of rec. Aug. 20
Cumberland Pipe Line (quar.)
51 Sept. 16 Holders of rec. Aug. 31
Cuneo Press. pref.(guar.)
•154 Sept. 15'Holders of rec. Sept. 1
Curtis Mfg. (quar.)
'62)40 Oct. 1 *Holders of roe. Sept. 14
Curtis Publishing common (monthly).
- 50o Sept. 2 Holders of rec. Aug„ 20a
Common (monthly)
•500. Oct. 12 *Holders of rec. Sept.200
Preferred (quar.)
51.75 Oct. 2 Holders of roe. Sept. 20
Curties Aeropi. it Motor, corn
50e Sept. 16 Holders of rec. Sept. 2.
Cushman's Sons. Inc..7% pf.(qu.)
134 Sept. I Holders of roe. Aug. 15
$8 preferred (quar.)
$2 Sept. 1 Holders of rec. Aug. 15
Cypress Petroleum, class A (quar.)
*500. Sept. 1 *Holders of rec. Aug. 21
Dartmouth Mfg. common (quar.)
•114 Sept. 3'Holders of rec. Aug. 12
Preferred (guar.)
•1N Sept. 3 *Holders of rec. Aug. 12
David & Frere. Ltd., class A (guar.)._- 56e. Sept. 16 Holders of rec. Aug. 31
Decker (Alfred) it Cohn, corn. (qu.)
•500. Sept. 16 "Holders of roe. Sept. 5
Preferred (quar.)
•IN Sept. 1 *Holders of rec. Aug. 22
Deere dr Co.,corn.(quar.)
51.50 Oct. 1 Holders of roe. Sept. 14
Preferred (quar.)
• IN Sept. 2 Holders of rec. Aug. 15a
Del. Lack. it West. Coal (quar.)
•52.50 Sept. 16 *Holders of rec. Aug. 31
Detroit-Midi. Stove pref. (quar.)
•144 Sept. 10 *Holders of rec. Sept. 1
Detroit Steel Prod., corn.(monthly).
- •25c. Sept. 1 *Holders of rec. Aug. 20
Dewey it Airily Chemical, common
500 Sept. I Holders of rec. Aug. 21
Preferred
83.50 Sept. 1 Holders of rec. Aug. 21
Dexter Co., corn. (quar.)
•350. Sept. 1 *Holders of roe. Aug. 20
Diamond Mate!) (quar.)
Sept. 16 Holders of rec. Aug. 3Ia
2
Dictaphone 4•orp., corn, (quar.)
*50c Sept. 3 "Holders of rec. Aug. III
Preferred (guar.)
"2
Sept, 3 *Holders of rec. Aug. If)
Dinkier Hotels class A (guar.)
.500 Sept. 1 "Holders of rec. Aug. 20
Dominion Distillers Consol., class A -- 250 Sept. 1 Holders of rec. July 5
Dow Chemleal, corn. (in common stock) 1400 Subject to stockholders approval
Dresser (S. R.) Mfg. class A ((Mar.).
750. Sept. 1 Holders of rec. Aug. 2
--Class 11 (guar.)
3734c Sept. 1 Holders of rec. Aug. 2
Drug Incorporated (guar.)
$1
Sept. 3 Holders of refs Aug. 15a
Duncan Mills preferred (quar.)
Oct. 1 *Holders of rec. Sept. 20
Dunhill Internat. common (quac.)
$1
Oct. 15 Holders of ree. Oct. la
Common payable In common stock)-- 11
Oct. 15 Holders of rec. Oct. la
Common (guar.)
in 1530 Holders of rec. Dee. 31a
SI
Common (payable in corn. stock)
Jn 15'30 Holders of roe. Dec. 31a
f1
Common (quar.)
Ap15'30 Holders of reo. Apr, la
$1
Common (payable In cons. stock)
ft
Ap15'30 Holders of rec. Apr. la
Du Pont(E.I.)de Nem.it Co.,corn. (qu.) $1
Sept. 14 Holders of rec. Aug.d28a
Debenture stock (quar.)
134 Oct. 25 Holders of rec. Oct. 10a
Durham Duplex Razor prior pref. (qu.). *31
Sept. I *Holders of rec. Aug. 20
Eagle (C. K.) it Co., Inc., pref.(qu.)-- - "134 Aug. 31 'Holders of rec. Aug. 21
Eastern Bankers Corp., Prof. (quar.)__. $1.75 Nov. 1 Holders of roe. Sept. 30
Preferred (guar.)
51.75 Febl'30 Holders of reo. Dec. 31
Eastern Theatres (Toronto) corn
500. Aug. 31 Holders of ree. July 31
Eastern Utilities Invest.. $6 pref. (quar.) $1.50 Sept. 2 Holders of rec. July 31
87 preferred (quar.)
51.75 Sept. 2 Holders of roe. July 31
Prior preferred (quar,)
51.25008. 1 Holders of ref]. Aug. 31
Eastman Kodak, corn. (quar.)
$1.25 Oct. 1 Holders of rec. Aug. 31a
Common (extra)
75e. Oct. 1 Holders of rec. Aug. 310
Preferred (mar.)
154 Oct. 1 Holders of roe. Aug. 310
Edison Bros. Stores, Inc., pref.(quar.)
$1.75 Sept. 15 Holders of rec. Sept. 1
EitIngon &Mid Co.. Inc. 1st pf.(qu.)-$ 1.8234 Sept. 16 Holders of rec. Sept. 3a
Eldorado Oil Works (quar.)
.3710 Sept. 14 *Holders of rec. Aug. 31
Elec. Controller & Mfg.(guar.)
$1.25 Oct. 1 Holders of roe. Sept. 20
Elect. Shareholdings corn (quar.)(No. 1) •250 Sept. 1 *Holders of roe. Aug. 5
Common (payable In corn. stk.)
•r2 Sept. 1 *Holders of reo. Aug. 5
Prof. (1-20 share corn. stk.)
(1) Sept. 1 *Holders of roe. Aug. 5
Name of Company.
1399
Per
When
Cosa. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Elect. Storage Bat..corn.& pt.(qu.)
$1.25 Oct. 1 Holders of rec. Sept. 9a
Electrographle Corp. common (guar.)._ *50c. Sept. 1 *Holders of rec. Aug. 21
Preferred (guar.)
'134 Sept. 1 *Holders of rec. Aug. 21
Ely-Walker Dry Goods, corn.(quar.)
3734e Sept. 1 Holders of rec. Aug. 21
Emporium-Capwell Corp., corn.(quar.).
50c. Sept. 24 Holders of rec. Aug. 31a
Erskine-Danforth Corp., corn. (quar.)
$1
Sept. I Holders of rec. Aug. 28
Common (quar.)
250. Sept. 1 Holders of ree. Aug. 28
Oct. 1 Holders of rec. Sept. 26
Preferred (quar.)
2
*e2
Evans Auto Loading, stock dividend
Oct. 1 'Holders of rec. Sept. 20
750. Sept.30 Holders of rec. Sept. 12a
Fairbanks, Morse it Co., corn.(quar.)
Preferred (qua?.)
134 Aug. 3 Holders of ree. Aug. 120
600 Nov.
Fair (The), corn. (quar.)
Holders of rec. Oct. 21a
Preferred (quar.)
Holders of rec. Oct. 21a
134 Nov.
Faultless Rubber, corn. (quar.)
50e. Oct.
Sept. 17
134 Oct.
Preferred (quar.)
Sept. 17
134 Oct.
Federal Knitting Mills. pref.(quar.)_ _ _ •
"Holders of rec. Sept.20
Federal Mining it Smelting. Pfd (qu.) _
154 Sept. 16 Holders of rec. Aug. 250
37Sic Aug. 31 Holders of rec. Aug. 15
Federated Capital Corp. common
Common (payable in common stock)_. 11
Aug. 31 Holders of ree. Aug. 15
Preferred
374c Aug. 31 Holders of rec. Aug. 15
Feltman it Curme Shoe Stores pf.(qu.)_
144 Oct. 1 Holders of rec. Sept. 1
50c. Oct. 1 Holders of rec. Sept. 15
Ferry Cap it Screw (quar.)
Finance Service Co.(Bait.), com.(quar.) 4
Sept. 2 Holders of rec. Aug. 15
154 Sept. 2 Holders of rec. Aug. 15
Preferred (quar.)
First National Stores. corn.(qua?.)
3734c Oct. 1 Holders of rec. Sept. 16a
First Trust Bank-Stock Corp.(guar.).- 12340. Sept. 1 Holders of rec. July 31
12S4e Sept. 1 Holders of rec. July 31
Extra
Fitz Simons it Connell Dredge it Dock
50c Sept. 1 Holders of rec. Aug. 21a
Common (quar.)
Common (stock dividend 1-40th share) (f) Sept. 1 Holders of rec. Aug. 21a
Common (stock div.. 1-40th share).- (f) Dec. I
50c Sept. 3 Holders of rec. Aug. 240
Fleischmann Co., corn.(extra)
Florence Stove Co. corn. (quar.)
Sept. 3 Aug. 22 to Sept. 3
El
$1.75 Sept. 3 Aug. 22 to Sept. 3
Preferred Mar.;
Fiorshelm Shoe. pref. (quar.)
134 Oct. 1 Holders of roe. Sept.16.
50e Sept. 15 Holders of ree. Aug. 31a
Follansbee Brothers, corn. (quar.)
25e Sept. 1 Holders of rec. Aug. 31a
Common (special)
134 Sept. 15 Holders of rec. Aug. 31
Preferred (quar.)
Foote Bros. Gear it Mach., corn. (quer) '3)0. Oct. 1 *Holders of rec. Sept. 20
"31.75 Oct. 1 *Holders of rec. Sept.20
Preferred (quar.)
65e. Sept. 1 Holders of rec. Sept. 5
Foote-Burt Co. (guar.)
4
.35e Oct.
*Holders of rec. Sept. 14
Formica Insulation (guar.)
•35e Janl'3 'Holders of rec. Dec. 14
Quarterly
Fuller (George A.) Co., prior pref. (qu.) $1.50 Oct. 1 Holders of rec. Sept. 10a
$1.50 Oct. 1 Holders of rec. Sept. 10
Second preferred (quer.)
Galland Mercantile Laundry (qUar.)-- .87 c Sept. 3 *Holders of rec. Aug. 15
•12Sic Sept. 3 *Holders of rec. Aug. 15
Extra
$1.25 Sept. 16 Holders of rec. Sept. So
Gamewell Co., corn. (quar.)
30e. Oct. 1 Holders of rec. Aug. 31
.Garlock Packing, corn. (No. 1)
*10c. Sept. 1 *Holders of rec. Aug. 20
Garner Royalties (monthly)
) $1
Oct. 1 Holders of rec. Sept. 136
General Amer. Tank Car, eons. (quar.
Oct. 1 Holders of rec. Sept. 130
Common (Payable In common stock). 1
134 Sept. 3 Holders of rec. Aug. I4a
General Asphalt, pref. (Qua?.).
•$1.75 Sept. 1 *Holders of rec. Aug. 15
General Boo. pref. Man/
50e Sept. 2 Holders of nte. Aug. 140 •
General Bronze. corn.(quar.)
81
Sept. 1 Holders of rec. Aug. 80
General Cable, class A (quar.)
$1.75 Sept. 3 Holders of rec. Aug. 23a
General Cigar. pref. (quar.)
50c Sept. 3 Holders of nar. Aug. 150
General Mills. Inc.. corn. (extra)
750. Sept. 12 Holders of rec. Aug. 170
General Motors Corp., COM.(quar.)___.
154 Nov. 1 Holders of rec. Oct. 70
6% preferred (quar.)
134 Nov. 1 Holders of rec. Oct. 70
7w preferred (guar.)
14 Nov. 1 Holders of rec. Oct. 7a
64 debenture stock (qirar.)
•5111e Oct. 1 *Holders of rec. Sept. 17
General Paint, class A (quar.)
•373.4 Oct. 1 *Holders of rec. Sept. 17
Class B (quar.)
$1 25 Sept. 3 Holders of rec. Aug. 10
Gillette Safety Razor (quar.)
MaddIng.MoBetin& Co.cow(In corn st1G *2
Oct. 1 *Holders of rec. Sept. 20
Combine Harvester. corn.(qu.) $1
Oct. 1 Holders of rec. Sept. 16
Gleaner
50c. Oct.
G Widen Co.,corn.(guar.)
Holders of rec. Sept. 180
Corn.(payable in common stock)
/1 Oct.
Holders of roe. Sept. 180
13( Oct. 1 Holders of rec. Sept. 18a
Prior preferred (guar.)
134 Sept. 1 Holden; of rec. Aug. 20
Globe-Democrat Publishing, pref. (qu.)_
Globe Grain it elliling, 1st Pf. (qu.) --- .433(c Oct. 1 *Holders of rec. Sept.20
•500 Oct. I *Holders of rec. Sept.20
Second preferred (quar.)
Goldberg (S. M.) Stores, $7 pref.(gum.) $1.75 Sep die Holders of rec. Sept.d3
51.50 Sept. 30 Holders of rec. Sept. 170
Gold Dust Corp., pref. (quar.)
"4e. Sept. 10 *Holders of rec. Aug. 31
Golden Cycle Mining it Red. (quer.) _
Golden State Milk Products (qua?.)_,.,.. *40c. Sept. 1 *Holders of rec. Aug. 15
*el
Sept. 1 *Holders of res. Aug. 15
Stock dIvidend (Qua?)
eel
Deo. 1 *Holders of rec. Nov. 15
Stock dividend (guar.)
Sept. 2 Holders of roe. Aug. 170
Goodrich (B. F.) Co.,corn. (qua?.)
$1
134 Oct. 1 Holders of rec. Sept.10a
Preferred (near.) •
Goodyear Tire it Rubber, corn. (quar.)_ *$1.25 Nov. 1 *Holders of rec. Oct. 1
$1.75 Oct. 1 Holders of rec. Sept. 1
First preferred (quar.)
50c Sept. 1 Holders of rec. Aug. 1
Gorham Mfg., corn. (guar.)
50c 1)00. 1 Holders of rec. Nov. 1
Immoral ((luar.)
Gotham Silk Hosiery, corn. (quar.)---- 62 Mc Oct. 1 Holders of rec. Sept. 12a
Grand Rapids Furniture, pf.(qu.)(N0.1) •50c Oct. I *Holders of rec. Sept.20
•25e Sept.30 *Holders of ree. Sept.20
Grand Rapids Varnish (quar.)
•250 Dee. 3 *Holders of rec. Dec. 20
Quarterly
Grand Union Co.. $3 cony. pref. (quar.) 750 Sept.
Holders of rec. Aug. 15a
Great Atlantic it Pacific Tea, corn.(qu.) *81.25 Sept. 'Holders of rec. Aug. 3
Preferred (qua?.)
'154 Sept.
*Holders of rec. Aug. 3
Great Northern Paper (quar.)
•75e. Sept. 3 *Holders of rec. Aug. 20
Greene Cananee Copper Co.(quar,)__,.. 82
Oct.
Holders of rec. Sept. 12a
Greenfield Tap it Die,6% pref.(qua?.). 134 Oct.
Holders of rec. Sept. 14
Eight per cent pref. (qua?.)
Oct.
Holders of roe. Sept.14
Greenway Corn.. 5% prof ((Mar.)
*75c Sew. 1 •Hr !dere of rec. Nov. 1
Griess-Pfleger Canning, pfd.(gnat.).*31.50 Sept. *Holders of rec. Aug. 24
Gruen Watch, common (quar.)
.5013. Sept. 'Holders of rec. Aug. 21
Common (Guar.)
*50c. Dec.
*Holders of rec. Nov.20
Common (quar,)
*50e. M'rl'30 *Hold,of ree. Feb. 18
•15,i Nov. 1 *Holders of fee. Oct.'30
Preferred (QUM%)
21
•15i Febl'30 *Hold,or me.Jan.
Preferred (quar.)
21'30
Gulf States Steel. corn. (quar,)
Oct. I Holders of ree. Sept. 16a
$1
Preferred (qua?.)
154 Oct. 1 Holders of roe. Sept. 16a
Preferred (quar.)1)f Jan 2'30 Holders of reo. Dee Ida
Habit
-sham Cable it Wire (guar.)
250. Oct. 1 Holders of rec. Sept. 3a
Hale Bros.. corn. (quar.)
*500. Sept. 1 *Holders of rec. Aug. 15
Hamilton Watch, pref. (quar.)
13.4 Sept. 1 Holders of rec. Aug. 10
Ilancock Oil, corn. A. stock)
(In
•150 Subject to stockholders approval.
Hanes(P. H.) Knitting, corn,& corn. B,.
150. Sept. 2 Holders of rec. Aug. 20
Preferred (quar.)
1,1 Oct. I Holders of rec. Sept. 20
Hanna(M. A.) Co.. 1st pref. (quar.)_
114 Sept.20 Holders of rec. Sept. 5a
IlarbLson-Walker Refr., corn, (quar.)--50e. Aug. 31 Holders of rec. Aug. 21a
Preferred (qua?,)
1M Oct. 19 Holders of rec. Oct. 9a
Harrods, Ltd.
Amer. deposit rots, for ord. shares-- 1r10 Sept.23 *Holders of rec.
Hart-Carter Co.. pref. (quar.)
"500 Sept. 1 *Holders of rec. Aug. 15
Aug.
Hartman Corp., class A (mar.)
500 Sept. 1 Holders of rec. Aug. 15
Class B (quar.)
30c. Sept. 1 Holders of rec. Aug. 19a
Hart,Schaffner it Marx,eons.(quar.)_
*12 Aug. 31 *Holders of rec. Aug. 19a
Hathaway Bakeries, class A (quar.)___
750. Sept. 2 Holders of rec. Aug. 15
15
Preferred (guar.)
$1.75 Sept.
Holders of rec.
Hathaway Mfg.,(quar.)
*51 Sept. 'Holders of rec. Aug. 15
Aug. 15
Hawaiian Com'l it Bug.(mthly)
*25c. Sept. 5 Holders of
Monthly
.250 Oct. 5 *Holders of rec. Aug. 25
Monthly
*25e. Nov. 5 *Holders of rec. Sept.25
Monthly
*25c. Dee, 5 *Holders of rec. Oct. 25
Hawaiian Pineapple (quar.)
60e Aug. 31 Holders of rec. Nov. 25
rec. Aug. 150
Hayes Body Corp.(quar.) (Pay. In pug.) 2
Oct. 1 Sept.25 to Sera.30
Quarterly (payable In stock)
2
Jan2'30 Dec. 25
Hazeltine Corp. (quar.)
•25e. Aug. 31 *Holders to Jan. 1
of rec. Aug. 15
Hecia Mining (quar.)
Helena Rubinstein, Inc., pref. (quar.)- *25c. Sept. 15 *Holders of rec. Aug. 15
75c. Sept. 1 Holders of rec.
Aug. 15
111bbard,Spencer,BartlettshCo.(mthie.)35e. Sept.27 Holders of rec. Bept.20
Hires (Charles E.) Co.,corn. A.(quar.)_
50c. Sept. 1 Holders of rec. Aug. 150
Common class A (quar,)
50e. Dec. 1 Holders of rec. Nov. 16
Class B it management stock
51
Sept. 1 Holders of reo. Aug. 15
Hobart MM., corn. (guar.)
*62Mc Sept. 2 *Holders of res. Aug. 20
Holland Furnace (quar.)
Hollinger Consol. Gold Mines (monthly) (0) Oct. 1 Holders of rec. Sept. 14
5e. Sent. 9 Holders of rec. Aug. 23a
1400
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
*35c. Oct. 1 *Holders of tee. Sept. 15
nolophane Co., common
"SIRS Oct. 1 'Holders of roe. Sept. 15
Preference
Holt(Henry)& Co.. Inc., partie. A (qU.)
Sept. I Holders of rec. Aug. 10
75e. Sept. 1 Holders of rec. Aug. 20
Home & Foreign See. pf.(qu.)(No.11)._
•1
Sept. 1 *Holders of rec. Aug 20
Hood Rubber Products. pref. (quar.)
Horn(A.C.) & Co., 1st Pref.(quar.)
.87 Sic Sept. 1 *Holders of rec. Aug. 21
Horn & Hardart of N. Y.. pref.(quar.)
14 Sept. 2 Holders of roe. Aug. 13a
Hoskins Mfg.(quar.)
•60e. Sept. 30 *Holders of tee. Sept. 15
Hoods'lie-Hershey Corp., el. A (qu.) '674c Oct. 1 *Holders of rec. Sept. 20
Class B (quar.)
374e Oct. 1 Holders of rec. Sept. 200
6
Household Products(guar.)
875.c Sept 8 Holders of roe. Aug. 15
Hudson Motor Car (attar.)
$1.25 Oct. 11 Holders of rec. Sept. 116
Hupp Motor Car Corp.(stk dlr.)(quar.) e2% Nov. 1 Holders of rec. Oct. 156
Huron & Erie mortgage(guar.)
*2
Oct. 1
Illinois Brick (quar.)
.60e Oct. 15'Holders of roe. Oct. 3
Imperial OIL Ltd. reg. (guar.)
12
Sept. 2 Aug. 16 to Aug. 31
Bearer stock
12340 Sept. 2 Holders of Coup. No. 22
Imperial'rob, of Gt. Britain & Ireland
Amer. depositary receipts for ord. shs- 'ml Sept. 1 *Holders of roe. Aug. 18
Indiana Limestone, pref. (quar.)
1% Sept. I Holders of rec. Aug. 20
Ingersoll-Rand Co.. corn. (qua?.)
Sept. 3 Holders of roe. Aug. 6a
$1
InlandPaperBoard.com.(qu.)(No.1).___ •40e. Oct. 1 *Holders of rec. Sept. 15
Inland Steel (quar.)
874c Sept. 1 Holders of rec. Aug. 15a
Inspiration Consol. Copper Co.(qUar.)- $1
Oct. 7 Holders of rec. Sept. 196
Insuranshares Management Co.
Series A-27. class A
85e. Sept. 3 Holders of roe. Aug. 15
85e. Sept. 3 Holders of rec. Aug. 15
Series C-27. class A
32c. Sept. 3 Holders of roe. Aug. 15
Series F-27, class A
30e. Sept. 3 Holders of rec. Aug. 15
Series H-27. class A
30e. Sept. 3 Holders of too. Aug. 15
Series F3-28, Class A
Internal. Agricultural Corp.. Pr.Pt.
(Mt) 1)4 Sept. 3 Holders of roe. Aug. 150
Internat. Arbitrage Corp.corn.(No. 1)-Sept. 2 Holders of rec. Aug. 15
Common (payable In common stock)- - /12 Sept. 2 Holders of rec. Aug. 15
81.25 Oct. 10 Holders of rec. Sept. 21a
Internat. Business Mach.(quar.)
Inteniat. Combustion Eng.. corn. (00.).
50e. Aug. 31 Holders of rec. Aug. 16a
144 Oct. 1 Holders of rec. Sept. 16a
Preferred (quar.)
Internat. Harvester, corn.(guar.)
82%c Oct. 15 Holders of roe. Sept. 256
Preferred (guar.)
1% Sept. 3 Holders of rec. Aug 5a
Internat. Nickel of Canada. corn. (go.).
25e. Sept.30 Holders of rec. Aug. 3Ia
International Perfume. corn.(guar.)._ '250. Sept. 3'Holders of rec. Aug. 20
International Proprietaries. Ltd.
Class A (quar.).
65e. Sept. 15 Holders of rec. Aug. 25
Internat. Safety Razor, el. A (quar.).__
800. Sept. 3 Holders of rec. Aug. 14
•
Class B (quar.)
50e. Sept. 3 Holders of rec. Aug. 14
Class B (extra)
250. Sept. 3 Holders of roe. Aug. 14
$1.50 Oct. I Holders of rec. Sept. 166
International Salt (quar.)
Internal Sec. Corp.of Am.COM. A(qU.)75e. Sept. 2 Holders of rec. Aug. 15
Common B (quar.)
124e* Sept. 2 Holders of roe. Aug. 15
14 Sept. 2 Holders of roe. Aug. 15
7% Preferred (quar.)
14 Sept. 2 Holders of rec. Aug. 16
134% preferred (guar.)
6% preferred (quar.)
1% Sept. 2 Holders of rec. Aug. 15
International Shoe. pref.(monthly)._
50e. Sept. 1 Homers of rec. Aug. 16
*800. Oct. 1 *Holders of roe. Sept. 16
Preferred (monthly)
Nov. 1 *Holders of reo. Oct. 18
Preferred (monthly)
Preferred (monthly)
•500 Deo. I *Holders of rec. Nov. 18
Preferred (monthly)
•60e Jan 1'80 *Holders of reo. Dee. 15
International Sliver, corn. (quar.)
1)4 Sept. 1 Holders of rec. Aug. 15a
Interstate Iron & Steel. pref.(guar.).- '154 Sept. 1 'Holders of roe. Aug. 20
1ntertype Corp.. let prof (quar.)
•$2 Oct. I 'Holders of roe. Sept. 18
Investors Equity, Inc. (guar.)
500. Oct. 1 Holders of rec. Sept. 166
Iron Fireman Mfg.. corn. (quar.)
•25c. Sept. I "Holden' of roe. Aug. 15
Isle Royale Copper Co
50c. Sept. 30 Holden) of roe. Aug. 31
Holders of rec. Aug. 15
Jaeger Machine, rem. (quar.)
8214e. Sept.
Jefferson Electrie (quar.)
*780. Oct. 1 'Holders of rec. Sept.17
3s
Jewel Tea, common (guar.)
75e. Oct. 15 Holders of rec. Oct
Johns-Manville Corp., corn. (quar.).__.
75e. Oct. 15 Holders of rec. Sept. 24a
Preferred (quar.)
1St Oct. 1 Holders of rec. Sept. 10a
Johnson-Stephens-Shinkle Shoe (qU.)-- - 62%c. Sept. 3 Holders of rec. Aug. 15
Joint Security Corp
Coin.(Payable In Isom. stook)
Nov. 1 Holders of reo. Oct. 20
rt
•1 yi Sept. 2 *Holders of roe. Aug. 13
Jones & Laughlin Steel, common (qu.)
•1
Sept. 2 'Holders of rec. Aug. 13
Common (extra)
Preferred (quar.)
154 Oct. I Holders of roe. Sept. 13a
•15c. Sept. 30 "Holders of rec. Sept. 20
Kalamazoo Vegetable Parchment(qu.)..
•15c. Dec. 31 "Holders of rec. Dee. 21
Quarterly
Kaufmann Dept.Stores, pref.(guar.)--14 Oct. 1 Holders of rec. Sept. 10
Kawneer Company (QUO.P.)
•8234e Oct. 15 *Holders of reo. Sept. 30
Quarterly
'62540 Jan15'30 Holders of tee. Dee. 31
Kelsey-Hayes Wheel Corp.. coin.(quar.)
50e. Oct. 1 Holders of rec. Sept. 206
Kendall Co., partic. pref. (quar.)
$1.50 Sept. 2 Holders of rec. Aug. 23a
Kennecott Copper Corp. (quar.)
$1.25 Oct. I Holders of rec. Aug. 306
•134 Sept. I Holders of rec. Aug. 15
Kentucky Rock Asphalt pref.(quar.)
Keystone Investing. Cl.'A (quar.)
.374c Sept. 1 Holders of rec. Aug. 15
Sept. 1 Holders of roe. Aug. 20
Keystone Wood Preserving (quar.)
Kilburn Mill (quar.)
Sept. 16 Holders of rec. Aug. 31
25e. Oct. I Holders of roe. Sept. lea
Kinney (G. It.) & Co., corn.(quiz.)....
Preferred (quar.)
Sept. 3 Holders of roe. Aug. 154
•1
Kirby Lumber (guar.)
Sept. 10 Holders of ree. Aug. 31
•15.4 Dee. 10 Holders of reo. Nov. 80
Quarterly
Kleinert (I. B.) Rubber, eons
62)4C Sept. 3 Holders of roe. Aug. 15
Knox Hat, non-voting com..ou.)(No. 1) .11.50 Sept. 15 Holders of roe. Aug. 15
81.50 Sept. 15 Holder of rec. Aug. 15
Common class A (quar.)
$1.75 Oct. 1 Holders of rec. Sept. 16
0
Prior Preferred (quar.)
6
7163 Sept. 8 Holders of rec. Aug. 15
Participating Pref (quar.)
Participating Prof.(quar.)
150 Dee, 2 Holders of roe. Nov. 154
Kobacker Stores Co.. pref. (quar.)
$1.75 Sept. 1 Holders of rec Aug. 15
Kepler Co., pref. (quar.)
13( Sept. 1 Holders of rec. Aug. 24
Kraft-Phenix Cheese, corn •011ar.)
374c Oct. 1 Holders of rec. Sept. 106
Preferred (quar.)
1.62% Oct. 1 Holders of rec. Sept 100
Kresge (S. S.) Co., corn. (lmar.)
400. Sept. 30 Holders of rec. Sept. 106
Preferred (quar.)
134 Sept. 30 Holders of rec. Sept. 106
Kroger Grocery & Baking, corn.(quar.)250. Sept. 3 Holders of rec. Aug. 10a
Kuppenheimer (B.) dz Co.. Prof. (qu.)
14 Sept. 3 Holders of roe. Aug. 23a
Sept. 3 Holder, of roe. Atm. 15
Lackawanna Securities
Lake Shore Mines (quar.)
200. Sept. 17 Holders of roe. Sept. 3
Extra
20c. Sept. 17 Holders of roe Sept. 3
Lake of the Woods Milling, corn.(quar.)
80c Sept. 2 Holders of rec. Aug. 23
Preferred (quar.)
51.75 Sept. 2 Holders of rec. Aug. 23
Lakey Foundry & Mach.. stk. dividend_ 'e2)4 Oct. 30 Holders of rec. Oct. 15
Landers. Frary & Clark toner.)
"no. Sept.30 Holders of roe. Sept. 20
Quarterly
Dee, Si Holders of tee. Dee. 21
Langendort finked Bakeries
Class A and B (quar.)
•500. Oat. 15 *Holders of tee. Sent.30
Class A and It (Oust.)
•50e. Ja 15'30 *Holders of reo. D.C. 30
Lanston Monotype (guar.)
Aug. 3 Holders of rec. Aug. 21a
Leath & Co., Prof.(quar.)
*Holders of ree. Sept. 16
*87%o Oct.
Legare (P. T.) Co., Ltd., pref.(quar.)
Holders of tee. Aug. 15
1% Sept.
Lehigh Coal & Nay.(quar.)
Aug. 3 Holders Of roe. July 31.
$1
Lehigh Portland Cement, pref. (guar.).Holders of ree. Sept. 14a
154 Oct.
Lehigh Valley Coal Corp.. pref. (guar.)Holders of tee. Sept. 12a
750. Oct.
Lehigh Valley Coal Sales (quar.)
900. Sept. 30 Sept. 13 to Sept. 30
Lehn & Fink Products. common (gum.).
750. Sept. 1 Holders of rec. Aug. 156
Lessings. Inc.. common (qua:.)
260. Sept. 30 Holders of roe. Sept. 11
Libby-Owens Glass Co.(qu.)(No. 1).__
25c. Sept. 1 Holders of rec. Aug. 226
Liggett & Myers Tob..com.& corn.B
B(qu) $1
.)
Sept. 2 Holders of roe. Aug. 15a
Preferred (quar.)
Holders of red. Sept. 100
144 Oct.
Lindsay (C. W.)•& Co., Ltd., corn.(go.)
Holders of roe. Aug. 15
250. Sept.
Preferred (quar.)
Holders of roe. Aug. 15
I% Sept.
Lindsay Nunn Publishing, pref.(quiz.). *50e. Sept.
*Holders of roe. Aug. 20
Link Belt Co (quar.)
65e. Sept.
Holders of rec. Aug. 155
Loblaw Groceterlas, Ltd., A.& B.(qu.)- •123sc Sept. 'Holders of roe. Aug. 12
•1% Sept. 'Holders of roe. Aug. 20
Lord & Taylor, let pref. (quar.)
Ludlow Manufacturing Associates (qu.) $2.50 Sept.
Holders of reo. Aug. 10
Lunkenhetmer Co., oom. (qua?.)
'3734c Sept. 1 'Holders of roe. Sept. 6
Preferred (quar.)
•
134 Sept.3 'Holders of rec. Sept. 20
•1% Dee. 3 *Holders of roe. Dee. 21
Preferred (quar.)
Luther Mfg.(quar.)
'2
Nov. 'Holders of rec. Oct. 15
Lyall (P.) & Sons Constr., corn. (quar.)_ 12
Holders of rec. Aug. 20
Sept.
Mallinson (H. Ft) pref. (qua:.)
10 Oct.
Holders of roe. Sept. 206
1)4 Sept.
Mange! Stores Corp., Pref. (quar.)
Holders of rec. Aug. 20
[Vol,. 129.
FINANCIAL CHRONICLE
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days DuBois&
Miscellaneous (Continued).
'154 Nov. 1 *Holders of tee. Nov. 6
Mangin (1.) Co.. pref. (qu.)
Manhattan Shirt, COM. (guar.)
Holders of too. Aug. 17a
50c. Sept.
'Holden of reo. Aug. 20
Manischewits (B.) Co.(stk. die.)
•el
Sept.
:40e. .7.3 pt
30c 3 l5:3 *Holders of reo. Dec. 31
'n
Marchant Calculating Mach. (quar.)
Marmon Motor Car, corn (quar.)
Holders of rec. Aug. 180
Sept.
SI
*Holders of rec. Aug. 15
Material Service Corp. RAMO
Holders of reo. Aug. 156
May Dept. Stores Inc (qua:.)
Si
Sept.
Holders of rec. Aug. 22
May Hosiery Mills, pref. (quar.)
51 Sept.
4
,134 Sept. 'Holders of rec. Aug. 20
Mayer (0.) & Co. lot pref.(guar.)
Sept.
*Holders of rec. Aug. 20
Second preferred (quar.)
.12
McCahan (W. J.) Sugar Ref. & Molasses
Holders of rec. Aug.,2Ia
1% Sept.
Preferred (quar.)
Holders of rec. Aug. 206
McCrory Stores Corp., A.& B.(quar.)
50c. Sept.
Holders of tee. Aug. la
sep .
McIntyre Porcupine Mines (quar.)
.4 sept..
515% Se ptt
2
Holders of rec. Aug. 31a
McKesson & Robbins. Inc., pref. (qu.).
*Holders of rec. Aug. 31
MoodPulp dz Paper, pref. (guar.)
Holders of rec. Sept. 1
Meichers Distilleries, class A
50c Sept. I
Holders of rec. Aug. 15a
14 Sept.
Mengrl Co.. pref. (quar.)
$1.25 Sept. 3 Holders of rec. Sept. 4a
Mergenthaler Linotype (quar.)
50c. Sept. 3 Holders of rec. Sept. 44
Extra
Merit Hosiery $3 Prof. (guar.)
5c Aug 3
24 Aue. 3 Holders of reo. Aug. 22
7
Aug. 3 Holders of rec. July 24
Merrimack Mfg., common
3
Holders of rec. July 24
Preferred
Holders of rec. Aug. 15
400. Sept.
Merritt-Chapman&Seatt Corp.,coM.(qu)
Holders or rec. Aug. 15
1% Sept.
Preferred series A (mar.)
"500. Sept. 'Holders of rec. Aug. 20
Meteor Motor Car (quar.)
'Holders of ree. Nov. 20
Quarterly
•
"50e. Dec.
Holders of rec. Aug. 30a
Metro-Goldwyn Pictures. pref.(quar.).. 474c Se,
500 se r..1
Holders of rec. Aug. 15
Metropolitan Paving Brick, corn.(qu.)
Holders of rec. Sept. 15
0
Preferred (Quax.)
14 0cpi.
50 se t
Holders of roe. Sept. 3a
Midland Royalty, cony. pref.(quar.)..
Holders of rec. Sept. 17
Midvale Company (quar.)
75c. Oct.
*Holders of rec. Sept. 15
Miller & Hart, Inc., cony. pref. (guar.)- "87%c Oct.
Holders of rec. Sept. 15
(I.) & Sons, Inc., corn, (guar.)- 50c. Oct.
Holders of rec. Aug. 25
Preferred (guar.)
Nov. 1
$18204 Sept.
*Holders of rec. Nov. 1
Minneapolis-Honeywell. eg. pref. (q.)
Mississippi Valley UtilitiesHolders of rec. Aug. 15
Investment
prior lien pf.(guar.). $1.75 Sept.
Mitchell(Robert) Co. Ltd. (guar.)
Holders of roe. Sept.30
CO..
256. Oct. 1
Mohawk Mining
Holders of roe. July 31
Sept.
52
Monlghan Mfg.. corn, A (quar.)
*Holders of tee. Sept 20
•45o. Oct.
'Holders of rec. Sept. 14
Monsanto Chem. Works, new stock.... '31540 Oct.
'Holders of roe. Sept. 14
Stockdividend
"el 14 Oct.
Montgomery Ward & Co., el. A (guar.). .511x.75 Sept0ct..
"Holders of rec. Sept. 20
Montreal Cottons, Ltd., corn. (quar.)__
Holders of rec. Aug. 31
Preferred (qm.)
Holders of rec. Aug. 31
1% Sept. 1
Moody's Investors Service
participating Prof (guar.)
Holders of roe. Nov. 1
27205o.. Sept.1
Morison Electrical Supply, COLO. (gust.)
Holders of rec. Aug. 15
Motor Products. corn. (qua?.)
2. 'Holders of rec. Sept. 20
•1
60o. Oct. 2
Motor Wheel Corp., corn
Holders of rec. Sept. 5a
Sop
Common (payable In common stook). 120 Oct.
Holders of rec. Sept. 50
Muncie Clear Co.. pref.. ohms A (OW.)
*Holders of roe. Sept. 15
Preferred, class A (guar.)
*Holders of roe. Deo. 15
Munsingwear. Inc. (guar.)
jC: t.
i1 Holders of rec. Aug. 150
Murphy (G. C.) Co., com. (quar.)
300.
Holders of rec. Aug. 22
Preferred (quar.)
32200.
'Holders of rec. Sept. 20
Muskegon Motor Specialties,eon) (qu )
.A
Sept. 'Holders of roe. Aug. 22
National Aviation (stock dividend)
-- siO Sept.
Holders of roe. Aug. 15
National Baking, pref. (guar.)
14 Aug. 31 Holders of roe. Aug. 10
Nat Bearing Metals. corn. (quar.)
750. Sept. I Holders of rec. Aug. 18
Nat. Hellas-Hess. new corn.(guar.).
- 250. Oct. 15 Holders of roe. Oct. 10
New common (qua?.)
260. Jan1610 Holders of roe. Jan.2'306
Stock dividend (quar.)
et
Oct. 15 Holders of ree. Oct. 10
Stook dividend (qua?.)
Ja.15110 Holders of req. Jan. 2'304
Preferred (guar.)
$
11%50 Sept.. 2 Holders of roe. Aug. 21a
5
National Biscuit, corn.(quar.)
Oct.
Holden) of roe. Sept. 270
Preferred (quar.)
14 Aug. 31 Holders of rec. Aug. 15a
National Brick, pref. (quar.)
14 Sept. 18 Holders of rec. Aug. 31
National Container, cony. pref. (qua?.) •50e. Sept. 1 'Holders of roe. Aug. 15
National Dairy Products, corn.(guar.)._ 374c Oct. 1 Holders of rec. Sept. 30
Common (payable In common stook)
fl
Oct. I Holders of rec Sept. 30
Common (payable In corn, stk.)(extra) el
Oct. 1 Holders of rec. Sept. 3a
Nat'l Dairy Products corn.(In corn.stock) "e150
*Holders of rec. Sept. 10
Nat. Family Stores. corn. (guar.)
•400. Sept. 1 "Holders of rec. Aug. 20
Preferred (quar.)
*50e. Sept. 1 'Holders of rec. Aug. 20
Nat. Fireproofing. pref. (guar.)
6234e. Oct. 15 Holders of rec. Oct. 1
National Food Products
Ch e• B (payable In class 11 stk.)
Oct. 15 Holders of rec. Oct. 5
Nat. Grocers, Ltd., pref. (guar.)
*2
Oct. I 'Holders of roc. Sept. 16
National Holding Corp.. corn.(pa.)
- "Me. Oct. 2 *Holders of rec. Aug. 31
National Lead.com. HOMO
114 Sept. 30 Holden of rec. Sept. 136
14 Sept. 14 Holders of rec. Aug. 306
Preferred A (guar.)
Preferred B (guar.)
1% Nov. 1 Holders of roe. Oct. 180
National Steel Car (Man)
50e. Oet. 1 Holders of roe. Sept. 18
Nat. Sugar Ftefg.(Qum.)
50e. Oct. 1 Holders of tee. Sept. 3
National supply. Prof. (quar.)
51.75 Sept. 30 Holders of roe. Sept. 20a
National Transit
25e. Sept. 18 Holders of rec. Aug. 81
Nehl Corporation, corn. (quar.)
250. Sept. 1 Holders of reo. Aug. 15
Neptune Meter. class A & B (quar.) •50c. Sept. 15 *Holders of rec. Sent._ 1
_
New Bedford Cordage, corn.(Guar.)._ .500. Sept. 2 *Holders of roe. Aug. ID
•14 Sept. 2 "Holders of tee. Aug. 16
Preferred (guar.)
Newberry (J. J.) Co., corn.(guar.)
'2740 Oct. 1 *Holders of rec. Sent. 3_
5
5144 Sept. 1 "Holders of reo. Aug. 40
Preferred (quar.)
_
Newport Company. corn. (qu.)(No. 1). "500. Sept. 3 'Holders of rec. Aug. 34 ,
Class A ((mar.)
75c. Sept. 3 Holders of roe. Aug. 246
New York Auction (guar.)
*ss*3734r Sept. 18 *Holders of too. Aug. 31
N. Y.& London Mang'n't Co.. prof.(g11)
750, Sept.
Holders of roe. Aug. 20
New York Transit
40c. Oct. 15 Holders of roe. Sept. 20
Nichols Copper Co., class A (quiz.)
4340. Oct. 1 Holders of reo. Sept.20
Class B
•750. Nov. 1
Nickel Holding Corp.. corn. (guar.).800. Oct. 2 Holders of roe. Aug. 316
Noblitt Sparks Industrles (quar.)
Holders of reo. Sept. 20
North American 011 Consol.(monthly)..
"Holders of rec. Aug. 20
North American Provision. Dt (qua:.).. ;1 050c (4 D1. 31 *Holders of rem Sept. 10
7134 81 t
: 1
t
North Central Texas 011 (guar.)
150. Sept. 1 Holders of roe. Aug. 10
Preferred (quar.)
1.8254 Oct. 1 Holders Of roe, Sept. 10
Igo Sept. 1
Northern Manufacturing. Prof.(guar.) Igo Die.
Preferred (quiz.)
Northam Warren Corp.. pref. (gust.)
750. Sept. 3 Holders of rec. Aug, 15
14 Sept.' 3 Holders of roe. Aug. 22
Ogilvie Flour Mills. pref.(quar.)
Ohio Oil, corn. (guar.)
...500 Sept. 14 .
..Holders of rec. Aug. 12
"250. Sept. 14 'Holders of rec. Aug, 12
Common (extra)
Oliver Firm Equip, prior pref. (quar.)
51.50 Oct. 1 Holders of rec. Sept. 10
Cony, partlo. pref. (guar.)
Holders of roe. Sept. 10
"Holders of tee. Aug. 22
Oshkosh Overall Co., cony. pref.(qu.).
8 t1 1
Otis Elevator, pref. (guar.)
114 (;cp.. 15 Holders of reo. Sept.sea
.
14 Pct 5•30 Holders of POO. Dee. 31a
7
5c. n1 1
Preferred (guar.)
4
1
Outboard Motors Corp.. clams A (Qua?.). /5c. Aug. 31 Holders of roe. Aug. 15
Pacific Finance Corp.. corn. (guar.)
*Holders of rec. Sept. 20
*73c. 0c
Oct.1
et..
Corn.(payable In common stock)
"Holders of tea Sept. 20
'Holders of roe. Aug. 2
Package Machinery common (guar.)---0
Aug.
Holders of tee. Aug. 120
Pealtard Motor Car (monthly)
*521% SeNov 35 'Holder, of rec. Nov. 6
*1 51. pt.. 111
Paepcke Corp., corn. (Quar.)
el% Oct. 1 *Holders of too. Sept. 24
Preferred (quar.)
ss
Sept. 27 Holders of tee. Sept. 17
Paraffin° Co... corn. (guar.)
75e. Oct. I Sept. 21 to Oct. 1
Paragon Refining, pref. A (quar.)
75e Sept.28 Holders of rec. Sept 641
Paramount Pam. Lasky Corp..com.(qu.)
75e. Oct. 14 Holders of roe. Sept.300
Park & Tliford. Inc. (gust.)
Oct. 14 Holders of reo. Sept.306
1
Stock dividend
730
Holders of fee. Dee. 304
Quarterly
jpr11 10 Holders of roe. Dee. 306,
Jau1:3
A n 14 35
4
.
1
Stock dividend
750.
Holders of too. Mar. 29a
Quarterly
1
Apr14'30 Holders of roe. Mar. 296
Stoat dividend
Parker Tradlng Corp., corn. A dr B (nu.). •40e. Sept. 3 nloirisrs of tee. Aug 15
Parmelee Transportation, corn. (mthly.) '12540 Sept. 10 "Holders of rec. Aug. 30
50e. Sept. 1 Aug. 21 to Aug. 31
Patterson-Sargent Co., corn.(guar.).0
Pender (D.) Grocery Co., cl. A (quar.)- 8714c Sept. 1 1101110M Of roe. Aug. 2
$1.75 Sept. 15 Holders of rec. Aug. 310
Penn-Dixie Cement. Prof. (quar.)
.
Pennsylvania Investing. cl. A (qua?.)... 62340 Sept. 1 Holders of roe. July 310
Au°. 31 1929.1
Name of Company.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed
Days inclusive.
hilseellaneous (ComIrina).
Peoples Drug Stores, corn.(guar.)
•250. Oct. 1 "Holders of rec. Sept. 8
Preferred (guar.)
• $1.62 Sept. 15 *Holders of rec. Sept. 1
Pepperell Manufacturing
.4
Sept. I "Holders of rec. Aug. 21
Perfection Stove (monthly)
*374e Aug. 31 'Holders of rec. Aug. le
Monthly
•37 ite Sept. 30 •Holders of rec Sept. 18
Monthly
*37 iic Oct. 81 "Holders of roe. Oct. 17
Monthly
•
3714c Nov. 30 'Holders of rec. Nov. 18
Monthly
*3714e Dec. 31 "Holders sf rec. Dec. 18
Pet Milk Co., corn. (guar.)
Holders of rec. Sept. 10a
374c Oct.
Preferred (guar.)
14 Oct. 1 Holders of rec. Sept.
•50e Sept. 15 'Holders of rec. Sept. 10
Petroleum Exploration (quar.)
.5
1
Petroleum Royalties (monthly)
Sept. 1 Holders of rec. Aug. 25
Extra
4 Sept. I Holders of rec. Aug. 25
Phelps Dodge Co. (guar.)
75e. Oct. 1 Holders of rec. Sept. 40
Phillips-Jones Corp.. corn.(guar.)
75e Sept. 2 Holders of rec. Aug. 20a
Phoenix Hosiery Co. lot & 21 Pf.(qu.)
154 Sept. 1 Holders of rec. Aug. 17a
Photo Engravers & Eleetrotvners
50c. Sept. 1 Holders of rec. Aug. 15,1
Pierce-Arrow Motor Car, pref (qu.)
154 Sept 1 Holders of rec. Aug . 10a
Pillsbury Flour Mills. COM. (quar.)
50c. Sept. 2 Holders of rec. Aug. 15a
Common (extra)
50c. Sept. 2 Holders of rec. Aug. I5a
Nike Winterfront Co., corn. (guar.)- -- - •250 Sept. 3 *Holders of rec. Aug. 17
Common (payable in corn. stk.)
...r2 Sept. 3 *Holders of rec. Aug. 17
Pittsburgh Steel, corn.(guar.)
Oct. 1 *Holders of rec. Sept. 24
I
14 Sept. 1 Holders of rec. Aug. 10a
Preferred (guar.)
Plymouth Oil
*50c Aug. 31 *Holders of rec. Aug. If)
Poor & Co.. corns A & ft (guar.)
50c Sept. 1 Holders of rec. Aug. I5a
Powdrell & Alexander. Inc., pref. (guar.) •
14 Oct. I 'Holders of rec. Sept. 10
Prairie 011 & Gas
50c Sept. 30 Holders of rec. Aug. 31a
Extra
25e Sept. 30 Holders of rec. Aug. 3Ia
Prairie Plpe Line (guar.)
750 Sept. 30 Holders of rec. Aug. 31a
Extra
50c Sept. 30 Holders of rec. Aug. 31a
Prentice Hall. Inc., corn. (guar.)
•70c Sept. 3 *Holders of rec. Aug. 20
Participating pref. (quar.)
'750 Sept. 3 Holders of rec. Aug. 20
Pressed Metals of Amer.. pref. (guar.)
•14 Oct. 1 •HpIders of rec. Sept. 12
Preferred (guar.)
•14 Jan1•30 *Holders of rec Dec. 12
Pressed Steel Car. pref. (guar.)
1.1 Sept. 30 Holders of roe. Sept. 30
Procter & Gamble. pref. (guar.)
14 Sept. 14 Holders o free. Aug. 24a
Pro-phy-ine-tie Brush, pref. (guar.).-14 Sept. 16 Holders of rec. Aug. 31
Propper Silk Hosiery, corn. (guar.)
550c. Sept. 1 'Holders of rec. Aug. 19
Public Investing Co.(guar.)
25c Sept 16 Holders of tee. July 15
Pure Oil. corn (quar.)
37 54c Sept. 1 Holders of rec. Aug. 10a
Purity Bakeries, cont. (guar.)
$1
Sept. I Holders of rec. Aug. 150
Quaker Oats, corn. (guar.)
"SI
Oct. 1 'Holders of rec. Oct. 1
Preferred (guar.)
"14 Nov. 30 'Holders of rec. Nov. 1
Preferred (guar.)
'1% Aug. 3 *Holders of rec. Aug. I
Railway Express (guar.)
50c Sept. 30 Holders of rec. Sept. 14a
Old stock (guar.)
I 4 Sept. 30 Holders of rec. Sept 14a
Ranier Pulp & Paper, corn. A (guar.) _ •50c Sept.
•Holders of rec. Aug. 10
r Common B (guar.)
•25e. Sept. 'Holders of rec. Aug. 10
Common B (extra)
•25c Sept. 'Holders of rec. Aug. 10
Rent Silk Hosiery Mills, corn. (guar.)._ _ '$1.25 Oct.
'Holders of rec. Sept. 13
I Preferred (guar.)
'I 14 Oct.
"Holders of rec. Sept. 13
Relter-Foster 1111
•10c. Sept. 'Holders of rec. Aug. 15
Remington-Rand Co., 1st pref. (guar.).
14 Oct.
Holders of rec. Sept. 7a
Second preferred (guar.)
$2
Oct.
Holders of refs Sept. la
Remington Typewriter common (qu.),.. •51.25 Oct.
'Holders of rec. Sept. 7
First preferred 0:Marl
•1,4 Oct.
•11olden( of rec. Sept. 7
Second preferred (quar.)
*2
Oct.
•Ifolders of roe Sept. 7
Republic Brass. class A (guar.)
51
Oct.
Holders of rec. Sept. 10a
Preferred ((mar )
154 Nov.
Holders of rec. Oct. 106
Republic Iron & Steel, corn. (guar.)___ _
SI
Sept. 8 Holders of rec. Aug. 12a
Preferred (Sitar.)
14 Oct. 1 Holders of rec. Sent 12a
Republic Stamping & Enamel
be. Oct. 1 Holders of rec. Sept 20
Reynolds Metals, corn. A
.51.
Sept. I *Holders of
Rich's, Inc., 6l.% pref. (guar.)
•$ 624 Oct. 1 "Holders of rec. Aug. 15
rec. Sept. 14
Rio Grande 011
$1
(r)
Hold of rec. Jan 5 '30
rEitock dividend
.114 Oct. 25 Holders of ree. Oct. 5
Roach (Hal)Studious. pref.(guar.)
*50c. Sept. 'holders of rec. Aug. 15
Rolland Paper, Ltd.. pref. (guar.)
14 Sept.
Holders of ree. Aug. 15
Root Refining, cony, prior Prof. (quar.)_
450. Sept.
Holders of rec. Aug. 20
Cony. cum. pref. (quar.)
75e, Sept.
Holders of rec. Aug. 20
Rosy Theatre Corp., Cl. A ((war.)
'874r Sept.
*Holders of rec. Aug. 15
Safeway Stores common (guar.)
75e. Oct.
Holders of rec. Sept. 20a
6% preferred (guar.)
1.4 Oct.
Holders of rec. Sept. 200
7% preferred (guar.)
154 Oct.
Holders of rec. Sept. 20a
SC Joseph Lead Co.(guar.)
50e. Sept 20 Sept. 10 to Sept 26
Extra
250. Sept 20 Sept. 10 to Sept 20
St. Louie Screw & Bolt. corn.(guar.)
3Sc. Sept. 1 Holders of rec. Aug. 26
Savage Arms, corn. (guar.)
50e. Sept. 3 Holders of rec. Aug. 15o
24 preferred (guar.)
'14 Nov. 15 *Holders of rec. Nov. 1
Schiff Co., common (guar.)
25e. Sept. 15 Holders of rec. Aug. 31
Preferred (quar.)
114 Sept. 15 Holders
Schlne Chain Theatre. prof. (guar.)- - .750. Sept. 1 'Holders of rec. Aug. 31
of rec. Aug. 19
Schulte United Sc to Si Stores. pref.(gu.) '$1 75 Oct
1 •Finidere of rec Sept 20
Scott Paper, corn. (Soar.)
350. Sept. 30 Holders of rec. Sept. 16a
Corn.(In stk. subj. to stkhrs.' approv.) fl
Dec. 31
Scovill Mfg. (unlar•)
'51
Oct. 1 "Holders of rec. Sept. 17
Sears. Roebtiek & Co.
Quarterly (payable In stock)
Cl
Nov. 1 Holders of rec. Oct. Itie
Second National Investors Corp
•
$1.25 Oct. I 'Holders
Secord (Laura) Candy Shops, corn. (qu.) 550c Sept. 1 •Ifoldere of rec. Sept 10
Segal Lock & Hardware. corn. (Soar.).. 12 tic Sept. 16 [folders of rec. Aug. 15
of rec. Aug. 31
Separate Units, Inc. (guar.)
$1
Oct. 1 Holders of rec. Sept. 10
Extra
25e. Oct. I Holders of rec. Sept. 10
Seventeen Perk Ave., Inc • preferred__
Sept. 16 Sept. 1
3
to Sept. 16
Shattuck (Frank (I.) Co.(stock d1v.)___
Aug. 30 [folders of rec. Aug.x1Scr
Shaeffer(v A.)
*SI
Sept. 19 Helder, of ree. Ara 27
Pin Co. (guar.)
Sheffield Steel, corn. (guar.)
•
50c. Oct. I •Ifolders of rec. Sept 20
Common (payable in corn. stock).
•1I
Oct. I "Holders
Preferred (guar.)
•1 4 Oct. 1 •Holders of rec. Sept. 20
of rec. Sept. 20
Shell Union 011. corn. (guar.)
35e Sept. 30 Holden of rec. Sept. 4a
Convertible preferred (No. 1)
$1.37 Oct. 1 Holders of rec. Sept. 5
Sherwin- Wellanta Co., pref. (quar.)14 Sept. 1 Holders of rec. Aug. 15
-Shippers Car line Corp.. el. A (quar,)...
50e. Aug. 31 Holders of rec. Aug. 16
Preferred (Sitar.)
$1.75 Aug. 31
Shubert Theatres Corp. corn. (Soar.)... $1.25 Sept. 15 .Holders of rec. Aug 16
Holders
Signal Oil& Gas claws A & B (quar.)-... •434e Sept. 10 'Holders of rec. dAug. 31a
of
Simmons
-Hardman Publishing, pt. (qu.) •75c. Sept. 3 *Holders of rec. Aug 31
rec. Aug. 20
Simms Petroleum (guar )
40e. Sept. 14 [folders of rec. Aug. 30a
Simon (Franklin) Co., pref. (Sitar
14 Sept. 3 Holders of roe. Aug.
)
19a
Simons (11.1 h Sons, Ltd., coin. (qu.)..
60c. Sept. 1 Holders of rec. Aug. 20
Preferred (quar.)
14 Sept. I Holders of rec Aug.
20
Sinclair Consul 011, corn. (Soar.)
50e. Oct. 15 Holders of ree Sept 14a
Common (extra)
25c. Oct. 15 Holders of rec. Sept.
14a
Skelly 011 (guar.)
50e. Sept. 16 Holders
Smith (Howard) Paper Mills, pref. (qu.) 1 4 Sept. 3 .Holders of roe. Aug. 15a
Southern Grocery Stores, cl. A (qu.)
.62$4c Sept, 1 'Holders of rec. Aug. 21
of rec. Aug.
SouthernIce & Utilities $7 pref(guar.)
$1.75 Sept. 1 Holders of rec. Aug. 15
$7 partict. preferred (guar.)
$1.75 Sept. 1 Holders of rec. Aug. 15
15
Spalding (A.0)& Bros., corn
50c. Oct. 15 Holders of rec.
First preferred (guar.)
14 Sept. 3 lloiders of rec. Sept. 28a
Aug era
Second preferred (guar.)
Sept. 3 holders of rec. Aug. 17
2
Spang. Chalfant & Co., pref.(guar.)
14 Oct. I Holders of rec.
Sept. 14a
Spear & Co., 1st pref (guar.)
$1.75 Sept. 2 Holders
Specialized Shares Corp. common (qu.). •25e. Sept. 2 'Holders of rec. Aug. 15a
of rec. Aug. 20
Preferred A & 11 (Soar.)
•
75e. Sept. 2 'Holders of rec. Aug.
ylpencer Kellogg & Sons, Inc. (Quar.)
40e Sept. 30 Holders of roe Sept 20
Sguare D Co.. class A (quar.)
'55c Sept. 30 •Ifolders of rec. Sept. 14.
Standard Investing eom. (In stock)
"ft 4 Oct. 10 'holders of rec. Sept. 20
Standard 011 of Calif. (Sitar.)
6246 Sept. 16 Holders of rec. Aug. 20
Standard 011 (Indiana) (guar.)
'
624r Sent. 16 •Holders of rec. Aug. 154
Standard OH (Nebraska) (emir.)
*624e Sept. 21 *Holders of rec. Aug. 16
Extra
•25e. Sept. 20 •Holders of rec. Aug. 24
Standard 011 (N. J.) $25 par (suar.)- - 25e Sept. 16 Holders of rec. Aug. 24
$25 par value (extra)
250 Sept. 16 Holders of rec. Aug. 15a
$100 par value (guar.)
I
Sept. IC Holders of rec. Aug. 15a
$100 par value (extra)
Sept. 16 Holders of rec. Aug. 156
1
Standard 011 of N. Y. (guar.)
40c. Sept. 16 [folders of rec. Aug. 15a
Standard 011 (Ohio) corn. (guar.)
.62 4c Oct. 1 •Holders of rec. Sept. 16a
6
Preferred (gear.)
154 Sept. 3 Holders
•e1.75 Sept. 7 •Ifolders of roe. Aug. 9
Standard Steel Propeller pref. (quar.)
of rec. Sept. 4
Name of Company.
1401
Per
When
Cent. Payable,
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Steinberg's Drug Store pref. (guar.)____ 874c Sept. 1 Holders of rec. Aug. 20
Steinite Radio (guar.)
"24 Oct. 1
Sterehl Bros. Stores, Inc., corn.(guar.).- •30c Nov. 15 *Holders of rec. Oct. 30
Sterling Securities Corp.. pref. (guar.)
154 Sept. 3 Holders of rec. Aug. 19
Preference (extra)
54 Sept. 3 Holders of rec. Aug. 19
Stewart-Warner Corp.
New $10 par stock (In stock)
e2
Nov. 15 Holders of rec. Nov. 5
New $10 par stock (In stock)
e2
215/30 Holders of rec. Feb.FM
SO: Baer & Fuller. corn.(Soar.)
•37 tic Sept. 1 "Holders of rec. Aug. 15
*37 4e Dee. 1 'Holders of rec. Nov. 16
Common (guar.)
Stromberg-Carlson Teter). Mfg. (quar.)_ •25c Aug. 31 *Holders of rec. Aug. 15
'154 Aug. 31 'Holders of rec. Aug. 15
64% preferred (guar.)
Stroock (S.) Co. (guar.)
•750 Oct. I "Holders of rec. Sete. 16
Quarterly
•75e Deo. 31 *Holders of rec. Dec. 10
Studebaker Corp., corn. (guar.)
"51.25 Sept. 2 "Holders of rec. Aug. 10
Common (payable In corn. stock).... fl
Sept. I Builders of rec. Aug. 10a
Common (payable In corn. stock).... fl
Dec. I Holders of rec. Nov. 90
Preferred (grew.)
I% Sept. 2 Holders of rec. Aug. 100
Sun Oil, corn.(guar.)
25c. Sept. IS Holders of rec. Aug. 263
Ise Sept. 3 Holders of rec. Aug. 100
Preferred (guar.)
Superior Portland Cement of Amer (qu.) '27")c Sept. 21 'Holders of rec. Aug. 21
Swan & Finch Oil, pref. (guar.)
•
43.1c Aug. 31 'Holders of rec. Aug. 10
Sylvester OH, pref. (guar.)
2
Sept. 1 Holders of roe. Aug. 10
Tennessee Copper & Chemical (quar.)
25e. Sept. 16 Holders of rec. Aug. 3Ia
Texas Corporation (quar.)
75c. Oct. 1 Holders of rec. Sept. 6a
Texas Gulf Sulphur (guar.)
SI
Sept. 16 Holders of rec. Sept. 20
Texas & Pacific Coal & 011 (guar.)
e2-( Sept. 30 Holders of rec. Sept 5a
Thertnatomic Corp., common (quar.)
•50e. Sept. 2 'Holders of roe. Aug. 20
Preferred (guar.)
.2
Sept. 2 *Holders of rec. Aug. 20
Thompson (John Ft.) Co.(monthly)....
30e. Sept. 2 Holders of rec. Aug. 230
Thompson Products, corn.(guar.)
81.75 Sept. 1 Holders of rec. Aug. 20
Preferred (guar )
I54 Sept. I Holders of rec. Aug 20
Thompson-Starrett Co., Inc.. pref.(qu.) 874c. Oct. 1 Holders of rec. Sept. 11
Timken-Detroit Axle, pref. (guar.)
Its Sept. 1 Holders of rec. Aug. 20a
Timken Roller Bearing (guar.)
75e Sept. 5 Holders of rec. Aug. 20a
Tobacco Products Corp. common (So.).
35c. Oct. 15 Holders of rec. Sept. 253
Townsend Securities Corp. (qu.) (No.1)
25e Aug. 31 Holders of rec. Aug 15
25c Aug. 31 Holders of rec. Aug. 15
Extra
Stock dividend
1
Aug. 31 Holders of rec. Aug. 15
Transamerica Corporation
▪e150
'Holders of rec. Sept. 10
Truseon Steel, corn. (guar.)
30c Oct. 15 Holders of rec. Sept. 266
Preferred (guar.)
154 Sept. 3 Holders of rec. Aug. 21
Underwood Elliott Fisher Co.
51
Sept. 30 Holders of rec. Sept. 120
Common Muer.)
$1.75 Sept. 30 Holders of rec. Sept. 126
Prof. and pref. eerie. B (guar.)
Underwritings& Participations. Inc.
•75c. Sept. 3 *Holders of rec. Aug. 13
common A (guar.)
65c. Oct. 1 Holders of rec. Sept. 6a
Union Carbide & Carbon (guar.)
$1.25 Sept. 3 Holders of rec. Aug. 17a
Union Tank Car (guar.)
•I5c Sept. 30 'Holders of rec. Sept. 20
Union Twist Drill. corn. (guar.)
Preferred (guar.)
'154 Sept.30 'Holder, of rec. Sept. 20
75c. Oct. 1 Holders of rec. Sept. 106
United Aircraft & TransP.. prof. ((ICS
United Artists Theatre Circuit
•14 Sept. 15 "Holders of rec. Sept. 1
Preferred (quar./
41k Sept.
United Biscuit. corn. (guar.)
Holders of roe. Aug. 17.1
5750 Sept.
United Chemicals. pref. (guar.)
"Holders of rec. Aug. 15a
25e. Oct.
United Cigar Stores common (qua!)....
Holders of rec. Sept. (la
United Dept. Stores, corn. (au.) (No. 1) "22 4c Nov. 'Holders of rec. Oct. 20
Preferred (guar.) (No. 1)
'874e Nov.
*Holders of rec. Oct. 20
14 Oct.
United Dyewood Corp., pref. (quar.)
Holders of MC. Sept 134
75e Sept. 3 Holders of rec. Aug 15a
United Electric Coal Cos.. corn. (quar.)_
SI Oct.
Holders of rec. Sept. 3a
United Fruit (guar.)
•50c Sept. 'Holders of rec. Aug. 15
United Milk Crate, class A (guar.)
•fic Sept. 'Holders of rec. Aug. 15
Class A (extra)
•50e. Dec.
Clam A (guar.)
'Holders of rec. Nov. 15
ofte. Dec.
Clam A (extra)
*Holders of rec. Nov. 15
•500. Sept. 'Holders of rec. Aug. 15
United Mills, common (guar.)
"51.50 Sept. 'Holders of rec. Aug. 15
Preferred (quar.)
40c. Aug. 3 Holders of rec. Aug. 10
United National Corp. panic. pref. (qu.)
*154 Oct.
United Piece Dye Wks., pref.(guar.)
'Holders of rec. Sept. 20
•144 Jan2'30 'Holder, of rec. Dec. 20
Preferred (guar.)
50e Oct. 2 Holders of tee. Sept. 300
U.S. Cast Iron Pipe & Fcle.. corn.(qu.)
50e Jwa.20'30 Holders of rec. Dec. 31a
Common (Qua!,)
30e. Oct. 2 Holders of roe. Sept. 30s
First & second pref. (guar.)
30e Jan2010 Holders of roe. Dec. 31e
First & second pref. (guar.)
U.S. Dairy Products, Corn, A (qual.)... $1 Sept. 3 Holders of rec. Aug. 193
$1.75 Sept. 3 Holders of rec. Aug. 19a
First preferred (quar.)
$2 Sept. 3 Holders of rec. Aug. 19a
Second preferred (guar.)
•4
Sept. 3 'Holders of
U. S. Envelope. common
*34 Sept. 3 'Holders of rec. Aug. 15
Preferred
rec. Aug. 15
75e Sept. 10 Holders of rec. Aug. 200
U. S. Freight (guar.)
•40c Sept. 30 'Holders of rec. Sept. 14
U. S. Gypsum, common (guar.)
•14 Sept. 30 'Holders of rec. Sept. 14
Preferred (guar.)
Sept. 1 Holders of rec. Aug. 20a
$1
U. S. Hoffman Machinery (guar.)
United States leather
Oct. 1 Holders of rec. Sept. to.
Chase A pane). & cony. FAA:Mk (QU.)- Si
*S1
U.S.
Oct. 1 'Holders of rec. Sept. 20
U. Playing Card, corn.(guar.)
U. S. Printing & Lithographing
.51.50 Oct. 1 *Holders of rec. Sept. 2f)
Corn, and second pref. (guar.)
11.4 Sept. 14 Holders of rec. Aug. 16a
U. S. Realty & [met. (quar.)
I% Sept. 28 Holders of rec. Aug. 29a
U. S. Steel Corp.. corn. (guar.)
Sept. 2 Holders of rec. Aug. 15a
U.S. Stores Corpse? (acct. accrued div.) A52
Universal Cooler, pref (guar.)
*350. Sept. 1
Unlversal Leaf Tobacco
.e0
ss
35 Spot:1 0 ffoldecs of reo.„ A off 20
Common (payable In corn. stock)
4. oiler f focAt
FI
:
ig.. 9a
Universal Products (Stk. dIv.)
Upressit Metal Cap Corp.. prof.(Cluar.)- $1
Oct. I Holders of rec Sept. 15
(ill (guar.)
%Swoon
$1 Sept. 20 Holders of rec. Aug. 31
Valvoline Oil, common (Soar.)
154 Sept. 17 Holders of rec. Sept. 14
Vanadium Alloys Steel (guar.)
•75c Sept. 30 Holders of rec. Sept. 20
Vapor Car Fleeting. prat.(guar.)
'154 Sept. 10 'Holders of rec. Sept. 2
•154 Dec. 10 "Holders of rec. Dee. 2
Preferred (guar•)
'$1.75 Sept. 1 'Holders of rec. Aug. 20
tests Battery Corp., pref. (guar.)
Viking Pump pref. (guar.)
•
60c. Sept. 15 'Holders of rec. Sept. 1
Va._Carolina Chemical. erlor pref.(ME)I% Sept. I Holders of rec. Aug. 150
Volcanic 011 & Gas (Suer.)
•35o Sept. 10 'Holders of roe. Aug. 31
•56 Sept. 10 'Holders of ree. Aug. 31
Extra
•
35e. Dee. 10 'Holders of roe. Nov. 30
Quarterly
•5e Deo. 10 *Holders of rec. Nov. 30
Extra
Vulcan Detioning. prof. (guar.)
154 Oct. 19 Holders of ree. Oct.
84
Preferred (scented accum. cliv.)
Oct. ID Holders of rec. Oct. 9a
9a
Preferred A (guar.)
154 Oct. 19 Holders of roe. Oct. 9a
Preferred A (accrued accum. div.)___ _ 54
Oct. IS Holders of roe. Oct.
9a
Wagner Elec. Corp.. corn.(guar.)
3754c Sept. 1 Holders of rec. Aug. 15
soc Sept. I Holders of
Common (extra)
rec. Aug. 15
Preferred (guar.)
114 Oct. 1 Holders of rec.
1Valtt & Bond. Inc., class A (quar,).... •50c. Sept. I 'Holders of rec. Sept. 20
Clans II (quar.)
'350. Oct. I 'Holders of rec. Aug. 15
Sept. 16
Walker (11)tarn)-Gooderliam & Worts.
1.td. (guar.)
250. 'Sept. 14 Holders of rec.
Aug. 31
Bearer sharer. (Soar.)
250. Sept. 14 Holders of coup.
No.
Weltham Watch. pref. (guar.)
'154 Oct. 1 'Holders of rec. Sept. 8
21
Walsworth Co.. common (guar.)
30c. Sept. 16 Holders of rec.
Preferred (guar.)
'750. Sept. 30 • fole.ers o f rfeoco.. Aug. 3Ia
fl ders of
l
Sept.Aug. 27
1
0
Ward Baking Corp. pref. (guar.)
14 Oct.
Warner Bros. Pictures, com.(gu.)(No.1)
750. Sept.
Holders of rec. Aug. 10a
Common (extra)
124e. Sept.
Holders of rec. Aug. 10
56o Sept.
Preferred (guar.)
75c
: pt.
Holders of rec. Aug. 10
Wayagarnack Pulp dr Paper (Soar.)
Holders of rec. Aug 15
Wayne Pomp, cony. pref. (guar.)
87'4c. Sept.
Holders of ree. Aug. 20
Showcase & Fixture. let pref.(gu.) •50c. Sept.
Weber
'Holders
Welch Grape Juice. common (guar.)
25e, Aug. 3 Holders of rec. Aug. IS
of rec. Aug. 15
Common (extra)
25c. Aug. 3 Holders
Preferred (guar.)
154 Aug. 3 Holders of rec. Aug. 15
of rec. Aug. 15
Wellington 011 (cmar.)
05e. Sept. 15 *Holders
of
Wesson Olt& Snowdrift common (au)..
50c. Oct. 1 Holders of rec. Aug. 30
rec. Sept. 140
Preferred (quar.)
$1
Sept. 1 Holders of rec. Aug. 15a
Western Auto Supply, rem, A & B (qu.)
750. Sept. 1 Holders of rec. Aug.
20
Western Dairy Prod. class A (Sitar.)
51% Sept.
1
Holders of rec. Aug. I2a
Western Reserve Invenine.6% Pt (qu.)
Oct.
Holders of rec. Sept. 140
Participating preferred (guar.)
1% Orr
I FInIdera of run' sent 140
[VOL.129.
FINANCIAL CHRONICLE
1402
When
Per
Cent. Payable
Name of Company.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
50(3. Sept. 1 Holders of rec. Aug. 15a
Westvaco Chlorine Prod.,corn.(quar.)__
of tea. Nov. 5
Nov.
West Va.Pulp & Paper pref. (Quar.)--- "1 4 Oct. 15'Holders of roe. Aug. 15
1 *Holders
*50e.
Wextark Radio Stores (guar.)
Oct. 1 *Holders of rec. Aug. 15
*e5
dividend
Stock
50e. Sept. 14 *Holders of rec. Sept. 5
Wheeler Metal Products, corn. (quar.)...
•50e. Sept.14 *Holders of rec. Sept. 5
Common (extra)
Sept. 1 Holders of roe. Aug. 12
'11
Wheeling Steel Corp,COM
roe.
15
Whitake Battery Supply, pref.(quar.)_ "50c. Sept. 1 'Holders of rec. Aug. 15
Aug.
Holders
Engineering. Pref.(Qua?.). 1M Sept. 1 Holders of rec. Aug. 15
White (J. G.)
of
114 Sept. 2
White (J. G.)& Co., pref. (guar.)
25c. Sept. 30 Holders of rec. Sept. 12a
White Motor (guar.)
1M Sept. 30 Holders of rec. Sept. 12
White Motor Securities, pref.(quar.)_
Holders of rec. Sept. 200
White Rock Mineral Sege., corn.(guar.) 75c. Oct.
Holders of reo. Sept. 20
1)4 Oct.
First pref. (quar.)
Holders of rec. Sept.20
34 Oct.
Second preferred
Holders of rec. Sept. 16
Oct.
Will & Baumer Candle Co., pref. (qu.)- 2
Holders of rec. Sept. 180
1)4 Oct.
pref. (guar.)
WIllys-Overland Co..
Holders of rec. Sept. 120
Oct.
hl54
Wilson & Co.. Inc., pref. (quar.)
*50c. Sept. *Holders of rec. Aug. 26
-Jones Co., corn. (guar.)
Wilson
'25c. Sept. 'Holders of ree. Aug. 26
Extra
Holders of ree. Aug. 15
14 Sept.
Winsor Hotel. pref. (quar.)
*75c. Sept. 'Holders of rec. Aug. 20
cony. pref. (quar.)
Winton Engine,
Aug. 3 'Holders of roe. Aug. 23
514
WItherow Steel. 1st pref. (guar.)
*1St Aug. 3 'Holders of rec. Aug. 23
Second preferred (guar.)
15
•134 Sept. 'Holders of rec. Aug. 20
Wolverine Tube. pref. (guar.)
*Holders of rec. Aug.
Wood Newspaper Mach..$7 prof.((War.) *$175 Sept. 'Holders of rec. Aug. 20
Sept.
Iron (quar.)
Woodward
Woolworth (F. W.) Co.
60e. Sept. 3 Holders of rec. Aug. 10a
New $10 par stock (quar.)
Holders of rec. Sept. 100
Worthlogtou Purnp&Mach., pf.el.A(qu.) 1M Oct.
Holders of rec. Sept. 10a
Al 54 Oct.
Preferred class A (acct. accum. d1v.)
Holders of rec. Sept. 100
1)4 Oct.
class B (guar.)
Preferred
Holders of ree4Sept. 10a
Oct.
hl
Preferred class B (acct.(wenn). clIv.)500. Aug. 3 Holders of rec. Aug. 15a
Wright Aeronautical Corp. (guar.)
Holders of rec. Aug. 20a
25e. Sept.
Wrigley (Wm.) Jr.. Co.(monthly)
Holders of rec. Sept. 20a
25e Oct.
Monthly
Holders of rec. Oct. 19a
25e. Nov.
Monthly
50e. Dee. 2 Holders of roe. Nov. 20a
Monthly
Oct. 1 Holders of ree. Sept. 10a
$1
Yale & Towne Mfg.(guar.)
•75e. Sept. 15'Holders of rec. Sept. 1
Yellow Taxi Corp. (quar.)
75c. Oct. 1 Holders of rec. Sept. 13
Young (L. A.) Spring & Wire (quar.)._.
of rec. Sept. 14
1
Youngstown Sheet & Tube, corn.(guar.) "$1.25 Oct. 9 'Holders of rec. Aug. 260
Holders
stock). 120 Sept.
Common (payable In common
of rec. Sept. 140
134 Oct. 1 Holders
Preferred (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 Aug. 23:
OF BUSINESS
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING
AUGUSY 23 1929.
FOR THE WEEK ENDED FRIDAY,
-Average Figures.
NATIONAL AND STATE BANKS
OtherCash Res., Dep., Dep. Other
Gross
.
Including N. Y and Banks and
Gold. Bk.Notes. Elsewhere. Trust Cos. Deposits.
$
$
$
$
$
70,000 4,988,500 33,678,200 2.076,700 231,298,000
2,092,500
229,700
221,200
10.775,000
__- 1,607,000 1.171,000
63,600 1,541,600 1,135,700 15.304,200
3.000
3,251,500
193,100
80,000
25,800
26,000 1,961,000 9,065,000 29,117,000 153,879,000
326,200 4,482,200
401,100
60,500
30,000
80.000 7.800.000
561.000
97.000
5000
Loans.
Manhattan$
Bank of U. 5____ 243,573,600
Bryant Park Bk. 1,992,000
Chelsea Exch.Bk. 22,049,000
Grace National__ 18,127,300
Port Morris
3,776,400
Public National_ 141,623,000
Brooklyn
Brooklyn Nat.__ 7,449,100
_
.
Peoples Net.._ _ 7.800.000
-Average Figures.
TRUST COMPANIES
Loans.
Cash.
Reeve Dep., Depos.01her
Gross
N. Y. and Banks and
Elsewhere. Trust Cos. Deposits.
$
$
$
Manhattan955,200
47,923,203 9,353,600
American
113,860
882,539
Bank of Europe & Tr. 16,975,345
687.203 1,565.855
Bronx County
27,950,709
74,983,200 *4,826,600 3,234,900
Empire
139,600 1.260,057
17,892,785
Federation
249.300
Fulton
16,543.800 *1,851,600
407,770,000 3,084.000 52,121,000
Manufacturers
3,350,000 6,403,705
United States
89,403,386
Brooklyn
Kings County
25,737,507 1,512,061 1,806,318
Bayonne, N. J.
667,460
217,319
9,053,244
Mechanics
$
$
20,400 46,893.400
16,223,950
25,359.231
3,513,100 70,719.900
178,851 17,762,715
13,246,100
1,910,000 363,382,000
53,256,828
22.474,816
has ruled that Mock
•From unofficial sources. t The New York S Get Exchange
further notice I The
will not be quoted ex-dividend on this date and not until will not be quoted (I:stock
328,330 8.975,205
New York Curb Market Association has ruled that
dividend on this date and not until further notice.Correction. e Payable in stock.
a Transfer hooka not closed for this dividend. d
account of accumulated
/Payable In common stock. g Payable In scrip. h On
•Includes amount with Federal Reserve Bank as follows: Empire. 53,218,600:
dividends. J Payable in preferred stock.
is payable either in cash or, at option of Fulton, $1,737.800.
I Mathleson Alkali common dividend
held.
shares
holder, in stock on basis of one share or common for each 120
•I Subject to stockholders* meeting Oct. 11.
payable at option of
m Dividend on Central States Elec. Corp. cony. pref. stocks
-thirty-seconds of a share of
bolder as follows: Series of 1928, $1.50 in cash or three
on Series of 1929. three-sixty-fourths of a share
common for each share of pref., and
of common for each share of preferred.
All transfers received In
-In the
n British-Amer. Tobacco dividend is 10d, per share.of dividend to transferrees.
Boston Clearing House Weekly Returns.
London on or before Sept. 3 will be in time for payment 24c. cash or 12)40. cash,
following we furnish a summary of all the items in the
o Associated Laundries dividend is 2)4% in stock and
before Sept. 10.
stockholders deciding to take cash must notify company on or
Boston Clearing House weekly statement for a series of weeks:
Holders of less than four shares receive cash only.
common for
Corp.of Canada stock dividends are; on common five shares of each oneI* Power
two shares com. for
each one hundred shares; on panic, preferred
BOSTON CLEARING HOUSE MEMBERS.
hundred shares.
in stock.
O Holland Finance dividend 624c. cash or 2% annum basis. The company has
r Rio Grande 011 stock to De placed on a $2 per
Aug. 14
Aug. 21
Changesfrom
$1 payable on or before •
Aug. 28
1929.
declared $1 payable July 25 and intends to declare another
1929.
Previous IVeek
1929.
on each 100 shares, the first
Jan. 25 1930. The stock dividends are 14 shares Intention to declare a second
14% having been declared payable April 25 with the
$
$
$
Oct. 25.
95,700,000
% PaYable on or before
95,700,000
held subject to stockholders Capital
95,700,000 Unchanged
s Best & Co. stock dividend is one share for each share
113,178.000 113.178.000
113,178,000 Unchanged
Surplus and profits
1,140,395.000
meeting Sept. 9.
dividend Is two additional shares for each share Loans, disc'ts & invest'ts_ 1,138,710,000 -3,599,000 1,142,309,006 696,800.000
Frank 0 Shattuck Co. stock
670,955,000 -11.751.000 082.706.000 131,328,000
Individual deposits
held, authorized at stockholders' meeting Aug. 12.
cash or one-fortieth share Due to banks
126,426,000 -3,080,000 129,506.000 265,143.000
is Central Public Service Class A dividend is 434c.
-194,000 362.346.000
262,152,000
Time deposits
3,053,000
Class A stock.
2,992.000
stock at rate of United States deposits..
-89,000
2,903,000
30.264,000
Light & Power dividend will be paid In class A common
o Peoples
33.636,000
-392.000
33,244,000
Exchanges for Clg. House
unless holders request cash on before Sept. 18.
80,291,000
one-fiftleth share for each share held
88.156,000
83,852,000 -2,304.000
Due from other banks._
83,474,000
W Less deduction for expenses of deeeeflarz•
81,993,000
common be not quoted ex Res've in legal deposit's
79,996,000 -1,997,000
8,925,000
z N. Y. Stock Exchange rules Frank G. Shattuck Co.
8.540,000
+20,000
8,560,000
Cash in bank
1,164,000
the 200% stock dividend until Sept. 3.
5 I A 000
apply Res ve excess in F. R. Bk.
-479.000
338.000
.
A stock may on or before Aug. 12
V Holders of Federal Water Service class
of additional class A stock at $27 Per share. for
50e. of this dividend to the purchase
common shares
additional
S Commercial Investment Trust dividend is 14
10.
each share held, subject to stockholders' meeting Sept.
Weekly Return of New York City Clearing House.
City Clearing
Beginning with Mar. 31 1928, the New Yorkall statements
House Association discontinued giving out
of a
previously issued and now makes only the barest kind
report. The new returns show nothing but the deposits,
along with the capital and surplus. We give it below in full:
NEW YORK CLEARING HOUSE
STATEMENT OF THE MEMBERS OF THE
SATURDAY, AUG. 24 1929.
ASSOCIATION FOR THE WEEK ENDED
Clearing House
Members.
888888§8§§E8g1§§§§§§§§§8 §§
C
.
.
0
CC,000 ..
8
.
g888§§§§§ §§§§§§§§§
**"''28§
600030
10,
CN , 00.4, 7a,
Bank of N.Y.& Tr. Co-Bk.of the Manhattan CoBank of America N. A_-National City Bank
Chemical Bank & Tr. Co_
Guaranty Trust Co
Chat.Ph.Nat.Bk.&Tr.Co
Cent. Han. Bk.& Tr. Co_
Corn Exchange Bk,Tr.Co
National Park Bank
First National Bank
Irving Trust Co
Continental Bank
Chase National Bank...
Fifth Avenue Bank
Seaboard Bank
Bankers Trust Co
Title Guarantee &Tr.CoFidelity Trust Co
Lawyers Trust Co
New York Trust Co
Equitable Trust Co
Comm'i Nat.Bk.& Tr. Co.
Harriman N.Bk.& Tr. Co
• Capital.
• Surplus &
Undivided
Profits.
Net Demand
Deposits
Average.
Time
Deposits
Average.
$
$
$
11,359,000
58,181,000
13,828.900
43,025,000
42,862,600 172,926,000
55,859,000
138.675,900 161.410,000
125,260,400 e984,255.000 191,263,000
16,348,000
182.223,000
21,003,400
03,174,000
h196.418.100 b745,472,000
38,583,000
154,041,000
16,212,700
48,611,000
79,153.300 318,470,000
32,278,000
22,425,500 172,895,000
8.570.000
127,067,000
24,500.800
11,169,000
97,773,200 236,585,000
42.391,000
345,749,000
81,398,700
895,000
10,239,000
g11.000,000
52,509.000
f120,397,400 c582,316.000
903,000
24,066,000
3,736.600
8,334.000
17.121,700 113,943,000
40,821.000
d379,264,000
79,638,500
1.990.000
32,407,000
24,063,500
5,160,000
41,466,000
3,933,100
2,296.000
22.230,000
4,327,900
19,570,000
33,094,500 144,024 000
41,709.000
28,801,900 e344,321,000
4,158,000
34,831,000
7,886,400
6,163,000
30,851,000
2,845,300
-The Philadelphia Clearing House
Philadelphia Banks.
return for the week ending Aug.24, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part 'of legal reserve. For trust companies not
members of the Federal Reserve System the reserve required
is 10% on demand deposits and includes "Reserve with
legal depositaries" and "Cash in vaults."
Beginning with the return for the week ending May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserves and whether reserves held are above or below
requirements. This will account for the queries at the end
of the table.
Week Ended Aug. 24 1929.
Two Ciphers (00)
omitted.
Trust
Members of
P.R.System Companies.
Aug.17
1929.
Aug. 10.
1929.
Total,
_
O.
o
8
§
$
$
68,302,0
68.302,0
68,302,0
7,500,0
60.802,0
Capital
18,519,0 224.912,0 224.912,0 224,912,0
208,393,0
Surplus and profits __73.469,0 1,158,240,0 1,149,980,0 1,146,222,0
Loans, discts. & Invest. 1,082,771,0
37.108,0
251,0
35,682,0
34,672,0
34,421,0
Exch. for Clear. House
88,997,0
89,149,0
13.0
94,569,0
89,136,0
Due from banks
874.0 125,634,0 128,608.0 130,807,0
124,760,0
Bank deposits
31,986,0 648,843,0 652,178,0 650,963,0
Individual deposits-- 616,857,0
20,924,0 226,984,0 227.744.0 229,599.0
206,060,0
Time deposits
53,784,0 1,001,461,0 1,008.528.0 1,011,370,0
947,677,0
deposits
Total
5.012,0
68,624,0
60,334.0
68,624,0
Res. with legal dolma-69,671.0
Clearing Non-Members
5,055.0
5,180,0
5,160.0
1,366,000 Res. with F. R. Bank_
8,101,000
10,000,000
11,891,0
City Bk. Farmers Tr. Co.
11,761.0
1,405,0
11,934,0
5,584.000 Cash in vault"
10,529,0
3,006,000
832,800
86,574,0
Mechanics Tr.Co..Bay'ne
86,150,0
6.5(15.0
85.718,0
79,153,0
Total res. & cash held_
7
7
601.621.300 i 107 101 Ion c 4•In 2Q000 783.688.000 Reserve required
Totals
cash
0: Excess renerve and
(a) Includes deposits in foreign branches: $315 955,000; (b) $128,109.00
In vault
(c) $13,549,000; (d) $62,293.000; (e) $130,286,000.
29 1929: Trust Cos
reserve for Federal Reserve members
* As per official reports-National. June 29 1929: State, June As of July 22 1929.
•Cash In vault not counted us
g As of July 15 1929. is
June 20 1929. f As of July 1 1929.
1403
FINANCIAL CHRONICLE
AUG. 31 1929.]
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon,..Aug.29,and showing the condition
for the system
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the resultsweek last
year.
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding
Reserve Agents'
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Comptroller
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between thethe returns forand
the
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon
latest week appears on page 1369, being the first item in our department of "Current Events and Discussions."
THE CLOSE OF BUSINESS AUG. 29 1929.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT
1929. Aug. 29 1928
Aug. 281929. Aug. 21 1929. Aug. 141928. Aug. 7 1929 July 31 1929. July 24 1929. July 17, 1929. July 10
5
5
5
RESOURCES.
1,565,163,000 1,561,563.000 1,553.821.000 1,485.822,000 1,479.499.000 1,504.983,000 1,494.374,000 1,439,492,000 1,093,837,000
Gold with Federal Reserve agents
65.243,000
82.335,000
79,607,000
88,842,000
73,580.000
71,173,000
67,213,000
67,745.0(10
75,494,000
Gold redemption fund with U. S. Treas.
1,556,995,030 1,553,079.000 1.593.825.000 1,573,981.000 1,521.827.000 1,159.080,000
Gold held exclusively agst. F. R. notes 1,632,376.000 1,629,308,000 1629.315.000
719,608,000 716,863,000 086.248.000 675,762,000 666,970,000 608.204,000 610.822.000 600.666.000 724,889,000
Gold settlement fund with F. It. Board
741,643.000 744,773.000 779,324.000 734,840,000
Gold and gold certificates held by banks_ 610,115,000 608,017,000 622,870,000 707,275.00(1 740.014,000
2,962,099.000 2,954.188.000 2,938,439,000 2,940,032.000 2,924,003,000 2,943.732.000 2,929,576.000 2,901,817.000 2,618,809,000
Total gold reserves
186,939.000 188,626.000 190,379,000 183,314,000 185,356.000 182,011.000 168,100,000 160,222,000 146,085,000
Reserves other than gold
3,149,038,000 3,142,814.000 3,128,818.000 3,123,340.000 3,109,419,000 3.125,743.000 3,097.676.000 3,062.039.000 2,764,894,000
Total reserves
58,241,000
71.099.000
79.27.5.000
75.804,000
66.661,000
61,766,000
63,248,000
58,782.000
63.139.000
Non-reserve cash
Bills discounted:
469,396,000 448,120,000 511,455.000 582,250.000 592,783.000 584,730.000 611,162,000 650.390.000 , 604,316.000
Secured by U. S. Govt. obligations
504.231.000 638,258.000 516,533,000 481,820,000 482,931,000 479.220.000 472,538,000 502,651.000 434,457,000
Other bills discounted
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury note
Certificates of indebtedness
Total U. S. Government securities
Other securities (see note)
Foreign loans on gold
986,378.000 1.027.988.000 1,064.070,000 1.075,714.000 1,063.956,000 1.083.700.000 1,153.041.000 1,038,773,000
65,976.000 184,299,000
67,618,000
68,842,000
71,567.000
79.158,000
132,137,000 117.885.000
54.764,000
42.668.000
42.619.000
42,663,000
42,626.000
41.886.000
42.693.000
42.673.000
38.251.000
82.816.000
97.181.000
81.155,000
80,779.000
94,9.55.0(10
90.913.000
89.053.000
65.949,000
10.660,000
13.24 5,000
21,882.000
23.878,000
20.759.000
14.971,000
22.577.000
118,607.000 154.303.000 157.600,000 147,283.000 145,700.000 153.115.000 136.144.000 208,964,000
990,030
10.605.000
10,255.000
10.250.000
10.450,000
10.600.000
15,950.000
10,650,000
973,627,000
156,514,000
145.321,000
16,100,000
42,678.000
91,073.000
11,570.000
1,288,748.000 1,314,708.000 1.365,826.000 1,433,026,000
Total bills and securities (see note)--- _ 1,201,502,000 1,283.072,000 1.310,826,000 1,311428,000 1,308.014.000
Gold held abroad (see note)
574,000
729,000
728.000
729.000
726,000
722.000
724.000
724,000
723,000
Due from foreign banks
648,495,000 712.509.000 784.158.000 664,641.00(1 678.772.000 718.18(1.000 822.126.000 716.451.000 615,468,000
Uncollected items
60,132,000
58.614.000
58.614,000
58.725.000
58.795.000
58,860,000
58.818.000
58,813.000
58.818.000
Bank premises
8,913,000
7,710.000
10.454,000
7,840,003
10.285.000
10,569,000
10,482.000
10.484,000
All other resources
10.610.000
5,232.672.000 5.278,382.000 5,380,974,000 5.282.468,000 4,941,248,000
Total resources
5,222,496,000 5,267,203,000 5,357,092.000 5,231,203.000
L1.41111.1TIES.
1,650,996,000
F. R. notes In actual circulation
1,829,372,000 1,822,853,000 1,815,378,000 1,811,038,000 1.779.388,000 1.780.403.000 1801,225.000 1.833.004,000
Deposits:
2.268,682,000
-reserve account
Member banks
2,305,598,000 2,292.032,000 2.330.365.000 2.322,858.000 2.355,284,000 2.356.917.000 2.352.081,000 2.302.874.000
27,324,000
27.555.000
12.567.000
17.257,000
14.468,000
24,734.0(10
Government
18,408.000
18,101.000
17,400.000
9,799,080
5,567.000
7,376.000
8.138.000
5,790.000
6.248.000
Foreign banks (see note)
7,142.000
4.924.000
5,130,000
18,877,000
23,715.000
20.577.000
21,198.000
22,015.000
23,4)16,000
Other deposits
19,380.000
19,531,000
22.602.000
Total deposits
2,347,508,000 2,337,173.000 2,376.112.000 2,377,306,000 2,397,563.000 2.402.127.000 2.393.984.0002.359,711.000
611,3)12.000 651.048.000 742,129,000 649,848.000 562,768,000
Deferred availability items
. .
591,537,000 654.838,000 714.079.000
158.797.000 144,860,000
161.406.000
Capital paid in
166,740,000 166.217,000 166.135.000 165.045.000 161,565,000 254,398.000 161.547.000 254.398.000 233,319,000
254,398.000
Surplus
154,398.000 254,398.000 254,398.000 254,398.000
254,398,000
24,623,000
27,691.000
26,710.000
28.100,000
28.396.000
29.682,000
All other liabilities
31.724,000
30.990.000
32,941,000
5.278,382.000 5,380,974,000 5.282,468.000 4,941,248,000
Total liabilities
5,222,496,000 5,267,203,000 5.357,092,030 5.231,203.000 5,232,672.000
Ratio of gold reserves to deposits and
65.9%
69.2%
70.3%
69.8%
70.0%
F. R. note liabilities combined
70.2%
70.7%
71.0%
70.0%
Ratio of total reserves to deposits and
69.5%
73.0%
74.7%
73.8%
74.4%
74.6%
P. It, note liabilities combined
74.6%
75.5%
75.4%
Contingent liability on bills purchased
for foreign correspondents
447,997,000 442.668,000 441,024,000 402.606,000 458,477,000 446,980.000 442,526.000 440.502,000 277,897,000
Distribution by Maturities
1-15 days bills bought in open market
1-15 days bills discounted
1-15 days U. S. certif. of Indebtedness.
1-15 days municipal warrants
16-30 (lays bills bought in open market _
16-30 days bills discounted
16-30 days U. S. certif. of Indebtedness.
16-30 days municipal warrants
31-60 days bills bought In open market _
31-60 days bills discounted
31-60 days U. S. certif. of Indebtedness_
31-60 days municipal warrants
61-00 (lays bills bought In open market _
61-90 days bills discounted
61-90 (lays U. S. certif. of Indebtedness.
61-90 days municipal warrants
Over 90(lays bills bought in open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness _
Over 90 days municipal warrants
3
90,597.000
719,548,000
2,855,000
90,337.000
726,899.000
5.600.000
3
86.311.000
768.320.000
13.600.000
5
50,788,000
842.036,00
11.000.000
47.368,000
844.787.000
12.965,000
40,059.00(1
846.120.000
12.325,000
39.538.000
871.167.000
4,410.000
35.293.000
928,035.0410
1.520.000
80,174.030
854,964,000
2,535,000
20,258,000
54,371,000
8,521,000
13.008,000
53.432,000
8.815,000
9.514.000
53,595,000
10,718,000
43,050,000
10.457,000
47,421,000
10,690.000
47,285.000
11,045,000
49,796.000
13.026.000
52.149.000
36,280,000
53,014,000
25,422,000
114,842.000
14,694.000
117,011,000
11,176.0110
93,502,000
8.908,000
9,432.000
87,375,000
9,242,000
10,445.000
81.913.000
7.467,000
10,581.000
78.382.000
100,000
11.315.000
79.936.000
41,153,000
83,138,000
300.000
17,173,0(10
77,111,000
300,000
11,770,000
80,070,000
12.294,000
107,510.000
8.723.000
300.000
7,692.000
84,138,000
6.672,000
75,010.000
2,288,000
8.066.000
555.000
2.074,000
14,425.000
234.000
7.206.000
66.43.5.000
1,090.000
300,000
352.000
22,203.000
1,000,000
5,832.000
60,135.000
8,027.000
300.000
642.000
24,220,000
728.000
5,685.000
63.919.000
8.235.0(10
300.000
657.000
29.002.000
905.000
20,965.000
37,542,000
3,064,000
7,755,000
194,000
5,814,000
70.217.0(10
90.000
3(10.000
602.000
15,26.5,000
761.000
300.000
638.000
21,1213100
1.671.000
5,727,000
10,115,000
63,414,000
F. It. Dotes received from Comptroller_ 3,758,556,000 3.749.414.000 3.756.266.000 3,752.823,000 3.763.896.000 3,814,484,000 3.845,385.000 3.831.317.000 2,800,498,005
F. R. notes held by F. It. Agent
1,436,728,000 1.423.031.000 1,413,986.000 1,414,044,000 1.423,085,000 1.448,847.000 1,450.273.000 1,471,785.000 778,870,00e
Issued to Federal Reserve Banks
2,391,828,000
How Secured
By gold and gold certificates_
Gold redemption fund
Gold fund-Federal Reserve Board__
By eligible paper
2.326.383,000 2.342,280.000 2,335,779,000 2,339,911.009 2.365.637.000 2,395,112.000 2,359.532.000 2,021,628,000
371,153,000 374,153.000 356,395,000 333,820,000
431,463,000 435,863,000 432,121000
95.685.000
102.797.000 101.609.000
94.621.000
1,133,700,000 1.125.700,000 1.121.700.000 1.114.0693100 1,0(18.210.00 1,031,033,000 1,018.612,000 984.412.000 660.396,000
1,0793106.000 1,104,651.000 1,170,445.000 1,183.121.000
1.058.868,000 1,062,853.000 1,068.6113100 1.096,477,00411.1)42,29.5.000
"
371.153. MIT(12
Total
. . .
2,624,031,000 2 624 416 0002.622 432. 00 2.582.299.000 2.581.794.0002.583.089,MM 2.599,025.000 2.609,937,000 2,276,958,000
0
.
- 'Revised figures.
NOTE.-Iteginning with the statement ot Oct, 7 1925, two new items were added In order to show separately the amount of balances held abroad and amounts due
to foreign correspondents. In addition, the caption. "All other earning assets," previously made up of Foreign Intermediate Credit Bank debentures. was ehanved to
"Other securities," and the caution, -Total earning assets- to -Total bills and securities." The latter item was adopted as a more accurate description of the total of
the discounts, acceptances and securities acquired under the proviston of Sections 13 and 14 of the Federal Reserve Act, which, it was stated. are the only Items Included
therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS AUG. 28 192;
Two ciphers ()iiU omitted.
Federal Reserre Bank of
-
Total.
Boston.
New York.
Phila.
Cleveland, Richmond Atlanta. Chicago, St. LOWS. Mtnneap. Kan.City. Dallas, San Fran.
$
5
RESOURCES.
Gold with Federal Reserve Agents 1,565,163,0 149,917,0
67,213,0 9,350,0
Gold re(En fund with U.S. Treas.
$
$
5
5
5
$
5
5
$
5
5
285,474,0 128,416.0 149,400,0 46.656,0 101,000,0320,564.0 20,800,0 54,107,0 71,248,0 21.758.0 206,763,0
19,021,0 5.547,0 3.661.0 4,438.0 4,236,0 4,830,0 5,175,0 3,058.0 2.727,0 2.722,0 2,398,0
Gold held earl. agst. F. It. notes 1,632,376,0 159,267,0
Gold settle't fund with F.R.Board 719,608,0 33,046,0
Gold and gold ctfs held by banks- 610
0
.
.
.115 0 27 218,
304,495,0 133,963,0 153,0610 51,094.0 105.280,0 334,394,0 25,975,0 57,225,0 73,975,0 24,480,0 209,161,0
209,235,0 30,468,0 120,383,0 23.846,0 15,615,0 118.319.0 36,784,0 16,512,0 52,130,0 22,936,0 40,334,0
367.934,0 20,188.0 32,472,0 7,240,0 3,661,0 84,422,0 8,447,0 5,818,0 5,355,0 9,105,0 29.255,0
Total gold reserves
Reserve other than gold
90
2,962,09 , 219,531,0
186,939,0 16,107,0
881,664,0 193,619,0 305,916,0 82,180,0 124,562,0 537.135,0 71,206,0 79,555,0 131,460,0 50,521,0 278,750,0
71,332,0 8,933,0 8,993,0 7,244,0 8,712,0 23,420.0 10,453,0 2,023,0 4,890,0 5,145,0 14,687,0
Total reserves
3,149,038.0 235,638,0
Non-reserve eash
63,248,0 8,755,0
13111, discounted:
Sec. by U. S. Govt. obligations 469,39 0 43.707.0
6.
Other bills discounted
504,231,0 41,638,0
952,996,0 202,552,0 314,909,0 89,424,0 133,274,0 565,555,0 81,650,0 81,578,0 136,350.0 61.666,0 293,437,0
17,796,0
1,452,0 2,366,0 2,609,0 3,515.0
1,197,0 2,760,0 4.467,0 7,576,0 5,846,0 4,909,0
Total bilis diseounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
.7crlificates of Indebtedness
973,627,0 85,345,0
156,514,0 20,477,0
42,678,0
91,073.0
11.570,0
1,719,0
2,092.0
1,055,0
240,347,0 95,742,0 69.566,0 61,120,0 73,553,0 115,523,0 68,656,0 27,990,0 35,790,0 45.119,0 54,376,0
72,208,0 7,647,0 5,240,0 3,083,0 0,973,0 14,767.0
151,0
1,997,0 2,681,0 5,725,0 15,565,0
4,009,0
325,0 21,645.0
1,692,0 9,036,0 1,152.0
5,084,0
839.0 2,813,0 1,364,0
24,402,0 9,448,0 27,640,0
657,0 3,040,0 3,930,0
4,101,0
465.0 3,223.0 12,055,0
3,335,0 7,038,0
1,0
130,0
1,0
1,0
9,0
rota' U. H. Gov't securities
145,321.0
4,866,0
131.746,0 18.178.0 2 ft77 0
0
145,394,0 46,098,0 37,859,0 20,613,0 13,659,0 70,194,0 22,743,0 14,185,0 13,066,0 15,811,0 26.067,0
95,453,0 49.644,0 31,707,0 40,507,0 59,894,0 45,329,0 45,913,0 13,805,0 22,724,0 29,308.0 23,309,0
1.509.0
3.366.0 25.725.0
1404
[VOL. 129.
FINANCIAL CHRONICLE
RESOURCES (Concluded)
Two ciphers (00) omitted.
Total.
1
16,100,0
Other securities
Foreign loans on gold
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
All other
Boston. New York.
./
1
12,050,0
1,291,562,0 110,388.0
724.0
54.0
648.495.0 62,459,0
58,860,0 3,702,0
10.569,0
91.0
Cleveland Richmond Atlanta. Chicago. Si. Louis. Minneap. Kan.City. Dallas. San Fran.
Phila.
$
300.0
1
8
1
1
3,750,0
8
1
8
3
3
356,851,0 121,867,0 104.483.0 66,012,0 83,892,0 156,015,0 68,807,0 42,923,0 39,775,0 56,889.0 83,360,0
74,0
70.0
217.0
33,0
29.0
100,0
24,0
28,0
18,0
24.0
53,0
190,187,0 51,805,0 62,696,0 45,734.0 19,847.0 82,291,0 27,911,0 13.577.0 36,576.0 22,232,0 33,180,0
1,762,0 6,535.0 3,395.0 2,744,0 8.529,0 3,988,0 2,110.0 4,140,0
16,087,0
1.922,0 3,946,0
334,0 1,265,0
1,070,0
487,0 4,523.0
289.0
816,0
159.0
675.0
431,0
429,0
Total resources
5,222,496,0 421,387,0 1,535,204,0 379.587.0 492.722.0 209,552.0 251.884,0 815,152,0 187,552.0 142,333,0 219,390.0 145.773,0 117,920,0
LIABILITIES.
F. R. notes In actual circulation. 1,829,372,0 183,369.0 310,333,0 151,826,0 194,876,0 78,529,0 154,003,0
328,555,0 62,218,0 65.132,0 78,034,0 46,330,0 176,167,0
Deposits:
Member bank-reserve acc't 2,305,598,0 143,223.0 910.193,0 135,704,0 190,829,0 64,978,0 58,583.0 343,442,0 76,831.0 53,185,0 91,042,0 60,932,0 170,756,0
Government
17,400,0
851,0
2,482,0 1,476,0 1,478,0 1,990,0 1,391,0 2,630,0 1,365,0
708,0 1,451,0
1,027.0
551,0
Foreign bank
5,130,0
429,0
591,0
557,0
1,090,0
267,0
226,0
191,0
794,0
191.0
145.0
417,0
232.0
Other deposits
19,380,0
150,0
1.002,0
7,938,0
57.0
70,0
160,0
24,0 7.650.0
777,0
908.0
384.0
260.0
Total deposits
2,347.508,0 144.560.0 921,703.0 137,887,0 193,900.0 67.305,0 60.360,0 352.774.0 78.688.0 54,422,0 94,361.0 62,174.0 179.374,0
Deferred availability Items
591,537,0 60,791,0 158,201,0 47,180,0 59,049.0 43.471,0 19,018,0 76.107,0 28,929,0 11.508,0 32,608.0 23,114.0 31,561,0
Capital paid in
166,740,0 10,710,0
64,150,0 16,452,0 15,489,0 6,177,0 5,449,0 19,897,0 5.223.0 3,065.0 4,264.0 4,496,0 11,368.0
Surplus
254,398,0 19,619,0
71,282,0 24,101,0 26,345.0 12,399,0 10,554,0 36.442,0 10.820,0 7.082,0 9,086,0 8,690.0 17,978.0
All other liabilities
32,941,0 2.338,0
9.535,0 2.141,0 3,063,0 1,671,0 2.500,0 5.377.0 1.714,0
1.037,0
1,124,0
969.0
1.472,0
Total liabilities
5,222,496,0 421,387,0 1,535,204.0 379,587.0 492,722,0 209,552,0 251,884,0 819,152.0 187,592,0 142,333.0 219,390,0 145,773,0 417,920,0
Memoranda.
Reserve ratio (per cent)
69.9
75.4
81.0
71.9
77.4
61.3
62.2
56.8
82.5
83.0
79.1
68.2
58.0
Contingent liability on bills purchased for foreign correspondls 447,977,0 32,726,0 139,732,0 42,456,0 45,109,0 20,343,0 17,247,0
60,588,0 17,690,0 11,056,0 14,594,0 14,594,0 31,342,0
F. R. notes on band (notes reed
from F. It. Agent less notes in
An') AKA 0 nn 990n
circulation)
107 411 n an 557.1) 15.650 n In lain n so 11Q A 'no em n n 10 110 n
il 7110
5,2 n7A 0 in 200 0 72 A300
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS AUG. 28 1929.
Federal Reserve Agent at
-
Total.
Boston.
New York.
Two ciphers (00) omitted.
3
$
P'. R. notes reed from Comptroller 3,758,556,0 318,809,0
F. It. notes held by F. It. Agent.. 1,436,728,0 85,215,0
_
F. R. notes Issued to F. R Bank_ 2,321,828,0 233,594,0
Collateral held as security for
F it notes Issued to F It. Bk.
Gold and gold certificates_
431.463,0 3.5,300,0
Gold redemption fund
Gold fund-F. R. Board
1,133,700.0 114.617,0
Eligible paper
1,058,868,0 105,164,0
Total collateral
Phila.
Cleveland. Richmond Atlanta. Chicago
St. Lords. klinneap Kan.City. Dallas. San Fran.
$
$
1
1
3
$
1
$
$
1
1
937,104,0 274,561,0 289,475,0 178,383,0 302,191,0 596,145.0 116,846,0 147,324,0 136,860,0 74,861,0 385,997.0
428,960,0 83,143.0 78,940,0 83,044,0 122,070.0 231,930,0 42,510,0 75,459.0 49,950,0 18,132,0 137,300,0
508,144.0 191,413,0 210,535,0 95,339,0 180,121,0 364,165.0 74.336,0 71,845,0 86.910,0 50.729.0248,097.0
231,848,0 30,000,0 34,400,0 16,190,0
9,500,0
17,258.0 35,000.0
7,800,0 14,167,0
53,626,0 93,416.0 115,000,0 30.466,0 91,500,0329,11114,0 13,000,0 40,000,0 71,243,0 4,500,0 171.763,0
270.479.0 87.049,0 73,772,0 57,165,0 80.151.0 128,082,0 68,460,0 29,750,0 38.113,0 50,518.0 69,265,0
555,95:1.0 215,465,0 223.172,0 103.821,0 131,i 51.0 153,546,0 89.260,0 83,917.0 109.361.0 72.276.0 276.028,0
2,624,031,0 255,031,0
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
arid liabilities of the member banks in 101 cities from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 3475. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions," on page 1369, immediately preceding which we also give the figures of New York and Chicago reporting member banksfor a week later.
Beginning with the statement of Jan. 9 1929, the loan figures exclude "Acceptances of other banks and bills of exchange or
dorsement," and Include all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks drafts sold with enand bills sold with
endorsement were Included with loans, and some of the banks Included niortgages In Investments
Loans secured by U. S. Government obligations are
no longer shown separately, only the total of loans on securities being given. Furthermore. borrowings at the Federal Reserve are not any inure subdivided to show the amount secured by U S. obligations and those secured by Commercial paper, only a lump total being given. The number of reporting
hanks is now omitted; In Its place the number of cities Included has been substituted. The figures have also been revised to exclude a batik In the San
Francisco district with loans and investments or $135.000.000 on Jan. 2, which
recently merged with a non-member bank. The figures are now given In
round millions Instead of In thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN RACE FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS Al Gt ST 21 1929. (In millions of dollars).
Federal Reserve District-
Total.
Boston. New York
Phila.
Cleveland Richmond Atlanta.
Chicago, Si. Louts Minneap Ran. CUg Dallas. San Fran.
_..... .._._
._.
$
$
$
1
8
1
392
693
3,383
1,934
476
704
:Annul and Investments-total
8
22,433
S
1,507
3
8.599
S
1,230
1
2,200
673
3 .
641
Loans-total
16,946
1,163
6,587
925
1,563
516
516
2,703
529
270
472
352 ' 1,340
7,513
9,432
481
682
3.210
3,377
477
448
733
831
199
316
152
363
1,283
1,420
238
291
86
185
137
335
101
251
415
934
5,488
344
2,012
306
637
158
125
679
164
122
232
124
585
2.724
2,764
172
172
1,057
954
04
212
305
332
74
84
59
67
309
370
54
110
68
54
109
123
82
41
340
245
1,650
236
95
18
760
66
74
15
128
29
39
12
as
10
254
37
42
6
24
6
57
11
31
8
107
18
13,068
6,730
44
893
455
2
5,701
1,687
12
699
260
4
1,066
950
5
347
243
2
313
236
3
1,908
1,260
4
354
224
1
229
131
----
512
183
1
272
142
3
770
959
7
1,039
2,557
45
101
125
864
51
152
03
197
• 48
87
65
84
201
431
46
100
50
77
116
215
51
70
144
179
i156
03
133
56
50
27
46
94
42
IR
24
32
51
On securItles
All other
Investments-total
U. S. Government securities- - - Other securities
leserve with P. R. Bank
:ash in vault
get demand deposits
rime deposits
3overnment deposits
Sue from banks
Due to banks
3orrovrIngs from F. R 'bulk
$
•Subject to correction.
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business Aug.28 1929,
In comparison with the previous week and the corresponding date last year:
Resources
Gold with Federal Reserve Agent
Gold reclemp. fund with U.S. Treasury-
Aug. 28 1929. Aug. 211929. Aug 29 1928
285.474.000
19,021,000
285.474.000
20.107.000
175,175,000
19,149,000
Gold held exclusively turst. F. R. notes
Gold settlement fund with F. It. Board_
Gold and gold certificates held by bank_
304,495,000
209,235,000
367,934,000
305.581.000
220.504,000
361,136.000
194,324,00
200,959,000
495,623,000
Total gold reserves
Reserves other than gold
881.664.000
71.332.000
887,221.000
72.106.000
890,906,000
26,693,000
Total reserves
Non reserve cash
BUis discountedSecured by U. S. Govt. obligations___
Other bills discounted
952,996,000
17,796.000
959,327.000
16.755,000
917,599,000
17,462,000
145,394,000
95,453.000
123.852.000
109,295.000
186,845,000
105,677,000
Total bills discounted
Buis bought In open market
U. S. Government securities
Bonds
Treasury notes
Certificates of indebtedness
240.847,000
72,208,000
233,147.000
65,665.000
292,522,000
45,042,000
4.009,000
24,402.000
3,335,000
7,495,000
23.907.000
6.080.000
4,292,000
14,101,000
16,693,000
31,746,000
12,050,000
37.482.000
12,050000
,
0
35,20 ..00
586 000
Total U. S. Government securities._
Other securities (see note)
Foreign loans on gold
Resources (Concluded)Gold held abroad
Due from foreign banks (See Note)
Uncollected Items
Bank premises
All other resources
Total resources
LiabilitiesFed'I Reserve notes In actual clrculation
Deposits
-Member bank, reserve acct...
Government
Foreign bank (See Note)
Other deposits
Total deposits
Deferred availability items
Capital paid In
Surplus
All other ilabillties
Total liabilities
Aug. 281929. Aug. 2111129. Aug. 29 1928
8
$
3
217,000
190.187,000
16,087.000
1,070.000
217.000
206.965,000
16,087.000
901.000
213,000
165,389,000
16,568,000
1,795,000
1,535.204,000 1,548,506.000 1,492,381.000
310,333,000
912 12 003
: :
1,090.000
7.1138.000
921,703,000
158.201.000
64,150,000
71,282,000
9,535.000
310,331.000 343,565,000
90. 110
1
5
0
2 877,231,000
3,106,000
3,103,000
3,487,000
7,530,000
6,981.000
916.666,000
177.183 000
63.727.000
71.282,000
8,907.000
891,354,000
137,996,000
48,859,000
63,007,000
7,600,000
1,535,204.000 1,548,596,000 1,492,381,000
Ratio of total reserves to deposit and
Feda Reeve note liabilities combined_
77.4%
74.3%
78.2%
Contingent liability on bills purchased
Total bills and securities (See Note)._ 356,851,000 348.344.000 373,350,000
for foreign correspondence
139,732.000 134,423,000
75,386,000
Num.-Beginning with the statement of Oct. 7 1925, two new items were added In order to show separately the amount of balances held abroad and amouuts due to
foreign correspondents. In addition. the caption "All other earning wets... previously made up of Federal Intermediate Credit bank debentures, was changed to
"Other securities." and the caption "Total earning assets" to "Total bills and securities." The latter term was adopted as a more accurate description of the total of the
discounts, acceptances and aecurItlesaCQuired under the provisions of sections 13 and 1401 the Federal Reserve Act, which, it was stated. are the only Items included therein.
AUG. 31 1929.]
FINANCIAL CHRONICLE
I:Bankers'
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
mettle°
Int
Rate.
Maturity
Wall Street, Friday Night, Aug. 30 1929.
Railroad and Miscellaneous Stocks.
-See page 1391.
Stock Exchange sales this week of shares not in detailed list:
STOCKS.
Week Ended Aug. 30.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Bid. !Asked.
Sept.15 1929.
- 434% 992,31 991tn
Dee. 15 1929_ _ _ 44% 9960n 99.,
Mar.15 1930 _ _
% 100'11 100"ss
Maturtty
let
Rate. I
sta.
Sept. 15 1930-32
Mar. 16 1930-32
Dec.15 1930-32
Sept. 151929
Dec 15 1929
34%
334%
34
481%
434%
9712n 974,n
97.13 117":3
97733
, 97nin
00"21 100
100,33
Asked.
Range Since Jan. 1.
Lowest.
Highest.
per ehare.$ per 'Awe.
RailroadsPar. Shares, I Per share.
Per ewe.
Bait & Ohio ctfs full pd_ 1,70013735 Aug 27 14056 Aug 28 12355 June 140% Aug
Can Pac etts 2d paid___
100220 Aug 26 20 Aug 26 220
Aug 220
Aug
Caro Clinch & Ohio_ 100
200 82 Aug 29 82 Aug 29 82
May 9234 Feb
Cent RR of N J____100 3,200325 Aug 24 34951 Aug 28 305
Apr 360
Feb
Clev & Pittsburgh__ 100
1001 724 Aug 3 7234 Aug 30 724 Aug 794 Jan
Cuba RR peel
100
10,' 6355 Aug 29 63% Aug 29 60
May 81
Jan
Det Hillsd & SW
50' 6751 Aug 29 674 Aug 29 0734 Aug 674 Aug
Erie & PIttsb
20 6055 Aug 26 60% Aug 26 6034 Aug 6154 Jan
50
Green Bay dr West__100
50, 80 Aug 27 80 Aug 27 80
Aug 824 Apr
Manhat Kiev guar. 100
30 65 Aug 29 65 Aug 29 604 Apr 87
Jan
N 0 Tex & Mex____100
10114034 Aug 29 14055 Aug 29 130
Apr 156
May
N Y State Rys pref_100
101 94 Aug 29 94 Aug 29 93.4 Aug 41
Jan
Northern Central_ _ _80
1201 8251 Aug 24 8251 Aug 24 81
Aug 864 Feb
Pacific Coast 1st p1_100
101 32 Aug 30 32 Aug 30 32
Mar 50
Mar
Phila Rap Tr pref
50
50! 4035 Aug 26 494 Aug 20 4934 Apr 51
July
100
3004634 Aug 2414634 Aug 24 1444 July 1534 Feb
Preferred
Vicks Shrev & Pac_ _100
10 934 Aug 29 9351 Aug 29 934 Aug 1004 Jan
Indus. & Miscell.
Alleghany prof x war__ 4,1001 82 Aug 26 8351 Aug 30 82
Aug 8634 Aug
Pref. receipts x war_
1.1001 824 Aug 30 8335 Aug 26 8231 Aug 8531 Aug
Amer Foreign Power
130 994 Aug 29 100 Aug 27 95
Preferred (6)
Feb 100
Feb
20105K Aug 2610534 Aug 26 103% July 115
Arch Daniels Mid p1100
Jan
400 284 Aug 27 28% Aug 28 264 June 304 Feb
Art Metal Construct _10
164 Aug 27 174 Aug 29 16% Aug 20
Aviation Corp
• 32.400
Aug
Baldwin Locomot new' 85,500 614 Aug 27 64 Aug 29 6134 Aug 66% Aug
Beatrice Creamery.
._50 6.100108 Aug 27 114 Aug 30 9331 Aug 114
Aug
1001064 Aug 29 1064 Aug 29 105
100
Preferred
July 1064 Aug
Briggs & Stratton-.-• 4,
36K Aug 27 374 Aug 26 3534 Aug 43
July
* 49,300 128 Aug 24 138 Aug 30 1154 July 138
Bristol-Myers
Aug
Campbell(W C) Fdry • 7,300 464 Aug 30 49 Aug 26 43
Aug 4934 Aug
20200 Aug 26 200 Aug 26 156
100
City Investing
Feb 220
Aug
20 133 Aug 26 133 Aug 26 133
Cob Fuel & Iron p1100
Mar 134
Feb
89% Aug 26 90% Aug 28 86 June 9031 July
5
Colum Gas & El p111100
Comm Graph full pd et( 1,000 61 Aug 27 654 Aug 28 61
July 674 Aug
Comm Credit el A _50 2,500 50 Aug 27 5134 Aug 28 50
Aug 514 Aug
70 88 Aug 27 88 Aug 27 88
1st Pref x war_ _ _ _100
Mar 95 June
Consol Flits Industry * 8,700 23 Aug 28 2434 Aug 27 22
Aug 254 Aug
Contin Bank of N Y 10 10,200 564 Aug 24 5735 Aug 28 56
Aug 614 July
Continental Can 01_100
60124% Aug 29 125 Aug 26 1244 Jan 26
Feb
Continental Oil
10 25,000 3355 Aug 29 36 Aug 24 2835 Aug
3731 Aug
Coty Inc rights
51,200
55 Aug 30
7e Aug 24
54 Aug 1
Aug
Cuba Cane Sugar etts
100 14 Aug 27 14 Aug 27 14 Aug 14 Aug
Curtiss Aero & Mot cif_
400 106 Aug 27 1664 Aug 27 158
Aug
Aug
Curtlas-Wright Corp__* 106,900 284 Aug 29 293g Aug 24 2835 Aug 170
304 Aug
Class A
• 28,000 3734 Aug 24 37% Aug 27 37
Aug 3735 Aug
DeBeers Cons Mines_
10 21 Aug 29 21
Aug 29 21
Aug 25
Mar
Dupla!' Silk
*
500 214 Aug 26 22 Aug 28 204 Aug 2835 Jan
Durham hosiery pf _100
160 42 Aug 25 48 Aug 27 36
Jan 48
Aug
Eastman Kodak rights 11,800 64 Aug 30 67.4 Aug 30 635 Aug 635 Aug
Elk Horn Coal pref...50
60 8 Aug 30 9 Aug 26 8
Aug 13
Jan
Drip Camel) Corp...*
10 24 Aug 27 24 Aug 2/ 24
Aug 38
Feb
Eng Pub Serv pf(554)_* 3.000 994 Aug 29 1024 Aug 27 924 June 10855 Aug
nines Sons ctfs
1(10 70 Aug 30 70 Aug 30 70
Aug 70
Aug
Fisk Rubber 1st pref100 1.030 37 Aug 26 4254 Aug 30 3554 Aug 724 Jan
Preferred cony.._100
660 3731 Aug 27 40 Aug 30 33
Aug 824 Jan
Fletschmann Co etfs
22,500 90 Aug 28 994 Aug 30 874 Aug 9935 Aug
Foster-Wheeler
7,300 6851 Aug 29 73 Aug 29 684 Aug 73
Aug
Preferred
200 175 Aug 29 175 Aug 29 175
Aug 175
Aug
Gamewell Co
•
300 75 Aug 24 75 Aug 24 75
Aug 8354 July
Gen Baking pref___100
10 30% Aug 27 13054 Aug 27 130
Ma 140
Feb
General Cigar prof.100
901154 Aug 27 11534 Aug 27 1124 Jan 122
Jan
Rights
4,200 1% Aug 24 1% Aug 24 1% Aug 25.4 Aug
Gen Foods
• 74.200
734 Aug 29 684 Aug 774 July
Gen Public Service. _ _• 17,400 8155 Aug 2 8534 Aug 26 57 June 98
Aug
Gen Ry Signal pref.100
450 1044 Aug 27 1044 Aug 26 90
Jan 105
Apr
Glidden Co rights
51 Aug 27 14 Aug 24
25,500
34 Aug 135 Aug
Gold Dust pref
•
300 106 Aug 29 106 Aug 29 106
Aug 120' Mar
Grigsby-Grunow
* 73,500 5534 Aug 29 604 Aug 24 5555 Aug 6334 Aug
Grand Stores pre..100100 07 Aug 26 107 Aug 26 10534 July 116
Jan
Hartman Corp cl A....* 6,900 25% Aug 24 28% Aug 29 2355 July 2835 Aug
Helme (G W) peel. 100
30 1324 Aug 301324 Aug 30 12351 Jan 136
May
Household Fin part p150
700 45 Aug 26 46 Aug 26 45
Aug 5031 July
Int Hydro El Sys cl A. 36.200 48 Aug 24 4931 Aug 30 47% July 5414 July
Int Nickel of Can pf100
200 1224 Aug 28122K Aug 28 118
Jan 128
Mar
Inter Dept St prof x war
200 8534 Aug 26 854 Aug 26 8534 Aug 97
May
Investors Equity
• 3,900 65 Aug 29 694 Aug 24 64
Aug 7256 Aug
Kelly Springfield Tire
6% Preferred-..100
130 70 Aug 29 75 Aug 28 70
Aug 100
Feb
Libby-Owens G lass_ _ _00 Leon 3955 Aug 3 4035 Aug 24 3955 Aug 43
Aug
Loew's Inc Met
300 9651 Aug 28 98 Aug 27 92% June 110 31 Jan
Preferred x warrants_
100 90 Aug 28 90 Aug 28 884 Aug 95
Mar
McLellan Stores A_
• 2,200 54 Aug 30 57 Aug 24 M
Aug 5955 Aug
Mackay Con
100
100 90 Aug 28 90 Aug 28 8835 Aug 95
Mar
Macy Co rights
82,400 451 Aug 24 631 Aug 30 451 Aug 6'-4 Aug
Minn Moline Pow Imp* 5,800 34 Aug 29 37 Aug 30 31
Aug 43% July
Preferred
800 93 Aug 30 9335 Aug 26 03
Aug 102
Montgomery Ward Rts 5,300 27 Aug 24 27% Aug 24 1734 July 2751 July
Aug
Murray Corp rights__ 11,800 14 Aug 30 164 Aug 24 14
Aug 1654 Aug
Myer (FE)& Bros__
3,800 41 Aug 26 424 Aug 28 40
Aug 444 Aug
Nat Supply Pref___100
130115 Aug 24115 Aug 24 11411 Feb 117
Apr
Norwalk T & It pf_ -100
20 2151 Aug 28 25 Aug 30 19
July 45
Jan
Outlet Co
100
140 80 Aug 28 80 Aug 28 78
Aug 964 Jan
Preferred
100
08 Aug 2911)5 Aug 29 106
30
Jan 110
Apr
Packard Motor new..' 155,000 29 Aug 27 31
Aug 24 2634 Aug 3151 Aug
Pitts Screw & Bolt_ _ _ _* 3,000 26% Aug 29 274 Aug 24 26% Aug 274
Aug
Pitts Steel Prof
100
540 9931 Aug 3010034 Aug 28 9234 Feb1004 Aug
Proctor & Gamble_ __ ..• 15.900 004 Aug 28 964 Aug 30 904 Aug 98
Aug
Pub Ser of N J pf (5)__•
200 95 Aug 30 95 Aug 30 95 Jun 96
Jan
Radio Corp el B
• 3.700 76 Aug 27 77 Aug 29 74
Mar 824 Apr
Railway Express
• 37,000 51
Aug 27 5834 Aug 30 40
Aug
Royal Baking Pow ctfs 4,200 3531 Aug 27 3951 Aug 30 3451 Aug 5835 Aug
395/ Aug
Servel Inc
• 16,100 17 Aug 27 18 Aug 24 17
Aug 2154 Aug
Sharp & Dohme peer_ ..• 2,200 64 Aug 26 6454 Aug 29 64
Aug 65% Aug
Trans') At Tract /2
Shell
200 4654 Aug 27 4634 Aug 27 43
Jan 55% Jan
Solvay Am Inv pf ww • 24.40010731 Aug 24 1 105.4 Aug 30 05
Aug 11034 Aug
So Porto Rico /Mg 14100
11)120 Aug 28121) Aug 28 120
Aug 135
Feb
Stanley Co of Amer...'
90 39 Aug 26 40 Aug 28 26
Apr 45
_ 134,000 534 Aug 26 734 Aug 30 455 July 74 Slay
Stand Gas & El rts
Aug
Sterling Securities__ • 44,500 28K Aug 26 344 Aug 29 2534 June
Aug
20 7,000 14% Aug 26 1514 Aug 28 1355 June 343-4 July
Class A
155-4
Superior Oil new
• 4,900 19% Aug 30 22 Aug 24 193-4 Aug 24
Aug
Tobacco Prod ctfs
16,000 1334 Aug 30 1451 Aug 26 124 Aug 16
July
Class A Ws
21,800 16 34 Aug 30 18 Aug 26 1595 Aug 19
Aug
• 22.900 85 Aug 24 9334 Aug 26 78
United Carbon
Aug 03% Aug
un Cigar Stores ctfs * 1,900 14 Aug 26 154 Aug 24 1234 Aug 11331 July
United Dyewood_..100
150 13% Aug 29 14 Aug 29 64 Apr 21
May
United Gas & Improv_• 151.500 5234 Aug 20 5534 Aug 24 4655 June 5934 July
• 1.700 9431 Aug 28 944 Aug 26 9
Preferred
234 July 9634 Aug
Wks_ • 1,400 43 Aug 30 4634 Aug 24 43
Un Piece Ilya
Aug 48%
•246.400107% Aug 24133K Aug 30 10151 Aug 133% Aug
U S Freight
Aug
62,100 135 Aug 24 331 Aug 28 14 Aug 34 Aug
Rights
U S& Foreign Sec....* 14,500 04 Aug 24 684 Aug 27 58
July 72
Aug
Preferred
1,100 90 Aug 30 904 Aug 29 8931 Jul 9234 Aug
50 120 Aug 29 120 Aug 29 120
Univ leaf Tob prof.100
July 1234 Mar
10 994 Aug 29 9951 Aug 29 9934 June 10136 Jan
Va El A Pow pf (6)_100
Webster-Etsen1 prof 100
100 85 Aug 29 85 Aug 29 85
Aug 100
Mar
2.1001134 Aug 29 140 Aug 20 1224 Aug 14231 Aug
Wright Aero ctfs
• 9.8001 4394 Aug 29 4634 Aug 27 40
Zenith Radio
Aug 5234 July
• NO par value.
1405
New York City Realty and Surety Companies.
(All yrices dollars per share%)
Did
Alliance R'Itg 120
Am Surety... 130
Bond& MO.
90
($20 pail__
Hometitle Ins 75
Lawyers Mtge 57
Lawyers Title
& Guarantee 368
Ask
BidAsk
Bid
160 Lawyers WestN. Y. InvYrs
chest Si & T 273 333
135
let prof.... 98
20 pref
_ 97
93 Mtge Bond.. 195 205 Westchester
711 N Y Title &
Title & Tr _ 160
59
Mortgage__ 57
58
374
Cl S Casualty.
Ask
185
95 1 100
New York City Banks and Trust Companies.
(All mites dollars per shore.)
Banks-N.Y
America
Amer Union*.
Bryant Park'
_
Rights
84€
1
217
215
170
27
Central
Chase
Chat!) Phenix
Nat Bk& Tr
Chelsea Ex__
Chemical
Commercial__
Continental'.
Corn Each...
197
218
Asa Banks-N.Y
220 Publio
225 Seaboard
Seward
Trade'
Cl S let 525._ _
202 Yorkville -___
220 Yorktown'___
855
101
126
890
57
228
863
106
Brooklyn.
128 Globe Exch•
415
905 People's
1200
58 Prospect..... 175
232
Trust Co..
Filth Avenue_ 3900 4100
New York.
7800 7895
First
Banes Coml.
00
Grace
Italians Tr
Harriman.-- 17
00 1906
340 350 Bank of N V
Lemur
& Trust Co
230 235
Liberty
Manhattan' 927 935 Bankers Trust
National City 413 415 Bronx Co Tr
Cent lianover
Penn Exch... 130 190 County
130 Empire
Port Morris__ 121
*State banks
Bid
267
975
149
300
186
-230
425
885
183
100
432
460
600
Ask
270
995
154
312
1801
230
245
Tr.Cos.-N Y Bid
Equitable Tr. 657
Fidelity Trust 65
Fulton
600
Ask
663
68
987
993
Guaranty - IntiGermanic
Interstate new
Irving Trups
93
AG
7414
435 Lawyers Trust
Manufacturer. 277
185 Murray Bill. 325
Mutual( west
375
cheater)
97
58
75 4
3
i"d"
,
340
425
349 353
N Y Trust__
Times Souare 146 151
Title Gu & Tr 169
171
United States 4150 4300
895 Westcheat'r Ti 1000
185
106
Brooklyn.
436 Brooklyn
1166 1176
480 Kings CO3450 3550
610 MIdwond _
320 350
i New stook. z Ex-dividend. o Ex-stock di*.
Ex-righu.
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Daily Record of U. S. Bond Prices. Aug. 24 Aug. 26 Aug. 27 Aug. 28 Aug. 29 Aug. 30
High
First Liberty Loan
334% bonds of 1023-47.. Lowclose
(First 334)
Tatal sales in $1,000 units..._
Converted 4% bonds off High
1932-47 (First 4s)
971342
97trn
97"st
15
97"61
9712,
973,
”
2
97"
”
0
9711,
9716,
9711,
971t32
17
971.31
6
97)5,2
____
____
Total sales in 51.000 units_ __
,
Converted 4)4% bondsfillgh 98". 99 n
(First 41-48)3 1 0W- 96.31 99
.
of 1932-47
[Close 98.
7a 90
2
65
.
Total sales in $1.000 units _ _
Second converted 4 35 % High
bonds of 1932-47 (First lowClose
1
Second 4 0 s)
____
__
Total sale, in 11.000 units._ _
99.55
99.
_- 32
{High
Fourth Liberty Loan
Low- 99'
06,
9.8"6,
4553 bonds of 1933-38_
991,
Close
98"st
(Fourth 455s)
60
.
506
Total sales in $1,000 units _.
Treasury{
(111111____ 106r5st
Low.....106",,
450, 1947-52
Close
--__ 1067.33
____
76
Total sales in $1,000 units._
IFIlgh ____ 103t6s
Low.
-___ 102.733
48, 1944-1954
Close
---- 103
467
Total sales in 31,000 units.........._
II Igh
___ 100134s
____ 1001.32
11,0W.
351s, 1946-1956
Close
---- 1007.31
____
30
Total sales in $1,000 units. __
/nigh
____
97a,,
{low
97"n
335s, 1943-1947
[Close
____
97"3,
____
10
Total sales in 51.000 units._
____
99131
Win
987733
47
____
98".
9810,ss
982
.3:
6
971'n
-.._
--__
993s.
99t„
3044 985,3,
98
99
987.13
66
160
106")41
____
106"61
____
1067.3s
---____
228
103343
-__102"33
___
10304s
____
____
148
1001.1. 100"iit
100". 100".
100.33 1007.33
156
97134, 9733
97"st 97".
97773
977 3
.
:
10
3
97ln
60
_...._
1:081%,
082•61
98.31
20
97"n
1)7i...,
971*st
21
--_-.
OS",,
952•ss
987.3:
35
5
_
_.
_
8,,7
iiiin 0 .
9827at 98":s
98"a 98.
7:1
69
79
106,221 106"n
106"ss 106"3:
106"33 106"n
1
a
102'
113
1027.33
102"st
55
____
-___
--
102"31
102"a
1021
100"n
10013,,
1007.31
3
____
97u,,
-___ 975'st
--- 97"si
1
9714n
354s, 1940-1943
•
Note.-Tho above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1 1st 4110
S/Sr•il 10 08",,
5 4th 431s
98"n to 98"ts
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 4.84 7.4(4
4.8434 for checks and 4.84 21-3244.84 51 for Cables. Commercial on banks,
sight, 4.84034.84 3-16 sixty days, 4.794 @4.7934 ninety days, 4.774
4.77 3-16; and documents for payment, 4.7g346.84.793.4. Cotton for payment, 4.63 7-16; and grain for payment. 4.83 7-16.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.91©
3.91 31 for short. Amsterdam bankers guilders were 40.03440.054 for short.
Exchange at Paris on London, 123.89 francs: week's range 123.89 francs
high and 123.85 francs low.
The range for foreign exchange for the week follows:
Sterling. Actual
-Cables.
nigh for the week
4.84 746
4.84 13-16
Low for the week
4.844
4.84 21-32
Paris Bankers' Francs
high for the week
3.9134
3.9134
Low for the week
3.91
3.9134
Amsterdam Bankers GuildersHigh for the week
40.0634
40.0854
Low for the week
40.0236
40.044
Germany Bankers' Marks
nigh for the week
93.8134
23.8134
Low for the week
23.78
23.8034
The Curb Exchange.
-The review of the Curb Exchange is
given this week on page 1392.
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 perceding page.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Aug. 24.
Monday,
Aug. 26.
Tuesday,
Aug. 27.
Wednesday, Thursday,
Aug. 28.
Aug. 29.
Fr1day,
Aug. 30.
Sales
for
the
Week.
IPRR SHARE
PER SHARI
Range for Preston,
Range Since .las. 1
nal 1928
Os basis of 100-1h23re tors
Ellattesg
Lowest
Hiohest
Lotoesi
STOCKS
NEW YORK STOCK
EXCHANGE
per share S per share $ per share $ per share 3 per share S per share Shares
Railroads
Par
2733 27714 274 2813 27812 28614 285 2923 29012 2977 293 2984 56,400 Atcb Topeka & Santa Fe...-100
4
8
8
4
10118 10118 101 10118 101 10112 10114 10112 101 10112 1015 10212 2.400 Preferred
8
100
198
4,700 Atlantic Coast Line RR
19412 19412 195 196
4
4
4
195 19612 196 19712 1953 1953 1953
100
8
137 1383 137 1387 13814 14012 1397 14138 1393 14141 13918 1407 106,500 Baltimore & Ohio
4
100
8
8
8
100 Preferred
7612
7612 *76
*76
7612 *76
100
7612 7614 7614 *76
7612 *76
20Banrefe
8 6,200 p gorrd
Aroostook
50
84
8514 84
4
85 I 833 845
8612 841* 8638 8412 8512 85
*10813 109 *168 10912 *10834 10912 10834 113112 *109 10912 10912 10912
100
4 1,000 Beaton dt Maine
1337 1337 *130 134
100
8
4
8
134 13418 *134 13812 130 1343 135 1353
*5914 597
8 59' 6018 593 593
4 5912 6013 5914 6018 5914 5912 6,300 Bklyn-Manh Tran v t o_No par
4
84'
---_
Preferred v t c
*8018 8112 *8018 823 *80
No par
84 '80
8
8413 *80
8413 380
1,100 Brunswick Term & Ry Sec.100
18
19
19
19
1814 1812 18
19
19
1818 1818 *18
___- Buffalo & Susquehanna.. _100
70
*70
78
70 "65
*70
*65
70 "65
78
*65
70
320 Preferred
7514 7712
*7014 7412 *7012 74
75
100
*7012. 7512 7014 7012 *74
22918 23014 22814 2327 23114 2337 233 2373 2323 23514 23112 23312 29,100 Canadian Pacific
4
8
100
8
4
30 Caro Clinch & Oblo oat stM100
95
95
95
*95
97
95
*913 95
4.
*913 05
4
*913 95
4
265 265
4
100
264 27012 268 2703 271 2743 272 2763 275 27712 13.600 Chesapeake & Ohio
4
4
800 Chicago & Alton
*618 7
6
*612 7
6
100
7
7
*612 7
612 83
4
012 912
8 1,000 Preferred
912 95
*9
912
94
93
8 93
3
100
9
9
9
800 Chic & Eaat Illinois RR.
30
"20
*20
32
283 29
4
25
*26
30
27
27
..100
25
900 Preferred
*55
60
100
5614 5814 5614 5614 5712 53
5 87 674 *59
9
19 8 17
6158 14,900 Chicago Great Weotern.- 100
17
*15
1512 1512 1614 15 4 1612 1614 173 167
3
8
487s 19,600 Preferred
4512 4512 4512 477
8
100
3
8 4534 4712 45 4 487
8 487 494 48
4
8 433 4412 144,800 Chicago Milw St Paul dr Pao__
40
4112 405 423
4
4212 445
11
4 42
43
8 433 447
6634 6712 259,800 Preferred new
623 63 8 6314 6412 6414 6513 6478 6712 6718 685
8
8
7
9658 98
98 10338 10012 103
1013 10312 100 10212 101 10314 136,100 Chicago & North Weetern.100
4
100 Preferred
•13838 13912 140 140 *138 150 *140 150 *140 145 *140 145
100
18.400 Chicago Rock Isl & Pacific.100
141 143
1373 13812 13814 1397 137 13914 138 13978 140 142
4
8
preferred
100
10618 10618 *10618 107
10618 10618 106 107
10813 10612 *10612 107900
7011 690 preferred
7
1
100
*983 10014 98 4 987 *9812 99
4
3
997 997
8
8 9912 10014 9912 9912
s
500 Colorado & Southern.._,100
126 126
*121 125
124 125 *12018 127
121 121 *12414 130
73
60 First preferred
72
100
*7013 72
*7018 72
*7018 72
7018 7018 .6812 72
*6814 70
Second preferred
100
*6814 70
*6814 70
*6814 70
*6814 70
*6814 70
800 Consol RR of Cuba pref
57
"55
100
*54
55
55
55
*51
55
53
53
5414 55
40,600 Delaware & Hudson
100
221 225
21512 2163 216 223
4
21914 2237 220 225 4 220 224
81
3
153 154
154 15913 15712 161
4
15814 16214 16012 1643 162 164 110.400 Delaware Lack & Western.100
1,000 Deny & Rio Or West pref _100
71
7012 7112 71
71
7112 71
71
71
7112 72
72
100 Duluth So Shore & AtI____100
4 34
4 318 *23
*23
4 3 8 *23
3
4 3 8 *23
3
4 33
8
318 318 *23
*312 6
100
Preferred
*338 6
*33
8 57
8 '43 • 6
*33
8 55
8 *412 6
s
8
100
8812 897 120,900 Erie
91
861ii 8653 86
883
87
89
4
887
8 8814 903it
6114 5,100 First preferred
100
6114 81
60 4 60 4 6018 60 4 6012 607
3
61
3
3
8 60 4 61
3
400 Second preferred
60
100
"59
60
*5912 60
5914 5912 *5912 597
8 597 597 *59
8
g
4
4
123 124
1223 1253 124 12512 125 127
4
4
8
1247 1253 1243 1253 18,400 Great Northern preferred 100
8
100
115 11612 113 11718 117 118
1183 1183 117 11818 17,400 Pre( certificates
4
4
118 120
100
*47
48
47
4918 *4714 48
494 4812 4918 3.000 Gulf Mobile & Northern
48
4912 *47
9513
200 Preferred
100
*92
9512 95
9514 *94
9512 *93
9512 *94
9512 *93
(402 0
300 Havana El0411110 RP..--NO Par
*814 9
*814 9
814 814
s *612 so
814 83
100
60 Preferred
69
1169
69
7434 *5813 7434 *69
69
*69
__
69
100
590 Hocking Valley
*480 524
580 580
522 550
570 580
572 583
570 578
0
0 preoorredManhattan--100
49
.k
5112 4958 5114 50 8 5414 5334 583
8 5512 5714 72,8300 Rud
8 5414 567
3
100
Preferred
•75
80
*73
7713 *7512 77
783
4 74
75
74
74
74
100
147 1484 7.300 illIgis rreral
feCe
143 14312 144 14512 144 14514 1437 1473 147 148
4
8
100
*140 152 *140 152 *140 152 *140 152 "140 152 *140 152
21
77
RR Sec Stock certificate....
*75
75
*75
77
*75
75
77
*75
77
77
4,000 Interboro Rapid Trap v t 0.100
*2114 22
8
*2012 22
3
21
21
20 4 2214 205 2212 2118 22
200 hit Rya of Cent America 100
4 4714 *45
*4318 47
*475 49
49
8
475 475
8
8 4758 4758 *431
No par
Certificates
*4158 50
*43
*4214 4312 "4214 4312
*43
49
50
•42
49
120 Preferred
100
1175
76
743 743
4
75
7414 7414 *7414 75
75
75
4 74
900 prsae red
3
8
1047 1063 41, 00 Ka n efseCity Soutbern___100
8
983 98 4 99 10138 10078 102
4
103 105
10114 104
3
67
100
*66
.66
66
66
67
6612 6612 *68
67
"66
67
5,200 Lehigh Valley
8
9233 925 94
90
90
8912 917
7
8 9012 91
917 93 8 92
8
5,100 Louisville & NasbvIlle.„.100
*148 14912 *14612 148
148 150
149 1503 150 15112 151 151
4
38
38
8 3813. 3812 3.900 Manbat Kiev modified guar100
38
3812 384 387
3814 "38
3814 38
500 Market St Ry prior pref _100
25
*24
24
24
*
2214 25
24
*2214 25
24
24
24
212 1.500 Minneapolis & St Louis.__100
238
23
8
'2
218 *2
2111
214
214
3
218
218 218
6,90 Mica
90
0
50
ed & S S Marle 100
46
4638 4
8 49
497 497
8
50
4
614 5018 4834 483 *4818
80
100
7418 75
*75
80
754 76
75
80
"75
78
*75
8
230 Leased lines
5812 585
100
59
58% 585 *5812 59
59
8
*5853 59
*584 59
8
-Kan-Texan RR___No par
54
8 5418 547 39,400 Ho
5514 544 6612 5412 5638 547 588* 5414 553
8
4
100
1033 103 4 1043 1043 104 10412 104 1043 104 10412 *1033 1044 2,100 Preferred
4
3
8
4
4
8
8
100
957
8 935 943 18,300 Miseouri Pacific
913 9278 9158 937g 927 947
8
8 9412 9578 94
8
8 6,414000
8
100
1383 13914 1397 14014 1394 140
8
8
13918 14112 141 1417 1405 1417
8
Morn,
77
77
50
7714 7714 *77
82
*77
82
82
*77
*77
82
23612 23612 ' 190 Nash Chatt At St LOWS-._100
*229 235 235 235
4
239 23912 2393 240
232 234
178
300 Nat Rye of Mexico 2d Dref.100
14
313
17
4
4 2
13
4
*13
4 2
*134 2
*13
4 2
*
100
2383 24212 24014 24512 24218 244 4 2473 252
24914 2513 24912 25613 252,800 New York Central
4
3
4
8
16638 16612 166 16912 16104 171
8
171 1723 170 17812 18018 1923 29,800 N Y Chic & St Louis Co.. 100
600 Preferred
106 106
100
105 108
•106 107
1067 1067 10612 10612 10512 106
8
8
230 N Y & Harlem
295 300
50
295 305
296 296
300 305
305 305
305 305
84,200 N I' N H & Hartford
4
100
8
12212 124
8
124 12612 12312 12578 12314 1247 1235 12514 1233 125
12812 12812 4,400 Preferred
129 129
1291s 131
12912 131
12812 12918 12812 129
4 2,000 N Y Ontario & Western.
..100
244 244 *2414 241
24
2412 2418 251s 2412 247
8 243 25
8
214 212 1,100N Y Railways pref....No par
212 212
212 212
212 212
212 212 '
3214 212
200 Norfolk Southern
35
100
3612 *34
*34
*34
35
35
*3412 35
35
*34
35
100
4
27212 27212 27014 275
4
275 2793 278 2823 28112 28312 29,57000 Norfolk &
2727 274
8
Preferred
86
86
100
*85
87
87
*85
*86
87
85
85
*86
87
8
100
109 4 110
3
1103 11214 11118 1117 17,800 Northern Pacific,
4
10934 11138 11012 1117 111 1123
4
8
4
Ceiet i le es
i f tt
100
4
8
8
*10512 1057 1055 10614 1063 1083 107121087 108 1087 10712 1083 14,300 petm :ea ie
8
8
8
4
60
1073 10912 311,900
987 997 100 10314 10234 10538 10612 10914 108 110
8
8
Peoria & Eastern
34
100
*28
*24
34
32 •28
34
*24
*24
34
32
"24
2, 0 0 epe iolajn ferl
300 r r ar reuetr d
2 .
P
209 210
100
240 260 , 243 250
209 209
21212 21414 215 230
100
*96
9612 9613 97
*9612 97 .9612 97
97
97
*9612 97
200 Preferred
100
*9412 95 • 9413 9412 *9412 95
9412 9412 *9412 95
*9412 95
400 Pittsburgh & Welt Va.„-100
*135 138 *135 138
135 135
13712 138
138 138 *135 136
12112 12112 122 12438 12314 12478 12412 1263 12514 12612 12514 13318 38,000 Reading
8
*45
4912 45 4 46 ••45
45
4518 1,500 First preferred
3
49
48
*45
4912 *45
1,900 Second preferred
154613 50
*46
46
4814
50
49
48
*46
50
*46
*47
50
*60
67
67
Rutland RR pref
100
*60
*60
67
67
*60
67
70
•60
*00
129 12912 129 131
4
100
12912 13058 13012 1317 1314 1335 132 1333 22,400 St Louis-San Francisco
8
8
tat prat pald
94 *94
94
100
9412 9412 9412 93 8 943
9453 9418 9414 3,400
7
4 94
10.300 tit Louis Soutbwestern___100
9914 10012 997 10314 99 1023 100 1013
t8
8 99 101
4
4 99 1017
*90
91
91
Preferred
100
*90
91
•90
*90
91
91
91
*90
*90
143 143
4
4 143 147
4
100
8
1712 177 15,800 Seaboard Air Line
8 143 143
4
1513 1518 18
4 15
23 s 25
3
25
2538 25
100
2514 265
25
25
8 2612 2612 6,900 Preferred
26
46,100 Southern Pacific Co
1473 1483 314413 14612 146 1473 147 150
4
8
100
4
148 1513 151 154
4
12,100 Southern RallwaY
152 153
152 15312 15318 15458 154 1547 153 154
100
152 152
3
500 'Preferred
98
100
*9712 98
98
98
98
*9514 97
97 97
97
97
300
8
•108 1197 *110 120 *110 118 *110' 115
Mobile & Ohio oertifs....100
110 120 *111 120
16612 16714 1653 1653 •160 166 *160 166 •157 165
500 Texas & Pacific
4
100
4
165 165
100 Third Avenue
14
*8
14
1510
100
*8
14 • *812 10
•1018 1014
10
10
300 Twin City Rapid Transit._100
42
42
42
*40
•40
423
8 42- 42
417
s
*40
417 *40
8
40 Preferred
*____ 90 •____ 90
100
•____ 90
873 87$4
4
4
100
282 2833 283 28812 28612 29038 291 2947 293 2975 29314 2987 19.500 Union Pacific
8
8
8
8412 8412 1,400
8 83 8 84
8313 843
5
100
Preferred
"8312 84
84
8412 *8412 87
na
ao
ao
ao
•'
• Bid and asked prices; no *ales on this day. z Ex-dividend.
Ex-rights.
per share
19518 Mar 28
99 May 16
189 Jan 2
1151g may 27
75 June 13
6412May 8
105 Apr 4
85 Apr 4
5713 Aug 13
79 July 29
18 May 28
543 Jan 26
4
51 13July 1
218 May 27
93 Aug 15
195 May 20
41:July II
61:Julr 9
25 Aug 26
49 June 26
123
4May 28
38 June II
273
4May 28
4618May 28
8014May 28
134 Apr 24
115 May 27
10514 Mar 27
9812June 20
101 May 28
68 July 3
84 Apr 22
50 Aug 14
182 Mar 26
12014June II
5514 Jan 2
2 8.1une 11
3
4 June 11
64 Mar 26
57 Mar 26
56 Mar 27
lot may 28
MO May 15
323
8May 27
9012June 6
7 Feb 18
55 Feb 18
375 Mar 28
3412May 28
70 June 25
13212May 27
13312May 31
724 Aug 9
1958July 30
43 Apr 1
4018June 1
6912June 13
78 Mar 26
6318July 3
4May 29
773
13812May 28
814 AM 8
20 May 28
2 May 22
35 May 31
684June 3
8July 8
565
421 Mar 26
,
102 Apr 9
624 Jan 4
120 Jan 2
77 July 18
186 Jan 29
13
4May 29
17812 Mar 26
12818 Mar 26
100 May 28
27712June 13
804 Jan 4
1145 Jan 3
8
23121une 28
214 Aug 30
33 May 28
191 Jan 9
83 Feb 15
0512May 27
00 ft4rly 27
724 Mar 28
251:June 4
148 Jan 3
96 Jan 5
92 Mar 15
128 sMay 28
5
7
py 2
10 1 {M: Aa r 22
41
43 4Ma1 21
5
634 Mar 21
'PIP:May 20
9214 Mar 26
82 May 27
87 June 14
12 June 15
1614June 14
124 Mar 25
138 May 27
93 June 14
104 Apr 4
155 May 28
10 Aug 29
39 July 1
873 Aug 30
4
209 Mar 26
8018 Aug 12
8 per share $ per share $ per Matt
2985 Aug 30 18238 Mar 204 Nov
8
1037 Jan 7 1021 Jan 10818 Apt
8
:
20912July 16 15718 Oct 1914 May
4
1413* Aug 28 1033 June 1254 Dee
8012 mar 2()
77 Nov 86
Apr
8814 July 25
61 June 8414 Jan
4
1105
3May 20 104 Dec 1153 May
58
Feb 91 Dee
145 July 25
77114 Mar
814 Pen 25
533 Jan
8
Jan 954 May
82
.925 Feb 1
8
474 Sept
1412 Jan
444 Jan 18
85 Mar 2
3214 July 641, Nov
38 Sept 63 Nov
8112 Aug 2
,
2694 Feb 2 1951 June 253 Nov
98 Sept 1074 Mar
10112 Mar 14
27712July 17 175'8 June 2184 Dec
193 Feb 4
4
553 Jar
1833 May
3
74 Feb 263 May
25 4 Feb 4
3
37 Feb 4814 May
43 Feb 4
68 Aug 765 May
8
6673 Feb 4
94 Feb 25 Dee
237 Feb 1
8
204 Feb 5033 Dee
634 Jan 31
224 Mar 404 Apt
4478 Aug 39
6858 Aug 29
37 Mar 694 Nov
10312 AIM 28
78 June 944 May
145 Feb 6 138 Dec 150 May
143 Aug 30 106 Feb 13958 Nov
10814 Jan 26 105. Dec 1114 May
1027 Feb 5
8
99 I Dec 106 Ma,
135 July 20 105 Aug 126 May
80 Jan 25
87 July 88 Apt
721 Mar IS
,
091, Nov 85 Mar
704 Jan 2
694 Dec 874 June
226 July 20 16314 Feb 228
Apt
1643 Aug 29 12514 Dec 150
4
AM
774 Feb 21
5012 Feb 65 4 AM
3
47 Feb 4
8
8 Aug
684 Jan
712 Feb 4
43 June
3
94 Mar
91 Akig 29
483 June 7212 Dec
4
6614July 2
60 June 63 8 Jan
7
637
sJuly 2
4914 June 62 Jan
12824 July 22
934 Feb 1144 Nov
12214July 22
914 Feb 1114 Nov
63 Aug 614 may
59 Feb 4
99 Aug 109 Mar
103 Jan 3
7 Aug
111 Apr 20
,
173 June
4
73 Apr 16
81
Dec 781 SW
,
583 Aug 27 340 July 673 Nov
583 Jan 6
8
604 Dec 734 AN
84 Jan 18
81
Oct 934 Apr
15312July 20 13114 Jan 14311 May
4
1511:July 20 1304 Jan 147 May
8018 Fob 21
76 July 824 June
583 Feb 25
8
29
Jan 02 May
59 Jan 26
364 Mar 5218 Nov
594 Jan 28
8014 Jan 2
6973 JaR 82 Ma,
3July 20
1087
13 June 95 Nov
704 Jan 15
6613 Aug 77
Apr
10214 Feb 2
Apr
8418 Feb 116
15312 Feb 5 1393 Nov 1694 May
4
574 Jan 11
40
Jan 64 May
394 Jan 4
4
381: Dec 441 May
3 Jan 19
4
178 May
84 May
5018 Aug 26
60 June 523 Jen
8
87 Jan 23
7014 Dec 878 Mar
4
66 Jan 25
60 Deo 714 pin
65 4J111 y 20
3
304 June 88 Dec
1074 Apr 25 10112J0ne 109 Feb
10114July 15
515* Feb 7614 13
021
147 July 22 108 Feb 1217 Dee
8
884 Jan 17
821 Aug 89 June
,
240 Aug 29 17111 Aug 2043.. May
35 Jan 25
8
2 Feb
54 Apt
25812 Aug 30 I56 Feb 19(.., Nov
8
1923 Aug 30 12114 Oct 146 May
1094 Jan 4 10413 Aug 110 Jan
379 Jan 18 168
Jan 606 Apr
12612 Aug 26
543 June 823 Dee
8
4
131 12 Aug 14 112 Sept 117 May
32 Feb 4
24 Feb 39 May
94 Feb 21
514 Jan
13 May
484 Feb 4
32 June 68 Not
28312 Aug 30 175 June 19813 Nov
8714May 14
947 Oct 90 Junfl
8
2July 22
1187
924 Feb 118 Nov
11453July 22
9053 Feb *18 NOW
110 Aug 29
617 June 7678 Dee
8
35 July 16
26 Mar C7 May
260 Aug 29 1247, Feb 154 Nov
101 Mar 22
96
Oat 1013 Mar
4
97 Jan 8
92 Nov 10034 Met
1483 Jan 10 12114 Feb 183 oat
4
33 A tig 12
147 18 J uly 3
0
9 th Feb 1193 Mae
4414
8
Apr
Nov 46
50 July 17
44
Jan 694 Mae
71 June 19
50 Feb 77 Dee
1333 Aug 30 109 Feb 122 Mat
4
964 Feb 2
94 Dec 101 Ma,
1154 Feb 4
874 Feb 12418 Nov
94 Apr 26
RO
MY 03
1 3•
.
4
213 Mar 6
1153 Mar 301, Jan
8
265 Aug 29
17 Aug
Jan
38
154 Aug 30 11753 Feb 1314 Mar
16012.luly 16 13914 Feb 165 Ma7
99 Jan 3
9853 Sept 10214 Jan
1407 Jan 14 100
8
Jan 16913 Jan
181 May 2
9913 Jan 1944 001
39 Pet, 26
2818 leo 484 May
5814 Jan 28
324 Sept 58 May
100 Jan 5
944 Oct 107 Feb
2975 Aug 29 1861, Feb 2247 No.
8
8
8412 Aug 28
821 Oct 874 Jan
,
New York Stock Record-Continued-Page 2
1407
For aa'es during the week of stocks not recorded here, see second page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PERCENT.
Saturday,
Aug. 24.
Monday,
Aug. 20.
Tuesday,
Aug. 27.
$ per share
*8912 7112
.90
9034
*83
86
43 43
*41
45
*3414 353
4
.61
6314
$ per share
7114 7314
*89
90
*83
86
425 443
8
8
MI
45
3518 3518
62
62
$ per share
73
71
*89
90
86
*84
4312 4478
45
*41
345 3514
8
61% 62
Wednesday,' Thursday, 1 Friday,
Aug. 29. I Aug. 30.
Aug. 28.
Sales
for
the
Week.
$ per share $ per share $ per share Shares
Railroads (Cots.)
7158 727
8
713
8,800 Wabash
*8812 90
00*
100 Preferred A
*84
86
*84
86
*84
86
Preferred B
4414 4614 4412 453
8 4314 4412 22,200 Western Maryland
*42
46
*42
46
*42
45
Second preferred
4 363* 365
35
8 4,300 Western Pacific
351* 3512 393
65
64
6412 3.400 Preferred
62
82 2 62
,
WI, N3,2 *71.2
8
PER SH ARE
Range Since Jan. 1.
On basis of 100
-share iots
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
Par
100
100
100
100
100
100
100
Induatrial & Miscellaneous
51
5138 5512 12,400 Abitibi Pow & Pap
8 5112 54
5212 5012 518
No par
507 52% 5114 547
8
84
8358 84
3
8312 8378 83
*8312 84
8312 8312 833* 83
100
1,300 Preferred
130 130
*112 114
130 13112 1,600 Abraham & Straus---No Dar
120 12612 126 12612 127 130
10712 107% *10712 110
*107 110 *107 110
10912 10912 110 110
100
210 Preferred
580 580
*550 595 *575 595 .575 595 *570 575
555 596
100
1,700 Adams Express
*88
8912 8914 8958
*88
89
89
*8714 89
89
100
*8812 89
400 Preferred
*3012 313
8
4 305 305
*305 31
8 3012 30,2 305 30% *303* 31
No par
8
8
600 Adams Millis
293 30
4
30
3018 293 30
4
4
2912 297
100
8 3,400 Advance RumelY
303 317
4
8 '293 30
4012 41
4I's 40
4112 4014 41
41
41
100
40% 4012 41
2,900 Prefenod
15
8
15
8
Ily
15
8
8
112
15
15
1
8
13
4
8
112 13
4
15
121 2.700 Ahumada Lead
210 2183 21112 2157 32,400 Air Reduction. Ino___No par
19418 197
8
4
196 19878 197 2027 201% 210
8
39
3812 38 2 3812 385
*3812 39
39
3858 39
8 3812 3812 5,300 Air-Way Flee APplianceNo par
,
412 478
418 5
4
434 5
418 41 1
par
418
4
414
12,700 Ajax Rubber. Inc
712
738
812
8
81,
7% 85
8
818 87 84.600 Alaeka Juneau Gold Mino_
8
7 4 81i
3
N
20
19
*19
2012 1912 1912 1912 1912 19
20
1812 19
1,400 Albany Pert Wrap Pap_No Pa,
4914 497
513
8 5058 5212 5112 5214 5218 .53 398.900 Allegbany Corp
8 4938 513
8 50
No par
*112 114
114 11418 11314 1147
11212 11614 11311 11414 11314 114
100
8 3.6001 Preferred
4
11214 113
11234 11314 11278 11414 1123 11414 1141 1 11412 114 1147
8 5,9001 Receipts
341 348
335 339
344 347
34412 349
338 348
346 3543 20,000 Allied Chemical & Dye_No Da,
4
.121 122
121 121 *12012 12112 12112 12112 12112 12112 122 122
100
800, Preferred
318 324
31112 31112.'317 32212 1,700 Allie-Chalmere Mfg
322 325 4 318 321 12 314 318
100
,
618 618 .6% 6%
6
6 18 *5 4 6,8
6
6
,
*514 63
8
600 Amalgamated Leather_NO Par
*2812 29
27
2712 2718 28
2712 2818 27
28
27
28
6,900 Amerada Corp
No par
1134 1178 *11,2 1134
113 1134 1112 1112 1138 1218 115 1158 4,600 Amer Agricultural Chem__100
8
8
43
43
4314 47
4212 425
8 42
423
8 4212 43
*45
457
8 2,100 Preferred
100
142 144
14412 147
142 144
142 142
14412 146
142 14912 7,700 Amer Bank Note
10
*5812 60
58
583
*583 60
4 5712 5712 .58
4
60
58
60
58
220 Preferred
1414 143 *14
15
13
•14
1412 13
4
15
1412 *14
15
SOO American Beet Sugar-No Par
50 4 50 4 *5034 51
3
3
.5012 54 .50 4 54
3
*503 54
*503 54
4
4
100
100 Preferred
61
633
4 64
657
06
65% 6414 67% 65
8 65
643 6518 22,700 Amer Bosch Magneto_Po par
4
58
595
8
8 5912 5978 585 58% 5814 593
8 5814 59
575 593
8
8 4.400 Am Brake Shoe dr F.
--No Dor
•118 1197 118 118 *11714 1197 *11714 1197 •11714 1197 11713 11712
8
8
8
8
100
20 Preferred
26% 26% 2614 267
8
27
8 267 28
28% 2612 272
8 2612 2812 10.900 Amer Brown Bevan El_No Par
.82
*82
837
8 82
83
83
82
833
4 82
82
82
100
83 !
2301 Preferred
18112 18412 17714 18312 175 4 179
3
1723 1783 1735 17714 17718 180 209,500 American Can
4
8
4
25
13812 13812 139 139
139 139
13918 13918 *139 140
1397 1397
100
8 1.600 Preferred
8
99% 0914 99 10014 9812 99
97
0934 9718 9812 98
993
4 4,500 American Car & FrIY-NO Par
•11214 115 .
311214 115 *11214 115 *11312 115 *11312 115 •11312 115
100
Preferred
8012 8012 *3011 81
81
8358 *8014 83
100
4,
4
83
837
7001 American Chain pref
81 813 813
60
6612 6518 663
8 6512 663
8 6518 68
6818 70121 6934 733 18.200'American Chicle
No par
81
4212 4414 43% 4458 4412 46
4738 49
No Par
48% 513
4 50
513 54.5001 Am Corrun'l Alcohol
81
2914 30
293 322
4
8 30
30% 29
297
8 295 30781 .293* 303
8
4 3.300 Amer Encaustic 1111116.Na par
923 93
4
92
93
9012 92
91
90
8912 91
91
935
81 5,600,Amer European Sec's .No Par
14812 1483 145 8 1503 1465 1537 14512 14914 146 152%
4
5
4
8
9
Power
154
No Dar
8
10712 10712 10713 10712 *10718 10712 •10718 10712 10712 10712 108 1647 281.300 Amer & Forn
No Par
108
7001 Preferred
1)5
95
94
96
9512 9512 *95
9512 9
5
95
No Par
95
96
3,600 2d preferred
*3312 34
3312 34
3312 33% 33
10
343
4 3314 3314 33
3358 3,000 Am Hawaiian 38 Co
*612 87
8
712 8
712 731
8
334
814 93
4
812 9
5.500 American Hide & Leather.100
41
4214 4214 4214 4138 45
471 t 48
100
4778 5214 50
5012 4,000 Preferred
*68
71
6978 697
71
6934 692
8 69
4 69
71
71
72
2,900 Amer Horne Products_No Par
53
5312 52
533
8 52
5318 52
531s 51
No par
5212 504 517 20,600 A tnerican Ice
3
8
92
1
.2
*112
9314 92
*91
92
9314 *91
93% *91
9318
001 Preferred
79
81
79
82
8212 85
8112 85
A'o par
8218 881 1 8612 8914 239.800 Amer Internet Corp
5
5
5
5
43
4 47
8
4
45
8 47
8
43
4 43
43
4 47
81 2,300 Amer La France & Foamite_10
.59
CO
•60
62
*59
*59
60
100
59 59
62
*59
60
20 Preferred
122 124
121 1222 121 12212 122 1223 1213 1213 1223* 12414 7,900 American LocomotIve_No Par
4
4
4
4
*11278 117 *113 117
113 113 *115 117 *115 117 *115 117 I
100
100
Preferred
207 207
207 207 *200 208 *204 210 *204 210
2614 21831 1,400 Amer Machine & Fdy-No Da'
73
745
8 73
703 7278 70% 7214 7012 72
75 4 7218 73
4
,
29,200 Amer Metal Co Ltd__No Dar
.127 130 *127 130 *126 130 *128 130
100
126 126
125 125
200 Preferred (6%)
78
7912 78
78
82
8312 84
77
77
84
'Jo par
8412 85
270 Amer Nat Gas pref
*3 2 6
,
*312 4
*33
4 4
3
*33
4 4
*3 4 4
4
4
No Dar
700 American PI800
.'2012 2114 *2012 2114 *2011 211.1 .205 2114 2012 20% *2012 21
8
100
170
Preferred
14412 147
1445 147
8
145 1463 1443 14612 14512 143
4
4
14712 156
20,300 Am Power & Light__--No Dar
99
99
100 100
10018 10018 1001/ 10014 .10014 104
100 100
4
ha par
1,600
Preferred
7314 7314 7314 7314 73
73
73
*72.8 737 *713 737
73
8
4
8
50f5 Preferred A
No par
8014 80, *79
80
4
82
82
*80
7912 80
82
80
140
900 Pre? A stamped ....NO par
4812 4918 4712 49
4718 485
8 4712 48% 4718 48% 4712 483 55,800 Am Rad & Stand San'ry No par
8
Express__ _ _100
*39
42
40 16- --in 16
16- -55- 161- ;5;;52 16" ---_ - Amer Railway
2
1,500 American Republics_ ....No Dar
1253 1277 12512 12712 12518 1262 12412 1253 12438 126, 126 1297 22,000 Amer Rolling Mill
4
8
4
8
25
8
2
68
6778 6814 67
68
68
68
613
68
4
6812 883 6912 3,500 American Safety Rasor_No par
*34
343 *34
343
4
4 33
325 33
8
3212 3212 32
34
3214
1,100 Amer Seating v t o
No Par
3
3
*3
312
*3
312
3
3 1s
3141
33
8 *318 3 2 1,200 Amer Ship & Comm_ __No par
,
1042 1043 105 109
•10012 104
4
4
105 107
105 106
10512 107 2
,
860 American Shipbuilding_ _ _100
11512 11812 1195 1213 11853 1202.1 11912 1207 120 1213 12012 12412 147,109 Am Smelting & Refining_ 100
8
4
8
8
•13212 133
1325 1331. *1333 136
8
134 134
134 134
4
13514 13514
100
800 Preferred
4314 437
8 4312 4312 43 8 43 8 437 4412 44
44
8
7
7
44
447
8 3,200 American Snuff new
25
•10112 10712 *102 10712 *102 10712 *107 10712 10714 10712 •107 10712
100
40 Preferred
643 05
4
6434 66
4
3
6412 6538 643 65 4 64
647
8 64
65
8.600 Amer Steel Foundries_No par
*11012 11112 111 11113 111 111 *111 11112 11118 11112 11112 11112
100
100
Preferred
6614 661 1 6618 6612 *6(178 6712 67
67
*6612 673 *6612 873
4
4
No par
400 American Storeg
`7712 7
77
8
765 77
8
77% 7712 77
77
77
7712 7812 2,500 Amer Sugar Refining
100
*10712 108 *10712 108
108 108
10712 10712 108 108
10712 10712
600 Preferred
100
4014 41
41
4138 41)
41
40 4 4112 40
3
40
40
4012 3,500 Am Sum Tob
No par
*2412 25
245 245 *2412 25
8
*2412 25
.2412 25
8
.2412 25
100 Amer Telegraph & Cable -l00
297 300
29614 30312 29634 3017 296 30078 29414 2977 2941 29911 153,700 Amer
8
8
100
Tele!) & Teleg
19678 1975 194 1971. 194 195
8
197 19914 19412 2032 200 205
4
23,900 American Tobacco eom
_50
196 19738 19312 1963 194 1953 19512 197
19518 203% 2022 205
8
4
8
33,700 Common claw B
50
*1153 116 *11534 116 *1152 116 *1153 116 *11534 116 •11512 116
4
4
4
100
I Preferred
146 146
.145 149
4
1543 15514 155 16912 164 168
145 155
.100
4,700 American Type Founder..
4
•109 1113 *109 110
109 109 *109 110 *109 110
1097 110
8
100
50' Preferred
145 146
14712 148
149 15414 15212 159
145 151
160 17312 70,700 Am Wat Wks & El
No Per
*97 100
9934 993 *9912 100
100 100
*9914 100
4
•997 10014
8
200 let preferred
1.73* 173*
163i 1714
1618 17
1814 1612 1612 2.200 AmerIcan Woolen
16
1618
16
100
3812 387
383
4 373 377
3 4 39% 3814 3834 *38
82
3
9
4
3
8
8 2,200
100
Preferred
01412 15
1412 1412 '
143 14% 143 147
4
1412 1412 1412 15
8
8 1,900 Am Writing Paper ctts_No par
.41
4412 *41
413 .41
4
413 MI
*41
4
43
43
*41
413
4
Preferred certificate____ 100
26
2678 265 277
8
26
8 27
2611 267
267
8 2614 28
27
8 6,400 Amer Zinc. Lead h Srnelt___25
10412 10478 104 1055 10312 10412 10312 10712 105% 107
8
10(118 10712 5,200 Preferred
25
122 125
12614 124% 126% 12518 129 1085700 Anaconda Copper Min. new50
12512 12812 12412 126
124
713* 717
8 72
747
8 72
797 81
8
733* 7214 7412 74% 81
14.700 Anaconda Wire & Cable NO Par
5312 53% 53% 5512 513 5512 55
55
56
5574 5514 56
4
6,100 Anchor CAP
No par
•111 112 *111 113 •11034 115 *1103 113 *1103 115 •11034 115
4
4
No par
Preferred
563 577
8
5414 56
8 55 4 56% 555 56% 553 565
4
8
5618 577 53.400 Ando@ Cot/Der Mininp _ _ No par
3
8
333 36
4
32
32% 3212 33
35
353
4 3512 3812 9,500 Archer, Deals. Mld'Id NO par
3214 33
8612 8612 *8612 88
4 88
8712 8713 873
8612 87,2 87
8912 2,100 Armour & Co (Del) pref....100
Ills 1111
1118 1112 11
* 113 13
112
8 1118 112
8
1118 11
90,100 Armour of Illinois class A _ __25
614 612
62
8 6%
8 612
6% 63*
6,
618 6 8 19,200 Chute B
6,
8 63
8
.25
7112 7134 *7112 72
8 72
72
8
72
7112 7112 715 717
7414 1,600
100
Preferred
23
22
255 27
8
2314 23
22
2612 273 15,200 Arnold Constable Corp.), par
2314 2412 27
4
*20
20% *2012 207
8
8 203 203 *18
20% 31912 207 .18
22
4
4
3'' par
100 Artloom Corp
5012 50
50
*50
51
50
51
493 50
515* 51
.5112 15:100 ALs0ocelautreyd
4
3 300 A
e Ind No Par
rel
4
483 48% 4814 497
8
8 48% 49
49 4 483 50
,
48
487 4978
8
Goode
No par
44414 45
44
45
44
45
45
44
45
4518 4518
45
250 Aseociated Oil
25
625 643
6314 84% 63
8
8 643 643
64% 64
64
4
4 31.
64% 64
188 Line_No par
*56
*5512 58
57
57
58
55
*58
58
55
*56
58
100
AUGefrred
Preferred
W
,
4 6618 6714 47,200 Atlantic Refining
*873 03 2 6711 6814 6612 6812 6612 6718 66 8 673
4
,
25
101 101
8
•101 103
10018 101
101 1045 10412 114 211112 1173 20,400 Atlas Powder
No par
10014 10112 *100 10112 10112 10112 *100 10112 •100 101 12 .100 10112
40 Preferred
100
8
1518 15, .143 15
4
8
(414 143 •1414 148 .1414 1434
*143 15
4
No par
400 Atlas Tack
460 460
450 45912 460 495
491 500
455 455
460 460
No par
6.100 Auburn Automobile
1
• Old
and asked prices; no saelg on this day. 2 Ex-dividend.
p
Ex-rtgets.
Higbee!
PER NI ARE
Range for Precious
Year 1928
Lowest
Highest
per share $ per share $ per share I per skar4
60 May 27 81% Jan 5
51
Feb 9614 May
8814 Aug 16 1047 Jan 7
8
8812 Feb 102 May
79 May 24 91 Jan 8
87 Feb 99's May
3212 Mar 26 54 Feb 4
313 Feb 542 Ma Y
4
4
3812May 28 5312 Feb 4
3312 Feb 547 My
8
32 May 27 41% Mar 5
2814 Feb
3312 De2
56 May 27 6734July 22
5212 Attg 621s Jan
4934 Jan 7
10734 Feb 18
13612July 8
92 May 27
1137 Aug 5
8
7014May 31
463 Mar 26
4
4212 Aug 24
2334May 3
8July 12
823
7614 Jan 4
104 July
88 Apr 9
2418 Mar 2
6 July 30
3014 Feb 6
84 June 3
38 afar 26
8934May 2
621 2MaY 3
41alune 1
45 Aug 6
1025 Feb 18
8
113 Jan 3
14714June 3
50 May 27
8May 21
1133
65 July 19
33 Aug 14
4
1812June 28
81 18 Jan 8
8June 14
933
70 May 31
73 July 25
4018alay 28
1297s Jan 18
31 Aug 9
10612May 28
61 June 12
32 Aug 30
3 Aug 12
8112June 13
9312 Jan 16
130 May 31
4314 Aug 21
101 12July 29
56 May 28
110 June 17
65 June 21
71% Apr 6
1043
8June 7
3514June 1
17 Jan 2
19314 Jan 8
160 Mar 26
16014 Mar 26
115 June 20
136% Jan 5
10714May 15
6714 Jan 8
97 Jan 3
15 Aug 16
3618 Aug 14
9 May 28
39 Aug 7
2218July 15
9012July 28
99 May 20
823
4Junc 13
577 Aug 15
8
8358 Jan 7
15912 Jan 3
112 Jan 2
750 Apr 23
96 Jan 3
35% Jan 15
40478MaY
119 May 1
47 Feb 20
8
2163 Aug 29
4
487
85iay 13
11 14 Jan 2
1014 Jan 8
25 Jan 3
5438July 24
11834July 15
118 July 15
3543 Aug 30
4
125 Apr 27
330 Aug 20
1114 Jan 14
4252 Jan 3
8
235 Jan 15
%
73 Jan II
14912 Aug 30
6534June 14
2012 Jan 16
6014 Feb 6
73141May 2
62 Feb 4
12612 Mar 21
3134June I
104 June 12
18412 Aug 24
192 Mar 28
1061s Jan 3
Jan 29
s6 July 22
733 Aug 30
8
55 May 2))1
4734 Feb 25,
95 Aug 20'
1647 Aug 301
8
108.1 Feb 14
103 Feb 21
42 Apr 19
10 Jan 2
5214 Aug 29
855 Jun 24
8
5312 Aug 23
98 Mar 6
8914 Aug 30
87 Jan 10
8
75 Feo 21
136 July 16
11978 Aug 2
232 Aug 19
813 Feb 6
4
135 Feb 6
9814 Jan 7
177 Jan 31
8
55 Jan 31
1583oJuly 24
105 Feb 28
80 Feb 13
,
848 Feb 15
5412July 17
188 May 3
643 Jan 2
4
134%July 12
743 Jan 31
4
417 Mar 15
8
7 Feb
11218 Aug 8
1243 Mar 1
4
an 4
138
49 July 26
112 Jan 24
797 Feb 4
8
114 Mar 13
85 Apr 25
4
943 Jan 25
III Feb 1
60 Jan 2
327 Mar 25
8
30312 Aug 26
205 Aug 30
205 Aug 30
131 14 Jan IS
.
1691 Aug 29
112 Apr 6
17312 Aug 30
104 Jan 28
27% Jan 3
8
583 Jan 2
1618July 18
46 Mar 2
4914 Mar 18
11114 Mar 19
140 Mar 22
8614May 9
43 June 26
10212June 17
443
8May 28
29 May 28
8
847 Aug 15
1814 Aug 9
512 Aug 9
7014 Aug 16
19 July 17
20 Aug 17
4812 Aug 10
43 May 22
4012May 31
3218 Feb 18
45 4 Feb 11
3
5312 Jan 29
90 Apr 15
9812July 30
1018 Feb 25
221 May 16
623* Feb 21
48
Dec
124 Mar I 10614 Dec
683 Mar
1
36% Nov
4912 Mar 4
8514 Feb
95 Jan 30
86118 Jan
18% Jan 2
1114 Jan
1014 Jan 2
6% Jan
86 Jau 24
71s Jan
,
407 Jan 2
3514 July
30 Feb
2814 Def
.
5324June 18
70% Jan 10
-- -14 KM; - 1 Dec
40 71;
4714 Apr 5
37% Feb 53% Sent
687 Aug 20
8
3718 Feb 597 May
2
61 12June 26
38
Feb 8514 Oct
777g July8
50 Nov 8612 Dee
1173 Aug 30
8
63
Jan 114
Dee
106% Jan 14' 102 July 11012 May
177k July 16
814 Jan
173 June
8
500 Aug 30
38181May 27
79 Apr 10
101 May 28
106 June 4
389 Jan 16
4June 28
843
8May 1
273
27 May 31
40 Aug 29
112July 24
95% Apr 10
36 Aug 9
4 Aug 15
4 12June 4
I, May 31
275 Mar 26
8
9918 Apr 15
1005
87May 14
;A, Jan 7
12(1, Apr 8
166 Mar 26
5 May 31
2212May 25
1018May 22
405
8May 29
11(1 Mar 26
57 July 23
13 Aug 27
48 Apr 24
4012 Feb 14
45 Jan 18
117 July 10
15% Jan 7
3614 Nov
76 Nov
90 June
109
Oct
195
Jan
93
Jan
3018 Dec
11
Jan
3.114 Jar
23 Jan
4
59 June
85
Apo
1025 July
8
142 Dee
114% June
425 Dee
9912 Mar
3312 Dee
65 Belt
7% Jul e
I
Jan
223 Dec
4
1438 Jan
10 Nov
3114 Jan
69•4 Sett
5ss Mt r
995 Dee
8
116 Feb
-1201 June
:
11518
918
2718
1558
55%
743
4
80
14%
36
153
8
397
8
120
1058
4014
70%
1363
4
8814
1105
8
71
44
26211; IVO;
127% May
Feb 200 1.1.i.c
Oct 1684 Apr
437 Nov
8
Feb
Feb 28 Nov
Feb
7972 Nov
Jan 159 May
Oct 65% Jan
24% Aug
July
Feb 815 Sept
8
Feb 443 Nov
8
July
4918 Jan
Dec 128 June
Apr 2614 May
6572 Me y
AP
Jan 11712 Nov
Jan 147
Apt
July
JaD
Aug 13712 Mae
Dec 105 June
Dec 503 Dee
4
_
/2 -Feb 85
.
4
104% June 110
81
Feb 100
31
59
28
90
Nov
Feb
Jan
Jan
_
514 Jan
56 ,an
87 June
10314 Oct
12912 June
39 Mar
109 ALIR
963 Dec
4
12% July
38
Dec
6214 Jan
10012 Dec
7018 Nov
81% Dec
hO'2
Jan
5114 Feb
Dec
May
Sept
15 8 Feb
5
67% Pet
86 Nor
46% Aug
9912 May
-ilia Oct
85% Oct
115
Jan
Mar
Dee
Nov
May
Nov
Feb
Ja^
Mel
M:
Nov
Nov
134
183%
63t_
117%
99%
26
90
95
10714
77%
8614
143
85
Dec
Apr
16i- -.lit;
275
8
312
30
169
131
- 7 Sept
71
;
Nov
45 May
Aug
618 Mal
Sent 119
Jan
Feb 293 Dec
Mar 142
Apt
16(1 Oct 121:1 - Jute
5018 June 703 Jan
8
109 June 120
Feb
65
Feb
100
Feb
46
Feb
17% Dec
172 July
152 June
152 June
115 4 Sept
1
1097 Aug
8
107 Nov
82 June
98
Oct
14 :uly
39
Aug
10,2 June
34 June
6% Jar
40
9312 Nov
11012 May
7358 Sept
32
Jan
211 May
1843 Dee
8
(8472 NOV
126
Apt
14214 Nov
116 Mar
76% Nov
108
Apt
323 Nov
8
663 Nov
4
1912 Feb
533 Oct
4
57
Oct
11774 Oct
-_-___.
54% D. e
111
Dee
56 Nov
1127 Nov
8
9712 June
2312 Sept
13% May
9112 June
613 Apr
4
44% Mar
1408
New York Stock Record-Continued-Page 3
For sales during the week of stocks not recorded here, see third page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Aug. 24.
3 p87.
7i ,18
eshare
Monday,
Aug. 26.
Tuesday, I IVednesday,. Thursdag,
Aug. 29.
Aug. 27. 1 Aug. 28.
Sales
for
the
Week.
Friday,
Aug. 30.
STOCK
NEW YORK STOCK
EXCHANGE
PER SHARE
Ranoe Since Jan. 1.
-share tots
On baste of 100
&toes:
I
Per share
per share S per share $ per share S per share 'Shares Indus. & %fiscal. (Con.) Par $ Per Mare I
514 Aug 5
918 1012 1078 113
8
4
4
1034 11,
4 103 114 107 1114 42,900 Austin. Nichol' & CONS par
*3534 40
417
8 1,700 Preferred non-voting_ ___100 32 Mar 14
41
40
41
417
8 41
.37
41
413 *37
4
*544 544 *5418 5
51 12July 15
Austrian Credit /kronaIt
413 *544 5
4,2 *544 5412 .5414 5413 *544 5412
.3112 3212 3034 317
4 4,200 Autosales Corp
283 303
31
8
3112 3012 31
8 314 32
Alo par 224 Feb 15
*44
45
4418 4412
•1413 45
700 Preferred
4413 4412 4413 4412 *44
45
50 3614 Mar 4
.40
423
900 Autoatr Sal Razor "A- _No par 3912 Aug 27
8 3938 39% 3912 39% 4012 4012 403 403 "4012 41 12
4
4
2493 2493 245 24712 .240 246 .242 247
4
3246 248
600 Baldwin Locomotive Wks_100 210 May 31
4
247 247 :
118 118
320 Preferred
117 11812 "119 1193 119 1193
117 118
1153 117
4
4
100 11412June 7
*107 108
200 Bamberger (L)& Co pref_100 104 June 13
107 107
1074 10712 10612 106,
10714 107 4 •107 108
2
,
.30
3012 30
22,610 Barker Brothers
3012 30
30
30
303 .3012 31
3018 .30
4
No par 25 July 2
94
9612
94
8July 2
460 Preferred
94
*94
94
9412 *94
94
94
9(112 *94
100 853
•714 10
8
100 Barnett Leather
*712 8
4
8
*714 10
7 June 13
.
No par
714 94 *73 10
38
3812 3718 383
393 40,500 Barnsdall Corp class A
4
8 3818 3914 33
8 3714 38,
25 3318 Aug 8
4 374 393
'90
•95
*90
98
98
*90
98
94 .90
*9.5
Bayuk Cigars, Inc
93
04
No par 87 June 1
*9914 100
.9914 100
100 100
60 First preferred
9914 99, *994 100 .994 100
4
100 9812July 3
30
307
8 2914 30
2813 29,
2913 2812 294 16,900 Beacon 011
2 2812 2912 29
No per 20 Feb 7
84
400 Beech Nut Packing
.83
83
84
*83
85 .8312 85 .8312 85
8512 8.5
20 73 May 28
*1112 113
11 13 1112 1.200 Belding Hem'way Co_ _No par
4 1113 1112 111. 1112 1112 1112 •1113 12
9 Aug 5
*824 8314 83 8 83 4 8312 8312 .
8
8
700 Belgian Nat Rye part pref... _ 81 Jan 29
8314 83 2 8318 8314 833 833
,
,
,
8
9314 94
9138 944 91
927 47,200 Bendlx Aviation
92N 90
92
914 91
90
78 May 31
No par
97
973
9818 993
98
4 4.400 Beet & Co
9814 97
9712 98
983 *
4 97
4 97
753 Mar 28
4
No par
13838 1403 13513 13912 134N 1367 1343 1373 1347 1373 1374 13912 249,600 Bethlehem Steel Corp____100 824 Jan 31
8
4
8
8
4
12038 1203 12012 121% 12038 12012 12112 12338 123 1233 123 123
8
8
2,400 Beth Steel Corn Pf (7%)_100 1163
8May 31
.49
*49
.49
50
50
*48
50
4818 .48
50
200 Bloomingdale Bros
50
48
No par 4214 Jan 21
•105 110 .105 110 .105 110 •105 110 '105 110 .105 110
Preferred
100 102 Aug 9
99
100 Blumenthal az Co pref
*9514 100
99
99
99
99
99
99
99
*9514 99
100 9212 Aug (1
11714 11812 •117 118
118 1108 11718 119
3
115 11514 114 11512 3,600 Bohn Aluminum & Br __No par 11014May 28
82
83 .82
83 .82
83
83 .81
84
*82
83 .81
200 Bon Aral class A
No par 78', Mar 25
7
7
*67
8 7
6% 64 '64 7
900 Booth Fisheries
63
4 64
64 (33
4
6 Mar 26
No par
*41
•42
48
45 .42
.41
.41
47
48
47
47 .41
100 1st preferred
100 44 Aug 23
25 8318may 28
9514 96
95
95
94
964 93
22.700 Borden Co
8
95 4 9314 9412 933 94
,
8513 863
83
837
8 81
83
86
8
82
85 4 8414 857 21,900 Borg-Warner Corp
3
4 81
109 7712 Aug 16
9
*8
8
9
.8
*8
912 .8
8
9
100 Botany Cons MIlls class A.50
9
.8
8 Aug 30
334 33% 3318 3312 3318 36
8
3514 373 141,900'BrIggs Manufacturing_No par 80 May 31
3418 3712 3512 36
3,
2 4
*314 44
*314 4
'314 4
100 British Empire Steel
335 312 .313 4
3' July 11
100
10
9
9
3
1,100 24 preferred
94 94
9 3 972
,
9 4 94 10
9 2 94
,
100
5 4 Jan 14
3
4212 42% 4013 42
4 5,200 Brockway Mot Tr ____No par 3912 Aug 0
403 41
4
404 433
4038 41
41
41
100
.89 100
.89
*89 100 •
89 100
889 100 .89 100
Preferred 7%
100 106 Apr 30
23612 2374 24413 24812 24012 24514 2387 2444 23912 240
23918 246
8
17.200 Bklyn Union Gas
No par 170 Apr 9
*47
473
48
48
4 4712 473
1,400 Brown Sboe Inc
4 4713 4712 4712 48 .173 48
4
No par 3818 Apr 4
38
364 3718 3613 3612 3618 363
373
4 38
3,400 Brune-Balke-Collander_No par 851 2July 26
4 363 364 37
8
*283 29 4 28% 2812 283 287 2283 2912 30
4
8
307
8 2912 304 5,200 Bucyrus-Erie Co
8
,
8
10 25183.1ay 28
40
101 3818 Aug 7
40
3913 4014 3978 40
23914 40
393 394 3914 417
8
7.100 Preferred
*11218 114 •11218 114 *11218 114 .1104 114 •1113 114 *111 12 114
4
100 11112July 3
Preferred (7)
4412 4412 45
45
444 4418 *444 46
4412 4412 44
441
1.300 Bullard Co
No pan- I 44 Aug 0
99
.943 99
99 .95
8
.9418 99 .95
*95
99 .
95
99
Burns Bros new clAsomNo par 94 Aug 6
.2734 29
.2714 2912 .2813 2912 .2812 29
2914 2914 .29
100
29, .
New class B com____No par 224June 4
100 100
•99 1044 .99 1047
.99 104
*99 100
*
99 104
10 Preferred
100 9514Juue 27
624 634 634 643 x644 6712 677 69% 68
6913 6838 701 , 60.700 Burroughs Add Mach_No par1 96214 Aug 9
4
8
647
6112 63
8 64
6613 6314 65
6112 63
62
63
940 Bush Terminal
.62
No par1 5412 Aug II
1054 106
106 106
10518 106
105 105 "105 10512 105 1051
1,500 Debenture
1001 10214June 29
11413 11412 11412 11412 .113 115
100 110 Mar 22
11314 11314 113 113 .113 114
110 Bush Term 1314122 prof.
.74 812 '7% 8,2
84 84
800 Butte & Superior MI11104_10
614May 28
.
812 9
84 84 .813 9
4
8
4
4
414 43
4 14 4,700 Butte Copper & Zinc
44 414
418 4 4
5
34 Aug 1.11
4
4,
4
,
3812 39
.38
39
37
100 28 June 6
3812 *37
3712 3712 3712 3613 37
1,200 Butterick Co
8
131 1343 130 132
133 134
132 14134 13713 14313 1423 149
4
23,900 Byers & Co (A M)____No par 12014 Aug 9
•110 118 .110 118 •110 118 •110 118 •110 118 •110 118
100 105 Apr 3
Preferred
333
*3314 33% 324 3318 3212 3212 33
8 33
3,600 By-Products Coke new_ No par 31 18 Aug 12
33,
4 3212 327
8
3
79
7912 803 80 4 8014 8112 8012 8212 813 847
8314 21.600 California Packing_ _ __No par 7218 Mar 28
4
8 82
.30
35
'
35 .32
35 .314 35
*31, 36
25 25 June 17
4
3412 344 32
50 California Petroleum
112
itz
14
13 • 13
4
112
1 13
13
10
8
112
1 12July 26
112
13
4
2.800 Callahan Zino-Lead
13
4
129 1293 1303 1313 1294 1304 1294 130
1293 1317
4
8
8
12918 130
8
8.600 Calumet & Aririona Mining_20 123 July 16
4612 47
4514 464 4613 4753 4618 4714 4612 47
24512 467 20.800 Calumet & Reda
8May 2
25 383
9214 9414 9112 94 4 9012 927
,
8 90
9034 8818 904 89 8 921 29,700 Cana,la Dry Ginger Ale No par 78 Jan 4
,
4312 453 49.000 Cannon Mills
4238 43% 4314 484 45 4 474 4512 463
8 4414 46
No par 35 Aug 5
3
*330 345
340 345
330 330
335 346 .331 340 *334 340
2,100 Cue Threatt Machine etfs100 308 June 20
*120 121 *120 121 *120 121
600 Preferred Ws
100 120 July 3
121 121 .121 122 *121 122
183 Aug 29
4
1919 20
19
183 183
4
*20
4 183 183
21
4
700 Cavanugh-Dobbs Inc_No par
•19
1912 19
8818 .88
881
100 Preferred
01 18 .88
88
*883 9118 .883 9118 88
100 88 Aug 27
8
8
88 •
58
593 •
5614 58
No par 52 May 29
58
4 59
56
56
56
1,400 Celotex Corp
56 12 57
60
•85
89
89
89 .85
*86
100 8514June 24
89
.8.5
86
86
*857 89
8
100 Preferred
4 3312 331
333
333 *33
4
300 Central Aguirre A880_ _No par 30 June 10
333 34
8
33 8 *33
3
*33
333 *33
8
517 5314 534 55
8
,
534 344 534 55 4 5312 544 6314 537 49,900 Central Alloy eiteel____No par 4012 Mar 26
•11112 ____ .11112
3
.11112 --- •11112
*11112 -- •11112
100 105 4 Apr 2
Preferred
8 Aug 10
600 Century Ribbon Milla_No par
,
814 814 •
.814 9
74 8 4 •714 8'
.4 9
8
,
8.4 8 4
,
693
70 *-- 693
4
*____ 70 *--- 6 3
70
100 6612 Am; 8
Preferred
94
97
9614 95
4 95
6,600 Cerro cle Pasco Copper_No par 884May 28
9812 9612 0712 9514 95,
954 96, 98
1812 Apr 10
1,800 Certain-Teed Produas_No par
8
*2914 20 4 2918 293
3 283 284 2812 281
4 2338 283
3
8 284 283
90
100 4711 Apr 12
90 .73
90
90 .73
.73
90 .73
90 .73
.73
7% Preferred
561
56
2,100 City Ire az Fuel
57
5718 57
573
8 564 57
No par 49 June 24
5712 .57
577
8 57
.98 100
100 99 June 26
l'referred
991 *98 100 .____ 96 •___ 96
:
*98 100
No par 564 Mar 28
Certo Corp
s 867 874 8612 88
. 24,100 Chesapeake Corp
2
;;:1- 15
-3T2 8713 8 7 86% 8512 877
No par 78125,1hr 28
. 4
1
-- -8
4312 34
4,600 Chicago Pneumat Tool No par 2814 Mar 28
4312 44
4413 4412 4438 447
4
2 433 4412 4313 44
544 55
3,000 Preferred
4
547
54% 5312 54% 54
8 544 51,2 543 55
No par 4818 Mar 27
54
4
20 Chicago Yellow Cab___No par 2818July 16
4
.30
29 .293 303 .293 30
31
303 30 4 29
4
4
3
30 4 *30
3
3613 3613 361
364 3612 36
1,200 Chickasha Cotton 011
36% 364 361s 3612 3612 37
10 86 July 23
684 74 ; 13,600 Childs Co
69
68
*6812 6912 .683 69
8
4
69 .
No par 447 Mar 20
69,4 69,
4 69
*99 110
.85 100
.99 120 .99 110
500 Chile Copper
.85 110
100 100
25 7114 Jan 8
8
7213 73% 7214 73 8 7112 727
8 713* 7314 713 724 714 723 61,300 Chrysler Corp
7
No par 66 May 31
*4612 4713 .4613 49
120 City Stores class A
4612 47
*4613 49
4612 461. .4612 49
No par 4613 Aug 24
19
1813 19
18.1July 8
19
193
9.400 New
19,
193 1934
4
1914 1912 183 19,
4
s
No par
•46
45 12 444 453
1,300 Cluett Peabody & Co No par 4218 July 29
46
"45
463
4 45
46
4614 46
46
100 100 *100 105
50. Preferred
102 102 .7
105 .100 102 •____ 105
100 100 Aug 29
152 1541. '19,100 Coca Cola Co
15014 154
8June I
146 147% 14614 1474 147 1487 14834 152
8
No par 1203
8
9001 Class A
.4612 463
No par 4812July 3
463 463
4
4 464 464 403 463* 4612 463
4 4612 461
44
45
45
4414 4412 4412 44
45
3.6001Collins & Aikman
44
44
4535 44
No Par 41 Aug 8
93
03
93
9001 Preferred non-votIng_100 90 Aug 23
92
91
*90
92
93
.90
*90
93 .90
34 6313 6338 644 66
3
19.300 Colorado Fuel & Iron
67
673
8 643 65
100 66 May 27
684 6613 683* 65
220 22714 225 2281 t 17.900 Columbian Carbon v t eNo par 121 14 Mar 26
209 21912 220 225
21314 21812 205 213
92
8 90
914 8912 007
82,500 Colurn Oaa & Elec.___No par 5312 Mar 28
9113 90
89
34 92
92
924 90
8
500 Preferred
1063* 1063 •1064 107
10634 1063 •10612 107 .10612 107
•10612 107
100 1034 Mar 21
8
634 65
4
. 5514June 24
62
6414 623 644 647 673* 6414 6678 6414 66 275,100 Columbia Graphopbone
473 49
4
47.200 Commerelal Credit__ .No par 43 Mar 26
483 4912 4812 49's 473 483
8
8
4 474 4.83, 4818 49
20 Preferred
*243 2614 .2414 2614 *244 2614 "244 20 4 264 2614 •2614 301 0
25 24 May 27
4
,
100 Preferred 11
.26
2612 261. 264 2612 2612' 2714 277 ;
2612 *26
2614 *26
25 25 Jan 21
94
600 let preferred (6(-%)_,,J00 9212July 3)
9313 9412 93
96
96
9312 95
95
05
9312 95
2053 2073; 110,300 Comm Invest Trust___NO Par 1302 Jan 2
4
201 204% 20018 20414 2014 2064 202 2074 20212 209
*104 1044 •104 1043 *104 10414 *104 1043 •104 1043 .101 1043;
7% preferred
4
4
100 10114 Mar 27
4
4
4
100 Preferred (6)4)
4
. 3 9414 *903 95 .
390 8
100 92 May 31
8
943
4 943 943 *943 97
903* 9713 .91
667
8 6212 621 1 34.700 Warrants
63
4
61, 6114 58
60
60
100 2714 Jan 7
6112 6012 68
490 490 .485 500
49512 497
1,000 Commercial Solvente_No par 22514 Feb 18
.
499 50014 499 49912 490 499
100 Commonwealth Power_No par 10714 Jan 7
.208 230 .210 230 .215 225
220 220 .215 225 •215 225
65
400 Conde Nast Publics_ _No par 5918.1une 3
.6213 7013 *6312 65
65
63
63
65
65
65
65
8
2312 233
4 234 2313 23
8 223 231 i 15.900 Congoleum-Nalrn Ino_No par
8
234 223 234 224 227
1945113Y 28
717; 5.000 Congress Cigar
4
Ws 6912 693 70
7214 71
70
704 70
No par 67 June 17
7012 71
*12
.13
5
8
3
4
',June 27
.12
3
8
t
3
8
•12
Conley Tin Foll stpd_No par
*
4
53
.13
6638 .66
70
66
71
70
3.800 Consolidated Cigar __No par 6012July 20
67
67
69
69
34 7018 69
82
.80
82
940 Prior pref.
82
84
8014 8112 8112 8318 *8112 84
82
100 7512 Aug 14
25
2512 2514 2514 25
4
251 1 3,200 Consol Illin Intl ore_ _No par 243 Aug 8
253
8 25
25
25
254 25
17612 17812 17112 178
174 17612 17012 17512 1704 17312 1734 1803i 199.000 Consolidated Gas(NY) No par 9518 Mar 26
8
99 i 5.300 Preferred
983 984 9812 994 99
99
99
9912 99
0914 99
. _.__No par 961 2Juue 28
23
8 23
4
24 23i 9,600 Consolidated Text11.3__No par
23
8 27
8
21221,0e 3
8
4 27
23
4 278
23
8 234 •23
154 1512 134 1512 1512 1512 154 15 4 1512 16
154 18
6,100 Container Corp A yot_No par 12 May 24
,
2
512 61.
4.000 Class B voting
614 63
4
612 64
6 Apr '20
64 7
No par
613 7
612 634
4 84
83
83
82% 833
81
7,400 Continental Baking el AN,par 4718 Jan 8
8312 8212 844 823 834 83
4
12
117s 1218 12
12
1212 12
11,000 Class B
818 Jan 8
12,
1214 12
No par
8 114 12
9612 07 .9614 97
•9614 97
500 Preferred
964 964 96, 964 •9614 961 I
100 8812 Jan 2
4
8312 86% 8318 844 8212 834 8212 85
883
8 874 9171214.390 Continental Can Inc__No par 60 Jan 19
84
93
92
9314 9212 115
8 9812 101
984 98 1013
100 106 4 147,200 Continental Ins •
10 79 Mar 26
21, 01Contkiental Motors___No par
1412 147
50
,
1512 15 8 1414 15 4
3
13 Aug 9
144 143
8
4 143 1412 1412 15
iI
1
• Bid and asked prices; no sales on this day. 0 Ex-d1V 50% In stook. p Ex-dividend and ex-rights. z Ex-dividend.
.
Highest
PER SHARE
Range for Previews
Year 1928
Lowell
Hil08e11
3 Per chars 3 per share 3 per 'Aare
43 Jan
2
114 Aug 27
94 May
25 July
39
424 Jan 14
Jac
65 Jan 8
58
Oct 75 May
3414 Nov
612 Jan
3513 Aug 16
25 Aug 41 Nov
457 Atig 19
8
43
Oct 5213 May
50 Jan 11
27112Mar 22 235 June 285 Mai
Oct 1214 Apt
125 Apr 3 115
1104 Feb I 10714 Noy 1111s Jar
284 Aug 3514 Del
334 Jan 23
8
917 Dee 10112 June
97 Jan 28
2312 Aug
5212 Eel
294 Jan 15
20 June 53 Nos
4918May 10
98 June 14013 Mal
4
1133 Jan 25
1083 Jan 29 1034.- w 1 104 Mal
4
1214 Mar 244 Del
324July 17
70 s July 1014 Der
3
101 Jan 12
Jar
12 Dec 22
171 Apr 18
4
824 Sept 9213 Mal
844 Jan 3
10438Ju1y 24
OF
- 8 Jan 102
13
;
1004 Aug 20
514 Juoe 884 Del
1403 Aug 24
4
1234 Aug 2 11618 June 125 API
333 July 50 Ben
8
6178 Apr 5
4
10912 Jan 1113 Jul)
111 Jan 1
87 June 122 Del
118 Jan 2
4May 4
1363
De;
6104 Jan 154 8912 Jan 12
1212 Not
514 Jan
1114 Jan 2
4114 Mar 7218 Not
4
633 Jan 18
10012July 10 --- ---- ---- ---•
__ ___.
___
8May 1
1433
23 Jaz
_-1 8 4 Aug -154 Feb 11
2118 Feb 634 Orr
8318 Jan 3
914 Mai
14 Jan
678 Jan 28
12 Fel
214 Jan
1312 Jan 28
454 June 7512 Non
734 Jan 2
145 Jan 2 110 June 160 Non
24812 AUg 26 139 June 2034 Non
44 Dee 5512 Ap
49 July 22
2712 Feb 624 Sep
5514 Jan Di
4
2412 Feb 483 Mal
423 Jan 5
4
2
334 Fib 543 Mai
60 Feb 6
An
117 Apr 25 11014 Mar 117
5438July
-- -77.
_ ____
-Ore
9112 Feb 127
127 Jan 19II
154 Mar 43% Jun,
39 Jan 14
3
073 Feb 110 4 Jun,
4
10514 Jan 7
3293
4May 21 139
Jan 249 De
8918 Feb 2
50 June 88 De,
11012 Mar 2 1014 Aug 115 Ma:
Aug 11912 Jun.
1184 Feb 19 Ill
1238 Jan 4
84 Aug
184 Mai
1214 Non
94 Jan 3
418 Jan
41 Jan 2
3712 Dec 6712 Mai
19278 Jan 2
9013 Jan 20844 De,
12114 Jan 8 1084 Apr 118 De
373
_ ___,
_ ____
8JUIY
84% Aug 29
17-- June --- 8 Sep
684
823
3412 Aug 28
2514 Mar 86 Sep
4 Jan T2
IN Mar
54 AP
1364 Aug 7 -___ _.__ ____ __,
617 Mar 1
8
204 Jan
474 No,
544 Jan 864 Ma:
983
4July 13
13 Des 50 Sep
484 Jan 3
38812July 17
1224 Aug 6
4218 Feb 28
10512 Mar 8
793 Feb 4
8
9313 Feb 7
3912 De
- - -Dec - - - 3814
483 Jan 30
4
284 Mar 484 De
66 4 Aug 2
,
1124 Jan 28 107
Jan 11134 Ma.
2013 Jan 2
00
II Aug 24
82 Jan 17
77 Aug 92 Ma
120 Mar I
5812 Jan 119 No
32 July 30
2318 Dee 844 Ap
814 Jan 11
75 Nov 100 Ma
623 Jan 30
4
10514 Jan 24
9214 Jan 31
; Le
7012 Oct 831 112 July 2
623 July 814 Ja
4
47 Aug 5 III Aug 17313 De
8July 25
563
36 Jan 7
294 Aug 43 Ja:
50 Jan 2
45 Dee 564 Oe
83
747 une 29
37
Apr 64 De
12712Mar 21
s
3738 Mar 747 No
135 Jan 2
543 Jan 14012 Oc
4
52 Jan 2
544 JIM
514 Jan
27 Feb 4 __
723 Jan 3
4
this 11)ec 1093, AD
.119 Jan 3 1114 Dec 1241 Ma
4
15-112 Aug 30
50 Feb 4
7214 Mar 14
-1 -3
418 Dec 1 -1 4 Ja
10312 Feb 6
Ja
90 Nov 109
784 Mar 8
5212 June 844 Ja
22812 Aug 30
79 June 1344 De
964 Aug 5
894 Mar 14072 De
109 July 18 106 June 11012 Ja
884 Jan 9
81
Doe 8434 No
624 Jan 2
21
71 No
Feb
2638June 18
23 Feb 27 MA
28 June 14
23 Feb 28 De
3054 Jan 24
85 June 107 No
2093 Aug 23
8
5514 Mar 1404 No
109 Feb 5
99
Jan 109 Ma.
99 Jan 28
923 June 984 Au
s
08 Aug 28
84 Aug 304 De
504 Aug 21 1374 June 25014 No
2-18 June 16
6214 Jan 11011 De
03 Jan 10
Oc
84
48
Jan
4
353 Jan 28
22 June 8112 Al
924 Feb 6
67 Feb 87 4 Dr
,
1 12 Feb 7
33 Ma
4
4 Jan
9514 Jan 2
7912 Jan 100 On
96 Jan 7
944 Oct 102 4 All
/
30 4 API' 23
3
23 July 294 Set
182 AM: 20 v74
Aug 17014 Ma
1003 Mar 25
2
974 Aug 105 Ms
63 Jan 15
8
214 Aug
84 De
2312 Jan ii
All
36
20 Nov
114 Jan 2
93 Oct
4
1914 All
90 July 14
2813 Apr 5312 Ja
1514July 9
94 De
3 4 Apr
3
100 June 6
73 Apr 984 Ja
014 Aug 30
s
53 Des 1287 set
1063 Aug :10
8
75 Feb 947s Ms
283 Jan 21
8
10 Mar 2012 No
New York Stock Record-Continued-Page 4
1409
For sales during the week of stocks not recorded here, gee fourth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Aug. 24.
Monday,
Aug. 26.
Tuesday,
Aug. 27.
Wednesday, Thursday,
Aug. 28.
Aug. 29.
Friday.
Aug. 30.
Sales
for
the
Week.
PER SHARE
Range Sines Jan, 1.
On Oasts of 100
-share tots
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
$ per share
per share $ per share $ per share $ per share $ per share
1045 1063 10412 1057 10312 1087 10812 11118 108 1093 10812 111
8
8
8
8
4
14212 14212 1405 1403 14012 1401.2 140 143 .14012 142 .14012 142
8
8
.
5234 533
8 525 5312 53
8
543
8 5314 5414 525 53141 515 53
8
8
*30
32
3018 3018 .30
32
30
30
.30
32 I .30
32
94
9512 94
947
8 93
95 8 94
3
943* 94
943
4 94
957
9
7414 751s 743 7512 74
8
75
8
7312 7438 743 743
8 74
7418
*9418 96 . 8 06
935
*9418 96
"9418 96
*9412 9512 *9412 96
*2112 22
*2112 22
8 223 223 *2114 2218 22
217 217
8
8
8
22
1143 11814 11714 1213 11512 1205 11712 120
4
4
8
117 118
117 1193
•
110 11012 110 110 *10912 111 *110 111 .110 111 .110 111 8
*1412 1514 1412 1412 147g 147
147 15
1412 1614
8
s
15
15
114
138
114
114
112
114
13
s
13
8
114
112
114
114
5
5
43
8 5
413 414
414 43
4
43
8 5
5
5
1212 1212 1212 124 1212 1212 1212 1212 .1212 13
123 123
4
4
•
72
75
*73
75
73
73
73
73
72
74
"7212 74
.4
412 *3
438 43
412
*4
4
8
373 31
.312 412
51
5012 503
5118 51
4 51
.51
52
51, 5212 5153 533
1
s
*165 166 .165 170 .165 170
165 166 .165 170 .165 170
120 12012 12012 12012 •12012 123
121 121 *12012 123 *12012 123
*11512 11718 "11512 1 .712 .11512 1171s *11512 11712' 116 116
11
118 11614
Highest
Shares Indus. & MisceL (Cols.) Par
sir sears
Dor share
99.200 Corn Products Refin1ng___25 82 Mar 28 11118 Aug 28
100 13958July 6 14434 Jan 19
40 Preferred
No par 51 Mar 26 8214 Jan 28
22.900 Coty Inc
8
100 225 Jan 10 5758 Apr 17
200 Crex Carpet
10,900 Crosley Radio Corp_...No par 83 July 15 125 Feb 25
3.500 Crown Cork lc Seal_ _ _.No par 4214Juiae 26 79 Aug 5
Crown Will Pat/ let pl_No Par 9418 Aug 16 10114 Jan 18
1812July 9 253 Jan 9
No par
500 Crown Zellerbach
4
23.900 Crucible Steel of America_100 85 Mar 28 1213 Aug 26
4
100 Preferred
100 109 Jan 8 1163 Feb 28
4
1112May 31 244 Jan 3
No par
3.200 Cuba Co
No par
6,100 Cuba Cane Sugar
34 Aug 13
54 Jan 3
278 Aug 13 187 Jan 3
100
7.200 Preferred
8
11 Apr 24 17 Jan 3
1.000 Cuban-American Sugar...AO
240 Preferred
100 6018June 14 95 Jan 3
2 June 21
200 Cuban Demean Sug_No pi,'
63 Jan 2
4
50 49 Aug 10 677 Jan 15
12,400 Cudahy Packing
8
200 Curtiss Aer & Mot Co_No par 13518 Mar 26 17312 Feb 5
Curtis Publishing Co___No par 117 Mar 28 129 Mar 16
No par 11312 Mar 23 12134May 25
300 Preferred
No par 20714 Apr 17 325 July 25
____ Cushman's Sons
*UoT2 cif- 12O' l2O'z *11814 125 •
1 - .125-261E100 120 June 19 13,1 Mar 22
20, Preferred (7)
*
94
97
9418 9418 9412 96
9413 95 .94 96 9414 9414 1.000 Cutler-Hammer Mfg
10 581x Mar 26 101 12July 19
*97
99
97
983
9714 97 101
4 97
1110 102
102 1043
No par 63 Jan 3 1043 Aug 30
4 5.400
1 Fruit
4
4818 4814 4818 49
4814 4912 4514 49
477 4814 4712 4814 9,500 Davlson Cbemical
8
427
No pa
8May 31 6918 Jan 31
*345 3612 •343 3612 .3414 3612 *3414 36
8
8
•3414 3612 .3414 3612
5s 3318July 9 464 Jan 24
Debenham Securities
•117 118
117 117
118 119 .117 126
120 120 .117 126
100 116 Feb 26 128 Jan 4
80 Deere & Co pref
349 349 .340 349
340 340 *335 345
341 345
341 345
100 224 Jan 2 385 Aug 2
1,900 Detroit Edison
4612 461
: 46
45
46 .
4612 .45
46
4512 4512 .45
4312June 13 644 Feb 5
4512
400 Devoe & Raynolde A--NO Pa
115 115 *115
•115 -- 115 115 .11314 115 *11314 115240
100 112 Jan 7 1154 Jan 15
1s1 preferred
•13312 1357s •13312 1343 •13312 13514 13314 13312 131 133 1 12814 133
4
100 12814 Aug 30 1644 Jan 11
310 Diamond Match
978 103
8 10
9
5s 93
4
10
9 4 97
3
8
10
10
*10
1014 1.600 Dome Mines Ltd
814 Mar 26 1l'* Aug I
No Pa
4018 4012 4312 447
8 4312 447
8 43
433
4 42
No pa
8
2 407 42
40 June 24 544July 1
e Stores
n
11218 114
11212 11414 1133 1167 1157 11812 1175 11913 1183 1193
8
8
s
8
8
4 12E00 D ru giniin
No go 105 May 27 12818 Feb 4
Dom l o
49
49
*4812 4912 4918 4918 4812 4812 .48
50 .48
473
4July 8 92 Jan 2
50
2. 0 Eu nhill International_ .No pa
3 0 tig
7
.96
98
*9818 9913 9612 9612 *96
9812 .9818 9918 98, 9814
4
ueene Light let Orel-- -100 4912 Jan 24 1007 Mar 5
s
*412 5
*412 5
.5
.5
5
.5
*41
. 5
41
41 22,5400 Durham icoda k h....N..
4 July 19
_ p
1112Mar 4
0 ..
t,...a..tma0H osler yc 11113 B.50
21412 2173 218 2243 221 22414 2233 2273 223 225
8
8
4
8
21312 21512
168 May 27 2273 Aug 28
8
12514 12514 12514 12514 *12514 126 .
12514 126 *12514 126 *12514 126
100 125', July 15 128 Mar 9
40 Preferred
577 60
8
5814 607
60
5914 5934 5912 593
s 59
4 5918 5912 6.600 Eaton Axle & Spring-No Pa
56 May 31
763 Feb 1
4
218 2217 21412 219 4 21212 21614 721112 21912 212 21412 212
8
3
3
2 155 4 Jan 22 222 Aug 23
*115 4 117
3
117 119 4 118 11813 118 11918 •118 11918 118 21312 53.200 E I du Pont de Nem
3
.
100 112 Aug 9 1193 Aug 26
118
4
2,100 6% non-rot deb
•
26
28
2618 2634 2612 2612 2612 2612 2612 27121 2612
264 3,200 Eltingon Sollild
253 Aug 19 3938 Jan 10
4
No pa
*90
94 .90
93
8812 91
9012 904
100 8812 Aug 27 113 J An 19
400 Preferred 6!.5%
15112 1533 15112 15314 149 1503 *8712 1493 1484 0014 *8712 8912
4
4 14858
4
14918 14812 1493 15,900 Electric Autolite
4
No Pa 1264 Mar 26 174 July 12
*109 110
109 109 .109 110 •109 110
109 109 *109 1101 108 July 3 115 Apr 2
0
160 Preferred
914 93
8
914 10
914 93
913 9
8
7
97
8 07
8
912 10
914 Aug 22 183 Mar 19
8
No pa
2.700 Electric Boat
7412 757
8 743 75
8
74
75
73 8 7514 723
5
8
7418 7612 51,9130 Electric Pow & Lt
No pa
4318 Jan 8 841,July23
•10512 10712 .107 1073 10712 10712 10717 10712,•10712 74
4
108
1077 1077
8
8
No Par 103 June 25 10914 Feb 13
500 Preferred
139 139 *13918 -- *13918
•
1394 ---- *1394 -___ 1393 1393
8
8 6.040 Elee
a_11
Battery.50
00 Certificate, % paid No POT 12212 Jan 4 14012June 28
835 851s 83
8
85
8318 847
8 83
8312 8312 843
8 8334 8434
77 Mar 26 927 Feb 4
storage
8
*312 4
*314 4
*3 4 4
,
*314 4
.314
4
*314 4
318June 15
612 Jan 9
Elk Horn Coal Corp __ _No par
*7
8
65
8 63
4
63
4 63
4 *631 7
714
714 .7
5 May 31
2212 Feb 7
700 Emerson-Brant clam A _No par
663 663
4
4 66
663 *66
4
67
6612 6612 *6512 6612 *6512 66
8
.
7%
8
900 Endicott-Jobnson Corp.__ 50 573 Aug 5 833 Jan 4
•110 115
110 110
110 110 .
110 115 .110 115 .110 115
8
100 1097 Feb 17 12414 Feb 28
200 Preferred
7318 733
8 733 745
8
8 723 733
4
4 73
74 2/2
723
4 72
74
28,700 Engineers Public Serv. No Dar 47 Mar 25 794 Aug 5
*11214 113
113 113
113 113 •11214 11312 .11112 11212 11212 11212
No par 90 Jan 12 12314 Aug 5
900 Preferred
*393 40 .393 397
4
4
8 393 393
4
4 393 397
4
8 397 40
8
397 39711 2,500 Equitable Office Bldg- No Par 3114 Jan 4 41 May 1
8
*473 50
4
481s 49
5018 5012 5012 51
*5012 51
51
64 Feb 28
5212 3,900 Eureka Vacuum Clean_No par 4412 Fels 1
4712 473 .45
4
48
.40
47 •____ 46
4612 463 ____ 45
4
5 46 Aug 14 733 Mar 15
4
700 Evans Auto Loading
2614 26, .28I4 2612 2614 263
4
8 2614 2614 .2614 2612 .2614 2612
60 Exchange Buffet Corp_ _ No par 2214 Jan 15 2712July 20
4434 463
4 47
4914 47
48
47
477
8 48
4918 48
494 14,400 Fairbanks Moree
4
No Par 404'day 28 513 Jan 21
10638 1063 •106 109
8
108 108
1083 1083 *10612 1083 10834 1083
4
4
4
100 106 Aug 13 1107 Jan 9
4
8
60 Preferred
*60
65
60
617
8 5912 60
59
5914 58
63
61
64 I 3.500 Faablon Park Assoc_ _ _No par 53 Aug 29 725 Mar 21
8
. 4 93 8 .923 9418 923 93
923
7
4
4
923 924 913 913
4
4
100 903 Aug 30 101 18 Mar 21
4 904 90 41
3
4
800 Preferred
•
90
94
90
90
•9018 94
90
00
90
90
.9014 9415 6814 Jan 3 109 June 19
500 Federal Light & Trite
997 997 .
8
8 9978 100
9978 100 *100 10112 100 100 *100 10112
Preferred
No par 9712June 11 104 Feb 6
90
.
237 300 •
237 300 *237 293 *237 300 *237 300 *237 300
10,3
Federal Mining & Smelt's.1 00 215 May 22 310 Feb 4
*99
993 *99
4
993 599
4
4
993 *99
9931 •99
9934 .99
9814 Mar 27 102 July 5
9934
Preferred
•13 8 13 8
5
1312 13.8
,
1312 1312 1314 1312 1314 1311 134 1312 1,500 Federal Motor Truck_No
134 Aug 16 224 Feb 6
Par
1063 1063 10614 1073 107 112
4
4
8
110 115
11214 11512 116 12012 51,200 Fidel Phan Fire Ins N Y___10 9014 Mar 26 12012 Aug 30
4 912
*74 812 573
4 814
814 814 *73
912 912 .94 912100 Fifth Ave Bus
012 July 23 1.43, Mar 2
No par
.
62
603 70
4
75
*6712 68
67
67 .693 70
4
70
71
No Par 65 July 31 9812 Eel, 25
800 Filene's Sone
993 993
4
4 903 993
4
4 993 993 *993 100
4
4
4
100 100
•9912 100
240
100 97 Aug 17 107 Jan 23
Preferred
81
8112 811s 8212 82
8512 8212 827
8 814 8273 82
8312 44.600 First Natlonal Storee_No par 62 Apr 18 8512 Aug 27
612 634
612 634
614 63
4
612 714
73
8 8
75
6 77 84.300 Fisk Rubber
8
614 Aug 27 2018 Jan 23
No Par
923 0312 9118 9312 91
4
9112 8934 9012 91
96
96
99
18,500 Fleiriehmann Co
Vs Par 6518 Apr 30 99 Aug 30
4934 497 *4034 50
8
50
50
50
504 50
50
50
50
2,600 Florsheim Shoe el A.. N0 par 40 June 28 64 Jan 8
9812 808
*98
08' *08
2
9812 *99
9812 98
98 •__
9814
100 9714 Mar 18 10218 Jan 18
200 Preferred 6%
81
823
s 8
012 823
4 8018 813
8
4 793 8114 793 80 4 793 81 18 13.300 Follansbee Bros
4
3
4
4
No Par 5714May 28 823 Aug 26
4312 41
42
•
44
424 4312 44
4418 44
44
42
4218
8
No Par 4014 Aug 17 895 Apr 30
1.500 Foundation Co
94
9418 95
95
933 9412 9312 973
4
8 9614 083
4 964 9712 36.900 Fox Film class A
No par 893
4mA). 28 101 Jan 19
4412 4612 4612 473
4 4638 47
463 467
8
8 4718 5078 5012 5112 59.600 Freeport Texas Co-..No Par 373
4.1une 1
544 Jan 25
.
3103 105
103 103 •100 102
103 1031; *103 10512 *103i4 109
1013 10
10
3.40 0oabriel o n riorerref .No par 99 Mar 26 10712May 7
4 0 0 le r Cs pu b b p A
1534
N
Ful
2014 2014 20
1919 20
2014 20
1913
20
1812 Aug 16 334 Feb 5
121s 1218
1218 1214
12
1218 1118 12
124 12
1214 4,600 Gardner Motor
5 10,8 Mar 25 2.5 Jan 31
10314 10414 10338 105
10412 1067 1077 1093 1073 109
4
s
8
1081s 1117 56,400 Gen Amer Tank Car -No Pa
5
8
81 May 28 1114 Aug 30
897 907
g
s 8 8 9012 8912 90 4 8914 01
95
3
8918 92
875 9012 22,200 General Asphalt
8
100 61 Mar 28 943 Aug 17
4
•128 138 •130 136 •130 136 *125 135
135 136 .130 135
400 Preferred
10412 Mar 26 138 Aug 15
100
5918 5918 5858 60
597 GO
5818 59
8
59
5914 59
5912 1,800 General Bronze
No Par 5512May 23 6934June 8
46
46
47
51
504 53
5014 52
533 547
8
8 5458 57t2 35.500 General Cable
No Par 3712 Jan 9 61 Feb 28
95 9512 961 10412 100 10438 103 109
,
110 11312 11234
37,800, Class A
81 Jar 8 12012 Feb 28
•104 106 *105 106 •104 106 *104 106 •104 106 *104 115
106
I Preferred
No 9
100 104 Apr 13 1074 Jan 21
693 693
8 69
8
8 6812 607
6912 6812 7118 6912 7014
693
4 69
21.900 General Cigar Inc
No pat 63 Jan 8 74 Feb 25
8
39312 3977 387 394
389 396
337 39314 387 39112 390 39712 72.200 General Electric
No Par 219 Mar 28 403 AUK 20
•1118 114 1118 1114
1118 Ills
1118 1114
11 18 113
8 1118 1138 10.600
10 11 Jan 3 113 Feb 4
4
1033 10412 10314 10512 10312 10512 10412 109
4
10512 1063 1055 1074 65.900 Special
4
8
General Gas & Elea A _No par 70 Jan 7 109 Aug 28
.
•110 115 *101 165 *101 105
104 104 •101 104
105 105
300 Class B
No Par 76 Jan 3 112 Apr 25
*114 120 •115 120
118 118 *115 120
119 120
120 120
200, Pref A (8)
111 12July 18 135 Feb 14
10712 10712 1087 1077 •10634 108
8
8
10614 1063 106 106
4
108 108
2601 Preferred A (7%)
N 1par 102 July 20 11612 Jan 21
N:o Pla
;
Pre! B (7)
99 June 20 115 Feb 15
VD; 7I' 75
7213 73
. 5" WI;
"
-ii- - 1 2 8:300 General Mills
7 11
No par 675
8June I
8918 Jan 18
05
•93
*93
95
9478 9478 *9318 9412 *9318 9412 .9318 9412
00 Preferred
91 July 12 100 Jan 4
7312 74
7212 7412 7218 733
734 7218 73
8 72
71 12 724
.10 6614July 23 913 Mar 21
4
8
1227 1227 1227 12314 1223 12314 123 12314 12314 12314 12314 124 258,200 General Motors Corp
8
8
4
3,200
y% preferred
100 12212May 28 12612 Jan 2
46
46
4612 4612 473 473 *45
43 .45
4
4
48
*45
48
300 Gen Outdoor •dv A_ No Dar 4312 Aug 9 52 Jan 2
31
313
8 31
3112 31
315
8 3112 3112 307 31 12
8
0:8 0 oe Rrusy cert ia cates
50 0T t s nfil
No par 2712July 12 41 Mar 12
120 1203 120 12612 12314 12578 121 125
8
1223 12312 12 14 1312812 53 0
4
3112 24
Signal
83 4 85 4 8514 8638 8412 857
3
3
8478 8312 847
s 823 833 20,600 General Refractories_ No par 9312 Mar 26 12612 Aug 26
8 84
4
4
No par 88 Apr
13812 14114 13612 14012 13512 13938 1354 1393 136 139
8
13618 13918 44.900 Gillette Safety Rasor No par 101 June 10 8812 Aug 12
11 1427 Aug 22
8
3312 3312 3312 34
3218 3218 3214 3214 3214 33
34
36
26,500 Gimbel Bros
,
No par 291 July 30 481g Jan 28
78
78
801, 79
*79
7812 7812 *80
79
8014 8012 8012
900 Preferred
100 7612 Aug 8 90 Jao 3
4
573 58
5714 5734 5718 5712 57
571
11 5718 57% 5712 58
4,500 Glidden Co
No par 3678 Jan 2 64',July 19
10478 1047 1047 10478 •1047 105
8
8
8
1047 1047 •1047 105
8
,
,
105 105
120
prior preferred
100 101 14June 7 1064 Apr 22
2818 291x
2818 3214 323 34
36
34
34
35
8
33
34
45,400 Gebel (Adolf)
No par 2818 Aug 21 66 Feb 5
6012 6112 6034 613
4 0012 6138 6012 63 8 61
3
627
8 6114 64
48.000 Gold Dust Corp v t a...No Par
534May 27 82 Jan 19
73
73 8 7312 74'R 734 741R 734 754 7312 74
5
73
74
13.800Goodrieh Co (B F)
No par 724 Aug 31 1054 Jan 2
e ____ 11214
11214 •100 11134 *110 11131 •110 1113 *110 1113
4
4 --- -- Preferred
100 III June 14 11518 Feb 25
10818 1087 10012 113
8
III18 1145 11512 1183 11412 1193 1125 116 115.300I Goodyear T & Rub..
8
3
8
4
NoPar 103 Aug 15 1544 Mar 18
•101 10112 10112 10131 10118 10158 10114 10114 1013 loll: •
8
9912 101
1,300 184 prof.rred __ _. No par 101 May 28 10478 Feb 28
35
36
•35
3612 35
367
8 343 344 35
3514 38
4
38
2,000 Gotham Silk Hos new -No Dar 337 Aug 14 60 Apr11
8
*
8712 100
8713 8712 •85
.8712 93
95 •85
05 .85
95
100 Preferred new
100 85 Aug 12 10114 Jan 5
85
85
85
.81, 9 --- --I Preferred ex-warrants_100 92 June 8 100 Jan 12
4,9
918 018 •9
10
812 812
4 9
03
4 .83
200 Gould Coupler A
No par
7 Feb 18
14 May 6
23% 2412 2338 24
4
234 2358 224 237
8
8 223 2314 225 24
12,200 Graharn-Palge Motors_No Par 2218 Aug 14 54 Jan 2
23
2334 233
23
22
4 23
213 22
4
23
22
*22
2212
800 Certificates
No par
18 Aug 9 4912 Jan 11
807
8 S 8 813
79
7934 80
03
8012 813
8 SO
4
8018 8312 18,800 Granby Cons M Sal & Pr_100 6218May 28 1027
8
034
8 Mar 20
80
80
SO
*78
83 " 8 83
1817
*8112 83 .81
82
82
600 Grand Stores
100 773 Jan 30 9012 Mar 18
4
8 25IR 2514 243 2514 243* 2412 243 243
251s 257
8
8
4 247 2478 2,700 Grand Union Co
4
No par 2018 Mar 26 327 Jan 2
8
4
477s 463 47
4
.463
8
4614 4612 *4614 464 467 467
8 463 464 1,100 Preferred
8
No par 41 Mar 26 5438 Jan 4
53
543
8 54
544 55
62
55
537 5678 5612 5912 59
8
No parl 433
39:300 Granite City Steel
4June 17 62 Aug 30
I
1
•Bid and asked prices; no sales on this 0114 a Ex-dividend. S Ex-dividend ex-rights.
I
PER SH IRS
Range for Previous
Year 1928
Lowest
I
Highest
$ per share S per :hats
643 Jan 94 Nov
8
13812 Jan 1463 Apt
4
625 Dec 897 Nov
8
8
1212 Sept 27 NOV
V8-1:
Jan
234 Dec
6914 July
111 Dec
20
Oct
44 July
134 Oct
153 Dec
8
933 Dec
4
6 Nov
54
Jan
534 Feb
10514 008
263 Nov
4
93 Feb
121 May
287 May
8
718 May
323 Jan
8
2414 May
108 Feb
12
Jan
7814 Aug
192 4 May
1
.72
s
1443* - - i
114
Jan
52 June
49 July
343 Feb
8
36
Oct
1154 Feb
16612 Jan
40
Jan
108
Jan
1341 Jan
8
8 June
266- Oct
-
16654
993
8
3
163
12312
28
141 Sept
654 Noy
63
Oct
883 Nov
4
494 Apr
1263 May
4
2244 Dec
131
Apt
120 May
172 Nov
134 Jan
Mar
Nov
Jan 9952 Nov
Oct 11612 !afar
Aug
84 May
Feb 19414 July
Aug 134
Apr
Jan 6818 Nov
ill Jai
334 Aug
1014 Aug
60 June
1084 Sept
834 Aug
284 tan
105 Dec
12014 Nov
69 Feb
6
une
54 Feb
743 Dec
4
12114 Jan
33 Feb
9012 Dec
294 Oct
43 Dec
121i2May
43 Nov
1217 Nov
8
1364 Dee
11212 Doe
173 June
8
493s Dee
11018 Mar
1297 Apr
8
9111 Dec
9
Jan
11552 Dee
85 Apr
12758 Dec
51 Nov
1024 Oct
334 July
79
Jan
193 July
4
3212 Jan
104
Jan
?45 Oct
Apr
64
1143 May
4
---____
71 Des
109 APT
230 Deg
10212 Sept
257 May
8
10712 Dec
1614 May
42 Jan
98
Jan
120
Apr
914 Jan
165 Aug
8
7514 June
1114 Jan
28
Apr
87 Aug
8
65 June
494 Nov
9818 Oct
5672 Dee
304 Oct
72 June
43 Oct
102 Mar
15 Mar
74 June
604 Feb
68 June
763 Dee
8
174 Jan
893 Oct
2
581 Nov
i00
Dee
694 Dee
5712 Dec
11958 Sept
10914 Jan
1094 Apr
2812 Jan
174 Dec
101
Dec
947 Apr
8
11018 June 14112 Apr
If" Feb
56 Feb
Oct
102
594 Nov
124 Feb
11 Sept
354 Jan
Jan
37
Oct
121
10812 Jan
Oct
105
79 Dee
984 Dec
73 4 Dec
3
12312 Jan
49 Aug
2912 Aur
8414 June
4511 June
9718 June
3418 Mar
Nov
884 Nov
Oct
107
7538 Feb
2214 Dec
12 June
74 Nov
80 Nov
144 Apr
11812 Dec
1147 May
8
8412 Nov
1004 De•
9014 Nov
12712 At'?
587 Jan
8
524 Jan
12352 Jan
82 Jan
1233 Oct
8
697 June
8
87 Mar
203 Jan
8
95
Jar
424 Dec
71
Jan
6818 June
10912 Feb
454 June
9312 Mar
70 Dec
100 Dec
95 Dec
67 Dec
8
163 Feb
4
264 June
394 Feb
654 Jude
263 July
4
6612 Aug
101 Jure
37 Dec
105 Sept
624 Nov
14314 Dec
10914 Dec
1154 6137
140 Dec
105 Dee
93 Alar
130 Api
112 May
125 Feb
8
614 Sept
68 Sept
93 Dec
947 Oct
s
414 Oct
023 OCt
8
New York Stock Record-Continued-Page b
1410
For gales during the week of stocks not recorded here, see fifth page preceding.
;UGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
!Saturday,
Aug. 24.
Monday,
Aug. 26.
Tuesday,
Aug. 27.
Wednesday, Thursday,
Aug. 29.
Aug. 28.
Friday,
Aug. 30.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
Oa basis of 100-ebare lots
Lotves8
Higbest
PER SHARE
Range for P76*10.1
Year 1928
Lowest
Highest
per Mare
per share 5 Per share $ per *hare
S per share $ per share S per share $ per share 3 per share $ per share Shares Indus. & Mlscel. (Con.) Par
1.300 Grant (W T)
No par 11412 Apr 12 1444 Feb 5 1114 Dec 12512 Sept
12814 1283 *126 127 *126 12612 1265 1273 12612 1264 12612 127
8
8
4
1914 June 33/12 Oct
3114 24.600 Gt Nor iron Ore Prop_No par 2514May 28 3914 Feb 1
31% 3012
3
31
30
3012 3012 30 4 30
3114 3013 31
Jan 3812 Dee
31
54
No Par 32 Mar 26 44 Jan 25
364 364 36l2 3634 5,100 Great Western Sugar
8
3714 3714 374 3714 367 374 365 37
/
1
8
/
1
40 Preferred
100 11212.1une 18 11912 Feb 1 11212 Feb 120 Jan
115 115 *115 11512
*115 11512 *115 11512'115 11512 115 115
/
1
4
893 June 177 Dec
2
28 1974 Mar 20
5,900 Greene Cananea Copper_100 13812May
1873 1874 187 192
2
188 188
1823 185
4
18518 193
188 188
9 2 Jan
3
43 Dec
4
54 Jan 3
212May 28
*213 3
Guantanamo Sugar___No par
31212 3
*312 3
*212 3
*212 3
*212 3
Jan
90 July 107
Preferred
100 46 July 1 99 Jan 2
6012
6012 *46
*46
6013 *46
6012 *46
6012 •46
0012 3146
Jan 734 Sept
51
4,800 Gulf States Steel
100 5514June 12 79 Mar 5
6812 70
70
8
71
7112 70
714 70
/
1
7114 6912 695 *69
2
10 Preferred
100 100 Aug 5 109 Feb 14 1033 Nov 110 Ant
104 104 *102 108 *102 108 •102 107 *102 107
*102 108
Jam
23 Jan 80
770 Hackensack Water
284
28
25 25 Jan 7 35 Aug 27
277 277
2
32
2812 30
35
33 4 3114 33
3
2 28
23 Jan 30 Dee
50 Preferred
*273 28
4
25 27 Feb 18 31 Mar 8
*273 28
4
28
28
"273 28
4
*273 28
4
4
*273 28
254 Jan 29 June
40 Preferred A
*28
2812
25 26 Jan 31 30 Aug 8
4
*2714 28 4 *2714 283 *2714 283 *2714 28
4
/ 2714 283
1
4
3
4
4
3212 12,900 Hahn Dept Stores
No par 3114 Aug 29 563 Jan 10
8 3114 32 2 32
2
3112 32
,
315 32
8
3113 311 313 315
/
4
91
2,900 Preferred
.9114 92,2 91
100 90 Aug 29 115 Jan 31
90 2 91
,
9114 9012 913
8 90
/ 9112 90
1
4
99 Aug 104 APr
50 Hamilton Watch pref
100 100 Aug 26 1054 Jan 8
100 100 *1005 104 *100 104 *1003 10
/
1
4
*100 104
2 4 *1004 104
8
59 May 97 Nov
640 Hanna 1st prof class A _ _100 91 Jan 14 106 July 18
/
4
*101 10312 10028 10112 10112 102 *1011 10312 102 10214 10312 10313
54 Dec 574 coos
500 Harbison-Walk Refrae_No par 54 Jan 3 0114 July 26
6212 *6212 63
6212 6212
6212
62
*60
62
62
6212 62
4
164 Aug 373 Des
417 Aug 28
2
2May 31
/
4
36
3712 37
/ 4012 37
1
4
411 391 4012 3915 4014,111,000 (Tarlatan Corp class B_No Par 201
/
4
3614 36
72181 1,600 Hawaiian Pineapple
20 60 Feb 19 7212 Aug 30 • 61 Dec 68 Nov
3
*63
,
/ 64, *635 6412 *633 6412 *63 4 64 2 6412 6412 70
1
4
8
4
2
8Mal 17
2
No par 28 July 20 683
3018 287 2952 20.900 Hayes Body Coro
3012 29
29
32
317 33
2
32
323
4 29
4
1,800 Helm,(G W)
25 973 Aug 28 11812 Jan 29 f(ii" Dec fir OcI
99 103
98
98
9734 9734 98
*973 98
4
98
99
99
4
303 Jan 724 Dee
/
1
2
123 1283 124 1263 123 126
/
1
4
4
4
12314 12514 12314 1241 123 12412 17,000 Hershey Chocolate.......No par 64 Feb 16 1284 Aug 24
7014 Feb 89 Nov
4
13.900 Preferred
No par 80 Feb 16 1283 Aug 24
122 12412 12214 125
12314 1283 124 127
12112 122
4
122 124
/
4
300 Prior preferred
100 104 Jan 4 1061 Apr 17 10014 Aug 105 Apr
10552 10552
5
/
1
*10513 1061 *10512 105 8 *10512 105 8 *1054 106 "10512 105
/
4
5
1514 Sept 804 Jan
2712 2712 1,700 Hoe (R) dr Co
No par 15 June 4 33 Aug 13
*274 28
*2414 2912 *271 2812 2812 2812 28
28
/
4
4
4012 Dec 493 Oet
2May 23 51 Mar 9
4 1,000 Holland Furnace
No pa
347
4118 4112 414 4114 413
4012 4012 4012 4012 *41
423
4 41
2
18 Dec 361 Apr
8
1312May 27 243 Aug 3
2012 2012 1,900 Hollander & Son (A)
21
21
No Pa
*2012 22
205 2112 *21
8
2178 2018 21
Jan 80 Nov
07
200 Romestake Mining
85
*79
100 72 July 19 93 Aug 22
80
80
*79
85
*75
90
87
*79
85
*79
/
1
4MaY 20
4 8.000 Houdallle-Hershey cl B No pa
4212 423
3712June 10 52
44
43
4314 4414 4212 4414 4314 41
43
44
84 "Ooi
/
4
62 June 1 7912 Jan 7
No pa
/ 691 1.900 Househ Prod Inc
1
4
693
4 69
/ 69
1
4
*6652 69
8 6612 66
6652 68
665 667
8
Apr
79 Dec 167
4 7712 774 3.000 Houston Oil of Tex tern ette 100 6812 Aug 10 109 Apr 2
4
78
7912 773 803
*7812 80
76
77
7812 76
3
4052 Feb 73 4 Nov
/ 6714 10,600 Howe Sound
1
4
No par 5612May 28 8212 Mar 21
65
6512 6714 66
68
66
677
2 65 4 677
3
8 6512 66
75 Jan 994 Mar
4
7512May 31 934 Mar 15
8
No pa
8314 815 823 17.900 Hudson Motor Car
8112
/ 8212 84
1
4
8318 8414 82 4 83 4 8214 83
3
3
29 Jan 84 Nov
11,000 EfulM Motor Car Corp---1
2
3812July 22 82 Jan 28
4114 411 4114 414 4012 41
/
4
405 4112 4052 4152 401 41
8
/
1
213 Feb 884 Nov
4
2May 7
4 7,100 Independent Oil& Clas_No par 2912 Aug 10 393
5
2 32 8 325
8 3252 327
3318 33 4 32
3212 325
3
/ 3314 3212 33
1
4
Apr
Oct 70
20
324 Jan 2
1712 6.000 Indian Motocyclo
1312 Aug 30
No pa
175s 1752 1312
18
1818 18
*1814 1812 1818 1812 18
9 Feb 394 My
8
53 Aug 17
4
10 29 Jan
8
4818 4911 4718 484 465 485
8 46
/ 473
1
4
/
1
8
4 473 4912 483 495 40,800 Indian Refining
81 Jan 374 July
464 9.200 Certificates
/
1
1
28 Jan 7 5114 Aug 17
4312 4612 46
/ 463
1
4
4612 46 4 45
3
46
/ 4514 4712 45
1
4
4
OW
9912 1.700 Industrial Rayon
93
74 May 31 135 Jan 18 118 Dec 146
92
*90
9614 978 95 95
98
*96
943 95
3
90 Feb 127 Nov
3.400 Ingersoll Rand
200 201
NNN pripaaa 120 Jan 3 205 Aug 29
19712 205
18712 190 *175 188
189 189
18812,198
40 Mar 80 Dee
10712 22.400 Inland Steel
par 7812 Jan 2 113 Aug 26
105
No
10512 106
105 110
106 110
106 109
109 113
18 Feb 484 Nov
/
1
3812Mey 28 6612 Mar 1
8
4412 46
45 8 464 443 4618 4518 4614 4512 4614 4518 464 20,300 Inspiration Cons Copper_ .2
5
/
1
4
812 July 213 Jan
400 intercont'l Rubber.
"834 9
8121vIay 81 1414 Jan 11
--No Par
84
3
858 858 83
4
4
*8
/ 878 * 5
1
4
3
4 83
8
/
1
4
8
88
13 Feb 204 May
612 Aug 7 171 Jan 28
2
712 4,000 Internal Agricul
No Par
7
/ 712
1
4
714
74 71
/
4
714 734
714 714
/ 7'2
1
4
7
484 Mar 85 Dec
200 Prlor preferred
53
100 53 Aug 30, 8812 Jan 26
53
55
*53
*51
55
*52
66
*50
55
*50
55
Jan 1664 Nov
4
/
1
4
*236 23612 23314 2363 23312 23312 23314 2373 237 2373 238 24214 3,600 lot Business Machines_No Par 1494 Jan 241 24612July 16 114
4
4
Jan 944 Dee
683 14,600 international Cement_No par 674 Aug 27 10234 Feb 4
4
56
6812 68
675 707
8
8 68 681 68
/
4
72
73
723
4 71
,
4514 Feb 80 Dee
66
6778 65
665
8 65 • 6618 6518 66 8 63,600 Inter Comb Eng Corp_No par 5412May 31 10312 Feb 15
674 6938 6612 68
/
1
400 Preferred
100 99 'June 3 121 Feb 16 103 Mar 110 Sept
109 *10712 109
1083 1083 *10712 109 '10712
4
*107 109
4
107 107
.
1
95,300 International Harvester No par 92 May 31 142 Aug 30
80 Den 97 Dee
4
8
g
121 12314 12158 1242 12178 1235 122 1247 1243 12952 13612 142
8
700 Preferred
100 137 Aug 5 145 Jan 18 13614 M a 147 May
13812 13812 13814 138 4 *13814 140
13814 13814 •1384 140 •13814 140
,
86 Dec 1214 May
8314 5,100 International Match pref_35 6514 Mar 26 10212 Jan 4
8312 8214
83 4 83
3
8434 8434 83
8418 82
843
4 82
9,100 int Mercantile Marine etre_ IGO 2612 Aug 9 29's July 22
29
29
4
8
283 283
4
29
29
287 2918 285 29
8
4 283 29
8412 June 444 Jan
Preferred
100 3612 Feb 1 5i14 Apr 23
Dec
541s
73
723 Jan
Canada_No pa
537 - f 4 55 -.
.1
6
6; 537 11-2 5413 5537 -Kis 16 x53's 85 128,900 Int Nickel of Paper__No pa 4012 Mar 25 83 4 Apr 23 5052 Feb 26912 May
5 112
Oct 863
5712 Jan 11
9
International
*65
85
*65
85
*65
95
*65
85
*65
85
*65
Jan
89 Dec 108
100 8514May 22 9412 Jan 9
Preferred (7%)
*87
8912
89
*87
871 *861 89, *87
/
4
2
8912 '87
8912 *87
25 May 20 3712 M13 13
22 Dec 3412 Nov
3,400 Inter Pap & Pow el A...No pc
334 3312 34
/
1
33
3312 3412 33
33
3412 3514 3412 35
147 Dec 19 Nov
2
1454May 22 25 2 Aug 8
,
800 Clan B
No pa
2318
23
22
22
24
24
24
2212 2213 22
22
.231z
103 Jan 10 1712 Aug 8
2
10 4 Nov
5
No pa
133 Dec
4
18.700 Class 0
17
1638 1612 1614 164 1612 163
164 161
/
1
/
1
4 1612 1634 17
88 Dec 91 Dee
100 80 Apr 15 93 Jan 23
8712 1.300 Preferred
*86
87
87
*8712 88
8612 88
87
*8612 8714 87
473 Oct 80 Deli
4
43 2May 21 53 Jan 23
7
3,500 Int Printing Ink Corp--No Pa
59
58
59
/
1
4
5512 551
5512 573
4 57
/ 5814 583 594 58
1
4
4
20 Preferred
100 95 June 5 106 Mar 4 100 Dec 100 Dee
9812 9812 9812
*97 100
/
1
4
*97 100
*9712 100 .98
*9712 100
4
4912 Ma
34
883 Jan
International Salt
100 554 Jan 4 90 Feb 4
80
*70
80
*70
*6812 80
*7212 80
*
*70
80
Jan
International Silver
100 118 June 14 15912 Aug 5 126 Jun 190
*1431 155 *150 155 *1431, 150 *14313 15 "14312 150 *14312 150
/
4
0
Jan
119 Jan 17 11214 Dec 131
10 Preferred
100 108 May 16
118 120 *1181 119 *11812 120 *11818 __-_ 11812 11818 *11812 120
/
4
78 May 27 14814 Aug 26
4
4
13812 145
1445 14814 14218 1457 14018 1443 139 1433 142 146 440,400 Internet Telep & Teleg__- 10
8
8
/
1
4
614 Nov 90 Dee
58 Aug 17 9312 Jan 2
1,800 Interstate Dept Storea_No pa
6018 60 4
3
6114 60 2 61
63 8 635
5
8 6213 64
62
6212 61
2
200 lntertype Corp
233 Sept 3812 Jan
4
29 Jan 2 387 July 20
36
"35
No pa
36
*3414 3612 *35
*36
3712 35
36
*3414 36
47
4May 16 69 Mar 5
Oct 61 May
493
8 5014 5012 1.500 Island Creek Coal
5
3
*5013 51
5014 5014 5018 5014 5058 50 4 50 8 505
4.300 Jewel Tea, Inc
69 Aug 29 16214 Feb 5 .774 Mar 179 Nov
NO pa
7018 6912 70
701 7112 69
2
723 723
4
4 73
73
7118 72
4
9614 June 202 Dee
No pa 15212May 31 2421 Feb 2
4
4
200 20412 195 20314 193 1984 1933 1973 194 19612 196 2044 50.400 Johns-Manville
/
1
80 Preferred
121 121
100 119 Jan 21 123 May 15 1184 Oct 122 'AV
121 121
121 121
•121 122 *121 122
121 121
8 4400 Jones & Laugh Steel pref 100 117 June 14 12214 Mar 11 119 Dec 12414 May
,
2.
1 1241
12C 12112 121 12114 121
•120 1205 120 1205 120 120
8
8
001
Aug
55s Aug 10 1612 Jan 2
300 Jordan Motorcar
No pa
6
6
6/
1
4
61 612
/
4
6
6
Ws 61
4
Kan City P&L let pf B_No par 106 Feb 16 1123 Jan 22 108 Aug 114 Apr
*10813 109 *10813 109 *10812 109 *10818 109 "10812 109 '10812 109
2 2,300 Kaufmann Dept 5tores.$12.50 2434May 22 3712 Feb 6
2912 Dee 84 001
283 283
2
*2714 28
27
27
27
2912 28
29
273 28
4
/
1
4
505, 3,400 Kayser (J) Co v t o____No par 48 Aug 23 5811July 2
49
49
49
49
49
4814 491 48
49
483 50
4
/
4
8
4
400 Keltb-Albee-Orpbeum_Ne par 25 Apr II 46 Jan 4
1512 May 5112 Nov
/ 353 357
1
4
/
1
38
38
*35
37
/ *3412 37
1
4
3512 3512 *344 35
200 Preferred 7%
7512 May 160 Nov
4
100 9412 Apr 11 138 Jan 5
*111 1193 *111 1193 *111 11934
4
*112 119 4 *111 115
3
111 112
12
194 Dec 25 Nov
9 2 Aug 18 234 Jan 2
7
1112 104 1114 104 11'8 24,000 Kelly-Springfield Tire-No par
10
10
/ 10
1
4
9
1014
9 8 10
7
554 Feb 95 NOS
56
90 8% preferred
56
100 55 Aug 27 944 Jan 9
5818 5812 5512 56
55
55
57
584 5814 57
/
1
3
4382 6,500 Kelsey HayesWheeinewNo par 4011May 27 59 4May 13
4212 4314 42
42
4114 43
4112 4312 42
423
4 42
1
No par 12 Mar 26 1914 Feb 8
73 July 22 0 Apr
4
15112 15 4 1514 1512 1618 1512 11,000 Kelvinator Corp
3
16
1614 15
52 15 3 1538 16
7
400 Kendall Co pref
89
No par 87 Aug 29 96 Feb 15
9012 89
89
87
88
89
89
90
*89
90
89
No par 7752May 27 1044 Mar 18
8918 9012 g8914 91 282,500 Kennecott Copper
8
871 90
/
4
89 4 9112 89
3
90 4 883 90
3
5012 Aug 30
No par 4514May 2
8 5512 5612 6,500 Kimberley-Clark
2
2 547 553
54
543
8 544 55 8 53 4 55
/ 5411 553
1
4
/
1
3
7
2 4214 4214 2.600 Kinney Co
No par 2712May 20 4412July 17
423 427
4
2 4214 425
12
/ 42
1
4
/ 42
1
4
/ 425
1
4
8 424 43
Ago
200 Preferred
8712 Mar 100
934 Jan 2 10954 Mar 0
100
99
99241 *9912 100
100 100
*99 100
*99 100
100 100
/
1
4
614 Aug 954 Nov
8
29
29
/ 2914 30
1
4
2918 297
8 2812 2958 265 2814 273 284 25,100 Holster Radio Corp....No par 2512May 27 784 Jan 3
6512 13,2 KriparfetfeCrrbed
700
00
32 Dec 42 Not
/
4
No par 324 Mar 26 554 Aug 30
/ 541 54
1
4
/ 52
4
4
/
1
524 5312 524 5312 5212 5312 523 531
/
1
9914 Dec 10114 Dee
too 95 Apr 20 100 July 20
9814 9814 100
*98
97
*97
9814 97
*97
98 4 97
,
97
23.170 Kre fen. 13) CO
53
00 pge(5
2 52
00
10 4412May 28 5712 Mar 4 006 Feb 914 Nov
5114 523
2
49 4 507
3
8 51
5113 52
/ 513 52
1
4
52
AP1
1
116 116
Jan 6 116 June 7 11014 June 118
100 109
116 116
116 116
*113 ____ *113 116 *114
isis
1312 Jan
3714 Feb
4May 29 23 Jan 2
Kresge Dept Stonss---No par
123
111712 184 •1712
•17l2 18
*18
1812 18
173 18
4
18
Atilt
310
00
0
100 6812July 2 7312 Apr 26
514 Feb 76
7218 724 7112 7112
107212 74
72
72
•7218 74
*7218 74
87 Feb 1244 No•
90
*88
90
No par 86 Aug 9 114 Jan 6
*88
90
90
*90
90
93
8814 8814 90
4
132
323 Dec 403 Oot
2
/ 73,400 Kreuger & Toll
1
4
3312May 27 41 Mar 6
387 39
2
4014 3912 40
394 397
8 39
8 38 8 39 4 3812 387
5
3
7314 Mar 13214 Nov
5
15,600 Kroger Grocery & Bkg.No our 7512Mav 27 12212 Jan 3
881
2 87 8 89
8712 8812 88
8818 89 8 88
3
4
8912 873 89
3812June 17
,
273 Feb
2
394 API
34
4.200 Lego 011 & Tranuport_No par 26 May 3
*32
3412 3412 32
32
35
323 323
4
4 344 34 8 34
/
1
3
4
794 Jan isos Nov
No par 1274 Jan 22 1574 Mi.r 19
8
2
/
1
1371 139
/
4
13718 139
138 1394 13714 13312 1373 1417 14012 1423 27,900 Lambert Co
1714 Jan 2614 Oct
1314 5.201) Lee Rubber & Tire --No Par
10 May 28 25 Jan 14
.
4
8 123 124 12
*1258 13
/ 123
1
4
12
/ 123
1
4
4 1214 133
4 12
423 June 684 Nov
4
47
1.200 Lehigh Portland Cement-- 50 43 Aug 23 65 Feb 6
2 4314 4314 47
4318 447
*4312 44
4512 4512 45
45
110 4MaY 9 10614 De Ilos May
3
210 Preferred 7%
4
100 1063 Jan
10812 10812 10812 10812 *10812 10912
*109 10912 *109 10912 10812 109
2852 Apr 9
9.900 Lehigh Valley Coal___No par
19 Feb 1
23 4 24
3
s
8 237 24
/
1
24
2412 243 25 8 244 2412 241s 247
2
5
4
1.00C
39
Preferred
50 3412 Mar 27 443 July 17
40 4012 3814 3814 39
*3812 40
38
38
*38
40
61
0
88 -ii;
4614 4612 3,000 Lobs & Fink
No par 40 Aug 21 6812 Feb 4
42
42
42'a425
, 4212 4312 4412 4514 4512 46
8312 Jun
1224 Jan
4 3,300 Lidlett & Myers Tobaceo-25 8113 Mar 30 10512 Jan 28
9452 983
9114 95
91
91
92
92
92
92
9212 *9112
8014 Jun 12312 Jan
9412 9714 26,900 Series B
25 814 Mar 20 1034 Jan .19
/
4
921 93
/
4
2 9118 9118 911 95
9112 92 8 9114 917
7
Ant
147
400 Preferred
100 125 July 2 1374 Mar 1 134 Au
129 129 *129 130
129 8 129 2 12912 12912 "12912 1301 *12912 13012
3
3
4July 18
578
38 July 6678 May
5114 1.800 Llms L000m Work.
-No pa
423
4Mal 2
494 504 49
51
5012 5012 51
2 51
524 5118 523
52
4834 Aug 6 61 Feb 14
Link Belt Co
'51
No pa
52
52
511 511 5213 5212 52
/
4
52
/
4
5212 *51
812, 52
5
4
Nov
8912 11,700 Liquid Carbonic
2
.
4
2
713 Mar 29 1131 Jan 3 13 Feb
843
No pa
, 8538 8513 85
/ 85 8 83
1
4
8512 8412 85
,
/ 83
1
4
80 ells 12,400 Loeles Incorporated_No par 48I2May 27 8412 Feb 27
4
494 June 77 Ma?
5912 6112 60
605
,
8 5912 6014 6012 62 8 6114 621
101 Aug
4
534 Feb
74 Jan 19 1112 Apr 1
758 8
15,300 Loft Incorporated
No par
75
3 8
7
/ 814
1
4
8
8 14
8
811
8
8 14
3
25
Jan 35 4 Feb
400 Long Bell Lumber A...No Pa
24 July 29 324 Jan
24 * __ 24
*25
24
2518 25
24
25l *24
2514 24
4
444 June 883 &PO
25 se May 29 7514 Aug 30
7412 7212 7514 67,400 Loose-Wiles Biscuit
65 8 65 8 644 6514 6414 6513 65 4 69
3
/ 69
1
4
3
/
1
3
00ne 20 12112 Apr 2 11712 Aug 125 Ma7
90 1
100 1153
'117 119
117 117 '117 119 *117 119
11814 1185, 117 117
/ Apr
1
4
23 4 June 40
3
20,600 Lorillard
2
25 20 Mar 25 3112May 17
2 253 26
2518 263
*
2512 26
25
53 26
3
25
52 25 4 25 8 26
3
8612 Dee 114 Mar
7,100 Preferred
94
100 8412May 8 9712May 17
*921 94
/
4
9512 94
*93
94
*94
951 *94
94
94
193 Apr
4
93 Feb
2
500
4
104 Aug 10 18 Jan 9
10,8
0238 0212 3. 70 Louisiana 011
10
No par
1212 12
2
/ 1212 1212 121 1212 12
1
4
/
4
12 4 117 12
,
Apr
78 July 96
Preferred
100 89 Feb 8 10014 Feb 21
90 8 90 8 90 8 90 8 90 8 90
3
3
3
3
3
3
3
3
/ 90 8 90 2 905s 90 2
1
4
59 July 23
Feb 41 Mar
28
2MaY 3
x5212'
, 351
5118 513
4 51
5518 33,800 Louisville G dt El A...--No Pa
52
525 54
4
5112 54 8 5338 541
3
2July 8
700
1 9 00
8912 2:700 Ludlum Steel
No par 6612 Mar 26 1081
9212 9352 91
8912 9012 89
92
92
92
91
92
2
Preferred
No par 983 Mar 2 118 June 1
110 110 •110 114
*110 113 *110 113 *110 113 •110 113
46 Jan 4
44 Aug 6758 Apr
MacAndrews & Forbas_No par 34 Aug 1
3714 38
*35
/ 37
1
4
3412 345
8 3512 3512 37
37
*3412 37
Oct no Nov
1074 Apr 19 106
Preferred
100 104 Jan
8
"1055 10714
*10558 1074 *105 10714 *105 8 10714 *105 8 1071 •10552 10714
/
1
4
5
5
4
83 Apr 110 Nov
Mar 20 1143 Feb 5
11,900 Mack Trucks,Inn
9712 9818 97
98
No par 91
991, 10032 9712 993
99
2 9712 99 2 98
3
2
No par 148 Mar 26 2494 Aug 30 p134 Aug 382 Aug
239 2497 38,100 Macy Co
2173 2213 221 22912 230 235
4
4
234 239
216
215
1814 Dec 34 May
8 2,200 Madison Se Garden-No par 16 Aug 28 24 Feb 28
173
17
16
1718 171 17
/
4
171 17
/
4
17
163 1612 17
2
6314 Feb 75 Nov
No par 60 MAY 28 824 Mat 21
75 2 18,000 Magma 001)Dge
,
73
2 73
7
70
711 732
/
4
7114 71
723
8 69 2 711
70
-4.; Feb
Ex-rights.
3
•Bid and asked prices: no sales on this day. S Ex-dIvl lend 75% 9 133,3133• 3 Ex-dividend. a Shilling& .6
New York Stock Record-Continued-Page 6
1411
For sales during the week of stocks not recorded here, see sixth page preceding.
fIlCH AN!) LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Aug. 24.
Monday,
Aug. 26.
Tuesday,
Aug. 27.
Wednesday, Thursday,
Aug. 29.
Aug. 28.
Sales
for
the
Week.
STOCKS
NE
.W YORK Sl'OCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On haste of 100-char: tot.
PICK MAKE
Range for Previous
Year 1928
Friday,
hottest
I
Highest
Aug. 30.
Lowes1 1 Mogul
---8 per share $ per share S Per share Shares Indus. & Misr:el. (Con.)
per share I $ per share 6 per share
,o
S Per share
Der share
15 Aug 12 391 Jan 15
/
4
16
16
1612 1612 163
4 153 1612 1,039 Mallison (E1 RI & Co__No par
4
Jan 3812 Nov
•163 17
4
87
87 *____ 91 *-___ 91
P
1
p0:0: 87 Aug 28 1)512 Jan 18
91
871 Jan 110
/
4
10 Preferred
Oct
•15
*15
24
100 1212June 221 26 Jan 14
24
21 Nov
815
*1418 24
24
Manatl Sugar
41
Jan
100 31 June 24 5012 Jan 10
40 Nov
83214 4212 *3214 4212 *3214 4212
*3214 4212
Preferred
88
Jan
22 July 25 343 Mar 9
8
/
4
2312 23 2 2312 231 *23
,
32 June 4012 Jan
82312 24
24
200 Mandel Bros
/
4
2914 2914 2918 291 2912 29% 4,603 Manh Elec Supply_ __ No par 2414 Aug 2 371 Jan 14
/
4
2812 Sept 663 June
293 2912
8
8
2712 263 27 .27
/
1
4
3134 Feb 43 May
8May 29 354 Jan 4
27
25 253
*2712 28
2712 1,500 Manhattan Shirt
12 Feb 18 181 Apr 18
/
4
15
1212 Feb 2512 Apr
815
1512 15
*143 1514
157
4
*15
303 Maracaibo Oil Expl____No par
4718 Jan 3
33 Feb
No par 3318May 31
493 Nay
4
_ Marland 011
par 6918 Mar 26 8978May 20
837
813 82
4
80
4514 Mar 83 Noy
7712 83
8112 8214 10,103 Marlin-Rockwell
76
75
75
75
833
4 803 82
'
N
8
77 Dec 8)! Dee
7812 8012 79
8018 8214 13,303 Marmon Motor Car_ _No par 603 Feb IS 104 May 10
8214 8312 8012 83
4
.818 9
818 818
121 Mar 254 June
Vs par
4June 10 18 Jan 2
/
4
*814 9
8
*33
*818
4 9
/
1
73
8
800 Martin-Parry Corp
8
/ 61
1
4
6112 603 6278 58
4
611 60
/
4
61% 61
5914 613741 11,203 Mathieson Alkali WorksNo par 4214AIay 28 218 Feb 27 1173 June 190
61
Dee
12214 12214 12214 12214 12214 12214
100 120 Jan 28 125 Jan 2 116
125 125
Jan 130
Apr
123 123 *12214 125
150 Preferred
4 81
8214 813 8212 88,900 May Dept Stores
25 73127s.fay 31 10812 Jan 10
/
4
75 July 1134 Noy
/
1
8 811 82% 8112 823
813 8412 8114 837
8
8
No par
19 May 31 2912 Aug 2
1712 Aug
243 2512 2512 2612 2412 2512 2412 2518 11,501) Maytag Co
8
241
3012 Nov
2412 2412 24
'
41
41
343
4018 Aug 02 May
4June 27 49' July 31
4114 4312 4212 4212 42
40
.40
41
40
4212 1,8001 Preferred
83
80 Apr 28 9018 Jan 10
8912 Dec 101 May
8318 8318 *8314 84
*83
84
834 8318 8312 831 *82
/
1
500. Prior preferred
07
*96
*96
4June 7
N° par 7114 Feb 16 1043
NVO p!) aa rr
97
97
56
Feb 80 Dec
*96
*96
96
203'McCall Corp
05
95
96
97
991y 101 101
983
4 99
4
77 Feb 10972 Nov
9712 97
9712 98
1,410 McCrory Stores clams A NO Dar 9512 Aug 16 1133 Feb 5
971 2 9712 97
8012 Mar 11934 Nov
102 102
10212 103
100 101
m
No par 9718.1nue 18 11512 Feb 6
10312 104
9714 9714 9714 100
2,200 Class B
105 105
108 108 *105 108
100 Aug 19 120 Feb 7 109 Feb 11812 Nor
•10214 108 *102 108 *10312 108
200 Preferred
4012 Aug 21
48 Feb 14
4212 4012 4012 *4012 4112 4134 413
4112 4112 42
4 413 413
4
4
500 McGraw-Hill Publica's No pa
1513 15
1512 *15
15
1512 *15
*15
YEW.Sept 2811 ;Aii1512 *15
*143 1514
4
r
100 McIntyre Porcupine Mines_5 15 July 18 2312 Jan 5
701
6814 70
6212 June 781 Nov
7114 6812 7012 69
/ 683 69
1
4
/
4
69
/ 708 69
1
4
4
5,800 McKeesport Tin Plate_No Par 6212 Mar 26 82 Jan 31
46
46
4612 468 46
46 Aug 28 59 Mar 4
4614 46
451a Nov .501 Dee
/
4
4718 473* 4612 47
46
4,500 McKesson & Robbine-No Pa
*5814 5912 58
5318 5712 57'2 5712 58
54 Nov 63 Nov
5812 08
/
1
4
50 55 Mar 26 63 July 19
*57
58
1.100 Preferred
62 62
6112 62
63
*6114 62
63
70 Sept
5612 Mar 26 72 Jan 3
64
607 Nov
2
No Da
*63
62
62
500 Melville Snot
*2614 27
2
20 Mar 26 347 Jan 4
2514 July
No pa
2614 27
*2612 2712 2618 2612 2.514 26
41 Sept
27
27
1,700 Mengel Co(The)
/
1
244 2434 *2412 2514 *2412 2514
25
24 Jan 10 27 Feb 25
241 Dec '27le May
/
4
*243 2514 *2412 2512 25
2
200 Metro-Goldwyn Pictures of _2
37
373
4 373 3914 3718 37% 15.000 Mexican Seaboard 011 No pa
4
4
3812 3712 38
3312 Aug 9 6938 Jan 3
/ Jan
1
4
38
73 Dec
3818 39
8
45 8 443 4512 4412 45
3
4418 45
173 Jan
45
5 3018 Jan 8 5412 Mar 20
443 4512 26,600 Miami Copper
4
8
33 Dec
4312 447
111 11212 112 114 *111 1123 112 113
8July 22
4
85 June 3 1227
No
110 110 *108 111
2,400 Michigan Steel
,
4
/
1
353
4 343 354 34 2 35
3412 347
3012 Feb 16 39% Jan 3 251- Feb 441j No,
8 35
8
3518 353
8 3414 347
9,600 Mid-Cont Petrol
8
212 2
/
1
4
212 23
4
21 2
/
4
/
1
4
212
23 Jan
/
1
4
8
212 23
518 Jan 3
pi
p
212 2
:
212 23 13,000 Middle States 011 Corp ! Aug 23
7 May
/
1
4
8
214
214 214
/
1
4
214
24 2
/
1
/
1
4July 31
214
2 Aug 30
2
112 Jan
/
1
4
3
.214
214
2
578 May
10
214 3,500 Certificates
306 321
3193 3193 305 315
4
291 308
4
*280 295
3143 3143
4
4 5,700 Midland Steel Prod pref _ _ _100 225 Feb 15 321 Aug, 27 193 June '295 Nov
14
144 *133 14
/
1
4
1414
133 14
4
.
14
111 Aug 7 287 Mar 20
144 *14
1812 Aug 27
/
4
/
1
8
*133 14
4
Jan
700 Mill Rubber
4
/ 6412 6314 6312 023 63
1
4
6112 624 613 62
63
/
4
64
/
1
64
3918 Aug
4
75 Dec
/
1
4
3.100 Mohawk Carpet MIlls_No Par 6012May 27 801 Mar 1
8
/
4
1304 13514 131 133
/
1
8
13114 132
/ 1323 1377 1321 137
1
4
/ 13312 137 570,400 MOut Ward&CollICorp No par 99 May 31 1567 Jan 2 11514 Dec 15612 Dec
1
4
8
3l2
3
314
3
3 14
3
5 Feb
/
1
4
3 Aug 24
3
/ 314
1
4
8 Jan 8,
1112 May
3
33*
No Pa'
3
31 8,200 Moon Motore
/
4
72
72
73
7412 7434 *72
7212 737
7212 7312 *7312 741 1.100 Morrell (2) & Co
4July 9
No par 70 Aug 9 803
/
4
3
2% 318
27
3
3
27
3
278 3
27 Aug 25
238 Aug4 May
278 3
/
1
4
10.800*Mother Lode Coalition_No par
4712 48
47
45 4 48
3
47
46
471_ *45
121 Jan
/
4
63081331842.1Mu e 21
Augnar 4
par
1
5 Mar
147 Dec
2
47
4512 45
2,900,Motion Picture
283 2914 2812 30
8
284 291
/
1
29
/ 30
1
4
26 July 30
29
30
2912 30
38,100!Moto Meter Gauge&Eciro
119 120
120 120
•120 123
110 119
206 Mar 1
118 119 *11012 119
94 July 2188* -15u u
13;
700' Motor Products Corp Zo -a
4 5118 521
5I1 52% 517 523
/
4
52
3312tnae„B 5518 Aug 1
52
/ 5214 527
1
4
2511 Jan
521/4 524 12.900,Motor wheel
/
1
5114 Oct
*37
387
8 39
42
*39
40
*39
36 Aug 9
41
3834 333 *38
Jan
No pa
4
6914 June 9514 Oct
41
1,1001Mulline Mfg Co
•__ _ 703 8_. - 793 *_ _ 793 .3 _ _ _ _ 793 *75
4
,.
4
75 Aug 30 10171: J n 11
82
4
No pa
98 Dec 10472 Noy
793
4 75
75
100 Preferred
*5312 54
54
54
5314 531 *5312 54
4May 4
5018 Apr 6 613
461 Mar 6211 Ma,
/
4
5312 5312 54
No pa
54
400 Muneingwear Inc
844 8512 8414 86
/
1
82
83% 82
62 Mar 26 1007
8314 80
8June 17
No pa
211 Feb 11414 Oct
/
4
8014 817 14.300 Murray Body
82
8
8612 87
85 8 8612 8414 8518 844 857
3
/
1
No par 81 18June 11 118,2 Jan 25
841 858 8518 85
/
4
801 Feb 11'2 Nov
/
4
Motors Co
/ 16.500 Nash
1
4
3512 36
34
354 3418 343
/
1
2818 Jan 7 4178.luly IS
4 34
3512 3312 347
714 Jan 3212 Dec
3312 341 20.100 National Acme stamped____11
/
4
3812 3812 38
3812 3712 3712 3612 3711 363 364 36
No par 35 July 2 4814A1ay 24
4
/
1
3614 3,500 Nat Air Transport
4114 4112 40
41
4014 403
40 Aug 9 71 Mar 1
8 40
4014 4012 4114 404 41
No pa
/
1
6,700 Nat Belles Hess
*983 105 .____ 98
8
08
997 100 104
100 98 Aug 27 118 Jan 3
9014 Jan 1181 Dec
•98 104
/
4
*98 104
500 Preferred
20014 203
198 2023 19314 1997 20012 20812 209 21218 211 215
y 21
4
11°6 15912 July 19514 1 1
8
4,
National Biscuit
50.400
.14214 1423 142 14314 *14214 143 *14214 143 .14214 143
4
/
1
4
144
100 140 Aug 15 21634.1
13712 Feb 150
14214 143
400 Preferred
Apt
12314 124
/ 123 127
1
4
/
1
4
/ 123 12514 123 126
1
4
/
1
4
12118 126
4714 Jan 1043 Dee
1257 12912 68.200 Nat Cash Register A w I No par 96 Jan 8 14834 Mar 20
8
4
8118 83
831 853
/
4
4 8418 8612 83 4 847
No par 6218May 22 8612 Aug 27
3
8 84
843
4 83
/ 853 147,300 Nat Dairy Prod
1
4
_
*29
2912 29
29
283 2912 3012 31
4
31
33
32
33
2172 Jan 3214 Oct
2.200 Nat Department Storea No par 2818 Jan 4 3734 Mar 5
*9314 9412 *9314 9412 *9314 9412 *9314 9412 59314 943
100 92 Aug 7 96 June 8
8 9412 9412
91
Jan 102 May
20 1st preferred
4434 40
447 447
431z 4612 47
8
43
43
5018 503 5112 22.100 Nat Distill Prod °Us_ _No par 33 Mar 26 58 June 17
291 June 5812 Jan
/
4
8
•11014 1103 *11014 1103 *11014 1103 *1101 4 1103 *11014 1103 *11014 1103
4
/
1
4
4
4
Preferred temp ctfs__No Par 6712 Feb 7 1104 Aug 23
4
5114 June 711 Jan
4
/
4
5212 5212 *5212 533* 5312 563
12
4 55
37
567
8 5514 56% 4,800 Nat Enam & Stamping_ 100 43 May 29 8214 Jan 9
2314 Ma
573 Nov
8
150 151
Jan
17812 Aug 291 115 Jul
150 1523 150 155
4
155 162
1633 1781 167 173
4
100 132
22,200 National Lead
136
Jan
2140 140 .140 142 •140 142
l381g
13814 13814 140 140
100 13814June 12 141 12 Feb 11 139
140 Preferred A
Jan 14714 May
•116 11612+116 11612 8116 11612 *118 11612 •116 1161 •116 1161.
2 11 A p 20
3
43 i2 4
101 116 Aug 5 17:/ A,r 21 11212 Ma 122 July
Preferred B
6718 657 671
4 6012 67% 66
083
No par 4214 Mar 26
8
217 Jan 461 Dec
65% 677 73,300 National Pr & Lt
4 67
8
6712 683
8
/
4
514
51
17 Jan 10
518 Aug 1
1,7
3
1, par
5 4 512 *514 5 8
,
*5
/ 53
1
4
14 Jul
4
54 53
/
1
53
3 51
8
/
4
4032 Jan
600 National Radiator
*1412 15
15
15 .1412 15
15
15
*1412 15
121
/
4July 31 41 Jan 29
14
14
No rar
36 Dec 9812 Jan
300 Preferred
.120 12514 12514 12514 *122 125 *12412 125
122 122
50 11134 Mar 26 144 Jan 2
120 12018
84 Jun
/
1
4
146 Dee
600 National Supply
12212 12412 122 1233 12112 125
11812 11812 11814 11912 12012 125
50 101 June 14 155 Feb 1 1383 Dec 150 Nov
4
8,500 National Surety
64% 6412 644 63 8 6412 63
/
1
/ 64
1
4
/
4
3
64
63
6314 637
No par 63 Aug 9 911 Mar 1 0160
Jan 390 De
6312 3,100 National Tea Co
8 461s 477
45
/ 473
1
4
4 4714 483
46
/
1
4
4712 4618 473
8 4612 4814 65,700,Nevada ConsolCouper_No par 39 Jan 16 62% Mar 21
171 Jan 42N Dec
4
92
90
883
90
4 88
.90
89
9014 88
/
4
50 43 Mar 28 961 Aug 16
8812 871 91% 9,900 Newport Co class A
/
4
9712 9818 *97
9714 97
98
*97
977
8 97
0712 98 102
No par 93 May 29 113 July 15
2,400 Newton Steel
4
4512 45
4512 4538 4514 4512 443 453
453 4718 45
46
397 Oct 161; -4;;;;
j
4
/
1
4
No par 4112 Mar 25 49 Mar 4
4 4,100 NY Air Brake
1
*5012 5214 *5012 0212 503 51
*5012 52
*5012 53
4
100 40 May 28 583 Feb 2
503 5114
8
47 Aug 6414 Jan
41
700 New York 1)ock
88
*83
*83
88
88
.83
88
*83
*83
88
*83
/
1
4July 29 90 Apr 10
88
100 82
85 Sept 95
Preferred
Jan
100 100
993 993 101 101
4
4
4
4
99
993 *993 100
(6)____No par 96 June 17 103 Jan 10
99
9812 Oct 10512 May
460 N Y Steam pref
99
112 11314 11314 11314 11214 11312 1123 1123 11314 114
4
4
114 115
16
2
No par 11014June 17 18534 Aug 30 102
210 let preferred (7)
Jan 115
Apr
1747 17614 174 177
8
17314 17514 17118 17314 169 181
/
1
4
178 1833 68.500. North American Co
4
581 Jan 97 Nov
/
1
/
4
No Par 904 Jun 7
/
4
/ *5112 5214 5212 5212 5214 5214 .
1
4
511 511 *5112 52
/
4
5214 5212
60 5114June 18 5114 Jan 9
51 Sept 55 May
600' Preferred
/
1
4
:
101 101
•1007 101
8
1004 1011 •10012 1011 •101 10112 101 10114
/
1
/
4
993 Oct 1067 Feb
4
700 No Amer Edison Pref _No par 997 Mar 27 10334 Jan 15
8
514 511 5218 52
/
1
/
4
/
1
/
1
/
1
/ 514 514 5212 5312 524 5314 5312 54
1
4
4818Iday 28 6414 Jan 12
634 June 6912 Nov
/
1
4,600 North German Lloyd
*44
46
*44
*44
46
45
46
45
46
844
*44
46
48
10 Northwestern Telegraph _50 4312June 14 50 Mar 16
Oct 55 May
*2
218
2
22
21 8214 3
/
4
/ *2
1
4
24
/
1
•2
3
13 Aug 14
4
614 Feb 4
212 Mar
200 Norwalk TIre & Rubber_ ___10
7 2 Sept
,
*4
6
*4
*4
6
6
*312 4
*4
6
*313 4
5 July 29
(The)___No par
8 Feb 8
,e
63 Dec 13 May
4
n nali S,lYCupoly
v,
*21
2112 211 22
/
4
2114 2114 *2014 21
21
*2014 21
21
600(ll
25 163 Aug ' 32 Jan 3
2014 June 41
8
Nu
)
Jan
99% 100
*9714 10014 10014 10014 89912 100
*9714 09
100 100
190 Preferred
100 92 May Si 10612 Jan 16
97 June 11012 Jan
383 40
4
40
4 4012 4134 4114 4514 29.500 Oliver Farm Equip_ ___No par 341 5A1aY 3
4018 423
43
4212 44
6412 Apr 25
50% 51
5012
55 4 5312 541 54
3
/
4
54
563 30.000 Cony particIpatIng No par 491sMaY 3
4
557
8 541 56
/
4
693 Apr 25
8
--*9112 92
/
4
9112 923
8 92
9212 911 92
917
8 9112 021s
91
9912klay 2
No par 90 June 1
1,000 Preferred A
*7t2 77
8 *712 8
.712 8
712 73
712 71, *712 8
101 Feb 28
/
4
614 Aug 1.
1,000 Omnibus Corp.....
No par
Dec
15t May
83
83 •---- 82 .____ 82
▪
_ 83
90 Feb 28
100 80 Mar 2
Preferred A
8312 Dec 09% June
7134 723
69
69
4 72
*7212 731
733
4 7212 723
7012 72
8
673 Aug 8812 Jan
3.600 Oppenhelm Collins & CoNo par 69 Aug 13 843 Apr 13
4
.75
80
75
75
875
80
SO
*75
4
/
1
*75% 793 *754 80
4
10 Orpheutn Circuit. Inc pref _100 60 Apr 12 953 Jan 2
75 May 104 Nov
373 079
381 386
/
4
4
386 405 4001 4033 399 401
401 401
5,300 Otis Elevator
50 278 Jan 7 405 July 2 14718 Feb 28512 Dec
*12014 121 *12014 1201 •12014 1201 12014 12014 •12014 121 1 *12014 12112
100 Preferred
100 120 Aug 13 125 Jan 24 1194 Jan 126 July
/
1
4
453
48
48
5214 5018 517
473 48% 4714 481
4
8 4918 5112 73,700 Otte Steel
37 May 29 5214 Aug 28
No pa
1012 Jan
4012 Nov
*98 100
100 100
*98 100
•99 100
*98 100
99% 993
8
600 Prior preferred
100 9814July 12 108 Feb 20
8212 Jan 103 Nov
7512 751
78
76
*76
7512 76
*76
76
7614
76
7712 12,000 Owens Illinois Glass Co ___25 75 July 23 84 May 18
86% 021
/
1
01
90,
4 89
07
883 90% 884 9012 89
4
913 62.700 Pacific Gas & Else
4
25 533 Jan 2 97 Aug 26
8
4312 Feb 6618 Noy
124 126
130 134
1284 132
/
1
125% 1343 127 131
12914 1307 34,300 Pacific Ltc Coro
4
4
No par 70 Jan 7 1343 Aug 26
69 Dec 853 June
8
29
2914 2914 3014 301 *2914 30
*2914 301
291 *2914 30
/
4
170 Pacific Mild,
100 2712J1/ ne 3 37 Apr 17
25
Oct 3512 Nov
1
1
1
I
1
1
1
1
1
1
1
1
No par
I Mar 13
2,400 Pacific 011
1112 Jan 10
1 Sept
2
/ Apt
1
4
21112 21412 212 212
205 20518 20512 210
215 215
210 210
570 Pacific Telep & Teleg
100 159 Jan 3 220 July 25 145 June 169 Dec
4
4
4
•1253 140 •1253 140 *1253 140 *1253 140 *127 137
130 130
4
10 Preferred
100 1163 Jan 3 132 Aug 6 114
4
Oct 12512 May
4
15112 153
141114 1523 14412 14814 14612 1503 148 14912 14814 14912 31,700 Packard Motor Car
4
10 11612Mar 26 11612 Aug 21
56, Feb 163 Dec
4
69
683 68
644 65
/
1
6518 66 4 66
8
/ 673 68
1
4
6814 68
,
8
12,200 Pan-Amer Petr & Trane_150 4014 Feb 18 69 Aug 281
3814 Feb
5512 Nov
8
643 6512 65
4
1 67
663
4 6618 684 6714 6914 675 653
/
1
681 278.500 Class B
/
4
50 4018 Feb 10 6914 Aug 28
373 Feb 58% Nov
4
1412 1412 •1412 1512 *1412 1512 *1412 15
•1412 15
1412 1412
110 Pan-Am Welt Petrol 1.1_No par
133 Aug 6 1712 Jan 31
8
1512 July 2838 Apr
*93
4 97
8 .912 10
10
10
•912 10
*912 10
*314 9,2
71s Aug 10 1514 Jan 3
Panhandle Prod cis ref__No par
1112 Feb
2124 May
60
59% *56
*56
*56
5612 *56
60
60
*56
*56
60
100 47, Feb 25 76 Jan 16,
2
Preferred
6912 7112 703 72
73
7012 73
8
72
8
703 7134 1- 800 Paramount FAD) Lasky_No Par 5512 Jan 2 74 Aug 19, 70 Feb 108114 May
8
693 71
11,4714 Oct 5612 Deo
*483a 50
8 4918 4918 *4914 50
453 49
8
4812 49
4918 497
1,700 Park & Tilford
No Par 47 June 3 87% Jan 14' 34 Ma
5
/ 6
1
4
98 Nov
5% 61
5% 618
612,
6
5% 6
/
4
6
6
1
53 Aug 2 l37 Feb 28
4
9 Au
or, 1012 5,700 Park Utah C M
9
93
4
9
144 Inn
/
1
93
8 9%
9
/
1
4
9
• 94 0
/
1
912
/
1
4
No par
712 Mar 26 147 Jan 0
32,900 Pathe Exchange
8
2 Fe
1818 20
1812 1812 1818 183
15 Nov
1812 19
4
193 2118 5,600
4
1814 183
4
No par
1312 Mar 26 30 Jan 9
811 Feb
/ 42
1
4
4112 42
401 42
/ 41% 4214 41
1
4
34 Aug
/
4
423
8 4078 4118 40
/
4
C as
15,800 Patlin osMines & Enterpr____20 341 Jan 7 47 Mar 41
/
1
4
237 Jan
8
1218 12
1212 121 12
12
42
/ 1218 1214 1,900 Peerless Motor Car
1
4
/
4
D
/
4
8 12
*1'21 13
127
50 1118June 26 2212 Jan 11
141 Sept 257 M11
/
4
4 55% 5712 56
1
561:, 54% 58
/ 5514 573
1
4
57
*543 563 *56
4
4
No par 38 Jan 2 601
10,400 Penick & Ford
/
4July 8,
22
/ Jan 411 Oct
1
4
108 108 *10712 108 *10712 1083 •10712 1094 10712 1083
4
/
4
108
*10712
4
100 100 Apr 2 110 Jan 91
50 Preferred
103
1118 .1118 1114 11
11
11
11
Oct 115 Mar
11
*103 11
4
1118 1,200 Penn Coal & Coke
11
50
512May 27 12
8 Aug
1012 10
10% 10
1412 Jan
103
4 10
1014 10
1014 7,700 Penn-Dixie Cement____No 100 6011 A ug 34 27 Jan 201
814 93
1 10
par
8, utt 20
Jan 6
1434 July
5012 51
53
04
g5014 5014
31 May
*52
52
5412 0412 5412 53
700
94 Jan 221
75 Sept 964 Apr
37512 384
375 380 .
/
1
374 380 *368 380 *368 380 .368 380
People's
PrefrrOedL at 0(Chic) _100 208 Jan 11 404 Aug 5
2.000
15134 Jan 217 Nov
30
*28
*29
3018 3018 .28
.29
29
31
28
2972
30
No par 28 Aug 30 4512 Jan
800 Pet
3i
411 Dec 46 Dec
593 GIN 6112 63
4
/
4
8 58% 593
597
8 5818 60
591 5913 59
/
4
12,800 Phelps-1todge Corp
l
25 5612May 28 797
8May 10'
244 249
230 246 *240 245 *230 250
*230 240 *220 250
1,400 Philadelphia Co (Pittsb)
50 1473 A rig 17 219 Aug
60 6 :Au 9
1 Apr
30 146 Mar 114g May
*4812 49
*4812 4912 *4812 49 .4812 49
*4812 49
54812 49
6% preferred
61 May 20
sal Mar 49 Aug
!
5212 52 2 *5212 53
,
*5212 53
5212 5212 *5212 53
*5212 53
300 6% preferred
50 50 Une 24 54 Mar 18
/
1
4J
511 Oct 67 Mar
/
4
$ Per share $ Per share
16
1512 1512 16
*____ 91
*141 24
/
4
*1418 24
*321 4212 *3214 4212
/
4
*2312 25
*2312 25
2914 2912 2914 2912
2712 2712 2714 2712
4
143 143
4
15
15
• Bid a Id asked pr nes; no sales 011 this day. z Ex-dividend. y Ex-rights.
1412
New York Stock Record -Continued-Page 7
For sales during the week of stocks not recorded here, see seventh page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Aug. 24.
Monday,
Aug. 26.
Tuesday,
Aug. 27.
$ per share $ per share $ per share
2438 247
8 25
2532 2414 25 8
3
14
14
*1312 14
8 15
•40
4034 .40
40 4 40
3
40
-___ 803
4
89 4 *---- 8912
3
3813 3813 381 39% 37% 383
/
4
3
.22
2412 *22
24
24
*22
*9112 93
*9112 93 .9113 93
34
34
34
34
323 33 4
4
,
*82
84
*82
84
84
*82
2
2
2
2 14
2
2 14
.3612 38
*36
38
*3612 3.9
412 13
4% 47
8
4
4 8 43
,
8
4713 4814 47
,
4612 47 3
48
61% 6212 613 62% 6112 623
4
4
75% 76
75
7514 74 4 743
3
4
*9814 9913 9818 9918 *9814 9912
23
24
.23
25 .23
25
.55
56 .
55
56 .
55
56
38
384 36% 38
373 3812
4
*7712 7813 .75
76
76
*31
31 12 .30
32
31
•103 10412 10314 10314 *103
Wednesday, Thursday,
Aug. 29.
Aug. 28.
Friday,
Aug. 30.
. Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PIER WARS
Range Since Jan. 1.
-share lots
Oa basis of 100
Lowest
Highest
Lowesi
IBMs!
-$ per share $ per share $ per share Shares Indus & Miscell. (Con.) Par $ per share 3 per share $ per share
per Marl
44'4
2414 24% 7.600 Phlia & Read C & I___No par 174May 28 34 Jan 8
2414 25
223 June 394 Jan
8
•
12% 147
8
Ws 1212 1 039 1118 27,100 Philip Morris & Co., Ltd_ 10
15 Mar 2513 May
9% Aug 29 2314 Fel, 26
200 Phillips Jones Corp__ _ No ear 38 July 31 73 May 17
40
40
.39
.39
Apr 54 Aug
40
40
33
IPhilIlpe Jones pref
91 •____ 8939'__._ 8912
Apr 99 May
85
100 834 Aug 15 98 May 1
9.300 Phillips Petroleum_-__No par 35 Aug 9 47 Jan 3
8 3714 38
373 3812 373 383
4
4
354 Feb 53% NOV
200 Phoenix Hosiery
23
2412 23
234 2313 .23
,
a 21 July 18 37 8 Jan '22 21 Oct 33 May
100' Preferred
•9113 93
9112 9112 *91 12 93
Dec 10314 Feb
94
100 9112 Aug 21 100 Jan 6
3214 33
4 3218 3218 5,400 Pierce-Arrow Class A__No-par 2712 Mar 25 37% Jan 9
323 323
4
1813 Oct 30% Dec
600 Preferred
*82
84
82 .82
84
82
5612 Oct 747 Des
3
100 721 Jan 2 8712Jule 7
/
4
214 6,200 Pierce 011 Corporation
2
2
214
2 18
112 Atig 9
12 Mar
218
34 Mar 18
64 Apt
38
2001 Preferred
*3613 38 .3612 38
38
38
164 Feb
Oct
50
100 30 Jan 8 5112 Mar 18
1,900 Pierce Petram
.43
4 47
4 8 4%
,
313 Feb
4 July 15
57 Jan 15
8
No par
6% AP/
418 47
4712 49
5012 19.700 PIRebury Flour Miffs. No par 3913May 27 637 Jan 15
48
487g 49
323 Feb 587 Dee
4
3
3
9.700 Pir 111 Cot Italy
63
64
64% 6212 64
63
50,2 Mar 26 68 Aug 1
7412 7413 73
.• 1,313; 787 Dec
8
100 54,8June 4 8334 Jan 9
733* 7212 724 3.400 Pittsburgh Coal of Pa
200 Preferred
*9518 97
9814 984 •84
97
8
81 May 1007 Dee
100 8312June 5 100 Jan 5
300 Pitts Terminal Coal
25
.23
Feb
25 .23
25
38 Dec
26
*23
100 20 June 10 34% Jan 9
Preferred
*55
.56
56
56 .
.55
55
6318 Oct 82 Mar
100 52121une 10 7814 Jan 9
3712 3814 373 3812 363 3712 4,700 Poor & Co class B
4
4
No par 26 June 24 437 Aug 1
8
300 Porto Rican-Am Tob Cl A100 7514 Aug 29 954 Mar 15
100 Class B
No par 28 July 16 50 4 Jan 2
3
300 Postal Tel & Cable Ore!.. _100 10118May 27 105 Jan 31
Iposturn Co. Inc
4ivIay 3
No par 6234 Mar 26 813
58
58
8 8.200 Pralrle Oil& Gas
588 -&iT8 5812 - Sia 56- 5814 5812 x583 583
8
25 504 Aug 7 65% Jan 2
.
6417
644 65
6412 6412 6414 64% 6412 644 6413 643
634 5.500 Prairie Pipe de Line
61
25 53 3 Jan 14 65 Aug 23
,
18
183
8 18
177 18
8
183
8
173 173
8
1714 1714 5.400 Pressed Steel Car
4 1718 1714
No par
15 May 27 25 3 Mar 22
3
4
4
4
*75
77
*753 7712
300 Preferred
75
75 .7512 7712 *753 7712 *753 77
100 73 May 29 81 Afar 27
1618 1618 15
1,200 Producers & Refiners Corri...50 11 12 Aug 10 25% Jan 3
1518 1518
1514 1514
15
15
15
15
15
.3634 38
2501 Preferred
37
*3618 37
37 .
37
37
37
50 34 Aug 9 464 Mar 21
37
37
38
*48
10 Pro-Wily-lac-tic Brugh_No par 48 Aug 14 823 Jan 14
50
.48
50
49 .
*49
49
*48
48
50
49
50
4
119% 121
118 12014 11713 1207 11718 1193 11712 12014 11812 1224 126,000 Pub Ser Corp of N J__No par 75 Mar 26 1243 Aug 20
8
4
4
•106 1063 106 106
1,000 6% preferred
4
106 1063 10612 1063* 1064 107
106 106
4
100 10312June 8 108,4 Feb 5
119 119
300 7% preferred
120 120 .119 12112 •120 123 0120 123
121
121
100 1173
3June 25 124% Jan 3
200 8% preferred
•150 152 •150 152 *15014 152
150 15014 .150 152 .150 152
100 145 Apr 17 1504 Mar 15
*10612 1073 .10612 1073 *10612 107
200 Pub Ser. Flee de Gas Pre!_100 105 July 26 10913 Jan 23
4
107 107
4
107 107 .1064 10714
19.700 Pullman, Inc
8718 88
85
5
877
8 86 8 8712 861s 8739 8618 87
853* 87
No par 78 May 27 917 Jan 3
3
*16
17
16
1618 1618
1512 1612 1612 1612 1512 1618 2,000 Punta Alegre Sugar
16
50 143
8May 29 2112July 24
28% 27
27
8
2612 263* 26,2 274 2614 263* 12,800 Pure 011 (The)
2711 265 27
25 2314 Feb 16 303
4May 9
•113 11314 .113 11314 11212 113
1601. 8% Preferred
112 112
1 1212 11314 11314 11314
100 Ill June 12 116 Feb 25
11.600 Purity Bakeries
143 1443 142 14212 141 142
4
1402 142% 142 14314 142 144
109 8May 28 1483* Aug 20
3
933 96
4
94
/
4
41 938 100 755.400 Radio Corp of Amer___No par 6814 Feb 18 114 May 3
963
,4 9212 96
4 921 95
927 943
8
400' Preferred
*53
54
5412 5412 5314 53 4 54
54 1 *5312 5412
54
,
54
50 52 July 5 57 Jan 3
3612 37
3512 36% 347 354 343 364 35
8
354 3612 62,900 Radio Keith-Oro ol A_No par
4
19 Afar 26 46% Jan 4
/ 7812 353
1
7873 •7713 7812
900 Real Silk Hosiery
.77
7812 79
797 *7712 793
4 787 79
8
8
10 67 Jan 7 13439 Mar 4
30 Preferred
*
99 100 .
99
99 100 .
0912 .99
9912 9912 9912 991* 9912
100 95 May 27 10213 Feb 8
1,100 Reis (Robt) & Co
.
1134 12
II
11
1138 1138
11
1118 II34
8 11
1118 113
No par
8 May 23 16,4 Feb 1
900 First Preferred
*81
82
80
79
80
80
8314 .79
79
80
80 .
79
100 60 May 29 10313 Feb 8
471 48% 48% 50% 498 50 8 493 51
4
49% 507o 116.500 Remington-Rand
3
4
5018 51
No Par 28 Mar 26 51 Aug 28
700 First preferred
947 95
8
94% 94% 95
95
•943 95
944 95
4
100 9014 Jan 4 96 Feb 4
•9412 95
9913 99
9913
500 Second preferred
*99
99
9912 99
.99
9912 99
100 93 Mar 20 101 Apr 15
99
99 .
21
2114 2012 2118 2013 21
2014 19.700 Reo Motor Car
10 20 Aug 30 317 Jan 3
4 20
2012 213
8 2014 203
8
3
5.100 Republic Brass
*41
43 •
40
50
43
46
41
43
No par 41 Aug 27 547
4218 437
45
44
8hiay 3
1001 Preferred
*10512 106 .105, 106 •10512 108 *10512 186 •10512 106
3
100 105 May 3 107 June 5
106 106
2001 Clays A
10113 10112 .98 102
*99 101
,
103 103
.98 102
No oar 93 3Alay 29 Ill May 6
*98 102
12014 1253 124 13014 125 1293 12512 129, 12513 1277 12618 13012 213,500 Republic Iron & Steel_ _ .100 7914 Feb 8 13012 Aug 30
4
4
.
8
4
200
*11018 112 *111 11112 11112 11112 .11013 112 •11018 1117 111 12 111 12
100 108% Jan 7 11513 Feb 27
Preferred
8
73 1013 1012 1214
4
10
11
6 June 8 124 Jan 16
1013 1418 77,000 Reynolds Spring
No par
10 18 11
1014 1114
5414 54,2 5418 54% 533 543
5712 5918 68.000 Reynaldo (12.1) Top alarm B_10 53 Mar 26 66 Jan II
4
4 54
58
543
4 64
5678 5813 •58
5912
'
700 Rhine Westphalia Flee Pow_ _
*55 4 56, *553 52
3
4
4
.55
53 Feb 28 64 Jan 2
5612 *563 58
4
13.500 Richfield 011 of California_ _25 38% Aug 10 49% Jan 3
42
43 8 4214 434 42
3
8
4214 42
4218 433* 4218 427
437
29% 29% 29% 297
8 2918 293
No par 2514June 11 4213 Mar 28
8 2813 291* 2812 2912 284 2918 8,800 Rio Grande 011
500 Ritter Dental Mfg
*6418 8513 *641 6513 .6418 65
64
/
4
64
No par 59 May 28 70 June 29
6412 6412 641s 65
6814 6814 69 69
7912 25.000 Roes% Insurance Co new .,I0 63 May 23 98 May 9
6934 723* 7218 751 2 7239 7114 73
*3712 377 *36
g
377 39121 3.700,Roya1 Baking Powder NO Par 27 May 31
8
37% 36
4314 Jan 2
36
3714 38
36
36
I Preferred
•1107
8
____ •112
.112
100 95 June 12 113'4 July 16
7 5418 538 54
53
81
497 Feb 19 6914 Aug 27'
4
54
5814 564 573 58,2001 Royal Dutch Co(N Y shares)
594 57
573
4 57
67
687
3 69
4
7112 683 7039 69
733 65,900114t. Joseph Lead
71
4
73% 71
10 5912J1lly 25 94 Jan 21
7114
175 17738 17813 17913 175 17712 175 179, 174 176
174 17513, 12,300 Safeway Storee
No par 15414May 28 19514 Jan 4
4
450 Preferred (6)
03
96
93
94
9334 93 4 9314 9314 94
3
100 93 Apr 4 97 Jan 16
9514 9514 96
80 Preferred (7)
10212 103
1023* 1023* •10212 104 .10213 103
100 102 Feb 16 108 Jan 18
10212 10212 •10212 103
8,800 Savage Arms Corp_ __No par 38 Aug 9 5171 Jan 24
393 40 8 40
41
4
3
4012 4012 427
.
8 4114 424 4118 4118 41
7,400 Schulte Retell Storea_No par
20
2014
1918 20
19
1914 20
20
1633July 3 4113 Jar, 8
19
19
1914
191s
80 Preferred
.
90
9012 *90
9012 9014 9039
91
.90
100 90 July 28 11812 Jan 2
91
90
9012 •90
4
600 Seagrave Corp
137 137 •13I4 13% •1314 133
.1312 14
1312 14
1318 July 15 224 Apr 12
/
1
No par
13
/ 1339
1
4
1627 17212 17018 1743 16612 17134 167% 171% 170 173 216.000 Sears. Roebuck & Co No par 1393 Mar 26 181 Jan 2
16239 163
8
4
4
5
5
514 8.600 Stelae& Copper
5
5
518 5 8
3
512
4 May 28 1018 Mar 20
5
/ 512
1
4
No par
54 514
13,900 Shattuck (F 0)
18512 187
18712 1917 189 19012 187 187
8
8
186% 1913 191 194
No Par 12312 Jan 8 194 Aug 30
4613 477
4July I
No par 41 June 4 533
48
494 4839 4939 48
488 48% 4914 4914 51 7 20.8001Sharon Steel Hoop
42.8001811e11 Union 011
287 2918 2812 2934 2812 29
8
283 2914 2818 29
8
No par 25 Aug 9 314 Apr 2
2818 29
800 Shubert Theatre Corp_No par 363 July8 744 Jan 24
*46
44
4712 *1312 4512 43
4412 x44
44
44
44 .
45
4
130.6001 Simmone Co
133 13514 13112 13412 130 1333 13118 1347 131 12 141
8
4
1394 1494
No Par 75 Mar 28 14939 Aug 3(1
13618 3712 21.9001 211mm Pe,rolem
373* 38% 373* 3914 373* 38
38
364 3814 37
10 181 Mar 26 4018 Aug 17
/
4
3718 37 3 90.3001 8Inclair Cons 011Corp_No par 3112 Aug 9 45 Jan 2
,
373 3813 37,2 3818 3712 38
4
3714 38
3714 38
1001 Preferred
•109 10912 .109 10912 *109 10912 .109 10913 •109 10912 10914 109,
4
4May 1 111 Jan 29
100 1073
4218 4234 42
4318 413 4212 4112 4214 41% 4314 4218 4212 16.4001 811telly 00 co
4
8
25 327 Mar 7 4613May 6
052
100 Sloes-Sheffield Steel & Iron :00 53 Aug 29 125 Jan 19
•
53
55
55 .53
53
55
53
55 .53
56
.53
.6512 73
200 Preferred
7018
*68
.68
69
70
69
70
70
73
*68
100 69 Aug 25 112 Jan 18
*1014 103
8 1,400 Snider Packing
4
103
10
107 11
*1014 11
1012 10, •10I4 11
No par
2
10 Aug 30 1614 Feb 6
800 Preferred
*45
SO
.4512 47
4514 47
*4513 4722 4518 46
*4512 49
No par 33 Jan 3 6412July 9
3512 3512 3512 35% 3514 3512 3514 3512 3538 3512 3518 3512 5.800 So Porto Rico Sue
No par
34 Mar 26 45 May 13
81
8473 863 883
8
4
8 83% 84% 75.200 Southern Calif Edison
8338 857
4 8412 87% 833 88
8
535 Jan 4 884 Aug 26
•10
45 •
.1712 45
'Southern Dairleg ol A__No par 3513 Feb 16 501sJune 14
20
45
•1712 45 •
1712 45
5
•I0
45
712 918 2,700 Class B
74
712
'.5
8
5
5
No par
15% Jan 12
5
/ 6
1
4
5 Aug 26
814 7
20018paldinii aoe 1st
8p i d tig Br os
523
4
8
5212 53 •
4
r
52
54
*51 8 533 .52
,
524 *515* 523 .515
No par 5014 Apr 30 6312May 6
4
•11084 112 •11034 112 •I1034 112 •110 112 •1103 112 *1103 112
4
4
0ref
100 11034 Aug 17 117 Feb 6
39
39
00
/
4
403
ang Chalfant&Co InoNo par 31 May 28 524 Jan 3
8 401 418 7.930 SDrreferred
39
3814 3812 39
3
84 38 4 .37
,
*
92
93
91
93 .92
93
93 .
•91
93
93
91
92
100 89 Mar 19 97 Jan 17
2012 7112 6812 70% 6814 69
7239 33,500 Sparks Withington____No par 5514 Aug 9 73 Aug 22
8 70
684 6812 6714 723
300,Spear & Co
*712 8
.814 8
/ •
1
4
4
*713 8
6 May 20 143 Feb 4
No par
814 814
814 812
73
4 8
380 Preferred
.
68
72
71)
72
70
71
70
70
71
71
7014 71
100 70 Aug 23 8013 Jan 2
2.700 Spencer Kellogg & Sons No par 3512 Apr 22 45 A11620
4114 423
42
4
4 413 4218 41
402 4218 4114 4212 42
42
2,200 Sal
800
50 8 523
,
4 5012 51
4 52
62
514 51% 52% 523
No par 45 Jan 7 6834 Mar
3 51 18 513
'refeM flIC
eer rre Ao
*47
47
4712 47
47
48
8
47
4712 45 4 49,
No par 45 July 24 557 Mar 1
3
48% •
4 48
3.900 Spiegel-May-Stern Co.No par 70 Aug 5 1177 Feb 6
SO
81,
2 794 81,
80
79% 7912 81)
8
7912 7912 79
4 79
.167 17
8
,
18
16% 167g
15
167
8
157
8 15
163* 167 174 51,000 Stand Comm Tobacco_No par
15 Aug 28 43% Jan II
14014 1427 1404 141% 1403 1493 14514 1494 16518 1654 162%4 16472 222:000 0t&F,P0d a rr0 Glas &
: eer rededki
6 18 7 600 S a n enetta :d uungEl Co_Ne Par 80+4 Mar 26 16312 Aug 30
3
5
8
4
4 4 523
8
4
.65
6514 643 65,
4
3
4 6512 65% 6412 65 4
8May 31 62 Feb 1
50 623
•102 112 •10212 112 •I0212 112 •103I2 112 .10212 112 *10212 112
100 10212 Aug 16 18314 Jan 18
•10314 106 •10313 105 •10313 104 *10312 106 •1033 105 .1033 105
4
4
.100 98 Juno 17 133 Jau 12
39.900 Standard 011 of
76 8 77% 76
,
7618 77
. _No par 64 Feb 18 814MaY
774 75% 76% 75% 763
8 7512 77
714 72% 724 733
8
3 713 72% 71
8
4
NewJeroey_25 48 Feb 16 73% Aug 23
71% 713 7312 71 12 725 236.300 Standard 01101 Ca!-45 4 463
3
4 4514 483
8 45
4418 447 244,500 Standard 011of New York _25 374 Aug 10 47 Aug 23
4614 4414 453
4 4413 46391
4
4
4
5
4
SOO Stand Plate Glass Co_ _No par
4
4
44 .
i
4
9 4 Jan 21
,
4,4 .6. 1_ .6460
4
418
4 Aug 14
•1414 15
1414 1414 •12
10, Preferred
•12
14
1312 •1212 1312 .1212
1414 Aug 28 31 Jan IS
. 2 __ __ _!Stand San Mfg Co____No par 41 Jan 26 56 May 3
13
_1_
*40
.40
.40
_ _ •40
6712 673* 6612 67% 6613 67
66% 12.700 Stewart-Warn Sp Corp8
6618 667
8
18
10 844 Aug 9 77 May 10
168 163% 16912 177
176 181
17612 18014 17812 19014 192 20113 80.500 Stone & We..ster
No par 15514 Aug 9 201 12 Aug 30
3
7412 75 8 7412 7514 737 7414 7312 747
4
g
8 7314 75
733* 743 10.900 Studeb'r Corp (The
No par 73 Aug 10 98 Jan 26
20 Preferred
125 125 •125 126 *123 125 •125
•I23
100 123 May 13 126 June 25
112
133
412 Mar 14
14
13
4
.1%
138 7,200 Submarine Boat
13
4
112
112
,
112
234 2 4
No par
112 Aug 2
z73
74
400 Sun 011
73
7312 7312 71
*72
71
7114 7212 .713 7312
4
No par 67 Mar 26 7633July 8
190 Preferred
10112 10112 •10212 104 .10212 104 •IO2 104
.10112 102
10114 101 12
100 100 Jan 3 1054 Jan 8
1,400 Superior 011
74 74
/
1
No par
6 Aug 7 12 Jan 3
4 39
3718 3612 if]; -3614 3714 373 - -73 -551 -- -- -- - - -- -- 7,200 Superior Steel
37
100 31 May 31 73% Apr 9
3
4
43,3 1312 •tat, 1312
400 Sweets Cool America
*1312 1412 •1312 14,
*1312 1412
1314 1314
2
50 13 Aug 6 334 Apr 11
6
*5
*5
mi
6
1001Syc llitton
O.5
6
*5
A
9 May 2
No par
6
6
.5
.5
44 Mar 12
•133 15
4
*13 4 15
,
4
15
*133 15
.134 15
No par
.13 4 15
3
15
1214 Mar 11 igssMay 2
21 .
2012 2112 2012 2012 20
8 21
700 Telautograpb Corp
2138 213
No par
20
20
20
18 June 17 2513 Mar 21i
17% 18
1713 173
1712 17%
4 1712 173 1171
. 177
8 8,700 Tenn Copp & Chem No par
4
16 Apr 9 20% Apr 29
17 8 18
,
,
8
4 70 8 714 7018 7113 7012 70% 7038 7118 70
707 230.001) Texas Corporation
25 5714 Feb 21 71% Aug 26
7014 71,
72
727
8 71% 7212 72
8
7112 x7218 727 47.800 Texas Gulf Sulphur__ _No par 69%June 29 8514 Apr 18
73
% 7218 74
72
167 173
17
8
177 , 1718 173
4
,
Iris 18 4
17 8 17
81 4.300 Texas Pacific Coal & 011
,
1818 1812
10 l5' July22 23% Mar 21
15
1514 15,2
1513 154 4541 1458 1514 9.6001Te1a5 Pao Land Trust
,
1 134 Afar 211 2413 Jan 17
154 154 15 4 1514
26
7514 7514 *754 76
/
1
76
78
31
.30
.2912 31
*2912 31
31
/
4
10412 10334 1033
4.10318 10412 10414 1011
sales on this day. z Ex-dividend. p Ex-rights.
•Bid and asked prices; no
P514 111.4Rli
Range for Previous
Year 1928
534 July 85 4 Dec
3
2314 Aug 51% Dec
100 8 Aug 106 Sept
,
8
613 July 13612 May
594 Dec 64 8 Dee
,
18 June
70 Aug
Feb
16
41
Feb
52 Nov
4113 Jan
1033 Jan
3
Oct
117
Jan
134
1064 Dec
777 Oct
1
17 8 Dec
,
Feb
19
108 Mar
75 June
3312 Oot
9313 Oot
2973 Nov
49 8 June
,
91
Feb
8313 De0
115 May
12911 May
150 May
1104 Apr
94 May
347 Jan
8
3114 Nov
119 June
8
1393 Oat
544 Jan 60 May
3414 Dee 5111 Nov
247 Jan 604 Des
4
8012 July 974 Des
15 Des
512 Feb
61 14 Feb 8912 Deo
2311 Jan 3612 May
8714 Dec 98 June
881s Oct 100
Jan
2212 Jan 8514 0011
491 June 9413 Nov
/
4
102 June 112 Feb
81 Feb
/
4
147 June
4
Oct
50
2311 Feb
40
10412
41%
37
171
95
10612
3614
35%
115
10
8218
2
8013
61
56
Dee
Nov
Dec 493g Dee
Dec 10412 Dec
Jan 64 0o
,
Mar 7112 Dec
Dec 201% Dea
1)ec 97
Dee
Dec 10613 Des
Dec 51 Dee
Dec 8712 Apr
Dec 129
Apf
Feb
1712 June
Jan 19713 Nov
Jan
712 Oot
Feb 14014 Oct
231 Feb IA Nov
5414 June 8514 Nov
553 June 101% Nov
4
18, Feb
8
2714 Nov
Ms Feb
46% Nov
10212 Jan 110
053
26 Feb 42% Nov
102 June 134
Feb
1044 Oct 123 Mar
11 Dec 20
Apr
31 Nov 60
Jan
3213 Feb 49% May
4312 Jan 5613 Nov
214 Jan 60 8 A467
,
9
Jan 80
Apr
lOs - Jan Pifi- -Ape
26 July 57% Des
97
Oct 100 Aug
_
1014 Nor
76% Nov
- - 1- Jan
232
•
24
5774
64%
100
97
63
374
Sept If Nov
Oct 4014 Nov
Jan 84 8 Dee
,
Dec 7113 May
Jan 14213 Dec
Nov 115 Dee
Feb 80 Nov
Feb 593 Noe
4
28% Feb
4513 Des
24 Jau
7% Feb
10
Jan 40
Feb
84 June 53% Des
67
Jan 8713 Oct
12113 Feb 127 June
3 Feb
614 Mar
314 Jan
77 Nov
100
Jan 110
Apr
24 Feb
/
1
1414 NOV
18
Jan
5673 Noy
1 13* Feb
2313 Sept
4 Aug
7 May
10 Aug
193* API
154 Jan 22% May
101s Jan
191 Dee
60
Feb 743 Nov
4
624 June 824 Nov
12Ia Mar 263 Nov
4
20 June 3039 API
New York Stock Record—Conciuded—Page 8
1413
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,
Any. 24.
Monday.
Aug. 26.
Tuesday, i Wednesday, Thursday,
Aug. 27.
Aug. 28.
Aug. 29.
Friday,
Any. 30.
Sales
for
toe
1Vee1.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-share lois
PER SHARE
Range for Previous
Year 1028
Loweal
Higbee!
Lvecest
Highest
3 Per share $ per share $ per share 3 per share $ per share $ per share Shares Indus. & MIscel. (Con.) Par 3 per there $ per share
$ per share $ per shin
2813 2312 2812 294 297 32
2912 31
8
30
30
293 303
4
1612 Mar 14 3414July 15
8 5,800 Thatcher Mfg
No par
22
Jan 394 Mal
546
47
47
48
47
48
*44
49
*48
49
49
49
300 Preferred
No par 35 Mar 9 49 Aug 30
45
Oct 53% June
*37
37 8 3714 3712 3814 3412 373 38
7
4
38
38 14 3714 373
8 1,700 The Fair
No par 3414 Mar 20 517 Jan 15
34
8
Jan 5212 Dec
•108 110 5108 110
110 110
10934 1093 •108 1093 *109 110
4
4
100 10412 Feb 20 110 Jan 2 10413 Jan 1144 0431
30 Preferred 7%
*45 4 46
3
54514 46
*45
46
545
46
4618 4618 •455 46
100 Thompson GI 11) Co
25 44 May 1 62 Jan 12
5814 June 714 June
204 214 2012 2112 204 21
2014 21
197 2013 20
8
201 31,300 Tidewater Assoc 011__No Par
8
1712 Feb 8 2312.11the 7
143 Feb 25 Sept
4
*8712 8812 873 873
8 875 874 3712 88
8
883 884 88
8
900 Preferred
88
100 84 June 18 907 Aug 2
5
814 Mar 913 Dec
4
3514 35 4 343
3
43514 3413 344 344 314 35
35
5344 35
1.700 Tide Water 011
100 2718 Feb 1 40 June 7
1939 Mar 4112 Dec
*9112 92
9118 0118 9114 911 1 *9114 9112 9114 914 91 14 9114
100 90 July 26 9712 Jan 17
500 Preferred
868k July 10018 Dec
24
244 24
243
8 2414 2412 2412 2913 2712 29,
2712 283 48,400 Timken Detroit Axle
8
10 224June 13 31 May 3
4
1044 10414 104 10678 1053 1093 1073 1123 1083 11018 1085 11018
8
4
4
4
8
4
55.700 Timken Roller Bearing_No par 734 Feb 16 150 Jan 3 1 25 Mar 154 - 8
1
Noi
14% 15
143 15
8
14
147
8 14
1412 14
143
4 133 1418 9,200 Tobacco products Corp
4
30 124 Aug 13 224 Mar 18
1778 183
8 1714 1814
1712 1712 17
1714 IR
8 173
1739 17
20 1512 Aug 14 225 Mar 18
4 3,700 Class A
8
518
1814 *12
16
12
12
511
16
157 511
8
*11 . 157
s
100 Dividend certificates A ___814 Aug 2 18 Feb 13
Aug i5% jell
19
•12
16
*10
15
*10
*10
147 90
15
15
*10
16
84 Aug 2 20 Mar 28
Dividend certificates B
19
Aug
24 June
*10
15
*12
17
12
12
12
12
•104 17
*1018 164
200 Dividend certincates 0
814 Aug 2 1912 Jan 16
19 Dec 23 Aull
137* 13%
1312 13%
133 147
8
1412 154 144 1514
1412 1434 594,000 TranecTi Oil tem eif __No par
9 Feb 26 1514 Aug 2S
618 June
1412 Nov
•46
463
4 4634 464 *46
546
47
463 546
4
463 54612 47
4
100 Transue & Williams St'l No par 41 Feb 28 533 Apr 18
444 Dec 5912 Yet
8
5.512 5512 554 55 4 544 55
3
544 543
4 5518 5512 5518 563
8 4.700 Trice Products Corp___No par 383 Feb 18 63 July 3
4
8
325 June 644 Seel
*20
2012 °I)
2018 20
20
197 20
8
20
20
1934 20 81 1,300 Truax Truer Coal
8June 4 317 Jan 23
No par 195
8
*53
54
534 334 53
53
53
53
523 53
8
5218 521
4
600 Truscon Steel
10 443 Mar 26 614 Jan 3
5514 Nov 837 Deg
8
14614 154
156 159 8 15713 16031 15914 16314 15714 160
7
158 1593 61,300 Under Elliott Fisher Co No par 91 Jan 7 16514July 8
4,
63 June 937 Del
8
*125
*125 126 *125 126 *125
___ *125
___ 125 125 I
100 125 Jan 5 125 Jan 5 119 Mar 126
10
Preferred
Aim
36t2 3612 3,5
35
*33
353
8 343 8 3438 324 34
33
3312
700 Union Bag & Paper Corp-100 24 June 1
43 Jan 14
30 Dec 494 Vet
3
133 13512 13114 1344 1304 1324 1304 1324 1304 1337 1313 135 129,900 UnionCarbl&C
8
4
No par 751451ay 22 13512 Aug 24
arb
527 53
8
14 52
537
5114 5228 5112 523
4 5218 5438 5312 5412 49,300 Union 011 California
25 4512 Aug 9 5413 Apr 18
4218 Feb 68 Noi
•151 155
1543 1543 *147 154
4
154 154 *147 155 5147 155
4
100 1214 Jan 15 1573 Atli{ 12 110
400 Union Tank Car
4
Oct 1284 Ma3
13538 13734 1325 13614 13212 13712 13212 136
8
133 1357 13314 13514 75.300 United Aircraft & Tran No par 783 Apr 11 162 May 1
8
---- ---- ---- ---9214 9214 9214 9214 904 . 92
92
92
91
91
90 4 904 1.300 Preferred
3
50 6818 Apr 11 10912May 1
49
49
483 4914 4812 49
4
48 4 50
3
4912 4912 4018 5018 5,400 United Biscuit
No par 41 May 31 534 Jan 14
- -13 Apr 57
34
Ch2
•11834 130 51183 119 511834 130
4
125 125 •125 130
130 130
100 11412June 11 130 Aug 3 11214 Mar 135
200 Preferred
043
1678 1738
1612 17
1512 1614 1513 17
1518 153
8 143 15
4
6.600 United Cigar Stores
10 1312 Aug 9 2712 Jan 11
227 Aug
8
343 Fel
8
584
89
584
89
*84
89
*84
89
*84
88 .84
88
100 80 July 26 104 Jan 2 1037 Dec 1144 Ars
2
6612 673
8 6539 6714 645 65 4 843 654 6412 6512 643 6814 203.200 Preferred
8
3
8
8
4MaY 21 75'ZMSY 11
No par 583
United Corp
4818 487
8 4818 48% 483 48% 48
8
483
48 8 4834 4814 485* 10.700 Preferred
3
No par 45 May 13 497 July 29
*3412 35
3414 34hj 343 3512 344 3418 34
4
3512 338 35
1,800 United Electric Coal—No Par 30 June 3 814 Feb 6
- - -14 Oct 58
8912 Del
•11612 11712 11612 1187 11614 118
8
116 12212 120 1215 11912 1201 21,100
8
8
8June 12 15813 Jan 31 13112 June 148 Nor
No par 1095
UnitedFruit
1134 114 *113 1214 .1134 12
4
5113 12
4
*113 12
4
113 114
4
8
100 113 Aug 15 263 Jan 22
200 (hilted Paperboard
184 Dec 2772 Ap
8
*74
76
76
76
7612 7612 76
76
7613 7714 •75
7639
8May 10
700 Unlvereal Leaf Tobacco No par 7012June 18 857
804 June 8758 No.
70
7014 71
7112 570
72
6912 6912 6912 70
5691* 71
110 Universal Pictures 1st pfd_100 88 July 24 93 Jan 2
914 Nov 100
Fel
8% 9
8% 9
87
8 914
0
9
87
8 9
83
4 878 2,300,Unlverrati Plpe & Rad__No pa
8
839 Aug 15 224 Jan 2
153 June 357 04
4
*75
78
76
*75
76
73
7512 7512 7513 7512 57512 77
100 7513 Aug 28 10013 Jan 9
401 Preferred.
877 Sept 1063 De
1
4
2812 2712 28
2814 2814 28
27
277
8 2714 2712 2718 2738 7,600 0
38
8 Cast Iron Pipe & Fdy__20 2612 Aug 9 5578 Mar 18
Dec 53 No
•1612 17
*1612 17
*1612 17
1634 17
*17
174 •17
1718 1.800
163 Aug 28
19 Jan 11
4
No par
18 Nov
1st preferred
194 No
*1912 20
51912 20
*1912 20
1934 193 *1912 20
4
*1912 20
18% Apr 18 20 June 18
300 Second pr :ferred
1812 Nov
NO par
191 :)e
,
*1312 14
*13
14
13
13
13% 1318 •13
14
*1312 14
125 Mar 26 1813 Apr 19
8
200 U 9 Distrib Corp
134 June 2014 Jet]
No par
58112 83
82
82
580
84
*30
81
81
81
580
811*
100 7114 Mar 12 84 Apr 20
300 Preferred
76
Oct 903 Jai
8
*412 5
713
512 57
6
73
4
714
738 73
8 5714
712 6,400 U 9 Express
2 Jan 22 10 Apr 8
109
27 Nov
6
Ja
3618 3018 30
3014 30
31
297 31
31
3212 32
8
8
33
41
Dec 583 Ja
4.800 U 13 Hoff Mach Corp _NO par 397 Aug 28 497 Jan 2
19513 20212 198 304
2
19712 200
1994 205
3027 2074 208 20814 68.300 U S Industrial AicobOl
8
lOO 128 Jan 16 20814 Aug 30 1024 June 138
223 224 2212 2213 2218 2314 23
8
Oc
234 2313 2413 24
2418 6.000 U 8 1 eather
1714July 24 3512 Jan 14
No par
22
Jan 51 Ma
*34
35
*35
3513 34
3412 3412 3412 3412 353
4 35
36
8
1,900• Class 4
No par 2912 July 24 617 Jan 14
52
Jan 72
*93
94
At
*93
94
593
94
93 2 94
,
•94
95
*94
100 90 July 30 107 Feb 1 1004 Dec 10912 Ma
95
3001 Prior ,referred
8412 883
8 8918 01
8778 90
8712 884 88
88% 881s 893 22.100,0 Ei Realty & ImPt____No Par 81 Jan 8 118'1 Feb 6
4
8114 Feb 935 Ma
4618 47
8
45 4 467
3
8 46
4612 4618 483
4 4639 47% 464 47
31.400 United States Rubber
100 42 Jan 8 65 Mar 18
27 June 6114 Ja
7118 7118 693 707
8
6912 70
7018 7312 7012 723 *7014 73
4
3,000
100 6912 Aug 14 924 Jan 16
55 July 1093 in
let preferred
. 5318 55
8
55
553
4 5412 547
5314 53 4 5314 85
,
8
3912 Feb 7112 No
5314 5814 7.500 US Smelting. Ref & 5192_50 48 May 27 727 Mar 20
51
51
551
53
53
53
5
52
51 1* 5218 552
54
60 50.8July 16 58 Jan 3
1.000. Preferred
Jan
51
58 De
2563 26012 25313 2593 2524 256
4
8
2523 2561221514 25412 25414 258 433.300 United States Steel Corp-100 163 May 27 26012 Aug 24
4
141 141
141 1413 141 14114 14114 14112 141 12
2
143
14314 14339 7.200, Preferred
100 13914 Aug 5 14414 Mar 1 138% Jan 147, AL
4
83
83
834 8312 *8212 8312 8212 8212 8312 84% 84
841
No par 81 12 Aug 9 1093 Jan 30
4
1.800'11 13 Tobacco
86 June 120 04
*130 13212 5130 13212 *130 13213 *130
13212 5130 13213 5130
100 130 Aug 22 143 May 3 12712 Jan 139 JutIc
Preferred
noo 320 .290 320 5290 325 *290 325 5290 325 5290 13213
325
10 264 Jan 2 353 Mar 19 139
Utah Copper
Jan 273 Di
5312 5414 537 54
8
62
53
53
55
534 547
81 537s 56
93,800,Utilltles Pow & Lt A__No pa
35 Mar 28 5812 Aug 5
2812 Feb 45 4 Ma7
3
87* 84
812 812
814 814
8
814
8
No par
839
7 4 814 4,2001Vadeco Sales
3
614May 28 1311 Jan 21
*6712 71
*6712 72
56712 7113 56713 71
*674 71
567 2 71
,
100 6714 Aug 12 82 Jan 16
Preferred
83
841
84
853
4 8213 83
8112 83
8012 823
s 813 843 13,600 Vanadium Coro
4
8
No Dar 88 Slay 31 1164 Feb 8
60
Jan 11112 Nc V
.41
437
41
41 *41
7
437 *41
43 j
43%
100 Van Raalte
No par 27 Mar 12 4178July 16
73 Jan 407 a 1
8
s
*8212 831 4.821. 831 *8212 831s *8212 8312 .42 8312 042 437
1
•8212
83
83
10
100 60 Jan 2 83 Apr 24
let preferred
437 Jan 78 Nc
8
4634 47
4618 467
45 4 46
3
45 4 49
3
48
49
48
49
12.100 Vick Chemical
No par 4512 Aug 9 109 May 15
58
Jan 85 Drso
—__
_
_ _
_ _ ____
VIe
8
Talk Mach 7% Pr pref_100 110 Mar 1 1157 July 5 1014 Jan 11312 1:31so
1218 1212 12
1218
11% 1 -17*
115 12
s 12
8
117 114 12
3 700 Virg-Caro Chern
.
4Nlay 29 243 Jan 28
12 June 203 Nc
4
93
No par
4
*374 40
37
38
*3712 38
373 373
4
4 3814 3814 38
38
8001 6% preferred
4438 Jan 6414 Nc
100 36145lay 29 6513 Jan 26
*88
110
5
85
90
584
90
5
84
90 .85
90
585
90
100 8612May 29 974 Feb 4
884 Jan 994 Nc•
77 preferred
510718 108 *108 110
108 108 •108 10812 5108 110 5108 10912
10,Virg Elee & Pow pf (7)
43une 8 10913 Apr 27 10813 Dec 11412 Al •
100 1053
'
540
42
542
44
540
42
542
44
542
44
•42
44
47
lYirg Iran Coal & Coke pf__100 40 July 22 48 Jan 29
Oct 623 Je
8
5136 139
138 138
1373 13734 135 133
4
136 140
13812 13812 1,100 Vulcan Detluulng
8
2212 June 74 Tic
100 50 Jan 16 1497 Aug 12
*98 100
*98 100
•98 100
*9834 100
*983 100
4
*983 100
4
I Preferred
100 91 Jan 4 110 Apr 25
74 June 99 BelPS
*135 140 *135 139 *132 137
137 137
140 140 *138 141
70, Class A
100 40 Jan 2 140 Aug 13
1912 Jun
48114 Ni
29
2914 29
30
201s 293
4 2912 303
8 303
31 14 32
13,600 Waldorf System
194 Jan
No par 2218 Mar 26 3412July 10
2814 Dcc
•101 10218 5101 10218 *101 10218 *101 1023 901 8 31
8
102% *101 10239
44 algreen Co ',ref
100 1003 Jan 11 106 Jan 24 105 Dec 10612 SePt
4
417* 4235 4139 417
4112 4134 415 4212 41 12 423
8
8 4018 4112 5.000, Walworth Co
14% Aug 267 Se
No par 23,8 Jan 8 464June 26
•54
58
8
54
54
552
54
55112 54
51 12 51 13 551 12 54
70
70
4
Dec 123
1118
11
11
F.
1112 11
11
117* 107 1112 10% 10 4 5.000 Ward Baking Class A No par 43 Apr 13 843 Jan 17
11
3
Class ii
84 Mar 26 2114 Jan 16
No par
1514 Dec 293 21In
*75
77
75
8
75
*75
77
575
77
*7514 77
57514 78
1001 Preferred (100)
par 71 Mar 25 874 Jan 15
No
77 Dec 9712 Jiin
80, 6112 6014 614 59
8
603
8 59
613
8 6018 617
8 6018 613 122.700'Warner Bros Pictures new____
4
544 Aug 9 8412 Aug 20
53
53
53
53
523 523
4
4 521
4 51
53
54
523 522
4
4 1.0001 Preferred
5139 Der 574 D
No par 44 Apr 10 59,4 Jan 22
3414 34
34
343
8 33
4
337* 323 3314 32
334 30
32
17.2001 Warner Quinlan
447k 0
26
Feb
No par 2812May 27 427 Jan 2
2
Cs
18712 1883 190 19712 191 200
4
191 199
192 1954 193 195
18,300 Warren Bros
*45
49
545
No van 139 Apr 16 200 Aug 27 140 June 19212 A Vt
49
49
4912 50
50
50 50
*5012 51
120 Finn preferred
17
4914 Nov
1718
59 39 Aug 15 53 Mar 27
1714 174 17
61
A 01'
1718 17
1718
17
1714
1718 1 839 3.100 Warren Fdry & Pipe___No par
*86
1518 Mar 26 3414 Jan 3
13 June 36% 0el
88
88
88
86
86
87
90
88
86
586
88
800 Webeter Elsenlohr
313 323
8 3212 344 35
4
8
25 7212 Apr 22 1133 Feb 5
38
344 35
33
343
4 333 35
8
9,200 Weeson Oil & Snowdrift No par 3012 Aug 9 48 Mar 7
5912 5912 60
87 ;
Nov 110 - ec
61
13
6014 6112 *6018 6114 6018 6018 597 597
8
2.900
8
Preferred
No par 58 Aug 16 7212 Mar 9 1053 Dec 1083 MOv
226 23138 229 23812 23014 23714 229 235
4
229 233
230 234
74.700
8414 653
4
8 64
C el
0514 6318 6412 6218 6312 624 6314 6214 643 51.300 Western Union Telegram 100 1793 Jan 2 33312 Aug 26 13912 July 201
8
Wstnghse Air Brake._No pa
4218 June 5739 J an
4
4314May 31 671 Aug 16
28514 389 8 2814 2875 278 28413 27712 282
2
8
275 284
284 2887 99.300, Westinghouse Elea
8
13712 Jan 15 29339 Aug'23
141fg...5
8818 Jan 144 N,
270 271
276 278
&265 269
260 260
260 265
265 267
490; 1st preferred
43 43
50 132 Jan 2 284 Aug 23
953 Jan 139 N •
4
40 4 443
3
8 4312 433 *417 42
4
8
403 4312 423 4558 10,900
8
4
5323 344 *334 345s 343 343 53418 3512 53312
Weeton Flee Instruml_No par 22 Jan 23 4814May I
8
1212 Jan 2812 inLle
8
8
3512 *3312 3512
100 Class A
5103 105
1023 10234 105 105
4
No par 3212 Aug 8 3812 Ape 23
303 Jan 4011 May
4
105 105
1023 105 , 105 105
4
240 Wt Penn Eleo cl A
105% 106
No par 102 Aug 6 110 Feb 1 103 June 112
106 106
10518 1063 *10512 106
A rit
4
105 1057* 10439 10518
210, Preferred
97
0712 96
100 103 Mar 28 1114 Jan 17 10712 Oct 11514 A
97
96
9612 *96
963
4 95
9612 9413 943
760i Preferred (6)
11512 1154 115 11512 115 115
115 115
9312July 31 102 Jan 17
10
9812 July 1044 A Or
115 1153 11518 115,
4
4
220'West Penn Power pref
100 113 Jan 8 117 Mar 18 1134 Oct 118 Ju ne
•106 10712 10612 10612 106 107
4'10618 107 I 107% 1077s
107 1073
2301 6% preferred
100 1053
4July 5 1104 Jan 16 103 June 113
92
54
54
54
547 547 *5412 5512 554
8
8
J BD
557
8, 54
54
1.200. West Dairy Prod el A__No par 4854July 10 593 Feb 5
28 8 28% 294 35
,
524 Dec 78
4
3212 343
A
4 3018 32% 307 343
8
8 3312 36
17.800' Class B
No par 2212June 11 36 Aug 30
563
65
63
20 8 Jan
64
3
64
64
64
49
66
A
6418 6414 •65
4 1.000 Westvaco Chlorine ProdNo par 4914Juiae 1 9418May 11
341 35
344 3514 3418 3414 3418 3412 3414 3412 3412 663
-3413 3.000
4218 444 45, 473
304 Jan 30 38 Fen 25 20 Feb 18 ii OV
8
18
8 4412 453
8 43
444 4314 4312 433 447 17.900 WhiteEagle01 & Refg_No pa
8
8
White Motor
No par 38 May 29 5312 Mar 2
493 50 8 4912 6012 50
4
304 Feb 434 it Le
3
513
4 5012 51
4912 5012 495 503
8
4 9,900 White Rock Min Sp ctf
50 43 Jan 2 54 Apr 19
3418 Jan 49% N OV
1818 1812 184 1814 *1718 18
1714 1714 *1712 18 1 1718 18
1,100 White Sewing Machtne_No par
.42
44
12 May 27 48 Jan 2
*42
44
3314 June
•42
44
542
*4212 44
44
5239 L ea
04212 44
•1014 20
No par 4114June 3 577 Jan 16
2014 2012 *1914 20
Preferred
8
511 Aug68 1
185 1914 1812 1812 5173 18
8
4
9*0
1.9001 W1lc0x 011 & Gas
*44
1718 July 2 294 Feb
No par
45
45
4512 45
1714 Dec 2218 N
4512 443 443
8
8 45
4512 45
4514 1.100,Wilcox-Rich class A___ _No par 37 Mar 26 61145lay 6
4312 444 4318 441L 43
3
4314 4234 4312 424 433
8 4212 427
8 6.300' Class B
No par 34 Mar 26 62 May 3
234 2312 22% 237
224 2234 22
224 2214 224 2212 227 32,100,
8
*9514 97
Willye-Overland (The)
June 12 35 Jan 3
064 0612 953 953 *95i4 07
4
17g20
4
Jan 13 953 953
4
9512 953
4
-- I
600, Preferred
57
100 92 June 25 103 Jan 3
739
74
3
7
925, Jan 10415 I ee
7
7
714 74
7'2
712 1.1001 Wilson 4r Co Inc
739 • 4
7,
No par
658July 31
1614 164 *1512 17
134 Jan 23
516
11
17
1614 1734
Oct
17
1714
17
16
177
1 eb
8 3.800' Chaos A
595, 5934 60
153 Aug 20 27 Jan 21
No pa
8
572 581
22
61
6314 6312 633
62
Jan
4 6312 6312 2.7001
35 M ay
100 5412 Aug 19 79 Jan 23
984 991
Preferred
9939 10078 97
997
8 974 99
834 Oct 774 1 eb
9718 0814 9718 10014
106 0001 Woolworth (F W) Co
.
10 85 Slay 27 1004 Aug 26
07
97 102
09
9514 9654 9614 9714 953 97
8
9712 9
814 103
.__non_i Worthington P & M
100 43 Mar 25 102 Au .24
06
97
06
97
96
06
28
59618 9612 9618 9012
5961s 97
Jan 65 IStoy
500 Preferred A
100 773 Apr 12 9714 Ai,z0
8512 85z 86
4
86
85
87
88
86
4814 Jan 93 Ntoy
88
87
58712 89
•
;
100 66 Apr 6 883 Aug 20
1361g 1361s 138 138
13512 137
4
135 136
134 13412 13312 1334 1.800' Preferred B
41
Jan 80 6 or
Wright Aeronautical___No par 109 May 31 299 Feb 6
77
77
77
78
7714 78
57612 771
7612 77
575
69
Feb 289 IStoy
7612 2.700 Wrigley (Wm Jr)
No par 70 Mar 28 807 Jan 30
857 85g 8512 854 854 853
8
8
8514 853
86
2 88
68 Illy
86
88
1,300.Yale & Towne
84 Alug
25
4 Feb 11 88 Aug 30
373 373
8
383 371
8
3739
363 37
8
365
36
364 367
8 36
6111 Nov
3672 19.100 Yellow Truck & Coach el B_10 613
8411
pp
343
41May 28 51 14 Apr 24
584
90
89 4 893
3
90
90
5
90
84
584
90 .84
273 Feb
8
90
571 34 ay
4
1
200
100 80 Mar 8 96125lay 10
57
5712 573
58
56
5839 5512 551
55
56% 5614 5612 6,700 Preferred
83 Nov
96 / ye
Young Spring & WIre_No par 53 Aug 9 594 Aug 19
1674 1724 105 173
165 167
166 168
163 169
170 170
8 7001 Youngatown Sheet & T _No Dar 106 Feb 19
.
173 Aug 28
33 June 116 8 I
12
5
I
• 131d and asked Prices; no sales on Obi day_ 0 Ex-div, distributed 1
additional share for each (Mare held. z Ex-dividend.
y Ex-AMISS.
1414
New York Stock Exchange-Bond Record, Friday Weekly and Yearly
1909 Lie Rschange method of quoting bonds was ekanged and prim are now "and interesr-escan for WOW and defaulted 05551,
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 30.
73 •
..:',.g
-.2,1
3:, a,
'
PliC4
Weer/
;_.!
Fridag
Aug. 30.
Range or
Last Sale.
Ez.
c7lui
Range
Since
Jail.
1
1
- •
BONDS
k
4
N. Y. STOCK EXCHANGE. 131
s a.,
Week Ended Aug. 30.
Price
FiidiW
Aug. 30.
W Ws
Range or
Last Sale.
pas
EE a
Rant.
Since
e
•Jan.L
MO
lisok No. Low
Ask Low
840
HUM
10918 21 109 111
Cseehoslovaila(Rep of)88-1961 A 0 109 Sale 109
1
/
2 108 111
96
991144
1952 A 0 10934 110 10914 1094
Sinking fund 8s eer B
8 107 111
4
1
/
991542 Danish Cons Munlelp 8s A__1946 F A 109 Sale 10812 1094
96
1
/
98.., 100 1
4
1
/
1946 F A 10814 10912 10814 10912 45 1074 11012
Series Bet 84
7 102 1047
993341 99314 Denmark 20
s
4
/
-year ext1 8s..._1942 .1 J 10312 101 10338 10334
9834 10184
8 10014 48
100 Sale 993
1955 F A
Eat! g 514a
8612 105
8518 90
9834410013n
Apr. 15 1962 A 0 854 Sale 8518
Eat]g 434,
99
96
37
97
8
105 1111341 Deutsche Bk Am pan eu 65_1932 M S 987 Sale .967
914 99
9412 29
210613n Dominican Rep Enid Ad 51,43'42 ill 8 9234 Sale 9114
4
/
1011
4
/
9012 981
11
92
92 9112
4
/
9811210311n
1940 A 0 91
let ser 534e 01 1926
4
90 97 4
4
933 92 Aug'29 ---953.4 98"11
2d aeries sink fund 5tip_ 1940 A 0 91
9912 11
98 1015,
Ron 98110 Dresden (City) external 78_1945 M N 98
9912 994
11 10134 10412
Dutch East Indies extl 6..,1947J J 10214 Sale 10214 103
4
/
4
1
/ 15 1011 104
40
1962 all 8 10214 Sale 1021.1 102
-year external Bs
State and City Securities.
30-year external 514e
1953 IVO 8 102 104 10234 10314 15 10034 10378
4 101 1034
4
/
st_Nov 1954 M N 87 ____ 8814
MN 1011 104 1015, 10138
8812
87
30-year external 51
3
1953
8814
45
/
N Y C 314% Corp
17 106 111
108
.1 108 Sale 107
7 884 884 El Salvador (Repub) 8e____1948
8814
311% Corporate st_May 1954 MN 87 __-_ 8814
1
79
1
/
864
81
8112 81
1936 M N
9934 Mar'28
Estonia (Rep of) Ta
1967 J .1 81
40 registered
10 884 973s
91
1956 MN ____ _,__ 9912,744120'28 ____ ____ -_ Finland (Republic) Intl 65_1945 M 5 8818 Sale 8818
43 registered
9712 101
12
99
95
99
External sink fund 7e_.....1950 111 B 9814 Sale 9814
1957 M N --__ 99 951 June'29 ____
4
/
4% corporate stock
0134 0913
4
9314 17
1957 MN ---- ---- 102 Aug'29 ___. 102 104
External, f 61,4,1966 M 5 92 Sale 913
411% corporate stock
8512 10 85
92
Eati sink fund 6145
1958 F A 85 Sale 85
414% corporate stock.......1957 MN -------- 102 Aug'29 ___ 102 104
93 9912
9712 97 Finnish Mun Loan 61413 A__1954 A 0 ____ 95 03 Aug'29 --2
4
1
/
1958 MN ____ ____ 9712 Jan'29 ____
4% corporate stock
93
9218 9814
11
4
94 924
--------9.53 June'29 ____
4
/
3
95 4 98
1959 M N
4s
/
External 61 series 11____1954 A 0 911
4% corporate stock
4
1
/
98 1004 French Republic ext 7 ge___1941
1960 M - ---- ----- 98 June'29 ___
D 11134 Sale 11112 11234 60 109 115
411 s corporate stock
4
1
/
10978 127 105 111
1964 M 8
99
99 Mar'29
1949 J D 10914 Sale 109
99
1l
External 78 01 1924
4a
/
41 corporate stock
194 1044 108
1
/
1966 A 0 -------- 101 Mar'29 ____ 101 10114 German Republic earl 7s
1949 A 0 10512 Sale 10512 106
414s corporate stock
9 98 10212
994
4
1972 A 0 100%
9814 1011 Gras (Municipality) 8s
4
/
1954 MN 9914 Sale 983
- 101 June'29
48
/
41 corporate stock
1
/
8 1024 121 10112 1044
1971 .1 D __-- 105 10812 June'28 ____ ____ --. Ot Brit & Ire!(UK of) 5%6_1937 F A 10218 Sale 1013
410 corporate stock
8214 51 58018 8778
4
4
1983 al 8 ___c4% fund loan E op 1960 1990 14 N 60% Bab 803
4
- 1033 June'29 ____ 1013 104
412s corporate stock
8 59534 100
9612
4
1
/
3
1965.1 D
03
11 103 Apr'29 ____ 103 103 8
4
1
/
D 0512 Sale 9612
c5% War Loan E opt 1929_1947
414s corporate stock
4 104 10715
1
/
434e corporate stock_July 1967.1 J -------- 102 Aug'29 ____ 102 10418 Greater Prague (City) 7)45.1952 MN 10512 10612 10512 1054
94
8
913 99
20
9912 1014 Greek Government a f 80078_1984 MN 9114 9334 91$8
- ---- 10114 May'29 ___ New York State Canal 45-1960z.....
7812 87 4
3
8214 71
9912 1014
82 Sale 81
1988 F A
Sinking fund sec 1313
da Canal
.-Mar 1858 m °--------10114 July'29 _
9618 101
10012 19
Haiti (Republic) e f 58
1952 A 0 100 Sale 99
4
93%
925, 9714
4
194G A 0 9212 933 93
Hamburg (State) tie
Foreign Oast. & Municipals.
8
3 10r3 10414
a
Heidelberg (Germany)ext 714s 50 J ./ 10178 Sale 10112 1017
14
78 78
8812 100
91
1947 F A 75
1
/
774 904 Hungarian Munio Loan 714e 1945 .1
2
.1 8912 Sale 894
78
Aerie Mtge Bank e 1 6e
2 8518 94
8678
7612 27
74
90
1948 A 0 _ ... _ 74
0
4
1946 .1 J
Externals f la_ _Sept 1
74
Sinking fond 6.A.-APr 15
2 863
5 8918 984
8918
8912 Hungarian Land 571
84
-Inst 714e '61 M N 9112 924 8918
1
/
_
8512 40
Akershue (Dept) eat'551963 MN 854 86 84
92 9412
1
4
1
/
9214
1945 .1 .1 86 Sale 86
5 f 7145 ser B
14 8512 96
1981 M N 9214 93 924
88
Antloyula(Dept)0017i A
44
994 10112
1946.1 .1 8814 Sale 8614
8
External s I 7s set B
9 8614 947 Hungary (Kingd of) s f 730_1944,F A 9934 Sale 9934 101
884
9512 28 95 9714
9578 Irish Free State extle if 5a....1960M N 954 Sale 95
5 86
8812
1
/
924 86
External BI 78 series(3-1945 J .1 86
954 Italy (Kingdom of) ext'l 74_1951 J D 953 Sale 941
9534 245
3
1
/
1946.1 J -- -- 86 86
944 97 4
4
/
8 86
4
87
External ii 75 ser D
1
1
/
934
9314 964
4
1
/
3 85
95
Italian Cred Consortium 7s A1937 M B 95 Sale 93
85
86 85
Externals! 75 let ser____1957 A 0 85
96
8
1947 M B 9212 9434 9212
93
914 9512
1957 A 0 85 854 85
Exti sec e f 75 ser B
5 85
1
/
85
Eatl sec,17.2d ser
30
91
901e 95%
85
13
93 Italian Public Utility ext 76.1952 .1 .1 9012 Sale 9012
1957 A 0 85
85
Ext1 sec, f is 3d set
86 85
90 94
86
15
93 Japanese Govt i loan 48.......1931 J .1 923 Sale 92
9234 17
8
1958.1 D 92 Bale 90
4
1
/
92
Antwerp(City)esti 58
1954 F A 10038 Bale 100
10012 163
4
1
/
98 10214
9814 1007
8
30-years I 8145
9934 116
13ovt Pub Wks84_1980 A 0 99% Sale 9918
Argentine
2 05 10019712
98 9712
Leipzig (Germany) a I 7s___1947 F A 96
Argentine Nation (Govt of)98 10118 Lower Austria (Prey) 734s_19503 0 94
95
9218 997
2
8
95 95
4 77
993
4
1
/
Sink fund 6s of June 1925-1959 1 D 99 Sale 9914
9814 101
-year 6a--1934 M N 100 Sale 9904 10014 45
48
100
98% 10034 Lyons (City of) 15
4
/
EU!a I fle of Oct 1925 .--1959 A 0 991 Sale 99
9812 101
95
100
Sink fund tie series A
1957 M 8 9912 Bale 99
9812 101
4
9812 1003 Mareellea (City of) 15-Yr 61_1934 M N 100 Sale 9912 10014 49
External tie series B_Dec 1958 J D 9912 Bale 9918
s 61
997
8984
76
20
76
9814 100114 Medellin (Colombia) 634,.l9543 0 76 Sale 75
4 47
993
Eat] a f 6s of May 1926 __1960 M N 9912 Sale 99
1134 17
17 Aug'29 ---15
98 10034 Mexican Irrigat Aestng 4%5_1943 _ __
25
9934 46
External a f 65 (State 117)-1960 M la 9913 sale 90
101
(11 8) exti Las of 1899 f'45 Q .1 2314 27 4934 Jan'28 ____ .... _
Works_ __1961 F A 99 Sale 99
Mexico
98
Ext.'6s Sanitary
4 30
993
4
1
/ 35
22 11
23
1946 ____ 23 Sale 2212
98 1003
56
4
Assenting 513 of 1899
Ext 6e pub wke(May '27).1961 MN 100 Sale 995, 100
28 July'29 _ --26
84
923 9714
4
27
Assenting 58 large
94
Public Works exti 5341___1962 F A 93 Sale 9234
1612 Sale 1612
4
/
22%
161
16
1
89
9212
Assenting 4801 1904
Argentine Treasury Si f___1945 31 8 8912 91
89 Aug'29 ___
17
2314
914 97
Assenting 4s of 1910 large__ ___ ____ 18 Aug'29 ---,
72
Australia 30-yr 56.-July 15 1955 J J 9418 Sale 933
95
4
9
16
1584 .2214
8
917 96%
Assenting 413 of 1910 small__ ....... 16 Sale 16
951 117
External 6501 1927__SePt 1957 al 5 0412 Sale 941
25
3713
8412 8814
1956 M N 8512 Sale 85
Tress 65 of'13 assent(large)'33 J .1 ____ _ _ 2718 July'29 -- _ EMI g 4148 of 1928
8512 257
25 June'293634
25
81 10114 106
1943 D 10338 Sale 0314 104
Small
Austrian (Govt) e f Ts
,
861i ioo 84 911
Mlian (City. Italy) ext'I 8145'52 A 0 8412 Sale 84
7 904 964 Mina',Germs(State) Brazil
92
1
/
Bavaria (Free State) 630_1945'A 9012 Sale 9012
ml
8812 13 86
1958 M 8 87 Sale 87
4
1
/
132 11212 115
Extl a f 6345
Belgium 25-yr ext e f 7%6 4_1945 D 1143 Sale ll43a 115
4
4
1
/ 9912 100 Aug'29 ---, 991 10338
4
/
1962J D 97
1941 F A 1073 Sale 108
20-jr a f 813
19 10512 110 Montevideo (City of) 7,
109
4
4
6 103 108
Netherlands Cia Ulm prices)__1972 M El 10614 ___ 10634 1053
-year external 61
25
4
/
5---1949 M S 105 Sale 10484 10514 22 1024 107
4
1
/
3
99 8 10038
1954 A 0 _ _ _-- 99 Aug'29 -72
9734 1014
58
19551 J 10012 Sale 100
10012 81
-year external
External if tle
30
4
1
/
90 95
47
93
4
External 30
-year sf7e
1
/
1956 D 1073 Sale 10712 1074 81 1063 109 New So Wales (State) ext 561957 F A 924 Bale 92
4
9212 48
9014 943
4
Apr 1958 A 0 9212 Sale 924
External a f M
Sale 10518 10618 94 10418 10612
StabillzatJon loan 7e
4
1956 M N 1053
40 100 1034
5 109 1124 Norway 20
110
4____1943 F A 102 Sale 10134 102
1
/
-year esti(
Bergen (Norway) a f 8s --1945 MN 110 111 110
4
/
47 100 10314
3
1944 1 A 102 Sale 1011 102
-year external 6ii
20
9613 101
4
98
16-year sinking fund 66-1949 A 0 9512 Sale 961
4
/
4
1952 A 0 1013 Sale 10114 10134 10 100 1037
8
9112 99
9112 16
30
-year external 6e
Berlin (Germany)5 f 8101-.1950 A 0 9112 sale 9112
39
9874 10134
1965.1 D 9012 Sale 9012 100
4
40
8512 28 833 92
-year a I 5144
4
External sink fund 68_ _ _ _1956 .1 D 8334 Sale 833
8
95
4
1
/
93 973
49
98 104
9
Externals f 531_ __Mar 16 1963 M B 9434 Sale 9414
9912
Bogota (City) earl.1 8s_ _1946 A 0 981 Sale 98
9114 37
8414 95
Municipal Bank emit'f 68_1967 .1 D 91 Sale 904
9912 50 98 104
BOUvls(Republic of) exti 812_1947 MN 99 Bale 9812
8414 18 82 9012
833 95
4
34
1958 J J 83 Sale 8334
86
Nuremberg (City) esti 6e....1952 F A 83 Sale 82
External sec 713
8
991s 1025,
1955 M N 9918 Sale 994 100
92 Oslo (City) 30
80
8414 55
-year s f 6e
Externals 17s
1969 rd 0 804 Sale 80
28
9812 98
102
95 102
1946 F A 98
9814 101
5
4
/
Sinking fund 51
Bordeaux (City of) Id-yr 81_1934 M N 100 Sale 9934 10014 35
1
4
/
4
/
4
985, 102,
10512 49 105 109 PARMA (Rep) en!00.-1953 .1 D 1003 1011 1001 Aug'29 .-Brazil(U So!)external fie„..1941 1 D 10512 Sale 105
1981 .1 D --------10111 Jan'29 ---- 10114 10113
9812
88
87
Exti sec 5 f 6 He
89
Externals f 8 he of 1926-1957 A 0 8812 Sale 88
8
7 887 9414
9112
8812 9638
1957 A 0 8812 Sale 8812
8934 41
Exti if as ser A-May 15 1963 MN 91 Sale 90
Eatl a f 61 01 1927
8
4
/
94
6 87
8714
94 102
Pernambuco (State of) ext 7e '47 al S 871s 88 87
9712 27
74 (Central Railway) _,_1952J D 95 Sale 9438
4
1 1018 1073 Peru (Republic of)
8
104
7143(coffee secur) i(flat)J952 A 0 104 105 104
4
1
/
994 102
Extl s f sec 7148(of 1926) 1956 M S ---. ---- 107% Jan'29 ........ 107 1071,
Bremen (State of) eat' 78.-1935 M S 994 Sale 9934 10014 26
1
/
0912 20 90 103
8515 9312
1969 M S 99 Sale 99
25
Exti 8(sec 75
1957 rd 8 90 Sale 8938
90
Brisbane (Clty) 91 58
4
1
/
85
123
12 8412 Sale 83
1960
8334 9014
93
Nat Loan exti a f 641
8 88
1956 F A 89% 9014 8912
90
Sinking fund gold 513
0 874914 Sale 8312
8412 50 8312 9018
2
814
8
75
4
1
/ 37 : 7514 8312
Budapest (City) exti a I 543 .1962 .1 1) 753 sale 753
835,
Sale
74
99' 102% Poland (Rep of) gold O- 1 A7814 3
1940
s1
6596 A
Buenos Aires(Clty)8%8.-1855 3 .1 10012 102 10012 10114 12
8.512 137
8834
81
99 100
5
9812
1960 A 0 981 Sale 9812
Stabilization loan s f 74-.1947 A 0 85 Sale 85
4
/
Extl 5 f 65 ser C-2
4
/
951 37 03 iv
A 0 98
19501 .1 95 Sale 9413
941s 10018
1061
Exti sink fund g 86
Exti.168 ser C-3
9812 100 Aug'29 _
4
/
10234
3 10114 1051
903 94 Porto Alegre (City of) 8s._1981 J D 102 Sale 102
35
92
8
Buenos Aires(Prov) 6406e-196i
8 91 Sale 9028
1
/
954 1028.
3
99
751s 90
Exti guar sink fd 734,.1966J J 9618 Sale 9618
7678 23
Bulgaria (Kingdom) il f 711-1967 J J 76 Sale 76
8612 37 8412 9714 Queensland (State) cutlet 7s 1941 A 0 108% Sale 1081s 10912 55 10618 113
4
/
StabTnl'n ef 710.Nov. 15'62 ---- 8412 Sale 841
15 100 104
1947 F A 10231 Sale 10234 103
4
1
/
25
-year external 58
4
/
1051 24 106 10814
37 891k 101
Rio CI made do Sul esti 5188_1946 A 0 10514 Sale 105
91
Caldas Dept of(Colombla)712846 8 8 91 Sale 90
4
/
8234 83 811 92
4
/
4
/
981 1011
1968.1 D 814 Sale 8118
Exti a f de
4 36
Canada (Dominion055_1931 A 0 100% Sale 10038 1001
95
9934 1053
10
4
1988 M N 9212 95 93
9234 99%
Exti a f 7.011928
65
1952 311 N 10218 Sale 10218 10312 59
8812 93
6
92
1987 D 9012 94 92
4
1
/
99
96
Extl a f 7a munic loan
1936 F A 9712 Sale '9714
9712 52
44a
10512 21 108 1084
4
/
2 10318 1071 Rao de Janeiro 25-yr 1188_1948 A 0 105 Sale 106
1954 8 .1 10314 10412 1033
4 10412
Carlsbad (City) a I 8s
9012 35
1953 F A 8914 Sale 8912
97 102
1
8912 96 4
EMI a f 614e
Cauca Val Wept) Colom 714,353 A 0
98 9818 Aug'29 ___
1
/
4
1952 A 0 864 Sale 8814
873 121
8614 9134
Rome (City) ant 634.
Central Agile Bank (Germany)
103
9211 99
1 1011 10 4
Rotterdam (Clty) WI 65_1984 MN 103 10312 103
1
/
4
944 11
/ 4
Farm Loan .1 is Sept 15 1950 M S 94 Sale 92
4
1
/
4
1
/
83 821
83
4
/
8
1953.1 J 83
8212 914
4
1
/
58 Saarbrueeken (City) 136
8112 36
77
Farm Loans! 6e_July 15 1960.1 J 7812 sale 77
109
2 10714 116
7712 88 Sao Paulo(City)a f 84.
-Mar 1952 M N 109 1093.1 109
Farm Loans! 6a_Oct 15 1960 A 0 7838 Sale 771
8114 203
4
/
9014
0
90 9818
1957 MN 9014 Sale 90
Esti s f 6145 Of 1927
5
Farm 1 Ganes ser A _ Apr 15 '36 A 0 8578 Sale 8413
8614 42 8412 923
4
/
1031 12 103 108 .
San Paulo (State) esti 11 f 88_1936 1 J 103 Sale 103
Chile (Republic oi)103
10 101 10712
1950 1 .1 102 Sale 102
External see a f 80
20
32 100 103
101
-year externals! 73._ 1942 51 N 10038 Sale 100
102
42 98% 102
WE 94
External sinking iund 68_1960 A 0 8984 Sale 8812
57
External 8 f 78 Water L'n_1956 M S 02 Sale 99
90
8412
5
1968.1 1 8312 Sale 83%
8225 9314
Eat] e f °saint tete
106 894 944
External s 113s
91
1961 F A 8934 Sale 8928
94 Banta Fe (Prov All Rep) 74 1942 M 8 9512 Sale 9414
9512 10
90
Ry ref esti s 1 6s
9418 98
9112 43
1961 8 2 90 Sale 90
94 Saxon State Mt( last 74......1946 .1 0 9218 Sale 92
8
Exti sinking fund 613
95
92 1001
4
1961 M S 91 Sale 90
9312 56 90
8 f g Ois
94
3 87
95
87
Dec 1946 J 0 ---- 87 87
90
Extleinking fund 130
9112 27
1962 M ._S 911 Sale 90
4
/
106% Sale 1063, 10734 41 1041, 1088,
4
Chile Mtge Bk 8;0 June 30 1957 -1 V 9512 Sale 9434
5
943 993 Seine. Dept of(France) MI7e42 .1 1
68
98
86
31
Ill 6 Ns of 1926_ _June 30 1981 1 D 075i sale 078
4
8412 96
9514 1007 Barba, Croats & Slovenes Si '62 MN 85 Sale 84%
30
98
7412 81
Guar,
1982 M N 7412 Sale 73
724 814
stile
89 94
Eztl see 74 set B
Apr 301961 A 0 91 sale 91
9112 157
7518 33
Chinese (11ukuartg Ry)58_ _1051 .11 12 35 Sale 35
3
1958.1 D 7412 Sale 744
44 4 Silesia (Prov of) ext is
7334 80
34
3614 28
75
3
28
Christiania (Oslo) 30-yr a l6s '54 M 20 10114 Sale 9912 101% 10
73
at%
9814 10112 Silesian Landowners Asan 66_1947 1 A ____ 73 73
975, 99%
Cologne(City)Germany 6101950 131 8 88 Sale 877
9914 29
4
1
/ 975, Solesons (City of) eztl 88-1938 MN 11918 Sale 9513
87
19
92
1946 F A 83 Sale 83
8413
1
Colombia (Republic) Eis
1981 1 .1 7838 Sale 7814
83 94
7814 91
Styria (Prov) esti 78
59
79
10314 44 1011, 1041
External a f 6e of 1928
4
1939 1 D 10238 Sale 102
1981 A 0 7714 Sale 7614
7814 91 Sweden 20-year 6s
87
80
4
/
103
2 100 4 1051
1954 MN 1021 10314 103
Colombia Mtg Bank of 610_1947 A 0 78 sale 7812
7512 88%
1
4
External loan 554e
8
78
-ye a f 8g._1940 .1 J 108 Sale 10712 10914 29 10712 11048
Sinklng fund 7801 1925_1945 MN 8512 Sale 83
83 9314 Blihis(30nledan 20
11
8512
4
/
8 41 10011 10614
Sinking fund 7e of 1927..1947 F A 85 Sale 8234
82
10
4
951 Switzerland Govt eat 610_1944 A 0 1031 Sale 1034 1043
83
7318
7318
2
Copenhagen(City)55
1962.1 D 9512 Sale 943
4
723 TA
9312 97 Tokyo City 55 loan of 1912..1952 M S 7334 74
9512 47
4
8414 20
834 9014
25-yr g 4%a
1961 A 0 833 Sale 8334
1953 MN 8434 851 8434
BUJ@ I 5144 guar
8412 894
854 10
1
/
4
/
89 85
931g 98 Tolima (Dept of) tut! 7a___1947 M N 85
857
3 8312 92
Cordoba (City) sill,I 7s_ _ _1957 F A 0312 Sale 934
1
/
28
94
4
/
92
9014 9614
2
External e f 7e Nov 15 1937 MN 94 Sale 94
93 97 TrondhJem (CRY) 148 5144-1967 hi N 9188 93 911
12
2
94
94 9811
Cordoba (Prov) Argentina 7,1942 J J 993 10014 993
Upper Austria (Pryer) 71. _1945 .1 D _. 92 94 Aug'29 ____
9514 101
13
993
4
4
8312 Aug'29 _ _ __
3
831s 89 4
Costa Rica (Repub)ext1 79_1951 MN 9112 Sale 911
9112 96
Externals f11344....lwae16 1967 .1 D _ __ 85
44
93
4
/
5 1041% 109%
II 10012 10212 10114 10178 11
1944
Cuba (Repub) Si of 1904
99 1021z Uruguay (Renublle) ext1 88_1946 8 A 10714 Sale 10812 10714
9512 100
9638 52
1980 M N 0534 Sale 9,512
External 54 of 1914 ser A 1949 F A 102
External e f (23
4
1
/
4
973 102
_ 101 Aug'29 ____
94
86
9
8712
External loan 434s ear C 1941 F A 97 181 0812
931s 991 Venetian Prov Mtg Bank 72 1962 A 0 87 Sale 87
6
984
8
4
1
/ 904
84
62
86
Sinking fund 534e__Jan 151955 1 J 100 102 10112 10134 12
Vienna (City of) esti If 6e 1962 MN 86 Sale 8512
9734 107
76 8614
4 52
793
Oundlnamarca(Dept) Colurubla.
Warsaw (City) external 78-1968 F A 7812 Sale 78
8934 965s
90310 17
00
19511 MN 78 sale 7714
747k 8914 Yokohama fOltyl ex8Ille_.1961 .1 D 0012 91
HUI Of 8145
11
78
sterling.
Oa the basis of 116 to the
Ask Low
810
mint.
Mob No.
U. S G
first Liberty Lean
J 13 971442 Sale 971142 971344 121
3)4% of 1932-1947
.1 D ___ 99 June'29 --.
Cony 4% of 1932-47
1;32 Bale 9803i4 99344 17a
i D 98
13133 4N% of 1932-47
C•
.1 D ____ __- 99114 Mar'29 ____
4
/
24 cone 41 of 1932-47
4%
/
Fourth Liberty LoanA 0 98344 Sale 981044 99342 980
1
/
415% of 1933-1938
,
1947-1952 A 0 108 in Sale 1061144106303 313
Treasury 4 Sis
1944-1954.1 0 1022342 Sale 1022144 1031 676
4
/
Treasury 4s
1946-1955 M 5 1001342 Sale 1001344100133 190
'Mowry 3Ns
1943-1947 .1 D 971442 Sale 971244 971444 24
Treasury 334e
, 1
Treasury 3142 June 15 1940-1943 .1 D 97I442 sale 0714n 07144
Law
New York Bond Record-Continued-Page 2
BONDS
N. 'V STOCK EXCHANGE.
Week Ended Aug. 30.
Price
Friday
Aug. 30.
Week's
Range or
Last Sale.
Range
Since
Jan,1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 30.
1415
Price
Friday
Aug. 30.
t
Week's
Range or
Last Sale.
Ask Low
Bid
High No. Low
High Chic Milw & St P (Concluded)
Bid
Ask Low
High No.
Railroad
Gen 434e series C___May 1989 33 90
913 90
4
913
4 21
Ala at Sou let cons A 56____1943 J D , 10012 103
9918 Aug'29
994 10312
Registered
_ 1 100 May'28
1st cons 16 ser B
94 93 June'29
1943J D 03
93
94
Gen 44s series E___May 1989 J J 894 9012 8914
8914 20
Alb & Susq 1st guar 3He
1946 A 0 8312
82 Aug'29
8612
81
Deb 4s (June '25 coup on)_I925 3D
8178 Feb'28
_ 15
. 9212 May'29
1998 A 0
AIleg & West let g gu 45
90
9212 Chic Milw St PA Pac ba_ ---1975 FA 883 Sale 8814
4
199
89
9214 92 Aug'29
AIleg Val gen guar g 48
1942 M 8 65
91
95
Cony adj be
Jan 1 2000 AO 7912 Sale 763
4
8014 1664
Ann Arbor 1st g 4s__July 1995 Q J 7214 Sale 7214
7318
71
78
Chic A N'west gene 334s__1987 MN 733 7412 74
4
4
7414
Atch Top & S Fe
9112 104
-Gen g 16_1995 A 0 91 Sale 9012
90
91
Q F
Registered
_ 7712 Oct'28
Registered
A 0
87 July'29
92
85
1987 MN 83 - 3 8414 Aug'29
General 4a
818
_
Adjustment gold 4eJuly 1995 Nov 877 Sale 874
92
8
7
845 92
8
Q F
Registered
84 Apr'29
Stamped
86
July 1995 M N 8614 88
8914 20
833 90
8
Stpd 4s non-p Fed in tax '87 MN 83 86
864 July'29
85 May'29
M N
Registered
803 85
4
Gen 13(t3 etpd Fed Inc tax_1987 MN 973 99
4
99
99
Cony gold 43 of 1909
8
88
88
1
1955 J D 823
86
90
Gen Sc stpd Fed Inc tax _1987 LI N 1043 107 10412 1043
4
4 10
Cony 4s of 1905
_- 88
1955 J D 85
88
1
85
91
MN
Registered
101
Apr'29
Cony g 45 issue of 1910
1960 J D 8614 19 8614 Aug'29
814 90
Sinking fund 65
1879-1929 A0 9912
9912
9912
1
Cony deb 1345
D 163 Sale 15612 165 1933 10812 165
1948
A0
Registered
10014 Oct'28
Rocky Mtn Div lst 413_1965 .1 .1 84
887 89 July'29
s
89
92
Sinking fund ba
1879-1929 A0 9912 ____ 9914
99313
Trans-Con Short L 1st 18_1958 J .1 87 Sale 87
87
854 93
AD
Registered
99 Mar'29
Cal-Aria 1st & ref 4346 A.1962 M S 954 Sale 955
8
96
9512 100
7
Sinking fund deb be
1933 MN 96g 99
9758 9758
All Knox,& Nor let g bs
8
1946 J D 995 1033 103 Apr'29
4
103 10314
MN
Registered
100 June'29
_
All & Charl AL 1st 434e A I944 J J 935
8 -- 95 June'29
93
964
10
1930 3D 101 Sale 10012
-year secured g 75
101
25
1st 30
1005 10112 1005
8 8 1005
1944 J .1
-year 55 aeries B
8
1 101 104
15
•S 1073 10914 10712 10712
1936
-year secured g 834s
4
1
Atlantic City 1st cons 4a_ _1951 J J
87
84 July'29
84
8712
1st ref g be
May 2037 3D 102 Sale 10114
102
11
Atl Coast Line let cons 4sJuly'52 M
91 Sale 91
92
14
8814 93
let A ref 4 Hs
May 2037 3D 9312 Sale 9112
9312 35
NI 8
9014 Jan'29
Registered
9014 9014 Chic R IA P Railway gen 1
8212
1
8212
8 1988 3J 8212 85
98
94
General unified 434s
95
1961 J D 95
6
93
9912
'.4
Registered
815 Aug'29
8
L & N coil gold 45____Oct 1952 M N 8614 Sale 845
8
8614 14
84
91
1934 AO 9212 Sale 9212
Refunding gold 46
93
176
AtlA Day lat g 45
19483 J 65 Sale 65
6612
0
65
75
A0
Registered
923 Jan'29
4
60
2d 6a
19483 J 54
62 Aug'29
53
8712
1952 SI S 87 Sale 8514
Secured 4348 series A
87
53
All & Pad 1st guar 46
1949 A 0 _8012 8012 Aug'29
8012 8312 Ch St LAN 0/dem Div 4s_1951 3D 7818 8712 84
84
6
Austin & N W 1st gu Es_1941 J J 65r2
- 9812 Aug'29
9514 1034
June 15 1951 • D 101 10314 10312 June'29
Gold ba
_
3D
Registered
Apr'28
---- 107
Sale 8914
Bait & Ohio lat g 4a____July 1948 AO 9112
91
58
89
9314
Gold 334.
June 15 1951 J o 80
81 June'29
Registered
8714 July'29
July 1948 Q J
92
87
3D
Registered
78 Apr'29
20
.
8
-year cony 434s
1933 MS -665 Sale 9614
964 36
9512 99
Ch St LA P 1st cons g 6e__1932 A0 98
9912 100 Apr'29._
S
Registered
98 June'28
AO
Registered
1015 June'28
8
_
Refund A gen be sertes A__1995 J O 10014 6810 9912
10012 38
99 10212 Cbic St P M & 0cons 6s__1930 3D 993 Sale 9812
8
9941
6
3D
Registered
9914 June'29
_
994 9914
Cons 66 reduced to 348-1930 3D
May'29
let gold 55.
61 2
July 1948 AO 16114 1- -1- 10114
10112 13 10012 10412
1930 MS 974 - - -1- 9634
6
Debenture .58
9 2 99
-5
8
9
Ref & gen (36 series C
1996 3D 108 10812 10714
10812 57 10714 110
MS 9758
Stamped
9712 Aug'29
PLE&W Va Sys ref 16_1911 MN 90 Sale 894
9012 31
8914 94
ChM T H & So East 1st 5a_ __1980 J O 90 - -12 8912
91
20
90
Southw Div let 5s
8
1950 3, 1003 Sale 100
10012 57
99 8 10312
3
Dec 1 1960 SI S 79
Inc gu tat
837 8314
8
8312 12
Tol & Cin Div 1st ref 42 A.1959 3, 81
82
81
81
4' 784 854
92 Sale 9012
Chic tIn Sta'n 1st gu 4345 A_ 1963 J
92 I
6
Ref & gen ba series D
2000 MS 9912 Sale 994 10012 27,
99 103
lat 55 series B
1983 3' 1023 103 1023
4
2
4'
4 1023
Bangor & Aroostook let 58_ 1943 .1 .1 10012 Sale 100
1004
5
99 105
1944 J o 1003 102 10038 1003
8
Guaranteed g As
8 48
Con ref 4s
1951 3, 8018 83
80 Aug'29 _
78
8614
1st guar 634s series C
1963.4, 114 115 115
115 I
1
Battle Crk & Star 1st gu 35 1989 ▪ D
6812 Feb'28
___Beech Creek 1st gu g 4s
1938 J J 94
97
93 Aug'29
"65- --- Chic & West Ind gen 66 Dee 1932 03,4 10012 Sale 10018 July'29 38
96
1962 J J 85
Consol 50-year 48
85
84
Registered
J J
95 Aug'28
---- 1st ref 534s series A
1962 M S 100 Sale (3912 100
2d guar g Ets
26
1936 3, 9512
97 June'28
Choc Okla A Gulf cons 56_ 1952
N ---_ 983 9912 Jan'29
4
Beech Crk Eat let g 3345
1961 AO
80 Mar'29
_ _ -i6- 80
1937 J J 92
9712 93 Mar'29
Belvidere Del cons gu 3346_1943 ii
Cln H & D 2d gold 4345
Big Handy 1st 4s guar
C I St L & C let g 4a_Aug 2 1936 Q F
9612 July'29
1944 • D
.1 85 8 Aug'29
931e
85
Aug 2 1936 Q F
Bolivia Ry 181 58
Registered
Oct'28
97
1927 JJ
Cm Leb & Nor 1st con gu 15 1942 MN 86
Boston & Maine let ba A C 1967 MS 943 Sale 0414
93 86 Aug'29
4
9513 41
911i 99
Beaton & N Y Air Line let 16 1955 FA 76
7612 7612 Aug'29
8112 Clearfield M Slab let gu 63-19 J J 9812 _--- 100 July'28
76
Bruns & West 1st gu g 1s_ _1938
1
43
J
92 100" Cleve Cin Ch & St L gen 4s__1993 3D 8512 Sale 854
Buff Roth & Pitts gen g be_ _1937 SI S 100 101 10012 Aug'29
86
4
100 Aug'29
99 10134
1931 ii 9818 Sale 9818
20-year deb 4 45
Consol 434s
2
9818
1957 MN 86 Sale 86
87
46
85
924
1993 3D 10318 ____ 104 Aug'29
General 53 series B
Burl C R & Nor 1st A coll 58 1934 AO 97
_
99
994 Aug'29
97 102
1941 J
10312 Sale 10312 10312
Ref & Impt 68 ser C
1
1963 J J 1003 Sale 10034
Canada Sou cons gu be A,,.1982 AO 10114 103
Ref &[mot As ser D
4
10112 12
10114
10114
1 101 1063
4
Cairo Div let gold 413
Canadian Nat 4 46_Sept 15 1954 M S 93
J J 91
93
9118 July'29
9412
93
3
92
963
4
WACm
M Div let g 45_1091 J
80 807 8012
5
-year gold 4 45__Feb 15 1930 FA 9918 Sale 93
8
8012
2
9915
994 13
973 993
4
4
St L Di, 1st coil tr g g 15_1990
30-year gold 44s
N 811
83 Aug'29
1957 Ji 9212 Sale 9212
9314 59
96
92
1940 M S 90 4---3- 9218 Mar'29
Spr & Col Div 1st g 4e
Gold 43413
93 4
1968 Jo 924 Sale 913
9234 19
4
95
91
1940 J J
W W Val Div lst g 46
Canadian North deb a f 76._1940
90
Oct'28
_
1105 111 11014
8
111
18 10818 113
1977 J J 91 - -7 913
Ref & inapt 434e ser E
25
-year is f deb 6348
£T2 6
2
913
4
4
,
1916 ii 114 Sale 1121
. 114
20 11212 11612 CCCAlgenconsg6a
1934 • J 102 ---- 102 Aug'29
Registered
112 Apr'29
112 113
Cleo Lor & W con Ist g ba_ _ _1933 AO
10-yr gold 448____1'eb 15 1935 F A 96
97
97
1
1
965- 954
8
9614 15
9514 99
Cleve & Mahon Val g 5s
1938 J J 944 __- 100
Canadian Pao Ity 4% deb stock_ _ J J 823 Sale 813
Oct'28
8
8
824 78
8
805 86
CI & Mar 1st gu g 134s- --1935 MN 9412.._ 95 July'29
Col tr 445
1946 M S 96
961 9512
9612 20
95
99
Cleve & P gen gu 134s ser B_1942 AO 9514 V81 1003 Mar'28
55 equip tr temp ctf6
4
1941 J
993 Sale 9918
4
100
83
99 100
Series B 3lss
1942 AO
---- 97 May'29
Carbondale A Shaw 1st e 4e-1932 Pfi
9818 alar'28
1942 J J 9514 -- -- 98 May'29
Series A 434e
Caro Cent let cone g 16
1949
J
14 74
70
70 14
2 'Kt" ioi
s Series C 348_ _ _
1948 MN
Caro Clinch as 0 1st 30-yr 5a_1938 3 D 9914
8512 May'29
- 99
10014 10
98 102
Series 0 3346
1950 P A
894 Jan'29
let & con g 6 set A_Dec 15'52 J 0 1063 117 107
89
_
4
107
2 106 109
Cleve Shot Line let gu 4348-1961 A0
5
Cart & Ad 1st gu g 48
92
96
1981 J D ____ 90
874 May'29
_
873 874 Cleve Union Term 1st 5346.-1972 A0 10612 8a7 10612 10612 10
4
96 10le
Cent Branch U P 1st g 4s 1918 J
7912 793 793
4
793
4
4
793 85
4
Registered
AO
Sale_ 107 Oct'28
1973 AO i55is
1st f 56 ser B
33
Central of Ga let ga_Noy 1915 F A 103
10012 101
_
10112 May'29
_ 1014 10218
lets f guar14sserC
1977 AO 96
98
98
Conaol gold Ss
9618
6
1915 81 N 9912 gale 9912
8
103
98 103
Registered
M N
100 June'29
100 100
Coal River Ry 1st gu 41
1945 .1 D 843 ____ 8412 Aug'29
4
Ref & gen 546 series B-__1959 A 0 100 101 103 Aug'29 _ _
993 10512 Cob & South ref & ext 446_1935 M N 934 Sale 9318
4
9414 43
Ref & gen Is series C
1
9614 Sale 943
4
9614 131
9434 10118 Col & H V let eat g 111
1948 A 0
Chatt Div our money R 42_1951 J D
84 Aug'29
87 Mar'29
87
87
1955 F A
Col & Tol 1st ext 46
Mae& Nor Div let g 5a
_
---- 92 Aug'29
1946 J J ____ 107 101 June'29
101 101
Conn cic PaiitiUM RI, let 15..1943 A 0
Mid Ga&Atldly pur m 56 1947.1 J 95
Apr'29
88
997 994 Aug'29
8
95
9978 Consol Ry deb 15
Mobile Dly 1st g 5
1930 F A 9314 ___ 9412 June'29
_100 101
1946 J
101
4
995 101
8
1954 3 .1 6614 ____ 65 Aug'29
Cent New Eng let gu 4a
Non-cony 4s
1961 .1 J
Ts Sale 793
4
8018
2
76
81
Non-cony deb 4a____J&J 19553 J 55
Central Ohio reorg 1514 346_1930 M S 100 ---- 100
7112 67 Aug'29
100
2
97 100
AA0 1955 A 0 65
Non-cony deb 4s_
Cent RR & Bkg of Ga coll 58 1937 M N 9512 97
____ 76 Nov'28
97 Aug'29
95
9914
Central of N 3 gen gold 5s _1987 J .1 10718 108 10658
Non-cony debenture 1a
1956 J J 65
7212 69 July'29
3 105 11118 Cuba Nor Ry 1st 534s
1064
1942 J D 78 Sale 78
Registered
7812 54
1987 Q
107 July'29
1035 1095 Cuba RR 1st 50-year Is g_.1952 J .1 85 Sale 85
8
8
General 48
85
6
1987 3 J
89 Feb'29
89
89
1936 3
1st ref 7)4. series A
Cent Pao let ref gu g 4a
99 Sale 99
100
6
1949 F A -51r2 gide 89
.
9112 34
883 93
4
Registered
1st lien at ref Baser B
1936 3 D 9112 923 9112
4
923
4
4
F A
88 Sept'28
Through Short L 1st gu 18_1954 A 83
89'200
90
8
88
9154 Day & Mich let cowl 448_1931'.4
Guaranteed g 5a
97 June'29
1960 F A 9958 100
99
9912 55
99 103
Del & Hudson 1st A ref 16___1943 MN 8812 Sale 8814
89
23
30
1935 A0 97 1005 102 July'29
Charleston & Savn'h let 78_1936 J
-year cony be
8
10714
11114 Mar'29
11114 11318
15
1937 MN 10214 Sale 102
-year 5548
10212 20
Chem & Ohio Istoon gba
1939 M N 103 Sale 10212 103
12 1013 10412
8
1930 ID 101 Sale 1003
10-year secured 7s
Registered
4 101
6
1939 M N
--- 10214 Dec'28
D RR & 131dge 1st gu g 18-193 P A
General gold 430
9614 Aug'28
6
1992 M
9414 Sale 9414
9112 14
94 f661- Den & R 0 let cons g 48
4
Registered
1936• J 8812 Sale 8814
887
M S
8 40
98 Mar'29
934 98
1938 ▪ j 9018 92
Consol gold 4.346
-year cony 430
20
9218 18
4
913
1930 F A 10012 Sale 9912 100
42
9812 997 Den & 18.0 West gen 5e-Aug 1955 MN 8912 Sale 89
8
Ref & impt 434s
90
109
1993 A 0 9312 Sale 9312
9414 33
904 954
Ref & imp% be ser B Apr 1978 SI N 845 Sale 8412
Registered
8
86
12
F A
9218 Mar'29
924 924 Dee al at Ft D 1st gu 1
1935 J
2512 3212 3014 Apr'29
Craig Valley 1st 58_May 1 '40 J J
8
10314 June'29
995 1034
4
Temporary ctfa of deposit _____
2512 32
Potts Creek Breach Ist 12_1946 J .1 ____ 85
27 Aug'29
8812 May'29
8812 8812 Dee Plaines Val let gen /4/1-1947 MS
__ 9812 925 Feb'29
R A A Div 18t con g 4a__1980 .1 .1 8114 95
8
85
85
83
864 Det & Mac 1st lien g 41
1996 3D 69
2d consol gold 45
7412 65 Aug'29
100
1989 J J
82 July'29
81
86
1998• D 65
Gold 48
Warm Springs V let g 55 1941 M S
69
75 May'29
100 Mar'29
100 100
cThesap Corp cony 55 May 15 1947 M N 9812 Sale 9812
Detroit River Tunnel 446 196 I MN 924 9514 96
96
2
9914 177
98 10012 Dul Miasabe & Nor gen 98..1041
' 1005 _ _
3
Cblo & Alton RR ref g 35_ _1949 A 0 6518 6612 65
8
1003 Aug'29
4
6534
3
64
707 Dul & Iron Range lot 56__1937 A0 9912 Sale 9912
8
9912
Ctf dep stud Apr 1929 int
6612 65 Aug'29
1
65
64
69
Dul Sou Shore & Atl g 6a___ _1937 J J
_ 70
galltrag fIrst lien 3345._ _1950 3i 67
70 Aug'29
....."70 6818
70
51
66
71
East Ry Minn Nor Div let 48 '48 AO 82
Certificates of deposit__________
9414 87 Aug'29
67---. 69
69
10
854 71
1930 J J 99 100
East T Va & Ga Div g 513
-Ill Div 348_1949
Chic Burl A (2
984 Aug'29
833 834
8
8338
82
1
82
86
1956 MN 101 103 102 Aug'29
Cone 1st gold bs
Registered
J .1
84
Apr'29
84
84
Elgin Joliet & East 1st g 5s_ 1041 MN 9914 101
Illinois Division 44
1949 J .1 8912 9012 8812
8812
994 Aug'29
2
89
94
El Paso & El W lat be
1986 AG 9614 984 957 Aug'29
General 45
8
1958 M S 89
893 8812
8
89
9
8812 9312
Registered
m e
913 Sept'28
4
Erie let consul gold 71 ext.. 1930 MS 1007 Sale 10012 101
lst&ref434sserB
8
1977 F A 9413 Sale 943
8
14 47
38 -0338 9913
953
4
18t cons g 48 prior
1996
'
3 7412 7612 8114
lit & ref ba aeries A
1971 F A 103 10314 10314
82
1033
8 26 10118 106
4
Registered
1996• J
mirage & East III lat 6s
795 Mar'29
8
1934 A 0 9818 997 994
8
101
6
997 106
8
1996 .1
1st consul gen lien g 4s
75 Sale 7412
7514 30
o & E III Ry (nor co) con 58.1951 MN 76 Sale 75
78
63
7412 8518
Registered
1996 33
Chic& Erie 1st gold be
1982 MN 101 104 101 Aug'29
2
994 106
1951 FA 10112 I63 2'17112 10712
Penn roll trust gold 45
- -1- 0 13 7 1 0 6
Chicago Great Watt 1st 45._1959 M S 6212 Sale 6218
6312 56
62
697
8
-year cony 4e series A..1993 AO 797 Sale 797
60
8
Chic Ind & Loulev-Ref 6e 1947 J J
-- 10914
8
10914
794
2
10018 1133
4
1953 AO 804 _8_2_ 82
Series 13
8
Refunding gold ba
25
1917
J 1084-112 Aug 218 2
98 10412 10018 June'29
81.
100 108
2
1953 AO
Gen cony 48 series D
Refunding 45 Series C
1947 J J
_ - 91 Aug'29
8238 92
1967 MN
Ref A inept be
tier A
1966 M N 87lst & gen 65
9i 96 Aug'29
95 10314
137
Erie & Jersey lst s f 6s
1955 J J
let A geniis ser B.... May 1968 J
104
104 105 104
3 103 110
4
°enemata River 1st 5 1 5a .1957 ▪ J
-year 1a
107
1956 J J 854 854 8812 May'29
9
Chic Ind & Sou 50
0 1:44
12 2
'
875 9438 Erie & Pitts gu g 33-48 ser B_1940 J J 921215°3' 1; 191 Au0983 9
8
85 8 89
°97 6874
Chic L S & East 1st 445- 1969 J D 93
94
94
94
887
8
5
91 12 94
Series C 334.
1940 3, 857s ---- 8818 July'29
8012
J 8012 81
82
Ch M at St r gang 4s A_Slay 1989
11
80
Jan'29
8634 Est RR ext1 a f 76
1954 MN 1024 Sale
Regietered
Q
7618 Aug'29
10212 103
7618 80
35
Gou g 314a ger B.- _May 1986 J
7212 70
70
70
6
70
75
1
Range
Since
Jan. 1.
Loss
90
High
95 4
3
87's 96
"8613
94
6914 80
8012
72
-i5T2
915
84
81
88
9014
9712 99
1034 109 4
3
101 101
99 10014
-Ogis 160T12
99
99
9512 10184
100 100 4
3
10018 103
10614 11114
1001g 1055
8
4
904 972
8212 89
815 81
8
9218 95
9234 9234
8514 954
83
88
102 105
81
8133
78
80
9913 101
"ii" IOC
951 97
4
96 101
9712 9914
8912 10013
8314 9212
9012 1004
101 10112
100 10212
112 1163
8
1004 10114
8312 8914
9912 105
9912 10112
944
93
94
9612
81
954
8413 if"
9918
97
10312 112
8
10054 1053
98 10313
91
9312
92
80
884
83
9218 9218
91
08
1005 1044
8
97 10112
95
I6 4
-1-
97
97
8518
893
4
92
10512
97
9838
8518
894
99 4
3
109
10014 115 8
-798 101
8412
8313
837
8
9112
88
0412
65
67
90 3
5
974
91
92
90
944
75
72
_
69
75
78
9314
83
96
99 106
9012 98
97
8814
97
100
10013
9812
9412
10413
105
10314
88
Ws;
8912 9412
89
08
8412 9334
25
40
25
36
924 9258
65
764
75
75
95 1004
10011 10314
974 1015
8
70
8112
87
94
90 10018
101 10534
9712 105
957 10514
8
100 104
804 857i
794 8112
7412 8012
714 736
8
1005 102
8
7814 844
7912 8418
7934 82
9114 97
105 1114
105 112
887 387
8
a
8818 884
10112 105
1416
BONDS
NI Y. STOCK EXCHANGE
Week Ended Aug. 30.
New York Bond Record—Continued—Page 3
Price
Friday
Aug. 30.
Week's
Range or
Last Sale
Reinga
Since
Jan,1,
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Aug. 30.
Prim
Frtdral
Aug. 30.
Range or
Last Sale,
la
Bid
Ask Low
High No.
High No, Low
High
Ask Low
98 98
Louisville & Nashv (Concluded)—
97% 98 Apr'29
4
lit refund 594s series A _ _2003 *0 10334 105 10334 105
93% 9914
9532 9512 June'29
94
8911
891
111 & ref 54 series B
2003 AO 102 10212 10134 Aug'29
892 90 8912
4 11
671
80
28 64
928
lot & ref 414s series C
67 Sale 65
2003 *0 9138 9234 9234
100
2513 50
36
N 0& M 1st gold 6a
1930 3, ---- 997 100 Aug'29
33 Sale 29
94 94
2d gold 6s
1930 3J ---- 100 9934 July'29
94 Nov'29
9212
10414
10414 1074
Paducah & Mem Div 44_1946 F A 851 90 85 July'29
10414 10414
2
62
109 103%
St Loads Div 2d gold 34_ _1980 M 8 8012 Sale 6012
10014 Aug'29
100
9E112 100
Mob & Montg lot g 414s 194.15 MS 9412 97 9352 July'29
97% 9i12 99 July'29
'
3
South Ry Joint Monon 46_1952
9814 100
96
98 9614 Aug'29
8
6
8
9 8
6 Au 29
5
f6
92 100
All Knoxv & Cin Div 41_ _1955 MN 85 8912 8
96
98 95 July'29
/15
98 July'29
89
861
Louisa Cin & lax Div fr 0413'31 MN
,
8512 95 8512
77 _
,z3 0
0 Aug'29
4
Mahon Coal RR let Si
1934'I, 98 8 .. 17
N
10 944 100
75
9
9812
981
Manila RR(South Lines)48_1939
July'29
73% 781s
72 74 May'29
1s$estds
1959 MN
--- 65
983 Feb'28
4
oirs
Manitoba SW Colaellsa'n 651934 3D -99 _ __ 10608
2 "iii If4
s
943
92% 948 9412
7 10814 113 Man0B & N W lit 3)44_1941 ii 853 90 8532 July'29 ____
2
11012 Sale 10912 1101
30 1024 106 Mich Cent Det&Bay City 511_111 MS 993 100
9934 Aug'29
4 1031
4
10312 104 1023
10034 Apr'28
97 97
9212 __-- 97 Apr'29
Registered
QM
92% Apr'29
Mich Air Line 4a
1940 3'
92% July'28
Registered
Great Nor gen 7e series A_1936 J J 109 Sale 10812 1093 137 108 112%
107% 109
'Ii
76 Mar'26
10712 Aug'29
SO
Jack Lane da Sag 334e_1951 M• S 77
Registered
92 98
2
8212 8212 Aug'29
96
lit & ref 41(sseries A____1961 3" "iol dile" 96
let gold 314s
1952 MN 81
8
106% 22 10412 109% Mid of N J lit ext 54
General 5)4 e aeries B--1952• J l057 10814 106
1940 * 0 901s 93 9012 Aug'29
General Si series C
1973 J J 101 Sale 100% 101% 16 1001s 1004 Mil& Nor lit ext 4)45(1880) 1934• D 8914 92 91 July'29 ____
24
94
91% 9714
9312 94 May'29
Cons ext 414e (1884)__ _1934 3D
General 4354 series D
1976'Ii 94 Sale 9112
7
94
92 973 Mil Spar & N W lst gu 48_1947 MS 8714 8814 88% June'29
3
General 4348 series E
1977• J 9414 96 94
90 Apr'28
83 88 Oct'28
Milw & State Line lit 3145._1941 J J
Green By & West deb Ws A_...._ Feb 81
30
Feb 26% 2914 2672
43%
7
22 111. Minn & St Louis lit cons 54_1934
28
45 43
N 42
Debentures ate B
3
9134 Aug'29
ova 9114
Temp etfs of depoelt
Greenbrier RI let gu ea____1940 MN 9134 _
1934 MN 4113 45 40 Aug'29„.3
1 97 106
1st & refunding gold 46_1949 MS 2112 Sale 21
Gulf Mob & Nor lit 5)44-1950 AO 10012 fof 10012 1001
96 99
97 96 July'29
lit M Si series C
18 Aug'29
Ref & ext 50-yr Sour A_ J982
21
1950 AO
18
101 108
104 Aug'29
irmia
Gulf & 8 I let ref & ter g 54_51952 J
17
1912 1712 Aug'29
Certificates of deposit______
2 91% 99
92
92
M StP &8 8Moon g 4e lot gu'38
8
87
Hooking Val let cons g 4)48_1999 ▪ J 9212 95
87 Sale 867
10212 Mar'28
9572 94 Aug'29
let cone 54
Registered
1999'I,
1938 3, 94
1
981,
92
92
4
991 92
1937 MN 93
let cons Silo as to int
Hotaatonic Ry cons g 154
93'z
1938'Ii 9012 94% 9312
102 10314
11 & T C let g ba int guar
20
10
100
-year coil trust 6)44
1937'Ii 10112 103 102 June'29
1931 MS 9912 Bale 99
10014 Mar'29
1001 102
4
let di ref 6e series A
Waco & N W div lst6s.1930 MN
94 93 Aug'29
90
1194496 J
9
9812 Aug'29
98 100
19373 3
1
87
25
MS 83 87 87
Houston Belt & Term lit
-year 6345
9512 9912
9612 Aug'29
lit Chicago Terms f as_ 1941 MN 8414___. 9312 Jan'29
Houston E& W Tex lstg 58 j933M N 9714
961 1021a Mississippi Central lit 58_1949
8
1
9712
- —
1933 9 N 9712 1u2 9712
1
let guar ba red
' 96
3
98 98 July'29
62 87 98
89
9
Had & Manhat let Si set A-I957 F A 88% Sale 8814
8134 38
9
9
Mo Kan & Tex let gold 41..1990 3D 813 8438 8112
8
72% 8434 Mo-K-T RR pr lien be air A.1962 33 99 Bale 99
76 239
Adjustmentincome 54 Feb 1957 A 0 76% Sale 7334
1 8012 8018
40
2
-year 44 series B
8012
1962 J
1197682
80
89111 95%
9014 July'29
Illinois Central lit gold ds___1951 J J 92
Pilot lien 434s set D
33 8614 89 89 Aug'29 -'
3
95 May'28
Cum adjust 5s ser A _Jan 1967 A 0 10234 Sale 10212 104
Registered
16
79
. . 8313 80 Aug'29
3214
Lit gold 3140
85'i Mo Pao lst & ref fas ser A— 11996763 FA 96 Sale 958
9634 31
JJ
84 Nov'28
General 46
Registered
MS 7112 Bale 7012
72
123
831 8312 Apr'29
8838 Extended 1st gold 3344-1961 AO
lit & ref 58 aeries F
83%
9673 45
1977 MS 96 Sale 96
71% June'29
73
lit gold 35 sterling
7118 744
1951 MS
1st & ref g be ger 0
94
e 9638
98 185
1978 MN 19187
Collateral trust gold 42-1952 AO 86% 8912 8814 Aug'29
Cony gold 514e
86% 93 4
3
1949 MN
4
Sale 11612 1183
MN
Oct'28
81
Registered
Mo Pao ad Mart at4% July 1932 MN 88
90 9038 July'29 ____
MN 87%
87% "IL
86 - 7 Mob & Sir prior lien g 54_1945 33
87%
lit refunding its
127;
1955
10034 100 Apr'29
7 80 83 4
81%
based lines 3144
4
1952ii 76% 803 81%
Small
5
J J —. 100 99 Feb'29
-▪ I
87 Nov'28
hatered
Ist M gold a
1945 3, ---- 8712 88 Aug'29
26 84 91
85
85
Collateral truirt gold 14-1958 MN 8512
Small
1945Ii -,-- 85 85 May'29
5
MN
8312 July'29
8314 8312 Mobile & Ohio gen gold 44.._1938 MS 8112 94 91 June'29
Registered
3 10014 10524
101% 101%
Refunding 56
1955 MN
Montgomery Div 1st g 56_1947 FA 9613 ____ 100 May'29
10812
10812 10 10614 11132
15
-year secured 6)44 g__ _ _1936 J J 10812
Ref & Inapt 434e
1977 MS 90 ___ 9212 Aug'29
9412
9552 31
60
-year 434s
9412 10012 Mob & Mar lit gu gold 44_1931 MS 8212 Sale 8212
Aug 1 1968 FA 95%
19 7
9
8212
5
87
Cairo Bridge gold as
1960
86 90 Mont C let gu 65
883 90 Mar'29
4
1937 ▪ J 102% 106 104 Aug'29
3
Litchfield Div let gold 321_1951"I 72% 75 74 4 June'29
71% 7514
let guar gold be
▪ J 9512 100 1003 Apr'29
4
'I, 79
848, Morris & Essex let gu 854s 2000• D 7514 80 7514 Aug'29
Loulev Div & Term g 334. 1953
80 80 Aug'29
79
Omaba Div lit gold Za
1981 P A 7214 74% 7214 Aug'29
7214 74%
St Louis Div & Term g 34..1951 J
74% 7412 Nash Chatt & St L 4s ear A..1978 FA 8514 Sale 8614
741 July'29
2
8514
81 Aug'29
Gold 314s
78
1961'Ii 81
8612 N Fla & 8 let 1111 g 191
1931 FA
99 Aug'29
J J
78 July'29
Registered
76 76
Nat Ry of Met or lien 4)0_1957• 3
18 July'28
Springfield Div 1st 1330_1951 ii 80 85 88 Dee'28
July 1914 coupon on
782 july'28
4
J J
9013
Western Linea 1st g 4•--1951 P A 864 91
88 July'29
88
Aliment nab war rot No 4 on
jai., aide 1014 1014 9
P A
92 Apr'28
Registered
Guar 70
-year s f 44
1977.80 1012 8713 Aug'28
M Cent and Chic St L & NO—
Assent cash war rot No 5 on
12 Aug'29
10012 30 99% 10514 Nat RR Met pr lien 4342 Oct'26
Joint let ref 54 series A___1963'ID 100 101 100
3512 July'27
' 93 9412 94 Aug'29
p
Ist & ref 4)0 series C__1983
Assent cash war rot No. 4on
92% 97
12
Nit life 1984 19% 19
let consol 46
1961 AO
22 Apr'28
95_ 91 Nov'28
Ind Bloom & West lit ezt as 1940 AO
Assent cash war rot No 4 on
812 912 814
912 68
89 June'29 -Ind III& Iowa 1st g is
8738 92ig Naugatuck RR let g 4s _ _ _ _1964 MN 7512 82 82 June'29
1950'Ii 86
'
'I
82
3
Ind al Louisville let gu 44
87 82
80 88% New England RR COL 611 1846
1966
91
95
9434
945
943
4
98 Aug'29
Ind Union Ry gen ba ser A 1965 J J 9812 102
9612 103
Consul guar 4s
3, 80
5
82 82
82
Gen & ref 54 series B
1966 J J 98% 102% 101 July'29 ____ 101 108 NJ Juno RR guar let 4s
1986 FA
_ 88 Mar'29
' 100 Sale 9914 10138 29 99 10612 NO* NE lat ref &Imp 414sA'52• J
3
In*&GrtNor1g$6eaegA
l952
_
90 Aug'29
89
82
8812 Sale 88%
85 96
New Orleans Term lit 44.._1953 J
Adjustment Oa oar A July 1952
82 851
88- - 87 Aug'29
2
77% Feb'28
NO Texas & Mix n-o Inn 51_1935 £ 0 9014 9812 9234
Stamped
.......
928
4
lit 54 serial B
1956
1st 154 eerie' B
IA; 90 Aug'29 — -- -66"
1954 A0 9314 98 97
9812 15
91
9512
94 94 Aug'29 -1956 J J 90
let Si series 0
Ist g los series 0
983 9812 Aug'29
2
1956 FA 98
Ink Rya Cent Amer bit 54-197 MN 77 Sale 76
72
11
83
77
1st 4tis series D
2
1956 P A 8414 90 85%
16
88
90
93
3
1941 MN 93 Sale 92
9634
let ooll tr 6% notes
let 5)49 series A
4
8
1954 AO 10112 1018 l00% 101%
15
98
94
Ist lien & ref 6)4s
1947 FA 94 Sale 93
9838 N & C Bdge gen guar 434.l945 I 3
95 June'29
5
36
37
Iowa Central lit gold 54.--1988 3D 36
51
38 36
NYB&M B lit cong 5s1935 AO
116" 95 Aug'29
36
3712 36 Aug'29 _ _
36
5112 NY Cent RR oonv deb 64._1936 MN 105 107 1063
Certificates of depolit-----4 107
2
1012 20
1951 WI) 1012 1312 11 Aug'29 _
Refunding gold 44
MN
Registered
106 Jan'29
James Frank & Clear lit 44_1959 3D 84% 8634 8514 Aug'29
8324 92
Consol 4e series A
1998 FA 88% Sale 8814
89
29
Kan A di0 R let gu g 5s1938 J J 95
10014 Apr'29 _ _
994 1004
Ref & impt 4445 series A2013 A0 9514 Sale 9514
96
23
Kan & M 1st gu M
82 June'29
81% 8412
1990 A0 8112
Ref lmpt 5e.se 0—.2013 A 0 10314 Sale 103
104
55
Registered
A0
106 Mar'28
AO 91 Sale 91
9212 12 89 9312
K C Ft 13 & M Ry eel g 44-1
936
K &M R &B let gu 193_1929 AO 98
99 June'29
98 99% N Y Cent & LIud My M 3)481997 3 J 77 Sale 77
7712 28
72% 38
Kan City Sou let gold 34_1950 AO 7112 Sale 7132
70 76
78 771/ Aug'29
Registered
1997 pa
19u J 4 74
97
26
Ref & Impt be
94 4 9934
3
Debenture gold do
Apr 1950 JJ 953s 98 96
94 Sale 94
9434 29
4
' 86 Sale 862
'I
81
9013
8614 43
Kamm City Term lit 444_1960
Registered
MN
94 July'29
85
85 Aug'29
Kentucky Central gold as_ _1987
90%
30
_
-year debenture 4a
19423 d 9012 9212 91 Aug'29
95
'
'I
96
95 Jan'29
Kentucky & Ind Term 4)0_1961
Lake Shore coil gold 330_1998 F A 7512 Sale 75%
7512
5
85
90
Stamped
-- 9 85 Aug'29
83-7-8
A.
1961 J J
Registered
7142 7712 74 Aug'29 _
901 95
2
91 May'29
Plain
1961
Mich Cent coil gold 3)0_199 F A 73 81
80% Aug'29
8
1998
_
98 101
Lake Mile & West let g 54.....1937 33 9712 99 01 Aug'29
74 Sale 74
Registered
74
2
N Y Chia & St L Ise g M. 1937 F O 93% 94 93%
3d gold lis
26114 100
1941
95 103% 9634 July'29
1998 A A
9314
4
7912
763 8112
4
7912
Lake Sh & Mich So g 3341-1997 in 76
90% June'29
Registered
1937 A 0
787
s
_
9712 Sale 961
752 7812
4
26
7614 July'29
-year debenture 4s
Registered
1997 in
9712 14
9712 35
9714 Sale 963
962 99%
4
2d els series A B 0
26
4
-year gold 44
1931
101 Sale 1005
10112 64
MN
Refunding 5148 oeriee A _ _199711 MM NN 10212 Sale 1014 10412 37
Registered
4
119334 A O
993 Apr'28
1gl;
1
102
Lela Val Harbor Term gu 54_1964 FA 100 102 02
Refunding 614s series B.. _1975 J J 10112 104% 104 Aug'29 _ _
Lob VaINY lit gu g 6)44-19 0ii 9512 97
95 99%
12
Ref 410 series 0
96 Aug'29
1978 M S ____ 9342 93 Aug'29
4
83
88% NY Connect let gu 4%o A _1953 F A 93
Leh'gh Val(Pa)cons g 41-2003 M N 8312 84 83
9434 89
8312 2
93
8
ion 10212 100 July'29 ___
86
MN
86
Registered
let guar 64 series B
86 June'29
9213 100
9003 MN 9612 Sale 9212
General cons 4145
N Y & Erie 1st ext gold 44_21987 F N 8514 89
8918 Aug'29
9512 18
943 M A
MN
100 9812 Mar'28
3d ext gold 4144
Registered
1933 M 8 _
99 Nov'28
4th ext gold 54
ffilti 993 99 Aug'29
4
Lehi Valley RR gen Si series 2003 M
100 s 107 4 N Y & Greenw L gU g as__ _1930 M 0
7
95 July'29 —
1
04 Aug'28
1 46 A N
_
Leh F Term Hy 1st sn g 64-1941 AO 1004 1017, 100
70 Aug'29
lows 2 99% 10814 N Y & Harlem gold 11145_ _3000 M N
AG
Registered
85% Apr'28
MN
Registered
_ 10538 Feb'28
Leh 'N Y Int guar gold 44._1945 MS
iiie
N Y Lack & W 1st & ref gu 54'73 M N itio4
88 Aug'29
001i Feb'29 _
Lex 4 Ban lit 50-yr gu_ 1965 A0
96 Apr'29
108%
1st & ref gu 434s eon
1973 al N 97% —
10012 10114 14
Little Miami gen 4e aeries A_1962 MN
1i y L B .9 W 144 ls ext___ _1930 M S 100
,
884 Dsc'28
- -- 04 Feb'28 _141114 Duck consul g to
111212 10412 N y a Jersey s150
1936 A 0 101 - I- - 10212 Mar'29
......1932 F A 98 Sale 98
98
1
111
Lou leld let eau gold 64JulY 1931 Q
90 Dec'26
9314 1014 N Y& Loug [trench 44
1941 M S
130 93% Aug'29
let eons& gold 4e ___July 1931 11
97
00
N Y de N E Host Term 411
9512 July'29
1939 A 0
- . 904 100 Feb'29
unseal gold 44
97
94
0, 87
79
8912
1938 I
79
NYNHAElo-e deb 44
1947 M 8 79%
5
90
9212 90
Gold Is
813 75 July'29 -4
1932 J D
9912 Dee'28
Non-eonv debenture 314s. 1947 M 8 76
"gibed gold 4
85
9014
1949 M 8 1
Non-conv debenture 3142 1951 A 0 70'd-- -- 70 Aug'29
871 85 July'29
Debenture gold 50
96 '00
4
.19344 0 ____ 98
753
No's-eon, debenture 4s .2966 3 .1 7512 77 753
4 11
9634 July'29
9,78 Ft
341 rear n m deb Si
1937 M N
9933
Non-cony debenture 41-1956 M el 7614 79% 74% Aug'29
2 93
93
Guar ref gold 45
84% 91%
1949 M
19663J 73 Sale 6912
73
8
Cony debenture 9445
18
0i7 81% 88
.
2
88
Vet Sh 1/ 111, gu 64.0ct '32 Q J 95
01:1
136 Sale 13212 13538 230
2 95 100
Cons debente as
ur
9912• 95
95
Lou * Jeff lidge logfl(Ii 1946 M
12812 Aug'29
8412 90
Registered
8512
_ _1 87 Aug'29 - _
oulsvtlle 4 Nashville 64_ _ .1937 M N
Collateral trust 64
9871m N
948 A j3
3 99% 103%
1940 ij 0 jOii. Sale 10434 105 I 24
_ 101% 101%
Vilified gold 4s
_.1940 J I 101%- - 914
75 Sale 72
26
91 12 45 4
76
3
Debenture 4.
91% - 4
923
921s 19
Registered
J
9314 9314
1st a ref 4)4s ear of 1937 19673 0 85% Sale 85
01% May'29
8514 107
Oollarersi trust gold So
98a2 100 4
873
1011 MW
88 873
4
40
3
4 1 166 oo
,
Harlem RA Pt Cbas 1st 441964,M 1
4 86
20
99
10
-year use 75_ May 16 1930 M N 10013 Sale 1003
s 10038 16 lull iu3
a Due Feb. 1
Fla Cent& Pen Is ext gas-1930 ii
lit oonsol gold bo
1943 ii
Florida East Coast lat 430_1959 J D
let & ref Si aeries A
1974 MS
Fonda Johns& Glov 1114)41 1952 MN
For St II D Co is g 4)40_....1941 J J
Pt W & Den C let g 5549 19 J D
- 61
Prim Elk & Mo Val lit 64-1933 AO
O H& SAM&P 1st be1931 N
2d extens be guar
1931 J 1
Galv Hong & Rend lot 5s 1933 AO
Oa & Ala Ry lit cons Si Oct 1945 J
Ga Caro & Nor let gu g 54__ _1929 J
Extended at6% to July L1934 J I
Georgia Midland lit 34 _.....194a AO
Gouv & Oswego let be
1942 ID
Or R& text lit gu g 4340_1941 .7
Grand Trunk of Can deb 6s_1940 AO
15
-year is I Os
1938 MS
Grays Point Term let 64
1947'ID
Bid
____
-
-
10-1=4 fg21,
Range
Since
Low
111493
10012 107%
101 10574
92 99
09% 101
99% 10014
85
9114
,
60 2 5712
9352 9342
84
8912
93
86
97
9912
99% 100
73% 75
68
77
98% 1004
88.1 8612
s
9912 109
874
8812
94
88
96%
96
95
92
43
5538
40 5314
19% 35
lb% 22
16
19%
8914
63
90
99
92% 9911
9112 101
93 102
85
9812
9313 9312
99%
95
8112 86
6652 102
80 88%
87% 9412
10112 107
12
961. 1011
.
70
77
94% 9911
944 100
10012 12512
8912 917s
99 100
99 100
85 98
85 89
93%
91
99 100
97
12
90
8212 87
102 10614
4
1002 101
71% 80
12
8514 90%
9812-102
131,
9
--- -12
15%
93 92%
864
80
88 88
90
974
s
853 91
90 100
9012 10012
98 101
854 96
987 10513
2
944 95 4
2
9312 97
10214 105%
106 106
844 90
94 10013
12
101% 107
76 8314
741i 7813
93% 97 4
8
94
95
90 96%
744 81%
731 75
4
793
4
74
73 78
911s 96
99% 90%
95% 98%
Hp 10312
10113 1074
um% 107
954
91
97 2
1
89
9914 10212
89 96
99 100
98
91
70 83
-- -No% 100%
9610010
92
1011's
961, 9511
7412 81
73
77%
6812 76
74
844
7412 8414
8438 78
116 117
116 129
102 1064
704 79
8414 924
851 •94
.
New York Bond Record-Continued--Page 4
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Aug. 30.
Price
Friday
Aug. 30.
Week's
Range or
Last Sale.
sZ,
‘;
Range
Binge
Jan. l.
Ask Low
High No. Low
Bid
High
NYO&Wrefleter4e_June1992 MS 64 Sale 64
84
64
3
743
4
Reg 15.000 only_June 1992 M S
70 Apr'28
General 42
56
D _
54
56 Aug'29
1955
V1 4
-1N Y Providence & Boston 4e 1942 A 0 844
9012 June'29
90
91
Regletered
A 0
894 Jan'28
Y & Putnam let con go 42 1933 A 0 7918 9212 8512 June'29
8414 3512
NY Sueq & Wait let ref 52_1937 J J 82 8212 82
82
5
747 8612
2
lid gold 4 34.
__
75
843 Nov'28
4
__ 1937F A
General gold be
4 -ioT8 82
72
1940 F A 7012 7112 7012
Terminal let gold 6e
91
2
91 10112
91
1943 M N 9014 95
N Y W-cties & B 1st ser I &Me '46 J J 83 Sale 81
43
83
793 85
8
Nord Hy ext'l of 834.
19 100 105
1950 A 0 10112 Sale 10112 102
Norfolk South let & ref A 52_1961 F A 73
_
74
73 Aug'29
72
904
4
Norfolk & South lit gold 58_1941 M N
993 993 Aug'29
4
9712 102
10012 16
100
100
-- 10453 Aug'29
10112 10212 10112 June'29
89
4
8
884 Sale 885
87 June'29
90 Aug'29
270 Aug'29
92
4
14
91% Sale 913
1078 Jan'29
97 Apr'29
____ 94
96 Feb'29
8512 50
8512 Sale 8412
833 -- 8414 July'29
8
6412 23
6312 Sale 6312
62 Mar'29
901
-60E3 94 - 8914
16
11012 Sale 1093
4
1101 111
102 103 10112 Aug'29
10112 103 10112 1015
8
7
1093 ---- 1094 Feb'29
4
100 Aug'29
Norfolk & Wait gen gold 66_1931 M N
Improvement dr ext 6s_ ,,1934 F A
New River let gold 65.
1932 A 0
N & W Ry 1st colts g 4s_ _1996 A 0
Registered
1996 A 0
DWI let lien & gen g 4e 1944 J J
10-yr cony 6s
1929 M S
Focal] C & C joint 42. _ _1941 J D
North Cent gen & ref be A_ _1974 M
Oen & ref 4%s tier A stpd_1975 M
North Ohio let guar g ba. _ _1945 A 0
North Pacific prior lien 45.-1997 Q 2
Reginterad
1997 Q 2
Can lien ry & Id g 3e_Jan 2047 Q F
Registered
Jan 2047 Q F
Ref & impt 414e series A..2047 J J
Ref & impt fie series B____'2047 J J
Ref ds !rapt be series C.._ _2047 J J
Ref & impt ba series D___.2047 J
Nor Pao Term Co let g 4e _1933 J J
Nor Ry of Calif guar g 5s___1938 A 0
North Wisconsin let 11.... _1930 1 2 9918
100 Sept'28
78
75 Aug'29
0 & L Chain let gu g 4e _ _ _1948 J J 7.5
8
Ohio Connecting ity 1st 4s__1943 M S
9552 Nov'28
Ohio River RR let g 6e__ -1936 2 D 99 100
9912
9912
3
4
1937 A 0 963 106
General gold be
9912 July'29
Oregon FtR & Nay con g le _1946 2 D 9018 913 90
90 14 11
Ore Short Line let cons g 52_1946 J J 100 4 1011 10018 10012
,
6
Guar stud eons be
1946 2 J 1013 1021 10013 10012
4
2
Guar refunding 4s
8
1929 J D 997 Sale 98%
99% 44
Oregon-Wash 1st & ref 12_1981 J 2 8412 85
8414
844 34
Pacific Coast Co let g 5s_ l946 2 D
697 69 8
/l
7
69%
1
Pao RR of blo let ext g 12_ _1938 F A
8912 ____ 8914 Aug'29
20 extended gold be
1938 J J 9818 1003 965 July'29
4
8
Paducah ds Ille let e f 414e..1955 J 2 9134
_ _ 9112June'29
IParls-Lyone-Med RR extl 68 1958 F A 993 Sale 998
993 108
4
1318/ / R fund external 7e 1958 M S 10234 Sale 102
83
10314 48
Parie-Orleans RR e f 7s_...1954 M S
_
1033 Jan'28
Ext elating fund 6 Me_ 1968 M 8 9512 Sale 9514
9618 50
Paulista Ry 181 & ref if 7e...1912 M 8 9918 Sale 9918
100
5
Pennsylvania RR cone g 46_1943 M N
Consol gold 4s
1948 M N
441 steel stpd dollar. May 1 1948 M N
Consol sink fund 434s._.,,1960 F A
General 4%i aeries A _ _ _ _1965 J D
General Is eerles II
1968 J D
10
-year secured 7s
1930 A 0
15
-year secured 094.
1936 F A
Regletered
F A
40
-year secured gold 5s__1964 M N
'Pe Co gu 394e coil tr A reg1937 M S
Guar 3118 coil trust ear 11_1941 F A
Guar 334e trust etre 0____1942 J D
Guar 3148 trust etre D__1944 2 D
Guar 15 -year gold 42_ _1931 A 0
-25
Guar 45 ear E trust etfa___1952 M N
Secured gold 452e
1963 MN
Pa Ohlo & Det 1st & ref 4 Me A'77 A 0
Peoria & Eastern let cons 46_1940 A 0
Income 1.9
April 1990 Apr,
Peoria & Pekin Un let 6313_1974 F A
Pere Marquette let ger A 68_1956 J J
lit da series B
19582 J
9314
9134
9012
100
95
10514
10012
108
PhEla Bait & Weigh let a 42 1943 MN
General 5e series It
1974 F A
Phillippine Sty let 30-yr. f 42'37
Pine Creek regletered let 82_1933 J D
Pitts & W Va let 454e
1958 J D
PC C A St Lau 434s A
1940 A 0
Series B 434. guar
1942 A 0
Series C 414e guar
1942 MN
aeries D 4. guar
1945 M N
Series £334. guar gold_ 1949 F A
Series F 40 guar gold
1963 J D
Series 0 4e guar
1957 M N
Settee H con guar 4e
1980 F A
Series I eons guar 4343_..1963 F A
Series J eons guar 4 Me_ 1984 MN
General M be seriee A
1970 J D
Regletered
D
Gen mtge guar be set B___1975 A CI
Registered
A 0
90
92
/ 905 Aug'29
1
4
8
101 104 10714 May'29
30
313 30
4
30
____ 103 101 July'29
93 92 July'29
92
9712 -- 97% Aug'29
8
9712 --- 976 Aug'29
9712- 97% Aug'29
9614 July'29
96 4 ,
93
93 June'29
9614 -- -- 9614 May'29
9614 --- 9614 July'29
961
-- 9612 May'29
4981 99 99 Aug'29
/
4
97
--- 97 June'29
8 102%
1025 104 1025
8 ____ __- 102 June'29
10314
103 Sale 103
11312 Jan'28
94 May'29
Sale 1)134
913
4
3012
9212 3012
Sale loo
10014
Sale 9412
95
10514
Sale 10414
Sale 1003
8 1003
4
Sale 108
109
Apr'28
112
10319 Sale 101
10312
84 Sale 84
84
8412 Sale 8412
8412
835
8 --- 835 May'29
8
8138 82 81% Aug'29
9814 98 2 973
4
973
4
,
8614 8812 8614
8614
961 Sale 95
/
4
963
4
9334 94
94
9312
81
84
84
84
31
4112 41 July'29
9812 101 100
100
101 Sale 1007
8
1013
4
873
4
8612 873 873
4
4
Pitts MeK & Y let an 6e__1932 .1 .1
10114 Apr'29
241 guar 62
1934 2J iC6F8
10388 July'28
Pitts flh & L E let g be
1940 w 0
1004 997 June'29
consol gold be
lat
1943 J
10014 Aug'28
Pitt. Va & Char let 42
1943 M N
9918 Sept'28
Witte Y & Ash let 48 ear A,,.,1948 J
9112 Apr'29
lit gen Si aeries B
1962 FA
162 10312 May'29
- -12
lit gen 58 series C
1974 ▪ D
Trovidence Beour deb Ca__ _1957 MN 65
73 -73- -- 73 .Providence Term let
_ _19541 MB 7812 90
84 May'29
Reading Co Jersey Can coil 4.'51 A
9212 9218
9218
90
Registered
AO
944 July28
Gen & ref 431e eerie. A__1997 i2 9434 947 94
94%
8
ilteruiselaer ds Saratoga 68_ _ _1941
N 100
10018 Niar'21
Bleb & Meek let g 48
1948 MN
79
7818 May'28
dUchm Term Ry let gu fie_ -1952
'
3
101 Feb'29
Grande June let gu 50..1939 J
,11.10
93 93 Aug'29
Rio Grande Sou let gold 4e.1940• J
6 May*28
Guar la (Jan 1922 coupon)'40 J
712 Apr'28
610 Grande West let gold 42_1939
' -LiT2 86
3
84
8518
1st cos & coil trust 42 A 1949 AO 7912 Sale 78
791!
& Louie let 1348_1934 M
93t8 Sale 93
11 1 Ark
94
RuI-Canada 18t au hi 40. ..1949 .1 1 70
791 81 July'29
/
4
Rutland let rovi R 4
_ -.1941 J 1 81 18 88
86
86
81 Joe & Oraud tell int 4e_ _ .1947
Laar & Ad1r 1st it 59- _ .19101.1
_
1996 A
2,1 gold AA
1931 J
131 L & ( aim guar
At L It MI,'.' 0 gm u coo a 581931 A
84a mped soar be
,
.... 1931 A
Riv A 0 1tiv 141 I 45-1033 191
Bridge Ter ga 1 fie _19311 A
SI L
t L-clan Ira's vt 1108 4. A. 19511 M
197. FA
Con 31 4 '•
108/1 j
Prior lieu 50 eerie* It
I j
4 rOtro I
t
a Due May.
oue J
J
O
0
O
N
O
8
O
3.15,
80
96
82 I 81
9412
10312 102
96
98 100
993
4
993 100
4
--------1013
4
924 Sale 9212
/
1
9712
98 10(1
85 8 tie 8412
/
4
85 Sale 841
/
4
91113 011/ 001
1
4
/
4
100'., 1001 10ru.,
•
953
A01181119
2
1
30
52
30
87
35
47
6
1
41
16
3
3
19
7
9
100 10314
1043 105
8
991 104
/
4
8812 9214
87
8912
89
94
13212 270
9114 95%
107% 10772
957 99
8
96
9614
8412 90
83 4 89
3
601s 6712
82
8312
8914 98%
109 11312
10012 105
101 104%
1093 1093
4
4
99 100
747 83
j
-63
994
85
10018
10018
977
8
8312
89%
894
9614
9112
9712
10111
9912
100
9212
108%
106
997
s
894
80
9418
99
98
101
105
93
9612
994 104
9314
89%
90
977
8
9312
10214
1003
8
10612
95
94
93 4
3
10112
10012
10812
103
/
1
4
111
101 105
84
90
8412 8712
83
/ 89
1
4
8114 85
9612 991s
fib% 92
9412 991s
92
97 4
,
80
/ 87
1
4
38
45
993 103
4
100 104
/
1
4
86
914
/
1
90
95
107 108
2912 89
101 103
92
96
95
52 99
/
1
4
9814 10012
97
12 993
4
9412 9818
93
93
944 9614
/
1
96
9612
96
0815
00% 100
90
/ 9934
1
4
1021 10818
/
4
102 102
10212 10812
_-
BONDS
N. Y STOCK EXCHANGE
Week Ended Aug. 30
1417
Priest
Prieto.,
Aug. 30.
Low
1143
9812 10318
9512 97
/
1
4
81
89
72
82
934 961,
9212 10112
8914 95
/
1
4
98
9912
8014 881
/
4
...
.....
941 98 iii --11
:
1011 1041
/
4
/
4
163 103
964 9914
/
1
863
41
9
8
So Pac coil 4e (Cent(Cent Pao col) P49 J D 8612 873 86's
877 June'29'--- _ J D
93
8
93
let 4 34e (Oregon Lines) A-I977 I" 8 9212 9
101 I
3
19342 D 101 Sale 10014
20
4 A s 58
r conv
31
94
1968 M 8 92 Sale 92
Gold 4345
971
, 994, 414
May I 1969 M N 99 Sale
494e w I
4
88 I
873
4
Elan Fran Term let 4e---1950 A 0 8712 88
83 May'29
A 0
Registered
So Pac of Cal let con PI g 59-1937 MN iooT2 102 101 July'29 -9514 9514 Apr'29 ---1
sopa( Coast lat'r g 4._
So Pa%) R Rstre u 5__1937 J J
i
873
8 52
2
1955 2 2 87 Sale 87
8612 Aug'29
Registered
105531 34
SoutRsgisterod cons g Se...,. 1994 J J ioLT2 Sale 105
hern R y let
10312 July'29 ----I
J J
852 109
4
1
Devel & gen 412 series A___1956 A 3 -LO Sale 85
8714 Sept'28
Registered
112 I 24
4
1956 A 43 Aiii 112 1113
-12
Develop & gen 65
/
1
1958 A 0 11712 Sale 1174 11818, 52
Develop & gen 6Ss
:
851 2 1 021 .
19911 j 1851 1_062! 10212 Aug'29,
Mem Div let g 58
8412
84121
1
St Louis DIv let g 44
4
4
-- 983 July'29.-- -East Tenn reoria lien g 3 -1938m
3- -1938 M
: 983 10
90 Aug'29i
87
Mob & Ohio coll tr 4.11--
8
85% 917
8614 87 2
7
9212 99
/
1
4
9714 102
8814 9712
81 4 9914
0,
867 91
4
83
83
108 103
9514 9512
85
9212
/
1
4
8612 90
10414 110
10312 103
83
/ 89
1
4
1
MaterrA Deling gou g Se _ _1928 ./ D
lit efun d let c ns
.
Certiflcates of deposit------ ---
6614
68
43
Union Pao let RR ds Id gr't0 957 J 0 9312
1 12 A .1
90
8312
oollien &s 4a
let d otered
R''gia i cal
June 2°°8 3M 82
_
1967 1 2
ioL
lat Hen & ref be
84
4 -year gold 42
0
89
UtNda ltRonssg eigen 7-1211°°8944968'142M IS
N a j ia c &l t n t ts"
,anh l Nor Ca
j
eerie. A..191.5• A ---Cone e f 46 serite e
sg
10
Vera nersi & P assent 4 MIL _195 M N
cie Crus Se
7
4
9 3
1931 17-Iii 9914
Virginia Mid 52 eerie@ F_
20019363 M2 ' 55
N
T
958 A 22
962 M 0 83
10014
10014
Wabash RR latgold brleA A-11
let 5" Se e
20 gold Ss
9114 9353
Ref & gen s f 611e ger A_ _199799 M NA
19336 WIF S
10314 103
/
1
4
Debenture B6.registered.1939 J 2
1954 1 J 7712
let lien 50-yr g term 4e
11
74
1941 J J 100
Det & Chic est, let g 5e
84
84
Dee Moines Div 1st g 4
e-1939 2 2 82
90
9312
T ,t cDlvpit g3312._ 1941 A 0 82
Omaha hie let "
ba
iva
1941 M 8 81
9g7 Wabash Ry ref & gen 5$ B_1978 A 0 95
92
Ref A, gen AM/ series C-1978 F A 8514
----
Ws 102
917
93
2
5
38
8114
78
911
2
81
81P4
Et;
87
981
/
4
81
9012
81
1
Jul9'29
102 1
7
_
Aug'29
99% 26
Dec'28 _ _ _
924 45
/
1
Aug'29
8512 69
8'02 122
100
19
I
tow,
.04g
9412
1011
9512
97
me.,
102
407
101
92
94
/
1
4
963 100
4
6314 8 /
.
1
4
832 MP,
4
07i, HI
99 101
• ,/so.
-iiii - -: 91
894
88
2
100 105
14
88% 91
1004 102
10212 106
9814 100%
88
9015
64
74
7514
63
353 58
8
411 55 2
/
4
,
51
6012
64
/ 80
1
4
75
75
81
89
5912 7114
7012
57
9712 9712
1004 1004
10212 107
iOei,115
117 123
10212 10814
827 89
8
9614 100
8514 931
:
70
65 July'291 ____
65
8112
Spokane Internal let if 54-1955 2 2 65
86 Nov'28. ____
1943 1 D
Staten Island Ry let 4 Me
Apr'28
_
166 95
Sunbury & Lewiston let 4e 1936 J 2 -__- .
99 Mar'29
Superior Short Line let be_ .e1930 M S 98
97
965 July'29,--8
95
98
Teisrms
gs St L let g 4;18.1939 A 0 96
ofld 5s
1, 9814 103
9912
9912!
1944 F A 100 101
cons
8814
8611
8' 85
Can refund eta 40
90
al
1004 24 100 18411
6'z S
53 F
9 2 A 15
Texarkana & FIB let 5312A 1950 3 00 Sale 100
98 Mar'29
21,00943
DJ J 98
Tex & N 0 mom gold be
98 98
2 102 109 2
102
8 -1017 104 102
3
Texas & Pac let gold be
95 May'29
95
2d inc5e(Mar'28cp on)Dec 2000 Ma
95
30
991
2 9712
1977 A 0 9712
/
4
96 1021
Gen & ref be series 11
81
9814
9514 95
9
95
99
/
1
4
1971 2 0 95
93 A
Gen & ref be series C
9918 10018 10018 10018
7
07 1011
/
1
4
/
4
La Div li L let g be
4
- 1023 Aug'29
10018 10814
Tex Pac-Mo Pao Ter 551e-19 M . 103
84
97 Aug'29
9612 10112
Tot & Ohlo Cent IA Cu 53
1935 2 •
99 103 Apr'29
1936 A 0
9912 108
Weetern Div 1st g be
Aug'29
97
97
96
96 100
/
1
4
General gold be
- 15 Nov'28
1915 2 J
Toledo Peoria & West let U.1937 3 D 12
8612 Aug'29
/
4
8612 91
Tol St L & W 60-yr if 41)._ 1950 A 0 861 87
4
95
98
Tol W V & 0 gu 411e A
1931 2 2 963 ---- 98 Apr'29
/
4
-. 95% Apr'29
1933 J J 951
let guar 41 series B
9512 95
/
4/1
52
- 9738 Mar'29
1942 M
97 4 9 13
let guar 42 eeries C
, 9
901/4-- - 8412 Aug'29
844 881
1
,
Toronto Ham& Buff lot( 44 1946 J 13 8418 86
1661- -2
13
Range
Since
Jan,I.
so
BM
Ask Low
High No
St L Peer & NW let gu 55..1948 2J 9812 10012 9812 Aug'29 ---9618 July'29 ---St Louis Sou le: go g 45 -1931 MS 9318
.
2
848 82
-3
83
St L S W let g 4s bond ctfs1989 MN 83
76
76
'
2
2d g 48 Inc bond ctfs Nov 1989 22
9518 50
4
8
1932 J D 943 Sale 945
Consol gold 45
933
4
9
let terminal & unifying 55.1952 JJ 9212 Sale 9212
9118 43
4
St Paul & K C Sh L let 494..,1941 FA 90 Sale 893
1931 FA 9818 9912 9912 July'29,---St Paul & Duluth let 5e
8818 Mar'29.---1968 3D
let consol gold 45
9718 Jan'28 ---St Paul E Or Trunk lot 4318_1947 J J
914 957 July'29 ---St Paul Minn & Man con 4e_1933 J J og2 1933 J J 102 103 10118 July'29 ---let consol g 62
J J
103
J88 29 ---.
Registered
2
97
97
84 reduced to gold 4;18_1933 J 1
J J
95 Dec'28 -Registered
8
1937 3D -igEs 9353 885 Aug'29 ---Mont ext lot gold 4.8
891 July'29 ---Pacific ext guar 4s (sterling)'40 J , 8712 89
22
102
St Paul lJn Dep let & ref 50_1972 J J 102 Sale 100
22
90
1943 2J 89 Sale 89
8 A & Ar Pass let gu g 4s
_
woe July'29 --Santa Fe Pres & Phen 1st 68_1942 MS
104 July'29 -Say Fla & West let g 88._ 1934 AO ioo
9814 Apr'29 -1934 A0
1st gold be
1
MN 88% Sale 8818
S8'
Scioto VANE let 1101 g 49
1989
6514 Aug'29 ---Seaboard Air Line let g 18
1950 AO 65% 70
18
65
1950 AO 6314 7012 6314
Gold 42 stamped
55
219
Oct 1949 P A 55 Sale 51
AdJuBtment be
5512 381
543 Sale 50
4
Certificates of deposit
121
55
1959 AO 5414 Sale 5414
Refunding 48
7312 113
1945 MS 73 Sale 7012
lat & cons 68 series A
MS
75 Mar'29 -Registered
833
4
2 8212 Aug'29
Ati & Birm 30-yr let g 43
1-61933 M
8314 21
Seaboard All Fla let gu 631 A-1935 FA 6314 Sale 61
1
60
60
1935 FA 6218 70
Series B
97
9712 Aug'29 -90
Seaboard & Roan let be extd 1931 J
- 10018 May'29
1936 P A 98
S&N Alaconsgu g be
- Gen cons guar 50-yr 58.-1963 A0 10214 16312 10212 Aug'29
10114 1011.4 Va e&it.StinunstRtiw5y 11 144 170
irgl
0-ye. 5454
,
1
Week's
Range or
GUYS Sale
Warren let ref gu g 3Ms____2000 P A
Wash Cent let gold 44
1918 Q
Warsta Term let go 3Mii
1945 P A
let 40
1945 FA
-year guar 45
W Min W & 11 W lert gu be 1930 FA
West Maryland lit g 49_ _.1952 AO
let A ref 5348 aeries A.
1977 3,
'
3
West N', 5, Ps let g 15a
1937
1843 * 0
gold se
... ett
0
weetern Pa/ let err A Se..,. 104/, MS
Wait Shore let 4e guar _ .._ .2361 ▪ 1
2381 .1 .1
Regintere0W0881184 .11 1-tike Erie-1934 FA
Earn & knot geld be
.1966 MS
Retundlug 4 me series A.
1988 N1 5
Refundiug 5esterles B
____ _19410 M
RR let coney' 4e.
/Vita A East let ge g 50
1942 J U
AMA ,F int gold he . .
1)
_ .1938
A theton-eistelv r11. let 10 ..111t141 J
419 ''out 50-yr let gee de- 111493
14.8., A Ow Al. A term let 4e '311 tel N
•
•
p
-wo I., 4 ••
1 1
70 Aug'29
72
80
72 Aug'29
11
45
48
43
9114 25
Sale 9314
1
90
9312 90
24
90
Sale 8312
95t2
9714 49
97
1
105
io312 105
85
/ 13
1
4
85
85
93
91 July'29
__-- 96 Nov'28
91 Aug'29
- - -- 92 May'29 --13
15 July'29
974 July'29
/
1
418
9812 July'29 ____
941 971 July'29
/
4
/
4
851 8814 July'29 -.
/
4
Sale 997
100
/ 38
1
4
Sale 10014
1003
4 31
991 10014 Aug'29
/
4
Sale 10112 1024 49
/
1
_ 881 May'27
/
4
774 Aug'29
/
1
69
10012 100 July'29
Jan*29
85
88
87
80 Aug'29
871 9012 Mar'29
/
4
Sale 9412
9518 55
Sale 8414
8514 49
/ 83 Nov'28
1
4
80
841 Mar'29
/
4
.;_ 84d le_ 84
84
_ 85 Aug'29
884
97
99
97 Feb'29
755k
743 Sale 74
4
/
1
4
924 9253 92
/
1
93
10012 1003 100
4
/ 10034
1
4
841 854 8414
/
4
/
1
83
9
6
93 Sale 93
8518 87
8712 Aug'29
8214 8712 8518 Aug'29
50
84
55
85
83
6212
911 96
/
4
90
92
8312 90 s
7
9911
92
105 10914
83
14 8914
91
96
-ii- Wei
9444
92
12
17
74
9743 1001s
9014 1009e
97 2 109
7
88
/ 9614
1
4
1197 10114
8
10012 10314
95 10112
/
1
4
100 1041
4
"fel
7853
100 10112
88
88
78
85
44
9012 9014
93'S 10012
831s 0074
--__
30
20
1
51
14
8453 WC,
8212 86
91
97
97
7444 82
02 100
9 4 1011g
09
8,14 9112
95 100
Ill
8153 g84
814s
2
9912 100 Sept'28
851/4 .
. 85 Aug'29
92
- - I102
97
Feb'29
8412
8412 Aug'29
6218 --- 8 61
647Aug'29
99
Apr'29 ____
86 1112 86 July'29
_
7734 78
7814
13
-36
' 8714 87
6
8714
76
90
911 Dec'28
/
4
-15- - 3
9i
102 102
3
89
/
1
4
61
74
99 10053
85
86
761 8414
/
4
844 911
/
1
/
4
1
7e
New York Bond Record-Continued-Page 5
1418
B ON DS
N. Y. STOCK EXCHANGE
Week Ended Aug. 30.
P.3
t
Price
Friday
Aug. 30.
Week's
Range or
Last Sale
I
Range
Since
Joe.1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 30.
I"
Pries
Fridarl
Aug. 30.
Wed,.
Range or
Lan Bale,
Range
Since
Jan.1.
High No, Low
Ask Low
Bid
High
High
High No, Low
Ask Low
Bid
INDUSTRIALS
78 Dec'27
8414 46
8312 8414 Denver Cons Tramw 1st 5e_ _1933 A 0 Abitibi Pow & Pap lit 5s_..1953 J D 84 Sale 8312
9812 19 -TEDen Gas & E L let & ref f g 5e'51 MN 98 gie" 98
Abraham & Straus deb 5348_1943
3
98
N 101
983
4
983 9834
4
78 102% 120
Stamped as to Pa tax
112
A 0 110 Sale 110
With warrants
58 63 May'29
63 73
51 MS
94 99% Der,Corp(D GI let f 78_199 42 MN 55
9412 12
Adriatic Elec Co exti 7s---1952 A 0 93; 96 9412
53
623 51
51
4
70
5912 19
Second stamped
8418
834 88%
8418 85 84%
Adams Express coil tr g 48___1948 M 8
9 75 1074 Detroit Edison let coil tr 58-1933 .1-7; 10014 -- 10012 100% 24 98% 102
/
1
7514
80 75
Ajax Rubber let 15-yr 81 88_1938 J D 75
101% 40 99 104%
10114 sizile 101
let & ref 5e series A_JulY 1940 14
34 6
3% June'29
3
/ 12
1
4
Alaska Gold M deb Se A-___1925 M
2 100 10414
100
102 100
1190949 A 0
G
l
e e6
3
8
r7 f
3 Apr'29
318
Cony deb 66 aeries B
1926 M
M
10634 sate 10634 10712 26 105% 108%
9112 9814
e eerlee 13A_July
5s 5erie6 _
9112 9112 Aug'29
Albany Pefor Wrap Pao 68_1948 A 0
7 10014 10438
98 11112
Gen & ref fa eer B
1955 1FA 10114 102 10114 101%
D
1093 581
4
1151534 Sale 108
Allegheny Coro coll tr 5s___ _1944 F A 100 10518
10012 103 100 Aug'29
97% 1111z
Series C
109; 382
19491 D 10958 Sale 108
Coll & cony 56
9812 98
9612 9712 96% Aug'29
98 101 Det United let cone g 434e_.193
9914 78
Allis-Chalmers Mfg deb 68_1937 M N 99 Sale 9812
97 10572
/
1
4
7
Dodge Bros deb 08
1940 M N 99 Sale 9912 10014 237
9034 97
9614
Sale 95
95
AIDIne-Montan Steel let 7e 1955 M
4
79
78% 88
6 10312 10812 Deld (Jacob)Pack let6s-1942 M N 79 Sale 7878
10512
Am Agric Chem let ref e f 730 41 F A 105 Sale 105
9018 Aug'29
99
90
90
98
2 80 90 Dominion Iron & Steel 58-1939 M
84;
89 83
Amer Beet Bug cony deb (16_1935 F A 84
9 98% 102
10112 Sale 10113 102
9312 99 Donner Steel let ref 7e
1942
983
s 14
1933 A 0 9712 99 9712
American Chain deb f 6e
67 10114 1051s
10412 Sale 104; 105
8
98 99 Duke-Price Pow let 6s ear A '86 M
/
1
4
9812
/
4
1931 M N 981 99 9818
AM Cot 011debenture 5e
9612 27 98 100%
9 93 4 904 Duquesne Light let 434e A_ _1987 A 0 9612 Bale 96
1
9512
1942 A 0 95 Bale 9414
Am Cynamid deb 55
78 97
874 71
8714 Sale 87
20
8714 9212 East Cuba Bug 15-yr e g 7146'37 M
911
1953 J D 90
9114 91
Amer Ice f deb 5e
3
953
4
931t 97
934 Sale 9312
/
1
Ed El III Bkn let con g 4s...1939
9518 135
11912 258
Amer 10 Chem eons 5348-1949 MN 11812 Sale 118
,
.1 1057 ---- 08 Aug'29
1051s 110 4
7
e
1995
J 116 Sale 113
118% 1589 101 118% Ed Elee III let eons g 56
Amer Internet Corp cony 5%8'49 J
103 4 1044 Edith Rockefeller McCormick
1
1939 A 0 1033 1053 10414 Aug'29
4
4
Am Macb & Fdy el Se
11
9954 10212
101 10112 0112 102
Trust coil tr 6% notes_
1934
American Natural Gas Cory
23
8712 96
91
8934 Sale 89
54
754 98% Elec Pow Corp(Germany)8H8'50 M
83
Deb 13348 (with much warr)'42 A 0 '83 Sale 78
90
9518
9114 9512 9114 Aug'29
58
9814 102 Elk Horn Coal lat & ref 6148.1931
101
Am Sm & R let 30-yr 5e eer A 47 A 0 10018 Sale 100
7212 814
Deb 7% notes(with warr'te)'311 0 7134 7212 73 July'29
20 10112 104%
/937 J J 103 Sale 103% .104
/
1
4
Amer Sugar Ref 15-yr 88_
98 1004
--_ 9914 9918 Aug'29
2 91% 9712 EQuit Gag Light let con 58._1932 M
94
Am Telep & Teleg cony 49-.1936 F A 9312 96 9218
13
9214 96%
95
953 95
8
96 101 Federal Light & Tr let 58_1942 M
3
100
1(10
/
4
1933 M is 991 _
20
-year cony 4348
9214 9754
____ 95 95 Aug'29
let lien e f as stamped__ _1942 M
1948 J D 102 Sale 10134 10212 37 101 104%
30
-year coil tr 58
5 101 104
10212 Sale 0212 103
let lien 85 stamped
101 101
1942 M
.1 D
101 Feb'29
Registered
5
98;
9514 101
30
/
4
-year deb 68 ser B
19541 D 9858 Sale 98;
10212 "i"th 1011 10532
102 Sale 102
1960,
25-yr f deb 53
5
98% 105
10018 sale 99; 10018
10514 181 10412 10734 Federated Metals s f 78
1939
1943 M N 105 Sale 105
20
-year s 510
12112 23 117 171
17
118 120
22214 7622 1204 22214 Fiat deb 74(with war?)
/
1
.1 22012 Sale 216
1948
1939
Cony deb 414e
90 103
90 14 11
90 Sale 90
6 102 10514
Without stock purch warrants.
1940 A 0 10312 104; 10314 10314
Am TYPO Found deb Se
58 84 11478
90
90 Sale 84
96 10012 FiskRubber let e f fie
1941
4 10012 17
Am War Wka & El col tr&I 1934 A 0 9934 Sale 993
4 32 10114 10612
10218 Sale 0218 1023
18 101 105% Frameric Ind dc Deb 20-yr 73611'42
1975 M N 10212 Sale 10212 103
Deb g Be eer A
3 06 109
9712
2
77 8512 Francisco Sugar lets f 714e-1942 M N 9414 96 96
8112
19471 J 811 Sale 8112
/
4
Am Writ Pap let g 6e
8 100% 103
5
93% 100 French Nat Mall SS Lines 7s 1949 1 D 10212 Sale 0212 103
97
Anglo-Chilean s f deb 78-1945 M N 9634 97 9634
3 84
95
92
44
797 Gannett Co deb (Se
8
92 Sale 90
14
45
1943 F
J J 45 Sale 44
734e-1939
AMU%(Comp Am)
100 106
00 July'29 93 10312 Gas & EI of Berg Co cone g 58 1949 . 3-2
J
97 8812 Aug'29
Ark & Mem Bridge & Ter 58_1964 M S 92
1939 A u 10412 Sale 0412 10512 59 103 110
24
90
87% 9272 Gen Asphalt cony 6e
19391 D 8914 Sale 89
Armour & Co let 430
96 100
59
97
833 9212 Gen Cable let 8 I 5He A
4
864 71
/
1
1947 J J 9618 Sale 96
Armour & Co of Del 5348-1943 J J 8512 Sale 8334
94 e 96
1
3 100 10318 (len Electric deb g 3He
10212
1942 F A 94; 95 94; Aug'29
Associated 0116% gold notes 1935 M S 10212 Sale 102
11
9912 1044
/
4
1021 Sale 0112 103
Gen Elec(Germany) 7e Jan 15'45
19471 D 1013
106 Nov'28
J
Atlanta Gae L let fa
4
1 11118 130
127
1940 J D 127 Sale 27
131 deb 630 with Warr
3 -- 12 12; May'28
11
Atlantic Fruit 78 Ws dep. 1934 J D
12
91S4 9914
97
1213 Without ware% attaah'd '40 J D 9413 Sale 9412
J D 10
1258 May'29
113;
Stamped ctfe of deposit
35
8712 9412
91
91 Sale 904
42 87 77
20
/
1
-year f deb 68
73
Atl Gulf& W I SS L col tr 58_1959 J J 73 Sale 71
10112 104 100 10814
101; Sale 101
10014 19 100 10312 Oen Mot Accept deb 681
1937 J
100 Bale 100
Atlantic Refit deb 58
8
1940 F A 10018 1001 10018 10014
995i 1024
Genl Petrol let a f 58
174 108 122
118
19391 1 11414 Sale 113
1 106 10712 Genl Pub Serv deb 5He
13aldw Loco Works let 56-1940 M N 106% Bale 106% 106%
8312 99 Gen'l Steel Cast 530 with war '49
10112 Sale 10078 10112 227 98% 104
1
863
e
Baragua (Comp As) 7342.__1937 J J 86% 87 86%
9418 22
8912 93% Good Hope Steel & I sec 78_ _1945 A 0 9314 94
9314 100%
9314
37
91
Batavian Pete gen deb 410_1942 J J 91 Sale 9014
106% Sale 10634 10714 34 106% 1084
/
1
7 8814 9434 Goodrich(B F)Co let6He_ _1947 J
9018
907
8
1938 1 J 904 91
Beldeng-Hemingway Se
/
1
90
95
42 102 10512 Goodyear Tire & Rub let 58_1957 M N 9012 Sale 90
903 127
4
10234 Sale 10214 103
Bell Telep of Pa al cries B 1948 J
4
92
92
9118 100
10318 15 103 10814 Gotham Silk Hosiery deb 88_19361 D 9034 92
1960 A 0 10318 Sale 103
1st & ref 5e series C
1940 F A 7112 73
13
7112
72
87 95 Gould Coupler let e f Se
8878 81
8912 26
Berlin City Elm Co deb 8He 19611 D 88 Sale 87
18
97
9514 99%
89
9 8714 92 Gt Cons El Power(Japan)7s_1944 F A 9612 Sale 9514
1959 F A 883 Sale 8714
4
Deb sink fund 6342
29
88 Sale 87
88
let & gen f 6He
86% 954
1950 1
8878 16 .8714 94
Berlin Elec El & Undg 830_1956 A 0 8813 Sale 88
_- 10612 Apr'29
104% 107
9778 104 Great Falls Power let of Ea_ _1940 MN
Beth Steel let & ref 58 guar A '42 M N 101 Sale 100; 101; 39
99
96
9712 102 Gulf fitatee Steel deb 510...1942 J D 9718 98 97 Aug'29 _
4 31
30-yr p m & imp e 158_ _1936 J J 10018 Sale 9912 1003
8712 8418 Aug'29 _
8212 874
3
-year Be series A 1948 F A 10434 Sale 10414 10518 139 10212 105 4 Hackensack Water let 4e_...1952 J .1 84
Cone 30
1953 F A 103 Sale 103
10312 91 10034 104% Harpen Mining t3s with stk purcla
Cone 30
-year 534e e'er B
93 Sale 8912
84
93
8912 93
war for corn stock or Am she'49
9412
9412 92
9 92 100
Bing & Bing deb 6342
1950 M S 92
1930M5 9612
2
9612
9612
91312 9012
1934 A 0 58
/
1
60
15
58% 7414 Hartford St Ry let 4e
Botany Cone Mille 6 He
60 584
8312 85
8313 Aug'29
80 87
4
1934 M 8 98
964 100 Havana Elec eoneol g 58_ _1952 F
Sown an-Blit Hotels 7e
9912 9912 100
1
8712
59 701
Deb 534e series of 1920-1951 1 S 6712 69 6712
:
/
1
62; 634 Aug'29
63% 7718
B'way & 715 Ay let cone 511_1943 .1 D
9312 14
83 941e
83
9212 Hoe(R)& Co 1st 6148 eer A.1934A 0 91 Sale 91
7
Brooklyn City RR let as---1941 I J 81
9114 84 Aug'29
2
99
99 103%
Bklyn Edison Inc gen 5e A
1940 J J 10212 Sale 10212 103; 22 10012 1054 Holland-Amer Line 68W(10-1947 M N 98 100 99
D 7212 Sale 7112
7312 61
85
71
1930 J J 100 Sale 100
2
100
General 68 series B
99% 103 Hudson Coal let 1 as ser A.1962 J
1940M N 10018 10034 99
3 99 105
/ 100
1
4
19681 J 90 Sale 8934
90 117 883 9814 Hudson Co Gas let g fe
Bklyn-Man R T see 68
4
1001 112 100 10218
;
37
1
133
7018
Bklyn Qu Co & Sub con gtd Se '41 MN 7018 Sale 7018
78% Humble 011 & Refining 5345_ 1932 A 0 10012 Sale 100
9958 Bale 9958
9973 61
/
994 10112
Deb gold 55
6812 83
1941 J .1 7018 75 7112 Aug'29
let 5e stamped
e 27 1011 10478
/
4
1956 J D 101; sale 10158 1027
9212 June'29
Brooklyn R Tr let cony g 411_2002 I J
4
82 9212 Illinois Bell Telephone 56
1940A 0
99
99% 33
93% 100
Illinois Steel deb 4303
10614 Nov'28
_
3-yr 7% secured notea__1921 J J 105
_91 1019
9
103 10312
8384 "Oil Ihieder Steel Corp 81 78
1946 A 0 _9 2 8 312 103 May'29
1960 F A 8414 8518 20
85 85
Un El let g 4-58
s
Bklyn
1948 F A 823 Sale 823
4
4
81
9214
83
/ 28
1
4
Mtge 6e
3 83 93
1950 F A 85
87 85
86
Stamped guar 4-5e
/
1
4
80 92
7 10112 19614 Indiana Limestone lets 113e_1941 M N -___ 79 81 Aug'29
Bk1yn Un Gas let cons g 58_1945 MN 10112 10218 10112 102;
974 102
1936 M N 1014 ___ 10114 Aug'29
112 118 Ind Nat Gas & 0115e
11214
5
. let lien & ref Be series A _1947 M N 112 115; 11214
104% 55 10118 105
1952 M 0 10412 105 102
A N
354 489 Indiana Steel let 5e
1936 J J 450 500 489 Aug'29
Cony deb 5545
44
91 Sale 9012
92
89% 93
92% 98% Inland Steel let 430
1978
1932 J D
9212 June'29
Buff & Sumo Iron let e 1 fa
M
10112 Sale 10118 102
3 1003 10214
4
86
5 85 88 Inspiration Con Copper 6He 1931
1952 A 0 853 -- 86
4
Bush Terminal let 48
1912 May'29
1912 194
91
991 Interboro Metros. 434e
4
1956 A 0 1912 20
2
1955 J
944
/
1
9478 Sale 9414
Consol 58
63 Sale 6312
6 42 t3a e 63
3
78 6018 7912
9411 104% Interboro Rap Tran let 58..1966
7
Bush Term Bldge 58 ffu tar-ex '60 A 0 9914 Sale 9814 100
J
6412 46
64
60
791t
3 99% 102
1945 MN 9414 100 9934
993
4
By-Prok Coke let 5345 A
76 Mar'29
78
7618
R
6
98 103
Stamerlistered
98
Cal 0& E Corp unif & ref58_1937 MN 98 100 98
A-6
17
54
49% 84
10
-year 68
1932 s4 s 54 Sale 5218
9212 102
9713 18
Cal Petroleum cony dela f 511 1939 F A 9512 9714 96
90 Sale 90
52
59
9954
10
-year cony 7% notes_ _.1932
9612 10314
1938 MN 9934 Sale 9814 100
58
Cony deb f As
7
0 9 18 9212 A ug03
78
0
10019
0 22
'4
72
9011 95
73
6
9712 Int Agric Corp let 20-yr 58_ _1932 M N 93
Camaguey Bug Islet g 78_1042 A 0 72 Sale 72
79 Aug'29
97 10112
781i 811
1
Stamped extended to 1942_ M N
973
8 12
Canada SS L let & gen 68_ 1941 A 0 9714 smin 9714
/
4
190
984 1181*
1948 M N 991 Sale 9812
7 1014 10414 Int Cement cony deb 66
Cent Dist Tel let 30-yr 513-1943.1 D 10114 102 10114 10114
9412 64
1947
98
933 99
3
/
1
4
9812 Internat Match debasM N 9354 Sale 9334
97; 97 Apr'29
Cent Foundry let elSe May 1931 F A 95
8
Inter Mercan Marines f de_ _1941 A 0 100 Sale 100
100 102
994 102
10012
Jan 1957 MS 100 102 102 July'29
Cent Ilud G & E 58
85 Sale 81
84
91318
8
7 12114 12412 Internet Paper 5a eer A & B _1947 j
1941 MN 12112 12312 12134 122
Central Steel let g f 88
1055M S
20
87% 97
Ref f 68 ser A
68 83
7518 12
75 75
Certain-teed Prod ...He A....1948 M 8 71
8 '14 Sale 8834
98 4 S l
0
8
9
8814 9511
2 88% 100 Int Telep Teleg deb g 434e 10521
9; 55
880
66
95
95 Sale 8818
let s 7%11'39 +'5
,
Ceepedee Sugar Co
21712 Sale 210
22212 2498 109% 2224
Cony deb 434e
1939
65
83
_ 88 83 July'29
Chic City & Conn Rye 5e Jan 1927 A 0
1017 Sale2 19081
*
3
10112 10 10034 105 4
1952 M
100
5 100 103 Kansas City Pow & Lt 58
Ch L & Coke let gu g 68_ _1937 J J iSS 10012 100
Mar
'29
98 1004
let gold 4345 series B
1957 1 1
Chicago Rye lit 52 stamped
103 Sale 10218 104
42 102 100
Kansas Gael & Electric 88_1952 M
54
79
77 86
A 77 Sale 77
Aug 1 1929 Int 107 paid_1927
831 8412 Aug'29
/
4
8412 97
9212 9612 Keith (B F) Corp let 68
1948 M 8
94
47
.1 931t Sale 9212
1947
Chile Copper Co dab 58
35
90% 96%
853
4 89 8
1968 A 0 8534 Sale 8514
4 8914 Kendall Co 5.148 with warr 1948 M
Cin 13 & E let M 48 A
611 8
_ _ _2 81% 9July'29
60
11293
Keystone Telep Co 1st 58._1935
85 95
1940 J J
711 90 Dec'28
/
4
Clearfield Bit Coal let 4e
8_ 101 Aug'29
1
10011 1041
9514 30 -if 11913 Kings County El & P g 56-.1937 A 0 1005
1938 F A 9514 Sale 92%
Colon Oil cony deb 68
Purchase money 6/9
97 9912
127 180
19 7 A 0 12518 1267"; 127 Aug'29
9
1943J J 913 92 97 July'29 4
ColoF&ICogensfse
85 80 July'29
9414
BO
85
8 90
9878 Kings County Elev let g 4s...1949 F A 78
1934 F A 9012 Sale 9012
gu
Col Indus let & coil 5e
7912 7912 Aug'29
79 82
Stamped guar al
1949 F A 79
9812 100%
9812 95
Columbia & E deb 5e May_1952 M N 9814 Sale 9612
Kings County Lighting 5e_ 1954
9612 99
102 10514
1 101 102 10238 July'29
9814 35
/
4
Debenture 55
Apr 15 1952 A 0 9714 Sale 961
4
First az ref 8;0
118 1151
l954' J 113 11512 115 Aug'29
95
9934
95 June'29
J
98
Columbus Gas let gold 58-1932
6 10112 1074
9015 933 KInney(GR)& Co 73.4% notee'36
D 103; Sale 10112 104
91
6
91
4
J _
91
Columbus Ry PAL let 4He 1957
/ 10414 91 100 1044
1
4
874 8712 Kresge Found'n coil tr 68-1938 .1 D 104 Sale 103
8712 Feb'29
g 4/1_2397 Q J 8714 _
Commercial Cable let
10138 Sale 101; 102; 964
96 10311
94
2
99
9912 Kreuger & Toll 58 with war_1959 M
Commercial Credits f 6e____1934 M N 9712 9811 99
10014 102 10158 1001
87
1
Lackwanna Steel let 56 A 1950 M
96 10212
2
/
4
92
97
19351 J 9134 92 92
Col tr
534% notes
9733 101%
10
904 984 Lacel Gas 01St L ref&ext 56_1934 A 0 9812 Sale 9812 100
43
95
Comm'IInveet Tr deb 66-.1948 M S 9034 Sale 90;
/
4
904 11014
/
1
30 19012 1051s
01 ref 5348 series C__ _1953 F A 10012 Sale 1001 103
1949 F A 107 Bale 10412 108 957
Cony deb 5342
LaMar° Nitrate Co cony 58.1954
8 104% 106
Computing-Tab-Rea f 68-.1941
____ 104 10412 10512
9938 Sale 99
100 397
99 104
With warrants
95
99
Conn Ry & L let az ref g Ole 19611 J 9018 95 95 July'29
94 93
994
/
93
1
93
Lehigh C & Nav f 434e A.1954 J 1 93
1
904 09
/
1
9018
1951 1 J 9018 9412 901
/
4
Stamped guar40
9814 Sale 9814
99
20 97% 101
791 8712 Lehigh Valley Coal let g 5s._1933
31
/
4
81
Coneol AgrIcul Loan 6148 -1958
8012
D 8012 81
..........
. 9414 96 97 Oct'28
1
1st 40-Yr Ku Int red to 4%_1933
Consolidated Hydro-Elec Works
F
101
8914 975
4
101 101
let & ref a 1 fas
1934 r A 101 10111 101
2
9212
of Upper Wuertemberg 7s-1956
9212 9312 9212
911 88 May'29
/
4
91)41
20
1944 F A
1st dc ref
49 63 73%
58
66
Cone C al ofMd let & ref 58_1950
D 65 Sale 63
_ 74re 79% Aug'29
5
7954 951
let & ref I 5s
1959 F A
/
1
Consol Gae(N V)deb 5348-1945 F A 1044 Sale 1044 10518 89 104 106%
/
1
80 88 May'29
88 85
1964 F A
let & ref f 136
4
99
9 % 101%
8
Consumers Gas of Chic an 581936.2D 99; 100 99
/
1
4
88 90%
1974 A 0 --- 78 88 Mar'29
let & ref I 58
9 100 104
Consumers Power let 58
1952 M N 99; 101; 100% 10012
- _ 3714 May'28
89 10012 Lex Ave & P F let gu g Se_ _1993 M
2
9318
9612 92
Container Corp let 611
19461 D 92
iii fide 118
3 114% 1214
118
66
9112 Liggett & Myers Tobacco 7s_1944
13
15-yr deb 58 with warr
75
19431 D 75 Sale 75
26 98 103
99 10012
1951 F A 102 Bale 1004 102
58
Copenhagen Telep
_1950 A 0
100 Apr'29 _
/
4
34 103 123%
89
1
9012 Lomee Inc deb 69 with warr_1941 A 0 106 1071 10612 107
Vatl f g 54
89
extile.- 1945 F A -54- -.
Feb 15
0
6- 89
95
16 93 10012
9812 103
Without stock par warrants- A 0 9312 Sale 9312
2
Corn Prod Refg let 25-yr e f 58 T.4 MN 10014 Sale 1004 1103
*
/
1
/
1
954 102
12
99
95 100 Lombard Elea let 7e with war '52 J 13 984 Sale 98%
Crown Cork & Seale f Be____1947 J D 99
9914 11
9914 99
1
9214 9214
J D 92
3 90 97 4
9214
Without warrants
98% 10314
10114 47
Crown-Willamette Pap 6e_-_1951 J J 100 Sale 100
1944 A 0 107 113 107 Aug'29
1061a 1134
67
79% Lorillard (P) Co 78
Cuba Cane Sugar cony 7e___1930 J J 58 Sale 57
28
58
7612 91%
8
83
la A
1951 F N 81 Sale 8014
57 80
55
Cony deben stamped 8%.1930JI 57; Sale 5718
5812 88
8514 Sale 8514
89%
84
8612 57
991s 103%
Dab 5.
5 5Hs
eb
22
Cuban Am Sugar let coil 8e_1931 111
9958 Sale 9918 100
99 104
37
19
Gas & El(Ky)56_1952 .1 j 10012 Sale 9912 10012 14
55
9778
37
Cuban Dom Bug let 710-1944 MN 61
64
63 62
90 95
---- 8978 92 June'29
83 70 Louisville Ry lit cone 58_-_1930 J
Certificates of deposit
15
64
63
99 103 Lowr Atultnem HYdrO ElPow
, 1 oi,
i ,
rnb T & T let & gen 6e....19373 J 100 10612 100 Aug'29 _8012 87%
4
1944
A ---- 8112 8012
8114
974 102
Ogyamel Fruit let e f 61 A-1940 A 0 9814 9813 9814 Aug'29 _ _ _
1117 riP
1419
New York Bond Record-Concluded-Page 6
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 30.
‘.
4
.4 a.
Price
Friday
Aug. 30.
Week's
Range or
Last Safe.
in
L
,7 :3
Range
Since
Jon. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 30.
r> •
t
t
Price
Friday
Aug. 30.
Week's
Range or
Last Sale.
Range
Since
Jon. 1.
High
Hire No. Low
Ask Low
SW
High
Moe No. Lots
Ask Low
BM
99 108
9978
10512 49
92
4
99% Rethelbe Union 78 with war..1940 3J 106 Sale 9534
964 12
963 953
4
98
92
35
McCrory Stores Corp deb 534s'41 JO 06
96
8
8014 10012
5
Without stk purch war ...1946 J J 955 97
8014
8014
974 103
Manatl Sugar 1st if 7348- _1942 A0 8018 83
8 10018 13
Sale 997
6
1 20
16
63
Rhine-Main-Danube 7s A..__19 3 81 S 99% 10014 100
68
54
5 100 102
10012
Manhat fly(NY)cons g 48.1990 AO 5312 Sale 53
MN 10018
6894 60% Rhine-Weatphalla Elec Pow 7s'60 M N
60 May'29
931e
20 45
87
2013 JD
8912 17
8812 Sale 87
_
Direct mtge (is
9312 10413
93% Aug'29
s
93%
90
24
Manila Elea fly & Lt a 1 ba_ _1953 MS 943 95
92
8
2
Cons m 6s of '2S with war..1953 FA 9112 Sale 003
87
9912
89
8
877 89
894
85
2
Marion Steam Shoves f6s_ _1947 AO 87
8612
9012 92
8612
Without warrants
4
993 10212
Mfrs Tr Co ctfe of panic in
10212 91
101
1 54
11
Richfield 011 of Calif 65_ _ _ 1945 MN 102 Sale 9214
95
9412 105
98
91
4
A I Namm AL Son let 65 _ _1043 3D 95 Sale 9412
,
92 4
FA 9214 9314
26
9718 Rime Steel lets 17a
80
87
10 1043 110
4
Q J 87 Sale 87
Market St fly 75 ser A April 1940
108
5
4
983 Rochester Gas & El 7e see B.1946 MS 108 Sale 106 Aug'29
93
9514
10312 107
1957 AO 9514 Sale 954
aferidional El let 75
4
8
81 S 10012 1037 1043
7
9812 103
Gen mtge 63(8 series C __.1948
0912
J 99 10014 9812
954 1001e
Metr Ed let & ref be ser C._.1953
8
997 Apr'29
08
1977 MS 93
2
8014
Gen mt,ge 43(i series D
72
73
73
Metr West Side El(Chic)4S-1938 FA
90 Dee'28
9212 983 Roch & Pine C & I p ra 5s_ _ _1946 MN
3
9912 93 July'29
11 -9313 9814
Miag Mill Mach 7s with war..1966 3D 92
935
8
8
MN 933 Sale 935
944 &Jos fly Lt & Pr 1st 5s_ _1937
11
84
86
4
863
JD 8512 86
99
99
Without warrants
99 Feb'29
3
'
246
100
97 1004 St Jo.seph Stk Yds lst 4 ha_ _1930
8
77
84
1
651g
Midvale Steel &()cony s fba_ 1936 MS 100 Sale 993
9712 995 St L Rock Mt& P68 stmpd.1955• J bale Sale 65ig June'29
8
9812 15
98
'3 0812 99
94
92
Milw El fly & Lt ref & ext 43(s'31
92
• J ---- 91
98 103
St Paul City Cable cone 55..1937
3 10112 10712
Gene-al & ref 55 series A__1951 JO 98 103 10114 Aug'29
4 1037
8
8
25
99
9714 1015e San Antonio Pub Sery 1st 65_1952 J J 103 1037 1033
8
D 9758 Sale 975
9212 10012
26
1961
let & ref 50 series 13
95
9212
20
101
98 104
Saxon Pub Wks(Germany) 75'45 FA 03 Sale
8
8712 94%
24
Montana Power lot 5s A__ _ _1943 3' 1003 1014 100
89
1951 MN 8712 88 88
Gen ref guar 634s
97 101
0712 26
80 101
5
Deb be series A
19112 JD 97 Sale 97
8014
80
85
1946 J J 80
Schulco Co guar 63413
80 101
21
Montecatini Min & Agrlo80
AO 80 Sale 80
1946
10 105 127
105
Guar t 6 he series B
4
'3 1043 109 105
9412 9712
16
971_
Deb 78 with warrants_ __ _1937
9612
9914 Sharon Steel Hoop a f 53(s_1948 MN 974 Sale
93
9714 13
4
'3 943 Sale 9414
914 97
Without warrants
4
923
9312 53
9312
94
99% Shell Pipe Lines I deb 518. _1952 St N .9584 Sale 95
95% 16
961 9533
94
98%
66
Montreal Tram 1st & ref 5s _ _1041 .1 .1 00
97
Sale
8
937 963 Shell Union 011 s f deb 58_1947 MN
4
95 June'29
8312 94
Gen & ref e 6s series A_ _1965 AO
8614 20
9514 98 4 Shlnyetau El Pow lst 630_1952 3D 8614 Sale 8614
9514 May'29
,
62% 9113
13
1955 A0
Series B
75
73
78
3D 73
4
92
10
8173 8813 Shubert Theatre 13e_June 15 1935
83
.1 82 Sale 82
994 105
Morrie & Co let s f 410_1939
J J 101 103 102 Aug'29
75
75 Aug'29
8112 Siemens & HaLske s f 7s
90
32 10012 108
Mortgage-Bond Co 45 ser 2 1966 AO 73
1951 M S 10334 Sale 10312 105
95
9713
4
953 95 Aug'29
Debsfdhs
'3 95
95 101
10-25
8
1932
-year Is series 3
96
9714 95
FA 95
8
9914 15
Slerra & San Fran Power 58_1949
4
98, 102
99
1934 JO 99 Sale 985
82
1
Murray Body Ist 6 he
82
85 . 82
FA
9312 104
9
8
Silesia Elec Corps f 6 he_ _ _ _1946 FA --__g Sale 9530
95% 99
Mutual Fuel Gas let ga g 59- 1947 MN 10012 Sale 100% 1005
9618 27
957
21
29
98 Feb.
98
98
Sllesian-Am Rap cell tr 7e_ 1949 MN 100 101 100 Aug'29
99 100
Mut Lin Tel gt(168 ext at 5% 1941 MN
Simms Petrol 6% notes
4
86 1003 1034
Namm (A I) & Son-See Mfrs Tr
102
-year 7s 1937 MS 10112 Sale 10114
64
5112 19
50
'3 5112 Sale 51
Sinclair Cons Oil 15
98 100
Nassau flee guar gold 4s_ 1951
4 78
98 3
8
0
93
9 101 10214
let Ben coil Os aeries L.__ _ 193 MS 9814 Sale 98
4
4 1013
1013
4
1042 JO 1013
9812 80
97% 101%
Nat Acme late f Os
3D 99 Sale 98
9618 Sale 96
934 97%
0653 99
1st lien 63(8 series D
Nat Dairy Prod deb 54(8_1948 FA
9313 97%
J 9514 Sale 0518
0512 64
6
,f5
4612 45
40
i
t ncalir pi,e L16 15449
8214 slclatr Crude 0115349 ser A.1938•
1947 FA 42 Sale 4114
95
92
Nat Radiator deb 6 hs
28
A0 9212 Sale 923
03
5
9912
98
J 99 Sale 99
99
Nat Starch 20-year deb 50__ _1930
954
90
31
91
1932 MS 90 Sale 90
49
99 104% Skelly 011 deb 6348
3
4
10
National Tube lets f 5s_ _1952 MN 10412 ____ 10012 10413
997 102%
102
MN 102 Sale 101
1
09 10312 Smith (A 0) Corp let 630-1033
99
09
Newark Collett' Gas cons 6e_1948 J o
6 501 107
105
105
105
8
South Porto Rico Sugar 75_ _1941 J O 10112 1057s 10014
4 57 10173 107
New England Tel A Tel 5a A 1952 J D 1025 Sale 10212 1023
99% 10414
5
1011 2
Sale
13
97
96 10014 South Bell Tel &Tot 1st e 15a 1941 J
4
97 Sale 963
1981
1st g 4 hsemies 11
16 100 10412
1013
10
4
90
8812 963 Southern Colo Power Gs A._1947 33 1011g Sale 10118
New Gel Pub Seri let ba A 1952 AO 89 Sale 89
35 101 10514
4
ba_ _1054 FA 10112 1013 10112 102
D 8512 Sale 85
85
9613 S'west Bell Tel let & ref
SO4 22
First & ref 50 series B._ _1955
9612 10112
3
98
80
8114 12
8012
873 Spring Val Water let g 55-1943 MN 9614 9898
81
4
N Y Dock 50-year let g 4s_ _4951 VA 80
98 102
12
99
4
1930 MN 983 99 I 984
7714 90
2
80
it & reti1
Sta:darda 5%ln: let be
1938 AO 80 Sale 80
Serial 5% notes
9534 105
4
9912 10
98% Sale 983
M
1945
8 11212 26 Ill 1153
4
NY Edison 1st A ref 034s A..1941 AO 11112 11212 1113
9
87 100 103 8
Sale 1003
Stand 011 of NJ deb Is Dee 15'46 P A 10114 Sale 93 4 10112 73
let Ileu & ref be()odes B__.1941 AO 10114 Sale 10114
10114 15 101 105
98
93
9412
43(s _1951 J O 9312
____ 104 Aug'29
10313 10712 Stand 01101 N Y deb
NY Gas El Lt Ilk Pr g 513_ _1918 JO 104
934 100
10
06
934 Sale 9312
.1
94
90
1
Stevens Hotel 1st 65 series A..1945 MS 72
9014
Purchase money gold 4e.1949 FA 9014 91 18 9014
98
65
76 Aug'29
75
.1 9718 99
974 9818 Sugar Estates (Oriente) 75_ _1942 3D 102
974 July'29
NYLE&WDoek&Imphs 1943
3 102 107
102
____ 102
98 10018 Syracuse Lighting ist g Ss_ _ _1951 .1 .1 100
9818 Aug'29
NYAQEILAPIstg 56 1930 VA 99 100
101% 10512
____ 102 Aug'29
N Y Rye ist R E ref 4s._1942
Tenn Coal Iron & RR gen 50.1951 AO 1047 10514 1047 Aug'29 _- 102 115
40
56
54
56
56
Jan'29
8
40
68
66
Certificates of deposit
Tenn Cop & Chem deb 68 A.1941 MS 10414 Sale 103
---____ 5614
10414 24 100 107
1944
Cony deb 6s ser B
25e
1
30-year ad) Inc Se... _ _Jan 1942 AO ---8 I Aug'29
97
3D 105 Sale 104
1054 34 10212 107
3
1
Tennessee Elec Pow let 65...1947 J J 5313 Sale 53
Certificates of deposit
1 July'29 -68
50
36
54
1960
714 2412 Third Ave let ref 48
N Y Rye Corp Inc de_ _ _Jan 1965 Ape
9121 90
9
9
10
35
4
643
36
36
AO 35 Sale 35
0
1 96
Prior lien ds aeries A
Ad)Inc 5s tax-ex NY Jan 1,93357 J J 0112 93
7212 87
3
7318
74
7513 7318
1965
90
9714
2
92
92
1st g be
Y & Web m Gas let 8s A _ _1951 MN 10312 ____ 10312 10312
Third Ave Ity
4
9512 993
5, 10114 106
MS 9618 Sale 953
4
9612 23
N Y State Rye let cons 4428_1982 St N 27
Toho Elec l'ow 1st is
2512 54
2712
314 10
29
116% 10012
_
8
J J 96
9614 963 July'29
,
8% gold u tea_
let cons 0 he series B
70
30
3
31
67, 9 d 9otes __July 15 1929 „1 J 9618 Sale 96
1962 MN 3118 Sale 31
4
4
953 063
8 38
963
1932
N Y Steam let 25-yr 6s ser A 1947 MN 10412 106 10412 10514
8 103 1073
4
NY Tele9 1st A gene f 4448_19311 MN 973 Sale 067
8 46
977
96 101
Tokyo Ewe Light Co. Ltd 1,53 3D
8
8
86
9112
8714 127
86% Sale 8614
series
11138
1st 6s dollar
4.5 109%
8 111
-year deben e f 69_ _Feb 1949 FA 111 Sale 1097
80
9813 10012
4
991s
33 994 Sale 99
4
20
-year refunding gold 65_1941 AO 106 Sale 1053
4 106% 59 1043 10812 Toledo Tr L & P534% notes 1930 J I 10412 Sale 10212 1043 162
4
98 1041
4
Transcont Oil 6 hs with war 1938
N Y Trap Rock let as
06 101
18
98
4
1946 JO 063 9712 97
91
91
91 Aug'29
Without warrants
5 100 103
10012
Niagara Falls Power 1st 5s_ _1932 J J 100 Sale 100
98 10013
100 1014 10013 Aug'29
10138 47 10014 10318 Trenton 0 & El let g 56- --1949 MN
Ref & gen 6s
Jan 193? AO 10118 10218,101
12
94
90 10312
9414
9414
13
99 1044 Truax-Traer Coal cony 630_1943 MN 10212 Sale 10212
Nina Lock & 0 Pr let Egi A_ - 1955 AO 100 Sale 1 99
100
9 101 103%
102%
Sale
Trumbull Steel lets I 6s_ _ _ _1940
Norddeutsche Lloyd (Bremen)
62
57
7
_49 8 .57 June'29
94
90
47
MN 9112 Sale 91
Twenty-third St fly ret 511_1962 J J
92
20
-year s f 6s
1947
954 9012
97 Aug'28
1i2 96
N 5.
5
1 52
80
68
33
71
Tyrol Hydro-Elec Pow 7348-195
Nor Amer Clem deb 6 he A _1940 M S 7012 Sale 70
8718 9212
6
87%
FA 87 Sale 8718
%
981., 102
4 93
993
Guar eec e f 75
No Am Edison deb baser A _ _1957 M
4
993 Sale 9812
9618
9612 22 95 100
1945 MS 961e 98
e
10058 42
99 1017 Ullgawa El Pow ef 7s
Deb She mar B___ _Aug 15 1963 FA 100 Sale 100
8
987 101
99% 99 Aug'29
99 10314 Union Elee Lt A Pr(Mo)55_1932 MS 99
10058 12
Nor Ohio Trac A Light 65_1947 MS 10012 Sale 100
9784 1013
2
2
99
2
98,
,
08 3
1933 M
4
22
9712 1013
99
Ref& mit 5s
Nor States Pow 26-yr 5,8 A_ _1941 AO 9818 Sale 9712
1stg534eserA54 .1 .1 loof2 Sale 10012 10012 16 1(3012 104
10418 27 104 10612 Un E LA P(III)
let & ref 5-yr 131 series 8_1941 AG ____ 105 104
81
87%
AO _77% 81 June'29
_1945
98 Aug'29 - - _
4% 105% Union Elev Ry (Chic)
9714 98
0
North W T 1st fd it 440081-1934
98
_ 9934 9934 1 1043 101%
4
1931 3J 953
8712 9212 Union Oil 1st lien sf56
N 8812 Sale 873
8813 64
4
Nerweg Hydro-El Nit 548_1957
4 10912
3
106
8
0-12 1053
8 -May 1942 FA 1053 10
7 10912 11312
111
Ohio Public Service 7 he A._1946 AO 11013 111 11012
30-Yr tle series A
94 101%
96% 38
Sale 96
let Oen ef3s serleta C_Feb 1035 A0 96%
10912 10 10914 1154
1st & ref 7e series B
1947 FA 10914 10912 10914
1
957 16013
9618 16
74
ot A m 43. _ 1199943
6 102 10712 UnitedR131yeceusitt L 1st gdeb _Bs_ 193352 Si N 96 Sale 95%
Ohio River Edison 1st 6e._ _1948 .1 .1 10212 Sale 10212 103
9714
90
9112 61
MS 9112 Sale 9012
5
83
824 DI
Old Ben Coal let (le
United Drug 25-yr 56
1944 FA 83 Sale 8212
7814 8412
9
79%
2
J
7812 79, 784
99 1027
8
4 13
Ontario Power N F let 58_1943 FA 10212 Sale 10213 1023
2
97
90 100
MN 95, 99 2 96
8
,
4
97 103
10014
Ontario Transmission 1st 518_1945 MN
4
993 100
United SS Co 15-yr 65
8212 9012
8 87
845
,1
1 5
90
20
97% UnSte c
ri,
91
Corp 6 he A.1951 3D 83 Sale 8212
ee
Oriental Bevel guar Os
Steel
4
1953 MS -903 Sale 9015
3
8112 9014
83
D 8112 Sale 8112
835 00
8
85
48
Rail deb 6449 int ctfe
Series
1958 MN 8312 Sale I 8318
85
16
9314 United Steel Wks of Burbach
88
Oslo Gas & El Wks eat' 5n._1903 M
8714 Sale I 8718
10214 31 10018 108
8 1013
4 38 100 1034
Each-Dudelange s I 7e_ _ _ _1951 A 0 100% 103 10018
Otis Steel lit M 6s tier A _ _ _.1941 M 8 10112 Sale 1005
4
923
84
81
87
44
99 10212 U El Rubber 1st St retbseer A 1047 J J 851, Sale 8512
101
'3 10114 Sale 100
Pacific Gas A El gen A ref Es 1942
50 100 102%
101
FA 1005 Sale 10014
8
9712 10012
7
99
Pac Pow & Li 1st & ref 20-yr 6E1'30 FA 99
994 99
10-Yr 744% secured notes_ 1930
107 109516
101
9912 10314 U S Steel Corp Coupon Apr 1963 MN 10912 Sale 10912 10918 235
J J1 101
____ 10014
Pacific Tel A Tol 1st be
1937
3 1068 109
4
108
10118
1 101 105 8
9
sf 10-60-yr fe Regis_ _A pr 1903 MN 108 Sale 108
Ref Mite fel series A
1952 MN: 10114 10314 10118
3
7812 90
4
783
7812
8
4
Pan-Amer P & T cony a 16e.1934 MN 1093 Sale 10812 1097 161 1024 11014 Universal Pipe & Rad deb Be 19363 D 7814 82
83
5
91
84
83
83
1953 A 0
8
10413 11 1025 105
let lien cony 10-yr 73
Unterelbe Pr & Lt 8s
1930 VA 10412 Sale 10412
44
89
9613
90
4
92
4
95
9812 Utah Lt & Tree let A ref 5e._1944 AO 90 Sale 893
8
933 9313
Pan-Am Pet Co(of Cal)conv 66'40 JO
951s 101
29
98
1944 FA 07 Sale 97
9714 103
11
J 100 Sale 985
100
8
Paramount-Wway let 6 hs_ _1951
Utah Power & Lt lst 53
__ 103 Aug'29 - _ -- 102% 104%
9682 10034 Utica Elec L & P 1st Sf g 55_1950 J J
8 33
993
Paramount-Fam's-Lasky (38_1947 JO 97 Sale 97
1 102 107
102
102 105 102
82
82 Aug'29
9512 Utica Gas & Elec ref & ext ba 1957 j j 103Park-Lea let leasehold 6 40_1053 J J 8212 85
894 98
0012 24
9912 105
GI St El cons as 1949 MS 9014 104
9912 June'29
Light 540_1947 3D 89% Sale 897
Utilities Power &
Pat & Passaic
66
97%
8
74
72
J
74 Sale
58
42
84
72
4
70 Sale 693
Vertientes Sugar let ref 7s 1942
Pathe Exch deb Ts with Warr 1937 MN
28
40
3012 Aug'29
3012 35
1953 .1
8253 9714 Victor Fuel 1st 815s
14
8514
1941 141 S 83 Sale 83
Penn-Dixie Cement 68 A_
1
82
69
69
MS 69 Sale 69
2 110 113
11014
Va Iron Coal & Coke let g Es 1949
Peop Gas AC let cons g 6sl943 AO 11014 112 11014
9713 101
8 54
1007
10118 23 10014 1059 Va fly & Pow Ist & ref 5e.. _ 1934 j j 10012 Sale 10018
Refunding gold be
4
1947 141 S 10118 Sale 10014
5
874 103
99
97%
96 100
Philadelphia CO see be ser A..1967 JO 9612 Sale 96
4 69
963
Walworth deb 6 hs(with war)'35 A0 9812 101
85
4
8713
85
8
847 85
7
9914
951e 10012
Without warrants
1967 MN 9914 Sale 961^
Phila Else Co let 4 ha
8634 93
7
8712 87
88
81
94
8612 18
let sink fund 65 series A....1945 AO 87
Mils A Reading C & I ref 56_1073 J j 86 Sale 8512
28
99 1074
100
0
4
,
7.1_ _ 1 931 3D 100 Sale 99
On
9114 118
312
Cony deb
1949 M
108 Sale 10612 110
Warner Sugar Refln 1st
65
60
85%
66
4 67
893
88
4
94
8
1939 3D 895 Sale 883
Phill ps Petrol deb 53ie
Warner Sugar Corp Ist 7s..„ 1939 J J 65 Sale 65
94
45
MS 07 Sale 97
98
904
4
10 106 1093 Warner-Quinlan deb 65
4
1093
4
Pierce-Arrow Mot Car deb 851943 M
4
1093 110 1093
9912 102%
4
99 10012 993 Aug'29
10514 107
Pierce Oildeb a f 8s._ Deo 151931
Wash Water Power s f 55. _ _1939 J
10512 107 10512 Aug'29
101 105%
4
5 102 106
8
Pillsbury Fl Mills 20-yr 621_1943 A 0 10214 1027 103
10314
Wenches Lt,g g Metaled gttl 1950 JO 100 1033 102 Aug'29
2 10014 104
101
4
1 63
119 15412 West Penn Power ser A 58..1946 MS 100% 1013 10012
Pirelli Co(Italy) cony 78.... _1052 M N 138 145 143 Aug'29
13 100 105
8
M
3 1007
10012 Sale 1003
3
9412
944 95
9412
pocab Con Collieries let s f ba1957 J .1 9412
1st 55 merles E
2 101 1054
104
1953 AO 10318 107 104
102
1 100 1053
4
1st 6425 series F
Port Arthur Can & Dk (38 A.1053 F A 102 105 102
8 22 100 104ls
1013
1956• D 10114 Sale 101
10112 1055
8
1953 F A 97 103 10212 Aug'29
1st 141 Be writs 13
1st sec bs (writs GI
4
18
331,
15
18 Sale 18
1950 J J
17
09
100
Portland Elec Pow let (in 13_ ..1947 M N 9812 99
984 10314 West Va C AC let Os
2 47 100% 1633
1017
4
98 102
9912
1
1935 J J 9814 9912 9912
Portland Gen Elea let bs
Western Electric deb 55.....1944 AG 101% Sale 101
10014
9618 13
7 100 1043
8
4
Portland By let & ref &a__ _1930 M N 9618 977 9618
5
95 3 99
Western Union cell tr cur 581_1938 J J 100 Sale 100
2
99
9914
95
99
9513 100
7
Portland Ity LA 1' 1st ref 56_1942 F A 9812 Sale 98
& real est g 4 he_ _ _1950 MN 99 Sale 0714
Fund
1936 FA 107 Sale 10612 10714 61 le.612 111
99
5
9612 10213
-year 6448
let llen & ref Os series 14_ _1947 M N 99 Sale 90
15
8
21
102
1951 J
102 Sale 1007
1 105 10712
4
/
991 10332
-year gold 55_
4
25
tat lien et ref 73.4s series A..19443 M N 1063 10712 10712 10712
J
81
9614
4
9412 107
70
17
79
90
Porto Rican Am Tob cony 6e 1942 J J
96 Sale 9512
Westphalia tin El Pow 68_1953 j J 793 Sale 7914
99 Sale 983
91
4
997
89
29
60
98 102
95
Wheeling Steel Corp let 534s 1948
postal Teleg & Cable coil 5e_ 1953 J J 0012 Sale 8938
j 8812 Sale 8812
8812 99
86
21
894 23
8412 87 4
1st & ref 43.48 series 13_ _1953 AO 85% 8534 85
,
Pressed Steel Car cony g ba_igag
111 111
White Eagle Oil A Ref deb 5445'37
Prod A Ref e f 8s(with war).1981 3 D 11014 --- 111 Mar'29
10012 Sale 10012 10112 28
109 11218
98 105%
Without warrants attached__ J D 106 ---- 1094 May'29
With stock purch warrants__ __ M
172 270
60 Aug'29
68 (with war)'38 33 10012 ____ 100 Aug'29
J deb 4 he_194S F A 270
98 130
_ -.White Sew Mach
Pub Seri Corp N
9211
9212 Sale 9212
10318 13 101 10512
2
80
Without warrants
9913
Pub Hors( El Clas let & ref be '65 J D 103 Sale 10:3
8
997
1940 24i N
4:3
8413 8.5
97
96
_.1967.1 D 963 Sale 064
85
4
Panic a 1 deb as
1
85 10012
let h ref 43.4s
.3.1 4118 4212 42
88
80
75
10
3
4212
79 Sale 7812
4(04 61
Wickwire Spen St'l lot 75.._1935
Punta Alegre Sugar deb 7s...1937 J J
38
98
98
A 0712 Sale 9712
43
4
969 10014
41 Aug'29
39% 47
Ctf dep Chase Nat Bank
Pure 011 s f 534% notee
42 Sale 41
91% 11
89% 95
91 Sale 9012
4314 40
Wickwire Sp St'l Co 7e.Jan 1935
Purity Bakeries el f deb ba _ _ _1948 J J
40
4
1301
95 191
4313 Sale 43
95
95
2
96
1037 M N 05
ms
44
4018 48
CII dep Chase Nat
• 7
Rem ington Arms Os
9114 98
8
146
98
Ctfe dep Chase Nat Bk stud_ _ _
414 46
Rem Rand deb 53.4s with war '471M N 9714 Sale 967
10314
7 102 10353 Willys-Overland 81 6 he_ _ _1933
July 1948'M
Sale 10"A701 2
8
10214 1027 0214
1
5
219
.
100 102%
Repubhc Brass 134
8 14 10018 10314 Wilson & Co let 25-yr s f 6a__1941 A 0 99 Sale 99
1003
98 103 2
100
,
79
Rapub I & S 10-30-yr 5o s 1_1940A 0 10012 Sale 0014
9912 104
22
Ref & gen As series A__19533
Winchester Repeat Arms 734e '41 A 0 10613 Sale 10612 10612 40 10814 108
10018 Sale 004 102
Youngstown Sheet & Tube 55 1978 .1 J 100 Sale , 093
9914 101
4
10012 105
,
l'A31;
1420
FINANCIAL CHRONICLE
[vol. 129.
Outside Stock Exchanges
Boston Stock Exchange.
-Record of transactions at
the Boston Stock Exchange, Aug. 24 to Aug. 30, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Par. Price. Low. High. Shares.
Railroad
Barton & Albany
100
Boston Elevated
100
Preferred
100
let preferred
100
26 preferred
100
Barton & Maine
Series A 1st pf unstp_100
Series B lot pf unstp 100
Preferred stamped_ _100
Prior preferred stad.-100
Ser A let pfd stpd
_100
SerB let pf
Ser C let aid stpd---100
Ser D lot prof anal...100
Boston & Providence _100
Chic Jet Ry & US Y__ _100
Chic Jet Ry & US Y p1.100
Conn & Pass pref
100
East Mass St Sty com_ _100
E Mass St Ry Co Did 13_100
let preferred
100
Adjustment
100
Maine Central
100
N Y N & Hartford_ Ion
North New Hampshire_100
Norwich Worcester pref100
Old Colony
100
Pennsylvania RR
50
Prov & Worcester
100
Vermont, Mass
100
171
170
69% 6934
87
104
93
93
177
71
90
107
95
88
87
88
120 120
96
96
112% 111% 11234
87% 87
8734
126
126 126
123
120 124
170
170 170
192 192
165% 16534
102 103
102 104
18
18
6134 62
6234
62
48
48
4834
77
80
75
124
122% 126%
108
108 108
125
125 125
130
128 130
103
98% 110
175 175
115 115
Miscellaneous
Air Investors lee
16% 17
American Chattilion Cora
66
68
66
Amer Equities Co cont.._ _ 32
32
31
Am Founders Corp corn stk 116% 11534 116%
Amer & Gen See Corp...
89% 69% 69%
AmerPhenix Corp
50
70
70
Amer Pneumatic Service 26 12
1134 12
Preferred
25 26
2534 26
lit preferred
100
48
48
Amer Tel & Tel
100 297% 294 30134
Amoeiresig Mfg Co
• 1541 1534 1635
Bigelow-Hartf Carpet
• 9555 95
96
Preferred
100
102 102
Blue Ridge Corp
27
24
Preferred
51% 52
Brown & Co
87
87
Columbia Graph%
63% 67%
Continental Securities Cory
95
92
Cont Shares Inc corn
71
75
71
Credit Alliance Coro el A.. 3435 33% 35
Crown Cork & Intl Corp.._ 19
19
19%
East Boston Land
10
654 6%
East Gas & Fuel Assn corn_ 45
3935 45
8% cum pfd
93
100 93
92
Eastern SS Lines Ine____26 122% 121% 123
Preferred_
•
4855
47
lit preferred
100
99% 99%
Sestern Minn Inv Corn-28
26
Boonomy Grocery Storm* 45
40% 45
Edison Elea Mum
392 398
100 394
Else Shareholding Corp Di131 131
amyl Group Assoc
39
40
38
Equity Investors Inc
45% 4655
Galveston Hoes Elec......100 ------ 18% 1854
Preferred
41
30
100
General Alloys Co
11
11
General Capital Corp
80
7831 8034
Georgian Inc(The) pf A.20
11
11
German Credit & Inv Corp
25% 1st preferred
17% 1735 1755
Gilchrist Co
2254 26
• 26
Cilllette Safety Rasor Co.' 136% 13555 13931
Greenfield Tap & Die_ _ _25 ------ 18% 2055
Greif Bros Coop'ge class A.
44
46
HathawayBakeries class A
4255 4235
Claes B
29% 31
Preferred
120 121%
Hood Rubber
36%
• 35% 35
Insurance See Inc
31
3214
10
Insuranshares Corp ci A. - ------ 22% 2231
Intermit Carriers Ltd corn. 26
25% 26%
international'-65
68%
Int1Hydro Elas System A..
49
49
Jenkins Television oo _ _ _ 12
12
11
Kidder Peat)accep A p1100
92
92
Libby McNeIJI & Libby-10 18
18
13
beewl Theatres
26 10% 1054 10%
Masesoltusette Gas Co_100 180
168 180
Preferred
7831
78
100 78
Maas Utilities Ass, corn.. 17% 17
1731
Mergenthaler Linotype.100
104 105
National Leather
10
31i
231 355
Nati Service Co
7%
7% 855
Nelson Corp (Hiram)._ _5
3636
36
New Eng Equity Cora-- 4034 40% 4134
Preferred
100 9234 92% 9234
New Engl Pub Service- •
92%
91
New Engl Pub Ben or pfd'
99%
98
New Ens Tel & Tel__ IOC: 17034 164% 170%
North Amer Aviation Ina-- 14% 1434 1434
Pfeifle Mills
100 30
30%
29
Plant (Thos 0) 1st pf_ _100
16
16
Reece Folding Machine _10
2
2
Reliance Manag Corp
56
56
Sec Incorp Eqty corn stk.
46
45% 4734
glizawmuz Awn Con 88k... 23% 2334 2455
Shenandoah Corp corn..._ 32% 32% 36
Preferred 6%
50 5344 5334 5914
Sterling Ser Corp pref.... ----- 1434 14%
Stone & Webster Inc
19651 170% 197%
Swift & Co
100 144
133 14434
Torrington Co
• 84
76
84
Tower Mfg
8
734 8%
'Tr' Coot Allied Co Inc.- 102
102 102%
TrI-Continental Corp
47
4851
Men & Co corn
33
31
33
Union Twist
5 59
58
60
Untied Carr Fastener Coro
21
2134
United Else Coal
•
3434 3431
United Founders Corp...
67% 66% 6731
United Shoe Mach Corp_26 65
6351 65%
Preferred
25
31
31
0 B Brit Inv
Old allot etf
39
39
US & jot Ser Corp pref... 4131 4134 43
Utility Equities Corp
Common
• 35
3454 38
140
Preferred
13734 150
ltange Since Jan. 1.
LOW.
High.
231 170
904 6934
204 87
134 102%
246 92
Aug
Aug
Aug
June
Aug
182
8841
101
116
108
88
105
83
104%
71
112
100
140
168
165%
99
101
x1654
58
5715
42
62
82%
105
120
120
72%
171
113
Apr
Apr
July
May
Apr
May
Apr
May
June
May
June
Apr
July
May
May
May
Jan
Mar
Apr
Apr
Apr
Mar
July
Apr
94
120
96
120%
8754
129
124
170
199
166
10755
104
27
72
72
58%
85
126%
115
134
139%
110
185
121
Jan
Jan
Jan
May
Jan
Friday
Sales
Last Week's Range for
Sale
of Prices
Week.
Stocks (Continued) Par Price. Low. High. Shares.
Venezuela Holding Corp.........
4
4%
Venezuelan Mx 011 Corp 10
7734 fl235
Preferred
39
35
39
Waltham Watch cl B
50
50
Preferred
100 83
83
83
Warren Bros
18931 200
50
lot preferred
4535 52
50 52
Westfield Mfg Co corn-- 3714 36
3755
'wham:aging. Inn
151
141
Whitteney Mfg Co A
11
11
1231
Range Since Jan. 1,
Low.
470
2
8,840 ea
45 35
40 4655
5 78%
313 139
477 41
600 27
420
13(
2,145 11
High.
Apr
9% Jan
Feb 82% Aug
Aug 39
Aug
July 70
Jan
June 102
July
Apr 200
Aug
Aug 52
Jan
Mar 3855 June
Aug 17% Jan
Aug 14% July
Mining-treadian Cans Min Co_ _25
400 50c. 2,750 25e Aug
45e
2
Feb
Feb
760
2% July
5
234 254
Aug Arizona Commercial
251
53( Jan
25 4651 45% 47% 1.080 37 May 6055 Mar
Aug Calumet & Hecia
25
85 18
18
18
Aug 38
July Cliff Mining Co
Jan
25 2545 23% 2531 3,075 20 May 32% Mar
Aug Copper Range Co
1,085
255 July
236 3
S Mar
Jan Bast Butte Copper Min _10
Jan
11
285
1
,
1 151
4
Apr
131
Aug Franklin Mining Co_ _ _ _25
155 May
4,090
4
4
3
4
Aug
Aug Hancock Consolidated_ _25
50c. May
200
1
234 Mar
50c. 75c.
Jan Hardy Coal Co
25
50c. May
175
134 Mar
50c. 80e.
Aug Helvetia
70 50 May 66
5055 51
Mar
Feb Island Creek Coal
24
25 24
2551 1,265 20 May 35
Aug isle Royal Copper
Mar
25
5
3% June
4% 551 1,285
741 Mar
Feb Keweenaw Copper
100
135 Jar.
5
215 Jan
134 155
Jan Mason Valley
Jan
25
65e
20 25c May 80c
650
Jan Mass Consolidated
550 500 Apr
75c
600
1
Jan Mayflower &Old Colony 25
Mar
Jan 60% May
25 5534 5355 55% 1,195 41
Aug tohawk
20c
20e
25c 1,350 15e July 650 Mar
Aug New Dominion Cooper...-.
Jan 67
50 58
65
65
Apr
Feb New River Co pref_ _100
150
2% Aug
3% Jan
Feb Nipissing Mines
251 255
North Butte
16
5% Jan
Feb
531 6% 3,782
8)4 Mar
53.4
25
250
2 May
5% Jan
Aug 0.11bway Mining
255
255 235
25
440
711 June 1934 Jan
Feb Old Dominion Co
9% 10
•
Feb 22
110 11
Mar
12% 13
Feb PC Pocahontas Co
Quincy
215 4815 4751 4931 5,468 32 May 50
Feb
St Mary's Mineral Land_25 4055 40
4151 1,145 31
May aa
Mar
be
20c. May
25c. 200. 25c.
55c. Mar
30 16% Aug 23% May Shannon
950
80% May Superior, Boston Copper 10
July
52c. Mar
250. May
200. 30e.
60 64
970
Aug 3334 Aug Utah Apex Mining
8
334
5,434 31
3% 341
615
6% Mat
3118 June
Jan 11654 Aug Utah Metal & Tunnel_ _ I
145
6,112 71
155 151
790 No May
234 Mat
Victoria Copper MID Co.25
20 x69% Aug 75
2% 255
Jan
100
I% Jan
2% Jan
70
Aug
55
Bonds
Aug 15% July
Jan
2%
1,059 "
15
July 2934 July Amer Tel & Tel 4s____1939
21855 21855 35,000 21855 Aug 218% Aug
30 45
Mar 50
79
8215 15,000 78
Mar Amoskeag Mfg 68____1948
5
Jan
Aug 90
tan
99% 11,000 94 June 100% Jan
5,149 193 jg 301% Aug Chic Jet Ry U BY 56_1940 9834 98
15
4s
1940
85
24
85
9,000 83 June 89
Jan
950
Jan
106% Apr East Mass Street RIO
515
4Sie series A
1948 5454 53
95
5555 34,000 53 May 64
20 10054 Jan 107 May
Jan
Aug 29% Aug Fox Metro Playhouses Inc
3,774 24
1932
6.148
100 101
9,000 95 June 101
Aug
3,529 51% Aug 54
Aug
Aug 94
Jan Fox New Engi Theatres
30 85
1943 100
6345
100 100
10,000 79
Mar 10614 Jan
5554 June 88% Jan
869
Hood Rubber Ts
1936
93
93
1,000 8255 June 99
Mar
143 89% Aug 120
Aug
103 103% 12,000 100
July 7734 July lot Hydro-Eleo Spit 511944
Aar 105
1,103 68
Aug
Karstadt
87 115,000 80
85
July 98
2,610 3334 Aug 47% Jan Koholyt (Rod) Inc fis 1943 86
Jan
Corp 655s___1943
81
81
5,000 81
Aug 91
Fe r 20% Aug
A pb
8,360 14
6
Feb
97% 97;5 2.000 9531 Aug 9955 Jan
8 May Mass Gas Co 455s_ _ _1931
300
Miss River Pow Co 5..1951 100
99% 100
3,000 97% Apr 102
Jan
13,364 3234 Aug 45
Aug Monongahela
West Penn
Aug
Aug 93
1,836 92
Pub Serv Co 5558._ _1953
95
95
1,000 95
Aug 95
127% July
Aug
923
Eng!Tel& Tel 511932 99
99 100
4,000 98% July 100% Jan
4855 July New
300
1935
102 103
7.000 102
Aug 125
Mar 102% Mar P C Poca deb 7s
AJanpr
Mar
4995
70 97
99
99
1,000 99
Aug 99
28% July Prudence Co Inc 515s 1961
Aug
83
1944 10051 10051 100% 6,000 100
Mar 102
Jan
Aug Swift & Co 56
au
13
610 2254 Jan 45
82
82
1,000 81% Apr 82
Jan 440
Aug
Aug Tern! Societa 63.4s....1951
837 280
993.( 99% 23.000 98 June 100% Feb
Mar 16055 Aug Western Tel& Tel 5e__1932
150 100
4.152 35 June 49551 Jan
•No par value z Ex d vidend
961 4163 34Jualgy 4635 Aug
26
Jan
34
7
Chicago Stock Exchange.
-Record of transactions at
Aug 6155 Jan
151 30
July 19% May Chicago Stock Exchange, Aug. 24 to Aug. 30, both inclusive,
9
45
7841 Aug 8154 Aug compiled from official sales lists:
6,876
40 1015 June 17% Feb
Friday
dates
Jan
140 17% Aug 20
Last Week's Range for
Range Since Jan. 1.
Apr 33% Jan
1,595 20
Sale
of Prices.
Week.
726 100% June 142% Aug
StocksPar. Price. Low. High. Shares.
Low.
High.
Jan 20% Aug
1,120 12
Jan 46
Aug Abbott Laboratories aom-• 42
455 39
4055 42
650 89
Mar 53 May
June 47
Jan Acme Steel Co
20 4214
134 135
25 135
200 aasi Feb 145
Aug
Aug 35% Feb Adams (J D) Mfg eon) •
995 29
37
35
850 2534 Aug 4334 Feb
Jan 126
84 110
Feb Adams Royalty Co corn..' 1534 1534 1534
500 1555 June 25
Jan
4,099 18 May 3855 Aug Ainsworth Mfg Corp com10 4934 4914 51
450 3434 Mar 5834 Aug
July 33% Jan
135 25
All-Amer Mohawk "A"..6 15
15
15
200 1234 Mar 39
Jan
24% July Allied Motor Ind Inc oom_• 4735 47
50 20
4851 3,150 2934 Mar 5734 Feb
Aug
7,621 25JuneAug 27
Preferred
5155 5134
•
150 46
May 35
May
240 44)4 June 103% Feb
Allied Products "A"____• aa
6336 6551 1.950 4955 Jan 81
May
100 43 May 53
July Alturfer Bros Co cony pfd • 43
4251 43
500 36 June 53
Jan
2,831
9% July 12. Aug Amer Colortype corn.....8
3834 39
200 3655 Jan 4955 Feb
9054 Apr 9344 Feb Amer Commw Pow "A"... 2934 2951 3035
172
550 21
May 3234 Aug
Aug
505 1034 Apr 18
Class B
•
42
42
50 2355 May 42
Aug
July 13
Jan Amer Equities Co corn-- • 3155 31
400 10
3231 16,200 31
Aug 3334 Aug
2,784 125 June 180
Aug Amer Pub Serv pref. -100
10234 103%
100 99% Jan 10334 Aug
Mar 85
1,078 70
Aug American Pub UM-June 18 June
16,065 11
Prior preferred
93
92
100 93
350 9115 Mar 9555 Jan
75 10031 Feb 11254 Mar
Participating pref. _100
92
92
50 9134 June 96
Jan
5% Jan Amer Radio & Telt% Corp* 1136 1036 1136 3,250
241 June
385
9 Juno 3734 Mai
May
854 July American Service Co.oozy • 1034 10
4
1,905
11
2.200 10
Aug 16
Fel1
Aug 3655 Aug Amer Sh labuliding_ _ _ _100 108
130 20
108 108
100 88
Aug
Feb 110
190 3455 Feb 4455 Apr Am SLItes Pub Ser A com_•
2555 2534
Jan
400 2551 Aug 29
Jan 100
Apr Amer Yvette Co lee
25 92
July 9831 Jan
32 89
Common
24% 27
•
980 20
Apr 27
Ana
July 10454 Jan
97 98
Preferred
26
2855
•
150 2434 Aug 28% A_ _eg
Ap 57055 Aug A Metal Win Ino Corn_' 3536 33
837 140
An
3555 4,350 31 June 573 VOG
52 1434 June 19% May Assoc Appar Ind Inc oore.•
51
49
750 453.4 Mar 5834 June
87% Apr Assoc investment Co
1.078 3158
5831 60
405 4854 Aug 6155 Jul
•
,
June 25
Jan Amu Tel & Tel $6 pf w w_.• 93
50
93
93
50 9255 Aug 9351 Aull
2
Aug Assoc Tel UM Co torn...' 41
154 AD
300
4435 12,880 26 June 52
41
Aug
Aug Assoc Telephone rights_ _ _ _
Ma
56
40 28
45
% 25.000
% Aug
1% Aug
Aug 4755 Aug Atlas Stores Corp corn...' 4134 3934 42
956
1,550 30 June 7454 Fet
Mar Auburn Auto Co eom.-__• 500
3,977 4520,4 June 20
455 500
2,360 13134 Jan 500
Au'
1,105 3234 Aug 38% Aug Autom Wash cony pref. •
29% 3055
550 2734 June 40 ma)
1,974 5355 Aug 61% Aug Backstay Welt Co com
38% 3855
•
100 3855 Aug 5234 Jar
July Banian-Blessing Co oorn.• 58
14 14% July 15
5831 2,850 35
56
Aug
Mar 62
665 108 June 19734 Aug Baxter Laundries Inc A__• 20% 19
22
1,550 15
J1111
Apr 26
July 144% Aug Beatrice Creamery com_50 11434 107% 11434 2,350 78
754 124
Mar 11454 Aug
Jan Bandit Aviation
2,398 704 Apr 04
17,500 7554 May 104
9134 8934 94
Jul,
7% Aug
1734 Feb Sinks Mfg Co 01 A oonv lif•
3.150
2934 2934
500 27 May 3734 Jar
Aug Borg-Warner Corp crom_10 84
Aug 105
3,378 102
Jam
8136 8655 49.355 781.4 Aug 152
125 29% May 56% Aug
103 104
7% preferred
100 103
300 10055 Aug 104
A131
Aug 3114 Aug Bonin Vivitone Corp pref • 41% 4134 42
20 31
5,950 29
Mar 55
Jill]
Mar 6534 July Brach & Sons(E J) corn •
385 25
2454 2451
150 2154 May 2934 Jar
Aug 2131 Aug Bright Star /Geo "A"
172 21
636 7
300
•
634 Aug 26
Jar
•
800 34% Aug 8045 Jan
Class B
334 4
1,800
331
Mel
234 Aug 18
67% Aug Brown ranee & Wire el A _• 24
7,887 6555 Aug
2434
24
850 22 June 3634 Jai
Jan
2,906 60
Aug 87
Class"B"
• 20
1915 20
Jam
1,600 19% Aug • 37
170 30% June 3144 Jan Bruce Co E L common • 7934 7931 8255 1,900 40
Aug 8654 Aui
Jan 41% Apr Bulova Watch Co corn • 31
50 39
2934 3155 1,600 ag June 3234 Juli
580 40% June 52% July
41
$334 preferred
40
• 41
Aug 55 Jun
600 40
Bunte Bros common__ _10
28
28
Jan 3455 Ma
50 27
1,035 23 May 38% Aug Butler Brothers
2934 3134 6,000 2555 June 45
Jai
20 30
Aug c000i cooetr co Anna nf •
1,932 100
Jan 155
__
1955 1914
200 1854 Aug 2134 Jam
64
10
16
146
278
106
614
156
7
5
15
17
33
325
83
365
152
1,609
86
30
279
4,016
29
12
AWL 31 1929.]
Friday
Sales
Last Weeks Range for
Week.
Sale
of Prices
Stocks (Continued) Par Price. Low. High. Shares.
1,900
250
100
100
Range Since Jan. 1.
Low.
43%
94
90
92
Mar
Mar
Mar
Mar
High.
8614 Feb
98
Jan
9535 Jan
95% Jan
50
51%
OeCo Mfg Co me corn -..* 51
96% 9754
CentmlIIIPubServ pref - •
93
93
Cent Ind Power ctfs___100 93
93
93
Preferred
100
Cent Pub See (Del)
331 Aug
27 Aug
27
% 334 6,400
%
Rights
3
Jan 5634 Aug
5655 8,995 35
53
• 54
Class"A"
Jan 103
300 94
Aug
9935 100%
Central SW UCH Pre! •
•
Jan 109
250 100
Aug
102 103
Prior lien. pro!
Aug
137 14935 3,250 70% Mar 186
Common
• 140
850 18% July 2034 July
Chain Stores pfd
1934 1931
• 1931
Aug 5835 Jan
900 46
46
47
Cherry Burrell Corp corn* 47
Chicago City dr Con RY134 Jan
331 Mar
400
2
2
•
Common
Mar
150 18
Jan 31
19% 20
Participation pref
* 1935
39,650 18
Feb 73
Aug
52% 57
• 55
Chicago Corp corn
Aug
4,950 44
July 69
Convertible preferred. 6235 6035 64
Aug 51% Aug
48 . 51% 23,850 48
Chic Investors Corp corn*
22,750 5436 Aug 58
Aug
* 5655 5434 58
Preferred
Jan
50 54
Jan 65
60
60
Chic N S & Milw pref. 100
Mar
150 96
Aug 100
96% 100
100
Prior lien pref
100 16
May 30
Aug
25
25
Chic Rys part ctfs ser E100 25
250 90
Feb
9454 95
July 97
Chic Towel Co cony pfd__* 95
SOO 24
May 3554 July
City Radio Stores com---* 3334 32% 3335
16,100 38% Aug 52
Aug
52
50
Cities Service Co corn ___• 52
5
631 2,000
5
Aug 34% Feb
5
Club Alum Erten Co
50 50
Feb
50
Aug 80
50
ColemanLamp&Stovecom •
1,050 209
Jan 44951 Aug
380 390
Commonwealth Ed ison_100
July
50 35
Jan 53
Con'wealth Util com 11* 46% 46% 46%
27
300 23% June 35% Feb
27
Community Tel Cocupart• 27
35
50 35
Mar 38
Aug
35
Cons Sery, Co(The) ctf del/
3,550 2254 Aug 38
28
Feb
24
Construction Material_ _ _• 27
3,700 40
Feb
July 55
• 4434 41% 45
Preferred
9% 11% 3,700
7
Mar 1334 Jan
Consumers Co common-5 1034
3
4
850
29l May
634 Jan
•
331
V t c purchase warr
50 37
July 40% Aug
4035 40%
Continental Steel Corp vtc•
Aug 32% Aug
• 3235 27% 32% 72,000 27
Cord Corp
46
46
50 44 9-1 July 48% Mar
25
Crane Co common
1,300 20
2654 27
Aug 27
Curtis Lighting Inc corn... 27
Aug
37
300 2834 Jun
Jan
2855 30
a
Curtis Mfg Co corn
734
50
754 Mar 1734 Jan
733
•
Davis Indus Inc, "A"
350 3431 Aug 44
Mar
Dayton Rubb Mfg A corn * 40
3974 40
63
63
50 62
Jan 63
Aug
Prior common •
July 27
DeckerC&Co"A"com....100 1531 1531 1531
Jan
50 15
350 16
June 25% July
Dexter Co (The) com
• 20% 2031 21
2234 23
100 2234 Aug 28
Eddy Paper Corp (The)._•
Jan
73
76
3,950 80
Jan 7834 July
El Household UM Corp..10 75
Elea Research Lab Inc . 9
834 9
1,750
7
Mar 224 Jar
Empire 0& F Co
100 9234 92% 93
100 9134 Aug 9834 Mar
7% preferred
8% preferred
100
10455 104%
100 104% Aug 110% Jan
Emp Pub Service A
3135 31% 3234
July
2,150 24
May 37
Fabrics Finish Corp corn.* 1134
1154 11%
50 11
June 3434 Jan
Federated Publica's $2 pt.* 30
28
31
2,400 25
Aug
Jan 31
Federal Screw Co
73
724 73%
1,250 724 Aug 7335 Aug
Fitz Simons & Con
Dock & D corn
• 76% 70
77
4,550 57
Apr 8331 Feb
Foote BUM G M Co__
2435 24
25
2,700 21
May 32% July
Gardner Denver Co oom-•
550 64
May 8014 July
7834 80
Gen Candy Corp cl A _ _ _ _5
8
May
755 8%
500
6 June 10
Gen Part Corp corny pfd
Aug
1631
14
17
5,700 14
Aug 17
GenTheatEnCorp corn_ _.• 35
Aug
3434 36
3,960 31
Aug 36
Gen Water Wks &El A ---- 264 26
July
Aug 30
27
900 26
$7 preferred
Jan
9451
400 90
Apr 100
• 9431 94
Gerlach Barklow corn _ •
Feb
17
550 1534 Aug 26
18
Preferred
•
Feb
Aug 30
22
25
600 22
Gleaner Corn Harv Corp
Common
Aug
• 142
138 145
9,100 90
Mar 149
Godchaux Bug Inc "Ir._ _• 28
Feb
28
500 1534 June 35
2831
Ooldblan Bros Inc own_ •
Jan
Mar ae
34
500 28
33
Gress Lakes Aircraft A...• 21
Jan
2035 2234
4,950 1535 Mar 82
Great Lakes D & D_ __ _100 240
July
Apr 290
175 190
240 245
Greif Bros Co-op"A"com • 4535 44
Aug
46
1,800 3934 Feb 46
Origsby-Grunow
68,050 5531 Aug 62% Aug
Common new
• 59% 5534 61
GroundOrippShoescom •
July
39
41
1,300 3535 Feb 43
Hart &bat& Marx conv100 175
Feb
100 160
July 190
175 175
..10 27
Mar 35% Jan
Hall Printing Co corn.
27
28% 1,350 23
1,350 2334 Au
Hart-Carter Co cony of __• 24
3434 Jan
2335 24%
Hormel
de A
51
54
700 3334 Jan 57% Feb
Houdaille-Hershey Corp A•
4331 4435
1,550 34
Mar 594 Feb
Class B
4434
900 3034 Mar 59
• 4335 43
Feb
Hussmann Ligonier cont •
2751 28
300 2531 July 3034 July
Illinois Brick Co
60 2554 Aug 41
25
Jan
2711 2751
Indep Pneu Tool v t c__ __*
100 54
Jan 6135 Aug
6134 6135
Inland UtIl Inc el A
• 24% 2434 2431
1,700 2411 Aug 24% Aug
Insult 1%11 Invest Inc____• 110% 104 11031 49,400 30
Jan 149% Aug
Without warrants
50 844 June 90
87
87
July
87
2nd pref
Aug 108
Aug
101% 101 102% 20,050 101
Internal Pwr Co Ltd com •
60 26
June 81
Jan
2634 2635
Iron Fireman Mfg Co v • 37% 3536 3734 5,300 2434 Jan 38
Aug
JefferionElectricCo com..•
300 40
47
May 59
47
Mar
go% 9935
Kalamazoo stove own •
850 95
Mar 181
Jan
Katz Drug Co corn
• 62% 6035 6231 2,500 2834 June 63
Aug
1,950 1034 Mar 1934 Jan
Kellogg Switebbd oom__10 14
1334 1431
Kan-Rad TubearLp Acorns 22% 22
1,300 19
23
Feb
June 42
Ky Util Jr pre(
50 504 Feb 524 Mar
51% 51%
50
Keystone et & WI corn__ _• 42
3,400 3934 Aug as
4335
40
Jan
Kirsch Co common
21
100 20 June 37
21
* 21
Jan
600 12
May 2935 Jan
Lane Drug oOm •I o
• 1334
1351 15
Cum preferred
800 18
24
July
32
• 23
23
Jan
Lawbeck Corp ctfs
1,250 96
101
9934 102
July 102% Jan
Leath & Co
Common
100 16
June 25% Mar
16
• 16
16
Cumulative preferred_ •
100 40
Apr 48
41
40
Jan
Libby McNeill & Libby_10 184 12% 18% 105,300 1034 May 18% Aug
Pub Co pref
Lldsay
150 28
Aug 31
Aug
30%
• 30% 28
700 20
Lincoln Printing oom__• 24% 24
25
June 28
July
7% preferred
500 42
Jan 46
434 44
50 44
July
Purchase warrants
250
231 July
7% Feb
44 435
454
1,500
LindsayLlghtCo COM ...10
334 Jan
6
5
5%
535
Apr
Lien 011Ref Co corn
33
3535 12,450 23
Mar 384 May
• 34
Loudon Packing Co
150 404 Apr 60
• 5436 5314 5435
Feb
Lynch Glass Mach CO •
500 20
25
Mar so
24
Jan
mcQuay Norris Mfg
Common
300 524 June 76
71
•
70
May
Manhattan-Dearborn Corp 53% 53% 54% 6,250 5331 Aug 54% Aug
250 24
Mandel Bros Inc eAp_
•
24
Aug 24
24
Aug
200 37
Mapes Cons Mfg Co come 39
Mar 42
39
39%
Jan
650 18
Apr 333.4 Jan
MarkBrosTheathcconvpL• 20%
22
18
Material Service corn_ __10
350 28
July 42, Jan
4
2851 30
950
0
.
•
July 2994 Feb
Meadow Mfg Co own_ _ _
6% 6%
655
Mer & Mfrs Sec cl A com.• 36
32
36% 41,800 20 June 36% Aug
500 24
24
Aug
3535 Feb
Mid Coot Lawnd Inc A_ •
24
Midland Steel Prod corn
50 90 June 120
120 120
Aug
Midland Utilities-150 95
May 102
7% prior lien
100 101
101 101
Jan
93
100 8055 Aug 93
100
6% class A pfd
Aug
88
2,500 157% May 499
438% 45355
Middle West Utillties___• 448
July
700 116
Preferred
June 177
Aug
167 16834
100
1,000 98
Jan 16934 Aug
$e cum preferred
• 160
157 160
200 90
Jan 165
156 157
Aug
$6 cum pr lien pfd ____* x156
550 119 June 18
Prior lien pref
100
17235 173
2
Aug
250 5594 Jan 103 Aug
10035 103
Mint:map Honeywell Reg •
200 34
Aug 45
minneap-Moline Pr Imp.' 3534
May
353.4 36
50 88
June 98
98
98
June
Miss Vail CBI Inv pr In pf *
1,500 2235 Jan 4234 may
31%
ado_gaa pipe Mile corn-_• 30
30
600 48
Mar 75
70
. • 6934 68
July
%Iodine Mfg emu
300 25 June 35
2631
Jan
26
Monighan Mfg Corp"A" •
50 1535 July 2634 Jay,
1931 194
Monroe Chem Co corn ___• 1955
450 3534 July 51
•
40
36
Preferred
Jan
500 73
74
July 7834 July
73
Monsanto Chem W new..' 73
1421
FINANCIAL CHRONICLE
Stocks (Concluded)
Friday
Last Week's Range Sales
of Prices.
Sale
for
Price. Low. High. Week.
Range Since Jan. 1.
High.
Low.
100 20 June 56% Jan
23
23
• 23
Morgan Lithograph corn,
1,100 18
Jan
Mar 31
21% 24
Muncie Gear clam"A" •
Jan
9
July 30
14% 5,900
12
Common
• 12
Muskegon Mot Specialties
May 5634 Jan
2955 13,600 23
Convertible class A__....• 2731 25
300 51% July 7854 Feb
57
56
NaenmanSpringfIlled oom•
Mar 86% July
7,200 27
52
Nat Eleo Fewer A part-. 51% 44
3434 July
4,200 2834 Aug
Nat Family Stores Inc corn 3355 31% 3335
534 Jan
254 Aug
16,750
255
331
com___10
National Leather
Aug
4,250 8415 Aug 71
6455 69
67
Natl Republic Invest trust
Nat Secur Inv Co
52
Feb
1,850 25
Aug
45%
• 4435 44
Common
Aug 113
2,300 111
Aug
111
11255
Ill
Certificates
Mar 58
Feb
4555 10,900 39
41
• 45
corn
Net Standard
Aug
800 14% May 20
17
18
Nat Term Corp part pfd..• 18
50 42% Aug 4235 Aug
Nat'l Union Rad Corp....* 4235 4234 42%
2,800 3234 Mar 564 July
Nobblitt-Sparks Ind corn.. 5534 55% 5834
Jan
Mar 70
1,500 40
53
60
North American Car corn..' 52
Feb
600 184 June 25
204 21%
Amer 0 & El al A_• 21
North
July
3,950 88,1 Aug 90
72
69
• 70
No Am Lt & Pr Co corn..
25% Aug
1,850 23% Aug
25
24
NorthAmWatWks&EVA'• 25
Aug
Aug 44
4,100 35
37
N & B Ant Corp A com . 3655 36
43
Aug
1,100 2035 July
4035 43
• 43
watarlo Mfg Co coin
Oshkosh Overall Co
Mar
June 27
150 18
20
20%
Convertible preferred * 20
Aug
1,250 2134 Feb 29
2731
Pae Pub Ser Cool"A"corn' 2755 27
50 1435 Aug 2335 Mar
1434 1431
Pacific West Oil Corn- •
Jan
550 54
Apr 57
46%
Parker Pen (The)Co com10 46% 45
Peabody Coal Co
Aug
834 June 30
250
•
1831 1855
Common B
550 20 June 3134 July
23
22
Penn Gas & Elec "A"corn'
Feb
1,000 46% May 58
5235 53
Peoples Light dr Power A_*
Aug
Apr 67
550 45
62
60
Perfect Circle (The) Co •
Pines WInterfront
8455 3,150 58 June 9034 Aug
80
84
COMMOD new
1,500 50 June 8034 Aug
7935 8035
Polymet Mfg Corp oorn__• 8035
300 2234 Mar 43% Aug
38
37
Com_ •
Poor & Co class B
Mar 4454 May
300 27
3731 3735
Potter Co(The)cern
Jan
1,150 14 June 33
2034
18
• 20%
Process Corp corn
Pub Serv of Nor Ill
Aug
Jan 435
161 205
370 380%
• 370
Common
Feb
June 369
80 294
3053.5 315
•
Quaker Oats Co corn
Q-R-S-De VrY Corp (The?
July
May 48
45% 2,350 32
45% 44
New
July
1,050 32 June 36
.10 32% 3255 33
Rath Packing Co corn.
1,000 51% July 81% Apr
57
60
• 60
Raytheon Mfg Co
Mat 80% Jan
350 20
22
21
10 22
corn
Reliance 3113
5834 Aug
ItolunsKos Mills con, Pf-* 57% 55% 5731 4,200 5534 Aug
Feb
Aug 57
450 63
44
45
Rose Gear & Tool num..... 44
Aug 4434 Mar
100 36
36
36
•
Ruud Mfg
50
July
July
700 87
Ryerson & Son Inc corn....' 46% 4631 4735
July
500 27 June 32
28
2835
Sally Frocks, Inc. emu...* 28
1,100 35% Jan 4631 Jan
43
44
Sangamo Electric Co.....' 43
Feb
470 8935 Aug 95
8935 94%
Seaboard Pub Ser $6 pfd..
Jan
100 584 Apr 90
74%
74
• 74
Sheflleld Steel corn
25
July 3234 Jan
5
25
25
Signode Steel Strap Pf-3
0
1131 June 2034 Jan
10
14%
14
14%
Common
2734 Mar 4434 Beg
6,65
36
Sonatron Tube Co corn_ __• 34% 34
16
Aug 28 June
15
25
25
So Colo Pow El "A"com25
Apr
250 8735 Jan 95
90
9355
pref....* 90
So'west Lt & Pow
Feb
Mar 41
3731 1,300 28
Standard Dredge cony pf_. 36% 36
Mar 30,1 Mar
3531 36% 2,950 25
• 36
Common
3335 Feb
Jun
200 20
20
2034
•
Stand Pub Serv ''A"
Jan
49
• 27
2,100 1635 Jun
2651 28
Ettelnits Radio Co
Feb
Aug 36
50 28
28
28
30
Sterling Mot Tr pfd
1,950 3634 Aug 3734 Aug
3635 3734
Stone & Co (11 0)corn
100 9734 Aug 9834 i.Aug
9735 9735
7% cum cony pfd
Jan
July 30
400 22
244 2434
StorklineFur cony pfd _25
Jan
450 154 Aug 30
24
23
-----StudebakerMailOrd"A"
Feb
800 1335 Jan 22
15
16
5
Common
Jan
Mar 74
6031 2,250 80
Super Maid Corn corn....' 6031 59
Jan
May 21
100 14
14
1455
Sutherland Pap Co corn _10
Aug
10,700 12434 June 146
133 145
100 144
Swift & Co
Aug
19,240 3034 MAY 46
15 36% 3254 46
Swift International
July 28% Jan
550 19
Tenn Prod Corp corn.....' 22% 2234 23
Aug
Mar 50
3331 1,050 26
Time-0461 Controls "A"..• 3334 33
Aug 5734 Aug
760 45
54
5735
Tri-lJtIlities Corp corn....' 5754
Jan
Aug 26
100 20
20
20
•
Twelfth St Stores A
334 Feb
34 May
50
34
34
Stock purch warrants.........
Mar 3734 Jan
1,550 23
25% 2735
Unit Corp ot Am pref
Jan
250 15 June 23
15
15
United Dry Dks Inc corn..
34% 384 6,350 22 June 3934 Jan
• 36
United Gas Co corn
May 4254 Jan
800 20
2435 25
Un Repro Corp part pi A.*.
6,500 4534 Apr 7934 Aug
7435 78
ao 77
U annum
Mar 7234 Aug
1,150 42
6835 72
72
25% paid
Aug
1,450 17% Apr 19
• 1755
1735 18
El Lines Inc pref
151
Feb
0 Radio & Telev oom__• 2931 2434 29% 11,900 2234 June 56
Jan
1755 1935 4,150 14% July
19%
Utah Radio Products corn'
Aug
58,550 2034 Feb 55
444 50
• 50
Ut & Ind Corp. oom
Feb 55
Aug
15,300 25
• 50
50
46
Cony. pref
July
1,200 2734 July 40
35%
Utilities Pow&LtCorpciA • 3554 32
July 3635 Jan
850 27
2935
Van Sicklen Corp part A-• 27% 27
194 Aug
May
1831 194 2,550 15
1934
•
Viking Pump Co com
May
550 2234 June 32
• 30%
2931 3054
Preferred
Aug 31
Aug
3,250 28
30
• 29% 29
Vortex Mfg
Aug
3,250 3554 Aug 42
• 3655 35% 37
Class A
Aug 27
Jan
250 17
18
17
Wahl Co(tom
• 18
1534 Apr 30
July
1,10
27
28%
27
Warthel Corporation---•
Jan
450 28
• 3134
May 36
31
3135
Preferred
July 134
Apr
50 129
130 130
Ward(Montg'3)8:CoclA- •
Aug 210
Mar
3 180
160 165
Waukesha Motor Co com •
1614 July 33
Apr
10
20
20
Wayne Pump Co corn - -• 20
30
Jan
July 48
10
37
37
Convertible preferred. 37
June 57
Jan
500 39
42
4455
Wleboldt Stores Inc
• 44
7134 Aug
Jun
63% 4,350 37
Wextark Bad Ste Inc.tiom• 62% 61
Aug 2334 July
2,450 22
22
2435
..
West Con Utll Inc A__-• 24%
30
July
3.531 Jan
60
31
31%
West Pow Lt&Tel 1st p1 A' 31
Mar 7234 July
545 43
White Star Refg Co com_.• 68% 6635 6831
Aug
2934 Jan
18% 1,250 18
18
Williams 011-0-Matio corn. 1835
Winton Engine
•
July 76
100 67
6935 70
May
Common
13,900 21% Mar 3
2651 30
234 Ape
Yates
-Amer Mach part pi• 2931
500 2834 Jun
35
30
30
Jan
Yellow Cab Co Inc (Ohio)• 30
12,350 284 MAY 6234 Feb
Zenith Radio Corp corn....' 4551 4335 47
Bonds
1927
Chic City Rye 55
Chicago Rys1927
5s series B
Certificates
Corn Edison 1st 55_ -1943
1938
El Paso 635s
1943
s
Federal Pub Sery Co 141947
Met West Side El 4s 1938
Palmer Corp of La 6s_1938
Sou Nat Gas Corp 6s 1944
1944
Swift & Co let 5s
• No par value.
8035 8134 $14,000
50
7731
10031
11431
110
95
96
73
9253 924
974
100
8034 Aug
8734 July
11,000 4135 Feb
51
7731 2,000 7735 Mar
10135 6,000 100% Aug
2,000 99
114%
May
2,000 9831 Jan
110
4,000 95
96
July
73
6,000 7235 Aug
1,000 9255 Aug
924
97% 17,000 9734 Aug
100% 33.000 100
Aug
69
85
10431
118
112
97
7834
98
9794
10234
May
July
Jan
Aug
Aug
June
Feb
June
Aug
Feb
Pittsburgh Stock Exchange.
-Record of transactions
at Pittsburgh Stock Exchange, Aug. 24 to Aug. 30, both
inclusive, compiled from official sales lists:
StocksAllegheny Steel
Preferred
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High Shares.
100
70
109
75
109
Range Since Jan. 1.
Low.
708 60
500 100
I
High.
FebI 90
Mar 109
Mar
Aug
1422
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sale
of Prices.,
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Aluminum Goods Mfg_ __5
Arkansas Gas Corp, corn-* 24
Preferred
10
835
Armstrong Cork Co
• 7434
Bank of Pittsburgh
50
Blaw-Knox Co
25 59
Carnegie Metals
10 18
Clark(DL) Co corn
* 15%
Consolidated Ice com_--50
Preferred
50
Crandall-McKenzie & H.
26%
Devonian 011
10 15
Dixie Gas & MU com---* 31
Preferred
100 75
Donohoes, Inc, class A---• 16%
Exchange National Bank50
Follansbee Bros Co Pf 100
Barb-Walker Ref corn_*
Horne (Joseph) Co corn- 38%
Houston Gulf Gas
Jones & Laughlin St'l IA 100
Independent Brew pref._50
Koppers Gas & Coke pf 100 99%
Libby Dairy Prod corn
•
Lone Star Gas
25 48%
McKinney Mfg corn
• 14
Natl Erie, class A
25 27
Nat Fireproofing corn
50 20%
Preferred
50 3734
Peoples Say & Trust __100 190
Petroleum ExploratIon 25 31
Phoenix Oil Co pref
1 80c
Pittsburgh Brewing corn 50
1%
Preferred
50
Pittsburgh Coal Pf
-100
Pittsburgh Plate Glass-100 70
Pgh Screw & Bolt Corp--* 27
Pgh Steel Foundry corn- -•
Pittsburgh Trust Co_--100 450
Plymouth Oil Co
5 24
Ruud Mfg corn
•
San Toy Mining
1
Stand Steel Propeller corn* 52
Stand Steel Springs
•
Suburban Elec Dev
•
United Eng & Fdy corn_..
• 50%
United States Glass __ - _25 10
VanadlumAlloySteel com_*
Westinghouse Air Brake _• 62%
Wiser 011 Company. _25
Witherow Steel corn
* 48
Unlisted
Davidson Coke prof
Penna Industries corn
Units
West Pub Serv v t c
31
32
21
24%
835 8%
7315 7434
175 175
58% 62%
10
18
15
1534
4% 5
25
25
25
26%
14% 17
26
31
75
7534
1654 16%
88
88
95
95
62%
62
33
3834
21
21
120 120
134 134
98% 90%
35
35
4334 50
14%
12
2634 27
19
21
35
38
190 191
31
31
70c 80c
1%
1%
654
6
99
99
69
71
26% 2734
55
57
400 450
23
24
41
4135
40
4c
52
53
80
80
21% 22
49
54
10
10
76
78
62
65
15
15
43
6035
270
20,717
5,738
922
3
12.911
1,370
2,145
235
40
925
9,677
306
60
110
6
10
750
1,025
100
10
12
519
100
19,485
4,130
370
785
1.660
28
25
3,100
50
350
60
372
3,369
100
51
1,491
35
500
372
30
155
1,760
20
365
573
42
2.815
Range Since Jan. 1.
Low.
High.
Mar
Jan
Jan
Jan
July
July
June
Aug
May
Mar
July
Mar
Jan
Jan
May
July
94% June
Jan
52
33
Aug
Aug
21
Aug
119
1% Aug
98% Aug
Aug
25
July
37
11 June
2634 June
10% Jan
28% Jan
160 June
July
28
300 Mar
134 Aug
Jan
6
88% Apr
Jan
64
July
26
Jan
33
Jan
276
22% May
37. Aug
40 June
24 Slay
Apr
72
21% Aug
Jan
38
Aug
10
Feb
60
4434 May
May
13
3155 Jan
Feb
40
24% Aug
8% Aug
7535 July
188
Jan
6254 Aug
21
July
20
Feb
Feb
5
26
Feb
29
Jan
17
Aug
31
Aug
80% May
16% July
92
Feb
9934 Jan
63% July
40
Jan
Aug
21
121% Mar
Feb
3
103% Feb
Mar
43
50
Aug
16% Mar
27% Jan
21 June
Aug
38
Aug
195
Jan
35
850 Aug
Apr
4
Feb
8
Jan
99
Jan
75
28% July
Aug
85
450
Aug
30% Jan
42% July
250 Jan
Aug
53
95
July
Jan
29
,Aug
54
Feb
15
82 June
Aug
67
July
15
Mar
80
29
3%
734
61%
175
38
16
1455
4
19%
24%
6
734
70
15%
87
98
28
9734
35%
98
28
98
38
10
100
60
15,530
98
23
90
24%
,..,
,n
C.: rinn
CO
Aug 102% Apr
June 29
Apr
July 111
Feb
Apr 3955 July
BondsTn.,
11..lar Ra IGSM
A nr
73
Ana
•No par value.
St. Louis Stock Exchange.
-Record of transactions
at St. Louis Stock Exchange, Aug. 24 to Aug. 30, bothinclusive, compiled from official sales lists:
Stocks-
Sales.
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Bank Stocks
Boatmen's Natl Bank....100
First National Bank ___100 430
Merc-Commerce
100 310
U S Bank
100
Trust Co Stocks
Miss Val Merch State _100 309
St Louis Union Trust 100
Miscellaneous Stocks
A S Aloe Co com
20 36
Preferred
100 10214
Alligator common
•
Amer Inv "B"
•
Baer Sternb 65 Cohencom • 14
Bentley Ch Stores corn •
Boyd-Welsh Shoe
* 38
Brown Shoe corn
100 48
Preferred
100 121
Bruce (E L) pfd
100
Burkart Mfg corn
•
5
Coca-Cola Bottling Sec I 7154
Control Lead & Zinc"A" _• 10%
Corno Mills Co
100 55
Elder Mfg corn
•
Emerson Elec pfd
100
Ely&NValkDryGds corn _25 34%
let preferred
100
2nd preferred
100
Fred Siedart Mfg com. •
Hamilton-Brown Shoe __25 12%
Hussmann Refr corn
• 28%
Hydraulic Pr Brk corn.100
3
Preferred
100 62
International Shoe corn __• 74
Preferred
100 10634
Key Boiler Equipt
• 5955
Knapp Monarch pref.__ •
Laclede-Christy Clay Prod
Common
100
Laclede Steel Co
20
Landis Machine com_ .25
Moloney Electric A
• 58
Mo Portland Cement_ _25
Nat Bearing corn
•
Preferred
100 10054
Nat Candy corn
• 3155
1st preferred
100
Nicholas Beasley
5
Pickrel Walnut
•
Rice-Stix Dry Goods nom.* 18
Scruggs-V-B D 0 com_ _25 15%
2d preferred
100
Scullin Steel. prof
• 30
Skouras Bros A
Sou Acid & Sulphur corn.* 46
Souwestern Bell Tel pref100 117%
St Louis Pub Serv corn. •
Sunset Stores prof
50 54%
Wagner Electric corn. _15 41
Street By. Bonds
East St L & Sub Co 50_1932
United Railways 4s.....1934
Miscellaneous Bonds
Nat Bearing Metals 6s 1947
• No par value.
215 215
435 438
29734 310
160 160
10
138
480
10
Range Since Jan. .1
12654 300
40 500
36
36
102% 102%
23
21
8
8
14
14
2014
19
38
38
46% 38%
121 121
9954 100
5
6
70% 7315
10%
10
54% 55
30
30
99
99
3255 35
103% 10354
85
85
2055 2035
1234 1234
28
2855
3
3
62
62
73
74
106% 107
5955 5934
39
39
350
165
220
25
100
120
5
1,516
2
100
150
470
585
215
25
10
2,858
24
6
25
140
805
75
45
826
72
25
50
160 162
61%
60
72% 74%
59
58
41% 4255
115 115
100% 101
3134 32
107 107
18
1834
22
23
17% 19
15% 15%
74% 74%
30
3014
32
32
46
46
117% 118
15
16
54% 54%
41
42%
35 60
173 47
167 4734
745 5214
418 40
10 77
100 99
990 18%
7 105
175 17%
170 21
788 17%
5 15%
40 74%
1,060 30
10 30
10 45%
207 116%
130 13
1,325 54%
799 37
104
104
230
443
310
180
May
June
Aug
Aug
July 312
Jan 543
190
34255
285
146
307% 309
525 525
95% 95% $7,000
78% 78% 9,000
High.
Low.
July
June
Feb
Jan
June
Jan
3454 Apr
July
102
Aug
21
3 June
Mar
7
17
Aug
3755 Aug
Apr
39
Aug
117
Apr
95
Aug
5
Jan
37
10
Aug
July
40
Aug
30
Aug
99
27% June
Aug
102
Aug
85
1934 June
12% Aug
Apr
22
2% July
July
60
Apr
63
104% June
May
45
37% July
Jan
July
Jan
Feb
July
Apr
May
Jan
June
Aug
Aug
Aug
Aug
Aug
Aug
Aug
May
Aug
Aug
Aug
May
190
62
82%
63
6554
119
102
34%
110
2234
25
2454
1954
76
4254
5134
58
121
24
65%
50
Aug
Aug
July
Apr
Jan
July
Aug
June
Feb
Mar
Jan
Jan
Feb
July
Jan
Jan
Feb
Mar
Jan
Aug
Feb
96
85
Apr
Jan
Jan 105
May
9534 Aug
7855 Aug
7,000 103%
Apr
37
Mar
105
Mar
27
Aug
8
14
Aug
40 May
40% Jan
4955 July
Aug
121
Aug
100
1055 Jan
75
Aug
17% May
Aug
49
Jan
36
106
Jan
35
Aug
109
Jan
Jan
88
Apr
25
24
Feb
3535 Feb
435 Feb
7354 Apr
7435 July
110
Feb
62 June
July
40
(VOL. 129.
San Francisco Stock Exchange.
-Record of transactions at San Francisco Stock Exchange, Aug.24 to Aug. 30,
both inclusive, compiled from official sales hsts:
Stocks-
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Par. Price, Low. High. Shares.
Anglo Cal Tr
500
Anglo London P Natl Bk _ 250
Assd Ins
10%
Atlas Im Diesel En A
Aviation of Calif
-Bank of Calif N A
370
Byron Jackson Pump Co-. 34%
Bond & Share Co
1855
Calamba Sug corn
Preferred
1751'
Calif Corp
5
Calif Cotton Mills corn
Calif Pkg Corp
82%
Calif Ink Co "A"
Calif Ore Power 7% pfd _
Caterpillar
82%
Clorox Chem
4054
Coast Co G & E 1st pfd
98
Crocker First Natl Bank_
Crown Zeller pfd A
Preferred B
V tc
2134
Caleveras Cement
Preferred
Cons Chem pfd
43%
Emporium Corp
Eldorado 011 Wks
Fageol Mtrs corn
Firemans Fund Ins
11355
Food Mach corn
57
Foster dt Kleiser corn
1055
First Sec Ogd
140
Galland Merc Laundry
Golden State Milk Prod __ 59
Gt West Pwr ser A 6% pf_ 101%
Prefer red
106
Gen Paint "B"
21
Haiku Pineapple Ltd coma 1255
Preferred
Hale Bros Stores Inc
1834
Hawaiian Comi & Sug Ltd
62
Hawaiian Pineapple
71%
Home Fire & Marine Ins__ 42
Honolulu Cons 011
38
Hunt Bros Pack A com _ -----Hutchinson sug Plantation
13
Ills Pac Glass A
Jantzen Unit
Holster Radio
2955
Langendorf United Bak A. 3955
500 500
250 250
1035 11
59
57
24
23
367% 372
3455 35
18% 18%
23
23
17% 17%
4% 5
56
5754
7954 8455
40% 4034
105 106
79% 83%
3834 40%
98
9834
450 450
89%
89
89
89
2135 2214
1954 1954
89
8955
4354 50
27
27
30
29
434 4%
113 114
51% 57
10% 10%
140 140
5054 50%
59
6035
100 101%
10555 106%
21%
20
10
13
22
23
1854 1854
51% 5234
64
72
42
42
3914
38
22
2234
12
13
28
2855
5154 5134
27% 2935
37
39%
3655 38
14
14
8
8
8
25
25
10254 10214
16
16
11% 1154 1134
454 4%
434
34% 36
25;5
Leighton Ind A
"B" v t c
Leslie Salt
L A Gas & Elec pfd
Lyons Magnas A
Magnavox Co
Magnin I corn
Mercantile Amer Realty
6% preferred
96
96
Natomas Co
23
23
25
Nor Amer by corn
13034 130 132
Nor Amer 011
27% 28
28
Occidental Ins Co
27
27
Oliver Filter A
3154 31% 3234
30
30
Paahau Sugar Plantation__
7% 7%
734
Pac Gas & Elec corn
90% 88
9335
lot preferred
2634
2834 26
Pac Lighting Corp corn
129% 125 132%
6% preferred
10154 101 103
Pacific Oil
1
1
1
Par Tel dr Tel corn
205 212
Preferred
130 134
134
Paraffine Co Inc corn
92
9134 89
Pign Whistle prof
1455 1434 14%
Pacific Pub Service A
27%
2755 27
Richfield 011
43
42% 42
Preferred ex-warrants.
24% 2435
Roos Bros corn
33
33%
Preferred
98
97
Rainier Pulp & Paper
3255 34
34
SJ Lt & Pr pr pref
111% 111% 114
Schlesinger (B F) A corn
15
1554
. Preferred
80
78
Shell Union 011 corn
28% 29
29
Sherman Clay Pr pref.
8255 62% 87
So Pac 00 B
20
19
Spring Valley Water
85% 84% 85%
Standard 011 of California. 7754 75% 77%
Standard 011 of New York 44% 44% 46
Thomas Allec class A
1754 18
18
Tidewater Assoc Oil core- 2054 2055 21
Preferred
8934
87% 87
Trancont Air Transp't Inc_
24% 2454
Transamerica
152% 155%
155
New
62% 6354
63
Rights
154 1%
134
Union 011 Associates
53% 5014 53%
Union 011 California
51% 54%
54
Union Sugar corn
2015
20
Wells Fargo Bk & Un Tr_
330 330
NVest Amer Finance pref__
3% 354
West Co Bancorp
25
24
25
Western Pipe & Steel
3014 30% 3154
Yellow & Checker Cab.
3734 3755
Range Since Jan. 1.
Low.
High.
Jan 510
19 495
Jan
219 250 June 269% Feb
9,679
834 June 12
Mar
2.020 44 May 6555 June
Aug 31
1,009 23
May
50 290 June 390
Aug
7.029 31
Mar 4335 May
1,235 1755 July 2055 June
100 2234 June 2755 Feb
230 1635 Apr 19
Jan
455 Aug 1055 Feb
2,275
50 53 June 94
Jan
Mar 8455 Aug
2,898 73
100 40% Aug 58
Jan
30 104 June 11555 Jan
16,458 71
Mar 8715 May
1,885 36% May 5055 Jan
142 05 June 9955 Aug
Feb 450
10 350
July
494 88% Aug 96
Jan
July 95
235 89
Max
11,972 18 May 2555 Jan
150 19
Aug 19% Aug
80 88% July 90
July
Aug
2,100 26% Aug 50
270 2434 May 3754 May
Aug
335 2535 June 30
3% Aug
7
Jan
1,428
300 104% Mar 151
Feb
Aug
18,693 45% Feb 57
855 log Mar 1354 May
Feb
Feb 140
25 140
Jan
485 78% July 55
3.947 52% May 69% Aug
Mar 10255 Feb
195 100
331 10455 June 10754 Apr
637 20' Aug 2855 Feb
Jan
9
Apr 13
625
110 2054 June 2354 Jan
1,135 18% Aug 2455 June
170 50% Jan 5515 Apr
Aug
Apr 72
1,914 59
190 39% May 4655 Jan
2,053 3554 Feb 4455 Slay
450 20
Mar 23% Aug
140 11
May 13% May
2,006 28
Aug 47
Feb
310 41
May 52% Aug
1,980 23 Slay 7955 Jan
7.307 28
Feb 39% Aug
1.162 25
Feb 38
Aug
60 14
Aug 1855 Jan
130
7
Jan 1054 Feb
774 25
Aug 4754 June
20 10235 May 10854 Jan
roe 16 July 2355 May
125 10
Aug 12% May
8,081 3.55 June 13% Jan
570 31 June 39
Jan
30 98
Aug
56.1 22 Slay
275 113
Jan
Mar
1.628 20
380 24% July
1 63 3055 May
1,120 28 May
755 Jan
335
Jan
27,214 54
7,674 25% May
6,290 70
Jan
160 9934 June
100
May
1
130 160
Jan
208 121
Jan
5,829 79% June
875 1255 Apr
5,660 20% Jan
4,314 39
Aug
492 2354 May
685 31 June
198 96% July
2,080 2955 May
60 11055 June
880 15
Aug
70 7734 Aug
2,102 2555 Aug
290 6215 Aug
3,410 19
Aug
302 82 June
13,093 84% Feb
2514 39
Aug
586 17
July
400 18
Feb
35 85 June
30 23% Aug
28,593 125
Feb
21,037 6255 Aug
26,865
154 Aug
24,010 4455 Aug
24,020 45
Aug
325 16
July
5 300
Mar
100
3.55 July
603 2254 July
6,291 3054 Aug
123 3755 Aug
100% Jan
30
Apr
133
Aug
38
Jan
3034 Feb
Feb
48
Feb
45
9
Jan
9355 Aug
Jan
28
13254 Aug
Feb
104
154 June
218
July
134
Aug
9254 Aug
1434 Apr
28% July
4535 Jan
2555 Apr
Jan
34
100% Jan
July
38
118
Feb
2135 Jan
Jan
90
31 54 Apr
Mar
103
2055 Aug
Jan
92
81% May
Aug
46
20% May
23 June
8934 June
July
34
155% Aug
6351 Aug
1% Aug
5334 Aug
69% Aug
28% Mar
July
340
634 Jan
30
Jan
3134 Aug
Jan
53
• No par value.
Cincinnati Stock Exchange.
-Record of transactions
at Cincinnati Stock Exchange, Aug. 24 to Aug. 30, both
inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Ahrens-Fox B
12
12
12
Aluminum Industries, Inc• 4154 42
43
90
Am Laundry Mach com.20 89 • 88
Amer Products corn
26
20
•
20
Preferred
20
•
Amer Roll Mill corn
123% 129
128
19
Amer Thermos Bottle A. •
19
Arnrad Corp
97%
90
• 92
Rights
334 534
434
.
Balawin corn
16
18
20
40
Biltmore Mfg
40
•
Buckeye Incubator
12
12
•
13
13
Burger Bros
•
Carey (Philip) corn....100
350 352
14
Central Brass A
14
•
Range Since Jan. 1.
Low,
5 12
613 32
949 80
128 20
15 20
320 90
100 15
722 3734
426
33.4
43 13
10 93
120 10
200
3
52 230
210 14
High,
Aug 15% Apr
July
Apr 48
Jan
July 96
Jan
Mar 29
Jan
Aug 30
May 13454 July
July
May 21
Apr 1035 Aug
534 Aug
Aug
Jan
July 29
Aug
July 44
Jan 27
Mar
May 1354 Aug
Aug
Feb 401
Aug 2754 Jan
Sales
Friday
Last Week's Range for
Week.
of Prices
Safe
Stocks (Concluded) Par. Price Low. High. Shares.
Champ Coated P 1st pf _100
100
Champ Fibre pref
Churngold Corp
•
anti Adv Products
•
MU Ball Crank pref.
*
*
Chit' Car B
20
Pret
100
CNO&TPpref
Cln Gas & Elec pref _ _ _100
C N & C Lt & Trac corn 100
_ _100
Preferred_ _
CM Street Ry
50
CM & Sub Tel
50
CM Tobacco
50
Cin Union Stock Yards-•
20
Cities Service
*
Cohen (Dan) Co
100
Col Ry Pr 1st pref
Crosley Raalo A
*
*
Crystal Tissue
*
Dow Drug corn
Eagle-Picher Lead com _ _20
_100
Fenton United pref
Filth-Third-Union Tr_ _100
*
Formica Insulation
*
•
Gerara S A
*
Gilson Art corn
*
Goldsmith Sons Co
.
Goodyear Tire pref __ _100
•
Gruen Watch corn
100
Preferred
•
Hobart Mfg
•
Int Print Ink
100
Preferred
*
Julian & Kokenge
40
Kahn Participating
•
Koael Elec de Mfg A
Kroger corn
•
100
Lazarus pref
50
Little Miami guar
Manischewitz com
•
•
McLaren Cone A
*
Mead Pulp
•
Meteor Motor
•
Moores Coney A
•
B
Nat Recording Pump_ _*
Newman Mfg Co
•
100
Ohio Bell Tel pref
Paragon Refining B
•
Voting trust ctfs
•
Proc & Gamble corn new _ _'*
8% preferred old----100
5% preferred
100
Pure Oil 6% pref
100
Putman Candy corn
*
Rapid Electrotype
*
Unitcd Milk Crate A - _ _•
.
United Reproducers II
. •
US Playing Card
10
US Print de Litho com _100
Preferred
100
U S Shoe corn
*
Waco Aircraft
•
Whitaker Paper corn
*
WurIltzer 7 7, ore(
,
100
108%
23
46
2
134
97
112
46%
126
12%
30
104%
95
20%
16%
430
83
1931
30%
10234
53
63%
59
98
18
89
52
19
72
15
37
40
11434
2134
95
9934
27
11734
1734
70
108
111 116
108 108%
23
23
46
48
3034 31
2
2
134
134
112 112
96%, 9734
112 112
80
80
4734
46
125 126
12% 12%
25
30
58
56
29% 2934
104% 104%
9434 95
22% 22%
20% 22
16% 17
102 104
430 430
7634 83
19%. 19%
32
30
47
48
27
27
102 102%
54
50
114 114
62
63%
56% 59
99
98
2734 28%
3734 3734
18 . 19
87% 89
9944 9934
101% 101%
50% 52
19%
19
72
73
12
15
29
28
5
4
35
37
40
4034
114 115
21% 2134
22
23
90% 9534
450 451
10744 107%
9934 100
434 434
60
61
27
27
634 7
11534 117%
105 106
101 10134
5
5
1734 20
70
70
108 108
6
25
190
247
160
11
298
15
297
5
1
687
89
21
130
96
10
0
5
250
195
183
1,821
22
2
138
175
1,555
155
102
35
941
5
591
325
189
40
60
522
28
10
1
.552
101
92
60
269
88
1,717
1,427
86
796
25
4.472
13
25
154
10
48
30
372
646
73
70
487
162
35
14
Low.
108
Apr
105% June
1934 Aug
29
Jan
30
July
July
1
6
Jan
111% Jan
9534 Apr
93
Apr
78
Jan
44
May
118
May
12% Aug
25
Aug
4334 Jan
26
Apr
106
Aug
83
July
22% Aug
20% Aug
16% June
100
Aug
327
Mar
26% Jan
19
Aug
26
July
44% Aug
24 June
100% July
47 June
112% Aug
55
June
45 June
96% June
24
July
36% Jan
15 June
84
July
2
834 July
100 34 Aug
33
Jan
16% Jan
65
May
12
Aug
25
May
4
Aug
1834 May
25 June
11134 Apr
19
Aug
20
May
81
July
279
Jan
102% Feb
99
Apr
4
Jan
57
Aug
26
Jan
634 Aug
9734 June
8534 Jan
8534 Jan
Jan
4
19
Aug
69
Aug
108
Aug
Iltua.
112% July
10835 Mar
37
Jan
50
Aug
Jan
40
Apr
4
15
Apr
115
Jan
Jan
99
13434 July
90
May
5534 Jan
130
Jan
12% Aug
4434 Jan
63
Jan
34 June
107% June
127
Feb
23% Jan
41% Jan
21
Jan
109 June
450
Aug
83
Aug
28% May
35
Aug
58
Feb
36% Jan
Mar
146
60
Feb
116
Apr
70
Feb
63% June
108
Feb
40
Jan
42
Jan
29
Jan
116
Jan
100
May
107
Jan
55% Aug
2334 Mar
74 June
2734 July
32
Apr
10
Mar
38
Aug
4034 Aug
115 June
30
May
2934 May
100
July
Aug
485
111
Jan
103% Jan
10
Jan
71
May
3134 July
9
May
125
July
115
May
115
May
8
Jar
28
June
87
Jan
11734 Apt
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, Aug. 24 to Aug. 30, both
inclusive, compiled from official sales lists:
AULes
rrtaey
Last iVeek's Range for
liteek.
Sale
of Prices.
Par. Price, Low. High. Shares.
Maier Stores
5% 644
634
American Stores
6734
67
Bankers Securities Pref- -50 50%
50
50%
Bell Tel Co of Pa Pref - -100
115% 166
Budd(HG) Mfg Co
2534 2734
26
Preferred
76% 7554 7734
Budd Wheel Co
7934 7834 82
Cambria Iron
50
3934 39%
5
Camden Fire Insurance___
3474
344 34
Central Airport
10
10
Central Properties com
874 8%
Commonwealth Gas Co _10
29
26
Elec Storage Battery- _ _100
8334 8534
Fire Association
10 47
46% 4934
Fishman & Sons A
81
77% 71
Horn & Hard (Phila) corn.
210 212
Horn & Hard(NY)coni _*
523-4 5231
Preferred
9934 100
100
Insurance Co of N A_ _ _10 84
84
76
Lake Superior Corp_ .
2134
20
_100
Lehigh Coal & Navig _ _50
170 17034
Manufact Cas Insur
6534 69
69
34
31
Mark (Louis) Shoes Inc *
.
Penn Cent L Az P cum pf •
7534 7634
Pennroad Corp
25% 27
Pennsylvania insurance_ _ _ 145
141 146%
Pennsylvania 1111
98% 110
50
Pennsylvania Salt Mfg _50
9634 97%
.
Phila Dairy Prod pref
91%
90
Phila Elec Pow pref
25 3234 31% 3234
65
Phila Insuated Wire
63
•
Phila Inquirer
48
5134
Preferred vr I
51% 52
Mils Rapid Transit _ -50
5034 5034
7% preferred
50 4934 4934 4934
49
Philadelphia Traction- _ _50 49
49
3
4
Phila. & Western Ry _ _50
..
334
65j
i 65% 65%
R E Land Title new
Reliance bounce
10------1034 1934
Shreve El Dorado Pipe L 25
2234 2244
Shatter Stores Co
22% 23
23
Scott Paper Co
6434 65
•
17% 19%
Sentry Safety Control
Tacony-Palmyra Bridge ...*
50% 6234
Telephone Security Corp_ _
5
5
14
Preferred
14
54
Ton-Belmont Devel
1
%
Tonopah Mining
2% 2',,
1
34
34
Union Traction
50 34
6434 67
United Corp temp Ws_
4834 49%
TemP ctfs preference_ _
275 283%
United Gas Impt
50 282
Common new
5534 5234 5534
943-4 9434
Preferred new
52% 5
4
U.S. Dairy Prod class A_ *
19% 21
•
Common class B
94
94
1st preferred
1834 19
Victory Insurance Co- _ _10
wegjersey & Sea Sh RR50 5174 4934 51 34
35% 35%
50
York RailwaVs PTO
Rights
'
R 1.,
.1.1,4
s4.4
4,390
950
1,950
960
52,500
350
6,900
50
3,300
500
500
1,600
366
1,600
9,035
80
1,200
127
3,400
6,000
500
4,700
300
130
33,400
2,900
50,200
200
161
3,300
120
300
1,000
530
2,392
100
400
100
200
260
900
125
1,600
713
100
250
100
200
390
4,700
2,900
1,700
17,600
200
500
325
25
400
2,800
6
9
son
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
Range Sines Jan. 1.
•No par value.
Stocks-
1423
FINANCIAL CHRONICLE
AUG. 31 1929.]
Range Since Jan. 1.
Low.
5
6534
50
114
14
5634
34
39%
31
9
734
22
79%
4534
71
197
51%
9934
73
14
146
5834
34
74
1534
133%
73
89
85
31%
57
4044
4974
4934
49
49
3
63%
1931
2231
2234
48
11%
36
434
14
%
2%
3134
39%
42
157
37
87
48
1234
9334
183.4
42
3534
Apr
May
July
June
June
Jan
Jan
June
June
Aug
Mar
June
June
June
Aug
June
May
Aug
Aug
May
Mar
July
Aug
July
May
Aug
Mar
June
July
Aug
Jan
May
July
June
June
Aug
Aug
June
July
Aug
Aug
Jan
Feb
Jan
May
May
July
July
May
Mar
Mar
Mar
May
May
Jan
Apr
Aug
July
June
Aug
ice xr4.,
High.
8%
97
6334
118
67%
94
108%
4134
4234
13
11
33%
92%
5234
81
233
6234
108
91
42
174
71
334
81
30
175
110
100
9334
34%
66
52
5334
5334
55%
55%
9%
8434
26
3841
23
7134
39
8131
934
15
1%
4
3534
7534
49%
299
5934
95
54
21
9531
2534
5234
4034
Jan
Jan
Jan
May
Mar
June
Mar
Jan
Jan
May
Mar
July
June
Mar
Aug
Feb
Jan
Feb
Jan
Jan
Aug
Jan
Jan
Feb
July
Mar
Aug
July
Jan
Mar
Aug
Aug
Aug
Aug
Jan
Jan
Jan
Jan
Jan
Jan
Aug
July
May
July
Mar
Apr
Jan
Jan
Ape
May
July
July
July
May
Aug
Aug
Mar
Jan
Jan
Feb
sn.. 1..1.
Bonds
Elec & Poop tr ctIs 48_1945
Inter-State Rys tr 4s_ _1943
_1929
Lake Sup Corp
5s stamped
Phila Elec (Pa)
1960
lot lien & ref 58
1966
1st 5s
1st lien & ref 5348_1947
Mille El Pow Co 5348_1972
P& Read Term deb 58.1941
Reading Traction 65- _1933
Strawbridge & Cloth 581948
53
40
90
85
53
40
85
85
102
10334
105
104%
101%
100
96
$100
4,000
69,000
1,000
Range Since Jan. 1.
Low.
48
40
40
45
High.
July
July
Jan
June
54% Jan
Jan
50
90
Aug
Aug
85
102
11,000 10031 May 105
June 105%
104% 39,600 101
1,000 104
July 107
105
104%
1,000 102% Mar 106
101% 2,000 100% Mar 10444
May 100
5,000 100
100
Aug 100%
96% 9,000 96
Jan
Jan
Apr
Jan
Feb
May
Feb
* No par value.
-Record of transactions at
Baltimore Stock Exchange.
Baltimore Stock Exchange, Aug. 24 to Aug. 30, both inclusive, compiled from official sales lists:
,
Stocks-
oases
r rtaay
Last Week's Range for
Week.
Sale
of Prices.
Par. Price, Low, High. Shares.
Atlan Coast Line (Conn)50 46
5% certificates
Baltimore Brick pref .. _100
Baltimore Trust Co _-- _50 19444
Baltimore Tube pref._ _ 100
Berl-JoyceAircraftCorpcom 24
Black & Decker corn ___ * 66
.
25
Preferred
Central Fire Insurance__10
Vot trust certificates _10
50 207
Century Trust
Ches & Po Tel of Balt pf100 11534
*
Commercial Credit
25 2444
Preferred
25 2534
Preferred B
634% 1st preferred_ -100
Warrants
Ex-warrants
Com Credit of N 0 pref _25
Consol Gas E L & Power -* 139
Voting trust
6% preferred ser D -100
100 10144
5% preferred
Consolidation Coal- - -100
100
Continental Trust
•
Delion Tire & Rubber
* 39
Eastern Rolling Mill
Scrip
25
Equitable Trust Co
Fidelity& Guar FireCorp10 5834
50 241
Fidelity & Deposit
250
Scrip
Finance Service pref ___ _10
57
First Nat Bank W 1
lIouston Oil pref v t ctfs100 81
Mfrs Finance com v t _ _ _25
25
lst preferred
25
2a preferred
Maryland Casualty Co_ _25 130
44
Miners Transp_ -*
Merch&
Mono W Penn P S pref _ -25 2531
10 12
Morris Plan Bank
34
Mort Bond & Title w I
-100 80
MtVer-WoodM v t pref
_100
Cent Bank
National
Natl Sash Weight pref
New Amsterdam Cas Co 10
_50
Northern Central Ry
Penns Water dr Power._5
Ref warrants_ _ _ 108
Prudential
Second Southern Bankers
59
Corn 50% Paid
__ __ __
Southern Bank Sec Corp
95
Preferred
Stand Gas Equip pf w w100
Un Porto Rican Sugar pf *
United Rys& Electric__ _50
U S Fidelity dr Guar flew-- 6636
Wash Bait & Annapolls_50
50
Preferred
West lqd Dairy Inc pr pf 50
Western National Bank_20
4334 46
199 201
70
70
19434 19834
62
62
23
24
5934 66%
28
28
38
40
45
45
202 207
11534 11534
49
49
2434 25
2535 26
95
95
11
11
90
90
2434 25
13335 139
131 133%
10934 10934
10034 101%
1234 13
25234 25234
3
3%
37% 3934
383-4 3834
145 146
5834 62
240 245
250 253
934 93.4
55% 573.4
81
81
20
21
18
18
15
15
130 134%
4334 44
25
25%
1234 1234
34
34
80
80
315 315
53%
52
50
5034
8244 8236
29
29
106 11134
3,923
100
22
157
262
770
2,862
125
76
40
37
29
1
18
39
244
15
7
27
208
115
11
385
245
5
210
5.524
8-20
200
60
100
1,915
75
60
53
57
21
117
334
435
153
15
981
212
10
40
128
13
5
635
59
553.4
95
35
44
8
6835
13
11
523-4
3834
185
240
20
78
69
95
1,528
13
60
126
135
5834
55
95
3234
44
8
66
12
11
51%
33
Range Since Jan. 1.
Low.
3834 Apr
179
Jan
70
July
165
Jan
60
Aug
2234 Aug
31% Jan
27
July
32
May
33% June
178 June
1133.4 Jan
403.4 Feb
24
May
25
May
91
July
10
July
8534 Mar
23% June
88
Mar
131
Aug
100
Mar
100 June
12
June
200
Jan
1
Jan
2734 Mar
28
Jan
124% Feb
5634 Apr
240
Aug
236
Aug
93-4 May
52 June
80
May
1734 Aug
16
July
15
May
127
May
43 June
2
434 Aug
103.4 June
32
Aug
7344 June
275
Jan
48
June
50
Aug
8234 July
2835 May
8134 May
55
40
92
30
34
8
63
8
11
513-4
36
Bonds
Baltimore City bonds:
$4.500 9334
96% 97
1961 97
48 sewer loan
500 93
9634 96%
1954
48 annex impt
6%8.-1937 23534 219 23534 4,000 120
Black & Decker
2.000 85
85
85
Century Parkway 6s.1956 85
1,000 9734
9734 9734
Chas Cons Gas & El 5s 1943
2,000 9634
97
97
Consol Gas gen 430-1954
5,000 96%
97
97
Consol 0 EL & P 4 As 35
1,000 90
9134 9134
Elkhorn Coal Corp 634s '31
86
8636 5,000 8234
Fair dz Clarks 'Frac 5s_1938
5,000 99
99
99
6348 '34 99
Finance Co of Am
3.000 95
95
95
Houston 011534% notes'38
Maryland Electric Ry1,000 80
85
85
1st & ref 6348 ser A.1957
3,000 99
99
99
Nat Sash Weight 68w W '44
5,500 100
10034 101
634s_ -1943
Prudential Ref
57
5834 5,000 55
United Ry & E 1st 48_1949
36
1949
3634 11,000 32
Income 48
1,000 48%
51
51
1936
Funding 55
1,000 90
97
97
1930
6% notes
6834 2,000 68
1949 6834 68
1st 68
7334 12,000 70
7334 73
Wnah Rsilt Ar Annao 58 1941
Aug
June
July
July
July
July
Aug
Jan
Jan
Aug
Feb
High.
46
Aug
20134 July
75
Mar
200
May
75
Feb
26
June
6634 Aug
28
Aug
Aug
42
45
Aug
210 June
1173-4 Feb
62
Jan
2634 June
2734 June
10434 Jan
16
Mar
9334 July
253.4 Jan
150 June
146
Jul,y
111% Feb
103
Jan
2234 Jan
300
Jan
614 May
3934 Aug
3834 Aug
May
146
87
Jan
314
Apt
255
Aug
1034 Pet
6034 Jar
9234 Jar
Pet
36
22
Pet
1934 June
18334 Jar
47 34 Jaz
Pet
27
14
JUDI
36 34 Jul)
82
Jaz
315
Ma)
5334 Atm
93
Jaz
88
Jas
3234 Eel
116
Am
59
57
9734
48
53
13%
94%
21
20
54
42
Auz
Ap
Mal
Ma
Mal
Jar
Jai
Jul:
Jul:
Fel
Eel
June 9934
June 9944
Mar 23534
Mar 8534
June 98%
June 9934
June 98%
Jan 9334
Aug9334
Aug100
June 9934
Jai
Jun
AW
Ma;
Ma;
Jai
Jai
Ap
Jai
Jul;
Ap
Apr 8831 Jun
Aug 99
Ail
Jan 10434 Eel
July 65
Eel
May 43
Jeu
Aug 63
Ja
Jan 97 JIM
Aug 8334 Ja
June 8334 Ja
• No par value.
-Record of transactions
Los Angeles Stock Exchange.
at the Los Angeles Stock Exchange, Aug. 24 to Aug. 30,
both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
of Prices.
Sale
1Veek.
Par. Price. Low. High. Shares.
Associated Gas & Elec _ •
Bank of America of Calif25
1 1.90
Bolos Chica Oil "A"
Buckeye Union 011 pfd _1
• 3434
Byron Jackson Co
25
California Bank
Citizens Natl (new) _20 121
25 65
Corn Discount corn
Douglas Aircraft Inc __• 34%
3134
Emsco Derrick de Eq Co
Farmers de Metch Bank100
Food Mchy Corpn
Goodyr Tire & Rub pf _100
Goodyr Textile pfd _100
11I-Pac Glass Corp "A" •
Inter Re-Insur Corp _ _10 59%
Jantzen KnittMills com
10%
Jenkins Television Corp _*
63
63%
131 131%
1.85 97%
40c 40c
3434 35
137 140
125 136
61
6531
3434 36%
30% 3134
480 480
5234 55%
98 3-4 99%
25
25
28
28
59% 61
51% 5134
10
102
Range Since Jan. 1.
Low.
200 53
200 131
9,000 1.70
2,165 25c
700 33
125
1,000 115
70 30
1,300 24%
100 31
25 460
300 49
53 9734
34 24%
101) 28
1,200 48%
100 42
600
8
May
Aug
Apr
May
Apr
Jan
July
Mar
Mar
July
Jan
Apr
June
June
Aug
June
May
June
High.
63%
174
4.30
1.85
86%
142
136
65%
45
44%
495
55%
101%
26%
34
65
52
17
July
June
Jan
Jan
Jan
May
Aug
Aug
May
Feb
June
Aug
Mar
Jan
Jan
Apr
Aug
Mar
1424
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices
Stocks (Continued) Par. Price. Low. High. Shares.
Los Ang Silt pfd
100
Los Aug Gas & Elec pf 100
Los Angeles Invest Co- _1
MacMillan Petro Co ___25
Maddux Airline
•
Dep rcts
•
Merchants Nat'l Bank_ 25
Monolith Portland Cement
•
C01111110n
Mortgage Guarantee Co100
Pas Am Fire Ins
10
Pacific Finance Corp com25
Preferred series A._..25
Preferred series C.._.25
Preferred series D
_25
Pacific Gas & Elec corn.
.25
Pacific Lighting corn
•
Pacific National Co
25
Pacific Pub Service A- •
Pacific Western 011 CorP_•
Pickwick Corp corn
10
Republic Petroleum Co.10
Republic Supply Co
Richfield 011 Co com___25
Rio Grande 011 corn_ __ _25
95
95
102% 103
2034 2134
3531 3535
3534
11
11
1031 i 1044 11
200 200
1444
904
131
2214
16%
934
43
29%
13
208
75
141
2834
25
25
9034
125%
22
274
15%
935
331
36
4144
29
14%
208
75%
144%
2834
2531
25
92
13134
25
274
16%
934
4
364
43
29%
Range Eines Jas. 1.
Low.
Range Since Jan. 1.
Low.
High.
Aug 09
22 95
285 101% July 108
700 20% Aug 22%
800 33
Aug 4331
11%
200 10% Nag
12
Aug
300 10
Aug 25331
90 200
200 12
55 190
800 6331
2.400 67%
20 27%
540 23
100 24
375 54%
500 70
1,140 21
100 23%
2,700 15
9%
1,100
3
800
330 34
4,000 39
3.500 26%
Friday
&ales
Last Week's Range for
of Prices
Sale
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
[vol.. 129.
Jan
Jan
Aug
June
July
July
Jan
Aug 144 Aug
Feb
Feb 208
July 7534 Aug
Jan 147% Aug
Feb 294 Jan
Apr 2534 Jan
June 2534 Jan
Jan 92
Aug
Jan 13134 Aug
Aug 40% Mar
June 28% July
Jan
Aug 23
Aug
12% June
931 Feb
Aug
July 3631 Aug
Aug 4831 Jan
July 4234 Jan
San Jo L&P 7% pr pref_100
June
112 113
35 111
Seaboard Dairy Credit
Corp A pref
100 96% 96% 97
156 96% Aug
Security First National
Bank of Los Angeles__25 13535 134 136
Mar
4,250 125
Signal 011 Sr Gas Co A.25
35 36
400 344 Aug
So Calif Edison corn
_25 8534 8334 8735 11,900 54% Jan
Original preferred_ __25
May
1,882 56
85
77
7% preferred
1,092 28% Aug
25 2831 28% 284
4,827 24% Aug
2441 25
6% Preferred
25 25
534% preferred
25 23% 23% 2334 5,352 2331 Aug
So Calif Gas6% pref_ _25
25
114 23% July
25
So Counties Gas6% pref 25
Aug
55 96
96% 96%
Standard 011 of Calif____• 7731 75% 7734
3,800 6434 Feb
• 36
Taylor Milling
July
400 36
36
36
Trans Am scrip
1.50 Aug
487
1.50 1.50 1.5234
Warrants
1.20 Aug
1.20 1.30 2,754
1.25
Union Oil Associates____25 534 5034 53% 32,200 45
Feb
Union 011 of Calif
25 53%
5131 54% 34,700 45% Aug
Western Pipe & Steel _ _ _10 30%
2,800 30% Aug
30% 31%
• No par value.
High.
11634 Mar
100% June
142% Apr
48% Mar
8735 Aug
Aug
77
29% Jan
26% Jan
Feb
25
2634 Feb
10134 Mar
81% May
July
36
1.52%Aug
1.50 Aug
53% Apr
Apr
54
314 Aug
Cleveland Stock Exchange. For this week's record of
transactions on the Cleveland Exchange see page 1395.
New York Curb Exchange-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the Now York Curb Exchange for the
week beginning on Saturday last (Aug.24) and ending the present Friday (Aug.30). It is compiled entirelyfrom the daily
reports of the Curb Exchange itself and is intended to include every security, whether stock or bonds, in which any dealings
occurred during the week covered.
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Par. Price. Low. High. Shares.
Week Ended Aug. 30.
Stocks-
Indus. fk Miscellaneous.
Acetol Products corn A_ •
Acoustic Products com___•
435
Aeronautical Industries _.• 304
Warrants
74
Aero Supply Mfg Cl
1934
Aero Underwriters
3334
Agfa Ansco Corp com___-•
Ainsworth Mfg Co
• 50
Air Investors Inc com v t c• 17
Cony preference
Airstocks Inc v t
Ala Gt Sou preference__ _50 146
Alexander Industries
•
9%
Alles & Fischer corn
Allied Aviation Industries
With stk our war.
• 124
Allied Pack
•
Senior preferred
100
1
Allis-Chalmers Mfg new w 1 8134
Allison Drug Stores cl A_ •
Class B
•
135
Alpha Portl Cement corn.' 36
Aluminum Co common....' 464
Preferred
190 10731
Aluminum Ltd
• 26734
Aluminum Goods Mfg _ _ _• 304
Aluminum Industries
*
American Arch Co
100 3634
Amer Bakeries class A_ •
Amer Beverage Corp-• 10%
Amer Brit & Coot Corp..• 1434
Am Brown Roved Elee Corp
•
Founders shares
Amer Chain corn
• 32
American Cigar Co com.100 150
Amer Colortype corn
* 3836
Am Cyanamid corn ci B.20 6435
Preferred
100
Amer Dept Stores Corp.'
9%
let preferred
100
American Equities
32
Amer In yrstors el B com --• 234
Warrants
Amer found Mach com- •
Amer Mfg pref
6631
Amer Phenix Corp
60
Amer Pneumat Ser com _25 11%
Amer Salamandra Corp.50 88%
Amer & Scottish Invest__• 27
Amer Solvents & ChemCony panic pref
• 4731
Cony panic pref new.
American Thread pref....5
Amer Transformer corn_ •
Amer Yvette Co Inc
2635
Amrad Corp corn
• 94
Amsterdam Trading Co
American shares
Anchor Poet Fence corn--• 7135
New common
2334
Anglo-Chile Nitrate Corp.' 3434
Apex Electrical Mfg
• 36
Areturue Radio Tube....' 4236
Annotated Dye & Print' 834
Amen &deo InduatrieeAmer dap rota
1131
Associated Laundries A...•
Associated Rayon corn_ • -----6% preferred
100
Atlantic Fruit & Sugar..--•
34
Atlas Plywood
Atlas Portland Cement._ •
Antramatie Voting Mach..' 1233
Cony prior panic
• 21%
Aviation Corp of the Amer*
Aviation Credit
• 1554
Babcock&WilcoxCo.-100 124
Preferred
25
Baumann (Ludwig) dr Co.. Cony. 7% let pref_ _ _100 94
Baxter Laundries corn A..'
13ellanca Aircraft v 1 e_--• 1935
Benson & Hedges corn •
Bickford's Inc corn
•
$2.50 cum cony pref.__• 32
Bigelow-Hart Carpet
• 100
Blauners common
•
Blaw-Knox Co
• 59
Bill,(F. W)Co cornmon_• 4136
Blue Ridge Corp corn....' 2334
OM 6% cony pref____541 5145
Blumenthal(S)dr Co corn.'
10
Blyn Shoes Inc corn
Bridgeport Mach cora_ •
• 18
Brill° Mfg corn
Class A
17
435
2735
7
19
3335
3135
49%
16%
36
56%
146
931
2235
Range Since Jan. 1.
Low.
6
600
1734
2%
18,900
5
16%
31% 25,000
334
834 3,900
2231 6,300 13
3434 1,700 3414
500 32
32%
1,800 39
5155
1534
1734 1200,
300 32%
36
2,000 604
59%
50 144
146
9
1,000
934
200 3234
2235
High.
May 23
19
June
3131
July
831
July
2234
May
Aug
4834
Apr 4334
Apr e6756
20%
Aug
Aug 40%
Aug 6436
May 167
23
July
June 3634
Jan
Jan
Aug
Aug
Aug
Feb
Jan
July
July
July
Aug
Feb
Mar
Jan
1,800 10
Aug 14% June
12%
12
Jan
2
4 June
300
34
34
3 June
44 Aug
200
34
1
Aug
8331 28,000 73% Aug 85
78%
7% Jan
134 May
500
2% 234
11
May
May
1
500
14 1%
2,400 32% Aug 54% Feb
32% 41%
Jan 53934 Aug
1,200 146
450% 489
600 103% Jan 10831 June
10734 1074
Aug
800 les% Apr 280
260% 275
Feb
June 41
1,500 28
31
30
July
200 354 June 49
43
4335
400 35 June 4731 Jan
364 37
500 4434 July 52 ag Aug
49
5036
15% Jan
1,600 104 Aug
10% 1334
700 1431 Aug 22% Feb
1431 1435
20
3034
147
38%
6234
123%
9%
80
31
2331
134
88
6651
6931
11%
86%
27
8% Jan 23 June
400
20
400 1644 Mar 39% July
32
1,055 11934 June 15331 Aug
150
Jan 4934 l'eb
200 37
38%
Jan
6431 23,100 3934 May SO
Aug
Jan 131
25 98
123%
Mar
9% Aug 29
1131 4,900
Mar
Aug 114
300 80
90
Aug 3234 Aug
32% 28,900 31
Aug
Aug 40
20
244 18.600
July
17
July
10
500
1444
Mar 183% Jan
75 77
01
Feb
Slay 70
25 66
664
Aug
700 150% June 70
70
234 Mar 1636 July
1,000
1251
900 81% July 88% Aug
8831
Aug
30
Aug
700 25
27
474
4134
34
24%
26
94
4734
41%
3%
24%
2635
95
200
200
1,000
100
600
800
42
4134
3
23%
254
94
June
Aug
Feb
Aug
Aug
Au(
55%
42
3%
25%
265
9731
Jan
Aug
Jan
July
Aug
Aug
3134
61
22
3434
3054
41%
831
300
32
29,900
78
25% 13.800
500
35%
10,400
36
4,100
44%
700
9
29
29%
22
$3
20
22%
836
Jul)
Mw
Aug
Jar
Aug
Mal
Aug
33%
78
2531
4531
39
55%
27%
May
Aug
Aug
Jan
June
May
Feb
gH July
16%
11
1131 15,600
734 July
1434
100
8% 8%
3534
300 14% Aug
1434 15
8734
Aug
900 59
59
6131
3/4
2
1,100
34 Aug
%
Feb 80%
800 53
6234 69
Aug 6434
200 45
45
45
731 Aug
15%
5,700
731 1234
17% 22
11,100 18% Aug 39)4
1,400 32% Jan 89%
56
59%
2334
1531 16
1,700 15% Aug
50 117% Apr 137
124 124
15
534 Mar
100
5% 534
May
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Feb
Jan
Jan
Aug 100
June 2134
24
July
May 20%
Aug 27
Aug 34%
Aug 104
June 6034
Apr 6214
Apr 66%
Aug 2934
Aug 55%
Feb 10234
3
Aug
544
Jan
may 27%
May 28%
May
Aug
May
July
July
July
Mar
Feb
Aug
Jan
Aug
Aug
July
Jan
May
Mar
Mar
90
2031
19%
931
22%
32
99
94
2134
21%
9%
22%
32%
100
574
41
224
5134
9835
235
4
18
27
62%
42
2634
5231
9934
2%
4
18
27
250
200
4,800
100
100
500
75
100
5,800
2,500
114,600
74,400
400
300
100
2,500
300
90
18
14%
9
22
32
95
45
38
39
2244
51%
80
1
131
18
25
Friday
Sates
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Continued) Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Brill Corp class A
• 23
200 184 May 26% Apr
23
23
Brit Amer Tob ord bear-C1
July 3234 Feb
1,600 29
31
3134
Ordinary reg
Jan
£1
400 2934 Mar 32
3034 3134
British Celanese
Amer deposit receipts__
744
7% 83'
500
454 Jan 1054 June
Brown Fence & Wire el A •
May
400 21
2331 2334
Aug 28
Bruck Silk Mills Ltd.
•
200 33 June 3731 Aug
384 3536
Budd (Edward) Mfg new.' 26
2534 2735 10,400 16
June 2734 Aug
Budd Wheel corn
•
8031 8331
1.200 70 June 8434 June
Bulova Watch corn
• 3031
2931 31
2,400 2534 July 324 Ally
33.50 cony pre:
•
40
1,200 40
41
Aug 60
Jan
Burma Corp Amer dap rots
431
434 431 14,300
334 Feb
534 Jan
Butler Bros
20
2934 31%
1,600 2531 June 4434 May
Cable Radio Tube v t c__• 1534
July 194 May
1474 1534 5,300 12
Camden Fire Ins
5
34
35%
700 30
Aug 3736 Aug
Capital Admirals class A..' 6831 6031 70
6,900 3734 June 74% Aug
Preferred A
51)
3934 42
1,500 3531 May 42
Aug
Carman & Co cl A
• 28
400 26
2634 28
Aug 3134 Feb
Carnation Milk Prod... _25 47% 4435 4941
5,100 3331 May 4934 Aug
• 84
Caterpillar Tractor
8034 8431 2,200 69
Mar 88
May
Celanese Corp of Am corn • 3134
1,100 2531 July 5774 Feb
3034 32
Centrifugal Pipe Corp...'
9
4,800
7
June 18
831 9%
Jan
Chain Stores Prod pref
100 1934 Aug
*
1936 1934
1034 Aug
35
4,100 30 June 4014 Jan
3634
Chain Store Stooks Inc..' 35
Charis Corp.•
100 28
June 42
3334 3334
Jan
Checker Cab Mfg oorn__.
7,700 4634 Jan 94
• 6831 6431 6834
Mar
Childs Co pref
100
20 974 Mar 109
103% 10434
Jan
Ang
52
Cities Service Common-__
49% 52 287,100 2731 May
52
2,300 9334 July
100 9436 9434 95
Preferred
9934 May
Preferred BB
100
100 90
Aug 93
90
90
Jan
City Machine .4 Tool corn.' 343.4 3131 3435
3,200 2434 Apr 3434 Aug
Clark (1) I.) Co cons
July
600 15
1835 Apr
16
•
16
Clark Equipment w I
1,100 6134 Aug 67
•
6134 62
Aug
•
7
Clark Lighter A
34 June 2431 Jan
200
7
7
Clevelandl rector corn...'
2,000 25
32 June
July
2934 3134
•
6
Club Alum Utensil
300
Aug 3334 Feb
6
6%
6
Cohn Hall Marx Co
1,300 36% Feb 5034 July
• 4934 4454 40%
Cohn dr Rosenberger corn.• ____-- 38
200 38
Aug 4034 June
38
Colgate Palmolive Peet _.• 7034 70
1.600 83 May
7134
8051 Jan
Columbia Steel
100 17
* ______
Aug
Aug
17
17
17
34
u
45
Colombian Syndicate
4,400
34 June
2
Jan
COWS Pat Fire Arms M1g25 32
300 2934 July 4574 Jan
3134 32
Columbia Pict corn
2.200 28
32%
• 31
30
May 384 May
Commercial Invest Tr w 1_• 8234 so% 83% 41.800 804 Aug 83% Aug
Consolidated Aircraft__ •
3331 3531 2,300 2536 Mar 443.4 May
Consol Automatic
Merchandising v I o--•
1% 234 107,200 8134 July
2
174 Jan
83.50 pref
1,300 1034 Aug 45
1431 15
• 1431
Jan
Consol Dairy Products_ •
3,200 3136 June 5036 Feb
3536 43
Consol Gas UM CIA ---• 3135 31
5,100 2934 June 34
3234
Aug
Consol Instrument corn..' 2334
7,700 11
2234 25%
July
Mar
36
Conan! Laundries
4,500 15
16
• 1534
15
Aug
Mat
2t
Cons Ret Stores Inc, corn... 2735
2,300 25
2835
27
May
3931 Feb
ContinentaiDiamondFibre• 37% 3731 3974
2,400 253.4 Apr 44
July
Continental Scents corn *
800 9144 Aug 9734 Aug
9134 9731
Coon (W B) Co common_• 3334 3034 3334
900 2131 July 4334 Jan
Cooper-Beasem'r Corp eom• 4831 484 50
800 3734 June 55
July
53 cum Prof with warn.' 4834 4736 4934 2,000 46
June 523.4 Apr
Copeland Products Inc
Class A with warrants..'
800 1136 June 12% Feb
1136 12%
Cord Corp
22,000 2744 Aug 33
2735 33
5 3231
Aug
con 00n & Reynolds cm.
.
• 3234 31
5,600 30 June 3436 Aug
3274
Preferred A
1.600 97
• 10034 100 10034
Apr 103
Aug
Courtalds Ltd Ain (lop
Rots for ord etk reg___11 1744
1731 1734
300 1354 July 2534 Jan
Crook Wheel El Mfg nom 100 50534 460 508
450 12735 Jan 506
Aug
Crosse dr Blackwell
Preferred with warrants_
300 4436 Aug 50
4434 4534
Feb
Crowley kiliner & corn_ •
100 4254 Aug 6235 Jan
4234 4236
Cuban Tobacco v t c
100
2031 Feb
27
•
27
32 June
Cuneo Press corn
100 37 June 4834 Aug
10 4334 4334 4334
Curtiss Airports v t c----• 10%
1034 1174 3,500
934 Aug
1331 May
V t c etfs of deposit _ _ __• II%
4,200
1134 12
931 Aug
12
Aug
Curtiss Flying Serv Inc_ •
300 1934 Mar 2974 Apr
2334 2436
Ctfs of deposit
600 2234 Aug 24% Aug
2331 24
Curtiss Reid AircraftPref. wit stk par warr30
200 27
27
27
Aug 33
Mar
12,800
Curtiss-Wright Corp warr_
1134 13
12
935 Aug
13
July
• 364/ 36
3745
1,900 283.4 Apr 3834 July
Davega Ina
2844 2734
Davenport Hosiery
1,000 1844 Jan 3451 Feb
•
Davis Drug Stores allot ctfs
100 12
12
12
Aug 5736 Mar
Dayton Airplane Engine.' 4234 3034 4234 41,100 14
July
4234 Aug
Deere A Co common__100 580
400 511
570 580
May 642
Feb
De Forest Radio v to.....' 1534
1534 1834 16,400 1134 May 2834 Jan
De Ilavilland Aircraft Co
Amer den rets new reg-C
7%
6
734
600
735 Aug
ION May
Detroit Aircraft Corp w 1..• 164
1534 1634 17,700 15 June
1731 Aug
Doehler Die-Casting
2,400 27
• 38% 37% 3834
Jan
Mar 43
Donner Steel earn
44
300 21
43
Jan 4436 Aug
• 43
Douglas Aircraft Inc
500 243.4 Mar 4544 MAY
• 3431 3431 36
Dow Chemical pref
10 106
.100
Aug
108 106
Aug 106
Draper Corp
300 65
100
6634 67
78 June
Jan
Dubliter Condenser Corp.' 19
60,900
1335 20
4
Aug
June 20
Durant Motors Inc
•
84 934 9,100
941
831 Aug
1931 Jan
Din Co Inc class A v t o_•
44
34
800
35 Aug
434 Jan
Class A stock
•
14 136
300
1
Judy
7
Jan
Earl Radio Corp
8% Aug 944 Aug
831 941 18.600
834
L'astern Gas & Fuel Assoc _• 46
16,400 36
3934 46
Aug 46
Aug
Aug. 31 1929.]
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Continued) Par. Price. Low. High. Shares.
800
2,800
1,500
11,600
19,600
23,200
12,900
8,400
400
200
860
4,100
10
4,200
2,300
4,200
6,200
800
15,500
200
3,100
300
10
60
45
13,40
1.70
Range Since Jan. 1.
Low.
Jan
27
July
24
1934 Aug
21% June
56% Aug
Aug
52
4614 July
July
115
26% Aug
10 June
3
Aug
1134 Aug
Apr
79
134 Aug
10% Mar
64% Apr
27
June
56 June
24% Aug
1% Jan
26% Aug
4514 July
101
Mar
220% Feb
107% June
18% Jan
24% Aug
High.
39 11 Aug
31
Aug
23
May
3114 July
6734 Aug
63% Aug
68
July
16334 July
3214 July
2534 Jan
63( Jan
34% Feb
124% Jan
Mar
10
21% Jan
May
76
Mar
39
73% Apr
29% May
5% May
30
July
Mar
50
155
Feb
809
Apr
110% Jan
67% May
3834 Jan
37
39
Eastern Rolling Mill
2834
27
East'n UM Invest A_ ---• 2834
21
22
Edison Bros Store corn__ -* 22
26% 28%
Eisler Electric corn
• 27
Elec Power Associates corn' 67% 58% 67%
• 63% 56% 63%
Class A
Elec Shareholdings corn .• 5731 5134 57%
14134 13034 14234
Cam lire( with warr__
,
26% 27
Empire Steel COM
1234 13
Fabrics Finishing corn. •
434 5
5
Fageol Motors corn
10
Fairchild Aviation class A • 12% 11% 13
90
90
Fajardo Sugar
100
1% 2%
Fandango Corp tom
2
•
1734 18%
FansteelProducta Ine
• 17%
72 n75
Federal Screw Works._ _ _* 72
36
Federated Metals tr etf_.• 3454 31
Ferro Enameling Co cl A_• 6435 64% 67
24% 26%
Flat. Amer dep receipta-- 26
2
2
Film Inspection Mach_ *
FinancialInveseg of N Y10 2635 26% 27%
46% 4631
Fire Assn of Phila
10
113 113
Firemen's Fund Ins__ _100
23934 24534
Firestone Tire at R oom _10
100 108% 10835 108%
7% Preferred
47% 51
Fokker Air Corp of Amer.' 50
Foltis-FischerInc corn___' 25% 24% 27%
Ford Motor Co Ltd
14% July 2014 Aug
1834 19% 16,90
Amer dep rats ord reg_el 18%
Ford Motor of Can al A-• 40% 4034 42% 6,500 40% Aug 69% Apr
Apr
175 56% Apr 172
66% 70
• 70
Olaas B
July 15% Apr
14% 1,300 10
14
Foremost Dairy Prod com.• 14
Apr
400 19% July 23
20%
20
•
Cony preference
22% 2,800 19% Aug 30% May
Foremost Fabrics Corp..' 2234 21
900 23 June 3334 Feb
25%
25
•
Forhan Co class A
Foundation Co
600
93,' Aug 19% Mar
X 10%
Foreign shares elms A.. •
Fourth Nat Investors Corp
Corn (with purch. warr)• 5534 5534 5754 26,700 55% Aug 57% Aug
2934 65,400 21% May 3514 Jan
Fox Theatres class A corn.* 28% 27
90% 9034
25 8534 Feb 9114 Feb
Franklin (11 II) Mfg pfd100
-Am abs for
French Line
Jan
900 .42% Jan 59
44
47
Corn B stock_ _600 francs
36
Aug
Am 36
5,500 33
34
35
Oarlock Packing
834 July 21% Jan
200
10% 1031
General Alloys Co
• 25% 24% 2635 3,500 24% June 29% July
Gen Amer Investors
•
14,700 6% May
654 7
6%
1034 Jan
General Baking corn
69
• 69
71
Preferred
Aug 7914 Jan
3,300 66
Gen'l Cable warrants
Mar
43% 30
4351 4.300 17% Jan 47
General Elea (Germany)
46% 4834 6,500 4034 Mar 5014 Aug
43
Amer deposit rata
Stock porch warrants
275 280
May 280
4 200
Aug
Gen Elec Co of Gt Britain
American deposit rota__. 14
13% 1454 12,900 1114 Jan 20% Feb
GeneralEmpire Corp_ _ __• 32% 3254 3335
900 32% July 34% Aug
Gen Indust Alcohol v t
800 31% Aug 34% May
31% 3134 3235
Gen Laund Mach com__ •
2714 Jan
20
July
2034
900 20
Gen Printing Ink corn_
5034 50% 53
Aug
600 45% June 57
Gaul Realty & Uttl corn_• 39
3654 3931 31.600 1714 Apr 3934 Aug
Pt with coin Dumb war 100 114% 109 114% 10,600 88
May 11414 July
Gen Theatres Equip
July 36% Aug
• 35% 34
36% 25.100 31
Gerrard (E3 A) Co w I_ _ __• 3034 3034 32% 2,10
Aug
2634 July 35
Gilbert (A C) Co corn__ •
Jan
1,600 18
21% 23
253( Jan
Preference
300 42% Jan 50 June
46
•
46
Gleaner Combine Harv_ •
Feb 14814 Aug
95
1,10
138% 145
•
Olen Alden Coal
Jan
1.10 118% June 139
124% 126%
Globe Underwrit Exch. .* 26% 26
Aug
24% June 28
27% 11,20
Goldberd (S M)Stores
Jan
87 pref with warr
June 88
80
10
80
80
93
Feb 1121% Mar
109% 117% 39,20
Goldman-SactisTrading__• 110
Gold Seal Elec Co new._.' 18% 18% 20% 14,00
17
May 27% May
Aug
Gorham Inc corn A
3134 June 40
20
3534
3534 35
June
May 61
$3 cum prof with warr • 50
300 50
50
50
534 Aug 19% Feb
Gotham Knitbito Mach-.
554
535 6% 6,800
July
July 41
600 32
Gramaphone Ltd new
35
3731
300 1634 July 2314 Aug
18%
Grand Rapids Varnish
18
•
July
• 57% 55% 57% 3.600 3834 Aug 60
Graymur Corp
Aug 11714 Feb
120 1114
GI All & Pao Tea 1st p1100
11454 116
May
May 494
110 332
Non vot corn stock--.• 37014 37035 398
Jan 20% Aug
Greenfield Tarp & Die oorn• 2034
18% 20% 3,700 12
Au
Greif (L)& Bros corn
*
17% Mar
100 10
10
10
Grocery Stores Products_ _ _
mg 17% 11,700 16% Aug 17% Aug
17
Jan 43% Mar
Ground Gripper Shoe coin' 41
3934 41% 10,800 27
Jan 42% Aug
• 3835 38% 40
200 32
$3 preferred
Apr 9944 Aug
Guardian Fire Assurance 10 90% 84
9034 2,500 67
Guardian Investors Cory• 12
8
Jul
200
12% Aug
12%
12
Hall(C M) Lamp Co__ •
26% Jan
800 20% Ma
22% 23%
Hall(W F) Printing____10 27% 27% 2734 1,100 26
Apr 85
Jan
Handley-Page Ltd
4% Aug
Am dep rcta panic pref.. -----5% June
500
434
2 June
Happiness Candy St el A _•
600
5% Jan
234 3
Hartman Tobacco corn _ _10
Jan 26% Aug
400 20
25%
25
Aug 56% Aug
Hayes Wheel & Forg corn *
200 56
56%
56
Jan 82% Mar
Ilaygart Corp
69% 16.300 46
• 69
67
Apr 70% May
900 41
44%
Hazeltine Corp
• 44% 44
Aug 26% Jan
Helena Rubliteln Inc oom • 15
18% 2,200 15
15
Hercules Motors Corp_ _ _• 34% 31% 35
35
18.800 20% Aug
Aug
100 1934 Feb 41% June
Hayden Chemical
31
31
200 2354 Jan 2634 Aug
Hires (Charles) coin
25%
25
.• 2416 22% 24%
SOO 2234 Aug 2434 Jan
Holt (Henry) & Co el A.
• 35% 35% 36% 3,900 18
June 37% Aug
Hood Rubber Co
Aug 4614 Jan
100 35
.b0
35
Horn(A C) Co 7% pfd.
35
Aug 61% Feb
100 51
52
Horn & liardart corn__ •
52
300 99% July 105
Preferred
100
Jan
9934 100
•
July 82
500 20
Htlyier's of Del corn
20
Jan
20
Aug 49% Jan
Hygrade Food Prod aim.. 3334 29
36% 7.100 29
Imperial Tobacco of Can_5
9
July
1154 Feb
100
10% 10%
300 22% June 3334 Jan
Imp Tob of Gt Brit & Ire el
2434 24%
2,300 27
June 5834 Jan
Indus Finance corn v t e-10 37% 35
38
12' 75% July 91
7% cum pref
100 7514 75% 75%
Jan
Insult Utility Investmle-• 110
101% 110% 12,200 90 July 160 Aug
Aug 90% Jan
8,800 73
Baur Co of North Amer_10 84% 76% 85
17,200 25 June 331( Jan
Insurallee Securities...
31% 3034 33
Insuransh's of Del Corn A.• 2334 23
May 26% July
23% 10,400 20
Intercoast Trading
4,600 29% Aug 30% Aug
30% 29% 30%
Aug 24% Jan
Internat Perfume coin__ _* 11
300 10
11%
11
734 Aug 14% Jan
60
Internat Products corn__ _•
734
714
78
so preferred
July 83% Feb
40
100
81%
81
500 19% Apr 3634 Aug
• 34
Inter Projector corn
34%
34
400 25
Feb 46
InSernat Safety Rasor
Jan
28
27% 28%
1,70
60
Feb 7434 July
International Shoe corn_ _• 73% 73
73%
1934 Aug 2534 Aug
Interstate Equities com • 22% 2151 2354 13,90
85% Aug 72% Aug
Allotment etts
65% 6534 65% 11.10
14
1,50
Aug 32% Mar
17
Interstate Hosiery Mill,..' 17
14
21
May 41% May
Irving Air Chute oom ___• 32
30% 33% 6,40
45
June 60
10
47
Mar
Johnson Motor
47
634 July 20
Mar
Jonas & Naumberg corn_
931 11% 1.50
934
38% June 59
20
Mar
4254 42%
53 cum cony pref
16% Aug 24% Mar
1,30(
garstadt(Rudolph) Am she 1734 16% 18
300 18 June 24% Feb
mein (II) & Co part pfd_20
19%
19
39% Aug 41% May
1.00
Kleinert (J II) Rub coin..' 3934 39% 39%
Kolster-Brandee. Ltd.
May 12% Mar
4
fl
434 435 3,10
Aloe' shares
36% Aug 4514 Jan
60
36% 39
Larkawanna Heourittee_ _• 39
May 41% Jan
200 13
21%
Lake superior Corp----100 21% 20
18% July 85% Jan
40
22%
22
Lakey Foundry & Mach._•
_• 8731 77
68 June 89
9,30
Aug
89
Lane Bryant Inc corn
31% Aug 49
30
Mar
3134 32
Lazarus(F& RI & Co coin*
Aug 104
98
10
Mar
100
98
98
Preferred
21
20
*
Jan
Aug 39
30
30
Letcourt Realty corn
Anr 173% July
300 149
60
189% 171
Lehigh Coal & Nay
1425
FINANCIAL CHRONICLE
Friday
Last Week'eltange for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
Lerner Stores Corp com.-• 68
Ley (Fred T) de Co Inc_ •
Libby. McNeil & Libby-10 1734
Lily-Tulip Cup Corp
•
L'Air Liquide95
Amer dep rats bear
614
Loew's Inc stock purch war
8%
Louisiana Land & ExPlOr -•
MacMarr Stares com----• 4134
• 3254
Mangel Stores cons
Manning Bowman & Co A*
Marion Steam Shovel com• 2734
Maryland Casualty Co-25 126
3%
Mavis Bottling Cool Am.'
Mayflower Associates Ine• 90%
McCord Red & Mfg ci B_•
Mead Johnson & Co corn.* 65
100 92
Mercantile Stores
March at Mfrs See A___• 3534
Merritt Chapman & Scott•
635% pf A with warr_100 97
•
2%
Mesabi Iron
Metal de Mining She Inc..* 20
Metal Textile Corp prof..'
Metropol-Chain Stores- •
Met 5 & 50c Sts prat_ _100
Cla.ss B
Mid Continent Laund A_*
Midland Royalty $2 P81--• 3034
Midland Steel Products_ •
•
Midvale Co
• 1414
Milgrim(II)&Broscom
• 4834
Miller (I) & Sons corn
Minneapolls-lioneYwell
Regulator common....' 102
Mock,Judson Voehringer•
Monsanto Chem Wks nele. 74
Montecatinl M & Agr
Amer dep rata bear abs..
Warrants
Moodys Invest panic 131--*
Moore Drop Forge el A_ •
Mtge Bank of Colombia
American shares
Murphy(CC)Co corn_ •
Nachmann-Spgfield Corp.'
Nat American Co Inc____* 1914
• 5934
Nat Aviation Corp
Nat Baking Co common_ •
•
Nat Casket common
•
Nat Container Corp com• 333.4
$2 cony prat
Nat Family Stores corn • 33%
Preferred with warr __25
Nat Fireproofing Prof
Nat Food products'
Class B
• 232
Nat Investors corn
100
514% preferred
Nat Leather stamped_ _10
• 23
Nat Mfrs dr Stores
Nat Rubber Machinerg • 3135
• 29%
Not Screen Service
40
Hat Sugar Reg
Nat Theatre Supply corn.' 2434
•
National Tile
Nat Trade Journal Inc_ •
4234
Nat Union Radio w I
•
Neet Inc cony A
• 2534
Nehl Corp common
First preferred
Neisner Bros corn new wi__
Preferred
Nelson (Herman)Corri-5 2535
Neptune Meter ciss A...'
Nestle Le NIur class A_ •
•
Newberry (J J) Co
Newport. Co new corn....' 4754
New Haven Clock coin...'
New Mexico & Ariz Land_l
NY Auction common A- • x2334
N Y Hamburg Corp_...50 42
3814
N Y Investors
Sc T Merchandise
• 67%
Niagara Share Corp
Niles-Beml-Pond corn-- 4734
Noma Electric Corp coin.' 26
North American A vlation_• 14
North American Cement__
Northam Warren Corp Pf •
.
Northwest Engineering- •
Novadel-Agene common •
•
Ohio Brass class B
011 Stocks Ltd
Class A without warr • 15
Class B without warX • 15%
•
Orange Crush Co
Outbd Motors Corp corn 13* 12%
•
Cony pref al A
•
Overseas Securities
Pacific Coast Biscuit prat*
Paramount Cab Mfg corn.' 24%
Parke Davis & Co
•
Parmelee Transport COW.' r213(
Patteraon-SargentCocom.• 33%
Pander(D) Grocery cl A_ •
•
Class B
11034
Penney (J
Co °Om
Class A Preferred----tee 9634
Pennroad Corp cam V tC.. 27%
Peoples Drug Store Ina- •
100 103
Pepperell Mfg
Perfect Circle Co com____• 6151
• 1951
Perryman Elea Co
100
Pet Milk preferred
Philippe(Loubi)Ine A Com •
•
Common class B
Phii Morris Con Inc oom_•
25
tlass A
Pick (Albert). Barth & Co
Pre!class A (Partin PI)-•
Pie Bakeries of Am el A..'
Piedmont & Nor Ry___100
• 2635
Pierce Governor Co
' 28%
Pilot Radio & Tube CIA
40
Pinchln Johnson Ltd
Pitney Bowel Postage
• 25
Meter Co
Pitts & L Erie RR cona-.50
• 81
Polymet Mfg corn
Powdrell & Alexander-- _.• 9135
• 69%
Pratt & Lambert Co
Propper Silk Hosiery Inc.' 25%
Prudential Investors corn.' 3454
10
Fyrene Mfg
Rainbow LuminousProd A• 33
• 16
Common class B
30
Rath Packing
Raybestos Co corn ctfs dep
Raybestoa-Manhattan
54
81%
634
8
4134
32
1615
27%
126
95
6%
934
43
32%
1614
2934
131
8834
2734
55
8851
32
29
97
2
1911
42%
7614
69
434
22%
29
111
5334
14
4854
90%
2734
65
92
36%
2935
97
231
20%
43
77
69
4%
2214
30%
12314
56%
1434
49
72%
6734
18%
27%
July
July
Aug
July
4,300 81
414
600
8
4,600
3,300 35
1.000 32
200 1614
500 23%
300 126
134
41,300
4,100 60
300 22
4,200 49
400 8814
7,700 20%
700 2434
100 9234
2,300
134
3,800 19
400 42
500 70
100 62
3
100
100 2231
2,300 28
1,900 90
300 44%
2,500 12
200 39
Aug
July
July
Apr
Aug
Aug
Apr
Aug
Aug
June
Apr
July
Aug
June
Apr
June
June
June
July
Mar
May
July
Aug
June
May
Apr
Aug
Jan
95
14
14%
4314
38%
20%
56%
175
11
90%
31%
65
119%
36%
35
Aug
Mar
Feb
May
MAY
Jan
Jan
Jan
Mar
Aug
Jan
Aug
Jan
Aug
July
10034
3
2234
43%
89
83
4%
34%
34
123%
66
2034
57
Jan
June
Aug
Feb
Apr
Jan
Jan
July
Aug
Mar
Feb
July
500
200
1,000
12
12
2% 2%
4734 48
6614 67
200
200
400
400
65% Jan 104% Aug
Jan 4134 Apr
28
July 77% Aug
73
12
214
43
59
300 35
37%
100 77%
103
300 50
60%
2034 12,100 17
61% 6,300 58%
5
500
7%
200 125
182
200 24%
32%
1,700 27)4
33%
30
3334 3,00
700 32%
36%
34
10
34
934
9
215% 243
71
69
2% 3%
23
23
30% 31%
2634 29%
4034
40
2434 26
33% 3334
12
11
4234 42%
25% 25%
74
74
9351 93%
195% 195%
2534 26%
19
19
19% 19%
7735 84
4751
44
23
23
634
24%
23
42
42
37% 39%
3834 38%
66% 69%
4734 5034
22% 2635
14%
14
714 7%
37% 39%
29% 29%
2434 25%
84% 85%
High.
I
Feb
June
May
Apr
100 102%
35% 3634
75%
74
35
103
60
17
58%
6%
182
3234
33
3154
35
34
Low.
44
55%
1134
1834
1,100
7134
800
5934
18% 10,600
1,200
22%
68
57
121(
22
Range Since Jan. 1.
Aug
Aug
July
Mar
Aug 4834 Mar
Jan 10634 Mar
Aug 76% Feb
Aug 23% Aug
Aug 88 May
7% July
Aug
Feb 182
June 3314 Aug
May 33% Aug
July 48% Feb
Jan 49% Mar
Aug
Aug 34
12
Jan
7% July
800
11% July 243
4,10
Aug
700 6634 Aug 7634 July
5
Jan
2 Jun
30
200 21% May 40% Jan
400 29% May 41% Jan
Mar 35% Mar
200 25
700 39% Apr 55% Jan
7
Mar 261( Aug
800
100 33% Aug 40
Mar
400 11
Aug 34% Jan
1,500 4214 Aug 42% Aug
Aug 29
800 25
July
600 20% Mar 29% Jan
Jan 76
100 70
Feb
100 92
Aug 98% July
Jan 210
Feb
50 187
Apr 31 May
800 23
Feb
100 17% July 21
July 2734 May
100 18
Aug
July 84
1,000 75
11,400 3934 Aug 47% Aug
July 25% May
200 23
9% Mar
.5% May
300
8.200 16% June 24% Feb
200 38% May 5231 Mar
3,700 86% Apr 48% Feb
100 35% June 47% Mar
Jan 74% July
4,300 25
Apr
2,700 3634 Mar 78
Mar 2734 May
10,500 17
Mar 24
Jan
10,800 14
73‘ Aug 13
Jan
200
July 4634 May
700 31
100 25 June 48% Feb
Feb 31% Feb
600 20
370
80
Aug
1434 15% 3,100 1214 Aug
July
600 14
15%
15
May
100 23
23% 23%
13% 1,300 10% July
12%
July
500 17
1731 1815
50 June
30
55
58%
42
Jan
30
47
47%
July
2334 24% 17,600 15
900 44% May
4634 49
Aug
1,900 21
21 22134
Aug
400 30
3334
33
50 49% Aug
493.4 49%
Aug
100 45
45
45
May
1,200 105
110 11234
Aug
210 94
9634 97
May
25% 27% 110,000 16
400 74% Feb
8254 84
July
1,180 95
99% 105
Apr
6154 1,300 45
58
1,100 16
June
17% 19%
Aug
50 102
102 102
Aug
1,200 22
2434 2534
500 2314 Apr
25
2534
114 May
131 1% 4,200
2,000
7
8
7
Aug
15%
25
73
2534
2734
40
25
145%
7934
8931
68%
25%
3334
8%
27
1331
30
120
54
15%
25
73
26%
2834
41%
15% Mar
6% Feb
5234 Jan
Jan
75
1,800
300
100
600
8.800
2,000
15
23%
5
334
2534
1734
40
Mar
Apr
Jan
June
May
Aug
92
Jan
19% Jan
18% May
2934 Ayr
1814 Aug
21% May
59
May
49
May
48% Jan
5834 Feb
12531 Apr
Apr
65
65
Apr
62% May
12434 July
10234 Feb
Rs,
80
94
Jan
11334 Feb
64 June
29% May
jail
114
82
May
8134 may
4% June
1034 July
19
30
83%
8
834
2834
42%
Jan
Aug
May
Jan
Aug
May
26
7,100 18% Mar 813( July
150
350 13534 Max 156% Feb
82
800 6534 July 82
Aug
90% 1,600 67
July 99% July
69%
500 63% Jan 85
Feb
25%
700 25% Aug 43
Jan
35% 43,000 2314 Jun
36
Aug
8%
200
7
Apr 10% July
33
4,400 2334 May 66
Jan
16
3,700 13
Aug 1734 July
30
100 30
Aug 34% Aug
122%
800 83% June 124% Aug
57
5.200 4
Aug
836 July 59
1426
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sale
of Prices
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
[Vol,. 129.
Friday
Sales
Las! Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Range Since Jan, 1.
High.
Low.
Raymond Concrete Pile corn
Aug
6454 644
100 58
B Rubber Reclalming__• 20
Aug 69
200 16
20
20
Jan
Mar
31
Preferred
•
Aug
65
Aug 71
800 54
Universal Insurance__ _25
67%
8934 8951
300 7034 Jan 93% Aug
Reeves (Daniel) Inc corn.'
38
3834
300 35% July 45% Jan
Universal Pictures
19% 20
200
20
Apr
534
Reliable Stores
39,500 2554 Aug 29
2834
2534 29
Aug
Utility Equities Corp....' 36% 35
1
1,900 24
jul
13,fe
ay 44
36%
Aug
Reliance Brous & St'l corn'
2214 2255
500 22% Apr 2454 Ma9 Utility At Ind Corp com___
50
35,600 2354 June 554 Aug
50
44
Reliance Management___' 56% 50
June 57% Ault
Preferred
57/1 20,500 30
49% 45% 4914 16,000 27 June 5414 Aug
Repettl Inc
5
Jan
1% 1%
100 65e
Apr Vanadium Alloy Steel__ •
400 72 June 8334 June
7955 8054
Republic Brass war
3154 33
van Camp Pack own
33
300 28
July 3534 May
• 20%
1,200 20
Aug 3854 Feb
20
2034
Reynolds Metals common• 4034 403.5 43%
500 314 Jan 5234 Feb
200 2190%:1 ,Atri
38
2054 2054
Feb
Preferred
• 74% 72
Jan 79
Mar
Vee% p tofet I nc
7der-lm o rre i
1,800 63
74%
(
500 43
Jan 50% Aug
50
50%
Rice Stix Dry Goods corn.'
17
Aug 24% Jan
Vick Financial Corp...10 1334
400 17
17%
1354 13% 12,300 10% June 18
June
Richman Bros
May 13934 Aug
Vogt Mfg Corp
139 13951
116
200
700 •
• 3435 344 344
364 Aug
7% cum cony pref
• 22
Aug 38% Mar Waco Aircraft Co
22
23
500 22
100
Aug
23
194 1911
Aug
Rolls-Royce of Amer pf 100
50
150 43% July 73% Mar
Walgreen Co common
5054
4,400 71% Mar 98
97
July
• 96% 95
Rolls-Royce Ltd
Warrants
1,500 51
Mar 71
July
70
6854 70
Amer deo rcts reg stk _
9% Mar 1534 Feb
11% 11%
100
Walker(Hiram) Gooderham
Roosevelt Field Inc
18
• ---934
Aug
Mar
9
9,54
300
& Worts new
955
May
r1831 x1755 18% 5,700 16% May 23
Ruberold Co
100
744
74
Watson (John Warren)Co•
600 7234 June 10854 Jan
600 512
rr
871 July 14% Jan
334 3%
Risseeks Fifth Ave Int). •
Aug 354 May
2834 2855
Wayne Pump common___• 20%
100 28
1,000
32
Jan
20
21
Safety Car Mg & Ltg_ _100
157
Jan 22934 Jan
204 208%
Western Air Express____10 65
50
78% May
900
65
67
St Regis Paper Co
Apr 19814 June
177 100
Western Auto Supply comA
188
7,200 119
Apr 81
July
7051 7051 74% 3,500
7% cum pref
100
Feb 107
Jan
10254 103
West Jer & Seash Eli... _50 4951 4951 49%
200 100
5r4 Jan 52% Jan
100 4
Schletter & Zander pref_ *
Slay West Tablet At Stat'nery_• 37
Aug 46
39
100 37
39
400 30
3714 Aug
37
3754
Schulte Real Estate Co.__' 16
July 3931 Jan
16
Whitenights Inc corn
16%
600 16
14JuneAug
400
18
Jan
114
1%
Schulte-United 50 to 21 St•
26
Jan
4
4
Aug
Widlar Food Prod corn_ •
7%
94 50,600
May 29% July
200
24
2455
7% pref part pd rets_100 52
Aug 89
Jan
52
1,400 52
55
(R C) Co Inc...' 26
1,400 2,42134 A ug 41% Feb
la
25% 2734
Second Gent Amer Inv Co_
Wil-Low Cafeterias, tom • 12
1,400 11
Aug
Mar
30
14
11
•
Common
2554 26
1,400 23% Apr 354 Jan
Preferred
• 394 3654 39%
Aug 58
Mar
300 36
6% pre( with warrant*__ 1054 1054 107
Jan
600 104;4 Apr 125
Winter (Ben1) Inc corn
A g
19
1611 Jan
• 11%
800 61% Aug
1134 1254
Second Nat Invest unit ctf 158
July Winton Engine common_ •
Aug 162
1464 158
2,400 143
754 June
500
69%
69
Securities Corp corn
Mar 830
• 830
Aug Worth Inc clam A
800 830
30 410
514 Mar 11% Jan
•
500
8
8
8%
Seeman Bros common_
•
Aug 80
Jan Yellow Taxi Corp
62
62
100 62
1,600 31) A tie 35% Aug
181 un
• 32
32
29
Segal Lock dr Hardware • x114
14
May
11
834 July
1254
4,400
Unite Products Corp com • 32% 32
4434 Jan
7,200
32%
Seiberling Rubber corn_ _.• 25
Aug 65% Jan
25
200 25
26
Selected Industrlee com-• 2654 22% 26% 111,200 1854 Jan 31% Feb
Rights
Allot Ws 1st paid
June 106
Jan Acoustic Products
100
9951 101
15,000 90
Ii
III
Aug
.
300
Prior preferred
65
65
69
4,600 62 June 69% Aug Amer Investors Inc
111
" A ug
% Aug
336 duly
854
7% 8% 16,400
Selfridge Provincial Stores
American Tobacco
14% Aug
14
124 14% 89,500 12% Aug
Ltd ordinary
El
31tit Feb
334 3%
200
Associated 0 & E deb rta
355 Jan
334
54 June 1914 Aug
14,900
17%
1611 18%
Sentry Safety Control
Mar 28% May Bell Telep (Canada)
-• 174 17
9
1914 8,400
934 Aug 10% Aug
955
94 104 2,600
Sharp & Dohme Inc
• 28
Aug 284 Aug British Celanese
28
284 6,000 28
Jai
7% Jan
300
7
734 7%
Shattuck (Frank G)
Aug Capital Administration_ _ _
6454 62
65
34,300 58% Aug 65
5% Aug
9
Aug
9
12,000
6
9
• 61% 584 624 14,500 48
Sheaffer(W A) Pen
Apr 63% Jan Central Pub Service
6
3t! A lig
3
2% Aug
ug
2% 334 19,600
Shenandoah Corp com
39% Aug
• 33
32;4 3754 59,100 29% July
Cont & So'west Utilities_
Aug
5
200
5
634
6% cony pref
56 54% 53% 6()
Aug
47,800 53% Aug 63
Consol Gas
16
6% July
054 Aug
10
9% 10% 341,700
Sherwin-Williams corn_ _25
Star 10514 May Dixie Gas & Utilities
95
95
125 81
4%
10,200
3
4
Aug
6
Sikorsky Aviation cona___• 50% .50
52% 8,200 204 Jan 63% Mar Duke Power
19
Aug 2474 Aug
1835 19% 1,300 17
Silica Gel Corn corn vie..' 2911 2911 3054
1,600 20% Aug 4834 Mar
at
Kodak
714 Aug
614 7% 228,000
414 July
Silver (Isaac) &Bros corn.' 69
Feb Fiat
69
69
100 6134 June 86
6%
July
6% 7.34 6,000
6
Preferred
100
Feb First National Stores
105% 105%
50 10434 Aug 128
1%
1711 A an
1
1% 1%
j
134 Aug
ug
6,300
Ellnger Mfg
100
July 631
Jan General Asphalt
130 530
545 585
1034 1034 11% 7,200 10% Aug
1114 Aug
Singer Mfg Ltd
£1
954 Jan Internet Superpower
554 Aug
400
5% 6
4%
4
4
435 20,900
Aug
Slate Financial Corp
• 544 53% 5411 11,100 53% Auk 564 Aug Loew's Inc deb rights
2434 21g 25
500 19
May
Smith (AG) Corp corn...' 2344 223 24211
July Lorillard a') Co
Feb 260
360 163
1%
I% 2
4
5,700
231 A1
9
154 Aug
F 118
A94.7b
Sonatron Tube common..' 34
4,900 2354 July 434 Feb Mat hieson Alkali
3254 38
2
1% 2
IS( Aug
28.400
2
Aug
Southern Asbestos
•
30% Apr 4914 Feb Middle West Utilities
900
34
35%
50% 4914 524 3,800 34
Aug 8334 July
Southern Corp corn w
17
5,900 1454 July 2014 Aug National Dairy w
1614 18
2%
255 3 746,000
254 Aug
3
Aug
Soutwest Dairy Prod__ . 17%
May 21
Jan Newport Co when Issued3,400 12
18
17
34
54
% Aug
11 5,100
14 Aug
7% preferred
i60 90
Aug n100% Apr By & 1.ight Securities
100 90
90
90
6
2,300
7
6
Aug
8
Aug
Span & Gen Corp Ltd...El
7
Jan Sunray 011
24 Aug
3
2% 34 5,600
54
55
51 Aug
55 10,200
4 Aug
Bearer stock
3
Aug
534 July
United Gas Impt
300
3
3%
354 34 120,000
114 May
3,1 July
0
Spiegel May Stern pref.100 78
Aug 9854 Feb
1,100 78
8134
78
Scpuare D Co corn Cl B.....' 57% 56
Aug
Public Utilities
200 424 July 60
57%
Standard Brands Inc (forAllied Pow .k Lt corn
94% 89% 943% 20,600 444 Apr 110
July
merly Flelschm-Royal).• 40
$5 1st preferred
3634 40% 334,900 32% June 4034 July
78% 78
7854
1,000 74
May 7934 July
Standard Dredging cons..'
1,100 34% July 37% Aug
$3 preference
354 37%
44
44
•
100 4134 June 52
July
Preferred
May 374 Aug Amer Cities Pow & Lt Corp
300 28
3651 37%
Standard Investing com__• 434 41
Clang A
43% 9,800 3134 July 4634 July
5,000 864 Mar 84% July
7514
50 704 68
Standard Motor Constr100
634 May
2% Mar
1,000
3%
Class B
334
5254 18,300 2354 Mar 60% July
• 4956 49
Standard Screw
100 192
650 15935 June 17434 July
171 192
Am Com'w'Ith P ago A • 2954 29
30
18,500 22
Jan 31% Aug
Stand Steel Propeller ooni• 52
24
• 48% 4014 50
May 54% Aug
Common B
5154 52% 6,400
10,000 22
May 50
Aug
Starrett Corp corn
Apr 43
• 40
Aug
3,500 28
Warrants
954
9
374 43
9% 7,300
11% Aug
54 June
Starrett(L S) Co com_
Aug 44
Aug Amer Dist Tel of N J 01100 Iii
15,100 33
•
33
37
111
111
Apr 114
150 110
Feb
Stein Cosmetics corn
20% 20% 2155 5,200 1534 Mar 2254 May Amer di Foreign Pow wary_ 14054 1204 14055 19,400 52% Jan 1404 Aug
Stein (A)& Co corn
June 38% Feb
.• 3234 324 33
2,400 26
Amer Gam & Else corn_
215
20934 218% 8,800 128
Jan 224% July
Preferred
July 99% Feb
100
100 87
Preferred
8914 8914
10234 10954
•
800 99
June 10954 Jan
Sterchl Bros Stores corn..• 31
July 33
Aug Amer Lt & Tree corn_ __10C 339
2,100 26
32%
31
311 339
725 205
Mar 390
Aug
Stinnes (Hugo) Corp
9% Jan 164 Feb Amer Nat Gas corn vs e_ • 16
3,800
13%, 14%
1334
1255 17% 9,800
8% June 18% Jan
Strause-Roth Stores corn.' 26
34% Aug Amer States Pub Sery
30% 6,000 184 July
20
500 25
254 25% 25%
July 2754 June
Stromberg-Carl Tel Mfg *
Jan 3534 May
100 29
Amer Superpower Corp
324 3234
Stroock (5) & Co
300 3654 Aug 61% Feb
Corn. B new
3654 37
6414 6955 656,500 20
69
713.4 July
May
Stutz Motor Car
June 35% May
700 12
First preferred
• 14
14%
14
984
1,700 90
9754 97
July 100% Feb
Swift & Co
Aug
100 144
3,450 1234 July 144
Convertible preferred_ _ _
13254 114
9011 9054 01
600 8934 Apr 94
Jan
Swift International
Arizona Power Corn. _.100 35
15 36
3254 37% 9.700 20% Mai 37% Jan
35
35
600 23% Jan 58
June
Syrse Wash Mach B corn.*
June Assoc. Garr & Elee class A • 64% 624 64% 148,300 4954 Jan 654 Aug
600 164 Mar x26
20%
20
Taggart Coro common_ _ _• 4634 4554 46%
4354 Apr 6934 Feb Bell Telep of Can
600
181 183
100
75 170
Mar 190
Aug
Taylor Milling corn
Aug 36
July Brazilian Tr Lt & Pow ord• 70% 68
•
35
300 35
35
7114 8,700 48% MAY
Aug
74
Tennessee Products corn.*
July 27
Feb
Brooklyn City RR
23
200 20
23
8% 911 2,900
100
75( Juno 1155 Jan
Thermold Co eons
July Buff Niag & East Pr p I_ _25 2434 2414 25
• 33
Feb 38
3034 34% 12.800 25
1,800 2434 June 26% Jan
7% cum cony pre f_ __100 98% 98% 100
Feb 11244 July Cables & Wireless
300 90
Third Nat Investors corn.' 6334 614 67
Aug
May 67
Am Dep Ras A ord sh £1
9,600 50
3% 4
7,200
3% Aug
554 Aug
Thompson Prod Inc cl A.-• 55
Jan
1191.4 Jan
1,800 46
Am deli nets B ord shs_.£1
52
55
4
4
434 29,300
54 July
4
Aug
Thompson Starrett Co DL. 61% .54% 64
Aug
50
May 64
6,90
Am Deo Rehr pref shs £1
434 4% 8.200
44
554 AUg
434 Aug
TobaccoProducts Exports.
1% Aug
34 Jan Cent Atl States Serv v t()_• 134
114 2
200
1034 1334 9,000
9% June 10% Apr
Todd Shipyards Corp....'
7654 Jan
200 56 June
Central Pub Seri el A____• 54
5634 56%
53
,
56% 23,100 35
Jan 5834 Aug
Toddy Corp el A
2554 Apr 32% Aug Cent & S W 15111 new
•
1,300
29% 32%
31
3.300 28
28% 28
Aug 32% Aug
ClassB vtc
Aug 14% Jan
9
• 12%
900
Prior lien stock
1255 12%
100 10231
100 98
•
May 10354 July
Torrington Co
Aug 85
Jan Cent States Else new corn_
25
200 76
78
76
32,900 38% June 83% July
8254
7951 83
Transamerica Corti
157
Aug
Feb
21,100 125
153% 152% 157
6% mei without warn_
85%
85
300 80
Aug
9034 July
New
Convertible preferred_
62% 6254 64% 9.000 6234 Aug 64% Aug
416 419
500 97
Aug
Jan 440
Transcont Air Transp__ _ _• 24
21% May 3234 July
1,400
Cony pref new w 1
23% 25
206 209
209
1,600 119 June 21114 Aug
Voting trust ctfs
2.200 224 Aug 31% July
Warrants
2234 2254 2354
8654 101
11,000
101
19% Jan 101
Aug
Trane-Lux Pict Screen
Cities Sem r & L $O prof.'
,
9054 9055
100 1/04 Aug 9634 Jan
Class A common
Mar
24
544 Jan
•
7% preferred
935
955 9% 2,400
102% 10254
• 100
100 1023-4 Aug 10734 Jan
Travel Air Co
Jan Cleve Elec Illum com____• 94
•
100 444 Aug 61
4754 4754
94
98%
200 60
May 102% July
Tri-Cont Allied Co
Aug 104% Aug Com'w'Ith Edison Co.
48,500 102
10234 102 10214
375313853-1
30 216
.100
Jan 4494 Aug
'I'd-Continental Corp com• 47% 46
57
Aug Cora'w'ith Pow Carp pf.100 -165Jan
65,800 30
49
700 971.4 July 10434 June
3
,
; 99% 100%
6% cum prof with war100 113
Apr 119% Aug Cornmwealth & Sou Corp_
3,800 104
2434 168,300 22% June 294 July
109% 113
2334
24
Triplex Safety Glass
Warrants.
931 9% 73,100
954
834 June
1254 J uly
Am rcts for ord ab reg.-300 lag July 33% Feb Com'w'Ith Utll corn ci 11._• 46
17
17
17
46
46
300 45
JulY
63
'171-Utilities Corp
Aug Cons0 E 1.& T Balt com.• 139% 13254 139% 4,600 884 Aug
Aug 56
10,100 45
5534 54
56
June
Apr 160
Trunk Pork Stores
Aug 6034 Jan Cons Gas 1;111 class A...." 3154 31
•
100 35
3551 3556
31% 2,100 2934 June 31% AMC
Tubise Artificial Silk el B.• 3974 380 410
Jan Dixie GUS de Uttl corn
660 305 June 595
25% 25% 30% 22,400 21% Aug 30% Aug
Tung Sol Lamp Wks new.. 4234 42% 474
Aug 49% July Duke Power Co
800 42
275 155
28034 3
100
00
Jan 3244 Aug
Ulen & Co new com wl • 32
East States Pow B oom___• 70
32
32% 3,400 30% Aug 36% July
70
1,700 4254 Feb
68
77% Aug
Union Amer Investment
' 7951 7834 804 2,200 5131 May 86% Aug Flee Bond & Sh Co corn... 133% 16214 184 305,000 73
Aug
Mar 184
Union Tobacco corn
•
Jan
4% Aug 20
• 105
SOO
Preferred
4%
431 5
1,900 1014 June 10914 Jan
1044 105%
Ctfs of deposit
8% Aug Elec Investors
6% July
7
1,500
64 755
276 28654 8,000 7734 Jan 30214 Aug
• 28414
United Carbon prof. .100 104% 103% 104%
Aug
105
98% 9931
Jan
_ _100
600 92
Preferred
1,000 9634 June 101
99
Feb
United Carr Fanner corn." 21
Aug 21% Aug
Elea Pow & Lt 2nd pf A__•
21
2131 2,600 21
10034 101
500 98% July 103
Mag
United Chemicals $3 pref' 36
614 Feb
Aug
Option warrants
30
1,000 30
36
51%
1,400 28% Jan 59
49
51
July
United Corp warrants
4754 July Empire Gas & F7% pf_100 9254 9255 93
Aug
40
14,400 37
37
300 92% July 984 Jan
United Dry Docks corn._' 14% 14% 4051
8% Preferred
2,400 144 Aug 20% Apr
15%
105 105
200 104
100 Jan
Aug 110
United Milk Prod corn_ •
Jan
834 July 21
954 12
Empire Pow Corp part etk• 54
500
5434
53
2,800 89
Mar 62
May
Preferred
77
Engineers Pub Serv warn..
77
77
100
4511 46%
800 23
Aug
51
Ma
United Molasses Co Lta
Federal Water Berv el A._• 504 49
51
22,300 46% June 63% Feb
Am dep rcts for ord regEl
4134 Aug
July
39% 39%
Fla Pow & Lt $7 cum pref
300 35
100 10034
300 100
100
Mar
Jan 102
United Profit Sharing corn'
41
Mar Gen Water Wks & El .k_ _ _
5
4% Aug
4% 5
3,500
26
26
200 26
26
Ater 2734 Aug
UnIten Ret'l Chem 11 v t c •
Apr Internal Superpower
3
June
114
1
11i
100
93% 40,500 8054 July
89
• 92
9314 Aug
United Shoe Mae com_25
June 8554 Feb Internal Util clans A
64
•
6454
400 64
44%
44
300 el% May 51
July
United Stores Corp corn.'
21% 23
rims B
300 20% July 28% June
18% 16,900 144 Mar 224 Feb
17
• 17%
Non-cum cony class A
4254 42
44
900 40% Aug 5474 June Internet Utll warrants
594 534
514
600
Jan
11
44 Jan
$6 cum cony prof
•
Aug 91% June (fallen Super Power
7751 77%
100 72
1711 214 9,100 1114 Jan
2054
2354 June
United Wall Paper
Aug
30
26
Aug 30
30
32,700 26
Warrants
1034 11
1,100
15
Jan
544 Jan
Prod class A_ •
US Dairy
Aug Long Island Light'
524 54
400 4834 Jan 63
85
eorn-i60
84
600 4814 Apr 91
July
Class B
• 20%
19
Feb 20% Aug
700
14
7% preferred
20%
109 10935
20 107 Juno 113
Mar
U S Finishing new com_ _
51% 51
5634 Aug
54
3.700 51
Aug
Marconi Interns* Marine
• 6334 6351 64%
U 8 Foil class B
2,800 5414 May 744 Feb
Commun Am deo rcte_
13% 5,000 1214 Aug
13
3734 Aug
13
Gypsum common_ _20
75
76
Marconi Wire'T of Can_l
900 56
Mar 793.4 Aug
8%
8
8% 26,500
1214 July
754 Feb
92% 92
July
CT S & Intern Sec allot ctfs_
937.4
1,900 9154 Aug 102
Marconi Wireless Tel Land.
• 1754
Aug
175 18
19
13.500
5
U S Lines corn
174 Apr
Class 15
1634 1731
1,400 15
Aug 2234 Jan
„
AUG. 31 19291
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Public Utilities (Concl.) Sale
of Ptke,
1.
Week.
Par. Price. Low. High. Shares.
Memphis Nat Gas
•
Middle West CH com
•
Common new
Prior lien stock
100
7% preferred
100
Mohawk & Hud Pr 1st pf..•
2d preferred
Mont Lt lit & Pow corn_ _*
Municipal Service
•
Nat Elec Pow class A____•
Nat Pow & Light pref____•
Nat Pub Serv corn class A•
Nev-Calif Electric corn _100
New End l Pow A8911 corn.'
6% preferred
100
New Engl Tel & TeL __100
NY TelepS3.4% pref_100
Niag Hudson Pr corn w 1_10
Class A opt warr w I. _
B wart(1 warr for 34 sirs)
B warr (1 warr for 1 sh)_ _
Nor Amer Util Bee oom__•
1st preferred
•
Northeast Power corn
•
Common dep receipts....
Nor States P Corp sow _100
Preferred
100
Ohio Bell Telep 7% pf_100
Pacific Ga.& El lst, urel_25
Pacific Pub Sort cl A
Pa Gam & Electric class A..•
Penn-Ohio Ed corn
•
7% prior pref
100
16 preferred
•
Penn I'ow & Lt $7 pref_ *
Penn Water & Power. ...•
Peoples Light & Pow cl A
Piffle Elec l'ow 8_ 'met_ 25
Portland Elec Power_..100
Power Corn of Can coin_ •
Puget Sel P&L 6% prof _100
Railway St Light Secur_
Rochester Cent Pow
•
Rockland Light & Power.
Shawinigan West & Pow_.
Sierra Pacific Elea corn _100
100
6% Preferred
Southeast Pow & Lt oom_•
Panic preferred
•
Warr to purchase corn stk
Sou Calif Edison pref A_25
Preferred B
25
534% preferred C_25
Sou Cities Utll class A.__•
Sou Colo Power cl A_25
Sou'west Bell tel pref_ 100
Sou
•west Gas Mil
Std Gas & El 7% Pref._100
Standard Pow & I.t __25
Swiss Amer Elec pref
Tampa Electric Co
•
Underground El Rye (Lon(ion) Am dep rag ordinary reg
Union Nat Gas of Can. _ _•
United Elec Berv warrants.
(lotted Gan corn
•
United Gas Improvem1.50
United Lt & Pow corn A_ _•
Common class B
•
6% cum let pre(
Utll Pow & Lt corn
Class Byte new
Winnipeg Elea Ltd
•
1835
19
5,500
17
441
441 45034
700
4134 4034 4234 29,200
174 174
100
169 169
100
200
10334 103 10335
1024 10234
100
150
150 150
50
22
100
22
494 45
600
4934
250
10734 10734 10735
30% 3034 3334 5,300
8034
80
200
110
90
89
90
90
89
250
17934 166 17934
113
112 1134
800
2535 2634 216700
26
835 8% 50.600
835
674 704
1.600
19
1834 2034 7,400
1,800
1835 19
1834
300
954 96
7235
70
72
300
100
70
70
70
22034 21535 22035 2,700
107 107
100
113 113
10
200
264 2634
28
27 34 27
1.000
2035 2035
100
2034
95
95
100
95
10334 10334
180
150
9315 95
106 106
100
10535 1154 3,300
118
5,400
5234 524 53
324 3235
200
61
58
61
1,200
135 13634
1,200
0934 9934 9J35
110
99
99
200
42
42
300
3335 3435
1,500
11034 1054 11134 1,400
65
6434 65
900
92
92
96
220
12334 12334 125
200
8931 894
100
7134 7334
500
284 284
200
2434 2434 25
1,100
2334 2334 2334 4,400
43
4234 43
200
25
25
100
11734 11734
50
20
19
2234 24,700
107 107
100
12834 11034 12834 12,800
99
99
100
794 75)4 79%
1,700
Range Since Jan. 1.
Low.
1234 Mar
1584 May
5
343.4 Aug
11935 June
11634 Apr
102
Aug
June
102
105 34 Mar
204 Aug
30
May
10534 July
2254 Mar
48 June
Mar
84
Aug
85
144
June
June
111
22
June
7
June
60 June
1815 Au
1834 Jan
9434 Ma
Mar
40
70
Aug
1364 Jan
107
Aug
110
Apr
2534 June
Aug
27
101
Aug
53
Mar
102
Feb
89
Feb
1054 Apr
81
May
45
Apr
3214 Aug
35
Feb
9735 Jan
98
Jan
9034 July
31
Apr
2634 Jun
7734 June
47% Apr
91
Jan
714 Jan
8334 June
2734 Jan
2335 Mar
2435 Aug
234 Aug
39
June
2234 May
114
May
12
Aug
10534 Aug
*
490 Jan
954 May
ao May
535 535
100
5%
40
40
1,400 84
4135
14
1% 2
2,300
1%
36% 344 3754 146,000 2134
284% 26635 28475
9,000 155
52% 5035 524 49,300 3034
9035 100
300 32
11434 112% 11535
2,100 994
35
31% 35% 49,200 2135
834 83
85
2,300 27
87
87
87
100 87
Former Standard 011
Subsidiaries. Par
Anglo-Amer 011 Vot shs__
Ws of dep
15
LI
Non-tot she ctfs of den-- -----Bucker) Pipe Line.
.50 68
Continental 011 v tc(ME)10 214
Galena Signal Oil old 14.100
Humble Oil& Refining 26 123%
Illinois Pipe Line
100
Imperial 011(Canada)._ _
• 37%
Registered stock
Indiana Pipe Line new.._ _
294
National Transit ____12.50
Ohio 011
25 75%
Penn Met Fuel
25 31%
Solar Refining
25 3635
South Penn Oil
25 50
Southern Pipe Line
10 20
Standard 011 (Indiana). 25 5735
Standard 011(Kansas)_25 24
Standard Oil (KY)
10 37%
Standard 011(Neb)
25
Standard 011(0) corn-25 120
Preferred
100
Vacuum 011
25 126
15
15
100
1535 1,300
15
1314
400
13
68
100
68
2035 2134 2,600
80
10
80
121% 12534 6,400
100
30334 305
37% 17,60
34
3734 3714
100
500
2934 30
2136 2234 1,400
7.000
7535
74
1,000
3134
29
200
3635 3655
1,00
494 51
30
2031
20
56
5935 127,40
4.500
2335 25
5,800
3634 38
700
4834
48
750
118 123
600
11434 11614
7,500
124 128
14
143(
1235
8535
16%
7735
89%
285
26%
27
284
21%
8434
2334
3635
4034
13
5114
18
354
454
110%
11335
10534
High.
20
506
50
174
17614
11014
110
150
83%
63
110
May
July
July
Aug
Aug
Jan
Jan
Aug
Mar
July
June
92%
1)6
100
17934
114
30%
9%
8214
20%
26
974
84 34
82
235
1094
116
28%
28
101
106%
109
97
1104
117%
58%
32%
70
136%
1014
1134
49
40%
111%
6935
06
138
98
8735
30
2835
2634
48
2834
1234
22%
111%
128%
100%
9484
Aug
Aug
Feb
Aug
Jan
July
Aug
July
Aug
May
May
July
July
Aug
Feb
Mar
Jan
Aug
Aug
June
July
Mar
Feb
Aug
Pei
Aug
Aug
Aug
Apr
July
Jan
July
Aug
Aug
Aug
June
Feb
June
Jan
Jan
Jan
Mar
July
Mar
Aug
Feb
Aug
July
July
Aug
535 Aug
Mar 45
July
Jun
434 Feb
Jan
Jun
39
Ma 299% July
Ma
61% July
Jan 100
Aug
June 124% July
May 40
July
July
June 90
Aug 87
Aug
July
June
Aug
July
Aug
July
Feb
Jan
May
June
July
Mar
Jan
June
Aug
Feb
Feb
AU
Jan
May
Feb
Feb
Aug
Jan
184
18
16
743(
29
85
128
3404
37%
3734
30%
25%
76
444
60
60%
2234
63
26
654
504
129
12435
133%
Feb
Feb
Mar
Jan
Mar
Feb
Aug
May
Aug
Aug
Aug
Jan
Aug
Feb
Feb
Apr
Apr
Mar
Aug
Jan
May
May
Mar
Mar
Other 011 Stocks
Amer Contr 011 Flelds___1
34 9,200
3.4
14 Aug
31
72e
Jan
Amer Maracalbo Co
5
4,400
334
335 4
338 May
834 Jan
Argo 011 Corp
10
400
234
2
135 Feb
44 Apr
Arkans Nat Gas Corp oorn• 24
2134 2434 171,100
11% Jan 24% Aug
Preferred
10
2.300
834
834 834
714 Mar
9
Mar
Class A
24
6% May
2134 24% 270.100
24 34 Aug
Atlantic Lobos 011 pref_ •
c00
234
134 May
2
4
Apr
British Amer 011 coupon_ •
700 45
67 34
63
Mar 674 Aug
pulp Syndicate new corn .._
3
33.4 4,300
3
2% Feb
4% May
Colon 011
•
7,000
9
May
854 934
6
Jan
15
Como!Royality 011
5%
300
535 534
435 July
114 Feb
• 98
Cosden Oil Co
12,000 45 June 101
93 101
Aug
Preferred
800 71
June 82
79% 82
Aug
Creole Syndicate
•
94
834 934 9,500
735 July
11% Jan
Darby Petroleum Cer1)--.• 124
400 12
1234 13
Aug 26
Jan
•
Derby 011 & Ref oom
1,200
734
2
734 734
Jan
11
June
Devonian 011
10
164
15
900
7
Apr 16% Aug
Gulf Oil Corp of Penna 26 2054 201 20615 14.00 14235 Jan 209
Aug
Romaokle Oil
1,40
3% 4
135 June
754 Jan
Houston Gull Gas
• 1934
1936 21% 7.400 144 June
22
Jan
Interoontinenta!Petrol_ _10
134 4,40 , 14 July
1%
134
214 May
Internet Petroleum New.' 29
26% 29% 65,100 2254 June 2935 Aug
•
Kirby Petroleum
2%
234
700
234
14 May
3% Jan
Leonard 011 1)evelopm3.25
4
235 June
334 434 6.000
635 Mar
•
Lion Oil Refining
800 2335 Mar 38% May
3334 35
50
Lone Star Gas Cori) New.. 484 43
11.600 324 June 50
Aug
Magdalena Syndicate-_1
34 3,800
34
34
34 May
1% Jan
304 29% 3134
1,500 1584 Jan 42
Mo Kansas Pipe Line
May
Gulf 011
Mountain &
1
200
74
34
34
34 June
1% Jan
Mountain Prod Corp-10 134
1234 13% 5,400 1114 Aug 2214 Feb
• 3714 36
Nat Fuel Gas new
3934 5,800 244 A vr 43% Aug
5
354
New Bradford 011
334 314 1,800
3
Aug
5
Jan
200 16
18%
18
N Y Petrol RoYaltY
Feb
24% Mar
Nor Cent Texas 011 Co___• 144
700
1474 1434
84 Jan
IR% Aug
• 15
Pacific Western 011
15
14 34 Aug
154 5.131)0
24
Mar
•
Panden 01 Corp'
1
14 7,400
I
Aug
314 Mar
Panetpec Oil of Venezuela •
2.700
534
534 6
534 Aug
104 Jan
.• 27%
Petroleum (Amer)
21 600 25% Aug 3414 Feb
274 28
1427
Friday
Sales
Las( Week's Range for
Other 011 Stocks
Sale
of Prices.
Week.
(Concluded)
Par. Price. Low. High. Shares.
Plymouth Oil
Red Bank 011
Reiter Foster 011 Cort)
Root Refining Co MetRyan Consol Petrol
234
•
5
•
Salt Creek Cons 011
10
Salt Creek Producers_ __10
Southland Royalty Co.
Sunray Oil conanon
•
Tenon Oil& Land new w I
Union 011 Assoclates_ ---25
Venezuelan Mex Oil
•
Venezuela Petroleum.._
White Star Refining
•
Woodley Petroleum
Mining Stocks
Arizona Globe Copper___I
Bunker 11111 & Sullivan.JO
10
Carnegie Metals
Chief Consol Mining
1
Comstock Tun & Drge_10c
-01sol Conner
-Consol Min &Smelt Can.25
Copper Range Co
25
Cresson Consol0 M & M_1
Engineer God Min Ltd__6
Evans Wallower Lead eorn•
1
Patcon Lead Mines
First National Copper...-5
Gold Coln Mines
Golden Centr? Mines___5
Gotdfield Conseil Mines_l
Heels Mining
25c
HollingerConsGold Mines 5
Bud Ray Min & Smelt....'
Iron Cap Copper
10
Kerr I.ake
5
Mason Valley Mines
5
kilning Corp of Can
5
Mohawk Mining
15%
15
10%
13%
81%
3%
5435
22
10
434
23
5
July
Aug
June
Mar
Aug
30
Jan
16
Mar
894 I'D
29
Apt
11
Jae
214
14%
14%
104
13
2%
1554
15%
1155
14%
400
3.000
1,600
1,000
1,700
2
13
14%
103.6
12%
Aug
Aug
Aug
Aug
July
5% Jan
2614 Jan
24
Mar
12
Aug
23
Jan
814
78
3% 4
34%
50
70
67
434 4%
1,200
4,200
800
1,000
800
44
66
3
66%
435
Aug
Feb
Aug
Aug
June
53
8114
654
724
93.4
Aug
Aug
Jan
July
Mar
34 June
4,800
Co
300 12515 Aug 165
3,800 1535 Aug 21%
1,600
4
2% June
214
400 50c Mar
7,200
18
934 Aug
June 510
10 350
100 204 June 32)4
2.200
134
34 Aug
Jan
Mar
June
Jan
Jan
Mar
Mar
Mar
Jan
11(
14
140 143
1534 1835
3% 3%
1
1
10
93.4 1034
402 402
25
25
35
3-6
17%
18%
3%
34
136
55
High.
2,200
100
2,300
300
800
36
5-6
10
36
Low.
2334
23
10
10
4% 5
2435 253-6
54 5%
1S',4
215
1735
Range Since Jan. 1.
234 335 1,000
17% 174 2,100
a, 12,50
5i.
2,90
35
'Le
36 3,90
M 10
33,60
41,60
154
144
100
34
21c
4
16c
May
Mar
Jan
Aug
Jan
Aug
Jan
44
26%
64e
54
234
12
1
Jan
Fen
Jan
June
Apr
Jan
Aug
1754 174
1,000
654 736
7,100
18% 1936 14,800
3% 334
700
900
34
54
11( 134
1,100
44 434
900
55
55
200
16
54
16%
334
36
134
335
50
Jan
July
July
Jan
July
Jan
June
Apr
23%
9%
23
934
14
254
6%
61%
Mar
Jan
Feb
Mar
Jan
Jan
Mar
May
New Jersey Zino
834 8334 84% 2,300 75% Mar 87% Jan
Newmont Mining Corp.10 22151 210 34 222
14,900 187% Fel 233% Mat
234 234
New Quincy Mining
234 July
200
34 June
NY & Bond Rosario_ _10
16
16
600 1534 Jan
Apr
18
234 2% 2,300
234 Aug
Niplasing Mines
2)4
338 Jan
• 63% 63
Noranda Mines. Ltd
64% 4,600 4534 Mar 68% Jan
Ohio Copper
135
134
134 10,700
14 May
4% Jan
131
Premier Gold Mining_
134
134 June
500
21(s Jan
49
25
Quincy Mining
4935
300 37
May
4934 Aug
444 50
Min Ltd
Roan Antelope C
49
10.900 385( Jan
52 June
St Anthony Gold Min__ _1
Shattuck Denn Mining. 1635
South Amer Gold & Plat.1
1
Teak Hugnee
6%
Tonopah Belmont Dot _ _1
Ill
United Eastern Mining-1
United Verde Extension 50c 1734
•
United Zinc Smelting_
1
Unity Gold Mines
5
Utah Apex
Utah Metal & Tunnel_ _ 1
1
Walker kilning
Wenden Copper Mining I
Yukon Gold Co
Bonds
Abitibi P Syr 58A_ _1953
Alabama Power 4358-1067
1956
1st & ref 5e
Allied Pk let col tr 88_1939
Certificates of deposit_
1939
Debenture 8e
Certificates of deposit
Aluminum Cost deb be '52
Aluminum Ltd 60_.1948
Amer Aggregates 6s
1943
Amer Com'Ith Pr 155'49_ _
Amer 0 & El deb 5s_2028
American Power & Light
without warr_2016
Amer Radiator deb 43413'47
Amer Roll Mil deb I58_1948
1936
Amer Seating Si
Amer Solv & Chem 69_1936
With warrants
Without warrants
Appalachian El Pr 58.1956
Arkansas Pr & Lt.68._1956
Arnold Print Wks 1st Os '41
Associated GA E 534e 1977
C deb 4Se WI war 1948
-on
Without warrants
Assoc'd Sim Hard 63.41 '33
Assoc Teter, Utll 53.46_1944
Atlas Plywood 5%2_1943
Bates Valve Bag 65.__1942
With stock porch warr_.
Beacon 0110s with war 1936
Bel Tel of Canada 6eA958
let 5e series B
1957
Boston Cons Gas deb 5s'47
Boston & Maine RR 6e '33
Canadian Nat Rya 71_1935
Capital Admin 58 A..1953
Carolina Pr & Lt 68_1956
Cent States Mee 5,9_1948
Cent States P & Lt 5%a'53
1943
Childs Co deb 54
Cigar Stores Realty
1949
634s series A
Cities Service 5.3
1966
Cities Service Gas 53451942
Cities Seri Gas Pipe L 6043
Cities Serv P & L 6343_1952
Cleve Elec Ill deb 711._1941
5s series A
1954
Cleve Term Bldg 68_1941
Columbia River Lang Bdge
1953
let 654s
Commander Larabee Os '41
Commers und Private
1937
Bank 554e
Conyvv•It Edison 43681957
Consol GEL&P Bail
19 9
6
434,
1952
54s series E
Cons° Publishers 63181936
1941
Consol Textile tis
19531
Cora'1G & Elba
contin.nrai nll 81(.. luqCosgr Meeh Coal 6346.1954
Cuba Co 6% notes
1929
Cuban Telephone 7 tss 1941
1(
54
1454 17%
2
236
5% 6%
34
34
'is
34
1731 1834
80
8,00
300
6,500
100
1,500
2,200
35
1435
2
534
34
31
16,34
May
Aug
Aug
Aug
Aug
June
July
93c
28
314
10%
2
Ihs
26
Mar
Feb
Feb
Mar
Jan
Feb
Mar
II,
1%
200
1,600
600
900
400
3,200
4.100
34
fa
3%
050
234
1
'it
Aug
June
Aug
Jan
Jan
Aug
May
2%
254
634
23.4
7
24
n13,4
Jan
Apr
Mar
Aug
Aug
Jan
Jan
85% $56.000 8235
934 64,000 90
7,000 98
9934
4,000 45
56
5,000 45
55
56
4,000 4834
5335
1,000 4534
1004 53,000 100
9534 21,00
95
95
95
1.00
97
12234 94,00
9235 87,000 9134
May
874
May
96%
June 103
Jan
57
June 56%
Mar s57
Jan 5634
Feb 10234
Aug
984
July 11514
May 12354
Aug
9734
Jan
Jan
Jan
Feb
Aug
Feb
Aug
Jan
Apr
Jan
Aug
Jae
10335 10334
95
95
95
79
79
10434 82,000 103
95%
5,000 94
9536 25,000 94
8531 24,000 79
Jun
July
Mat
Aug
115
91%
97
9334
93
13334 123
171
1663-4
128
124
86% 8634
134% 130
87
115
93
98
933.4
93
134
172
128
8735
13935
90
114
131
534
1
11,
924
5335
10035
11935
9135
11,,
1%
334
134
5%
1
100
101
234
5%
"re
8334
91%
99
55
53%
52
5334
10031
95
95
117
9135
92
97
93%
107
122
34
11,000 104
June 125
Aug
8,000 9114 June 97 54 Mar
118,000 8734 Feb
99% Jen
21,000 91 34 Aug 498
Jan
May
1,000 93
98
Jan
213,000 9881 Jar 134
Aug
122,000 99% Jab 173
July
69,000 944 Jan 128
Aug
14,000 8554 May
88
Feb
2'37,000 97
Jun( 163
Aug
11,000 84
July 1034 Jan
loot 108
120
100
9934
99%
101
10(134 Jan
994 Jan
9734 May
974 Jan
20,000 102
122
10,000 106
100% 9,000 98
10034 25,000 9874
100
8,00
99
10235 6,000 9834
Apr 1101( Jan
Mar 123
July
Mat 10214 Jan
June 10214 Feb
Aug 103
Jan
AD 103
Jan
10634 10634 10634 8,000 105
11755 1134 11835 87,000 96
993.4 99
994 10,000 97
854 84
8535 26,000 82
90% 32,000 89
89
82
81
17,000 81
84
Jun
110
Jan
June 1204 Aug
Jun
102% Jan
May
901
5 Jan
Aug 9634 Jan
Aug 90
Jan
87
824
86%
93
9234 92%
105
105
101
93
Ain
99% Jan
July 9051 Jan
June 9254 Jan
July
98% Jan
July
97% Jan
Feb 108
Feb
Aug 104% Feb
Aug 984 Jan
8731
8334
864
88
78
834
88% 3,000 87
84
13,000 8214
87% 32,000 864
93
1.000 91
93
28,000 90
105
3,000 104
101
2,000 101
9334 2,000 924
90
78
3,000
1,000
8334 8334 30,000
95
95
1,000
99%
106
106
99
80
8374 83
9235
,
82
99 34
1074
88
74
Aug 100
July 90
8
3% Aug
94% Aug
9935 4.000 99
106
1.000 105
9935 6,000
9854
82%
3.000 79
84
44,000 83
94
13,000 92%
86
7,000 82
9934
1,000 9535
109
5.000 10515
May
Feb
Jan
July
Aug
Aug
Aug
Aug
July
88
98%
Jan
Jan
Jan
Jan
10055 Aug
10635 Mar
10235 July
Jan
914 Jan
96% Jan
92
Jan
9734 Feb
111
Jan
oe
Bonds (Continued)
Cudahy Pack deb 515s 1937
1948
6e
Deny & Salt L By 68 1960
Dot City Gas 69 ser A_1947
1950
Is series B
Detroit Jot ridge 6358_1952
1952
25year e f deb 78
Dixie Gulf Gas 6358._1937
With warrants
Electric Pow (Ger) 635s '53
El Paso Nat Gas6%s A '43
Deb
-Dec 1 1938
Empire 01.& Refg 53.4s '42
Ercoie Mare! Elec Mfg
6359 with warrants_1953
EuropMtg&Inv7seerC 1987
734o
1950
Federal Water Serv 535s'54
Finland Residential Mtge
1981
Bank On
Firestone Cot Mille 68_1948
Flre,tone T&R Cal 58_1942
First Bohemian GI Wks30-yr 7s with ware...1957
Florida Power & Lt 58_1954
Garlock Packing deb as '39
1956
Gatineau Power 5a
1941
es
Gelsenkirchen Min 68_1934
1952
Gen Amer Invest 5s
Without warrants
Gen Indua Alcohol 63513 '44
Gen Laund Mach635s 1937
General Rayon Os A__1948
Gen Theatres Eq 6s__1944
General Vending Comas with ware Aug 15 1937
Georgia & Fla RR 6s__1946
Georgia Power ref Is....1987
Goodyear T & R 5368_1931
Grand Trunk By 6356_1930
Ground Gripper Shoe fifs 44
Guantanamo 8.r W By 5s'58
1937
Gulf 011 of Pa 5e
Sinking fund deb 58_1947
Gulf States Liti be
1956
Hamburg Elec 7s
1935
Hamburg Elk Ind 54s'm
HanoverCredlnat6s
1931
1949
634s
Hood Bubb cony 54s 1936
7s
1936
Houston Gulf Gas 6348 '43
68
1943
Hung-Italian Bk 7358_1963
Hygrade Food 6s ___ .1949
III Pow & Lt 534s ser B1954
Mop Oil& Gas deb Os 1939
Ind'polis P & L laser A '57
Ins Pow Senor 7s ser E 1957
Internal Securities 58_1947
Interstate Nat Gas 64_1936
Without warrants
Interstate Power fie__ _1957
Deb 6s
1952
Invest Co of Am 5e A _1947
Without warrants
Investors Eq 5s A.___1947
Without warrants
Iowa-Neb L & P 58_ _1957
Immo Hydro-Elec 76.1952
Italian Superpower of Del
Deb as with warr__1963
Without warrants
Eon Gas & El (is A___2022
Kelviruttor Co ea
1936
Without warrants
Koppers0& C deb 5e.1947
Laclede Gas 535s
1935
Lehigh Pow Secur 8e 2026
Libby. McN & Libby Is'42
Lone Star Gas Corp 58 1942
Long Island Lfg 6s_ _ _1945
Louisiana Pow & Lt 5.1957
Manitoba Power 5340_1951
Mama Gas Coe 634s..19 8
4
Memphis Nat Gas 65.1943
With warrants
Matron Edison 435s__1968
Milwaukee Gas Lt 4363 '67
Minn Pow & Lt 455s__1978
Miss River Fuel(is
Montreal L H & P col 5e '51
Morris & Co 734e1930
Munson S El Lines 6345 '37
With warrants
Narragansett Eleo be A '67
Nat Power & Lt 66 A.2026
Nat Public Service 59_1978
Nat Rubber Mach 68_1943
Nat Trade Journal 6s_1938
Nebraska Pow 6s A_ 2022
Nelsner Realty deb 6s 1948
New EngG&ElAsan5s 1948
68
1947
N Y & Foreign Invest
535s A with warr
1948
NYP&L Corp let 436s'07
Niagara Falls Pow 60_1950
Nippon Elec Pow 63551953
North Ind Pub fiery 661968
Nor States Pow 694% -1933
North Texas UtUlties 7s '33
01110 Power be ser B 1952
44e seriee D
1956
Ohio River Edison 5s_1951
Osgood Co 6s wit warr '38
Oswego Riv P w 6s_ _1931
Fax Otte & El lin 445_195,
Pacific Invest Se
1948
Pacific Western 0116345'43
Parmelee Transport as 1944
Penn-Ohio Edison 6s 1950
Without warrants
535e when issued___1959
Penn Dock & W 6s w w '49
Penn Pow L laser B__1952
5s series D
1953
Peoples Lt & Pr 5a
1979
Phila. Electric 534s
1947
Pittsburgh Coal Os.. _.1949
Pittsburgh Steel 6e _ _1948
Poor & Co 68
1939
Potomac Edison 5e_ _1956
Power Corp of N Y 5358'47
Procter & Gamble 435s '47
Reliance Bronze de Steel
Corp 15-yr deb 6s.,..1944
Reliance Matutge't 68.1954
With warrants
Remington Arms 548_1930
[VoL. 129.
FINANCIAL CHRONICLE
1428
Friday
Last Week's Range Sales
for
Sale
of Prices.
Price. Low. High. Week.
95
99
70
10334
104
9731 97
8734 86
70% 70
9534
90
99
71
105%
97%
8734
73
Range Since Jan. I.
Low.
High.
S9.000 95% May 9934 Jan
1,000 964 June 10135 July
Aug 9136 Jan
19,000 67
30,000 10335 June 10635 Jan
Aug 10035 Jan
7,000 96
Apr 96
Jan
10,000 84
Mar 8935 Feb
13,000 70
72
88
10734
11435
87% 8635
7334 12,000
2,000
88
12,000
109
5,000
11434
8731 36,000
71%
84
98
99
86
June 8851
Aug 97
Apr 115
Jan 120
June 91,51
82
'80%
93
10035
10,000
83
1,000
8035
2,000
93
10135 89,000
82
80
93
99
Aug 98% Jan
Jan
Aug 92
100 Mar
Aug
June 103% July
72
82
101
7935
88%
92
7935 Aug
Aug
88
9035 July
4,000
40,000
34,000
43,000
24,000
18,000
80
78
9734
92
ggyi
8734
July 88
Feb
Aug 9234 Feb
Apr 11835 Aug
9735 Feb
July
June 100% Jan
June 9131 Jan
34,000 8135
84
26,000 100
102
8236 2,000 82
4,000 75
77
51,000 99
103
Aug 86% Feb
June 106
May
Aug 10236 Jan
Jan
Aug 95
Aug
July 103
85
85
85
8531 8131 8535
117% 11731 11835
9331 9334 94
96% 99
90
89,5 90
8136
100
82
75
77
102% 102
50
51
95%
10535
984
98
99%
93%
83
96%
90
7831
75
9935
98
109
83%
5035
50
51
51
95% 9631
98
98,5
10534 10534
9834 100
50
50
97% 98
9834 100
93% 94
98
98
7934 83
96%
95
90
90
9436 97
9031
87
79
75
75
78%
86
86
9935 9935
97
98
109 109%
96%
95
94% 96
82% 8335
10134
86
86
89
117%
123
77% 77
89
8634
91
74,1
11,000 4134
5,000 50
57,000 95
13,000 9754
44,000 103
22,000 9835
6,000 50
51,000 97,1
38,000 9835
77,000 93
9,000 98
29,000 7935
9,000 93
2,000 88
34,000 68
30,000 764
10.000 75
42,000 75
10,000 8534
51,000 9934
12,000 97
31,000 10234
24,000 95
4,000 9151
41,000 82%
10136 8,000 101
87% 39,000 86
2,000 89
89
91,000 95
124
7836 52,000 7634
78% 78,1 5,000
3,000
89
89
8635 29,000
86
9135 40,000
91
74% 78 121,000
5,000
102 102
73% 7536
9431 9434
9835
97
97
10331 10234 103%
90% 9
051
9535
05
103 103
103
89
9031
9735 98
1004 100 100,1
95
9135
95
8635
11531 114
99
100
100
9114 Jan
Jan
94
9531 Aug
5,000
22,000
10,000
7935 80
88
90
91
92
102
Jan
Feb
Aug
July
Apr
75
89
86
Aug
May
May
June
May
Aug
Aug
Aug
Aug
Aug
Aug
Aug
May
July
May
Aug
July
Aug
Aug
Aug
Aug
Feb
Aug
Mar
Aug
87%
70%
9834
100
108
101
8531
1014
102
9931
103
88
96%
953.4
99
97
92%
92%
98%
10035
101
120
100
96%
02
Feb
Jan
Jan
Feb
Jan
Aug
Mar
Jan
Jan
Jan
Jan
Jan
Aug
Mar
Aug
Jan
Jan
Jam
Jan
Aug
Feb
May
May
July
Jan
July 104% Jan
Aug 9634 Jan
Jan
July 97
Apr 13034 Aug
Jan
Aug 83
Aug
Aug
Aug
80% Feb
9435 Jan
914 Jan
90% Aug 93
74% July 82
Apr 103
99
33,000 67% June 79
July 100%
38,000 93
Aug 101
7,000 97
61,000 102% July 106
14,000 9036 June 94
4,000 9434 Aug 99%
10,000 10235 June 106
Aug 9835
11,000 89
18,000 9731 Aug 101
37,000 9934 Aug 104%
July
Jan
May
Jan
Apr
Mar
Jan
Jan
Jan
Feb
Jan
Jan
Apr
9734 33.000 92% July 117 • Feb
Jan
10,000 9135 Aug 99
94
Aug 10034 Feb
9535 9,000 95
Aug 9251 Jan
4,000 86
8634
115% 142,000 113% Aug 11935 Aug
1,600 9034 Apr 101% Jan
99
Aug 101
Jan
4,000 99
100
May
July
Max
Aug
May
Aug
June
June
Aug
Aug
123
1004
10534
8354
163
98%
110
108%
9734
9735
Aug
Jan
Feb
Jan
Jan
Jan
Mar
Jan
Jan
Feb
118 121%
119
9734 97%
97%
103% 102 104
7531 7535 79
120% 120%
70
69
102% 10234
10135 102%
88%
87% 87
88
87
87
38,000 97
6,000 98%
28,000 102
19,000 74
1.000 120
10,000 69
2,000 10134
10,000 9834
24,000 87
17,000 87
8835 8951
89
89% 90%
90
105 106
105
8815 8834 89
9731 9731
10131 1014 101%
99% 9954
9935 99% 100
89% 89% 9035
97
9751
9835 9835
9735 97% 9735
89% 91
92%
92% 92
9251
92% 91
9235 89% 93
Aug 94
Feb
11,000 87
July 93% Jan
55,000 80
4,000 10434 Jan 108% Feb
Apr 92
Jan
14,000 87
8,000 9731 Aug 10134 Jan
Feb
44,000 1004 May 104
June 103
Feb
7,000 98
Jan
24,000 97% June 101
29,000 8935 July 93% Jan
June 100% Feb
5,000 96
2,000 96;6 July 102% Feb
June 9931 Feb
2,000 96
15,000 89% Aug 9834 Jan
Ain 96% Feb
12,000 91
Aug 984 Jan
20,000 91
Apr
77,000 8934 Aug 100
99%
984
100
93
102
11635
96
88%
98%
9836 9935
8935 9135
9951
98
99% 100
100 100
9234 9335
104% 104,5
09
99%
101 102
11636 119%
95
96
88
90
96% 96%
18,000 084 Aug 102
Aug 974
21,000 89
Aug 9931
62,000 98
7,000 9934 June 10335
May 10236
3,000 09
22,000 8534 June 100
8,000 104% Aug 107
May 10031
6,000 99
9,000 1004 Avr 103
June 130
55,000 96
18,000 924 Aug 98
Aug 9835
6,000 88
23,000 9335 May 59855
Jan
Mar
Aug
Apr
Jan
Feb
Feb
May
Jan
Aug
Max
Feb
Feb
10034 May
95
95
96
65,000
95
Aug
108
98
106
98
109
98
230,000
3,000
92
97
June 109
May 99
Aug
Jan
Bonds (Concluded)
Rochester Cent Pow 5s '53
y
o
Buhr
1953
Ryerson (Jos T) & Sons Inc
15-yr s f deb 5s
1947
St Louis Coke & Gas is '47
San Ant Public Fiery 5s 1958
Salida Falls fe
955
Schulte Real Estate Os 1935
Without warrants
Scripps(E W) 536s___1943
Servel Inc (new co) 58_1948
ShavrIntgan W & P 4 45 67
Shawsheen Mills 7s___103I
Sheridan-Wyo Coal 6s.1947
Silica Gel Corp
With warrants
1932
Snider Pack 6% notes_1932
Solvay-Am Invest 513_1942
Southeast P & I, 68_2025
Without warrants
Sou Calif Edison fe___1951
Refunding be
1952
Gen & ref 5s
11993447
Sou Calif Gas 58
So'wst Dairies 635s
With warrants
Sweet & E Is A...1957
1938
S'west Pow & Lt 6s...2022
Staley (A E) Mfg 61._1942
Standard Invest 5148_1939
Is with warrants _ _ _1937
Stand Pow az Lt 6e1957
&Innen (Hugo) Corp
Ts Oct 1 '36 without ware
7s 1946 without warents
Strauss (Nathan) Gs_ _1938
Strawbridge & Cloth 55 '48
Sun Maid Raisin 6344_1942
Sun 01163.44
1939
Swift dz Co 5 Ozt 15 1932
Texas Cities Gas 55... _1948
Tanta Power & Lt 5e1956
Thermoid Co as W w 1934
Ulan Co Os
1944
Nov 1 1936
Union
Invest 58_1948
United El fiery (Unse)7If50
With warrants
Without warrants
United Industrial 635s 1941
United Lt & Rye 5345_1952
68 seriee A
1962
United 011 Prod Is... 1931
United Rys (Hay) 734s '35
United Steel Wks 634e 1947
With warrants
US Rubber
Serial 6 SS % notes _ _1930
Serial 635% notes _1032
Serial 635% notes1933
Serial 635% notes.. _1934
Serial 635% notes_ _1935
Serial 635% notes__ i936
Serial 63.4% notes_ _1637
Serial 634% notes-1938
Serial 635% notee__1940
Utilities Pr & Lt
Van Camp Packing 66_1948
Virginia Eleo Pow 5e__1955
Webster Mills 634s...1933
Western Newspaper Union
944
Cony deb fits5%ii..1057
Western Power
Westvaco Chlorine 535s '37
Wisconsin Cent Rys 591930
Friday
Lou Week's Range Sales
for
Sale
of Prices.
Price. Low. High. Week.
87
81
9035
83
92%
73
9035
88
93
8535 87
79% 81
66,000
57,000
Range Since Jan, 1
Low.
83
Mar
78% Aug
Mob.
89%
94
Jan
Jan
9035
83
92
10035
17,000
92
44,000
84
3,000
92
5,000
100%
9035
81%
9135
98
Aug 96
Jan
Jan
Aug 92
July 97
Feb
Mar 102% Jan
80%
9254
73
89%
95
83
1,000
80%
92% 13,000
7.000
73
6,000
91
3,000
9.5
2,000
83
80
9235
7031
89%
94
83
July
Jan
July
Aug
May
Aug
2,000 101
105 105
8731 8831 17,000 87
15,000 90
91;5 93
96%
9535
8535
94%
9854
03
Max
Apr
Jan
Apr
Jan
Jan
Jan 112% Afar
Aug 10731 Jan
Aug 9855 Feb
102% 102% 103 140,000 100
97
9894 17,000 97
98
8,000 9731
97% 98
9856 9854 5,000 98%
13,000 9135
9135 9134 92
Mar
Aug
Aug
Aug
July
1054
10214
102
102%
96
933.4
9335
10331 103
9831
100
101
124
124
96% 96
9435 16.000 89
2,000 9134
9335
103% 6,000 9935
7,000 97%
9831
10135 72,000 100
2,000 124
124
97% 28,000 9434
July
Apr
May
Jan
Aug
July
May
101
Jan
97% Jan
107% Jan
99
Feb
Aug
103
136
May
99% Jan
92
85%
9834
9835
9251 76
9914
100
99% 9931
75
9434
9435
9735
98
99
99
102
103
116
92%
8535
98%
98%
93
100
99,5
84
9535
0935
9)36
103
117
81
83
98
9834
48
90
08,1
73
92
95
9835
07
98
June
July
Aug
Mar
May
Aug
Mar
July
July
June
Aug
Apr
June
94%
91
14035
100
93
102
10034
89
994
105%
1604
1(J3
12034
Fob
Feb
Jan
Feb
Aug
Jan
Mar
Mar
Jan
Mar
Aug
Aug
Aug
1,000 10735 Aug 130
Apr 9234
28,000 88
Apr 9134
25,000 84
44,000 83% Aug 94%
June 10134
11,000 98
Apr 95
8,000 070
May 110
11,000 108
Feb
Jan
Jan
Jan
Jan
Aug
Jan
92
8536
91
86%
8354
9834
10734 10736
90% 91%
88
86
83% 8535
9835 99
92
02
108 108
84
83% 86
98
98
9734
97
97
95
9734
97
97
98%
9435
84
9535
91
95
97
97
9631
99
99
19331 180%
9931
9831
9831
9735
97%
9731
95
9735
97
9731
9836
97
84
9631
91
6,000
15,000
2,000
1,000
64,000
13,000
31,000
42,000
29,000
68,000
82,000
9,000
16,000
76,000
6,000
2,000
3,000
4,000
13,000
5,000
1.000
6,000
4,000
331,000
7,000
23,000
29,000
8234 May
9735
0535
96
9635
95
955
6
9631
96%
97
89
81
9535
8734
Aug
July
Aug
July
Aug
July
May
Jan
Jan
June
May
Aug
Apr
Jan
Feb
Apr
Mar
May
9334 July
100%
10094
100%
100
100%
190%
100%
10034
102
101
874
10034
9634
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Aug
Feb
Jan
Jan
July 9934 July
9931 9,000 99
39,000 10954 Jan 197
194
Aug
Jan
10,000 98% Aug 104
100
Aug
17,000 9651 Jan 99
99
Foreign Government
and
Mtg e Bk Rep OICI,
90
90
20-yr 7s_ ___Jan 15 1947 90
9251 9255
Baden (Germany) 7s_ _1951
Bank of Prussia Landowners
9731
Men 6% notes_ __1930 9731 97
10034 103%
Buenos Alres(Prov)734e'47 103
99% 100
71
1952
Cauca Valley (Dept) Co8835
88
lombia exti s 1 7s _ 1948 88
Cent 13k of German State&
79
76
Prov Banks fie B
1951 76
94% 9434
Chilean Cons 70
1960
9638 97%
Dan.ah Cons Muni°594655 96
92% 9231
1953
Danzig
nsnow & Waterway Bd
igP
81
79
EMI s f 6%s
1952 80
8735
Frankford (City)645_1953 -- --- 87
92% 96
German Cone Munie 75 '47 96
82%
81
Se
1047 82%
Indus Mtgo Bk of Finland
let mtge cols f 78..1944 0914 9934 9936
8731
83
Lima (City) Peru 6358 1958 ---80
79
Maranhao (State) 78_1958 79
Mendosa (Prov) Argentina
------ 9235 94
Moevideo (City) 0_ 19 9 9531 9531 96
7nla
951
8
aigeBk ofilogota 78 new '47 ------ 86% 87
88
88
75
1947 88
06%
96
Mtge Bank of Chile 65 1931 96
9136 9235
92
6s
1962
7131 72
Mtge Bk of Juttoe'av Ts '67
9235
01
Primal*(Free State)635851 91
Eztl ISa (of '27) Oct lb '52 83% 8131 83%
89
88
Rio de Janeiro
_1959
8335
83
Rumanian Mono Inst is '59 83
8358_.
Russian Government,lan
1231 12%
1919
12%
635e Mfg_
1919 ------ 12
1235 12%
5358 certificates_ _ _ _ 1921
Santa Fe (City) Argentine
9151
Republic ext 7s
1945 ------ 91
9555 99
Santiago (Chile) 7s
1949 96
1,000
4,000
89
02
June
Aug
99
98
Jan
Jan
Mar
12,000 94% May 98
Apr 104;4 June
28,000 100
Juno
18,000 9934 Mar 102
85
May
13,000
2,000
16,000
3,000
76
9451
9634
9034
Aug 87%
Aug 95
June 101%
July 9634
5,000
9,000
17,000
87,000
79
87
9234
81
Aug
Aug
Aug
Aug
16,000
15,000
10,000
97% May 102
93
83
Aug
70
Aug 94
8,000
17,000
28,000
10,000
3,000
32,000
513,000
13,000
18,000
95,000
20,000
18,000
9254
9335
86
87
96
81%
71%
89
8114
88
81
96)4 Jaa
Feb
Aug
Jan
Jan
864 APT
964 Jan
9815 June
Jan
89
Jan
Jan
Jan
Aug 99 11 API
May 00/336 May
Aug 97% Aug
Feb
Apr 94
June 9834 Feb
Aug
93
Aug
Aug 83% Jan
Feb
May 97
Aug 0034 Jag
pi% July
Aug
8934 Fin
Aug
194 Apr
AO
19
Ape
19
9,000
62,000
2,000
12% Aug
12
Aug
1231 Feb
10,000
7,000
91
GO
Aug
9554 Aug 100
Jan
Jan
• No par value. 1 Correc ion. m Listed on the Stock Exchange this week, where
additional transactions wit be found. n Sold under the rule. o Sold for cash.
5 Option sales. I Ex-rights and bonus. w When issued. s Ex-dividend. V Earights.
"Under the rule" oaks were made as follows:
a American Meter Co., Jan. 15 at 128; 5 52,000 Procter & Gamble 435s of 1947.
Aug. 20 at 100; c Danish Consolidated Municipal 535s, 1955. January 15. at 106
e Hinsworth Manufacturing, July 8 at 5835:I Parmelee Transports., July 22 at 28:
p Educational Pictures preferred Feb. 6 at 100; r United Milk Products. March
21, pref.. at 81; e Allied Pack. 6 1939, April 2 at 59; it Mayflower Associatek
May 29. 200 at 65; s Investors' Equity 58, 1947. $7,000 at 98.
"Cash" sales were made as follows:
d Arkansa.s Power & Light lot & ref. 58, Jan. 22 at 99.
"Option" Bales were made as follows: u Schutter-Johnson Candy,Clam A. March h•
100 at 6.
Goldman Sachs Trading Co. paid 100% stock dividend In Apr. Range of old
stocks before payment of stock dividend was 11794 low, 226 high.
AUG. 31 1929.]
FINANCIAL CHRONICLE
1429
Quotations of Sundry Securities
All bond prices are "and Interest" except where marked '1".
Public titilitiss
Par Rid
sk
American Gm & Electric-1 *209 213
0% Preferred
*103 109
Amer Light & Tree com-100 310 320
100 106 112
Preferred
Amer Public Util com
100 50 60
7% prior preferred-A0° 92 95
Partic preferred
100 90 94
Appalachian El Pr pref-100 105 10612
Associated Gas & Eleo$5 preferred
*94 96
Col El & Pow 7% pf -__100 107 109
Com'w'th Pr Corp pref--100 9934 10012
Eastern Util Assoc, com
1 *3912 4012
Convertible stock
•1614 17
Gen Public URI $7 pref
*88 91
Mississippi Riv pow pref 100 100 102
_J&J
First mtge 58
9812 ____
g3i2 95
M&N
Deb bs 1947 1951_National Pow Az Lt $7 Mel- •107 108
*97 984
$6 preferred
North States Pow oom__100 218 221
100 107 108
7% preferred
Ohio Pub Berv 7% pref 100 102 107
97 100
6% Preferred
Pacific Gas & El 1st pref_25 *2518 2614
Puget Sound Pr & Lt $6 ni-1' *98 101
$5 Preferred
*8312 86
lit & ref 54s 1949__J&13 984
Say El & Pow 6% pf-100 89 92
Sierra Pac El Co 6% Pf-100 92 94
South Cal Edison 8% pf__25 *55 65
Stand G & El 7% pr pf_100 105 107
Tenn Elec Pow 1st pre:7%- 104 105
100 97 99
6% preferred
Toledo Edison 5% pref____
88 92
6% preferred
100 103
100 108 110
7% preferred
Western Power Corp pf_100 10234 105
Short Term Securities
Allis Mal Mfg fa May 1937 9814 9834
Alum Co of Amer in May '52 1004 10012
Amer Red deb 4ies May '47
9412 96
Am Roll Mill deb 5s_Jan '48
9514 96
Batavlan Pete 430_ _ _1942
8934 91
Bell Tel of Can 5s A_ Mar'55 100 10012
Bethlehem Steel
Sec 5% notea_June 15 '30
99 100
See 5% notes.June 15 '31
9814 9914
Sec 6% notes_June 15 '32 984 994
Commer'l Invest Trust
May 1930
5% notes
9714 99
Cud Pkg deb 54s_Oct 1937
9512 9612
Cunard SS Line 43s Dec '29
99 993
4
Edison El Ill Boston
44% notes_ _Nov 1930 98 9834
Empire Gas Az Fuel
68
June 1930
9734 9834
Fisk Rubber b )iti_ _Jan 1931
70 75
General Motors Accept
5% Fier notes
Mar 1930
99 9938
5% ser notea_Mar 1931
98 9838
5% ser notes
Mar 1932
0613974
5% ser notes-..Mar 1933 9434 9534
5% ser notes
Mar 1934
944 96
5% ser notes_Mar 1935 94
9512
6% sec notes.. Mar 1936
93'295
Gull 011 Corp of Pa•
Debenture 58...Deo 1937 973 9814
4
Debenture 5s Feb 1947 9912 10014
Koppers Gas & Coke
Debenture 5s_June 1947 94 941
4
Mag Pet 4Sia_Feb 15'30-'35 94 100
Mar 0115% notes J'n3 15'30
97 98
Serial 5% notes J'ne 15'31
94 954
Serial 6% notes J'ne 1632 9212 95
Mass Gas Cos 548-Jan 1946 100 10034
Pacific Mills 54a_ _Feb 1931
9714 9814
Peoples Gaa L & Coke--Deo 1929 & 1930
97 9912
Proet dzGamb 44s July '47
4I6s-95 98
Swift & Co
5% notea____Oct 15 1932 99 99 4
3
Un N J RR & Can 4sSept'29
9938 100
Wisconsin Central 5. Jan '30 9814 99
Tobacco Stocks Par
Railroad Equip.(Cana.)
Illinois Central 4 Sig & 58_ _
Equipment 6s
Equipment 75 Az 6;is-Kanawha & Michigan (is
Kansas City Southern 54s..
Louisville & Nashville
Equipment 13545
Michigan Central 58 & (is„
Mhui St P &SS M 4 Yis & 5s
Equipment Otis & 75
Missouri Pacific Os & 614...
Mobile Az Ohio bs
New York Central 430 & 58
Equipment 13s
Equipment 75
Norfolk & Western 44s
Northern Pacific Is
Pacific Fruit Express
pennsylvants RR equip Is..
Pittsb & Lake Erie 64s
Reading Co 434s & 59
St Louis & San Francisco 5.5.
Seaboard Air Llne 5
& Os
Southern Pacific Co 434s
Equipment 7s
Southern Ry 414s & bs
Equipment es
Toledo & Ohio Central ea.__
Union Pacific 7s
Aeronautical Securities
Aeromarine-Klemm
5
Aeronautical Ind without war
Warrants
Air Investors common
Preferred
Warrants
Airstocks Inc
Alexander Indus corn
1
8% Participating pref____
American Airports Corp-t
Amer Eagle Aircraft
Aviation Corp of Calif
Aviation See Co of N E
&Mance Aircraft Corp new.
Berliner-Joyce Aircraft A
Brunner Winkle Aircraft_
Central Airport
Cessna Aircraft new com
Consolidated Aircraft
Consolidated Instrument-t
Curtiss Flying Service
Curtiss-Robertson Airplane
Units
Curtis, Assets
Curtiss Capron!
Curtiss Reid corn
Curtiss-Robertson units....
Dayton Airpl Engine
t
Detroit Aircraft
Fairchild Aviation class A
Federal Aviation
Fokker Aircraft
Preferred
Haskelite Manufacturing...
Khmer Airpl & Motor
Lincoln Aircraft
Lockheed-Vega
Maddux Air Lines corn....
Mahoney-Ryan Aircraft
Mohawk Aircraft
Moth Aircraft ctf dep.
National Air Transport....
NationalAviation
New Standard Aircraft
NY Rio & Buenos Aires Line
North Amer Aviation
Pollak Mfg
Sky Specialties
Southern Air Transport....
fitearman Aircraft corn
Stinson Aircraft corn
Swallow Airplane
Travel Air Mfg new
U 8 Air Transport
United Aircraft
Preferred
Universal Aviation
Warner Aircraft Engine
Western Air Express
Whittelsey Mfg
Ad
1 Chain Store Stocks Par End Ad
58
Kobacker Stores corn
I *54
100 96 100
Cum pref 7%
Lane Bryant Inc 7% P w w. 123 127
Lerner Stores 64% Pf w w• 107 111
100 400 ____
Lord & Taylor
100 100 ____
First preferred 6%
Second preferred 8%_109 108
MacMarr Stores 7% Pi w w 112 117
McLellan Stores6% pref 100 93 96
Melville Shoe Corp
1st pref 6% with warr-100 97 103
Mercantile Stores pref-100 103
Metropolitan Chain Stores
100 113 117
New preferred
1 *4812 50
Miller (I) & Sons corn
100 94 98
Preferred 614%
Mock Judson & Voeringer Di 96 100
Murphy (0(l) Co com----t *103 105
8% cum pref
100 102 106
5
15
Nat Family Stores Inc warr
*13
16
Nat Shirt Shops com
100 75 80
Preferred 8%
1 •17 22
Nedick's Inc!com
t *90 94
Netaner Bros Inc corn
100 195 199
Preferred 7%
•76 82
Newberry (J) Co com
100 101 104
Preferred 7%
N Y Merchandise com----1 *35 40
First preferred 7%._.l00 101 105
100 110 113
Penney (J C) Co
4
5 Peoples Drug Stores oom-..1'
8
100 *4
110 122
8 4
1912 2112
fiyi% cum pref
I
7 4 74 Piggly-Wiggly Corp
3
17
100 103 ---173
4
Preferred 8%
35 3612 Reeves (Daniel) Preferred_
88 94
t
Rogers Peet Co corn-- -100 135 145
*55 60
18 /812 Schiff Co corn
93 10
4
Cum cony Prof 7%-.100 102 106
2212 23
85
Shaffer Store corn
Silver (Isaac) & Bros oom-1 *63 70
*7
34 412
9
7% cum cony pref- -100 105 109
224 24
70
Southern Stores 6 units5
class
pn ---1 .3
1072 2812 Uo Stores
614 10
S
4
Common class B---.--1 •2
23 25
First preferred 7%.
-100 67 72
100 102
5
9 Y ung(Edwin
II)
Un122
8
11
19 21
Standard 011 Stocks
33 3412 Anglo-Amer Oil vot stoM £1 '15
£1
*2314 24
Non-voting stock
25 •
67 6738
21 23
Atlantic Ref corn new
25 *26 29
Borne Scrymsar Co
Buckeye Pipe Line Co 50 *67 68
- Chesebrough Mfg Cons 25 *195 210
10 *2014 204
II" 1112 Continental 011 v t e
17
21
Cumberland Pipe Line-100 82 68
18 BE;
.
m
128 138
Eureka Pipe Line Co___100 5
•413s 414 Galena Signal 011 com_100
100 77
80
163 1612
8
Preferred old
100 77 85
1184 1218
Preferred new
14
1712 Humble 011 Ss Refining-25 *1224 12312
100 303 308
Illinois Pipe Line
*3714 38
20 23 Imperial Oil
*28
30
Indiana Pipe Line Co
-/3-4
International Petroleum- -1 *29 294
8
5
8
National Transit Co_-12.50 *213 2212
5 10
New York Transit Co -100 1514 19
10 12
Northern Pipe Line Co--100 53 58
25 •75 7512
Ohio Oil
25
- Penn Me: Fuel CO
3 74
5814
11
2
25•
x5714:8
26 30
Prairie Oil& Gall
25
- Prairie Pipe Line
3018 38
25 .
16 Solar Refining
•
20 51
4014 20
14
17
Southern Pipe Line Co _50 :
25
1712 19
South Penn 011
1414 1412 Southwest Pa Pipe Lines_50 *60 66
77
.8
*512 7
Standard 011 (California).
8
*5738 577
36 40 Standard 011
25 *24 25
9 12
011 (Kansas
Standard
32 35
Standard 011 (Kentucky)_10 .3718 371
15
17
Standard Oil (Nebraska).25 *48 491
25 *7134 721
6
10
Standard 011 of N J
25 *4338 4312
-- Standard 011 of N Y
25 *120 124
Standard 011 (Ohio)
100 115 1161
Preferred
25 •13
16
- Swan & Mich
25•
147 154
Union Tank Car Co
4
22
25 441253 x127
Vacuum 011
Mil
.5.80
5.50
5.60
5.50
5.70
5.50
5.35
5.75
5.75
5.75
5.60
5.30
5.30
5.80
5.60
5.40
5.75
5.60
5.60
5.25
5.30
5.20
6.00
5.30
5.60
5.20
5.50
5.50
5.60
5.00
5.20
5.30
5.20
5.30
5.20
5.15
5.10
5.25
5.25
5.20
5.10
5.10
5.46
5.30
5.00
5.30
5.30
5.30
5.00
4.95
5.00
5.50
5.00
5.30
5.00
5.20
5.20
5.30
131
4
Investment Trust Stocks
and Bonds Cond.) Par Bid Ast
Deposited Bk Shares ser Hi 1538 1638
Diversified Trustee Shares
33 3334
Shares B
2814 29
Domestic & Oversea prof _
Eastern Bankers Corp corn _
Units
145 151
Equit Investing Corp units
3434 3754
(
Slasi
2912
lass B
712 812
7318 77
Federated Capital Corp
New units
59 6212
First Holding & Trad
12
14
First Investment, A pref... 35 45
Fixed Trust Shares class A
2738 2818
Class B
2434 254
Founders Holding Isom el A 150
Common new w
6% preferred
150
Foundation See coin
10
General Equities A
2212 2412
General Trustee common
23 25
New units
70 75
8% bonds
90 95
German Cred & Inv 25% pd 16
18
Greenway Corp corn
27
29
Preferred with warrants
'64
Guardian Investment
32
Preferred
32
Guardian Investors_
912 1014
90 95
$3 units
8
6
38 42
57 preferred
96
Harvard Financial
-Incorporated Equities
7534
Incorporated Investors
8412 87
Insuranshares series A
2614 28
Series B
1928 22 2312
Series C
27 2812
Series F
3034 32
Series
25 2612
Inter Germania Tr
187 194
Int Sec Corp of Am corn A
5812 6112
Common B
31 34
Allotment certificates..„ 144
634% Preferred
90 ii"
854 8912
preferred
Invelt Co of Amer corn.... 7814 8114
6
Inv7elpF7Inferred
93 100
d of N J
74 8
Investment Trust of N Y._
15
1534
Invest Trust Associates.... 5334 553
4
Rights
414 434
Joint Investors class A
64 68
Convertible preferred
126 136
Keystone Inv Coro class A
1912 2212
CiassB
5
6
Massachusetts Investors8012 6354
Mohawk Invest Corn
1723 176 4
4
,
Mutual Investment Trust
1514 16 2
,
NY & London Mgnt units
North Ameni 11th Sec
20
18
Preferred
94 96
North Amer Tr Shares
1178 1238
Oil Shares units
62
Old Colony Invest Tr nom
23 25
44% bonds
82
Overseas 5s
1946 85 88
Pacific Investing Corp corn. 37
erred
79 82
Powci&
Pr d
Se
fanvIz!
96 99
Financial
2714 294
2nd Found Sh Corp unite.. 136
se(on io nernat sec corp.. 35
Conidm nt
30 34
21
25
41 44
Second Nat Investors
Shawmut Association corn.. 2334 241
sham:nut Bank Inv Trust5_ 52
19 _2
54
434a
1942 8311 87
58
87 90
1313
1952 240
Southern Bond & Share
Corn & allotment ctfa____ 34 36
$3 pref allotment ctfs___ 47
50
Standard Collateral Trust-- 1814 193
4
Standard Investing Corp__ 41
43
% pref with warr____ 100 102
5% bonds with warr
State Bankers Financial....
Third Nat Investors
Tru.stee Stand 011 5135
Y3
-3;
United Founders Corp corn_ 6712 6818
U S Shares class A
1538
ClassAl
1414 16
lassCl
3838
Class C 2
3938
Class C 3
3118 331
Class D
1834
13 & Brit Internet class B. 18
Clam A
3212 3513
Preferred
4012 431z
tr S EIec L ght8 Po0 e
U e & F0r iga •8a cwm
4
5212 55
w;ompnraefne B
o
10
12
Investment Trust Stocks
and Bonds
Water Bonds
3312 351
Alliance Invest
Ark Wat ist 53 A '56--A&O 92 94
Allied Internet Investors-1 107Birm WW lit 5345A'54 A&O 10012 102
13 15
Amer Brit & Cont corn
let hi 5. 1954 ser 13__J&D 94 96
84 87
6% preferred
City W(Chat) 5lisA'54 J&D 99 101
6
10
Amer Common Stocks Corp.
let M ba 1954
J&D 9295
Am & For Sh Corp unitsCity of New Castle Water
Common
bs Dec 2 1941_ _ _ _J&D 1 93
1938 97 98
53i% cony debs
Clinton WW lit 58'39_F&A 90 -9i
Amer Founders Core 0131n- *11612 11812
Com'w'th Wat lit 5SisA '47 98
11614 11914
Cony preferred
100
Con'llsv W bs Oct2'39 A&01 9112
4414 474
6% Preferred
E St L & lilt Wat 58'42 J&J 91 -61
4914 5214
7% preferred
Indus. & Miscellaneous
let M 6s 1042
J&J 100 102
820 87e
1-40ths
Huntington lit 84 '54 M&S 100 102
Amer & General Sec units-- 7012 7312
American Hardware
25 *70 74
50
1954 92
29
Preferred
Class A
Babcock Az Wilcox
100 125 127 Mid States WW Os '38 M&N 99
-Class B
Bliss (E W) Co
*4112 42 Monm ConW lst5s'56 J&D 90 -93 18
9
Sugar Stocks
Amer Insurance Stk Corp.. 2911 2112
Preferred
50 *57 80 Monm Val W 5345 '50-J&J 97 99
Caracas Sugar
Amer Internet Bond & £113._
60•
Childs Corp pre
2
100 105 108 MuncieWW5sOct2'39 A&01 92
1938 2038 Fajardo Sugar
Amer Ry Tr Shares
100 86 89
Hercules Powder
120 125 St Jos Wat is 1941
A&O 93 -6512 Amer & Scottish
26 29
Godchaux Sugars the
Preferred
1 22 25
100 119 120 Shenango Val W 56'56.A&O 89
91
Financial class A
Preferred
Binger Manufacturing.. _100 575 595 So Pitta Wat 1st is 1960 J&J
Astor
100 80 88
93
Haytian Corp Amer
Class B
Binger Mfg Ltd
£1
10
*54 612
lit M bs 1955
F&A 9414
3814 4114 Holly Sugar Corp com-__. *37 41
Atlantic & Pacific corn
1
Terre It WW fis '49 A.J&D 100
4614 5014
Preferred
Railroad Equipments
100 80 85
Preferred
let M as 1956 ser B.F&D 92
_
National Sugar Ref
& Pac Jot corn milts-- 78 81
Atlantic Coast Line 6s
100 40 41
5.60 5.30 Wichita Wat lit 68 '49_11I&5 99 _
Financial Trust...
Equipment 6Ms
5.60 5.30
let M 5s 1956 ser B_Fdr.A 93 _ _ Bankers Investment Am corn 3434 - _ New Niquero Sugar- --100 19
26
34-- Savannah Sugar corn
37
Bankers
Baltimore & Ohio Os
•105 110
Chain Store Stocks
6.60 5.30
Bankers Bee Tr of Am corn_
Equipment 4i•4s &
100 103 108
6.40 5.00 Berland Stores units new, *100 106
Bankinstocks Holding Corn- 10 /6" Sugar Estates Orients DI-100 20
Buff Rods & Pitts equip 6s_
C) Inc corn
5.50 5.20 Botiack
25
•80 83
64 9
Bankshares Corp of U Sot A
Vertientes Sugar Pref-100 40
Canadian Pacific 4Sis & 6s
8,30 5.10
7% 1st preferred
100 98 103
50
8
15
Class B
Central RR of N J 8s
5.50 5.20 Butler (James) common__
9
Rankstociss Corp of Md elA 15
Rubber Stocks (Cleveland)
Chesapeake & Ohio its
Preferred
540 5.20
100
45
Class B
613 714 Aetna Rubber common---1 •11
Equipment 6l.
5.60 5.30 Diamond Shoe common____ 10 44
14
35 41
Falls Rubber common-1'
Preferred
Equipment 5.
Preferred with warr
5.30 5.00
5
98
1114
Basic Industry Shares
Chicago & North West 66
- 5.60 5.20 Edison Bros Stores oom____ 21 104
25
15
22
12
•42
British Type Investors
Equipment 8s
FaPtdretllessareIlubber
Preferred
5.40 5.10
t
34
95 99
2014 -2
i- Firestone Tire & Rub corn 10 *31
New
ChM R I & Pao 4e & is... 5.20 5.00 Effron Stores Corp w
250
10
11
6414
Cent Nat Corp A
Equipment Os
5.50 5.20 Fan Farmer Candy Bh pf ..1
10818 110
33
32
Class B
F)ref rrec
re 4 rrec
Colorado & Southern Ss
i
100
6.60 6.20 Fed Bak Shops corn
8
e
Colonial a vs tw Sharesnl se orities c0ni. 34 343 General Tire & Rub corn-25 10812 109
c0ti
4
Delaware & Hudson 6s
Pref 7% with warr__-100 90 100
5.50 5.20
M *250 265
95
nt
l
rred
Erie 45i5 & 60
5.75 5.20 Feltman & Curme Shoe
93 97
75
Preferred
GooSy
Pr 1? & R of Can
rT
Equipment Os
Stores A 7% prof
5.75 5.30
1
100 50 65
1134 1212 India Tire & Rubber pf.100 £108 110
Corporate Trust Shares
Great Northern fla
5.60 5.35 Fishman (H
Storm corn_
t *38 41
28 34
34
Credit Alliance A
36
Miller Rubber prof
Equipment fri
Preferred
5.35 5.10
100 474 55
114
1134 1212 Mohawk Rubber
Corporate Trust Shares _ _ _
Hocking Valley 5s
5.20 5.00 OS AO & Pao Tea pref.-100 114 117
100 354 3812
Crum & Forster InsuranEquipment as
Preferred
5.50 5.20 Howorth-Snyder Co A
10
77
13
shame corn
103 107
Belberltng Tire & Rubbern
Knox Hat
28
•.
128
Preferred
103
Preferred
100
102
•Perlin:9. t NO Dar value. bands. gPuroluiser also Pays accrued dieldend
Lein sale" a Nominal. zE
y Ex-rights. rOartadlanqUots,$Ios. agle atlas
American Cigar oom----100
Preferred
100
British-Amer Tobao ord-E1
Bearer
£1
Imperial Tob of GB &'reed
Int Cigar Machlnery---100
Johnson Tin Foil & Met-100
Union Cigar
Union Tobacco Co rem__
Class A
Young (J 8) Co cOm----100
Preferred
100
148 152
110
*29 31
•29 31
*23 26
107 110
50
4
412
*2
4
50
104 106
104 ____
2'
I!,
.?a
Investintnt anti Sailroait intelligence;
1430
-In the table which
Latest Gross Earnings by Weeks.
follow, we sum up separately the earnings for the third week
of August The table covers eight roads and shows 6.64%
decrease over the same week last year.
Third Week of August.
1928.
1929.
Increase.
35,025,903 85.595,809
3.813,000 4,375,000
52,200
42,375
332,143
343,614
345,271
383,632
498,690
429,913
3,645,173 3,658,365
356.180
386,259
Canadian National
Canadian Pacific
Georgia & Florida
Mobile & Ohio
Minneapolis & St Louis
St Louis Southwestern
Southern Railway System
Western Maryland
Total (8 roads)
Net decrease (6.645)
$14,138,646 $15,144,881
Decrease.
3569,906
562,000
9,825
811,471
38,361
68.777
13,192
30,079
$148,688 $1,154,023
1.006.235
In the following table we show the weekly earnings for
a number of weeks past:
Current
Year,
let
20
3d
4th
let
2d
3d
ith
let
2d
3(1
ith
1st
20
3d
1th
let
Id
3e1
1th
lot
id
9:1
week Mar.(11
week Mar.(11
week Mar.(11
(
week Mar. 9
week Apr. ( 9
week Apr.( 8
week Apr.( 7
week Apr. ( 8
week May ( 8
Week May ( 8
week May ( 8
week May ( 8
week June ( 8
week June ( 8
week June ( 8
week,June ( 7
week July ( 8
week July ( 8
week July ( 8
week July ( 8
week Aug.( 8
week Aug ', 8
week Aug.( Fi
Increase or
Decrease.
Per
Cent.
8
13.385.303
13,715.106
13,818,627
20,378,281
13.394.590
12.849.259
12,745.841
18.956,008
13.198,800
13,800.007
14.015,235
20.132.939
16.187.145
13.805.018
13.974.488
18,619,998
13.461.210
13,922,999
14,169,119
20,439,976
14,632.315
14,848.790
14 IAA RRI
$
+453.213
+372,052
+667.023
-798.083
+863.416
+855.121
+ 1,178.259
+3.144.625
+885.177
+225,684
-28.063
-206.474
+ 175.321
+374.728
+440.466
+2.311.898
+322.293
+175.544
+160.505
+889.539
-422.061
-934,144
--1 OOR 235
3.38
2.70
4.82
3.93
6.45
8.65
9.33
18.51
6.71
1.64
0.20
1.03
1.07
2.70
10.30
12.41
2.39
1.26
1.13
4.35
2.97
6.29
14 150 CAA
roads)
roads)
roads)
roads)
roads)
roads)
roads)
roads)
roads)
roads)
roads)
roads)
roads)
roads)
roads)
roads)
roads)
roads)
roads)
roads)
roads)
roads)
roads)
Precious
Year.
8
13,838,516
14.087.158
14,485.650
19,580.198
14,258.006
13.704.380
13,934,100
20,100,633
14.083.977
14,025,691
13,987,172
19.926.485
16,362.466
14,179,746
15,414,954
20,931,896
13,783.513
14,098,543
14,329,624
21,329,515
14,210,254
13,914,646
Week.
604
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class 1 roads in the country.
Length of Road.
Gross Earnings.
Month.
1929.
January
February
March
April
May
June
1928.
-)
Inc.(4 or
Dec.(-).
1929.
1928.
3
486.201,495
474,780.516
516.134.927
513,076.026
538,723.030
531,033,198
457.347,810
456.487,931
505.249,550
474,784.902
510,543,213
502,455,883
3
+28.853.685
+ 18.292.585
+ 10,884,477
+38.'291.124
+26.120,817
+28,577,315
Miles.
240,833
242.884
241.185
240,956
241,280
241,608
Miles.
240,417
242,668
240,427
240,816
240,798
241,243
Net Earnings.
Mona.
Inc.(+) or Dec.
1929.
January.
February
March
April
May
June
1928.
Amount.
117,730.1813
126.368.848
139.639.088
136,821,860
146,798.792
150.174,332
94,151,973
108.987.455
132.122.686
110.884,575
129.017.791
127,514,775
+23.578.213
+17.381.393
+7.516.400
+25,037.085
+17754.001
4-22,659,557
Per Cent.
+25.04
+ 15 95
+5.68
+23.39
+12.09
+17.77
-The table
Net Earnings Monthly to Latest Dates.
following shows the gross, net earnings and net after taxes
for STEAM railroads reported this week to the Inter-State
Commerce Commission:
Taxes
-Grossfrom Railway-- -Net from Railway- -Net after 1928.
1929.
1928.
1929.
1928.
1929.
$
5
$
Akron Canton & Youngstown
93.261
122,702
106,016
144.169
293,784
July
331,661
539.050
928.775
631,567
From Jan 1_ 2,336,512 1.897,375 1.084,655
Ann Arbor
90,181
89,156
116,045
115,567
483,509
July
531,130
775.050
646,998
821,089
965,972
From Jan L. 3,648,894 3,335,922
Atchison Topeka ,Sz Santa Fe
5,233,239
21,241,973 19,360,886 8,752,400 6,875,401 6,841,365
July
From Jan 1.123367202 110869,649 40,559.049 26,758,859
Atlantic Birm dz Coast
67,044
64,211
82,058
81.095
486,235
473.873
July
76,040 --36.536 -29,462
81,519
From Jan 1_ 2,778.560 2,793,022
Atlantic City
148,273
242,816
188,629
282.616
529,904
July
615,191
216,940 -111,886 --64,184 --376,342
From Jan 1_ 2,125.796 2,015,044
Atlantic Coast Line
36,496
387,427 -132,149
169,414
July
4.385,211 4,754,120
6,974,088
From Jan 1_47,226,726 44,303,459 15,014,716 10,387,015 10,999,626
Baltimore & Ohio
5,024.635
July
22,162,117 19,911,874 6,669,966 5,986,115 5,604,152 24,211,218
From Jan 1141457,069 131143.130 36,792,858 30,506,887 29,545,300
Bangor & Aroostook
264
30,374 -49,003
390.339 -25,013
July
356,850
1,211,486
From Jan 1_ 4,598,272 4,432.673 1.617.170 1,568,948 1,250,019
Belt Ry of Chicago
166,791
209,976
217,150
269.779
July
706,500
677.902
From Jan 1. 4,737.465 4,571.604 1,42E300 1.405.812 1,024,090 1,046.041
Bessemer & Lake Erie
910.274
July
2,343,919 1,902,448 1,270,307 1,054,489 1,098,007 2,212,154
From Jan 1. 9,940,382 7,982,622 4,222,793 2,614,414 3,704,114
Boston & Maine
1,478,032
6,789,154 6.335,055 1,846.656 1,77E596 1,501,497
July
8,767.357
From Jan L44,459,149 42,835,403 11,324,475 10,828.501 9.108.873
Brooklyn E D Terminal
32,032
34,526
39,600
42,028
113.382
121,588
July
283,843
283,558
342,098
864,350
337,176
From Jan L 847,833
Buffalo Rochester & Pittsburgh
203,698
180,741
253,723
230,741
1,454,510 1,372,614
July
1,651,624
From Jan 1.10.19E047 9,692.199 1,834,194 1,921,917 1,543,409
Buffalo dr Susquehanna
8,384
-2,848
119,642
10,384
-748
129,218
July
40,733
103,847
99.454
899,799
54,733
From Jan 1. 1,029,814
-Grossfrom Railway- -Net from Railway- -Net after Tares
1929.
1928.
1928.
1929.
1928.
1929.
Canadian National RysAtl & St Lawrence
-6.327
-5,108
222,940
July
212.579
From Jan L. 1,344,501 1,518,383 -163,086 -191,117
Central of Georgia
536,156
489,350
July
2,056,003 2,206,366
From Jan 1_14,599,981 14,729.269 3,362,972 3,304,463
Central RR of N J
July
4,806,739 4,619,632 1,302.296 1,160,657
From Jan 1_32,881,488 32,258,591 8,321,477 8,349,773
Central Vermont
27,183
322,651
768,418
July
965,193
From Jan 1_ 5,274,894 3,771,485 1,240,535 -1,436.332
Charleston & W Carolina
45,441
52,647
239,637
July
249,011
386,788
479,061
From Jan 1_ 1,949,492 1,942,818
Chesapeake dr Ohio Lines
July
10,585.803 9,982,885 3,432,335 3,387,314
From Jan 1_72,569,533 69,635,319 33.422.727 20,912,131
Chicago & Alton
476,685
924.476
July
2,720,265 2,347,305
From Jan 1_16,672,025 15,918,126 4,021,518 3,042.955
Chicago Burlington & Quincy
July
14,132,040 12,753,448 3.872,216 3,127,014
From Jan L90,359.042 87,863,029 27,678,113 23,752.308
Chicago & East Illinois
437,405
742,631
July
2,398,143 2,040,436
From Jan 1_14,549,964 13,784,536 3,079,123 2,333,368
Chicago Great Western
375,338
591,232
July
2,271,864 2,041,541
From Jan L14,331,077 13,711,706 2.758,038 2,562,871
Chicago & Illinois Midland
27,067
29,152
201,896
July
235,170
281,348
312,790
From Jan 1., 1,676,374 1,454,561
Chicago Ind & Louisville
393,573
411,560
July
1,462,088 1,414,052
From Jan 1_10,496,238 10.413,166 2.887,285 2,789,672
Chicago Milw St Paul & PacJuly
15,533,000 14,133,128
From Jan 1_96,415,124 93,517.328
Chicago & North Western
15,562,270 13,250,825
July
From Jan 1.87.653,793 84,511,959
Chic St Paul Minn & Omaha
2,352,876 2,109,222
July
From Jan 1.14,936,969 14,784,082
Clinch field
532,226
534,597
July
From Jan L 4,032,370 3,957,155
Colorado & Southern
930,777
907,665
July
From Jan!. 6,508,053 6,443,302
Worth & Denver City
Ft
1,657,998 1,085,628
July
From Jan 1_ 7,005,808 6.202,693
Wichita Valley
109,454
130,349
July
958.257
From Jan!. 800,230
Columbus & Greens
123,034
130,411
July
937,770
From Jan 1_ 1,000,712
Conemaugh Black Lick
168,419
210,372
July
940,772
From Jan L 1.251,739
Delaware & Hudson
3.405,652 3,096.004
July
From Jan L23,418,256 22,046.618
Del Lack & Western
6,609,224 6,154.309
July
From Jan 1_47.087,438 45.337.604
Denver & Rio Grande
2,705.663 2,579,268
July
From Jan 1_18,179,727 17,180,457
Detroit & Mackinac
153,281
160,536
July
911,174
957,814
From Jan 1_
Terminal
Detroit
201,156
209,215
July
From Jan 1_ 1.669,081 1,279,393
-19,768
-21,22,
415,237
353,097
2.457,934 2,419.902
685,306
801.595
5,573,246 5,611,421
10,957
306,501
1,129,478 -1,532,686
26,087
308,476
23,412
235,470
2,731,094 2,767,634
18,540,030 16.323,292
370,876
808.691
3,243,363 3.303.011
2,875,539 2.277,551
20,181,434 17,657.730
596,839
2,177.412
301.640
1,490,063
501,143
2,182,219
290,687
1,989.367
21,217
257,245
20,632
233,303
308,637
318,413
2,274,861 2,227,465
3,783,701 2,799,750 2.062,310 1,074,629
21,888,070 21,914,065 16,470.157 16,291,244
5,634,134 3,587.761 4,722.231 2,811,067
21.355,663 18,290,062 15,785,398 12,853,104
639,808
2,624,951
86,605
1,880,619
531.124
1,875,133
-23,927
1,094.405
180,100
1,473.407
178,784
1.445.894
105,076
948,267
113,780
940.587
69,901
1,117,327
250,702
1,075,835
1,510
626.065
186,394
615.642
889,449
2,375,408
478,077
1,949.968
779,135
1,973,284
429,885
1.664,648
57,201
307,798
30,516
399,269
50,343
256,305
23,524
338,991
16.960
158,694
-1,821
72,827
15,560
136,950
-3.023
65,630
51,224
221,892
43,478
65,122
50.224
214.892
42.478
58.122
618,695
710.613
4,633,435 4,084,924
621,447
4,009,138
268.695
2.943,953
1,847.745 1,498,026 1,289,872
13.098.784 11.475,155 9,159.150
1,128.636
7,888,235
633,580
723,606
4,769,637 3,601,394
342,705
558,572
3,572,080 2.299,694
50,560
239,620
27,549
143,043
41,053
183.752
17.027
16.489
78,890
625,246
77,871
472,524
58,817
476.336
56,588
342,370
610,123
3,885,170
225,688
1,308,282
Detroit Toledo & Ironton
285,475
677,430
834,712
1,362,823
July
From Jan 1_ 8,980,522 5,559,977 4,383.696 1,677,812
Elgin Juliet & Eastern
2,427,000 1,921,000
July
From Jan 1_15,876,000 14,688,000
Erie Railroad
9,522,092 8,772.704 2.041,368 1,633,151
July
From Jan 1_65,160,370 60,736,891 14.079,896 11,499,709
Chicago & Erie
451,416
563,727
1,223,374 1,264.676
July
From Jan 1_ 8,962,866 8.382.324 3,909,037 3,233.578
NJ&NYRI1.24,722
18,587
136,033
133,092
July
03,333
107,376
910,843
902,276
From Jan 1_
Florida East Coast
10,355
94,238
640,276
714,831
July
From Jan L 9,291,820 9,613,849 3,808.961 3,364,183
Ft Smith & Western
9,602
19,833
111.581
115,112
July
66,427
114,466
799.070
From Jan 1_ 815.501
& Florida
Georgia
24,586
29,811
136,994
159,363
July
143.774
85,930
897,441
950,647
From Jan 1_
Great Northern Ry11,544.395 10,121,027 3,827,390 3,384.229
J uly
From Jan 1_67,729,953 60,088,510 18,915,780 15,117,654
Green Bay & Western
31,318
54,450
141,975
181,282
July
268,097
259,650
985,545
From Jan 1_ 1,138,342
Gulf Mobile & Northern
138,833
170,965
575,519
604,133
July
From Jan 1. 4,255,187 4,175,067 1,212,100 1,038,218
Gulf & Ship Island
-9,599
35.262
219,561
259.962
July
279,058
290,377
From Jan!. 1,891,571 1,948,751
Hocking Valley
802,152
867.706
1,892,380
1,966,409
July
From Jan 1_11,903,452 10,970,954 4,573,706 3,716,853
Illinois Central System
14,114,605 13.974,381 2,477,941 2,607,186
July
21,188,880
From Jan 1103146.821101536.857 22.313,305
Illinois Central Co
2.213.833 2,356,867
12.022,251 12,0313,599
July
From Jan 1_88,507,908 87,050,543 20,040,220 18,979,792
Yazoo & Mississippi Valley
247,991
263,439
2,075,499 1,921.735
July
2,264,652 2.235,892
From Jan 1_14,524,492 14,381,410
SouthernKansas City
512,799
536,571
1,603,272 1,562,826
July
From Jan 1-10,707,582 10,419.697 3,361,884 3,1139,865
a653,000 a295,000
a3,613.000 a2,798,000
1,624,467 1,274,323
11,020,877 8.975.513
505.166
395,199
3,515.069 2,858.176
14,478
78,602
20,819
65,965
-52,714 -137.577
2,795,521 2,313,996
15,104
81,367
4.090
39,572
20,064
17,907
15,685
82,419
3,040,767 2,624,297
13,882,209 10.183,961
45,450
210,049
21,318
201,486
129,683
920,796
111,723
832,260
3,400
56,225
-37,019
111,809
742.965
3,679,413
689,389
2,876.845
1,477.370 1,708.922
16.068,447 14,387,499
1,387,723 1,624,963
13,998,081 13.346,205
89,894
1,068,345
82,390
1,075,402
419,121
2.538,347
430,164
2,404,091
AUG. 31 1929.]
FINANCIAL CHRONICLE
--Net from Railway-- -Na after Taxes
-Grossfrom Railway
1929.
1929.
1929.
1928.
1928.
1928.
$
$ II
Lake Terminal
44,578
July
25,561
140,864
108,334
.55,943
21,236
From Jan 1.. 684,426
604,746
-7,280
83,756 -35,393
127,795
Lehigh & New England
July
27,870
110,003
23,456
93,053
311,869
413,342
From Jan E 2,643,176 3,016.516
655,890
446,294
525,316
562.155
Lehigh Valley
July
865,157
921,907
5,640,032 5,608,486 1,157,045 1,200,748
From Jan L40,723,754 39,533,490 9,597,765 8,401,123 7,476,348 6,415,194
Los Angeles & Salt Lake
513,490
411,276
July
568,020
367,831
2,375,356 2,212,427
From Jan L15,875,927 13,625,424 4,279,005 2,217,132 306,451 1,252,577
Louisville & Nashville
July
10,953,509 11,141,186 2,051,354 2,036,469 1,358,191 1,400,715
From Jan 1_77,085,470 80,073,400 14,303,818 15,835,668 10,077,538 11,597,504
Maine Central
338,633
274,704
July
361,150
225,130
1,637,214 1,669,662
From Jan L11.470,473 11,277,096 2,749,290 2,504,342 2,153.880 1,736,479
Minneapolis & St Louis
164,748
July
404,561
338,617
103,254
1,231,264 1,179,718
644,060
852,167
From Jan 1_ 8,035,653 7,952,810 1.293,269
208,362
Mimi St P & S S M
July
767.938
4,764,922 4,153,217 1,476.775 1,002,158 1,222,211
From Jan 1_27,171,858 25,988,385 6.606,251 5,210,338 4,919,179 3,689,435
Mississippi CentralMo-Ka n-Texas of Texas
July
5,001,015 4,963,694 1,703,633 1,635,905 1,385,557 1,357,776
From Jan 1_31,710,323 30,259,118 9,467,943 8,879,925 7,538,241 7,159,656
/elissouri-Illinots66,441
86,677
July
193,195
75,149
199,976
52,823
349,988
465,082
From Jan 1 1,298,891 1,232,509
381,032
269,830
Missouri & North Arkansas
30,476
3,103
119,262
July
157,135
27,883
645
100,789
53.880
From Jan 1_ 1,052.174
914,716
81,395
35,214
Missouri Pacific
July
13,363,428 11,133,333 4,405,134 2,785,512 3,727,971 2,315,302
From Jan L78,492,594 72,298,534 19,694,202 16,300,734 16,149,208 13,250,401
Mobile &'Ohlo342,799
273.378
259,973
July
1,441,607 1,334,929
191,232
From Jan L10,122,286 9,841,993 2,341,053 2,081,764 1,743,913 1,502,680
Monongahela Connecting
180,543
71,938
July
238,553
53,501
59,983
43,335
462,072
270,790
From Jan L 1,567,053 1,139,448
380.970
218.788
Montour
1
136,433
94,529
July
' 229,792
27,591
92,657
26,091
875,193
444,203
From Jan L 1.319,419
195,363
432,588
184,863
Nash Chatt & St LOW/31.976,405 1,994,470
521,136
July
526,087
427,050
450,859
From Jan L13,685,131 13,093,782 3,460,952 2,594,982 2,831,307 2,080,279
New Orleans Great Northern
July
275.065
251,702
70,312
83,523
52.947
67,683
From Jan L 1,864,925 1,867,529
540,010
539,027
416,398
420,104
New Orleans Terminal
July
117,128
128,778
28,353
27,761
17,346
16,754
From Jan 1_ 1,125,210 1,006,157
507,069
355,364
434,107
278,272
New York Central
July
34,614,029 32,292,247 8,857,512 7,846,932 6,380,724 5,628,462
From Jan 1228353,649 215402,120 55,651,592 50,949,043 39,060,236 35.888,636
Michigan Central
July
7,975,252 7,772,028 2,488,904 2,418,004 1,974.667 1,881,964
From Jan L56,814,181 53,061,185 18,519,485 16,824,725 14,599,455 13,264,175
Louis
July
7,676,289 7,189,975 1,882,313 1,520,382 1,429,280 1,124,757
From Jan L52,941,643 50,690,479 12,989,902 11,422,618 9,815,211 8,572,333
Pittsburgh & Lake Erie
July
3,135,600 2,646,548
472,976
355,409
662.976
532.598
From Jan L20,024,272 17,871,333 3,441,001 2,977,840 2,210,738 1,868,760
New York Chic & St Louis
July
4,915,411 4,141,470 1,453,912
981,770 1,201,095
738,358
From Jan 1_32,767,675 30,013,997 9,797,243 7,708,293 7,912,260 5,945,168
New York Connecting
223,201
197,705
147,212
121,653
July
111,212
81.653
From Jan 1_ 1,697,775 1,560,591 1,041,019
992,096
781,019
714,096
NYNH& Hartford
July
11,886,038 11,383,190 3,928,837 3,450,895 3,287,397 2,859.854
From Jan L79,272,063 77,389,355 25,383,151 2,1451,271 20,576,297 17.161,180
N Y Ontario & Western
377,381
1,379,953 1,394,028
407,465
362,226
332,376
July
989,350
From Jan L 6,801,228 6,838,807 1,066,886
751,575
653,593
N Y Busq & Western
91,371
371,607
40,930
July
71,980
392,387
62,015
562,157
From Jan 1_ 2,898,021 2,806,484
717,643
499,730
356,641
Norfolk Southern
657,430
167,993
July
163,625
111,705
700,854
112,757
From Jan L 4,906,630 5,450,585 1,273,045 1,604.201
915,020 1,223,062
Norfolk & Western
10,035,751 9,011,451 4,686,124 3,370,478 3,835,582 2.619,681
July
From Jan 1_65,349,212 58,512,940 27,131,106 20,250,032 21,473,854 14,695,669
Northern Pacific
July
8.296,738 7,940,233 2,245,368 1,731,379 1.497,326 1,022,374
From Jan L52,962,691 52,516,555 11,061,087 11,039,265 8.308,804 6,233.394
Pennsylvania System
Pennsylvania Co
60,662,253 54,114,288 19,065,813 14,444,728 15,410,848 11,079,978
July
From Jan 1391411,650363280,840 109627,734 89,859,674 87,575,774 69,533,332
Long Island
4,250,440 4,108,724 1,960,204 1,756,737 1,483,499 1,335,716
July
From Jan 1_23,582,131 22,884,958 7.718,618 6,315,092 6,173,945 4,952,990
Monongahela
381,311
295,889
269,351
607,164
586,070
258,536
July
From Jan 1_ 4,337,358 4,074,753 2,087,522 1,809,257 1,912,631 1,664,367
Jersey Si Seashore
W
418,514
491,180
258,908
1,182,648 1.198,895
July
172,581
From Jan 1_ 5,730,907 5,905,437 1,629,191 1,014,181 1,106,154
460,543
Pere Marquette 4,533,148 3,916,473 1.618,858 1,245,273 1,360,559 1,017,390
July
From Jan 1_27,604,839 24,605,729 8,712,939 6,807,744 6,942.717 5,335,063
Pittsburgh & Shawmut26,615
9,242
10,680
108,457
25,176
July
133,430
388,397
209,344
218,846
From Jan L 937,927 1,141,182
378,968
Pitts Shawmut & North
42,035
17,191
131,636
20,163
38,966
156,911
July
258,353
224,332
245,280
From Jan 1 1,037,540 1,107,377
234,915
Pittsburgh & West Va157,337
119,856
July
160,512
406,144
370,743
105,808
701,130
From Jan 1_ 2,987.203 2,435,585 1,353,453 1,037,711 1.003,242
Quincy Omaha & K C
--7,838 --99,128
-3,881 --94,292
63,482
50629
July
413,197 -85,573 --142,716 --99,570 --176,741
From Jan L 397,206
Reading Co
812,833
7,796,030 7,130,586 1,575,077 1,118,850 1,197,440
July
From Jan E55,608,361 53,735,800 11,392,608 10,732,837 8,942.182 7,991,924
.
Richm'd Fred'k'b g & Pot
181,044
226,849
894,498
232,653
177.060
896,353
July
From Jan 1_ 7,558,049 6,831,728 2,468,757 2,013,003 2,032,035 1,837,878
Rutland-.
111,211
74,001
80,332
103,020
July
535,430
563,498
747,581
418.651
553.606
603.190
From Jan I. 3.538,927 3,927,451
St Louts-San Francisco
-S
St L Fran of T
638,703
580,982 -95.067 -103,943 -122,586 -131,697
July
From Jan 1_ 4,295,140 4,000,597-1,044,323 -423,420 -1239,907 -618,684
1431
-Grossfrom Railway- -Net from Railway- -Na after Taxes
1929.
1929.
1928.
1929.
1928.
1928.
$
$
$
St Louis Southwestern
592,206
516,438
July
1,516,954 1,456,473
530,357
464,739
From Jan 1_10.651,071 10,260,734 4,152,367 3,566,806 3,703,965 3,126,477
San Diego & Arizona
35,867
22,319
30.499
95,542
16,441
July
110,757
279.944
206,490
239,227
From Jan L 834,021
166.548
756.913
Seaboard Air Line
879.592
723,054
July
4,206,122 4,134,110 1,009,173
598,009
From Jan E36,006,337 34,216,632 10,065,001 8,789,890 7,744,263 6,594,209
(Southern Pacific S. S. Lines)
58,265 -123,909
915,295 -120,318
863,820
54,837
July
413,003
39,145
57,764
389,718
From Jan 1_ 6,461,846 6,430,103
Southern Railway System
July
15,268,282 15,153,306 4,102,181 4,047,367 3,033,395 2.988,620
From Jan L111032,049 107867,733 30,291,155 29,065,205 22,991,367 21.883.576
Southern By Co
11,496,610 11,550,367 3,127,545 3,203,597 2.338,261 2,418.598
July
From Jan E83,382,070 81,980,894 23,474,896 22,278,881 17,951,129 16,912,571
Ala Great Southern
206,196
152,618
135,802
797,788
83,373
825,262
July
963,223
From Jan 1.. 6,014,024 5,696,080 1,716,135 1,389,614 1,238,904
Cin N 0& T P
502,494
518,031
387,960
401,247
1,901,493 1,796,907
July
From Jan L13,447,317 12,386,262 2,720,579 3,598,526 2,099.267 2.844.749
Georgia So & Florida
28,531 -11,621
51,746
7,885
338,076
330,893
July
469.665
221,639
305,449
67.491
From Jan 1_ 2,652,676 2,624,311
Northeast
N Orleans &
114,714
91,467
137,947
413,532
71,017
446,402
July
960,098
758,541
852.129
From Jan 1_ 3,250,696 3,130,152 1,091,949
North Alabama
36,578
17.818
30.593
11,918
79,391
91,113
July
304,918
175.766
253,397
132.904
617,884
718,045
From Jan 1_
Staten Island R T
112,872 -113.647
289,991 -96,647
92,771
22,256
July
312,520
644,738
189,503
401.095
From Jan L 1,477,942 1,807,111
Tennessee Central
86,411
96,429
32,392
245,521
27,211
295,569
July
411,528
365,339
357,566
317,728
From Jan L 1.880,476 1,851,049
Term By Assn of St Louis
285,747
279,321
383,939
193,781
1,091,077 1.030,086
July
From Jan L 7,417,668 7,593,102 2,332,904 2,372,183 1,608,290 1.670,679
Texas & Pacific
4,387,684 4,226,360 1,619,272 1,369,198 1,413,431 1,164,477
July
From Jan L27,102,797 28,463,740 8,319,794 9,161,893 6,927,878 7,855,200
Toledo Peoria & West
73,117
51,050
63,195
165,826
42,728
230,738
July
415,734
230,249
361,348
205,852
From Jan 1_ 1,317,883 1,148,238
Toledo Terminal
47,643
52,825
118,537
34,378
36,407
141.089
July
320,352
306,579
841,345
208.870
184,736
From Jan L 948,604
Ulster & Delaware
51,966
80,868
42,566
161,667
55,117
151,772
July
71,400
74,252
643,724
34,100
34,001
From Jan E 630,594
Union Pacific Co
10,179,149 9,541,299 3,095,639 2,721,141 2,333,771 2,020,547
July
From Jan L63,852,852 61,128,311 19,109,938 18,081.625 13,977,766 13,272,074
Oregon Short Line
815,595
604,948
517,185
329,626
3.103,815 2,769,957
July
From Jan 1_20,999,159 19,946,348 6,081,233 5,087,550 4,067,388 3,201,683
St Jos & Gd Island
70,278
55,905
295,445
52,272
328,163
42,427
July
599,741
650,726
466,121
509,775
From Jan L 2,127,806 2,178,806
Union RR.(Penn)
443,644
278.633
934,367
402,944
1,174,786
233.633
July
883,808
From Jan 1_ 6,384,731 5,615,996 1,863,667 1,080,327 1,674,140
Utah
12,503
11,808
7.549
113,458
5,591
88,425
July
410,081
208,086
897,174
329.877
159,623
From Jan 1.. 1,108,672
Virginian
811,629
617,220
641.628
467,214
1,653,923 1,433,774
July
From Jan 1_11,297,556 10.436,514 5,567,377 4,225,381 4.377,368 3,229,135
Wabash
7,025,554 5,786,401 1,760,603
July
From Jan 1_94,076,036 39,560,864 11,187,522
Western Maryland-476,659
1,540.134 1,410,103
July
From Jan 1_10,560,346 10,535,290 3,224,975
Western Pacific
1,544,550 1,610,933
July
From Jan 1_ 9,375,145 8,603,617
Western By of Alabama
28,703
272,437
246,789
July
260,933
From Jan L 1,742,307 1,890,352
Lake Erie
Wheeling &
669,973
2,027,779 1,980,470
July
9
From Jan 1_12,888,86 11,316,775 4,247,212
1,239,584 1,436,234
9,240,849 9,175.048
998,378
7,481,142
433,190
396,659
353,190
3,180,676 2,664,975 2,595.676
a210,876
a902,754
74,093
535,313
0133,465
099,083
15,581
159,173
60,302
399,377
749,825
512,838
574,762
3,528,766 3,239,542 2,550,620
a After rents.
Earnings of Large Telephone Companies.-The InterState Commerce Commission at Washington has issued a
monthly statement of the earnings of large telephone companies having an annual operating revenue in excess of
$250,000. Below is a summary of the return:
June 1929
June 1928
8 months ended
June 30 1929
June 30 1928
No. of Co.
Operating
Gross
Operating
Operating
Stations in
Revenues.
Earnings. Expenses.
Service.
Inconus.
June 30.
63,894,555 29,995,547 22,081,563
16,332,476 93,890,102
15,412,871 86,840,263 57,736,707 29,103,556 21,606,022
16,332,476 560,894,598 374,676,851 186,217,747 137,624,982
15,412,871 509,642,182 334,497,342 175,144,840 128.645.121
-In the folOther Monthly Steam Railroad Reports.
lowing we show the monthly reports of STEAM railroad
companies received this week as issued by the companies
themselves, where they embrace more facts than are required in the reports to the Inter-State Commerce Commission, such as fixed charges, &c., or where they differ in
some other respect from the reports to the Commission.
Ann Arbor Railway Co.
-Month of July- -Jan. 1 to
July 311929.
1928.
1929.
1928.
$
8
8
$
b531,129
483,508 b648.894 3.335.922
Operating revenues
415.562
367.463
682.921 2,514,832
Operating expenses
ma -ouri Ai
62.546
61.467
582.523
Net railway oper. income460.796
66,632
65.433
Gross income
606,173
480,170
IlikiiCAI
income
29,338
26.611
Net corporate
342.117
182,249
b Includes $22,797 covering back mail Day,
1432
[VOL. 129.
FINANCIAL CHRONICLE
Atchsion Topeka & Santa Fe Ry System.
Gulf Coast Lines.
(Includes the Atchison Topeka & Santa Fe Ry.-Gulf Colorado &
Santa Fe Ry., and Panhandle & Santa Fe Ry.)
-Month of July- -7 Mos. End. July 311929.
1929.
1928.
1928.
3
$
$
Ry. operating revenues
25,903,460 23.297,790 *147010012 13281.428
Ry. operating expenses
15.088.605 14.947.767 100693.230 102040,508
Railway tax accruals
2,106,240 1,774.183 11,502.735 9.554,626
Other debits or credits
-555,697 -407,814-1.339,350-1.821.466
Net ry. operating income__ 8.152,916 6.168,024 33,474.695 19,400,826
Average miles operated
12,432
12,390
12,386
12,387
* Includes $2,493,193 back mail pay.
-Month of July- -Jan. 110 July 311929.
1929.
1928.
1928.
$
$
$
3
1.155.395 1,098,323 9,278,407 8.866.471
820,656 6,557,374 6.351,260
790,706
Operating revenues
Operating expenses
Net railway oper. Income_
Gross income
Net corporate income
113.944
Net revenue from oper'ns_ -25,013
Other income
-Net
31,631
30,374 1,617.170 1,568.948
21,065
116.683
100,264
Total income
Deduct taxes
6,618
23,991
21.446 1,366.872 1,312,259
545,191
78,820
553,900
Net income
--94,868 -57,374
821,681
758,359
Rate of return on investment
Jan. 1, annual basis
-1.49%
2.20%
6.91%
7.05%
(Retroactive mall pay included in seven months 1929, $140,5994
Net railway oper. income-Gross income
361.773
375,697
*Net corporate Income
Net railway oper.Income__ 1,280,750 1,262.726 7,578,774 7,370.732
Net miscell. oper. income_., Dr.2.403 Dr.1.733
10.204
16,700
Other Income
766.796
149,489
843.809
129,278
Gross income
1,407,625 1,410,482 8,355,774 8,231,241
Deductions (rental. Interest. &c.)
681,578 4.787.859 4,590,602
692,623
Gross earnings
Working expenses
Not profits
Gross earnings
Working expenses
227,095
3,654,981
3.618,447 24,543,927 23,488,823
-Month of July- -7 Mos. End. July 311928.
1929.
1928.
1929.
$
3
3
$
23,363.406 23,291.805 150,508,617 146,505.331
19,708,425 19.673.358 125,964,690 123.016.408
Net earnings
-1,915
Interoceanic Railway of Mexico.
-Month of June- -Jan. 1 to June 301929.
1928.
1928.
1929.
Pesos.
Pesos.
Pesos.
Pesos.
964.146 6.659,956 6,656.608
1,038.125
1,004,693 1,005.671 6.123.074 6,328.755
Gross earnings
Operating expenses
Net earnings
Percentage exp. to earnings
Kilometers
Freight revenue
Passenger revenue
Railway oper. revenues
Surplus after charges
33.431 def.41.524
96.78%
104.31%
1.646
1.644
536.881
91.94%
327,853
95.07%
-Month of July- -Jan. 1 to JUlY 311929.
1928.
1928.
1929.
$
$
$
3
1,122.441 1.156,111
340,744
344.337
1,637.214 1.669.662 11.470,473 11,277,096
401,344
819.912
53,101
100,914
Minneapolis St. Paul & Sault Ste. Marie Railway Co.
-Month of July- 7 Mos. End. July 31.
1928.
1929.
1923.
1929.
$
$
$
$
2,012,070 1,757,965 12.805,817 12,117,578
286,629
325,398 1.458,506 1,610,247
441,063
233.475 1,559.147 1.251,173
Freight revenue
Passenger revenue
All other revenue
3,654,981
Missouri-Kansas-Texas Lines.
-Month ofJuly- -7 Mos.End. July 31.1929
1928.
1929.
1928.
3,188
3,188
3,188
3,188
$
$
3
$
Operating revenues
5,001.014 4.06:1,604 31.710,322 30,259.118
Operating expenses
3,297.382 3.327,789 22,242,379 21,379,193
Available for interest
1,230,201 1,192,183 6.648.839 6,450.043
Int. charges incl. at.U. bonds_
420.566
457.568 2.992,641 3.348,117
Net income
809.635
734.614 3,656.198 3,101,926
3,618,447 24.543.927 23,488.823
Missouri Pacific RR.
_____Monthof July- -Jan. 1 to July 31.1929.
1928.
1929.
1928.
$
$
$
$
13,363,428 11,133,333 78,492,594 72,298,534
8,958.294 8.347,821 58,798,392 55,997,800
Denver & Rio Grande Western RR. Co.
-Month of July- -Jon.1 to July311928.
1929.
1928.
1929.
2,554
2,554
2,562
Average mileage operated..__
2,563
$
$
$
$
Total revenues
2,705,662 2,579.268 18,179,726 17,180.457
Total expenses
1.982,056 2,045,588 13,410,089 13,579,063
Net revenue
Railway tax accruals
Uncollectible railway revs
hireof equipment
-Net_
Joint facility rents-Net
723.606
165.000
34
Cr56,875
Cr26,001
533.679
190.000
975
Cr64,866
Cr26.640
4,769.636
1,195.000
2.556
Cr359,533
Cr180,266
3,601,394
1,300,000
1.700
Cr313,059
Cr181.595
Net railway oper. income..
Otherincome-Net
642.438
30,465
434,210 4,111,880 2,794,348
190,191
114,940
9.550
Available for interest
Interest and sinking fund---
672.904
538,425
443,761
383.1A
4.302.071
3,575,221
2.909,289
2.615,948
134,478
60,650
726,850
Operating revenues
Operating expenses
Net railway operating Inc_ 3,154,865 1,781,659
12,618,376 10,364,215
Gross income
3.610,219 2.111,753 15.847,737 12,567,309
Net corporate income
2,101.222
800,303 5,687,305 3.408,219
National Railways of Mexico.
Georgia & Florida RR.
- 7 Mos. End. July 31
-Month of July
1928.
1929.
1928.
1929.
$
$
$
950,646
897.440
Railway oper. revenue
136,994
159.363
85.929
Net rev, from ry. operations
143.773
24,585
29,810
67,900
61,000
Railway tax accruals
9,000
9,700
Uncoll, railway revenue
123
354
47
Railway oper. income_ ___
20.063
Equip,rents-net balance_ _
Cr.2,604
Joint facility rents-net bal_ Dr.2,584
15.584
Dr.107
Dr.743
17,906
Cr.34.464
Dr.9,485
82.418
Cr.16.890
Dr.5,747
93.562
9,985
Net railway oper. income_
Non-operating income
20,083
1,489
14,734
1.287
42,885
11.110
Gross income
Deductions from Income,..
21,572
1,167
16,021
1.142
53,995
8,208
103.547
8,543
Surplus applic. to interest_
Total interest charges
20.405
32.887
14,879
16,663
45,787
147,978
95.005
116.582
21.577
102.190
12.482
1,783
Month of July To May31 To July 31
chargeable to construct'n
Note.-Int,
1928.
1929.
1929.
on funds for Greenwood extension_
$72,996
$10.143
$64,371
(Interest on securities Issued for construction of Greenwood extenions
included in "deductions from income" account for June and July 1929.)
-Month of June--- -Jan. 1 to June 301929.
1928.
1928.
1929.
Pesos
Pesos.
Pesos.
Pesos.
10.191,846 9,618.900 54.154.688 58.385,588
8,241.810 8,144,920 46,531.571 50,147,821
Gross earnings
Operating expenses
293,340
Not Income
211,212
53,359
Mileage operated (average)_
Canadian National Railways.
Net income
187.853 1,152,464
921,959
199,146 1,237,204 1,012.115
Total revenues
2,739.762 2,316,839 15.823,471 14.978,999
M.of W.& S. expenses
438,229
377,123 2,235.972 2,219,966
M tee. of equipment
595,118
415.203 3,297.066 3,138,629
728.904 3,567,915 3,640,639 Traffic expenses
715,002
50.725
53,447
316.695
322.534
Transportation expenses_ _ _ _
773.789
827.050 5.475.329 5,520,152
General expenses
97,938
Canadian Pacific Ry. Co.
73.501
537.221
513.461
Month of July- 7 Mos. End. July 31
Total expenses
1.955.801 1,746.327 11.868,125 11,708,905
1928.
1929.
1928.
1929.
Net railway revenues
783.961
570.511 3,955,346 3.270,094
$
$
$
Taxes & uncoil,railway rev_ _
$
169.556
153.774 1.107,059
956,862
19,078,500 17,986,111120.725,252115.691,194
15,185.843 14,286,553100.475.764 95.540,618
Net after taxes
Cr.614.404 Cr.416.737Cr2.848.286Cr2,313.231
Hire of equipment
Dr.12.842 Dr.1.969 Dr.28.422 Dr. 1,298
3,892,657 3,699,558 20,249,488 20,151,296 Rental of terminals
Dr 18.639 Dr.16.022 Dr.88.968 Dr.79.493
Net after rents
Cr.582.922 Cr.398.745Cr2,730.895Cr2,232,439
Canadian National Ry.
Other income-net
Cr.23,441 Cr.13,551 rr.326.044 Cr.188,916
- Int. on funded debt
.
-.Jan. 1 to July 31
Dr.412.517 Dr.417.880Dr2862,204Dr2881,100
Month of July
1928.
1929.
1928.
1929.
Net profit
Cr.193.846
Cr.194,735
Not deficit
Dr.5,583
23,363,406 23,291,805150,508.617146.505,331
Dr.459,745
19,673.357125.964,68912 .016,507
3
19,708,424
Net earnings
Gross earnings
Working expenses
532,283
Maine Central RR.
-Month of July- 7 Mos. End. July 31
1928.
1929.
1929.
1928.
$
$
$
$
6,789,154 6.335,055 44,459.149 42,835.404
4,942,498 4.563.459 33,134.673 32.006.901
Net operating revenue_ _ _ .. 1,846,656 1,771,596 11.324.476 10.828,503
Taxes
345,134
292,731 2,211.541 2,052.423
Uncoil, railway revenue
4,063
8,722
25
832
Equipment rents
-Dr
189.586
187,879 1,335,392 1.235,875
Joint facility rents
-Dr
194.707
160,750
27.427
31,161
Net income
597,844
*Before adjustment bond interest.
Boston & Maine RR.
Operating revenues
Operating expenses
44,831
1.649.684
1,933.432
-Month of July- -Jan. 1 to July 311928.
1929.
1928.
1929.
$
$
$
$
1.569,047 1.446.892 10,578.464 10,217,445
1,086,276 1.172.300 8.386.648 8.433.443
Operating revenues
Operating expenses
51,439 1,733,853 1.669.212
366,981
29,993
356,953
Total income (less taxes)_ _ --17,373
Deduct int, on funded debt_ _
77.495
204,385 1.764,324
243.928 2.049,598
International-Great Northern RR.
Bangor & Aroostook RR.
-Month of July- -7 Mos. End. July 311929.
1929.
1928.
1928.
S
3
Gross operating revenues_ __ _
316,850
310,339 4,598.272 4,432,673
Operating expenses,including
maintenance and deprec
381,863
359,965 2,981,102 2,863,726
279.059
321.011
Net earnings
Percentage exp. to earnings_
Kilometers
1,950.036
80.877
0
11.395
1,473.979 7,623,117 8,237,767
84.68%
85.92%
85.89%
11,816
New York Central.
-Month of July- 7 Mos. End. July 31.
1929.
1928.
1928.
1929.
$
3
3
3
Operating revenues
34,614,029 32.292,247 228.353,649 215,402,120
Operating expenses
25,756.517 24.445,315 172,702.057 164.453,077
Railway oper. inc. after taxes.
equip. rents & it. fac. rents. 6,119,606 5,475,836 37,367,094 34.021,150
New York Ontario & Western Railway Co.
-Month of July- 7 Mos, End. July 31
1929.
1928.
1928.
1929.
$
$
$
Operating revenues
1,379,952 1,394,027 6,801,226 6,836,806
Operating expenses
972:188 1,016.647 5,734,340 5,847,457
Net revenue from ry. oper_
407,464
377,380 1.066,885
989.349
Railway tax accruals
45,000
45,000
335,000
315,000
Uncoil. railway revenues_ _ _ _
238
4
756
310
Total railway oper. income 362.225
332,376
653,592
751.575
Equipment and joint facility
rents (not)
68,371
67,752
353,819
383,932
Net operating income
293,854
299,773 •
264.623
367.643
Other income
30,548
207,239
29,235
214,091
Total income
324,403
293,859, 581,734
507.012
Deductions
121,716
847,761
120,816
854,122
3
Net income
202,687
173,042
272,387
340,748
FINANCIAL CHRONICLE
Auo. 31 1929.1
1433
Norfolk & Western Railway Co.
St. Louis
-San Francisco Railway Co.
-Month of July- 7 Mos. End. July 31.
1929.
1928.
1928.
2,241
2,240
2.241
2240
Average mileage operated--_
$
$
$
Operating Revenues$
9,281,538 8,218,874 60.317.109 53,074.961
Freight
670.571 4,279,933 4,570.007
615,689
Pass., mail and express
39.372
257,897
279.670
40.754
Other transportation
82,632
494.271
588,300
97,767
Incidental and joint facWty_
(Including Subsidiary Lines)
--Month of July- -Jan. 1 to Jul3 311929.
1928.
1929.
128.
5,655
$5,819 5,819
5,573
Operated mileage
$
$
$
6,258.358 5,632,804 38,704,929 36,764,047
Freight revenue
915,028
983.773 6,281,447 6,872,606
Passenger revenue
515,943 4,806,063 3463,382
573.112
Other revenue
Railway oper. revenues_-_10,035.749
Operating ExpensesMaint. of way & structures_ 1.158.823
Maintenance of equipment- 1,681.076
117.648
Traffic
Transportation-Rail line_ 2,142,758
21.318
Miscellaneous operations
245.914
General
17,912
Transporta. for invest.-Cr_
9,011.451 65,349,211 58,512,940
1,467,440
1.612,261
117.709
2,173.655
22.940
259,808
12.843
8,230,061
12,115.699
830.731
15,291,602
146.561
1,689,863
86,413
9,115,844
11,309.507
791.767
15,223,579
154.255
1,818,484
150.530
Railway oper. expenses-- 5.349,626 5.640,973 38.218.105 38.262.908
Net railway oper. revenues- 4,686.123 3,370.478 27.131.105 20,250.031
750.000 5,650,000 5,550,000
850,000
Railway tax accruals
797
7.252
4,362
542
Uncollectible ry. revenues
Railway oper. income___- 3,835.581 2,619.680 21,473,853 14.695.668
260,729 1.710,649 1,638,199
275.554
Equipment rents (net)
-525 -40,898 -35.717
-1.593
Joint facility rents (net)
4,109.542 2,879,884 23,143,604 16,298.150
Net ry. oper. income
117.359 1,206,729
753,102
Other income items (balance) 169,056
4,278.598 2.997,243 24.350,333 17,051.252
Gross income
413.280 2.813,398 2.910,882
398,093
Interest on funded debt
Total operating revenue...._
Maint. of way & structures__
Maint. of equipment
Transportation expenses_ ___
Other expenses
7,746,500
1,197,741
1,516,543
2,410,381
283.752
Net rev, from ry. oper_ - 1,618,857 1,245.272 8,712.938 6.807.744
889.714 5,912.855 4,656400
Net railway oper. income.-- 1,184,437
-Net
Other income
60.386
25,726
545.353
257,425
Bal. before deduct, of int-- 1,244,824
Total interest accruals
212.338
Surplus
1,032,485
915,440 6,458.208 4,914.225
217,098 1,504,054 1,519,154
Ry. operating revenues
Ry. operating expenses
-Month of July- -7 Mos. End. July 311929.
1928.
1929.
1928.
$
$
$
$
406,143
370.743 2,987,203 2.435.583
245,631
213,405 1,633,750 1.397.872
Net rev,from ry.oper'ns__
Net ry.oper.inc.(after rentals)
Non-operating income
160,512
202,528
13,326
157,337 1.353,452 1,037.710
185,868 1,529.507 1,152,772
69.013
54,908
6,820
Gross income
Deductions from gross income
215,855
24,181
192,688 1,584.416 1.221.786
23,708
164,733
167.770
191,674
168,980 1.419,682 1.054,015
Net income
Rock Island Lines.
'
'onth of July
--Jan. 1 to July 311928.
1929.
29.
1928.
11,117.782 10,237.522 64.347,941 59,123.305
Freight revenue
Passenger revenue
1,570.345 1,719,770 11.202,467 11.526.798
*360.080
218,289 1.923.967 1,536,527
Mail revenue
343,646
268.451 1,952,056 1,862,220
Express revenue
Other revenue
605,970
568,005 3,985.280 3.530,449
Total railway oper. rev_ 13,997,823 13,012.037 83.511,813 79.783,309
Railway oper. expenses
9,775.647 9.151.170 63.457,371 60,050,227
Not rev, from ry. oper__ _ 4,222.176 3,860.867 20.054,443 19,112,073
Railway tax accruals
700.000
690.009 4,991,631 4,666.494
Uncellectible ry. revenue__ _
1.116
3,448
18,481
39,150
Total ry. oper. income___ 3,521.060 3,167,410 15.014,330 14.814,429
Equip. rents-Debit balance 558.415
469.908 2,793,641 2,401.190
Joint tacit. rents
92,439
-Deb. bal..
114,174
728,500
765.246
Not ry. oper. income-- 2,870,206 2,583.328 11.532,089 11.660,993
68.996
Non-operating income
61,116
591,620
560,328
Gross Income
2.939.202 2,644,444 12,173,704 12,221.220
Rent for leased roads
12,917
12,051
90.534
91.567
Interest
969,795
969,132 6,802.475 6,865,546
Other deductions
14,749
20.250
115,065
118,396
47.300,036
6,069,096
9.581.160
16,501.887
2,198,633
Seaboard Air Line Ry.
-Month of July- -7 Mos. End. July 311929.
1928.
1929.
1928.
Total operating revenues____ 4,206,121 4,134,110 36,006,336 34,216,632
Total operating expenses..___ 3.196,948 3,254.517 25,941,335 25,426.742
879,593 10,065.001 8.789.891
1,099,173
Net revenue
281.584 2.320,737 2,195,681
Tax & uncoll.ry.revenues__ - 286,119
598,009 7,744,263 6.594,209
21,513
845,634
493,780
619,522 6,898,629 6,100,430
257,801
678.742 1,183,263
877,324 7.577.371 7,283.694
938.137 6,499.973 6,581.718
60.813 1,077,39S
701,975
Texas & Pacific RR.
-Month of July- -Jan. 1 to July 311929.
1928.
1929.
1928.
4,387,683 4,226,360 27,102,797 28.463,740
2.768,412 2.857,161 18,783.003 19.301,847
Operating revenues
Operating expenses
Net railway oper.income__ 1,196.756
1,320,605
Gross income
992,806
Net corporate income
872,743 5.078,186 5.671.657
911.817 5,693.081 5.972,910
654,540 3,607,002 4,287,558
Virginia Central Ry.
698,342 4,954,154 3,395,071
Pittsburgh & West Virginia Ry.
49.792.440
6.896.382
10,174,535
16,715,332
2.362.755
Total operating expenses__ 5,408,418 5.107.144 36.149,007 34.350,778
Net railway oper. income__ 1,841,663 1,602,544 10.864,327 10,320.274
Balance available for int-.. 1.976,788 1.912,865 11,837,265 12,873.899
500,989 4.521.263 2,490,688
Surplus after all charges__ _ 938,203
723,054
Operating income
Equipment & joint facility
52,712
rents-Net Cr
3,880.505 2,583,963 21,536,934 14,140,370
Net income
Proportion of oper. expenses
railway operating inc.. 775,766
Net
53.31%
62.60%
58.48%
65
to operating revenues
118,739
.36% Other income
Proportion of transport. exps.
24.12%
21.35%
23.40%
26.02%
to operating revenues
894,505
Gross income
Int. and other fixed charges_ _ 933,575
Int. and other fixed charges
(excl.ofint.on adrm't bds.)Dr.39,069
Pere Marquette Ry.
-Month of July- -Jan. 1 to July 311929.
1928.
1929.
1928.
$
$
$
$
Railway operating revenues_ 4,533,147 3,916,472 27,604,839 24,605,729
Railway operating expenses_ 2,914,289 2,671,199 18,891,900 17,797,984
7,132,523
1.066.103
1.400.118
2.328.787
312,136
-Month of July- -7 Mos. End. July 311929
1928.
1929.
1928.
$
$
$
$
9,582
4.846
67.918
39.819
5.859
4,423
31.184
29.294
Operating revenue
Operating expenses
Net operating revenue........
Less equipment rent and joint
facilities rent
3.722
423
844
384
Net income after rental...._
2,877
39
36,733
10.525
Virginia RR.
Operating revenue
Operating expenses
Railway oper. income___
Gross income
Net income
-Month of July- 7 Mos. End. July 31.
1929.
1928.
1929.
1928.
1,653,923 1,433,774 11.297,556 10,436.514
842,294
816,554 5.730.179 6,211,133
641,628
789,302
463,647
617.220 4.377,368 4,225.381
614,937 5.323.652 4,058,538
299.604 3,023,736 1,712,665
Wabash Railway Co.
-Month of July- -Jan. 1 to July 311929.
1928.
1929.
1928.
$
$
$
$
7.025.554 *5786400 44,076,036*39.560,864
Operating revenues
5.264,951 4.546.817 32.888,514 30.320.015
Operating expenses
706,787 6,904.666 5.340.808
Net railway oper.income__ 1.152,753
837,113 7.922.657 6.253.383
1,282,205
Gross income
232,275 3,621.452 2.153,859
665.698
corporate income
Net
*Includes 386.751 covering back mail pay.
Wisconsin Central Railway Co.
-Month ofJuly- -7 Mos. End. July 31.1928.
1929.
1929.
1928.
$
$
$
$
1,547.747 1,438,436 9.255,686 8.975,187
Freight revenue
267,779 1,229.232 1,284,390
260,428
Passenger revenue
130,161
216.983
863,467
749.807
All other revenue
2.025,159 1,836,378 11,348.386 11.009,385
Total revenue
294.386 1,487.870 1,687,168
256,288
Maint. of way & struc. carp
294.972 1.967.338 2.017.079
300.726
Maintenance of equipment
41,774
39,945
247,180
245.947
Traffic expenses
699.427 4,544.921 4,665.549
659,752
Transportation expenses
74.170
75,633
450.171
453,395
G eneral expenses
Total deductions
997,461 1,002,333 7.050.077 7,071.494
1,332.346 1,404.731 8.697.482 9,069,141
Total expenses
692.812
431.646 2,650.903 1,940.244
Balance ofincome
1,941.741 1,642.111 5.163.635 5,049,727 Net railway revenues revs-.
85,006
80,445
580.011
Taxes and uncoil. ry.
564.040
•Retroactive mail pay amounting to $125,000 included in July 1929.
351.201 2,070.891 1.376,204
607,806
Net after taxes-Cr
64,384
-Dr
70.589
equipment
429.138
Hire of
423.088
51,300
50,544
-Dr_ _ ....
368.134
Rental of terminals
355.997
St. Louis Southwestern Ry.
236.272 1.273.618
485,916
Net after rents-Cr
597.117
-Dr
38.373
30.347
-Month of July- 7 Mos. End, July 31 Other income, net
184,79'3
88.970
171,184 1,207.842 1.185.416
-Dr.. 174,259
Interest on funded debt
1929.
1928.
1929.
1928.
1,746
Miles operated
1,747
1,746
1.747
Cr273,283 Cr34,741 Dr119.016 Dr677.269
$
Net profit or deficit
$
Railway operating revenues- 2.155,656 2,037,454 14.946.211 14,261,330
Railway operating expenses_ 1,658,518 1,624,960 11.838,167 11,117,945
Electric Railway and Other Public Utility Earnings.
Ratio of operating expenses
76.94%
79.75%
to operating revenues
79.21%
77.96% -Below we give the returns of ELECTRIC railway and
412,494 3,108,044 3,143,385
Net rev. from ry. operations_ 497.138
other public utility companies making monthly returns which
Railway tax accruals and un91,468
82,203
collectible fallway revenues
658,761
654,933 have reported this week:
330,290 2,449,282 2,488,451
Railway operating income. 405.669
Atlantic Gulf & West Indies Steamship Lines.
Other railway oper. income__ Dr.76,899 Dr.57,530 Dr.269.422 Dr.153.922
(and Subsidiary Steamship Companies).
272,760 2,179.859 2,334,528
Total railway oper. income 328.770
-Month of June-- 6 Mos, End. June
30.
59,560
Deductions from ry. oper. inc.
68,702
449,881
1929.
429,093
1928.
1929.
$
$
$
213,200 1,729.977 1,905,
Net railway open income-- 260.068
revenues
2,566,421 2,705,636 17.681.236 17198
434 Operating
.128
1 ;33
26,868
11,423
144,253
Non-operating income
169,826 Net revenue from operation
(inc. depreciation)
203.644
141.029 2,566,264 1.552,881
271.491
240.069 1,874.231 2,075,261 Gross income
Gross income
295,490
222,759 3.117,749 1,985,581
222,539 1,534,077 1.546.438 Interest,rents & taxes
Deductions from gross income 220.964
208,796
207.820 1.265.665 1.268.263
50,527
17,529
340,153
Net income
Net income
528,823
86,694
14,939 1.852,083
717.316
1434
FINANCIAL CHRONICLE
Barcelona Traction, Light & Power Co., Ltd.
-month of July- -Jan.1 to July31-
1929.
1928.
1928.
1929.
Pesetas.
Pesetas.
Pesetas.
Pesetas.
Gross earnings from oper_ _ _ _ 7,723,383 6,711.689 58,641.550 52,513,312
Operating expenses
3.062,048 2,189,940 19,470,071 15,704,806
Net earnings
4.661,335 4.521.749 39,171,479 36,808,506
Brooklyn & Queens Transit Corp.
-Month of July- 12 Mos. End. June 30
1929.
1928.
*1928.
*1929.E
$
$
$
Total revenue of transp
1,984,520 2,022,373 23,597,951 23,865,695
Total other st. ry. oper.rev
58.293
533,235
544,114
44,172
Total st. ry. oper. rev_ __ _ 2,042.814 2.066.545 24.142,065 24.398.931
Total operating expenses_ __ _ 1,609,538 1,709.787 19,851,747 19,970,703
Net rev,from operation.. _ _ 433,276
356,758 4.290,318 4,428.227
Taxes accrued on oper. prop_
116.849
103,631 1,266,049 1,328.911
Operating income
316,427
253,126 3,024,268 3.099,315
Total non-oper. revenue__
23,607
Non-oper, Rev. Deductions
Rent expense
16
Non-operating taxes
2,829
Tot. non-oper.rev. deducts
2.846
Net non-oper.income
20,780
Gross income
337,188
Income Deductions
Interest deductions
119,330
Other rent deductions
3,401
Sinking fund accruals
54
Amortization
1.464
Total income deductions__
124,251
21,729
297,076
301,767
7
2,280
1,737
23.520
2.757
21.183
2,287
19,441
25.257
271,819
23.940
277,826
129,043 1,535,288
1,573,745
Net income
212,936
143,524 1,760,799 1.803,396
• Combined income account for fiscal years ended June 30 1928 and
June 301929 of Brooklyn City RR.Co., Nassau Electric RR.Co., Brooklyn
Queens County & Suburban RR. Co., Coney Island & Gravesend Ry. Co.,
Coney Island & Brooklyn RR. Co., and the South Brooklyn Ry. Co.,
after inter-company eliminations and after giving effect to previsions of
joint agreement of merger and consolidation, such as forgiveness of certificates of indebtedness, bills payable, &c., and retirement of funded
debt, &c.
Commonwealth & Southern
Louisiana Power & Light Corp.
(Electric Power & Light Corp. Subsidiary.)
-Month of July- 12 Mos. End. July13:
1929.
1928.
1929.
1928.
s
s
s
Gross earns, from operation_ 441,942
307,702 4,612,271 3,221,m
Operating expenses & taxes_ - 252,873
159.059 2,443,225 1,809,030
Net earns,from operation_
189,069
148,634 2,239,046 1,412,067
Other income
123,264
9,697
10,697
Total income
159.340 2,362,310
198,766
Interest on bonds
542.500
52,083
33,333
Other interest & deductions_ 214.626
7,639
28,598
Balance
97,409 1,605,184
139,044
Dividends on preferred stock
275,833
Balance
1,329,361
Nevada-California Electric Corp.
(And Subsidiary Companies)
-Month of July- 12 Mos, End. July131
1929.
1928.
1929.
1928.
$
$
Gross operating earnings_ __ _ 628,822
534,217 5,563,997 5,331,937
Oper. & gen. expenses & tax_ 286,476
193,869 2.603,597 2.277.346
Operating profits
Non-oper. earnings (net)_ .
_ -
342.345
11,774
340,347 2,960,400 3.054,592
9,975
150.290
87,911
Total income
Interest
354,120
123,602
350,322 3,110,691 3,142,504
122.756 1,475.601 1.441,965
Balance
Depreciation
230.517
60,505
227,568 1,635,089 1,700.538
61.308
824,303
609.150
Balance
Disc. & exp. on secur. sold
Misc. add.& deduct.(net cr.)
272,568 3,296,087 3,377.142
120,944 1,450,168 1,479,727
68,085
62,124
6,070
658
658
54
25.274
22,337
1,973
[VOL. 129.
170,012
8,311
9.599
166,258 1,010.786 1,091.387
95,614
8,226
98,032
67,003
12,969
7,601
Surplus available for redemp.of bonds, divs.,&c. 171,300
5,801,429 5,055.824 42,909.993 38,430,459
Consumers Power Co.
(Subsidiary of Commonwealth Power Corp.)
-Month of July- 12 Mos. End. July 31.
1928.
1929.
1929.
1928.
Gross earnings
2,612,187 2,363,433 32.690,218 28,712,548
Operating expenses,including
taxes and maintenance_
1,346,082 1,207,271 16.142,763 14,497.841
Gross income
Fixed charges
1,266,104
Net income
Dividends on preferred stock
Provision for retirement reserve
Balance
1,156.161 16,547,455 14,214.706
2,857,284 2,896,962
13,690,170 11,517,744
3,681.089 3,470,194
2,175,000 1,831,666
7,834,080 6,215,883
Dallas Power & Light Co.
979,757 1,008,742
-Month of
1929.
1928.
Grass revenues
Oper. expenses and taxes__ _ _
Corporation.
Gross income
-Month of July- 7 Mos. End. July 31.
Interest and amortization_
1928
1929.
1929.
1928.
Depreciation
3
3
3
Gross earnings
11.620,427 10,532,436 85,192,570 78,1(!5.553
Net income
Operating expenses,including
taxes & maintenance
5,818,998 5,476,611 42,282,576 39,675.094
Gress income
165.633
New Bedford Gas 8c Edicon Light Co.
388.169
229,480
12 Mos. End. July 3/
1929.
1928.
3
319,982 4,595.906 4.269,041
190,030 2.731.798 2,529.76Z
158.688
19.672
27,727
129,952 1,864,107 1,739,279
19,668
236,558
253,206
27,415
325.487
373,774
111,287
82,887 1,302,064 1,112,298
New York Westchester & Boston Railway Co.
-Month of July- 7 Ades. End. July 31
1929.
1928.
1929.
1928.
$
i
$
$
Railway operating revenue__ 238.506
219,100 1,451.618 1,357,041
Railway operating expenses- 131,563
141,346
888.502
895.197
Net operating revenue___- 108,943
77.753
563,115
461.844
Taxes
24.015
20.804
153,680
135,705
Operating income
82.927
56,948
409,434
328,138
Non-operating income
747
775
5.087
8,569
Gross income
83,675
57,724
414,522
334,708
Deductions
Rent
24,736
19.268
153,925
96,842
Bond and equipment trust
certificate interest
94,713
86.596
616,385
606,881
Other deductions
109,083
104,445
730,522
697,519
Total deductions
228,513
210,309 1,500,833 1,401,244
Net income
def144,838 def152,585df1,086,311df1,066,535
(Electric Power & Light Corp. Subsidiary.)
Tennessee Electric Power Co.
-Month of July- 12 Mos. End. July 31
(And Subsidiary Companies)
1928.
1929.
1928.
1929.
-Month of July
-12 Mos. End. July 31.
i
$
$
$
Gross earnings from operation 425,981
1928.
1929.
374.568 5,046,904 4,579,363
1929.
1928.
Operating expenses & taxes..- 206,157
175,306 2,299,737 2,225,623
3
3
Gross earnings
1,14,701 1,083.457 14.034,052 12,983,518
Net earns,from er.eration_ $219,824 $199,262 $2.747,167 $2,353.740 Operating expenses,including
Other income
taxes and maintenance618,472
21,352
559,375 7,154,414 6,942,257
106.976
9,984
937
Total income
Gross income
524,082 6,879,638 6,041,261
571.229
8229,808 $200,199 $2,854,143 $2.375,092
Interest on bonds
697.500 Fixed charges
697.500
58.125
58,125
2,142,589 2,184,158
Other interest & deductions-24,892
3,444
19,704
3,540
Not income
4,737,048 3,857,102
Balance
138,534 2.136,939 1,652,700 Dividends on preferred stock
168,239
1,335,587 1,319,021
Dividends on preferred stock
245,000 Provision for retirement reserve
245,000
1,068,924
967,885
Balance,,,,,,
Balance
__ 1.891.939 1,407,700
2,332.536 1,570,196
Eastern
Third Avenue Railway System.
Massachusetts Street Ry.
-Month of July- 7 Mos. End. July 31.
1928.•
1929.
1929.
1928.
$
$
$
Railway operating revenues. 868,923 $
720.971 5,124.412 5.355.100
Railway operating expenses_ 467,879
518,647 3,168.119 3,423,585
Balance
219,044
202,324 1.956,292 1,931,515
Taxes
206,380
228,862
28,156
29.281
Balance
189,762
174,168 1.727.429 1,725,135
Other income
130.759
128,864
17,804
18.931
Gross corp.,income
193,099 1,856.294 1,855,894
207,566
Int.on funded debt rights, &c
691,999
95,280
650,537
101,443
Available for depl. div., &c 112,286
91,656 1,205,756 1,163,895
Deprec.,equalization & retire
585.623
623,183
67,402
36,031
Net corp. balance carried
to profit & loss
598,271
44,884
55.625
582,573
Kansas City Power & Light Co.
-Month of July- 12 Mos. End. July 3.
1929.
1928.
1929.
1928.
3
3
3
3
Gross earnings (all sources)- - 1,101.551 1.045.074 ,4,282.797 13.40(3,084
Oper. eXPS. (incl. maint.,
gen. and income taxes)___ 579,302
555,409 7,296.077 6,850,629
Net earnings
522,248
489,664 6,986,720 6,555,454
Interest charges
106,339
99.686 1,179,909 1,313,689
Balance
415.908
389,977 5.806,810 5,241,765
Amort. of disc't & premiums_
15,429
185.145
15,429
185,149
Balance
400.479
374,548 5,621,860 5,056,619
Dividends 1st pref. stock_ _ _ _
20,000
687,970
20,000
240,000
Surplus earns, available for
deprec.& corn.stk. dive- 380.479
354.548 5,381,660 4,368.648
Operating Revenue
Transportation
Advertising
Rents
Sale of power
Total operating revenue
Operating Expenses
Maintenance of way
Maintenance of equipment
Depreciation
Power supply
Operation of cars
Injuries to persons and property
General and miscellaneous expenses
-Month of July
1929.
1928.
1,260,684 1,273,233
12,500
12,500
23,518
19,314
606
629
1,297.310 1,305,677
229,123
126,057
Cr36,352
80,125
450,200
100,854
51,394
231,094
117.390
Cr30.045
81,864
447,860
101,850
49,483
1,001,402
999,498
295,907
90,853
306,179
94,572
Operating income
Interest revenue
205,054
19,570
211,608
61,780
Gross income
Deductions
Interest on first mortgage bonds
Interest on 1st refunding mortgage bonds
Interest on adjustment mortgage bonds
Track and terminal privileges
Miscellaneous rent deductions
Amortization of debt discount and expenses
Sinking fund accruals
Miscellaneous
Interest on series 0 bonds
224,824'
228,366
Total operating expenses
Net operating revenue
Taxes
Total deductions
Net income
42.758
73,301
93,900
1.425
612
1.647
2,790
38,503
2,164
42,758
73,301
93,900
1,451
591
1,474
2,790
26,212
2.164
257.100
244,841
-32,475
-16,274
AUG. 31 1929.]
FINANCIAL CHRONICLE
Pacific Public Service Co.
Gross Sales
Electric
Gas
Water
Ice
Refrigeration
Ice cream
Water service
Cold storage
(And Subsidiary Companies)
-Month of July- 12 Mos. End. July 31.
1929.
1928.
1928.
1929.
$
I
$
112,059 1,261.427 1,181,056
130,398
742.945
662.353
57,319
59,527
102,035 1,165.956 1,153,688
119,471
145.924 1,165354 1,243.541
166,770
8,088
102,767
90,633
9.072
492.848
517.274
60.299
52,579
673
5.602
6,202
24,823
426,804
333,607
27.885
Total sales
Operating Expenses
Operating
Maintenance
565,706
511,222 5,363.705 5,188,438
319.524
24.534
292,619 3.211,034 3,091,623
19.457
317,595
308,260
Total operating
344,058
312,076 3,528,630 3,399,883
Operating income
Other income
221,647
34,344
199.145 1,835,074
12,221
245,874
1,788,554
141,791
Net earnings
255.991
211.367 2.080.949
1.930.345
FINANCIAL REPORTS
-An index to annual reports of steam
Financial Reports.
railroads, public utility and miscellaneous companies which
have been published during the preceding month will be given
on the first Saturday of each month. This index will not
Include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Aug.3. The next will appear in that of Sept. 7.
New York Steam Corporation.
-Year Ended June 30 1929.)
(8th Annual Report
President David C. Johnson, Aug. 24, wrote in substance:
-The business of the corporation has continued constantly to
Results.
expand. The statement of earnings shows an increase in gross earnings
for 1929 from $7,085,158 to $7,786,753. or about 10. Sales of steam
%
Increased from 7.151.639.000 to 7,731.487.000 pounds. These increases are
satisfactory, especially when the mildness of the weather during the past
heating season is taken into consideration.
Net earnings after operating expenses and maintenance showed a very
substantial increase from 22,621,656 to $3,214,963, or over 22%. Of the
approximately 2700,000 increase In gross earnings, nearly $600,000 was
saved for net earnings after operating expenses and maintenance. Reference
to the continued improvement in operating ratio is made later in this report.
General taxes increased $105,097. Net earnings after taxes other than
Federal Income taxes increased from $2,277,281 for 1928 to $2.765,491, or
21%. These net earnings were approximately 3 times interest on funded
debt for the year. Federal Income taxes increased $33,109, and total income
deductions increased $358.150. due largely to the reduction of $207.118
in the credit item of interest charged to construction, resulting from the
placing In operation during the first part of the fiscal year of a large amount
of power station property. Net earnings after income deductions available
for preferred stock dividends were $1,621,484,or over 2Si times the preferred
stock dividend payments of 2641.930. which payments represented an
increase of only $24,231 over the previous year. Net earnings available for
retirement reserve and dividends on common stock were $979,554, compared with $906,836 for 1928. The board of directors continued its policy
of not paying dividends on the common stock in order that surplus earnings
might be retained and reinvested to provide in part the additional capital
required by the corporation's growing business.
During the year the board of directors authorized the appropriation from
surplus Of 2600,000 for retirement reserve. Actual retirements during the
year amounted to $176,753 net. As a consequence, retirement reserve
increased from $1,205,893 as at June 30 1928 to $1.629.139 as at June 30
1929.
Operaiton.-The quantity of steam distributed from the power stations
during the fiscal year increased about 10%, whereas the quantity of coal
consumed increased only 2%. Production expense per 1.000 pounds of
steam delivered to consumers was substantially reduced during the year,
due to improved power station efficiencies, other c.3onomiee in operation
and smaller proportionate general expenses.
During the year the recently erected Hip's Bay Station, which is a most
efficient powdered fuel plant, was operated at high capacity factor. Buildings have been completed or land is available sufficient to triple the present
capacity of this plant. The Burling Slip Station, which burns No. 3 Buckwheat anthracite coal, made a record with respect to the quantity of steam
generated, and operated during the entire year at an average efficiency in
excess of 77%. The Sixtieth Street Station was operated during the heating
season at good efficiencies: and the Fifty-ninth Street Station operated
chiefly as a standby and peak load plant, gave satisfactory service in that
capacity. During the entire fiscal year, covering, of course, periods of
fluctuating use due to seasonal and daily variations, the efficiencies of the
boilers in all the stations of the corporation averaged sp•
In connection with a new contract to supply the nited States Post
Office building on Eighth Ave., west of the Pennsylvania
the
corporation has taken over the operation of a power station on Terminal,St.,
West 31th
from which the steam service for this building has heretofore been supplied.
New Property -During the past year the plant and property account
increased from $36,994,992 to $40,520.840, a net increase of $3.525,849.
after retiring property valued at $203,841, from which there was a net
salvage of $27.087. Earnings for the fiscal year reflect only to a limited
extent the benefits which may be expected to be derived from these capital
expenditures, especially those in connection with the distribution system,
a large portion of which was made after the close of the heating season. A
brief description of the additions and improvements to the power stations
and distribution system of the corporation follows:
Distributing System-During the fiscal year, the length of mains and
services was Increased from 266.763 feet to 291.393 feet, a net increase of
24.630 feet, exceeded in only one other year in the history of the corporation.
The increase in length of mains alone was 11%,and due to the larger than
average size of mains now being installed, the effective increase in equivalent size of pipe was approximately 17%. The New York Steam Corp. Is
the only company which employs 24-inch pipe to any considerable extent
In the distribution of steam under high pressure. In the uptown district,
two-thirds of the capacity of the distribution mains is in 20
-inch diameter
or larger Pipe.
Additions to the distribution system this year include the extension of a
-Inch main north from the Waterside Stations of The New York Edison
24
Co. up First Ave. to 58th St., and a 24-inch main through 52nd St.. to
afford feeder main capacity for the requirements of the Grand Central group
of buildings, which will be ample even if it were to become necessary to shut
off the other feeder mains which also serve this area. The installation of
this main also will make possible the shutting down for the greater part of
the year of the 59th St. Station, which is less efficient than the other plants.
Financing.
-The net capital expenditures made during the year of
$3.525.848, as well as the bond sinking fund payments, were financed out
of earnings and bank loans, and through the sale of $2,075.000 first mortgage 5% bonds, which were successfully sold to the public by a syndicate
headed by The National City Co. The corporation has at the present time
a large amount of unfunded capital expenditures.
The bonds and preferred stock of the corporation enjoy good markets
and are generally considered among the highest class of investment securities. They are owned in large blocks by many life and fire insurance companies and other institutions. Of the 3,000 odd preferred stockholders, 10%
are estates and Institutions, 46% are women, and 44% are men. It is
estimated that there are over 5,000 holders of the corporation's first mortgage bonds, divided in approximately the same proportions as the holders
of its preferred stock. The 8,000 holders of the corporation's securities
'reside in 40 states of the Union and in 12 foreign countries.
1435
-From July 1 1928 to June 30 1929 the corporation entered
New Business.
into new service contracts representing an additional annual revenue of
$1,618,795, compared with $1,146,139 of new business secured during the
previous year. The figures for the past year do not include the annual
revenue, well in excess of $1,000.000, to be obtained from the Grand
Central group of buildings, the contract for which was obtained after the
close of the fiscal year. Among the more important buildings connected
to the lines or contracted for during the past year are: Chrysler Building,
Lincoln Building, United States Post Office, Bank of Manhattan Co.
Building, Chanin Tower, Downtown Athletic Club, Irving Trust Co.
Building at I Wall St., International Telephone & Telegraph Corp. Building, Daily News Building, Hotel Pierre, Empire Trust Co. Building, 114-120
Wall St., 10 East 40th St., Hotel Gotham, Lefcourt-National Building,
Lexington Hotel, Beaux Arts Corp. Buildings. Brown Bros. Building,
Savoy-Plaza Hotel American Women's Club. 205 East 42nd St., James
Stewart & Co. Building, Barbizon Plaza Hotel, New Uris Hotel, Tudor
City Units Nos. 7, 9 and 10. Fuller Building, Metropolitan Opera House.
720 Park Ave., 730 Park Ave., Eleto Building, Tishman Realty & Construction Co. Building, 480 Park Ave., Hotel Dixie, Hotel Martinique,
Lercourt-Colonial Building, 760 Third Ave.. 479 Madison Ave., Herald
Square Building. New York Foundling Hospital and New York Times
Building. This list does not include the buildings in the Grand Central
group.
The contents of buildings served by the corporation, or under contract
at June 30 1929 aggregate 1.432.798.000 cubic feet, compared with 1.225.362.000 cubic feet at the end of the previous fiscal year, an increase of 17%.
Buildings without boilers constitute over 65% of the total, while of the
net increase of over 207.000,000 cubic feet during the year, buildings
without boilers constitute 91% of the whole, indicating the present pronounced trend. These figures and percentages do not include the buildings
In the Grand Central Group, which have contents of 200.000,000 cubic
feet and are without boilers.
-Shortly after the close of the fiscal year, a
New York Central Contract.
long-term contract was made with The New York Central RR. and The
New York, New Haven & Hartford RR.to supply the entire steam requirements of the Grand Central group of buildings, amounting initially to more
than 1,500.000.000 pounds ofsteam annually. It is conservatively estimated
that ultimately there will be supplied under this contract over 2,000.000.000
pounds ofsteam annually. The group includes the Grand Central Terminal,
New York Central B ding, Gray ax Building, Grand Central Palace,
Terminal Office Building, Biltmore Hotel, Commodore Hotel, Roosevelt
Hotel, Yale Club, Hotel Chatham, Barclay Hotel, Park Lane Hotel,
-Concourse Building, Terminal Post Office
Vanderbilt
Postum
Building, Park-Lexington Building, Vanderbilt Ave. Building. the Margery Hotel, and a number of other large apartments and apartment hotels
on Park, Madison and Lexington Ayes. Stearn also will be supplied by the
New York Steam Corp. to the new Waldorf-Astoria, to be the tallest hotel
in the world, which will be erected on the block bounded by Park and
Lexington Ayes., and 49th and 50th Sts.
The buildings constituting the Grand Central group have been erected
above the platform, track and yard areas of The New York Central RR.,
thus utilizing for Income producing purposes the maximum space available.
For some years, their heating and other steam requirements were supplied
from two large steam generating stations operated by the railroad company
and located at Park Ave. and 50th St. and at Lexington Ave. and 43rd St.,
steam and hot water being distributed through a system of pipe lines
occupying land privately owned by the railroad company. In the past.
The Igew York Central RR. had a breakdown service contract with the
New York Steam Corp. to Insure continuity of service. After a thorough
study of the reliability of New York Steam service and an analysis of costs,
the railroad company decided to discontinue operation of its two stations
and to purchase steam for its entire requirements from the New York
Steam Corp., including such miscellaneous needs of the railroad company
as steam for heating the cars while in the depot.
-YEARS ENDED JUNE 30.
INCOME ACCOUNT
1928.
1929.
1927.
1926.
Operating Revenues$2,683,042 $2,566.515 $2,473,421 $2.601.207
Downtown district
5,028.024 4,455.528
3.471,796
2,559,023
Uptown district
Total oper. revenue_- $7.711.065 $7.022,043 $5.945.217 $5,160,230
75,687
63.115
32.210
33.353
Non-operating revenues_
Total gross earnings__ 27,786,753 $7,085,158 $5,977.426 $5,193,583
3.920.150 3,942.700 3,523,243 3,102,965
Operating expenses
520.801
651.640
420,942
322,361
Maintenance expenses-344.374
449.472
261.576
214.281
General taxes
88,865
121.976
87.500
83,000
Federal taxes
771,823
956.936
536,039
364.171
Bond interest
Cr3,561 Cr173,153 Cr250.816
Cr13,2106
General interest
61.310
64.756
46,744
27.906
Bond discount & expense
3.900
3.900
3.900
7.117
Miscell. amortization_ _ _
11,621.484 11.524.534 $1.348.299 $1,084.991
Net income
617.698
442.086
641,930
285,110
Preferred dividends.1906.836
$906.213
$979,554
$799.881
Balance. surplus
The surplus account June 30 1929 shows: Surplus balance June 30
1929. $1,631,140. Add surplus net Income before depreciation and corn.
divs.. $979,554: total surplus, 22,610.694. Deduct appropriation for
reserve, $600,000; other surplus charges. (net). $20.306; surplus June 30
1929. $1.990,387.
BALANCE SHEET JUNE 30.
1929.
1928.
1929.
1928.
Liabilities$
$
S
Assets54,193,000 4.193.000
& property_40,520,840 36,994.992 Prof. A stock
Plant
3.427 $8 pref. stock----c5,807.000 5,807,000
3,427
Investments
Common stock___b7.320,000 7.320,000
118,095 let M 6% bonds-- 5,693,500 5,693.500
DePaalta and ad- 130,515
vances
1st M 5% bonds __13,791,0 11.847.500
00
Bond discount and
Accounts payable_ 1,296,030 1,451,025
expenses in process of amort_x1,574,641 1,566.792 Cust. serv., sec. &
rental deposits__ 187,922
135,078
173.384
Deferred charges
533,857
620,313 Notes and trade ac724,998
Cash
.
3 0 3 c:ut:
.4
4
544.65 Ac ro d payable_ 1,700,000
y621,600
Accts.receivable
17451
2
5.257
6 4,
17 "°
5° 008
Notes receivable.Accrued taxes and
Materials and supwater rentals_ ._ 255,288
852,983
227,969
plies(at cost) - 783,544
Sundry eurr. Bab_
23,576
26,503
Accrued dive., .5c_ 197.672
184.411
Renew.& repl. res_ 1,629,140 1.205.893
Other reserve
64,179
58.379
z2,205,387 1.846,139
Tot.(each side).44.538,207 40.839.187 Surplus
a Represented by 41.930 outstanding shares of series A $7 cumulative
preferred stock (no par value) va ued at minimum liquidation price.
b Represented by 30.000 shares of no par value common stock, authorized and issued at stated value. c Represented by 58.070 outstanding
shares of $6 dividend series (no par value) at minimum liquidation price.
z Including 3194.317 excess of minimum liquidations price of $6 preferred
or
stock over gross proceeds from sale. y After deducting $52,948 reserve f
bad debts. z Includes $215.000 capital surplus arising from substitution
-V. 129, p. 280.
of property under lease agreement.
GENERAL INVESTMENT NEWS
STEAM RAILROADS.
Cars-Class 1 railroads on Aug. 15 had
Surplus Freight
freight cars in good repair and immediately available for 181,156 surplus
service, the Oar
Service Division of the American Railway Association announced. This
was an increase of 202 cars compared with Aug. 8 at which time there were
180,954 cars. Surplus coal cars on Aug. 15 totaled 52.227 cars, a decrease
of 868 cars within approximately a week, while surplus box cars totaled
89,651. an increase a 1.825 for the same period. Reports also showed
22.865 surplus stock cars, a reduction of 75 cars under the number reported
on Aug. 8. while surplus refrigerator cars totaled 11.706, decrease of
a
274
for the same Period.
Freight Cars in Need of Repair.
-Cass I railroads on Aug. 1 had 137,495
freight cars in need of repair, or 6.2% of the number on line, according to
eports just filed by the carriers with the car service division of the American
1436
FINANCIAL CHRONICLE
Railway Association. This was a reduction of 7,916 cars below the number
reported on July 15, at which time there were 145.411, or 6.5%. Freight
cars in need of heavy repairs on Aug. 1 totaled 98.295. or 4.4%, a decrease
of 2,059 compared with July 15, while freight cars in need of light repairs
totaled 39,200. or 1.8%. a decrease of 5,857 cars compared with July 15.
Freight Cars and Locomotives on Order.
-The railroads on Aug. 1 had
36,335 freight cars on order, the car service division of the American
Railway Association announced. This was an increase of 21,631 cars
above the number on order on Aug. 1 last year and an increase of 16,991
cars above the same day two years ago. It also was 7,233 cars above
Aug. 11926. Of the freight cars on order on Aug. 1 1929, reports showed
19.130 were box cars, an increase of 12,039 compared with the same date
last year. Coal cars for which orders have been placed number 14.920.
an increase of 11.717 compared with the number of such cars on order on
Aug. 1 last year. Refrigerator cars on order totaled 349, stock cars 479,
flat cars 1,407 and other miscellaneous freight cars, 50. all being reductions
under one year ago. New freight cars placed in service in the first seven
months of 1929 totaled 42.552. of which box cars totaled 20,547.: coal
cars. 14,475; flat cars, 2.426; refrigerator cars, 3,225. and stock cars, 1,476.
Other classes installed in service during that period totaled 403.
Locomotives on order on Aug. 1 this year numbered 410 compared with
73 on the same day in 1928, and 209 on Aug. 1 1927. On Aug. 11928 the
railroads had 517 on order. New locomotives placed in service in the
first seven months of 1929 totaled 371.
Freight cars or locomotives leased or otherwise acquired are not included
in the above figures.
Matters Covered in "Chronicle" of Aug. 24.-(a) Gross and net earnings of
H. S. Rita. for the six months ended June 30. p. 1188. (b) Loading of
railroad revenue freight heavier than both last year and the year before.
p. 1199. (c) I.
-S. C. Commission against truck service In New York
by railroads, p. 1229.
Bridgton & Harrison Ry.-Acquisition and Stock Issue.
The I.
-S. C. Commission Aug. 20 issued a certificate authorizing the
Company to acquire and operate the railroad of the Bridgton & Saco River
RR.In Cumberland and Oxford Counties, Me.
Authority was also granted to Issue $35,000 of common stock (Par $100);
said stock to be sold at par for cash and the proceeds used in payment for
the railroad and certain equipment and for working capital.
The report of the commission says in part:
The Bridgton & Harrison Ry. organized for the purpose of engaging in
interstate commerce by railroad on May 9 1929, filed an application (a) for
a certificate that the present and future public convenience and necessity
require the acquisition and operation by it of the line of railroad of the
Bridgton & Saco River RR., extending from Bridgton Junction. on the
line of the Maine Central to Harrison, a distance of 21.23 miles, in Cumberland and Oxford Counties, Me., and (b) for authority to issue $35,000 of
Common stock.
The applicant was incorporated by special act of the Legislature of
Maine,approved Mar.28 1927,and organized pursuant to this act on Nov.3
1928, with an authorized capital stock of $100,000. for the purPose of
acquiring the property and franchises of the Bridgton & Saco River RR.
The property is now in the hands of receivers. It consists of the lino of
railroad above described, which is of narrow gauge, 3.06 miles of yard
track and sidings, and the following equipment: Five locomotives, 29 box
Cars, 40 flat cars, four passenger coaches, two baggage cars, one combination smoker-passenger car, one caboose, one flanger and two snow plows.
The price to be paid for the property has, by agreement between the applicant and the bondholders protective committee of the Bridgton & Saco
River, been fixed tentatively at $27,000. and application for an order
authorizing sale of the property at that price has been made to the court
having charge of the receivership. We have found the value of the property
for rate-making purposes to be $360,563 as of June 30 1916.
To provide funds for the purchase of the railroad and equipment and
also for necessary working capital, the applicant proposes to issue $35,000
of common stock, consisting of 350 shares of the par value of $100 a share.
The stock is to be sold at par for cash by a committee chosen from the
applicant's board of directors. This committee will sell by personal solicitation and will serve without compensation.
Bridgton & Saco River RR.
-Successor.
-
See Bridgton & Harrison Ry. above.
-V.125, p. 1966.
prou 129.
outstanding adjustment mortgage 6% gold bonds, series A. The interest
is payable Oct. 1. A like amount was paid on April 1 last and on Oct. 1
1928.
From April 1 1924 to April 1 1928, inclusive, the road had been paying
interest of 4% on the adjustment. Interest became cumulative after
Jan. 1 1928. There are outstanding at the present time $17,000,000 of
this issue.
The New Orleans Texas & Mexico Ry. owns the entire capital stock of
this road.
-V. 128, p. 3344.
Kansas City Memphis 8c Birmingham RR.
-Tenders.
-
The St. Louis-San Francisco Ry. announces that there is available for
the purchase of income bonds of the above company the sum of $262.328,
and invites tenders to be submitted to Old Colony Trust Co., 17 Court St.,
Boston, Mass.,on or before 12 o'clock noon. Sept. 161929. of income bonds
with all unmatured coupons annexed for sale to said St. Louis-San Francisco
Ry. at prices not to exceed par and accrued interest.
-V. 125, p. 1456.
Kentucky & Indiana Terminal RR.
-Bonds.- The I.
-S. C. Commission Aug. 16 authorized the company to procure
the authentication and delivery of $511.000 of 1st mtge. 4Y4% gold bonds
in reimbursement for capital expenditures heretofore made.
-V.125, p. 511.
Morristown & Erie RR.
-Final Valuation.
The I.-8. C. Commission has placed a final valuation of $419,350 on the
owned and used properties of the company, as of June 30 1918.-V. 124,
P. 369.
New Orleans Texas & Mexico Ry.-Interest Payment.
-
The company has declared interest to the amount of 235% to be payable
,
on the 5% non-cum. income bonds, series A, for the six months period
ended June 30 1929, and will on and after Oct. 1 1929, at its office. 120
Broadway, N. Y. City, make payment of such interest upon presentation
and surrender of coupon No.26 appertaining to said bonds.
-V.128,P.4318.
New York Central RR.
-Buys 35 Oil-Electric Switchers at
Cost of More Than $4,000,000.
-
The company on Aug. 29 announced the purchase, at a cost of more
than $4.000,000, of 35 oil electric switching locomotives for use on the
West Side, New York City. This is the biggest order ever placed in this
country for this new type of locomotive, in the development of which the
New York Central pioneered.
The stringent time limits of the contract recently concluded by the City
with the Now York Central in connection with the great West Side improvement has resulted in immediate action by the company. Under this
contract it is stipulated that steam operation north of 72nd Street must be
discontinued within 2 years and south of 72nd Street It has been expected
that the electrification would proceed with the removal of tracks from the
surface of the streets, which the contract required should be consummated
within 5 years. However, the company has been conducting experiments
with oil-electric switching engines with results which justify the purchase
of these locomotives for yard service on the West Side and for operation
of the main branch south of 60th Street yard. The locomotives just ordered will be delivered within a period of approximately 2 years, which
will permit the elimination of steam operation south of 72nd Street at a
date sooner than had been expected under the earlier negotiations. It will
also permit speedier discontinuance of the handling of steam locomotives
at the present 72nd Street engine-house.
These engines, which will be purchased from the American Locomotive
Co. are suostantially duplicates of the first practical oil-electric switching
engine built in this country and which has been under test by the New
York Central on its West Side freight line for the past 2 years.
Each of the new locomotives is equipped with a 300 h.p. Ingersoll-Rand
Diesel engine and a storage battery of 218 Exide cells weighing seventeen
tons, the largest battery ever used for locomotive service. Each also has
a 200 k.w. generator. The electrical apparatus will be supplied by the
General Electric Co. The locomotive may be operated in four ways:
(1) by power from the storage batteries alone;(2)from the storage batteries
and engine generator together; (3) from the third rail, and (4) from an
overhead collector. Its storage tanks have a capacity of 200 gallons of
fuel oil, sufficient to operate the engine at full load for about 10 hours.
-
Legality of Leases Tested.
-
East Kentucky Southern Ry.-Stock.A suit was filed Aug. 23 in the Federal Court to annul the I. 0. Com-S.
Th.. I.
-S. 0. Commission Aug. 20 authorized the company to issue not mission's approval of the New
Central 1111.'s control of rail routes
to exceed $50,000 capital stock (par $100). to be disposed of at par in con- between this city and Chicago.York plan for the centralizing of control
The
nection with the acquisition and rehabilitation of its railroad.
which had been under consideration for several years, was approved by the
The report of the commission says in part:
Commission on July 2. The complaint alleges that the plan permits perThe applicant was incorporated Dec. 6 1928 in Kentucky, with an au- manent leases between the New York Central and interlocking and parallel
thorized captal stock of $50,000. It was organized to acquire and operate lines and constitutes a violation of Federal anti-trust laws because it would
13.4 miles of railroad between Grayson and Webbville, Ky., which for- prevent competition. It is also alleged that the plan is against the interests
merly belonged to the Eastern Kentucky Ry. and constituted the remaining of the minority stockholders.
portion of that carries's railroad after abandonment of the portion extending
Central Securities Corp. in which
The complainant
from Grayson northward to Riverton, By. had been authorized by our C. H. Venner of the is the No* York H. Venner & Co., is actively Interbanking firm of C.
certificates and order of July 10 1926. This remaining mileage has been ested. The defendants are the Interstate Commerce Commission, the
acquired by the applicant, as authorized by our certificate of Jan. 19 1929, New York Central RR.,the Cleveland Cincinnati Chicago & St. Louis By.
for a consideration of $30,000, the purchase price has been paid, and the (the Big Four), and the
-V. 129, p. 1280.
Michigan Central RR.
applicant has received a deed to the property and has been operating it
since Feb. 5 1929.
New York New Haven & Hartford RR.
-Dividend Rate
Of the
proposed stock, $30,000 has been subscribed and paid for and the
-The directors on Aug. 27
money used in payment of the applicant's railroad. It appears that in- Increased on Common Stock.
dividual subscribers, in addition to adva wee made for payment of the rail- declared a quarterly dividend of $1.25 per share on the
road, have advanced approximately $10,000 for purchase and repair of
ipment and maintenance and repair of roadway. The proposed stock $157,117,900 common stock, par $100, payable Oct. 1 to
be issued at par in respect of advances made by subscribers and to holders of record Sept. 6. Previously the company made
Wovide for further rehabilitation of the applicant's railroad.
-V. 128. P. quarterly disbursements of $1 per share on
this issue.
88.
0
m
Gulf Mobile & Northern RR.
-Bonds.
-
V. 128, p. 4318.
United New Jersey RR. & Canal Co.
-Bonds.
The I.
--S. C. Commission Aug. 20 authorized the company to procure
The I.
-S. C. Commission has authorized the company to issue *6,020,000
authentication and delivery of $2,300,000 of 1st mtge. 5% gold bonds,
series 0, in respect of capital expenditures heretofore made.
-V. 129, P. of gen. mtge. 4%% gold bonds to be delivered to the Pennsylvania hit.
at par in reimbursement for expenditures to be made In payment of alike
627.
amount of gen. mtge. bonds maturing Sept. 1 1929.
Authority was
granted
Hocking Valley RR.
Stockholders Give Terms tion and liabilityalso lessee in to the Pennsylvania RR. to assume obliga-Minority
as
respect of the $6,020,000 bonds.
-V. 120.
of Offer-Proposes Chesapeake & Ohio Give 23.4 Shares for P. 1037.
One Share.
-
The committee of Hocking Valley Ry. minority stockholders of which
Willis D. Wood is Chairman has proposed, in a letter to 0.P. Van Sweringen, that the Chesapeake & Ohio issue for each share of such stock 23-i
shares of its own common stock.
The letter addressed by Mr. Wood to Mr. Van Sweringen reads in part
as follows:
Referring to our recent conversations relative to combining the properties of the Chesapeake & Ohio Railway and the Hocking Valley Railway, I
Wish to advise that I have discussed these matters with my associate members of the protective committee of Hocking stockholders created by agree-ment dated April 7 1925, and also with other
Hocking stock and
the consensus of opinion of these parties is thatholders of greatly beneficial
it would be
to all concerned to bring about this combination at the earliest possible
date;further, these parties are willing to propose as a plan for accomplishing
this combination the following:"
In substance, the plan states that the Hocking Valley offers to sell the
0.& 0. all its assets and franchises, subject to its liabilities, in consideration of the issuance of 2% shares of C. & 0. to the holder of each share of
.
,
Hocking other than the C. & 0. which
owns 88.379 shares out of
a total of 109,995 shares. Provisions are already equalization of dividends
should the date for surrender of Hocking made for subsequent to the record
stock be
date for the C. & 0. dividend for the last quarter of this year; also for
equitable adjustment of the stock ratio in case C. & 0. should increase its
stock before surrender of the Hocking. Acceptance of the plan by the
C. & 0., subject to approval of the regulatory authorities, would bind
C. & 0. to bear all incidental expenses.
As chairman of the protective committee. Mr. Wood offers to agree and
all other members of the committee similarly agree, to vote their stock in
favor of acceptance of the plan by the Hocking and to recommend the
acceptance of the plan by all minority stockholders. All stockholders of the
Hocking will be given an opportunity of joining in this otter.
The letter does not indicate the attitude of the Van Sweringens toward
-V. 129, p. 627.
the offer.
International-Great Northern RR.
-3% Interest.
-
The directors have declared an interest payment of 3% for the six months
period ended June 30 1929, which is at the rate of 6% per annum on the
Wabash Ry.-Permits Intervention.
The I.
-S. C. Commission has granted permission to the Chicago &
Illinois Midland Ry. and New Jersey Industrial Traffic League to intervene
In the application of the Wabash to acquire control of certain carriers.
-V. 129. p. 126.
Yankton Norfolk & Southern RR.
-Securities.
-
The I.
-S. C. Commission Aug. 26 authorized the company (1) to issue
6,667 shares of common stock (par $100). (2) 4.000 shares of 7%noncum. pref. stock (par $100) and (3) not exceeding $1,600,000 1st mtge. 67e
bonds; $100,000 of the securities to be sold for cash and the proceeds used
for working capital, and the remaining securities to be delivered to the
Fidelity Construction Co. in full payment for acquiring, constructing and
equipping the road; the stock to be sold or otherwise disposed of at par and
the bonds at not less than 80.-V. 127. p. 2681.
PUBLIC UTILITIES.
American Commonwealths Power Corp.
-Acquires Control of Lowell Gas Light Co. and National Gas & Power Corp.
Quarterly Stock Dividend Declared.
-President Frank T.
Hulswit Aug. 28 says in substance:
Since May 15 last, there has been acquired by American Commonwealths
Power System (a Massachusetts voluntary organization), practically all of
the capital stock of Lowell (Mass.) Gas Light Co. The latter was organized in January 1850, and has since continuously served Lowell. Masc,
and its suburbs with manufactured gas. The present population of the
district served is approximately 125,000. The gross earnings of the Lowell
company for the 12 months ended July 31 1929, exceed $977.000, while
the net earnings exceed $370,000.
The directors also report the acquisition by the corporation of all, or
approximately all, of the common capital stock of National Gas & Power
CorP.. serving, through its subsidiaries, 25 communities, principally located
AUG. 31 1929.]
FINANCIAL CHRONICLE
in Michigan and Ohio; also in Wisconsin, North Carolina, Virginia, South
Carolina, Colorado. Missouri and Alabama. The Michigan properties
include the gas company serving Monroe, which is located near Detroit.
The National corporation also recently acquired a valuable gas producing
and distributing property at Newark, 0. It is estimated by the officers
of the National corporation that the gross earnings for the calendar year
1930 will exceed $1,800,000 and that the net earnings after interest charges
and dividends on preferred stocks of subsidiary companies will amount to
$250,000. The National corporation is now headed by Fred W. Seymour,
as President: Herbert A. Sebald, as Vice-Pres. & Gen. Mgr., and David H.
Frazer Jr., as Secretary. These officers will continue in charge of the
direction and operation of the properties.
The acquisition of Lowell Gas Light Co., and of all of the corn, capital
stock of National Gas & Power Corp., have been fully financed. As of
Sept.3 1929, when we have completed the purchase of the stock of National
Gas & Power Corp., the outstanding common stock capitalization of
American Commonwealths Power Corp. will be approximately as follows:
1,012,344 shs.
Class A common stock, no par, outstanding
428,647 shs.
Class B common stock, no par, voting, outstanding
This is an increase of 50,000 class A shares and 40,000 class B shares
over the amounts reported in the earnings statement of the corporation
for the 12 months ended July 31 1929. Based on this earnings statement,
and including the approximate surplus income of the two properties above
mentioned, the surplus income of the corporation for the 12 months ended
July 31 1929, would be about $2,719.000, or approximately at the rate of
$1.88 per share of class A and class B common stock outstanding.
The directors have declared a stock dividend of 1-40th of one share.
Payable in class A common stock, on Oct. 15 1929, on each share of Class
A or class B common stock of record Oct. 1 1929. This is at the rate of
1-10th of one share (10%) annually. (Compare V. 128, p. 3999.) Full
certificates will be issued for all even shares and stock scrip will be issued
for fractional shares which may occur, which fractional shares can be consolidated by purchase or sale in the open market into whole shares. Scrip
certificatos for fractional, shares will not be entitled to dividends. The
stock dividend will accrue to definitive option warrant holders who exercise
their right to purchase class A common stock on or before Sept. 30 1929.
-V. 129, P. 1280.
-Earnings.
American Natural Gas Corp.
13 Mos. Ended June 30Gross revenues
Oper. exp., maint. & gen. taxes
1929.
1928.
86.788.224 $6,162,442
3,418,611
3,259,950
Net oper. income before deprec. & depletion_ _ _ $3,369,613 52,902,492
-V. 128, p. 2268.
American Telephone & Telegraph Co.
-Linked with
Italy.-
1437
Conversion Privilege.-Boncls are convertible into class A shares at any
time prior to maturity, or in case of redemption at any time prior to the
redemption date, on the basis of 35 class A shares per $1,000 bond, with
adjustment of accrued interest and dividend. For each bond redeemed
prior to maturity a warrant will be issued granting the right to purchase
at any time prior to Aug. 1 1930. 35 of class A shares at the price of $1,000
plus accrued div.
-Proceeds will be used to refund maturing obligations, to reimPurpose.
burse the company for additions and betterments made to its properties
and for other corporate purposes.
-Company is managed by Chase & Gilbert, Inc. of BoaManagement.
ton.
-V. 129, p. 957.
-Transfer Agent.
Atlas Utilities Corp.
The Chase National Bank has been appointed transfer agent for 150.000
shares $3 preference stock, series "A," without par value. 450.000 shares
common stock, without par value, and option warrants for the purchase
of 200,000 shares of common stock.
-Rights.
Bell Telephone Co. of Canada.
The company, in a letter signed by President C. F. Sise, is offering
stockholders of record Sept. 6 additional shares of capital stock at $125 a
share in the proportion of one new share for each five shares held. The
subscription privileges will expire on Nov. 1.
Payments are to be made in installments of $40 a share on Nov. 1 1929
and Feb. 11930, and $45a share on April 11930. An allowance of interest
at the rate of 5% on the first two payments from their respective due dates
to April 1 1930 will make the net cash payment on the final installment
$43.85. The stock will be issued as of April 1 1930 and will participate in
dividends payable after April 15 1930.
The terms of the issue have been approved by the Board of Railway
Commissioners for Canada.
Mr. Sise explains that the issue of 120.000 shares will provide approxi-V. 128, p. 1552.
mately $15,000.000 for new construction.
-Further Details of Merger.
Brooklyn City RR.
See Brooklyn & Queens Transit Corp.
Earnings for Fiscal Years Ended June 30.
1926.
1927.
1928.
1929.
Total st. ry. oper. rev_ _511,405,799 $11,612,491 $11,651,759 211,677,918
Total st. ry. oper. exps.
8,963,105
9,225,037 9,321,427 9,326,057
(incl. deprec.)
Taxes assignable to street
768,707
714,541
661,376
607,591
railway operations _ _ _
Inc.from street ry. oper. $1,573,171 51,629.688 $1,611,161 51,946.103
72,493
92.854
73,643
106,961
Non-operating income_ -
Tho 21st country to be connected to America by transoceanic radio
Gross income applic. to
telephone was Italy, which was linked for service on Aug. 28 between New
corpor. & leased prop. $1,680,132 $1,703,331 51,683.654 52.038,958
York and Milan, according to an announcement. Telephone service in Total income deductions
818,222
New York is wired to a Lawrenceville, N. J., transoceanic radio telephone
563,067
514,370
487,862
(incl. interest)
transmitter, carrying the service to a receiving station in Great Britain.
From there the conversations are conducted through cables across the EngNet corporate income_ $1,192,269 51,188,960 51,120,587 $1.422.736
lish Channel, thence over telephone wires across France and Switzerland to
Consolidated Balance Sheet June 30.
Italy.
1928.
1929.
1928.
1929.
This will be the first time a voice from America has been carried across
Liabilities-A ssetsthe Alps, it was stated. About 4,400 miles of radio and wire transmission
16,000,000 16,000,000
Fixed apital__ _ _a39,010,807 38,914,374 Capital stock
is represented. The service will be available from 6:30 a. m. to 10 p. m.
799,701 let cons. mtge. 5s. 6,000,000 6,000,000
529,131
daily and the rate will be $51 for three minutes of conversation, with $17 Cash
925,000
925,000
Ref. mtge. 4s
U.S. Treas. nots &
for each additional minute.
-V. 129, p. 630.
5% equip. tr. etts_ 2,250,000 2,625,000
537,687
etts
68.906
American Water Works & Electric Co., Inc.
Interest accrued__ 240,434
-Power Deposit with trus152,150
Matured coupons_ 152,025
tee under equip.
Output Gains 13%.
299,969
40,108 Accounts payable- 205,014
trust agreement_
The power output of the electric subsidiaries of the above company for
97,349
Unpd.wages & dep.
46,739
7,200
July totaled 157,901,254 kw, hrs., a gain of 13% over the output of 139,- Int. & divs. reedy.
1,889
Matur.dive. unpd.
72,252
225,813 kw. hrs. for the corresponding month of 1928. For the first Dep. with trustee
Prov. for Federal,
of amt. in spec.
seven months of 1929 power output totaled 1,103,030,437 kw. hrs, 10%
State & clty tax_h 768,758 1,021,870
res. for replacegreater than the output of 1,002,453,227 kw. hrs. for the same period
224,067 Reserves
2,135,055 1,938,457
297,848
ment & equip__
last year.
-V. 129, p. 957, 630.
243.500 Def'd or unadjust,
Bd.&mtg.lots sold 243,500
100,000
credit items
27,891
Temp. investment 144,057
Atlantic Public Utilities Inc.
-Emery, Special deposits_ _. 281,393 265,814 Prop.& Bab. lease- 25,719
-Bonds"red.
Peck & Rockwood Co. and b. H. Huston
Co., Inc., are Accts. receivalbe__ 202,784
86,167
hold suspense
7,800,000 7,800,000
94,516 Special surplus_ _ _ 1,160,605 1,160,605
57,113
offering $1,500,000 secured cony. 1-year gold bonds, series A, Prepayments
4,487,250 3,818,657
505,747 Surplus
Mans & supplies_ 474,318
6%,at 99 and int., to yield over 7%.
400,000
Reacquired secs_. 400,000
ated Aug. 1 1929; mature Aug. 1 1930. Int. payable (F. & A.) in Unadj. debit items
81,012
263.728
New York or Chicago. Denom. $1,000. Company agrees to pay interest
without deduction of any normal Federal income tax not exceeding 2%
Total
42,266,852 41,937,724
42,266,852 41,937,724
Total
Which the company or trustee may be required or permitted to pay at the
value
by the company
a Fixed capital: The
source, and to repay to holders of these bonds on proper application the April 1 1924, together Brooklyn City RR. Co. atdate. setIn the provision
b
with additions since that
present California, Connecticut. Iowa, Kansas, Kentucky. Maryland. for Federal. State and city taxes is included $470.558 in respect of N. Y.
Michigan, Pennsylvania and Vermont personal property taxes and present
franchise taxes and interest in dispute.
-V. 128, p. 4000.
Massachusetts, New Hampshire and Oregon income taxes. Rod. at any State special
time on 30 days' notice at par and int. Chicago Trust Co., Chicago,
-Merger.
Brooklyn Queens County & Suburban RR.
trustee.
-V.118. p. 1011.
See Brooklyn & Queens Transit Corp. below.
Data from Letter of Pres. R. W. Gilbert, Dated Aug. 23.
Company.
-A Delaware corporation. Through subsidiary companies
-Listing.
Brooklyn & Queens Transit Corp.
furnishes electric light and power and (or) water service to communities
The New York Stock Exchange has authorized the listing of 283,250
with an aggregate population exceeding 480,000, located in Maine, New
Hampshire, Massachusetts, Connecticut, Pennsylvania, Maryland, Vir- shares of pref. stock (no par value) and 800,000 shares of the common stock
, West Virginia, Ohio, Kentucky, Indiana, Illinois and Arkansas. (no par value). The official statement to the New York Stock Exchange
ystem also includes artificial ice plants, serving a population in excess affords the following:
The corporation was organized July 1 1929 by the filing in the office of
of 860,000, located chiefly in the Piedmont district of Virginia. and North
York and in the
and South Carolina. In addition certain bus lines are operated in the the Department of State of Newjoint agreement of office of the Clerk of
of the
merger and consolidaOhio territory. The principal subsidiary companies are: Atlantic Public Kings County, New York,RR., Nassau Electric RR., The Coney
tion of The Brooklyn City
Island &
Service Associates. Inc. and North American Water works & Electric Corp.
County & Suburban R R.and Coney Island
and indirectly, Keystone Waterworics & Electric Corp., Maine State Water Brooklyn RR., Brooklyn Queensthis agreement, the merger and
& Gravesend Ry. Pursuant to
consolida& Electric Cos., and Southern Public Service Co.
The electric light and power system includes 416 miles of transmission tion of the capital stock, franchises and property of said corporations into
lines, 1,421 miles of distributing system serving a population of over 110,000. Brooklyn & Queens Transit Corp. was effected. unified
management and
The consolidation, in addition to providing for
To these lines about 23,000 customers are connected; about 36,000.000
kilowatt hours wore distributed during the past year. The company operation, effected the cancellation or surrender to the corporation of debt
of the constituent companies totaling over $23,000,000; the cancellation of
purchases the greater portion or its energy requirements under favorable
the so-called "construction account" against The Brooklyn City RR. for
contracts.
The water system includes 900 miles of mains,and 4,500 hydrants serving alleged construction expenditures of $13,000,000; the substitution of 283.250 •
shares of no par value pref.stock and 800,000 shares of no par value common
a population of over 370,000. About 68,000 customers are connected to
stock of the corporation for capital stock of the consolidated companies
the system.
The artificial ice plants have an aggregate manufacturing capacity of having a par value of 536,333.900. The Transit Commission of the De3,200 tons per day, with ample storage and fully equipped delivery systems. partment of Public Service, Metropolitan Division of the State of New York,
duly approved the consolidation on Juno 7 1929.
CapiMlization (on completion of this financing).
Brooklyn-Manhattan Transit Corp. owns or controls approximately 55%
Secured cony. 1-yr. gold bonds
$1,500,000 of the common stock and slightly over 50% of the pref. stock of Brooklyh
6% notes
750.000 & Queens Transit Corp.
Cumulative preferred ;Co&
x10,555 shs.
Cno par5
,
Capitalization, Preferences and Limitations.
Class A stock ($2 div. participating) (no Par/
y55,087 shs.
Class 13 stock (no par)
190.000 shs.
Under the joint agreement of merger and consolidation the authorized
x An additional 3,000 shares have been authorized for issuance and sale number of shares of the capital stock of the corporation is 1,103.250, of
in the companies' territories. y 52,500 additional shares reserved for which 283,250 are pref. stock (no par value) and 820,000 are common stock
conversion of these bonds.
-There are in addition $30,792,500 funded debt and $7,405.850 (no par value).
Note.
The preferences, privileges and voting powers or restrictions or qualifipreferred stocks (liquidation value) and certain minority interests of sub- cations of the pref. stock and common stock, as stated in said joint agreesidiary companies outstanding in the hands of the public.
merger and consolidation, are briefly summarized as follows:
Security.
-Secured by the deposit of all the common and second preferred ment of
-The holders of pref. stock are entitled to
(I) Dividends.
stocks of Atlantic Public Service Associates, Inc., and not less than 95% dends when and as declared, cumulative from July 1 1929quarterly diviat the
of the class II common stock of North American Waterworks & Electric $4 per share for the first year commencing July 11929. 55 per share rate of
for the
Corp. which companies own all or substantially all the voting stocks of the second year commencing July 1 1930, and $6 per share for the
third year
principal operating companies of the system. So long as any of these commencing July 1 1931, and each year thereafter.
bonds are outstanding the company may not dispose of any of the presently
-In the event of any
(2) Rights upon Liquidation, &c.
pledged securities nor permit North American Waterworks , & Electric dation or winding up.sale of properties and franchises or dissolution, liquiCorp. to dispose of its common stock of Keystone Waterworks & Electric stock resulting in distribution of capital, the holders ofreduction of capital
the pref. stock are
Corp.
entitled to receive $100 per share plus, except in the case of involuntary
Consolidated Earnings of the Company and its Subsidiaries .2 Months Ended liquidation, dissolution or winding up, a premium of $10 per share, together
With dividends accrued or in arrears thereon.
May 31 1929.
Gross earnings (including other income)
$7,157,002
(3) Redemption.-Pref. stock is redeemable on any dividend payment
Operating expenses & taxes
4,191.317 date, in whole or in part, at $110 per share, together with the amount of
all dividends accrued or in arrears thereon.
-Holders of pref. stock are not entitled to any
Net earnings
52,965,685
(4) Voting Powers.
voting
2,268,396 Powers except as required by statute, and except in case the corporation
Prior charges of subs, for int., div. & minority Interests
shall fail to declare and pay or set apart for payment in full any quarterly
Balance
5697,289 dividend on any of the pref. stock and shall not, on or before the fourth'
90,000 succeeding quarterly dividend payment date, declare and pay or set apart
Ann. int. on secured cony, gold bonds (this issue)
for payment in full said dividend and also all subsequently accrued divi$607,289 dends on all the outstanding pref. stock, and except as to the necessity of
Bal. avail. for other int. gen. amort., div. &c
.
'
The above balance of $697,289 is over 7.7 times annual interest charges consent of_pref. stock to certain corporate action while such pref. stock is
outstandint. all as more fully set forth in the annexed exhibit A.
on these bonds, which will be the only secured debt of the company.
/Weas
1438
FINANCIAL CHRONICLE
[vol.. 129.
Scrip Certificates.
-Pursuant to the provisions of the joint agreement,
(3) Coney Island& Brooklyn
the board of directors has authorized the issuance of scrip certificates for 1st consol. mtge. 4s, due July RR.
1 1948
fractional shares of pref. stock and common stock. The holder of such
(no sinking fund; not red.). Bankscrip certificates is entitled on surrender of scrip certificates aggregating
ers' Trust Co., trustee
1,902,000
76,080
at least one full share to receive a stock certificate for such one or more full Consol. mtge. 4s, due Jan. 1 1955. 2,000,000
shares. The holder of scrip certificates is not entitled to any of the rights
litigation pending to determine
of a stockholder. The corporation may at the option of its board of direcright to declare principal due now
tors, at any time after June 1 1931, sell the shares of stock deliverable by
(no sinking fund; not red.). Bankers
the corporation upon the surrender of scrip certificates, and in such event
Trust Co., trustee
1,500,000
60,000
all the rights of the holders of scrip certificates shall cease except the right Brooklyn City & Newton RR. 1st 10,000,000
to receive from the corporation, but without interest, a pro rata share of
consol. mtge. 5s, due July 1 1939
the net proceeds of such sale upon the presentation and surrender of scrip
(no sinking fund; not red.). Bankers
certificates to the corporation.
Trust Co.. trustee
2,000,000
1,968,000
98,400
Purposes of Issue of Stock.
(4) Brooklyn Queens County& Suburban RR.
All of the stock of the corporation, except 20,000 shares of common stock, 1st mtge.5s, due July 1 1941 (no sinkwhich are reserved for issuance for corporate purposes for such consideration
ing fund; not red.). Guaranty Tr.
as the board of directors may fix, has been exchanged or is exchangeable
Co., trustee
3,500,000
1,409,000
70,450
as follows:
1st consol. mtge. 58, due July 1 1941
160,000 shares of the pref. stock and 400,000 shares of the common stock
(no sinking fund; not red.). BrookIn exchange for the 1.600,000 issued and outstanding shares of capital stock
lyn Trust Co., trustee
4,500,000 2,703,000
135,150
of the Brooklyn City RR.
1,8823i shares of the common stock in exchange for the 941 y, issued and
Totals
$31,226,927 $1,424,260
outstanding shares of pref. stock of the Nassau company, which are not
a No interest accrued or paid on $927.50 scrip. b Original issue.
owned by Brooklyn-Manhattan Transit Corp.
579 shares of the pref. stock and 1,158 shares of the common stock in
Combined Income Account Years Ended June 30.
exchange for the 579 issued and outstanding shares of the capital stock of (Brooklyn CityRR., Nassau Electric RR., Brooklyn Queens County &
the Coney Island company, which are not owned by Brooklyn-Manhattan Suburban RR.,
Coney Island & Gravesend By., Coney Island & Brooklyn
Transit Corp.
RR and South Brooklyn
eliminations and after
122,671 shares of the pref. stock and 396,959K shares of the common giving effect to provisions By after inter-company
of joint agreement of merger and consolidation
stock have been issued to Brooklyn-Manhattan Transit Corp., as the owner such as
forgiveness of certificates of indebtedness, bills payable, &c., and
and holder of $6,405,875 of the pref. stock, and $8,500.000 of the common retirement of
funded debt., &c.1
stock of the Nassau company, $2,926,000 pf the capital stock of the Coney
1928.
1929.
Island company, $2.000,000 of the capital stock of the Suburban company, Passenger revenue
$23,150,591 823,376,641
and $350,000 of the capital stock of the Gravesend company, and as the Freight revenue
447,360
489.055
owner and holder directly or through subsidiaries of $23,753,256 principal
amount of funded and other indebtedness of the constituent companies
Total revenue from transportation
$23,597,952 $23,865,696
and of the "construction account" against the Brooklyn City company,and
Other Street Railway Operating Revenues:
as the owner and holder directly or through subsidiaries of certain real and Advertising
226.320
234,999
Personal property, including all of the stock of South Brooklyn By.
Other car and station privileges
14,136
17,923
History of the Corporation and Consolidated Companies.
Rent of buildings and other property
217,916
228,051
3,162
5,070
Brooklyn et Queens Transit Corp. was organized July 1 1929 in New York Rent of equipment
32,298
32,428
pursuant to the joint agreement of merger and consolidation of Brooklyn Rent of tracks and terminals
City RR., Nassau Electric RR., The Coney Island & Brooklyn RR.. Brook- Sale of power
23,264
21,957
lyn Queens County & Suburban RR. and Coney Island & Gravesend By. Miscellaneous receipts
10,315
9,511
Brooklyn City RR. was incorp. in New York Dec. 17 1853. Company
Total street railway operating revenues
originally operated a railroad in the City of Brooklyn and its environs, but
$24,142,066 $24,398,931
on Feb. 14 1893 it entered into a contract with the Brooklyn Heights RR., Maintenance of way and structure
2,703,126
2.794,723
Which later became a subsidiary of Brooklyn Rapid Transit Co., whereby Maintenance of equipment
3.048,181
2,917,221
It leased all of its property to the Brooklyn Heights Co. for a period of 999 Operation of power plant
2,278,139 2,376,078
years. This lease was terminated as a result of the receivership or the Operation of cars-trainmen's wages
6,961,923
7.006,956
Brooklyn Rapid Transit Co. (which was succeeded upon its reorganization Operation of cars-other expenses
1,887.380
1,860,582
by Brooklyn-Manhattan Transit Corp.), and the consequent failure to pay Damages
1,460,411
1,439,967
the rentals, and the leased property was returned to the Brooklyn City Co. Legal expenses in connection with damages
245.591
220,791
General law expenses
In Oct. 1919.
90,256
48.655
Nassau Electric RR.. The Coney Island & Brooklyn RR., Brooklyn Queens Other general expenses
894,381
919.912
County & Suburban RR.. Coney Island & Gravesend Ry.-An of the consoli- Freight expenses
303.377
364,800
dated corporations, with the exception of The Brooklyn City RR., constiNet revenue from operation
tuted part of the Brooklyn-Manhattan Transit system. They were organ84,290,318 $4,428,228
ized under the laws of New York and operated street railroads in the Coun- Taxes accrued on operating properties
1.328,912
1,266,049
ties of Kings and Queens. The Nassau company was incorp. on March 13
Operating income
1893, the Coney Island company on Dec. 10 1860, the Suburban company
$3.024,269 $3,099,316
on Nov. 24 1893 and the Gravesend company on March 22 1893. These
Non-Operating Revenue:
companies were part of the system of Brooklyn Rapid Transit Co. The Rents accrued from lease of road
85,200
85,200
receivership of the Brooklyn Rapid Transit Co. was extended to the Nassau Miscellaneous rent revenues
69,508
72,757
company, the Suburban company and the Coney Island company in July Interest revenues
134.113
135,692
1919. By reason of stock ownership the receiver also had direction of
Miscellaneous
8,256
8,118
affairs of the Gravesend company. Pursuant to the terms of the plan ofthe
reorganization of Brooklyn Rapid Transit Co., the receiverships of the Nassau
Total non-operating revenues
$297,077
$301,767
company and of the Suburban company were terminated and the bonds
Non-Operating Revenue Deductions:
of and claims against these companies were readjusted without the fore- Rent expense
1,737
2,757
closure of any of the mortgages securing the underlying bonds. The re- Non-operating taxes
23.520
21,183
celver of the Nassau company and the Suburban company was by
orders
of court directed to return the properties in his possession to the respective
Total non-operating revenue deductions
825.257
$23,940
companies, and all persons holding bonds of or claims against the companies Net non-operating income
271,819
277,826
were enjoined from enforcing the same except in accordance with the pro- Gross income
3,296,088
3,377,142
visions of the offers contained in the plan of reorganization approved by Interest deductions
1,450,169
1,479,727
the court.
Other rent deductions
62,124
68,085
The receivership of the Coney Island company was terminated by a Sinking fund accruals
658
658
decree entered in the U. S. District Court for the Southern District of Amortization
22,338
25,275
New York on March 311924, which directed that the properties in possession of the receiver be returned to the company on the conditions set forth
Net income
31,760,799 $1,803,397
In the decree, including provision for the deposit in a special account of the Div. on 283,250 shs. pref. stk. at initial rate of $4. 1,133,000
1,133,000
accrued and unpaid interest on the consol. mtge. 4% 50
-year gold bonds Balance avail. for 800,000 shs. of corn. stock
627.799
670.396
of the company. The consolidated bonds outstanding in the hands of the Equivalent to: per share of common stock
8.7847488 $.8379962
general public, amounting to $1,500,000, were not adjusted in accordance
Note.
-Without giving effect to contemplated economies in operation
with the provisions of the plan of reorganization. Upon request the mort- under consolidation.
gage trustee endeavored to bring about the acceleration of the principal,
Balance Sheet July 1.1029.
but the right to do so is being contested in a proceeding still pending in the
Assets.
U.S. District Court for the Southern District of New York. As a condition
$664,471
Liabilities.
of the termination of the receivership of the Coney Island company. Brook- Cash in banks and on hand_
654.531 Taxes accrued
91,188,967
lyn-Manhattan Transit Corp. agreed that in case it should be finally deter- Special deposits
264,099 Judgments unpaid
1.013
mined that the principal of the bonds had become due and payable,it would, Accounts & bills receivable14,917 Due associated companies._
798,957
payment
the aa saIsland
Ctey faaadcrpan d and upondemand Interest receivable
ae any
Materials and supplies
1.171,777 Accounts payable
296,427
Orthedebtlitridthii311digm
All of the consolidated companies, including The Brooklyn City RR., Stocks of associated co's.....- 3,617,713 Int. accrued on funded debt. a1,323,743
353.836 Int. accr. on unfunded debt.
107
Obtain their power from Williamsburgh Power Plant Corp., which is a sub- Fund for replacem't ofequip.
Advances to associated co's20,115 Dividend declared
72,252
sidiary of Brooklyn-Manhattan Transit Corp.
38,982 Due for wages and salaries.78,586
-South Brooklyn By. is the sole subsidiary of Securities of non-assoc. co's.
Subsidiary Company.
1,972,968 Other unfunded debt
Miscellaneous investments_
57,140
Brooklyn & Queens Transit Corp.
99,738.647 Funded debt
31,226,928
Franchises.
-All of the franchises in streets and public places' of the Fixed capital
544,292 Casualties, Ins. & a. t. res.Prepayments.&c
Brooklyn & Queens Transit Corp. are perpetual with the exception of less
1.
386375
Reserve for canting., &o.,... 24,045,583
than 3% of the mileage operated.
Preferred stock (no par).... 29,325.000
Miles of Track.
Common stock (no par)._ _ 18,800,000
.
Corporate surplus
1,465,572
Brooklyn City RR
229
Nassau Electric RR
143
9109,056.349
Total
Total
8109.056,349
Coney Island & Brooklyn RR
52
a
Brooklyn, Queens County & Suburban RR
64 withIncludes interest on Coney Island consol. 4s from Jan. 1 1919,$892,500
Coney Island & Gravesend By
respect to which there has been deposited with U. S. Mortgage &
8
Trust Co. applicable to int. to Jan. 1 1929, of $850,000 securities, par,
South Brooklyn Ry
24
$850,000. Book.$857,462 carried under miscellaneous investments (contra).
Total
Directors.
-Frank Bailey, Matthew C. Brush, Irving T. Bush, Daniel J.
520
Creem, Gerhard M. Dahl, William N. Dykman, Charles Hayden. David F.
Funded Indebtedness (After Giving Effect To Merger).
Houston, Edwin P. Maynard. William S. Menden. H. Hobart Porter.
Outstanding
Annual
Charles S. Sargent. Arthur S. Somers. Frederick Strauss, Albert 11. Wiggin.
In Hands
Interest
(1) Brooklyn City RR.all of New York City, N.Y.,and John V.Jewell,of Garden City, New York.
Authorized. of Public.
Charges.
1st consol. mtge. 55, due July 1 1941
Officers.
-Gerhard M. Dahl, Chairman; William S. Menden, Pres.:
(no sinking fund; not redeemable).
George D. Yeomans, Vice-Pres. & Gen. Counsel: George W. Jones, ViceKings County Trust Co., trustee-- $6,000.000 86,000.000
$3300,000 Pres.; Fred C. Marston. Soc. & Treas.; James Addison, Cornpt.; F. 8,
Ref. mtge.48,due Aug. 1 1956,red.at
Richards. Asst. Sec. & Asst. Treas.; F. B. Stewart, Asst. Sec. & Asst.
110 and int. (no sinking fund).
Treas.; A. P. Clausonthue. Asst. Comptr.;and W. W. Wells, Asst. Comptr.
,._Brooklyn Trust Co.• trustee
Transfer agent: The Chase National Bank, New York, N. Y.; Registrar:
6,925,000
Equip. trust 5% certif., due $3375,000
-V. 129. p. 472.
Brooklyn Trust Co., New York.
thereof Jan. 15 of each year to and
incl. Jan. 15 1935(not red.). BrookCalifornia Oregon Power Co.
-Earnings.
lyn Trust Co.. trustee
133.750.000 2,250,000
112,500
12 Months Ended June 301928.
(2) Nassau Electric RR.
1929.
Gross earnings
33,477.004 $3,058,613
Atlantic Ave. RR. gen. mtge. 5s, due
Net earnings
1,917,988
2.224,022
April 1 1931, originally red, at par.
Other income
12,133
but a portion of issue now stamped
34.393
"not callable" (no sinking fund).
Net earnings including other income
Brooklyn Trust Co.. trustee
$2,258,415 $1,930,121
2,224,000
111,200 -V. 129, p. 630.
Atlantic Ave. RR. Improv. mtge. 5s. 3,000,000
due Jan. 1 1934 (no sinking fund;
Chesapeake & Potomac Telephone Co. of Va.-Pres.
not red.) Brooklyn Tr. Co.. trustee 1,500,000
197,000
9,850
Brooklyn, Bath & West End RR.gen.
Lloyd B. Wilson has been elected President of the 4 Chesapeake &
mtge. 5s, due Oct. 1 1933 (no sinktomac Telephone companies operating in the District of Columbia, Mary
ing fund; not red.). Bank of Amerland, Virginia and West Virginia. He succeeds the late Albert E. Berry.
ica, trustee
a5,550 -v. 129, v. 1119.
1.000,000
111,927
let mtge. 58. due April 1 1944 no
sinking fund: not red.). Chase NaConey Island & Brooklyn RR.
-Merger.
tional Bank, trustee
See Brooklyn & Queens Transit Corp. above.
6,000,000
660,000
33.000
-V.118, p. 1664.
lit consol. mtge. 4s, due Jan. 1 1951
(no sinking fund; not red.). GuarConey Island & Gravesend Ry.-Merger
anty Trust Co., trustee
15,000,000 10,302,000
412.080
See Brooklyn & Queens Transit Corp. above.
AUG. 31 1929.3
FINANCIAL CHRONICLE
1439
The
-Stock Issue Approved will begeneral mortgage bonds are to mature Jan. 1 1959 and interest thereon
Consolidated Gas Co., New York.
payable J. & J. No interest is to be or become due or payable or
President George B. Corte'you, in a letter to the stockholders, announces
that the New York P. S. Commission has approved the proposed offering
of additional shares of common stock at $75 a share, and that the company
will accordingly offer to each common stockholder of record Sept. 13 1929
the right to subscribe for one new share of common stock for each ten
common shares held. Payment for these shares will be due not later
than Oct. 11. and the new shares will be entitled to the entire quarterly
dividend payable on Dec. 16. the letter says. Warrants are to be mailed
as sobn as possible after Sept. 13.
The proceeds are to be used to pay off existing bank loans and to provide
in part for capital expenditures heretofore made by the company and
certain of its affiliates.
-V. 129. p. 631.
-New Well.
Consolidated Gas Utilities Co.
President Logan W.Cary has announced the completion of the company's
first natural gas well drilled on this year's program In the Amarillo field.
The well came in at 40.000.000 cubic feet per day with indications of Its
going to 50.000.000 cubic feet when deepened.
-V. 129, p. 1282.
Detroit & Port Huron Shore Line Ry.-Plan of Reorg.-
The committee for the holders of the 1st mtge. 5% 50
-year gold bonds
due 1950 has approved and adopted a plan of reorganization, a resume of
which was given in last week's "Chronicle," page 1282. The plan in
further detail follows:
There have been issued and are now outstanding $2.499,000 1st mtge.
-year gold bonds of Detroit & Port Huron Shore Line Ry.
5%_ 50
The Port Huron Line was on and prior to March 10 1925 operated by or
as a part of the lines or system of Detroit United By. through ownership
by said Detroit United By. either directly or indirectly of the capital stock.
On March 10 1925 receivers were appointed for Detroit United By. and all
railways owned, leased or operated by Detroit United By. including
Port Huron Line, and from that time until Sept. 25 1928 the Port Huron
Line was operated by receivers.
On Sept. 26 1928 Eastern Michigan Rys. acquired by special master's
deed all of the railways and properties owned directly by Detroit United
Ry. (but not the capital stock of any of mortgagor corporations in Port
Huron mortgage).
The protective committee represents:
(1) That Port Huron bonds in the principal amount of $1,870.000 and
bearing all coupons maturing July 1 1925 and subsequent have been deposited and are now held under the protective agreement.
(2) That the protective agreement has not been modified and is now in
full force and effect.
(3) That no advances have been made by or under the authority of the
Protective committee by or to holders of certificates of deposit issued under
the protective agreement.
(4) That since March 10 1925 there has been deposited in cash with the
trustee of the mortgage securing the Port Huron bonds as part of the trust
estate held under the mortgage in the aggregate sum of $33.499, and that
no part or portion of said amount has been disbursed by the trustee and that
no charges or liabilities have been incurred by the trustee save only as
follows: The trustee has disbursed for Its and its counsel's out of pocket
expenses $2.873 and for engineer's report $2.344. The only unpaid liabilities of the trustee for the services rendered and to be rendered is the sum
of $10,000 for itself and the charges of its counsel in the sum of $75,000.
(5) That the protective committee has no charges, expenses. Indebtedness or liabilities paid or unpaid to be provided for under or by this agreement except a sum not in excess of $500.
(6) The protective committee, in the exercise of the
respect conferred upon it by the protective agreement.authority in that
at $35
the amount to be paid in respect of each 81.000 principalhas fixed of Port
amount
Huron bonds represented by certificates of
tive agreement desiring to withdraw from deposit Issued under the protecthe protective agreement
New Company.
It is intended to organize a new company under the laws of
Michigan
or such other State as the Eastern Michigan Rys, shall determine,
or the
Charter of some other existing corporation may be utilized.
All of the stock of the new Port Huron company (except, if so determined
by the Eastern Michigan Rye., directors' qualifying shares) is to be vested
in the Eastern Michigan Ays.
It is intended to acquire at sales under decree or decrees to be entered
the properties of the Port Huron company to be offered for sale thereunder
or such part thereof as the Eastern Michigan Rys, shall determine.
It is intended to vest in the new Port Huron company by
ship the lines of Interurban railway and all or substantiallydirect ownerall the other
Property now subject to the mortgage securing the Port Huron bonds
which shall be acquired at such sale or sales.
Genera/ Provisions Regarding New Bonds and Mortgages.
The bonds of the new Port Huron company to be created are to
as of Jan. 1 1929, principal and Interest payable without deductionbe dated
for Federal income taxes not exceeding 2% per annum and without deduction for
any Michigan taxes.
The mortgages securing the bonds will contain provisions
from the liens thereof of property subject thereto and, to the for releases
extent and
upon the conditions and within the limitations to be prescribed therein,
may contain provisions for the modification. alteration. &c., by concurrent
action of the respective mortgagors, or of their respective successors, and
of the holders of not less than 85% in principal amount of the bonds thereby
secured.
Said mortgages severally and respectively will contain amongst other
covenants substantially as follows:
(1) That the lines of railway and equipment covered thereby will be
maintained on an equality with the standard of maintenance observed in
current practice on first class electric railway properties of similar character
and construction and at all times in condition for safe and satisfactory
operation in accordance with the nature and volume of traffic handled.
(2) That when due and payable all lawful taxes and assessments Imposed
upon the property embraced therein which if unpaid might be or become a
lien or charge upon said property or any part thereof prior or equal to the
lien of said mortgage shall be paid and discharged save only to the extent
that appropriate legal Proceedings shall have been instituted in good faith
and are pending to contest the amount or the validity thereof.
(3) That on or before March 1 in each year there shall be filed with the
trustee a certificate or certificates verified by the affidavit of the President
or other operating head of the system setting forth that no default has been
made in the observance of the covenants in said mortgage contained regarding the maintenance of the properties covered thereby and the payment
of taxes and assessments thereon.
Securities of the New Port Hyron Co.
The new Port Buren company is to authorize the following securities:
(1) General Mortgage Bonds.
-These bonds are to be limilted to $1,000,000
at any one time outstanding. They are to be issued In denominations of
$1,000 and $400. They are to be secured by a mortgage to Union Trust
Co. (of Detroit), as trustee, covering the property now embraced in the
Port Huron 1st mtge. and such properties as from time to time shall become
subject thereto. The general mortgage in all respects shall be subject and
subordinate to the 1st mtge. and prior lien mortgage authorized to be given
(as below stated) and to the prior payment out of the mortgaged property
of the prior lien note and of all let mtge. bonds at any time issued and outstanding under the Port Huron let mtge. The general mortgage may
Contain provisions permitting the property covered thereby to be embraced
in a new mortgage securing an issue of bonds maturing not earlier than
July 1 1958 and bearing 1 t.rest at a rate less than 7% per annum and
having a lien thereon prior to tb3 lien of the general mortgage, provided
the principal amount of such bonds shall not exceed 75% of the actual cost
of betterments, additions and improvements to the mortgaged property,
Including as additions the acquisitions of other Items, parcels or things.
The general mortgage and the let mtge, shall each contain
permitting the Gary property. so called, to be mortgaged (calledprovisions
the prior
lien mortgage) for a sum sufficient to pay the net amount of expense mentioned In paragraph ''4" above after any other proper credits and debits
are made, plus the sum of $250.000 (to be used only for the purpose
herein
of paying $100 in cash upon each $1,000 Port Huron bond becoming a party
to the plan and agreement or entitled to the benefit thereof), plus such a
sum as shall be necessary to defray the cost of such mortgage (by way of
bonus or discount), mortgage tax and filing fees. The prior lien mortgage
shall constitute a superior and paramount lien upon the Gary property so
mortgaged superior to the lien of the let mtge. and of the general mortgages above mentioned. In the event of the execution of the prior lien
mortgage for the purposes aforesaid, said mortgage shall contain a clause
providing for the release of a part of said Gary property from the lien
thereof upon such terms as the committee the Eastern Michigan Rye, and
the mortgagee shall jointly agree upon at the time of the execution thereof.
to accrue or run on the general mortgage bonds until beginning Jan. 1 1930.
On July 1 1930 and on an. 1 1931 an amount equal to 1% of the principal
of the general mortgage bonds shall become due thereon In full for the
Interest thereon up to said respective dates. Each of the two installemnte
of interest on the general mortgage bonds payable July 1 1931 and Jan. 1
1932 shall be in the amount of 1% of the principal. Each of the two installments of interest payable July 1 1932 and Jan. 1 1933 shall be in the
amount of 1 % of the principal. Each of the two installments of interest
payable July 1 1933 and Jan. 1 1934 shall be in the amount of 2% of the
principal. Each of the two installments of interest payable July 1 1934
and Jan. 1 1935 shall be in the amount of 2y4% of the principal. Thereafter the semi-annual payments of interest upon the general mortgage
bonds shall be at the rate of 5% per annum.
The general mortgage bonds are to be redeemable in whole or in wt
at the option of the new Port Huron company on any Jan. 1 or July 1
on not less than 30 day's notice at the principal amount thereof and Int.
if any accrued thereon from the int. payment date next preceding that fixed
for the redemption thereof.
The entire authorized amount of general mortgage bonds is to be issued
in the reorganization.
-There will be issued in reorganization such number of
Common Stock.
shares of common stock of the new Port Huron company as the Eastern
Michigan Rys. shall prescribe. and In its discretion said shares may be
without par value or of such par value as the Eastern Michigan Rys. shall
determine. These shares of common stock of the new Port Huron company
issued in reorganization, other than directors qualifying shares. may be
pledged under the existing let mtge. of the Eastern Michigan Rys.
-It is contemplated that the new Port Huron
Issue of New Securities.
company in consideration or In part consideration of the acquisition of the
Properties to be vested in it in the reorganization will issue (1) $1.000.000
general mortgage bonds and (2) all of its authorized shares of common
stock which are to be Issued fully paid and non-assessable.
Treatment of Deposited Port Huron Bonds.
Holders of certificates of deposit Issued under or otherwise subject to the
plan for Port Huron bonds, who shall have complied with the conditions
of the plan, on the consummation of the reorganization and surrender of
their certificates of deposit in negotiable form, bearing such stamps and
accompanied by such certificates. if any, as may be required under Federal
or State laws, will be entitled to receive in respect of each $1,000 principal
amount of Port Huron bonds as shall be represented by their surrendered
certificates of deposit $400 principal amount of the general mortgage bonds.
Special Conditums.-The sum of $4.103.31 arising from the sale of unused
right of way near Perch Point pursuant to order entered Sept. 15 1926
and now held by the receiver shall be paid over to Union Trust Co.as trustee
of Port Huron mortgage to be used and applied toward payment of the Items
of expense mentioned above. All claims of receiver or Detroit United
Realty Corp. or parties other than the trustee in said consolidated cause
or any of the constituent causes thereof or the mortgage estates which are
the subject of any of said causes against said Port Huron mortgage estate
or the trustee thereof or the receiver therefor and all claims of said Port
Huron mortgage estate and the trustee thereof or the receiver therefor
directly or Indirectly against any other mortgage estate so subject to said
consolidated cause or any other constituent cause thereof or the trustee
of any of said mortgage estates or the receiver thereof shall on the consummation and complete performance of the plan and agreement stand and be
thereby fully satisfied and discharged. Each and all parties and interests
In the last preceding sentence referred to shall withdraw or permit to be
denied all motions, petitions, exceptions, objections or proceedings whatever attacking any order, decree or other action taken by the court or the
special master in any of said cruses.
The Gary property or portions thereof and such other property as the
committee and the Eastern Michigan Rys. shall jointly determine not to
be necessary for the operation of said Port Huron line shall be sold and disposed of by the committee pending the foreclosure sale or the Eastern Michigan Rya. or the new Port Huron company thereafter and the proceeds of
such sale and disposition shall be used to pay the balance of the fees and
expenses mentioned in paragraph 5 above and $100 per $1.000 on each
Port Huron bond becoming a party to the plan and agreement or entitled
to the benefit thereof. Any balance of such proceo& shall be used for
additions, betterments and improvements to the property used in the operation of Port Huron line and subject to the general mortgage herein provided for or used otherwise for the benefit a the holders a bonds issued
under and secured by said last-mentioned mortgage. The general mortgage and any let mtge. given as contemplated by this plan and agreement
shall provide for the release of said property therefrom upon the terms and
conditions and for the uses and purposes in this parragraph stated and without other or further consideration for such release. Compare also V. 129.
P. 1282.
Eastern Massachusetts Street Ry.-Earnings.-
(As reported to the Massachusetts Department of Public Utllitiee.1
1929.
1928.
Six Months Ended June 30$4,437.488 $4,634,129
perating revenues
1.181.467 1,199.599
Net operating revenues
918.885 1,021.374
Operating income
1,092.946
1.133.203
Gross income
555.257
590.556
Taxes, interest, &c
Net income
Dividends
$537.689
x678.990
$542.647
432.632
def$141,301
$110.01
5
Net balance
-V.128,P. 4001
Includes nine months' dividends on preferred stocks.
-Listing.
Federal Light & Traction Co.
The New York Stock Exchange has authorized the listing of $740.000
additional 30
-year 1st lien stamped 5% sinking fund gold bonds. due Mar.1
1942 on official notice of sale and issuance and distribution to the public,
making a total applied for of $3.823.500 5r7e bonds, $3,482,000 stamped
6% bonds, and $4.537,500 stamped 5% bonds.
12 Months Ended- May 31 '29. Dec. 31 '28. Dec. 31 '27. Dec. 31 '26.
$8.230.043 $7,912.158 $7.010,041 26.623,588
Gross earnings
4,666.584 4,506.717 4.177.101
Operating expenses
3.876.017
x180.000
x180.000
190,000
Fed. inc. & profits taxes
x120.000
1,085.816
1,138,091
920,689
Interest & discount
826,610
SP'gfieldRy&Lt.Co.divs
65,482
68,742
69,268
8P'fleldGas&ElecCo.div j
64.652
Public
Central Arkansas
104,809
104,830
104,764
Service Corp.diva101.761
New Mexico Tower Co.
531
dive
Avail, for surplus (bat
retirement reserve)_ $2,060.738 $1,966,075 $1,562,003 $1,634.532
252.34
$49,93
239,67
Earned per sh. preferred
$11.51
Earned per sh. com.(ave.
$4.09
$3.95
23.15
outstanding (par $15)$3.45
-V.129, p. 1120.
x Estimated. Settlements still open.
-Earnings.Hackensack Water Co.
2g.
MenininEnd. June 30ear hs gs
Gross
31.552
19 .733 $1192
,378
2
Operating expenses, maint.,taxes & prov.for retire.
963.049
910.842
Net earnings
$589.084
$461,733
Other income
30.248
17,284
Total income
$619.332
$479.017
Bond interest
195.000
195.000
Other interest, amortization,.4c
62.032
25,163
Balance avail, for dive. & surplus
2362.301
$258.854
--V• 124, p. 3771.
Hamilton Gas Co.
-Stock Purchase and Conversion
Sept.
Privilege Expires on See. 14.Angawar
President w.
Aug. 31, in a notice to the holders
of
the 1st mtge. bonds and debentures, says: "Payment
for common shares
and deposit of the bonds and (or) debentures In
accordance with otter of
June 10 1929 must be in the hands of the Century Trust
Co.of Baltimore.
Md.. on or before 12 o'clock noon Sept. 14 1929, at
which
(=Aires." (For details, see V. 128, p. 4002.)-V. 129. p. time this offer
958.
•
1440
[VoL. 129.
FINANCIAL CHRONICLE
Illinois Bell Telephone Co.
-New Director, &c.
-
Charles Trez, President of the Link Belt Co., has been elected a director
to fill the vacancy caused by the death of Chauncey Keep.
The directors have approved the expenditure of $526,898 for new plant
In Chicago and $1,471,124 for Illinois, outside of Chicag.o, making a total
of $1,998,913. The total for this year is $23.196,577.-V. 129. p. 1120.
Inland Utilities, Inc.
-To Complete 30 New Gas Wells.
This corporation will, within the next 234 months, accomplish an
expansion of its natural gas properties in West Virginia and Kentucky
which will result in the completion of 28 new wells on the property of the
Southeastern Gas Co., one of the three operating subsidiaries of Inland
Utilities, Inc., and two additional wells for the Montgomery Gas Co..
another operating subsidiary.
The company, which also has extensive manufactured gas. water and
refrigeration properties in Kentucky,Pennsylvania, Maryland and Virginia,
has already brought in four wells on its leased area in Calhoun County,
near Charleston, W. Va. The other wells which will be brought in before
Nov. 1 of this year, according to President R. H. Craig. will be 16 in
Johnson County, Ky., two in Fayette County, W. Va., and eight in
Calhoun County.
The present natural gas production of the Inland company is at the
rate of 8,000,000 cubic feet daily, an increase of 20% over the production
at the same time last year. John E. Kelly, Vice-President of the South
eastern Gas Co., estimates that the 30 new wells will bring production to
17,000.000 cubic feet daily by the end of 1929.
The bulk of the gas is sold on contract to large gas companies which
pipe it to Pittsburgh. Lexington and more than 20 cities or towns within
a radius of 200 Miles of the field. Among the company's customers are
Libby-Owens Glass Co., Hope Nstural Gas Co., Godfrey L. Cabot, Inc.,
-V. 129, p. 1120
United Fuel Gas Co. and Kanawha Valley Products Co.
Interborough Rapid Transit Co.
-Fare Suit.
Supreme Court Justice Frankenthaler has signed an order providing that
on Oct. 7 the 7c. transit fare issue shall be fought out in the New York
Supreme Court on a single point
-whether or not existing contracts between
the City and the Interborough Rapid Transit Co. providing for a Sc. fare
are binding.
-V. 129, p. 1282.
International Hydro-Electric System.
-July Output.
This division of the International Paper & Power Co. produced 297,459,000 k.vr.h. of electric energy in July, 51% greater than the output of
the System in July 1928. In the first 7 months of this year the output of
$1,380,096 $1.520,343
the System was 2,140.974,000 k.w.h., an increase of 54% over the corresponding period of 1928. The production of the System in the 12 months
Middlesex & Boston Street Ry.ended July 31. was 3.423,581,000 k.w.h., an increase of 52% over that of
the 12 months ended July 31 1928.
(As reported to the Massachusetts Department of Public Utilities.)
Supplying this energy the System has 812,100 h.p. in hydro-electric
Period End. June 30- 1929-3 Mos.-1928t
1929-6 Mos.-1928.
plants of its New England Power Association and Canadian Hydro-Electric Operating revenue
$611,602
$599.801
$296,860
$297,550
Corp., Ltd., in the United States and Canada. Hydro-electric plants now Net operating revenue
110.106
107,205
50.830
50.297
under construction will raise this total to over 1,037,000 h.p., of which
Gross income
$97,910
$90,508
$44,954
$42,453
185,000 h.p. is in New England Power Association's hydro-electric develop-. Interest, amortlz., &c.. _
81,335
77,804
39.903
38,720
ment at Fifteen Mile Falls on the upper Connecticut River and 40,000
h.p. at the Grand Falls plant of the Saint John River I'ower Co., at Grand
Net income
$16,575
$12,704
$3,732
$5.051
Falls. New Brunswick.
-V. 127. p. 822.
In addition, New England Power Association has an installed capacity
Mountain States Power Co.
of 477.500 h.p. In its steam-electric plants. More than 800,000 additional
-Earnings.
12 Months Ended June 30hydro-electric horsepower, as yet undeveloped, is available to meet the
1928.
1929.
continually increasing power requirements of the areas served by the Grossearnings
$2,955,543 $2,704,201
System.
Netearnings
1.039,452
1,155,540
On the upper Gatineau River the System is completing a storage reser- Other income
139.123
87,118
voir which will materially assist the Mercier reservoir in regulating the flow
Net earnings including other income
of the Gatineau River on which the System has 3 hydro-electric plants of
$1,242,658 81.178,575
an aggregate capacity of 436,000 h.p. installed and in operation. The -V. 129, p. 631.
combined capacity of the 2 reservoirs will be 145 billion cubic feet. or
Nassau Electric RR.
-Merger.
1 2-3 times that of the reservoir created by the Assouan dam on the Nibo
See Brooklyn & Queens Transit Corp. above.
-V. 117, P. 1664.
River in Egypt.
-V. 129, p. 631.
National Gas & Power Corp.
-Acquired.
-
Italian Superpower Corp.-Reigstrar.The City Bank Farmers Trust Co. has been appointed registrar of
60,000 shares of option warrants,series of 1929, to purchase common stock,
class A.
-V. 129. p.793,
Los Angeles Gas 8c Electric Corp.
-Earnings.
12 Months End. July 311928.
1927.
1929.
Gross earnings
$24,006,155 $21,498,316 $20,679,371
4,350.725
Balance available for dividends
5,978,296
4.570,101
The balance available for dividends, $5,978,296, is equivalent to $30.78
per share on the preferred stock outstanding for the period. After provision
for dividends on the preferred stock there was $4,812,886.15 available for
dividends on the common stock, all of which is owned by Pacific Lighting
Corp.
-Y. 128, p. 726.
-Louisville Gas & Electric Co.-Earnings.
12 Months Ended June 30Gross earnings
Netearnings
Other income
Net earnings including other income
-V. 129. p. 631.
New York Edison Co.
-Capitalization Increased.
The company has filed a certificate at Albany, N. Y., increasing the
authorized capital stock, no par value, from 4,308,080 shares to 5,208,080
shares.
-V. 129, p. 1283.
Niagara Hudson Power Corp.
-Registrar.
The Bankers Trust Co. has been appointed registrar for the common
stock and class A and class B option warrants for common stock.
-V. 129.
p. 1283.
Northern States Power Co.
-Earnings.
12 Mos, Ended June 30Gross earnings
Not earnings
Other income
1929.
1928.
$10.001,144 $9,379.211
5,146.341
4,834,042
Net earnings including other income
396,808
225,824 -V. 129, p. 632.
$5,543,149 $5,059.866
-Control Acquired.
Lowell(Mass.) Gas Light Co.
-V. 124, lx• 1820.
See American Commonwealths Power Corp. above.
Lower Austrian Hydro-Electric Power Co."Newag."
Earnings for 6 Months Ended June 30Receipts from power
Miscellaneous receipts
1929.
$492,969
51,511
1928.
$437,236
8,536
Total receipts
Expenditures
$544,480
359,762
$445.772
290,064
Net earnings
$184,718
$155,708
Interest charges on the company's 1st mtge. 631% bonds, due 1944,
amount to $174,210 per annum based on the present outstanding. Net
earnings in the first half of 1929 are therefore more than enough to meet
total interest charges on the issue for the full year.
-V. 129, p. 280.
-Stock Offered.
Luzerne County Gas 8c Electric Corp.
The directors have authorized the sale of 5,000 shares of $6 div. 1st pref.
(A & D) stock, without par value, to customers, employees and others at
$100 and accrued dividend per share. It shares ratably with 1st pref.
stock now outstanding. This stock may be called, at the option of the
company and upon notice to the stockholder, at 105 and divs. In the
event of liquidation this stock is entitled to receive, in priority over corn.
stock, an amount equal to 100 and divs. This stock is exempt from the
present Penn. 4 mill personal property tax. Divs, are exempt from the
present normal Federal income tax. Payment may be made in full or
on the partial payment plan, viz.: $10 per share with order and $10 per
share per month for 9 months.
A circular, issued by the company, says in part:
The business of the corporation has expanded rapidly. In order to keep
Pace with development the company must invest large sums of money in
plant, equipment, lines, mains meters and various other kinds of property.
During the 12 months' period ended Dec. 31 1928. the not income of
the company applicable to dividends, after payment of operating expenses,
taxes, renewals and replacements, interest on bonds, &c., was $675,671,
or over 3 times $222,577, the dividend requirements on all pref. stock outstanding, including this Issue.
The main electric generating stations of the company are located at
Plymouth and in Hunlock Township (Pa.), both on the Susquehanna River.
These have a total installed capacity of 59,000 kilowatts. Sub-stations
are located at Hunlock, Plymouth, Kingston, Wanamie. Swoyersville (Pa.),
and elsewhere about the territory. The company's gas plants are located
at Hazleton and Nanticoke with a total installed capacity of 3,500,000
cubic feet of gas daily. Electricity is distributed by 120 miles of high
voltage transmission lines and over 400 miles of low voltage lines. Gas is
distributed through 125 miles of underground main.
The company serves a territory in Luzerne County (Pa.) with a population of approximately 350.000. This includes well developed residential
communities. prosperous farming country, important industrial districts
and the largest anthracite mining operations in the world. The cornmunitIes supplied with either gas or electricity, or both, are:
See American Commonwealths Power Corp. above.
1929.
1928.
$32,149,672 830,601,037
16,675,040 15,389,338
729,172
241,568
$17,404,212 $15,630,906
-Output, &c.
North American Co.
-President F. L.
Dame, in his quarterly letter to stockholders, says in
substance:
-Work is progressing rapidly on exDevelopments in Cleveland District.
tensions of facilities to provide for the increased service demands of customers of The Cleveland Electric Illuminating Co. At Avon Station the
fourth turbo-generator of 35,000 kilowatts capacity will go into operation
in Oct. At Newburgh, in the iron and steel district of Cleveland, an
80.000 kilowatt transformer station is under construction. At Canal
Road Station, In the commercial district, two now rotary converters of
6,500 kilowatts capacity are being added. Excavations and marine work
for the company's new 400.000 kilowatt power plant at Ashtabula are
nearing completion. Growth of the Cleveland commercial district, including new skyscrapers in the Union Terminal group, is increasing the
demand for steam for heating purposes, which is being met by the installation of two additional boilers of 11,000 capacity In the East 20th St.
central steam heating plant.
-Rapid growth of the aviation
Power for Aviation Industry in St. Louis.
Industry in the Greater St. Louis district is accompanied by a marked
increase in the use of electricity. Necessity for uniformly high quality of
materials and accuracy in manufacturing processes is causing wider adoption
of electricity for both power and the heat treating of metals. One aviation
company organized less than a year ago has since increased by 300% its
requirements for electric power from Union Electric Light & Power Co.
The electric load of several other aviation companies in the same territory
is also growing at a rapid rate. Beacons and landing field flood lights
are other important sources of demand for electric service.
-Construction work Is under way on
New Substation in Washington.
bstation
the new substation of Potomac Electric Power Co. designed to feed into
the present network supplying the business district of Washington. Additional facilities are necessary to meet the increased demands in this area
and to anticipate the electric requirements resulting from the extensive
building program recently inaugurated by the Federal Government for the
concentration of buildings and the beautification of the area between the
White House and the Capitol.
Benefits of California Interconnection. Interconnoction of the California
subsidiaries, through the Brighton-Merced tie-line constructed three years
ago, proved particularly advantageous during this year's dry season. In
the first seven months 86.242,000 kilowatt hours of hydro-electric power
were transferred over the tie-line from Great Western Power Co. of Calif.
to San Joaquin Light & Power Corp. In spite of deficient rainfall adequate
power supply was assured due to the largo storage reservoirs of the Great
Western System, and economies resulted from conservation of fuel oil and
natural gas in the steam electric stations. The combined California Systems
recorded a peak load of 322,690 kilowatts on July 23. exceeding the previous
high record by 32,300 kilowatts. indicating increased industrial and agricultural activity in the territory.
-The electric output of North American
Electric Output for Six Months.
subsidiaries for the first half of 1929 was 3,332,800,000 kilowatt hours,
more than 13% over the output of the Same companies for
an increase of
the first half of 1928, bringing the output for the 12 months ended June
30 1929 to nearly six and one-half billion kilowatt hours. Average weekly
output during the first 6 months of this year exceeded 128.000.000 kilowatt
hours. Record weeks were those ended May 23 and June 27, when the
output Was over 132,000,000 kilowatt hours.
AUG. 31 1929.1
FINANCIAL CHRONICLE
1441
Consolidated Balance Sheet June 30.
-Earnings.
Shasta Water Co.
1929.
1928.
1928.
1929.
Income Account Year Ended June 30 1929.
$
Assets
Sales
Prop. & plant_ 745,164,651 698,486,365 Preferred tock- 30,333,900 30,333,900 Cost of sales, advertising, selling & gen. exp., excl. depre. & $222,550
Common stock -y52,647,190 47,613,230
Cash and secur.
amortization
180.194
do scrip___
114,940
103,880
on depos. with
1,914,803 1,724,175 Pt. stks. of subs.167,754,108 162,160,241 Operating profit
trustee
$43.356
Stocks & bonds_ 43,428,224 36,739,335 Min. int. in cap.
4,521
& surp.of subs. 14,612,480 12,306,899 Interest received
Sundry inv.,1ncl.
Miscellaneous income (net)
2,875
Div. payable in
pref. stocks &
common stock 1.313,783 1,183,011
bonds of subs_ 5,097.672 4,559,157
$50.752
Total prone
No.Am.com.stk. x460,020 3,100,387 Fund.dt.of subs.346,485,831 329,405,378 Depreciation
11,134
531,225 10,237,047 Siphons
21,544,322 18,985,422 Notes & bills pay
Cash
4,340
U.S.Govt.secur. 1,903,391 2,674,445 Accts. payable_ 5,593,765 5,035,258 Amortization of leasehold
1,000
1,099,325 Sundry currAlab. 5,502,557 4,546,106 Federal income tax
1,150,301
Notes & bills rec.
3.933
14,220,641 13,642,110 Taxes accrued__ 12,438,071 10,673,074
Accts. receiv
participation fund
1.500
Matil & suppl- 12,021,363 11,767,336 Int. accrued____ 4,351,082 4,056,836 Employes'
accrued_ _ 1,582,757 1,603,942
1,467,051 Divs.
Prepaid accts.._ 1,733,291
128.845
Net income
111,731
Sundry accr.11ab.
125,094 Div.on"A"stock for 11 months ended June 30 1929
Disct. & exp. on
27,501
securities_ _ _ 15.032,502 17,337,842 Deprec. reserve_ 95,062,024 87,165,217
Other reserves__ 15,962,693 14,063,370
$1,344
Earned surplus June 30 1929
Capital surplus_ 21,645,241 25,668,033
Balance Sheet June 30.
Tot. (ea. side)863,671,244 811,582,951 Surplus
84,627,862 65,302,433
Liabilities
Assetsx Held by subsidiary for conversion of bonds. y Represented by 5,276,213
$11,922 Capital stock
x$460.000
Cash on hand
shares without nominal or par value -V. 129. p. 1122.
89,221 Accounts payable
14,379
Investments
13,572 Div. pay. July 1 1929
7,500
-Earnings.
Accounts receivable
Oklahoma Gas & Electric Co.
22,592 Customers. dep. on containers
1,887
Inventories
1929.
12 Mos. Ended June 301928.
410,796 Prev. for Fed. Inc. tax
3,933
$13,189,990 $11,443.238 Land, bld3s..cte
Gross earnings
24,049 Employes' partic. fund
13,497
Deferred charges
6,342,662 5,337,435
Net earnings
Capital surplus
69,610
681,256
Other income
442,660
Earned surplus
1,344
Net earnings including other income
$7,023.918 $5,780,095
Total
6572,152
6572,152
Total
-V. 129. p. 796.
x Represented by 20.000 shares class A convertible stock of no par value
Oklahoma Natural Gas Corp.
-Earnings.
-V.127. p. 1948.
and 20,000 shares class B stock of no par value.
1929-12 Mos.-x1928.
Period End. June 30- 1929-6 Mos.-1928.
Southern Colorado Power Co.-Earnin 8.-$8,714,289 36.161,465 $10,649,539 $10,096,715
Gross earnings
1929.
1928.
Oper. exp., maint. &
12 Mos, Ended June 30$2,278,864 $2,266,800
3,335,720 3,233,599
taxes
6,194.767 6,092,646 Gross earnings
1,101.436
999.221
earnings
Net
11,359
9,660
Net oper. income_ _ _ $3.378.569 $2.927,866 $4,454,772 $4,004.069 Other income
x 12 months ended bee. 31.-V. 126, P. 1661.
$1.112,795 $1.008,881
Net earnings including other income
-Merger May Be Blocked.
Pacific Gas & Electric Co.
- -V. 129, p. 632.
Efforts of substantial stockholders to merge the three largest public
utilities of the Pacific Coast have run into an unexpected obstacle,according
-Financing, &c.
-Stevenson
Southern Union Gas Co.
to Anderson & Fox, who have made a survey of the merger likelihood following recent sharp market advances. This obstacle is in the form of & Co. (now merged with Peabody & Co.) and Bartlett &
unusually wide distribution of shares of the three companies concerned.
of Chicago in May last sold $1,000,000 1st mtge.
For ten years,leading utility companies of the country have spent millions Gordon
sinking fund gold bonds, series A (with common
of dollars in campaigns to obtain widespread ownership of their shares, coll. 6
particularly among their customers. In the last few years. since the consolipurchase warrants), at 983/i and int.
dation movement became prevalent, their past efforts have risen as a hin- stock
Bonds are dated Feb. 11929; due Feb. 1 1939. Prin. and int. payable at
drance in the way of speedy ratification of merger plans.
The three Pacific Coast utilities, some of whose principal owners are now Chicago Trust Co., corporate trustee, Chicago. Denom. $1,000 and
faced with this obstacle, are the Pacific Lighting, Pacific Gas and Southern $500 O. Int. payable F & A.without deduction for normal Federal income
refund to holders upon
California Edison companies. Officials of all three companies, while stating tax not in excess of 2% Company will agree toin
Red.
as defined
that no merger steps are actually under way, admit that consolidation of proper application certain State taxes upon 30 days'the indenture. plus a
notice at par
in part
their interests is logical and has been given much study. The first step in on any int. date in whole oron or before Feb. 1 1934, and a premium of
of redeemed
such a merger would be a union of the Pacific Gas and Southern California premium of 3%
Edison companies,it was announced. On this point, Anderson & Fox,report 2% thereafter, accrued interest to be added in each case.
-Each 11.000 bond ($500 bonds in proportion) will carry a
Warrants.
their findings in their current "Financial Review," as follows:
holder to purchase 12 shares ofcommon stock
wide distribution of the stock is disclosed in the 1928 annual reports detached warrant entitling the before
thereafter at $12.50 per
of both companies. The Southern California Edison Co. on Dec. 31 last, at $10 per share at any time 1 1933;Jan. 1 1931: $15 per share if exercised
thereafter at
exercised prior to Jan.
had 118.246 stockholders, with average individual holdings of 57.4 shares. share if
$20 per share
"At the close of 1928 ownership of Pacific Gas was vested in 49.068 prior to Jan. 1 1935; thereafter at exercised priorif exercised prior to Jan. 1
to maturity.
at $25 per share if
stockholders, of whom 30,506 held preferrred stock and 18,562 common. 1937; thereafter -A sinking fund, payable monthly to Chicago Trust Co.,
Sinking Fund.
Of the total number ofstockholders, 38,304, or 78% owned from one to not
trustee, is calculated to retire more than half this issue prior to maturity.
more than 100 shares, while 10.191 held from 101 to 1,000 shares of both
-These bonds are listed on The Chicago Stock Exchange.
Listed.
classes of stock and only 573 bad more than 1,000 shares. California stockholders numbered 39,680. or 80.9%, with less than one-fifth of all stock-Stevenson & Co. (now merged with
Stock Units Offered.
holders residing outside of the State. Numerical preponderance of stockholders was shown to be women, totaling 20.975, men numbered 19.592, Peabody & Co.), Thomson-Laadt & Co. and W. G. Gates
joint tenancies, 7,557 and 944 insurance companies, associations and other
& Co. also offered 20,000 units, each unit consisting of
institutions."
-V. 129. P. 960.
cum. preference stock, and M share common
one share class A
Pacific Public Service Co.(Del.)(& Subs.).
-Earnings. stock, at $30 per unit.
-Month-1928.
1929
1929-12 Mos.-1928.
Period Ended July 31Total sales
?
o
perating expenses
aintenance
Operating income
Other incomes
$565.706
319.524
24,534
$511,223 $5,363,706 $5.188.438
292,620
3,211,035
3,091.623
19.457
317.596
308,260
$221,648
34,344
$199.146 11.835.075 $1,788,554
12,221
245,874
141,791
Net earnings
$211.367
$255.992
2.080,949 81,930,346
x Includes only one month's interest actually received on $1,200,000
proceeds from additional sale of "A" common stock now outstanding and
reflected in present capitalization, which money is available for the acquisition of additional properties now under consideration. These acquisitions
will result in further increase in earnings.
-V. 128, p. 4322.
Peoria Water Works Co.
-Earnings.
12 Months Ended July 31Gross revenues
Operating expenses & taxes
1929.
$688.577
285,218
1928.
$670,905
318.745
Net earnings available for interest
-V. 122. p. 3607.
$403.359
$352,159
Philadelphia Co.
-Div. on French Bearer Ctfs.-Earnings.
Ladenburg. Thalmann & Co. as depositors, advise that upon presentation at their office of coupon No. 155 which was detached from a French
bearer certificate representing one share of the common stock of the Philadelphia Co., the holder will be entitled to receive 30c. representing a readjustment of taxes.
12 Mos, Ended June 30
1929.
1928.
Gross earings
$52,592,411 $61.181,222
Net earnings
30.078,917 26.505.450
Other income
1,706,297
1.484,892
Net earnings including other income
-V. 129. p. 632.
$31.785.214 $27,990,342
Philadelphia Electric Co.
-New Vice-President.
-
Nevin E. Funk has been elected a Vice-President in charge of engineering.
-V. 128. P. 2462.
Potomac Electric Power Co.
-Bonds Called.
-
The National City Bank of New York, as trustee. Is issuing a notice to
holders of the refunding 6% mtge. gold bonds, series B. due 1.953, that
$39,400 bonds of this issue have been called for redemption Oct. 1 1929,
at 1.07M %. Such called bonds will be paid out of sinking fund moneys
upon presentation at the head office of the bank, 55 Wall St., N. Y. City,
on or after the redemption date from which all interest on the called bonds
will cease.
-V. 127. p. 1254.
Rhine-Westphalia Electric Power Corp. (RheinischWestfalisches Elektrizitatswerk Aktien-Gesellschaft).
-Depositary and Transfer Agent.
The City Bank Farmers Trust Co. has been appointed depositary and
transfer agent for the "American" shares. The National City Bank of
New York, which formerly acted as depositary and transfer agent, has now
been appointed registrar of the same shares -V. 128. p. 2806.
San Diego Consolidated Gas & Electric Co.
-Earnings,
12 Mos. Ended June 30
Gross earnings
Not earnings
Other income
Net earnings including other income
V. 129, p. 632.
$7,241,765 $6,616,038
3,471,454
3.119.805
3.375
3,663
$3,474,829 $3,123.468
Preference stock entitled to cumulative dividends at the rate of $2 per
upon 60
share per annum, payable Q. J. Red. in whole or in partnormal days'
from present
Federal
notice at par and diva. Dividends exempt Co., Chicago, Ill. Registrar,
tax. Transfer agent Chicago Trust
income
State Bank of Chicago, Chicago, Ill.
Data from Letter of T. F. Murchison, President of the Company.
.-A Delaware corporation. Operates through its 4 subsidiary
Company
duly
the
Public utility companies which are Theseauthorized to do business in LIMoperating subsidiaries hold
States of Texas and Oklahoma.
and are engaged
Portant franchises and contractsvarious population in the transportation
centers and industrial
and distribution of natural gas to
users in three counties in West Texas, two counties in East Texas and two
through subsidiaries,
counties in Oklahoma. Company also owns,Texas and the water gasfrancllstribuchises in three additional counties in East of the State.
tion system of one of the prosperous towns
Company has entered into long time contracts for its supply of natural
examined the
gas and in the opinion of engineers who have available to properties under
Southern
such contracts, the gas fields have reserves anticipated market for Union
many
supply the company's
Gas Co. sufficient to
Years; furthermore the company proposes to add to its supply from time to
adjacent fields, whiat fields are in the rich,important gas producing
time in
areas in the United States.
Company's subsidiaries operate in three unified and compact systems,
one in West Texas, one in East Texas and one in Oklahoma. Through
franchises which have been acquired, the subsidiary' operating companies
will supply various cities and towns in each district with their entire domestic
requiremems and through contracts secured, various industrial users will
be supplied with their fuel requirements. These franchises and contracts
assure the company of a steady market.
Authorized, Outstanding
.
Capitalization$5,000,000 $1,000.000
1st mtge. coll. 634% sinking fund gold bonds
1,250,000
500,
000
Class A cumul. pref. stk.($25 Par)
*150,000 shs. 100,00 shs
0
Common stock (no par)
*20,000 shares, the maximum requirement, reserved against exercise of
with ft'at mortgage bonds.
warrants issued in connection
-Walter Reid of Dallas, Texas, and James 0. Lewis of Tulsa.,
Earnings.
Okla., well known consulting gas and petroleum engineers, have estimated
the earnings of the company's subsidiaries, for the first five years of operation based upon franc es already obtained and contracts already signed,
The lower a these estimates gives earnings, after deduction of maximum
annual interest requirements on the company's funded debt, and available
for Federal income taxes and dividends,of $214,011 in the first year of operation, increasing to $310,425 in the fifth year. Such earnings are equivalent
in the first year to $10.70 per share of class A preference stock of $25 par
value and an average of $14.18 per share of such stock over the five year
period.
After deducting from these estimated earnings dividends on the preference
stock, there are indicated earnings available for Federal income taxes and
dividends on the common stock to be initially outstanding, of $1.74 per
share of such stock in the first year,increasing to $2.70 per share in the fifth
in
year df operation.
r
Aooi to
tnalcreases in earnings are assured in that the company hats
obtained valuable outlets which were not considered by the engineers in
making their estimates.
-The management has announced a policy for the future f
Dividends.
declaring and maintaining dividends on the common stock at a rate con
e
sistent with the company's earned surplus.
-Walter Reid and James 0. Lewis, the engineers
Value of Properties.
independently appraised the properties at over $1,650 000
have
balance sheet of the company as at Feb. 28 1929 shows total net asset.
The
after deducting funded debt and all Other liabilities, of $1,578,981. This
provides a net valuation for the class A stock of over $78 Per share-The proceeds of $1.000,000 bondstogether with stock have
Purpose.
been used for construction purposes, for ac.t
nisi ion of properties, for
working capital and other corporate purposes.
1442
FINANCIAL CHRONICLE
[Vol,. 129.
stock. $1,136,612.79; class A stock. $1,780,522.53; class B stock. 11.539,Southwestern Public Service Co.
-Earnings.
The company reports Income of $593,492 available for depreciation, 779.11: and common stock (one quarter),1284,054.81. leaving a surplus
Income taxes, and surplus for the 12 months ended July 311929. This is of $1.258.198.-V. 129. p. 130.
an increase of $177.326 over a year ago. Gross revenues reported for the
Wayne United Gas Co.
-Transfer Agent.
Period amount to $2,013.011 of which over 11.800,000 is from the sale of
The Interstate Trust Co. has been appointed transfer agent for 420,000
electrical energy in Texas and New Mexico.
Though the company has spent approximately $500.000 for addedgen- shares common stock.
-V. 128, p. 4323.
erating and distribution facilities during the past year. an additional 12.eoomoo will be spent during the next 12 months to extend its distribution
Wisconsin Public Service Corp.
-Earnings.
facilities. These additional facilities will, it is said, be financed through
12 Months Ended June 301929.
1928.
American Commonwealths Power Corp. which indirectly owhe all the com- Gross earnings
$5,259,241 $4.790.215
mon stocks of the oompany.-V. 122. p. 2653.
Net earnings
2,302.200
1.958,582
Other income
15.298
9.666
Springfield (Mass.) Street Ry.-Earnings.-
Net earnings, including other income
les reported to the Massachusetts Department of Public Utilities.]
$2.317,498 $1,988,248
-V. 129. p. 633.
Six Months Ended June 301928.
1929.
Operating revenues
$1,411.256 $1,462,324
Wisconsin Valley Electric Co.
-Earnings.
Gross Income
274.915
288.823
12 Months Ended June 301929.
1928.
Net income
129,132
149,378 Gross earnings
$1,756,333 $1,650,544
-V. 128, p. 2092.
Net earnings
630.932
755.960
Other income
23,633
15.594
Spring Valley Water Co.
-Earnings.
Six Months Ended June 301929.
1928.
1927.
Net earnings,including other income
$654,565
$771,554
Gross income
$3,565.717 $3,425,302 $3.218.818 -V. 129, p. 633.
Contribution to amortization fund
384.805
328.865
175.377
Expenses.taxes,Interest, deprec. 8sc. 2.178.369 2,137,912 2,148,993
,
Worcester Consolidated Street Ry.-Earnings.(As reported to the Mass. Department of Public Utilities].
Net income
$1.002.543
1958,525
$894,448
6 Months Ended June 301929.
1928.
-V. 128. p. 3187.
Operatingrevenues
$1,581.376 $1.633.852
Grossincome
379,628
311.982
Standard Gas & Electric Co.-Earnins.Netincome
147,924
80,347
12 Months Ended June 301t29.
1928.
-V. 128, p. 2093.
Gross earnings
$150. 50.025 1143.787.789
Net earnings
71.803.230 64,129.918
Other income
3.020.359
2,390.157
Net earnings, including other income
-V. 129. p. 1123.
INDUSTRIAL AND MISCELLANEOUS.
174,823,589 $66,520,075
Union Traction Co. of Ind.
-Minority to Fight Offer.
The Indianapolis "News" Aug. 21 had the following:
An organization to fight 20% offers made by the Samuel install interests
for general mortgage and underlying bonds of the Union Traction Co. of
Indiana was formed Aust. 21 at a meeting of minority bondholders.
Gavin L. l'ayne, Indianapolis securities dealer, was named Chairman
ef a committee which was authorized to employ legal counsel to begin
court action at once attempting to forestall the Insull bid, which the
minority bondholders agreed in discussion was not as high a return as sale
of the Union Traction properties for junk would bring them. George J.
Marott. capitalist, was made Vice-Chairman of the committee empowered
to act for the group. Nominal assessments will be made of the minority
stockholders group to meet expenses of the suit, it was announced, and
Other bondholders not satisfied with the Insult offer will be asked to join
with the group by notification of the Chairman. Approximately 40 individuals attended the meeting and participated in the discussion.
Samuel Insull Jr., President of the Midland Utilities
Investment Co., has made the following statement:
"The offer of the Midland Utilities Investment Co. for bonds of the
Union Traction Co. of Indiana. Is a bona fide offer. It was openly made
to the regularly organized bondholders' committees selected by the bondholders themselves. These committees were the only ones existing and
the only representatives to whom an offer could be tendered.
"Prior to making such offer, representatives of the Midland Company
properly secured from officials of the Traction Co., information on the
Traction properties and their operations. From this information, the Midland Company formulated an opinion of what would constitute a fair offer.
"The offer has been submitted to the bondholders by their own committees for acceptance or rejection, with the recommendation that it be
accepted.
"If the bondholders feel the offer constitutes a price as high
or higher
than, they can secure in other'quarters for their securities. as, should
accept it. If not, they can reject it. Either way, the matter they be thus
will
settled by the voluntary action lat the bondholders themselves.
"It Is reported that some of the bondholders feel that they might do
better to abandon the property and sell it for junk. The Midland Utilities
Investment Co. assumes that its offer will yield considerably more to the
traction bondholders than they could secure by abandoning and selling
for junk the properties of the Union Traction Co. Otherwise, the committees would not have bothered to submit the offer to the bondholders
for action and would not have recommend d its aceeptanc .
"As the bondholders are better off, therefore, than if the property were
junked, the question arises whether the people served.by the Union Traction Co. prefer to have it abandoned or to have its properties bought by
interests who are successfully opti acing similar properties in Indiana on a
basis of improved traction service."
-V. 129. p. 1283.
United Gas Co.(& Contr. Cos.).
-Earnings.
-
The company reports consolidated gross revenues for the six months
ended June 31) of $6,484,749 and consolidated gross earnings of $4,103,896
Balance available for Federal taxes, depreciation and depletion was $1,299.
711, after deducting all prior charges and minority common stock interest
ef controlled companies and also United Gas Co. preferred dividends.
These earnings do not reflect the company's 20.7% interest in Mississippi
River Fuel Corp. or its holdings in Consolidated Gas Utilities Co.
The port of Corpus Christi, Texas. is preparing to construct at public
cost a $300.000 sulphur loading terminal for the Duval Texas Sulphur Co..
a subsidiary of the United Gas CO. The new sulphur dock will have a
loading capacity of approximately 1.600 tons of sulphur per 8
-hour day,
making the port's capacity 2,800 tons and more than doubling the 1.200
tons that can now be handled during the working day. Completion will
be within four months. The Duval Texas Sulphur Co. has been in operation nearly a year and has practically completed a second plant which will
increase its production to more than 150.000 tons annually. Recent• additional engineering surveys and the drilling of 75 wells which encountered
sulphur deposits have increased by about 50% the company's indicated
sulphur reserves.
-V. 128. p.4323.
Coal Wages Advanced.
-4.000 Western Kentucky miners whose wan*
were reduced 20% July 16 will go back to the old scale on Sept. 1.
-"Wall
Street Journal," Aug. 28, p. 12.
Rise in Pay Averts Strike of Painters.
-Employer grant 10% increase
from $12 a day to $13.20.
-New York "Times." Aug. 29, p. 15.
Cement Prices Reduced.
-The price of cement in Chicago has been reduced
20c. a barrel to $2.25 to dealers.-Boston "News Bureau,' Aug. 26.
Matters Covered in "Chronicle" of Aug. 24.-(a) Retail food prices In
July higher than in June, p. 1198. (b) July sales of life Insurance in U. S.
Increase 13%, D. 1200. (e) Canadian sales of ordinary life Insurance gain
15% in July. p. 1200. (d) July automobile production away ahead of
previous years, p. 1201. (e) Haverhill (Mass.)shoe strike settled-workers
accept peace terms after being out 11 weeks. p. 1206. (f) Improved business in copper and lead-export sales of copper increase, p. 1208.
(g) Production of bituminous coal and beehive coke for week ended
Aug. 10 exceeds that of corresponding period last year-anthracite output
lower, p. 1210. (h) Ten Swedish I'ulp companies with $75.030.000 assets
brought together by Kreuger & Toll Co.. p. 1216.
Market value of
listed shares on New York Stock Exchange, Aug. (i) $84,232,792,083.
1.
Increase of $56,968.663.174 in month. p 1220. (j) New Yo-k Stock Exchange to rush new ticker system, 10.060 faster machines will be in operation by middle of next year-first instruments Installed will be slowed down
temporarily to prevent advantage. p. 1220. (k) American life insurance
in force passes $100.000,000,0(,0 p. 1223.
Abitibi Power & Paper Co., Ltd.
-Listing.
-
The New York Stock Exchange has authorized the listing of $50,000.000
1st mtge. gold bonds, series A, 5%, due June 1 1953.
In its statement to the New York Stock Exchange, the company states
that, upon the completion of financing which ended with the issue and
sale of the bonds of series A, it has now acquired all the assets of each of
the following companies: The Spanish River Pulp & Paper Mills, Ltd„
and its wholly-owned subsidiary. the Lake Superior Paper Co.. Ltd.:
Fort William Paper Co., Ltd.: Abitibi Fibre Co., Ltd.; Abitibi Lands &
Forests, Ltd.: Abitibi Transportation & Navigation Co.. Ltd.. and Iroquois
Fails Merchandising Co., Ltd. The following companies remain as whollyowned subsidiaries of the company, viz.: Manitoba Paper Co., Ltd..
which holds the entire issue of capital stock of Pine Falls Power
Ltd.:
Ste. Anne Paper Co.,td which holds the entire issue of capital stock
Co..
L,.
of St. Anne Power Co.: Murray Bay Paper Co., Ltd.: Kaministiqula
Power Co.. Ltd.; Hudson's 1Flay Power Co., Ltd.; Abitibi Klectric Development Co.
Iroquois Falls Drug Co., Ltd., and Mattigami RR.
V ent 8. 13
m 12
.
Acoustic Products Co.
-To Offer Stock-Changes Name.
The directors have voted to offer stockholders of record Sept. 3. additional stock at $4.50 a share in the ratio of 1 share for each 3 shares held.
The rights will expire Sept. 14.
The stockholders on Aug. 29, voted to
of the company
to mh.Sy. l29, p.ul2 4 orp. of America, change the name will carry this
na t e - ora Prod e18C
e
3 .
and the new stock
Alaska Juneau Gold Mining Co.
-Earnings.--
Period End. July 31Gross receipts
Net profit after int. &
Ebner Mine devel.exp
-V. 129. p. 282.
-Month-1928.
1929
1929-7 Mos.-1928.
$2986:50
$261,000 11,928.500 $1,998.000.
00
29 0
60.350
589,250
670.900
Albers Bros. Milling Co.
-Offer
Made for Stock.
The stockholders have been offered an exchange of stock by the Carnation Milk Products Co. on the basis of 2% shares of Carnation common
for one Albers preferred and two Carnation common for one Albers common. Stockholders have until Oct. 1 to deposit their stocks under this
plan.
There are outstanding 22.551 shares of preferred and 22,069 shares of
common stock, par $100. of the Albers company. Albers pref. stock pays
a 17 dividend but has an accumulation of about $23 per share. The Albers
common stock has not paid a dividend since 1920.
Net earnings, after interest and depreciation for the year ended June 30
.
were 1356,942. See also V. 129, p. 1285.
Alles & Fisher
-Earnings.Inc.
United Gas Improvement Co.
-Recap-la/. Approved.
Period End, June 30L- 1929-3 Mos.-1928.
1929-6 Mos.-1928.
The stockholders on Aug. 27 approved the plan to increase the authorized
capital stock from 6,000.000 shares of $50 par to 40.000.000 no par shares Net earns, after all chga.
Incl. deprec„ int.. &
divided into 5.000,000 shares of $5 cumul. preferred and 35,000.000 comFederal taxes_
8312,838.
$144.880
$194,595
$122,493
mon shares. The stockholders also approved the plan to exchange each
old share of $50 par capital stock for ;•‘' of a share of new preferred and 5 Earns. per sh.on150:66(7)
shares capital stock._
$0.85
usa
$0.82
$1.30
shares of new common stock.
-V. 128, is. 1907.
The allotment of 10% now CONOMOO stock at $20 a share to holders o
record Oct. 31 waa also authorized. (Compare V. 128, 3686.)-V. 129.
Allied Aviation Industries, Inc.
P.
-Gross Sales, &c.
p. 1123.
The corporation reports gross sales for the three months ended July 31
of $367.522. Orders on hand July 15 totaled $106,601. During the period
Utilities Power & Light Corp.
-Earnings.
reported 75 planes and 85 engines were built.
12 Months Ended June 30 '29. Dec. 31 '28. June 30'28.
Gross revenue
The corporation announces that its Monocoach plane has received an
$48,326.766 $43,240,584 $28,563,746 approved
Operating expense, maintenance and
type certificate from the Government, and as a result of orders
taxes
contingent upon this certificate is now operating its plants night and day.
26.404.374 23,506.995 14,940,758
Net earnings before fixed charges..
21.922,392 19.733.590 13,622.988 Current manufacturing schedules call for the production of 3 planes daily.
As a result
Net income from operating compancei
9,211.933 4,667.183 approved of this latest certificate 3 of the company's 4 models are of the
9.602,589
Other net income
type, the fourth still being in the development stage.
-V. 129.
1,420.990
1,581,396
2.809.842
Total net income
2,978.490 IL 633.
5.999,168 4.496.882
Total consolidated net income of $5.999,168 after all deductions. This
Allied Packers, Inc.
I, equivalent after preferred dividend,
-Exchange of Securities of Hygrade•
average
to $5.46
number of shares of outstandin: -4tuts A stock, per share on the $3.46 Food Products Corp. as Provided Under Plan.
,
and compares with
-The comper share for 1928.
Harley L. Clarke, Pres., in his letter to stockholders says: "These mittee headed by George W. Davison in a notice dated.
increases are due in part to the inclusion of earnings properties acquired Aug. 23 says:
during the 12 months between the former report and this one, but the
On and after Aug. 26, cash and 1st & ref. mtge. cony. 6% gold bonds.
net income for the report of Dec. 31 1928 is derived
sub- series B.in temporary form and stock certificates of Hygrade Food Products
sidiaries as those included in the present report, for thefrom the same
properties acquired Corp. will be ready for delivery to holders of certificates of deposit and
during this period were taken over at its close. Therefore, the increase in
net income after all deductions of $1.502,286 in the 6 months between the purchase warrants entitled thereto under the provision, of the plan and
report of Dec. 31 1928 and this report is a measure of the improvements in agreement dated Nov. 1 1928. (V. 127. P. 2958.)
Bonds will be delivered in bearer form and as far as practicable in denom.
operation."
of $1,000 each, but
for The total dividends paid for the 12 months ended June 30 on all classes of the extent necessarybonds in the denomination of $100 will be delivered to
to avoid the delivery of fractional bond scrip of $100
Utilities Power & Light Corp. stock amounted to $4.740.969. or
Preferred or over in amount. Scrip certificates in bearer form will be delivered to.
AUG. 31 1929.3
FINANCIAL CHRONICLE
represent an interest of less than 6100 in a bond or a fractional interest in
a share of stock; holders thereof will not be entitled to interest or dividends.
Bonds in the denomination of 6100 are exchangeable for a like principal
amount of bonds in the denomination of $1,000, but bonds in the denomination of $1,000 are not exchangeable for bonds in the denomination of
$100.
The bonds in temporary form will be delivered with the Oct. 1 1929
coupon in bearer form attached, and, in accordance with the plan, the
amount of interest represented thereby has been adjusted, and such amount
differs in the case of bonds deliverable to holders of prior preference stock
purchase warrants, senior preferred stock purchase warrants and common
stock purchase warrants.
To obtain the payment of cash and the delivery of bonds and stock
provided by the plan holders of certificates of deposit and of fully paid
purchase warrants must surrender the same endorsed in blank for transfers
or accompanied by duly executed transfers in blank, in both cases with
signatures guaranteed to the satisfaction of the depositary, to Central
Hanover Bank & Trust Co. as depositary, at its principal office, 70 Broadway, New York City, or, at the option of the holders of certificates of
deposit issued by The First National Bank of Philadelphia as depositary,
or Chicago Trust Cs. as depositary, or The First National Bank of Boston,
as depositary, said certificates of deposit may be surrendered to the
depositary which issued the same. In all cases where stock certificates
are desired in names other than those in which certificates of deposit and
purchase warrants are registered the cost of Federal and State transfer
tax stamps required must be paid to the appropriate depositary by those
surrendering certificates of deposit and purchase warrants.
No further deposits ofstock will be received under the plan and agreement.
Until the close of business on Oct.1 1929 instalments in default in respect
of purchase warrants may be paid if accompanies by an amount equal to
Interest upon the instalments in default at the rate of 6% per annum from
the respective dates when the same became payable to the date of the payment thereof. Such payments must be made in New York funds to Central
Hanover Bank & Trust Co , as depositary, at its office aforesaid and purchase warrants must be presented to said depositary for appropriate notation at the time such payments are made. After Oct. 1 1929 in accordance
with the provisions of the plan, the purchase warrants then in default in
respect of any instalment will become void and of no effect for any purpose
and all rights of the holders thereof in respect of prior instalments paid and
otherwise under their purchase warrants and of all rights under the plan
will be forfeited.
Those desiring cash or securities forwarded to them must state the forwarding agency desired and remit the cost thereof to the appropriate depositary. They must likewise state whether, and at what valuation they
desire securities to be insured, and must similarly provide the cost of such
insurance.
Holders of bonds and debentures desiring to obtain the benefits of the
plan may deposit the same without penalty under the plan until the close
of business Oct 1 1929, but the committee reserves the right after said
date, without notice, to refuse further deposits or to accept the same only
upon such terms and conditions as it may impose.
-V. 129. p. 962, 797.
Allied Products Corp.
-Earnings.
The company reports for the 6 months ended June 30 1929 net earnings
of 6578,486 or $11.56 per share on the class A stock.
-V. 128, p. 4323.
Allied Refrigeration Industries Inc.
-To Change Name.
Due to a change in its investment policy during the past year to include
railroad, public utility, merchandising and industrial securities, it has been
proposed to the stockholders of this corporation to change the name of the
company to Allied American Industries, Inc. A meeting for voting on this
proposal has been called for Sept. 3 1929. In his letter to stockholders
l'resident John Nickerson says: "The certificate of incorporation gives
it broad powers as to the type of operation in which it can engage. It can
invest in securities of practically any type. During the period covered by
its first report from July 6 to Dec. 31 1928 its investments were largely
confined to securities of companies engaged in the manufacture and distribution of ice or mechanical refrigeration units. However, it was not the
original plan to restrict purchases solely to such investments."
In accordance with the investments recently made in railroad, utility
and industrial securities and due to the gratifying income and profits for
the current year resulting from this policy of diversification, Mr. Nickerson adds that the management feels the proposed change in name will be
more suitable to the stockholders, and more appropriate to the nature of
the present investment policy.
Aluminum Industries, Inc.
-Earnings.
-
The company reports for the first 6 months of 1929 earnings of $175.113,
equal to $1.75 a share on the outstanding stock, as compared with $1.90
a share in the same period last year.
-V. 128, p. 3827.
Amalgamated Sugar Co.
-Reported Amalgamation.
-
See American Beet Sugar Co. below.
-V. 128, p. 3514.
Amerada (Oil) Corp.
-New Well.
The corporation has completed its Sullivan No. 1 well in which it
one-half interest with the Dixie 011 Co. In section 17-9-6 between has
the
Earisboro and Seminole pools. The well is 21 feet In the Wilcox sand at
4.283 feet. with an initial daily flow of 4.500 barrels.
-V. 129, p. 1285.
American Austin Car Co.
-Orders Accumulate-Call for
Small Vans Feature of Demand.
-While financing for this company was completed less than three
ago, a substantial demand for the Baby Austin. as the famous weeks
British
76-inch wheel-base car is known abroad has already developed, according
to President A. J. Brandt, who has Just returned from inspecting the
plant
at Butler, Pa. "An interesting feature of the demand," said Mr. Brandt,
"has been the volume of inquiries from merchants who want a small van,
costing not over $500, quick in traffic and of distinctive appearance
for
delivering packaged merchandise."
Wr. Brandt was formerly connected with various General Motor units,
Including the Pontiac Co., the construction of whose model
plant
directed, and the Oakland company, of which he was Vice-President he
and
Works Manager. "We are not going to hurry ourseves into
production," he said, "but we are laying the groundwork forpremature
deliveries
in volume early next year. The call from merchants, especially, in the
large cities, has been surprisingly large. They want attractive small
sturdily built, economical to run, and speedy in heavy traffic which cars,
tofore they have not been able to obtain except on special order andhereconsiderable added expense.
"The Butler plant has a floor area of over 288,900 square feet
and is
well adapted to both manufacturing and distribution. 'While we already
have application from dealers from all parts of the country to handle
Baby Austin, ow first deliveries will be made to the waiting list which the
been growing over since it was announced that the Austin Sven wouldhas
be
built here."
The Austin Sven weighs about 950 pounds, averages 45 miles an
per gallon of gasoline and 1,500 miles on a pint of oil. It has a hour
mark of 83.61 miles an hour and has established other records speed
climbing, endurance, economy and reliability in many countries. for hill
-V. 129,
p.797. 633.
1443
American Electric Securities Corp.-Earnings.Tho company reports for the 12 months ended July 31 1929 net profit
of $81,293. equivalent, after Federal taxes, to $6.92 a share on the total
number of participating preferred shares outstanding. Those earnings
are equal to 810.85 a share on the average number of shares outstanding
-month period.
-V. 129. p. 633.
during the 12
American European Securities Co.
-Earnings.
-
The company reports for six months ended Juno 30 1929 net profit of
$1.049,342 after interest. Federal taxes. &c.. equivalent, after preferred
dividends on the $6 no-par preferred stock, to $3.47 a share earned on
260,298 average number of no-par common shares outstanding during
-V. 129. p. 798.
the period.
American-Hawaiian Steamship Co.
-Earnings.
Earnings for 6 Months Ended June 30 1929.
Gross income
General expenses & depreciation
Operating loss
Other income
$6.163,143
6.199.780
636.637
580,241
Total income
Mixed awards collected in 1928
1614g126
Profit before Federal taxes
-V. 128, p. 1558.
$278.348
-Receives Large Order.
American Locomotive Co.
-V.129. p. 798.
See Now York Central RR. under "Railroads" above.
American Maize-Products Co.
-Earnings.
-The company reports for six months ended June 30 1929 net profits of
$768,637 after depreciation and Federal taxes,equivalent. after dividends
on $7 preferred stock, to 623.87 a share e rned on 30,000 shares (par elm)
of common stock outstanding on June 30 1929. Based on 300,000 no-par
-to-1 split-up, above net
shares of common stock no outstandine due to 10
-V. 129, p. 798.
profit is equal to 62.39 ashare after preferred dividends.
-Earnings.
American Phenix Corp.
The company reports that management fees received by it in the first 6
months of 1929 totaled $63.500 as compared with 671.023 in the entire
year of 1928. The company has four sources of income, management
fees from its own subsidiaries or from other companies operated but not
owned by it, dividends from the stock of its own subsidiaries, increased
equities of its own subsidiaries, and income from outside investments.
Based upon current operation of the corporation and its subsidiaries, the
company estimates that its earnings for the year 1929 will approximate $8
per share on the 60.000 shares of general stock now outstanding.
-V. 129.
P. 799.
28
.American Piano Co.-Earnings .
3 Aces. End, June 30- 1929.
Net inc. after deprec.
l
&c
taxes, 08-38421,383
Eanrs per share 0060,000
Nil
shs. of 7% pref. stock
-V. 129, p. 477.
1927.
1926.
$28.967
835.827
3212.34
60A8
$059
.
$5.20
American Rolling Mill Co (& Subs.).
-Balance Sheet.3
:June 3029. Dec.31'28.
:June 30 '29. Dec. 31 '28.
Llabtigfes$
$
Assets$
84.819,703 83,819,919 6% pref.stock_ _
88,400
Property acc't-88.4e0
: 60
1:054 56 00m mo. stog - _
2,193,148 3 043 9 6 7% prefnstocek_
Cash
fi min n
c pt.o .
Acets receivable 6,338,083 5,101,572: ci scripstk._
5,000.000
33,734
8.
9
.75 30,024.975
Due from empl's
919,560
Notes & accept_
9.676
13,526
i f s tL stoc
384,954 Monoriu id,8_ ke
Marketable sec_ 1,002,016
192,042
Insurance fund_
17,396,487 19,133,635 Funded debt_ _ _ 27.250.000 32 132 782
ery
8.821,813 6.636.076 ANeoctle payable___ 2, 0 448} 3 527291
le
251:00
97
Investments
0
. 1
.96
Secur's in hands
66,400
cO v &c
idantere
1
1.497..0 ° Aeer : 7362, 193
66 4 4 AAoccta dd;Piay
1.355 00 3 1.143351
6 :
Deferred char- e- 2.473,351
of trustees g- s
231
600.871
Res, for dep. of
plants & Prop. 23.023,482 22,073,210
Current. op. res.
659,578
659.328
Insurance reeve
192,042
Res. for Fed. tax
988,490
)11111
°
8
Serial 5% note__
250,000
Total(each side) 124.222,603 120,738,096 Surplus
32.882.402
x Includes Columbia Steel Co.
-The statement for 1928 shows the consolidated statement of the
Note.
American Rolling Mill Co. and subsidiaries, while the figures for June 30
1929 do not include several of the minor subsidiary companies. This, however, it Is believed, will not cause any serious confusion, as they are reported
.
Bank tems
small iFarnier3
to
Trust Co. has been appointed registrar of
T eeverty
bh Ci y
1.419.
-V. 129. p. 962.
354 shares of common stock.
-Extra Div. of 25 Cents.
American Safety Razor Corp.
-
The directors have declared the regular quarterly dividend of 31 pft.
share and an extra dividend of 25 cents per share on the outstanding capital
stock, both payable Oct. 1 to holders of record Sept. 10. Like amounts
were paid in each of the 7 preceding quarters. Fron July 1 1925 to Oct.
1927
11927 inclusive, quarterly cash dividends of 75 cents per share were paid,.
and in addition the company paid a stock dividend a 1% in each of the
4 quarters of 1927.
Earnings for 6 Months Ended June 30$2,704;2769 81.92 ;2 0
c .4s . 32
Gross profit
2
9
1 139
8 8
Expenses
1.284,078
1,189.184
Miscellaneous debits(net)
23.015
Profit before Federal taxes
Dividends
8769.923
528.901
$601.091
519.972
Surplus
e241.022
681.110
outstanding(no par)
Shares capital stock
228,112
208.112
Earnings pershare
33.37
62.89
Consolidated Balance Sheet June 30.
1928.
1929.
1929.
1928.
Lfebiltac.sAssets
509,174 capital stock--.-Y11,958,729
531,101
Cash
11,008,750
Cali & time loans 1,400,000 1,075,000 Accounts payable
Marketable Beetles 1,792,315
975,503 (trade)
168,495
100,720
Credit balances on
Customers' accts.
884,259
cust'rs accounts_
and notes receiv. 909,501
-----13,802
29,904 Miscell. & accrued
31,401
Sundry accts. rec_
American Beet Sugar Co,
-Probable Acquisition.
1,098,461 1,135,389
items
Inventories
The company has concluded arrangements by which it will secure
46,500
control Invent, of advert'g
Federal inc. taxes_
13 555
of the Amalgamated Sugar Co., Ogden, Utah, through the
,
77.377
103,699 Dividends payable 284,586
& other supplies. 110,867
large minority block of the latter company's stock, accordingpurchase of a
260,148
to a
79,056 Reserves
87,500
Colo.,dispatch. whicha ddsthat the acquisition will be accomplished Denver, Due from MM.cos.
214,143
189,378
through Investments
998.452
727.547 Surplus at end of
an exchange of American Beet common shares. The same exchange basis
Land, buildings,
period
will in due course be extended to all minority holders of the
3.786,675 3,416,405
Amalgamated
machinery.&c...x1,909,127 1,952.468
Sugar Co. common stock.
-V. 128, p. 3827.
172,132
Deferred charges._ 139,460
Godd-will, patents
American Broadcasting Co.
-Receivership:
& trade-marks-. 7,468,001 7,468,001
This company which operates a radio chain of about 20 stations on the
Pacific Coast and in the Middle West. went into receivership
16,476,187 15,112,134
Aug. 24.
Total
Total
Joseph A. Berta of Seattle is receiver. It is estimated that liabilities
16,476,187 15.112,134
will
x After deducting 31,321,195 reserve for depreciation. y
total over $100,000. See also V. 129. P. 797.
Represented
-V. 128. p. 3687.
by 228.112 shares of no par value.
American Capital Corp.
-Earnings.
---
The company reports for six months ended June 30 net profit after all
charges, including Federal taxes, of 61,031,255, compared with $784,666
from May 19 to Dec. 311928. Balance after preferred dividends amounted
to 3686,833. equivalent to $6.86 a share on 99.999 sh area class A common
stock if applied directly. After allowing for participating features of
class A stock, earnings equaled $1.40 a share on 366,666 shares class B
common stock outstanding.
-V. 128. p. 3189
American Tobacco Co.
-Subscription Privilege
-May
Raise Dividend Rate and Split Shares in 1930.
-
The stockholders will receive valuable subscription
privileges for the
purchase at a price considerably below the prevailing
market, of additional
common stock B authorized but heretofore uniasued.
The directors deto offer holders of both common stock and
cided
common
to subscribe, pro rata, for the additional stock. totaWng stock B the right
390.583 share. at
1444
FINANCIAL CHRONICLE
$125 each ,in the ratio ofone share ofcommon B for each 5shares ofcommon
or common B held by them on Sept. 10. Rights to subscribe will expire
on Oct. 1.
President George W. Hill remarks that in view of inquiries and rumors
that have been current, and in view of the additional issue of stock the
board of directors is considering for the year 1930 the desirability of raising
the present dividend rate, and effecting such charter changes as will permit
the splitting of the stock on a basis beneficial to the company's stockholders.
Mr. Hill s letter concludes with the following statement: "With the
knowledge that the profit per unit sale in your business is exceedingly
small, and that its development depends upon the volume increase, the
management, as a definite illustration of progress made, calls attention to
the following; Let us go back to the year 1918. Before any increase in
our capital structure had been made, we find that a purchase of 100 shares
of common stock at the then market, Jan. 2 1918, would have cost the investor $14.250, and this investment of $14,250 would have yielded in cash
dividends if held to Dec. 311928. $28.787. and on Dec. 31 1928, the investor would have held, in lieu of the original 100 shares (of $100 par value
stock) 485 shares of $50 par value stock, with a market value on that date,
of $86.298. The cash return on the original investment, plus the market
appreciation for the 11-year period, is equivalent to an average annual income Shacluding appreciation) of more than 64% on the original investment. -V. 128, p. 4158.
American Utilities & General Corp.
-Earnings.
Income Account from About Feb. 15 to Aug. 15 1929.
Gross income
Expenses
$769,010
13,096
Net income
x Dividends paid on class A stock
2755,914
65,000
Bal. before Federal taxes & div. on class B stock
x Not Including dividends payable Sept. 3 1929.
Balance Sheet as of Aug. 15 1929.
AssetsLiabilities
Cash
$281,979 Class A stock
Call loans
875,000 Class B stock
Interest receivable
.2,783 Accounts payable
Investments
4.152,491 Capital surplus
Prepayments
888 Earned surplus
Def. chgs., incl. organ's. expo_ 380,094
$690,914
Total
V. 129, p. 1285.
$5,893,014
Total
$3,926,480
673.540
2,100
400,000
890.914
$5.693,014
American Woolen Co.-Balance Sheet June 30.1929.
1928.
1928.
1929.
Assets8
8
$
Plant & mill fixCommon stock_ 40,000,000 40,000,000
50,828,378 52,828,328 Preferred stock_ 50,000,000 50,000,000
tures
Investments
2,675,781 3,175,731 Sub, cos.' stock_
300
300
Wool & fabrics,
. Shawsheen notes 5,500.000 5,500,000
raw, wrought
Webster notes-_ 5,500,000 5,500,000
& in process,
Notes payable__ 2,531,700 1,066,700
and supplies- 40,411,147 44,882,212 Curr.accts., &c_ 5,866,908 2,276,211
Cash
8,922,392 7,134,845 Res. for taxes &
Accounts receiv4,063,175
contingencies_
able (net)
22,072,577 15,914,752 Mtge. an N. Y.
Bank accepVces
854,1379 City bidgs_ 2,032,000 2,069,000
Deferred charges
138,635
187,583 Undlv. profits__ 11,414,002 14,280,722
Total
122,844,910 124,758,108 Total
122,844,910 124,758,108
Our usual comparative income account for the six months ended June 30
was published in V. 129, p. 1126.
American Yvette Co., Inc.
-New Contract.
-
The company announces the signing of a contract for the immediate installation of a beauty Salon in Simi;son's Department Store, Montreal
Canada, making the 40th unit in its nation-wide chain,
-V. 129, p. 1126.
Anchor Post Fence Co.
-Proposed Stock Split-up.
-
[vol.. 129.
"With ample machinery for controlling and
such as you
suggest. I submit for your careful consideration, regulating, is in anywi,,
whether it
unfair or unjust to ask that this company be allowed to conduct its 1), ,
nese upon a basis whereby it may complete on an equality with othtrs
engaged in the meat packing business. That is all that we
seek in our
petition for modification of the Consent Decree,
not fear big business, when such business isand if, as you say, you do
lawfully controlled and
regulated, I believe you should join with us in seeking the annulment
of
restrictions which greatly limit our ability to serve
stuffs and the consuming public to best advantage."the producers of food-V.129, p. 1285.
Associates Investment Co.--Earnings.-
7 Mos. Ended July 31Net Income after charges
Shares com. stock outstanding
Earns, per share
-V. 129. p. 963.
1929.
$$04.563
80,000
$.5.64
1928.
$284,585
61,000
$3.79
Atlas Plywood Corp.(& Subs.).-Earnings.-
Period-
6 Mos.End. -Years. End. June 30- 11 Mos.End
June 30'29.
1928.
1927.
June 30'26.
Net sales
$2,218.697 $3.300.434 $2.743.822 $2,599,111
Cost ofsales,selling,gen.
& adm. exp
1,773.778 2,699,878 2,188.896
1,985.398
Depreciation
99.481
166,013
148.213
118,743
Depletion
66,319
37,904
45.796
33,288.
Net profitfrom sales
$279,119
$396,638
$360,918
$461.682
Other income (net)
39.121
55,395
34,162
35,720
Total income
$318,240
$452.034
$395.080
$497.402
Interest charges
73,100
115,064
98.531
93,782
Res.for Federal taxes.-26,783
36.282
48.878
54,000
Other deductions
23,963
20.279
Net profit
$194,393
$280,408
$247.670
2349.620
Adjust, of invent. Items
undervalued
Cr.34,474
Total
$194,393
$280,408
$282.144
$349,620
Dividends
121,200
210.600
200.000
200.000
Amortiz. of organ'n exp.
4,885
9,771
9.771
Flood losses & expenses
23,631
Good-will written off _
19,999
Add,tax reserve
3,000
Miscell. decuctions
5,602
Balance surplus
Previous
$67.591
231.928
241,292
183,303
$72,373
116,850
$116,850
Total surplus
$224,595
$189,223
$116,850
Shs. Cap. stk. outstand. $299,519
(no par)
60,600
60,600
50.000
50.000
Earns. per share
$3.21
$4.62
$4.97
$6.99
Comparative Balance Sheet June 30.
Assets1929.
1928.
I
,
iabilUles-1928.
Plant, prop., eqpt.
Capital stock ---x$3,061,470 $3,061,470
&c.(less depr.4ce
533% gold dohs- depletion)
$4,348,740 $4,428,092 Dep. on ri.est.sales 2,452,000 2,452,000
316
5,263
Miscell. Invest
18,850
18,650 Purch. contr. pay_
30.387
75,887
Good-will
1
1 Accounts payable81,226
105,994
Cash
144,898
177,510 Accrued expenses_
72,481
64.854
Notes & accts. rec. 483,898
384.853 Div. payable
60,600
80,800
Life Ins.surr. value
6,405
8,180 Res. for Fed. taxes
Inventories
1,157,091 1,147,245 & conthagencies.
96,361
106,929
Adv. on lumber &
Deferred pay. on
logging opera...
9,489
7,281
.
Duren. contract_
77,633
81,199
Deferred charges 68.415
74,380 Surplus
304,923
230,004
Total
$8,237,363 $6,243,981
Total
$6,237,383 $8,243,981
x Represented by 60,600 shares of no par value.
-V.128,P. 2810.
Autocar Co.-Earning8.--
6 Mos. Ended June 30The directors have called a special meeting of stockholders for Sept. 10,
1929.
1928.
for the purpose of voting upon the recommendation
$679,271
$191 316
to split Operating profit after deprec
the stock of this company 3 shares for every onenowof the board If this Earns, per share on 50,728 shs. com stock
$11.05
outstanding.
-V.129, p. 1286.
change in the capital structure is approved by the stockholders, it is proposed to pay on the new stock, at the option of the holder, 10% in stock
Automatic Washer Co.
-Earnings.
per year or $2 in cash.
-V. 128. p.1732.
Earningsfor 6 Mos. Ended June 30 1929.
Net sales
Armour & Co.(Ill.).
$1,898,746
-Packers' Consent Decree.
'Modification of the Packers Consent Decree would simply allow the four NetInc. after all chgs. incl. Fed. taxes & res. for coining.,&c
191,462
national packers to compete on an equality with others engaged in the meat Earns, per share on 140,000 shs. com. stock
$1.08
-V. 127. p. 3401.
packing business, according to F. Edson White, President of Armour and
•
Co., in a letter to Congressman Emanuel Celler, of Brooklyn, who recently
Autosales Corp.
-Listing.made public a letter protesting against the petition for modification filed
The New York Stock Exchange has authorized the listing of stamped •
by Armour & Co. in the Supreme Court of the District of Columbia. Mr. certificates representing 35,000 additional
shares of common stock (no
White says:
par value) upon
"I am in receipt of your letter dated Aug. 15, in which you express Your- the total amount official notice of Issuance and payment in full making
applied for 185,000 shares.
self respecting our request to the Supreme Court of the District of Columbia
The corporation now proposes to use 35,000 shares for the following ,
for a modification of the Packers' Consent Decree.
Inirposes, I. e.:
"It seems possible that our opinion relative to a modification of the senting 40% (a) 5.000 shares to acquire entire minority interest repreoutstanding stock of Vending Machine Corp.', (b)
Consent Decree will differ, as might be expected, considering that my 30.000 shares of the offered
will be
for subscription to the common stock hoders
viewpoint is that of a meat packer-interested in trying to broaden the of record as of Aug.
the
service and enlarge the profits of an industry-while yours is that of an for each 5 shares of30 1929, inat proportion of one share of new stock
old stock
the price of $25 per share; these subattorney employed by interests that would not welcome such additional scription rights will expire
on Sept. 23 1929.
competition as might result from modification.
The proceeds
stock will
"Nevertheless, we should be able to agree on facts for presentation to the working capitalof the sale of thiscorporate be used to provide additional
and for
purposes as well as to manupublic, so that the public may, in the long run, decide the matter aright, facture and install new general
vending machines.
through its properly constituted representatives.
Autosales Corp. has a firm underwriting agreement with a responsible
'In order to keep the records straight and the facts in the forefront, banking house
permit me to point out several apparent misapprehensions and misstate- COMMOn shares underwriting all or any part of this 30.000 additional
not subscribed to by the common stockholders at the
ments in your letter.
price of $25
"First of all, it seems probable that your opinion has been influenced by over a period a share with commission of $1.50 a share to the underwriters
of one year at the call of the board of directors of Autosales
a mistaken understanding of the significance of the Consent Decree. In corp.
Your letter, you referred to it as "a very serious indictment and admission
of guilt," whereas, the very preamble of the Decree stipulates that the Net sales ___ Earnings for 6 Months Ended June 30 1929.
____ _
__ _ ___ ______ - _ - __ - _______ ___$609,136
packers' 'consents to the entry of said decree shall not constitute or be Cost of sales InCl. cost _ -goods sold,
oper. admin. expenses
_581,209
considered an admission, and the rendition or entry of said decree, or the Interest on Weighing of
& Sales Co. bonds and loans
1.125
decree itself, shall not constitute or be considered an adjudication that the Depreciation
485
defendants or any of them have in fact violated any law of the United
States.'
Net profits from operations................................ $26,317
"The Decree, then, waS not an adjudication of fact, nor an admission of
Other income credits
guilt.
324
"Secondly, the various court decisions with respect to the Consent
Total income-all sources
Decree dealt entirely with technical matters, such as jurisdiction, rights of
$26,641
Other income charges
intervention, violation of stipulations, &c., and at no time has there been
891
a court decision respecting the merits of the decree, or its effects upon the
Net profits for period---------------------------public.
---------- $25,750
"Thirdly, the existence of some 1,300 meat packing concerns, to which
Comparative Balance Sheet.
the Consent Decree has no application whatever, together with numerous
Assets-.
June 3029.Dec. 31'28. Liabilities-June 3029. Dee. 3129.
well-financed and highly efficient chain store organizations engaged in the Cash
$69,453 $135,799 Account!! payable- $117,304
$43,889
preparation and distribution of meats, makes it seem obvious that there can Notes receivable._
100
100 Aecr. interest pay.
187
205
be no monopolistic condition such as you fear might result from the lifting Accts.receivable_
15,404 Pref. div. payable
20,207
589
26.884
of the limitations now placed upon four packers,-namely, Armour & Co., Market. securities
Weighing & Bales
Cudahy Packing Co., Swift & Co., and Wilson & Co.
& investments807
807 Co., 5% bonds_
28,355
45,708
"Fourthly, the mere fact that the companies subject to the Consent Due on underwrit.
Reserves for taxes,
Decree are the largest among the 1.300 meat packing concerns does not
agreement
losses. &a
48,189
51,199
warrant their being singled out and restrained from doing what their com- Vending & theatre y247,221
Preferred stock
1,794,984 1,794,964
petitors are permitted to do. You, yourself, I find, have enunciated a
merchandise... 118.184
84,038 Common stock _ - _ 149.999
80,591
policy with respect to handling big businesses, which is eminently fair, and Manufac. material 157,808
75,811 Earned
374,831
which certainly applies in this case. The Congressional Record of May 14 :Vending machines 1,712,794 1,115,481 Capital surplus- -- 374,183
surplus
2,015,451
655,588
1929,(Page 1303) quotes a speech which you delivered before tho Economic Mach. & equip.. z92,836
59,386
Club of New York, on the subject of Chain Stores, and in it you say: Invest, In Vending
'I have never feared big business, provided big business is lawfully controlled
Machine Corp-- 500,000
and regulated.'
Prepaid taxes. has.
"Assuming that this quotation correctly presents your views, permit me
& advances-12.033
to call your attention to the fact that the Packers & Stockyards Act of 1921 Contracts.patents,
authorizes and empowers the Secretary of Agriculture to exercise full supergood-will
1,574,474 1,573,448
vision and regulatory control over all packers engaged in Inter-State com- Deferred charges_
12,705
merce. The Secretary of Agriculture has full power and authority to prevent Deferred chargechge. In capital.
all abuses and practices whereby any packer engages in any course of busiTotal
23.286
$44,529,161 $3,073.838
ness, or does any act with the purpose, or with the effect, of manipulating
x No depreciation has been set up on vending
y This balance
or controlling prices in commerce, or creating a monopoly in the buying, was received by the Corporation during July and machines. After depreciaAugust. z
selling or handling of any article in commerce, or of restraining commerce. tion of $94.471.-V. 129, p. 1286.
FINANCIAL CHRONICLE
AUG. 311929.]
1445
Balance Sheet June 30.
1928.
1929.
1929.
1928.
$
LiabtlfffesAssets-$
The directors have declared an initial quarterly dividend of either 235% Real estate, bldgs.,
Preferred stock- - _ 107,800
109,300
in stock and 235c. in cash, or 1235c. in cash on the new common stock.
y2,037,760 2,148,123 Commonstock ___x1,507,200 1,507,200
dr equipment __.
payable Oct. 1 to holders of record Sept. 1. Stockholders electing to take Good-will
1,053,856 1,053,856 Convertible notes - 2,704,000 3,250,000
cash must notify the company on or before Sept. 10 and all holders of less Cash
820,096 Accts.accruals,&c_ 254,815
269,500
84,998
than 40 shares are entitled to receive only the cash distribution.
700,000
Federal tax reserve
Callloans
44,778
The stockholders have approved a change in the authorized capital stock Accts. & notes rec_ 1,804,653 1,484,883 Capital surplus_ __ 5,410,000 5,410,000
from 375,000 shares of class "A" participating common of no par value and Accrued interest__
97,450
81,651 Surplus
1.857.792 2.270,8'72
150,000 shares of class "B"common of no par value to 1,000,000 shares of Inventories
4.978,805 6,067,909
common stock of no par value. Linder the plan class "A" stockholders Investments
648,810
706.560
would receive two shares of new common stock for each share of class "A" Deferred charges
313,866
250.773
held and holders of class "B" would receive 135 shares of new common
for each share of class "B" held.
Total
11,841,607 12,676,944
Total
11,841,807 12,878,944
The company previously paid 25c, quarterly on the class "A" stock.
x Represented by 415,032 shares of no par value. y After deducting de-V.128, p 3355.
.
preciation.-V. 129, p. 1127.
-Initial
Associated Laundries Co. of America, Inc.
Dividend-Reclassification of Capital Stock Approved.
-Change in Capital.
Baldwin Locomotive Works.
Further details of the proposed change in the capital structure include
the provisions under which additional stocks of the company may be issued.
The stockholders will vote on Oct. 3 on the plan, which includes the
following provisions: "That all shares of stock authorized but not required
for conversion of one share of $100 par common into four shares of no
par common stock may be issued and disposed of by the directors to such
Persons for such consideration and upon such terms as in their discretion
they deem advisable, including authorizing the issuance of such stock upon
conversion or exchange of bonds debentures or other securities, which
may hereafter be authorized and issued, with such conversion or exchange
privileges or upon exercise of warrants attached or appertaining to any of
aforesaid kinds of securities, and no stockholders shall be entitled as a
matter of right to subscribe for or purchase any such additional stock.
bonds, debentures or other securities or warrants, provided, however, that
all shares of common stock be issued and sold originally for cash (except
upon exercise of warrants above referred to) shall be offered first as a
matter of right to common shareholders pro rata for subscription and purchase by the shareholder within such period and on such terms as the directors may determine." See also V. 129, P. 964, 634,
-Earnings.Baldwin Rubber Co.
6 Mos. Ended June 30Net income after expenses & Federal taxes,&c_ _ -V.127, p. 1530.
1929.
$179,518
1928.
3128,074
-Earnings.
Barnsdall Corp.
The company reports for 7 months ended July 31 1929, net profit of
$4,807,477 after interest, depreciation, depletion, abandoned dry holes
and Federal taxes, equivalent to $2.14 a share (par $25)earned on 2.247,425
shares of stock.
-V.129. p.634.
July net profit was $692,224. after above charges.
-Listing, &c.
Beatrice Creamery Co.
Berliner-Joyce Aircraft Co. of Baltimore.
-Contracts.
-
The corporation announces that since its organization it has been given
five U. S. Government contracts, four of which are from the Navy and one
from the Army. The company,which is not affiliated with any of the larger
groups or holding companies, states that these contracts include the building of a single seat fighter for the Navy to be constructed altogether of
metal, and weighing less than the conventional tubular steel construction:
a new design for an observation plane for use on light cruisers; a production
order for wooden pontoons and wing floats, and a contract for a set of experimental stainless steel floats or pontoons. In addition the company will
build a 2
-place pursuit plane for the Army. This type will be equipped
with three machine guns, and special oxygen equipment for crew when flying at the extreme altitudes which the plane will be capable of reaching.
Besides this military program which embraces the principal aircraft
developments of this years program of both the Army and Navy, the company is starting production on a new type of commercial plane, the principal feature of which will be the wing location. The first plane was flight
-V. 129. p. 132.
tested last week with satisfactory results.
-Earnings.
Best & Co., Inc.
6 Months Ended June 30
Netincome after depreciation & taxes
Earns, per sh. on 150,000 shs. corn,stock (no par)_
-V. 129, p. 1127.
1929.
$527,531
$3.47
1928.
$316,078
$2.06
-Order Received.
Bethlehem Steel Co.
The Central RR. of New Jersey has placed an order with the above
-foot. 70
-ton mill type
company for the construction of two hundred 65
steel gondola cars. These cars are built for the purpose of handling long
loads, especially in the steel trade, eliminating necessity of a second car
such cars marks another step forward in
for an idler. Construction of
-V. 125. p. 3202.
modern, safe, efficient and economical transportation.
The New York Stock Exchange has authorized the listing of (a) 3.844
additional shares of 707 cum. pref.stock (par $100) on official notice of issue
-To Retire Debentures.
for acquisitions and sale to employees, making the total amount applied for
Black & Decker Mfg. Co.
70,175 shares; (b) 17,335 additional shares of common stock (par $50), on
The company plans to call Its Issue of 635% debentures on Jan. 1 next
official notice of issue for acquisition, making the total amount applied for at 105 and int. -President S. Duncan Black announced. There are now
shares.
213,199
$550,000 outstanding out of an original issue of $1,250,000. The remainder
The 3,844 additional shares of preferred stock are to be issued for:
has already been converted Into common stock.
(1) Cash or on contract with employees
1,000 shs.
The debentures are convertible into common stock at $27 a share. In
(2) Part consideration capital stock of Lambrecht Creamery
2,844 SIM other words each $1,000 debenture can be exchanged for 37 shares of comThe 17,335 additional shares of common stock are to be issued for.
-V. 128. p. 4325.
mon stock plus $1 in cash.
1 Part consideration capital stock of Davidson Dairy Co_
965 shs.
Capital stock of Model Dairy Co.and Pepper Creamery Co_ 1,041 shs.
--Earnings.
(H. C.) Bohack Co.
Assets of Decatur Milk & Butter Co
-Month of July- -6 Weeks End. Aug.5Part consideration capital stock of Lambrecht Creamery__ _ 11, 5 shs.
9 0
9
37
1928.
1929.
1929.
Capital stock of Bredehoft Dairy Co
Period1928
2,400 shs.
$2,720,388 $1,884,001 $13,997,661 112.27064
Part consideration of assets of Thompson Ice Cream Co__
200 shs. Sales
The remaining minority interest in Mowry Creamery Co__ _
400 shs. Net profit after charges
88,373
17,545
417,761
deprec.& Fed.taxes
Condensed Consolidated Income Statement Year Ended Feb. 28 1929.
148,709
Net profit for 26 weeks ended Aug. 3,is equal, after preferred dividends,
(Including operations for last preceding fiscal year of Subsidiaries subto $3 a share on the 102,762 no par common shares, against 38c. a share
sequently acquired.)
Total net sales
$61,096,191 figured on the above share basis in 1928.-V. 129, P. 1127.
Cost of goods sold, excluding depreciation
51,920.378
Selling and administrative expense,Including delivery expense
-Increased Common Stock Placed
6,411.311
Borg-Warner Corp.
Operating profit
Other income
$2,764,502
386.549
on a $4 Annual Cash Dividend Basis-Quarterly Stock Dividend
Discontinued-Acquisitions.
The directors have declared the regular quarterly cash dividends of
$1 per share on the common stock and $1.75 per share on the preferred
stock, both payable Oct. 1 to holders ofrecord Sept. 15. This is the same as
common stock prior to the distribution of the 50% on Aug.
Balance
$2,136.086 was paid on the
15,and is thus equivalent to a $6 basis on the old capitalization. Prior to the
Profit on sale of stock investment
389,487 stock distribution the company also paid 2% in stock quarterly, but anof declaration of 50% stock dividend that this would
Total
$2.525,573 nounced at the time
hereafter be discontinued.
Minority interest in net income fo subsidiaries after deduction
President C. S. Davis made the following statement: "The corporation
of proportion of Federal income tax
12.822
has completed the purchase of the Detroit Gear & Machine Co., and its
Federal income taxes (parent company's proportion)
267,250 affiliate, the Norge Co. manufacturers of electric refrigerating devices.
been accomplished by the acquisition of all the comNet income
$2,245,501 The transaction has
mon stock of the companies through an exchange of Borg-Warner common
Pro Forma Balance Sheet as at Feb. 28 1929.
stock.
(After giving effect to (a) acquisitions subsequent to Feb. 28 1929: (b)sale
"Those two companies represent valuable additions to the Borg-Warner
for cash of 1,473 shares of preferred stock of Beatrice Creamery Co.)
organization. The Detroit Gear & Machine Co. is one of the old established
Assets-Liabilities
gear companies serving a number of the leading automobile manufacturers.
Casio
$1,229,079 Notes payable
$803,822 The Norge Co. is the exclusive manufacturer of the improved and simplified
Accounts receivable
3,540,261 Mtges.notes payable (current)
14,400 rotary compressor used in electric refrigerators "-V. 129, p. 1287.
Notes receivable
803,065 Accounts payable
504,083
Marketable securities
3,651 Employees'savings accounts_
76,226
-Earnings.
Bowman Biltmore Hotels Corp.
Interest receivable
4,359 Accrued wages and interest__
42,945
1929.
1928.
6 Months Ended June 30
Life insurance
32,198 Accrued domestic taxes
129,644
86.607.896 86,534.697
Grossincome
Inventories
Federal income tax
1,646,454
271,825
1,384,731
1,227,134
Notes & acc'ts receivable,
Mtge. notes pay.(nut current) 188,807 Balance after expenses
209.939
employees, &c
193,339
109,767 Deferred income
13,019 Interest
200,849
Depreciation amortization,&c
Investments
197.513
2,091.002 Minority int. in stock & sur118,300
plus of subsidiaries
Land, bldgs., equip., Ac_ _ 12,105,085
71,000
794,780 Federaltaxes
Good-will purchased
1,142,182 7.% preferred stock
7,017,500
$855,643
Net profit
$765,282
Deferred charges to oper____
196,741 Common stock (par 550)
10,659,956
Surplus
2,386,843 -V. 128, p. 4325.
Total income
Depreciation
Total
$3,151,051
1,014,965
822,903,845
Total
$22,903,845
Expansion, &c.
-
-Proposed Merger.
Bristol-Myers Co.
This company will be acquired by Drug, Inc. under a plan of reorganizaThe company as at July 20 1929 puts the combined capacity of its 22 tion approved, subject to the approval of stockholders, by the directors of
creamery plants at 100,000.000 pounds of butter per annum and estimates Bristol-Myers Co., it was announced by Henry P. Bristol. President of
letter to the stockholders.
the production of ice cream from its 50 plants at over 4,000010 gallons the latter company, in a will receive capital stk.of Drug,
Inc ,which will be
The Bristol-Myers Co.
for this year. For the 12 months ended Feb. 28, the production of ice
cream was 10 times that of four years aho. The company and its sub- distributed to Bristol-Myers shareholders at the rate of 135 shares of Drug
Inc., stock for each share of Bristol-Myers. As a part of the plan, a ess
sidiaries, according to the statement, are entirely free of funded debt and
the net tangible assets, as of Feb. 28, applicable to the common stock, are dividend of $5 a share will also be paid to Bristol-Myers shareholders.
rout at $10.339,894. The capitalization on that date consisted of 64.578 In addition, they will receive a cash dividend of 83 1-3 cents a share, covershares of 7% cumul. pref. stock (par $100). 175,223 shares oficornmon ing the 2 months ending Sept. 1, at the rate of $1.25 a share quarterly
The Bristol-Myers Co. will be operated as a division of Drug Inc,. with
stock (par $50) and minority interests In subsidiaries amounting to 1750,988.
The stockholders are the sole owners of the business. properties and assets. the same management and personnel as in the past. In the opinion of the
For the purpose of acquiring the Model Dairy Co., the Davidson Dairy management of Drug, Inc., the acquisition of Bristol-Myers will make the
Co. the Decatur Milk & Butter Co., the Lambrcht Creamery Co., the company an even better integrated and better rounded unit and will afford
Brehhoft Dairy Co., the Thompson Ice Cream Co., A. F. Thibodeau Co., important advantages both in manufacturing and distribution.
A special meeting of the Bristol-Myers Co., shareholders has been called
Billies Bros.' Dairy Co. and the Allen Candy Co., the stockholders of
-V. 129. P. 801.
the Beatrice Creamery Co. on Aug. 22 approved an increase to 50).000 for Sept. 9. to pass on the plan.
shares of common stock.
-V.129, p. 1286.
Belding Hemingway Co.
-Earnings:
1928.
1927.
6 Mos. Ended June 30- 1929.
profit
$330,650
-Capital Increase--2-for4
British Type Investors, Inc.
6,
pp 2
tig.r0eethed-R
Spl
stockholders approved an increase in the authorized
ights8935,425
Operating
1384.315
On Aug.
Depreciation
113,379
94,825
127.537
class A stock to 3.000,000 shares and a 2 for I split up of the present
117.911
153,239
98,194
500,000 class A shares which will make 1.000,000 shares presently outInt. & amortization- 8,332
88.300
standing. The shareholders of record Sept. 3 are entitled to the 2
Federal taxes
r
for 1
ill
split and the Guaranty Trust Co. of New York,boy
granting tights to have the new stock
$91,028
$566.349
e on Sept.
$191,296
a r
Net profit
1637,117 ready for e
approved
3,825
3,825
Preferred dividends_ _ _ _
3,825
Ichang
holders
3,825
The stockholders
one new
207.516
415,032
Common dividends
622.548 share at $12 for each 10 old shares held on Sept. 3. Rights are split up
payable
Oct. 7.
1187,471 def$120.313
8147.492
Surplus
410.744
Total resources of the corporation are now in excess of 110,000,000
en 415,032
without borrowed money of any kind as contrasted with total
Earns, per sh.
$0.21
$1.35
$0.45
$1.53 slightly less than $2.000,000 on Mart.h 1. On Aug. 26 the resources of
shs. no par) com_ _ _ _
corporation
x Be ore Federal taxes. y No Federal taxes were accrued due to profit had $33,900,000 in cash and call loans ready to take advantage of international investment opportunities.
-V. 129. p. 1127.
from 1929 not exceeding loss in 1928.
1926.
$936,760
123.121
176,522
1446
FINANCIAL CHRONICLE
Brunswick Terminal & R. Securities Co.
-Earnings.
Period End. June 30Net income after exp. &
taxes
Shares capital stock outstanding (no Par)-Earnings per share
-V. 128, p. 2467.
1929-3 Mos.-1928.
1929-6 Mos.-1928.
128.115
337,882
$81,795
$53,111
150,000
$0.18
100,000
$0.38
150,000
$0.54
100,000
$0.53
(Edward G.) Budd Mfg. Co.
-Receives Large Order.
-
The company has received an order for all metal automobile bodies
amounting to $10,000,000. according to an announcement by President
Edward G. Budd. Shipment on this order will start early in January.
The Chase National Bank has been appointed transfer agent for 1.100.000
shares common stock, no par value.
-V. 129, p.801.
Bush Terminal Coe-Regular Cash and Stock Dividends.
The directors have declared the regular quarterly cash dividend of 50c. a
share and a quarterly stock dividend of 134% on the common stock, no par
value, both payable Nov. 1 to holders of record Sept. 27. Like amounts
were paid on this issue in each of the seven preceding quarters. On July 15
and Oct. 15 1927 the company paid dividends in stock at the rate of 2%
quarterly with no cash payment.
-V. 129. P. 801.
Butterick Co.
-Earnings.
-
[Vol.. 129.
Carman & Co., Inc.
-Earnings.
Income Account Six Months Ended June 30 1929.
Net sales
$2,795,166
Cost ofsales
2,147,285
Gross profits on sales
$647.880
Commissions on soap sales, &c
46.848
Gross profits on sales and commissions
$594,728
Selling, delivery, general and administrative expenses
471,442
Net profitsfrom operations
$223,286
Interest paid, miscellaneous income and deductions (net)
11,045
Provision for Federal income tax
27.140
Surplus, net profits
$185.100
The net profit of $185,101 is equivalent, on a yearly basis, to 4.16 times
the dividend requirements of the 44,500 shares of class A stock now out,
standing,and after deducting class A dividends would be at the rate of $3.88
per annum on the present outstanding 72.500 class B stock.
-V.128.D.3192
Chicago Investors Corp.
-Stock Offered.
-Field, Glore
& Co. are offering at $50 per share 150,000 shares $3 convertible preference stook (no par value).
Preferred as to assets in liquidation up to $55 per share: entitled to cumu1927.
1928.
1929.
lative annual dividends at the rate of
-M. Red. as
$5,644,895 56.272.193 $6,597.676 a whole or in part at 865 per share on $3 per share, payable Q.
GO days' notice. Each share of
5,702,136 6.036.570 preference stock will be convertible into one share of common stockcony,
5,053,961
with
137.830
64,458 adjustment of cash dividends. Corporation's certificate of incorporation
151.687
will contain provisions designed to safeguard the conversion privilege
Net income
$432.227
$496,648 against dilution. The conversion privilege on preference stock called
$439.247
Shares capital stock outstanding_....
210.785
158,134 redemption will remain in force up to and including the day before the for
210.791
$3.14 of such redemption. The cony, preference stock will have equal date
Earnings per share
$2.05
$2.08
share
-V. 128, p. 3830.
voting rights with the common stock. Neither class of stock will have preemptive rights to subscribe to future Issues of stocks or other securities.
Transfer agent, First Union Trust & Savings Bank. Chicago: registrar,
Calaveras Cement Co.
-Listing.
The San Francisco Stock Exchange has authorized the listing of 22.779 Continental Illinois Bank & Trust Co., Chicago.
Capitalization
Authorized.
Outstanding
shares preferred stock, par $100. and $125,558 shares common stock of
Convertible preference stock (no par)
280,000 abs. 280,000 abs.
no par value.
Common stock (no part
*1,000,000 shs. 450.000 shs.
The preferred and common stock were issued for the acquisition of C
*280.000 shares reserved for conversion of the authorized and outstanding
property, to provide funds for the construction of a cement plant, and
king capital. All outstanding stock was sold for cash except 2.250 preference stork. The remaining 270,000 shares to be issued for such purshares preferred stock and 72.500 shares common stock which were issued poses and on such terms as the directorate in its discretion may determine.
Company.-Incorp. In Delaware in August 1927 to buy, sell and trade
in exchange for property. The total amount spent on land and mineral
rights from the date of incorporation (Jan. 13 1925) to March 31 1929 in stocks and securities of any kind, to participate in underwritings and
syndicates, and to engage in such other investment activities as its board
was $327,354.
The company owns approximately 3.000 acres in the vicinity of San of directors may determine. There are 11.3 restrictions on the investment
Andreas, AUkelumne Hill. and Old Gulch. Calaveras County, Calif. It authority of the directorate within the broad provisions of the certificate
owns 1,315 acres in fee and holds 1.400 acres under option to be acquired of incorporation.
Coincident with the sale of these 150,000 shares of cony, preference stock.
in fee upon final payment in October 1930. The property of the company
the corporation has offered 100.000 shares of common stock to the present
also includes about 285 acres in mineral rights and easements.
Mein •(President), common stockholders (which °tiering has been underwritten) and has sold
The board of directors consists of William Wallace
Stuart L. Rawlings (Vice-President). G. B. Poore (Vice-President), W. L. 50.000 shares of common stock to Field, Wore & Co. The corporation
will
Honnold. H. C. Mudd, R. 0. Warriner, Frank L. Taylor. S. Waldo Thisreceive from the entire financing approximately 39,975.000 in sash.
capital will be used to retire $1,000,000 of prior pref. stock and to enColeman, E. L. Wilhoit. Arthur B. Shelby, Lloyd Baldwin and R. F. M.
Duncan. Harry Probert is Comptroller & Treasurer; William Schnaufer large the scope of the corporation's activities.
Management.
-The present officers and directors will continuo to manJr., Secretary, and J. B. Smith. Assistant Secretary and Assist. Treasurer.
age the corporation's affairs. The directorate comprises the following:
3 Mos.End. Year End. Year End. 7 Mos.End. Arthur Andersen (Arthur Andersen & Co.), Wm, Blair Baggaley (ViceEarningsforMar. 31'29. Dec. 31 '28. Dec. 31 '27. Dec. 31 '26. Pres.), Ralph A. Bard (Pres.). W. McCormick Blair (Lee, Iligginson &
Net sales
$324.223 Co.), Dudley Cates (Vice-Pres.), E. A; Cudahy Jr. (Pres. Cudahy Pack$607.254 $2,017.253 $1,158,221
806,214
257.253 ing Co.), Donald B. Douglas (director Quaker Oats Co.), James H. DougCost of sales
1,082,957
312,278
86.928 las Jr. (Field. °lore & Co.). James B. Forgan Jr. (Vice-Pros. First National
Sellhzg & gen. expenses
178,168
197,416
48,374
Bank, Chicago). Charles F. Glore (Field,(More & Co.),
Balance, profit
$173,838 def$19,958 (Hathaway & Co.), Henry L. Hanley (Exec. Vice-Pros,Alfred E. Ilamill
$736,880
$246.602
North
Other income
598 Light & Power Co.), William H. Mitchell (Mitchell, HutchinsAmerican
4,667
16.491
4,734
& Co.),
R. Douglas Stuart (Vice-Pros. Quaker Oats Co.), Clement Studebaker
Total profit
$178,506 def$19.360 (Pres. North American Light & Power 00.).
$753,371
$251.336
Interest on loans
31,561
18,993
There are no management contracts of any kind and no options outstand28.000
7.000
Prov. for Fed. inc. taxes
10,968
ing to purchase stock of the corporation.
89.010
29,574
Organ. exp, written off..
8.750
14,967
Financial.
-The aggregate paid-in capital of the corporation after giving
Sales exp. prior to June 1
effect to this financing amounts to $16,320,750. As of Aug. 15 and before
1926
8,500 1929 tax reserve; the corporation sill have a net worth of 320,071,466,
21,507
which includes $2,307.728 of unrealized appreciation of security holdings.
Net profit
$99,502 def$55.604
$636,361
$214,762
Including an estimated 6% return on the now capital resulting from this
See also V. 128. p.4326.
financing, earnings for the first 734 months of 1029, exclusive of $1,782,262
of unrealized profits and before taxes, were $1,893,957.
Listed.
-This stock is listed on the Chicago Stock Exchange.
-Earnings.
Campbell, Wyant & Cannon Foundry Co.
6 Mos. Ended June 30Sales
Expenses, depreciation, &c
Interest, &c
w
Earnings for Six Months Ended June 30 1929.
Gro ntrofit
dzI
.A
trative and selling expenses
$1,350,597
100.795
Operating profit
Other income
$1,249.802
88,176
Total income
Depreciation
Interest
Federal taxes
$1,337,978
131.158
873
144.119
$1.061.828
$3.05
Consolidated Balance Sheet June 30 1929•
A ssets
Liabilities
Elder , real estate. map..
x44,050,220
A043 352.777 Capital stock
. '
1591 380 Accounts payable, &c
Cash
406,023
Call loans
307.103
300.000 Accrued Federal taxes
5,435
Marketable securities
200,000 Liability insurance
Accts., notes & accepts. rec.. 1.096,100 Provision for returned castings
44,475
Inventories
8,465
617.549 Unadjusted credits
Accrued Interest receivable
1,734,681
4,130 Earned surplus
Contracts & mortgagee rec.__ 210,369
Securities
109,059
Stock purchase note
54.588
$6,556,402
Deterred charges
20,450 Total (each side)
x Represented by 348.000 no par shares.
-V. 129. D. 1127.
Net profit
Earnings per share on 348,000 no par shares
-Final
Canadian Connecticut Cotton Mills, Ltd.
Distribution of $5.92 on Common Stock.
Notice has been sent to holders of the no par common stock that on
surrender of share certificates the Montreal Trust Co. will pay a final
dividend of $5.92 a share on realization and distribution of the assets of the
company. This is the last step in winding up the affairs of this company,
which was purchased last November for approximately $3,500.000 by the
Dominion Textile Co., Ltd.. and since operated as a unit of the latter
company.
Shortly after the purchase of Canadian Connecticut Cotton Mills. Ltd.,
the Dominion Textile Co. called for redemption at 103 the 31,500.000
535% 15-year debentures of the acquired company. At the same time an
initial payment of $21.50 a share was authorized on the 73,838 shares of
no par common stock, a total disbursement of $1,587,474. The final
payment of 35.92 a share makes an additional outlay of $437.109, bringing
the total paid to stockholders $2,024,583.
in June 1928 the capital structure of Canadian Connecticut Cotton Mills
was changed. The old capitalization consisted of 300,000 shares outstanding out of 500.000 authorized 8% pref. stock. oar $100, on which dividends
were then in arrears to the extent of 26%; 100,000 shares authorized and
outstanding $10 par class "A" stock, and 50,000 shares authorized and
outstanding $10 par class "IS" stock. Far each old pref. share $50 par
value of one new $100 debenture and two new no par value shares were
given. For each of the old common shares, both class "A" and "B,"
except 11.640 class "A" shares, held in trust, which were cancelled, onetenth of one new common share was given. Thus, each holder of one old
pref. share has received in cash $10634 plus the accrued interest received
on his one half $100 debenture, and each holder of one old common share
has received $2.74.-V. 127. p. 3709.
Carnation Min' Products Co.
-Proposed Acquisition.
Bee Albers Bros. Milling Co.above.
-V.128. p. 4161.
Chickasha Cotton ()II Co.
-Earnings.
-
Years Ended June 30Sales and gin earnings
Coat of sales, operating and adminis. expenses
1929.
1928.
$25.189.431 $30,817,133
24.015,230 29.163.954
Net profit
Other income
$1.174,201 81,653,179
221,202
294.869
Net income
Interest paid
Depreciation
Federal tax
$1,395,403 $1,948,048
63.918
104.116.
276.471
252.330
94.920
166.068
Net income for year
$060,095 $1,425,534
Total surplus
$9.865,4fj 39.178.626
x Including capital surplus in 1929 of$4.538,257 and In 19 Of84.817.715.
Balance Sheet June 30.
Assets1929.
71928.
1929.
Y1928.
Cash
$1,430,079 81.886,097 Cap.stk.(par 310)52,550,000 82,550,000
Short-term loans__ 250,000
450,000 Accts. payable
274.766
207,346
Accts. receivable__ 432,069
295,728 General taxes. Incl.
Cash surr. value of
Federal In. taxes,
officer's life Ins.
accrued
204,059
132,920
Policies
35,538 Dividend reserve _
41,218
765,000
Interest accrued
71,429 Cap. 8WP., arising
53.476
Inventories
2,562,893 2,299.369 from revel, of
Investments
1.588,149 1,454,107
prop. & acq. of
Real estate, mills,
Anadarko, Mangins. ece
x6,383,550 6,483,063 gum &
Organization exp
6,508 Cos.
9,098
4 538,257 4,817.715
Def. chrgs. & susEarned surplus
5.327,195 4,360,911
pense Items_ _
10,609
5.185
Total
812,755,718512,972,450 Total
$12,755,718$12.972,460
Properties owned in full. $7,148,216; equities In gins, 81,084.014;
total. $8,232.230: less reserve for depreciation 31.848.679; balance, $6,383.550. y After giving effect to proposed acquisition of Anadarko Cotton
Oil Co., Mangum Cotton Oil Mill Co. and Hollis Cotton 011 Co.
-V. 127,
P. 1256.
City Ice & Fuel Co.(& Subs.).
-Earnings.
-
Period End. July 31- 1929
-Month-1928.
1929-7 Mos.-1928.
Net profit after Int. but
be.. deprec. & Fed.
•
taxes
81.634,386 81.393,813 $4,626,925 $3,614,936
- 129, p. 1128.
V.
City Machine & Tool Co.
-Earnings.
-
Six Months Ended June 30 1929Net profit after charges and Federal taxes
Barns, per sh. on 150,000 shs, corn. stk. (no par)
- 128, p. 3831.
V.
1929.
$352.475
52.34
1928.
$289.359
$1.93
Cleveland Worsted Mills Co.
-New Director, &c.
-
E. J. Kulas, President of Otis Steel Co. and the Midland Steel Products
Co. has been elected a director to succeed the late 0. M. Stafford.
The company also announces the appointment of Amory. Browne &
Co. as exclusive sales representatives of the women's wear line.
-V. 126.
p. 3597.
AUG. 31 1929.]
FINANCIAL CHRONICLE
-Earnings:
Coca-Cola Co.
1929-6 Mos.-1928.
Period End. June 30- 1929-3 Mos.-1928.
$11,591,716 $9,828,257 819,192,789 $16,903,789
Gross sales
6,113,792 11,593.169 10,640,670
6,774,376
Mfg. & gen. exp
$4,817,340 $3,714,465 $7,599.620 $6,263,119
Operating profits -574,626
1,107,656
895,277
Miscell. deductions ____
880,006
Net bef. Fed. taxes -- $3,937,334 $3,139.839 $6,491,964 $5,367,842
Earns, per sh. on 1,000,000 no par abs. corn.
$4.99
$2.39
$3.87
stock
$3.18
-V. 128, p. 3193.
-Earnings.
-Columbian Carbon Co.(& Subs.).
1929-6 Mos.-1928.
Period End. June 30- 1929-3 Mos.-1928.
Net prof. after Fed. taxes $1,656,391 $1,039,683 $3,254,760 $2,071,021
354,725
1,013,422
546.857
715,228
Depreciation & depletion
155,748
25,639
83,902
25,639
Applic. to minority int
Net income
Dividends
$1,025,632
571,680
$453,952
Surplus
Shs.cap.stk. out.
(no par) 457,344
Earnings per share
$2.25
-V. 129. p. 133.
$659,319 $2,085,590 $1,330,154
402,131
1.143,360
804,262
$257,188
402,131
$1.64
$942,230
457,344
$4.57
$525,892
402,131
$3.31
-SpitCollyer Insulated Wire Co., Pawtucket, R. 1.
up of S.ares Approved.
-
The stockholders on Aug. 21 approved a split-up of the stock by the
issuance of 10 new no par shares for each old share of $100 par value.
A similar split-up of the stock of the Providence Insulated Wire Co.
wholly owned by the Collyer company, has also been ratified.
In the case et' the Collyer company, total capitalization will be 150,000
no par shares. The Providence company will have a capitalization of
-V. 126. P. 875.
25.000 shares of no par value.
Columbia Graphophone Co., Ltd., England.--Finat
Dividend.
-
The company has declared a final dividend of 30% on the ordinary
-V. 128, p. 4010.
stock, making 45% for the year.
Commercial Investment Trust Corp.
-No Public Offering of 50,000 Shares Bought by Banking Syndicate Contemplated.
The group associated with Dillon, Read & Co.,in the purchase of 50,000
shares of common stock'includes Lehman Brothers, Central States Electric
Corp., and Lazard Freres. All of these interests at present have an investment in the company's stock and the present transaction adds materially
to their already substantial holding. No public issue of stock purchased
is contemplated. See also V. 129, p. 1288.
New Contract.
1447
-In the July number (first issue)
Merger Accomplished.
of "The Conoco Magazine," which will in the future be
the official publication of the new Continental Oil Co., an
official statement (signed by D. J. Moran, President, and
E. T. Wilson, Chairman of the Board), says:
Merger of the Continental Oil Co. and the Marland Oil Co. has been
accomplished, and the new company in the future will be known as the
Continental Oil Co.
The purpose of this announcement magazine is to acquaint stockholders.
employes and distributors with the new Continental Oil CO. and with its
trade mark, a new symbol of a greater service. It is further designed to
introduce both organizations, one to the other, and to aid in tying the two
units together into one family group.
The union of the Marland Oil Co. and the Continental Oil Co. brings
together two outstanding producers, refiners and marketers in the petroleum industry. The united resources and facilities thus made available
under one control will offer exceptional service to the consumers of motor
fuels and lubricants within the new company's wide marketing area.
Business of the new Continental Oil Co. will go forward much as it has
under the separate organizations. Because of the widespread activities
of the new company it will be necessary to maintain two main officcs, at
Denver, Colo.and Ponca City, Okla., and division and district offices of
both organizations will be maintained as in the past, all operating under
the name of the Continental Oil Co.
Every effort will be made to utilize the entire personnel of the organization. Enlarged activity will present new opportunities, and It is felt that
the merger will be particularly beneficial to employes.
The union of the Continental and Marland companies Is advantageous
because of the almost perfect blending of the properties and activities of
the two organizations. Retail marketing activity of the new company is
intensive in 28 states and the District of Columbia.
The new Continental Oil Co. will operate a total of 2,294 marketing
stations, including 976 company-owned service stations and 1,318 companyowned bulk stations. These figures do not include the thousands of dealers
who have been selling one or the other company's products.
Refining capacity will be 66.750 barrels daily, with the new Continental
Oil Co. operating eight refineries, so located as to give the most efficient
service to all regions of the marketing area.
Total oil production will be gross 104,324 barrels daily, an amount so
much greater than refining capacity that the Continental company will be
permitted to select the highest quality raw material for the manufacture
of Conoco products.
Officers of the New Continental Company: D. J. Moran, President;
E. T. Wilson, Chairman of the board; S. H. Keoughan. Chairman of the
executive committee; W. W. Briuce and W. H. Ferguson, Executive VicePresidents; E. J. Nicklos, Vice-President in charge of production; Walter
Miller, Vice-President in charge of manufacturing; E. S. Karstedt. VicePresident in charge of sales; B. H. Markham. Comptroller and Assistant
to the President; G. F. Smith, Treasurer; James J. Cosgrove, General
Counsel,
"The Conoco Magazine," in reviewing the history of the
This corporation through its subsidiary, the Commercial Investment Continental and Marland companies, said in part:
Trust, Inc., has signed an exclusive contract with Landers, Frary & Clark,
Continental Oil Co -This company is the outgrowth of a number of
New Britain, Conn. manufacturers of Universal Electric washers,for the consolidations and acquisitions which have taken place during the past
financing of installnient sales of authorized dealers handling their washing nine years. At the close of 1928 the following organizations had been
machines.
-V. 129, P. 1288.
brought together to be known as the Continental Oil Co., Elk Basin Petroleum Co., Keoughan-Hurst Drilling Co., Grass Creek Petroleum Co..
Congress Cigar Co. Inc.
--Extra Dividend:Corp., Western Oil Fields Corp.. BostonThe directors have declared an extra dividend of 25 cents per share in Mutual Oil Co., the Frantz Oil Co., Hamilton Oil Corp. Merritt Oil
Wyoming 011 Co., Chappell
addition to the regular quarterly dividend of $1.25 per share on the capital Corp., Continental Oil Co. of Colorado, Sapulpa Refining Co., and the
'
stock, no par value, payable Sept. 30 to holders of record Sept. 14.
Like Texhoma Oil dr Refining Co.
amounts were paid on July 1 last.
-V. 129.
480.
The Continental Oil Co. was organized Jan. 11885. and formally took
over all holdings of the Continental 011 & Transportation Co.in the Rocky
Consolidated Automatic Merchandising Corp.
-Defers Mountain field, with Colorado. Utah, Wyoming, Montana and New
Action of Preferred Dividend.
Mexico as its territory. From this point the growth of the Continental
No action was taken by the directors on the 8734c. quarterly dividend Oil Co. was steady and phenomenal in turn, with constant devotion to
on the $3.50 cumul, cony. pref, stock, due Sept. 15. Quarterly dividends the effort of intensifying distribution of petroleum products. Marketing
of 87Bic. per share have been paid from Dec. 15 1928 to June 15 1929, incl. was and has been the chief objective of the company. To bridge the gap
in detail between the early days of the Continental Oil Co. and the date
-V. 129, D. 1288.
when it was merged with the Mutual Oil Co.(1924) would require a volume
Consolidated Textile Corp.
-Registrar, &c.
within itself. An indication of the growth of the Continental Oil Co. o
The City Bank Farmers Trust Co. has been appointed registrar and Colorado, prior to its consolidation with the organization which became th
interest paying agent of the fully registered 5
-year '7% secured gold notes, Continental Oil Co. of Maine, is seen in the fact that its market had ex
due July 15 1934.-V. 129. p 637.
tended into the six states of Colorado, New Mexico, Utah, Idaho, Montan
.
and Wyoming. Transportation facilities included 19 tank cars. 11 autoContinental Can Co., Inc.
-Acquisition.
mobiles and 180 trucks, and four base shops were maintained for the upkeep
The corporation has acquired the assets and business of the Mlle Manu- of the automotive fleet.
facturing Co., of Kansas City, Mo., makers of tin containers for lard, oil,
The Continental Oil Co. also brought into the reorganization 3.699 procoffee, &c.
-V. 129, p. 967.
ductive acres and 58,045 acres of prospective oil fields in Wyoming and
Colorado. It also had a 15,000 barrel refinery at Florence, Colo., and steel
Continental Eastern Corp.
--Transfer Agent.
The Central Hanover Bank & Trust Co. has been appointed transfer storage of 506,948 barrels in 270 tanks. been formed as
the holding cor-This company had
Marland Oil Co.
agents for 50,000 shares of the class B common stock.
poration for a score of subsidiary companies. These subsidiaries include
the Marland Refining Co., Kansas-Osage Gas Co. Marland Production
Continental Mills, Boston.
-Earnings.
-'
The net earnings for the year ending June 30 1929, after depreciation and Co., Ponca City Gas Distributing Co.. Reagan County Purchasing Co.
Kay County Gas Co.. Hudson's Bay Marland Oil Co., Ltd., Sealand
provision for Federal taxes, were $176.218.
Petroleum Co., Ltd., the Marland Pipeline Co , Marland Oil Co. of CaliBalance Sheet June 30.
fornia, Marland Oil Co. of Mexico, S. A., and the Marland Industrial
[As filed with Massachusetts Commissioner of Corporations.]
Institute, Inc.
Assets1929.
The Marland 011 Co. represents a complete cycle in the petroleum inLiabilUtes1928.
1929.
1928.
Real estate & maCapital stock
51,500,000 $1,500,000 dustry. The company produces raw material, refines it into motor fuel and
chinery
81,686,894 83,220,147 Accounts payable17.588 lubricating oil, and transports it in its own tank cars or ocean tankers to
Merchandise
946,279 Res. for deprec_
722,327
1,468,706 its own service stations and bulk plants, or to the stations of dealers or
Accts. receivable__ 182,017
jobbers.
187,335 Current liabilities.
39,150
Cash
570,408
Since Mr. Moran became President in November 1928 the /garland Oil
161,778 Surplus
1,752,738 1,663,868
Securities
Co. has further developed its holdings, with the purchase of five small
105,612
105,614
Prepaid Insurance_
Tot.(each side).$3,291,888 $4,650,162 independent oil companies in the east, including the Prudential Refining
24,630
29,009
Corp. With the acquisition of this company another 10,000-barrel rex After deducting depreciation of $1,586.240.-V. 129, p. 1129.
finery at Baltimore. Md., was added to the /garland holdings. Purchase
of the assets of the Co-Service Oil Co., Beaver Oil Co., Mylcx Oil Co. and
Continental Oil Co. of Del.
-Earnings.
marketing outlets along the
National
(Consolidated hicome account of Continental 011 Co. of Del., which is Purchase Oil Co. also gave Oil Co. included only that Atlantic seaboard.
from the National
company's properconsolidation of Continental 011 Co. of Maine and subsidiaries and ties in
a
Virginia and Maryland.
Marland Oil Co. of Delaware and subsidiaries.)
On June 26 1929, a certificate of amendment to articles of incorporation,
Period End. June 30- 1929-3 Mos.-1928.
1929-6 Mos.-1928.
changing the name of the Marland Oil Co. was filed with the Secretary of
Gross earnings
$32,782,485 $30,600,276 $53,985,679 852.022.426 the State of Delaware, and the company now has the name of the ConExpenses
22,684,786 24,451.373 39,485.132 42,546,833 tinental Oil Co.
New Continental Oil Co. Properties Are ScaUered from Canada to Mexico with
Operating profit
$10,097,699 86.148,903 814,500,547 $9.475,593
Production in 11 States.
578,763
Other income
464,928
1.071.545
1,052.905
Linking together two of the largest petroleum companies in the Rocky
Total income
810.676,462 86.613,831 815.572.092 $10,528.498 Mountain and Southwestern areas of the United States, the Continental
Oil Co., and the Marland Oil Co. will bring under one head extensive
Interest & discount
667.548
585,078
1,149.624
1.368,331 duction fields in 11 states and Mexico. Many thousand acres of proDeprec. & depletion_ _ _ _ 3,218,368
unde2,903,568 6,153.964
5,801,208 veloped land in several other states and in Canada are also held
inumg. drill cost res
by the new
_ 2,437,087
1,693.917
4.317,603 3,752.603 Continental
Oil Co.
Surrendered leases
694,794
731.348
1.422,874
1,393,882
The total number of wells now reaches 3,667 with an average gross proProv. for oper. losses
duction of 132,127 barrels daily. Marland is currently drilling 81 wells
foreign subs
Cr.137,500
327,500
and Continental 31. The combined acreage of undeveloped oil land is now
Profit bet. Fed. taxes _ $3,842,081
$854.004 $2,200,526l068$1787526 2,234,197 acres, and the total developed acreage 122.822. It is almost
certain that production will show a substantial increase this year due to the
Earns, per sh. on 4.741,fact that both companies have acreage in California which has much pro • e
553 shs. cap. stk. (no
Both have large holdings in New Mexico and the more promising undevelop$0.14
par)
$0.81
$0.46
Nil
•
ed areas of Canada and West Texas.
Consolidated Balance Sheet June 30 1929.
Continental Production.
LiabilUlesAssctsA survey of the production activities of the former Continental 011 Co
3117,140,233 Capital stock
Fixed assets
55148,653,885 reveals the fact that it owned approximately 1,723
10,424,610 Short term debts
Cash
116,573 duction of 39,033 barrels. Continental acreage is wells with a gross proFunded debt
loan
1,000,000
Call
36,130,980 homa. Kansas, Texas, New Mexico, Colorado. in the States of OklaMarketable securities
1,291,425 Bills & accts. payable
California Ar nsas
6,182,704 Louisiana. Arizona, Montana, and Wyoming.
It owned no property;
11,139,189 Miscellaneous accr. Items_ _ _
Rills & accounts payable._
1.343,440 ouThde of the United Statu .
and ne
tsi e
14,850,634 Minority Interest
Crude oil
780,421
b
lner of Continental wells In its vario
distribution
Refined products
12,942,080 Contingent reserve
1.737,757 tories are listed according to States as follows:
(a) The Cat Creek, M
Invest. of mat. & supplies_ 3,135,170 Unredeemed Int. coup
3,079
us
ontank.
has 83 company wells within its borders. The total
Miscellaneous items
109,713 Deferred credits
384,645 fieldbarrels. Continental owns
is
935
partnership interest in theseproduction in
Invest.& advances
18,993,750
wells (b)
the Kevin-Sunburst, Montana, field, 10 wells producing
Funds dep. for redempt. of
138 barrels daily
are in operation. The oil has a gravity df
serial 5% gold notes, &c _
168,079
5. (c) In Wyoming
Basin field
wells averaging 114 barrels of 43 gravity the
Total(each side)
4,138,601
31'
Deterred charges
$195,333,484 , Elk Grass Creekcontains 20 32
oil.
there are
At
wells producing 79 barrels of 43 gravity
x Represented by 4.741,553 no par shares.
the
gravi
a
-The earnings statements of Marland Oil Co. and Continental celTroeliseuomf. 32 gravity oil Muddy field, 100 wells are producing 1,934
Note.
daily. The Salt Creek, Wyoming, field was
011 Co. of Me. are given separately under their own headings.
perhaps the largest owned by Continental. The field
contains 113 wells
1448
FINANCIAL CHRONICLE
[VOL. 129.
producing 1 991 barrels daily. The gravity is 37. Next in order is venient points comprises company facilities for turning the crude product
the Rock River field, 48 Continental wells in this area produce 1,700 Into marketable commodities. In a majority of cases more stress is laid
barrels of oil. At Lance Creek six wells are in operation. The total upon gasoline refining tnan on that of lubricating oils. Several of the
output is 45 barrels. Gas from this field is sold to a carbon black company. smaller plants are equipped only for skimming the petroleum.
Fourteen miles from the Lance Creek field is the Ant Hill structure. One
The Continental refineries are named for the towns near which they are
25
-barrel well is shut in there.
located as follows: Florence, Col
Glenrock. Wyo.; White Falls, Texas;;
exas;
Acreage.—The old Continental Oil Co. including its subsidiaries, owned Sapulpa, Okla.; Artesia, N. M.; Farmington, N. M.; and Shiprock, N. M.
In whole or in part and operative leases, 68,867.35 acres of developed oil (stabilization plant). These refining plants cover an aggregate of 490
leases and 209,403.02 acres of undeveloped leases in Arizona, Arkansas, acres of land owned in fee and employee at these plants number approxiCalifornia, Colorado, Kansas, Louisiana, Montana, New Mexico, Okla- mately 460. The total daily skimming and refining capacity is approxihoma. South Dakota, Texas, Utah and Wyoming.
mately 31.750 barrels.
The Florence refinery is equipped to crack and refine crude oil and
Purchase From Union °U.—During the early part of 1929 the Continental
Oil Co. purchased a number of wells and considerable acreage in Southern manufacture lubricating oil. It has a daily capacity of 2,500 barrels.
Wyoming and Northern Colorado from the Union Oil Co. of California. The storage capacity for crude and refined oils is 569.840 barrels and its
output of products and by-products consists of gasoline, kerosene, disThese holdings include the following:
Maverick Springs, Fremont County, Wyo., 14 wells, 4,000 barrels. tillate, fuel oil, wood preserving oil, black oil and coke.
At Glenrock the refinery is equipped to crack and refine crude oil and
Circle Ridge field, north of Maverick, one well, 500 barrels. North Sunshine field, Park County, Wyo., one well, 600 barrels. South Sunshine, has a capacity of 10,000 barrels a day. The storage capacity for this
Park County, one well, 600 barrels. Oregon Basin, Wyo., one well. 500 refinery for crude and refined oils Is 958,554 barrels.
Dubbs cracking stills and modern electrical control equipment have been
barrels. Acreage at Lone Creek and Little Dome, Wyo., Ft. Collins
field, Colorado, 13 wells, 468 barrels. Wellington, Colo., 22 wells, 2.050 installed at the Wichita Falls refinery. The plant's daily capacity is
6,000 barrels. The storage capacity approximates 708,542 barrels and
barrels.
For several years the Continental 011 Co. has had a productive field near its output of by-products is practically the same as those produced at the
Florence and Canon City, Colo. In this district there are 57 wells in Florence refinery.
The plant at Sapulpa, like the three other previously mentioned, is
operation which produce 600 barrels of crude daily.
In New Mexico, production takes in the Rattlesnake field near Ship- equipped to crack and refine crude oil, and it is also equipped to manurock, 15 wells, 3,000 barrels daily; and the Table Mesa field, six wells, facture lubricating oil. The daily output amounts to 10,000 barrels.
Storage capacity totals 874,092 barrels.
125 barrels.
The Artesia, N. M. plant is equipped for skimming only, and is deIn California there are four main properties. In the Richfield district
there are 14 wells producing 2,515 barrels; at Ventura,five wells, 38 barrels; signed to extract the lighter elements of the crude. Its products and byat Signal Hill, two wells, 700 barrels; and in the Gilroy district, nine wells, products embrace gasoline, kerosene, distillate and fuel oil. The plant's
daily capacity is 1,500 barrels and total storage capacity is 77,908 barrels.
30 barrels.
The Farmington, N. M. plant is another which is adapted to skimming
Beam Oklahoma Production.—A long list of producing wells is listed for
Oklahoma as follows: Pawnee, 60 wells, 60 barrels; Jefferson County, processes. The daily capacity is 750 barrels. Approximately 22,770
5 wells. 270 barrels: Osage County, 77 wells, 360 barrels: Tulsa District, barrels of oil can be stored.
The only stabilization plant is located at Shiprock, N. M. The plant's
24 wells, 112 barrels; Creek district, 23 wells, 310 barrels; Muskogee. 2
wells, 2 barrels; Okmulgee, 10 wells. 19 barrels; Hughes district. 1 well, daily capacity is 1.000 barrels. Storage capacity amounts to 10.040
10 barrels: Seminole, 47 wells, 8,678 barrels. All of the Continental Okla- barrels.
The company also owns and operates a complete compounding plant at
homa oils have a specific gravity of 37.
In Greenwood County, Kansas,there are three wells which produce on an Kansas City, Mo. where it manufactures greases and prepares certain
grades of lubricatinir oils.
average of 28 barrels daily.
'
The total Continental output for the year 1928 amounted to 4,424,426
Another long list is to be found In Texas. All of these have a specific
gravity of 39 except for these at Nocona which are 29. The list includes: barrels of 42 gallons each. Gasoline production was 2.644.863 barrels
district, 64 wells, kerosene, 354,711 barrels; gas and fuel oils, 1,227,792 barrels; other proGose. Carter district, 66 wells. 317 barrels; Mankins
214 barrels; Electra district, 76 wells, 202 barrels; Fowlkes district. 104 ducts. 197,060 barrels.
wells, 368 barrels; Wilmot district, 48 wells, 154 barrels: Shackelford
Retail Sales Outlets.
County, 17 wells, 35 barrels: Nocona district, 188 wells. 2.500 barrels;
Conoco products will now be retailed in 30 states, and sold in wholesale
Olney district, 108 wells, 675 barrels; Burkburnett district, 147 wells, quantities in several other states and nearly a score of foreign countries,
Wilbarger County. 5 by virtue of the merger of the Continental and the Marland companies.
346 barrels; Wheeler County, 4 wells, 68 barrels;
wells, 16 barrels: Cooke County, 2 wells, 6 barrels; Hutchinson County,
The Sealand Petroleum Co., Ltd., a subsidiary with headquarters in
1 well, 4 barrels: Young County. 5 wells, 24 barrels; Coleman County, London, will direct the sale of Conoco products in Europe, having 10 bulk
12 wells, 941 barrels; Orange district. 8 wells, 215 barrels; Mexia-Powell, stations well located on water fronts. In addition, Marland has had and
23 wells, 370 barrels.
the Continental Oil Co. will continue to have wholesale distributors in
In Arkansas the company has nine wells producing 24 barrels of 20 France, Japan, Germany, Australia, New Zealand, South America. Cuba,
gravity petroleum at Stevens field, and in Louisiana there is the Pine Island and several other foreign countries.
field consisting of 10 Continental wells with a daily production of 37 barrels
Linking of the two companies will bring the number of company
-owned
of 20 gravity oil.
stations up to 2,294, including 976 service stations and 1,318 bulk stations.
Marland Production.
TheseStations will reach from the Atlantic to the Pacific Ocean.
Marland Marketing.—Approximately 75% of the Marland gallonage
Heavy production in many widely scattered and unusually rich fields
Is listed for the Marland Oil Co. In a large number of the Marland fields, has In the past been sold in wholesale quantities, through the medium of
wells are owned in partnership with other companies and the Marland jobbers. The New York and Minneapolis districts have lead in wholsale
sales, while the Ponca City, Kansas City, and Chicago districts have been
Interest amounts to a certain proportion of the gross production.
In addition to its numerous wells in California, Kansas, New Mexico. more devoted to retail activity. The Richmond district although only a
Oklahoma and Texas, Marland has 27 located in Mexico with a gross recent addition to the company,is identifying itself as an Important whole• production of 1,068 barrels. These are entirely comPanY owned. The sale unit.
Of the Marland company's sales during 1928, about 89.25% were domesfollowing figures for the various fields and districts are as of June 19.
In California there are four major fields. The Cauley field has six wells tic, and 10.95% export sales. Of the domestic sales, 25.05% of the gallan-owned stations, and 74.95% through
with a production of seven barrels daily. The Kettleman Hills field has age was marketed through company
one Marland well producing 139 barrels. The Hoeecrang field comprises wholesale channels.
the
Marland retail activity has been concentrated in 15 states and the
only two wells with a 22-barrel production. The Seal beach field
District of Columbia. Territory represented hi the States of New Jersey,
. most productive, with 39 wells making 24,029 barrels daily
In Kansas Marland had derricks in three large fields beside scattered Virginia, Maryland and the District of Columbia was only recently acholdings grouped under a miscellaneous heading. The three Major fields quired by the former Marland company, through the purchase of properties
are the Graham. Rainbow and Wichita. The Graham field has 13 wells of the Beaver 011 Co., and the Co-Service 011 Co., Including 48 service
with a total daily production of 176 barrels. The Rainbow field has 116 stations in the Newark, N. J. area; the Myles Oil Co., with six service
wells and a production of 1,187 barrels. The Wichita field has proved to stations in the Washington, D. C. area, and the National 011 Co., with
be one of the most phenomenal in the state and is a Marland discovery about 1,000 wholesale outlets In Virginia and Maryland.
Marland stations to come under the Continental banner through the
The field is dotted with 39 wells producing 22,219 barrels of crude a day.
The miscellaneous wells total 61 wells with an output of 932 barrels per day. merger include 426 service stations and 300 bulk plants.
Continental Marketing —A marketing organization which covers the
Texas Holds Lead.—Oklahoma is the second largest woducing area in
'
which the company has interests. Texas is first. In Oklahoma; the Bur-' 15 states within its territory thoroughly and advantageously Is maintained
bank field has four producing leases, 45 wells, and a production of 203 by the old Continental 011 Co. As a means of combating local problems
barrels. The Deer Creek district is small. There are only two wells and securing better results the Continental territory is divided into 10
within its boundaries producing seven barrels a day. The Garber field marketing divisions many of which control the sales of company products
comprises 56 wells and produces 232 barrels; the Hubbard field, 42 wells in two or more states.
The old Continental owned 622 stations and 1,008 bulk plants. The
and 1.016 barrels a day; the Lovell field, five wells. 510 barrels per day:
the Osage field, 106 wells. 976 barrels; the Seminole field, 15 wells, 3.563 total of Continental products sold during 1928 included 241.687,900 gallons
barrels; the South field, 60 wells, 562 barrels; the Southern Oklahoma field, of gasoline, 9,008,050 gallons of lubricants, and 68,999,758 gallons of
12 wells, 358 barrels; Thomas field, 9 wells. 634 barrels; the Tonkawa field, miscellaneous petroleum products.
Transportation Facilities.
18 wells. 42 barrels; and the Vernon pool, 11 wells. 374 barrels. MiscelA total ot 791 passengers cars, trucks and tractors were owned,by the
laneous fields scattered here and there throughout the state add 48 wells
old Continental Oil Co. In Its marketing, producing, refining and pipeline
and a 521 barrel production to the list.
The New Mexico property consists of one well producing 300 barrels departments. The company operated four base shops located in Salt
daily. but now shut in for pipeline connections. Six other wells are drilling Lake, Denver, Tulsa and Wichita Falls. The automotive department
on very promising acreage.
functioned through the marketing division managers, production, refinery
Texas is another large area for productive Marland wells. The com- and pipeline superintendents.
Marland passenger cars, trucks and tractors numbered 539. Four
pany had leases in 10 fields. Producing properties are marked off into
divisions comprising East Texas, Houston, North Texas. Panhandle, and mechanical inspectors with headquarters in Hammond. Ind.Kansas.
west Texas. North Texas Is divided into the Wichita Falls, Jones County Oklahoma and Richmond. Va.. devoted their energies to keeping'the motor
and Shackleford County fields; and West Texas into the McCamey Crane- equipment in shape. A storage garage and a paint shop are maintained at
Upton County, Crockett County, Pecos County and Winkler County Ponca City headquarters.
fields In East Texas there are 14 wells producing 66 barrels daily; in
Big Tank Car Fleet.—The Marland tank car system included 1.394
Houston, two wells producing 91 barrels; in North Texas. 379 wells pro- company owned cars and 901 leased cars. The capacity of these cars
ducing 9.307 barrels; in the Panhandle, 78 wells producing 4,368 barrels: varied from 4,000 to 10,000 gallons each. The grand total gallonage was
and West Texas, 129 wells, producing 13.611 barrels.
estimated at 19,110,000. Continental owned and leased cars numbered
The Texon oil & Land Co which owns substantial interest in the 1.095. Capacities were approximately the same as those operated by the
Group No. 1 Oil Corp.. the Group No. 2 011 Corp., the Big Lake 011 Corp., Marland company. For the maintenance of these cars the company
Signal Gasoline Co., and the eagan County Purchasing Co recently provided shops centrally located in five states.
• were added to the list of organizations in which the Marland company was
With the purchase of the Prudential Refining Corp. recently, the Mar
interested. Marland had previously owned 51% of the stock of the Reagan land Oil CO. also acquired the Gladstone Transportation Co.,a subsidiary
County Purchasing Co., and the new purchase gave the company ad- with headquarters at Baltimore, Md. Six large tankers and a barge comditional holding The Texon company operates in Texas, and Is interested prised the transportation facilities of the Gladstone company. The comIn the Group No. 1 wells in the Big Lake field. This is the deepest oil well pany has a wharf near the Baltimore refinery. Capt. Garnet Hullngs is
in the world, producing at 8,526 feet.
Vice-President and general manager of the Gladstone company.
.
Network of Pipelines.—The old Continental Oil Co. owned and operated
New Continental Oil Co. Has Refining Capacity of 68,750 Barrels Daily. 787.31
miles of pipe lines and maintained gathering facilities for transportaEight modern refineries, so located as to best serve with Conoco products tion of company
produced and purchsed oil to refineries or railheads. The
the market outlets in every section of the United States, make up the remain and gathering pipeline. AlMarland
finery equipment of the new Continental Oil Co. These plants have a though company owned 600 miles of
the Continental mileage was considerably more than that owned
combined capacity of 68,750 barrels daily, and all are equipped to provide by
Marland there was little difference in the carrying capacity of the two
• hourly laboratory control and thereby assure uniformity of Conoco products.
The Marland Refineries.—Two large refineries, one in l'onca City and systems due to the fact that the Marland lines were of larger diameter.
to
the other in Baltimore, were owned by the Marland 011 Co. Until re- The Continental lines ranged from two six,six inches in diameter while
were of
eight and 10
-inch pipe.
cently the Ponca City refinery provided sufficient gasoline, oils, &c., to those which belonged to Marlandlocated in the
Of
balance with demand, but requirements for Marland products throughout were the Marland pipe 75% was along the Ponca City district. There
15 pump stations placed
Marland lines. Continental
the Eastern United States caused the company to purchase the Baltimore
stations numbered 35, and telephone lines were in operation on each of the
refinery of the Prudential Refining Corp.
The Ponca City plant is considered one of the most modern, well-bal- pipe lines.—V. 129. 1)• 287. 133
.
anced, and complete in this country New equipment of all types has
Continental Oil Co. of Maine.—Earnings.—
been added from year to year, making it possible to manufacture high
1929-3 Mos.-1928.
Period End.
o
1929-6 Mos.-1928.
grade lubricating oil, gasoline., kerosene and grease. The recent merger Gross earningsJune 30—$17,560,93 $16,221,919 $29.255,913
4
$27,982.586
with the Continental Oil Co. will probably
more stress to be placed Oper. & admlnis. exps_ _ 13.512,047 13.352.184 23,922,961 23.536.458
upon the manufacture of lubricating oils. cause
Practically no domestic
lubricants, floor
$4,048,887 82,869.735 85,332,952 $4,446,128
Net earnings
oils, paraffin°, &c.are nowproducts such as household
being made at the former Marland refineries.
106.421
31,025
130.487
218.742
Owing to the quality of tho Mariam' crudes, gasolines, and oils, many Miscellaneous income-- _
large oil marketing organizations have purchased their crude stock from the
$4,155.308 $2,900.760 $5,551.694 $4,576,615
Gross income
Worland company. Continental marketing facilities wil no doubt create Interest & discount
195,042
218,119
470,125
447,824
a marked change by swinging the
retail trade, Depredation.reserve_.- 1,070,763
1,892,849
946,811
2,140,876
and encouraging the manufacturebalance from tne wholesale to
of household
648,525
320.889
323.219
Depletion, reserve
616,826
The crude capacity of the f'onca City plant isproducts.27,000 and 30.000 intang. drill costs res- - 1,240,610
610,789
between
622,654
1.064,874
barrels per day. The output of the lubricant plant averages between Surrendered leases
193.882
131,348
94.793
222,874
30,000 and 33,000 balm's per monta, and the grease plant output is approximately 300.000 pounds per month.
$130,624
81,826,477
Net income
$695.163 $1,058,419
The Continental Refineries,—Six refineries and one stabilization Plant E
Earns, per sh. on 3,822,
scattered throughout the old Continental Oil Co. producing areas at con$0.47
$0.03
$0.18
$0.28
093 shs. capital stock-
AUG. 311929.1
FINANCIAL CHRONICLE
1449
-Cap. Inc.-Directors
Dayton Airplane Engine Co.
Comparative Consolidated Balance Sheet.
June 30 '29 Dec.31'28
The stockholders recently increased the authorized capital stock from
June 30 '29 Dec.31'28
100.000 shares to 400,000 shares, no par value. The articles of incorpora$
$
Assetshave
Net prop. account.59,949,238 57,147,701 Cap. stk. outst _ }x69,517,990f36,452,420 tion were changed so that stockholders shallissued.no pre-emptive rights
129,856,439 to subscribe to additional stock that may be
Invest. St advances 1,968,636 2,556,535 Surplus
on Aug. 27 authorized an increase in the number of directors
de surplus,
Capital
The board
Deferred charges &
429,841 from 7 to 10 and elected the following: Paul Fitz Simons. Chairman of
minority interest 764,710
'mad'. debits_ __ 1.598,255 1.730,683
the board; Norval A. Hawkins, of Detroit, Mich., and Harland Tibbetts
Cash & call loans__ 7,299,771 5,900,033 Fund. & long term
12,887,800 12,792,900 of the firm of Tibbetts. Lewis & Rand, attorneys.
debts
694,229
Marketable emetic_ 322,425
Plans are under way, it is stated, for the reorganization of the company
f 596,975 Contr. pay. from
Notes receivable223,861 to put it on a production basis of 10 motors per day in the near future,oil production_
.
Accounts recce,.215 503,7941 3,831,243
Res.for annuities &
-V. 129, p. 803.
Crude oil & refined
585,973
contingencies.- 1,481,714
11,792,935 10,228,244
products
-Consolidation Effected.
'Detroit Gear & Machine Co.
Materials & supp_ 1,853,174 1,578,708 Notes pay. (Prop.
-V. 109, p. 1795.
1,000.000 • 775;000
See Borg-Warner Corp. above.
purchases)
32,654
7,089
0th. current assets
Accounts payable_ 3,261.635 2,285.712
-To Wind Up Affairs of
Dominion Textile Co., Ltd.
889,538
Accrued liabilities_ 996,823
5,319 Unit.Other curr. liabiL.
-V. 128. P. 3519,
credits
Connecticut Cotton Mills, Ltd. above.
384,645
• See Canadian
Total(each slde)90.295,318 84,297,004 Deferred
-V. 129. p. 287.
-Balance Sheet-Proposed Acquisition.
x Represented by 3,822,093 shares capital stock.
Drug Inc.
June 30 '29 Dec. 31 28.'
June 30 '29 Dec. 31 '28.
-Earnings.
Continental Shares, Inc.
$
$
Matt/fifes-Assets
10 Mos.End. -Calendar Years- 6 Mos.End.
Cap. stk. as surov77,291,168 75,177,768
1928. June 30'29. Land, buildings,
1927.
Dec. 31 '26.
Periodleasholds, &c_ 26,954,528 24,459,154 Notes & accts.
$508,000 $1,369,987 $1,298,795
--- $163,624
Income-Dividends7,262,755 8,847,372
payable
marks,
82,113 Trade
84,631
14,861
5,211
Interest__ - - -------goodwill, &c__ 34,476,362 32.147,011 Bonds & mtges_ 44,904,885 45,910,193
757,559
403,410
2,547,158
21,702
Profit on sale ofsecure.
3,741
3,769
12,470,468 13,434,364 Dividends pay__
Cash
622,955 1,399,932
Fed.tax reserve.
$190.538 " $926,272 $2,212,178 $3,928.065 Accts., notes &c.
Total income
8,053,970 7,860,197 Conting.res., Atcx11,232,835 8,037,570
24,607
96.478
83,786
6,583
Expenses
5,621,799
receivable820,125
227,272
1,004,328 Adv.& def.items 2,882,886 2,700,842 Earned surplus- 8.276,701
59.210
Interest
23,947,606 23,568,285
25,843
185,000 Inventories
Federal income tax
40.809,220 40,828.550
Investments
$648,550 31,308,267 32.642.259
$124.745
Net profit
149,595,040 144,998,403
Total
149,595,040 144,998,403
Total
124,745
567,797
1,152.201
Previous surplus
2,394,011 no par
x After reserves of 510.712,438. yRepresented byof
Sterling Remedy
$773,295 51,876,064 $3,794,460 shares. z Including capital stock and minority interest
$124,745
Total surplus
$162,498
$318.583
$469.243 Co.,$128,520.
preferred stock
Divs,on
account for the six months ended June 30 1929 was
43,000
405,280
741,893
Our usual income
Divs, on common stock_
153,817 published in V. 129.p. 1289.
Diva. on founders stock-V. 129, p. 1289.
See also Bristol-Myers Co. above.
$567,796 $1,152,201 $2,429,508
$124,745
Balance at end
-Production, &c.
Dry Ice Corp. of America.
pro forma balance sheet as of July 15 1929, after giving effect to new
The
Ten new plants opened the first 7 months of this year have increased the
financing was given in V. 129. p. 637.-V. 129, p. 967.
of the corporation from 50 to 170 tons, a rise of
daily production capacity
Additional expansion plans
-Earnings.
Copeland Products, Inc.
340%. according to President Robert R. Rust. new units in the South and
The company reports for the seven months ended July 31 net income of of the company call for 6 new plants, including
enlargement of present units which will increase
$297,251, after taxes, depreciation and the setting aside of liberal reserves, on the Pacific Coast, and tons daily by May 1 1930. In addition to the
equal to $2.63 a share on the class A stock and to 13c. a share on the class B production capacity to 370
Elizabeth, N. J. and Maspeth, L. I., in
stock. This compares with $2.52 a share on the class A in the similar 4 plants in Yonkers, Chicago,
oson! ne.
itd r
hid a y. tsTar are in Niagara
as
period of 1928. Net income for July amounted to $30.309.-V. 129, p.637. vtration last year.thenewpoducion%itso
Philadelphia,
Albany.
Another unit will
- Atlanta. Cincinnati, Minneapolis, and St. Louis. its present licenses be
Crown Willamette Paper Co.(& Subs.).
-Earnings.
in
In addition to
opened in Denver within 30 days. company plans to issue other licenses
Quarter Ended July 31
1928.
1929.
and Australia, the
Gross profit
$2,503,780 $2,313,536 Canada. Japan,
in leading countries of the work.
Depreciation
591.317
605,875
were more than 200%
Shipments for the first 7 months of this year shipments for 1929 wM
Depletion
217.530
160.186
entire year 1928 while total
Interest
355,283 greater than for the
346,467
a 250% increase, according to Mr. Rust.
Federal taxes
131.582 show company produces bricks of frozen carbon dioxide gas which are used
148,465
The
Minority interest Pacific Mills
8,075
24,441
needs. When it was originally introduced to
for a variety a refrigerationprincipally in ice cream shipments. Now it is
dry ice was used
Net profit
$1,191,926 $1,036.169 the trade, special non-returnable cartons for meat products, for shipping
also used in
Net profits of Pacific Mills during the period amounted to $130,733 as
fish, frozen fruit and a varletY of perishables, and for truck reagainst $253,879 shown in the first three months of the 1928 fiscal year. frozen
in many industries. It has proved valuable to small shops
President Louis Block stated that the decrease in Pacific Mills earnings was frigeration
-V. 127.
keepers who cannot afford expensive refrigeration equipment.
due to the shutdown of a large part of its mills caused by extreme water p. 3710.
shortage. He added that these units are now operating at normal capacity.
-Sales Increase.
Stores Corp.
Economy Grocery
Stand-by generating equipment has been installed in the plants to insure
Increase.
1928.
1929.
against future recurrence of power shortage.
Month of July3300.925
5721.642
31,022.567
The consolidated balance sheet of Crown Willamette Paper Co. and Sales
all subsidiaries, shows current assets totaling $14,782,707 as against current -V.129. p. 1290.
liabilities of $2,852,138 or a ratio of approximately 5 to 1. During the
-J. L.
-Stock Units Offered.
Empire Western Corp.
period covered by the report $264,000 bonds have been retired.
-V. 129,
P. 1289.
Markell & Co., Inc., Buffalo, recently offered in units of
-Regular Dividend, &c.
Crown Zellerbach Corp.
The directors have declared the regular quarterly dividend of 25c. per
share on the common stock, payable Oct. 15 to holders of record Sept.
30 1929.
At the annual stockholders meeting the following directors were reelected; J. Y. Baruh, M. M. Baruh, Louis Bloch, C. R. Blyth, Herbert
Fleischhacker, M. It. Higgins, A. B. Martin, E. M. Mills, H. C. Olcott,
J. H. Schwabacher, G. 5, Towne, H. L. Zellerbach, I. Zellerbach and
J. D. Zellerbach.
The following officers were named; Louis Bloch, Chairman of the Board
I. Zellerbach, President; M. R. Higgins, Chairman of the Executive Committee, A. B. Martin, E. M. Mills, J. D. Zellerbach, Executive Vice-Presidents, II. L. Zellerbach, Vice-President, J. D. Goldsmith, Secretary, and
S. Sonnenburg, Treasurer.
Quarter Ended July 311929.
1928.
Profit before charges
$3.684.588 $3,259,013
Depreciation
816.164
748.970
Depletion
217,530
160,186
Interest
349.875
359.099
Federal taxes
236,774
200,592
Interest
Minority
419.575
437.787
Net profit
Preferred dividends
$1,644,670 $1,352,379
31/1.947
Surplus
51,252,723 51,352,379
Earns, per sh. on 1,991.077 shs. corn. stk.(no par)
$0.63
$0.48
-V. 128, p. 1737.
-Cash Subscriptions Will Be
Cuba Cane Sugar Corp.
: Refunded if Plan Fails.
Cash paid by stockholders in the exercise of subscription warrants
received in connection with the reorganization of the company will be
returned in full if the reorganization plan is not consummated, it is stated
by the reorganization committee.
Although the exercise of subscription warrants, with payment of cash
for stock in the new company, is not a condition of deposit or of receiving
option warrants entitling holders to purchase additional shares. the reorganization committee announced that depositing stockholders in substantial
numbers have taken advantagoof the subscription rights.
Aug. 30 has been set as the last day for deposits under the plan, while
the last day for the exercise of subscription warrants is Sept. 6. It was
announced last week that a majority of the securities had been deposited,
but the reorganization committee stated that substantial additional deposits
would have to be received before the plan can be declared operative.
Depositaries are: Debentures, Guaranty Trust Co. of New York; preferred
stock. Central Hanover Bank & Trust Co.; and common stock, the Equitable
-V. 129. p. 1289.
Trust Co. of New York.
Curtiss Aeroplane & Motor Co., Inc.-Bal. Sheet June 30
1929.
1928.
1929.
1928.
y
AssetsProp. accts. (net). 5,693,465 1,264,000 Common stock and
908,829 surplus
10,535,379 4,572,567
Pats. & goodwill.- 852,737
640,532 Notes payable_ _ _ 375,000
1,084,903
Investments
-----dr
Inventories
3,207,536 1,365,917 Accts. payable Accts.& notes rec. 895,205 428,956 accrued Interest. 323,961
91,047
977,216 Reserve for income
991,806
Cash
taxes
173.804
253,235
76.197
f3hort term secur225.183
81,621 Surplus
1,962.451
Deferred charges- 648,177
952,078
13,450,026 5,840,875
13.450,026 5.840,875 Total
Total
Our usual comparative income account for the 6 months ended June 30,
was published in V. 129, p. 1129.
-Transfer Agent.
Curtiss-Wright Corp.
The Bank of America, N. A. has been appointed transfer agent of 8,-V.129, • 1289.
00,000 shares of common stock.
one share each at $26 per unit 40,000 shares class A partie.
stock.
stock (with warrants) and 40,000 shares commoncommon as to
have preference over the
Class A participating stock will
annum, and after the
non-cumulative dividends of $1.50 per share perper annum, both classes
Si per share
common has received dividends up toin any further distribution of profits.
will share equally as classes
of stock
Each share of class A participating stock will carry a warrant detachable
participating stock is first
only when exercised. In liquidation the class A has received $1 per share,
entitled to $25 per share and after the common Dividends free from presas classes.
the balance will be distributed equally
Trust Co., of
ent normal Federal income tax. Transfer agent: Marine
Buffalo: Registrar: Liberty Bank of Buffalo.
. Authorized. Outstanding.
Capitalization-80.000 shs. 40.000 shs.
Class A participating stock (no par value)
shs. 80,000 shs.
240,*
Common stock (no par value)
* 40,000 shares reserved for the exercise of warrants included in this
40,000 shares reserved for warrants acquired by the directors
offering and
and management. All these warrants are to be exerdsable at $10 per share
of common at any time prior to Aug. 1 1934. with broad powers, Includ-Has been organized in Delaware,
Company.
of any
ing among others the powers to buy, hold, sell, underwrite securities affordparticipate in underwritings and syndicates generally, thus
kind, to
ing to investors an opportunity to participate indirectly in financial operations not ordinarily available to them as individuals. and to exercise such
other of its charter powers as the directors may from time to time determine.
It shall be the policy of the corporation to diversify its investments in such
a manner as to eliminate undue risk.
Asscts.-On completion of the sale of 40.000 units and the sale of an
number of warrants
additional 40,000 shares of common stock and a likeexpenses of organisaall
to the Directors and management,after deducting surplus of approximately
tion, the corporation will have a paid-in capital and
$1,000.000.
Manayement.-The operation of the corporation will be conducted by
-year management contract.
J. L. Markell & Co., Inc., Buffalo. under a 10
The officers of the corporation will serve without salary during the first
year of its existence, and during this time the corporation will be subject
to only such expenses as are incidental to its organization and operation.
An executive committee chosen by the board of directors will co-operate
with the management in its operations. securities now
owned by the
This corporation will not acquire any
directors or management, or firms and organizations with which they
affiliated.
are
-M. H. Anthony, Niagara Falls, N. Y.; Franklin R. Brown,
Directors.
Buffalo, N. Y.;Harold W. Davis, N. Y. City; Milton 0. Guggenheimer.
N. Y.; Harry E. Keller, Cuba, N. Y., Joseph L. Markell, Harold
Buffalo,
Charles Messenkopt, Erie, Pa.; Peter R. Meyer.
Marken. Buffalo, N.
Buffalo N. Y.; Ralph C. Morgan, N. Y. City; Elmer J. Nash, Depew,
William S. Rann, Buffalo, N. Y.; John F. Russell,
N. Y.; John L. Osgood,
Jr., N.Y. City.
IVarrants.-All warrants grant the right to the holders thereof to purchase the number of shares of common stock of the corporation therein
specified at any time prior to Aug. 1 1934, at $10 per share.
Allotment Cerlificates.-The units are offered in the form of allotment
Allotment certificates will be exchangeable on and after
certificates.
March 1 1930, or earlier at the option of the corporation, for definitive
class A participating stock with warrant and common stock certificates
c;
(unless the warrants represented thereby have been previously exerttl)
Listing.-Application will be made to list these securities on the B
Stock Exchange.
Employers Reinsurance Corp.
-Earnings:
Earnings for 6 Months Ended June 30 1929.
5327,215
Increase in gross assets
311:785
Actual operating profit for 6 months
Dividends paid
112.500
117,946
Increase in surplus (statutory basis) after paying dividends
The net earnings for the 6 months amount to approximately $2.08 per
shale on the 150,000 shares of stock outstanding. The liquidating value
of this stock, as of June 30, was 533.05.-V, 127, p. 1681.
1450
FINANCIAL CHRONICLE
Exchange Buffet Corp.-Consol. Income Account.
-
3 Mos. End. July 311929.
1928.
Gross operating profits _
1174.099
$146.831
Depreciation
1
46,345j25,857
Prey. for Federal taxes_ i
114,517
[Vol,. 1214
Foster Wheeler Corp.
-Listing..
--
1926.
The New York Stock Exchange has authorized the listing of
.
1113,369 7% cumulative convertible preferred stock (no par value) 33,900 shall
and
22,530 shares of common stock (no par value) voting, which are issued 284,750
and out12,264 standing.
6 Mos. End.
-Years End. Dec. 31Net profit
1127,754
1106,457
$78,576
$93,158
PeriodJune 30 '29.
1928.
Dividends paid
1927.
93,750
93,750
93,750
93,750 Gross receipts
/8,167,920 110,846,488 S3.208,208
Net earns, from all sources, after deSurplus
1.34.004
Def.$592 Def.$15,174
$12,707
duct, all exps. incident to manufac.
-V. 129, p. 1130.
& sale, ordinary & extraord repairs,
mainten, of plants, accidents, &c
Fabrics Finishing Corp.
1.179,917
1,279.395
-Acquisition.
796.655
Depreciation
The corporation has acquired allot the assets and goodwillof the Gramercy
174,505
347,178
209,406
Textile Printing Corp., one of the largest plants in the country engaged in Income taxes
128.651
130,184
97,978
screen and block printing in silks, rayons and other fabrics, it is announced. Bond interest
6.250
12,500
12,500
The acquisition of this plant, it is said, will further round out the facilities
Net profit
of the Fabrics Finishing Corp. and it is expected to
$870,511
1789.533
1476,770
between 50 cents Applicable to rain.
Int.(Caned.subs.)
and $I per share per year to the current earnings. add
11,928 loss14,861
1,068
The plant was acquired largely from the company's surplus cash position,
Added to consolidated surplus- - - only 2,000 shares of additional common stock being issued in connection
$858,583
5804,395
1475.702
Surplus at beginning of period
with the purchase. No additional financing will be necessary in connec$2,277,487 S1.574,993 11,370,685
Profit-sinking fund stock
tion with the transaction.
200
-V. 128. p. 4163.
Profit on sale of portion offoreign pats
145,650
1927.
1131,861
24,164
14.539
Federal Screw Works, Detroit.
-Proposed Acquisition.
-
Total surplus
Negotiations have been concluded by this company for the acquisition
$3,136,071 12,525,238 $1,846,387
of the Superior Screw & Bolt Mfg. Co. of Cleveland, Ohio., a private Additional taxes-prior years
3,800
13.693
corporation, which was formed in 1920. New financing coincident to the Preferred dividends
118,650
243,950
146,951
acquisition has been arranged through Bauer, Pogue, Pond & Vivian, Common dividends
49.967
110,756
Samuel Ungerleider & Co. and Folds, Buck & Co. and public offering of
Surplus at end of period
securities is expected next week.
12.967,454 12.277.487 11.574,993
The Superior company specializes in the manufacture of high-carbon
Comparative Consolidated Balance Sheet.
steel screws and bolts. This is a line not manufactured by any of the
June 30 '29. Dec.31 '28.
June 30'29. Dec.31 '28.
Federal Screw Works' plants, so that the acquisition will provide the comAssets-$
pany with a number of complementary products and make it one of the Cash
$813.175 $439,698 Accts. payable - _ 855,573
990.204
largest factors in the country in the manufacture of automatic screw ma- Notes receivable
454,123
116,091 Aeon Income taxes
80,817
173,750
chine parts, bolts, nuts, &c.
Accts. receivable _
36.819
37,596
This is the third company absorbed by Federal Screw Works in less than Marketable secur_ 2,641.238 2,649.602 Accr. sal. & wages
,
176,125
172,043 Accr. contr.comp]. ,
a year. In November 1928, it acquired the Chelsea Screw Co. of Chelsea, Accr. Int. recely
8,105
2,718
costs
37,018
75,434
Mich., and in January 1929, acquired the Michigan Screw Co. of Lansing. inventories
2,350,974 2,300,533 Accr. bond interest
1,042
0,250
Mich.
-V. 129, p. 1290.
Total investments
77,957
121,506 Unshipped contrts.
Plants & equip_ _ - 7,359,211 7.360,089
Ferro Enameling Co.
billed
132,225
39.500
-Registrar.
-Earnings
-Co
Deferred charges _
34,820
24,889 Preferred dive_
59,325
60,900
Earnings for Six Months Ended June 30 1929.
Pats. purch.---cost
Common diva
49.967
Net profit from sales
$294,181
before=onlz _ 235,505
234,897 Federal taxes-In
Reserve for Federal income tax and commission to Ferro Enamel
Good-will & devel.
dispute
192,160
177.468
Supply Co. less net non-operating revenues
80,926
patents
1
1 Provision for tax
141,992
1929 earnings
Net profit available for class A preferential dividend
$213,255
-Can. subs
Bonds
250,000
250.000
Earnings per share on 25,000 class A shares
153
8.
Def. credits to surp 194.476
35,448
Balance Sheet June 30 1929.
Res. for deprec_
1,109,369 1,004,049
AssetsRe9. for amortize.
Liabilities
Cash
$4,820
of patents
91,357
$147,017 Notes payable
82,715
Marketable securities
61,339
Res. for uncollect.
181,432 Accounts payable
Interest and notes receivable. _ 19,535 Accrued Items payable
157,383
accounts
45,821
45,783
Accounts receivable
7343,184
Paid In on subscrIp.
223,348 Capital and surplus
Accrued items
to corn. stotk__ _
1,784
2,276
Inventories
Preferred stock_ _ 3,390,000 3,480,000
101,564
Deferred charges
Common stock9,899
4,650,989 _ 4,834,849
Fixed assets
Equity of minority
x206,096
Other assets69,051
$959,727
stkhldrs-CanaTotal (each side)
(Ilan subsidiary_
62,561
x After depreciation of $55,571.
50,633
Total
14,151,235 13,422,065 F.arned surplus_ __ 2,067,454 2,277.487
The Bankers Trust Co. has been appointed co-registrar for the class A -V. 129, P. 80
4
.
common stock.
-V. 129, p. 135.
First National Stores, Inc.
-Denies Merger Rumors.
President C. H. Farnsworth says: "There is not an iota of truth to the
reported merger of this company and the Jewel Tea and Kroger Grocery
companies. Such an unwarranted story moreover is distinctly unsettling
to our organization."
-V. 129, p. 1291.
(I.) Fischman & Sons.
-Earnings.6 Months Ended June 301928.
1929.
Net inc. after all chgs. & pref. div. requirements
& reserves.. _ __ _
$212,941
1401,272
_
_
_
The figures for the ______ 1;aff- if:029 ___ notinclude any earnings from the
eW
Stanley H. Knight Co., recently acquired.
The cash surplus of the company according to the nalance sheet as of
June 30 1929,showed a total of $787,652, after preferred dividends, as compared with 1419.648 on Jan. 1 1929. Net delivered sales for the first six
months of this year amounted to 12,081,592 as compared with $1,071,326
for the first half of 1928.
The balance sheet on June 30 1929 showed total current assets of 13,105,966 as against total current liabilities of 13,226, or a ratio of 1.000 to 1
after giving effect to the recent sale of 14.613 shares of class A stock.
Undelivered orders on hand on June 30 amounted to 1744,906.-V. 129,
IL 1291.
Fleischmann Co.(& Subs.).
-Comparative Bal. Sheet.June 30'29. Dec.31 28.
Juns 30'29. Dec.31 '28.
AssetsMig•Plants eqP128,488,699 27,813,116 Preferred stock_ __b1.222,000 1,222,000
Other real estate__ 3,797,382 3,768,787 Common stock ___e7,500,000 7,50 , 0
0 00
urn., fixtures, &c 5,871,481 .5,741,955 Surel•N
49,088,816 47,078,760
FPatents
3,839,527 3,843,234 General insurancea.2,606,442 2,527,972
PrePd.tax.,Ins.,8..c 330,871
Current Mattis
288,896
Gen.Insur. Fund951.790
Accts. payable..- 753,852
U.8.etts. of indebt
20,000
41,000
25,009 Mortgage payable
25,009
U.8.Liberty bonds 322,651
322,651 Accr. Int., payroll
Other bonds
2,186,613 2,136,147
taxes(other than
Accrued interest
35.270
18,870
Fed.& Can'n) &
Cash
263,074
587.034
expenses
36,897
25,294
Investments
Aecr. Fed. taxes. _ 2,294,668 2,426,487
Bonds & stocks_ __
61,850
83,883
23.858
25,340 Accr. Cen'n taxes_
Real estate mtges_
Reserves
28,437
28.812
Policy of life Insur_
31,906
31,906 DePrec• Plants &
Current Assets15,587,169 14,871,745
equipment
Cash & call loans_ _20,279,535 13,856,257 Depr. other re. eat 426,641
394,157
U.8. Treas. Ws__ 4,549,991 9,334,359 Depr. fur., fixt.,&c 3.747,384 3,572,992
U.S.Llberty bonds 1,095.232 1.095.232 Amort. cost of pats 1,384.029 1,236,557
State &mimic. bds 4,521,347 4.289,004 Uncollect. accts. &
,
Dom.of Can. bds_ 811,791
518,992
529,013
299,060
loans
285,596
Notes & coll. loans
308,569
74,857
90,625 Miscell. reserves
Accts. receivable__ 3,843,426 3,693,860
Accrued interest_ _
135,120
157,962
Inventories at cost 5,806,666 6,065.626
Total (ea. side).86,136.468 82,952,006
a Appropriated surplus set aside to meet contingencies. b Authorized
and issued, 30,000 shares of $100 each; in treasury, 17,780 shares; outstanding. 12.220 shares. e Authorized and outstanding, 4,500,000 shares at
declared value of 17.500,000.-V. 129, p. 1131.
Foremost Dairy Products Inc.
-Earnings.-
The company, for the first 4 months
operation!' ended July 31 1929,
reports gross sales of $1,789.932. and of operating profit of 1241,075.
net
After crediting other income and deducting interest charges, but before
depreciation, net income for the period amounted to $215,501. Net income
by months totaled $46,215 for April, $57,679 for May, 158.275 for June,
and $53,330 for July.
The consolidated balance sheet as
31 1929 showed total assets
valued at $6.281.897. Current assets of July $753,530. including $3323,027
totaled
cash, $260,837 accounts receivable and inventory valued at 1169,665.
Current liabilities were divided 88
$7,694, account
payable 1275.220.and interest and follows: Notes payable
taxes accrued $43.253.-V. 128, p.4164s
Foundation Co., N. Y.
-Earnings.
-
6 Mos. End. June 30-Gross income
Genera expenses
1929.
$632.395
559,674
1928.
$597,551
559,410
1927.
$731,874
628,660
1926.
$912,519
550,415
Net profit before Fed.
taxes
Dividends
172,721
$38,141
$103,214
325,000
1362,104
399,948
Balance
-V. 128, p. 3520.
$72.721
$38,141 def$221,786
def$37,844
Founders Holding
nc.-Story of
Progress.J. M. Erickson, Inc., Buffalo,
Co.,d. Y.,fiscal agents, have issued a circular
which affords the following:
History of Company.
-Was incorp. in March 1928 in New York for the
purpose of investing and reinvesting its resources in
American Founders group of Investment companies. the securities of the
Initial Capital.
-The original capital structure consisted of
of 6% cumulative preferred stock, (150 par) and $5,000 shares 5,000 shares
each of class
A and class B stock (no par value).
The company started operation on April 14 1928, with an initial subscription a $75,000 which represented the first offering of 1,000 shares
preferred stock, 1,000 shares class A stock and 2,000 shares class B stock.
Subsequent financing consisted of the sale of the balance of the stock for
the sum of $300,030.
Capital Increase.
-The number of shares was increased on Feb. 2 1929
to 35.000 shares, consisting of 5,000 shame of 6% cumulative convertible
preferred stock ($50 par) 15,000 shares class A stock (no par) of which
5,000 were reserved for the conversion of the preferred stock, and 15.000
shares of class B stock (no par). Class A and class B stockholders were
given rights to buy additional shares of class A and class B stock.
Dividends -Company paid regular dividends on its preferred stock and
for the first 2 quarters of 1929 paid 25c. per share on the class A stock.
Management.
-In October 1928, J. M. Erickson, Inc. was organized as
a dealer in investment securities, specializing in the American Founders
Group of investment companies. rounders Holding Co., Inc. acquired
a
one-half interest in J. M. Erickson, Inc. J. M. Erickson, Inc. manages
the portfolio of the company without charge and acts as its fiscal agent.
In February 1929. J. M. Erickson, Inc. caused the formation
of
Founders Share Corp. to operate in a manner similar to Founders Second
Holding
Co., Inc. Founders Holding Co., Inc. acquired the entire authorized
issue
of class B stock of the new corporation.
The capital structure of Founders Holding Co. Inc. was again changed
on Aug.8 1929, to consist of 500,000 shares of common stock
(no par value)
and provision was made for exchanging the
and class B stock into the new common stockoutstanding preferred, class A
in the ratio of I for 10.
The board of directors authorized the sale of 50,000
common stock 30,000 shares thereof to be offered to shares of the new
at
$15 per share in the ratio of 1 for 10, the remaining the stockholders at
20,000 to be sold
the market.
The management of Founders Holding Co. Inc. advises
the purchase
of this stock for permanent investment rather than
'
immediate profit
should be noted that the holder of 100 original units of this company as it
stocks,
consisting of 100 shares preferred, 100 shares class A,
200
at a coat of 17,500 after exercising full rights at a cost of shares class B.
$2,900 now holds
9,000 shares of the new common stock.
Statement of Income for 4 Months Ended July
311929.
Income: Realized investment rofits
$226,434
Proceeds from sales ofstock dividends
104,974
Dividends and interest
135,118
Total
$466,526
Interest paid
20,037
Miscellaneous expenses
1,213
Provision for Federal income tax
33,675
Net income
$411,600
Surplus, April 1 1929
48,790
Gross surplus
$460,390
Dividends:Preferred
3,750
Class A
2.500
Surplua July 31 1929
------------Note.-The market value of tile Investmeni
.
115161 V
12
was approximately $670,000 in excess of cost.
-V. 129, 14 970.
Fourth National Investors Corp.
-A
--Stock Sold.
nation-wide banking group headed by Guardian Detroit
Co., Inc.; the Shawmut Corp. of Boston, and the Marine
Trust Co. of Buffalo, announced Aug. 26 the oversubscription at $52 a share of 500,000 shares of common stock
(with purchase warrants attached).
Transfer agents: Central Hanover Bank & Trust Co., New York. Harris
Trust & Savings Bank. Chicago; Guardian Trust Co. of
and The National Shawmut Bank of Boston, Boston. Detroit, Detroit;
Registrars: City
Bank Farmers Trust Co., New York; Continental Illinois Bank & Trust
Co., Chicago; Detroit & Security Trust Co., Detroit• and State Street
ee
Trust Co., Boston. Warrant agents: Central Hanoverhank & Trust CO..
New York.
Business: Corporation has been incorp. in Delaware to invest and reinvest its funds. It affords investors an opportunity to participate under
competent management in diversified investments and in financial operations which might not be available to them as individuals.
Authorized. Outstanding.
Capitalization*2,000,000 shs. 500,000 shs.
Common stock (no par value)
* 1,000,000 shares are reserved against the exercise of purchase warrants
and 500,000 shares will be available for future corporate purposes.
-There will be outstanding purchase warrants enPurchase Warrants.
titling the holders thereof to purchase at any time and from time to time
to and including Oct. 1 1939, 1.000,000 shares of common stock at the rate
of $60 per share. Purchase warrants representing 250,000 shares will accompany the common stock offered herewith. National Investors Corp.
has contracted to purchase for $3,000,000 the remaining purchase warrants
representing 750,000 shares.
Analysis of Participation. (1) Corporation will pay into the treasury
without receiving any common stock, $3,000,000 and will receive therefor
options to purchase common stock at a price over 15% higher than the
combined price ($52) at which this common stock together with the attached purchase warrants are offered to the public. (2) Upon the payment
by National Investors Corp. of $3,000,000 for purchase warrants, and after
allowance for organization and selling expenses, issuance and transfer taxes
and legal fees, this corporation, upon sale of the present offering, will have
a liquidating value in excess of $53.50 per share. (3) When and if all purchase warrants are exercised $39.000,000 will have been contributed to
the corporation by the investing public for 750,000 shares of common
stock, and against the issue of an equal number of shares $48.000,000 will
have been contributed to the corporation pursuant to the options purchased by National Investors Corp.
-Corporation has availed itself of the services of National
Management.
Investors Corp. under a management contract,securing for this corporation
under the supervision of its -board of directors the investment facilities
developed by National Investors Corp. National Investors Corp. has
assumed all management expenses and will receive for its services a fee of
of 1% per annum of the market value of the investment funds of this
corporation. The board of directors which is identical with the board of
directors of National Investors Corp. will include: Henry E. Rodman,
Walter S. Bucklin, Paul C. Cabot, Charles II. Diefendorf, John C. Grier,
Jr., Robert 0. Lord, M. Haddon McLean, Walter S. McLucas, George
Murnane, Warren M. Persons, Fred Y. Presley, George F. Rand and
Sidney W. Souers.
-The funds may be invested under the supervision
Investment Policy.
of its board of directors without limitation or restriction. Corporation will
furnish annually to stockholders a report of operations, including a list of
holdings.
-Stock has been listed on a when, as and if issued basis on the
Listing.
-V. 129, p. 1291.
New York Curb Exchange.
A new corporation will be organized to hold the company's oil interests
in Western Venezuela or such other properties as may hereafter be am
quired. The entire capital stock of this new corporation will be held in
the treasury of the General Asphalt Co.
A special stockholders' meeting will be held on Sept. 19 to approve the
above proposals and to vote on changing the common stock from 6100 par
to no par and the number of shares to 1,000,000.
President Arthur W.Sewall's letter in part said: "For some time past the
directors have been giving consideration to the question of dividends on
the common stock. Earnings of the company have been substantial. Its
outstanding bonds and its preferred stock are both convertible into common
stock, thus restricting the issuance of additional stock for capital purposes.
However, turning back earnings into business has resulted in building up a
strong corporate position and has made it possible for the company to now
simplify its financial structure with a view to initiating dividend payments
on the common stock."
(H. H.) Franklin Mfg. Co.
-Record Shipments.
-
(George A.) Fuller Co.
-Earnings.
-
Net profit for the quarter ended July 31 1929 was $361,626 after charges
and taxes.
-V. 129, p. 805.
Gamewell Co.(& Subs.).
-Earnings.
-
The company reports for three months ended May 31 1929. net income
of $213,033 after depreciation. Federal taxes, &c., equal to $1.79 a share
on the 118.928 no par shares. These figures include operations of Harrington-Seaberg division from Mar. 20 to May 311929. and Eagle Signal
Sales Corp. from April 16 1929 to May 311929.
Comparative Balance Sheet.
AssetsMay31'29. 1)ee.31'28.
Mau31'29. Dee.31'28.
Cash.IJ.S.Treasury
Notes payable_
528,500
ctfes.,&c
$579,613 $708,084 Accts. pay. & seer.
Notes & accts. rec.,
expenses
233,455
292,906
less rem
1.172,217 1,049,483 Div. payable
148,666
24,000
Inventories
1,798,918 1,779,181 Res. for Fed. tax __
109,538
121.197
Sundry accts., recelv 65,277
53,599 Purch. money obliPrepaid expenses
93,210
82.287
gations
22,451
Life insur policies _
38,851
40,320 Capital stock (118,Investments
41,054
928 shs.)
41,057
4,150,687 4,150.687
Capital assets __ _ 1,339,641 1,362,637 Paid-in morphia
77,174
66 5
. 51
Pat. & franchises _
1 Earned surplus
1
419,262
410.356
Sales rights porch _
10,000
Total
$5,138,782 $5,116,649
Garlock Packing Co.(& Sub.).
-Earnings.
Earnings for Six Months Ended June 30 1929.
Net profit from operations, $573,486; income credits, $32.390;
gross income
8605.877
Income charges
56,632
Interest on bonds
45,000
Amortization of debt discount and expense
7.961
Provision for Federal income taxes
63,298
Stamp taxes and expense in reorganization
18,447
Net income
$414.538
Dividends paid
74,325
_____ -------------------------------------Surplus
$340,213
-Previous stirpla;________________________________________ 1.065,093
Profit and loss surplus __ __ _ __ ____________-_ _ ___________ $1,405,306
Earnings per share on 200.00( shares common stock (no par)__ _
u.07
Comparative Balance Sheet.
AssetsJune 30'29:Dec, 3128
Lial FiatsJune 30'29xDre. 3128
Cash
5568,949 5721,781 Accounts payable_
$65,214
$95,082
Marketable mceurs 327,000
45,000 Accruals
129,615
143,641
Receivables
552,457
535,277 Tax reserve
102,757
97,333
Inventories
Rea. conting., &c_
1.337,273 1,147,092
77,000
Deferred charges
124,058 Funded debt
437,951
3,000,000 3,000,000
y Land, buildings,
Common stock... x200.000
868,218
equipment. &c_ 1,716,919 1,284,508 Surplus
1,405,306
Trade-marks, &c_
39.343
38,035
Constr. in progress
Tot.(each side)- 54,979,893 $4,204,274
308,523
x After giving effect to proposed recapitalization, the retirement of its
old preferred and common stock, and the Issuance of 200,000 new shares
of no par common stock and of $3,000,00010
-year 6% convertible debentures
and the acquisition of all the stock of the affiliated company and transactions incidental thereto. y Less depreciation. z Represented by 200,000
-V. 129,p. 1291.
no par shares.
General American Tank Car Corp.
-Earnings.-1929.
6 Months Ended June 30Net profit after charges, but before
Federal taxes
$2,706,723
665,616
Shs.corn.stock outstanding (no par).
gs
Earnings per share
$4.07
-1t. 129, p. 1291.
1928.
Bonds Called for Redemption.
-year sinking fund cony, gold bonds, dated
All of the outstanding 6% 15
Oct. 1 1924, have been called for payment Oct. 1 next at 105 and interest
at the office of the Pennsylvania Co. for Insurances on Lives & Granting
Annuities, trustee, 15th and Chestnut Sts., Philadelphia, Pa., or at the
Bankers Trust Co., 16 Wall St., N. Y. City.
Unless said bonds are presented at the office of the trustee for conversion into shares of common stock on or before Oct. 1, all right of the holders thereof to convert the same into shares of the common stock of the
-V. 129, p. 971, 805.
company will cease.
Shipment of 10,591 Franklin cars (not 10,951 as previously reported)
for the 73 months ended Aug. 16, exceeds shipments of any previous 12
months, establishing a new record for the Franklin Automobile Co. The
company's largest previous year showed shipments of 10,566 cars (not
10.577 as stated in previous reports). Unfilled shipping orders for the
first two weeks of August exceeded the first two weeks of July this year
by 65% and are 150% greater than in the first two weeks of August last
year. Customers' orders show a substantial gain and are in line with
retail deliveries.
-V. 129, p. 1291.
Total
$5 138,782 83,116,648
-V. 129. p. 805.
1451
FINANCIAL CHRONICLE
AUG. 31 1929.]
1927.
$1,712,610 61,512,710
372,607
36333.03.402
$3.87
General Asphalt Co.
-To Recapitalize and Segregate Oil
Properties.
-
-To Consolidate Wholesale DisGeneral Electric Co.
tributing Corporations.
Effective Oct. 1 1929 the 14 wholesale distributing corporations owned
by the General Electric Co. will be consolidated into the General Electric
Supply Corp. (of Delaware). These companies have for many years distributed General Electric products and the plan involves no change of
ownership. The consolidated corporation will be in a much better position
to offer nation-wide service through Its ability to give service from any
one of 75 houses, through interchangeability of stocks, and speedier and
more economical operation.
The tentative organization plans indicate corporate officers and directors
as follows: Gerard Swope. Chairman of Board; C. E. Patterson. President
and director; J. L. Buchanan. Executive V.-Pres. and director; J. G.
Johannesen, V.-Pres. of eastern region and director; D. E. Harris. V.-Pres,
-Tress., and L. M. Nichols,
of western region and director; L. R. Link, Sec.
Comptroller.
the board are: N. R. Birge, A. 13. Cameron, H. C.
Other members of
Houck, J. E. Kewley, G. C. Osborn. T. K. Quinn, E. 0. Shreve, and
C. E. Wilson.
officers will be
The department heads, district managers and other
announced when appointed at Oct. 1.
Reductions in Prices of Lamps Announced.
President Gerard Swope has announced reductions in the prices of popular
automobiles, effective Sept. 1
types of 32 candlepower Mazda lamps for
individual types. This
1929. The reductions range from 10 to 25% on
announcement is in line with the General Electric Co.'s policy of passing
savings made possible through manufacturing economies
on to the consumer
-V. 129, p. 1291.
in its lamp factories, Mr. Swope explained.
General Electric Co.(Allgemeine Elektricitats-Gesell-To Issue Additional Stock. allotment of
schaft), Germany.
meeting held Aug. 27, the
At an extraordinary general
($7,280,000) was
new shares of the nominal value of 30,000,000 marks
approved. The meeting also ratified an increase of capital of 23.750,000
marks
marks ($5,700,000), bringing the total capital to 210,000,000
($50,500,000).
agreements binding both parties were entered into
It was announced that
majority of share capital of the "AEG."
to prevent from acquiring the the board are Owen D. Young. Gerard
American directors elected to
-V.127, p. 2538.
Swope, Clarke Mirrior, Arthur Baldwin and J. Edmonds.
-Earnings.--.
General Foundry 8c Machine Co.
for six monhts ended June 30 of$172.266
The company reports net income
charges including taxes equal to $2.50 a unit. This is equal to
after all
requirements on the convertible class A stock.
nearly five times dividend
convertible class A and 2-3 share common.
Units consist of one share of
per unit, capitalization figures at 115.000 shares as
In computing earnings
converted -V. 127, p. 2963.
though all of the class A stock were
-Earnings.General Printing Ink Corp.
report earnings a the predecessor cornThe company and subsdidiaries
to My 14 1929 and of General
Parties for the period from Jan. 1 1929
1929 to June 30 1929 of
Printing Ink Corp. for the period from May 1
equivalent, after provision for 6 months' dividend requirements
$723,299,
share on the 185,000 shares of common
on the preferred stock, to 63.18 per
stock now outstanding.
Consolidated balance sheet as of June 30 1929 shows current assets of
$4,419,582, and current liabilities of $417,293, a current ratio of over
10 to 1.-V. 128, p. 4331.
-Registrar.
General Steel Castings Corp.
appointed registrar of
The City Bank Farmers Trust Co., has been
-V. 129. p. 973.
100,000 shares of $6.50 cumul. pref. stock.
-Earnings.
Geometric Stamping Co.
ended July 31 net income of
The company reports for the seven months
*136,215 after charges, equal to $4.90 a share on the 46.037 common shares
outstanding. The company reports unusually heavy demands from all
trade lines and prospects for the balance of the year appear most satis-V. 128, p. 1916.
factory.
-Registrar.
(A. C.) Gilbert Co., New Haven, Conn.
The Equitable Trust Co. of New York has been appointed registrar for
-V. 128, p. 2099.
the stock of this company.
-Earnings.
(E. W.) Gillett Co., Ltd.
6 Mos End.
June 30'29.
Period$166.086
Net profit from oper _ _
13,121
Taxes, Dominion & Prov
Years Ended Dec. 31
1927.
1928.
1926.
$462.043
. S455.753
8530,269
38.959
40,336
55.529
$153,065
28.314
1,945
$423,084
90.012
2,400
$415,417
73,315
1.658
8474.740
74,245
1.155
$183,323
Total income
Surplus adjustments _ _ Dr. 22,797
2,047,967
beginning of yr
Sum'. at
8515.495
Cr.19,780
1,812.691
8490.390
Cr.12,338
1,609,963
$550,141
Cr.672
2,859,149
$2,208,494 62,347.967
150,000
300,000
$2,112,691
300.000
$3.409.963
1.800,000
Net profit from oper's
Other income
Profit & loss adjust _ _ _ _
Total surplus
Dividends declared __
Surplus at end of period $2,058.494 $2,047,967 61,812,691 81,609.963
Earned per share of corn.
stock, based on 30,000
shs. outstand. June 30
$16.34
$18.33
Comparative Balance 7l8
mare
$ heet.
S
June30'29. Dec.31'28.
fiatMa-June30'29, Dee.31'28.
$298,395 $378,960 Accts. payable _ __
Cash
A nets565,338 $45,339
1.444,703 1,548,965 Res. for Dominion
Investments
163.297
172.536
taxes
Receivables
13,325
43,694
401,066
297.349 Dividends
Inventories
135,000 255,000
property, plant &
Special reeerves_ _ _
211,600 200,000
x500,127
468,353 sCuarppiltaus stock
equipment
y600.000 2,047.96l 600,000
Tracl
&eem.,formulae,
2,058,494
244,987
244,988
31,182
80,849
Deferred charges _
Total
$3,192,001 $3,083,757
a After depreciation of $457,449
y Representsd by 30,000 no Par
-V. 129. p. 805.
shares.
The directors have voted to offer new common stock at $50 a share and
to redeem the preferred stock and 6% convertible bonds, and to segregate
its oil properties.
The common stockholders of record Oct. 23 will be given the right to
purchase on or before Nov. 27 addLional stock at $50 a share on the basis
of one new share for each 3 common shares owned. This offering will be
underwritten by Drexel & Co., of Philadelphia.
Gilmore Oil Co., Los Angeles, Calif.
I
-Resumes Dividends
The 6% convertible bonds will be redeemed on Oct. 1. and the preferred
stock on Dec. 23. This will leave the common stock as the company's only ! -Rights.liability. The common stock is being.offered to provide funds for the
directors recently declared a dividend of 30c. per share on the total
The
redemption purposes.
outstanding capital stock, payable July 30 1929 to holders ofrecord July 15.
1452
FINANCIAL CHRONICLE
[VOL. 129.
Pres. E. B. Gilmore, said in part: "It is extremely gratifying to the control, has been acquired by
a syndicate, of which W. R. K. Taylor & Co.
directors to again be on a dividend basis, and they are hopeful that these are managers. No public offering
dividends will continue. The earnings last year, including our share of the stock has been placed privately. of the shares will be made as all of the
profits of our affiliated companies, amount to more than twice the annual
Distory.-Organized in Jan. 1929.
the purpose of
dividends which we will declare if we continue on the present basis, and we ing the ownership or control of The in Delaware,for Toddy Corp. acquirFoulds Co.
or such
confidently believe that earnings will be considerably larger this year than of the assets and properties of these companiesand consist of
as
all the out'
last.
standing common capital stock of the Foulds Milling
ll of the out"The payment of these dividends takes the cash out of the business, and
Co.,f
to that extent hampers our progress. With this in mind, the directors standing capital stock of Kitchen Bouquet, Inc., Toddy, ilm, Toddy Co.
of Canada,
have secured from the Commissioner of Corporations a permit to sell 4.584 plan of the Ltd., Toddy, S. A. (Cuba), and Edward H. Jacob. It is the
company to acquire control of additional food specialties from
shares of stock at $12 per share cash. This stock will be sold only to the time to time.
stockholders on the basis of one share for each 40 shares of
ck held by
Toddy Corp. was organized in Sept., 1927, as successor to a business
stockholders on July 15 1929."
founded in March, 1918. "Toddy" is a chocolate flavored malt food drink.
This offer remained open until Aug. 12.
Company owns plant at Rochester, N. Y., and also maintains a milk
plant at Watts Flats, N. Y. Corporation also operates plants in Bridge
,
Glidden Co.
-Earnings.
13urg, Ont., and in Havana, Cuba. Corporation owns the entire outPeriod End. July 31- 1929-3 Mos.-1928.
standing stock of the following subsidiary companies: Toddy, Inc.; Toddy
1929-9 Mos.-1928.
Net profit after chgs.,
Co. of Canada, Ltd.; Toddy, S. A. Cuba; Toddy Sales Co.: Toddy Intertreprec. & Fed. taxes_
$798,762
$648,769 $2,090,775 $1,356,309 national Co.
Shs. corn.stk. outstandi
The Foulds Milling Co. was founded in 1892, and is a leader in its field
(no par)
600.000
400,000 in the production of quality macaroni products. Company is dominant in
400.000
600.000
Earns. per share
$2.47 the Mid-Western market, and also has good distribution on the Pacific
$1.10
$1.32
$2.79
July net profit was $200,188 after above charges, against $155,186 in Coast and throughout the Eastern part of the United States. Its plant is
July 1928.-V. 129, p. 1133.
located at Libertyville, Ill.
Kitchen Bouquet, Inc., manufactures a liquid flavoring product for
Globe Underwriters Exchange,Inc.
- soups, stews, gravies and meat sauces. Kitchen Bouquet is advertised
-Sub. Co. Report.
President S. L. Johnson of the Southern Home Insurance Co., one of the extensively in the leading national home magazines and sales have increased
companies controlled by the Globe Underwriters Exchange, Inc.. reports rapidly during the past few years.
for the first quarter under his management (being the three months ended
80mo 17 years ago Mr.Edw. H. Jacob started the growing and producing
June 30 1929) an Increase in the premium reserve of $250,000, as the result of mushrooms on a commercial scale in West Chester, Pa. The company
of increases in net premium income, with losses incurred for the six months now produces the major part of the canned mushrooms sold in the United
running only 40% and to premiums earned 50%. Assets have also been States. The Jacob plant represents an investment of practically $1,000,000.
Increased. The Savannah Fire Insurance,Co. also controlled by Globe consisting of mushroom-growing houses and canning plant and equipment,
Underwriters reports the largest surplus in its history at June 30 1929.- all of which has been built out of the profits of the business. Company has
V. 128. p. 3693.
done practically no advertising, and has developed the business on the
sheer merits of the product.
Golden State Milk Products Co.
-Listing.
Authorized. zOutseing.
CapitalizationThe San Francisco Stock Exchange has authorized the listing of 33.084 x5% debs., dated Mar. 1 1929 and due Mar. 1 1944 $7,500,000 $2,734,200
additional shares of common stock of $25 par value. This additional stock Common stk. (no par) repres, by v. t.
_y1,000,000 shs. 319.730.% she.
was issued for the Purposes of acquiring additional property, the payment
xConvertible into common stock at any time on the basis of 5 shares,
c_of stock dividends and to take care of other corporate business.
represented by voting trust certificate for each $100 of debentures, and
Dividend Record.-The dividends paid on the shares of $100 par value callable at 1023 on any int. date after two years. y Reserved for converfor the years ended Feb. 28 1911 to 1928, inclusive, were as follows:
sion of the dehentures, 136,710 shares; reserved for laankers' commitment,
80.000 shares; reserved for commitment of management and employees.
1911
8
None 1917
6% 1923
100,000 shares. z The number of shares to be presently outstanding con1912
None 1918
1924
8
templates and is subject to the final closing for the acquisition of the mush1913
1
6
1919
1925
8
room business of Edw. H. Jacob, and also purchase by the Bankers of
1914
2
1920
1926
x8
40.000 shares for cash.
1915
6
6
1921
1927
8
Earnings.
-The following figures are the consolidated earnings of the
1916
6
6% 1922
0
1928
8
Foulds Milling Co. and Kitchen Bouquet, Inc., for 12 months ended April
x In addition 33 1-3 stock dividend.
30 1927. 1928 and 1929 and of the Toddy Corp. and subsidiary companies,.
•
An initial dividend of 40c. per share on shares of $25 par value was paid
June 11928. A quarterly dividend of 40c. per share has been paid regularly and Edward H. Jacob, for the preceding 12 months ended Dec. 31 19261
1927 and 1928. These earnings do not give effect to the economies expected
since that time.
Two stock dividends of 1% each, payable Sept. 1 1929. and Dec. 1 1929, as the result of having the companies under a single management.
•1927.
1929.
•1928.
to stockholders of record Aug. 15 1929, and Nov. 15 1929, respectively, Net sales
$4.318,502 $4.322,995 $3,919.199
were declared April 17 1929.-V. 128, P. 3693. 1683.
Cost of goods sold
2,256,822
2.444.282
2,382,451
1,350,832
1,084,568
1,372,356
-Extra Selling, admmin. & gen. ens
Goodyear Tire & Rubber
of Canada, Ltd.
Co.
Dividend of 85.
The directors have declared an extra dividend of $5 per share in addition to the regular quarterly dividend of $1.25 per share on the outstanding
133.299 shares of common stock, no par value, both payable Oct. 1 to
holders of record Sept. 14. On Oct. 1 1928, an extra dividend of $1 per
share was paid on this issue.
-V. 129, P• 291.
(F. & W.) Grand 5-10-25c. Stores, Inc.
-Earnings.
-
Six Months Ended June 391928.
1929.
Net profit after all charges and taxes
$523,831 $365.025
Earnings per share on 268,532 shares common stock- _ _
$1.17
$1.65
-V. 129,p. 973.
Granger Trading Corp.
-Earnings.
-
The corporation reports earnings for the first six months ended July 31
1929 of $104,075, equivalent to $4.07 per share of its capital stock, or at
the annual rate of $8.16. First quarter profits were $1.85 per share and
second quarter $2.22 per share. In arriving at these figures. securities
held were valued at closing prices July 31 with all expenses deducted except
taxes and contingent management fee. Operating cost decreased from
1-3 of 1% on average capital employed during first quarter to X of 1%
during the second quarter. A second quarterly diviend of 40 cents per
share has been declared. payable Sept. 21 to stockholders of record Sept.6
-V. 128, P. 3521.
Granite City Steel Co.
-Larger Dividend.
The directors have declared a quarterly dividend of $1 per share on the
common stock, no par value, payable Sept. 30 to holders of record Sept.
14. In the previous quarter the company paid an initial quarterly dividend
of 75 cents per share.
President A. J. Kieckefer said: "The July earnings continued the increasing ratio that has been maintained during the first 6 months, and the
company at present is earning at an annual rate in excess of $6 a share.
During the first 7 months this year there was an increase of $1,100,000 in
net current assets. The company is a substantial loaner of money on the
street."
Earnings for Six Months Ended June 30 1929.
Sales
Costs, expenses, depreciation. &c
6,705,904
_
Balance_
Other income
Total income
Special charges,including Federal taxes
____________ $9z3,278
47.443
$1,020,720
128.023
Net profit _
_ _______________________________________ $892,697
Preferred dividends
23,400
Common dividends
219,260
Profit from operations
Other income credits
$710,848
35,720
$506,357
27.656
$452,181
10,365
Gross income
Income charges
$746,568
89.219
$534.013
59.769
$462.546
63,313
Net inc. before prov, for deprec.,
amort. of organiz. exps.. dive: on
pref. stk. of subs. co., int. on 5% _
cony. deb. bonds, & pros', for
Federal income tax
x$657,349
$474,243
$399,233
x After deducting provision for depreciation of $70,476: amortization of
organization expense of 66,889: dividends on 8% preferred stock of subsidiary company (The Foulds Milling Co.
-$186,300 outstanding) of
$14,904: interest on 5% convertible debentures $136,710; and provision
for Federal taxes of $53,192: the net income available for common stock was
$375.177 or $1.17 Per share.
Figures are for 12 months ended April 30 or the previous Dec. 31, as
'
Indicated above.
Balance Sheet April 30 1929.
[After giving effect to the acquisition as of April 30 1929, of entire outstanding capital stocks of Kitchen Boquet, Inc., Toddy Corp. and subs.;
the entire outstanding common stock and 137 shares out of a total of 2,000
shares of preferred stock of the Foulds Milling Co.; certain assets of Edivard
II. Jacob: and to proposed financing and other adjustments incident
thereto.]
AssetsLiabilities
Cash
$546,664 Notes payable
$250,000
Notes receivable
2,268 Other notes dt trade accept.
Accounts receivable
payable
341,789
168,236
Insurance policies
4,350 Accts. payable-trade
121,797
Inventories
817.543 Other (Incl. customers' credit
Land, bides. 3c equip
balances)
1,470.432
3.871
Deposit for purchase of Watts
Accrued accounts
21.099
Flats Milk Plant
10,000 Federal & local taxes payable_
50,654
Foreign rights
120,000 Dividends payable
283
Deterred charges
66,201 Reserve for inventory adjusts.
4.406
Good-will
3,874,984 8% pref. stk Foul& Milling Co 186,300
5% cony. debentures
2.734,200
Common stock
3,715,384
Total
Total
$7,254,231
$7,254,231
Officers.
-Robert M. McMullen, Chairman: James M. Hills, Pres.:
H. H. Mills, Vice-Pros. & Treasurer; B. M. Gordon, Sec. & Comptroller.
Directors.
-Robert M. McMullen, Chairman; George K. Morrow:
James M. Hills; H. H. Mills: Bernard M. Gordon: and Roswell 0. Fish.
The Equitable Trust Co. of New York has been appointed transfer agent
for the stock and voting trust certificates.
-V. 129, p. 1292.
(C. M.) Hall Lamp Co.
-Extra Dividend.
-
The
Surplus _--_ _ ____________________
__________ - $650,037 tion todirectors have declared an extra dividend of 12%c. a share in addithe regular quarterly dividend of 373c. a share, both payable
Earnings per share on
shares common stock
Sept. 16 to holders of record Sept. 2. Like amounts were paid on June 15
last. A regular quarterly dividend of 37%c. a share was paid on March
Comparative Balance Sheet.
June 30'29. Dec. 31 '28. 15 last.
J201430'29. Dec. 31 '28.
The company on Dec. 15 1928 paid an extra dividend of 25c. a share
Assets-Lint Mlles
$
i
x Property, plant
2,000,000 In addition to a regular quarterly dividend of 25c, a share.
-V. 129, p. 485.
Preferred stock.
& equipment_ _ _ 5,292,421 5,557,146 Common stock_ - -Y6.976.463 4,988,866
Hambleton Corp.
-Investing Company Formed.
Cash
545,498
1,843,754 1.268.673 Accounts payable_ 511,826
An investing company, which will start business shortly, is being formed
Accts. & notes rem_ 1,066,892
85,142 by
60,912
866,683 Accrued taxes_ _
Hambleton & Co. The company will be under the direct management
Inventories
55,208
2,136,462 2,071,001 Federal tax reserve
of
Investments
150,000 be a board composed of certain members of the Hambleton firm and will
184,253
34,200
34.200 Other reserves_ __
known as the Ilambleton Corp. Through its connection
Deterred charges
31,554
38,387 Profit & loss surp. 2.616,621 2,066,584 & Co., who have been in continuous operation for 64 years with Hambleton
and have offices
in 17 cities, the new corporation will be in a position to establish certain
Total
10,405.283 9,836,090 financial relations
10,405,283 9.836,090
Total
with various companies which should prove of material
x After depreciation. y
-V.128. financial benefit.
shares.
Represented by 292,347 no par
p. 3837.
Harbison-Walker Refractories Co.
-Earnings.
-
Grigsby-Grunow Co.
-New Common Stock Placed on a
Period End. June 30- 1929-3 Mos.-1928.
1929-6 Mos.-I928.
$2 Annual Dividend Basis.
Net profit after dorm,
The directors have declared an initial quarterly dividend of 50c. a share
deplet. & Fed. taxes
on the new common stock, placing that
(est.)
$1,315,000 $1,045.000 $2,505,000 $2,065,000
issue on a $2 annual basis. This
is equivalent to an $8 annual rate on the old common stock which was Slis. com, stock outsplit up 4
-to-1, and which was on a $4 annual basis. The dividend is
standing (no par)
x360.000 1.440.000
1.440.000
x360.000
payable Oct. 1 to holders of record Sept.
Earns, per share
$2.77
$0.88
$5.48
$1.68
20.
August sales of Majestic all-electric radios were approximately $8,000,000,
x Par $100.-V. 129, p. 485.
President B.J. Grigsby told the stockholders
meeting on
-Earnings.
Hartman Corporation.
-28. He stated that sales for the first halfat the annual were more Aug.
than
of the year
Six Months Ended June 30double those for the same period last year.
1928.
1029.
$9.699,424 $8.713,667
The Bankers Trust Co. has been appointed co-registrar in New York Sales
Income after charges& int., but before 1.'ed'i taxes_ x559,172
422,102
for the common stock, no par value.
-W. 129, p. 1292.
Claw A dividends
57.113
58.543
Grocery Store Products, Inc.
-Stock Placed Privately.
That portion of the outstanding common stock of this newly organized
food combination, not Issued in connection with the acquisition of practically all of the outstanding common stock,' of the companies which it will
Balance for class B stock and Federal taxes
Shares class B stock outstanding (no par)
Earnings per share
x Estimated.
-V.129, p. 136.
$500,629
400,000
x$1.08
$364,989
396,940
$0.79
FINANCIAL CHRONICLE
AUG. 31 1929.]
-Earnings.Hathaway Bakeries Inc.
1453
Dividend To Be Received in 1929 Larger-Additional Interest
1929.
1928.
Four Weeks Ended Aug. 10 2
Acquired in Industrial Acceptance Corp.
$637,938 $572,644
Sales
Dividends received during 1929 by the Industrial Finance Corp. from its
47.133
19.398 subsidiary, the Industrial Acceptance Corp., will be increased by participaNet income after taxes and depreciation
For the 32 weeks ended Aug. 10 1929 sales amounted to $4,707.308. tion in earnings from an additional $1,500,000 of Industrial Acceptance
Net earnings for dividends for this period totaled $282,676.-V. 129. p. 136. 2d preferred stock, it was announced in the midyear report of the parent
- company.
-20% Stock Dividend.
Hawaiian Pineapple Co., Ltd.
The additional $1,500,000 of this issue was acquired as of June 29, the
The directors have recommended to the stockholders the declaration of Industrial Finance Corp. now holding $3,000,000 of the 2d preferred stock.
a 20% stock dividend, payable Jan. 1 1930, to holders of record Nov. 15
The Industrial Acceptance Corp shows a total volume for the first six
1929. A special stockholders' meeting has been called for Oct. 11 to act months.period of this year of $46,000,000 as compared with $38,000,000
on this recommendation. The directors have declared their intention to for the corresponding period last year.
continue the present dividend of $2 per annum a share on the new capitaliTotal volume for the year 1929 is expected to be well in excess of $100,zation.
-V. 128, p. 1065.
000,000 as a result of the important developments emanating from the
company's new national program.
-Files Suit.
Hazeltine Corp.
Under this program, operating offices affiliated with a chain of industrial
An action has been filed by the corporation against the General Electric banks and co-operating with the operation facilities of the latter, are being
Co., the Radio Corp. of America and the Radio Marine Corp. In the U. S. established throughout the United States and Canada to handle with
Southern District Court.
facility and economy a diversified volume of time financing.
The bill of complaint alleges that U. S. patent No. 1,533,858 has been greater p. 4332.
V. 128,
infringed by the three defendants. It further recites that the patent has
• Securities Co., Ltd.
already been held valid and infringed in previous actions against other de-Acquires New York
Insurance
fendants brought by the plaintiff and that on July 1 the U. S. Circuit Court
of Appeals for the Second Circuit held patent valid and infringed in the suit Indemnity Co. Through Exchange of Stock.
below.
See National Surety Co.
brought by the Hazeltine Corp. against a distributor of the Atwater Kent
Mfg. Co.
New Vice-President for Divisions.
The present action Is the first brought by the plaintiff alleging infringement of its patent rights in the manufacture, sale and use of radio transThe Union Indemnity Co., the Northwestern Casualty Sr Surety Co..
mitting apparatus, all previous actions having involved radio broadcsat and the New York Indemnity Co.,all of which are divisions of the Insurance
receivers. The complaint states that 20 companies are licensed to operate Securities Co., Inc., have recently announced the advancement of Harry
under the patent involved and among these the American Telephone & Leonard to the position of Vice-President. Mr. Leonard has been Manager
Telegraph Co. and Western Electric Co. are licensed to make radio trans- of the fidelity and surety department of the Union Indemnity and North-V. 129. p. 1134.
mitting apparatus.
western Casualty & Surety companies.
The plaintiff seeks an injunction restraining each of the defendants from
-Assets Now $649,International Paper & Power Co.
continuing the alleged infringement and asks for an accounting of the profits
-V.129, P.64.
and damages because of the alleged past infringement.
•
-Rapid Growth Reflected.365,000
Total assets of the company and subsidiary companies as of June 30
-Preferred Dividends Payable were $649,365,000. Of this, $548,208,000 was in fixed assets, $35.3,158,Heywood-Wakefield Co.
000 represented by electric power and utility properties, and $195,050,000
from Surplus.
pulp properties.
The directors have declared the regular semi-annual dividends of 334% by paper andgrowth of the company is shown by the fact that the present
The rapid
on both the 1st and 2nd pref. stocks, both payable Sept. 3 to holders of
over six times the $102,102,000 in assets of International Paper
record Aug. 27. The company officials state that both dividends are assets aresubsidiaries on Dec. 31 1924. practically all of which was repreCo., and
being paid from surplus.
-V. 129. P. 806.
sented by paper and pulp properties. In the 434 years which have elapsed.
the expansion program now nearing completion has resulted not only in
-Listing.
Holland Furnace Co.
position as a maker of paper and pulp, but
The New York Stock Exchange has authorized the listing of 8,362 addi- strengthening the company's
it to the position of one of the leading producers of electric
tional shares of non-par value stock on official notice of issuance as a stock also in raising Continent.
energy on the
dividend, making the total amount applied for 426,480 shares.
States have been
-V. 129.
Four kraft pulp and paper mills in southern United operation; a newsP. 974.
constructed and purchased, and another will soon be in the same province
in
print paper mill has been built in Quebec. anotherNewfoundland, and a
Houdaille-Hershey Corp.
-Stock Increase Proposed.
in
The stockholders will vote Sept. 27 on increasing the authorized class B has boon doubled, a third has been acquired New Brunswick: 20 hydronearing completion in the Province of
stock from 1,000,000 shares to 2,000,000 shares, no par value.
-V. 129. fourth isplants in Canada have been built or purchased; and control of
electric
P. 1293.
New England Power saociaticn has been acquired, giving the company
a total hydro-electric capacity installed or in course of construction of
Household Products, Inc.-Earnings.over 1,200,000 h.p., and a steam-electric capacity of 477,500 h.p.
Mos.End. June 30- 1929.
1928.
1927.
1926.
paper and pulp rose from 434,000 tons in 1924 to 1.173.000
Production
Net profits
$1,791,578 $1,791,011 $1,760,845 tons in 1928,of increase of 170%, while production of electric energy.
an
Estimated income tax_
272.332
271.989
242,495
hich was approximately 250,000,000 k.w. hrs. in 1924, is now running
billion k.w. hrs. a year, or 18 times its rate 5 years
Net income
$1.519,759 $1,519.246 $1,519,022 $1,518,350 at the rate of about 444
ago.
-V. 129, p. 1294.
Dividends paid
1,006,261
1,006,260
1,006,260
862,500
Minority stockholders in
-Sales, Earnings, &c.International Printing Corp.
sub. co. dividends_ _
310
1928.
• 1929.
6 Mos. Ended June 30$10,313,088 $9,137,992
Consolidated net sales
Surplus
$513,188
$512,986
$512,762
870,779'
$655,850 Consol. net profit after int.. taxes & reserves_ _ _ _ 1,171,043
Previous surplus
4.118,297 3.423,387
2.760,661
1.810,680 Shares of corn, stock outstanding
256,002
271,158
$2.58
$.3.54
share
Total surplus
$4,631,485 $3,936.373 $3,273.423 $2,466,530 Earnings per
Consolidated balance sheet as of June 30 1929 shows current assets of'
Divs. payable Sept. 1_ _
503,125
503,125
503,125
431,250 $9,438,091 as compared with current liabilities of $1,575,941. Cash and
Surplus adjustments_ _ _ _
Cr.62
Dr.5,037
Dr.5,231 call loans amounted to $1,210,152.
Cr.4,670
Profit & loss surplus_ _ $4,128,422 $3,428,211 $2,774,968 $2.030,049
--To Issue Stock.
International Superpower Corp.
Shares of capital stock
to the approval of the stockholders, have authorThe directors,
outstanding (no par)575.000
575.000
575.000
575,000 ized subscription subject
rights entitling stockholders to purchase one share of new
Earns. per sh.on cap.stk.
$2.64
$2.64
$2.64
$2.64 stock
for each four shares now held at $75 per share. Stockholders of record
Comparative Balance Sheet June 30.
Sept. 20 1929 will receive the rights to purchase the additional stock.
1929.
1928.
1929.
The proceeds will be used for further expansion and other corporate pur-1928.
Assets$
Liabilities$
$
3
poses.
x Property account,
Capital stock_ _ _ .y17,625,000 17,625,000
A special meeting of stockholders will be held Sept. 20 to approve the
&c
508,244
508,073 Accounts payable_
42,022
18.488 financing. The stockholders will also vote on increasing the authorized
-V. 129. D.
Investments
675,000
675,000 Rills payable
700,000
capital stock of no par value from 500,000 to 2,000.000 shares.
Accts. receivable_ - 952,987 1,049,832 Accr. Fed.tax.,&c. 184,378
214.922 1294.
Cash
1,169,888 1,757,931 Reserve for Fed. &
-New Director.
Trust of New York, Inc.
Investment
Inventory
687,314
State taxes
516,080
708,633
883,042
Good-will, &c _ _ _ _19,843,000 18,100,000 Divs. payable_ - _ _ 503,125
Theodore J. Grayson, Vice-President and director of the Penn Colony
503,125
-V. 129. p. 1135.
Philadelphia, has been elected a director.
Deferred expenses_
55,147
65,872 Surplus
4,128,422 3,428,211 Trust Co. of
Total
Total
23,891,580 22.672.788
23,891.580 22,672,788
x After depreciation. 3 Capital stock represented by 575,000 shares of
,
no par value.
-V. 129, p. 1293.
Independent Oil & Gas Co.
-Earnings.
--
Period End. June 30Gross earnings
Costs and expenses
Taxes
Intang. dev. costs
Deprec.,depl. and amort
1929-3 Mos.-1928.
1929-6 Mos.-1928.
$7.262,993 $2,791,840 $14,251,287 $5,547,633
937.517
2.880,915
5.465,997
1,841,583
353,350
57.608
768.850
115.733
566,622
1,106,274
2.048,483
1,444,102
1.002,443
1,319,876
2,414,972
2.163,678
Operating profit
Other income
31.602.578
126,234
Total income
Interest
Minority interest
$1.728,812
112,528
79
Net profit- - - - _ -- - $1,616,205
Shs.cap.atk. outstanding 1.333.572
Earnings per share
$1.21
-v. 129, p. 642.
$227.650 $3.552.985 def$17,463
37.061
363,283
26.684
$264,711 $33,916,268
$9,221
152,194
292,831
316,102
Cr11,618
$112.517 $3,635,055 def$306,8S1
650,000
1.333,572
650,000
$0.17
$2.72
Nil
Industrial Finance Corp.
-Earnings, etc.
The company reports a net income of $882.071 for the six months period
ended July 31 1929, as compared with $221,607 for the corresponding
period last year. The net income for the period included substantial profits
from the sale of minority stock holdings. Dividends for the current six
months period received and accrued by the company, which is essentially
a holding company. totaled $397,277 as against $369.750 for the same
period last year.
Loans, &c., Increase.
-
-Earnings. etc
Irving Air Chute Co. Inc.
Col. L. J. Campbell. Chairman of the Board, stated: "The company
earned net after taxes the first half of 1929 slightly over $300,000. Net
earnings for July 1929 were $55,023, or slightly ahead of the first half
ratio and at an annual rate of over $3 a share for the stock."
Colonel L. J. Campbell also reports that orders on hand,including a large
contract for the U.S. Army Air Corps, are sufficient to operate the company
to capacity well into 1930. However, additional production capacity is
being installed in the Buffalo (N. Y.) factory and an entirely new factory
is being constructed in Los Angeles.
-V. 129. p. 643.
-Extra Dividend-Earnings.
(Mead) Johnson & Co.
The directors have declared an extra dividend of 25c. per share and the
regular quarterly dividend of 75c. per share, both payable Oct. 1 to holders
of record Sept. 15.
1928.
1929.
6 Mos. Ended June 30$544,235
$603.955
Net profits
306.956.
306.250
Dividends
$237,279
$297,705
Balance, surplus
1,227.449.
1.695,755
Previous surplus
$1.993.460 81,464.728Totalsurplus
Prov. for reduct. of carrying of secur. to approx.
50.000
market value
Additional tax paid in prior years
31,943,460 81.459,944
Consolidated surplus
Consolidated Balance Sheet June 30.
Liabilities1929.
1928.
1928.
1929.
AssetsLand, bldgs. v1.31,701,426 $1,630,172 Preferred stock_ __31,700,000 $1,700,000.
Common stock (no
Cash on hand & in
550,000
586,137
550,000.
Par)
512.271
banks
Accounts payable_ 100,818
102,120
Govt.& other mar183,250
ketable securs__ 1,208,770 1,015,816 Dividends payable 182,500
201,346 Personal & sundry
211,170
Accounts rec
83,692
accts. payable__
9,579
672,673
824.928
Inventories
43,390 Accrued taxes, arc.
47,384
33,600
42,322
Other assets
Res. for Inc. taxes- 157,035
148,980
Capital stock pur.
Res. for extraorfor resale to emdinary expenses_
19,200
12.845
ployees
Surplus
1,943,460 1.459,944
Trade marks, good
1
Will & formulae_
15,000
35,000
Patents purchased
118,618
122,633
Deterred asscts_._
Morris Plan banks and companies throughout the country which, for
nine successive years have shown substantial increases in loans and net
earnings, completed the first half of 1929 with indications pointing to
another record year. according to the mid-year statement of operations
made public by this corporation. Dividends received or accrued by the
corporation from its subsidiary and affiliated companies including the
Morris Plan Corp. of America, during the six months ended July 31 1929
brought the Industrial Finance Corp. a total net income for the period to
$882,070, as compared with $221,606 for the corresponding period last
year. Sale of minority stock holdings substantially increased the net
Income for the current period.
Substantial increases in dividends received was attributed by company
officers to the corporation's activities in acquiring larger interest in many
Total
$4.709,976 $4;283,154
Total_ ______$4,709,976 $4,283,154
more Morris Plan banks and companies and the establishment of new
Institutions. The extension of installment sales financing facilities likewise -V. 128. p. 3839.
Keith-Albee-Orpheum Corp. (& Subs.).
-Earnings.
contributed to the increased earnings.
1929.
The volume of loans and acceptances of 107 Morris Plan offices for the
1928.
Six Months Ended June 30$987,619
six months period just closed was $120,824,519, with net earnings of Operating loss
$1.990,702.
541.345
Profits from other sources
The general public has invested $3,666,232 in the Morris Plan 5%
profit$257,935.
Investment certificates during the last six months, bringing the total volume
$446.274
NetIasi
invested in these certificates now outstanding to $95.766,420.
V. IS. p. 3523.
1454
FINANCIAL CHRONICLE
(1. B.) Kleinert Rubber Co.
-Correction---Div. Record.
The declaration of a quarterly dividend of 6234 cents per share on the
common stock marked the resumption of dividends at the annual rate of
$2.50 per share. Although it was previously stated that this was the first
dividend since 1924, the company reports that in 1928 it paid dividends
amounting to $5 per share, in 1927 34 per share was paid, and in 1926
and 1925 $7 per share. On May 20 1929 54,500 shares of common stock
were sold. No dividends had been paid this year prior to the recent declaration.
-V. 129, p. 1295.
-Earnings.
Knickerbocker Insurance Co. of N. Y.
[VOL. 129.
Balance Sheet at July 31 1929 (as furnished by company).
Liabilities
Assets
Plant at Buffalo
$2,872,501 International Milling Co
$1,099,257
Unp. bal. on completed cent _
Series B bonds in hands of
39,977
trustee
600,000 Series A bonds issued
1,358,500
Sinking fund-series A bonds
502 Series B bonds issued
600,000
144 Accrued int.series A bonds. _
13,585
Canadian Bank of Commerce
Accrued int. series B bonds.....
6,000
Accrued taxes
2,325
Res.for maint.& deprec
56,916
Common stock
120,000
176,588
Total
$3,473,148 Surplus
-V. 123, p. 2786.
The company, which is operated under the management of Corroon &
Reynolds, Inc., insurance underwriters of New York, reports earnings and
gains to stockholders for the first half of 1929 applicable to the common
stock of $1,254,517, equivalent to $12.54 per share on the 100,000 shares of
-Extra Dividend.
Lake Shore Mines, Ltd. (Canada).
common stock (par $5) outstanding after provision for Federal taxes, as
The directors have declared an extra dividend of 20 cents per share in
against $10.59 per share for the entire year 1928.
addition to the regular quarterly dividend of 20 cents per share, both
Comparative Balance Sheet.
payable Sept. 17 to holders of record Sept. 3. A quarterly distribution of
A33:43-June 30'29 Dec 31 '28.
Liabilities- June 30'29. Dec. 31 '28. 20 cents per share was made on June 15 last.
-V. 127, p. 2967.
Bonds and stocks_55,755,192 $4,191,585 Reserve for unPremium and acearned prem's_ _$1,967,043 $1,961,640
-Earnings.
Lane Bryant, Inc. (& Subs.).
204,751
counts receivable 356,749
473,784 Reserve for losses_ 217,245
1929.
1928.
Year
89,249 Sales Ended May 31Reinsur. receivable
45,309
11.769 rtes, for all oth.lia_ 638,788
$14,255,402 $11.115,290
500,000 Cost of sales,
Interest accrued_
2,551 Vol. res, for contin. 1,000,000
2,426
13,437,164 10.694,556
open, admin.& selling expense
Cash on deposit._ _ 619,479
1,000,000 1,000,000
354,674 Capital stock
1.956,079 1,278,723
Surplus
$818,238
$420,734
Operating profit
57,939
58,954
$6,779,156 55,034,364 Miscellaneous income (net)
Total
$6,779,156 $5,034.364
Total
-V. 129, p. 1135.
$876,177
Total income before Federal taxes
$479,688
Federal taxes
99,550
54,612
Kreuger & Toll Co.
-Swedish Pulp Combine.
Further advices from Stockholm regarding the new holding company
Total ____________________________ *776,626
*425,076
In the pulp and lumber industry of Sweden, being formed by this company.
70.000
83.351
indicates that the consolidation will represent 30% of the total pulp pro- Shs. common stock csitiiinaini_(no par)
$8.05
$4.57
duction of the country, and about 15% of the total sawed lumber pro- Earnings per share
Consolidated Balance Sheet May 31.
duction. Sweden's exports of wood and wood products constitute the
largest single item of its foreign trade.
Assets1929.
1928.
Liabilities1929.
1928.
The new company will take over the following concerns: Bergvik & Land, buildings,
Preferred stock _ _ _51,500,000 $1,500,000
Ala Nya Co., Skoenviks Co., Svartvik Co., Sunds Co., Kramfors Co.,
561,180
equip., &c _ _ _ _41,312,873 $941,898 Common stock _ _ _z1,185,008
NYhamns Cellulose Co., Torpshammars Co., Bjoerknass Saw Mill Co., Cash
938,228 1,275,760 Trade creditors,net
776,029
Salseakers Saw Mill Co., and Holmsunds Co.
Accts. receivable_ y832,047
fo deduct. disc_ _ 900,785
506,871
The ten companies involved are all established concerns, the oldest Inventories
10,995
1 822,127 1,076,372 Others
dating back to 1861, and their combined assets total over $75,000,000. Prepaid rent,taxes,
AM. cos., current
The new company will comprise the largest factor in the Swedish saw mill
&c
23,879
accounts
146,441
196,077
and pulp industry, and will own some 4.000,000 acres of timber lands. Invest. In stocks of
Prepaid sales &
Control will lie with Kreuger & Toll Co. of Stockholm, which also has
84,531
59,704
affil. cos
credits to cue_ _
, 47,667
109,625
-electric power devel- Other investments
interests in the match and iron ore industries, hydro
71,389
107,580
Accr. salaries. &e
1,025
opments and in the fields ofreal estate and finance. See also V .129.p. 1295. Patterns, patents,
Mtge. paymts. due
trademks., good
quar. to May 1
Knudsen Creamery Co.
Class A Dividend.
-Initial
will
2,000
1
1
1930
The directors have declared an initial quarterly dividend of 373i cents Treasury stock _ _ 248,429
Leasehold instal.
Per share on the class A $1.50 cumul. common stock, no par value, payable
22,500
due Oct. 1 1928
to holders of record Aug. 1. See offering in V. 128, p. 4332.
Prey. for current
Fed.Inc. taxes &
Kroger Grocery & Baking Co.
-Rumor Denied.
addition, assess.
President W. H Albers has denied that there was any truth to the re75,012
for prior years _
140,198
itoc of a merger of the Kroger and the First National and Safeway Stores,
rts
.
Mtge. payts. due
V 129. p. 975.
subsequent to
May 1 1930_ __ _
19,500
L'Air Liquide, France.
-Stock Traded Here.
Leasehold payts.
Flagon & Neuberger annonce that they have purchased a stock interest
due Oct. 1 1929
in l'Air Liquide, said to be the world's largest company for the reduction
to 1931, incl._
67,500
of air into oxygen, nitrogen and rare gases, using the basic patented proTctal (ea. side)S5,398,474 54,058.959 Surplus
898,827
a1,448,824
ceases of Georges Claude. The capital stock of the company was admitted
x After deducting $640,487 for depreciation and amortization. y After
to trading on the New York Curb for the first time Aug. 23 in the form of
deducting 1146,245 for doubtful accounts. z Represented by 83,351 shares
Guaranty Trust Co. depositary receipts. The opening price was $81.
L'Air Liquide was incorporated in 1902 to acquire and develop the in- of no par value. a Including $45,000 provision for retirement of pre-V. 129. p. 1135.
ventions of Georges Claude for the liquefaction of air, the production of ferred stock.
gases from the air and the production of synthetic ammonia. It owns
-Sales Increase.
Lane Drug Stores, Inc.
and operates some 44 plants in France, 10 in Canada, 8 in Belgium. 2 in
Sales for July amounted to $318,087 against $236,318 for February, the
Sweden, 8 in North Africa. 8 in Japan and Korea and 3 in Egypt. In
company having shown a steady increase in sales since it was oragnized
addition it owns a controlling interest in the Canadian Liquid Air Co.,
Ltd.; Auto Lite Gas Co., Ltd. a Canadian concern; Societe Itallana Ossi- early in 1929. Total sales for the first seven months to the year amounted
gene ed Altri Gas and Sociedad Espanola Oxigeno. It is affiliated with the to 82,017,121.-V. 129. p. 975.
Air Reduction Co. Inc., in the United States.
-Acquires 6 Warehouses.
Liggett & Myers Tobacco Co.
The company has paid dividends continuously since 1915 on its 841.000
'
shares of 100 franc par value capital stock, the rate having increased from
According to Richmond (Va.) dispatches_,_the company has purchased
the equivalent of 88c. in 1925 to $1.40 in 1928. During this three-year 6 tobacco storage warehouses in Lexington, Ky. The capacity of the combined houses is approximately 18,000 hogshead,
Period, net earnings have increased from $1,524,395 to $2,825,640.
In addition, the company has started the construction of a new storage
-Bonds warehouse on the Belt Line RR., in the suburbs of Lexington.
Lake & Rail Warehouse & Elevator Corp.
-V. 129,
Offered.-First Minneapolis Co. and the Minnesota Co. are P. 808.
offering at 100 and int. 8600,000 6% 1st mtge. sinking fund
gold bonds, series B. Dated Dec. 11926; due Dee. 1 1951.
Data from Letter of Pres. John J. Korarik, Buffalo, Aug. 5.
Company.
-A New York corporation. Owns in fee simple, approximately five acres of land on the Buffalo River, with a water frontage of
about 900 feet, on which has been built a mill building, 152 feet by 83 feet.
10 stories and basement, containing three units with a combined daily
capacity of 6,000 barrels of flour; an office building and a two-story flour
warehouse 152 feet by 91 feet, which has just been completed; and a grain
elevator with a storage capacity of 3,250,000 bushels. The buildings were
all completed within the last two years and are of the most modern type of
fireproof, reinforced concrete construction. Machinery and equipment are
of the latest type and the arrangement is designed to facilitate economical
handling. The property is improved with concrete docks. The elevator
has two movable marine towers for unloading grain from upper-lake boats.
with an unloading capacity of 50.000 bushels per hour. In addition to the
main dock, which is capable of handling the largest steamers coming to
the port, the north dock has boon developed to handle transfer grain and
water shipments of package freight. Welland Canal. barge canal, or
package freight boats may be handled at the north dock at the same time
that grain is being unloaded from upper-lake steamers at the main dock.
Eight railroad tracks connecting through the Pennsylvania RR. with all
systems entering Buffalo, provide the property with excellent transportation facilities.
A lease of the above property has been made to International Milling
Co. (Del.). All the stock of Lake & Rail Warehouse & Elevator Corp.
(except directors qualifying shares) is owned by International Milling Co.
and the officers of Lake & Rail Warehouse & Elevator Corp. are all connected with the management of International Milling Corp.
Capitalization Outstan ding.
First mtge.6% sinking fund gold bonds,series A and B
$1,958,500
20,000 sits.
Common stock (no par value)
Security.
-Secured by a first (closed) mortgage on the above lands and,
improvements as leased, and the lessor's rights, benefits and advantages
under the lease are assigned to the trustee for further security.
Lease.
-The corporatiom has leased its elevator, flour mill and approximately five-sixths of the warehouse space,
the International Milling
Co. for a period of 26 years, beginning Dec. to 1926. The lessee has paid
1
rent from June 1 1927 to May 31 1928. at the annual rate of $120,000 in
two equal semi-annual installments, each in advance of the first days of
June and December in the year 1927. For a period of8% years from June 1
1928 to Nov.30 1936,the lessee will pay
annual rate of$143.000
in equal semi-annual installments on therental at the each June and Decemfirst days of
ber during this period. During the remaining 16 years of the lease from
Dec. 1 1936 to Nov.301952. the lessee will pay an annual rental of$148,000.
plus 4 % of the principal amount of series B bonds outstanding on Dec. 1
1936. This amount is also payable
semi-annual installements on
the first days of each December and in two The lessee also agrees to pay
June.
all taxes, insurance, repairs, maintenance and other charges.
Sinking Fund.
-The mortgage provides for a semi-annual sinking fund
for the series A bonds and a separate semi-annual sinking fund for the
series B bonds sufficient to retire the respective series by maturity. The
provision for the series A sinking fund requires the corporation on and after
June 1 1928 to deposit semi-annually
of the principal
amount of all series A bonds theretofore $14,000 plus 3% provision for the
redeemed and the
series B sinking fund requires the corporation on and after Dec. 1 1936 to
deposit semi-annually 24% of the principal amount of series B bonds
outstanding on Dec. 11936. plus 3% of the principal amount of all series B
bonds theretofore. but subsequent to Dec. 1 936, redeemed.
Purpose.
-Proceeds from the sale of these bonds will be used to reimburse
the International Milling Co.for a portion of the expenditures for plant and
equipment on the mortgaged premises.
.Los Angeles Investment Co.-Bal. Sheet June 30
AssetsOperative & investment real
x$1,457,203
properties
30,390
Cash on hand & on deposit..
Materials and supplies
55,865
Accts.,notes & seer. int. rec. _
205,609
Mortgages, trust deeds and
5,173.451
sales contracts
Stocks & bowls owned (other
952,498
than of subsidiaries)
Unsold real estate & impts__ _ 1,654,702
Furniture, mill mach'y, &c._ y118.116
Investments in subs. (at cost) 2,050,885
602,134
Net advances to subsidiaries_
10,815
Deferred charges
Liabilities
Capital stock
$5,000,000
22,280
Accts. and commissions pay'le
Accrued payrolls
6,860
Notes payable
400,000
Gold notes, home maker notes
& ctfs. & dive. payable._ _ _
68,775
N1tges. payable assumed and
interest thereon
152,549
Deposits on real estate
2,249
Advance rental deposits rec'd
800
Res, for income tax for 1928.
59,972
Res. for income tax for 1929_
20,333
Accrued interest
3,489
Restricted surplus
1,485,092
Earned surplus
5,0,89,269
Total
$12,311,669
Total
x After deducting $120,772 for depreciation of buildings.
-V. 129. P. 803.
ducting *98,372 for depreciation.
$12,311,669
y After de-
-Lawrence
Manhattan-Dearborn Corp.
-Stock Offered.
Stern & Co. and A. G. Becker & Co. are offering 375,000
shares capital stock (no par) at $53 per share.
•
Transfer agents: Foreman Trust & Savings Bank, Chicago, and Chase
National Bank of the City of New York. Registrars: First Union Trust &
Savings Bank. Chicago, and Central Hanover Bank & Trust Co., N. Y.
No stockholder will have any pre-emptive right to subscribe to future
issues of stocks or other securities convertible into stock. There are no
options on any unissued stock nor has the corporation any agreements
other than as herein stated.
CapitalizationAuthorized.
Outstanding.
Common stock (no par value)
750,000 shs.
375,000 shs.
-Organized Aug. 26 1929 in Delaware with a charter that
Corporation.
grants broad investing powers. The principal purpose of the corporation
will be to buy, hold and sell real property and interests therein. It will
also buy, hold, sell and trade in securities; will participate in syndicates
and underwritings and engage in such other activities as the board of
directors may from time to time determine.
The corporation will receive $18,750,000 net in cash from the sale of
the capital stock to be presently outstanding. All organization expenses
and distribution costs in connection with the present issue will be paid by
the bankers.
Of the 375,000 shares now offered, more than 190,000 shares are being
purchased for investment by the bankers and closely affiliated interests
Among the large stockholders are interests whose co-operation it is believed
will be of material value to the management in the profitable employment
of the corporation's funds.
-Corporation has entered into a management contract
Management.
with Lawrence Stern & Co. for a term of 10 years, with provisions for
renewals for 5
-year periods. This contract may be cancelled at any time
by a majority vote of the stockholders of the corporation. The managers
will receive no compensation In any year unless the corporation earns more
than 8% on its invested capital in such year. In any year in which realized
net profits of the corporation exceed 8%, the managers are to receive an
amount equal to 20% of the total net profits for such years, but only to
the extent that the payment thereof will not reduce the net profits below
8%. The requirement for net profits of 8% shall be cumulative, so that,
if in any year the corporation shall earn less than 8%, the deficiency must
be made up before computation of any subsequent management compen_
AUG. 31 1929.]
FINA_NCIAL CHRONICLE
Batton. A. G. Becker & Co. will co-operate with Lawrence Stern & Co.,
in the management of the corporation and for such services will participate
in the management fee.
Directorate.
-The policies of the corporation will be supervised by its
board of directors, which includes 5 executive officers of Lawrence Stern
& Co., 4 executive officers of A. G. Becker & Co., and the following:
William Wrigley Jr., John Hertz. Albert D. Lasker, Herbert Bayard
Swope, Charles A. McCulloch, Herbert L. Stern and Charles S. Pearce.
All of the members of the board. except Herbert Bayard Swope, are
officers or directors of Lawrence Stern & Co., or A. G. Becker & Co.
The acquisition of any securities or property previously owned by the
directors or bankers is not contemplated. However, transactions between
the corporation and its directors or the corporations or firms with which
they are identified are not prohibited.
Listed.
-Listed on the Chicago Stock Exchange.
-Consolidation.
Manhattan Rubber Mfg. Co.(N. J.).
See Raybestos Co. below.
(P. R.) Mallory & Co., Inc.
-Stock Sold.
-E. H. Rollins
& Sons announce the sale of 20,000 shares common stock
(without par value).
Transfer agent: City Bank Farmers' Trust Co., New York; Registrar:
The National City Bank of New York, New York.
Data from Letter of Pres. P. R. Mallory, Dated Aug. 15.
-Company was recently incorp. in Maryland for
History and Business.
the purpose of consolidating the business and manufacturing of three
associated companies, P. R. Mallory & Co.. Inc. (N. Y. Corporation),
Mon,Inc., and Knapp Electric, Inc., which had been operating in widely
separated plants since 1916. It is also a substantial stockholder in the
Carboloy Co., Inc., in which the controlling interest, represented by the
remaining outstanding shares, is owned by the General Electric Co.
The growth of the corporation has been continuous and rapid since its
beginning in 1916, with the exception of a brief period in 1924 when it
discontinued the manufacture of tungsten wire, its major business at that
time. During the 12-year period from its inception to Dec. 31 1928 its net
annual sales have increased from 5211,678 to $2,618,877, or over 12 times.
Its net profits have increased from $7,241 to $340,345, or 47 times. Based
on a careful budget of sales and costs, it is estimated that earnings for 1929
should be at least $550,000.
The corporation has built its reputation principally on its electro-metallurgical activitis.
CapitalizationAuthorized.
Outstanding.
Class A stock (no par value)
*100,000 shs.
None
Common stock (no par value)
200,000 shs.
125,193 she.
6% Coll, trust bonds (all owned by G. E. Co.)
$776.000
* 19,580 shares of outstanding class A stock to be retired from part of
the proceeds of this issue.
Purpose.
-These shares, as well as 21,966 additional shares of common
stock purchased by others, are being issued to retire all outstanding class A
stock, amounting to 19,580 shares, and to provide additional capital for
expansion.
Consolidated Earnings
6 Mos. End. Cal. Year
June 30 '29.
1928.
Total sales
$1,252,168 $2,618,877
Mfg. cost, selling, & administrative expenses
985,098
2,201,375
Balance
$267,070
$417,501
Other income
20,301
39,502
Total
$287,371
$457,004
Deductions from Income
111,970
116,659
Net income
3175,400
5340.345
Earnings for first half of 1929 show a 70% increase over the saint, period
of 1928. Sales and earnings for the last half of each year are usually
greater than for the first half, on account of certain seasonal products.
Based on present volume of business, it is estimated that net earnings for
1929 should be at least $550,000.
Above earnings do not include any earnings from Carboloy Co., or from
the manufacture of Carboloy.
Dividends.
-The directors have adopted a policy of placing the common
stock on an annual dividend basis of $1 a share and 4% in stock, payable
quarterly, Feb., May, Aug. and Nov. 15.
Consolidated Balance Sheet June 30 1929 (After Present Financing).
AssetsLiabilities
Cash
$570,059 Accounts payable
$197,743
Notes dc accts. rec., less res- - - 238,752 Accruals of sal., corn., int., &o
61,156
Inventories
766,800 Federal income taxes payable_
23,587
Cash in hands of trustees
21,900 Reserves
51,500
Investments
250,000 Coll, trust bonds,6%
776,000
Fixed assets
2,164,687 Capital stockl
'2,526,077
Deferred operating charges - __
86,522 Capital surplus
315,231
Earned surplus
147,424
Total
Total
$4,098,719
$4,098,719
Marine Bancorporation (& Subs.).
-Earnings.
Earnings for 6 Months Ended June 30 1929.
Banks earnings
Marine Bancorporation & Marine National Co. (excl. of dive.$1,114,601
from subsidiaries)
255,561
1455
shares held. Rights expire on Sept. 27. The entire issue has been underwritten by Hayden, Stone & Co. 25 Broad St., N. Y. City, with whom the
'
company has arranged to purchase and sell fractions ofshares without charge
to the stockholders. Subscriptions are payable at the Bankers Trust Co..
16 Wall St., N. Y. City.
The directors have declared a quarterly dividend of 50 cents a share on
the common stock, no par value, payable in cash, or at the option of the
stockholder in common stock on the basis of 1 share for each 120 shares
held. The regular quarterly dividend of 1%% was a'so declared on the
preferred stock. Both dividends are payable Oct. 1 to holders of record
Sept. 7. (Compare V. 128. p. 3525.)-V. 129. p. 488.
-Earnings.
Mills Alloys, Inc.
The company reports for the months of May and June 1929 net income
of $23,879 after all charges, equal to approximately 58c. a share on the 40.-V. 128. p. 4170.
000 shares of class "A" stock outstanding.
-Earnings.Minnesota Fire Insurance Co.
The company, a subsidiary of American Phenix Corp., reports assets of
$1,130,075 as of June 30 1929, exclusive of unrealized investment profits,
an increase of $173,022 over the assets of Dec. 31 1928. Income from
Interest and dividends on securities owned amounted to $27,126 for the first
six months of 1929, as against $9,399 for the entire year of 1928.
-Plans 100% Stock Div.
Mohawk Investment Corp.
The stockholders will vote Sept. 13 on a proposition to amend the agreement of association and articles of organization by increasing the authorized
common stock from 100,000 shares to 200,000 shares; for the purpose of
authorizing the board of directors to issue the additional 100,000 shares of
common stock at such price and upon such terms as the board may later
determine: for the purpose of voting on a proposal to declare a 100% stock
dividend.
President Paul C. Cabot, also announces that "the State Street Research & Management Corp. which furnishes investment advice and management to Mohawk Corp. has requested an increase of its management fee,
which amounts to an increase from about Yi of 1% of the average net worthof the latter company to 1% of such average net worth. At the present
time the Mohawk company is not bearing its fair share of the costs of the
management. company. The directors propose to authorize this increase
in the fee of the management company. It was thought, however, that the
-V. 128. p. 2644.
stockholders should be informed of this action."
-Earnings.
Monolith Portland Cement Co.
The company reports net profits for the 6 months ended June 30 1929,
after all charges including interest and Federal income tax, of $307,732.
equal after preferred dividend requirements to 91.10 per share on the
225.000 sharas of common stock outstanding, or at the annual rate of
$2.20 per share on the common stock. Net sales totaled 51.535.000.
The corporation reports total current assets of $1,771,000. against total
current liabilities of $449,000, a ratio of 4 to 1.-V. 128, p. 4016.
-Output
-Earnings.
Mother Lode Coalition Mines Co.
1928.
1927.
1926.
6 Mos. End. June 30-- 1929.
Total net production in
concentrate and direct
7,314,230 12,153,273 14,950,250
shipping ore (lbs.)---- 6,189,563
6.662,718 10.355,116 17.386,690
Sales of copper (lbs.)--- 3.283.833
Average price per lb_ _ _ _ 9.913 cts. 14.476 cts. 13.011 cts. 14.068 cts.
$276,529
$557,617 $1,192.743
$567,993
Net after taxes
-V. 128, p. 3525.
-Listing.
National Dairy Products Corp.
The New York Stock Exchange has authorized the listing of 6.500 additional shares of common stock (no par value) upon official notice ofissuance
in connection with the acquisition by the company of the entire outstanding
Cream Co. (Ky.): 3,659
capital stock of National Ice official notice of issuance additional shares of
on or after Aug. 28
common stock (no par) upon
from time to time in part, as consideration for shares of
1929, in whole or
the par value of $100 each (1.020 shares authorized and outstanding) all
of one class, of capital stock of the Ann Arbor Dairy Corp. (Mich.), lobe
acquired by the company: with authority to add 102 additional shares of
its common stock without par value on and after Oct. 1 1929, upon official
notice of issuance as a stock dividend, making the total amount applied for
4,587,806 shares.
For the purpose of the exchange the value of shares of stock of the Ann
Arbor Dairy Corp. is fixed by the agreement at $285 per share and that of
the company at $79.4375 per share: (i. e., the average of the high and low
market prices on Aug. 8 1929): cash will be delivered in lieu of a fractional
share of common stock of the company.
1928.
1927.
1926.
1929.
6 Mos. End. June 30-$120,992,212 586,472,905 570.619,399 566.683.814
Sales
14,637.666 10,408.161
8,804,104
8.024,707
Combined Profits
2,719,083
4,054.702
2.177.279
1.725.247
Depreciation
Int., pref. diva.& minor14,564
592,536
647,694
ity int, ofsubs
$10,582,964 $7,674,513 $6,034,289 $5,651,766
Balance
Int. on coll. tr. notes.
Fed. inc. taxes, dive.
on pref. stk. of Nat.
2,944,021
1.661,329
2.075,904
1,526,854
Dairy Products
Bal,avail,for corn.stk $7,638,943 $5,598,609 $4,372,960 $4.124,912
She, corn. stk. outstand4,124.441
1,596,566
1.393,394
ing (no par)
1,045 039
$1.85
$3.50
Earns. per share
$.3.13
0.94
Total earnings
129. p. 1297.
51,370,162 -V.
Banks expenses (incl, res,for deprec.,eat. Fed. & other taxes)_ - - 513,057
Marine Bancorporation & Marine National Co.expenses
-Sales & Earnings.
National Department Stores, Inc.
98.705
Banks int. paid (incl. res, for accrued int. on deposits)
The corporation reports for the six months ended July 31 net sales o
254,555
Marine National Co.interest
$33,286.703.
25,371
1929.
1928.
1927.
Six Months Ended July 31Netincome
$731,356
$511,079
$478,473 Net profit after int., depr. & Fed. tax. $840,595
Amount applicable to minority interests
17,484 Earnings per share on 550,000 shares
$0.69
$0.47
$0.01
common stock (no par)
Net income avail, for divs, to stockholders of the Marine BanThe net profit of *1340.595 brings the accumulated earned surplus of the
corporation
$460,989 company up to $7,389,269 after dividends on 1st and 2d pref. stocks. On
.
July 31 1928 the company's earned surplus stood at $6.173,784 and on
Balance Sheet June 30 1929.
Feb. 11929. the beginning of the company's fiscal year, it was $7,095.825.
Assets
Liabilities
Earned surplus has thus shown an increase of 51,243.507 since July 31 1928.
loans
Cash & call
$1,205,401 Dividend payable July 1 1929 3162.726 Current assets amount to $18,954,756 against current liabilities of S3.574,Stocks dr bonds
1,023,703 Capital stock & surplus
x14,041,808 334, a ratio of better than 5 to 1.
Divs., notes & accts. recelv
439,794
In connection with the report, President Victor W. Sincere pointed out
Invest. In stocks of banks &
that bonds, mortgages and long-term debt had been further reduced in the
subsidiary cos
11,535,636
first half of the fiscal year and that additional amounts of 1st and 2d pref.
stocks had been retired. He described the current business of the system
Total
Total
$14,204,535
$14,204,535 as highly satisfactory, and stated that the volume for the first half of the
x Represented by 8,842 shares of initial non-par-value stock and 352,772 year should exceed any previous similar period. Continued progres is
s
shares of fully participating non-par-value stock.
being made in eliminating unprofitable sales, as shown by the fact that net
sales were $33,286.703 in the six months compared with 534,130.278 a
Marland Oil Co.(Del.)
-Earnings.
-year ago, while the profits have increased by almost 15%.-V.129, p.489.
Period End. June 30- 1929-3 Mos.-1928.
1929-6 Mos.-1928.
Gross earnings
$15,221,551 $14,378,356 $24,729,765 $24,039,839
National Enameling & Stamping Co., Inc. Earnings.
Opel. & admin. expenses 9372.740 11,099.188 15,562,171 19,010.374
1928.
1927.
6 Mos. End. June 30- 1929.
1926.
$563,927 b$726.684 $1,584,887 $1.881,028
Profit from operation __
Net earnings
$6.048,811 $3,279,168 $9,167.594 $5,029,465 Renew., repairs & maint
183,955
222,231
768.353
773.721
Other income
433,902
472,342
852.803
198,910
233,303
922,417 Depreciation
511.316
422,306
11,750
8,532
Premium on bonds.&c
7,391
Gross income
$6,521,153 $3,713,070 $10,020,397 $5,951,882 Interest
4,625
9.196
8,908
42,651
and discount_ _ _
449,429
Interest
390,037
701,800
898,205
Dept.& depletion reserve 1,826,716
1,633,537
3,396,261
2,259,834
$164,686
$253,420
Profit
$288,918
*642,350
Res.for intang, drill costa 1,826,298
1,0,71,263
3,252,730
2,511.994 Federal taxes
7,000
36,500
46,000
600,000
Res. for abandoned lease
600,000
1,200.000
1,200.000 Preferred dividends -231,224
350,00
350.000
Prov.for sub. losses.... _ _ Cr.137.500
327,500
9164,686
Balance
$15,196 def$97,582
$246.350
Balance,surplus
$2.015,603 def$41,159 $1,142,107df$1,918.151 Shs. cont. outst.(no par)
155.918
155.918
155.918
c155.918
Earns, per sh. on 2,424,$1.05
Earns. per sh.on corn _ _ _
$0.09
Nil
$1.58
287 she, capital stock
a After renewals, repairs and maintenance, but after adding other income
Nil
(no par)
$0.83
$0.47
Nil
of $30,740. b Includes other income amounting to $332,540. c Par $100.
-V. 128. p. 4333.
See also Continental 011 Co. (Del.) above.
Alfred J. Kieckhefer, President,says in part:
For the first 6 months of 1929 the total billings of factory products to
Mathieson Alkali Works, Inc.
-Rights.
-customers amounted to $6.437,111. as against $6,344,070 for the correThe common stockholders of record Sept. 7 will be given the right to sponding period of 1928, an increase In the
volume of sales in the amount
subscribe to one new share of common stock at $40 a share for every 10 of $93,042.
1456
FINANCIAL CHRONICLE
- As of Jan. 1 there were outstanding 1st mtge. bonds in the amount of
$235,000. all of which have now been retired, leaving the company entirely
free of all bonded indebtedness.
The financial result reflected by the increase in surplus for the period is
very gratifying, in that the company has added to its surplus for the first
6 months of 1929 an amount considerably in excess of the earnings for the
entire year 1928.
The company's financial position continues increasingly strong, as
reflected by the statement which shows net current assets of $4,965,121,
as compared with $5,068,025, as of Dec. 31 1928, and this after paying off
outstanding bonded indebtedness of $235,000 as of the first of the year.
Comparative Balance Sheet June 30.
1929.
1928.
1929.
1928.
AssetsLiabilities$
8
$
$
Fixed assets
112,875,368 13,003,165 Common stock_ _y15,591,800 15,591,800
Prop,held for sale_ 200,000
251,000
200,000 % bonds
Invests. in stocks
632,691
Granite City Steel
& bonds
391,794
231,318
32,118 Accts. payable, &c 473,434
1.095
Inventories
3,392,766 3,661,979 Am.int, on bonds
Accts. & notes rec_.1,145,548
52.851
977,899 Accr. prop. tax_ __
78,608
Cash
1,000,582 1,696,079 Workmens' comp.
131,321
Sundry def. exps_..
105,460
63,302
&c. reserve ____
136,377
65.378
21,734
Prov. for Fed. tax_
92,418
Deferred credit_ -2,637,848 2,497,265
Surplus
Total
18,908.885 19,707,616
18.908,885 19,707,615
Total
x After deducting $4,608,244 reserve for depreciation. y Represented
by 155,918 shares of no par value.
--V. 128, p. 3844.
-Earn.
National Distillers Products Corp.(& Subs.).
Period End, June 30Operating profit_ _ _ _ ___
Interest and discount__ Depreciation
Profit before Fed. tax..
-V,129, p. 645.
1929-3 Mos.-1928.
$170,761
$259,918
55.312
58,752
26,783
48,474
$88,666
$152,692
1929-6 Mos.-1928.
$490,425
$275,869
117.735
110,859
96,959
58,621
$320,945
$61,175
National Sash Weight Corp.
-Listing.
-
The Baltimore Stock Exchange has authorized the listing of $400,000
1st mtge. 15
-year 6% sinking fund gold bonds, with "A" warrants, and
without "A" warrants.
Each $1,000 bond carries a detached registered "A" warrant, entitling
the holder to purchase on or before Feb. 11939, 10 shares of common stock
at $60 per share, bonds of $500 denomination carry similar warrants to
purchase 5 shares. Warrants provide for termination of right to purchase
after proper notice, in the event of sale, liquidation, or consolidation of
the corporation.
Earmngs.-Feb. 1 to June 30 1929, after depreciation, but before divizlend, interest, and taxes. $58,616.
Financial Statement as of dune 30 1929.
Assets
LiabIlItiesCash
168,850
842,412 Current liabilities
Notes receivable
6,512
1,070 Res. for Federal tax
Accounts receivable
400,000
102,912 let mtge. bonds
Inventories
400.000
252,070 $3.50 cony. pref. stock
Plant prop. & sundry equip_ _ _ 719,408 Common stock
50,000
Deferred charges
225,567
8.689 Surplus
Ruch. of 1st mtge. bonds._ 24,367
Total
-V.128, p.3201.
81,150,929
Total
$1,150,929
National Surety Co.
-Receives 150,000 Shares of Insurance Securities Co., Inc., Stock in Exchange for New
York Indemnity Co.
-
The terms of the acquisition of the New York Indemnity Co. by the
Insurance Securities Co., Inc., from the National Surety Co., involving
an alliance between the latter company and Insurance Securities, were
announced on Aug. 27 by Henry B. Joyce Chairman of the National Surety
Co. The resources of the two companies allied through the transfer of
New York Indemnity Co. exceed $100,000,000. and their combined premium income will be more than 345.000,000 a year.
In connection with the merger of the New York Indemnity Co. and
Insurance Securities Co., Inc., it was recently announced that the Is ational
Surety Co. had become a large stockholder in Insurance Securities in
exchange for its stock in New York Indemnity. Mr. Joyce announced
that National Surety Co. has received 150.000 shares of the outstanding
800,000 shares of Insurance Securities Co.. Inc. The entire 10,000 shares
outstanding of New York Indemnity were formerly held by the National
Surety Co., Mr. Joyce said.
"The National Surety Co. invested a total of $5.000.000 in New York
Indemnity since 1922." Mr. Joyce said. "The latter company had 1,600
agents in the United States and Canada with 7 branch offices. It transacts a business of $7,000,000 annually.
"The alliance between these two interests, it is believed, is destined to
be of much importance in the surety bond and casualty field. The National Surety Co. is the largest surety company in the world, and Insurance
Securities now will own three large casualty companies, two fire companies,
Detroit Life Insurance Co. and several other valuable constituent companies."
The insurance business of the New York Indemnity Co. will be transferred to the headquarters of insurance Securities Co. at 100 Maiden Lane.
N. IC• City and to the Umon Indemnity Building, New Orleans. La., it was
announced. Its entire business will be handled by the staff of underwriters and accountants who supervise the business of the other companies
in the Insurance Securities group. Important economies would result, it
was said, affecting the operation of the entire group, which includes Union
Indemnity Co., Northwestern Casualty & Surety Co. and New York
Indemnity Co.
W. Irving Moss will be the new President of New York Indemnity
Co:and M. M. Moss will be senior Vice-President. Spencer Welton, who
has been President of the New York Indemnity Co. will be Vice-President
of she Union Indemnity and Northwestern Casualty & Surety Companies.
In addition to Vice-President of the New York Indemnity Co. W. C. Billings and B. C. Ticknor,former Vice-Presidents of the New York Indemnity
Co., will become Vice-Presidents of the three constituent companies.
It was announced that the management of Insurance Securities Co., Inc.,
intends to increase its activities in the fire insurance field .:o a point comparable with its volume of business in the casualty and surety fields. Two
of its constituent companies, La Salle Fire Insurance & Bankers & Merchants Fire Insurance, have already been active in this field. It was
intimated that Insurance Securities would soon acquire several fire insurance associations.
The directors of the board of the New York Indemnity Co. now include:
Frederick W. Allen, Sumner Ballard, S. Reading Bertron, Franklin Q.
Brown,I'. A. 5, Franklin, E. Roland Harriman. Charles Hayden, William
B. Joyce. Col, Frank B. Keech, John C. McCall, Samuel McRoberts,
William Newsome, P. A. Rockefeller Charles H. Sabin, Samuel Sloan,
E. A. St. John, W. Irving Moss, Mike M. Moss, R. S. Hecht. A. D.
Geoghegan, Paul H. Saunders. See also V. 129. p. 1136.
National Title Guaranty Co.
-Rights.
-
[VOL. 129.
National Title & Mortgage Co. of Union City, N. J.
-Restrained.
Vice Chancellor Fallon on Aug. 27 signed an order restraining this company from operating, pending a hearing to be held on Sept. 10. The order
was issued at the request of Assistant Attorney General Plumer, who
charged that the company was operating under false pretenses and asked
that it be restrained from selling stock.
Officers of the company, which was formed in May 1929, are George W.
Eggenhofer, President; Richard E. Halpin, Treasurer; James H. Kearney.
Harry F. Ketch and Michael Voelker. The Attorney General's Department recently asked Mr. Eggenhofer about the activities of the company
and he refused to answer, Mr. Plumer said.
The restraining order was asked on the grounds that the company was
misrepresenting itself and did not deal in either titles or mortgages. (New
York "Times.")
-Merger, &c.
National Union Radio Corp.
Plans for a consolidation of radio tube manufacturing companies were
revealed this week through the filing of incorporation papers in Delaware
for National Union Radio Corp. The new corporation will bring together
as a nucleus for its larger plans the manufacturers of Sonatron, Marathon,
Televocal and Magnetron tubes.
Joseph E. Davies, former head of the Federal Trade Commission has
been elected Chairman of the board of directors of National Union Radio
Corp.,and other directors already named by the merging companies include
Paul M. Mazur and Sylvester W. Muldowny of Lehman Bros.
Options on 50,000 shares ofstock in the new company are being acquired
by the Radio Corp. of America, from which the National Union Radio is
receiving an investment note of $2,000,000 to be cancelled when these
shares are taken up at $40 a share. The company will operate under reciprocal licensing contracts with Radio Corp. of America under which each
is authorized to make tubes covered by the other's patents.
The relationship with Radio Corp. will give National Union Radio the
benefit of all laboratory developments and research of the General Electric
Co. and Western Electric Co., with which R. C. A. is affiliated.
'Bison & Neuberger, members of the New York Stock Exchange, who
sponsored the introduction to trading of the common stock have issued
an analysis from which we take the following:
Business.
-Corporation has been incorp. in Delaware. Has acquired the
business and all assets including properties, trade-marks, brand names,and
good-will of Sonatron Tube Co., Televocal Corp., and Magnetron Corp.
These companies have been engaged in the manufacture and sale ofradio
tubes and now that their business has been consolidated, the new company,
National Union Radio Corp., will constitute an important factor in the
tube field. The combined plants, located in Newark, West New York,
Hoboken and Chicago, have an aggregate capacity approximating 100,000
tubes daily including the new unit of the Chicago plant which began operations only in May of this year.
It is expected that later in the year the business and important assets of
Northern Manufacturing Co. will also be acquired.
It is the intention of the management to standardize'production, so that
each plant instead of manufacturing a wide variety of types of tubes will
specialize in the production of a few types for the manufacture of which
the particular plant is most advantageously equipped. It is expected that
this specialization will not only reduce costs and increase production but
will also result in a higher quality of tube.
R. G. A. License.
-A reciprocal license agreement has been entered into
with Radio Corp. of America, General Electric Co. and Westinghouse
Electric & Manufacturing Co. whereby National Union Radio Corp., in
return for a royalty cornpensation based upon gross sales, is permitted to
manufacture radio tubes under the broad basic and comprehensive patents
now or in the future to be owned and-or controlled by the licensor corporations. By virture of this license National Union Radio Corp. Is entitled to
purchase and use certain machinery and equipment used for the manufacture of radio tubes, the basic patents of which are owned and-or controlled
by the licensor corporations and the use of which is available only to
licensees of Radio Corp. of America.
Brands.
-Established brand names of National Union Radio Corp.'s
products include "Sonatron," "Televocal," and "Magnetron," all of which
have been extensively advertised and are well known to radio users.
Distribution methods which have been proven successful in kindred
industries will be adapted to the business of National Union Radio Corp.
Although it is expected that an important portion of National Union Radio
Copr.'s sales will be to radio set manufacturers, chain stores and other
large purchasers of radio tubes, primary emphasis will be placed upon
reaching the consumer market through established trade channels because
of the greater permanence and larger profit potentialities offered by this
market. National advertising will play an important part in National
Union Radio Corp.'s plan of distribution.
Capitalization
authorized capitalization of National Union Radio
Corp. consists of 1,000,000 shares of no par value common stock, of which,
giving effect to the acquisition of Sonatron Tube Co., Televocal Corp. and
Magnetron Corp.. and their subsidiary and affiliated companies, there will
be initially outstanding 325,116% shares and in addition the corporation
Is obligated to issue 21.837 53-100 shares in Oct. 1929, in connection with
the same acquisitions.
Radio Corp. of America has made National Union Radio Corp. a $2,000.
000loan, non-callable by Radio Corp. of America for 5 years,at 5% interest.
National Union Radio Corp. has granted Radio Corp. of America an option
for 5 years on 50,000 shares of common stock at $40 per share (with provision against dilution) which, when, as and if exercised, may at the option
of Radio Corp. of America cancel the principal amount of the loan pro tanto.
Earnings.
-The combined net earnings of the three constituent companies
and their subsidiary and affiliated companies for the 12 months ended
March 31 1929. after eliminating non-recurring charges aggregating $152.913, after deducting non-recurring profit of $66.182 on purchase and sale of
certain securities, and after deducting depreciation and Federal taxes, but
before providing for royalty of 73 % on sales to be in effect, as certified by
S. D. Leidesdorf & Co., were $975,348, or $3 per,share on the 325,116%
shares of common stock initially to be outstanding after giving effect to the
acquisition above referred to, but without including in the calculation the
21,837 53-100 shares mentioned above.
In view of the unprecedented demand for tubes and the shortage in their
supply anticipated for the latter part of this year, it is believed that earnings
for the fiscal year ending March 31 1930 will be measurably in excess of those
of the previous fiscal year.
New England Equity Corp.
-Earnings.
Earnings for Seven Months Ended July 31 1929
Net income after expenses, &c
Preferred dividends paid and accrued
Balance
Earnings per share on 50.000 shares common stock
-V 129, p. 295.
$208,778
53,410
8
5155.36
New York Indemnity Co.
-Sale.
See National Surety Co. Above.
New York Rio & Buenos Aires Line, Inc.-Receives
Venezuelan Air Mail Contract.
The corporation has been granted an air mail contract by the Venezuelan
Government for the carrying of Venezuelan air mail to the United States,
Canada, Haiti, Santa Domingo, Porto Rico, Guadelupe, Martinique and
Trinidad. The contract has been approved by the Venezuelan Cabinet
and signed by President and Minister of Foment°. The service will start
in December with the largest flying boats yet built in America. carrying
32 passengers. The first of 12 of these large boats will be delivered by the
Consolidated Aircraft Corp. of Buffalo on Sept.5,and boats will be equipped
with two Pratt & Whitney Hornet motors.
-V. 129. p. 1137.
President Manasseh Miller announces that stockholders of record Aug. 30
have been given the right to subscribe to units of the newly-formed National
Exchange Bank & Trust Co. and Exchangebanc Financial Corp. at $115
a unit. Each unit is composed of one share of National Exchange Bank &
Trust and one share of its subsidiary, Exchangebanc Financial Corp. The
-Equip. Trust Offered.
North American Car. Corp.
$65 which represents the bank stock share of each unit is computed on
the basis of $25 par value. $25 surplus and $15 undividde profits, while the Freeman & Co. and Blyth & Co. are offering $700,000 5
Exchangebanc Financial Corp. share is composed of $25 par value and $25 equip. trust gold certificates, series L, at prices to yield
surplus. Mr. Miller added that purchasers of National Title Guaranty
and
Co. stock after Aug. 30 will not be entitled to the subscription rights. He from 5.70% to 6%, according to maturity. Principal
further reported a substantial oversubscription of the National Exchange dividends unconditionally guaranteed by endorsement by the
Bank & Trust Co. stock issue.
Corp. To be issued under the PhilaThe National Exchange Bank & Trust Co. was formed by a group of North American Car
officers and directors of National Title Guaranty and others, and relations delphia plan.
between the two institutions are close. The former will open for business
Girard Trust Co., Philadelphia, trustee. Dated as of Sept. 1 1929.
this fall in the new 16
-story building of the National Title Guaranty Co. Principal to be payable annually in serial installments of $46,000 each
at 185 Montague St., Brooklyn, N. Y.
from Sept. 1 1930 to Sept. 11934. both incl., and $47,000 each from Sept. 1
-V. 129, p. 978.
AUG. 31 1929.]
FINANCIAL CHRONICLE •
1935 to Sept. 1 1944, both incl. Denom. $1,000c". Red .on any div.
date at 101 and dive. Both principal and divs, are to be paid without
deduction of normal Federal income tax not in excess of 2% per annum.
Certificates and div. warrants(M. & S.) payable at the office of the trustee
in Philadelphia. or at principal office of its agent, Guaranty Trust Co..
New York. Corporation agrees to reimburse to the holders of these
certificates the Pennsylvania State tax (not to exceed four mills annually).
Data from Letter of H. H. Brigham, President of the Corporation.
Security.
-These certificates are to be secured through assignment to the
trustee of title to the following equipment: 500 new all-steel 8,000
-gallon
capacity tank cars. These cars are to cost $875,000, or 125% of the
face value of the certificates to be issued. Pending transfers of title to
these cars, cash to the full face amount of the certificates will be deposited
with the trustee, to be withdrawn as cars are delivered.
Company.
-Commenced business in 1908 as North American Car Co.,
and on Feb. 1 1926 all the assets owned were acquired by the North American
Car Corp. Business consists primarily in the ownership, operation and
leasing of tank cars, refrigerator cars and Palace poultry cars. These
Cars are leased to and used by many of the larger railroad systems, large
independent meat packers, poultry shippers, refiners of petroleum oils.
shippers of gasoline and burning oils, manufacturers of chemicals and
acids and the large dealers in molasses, alcohol, turpentine, creosote, tar
roofing, road building and maintenance material, cottonseed oil, vegetable,
oil, greases, tallow and soap stocks, and mineral water. These shipments
originate in nearly all quarters of the United States and are destined to
points in the United States, Canada and Cuba.
Corporation and its controlled subsidiaries, the Palace Poultry Car
Co. and North American Equipment Corp., now own 3,692 tank cars
(including the 500 cars under this trust), 1.969 refrigerator cars, and 597
Palace Poultry cars. In addition the corporation owns well-equipped car
building and repair shops at Chicago; Coffeyville, Ran.; West Tulsa,
Okla, and North Judson, Ind., where repairs are made upon it.own cars
and general car repairing is done for railroads and private car owners.
Corporation also operates oil storage facilities at West Tulsa, Okla, and
at Chicago, having a capacity of 10,900.000 gallons.
Company has never had an unprofitable year since the time of its organization in 1908.
Earnings.
-The net earnings of the corporation for the years ended
Jan. 31 1927 and 1928 and for the 11 months ended Dec. 31 1928, available
for fixed charges, depreciation and taxes, were as follows:
Years Ended- 11 Mos.End
1929.
-Jan. 31-1928. Dec. 31 '28.
Net earnings
$618,635 $1,096,300 $1,279,469
Earnings for the six months ended June 30 1929, after all charges, incl.
preferred dividends and Federal taxes, were equal to $2.71 a share on
the common stock outstanding.
Capitallzation.-CorporatIon has outstanding 20,000 shares of $6 1st
pref. stock, series A, of no par value. and 113.874.shares of no par value
common stock, upon which annual dividends are being paid at the rate
of $2.50 per share. Common stock is listed on the Chicago Stock Exchange
and is now selling at approximately $50 per share, representing a value
of in excess of $5,693,000.-V. 129, p. 1298.
1457
Balance Sheet July 31.
1929.
1928.
1929.
1928.
AssetsLiabilities$
s
$
Furniture, fist. &
Capital stock
x5.876.331 5,876,331
518,697 Accounts payable_ 662,886
equip., less depr. 373,325
706,415
Cash
1,317,146 1,379.637 Accrued diva
271,735
219,613
Acc'ts receivable_ 1,467,359 1.564,693 Due subsidiary
companies
Marketable sec._ 1,426.657 1,064,846
136.988
301,003
16,649
16,699 Provision for Fed.
Notes receivable
taxes
1,125.897 1,046,125
Inventories
221,290
303,644
30,039 Reserve for con60,446
Cash value life ins_
5 261.919 5,091,235
tingencies
150,000
Investments
150,000
3.916,221 3,338,513
183,548 Surplus
Deferred charges__ 185,960
Total
11,235,361 10,895,521
11.235.361 10,895,521
Total
x Represented by 220,000 shares of no par value.
-V. 128. p. 2646.
-Certificates Ready.107 West 86th St., N. Y. City.
Definitive certificates covering the mortgage on this property are now
ready to be exchanged for outstanding interims. See offering in V. 129.
13• 1138.
-Resumes Common Dividend.Otis Steel Co.
The directors have declared a quarterly dividend of 62;5c. per share
on the common stock and the regular quarterly dividend of $1.75 per share
on the preferred stock, both payable Oct.,' to holders of record Sept. 19.
This is the flat dividend since 1919 when a total of 5% was paid on the
-V.129. p. 490.
old common stock of $100 par value.
Pacific Commercial Co., Inc.---Tranfer Agent.The Chase National Bank has been appointed transfer agent for 328,169
shares of common stock. no par value.
-Listing, &c.Pacific Finance Corp.
The San Francisco Stock Exchange on July 15 authorized the listing of
208,000 shares common stock of $25 par value. On Aug. 12 1929, 83,333
additional shares of common stock Were admitted to the list.
The corporation has issued a portion of the 208,000 shares common stock
originally listed to cover 1% stock dividends paid on April 1 1929, and on
July 1 1929. An additional number of these shares will be issued in the
payment of 1% stock dividends on Oct. 1 1929, and on Jan. 1 1930. The
additional listing of 83,333 shares common stock was effected to provide
for the conversion of the $10.000.000 par value of 5%% convertible gold
notes at the option of the holders.
On July 22 1929, the directors authorized the sale to the stockholders of
$3,000,000 of 534% cony, gold notes, which was the remaining portion of
the authorized $10,000,000 of these notes. The $3.000,000 of notes was
offered to the holders of both preferred and common stock of record July
25 1929. Each stockholder was entitled to subscribe for one $1,000 note
for each 148 shares of stock, both preferred and common, standing in his
name at that date. These rights expired Aug. 5 HIM
-Dividends were paid on the common stock ($100 par
North American Refractories Co.
Dividends Paid.
-Definitive Debs.W The Manufacturers' Trust Co., 139 Broadway, N. Y. City, announce value) at the rate of $4 per annum from July 1 1920, to Jan. 1 1924, incl.:
that the definitive 15
-year 6% / sinking fund gold convertible dabeatures, at $6 per annum from April 1 1924, to Oct. 11925. incl. In 1926 $8 was
0
series A. due Jan. 1 1944, are now ready tor delivery upon presentation of Paid, and in 1927 $9.50, including $1 extra dividend. In 1928 $2.25 was
the outstanding temporary debentures. (See offering in V. 128, p.
Jan. 3, and $2.50 April 1, on the stock of $100 par value. An initial
1922.). Paid
-V. 128, P. 4171. .
dividend of 62;ic. on the stock of $25 par value was paid July 2 1928. A
dividend of 75c. was paid Oct. 1 1928. Dividends have been paid regularly
the rate of $3 per annum, since that time.
North German Lloyd.
-To Exchange Common Shares.- atStock dividends
paid on April 1 1929, and July 1 1929, to
' company announces that in pursuance of certain regulations issued holders of commonof 1% were corporation has planned for the payment
The
stock. The
by the German Government as well as by the listing committee of the Berlin of 1% stock dividends to holders of common stock on Oct. 1 1929,and Jan.
Stock Exchange, its present outstanding common shares will be
changed 1 1930.
into new shares.
The company for seven months ended July 31 reports net profit of$1,325.The stockholders are requested to surrender their shares of RM. 40, 100
taxes, and surplus after preferred dividends
and 1,000 par value each for exchange into the new certificates of RM.100 000 after reserves and Federal
and 1,000 denominations. The latest date on which this exchange may be of 81,074,000.
effected in Germany is Dec. 31 1929 after which date the RM.40 par value
To Split Up Stock on a 2%-for-1 Basis-Rights.shares will be declared void and a corresponding amount of new shares sold
The stockholders will vote Oct. 1 on changing the par value of all the
for the account of holders. At the same time the present RM. 100 and pref. and common stock from $25 to $10 per share and on approving the
Rm. 1.000 Par value shares will cease to be a good delivery on the German issuance of 25i new shares in exchange for each share held.
stock exchanges.
The pref. and common stockholders of record Sept. 21 will be given the
The New York & Hanseatic Corp. announces that it is prepared to accept right to subscribe on or before Oct. 15 at $120 per share for one additional
shares for exchange abroad and the return of the new certificates when share of $25 par value common stock for each 10 shares of either class of
received.
-V. 128, p. 2104.
-V. 129, p. 1299.
stock held.
Nunnally Co.
-Earnings.
-
6 Months Ended June 30N etsales
Other income
1929.
$861,323
3,298
1928.
$888,9431
3,7481
1927.
Not
stated
Totalincome
Cost of goods & selling expense
8864.621
855.648
$892,691
884,409
$448,986
396,639
$8,973
58,720
$8,282
110.987
Net profit before taxes
.
Surplus Jan. 1
$52,348
42,786
Total surplus
$67,693
$119,269
$95,134
Earnings per share on 160,000 shares
capital stock (no par)
$0.05
$0.05
$0.33
Balance Sheet June 30.
Assets1929.
Liabilities1928.
1929.
1928.
Property account _31,102,918 $1,093,004 Capital stock ____ x83.030,000 33,000,000
Trade-marks and
Accts. payable_ _ _
44.467
41,201
good-will
1,449,973 1,449,974, Federal tax
9,909
Cash
59.890
98,839 Reserves
10,148
8.194
Investments
198,627
149,802 Surplus
67,693
119,269
Accts. rec. (cust's)
95.763
115,845
Inventory
200,966
221,778
Derd chgs., leaseholds dr organization expenses.
Total (each side)33,122,309 $3,178.574
14,167
49,531
x Represented by 160.000 shares of no par value.
-V. 128, p. 3009.
Oil Well Supply Co.
-Earnings.
-
6 Mos. End. June 30- 1929.
1928.
1927.
1926.
Gross prof. from oper'ns 82,935.122 81,978.558 $2,838,093 $3,208,717
Seelling, admin. & gen.1
exp.&loss on bad accts 2,609364
2,214.853
2,271,091 12,070,569
Depreciation
1 217.750
Net prof. from oper'n
$325,658 loss$236,295
$567,002
$920.397
income
Other
360,470
73,478
650,339
230,314
Total income
$124,175 $1.217,341 $1,150.711
$399,136
Other deductions
210,111
67,148q
375.050
91.354
Prov.for Federal taxes_ _1
115,431
129,825
Net income
$331,988 1os485,936
$726,860
$929,533
Pt. diva. paid & declared
x234,150
x228,025
240,100
366.275
Common dividends
187,744
345,312
325,000
Balance
$507,830
$103,963
$141,448
$238,258
Shares of corn. outstand366,567
ing (Par $25)
375,625
365.625
325,000
Nil
Earns. per sh. on corn _ _
$1.33
$0.28
$1.73
-V. 129, P. 811.
x Estimated.
Oppenheim, Collins & Co., N. Y.
-Annual Report.
1927-28.
Years Ended July 31- 1928-27.
1926-27.
1925-26.
$19,853,628 $19,968,183 $21,140,398 $20.994.092
Sales
1,913,658
2,139,827
Net profit after charges- 1.965,025
1.998,793
Depreciation
184,020
187,420 • 190,371
180,993
215,000
285,000
Federal taxes
217,014
250.000
Net income
Dividends
81.560.591 $1,508,286 $1,670,807 $1,567,800
(4)1982,883 (4)838,816 (4)798.572 (3)598.661
Balance, surplus
Shares corn. outstanding
(no Par)
Earnings per share
$577.708
$669,470
$872,235
$969,139
220,000
$7.09
220.000
$6.85
200,000
$8.35
200.090
$7.84
-U. S. To Open new InterPan American Airways, Inc.
national Air Mail Route-New Post Office Contract.-
Another important extension in the rapidly growing international air
mail system of the United States and Central and South American Governments will be put in operation Sept. 2 when a Pan American Airways plane
will be flown from Brownsville, Tex., to Guatemala City, Guatemala, it is
announced. Opening of the new route will furnish air mail service from
the United States to Guatemala for the first time and will shorten by ablaut
two weeks the present mail time. Inauguration of the new service will be
made possible as the result of the award this week of another international
air mail contract by the U. S. Post Office Department to the above corporation.
The new Guatemalan route will serve as the main trunk line of the
western division of the Pan American Airways System and will cover 1.050
miles and later will be extended 150 miles further to Managua where the
Brownsville division of the Pan American System will Join with Pan American's eastern division operating from Miami, Fla,
President J. T. Trippe stated: "The new United States air mail contract
No. 8 will be executed by Pan American Airways' affiliated company, Cia
Mexicana de Aviacion. Service will be operated 3 times a week to and
from Brownsville. The route will go through Tampico, Vera Cruz. across
the Isthmus from Teharentepec to San Geronomi, and thence following
the ocean to Guatemala City. There will be a night stop at Vera Cruz.
A letter leaving New York, Chicago or San Francisco by domestic air mail
on Friday night will be in Guatemala City Monday afternoon as against
-V.128, p. 3846.
not less than 2 weeks travel time for existing mail routes."
-Agent.Pan American Petroleum 8c Transport Co.
The National City Bank of New York has been appointed exchange agent
for the class A and class B stock of the Pan American company in exchange
for stock of the Standard Oil Co. of Indiana.
-V. 129. p. 646.
Paramount Famous Lasky Corp.
-Film Rentals.The corporation's receipts from United States film rentals for the first
8 weeks of ths third quarter. commencing July 1 1929. were 39% ahead of
tha receipts for the corresponding period of 1928.-V. 129. p. 1299.
-10c. Extra Dividend.Parke, Davis & Co.
The directors have declared an extra dividend of 10c. a share and the
regular quarterly dividend of 25c. a share, both payable Sept. 30 to holders of record Sept. 20. An extra dividend of the same amount was paid
on March 31 and on June 29 last. Compare V. 128, p. 4171.
-Earnings.Park Lexington Corp.
6 Mos. Ended June 30-Gross rents.
Net operating profit
Interest
Depreciation
Loss
Profit on bonds retired
8703,227
347,486
266.532
91,134
1928.
$555.329
222,263
251,395
104313
810.180
4,312
$133.545
1,172
85,868
5132,373
Balance Sheet June 30.
Liabilities
Assetsn1.790,000
Ridge., furnit., fixtures, &c.$10.142,328 Capital stock
147,555 Cash secur. on leases
8.234
Cash
67.917 Advance rentals
25,801
Accts. & notes receivable _
8.309 Notes & accts. payable
434,762
Other assets
247,474 Accruals
210,285
Deferred Charges
Funded debt
7,994,500
$10,613,583 Surplus
150,001
Total (each side)
• Represented by 17,500 shares 6% preferred stock and 40,000 shares
-V.127. P. 2696.
Of common stock of no par value.
Net loss
1458
FINANCIAL CHRONICLE
Patino Mines 8c Enterprises Consolidated, Inc.
-
6 Months Ended June 30Income from mine operations
Production costs, &c
1929.
1928.
1927.
$10,613,659 $7,997,320 $6,506,238
6,892,074
5,065,664 . 3,671,017
Profit
Other income
$3,721,585 $2,931,656 $2,835,221
258,819
128,502
370,181
Total income
Interest accrued
Bolivia income tax reserve
Depreciation and depletion
$4,091,766 $3,190,475 $2,963,723
62,800
80,011
16,156
159,408
298,580
171,690
904,893
949,361
977,701
Net income
$2,799,329 $2,006,624 $1,819,411
Earnings per share on 1,380,316 shs.
of (par $20) capital stock
$1.32
$1.45
$2.03
-V. 129, p. 490.
Pennsylvania Dock & Warehouse Co.
-Listing.
There have been placed on the Boston Stock Exchange list$5,750,000
leasehold mortgage 6% sinking fund gold bonds dated Aug. 1 1929, and due
Aug. 1 1949, with warrants attached. See offering in V. 129, p. 1299.
Petroleum Conversion Corp.-Bal. Sheet May 311929.Assets1 Liabilities
Cash in banks
$587,325 Capital stock (2,000,000
Call loans on stock ex$10,000,000
I shares at $5)
change collateral
300,000
Notes receivable
100,000
Funds receivable
2,266,645
Stock in Conversion Construction Co
500
Fixed assets
6,510,907
Advs. acct. of construction, salaries and fees190,169
$10,000,000
Foreign development
Total (each side)
44,453
-V. 126, p. 1520.
Petroleum Corp. of America.
-Earnings.
The company reports for the period from Jan. 21 (date of its organization) to June 30, net cash income of $1,384,163, equal to 42c. a share on
the 3,250,000 capital shares outstanding. These earnings, derived from
dividends and interest, do not include appreciation of $2,161,885 on the
corporations holdings.
The balance sheet at June 30 1929 shows total assets of $62,354,138,
Including cash of $2,247,772. Paid in surplus amounted to $22,750,000
and earned surplus, $1,384,163.
V. 129, p. 980.
Phelps Dodge Corp.
-Earnings.
Earnings for Six Months Ended June 30 1929.
Production of copper, pounds
Sales of copper to customers, pounds
Unsold copper, pounds
Sales of metals, &c
Other income
117,846,431
65,161,876
58,298,883
17,698,990
705,907
[VOL. 129.
Porto Rican American Tobacco Co.
-Earnings.
--
1929.
1928.
six Months Ended June 301927.
$503,662x $261,037
Net profit after Int., Fed. taxes, &c__
$248799
J $2.56
Earns. per sh.on 101.875 shs. cl. A stk
$4.94
$2.44
x Excludes $200,000 undivided profits of Congress Cigar Co.
-V. 128,
p. 4335. -
-Registrar.
Procter & Gamble Co.
The National City Bank of New York has been appointed registrar of
6,250,000 shares of common stock of no par value-V. 129, p. 980, 812.
Pure Oil Co.
-New Pipe Line, &c.
President Henry M. Dawes says in part:
Recent developments seem to have pretty definitely demonstrated that
the company has developed a field in Michigan of substantial proportions
one of the most important explorations in the eastern districts in many
years. They have gone into Michigan apparently on a larger scale than
any of the major companies and their leases run from 1,500,000 to 2,000,000
acres,located in practically all of the geologically promising portions of the
State. On account of the greatly scattered ownership,cut into small tracts,
they did not go into the Muskegon field in a large way. Their only drilling
as yet has been confined to what is known as the Midland field, about 40
miles from Saginaw. They have a block of about 100.000 acres there and
drilled the first exploratory well to what is known as the Dundee sand
about a year and a half ago, and to-day have a total production of about
3,500 barrels out of the whole field's production of approximately 5,500
barrels. The other production is in the main owned by small independent
and local companies.
Of the acreage so far proved, the great bulk is owned by the Pure 011 Co.
Their producing wells are scattered over a large territory and have been
drilled on account of lease conditions or adjoining developments, their
large holdings making it possible for them to develop in the most effective
way for getting the ultimate yields, without resorting to an intensive
campaign which would make these savings impossible as well as possibly
result in throwing the maximum production on the market when the general
crude situation was unfavorable.
The oil is approximately 36 gravity and is bringing a price of about $1.72
at the well at the present time, and compares favorably with Seminole
crude.
Arrangements are being made for the installation of a pipe line to deep
water in the Saginaw district, which would enable the company to ship by
vessel to any point on the Great Lakes. The company is now handling
the oil by tank car from short pipe lines to Mt. Pleasant, Mich., on the
Pere Marquette. With the advantages to be gained through the operation
of their own pipe line and vessels, there is every indication that with the
development of this field the company would build a refinery at some point
on the Great Lakes. The extent of the'development, of course, is not
limited, and there seems no doubt that it is already sufficient to afford an
extremely important unit in the company's holdings. As it has been developed entirely thresh its own geological and producing organization.
the cost has been very low.
-V. 128, p. 3847.
Quincy Market Cold Storage & Warehouse Co.
-Earn.
Three Months Ended June 30Gross earnings
Operating expenses
1928.
1929.
$510,330 $482,405
352,375
311.071
$18,404,897
Operating income
13,255,528 Net income after bond interest, but before depr. & depl_$199,259 $130,030
84,716
157,234
667,872 -V. 128, D. 3699.
$4,481,497
Profit before depletion
Radio-Keith-Orpheum Corp.
-General Counsel.
$2 24
Earnings per share on 2,000,000 shares capital stock (par $25)-Benjamin B. Kahane, Vice-president and Secretary, has been elected
-V. 128, p. 3528.
General Counsel of the company, retaining the other two positions as well.
He succeeds Maurice Goodman as General Counsel and as a Vice-President,
(Louis) Phillippe Inc.
-Earnings.
to take effect Sept. 14. Mr. Goodman recently resigned the two positions,
The company reports that for the first six month period ended June 30 but remains on the board of directors.
-V. 129, p. 1139.
1929, earnings of the company amounted to $121.596 after provision for
Federal taxes, &c.
(The) Randall Co.
-V. 128, p. 3846.
-Stocks Sold.
-W.E. Hutton & Co.,
Total income
Costs, expenses and Federal taxes
Depreciation
Phillips Petroleum Co.
-Drills in New Well.
The company this week drilled well known as Palmer no. 8 in Gray
County,Texas, which is flowing over 200 barrels per hour -V.129, p. 1299.
Pillsbury Flour Mills Co.
-Earnings.
Net income
Dividends paid
Income Account Year Ended June 30 1928.
Balance,surplus
Previous surplus
$2,834,282
1,247,500
$1,586,782
5,656,876
Cincinnati, announce the sale of 15,000 units (30,000 shares
$2 cum. partic. class A stock, no par value, and 15,000 shares
class B stock, no par value), in units of 2 shares class A stock
and 1 share class B, at $52 per unit. A part of the shares
covered by this offering were acquired from the company for
$200,000 in cash, which alone represents new financing by
the company, and the remainder were acquired from an individual shareholder.
Class A stock is entitled to receive perferential dividends, cumulative
$7,243,658 from Aug. 1 1929. at the annual rate of $2 per share, payable Q-F. In
addition to preferential dividend, the class A stock is entitled to receive a
Balance Sheet, June 30 1929.
participating dividend of 50c. per share per annum (I) after provision has
AssetsLiabilities
been made for the sinking fund on the class A stock and (2)after the declara510,000,000 tion of dividends on the class B stock in the amount of $1 per shareper
Fixed plant
x510,906,351 Capital stock
and
Movable plant
y312,871Notes payable-Banks
annum or in the aggregate annual amount of $100,000, whichever shall be
3,760,000 the less, before any further dividend Is paid on the class B stock. ThereCash
bankers
1,158,538
471,331 after any further distribution of net earnings in any one fiscal year shall be
Readily marketable securities
18,250 Loans payable
1,556,112 available for the class B stock. Class A stock is red, all or part at any time
'Trade accounts receivable__ z1,275,338 Accounts payable
456,009 ritonnia3e0ndttas' totice:ypO to
Bill of lading drafts under
Res. for Fed. & State taxes
diva,
de a
o
re a ari vs and
er
it upper
thefoerveena ofquidacollection
82.012,055 1st mtge.20-year6% gold bds. 5,750,000
ned
any distribuInventories
10,737,680 Res. for conting. & inSUr- - - 393 473 tion Is made to the holders of class ifstock. Class B stock has entire voting
.
1,614,934 power except in the event of default of four quarterly preferential dividend
MIscelLaccounts receivablesurplus
319,351 Capital
Surr. value of life ins. policies
7,243,657 payments on the class A stock in which event special provisions are made.
235,913 Earned surplus
Prepaid Insurance, int., &c__
182,930
and except that class A stock has voting power in respect of certain matters
Invest, in capital stocks of
specified in the amended articles of incorporation. Dividends on the class
subs
1,430,853
A stock and on the class B stock are exempt from present normal Federal
Due from associated cos
b2,045,479
Income tax. Transfer Agent: First National Bank of Cincinnati. Registrar,
Trade memberships, sundry
Fifth Third Union Trust Co., Cincinnati.
stocks.stocks. &c
69,275
Capitalization.
Due from employees
32,920
Authorized. Outstanding.
Discount on bonds
507,710
Cumulative partic. class A stock (no par)
50,000 shs. 30,000 shs.
Hydraulic rights
1
Class B stock (no par)
100,000 abs. 100,000 she.
Good-will, trade-marks, trade
Data from Letter of Howard D. Randall, Pres, of the Company.
I
names,&c
Company.-Incorp. in Ohio in 1905 under the name of the J. D. Randall
531,245,51
Co.. and is the outgrowth of a partnership established in 1858. Until 1922,
Total
Total
$31,245,517
the company confined its activities to the manufacture and sale of leather
x After deducting $1,720,805 for depreciation and maintenance. y At
working machinery and allied products in the harness and horse collar
depreciated.value. z Less reserve of $244,676 for bad debts. a Less reserve
for $20,324 for possible losses. b Including Island Warehouse Corp. bonds, line, including beveling, creasing, punching and sewing machines and dies.
In the latter year and subsequently thereto, the company commenced the
$600.000.-V. 125, D. 1721.
development and production of automobile body trimming specialties and a
major portion of its present business is with the automobile trade. The
-Dividend Dates.
Pinchin, Johnson & Co., Ltd.
The interim dividend of 10% recently declared on the "American" success of this new line of products is shown by the company's increase in
sales and earnings.
shares is payable Sept.7 to holders of record Aug. 21.-V. 129. P. 1299.
Earnings.
-The net earnings available for dividends for the 3 years ended
June 30 1929, have been as follows: 1927. $50,176; 1928, $131,226: $1929,
Poor & Co.(& Subs.).
-Earnings.
$210.080.
Consolidated Earnings 6 Months Ended June 30 1929.
Earnings on the above basis for the fiscal year 1929 were
than 5
Operating profit
$1,367,586 times the preferential dividend. After deducting the amount more
necessary to
1,411,693 pay the preferential and participating dividend on the class A stock the
Profit before deducting Federalincome tax
Net profit after deducting provision for Federalincome tax
1.261,222 balance of net earnings for the fiscal year ended June 30 1929, was equivalent
Earnings per share on 329,000 shares c ass B stock (no par)
$3.35 to $2.35 a share on the class B stock. After deducting the preferential and
participating dividends on the class A stock and after deducting the sinking
Consolidated Balance Sheet.
fund on the class
balance of net income for the fiscal year 1929
June 30'29 Dec. 31'28
June 30'29 Dec.31'28 was equivalent toA stock the
$2.10 per share on the class B stock.
Assets$
$
$
Liabilities$
Listing -Application will be made to list this stock on the Cincinnati
Land, buildings di
Cap.stk.& surplusz7,737,163 7,677.848 Stock Exchange.
equipment
354,359
x2,291,591 1,082,161 Accts. pay.,&e_ _. 814,016
Cash & market. se.
6% gold notes_ _ _ 3,500,000
-Proposed Consolidation.
Raybestos Co.
curities
918,091 1,046,594 Min. int. In subs _.
3,900
The stockholders will vote Sept. 9 on authorizing the execution, delivery
Accts.& notes rec _y1,866,777
351,626
and carrying out a reorganization agreement providing, among other things.
Accr. int. receiv_ _
687
4,237
for the sale and transfer of all the assets, lmsiness and good-will of this
Inventories
532.900
421,276
company, subject to its liabilities, in exchange for shares of the common
Investments. &c _ _ 333,787
273,274
stock of Raybestos-Manhattan, Inc.a New Jersey corporation, to be
Due from at ilcos.
50,628
53,974
issued directly to the stockholders of this company on the basis of 2 y, shares
Def.chgs.& adv_ _
55,586
12,860
of such common stock for each share of common stock of the company held
Pat., pat. rights &
by each share of common stock of the company held by each such stockgood-will
6,004,030 4,786,206
holder, all, however, provided that at the time of such transfer Raybestos
Manhattan, Inc., shall acquire or give evidence to the board of directors of
Total
12,055,079 8,032,207
12,055,079 8,032,207 this company, satisfactory to it, that, within one week thereafter, it will
Total
x After depreciation. y After provision for uncollectible items. z Repre- acquire, all the assets of United States Asbestos Co., a Pennsylvania corposented by 160.000 shares of A stock of no par value and 329,000 shares of ration, and of the Manhattan Rubber Manufacturing Co., a Now Jersey
-V. 129, p. 980.
no par 11 stock.
corporation, subject to their liabilities.
Totalsurplus
A LG. 31 1929.1
FINANCIAL CHRONICLE
The stockholders will also vote on approving an amendment of Article
Sixth of the certificate of incorporation of the company so as to provide
that the duration of the corporation shall be limited to such date as may
be fixed by the stockholders at the meeting, such date to be the date of
or immediately following the sale and transfer of assets of the company
pursuant to said reorganization agreement and not later than Jan. 1 1930.V. 128, p. 3699.
Raybestos-Manhattan, Inc.(N. J.).
-Merger.
-See Raybestos Co. above.
Earnings for Six Months Ended June 30 1929.
Net sales
Cost of sales, selling and administration expenses
$12.215,847
9,676,257
1459
pony in full payment of money advanced by Smith Brothers, Inc., which.
with money advanced for 200.000 shares of common stock, have provided
for the acquisition of land and completed construction of the buildings and
equipment,free and clear of all debt and incumbrances, except the 1st mtge.
bonds referred to.
-Listing.
Richfield Oil Co. of Calif.
The San Francisco Stock Exchange has authorized the listing of 450.030
additional shares of common stock of $25 par value.
This covers the maximum number of shares of common stock reserved
for issuance upon conversion of 1st mtge. & coll. trust 6% cony, gold
bonds, series A, at the rate of 18 shares for each $1,000 of bonds. (See
V. 128. p. 3529.)-V. 129. p. 1300.
Royal Baking Powder Co.(& Subs.).
-Earnings.
-
Net operating profit
Other income
$2,539,589
172,163
Total income
Depreciation
Provision for income taxes
$2.711.752
312.719
300,503
6 Mos. End. -Years End. Dee.31June 30 '29.
Period1928.
1927.
Gross margin (before deprec.)
82,177,625 $4,845.395 $4,931.459
Sell., gen. & adm. exps.(excl. of depr.
1,860,296 3,680,541
& Federal tax
3,702,773
Net Income
Preferred dividends
Common dividends
$2,098,530
41.399
639.875
x Net operating income
Divs.on sub. co.'s shs.sold dur g 1928
Miscellaneous income
$317,329 $1,164.854 $1,228,686
242.073
334,933
146,449
142.287
234.305
Surplus
Previous surplus
$1,417,255
7.490.781
Total surplus
Provision to adjustment book value of Whippany plant
Sundry surplus adjustment
$8.908,036
1,000,000
Cr3.531
x Total income
Depreciation
Federal income tax
Minority interest in sub. co
$463.777 $1,549,214 $1,797,924
67,978
143,217
128.770
40,000
140.808
180,787
Cr.282
Cr.14
Dr. 936
Profit and loss surplus
$7,911,568
Earnings per share on 676,012 shares common stock (no par).. _
$3.10
-Registrar.
Real Silk Hosiery Mills, Inc.
-The Equitable Trust Co. of New York has been appointed registrar for
-V. 129. P. 1300.
the preferred and common stocks.
-Net Will Approximate 83 perShare.
Reliable Stores Corp.
Net profits for 1929 will approximate $1,150,000 or $3 per share on the
296,630 shares of common stock, after all charges, taxes and preferred
dividends, according to a survey of operations just completed by Hornblower & Weeks, bankers for the company. This estimate will compare
with net profits equal to $2.06 per share reported for 1928 and $1.49 per
share for 1927, the increase for 1929 compared with 1928 being equal to
over 30%.
Sales and net profits of the company have increased steadily during
recent years, and further expansion is expected as a result of the new capital
Introduced into the organization as a result of the recent financing. Reliable
Stores Corp. which specializes in the retail sale of furniture and household
specialities, is one of the oldest chain store systems in the country, the
business having been originally founded by Aaron Straus in Baltimore in
1892, with an initial capital of $20,000. The original management is still
in charge of the system. Current assets on Dec.31 1928 totaled $11,197.759
or over 11 times current liabilities of $996,164. Net tangible assets in
1928
were equal to $14 a share on the common stock.
Corporation now operates a chain of 21 furniture stores located in •principal cities in New York, Connecticut, New Jersey, Pennsylvania, Maryland,
Virginia, Georgia. Michigan, and in Washington, D. C.
stores, together with those et its subsidiary, The General Net sales of these
Stores
amount to approximately $12.000,000 for the current year, Corp., will
according to
conservative estimate, and it Is expected that as a result
growth in sales and profits, the inauguration of stock of the favorable
dividends on the
common stock is expected before the close of the current year.
The common
stock has just been listed on the New York Curb
Market. At current
prices the stock is quoted at about8 times annual earnings.
-V.125. p. 2159.
Reliance Management Corp.
-New Director.
-
President Morton II. Fry announces that
of the New York Edison Co., a director of Matthew S. Sloan, President
the Consolidated Gas Co. of
New York, and President of the National Electric Light
Association, has
been elected a director.
-V. 129, p. 297.
Republic Supply Co.
-Earnings.
-
Period Ended July 31 1929Net income after all charges
Earns, per sh. on 200.000 shs. cap. stk. (no par)
-V. 129, p. 648.
3 Months.
$248.000
$1.24
9 Months.
$733,700
$3.67
x Net profit
$356,082 $1,265,203 $1,487,431
Balance at beginning of period
7,903.321
6,202,164 6,177,433
Net Increase from sale of shs. in subs.,
reserved for development
2.535.512
Mixed claims commission award (net)
.
27.725
Applic. of chgs. from later periods,
given effect In comp. state. of prof_
53.207
$8,259.403 $10.030.603 $7,718,071
Total surplus
300.000
Preferred dividends
600,000
600,000
Common dividends
400.000
800,000
800.000
Res. for estim. loss on investments_
102.269
550.000
Reserve for deferred liabilities
2.000
Reserve for doubtful accounts
Developmental expenses
46,936
64.562
26.974
Charges applicable to prior periods_ _
94,287
4.288
11,323
16,433
Miscellaneous adjustments (not)
9,350
$7.474,169 $7,903,321 $6,202.164
Balance at end of period
xEarns. per sh. on 800.000 (no par)
corn. sits., after prov. for div, on
$0.07
$0.83
pref. stock
$1.11
x After charging to operations net development expense of new products.
Comparative Balance Sheet.
June 30 '29. Dee.31 '28.
June 30'29. Dee.31 '28.
AssetsLiabilities$
830,475 1,646,291 Accts. pay. (trade) 229,282
Cash
292,963
Accts. rec. (oust.). 783,813 1,082,457 Accts. pay.(others)
45,712
29,089
78,135
194,028 Accr. payroll &
Accts. rec.(others)
other Ewer. exps
152,804
58,058
Notes receivable._
93,836
23.157 Prov. for Fed. Inc.
24,346
Accrued Interest _ _
tax
396,823
U.5. Gov. secur 3,021,531 3,288,687
406.769
45.500 Res. for oef Uabll 476.375
Other market. sec_ 520,333
505,500
1,866,717 2,088,821 Other reserves_ _ _ _ 263.083
Inventories
193,698
Minority inter. in
Investmts. In subs.
subsidiary co _
594,622
24,041
foreign cos
24,324
875,855 Preferred stock_ _ _10,000,000 10,000,000
M Iscell Investmls 777,795
525,000 Common stock _ _y10,000,000 10,000,000
525,090
Del. Ilabli. fund
Res. for develop_
Land, bldgs.. Ma2.470.949
chin. & equip_ _:1,551,397 1,529,404 Unreserved surplus 7,474.169 5,432,371
-mks.. pats. &
Tr.
17,956,107 17,938,153
good-will
212,145
Deferred charges _ 284,470
Total
28,967,544 29,449.499
28 967,544 29,449,498
Total
g After reserve for depreciation of $1,220,093. y Represented by
129, p. 813.
-V.
800,000 no-par shares.
-New Director.
Ruberoid Co.
Republic Portland Cement Co.-Pref. Stock Offered.
- Charles F. Batchelder. Vice-President of the Chase Securities Corp.,
-V. 128. p. 575.
C. P. Mann & Co., Guardian Trust Co., Neuhaus & Co., has been elected a director.
Dillingham & McClung, Dallas Union Trust Co. FrostRuhr Chemical Corp. (Ruhrchemie AktiengesellWhited Investment Co. and Link-Ford Co. are offering schaft).
-To Retire $106,000 of Bonds.
at 100 and div. $1,00d,000 7% cum. pref. stock (with
Mon, Read & Co., as fiscal agent for the above corporation, announces
that the latter will retire on Oct. 1 1929 $106,000 of its outstanding 6%
warrants).
sinking fund mtge. bonds, series A. due April 1 1948. The
Dividends are payable Q.
-M., except that the first dividend shall
6 months payable Marcia 1 1930. Dividends are exempt from be for
normal
Federal income tax and this stock is not subject to any
Texas. lied, at the option of the company, as a whole or property tax in
in part, on any
dividend date on 30 days' notice at $105 per share and env.
up to
Sept. 1 1934 and at $103 per share and div. thereafter. In the and incl.
event of
voluntary liquidation ofassets each outstanding share of this
,
stock
preferred as to any accrued dividends thereon and as to assets to shall be
of the par value thereof. Transfer agents, Alamo National the extent
Co., San
Antonio. Registrars, Alamo National Bank, San Antonio.
Warrants.-Kach share of pref. stock will carry a detachable
warrant
entitling the holder thereof to purchase 4 shares of common
stock at $5 per
share if exercised during len, at $7.50 per share if exercised
during
at $10 per share if exercised during 1931. Warrant privileges 1930,
expire
Dec. 31 1931.
Sinking Fund.
-Company has created a sinking fund
the
equivalent to 2}4c. per barrel cement sold payable out for net pref. stock
of
earnings to
retire pref. stock by purchase in the open market or by redemption
call price whichever may be lower. The fund will commence on Jan. at the
1 1931
operate semi-annually on Jan. 1 and July 1.
and will
An additional sinking fund has also been created to
1931, providing that 25% of all net earnings amountingcommence March 1
to more than
per share per annum on the common stock shall be set aside to retire$2.50
pref,
stock in the same manner on March 1 of the year immediately
following
which any additional sinkinz fund may be available.
that in
,
Data from Letter of J. H. Smith, President of the Company.
Companp.-Has been organized in Texas to engage in the
manufacture
and sale of Portland cement. Company owns 475 acres of land lying
anproximately 10 miles north of San Antonio and served by
Paciffc and the Missouri-Kansas-Texas railroads. Richard the Missouri
K.
co. of Baltimore, a nationally recognized cement authority, Meade &
and Terrell
Bartlett Engineers, Inc., San Antonio, have reported
contains excellent cement making materials sufficientthat this tract of land
to supply the
annual manufacturing capacity for over 100 years. Upon this present
company has completed a modern Portland cement plant of land the
1,250,000
barrels annual capacity, equipped with the latest types of cement
machinery and arranged with appurtenances for outstanding making
economy
of operation.
The company will co-operate with the Portand Cement
will sell Longhorn brand cement at same price levels as Association.
and
maintained by
other Portland cement companies.
The land, buildings and equipment, together with housing
developments
for employees, have a value of not less than $3.500.000.
gernings.-Company estimates that its net earnings, for the first
year of operation. after operating expenses, local taxes, depreciation full
and
Interest on the $1,500.000 1st mtge. 6% bonds to be outstanding,
will be
in excess of $520,000, or nearly 7 times the dividend requirements on this
issue of $1,000,000 pref. stock.
CapitalizationAuthorized.
Issued.
let mtge. 6% s. f. gold bonds, due 1943
$1,500,000 $1,500,000
7% cum. pref. stock (par $100)
al.250.000
a Additional preferred stock reserved for permanent additions or1,000.000
Improvements or additional working capital or extension of holdings or retirement
of bonds. b 50,000 shares reserved for the exercise of stock purchase
warrants.
purpose -This $1,000,000 pref. stock, together with the $1,500,000
let mtge. 6% bonds, have been issued to Smith Brothers, Inc., by
the cons-
bonds called
for redemption will be paid at the office of Dillon, Read & Co. at 100 and
Interest -V. 128, p. 4336.
-Stock Dividend.
St. Paul Union Stock Yards Co.
The directors have declared an extra dividend of $5 per share on the
outstanding 50,000 shares of capital stock, payable Aug. 31 to holders of
-V. 128, p. 3849.
record Aug. I9.
-Earnings.
Sally Frocks, Inc.
The company reports for the six months ended June 30. net Income
of $169.200 after all charges and Federal taxes, equivalent to $1.69 on the
100,000 shares of capital stock outstanding -V. 129, P. 1140.
-Stock Offered.
Second Founders Share Corp.
-.J. M.
Erickson Inc., Buffalo, are offering an additional issue of
150,000 shares class A stock (no par value), priced at market.
Transfer agent, the Marine Trust Co., Buffalo. Registrar, Manufacturers & Traders Peoples Trust Co., Buffalo.
Data from Letter of Joseph M. Erickson, President of the Company.
-Company was incorporated In New York in Feb. 1929 with
History.
an authorized capital of 10.000 shares of 6% cumulative convertible preferred stock ($50 par). 20.000 shares class A stock (no par), and 20.000
shares class B stock (no par). 10,000 shares of class A stock were reserved
for the conversion of the preferred stock.
The original financing represented the sale of 10,000 shares convertible
preferred, 10,000 shares class A and 20,000 shares class B stocks for the
total sum of 8797.215.
Dividends at the rate of 6% per annum were paid on the preferred stock
and an initial dividend of 25c. a share was paid on the class A stock.
At a special stockholders meeting held Aug. 19 1929, the authorized
number of shares of capital stock was increased to 550.000 shares to
consist
of 50,000 shares of class A stock (no par) and 50.000 shares of class B
stock
(no par) and provision was made for exchanging the then issued outstanding
10,000 shares preferred. 10.000 shares class A, 20.000 shares class B
stocks
shares of the newly authorized class A stock.
int0 60,000
The board of directors have authorized the sale of 200.000
class A stock and 50.000 shares of class B stock of which 50,000shares of
of
class A and 50,000 shares of class B have been sold for the sum of sha
$1,725,000.
The remaining 150,000 shares of class A stock is offered at market.
CapitalizationAuthorized.
Class A stock (no par)
500.000 shs. Outstanding,
110.000
stock
claw
50,000 shs. 850,000 shs:
B stock was acquired by
Issue of
is
Class* The entire n
Founders Holding
Co. Inc.
Designations. Voting Power and Identification.
-The holders
and class B stock rank proportionately in any distribution of of class A
earnings or
surplus without priority or preference of one class over the
other
tion as the entire amount theretofore contributed to the capital in proporand (or)
in surplus of the corporation by the holders of the stock of each class Paid
bears
to the entire amount theretofore contributed to the capital
and or surplus
by the holders of all the shares of both classes, the
contributed to be determined by the board of directorsrespective amount
from time to time
from the books of the corporation. The same method
applies in any
distribution of assets upon dissolution, liquidation
or the sale of all the
assets.
1460
FINANCIAL CHRONICLE
Dividends which may be declared to be payable in stock upon both classes
are payable in class A stock in the above proportion.
The holders of each share of class A stock has one vote for each share at
all stockholders meetings. The holders of class B stock have a total vote
equal to the total votes of the class A stock at any time outstanding.
-Company's activities are now confined to the investment and
Business.
reinvestment of its resources In the American Founders group of Investment
companies, which offer unusual opportunities for safety and diversification.
Management.
-At a meeting of the board of directors held Aug. 19 1929
a contract was made with J. M. Erickson, Inc. to manage the portfolio
of Second Founders Share Corp. for a fee of A of 1% of the net resources
computed quarterly.
Income Account Period from May 1 to Aug. 15 1929.
Income: Realized investment profits. $220,855; proceeds from
sales ofstock dividends,$57.138; dividends received, $875
$278,869
6,811
Expenses: Interest paid, $6,218; miscellaneous. $593
Net income before provision for Federal income tax
Provision for Federal income tax
$272.058
26,400
Net income
Surplus, May 1 1929
$245,658
7,597
Gross surPlus
Dividends: Preferred, $4,710; class A, $2,500
6253.254
7,210
Surplus, Aug. 15 1929
$246,044
Note.
-The market value of the investment securities at Aug. 15 1929
was approximately $490,000 in excess of cost.
-V. 129, p. 1300.
-Recapitalization, &c.
Segal Lock & Hardware Co., Inc.
The stockholders voted Aug. 27 to increase the authorized common stock
of no par value to 400,000 shares, of which 300,000 shares will be
outstanding. There are about 145.000 shares outstanding at present.
No public financing is contemplated. See also V. 129. p. 1300.
(W. A.) Sheaffer Pen Co.
-Extra Dividend.
The directors have declared the extra dividend of 50e. per share and the
regular semi-annual dividend of $1 per share, both payable Sept. 15 to
holders of record Aug. 26. Like amounts were paid on March 15 last.
_
The company paid an annual dividend of $2 per share on March 10
1928.-V. 128, p. 3531.
Shenandoah Corp.
-Agent Appointed.
The Manufacturers Trust Co. has been appointed agent for the common
stock scrip and dividend disbursing agent for dividends on the optional 6%
cony, preference stock, series of 1929, and the common stock.
-V. 129.
P. 1301, 648.
[Vox,. 129.
94% of the outstanding common stock of Gillette. The privilege of depositing has been extended to Aug. 31 1929. Holders of common and
preferred stock of either Fleischmann or Royal and holders of common
stock of Gillett who have not yet deposited their stock pursuant to the
plan and who desire to do so, may present their certificates on or before
Aug.31 1929 to J. P. Morgan & Co.,depositary under the plan,for exchange
for deposit certificates.
Certificates of deposit for common and preferred stock; of the Fleischmann Co. and Royal Baking Powder Co. will be exchangeable on and after
Sept.5for temporary certificates of Standard Brands, Inc.
Deposits of shares, It is understood, are still being accepted by the depositary J. P. Morgan & Co.
The Fleischmann Co. stockholdsrs will meet on Aug. 31 to approve the
sale of its property and assets.
Pro Forma Consolidated Balance Sheet as of June 30 1929.
(After giving effect to deposits of Royal common and preferred stocks
under the plan to the close of business Aug. 20 1929.1
Liabilities
Cash and call loans
$20,203,736 Notes & acceptances payable_ $662,662
U. S. Govt., &c., marketable
Accounts payable
1,162,817
securities at cost
16,749,922 Accrued payrolls, taxes (other
Accrued interest receivable
than Federal) and expenses
167,149
776,595
Notes & accounts receivable
Accrued Federal taxes
2,691,491
(less reserve of $563,759)__ 5.615.618 Dividends payable
135,000
Inventories
10,555,174 Liability for Fleischmann Co.
Total investments
preferred not exchanged..__ e317,100
4,606,596
Capital assets
20,794.944 Miscellaneous reserves
1,259,627
Deferied charges, &e
673,993 Royal Bak. Powder Co. pref
Tr.
-marks, pats., & good-will
stock in hands of public_ _82,206,600
1
Min. int. in me. & sure. of
Royal and subsidiaries.... el.722.806
2,606,441
General insurance fund
615,619,500
Preferred stock
c24,671,070
Common stock
Total (each side)
25,535,421
$79,367,133 Initial surplus
a Based on the number of shares undeposited at the close of business
Aug. 20 1929. b 156,195 shares no par. c 12,335,535 shares at stated
value of $2 per share.
-V. 129, p. 1140.
Standard Oil Co. of Indiana.
-Stock Increased,
The stockholders on Aug. 27 approved an increase in the authorized
capital stock from $375,000,000 to $450,000,000 and the offer to Pan
American Petroleum & Transport Co. class A and B common stockholders
for exchange of shame in the ratio of 7 shares of Standard for 6 Pan American shares.
-V. 129, p. 1140, 1301.
Steel Co. of Canada.
-Decision on Dividends.
Justice Orde at Toronto. Canada, In a decision In the suit started by two
common shareholders of the company and tried May 27 last, finds for the
See United Aircraft & Transport Corp. below.
-V. 129, p. 1301.
plaintiffs holding that owners of pref. stock are not entitled to participate
in any distribution of net profits in excess offixed cumulative pref. dividends
Silent Automatic Corp.
-Earnings.
at the annual rate of7% until total dividends declared on the common stock
Month of July-1928.
1929.
since incorporation of the company equal the rate that has been paid on
Net factory sales
$138,622 the pref. stock.
$294.575
Net profit after charges but before Fed. taxes.. 23,203
88,164
The plaintiffs contended that the action of the company last December,
-V. 123. p. 2666.
in splitting the pref. stock on a 4
-for-1 basis and declaring dividends at the
rate of 50 cents a share quarterly gave the pref. shareholders 8%. They
Sonatron Tube Co.
-Merger.
pointed out that in 1915 no dividend on the common was paid, in 1916 only •
See National Union Radio Corp. above and-V. 129, p. 1301.
4% and in 1917 and 1918 6%.-V. 128, p. 2650.
Sonora Products Corp. of America.
-New Name.
Stewart
See Acoustic Products Co. above.
-Warner Corp.
-Earnings.
Period End. June 30- 1929-3 Mos.-1928,
1929-6 Mos.-1928.
South Penn Oil Co.
Profit after exp.& deprec $2,781,631 $2,510,252 $5,082,855 $4,093,236
-Earnings.
The company reports for six months ended June 30 1929 profit of Federal taxes
307,483
479,902
554,483
284.202
62,842,707 after operating expenses.
-V. 128. 13• 3531.
,
Net profit
$2,474,148 $2,226,050 64.528,372 $3.613,334
SquareD Company.
Dividends
-Earnings.1,071,000
899.990
1,971,000
1,799.984
-3Months Ended-- 6 Mos.End.
PeriodSurplus
June 30'29. Mar.31 '29. June 30'29.
$1,403,148 61,326,060 $2,557,372 $1.813,350
Net profit after int., deer.& Fed. tax_
6268.172 Shares cons, stock out$109,830
$158,342
Earnings per share on class A stock__
standing (par $10)--- 1,224,000
$2.94
$1.20
$1.74
600,000
1,224,000
600.000
Earnings per share on class 13 stock- 3.69 Earnings per share
1.31
2.38
62.02
$6.02
$3.71
$3.76
-V. 128, p. 4020.
Surplus Account follows.
-Surplus on Dec. 31 1928, $10,264,575: net
profit for first 6 months of 1929,64,528,372; amount transferred on April 1.
from capital to surplus by action of stockholders. 36,684,689; total surplus.
-Premiums.
Southern Surety Co. of New York.
Net premiums written during the first 6 months of 1929 showed an $21,477.636; deduct: cash dividends. 61.971,000; stock dividend paid.
Increase of more than 61,630.000, or 37A % over the first 6 months of last $240.000; stock dividends declared, $749,190; profit and loss surplus
year, according to Norman R. Moray, President. Gross premiums for the June 30 1929, 618,517,446.-V. 129, p. 649.
first 6 months of this year amounted to $7,079,068 and net income from
Sundstrand Machine Tool Co.
underwriting sources exclusively amounted to $1,250.296. Admitted
-Stock Sold.-Furland
assets of the company at the end of this period were $13,250,288,an increase & Co., Inc.; McGowen, Cassady &
White, Inc.; Crawfordover the assets of Dec. 31 1928, of $1,552,271, or more than 13%.
For the month of July. which is not included in the above figures, the Dyer & Co., and Geo. T. Mathews & Co. announce the sale
company's premium income amounted to over $1.200,000, an increase over (at market) of 63,250 shares common stock (no par value).
the same month last year of84%. In addition to opening an eastern departTransfer agents: Equitable Trust Co. of New York, and First Union
ment with branch offices in Philadelphia and Boston, the company, during
the first 6 months of the year, has also appointed some of the outstanding Trust & Savings Bank, Chicago; Registrars: Central Hanover Bank &
,
general agencies of the country as exclusive representatives, and expects at Trust Co., New York,and Continental Illinois Bank & Trust Co. Chicago.
CapitalizaiitmAuthorized, Outstanding.
the present rate of business to show net premiums for the year amounting
125,000 shs. *86,250 sill.
to $13,000,000, or an increase of over 50% over last year.
-V.128,p.2481 Common stock (no par)
* 23,000 shares have been purchased by officers and management.
Data from Letter of Hugo L. Olson, Pres, of the Company.
Standard Brands, Inc.
-Listing.
History.
-Company was organized in 1926 in Illinois, to acquire and conThe New York Stock Exchange has authorized the listing of 181,432
solidate the properties and business of the Rockford Tool Corp., incorp. in
shares of preferred stock without par value on official notice of issuance,
and 12,533,004 shares of common stock without par value on official notice 1905, and the Rockford Milling Machine Co. incorp. in 1910. Prior to
acquisition, the latter sold its Sundstrand adding machine division to the
of Issuance.
The above stock is authorized for issuance In connection with the acquisi- Sundstrand Corp, which is now owned by the Underwood Elliott Fisher
tion of all ot the property and assets of Fleischmann Co. (subject to its Co. Upon consolidation all operations of the Sundstrand Machine Tool Co.
were
liabilities), and of all of the property and assets of E. W. Gillett Co.. Ltd., with united In one factory comprising 100,000 square feet, and equiened
the most up to date machinery. Recently the company acquired the
(subject to its liabilities), and of such shares of the common stock and assets
preferred stock of Royal Baking Powder Co. as are obtainable, and of all own of the Rockford Union Foundry Co. Through the acquisition of its
foundry,combined with existing engineering, production and distributof the participating preference stock and $6 prior preference stock of Chase
& Sanborn, Inc. Such acquisitions will result in all of the holders of stock ing facilities, the company is in a position to meet more efficiently and with
of Fleischmann, Royal and E. W. Gillett Co., Ltd., and of prior preference greater economy the increasing demand for Its products.
The company manufacturers and sells a diversified line of Sundstrand
stock and participating preference stock of Chase & Sanborn, Inc., receiving
stock of the corporation as shown in the table below (except that preferred automatic machines and machine tools, including Sundstrand "Rigidmil"
milling machines, Sundstrand "automatic stub lathes,' balancing tools.
stockholders of Fleischmann who have not deposited their stock under the centering
machines, bench cutters and rubbing machines.
plan, will receive cash on failure to elect to take stock within a limited
Earnings.
Period. and only such common stock and preferred stock of Royal will be Year and -Consolidated earnings of the business now owned for the
exchanged as is deposited under the plan, or otherwise acquired by the tion and 4 months ended April 30 1929, after all charges including depreciaFederal taxes, are as follows:
corporation):
4 Mos. End.
Cal. Year
There Is To Be Received
April 30 '29.
1928.
from the Corporation
Gross sales
6773,402 $1,992.593
Common
Preferred
Net earnings
348,479
176.988
Stock.
For Each Share Delivered as Follows:
Stock.
Annual rate per share common
$4.40
$6.12
or 54
al
Fleischmann Co. preferred stock
Net earnings for the 4 months ended April 30 1929, as shown above, are
234
Common stock
equivalent, on an annual basis, to $6.12 per share on 86,250 shares of
E. W. Gillett Co., Ltd., common stock
10
common stock outstanding.
Royal Baking Powder Co. preferred stock
_ _ __
1
Gross sales for tho 4 months ended April 30 1929 wore $773,402 comCommon stock
1
pared with gross sales of $476,589 for the corresponding period of 1928. or
Chase & Sanborn. Inc.. prior
bA
Preference stock
an increase of 62%.
Participating preference stock
1;i1 /
;
Dividends.
-Company has placed the common stock on an annual divia Holders of preferred stock of Fleischmann may elect within a limited dend
rate of
period to take either one share of the preferred stock of the corporation or 50c. on July$2 per share by the payment of an initial quarterly dividend of
15 1929.
four shares of the common stock of the corporation. b On payment of a
Listing.-Listed on the Chicago Curb Exchange.-V.129p.1141.
small cash adjustment.
All of such preferred and common stock of the corporation will be when
Texon Oil & Land Co.
-Interest in Company Recentlfi
Issued fully paid and non-assessable and no personal liability attaches to
Acquired by Old Marland Oil Co.
stockholders.
See Continental Oil Co. (Del.) above.
-V. 129, p. 143.
Standard Brands, Inc., was incorporated in Delaware on June 28 1929
for the purpose, among other things, of manufacturing, buying, or otherwise acquiring, importing, exporting, selling, distributing,
mortThatcher Mfg. Co.
-To Retire Pref. Stock-Status.
owning'
gaging. assigning, transferring or disposing of, trading or dealing in and
This company, which produces approximately 50% of the glass milk
with, food and food products and goods, wares and merchandise and bottles made in this country, has called for redemption on Sept. 1 next all
articles of commerce of every kind and description. The corporation is of its outstanding 7% cum. pref. stock. After retirement on this issue
also empowered to purchase, or otherwise acquired and to hold, sell, or there will remain outstanding 132.000 shares of no par convertible preferotherwise dispose of. stocks, bonds and other securities of all kinds.
ence stock with an annual dividend rate of $3.60 a share and 131,836 shares
The plan was declared operative Aug. 1 1929. Up to the close of of common stock, without par value.
business on Aug. 20 1929, there had been deposited for exchange more
The company reports record earnings. As of June 30 last its balance
than 94% of the outstanding Fleischmann common stock. 89% of the sheet shows cash, call loans and U. S. Treasury certificates aggregating
outstanding Fleischmann preferred stock. 90% of the outstanding common $1,501.104, compared with total current liabilities, excluding reserves, of
stock of Royal, 77% of the outstanding preferred stock of Royal, and 6148.737.5 ratio of more than 10 to 1.-V. 129. p.984,
Sikorsky Aviation Corp.
-Deposits Under Merger.
1. 31
G.
19291
FINANCIAL CHRONICLE
Thompson-Starrett Co., Inc.
-Stock Certificates Ready.
-
The Commercial National Bank & Trust Co. has announced that holders of preference stock, with warrants for common stock endorsed thereon.
may surrender such certificates and receive in exchange therefor certificates for the common stock called for by the warrants and for the pref.
stock to which they are entitled.
-V. 128. p. 4174.
Thomson Electric Welding Co.
-Extra Dividend.
The directors have declared an extra dividend of $1 per share in addition
to the regular quarterly dividend of 50 cents per share, both payable Sept.
3 to holders of record Aug. 27. An extra of like amount was paid in each of
the two preceding quarters.
-V. 128. p. 3850.
-Earnings.
Tung-Sol Lamp Works, Inc.
Period End. June 30- 1929-3 Mos.-1928.
1929-6 Mos.-1928.
Net income after all chgs.
incl. Federal taxes__
$203,872
6270,857
$537.855
$402,291
The net income of $537.855 is equivalent after preferred dividend requirements to $1.95 a share on 228,508 shares of common stock and compares
with $1.36 a share on common on the same share basis in the first half of
1928.
The balance sheet as of June 30 1929, shows current assets amounting to
$1,591.679, including cash and call loans of $575,498, and marketable
securities of $625,035. Current liabilities amounted to $175,204.-V. 129,
p. 144.
-Sells Acreage in Southern
Union Oil Co. of California.
Wyoming and Northern Colorado.
See Continental Oil Co. (Del.) above.
-V. 129. p. 298.
-Preferred Stock Called.
Union Steel Casting Co.
-
The company has called all of the outstanding pref. stock for redemption on Oct. I at 110 and interest.
The directors have declared the regular quarterly and final dividend
of $1.75 per share on the preferred stock, payable Oct. 1 to holders of
record Aug. 31.-V. 127, p. 3721.
-Earnings.Union Tank Car Co.
6 Months Ended June 301929.
1928.
1927.
Profit from operations (after deprec.) $1,771.312 $1.305,165 $1,707.045
Other income
301,413
154.723
161.430
Total income
$2,072,725 $1,459,888 $1,868,475
Interest deductions
282,489
294.821
359.266
Federal income tax
205,791
128.550
188.008
Net income
$1,5134,445 81,036,517 $1,321,201
Dividends paid
778,967
773.975
768.350
Balance, surplus
$805.478
$262.542
$552,851
Previous surplus
4,905,970 3.738.052 2,454,093
Adjustments
Dr.25.783
Surplus June 30
$5,711,448 83.974.810 $3,006,944
Shs. cap, stock outst'd'g (Par $100)- 312.062
310.040
307,346
Earnings per share
$5.08
$3.34
$4.30
Consolidated Balance Sheet June 30.
1929.
1928.
1929.
1928.
Assets5
5
Tank car equipl.:35,786,563 37,874,611 Capital stock
31,1(16,200 31,004.000
peer inc.&def.chgs 108,045
78,546 4
equip. tr. etf10,400,000 11,700,000
Material
642,911
651,445 Accounts
325,758
Cash & semrities_10,373,048 7,676,595 Accr. int. payable_ 644,724
& taxes_ 475,563
131,625
Accts. receivable
1.797,248 1,463,780 Reserves
410,989
759,284
Unamort. debt disc 141,109
145,500 Surplus
5,711,448 3,974,810
Total
48.848,924 47.895,479
Total
48,848.924 47,895.479
x After deducting reserve for depreciation.
-V. 128, p. 1752.
United Aircraft & Transport Corp.
-Listing.
The New York Stock Exchange has authorized the
listing for additional
shares of common stock (no par value) as follows: (a)
84.827 shares on
official notice of issue from time to time in exchange for shares of stock
of
Sikorsky Aviation Corp. (b) 34.450 shares
time to time upon the exercise of options to on official notice of issue from
be granted in connection with
the proposed acquisition of share of stock of Sikorsky Aviation Corp.
(c) 26,667 shams on official notice of issue from time to time in
for shares ofstock of The Stearman Aircraft Co.,Inc.,and (d)3,000 exchange
shares on
official notice of issue from time to time in connection with the acquisition
of certain assets of The Avion Corp.
The corporation has offered to acquire from the stockholders of Sikorsky
Aviation Corp., all or any part, but not less than 70%, of the outstanding
stock of Sikorsky Aviation Corp.. by the issue, in exchange therefor, of
shares of the common stock of the corporation at the rate of 50-130ths of a
share thereof for each share of.tock of Sikorsky Aviation Corp.so acquired.
Provision has been made for the payment to stockholders of Sikorsky
Aviation Corp.,Inc.,ofcash in lieu of the issue offractional shares ofcommon
stock of the corporation, in cases whe-e the stock of Sikorsky Aviation
Corp. is not evenly exchangeable for whole shares of common stock of the
corporation, at the rate of $1 in cash for each 1-130th of a share of
stock of the corporation so issuable. Such offer of exchange may common
be withdrawn by the corporation on Sept. 1 1929, unless at least 70%
standing shares of Sikorsky Aviation Corp. be then on depositof the outunder the
deposit and exchange agreement. The number of outstanding shares
stock of Sikorsky Aviation Corp. is 220,550 and complete exchange of of
such
220,550 shares will require 84,827 shares of common stock of the corporation.
The holders of certain outstanding options for the purchase of an
aggregate of 29.450 shares of stock of Sikorsky Aviation Corp. at the
a share have agreed with the corporation to exchange such price of $10
similar options (except as to the price payable on the exercise options for
thereof) to
purchase a like number of shares of common stock of the
corporation, in
the event that the corporation, shall pursuant to the terms of the deposit
exchange agreement, acquire a majority of the outstanding shares
and
stock of Silorsky Aviation Corp. Such options for the 29,450 shares of
common stock of the corporation will be exercisable in whole or in part of
on
or before Oct. 22 1931, at $92.50 a share. Similarly, the
of
outstanding option for the purchase of 5,000 shares of holder of a certain
stock
Sikorsky
Aviation Corp. at the price of $35 a share has agreed with the corporation
to exchange such option for a similar option (except as to the price
on the exercise thereof) to purchase a like number of shares of payable
stock of the corporation, in the event that the corporation, shall common
to the terms of the deposit and exchange agreement, acquire a pursuant
majority
of the outstanding shares of stock of Sikorsky Aviation Corp. Such
option
for 5,000 shares of common stock of the corporation will be
exercisable
in whole or in part on or before Oct.6 1931. at the price of $117.50 a
The corporation has offered to acquire from the stockholders share.
of The
Stoarman Aircraft Co. all or any part, but not less than 75%
of
standing stock of The Stearman Aircraft Co., by the issue, in the outexchange
therefor, of shares of the common stock of the corporation at
the rate of
100-375ths or a share thereof for each share of stock of The
Stearman Aircraft Co. so acquired. Provision has been made for the payment
holders of The Stearman Aircraft Co. of cash in lieu of the issue of to stockfractional
shares of common stock of the corporation, in cases where the stock
of The
Stearman Aircraft Co. is not evenly exchangeable for whole
shares of
common stock of the corporation, at the rate of 34 cents, in cash,
for each
-375th of a share of common stock of the corporation issuable.
1
Such offer
a exchange may be withdrawn by the corporation on Oct. 1 1929. unless
at least 75% of the outstanding shares of The Stearman Aircraft Co.
be
then on deposit under said deposit and exchange agreement. The
number
of outstanding shares of The Stearman Aircraft Co. is 100.000 and complete
exchange of such 100,000 shares will require 26,667 shares of common
stock
of the corporation.
The corporation proposes to acquire all the assets (except cash)
of The
Avion Corp.which assets include patents. applications for patents
and
patent rights'. free of all liabilities, and to Issue in connection
acquiltion 3.000 shares of its common stock and the board of with such
directors
the corporation- by resolutions adopted at a meeting held on Aug. 6 of
1929,
has authorized the issue of 3,000 shares of common stock for such
purpose.
Such assets will, it is expected, be transferred to a Delaware corporation,
incorporated Aug. 12 1929, under the name Northrup Aviation
Corp a
corporation with an authorized apital stock of $500,000 (par value
6)
.
The product of the Avion Corp., now in a state of development, $10 .
patents
for which have been applied for, consists of an all metal, all wing plane.
1461
Consolidated Earning Statement for 6 Months Ended June 30 1929.
Operating revenues and sales
$14,106.604
Operating expenses and cost of sales (excl. of deprec.)
8.892,559
Depreciation
418,527
Operating income
$4.795,518
Other income
676,654
Gross income
$5,472,172
Deductions from income
338,313
Federal and State income taxes
672.320
Minority interests
51,492
Net income
Earnings Jan. I 1929
$4,410.046
1.428,950
Total surplus
Divs. paid Apr. 1 1929. on 6% cumul. pref. stk., series A Surplus adjustments
$5,838.996
301.250
Cr.60,237
Surplus Juno 30 1929
$5,597,982
Consolidated Balance Sheet June 30 1929.
A sots
1
Cash
1)
$4:171000:03;4 Accounts payable
$804,048
Accr. expos., int., taxes, &c
Call loans-secured
1,949,245
Accts. & notes receivable ___ 2,788,771 Advances on contracts
101,696
3,206,479 Reserve for damage to flying
Marketable securities
.
equiprrent, tec
Inventories (less reserves). _ 4,899,347
57,429
232,671 Minority int. in capital stock
Other current assets
9,073,000 and surplus of subsidiaries_
Investments
204,973
13,004 6% pref. stock ($50 par)
Sundry investments
12.000.000
Land, bides., equip., &v._ __ 4,449,952 Com. .594,619shs. no par). 7,991.070
Patent rights & royalties_ _ ....
125;812 Corn. (7 half-shares, seria)
58 639
105
Paid-in surplus
Deferred charges
1,312,500
Earned surplus
5,597,982
$30,019,048
Total
Total
$30,019,048
The corporation has announced that In accordance with the provisions
of the depoSit and exchange agreement bctm cen this corporation and the
Sikorsky Aviation Corp., dated July 30 1120. the number of shares of
Sikorsky Aviation Corp. required to make this agreement operative have
been deposited.
-V. 121. p. 1302.
United Carbon Co.
-To Retire Bonds.
The company has arranged to call for redemption on Oct. 1 the remaining
1st mtge. 7% bonds. As of recent date there were $694,000 of the bonds
still outstanding.
-V. 129. p. 1302.
-Consolidation.
United States Asbestos Co.(Pa.).
-V. 128, p. 4024.
See Raybestos Co. above.
United States Electric Light & Power Shares, Inc.
Dividend of 83 Cents.
The directors have declared a dividend of 83 cents. payable Sept. 3 to
holders of trust certificates, series A. This declaration makes the total
for the year to date $2.14. Compare V. 128. p. 4338.
.
United States Steel Corp.
-To Redeem Subsidiary Bonds.
-The corporation on Aug. 27 recommended that there be
called for redemption, as of Nov. 1 next, two issues of bonds
of certain of its subsidiaries aggregating a face value of
$31,770,000. The cost of this redemption will be $33,358,500. The bonds called are the Indiana Steel Co. 1st mtge.
5s, due 1952, amounting to $20,979,000, and the National
Tube Co. 1st mtge. 5s, due 1952, amounting to $10,791,000.
The bonds are callable at 105 and interest.
In making the announcement, Myron C. Taylor, Chairmand of the Finance Committee, said:
This operation is in keeping with the policy which the corporation has
inaugurated of reducing its bonded indebtedness. Full details of theredemption, discharge and cancellation of its direct debt, aggregating $271,385,000, has heretofore been announced, the funds for which have been
provided,and the completion of those operations has been fully arranged
for in accord therewith.
The present operation involves an aggregate sum of $33,358.500. funds
which have been provided from current resources. It is estimated that
through the retirement of these two issues of bonds the net cash saving in
interest and sinking fund requirements will amount to approximately
$730,000 annually.
Outstanding Bonds of Subsidiary Companies as of July 31 1929 Which Have
Callable Provisions.
Bonds
Callable
As of July 31 1929Outstanding.
Price.
Illinois Steel Co.4%% debentures, due 1940
818,500.000
105
Chicago Lake Shore & Eastern Ry. 1st mtge. 4)s.._ 9,000,000
110
Interstate Transfer Ry. 1st mtge. 5
1.000.000
1024
Spirit Lake Transfer Ry. 1st mtge. 4s
1,000,000
102 M
Essex Terminal Ry. 1st mtge. 5s
206.000
105
Indiana Steel Co. 1st mtge. 5s
20,979.000
105
The National Tube Co. 1st mtge. 5s
10.791,000
105
American Steel & Wire Co.of Ala. 1st mtge. 58
1.781.000
102
-V. 129. p. 790, 1143.
United States Stores Corp.(& Subs.).
-Earnings.
-
Period End. Mar. 31- 1929-3 Mos.-1928.
1929-12 Mos.-1928.
Sales
86,807,951 $6,578,121 827.622,675 $26,014,466
Cost of sales & oper. exp. 6.715,818 6,557.092 27.320,693 25,893,772
Net profit
892,133
$21.02.9
$301,982
1120,694
Miscellaneous income.._
64,813
60,386
258,768
272,863
Gross income
8152,519
185,842
1560,751
$393,557
Deductions
46.075
30,288
147,107
124.797
Net income
1106,444
$55,554
$413,644
$268,759
-V. 129, p. 651.
Universal Leaf Tobacco Co., Inc.
-Listing.
-
The Now York Stock Exchange has authorized the listing of 37,655 shares
common stock (no par value)on official notice ofissuance as a stock dividend
eking the total amount applied for 145.241 shares.
Earnings Years Ended June 30.
1929.
1928.
1927.
1926.
Gross sales
$21,253,783 $17,899.639
Cost of merchandise sold 18,975.861 15.841,808 $17,620.008 $18,343,705
14.929.801 15.647.544
Gross profit
Other income
12,277.921 82,057.830 82.690.207 $2,696,161
331,140
359,854
303.428
232,423
Total income...
$2.609,061 82,417.684 $2,993,634 12,928,584
Exps., taxes, depr., &c_ y1,173,538
967,552
1.840,309
1.724,449
Depreciation
98.981
126,131
Loss on sale of cap.assets
1.754
39,886
Minority interest
3,222
Premium on pref. stock
deposited in skg. fund
23,110
Net income
81,311,677 $1,280.893 $1,153,326 $1,204,135
Preferred dividends__ -.
540,952
569,458
581.666
586.556
Common dividends
317.230
315,367
78.275
Surplus
1453,495
1396,068
$493,385
$617,579
Com.shs. outst.(no par)
105,815
105,528
104.366
x52,183
Earns, per sh. on com
/7.28
$6.74
$5.48
$11.83
a par UN. y Does not include depreciation.
1462
FINANCIAL CHRONICLE
[Vor.. 129.
Comparative Consolidated Balance Sheet.
June 30'29 Dec. 31'28
June 30'29 Dec.31'28
Assets$
Liabilities- '
$
$
Cash
935,902 1,329,923 Accounts payable_ 1,030,295
917,279
Call loans
2.200,000 2,200,000 Dividends payable 880,000
440,000
United States occur 1,203,750 1,203,750 Reserve taxes_ _ _ _
404,626
343,232
Accounts receiv. - 2,873,752 2,959,501 Capital stock
11,000,000 11,000,000
Other securities._ _
3,551 Capital surplus... 1.402.790 1,402,790
3,551
Empl. loans for stk
Earned surplus_ _ _10,009,825 10,136,762
& home perch. _ 499,295
553,426
MercIrdise invent_ 7.570,197 6,671,866
Plant & equipmentx6,401.164 6,338,829
Invest. in dr adv
to sub. cos
13,912,197 14,148,571
2.954.701 2.895,068
Total
13,912,197 14,148,571
Total
1
1
x After deducting $1.076,926 reserve for depreciation. y Represented Trademarks & pat.
- Prepaid insurance,
by 107,586 shares of no par value, ncluding 1,771 shares in treasury.
84,147
taxes, &c
85,223
V.
P. 495.
Total
Total
24,727,536 24,240,064
24,727,536 24,240,063
United Steel Works of Burbach-Eich-Dudelange
x After deducting $4,707,679 for reserve for depreciation.
-V.129,P.986.
<Societe Anonyme des Acieries Reunies de Burbach-
Consolidated Balance Sheet June 30.
1928.
1929.
1929.
1928.
8
8
Assets8
Liabilities$
7,045,400 7,145,400
IFIxed assets
12,002,601 1,921,134 Pref. stock (8).
'Good-will, organiPreferred dividends
139,812
130,744
zation, &c
1
1
payable
500,000
Invest. &fill. co__ 2,650,270 2,158,665 Notes payable_
935,646
-Cash
1,300,254 1,216,444 Accounts payable_ 605,031
110,000
100,000
Accts. & notes rec_ 3.633,547 2,940,950 Tax reserve
218,269
Inventories
3,785,253 5,630,459 Coating. liabilities 463,732
Coating. account_ 463,732
218,268 Common stock &
y5,567,289 5,099,443
Deferred assets__ _
surplus
76,537
62,648
Eich-Dudelange) (Grand Duchy of Luxemburg) "Arbed."-Bonds Called.
Certain 25
-year sinking fund 7% gold bonds, dated April 1 1926, aggre-
CURREN TNOTICES.
-Earnings in 1929 which will surpass even the record levels achieved last
gating $97,000 have been called for payment Oct. 1 at par and int. at
the office of Kuhn, Loeb & Co., 52 William St., N. Y. City, or at the year are forecast for the large cigarette and tobacco manufacturers by Chas.
D. Barney & Co., 65 Broadway, New York, in the sixth edition of their
Guaranty Trust Co., 140 Broadway, N. Y. City.
-V. 128, p. 1418.
The outlook for these manufacAnnual Review of
-Sells 15,000 Shs. Stock. turers, the review the Tobacco Industry.
Venezuelan-Mexican Oil Corp.
finds, is decidedly better than it was in 1928. there
The corporation, whose common stock is listed on the Boston Stock
shares of its being no immediate prospect or necessity of further price reductions and
Exchange and New York Curb, has placed privately 15,000
treasury common stock at $70 per share net, no commission. The proceeds current supplies of tobacco having been taken at figures generally more
amounting to $1,050,000, will be used to acquire further producing propertle favorable than the prices prevailing last year. A greater degree of optimism
In Texas and Oklahoma, now under option.
The company now has contracts outstanding whereby it owns jointly and is justified regarding the current year's operations in the cigar industry,
manages properties in Oklahoma and Texas with Shell Petroleum, Atlantic the review declares, than has been possible for a long time. Favorable
raw material costs, combined with a rapidly developing market for the
Refining and Humble Oil companies.
It is understood that strong New York interests have taken part of the inexpensive but good cigar, it continues, make it probable that the largest
stock just placed. The company has outstanding 216,146 common shares,
of which 17,403 shares still remain in the treasury after this current sale. and most efficient cigar manufacturers will materially better their position
A year ago company had 24,000 preferred shares outstanding. As of Aug. in 1929. The year 1928, continued to mark the further growth and develop16 this total had been reduced through conversion into common stock. ment of tobacco manufacturers, the bankers report, although declines
to 9,774 shares.
-V. 124, p. 1838.
in production occurred in all principal branches of the industry except the
Vick Chemical Co.
-New Capital Stock Placed on a most important-cigarettes.
Personnel.
32.50 Annual Dividend Basis-Changes in
-De Saint-Phalle & Co.. members of the New York Stock Exchange,
The directors have declared a regularquarterly dividend of 623c. per will open their first Canadian office on Sept. 3 at 276 Insurance Exchange
share, payable Nov. 1 to holders of record Oct. 17. This is equivalent to Building in Montreal,
under the direction of Major R. C. Carthew. The
.$5 per share per annum on the old 400,000 shares of capital stock , and
represents an increase of $1 a share annually over the rate prevailing before announcement made by the New York firm, reveals that it is their purpose
to open other branch offices in various cities in the Dominion during the
the recent 2-for-1 split-up.
Lun.sford Richardson has been elected President to succeed his brother, coming year. The next office, to be located in Toronto, w II be opened about
II. Smith Richardson. who becomes chairman of the board of directors, a
newly created position. and W. Y. Preyer has been elected 1st Vice-President Jan. 11930. The firm also holds membership in the Philadelphia and New
in charge of the new products and expansion department. Other officers York Produce Exchanges and an associate membership in the New York
elected were: K. E. Priokett, A. T. Preyer, H. 10. McKay. II. 0. Yates, Curb Exchange. In addition to its main office it has two branches in New
and C. 0. Yates, Vice-Presidents; F. M. Stearns, Secretary-Treasurer. York City and a branch in Philadelphia, while its connections are interand F. E Parsons, Assistant Secretary-Treasurer. These changes will
national, the firm being the correspondent of Saint-Phalle Limited of
become effective Oct. I.
The retiring dieectors were re-elected as follows: II. Smith Richardson, England, Banque de Saint-Phalle of France. Banque de Saint-Phalle of
Lunsford Richardson, John W. Hanes, W. Y. Preyer, C. I. Carlson and Belgium,Saint-Phalle Bank, A. G. of Germany and Saint-Phalle & Co.of
C. F. Chapin.
-V, 129, p. 985.
Switzerland.
-Stockholders Receive PrivWarner Bros. Pictures, Inc.
-Elisha M. Friedman, investment banker and lecturer on finance, will
Debentures.
ilege to Subscribefor Optional 6% Convertible
be assisted by a group of eminent financiers and journalists in a series of
offered the right twelve lectures on Finance and Investment, to be delivered at the New
Holders of common stock of record, Sept. 9 1929, are
to subscribe to optional 6% cony, debentures, series due 1939, at the rate School for Social Research, 465 West 23d Street, New York City. during
of one $500 debenture for each 68 shares of common stock held. The offering price, payment of which is required on or before Sept. 30, is $525 per the fall term which begins the week of Sept. 30. All lectures at the New
$500 debenture. No rights accrue to the preferred stockholders but they School. one of the leading exponents of adult education in the United
are offered the privilege of subscribing if they convert their holdings Into States, are delivered after business hours, in the late afternoon or evening.
common stock on or before the record date. Through this operation, the
Finance and Investment will be held Tuesday
corporation will obtain funds on a basis equivalent to the sale of a 6% se- This series of lectures on
evenings, from 8.20 to 9.50 at the New School, according to the annua
curity at 105.
Arrangements have been made through Goldman, Sachs & Co. for the announcement of the director, Dr. Alvin Johnson. Complete registration
underwriting of this issue. Thus assuring the sale of the entire amount of information for all courses may be obtained from the Secretary's office
debentures to be offered.
The novel feature of the financing is the optional interest provision under at 465 West 23d St.
which debenture-holders may elect to receive their interest quarterly in
mile object of this course," states Mr. Friedman in the New School's
common stock or in cash at the annual rate of $60 in cash or 1 share of announcement. "is not to train professional students in finance. Rather
.common stock for each $1,000 debenture held. The debentures will be
convertible into common stock at the rate of one share of common for each it is intended as a practical guide for those persons engaged in various non$75 of debentures on or before Sept. 1 1932; at the rate of one share of ' business callings, whose income is derived from investments. It is designed
common for each $80 principal amount thereafter and on or before Sept. 1 to enable them and such persons as are interested directly or indirectly in
1935: and at therate of one share of common for each $85 principal amount
funds to form an intelligent judgment on the
thereafter and on or before Aug. 26 1939. The debentures will be redeem- indirectly in the handling of
able at the option of the corporation at any time on 60 days' published various classes of investments. While the course is designed to serve a pracnotice at 105% of principal amount thereof if redeemed on or before March 1 tical purpose, it will also have a cultural value in making intelligible the
1930, with the redemption price reduced
of 1% on March 2 1930 and
-one of the most significant and
dominant in finance
again at the expiration of each full year after March 2 1930 to 100 on and general principles
characteristic phases of the highly organized, sensitive, and mobile life of
after March 2 1939 and prior to maturity.
President Harry M. Warner, after outlining the offer, continues as our day."
follows: "The corporation has continued its expansion 'program during
-possibility that the Chicago & North Western Railroad may merge
the last six months by enlarging its production and distribution facilities
and by the acquisition of additional theatre properties and music publish- with the Union Pacific focuses attention on this road, according to an analythe issuance, sis prepared by Emanuel & Co., members of the New York Stock Exchange,
ing companies. This expansion has been financed through
from time to time,of additional shares of common stock and by the payment
They think that if the Great Northern-Northern
of cash. The funds to be received from this offer of optional6% convertible 32 Broadway, N. Y.
sanctioned by the Inter-State Commerce Comdebentures, series due 1939. will be used to reimburse the treasury of the Pacific merger should be
corporation and to provide funds for further expansion."
-V. 129. p. 1304. mission it might not be good policy for Union Pacific to delay too long the
acquisition of actual control of the North Western and "Omaha" system.
Warner Sugar Corp.
-To Pay July 1 Interest.
The Chase National Bank of the City of New York, trustee under first
-The fact that long interests are carrying sugar contracts in greater
and refunding mortgage, dated Jan. 1 1924, securing 15
-year 7% sinking
over before at this stage of the year is explained by Farr & Co.,
fund gold bonds of the above corporation, has received funds with which volume than
.
90 Wall St., N. Y. City, in their current review of the sugar market, as
to pay July 1 1929 coupons.
-V. 129. P. 818.
tariff increase, a two-cent level for sugar,
(S. S.) White Dental Mfg. Co.
- being due to the possibility of a
-10% Stock Dividend
and the probability of improvement in price as a result of the single seller
Stock Split-up Approved.
taking over the remaining unsold supplies in Cuba on Sept. 1.
The stockholders have approved the recommendation of the directors
-In the current issue of "Financial and Economic Review." Clark,
for the payament of a 10% stock dividend, payable Sept. 16 to holders of
Dodge & Co., 61 Wall St., New York, see as the basis for the bull market
record Aug. 15.
recognition of the remarkable improvement
The proposed plan to increase the authorized capital stock to 86,000,000 in rallway securities a belated results of the carriers which has taken place
operating
from $5,000,000 and to split the shares 5
-for-1 by the reduction of the in the condition and in as a reflection among other factors of the expenditure
par value of the stock to $20 from $100 and to offer employees 25.000 during the last 6 years
period.
new $20 par shares at $22 per share was also approved.
-V. 129, P. 818. of 5 billion dollars in this
-James H. Oliphant & Co., members of New York Stock Exchange, 61
Youngstown Sheet & Tube Co.
-Listing.
N. Y., have published the 24th edition oftheir annual publicaBroadway,
The New York Stock Exchange has authorized the listing of 200,000 tion entitled "Mundy's Earning Power of Railroads." It is a publication
additional shares of common stock (without par value) making the total well worth having.
applied for 1,200.000 shares.
-Bankus Corporation, the investment affiliate of The Dank of United
The directors Aug. 15, authorized and declared a share dividend in the
an office at 208
amount of 200,000 common shares (amounting to a share dividend of 20%) States, New York, have opened Paul V. Warde. South La Salle St., Chicago, under the management of
payable to common shareholders of record Aug. 26.
The share dividend is made payable on Sept.91929. Paymentforfrac_Philip G. Cameron. formerly Secretary of the committee on stock list
tional shares will be made in cash on the basis of $135 per share.
-V. 129. of the New York Stock Exchange, has been admitted, as a general partner.
p. 1304.
in Tooker & Co., 120 Broadway, N. Y. City.
Yale & Towne Mfg. Co.
-Listing
.•
-Hornblower & Weeks. 42 Broadway, New York, have issued a special
The New York Stock Exchange has authorized the listing of 27,256 circular on Reliable Stores which operates a chain of furniture establishadditional shares of its capital stock (par $25)upon official notice ofissuance ments.
and payment in full, making the total amount applied for467,256 shares.
Potter & Co., members of the New York Stock Exchange. 5 Nassau
The stockholders July 29, authorized the issuance of 27.256 addtional
shares of capital stock as consideration for the acquisition of the entire St., New York, have issued a special circular on Pacific Lighting Corp.
assets, subject to the business obligations, as of May 31 1929, The Stuebing
-Hemphill, Noyes & Co. announce that John B. Sellers has become
Cowan Co.
associated with their Pittsburgh office.
The purchase price agreed upon for the net assets of The Stuebing Cowan
Prince & Whitely, 25 Broad St., N. Y., are distributing an analysis of
Co. is $2,057,920 in settlement of which the 27,256 additional shares
-Texas Railroad.
referred to will be issued to the shareholders of The Stuebing Cowan Co. Missouri-Kansas
The total par value of these 27,256 additional shares amounts to $681.400.
-E.F. Hutton & Co., 61 BroadWay, New York. have prepared a booklet
The difference between the total par value of $681,400 and the purchase on General Foods Corporation.
price of 82.057,920, amounting to $1,376,520, will be added to the company's capital surplus, representing as it does, a premium received on the
The current market letter of Josephthal & Co. contains an analysis of
Loose-Wiles Biscuit.
pale of the Company's capital stock.
AuG. 31 1929.]
FTNANCIAL CHRONICLE
1463
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE
-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES
-METALS
-DRY GOODS
-WOOL
-ETC.
COMMERCIAL EPITOME
Th. 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."
On the 28th inst. futures closed 1 point lower to 9 points
higher on Santos with sales of 31,500 bags, and 8 points lower
to 2 points higher on Rio with sales of 21,750 bags. Trade
shorts covered. Brazil bought to some extent. Cost-andfreight prices advanced. Santos cables were 200 to 400
reis higher. Sept. declined here 2 to 4 points under liquidation but other months were firmer. On the 29th inst. futures
ended irregular within moderate range. Rio was off 4 points
lower to 2 higher with sales of 15,250 bags, more than half
straddles and switches. Santos ended 10 points lower to
3 points higher with sales of 44,750 bags. To-day Rio futures
ended 1 to 5 points higher with sales of 10,000 bags and Santos
wound up 3 to 6 points off with sales of 16,000 bags. Brazil
was reported to have sold Sept. and bought Dec. and selling
Santos futures. Final prices show an advance on Rio for
the week of 2 to 16 points, and on Santos of 16 to 28 points.
Rio coffee prices closed as follows:
New York, Friday, Aug. 30, 1928.
COFFEE on the spot was quiet at 22 to 22%c. for Santos
4s, 16 to 163/40. for Rio 7s and 150. for Victoria 7-8s. Spot
coffee was firm later with Santos 4s, 22% to 223/2c.; Rio
7s, 16% to 163/2c. and Victoria 7-8s at 15%c. Still later
Santos 4s were 22% to 2232c.; Rio 7s, 16% to 163/20. and
Victoria 7-8s, 15%o. Fair to good Cucuta, 21%c. to 22c.;
Colombian, Ocana, 20c. to 203/20.; Bucaramanga, natural,
20%c. to 21c.; washed, 23%c. to 24c.; Honda, Tolima and
Giradot, 23%c. to 24c.; Medalhn, 243 c. to 25%c.; Mani%
2
zales, 24c. to 243/0.; Mexican washed, 243/2c. to 25c.;
Surinam, 21%c. to 22%c.; Ankola, 283/2c. to 34c.; Mandso
p
!May
13.96®
heling, 34c. to 37c.; Genuine Java, 32c. to 33%c.; Robusta, sept (unofficial). _ _16 Si Dec
12.96® ___
14.25014.29 Mar
13.36© nom IJuly
12.66®12.6'i
washed, 19c. to 19%c.; no natural here; Mocha, 263/2c. to
Santos coffee prices closed as follows:
27%c.; Harrax, 25c. to 26c.; Abyssinian, 21%c. to 22c.;
Mar.
16.10
13.36®19.37 I July
18.31
Guatemala, prime, 233/20. to 24c.; good, 22%c. to 22%c.; Sept
I May
20.38
18.79© nom
Dec
Bourbon, 21%c. to 220.
COCOA to-day was unchanged to 5 points lower. Sept.
Cost and freight offers on the 26th inst. from Brazil were
Sales
in moderate supply at irregular prices. Some were slightly was the strongest.than a were 157 lots. Final prices are
week ago.
lower, some higher and other unchanged. For prompt ship- 7 to 9 points lower
ment Santos Bourbon 2s and 3s were here at 22.45 to 223
SUGAR was in fair demand at 2 1-16c. for Cuban c.&f.
/
20.'
3s, 21.95 to 22%c.; 3-48, 21 to 21.15c.; 3-55, 20% to 210.; Receipts at United States Atlantic ports for the week were
4-5s, 19.95 to 21%c.; 5s, 20.70c.; 5-6s, 18.95 to 203
/
2c.; 47,075 tons, against 46,571 in previous week and 35,206 in
6s,8.60c.; 6-7s, 17.90c.; 7-8s, 14.70 to 173 c. Part Bourbon the same week last year; meltings, 60,384 tons, against
%
3-4s, 2132c.; 4-55, 20%c.; 5s, 19%c.; 6s, 18%c.; rain dam- 69,983 in previous week and 56,250 last year; importers'
aged 3-5s, 17.15c.; 55, 16c.; 6-7s, 15.55 to 16.900.;
stock, 406,754 tons, against 407,754 in previous week and
14% to 15e. Peaberry 2-3s, 22% to 22c.; 4s, 21%c.; 7-8s, 279,318 last year; refiners' stocks, 199,539, against 211.848
4-5s,
20%c.; 5s, 20.80. Rio 7s, 14.60 to 15.10c.; 7-8s, 14.30 to in previous week and 106,473 last year; total stocks, 606,293
14.85c. Victoria 7s, 13.800.; 7-8s, 13.60c. On the 27th against 619,602 in previous week and 385,791 last year.
inst. cost and freight offers from Brazil were rather scarce
Receipts at Cuban ports for the week were 31,828 tons,
and most prices showed some advance. For prompt ship- against 43,051 in the same week last year; exports. 108,021
ment Santos Bourbon 2s were quoted at 223/2c.; 2-3s at tons, against 76,187 last year; stock (consumption
deducted),
21.45 to 22%0.; 3s at 21.95 to 22%c.; 3-4s at 21.15c.; 3-5s 792,323 tons. against 864,423 last year. Of the exoorts
at 20.55 to 21 Mo.;4-5s at 19.95 to 21 %O.;5s at 20 M to 20.70c; 50,555 tons went to Atlantic ports, 11,156 to New Orleans;
5-6s at 18.95 to 208 c.; 6s at 18.40 to 18.80c.; 6s at 18.40 5,458 to Interior United States, 2,823 to Galveston, 3,627
%
to 18.80c.; 6-7s at 17.90c.; 7-8s at 14.70 to 17.85c. Part to Savannah and 34,391 to Europe.
Bourbon 3-4s at 21%c.; 4-5s at 20% to 21c.; 5s at 19 to
A cargo of Cuban it appears sold on the 23rd inst.
193c.; 6s at 1834c. Peaberry 4s at 21%c.; 4-Ss at 203c.; c. & f. to New Orleans. But no such price has ruledat 2c.
%
/
%
here
rain-damaged 3-5s at 17.15c.; 6s at 17%c.; 6-7s at 16.55 to since. Refined 5.50c. Re-sale on the 26th inst. was 5.20
17c.; 7s at 16 to 16%c. Rio 7-8s at 14%c. and Victoria to 5.30c. and such prices diverted trade to re-sale sugar for
7-8s at 13.85o. Santos Bourbon 4-Ss were offered for the time being. Prompt raws were dull on the 26th inst.
Sept.
-Oct.
-Nov. shipment, equal, at 21 to 21 %c. and t 2 1-16e. Futures on that date ended 2 to 3 points lower
3
Victoria 7-8s Oct.
-Nov. at 13%c.
with sales of 52,000 tons nearly half exchanges. LiquidaCost-and-freight offers on the 28th inst. from Brazil were tion on the eve of September notices was a feature; also
some
generally higher. They included for prompt shipment liquidation in December. On the 26th inst.
Santos Bourbon 2-3s at 22.60 to 23c.; 38 at 22% to 22%c.; selling and liquidation of September by houses withthere was
3-4s at 21.650.; 3-55 at 20% to 21.350.; 4-5s at 20.10 to 21 3 c.; and Cuban connections, with the buying mostly European
%
covering.
bs at 20 to 203 c.; 5-6s at 19.10 Li: 19.90c.; 614 at 18.90c.; The stocks of raw sugar in New York licensed warehouses
%
on
6-7s at 17.90 to 19e.; 75 at 17c.; 7-8s at 14.80 to 17.95c.; the 26th inst. were 2,425,998 bags against 2.465,631 bags a
part Bourbon 4-55 at 21 to 21%c.; 5s at 203 c.; 5-6s at 20o.; month ago and 1,961,104 bags on the SaIlle day last
%
year.
Peaberry 4$ at 21%c.; 4-5s at 20% to 20%c.; 58 at 20.80e.; On the 27th inst. sales of Cuban and Porto Rican
rain-damaged 3-Ss at 17.50 to 20.10c.; 6-7s at 15.70 to 17.15c.; were made at 2 1-16c. c. & f. or 3.83 delivered. raw sugars
70 at 15% to 16.90e.; 7-8s at 14.90c.; Rio is were here Rican sale was of a cargo for first half SeptemberThe Porto
shipment
14/ to 14.95c.; 7-8s at 14.45 to 14.65c.; Victoria is at 13.80c. while of Cuban 10,000 bags sold,
4
and 7-8s at 13.60e. On the 29th inst. cost-and-freight offers at 2 l-16c. There were furtherfor late September shipment
bids of 2 1-16c. but 23/2c.
from Brazil were unchanged to higher, not a few being 10 to j was asked.
25 points above the previous day's tenders by the same j Havana cabled on the 26th inst.: "The
importers. They included for prompt shipnient Santos Corporation will hold a meeting in Havana to Cuban Export
-morrow (TuesBourbon 2-3s at 22.60 to 23e.; 3s at 22.10 to 22%c.; 3-4s at day) at 11 a.m., and
is believed that an announcement
21.70 to 22.15e.; 3-58 at 20.35 to 21.45c.; 4-58 at 20% to of policy, &c., will be it
made shortly thereafter. By Presi21 k c.; 58 at 20% to 21%c.; 5-6s at 19.35 to '20c.; 6s at dential decree the Cuban Export Corporation
18.904:.; 6-7s at 18.45c.; 7s at 18.20c.; 7-8s at 14.80 to 18.05c.; 'single seller' until such time as the memberswill act as the
of the single
Peaberry 35 at 21 /
34e.; 4s at 21% to 21%e.; 5s at 20.80c.; selling commission
officially appointed." Futures on
rain-damaged 3-5s at 17%c.; 5-6s at 18% to 19c.; 6-7s at the 28th inst. endedare
15.65e. to 17.15e.; is at 15% to 18c.; 7-8s at 14.90 to 15c.; Sept. 1 point higher. generally 2 to 3 points lower but with
Sales were 56,550 tons.
8s at 15%e.; Rio is at 14% to 15c.; 7-8s at 14.45c. to 14%c.; and Cuban interests sold Sept. and Dee. quite d Wa11 Street
freely. Cu ban
Victoria 7-8s at 13.60e.
interests also, it appears, sold March, May
July.
One 4:eminent was: "After two days of rain in Santos houses bought May. Prompt Cuban
there was an idea that frost might occur. However, fine 2 1-16 to 2%c. Havana cabled that raws were quiet at
the final details oft
it
weather followed and without frost. Danger from frost single selling agency had
bh:
approved and that
damage to the II60-31 Brazil crop is now practically elimi- come operative on Sept. beenIt will
1.
have, .according to one
nated, leaving the prospects of that crop promising. The report, more than 703,000 tons
of sugar at its (lisp :sal,
coffee grovk jog States in Brazil are to meet in conference cluding about 280,000 tons returned
into producers by
early in September to decide on the future plans for the pro- Joint, Poreign Sales Syndicate.
Other cables received in the
tection of carve prices. With the increased production trade were to the effect that
the
of the new plantations other than Sao Paulo, it is not un- probably function as the seller the Export Corp,:ra,tion will
or controller of these
likely that opinions as to the policies to be followed will until the personnel of the
selling agency has been sugars
differ very much. Up to the present the State of Sao Paulo at a meeting to be held Sept.
selected
7.
has borne the largest part of the load in the endeavor to will not have more than 603,030Some think that the agency
tons to sell On the 28th
sustain prices. With prospects as have developed, it will be inst. sales, It turned out,were
60,033 to 70,033 bags at 2 1-16e.
a gigantic task to continue to arbitrarily hold values." late Sept. and Oct. shipment.
London was easier on raw
Futures on the 26th inst. advanced 12 to 30 points on and 3d. off on refined.
Santos with sales of 46,700 and 8 to 20 points on Rio with
On the 28th inst. there were 24
September notices. On
sales of 28,250 bags.
the 28th inst. Havana cabled at a meeting
of the Directors of
1464
FINANCIAL CHRONICLE
the ExportGo. yesterday, the following resolutions were
.
adopted: First
-To admit as director present Chairman of
the National Association of Planters (Mr. Panceeira,) in
substitution of former Chairman Mr. Hill. Second-To
send message of condolence to the family of Galla Gutierrez.
Third-To Appoint in his place Dr. Viriato Gutierrez.
Fourth-To hold a meeting of stockholders Sept. 7, so as to
a
appoint . commission to study the modification of the
corporation of the co-operative agency. Fifth-To acknowledge the decree recently issued by President Machado.
Sixth-To subm t to stockholders vote of S3pt. 7 the election
of new directors. Seventh-To request Mr.Pedroso to withdraw his resignation as director. Some advices from Havana
report estimates of the quantity to be controlled by the
Cuban single seller range from 400,000 to 700,000 tons.
It was pointed out that next week the Co-operative Export
Agency will assume control in Cuba. This brought out offers
of October sugars at 2 1-16e. The offerings were eagerly
accepted by refiners and operators. The volume of sugar
sold and hedged by Cuban producers on the Exchange is said
to be so large that some feel that the Single Seller will have
a lighter task and a smaller volume to handle this year than
was originally expected. Cuba will have all the more time to
organize for 1930. Futures on the 29th inst. ended 1 point
lower to 3 points higher. Near months were firm on covering.
Heavy tenders however were expected. Spot raws were
quiet on the surface at least. On the 29th inst. confirmed
sales in all were 89,000 bags at 2 1-32e. to 2 1-160. Also
later 25,000 bags for October sold at 2 1-16c. e. & f. and
3,000 tons Philippines due about Sept. 15th at 3.83e.
delivered.
The talk is that a good deal of the sugar tendered on
.
the September contracts is being received by a Cuban
pool in which there are a number of politicians, said to be
.
buying in the belief that when the selling agency assuines
.
control it will be absolute and that it will advance the price
of raw sugar. F. 0. Licht cabled that his estimate is unaltered. Germany is too dry, rain being wanted everywhere
urgently. The stand there has increased little in weight
but the sugar content is satisfactorily heavier. GzechoSlovakian beets have increased in both weight and
sugar content. Dr. Mikusch cabled his estimate of the
beet crop for all Europe except Russia at 7,095,000 metric
tons, against his last year estimate of 7,035,000 tons. For
Russia, he estimated the production at 1,480,000 tons,
against 1,425,000 last year. Germany, he put at 1,875,000
metric tons, against 1,865,000 last year; Czecho-Slovakia,
1,030,000 against 1,057,000 last year; France, 975,000,
against 909,000; Belgium, 285,000, against 279,000; Holland,
260,000, against 321,000; Poland, 800,000, against 747,000;
Italy, 410,000, against 385,000; Spain, 250,000, against
239,000, and United Kingdom at 275,000, against 220,000
last year. To-day 567 September notices were issued early.
Raws were quiet. Sales of 10,000 bags of Cuba for October
shipment were reported at 2 1-16c. Yesterday several cargoes sold at 21-16c. for October shipment. On Monday
next the single selling plan goes into effect and will control
all sales. New business in refined was rather slow, but withdrawals were very good. Futures to-day closed 1 point
lower to 4 higher with sales of 55,750 tons. There was heavy
buying of December by commission houses and much covering in September. Refiners are expected to reduce prices
next Tuesday 15 to 20 points. Final prices of futures show
an advance of 1 to 6 points for the week. Prices follow:
Spot (unofficial_ _2 1-161Jan
2.0602.07 Mar
Sept
Dec
2.180
2.230
May
July
2.290 --2.360 ---
LARD on the spot was firm at one time at 12.70 to 12.80c.
to p ime Western. Later 12.55 to 12.65c.; refined Conti/
/
nent 13.4c.; South America, 135 80.; Brazil, 145se. Later
prime W stern off to 12.45 to 12.55e. Futures on the 24th
inst. were 3 to 13 points lower under week-end liquidation.
Hogs in Chicago were 10.65 to 12c. Futures on the 26th
inst. closed 12 to 20 points off with corn lower and hog receipts larger, though this did not depress hog prices. Futures on the 28th inst. advanced 2 to 5 points with hogs up
10 to 150. and less Sept. liquidation. Total hog receipts
were 72,200, against 68,365 last year. Futures on the
29th inst. ended 7 points higher with a better demand for
long account, some covering and a certain sympathy with
higher prices for corn. Liverpool was 3d. to 6.1. higher.
To-day futures ended 2 to 5 points lower with hogs easier and
receipts of hogs rather large. Final prices ended 13 to 23
points lower for the week, however.
DAILY CLOSING PRICES
Sat.
September deliveri____12.10
12.22
October delivery
December delivery_ _ _12.27
OF LARD FUTURES
Mon.
Wed.
Tues.
11.87
11.95
11.90
12.10
12.02
11.97
12.15
12.12
12.10
IN CHICAGO.
Fri.
Thurs.
11.92
11.97
12.05
12.10
12.17
12.2J
PORK dull; Mess $31; family $36 fat back $22.50 to $27.
Ribs 13c. Beef quiet; Mess $25; packet $26 to $27;family $26
to $30; extra India Mess $42 to $45; No. 1 canned beef $3.10;
No. 2 six pounds, South America, $16.75; pickled tongues
$75 to $80 per barrel. Cut meats dull and weaker; pickled
hams 10 to 20 lbs., 20% to 223/2e.; bellies, clear, 6 to 12 lbs.,
183/2 to 220.; bellies, clear, dry salted, boxed, 18 to 20 lbs.,
1634e.; 14 to 16 lbs., 163/2c. Butter, lower grades to high
scoring 373/2 to 45e. Cheese, flats 233/2 to 293/2c.; daisies
selected
23 to 28e.Eggs,medium to extras,33% to 42o;closely
to 45c.
43
[VoL. 129.
OILS.
-Linseed was still 12.8e. for carlots while for 5 and
10-bbl. lots 13,2e. was quoted and for single barrels 13.6e.
Trading was small. Large paint interests are only taking
enough to fill immediate needs. Cocoanut, Manila, coast
tanks, 64 to 63/2c.; spot N. Y.
6% to 63/2c. Corn,
tanks,
crude, bbls., tanks, f.o.b. mills, 7%to 8c.; olive, Den.,
$1.15 to $1.30; Chinawood, N. Y. drums, carlots, spot, 14c.;
5
Pacific Coast futures, 12%e. Soya bean, tanks, coast,
/
20. Edible, olive, 2.25 to 2.40e. Lard, prime, 1534c.;
93
extra strained winter, N. Y. 12%e. Cod, Newfoundland,
62e. Turpentine, 53 to 59%c. Rosin, 38.673/2 to $9.45.
%
Cottonseed oil to-day closed 8 to 9 points higher with local
interests buying and cotton higher. Jan. was switched to
March at 13 points. Sales were 13,000 bbls. with P. Crude
S. E.73%o.bid. Closing prices were as follows:
Spot
Sept
Oct
9.350 bidi Nov
9.350
Dec
Jan
9.540
9 5009.651Feb
9.81
9.7009.859.80
9.6309 64 I Mar
.
0
9.689.71 I April-- - _--9.84 9.92
PETROLEUM.
-The Standard Oil Co. of New York
reduced gasoline 30. in tank wagon. Several big operators
of chain filling stations met the cut. The price is now
18e. including State tax. Other interests are expected to
make similar cuts. It is felt in many quarters that these
reductions are aimed at vendors of low-priced motor fuel
throughout the city and nearby territory. U. S. Motor
was 9 to 93/2c. tank ears f.o.b. refinery. There was a fair
jobbing trade, but buying for forward delivery was not
large. Gasoline stocks at refineries were reduced. Refiners
representing 93.5% of the industry reported stocks of
32,397,000 barrels at the end of last week, as against 33,897,000 barrels reported by refiners with a 93% total
capacity a week previously. Kerosene was steady at 73
to 8e. for water white in bulk at refinery. Bunker oil was
firm at $1.05 f.o.b. refinery and $1.10 f.a.s. New York
Harbor. Cylinder stocks were steady with a fair demand
both for export and domestic account. Gas and fuel oil
stocks increased to 143,300,100 barrels last week. A
refiner who has maintained his list price for a long period
at 10e., on the 29th inst. reduced his quotation for U. S.
Motor grade to 9c. tank cars f.o.b. refinery. Other refiners
adhered to the 9 to 93/20. level.
Tables of prices usually appearing here will bo found on an enrller page In
our department of 'Business Indications," In an article entitled "Petroleum
,
'
and Its Products.
-On the 24th inst. New York advanced 10 to
RUBBER.
40 points with a better technical position. Liquidation
slackened. The sales were 490 tons. Contracts were scarce.
London Was up 3-16d. and Singapore 1-16 to %d. In
London on the 24th inst. spot and August closed at l0/2d.;
September, 10 7-16d.; October-December at 10 11-16d.
%
Singapore September ended at 93 d.; Oct.-Doc., 10 5-16d.;
Jan.-March, 10 9-16d. New York ended on the 24th inst.
with September 20.1004 January, 21.30 to 21.40c.; March,
21.80c.; May, 22.10 to 22.30e. Outside prices: Ribbed
smoked spot and August, 20 to 203c.; Sept., 20% to 20%c.;
-Dee., 203/2 to 2134c.; spot, first latex, 213. to 213/2e.;
Oct.
thin, pale, latex, 213/2 to 213e.; clean, thin, brown crepe,
17 to 1734c.; spooky crepe, 16% to 17c.; rolled brown
crepe, 121/2 to 13c.; Number 2 amber, 173/2 to 173/2o.; Number 3, 163/2 to 173.c.; Number 4, 16% to 17c. On the
26th inst. New York ended 10 points off to 10 points
.
up with sales of 344 contracts or 860 tons. London's stock
increased for the week 1,078 tons, making the total now
34,651 tons against 33,573 tons at the close of the previous
week. The week's imports were 2,514 tons and deliveries
out of stock 1,436 tons. In Liverpool the stock was 7,285
tons against 5,933 tons at the end of the previous week an
increase of 1,292 tons. New York on the 26th inst. ended
with October 20.40 to 20.50c.; December, 21.20c.; January,
21.40 to 21.50c.; March, 21.80 to 21.90c.; May, 22.10 to
22.20e. Outside prices: Smoked ribbed spot, August and
September, 2034 to 203/2e.; October-December, 21 to 21340.;
%
Jan.-March, 21% to 211/80.; April-June, 217 to 2234c.;
spot, first latex crepe, 213. to 21%e.; thin, pale latex, 213/2
to 21%c.; clean, thin, brown crepe, 17% to 173/2e.; specky
1
crepe, 16% to 174c.; rolled, brown crepe, 12% to 13c.
London on the 26th inst. closed with spot, August and Sept.,
10 5-16d. Singapore ended with September, 93/2d.; Oct.
December, 10 7-16d.
New York on the 28th inst. ended unchanged to 20 points
lower; March at one time was 50 points lower. The Sept.
notices unexpectedly ran up to 253. The sales were 2,365
tons, against 1,016 on the previous day. Considerable
switching was done. Sept. ended at 20.30e.; Oct., 20.60o.;
Dec., 21.40c.; Jan., 21.500.; March, 21.90 to 22c.; May,
22.30 to 22.50e.; July, 22 to 22.80c. Outside prices:
%
8
Smoked ribbed sheets, spot and Aug., 203/ to 203o.;
-Mar.,
Sept., 2
/
03/ to 207gc.; Oet.-Dee., 213/i to 213/2c.; Jan.
21% to 223/2e.; April-June, 223i to 223/2e.; spot, first
%
latex, 21% to 213/2c.; thin, pale latex, 217 to 223e.; clean,
thin brown crepe, 17% to 173/2c.; spooky crepe, 163 to
173.ic.; rolled brown crepe, 123/2 to 13e.; No. 2 amber, 173/2
/
/
to 173/sc.; No. 3, 17A to 175sc.; No. 4, 17 to 173se. Paras,
3
upriver, fine, spot, 213/2 to 22c.; coarse, 113/0.; Acre, fine,
2
%
spot, 213 to 223jc.; Gaucho ball, upper, 113/2e. London
on the 28th inst. advanced 1-165. spot, and Sept. 103/2d.;
-Doe., 10 9-16d.
Singapore, Kid. up; Sept., 10d.; Oct.
To-day prices ended 10 points lower to 10 higher with sales
of 378 lots. There was some pre-holiday selling. There
was little disposition to do much. A holiday spirit prevailed.
The Exchange will be closed to-morrow, Aug. 31. London
AUG. 31 1929.]
FINANCIAL CHRONICLE
1465
was WI. lower with spot-Sept., 1030.; Oct.
-Dec , 103/2cl. c.i.f. London dropped £1 10s. to £216 on sales
:
Final prices here are unchanged to 10 points higher for , At the second London session on that day sales of 150 tons.
were 75 tons
the week.
4
spot and %
I futures. Later Straits tin sold at 461 e. forwith Sept.465 e.
HIDES.
-On the 24th inst. prices ended 10 points lower for Nov. On the 29th inst. futures closed
45.95
to 4 points higher. That marked a rise for the week of 35 to to 46c. In London on the 29th inst. prices fell 2s. 6d. on
100 points. Trading was down to 120,000 lbs. Saturday standard spot to £207, 17s. 6d.; futures £212; sales spot and
being a kind of off day. Dec. on that day closed at 18.75e. futures 300 tons; Spot Straits off 2s., 6d. to £211, 17s. 6d.;
and May at 19.20 to 19.25e. On the 26th inst. futures Eastern c.i.f. London £216 with sales of 175 tons. To-day
closed 5 points lower to 35 points higher with sales of 960,000 futures ended at 45.75e. for Sept. 46.60e. for Dec. and
lbs. Sept. and Dec. 17.70e.; Dee. 18.75 to 18.80c.; Jan. 47.20e. for March with sales of 35 tons. Aug. deliveries it
18.85 to 18.950.; May 19.45 to 19.50e. Argentina 16,000 is stated were 7,185 tons. America is ahead in tin consumpfrigorifico steers Aug. take-off sold at 19 to 19 1-16e. an tion. Deliveries for the first 8 months were 62,240 tons or
advance of about
Here trade was quiet. Common dry, more than 10,000 tons larger than for the same period last
Central America 19e.; Savanillas 183/2e.; Santa'Marta 19c.; year.
Packer, native steers 19;i to 20c.; butt brands 183i to 19c.;
LEAD was in good demand, especially for Sept. and
Colorados 173/i to 18e.
Oct. shipment.
East St.
On the 28th inst. the sales at the Exchange here were 6.75c. New York.Prices were 6.55e. 28th inst. Louis and
In London on the
prices were
280,000 lbs., closing unchanged to 15 points lower. Dec. unchanged at £23 6s. 3d. for spot and £23 8s. 9d.for
futures;
closed on that day at 18.95 to 190.; May at 19.50 to 19.66e. sales 100 tons spot and 300 futures.
On the 29th inst.
At Chicago 4,000 light Texas steers sold at 17 Yee., an
prices were higher with buying mostly for Sept. shipment.
advhnce of Yee. Also 4,000 Colorado steers sold at 18e. a Sales this week are estimated at something like
pound. Frigorifico steers were firmer; 9,000 hides of the Auto production in August exceeded that 12,000 tons.
of July. In
August take-off sold at $41.25, Argentine gold, or 1954 to
19 3-16e. To-day futures ended 30 points off to 10 up, London on the 29th inst. spot was up 2s. 6d. to £23 8s. 9d.;
3d.; sales 2,000 tons futures; later in the
with sales of 21 lots; Sept. closed at 17.250.; Dec., 18.67c.; futures £23 us. up Is. 3d.
day futures were
March, 18.75e.
ZINC was steady at 6.80c. East St. Louis. Most of the
-Rates were rather weak.
OCEAN FREIGHTS.
demand has been for prompt delivery and that position
CHARTERS included grain. 25,000 qrs. Montreal. Sept. 1-15 to U. E.
2s. 3d.; Antwerp and Rotterdam. 2s. sugar. Cuba. Sept. to U.
-IC. Con- was a little stronger. In London on the 28th inst. spot
tinent, 18s. 6d. Tankers-British Earl. clean, one year, 6s. 9d.: Polarine, dropped is. 3d. to £24 16s. 3d.; futures unchanged at
40.000 bbls. gasoline. part Gulf. Sept. cargo to North of Hatteras, 37c.;
Deodala, 3,800 tons, Constauza-Naples. 10s., fuel oil. August; Luisfano, £25 3s. 9d.; sales, 600 tons futures. Later the tone seemed
3.200 tons. Black Sea-West Coast Italy. I Is. 6d., clean August; Atlas. to be a little steadier. East St. Louis, 6.80e. for prime
2,000 tons. Batoum and Constanza-Vado. 14s. 6d., clean. August. Time
Adolf Leonhardt, 1,757 tons net, Hamburg-United States and(or) West Western slab. Prompt delivery was firmer than futures.
Indies. 75.; trip across. Jason. prompt North Atlantic, $2.25. 011 cake-- High grade zinc is wanted. London on the 29th inst.
Aggersund. Sept.. Gulf for two or three Danish ports, $6.76.
was £25 16s. 3d. for spot; futures off is. 3d. to £25 2s. 6d.;
TOBACCO was in general quiet here. A certain amount sales 300 tons evenly divided between spot and futures.
of business was done in Sumatra for the making of 5
-cent
STEEL has sold, as a rule, less readily but there are
cigars but the offerings were not large so that trade was
correspondingly restricted. Prices were firm. A fair trade hopes of a better trade in September. Meanwhile sheet
was reported in Connecticut shade grown at steady prices. mills are operating at a comparatively high rate and a new
record is suggested at Chicago. Sheets are being bought
The tone was said to be if anything a trifle firmer on Wiscon- by automobile makers. Lax !)r sales than usual in August
sin binders. No marked change was noticeable though the
ea
goods, radio and electric
Wisconsin crop is said to have been recently damaged by have been reported to electrical.
storms. Just how great, however, the damage has not yet refrigerator makers. But specifications in plates in the
been determined. Charleston, wired: "Tobacco bringing main are smaller, even if both sales and specifications in the
good prices." At New Orleans there is now a normal Central West are still the largest on any of the finished
are expected
emend. Export business recently increased very notice- lines At Chicago rail ordersthe highest to be larger in
September. At Pittsburgh
grade of scrap
ably. Lumberton, N. C., to the U. S. Tobacco Journal:
"Last Friday night closed one of the outstanding weeks with advanced to $19.50 to $19.75 delivered there. At Pittsburgh
wire nails were irregular.
sales amounting to 1,811,570 lbs., which brought $301,600, prices for galvanized sheets and
an average of $16.65. It was the biggest week at Lumber- Nails, it seems, were $2.55 in some cases and galvanized
ton this season." Havana (to the same) reported good black sheets $2.85. One Pittsburgh wire said that bars,
were generally $1.95 and cold-finished
buying. Cuban leaf exports for seven months showed a shapes and plates Hot-rolled strip steel, $2.10;
$2.30.
steel
cold
small decrease. Richmond, Va., South Georgia's 1929 $2.75 bars $2.85. Semi-finished steel is in larger strips,
to
supply,
bright leaf tobacco crop has exceeded all records, both for
though $35 Pittsburgh or Mahoning district was
production and gross returns, it was shown in the weekly on billets and sheet bars and $42 on wire rods. still quoted
report of the State Department of Agriculture for the fourth
week of the current sales season, showing a total poundage
PIG IRON was quiet here but Buffalo was reported more
sold of 86,740,003 for $16,271,301. The average for the cheerful after recent rather large shipments to the West.
season is $18.76 per hundred pounds. The season's sales Not for 6 years, it is said have the stocks of iron at Eastern
exceed by more than 1,000,000 lbs. the best previous year, furnaces been so small as they are now. In New York the
which was 1928, when the crop totaled 85,727,172 lbs., but sales are even smaller, however, than they were recently.
brought only $10,958,575, or an average of $12.78 per hun- But shipments of pig iron in Aug. have been larger than in
dred lbs. Money return exceeds by $5,000,000 the highest July. Some report more inquiry for the fourth quarter.
mark, which was set in 1927.
Southern furnaces are in some cases in a better position after
-Soft coal has recently been more active here recent sales at as low as $12.50 at furnaces for basic and No.
COAL.
but quiet in Philadelphia. In Pittsburgh it was up to 2 foundry in competitive parts of the country. To Illinois
$1.60 for steam run of the mine. Buffalo had a larger sales were 10,000 tons Of basic it seems at something under
trade. Cincinnati was predicting a rise of 25e. in the $13.
lump and egg circular to $3.25, due to a better statistical
WOOL.
-A Boston Government report said: "Wool prices
position. Sales of smokeless are said to be large beyond remain firm in spite of a little slower demand than was re-.
.
precedent in the low-volatile domestic sizes. Hard coal ceived a few weeks ago. Supplies of 56s, and lower grades
is being pushed at the Northwest. Cincinnati in some are somewhat restricted, and the short combing original bag
cases quotes smokeless nut and slack for top quality at 64s, and finer move readily. The better combing 64s, and
$1.50. Northern West Virginia high yolatiles were firm, finer are fairly firm, while 58s, 60s wools are strong. The
with lump quoted up to $2.25, steam mine run up to $1.50, receipts of domestic wool at Boston for the week ended Aug.
and i as up to $1.70. In New England prime Pennsylvania 24th amounted to 8,080,000 lbs. as compared with 7,671,300
products imitate the firmness of the Southern low volatiles. during the previous week.
London cabled Aug. 28: "The total wool clip for the
COPPER was in better demand and steady at 18 to
18.30c., the latter for export. Domestic sales are now 1928-29 season in Australia amounts to 950,000,000 lbs.,
better than those for export, and are expected to show a exceeding the record in 1926-27 by 26,000,000 lbs. The
balance in their favor for August. The "Engineering & value of the new clip was approximately $350,000,000,
Mining Journal" estimated domestic sales for the week at The United Kingdom was the largest individual purchasing
28,000 tons and export sales for the month to date at 45,000 country. France was second and Japan third. The Unit
tons. In London on the 28th inst. spot standard was States was seventh. A total of 2,690,000 bales passed
unchanged and futures advanced 2s. 6d. Electrolytic un- through brokers' stores, 228,000 more than the original
changed at £84 5s. for spot and £84 15s. for futures. On estimate and also a, record. All except 44,000 were sold.
Estimate for the
2,585,000
the 29th inst. spot standard in London advanced 2s. 6d. of 2,58,000 which ensuing clip isthrough with an addition
will not pass
brokers' stores, into £73 17s. 6d.; futures up 3s. 9d. to £74 15s.; sales, 50 cluding direct shipments, sales to dealers in
country districts
tons spot and 625 futures. Electrolytic was again un- and
skin wools, making an estimated total production of
changed; at the second London session standard rose 3s. 9d.
2,843,000 bales, over 100,000 bales below the production
with sales of 200 tons futures.
of the past season. The general expectation is for a
lighter
TIN was a little more active on the Exchange at one time clip in the ensuing season owing to droughty conditions and
but trading in specific brands was quiet. Prompt Straits poor lambing percentages in certain districts."
old at 46.10 to 4654c. On the exchange here on the 29th
SILK closed to-day unchanged to
nst. 29 lots sold mostly Sept. Prices ended on that day 20 old contracts, with no sales reported; one point higher on
points lower to 5 points higher. In London on the 28th inst. Dec., $4.88 to $4.90; new contracts Sept., $4.89 to $4.92;
prices declined 75. 6d.; spot standard £208; futures £212; higher with sales of 470 bales; Sept. ended 1 to 2 points
$4.90 to $4.92- D
ales 10 tons and 390 futures. Spot Straits £212; Eastern $4.89 to $4.90; March, $4.90 to $4.9i.
[VoL. 129.
FINANCIAL CHRONICLE
1466
-It has never been our practice to Include In the
NOTE.-Ezports to Canada.
above table reports of cotton shipments to Canada, the reason being that virtually all
the cotton destined to the Dominion comes overland and It Is imposslide to get returns concerning the same(tom week to week, while reports from the customs distrlets
on the Canadian border are always very glow In cooling to hand In view, however,
of the numerous Inquiries we are receiving regarding the matter, we will say that for
the month of July the exports to the Dominion the present season have been 12.295
bales. In the corresponding month of the preceding season the exports were 15.891
hales. For the twelve months ended July 31 1929 there were 270.724 Dales exported,
as against 235.798 bales for the corresponding twelve months of 1927-1928
COTTON
Friday Night, Aug. 30 1929.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
183,758 bales, against 108,086 bales last week and 65,804
bales the previous week, making the total receipts since
In addition to above exports, our telegrams to-night also
Aug. 1 1929 410,170 bales, against 241,021 bales for the
an increase since Aug. 1 give us the following amounts of cotton on shipboard, not
same period of 1929, showing
cleared, at the ports named:
1929 of 169,149 bales.
Total.
Mon. Tues, Wed. Thurs. Fri.
Sat.
Receipts atOn Shipboard Not Cleared for
2.425 2.791 5.362 3,332 4.407 4,695 23.012
Galveston
Other CoastGerGreat
166
Texas City166
- Britain. France. many. Foreign wise.
Aug. 30 at
4.621 6.893 11.042 5,540 9.212 16.570 53.878
Houston
Comm Christi.- 8.707 8.844 10.762 6.485 6.129 6.180 47.107 Galveston
2.900 3.000 3.000 13.300 3.000
New Orleans
1.946 2,723 5,159 4.281 5.149 3,961 23.219 New Orleans
99
923 1.562 5.432
393
555 5.791 Savannah
82 1,415 1,164 2.312
Mobile
263
18.000
5.000
2.132 5,884 4.992 3,495 5,669 7.246 29,418 Charleston_
Savannah
91
542 Mobile
121
98
12
149
162
Charleston
200
3 Norfolk
Wilmington3
205
494 Other
183
lat
--51 ----H
--Li
Norfolk
ports •
2.000 1.500 4.000 21.500 Loon
Baltimore
Total 1929... 10.293 5.423 26.562 40.432 4.395
Totals this week_ 20,151 27.404 38.912 24.316 33,170 39.805 183.758
Total 11)28.. 3.729 3.758 7.207 29.835 3.864
Total1927
6.623 4.177 15.590 15.569 5.448
The following tab e shows the week's total receipts, the
•Estimated.
total since Aug. 1 1929 and stocks to-night, compared with
last year:
Stock.
1928.
1929.
Receipts to
Aug. 30.
This Since Aug This Since Aug
Week. 11929. Week. 11928.
Galveston
Texas City
Houston
Corpus Christi.-Port Arthur, &c..
New Orleans
Gulfport
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Lake Charles
Wilmington
Norfolk
Wport News. &c_
23.012
166
53.878
47.107
23.219
5.791
1929.
1928.
41,646 33.744
971
329
82.234 59.278
187,873 24.386
550
40.788 8.010
-70
8,593
62.807
1.753
117.101
25.887
550
23,358
86.690
1.111
179.596
127.612
98.212
4.178
188.116
50.809
97.934
547
11.832
400
674
55.478
1.609
613
12.328
10.670
60
3.068
18.991
14.380
522
5.796
18.905
108.845
1.048
845
4.485
23.035
2.550
844
4.429
29.418
43.402
1,661
2.851
542
1.077
489
2,445
2.479
74
166
1.678
100
----
3
494
New York
Boston
Baltimore
Philadelphia
128
1,588
216
245
240
395
1.243
181.7119 Ain 170 1 90 804 241.02) 662.214 473.4.51
Totals
In order that comparison may be made with other years,
we give below them totals at leading ports for six seasons:
Receipts III
1929.
Galveston ..., 23 012
53 878
Houston*.
New Orleans
23 219
Mobile
5 791
Savannah ._
29418
Brunswick _
Charleston _
542
Wilmington_
3
Norfolk
494
N'port N..51c_
All others
47 4(11
-Total this wk _ 193 758
- --
1928.
1927.
1926.
1925.
1924.
33.744
59.278
8.010
70
1.661
37.326
103 250
24.822
7.739
40.393
62.862
68.513
11.109
1.132
29.962
51.853
68.620
50 695
9.655
54.097
88.474
24.576
22.832
3.807
21.670
489
7.715
626
947
9.195
111
548
8.773
2 766
996
1.299
7
1.401
74
26.368
25.231
1.459
2.562
1.114
129.694
248.049
187.891
250.017
165.180
SilleP Aug. I . 410.170 241.021 616.929 462.873 578.680 379.573
•Beginnhur with the season of 1926. !Jousts n figures include movement of
Cotton previously reported by Houston as an interior town. The distinction
between port and town has been abandoned
The expo ts for the week ending this evening reach a total
of 41,820 hales. of which 4,315 were to Great Britain. 617
to France, 10.312 to Germany.691 to Italy, 5,991 to ilitssia.
12.016 to Japan and China, and 7,8-8 to other destinations.
In the corrospondinz wool( last year total exports were
70,486 halos. For the season to date aggregate expo ts have
been 187,265 halos. against 260.751 bales in the same period
of the pruvi( its season. Below are the expo ts for the week.
Exported to11 eeR /ended
A up :10 PIA
E.7pOrtx plan
Gals °stun
Houston
Corpus Chrl t1
,
New Orleans
Savannah
Charleston
Norfolk
New York
Total
Total 1928
Total 1927
Japande
GerI;real
natu. Russia. Chtna Other. Total.
&Pah; Prance. many
-4.618 2.244 7.794
587
3(17
150 9.474
6".eni 1.450
5b2
1.311i
5.950 4,854 15.492
4.888
280 1.377
547
350 2,350
2.000
1.718
193
I.525
1.053
1.053
2.562
141
69
70 2:iii
691 5,991 12.016 7.878 41,820
4.315
817 10,312
9.11:t:1 8,8111 8.365 13.820
19.436 21,410 58.727 12,492
Prom
Auo. I nizo to
Auo 30 i1i29
Erportsfrmm- 8
lirUntn Prance
_
Oak
977
770
}Masten .
3.396 2.362
Corrals f '11r1.41
4.658 8.865
New (Olean
2.6t! 1,086
Mobile
250
Savannah
3.029
CharleAon..
1.825
Ill
Norfolk
1.628
1.3i9
New York
600
Baltimore_
1.15o
102
Los A nuelea_ _
San Francisco
19,803 14,848
Total
--Total 1928. -. 37,545 22.256
Total 1927... 53,572 48.637
3,400 16.260
10,198
70.48
Total.
Leaving
Stock.
61.490
25.200
42.400
8.409
32.478
23.000
91
10.579
200
11.632
205
18.786
30.000 397.744
87.105 575.109
48.393 425.058
47.607 1.025.951
Speculation in cotton was not active, but the tone was
firmer and prices advanced owing to continued drought in
Texas and a noticable tendency to reduce crop estimates
coincident with a marked decline In the condition of the
plant during August. On the 24th prices advanced slightly
after some irregularity due to erroneous reports of good
rains In Texas. Rains fell in the coastal part of Texas sometimes where no cotton is raised. On the other hand, some
argued that the loss of yield in Texas might conceivably
In part at least be made up over on the Eastern side of
the belt.
On the 20th Inst. prices were irregular within small
limits, ending at a slight decline. There were rains in
Texas at 30 stations, mostly well under 1 of an inch,
4
though on the coast they were 21 inches and under. Some
2
/
In the Eastern Central section were 114 inches. The really
viral point was that rainfalls, mostly light, at 30 out of
80 stations in Texas did not break the drought. Still there
were hopes of further rains. Spot markets were more
active at a decline of 5 points. Crop reports were unfavorable from Texas and parts of Oklahoma. Louisiana,
Arkansas. Mississippi, Alabama rani Tennessee, but in some
eases favorable frton the Eastern belt. Liverpool was
steadied by the continued dry weather in Texas. Exports,
It is true, were small. Worth Street. though steady. did
only a small or at best moderate business. But Nlanehester
had. if anything, a better trade. Almost everybody here
was awaiting the end-month private erop reports.
On the 27th inst. prices advanced 15 to 20 po'nts on the
familiar facts of dry, hot Texas and Oklahoma. bad weevil
reports. strong cables and a Garside reptirt putting the
condition lit 58% against 69.6 the Government estimate on
August 1st. In other words, It was 11.0% tinder August 1st
and n.4 under the 10-year average for September 1st. Texas
It seemed to be assumed by rhe ittiston statistielans Itas a
condititut of 50%, adding that h's vile) estimate of August
7111 of 15.080 000 bales would probably have to he reduced
1 to 2%.
On the 25th inst. prices advnneed 20 to 25 points, with
l'exas and Okialionta hot and dry and the weekly report
mostly bullish. Ihweniber was botigTh freely. The trade
called. Liverpool was a little higher than tlue. Spot markets were firm. Niemphis reported heifer buying of late
by Freneli. Italian. Spanish and Japanese. even tholigh
British and German mills beught l'ttle. One pr1vate report
pot the condition at 55.5 ng.ainst the Government report on
the St ii of 119.11 111111 0 10-yen I II vprligp for September 1st of
67.4. and the crop at 15.15o.000 bales, provided the Texas
drought is broken immediately and the weather thereafter
Is favorable. The $ummary of the weekly report said:
"Weather conditions were unfavoralole for cotton over large
parts of the belt. especially in the West, W 11F re it eontiniled
hot and dry. l'he crop has twitie good p 'og m's Iii extreme
Western and parts of Northwestern TPX0g. but elsewhere
III that
State
It
mostly
deteriorated. with
considerable
17.200 11.227 :8.1M3 1.30,595 shedding. premature opening and complaints of small. Imperfect boils. 'rue general condition is spotted, ranging
Exported tofrom very poor to very good.
Janarl&
GerDeterioration continued also in Oklahoma, where the
mano. Baty. IR:arta. China Other. Taal.
drought was unrelieved and intensified by high tempera3.045 2.414 3.123 5.1711 5.552 21.057
8.301 1.874 5.991 7.917 3,673 33.514 tures. Plants are wilting Illir'ng the day, with inuch
8.479 9.409 29,101 5.950 10.147 76.609 shedding and premature opening in the drier areas. In
583 12,813
3.684
3.275 1.586
350
5.425 Arkansas progress was mostly good to excellent except in
4.825
7.054
350
and Southern localities, where It
3.875
1.136
5.291 some Western, Central
2,415
4.854 Is poor because of the long drought. while in Northern
3.228
18.136
2.038 1.534
11.770 977
conditions persist. In the Eastern
1,150 Louisiana unfavorable
865 belt progress varied cons'derahly. In the South some local
58.
200
500
500
areas were too wet, with further complaints of shedding,
49,211 16.240 38,215 25,576 23.325 187,268 while droughty conditions eontinned In some interior secof the
42.749 26.508 54.983 47.054 29.676 280,751 tions, more notably In Northern Georgia and parts
114,998 23,659 88.928 41.808 40.066 392.381 Piedmont of South Carolina. But In the Carolinas con-
AUG. 31 1929.]
FINANCIAL CHRONICLE
ditions continued mostly favorable, and progress of the
crop was generally good. Picking and ginning made excellent advance where this work has begun except where rains
were frequent in portions of the Southeast. Weevil activity
was favored In these wetter sections, but in .most places
the dryness was favorable for holding them In cheek,
especially in the Western belt, where it was both dry
and hot."
On the 29th inst. prices declined 10 to 15 points early,
owing to reports of showers in Central. Western and
Northwestern Texas, and hopes that the ending of the
drought was at hand. They turned out to he delusive.
Prices rose 30 to 35 points. Most of the rainfalls were
scanty. At Miami there was 1.30 inches in a county said
to have produced last year 44,000 bales. There were rainfalls at only 7 stations out of 82. And the forecast was
for nothing more than showers in Western Texas and partly
cloudy conditions in the Eastern section of that State.
Arkansas and Oklahoma had little or no rain, nor was any
predicted. Cold nights continued., It is true that there
was not much rain In the Atlantic States. Fair and warm
weather is supposed to be wanted there. Parts of the
Central belt are supposed to want some rain. They got
none. Later in the day contracts became scarce. Then it
was that prices ran up some $1.50 a bale from the morning's
low. This was largely due, however, to a report by Clement,
Curtis & Co., of Chicago, putting the crop at 14,901,000 bales
as against their estimate a month ago of 15,810,000. They
stated the condition at 69% against 72 a month ago. This
of itself caused a good deal of covering. Drought was
back of it all. Spot prices advanced 15 points. Moreover, the sales at the South for the day reached the noteworthy total of 35,000 bales as against 24,450 a year ago.
For much of this week the spot sales at the South have been
running ahead of those on the corresponding days of 1928.
This is something new. For a long period it was just the
other way about. Final prices on the 29th inst. showed a
net rise for the day of 12 to 14 points. The exports were
small.
To-day prices advanced 20 to 25 points on continued
drought in the Southwest, Garside's estimate of the crop
cond.tion of 57 for the belt, higher cables than due, and
considerable covering of shorts. Also there was some outside buying. It was not very much, but some slight increase was noted. Spot markets were 20 points higher, with
an active business, the sales at the South being some 45,000
bales, as against less than half that total on the same day
last year. One report showed an increase in spinners' takings for the week. Some of the reports from the South say
that it is doubtful whether there will be much of a top
crop; also that rains now in the Western and Southwestern
parts of Texas may do little good. Many think that the
crop is ,15,000.000 bales or less as against 15,543,000 the
Government estimate on August 8th and 14,478,000 last
year. The Texas acreage Is smaller than in 1925 when the
crop in that State was 4,080,000 bales. Final prices show
an advance for the week of 58 to 66 points. Spot cotton
ended at 19.25c. for middling, or 60 points higher than a
week ago.
Staple Premiums
60% of average of
nix markets quoting
for deliveries on
Sept. 6 1929.
15-16
Inch.
1-inch &
longer.
.29
.29
.28
.28
.23
.25
.23
.81
.82
.81
.81
.75
.76
.70
.22
.22
.20
.68
.08
.68
.20
.20
.20
.61
.61
.61
.20
.61
.20
.61
.19
.19
.58
.58
Differences between grades established
for delivery on contract Sept. 6 1929.
Figured from the Aug. 29 average quotations of the ten markets designated by
the Secretary of Agriculture.
Middling Fair
White
.76 on
Strict Good Middling_
do
58
Good Middling
do
43
Strict Middling
do
.27
Middling
do
Basis
Strict Low Middling.
do
.75 off
Low Middling
do
1.60
*Strict Good Ordinary__ do
2.50
*Good Ordinary
do
3 40
Good Middling
Extra White
.43 on
Strict Middling
do
do
.27
Middling
do
do
Even
Strict LOW MIddlIng___.do
do
.75 off
Low Middling
do
do
1.60
Good Middling
Spotted
.24 on
Strict Middling
do
.02 on
Middling
do
.75 off
*Strict Low Middling_
do
1.60
*Low Middling
do
2.40
Strict Oanl MIddlIng___Yellow Tinged
04 off
Good Middling
do
do
.45
Strict Middling
do
do
.92
Middling
do
do
1.58
*Strict LOW Middling...do
do
2.21
*Low Middling
do
do
301
Good Middling
Light Yellow Stained.1 08 off
*Strict Middling
do do do
1.63
*Middling
do do do
2.29
Good Middling
Yellow Stained
1.42 off
*Strict Middling
do
do
2 14
*Middling
do
do
2.79
Good Middling
Gray
.69 off
Strict Middling
do
1.08
*Middling
do
1.45
*Good Middling
Blue Stained
1.61 off
*Strict Middling
do
do
2.25
*Middling
do
do
2.99
•Not deliverable on future contracts.
Mid.
do
do
do
Mid.
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
1467
-The highest, lowest and closing prices at
FUTURES.
New York for the past week have been as follows:
Saturday,
Aug. 24.
Monday,
Aug. 26.
Tuesday,
Aug. 27.
Wednesday. Thursday.
Aug. 28.
Aug. 29.
Friday,
Aug. 30.
lex.--18.45-15.50-18.51
Range__-18.63 -18.76-19.00Closing. 18.45-18.40-18.40Range__ 18.45-18.53 18.45-18.65 18.52-18.55 18.58-18.79 18.68-18.86 18.87-19.09
Closing. 18.53-18.45-18.55-18.76 -18.85 -19.09)cI. (new)
Range__ 18.34-18.55 18.42-18.61 18.45-18.60 18.52-18.77 18.59-18.92 18.85-19.09
Closing_ 18.48-18.50 18.42-18.43 18.51 -18.70-18.83-18.54 19.06-19.08
Var. (old)
Range__
18.85-19.0019.23 -Closing_ 18.63-18.60-18.68Von. (new)
19.13-19.13
Range__18.68-18.85-19.00-19.23 --18.60Closing_ 18.63Dec.Range__ 18.65-18.86 18.73-18.90 18.76-18.93 18.85-19.10 18.90-19.26 19.20-19.43
Closing_ 18.78-18.84 18.76-18.77 18.85-18.87 19.03-19.05 19.17-19.19 19.40-19.43
fan (1930)
Range._ 18.73-18.92 18.81-18.97 18.87-19.00 18.95-19.17 18.96-19.31 19.27-19.48
19.11-19.13 19.25-19.26 19.46-19.47
Closing. 18.90-18.92 18.83-18.95veb.Range _ _
19.21-19.35-19.5418.95-19.05Closing_ 18.90liar.
Range.. 18.93-19.14 19.02-19.17 19.07-19.20 19.13-19.39 19.18-19.52 19.48-19.69
Closing_ 19.08-19.12 19.06-19.07 19.15-19.16 19.31-19.44-19.62-19.64
4pr.Range__
Closing_ 19.14 ---- 19.11 ---- 19.21 ---- 19.37 ---- 19.50 ---- 19.65 -VagRange__ 19.00-19.23 19.13-19.26 19.16-19.29 19.24-19.47 19.28-19.60 19.56-19.75
Closing_ 19.20-19.23 19.15-19.27 -19.43-19.55 -19.68-19.70
luneRange-19.26-19.38-19.50 --- 19.65 -Closing_ 19.13-19.08TidyRange__ 18.88-18.94 19.02-19.03 19.13-19.27 19.21-19.35 19.24-19.53 19.51-19.62
Closing. 19.05-19 00 -19.25 -19.34 -- 19.46 -19.62 --
Range of future prices at New York for week ending
Aug. 30 1929 and since trading began on each option:
Option for
Aug. 1929
Sept. 1929.. 18.45
Oct. 1929.. 18.34
Nov. 1929_. 19.13
Dec. 1929.. 18.65
Jan. 1930.. 18.73
Feb. 1930._
Mar. 1930.. 18.93
Apr. 1930
May 1930.. 19.00
June1930
logil
18.88
Range for WW . 1
Aug. 27 18.51
Aug. 24 19.09
Aug. 30 19.13
Aug. 24 19.43
Aug. 24 19.48
Aug. 24 19.69
Aug. 24 19.75
Range Since Beginning of Option.
18.00
Aug. 28 17.75
Aug. 30 17.88
Aug. 30 18.10
Aug. 30 18.21
Aug. 30 18.20
18.82
Aug. 30 18.44
18.71
Aug. 30 18.51
July 15 1929
Aug. 12 1929 20.63
Aug. 15 1929 20.72
Aug. 13 1929 20.38
Aug. 15 1929 20.70
Aug. 10 1929 20.66
July 10 1929 18.82
July 15 1929 20.25
July 9 1929 18.82
July 8 1929 20.00
Aug. 24 19 62 Aug. 30 18 60 Aug. 16 1929 19.80
Mar. 8 1929
Mar. 15 1929
Mar. 13 1929
Mar. 15 1929
Mar. 15 1929
July 10 1929
Apr. 1 1929
July 8 1929
July 19 1929
Aug.
1 1929
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.
Aug. 30Stock at Liverpool
Stock at London
Stock at Manchester
1
1929.
bales.. 733,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
Total Continental stocks
1928.
1927.
658.000 1,088,000
109,000
70,000
809.000
712.000 1,197,000
890.000
194.000
109.000
3.000
43.000
34,000
296.000
149,000
6.000
67.000
28.000
346.000
176.000
9,000
91,000
23,000
55.000
102.000
2.000
41.000
8,000
546.000
645,000
208.000
76.000
383.000
Total European stwks
1.192.000
India cotton afloat for Europe_ - - 119.000
American cotton afloat for Europe 120.000
Egypt,13razil.&c.,afloatforEurope 124.000
Stock in Alexandria, Egypt
169.000
Stock in Bombay. India
878,000
Stock in U. S. Porte
a662.214
Stock in U. S. interior towns
a194,262
U. S. exports to-day
54.000
1926.
820.000
1.258.000 1.842,000 1,098.000
72.000
78.000
58.000
160.000 273.000 287.000
107.000 136.000 134.000
160,000 259.000 155.000
1,001,000 482.000 368.000
a473.451a1.072,558 594.637
a245.571 a336,614 488.127
3,366
Total visible supply
3,458.476 3.480.388 4,480.172 3.182.764
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
bales_ 313.000 385.000 763.000 415,000
55.000
91.000
35.000
Manchester stock
43,000
297,000 488.000 594.000 149.000
Continental stock
120.000 160.000 273.000 287.000
American afloat for Europe
U. S. port stocks
a662,214 a473,451a1.073,558 594,637
U. S. interior stocks
a194,262 a245.571 a336.614 488.127
U. S. exports to-day
3,366
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil. &c.. afloat
Stock in Alexandria. Egypt
Stock in Bombay. India
1,629.476 1.790,388 3.131,172 1,988.764
273,000
325.000
405.000
19,000
33.000
58.000
86,000
72.000
119,000
124.000 107.000
169.000 160.000
878.000 1.001.000
18,000
51,000
78.000
136.000
259,000
482,000
15.000
59.000
58.000
134.000
155.000
368,000
420.000
1.829.000 1.690.000 1,349.000 1.194.000
1.629.476 1,790.388 3,131.172 1,988.764
3.458.476 3,480.388 4,480.172 3.182.764
Total visible supply
10.47d.
Middling uplands, Liverpool.. _ _ - 10.58d.
12.34d.
10.07d.
19.05c.
Middling uplands, New York___._ 19.25c.
22.70c.
18.70c.
18.288. 20.10d. 21.900.
Egypt, good Sakel. Liverpool
19.30d.
12.75d.
Peruvian. rough good. Liverpool- 14.50d.
13.25d.
14.50d.
8.806.
Broach, fine, Liverpool
9.000.
11.15d.
8.788.
9.951.
Tinnevelly, good, Liverpool
9.95d.
11.55d.
9.30d,
a Houston stocks are now included in the port stocks; in previous years
they formed part of the Interior stocks.
Total East India, &c
Total American
Continental imports for past week have been 94,000 bales.
The above figures for 1929 show a decrease from last
official quotation for middling upland cotton in the
The
week of 8,266 bales, a loss of 21,912 from 1928, a decrease
New York market each day for the past week has been:
of 1,021,696 bales from 1927, and a gain of 275,712
Sat. Mon. Tues. Wed. Thurs. Fri.
August 24 to August 30Middling upland
18.70 18.65 18.70 18.90 19.05 19.25 bales over 1926.
1468
FINANCIAL CHRONICLE
[vol.. 129.
AT THE INTERIOR TOWNS the movement-that is,
NEW YORK QUOTATIONS FOR 32 YEARS.
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
The quotation for middling upland at New York on
corresponding periods of the previous year, is sot out in Aug.30 for each of the past 32 years have been as follows:
detail below:
1929
19.25c. 1921
16.60e. 1913
12.50c. 1905
11.15c.
Morement to Aug. 30 1929. I
Towns.
Season.
Birming'm
7
Eufaula ___.
1,009
!Montgomery. 1,988
Selma
2,518
Ark..Blytheville
33
Forest City
1
Belens
56
Hope
638
Jonesboro_ _
1
Little Rock_ _
17
Newport _ _
2
Pine Bluff
63
Walnut Ridge
Ga., Albany
684
Athen.s
Atlanta__
234
Augusta
9,643
Columbus_
120
Macon
2,911
1
Rome
La., Shreveport
913
Miss..Clarleclah
2,349
Columbus_ _ _
38
Greenwood_ _
777
987
Meridian____
Natchez
851
Vicksburg_
283
Yazoo City
632
Mo., St. Louis_
1.203
32
N.C..Greensb'o
Oklahoma
2834
15 towns._ - _
S.C.,Greenville 1.033
Tenn.,Memphis 3,565
Texas, Abilene.
725
Austin
207
Brenham
1,482
Dallas
462
Paris
3.668
Robstown_
Ban Antonio_ 2,856
105
Texarkana _ _
8,060
Waco
'Total. 56 town
, Ship- Storks
Receipts.
Ship- . Stocks !
merits.' Aug.
men's. Aug.
Week.
33. 1 Week. Season. Wert.
31.
Receipts.
Week.
rn Aq,
9
620
842
420
412
60
54
79
2
533
60
55
-1
384
100
773
5,773
618
2,479
100
96
376,
........
324
5271
356
____1
CI
1,650
504
48,
1.427
2.782
2,909
171
198
61
703
1
7
2
120
1,996
15
1.350
19,912
458
4,532
1
1.163
2,494
47
917
1,290
1,714
305
701
6,447
597
1,225
10,66'
20,939
325i
2.398
5.254
1
580,
200
1.451:
232
1.974
3.345,
____,
4,688
753
367
2,066
510
12,820
9.333
122
12,910
10A 'rte.
Movement Co Aug. 31 1928.
125
26
1,745
91
7.158
34
71
4,208
2.451'
1,415
1
8
1,279
893
72
723
2,844 .
8
138
2
3,210
373
158
____
2,030
1.202
212
5.547,
32,433 1,041
5,580
214
1,424
120
2,006
____
7.224
41
5,474
137
2
118'
5,583.
27
9
992.
68
2.769
583
--_
1,061:
166
6,688' 1,754
7.210, ---1
31
3,44513,275 3,000
37,262, 4,773
62
467i
344 1,432
2,102 2,021
1.703, 1.080
115
312
8.8971 1,974
3,769 3,614
8071
--7,608, 3:529
n, nnyvnr nnn
nee 1,10
35
177,
160
9641
'
24
8'
811
1
130;
10
505,
11
I
12,
799
6,170;
746;
1571
330
112;
3011
3
809
33
2431
48,
180,
9,685'
1611
378
14,579
20.602,
119
1,755
3,017
2,337
123
11,479
11,246
3
4,411
ell nno
131
1,993
533
163
6!1
5
407
323
122
156
____
376
37
50
460
2,086
75
24
--__
117
303
3
894
10.
92
___
90
1,759
8601
806
842
4,701
3,808
2,547
2,129
2.759
1,033
408
4,718
416
5,024
328
1,577
826
10,322
12,152
735
1,438
7,364
8,715
12,098
304
21,117
394
10,860
I,33S
4,277
2,108
3.426
209 7.171
5.000 7,788
7,857, 60.520
182
216
715 1,226
,
1.728 10,926
2.644 12.914
71
720
2.446; 5,111
3,522, 3,602
----1
665
1,714 6.142
17
In'oAt
r-rt
•Includes the combined totals of 13 towns In Oklahoma.
1928
1927
1926
1925
1924
1923
1922
19.,0e.
2
9.50c.
19.05c.
2
9.69c.
25.90c.
25.60c.
22.80e.
1920
1919
1918
1917
1916
1915
1914
32.25c.
32.05e.
36.50c.
23.40c.
15 85c.
9.75c.
1912
1911
1910
1909
1908
1907
1906
11.25c.
12.00c.
19.75c.
12.90c.
9.50c.
13.55c.
9.80c.
19(14
1903
1902
1901
1900
1899
1898
.
1.55e.
12 75c.
9.00c.
8.62e.
9.62e.
6.25c
5.75e.
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Futures
Market
Closed.
Spot Market
Closed.
Saturday _ _
Monday ___
Tuesday ___
Wednesday_
Thursday -_
Frida y
SALES.
Spot.
Quiet, 5 pts. adv_ _ _ Barely steadY-Quiet. 5 pts.(led
-Steady
Quiet, 5 pts. adv_ _ _ Steady
Quiet, 20 ins• adv- Steady
Quiet, 15 pts. ad v_ _ Steady
Quiet, 20 pts. adv-- Steady
Confect Total.
1,200
100
Total_
Since Aug. I
1,200
100
1.300
4,123
700
1.300
5,123
-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,
Aug. 24.
Monday,
Aug. 26.
Tuesday,
Aug. 27.
Wednesday, Thursday,
Aug. 28.
Au . 29.
Friday;
Aug. 30.
August _ _ _
---September
--October -- 18.46-18.47 18.43-18.44 18.53-18.54 18.68-18.69 18.8, 18.85 19.08,19.10
November ---- -December 18.75-13.76 18.70-18.81-18.82 18.97-18.98 19.1: -19.14 19.35-19.36
Jan_(1930) 18.82-18.76 -18.87-18.89 19.05 -19.11 -19.20 19.41-19.42
February _
March ___ 18.98 Did 18.95 Bid 19.07-19.22-19.24 19.31
Bld 19.62April
19.10 BM 19.07 Bid 19.19 Bid 19.32-19.34 19.41
May
Bid
---June
--18.87 Bld 18.99 Bid 19.12 Bid 19.21
July
Bid 19.52 bid
August._ _--- -----Tone
Steady
Steady
Steady
St, ady
Soot
Steady
Steady
Steady
Steady
Steady
St arty
Options
Steady
Steady
The above total shows that the interior stocks have
increased during the week 10,460 bales and are to-night
51,300 bales more than at the same time last year. The
receipts at all the towns have been 24,329 bales less than the
same week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
REPORT OF FINISHERS OF COTTON FABRICS FOR
SINCE AUG. 1.
19291928
JULY 1929.
Aug.:10Since
Since
ShippedWeek. Aug. 1.
Week. Aug. 1.
The National Association of Finishers of Cotton Fabrics
Via St. Louis
8.888
1.651
1,750
9.750 collects and compiles each month, and furnishes to the
Via Mounds /he
350
55
1.325
970
la Rock Isisnd
Federal Reserve Board by Federal Reserve districts, statisVia Louisville
452
338
955
1.435
Virginia points
Via
128
3.215
11.801
16.429 tics on production and shipments of finished cotton goods.
Via other routes. &c
3.600
6.500
15.972
24.675
The July figures, furnished by 27 (out of 49) members of
Total grass overland
6.067
38,941
52.759
12,002
the National Association, are shown in the following table:
Deduct Shipments
Overland to N. Y _Boston. &c_
Between interior towns
Inland. &c., from South
Leaving total nst overland*
1.688
1.410
26.701
461
349
9.912
1.878
1.689
41.271
5.260
Total to be deducted
128
297
4.835
29.799
10.722
44.838
807
9,142
1.280
7,921
*Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 807 bales, against 1,280 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
of 1,221 bales.
1929
In Sight arid Spinner?
Since
Takings.
Week,
Aug. 1.
Receipts at ports to August 30_-_183.758
910.170
Net overland to Austp.t.30
9.142
807
Southern consumption to Aug.30_124.000
528.000
Total marketed
Interior stocks In excess
308.565
10.460
1928
since
Week.
129.694
1.280
100.000
Aug. 1.
241.021
7.921
440.000
947.312 230.974
.14.657 .12.822
688.942
*68.929
Came into sight during week_ _ _319.025
Total in sietht August 30
____
932.655
North. spin's's takings to Aug.30_ 23,471
89.105
218.152
620.013
69.752
21.
846
• Decrease.
Movement into sight in previous years:
Week1927--, est. 3
'
1926
-Se t. 4
1925
-Set t. 5
Bales.
1.1.58.835
739.471
1.252.577
Bales. I Since Aug. 1368.256 1927
254.897 1926
452.482 1925
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.
Week Ended
Aug. 30.
Galveston
New Orleans_ _ _
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Littlo Rock
Dallas
Fort Worth_
C osing Quotations for Middling cotton on
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
18.55
18.56
17.90
18.00
18.50
18.70
IR 00
17.75
18 45
17 50
17.80
18.50
18.56
17.85
17.93
18.50
5870
17.94
17.70
18.40
17.42
17.75
17.75
18.60
18.56
17.90
18.01
19.63
18.80
17.75
17.75
18.50
17.50
17.80
17.80
18.75
18.69
18.05
18.20
18.88
18.80
17.94
17.95
18.65
17.68
18.00
18.00
18.85
18.85
18 20
18.27
19.00
18.90
18.06
17.90
18.75
17.82
18.15
18.15
19 05
0.19
18.5
18.51
19.25
19 10
18 31
18 15
19.00
18.00
18.30
18.30
Federal Reserre District.
Total.
White
Goods.
Dyed
Goods.
Printed
Goods,
Total finished yards billed during me.:
12,167,774 12,696,951 12,005,942 11,803.467
No. 1-Boston
14.008.309 3.472,032
827,908 2,938.589
-New York
No. 2
10,129.815 5,716,555 4,413,260
No. 3-Phitadelohla
6,580,325 4.906,224 1,674,101
No. 5
-Richmond
2,695.928 2,695.928
No. 8
-St. Louis
75.582,151 29,487,690
Total
Total gray yardage of finishing orders
received:
37,998,420 12,781.4138
No. 1-Boston
I 1,520,337 3,822.960
-New York
No. 2
10 650,779 6,103.277
-Philadelphia
No. 3
6.155,314 4,885.200
No. 5-RIchmond
3.144,104 3,144,104
No. 8-St. Louis
19,821,271 14.742.056
13,999.723 11,217,229
2,785,944 2,370,372
4.147.502
1,270,114
09,471,954 31,137,009 22,203.283 13,587.601
Total
Number of eases finished goods shipped
to customers:
24,147
No. 1-11oston
4,181
4,738
3,437
8.425
-New York
No. 2
2,426
691
6,082
No. 3-phlIattett'hls
4,085
1,997
-Richmond
4.076
No. 5
360
2,079
No. 8-St. Louts
2,079
Total
Number of cases fintsbed goods held In
storage at end of month:
No. 1-Boston
-New York
No. 2
-Philadelphia
No. 3
-Richmond
No. 5
-St. Louts
No. 8
44,801
13.688
6.872
3,437
17,1119
9,401
7,180
2,401
795
3,311
2,990
801
3,740
1,020
303
3,417
Total
Total average percentage of capacity
operated:
No. 1-Boston
-New York
No. 2
No. 3-Phitatielphla
-Richmond
No. 5
No. 8-St. Louis
37,299
7,947
5,063
3,417
Average (five districts)
Total average work ahead at end of
month expressed In days:
No. 1-Boston
-New York
No. 2
No. 3
-Philadelphia
-Richmond
No. 5
No. 8
-St. Louis
Average (five dlstrlets)
795
58
49
56
58
109
54a
365
565
581
RYA
82
01.
57
525
85
5.9
1.7
3.1
8.4
11.1
2.5:
I.7x
3.1x
8.45
11.11
20.0
4.8
4.0
3.35
18.1
*Includes In certain Instances figu es for plants reporting totals On y.
a Figures for white goods and dyed goods combined.
1469
FINANCIAL CHRONICLE
AUG. 31 10291
REPORT ON HOSIERY INDUSTRY IN PHILADELPHIA FEDERAL RESERVE DISTRICT.
The Federal Reserve Bank of Philadelphia makes available
the following preliminary report on the Hosiery Industry
by 122 Hosiery Mills in the Philadelphia Federal Reserve
District from data collected by the Bureau of the Census.
Week
Ended
Receipts at Ports.
1
1929. , 1928.
1927.
Stocks at Interior Towns.
1929.
Receiptsfrom Plantations
1929.
1927.
1928.
1928.
1927.
May
27.l99 13.893
24._ 31.129, 59.759 67.486 446,703 587.765 656.451
30,429. 54.183 88.264 418.598 558.885 613.917 2.319 25,309 25.730
June
2.083 17.215
24.368, 37.309 56.037 523.208 523.060 575.095 NII
9.535 11.279
14__ 17.318' 38,902 51.460 352,656 493.693 534,914 Nil
13,482
Nil
21._ 18,468i 26,447 45,396 324,575 463,241 503.000 N11
5.572 5,512
28._ 13,0901 30.351 38,843 303,805 437,961 471.669 Nil
PERCENTAGE CHANGES FROM JUNE TO JULY 1929.
July
449.131 Nil
6,759 16,263
10.719! 36.994 38.801 276.723 407,7
Women's
Boas'
Men's
12__ 30.368 27,419 34,623 252.655 386.332 412.498 6.209 6,025 Nil
2
4
N.
..
! la 1
M isses'
19__ 13.203 19,932 30.270 234,392 356.443 392.2771 Nil
A(5
and
InSeam- Full- SeamFull__ 15,601 18.771 35,602 224,790 328.470 374.492 6,007
26
tette.
Total. fashion. less. fashion. less. Chif ns' faros'
Aug.
36.730 28.393 45,276 197.552 302,330 376,345 11.492 2,253 47.129
Hosiery knit dur9._ 49,8341 21,074 84.022. 196.2e7L 286,255 350.809 48.489 4,999 67.486
ing month__ _. -11.1 -11.0 -3.3 -7.9 -5.4 -28.7 -32.2 -2.0
16_, 65.'94 20.280103.930 184.245t266.345 349,011 53 842 6.370 93.132
143.950 183.802 258,393 336,511 107 643 50,719131,450
23__ 100.08& 58.67)
Net shipments
+2.8 -15.1 -14.3 -18.2 -34.4 -24.6
__ 183,758 129,694 243.049 194 262 245.571 336,614 194.218 116.872 243.152
during month -14.5 +35.8
Stock on hand at
end of month,
The above statement shows: (1) That the total receipts
finished and In
+2.9 -8.3 -8.7 +17.5 from the plantations since Aug. 1 1929 are 404,823 bales;
-0.7 +1.6 -3.4 +1.2
the gray
Orders booked
1928 were 178,930 bales, and in 1927 were 530,591 bales.
+4.7 -24.3 -23.8 +0.0 -7.9 -4.3 in
during month_ -18.4 -53.0
(2) That, although the receipts at the outports the past
Cancellations
+0.0 -17.1 +220.8 -90.8 +14.2 -60.0 week were 183.758 bales, the actual movement from plantaduring month_ -31.2 +38.4
Unfilled orders at
interior towns having
+1.7 -10.0 -9.4 -21.2 -18.6 +12.9 tions was 194,218 bales, stocks at
-9.0 -15.0
And nt rrinnt i,
1
-Reports to
WEATHER REPORTS BY TELEGRAPH.
us by telegraph this evening indicate moisture is needed in
the western part of the Cotton Belt and in some other
localities, but elsewhere the crop has made good progress.
There has been very little rainfall during the week and
many complaints of shedding and premature opening have
been received from the dry sections.
-Cotton has made good progress in the extreme
Texas.
western and parts of the northwestern sections of this
State, but elsewhere cotton has mostly deteriorated. There
are complains of small, imperfect bolls and of shedding.
-The weather has been favorable for harMobile, Ala.
vesting. There has been very little rain and the best
cotton is opening rapidly. Picking and ginning are well
under way.
Memphis, Tenn.
-Cotton is opening fast and the first
Tennessee bale was received on the 27th four days earlier
than last year.
Rain. Rainfall.
Galveston. Texas
Abilene, Texas
Brenham. Texas
Brownsville. Texas
Corpus Christi, Texas
Dallas. Texas
Henrietta, Texas
Kerrville, Texas
Lampasas, Texas
Longview, Texas
Luling, Texas
Nacogdoches. Texas
Palestine. Texas
Parts. Texas
San Antonio, Texas
Taylor. Texas
Weatherford, Texas
Ardmore. Okla
Altus, Okla
Muskogee. Olda
Oklahoma City, Okla
Brinkley. Ark
Eldorado, Ark
Little Rock, Ark
Pine Bluff, Ark
Alexandria. La
Amite. La
Now Orleans, La
Shreveport. La
Columbus. Miss
Greenwood. Miss
Vicksburg, Miss
Mobile. Ala
Decatur. Ma
Montgomery. Ala
Selma, Ala
Gainesville. Fla
:Madison. Fla
Savannah. Ga
Athens. ()a
Augusta, Oa
Columbus, (la
Charleston. S C
Greenwood S C
Columbia S. C
Conway, S. 0
Charlotte N
Newham. N.C
Weirton, N.(I
Memphis, Tenn
1 day
2 days
1 day
3 days
1 day
1 day
1 day
Thermometer
high 93
high 98
high 100
high 92
high 96
high 98
high 102
high 100
high 104
high 102
high 100
high 96
high 98
high 100
high 98
high 98
high 102
high 96
high 105
high 100
high 99
high 96
high 98
high 100
high 97
high 97
high 93
high
high 98
high 99
high 98
high 91
high 93
high 95
high 93
high 96
high 94
high 92
high 94
111,th 98
high 98
high 96
high 93
high 99
high 92
high 95
high 90
high 93
high 92
high 93
0.51 in.
dry
0.34 In,
2.34 in.
1.40 in.
dry
dry
dry
dry
dry
0.20 In.
0.22 In.
dry
dry
dry
0.08 in.
dry
1 day
increased 10,460 bales during the week. Last year receipts
from the plantations for the week were 116,872 bales and
for 1927 they were 248,152 bales.
-WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons from all sources from
which statistics are obtainable; also the takings or amounts
gone out of sight for the like period:
dry
0.05 In.
dry
dry
dry
0.08 in.
dry
dry
I day 0.55 in.
2 days 0.31 in.
3 days 0.86 in.
3 days 0.09 In.
dry
dry
2 days 0.32 in.
2 days 0.99 in.
1 day 0.10 in.
I day 0.03 in.
1.12 in.
1 day
^ days 0.44 In.
1 day 2.24 In.
2 days 0.88 in.
dry
dry
1 day 0.17 in.
0.82 in.
1 day
0.34 in.
9 days
1.50 in.
1 day
2 days 0.52 in.
3 days 1.01 in.
2 days 1.24 in.
3 days 0.95 In.
1 day 0.42 in.
I day
low 75
low 70
low 66
low 72
low 74
low 70
low 68
low 82
low 66
low 58
low 72
low 62
low 64
low 66
low 72
low 70
low 64
low 65
low 64
low 57
low 62
low 57
low 63
low 66
low 63
low 66
low 65
low
low 66
low 60
low 58
low 64
low 70
low 60
low 66
low 65
low 66
low 66
low 68
low 62
low 65
low 65
low 68
low 60
low 64
low 61
low 63
low 64
low 61
low 63
Cotton Takings.
Week and Season.
1928.
1929.
Week.
Season.
Week.
Season.
!3.598.482
3,466,742
Visible supply August 23
4,175.480
3.735.957
Visible suIMIY Aug- 1
620.013
932.655 218.152
August 30 319 025
American in sight to
3.000
27.000
65.000
16.000
Bombay receipts to August 29..
2.000
35.000
69.000
12.000
ship3s to August 30.
Other India
1.400
2.000
200
200
Alexandria receipts to Aug. 28..
17.000
66.000
69.000
19.000
Other supply to August 28 *
3,832.967 4,871,812 3.840.034 4.925.493
Total supply
Deduct
Visible supply August 30
3,458,476 3.458.476 3.480.388 3,480.388
Total takings to A ugast 30 a _ - 374,491 1.413.336 359.646 1.445.105
280.291 1,067,136, 243.246 1.071.105
Of which American
316.200 116.400
94.200
374.000
Of which other
Europe from Brazil, Smyrna, West Indies, &c.
* Embraces receipts in
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills. 528.000 bales in 1529 and 440,000 bales in 1928-takings
-and the aggregate amounts taken by Northern and
not bairns available
foreign spinners. 885.336 bales in 1929 and 1.005,105 bales in :928, of
which 539.136 bales and 631.105 bales American.
b Estimated.
mean 84
mean 84
mean 83
mean 82
mean 85
mean 84
mean 85
INDIA COTTON MOVEMENT FROM ALL PORTS.
mean 81
and the shipments
mean 85 The receipts of India cotton at Bombay
mean 80 from all India ports for the week and for the season from
mean 86
years, have been as follows:
mean 19 Aug. 1, as cabled, for three
mean 81
mean 83
1928.
11127.
1029.
mean 85
Aug. 29.
mean 84
Since
Since
SitifC
Receipts atmean 83
Aug. 1. Week. I Aug. 1. Week.' Aug I.
Week_.!
mean 81
-nem...
In nnn
00 nnn
ne nnn 0 nnn
......,
mean 85
em nay
mean 79
mean 81
Since August 1.
For th Week.
mean 82
Exports
mean 80
Great
Conti _Moan &
Great Conti- iJ0110m1&
frommean 83
China.
nerd.
Total.
Pain nest. China. Total. Britain
mean 80
mean 82
mean 84 Bombay
59.000
2.000
80.000 141,000
12,000 15,000 27,00
1029
mean 83
40,000
4,000
75,000 119,000
2,000 10,00( 12,000 24,000
1924
mean 77
24,000
4,00
78,000 106,000
9.000
9,00
1927
mean 80
mean 78 Other Ind
61,000
8.00
12,000
69.060
12.000
1929
mean 78
4,000
31,000
2,000
35,000
2,000
1928
mean 81
50,000
7,500
12.000
57.500
2,000 10.000
mean 78
1927
Total all
mean 80
80.000 20.00
24.000 15,000 39.000 10,000 120.000
moan 81
1929
71,000
0
8,00
74,000 151.00
2,000 12,000 12,000 26,000
1928
mean 80
74.000
I 1 ,',00
78.000 iea,o
_ _ _ _ 21,000
2.000 19,000
mean 79
1927
mean 81
According to the foregoing, Bombay appears to show an
mean 80
mean 82 increase compared with last year in the week's receipts of
mean 81
mean 81 13,000 bales. Exports from all India ports record an increase
mean Si) of 13,000 bales during the week, and since Aug. 1 show
mean 78
mean 78 an increase of 56,000 bales.
mean 75
-We
ALEXANDRIA RECEIPTS AND SHIPMENTS.
mean 79
mean 77 now receive weekly a cable of the movements of cotton at
mean 79
Alexandria, Egypt. The following are the receipts and
The following statement we have also received by tele- shipments for the past week and for the corresponding week
graph, showing the height of rivers at the points named at of the previous two years:
8 a. m.of the dates given:
1929.
1928.
Alexandria.
Aug. 30 1929. Aug. 311025.
Feet.
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of guage.
Above zero fo gitage_
Above zero of guage
AllOVP zero of guano..
Above zero of guage_
Feet.
2.8
8.2
6.9
4.8
12.4
3.6
14.4
8.2
59
21.6
-The folRECEIPTS FROM THE PLANTATIONS.
lowing table indicates the actual movement each week from
the plantations. The figures do not include overland receipts 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.
1927.
Egypt.
Aug. 28.
Receipts (cantars)-
This week
Since Aug 1
Export (bales)-
1.000
1,000
This
Since
Week. Aug. I.
7.000
10.367
This
Since
Week. Aug. 1.
37,000
67.007
This
Since
Week. Aug. 1.
To Liverpool
2,000 4.000
---- 4.596
____
3.245
To Manchester. &c
5,000____
8.043
5.691
To Continent &India_ _ _ 12,000 32,000 4,250 22,495 6,750 25.045
America
To
1,000 10,000
--_- 6,461 7.750 9.449
Total exports
15,000 51,000 4,250 41,595 14.500 43.43
Note.- cantar is 99 ito. Egyptian ba on weigh about 750 lbs.
This statement shows that the receipts for the week ending Aug.28 were
1,000 cantars and the foreign shipments 15,000 bales.
1470
FINANCIAL CHRONICLE
MANCHESTER M kRKET.-Our report received by
cable to-night from Manchester states that the market in
both yarns and cloths is firm. Demand for India is improving. We give prices to-day below and leave those for
previous weeks of this and last year for comparison:
1929.
32s COD
Twist.
May-
Jane-
July-
d
d
144015%
14% 415%
1494 415%
s.d
d
12 7 013 1
12 7 0.13
12 7 ©13 1
August
-
12
12
12
12
6
6
7
7
32s Cop
Twist.
8 Lbs. Shirt- Cotton
ing:. Common Mtddro
to Finest.
UPI'ds
d.
d.
d
a. d
s d.
10.26 16 417% 14 3 ©14 5
10.11 16 417 14 3 414 5
10.20 16 @17% 14 3 414 5
II 71
II 46
11.47
1
1
1
1
10 27
10 33
10.25
10.33
16 ©1714
16 @174
164417%
164 ©184
14
14
14
14
3 014 5
2 ©14 4
3 ©14 5
6 ©15 0
11.45
11 39
11 65
12.49
©13 0
©13 0
©13 1
©13 1
10.28
10 21
10.54
10.58
17 ©18
17 @18%
16%©18%
164018
14
14
14
14
6 @150
6 ©15 0
2 ©14 4
1 ©14 3
12.53
12 14
11 81
11.73
10.65
10.16
10 10
10 32
10.58
16 ©174
16 ©174
154417
15, ©17
154©17
13 6 @140
10.80
10.32
13 6 ©14 0
10.71
13 8 414 0
10 44
13 2 013 4
13 0_ ©13_2____10.47
14%415% 12 7 ©13
14% 415% 12 7 413
14%@•15% 12 7 ©13
Rho's% 12 7 013
1440154
1444154
14.4 415%
14%415%
1928.
84 Lbs. Shirt- Cotton
ings, Common AliddYg
to Finest.
(lords.
129.
Prices of futures at Liverpool for each day are given below:
Aug. 24
to
Aug. 30.
Sat.
Mon.
Tues.
Wed.
Thurs. I
Fri.
12.15 i2.30 12.15 4.00 12.15 4.00 12.15 4.00 12.15 4.00 12.15 4.00
a. m p. na. p m. p. m. p. m p. m. p. m p. m. p. m. p. m. p. m. p. m.
d.
d.
it.
d.
it
d
it.
d.
d. I it.
d.
it.
August
3196 9.97 9.92 9.98 9.07 9 99 10.02 10.04 9.99 10.18 10.21
September ____ __ __ 0 91 9.92 9 87 9.93 9.92 9 95 9.98 10 00 9 95 10.10
10.13
0.1ober
093 9.94 9.89 9.95 9.114 9 97 10 00 10 02 9.97 10.1110.15
November__ .... 9.89 9 91 9 87 9.92 9 01 5 95 9.97 9.08 9.04 10.08 10.12
December --------9 90 9.92 9 38 9.93 992 9.96 998 10.00 9 96 10.10 10.14
January (1930).. ._ 991 9.93 9.89 9.94 093 9.07 10.00 10.02 9.98 10.11
10.16
February
9.93 995 9.91 9.96 9.95 999 10.02 10.04 10.00 10.13 10.18
March
9 97 9.99 9.95 10.00 10 00 10 03 10.07 10.09 10.05 10.17 10.23
April
0.97 9.99 9.05l0.00iO.00100310.07i00010.05l0.I6l0.22
May
10.00 10.03 9.99 10.04 10 04 10 07 10.11 10.12 10.09 10.20 10.26
June
9.99 10.01 9.97 10.02 10.02 10.05 10 10 10.11 1008 10.19 10.25
July
.. 10 00 10.03 9.99 10.04 10 04 10 07 10.12 10.13 10.10 10.20 10.26
August
.. 0.05 9.98 9.94 9.99 9.99 tom 10.07 10.08 10.0510.14 10.20
BREADSTUFFS
Friday Night, Aug. 30 1929.
Flour was in rather better demand. Consumers' stocks
were supposed to be small. That would be no unnatural
inference after such prolonged abstention from buying except on a very small scale. Later prices declined with
SHIPPING NEWS.
-As shown on a previous page, the
exports of cotton from the United States the past week have trade dull.
Wheat was firm much of the time, despite good weather
reached 41,820 bales. The shipments in detail, as made
for harvesting. A small net decline occurred, but the dry
up from mail and telegraphic reports, are as follows:
weather in Argentina caused some advance to-day. CanaBales.
GALVESTON-To Bremen-Aug. 20-Drachenfels, 243---Aug.
dian threshing returns are not favorable. On the 24th inst.
26
-West °bawls, 324
567
To China-Aug. 21-Snestad, 375; Santos Maru. 450
825 prices declined 2 to 3 c., with the cables lower, Argentine
/
1
2
To Japan-Aug. 21-Santos Maru, 3,791
3.791 freight rates reduced,
To Oporto
export bus!ness small, Continental
-Aug.22-Sapinero. 1.850
1.810500
To Bilboa-Aug. 22-Sapinero, 100
stocks large, and liquidation the order of the day. It was
To Gothenburg-Aug. 27-Topeka, 44_ ,
44 clear in Canada
To Liverpool-Aug. 26-13elgian, 367
and this was favorable for harvesting. On
387
To Copenhagen-Aug.27
-Topeka, 100
100 the 26th inst. prices ended 1 to 11 lower at Chicago and
/
4c.
To Rotterdam-Aug. 26
-West Chatala, 150
150 1% to 2c. lower
HOUSTON-To Japan-Aug. 23-Snestad, 575
at Winnipeg. In the American Northwest
575
To China-Aug. 23-Snestad, 875
875 the weather was good for harvesting. The cables were
To Copenhagen-Aug. 24-Gorm, 150
150
'To Liverpool-Aug. 27-11eiglan, 1,201
At one time prices were 3c. lower on the
210001
1.201 Ind:fferent.
To Manchester-Aug. 27
-Belgian, 100
Liverpool depression and the lack of an export demand.
To Hamburg-Aug. 27-Drachenfels,
60 These two things hit the price the hardest. The United
60
To Murmansk-Aug. 29
-Brookwood, 5.991
States visible supply increased last week 7,339,000 bushels
NEW ORLEANS
-To Havre
-Aug. 24
-City of Joliet. 297
5 9 7 against 5,073,000
'291
To Dunkirk-Aug, 24-To_peka, 250
•
last year; total now 176,707 bushels
250
To Stockholm-Aug. 24-Topeka, 25
25 against 84,138,000 a year ago. The domestic
To Ghent
stocks are
-Aug. 24-City of Joliet, 200
200
To Venice-Aug. 24
-Ida. 200
200 about the largest on record. There were foreign bids at the
To Trieste-Aug, 24
-Ida.350
350 Gulf, but they were generally too low for business.
To Port Cabello
The
-Aug.24
-Mai,20
20
To Antwerp-Aug,26
-Kentucky,35
35 movement of wheat to terminal markets decreased. Cash
SAVANNAH-To Bremen-Aug, 24-Saccara
ppa, 2.000
2,000 interests were good buyers of September against sales of
To Rotterdam
-Aug, 24-Saccarappa, 250
250
To Antwerp
-Aug.24-Saccarap a. 100
100 December, changing hedges. That took scattered liquidaNEW YORK-To Liverpool
-Aug. 23
-Laconia,69
69 tion in nearby futures.
To Bremen-Aug, 27
-America, 1,151---Aug. 28
-Dresden.
1.131
On the 27th inst. prices rallied about 3c. from the early
2,25802
To Venice-Aug. 26
-Alberta,
To Genoa-Aug. 29-''scello 50
low and ended % to 11c. net higher. An early decline of
/
2
, 91
91
To Havre
-Aug. 27-Samoa1e. 70
70 1% to 2c. was partly due to a decline in Liverpool and
CHARLESTON-To Bremen-Aug.
26-Ehnshow, 163
163 Buenos Aires, coincident with larger offerings of River
To Hamburg-Aug.
30
To Liverpool-Aug.26-Ehnshow,30
27-Doreitan
100 Plate and Danubian wheat. And the weather was favorable
To Manchester-Aug. 27-Dorella 100
n, 1.425
1.425 for harvesting in the American Northwest. Moreover, the
CORPUS (7H RIST1-To Bremen-Aug.
24
-Nord Schleswig.
4.688
4.688 Canadian yields per acre were higher in some cases than
To Japan-Aug. 28
-Hague
5.175 had been expected. So was the grading. The Canadian
To Barcelona-Aug, 27 Meru, 5.175
-Cody, 2.650---Aug. 28
-Mar
Caribe, 2.104
4.754 Pacific Railroad reported harvesting 70% ended in ManiTo China-Aug. 28
-Hague Maru.775
775 toba and the outturn was running from 10 to 25 bushels
To Oporto
-Aug. 27
per
-Cody. 100
100
NORFOLK-To Manchester-Aug. 28-Bannac
k, 210-Aug. 29
acre. In Saskatchewan cutting was said to be 60% com-Meltonlan. 350
560
To Liverpool-Aug. 29-Clairton, 493
yields in those two prov493 plete, and in Alberta 45%. The
inces are 2 to 20 bushels to the acre. Later Argentina
Total
41.820
drought again thrust itself on the attention of the world's
COTTON FREIGHTS.
-Current rates for cotton from markets. Eastern Australia also needs rain. Buenos
Aires
New York, as furnished by Lambert & Burrowes, Inc.,
are advanced % to 1%c., and Liverpool ended % to %d. higher.
as follows, quotations being in cents per pound:
Export sales were estimated at 500,000 to 1,000,000 bushels.
High StandHigh
StandHigh
Stand
DensUy. ard.
The basis was firm. Contract grades, it is true, were still
Density. and.
Density. and.
Liverpool 45c. .600.
Oslo
.500. .65o.
Shanghai .684c. .8340. selling at very noticable discounts under futures.
Manchester 45c
.60c.
Stockholm .60e.
.75c.
Bombay
.600. .75c.
Antwerp
450. .600.
Trieste
.50c. .65c.
On the 27th inst. Immediate action was asked on applicaBremen
.450.
.600.
Havre
.310. .46c.
Flume
.500. .650.
Hamburg .45c.
.600.
tions of Northwestern wheat growers for loans from the
Rotterdam .450. .60c.
1.1ab00
.450.
.60c.
Piraeus
.75c. .90c.
Genoa
.500. .650.
Oporto
.60c.
Intermediate Credit Bank at St. Paul to enable the farmers
.75e.
Saionica
.750.
.90c.
Barcelona .300. .45e.
Venice
.500.
.65e.
to store their grain, relieve terminal congestion, and prevent
Japan
.63340. .784e.
LIVERPOOL.
-By cable from Liverpool we have the fol- glutting of the market and forcing prices down, by Alexlowing statement of the week's sales,stocks,ezo., at that port: ander Legge, Chairman of the Federal Farm Board, of
H. J. Bestor, of Washington, Chairman of the Federal
Aug. 9. Aug. 16. Aug. 23. Aug. 30.
Sales of the week
11.000
1.7,000
34.000
7.000 Farm Loan Board. On the 28th Inst. prices closed 2
/
1
4c.
Of which American
7.000
8.000
16.000
21.000
Sales for export
5.000
1.000
2.000
1.000 lower, with Liverpool off 1% to 14d. and Buenos Aires
Forwarded
17,000
24.000
42.000
58.000 down 2c., with some rains in Argentina. The Canadian
Total stocks
770.000 781.000 770.000 733.000
Of which American
365.000 365.000 345.000 313.000 marketing was over 1,000,000 bushels against only 172,000
Total imports
39.000
26.000
32.000
22.000 a year ago. Export bus:ness was trifling. Winnipeg was
Of which American
5.000
3.000
11.000
4.000
Amount afloat
109.000 108.000 104.000 101.000 noticeably weak. On the other hand. the French crop was
Of which American
15,000
11.000
17,000
11.000 estimated at 316.000,000 bushels against 278,000,000 last year
The tone of the Liverpool market for spots and futures and
a recent estimate of about 400,000,000 bushels. The
each day of the past week and the daily closing prices of
French crop is of course larger than last year's, but optispot cotton have been as follows:
mists seem to have been overdoing it. LeCount moreover
put the Canadian crop at about 200,000.000 bushels. Many
Spot.
Saturday, Monday,
Tuesday, !Wednesday, Thursday.
Friday.
had supposed it to be at least 250,000,000 to 300,000,000, and
Market, I
A fair
A fair
A fair
A fair
they will still await events.' But the lower estimate had
12:15
Flat.
business
business
business
business
More
P. M.
doing.
doing.
demand,
same effect. The Winter wheat crop movement fell off
doing.
doing.
Mid.Vprds
and the basis was firmer. But there was liquidation of
10.36d.
10.37d.
10.38d.
10.44d.
10.58d.
10.39d.
September and Argentine's exportable surplus was estiSales
6,000
5,000
5,000
6,000
6,000
6.000
mated at 55,500.000 bushels. That tended to depress LiverFutures. Q't unch'd Steady. S'dy unch.
{
Quiet
Q't unch'd
Steady
pool as well as Buenos Aires.
Market
to 2 Ma. t to 4 pts. to 2 pts. 1 to 3
pts. to 1 pt. 8 to 10 pts.
advance, advance, advance, advance,
opened
On the 29th inst. prices ended 2 to 2%c. higher, with
/
1
4
advance. advance.
continued Ory weather in Argentina. Cash markets were
Market, 1 Q't hut st'y
Quiet
Quiet
Steady
Quiet
Steady
Ito 6 pta. Ito 4 pts. 4 to 5 pts. 5 to 8 pts. 2 to
4
3 pts. 15 to 22pts. firm. Country offerings at the Northwest and Southwest
advance,
P. M.
decline,
advance, advance.
decline.
advance.
were smaller. Liverpool closed firm and ld. to 1%d. higher.
14140154
9.
144©15%
14%415%
Iv, ©15,
,
.... 144©154
12 7
12 7
12 7
12 7
12 7
@131
@1 3 1
413 1
©13 1
©13 I
AUG.31 1929.]
FINANCIAL CHRONICLE
Argentine shipments for the week were estimated at
5,700,000 bushels against 6.860,000 last week and 971,000
last year. An Argentine Government report put the exportable surplus of wheat at 1,520.000 tons (55,485,000 bushels)
as of August 15th, according to a cable report from A. V.
Dye, commercial attache. The carryover from last year
is estimated at 236,000 tons (12,712,000 bushels), and the
new crop at 8,365,000 tons (307,330,000 bushels).
While the deterioration of some crops in the Canadian
Prairie Provinces has been an unfavorable development
of the Summer, the situation has been improved by the
fact that Canada has a carryover of 118,000,000 bushels of
wheat of the crop of 1928, according to a summary of
business by the Bank of Montreal. An official report
shows that the cereal crop in European Russia, except
the Eastern Provinces, is 10% or more above the average
of the last five years. In a great part of the middle and
lower Volga Provinces it is 15 to 30% below the average.
In the Transcaucasus, in Central Asia, and in extreme
Eastern Siberia, the yield is above the average. The rest of
Siberia has had unfortunate results. But as a whole the
Russian crop is above the average.
The first official report on the result of the French wheat
crop had created a belief that this year's harvest will reach
90,000,000 hundredweights, a figure higher than normal.
In any case, the harvest of 1929 will be much superior to
that of 1928, when 76,000,000 hundredweights were harvested. France is not likely to need imports of foreign
wheat this year to provide for the country's consumption.
Preliminary estimates of the world's wheat crop in the
current year, according to a London cable, put the total
at 526,791,000 quarters of eight bushels, or the equivalent
of around 4,214,328,000 bushels. Threshing returns from
the Northwest and in Canada confirm the previous low
estimates on all grains as a result of drought. Threshings
of bread Spring wheat in the Dakotas average about 10
bushels, and in Canada 4 to 20 bushels, with more 8 to 12
bushels per acre.
To-day prices, after frequent fluctuations, ended unchanged at %c. higher. Early in the day they were lower.
The cables were disappointing. Export demand was poor.
There was hedge selling. But later it was a different
story. Drought in Argentine came to the front. Without
good rains in that country it seems impossible to raise a
normal crop. At least that is coming to be the conviction
of many. There were reports of frost in parts of Argentina.
Moreover, the cash market was firm in this country. Liverpool rallied sharply later. Buenos Aires was closed to-day.
Galveston cleared 1,120,000 bushels yesterday. Interior
receipts were fair. There may be, it is true, quite a good
increase in the visible supply on Tuesday next. World's
shipments this week seem to be about 11,000,000 bushels.
Export business was slow to the last, but stress was laid
on the estimate that the world's crop at this time is some
660,000,000 bushels less than last year. Final prices show
a decline of % to 1 4c. for the week. In other words, the
net results for the week show a firm undertone.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
An. Mon. Tues. Wed. Thurs. Fri.
No. 2 hard winter
137% 136% 136% 135% 137% 138
%
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
September delivery
1321 131
13254 130 132% 132%
December delivery
141
140 141% 139 141$ 142%
March delivery
147
146
14734 145 147
148%
May delivery
151
150 151% 149 151
151%
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
October delivery
15554 163% 155 152% 153% 153%
December delivery
1543-4 15234 154 15134 153 153%
May delivery
169% 15734 .59% 15754 15834 158%
Indian corn has advanced, as the belt has not had enough
rain. The firmness of wheat also had an influence. On
the 24th inst. prices advanced 1 to 1%c., with most of the
belt dry and hot, whereas it needed rains. Commission
houses were buying. There was a tendency to buy corn
and sell wheat. It was a weather market, however. Such
markets are proverbially shifty. They go suddenly one way
or the other. On the 26th inst. prices ended 12 lower,
/c.
1
after some rallies. The crop news was called more favorable. General rains were reported in the Southwest,
especially in Nebraska, Missouri, and Kansas. Cash markets declined. Further rains were forecast. The United
States visible supply decreased last week 1,307,000 bushels
against 2,055,000 last year. The total is now 5,798,000
bushels against 10,428,000 a year ago. September was
under pressure. Larger receipts were a feature. The
interior seemed disposed to get rid of old corn. The
basis
weakened. Country offerings at slightly over the market
were large. On the 27th inst. prices ended 1 to 1%c. higher,
due partly to the rally in wheat. Also cash prices were
firmer, with reports of damage coming from Iowa, Nebraska, Kansas and Missouri. September shorts were covering. It was the firmest month. Country offerings were
not large. Nebraska has had rains, but the belt in general
was dry.
Crop advices on August 25th said that corn has been
badly scorched in many counties in Iowa, Nebraska, Kansas,
in the Eastern sections, in the Southwest, and in Oklahoma.
1471
Temperatures in Kansas, Oklahoma and Northern Texas
were 100 to 105 degrees the early part of the week, with
practically no moisture. On the 29th inst. prices ended
1c.
2
1 to / higher. September liquidation was a feature,
4
but the distant months were quite firm. Unfavorable private
reports came from Kansas and Nebraska. Cash markets
were firm. The receipts were small. The belt needed rain.
it got very little. To-day prices ended % to %c. higher.
There was not enough rain over the belt. Persistent reports
of deterioration had their effect. Covering was very
noticeable. The firmness of wheat, of course, helped corn.
Country offerings were small. Cash markets were very
firm. Some reaction was due to pre-holiday liquidation.
4c.
Final prices show a gain for the week of 1 to 21
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
11634 11654 11834 11854 11834 119
No.2 yellow
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
10234 10134 10234 102% 102% 103
September delivery
6954 98% 9934 9834 100 10054
December delivery
104% 10351 103% 10234 104 104%
March delivery
10734 106% 107 10634 10734 108
May delivery
Oats have had a good cash demand and prices have
advanced. In Canada the crop is short and Canada is
buying American oats. On the 24th inst. prices in a small
4
market were at one time 1 to %c. higher, but wound up
on that day % to %c. lower under scattered liquidation,
though the market really had no striking features. On
3
4c.
the 26th inst. prices ended % to / lower in sympathy
with the decline in other grain, hedging sales also having
some effect. Scattered liquidation also told. The receipts
were large. The United States visible supply increased
last week 6,011,000 bushels against 4,309,000 a year ago.
The total is now 19,060,000 bushels against 10,964,000 a
year ago. On the 27th inst. prices ended %c. higher in
quiet trading, but with quotations affected to some extent
by the rally in other grain. Cash houses bought March.
Commission houses preferred to buy December. Cash
demand was better at a rise of % to lc. Shippers did a
good business. They sold 250,000 bushels for shipment from
Chicago. The country movement slackened. On the 28th
4
inst. prices ended 1 to %c. higher, with cash demand
increasing, crop movement smaller and hedge selling easily
taken.
On the 29th inst. prices ended % to le. higher. There
was no pressure to sell. Oats readily responded to the
4
firmness of corn. To-day prices ended 11 to 1%c. net
higher, after active trading. The strength of oats prices
was a conspicuous feature. Commission houses were buying freely. Shorts covered. They were nervous over the
firmness of the cash market. Profit taking was readily
absorbed. So was hedge selling. Bad domestic and Canadian crop advices had a certain effect. Significantly enough
Canada was actually buying American oats. Naturally
this was emphasized by the friends of the buying side.
/
2
Final prices showed a net advance for the week of 11 to 2c.
Rye has declined with export demand lacking and hedge
4
/
1
c.
selling larger. On the 24th inst. prices declined 11 to 12
in response to the decline in wheat. No export demand
varied the monotony of prolonged dullness in this direction.
/
1
On the 26th inst. a net decline occurred of 12 to 2e. in
response to a decline in wheat. Also there was no aggressive
buying; quite the contrary. Liquidation was of course
noticeablp. The United States visible supply increased
last week 942,000 bushels against a decrease last year
In the same week of 282,000. The total is now 8,104,000
bushels against 1,312,000 a year ago. Of barley the total
increase last week was 652,000 bushels against 2,066.000
last year; total, 7,614,000 bushels against 5,290,000 a year
ago.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
5734 5534 5754 5854 5754 5854
No. 2 white
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
5
4654 45% 4654 4754 4754 4854
September delivery
5034 5034 5054 51
5134 5334
December delivery
543-4 535-1 54 Si 045i 553-1 5634
March delivery
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
70% 6934 70
68% 6834 6754
October delivery
6934 6854 6934 6854 6854 6854
aecember delivery
72
7134 7134 7134 7154 7154
May delivery
/
On the 27th inst. prices ended 14 to lc. lower, after some
irregularity, as wheat prices varied. On the 28th inst.
September liquidation made for lower prices by % to 1%c.
net at the close. The effect of a decline in wheat was
apparent. On the 29th inst., with wheat up, rye prices
1
2
ended / to 2%c. higher, though there was no export and
seemingly much likelihood of any in the near future. To/
1c.
day prices ended 114 to 12 lower on liquidation, the absence of export trade, and an increase in hedge selling.
Under the circumstances rye broke away from wheat and
.
ended lower despite the rise in wheat, which rye is apt to
follow. Final prices show a decline in rye for the week of
/
1
12 to 2e.
FINANCIAL CHRONICLE
1472
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
103% 1013i 102
10Iq 102,i 10244
September delivery
112% 1103 lit
Ill 4.1
December delivery
110% 112
115% 116
116%
1173
March delivery
1143 117
Closing quotations were as follows:
GRAIN
Wheat. New York
No.2 red. fob
No.2 hard winter,
Corn, New York
No.2 yellow
No.3 yellow
Oats. New York
No. 2 white
No.3 white
Rye, New York
__1.19
No. 2 f.o.b
1.18% Barley, New York
Malting
1.40(
_1.381.(
58%
57
1.12%
77%
FLOUR.
Spring pat.hIgh protein _S7.25 ® $7.75 Rye flour, patents
$6.35®$6.75
6.75(4 7.25 Semolina No. 2, pound_
Spring patents
4 k'
9 65 t 2.70
6 51 Oats goods
Clears. first spring
6.10
5.85 ‘, 6 35 Corn flour
Soft winter straights
2.70
2.65
Hard winter straights_ 6 304 6 65 Barley goods
Coarse
Hard winter patents
6 654 7 15
3.80
5.508 60)
Fancy pearl Nos. 1.2.
Bard winter clears
3 and 4
8 854 9 35
Fancy Minn. patents
6.50 ® 7.00
City mills
8.80® 9.50
All the statements below regarding the movement of grain
-receipts, exports, visible supply, Sze.-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:
Wheat.
Flour.
Reed etc at-
Corn.
Oats,
Rye.
Barley.
8015.196es.bush.60 lbs. bush. 56 lbs. bush. 32 P:s. Sus. 48180..
206.000
ChIcago
248,000 1,251,000
771,000 2,840,000
426,000
558,000
Minneapolis
8,000 5.3'29,000
48.000 2,466,000 1,614,000
666,000
4,266.000
Duluth
23,000
111,000 2.301,000
525.000
82,000
Milwaukee __ _
49,000
107.000 1,897.000 1.340.000
238.000
1,000
Toledo
2,000
3.000
233,000
6.000
44,000
Detroit
4.000
20,000
316,000
Indianapolls
528,000
942,000
30,000
St. Louis_
120,000
119,000 1,468.000
622,000
380.000
2,000
144,000
93,000
Peoria
36,000
405,000
438,000
Kansas City
2,126.000
270.000
156.000
12,000
1,538.000
Omaha
235,000
326,000
7,000
St. Joseph_
247.000
21,000
166,000
34.000
961.000
Wichita
4,000
13.000
Sioux City _ _ _
100.000
128.000,
176.000
rota! wk. '2•3
Came wk. '28
Came wk. '27
460,000 18,553,000
522.000 15,972,000
446,000 13.843,000
3,114,000 10.232.000 5,917,000 1,570,000
577,000
3,245,000 7.948.000 6,214.000
4,784,000 7,004,000 3,282,000 1,251,000
Mere Aug.11929
1,643,000 105,557.000 15,890,000 30,633,000 14,613,000 3,780,000
1928
1.913.000 79.586,000 20,475,000 24,076,000 15,760,000 1,282.000
1.745.00)) 73.831.000 11 ins nen le 89n nom 7.676.000 2.446.000
1927
Total Aug,. 24 1929_ _ _176,707,000 5.798.000 19.060.000 8,104.000 7,614.000
Total Aug. 17 1929..169,368,000 7,165,000 13.049.000 7,162.000 6.902.000
Total Aug. 25 1923_ _84,138,000 10.428,000 10.964,000 1.312,000 5,290,000
Note.
-Bonded grain not included above: Oats, New York, 96,000 bushels;
Philadelphia, 3,000: Baltimore, 4,000: Buffalo, 221,000; Duluth, 17.000: total,
341,000 bushels, against 44.000 bushels in 1928. Barley. New York. 764.000
bushels; Buffalo, 919.000; Duluth, 6,000; on Lakes, 203,000; total, 1,892,000
bushels, against 454,000 bushels In 1028. Wheat, New York, 3.929,000 bushels:
Boston, 1,239,000; Philadelphia, 3,249,000: Baltimore, 3,381,000: Buffalo, 8.787,000;
Buffalo afloat, 376,000; Duluth. 60,000; on Canal, 1,107,000; total, 22,128,000
bushels, against 7,574,000 bushels In 1923.
Canadian
Montreal
462,000 1,142.000
1,875,000
6,930,000
Ft. William & Pt. Arthur_44,302,090
7,731.000 1,911,000 4.378,000
Other Canadian
323,000
2,539,000
10,925.000
635,000
Total Aug. 24 1929__62,157,000
12.145.000 2.696.000 6,055,000
Total Aug. 17 1929._ .._62,3•21,000
12,037.0(10 2,745,000 5,935,000
Total Aug. 25 1928
269.000
93,812,000
511,000
2,236,000
Summary
American
176,707.000 5,793,000 19,060,000 8,104,000 7,614,000
Canadian
62,157.000
12,145,000 2,696.000 6,0-53,000
Total Aug. 24 1929_ _238.864,000 5.796.000 31.205,000 10.800,000 13.669,000
Total Aug. 17 1929_231,689,000 7,105,000 25,086,000 9,007,000 12,897,000
Total Aug. 23 1928_ _ _107,950,000 10,423,000 13.200,000 1,1123,000 5,559,000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, Aug. 23, and since July 1 1029 and 1928,
are shown in the following:
Wheat.
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Aug. 24,follow:
New York _ _ _
Philadelphia__
Baltimore_ __ _
Newport New
Norfolk
New Orleans •
Galveston__
Montreal _
Boston
Flour.
Wheal.
Barrels.
260,000
42.009
20,000
1,000
4,000
57,000
65,000
23.011
Oats.
Corn.
Rye.
Barley.
Bushels. Bushels.
Bushels.
62,000
104.000
44.000
29,000
4,000
. 2,000
Barrels.
419.000
178,000
476,000
515,1/00
Bushels.
5,000
3.000
15.000
769.000
657,000
3.154,
57,000
18,000
2,000
34,000
6.000
2,000
Total wk. '29
4.000
472.000 6.168,
80,000
82,000
23.5.000
Since Jan.1'29 16.863.000 124,850.000 15.662,000 12.396,00021.335,000 3,269,000
Week 1928_
510,000 8.421,000
Since Jan.1'28 15.207 non 141 947.000
109,000 1.000.000 1,626,000 1,076.000
0.772000; 21 074 mu 20 RI:B.00032.281.000
* Reeelrts do net Include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, Aug. 24 1929, are shown in the annexed
statement:
Exports from-
Wheat.
Corn,
Flour.
Oats.
Rye.
Barley.
Bushels. Bushels.
565,000
104,000
152.000
New York
Philadelphia
Baltimore
Norfolk
Newport News
New Orleans
Galveston
Montreal
Houston
32.000
1,227,000
640,000
204.000
Total week 1929_ _ 2.924.000
Same week 1023... 7,968,111
Barrels. Bushels. Bushels. Bushels.
212,000
41,320
2.000
2,000
4,000
1,000
3,000
16,000
3.000
175,000
16.000
34,000
9,000 355,000
70.000
60,000
6.000
0,000 802,000
3.000 158.320
37.000
113,027 279.081 375.223 674,000 1.292,800
The destinat'on of these exports for the week and sinco
July 1 1929 is as below:
flour.
Exports for Week
and Since
July 110-
Week
AIN. 24
1929,
United Kingdom_
Continent
So. St Cent. Amer_
West Indies
Other countries__
.
Total 1929
Total 1928
Barrels.
61.415
74.455
10,000
8.000
4.450
Since
Jul', 1
1929.
Barrels.
492.331
553,262
57.000
77.000
72,916
Wheat.
Corn.
Week
Since
Awe. 24
Jul,, I
1929.
1929.
Bushels.
Bushels.
Bushels.
1,669.000 12.823,000
1.239,000 18,316.000
1.000
16,000
72,000
2,000
2.000
68,000
Week
.480. 24
1929.
158,320 1.252,509 2,924,000 31,2/31,000
219.681 1.535.909 7,968.011 52.077.872
Since
July 1
1929.
Bushels.
22,000
95,000
117,000
3,000
113.027 1.039.576
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Aug. 24, were as follows:
1929.
Week I
Aug. 23.
Since
July I.
Corn.
1928.
Since
July 1.
1929,
{Feet
.4u5. 23.
fibce
July 1.
1928.
Since
July I.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
165.000
893,000 2.017.000
North Amer. 6.817.000 58,487.000 80,0751100
255.000
307.000 1,437,000
Black Sea__ _
776,000
120.000
160,000
A rgentIna_
6,561,000 35.960,000 16,109.000 5,234,000 40,510.000 68,231,000
A ustrada
1,352,000 10,184,000 9.514.000
88,000 1,000,000
Indla
24.000
0th. rental'
816,000 4.040,000 7,112.000 1.870,000 5,920,000 6.230,000
Total
14,000
GRAIN STOCKS.
Wheat.
Corn.
Oats.
Rye.
Barley.
bush.
bush,
bush.
bush.
bush.
360,000
60,000
75.000
46,000
51,000
3,000
5.000
5,000
119,000
11,000
1,007.000
7.000
4,739,000
33.000
64,000
5,000
14,000
373,000
95.000
188,000
9,000
392,000
2,246.000
58,000
2,727,000
257,000
298.000
5,000
6,561.000
62,000
185.000
123,000
20.000
8,011,000 2,797.000 2,860,000
205,000
940,000
2.000
193.000
9,000
15,000
3.907,000
14,000
7,000 ' 42,000
8,000
303,000
27,624,000
999,000 5,432,000 2.883,000
947,000
2,029,000
15,000
498.000 1,629,000
67.000
361,000
1,632.000
141,000 3,339,000
20,383.000
50,000
625,000
117.000 4,131.000 1,595,000 3,526,000
29,500.000
617.000
11,000
51,000
49.000
912,000
361,000
7,000
103.000
206,000
4,975,000
187,000
8,000
22,000
202,000
24.408,000
2,000
8,140,000
0,000
55,000
210,000
6.177,000
992.000
320,000
4,000
03,000
221.000 1,148.000
1.999,600
65,000
626,000
108,000
161,000
10,316,000
12.5,000
513,000
12,000
862,000
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Buffalo
" afloat
Toledo
Detroit
Chicago
Hutchinson
Milwaukee
Duluth
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
St. Joseph, Mo
Peoria
IndlanapolL3
Omaha
On Lakes
On Canal and River
Exports.
Rectilts at-
[Vol,. 129.
16.030,000110.435,000 113,960.000 7,524.000 47.630.01)0 77,915.000
WEATHER BULLETIN FOR THE WEEK ENDED
AUG. 27.
-The general summary of the weather bulletin,
issued by the Department of Agriculture, indicating the influence of the weather for the week ended Aug. 27, follows:
During the first part of the week rainfall was of a decidedly spotted •
character, with some showers in the Northwest and rather frequent rains
in the more southeastern districts. About the middle considerable rain
was reported from the far Southwest and showers were rather general over
an extensive area from the Ohio Valley eastward and northeastward:
during the latter part only local rains were again the rule.
Chart I shows that the temperature for the week was near normal In
the Northeast and somewhat b,
dow normal from the Potomac and upper
Ohio Rivers southward. Elsewhere in the South the weekly means were
moderately above normal In most sections. except that they were high in
the northwestern Cotton Belt. In Central and Northern States, between
the Mississippi River and Rocky Mountains, the week was decidely warm,
with the temperatures averaging from 6 deg. to as high as 11 deg. above
normal: high afternoon temperatures were reported over this area, with the
maxima for the week ranging generally from about 100 deg. to as much as
104 deg.
Chart IT shows that precipitation was irregular and spotted in character, with much the larger portion of the country having little or no rainfall. The weekly totals were large in some extreme southeastern districts
anti at some places alone the Gulf coast. while they reached an inch or
more in much of the interior East. Throughout the central valleys and
the lake region precipitation was light to moderate, except in a very few
local areas, while front the Great Plains westward most stations reported
a trougtly conditions that have persisted during August over large
alera i Yik.
t
areas continued through the week, with very little relief, excrpt in a few
rather restricted sections. Timely and generous rains were very beneficial
over a belt from western Now York southward over the Appalachian
Mountains to southwestern Virginia and in the more eastern parts of the
Ohio Valley, while rains continued rather fre,quent, with too much moisture
In some places, in the more southeastern districts. Showers were also
beneficial in much of the Carolinas, but In some Piedmont sections drought
persists, while to the northward it was intensified in many places, though
with local relief.
A general rain is needed throughout the Ohio Valley, while the drought
continues serious in most of the western Lake region. There was some
relief in parts of Iowa, while scattered rains were helpful in eastern South
Dakota and some places In Nebraska, but in general the drought continues
widespread, and in many places serious, throughout a large area embracing the States between the Mississippi River and the Rocky Mountains.
Most late crops have deteriorated badly, especially on uplands, while
the ground is too hard and dry for plowing throughout practically all of
the Interior of the country. The drought is unusually widespread, and
was intensified in the western and northwestern agricultural sections by
the prevailing high temperatures.
In the southern Rocky Mountain area, from Utah and Colorado southward, conditions continued mostly favorable because of previous rains.
while moisture has improved the soli for fall truck planting in the west
Gulf coast sections.
SMALL GRAINS.
-Late harvesting and threshing advanced rapidly in
the spring wheat area and the Northwest under generally favorble weather
conditions; this work is well along, except in some higher elevations of
the West. There was also some scattered threshing of data, while harvest
was favored in the Northwest. where there were reports of some fields cut
for feed. Rice harvest was delayed in west Gulf areas, due to showers.
while this crop Is nearly really for cutting in the Sacramento Valley of
AUG. 31 1929.]
FINANCIAL CHRONICLE
California. Growth of grain sorghums was retarded in the lower Plains,
but in parts of the Southwest favorable advance was made.
The ground is generally too dry and hard for fall plowing in the main
winter wheat districts and very little has been done so far, although some
seeding was accomplished in northwestern Kansas: much plowing was
reported from the moister areas of the eastern Ohio Valley.
CORN.—There is still much need of a general rain over the entire Corn
Belt,especially for the late crop on upland soils. In the eastern Ohio Valley
rains were beneficial in a good many places, especially in Ohio, West Virginia, and northern Kentucky, while local showers were helpful in some
other valley sections, but there is a general need of rain -over the area.
Droughty conditions were also relieved in a few counties of Iowa, principally in the south and west, but there are an unusually large number of
reports of firing on uplands in this State: the crop made excellent progress
toward maturity, with the bulk dented lathe northern and central counties.
In most other parts of the western belt unfavorably droughty conditions
continued, and late corn deteriorated rather generally. The crop Is still in
fair to good condition in northern and eastern Nebraska. and looks well
in most of the principal producing sections of South Dakota, but to the
southward of these States and in Missouri late corn has been damaged badly
by the dry weather: reports of damage from the same cause continue from
many sections of the middle Atlantic area.
COTTON.—Weather conditions were unfavorable for cotton over large
parts of the belt, especially in the west where It continued hot and dry.
The crop made good progress In extreme western and parts of northwestern
Texas, but elsewhere in that State it mostly deteriorated, with considerable shedding, premature opening, and complaints of small, imperfect
bolls: the general condition is spotted, ranging from very poor to very good.
Deterioration continued also in Oklahoma where the drought was unrelieved
and intensified by high temperatures; plants are wilting during the day,
with much shedding and premature opening in the drier areas. In Arkansas
progress was mostly good to excellent, except in some western, central, and
southern localities where It Is poor because of the long drought, while in
northern Louisiana unfavorable conditions persist.
In the eastern belt progress varied considerably. In the south some
local areas were too wet, with further complaints of shedding, while droughty
conditions continued in some interior sections, more notably in northern
Georgia and parts of the Piedmont of South Carolina, but in the Carolinas
conditions continued mostly favorable, and progress of the crop was generally good.
Picking and ginning made excellent advance where this work has begun.
except where rains were frequent in portions of the southeast. Weevil
activity was favored in these wetter sections. but in most places the dryness was favorable for holding them in check, especially in the western belt
where it was both dry and hot.
The Weather Bureau furnishes the following resume of
the conditions in the different States:
Virginia.—Ilichmond: Temperatures moderate; showers mostly light,
but moderate to heavy In some localities of south-central and southwest:
no rain In some eastern and north-central localities. Crops mostly good,
where showers occurred; too dry elsewh.re and firm crops and pastures
deteriorated. Cotton good; curing tobacco continued. 'Unfavorable for
plowing.
North Carolina.—Raleigh: Week somewhat cool; moderate to heavy
rains In east and central, but light in west. Progress of cotton fair to
good; some reports of fruiting well awl some shedding; weather favorable for weevil activity in east. Tobacco harvested In east; half done In
west. Other,crops doing well In east and most of central, but need rain
in went, %pedal') corn.
South Carolina.—Columbla: Dryness persists in sections of Piedmont
where all late crops need rain, with some corn firing and cotton shedding
rather badly, although drought causing reduced weevil activity; elsewhere interznittent showers favorable for late corn, sweet potatoes, and
minor crops. Early cotton opening, with picking and ginning advancing
slowly; late excellent in east, south, and central, but green and
crop not blooming as freely as formerly, but general progressrathespy; good.
Ger/min.—Atlanta: Drought continued in most of north while frequent
rains In south favored considerable weevil activity. Much shedding and
condition of cotton generally poor; picking and ginning progressing well.
Corn needs rain in north. Minor crops promising.
Florida.—Jacksonville: Rains delayed work locally, but much sunshine
on several days favorable for picking cotton, with ono-half done in some
districts. Good progress in harvesting corn, hay, and peanuts, except
delayed by showers locally. Strawberries doing well; citrus groves, including satsumas in west. good.
Alabonth.—Montgemery: Week averaged warm; scattered showers,
and rain needed in many sections, especially in north and central portions. Truck and pastures good progress and condition In coast section
and elsewhere where moisture adequate; otherwise failing. Corn and
sweet potatoes fair to good. Progress of cotton varied from deterlosatIon
in dry sections to good where rains sufficient; condition averaged only
fair; shedding badly in droughty sections and some complaints of premature opening, rust, red spider, and boll rot; picking and ginning progressing In south.
hiississioot.—Vielcsburg: Early cotton opening rapidly and some prematurely, with picking becoming general in south and central. Early
corn maturing in extreme south; progress throughout poor to only fair.
Progress of pastures mostly poor.
Louistana.—New Orleans: Frequent rains near coast, but entirely insufficient to relieve drought in north. Cotton opening rapidly and considerable premature opening in drier areas: excellent advance of picking
and ginning: further complaints of shedding and diminished fruiting;
weather has failed to check insect activity: general condition only fair.
Excellent for gathering hay and corn and fairly satisfactory for harvesting
rice.
Texas.-11ouston: Frequent showers in coastal and adjacent counties;
warm and mostly dry elsewhere. Moisture improved pastures and put
soil in condition for fall truck planting in coastal section. and conditions
also favorable in extreme west and portions of Panhandle; elsewhere pastures, late corn, feed, and minor crops deteriorated, with condition poor
to only fair. Citrus doing well; rice harvest slowed account rain. Cotton
made in much of south and progress good in extreme west and portions
of northwest; elsewhere the crop mostly deteriorated, with considerable
shedding, premature opening, and complaints of small and imperfect
bolls; general condition spotted, ranging from very poor to very good;
picking and ginning made good progress.
Ohlahoma.—Oklahoma City: Clear, hot, and dry. Drought severe
over entire State and all crops deteriorated. Early corn matured; progress and condition of late-planted generally very poor to poor anti crop
badly burned on uplands. Cotton deteriorated account heat and dryness;
crop willing during day, much shedding of squares and bolls, and premature opening in drier areas; picking In south portion. Progress and
condition of grain sorghums, broomcorn, sweet potatoes, and peanuts
generally poor.
Arkenstts.—Little Rock: Progress of cotton good to very good, except
in some western, central and southern localities, where poor, due to five
to seven weeks' drought; some shedding and premature opening where so
dry; picking and ginning begun in southern and some central localities;
weather checked weevil. Progress of late corn fair in east; poor to very
poor elsewhere due to dryness.
Tennessee.—Nashville: Continuing above-normal temperatures and
dryness resulted in very poor progress and condition of corn, and continuation of conditions may cause great damage; condition excellent in some
western sections. Early tobacco being harvested; late needs rain. Condition of cotton fair, but progress rather poor; much shedding.
Kentucky.—Lbuisville: Moderate showers in north and light in south,
but otherwise dry: temperatures moderate. Rains improved crops, except where damaged beyond recovery in north-central. Progress and
condition of corn very poor to poor in north: very good in south. Tobacco cutting general and progressing rapidly: much barley cut prematurely.
Fall plowing and seeding begun where moisture sufficient. Much more
rain needed.
THE DRY GOODS TRADE
New York, Friday Night, Aug. 30 1929.
Optimism increased in the markets for textiles during the
week, and as a result both inquiries and sales have been
on a broader scale. This has been particularly true in
1473
the cotton goods division, where purchases have been stimulated by the continued unfavorable reports regarding the
growing crop, and to modified ideas as to the ultimate yield.
The drought in the Southwest has continued for the most
part unbroken, and complaints of crop deterioration from
this section have multiplied. In fact, advices received
through authoritative sources from all quarters of the belt
have been more or less pessimistic. Thus, In view of these
conditions, and the fact that mills will likely continue their
curtailment program throughout September, a firm and
active market should rule and give cause for current advances. In regard to woolens, further openiogb have revealed that the majority cf manufacturing are adhering
to a price policy which limits recessions to about 3% ander
levels which prevailed at this time a year ago. There have
been occasional rumors of price curs making headway, but
practically all have proved to be groundless. There continues to he an active demand for floor coverings, so much
so that manufacturers for the first time in years have
been running their mills on full tir.e, and in many cases
on double time. Silk prices have not been very satisfactory,
but as the larger silk houses have announced that they
will close their mills over the Labor Day week-end, this
curtailment of production is expected will help matters.
Although there has been a little slackening in smie of the
major industries eof the country, such as steel and automobile, this has been offset by continued activity in other
lines. Consequently, with trade in general being maintained at a high rate, the outlook for textiles is viewed
satisfactorily.
DOMESTIC COTTON GOODS.—Increased sales have
been reported from most all sections of the markets for
domestic cotton goods during the week. The general undertone has been firmer, with price advances scored in several
directions. The present unfavorable outlook for the cotton
crop, and reduced estimates of the final yield, have been
largely responsible for the activity which has developed
among buyers. Values of two of the larger selling print
cloth constructions reached better levels during the week,
and sizable amounts of nearby goods have been sold. Prices
for other lines of goods are also being rigidly maintained
by mills, and the business placed has exceeded expectations
with a still broader market in prospect. Mills expressed
the belief that values would also further appreciate, and
seemed to be more convinced that their views would be
borne out by the next Government report on the cotton
crop, which is now not far distant. Towels have been in
considerable demand, gray goods have sold well, and good
orders have been received for blankets. According to reports, blanket buyers who departed from the market in
order to be home for Labor Day left substantial re-order
business in the hands of manufacturers. The business
booked shows a decided increase in the orders for solid
colors, and those of the reversible type. Considerable
attention is also given to the preparations of holiday goods
made ready for use or in piece goods. At present, new
lines of woven cotton slip coverings are in the sample
stage against Spring needs to be made available for manufacturers and piece goods distributors during October or
later. Print cloths 28-inch 64x60's construction are quoted
4c. Gray goods 39-inch
at 51 4c., and 27-inch 64x60's at 51
,
68x72's construction are quoted at 8%c., and 39-inch 80x80's
at 10%c.
WOOLEN GOODS—Buyers in the markets for woolens
and worsteds have been numerous during the week, although
the majority are not expected to be present until after
Labor Day. Most of the buyers who have viewed lines this
week represented large scale clothing houses which usually
operate early, and which generally anticipate their needs
In order to obtain concessions for taking early deliveries.
Consequently, increased buying activity is expected to develop within the near future. Lines of Inca's wear fancy
worsteds and woolens for Spring were generally opened
during the early part of the week at prices showing reductions approximating those made by the American Woolen
Company. In fact. the pricing of woolens by the majority
of firms proved somewhat of a surprise, as the goods were
firmly priced, and buyers found concessions above 5c. a
Yard difficult to locate. Hence, many expressed gratification regarding the price stabilization which opens the season.
FOREIGN DRY GOODS.—One of the bright spots in the
markets for linens is the excellent hol'day business which
appears to be looming up in handkerchiefs. Advance orders
SO far received are said to compare well with last year,
and additional business Is being booked at a satisfactory
rate. Novelties predominate in women's goods, and the
boxed assortments for the Christmas period are receiving
particular attention. A better business is also expected
to develop for other lines of linen goods within the near
future. Burlaps have ruled quiet, and easier. Prices in
the primary markets scored declines, and caused a lowering
of quotations in the local market. Light weights are quoted
at 6.95e., and heavies at 9.00c.
1474
FINANCIAL CHRONICLE
tatt anti Chi pievartuxent
NEWS ITEMS
Centralia, Lewis County, Wash.—$650,000 Bond Issue
Declared Invalid.—A $650,000 hydro-electric plant construction bond issue authorized at an election held on Feb. 25
—V. 128, p. 1434—was declared invalid on Aug. 24 in a
decision of the State Supreme Court, according to the
following, which appeared in the Aug. 25 issue of the
"Morning Oregonian":
Action of the State Supreme Court to-day in invalidating a 8650.000
bond issue, voted In February. for construction of a hydro-eletric plant
on the Nisqually River, will by no means kill the project, the City Commission pointed out. All that is needed to validate the bonds is a new
election, and in view of the previous heavy majority in favor of the project,
ther is no doubt that they will be approved a second time.
Steps for calling the election will be taken by the Commission at its
meeting next Tuesday.
Georgia.
--Governor Signs Boykin Income Tax Measure.—
The Boykin Statutory Income Tax Bill which provides
that all persons, firms and corporations in Georgia, with the
exception of insurance companies, pay to the State a sum
equal to one-third of the amount of income tax paid to the
Federal Government was signed on August 22 by Governor
L. G. Hardman, according to the August 23 issue of the
Atlanta "Constitution." The exemption of the insurance
companies is on the ground that they are taxed in other
specific ways. The bill, which is effective Oct. 1 1929, is
expected to bring in a revenue of between $6,000,000 and
$8,000,000 annually.
The text of the law, as given in the afore-mentioned publication, is as follows:
A bill to be entitled an Act to provide for levying and collecting a tax
on net incomes In this State, to provide how returns shall be made, how the
tax shall be paid, and to fix penalties for violation hereof, and for other
purposes.
Be it enacted by the general assembly of Georgia and it is hereby enacted
by authority of the same as follows:
Section 1. On the net income of every person.firm or corporation residing
or doing business in this State, except insurance companies which pay
the State tax upon premium income, after making such deductions as are
allowed by the laws of the United States in the system by them adopted
for determining net incomes, and such increases and deductions as are hereinafter provided for in determining a proper taxable income, there shall be
levied and collected by the State of Georgia an income tax similar to that
of the United States, but at the rate and according to the scale hereinafter
set forth; the same to be returned, calculated, ascertained and paid, according to the system and rules hereinafter set forth.
Sec. 2. Whenever any such person, firm or corporation residing or doing
business in this State makes an income tax return to the United States,
or is legally bound so to do. such person being hereinafter briefly referred
to, for convenience, as a tax payer, it shall be his duty to make at the same
time a like return to the State of Georgia and file the same with the State
tax commissioner for the purpose of a State tax on income. Such duplicate
return shall furnish the same information as is contained In his return to the
United States, shall be made on a blank form to be furnished by the tax
commissioner, and shall ascertain the taxable net income in the same
way as in the return to the United States: but before ascertaining the net
income taxable by the State the following changes shall be made:
Salary Received.
1. To the amount ascertained under the laws of the United States as the
net income taxable by the United States, there shall be added in said return
the gross amount of any salary received by the taxpayer during the tax
year, or accrued to him .during said period as a public official or employe
of the State, or of any county, municipal corporation or other political division thereof,and the net amount of any fees. perquisites or other emolument
from said courses or any of them, paid to him during the same period for
official compensation, except in the cases of the Governor of the State and
of the several judges of the Supreme Court, the Court of Appeals and the
Superior Court, who shall not be required to include their salaries paid or
accruing for any term existing at the time of the passage of this Act.
2. From the amount so ascertained as the taxable net income shall be
deducted any salary paid to the taxpayer by the United States or accrued
to him from the same source as an official salary for any service rendered
by him to the United States, and any and all interest paid to him on any
bond or bonds or other obligation of the United States.
If neither of the changes indicated by sub-paragraphs 1 and 2 above is
made,the net income taxable by the State of Georgia shall be the same as
that taxable by the United States, and the tax payable thereon to the State
of Georgia shall be one-third of that payable to the United States. But
In case the net taxable income be changed as the result of complying with
sub-paragraphs 1 and 2 above,the tax payable to the State shall be increased
or reduced so as to be one-third of what would have been payable to the
United States under their laws upon such increased or reduced taxable
net income.
Tax Liability to State.
See. 3- Any person, firm or corporation who makes no income tax
return to the United States because of having no sufficient income taxable
by the United States to call for such return under the laws of the United
States, but who would have such sufficient income if his salary fees or
United
perqutsltes from the State or subdivision thereof were taxable by theGeorgia
States,shall be liable and is hereby required to make to the State of
an original return on the same or similar form as would be used In making
a duplicate return as required in Section 2 of this Act, indicating in some
appropriate way whether the same is an original return. In such case the
tax liability to the State shall be one-third of what it would be to the United
States if said income were by them taxable. In any case where a nonresident corporation having an office and doing business in this State
makes its Income tax return in some other State. such corporation shall
make an original return to the tax commissioner of Georgia to its business
done in this State upon like principles as are in this section above provided.
Sec. 4. It shall be the right of any taxpayer making return of income for
taxation by the State to attach or add to such return any claim such taxpayer may choose to make as to any item or items included in his return to
the United S,ates which he conceives to be exempt from taxation by the
State of Georgia. In such case It shall be the duty of the taxpayer so making
return to make a clear and distinct statement of all relevant facts connected
with such claim, and to make a clear statement of the reasons why he conceives such It, in to be not taxable by the State. And there shall be deducted any am mint that may be derived from incomes of any such person
or companies as the State of Georgia is prohibited from taxing under the
Constitution of the United States.
One-Third Down.
Sec. 5. When such return is made and filed with the tax commissioner as
hereinbefIre required, the taxpayer shall, on or before the last day for
making return, pay to the tax commissioner, for the State of Georgia at
least one-third of the State income tax as fixed by the provisions hereinbefore made, the balance being due and payable at intervals of three and
six months thereafter.
Sec. 6. The right granted the taxpayer in Sec. 4 of this Act to file a claim
of exemption or denial of liability for tax, as to any item included in the
return, shall not be construed to relieve the taxpayer from liability to make
immediate payment of the tax, nor shall there be any judicial interference
with the payment or collection of the tax upon any other ground, but
all persons making return as herein provided for, or required so to do, shall
pay as hereinbefore provided and make his complaint for, or seek a refund
as hereinafter provided for.
[vot.129.
Sec. 7. A tribunal is hereby created consisting of the Comptroller General,
the Attorney-General and the Secretary of State which shall be known 88
the board of income tax review. Whenever any taxpayer shall make a
claim for exemption as to any item or items in his return as provided in
Sec. 4 of this Act,the claim shall be by the tax commissioner referred to said
board. In all returns the taxpayer shall be required to give and shall give
his postoffice address. Upon receiving such reference the board shall by letter
duly stamped and deposited in the mails give notice to the taxpayer of the
time and place where such claim will be heard and passed on. Said board
may In its discretion also cause said notice to he served on the taxpayer by
any sheriff or deputy sheriff of this State. If the board has any reason to
apprehend that the notice was not received it shall cause the same to be so
served before proceeding. The matter shall be heard at the time and place
stated in the notice, unless continued by the board to another time or
place, or unless the number of such instances to be heard, or other good
cause, makes it necessary to continue from day to day. At the hearing
the board shall summarily consider and pass on the claimed exemption and
either allow It or disallow it according as in their judgment the same is or is
not required by the Constitution or laws of this State or of the United
States.
Appeal of Taxpayer.
Sec. S. The taxpayer, for himself, or the tax commissioner for the State,
shall, if dissatisfied with the finding, have the right to demand an appeal
to the Superior Court of Fulton county. Said demand shall be in writing
and shall be made within 10 days, but no bond shall be required as a
,
condition thereon. No notice shall be necessary on the part of the appellant
but in either event the appellee shall take notice of the appeal at his own
peril.
Sec. 9. In the Superior Court the cause resulting from such appeal shall
be summarily heard in preference to all other matters and without regard
to term of court. A jury may be called, if necessary to pass on any question
of fact, and the Court shall have authority, if necessary, to have an issue
made up in writing. From the judgment of the Superior Court a writ
of error shall lie as in all other civil cases.
Sec. 10. Any taxpayer making return and making payment, either In
whole or in part, shall have the right, at the time of said payment, to file
with the person to whom payment is made, a protest in writing, and if
thereafter there be a judicial finding in his favor exempting him in whole
or in part from liability, it shall be the duty of the Treasurer of this State
to repay to such taxpayer, with interest at 7% per annum, any sum improperly required of him, which payment shall be made out of the fund
now to be provided for.
Sec. 11. As said income taxes are paid into the treasury,such percentage
thereof not exceeding 10% as shall be deemed prudent and necessary by
the board of income tax review, shall be set aside by the Treasurer as a
special fund for the reimbursement of taxpayers improperly required to Pay,
and said Treasurer shall have authority, whenever a liability is established
for repayment in favor of a taxpayer, so to repay out of said fund without
other appropriation thereof to that purpose than as contained herein.
Return for Taxes.
Sec. 12. The first return for taxes under this Act shall be made each
year on or before the 15th day of March for the preceding calendar year,
but the liability of taxpayers thereunder for the year 1929 shall only be
asserted pro rata for one-fourth of the year.
Sec. 13. The tax commissioner shall have authority and it shall be his
duty to provided all necessary blanks for carrying out the provisions of this
act, which blanks shall be distributed throughout the State in such way as
the tax commissioner may deem proper.
Sec. 14. The tax commissioner shall have power and authority to make
all necessary regulations for carrying out the provisions of this Act, provided
the same are not in conflict with the provisions of this Act and do not affect
any substantive legal right of the taxpayer resulting therefrom.
Sec. 15. Any person, firm or corporation who shall fall or refuse to make
such return as herein required shall be liable to a penalty of 25% of the
liability of such taxpayer as fixed by the return and other proceedings,
and in addition thereto, interest at the rate of 1% for every calendar month
from and after the failure to make return. If such taxpayer, after having
so failed or neglected to make return, shall be notified by the tax commissioner so to do, and shall thereupon continue so to fail and refuse, the tax
commissioner shall give to such taxpayer notice that on a day to be named
he will assess the tax from the best information obtainable and after giving
the taxpayer opportunity to be heard. In such case the penalty shall be
fixed at 50% upon the amount ascertained and assessed, and may be included as part of the tax, and a writ of fieri facies (execution-fi.fa) shall
be issued for the whole by the tax commissioner, bearing teste in the name
of the Governor, and directed to all and singular the sheriffs of this State.
commanding them to levy on the goods and chattels, lands, tenements and
hereditaments of said taxpayer, which writ it shall be the duty of any
sheriff to execute as in case of writs of execution from the Superior Court.
Penalty for Fraud.
Sec. 16. Should any taxpayer fraudulently and with a purpose to conceal
his liability under this Act, so fall or refuse to make return, or make any
false and fraudulent return with a purpose to escape liability, such taxpayer
shall, in addition to liability for the penalties herein provided, be liable to
prosecution in any court having jurisdiction, and upon conviction shall be
deemed guilty of a misdemeanor and punished accordingly.
Sec. 17. Whenever any writ of Berl facies has issued under section 15
or 16 and the taxpayer shall conceive the same to be Illegal, he may tender
to the levying officer his affidavit of illegality thereto and upon his payment
of the assessed tax without the penalty the officer shall return the same to
the Superior Court of Fulton County where the same shall be summarily
heard as provided In section 7 for appeals and the judgment thereon shall
be final so far as concerns the judiciary of this State.
Sec. 18. Be it further enacted that the Governor and Comptrollergeneral are instructed and directed In fixing the ad valorem tax rate for
State purposes in the year 1931 to make a careful estimate of the amount
of revenue that will be derived from the provisions of this Act and from
other sources of revenue and after providing for any deficit that may exist
and the payment of current expenses of the State over a two-year period
to reduce the ad valorem tax rate for said year 1931 in proportion to the
excess revenue that will be realized under the provisions of this Act.
Sec. 19. All laws and parts of laws in conflict with the provisions of this
Act shall be and the same are hereby repealed.
Massachusetts.—Changes in List of Investments Legal for
Savings Banks.—Roy A. Hovey, State Bank Commissioner,
has issued a bulletin dated Aug. 28, showing the following
additions to the list of bonds considered legal investments
for savings banks. The last list of securities considered
"legals" was issued on July 1 and published on page 665
of the "Chronicle" of July 27.
Public Funds.
Norwalk, Connecticut.
Railroad Equipment Trust Certificates.
New York Central R. It. Co. 43s serially to 1944 .
Public Utility Bonds.
Southern California Edison Co. Ref. Mtg. 5s, 1954,
Missouri.—Validity of $75,000,000 Road Bond Issue Up
held.—The State Supreme Court is reported to have upheld
the validity of a 875,000,000 road bond issue voted last fall,
in a friendly test suit instituted on June 5 by a group of
attorneys for the State Highway Commission—V. 128, p.
40.39. Between 87,500,000 and 810,000,000 of the bonds are
expected to be placed on the market in September. The
'Manufacturers Record" of August 26 carried the following
article on the subject:
Following the receipt of information that the Missouri Supreme Court
had declared valid the $75,000,000 road bond Issue voted last fall. Col.
C. D. Matthews, Sikeston, Chairman of the Missouri highway
sion, declared the Commission is prepared to start immediately the completion of the primary and secondary road systems in the State with revenues
from the sale of the bonds. The enabling Act for the issuance of the bonds
becomes effective Aug.27 and Col. Matthews estimates that the Commission
within a 'period of 30 days thereafter will award contracts for $3,000,000
of ”oad work in the State and that before the end of the year between $5,
000,000 and $7.500,000 of road work will have been awarded.
AUG. 31 1929.]
FINANCIAL CHRONICLE
In an amendment authorizing the bond Issue, it is stipulated that the
primary system must be completed by 1932 and the secondary system
Within that period. it is estimated that the Commission may
expend as much as $25,000,000 annually in its road construction program.
While the availability of funds from the bond issue depends upon the
State Fund Commission, which prepares and sells the bonds, it is thought
$3,000,000 of these funds will be available within 30 days.
a Year later.
Oregon.
-Plan to Reorganize Ochoco Irrigation District
-A special disOther Irrigation Districts to Be Reorganized.
patch to the "Morning Oregonian" of August 20 is published
herewith in its entirety:
Reorganization of the Ochoco irrigation district in central Oregon is virtually assured in case the district directors are willing to accept a proposal
outlined at a meeting of the bondholders' committee in San Francisco last
week. This was the statement made here to-day by Rhea Luper, State engineer, who attended the conference.
Mr. Luper said the bondholders had agreed to accept in complete settlement of the district's debt 47 annual payments of$36,000 each, provided the
district would expend an equal amount annually in the first three yearsin
Improvements and betterments of its irrigation system. It was specified
that the annual payments were to begin in 1933.
While in San Francisco, Mr. Luper also conferred with bondholders of the
Grants Pass, Warmsprings, Crook County improvement district, Deschutes County Municipal Improvement district and the Eagle Point and
Summer Lake projects. The conferences were held in connection with a
proposal to reorganize these districts under authority vested 'in the State
reclamation commission by the 1927 legislature.
Reorganization of the Grants Pass and Warmsprings districts is now
nearing completion, Mr. Luper said. All of the bonds of these districts have
been located and virtually all of the California bondholders have agreed to
accept the organization plan offered by the State reclamation commission.
It was said that tentative agreements have also been reached relative
to the reorganization of the Crook County and Eagle Point irrigation districts. A representative of the bondholders' committee of the Deschutes
County municipal improvement district will arrive in Salem later this
week to confer with the State reclamation commission in connection with
the reorganization program.
Mr Luper said the bondholders have showed a disposition to co-operate,
and are optimistic regarding the reorganization of the several irrigation
districts.
-Move for Interest
Sanford, Seminole County, Fla.
-Holders of about $7,000,000 bonds of
Overdue on Bonds.
the above city, which are said to be in default as to payment
of interest, have been requested to turn over the securities
to the underwriting bond dealers in an attempt to obtain
part payment of the interest overdue, according to the.Aug.
24 issue of the New York "Times," which reported the
action as follows:
Municipal bond dealers who have participated in the offering of bonds
of the city of Sanford, Fla., which total $7,000,000 and are in default as
to payment of interest, have sent form letters to all holders of these bonds
asking for the deposit of their holdings. When sufficient deposits have been
obtained the bankers plan to enter into definite negotiations with the city
authorities looking toward payment of the amount due, in part, at least.
The bonds on which interest is in default are 5s and 6s. According
to informal discussions, which have taken place between the interested
dealers, it is possible that some plan will be worked out whereby the interest rates will be reduced. The city, however, has offered no plan to
date for the payment of the amount in default.
The city. which is in Seminole County, in the central portion of the
State, has suffered from the ravages of the Mediterranean fruit fly. It is
said the amount of taxes and assessments levied is entirely sufficient to
take care ofall debt service, but that a certain percentage cannot be collected
at present.
-V. 129, p.
bonds sold at par on Aug. 2 to L. A. Packer, a local investor
-bear 5% interest. The bonds mature annually on July 1, as follows:
1319
$2,000. 1930 to 1934 incl.; $9,500. 1935 to 1939 incl.; $3,000, 1940 to 1944
incl. and $3,500. 1945 to 1949 incl.
ATLANTA SCHOOL DISTRICT (P. 0. Winnfield), Winn Parish,
-The $50,000 issue of semi-annual school
La.
-BONDS NOT SOLD.
-was not sold. The bonds are
bonds offered on Aug. 15-V. 129, p. 513
dated Aug. 1 1929 and mature annually from 1930 to 1944 inclusive.
BASSETT SCHOOL DISTRICT (P. 0. Los Angeles), Los Angeles
-No bids were received on Aug. 19 for the
-NO BIDS.
County, Calif.
-V. 129, p. 1158. The
$5.000 issue of 5 1 % school bonds offered for sale
bonds are dated Aug. 1 1929 and mature $500 on Aug. 1, from 1930 to 1939
inclusive.
-BOND ELECTION,
-The
BEAUMONT, Jefferson County, Tex.
voters will be asked to approve the issuance of $4,070.000 road and bridge
construction bonds at an election to be held on Sept. 18. The proposition
was defeated by a slight majority at an election held several weeks ago.
-M.F.Sturtevant
BELOIT, Rock County, Wis.-BOND OFFERING.
City Clerk, will receive sealed bids until 8 p. m. on Sept. 3,for toe purchase
of the following issues of 4) % bonds aggregating $54,000:
$25,000 park improvement bonds, City's share. Denom. $1,000. Due
$2,000 from 1930 to 1934 incl. and $2,000 from 1935 to 1939 incl.
15,000 storm sewer improvement bonds, City's share. Denom. $1,009.
Due $1,000 from 1930 to 1944 incl.
10,000 street improvement bonds. City's share. Denom. $1,000. Due
$1,000 from 1930 to 1939 incl.
4,000 sanitary sewer improvement bonds. Due $1,000 from 1930 to 1933
benom. $1,000.
All of the above bonds are dated Sept. 1 1929. A certified check for $199
must accompany each proposal. Bids will be received for all or any part
of said bonds, and shall state the premium at which the bidder shall purchase
said bonds. The successful bidder shall pay the interest accrued on said
bonds at the time the same are delivered, and will be expected to furnish a
printed form of bond ready for signatures. The City of Beloit was incorporated in the year 1956. The bonded indebtedness of said city, not including the above issues Is $858,000.00 The assessed valuation for the year
1928 was $39,107,091.00. The actual value of real estate and personal
property (Approx. Estimate) 1928 was 440,000,000.00. The constitutional or statutory limit for bonded indebtedness is five (5) per cent, of
the assessed valuation. The tax rate for the year 1928 was $98.17 per
thousand of assessed valuation. Tne present population (est.) is 26,000.
-The $27,000 issue
-BOND SALE.
BENSON, Swift County, Minn.
-was
of semi-annual refunding bonds offered on Aug. 26-V. 129, p. 1319
awarded to the Swift County Bank, of Benson, as 5s, for a premium of
$115.00, equal to a price of 100.427. The bonds are dated Aug. 1 1929.
BOND PROPOSALS AND NEGOTIATIONS.
AKRON CITY 'SCHOOL DISTRICT, Summit County, Ohio.
BOND OFFERING.-trene M. Moses, Clerk-Treasurer of the Board of
Education, will receive sealed bids until 7:30 p. m. on Sept. 3, for the
purchase of the following issues of 5% bonds aggregating $881,500:
3380,000 bonds. Dated Sept. 11929. Denom. $1,000. Due $19,000 on
Oct. 1. from 1930 to 1949, incl. Said bonds were authorized by
the electors at a general election held Nov.6 1928. and are Issued
under authority of the Laws of Ohio, particularly the Uniform
Bond Act of the General Code of Ohio, and in accordance with
resolutions of the Board of Education of said school district
passed June 24 1929 and Aug. 5 1929, for the purpose of erecting
and equipping a fireproof school building.
300,000 bonds. Dated Oct. 1 1929. Denom. $1.000. Due $15,000 on
Oct. 1. from 1930 to 1949, incl. Said bonds were authorized by
the electors at a general election held Nov. 6 1928 and are issued
under authority of the Laws of Ohio, particularly the Uniform
Bond Act of the General Code of Ohio, and in accordance with
resolutions of the Board of Education of said school district
passed May 13 1929, and Aug. 5 1929,for the purpose of erecting
and furnishing a school-house.
201,500 bonds. Dated Oct. 1 1929. Denom. 81,000, one bond for $500.
Due on Oct. 1, as follows: $10,500, 1930; $10,000, 1931 to 1948.
incl. and $11.000, 1949. Said bonds were authorized by the electors at a general election hold Nov. 4 1924 and are issued under
authority of the Laws of Ohio, particularly the Uniform Bond
Act of the General Code of Ohio, and in accordance with
tions of the Board of Education of said school district resolupassed
Jan. 7 1929 and Aug. 5 1929, for the purpose of purchasing
school sites. purchasing and erecting portable schoolhouses and
purchasing equipment for schoolhouses.
Interest is payable on the first day of April and October. Anyone desiring to do so may present a bid or bids for said bonds based upon them
bearing a different rate of interest than specified, provided however, that
where a fractional interest rate is bid, such fraction shall be one-quarter
of 1% or multiples thereof.
All blds must be accompanied by certified check drawn in favor of the
Board of Education of the Akron City School District in the sum of 2% of
the amount of bonds bid upon.
ALICE INDEPENDENT SCHOOL DISTRICT (P. 0. Alice), Jim
Wells County, Tex.
-All bids received on Aug. 5,
-BIDS REJECTED.
for the $125,000
-V. 129, P. 834
% school bonds offered for sale
-are
reported to have been rejected. The bonds are dated July 15 1929 and
mature serially from 1930 to 1969, Incl.
A bid for a premium of $1,387.50 over the par value of the bonds is
reported to have been included in the rejected proposals.
ANDERSON COUNTY (P.O. Anderson), So. Caro.
-BOND SALE.
The $400,000 IRS110 of coupon highway bonds offered for sale on Aug. 23V. 129, p. 1318-was awarded to C. W. McNear & Co., of Chicago, as
54s,for a premium of $3.106, equal to a price of 100.776, a basis of about
5.38%. The bonds are dated Aug. 1 1929 and mature on Feb. 1. as follows:
$20,000. 1930 to 1932, Incl.; $24.000, 1933 to 1935, incl.; $28.000, 1936 to
1938. incl.: 832.000, 1939 and 1940. and $40,000, 1941 to 1043. incl.
AND1NG CONSOLIDATED SCHOOL DISTRICT (P. O. Yazoo),
Yazoo County, Miss.
-PRICE PAID -The Whitney-Central Trust &
Savings Bank. of New Orleans, paid a premium of $1,900 equal to 103.16
for the $60,000 Issue of 6% school bonds sold on Aug. 5-V. 129, p. 1319.
Interest cost basis about 5.66%. The bonds mature as follows: $1,500,
1930 to 1934, incl.; $2,500, 1935 to 1944, incl.; $3.000. 1945 to 1953, incl.
and $5.000. 1954.
ANGLETON INDEPENDENT SCHOOL DISTRICT, Tex.
-BONDS
EEGISTERED.-An Issue of 385,000 5% serial school construction bonds
was registered on Aug. 23 by the State Comptroller
-BOND ELECTION.
ANN ARBOR. Washtenaw County, Mich.
The voters will pass on a proposal to issue 3325.000 bonds for water works
construction purposes at an election to be held on Oct. 14.
ANTWERP TOWNSHIP SCHOOL DISTRICT NO.8(P. 0. Lawton,
-The $55,000 school
-INTEREST RATE.
Van Buren County, Mich.
1475
-The fol-OTHER BIDS.
BLISSFIELD, Lenawee County, Mich.
lowing other bids were received on Aug. 17 for the $48.000 53 % bonds
basis of about 5.31%, to the Jipson-Carter State Bank,
sold at 101.17, a
-V. 129. p. 1319.
the Bassfield State Bank and the First National Bank.
Premium,
Int. Rate.
Bidder$383.00
54%
Braun, Bosworth & Co.. Toledo
1.00
54%
Security Trust Co., Detroit
Detroit &
-An issue of
BLOOMFIELD, Knox County, Neb.-BOND SALE.
reported to have
$13,000 54% Street Improvement District No. 1 bonds is 1932.
been disposed of recently. The bonds mature on Aug. 1
-BOND OFFERING.
-Angela Hopper,
BOISE, Ada County, Idaho.
City Clerk, will receive sealed bids until 7 p. m.on Sept. 23 for the purchase
Improvement District No. 31 bods. Rate of
of $11,809.34 Paving
interest is to be named in bid and is not to exceed 7%. The bonds are
to be dated Jan. 1 1929. A $500 certified check must accompany each
proposal.
-BOND SALE.
-The $22,500
BOLTON, Warren County, N. Y.
999
coupon highway bonds offered on Aug. 15-V. 129, p.at a-were awarded
price of 100.10,
Merrifield, Inc.. of New York,
as 54s,to Sherwood &
.
a basis of about 5.73", The bonds are dated Aug. 1 1929 and mature
$2,500, 1930 and $2,000, 1931 to 1940. Incl.
on Feb. 1. as follows:
BOLTON WATER DISTRICT (P. 0. Bolton), Warren County,
-The $90,000 coupon or registered water .bonds
-BOND SALE.
N. Y.
-were awarded as 534s to the ManufacOffered on Aug.27-V. 129.T. 1319 of Buffalo, at a price of 100.436. a
ders-Peoples Trust Co.,
turers & T
are dated Feb. 15 19 9. Due 85,0000's
basis of about 5.44%. The bonds
bids were
Feb. 15, from 1932 to 1949 incl. The following Int. Rate. also submitted:
Rate Bid.
Bidder5.50%
100.2794
George B. Gibbons & Co
5.70%
100.463
Allyn & Co
A. C.
100.12
5.75%
Prudden & Co
-BOND OFFERING.
-J. A.
County, N. Y.
BOONVILLE, Oneida
m.
Bateman, Villge Clerk, will receive sealed bids until 8 p. is on Sept. 2
$8.500 paving bonds. Rate of interest to be named
for the purchase of
1 1929.
in bid and is not to exceed 534%. The bonds are dated July certified
Denom. $500. Due $500 on July 1 from 1930 to 1946 incl. A
check for 5% of the amount of bonds bid for is required.
-TEMPORARY LOAN.
-A 82.000.BOSTON, Suffolk County, Mass.
000 temporary loan was awarded on Aug. 27 to the First National Corporation, of Boston, at a 5.73% discount. The loan is dated Aug. 28 1929
and is payable on Oct. 8 1999.
The Shawmut Corp., of Boston, the only other bidder, offered to take
the loan at 5.98%•
-The $2.750 6%
-BOND SALE.
BRADNER, Wood County, Ohio.
-were
Fire Engine Apparatus bonds offered on July 30-V. 129, p. 514
awarded at par to the Mechanics Bank of Bradner. The bonds are dated
May 1 1929 and mature on Nov. I, as follows: $500. 1930, and $250, from
1931 to 1939 hid.
-BOND ELECTION.
BRAZOS COUNTY (P. 0. Bryan), Tex.
The Commissioners Court of County on August 23 ordered an election
for Sept. 28, on which date the voters will pass on a proposal to issue $1.100,000 road bonds.
-The city officials
-NO BIDS.
BREMERTON,Kitsap County, Wash.
failed to receive a bid on Aug. 7 for the $90,000 water revenue bonds offered
for sale
/tate of interest was not to exceed 6%. The
-V. 129, p. 835.
bonds are dated July 1 1929 and mature in from 6 to 15 years.
-NOTE OFFERING.
-Sealed
BROOKLINE, Norfolk County, Mass.
bids will be received by Albert P. ldriggs, Town Treasurer, until 12 m. on
Sept. 3, for the purchase of a $300,000 issue of revenue notes. The notes
are dated Sept.3 1929 and mature on Dec.5 1929. To be sold at a discount.
BRUNDAGE SCHOOL DISTRICT (P. 0. Bakersfield), Kern Co.,
Calif.
-F. E. Smith. County Clerk, will receive
-BOND OFFERING,
sealed bids until 11 a. m. on Sept. 16 for the purchase of $1.500 6%
coupon school bonds. Denom. $500. Due $500 in from 1930 to 1932 incl.
Prin. and semi-ann. int. (F. & A.) payable at the office of the County
e
Treasurer. A certified check for 10% of the amount of bonds bid for,
payable to the above-mentioned Clerk, must accompany each proposal.
-BOND ELECTION.
BUCYRUS, Crawford County, Ohio.
-The
voters will pass on a proposal to issue $40,000 bonds to finance the purchase
and equipment of a municipal airport at an election to be held on Nov. 5.
-BOND OFFERING.
BURKE COUNTY (P. 0. Morganton). N. C.
0.0 Hicks, Chairman of the Board of County Commissioners, will receive
sealed bids until 12 m. on Sept. 12, for the purchase of $190,000 funding
bonds. Dated Aug 1 1929. Due on Aug. 1. as follows: 38.000, 1932 to
1936 incl.; and 810;000, 1937 to 1944 incl. Bidders are to name rate of
interest. stated in a multiple of 34 of 1%. Principal and semi-annual int.
payable in gold at the Central Hanover Bank & Trust Co., New York. A
certified check for 2% of the amount of bonds bid for, payable to the order
of the County, must accompany each proposal. These bonds were previously offered and sold on Aug. 19 as 5s to the First St. Paul Co. of
St. Louis, at 101.03. a basis of about 5.36%-V. 129, p. 1319. The transaction was not consummated.
BURLINGTON, Des Moines County,Iowa,
-NO BIDS.
-There were
no bids submitted on Aug. 15, for the $21.500 issue of Fire Department
-V. 129. p. 835. Rate of interest was to
equipment bonds offered for sale.
be named in bid. The bonds are dated Nov. 1 1929, and mature on Nov.
1 1939.
1476
FINANCIAL CHRONICLE
-The followCAMBRIDGE,Middlesex County, Mass.
-BOND SALE.
ing 4).5% coupon bonds aggregating $609,000 offered on Aug. 30-V. 129.
p. I319
-were awarded to R.L. Day & Co.,of Boston, at a price of 100.879
a basis of about 4.32%.
$350,500 street construction bonds. Due on Sept. 1 as follows: $35,500.
1930; and $335.000, 1931 to 1939 incl.
135,000 Main Street and Broadway widening bonds. Due on Sept. 1, as
follows:$14.000, 1930 to 1934 incl.:and $13.000. 1935 to 1939 incl.
90,000 sewer separate system bonds. Dated Sept. 1 1929. Due $3.000,
Sept. 1 1930 to 1959 incl.
33,500 street construction bonds. Due on Sept. 1, as follows: 19.500.
1930; and $6.000. 1931 to 1934 incl.
-BONDS REGISCAMERON COUNTY (P. 0. Brownsville), Tex.
TERED.
-An Issue of $500,000 6% water improvement bends, series A,
was registered on Aug. 20 by the State Comptroller. The bonds mature
serially.
CARBON COUNTY HIGH SCHOOL DISTRICT NO. 1 (P. 0.
Beggs), Wyo.-BOND OFFERING.
-The Clerk Board of Trustees will
receive sealed bids until 2 p .m. on Sept. 21 for the purchase of 114.000
school bonds. Rate of int. is to be named in bid and must not exceed
515%. The bonds are dated Sept. 1 1929. Due as follows: 11,000 on
Sept. 1 from 1934 to 1947 incl.; optional Sept. 1 1939. A $700 certified
check must accompany each proposal.
CARBON COUNTY SCHOOL DISTRICT NO. 23 (P. 0. Roberts),
Mont.
-BOND OFFERING.
-Sealed bids will be received by Oscar Bergen,
District Clerk, until 2 p. in. on Sept. 14,fot the purchase of $14.500 school
bonds. A certified check for $725.00 must accompany each proposal.
-BONDS NOT SOLD.
CARROLL COUNTY (P. 0. Delphi), Ind.
The following 4 I.',% bonds aggregating $36,400 offered on Aug. 24-V. 129.
-were not sold:
P. 1320
$19,600 Omar Billings et al., Monroe Township highway construction
bonds. Due $980, July 15 1930: $980. Jan. and July 15 1931 to
1939 incl., and $980, Jan. 15 1940.
.
16.800 highway construction bonds. Due $840. May and Nov. 15 from
1930 to 1939 incl.
Both issues are dated Aug.6 1929.
CASCADE COUNTY SCHOOL DISTRICT NO. 1 (P.O. Great Falls)
Mont.
-BOND OFFERING.-V. G.,Gibson, District Clerk, will sell at public auction, at 7.30 p. m.on Oct. 7, an issue of $250.000 High School bonds,
series D. Further particulars may be had by coramunicating S ith the abovementioned official.
-L. J.
-BOND OFFERING.
CEDAR RAPIDS, Linn County, Iowa.
Storey, City Clerk, will receive sealed bids until 10 a. m. on Oct. 1 for the
works bonds. Dated April 11929.
purchase of$500.000 434 % coupon water
Denom. $1,000. Due on April 1 as follows: $30.000. 1940 to 1942 incl.:
and $70.000.
150.000. 1943 and 1944; 560,000. 1945 to 1948 incl.,semi-annual 1949.
interest
The bonds are revisterable as to principal. Prin. and
payable at the office of the City Treasurer. Legality is to be approved by
bids are to be made for all the
Chapman & Cutler of Chicago. Alternative
bonds to be delivered ten days after the date of sale or for portions of the
Issue to be delivered at various intervals between Oct. 1 1,.29 and July 1
1930. All proposals must be accompanied by a certified check for 31.000.
-BOND SALE.
-The
CHAGRIN FALLS, Cuyahoga County, Ohio.
$8,769 issue of street improvement bonds offered on Aug. 26-V. 129. p.
1320
-was awarded to the Chagrin Falls Banking Co.. the only bidder.
Interest rate 5.%%•
CHARLESTON COUNTY SCHOOL DISTRICT NO. 10 (P. 0.
-The $74,000 issue of coupon
Charleston), So. Caro.
-BOND SALE.
-was awarded as 5IIs
school bonds offered on Aug. 23-V. 129. p. 1320
at par, to the South ('arolina State Bank of Charleston. The bonds are
follows: $4.000. 1933 to 1943,
dated July 1 1929 and mature on July 1. as
incl.. and 35.000. 1944 to 1949. Incl.
CHELAN COUNTY SCHOOL DISTRICT NO.103(P.O. Wenatchee)
Wash.
-BOND SALE.
-The State recently purchased an issue of $65,000
school bonds at a price of par. The bonds bear 4%% interest.
-A $100.-TEMPORARY LOAN.
CHELSEA, Suffolk County, Mass.
000 temporary loan was recently sold to the Old Colony Corp., of Boston.
at a 5.92% discount. The loan is dated Aug.28 1929 and is Payable on Dec•
61929.
-BONDS REGISTERED.
CHEROKEE COUNTY(P.O. Rusk),Tex.
A $6.500 Istue of 5% Consolidated School Dittrict No. 41 bonds was
registered on Aug. 23 by the State Comptroller. The bonds mature in
40 years.
CHICAGO SANITARY DISTRICT (P. 0. Chicago), Cook County,
111.-81DS REJECTED.
-9 he two bids received on Aug. 29 for the 810.-V. 129, p. 1158
850.000 4 35% sanitary district bonds offered for sale
were rejected. A syndicate headed by the National City Co. of New York.
York; Halsey. Stuart & Co.;Lehman
and including the Bankers Co. of New
Bros.; the American National Co.; A. B. Leach & (:o.; E. II. Rollins
Hannahs. Ballin
& Bone: Kean. Taylor & Co.; the Guardian Detroit Co.; & Co.: Graham.
& Lee: Arthur Sinclair. Wallace & Co.; Emanuel & Co.: Otis
Parsons & Co.; R. H. Moulton & Co.; Dewey, Bacon & Co.; Stranahan,
Harris & Oatis, and R. 1' Minton & Co., submitted an unconditional
tender of 92.50 for all of the bonds: a bid of 93.468 conditioned upon the
a
abstention by the district from any further financing for 60 days and of
bid of 93.787 with an option on the balance of the authorized issue
$27.000.000 bonds, of which the current offering is a portion.
The other tender. also 92.50 for the issue without any conditions, was
(
submitted by a syndicate headed by the Continental Illinois Co. of 'hicago,
and includit.g the Iirst Union Trust & Savings Bank; the Harris Trust
Co. of New York. Ames.
& Savings Bank: both of Chicago: the Guaranty
Emerich & ('o.: the William R. Compton Co., and the Northern Trust Co..
all of Chicago; the Detroit Co., New York: the Foreman National Co.
of Chicago, and the First National Co. of Detroit.
The bonds offered are dated Aug. 1 1929. Due $532.500 from Aug. 1
1930 to 1949 inclusive.
-The $25,500
-BOND SALE.
CLAWSON, Oakland County, Mich.
-were awarded
bonds. described below, offered on July 23-V. 129. P. 515
par:
to the Clawson State Savings Bank, as es. at
$32.500 Special Amassment Roll No. 154 bonds. Dated July 15 1929.
bue on July 15, as follows; 52,000, 1931 to 1935. incl., and $2.500.
19:16 to 1940. Incl.
1,900 Special Assessment Roll No. 156 bonds. Dated Aug. 11929. Due
on Aug. 1. as follows: $200. 1930 to 1937, incl., and $300, 1938.
1.100 Special Assessment Roll No. 105 bonds. Dated Aug. 1 1929. Due
$275 on Aug. 1. from 1930 to 1934, incl.
-William A.
-BOND OFFERING.
CLIFTON, Passaic County, N. J.
Miller. City Clerk. will receive sealed bids until 815 P m. (daylight saving
following coupon or registered
time) on Sept. 17 for the purchase of the
bonds. aggregating $542,000:
$3303.000 improvement bonds of 1929. Due on July 1 as follows: $10.000.
1931 to 1941, Incl.: $15.000. 1942 to 1953. incl.. and $13.000 in
l'rin, and int, payable at the Clifton Trust Co.
195.000 school bonds of 1929. Due on July 1 as follows $5,000, 1930 to
hool
1943, incl.: 16.000. 1944, and 17,000, 1945 to 1961, incl. Prin.
Slid int. payable at the Clifton National Bank.
44,000 water bonds of 1929. Due on July 1 as follows: $1,000. 1930 to
1933, incl.. and 11.000, 1934 to 1969. incl. Prin. and int. Payable
at the First National Bank of Clifton.
All of the above bonds are dated July I 1929, will bear interest at the rate
January
1
1% or 51i% per annum, payable on the first day ofpremium
°f 5% To,51
o more bonds are to be awarded than will produce a
and Ju Y
of 31.000 over the amount of each issue. A certified check for 2% of the
amount of bonds bid for, payable to the order of the clty, must accompany
each proposal. The bonds will be prepared under the supervision a the
Chemical Bank & Trust Co., which will certify as to the genuineness or the
signatures of the officials and the seal impressed thereon. The successful
bidder will be furnished with the opinion of Messrs. Hawkins, Del:Meld &
Longfellow of N. Y City that the bonds are binding and legal obligations
of said city.
COLLINGSWORTH COUNTY COMMON SCHOOL DISTRICT NO.
-BOND SALE.
7, Tex.
-The State Board of Education is reported to
have purchased an issue of $3,500 school building bonds.
[VOL. 129.
COLUMBUS, Muskogee County, Ga.-BIDS REJECTED.
-The tenders received being under par, all of the bids submitted on Aug. 26 for the
following issues of 435% bonds aggregating $385,000 offered for sale-V. 129, p. 999
-were rejected:
5154.000 sewer bonds. Due $14,000 from Sept. 1 1930 to 1940 Incl.
99,000 street hunt. bonds. Due 39.000 from Sept. I 1930 to 1910 Incl.
65,000 incinerator bonds. Due on Sept. 1 as follows: $3.000. 1930
to 1934 and $2,000 from 1935 to 1959 incl.
27,000 public school bonds. Due $9.000 from Sept. 1 1930 to 1940 incl.
1.5,000 aviation field bonds. Due $1,000 from Sept. 1 1930 to 1944 incl.
15,000 municipal building bonds. Due $1,000 from Sept. 1 1930 to
1944 incl.
10,000 park bonds. Due 12.000 from Sept. I 1930 to 1934 Incl.,
Denom. $1.000. Dated Sept 11929.
H. B. Crawford, City Manager, states that the amount of bonds to be
sold has been reduced to 1275,000. Sealed bids for the bonds will be
received until 12 m. On Sept. 5.
-BOND DESCRIPTION.
CONCORDIA, Cloud County, Kan.
-The
$275,000 435% school District co. 4 bonds sold to the Brown-Crummer
Co. of Wichita
-for a premium of $1.100. equal to
-V. 129. P. 1159
100.403, are described as follows: Dated Aug. 1 1929. Denom. $1,000.
Due on Aug. 1 as follows: 513,000. 1930 to 1934 incl., and 11114,000,
10:35 to 1949 incl. Prin. and semi-ann. int. (F. & A.) payable at the
office of the State Treasurer in Topeka. Legality to be approved by
Elcock & Martin of Wichita.
-NOTE OFFERING.
COOK COUNTY(P.O. Chicago),III.
-James C.
Russell. Superintendent of Public Service, will receive sealed bids until
2 p. m. on Sept. 5 for the purchase of all or any portion of a 51.550.000
6% highway fund tax note Issue. Due March 15 1931, but optional on and
after May 11930. Interest payable on Sept. 15 1930 and on March 151931.
The announcement says:
"This series will be payable at such bank in the City of Chicago,
as
the purchaser or purchasers may designate. Denominations will be made
to suit the purchaser.
"These notes are Issued under the provisions of an Act entitled: "An Act
concerning the anticipation of taxes and obligations in respect thereof in
counties having more than 500,000 population, approved May 22 1929.
"(he County will furnish printed notes and the approving opinion of
Schuyler, Weinfeld & Parker and l'olland M. Cassidy, lawyers, Chicago,
Ill., and all bids must be so conditioned.
,
"Each bid must be accompanied by a certified check for at least 1%
of the amount of notes bid for, drawn upon some State or National bank."
-The
-TAX RATE FOR 1929.
CORSICANA, N
County, Tex.
following appeared in the Aug. 21 Issue of the Houston "Post":
'The tax rate for the city of Corsicana for 1929 was set at $2.40 per $100
valuation at the regular meeting of the City Commission Tuesday. This
is the same rate that was assessed the past two years.
"Included in the tax are 84 cents for the interest and sinking fund: 61
cents for the general fund; 75 cents for the school fund; 15 cents for the
street fund, and 5 cents for the library fund."
CORVALLIS, Benton County, Ore.
-J. M.
-BOND OFFERING.
Connor. Police Judge, will receive sealed proposals until 8 p. m. on Sept. 3,
for the purchase of $8.66e.98 Improvement bonds, to bear interest at 6%.
payable semi-annually. The bonds are to he dated Sept. 1 1929. A certified check for $500 must accompany each proposal. The approving opinion
of Teal, Winfree. McCulloch & Shuler, of l'ortland, will be furnished the
purchaser.
COURTNEY INDEPENDENT SCHOOL DISTRICT, Tex.
-BOND
SALE.
-An issue $18,000 bonds issued for school building construction
purposes Is reported to have been purchased by the State Board of Education.
CUMBERLAND, Allegany County, Md.-NOTE OFFERTNO.-Sealed
bids will be received by Commissioner of Revenue and Finance Frank
Billmeyer until 9:30a. m. on Sept. 5 for the purchase of 1100,000.5% flood
prevention notes. Dated Oct. 1 1929. Denom. $1.000. Due on Oct. 1
1934. A certified check for 235% of the bid is required.
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
-BOND SALE.
The 54.116.400 coupon bonds, consisting of $2,218.600 county portion
bonds and 31.897.800 assessment portion bonds, offered on Aug. 24-./ 120,
1
-were awarded as 54s to a syndicate composed of Halsey. Stuart
P. 1000
& Co., the First National Bank, E. H. Rollins & Sons, Stone & Webster and
Blodget. Inc.. George B. Gibbons & Co. and R. W. Pressprich &
all of New York; also the Wells-Dickey Co. of Minneapolis. for a nremitim
of 32.306, equal to a price of 100.056. a basis of about 5.24%. The bonds
sold are as follows:
County Portion Bonds.
$273.000 Green Road No. 4 impt. bon'tt. Due Oct. 1 as follows: $27.000,
1930 to 1936. Incl., and $28,000. 1937 to 1939. incl.
253.600 State Road No. 9 impt. bonds. Due Oct. I as follows: $24.600,
1929: 325.000, 1930 to 1934. incl., and 526,000, 1935 to 1938.
inclusive.
240,500 Lorain Road impt. bonds. Due Oct. 1 as follows: $24.500. 1929.
and $24,000, 1930 to 1938, incl.
165.600 North Miles Road impt. bonds. Due Oct. I as follows: $17.600.
1929; $18.000. 1930 to 1933, incl.. and $19,000. 1934 to 19:17.
inclusive.
165,500 Brookpark Road impt. bonds. Due Oct. 1 as follows: $16,500,
1930: $16.000. 1931 to 1934, Incl.. and 517.000, 1935 to 1939.
inclusive.
131,000 Warrensville Center Road No. 2 bonds. Due Oct. 1 as follows:
313,000. 1929 to 1937. Incl.. and 314.000, 1938.
121,500 Hilliard Boulevard Inuit. bonds. Due Oct. 1 as follows: 311.500.
1920: $12,000, 1930 to 1936, incl., and 313,000, 1937, and 1938.
116,500 Babbitt Road impt. bonds. Due Oct. 1 as follows: $11.600,
1930: 111,000. 1931 to 1933, incl.. and 512,000, 1934 to 1939.
inclusive.
1/5.500 North Woodland Road faint. bonds. Due Oct. 1 as follows:
311,500, 1929:511.000. 1931 10 1933, Incl., and $12,000, 1934 to
1938, incl.
70.000 Smith Road No. 2 bonds. Due Oct. 1 as follows: 17.000. 1929 to
1938, Incl.
69,900 Sprague Road No. 4 Inlet. bonds. Due Oct. 1 as follows: $6,900,
1929. and $7,000, 1930 to 1938, incl.
69,900 Anderson Road No. 2 Impt. bonds. Due Oct. 1 as follows:
56.900. 1929: and $7,000. 1930 to 1938, incl.
88,800 Brecksville Road No. 2 impt. bonds. Duo Oct. 1 as follows:
$8,800. 1930' 58.000. 1931, and 59,000. 1932 to 1939, incl.
66,000 South Woodland Road No. 2 bonds. Due Oct. 1 as follows:
$1.000, 1929 to 1932, incl., and 57.000. 1933 to 1938. Incl.
62.600 Wager Road No. 2 inept. bonds. Due Oct. 1 as follows: $5.600.
1930: 56.000, 1931 to 1936. Incl., and $7,000, 19:17 to 19:19. incl.
62.300 Wooster Road impt. bonds. Due Oct. 1 as follows: $6,300, 1929:
mom.1930 to 1936. Incl.. and 37,000. 1937 and 1933.
59.200 Lee Road No. 8 inlet. bonds. Due Oct. 1 as follows: 35.200.
1929, and 56.000, 193010 1939. Incl.
50,900 Chestnut Road impt. bonds. Due Oct. 1 as follows: $4.900.
1930: 35,000, 1931 to 1938. Incl.. and $6,000. 1939.
36,300 Emery Road Extension !inn:. bonds. Due Oct. 1 as follows:
53.300 1930; $3.000. 1931 to 1933. Incl., and $4,000, 1934 tO
1939. incl.
Assessment Portion Bonds,
$273,000 Green Road No. 4 impt. bonds. Gue Oct. 1 as follows: 527.000.
1930 to 1936. Incl.. and $28.000, 1937 to 1939. Incl.
165,500 Brookpark Road Impt. bonds. Due Oct. 1 as follows: $16.500
1930. $16,000. 1931 to 1934, incl.; and $17.000. 1935 to 1939.
Inclusive.
161.200 North Miles Road impt. bonds. Due Oct. 1 as follows: $17.200.
1929, and 318,000. 1930 to 1937. incl.
153,500 State Road No. 9 impt. bonds. Due Oct. 1 as follows: $17.500.
1929, and 517,000, 1930 to 1937, incl.
131.000 Warrensville Center Road No. 2 bonds. Due Oct. 1 as follows:
513.000. 1929 to 1937. Incl., and 514.000. 1938.
125.600 Lorain Road impt. bonds. Due Oct. 1 as follows: $13.600. 1929.
and 514.000, 1030 to 1937. Incl.
121,500 Hilliard Boulevard impt. bonds. Due Oct. 1 as follows: $11,500.
1929: 512,000, 1930 to 1936, incl., and $13,000. 1937 and 1938.
Aim. 31 1929.]
FINANCIAL CHRONICLE
116,500 Babbitt Road impt. bonds. Due Oct. I as follows: $11.500.
1930: $11.000. 1931 to 1933, Incl., and $12,000, 1934 to 1939,
inclusive.
108.500 North Woodland Road impt. bonds. -Due Oct. 1 as follows:
$11.500. 1929: $12.000, 1930 to 1936, incl., and $13,000, 1937.
69,900 Anderson Road No.2 impt. bonds. Due Oct. 1 as follows: $6.900.
1929. and $7,000, 1930 to 1938,incl.
66.000 South Woodland Road impt. bonds. Due Oct. 1 as follows:
$6,000, 1929 to 1932, incl., and $7,000. 1933 to 1938, incl.
62,600 Wagar Road No. 2 impt. bonds. Due Oct. 1 as follows: $5.600,
1930: $6,000. 1931 to 1936, incl., and $7,000. 1937 to 1939, incl.
62,300 Wooster Road impt. bonds. Due Oct. 1 as follows: $6,300, 1929:
36.000. 1930 to 1936. Incl., and $7.000. 1937 and 1938.
59,200 Brecksville Road No. 2 impt. bonds. Due Oct. 1 as follows:
$4.200. 1930. and $6,000. 1931 to 1939ncl.
1 as follows: $5.200.
59.200 Lee Road No. 8 impt. bonds. Due Oct.O
1929. and $6.000. 1930 to 1938, incl.
50.900 Chestnut Road impt. bonds. Due Oct. I as follows: $4.900.
1930; $5,000. 1931 to 1938. Incl., and $6.000. 1939.
54,700 Sprague Road No. 4 impt. bonds. Due Oct. 1 as follows:
$5.700. 1929; 56,000, 1930 to 1936, incl., and 37,000, 1937.
29,200 Smith Road No. 2 impt. bonds. Due Oct. 1 as follows: $2.200.
1929, and 33,000, 1930 to 1938. incl.
27,500 Emery Road Extension inapt. bonds. Due Oct. I as follows:
$2,500. 1930: $2,000, 1931 and 1932, and 83,000, 1933 to 1939.
Inclusive.
All of the special assessment and county portion bonds are dated Sept. 1
1929.
The successful bidders are reoffering the bonds for public investment at
prices to yield from 6.00 to 4.80%. according to maturity. The following
summary of the other bids for the bonds appeared in the Aug. 27 issue of
the New York "Herald Tribune":
The second highest bid was 100.169 for the obligations as 5s. This was
submitted by a syndicate of bankers, which included the following: The
Guaranty Co. the Bankers Co., Estabrook & Co., the Northern Trust
Co., Ames, lemerich & Co., Arthur Sinclair-Wallace & Co., Hannahs,
Bailin & Lee, Emanuel & Co., and Tillotson & Wolcott Co.
A bid of 100.156 for the bonds as 53.s was made by a banking group
made up of the Continental Illinois Co., the First Union Trust and Savings
Bank, of Chicago: Detroit and Security Trust Co., William R. Compton
Co., Herrick & Co., Stranahan, Barris & Oatis, Otis & Co., The Guardian
Trust Co. of Cleveland, Braun, Bosworth & Co.
Also bidding for the securities as 54s. an offer of 100.049 was made by
a group comprising Hants, Forbes & Co., the National City Co., the Old
Colony Corp.. R.L.Day &Co.,the American National Co., Curtis & Sanger
and Hayden, Miller & (io.
Financial Statement.
Actual valuation, estimated
$4.000.000,000
Assessed Valuation, 1928
2,916,604.061)
Total bonded debt, incl. this Imre
48,003.904
Sinking fund
746.566
Net debt
47.257,338
Population. 1910 census, 637.425: 1020 census, 943,495; 1929 estimate,
1,300,000. The above statement does not Include obligations of other
municipal corporations which have taxing power against property within
the county.
DARIEN, Fairfield County, Conn.
-BOND OFFERING.
-J. A.
MacCammond. Town Treasurer, will receive sealed bids until 12 m (standard time) on Sept.9. for the purchase of $75,000 4%'7 coupon bridge bonds.
0
Dated Oct. 1 1929. Denotn. 31.000. Due $5,000 on Oct. I. from 1930
to 1914 incl. Prin, and semi-annual interest (April and Oct. 1) payable at
the Home Bank & Trust Co.. Darien. A certified check for 2% of the par
value of the bonds bid for, payable to the order of the Town Treasurer,
must accompany each proposal. The aforementioned Trust co. will
supervise the preparation of the bonds and their legality is to be approved
by Ropes. Gray, 1.3oyden & Perkins. of Boston.
DAVIESS COUN eV (P. 0. Washington), Ind.
-BOND SAL.E.-The
$10.580 5'7 public highway improvement bonds offered on Aug. 21-0
V. 129. e. 1159
-were awarded to Thomas D. Sheerin & Co.. for a premium
of $66.00, equal to a price of 100.62. The bonds are dated Aug. 15 1929
and mature semi-annually in from 1 to 10 years. The following bids were
also submitted:
BidderPremium.
Fletcher Savings & Trust Co
$57.00
Campbell & Co
13 00
DEARBORN TOWNSHIP (P. 0. Inkster), Wayne County, Mich.
BOND SALE.
-The following issues of coupon bonds aggregating 537.000
Offered on Aug. 16-V. 129, p. 1000
-were awarded at 100.40 to the First
National Co.. of Detroit. Rate of Interest not given.
828.000 special assessment Water Main District No. 9 bonds. Due on
Jan. 1. as follows: 82.000, 1931 and 1932. and $3,000. 1933 to
1940 inclusive.
9,000 special assessment Water Main District No. 8 bonds. Due on
Jan. 1. as follows: $1.000, 1931 to 1938 incl., and $500. 1939 and
1940.
Both issues are dated Sept. 11929.
DELAWARE SCHOOL TOWNSHIP, Hamilton County, Ind.
BOND SALE.
school building construction bonds of-The 312,000 4
fered on Aug. 22-V. 129, p. 1000
-were awarded at par to the Fletcher
American Co., of Indianapolis. The bonds are dated Sept. 1 1929 and
mature as follows: $3,000, Aug. 1 1930: $3.000, Feb. and Aug. 1 1931 to
1943 Incl.. and 31,000. Feb. 1 1944.
DELTA, Fulton County, Ohio.
-BOND ELECTION-The voters
will puss on a proposal to issue $100.000 bonds for a water filtration plant
at the November election.
DERING HARBOR (P. 0. Shelter Island), Suffolk County, N.
BOND SALE.
-The 512,500 registered Fire Department equipment bonds
offered on Aug. 24-e 12e. p. 1159-were awarded as 54s to the Southold
Savings Bank, of Southold.
Toe bonds are dated Sept. 30 1929 and mature
on Dec. 31, as follows: $300, 1930 and 31.000 from 1931 to 1942 inel
DESCHUTES COUNTY UNION HIGH SCHOOL DISTRICT NO. 1
(P.O. Redmond),Ore.-BONDOFFERING.-Rex Putnam, District Clerk,
will receive sealed bids until 10 a. rn. on Sept. 9 for the purchase of
314.000 school Wads. Rate of interest is to be named in bid and is not to
exceed 6%. The bonds are dated Aug. I 1929. Denom. $1.000. Due
on Aug. 1, as follows: $1,000. 1940 to 1943 inci and $5.000 in 1944 and 19-15.
Prin. and 50:01-annual Interest payable at the office of the County Treasurer.
A certified chock for 31,000 must accompany each proposal. Legality
is to be approved by Teal, Winfree. McCulloch & Shuler, of Portland.
These bonds were offered without success on Aug. 17.
DOOR COUNTY (P. O. Sturgeon), Wis.-BOND OFFERING.
-Sealed
bids will be received until 11 a. In. on Sept. 18, by R. lierlache, County
Clerk. for the purchase of an issue of 350.000 high way improvement bonds.
Rate of interest is 5%, payable semi-annually. The bonds are to mature
in 5 years.
-BOND OFFERING.-!. P. ScarDOTHAN, Houston County. Ala.
borough. City Clerk, will receive sealed bids until 8 p. rn. on Sept. 16.
for the purchase of he folloe Mg coupon hoods aggregating $69.000:
335.000 refunding bonds. Denom. $1.000. Due on Oct. 1. as follows:
31.000 from 1930 to 1954 incl.. and $2,000 from 1955 to 1959 incl.
20,000 refunding bonds. Denom. 81,000. Due $1,000 on Oct. 1 from
1932 to 1951 incl.
8.000 refunding bonds. Denom. $500. Due $500 on Oct. 1. from 1932
to 1947 incl.
6.000 refunding bonds. Denom. $250. Due $250 on Oct. 1. from 1932
to 1955 Mei.
All of the above bonds are to bear interest at a rate not to exceed 6%.
Interest is to be paid annually.
DOVER, Tuscarawas County, Ohio.
-FINANCIAL STATEMENT.
-We are in receipt of the following financial statement as of July 31 1929.
issued in connection with the scheduled sale on Sept. 11 of $21.000 5%
water works improvement bonds (V. 129, P. 1320):
Bonds outstanding
G eneral
$171,281.00
Water works
98.925.00
Electric light
82.500.00
Special assessment
125.267.00
Amount of above general bonds issued prior to Jan. 1 1922_
36,500.00
Amount of above electric light bonds issued by vote of people
68,500.00
Bonds that will be redeemed in 1929:
General
Electric light
Water works
Special assessment
1477
$21.509.50
11.000.00
9.500.00
25.567.50
Total
$67.877.00
Sinking fund trustee investments
50.341.00
20.206.940 00
Assessed valuation for taxes. 1929
Estimated actuarvaluation
20.533.000.00
Population, 1920 Census, 8.101: 1929. estimated. about 10,000. Tax
rate per $1,000, 1928,$15.20: 1929, 315.60.
-BOND SALE.
DuBOIS COUNTY (P. 0. Jasper), Ind.
-The $4.950
4 Si% coupon Bainbridge Township rock road construction bonds offered
on Aug. 26-V. 129, p. 1160-were awarded for a premium of $5.50 to
Michael .J. Hoff, of Jasper, who petitioned the improvement. The bonds
are dated Aug. 15 1929. Due semi-annually in from 1 to 10 years. Only
one bid was received.
-BONDS OFFERED
DUBUQUE COUNTY (P. 0. Dubuque), Iowa.
-The White-Phillips Co., of Davenport, is offering
FOR INVESTMENT.
a 5500,000 issue of 5% primary road bonds for public investment. Price on
application. These bonds were sold to the above-mentioned concern on
Aug. 9 at 99.80. a basis of about 5.03%.-V. 129, p. 1160.
Financial Statement.
3102.215.500.00
Actual assessed value of taxable property 1928
2,655,500.00
Total bonded debt, incl. this issue
Population 1928, 59.729.
-The Bankers'
-NOTE SALE.
DURHAM, Durham County, N. C.
Company of New York, N. Y., is reported to have purchased a $600,000
issue of 6% notes on Aug. 7. Dated Aug. 14 1929 and payable on Feb. 9
1930.
EARLY COUNTY CONSOLIDATED SCHOOL DISTRICT (P. 0.
-A report from the District Secretary
Blakely), Ga.-BONDS NOT SOLD.
says that the $25.000 5,1-5% school bonds offered for sale on July 6-V. 128.
p. 43.57-were not sold. The bonds mature $1,000 from Jan. 1 1934 to
1958 Inclusive.
-BOND OFFERING.
EAST FLAT ROCK, Henderson County, N. C.
-Sealed bids will be received by W. R. Boots, Town Clerk, until 12 m.
on Sept. 6, for the purchase of 315,000 water and street improvement
bonds. Rate of interest is to no named in bid and is not to exceed 6%.
The bonds are dated Aug. 1 1923. Denom. $1,000. Due $1,000 on Aug. 1
from 1932 to 1946 incl. Int. rate Is to be stated in a multiple of1.--4 of 1%.
Principal and send-annual interest are payable at the Central Hanover
Bank & Trust Co., New York. A certified check for $300, payable to the
Town Treasurer, must accompany each proposal. Legality is to be approved by Storey, Thorndike, Palmer & Dodge, of Boston, whose opinion
will be furnished to the purchasx.
-BOND ELECTION.
EAST PALESTINE,Columbiana County, Ohio.
-A proposal to issue $13.000 bonds for the purchase of fire equipment
will be placed on the ballot for the voter's consideration at an election to
be held on Nov. 5. The bonds, if authorized, will be dated approximately
Jan. 1 1930 and shall bear interest at not to exceed 6% per annum. Due
$2,600 on Oct. 1, from 1931 to 1935 incl.
EGG HARBOR TOWNSHIP SCHOOL DISTRICT (P. 0. McKee
-The 885.000 coupon
City), Atlantic County, N. J.-130ND .SALE.
-were awarded as 53i5
'school bonds offered on Aug. 22-V. 129. p. 1000
W. a cNear & Co. of Chicago for a premium of $184.15. equal to a
to C.
price of 100.216. a basis of about 5.72%. The bonds are dated July 1 1929
and mature $5.000 on July 1 from 1931 LO 1947 incl. Prudden & Co. bid
$85.036: the New Jersey Fidelity & Plate Glass Insurance Co. offered par
for the issue.
-MA TURITY.-Tbe
ELIZABETHTON, Carter County, Tenn.
-V. 129.
3237.000 6% bonds sold at par to Caldwell & Co. of Nashville
-mature as follows:
p. 1160
$108.000 street improvement bonds. Due in from 1 to 10 Years.
75.000 bridge bonds. Due 325.000 in 1949. 1954 and 1959.
54.000 general improvement bonds. Due in 1949.
-BOND OFFERING.ELKHART COUNTY (P. 0. Goshen), Ind.
Mertie E. Croop, County Auditor, will receive sealed bids until 10 a. m.
brides construction bonds.
on Sept. 5 for the purchase of $20.000 44(
Dated Aug. 15 1929. Denom. $1,000. Due $1.000 on atay and Nov. 15
from 1930 to 1939 incl. Int. payable on the 15th day of May and November.
EL PASO. El Paso County, Tex.-S1NKING FUND PURCHASES
BONDS.
-The Sinking Fund has purchased an issue of $30.000 bonds of
the city from the Fort Worth National Co.. according to a report.
-BONDS REGISTERED.
EL PASO, El Paso County. Tex.
-The
following 5% serial bonds aggregating $192,000 were registered on Aug. 23
by the State Comptroller:
Anwunt$59.000 series No. 7 water works bonds.
52.000 series No. 15 school Building and Site bonds.
30.000 serhs No.4 park improvement bonds.
30.000 series No 2 building and Improvement bonds.
21.000 School of Mines bonds.
ELSMERE FIRE DISTRICT (P. 0. Elamere), Albany County,
N. Y.
-BOND SALE.
-The $30,000 coupon or registered Sewage Disposal
Plant bonds offered on Aug. 27-V. 129. P. 1321-were awarded as 5.70s
to George B. Gibbons & Co., of New York, at a price of 100.50, a basis
of about 5.65%. 'The bonds are dated Aug. I 1929 and mature on Aug. 1,
as follows: $1,000, 1931 to 1956 incl., and 32,000 in 1957 and 1958. The
following bids were also received:
Int. Rate.
BidderRate Bid,
5.75%
Edmund Seymour & Co
100.373
5.70%
Pruciden & Co
100.15
EMMETSBURG INDEPENDENT SCHOOL DISTRICT, Palo Alto
County,Iowa.
-BOND 0E1.ERINC.-L. W. Frost, Secretary of the Board
of School Directors, will receive sealed bids until 7.30 p. in. on Sept. 3.
for the purchase of 8130.000 school bonds . bated Sept. I 1929. Due as
follows: $6,000 in 1933 to 1935 incl.. $7.000 In 1936 to 1938 incl., $8,000 in
$9,000, in 1940 to 1942 incl. and $10,000 in from 1945 to 1948 incl. Prin,
and semi-annual interest payable in Emmettsburg.
-BOND SALE.
ERA INDEPENDENT SCHOOL DISTRICT, Tex.
A report credits the State Board of Education with having Purchased an
issue of 514.000 school building bonds.
-BOND OFFERING.
EUCLID, Cuyahoga County, Ohio.
-Robert
Topping, Village Clerk, will receive sealed bids until 12 m. on Sept. 16: for
the purchase of the following issues of 6% bonds aggregating $516.1366:
$239.000 bonds issued in anticipation of the collection of special assessments
levied for street improvement purposes. Due on Oct. 1. as
follows: $23.000 in 1932 and $24.000 from 1933 to 1941 incl.
234.366 bonds issued in anticipation of the collection of special assessments levied for street improvement purposes. Due on Oct. 1, as
follows: $11,700 from 1932 to 1950 incl., and 512.066 in 1951.
43,500 bonds issued in anticipation of the collection of special assessments levied for street improvement purposes. Due 38.700 on
Oct. 1, from 1932 to 1936 incl.
All of the above bonds are to be dated the day of sale. Interest is payable
semi-annually.
o oot bidde y p
"Said bonds will be sold to the highest and bes so, oiar f not less than
par and accrued interest. Anyone desiring
or n
resient a bid or
bids for said bonds based upon their bearing a different rate of interest
than specified herein, provided, however. that where a fractional interest
rate is bid such fraction shall be it of 1% or multiple thereof.
"AU bids must state the number of bonds bid for and the gross amount
of bid and accrued interest to date of delivery: all bids to be accompanied
by a certified check, payable to the Treasurer of the village for 5% of the
amount of bonds bid for. upon condition that if the bid is accepted the
bidder will receive and pay for such bonds as may be issued as above set
forth within ten days from the time of award, said check to be retained by
the Village of Euclid if said condition is not fulfilled. The Village of Euclid
shall pay no interest on said check of chocks, while retained by them."
EUGENE, Lane County, Ore.
-BOND OFFERINO.-The City
Recorder, R. S. Bryson, will receive sealed bids until 7.30 p. us. on Sept. 9,
for the purchase of light and power bonds,to the amount of 3200.000.
A certified check for 2% of the amount of bonds bid for must accompany
each proposal. The purchaser will be furnished with the approving opinion
of Teal, Winfree, McCulloch & Binder. of Portland, as to the validity of
the bonds.
1478
FINANCIAL CHRONICLE
FAIRLAWN SCHOOL DISTRICT (P. 0. Fair Lawn), Bergen
County, N. J.
-BOND SALE.
-The $83,000 coupon or registered school
bonds offered on Aug. 22-V. 129, p. 1160
-were awarded to Prudden &
Co. of New York as 53is for a premium of $37, equal to a price of 100.044,
a basis of about 5.74%. The bonds are dated July 1 1929 and mature
on July 1 as follows:$3.000. 1930 to 1954 incl., and $2,000, 1955 to 1958 incl.
The accepted tender was the only one received.
FAIRPORT, Monroe County, N. Y.
-The $77.000
-BOND SALE.
coupon or registered Sewage Disposal Plant bonds offered on Aug. 27V. 129, p. 1321-were awarded as 5.40s to George B. Gibbons &
of
New York.at a price of 100.32,a basis ofabout 53.6%. The bonds are dated
Co.,
Sept. 1 1929 and mature on Sept. 1, as follows: 84,000, 1932 to 1940 incl.;
$5.000. 1941 and $6,000. 1942 to 1947 incl.
FAIRVIEW (P. 0. North Olmstead), Cuyahoga County, Ohio.BONDS OFFERED.
-J. W,Smith, Village Clerk. received sealed bids until
12 m. on Aug. 31. for the purchase of $78,300 6% series A, special assessment coupon paving bonds. Dated July 1 1929. Denom. $1,000, one
bond for $300. Due on Oct. 1, as follows: $7,300. 1931: $8.000, 1932 to
1939, incl. and $7,000 In 1940. Principal and semi-annual int, payable
in gold at the First National Bank, Rocky River.
-The following
-BOND SALE.
FINLAY, Hancock County, Ohio.
issues of bonds aggregating $227,216 offered on Aug. 23-V. 129, P. 837
were awarded to the First-Citizens Corp., of Columbus:
improvement bonds. Dated Sept. 1 1929. Denom.
$134,000.00 sewer
$1,000, except bonds Nos. 1 and 2. which will be of the denom.
of $1,625.77 and $1,374.23, respectively. The Issue matures
as follows: $14,000, 1930; 513.000, 1931 to 1936, incl., and
$1.4.000, 1937 to 199. inclusive.
56,440.56 street Improvement bonds. Dated Sept. 1 1929. Denom.
$1.000, one bond for $1,440.56. Due Oct. 1 as follows:
$5,440.56, 1930; 55,000, 1931 to 1933, incl., and 56.000, 1934
to 1939, inclusive.
28,581.00 bonds. Dated Sept. 1 1929. Denom. $1,000. one bond for
$581. Due Oct. 1 as follows: $1.581. 1930; and $3,000, 1931
to 1939, inclusive.
7,994.44 sanitary sewer construction bonds. Dated Sept. 1 1929.
Denom. $1,000. one bond for $994.44. Due Oct. 1 as follows:
$994.44, 1930: $1,000. 1931, and $2.000. 1932 to 1934. incl.
FLORIDA INLAND NAVIGATION DISTRICT (P. 0. Jacksonville)
-Charles F. Burgman, Chairman of the Board
Fla.-BOAD OFFERING.
of Commissioners, will receive sealed bids until 11 a. m. on Oct. 15, for the
purchase of $1,900,000 4% bonds, divided as follows:
$750.000 Canal Purchase bonds. Due $50,000 from 1934 to 1948 incl.
250,000 Right of Way Purchase bonds. Due as follows: $17,000, 1934 to
1943 incl.: and 816,000, 1944 to 1948 incl. Bids will be considered
for all or any portion of this loan.
Both Issues are dated Sept. 11928. Denom. $1,000. Bids for each issue
separately and for both combined are requested. Prin. and semi-annual
interest are payable at the Florida National Bank, Jacksonville, or at the
Guaranty Trust Co., New York. A certified check for 1% of the par value of
the bonds bid for, payable to the order of Frank H. Owen, Treasurer of the
Board, is required. Legal opinion of Thomson, Wood & Hoffman, of New
York. will be furnished.
-Angus C.
FORT WAYNE, Allen County, Ind.
-BOND OFFERING.
McCoy, City Comptroller, will receive sealed bids until 10 a. m. on Sept.
6, for the purchase of $150.000 "Paul Baer Field Aviation Bonds." Dated
Sept. 1 1929. Coupon bonds. $1,000 denom., bearing interest at 5%. Due
515.000 on Dec. 1 from 1930 to 1939 incl. Prin. and semi-annual int.(June
and Dec. 1) payable at the First National Bank, of Fort Wayne. The
bonds to be sold are part of an authorized issue of $200.000. The remaining
$50.000 bonds are to be sold when deemed necessary. All bids must be
accompanied by a certified check for 5% of the amount of bonds desired.
payable to the order of the city.
'Said bonds will be sold to the highest and best bidder for cash for not
less than their par value, and interest accrued thereon to the date of delivery
thereof; the right to reject any and all bids is reserved. A transcript of the
proceedings is on file in the office of said comptroller for inspection; non
conditional bids only accepted."
FRANKLIN SCHOOL TOWNSHIP, Kosciusko County, Ind.
BOND OFFERING.
-J. W. Swick, Township Trustee, will receive sealed
bids between 1 and 3 p. m. on Sept. 10. for the purchase of $27.500 4 %
school-building bonds. Dated July 11929. Denom. $500 and $250. Due
$1,250 on July 11930: 81.250 on Jan. and July 1, from 1931 to 1940 incl.;
and 51.250 on Jan. 11941. Int, payable on the first days of Jan. and July.
FREESTONE COUNTY (P. 0. Fairfield), Tex.
-BONDS REGISTERED.
-Road and bridge funding bonds to the amount of $53,431.59
were registered on Aug. 20 by the State Comptroller. The obligations
mature serially.
FULTON COUNTY (P. 0. Rochester), Ind.
-BOND OFFERING.
An issue of $9,300 454% road construction bonds is to be sold at 10 a. m.
on Sept. 11. All proposals for the bonds must be sealed and addressed to
George A. Black, County Treasurer. The bonds are to mature semi-annually in from 1 to 10 years.
FULTON COUNTY (P. 0. Wauseon), Ohio.
-BOND SALE.
-The
550.900 6% county road improvement bonds offered on Aug. 26-V. 129,
p. 1321-were awarded to Stranahan, Harris & Ostia, Inc., of Toledo. The
13onds are dated Sept. 1 1929 and mature on Sept. 1, as follows: 85,900. 1930:
55,000, 1931 to 1933 incl. and 86.000. 1934 to 1938 incl.
GARY, Lake County, Ind.
-BOND OFFERING.
-H. G. Hay, City
Comptroller, will receive sealed bids until 12 m. on Sept. 9 for the purchase
of $199,000
% City Hall remodeling and alteration bonds. Dated
Sept. 1 1929. Denom, 81.000. Due on Sept. I as follows: 59.000. 1941:
$10.000, 1942 to 1948 incl., and 520.000. 1949 to 1954 incl. Principal and
semi-annual interest payable at the office of the City Comptroller. A
Certified check for
% of the amount of bonds bid for is required. Legality is to be approved by Matson, Carter, Rooss & McVord of Indianapolis.
GERMAN CIVIL TOWNSHIP (P. 0. Taylorsville), Bartholomew
-Stanley Runt, Trustee, will receive
County, Ind.
-BOND OFFERING.
sealed bids until 1 p. m.on Sept. 9,for the purchase of 55.000414% German
Civil Township bonds. Dated July I 1929. Denom. $1,000. Due as
follows: $1,000 on July 11930. and $2,000 on Jan. and July 11931.
BOND OFFERING.
-The above-mentioned official will receive sealed
bids at the same time and place for the purchase of 857,000 434% German
School Township bonds. Dated July 11929. Denom.81.000. Due 82.000
on Jan. and July 1. from 1932 to 1045 incl., and 51.000 on Jan. 11946.
The principal and semi-annual int, of both issues are payable at the
Irwin-Union Trust Co., Columbus.
-BOND SALE.
GIBSON COUNTY (P. 0. Princeton), Ind.
-The
558,000 034% road bonds offered on Aug. 24-V. 129, P. 1160
-were
awarded as follows:
$24,000 bonds sold to the inland Investment Co.. of Indianapolis. at a
rice of par. Due $1.200 on May and Nov. 15. from 1930 to 1939
nclusive.
16,000 bonds sold at par to the Farmers National Bank, of Princeton.
Due $800 on July 15 1930. and $800. Jan. and July 15 1931 to
1939 incl., also $800 on Jan. 15 1940.
9,000 bonds sold at par to the Inland Investment Co.. of Indianapolis.
Due $450 on July 15 1930;8450, Jan. and July 15 1931 to 1939 incl.,
and $450. Jan. 15 1940.
9.000 bonds Hold to Curtis Martin, of Oakland City, for a $5.00 premium,
equal to 100.05, a basis of about 4.49 %. Due $150 on July 15
1930; $450. Jan. and July 15 1931 to 1939 incl., and $450. Jan. 15
1940.
The four Issues are dated Aug. 15 1929.
-BOND SALE.
GLEN COVE, Nassau County, N. Y.
-The $375,000
coupon or registered school bonds offered on Aug. 23-V. 129, p. 1160
were awarded as 414s to Stone & Webster and Biodget. Inc., of New York
at a price of 100.11, a basis of about 4.735%. The bonds are dated Aug. 1
1929 and mature on Aug. 1 as follows: $10,000, 1931 to 1934 incl.; $15,000.
1935 to 1947 incl.. and 520.000. 1948 to 1954 incl.
GLOUCESTER COUNTY (P. 0. Woodbury), N. J.
-BOND SALE.
A $400.000 issue of 514% road bonds was sold on Aug. 27 to Rufus Waples
& Co.. of Philadelphia,for a premium of $118.00. equal to a price of 100.02,
a basis of about 5.74%. The bonds mature in 2 years.
p
[VoL,129.
-BOND OFFERING.
GRAND JUNCTION, Mesa County, Colo.
Helen C. Nile, City Clerk, will receive sealed bids until Sept. 7 for the
purchase of $48,000 l'aving District No. 23 bonds and $20,500 Alley Paving
District bonds. Both issues aggregate $68,500.
GRANT COUNTY (P. 0. Silver City), N. Mex.-BOND SALE NOT
CONSUMMATED.
-The Provident Savings & Trust Co. of Cincinnati
now informs us that their bid of 100.17 for the $200,000 court house and
jail bonds offered on Aug. 12 and reported as having been accepted
p 1161-was rejected. The offer was for 6% bonds. The issue
.
is to
re.off
-BOND OFFERING.
GRATIOT COUNTY (P. 0. Ithaca), Mich.
John W. Young, County Drain Commissioner, will receive sealed bids
until 10 a. m.on Sept. 3 for the purchase of $13,700 6% Special Assessment
Drainage District No. 90 bonds. Dated Oct. 1 1929. Denom. $1.000.
one bond for $700. Prin. and int, are payable at the office of the County
Treasurer. A certified check for 200. payable to the above-mentioned
official, must accompany each proposal.
-BOND SALE.
-The
GREENE COUNTY (P. 0. Bloomfield), Ind.
-were
$18,000
% road bonds offered on Aug. 28-V .129. P. 1322
awarded to First National Bank of Linton at par. The bonds are dated
The. 5ere n. oDue $9 on May 15 and Nov. 15 from 1930 to 1939 incl.
A ugre1w 1929 pter i00
0
bids.
-BOND OFFERGREENVILLE COUNTY (P. 0. Greenville), S. C.
ING.
-Sealed bids will be received until 11 a. m.on Sept. 12 by W.M. Alexander, Chairman of the Board of Commissioners of the City View Water
and Sewer District, for the purchase of $150,000 bonds of the district.
Dated Aug. 11929. Denom. $1,000. Rate of interest is to be named in
bid and must not exceed 6%. The bonds cannot be sold for less than par
and accrued interest. The bonds mature on Aug. 11969. Prin. and semiannual int. (Feb. & Aug. 1) payable in N. Y. City. A certified check for
2% of the amount of bonds bid for, payable to the order of the City View
Water and Sewer District Commission. must accompany each proposal.
Purchasers will be furnished with the approving opinion of Storey, Thorndike. Palmer & Dodge of Boston.
eronInd imgebtedness rning City View Water and Sewer District.
bai defor n tion Cence
Present
Bonds issued by City View School District and assumed by
$24,000.00
Parker School District
Bon of Parker School District, of which City View Water
Bonds
355,000.00
and Sewer District is a part
Bonds of Greater Greenville Sewer District, of which City
21:856020:000000:0000
View Water and Sewer District is a part
Bonds of Greenville County, reimbursement road bonds1,938.500.00
Bonds of Greenville County,general purposes
Bonds rop solt Sept. 12 1929 for City View Water and
sewet ittricd
150,0N000.n00e
Floating debt
Assessed valuation456,695.00
City View Water and Sewer District, 1929
9,824,150.00
Parker School District, 1928
20,669.150.00
Greater Greenville Sewer District, 1928
Greenville County. 1928
ee
31 123,475.00
Estimated actual value of property within City View Water
1.826,780.00
and Sewer District. 1929
Estimated population of district, 1929, 3,000.
GREYBULL, Big Horn County, Wyo.-BOND SALE.
-Peck, Brown
& Co. of Denver are reported to have recently purchased an issue of 520.000
water works system bonds.
-BOND
GROVER (P. 0. Tiltonville), Jefferson County, Ohio.
OFFERING,Vroposals for the purchase of 86,853.36
% special assessment street improvement bonds will be received until 12 m. on Sept. 12,
by J. Bell, Village Clerk. The bonds are dated Sept. 15 1929. Denom.
$700. on bond for $553.36. The bonds mature on Oct. 1, as follows: 8700
in from 1931 to 1939 incl., and $553.36 in 1940. A certified check for $200,
payable to the order of the Village Treasurer, must accompany each proposal. Bids for bonds to bear an interest rate other than herein stated will
also be considered.
-BOND OFFERING.
-Harry H.
HAMILTON, Bulter County, Ohio.
Schuster, Director of Finance, will receive sealed bids until 12 m. on Sept.
10. for the purchase of $50,000 5% Fire Department Bldg. bonds. Dated
Oct. 11929. Denom. $1,000 and $500. Due 82,500 on ct. 1. from 1931
to 1950, incl. Principal and semi-annual int. payable at the office of the
above-mentioned official. Successful bidder to furnish legal opinion. A
certified check for 5% of the bonds bid for, payable to the order of the
Director of Finance, must accompany each proposal.
The bonds now offered for sale are general obligations of the City and
the full faith, revenue and credit thereof has been irrevocably pledged for
the prompt payment of both principal and interest of said bonds, as same
fall due.
or all
The city reserves the right to reject any Augustbids.
1 1929.
I
propertyFinaaciales S rent As of
t
$100,000,000.00
Actual value of
96,363,950.00
Assessed valuation for taxes year 1929
3, 16 100:00
4 7 54 82
7 :0
Total bonded debt incl, this issue
Less water works bonds
574.318.38
Less sinking fund
660,139.37
Less special assessment included
_ Datei2nc,006rp70.6r9a7tod.07.
Total debt ___
______ _ _
__ _______
now, 57,132.
Population (1920 census),
1854. Tax rate per 31.000, $19.49.
-BOND OFFERING.
HANCOCK COUNTY (P. 0. Findlay), Ohio.
0. R. Morehart, County Auditor, will receive sealed bids until 12 m. on
following 53473 bonds aggregating $37,300:
Sept. 16 for the purchase of the
$20,250 Johnson Road No. 234 bonds. Dated une 1 1929. Due as follows:
$2.250 in 1930. $3,000, in 1931 and 1932, and $3,000 in from 1933
to 1938 incl.
10,600 East Main Cross St., bridge bonds. Dated June 11929. Due as
follows:$600 in 1930 and $1,000 in from 1931 to 1940 incl.
6,450 Lima Ave. Improvement bonds. Sec. A. Dated July 11929. Due
as follows: $450 in 1931 and $1,000 in from 1932 to 1937 incl.
Principal and semi-annual int, payable at the office of the County Treas.
Bids for bonds to bear an interest rate other than herein stated will also be
considered. Bids must be for each issue separately. A certified check for
$250 must accompany each proposal. The approving opinion of Squire,
Sanders & Dempsey, of Cleveland, will be furnished the successful bidder'
HARBOR CREEK TOWNSHIP (P. 0. Harbor Creek), Erie County,
Pa.
-P URCHASER.-The Harry W. Mehl Co., of Erie, was the purchaser
of the $15,500 5% bonds reported sold in -V. 129, p. 1161. The price
paid was 101.50, a basis of about 4.77% . The bonds mature on July 1, as
1
follows: 33,000, 1934; 84,000, 1936 an 1937. and $4.500. 1938.
-BOND ELECTION.
HARDEMAN COUNTY(P.O. Bolivar),Tenn.
At an adjourned session of the county court held on Aug. 28 resolutions
were adopted authorizing a bond issue of $750,000 for the improvement of
the county roads and $100,000 for improvement of the high schools of the
county. both propositions to be submitted to the voters of the county for
ratification or rejection at an election to bo held Oct'. 5.
-BOND
HARRISON (P. 0. Harrison), Westchester County, N. Y.
OFFERING.
-Benjamin I. Taylor, Town Supervisor, will receive sealed
bids until 10.30 a. m. (daylight saving time) on Sept. 7, for the purchase
of the following issues of coupon or registered bonds aggregating $380,000:
$209.000 water works bonds. Rate of interest is not to exceed 5%. Dated
June 1, 1927. Due on June 1, as follows: $6.000, 1930 to 1940
incl.:$5.000. 1941 to 1966 incl. and 813,000, 1967. Prin.and semiannual interest payable in gold at the National Bank of Commerce.
N. Y. A certified check for $4.000 is required.
118,000 highway bonds. Rate of int. is not to exceed 6%. Dated Sept. 1
1929. Due on Sept. 1, as follows: $2,000, 1931 and 1932 and $6.000. 1933 to 1951 incl. Prin. and semi-annual int. payable in
gold at the First National Bank, of Ilarrison. A certified check
for 31.000 is required.
53,000 highway bonds. Rate of interest is not to exceed 8%. Dated
Sept. 11929. Due on Sept. 1. as follows: $2.000, 1931 and $3,000.
1932 to 1948 incl. Prin. and semi-annual int. payable in gold at
the First National Bank, of Harrison. A certified check for
81.000 Is required.
Rate of interest is to be named in bid in multiples of 34 or 1-10th of 1%•
Checks should be made payable to the order of the Town Supervisor.
Legal opinion of Clay, Dillon & Vandewater, of N. Y., will be furnished
the successful bidder.
Atm. 31 1929.]
FINANCIAL CHRONICLE
1479
-The County Treasurer will also receive sealed bids
BOND OFFERING.
-The $50,000
HASTINGS, Adams County, Neb.-INTEREST RATE.
Sewer bonds and the $14,000 paving bonds, both issues aggregating $64,000, at the same time for the purchase of the following bonds aggregatng
-V.129,P. 1322
- $39.000:
sold at 100.36 to the United States Trust Co.. of Omaha
$30,000 5% Henry T. Tyler et al., Cedar Creek Township highway impt.
bear 5% interest.
bonds. Denom. $500. Due $1,500 on July 15 1930; $1,500, Jan.
HAYES COUNTY HIGH SCHOOL DISTRICT (P.O. Hayes Center),
and July 15 1931 to 1939 incl., and $1,500 on Jan. 15 1940.
Tex.
-BOND ELECTION-A proposal to issue $30,000 school building
9,000 43.% Charles T. Simpson et al., Winfield Twp. highway improvement bonds. Denom. $450. Due $450 on July 15 1930: $450.
bonds will be voted on at an election to be held on Sept. 14. The bonds,
Jan. and July 15 1931 to 1939 incl.. and $450. Jan. 15 1940.
if authorized, are to mature $3.000 annually.
Both issues are dated July 15 1929. Interest payable on the 15th day of
-BONDS VOTED.
-At an election Jan. and July. Transcript with approved opinion of Matson, Carter,
HOLLIS, Harmon County, Okla.
held on Aug. 20, the voters authorized the issuance of $48,000 bonds to Ross and McCord will accompany the bonds and no bids will be received
finance the construction of a new waterworks pumping system. The vote except for immediate cash.
was 138 "for" and 85 against the measure.
-BOND OFFERING.
LAKE COUNTY (P. 0. Crown Point), Ind.
- Sealed bids for the purchase of $20,000 5% road construction bonds will be
HOLMES COUNTY (P. 0. Millersburg), Ohio. -BOND SALE.
bonds offered on Aug. 19-V. 129, P. 1161
- received until 10 a. m. on Sept. 3 by H. K. Groves, County Treasurer.
The $12.330 coupon road
were awarded as 6s, at par, to the J. & G. Adams Bank, of Millersburg. The bonds mature semi-annually in from 1 to 10 years.
The bonds are dated Sept. 1 1929 and mature from March 11930, to Sept.
-BOND OFTEUNT
LANCASTER COUNTY (P.O. Lancaster), S. C.
1 1933.
-K. M. Yoder, Clerk of the Board of County Commissioners,will recel
-BIDS REJECTED.
- sealed bids until 3 p. m. on Sept. 27 for the purchase of $450,000 coupon
HOQUIAM, Grays Harbor County, Wash.
bid and must not exceed
An unofficial report says that all bids received on August 5.for the $600,000 highway bonds. Rate of int. is to be1named inDenom. $1,000. Due
1929.
on
%. The bonds are dated Sept.
issue of water revenue bonds offered for sale were rejected. Rate of hat.
Dec. 31 as follows: $65,000 in 1937 and 1938, $75,000 in 1939 and 1940.
was not to exceed 6%-V. 129, p. 674.
and $85,000 in 1941 and 1942. Prin. and semi-ann. Int. (F. & A.) payable
-BONDS DE- in gold in N. Y. City. A certified check for 2% of the amount of bonds
HUTCHINSON COUNTY (P. 0. Stinnett), Tex.
accompany each proposal.
FEATED.
-A proposal to issue $150,000 road bonds was defeated by bid for, payable to the order of the county, must of New York
will be furrecently. A second election to again vote on The legal opinion of Reed, Hoyt & Washburn
four votes at an election held
nished the successful bidder. These are the bonds offered as not exceeding
the measure is to be called at once.
5s on Aug. 12-V. 129, p. 838.
-BOND OFFERING.
ILLINOIS, State of (P. 0. Springfield).
-BOND SALE.LAURENS COUNTY (P. 0. Laurens), So. Caro.
Harry H. Cleaveland, Director, Department of Public Works and Buildare reported to
ings, will receive sealed bids until 9 a. m. on Sept. 11, for the purchase of Stranahan, Harris & Oat's, Inc.. of Toledohighway bonds. have recently
Dated Aug.1
$11,000,000 4% coupon highway bonds. Dated Sept. 1 1929. Denom. purchased an issue of $139,000 534% coupon
Due on Aug. 1 as follows: $13,000. 1930, and
$1.000. Due on May 1, as follows: $500,000 from 1945 to 1958. both 1929. Denom. $1,000.incl. Principal and semi-annual
interest payable
incl., and $4,000,000 in 1959. The bonds are registerable as to principal $14,000. 1931 to 1939
only. Principal and semi-annual int. are payable at the office of the State at the National Park Bank, New York. Legality Is to be approved by
Treasurer. A certified check for $220,000 must accompany each proposal. Masslich & Mitchell of New York.
The approving opinion of Chapman & Cutler, of Chicago, will be furnished
LAVALLETTE SCHOOL DISTRICT, Ocean County, N. J.
-BOND
the successful bidder. The bonds are to be sold on open competitive bidding OFFERING.-N.Joseph Englebert, District Clerk, will receive sealed bids
as required by law. This report supersedes the one given in-V. 129. until 7.30 p.m.(daylight saving time) on Sept. 10,for the purchase of $50.p. 1322.
000 6% coupon school bonds. Dated Oct. 1 1928. Denom. $500. Due
-BOND SALE.
-S. C. Lochrie, on Oct. 1, as follows: $1,500,from 1930 to 1945 incl.: and $2,000 from 1946
ILWACO, Pacific County, Wash.
Secretary, reports that the State paid par on Aug. 17, for the $25.000 to 1958 incl. No more bonds are to be awarded than will produce a premium
-V. 129, p. 1002. The of $1,000 over the amount stated above. Prin. and semi-annual Int. pay.
5% issue of improvement bonds offered for sale
bonds mature in from 2 to 20 years.
at the Ocean County Trust Co.,Toms River. A certified check for 2% of the
bonds bid for, payable to the order of the District, must accomISHPEMING, Marquette County, Mich.
-BOND SALE.
-An issue amount of proposal.
of $20,000 5% Park Addition bonds was sold at par on August 26 to a pany each
-An issue or
bonds mature serially in from 1 to 4 years.
LEXINGTON, Fayette County, Ky.-BOND SALE.
local investor. The
$2,533 6% coupon street improvement bonds was awarded at par on Aug. S
-NO BIDS.
IOWA COUNTY (P. 0. Marengo), Iowa.
-There were to Otis W. Hughson of Lexington. The bonds are dated June 15 1929.
no bids received on Aug. 14. for the $150.000 rorimary road bonds offered
$200. The bonds mature annually on Nov. 1 from 1929
for sale. Rate of int. was not to exceed 5%-V. 129. p. 1002. The bonds Denom. $300 and
Interest payable on May and Nov. 1.
are dated Sept. 1 1929. Due $15,000 from May 1 1935 to 1944, incl.: to 1938, incl.
-BONDS NOT SOLD.
optional after 5 years.
LEXINGTON, Davidson County, N. C.
The $225,000 coupon public imp't bonds offered on May 31-V. 128,P.
JASPER COUNTY (P. 0. Rensselaer), Ind.
-BOND OFFERING.- -were not sold, according to L. M. Weaver, City Tax Collector. 3561
The
Sealed bids will be received ,until 2 p. m. on Sept. 7 by Homer A. Lambert,
I 1929 and mature on June 1. as follows: $7,000,
County Treasurer, for the purchase of $9,200 road construction bonds, bonds are dated June
1930 to 1938 incl.; $8,000, 1939 to 1947 incl., and 510.000, 1948 to 1956
to bear interest at 5% and to mature semi-annually in from 1 to 10 years.
inclusive.
JEFFERSON COUNTY (P.0. Madison), Ind.
-BOND OFFERING.
-ELECTION RESULT.
LITTLE ROCK, Pulaski County, Ark.
William E. Carr, County Treasurer, will receive sealed bids until 1.30 p. m.
sends us the following result of the election held on Aug. 19
on Sept. 3,for the purchase of $8,200 4Si% James L. Arbuckle et al. gravel The City Clerk
to obtain the consent of the voters to issue the following bonds aggregating
road construction bonds. Dated Sept. 1 1929. Denom. $410. Due $410 52,652,500. V. 129, p. 1162.
on Jan. and July 15, from 1930 to 1939 incl. Int, payable on the 15th
Votes.
day of Jan. and July.
1For.
Against.
IssuesJENNINGS COUNTY (P. 0. Vernon), Ind.
-BOND OFFERING.
- $900,000 Municipal auditorium bonds
1.698
450,000 Civic center bonds
2 52°
:5
Cliff Bemish, County Treasurer, will receive sealed bids until 1 p. m.
11
1,636
350.000 park improvement bonds
on Sept. 6 for the purchase of $7,500 5% Geneva and Sand Creek Town2,647
300,000 fire department equipment bonds
ships road construction bonds. Dated Aug. 20 1929. Denom. $375.
3 8
1:611
225,000 street improvement bonds
2.'415
1 239
Due $375, July 15 1930: $375, Jan. and July 15 1931 to 1939 incl., and
28 0
1:64
8
6
200.000 municipal airport bonds
1.534
5375. Jan. 15 1940.
115,000 incinerator construction bonds'
2.523
-BOND OFFERING.
JOHNSTOWN, Cambria County, Pa.
-W.
bonds
annex bon
2,454
55.000 hospital
1,825
Winston Davis. City Treasurer, will receive sealed bids until 10 a. m. on
1,890
50,000 street cleaning apparatus bonds
2.280
Sept. 16. for the purchase of $250,000 4 34% coupon Boulevard improve7,500 municipal lighting plant and distribution
ment bonds. Registerable as to principal only. Dated Sept. 1 1929.
2,108
2,406
Denom. $1,000. Due on Sept. 1 1949. Prin. and semi-annual int. (M.
b
No date hasas been set for the offering of the bonds authorized, according
& S. 1) payable at the office of the City Treasurer, or through any bank in to the City Clerk. Rate of interest will not exceed 555 %.
.
.,
Johnstown. Bids for less than the par value of the bonds will not be
-BOND OFFERING-F.L
LORAIN COUNTY (P. 0. Elyria), Ohio.
.
considered. All proposals must be accompanied by a certified check for
$3,000. The bonds are stated to be free of State tax and were authorized Ellenberger, Clerk of the Board of County Commissioners, will receive sealed
by passage of Ordinance No. 1763. by the City Council. The following bids until 1 p. m. on Sept 4. for the purchase of $26.000 67, water supply
improvement bonds. Dated Aug. 11929. Denom.$1,000. Due as follows:
information Is taken from the offering notice:
Estimated value of all taxable property
$100.000.000 31.000 on April and Oct. 1 1930; $1,000. April 1 and $2.000, Oct. 1 1931:
Assessed val. Incl. property & personal tax assessments for 1929 85,638.095 31.000, April and Oct. 1 1932; $1,000. April 1 and 52.000. Oct. 1 1933;
1 1934: $1.000, April
Total bonded debt including this issue
4.960.500 51.000. April 1 and 52,000. Oct. 1 1936: $1.000, April and Oct. 1 1935:
and Oct. 1 1937;
No floating debt or other debt in addition to bonded indebtedness.
$1,000. April 1 and 32.000. Oct.
Cash in sinking fund for redemption (Aug.8 1929)
$305.093.26 and $1,000, April and 32,000 on Oct. 1 in 1938 and 1939. l'rin. and semiBonds in sinking fund
annual int. (April and Oct. 1) payable at the office of the County Treasurer.
200.000.00
Net indebtedness(Aug.61929)
Said bonds will be sold to the person or persons, firm or corporation
4.455.406.74
and at the
Value of property owned by municipality for 1929
4,603.450.00 for not less than par and accrued interest of interest lowest rate of interest
and if a fractional rate
City incorporated, Dec. 18 1889. Population (1925 census), 75.743.
bid therefor. All bids must state the rate
of interest and if a fractional rate of Interest Is bid it shall be 31 of 1%,
JONES COUNTY (P. 0. Trenton), No. Caro.
-BOND OFFERING.
- or multiples thereof,and state the gross amount of the bid,and the successful
George G. Noble, Clerk of the Board of County Commissioners, will
accrued interest from the date of the bonds to the date
receive sealed bids until 2 p. m. on Sept. 9, for the purchase of $115.000 bidder must pay the
successful bidder shall prepare data for bonds and shall
school funding bonds. Rate of interest is not to exceed 6% and Is to be of delivery. The
printed at their expense. All 'bids must be accompanied by
have the same
stated In a multiple of ya of 1%. Dated Aug. 1 1929. Denom. $1,000. a certified check in the sum of 32.000 payable to Lorain County
Due as follows: $5,000 in 1932 to 1934, incl. and $10.000 In from 1935 to sioners. A transcript of the proceedings had in relation to the Commisimprove1944, incl. Principal and semi-annual interest payable in gold at the ment
herein designated will be furnished by said Board to the successful
Central Hanover Bank & Trust Co., New York. A certified check for 2%
will be required to satisfy themselves at their own
bidder and said
of the amount of bonds bid for, payable to the order of the Board of County cost and expense bidder legality of the issue of said bonds.
the
of
Commissioners, must accompany each proposal. Legality is to be approved
0
LOS ANGELES COUNTY SCHOOL DISTRICTS ( . 0. Los Anby Clay, Dillon & Vandewater of New York.
-L. E. Lampton. County Clerk, will
-BOND OFFERING.
geles), Calif.
JONES COUNTY (P. 0. Trenton), No. Caro.
-BOND SALE.
-The receive sealed bids until 2 p. tn. on Sept. 3 for the purchase of the following
$25.000 53.4% funding bonds offered on Aug. 14-V. 129, p. 1002
-were
$660,000:
awarded to the Provident Savings Bank & Trust Co. of Cincinnati. The issues of 5% bonds aggregating
Union High School District bonds.
Huntington
bonds are dated June I 1929 and mature $5.000 on June 1 from 1949 to $335,000 May 1 1927.Park on May 1 as follows: $11.000, 1933 Dated
Due
to 1947
1953 inclusive.
Inch.; $12.000, 1948 to 1952 Incl.. and $11.000. 1953 to 1962 incl.
JONESBORO, Washington County, Tenn.
-BOND SALE POST325,000 Glendale City School District bonds. Dated March 1 1929.
Due on March 1 as follows: $13,000, 1930 to 1939 incl.: $21,000,
POA'ED.-The sale of $170,000 semi-annual water works bonds scheduled
-has been Indefinitely post1940 to 1948 incl., and $6.000. 1949.
to have taken place on Aug. 23-V. 129, p. 1322
Denom. $1.000. Principal and semi-annual interest payable at the office
oned. The bonds are dated Aug. 1 1929 and mature on Aug 1, as follows:
5,000, 1936 to 1938 Incl.; $10.000, 1942 and 1944: $15.000. 1946 and 1948' of the County Treasurer. A certified check for 3% of the amount of bonds
bid for, payable to the order of the Chairman of the Board of Supervisors,
20.000. 1951 and 1953: $25,000, 1956 and 1958 and $20.000 in 1959.
-BOND SALE.
KNOXVILLE, Knox County, Tenn.
-The $235,000 Is required.
The following information is taken from the offering mums:
issue of 4.t(% coupon or registered, series I impt. bonds offered on Aug. 27
Glendale City School Distrizt has been acting as a school district under
McNear & Co. of Chicago at
-V. 129, p. 1002
-was awarded w C.
the laws of the State of California continuously since July 1 I goo
.
a discount of $7,143.11, equal to a price of 96.96. a basis of about 5.31%.
The assessed valuation of the taxable property In said school district for
The bonds are dated Aug. 1 1929 and mature on Aug. 1 as follows: $23.000,
1035 incl.. and $24,000, 1936 to 1940 incl. The following other the year 1928 is 574.671.000 00. and the amount of bonds previously issued
1931 to
and now outstanding Is $2.227,500.
bids were submitted:
Glendale City School District includes an area of approximately
BidderPrice Bid.
square miles. and the estimated population of said school district is 19.98
Bankers Co. of New York
$227,031.15
62,000.
School Distr
Huntington Park
A. B. Leach & Co., Chicago
226,703.50 school district underUnion High the State of ict has been acting as huj
the laws of
California, continuously sines
Continental Illinois Co., Chicago
226,900.00
a
Barris Trust & Savings Bank, Chicago
226.507.00 jule lassesTed valuation of the taxable property
'rhe i9
In said prevIsi
-BOND SALE.
KOSCIUSKO COUNTY (P. 0. Warsaw), Ind.
-The for the year 1928 Is $39.440,050, and the amount of bon high School district
ea
bonds
issued
and now outstanding is $1,388,833.17.
$19.200 5% Thomas Poland et al road construction bonds offered on Aug
Huntington Park Union High School District includes an
16-V. 129, p. 1002-were awarded to Campbell & Co , of Indianapolis
a premium of $217, equal to a price of 101.13, a basis of about 4.77%: Imately 13.69 square miles, and the estimated population of sai
for
arThlgh n- hool
of a- nr
sc "The bonds are dated Aug. lk MO. Due $960. July 15 1930: $960. Jan district is 75.000.
and July 15 1931 to 1939 incl.. and $960. Jan. 15 1940.
MADISON COUNTY (P. 0. Anderson), Ind. BON
- ueBD 0
f4
7G
- Marcia II . Barton, County Treasurer, will r
bo
N
-BOND OFFERING.
LAKE COUNTY (P. 0. Crown Point), Ind.
receive sealed bids u nds.
until "-111
Sealed bids will be received by H. K.Groves. County Treasurer, until 10 a. m. on Sept. 5. for the purchase of the following Issues
of
a. m on Sept. 9. for the purchase of $44.000 5% Frank Fronek et al., aggregating
' e Creek
tin p 533500:TownshIp road construction
l la
Center Township highway improvement bonds. Dated July 15 1929. $
]
ag
bonds.
15,000 Anderson Township road construction bonds.
Denoms. $500 and $200 The bonds mature semi-annually on January and
The bonds mature semi-annually on Jan. and July
July 15. In from 1 to 20 years.
Transcript with approved opinion of Matkon, Carter. Ross and McCord
To enable the Immediate delivery of bonds on 15 in from 1 to 10 years.
will accompany the bonds and no bids will be received except for immediate will have attached to It a written opinion of the day of sale the transcript
oun
ng attorney. cost of
same to be paid by the purchaser in addition
ash.
to etxhaemaimni
t of his bid.
i
1480
FINANCIAL CHRONICLE
MAHONING VALLEY SANITARY SEWER DISTRICT NO. 1 (P. 0.
Youngstown), Mahoning County, Ohio.
-BOND SALE.-Blanchet,
Bowman & Wood. of Toledo, are reported to have purchased privately
an issue of $3.600.000
% sewer bonds, series B. The bonds are dated
Way 1 1928 and mature annually on Oct. I, from 1933 to 1952, incl.
be The purchasers are reported to have paid a price of 90 for the bonds.
r MAINE, State of (P. 0. Augusta).
-BOND SALE.
-The $900,000
4% coupon highway and bridge bonds offered on Aug. 29-V. 129. P•
1323
-were awarded to a syndicate composed of E. H. Rollins & Sons.
Arthur Perry & Co., and Graham, Parsons & Co., all of Boston, also
Ularles H. Gilman & Co. of Portland. at a price of 97.094, a basis of
about 4.35%. The bonds are dated Sept. 3 1929. Denom. $1,000.
Due $90,000 on Sept. 1 from 1935 to 1944 incl. Prin. and int. payable
at the office of the State Treasurer. The State Attorney-General will
certify as to the legality of the bonds. An official tabulation of the bids
received follows:
Rate Bid.
BidderB. H. Rollins & Sons, Boston: Arthur Perry & Co., Boston; Graham,
Parsons & Co., New York,and Chas. H. Gilman & Co Portland_ _97.094
National City Co., Atlantic Corp., Old Colony Corp., First National
96 677
Corp.. all of Boston, and Timberland Estes & Co., l'ortland
Harris. Forbes & Co , Boston and Eastern Trust & Banking Co. and
96 423
Merrill Securities Corp., both of Bangor
96.319
Barr Bros. & Co., Inc., New York
95.96
Estabrook & Co., Boston
95.96
Eldredge & Co.. Boston
-J. L. Landes,
MARION, Marion County, Ohio.
-BOND OFFERING.
City Auditor, will receive sealed bids until 12 m. on Sept. 11, for the purchase of the
bond issues aggregating $118,356:
669,000 534% street improvement bonds, property owners' portion. Dated
Sept. 1 1929. Due as follows: $2,000 on March 1 and $3,000
Sept. 11930, and $3.000 March 1 and Sept. 1 from 1931 to 1939.
Incl. A cettified check for $2,500 is required.
46,000 534 % strait improvement bonds, City's portion. Dated June 1
1929. Due as follows: $3,000. Sept. 1 1929. $2.000, March and
Sept. 1 1930 to 1933, incl., $3,000. March and Sept. 1 1934 to 1937,
incl., and $3,000. March 1 1938. A certified check for $2,000 is
required.
13,356 5% Landing Field purchase bonds. Dated March 1 1929. Due
as follows: $1,356 on March 1 and $2,000 on Sept. 1 1930, and
$1.000. March and Sept. 1, from 1931 to 1935, incl. A certified
check for $500 is required.
Check should be made payable to the order of the City Treasurer. Anyone desiring to do so, may present a bid or bids for such bonds based upon
their bearing a different rate of interest than heretofore fixed, provided,
however, that where a fractional interest rate is bid, such fraction shall
be X of I% or multiple thereof.
-BOND SALE.
MARION COUNTY (P. 0. Indianapolis), Ind.
The $26.000 434% Tuberculosis Hospital engine construction bonds offered
on Aug. 19-V. 129, p. 839
-wore awarded to the Meyer-Kiser Bank, of
Indianapolis, for a premium of $7.55, equal to 100.02, a basis of about
4.74%. The bonds are dated Aug. 1 1929 and mature $2,600 on Aug. 1
from 1930 to 1939 incl. The Fletcher Savings & Trust Co., of Indianapolis,
was the only other bidder, offering a premium of $1.00
MARLIN, Falls County, Tex.
-An issue of $73,000
-BOND SALE.
street improvement bonds is reported to have been sold at par. The bonds
are part of an issue of $200,000 authorized by the City Council recently •
-The City
MARTIN, Weakley County, Tenn.
-BOND REPORT.
Recorder informs us that the $30,000 funding bonds offered on July 18
-V. 129. p. 518
-were sold as 634s to Caldwell & Co., of Nashville, but
that the sale was not consummated as the notice of election to pass on the
issue was not published for 30 days as required by law.
BOND ELECTION.
-The voters will pass on the advisability of Issuing
the above bonds at an election to be held on Sept. 24.
MAYFIELD HEIGHTS, Cuyahoga County, Ohio.
-BOND SALE.
The $6,000 6% street improvement bonds offered on Aug. 19-V. 129, P.
-were awarded locally, at par. The bonds are dated Aug. 1 1929 and
839
mature $1.000 on Aug. 1 from 1931.to 1936, incl.
-The $69,000
MELBOURNE, Brevard County, Fla.
-BOND SALE.
-was
issue of 6% refunding bonds offered on Aug. 26-V. 129. p. 1003
awarded at 95, a basis of about 6.81% to the Brown-Crummer Co. of
Aug. 1 as
Wichita. The bonds are dated Aug. 1 1929 and mature on
follows: $3,000, 1932 to 1935, incl.; $15,000, 1936 to 1938. incl., and
$12,000 in 1939.
MELVINDALE, Wayne County, Mich.-INT. RATE AND PRICE
PAID.
-The $200.000 general obligation storm sewer bonds sold to Braun,
Bosworth & Co., of Toledo
-bear 5% interest and were
-V. 129. p. 1162
sold for a premium of 3211.00, equal to a price of 100.10, a basis of about
4.92%. The bonds are dated Aug. 1 1929 and mature in 30 years.
-D. C.
-BOND OFFERING.
MEMPHIS, Shelby County, Tenn.
Miller, City Clerk, will receive sealed bids until Sept. 24, for the purchase
of the following bonds aggregating $865,000:
$450.000 general improvement bonds. Due $18,000, Sept. 1, from 1932 to
1956, incl.
165.000 street improvement bonds. Due $33.000, Sept. 1, from 1930 to
1934, incl.
150,000 Fire Department bonds. Due $6,000, Sept. 1, from 1932 to
1956. incl.
100.000 improvement bonds. Due $4,000. Sept. 1.from 1932 to 1956.Incl.
The above bonds are part of an issue of $3.650,000 authorized at an
election held on July 18.-V. 129, p. 676. The above report of the proposed sale supersedes the one given In-V. 129, p. 1003.
-An
-BOND ELECTION.
MERIDIAN, Lauderdale County, Miss.
ordinance to call a special election on Sept. 10 for the $75.000 bond
issue to provide for an airport near the city to pay for the purchase of the
land on which it is to be established, was passed by the city council.
MIDDLETOWN SCHOOL DISTRICT, Butler County, Ohio.
BOND OFFERING.
-R, II. Snyder. Clerk of the Board of Education, will
receive sealed bids until 12 m. to be opened at 1 1:• m. (Eastern standard
1
time)
-on Sept. 18, for the purchase of $900,000 5% school bonds. Dated
June 11929. Denom. $1.000. Due $36.000 on Oct. 1, from 1930 to 1954
incl. Prin. and semi-annual int. (April and Oct. 1) payable at the National
Park Bank, New York. A certified check for 1% of the amount of bonds
bid for, payable to the order of the above-mentioned official, must accompany each proposal. Legality is to be approved by Peck, Shafer & Williams
of Cincinnati, whose opinion will be furnished to the purchaser. These
bonds were authorized by a vote of more than 2 to 1 at the election held in
November. 1928.-V. 127. p. 2857.
-BID
MIDDLETOWN SCHOOL DISTRICT, Butler County, Ohio.
REJEGTED.-Seasongood SC Mayer. of Cincinnati, bidding forXs, were
the only tenderers on Aug. 23. for the $900.00 issue of school bonds offered
for sale.
-V. 129. p. 1003. The offer was rejected. The bonds are dated
June 1 1929 and mature $36.000 on Oct. I. from 1930 to 1954, incl.
MIDLAND COUNTY (P. 0. Midland) Tex.
-BOND ELECTION.
An election has been called for Sept 21 to Obtain the consent of the voters
to issue $150,000 court house and jail bonds. The election was originally
scheduled to have been held on Sept. 17.
-Sealed
MILFORD, Worcester County, Mass.
-BOND OFFERING.
bids for the purchase of $70.000 41/% street construction bonds will be
4
received until 3 p. m. on Sept. 3. The bonds are dated Sept. 1 1929 and
mature annually from 1930 to 1934 incl.
MILLBRAE SCHOOL DISTRICT San Mateo County, Calif.BOND OFFERING -Elizabeth M. KnOese, County Treasurer, will receive
sealed bids until 10 a. m.on Sept. 3,for the purchase of $8.000 5 X % bonds.
Dated Sept. 11929. Denom. $1,000. Due on Sept. 1, as follows: $1,000.
1930 and 1931 and $2.000. 1932 to 1934 incl. Prin. and semi-annual int.
(March and Sept. 1) payable at the office of the County Treasurer. A
certified check for $500, payable to the order of the Chairman of the Board
of Superviiors, must accompany each proposal. The successful bidder
is to furnish the legal opinion as to the validity of the bonds.
"Said bonds are issued in pursuance of an election held in said district
on the 24th day of July 1929 in compliance with the provisions of the
Political Code of the State of California. at which election 27 votes were
cast in favor of the issuance of said bonds and one vote was east against
the issuance of said bonds.
[VoL. 129.
"Said bonds were voted for the purpose of raising money for making
alterations and additions to any school building, and supplying school
buildings with furniture and necessary apparatus.
"The assessed value of the taxable property of said district is $1.996,800:
and the present outstanding indebtedness against said district is $52.000.
"The approximate population of said district is 1.000."
MILWAUKEE, Milwaukee County, Wis.-ADDITIONAL INFORMATION.
-The following information regarding the scheduled sale on Sept. 4,
of $8,381,000 bonds
-has been taken from the official
-V. 129. p. 1324
offering notice:
"Engraved bonds will be furnished by the City of Milwaukee. Bids are
requested for all or none. The Commissioners of the Public Debt reserve
the right to make allotments on tie bids. Bids must be accompanied by a
certified check on a National Bank or on a City of Vilwaukee depository
for 1% of amount of bonds bid for. All bonds are Issued under the
authority of Chapter 385 of the Wisconsin statutes for the year 1925, and
acts amendatory thereof and supplementary thereto pursuant to ordinances
of the Common Council passed at a regular meeting and approved by the
Mayor. Under Chapter 516, laws of 1911, all bonds issued by the city are
exenslt from taxation. Bonds must be paid for in Milwaukee, but will be
deliv3red out of the city at expense of purchaser. All bids must be subject
to the conditions of this circular. The Commissioners of the Public Debt
reserve the right to reject any or all bids. Bonds maturing, together with
interest, are payable at the office of the City Treasurer. Milwaukee, Wisconsin, or may be presented for payment to the duly authorized agent of
the City of Milwaukee, New York City. Interest payable semi-annually
per coupon attached to bonds, on the first day of January and July of each
year. City of Milwaukee bonds may be registered as to principal only.
'The unqualified favorable opinion of Hon. Chas. B. Wood. of Wood &
Oakley, Chicago. Ill., will be furnished, without additional expense, together with all legal papers necessary to establish the validity of the bonds.
Address all bids as follows: Commissioners of the Public Debt, City Comptroller's Office, Milwaukee, Wis., "Bids for Bonds."
Basis of Issue.
Assessed valuation of the taxable property of the City of Milwaukee,
as ascertained by the assessment of State and County taxes:
For the year 1928
$944,157.658.00
Debt limit
-5%
47.207.882.90
Bonds outstanding Dec.31 1928
$40.007.300.00
Bonds sold in 1929
1.387.000.00
Leas bonds paid in 1929
Net outstanding debt as ofthis date
341.394.300.00
3,339,250.00
S$38.055.050.00
Net debt margin
$9,152,832.90
*Includes net debt for water works. $60.000.
MINERAL SPRINGS SCHOOL DISTRICT (P. 0. Monroe), Union
County, No. Caro.
-BOND SALE.
-The $40,000 Issue of coupon school
bonds offered on Aug. 22-V. 129. p. 1162
-was awarded as Os to the Well,
Roth & Irving Co. of Cincinnati for a premium of $428, equal to a price
of 101.07, a basis of about 5.89%. The bonds mature on July 1 as follows:
$1,000, 1930 to 1949 incl.. and $2,000, 1950 to 1959 incl.
MISSISSIPPI COUNTY ROAD DISTRICT NO.6 (P.0. Blytheville),
Ark.
-BOND DESCRIPTION.
-The $370,000 5% road bonds sold to the
Brown-Crummer Co., of Wichita-V. 129, p. 1162
-are dated July 1 1929.
Denom. $1,000. Duo on Nov. 1, as follows: $15.000. 1935; $16.000, 1936;
$17,000, 1937; $19,000. 1938; $20.000, 1939; $21.000. 1940; $23.000, 1941;
$25,000, 1942; 826,000, 1943; $28,000. 1944; $29,000. 1945; $30.000. 1946;
$32.000, 1947; $34,000, 1948 and $35.000 in 1949. Prin. and semi-annual
Interest May and Nov. I) payable at the St. Louis Union Trust Co., St.
Louis. Legality is to be approved by Squire, Sanders & Dempsey, of
Cleveland. The purchasers are reoffering the bonds for public investment
priced to yield 5.25%.
MOBRIDGE, Walworth County, S. Dak.-BOND SALE.
-Of the
86,000 5% semi-annual sewer bonds offered on Aug. 26-V. 129, 0. 1003a block of $4,000 bonds are reported to have been sold to James Wrigley
and $1,500 of the bonds are said to have been purchased by II. A. Olsen.
MONROE COUNTY (P. 0. Albia), lowa.-BOND OFFERING.
James Weatherstone, County Treasurer, will receive sealed bids until 2
p. m. on Sept. 9,1'or the purchase of $30,000 funding bonds. Rate of
Interest is not to exceed 5%. The bonds are dated Oct. 1 1929. Denom.
$1,000. Due $10,000 on Oct. 1, from 1931 to 1933. Incl A certified check
for 3% of the amount of bonds bid for, payable to the order of the County
Treasurer, must accompany each proposal. Successful bidder is to furnish
the approving opinion of Chapman & Cutler. of Chicago.
-BOND ELECTION.
MONROE, Monroe County, Mich.
-The city
Commission, by a vote of 4 to 2, voted to submit the question of issuing
$370,000 bonds for water works construction purposes to the electors on
Oct. 8. A similar proposition was voted down at an election held on July 23.
MONTAGUE COUNTY CONSOLIDATED SCHOOL DISTRICT NO.
10 (p. o. Montague), Tex.
-BONDS REGIS7'ERED.-The State Comptroller registered an issue of $25,000 6% serial school bonds on Aug. 24.
MONTGOMERY INDEPENDENT SCHOOL DISTRICT, Tex.
BONDS REGISTERED.
-The State Comptroller on Aug. 20, registered an
issue of $6.000 5% school bonds maturing in 10 years.
MOORESTOWN TOWNSHIP (P. 0. Moorestown , Burlington
)
County, N. J.
-BOND OFFERING.
-Charles Laessle, Township Clerk,
will receive sealed bids until 8 p. m. (daylight saving time) on Sept. 9
for the purchase of $15,000 4 X % coupon or registered sewage disposal
plant reconstruction bonds. Dated Feb. 15 1929. Denom. $1,000. Due
$5,000 on Feb. 15 from 1957 to 1959 incl. No more bonds are to be
awarded than will produce a premium of $1,000 over the amount stated
above A certified check for 2% of the amount of bonds bid for, payable
to the order of the Township, must accompany each proposal. All legal
matters incident to the authorization and the offering of the above bonds
have been passed upon by Walter Carson of Camden.
MOUNT DORA, Lake County, Fla.
-BOND OFFERING.-W. J.
.
Johnson, Town Clerk, will receive sealed bids until 10 a. m. on Sept. 16
for the purchase of $40.000 6% coupon Community Building bonds. Denom. $1,000. Due $10,000 in 1939 and $15.000 in 1944 and 1949. Principal and semi-annual interest payable at the First National Bank Mount
Dora. A certified check for 10% of the amount of bonds bid for,'payable
to the order of the town, must accompany each proposal.
MUSKINGUM COUNTY (P. 0. Zanesville), Ohio.
-BOND OFFERING.
-J. R. McSwords, Clerk of the Board of County Commissioners,
will receive sealed bids until Sept. 23, for the purchase of $14,500
534%
street improvement bonds. Dated Sept. 1 1929. Duo on Sept. 1 as follows:32.000 from 1931 to 1936 incl.; $1,500 in 1937 and $1,000 in 193'8. Int.
payable on the first day of March and Sept. Anyone desiring to do so
may present a bid or bids for such bonds based upon and bearing a different
rate of interest than specified, provided, however, that where a fractional
Interest rate is bid, such fraction shall be si of 1% or multiples thereof.
A certified check for 5% of the amount of bonds bid for is required.
NASHUA, Hillsborough County, N. H. TEMPORARY LOAN.
The $100,000 temporary loan offered on Aug. 27-V. 129, p. 1324-was
awarded at a 5.775% discount to the Old Colony Corp., of Boston. The
loan is dated Aug. 28 1929. and is payable on Feb. 21 1930.
NATCHITOCHES, Natchitoches County, La.
-BONDS VOTED.
The voters approved the issuance of $35,000 bonds to finance the coostruction of an airport by a vote of more than 3 to 1 at an election held
on Aug. 20.
NEEDHAM, Norfolk County, Mass.
-BOND SALE.
-A $45,000 issue
of 5% water and sewer bonds Is reported to have been sold at a price of
100.14 to the Needham Trust Co. Interest cost basis about 4.95%. The
bonds mature in equal annual amounts from 1930 to 1934 incl.
NEWPORT BEACH, Orange County, Calif.
-BOND SALE.
-The
$36,000 issue of Municipal Improvement District No. 7 bonds offered on
Aug. 26-V. 129. p. 1324
-was awarded to Wheelock Is Co., of Los Angeles.
for a premium of $620.00, equal to a price of 101.71.
NEW MEXICO, State of (P. 0. Santa Fe).
-STATE TO PURCIIASX
BONDS.
-The State Board of Finance has been instructed to purchase
$100,000 bonds issued by the University of New Mexico, according t•
our Western correspondent.
AUG.81 1929.]
FINANCIAL CHRONICLE
1481
Fe).
conditioned upon the opinion of Squire, Sanders & Dempsey only
-BOND OFFERING.- I
MEXICO, State of (P. 0. Sante
Bids
Sept.
NEW
25.
Sealed bids will be received by the State College until 10 a. m.on
by H. L. Kent, President of the Regents of the Agricultural College. for
die purchase of 590.000 New Mexico College of Agriculture and Mechanics
Arts building and improvement bonds, series A. Rate of interest is to be
named in bid and is not to exceed 69'. The bonds mature on Oct. 1. as
follows: $3,000. 1931 to 1936 incl.; $4,500, 1937 to 1941 incl.; 56.500,
1942 to 1948 incl. and 54.000, 1949. Prin. and semi-annual int. payable
at the Chase National Bank, New York, or at the First National Bank.
Las Cruces. The successful bidder must pay for the printing of the bonds
and the legal opinion as to the validity of the bonds. A certified check
for 5% of the amount of bonds bid for, payable to the order of the SecretaryTreasurer of the Regents of the Agricultural College. must accompany each
Proposal. These are the bends originally scheduled to have been sold on
.Aug. 31-V. 129, p. 1004.
BOND SALE.
-The State Treasurer has purchased $500,000 54% debentures with current school funds, intending to resell them immediately,
according to our Western correspondent.
-BOND OFFERING.
-Bids for
NEW ULM, Brown County, Minn.
*e purchase of $125,000 43,1% water works bonds will be received by
William P. Backer, City Clerk, until 7:30 p m. on Sept. 9. The bonds
are dated Oct. 1 1929 and are in $500 denom. A $2,000 certified check
must accompany each proposal.
-BOND SALE.
NOBLE COUNTY (P. 0. Albion), Ind.
-The three
fugues of5% bonds aggregating 519,860 offered on Aug.24-V.129,p. 1163
were awarded as follows:
To the American State Bank of Ligonier:
$7,000 York Township road construction bonds sold at par and accrued
interest. Due $175, July 15 1930: $175. Jan. and July 15 1931 to
1939 incl., and 5175. Jan. 15 1940.
4,500 Albion Township road construction bonds sold for a premium of
$5.00. equal to a price of .00.11, a basis of about 4.98% Due
$112.50, July 18 1930: $112.50, Jan. and July 15 1931 to 1939 Incl.,
and $112.50. Jan. 15 1940.
To the Cromwell State Bank, of Cromwell:
8,360 York Township road construction bonds sold at par and accrued
interest. Due $209. July 15 1930; $209. Jan. and July 15 1931 to
1939 incl.. and 5209. Jan. 15 1940.
All of the above bonds are dated Aug. 15 1929.
NORTHBRIDGE, Worcester County, Mass.
-TEMPORARY LOAN.
-A $50,000 temporary loan was awarded on Aug. 23 to F. S. Moseley
k Co. of Boston at a 5.45% discount. The loan is dated Aug. 28 1929 and
Is payable on Nov. 11929.
NORTH PLATTE SCHOOL DISTRICT (P. 0. North Platte),
-The $480,000 Issue of 434%
Lincoln County, Neb.-BOND SALE.
school bonds for which all bids received on July 8 were rejected-V. 129.
p. 321-has since been sold at par to C. W. McNear & Co.o of Chicago.
Dated July 1 1929 and due on July 1 as follows: 512.000. 1934 to 1937:
13.000, 1938 and 1939; 514,000. 1940 and 1941: $15,000. 1942 and 1943:
16.000, 1944 and 1945; 517.000, 1946 and 1947: 518.000, 1948 and 1949;
19.000. 1950: 120.000. 1951: $21,000, 1952 and 1953; $25,000, 1954: $26,100, 1955:$27.000. 1956; 528,000. 1957;_529.000, 1958, and $30,000 in 1959.
This report corrects the one given in V. 129, p. 1003, captioned Lincoln
County School District No. 1.
NORTHPORT, Suffolk County, N. Y.
-BOND SALE NOT CONSUMMATED.
-The sale of 5100.000 sewer bonds on Feb. 28 as 4)(s
at 100.317, a basis of about 4.71%. to Dewey. Bacon & Co. of New York
-V. 128. p. 1603
-was not consummated, according to a report. The
bonds are dated April 1 1929 and mature $10,000 on April 1 from 1933 to
1942 inclusive.
OAK VIEW SCHOOL DISTRICT, Calif.
-BOND SALE.
-The
Stockton Savings & Loan Association is reported to have purchased an
belie of $20,000 5 % school bonds on Aug. 20. The price paid for the
bonds was not given, although the report carried the following list of the
et her bidders:
BidderPremium.
National Bankitaly Co
$319.00
R. H. Moulton & Co
285.00
Dean Witter & Co
266.00
Russell, Sutherlin & Co
11.50
OKLAHOMA CITY, Oklahoma County, Okla.
-BOND SALE.
The 5425.000 issue of coupon park improvement bonds offered on Aug. 20
-V. 129, p. 1163
-was awarded to the Prescott, Wright, Snider Co. of
Kansas City, Mo., for a premium of $60. equal to 100.01. a basis of about
4.88%. The successful bidder offered to take $399,000 bonds at 5% and
$26,000 bonds at 4 X %. The entire issue is dated Sept. 1 1929 and is due
en Sept. I as follows: 519.000 from 1932 to 1953 incl., and $7,000. In 1954.
Halsey, Stuart & Co. of Chicago offered a premium of $4,548 for the bends
as 5s.
OMAK, Okanogan County, Wash.
-BOND SALE.
-The 520.000
issue of city hall and fire station bonds offered on Aug.6-V. 129. p. 676
was awarded as 5s at par to the State.
ONTONAGON, Ontonagon County, Mich.
-BOND OFFERING.Anton.). Scovia, Village Clerk, will receive sealed bids until 8 p. m.on Sept.
5, for the purchase of 525.000 5% water works Improvement bonds. The
bonds are dated May 2 1927.and are part of an Issue of$61.322.12 authorized
at an election held on March 14 1927. The bonds now offered mature
$500 each on May 1,from 1930 to 1953. incl.
ORANGE COUNTY (P. 0. Paoli), Ind.
-BOND SALE-An issue of
$28,400 5% coupon road improvement bonds was awarded on July 1 to
the Fletcher Savings & Trust Co. of Indianapolis for a premium of $326,
equal to a price of 101.14. The bonds are dated July 1 1929, denom.
$1.420 and mature semi-annually on May and Nov. 15 from 1930 to 1939
inclusive.
OTTAWA COUNTY (P. 0. Grand Haven), Mich.
-OTHER BID.
Braun, Bosworth & Co., of Toledo, were the only other bidders on August
16 for the $63,000 road bonds sold as 530 for a premium of $80.00 to the
Grand Haven State Bank
-V. 129, p. 1325. The Toledo firm offered a
premium of $75.00 for the bonds as 5 MS•
OTTUMWA, Wapello County, lowa.-BOND SALE.
-The
/Mae of park bonds offered on Aug. 22-V. 129, P. 1163
-was awarded as 5s
to Glaspell, V .th & Duncan, of Davenport, for a premium of $462.00,
equal to a price of 100.92. The bonds are dated Aug. 1 1929. Denom.
51.000. The bonds are registerable as to principal only. Due annually on
Nov. 1 from 1939 to 1948 incl.
OWEN COUNTY (P. 0. Spencer), Ind.
-BOND OFFERING.
-D. V.
Lucas, County Treasurer, will receive sealed bids until 2 p. m. on Sept. 5,
for the purchase of $23.000 59' road construction bonds. Dated Aug. 15
1929. Denom. $1.150. Due $1,150 on July 15 1930; $1,150 on Jan. and
July 15 1931 to 1939 incl., and 51.150 on Jan. 151940.
PALO PINTO COUNTY (P. 0. Palo Pinto), Tex.
-BOND ELECTION.
-The voters will be asked to approve the issuance of 51.750.000
bonds for highway improvement and bridge construction purposes at an
election to be held on Sept. 24. The Fort Worth "Record" of Aug. 13 said:
"Out of the 51,750,000 of bends it will be necessary to retire the 5829.000
outstanding bonds which remain unretired from the 51,000.000 road district bonds issued several years ago by Road District No. 1 for building
die Bankhead Highway through Palo Pinto County.
"That will leave a total of $921,000 to be expended for bridges and new
',aunty highways. Under the law it will be necessary for the new bonds
to absorb the old district bonds before a new county-wide district can be
formed."
PARMA, Cuyahoga County, Ohlo.-BOND OFFERING.
-Sealed bids
will be received by John H. Thompson, Village Clerk, until 12 m.(Eastern
standard time) on Sept. 16 for the purchase of 5230.000 6% street improvement bonds. Dated Oct. 15 1929. Interest payable on April and Oct. 1.
Due 523.000 on Oct. 1 from 1931 to 1940 incl. A certified check for 2%
ef the bonds bid for Is required.
BOND OFFERING.
-The above-mentioned official will also receive sealed
bids until 12 m. oi Sept. 7 for the purchase of $199,2836% street improvement bonds. Dated Sept. 15 1929. Interest payable on April and Oct. 1.
Due on Oct. 1 as follows: 519,280, 1931, and $20.000, 1932 to 1940. both
Incl. A certified check for 2% of the bonds bid for is required.
Bids on said bonds for other rates of interest than that specified will be
received and considered, but the award will be made to the highest and best
bidder for not less than par and accrued interest.
All bidders must state the number of bonds bid for and the gross amount
ef bid, including premium and accrued interest to date of delivery.
1
550.000
will be considered, otherwise all bids must be unconclitiohal. Expense
opinion must be borne by the purchaser.
the legaof
The sale.of the bonds is subject to delivery in the city of Cleveland, 0.
The village reserves the right to reject any and all bids.
PARMA UNION FREE SCHOOL DISTRICT NO. 4 (P. 0. Hilton),
-BOND OFFERING.
-Lynn Paxson, District
Monroe County, N. Y.
Clerk, will receive sealed bids until 8 p. m. on Sept. 5 for the purchase of
$210,000 coupon or registered school bonds. Rate of interest is to be
named in bid, stated in a multiple of 1-20th of 1% and is not to exceed
6%. The bonds are dated May 1 1929. Denom. 51.000. Due on
Nov. 1 as follows: $2,000, 1930 to 1934 incl.; $3.000. 1935 to 1939 incl
54.000. 1940 to 1944 incl.: $6.000. 1945 to 1949 incl.: 58.000. 1950 to 1954
incl.; 59,000. 1955 to 1959 incl., and 510.000. 1960 to 1964 incl. Principal
and semi-annual interest payable in gold at either the State Bank of Hilton,
the Irving Trust Co.. New York City, or at any bank or trust company
in Rochester named by the purchaser. A certified check for $4.200, payable to M. G. Newcomb, District Treammer. Is required. The approving
opinion of Reed, Hoyt & Washburn of New York will be furnished.
PELHAM UNION FREE SCHOOL DISTRICT NO.1(P.O. Pelham),
-BOND OFFERING.-Wffliam B. Shaw,
Westchester County, N. Y.
District Clerk, will receive sealed bids until 8 p. m. (daylight saving time)
on Sept. 19. for the purchase of 5398.000 coupon or registered school bonds.
Rate of int. is not to exceed 5% and is to be stated in a multiple of X or
1-10th of 1%. The bonds are dated Oct. 1 1929. Denom. $1.000. Due
on Oct. 1, as follows: $5,000. 1944 to 1949. Incl.; 520.000. 1950 to 1965,
incl. and $44,000. 1966. Principal and semi-annual int, payable in gold
at the Pelham National Bank, Pelham, or at the Guaranty Trust Co.,
New York. A certified check for 2% of the par value of the bonds bid for,
payable to A. L. Gamber, District Treasurer. must accompany each proposal. Legality is to be approve by Clay, Dillon & Vandewater, of New
York. These are the bonds offered for sale on July 8, as not exceeding Si.
-V. 129. p. 32 .
for w ich no bids were received.
-BOND SALE.
-An issue of 515.0005% VilPEORIA HEIGHTS, 111.
lage Hall and Fire Station bonds was sold on July 25 to the Commercial
National Bank. of Peoria, at discount of $87.60. equal to a_price of 99.21,
a basis of about 5.16%. The bonds are dated July 1 1929. Denom. $1,000
and $500. Due $1,500, on July 1, from 1930 to 1939 incl. Interest payable on the first day of Jan. and July.
PERINTON SCHOOL DISTRICT NO. 3 (P. 0. Fairport), Monroe
-The Fairport National Bank & Trust
-BOND SALE.
County., N. Y.
Co., of Fairport. has also purchased an issue of $3,500 5 X% coupon school
bonds of the above-mentioned district. The bonds are dated Aug. 1 1929.
Denom. $500. Due $500 on Dec. 1, from 1930 to 1936. Incl. Interest
Parable on the first day of June and December.
PER1NTON CONSOLIDATED SCHOOL DISTRICT NO. 6 (P. 0.
-The Fairport No-BOND SALE.
Fairport), Monroe County, N. Y.
tional Bank & Trust Co.. of Fairport. purchased an issue of 53.500 5)4%
coupon school bonds on July 30. The bonds are dated Aug. 11929. Denom.
$500. Due $500 on Dec. 1, from 1930 to 1936. incl. Interest payable on
the first day of June and December.
-BOND OFFERING.
PERTH AMBOY, Middlesex County, N. J.
Joseph E. Hornsby. City Treasurer, will receive sealed bids until 2 p.
(daylight saving time) on Sept. 10, for the purchase of 5185.000 cou
or registered. series Y. water bonds. Dated Oct. 1 1929. Denom.
Due on Oct. 1, as follows: $4,000. 1931 to 1940 incl. and 55.000 in from
1941 to 1969 incl. Rate of Wt. is not to exceed 6% and is to be stated in
of 1%. Prin. and semi-annual int. payable at the office
a multiple of
of the City Treasurer. No more bonds are to be awarded than will produce
a premium of $1.000 over the amount stated above. The Chemical Bank
& Trust Co., New York, will supervise the preparation of the bonds. A
certified check for 2% of the bonds bid for is required. Legality Is to be
approved by Caldwell & Raymond, of New York.
Financial Statement.
General bonded debt
$2.912.500.00
Water bonded debt, not including this issue
2,493.000.00
Total bonded debt
$5.405,500.00
-Tax revenue bonds
Floating debt
760.000.00
Temporary improvement bonds (trust)
1.088,000.00
Temporary improvement bonds (capital)
159.500.00
Temporary improvement bonds (grade creasing), $930,000.00;
(less credit chapter 254;Laws 1928). $503.636.76; total
426,363.24
Temporary improvement bonds, water (trust)
93.000.00
Total bonded and floating debt
*$7.932,363.24
Sinking funds-General,$530,607.39; Water.$328.600.06-- $859.207.45
Cash trust reserve for payment of trust temporary improvement bonds
258.351.66
Assessments receivable applicable to temporary improvement bonds trust
311,531.18
.
* General. $5.346,363.24: water, 52,586,000.00 total 57.932,363.24.
Net taxable valuations, 1929: Real. $45,145.779.00: Personal. $7.038,180.00: total, 552.183.959.00. Population, estimated. 52.000.
-BOND OFFERING.
PETOSKEY, Emmet County, Mich.
-11. D.
Engle, Secretary of the Board of Education. will receive sealed bids until
1.30 p. m.(Eastern standard time) on Sept. 3. for the purchase of $200.000
school bonds. The bonds mature on Aug. 1, as follows 55.000, 1932 to
.
1935 incl.•. 56,000, 1836 to 1939 incl.; 57.000. 1940 to 1949 incl.: 514.000,
1950 to 1953 incl. and.$9,000, 1954 to 1959incl. The following is taken from
the offering notice:
Bids are desired at five percent (5%)interest with premium, and at four
interest with premium, bonding comand three-quarters percent
pany to pay accrued interest, print bonds and pay for legal opinion: sealed
bids to contain certified check for five percent (5%) of the amount of the
bid.
Assessed valuation of the School District Is $5,675,500: $15,000 bonded
Indebtedness; acreage approximately 4,600 and population approximately
8.000.
PHILLIPS COUNTY SCHOOL DISTRICT NO. 3R (P.O. nowdoin),
Mont.
-BOND SALE.
-The $2,800 school bonds offered on Aug. 19
-V.129. p. 1005
-were awarded as 6s. at par to the State. the only bidder.
The bonds are dated June 11929. Bonds are to be either serial or amortization in form.
PINEVILLE, Mecklenburg County, No, Caro.
-BOND OFFERING.
-R. G. Starnes, Town Clerk, will receive sealed bids until 7:30 p. m. on
Sept. 12. for the purchase of $6,000 street improvement bonds. Dated
Sept. 1 1929. Denom. $500. Due on Sept. 1, as follows: 5500. 1930 to
1935, incl. and $1,000, 1936 to 1938, incl. Principal and
Interest payable at the Chase National Bank, New York. semi-annual
A
check for $120 must accompany each proposal. Legality is to be certified
approved
by Storey, Thorndike, Palmer & Dodge, of Boston. The sale of the
in contingent upon the approval of the North Carolina Sinking Fund bonds
Commission.
PORTAGE COUNTY (P.O. Ravenna), Ohlo.-BOND
OFFERING.
R. I. Linton, Clerk of the Board of County Commissioners,
will
sealed bids until 12 in. (Eastern standard time) on Sept. 12 for the p racei0
of the following issues of 6% bonds, aggregating $119.938.05:
$36,811.62 sanitary sewer improvement bonds. Dated Oct. 1
1929.
on Oct. 1 as follows: $2.811.62, 1930: 52.500.
D3
3
incl.: 53,000, 1934: $2.500, 1935 to 1937. Incl.:1931 to 9 11e
1931(
$2.51111, 1939 to 1941, incl.. and $3,000 in 1942. 53 000. 1 33,500.00 road improvement bonds. Dated Nov. 11929.
Due
N 500
57 1
2
as follows: 58.500, 1930 to 1932, incl.,
a
1-1-9-3.3-;
26.376.43 highway improvement bonds. Datedand 58.OnOd0 Oct.1
Oct. 1 1929 bue as
933
follows: $2,876.43. April 1 and 52.500
Oct. 1 1
April and $3.000 Oct. 1 1932: 52.500 April
and
52.500 April land $3,000 Oct. 1 1934, and
$2.51 los9n1209ct.plule93"5.
23,250.00 highway improvement bonds. Dated
Oct.
follows: $1.250 April 1 and $1.000
Oct. 1
soo Oct.250 A 932
lpri1 1
and $1,000 Oct. 1 1932: 51,250 April and
and 1934; $1,250 April land 51.000 Oct. $1
1 19:15: 51.250 April 1
and 51,500 Oct. 1 1936 and 1937;
$1,250 Ap3r191alndan1d94$01..000
19
Oct. 1 1938: 51.250 April and $1.500
Oct. 1
All of said bonds bear interest at the rate
semi-annually, as evidenced by the coupons of 6% Per annum, payable
attached thereto. Bids may
be submitted at a lower rate of interest,
provided, however that where
lower
such fractional per cent
shall be X of
m
multiples thereof. The bonds will be
awarded to the highest bidder11or
big not less than par and accrued
e
interest based upon be lowest rateer0
054%)
1482
FINANCIAL CHRONICLE
{Vol.. 129.
interest. Bids may be made separately or for all or none. All bids must $6,600 5% Menis et al Center Twp. road improvement bonds. Dated
be accompanied by a bond or certified check on some bank other than the
Aug. 15 1929. Denorn. $330. Due 5330. July 15 1930; $330.
one making the bid, payable to the County Treasurer of Portage County,
Jan. and July 15 1931'to 1939 incl.; and $330. Jan. 15 1940.
Ohio, for 3% of the amount of bonds bid for. The proceedings leading up
6,600
Holderman et al Oregon Twp. road improvement bonds. Dated
to the issuance of the aforesaid bonds have been taken under the direction
July 15 1929. Denom. $330. Due 5330, July 15 1930; $330, Jan.
of Messrs. Squire, Sanders & Dempsey, attorneys, Cleveland, Ohio, whose
an July 15 1931 to 1939 incl.: and $330. Jan. 15 1940.
approving opinion may be obtained by the purchaser at his own expense.
4.5005% Carl Trance et al Center Jackson Twp. road improvement
bonds. Dated July 15 1929. Denom. $225. Due $225 July 15
Only bids so conditioned or wholly unconditioned will be considered, and
the Board of County Commissioners reserve the right to reject any and all
1930; 5225. Jan. and July 15 1931 to 1939 incl.; and $22S. Jan. 15
bids.
1940.
1.693.30 6% Frank B. Rehm)et al Davis Twp. drain construction bonds.
POWESHIEK COUNTY (P. 0. Montezuma), lowa.-BOND OFFERDated Aug 1 1929. Denom. $208.30. Due $208.30 on Dec. 1
ING.
-J. R. McDonald, County Treasurer, will receive sealed bids until
from 1930 to 193 9 incl.
bonds. Rate of
2 p. m. on Sept. 9, for the purchase of $100,000 road
Campbell & Co. of Indianapolis, bid par and accrued interest; the Inland
Interest is to be named in bid and must not exceed 5%. The bonds mature Investment Co. of Indianapolis, offered a premium of $47.
annually on Nov. 1, from 1934 to 1943. Incl. The successful bidder is to
-BOND OFFERING.
TECUMSEH, Pottawatomie County, Okla.
furnish printed bonds. A certified check for 3% of the amount of bonds
bid for, must accompany each proposal. The approving opinion of Chap- Henry C. French, City Clerk,.will receive sealed bids until 7 p. m. on
Sept. 10, for the purchase of $151,000 bonds, divided as follows:
man & Cutler of Chicago. will be furnished.
$129.500 water works system.
-The
-BOND SALE.
15,000 Electric Plant
PULASKI COUNTY (P. O. Little Rock), Ark.
6.500 sanitary sewer.
Mercantile Commerce Co..of St. Louis,recently purchased an issue of$165,All proposals for the above bonds must be accompanied by a certified
000 County Jail bonds. The bonds are dated Sept. 11929. bear 5% interest.
check for 2% of the offering.
and mature serially In from 1930 to 1939 incl. The price paid was par.
TEMPE, Maricopa County, Arlz.-BOND OFFERING.
-A. J. Uhl,
-The
-NO BIDS.
PUTNAM COUNTY (P. 0. Greencastle), Ind.
$15,349 4 % road construction bonds offered on Aug. 24-V. 129, p. 1325 Town Clerk, will receive sealed bids until 7.30 p. m. on Sept. 26, for the
semi-annually purchase of $40,000 6% coupon water supply bonds. Dated Sept. 1 1929.
-were not sold as no bids were received. The bonds mature
51,000. Due on Sept. 1, as follows: $1,000 in from 1940 to 1949
In from 1 to 10 Years.
incl., and $3,000 in from 1950 to 1959 incl. Prin. and semi-annual hit.
-BOND payable in gold at the Chase National Bank, New York. These bonds are
RICHARDS INDEPENDENT SCHOOL DISTRICT, Tex.
SALE.
-A $22,000 issue of school building bonds is reported to have been said to have been approved by a vote of 61 to 24 at an election held on Aug.
6. A certified check for 5% of the amount of bonds bid for, payable to the
purchased by the State Board of Education.
order of the Town, must accompany each proposal.
-ADDITIONAL INFORMAROSEVILLE, Macomb County, Mich.
TEMPLE SCHOOL DISTRICT (P. 0. Los Angeles) Los Angeles
TION.
-The Stephens State Bank, of Halfway, and the First National County
-L. E. Lampton, County Clerk,
Calif.-BOND OFFERING.
Bank. of Mount Clemens, were associated with the Roseville State Bank will receive
sealed bids until 2 p. m.on Sept. 10,for the purchase of $5,000
In connection with the purchase on Aug. 19 of $450,000 5% general obliga- school
bonds. All proposals must be accompanied by a certified check for
the securities was
tion water bonds.
-V. 129. p. 1325. The price paid for
3% of the amount of b.onds bid for.
par and accrued interest.
TERRE HAUTE, Vigo County, Ind.
-BOND OFFERING.
-Frank
-The $240,000 W. Parks, City
ST. ALBANS, Franklin County, Vt.-BOND SALE.
Comptroller, will receive sealed bids until 2 p. m. on Sept.
-were awarded 12, for
4% coupon school bonds offered on Aug.28-V.129, p. 1325
the purchase of
% Municipal Airport construction
to Brown Bros., of Boston, at a price of 92.525, a basis of.about 4.91%. bonds. Denom, $1,000. $125,000
July 15 from 1935 to 1959, incl.
The bonds are dated Aug. 15 1929 and mature $12,000 on Aug. 15, from Principal and semi-annual Due $5.000 on
interest (Jan. and July 15) payable at the office
1930 to 1949 incl. E. H. Rollins & Sons, of Boston. bid 92.45.
of the City Treasurer. A certified check for 3% of the amount of bonds
bid for, payable to the order of the City, must accompany each proposal.
ST. CLAIR COUNTY, EAST ST. LOUIS SCHOOL DISTRICT NO.
189, III.
-The following coupon bonds. registerable as to
TEXAS, State of (P. 0. Austin).
-BOND SALE.
-A special dispatch
-TAX RATE.
Channer Securities Co., of to the Houston "Post' of Aug. 24 says that the State tax rate Friday was
principal, were purchased on July 17 by the
fixed at 68 cents when the automatic tax board set the school tax at 31 cents
Chicago:
400,000 5% school bonds. Dated July 1 1929. Denom. $1,000. Due after previously having decided to levy a 30 cent ad valorem tax for general
general fund purposes and a 7 cent Confederate veteran pension tax. It is
$50,000 on July 1, from 1938 to 1945 incl.
350,000 4 % school bonds. Dated Aug. 11928. Denom. $1.000. Due added: "The new rate is 4 cents higher than that which has been in effect
$50.000 on Aug. 1. from 1936 to 1942 incl. This issue was offered during the past year. During the past year the rate was divided as follows:
submitted were Ad valorem 22 cents, pensions 7 cents and schools 35 cents. Governor
without success on Aug. 6 1928. All of the bids
Moody said that the school tax was based on the recently completed
rejected.
-V. 127. p. 853.
Both principal and semi-annual int. of the above bonds are payable at scholastic census of the State department of education, showing that there
East St. Louis. The legality has been approved by Chapman & Cutler. of were 1,450,000 children of school age in Texas. In reducing the school tax,
the board brought the figure under the 35 cent constitutional limit for the
Chicago.
first time since 1918, when the maximum for school purposes was raised
Financial Statement.
$100,000,000 from 20 cents."
Actual value of all taxable property, estimated
61,420.198
Assessed valuatIon. 1928
TIOGA COUNTY (P.O. Wellsboro), Pa.
-BOND SALE.
-The $200.
1,405.000
.
Total bonded debt (incl. this issue)
coupon funding
Population (1920 Fed.census).66.740. Population (present official est.). 000 45i% R. M. Snyder bonds offered on Aug. 26-V. 129, p. 841-were
& Co. of Philadelphia, for a premium of $528.
statutory limita- awarded to
85,000. The bonded indebtedness of this District has a
equal to a price of 100.26, a basis of about 4.475%. The bonds are dated
tion of 234% of the assessed valuation.
Sept. I 1929 and mature on Aug. 31 as follows: $10,000, 1932 to 1942.
-MATURITY. The $30.000 incl.; 515,000. 1943 to 1946,incl., and $30,000 in 1947. The following other
ST. JOSEPH, Tenses County, La..:
6% bonds sold at 100.10 to F. P. Clark & Co., of Alexandria, and the bids were received:
BidderPremium.
-V. 129.
National City Savings Bank & Trust Co., of Vicksburg jointly
$4186
$426
p. 1326
-are dated Sept. 1 1929 and mature on Sept. I. as follows: $500, Tioga County Savings & Trust Co
1930 to 1941 incl.; $1,000. 1942 to 1950 incl.; $1,500. 1951 to 1956 incl., First National Bank, WelLsboro
and $2,000. 1957 to 1959 incl. Int. payable on the first day of March and
TOLEDO CITY SCHOOL DISTRICT, Lucas County, Ohio.
-BOND
Sept. Int. cost basis about 5.99%•
OFFERING.
-May P. Foster, Clerk of the Board of Education, will re- ceive sealed bids until 12m.on Sept. 17, for the purchase of 51.000.0005%
-BOND OFFERING.
ST. LOUIS PARK, Hennepin County, Minn.
The Village Recorder, H. J. Bolmgren, will receive sealed bids until 8 P. m. school bonds, divided as follows:
on Sept. 4, for the purchase of $12,500 6% water bonds. Dated Sept. 1 5750.000 bonds. Due $30.000 on Oct. 1. from 1930 to 1954. incl.
250,000 bonds. Due 510.000 on Oct. 1. from 1930 to 1954, incl.
1929. Denom. $500. Due as follows: $1,000 on Sept. 1 1930, $1,500 on
Both issues are dated Oct. 11929. Denom. $1,000. Principal and semiMarch land $1.000 on Sept. 1,from 1931 to 1934 incl., and 51,500 on March
annual interest (April and Oct.) are payable at the Chemical Bank & Trust
1 1935.
Co.. New York. Said bonds are issued for the purpose of erecting new
-M. Poulsen, school houses, for the proper accommodation of the schools of said district,
OFFERING.
-BOND
SALEM, Marion County, Ore.
City Recorder, will receive sealed bids until 7.30 p. m. on Sept. 3, for the under authority of. 'Pursuant to and in full compliance with the general
purchase of an issue of $49,966.38 improvement bonds, to bear interest at laws of the State of Ohio. particularly the Uniform Bond Act, and pursuant
6%. payable semi-annually. The bonds are dated Sept. 1 1929. All to vote of the electors. Any bidder desiring to do so may present a bid for
proposals must be accompanied by a certified check for 2% of the amount said bonds based upon their bearing a different rate ofInterest than specified
of bonds bid for.
above, provided, however, that where a fractional interest rate is bid, such
shall be
1% or multiples thereof.
- fraction different Yi of of interest than specified If bids are received based
-NOTE SALE.
SALT LAKE CITY SCHOOL DISTRICT, Utah.
upon a
rate
above, the
will be
reported to have been sold awarded to the highest responsible bidder offering :not less bondspar and
A $710,000 issue of 6% tax anticipation notes is
than
to Walker Bros. of Salt Lake City. The notes are payable on Dec. 15 1929. accrued interest based upon the lowest rate of interest. Each bidder must
bid a certified
-BID REJECTED.- file with his Toledo, Ohio,check on one of the banks doing a regular banking
SCOTT COUNTY (P. 0. Huntsville), Tenn.
York draft, payable to the treasurer
business in
Caldwell & Co. of Nashville, were the only bidders on Aug. 28 for the of the Board of Education,or a New
for an amount not loss than 1% of the par value
-V. 129. p. 1164. The of the bonds for which he bids.
$250.000
% road funding bonds offered for sale
less than par and
tender was rejected. The offering notice said that bids for
accrued interest would not be considered.
-BOND SALE.
TROY, Miami County, Ohio.
-The 526,500 534%
-The $17,500 coupon street paving bonds offered on Aug. 23-V. 129, p. 841-were
-BOND SALE.
SEMI NOLE, Seminole County, Okla.
s offa b
, ,
41.
-were awarded awarded to the First-Citizens Cort., e Colur 3 for a premium of $92.02
1164
1
water extension bonds offered on Aug. 27-V. 129. p.
uaih 1 9 .
to S. D. Powell, of Seminole. Int. rate and price paid not given. All bids varc to t price o 100.34. a
29 Due $1,060 March 1 ando .590 apt.. er
il
. 1 , ui
1 f
1 !l Ale
z
received for the 5100.000 bonds offered on the same date were rejected.
s
9 tn940
incl. The following bids were also submitted:
Bidarr-BIDS REJECTED.
Int. a
SHELBY COUNTY (P. 0. Harlan), Iowa.
Premium.
All bids received on Aug.6 for the $250,000 primary road bonds offered for Weil, Roth & Irving Co
emfu00
152,v 00
1.:
.
.
-V. 129. p. 678
gale
-were rejected. Rate of interest was not to exceed Seasongood & Mayer
6%. The bonds are dated Sept. 1 1929 and mature $25,000 on May 1,from
TRUMBULL COUNTY (P. 0. Warren), Ohio.
-BOND OFFERING.
1935 to 1944 inclusive.
-David H. Thomas, Clerk of the Board of County Commissioners, will re-A $10,000 ceive sealed bids until 2 p. in. on Sept. 10 for the purchase of the following
SHERIDAN, Sheridan County, Wyo.-BOND CALL.
% bonds, aggregating $266,600:
block of a $30,000 issue of sewer bonds, dated March 1 1929 and due in
1937 has been called for payment on Sept. 1. J. A. Hoyt, Commissioner $78,000 Liberty Twp. road improvement bonds. Denom. 51,000, one
bond for $400. Due as follows: $3,400 April 1 and $3,000 Oct. 1
of Finance.
1930; $4,000 April and Oct. 1 from 1031 to 1939, incl.
-BOND
SOUTHFIELD TOWNSHIP, Oakland County, Mich.
98.900 Fowler and Hartford Twps. road improvement bonds. Denom.
bids
OFFERING.
-William C. Clark. Township Clerk, will receive sealed
$1,000, one bond for $900. Due as follows: $5.900 April 1 and
Until 8 p. m. on Sept. 3, for the purchase of the following issues of special
$5,000 Oct. 1 1930: $5,000 April and Oct. 1 1931 to 1938 incl.,
assessment bonds, aggregating $19,000:
and 54.000 April and Oct. 1 1939.
$11.000 Water District No. 1 bonds. Due on March 15 as follows: 52.000.
37.700 Land Twp. road improvement bonds. Denom. $1,000, one bond
1930 to 1933. Ind., and 53.000. 1934.
for $700. Due as follows: 52.700 April 1 and $2,000 Oct. 1 1930;
follows:
8.000 Sidewalk District No. 1 bonds. Due on March 15 as
52,000 April and Oct. 1 1931 to 1937. Incl.; $2,000 April land 51,000
$1.000. 1930 and 1931, and $2.000, 1932 to 1934. incl.
Oct. 1 1938. and $1.000 April and Oct. 1 1939,
Both issues are dated Sept. 15 1929. Rate of interest is to be named in
33,400 Greene Twp. road impt. bonds. One bond for $400, all others for
bid and is not to exceed 6%. Interest is payable semi-annually. Each
1.000. Due as follows: 52,400 April 1 and 52.000 Oct. 1 1930;
proposal must be accompanied by a certified check for $1,000.
2,000 April and Oct. 1 1931 to 1935 incl.; $2,000 April 1 and $1,000
ct. 11938. and $1,000 April and Oct. 1 1937 to 1939, incl.
-The
-OTHER BIDS.
SPRINGFIELD, Hampden County, Mass.
18,600 Johnston Twp. road improvement bonds. Bond No. 1 for $600.
following Is a list of the other bids received on Aug. 23, for the $1,000,000
all others for 51.000. Due as follows: 51,600 April 1 and 51.000
4Si% bonds sold at 101.17, a basis of about 4.155%. to a syndicat.. headed
Oct. 1 1930, and 51.000 April and Oct 1 1931 to 1938, incl.
by Stone & Webster and Blodget. Inc.
-V. 129. P. 1326.
All of the above bonds are dated Sept. 11929. Bids for bonds may be
Rate Bid.
presented upon a diffei ent rate of interest tnan herein specified, interest
R.L.Day & Co. and Estabrook & Co.,jointly
101.119
is payable on the first day of April and October. Said bonds shall not be
Old Colony Corp. and Harris. Forbes & Co.,jointly
100.81
First National Corporation
100.652 sold for less than par and accrued interest; said Board of Commissioners
reserves the right to reject any or all bids. County to pay for printing
STAR, Montgomery County, N. C.
-BOND OFFERING. B. B. of bonds purchaser of bonds to pay for opinion as to
Each bid
Hoban. Town Clerk, will receive sealed bids until 8 p. m. on Sept. 10, must be accompanied by a certified check for $1,000, legality. to T. D.
payable
for the purchase of 511.0006% water works system bonds. Dated Oct. 1 Harklerode, County Treasurer.
1929. Denom. $500. Coupon bonds registerabie as to prin. and payable
TYNDALL INDEPENDENT SCHOOL DISTRICT, Bon Harness
$500 on Oct. 1. from 1932 to 1953 incl. Prin, and semi-annual in (April
-The Clerk of the Board of Education
and Oct. 1) payable at the Hanover National Bank, New York. The County, S. Dak.-BOND SALE.
&sassed valuation of the Town is given as $585.000; total bonded debt reports that an issue of $75,000 school bonds voted on May 21, has been
Purchased by par by the State Permanent School Fund.
5102.000. Net debt. $25.000. Population. 750.
STARKE COUNTY (P. 0. Knox). Ind.
-The followUHRICHSVILLE,Tuscarawas County, Ohio.
-BOND OFFERING.
-BOND SALE.
ng issues of bonds, aggregating $19,393.30 offered on Aug. 24-V. 129. George C. LaPorte. City Auditor, will receive sealed bids until 12 m. on
-were awarded for a premium of $57 to the Fletcher American CO. Sept. 7 for the purchase of $13,715.90 5% street improvement bonds.
p. 1326
Dated JulyDat
15 1929. Denom. $1,371.59. Duo $1,371.59 on Oct. 1 from
t
AUG. 31 1929.]
FINANCIAL CHRONICLE
1930 to 1939 incl. Interest payable on the first day of April and Oct. A
oertified check for 1% of the amount of bonds bid for, payable to the order
of the City Treasurer, must accompany each proposal.
VANDERBURGH COUNTY (P.O.Evansville). Ind.
-BOND OFFERING.
-Charles 0. Wesselman, County Treasurer, will receive sealed bids
until 10 a. m. on Sept. 9, for the purchase of $17,520 4t4% Mill Road
improvement bonds. Dated Sept. 9 1929. Denom. $438. Due $438.
July 15 1931: $438. Jan. and July 15, from 1931 to 1950 incl.. and $438.
.
Jan. 15 1951. Int. payable on the 15th day of Jan. and July.
VIGO COUNTY (P. 0. Terre Haute), Ind.
-BOND OFFERING.
J. 0. Leek, County Treasurer, will receive sealed bids until 10 a. m. on
Sept. 7, for the purchase of $27.200 434% Riley Township road construction bonds. Dated Aug. 15 1929. Denom. $680. Due $1,360 on July 15
1930;$1,360, January and July 15 1931 to 1939. incl., and $1,360, January
15 1940. Interest payable on the 15th day of January and July.
VOLUSIA COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 8
(P. 0. DeLand), Fla.
-BOND OFFERING.
-The Clerk of the Board of
Public Instruction will receive sealed bids until 10 a. m. on Sept. 11, for
the purchase of $59,000 school bonds. This issue was previously offered
for sale on July 11.-V. 128, p. 4049. The bonds are dated Aprll 1 1929
and mature on April 1 from 1932 to 1958, inclusive.
YORKVILLE VILLAGE SCHOOL DISTRICT, Jefferson County,
Ohio.
-BOND OFFERING.
-Sealed bids will be received by P. F. Stults,
Clerk of the Board of Education, until 8 p. m.(Eastern standard time) on
Sept. 3,for the purchase of $135,0006% school building construction bonds.
Dated June 11929. Denom. $1.000. Due on Sept. 1, as follows. $5,000,
1930 to 1932 incl. and $6,000, 193:3 to 1952 incl. Prin. and
Interest (March and Sept. 1) payable at the Peoples Bank insemi-annual
A certified check for $2,700, payable to the order of the aboveTlltonville.
-mentioned
Official, must accompany each proposal.
Any bidder desiring to do so may present a bid for said bonds based
upon their bearing a different rate of interest than that specified above,
Provided, that when a fractional rate is bid, such fraction shall be onequarter of I% or multiples thereof. If bids are received based on a different
rate of interest than that specified above, the bonds will be awarded
to
highest bidder offering not less than par and.accrued interest based upon the
the
lowest rate of interest.
All proceedings incident to tne proper authorization of this
bonds have been taken under the direction of Messrs. Squire, kerne of
& Dempsey of Cleveland, Ohio, whose opinion as to the legality of Sanders
the bonds
may be procured by the purchaser at his own expense, and
conditioned or wholly unconditional bids will be considered. only bids so
WATERTOWN, Middlesex County, Mass.
-LOAN OFFERING.
The City Treasurer will receive sealed bids until 3:30 p. m. on
Sept. 4, for
the purchase of a $200.000 temporary loan, at a discount basis.
The loan
is due as follows: $100,000 on Jan. 21 and $100,000 on
Mar. 15, both
maturities In 1930.
WAURIKA, Jefferson County, Okla.
-BIDS REJECTED.
-All of
the bids received on Aug. 20 for the $52.500 coupon water
works extension
bonds offered for sale
-V. 129, p. I165
-were rejected. Rate of interest
was to be made in bid.
WAUSHARA COUNTY (P. 0. Waushara),
Wis.-NO BIDS.
-J. J.
Johnson, County Clerk, reports that no bids
the $178,000 4345" highway bonds offered for were received on July 13 for
sale
-V. 128, p. 4365. The
bonds are dated March 1 1024) and mature on
March 1, as follows: $238,000
in 1935: $90,000, 1936, and $50.000 in 1937.
WAYNESBORO, Augusta County,
Va.-BOND
-The follow
log 5% coupon bonds aggregating $200,000 offered SALE.
on Aug. 19-V 129-were awarded to Fred E.
p. 678
.
of 97.13, a basis of about 5.36%: Nolting & Co. of Richmond, at a price
$150.000 general improvement bonds. Due on
June
1930 to 1935. Incl.; $3.500, 1936: $4,500, 15 as follows: $2,000.
139 to 1941, incl.: $5.000, 1942 to 1953, 1937 and 1938; $5500
incl.; $9.000. 1954 and
$8,000, 1955 to 1959, incl.
50,000 water bonds maturing on July 15 as
follows: $1.000. 1930 to
1939. Incl. and $2,000, 1940 to 1959, Ind.
Both WOWS are dated July 15 1929. Bids were
also submitted by Caldwell & Co., Walter. Woody & Heimerdinger &
Co. and Poor & Co.
WEST ALBANY SEWER DISTRICT, Town
of Colonie (P. 0.
Cohoes R. D.), N. Y.
-BOND SALE.
-The $30.000 coupon or registered
sewer bonds offered on Aug. 23-V. 129, p. 1166
-were awarded as 534s to
A. C. Allyn & Co., of New York, at 100.677,
a basis of about 5.40%•
The bonds are dated June 1 1929 and mature
$2,000 from June 1 1931 to
1945, incl.
The following other bids were received:
BidderInt. Rate.
Rate Bid.
Manufacturers & Traders-Peoples Trust Co
5.50%
100.574
George B. Gibbons & Co
5.50%
100.37
Dewey. Bacon & Co
5.75%
100.62
WEST NEW YORK, Hudson County, N. J.
-BOND OFFERING.
Charles Swenson, Town Clerk, will receive sealed
(daylight saving time) on Sept. 10, for the purchase bids until 8 p. m.
of
or 53k % coupon or registered playground bonds. 10.000 434,454, 5,
Denom. 31,000. Due on Oct. 1, as follows: $3.000 Dated Oct. 1 1929.
incl., and $4,000 in from 1937 to 1954, incl. No in from 1931 to 1936
more bonds are to be
awarded than will produce a premium of $1.000 over
above. Principal and semi-annual interest (April and the amount stated
gold at the First National Bank. West New York. A October) Payable in
certified check for 2%
of the amount of bonds bid for, payable to the order
of the Town, must
accompany each proposal. The approving opinion
sr Longfellow, of New York, will be furnished the of Hawkins, Delafield
successful bidder.
WEST POINT, Clay County, Miss.
-BOND
-T. B.
Miller. City Clerk, will receive sealed bids until 2 p. OFFERING.
purchase of $64197.46 street improvement bonds. m. on Sept. 10 for the
Rate of interest is to
be named In bids. All proposals must be
accompanied by a certified
check for $200.
WINKLER COUNTY (P. 0. Kermit), Tex.
-BOND ELECTION._
The voters will pass on a proposal to issue $225.000
road impt. bonds at
an election to be held on Sept. 17. A similar proposal
was defeated at a
previous election held on June 17.
FINANCIAL
1483
WINTHROP, Suffolk County, Mass.
-1929 TAX BATE.
-The 1929
tax rate was fixed at $26 per $1,000 valuation, which is a reduction
of 704.
from that of 1928, according to the Boston "Herald" of Aug.
The
town's valuation is now $25.357.850, a decrease of $265.600from 25. year,
last
which is accounted for by the motor excise tax which removed automobiles
from being taxed as personal property.
WOBURN, Middlesex County, Mass.
-TEMPORARY LOAN.
-A
$100.090 temporary loan was awarded on Aug. 29 to the Old Colony Corp.,
of Boston, at a 5.31% discount, plus a premium of $1.25. The loan is dated
Sept. 3 1929 and is payable on March 14 1930.
YORKVILLE, Jefferson County, Ohlo.-BOND SALE.
-The
issue of 5545' coupon special assessment street improvement bonds$19.000
offered
on Aug. 5-V. 129, p. 842
-was awarded to the Bridgeport National Bank
of Bridgeport, at a price of par. The bonds are dated Sept. 11929. Due
81.000. April and Oct. 1,from 1930 to 1938 incl., and 81.000 April 1 1939.
There were no other bids submitted.
CANADA, its Provinces and Municipalities.
DELTA, B. C.
-CORRECTION.
-The unofficial report of the sale of
$325.000 5% water works bonds in-V. 129, p. 1166
-is erroneous.
GRANTHAM TOWNSHIP,Ont.-BOND SALE.
-The following bonds
aggregating $32,382.50 offered on Aug. 24-V. 129,p. 1166-were awarded
to Dyment, Anderson & Co.. of Toronto at a pri .e of 99.31:
$20,000.00 534
School House No. 8 bonds. Due in 15 years. Principal
and interest payable in Canadian currency or Sterling at any
place in Canada, Great Britain or the United States.
12,382.50 5% St. Catherines Heights water supply system bonds. Due
in 20 years. Principal and int. payable in Great Britain or
Canada.
The following other bids were received:
Bidder
Rate Bid.
J. L. Graham & Co., Toronto
98.856
Harris, MacKeen & Co., Toronto
97.69
0. H. Burgess & Co., Toronto
97.71
HAWKESBURG, Ont.-BONDS NOT SOLD.
-The $16.015.37 5%
consolidation redemption bonds offered for sale on Aug. 26, V. 139,P. 1338
were not sold.
LORETTEVILLE, Que.-BOND OFFERING.
-E. Alex. Martel.
retary-Treasurer, will receive sealed bids until 4 p. m. on Sept. 4. forSeethe
Purchase of $110,000 5% bonds. Interest is payable annually.
MANITOBA (Province of).
-TAX DISPUTE.
-A special dispatch to
the Wall Street "Journal" of Aug. 28 had the following to say: "Twentyfive municipalities of Manitoba, among them Winnipeg city, have notified
Government that they will refuse to pay the municipal
the provincial
commissioners levy for 1929. Refusal is based on failure of the Government to turn over to the municipalities their share of the liquor profits as
provided by law when the new system was introduced by the Government.
Legal complications involving large sums are likely to follow before collecmunicipalities...
tions can be made against protesting
MONT JOLI, Que.-BOND OFFERING.
-Sealed bide addressed to
Joseph Dube, Secretary-Treasurer, will be received until 6 p. m. on Sept.
4, for the purchase of $20,000 school construction bonds, to bear interest
Interest payable annually.
at 5%.
-CORRECTION.
NELSON, B. C.
-The unofficial reort of the sale
of $14,000 5% high school bonds on July 19-V. 129, D. 1166
-Is erroneous.
OTTAWA, Ont.-BOND SALE.
-An issue of $173.000 5% bonds was
awarded by the Roman Catholic Episcopal Corp. of Ottawa to Lagueux
and Darveau. Ltd. of Quebec. according to the Aug. 23 number of the
1 to
Times"Times"of Toronto. The bonds are to mature serially in from
"Monetary Times"
'
3
ST. HENRI DE TAILLON, Quebec.
-BONDS OFFERED.-Indertc
Gosselln, Sec.-Treas., received sealed bids until 7 p. m. on Aug. 31.for the
purchase of an issue of $30,000 water works construction bonds. The bonds
boar interest at the rate of 5%, payable semi-annually.
SASKATCHEWAN SCHOOL DISTRICTS, Sask.-DEBENTURES
SOLD AND AUTHORIZED.
-The following is a summary of the bonds
reported sold and authorized during the week ended Aug. 10 by the Local
Goverment Board, as it appeared in the Aug. 23 issue of the "Monetary
Times" of Toronto:
Debentures Sold-School Districts: Cherry Hill. $1.300 10 years 7% to
B. Kaiser, Harris; Highland Valley. $4.600 10 years 6% to WatermanWaterbury Mfg. Co.; Waldron, $4.500 15 years 6ti% to WatermanWaterbury Mfg. Co.CHudson Bay, $3,500 15 years 6341 to WatermanWaterbury Mfg. Co.; Big Ben.$3.700 15 years 6 %_to Waterman-Waterbury Mfg. Co.; Violet Dale, $1,000 10 years 7% to Nay & James. Regina;
Bonnie Hill, $4.200 15 years 634% to Regina P. S. sinking funds; Rhona
Lake. $1.640 15 years 6% to H. M.Turner & Co.. Regina, Denzil.$24.000
20 years 85' to H. M. Turner & Co., Regina; Garden. $2,000 10 years 6%
to H. M. Turner & Co., Regina.
Quill Lake Village. $3,500 15 years 634% to E. Blythe, Clair.
Debentures Authorized-School Districts: Wild Bear. $3.500 15 years
annually not exceeding 7%;Rhein,$1,750 10 years ann., not exceeding 7%;
liaraiowka. $5.500 20 years ann., not exceeding 7%; Spruce Grove. $2,000
e5 yea ng ann., not exceeding 7%; Glendown. $3.000 10 years ann., not
lxceecure %
Rural Telephones: Halionquist. $18,000 15 years ann.. not exceeding 7%;
Biros, $500. 7 years ann., not exceeding 7%.
Villages: Denholm, $1,925 Cement walks, 10 years ann., net exceeding
75'; Dysart,$2,500 municipal building 10 years inst., not exceeding 654%.
R. M. Preeceville, 86.500 road bldg. equip.. 7 years inst., not exceeding
7%.
Town of Estevan, $2,698.90 sewer and water connections, 10 years ann..
not exceeding 534%•
Town of Melville, $80,530 common sewers. 30 years ann., not exceeding
6%.
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