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VOL. 129.
SATURDAY,DECEMBER 21 1929.
NO. 3365.
that distinctly independent causes have been. operating to produce the bank failures, as well as the
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development of the holding company and of group
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$5.00 per year each.
COMPENDIUMS—
the country banks quite the reverse. Mr. Pole seeks
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PUBLIC IITILITY—(semi-annually)
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RAILWAY & INDUSTRIALOU a year) MONTHLY EARNINGS RECORD
to account for the difference. He finds a fundaSTATE AND MUNICIPAL—(semi-ann.)
mental weakness in the country bank in the fact
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208 South La Salle Street, Telephone State 0613.
/ -isnox Omen—Edwards & Smith, 1 Drapers' Gardens, London, E. C. trained management." But he also permits himself
the observation that "the economic developments of
WILLIAM B. DANA COMPANY, Publishers,
Front, Pine and Depeyster Streets, New York
the post-war period have had the effect of decreasPublished every3Saturday morning by WILLIAM B. DANA COMPANY. ing the opportunities of these banks to operate with
President and Editor, Jacob Seibert; Business Manager. William D.
Tresa..iWilliam Dana Seibert; See., Herbert D.Seibert. Addresses of all,OffIce Riggs: profit." Not alone that, but further. along in his
of Co.
remarks we find him saying: "It is cause for imThe Financial Situation.
mediate concern that the operating conditions faced
Branch banking is the principal subject discussed by the country banks show no prospect of improvein the report of the Comptroller of the Currency, ment under the present system. There are many
J. W. Pole, just submitted to Congress. It is a country banks now operated at a loss and many
subject of vital and far-reaching importance,and one others operating upon earnings insufficient to
that deserves careful and deliberate consideration. justify their capital investment. Comprehensive
The conclusions reached by the Comptroller are the study of the banking situation for the past nine years
same as those expressed by him in his address at the clearly indicates that the system of banking in the
annual convention of the American Bankers' Asso- rural communities has broken down through causes
ciation, only that in the latter his views were more beyond the control of the individual bather or the
in the nature of intimations of what he had in mind, local community." To further emphasize this point,
while now they are in the shape of definite recom- the Comptroller goes on to say that "these causes
mendations to Congress,evidencing matured thought are of a basic nature and have many ramifications
expressly formulated for_the purpose. We are not throughout the great economic and social changes
in accord with Mr. Pole's recommendations, nor are Which have occurred in the United States since
we in entire agreement with him in his state- 1914."
ment of the premises which form the basis of the
If the numerous failures of rural banks with
recommendations.
which the country has been afflicted in recent years
Mr. Pole finds, on the one hand, a sudden eruption hag followed from "causes beyond the control of
of holding companies engaged in the acquisition of the individual banker or the local community,"
groups of banks in localities more or less remotely which is unquestionably the fact, then we have in
connected and, on the other hand,finds himself con- that circumstance nothing that serves as an indictfronted with failure of country banks on a lament- ment of the country's unit system of banking. On
able scale, and he treats the two as related to each the other hand, if economic conditions are responother, the one having grown out of the other. He sible for the trouble, what weight is to be attached
also finds an absence of authority in the National to the statement that the country bank has suffered
banking system to engage in branch banking, except because it is limited in its "ability to employ
a
to a strictly limited degree, while contrariwise in trained management"? How could a trained manquite a number of the States the right to engage in agement eliminate economic conditions "beyond
branch banking is definitely permitted by law, and control" any more successfully than the local manthe holding companies are all State chartered con- agement which it is assumed is untrained?
cerns. These also he treats as connected or related
The truth is, the country bank has precisely the
events, the one following as a result of the other.
kind of management it needs, which means a manageFor ourselves, we cannot perceive that there is the ment familiar with local conditions such as
the
slightest connection between the two sets of circum- parent bank in a far-off city could never supply
by
stances in either case, nor that they are of common sending down an all around "trained
manager" of
origin or due to related causes. Indeed, Mr. Pole the kind it must be assumed the Comptroller
has
himself in his discussions incidentally mentions in mind; and the independent unit
bank has the
many things and many circumstances going to show further advantage that its executives
are content
financial Cluonicle
3842
FINANCIAL CHRONICLE
with modest salaries, whereas the trained manager
from the far-away city would have to receive the
high salary enjoyed by that kind of executive. It
follows that the expenses of the local bank, managed
as a branch bank, would be correspondingly increased, lessening the chance of making a profit.
And if the branch bank failed to operate at a profit,
how long would it be maintained by the parent bank?
Would not the inevitable result be that the local
community would be left without any banking
facilities at all? The last stage would be no better
than the first, and no one would gain by the substitution (for the time being) of the branch bank for the
independent local unit bank.
The Comptroller goes no further in undertaking
to define "the great economic and social changes"
which he finds have worked the ruin of so many
country banks than "to say that the economic movement away from a large number of independent local
utility and industrial operating units toward a
stronger and more centralized form of operation
in the large cities has curtailed the opportunities of
the country bank for diversity and extension of
business while broadening these opportunities for
the large city bank." But how would or could this
situation be changed in any degree by the substitution of a branch bank, directed by a parent management or its local representative? Evidently there
is nothing in favor of the branch bank on that score.
After noting the plight of the unfortunate country bank, as here outlined, Mr.Pole proceeds directly
to discuss the rise and development of the group
system of banks through the formation of holding
companies, and he does this in language that shows
plainly enough that group banking must be regarded
as the direct outgrowth of the numerous failures of
rural banks referred to. "In the absence of legislation to remedy the conditions above described," he
declares without a moment's hesitation, "private
enterprise has within recent months undertaken to
meet the economic situation presented by the growing isolation of the country banks. Local holding
companies have been formed in many sections of
the country for the purpose of bringing together a
number of banks into a single operating group.
. . . Through such a group system it appears to
be possible to make a close approach to a form of
branch banking whereby each operating unit leans
for support upon the central bank, or upon the holding company, and receives the benefits of its moral
and financial support; its prestige and goodwill; its
extensions of the wider type of banking service, and
the benefits of its highly trained management."
It will be news to those who have been engaged
in organizing holding companies, and perhaps provoke a smile to hear the intimation that their
operations have been prompted by solicitude for the
rural communities that have suffered through country bank failures. It seems to us that the editor
of the "Saturday Evening Post" came much nearer
the mark when in an article in that publication on
Nov. 16 he took occasion to say that "Holding companies and groups may be formed as a mere incident
to a period of excited share speculation or because
it is easy to make money in the course of doing."
Candor compels the admission that not a few bank
holding companies have arisen in precisely that way
and for that reason. Perhaps another impelling
cause was that through the various small unit banks
forming part of the group the controlling spirits
[VOL. 129.
hope to find a market for some of the securities
which are all the time passing through the hands
of their security affiliates. Parenthetically it might
be added that to the extent to which they may succeed in marketing such securities in the local communities they are undertaking to serve they will be
depriving these local communities of the local capital which ought to remain at home for local development, thereby supplying another magnet for drawing away to the larger cities local capital and local
funds.
After having thus sketched with a not unsympathetic hand the origin and purpose of the group holding companies, the Comptroller immediately arrives
at the deduction that there is real merit underlying group banking and therefore branch banking
ought to be provided to take the place of it so that
it may thrive to better advantage. Here is the
precise language used by him: "These holding companies are attempting to do under the sanction of
existing laws, which are crudely adapted to the purpose, what should be made possible in a simpler
manner by new legislation. If branch banking were
permitted to be extended from the adequately capitalized large city banks to the outlying communities,
within the economic zone of operations of such
banks, there would be no logical reason for the
existence of the local holding company and it would
give way to a system of branches operated directly
by the central bank of the group." What a strenuous pleader for branch banking the Comptroller is!
Obviously the Comptroller here begs the whole
question. He takes it for granted that the holding
company is beneficial and then urges that it were
better replaced by a system of National branch banking. He assumes that that is all that is needed in
justification of branch banking. Branch banking,
accordingly, ought to be encouraged and to receive
legal sanction. He does not go into the merits of
branch banking at all or attempt to refute any of
the arguments that have been and are being so
strongly urged against it.
As to the precise nature of the Comptroller's
recommendations, here they are. He says:
I
"These conditions would seem to warrant a further amendment of Section 5155 of the Revised
Statutes of the United States as amended by the
Act of Feb. 25 1927 (U. S. Cade, Title 12, Sec. 36),
known as the McFadden Act, to permit National
banks, with the approval of the Comptroller of the
Currency, to establish branches within the trade
areas of the cities in which such banks may be
situated. These trade areas may in some cases be
co-extensive with Federal Reserve district lines; in
other cases they may be of a more limited extent,
but in my judgment they should not extend beyond
Federal Reservedistrict boundaries, except to take
care of a few exceptional cases where a trade area
may extend from one Federal Reserve district into
another, nor should a bank be permitted to establish
a branch in another city in which there is a Federal
Reserve bank or a branch thereof.
"Under such a system of branches there would
gradually be extended to the agricultural communities from the large city banks a safe and sound system of banking which would render remote the possibility of bank failures. There would, however, be
no compulsion upon unit banks to enter a branch
organization. The two systems of banking—unit
banking and branch banking—would no doubt operate side by side for an indefinite length of time;
that is to say, there would be in every rural section
some unit banks well organized, competently man-
DEC. 21 1929.]
FINANCIAL CHRONICLE
aged and held in high esteem by the community,
which would continue to operate advantageously.'
It will be noted that the Comptroller does not
purpose compulsion. He would let the unit bank
and the branch bank exist side by side. His intentions are good, but nothing of the kind would happen.
The two systems of banking are antagonistic. The
branch bank, controlled by a powerful parent city
bank (which power the Comptroller so strongly
eulogizes) would soon force the unit bank out of
existence. It would be out of the question for the
two to exist simultaneously, and it would become
ultimately the prime object of the branch bank to
force the unit bank out of existence, so that it could
have the local field all to itself. In not a few
instances, indeed, there would be room only for a
single bank and the braneh bank would take means
to pre-empt the ground. If it should happen that
the branch bank, after it had obtained undisputed
.possession of the local field, could not make a profit
it would be quickly closed up. The parent bank
could be depended upon to lop off without ceremony
all unprofitable branches. Thus no community
would have anything to gain from the establishment
of a system of branch banking, and in the course
of time all communities would become a slave to it,
local banking capital being directed to the larger
cities, leaving the rural districts in a more helpless
condition than they have ever been under the unit
system of banking, even though the latter is not
altogether free from defects.
3843
homes affected appear as individual cases while the
total value of all the homes affected might not exceed
the value of one or two individual pieces of real
estate in any large center.
"Our action here, to which reference has been
made, was only a part of a program formulated at
the opening of the year and directed specifically
toward helping the small home owner, who might
be in difficulty in regard to their carrying charges.
This program also included a movement, since successful, to reduce the city tax rate, the equalization
of assessments on real estate for the purpose of
taxation, the co-operation of a committee representing this Board and the Pennsylvania League of
Building and Loan Associations toward helping the
small home owner by hearing each subject case individually. By the latter procedure alone we are sure
we saved many small homes from Sheriff sale. We
found in the prosecution of the latter work that the
trust companies, in some instances, could be :very
helpful in worthy cases because the primary cause of
the difficulty was due to the companies acting for
clients reducing mortgages at the expiration of the
original term or requiring installment payments,
which the property owner was not prepared to meet.
To-day such action is being taken by the trust cm
,
panics only in those cases where a property owner in
difficulty has demonstrated his lack of responsibility or dependence.
"We feel that the use of the word 'moratorium'
by us has been largely responsible for the erroneous
impression which seems to have gone forth. It was
used more as a figure of speech than anything else,
and _Ito express in a single word the idea that we
had in mind.
"We know that our efforts in the matter under
discussion have been very constructive and produced
good results. Therefore, you can readily understand
our feelings and the harm that might be done
through a misinterpretation and by comparisons
which are not justified by the facts."
In our issue of Nov. 30, in referring to the efforts
that are being made to stimulate building operations, we cautioned against carrying the movement
to excess, lest overbuilding result, with the effect
of producing eventually the very condition of unemployment which everyone is so desirous of avoiding.
The Federal Reserve statements this week reveal
Incidentally, we made allusion to the real estate
the same features as in other recent weeks, and are
situation which, according to newspaper accounts
in the daily papers, had developed in the neighbor- not altogether assuring. Their distinctive charactering city of Philadelphia, where the Real Estate istic is that they show a further large addition to the
Board was engaged in urging what was termed a amount of Reserve credit afloat, at a time when
"moratorium" for six months on installment pay- member bank borrowing is being heavily reduced, as
ments of real estate mortgages. This has naturally it Should be, since the member banks, by reason of
provoked inquiry as to the true situation in Phila- the collapse of the stock market and the decline in
delphia, and has led the Real Estate Board of that mercantile trade requirements, have very little need
city to send us an explanatory statement outlining for recourse to the extra credit facilities of the
just what has been done and what the purpose in Federal Reserve Banks. The discount holdings'of
view was. It appears that the intention was merely the 12 Reserve Banks, reflecting member bank borto deal with individual cases and to prevent the rowing, have been further reduced the past week
hardship and distress that might follow in such from $768,922,000 to $737,038,000, notwithstanding
instances if there were a rigid insistence upon the that at New York by itself these discount holdings
making of maturing instalment payments, which 'have risen from $155,277,000 to $176,173,000. The
latter in the last analysis are simply the amortizing acceptance holdings of the 12 Reserve Banks are also
of the principal of the loan—that is, reducing its lower this week, having fallen from $321,840,000 to
amount. Says Samuel C. Kane, the President of $309,411,000.
On the other hand, there has been a huge further
the Philadelphia Real Estate Board:
expansion in the holdings of United States Govern"It is a fact that this Board called a conference
of the representatives of various trust companies of ment securities, these having risen from $386,934,000
the city to discuss the situation as to first mort- Dec. 11 to $533,265,000 Dec. 18, being an addition
gages as applied to small homes, and it is also a fact for the week of no less than $146,331,000. As the
that in consequence of this meeting the letter to figures are of date Dec. 18, and the United States
which you referred in your editorial was sent to the Treasury's very extensive
December program of
trust companies, with the result that, with but a few financing was carried
through on Dec. 15, and it is
exceptions, there was a sympathetic response.
customary for the Government to do some temporary
"The condition of the real estate market in Philadelphia has been no different from any other large borrowing pending the collection of the quarterly
cities, except that the conditions here numerically instalment of the income taxes, it would be natural
affected more persons and were emphasized by rea- to assume that the huge further expansion this week
son of the fact that Philadelphia has so many small in the holdings of these Government securities must
homes, approximately 450,000, and those of such be attributable to that circumstance. As a matter
3844
FINANCIAL CHRONICLE
of fact, however, every item of the holdings of Government securities shows an increase for the week,
whereas the increase on Government account should
appear entirely in the holdings of certificates and
bills. The holdings of United States bonds by the 12
Reserve institutions have increased from $50,971,000
to $68,818,000; the holdings of Treasury notes from
$193,374,000 to $198,794,000; while the holdings of
certificates and bills have run up from $142,589,000
to $265,653,000, this last being an addition for the
week of *123,064,000, of which only $69,000,000, it
appears, represents Government borrowing. It
should be noted that in the designation "certificates
and bills," the words "and bills" are new and appear
for the first time and apparently have reference to
the new Treasury bills for $100,000,000 sold at a
discount which the United States Government for
the first time put out the present month. Apparently the Reserve Banks took over a considerable
amount of these Treasury bills.
The large further addition to the Government
security holdings is obviously in pursuit of Federal
Reserve policy of extending the amount of Reserve
credit afloat even though member bank borrowing is
heavily diminishing and even though money rates
are ruling extremely low. The wisdom of such a
policy may well be doubted at a time when foreign
exchange rates on nearly all the leading foreign
centers are ruling at the gold export point and further amounts of gold are actually being engaged for
shipment abroad. As a result of the changes just
rehearsed, total bill and securities holdings this
week stand $98,167,000 larger than they did last
week, the comparison being between $1,589,466,000
this week and $1,491,299,000 last week. The purpose
no doubt is to offset the outflow of gold, which is
now on so large a scale, but the Reserve Board may
depend upon it that the more Reserve credit that is
forced out the more gold will go out.
Brokers' loans this week again show some falling
off, following last week's increase. It will be recalled that last week the grand total of these brokers'
loans rose from $3,392,000,000 to $3,425,000,000; this
week it is down to $3,386,000,000. In the details
of these brokers' loans the only feature worthy of
special note is the continued shrinkage in the loans
"for account of others." The loans made by the
reporting member banks in this city for their own
account increased during the week from $806,000,000
to $832,000,000, the loans for account of out-of-town
banks increased from $710,000,000 to $750,000,000,
while the loans for account of others dropped from
$1,909,000,000 to $1,804,000,000. The grand total
under the three divisions at $3,386,000,000 on Dec.
18 1929 compares with $5,111,000,000 a year ago, on
Dec. 19 1928.
(VOL. 129.
heavily on the export side. Exports in November
amounted to $448,000,000 and imports to $339,000,000, an excess of exports of $109,000,000. In
October the corresponding figures were $528,549,000
for exports and $391,025,000 for imports, the former
exceeding the latter by $137,524,000, while.for November of last year exports were valued at $544,912,000 and imports at $326,565,000; being an excess
of exports of $218,347,000.
Last month's exports make rather a poor showing in comparison with a number of the earlier
months of this year; there is an increase over the
summer months, but that is usually the case. On
the other hand, November imports were the lowest
of the year to date. ]?or the 11 months of 1929, the
value of exports was $4,820,447,000, that of the imports $4,090,043,000, an excess of exports of $730,404,000. In the corresponding period of the preceding year exports amounted to $4,652,512,000.and imports to $3,752,036,000, the former being $900,476,000 larger than the imports. Exports for the
current year to date are $167,935,000 heavier than
those of the preceding year, and imports $338,007,000
heavier. Both exports and imports of merchandise
this year will exceed in value those of any preceding
year back to 1920.
There was a large reduction in cotton exports last
month, both compared with the preceding month and
with November 1928, which in large part accounts
for the heavy decline in the value of the exports
for the month just closed. Cotton exports in November were 1,062,700 bales, against 1,263,200 bales
in October and 1,451,500 bales in November of last
year; the reduction in value for the month this
year was very heavy, amounting to 445,525,000, or a
decline of nearly 30% in cotton exports for November this year as compared with a year ago. Exports
other than cotton also show a very much smaller
movement for last month than a year ago, the value
this year registering a decline of approximately
$51,390,000, or 13.1%. For the 11 months of this
year cotton contributed a considerable loss to the
value of merchandise exports. The movement abroad
for this year to date was 6,659,000 bales and compares with 7;646,200 bales for the same period a
year ago. As to value, cotton exports for the 11
months this year of $680,270,000 show a decline of
$125,102,000 from last year, a loss of 15.5%.
Exports of gold in November were larger again,
the movement to foreign countries (which has continued this month) reaching a total of $30,289,000.
This was the largest amount of gold exports from
the United States in any month since July 1928.
In October gold exports were only $3,805,000, while
for the nine months this year ending with September the total was only $9,942,000. On the other
hand, gold imports declined, being only $7,123,000
in November, the smallest amount since September
1928. For the 11 months of the current year, gold
exports have been $44,036,000 and imports $283,528,000, the excess of imports being $239,492,000.
in the corresponding period of the preceding year
exports were 059,123,000 and imports $143,947,000,
exports exceeding imports by $415,176,000. Exports
and imports of silver in November show little variation from the usual monthly amount, exports being
$8,676,000 and imports $5,143,000.
The merchandise export and import trade of the
United States for November, the preliminary figures
for which have been published this week, both show
quite a falling off from October. The shorter month
of November, with six Sundays and holidays, will
account for a part of the decline, but only a small
part. Compared with November of last year there
was a considerable reduction in exports this year—
in fact, exports were smaller in value for the month
just closed than for the corresponding month in
each year back to 1925. On the other hand, imports
Fall sowing of winter wheat this year,for the crop
show a small gain over November of last year. The
nevertheless, continues quite to be harvested in 1930, gives promise of better conbalance of trade,
DEC. 21 1929.]
FINANCIAL CHRONICLE
ditions than those existing a year ago, for the crop
harvested the past summer, with an increase in the
area planted. The December report of the Department of Agriculture, on the new winter wheat conditions, was issued at Washington yesterday afternoon. It relates to the situation on Dec. 1. The
winter wheat area planted during the past fall is
placed at 43,690,000 acres, and compares with
42,820,000 acres planted in the previous fall, being
an increase of 870,000 acres. The condition, too, of
the new crop is higher than that of a year ago, being
86.0% of normal, against 84.4% for the crop
planted last year. The abandonment of winter
wheat area due to winter killing on the crop planted
in the fall of 1928 was 6.2%,or about 2,655,000 acres.
The area harvested the past year was slightly under
40,000,000 acres. For the winter wheat crop
planted in the fall of 1927, winter killing was exceptionally heavy, amounting to 23.5%. The planting
in that year also was very large, being 47,280,000
acres. The area sown to rye the past fall is placed
by the Department at 3,466,000 acres, which compares with 3,456,000 acres planted in the previous
fall. The condition of rye on Dec. 1 of this year
was 87.2% of normal as against 84.4% of normal
for the crop of the previous year on the corresponding date.
The usual summary of crop results in the United
States for this year was published by the Department of Agriculture at Washington on Wednesday
of this week. Widespread drought cut the yields
of all crops 5.3% under last year's production, and
2.2% below the average of the past 10 years. The
area harvested for all crops was 367,082,180 acres,
which was 1% more than the area harvested for the
crops of the preceding year. The net result for 1929
was a production 4.8% under that of 1928. An
estimate of the market value of the crops raised in
the United States this year, based on Dec. 1 prices,
fixes the amount at $8,580,528,000, an increase of
$84,740,000 above the value of the preceding year, or
0.9%. Most of the fruit and vegetable crops were
higher in value this year than last. There was a
large increase in the value of the potato crop this
year, although the yield was materially reduced as
compared with the preceding year.
Most of the grain crops show a reduction in value
this year, and the same is true as to cotton. The
grains also show a smaller yield this year. The
revised figures for corn makes this year's production 2,622,189,000 bushels compared with last year's
harvest of 2,818,901,000 bushels. There were harvested this year 98,018,000 acres against 100,673,000
acres for the crop of 1928. The yield per acre this
year was 26.8 bushels compared with 28.0 bushels per
acre for last year's crop. The latest estimate of
the production of wheat this year is also smaller
than for the harvest of 1928, the decline being almost
entirely in the spring wheat variety. Total production of all wheat this year is given as 806,508,000
bushels against last year's total yield of 914,876,000
bushels. The area harvested this year was 61,141,000
acres as compared with 58,272,000 acres in 1928.
The final estimates for the other important grain
crops for the past year still show a reduction in
the yield. For oats the harvest is now placed at
1,238,654,000 bushels, compared with 1,439,407,000
buShels last year; rye, 40,629,000 bushels against
40,366,000 bushels last year, and barley, 307,105,000
3845
bushels this year and 357,487,000 bushels for the
harvest of 1928. Cotton production is estimated at
14,919,000 bales compared with 14,478,000 bales last
year, but the value of this year's output at the Dec.1
price, fixed by the Department of Agriculture at
16.4c. per pound, is placed at $1,225,032,000 compared with $1,301,796,000, the estimated value of the
cotton crop harvested in 1928. On this basis the
Texas cotton crop this year is estimated to be worth
$131,000,000 less than last year's output. Oklahoma
and North Carolina also show considerable reduction in the value of the cotton crop. A substantial
increase, however, in the value of the cotton crop
this year appears for Georgia and Mississippi. For
white potatoes, some little improvement is shown
over the earlier estimates for this year, but still
leaving this year's crop very much below that of
last year. Production this year is now placed at
357,451,000 bushels, which compares with 465,350,000 bushels harvested last year.
The stock market this week has suffered another
severe decline, prices the latter part of the week
tumbling with great rapidity. In fact, the market
had a sagging tendency even earlier in the week
except where special upward movements were
attempted, and these never proved of an enduring
character. On Saturday last there was a sudden and
unexplained revival of activity in the railroad list,
all the railroad shares advancing in no uncertain
way. The rise was of quite large proportions, too,
in many instances, New York Central showing a
gain for the day of 458 Central RR. of N. J. of 221 2
/,
/
,
Delaware & Hudson of 3, Lehigh Valley of 6%, Missouri-Kansas-Texas 51 Pere Marquette 10, Pitts. &
4,
W. Va. 10, St. Louis Southwestern 6/, Wabash 5%,
12
and so on throughout the list. The upward movement in the rails carried most of the rest of the list
with it, though there were, nevertheless, a few declines. This upward movement in the railroad group
was continued at the opening of the market on Monday, but was not maintained thereafter, and the rest
of the week the railroad shares have evinced a drooping tendency, which finally eventuated in violent
declines on Friday.,
Except for the upward spurt last Saturday, the
general market was more or less irregular from
day to day until Thursday, when decided weakness
developed, with sharp declines in prices all around.
The tone did not improve on Friday. Instead, the
market grew steadily weaker, and violent declines
in prices occurred through the greater part of the
list. Montgomery Ward & Co. was down at one time
nearly 10 points, and, even after some recovery,
showed a net loss for the day of 71 8 and Sears, Roe/
,
buck & Co. dropped nearly 11 points, with a net loss
for the day of 558 on allegations of a poor Christmas
/
trade.
The market yielded readily to selling pressure, and as weakness developed in one stock or
another it responded with greater or smaller declines throughout the list. Call loan rates on the
Stock Exchange ruled unchanged at 4 % through/
1
2
out the week until Friday, when there was an advance to 5%70. There appeared to be some selling,
too, to establish losses for inclusion in the income
tax returns. A point adverse to the railroads has
been the heavy losses in earnings reported by many
of the companies in their returns for the month of
November, which are now coming to hand.
3846
FINANCIAL CHRONICLE
The volume of trading continued to shrink, but in
the break on Friday heavily increased. On the New
York Stock Exchange the sales at the half-day session on Saturday were 1,654,220 shares. At the
full-day session on Monday they were 2,592,110
shares; on Tuesday they were 2,438,080 shares; on
Wednesday,2,284,850 shares; on Thursday,3,412,020
shares, and on Friday,5,545,650 shares. On the New
York Curb Exchange the sales cm Saturday were
583,200 shares; on Monday they were 836,600 shares;
on Tuesday, 864,500 shares; on Wednesday, 883,100
shares; on Thursday, 963,600 shares, and on Friday,
1,309,300 shares.
Prices are quite generally lower, and in the case
of special stocks, like Fox Film and International
Combustion Engineering (whidh latter went into
receiver's hands), along with numerous others, the
declines are large. United Aircraft closed yester/
day at 4112 against 4812 on Friday of last week;
/
American Can at 110 against 118; United States In/
/
1
4
dustrial Alcohol at 127 against 13812; Commercial
/
Solvents at 26% against 3078; Corn Products at
8814 against 94%; Shattuck & Co. at 35 against 42;
/
Columbia Graphophone at 24% against 331 8; Brook/
lyn Union Gas at 121 against 140; North American
at 87 against 95; American Water Works at 75%
against 92%;Electric Power & Light at 431 8 against
/
47; Pacific Gas & Elec. at 49 against 52%; Stand/
1
2
ard Gas & Elec. at 103% against 119%; Consolidated
Gas of N. Y. at 91% against 98; Columbia Gas &
Elec. at 66 against 74; Public Service of N. J. at exdiv. 7278 against 7878; International Harvester at
/
/
7612 against 817s; Sears, Roebuck & Co. at 91%
/
/
against 102%; Montgomery Ward & Co. at 45
/
1
2
against 602 Woolworth at 69 against 76; Safeway
/
1
;
Stores at 1071 2 against 119 ; Western Union Tel.
/
/
1
4
at 191 against 201; Amer.Tel. & Tel. at ex-dix. 212%
against 222 , and Int. Tel. & Tel. at ex-div. 69
/
1
2
against 76%.
Allied Chemical & Dye closed yesterday at 240
against 259 on Friday of last week; Davison Chemical at 26 against 30; E. I. du Pont de Nemours at
/
1
4
/
110 against 118; Radio Corp. at 3812 against 4478;
/
General Electric at 224 against 235; National Cash
/
/
1
2
/
Register at 681 8 against 741 2; Fox Film A at 22
against 37%; International Combustion 'Engineering at 5 against 16½; International Nickel at
/
1
4
/
28% against 31; A. M. Byers at 7978 against 91;
/
Timken Roller Bearing at 69% against 7778; Warner Bros. Pictures at 39 against 42%; Mack Trucks
/
1
2
at 68% against 75%; Yellow Truck & Coach at 12
%;
against 143 Johns-Manville at 114 against 124½;
National Dairy Products at 45% against 50%; Na/
tional Bellas Hess at 101 8 against 13; Associated
/
1
2
/
Dry Goods at 27 against 3378; Lambert Co. at 93
Gulf Sulphur at 52% against
against 100; Texas
56 , and Bolster. Radio at 33% against 6%. The
/
1
2
list of stocks which the present week have dropped
to new low levels for the year is a long one, as will
be seen from the following:
STOCKS MAKING NEW LOWS FOR THE YEAR.
industrial & Miscell. (Cont.)—
American Hawaiian SS. Co.
American Piano.
American Piano preferred.
Arnold Constable.
Autosales preferred.
Barker Bros.
Barnet Leather.
Belding Hemingway.
Brockway Motor Truck preferred.
Butterick Co.
Cavanagh-Dobbs.
Chickasha Cotton Oil.
Cluett Peabody & Co.
Railroads—
Canadian Pacific.
Chic. & Eastern Illinois preferred.
Duluth South Shore dz Atlantic.
Havana Electric Railway.
Norfolk Southern.
Peoria & Eastern.
Twin City Rapid Transit preferred.
Industrial & Miscellaneous—
Abraham & Straus.
Ahumada Lead.
Ajax Rubber.
American Beet Sugar.
American Beet Sugar preferred.
Industrial ce Miacell. (Cont.)—
Collins & Ailunan preferred.
Curtiss-Wright.
Eitingon Schild.
Eitingon Schild preferred.
Fashion Park Association preferred.
Federal Mining & Smelting.
Filene's Sons preferred.
Fisk Rubber
Fisk Rubber 1st preferred.
Fox Film, class A.
Gimbel Bros. preferred.
Grant (W. T.).
Hoe (R.) dz Co.
Inland Steel.
Inter Combustion Engineering.
Inter Combustion Engineering pref.
Kaufmann Dept. Stores.
Kelly-Springfield Tire.
Kolster Radio.
Kresge Dept. Stores.
Maracaibo Oil.
May Dept. Stores.
McCrory Stores, class A.
McCrory Stores, class B.
Middle States Oil certificates.
National Bell Hess preferred.
National Air Transport.
[VoL. 129.
Industrial et Miscell. (Concl.)—
National Dept. Stores.
National Enameling & Stamping.
National Radiator preferred.
National Surety.
North German Lloyd.
Oil Well Supply.
Oliver Farm Equipment pref. A.
Parmelee Transportation.
Pathe Exchange.
Pathe Exchange "A".
Pet Milk.
Punta Alegre Sugar.
Reis (Robt.) & Co.
Rhine Westphalia Elec. Power.
Schulte Retail Stores preferred.
Stand. Comm. Tobacco.
The Fair.
Tobacco Products Div. ctfs. C.
Transue & Williams Steel.
Truax Truer Coal.
Underwood, Elliott & Fischer.
United Cigar Stores.
United Cigar Stores preferred.
United Electric Coal.
Virginia Iron, Coal& Coke preferred.
Willys-Overland preferred.
The steel shares have sharply declined. United
States Steel closed yesterday at 162 against 172 on
Friday of last week; Bethlehem Steel at 90 against
/
1
2
94 ,and Republic Iron & Steel at 72 against 77%.
/
1
2
The motor stocks have moved gradually downward.
/
General Motors closed yesterday at 3878 against
41% on Friday of last week; Nash Motors at 50%
/
1
4
against 54 ; Chrysler at 33 against 35½; Packard
/
Motors at 15 against 1618; Hudson Motor Car at 50
against 51%, and Hupp Motors at 20 against 21%.
In the robber group Goodyear Tire & Rubber closed
yesterday at 64 against 71 on Friday of last week;
/
1
4
B. F. Goodrich at 43 against 48; United States
/
1
2
Rubber at 252 against 28%, and the preferred at
/
1
5012 against 51 .
/
/
1
2
Railroad stocks are lower, notwithstanding last
Saturday's smart advances. Pennsylvania RR.
closed yesterday at 7478 against 8114 on Friday of
/
/
last week; New York Central at 168% against 175½;
Erie RR. at 57 against 63; Del. & Hudson at 167%
against 1743 Baltimore & Ohio at 113 against
%;
/
1181 ; New Haven at 108 against 11378; Union
%
/
1
4
Pacific at 213 against 219%; Southern Pacific at
11818 against 123; Missouri Pacific at 86 against
/
89%; Kansas City Southern at 81% against 81;
St. Louis Southwestern at 61% against 63; St. LouisSan Francisco at 108% against 11112; Missouri/
Kansas-Texas at 4514 against 47 ; Rock Island at
/
/
1
2
1131 4 against 118 ; Great Northern at 96 against
/
/
1
4
98, and Northern Pacific at 871 8 against 93.
/
The oil shares have also dropped to lower levels.
Standard Oil of N. J. closed yesterday at 60%
against 66 on Friday of last week; Simms Petroleum
/
at 2314 against 26; Skelly Oil at 3014 against 33;
/
Atlantic Refining at 3678 against 40%; Pan Amer/
ican B at 56% against 60%; Phillips Petroleum at
%
33 against 38; Texas Corp. at 543 against 56%;
Richfield Oil at 25 against 28 ; Standard Oil of
/
1
2
/
1
2
N. Y. at 32 against 34%, and Pure Oil at 23
/
1
4
against 23 .
/
1
4
The copper group has shared in the general decline. Anaconda closed yesterday at 7112 against
/
771 2 on Friday of last week; Kennecott Copper at
/
5414 against 58 ; Calumet & Hecla at 29 against
/
/
1
2
31%; Andes Copper at 32% against bid 34%; Inspiration Copper at 27 against 31; Calumet & Arizona at 81% against 88; Granby Consolidated Copper at 50 against 57; American Smelting & Re/
1
2
fining at 69% against 74%, and U. S. Smelting &
Refining at 35% against 36 .
/
1
4
Stock exchanges in the important European centers were dull this week, with the general price trend
FINANCIAL CHRONICLE
DEC. 21 1929.]
3847
inclined toward lower levels. Similar conditions offers, the day's transactions registering absolutely
have prevailed at London,Paris and Berlin for many nil," a dispatch to the New York "Times" said. "For
weeks, although there has been improvement in the that reason," it was added, "the market remained
international financial situation as the result of the firm, there being no fluctuation in prices." This
recent crash at New York. Monetary ease is now in condition prevailed notwithstanding a charge of
/
evidence throughout Europe, and further ease may only 21 2% for money on the floor of the Bourse,
heavy current gold ship- which is considered extremely low for this period
develop as a result of the
ments from New York to London, Paris and other of the year. After a further quiet opening Tuesday,
centers, but this favorable feature has apparently the Bourse hardened on execution of a few buying
been offset by the repercussions of the New York orders for substantial blocks of shares. The gains
decline and by local troubles in every market. The were unimportant, but most issues closed higher.
London market has been much affected by the The Paris market again turned extremely dull Wedcrashes involving the companies controlled by two nesday, and with transactions at a minimum few
of its prominent financiers—Henry Horne and Clar- changes were recorded. Public interest remained at
ence Hatry. It was disclosed in court proceedings a low ebb, and suggestions were made that the
Monday that the unsecured claims against the Hatry Bourse hold only a half-day session on the coming
group of companies are approximately 1P67,500,000. Monday, and then close until the following Monday.
"The disclosures reveal the Hatry crash as the great- The Bourse was described Thursday as "practically
est recorded failure of a group of companies domi- deserted," with activity so reduced that selling offers
nated by one man ever known in England," a dis- of 25 shares resulted in immediate drops in prices.
patch to the New York "Times" said. It is expected, Stock levels turned generally lower, but there were
the report added, that the big banks and financial scarcely any transactions. Conditions were but
houses will have to shoulder the bulk of Hatry's little changed yesterday, and prices again gave way.
Trading on the Berlin Boerse also was very quiet
liabilities. In Paris and Berlin political influences
have played a large part in recent markets. The Monday, with prices differing very little from those
coalition governments of Chancellor Mueller in of previous sessions. An easier tendency appeared
Germany and of Premier Tardieu in France possess in some sections of the market, but the declines were
elements of instability and every passing political offset in good part by sharp advances in one or two
wind seems to endanger them. The financial mar- mining issues. The pronounced differences of opinkets have accordingly displayed considerable uncer- ion in Berlin regarding Government financing
caused much uneasiness. Similar conditions pretainty and apprehension in recent weeks.
The London Stock Exchange began the week under vailed at Berlin Tuesday. The public remained aloof
generally cheerful conditions, stimulated by favor- in view of the approaching holidays, and a favorable
able week-end reports from New York. Interna- Reichsbank return therefore failed to stimulate busitional shares moved forward, and British industrials ness. The Boerse turned weak'Wednesday, owing to
also registered some improvement. The gilt-edged several unfavorable developments. These included
list was quiet, but steady. Tuesday's market, how- the bankruptcy of an Essen banking firm, a heavy
ever, turned dull and apathetic, apart from a few increase in the number of German unemployed, and
individual bright spots. International issues lost continued uncertainty regarding the Government
ground on bearish news from Wall Street, and a soft financing. Reichsbank shares were hard hit and
tone appeared also in domestic stocks. Gilt-edged declined 10 points, while a great number of issues
securities were neglected and slight declines were dropped between 3 and 5 points. The downward
recorded. The market was again very quiet Wed- movement was continued in Thursday's session,
nesday. Although Anglo-American issues hardened, partly owing to rumors of new banking failures in
the rest of the market turned easy and small losses the German provinces. A number of issues again
were the rule in most divisions. Gilt-edged securi- dropped 3 and 4 points.
ties were sold rather liberally, and some uneasiness
Significant steps toward agreement at the fivewas caused by fluctuations in the Inveresk Paper
group of shares. At the end of the day the power naval limitation conference were announced
Co.
directors of the company announced that they had in Washington Thursday after a series of dispostponed the payment of dividends on first and cussions between officials of the United States
second preference shares for the half year ending and representatives of Japan. The Japanese deleDec. 31. On the following day the ordinary shares gation, headed by former Premier Reijiro Wakatof the Inveresk Co. plunged to a new low at 10 shil- suki, reached Washington Monday on the way to
lings, but the shares of the numerous important sub- London, where the actual conference will begin on
sidiary companies dropped only nominally. The Jan. 21. Although preliminary exchanges have been
London market was also affected Thursday by new in progress some time among the governments of
revelations of trouble in the Royal Mail Shipping the United States, Britain, Japan, France and Italy,
group of companies, the Elder-Dempster Line an- in order to settle outstanding questions, it was
nouncing that it would omit dividends on 6 and understood that the more important discussions be/
61 2% preference stock. These developments affected tween Japanese and American officials would be
all other departments of the Exchange, and trading conducted after the arrival of the Japanese delegawas nervous and restricted. Gilt-edged securities tion in Washington. This event was awaited, therealso sagged on account of almost complete cessation fore, with extraordinary interest, as it was realized
of business. Although gilt-edged securities were that much depended on the Japanese attitude toward
steady in yesterday's session at London, other sec- the cruiser issue. Official statements had been
tions of the market showed the effects of liquidation. issued several times in Tokio saying that Japan
The Paris Bourse experienced at the opening of would demand 70% of the American strength in
the week a session of unusual apathy, according to 10,000 ton cruisers, instead of the 60% accepted by
experts in that city. "There were neither sales nor her on battleships in the Washington conference.
•
3848
FINANCIAL CHRONICLE
[Vol.. 129.
There were indications that the preliminary agree- the representatives did not begin, however, until
ment between Britain and America which is to serve Tuesday, when a meeting was held at the home of
as a basis of discussion at the London conference Secretary Stimson. Besides Mr. Wakatsuki, the
was dependent to a degree on Japanese acceptance Japanese participants included Admiral Takarabe,
of a lesser ratio than 70% in heavily armed 10,000 Ambassador Deduchi, and the Secretary of the deleton cruisers. In order to maintain a large fleet of gation, Mr. Hiroshi Saito. With Secretary Stimson
smaller cruisers, Britain had agreed to permit Amer- were Ambassador Dwight W. Morrow, and Ambasican maintenance of 21 large cruisers, while accept- sador William R. Castle. The discussion lasted more
ing a smaller number of such craft herself. Japanese than two hours, and at its conclusion Mr. Stimson
insistence on 70% of the American total, it was issued a statement to the effect that a frank and
realized, would bring her close to parity with Britain friendly discussion of the naval issues between the
in vessels of this class, and as this probably would two countries had taken place. It concluded with
not accord with British ideas, it seemed to endanger the remark that "both Mr. Wakatsuki and Mr. Stimthe conference.
son expressed optimistic hope for the successful terMr. Wakatsuki and his associates were greeted mination of the conference and the increase of
on their arrival in Washington, Monday, by Secre- good-will between the two countries which the solutary of State Stimson, Secretary of the Navy Adams, tion of the naval problem helps maintain." The
and an imposing array of officials. In a statement meeting, according to press reports from Washingissued shortly thereafter, and in a conference with ton, was largely to establish a basis of discussion
press representatives, the Japanese leader made which would lead to a better understanding of the
clear the attitude of his government on the question respective positions of Japan and the United States
of naval limitation. After expressing thanks to the and put into the minds of each government the reaAmerican people and their Government for the cor- sons why the other government believes its demands
dial reception accorded the Japanese delegates, the should be satisfied. The Japanese visitors, accordstatement says: "Japan advocates reduction. She ing to press reports, explained that their Governadvocates scaling down the naval armaments of the ment could see no way to do without submarines.
participating powers, and she herself stands ready Regarding this point, however,a dispatch to the New
to reduce her naval strength proportionately. It York "Herald-Tribune" said: "The United States
goes without saying that, in so doing, she has to and Great Britain, to judge from various observabear in mind the necessity of keeping undisturbed tions of their leaders, are not nearly so reluctant to
the sense of national security of the people. From concede Japan's submarine requirements as they
this consideration she feels entitled to retain a mini- would be to grant her a fleet of 10,000 ton cruisers
mum strength, insufficient for attack and only ade- 70% of the numerical strength of America's."
quate for defense in home waters. The proposals of
Subsequent disclosures placed an even more favorJapan at the forthcoming conference are based upon able light upon the prospects of the London conferthis principle alone. She is prepared to accept a ence, in so far as the naval issues between Britain,
ratio that is less than parity with the other great the United !Rates and Japan are concerned. "Outpowers and so gives clear proof of the entire absence standing in the exchanges that have taken place,"
of any thought of offensive operations. We are con- said a report of Wednesday to the New York
fident that important progress will be effected at "Times," "is what amounts to an assurance that
London in the great task of disarmament and of insistence upon having 70% of the American tonnage
guaranteeing an enduring peace."
in 10,000 ton cruisers is not Japan's last word. The
More significant than the official statement, in so indications are that the demand will be modified to
far as the cruiser issue is concerned, were the re- a point far enough below the British quota to satisfy
marks apparently made by Mr. Wakatsuki to the the British." It was indicated in this dispatch,
press representatives. "What was said by the former moreover, that Japan might be induced, by concesPremier," a dispatch to the New York "Times" re- sions in other classes of warships, to be content with
ported, "indicated that his government would not 12, or if the United States and Britain scale down
hold fast to a contention that it was entitled to 70% their tentative figures, even as few as ten 10,000 ton
of the largest tonnage granted any other power in cruisers. On the other hand,it was made plain that
10,000 ton cruisers, but might consent to modifica- no progress had been made by Secretary Stimson
tion if tonnage deducted in that class could be trans- in the move for abolition of submarines. Japan was
ferred to increase the tonnage in some other class depicted as placing the greatest reliance on the subof auxiliary vessels. It was evident that Japan marine as a weapon of defense, and her emissaries
places special stress on the importance of the sub- appeared unwilling to scrap any of the 71 submarine for her defensive needs, and it is surmised marines of 78,497 tons which Japan now possesses
that in the last analysis she would be willing to or has building or authorized. The preliminary
sacrifice some tonnage in the 10,000 tonners if her conferences were ended Thursday, and a joint statesubmarine force could be augmented thereby." In ment was issued that evening in which it was said
further remarks to press representatives on subse- the conferences had been frank and friendly and
quent days, Mr. Wakatsuki appeared at times to be that each side had presented the broad outlines of
less definite regarding the Japanese attitude on its position. It was the province of the London con10,000 ton cruisers, but the impression was neverthe- ference to go into the question of figures, it was
less allowed to stand and it gradually gained force, added,so that all of the participating nations would
leading to the conviction that this issue may be set- be represented. The statement said that agreement
tled at London through adjustment of other classes had been reached "in the objectives of both counof vessels.
tries," and when Secretary Stimson was asked later
A formal call was paid by Mr. Wakatsuki on what was meant by this sentence, he said:
President Hoover,Monday, not long after his arrival found that both countries had the same general
in Washington. The actual exchange of views among objectives in mind, namely, to establish lasting good-
DEC. 21 1929.]
FINANCIAL CHRONICLE
3849
will through the cessation of competition in their of the Covenant against a Covenant-breaking State.
No justiciable dispute could arise between Britain
naval armaments."
Although satisfactory progress was thus made on as a belligerent and another member of the League
one of the great difficulties confronting the London as a neutral, according to the document, since the
parley, reports from Paris and Rome indicated again other members of the League would either fulfill
this week that adjustment of the differences in the their obligations under Article XVI, in which case
views of France and Italy may not be reached so Britain would not need to effect any interference
readily. The differences revolve chiefly around the with their commerce, or, if they did not take this
oft-repeated Italian demand for theoretical parity course and Britain found it necessary to interfere,
with any other Continental power, and the French they would have no ground on which to protest
viewpoint that the double coastline of France on British action. "In other words," the memorandum
the Atlantic and the Mediterranean should entitle states, "as between members of the League, there
her to a larger naval force than the Italian fleet. can be no neutral rights because there can be no
Preliminary discussions between the two countries neutrals." This fundamental change in the situahave proceeded rather slowly, according to press tion is said to make irrelevant the ordinary argureports. In a Rome dispatch of Tuesday to the New ments against submitting British naval actida to
York "Times," it was reiterated that "Italy is ready an arbitral decision. "Any such arguments can only
to accept any limitation of naval armament, how- be based on the assumption, expressed or implied,
ever radical, provided that the Italian navy in no that the Covenant of the League and the Kellogg
case be inferior to that of any other Continental pact will break down in practice. If this assumption
European power." In Paris, Premier Tardieu, For- is made, it means that the whole machinery for the
eign Minister Briand and Marine Minister Leygues preservation of peace would have broken down; the
gave a full explanation of the attitude and policy peace pact and the Covenant would have become
which they intend to adopt during the London mere scraps of paper."
The memorandum issued by Mr. Henderson undergathering before a joint meeting, Wednesday, of
the commissions of foreign affairs and the navy. takes to answer the broad question whether it is
Premier Tardieu assured the Parliamentary commis- safe to trust British interests to the decisions of
sions that no final decisions would be taken at the the Permanent Court of International Justice. This
London conference. He stated again the French question, it was indicated, might better be put: Is
view that the London conference was designed as a it wise to leave British interests without any safepreliminary to the disarmament conference at guard except war? The Government holds in anGeneva, where, he said, a definite agreement would swer to the last question that the whole course of
be sought.
international developments for many years past has
been in the direction of the substitution of arbitraAn official exposition of the British position re- tion for war, and it "rejoices to think that there
garding belligerent action at sea under the pro- now exists an international court whose competence
visions of the Covenant of the League of Nations, and impartiality are unchallenged, to which may
the Kellogg-Briand Treaty, and the optional clause safely be referred all international disputes of, at
of the World Court statutes was issued by Foreign any rate, a justiciable character." A change of this
Secretary Arthur Henderson late last week, in the kind in the Government's attitude is insisted upon
course of a defense of the recent action of the Labor as an essential part of the effort seriously to impleGovernment in affixing its signature to the optional ment the undertaking of the Kellogg-Briand pact,
clause. Under the optional clause, the memoran- and to utilize the early years of peace in creating
dum explains, only another country which had itself effective safeguards against war before its realities
accepted compulsory jurisdiction of the World have been forgotten. The British Government, acCourt in justiciable disputes could hale Britain be- cording to the statement, considers the signature
fore the Court in consequence of belligerent naval of the optional clause a logical consequence of the
action. "Public opinion in this country naturally acceptance of the Kellogg-Briand treaty, which does
is sensitive as regards unduly limiting the exercise not provide any machinery for the pacific settlement
of British sea power in war time," the statement of disputes. It is declared, moreover, that the first
continued. "But the whole situation has been built step in building up barriers against war is to obtain
up on the assumption that there is nothing illegiti- general acceptance of a system under which jusmate in the use of war as an instrument of national ticiable disputes can be settled by operation of law.
policy and as a 'necessary corollary, that position
and the rights of neutrals are entirely independent
Adoption of the Young plan of German reparaof the circumstances of any war which may progress. tions payments by the forthcoming conference of
This assumption is no longer valid as regards the governments at The Hague will be greatly expedited,
States which are members of the League of Nations it is believed, by a series of negotiations conducted
and parties to the Kellogg pact. As between such in recent weeks by representatives of the Finance
States there has been, in consequence, a fundamen- Ministries of France, Great Britain, Belgium, Italy
tal change in the whole question of belligerent and and Japan. It was disclosed in Paris last Saturday
neutral rights."
that French experts had visited London and Rome
Britain could be involved in war in only two pos- on this mission, while Belgian experts had visited
sible circumstances, if the London Government Paris. The specific purpose of these discussions
adheres to its obligations under the League Covenant was to solve outstanding questions between the
and the Kellogg-Briand Treaty, the memorandum creditor powers, and Paris reports of last Saturday
sets forth. These conditions are, firstly, where a stated that most of the questions had been settled.
State has attacked it in violation of one or both Technical experts of the various Treasuries of the
of those instruments, and secondly, if it is engaged creditor governments held further meetings in Paris
in belligerent action in fulfillment of Article XVI this week in order to prevent,if possible, a repetition
3850
FINANCIAL CHRONICLE
of the clashes that marked the first Hague gathering
in August. Only one major point affecting the application of the Young plan remains unsettled, it
was said, and that is the difficulty between Hungary
and the member States of the Little Entente. Adjournment was taken at Brussels last Saturday by
the subcommittee of jurists who had been appointed
to put into proper form the decisions of the Hague
conference and the various expert committees. The
draft of a protocol was handed to Premier Jaspar
of Belgium, who is permanent President of the
Hague conference. There are still some points to be
covered, however, and the jurists will meet again
on Jan. 3 1930 to put them into final form. The
conference at The Hague, it was learned officially
in London, Wednesday, will begin on Jan. 6 instead
of Jan. 3, as previously understood.
• Arrangements for bringing into force on Jan. 1 a
treaty for the removal of numerous foreign trade
prohibitions and restrictions were completed Dec. 13
by the International Conference for the Abolition
of Import and Export Restrictions and Prohibitions.
The Conference met in Paris Dec. 5 under the
auspices of the League of Nations. Delegates from
26 nations, including the United States, attended
the gathering, which was called to consider a convention elaborated after three years of work by
experts of the League of Nations. Difficulties were
presented by the refusal of representatives of Poland
and Czechoslovakia to accept the convention. Poland
refused to ratify the instrument because'it failed
to provide "indispensable" guarantees to Polish
trade, while Czechoslovakia was represented as in
too uncertain a political state for ratification.
Eleven countries thereupon stipulated that they
would accept the treaty only if Poland and Czechoslovakia would ratify it. A formula for placing the
treaty in force was finally adopted by 19 nations,
of which eight agreed to ratify the instrument unconditionally, while 11 others signified that they would
place it in effect tentatively with the understanding
that they would withdraw on July 1 1930 if Poland
and Czechoslovakia have not by that time announced
their acceptance. A further provision in the new
protocol permits a member to withdraw on the continency that fewer than 18 States are party to the
agreement, but this provision becomes operative only
after July 1 next. States which have agreed to place
the convention temporarily in effect are listed in a
Paris dispatch to the New York "Times" as follows:
The United States, Great Britain, Germany, France,
Belgium, Italy, Holland, Denmark, Finland, Japan,
Luxembourg, Portugal, Rumania, Switzerland,
Sweden, Yugoslavia, Hungary, Austria and Norway.
Debate on the long projected program of reforms
in German governmental finance reached an acute
phase in Berlin over the last week-end, and a Cabinet
crisis threatened to develop on several occasions.
The question of the necessary reforms has been
raised many times, notably in the successive reports
made by S. Parker Gilbert, Agent General for Reparations Payments under the Dawes plan. Mr. Gilbert protested vigorously against extravagant expenditures, and he showed clearly that public spending beyond available resources exerts an unsettling
influence on finance and industry. He pointed out
also, however, that the finances of Germany were
essentially sound and that the problems would yield
[VoL. 129.
to the application of standard principles of public
finance. Dr. Hjalmar Schacht, President of the
Reichsbank, also has declared emphatically that
reforms must be effected. The entire matter was
again raised into prominence when Dr. Schacht
issued a statement several weeks ago denouncing
the German Government for its failure to effect
internal financial reforms and warning the powers
to which reparations payments are due against
changes in the Young plan. Dr. Schacht was given
hearty support by virtually the entire German press,
and the Reich Government immediately took steps
to introduce the needed reform measures.
Chancellor Mueller began his exposition of German governmental finance before the Reichstag on
Dec. 12, and he disclosed, incidentally, that the
national exchequer will show a deficit of 1,700,000,000 marks at the end of this year. This deficit,
he explained,represented the accumulated budgetary
shortages of several years, together with the requirements of the extraordinary budget of 800,000,000
marks. The Government ma'naged to cover all but
330,000,000 marks of this deficit by resort to Treasury borrowing and by securing advances from the
Ministries of Posts and Railways. It was hinted
that negotiations for a loan to cover this balance
were in progress with a consortium of German and
American banking houses. As one element of the
financial reforms, Chancellor Mueller announced
that the Government proposed to reduce taxes on
industry for 1930 by 915,000,000 marks, of which
350,000,000 marks would represent reduced reparations payments under the Young plan, while 400,000,000 marks would be produced by raising taxes
on beer and tobacco, with minor expedients to make
up the remainder. He proposed also to increase the
contributions of employers and workers to the unemployment insurance institute by y of 1%, creating
2
an additional revenue which he estimated at 140,000,000 marks.
A vote of confidence was requested by the Chancellor last Saturday, and this was finally granted
by the Reichstag with a majority of 66 votes. The
ballot count was 222 against 156, with 22 abstaining
and almost 100 Deputies absent from the Chamber.
It was declared in subsequent dispatches from Berlin that a loan of approximately $100,000,000 was
being negotiated with an international banking syndicate of which the American members would be
headed by Dillon, Read & Co. This financing was
opposed by Dr. Schacht, however, and it was reported Thursday that the negotiations had been
dropped. In a Berlin dispatch to the New York
"Times" it was stated that the amount needed to
cover the Government's year-end deficit will be
advanced by the Reichsbank, co-operating with other
German banking units.
Political considerations that have long prevented
the negotiation by the Austrian Government of a
new international loan were surmounted last week,
and a substantial flotation is now considered imminent. A change in the Italian attitude toward Austria, resulting in Italian consent to such a loan, will
make the flotation possible, according to a statement made in the Vienna Parliament on Dec. 13 by
Chancellor Schober. Italo-Austrian relations became strained early last year, when Vienna protested
against Italian treatment of South Tyroleans, but
Chancellor Schober indicated last week that they
DEC. 21 1929.]
FINANCIAL CHRONICLE
3851
of the commission were submitted from time to time
in the form of laws and reports to T. V. Soong,
Finance Minister of the Nationalist Government,
according to Shanghai reports to the New York
"Times." Some of the recommendations, it is said,
have already been enacted by the Legislative Yuan
without the public being conscious that they emanated from the Kemmerer commission. One of the
startling suggestions made,it is believed, is that the
gold, standard be adopted in China by a gradual
regional process. "The Kemmerer report," a
"Times" dispatch said, "is a scientific analysis of
the existing situation, compiled in the form of a
series of simple laws which, the commission believes, if they are passed in the order named and
conscientiously enforced, will in time give China a
stable currency, an adequate tax.income, a balanced
budget and a gradual renewal of credit."
The political situation in China, meanwhile, again
shows signs of clearing, although no indication has
yet been given of the means whereby the numerous
enemies of the Nanking Government were suddenly
"crushed" last week. A score of military leaders
were in revolt against Nanking early last week, and
fighting was in progress in at least three important
and widely separated areas. Mutinies occurred
within a few miles of the capital, which was considered in danger for a time. Foreign gunboats
were rushed up the Yangtze River and nationals of
of a free gold market in Argentina other countries were carried to Shanghai in some
Maintenance
was discontinued Monday, when President Hipolito insances. Although the Nanking Government was
Irigoyen issued a decree ordering the inimediate admittedly hard pressed by the numerous rebellious
closing of the Caja de Conversion, or gold exchange elements, the various revolts suddenly faded. Presioffice. The official decree closing the exchange bank dent Chiang Kai-shek issued a statement in Nanking
explained that the irregular state of the world's ex- Wednesday to the effect that the national crisis
change market "exerts a damaging influence upon arising out of the recent rebellions and mutinies
our market, causing shipments of coined gold from in Central and Southern China is considered past
this country without justifiable causes." Shipments by the Government. The upheaval "was the greatest
of gold deposited in local banks will still be possible, yet experienced," the statement said, and it was
and as there are now some 47,000,000 gold pesos disclosed that the Nationalist regime was on the
deposited in these institutions, some additional gold brink of collapse during the crisis. Some disorders
shipments from Argentina may be made. In a still exist, however, in the Provinces of Honan and
Buenos Aires dispatch of Monday to the New York Anhwei, according to Associated Press dispatches
"Herald Tribune," it was indicated that the gold from Shanghai.
reserve in the Caja de Conversion decreased from
There have been no changes this week in the dis504,000,000 gold pesos in August 1928 to 423,000,000
at present. Shipments of gold have been especially count rates of any of the European central banks.
/%
heavy this year, European takings in the last three Rates continue at 71 2 in Austria; at 7% in Ger/%
months being placed at po,000po. A major por- many and Italy; at 51 2 in Denmark, Norway and
/
tion of the previous outflow of this year came to the Spain; at 5% in England and Sweden; at 41 2% in
/%
action by President Irigoyen Holland and Belgium, and at 31 2 in France and
New York market. The
was his second step in 10 days designed to relieve Switzerland. In the London open market discounts
/
monetary stringency in Argentina. On Dec. 6 the for short bills yesterday were 5@51 4% against
/
issued a decree authorizing the banks of 4 13/16@478% on Friday of last week, and for long
President
the nation to discount up to 200,000,000 paper pesos bills 4 13/16%, the same as the previous Friday.
/
at the Caja de Conversion in order to increase the Money on call in London yesterday was 378%. At
/
circulation of money. Notwithstanding the recent Paris open market discounts remain at 31 2%,but in
14
/
heavy outflow of gold, reserves at present are placed Switzerland have been reduced from 3/% to 31 8%.
at approximately 57% of the outstanding currency,
which is well above the 40% required.
The Bank of England statement for the week
ended Dec. 18 shows a gain of 0,299,921 in gold
the Kemmerer commission holdings which brings the total up to £140,734,339.
Recommendations of
of financial advisers to China were placed before This compares with £155,507,575 for the same week
the Nanking Government in their completed form a year ago. Note circulation expanded 0,540,000
last week, the commission having ended a year's and so a loss of 0,240,000 was shown in reserves.
investigation of the tangled Chinese finances. Of Public deposits increased £1,000,000 and other dethe 17 American experts engaged by Nanking a year posits 0,111,050. The latter includes bankers acago, 11 are now returning to America, but six will counts which expanded 0,992,798 and other acremain in China under new contracts to assist in counts which fell off £881,748. The proportion of
applying the recommendations made. The findings reserves to liabilities is 27.02% in comparison with
have now been restored to an entirely friendly footing. Italian consent to a new loan was necessary,
since Austria bound herself by the terms of the
League loan of 1922 to obtain the assent of the
powers to any additional issue. "Italy made use of
this to refuse her consent until now to the new loan
which Austria so urgently needs," a Vienna dispatch
of Dec.13 to the New York "Times" said. The Rome
Government is also said to have placed difficulties
in the way of Austria's request for a moratorium
concerning her obligations for repayment of food
relief credits. Chancellor Schober indicated in his
Parliamentary statement that the other powers had
already assured Austria of their support in the matter of a new loan. With Italian objections finally
removed, "we can definitely assure ourselves that
our financial position toward the world has been set
in order," he remarked. "The head of the Italian
Government conveyed to me," the Chancellor said,
"that his Government would make possible the satisfaction of the preliminary conditions for floating a
new loan, and also would associate itself with agreements for regulating the payment of our relief obligations made in 1928 with the European relief States
and in 1929 with the United States, and would consent to that postponement of our reparations payments which is still another essential for our obtaining a new loan."
3852
FINANCIAL CHRONICLE
31.23% last week and 29.24% last year. An increase of £4,480,000 was shown in loans on Government securities and of 0,897,295 in loans on other
securities. Other securities consist of "discounts and
advances" and "securities" which rose £1,802,127
and £1,095,168 respectively. The Bank rate of 5%
which was put in effect last week remains unchanged.
Below we furnish a comparison of the various items
of the Bank return for five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1929.
1928.
1927.
1926.
1925.
Dec. 18
Dec. 19
Dee. 21
Dec. 22
Dec. 23
Circulation
2371.698,000 384,110.000 138,778,715 141,285,355 145,728,590
Public deposits
9,860,000 11,143.000 18,444,845 12,134,540 17,651,838
Other deposits
97,582.667 96,212,000 102.912.214 107,939,596 108,300,201
Bankers' accounts 62,065,360
Other accounts_ _ _ 35,517,307
Govt.securities_ _ _ _ 65.143,855 57,756,000 42.983,992 31.337,539 45.422,526
Other securities- _ _ 31,195,251 36,142,000 64,954,661 76,279,419 79.796,152
Disc't & advances 10,629.732
Securities
205,565,519
Reserve notes & coin 29,034,000 31,395,000 31,352,000 30,407,860 18.643,053
Coin and bullion_ _ _140,734.339 155,507,575 150,381,205 151,943,215 144,621,643
Proportion of reserve
to liabilities
27.02%
29.24%
25.00%
25.19%
143i
Bank rate
5%
45%
404%
5%
5%
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.
The Bank of Germany in its statement for the
second week of December shows an increase of 2,492,000 marks in gold and bullion, raising the total of the
item to 2,247,135,000 marks. The same item last
year amounted to 2,690,356,000 marks and the year
before to 1,860,731,000 marks. Due to an increase
in bills of exchange and checks of 189,125,000 marks
during the week the item now aggregates 2,479,002,000 marks. Reserves in foreign currency show a decrease of 8,003,000 marks, while deposits abroad remain unchanged. Notes in circulation reveal a loss
of 95,119,000 marks bringing the total of the item
down to 4,588,925,000 marks, as compared with
4,424,657,000 marks of the corresponding week last
year. Silver and other coin increased 6,471,000
marks and notes on other German banks 1,795,000
marks, whereas investments remain unchanged. A
decrease was recorded in other assets of 425,000
marks and in other daily maturing obligations of
36,679,000 marks. Advances increased 5,497,000
marks, while other liabilities declined 3,500,000
marks. A comparison of the various items of the
Bank's return for the past three years is given below:
REICHSBANK'S COMPARATIVE STATEMENT.
Changesfor
Week.
Dee. 14 1929. Dee. 15 1928. Dec. 15 1927
Assets—
Retchsmarks. Retehamarks. Reichsmark*.
Retchsmarks.
Gold and bullion
Inc. 2,492,000 2,247,135,000 2,690,356,000 1,860,731,000
Of which depos.abed. Unchanged
149,788,000
85,626,000
77,248,000
Res've in for'n curr_ Dec. 8,003,000 390,781,000 169,737,000 286.239,000
Bills ofexch. de checks.Inc. 189,125,000 2,479,002,000 1.890,466,000 2,270,456,000
Silver and other coin_ _Inc. 6,471,000 100,609,000
92,165,000
54,850,000
Notes on oth.Ger.bks.Inc. 1,795,000
14,146,000
22,144,000
17,805,000
Advances
Inc. 5,497,000
57,745,000
62,597,000
58,626,000
Investments
Unchanged
92,558,000
92.357,000
93,430,000
Other assets
Dec.
425.000 664,805,000 536,119,000 477,307,000
Ltablates—
Notes in circulation_ _Dec. 95,119,000 4,588,925,000 4,424,657.000 3,931,441,000
0th.daily mat. oblig_Dec. 36,679,000 402.053,000 425,943,000 525,089,000
Other liabilities
Dec. 3.500,000 186,002,000 283.656,000 296,733,000
In its statement for the week ending Dec. 14, the
Bank of France reports an increase in gold holdings of
117,024,984 francs. Total gold holdings now aggregate 41,248,433,556 francs, as compared with 31,722,109,484 francs at the corresponding week last
year. A decrease was recorded in French commercial bills discounted of 568,000,000 francs. Notes
in circulation underwent a contraction of 387,000,000
francs, reduchig the total of the item to 66,903,847,940 francs, compared with 67,290,847,940 francs,
the previous week and 61,420,539,180 francs the
corresponding week last year.
Credit balances
[VOL. 129.
abroad and bills bought abroad increased 23,000,000
francs and 18,000,000 francs,while on the other hand,
advances against securities and creditor current
accounts reveal a decrease of 40,000,000 francs and
126,000,000 francs respectively. Below we furnish a
comparison of the various items of the Bank's return
for the past two weeks and also for the corresponding
week last year:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
for Week.
Dec. 14 1929. Dec. 7 1929. Dee. 15 1928.
Francs.
Francs,
Francs.
Francs.
Gold holdings_ _ _ _Inc. 117,024,984 41.248.433,556 41,131,408,572 31,722,109,484
Credit bale. abr'd _Inc. 23,000,000 7,190,718,755 7,167,718,755 14,031,438,709
French commercial
bills discounted _Dec.568,000,000 8,833,315,070 9,401,315,070 3.567.980,268
Bills bought abed _Inc. 18,000,000 18,173.899,597 18.755,899,597 19,139,752.850
Adv. agt. securs_ _Dec. 40,000,000 2,629,491,336 2,669.431.336 2,252,633,183
Note circulation_ _Dec.387,000,000 66,903447,940 67,290,847,940 61,420,539,180
Cred.curr.accts. _Dec.126,000,000 19.902,415,232 20,028,415,232 19,661,474,653
A slight hardening of rates was occasioned in the
New York money market this week by the heavy
holiday needs for currency and continued largescale gold exportations. Funds were available in
quantity early in the week, and call loans ruled at
4 % on the Stock Exchange Monday, with some
/
1
2
transactions reported in the unofficial "street"
market at 4%. In the sessions of Tuesday, Wednesday and Thursday, demand money rates were
again 4 % on the Stock Exchange, but no funds
/
1
2
were available at concessions in the outside market.
After renewing once more at 4 % yesterday, call
/
1
2
loans were advanced to 5%, breaking at length the
long record of sessions in which demand loans had
been arranged at the undeviating figure of 412%.
/
This lesfel was established on Nov. 21. Withdrawals
by the banks yesterday amounted to $20,000,000.
Time money was unchanged this week, with all
transactions fixed at 431@5%. Brokers' loans
/
resumed their downward tendency this week in the
statement of the Federal Reserve Bank of New York
for the week ended Wednesday night. The drop in
loans amounted to $39,000,000, carrying the total
to a new low level for the present movement. Again
overshadowing other monetary developments were
the heavy gold shipments to European centers announced this week. The statement of the Federal
Reserve Bank of New York for the week ended Wednesday recorded gold exports of $33,499,000, with
England taking $21,024,000; France, $11,000,000;
Germany, $1,334,000; Mexico, $128,000, and India,
$13,000. Imports shown in the statement were
$998,000. Ear-marked gold held for foreign account
increased $3,001,000. In addition to the heavy losses
thus officially acknowledged, it is known that further extensive shipments are leaving on vessels sailing to-day.
Dealing in detail with the call loan rates on the
Stock Exchange from day to day, all loans on Monday, Tuesday, Wednesday and Thursday were at
4%%, this including renewals. On Friday, after
renewals had again been effected at 4 %,there was
/
1
2
an advance to 5% in the rate for new loans. Time
money has continued inactive, with the quoted rates
for loans of all dates at 43
/
4@5% on every day of the
week. Dealings in commercial paper in the open market were very light the early part of the week, but
some improvement was displayed the latter part.
Rates for names of choice character maturing in four
to six months have continued to rule at 5%, while
names less well known have commanded 5y /
4@5 %,
1
2
with New England mill paper also quoted at 514%.
DEC. a 1929.]
FINANCIAL CHRONICLE
3853
rates during
The market for prime bankers' acceptances during count upon steadily relaxing money
months of 1930. It is believed that the
the early part of the week was extremely active, the early
which began with the
with the demand largely in excess of the offerings. return flow of British funds
, but collapse of speculation on the New York Stock
As the week advanced the offerings increased
weeks, as for various
the market showed less activity. This may have Exchange will continue for some
not been repatriated.
been due to the fact that the 60-day rate for accept- reasons much of these funds has
Both New York and British bankers expect the
/
ances was on Thursday lowered 1 8 of 1% in both the
London to reach
bid and the asked columns, bringing them to the gold movement from New York to
after the turn of the year.
level of the 90-day rate. The posted rates of the considerable proportions
the Bank of Eng2
1
/
American Acceptance Council are now 4 % bid According to London dispatches
to the money market that it
and 4% asked for bills running 30 days;4% bid and land has intimated
at its lower level
2
1
/
/
378% asked for both 60 and 90 days; 4 % bid and expects support for the Bank rate
% and unless there should be another general downward
2
1
/
470 bid and 4
4% asked for 120 days, and 4y
and renewed
asked for 150 and 180 days. The Acceptance movement in Continental money rates
for call loans heavy foreign buying of sterling bills, such support
Council no longer gives the rates
of the money
secured by acceptances, the rates varying widely. will be possible. The whole aspect
such an extent
Open market rates for acceptances have also been situation in London has improved to
London open
altered in the particular mentioned and are now as that a new downward movement in
end of the year is
market discount rates after the
follows:
considered highly probable. Despite the recent
SPOT DELIVERY.
—120 Days—
—150 Days—
—180 Days—
holdings of the Bank of England,
Bid. Asked. increase in the gold
Bid. Asked.
FM. Asked.
4
434
434
431
Prime eligible bills
the total is still £9,266,000 under the Cunliffe mini—30Daps—
—60Days—
—90Days—
market infers
Bid. Asked. mum of £150,000,000. The London
Bid. Asked.
Bid. Asked.
4
434
314
4
314
4
Prime eligible bills
that the Bank observes no hard
from recent events
FOR DELIVERY WITHIN THIRTY DAYS.
con434 bid and fast rule regarding the gold reserve, but
Eligible member banks
434 bid
Eligible non-member banks
it desirable to conform as nearly as possible
siders
with the Cunliffe recommendation. From present
On Dec. 19 the Federal Reserve Bank of Kansas indications this figure will be attained very soon,
City reduced its rediscount rate on all classes of even though France and Germany are also desirous
2
1
/
paper of all maturities from 5% to 4 %, effective of adding to their gold holdings. This week the Bank
Dec. 20. There have been no other changes this of England shows an increase in gold holdings of
week in the rediscount rates of the Federal Reserve £3,299,921, the total standing at £140,734,339,
Banks. The following is the schedule of rates now which compares with £155,507,575 on Dec. 20 1928.
in effect for the various classes of paper at the This week the Federal Reserve Bank of New York
different Reserve Banks:
accounts for a shipment of $21,024,000 gold to
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES England.
On Saturday the Bank of England sold
AND MATURITIES OF ELIGIBLE PAPER.
and bought £4,400 in gold bars and exported
£15,507
Rate in
£4,000 in sovereigns. Saturday's dispatches stated
Previous
Date
Effect on
Federal Reserve Bank.
Rate.
Established.
Dec. 20.
that in addition to the gold coming from New York
5
Nov. 21 1929
434
Boston
£2,250,000 in sovereigns were en route to London
5
Nov. 15 1929
434
New York..
434
July 26 1928
5
Philadelphia
from Argentina. Of this amount £750,000 were due
434
Aug. 1 1928
5
Cleveland
434
July 13 1928
5
Richmond
to arrive on Dec. 17, and £500,000 in each of the
5
Dec. 10 1929
434
Atlanta
5
Nov.23 1929
454
Chicago
454
following three weeks. A total of £543,000 in gold
July 19 1928
5
Bt. Louts
434
May 14 1929
5
Minneapolis
5
Dec. 20 1929
bars. from South Africa and £500,000 in sovereigns
434
Kansas city
434
Mar. 2 1929
5
Dallas
5
Dec. 6 1929
434
was due in London on Saturday last, and during the
Ban Francisco
present week £586,000 in gold bars is expected to
Sterling exchange has been irregular, but in the arrive from South Africa. On Monday the Bank of
main firm at quotations which lead to the expectation England received £1,500,000 in sovereigns, sold
in gold bars
of further gold transfers from New York to London. £8,571 in gold bars, and bought £480
gold coin. On Tuesday the bank
Exchange on London has been in demand and and £22 in foreign
availbankers are inclined to believe that this demand bought £365,500 in gold bars of the £544,000
.
market and received £226,000 in
will gather force until the end of the year with the able in the open
from abroad, and exported £2,000 in
increasing necessity for making transfers to Europe sovereigns
On Wednesday the bank received
as a seasonal matter for purposes of year-end settle- sovereigns.
has been from 4.87% to £464,662 in sovereigns from abroad and bought
ments. The range this week
4.87 15-16 for bankers' sight, compared with 4.873/ £11 in foreign gold coin. On Thursday the Bank sold
to 4.88 last week. The range for cable transfers has £37,808 in bars and exported £2,000 in sovereigns.
been from 4.881 to 4.88 5-16, compared with On Friday the Bank received £30,000 in sovereigns
%
4.88 to 4.88 15-16 a week ago. The Bank of England from abroad and bought £4,010 in gold bars, and
continues to increase its gold holdings, but one £6 in foreign gold coin.
At the Port of New York the gold movement for
important source of its gold supply is now cut off
owing to the decree of the Argentine government the week Dec. 12-Dec. 18, inclusive, as reported
closing the Caja de Conversion, thus placing an by the Federal Reserve Bank of New York, consisted
embargo on gold exports. Since the first of the year of imports of $998,000, of which $950,000 came from
approximately $40,000,000 in gold has been sent Colombia, and $48,000, chiefly from other Latinfrom Buenos Aires to London. London dispatches American countries. Exports totaled $33,499,000,
state that even apart from the large gold imports of which $21,024,000 was shipped to England,
and the lower Bank rate which went into effect last $11,000,000 to France, $1,334,000 to Germany,
week, the outlook for the London money market is $128,000 to Mexico, and $13,000 to India. The
better than for a long time past. London bankers Reserve Bank also reported an increase of $3,001,000
3854
FINANCIAL CHRONICLE
in gold ear-marked for foreign account. In tabular
form the gold movement at the Port of New York
for the week ended Dec. 18, as reported by the
Federal Reserve Bank of New York, was as follows:
[Vol.. 129.
of 117,024,000 francs, bringing the total as of Dec. 13
to 41,248,433,000 francs, the highest in the history
of the bank. This compares with 31,722,109,000
francs on Dec. 15 1928.
GOLD MOVEMENT AT NEW YORK,DEC.12
-DEC.18,INCLUSIVE.
German marks are firm and ruling at rates which
Imports.
Exports.
increase the probability of gold exports to Germany.
$950,000from Colombia
$21,024,000 to England
As noted above, a shipment of $1,334,000 in gold
48,000 chiefly from other Latin
11,000,000 to France
American countries
1,334,000 to Germany
was made to Germany during the week. Money
128,000 to Mexico
13,000 to India
rates continue high but there is every indication
that German borrowings in the United States will
$998,000 total
$33,499.000 total
Net Change in Gold Earmarked for Foreign Account.
increase to a point where some ease may be expected
Increase $3,001,000
in the German money markets. At present the
Canadian exchange continues at a discount though, firmness is partly seasonal due to year-end pressure,
as during last .week, less unfavorable to Montreal but after the end of the year it is believed that
than in the recent past. The improvement in Can- there will be a noticeable easing in credit conditions
adian dollars is expected to last until the year-end and that the Reichsbank will probably reduce its
and possibly into January. The present improvement rate of discount.
is considered to result from a large volume of proThe London check rate on Paris closed at 123.88
vincial government and public utility financing, on Friday of this week, against 123.92 on Friday of
which is causing a flow of funds that overbalances the last week. In New York sight bills on the French
movement of money to New York, where the rela- center finished at 3.93%, against 3.93% on Friday a
tively inactive stock markpt and easier money fail week ago; cable transfers at 3.943/s, against 3.93%;
to draw large amounts of Canadian funds. It is and commercial sight bills at 3.933/2, against 3.933.
thought in some quarters that the present appre- Antwerp belgas finished at 14.00 for checks and at
ciation may carry the Montreal rate above the gold 14.01 for cable transfers, against
13.993/ and 14.003'.
export point to New York, usually calculated at Final quotations for Berlin marks were 23.95 for
3-16 of 1% discount. On Saturday last Montreal checks and 23.96 for cable transfers, in comparison
funds, noon rate, were at 29-32 of 1% discount; on with 23.94 and 23.95 a week earlier. Italian
lire
Monday, at 25-32; on Tuesday at 23-32; on Wednes- closed at 5.23 7-16 for bankers' sight bills and
at
day and on Thursday at 9-16, and on Friday at % 5.23 11-16 for cable transfers, against
5.239' and
of 1% discount.
5.23% on Friday of last week. Austrian schillings
Referring to day-to-day rates sterling exchange on closed at 143. on Friday of this week, against 143
Saturday last was firm. Bankers' sight was 4.87 11-16 on Friday of last week. Exchange on Czechoslovakia
@4.87 15-16, cable transfers 4.883g@4.88 5-16. On finished at 2.97, against 2.96%; on Bucharest at
Monday the market was quiet but irregular. The 0.603/2, against 0.60%; on Poland at 11.25, against
range was 4.87 11-16@4.87% for bankers' sight and 11.25; and on Finland at 2.52, against 2.52. Greek
4.88 7-32@4.88 5-16 for cable transfers. On Tues- exchanges closed at 1.30% for checks and at 1.30%
day the market was somewhat easier. Bankers' for cable transfers, against 1.303' and 1.303/2.
sight was 4.87%@4.87%; cable transfers 4 883.'@
.
4.88 3-16. On Wednesday the market continued unThe exchanges on the countries neutral during the
changed in tone. The range was 4.87 21-32@4.873 war continue firm and show little change from a
4
for bankers' sight and 4.883@4.88 3-16 for cable week ago. The Scandinavian units have held the
transfers. On Thursday sterling was fractionally firm ground gained last week and at present are
higher. The range was 4.87 11-16@4.87 15-16 for supported by the general improvement in all Conbankers' sight and 4.883@4.88 9-32 for cable trans- tinental exchanges resulting from the radical change
fers. On Friday the market continued firm; the in conditions in international money markets. The
range was 4.87 11-16@4.87% for bankers' sight and firmness in the neutrals, like that of all the Conti4.88 3-16@4.88 9-32 for cable transfers. Closing nental exchanges, is largely the result of sympathetic
quotations on Friday were 4.87 13-16 for demand reaction to sterling exchange. Exchange on Amsterand 4.883 for cable transfers. Commercial sight dam, while receding from the higher levels quoted
bills finished 'at 4.873/; sixty-day bills at 4.83 5-16; last week, is nevertheless firm. Guilder cable trans2
ninety-day bills at 4.81 7-16; documents for payment fers sold this week generally around 40.34, which
(60 days) at 4.83 5-16, and seven-day grain bills at compares with dollar parity of 40.20. The weakness
4.86 15-16. Cotton and grain for payment closed displayed by guilders this week is only relative and
at 4.87%.
is due largely to the transfers of idle Dutch funds
to other markets, especially to the German centers,
The Continental exchanges have been somewhat where better yields are to be had for credit accomirregular, though higher all around. Aside from modation. Spanish pesetas have been weak, in part
the fact that European funds have been returning as the result of speculative operations.
to the other side since October as a result of the
Bankers' sight on Amsterdam finished on Friday
changed conditions in security markets here, this at 40.31 against 40.333 on Friday of last week;
movement is now slightly accelerated owing to the cable transfers at 40.33 against 40.353's; and comapproach of year-end requirements in European mercial sight bills at 40.27 against 40.293/2. Swiss
centers. French francs have been especially firm francs closed at 19.443/ for bankers' sight bills and
and in demand. This week, as noted above, the at 19. 53/i for cable transfers, in comparison with
4
Federal Reserve Bank of New York accounts for a 19.423/ and 19 433/i a week earlier. Copenhagen
2
.
shipment of $11,000,000 in gold' to Paris. Banking checks finished at 26.82 and cable transfers at 26.84,
circles seem to be of the opinion that Paris will draw against 26.82 and 26.84. Checks on Sweden closed
very heavily on New York gold. This week the at 26.97 and cable transfers at 26.99, against 26 9
. 63/2
Bank of France shows an increase in gold holdings and 26.
983/2; while checks on Norway finished at
Dnc. 21 1929.]
FINANCIAL CHRONICLE
3855
Exchange on the other South American countries
26.80 and cable transfers at 26.82, against 26.79
conand 26.81. Spanish pesetas closed at 13.81 for suffered more or less as a consequence of the
Argentine exchange, although
checks and at 13.82 for cable transfers, which com- ditions surrounding
the currency of each South American country is
pares with 13.84 and 13.85 a week earlier.
confronted with its own local problems. The decline
here last week.
Exchange on the South American countries has in Brazilian rnilreis was discussed
is of The Peruvian government, as was announced on
been inclined to marked weakness. Argentina
uppermost importance owing to the decree of the Thursday, has taken steps to protect its currency
Argentine Government closing the Caja de Conver- in world foreign exchange markets. A decree has
sion, or Government Conversion Office, which means been issued making it obligatory to settle all sales
the practical abandonment of the gold standard. and business contracts in Peruvian currency. This
The conversion office had been open since August 29 follows the drastic action of the government a few
1927, when the currency was returned to the gold days ago forbidding the purchase of foreign sestandard following the war. The present action was curities by all Peruvian banks and branches of foreign
taken as a result of the heavy gold export during the banks and liquidation of any present holdings. At
last few months from Buenos Aires to New York and the same time a loan for protecting exchange was
London. On Monday the paper peso was quoted at secured from the Banco Italiano of Lima. Argentine
41.41, but in Tuesday's market the decree sent the paper pesos closed on Friday at 40 7-16 for checks,
peso down to 39.25 bid, 40.00 asked, with no trading as compared with 41.30 on Friday of last week and
/
being done. The lowest price quoted in Buenos at 401 2 for cable transfers, against 41.35. Brazilian
Aires was 38.60 and the currency closed there on milreis finished at 11.22 for checks and at 11.25 for
Tuesday at 40.25. The closing of the conversion cable transfers, against 11.47 and 11.50. Chilean
office was the second step taken recently by Presi- exchange closed at 12 3-16 for checks and at 12% for
dent Irigoyen to stop the drain of gold. Since the cable transfers, against 12 3-16 and 123; Peru at
beginning of 1929 Argentina has lost approximately 3.89 for checks and at 3.90 for cable transfers, against
$112,000,000 gold, of which about $72,000,000 has 3.94 and 3.95.
been shipped to the United States. Of this amount
The Far Eastern exchanges show little change from
approximately $57,000,000 was received in the
the President of recent weeks. The Chinese units have for a long
United States since June. Recently
the republic authorized the discounting of bills up to time been easy owing to the low ruling prices of silver.
a total of $200,000,000 paper pesos in an attempt to Japanese yen are firm. In a recent address Finance
relieve the money market in Buenos Aires against Minister Inouye said, "leading banks in Japan have
the gold outflow. The measure has so far, it is under- shown a determination to support the policy of the
stood, been ineffective except to bring the gold ratio government and the Bank of Japan on the gold ban
closer to the legal minimum of 40%. Deprived of removal. They have reached an understanding with
the support of gold export the peso will come solely the government not to send much capital out of the
under the influence of the trade balance, and inas- country. Such being the case, I do not believe that a
much as Argentina has been experiencing a sharp re- large amount of gold will leave Japan on the lifting
duction in its export balance and as foreign loans of the embargo. I chose January 11 on the basis of
have been lacking, the peso, it is thought, will un- the present exchange situation. I thought also that
doubtedly suffer a'period of weakness in the immedi- it would add to the financial stability of the country
if the date were to be known in advance. Up to the
ate future.
CERTIFIED BY FEDERAL RESERVZ
The decree putting an embargo on Argentine gold FOREIGN EXCHANGE RATES UNDER TARIFF At*TS OF 1922
BANKR TO TREASURY
DEC. 20 1929, INCLUSIVE.
DEC. 14 1929 TO
exports was reflected at once in lower quotations for
Noon Buying Rate for Cable Transfers to New Tort
Argentine government bonds and railway securities
Value to United Slates Money.
in the New York, London, and Continental markets. Country end Monetary
Unit.
14. Dec. 16. Dec. 17. Dec. 18. Dec. 19. Dec. 20.
Dec.
London as well as New York bankers regard the
a
I
$
EUROPE
140620 .140635 .140622 .140634 .140607 .140657
Austria.schilling
closing Of the conversion office as a retrograde step. Belgium. beige
.139968 .139975 .139971 .139985 .139998 .140002
007217 .007227 .007212 .007227 .007227 .007232
In a recent dispatch, R. Foster, director of the Bank Bulgarhz, ley krone .029672 .029668 .029677 .029678 .029682 .029691
Czechoslovakia,
.268361
Denmark, krone
of London and South America, commenting on the England, pound ster- 268360 .268432 1 .268392 .268343 .268344
ling
the gold exports Finland, markka._---4.882024 4.882595 4.881154 4.881209 4.881857 4.882065
situation, pointed out that despite
.025165 .025170 .025171 .025170 .025166 .025172
.039385 .039394 .039399
039386
France. franc
the gold position is still very strong. The gold reserve Germany, relchsmark .239496 .039386 .039382 .239463 .239511 .239515
.239552 .239467
.012997 .012993 .012995 .012995 .012999
.012995
in the Caja de Conversion is now approximately Greece. drachma
.403589 .403663 .403561 .403438 .403397 .403317
Holland, guilder
.175130
.175107 .197096 .175078 .175094 .175160 .052351
gold pesos. The Caja held about 450,- Hungary, Peng°
423,000,000
.052364 .052365 .052356 .052348 .052352 .368203
Italy. lira
.268097 .268172 .268142 .268144 .268150
Norway, krone
000,000 gold pesos at the time Argentina returned to Poland,zloty
.112044 .111983 .111994 .111977 .111972 .112075
.045083 .045100 .045050 .045116 .045116 .045116
escudo
005963 .005965 .005962 .005967 .005975 .005981
the gold standard and subsequent imports brought Portugal, leu
Rumania.
.137988 .138711 .138484 .138490 .138077 .137894
Spain. peseta
.269871 .269850 .269850 .269818 .269773 .369802
this to a high point of 504,000,000 pesos in August, Sweden. krona
.194527
Switzerland. franc.. .194396 .194422 .194469 .194473 .194501 .017733
.017714 .017715 .017716 .017723 .017732
1928. Other banks in Argentina held sufficient metal Yugoslavia, dinar
ASIAat that date to make the total 622,000,000 gold pesos. China- tael
565208 .565000 .565208 .562916 .557500 .553333
Chalon,
.558437 .557656 .557500 .555625 .549887 .547187
Hankow,
The chief difficulties surrounding Argentine exchange Shanghai,tael
.544285 .543160 .542946 .540625 .535535 .535535
tael
.561458
are attributed to two principal factors-the small Tientsin,taeldollar_ .573958 .573750 .573541 .571875 .565625 .421339
.426696 .426696 .426696 .425178 .422857
Hong Kong,
Mexican,dollar _ _ .393437 .392500 .392500 .390312 .385937 .385625
size of the current wheat crop and the total absence of Tientsin or Pelyang
394583 .394168 .393333 .391666 .387916 .387083
dollar _
foreign loans during the past year due to the un- Yuan, dollar
.391250 .390833 .390000 .388333 .384834 .383750
363446 .363260 .363875 .363932 .364017 .364032
in the New York and India,rupee
favorable conditions prevailing
.489500 .489800 .489968 .489875 .489812 .489750
Japan, yen_
Singapore (8.13.) dollar .560416 .560416 .560416 .559791 .559791 .559791
London markets for foreign long-term securities. NORTH AMER.- .991154 .991692 .992343 .993497 .994076 .993072
Canada, dollar
999300 .999300 .999237 .999237 .999237 .999268
This has created a large balance of payments against Cuba, peso
.479825 .479950 .480500 .480625 .480275 .480325
Mexico. peso
country. The situation was made more difficult, Newfoundland, dollar .988592 .989237 .990000 .991155 .991487 .990062
the
SOUTH AMER.Argentina. peso
according to the government statements, by con- Brazil, milrels (gold) .940803 .940290 .886098 .910199 .911554 .911764
00
.112720 .113050 .112660 .110275 .109080 •1079
120862 .120867 .120855 .121280 .121286 .121079
sistent speculative selling of peso exchange and the Chile. peso
953654 .952821 .931109 .920731 .922894 .922894
Uruguay. peso
.963900 .083900 .983900 .9630041 Ansoon .983900
Colombia. n.s.
withdrawal of gold on an exchange basis.
3856
FINANCIAL CHRONICLE
present the government has held huge amounts of
specie abroad, but I do not think this proper.
Therefore the government has decided to entrust to
the Bank of Japan the task of maintaining specie
reserves abroad and of controlling exchange fluctuations." Closing quotations for yen checks yesterday were 49.00@493', against 48 15-16@49/.
Hongkong closed at 42/@43, against 42%@43/;
3
3
Shanghai at 3%, against 54Y8@54%; Manila at
50, against 50; Singapore at 56 7-16@563/2, against
56 7-16@56%; Bombay at 36 9-16, against 363/2,
and Calcutta at 36 9-16, against 363/
2
.
[VOL.129.
lation of programs by Italy and France, we are in a
position to see how considerably the scope of the
Conference has widened since the suggestion of an
armament reduction agreement was first brought
forward.
It was, apparently, the idea of Mr. Hoover and
Mr. MacDonald, when the diplomatic interchanges
between the American and British Governments
began, to anticipate the reconsideration of the Washington Treaty which would regularly come up in
1932 by arranging for a substantial reduction, by
the five leading naval Powers, of such classes of
naval armament as the Washington Treaty did not
Owing to a marked disinclination on the part of cover. Without disturbing the theoretical parity
two or three leading institutions among the New which the Treaty established between Great Britain
York Clearing House banks to keep up compiling and the United States, or the 5-5-3 ratio to which
the figures for us, we find ourselves obliged to dis- Japan was the third party, it seems to have been
continue the publication of the table we have been thought possible to reduce the actual basis of Anglogiving for so many years showing the shipments and American parity by reducing the number of
British cruisers to which the United States would
receipts of currency to and from the interior.
theoretically have to build up, and at the same time
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is also no longer reduce and limit, among all five Powers, the tonnage
possible to show the effect of Government operations in cruisers, submarines and other war vessels. The
in the Clearing House institutions. The Federal Washington agreement, in other words, was to reReserve Bank of New York was creditor at the Clear- main undisturbed, at the same time that large
reductions and limitations would be effected in total
ing House each day as follows:
naval strength.
DAILY CREDIT BALANCES OF NEW Tom FEDERAL RESERVE BANE
AT CLEARING HOUSE.
The discussions which have gone on in the interIlaturdag. Monday. Tuesday, Wednestry. 77sursday. Friday.
vening months have shown that the problem, while
Aggregate
Dec. 14. Dec. 16. Dec. 17. Dec. 18. Dec. 19. Dec. 20.
for Week.
not at all insoluble, was not quite so simple. We
$
$
$
$
$
$
$
169,000,000 183,000,000 240,000,000 172.000,000 155,000.000 156.000.000 er. 1,075,000,000 know now that in, the interviews between
Mr.
Note.—The foregoing heavy credits reflect the huge mass of checks which come Hoover and Mr.
MacDonald, during the latter's visit
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing to Washington, the questions of the freedom of the
House institutions, as only the Items payable In New York City are represented
the daily balances. The large volume of checks on institutions located outside of seas and the British naval bases in the West Indies
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 and elsewhere were raised, and that on the first of
Bank for collection for the account of the local Clearing House banks,
these questions the United States and Great Britain
were not in agreement. The actual amount of reducThe following table indicates the amount of bultion in naval tonnage presented difficulties, and a
lion in the principal European banks:
matter of some 30,000 tons, representing two or three
cruisers, still remains to be adjusted between the
Dec. 20 1928.
Dec. 11 1929.
Ranks of
Gold.
two Powers. Japan early let it be known that while
Silver.
Total.
Gold.
Silver.
Total.
£
• E
its attitude toward a conference was friendly and
£
£
£
£
England__ 140,734,399
140,734,399 155,507,575
155,507,575
329,987.468253,776.876
France a_ _ 329,987,468
d
d
253,776,876 hopeful, it desired a revision of the 5-5-3 ratio in
c994,600105,861,950130,236.500
Germany b 104,867,350
994,600131,231,100
Spain
102,593,000 28,287,000 130,880,000 102,360,000 27,866,000130,226,000 cruiser and other tonnage to something like 5-5-3.5,
Italy
56,018,000 54,530,000
56,108,000
54,530,000
37,292,000 36,215,0001 1,881,000 38,096,000 thereby raising its own percentage to 70% instead
Netherrds 37,292,000
Nat. Bela. 31.462.000 1,286,000 32,748,000 23,700,0001 1,266,000 24,966,000
18,914
1,902,000 20,816,000 of the present 60%. France, Italy and Japan chamSwitzeri'd. 22,449,000 1,108,000 23,557,000
13,359,000 13,134,0001
Sweden__ _ 13,359,000
13,134,000
361,000 9,942,000 9,600.0001
Denmark _ 9,581,000
491,000 10,091,000 pioned the submarine,
which the United States and
Norway __ 8,151,000
8.151,000 8 162 0001
8.162,000
. .
Great Britain, it was understood, would like to see
Total week 856,494,217 32,036,600,888,530,817806,135,951 34,400,600 840,536,551
Prey. week 851,627,936 32,198,600'883,826,536 805.109,2081 34,496,600039,605,898
abolished, and an active debate went on between
a These are the gold holdings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held those who felt that the battleship had become an
abroad, the amount of which the present year is £4,789,400. c As of Oct. 7 1924.
d Silver Is now reported at only a trifling sum.
antiquated type of vessel and those who believed that
it should on no account be discarded.
Preliminaries of the London Conference—The
It now seems unlikely, in other words, that the
Visit of the Japanese Delegation.
Washington Treaty will come out of the London
The arrival at Washington of the Japanese dele- Conference without more or less substantial modifigation to the London Conference, and the discussions cation. The reports of the discussions at Washingwhich have taken place between the Japanese and ton, supplemented by dispatches from Tokio on
American delegates, are a reminder of the near ap- Thursday, indicate pretty clearly that Japan, while
proach of a meeting at which the question of reduc- perhaps not disposed to insist upon a hard and fast
ing and limiting naval armaments among the five 70% for cruisers, will insist upon some substantial
leading naval Powers will once more be under de- increase in its present allotment of tonnage either
bate. It was not to be expected that the Japanese, for cruisers, or for other classes of vessels, or for all
notably cautious always in matters of diplomacy, combined, and that it will also side with those
should have made known at this time the details of Powers that favor the continuance of the submarine.
the demands which the Japanese Government will The submarine is most effective, of course, when it
urge upon the Conference, but enough of what was can operate from a nearby base, and the position of
said at Washington has come out to indicate pretty Japan in the Pacific makes the submarine, in its
clearly some of the things that Japan is disposed view, a peculiarly useful weapon of defense in any
to ask. Taken in connection with recent discussions Pacific war in which it may be involved. On the
in England and the reported progress in the formu- other hand, any material increase in the Japanese
DEC. 21 1929.]
FINANCIAL CHRONICLE
3857
tonnage, whether by classes or as a whole, would portant a member of the Conference as is any of
alter the present balance of naval strength in the the other Powers, and its wishes, we feel confident,
Pacific area, and it has already been intimated that will be respected.
The interviews between the Japanese and Amerisuch a change would at once necessitate some change
in American and British policy regarding naval can delegations at Washington have provoked some
bases and cruiser strength in the Pacific. A further criticism in France, and led to intimations that an
objection to the submarine is the desire of the Anglo-American agreement was developing into a
United States toinsure complete protection to neutral three-Power bloc in advance of the meeting at Lontrade in time of war, the submarine being one of the don in January. There is no evidence that Japan
most dangerous enemies that commerce might expect has undertaken to act in concert with the United
to meet. The restraining factor in the case of Japan States and Great Britain save in cordial efforts to
is the need of economy. With approximately 50% make the Conference a success, and talk about an
of its annual expenditure devoted to defense pur- American-Japanese alliance of any kind seems
poses, Japan is naturally anxious to see its need for absurd. It was only natural that the Japanese
replacing or building battleships and cruisers di- delegation, journeying to London by way of the
minished, at the same time that it sees a possibility United States, should stop at Washington to pay
of getting more for its money if it may build as its respects, and that while there it should talk over
many submarines as it thinks it needs. It is im- the subject-matter of the Conference with the Amerportant to note, however, that Japan does not ask ican delegates. The substance of the conversations,
for unlimited submarine tonnage, but appears ready as far as made known in press dispatches, went to
to accept such equitable restriction as the other show that Japan still held to its demand for all
increased tonnage ratio and that it looked favorably
Powers will agree to.
Another factor which makes for uncertainty has upon the submarine. As both of these points differ
been introduced into the preliminary discussions by from what is understood to be the view of the
the reported disposition on the part of France to Administration, it seems probable that what was
regard the London Conference as only preliminary accomplished was merely in the direction of clearins
to a consideration of the whole question of disarma- the air by letting the American Government knaw
ment, land, sea and air, by the League of Nations. what Japan wants.
It has more than once been pointed out that as
The contention is not a new one. Before the invitation to the London Conference had been sent out, the date of the meeting of an internationil conferFrance let it be known informally that it regarded ence approaches, doubts and fears tend to multiply.
the question of armament reduction and limitation Something of that tradition, perhaps, appears in
as indivisible, and that while it was prepared to the European references to the London Conference
consider the possibilities of naval limitation, such that have been made in certain quarters of late. The
limitation could only be treated with reference to better explanation, we think, and at the same time
armament limitation as a whole. The question was one that seems quite obvious, is that the Powers
held in abeyance by the Ministerial crisis which pre- concerned are busily engaged in preparing for the
ceded the formation of the present Tardieu Govern- parley, that each is preparing its case as carefully
ment, but it is now reported to hold a fundamental and comprehensively as possible, and that free displace in the program of procedure at London which cussion of difficulties and obstacles is being carried
the Tardieu Government is actively engaged in draw- on as a proper method of expressing and testing
ing up. M. Briand in particular has been insistent public opinion. It is well that the experts should be
that the function of the League shall not be lost heard, whatever their shades of opinion, and that
sight of in the disarmament debate, and that if dis- those who look with suspicion upon all efforts at
armament is to be brought about, it is the League armament reduction should be given the same opporthat must accomplish it, while Premier Tardieu was tunity to express their dissent as is accorded to those
reported on Wednesday to have assured a commis- who take the opposite view. The preliminary desion of the Chambers that "no final decisions would bates will have served a useful purpose if they enable
the Conference to assemble in an atmosphere of
be taken" at London.
The attitude of France is disturbing because it genuine good will, and with a determination to
suggests that France, while doubtless prepared to spare no effort to reach common ground in principle
agree -to some substantial naval reduction at London, and achieve practical results in practice.
may do so only provisionally, with the understandBusiness in the Coming Year.
ing that what is done at London must be approved
Custom teaches us to speculate, at this point of
at Geneva. The natural consequence of such a provisional agreement, apparently, would be to throw time in our affairs, as to prospects. What will the
the whole subject back into the hands of the Prepara- new year bring us—success or failure, advance or
tory Commission of experts whose efforts turned retrogression, gladness or sorrow, peace or turmoil?
out to be so dismal a failure. We may be sure that In truth, we do not know—no one knows. The curthe United States will oppose such a reference of rents of life sweep us on; we cannot control them.
the question if it is raised; indeed, the Department In business, and that is one of our first anxieties,
of State announced some weeks ago that the United we try to fathom the future. But domestic and
States regarded the London Conference as an en- foreign trade are so interwoven that beyond a certirely independent matter, and that its decisions tain inevitable activity we cannot read the riddle.
must become effective by action of the Conference Placing our own industry, of which we realize we
without approval or ratification by any other body. are but a part,in the midst of this complicated probThe British position is less certain, for Prime Minis- lem of human effort, we strive to forecast the tendter'MacDonald and Foreign Minister Henderson are encies, to foresee the shoals and rapids, but we can
almost as devoted adherents of the League as is arrive at no certain knowledge. It is not that a
M. Briand, but the United States is at least as im- single year is so long a period of time, rather that
3858
FINANCIAL CHRONICLE
[VOL. 129.
at any month or moment of its progression there are more perfect? And will not this come about by the
unseen forces impinging, there are hidden causes very absence of booms and bracers. It is not satisforming, there are unfelt changes pressing. In our factory to the thinking business man'to feed his
own country, in every country of earth, millions of mind on such proverbs as "business is fundamentally
men are thinking and planning for current and con- sound," "the farms and factories and the people are
tinued "business"—that means by which we live. still here." To be sure, they are. But what are the
And, though some may deny it, they operate under people going to do? Concentrate •their efforts, or
but one law—the greatest good to the greatest fly kites at new theories? Are they going to regularize and intensify their particular business, or buy
number.
A strange mixture! The earth a vast ant-heap of stocks in chain enterprises that will destroy their
toilers. Why do men produce, make, distribute, use, own stores and farms? In less than a decade we
consume? To fulfill the law of life! And therein, have leaped ahead forty or fifty years. The thing
no matter what has gone before, lies one answer to now to do is to pause and consider. Capital, perour query. Above all things else, the New Year is haps, will not be so brash as it has in the past. It
Opportunity! What one has done may be done will come home to the ordinary. It will be willing
again. The actual needs of these millions, here, to wait for returns. It will lose some of its egotism,
there,everywhere, never die out. They may diminish arrogance, and—imbecility.
Having anticipated our normal needs, say in capthrough necessity, scarcity; they are ever the same
urgent call to acumen and energy. Looking back- ital structure, for some time ahead, it is but reaward, each over his own industry, we may dismiss, sonable to believe there will be fewer mergers in
in part, the incidents, the profits and losses, and this year than in the past several years. Why this
concentrate on organization. Is the plant flexible, sudden strain and stress in a few years? Was it
is it builded to respond to ensuing unknown con- the expected crest and crux of a legitimate, orderly,
ditions; or is it over-extended in one direction, or so and even development of all trade? No, it was adfixed in its routine work that it cannot meet the mittedly lopsided. Ordinary plants were not extendnew demands as they come, the new fashions or ing, as a rule. In fact, they were not yet entirely
wants as they vary? It is not a proverb, though out of war's expansion. Certain luxuries and seminearly so, that he who gains the market first wins. luxuries were consuming inordinate amounts of
The great underlying industries, though producing wages and profits. And these luxury-producers, in
in a narrow field, are affected by the fluid changes large part at least, set the fashion for combination
at the extreme end of the line. And inasfar as pos- and consolidation and merger. Railroad mergers,
sible, they must heed. For example, a steel plant by law, were under way, but almost none of imwill not shut down because structural steel for portance were effected. Light and power, by the
buildings promises to slacken, but turn toward rails very extension and intersection of wires, were natuand cars, that give indications of increase.
rally thrown together and many mergers made. But
We are not seeking to suggest action but to many industrial mergers apparently were neither
uncover laws. No matter how small a business may justified by proposed savings nor induced by internal
be or whether wholesale or retail, because of well- needs. Looking over the field it appears that
known conditions there is an element of doubt as fashion, craze, call it what you will, gripped the
to the future. This is not a time for sloth or despair. country and get-rich-quick manipulation followed.
The year 1930 is as good a year, in essentials, as
Now a general business shock sets all men thinkany that has passed. The vast fabric of business is ing. There is to be no frenzied market for these
intact. There may be a few holes in its bright spots. merger-securities. Consequently there will be fewer
But on this flying carpet millions have advanced to emitted. Such accumulated capital over and above
fortune and millions will again. We may leave the normal need will seek out new means of investment
metaphor and say that the great divisions of agri- along normal lines—not necessarily in broad extenculture, manufacture and transportation have as sions of what we have but in lines that still minister
good a chance as they have ever had. It is not the to necessities of frugal, economical life, as against
same kind of a chance, but it can easily become a one of extravagance and frivolity. Sober planning
better one—a chance to gauge normal protection to for the immediate years to come suggests this. Is
normal need.
Opportunity lacking here? No; the opposite. But
If the last year has taught us anything—and the it is not a get-rich-quick kind of opportunity. It is
truth applies over the whole field of business—it is not a chance to skim the cream off bloated sensithat there has been a feverish haste in all that we tivities of sitting on the top of the world and enjoyhave done. We have anticipated too fondly and ing wages to live "as good as anybody." It is not a
acted too quickly. A certain influence, known to chance to gather gold from ill-gotten gains of
everyone, has been on us unawares. We may have gambling, either direct or indirect. It is a chance to
had nothing to do with it directly. But it dilated add cheaper comforts to the home and a more helpful
our eyes and we saw more in our own business than service to the individual, because more in accord
was normally there. Again, it must be pointed out with a normal, frugal, self-sustaining and self-satisthat the tremendous interacting trade, touching 'fying life. Is there a market waiting? There are
every individual, and the world, is still intact in the literally millions who have not been able to enjoy
main and nourishing humanity as of old.
needed things because other millions by their eccenCan it be doubted, then, that a slower, steadier tricities have drawn capital out of its straight
world-business will make profits for more men, Course.
firms, corporations, than that which has prevailed?
Therefore the new business of the coming years,
And the man who can see his own way clear to "stock if our reasoning is right, is going to be a better kind
up and sell," let us say, is the man who will conquer of business in. general and even service, and a safer
adverse circumstances. What difference can a few and surer business for those who have the guidance
billions of dollars in volume make if distribution is of capital and enterprise. It is not in the American
DEC. 21 1929.]
FINANCIAL CHRONICLE
3859
one can say there is not contagion in health, that
there is not joy in the joy of others, that there is
not an atmosphere of the spirit in the countless gifts
that pass from hand to hand on this day of universal
giving. Nor is it too much to say that the influence
of this custom continues throughout the year.
As the flower from the wood springs this giving
from the gold of wealth. As the flame from the
flint springs this delight from effort. Work and
production and trade are all transformed into the
spiritual. If but for a day the toil and moil are
foregone, and gaining is forgotten in giving, the lesson is imperishable. For of what good is accumulation save it be for the larger gain of greater power
and larger usefulness? And how shall the miser,
counting his gains, know the blessing of surrender?
Christmas!
It is the day of the Wise Men and the Star; of the So shall this one day of goodwill leaven the year,
Child, in His lowly birthplace, and the angels sing- and so shall the institutional giving of the rich
ing in the skies. "Glory to God in the Highest, and uplift the race. Looking down on the closed marts
on earth peace to men of goodwill." Far away that we are taught the purpose of our interwoven fabric
mystic event; near and nearer grows that sublime of business. We do and dream that through energy
sentiment. It is the day of carols in the churches and effort we may become a part of the advance.
and of gifts in the homes; of bells ringing out the We give the gift that we may express the goodwill
glad tidings, and of gentle voices breathing the bene- we feel toward life itself. We hail the Day that we
dictions of love. Down through ages of turmoil may join in the vast acclaim and the sublime song.
sweeps the divine spirit; up from the martyrs of a Reason may not explain, but love can unfold that
noble faith gleams the light of the sacred story. And old, old story, whereby men of goodwill find joy in
in it all and through it all, for men of doubt as for service and peace in sacrifice.
We celebrate the names of saint and hero by
men of belief, there runs the magic thrill of reverand gladness, man to man, the creed and class, but on Christmas Day there is unity
ence for goodness
of commemoration, for now it is that goodwill and
wide world around.
Time pauses now, for what is time to a helpful fellowship are the life of remembrance. Legend and
thought? Accomplishment and achievement stay story have woven tradition into reality. Pagan and
their daily march, for what are these to that self- Christian kneel at this immemorial shrine. The
sacrifice which warms the heart of one in need? returning sun of the physical world, the renewal
Pride bows before humility; love laughs in the face of that spiritual life which gave itself to the succor
of loss; hope ascends as the incense of devotion; of the sinful and sorrowing, blend into a communion
and the weary rest in the faith of the fathers. Ever that fills the heart with gladness and the soul with
the old, sweet sentiment bathes a new earth; and serenity. The Day becomes the symbol of human
ever farther spreads the symbolism of the story and love and happiness. And there is no place too
the miracle of the influence. As long as Christmas humble, none too great, that knows not the gentle
lasts life will be better; and in its essential being joy of the Christmas spirit. Nor is the divine
it will last "till the earth grows old, and the leaves assuagement of Beauty forgotten. For in at least a
of the Judgment Book unfold." Where suns are goodly part of the civilized earth there is the snow
hot or snows are cold, in palace and hovel, on land of winter, etching in black and white the wondrous
and on sea, in hearts of evil and in hearts of good, a pictures of nature. In the home the Yule log glows
Something, born of this day, banishes selfishness in the open fireplace, the holly glistens on the wall;
and softens the asperities of human intercourse with from craggy height the tree comes down to lend its
the holiness of goodwill.
evergreen to the eventide of childhood's expectancy;
outer expression of an inner garnished with gifts, woven with tinsel, lighted with
Gifts are but the
feeling. In the universal custom of giving there is a colored candles, and surmounted with a star, the
universal sentiment of goodwill. And where love is, tree is beautiful and benign to tender hearts and
there also is the divine. To think on One who gave a tiny hands, and then there are the processionals and
life to doing good is to ennoble character and absolve hymnals of the worshipers; and in and through it
the soul. The little deeds of lowly lives grow resplen- all, in home and church and mart, there is the Spirit
dent in the spirit in which they are performed. To that gives—and is glorified in giving.
Goodwill!—Not alone the Babe of Bethlehem, but
pause for a single day from the multiform activities
of a material world is to consecrate the heart to a the singing of the angels in the skies. "Goodwill to
spiritual emprise that reveals and restores. Long men!"—What an ineffable choking of glad voices
ago man would have perished were there not within that was above the plain where the shepherds
him that ineffable purpose that guards and guides. watched their flocks! How it has come down
And in the celebration of this day of goodwill, grow- through nineteen hundred years of history to greet
ing and gathering and broadening, there is proof humanity this Christmas morn? Goodwill! Like
of the divine guidance that shall not end. And as the light o'er yon Eastern hill it spreads life and joy
we look forward to what has been designated as "a until every heart has in it the impulse to cry out,
billion dollar Christmas," we are admonished that "Merry Christmas to you!" Yes, to you—neighbor,
the light of life is undying and the true nobility of friend, acquaintance! Love may have a tinge of
man is reflected in the simple deeds that bring joy selfishness, but goodwill is the breath of unconscious
to others. No one so poor as not to express the well-wishing. Millions utter it one to another, and
heart in the gift, and the thought in the thing. No everywhere, everytime, there is a secret thrill, and
mind to despair. We are by nature a buoyant
people. Sometimes we rush ahead without due consideration of the consequences. Sometimes we spend
as recklessly as lavishly. Sometimes we catch the
get-rich-quick fever. But when we learn a lesson
we learn it well. It will take a generation to bring
a new crop of buyers to the Exchanges, that will
throw caution to the winds. "Investment trusts"
will have time to simmer down and determine what
they are really here for. But the regular opportunities of business, of enterprise, of accumulation and
profit-making—they are waiting for the man who
will seize them, not in haste, but in sober earnest.
Business is never dead while men live!
3860
FINANCIAL CHRONICLE
[VOL. 129.
all the world grows more roseate. Spontaneous and Changes" in which it expressed this opinion:
self-forgetful, the inner man, devoid of envy or dis- "There is no advantage, as we see it, in eulogizing
like or hate or calculation, or grasping, speaking! the old unit system or the branch system. There
It throbbed in the heart of writers like Charles Dick- are advantages in each. The peril in too fast a transens, and Bret Harte, and Clement C. Moore, and a formation lies in the speculative element. Holding
host of others, who have given us undying stories.
companies and groups may be formed as a mere
There is that classic by Walter Prichard Eaton incident to a period of excited share speculation or
called "A White Christmas." He had gone from the 'because it is easy to make money in the course of
city to the home of his boyhood in the country. doing. . . . In other words, the newer ideas in
Christmas came, and he set out over the hills to cut banking will prove sound in proportion as they show
the tree, philosophizing, as was his wont, and in the themselves serviceable, to the extent that they are
exultance of the far white morning he felt that the based upon conservative stock valuations and a caretrue Christmas could never come in the grime and ful internal structure." We look upon this "change"
dirt of the city. But at last, seeing and thinking, it which is going on in banking practice as too vital to
came to him that goodwill implied fellowship, and the credit needs of the country to bear trifling with,
that where two were gathered there was wide room or to be regarded with too tolerant a complacency.
for the exercise of goodwill. And then there is that We are glad to notice increased analysis and comdroll story by Christopher Morley of "The Tree That ment on the part of journals that reach the general
Didn't Get Trimmed." No one would buy it, and at reading public. There is a call for legislation, and
last it was cast into a dark cellar, shorn of its public opinion, thus educated, may serve to stay the
branches by the merchant, who later sold the trunk impulse of haste.
to a farmer, who took it home to hang his clothes
The subject is invested with new interest by the
line on. And lo, in time, when the goodwife came discussions in the report of the Comptroller of the
to examine it in the spring it was covered with a Currency, to which we allude in our article on the
morning glory vine all in bloom, with quaint flowers "Financial Situation" on an earlier page. As sysand delicate colors—the most precious of all the tems, the "unit" and "branch" are antagonistic. The
growths in the yard.
"branch" is a sudden innovation in a practice that
Goodwill! It is the divine breath of heaven exhal- has become a fixture in our financial life. The
ing out of the heart of man. No philosophy or branch bank can do no more for the local community
science or knowledge or wisdom is its progenitor. than can the unit, as far as ordinary services are
Only the nature of the divine spiritual. And now, concerned, and what it does will be less satisfactory
after centuries of laws and governments, nations are because alien in quality. The branch, therefore,
striving for it—the key and condition of peace. becomes at once an interference. One of its main
Nothing too small or too great that well wishing claims is that it can furnish more money; but that
does not sanctify it. Goodwill that smooths down is discounted by the fact that, save in isolated inthe jars of life and the frets of circumstance. And stances, such as the bankers' panic, the unit-correoh, how the organized charities burgeon and blaze. spondent bank has been sufficient for all needs.
Do we linger too long amid these pleasant And in times of panic the Federal Reserve System
thoughts of the sacred Christmastide? Will this now exists as a sure reliance. Can the country
universal goodwill vanish when the round of work benefit, then, by a hybrid banking system at war
begins again? We cannot think so. Once the soul with itself? At the same time, can such a grafting
bathes in goodwill it is forever purified, if not sanc- as the 'branch system be affixed to the Federal Retified. From this one day we like to think proceeds serve System as now constructed? Either we should
an influence that never quite dies out of the hearts have the unit system or the branch system; the
of men. In the customary activities of life it takes latter must give a good reason for "its" existence or
new and varied forms. There is a little less of it should not be allowed.
grasping, a little more of giving. On before, the
That the branch or group bank may be due to
Image of the 'Serene One walks and beckons. The the craze to make money by "consolidations" is
egotism of endeavor is softened, the strain of am- obviously true, and yet to say this is tantamount to
bition is lessened, the "other man" is seen in a new condemning it at the outset. The best interests of
light—a man to be treasured, and cultivated for the people must be considered first. Unit banks
himself in the great fellowship of mankind. No sometimes defeat themselves by overdoing the credit
war was ever declared or fought on Christmas Day. needs of the community. But they spring up inside
No man plots to harm another in this atmosphere of the town or city, while in the case of the branch it
goodwill. And as we yield to the influence of this is imposed from the outside. As we have contended
happy time, as we forget our business and forego all along, it is the freedom of credit to issue at the
our profits, we gain an absolution that lifts us above call of local needs out of the resident resources
the endeavors of what is called the material life into that is at stake. Can we afford to endanger this
by experimentation? Ought the merchants and
a spiritual realm that does not pass away.
farmers of the country town to sell their birthright
Experimentation in Banking.
for a mess of pottage? Again, we must ask, as we
Our "esteemed contemporary," if we may use the have asked before, is there a single community in
old phrase not lightly, the "Saturday Evening Post," the United States that has asked, as a community,
although a story paper of enormous popularity, con- for the branch banking system? If not, the branch
tains in its special articles and editorials fact and becomes an interloper. If patronized, it will play
comment of great importance. In its issue of Nov. 9 into the hands of outsiders who are there for the
it printed an article by former Comptroller Henry "speculative element." We believe the real fact is
M. Dawes on the "Branch Banking Problem," to that this creeping (rushing) idea of branch banking
which we have several times referred. It followed is in its inception and progress a part of our "getthis on Nov. 16 with an editorial on "Banking rich-quick" craze.
DEC. 21 1929.]
FINANCIAL CHRONICLE
3861
It is said in some quarters that the national bank- ing is set up, as suggested by the Comptroller of the
ing system is in danger through consolidations of Currency, with each interior large city as a nucleus
central banks that give up the National charter for and home of the parent bank, are the great central
that of the State; and that State laws permitting banks of New York to be shut out of these regional
branches are further taking from the ranks of the branch bank territories? The whole scheme is
Nationals. But does this require the extension of fraught with the danger of artificiality, the danger
branch banking on behalf of the National banks, of law-imposed monopoly. What can be better than
when by another route it destroys the unit National a system of free, independent banks locked together
bank? Branches do not multiply unit banks. by the influences of trade and the natural course
Branches certainly cannot vote and thus preserve the and tendency of consolidated credits? Are we
Federal Reserve System. The Federal Reserve Sys- supinely to suffer this excrescence to grow on our
tem was not a sudden resolve on the part of the present natural banking system through the overGovernment; it was a long debated response to the weening ambitions of stock manipulators who organurgent needs of unit banks for an emergency cur- ize holding companies, bank mergers, groups and
rency in time of panic. Although it has gone beyond chains, for what they can personally make out of it?
this, there is still question as to the benefits accrued.
This in itself furnishes an example of the dangers Regulation Gone Wrong—The Inter-State Comof ill-timed experimenting. Groups and chains can
merce Commission's Order Directing the
easily swing together, providing the parent bank
Union Pacific To Build 181 Miles of New
with its branches, and destroying the unit bank
Road.
system.
[Editorial in evening edition of "Wall Street Journal," Dec. 17 1929.]
To change from units .to branches in the short
To justify in law its amazing order to the unwilling Union
period of a decade, even if it could be done without Pacific RR. to construct 181 miles of new line in Western
conflict and loss, would be precipitate and ill- Oregon at a cost of $9,000,000 or more, the Inter-State Comthan paraphrase to its
advised. To change because of fear that the Na- merce Commission can do no better oose Creek decision
purpose the language of the Dayton-G
tional unit banks will disappear so fast as to and say:
emasculate the Federal Reserve is not a good reason.
"The Transportation Act, which added this paragraph to
It is, as said before, a contradiction. It is trying to Section 1, seeks afflirmatively to build up a system of railsave the unit National bank by destroying it. It is ways prepared to handle promptly all inter-State traffic,
their properties and equipto assure a war of long standing between the Nation and earnings enough to maintain to carry this burden. To
ment in such a state of efficiency
and the States in their relations to credit. No one achieve this purpose it puts the railroad system more comand
has worked out a regional plan for National branch pletely than ever under the fostering guardianship joint
control of this Commission, which is to supervise their
banks—no one can relate them to State boundaries. use of terminals, their construction of new lines, their abanHolding companies are themselves so new as to be donment of old lines, and secure a fair return upon the
the carriers engaged."
untried. They are not banks. They are almost properties of
' Less than a month ago the same Chief Justice Taft who
sure to meet the political charge of monopoly. Why
in 1924 wrote the Dayton-Goose Creek decision, on the sole
encourage them to prepare the way for branch bank- question of the validity of recapture as a part of rateing? Why seemingly accept as growth and progress making, penned the Court's denial to the Commission of
a branch banking system of any kind when the liber- authority to compel railroads entering Los Angeles to erect
ties of the people and their business operations are a union station. On this occasion he said:
-If Congress had intended to give an executive tribunal
dependent upon the freedom of initiative and enterunfettered capacity for requisitioning investment of capital
prise, a freedom alone consonant with constitutional of the carriers and the purchase of large quantities of land
liberty?
and material in an adverse proceeding, we may well be
its meaning far
have
We do not hesitate to say that this branch bank confident that Congress would in themade
present meager proclearer and more direct than
question is one of the most important financial prob- visions of the Transportation Act."
lems that has confronted the people since the estabFrom this action by which the Commission takes the very
lishment of the Federal Reserve System. Unlike essence of management out of the hands of the officers
that system, which left member banks free in their and directors of the railroad and pretends to exercise it
organization and conduct, and thus the natural under the guise of regulation, four of the eleven Commisthese, who happen to be lawyers,
credit of the people, the branch bank system sioners dissented. Two of no such power. One says, in
think the Commission has
threatens the existence of the unit bank both State effect, that it has the power but its exercise in this manner
and National. They will not co-operate in the very would be tyrannous. The fourth dissenter does not state
nature of things. They cannot co-ordinate for the his reasons.
Either substituting its own judgment of profitable railcommon good. The branch will strive to justify
way location for that of the Union Pacific and other deitself by the granting of special, though stereotyped,
that of commercial clubs and
favors. It will preach the doctrine of greater fendant carriers, or acceptingthe proposed route as superior
land-owners in the !region of
strength. It will work against the growth by corre- to that of the company compelled to provide the capital and
spondents of the independent city banks. Over- assume the burden of operation, the Commission naively
banking, for the time being, is sure to result from tells the Union Pacific it does not know on which side its
the introduction of the first branch in the town. bread is buttered. It concludes, largely from the testimony
the line, that it
When the independent unit banks have been driven of local advocates of the construction of
"would be a valuable asset to the Union Pacific system and
out by the imposition of branches, for this seems would be an effective feeder for that system after a reasonmost likely to occur, there will be a branch for each able development period." If the Commission's judgment
of the consolidated big banks, and these will co- turns out to be incorrect, the stockholders of the Union
ordinate according to laws made in the great centers Pacific will be required to hold the bag.
On the chance of curbing in at least one instance the
of credit.
prehensile instincts that characterize all political tribunals,
Vast capital in the natural order has accumulated
It is to be hoped that the defendant carrier will take this
in the East. If nation-wide branch banking shall matter into the courts. This Commission already possesses
ensue, the East will have financial domination over and exercises at least as much power as is good for it or
the West. Or,supposing that regional branch bank- the country.
3862
FINANCIAL CHRONICLE
{VoL. 129.
if his bank did not fail, it did refuse to lend him any money,and often declined to let him withdraw even his own funds that he had on deposit.
Finally he worried because the companies in which he had stock were
likely to go into insolvency. The speculator of to-day has only to worry
about prices and margins, but in the old days, when speculation was
business as well as in the stock market, he had some real multiple worryReasons why "it does not seem probable that the bear ing to do.
Business in 1930.
'
market of 1929 will be followed by any slowing down of busiOf course,
good in 1930 as
ness at all comparable with the old-time business depres- been in 1929,business does not promise to be ashave been as goodit has
but in all probability it would not
even
sions" are cited by Col. Leonard P. Ayres, Vice-President of if the great crash in the stock market had not occurred. Corporation
earnings and profits were greater in 1928 than in any previous year
the Cleveland Trust Co. in the insitution's Business Bulletin
in our history.
they were last year.
be greater this
dated Dec. 15. Last week (page 3702) we gave Col. Ayres' It was not to beThey will that they couldyear than through 1930 at the
expected
continue
predictions for 1930 as enunciated before the Cleveland record breaking prosperity levels. Some slowing fown of industry had
begun to appear
Chamber of Commerce Dec. 10, and these are included in The decline in even before the downturn in stock prices got under way.
industrial and commercial activity is continuing, and it
this week's issue of the company's Bulletin, which we give will undoubtedly be increased in degree and Induration by the collapse
of stock prices.
in full herewith:
There appear to be two principal economic reasons for the slowing down
If one had been asked to formulate a review and forecast of business
of industrial activity. The first is that the automobile industry has overconditions at the end of 1914 he would have centered his entire discussion
upon the fact that a great war had broken out in Europe. Ile would produced in the first nine months of this year, and has had to curtail
have had no choice in the matter, for the fact of war was of such over- production in order to let dealers work off stocks of cars. The industry
whelming importance that it dominated all other considerations about has not yet reached the saturation point, for its domestic sales of cars
business. Simllarily if one had undertaken to review business condi- each year are still far in excess of the number needed annually for the retions, and to forecast probable coming developments, at the close of placement of old cars that go out of service. The chief trouble with the
1918 he would of necessity have taken as his point of departure in every automobile industry is that the long absence of Ford production created
an artificially good market for used cars, and resulted In overgenerous
line of discussion the fact that the great war had come to a close.
The dominating business fact of 1929 is that the great bull market allowances for them when they were taken in trade.
The demand for these used cars has now declined, and dealers have too
of the past five years has terminated. Other important business events
have taken place during the year, but they are all dwarfed by comparison many of them in their possession. They are reluctant to accept more
with significance of the decline and fall of the great bull market in stocks. as trade-ins on new cars, and so the sales of new automobiles have ternTwo questions now transcend all others in immediate importance. pararily become difficult, and their production is curtailed. This condiThe first is: What will be the effect on general business during the coming tion will be made the more serious by the decline in stock prices, but
year. The second is: What will be the probable course of the security it had its independent origin. The automobile industry is the most important customer of a long list of other industries, and any serious decline
markets
in its activity has a depressing effect on business in general, as was imBear Markets.
pressively shown in 1927.
During the 50 years that have elapsed since this country returned to a
The other important factor in the slowing down of general business,
gold basis for its money following the Civil War there have been 13 great which was being felt before the crash in stock prices, is the lessened volume
bear markets preceding this one. Twelve of these 13 great declines in of new building construction. Building has been relatively slow and getstock prices were followed by serious business depressions, so we are ting slower this year, and the principal cause of the decline has apparently
warranted in making careful analysis to discover if there are any reasons been the high cost of borrowing, and particularly the great difficulty in
why this present bear market should not be expected to usher in a period securing junior funds by second mortgages. Industrial building has not
of hard times.
been retarded nearly so much as residential building. Interest rates are
Historical precedent amply repeated indicates that we should expect now falling, and this will in time prove stimulating to building, but
the fall in stock prices to be followed shortly by a serious decline in general It does not now seem probable that conditions will improve rapidly. It
business activity. Careful comparison between present conditions and does not seem likely that the volume
of building construction will reach
those which existed when previous stock markets went down indicate new high records in 1930.
that such a conclusion may not be well founded. The great bull market
It now appears probable that general business in 1930 will be slower
of the past five years has been unique in its magnitude, and it seems but now slow, poorer but not poor. It seems unlikely that the recession
not impossible that it may also prove to be unique in the nature of its will develop into a depression. The present indications are that the most
consequences.
important factors in shaping the trends of general business will continue
Older business men will readily recall the conditions which typically to be the automobile industry, and the building industry. The collapse
accompanied bull markets before the war, and younger men can easily of stock prices has brought actual losses to greater numbers of persons
look up their statistics if they be studiously inclined. The pre-war bull than did any previous bear market, and the effect will be a depressing
market for stocks was typically accompanied by a bull market for busi- one on business,just as the spending of profits taken out of the advancing
ness. One of the chief differentiating characteristics of the American market has had a stimulating effect on business during recent years.
business man is that he likes to speculate. He will speculate in his own
Brokers Loans.
business if he can. He will speculate in stocks if he may. He will speculate in land if he must. Deep down in his heart he secretly cherishes the
The greatest single burden that business must bear this winter and next
year is the making good of the shrinkage of four and a half billions of
slogan that used to be displayed In the mining camps of the West: One
brokers loans that has tajen place in the past two months. Brokers loans
lucky investment beats a lifetime of toil."
The days before the War were the days before the Federal Reserve have some of the characteristics that are common to all loans, but in other
System,and in those times this country had an inelastic supply of business respects they are unique among financial transactions. They are like
credit that was over-ample when times were slow, but quite inadequate all loans in that when they are made someone gets the money, and when
when business was active. Whenever we entered a period of prosperity they go out of existence someone has to pay back the money. They are
the demand for goods began to increase, and commodity prices began to unique in that very often the person who gets the money is not the person
move up. Business men then hurried to buy more goods than they needed who has to pay it back again. In general the person who gets the
In order to profit by the rising prices, and to manufacture more goods money is the successful margin speculator, and the person who pays it
than were ordered in the hope of selling them on the rising market. Mean- back is the unsuccessful margin speculator.
When the volume of brokers loans is increasing it is mainly because
while stock prices moved on up because everyone was prosperous and all
stock prices are advancing in an active market,and successful speculators
the companies were making money.
After two years or so of these happy conditions we neared the limits of are taking out profits by selling their stocks to somebody else. The inour credit supplies; money rates began to stiffen; there was competition crease in the loans is a rough measure of the amount of the profits that
for labor; car shortages developed on the railroads; everybody had large have been taken out of the market. When brokers loans fall it is mainly
inventories of high-priced goods on hand; and suddenly confidence began because speculators are taking losses and having to put up more margins.
to be tinctured by doubt. If at about that time we had unusually large The amount of the fall is a rough measure of the additional margins the
harvests the additional demands for funds to move the crops brought losers have had to put up.
In the past two months brokers loans have shrunk four and a half
more credit strain than our banking system could stand, and we ahd a
crisis with the result that that particular prosperity and that bull market billion dollars, which means that unseuccessful speculators have had to
put up additional margins, or outright payments, in about that amount.
were at an end.
In reality they are now paying back the profits that the successful specuSpeculation in Business.
lators took out of the market last summer and last year. When those
Now the fundamentally important fact about all those periods was that profits were being taken out, and in part freely spent, they had a stimuspeculation dominated business just as truly as It dominates the stock lating effect on business. Now that savings and borrowings are being
market. The rising commodity prices, the over-employment of labor, drawn upon to pay them back the effect on business Is a depressing one.
the over-ordering, the over-production, the building up of inventories,
When stock prices discount the future too far in advance a great many
were all forms of speculation in business. When the downturn came it people make money by selling their stocks and taking their profits.
was hard,slow work getting the speculation out of business. It was done These winnings are not an addition to National wealth; they are an overby shutting down the plants, and cutting prices until the excess stocks draft on National savings. When the bull market is terminated the last
of goods were finally worked off. It was done by having a period of hard margin buyers of the stocks shoulder the task of paying off the overdraft.
times. We all remember how it was done in 1921.
That is what has been happening in recent weeks. In a bull market a
The fundamental principle involved in all this is that speculation large part of the increase in brokers loans represents profits taken out of
comes out of business slowly, but it comes out of the stock market the markets by successful speculators, and insofar as prices are in excess
rapidly. In 1929 speculation has come out of the stock market in a hurry, of values these profits constitute an overdraft on National savings credbut by and large we have no great amount of speculation to come out of ited to the bank account of the astute speculators. In a bear market a
business. We have had no competition for labor, no advance in com- large part of the shrinkage in brokers loans represents the paying off of
modity prices, no scarcity of business credit, no building up of Inventories the overdraft by other and less astute operators.
and no car shortage.
The Stock Market.
These are the reasons why it does not seem probable that the bear
It seems entirely probable that the general trend of stock prices in the
market of 1929 will be followed by any slowing down of business at all
comparable with the old-time business depressions. The one previous coming year will be an advancing one, but it is by no means easy to make
bear market for stocks which was not followed by a depression came in the a judgment concerning the point from which a sustained advance will
war period in 1016 and 1917. It came at a time when business, instead of get under way. The recovery of prices since the middle of November has
being over-speculative, was unable to keep up with the extraordinary been exceptionally vigorous, but with business slowing down, and many
demands of the war. It was not a typical period, but it does at least reports of reduced activity still to come, it may well be that some of the
furnish one example of a bear market not followed by business depression. recent advance will be cancelled before a sustained upward trend of stock
The fact is that business and banking in 1929 are almost invincibly prices becomes established. Stock prices were genuinely low in the
strong. Their conditions do not in the least resemble those that existed middle of November, as judged by almost any reasonable standard,
In the old pre-war days. In the bear markets of the closing years of the but their percentage of advance in the 17 trading (lays following the
last century, and the early ones of this, the speculator did not worry final break has been as great as that of any whole year of the preceding
because the ticker tape was late. He worried because his broker was great bull market, and it may prove to have been over-rapid.
likely to fall, as many of them did. He worried because his bank was
A fundamentally important fact that should be kept uppermost in
likely to close Its doors, as frequently happened. He worried because our thinking is that a large part of the price advance of stocks in the bull
Col. Leonard P. Ayres of Cleveland Trust Co.
Believes General Business in 1930 Will Be
"Slow, But Not Slower."
DEC. 211. 1929.]
FINANCIAL CHRONICLE
market of the past five years was fully justified by the increased earnings
and dividends of the corporations. In 1924, when the bull market began,
the market value of the outstanding common stocks of 30 of the largest
corporations was a little more than eight times as much as their net
earnings. This is the relationship known as the price-earnings ratio.
In 1925 stock prices advance rapidly, but so did earnings, and the price
earnings ratio for the same 30 companies in that year was a little less than
eight. The earnings had increased even more rapidly than the prices.
For 1926 the ratio was again just under eight, and once more the progress
of the companies had justified the bull market in their stocks. In 1927.
In 1928, and in 1929, the exploitation of the stocks outran the increases
In the earnings until the stocks instead of selling at eight times the
earnings were being traded in at more than 18 times the earnings. At
the closing prices of Nov. 13 the market value of the stocks of these same
companies was once more down to just over eight times the earnings.
The speculative part of the advance had been cancelled, and stock prices
were no longer discounting the future, but were reflecting the present.
A similar comment might be made about the dividend yields of these
same stocks. Some three months ago their rate of yield was a little more
than 3%. At the present time it is 5 yi%, which is just what it was
back in 1924 before the bull market got under way. The fall in stock
prices has restored the old-time relationships between prices, earning,
and dividends.
Common stocks at recent lows were probably better investments than
they have ever been blifore. American corporations are larger, stronger,
better equipped, bettir managed, and more generously financed than
ever before in their history. They held in their treasuries enormous cash
surpluses which they.have until recently been lending to brokers, but
which they will now probably largely devote to other purposes. It seems
likely that their stocks will tend to sell in the future at rather higher priceearnings ratios than they did five years ago, and it also seems probable
that the investing public will retain at least part of its preference for
stocks over bonds and mortgages.
The bond market has been advancing in recent weeks, and there is
good reason to believe that it will continue to advance as interest rates
decline. It may well be, however, that the duration and extent of the
advance in bond prices will prove to be mildly disappointing. Interest
rates are declining, but it does not seem likely that business activity
will slow down to such an extent that idle funds will soon be seeking
investments at low returns. Gold exports are under way, and that will
3863
tend to restrict the fall of interest rates. Meanwhile stocks of unquestioned solidity offer better returns than good bonds.
Prospects for 1930.
In a recent address before the Cleveland Chamber of. Commerce the
editor of the Business Bulletin made certain definite forecasts concerning
probable business developments in 1930. They were based on a consideration of the conditions that have been reviewed in the preceding columns,
and were as follows:
Short-term interest rates will probably have a downward trend as we
enter the early months of 1930, changing to a rising one before the close
of the year, with average levels well below those of 1929, but not below
those of 1927.
Production of cars and trucks in the United States and Canada in 1930
will probably fall below that of 1929 by more than half a million, but
not by moree than a million.
The total value of building construction in 1930 will probably not differ
from that of 1929 by more than 5%.
Stock prices in the closing months of 1930 will probably be well above
the levels of the closing months of 1929, but still below the recent high
levels.
Total output of iron and steel in 1930 will probably be distinctly less
than in 1929.
It seems unlikely that the cost of living will change much in 1930.
The average wholesale prices of non-agricultural commodities in 1930
will probably be less than in 1929, but not by more than 5%.
It is likely that there will be more unemployment in the early months
of 1930 than in the corresponding months of 1929, but with conditions
improving as the year advances.
Average industrial wage rates will probably not differ in 1930 by more
than 3% from the 1929 average.
Costs of building will probably not change greatly in 1930 but the trend
is likely to be a declining one.
The net profits of industrial corporations in 1930 will probably be distinctly less than in 1929.
The total of our tourist travel abroad will decline.
It now seems probable that the course of general business will reverse
its trend of 1929 by starting lower and ending higher. It seems likely that
conditions will be slow in the spring, better in the summer,and that they
will improve strongly in the autumn.
Annual Report of Comptroller of Currency Pole—Amendment to McFadden Act Recommended to Permit National Banks to Establish Branches
in Trade Areas in Which They Are Situated.
In accordance with the views previously expounded by
him, Comptroller of the Currency J. W. Pole, in his annual
report made public to-day (Dec. 21) proposes an amendment
to the McFadden Act, whereby National banks, with the
approval of the Comptroller of the Currency, would be
permitted "to establish branches within the trade area
of the cities in which such banks may be situated." "These
trade areas," says the Comptroller in his report, "may in
some cases be co-extensive with Federal Reserve District
lines; in other cases they may be of a more limited extent,
but in my judgment they should not extend beyond Federal
Reserve District boundaries, except to take care of a few
exceptional cases where a trade area may extend from one
Federal Reserve District to another, nor should a bank be
permitted to establish a branch in another city in which
there is a Federal Reserve bank or branch thereof." Mr.
Pole, in making his suggestion for this new legislation,
states that "while the largest and strongest banks with
the bulk of the banking resources are in large cities, about
three-fourths of all the banks in number are in the smaller
towns and cities and may be classed as country banks."
He points out that "during the nine-year period from July 1
1920 to June 30 1929 inclusive, about 5,000 banks, nearly
all in the agricultural communities, closed their doors and
tied up deposits of approximately $1,500,000,000." "It
is cause for immediate concern," says the Comptroller,
"that the operating conditions faced by the country banks
show no prospect of improvement under the present system." Under such a system of branches of National banks
which he proposes, the Comptroller contends, "there would
gradually be extended to the agricultural communities from
the large city banks a safe and sound system of banking
which would render remote the possibility of bank failures."
Reference to formation of local holding companies "for the
purpose of bringing together a number of banks into a single
operating group" is made in the report, which says "if
branch banking were permitted to be extended from the
adequately capitalized large city banks to the outlying
communities within the economic zone of operations of such
banks, there would be no logical reason for the existence
of the local holding company and it would give way to a
system of branches operated directly by the central bank
of the group." Comptroller Pole states that while his
suggestions for branch banking are not made "with the
intention primarily to deal with the question of the decline
in the number of National banks through defection from
the National to the State systems . . . such a grant of
power to the National banks would give them such an
outstanding operating advantage that it would seem reasonable to expect that the exodus of banks from the National
system would practically cease and that many now under
State supervision would return to the National charter
which they have forsaken." The Comptroller's recommendation for new legislation is presented as follows in the
report:
Legislation Recommended.
The experience of the post-war period has been of sufficient duration to
permit a comprehensive appraisal of the effect of the new economic and
social conditions upon our system of banking. Briefly stated, it may be
said that banking is following in the wake of the trend of business in general
toward larger operating units with stronger capital funds and more experienced and highly trained management. The natural result has been that
the larger cities are being favored with banking organizations of great
financial stability with the capacity to render a better and more diversified
type of service.
In the principal cities, therefore, in various parts of the country, there
have grown up through mergers and through increases in the variety and
volume of business banking institutions which for strength of capital and
management technique were unknown in the pre-war period. There have
been no failures of any of these types of metropolitan banks. They are
giving the general public a safer and higher type of banking service than has
hitherto been known. Their stability rests upon the rgeat diversity of banking business to which they have access and to the further fact that they are
able to secure the most highly trained and experienced talent. These
banks comprise both unit and branch banking institutions.
The aggregate of all the banking resources in the United States is about
$72.000,000,000, held by a little more than 25,000 banks (as of June 29
1929), but 250 banks hold resources to the aggregate amount of approximately $33,400,000,000.
While the largest and strongest banks with the bulk of the banking resources are in the large cities, about three-fourths of all the banks in number
In the smaller towns and cities and may be classed as country banks. It is
these banks which serve directly the agricultural communities. They
operate with small capital funds and are very much limited in their ability
to employ a trained management. The economic developments of the postwar period have had the effect of decreasing the opportunities of these banks
to operate with profit and it is thissituation to which I should like to direct
your most serious consideration
We are faced with the fact that during the 9-year period from July 1
1920 to June 30 1929, inclusive, about 5,000 banks, nearly all in the agri
cultural communities, closed their doors and tied up deposits of approximately $1,500.000,000.* These failures have not been limited to any one
section of the country, although they have been most prevalent in the agricultural districts. Up to Nov. 1, 521 banks with deposits of about $200.000,000 had suspended during the year 1929.
The failures of State chartered banks greatly outnumber those of the
Nationsl banks, but small National banks have not been immune to the
conditions which are causing the failures of small country banks generally.
As an illustration of the wide scope of this economic condition, it may be
said that in seven States over 40% of all the banks in existence in 1920 have
failed and in six States between 25 and 40%. In 26 States, or more than
one-half the total over 10% of the banks that were in operation in 1920 have
since failed. When it is considered that no important failures have occurred
among banks in the larger cities, the ratio of failures in the country districts
Is even higher.
* These figures embrace only those banks which actually went into the hands of
receivers. They do not Include about 500 banks which suspended business but were
later reopened after reorganisation, often resulting in depositors and shareholders
voluntarily suffering some loss.
3864
FINANCIAL CHRONICLE
We have here, therefore, a strong contrast between city and country
bank operations. Whereas the depositor in a large city bank, whether a
wage earner,or a business man, has had full protection, the depositor in
the small country bank has suffered severly from the inability of so many
of these banks to meet their deposit liabilities. The farming communities
have not been afforded the protection for their savings which has been available to depositors in the large cities.
It is cause for immediate concern that the operating conditions faced
by the country banks show no prospect of improvement under the present
system. There are many country banks now operated at a loss and many
others operating upon earnings insufficient to justify their capital investment. There is not available to me the earning statements of State banks,
but taking the National banks as an illustration and the year 1927 as a
typical year (later earning figures not being compiled) 966 National banks
operated at a loss and an additional 2,000 earned less than 5%. These
constituted about 38% of all National banks in the United States.
Comprehensive study of the banking situation for the past nine years
clearly indicates that the system of banking in the rural communities has
broken down through causes beyond the control of the individual banker
or the local community. These causes are of a basic nature and have many
ramifications throughout the great economic and social changes which have
occurred in the United States since 1914. I shall not attempt in this report
a detailed analysis of this situation except to say that the economic movement away from a large number of independent local utility and industrial
operating units toward a stronger and more centralized from of operation in
the large cities has curtailed the opportunities of the country bank for
diversity and extension of business while broadening these opportunities for
the large city bank.
Any attempt to maintain the present country bank system by force of
legislation in the nature of guaranty of deposits or the like, would be
economically unsound and would not accomplish the purpose intended.
If in the free course of business the country bank can not successfully
operate as an independent banking corporation, affording ample protection to its depositors and its stockholders, the obligation and responsibility is upon the Government of the United States, at least so far as the
National banks are concerned, to set up a system of National banking
which will Insure the rural communities against the continuing disastrous
effects of local bank failures.
There have been no general financial panics in this country since the
war—thanks to the Federal Reserve System. Any bank can have access,
directly or indirectly, to the benefits of the Federal Reserve System to
the extent of its sound commercial and business loans and the decline
of the country banks has taken place notwithstanding the valuable assistance rendered by the Federal Reserve System. A Federal Reserve bank
Is not charged with the responsibility of preventing bank failures. It is
beyond the power of the Federal Reserve System, as it is beyond the
power of any governmental agency, to stand between these banks and
insolvency.
In the absence of legislation to remedy the conditions above described,
private enterprise has within recent months undertaken to meet the economic situation presented by the growing isolation of the country banks.
Local holding companies have been formed in many sections of the country
for the purpose of bringing together a number of banks into a single operating
group. The usual procedure is for the holding company, a State corporation, to purchase a majority of the stock of several banks, one of which
would be a large city bank which in effect becomes the parent bank of the
group. The management personnel of the central bank becomes in practice the responsible management for the entire group. Through such a
group system it appears to be possible to make &close approach to a form
of branch banking whereby each operating unit leans for support upon
the central bank, or upon the holding company, and receives the benefits
of its moral and financial support; its prestige and good-will; its extensions
of the wider type of banking service; and the benefits of its highly trained
management.
This holding-company movement is of such recent development that
complete statistics are not yet, available as to the number of companies
in operation or the number of banks taken over. It appears that in many
cases some of the most responsible bankers and business men of the community have been instrumental in the organization of these holding companies and this, it would seem, is a sufficient indication of the seriousness
of the purpose behind the movement. However, these holding companies
are attempting to do under the sanction of existing laws, which are crudely
adapted to the purpose, what should be made possible in a simpler manner
by new legislation. If branch banking were permitted to be extended
from the adequately capitalized large city banks to the outlying communities within the economic zone of operations of such banks, there
would be no logical reason for tho existence of the local holding company
and it would give way to a system of branches operated directly by the
central bank of the group.
These conditions would seem to warrant a further amendment of Section
5155 of the Revised Statutes of the United States as amended by the
Act of Feb.25 192;(U. S. Code,Title 12, Sec. 36). known as the McFadden
Act, to permit National banks, with the approval of the Comptroller of
the Currency, to establish branches within the trade areas of the cities
in which such banks may be situated. These trade areas may in some
cases be co-extensive with Federal Reserve district lines; in other cases
they may be of a more limited extent, but in my judgment they should
not extend beyond Federal Reserve district boundaries, except to take
care of a few exceptional cases where a trade area may extend from one
Federal Reserve district into another, nor should a bank be permitted to
establish a branch in another city in which there is a Federal Reserve
bank or a branch thereof.
Under such a system of branches there would gradually be extended
to the agricultural communities from the large city banks a safe and sound
system of banking which would render remote the possibility of bank
failures. There would, however, be no compulsion upon unit banks to
enter a branch organization. The two systems of banking—unit banking
and branch banking—would no doubt operate side by side for an indefinite
length of time; that is to say, there would be in every rural section some
unit banks well organized, competently managed and held in high esteem
by the community, which would continue to operate advantageously.
. These suggestions for branch banking are made not with the intention
primarily to deal with the question of the decline in the number of National
banks through defection from the National to the State systems, but
rather as a remedy for what appears to be a serious and fundamental
weakness in our systems of banking, both National and State. Such a
grant of power to the National banks would, however, give them such an
outstanding operating advantage that it would seem reasonable to expect
that the exodus of banks from the National system would practically
cease and that many now under State supervision would return to the
National charter which they have forsaken.
Any such legislation, based not upon the theory of equalizing the National
with the State bank charter powers but giving a real advantage to the
National charter, would be fully justified under existing conditions which
[VOL. 129.
seriously jeopardize the maintenance of the National banking system.
The State Legislatures have for years given to the State banks operating
advantages which the National banks did not possess and it is in this
situation that we find the motive for the abandonment of National charters
There is appended [This we omit.—Ed.] hereto a list of 127 large National
banks which have within the past ten years given up their National charters
for the purpose of operating under State charters. . . .
Many smaller National banks during this period also relinquished their
charters to go into the State system, but the foregoing list includes only
banks of the metropolitan class.
Following the approval of the McFadden Act (Act of Feb. 25 1927)
several large State banks were converted Into National banks, but this.
gain has been far more than offset by the recent great loss of National
charters. Boards of directors of banks and their stockholders, in giving
consideration to the question of whether the corporation should operate
under the National or the State charter, are not moved by questions of
sentiment or patriotism. The fact that a National bank is an instrumentality of the Federal Government designed to fulfill certain puklic purposes
does not seem to be considered an operating advantage to the bank. The
corporation must in the nature of the case be moved almost solely by consideration of the most profitable use of the capital invested in the enterprise.
In other words, the question of the choice of charter presents to the corporation a business proposition. In the history of banking in the United
States since 1863 banking corporations have switched from State to National
and from National to State charters as the business advantages lay with the
one or the other. From the standpoint therefore of the operating banker
the grant of the wider branch banking powers to National banks would be
considered by him as an invitation to enlarge the sphere of his business.
operations to the greater advantage of his stockholders.
The Government of the United States, as distinguished from the National
banking corporation, would be concerned primarily with the question of
strengthening the National banks as Federal instrumentalities and with the
establishment of a sound system of banking throughout the United States.
Under the existing trend with the operating advantage in favor of the
State banks the development is in the direction of 48 separate and distinct
systems of commercial banking each under the supervision, control and
direction of a separate State government with a corresponding disappearance of the National banks from the field.
It has been said that this situation does not present any cause for concern for the reason that the Federal Reserve System which embraces State
banks in its membership has made the National banking system unnecessary.
The Federal Reserve Act, however, did not set up a system of banks in
the United States. It did set up a system of co-ordination of bank reserves
and a flexible currency, which operate advantageously for all banks. The
approach to equalization between the State and National banks afforded
by the Federal Reserve System does not involve a rearrangement of charter
powers but an extension of the privileges and the benefits of the Federal
system to State chartered banks. If therefore, in addition to these privileges which they derive from the Federal Government, they secure from
their respective legislatures charter powers giving them certain operating advantages over National banks, the Federal Reserve System thus becomes indirectly the means of forcing National banks to take out State
charters.
The announced legislative policy of the so-called McFadden Bank Act
of Feb. 25 1927, was parity between the National and State systems. The
purpose of the bill was to make the charter powers of National banks approximately equal in operating advantage to those of the State banks. Nearly
three years of operation under that act has demonstrated that it has failed
of its purpose in this respect.
The theory of parity between the two systems of banks is, in my opinion,
economically unsound. Commerce is interstate and is recognized by the
Constitution of the United States as being fundamentally a national
question. One of the primary purposes of the National Bank Act of 1863
was to establish a sound and uniform system of commercial banking
throughout the country in order that commercial transactions growing
out of the production, the manufacture, and the transportation of goods
and commodities from one section of the country to the other might not
be hampered by local banking legislation but should have access to a
system of banks operating under Federal authority and supervision under
a single set of toles and regulations and statutory enactments in order that
the free flow of commerce should not be embarrassed by a multiplicity of
restrictions having their origin in local political conditions.
The proposal for the extension of branch banking which is here made
would have the direct effect of establishing a strong system of banks in
the rural districts and indirectly it would lead to the gradual restoration of
the National banks as the primary system of commercial banking in the
country.
While it would seem to be to the interest of the local bank holding companies to convert their groups of banks into branches after the enactment
of legLslation as above outlined, there might possibly still remain in operation some of these local companies and some of a wider regional operation.
In view of the fact that such companies are outside of all jurisdiction of the
Federal Government and that they would be in a position to dictate the
Policies and operations of such National banks as they controlled through
stock ownership, I further recommend to the Congress an amendment to
the National banking laws which will bring the operations of such bank
holding companies under some degree of Federal supervision where they
own the majority of the stock of more than one National bank and a further
amendment to safeguard the additional shareholders' liability which each
such bank holding company incurs through the ownership of the shares of
National bank stock.
Under the present law it is necessary for a National Bank, in order to
exercise fiduciary powers, to obtain a permit from the Federal Reserve
Board. The trust department of a National Bank is developing into one
of the most important branches of its business. Trust companies exercise
their fiduciary powers by direct grant of charter power from State legislatures; National banks should have a similar grant from Congress.
I, therefore, recommend that the law be so amended as to provide that
the exercise of fiduciary powers shall be one of the corporate powers of a
National banking association subject to the existing limitations in regard
to State law, kc., now contained in Paragraph (k) of Section 11 of the
Federal Reserve Act.
I renew the recommendation made in my annual report to the Seventieth
Congress that the law be amended to give the comptroller supervision over
the National banking associations going into voluntary liquidation. Under
the present law,the comptroller's authority is limited to the appointment of
a receiver, provided a bank in liquidation should prove to be insolvent. The
reports of the liquidating agent are not required under the law, although
they are frequently furnished voluntarily. At present the liquidation of a
National Bank may be carried on for a period of time and later prove to be
insolvent, necessitating the appointment of a receiver. Creditors who have
been settled with prior to such appointment may thus obtain preference over
other creditors. It is believed that it would be a step forward if the liquidating agent of a National Bank were made subject to the comptroller; be
DEC. 21 1929.]
FINANCIAL CHRONICLE
required to give bond and to render reports in the same manner as is required
of a receiver until the affairs of a liquidating bank are finally closed.
It Is again recommended that a law be enacted making it a criminal offense
to maliciously or with intent to deceive, make, publish, or circulate any
false report concerning any National Bank or any other member of the
Federal Reserve System which imputes insolvency or unsound financial
condition, or which may tend to cause a general withdrawal of deposits
from such bank or may otherwise injure the business or good will of such
bank.
Amendments to the Laws of the District of Columbia.
I renew the recommendations made to the Seventieth Congress that the
following laws be enacted:
1. Giving the comptroller the right and power to make regulations
governing savings banks or trust companies doing a banking business in the
District of Columbia with a penal provision for the enforecement of such
regulation; the regulations to be limited so that they shall not in any case
place restrictions upon such banks which are not placed upon National
banks.
2. Prohibiting the use of the word "bank" or the words "trust company"
by any firm, co-partnership, company,or corporation doing business in the
District of Columbia and net doing a banking or fiduciary business under the
supervision of the Comptroller of the Currency and providing in the event
such title shall be used by a firm, co-partnership, company, or corporation
doing a banking or fiduciary business, it shall be subject to the approval of
the Comptroller of the Currency.
3. The corporations with their principal place of business outside of the
District of Columbia may not establish offices in the District of Columbia
and do a fiduciary business without the permission of the Comptroller of
the Currency and without complying with the general conditions of the
corporation laws of the District which have been enacted for the protection
of those who do business with corporations with their principal place of
business in the District.
While the building and loan associations in the District of Columbia are
examined and supervised by the Comptroller of the Currency, there is no
provision of law which prohibits any building and loan association from
organizing and doing business in the District of Columbia regardless of its
merits. I recommend that a law be passed which would prohibit any
building and loan association from doing business in the District of Columbia
or maintaining an office in the District of Columbia withoutfirst securing
the approval of the Comptroller of the Currency and that any violation shall
constitute a penal offense and be punishable in the same manner as now
provided by the Act of April 26 1922, entitled "An act regulating corporations doing a banking business in the District of Columbia."
Branches.
3865
Applications to organize National banks and to convert State banks
Into National banking associations were received in the current year to
the number of 304, with proposed capital stock of $68,880,000. Of the
applications pending 129 were approved with proposed capital stock of
$26.690,000, 120 rejected with proposed capital stock of $34,955,000, and
50 abandoned with proposed capital stock of $6,630.000. National banking
associations to the number of 141, with capital of $38.195,000. were authorized to begin business, of which five were located in the New England
States, 32 in the Eastern, 31 in the Southern, 31 in the Middle Western
22 in the Western, and 20 in the Pacific States. The greatest activity as
Indicated by the number of banks organized was in the following States.:
New York, 21 banks; Texas, 11; California, 10; Florida, 9; Minnesota, 7;
Illinois, 6; Nebraska, 6; Missouri, 6; North Dakota, 6; New Jersey, 5;
Pennsylvania, 5; Massachusetts, 4; Washington, 4; and South Dakota, 4.
In other States the number ranged from 1 to 3 banks. It further appears
that of the total number of charters issued. 23, with authorized capital of
$7,620,000 and resources aggregating approximately $98,216,821. were the
result of conversions of State banks
-4, with capital of $375,000. reorganizations of State banks, and 114, with capital of $30,200,000. primary
organizations. The business of 16 State banks with capital of $1,002,500
and assets aggregating approsimately $14,001,432 was purchased by
National banks. Conversion of one State bank into a National association
brought into the system two branches.
In the year in question 96 National banking associations were consolidated into 46 under authority of the Act of Nov. 7 1918, the capital of
the consolidated banks being $291,864,075. In some instances there were
reductions in capital and in others increases, but the net result by reason of
consolidations was an increase in capital stock of $66,856.883.
During the current year there were 34 consolidations under the Act
of Feb. 25 1927, authorizing the consolidation of 35 State banks with
National banks—the aggregate capital of the consolidating State banks
being $43.055,000. These banks also brought 82 branches into the National
system and assets aggregating approximately $841,146,433•
The voluntary liquidation of 221 associations represented a capital of
$98.267,500, while the capital of the 79 insolvent banks was $6,575,000.
The net result of the changes hereinbefore mentioned was a decrease for the
Year in the number of existing banks by 201, but there was an increase in
authorized capital stock of $66.662.550. It appears that during the year
335 banks increased their capital in the aggregate sum of $181,730,125
Of this number 80 banks effected the increase by stock dividends, the
amount of the increase in this manner being $20,793,750.
Of the 221 banks reported in voluntary liquidation, 75, with capital of
$6,415,000, were acquired by other National backs. 139. with capital of
$91,672,500 and resources of $2,022,391,164, entered the State banking
system,.and 7, with capital of $180,000 and resources of $1.010.031. Quit
In the comptroller's report for the year ended Oct. 31 1927,the statement
National Banks in the Trust Field.
was made that under the provisions of the act of Feb. 25 1927, the CompThe development of trust operations by National banks was evidenced
troller of the Currency had approved the establishment of new city branches by continued and substantial progress throughout the nation during the
to the number of 127. In the year following 103 new city branches were Past year. The statistics for this function compiled as of June 29 1929.
authorized and during the year ended Oct. 31 1929, the number uathorizod revealed that 2,442 National banks had received authority to exercise trust
was 89. Of the 319 local branches authorized by the comptroller 75 have Powers, with a combined capital of $1,218,049,515, representing 32.4%
been discontinued leaving the total of city branches now in operation of the number and 74.8% of the capital of all banks in the National banking
authorized by the comptroller under the provisions of the McFadden Act system,
as 244.
Trust departments had been established by 1,734 of these banks and
During the past year 2 branches were added to the System through the 75.988 trusts were being administered with individual trust assets aggreconversion of a State Bank and 82 branches were added through the consoli- gating $4.237,648,663. Seven hundred and thirty-six of these banks
dation of State banks with National banks. These additions, together with were also acting as trustees for bond and note issues aggregating
those branches in the System under date of Oct. 311927. less 104 branches $ ,370.154,456.
7
dropped through action of directors and shareholders or liquidation of NaCompared with Oct. 3 1928, these figures represent a net increase in the
tional banks makes a total of 1,061 branches in existence in the National number of National banks authorized to administer trusts under section 11
Banking System as of Oct. 31 1929, summarized as follows:
(k) of the Federal Reserve Act of 69, or 2.91%. an increase in the number
operating trust departments of 149, or 9.40%; an increase in the number of
trusts being administered of 12,212,or 19.15% and an increase in indidisidal
Author Closed During the Year Ended
In
iced
In
Ott. 31 1929.
Totals trusts assets of $940,338,544, or 28.52%•
Opera- Exist During.
Toe growth in the fiduciary activities of the banks in the National
in
Value- Rust
Year
enze
Classes.
lion
bankihg system and the increasing popularity with the public of this imlacy
Feb. 25 On.31 Ended Share- DimMee
portant department of National bank operations are even more impressive
1927. 1928. Ott. 31 holders. tors. Lapsed. Bout- On. 31
when comparisons are made with the activities of National banks in this
1929.
dation. 1929.
field just threo years ago. In June 1926, National banks numbering
469
165
2 --------------427 2,026
Statutoryia___ _
had authority to exercise trust powers, with 1,104 actively engaged
162
82
lo_
In administering trusts. These banks were then acting In a fiduciary
Additional offices
168
______
c branches____
202
2.5
1
...-,
capacity for 26,053 trusts, with individual trust assets of $922,328,677. and
142
____
Millspaw Act_ - _
5
i
5
were acting as trustees for bond and note issues aggregating $2,463,553,316.
187
iii
10
.. ___
i
C branches
17
244
The figures compiled as of June 29 1929, represent for the three-year period
372
992
173
1
an increase in the number of National banks authorized to administer trusts
6
11
Totals
86 emit
of 416, or 20.53%; an increase in the number of banks operating trust
departn:ents of 630, or 57.07%; an increase In the number of trusts being
Organization and Liquidation of National Banks.
administered of 49.936, or 191.67%; an increase in indivudual trusts assets
There were 7,506 National banking associations in existence at the of $3,315,319,986, or 359.45%; and an increase in the volume of bond and
close of the current year, Oct. 31 1929. This number was less by 201, or note issues outstanding for which these banks were acting as trustees of
2.67%, than the number in existence at the close of the preceding year on $4,006,601,140, or 199.17%.
Oct. 31 1928. The decrease in aggregate resources as evidenced by the last
As the activities of National banks have grown, so have the earnings
call, Oct. 4 1929, compared with aggregate resources on Oct. 3 1928, was that these banks have reported from this source. For the fiscal year ended
$1,001,170,000. or about 3.58%.
June 30 1929, trust department gross earnings aggregating $20,583,000
This office has during the past year continued to exercise its policy were reported, as compared with $16,165,000 in 1928, $10,811,000 in 1927,
of extreme care in granting charters for National banks, based primarily and $8,255,000 in 1926.
on the needs of the community for additional banking facilities.
Another phase of fiduciary activity which is gaining in popularity Is
During the current year 42.43% of the number of applications received the creation of insurance trusts. While the administration of this type
for the establishment of new National banks were approved, as compared of trust is a comparatively recent development in National bank trust
with 39.6% the previous like period, 44% the year prior thereto, and 52% departments, yet on June 29 1929, 118 National banks were administering
the year 1926.
271 insurance trusts representing the proceeds of insurance Policies aggreIn other words, despite the fact that the number of applications received gating $11.384,632. Some indication of the place this type of trust will
remains about the same, the number approved by this office is constantly make for itself in the future operations of National banks is evidenced by
becoming smaller and in the current year a loss number of applications the fact that 558 trust departments now hold 9,505 trust agreements which
was approved than has been approved any year during the past 12
-year name those banks trustees in the future of the proceeds of insurance policies
period except last Year when the number approved was 103 against 129 for with a present face value of $375,524,409, an amount aggregating more
the current year.
than one-third of the total individual trust assets under administraUp to and including Oct. 31 1929, there have been authorized to begin tion in 1926 by the 1,104 National bank trust departments then in
business 13,390 National banking associations, of which 4,643 were volun- operation.
tarily closed to discontinue business or amalgamate with other banks,
National banks with authority to exercise trust powers have shown conState or National,including those consolidated with other National banking tinued interest in the privilege afforded them to include the words "trust
associations under authority of the Act of Nov. 7 1918. Exclusive of banks company" in their titles. While only 101 were operating with trust in their
which failed but were subsequently restored to solvency, the loss to the names in 1927, the number has increased to 302 since that time, and this
system by banks liquidated through receiverships was 1,241, the number of method of informing the public of their authority to engage in trust functhese receiverships being a fraction less than 9.26% of the total number of tions is becoming general in many sections of the nation.
banks organized.
A recent analysis developed that of the 7,536 National banks in operation'
In Nov. 1914, there were in existence 7,578 National banks with capital 2,442, or 32.4%, had authority to exercise trust powers; 2,839. or 37.7.
of $1,072,492,175. Since that dato the net decrease in the number of banks had capital sufficient to entitle them to apply for permission to exercise
was 72, but there was ad increase in capital of $613,759,490. The capital trust powers under section 11(k) of the Federal Reserve Act, and 2,255, or
of the banks in existence on Oct. 31 1929, WRS $1,686,251.665. In this 29.9% were ineligible to receive permission to engage in trust operations
15
-year period 2,738 banks were chartered with capital of $354,630.300. because their capital was loss than that required oy the laws of the States in
During this period, however, 2,810 associations were closed voluntarily or which they were located for competing State institutions to receive like
otherwise.
powers.
3866
FINANCIAL CHRONICLE
National Bank Failures.
During the past year receivers were appointed for 79 National banks.
Of this number, 72 were failures and seven appointments of receivers
were made in order to enforce stock assessments necessary to be paid
under contract to succeeding institutions which purchased the assets of
the bank, sold under a guarantee from stockholders, paying creditors in
full. Of the 72 actual failures, two were restored to solvency, leaving 70
to be liquidated by receivers. This compares with 54 actual failures for
the previous year, two of which were restored to solvency, and the appoint
ment of receivers for seven banks to enforce stock assessments. The
Capitalization of the 79 banks, for which receivers were appointed during
the past year, was $6,575,000, compared with the capitalization of the
61 banks for which receivers were appointed during the previous year of
$4,135,000.
The total of assets of the 79 banks for which receivers were appointed
during the past year, including additional assets acquired after suspension.
was $62,612,500. Stock assessments in the amount of $5,440,000 had
been levied as of Sept. 30 1929 by the Comptroller against the shareholders of these banks.
The records of the Division of Insolvent National Banks of the Comptroller's office do not show as a failure the suspension of the First National
Bank of Lagrange, Tex., with assets of $1,213,812.02. The suspension
occurred April 30 1929 and the bank remained in the hands of an examiner
in charge until May 20 1929,on which date it resumed business.
During the past year two banks, each with assets of over $12,000,000,
became insolvent, and receivers were appointed. Immediately arrangements were made with local institutions for the purchase, at par and
interest, of such of the assets of the failed banks as were considered acceptable to the purchasing bank. The results were that in the first institution
50% was made immediately available to its creditors, and in the second
60% was immediately paid, thus relieving the local financial situation
at once. Since such sales of assets, funds have been accumulated for
-menpayment of additional dividends of 25% to the creditors of the first
tioned bank who received a first dividend of 50%, and funds have been
accumulated for payment of additional dividends of 30% to the creditors
of the second-mentioned bank who received a first dividend of 60%, thus
assuring the payment of 75% and 90%, respectively, to the creditors of
these banks within 12 months after their failure. This new method of
liquidation has been followed in several smaller failures. and has proved
most effective in relieving at once the acute financial situations which follow
bank failures.
From the date of the first failure of a National bank in the year 1865
to Oct. 31 1929, 1,313 National banks were placed in charge of receivers.
Of this number, 72 were restored to solvency and permitted to resume
business, leaving 1,241 to be administered by receivers. Of these so
administered, 426 (26 less than reported at the close of 1928) are still in
process of liquidation and 815 have been entirely liquidated and the trusts
closed.
The capital of the 1,313 insolvent National banks at the date of failure
was $143,670,420. The capital of the 72 banks that were restored to
solvency was $12,180,000. The capital of the 426 banks that are still
in receiverships is $32,542,500, and the capital of the 815 banks that have
been completely liquidated was $98,965,920.
The book value of the assets of the 1,241 administered receiverships,
including assets acquired after suspension, aggregated $853,993,969, in
addition to which there were levied against shareholders assessments
aggregating $92,315,740. Total collections by receivers to Sept. 30 1929
from these assets, including offsets together with collections from stock
assessments, amounted to 56.01% of the total of such assets and stock
asqessments. The disposition of such collections was as follows:
Collections:
Collections from assets, including offsets
Collections from stock assessments
Total
$485,442,981
44,614,817
$530,057.798
Disposition of collections:
Dividends paid to creditors on claims proved aggregating $464,838.227
5279,772,948
Payments to secured and preferred creditors, including offsets allowed
200,336,130
and payments for the protection of assets
33,259,329
Payment of receivers' salaries, legal and other expenses
4,167,798
Cash returned to shareholders
12.521,593
Cash balances with the Comptroller and receivers
Collections:
Collections from assets, including offsets
Collections from stock assessments
Total
[VOL. 129.
$306,954,813
30,615,375
$337,570,188
Disposition of collections:
Divs. paid to creditors on claims proved aggregating $275,449,496__$193,279,863
Payments to secured and pref. creditors, Including offsets allowed
and payments for the protection of assets
118,012,673
Payment of receivers' salaries, legal and other expense
22,459,854
Cash returned to shareholders
3,817,798
Total
$337,570,188
The average percentage of dividends paid on claims proved against the
815 receiverships that have been finally closed, not including the 72 restored
to solvency, which paid creditors 100%, was 70.19%. If offsets, loans
paid, and other disbursements were included in this calculation, the disbursements to creditors would show an average of 79.13..%
Expenses incident to the administration of the 815 closed trusts such
as receivers' salaries, legal and other expenses, amounted to $22,459,854,
or 3.88% of the book value of the assets and stock assessments administered, or 6.65% of collections from assets and stock assessments. The
assessments against shareholders averaged 64.05% of their holdings and
the total collections from such assessments as were levied were 48.29%
of the amount assessed. The outstanding circulation of these closed
receiverships was $38,060,477, secured by United States bonds on deposit
with the Treasurer of the United States of the par value of $40,506,920.
During the year ended Oct. 31 1929, 103 receiverships were closed in
addition to which 2 banks were restored to solvency. The total assets of
the 103 receiverships, including assets acquired subsequent to suspension,
aggregated $44,924,790. The capital of these banks was $5,225,000, and
the total assessments against shareholders levied by the Comptroller of
the Currency aggregated $5,225,000. The collections from these assets
including offsets, together with collections from stock assessments as shown
by receivers' final reports, amounted to 54.72% of such assets and stock
assessments. The disposition of such collections was as follows:
Collections:
Collections from assets, including offsets
$24,911,473
2,532,490
Collections from stock assessments
Total
$27,443,963
Disposition of collections:
Divs. paid to creditors on claims proved aggregating 525,714,59(L— 12,653,830
Payments to secured and pref. creditors, including offsets allowed and
12,561,313
payments for the protection of assets
2,224,420
Payment of receivers' salaries, legal and other expenses
4,400
Cash returned to shareholders
Total
$27,443,963
The average percentage of dividends paid on claims proved against the
103 receiverships that were finally closed in the year ended Oct. 31 1929,
not including the 2 banks restored to solvency which paid creditors 100%,
was 49.2%. If offsets, loans paid, and other disbursements were included
in this calculation, the payment to creditors would show an average of
65.86%. Expenses incident to the administration of these 103 trusts,
such as receivers' salaries, legal, and other expenses, amounted to $2,224,420, or 4.43% of the book value of the assets and stock assessments administered, or 8.1% of collections from assets and stock assessments. The
assessments against shareholders averaged 100% of their holdings and the
total collections from such assessments as were levied were 48.46% of the
amount assessed.
The financial operations of the division of Insolvent National banks from
Sept. 30 1928 to Sept. 30 1929, were as follows:
Collections:
$13,158,682
Cash on hand Sept. 30 1928
46,802.886
Collections during the year, including offsets
$59,961,568
Total
Disposition of collections:
Dividends paid
Secured and preferred claims paid
Expenses paid
Returned to shareholders in cash
Cash on hand
Total
$28,939,840
15,863,280
2,632,455
4,400
12,521,593
$59,961,568
$192,487,610
Bank Failures Other Than National.
Information furnished by the banking departments of the several States
discloses that during the fiscal year ended June 30 1929, there were 482
failures of State and private banks, with liabilities aggregating $134,605,000,
as compared with 413 failures in the previous year, with total liabilities of
$125,764,000.
National Bank Circulation.
Although a reduction of $679,000,000 was made during the fiscal year
ended June 30 1929,in the interest bearing debt of the United States, bonds
eligible as security for National bank circulation on June 30 1929. aggregated $674,625,630, the same as on June 30 of the year previous, comprising $599,724,050 consols of 1930; $48,954,180 Panama Canal 2s of
1916-1936, and $25,947,400 Panama Canal 2s of 1918-1938. On June 30
of the current year the Treasurer of the United States held as security for
National bank circulation $591,819,100 of consols and $74,380,040 Panama
Canal 2s, a total of $666,199,140, representing 98.75 % of the aggregate of
circulation bonds outstanding.
The circulation of National banks outstanding on June 30 this year
amounted to $704,294,442, of which amount $662,773,570 was secured
by bonds, and the remainder, $41,520,872, was secured by lawful money
held by the Treasurer to provide for the redemption of the notes of banks
retiring their circulation and on account of associations in liquidation.
In the year ended Oct. 31 1929, the withdrawal of bonds held by the
Treasurer of the United States in trust as security for National bank cir
culation amounted to $46,680,800. The withdrawals by reason of liquidation of banks amounted to $29,185,580, and on account of banks placed in
charge of receivers $1,802,760. Bonds held by the Treasurer of the United
States in trust as security for circulation were augmented to the extent of
$446,248,460 on account of deposits made by newly organized banks and
by those increasing their circulation. The transactions of the year by
months in each account named are shown in the following statement:
From the date of the first failure of a National bank in 1865 to the
close of Oct. 31 1929, 887 receiverships were liquidated and the trusts
closed, or the affairs thereof restored to solvency. Included in this number
are the 72 banks restored to solvency (2 in 1929) and 103 that were liquidated during the year 1929. These 815 banks had assets, including assets
acquired subsequent to their failure, aggregating $514,476,412. The capital of these 815 banks was $98,965,920 and there were levied by the Comptroller of the Currency stock assessments against their shareholders in the
amount of $63,391,240. The collections from these assets including offsets, together with collections from stock assessments as shown by re'
ceivers' final reports, amounted to 58.41% of such assets and stock assessments. The disposition of such collections was as follows:
Redemption of National and Federal Reserve Bank Circulation.
During the year ended June 30 1929, National bank notes, Federal
Reserve notes, and Federal Reserve Bank notes, aggregating $1. . .
768 912 111.50 were redeemed in the United States Treasury at a total expense of
$514,963.62.
Redemptions include Federal Reserve notes amounting to $1,282,667,215;
Federal Reserve bank notes received from all sources, $443,487; and
National bank notes of $485,801,409.50, the latter amount including
$23.903,249.50 redeemed on retirement account.
National bank notes were redeemed at an average cost of 95 cents per
$1,000; Federal Reserve notes received from sources other than the Federal
Reserve banks,81 cents per 1,000 notes; canceled and other Federal Reserve
$530,057,798
Total
In addition to this record of distribution, there were returned to shareholders, through their duly elected agents, assets of a book value of
$16,211,624.
The 426 banks that were as of Oct. 31 1929 still in charge of receivers
and in process of liquidation had assets, including assets acauired subsequent to their failure, aggregating $339,517,557. The capital of these
banks was $32,524,500, and there had been levied by the Comptroller
of the Currency to Sept. 30 1929 stock assessments against their shareholders in the amount of $28,924,500. The collections from these assets,
including offsets together with collections from stock assessments,amounted
to 52.24% of such assets and stock assessments as shown by receivers'
last quarterly reports under date of Sept. 30 1929. The disposition of
such collections was as follows:
Collections:
Collections from assets, including offsets
Collections from stock assessments
Total
$178,488.168
13,999,442
2192,487,610
Disposition of collections:
Dividends paid to creditors on claims proved aggregating $189,586,493.085
388,731
Payments to secured and preferred creditors, including offsets allowed
82,323,457
and payments for the protection of assets
10,799,475
Payment of receivers' salaries, legal and other expenses
350.000
Cash returned to shareholders
12,521,593
Cash balances with Comptroller and receivers
Total
notes received direct from Federal Reserve banks and branches, 39 cents
Per 1,000 notes redeemed; and redemption on account of Federal Reserve
bank notes at the rate of $1.27 per 1,000 notes.
Statements showing the amount of National bank notes, Federal Reserve
notes, and Federal Reserve bank notes received monthly for redemption
in the year ended June 30 1929, the source from which received, and the
classification of redemptions, together with the rate per $1,000 of National
bank notes redeemed, and the rate per 1,000 notes of Federal Reserve and
Federal Reserve bank notes redeemed, are published in the appendix of
this report.
National Banks of Issue.
Of the 7,536 reporting National banks on June 29 1929, there were
6,071 banks with capital of $1,324,743,000 issuing circulating notes, and
on the date indicated the amount of notes outstanding aggregated $649.452,000. The 1,465 banks which did not exercise the circulation privilege
had capital stock paid in amounting to $302,632,000.
Per Capita Individual and Savings Deposits in All Reporting Banks.
Statement showing the population, amount of individual deposits, per
capita individual deposits, amount of savings deposits, and per capita
savings deposits reported by all banks in each State, the District of Columbia, Alaska, and insular possessions follows:
Per Capita Individual and Savings Deposits in All Reporting Banks June 29 1929.
States and Territories.
Individual
Deposits. x
PopuPrn.
(Approx.)
Per
Capita
Ititro'l
Deposits.
Savings
Deposits.y
Per
Capita
Savings
Deposits.
$
789,000 394,230,000
458,000 278,262.000
357,000 240,701,000
4,245,000 3,821,582,000
690,000 496,608,000
1,646,000 1,212,197.000
$
$
499.66 315,421,000
607.56 236,098,000
674.23 210,665,000
900.25 2,658,208,000
719.72 353,940,000
736.45 883,361,000
$
399.77
515.50
590.10
626.20
512.96
536.67
Tot. New Engl. States 8,185,000 6,443,580,000
Waffle
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
787.24 4,657,693,000
569.05
New York
11,695,000 14,429,968,000 1,233.86 6,727,939,000
New Jersey
3,930,000 2,286,407,000 576.69 1,233,347,000
Pennsylvania
9.790,000 4,842,085,000 494.59 2,668,743,000
60,881,000
Delaware
250,000 137,925,000 551.70
Maryland
1,635,000 775,282,000 474.18 485,931,000
District of Columbia_ _ _
550,000 244,434,000 444.43
95,032,000
575.28
313.83
272.60
243.52
297.21
172.79
814.94 11,271,873,000
404.74
Total Eastern States. 27.850,000 22,696,101,000
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
2,555,000 450,764,000
1,680,000 328,230,000
2,980,000 331,700,000
1,855,000 166,018,000
3,160,000 305,146,000
1,335,000 305,769,000
2,560,000 252,670,000
1,795,000 211,244,000
1,945,000 382,014,000
5,400,000 1,016,978,000
1,910,000 197,428,000
2,545,000 433,726,000
2,490,000 408,943,000
Total Southern States 32,210,000 4,790,630.000
176.42
195.38
111.31
89.50
96.57
229.04
98.70
117.68
196.41
188.33
103.37
170.42
164.23
243,784,000
161,546,000
154,482.000
84,827,000
142,161.000
121,858,000
112,235,000
98,345,000
130,143,000
211,130,000
73,060,000
146,993,000
172.723,000
95.41
96.16
51.84
45.73
44.99
91.28
43.84
54.79
66.91
39.10
38.25
57.76
69.37
148.73 1,853,287,000
June 30 1928. June 30 1929.
(7,691 Banks). (7.536 Banks).
Gross earnings:
Interest and discount on loans
Interest (including dividends) on investmentsInterest on balances with other banks
Domestic exchange and collection charges
Foreign exchange department
Commissions & earnings from insurance premiums
and the negotiation of real estate loans
Trust department
Profits on securities sold
Other earnings
383.95 1,385,964,000
259.83 404,770,000
487.36 1,470,694.000
435.35 1,095,609,000
305.41 529,102,000
329.04 505,639.000
322.15 480,844,000
312.94 373,938,000
2
08.26
127.49
199.82
241.22
179.05
187.27
189.68
107.15
Tot.MiddleWtn.States 33,412,000 12,644,107,000
378.43 6,246,560,000
186.96
120,003,000
146,876,000
385,568,000
410,404,000
156,101,000
59,489,000
277,498,000
42,042,000
422,230,000
179.11
209.23
274.43
222.08
218.32
253.14
256.94
105.11
174.84
64,062,000
65,272,000
163,033,000
103,087,000
71,508,000
24,422,000
112,279,000
10,457,000
85.641.000
95.61
92.98
116.04
55.78
100.01
103.92
103.96
26.14
35.46
Total Western States.. 9,470,000 2,020,211,000
213.33
670,000
702.000
1,405,000
1,848,000
715,000
235,000
1,080,000
400,000
2,415,000
Total Pacific States
699,761,000
73.89
1,580,000 440,817,000
890,000 259,941,000
4,605,000 3,279,097,000
83,212.000
532,000
528,000 131,460,000
43,257,000
80,000
90,857,000
445,000
Washington
Oregon
California
Idaho
Utah
Nevada
Arizona
279.00 204,812,000
292.07 118,421,000
712.07 1,904,709,000
156.41
31,872,000
248.98
73,641,000
640.71
23,281.000
204.17
34,437,000
129.63
133.06
413.62
59.91
139.47
291.01
77.39
8,860,0004,328,641.000
499.84 2,391,173.000
276.12
135.55
260.60
25.35
7.40
6,347,000
34,473,000
14,021,000
24,132,000
58.77
107.73
10.02
2.15
16.42
77,973,000
91,000
Alaska
320,000
The Territory of Hawaii_
1,400,000
Porto Rico
11,250,000
Philippines
12,335,000
83,392.000
35,494,000
83,290,000
Total possessions.... _ 13,061,000
214,511.000
n.. Ti a .t.
,
Inr. 129 555 rum 52 127 781(10(1
21710_519 27 MR 22n nnn
5.97
on. oo
a Includes postal savings, Christmas savings, and other savings reported n column
4. y Represents deposits evidenced by savings pass books and time certificates
of deposits. (Does not include postal savings or Christmas savings accounts.)
Earnings, Expenses and Dividends'of National Banks.
A comparative statement of the earnings, expenses and dividends of
National banks for fiscal years ended June 30 1928 and 1929, and statements showing the capital, surplus and the earnings, expenses, &c., of
these associations in reserve cities and State and Federal Reserve districts
June 30 1929, follow:
817,231,000
311,338,000
26.601,000
17,325.000
13,437,000
894,032.000
320,416,000
22,862,000
18,069,000
12,439,000
999,000
16,165,000
59,328,000
81,982,000
896.000
20,583,000
35,085,000
100,103,000
$1,344,406,000 21,424,485,000
Total
Expenses paid:
Salaries and wages
Interest and discount on borrowed money
Interest on bank deposits
Interest on demand deposits
Interest on time deposits
Taxes
Other expenses
$986,882,000
$437,603,000
19,519,000
7,329,000
9,621,000
18,149,000
7,828,000
9,666,000
$423,214,000
Total
$271,805,000
35,548.000
46,462,000
126,742,000
281.012,000
65,967,000
159,346.000
2386,745,000
Losses and depreciation charged off:
On loans and discounts
On bonds, securities, efcc
On banking house, furniture and fixtures
On foreign exchange
Other losses
2262,609,000
18,612,000
57,282,000
129,005,000
265,998.000
68,750,000
155,405,000
2957,661.000
Total
Net earnings during the year
Recoveries on charged-off assets:
Loans and discounts
Bonds, securities, eaC
All other
$473,246,000
$92,106,000
29,191,000
18,150,000
181,000
13,428,000
286,815,000
43,458,000
25,132,000
240.000
15,797,000
$153,056,000
Total
Net addition to profits during the year
8171,442,000
2270,158,000
8301,804,000
Resources of Leading Foreign Banks of Issue.
The total resources of 39 foreign banks of issue converted at the existing rate of exchange on or about June 30 1929 were $17,896,953,000.
Total resources of 34 foreign banks of issue on or about June 30 1929.
were $16,913,081,000 in comparison with resources of $15,534,420,000
reported by the same foreign banks on or about June 30 1928.
The statement below, prepared by the Federal Reserve Board, shows
with reference to the 39 banks of issue, the country of each bank, the
date of the bank's statement, and its total assets in local currency and in
dollars at the current rate of exchange.
57.54
6,655,000 2,555,167,000
3,175,000 824,951,000
7,360,000 3,586,939,000
4,542,000 1,977,359,000
2,955,000 902,489,000
2,700,000 888,408,000
2,535,000 816,646,000
3,490,000 1,092,148,000
North Dakota
South Dakota
Nebraska
Kansas
Montana
Wyoming
Colorado
New Mexico
Oklahoma
21,593,856,000 21,627,375,000
1,419,695,000 1,479,052.000
222,672,000
205,358,000
Capital stock
Total surplus fund
Dividends declared
TOTAL ASSETS OF PRINCIPAL BANKS OF ISSUE ABOUT JUNE 30 1929.
[In thousands of local currency and of dollars.l.
Country.
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
3867
FINANCIAL CHRONICLE
DEC. 21 1929.]
Austria
Belgium
Bulgaria
Czechoslovakia
Danzig
Denmark
Egypt
England
Estonia
Finland
France
Germany
Greece
Hungary
Italy
Latvia
Lithuania
Netherlands
Norway
Poland
Portugal
Rumania
Russia
Spain
Sweden
Switzerland
Yugoslavia
Chile
Colombia
Peru
Uruguay
Japan
Java
South Africa
Total for 34 banks
Albania
Australia
Brazil
Ecuador
Mexico
Date.
Local
Currency.
Total
Total Assets Rate of
of the Bank Exchange Assets of
of Issue in into Dols. the Bank of
Issue in
Local Cur- on Given
DoUars.x
Date.
rency.x
192,392
1,369,248 0.140509
June 30 Schilling
374,977
.138802
2,701,523
June 20 Belga
67.703
.007227
9,368,133
June 30 Lev
259,037
.029609
8,748,588
June 30 Crown
11,367
58,393 y.194661
Gulden
June 29
125,799
.266355
472,299
June 29 Krone
321,768
64,710 4.972461
June 30 Egyptian lb.
2508,983 4.847794 z2,467,445
June 26 Pound
16,486
61,518 y.267990
June 30 Kroon
69,737
.025135
2,774,498
29 Markka
June
.039146 3,315,841
84,704,459
June 28 Franc
.238315 1,529,695
June 29 Reichsmark 6,418,795
131,142
.012922
10.148,770
June 30 Drachma
125,039
.174268
717,507
June 30 Pengo
.052328 1,190,790
22,756,263
June 30 Lira
49,074
254,333 y.192950
June 26 Lat
18,081
180,806 y.10000
June 30 Lita
366,368
.401503
912,492
July I Florin
130.778
.266438
490,838
June 29 Krone
246,775
.111855
2,206,202
June 30 Zloty
186,190
.044860
4,150,462
June 26 Escudo
180,270
.005934
30,379,188
June 30 Lou
2,449,175
475,568 5.1500
Chervonetz
July 1
862,471
.141500
8.095.203
June 28 Peseta
235,491
.267998
878,703
June 29 Krona
204,656
.192419
1,063,597
June 29 Franc
149,400
.017567
8,504,582
June 30 Dinar
77,414
.120388
643,036
Peso
June 30
70,908
.966200
73,389
June 30 Peso
30,104
4.00000
7,526
June 30 Libra
195,203
.988789
197,416
July 31 Peso
.437016 1,017.179
2,327,555
June 29 Yen
152.857
.400500
381,666
June 29 Florin
91,469
18,862 4.849402
June 28 Pound
June
July
June
June
June
30 Franc
1 Pound
29 Mire's
30 Sucre
30 Peso
Total for 39 banks
85,114
83.878
4,122,713
55,099
126,540
7.19295
4.848885
.118618
.2000
.479580
16,913,081
16,423
406,715
489,028
11,020
60,686
17,896,953
a In the compilation of total assets certain contra accounts have been omitted.
y Par of exchange, as no quotation for date g ven is available.
The increase of total assets of the Bank of England from £283,684,000 (21,383,189,000) on June 27 1928, to £508,983,000 (82,467,445,000) on June 26 1929, Is
largely due to the amalgamation of the Government currency note accounts with
those of the Bank of England on Nov. 22 1928. See Federal Reserve Bulletin for
December 1928, page 847.
Indications of Business Activity
-COMMERCIAL EPITOME.
THE STATE OF TRADE
Friday Night, Dec. 20 1929.
As usual at this time of year there is less life in wholesale
and jobbing trade and the big industries. They are all proceeding on lowered steam. This is the time for inventories
as everybody knows rather than for branching out. Besides
the weather has been bad. The stock market of late has
been dull and declining. Naturally that has not made a
favorable impression. All the big commodity markets have
declined. Prices for merchandise fell in November. Blizzards at the West have also hampered trade during the past
week. In fact the weather has been bad over large tracts
3868
FINANCIAL CHRONICLE
{Vol— 129.
of the globe with unusually low temperatures even in tropical law is just as inexorable as any other law known to the
countries. Fogs hereabouts have delayed transportation universe. Sugar has declined with demand slow and supplies
and affected trade. The weather in this territory was un- plentiful. Provisions have sought a lower level in response
seasonably mild until to-day. This has militated more or to the decline in grain.
less against retail trade. In other words fogs, rain and
The stock market has declined during the week with money
unseasonably high temperatures in some eastern sections of most of the time 436%. To-day stocks declined 1 to 11
,
the United States have hurt business, especially in retail points with heavy selling of the mail order shares, Montlines. In the far southwest temperatures have been as low gomery Ward dropping 11 points and Sears Roebuck 7.
as 6 degrees and in other parts of the south 8 to 26. New Steel common fell 53 points. Transactions rose to the highYork within 24 hours has been 8 degrees warmer than Jack- est total seen recently, that is to 5,545,000 shares. Sales to
sonville, Florida. Under adverse weather conditions there- record tax income losses are supposed to have figured largely
fore retail trade both east and west has slackened for the in the trading. Money advanced to 5%. To-night $12,time being. Iron and steel have been quiet, and in some 250,000 will be shipped from New York to France. The loss
cases steel prices have weakened. The production of steel of gold had some effect. French francs advanced further.
has decreased. On the other hand shoe and rubber foot- Sterling was firm. South American exchange declined.
wear retail trade has been benefitted by the bad, weather Bonds were irregular. Convertibles declined while some
over much of the United States. In the Worth Street dis- other issues were stronger. At best the demand was only
trict there has been a sudden and rather marked increase in fairly active. Investors prefer to await events.
the sales of print cloths at the recent decline in prices. In
In Mass. curtailment in the textile mills is reported and
48 hours the sales of print cloths are said to have reached also in Maine, New Hampshire, Rhode Island, Connecticut,
200,000 pieces, much of the business, however, being in Vermont and elsewhere. In New York the mills are working
small lots. Chain store business is said. to be excellent. on full time. Greenville, S. C. wired that most of the textile
The output of the cheaper kinds of automobiles is increasing. plants in the Piedmont section will be idle Tuesday and
Taking business as a whole it is believed to have generally Wednesday of next week in accordance with Christmas
shown some gain in 1929 over 1928, despite exceptions here holiday plans. In Greenville, the 50
-hour weeks, instituted
and there. Automobile production in November it turns several weeks ago in the Mills Mill, Woodruff and Arcadia
out was 153/2% smaller than in the same month last year plants continues. No change to the old schedule is conbut for 11 months was approximately 27% larger than in templated at this time. Operatives being paid the same as
the like period last year. November building permits fell formerly for 55 hours of work. Little change in the textile
off 283'% from those of November last year, while the de- situation is reported from other mills, most of which are
2
crease for 11 months as compared with the same period of now operating only about 40 hours each week. In a number
1928 is about 9%%. Though there was a decrease of of mills, however, the curtailment plan is on a different
anthracite coal output in November of 17
compared basis. The mills are running full time, but with certain
with the same month last year the decrease for 11 months is portions of the machinery idle, this gives a curtailment of
almost negligible being only a fraction of 1%. Bituminous operations of between 25 and 30% it is declared. Charlotte,
output in November fell off not quite 23% and for 11 N. C. wired that most mills there that make sheetings and
months there is a gain of close to 5%. Cotton consumption print cloths are running on a four-day schedule and there is
fell off 11% in November but for 11 months is some 934% some talk of closing down three full days or more the last
larger than for the same period last year. Rubber con- of the month during Christmas holidays. Mills making
sumption in November decreased 26%, but in 11 months fancy goods and specials are running generally on full time.
was close to 9% greater than for the same period last year. Spartanburg, S. C. reported that 6,000 workers are on a 40
Silk consumption increased 6% in November and 932% for hour week instead of the usual 55 hours. At Greenville,
11 months.
S. C. it seems that some of the textile mills are curtailing.
November exports of general merchandise decreased 17.7% In South Carolina all mills were in operation and a number
compared with the same month last year, but for 11 months manufacturing fine goods are on night shifts. Cotton duck
they gained 3.6%. Imports in November were 3.8% larger mills are preparing to curtail 25%. At Columbus, Ga.
than in the same month last year and for 11 months 9% announcement was made that the Fulwear Hosiery Co.
larger. This week there has been a pretty good business in which was established here last May, is operating on a day
anthracite coal. Bituminous strikes are running in the Cen- and night schedule and has sold up through April, 1930.
tral West. Wholesale shoe trade shows some falling off.
Manchester, England, cabled that a recommendation that
Manufacturing is also on a smaller scale in this line. Lumber all spinners using American cotton close their mills from
production has fallen off this week. That no doubt will tell Dec. 23rd to 28th inclusive is made by the Federation of
favorably on the price later on. Collections in general trade Master Cotton Spinners. Some members of the Federation
it must be confessed are slow. In some lines retail business favor organized short time in the American section, but a
is better than it was a year ago; in others slightly smaller. step of this kind requires a ballot by the membership. It
It is noticed that moderate or cheap articles sell the best. was said that some mills using American cotton in the
High priced merchandise lags. Department stores are doing Lancashire district may stop for a fortnight and that Egypjust about as well as they did a year ago. There are no tian using mills may also curtail. Manchester, England,
claims that they are doing better. Raw silk of late has been also cabled: "American spinners section has decided to close
about steady but dull. Broad silks have been dull, even at mills for 48 hours or a full week for the Christmas holidays
low prices. Wheat has declined some 5 to 6 cents under instead of the usual 18 hours." Autmobile production next
heavy liquidation and a disappointing export trade not to year will probably fall less than 10% below that of the
mention big stocks, and an increased acreage of winter wheat. present year, according to a prediction by "Automotive InCorn has been relatively steady with receipts small, stocks dustries" which sets 4,945,000 units as the probable 1930
also small and a good cash demand, which in general is also output, compared with approximately 5,500,000 units this
true of oats. Rye prices are lower and are expected to de- year. In November wholesale prices fell 2%. The demand
cline further. They have been falling this week partly in for hardware at leading markets of the country has been
sympathy with a decline in wheat. Rubber has been dull stimulated in the last week by the cold and snowy weather
and 34 to 4c.lower. Cotton has declined moderately under and tho approach of Christmas according to the "Hard3
steady liquidation partly of January and no stimulating fac- ware Age." The last minute deluge of Christmas orders is
tors. The decline in stooks and grain has affected cotton. said to be keeping wholesalers working 24 hours a day in
Moreover the Senate investigation of Cotton Exchanges has some parts of the country.
Fog and rain prevailed here for days especially on the 18th
brought out the fact more plainly than ever that foreign
cotton is competing in the European market with American and 19th insts., delaying harbor shipping. Icy gales swept
with more or less injurious results to American trade. Cer- the West and South. Blizzards occurred in the Central
tainly the exports of American cotton thus far this season are West and Northwest. Chicago got the full force of it on the
over half a million bales smaller than for a like period last 18th inst. It was the forerunner of a severe cold wave. In
year. Santos coffee has declined some Wi to %c. with the Southwest, even in the cotton country, it was as low as
Brazilian Exchange more or less unsettled and depressed, 14 to 20 degrees. Chicago reported drifting snow blocking
while to complicate the situation further there were rumors streets and roads. The airmail from the Rocky Mountains
to-day of financial troubles in Santos. Rio coffee has held to the Atlantic Coast was paralyzed. Auto travel was susup better than the other but both suffer from attempts to pended. Railroads and street car lines were delayed. The
sustain prices artificially in defiance of the law of supply and drop in Chicago was more than 15 degrees to 21 above.
demand. There is no use ignoring the fact that economic Williston, N. D. had 34 degrees below zero. At Devils Lake
DEC. a 1929.]
3869
FINANCIAL CHRONICLE
slight price declines
group of metals and metal products there were
it was 32 below and at Havre, Mont., 28be1ow.'',The coldest in In theplate, scrap, and sheets, also in pig lead, lead pipe. barsilver, pig
steel
spot was Prince Albert, Sask., with 38 degrees below zero. tin, and slab zinc. The composite price of automobiles also was somewhat
In Chicago the snowfall at 7 p. m. on the 18th inst. was 43/i lower than in October.
Among building materials, lumber and paint materials declined, while
inches after 24 hours. The Mississippi delta was in the grip Portland cement advanced slightly. Practically no change was reported
of snow, sleet, rain and wind. At Greenwood, Miss., an for brick, structural steel and other building materials.
Chemicals and drugs as a whole showed a minor decline.
electrical storm preceded a snowstorm and a drop of 30 deNo change in the price level was reported for the group of housofurnishgrees in temperature. Light snow fell in Vicksburg. Phila- lug
In the group of miscellaneous commodities, there were decreases for cattle
delphia had a freak thunder storm. A heavy downpour of
and pulp was starain accompanied the thunder and lightning. A freeze feed, crude rubber, and automobile tires, while paper
tionary.
isolated large portions of Eastern and Northern New York,
articles, and finished products, conRaw materials, semi-manufactured
icy telegraph and telephone wires falling and inhabitants in sidered as a whole, all were cheaper than in October. Non-agricultural
commodities also, as a group, declined in price.
some districts resorting to oil lamps and candles. New
Of the 550 commodities or price series for which comparable informaEngland was in the grip of snow, sleet and rain that froze as tion for October and November was collected, increases were shown in 51
it fell delaying travel and telephone and telegraph com- instances and decreases in 196 instances. In 303 instances no change in
munication. On the 18th inst. it was 6 degrees in the South- price was reported. in November with those of a year ago, as measured by
Comparing prices
western cotton country and 8 to 26 in its Central and Eastern changes in the index numbers, it is seen that hides and leather products.
lighting materials were considerably
belts. On the 18th inst. it was unusually mild and foggy textile products, and fuel and chemicals and drugs, were somewhat lower.
lower.
and
45 to 55 degrees. Boston on the 18th inst. and farm products, foods,shown for metals and metal products, housefurwith temperatures
Minor price increases are
recorded for
had 32 to 38 degrees; Buffalo, 20 to 24; Chicago, 20 to 28; nishing goods and miscellaneous commodities, no change being
Cincinnati, 26 to 36; Detroit, 20 to 26; Kansas City, 8 to 28; the group of building materials.
SUBOF WHOLESALE PRICES BY GROUPS AND
Miami, 70 to 74; Milwaukee, 16 to 20; St. Paul, 4 to 2 de- INDEX NUMBERS 01? COMMODITIES (1926=100.0).
GROUPS
grees below zero; Montreal, 12 to 16 above; Oklahoma City,
Purchasing
Power of
November,
October,
November,
14 to 22; Omaha, 2 to 6 degrees below zero; Philadelphia, 44
the Dollar
1929.
1929.
1928.
Groups and Sub-Groups.
• Nov. 1929.
to 58 above; Portland, Me., 22 to 28; Portland, Ore., 22 to
42; San Francisco, 52 to 60; Seattle, 42 to 48; St. Louis, 18
105.9
94.4
98.3
96.7
MI commodities
to 28; Washington, 48 to 54; Winnipeg, 10 to 28 below zero.
98.9
101.1
103.9
101.6
Farm products
105.4
94.9
99.1
On the 18th inst. the Furness Bermuda liner Fort Victoria
94.6
Grains
106.7
93.7
98.8
100.6
Livestock and poultry
92.5
following a collision in Ambrose Channel in the dense fog with
108.1
108.9
104.8
Other farm products
101.2
98.8
101.2
100.1
the Clyde liner Algonquin, sank at 7.30 p. m. Both vessels Foods
96.4
103.7
106.2
109.7
Butter. cheese and ?Ilk
97.6
102.5
106.7
108.7
were outbound. Of the Fort Victoria's passengers, all were
Meats
105.8
94.5
95.8
91.0
Other foods
92.3
108.4
saved. On the Algonquin, none were in danger. Arrange- Hides and leather products
110.5
115.5
91.5
109.3
117.9
130.0
Hides and skins
ments were made by the line for the accommodation of the
88.3
113.3
114.2
118.8
Leather
94.3
106.1
106.1
108.9
Boots and shoes
to Bermuda
passengers in hotels here and their transportation
94.3
106.1
106.6
108.4
Other leather
109.3
91.5
92.7
aboard the Fort St. George. The Algonquin returned to her Textile products products
96.1
-•
101.9
98.1
99.0
101.2
Cotton goods
129.9
pier under her own power for repairs.
77.0
79.3
83.7
Silk and rayon_
104.5
95.7
96.2
99.9
Woolen and worsted goods_ _ _
Thursday, the 19th inst., was the fourth day of fog here
131.4
76.1
80.0
85.8
Other textile products
122.4
81.7
81.7
84.4
causing shipping delays. Blizzards at the West still de- Fuel and lighting
109.6
91.2
91.2
91.2
Anthracite coal
108.7
92.0
Wires were crippled at the West. Cable
moralized traffic.
92.0
93.6
Bituminous coal
118.5
84.4
84.4
84.9
Coke
communication was delayed. The radio had to be used in
•
93.1
93.5
Manufactured gas
111:13
70.9
70.8
75.5
Petroleum products
many cases. It was mild here with temperatures of 44 to
97.8
102.3
103.6
101.7
Metals and metal products
103.6
96.5
96.8
96.1
55, but it was colder at the West. At Chicago it was 14 to
Iron and steel
97.7
102.4
104.2
97.9
Nonferrous metals
104.1
96.1
96.1
16 degrees; Cincinnati, 14 to 16; Cleveland, 18 to 22; Detroit,
98.8
Agricultural implements
92.6
108.0
109.9
108.7
Automobiles
Kansas City, 2 below to 12
12 to 18; Galveston, 24 to 36;
101.4
98.6
98.6
96.9
Other metal products
104.2
96.0
97.8
96.0
above; Milwaukee, 12 to 16; St. Paul, 10 below to 2 above; Building materials
108.2
92.4
96.3
92.7
Lumber
110.5
90.5
90.6
92.3
Montreal, 10 to 20 above; New Orleans, 28 to 34; Oklahoma
Brick
115.5
86.6
85.6
94.6
Cement
103.1
97.0
City, 8 to 24; Omaha, 4 below to 10 above; Philadelphia,
97.0
97.0
Structural steel
102.2
97.8
101.1
88.2
Paint materials
54 to 64 above. The great storms and then fogs on the
94.9
105.4
105.6
105.7
Other building material;
106.4
94.0
94.2
96.0
here. Chemicals and drugs
Atlantic Coast delayed some liners 3 days in arriving
100.0
100.0
100.4
102.3
Chemicals
141.6
70.6
70.7
70.9
At times the waves were 40 feet high and the spray went
Drugs and pharmaceuticals
111.2
89.9
90.1
94.1
Fertilizer materials
102.7
over a steamer's bridge 80 feet above the water line, while
97.4
97.4
97.6
Fertilizers
103.0
97.1
97.1
96.4
the wind blew with hurricane force. There was a delay of Housefurnishing goods
103.4
96.7
96.7
95.3
Furniture
102.7
97.4
97.4
97.1
16 hours at Boulogne waiting for the weather to moderate.
Furnishings
124.8
80.1
81.3
80.0
80.6
124.1
130.4
137.8
On the 19th inst. New Orleans had its first snow in years. Miscellaneous
Cattle feed
113.8
87.9
87.9
88.8
Paper and pulp
289.9
The forecast here for the 20th inst. was rain and colder then
34.5
40.7
37.9
Rubber
181.8
55.0
55.1
58.1
Automobile tires
fair and colder. To-day at 32 degrees New York was 8
92.1
108.6
108.4
98.5
Other miscellaneous
105.5
94.8
97.1
96.2
degrees warmer than Jacksonville, Fla. To-day New York Raw materials
104.6
95.6
97.9
96.9
106.2
94.2
temperatures were 28 to 53 degrees. This afternoon it Semi-manufactured articles
95.8
97.2
Finished products
108.0
92.6
94.3
95.4
suddenly grew colder, the effect being increased by a strong Non-agricultural com modities
• Data not yet available
wind. The forecast is for fair and colder to-night.
Preliminary Report of Federal Reserve Board on Re-.
tail Trade-Increase of 1% in November Sales as
Further Decline in Wholesale Prices in November
Compared With Same Month Last Year.
Reported by Bureau of Labor Statistics.
Department store sales for November were 1% larger
Further recession of the wholesale price level is shown for
than in the corresponding month a year ego, according to
November by information collected in leading markets by
preliminary reports made to the Federal Reserve System
the Bureau of Labor Statistics of the United States Depart- by 522 stores. Increases in total sales were reported by 241
ment of Labor. The Bureau's weighted index number, with
stores and decreases by 281 stores. The Board, under date
prices in 1926 as 100, stands at 94.4 for November compared
of Dec. 7, also says:
with 96.3 for October, a decrease of nearly 2%. Compared
The change in sales varied considerably for different parts of the
with November 1928, with an index number of 96.7, a de- country, ranging from an increase of 7% in the Kansas City Federal Reserve
crease of 2 1-3% is shown. Based on these figures, the pur- District to a decrease of 5% in the Atlanta district.
Percentage changes in total sales between November 1928 and November
chasing power of the dollar in November was 105.9 compared 1929 are given by districts in the following table:
with 100.0 in the year 1926. The Bureau in its survey
Number of Stores
Percentage of Increase
Reporting
or Decrease in Sales.
Dec. 18 continues:
Farm products again showed a pronounced price decline, due to decrease
for grains, cattle, hogs, sheep and lambs, poultry, cotton, oranges lemon
flaxseed, hay, onions, potatoes and wool. Eggs, on the other hand continued steeply upward.
Among foods there were decreases reported for butter, fresh and cured
meats, lard, corn meal, coffee and sugar. The decrease in the group as a
whole was 2 1-3%.
Hides and skins declined sharply from October prices, whila leather declined somewhat. Boots and shoes showed no change, with other leather
goods slightly lower.
Prices of cotton goods averaged lower than in the procedi a month, as
did also raw silk, worsted yarn, burlap, manila hemp, jute, and Mexican
sisal.
Fuel and lighting materials were mostly stationary in price, with advances
In refined fuel oil offset by declines in gasoline.
Federal Reserve Distrta.
Boston
New York
Philadelphia
Cleveland
Richmond
Nov. 1929, Compared
with Nov. 1928.
-0.4
-1.4
-0.1
+4.7
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Ban Francisco
• -0.5
+6.9
+2.6
+4.8
Increase.
Decrease.
31
26
21
14
27
8
29
5
11
17
58
27
18
24
27
20
38
13
7
7
12
30
44
241
281
+0.7
-The month had the IMMO number of business days (27) this year and
Note.
year.
sat
United States
3870
FINANCIAL CHRONICLE
Continued Drop in Retail Food Prices.
The retail food index issued by the Bureau of Labor
Statistics of the United States Department of Labor shows
for Nov. 15 1929, a decrease of about one-half of 1% since
Oct. 15 1929; an increase of a little more than 1%
2% since
Nov. 15 1928, and an increase of approximately 52% since
Nov. 15 1913. The index number (1913-100.0) was 157.3
in November, 1928; 160.5 in October, 1929; and 159.7 in
November, 1929. Under date of Dec. 19 the Bureau also
says:
During the month from Oct. 15 1929 to Nov. 15 1929.24 articles on which
monthly prices were secured decreased as follows: pork chops,8%;cabbage.
7%;onions,6%; butter, navy beans and oranges. 4%; sirloin steak, round
steak, rib roast, chuck roast, sliced bacon, sliced ham, lamb, hens, lard
and coffee, 2%; plate beef, evaporated milk, canned corn and canned peas,
1%; and oleomargarine. cheese, vegetable lard substitute and tea, less
than five-tenths of 1%. Five articles increased: strictly fresh eggs, 9%;
prunes, 5%; cornmeal and raisins, 2% and bananas, 1%. The following
13 articles showed no change in the month: Canned red salmon,fresh milk,
bread, flour, rolled oats, cornflakes, wheat cereal, macaroni, rice, potatoes
baked beans, canned tomatoes and sugar.
Changes in Retail Prices of Food By Cities.
During the month from Oct. 15 1929 to Nov. 15 1929, there was a decrease in the average cost of food in 44 of the 51 cities, as follows: Atlanta,
Baltimore, Cleveland, Indianapolis, Savannah and Washington, 2%;
Buffalo, Butte, Columbus, Dallas, Denver, Detroit, Fail River, Houston,
Jacksonville, Kansas City, Little Rock,Los Angeles,Louisville, Milwaukee,
Mobile, Newark, New York, Philadelphia, Pittsburgh, Portland, Me.,
Providence, Richmond, St. Paul, Salt Lake City, Scranton, and Seattle.
1%; and Bridgeport, Cincinnati, Manchester, Minneapolis, New Haven,
New Orleans, Omaha, Peoria. Portland. Oregon, Rochester, San Francisco
and Springfield. Ill., less than five-tenths of 1%. In the following 4 cities
there was an increase of less than five-tenths of 1%; Birmingham, Boston,
Charleston, S. C., and Memphis. Three cities, Chicago, Norfolk and St.
Louis, showed no change in the month.
For the year period Nov. 15 1928, to Nov. 15 1929, 42 cities showed
increases; Cincinnati, Kansas City and Minneapolis, 4%; Baltimore,
Butte, Indianapolis, Little Rock, Milwaukee, Peoria, Philadelphia, Portland, Oreg., St. Louis, Salt Lake City, Seattle and Springfield, Ill., 3%;
Charleston, S. C., Chicago, Columbus, Detroit, Houston, New Haven,
New Orleans, Omaha. S.Paul, San Francisco and Scranton. 2%; Birmingham, Boston, Buffalo, Cleveland, Louisville, Manchester, Newark, New
York, Norfolk. Providence, Richmond and Savannah, 1% and Bridgeport,
Fall River, Los Angeles and Memphis. less than five-tenths of 1%. Eight
cities showed decreases: Mobile, 2%; Atlanta. Dallas and Washington, 1%;
and Denver, Jacksonville. Portland, Me. and Rochester, less than fivetenths of 1%. In Pittsburgh there was no change in the year.
As compared with the average cost in the year 1913, food on Nov. 15
1929 was 70% higher in Chicago;69% in Scranton;67% in Cincinnati;65%
in Buffalo, Detroit, Richmond and Washington; 64% in Baltimore, New
Haven, New York and Philadelphia; 63% in Boston, Milwaukee, Providence and St. Louis; 62% in Birmingham and Charleston, S. C.; 61% in
Pittsburgh; 60% in Atlanta and Minneapolis; 59% in New Orleans and
San Francisco; 58% in Dallas, Fall River and Indianapolis; 57% in Kansas
City, Louisville and Manchester; 55% in Cleveland and Newark; 54% in
Little Rock; 53% in Seattle; 52% in Memphis and Omaha; 50% in Los
Angeles; 48% in Jacksonville and Portland. Ore.; 42% in Denver and
40%
in Salt Lake City. Prices were not obtained in Bridgeport. Butte,Columbus
Houston, Mobile, Norfolk, Peoria, Portland, Me., Rochester, St. Paul,
Savannah and Springfield, Ill., in 1913. hence no comparison for the 16
-Yr.
period can be given for these cities.
Department of Labor Reports Decrease of 3.1%, In
Employment During November-Decline In Wages
6.8%.
Employment decreased 3.1% in November 1929 as compared with October, land payroll totals decreased 6.8%,
according to a report issued by the Bureau of Labor Statistics of the United States Department of Labor. In announcing this, Dec. 1, the Bureau said:
This report is based on returns from 34,996 establishments which had
in November 5,045,493 employees whose combined earnings in one week
were $133,785,694. The industrial groups included were manufacturing,
mining, quarrying, public utilities, trade, hotels, and canning and
preserving.
November is customarily a month of declining employment, while payroll totals are further diminished by observance of Armistice Day, Election Day, and some church celebrations. The retail trade, bituminous coal,
and metalliferous mining groups each showed increased employment over
October, while wholesale trade showed practically unchanged employment.
The remaining groups reported decreased employment.
Manufacturing Industries.
Employment in manufacturing industries decreased 3.6% in November
as compared with October, while payroll totals decreased 7.0%.
This report is based on returns from 12,596 establishments in 54 of the
principal manufacturing industries of the United States. These establishments had in November 3,338,260 employees, whose earnings in one week
were $88,639,037.
The Bureau of Labor Statistics' weighted index of employment in manufacturing industries for November 1929 is 94.8 as compared with 98.3 for
October 1929 and 95.4 for November 1928; the weighted index of payroll
totals for November 1929 is 95.1 as compared with 102.3 for October 1929,
and 96.1 for November 1928. The monthly average, 1926, equals 100.
Only two groups of industries, paper and tobacco, showed increased
employment; The remaining ten groups had fewer employees in November;
the vehicle group showed a falling-off of 9.3%, followed by the leather
group (4.8%) and the lumber and miscellaneous groups (3.7% each).
The automobile industry, which in the three preceding years has shown
declines of from 8.1 to 9% in employment in November, reported a
decrease of 17.3% in number of workers and 22.0% in payroll totals.
The automobile tire industry decreased 13.6% in employment and 17.9% in
earnings. Decreases of over 5% in employment were registered in ice
cream, sugar, woolen, women's clothing, millinery, cast-iron pipe, stoves,
millwork, boots and shoes, brick, and carriages. The iron and steel industry
[VOL. 129.
decreased 1.7% in employment, the cotton goods industry decreased 1%,
and foundries and machine shop products decreased 3.4%.
Employment in rayon plants increased 0.8%, while radio manufacturing
establishments reported a loss of 26.6% in employment.
The level of employment in manufacturing industries in November 1929
was 0.6% lower than in November 1928, and employees' earnings were 1.0%
lower, this being the first month since September 1928 that employment
had fallen below the level of the same month of the preceding year.
The outstanding changes in employment in this 12-month comparison were
increases of 34.3% in shipbuilding, 21.6% in electrical machinery, 18.9%
in petroleum refining, and 15.6% in machine tools; the greatest decreases
were in automobiles (23.1%), automobile tires (20.9%), pianos (17.1%),
and millwork (12.8%).
Five of the nine geographic divisions showed increased employment over
this 12-mouth period, while the remaining four divisions allowed decreased
employment, the East North Central division showing a decrease of 5.9%.
Per capita earnings in manufacturing industries in November 1929
were 3.7% lower than in October 1929 and 0.4% than in November 1928.
In November 1929, 10,458 manufacturing establishments reported an
average of 89% of a full normal force of employees who were working an
average of 97% of full time, these percentages indicating a decrease of 3%
in average force with a decrease of 1% in average working time as compared with October.
Mining, Quarrying, Public Utilities, Trade, Hotels, Canning.
Employment increases in November 1929 as compared with October were:
Retail trade, 4.9%; bituminous coal mining, 2.2%; metalliferous mining,
1.1%, and wholesale trade, less than 1/10 of 1%.
Employment decreases in November were: Anthracite mining,
1.9%;
quarrying and non-metallic mining, 4.8%; public utilities, 0.5%; hotels,
0.6%, and canning, 33.6%.
INDEX NUMBERS OF EMPLOYMENT AND PAYROLL TOTALS IN
MANUFACTURING INDUSTRIES.
(Month y Average 1926=100.)
Groups of Industries.
Employment.
Nov.
1928.
Oct.
1929.
95.4
98.3
Pay-Roll Totals
Nov.
Nov.
1929. 1928.
Oct.
1929.
94.8
102.3
95.1
Food and kindred products
101.9 104.0 101.4 102.3 106.0
Slaughtering and meat packing 100.9 101.4 101.8 103.3 103.8
Confectionery
108.4 111.0 106.1 106.4 112.7
Ice Cream
83.5
90.6
82.3
84.0
91.2
Flour
103.5 106.5 103.5 104.2 112.6
Baking
102.4 105.2 102.5 103.0 107.1
Sugar refining, cane
95.9
96.8
90.8
96.9 103.0
Textiles and their products
97.2
98.2
95.8
96.5 100.0
Cotton goods
97.0
94.8
93.8
96.3
94.2
Hosiery and knit goods
95.6 103.2 102.6 101.0 113.7
Silk goods
96.9
98.1
96.7
97.8 101.8
Woolen and worsted goods
99.8
98.5
93.6
99.9 100.7
Carpets and rugs
104.9 109.1 108.3 101.7 108.4
Dyeing and finishing textiles... 101.9 102.4 100.8 106.7 103.5
Clothing, men's
89.0
93.3
90.1
81.3
85.2
Shirts and collars
94.1
94.6
94.3
94.4
94.6
Clothing. women's
106.2 108.1 101.1 102.9 114.9
Millinery and lace goods
88.7
92.2
85.2
86.6
89.5
Iron and steel and their products 94.8
99.6
96.6
97.7 104.4
Iron and steel
93.1
93.9
92.3
97.6
99.1
Cast-iron pipe
75.9
79.4
74.1
73.5
80.3
Structural iron work
98.5 106.9 103.8 104.3 113.1
Foundry & machine-shop prods. 95.6 104.7 101.2
96.8 1095
Hardware
91.5
92.0
88.8
94.3
94.2
Machine tools
114.2 135.8 132.0 125.6 146.5
Steam fittings
79.4
79.1
78.5
78.1
82.8
Stoves
95.2 100.2
92.6
94.2 102.3
Lumber and its products
90.0
89.0
86.3
92.0
94.9
Lumber, sawmills
88.1
86.2
83.8
89.7
90.6
Lumber, millwork
85.4
79.9
74.5
85.2
82.8
Furniture
98.4 104.3
99.9 103.6 111.5
Leather and its products
88.6
98.2
93.5
78.6
96.6
Leather
90.9
96.2
94.2
87.8 100.6
Boots and oboes
87.8
98.7
93.3
74.5
95.5
Paper and printing
101.2 103.1 .103.7 103.4 109.1
Paper and pulp
95.5
96.9
96.0
97.0 100.7
Paper boxes
101.4 103.6 104.1 111.2 113.5
Printing, book and lob.--.
99.5 101.9 104.0
99.4 106.7
Printing. newspapers
107.4 110.9 111.2 110.2 116.6
Chemicals and allied products_ 94.4 102.8 100.9
97.2 106.9
Chemicals
102.7 105.6 103.0 106.8 109.6
Fertilizers
88.9
91.7
88.6
91.0
92.6
Petroleum refining
86.1 103.2 102.4
88.4 106.7
Stone, clay and glass products
89.2
88.8
88.9
86.0
90.6
Cement
86.6
80.9
77.9
85.4
82.6
Brick, ttle and terra cotta
84.3
83.6
78.5
82.5
80.7
Pottery
96.6
94.0
95.3
92.5
94.5
Class
98.3
96.6
98.5 101.7
Metal products, other than iron 92.0
and steel
97.8
96.3
93.4 106.2 102.3
Stamped and enameled ware
90.6
90.3
90.6
94.0
93.6
Brass,bronze & copper products 100.8
99.1
94.7 110.2 105.7
Tobacco products
101.2
97.0
98.2
99.3
99.5
Chewing and smoking tobacco
and snuff
93.7
85.9
88.2
88.7
89.5
Cigars and cigarettes
102.1
98.4
99.5 100.7 100.7
Vehicles for land transportation
95.3
94.7
85.9
97.5 100.7
Automobiles
111.5 103.7
85.7 111.4 105.1
Carriages and wagons
84.2
76.4
86.7
92.9
Car building and repairing. 80.6
electric railroad
92.2
92.4
92.7
93.4
95.1
Car building and repairing,
steam railroad
82.7
86.8
85.7
86.5
96.7
Miscellaneous industries
94.0 113.1 108.9
91.9 114.4
Agricultural implements
111.7 110.1 111.2 116.0 112.8
Electrical machinery. apparatus
and supplies
100.6 126.5 122.3 101.6
130.6
Pianos and organs
80.6
66.6
68.8
83.1
68.3
Rubber boots and shoes
104.0 103.5
99.1 104.3 107.5
Automobile tires
103.9
95.1
82.2 102.1
88.3
Shipbuilding
82.6 100.0 110.9
80.2 109.9
102.7
104.4
105.4
83.7
105.4
104.3
90.5
92.6
89.6
111.2
95.5
89.8
106.7
96.5
78.3
94.3
98.1
78.3
97.2
92.3
72.7
105.4
102.5
88.8
137.4
76.5
87.4
87.4
85.6
72.3
101.1
81.1
94.9
77.2
108.5
98.8
112.2
106.8
116.4
104.4
107.8
87.4
104.1
84.8
77.6
74.6
93.8
99.4
General Index
98.1
Nov.
1929.
91.1
84.2
93.8
99.6
84.3
101.4
88.8
82.0
83.0
94.5
95.5
107.9
111.1
123.8
66.5
103.0
72.5
114.1
Business Spotty, President Is Told By 150 Trade Paper
Editors and Publishers in Conference.
The New York "World" reported the following from
Its Washington correspondent under date of Dec. 16:
President Hoover was told frankly today by editors and publishers
of 150 publications that American business is spotty and not in many
instances satisfactory.
The pessimistic reports of conditions in such industries
as textiles,
radio, iron and steel were brought to
Mr. Hoover just after the big
business men, in a series of Washington conferences under the auspices
of the United States Chamber of Commerce, had said that all was
well
and that prosperity is assured.
DEC. 21 1929.]
FINANCIAL CHRONICLE
The conferees were members of the National Conference of Business
Paper Editors and the Associated Business Papers. The conference
lasted for more than a half hour, during which President Hoover closely
questioned those of the editors who made adverse reports. Nine editors
were chosen to speak for the group. C. D. Crain of Class Magazine,
Chicago, the President of the conference, introduced them. Special
surveys had been made in all the business fields during the past ten days.
It was the thirty-second meeting of Mr. Hoover and the group of
trade paper editors. Early in his term as Secretary of Commerce Mr.
Hoover called in the business paper editors and asked for a frank statement of conditions. Frankness was the rule then. It appeared to have
been the rule today, although Mr. Hoover had become the President
of the United States.
Those of the editors who reported to the President for their special
fields were:
W. M. Macon, Iron Age, reporting for the iron and steel industry;
Kenneth Condit, American Machinist, for the machine tool business;
Norman Shidle, Automotive Industries, for the automotive business;
Thomas S. Holden, Architectural Record, for the construction industry; Samuel 0. Dunn, Railway Age, for the railway industry; Douglas
Woolf, Textile World, for the textile industry; Stanley Dennis, Electrical Record, for the electrical industry; Paul I. Aldrich, National
Provisioner, for the food industry; Virgil Jordon, the Business Week,
for general business.
At the Presidential request the reports were not made public, but it
was the consensus of the meeting that the national business situation is
nothing to worry about-taken as a whole. The roseate conclusions
and statements put out by Chamber of Commerce officials, however,
were not wholly agreed to by several of the important spokesmen.
A special committee of the editors and publishers will be formed to
work with Julius H. Barnes, Chairman of the Economic Council. It's
make up will be announced by Mr. Crain and C. A. Musselman, President of the Associated Business Papers, soon.
Tonight the editors met Secretary of Commerce Lamont. Mr. Lamont
and Dr. Julius Klein, Assistant Secretary of Commerce, had attended
the meeting in the White House.
3871
Force Greatly Enlarged
With this thought in mind, postal officials are confident that the
postal service will be taxed to itd capacity. An extra force of 65,000
or 75,000 clerks, carriers and other laborers will be needed, it was
stated. The Department also has been required to furnish 25,000 additional railway mail clerks and 418 rural carriers to transport the
Christmas mail.
The Department is arranging to place in service approximately 1,000
motor vehicles during the Christmas rush.
Gas Sales Increase 12% in October.
An increase of 12MinTgas sales for October 1929 over the
corresponding month of the preceding year, is indicated by
reports to the American Gas Association from companies
representing approximately 80% of the industry. On
Oct. 31, the customers of these companies aggregated
9,607,000, an increase of 2.2% over the same date a year ago.
For the first 101months of 1929, these companies reported
gas sales of 361 billion cubic feet, representing an increase
of 9.7% for the period. Revenue from gas sales aggregated
$342,335,000, an increase ofX4.4% over the first 10 months
of 1928. This relatively slower rate of increase in revenues
is the result in part:of rate reductions inaugurated in various
sections of the country during the period, and in part due
to the more rapid increase in gas sales for industrial-commercial uses, where because of large volume consumption
coupled with steady all year 'round use, or high load factor,
the companies are able to profitably handle this class of
business at lower than average rates. The Association's
statement continues:
Christmas Buying Equal to Last Year President Hoover
The progress in the application of gas to industrial-commercial uses is
States-Secretary Lamont Advises President Construc- indicated by the fact that during the initial 10 months of 1929, sales for
tion Figures for December Are Above Nation's Average. such purposes in Wisconsin increased 11%, in Illinois and Connecticut
13%,while Michigan registered a gain of nearly 18% in this type of business.
Another factor contributing to the expansion of gas sales is represented
in the use of gas for househeating. As indicative of the growth in this
field may be cited an increase of 58% for the 10
-month period in the State
of Michigan and of 120% for the State of Connecticut.
In New England, October gas sales registered an increase somewhat
smaller than the average for the 10
-month period, the October gain being
4.5% over a year ago, while the 10 months' increase was 5.6%. October
sales in the Middle Atlantic States averaged higher than for the 10
-months
-month period
period, the increase for October being 3.5% and for the 10
2.1%. Somewhat the same condition is reflected in the South Atlantic
States, where October sales registered a gain of 4.2%, compared with
3.4% increase for the 10
-month period. In the East North Central States.
comprising Illinois, Indiana, Michigan. Ohio and Wisconsin, gas sales
for the -month period were 9% above the previous year. In the Pacific
The Department of Commerce and other agencies report that the Coast 10
-month period increased 21% white revenues
Christmas buying is up to the average of last year, taking the country gainedStates gas sales for the 10
9.5%.
region, as well as the South Central and Mountain
as a whole, and a little above that in some places, while in others it is States, where This
a number of companies have replaced manufactured gas
a little below that of last year.
with natural gas, has been characterized by greatly augmented purchases
This is a pretty fair index of the business situation.
of natural gas during the period.
From the same paper, Dec. 14, we take the following
The amount of coke oven gas purchased from coke and steel companies
relative to Secretary Lamont's view of the business situa- for public distribution by the reporting companies,also increased materially
during the 10
-month period, being nearly 30% above the preceding year.
tion:
It was stated orally at the Department of Commerce following Mr. while coke oven gas produced by the utilities themselves increased 28%
during the same period.
Lamont's conference with the President, that Mr. Lamont
Christmas buying on the average for the entire country
is equal to that of last year, President Hoover stated
orally Dec. 13, following reports received by Government
officials, among them the Secretary of Commerce, Robert
P. Lamont. The reports received are a "pretty fair" index
of the business situation throughout the country, the President said. The 'foregoing is from the United States Daily
of Dec. 14, which gives President Hoover's views on the
business situation, as expressed by him orally at the White
House Dec. 13, as follows:
had made a
number of reports, including one that concerted action on the part of
the governors of 48 States in expediting construction had been revealed
by a preliminary survey conducted by the new Division of Public Construction set up in the Department of Commerce. This division was
established following the national business survey conference called by
the Chamber of Commerce of the United States at the direction of the
President.
Construction Above Average
Mr. Lamont told the President, it was said, that construction week
during the first week of December, as indicated by the daily average
for new building contracts in 37 eastern States, was well above
the
figure for the same week of last year and alsok higher than the previous
week.
Christmas business this year in all probability will be larger than
in
1928, judging by the amount of postage stamps supplied, it was stated
orally at the Post Office Department Dec. 13.
Judging from the total amount of requisitions for postage stamps
and
the demand from postmasters for extra clerical hire and additional
motor vehicle equipment, postal officials are preparing for a heavy
volume of mail during the coming Christmas holidays, it was
stated
orally Dec. 13 at the Post Office Department.
Although postal officials are unable to predict the total
amount of
business to be done, there is every indication that the postal
Christmas
business will be larger this year than that transacted in 1928.
Department has so far sent to postmasters throughout the country The
approximately 8% more postage stamps than supplied last year during
the holidays.
Postal Supplies Are Barometers
The requisitions for postage stamps and stamp supplies are considered
by the Department as good business barometers, it was said. Postmasters make surveys of business conditions in their localities before
ordering supplies.
With this thought in mind, postal officials are confident that the
postal service will be taxed to its capacity in making business conditions generally at Christmas.
This statement was based upon the total amount of requisitions for
postage stamps and the demands from postmasters for extra clerical hire
and additional motor equipment for the Christmas deliveries, it was
stated. The Department so far has sent to postmasters throughout the
country approximately 8% more postage stamps that supplied during
the 1928 Christmas holidays, it was said.
The requisitions for postage stamps and supplies are considered by
the Department to be good barometers of business as postmasters make
a survey of conditions in their territory before ordering supplies, it was
explained.
Loading of Railroad Revenue Freight Makes Better
Comparisons.
Loading of revenue freight for the week ended on Dec. 7
totaled 936,825 ears, the Car Service Division of the American Railway Association announced Dec. 17. This was an
increase of 99,718 cars above the preceding week this year,
when freight traffic was reduced owing to the observance of
Thanksgiving Day. The total for the week of Dec. 7 was,
however, a reduction of 47,948 ears under the corresponding
week in 1928, but an increase of 59,149 cars above the corresponding week in 1927. The details are set out as follows:
Miscellaneous freight loading for the week of Dec. 7 totaled 318,194
cars, 35,630 cars below the same week last year but 10,312 cars above the
corresponding week two years ago.
Loading of merchandise less than carload lot freight amounted to 247.389
cars, a reduction of 9,055 cars under the same week in 1928 but 732 cars
over the same week two years ago.
Coal loading amounted to 218,132 care, an increase of 19,041 cars above
the same week in 1928 and 45,705 cars above the same week in 1927.
Forest products loading totaled 52,901 cars, 10,228 cars below the same
week in 1928 and 4,012 cars under the corresponding week in 1927.
Ore loading amounted to 8,808 cars, a decrease of 2,385 cars under the
same week in 1928 but 690 cars over the corresponding week two years ago.
Coke loading amounted to 12,158 cars, an increase of 1,452 cars above
the corresponding week last year and 2,492 cars over the same week two
years ago.
Grain and grain products loading for the week totaled 47,983 cars, a
reduction of 8,716 cars under the corresponding week last year but 3,749
cars over the same period in 1927. In the Western districts alone, grain
and grain products loading amounted to 34,953 cars, a reduction of 3,483
cars under the same week in 1928
Live stock loading totaled 31,260 cars. 2,427 cars below the same week
last year and 519 cars below the corresponding week in 1927. In the
Western districts alone, live stock loading amounted to 24,209, a decrease
of 1,360 cars compared with the same week in 1928.
All districts except the Pocahontas and Central West reported reductions
in the total loading of all commodities compared with the same week in
1928 but all districts reported increases compared with the same week in
1927 except the Southern, which showed a decrease.
Loading of revenue freight in 1929 compared with the tworprevious
Years follows:
3872
[VOL. 129.
FINANCIAL CHRONICLE
North Dakota and South Dakota, where the rate of default in former
years ttad been very high.
Voluntary transactions also decreased in number in most States in the
1928-29 12-month period. For the United States as a whole 135,000 ownership units, or about 24 per 1,000, changed ownership in this manner, as
compared with a country-wide figure of approximately 26 per 1,000 for
the preceding 12-month period. In general, the farm realty market continued comparatively inactive, according to the Bureau.
Although farm real estate values generally continued downward during
the year ended March 1 last, as a rule the declines were comparatively
slight and in a number of States represented the smallest annual losses
in value recorded in recent years. In the 1928-29 12-month period values
per acre of all farm lands, including the improvements on them, declined
slightly less than 1%, averaged for the United States as a whole. Few
Total
50,385.621 49,057,625 49,256,692 of the sharp State declines of recent years were shown. This was particularly true of the Corn Belt States, which, as a rule, showed decreases
of less than 1%. This represented the smallest annual loss in values
Industrial Activity In November Based on Consump- recorded there since the depression set in.
In comparison with pre-war levels, the country-wide acre-value stands
tion of Electricity Below That Shown In October
higher than before the war. In 1920 the corresponding position
Electricity Consumed Shows Plant Operations For about 16%
was 70% above pre-war. When allowance is made for the lower purchasing
Eleven Months 8.1% Above Year Ago.
power of the dollar, farm real estate in 1929 was worth, on the average,
Based on the consumption of electrical energy in 3,600 about 20% less than before the war.
Four weeks in January
Four weeks in February
Five weeks in March
Four weeks In April
Four weeks In May
Five weeks in June
Four weeks in July
Five weeks in August
Four weeks in September
Four weeks in October
Five weeks in November
Week ended Dec. 7
1929.
3,570,978
3.767,758
4,807.944
3,983,978
4,205,709
5,260,571
4,153,220
5,590,853
4,538,575
4,677,375
4.891,835
936,825
1928.
3.448.895
3,590.742
4,752.559
3,740.307
4,005,155
4,924,115
3,944,041
5,348,407
4,470,541
4,703,882
5,144,208
984.773
1927.
3,756.660
3.801,918
4.982,547
3,875,589
4.108,472
4,995,8..54
3,913,761
5,367.206
4,370,747
4,464,872
4,741,390
877,676
In addition to data on values and foreclosures, voluntary
manufacturing plants, industrial activity in the United
States during November was 8.7% under October and 7.8% sales and other types of transactions for each State, the
under November 1928, which indicates a somewhat more Bureau's report reviews the tax situation and outlook, farm
than normal seasonal curtailment of general manufacturing mortgage conditions, agricultural incomes, and other facThe average tors bearing upon the farm real estate situation. The report
operations, "Electrical World" reports.
monthly industrial activity for the first 11 months of the of the survey has been printed as Circulair No. 101. A copy
current yeas., however, was 8.1% above operations for the may be obtained free from the Bureau of Agricultural Ecosame period last year. Three factors contributed to the nomics, Department of Agriculture, Washington, D. C.
cause for this decline-the usual seasonal decrease, hesitation due to the stock market movements, and a reaction from "Annalist" Index of Business Activity-Decrease of 8.1
the special rise in general manufacturing activity which
Points in November Largest in History of Index.
began during the' fall months of last year. In reporting
Based on preliminary date, "The Annalist" index of
this, the "Electrical World" says:
business activity for November shows a decrease of 8.1
Comparing current plant operations with the same time last year, two
manufacturing groups reported a gain, eight reported a drop, and one points, the largest month-to-month decline in the history
group
-lumber products-reported activity the same as last year. By of the index, which covers the entire post-war period. "The
comparison with November 1928, the greatest drop was reported by the Annalist's" advices continue:
automobile industry with a 30.4% decreav. Rubber products came next
• The preliminary index for November is 95.4, as compared with 103.5,
with 21.4%; rolling mills and steel plants, 17.2%, and textiles, 12.8%.
figure which represents
All sections of the country recorded decreases in November plant opera- the revised index for October, and 108.8, tho
tions as compared with the like month last year: New England, 5.3%; the peak of the current business cycle, reached last May.
With four notable exceptions, the November decrease is probably the
Middle Atlantic, 7.2%; North Central, 11.6%; South, 3.8%, and the
largest decrease in business activity which has occurred in any one month
Western States, 3.3%.
In the last 46 years. This conclusion is based upon a comparison of
Three of the primary manufacturing groups showed an increased rate of "The Annalist" index of business activity with the Axe-Houghton index
operations during November as compared with October. Chemical products of business activity, an index which has been computed back to the berose 1.6%, leather products 5%, and lumber products 1.8%. On the ginning of 1884 and is based on four important statistical series, homoother hand, the following eight industrial groups reported decreases: geneous throughout the entire period covered- Pig iron production,
Food products, rolling mills and steel plants, ferrous and non-ferrous merchandise Imports, freight traffic. and bank clearings outside New
metal working plants, paper and pulp, rubber products, stone, clay and York City.
glass, textiles, and automobiles. including the manufacture of parts and
Each of the nine components of the combined index for which November
accessories.
data are available, except boot and shoe production, shows a decrease
automobile industry, which includes for that month, the greatest decline, In terms of its effect upon the moveThe Nevember rate of activity in the
the manufacture of parts and accessories, was the lowest recorded since ment of the combined index, having been in cotton consumption. Freight
January 1927. However, this is still approximately 70% above the low car loadings, automobile production and steel ingot production also declined
point reached at the close of 1926.
sharply, while the output of electric power, pig iron, zinc and bituminous
The rate of manufacturing activity in November, compared with October coal showed a more moderate decrease. The November index of electric
1929 and November 1928, all figures adjusted to 26 working days and power production Is based on an estimated output of 8,300,000,000 kilowatt
based on consumption of electrical energy as reported to "Electrical hours, and the index of boot and shoe production is based on the Tanners'
Council estimate of a November output of 30,500,000 Pairs.
World" (monthly average 1923-25=100) follows:
Table I summarizes for the last three months the movements of the
combined index and of the ten component series, each of which has been
Oct. 1929.
Nov. 1928.
Nov. 1029.
adjusted for seasonal variation, long-time trend and variations in cyclical
134.6
amplitudes before being combined into "The Annalist" index of business
122.9
133.3
All Industrial groups
145.1
143.5
126.7
Metals Industry group
activity. Table II 'gives the combined index by months back to the
144.8
123.2
148.8
Rolling mills & steel plants
beginning of 192.5.
145.0
140.5
Metal working, plants
128.7
93.0
94.0
97.6
Leather and Its products
TABLE 1-THE ANNALIST INDEX OF BUSINESS ACTIVITY.
129.8
132.5
115.5
Textile,Industry
(A) BY GROUPS.
109.8
111.8
111.8
Lumber and its products
122.4
127.1
88.4
Automobiles and parts
159.2
149.1
146.2
Stone, clay and glass
Oct.
Sept.
Nov.
141.0
135.2
133.7
Paper and pulp
135.1
143.8
113.1
Rubber products
112.9
119.7
Pig Iron production
103.7
145.0
135.7
147.3
Chemical products
117.1
Steel ingot production
89.1
104.5
131.7
127.9
130.0
Food products
Freight car loadings
92.1
98.0
101.7
134.4
102.2
Shipbuilding
114.0
*99.5
102.8
102.0
Electric power production
93.5
91.4
98.0
Bituminous coal production
115.5
81.8
128.7
Automobile production
93.8
108.7
103.6
Cotton consumption
117.8
Wool consumption
114.6
Foreclosure of Farms Continues to Decline-Allowing Boot and shoe production
*112.5
110.1
111.1
94.2
87.8
103.7
for Shrink in Dollar, Farm Real Estate Worth Zinc production
.95.4
103.5
105.8
Combined index
Fifth Less than Before War.
•Subject to revision.
(B) THE COMBINED INDEX SINCE JANUARY 1925.,
The number of farm foreclosures and related defaults of
farmers was less in the year which ended March 15 1929
than the number of the same 12 months Just preceding, says
the Bureau of Agricultural Economics, United States Department of Agriculture, in its annual report on the farm
real estate situation. In the period ending last March 15,
on the average 19.4 farms out of every 1,000 farms in the
United States, the term farms including ranches and plantations, went into foreclosure, were sold for delinquent taxes,
or went otherwise into default. This figure of 19.4 per
1.050 is the lowest s'nce and including 1926, when the
Bureau made its first survey of this kind. The ratio for
,the period ending March 15 1928 Was 22.8 per 1,000. Continuing, the Bureau, under date of Dec. 12, says:
In most States the number of distress transactions was less in the year
ending March 15 1929 than in the year before, but there was considerable
variation as between localities in the same State, and some communities
reported more foreclosures than previously. Continued declines of substantial proportions are recorded in the States average for Montana and
1929.
January
February
March
April
May
Tune
July
kunst
September
Dctober
govember
December
• Subject to revision.
104.1
104.9
103.0
107.5
108.8
107.5
108.5
t106.8
1105.8
t103.5
*95.4
1928.
97.0
98.1)
98.6
99.0
100.4
97.8
99.7
10L3
101.3
103.6
101.5
99.1
1927.
1926.
1925.
100.2
103.6
107.0
103.6
104.0
102.8
100.7
101.9
101.1
97.5
94.4
92_a
102.3
103.2
104.7
103.7
101.6
103.2
102.8
105.0
107.1
105.0
103.7
103.2
102.4
102.9
102.6
103.4
101.4
98.5
101.1
100.7
100.8
102.1
104.0
105.8
f Revised.
"Annalist" Weekly Index of Wholesale Commodity
Prices.
The "Annalist" weekly index of wholesale commodity
prices stands at 140.1 a decrease of 0.8 point from last
week (140.8), and compares with 147.2 last year at this
time. The "Annalist" goes on to say:
DEC. 21 1929.]
With the exception of the chemical and building material groups, which
remain unchanged, and the miscellaneous group, which increased slightly
because of a fractional increase in rubber prices, all groups declined.
With the one exception of the second week in November, the farm
products group again touched a new low for the year, this in spite of recovery of some grain and livestock prices from last week. The food
products group declined 2.4%, thus closely following the decline in the
farm products group of last week. A sharp drop in prices of cotton yarns
made a new low in five years in the textile group: declines of gasoline and
zinc prices accounted for the lowered indexes in the fuel and metal groups.
The farmers had a most uncomfortable price week. Barley, corn, oats
and livestock recovered some of the recent losses, but wheat is fractionally
lower; cotton is lower by $1.50 a bale, and potatoes dropped 50 cents a
bushel, the grade used in the index now selling for $1 a bushel, compared
with $1.90 two weeks ago.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
(MONTHLY AVERAGES.)
(l91100)
Dec. 17 1929. Dec. 10 1929. Dec. 18 1928.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
136.5
143.0
140.7
159.9
125.4
151.7
134.0
124.2
140.1
137.0
146.5
141.2
160.0
125.6
151.7
134.0
124.1
140.9
148.8
145.8
156.4
166.1
124.4
153.8
134.6
118.0
147.2
Decline In Commodity Prices Reported by National
Fertilizer Association.
Following three weeks of advance, commodity prices
showed a decline of 0.7% for the week ended Dec. 14, according to the wholesale price index of the National Fertilizer
Association. The Association under date of Dec. 16 says:
Seven of the 14 groups showed declines, and the remainder were unchanged. Of the total number of items 46 declined during the week and
only six advanced. The largest declines occurred in fats; grains, feeds,
and livestock; textiles and textile materials; miscellaneous commodities;
certain foods; and gasoline.
Based on 1926-1928 as 100, and on 474 quotations, the index for the
week ended Dec. 14 stood at 95.0; for that ended Dec. 7, 95.7; for that
ended Nov. 30, 95.2; and for that ended Nov. 23, 95.1.
Building Permits for November Show Big Decline,
According to Survey of S. W. Straus & Co.
In 587 leading cities and towns of the forty-eight states,
building permits issued in November totalled $191,798,495
compared with $268,499,135 in November last year and
with $249,506,155 in October this year. The loss as compared with November 1928 was 29% and as compared with
October 1929 was 23%. These declines are among the
heaviest reported by building inspectors from the rank and
file of cities throughout the country in recent years. The
total of permits issued in this list of cities as reported to
S. W. Straus & Co. for the first 11 months of the current
year was $3,223,551,053, compared with $3,563,432,442 for
the same period in 1928 and with $3,647,560,274 for 1927.
The loss from last year was 10% and from 1927, 12%. It
is of interest to note that of $191,798,495 new building for
which permits were issued in November, $102,445,928 or
54% was reported from the fifteen largest cities of the country. The loss in these cities from November 1928 was 23%
and from October 15%. In this list Philadelphia, Los
Angeles, Baltimore and Pittsburgh reported a larger issuance of permits than for November of the preceding year,
while St. Louis, Pittsburgh, San Francisco, Milwaukee and
Newark displayed an upward trend from October. The
survey goes on to say:
In New York City, all boroughs showed a decline from October and
November last year, excepting Manhattan, where substantial increases
over September last year and October this year were shown. The loss for
the five boroughs over Novomber last year was 11%;in Chicago the decline
for the same comparative period was 23% and in Detroit 46%.
Among the large cities of the country, Boston and Washington reveal
the most drastic declines. In the New England metropolis permits Issued
last month were $952,358 compared with $6,762,936 in November 1928,
and with $3,054,558 in October of this year. In Washington the November record was 51,010,320 compared with $7,199,890 for November last
Year and with S3,066,705 for October 1929.
Reports Reflect Stock Market Crash.
While these data on their face are somewhat distressing the fact should
be borne in mind that they very largely reflect the full impact of the stock
market crash. The climax of the Wall Steeet debacle was not reached
until the beginning of the mid-month period and the various stabilizing
and stimulating forces that have since swung into action could scarcely
have been expected to exert any great measure of effect on the building
situation prior to the end of the month.
The Building Material Market.
Indexes of building material prices for November showed a decline from
the preceding month. Because of heavy structural steel awards, however, prices for this important material were firm. Portland cement prices
also halted their downward trend and in some localities increased. The
steadiness, nevertheless, in these items was not sufficient to offset the
considerable declines in common brick and lumber items. Starting materials were irregular.
The Labor Situation.
Coincident with a drop in building permits throughout the country of
more than seasonal proportions came reports from labor officials that
among building craftsmen there is considerable unemployment.
3873
FINANCIAL CHRONICLE
Meanwhile, it is significant to note that friendly relations between
contractors and union labor were assured at the recent building conference
convened at the suggestion of President Hoover.
Developments during the past month tend to show the early formation
of some body to handle jurisdictional disputes between various branches
of the building organizations. The building trades department of the
American Federation of Labor, recognizing the serious need of such a body
at this time which would vitally affect the public, the manufacturer, the
builder and labor, has extended an invitation to the National Association
of Building Trades Employers to meet with the executive committee of the
Building Trades Department in Tampa, Florida, on Jan. 20. Both contractors and labor officials hope that a recognized Jurisdictional body can
then be created in order that this issue may be definitely settled.
TWENTY-FIVE CITIES REPORTING LARGEST VOLUME OF PERMITS
FOR NOVEMBER 1929. WITH COMPARISONS.
Nov., 1929.
New York (P. F.)
,h1cago
Philadelphia
Los Angeles
Detroit
billwaukee
Akron 0
Kansas City, Mo
Newark
Pittsburgh
San Francisco
Baltimore
Cleveland
Ponca City, Okla
Cincinnati
Youngstown,0
St. Louis
New Haven
Hartford
Yonkers
Buffalo
Minneapolis
Seattle
Oklahoma City, Okla_
Houston
Nov., 1928.
Nov., 1927.
Oct., 1929.
246,917.922
15,338,900
8,024,640
6,679.288
4,880,017
3,571,152
3,163,854
3,002,150
2,978,184
2,746,697
2,487,796
2,232,800
1,805,300
1,541,240
1,509,495
1,490,895
1,432.749
1,424,349
1,387,698
1,375,083
1,357,805
1,298,215
1,245,950
1,193,925
_
1,152,084
$52,719,563
19,999,300
6,201,220
6.600,000
8,995,438
3,629,467
1,006,269
1,593.000
4,053,046
1,078,544
4,220,382
2,082,960
3,070,350
90,365
2,100,640
1.012,800
2,768,281
676,071
820.540
2,283,565
3,097,147
1,715,160
1,436,075
1,238,607
3,364,876
$68,999,452
27,454,200
6,411,195
17,464,327
6,185,619
2,572,589
910,287
1,081,725
3.446,280
1,816,648
6.382,171
2,442,300
4.281,000
(x)
1,751.400
630,52.5
5,854,759
6,299,206
783,531
2.448.021
6,192,395
1.132,260
3,193,430
1,516.285
2.226,863
$47,696,818
22,827,200
8,175,510
8,189,199
6,767,971
3,192,150
1,159,451
1,467,650
1,167,281
2,047.677
2,444.543'
3,221.280
5,645,125
13,487
4452.405
371,025
1,221,403
3,389.542
770,063
435,864
2,315,023
1,028,725
1,228,645
1,519,5.50
3.267,646
$120,238,188 3135.853,666 2181,576.468 $134.115,233
(P. F.) Indicates Plans Filed. x No record.
Early Improvement in Credit and Money Available For
Construction and Real Estate Developments Seen
by Representatives of Real Estate Boards as Result of National Business Survey Conference.
Harry S. Bissell, Springfield, Ohio, First Vice-President
of the National Association of Real Estate Boards, was
appointed to the committee of 60 "key men" of American
Industries who were named in Washington at the National
Business Survey Conference of Dec. 5, called at President
Hoover's request, by the Chamber of Commerce of the
United States. The Committee, representing 200 basic industries, was appointed to supervise industry's co-operation
in a national program of increased activity in construction
and maintenance industries. From this committee a smaller
committee of 12 members is to be appointed later. An early
improvement in credit and money available for construction
and, consequently, for real estate investment is seen by
Herbert U. Nelson, Executive Secretary of the National
Association of Real Estate Boards, as one of the immediate
favorable results for real estate from the conference. Mr.
Nelson, with Mr. Kissell, represented the Association and
the country's real estate interests at the Washington meeting. "Construction and maintenance industries, employing,
as they do, one-fourth of the labor in the United States,
hold the key to the whole present business situation," Mr.
Nelson declared. "The speculative period is over; this is
synonymous with saying that we are going out of the
period of high interest rates. We are now entering a
period of lower interest rates, and low interest rates will
make building and construction go forward."
President Hoover emphasized in his address to the business leaders that continuity and expansion of construction
and maintenance work throughout the country should take
up any slack in employment which arises in other directions
and offset successfully any temporary depression which
might come at this time. In pointing out this fact to the
country's industrial leaders at the conference, President
Hoover said:
"I believe that with the great back logs which are already assured by
the public service institutions and the governmental works you will be
able to build up the construction and maintenance activities for 1930 to a
higher level than that of 1929, and that is what we require."
Mr. Nelson viewed the conference as substantial evidence
that the representatives of industries, utilities, business
organizations and governmental agencies are one-minded in
working toward Increasing activity in the construction field.
Business leaders in all lines are aware of the need for
stimulating building activities. Recognition of the present
situation, combined with the present tendency of the investing public-that of turning from speculation to resuming
investment in bonds and mortgages
-cannot fail to increase
activity in real estate, Mr. Nelson pointed out. Continuing.
he said:
"A conviction on the part of insurance companies that the country generally is overbuilt has been one reason for the restriction of credit for real
3874
FINANCIAL CHRONICLE
estate. In many communities careful survey ilaB proved that this impression
Is entirely erroneous, that the community is not overbuilt. Fact finding
and research on the part of real estate men will bring out the true
situation and, with low interest rates in view, we should look for a healthy
real estate market during 1930.
"The result of the conference in general will undoubtedly be to bridge
over the usual business lull which follows a crash terminating a speculative
era. Almost invariably the leaders of the 200 basic industries represented
at the conference reported an increased construction budget for the coming
year. The railroads have appropriated $1,050,000,000 for additions and
betterments of property during 1930. The public utilities will invest
$1,400,000,000 in new construction during 1930. Industrialists and
financial interests all along the line have shown concrete indication of their
willingness to co-operate in avoiding a period of waiting until business
recovers from its pessimism induced by the stock market debacle."
Reports of the business leaders at the conference indicate
that no curtailments in ordinary consumption of conimodities Is anticipated, according to Mr. Nelson.
[VOL. 129.
to 9%, and in the vehicles group, where it amounted to 8%. As compared
with November 1928, there was also a decline in employment in all the
groups in November except in the machinery, the textiles, the paper and
printing, and the miscellaneous manufacturing groups.
In the iron and steel group of industries the decline in November from
October and from November 1928 amounted to 9%, but the 11 months
ended Nov. 30 showed an increase of 6% as compared with the same
period of 1928. Forty-five of the 165 reporting concerns in the iron and
steel group showed employment increases in November from October,
and 106 showed decreases.
Employment in the machinery industries, while showing a decline of 3%
In November from October, was 7% greater in November 1928 and 15%
greater for the first 11 months of 1929 than for the same period of 1928.
Employment in the manufacture of automobiles and automobile parts
declined 8% in November from October, and 21% from November 1928,
but was 11% greater during the first 11 months of 1929 than during the
same period of 1928.
Employment in the rubber products group, of which tire and tube manufacturing is the principal industry, declined 7% in November from October,
and 9% from November 1928. Employment in the stone, clay, and glass
products group declined 1% from, October, and 3% from November 1928.
In the lumber products group, November employment declined 9% from
October, and 8% from November 1928, and the average for the first 11
months of 1929 was 3% less than the average for the same period of 1928.
The October-to-November decline in employment was experienced in all
the larger cities of the State except Cincinnati, which showed no change in
November from October, and an increase of 5% from November 1928.
Industrial employment in Akron in November declined 6% from October,
and 3% from November 1928, but was 10% greater during the first 11
months of 1929 than during the same period of 1928. Industrial employment in Cincinnati remained practically unchanged in November from
October, but was 5% greater than in November 1928, and averaged 4%
greater during the first 11 months of this year than during the same
period of last year. November industrial employment in Cleveland was 7%
less than in October and 6% less than in November 1928, but 12% greater
during the first 11 months of 1929 than during the first 11 months of
1928. Industrial employment in Columbus declined 5% in November from
October, and was practically the same as in November 1928, but averaged
8% greater during the first 11 months of 1929 than during the same period
of 1928. In Dayton industrial employment declined 10% in November from
October, but increased 7% from November 1928 and 20% during the first
11 months of 1929 as compared with the same period of last year.
November industrial employment in Toledo was 7% less than in October,
and 24% less than in November 1928, but averaged 5% greater during the
first 11 months of 1929 than during the same period of 1928. In Youngstown industrial employment declined 7% in November from October,
and 5% from November 1928, but averaged 5% greater for the first 11
months of 1929 than for the same period of last year. Industrial employment in Stark County declined 8% in November from October, and 11%
from November 1928, but increased 9% during the first 11 months of this
year as compared with the first 11 months of last year.
John C. Mechem of First Union Trust 8c Savings Bank
of Chicago Finds Justification For Reasonable
Optimism For Future.
"While mare has probably •been said about the recent
stock market decline than has ever been said about a similar
period of equal duration In our financial history, there still
remains one or two aspects of it which might be mentioned,"
declared John C. Mechem, Vice-President of the First
Union Trust & Savings Bank, Chicago, and President of
the Trust Company Division of the American Bankers' Association, in Kansas City, Dec. 14, where he addressed a
meeting of the Kansas City Fiduciary Association. "The
severity of the decline is nowhere better illustrated than
In the measures which were necessary to stop it," said Mr.
Mechem, "and Mr. Hoover rendered a very real service to
the country in the measures which he adopted for restoring
public confidence." Mr. Mechem pointed out, however, that
there have "been two popular misconceptions Which have
grown out of the situation, diametrically opposite and
equally false. The first of these is that the country is
going right back into an immediate period of increased
production and consumption, and rapidly mounting security
prices. Obviously this cannot be true. The other misconception is that the efforts that are being made to restore
public confidence must show that the situation is actually Volume of Business in Minneapolis Federal Reserve
District During November on Par With Same
worse than any one knows, and that the country is going
Month Last Year—Farm Income Lower.
to the bow-wows. No more is this true," Said Mr. Mechem,
who continued:
According to the preliminary summary of agricultural and
"The truth, as usual, lies along a middle ground. It would be foolish business conditions made available Dec. 14 by the Federal
to say that business is not experiencing some recession. The stock market
Reserve Bank of Minneapolis the volume of busines in the
crash was preceded by the beginning of a recession in business, and it is
absurd to think that you can deflate the potential purchasing power of the district during November was about as large as in November
country by so many billions of dollars in so short a time without decreasing last year.ltDebits to individual accounts were 3% larger
to a certain extent both actual purchasing power and the desire to
than in November a year ago, with increases occurring at
purchase. But fundamental conditions are sound. The business and
financial structure of the country is in good condition. The American Minneapolis, St. Paul, South St. Paul and the mixed farming
banking system has given ample evidence of its ability to meet any cities and decreases appearing at the Head-of-the-Lakes and
emergency. The inherent soundness of our Federal Reserve System has in the spring wheat belt.
been ably demonstrated; the courage and resourcefulness of the banks of
the country amply proven. Securities have been reduced in price until
many of them yield a reasonable return upon the money invested. There
are and will be ample commercial funds for every reasonable demand of
business and at reasonable rates. The wage scale is being maintained and
municipalities, public utilities and industrial enterprises are proceeding
with their normal building development. The annual reports of matt
companies in most lines of business at the close of 1929 will be good.
"A brief comparison with the deflation period of nine years ago will
indicate how much better conditions are now. At that time we had large
inventories, excessive commodity prices, frozen credit, high prices for land,
and lack of farm purchasing power. To-day we have relatively small
inventories, reasonable commodity prices, ample credit, lower land prices,
and good farm purchasing power.
"The factors which make for a sound business structure are dominant
and there- is every justification for a reasonable optimian for the future."
The Bank adds postal receipts, flour shipments and building contracts
were also larger than in November last year. On the other hand, freight
carloadings in the first four weeks of November were 8% smaller than in the
corresponding weeks last year, with decreases reported for loadings of grain,
ore and forest products. The country check clearings index was 13% lower
in November this year than in November a year ago. Decreases were also
recorded in building permits and shipments of linseed products.
Decreases occurred in the farm income from cash grains and hogs and an
Increase was shown for potatoes. The value of dairy products marketed in
October 1929 was 11% smaller than the value of dairy marketing's in October
last year. Prices of wheat,corn,oats,flax, eggs, potatoes and hogs were
higher in November than a year ago. Prices of rye, butter, milk, hens.
cattle and lambs were lower than a year ago.
EssimatjWcitue of Important Farm Products Markded in the Ninth Federal Reserve
District.
% Nov.1929
Nov. 1929. Nov. 1928. of Nov. 1928.
44
$10,206,000 523,240,000
Wheat wheat
39
8,916.000
3,510,000
Durum wheat
55
1,555,000
855,000
Rye
62
Flax
5,828,000
3,639,000
176
1,700,000
3,002,000
Potatoes
99
16,554,000 16,686,000
Hogs
Industrial Employment in Ohio and Ohio Cities During
November—Decline in Month, But Eleven Months
Figures Higher Than Same Period Last Year.
% Oct. 1929
In summarizing employment conditions in Ohio and Ohio
Oct. 1929.
Oct. 1928. of Oct. 1928,
89
815,388,000 817,305,000
Dairy products
cities during November the Bureau of Business Research
of the Ohio State University says:
The mild decline in industrial employment which has been under way Conditions In Pacific Southwest as Viewed By Sein Ohio since August was accelerated somewhat in November, the decline
curety—First National Bank of Los Angeles.
in November from October amounting to 5% as compared with 1% in the
Industry and trade in Los Angeles and in Southern Calitwo preceding months. The October-to-November decline in total employment carried the total for November 2% below the total for the same fornia generally proceeded in a healthy and orderly manner
month of last year. However, in spite of the decline during the past three during November, despite the chaotic conditions which premonths, the total of employment for the 11 months of 1929 ending vailed in the
stock market. Check transactions (bank
November was 8% ahead of the total for the same period of 1928, and almost
200 of the 604 firms reporting to the Bureau of Business Research in debits) in Los Angeles during November 1929 were 8.2%
November showed employment increases in spite of the general decline. greater than in November 1928. This increase cannot be
Manufacturing employment, which largely dominates the figure for total ascribed solely to
increased industrial and business activity,
industrial employment in Ohio, also declined 5% in November from
but was in a considerable measure the result of the heavy
October, and 2% from November 1928.
The November decline from October in employment was experienced in liquidation of stocks during the month. Check transactions
all groups of industry, except in the paper and printing group, which showed
during the four weeks' period ending Nov. 20 1929 compared
no change from October. The most pronounced declines occurred in the
Iron and steel and in the lumber products groups where the decline amounted with the corresponding period of 1928 in six smaller South-
DEC. 21 1929.]
3875
FINANCIAL CHRONICLE
ern California cities for which figures are available, registered increases in five cities as follows: Fresno, 13.2%;
Bakersfield, 13.1%; Pasadena, 11.8%; San Diego, 11.6%,
and Long Beach, 4.5%. Bank debits in Santa Barbara
showed a decrease of 4.5% during the current four weeks'
period compared with the same period last year.
This is the introductory paragraph of the "Monthly Summary of Business Conditions" in the Pacific 'Southwest territory compiled by the Department of Research and Service
of the Security-First National Bank of Los Angeles, and
released for publication to-day. The summary continues in
part:
The 344 identical softwood mills report unfilled orders as 723,509,000
feet, on Dec. 14 1929, as compared with 851,344,000 feet for the same week
a year ago. Last week's production of 411 identical softwood mills was
253,545,000 feet, and a year ago it was 253,217,000. shipments were
respectively 196,354,000 feet and 222,614,000; and orders received 204,125.000 feet and 246,399,000. In the case of hardwoods, 193 identical
mills reported production last week and a year ago 36,792,000 feet and
42,528,000; shipments 27,746,000 feet and 38,861.000 feet; and orders
26,550,000 feet and 45,975.000 feet.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle that new
business for the 224 mills reporting for the week ended Dec. 14 totaled
158,527,000 feet, of which 70,433,000 feet was for domestic cargo delivery.
and 28.463,000 feet exports. New business by rail amounted to 46,719.000
feet. Shipments totaled 144,611,000 feet, of which 61,613.000 feet moved
coastwise and intercoastal, and 28,810,000 feet export. Rail shipments
Activity during November 1929 in lines of industry for which data are totaled 41,276,000 feet, and local deliveries 12,912.000 feet. Unshipped
available showed increases in some instances but considerable decreases orders totaled 600,291,000 feet, of which domestic cargo orders totaled
in others, as compared with November 1928. A slackening of activity was 278,311,000 feet, foreign 178,923,000 feet and rail trade 143,057,000 feet.
noted in some lines of industry during November 1929 compared with Weekly capacity of these mills is 253,786,000 feet. For the 49 weeks ended
October 1929, which is a normal seasonal occurrence. Oil field operations Dec. 7, 137 identical mills reported orders .4% over production, and
were voluntarily curtailed during the month and petroleum production shipments were .4% below production. The same mills showed an increase
was approximately 25% less than in October 1929. Building activity in In inventories of 4% on Dec. 7 as compared with Jan. 1.
Los Angeles, as measured by the value of permits issued, was less during
Southern Pine Reports.
November 1929 as compared with October 1929, but was slightly greater
The Southern Pine Association reported from New Orleans that for 149
than in November 1928.
mills reporting, shipments were 11% below production, and orders 7%
The 1929 harvest season for most crops has either been completed or is below production and 4% above shipments. New business taken during
approaching completion, and as more complete production data have become the week amounted to 60,522.000 feet, (previous week 56,805,000 at 160
available, it is evident that the 1929 crops in general are larger than mills); shipments 58,422,000 feet,(previous week 56,742,000); and producexpected earlier in the season. Government crop reports on conditions as of tion 65,356,000 feet, (previous week 64,739,000). The three-year average
Nov. 1 compared with Sept. 1, show small increased in the production production of these mills is 75,961,000 feet. Orders on hand at the end of
estimates of hay, beans, corn, grapes, peaches and pears in the State as a the week were 145,488,000 feet, as reported by 116 mills. The 136 identical
whole. The composite index of aggregate production in California stood mills reported a decrease in production of8%,and in new business a decrease
at 95.1% of the ten-year average on Nov. 1 compared with 90.7% on of 13% as compared with the same week a year ago.
Sept. 1. Although the 1929 yields of some crops are smaller than in 1928,
The Western Pine Manufacturers Association, of Portland, Ore.,reported
higher prices prevailing will result in little, if any, decrease in the monetary production from 73 mills as 34.063.000 feet, shipments 23,772,000 and new
returns to the growers this year as compared with last year. An unfavorable business 27,100,000 feet. Fifty-five identical mills reported an increase in
factor in the agricultural situation is the lack of seasonal rainfall, whiah production of 4%,and a decrease in new business of 17%,compared with
although beneficial to the harvest of late crops, has resulted in a generally the corresponding week of 1928.
The California White & Sugar Pine Manufacturers Association, of San
poor condition of pastures and ranges.
Distribution and trade were well maintained during November 1929, and Francisco, reported production from 21 mills as 14,422,000 feet, shipments
10,423.000 and orders 11,300,000 feet. The same number of mills reported
inventories are reported in a generally satisfactory condition.
production the same, and a decrease of 32% in orders in comparison with
Banking.
the same period of last year.
The demand for credit showed little change during November compared
The Northern Pine Manufacturers Association, of Minneapolis, Minn.,
with October. Total loans of Los Angeles banks which are members of the reported production from 9 mills as 1,557,000 feet,shipments 3,996,000 and
Federal Reserve Bank of San Francisco moved within narrow limits during new business 3,218,000. The same number of mills reported a decrease in
the month, and on Nov. 20 were 3 1/3 million dollars, or 3/5 of 1% less production of 49%, and in new business of 38%, when compared with a
than on Oct. 23, and approximately the same as on Sept. 18. Loans on Year ago.
securities declined 9% million dollars, or 6.4%, in the period from Oct. 23
The Northern Hemlock & Hardwood Manufacturers Association, of
to Nov. 20, and were lower on Nov. 20 than at any time during the past Oshkosh, Wis., reported production from 25 mills as 3,442.000 feet, shipfour months, although they were 20% million dollars, or 17.4%, higher ments 1,316,000 and orders 2,220,000. The same number of mills reported
than the low for the year reached on January 16. All other loans increased production 1% less, and orders 19% less than for the corresponding week
by approximately 6% million dollars, or 1.7%, in the four weeks' period of last year.
The North Carolina Pine Association, of Norfolk, Va.,reported producending Nov. 20 1929.
The decline in deposits which has been in evidence during recent months tion from 125 mills as 10.668.000 feet, shipments 9,611,000 and new busicontinued during November. Total deposits of reporting member banks in ness 6,866,000. Fifty identical mills reported 17% decrease in production,
Los Angeles on Nov. 30 were 3 1/3 million dollars, or 2/5 of 1%, below the and 44% decrease in new business, in comparison with 1928.
The California Redwood Association, of San Francisco, reported producdeposit total on Oct. 23, and were the lowest reported for any previous
date this year. A segregation of the total deposits shows that during the tion from 13 mills as 7,378,000 feet, shipments 6,399,000 and orders 6,four weeks' period ending Nov. 20 1929 demand deposits increased 9% 376,000. The same number of mills reported 5% increase in production,
million dollars, or 4.3% ; time deposits decreased 16 1/3 million dollars, and 12% increase in orders, when compared with the same week a year ago.
Hardwood Reports.
or 3.7%, and all other deposits increased 3% million dollars, or 8.0%.
The Hardwood Manufacturers Institute, of Memphis. Tenn., reported
Investment holdings of reporting member banks in Los Angeles have
production from 189 mills as 35,714,000 feet,shipments 27,376,000 and new
shown a downward trend during 1929, and on Nov. 20 were nearly 13
million dollars, or 5.8%, less than on Oct. 23, and 66% million dollars, business 26.485.000. Reports from 168 mills showed a 13% decrease in
production, and a 30% decrease in new business, when compared with last
or 24.3%, below the high for the year to date recorded on Jan. 2.
year.
The Northern Hemlock & Hardwood Manufacturers Association, of
Improved Relation of Lumber Orders to Production. Oshkosh, Wis., reported production from 25 mills as 5,395,000 feet, shipments 3,323,000
2,802,000. The same number of mills reported
Lumber orders received at 828 leading hardwood and production 14% and ordersorders 77% less, in comparison with the same
less, and
softwood mills during the week ended Dec. 14 were 89% of week of 1928.
current production,as compared with 77% the previous week, CURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS TO PRODUCTION FOR THE WEEK ENDED DEC. 14 1929 AND FOR 50
WEEKS TO DATE.
according to reports to the National Lumber Manufacturers
Association. Shipments were 85% of production, as compared with 81% a week earlier. These mills give total production as 342,061,000 feet, while 864 mills the preceding
week reported 365,667,000 feet. Unfilled softwood orders
at 515 identical mills on Dec. 14 were the equivalent of 21
days' production, which may be compared with an equivalent
of 20 days' production reported for the preceding week by
540 mills. Compared with last year, 411 identical softwood
mills give production as approximately the same, shipments
as 12% less, and orders as 17% less than for the same week
a year ago. For hardwoods, 193 identical mills reported
production 13% less, shipments 29% less, and orders 42%
less than for the week a year ago.
Lumber orders reported for the week ended Dec. 14 1929,
by 639 softwood mills totaled 276,129,000 feet, or 8% below
the production of the same mills. Shipments as reported
for the same week were 258,550,000 feet, or 14% below
production. Production was 300,952,000 feet.
Reports from 214 hardwood mills give new business as
29,287,000 feet, or 29% below production. Shipments as
reported for the same week were 30,699,000 feet, or 25%
below production. Production was 41,109,000 feet. The
association's statement adds:
Unfilled Orders.
Reports from 515 softwood mills give unfilled orders of 971,904,000 feets
on Dec. 14 1929, or the equivalent of 21 days' production. This is based
upon production of latest calendar year, 300 day year, and may be compared with unfilled orders of 540 softwood mills on Dec. 7 1929. of 1,000,145.000 feet, the equivalent of 20 days production.
Association.
Southern Pine:
Week-149 mills reports
50 weeks-7,496 mill reports
West Coast Lumbermen's:
Week-224 mill rePorts
50 weeks-10,301 mill reports
Western Pine Manufacturers:
Week-73 mill reports
50 weeks-3,650 mill reports
California White and Sugar Pine:
Week-21 mill reports
50 weeks
-1,294 m111 reports
Northern Pine Manufacturers:
Week-9 mill reports
50 weeks-441 mill reports
No.Hemlock&Hardwood(soitwoods):
Week-25 mill reports
50 weeks-2.011 mill reports
North Carolina Pine:
Week-125 mill reports
50 weeks-4,554 mill reports
California Redwood:
Week-13 mill reports
50 weeks-704 mill reports
Softwood total:
Week-639 mill rePerts
50 weeks-30,451 mill reports
Shipmeats,
M Ft.
P. C.
of
Prod.
Orders
M Ft.
P. C.
of
Prod.
58,422 89
65,356
3,333,199 3,324,977 100
60,522
3,296,193
93
99
164,066
144,611
8,766,240 8,591,236
88
98
158,527
8,639,486
97
99
34,063
23,772
2,211,213 2,111,927
70
96
27,100
1,985,444
80
90
14,422
10,423
1,400,625 1,291,211
72
92
11,300
1,286,883
78
92
Produclion
M Ft.
1,557
356,936
3,996 257
417,965 117
3,218 207
377,880 106
3,442
231,951
1,318
198,378
38
86
2.220
177,094
64
76
10,668
527,195
9.611
519,337
90
99
6,868
484,040
64
92
7,378
382.605
6,399
375,592
87
98
6.376 86
386,650 101
, 300,952 258,550
17,209,964 16,830,623
86
278,129
98 16,633,650
92
97
Hardwood Manufacturers Inst.:
35,714
Week-189 mill reports
27,376
50 weeks-10,275 mill reports_ _ _ _ 2,018,666 1,983,879
Northern Hemlock & Hardwood:
5,395
Week-25 rnill reports
3.323
483,607 416,762
50 weeks-2,011 mill reports
77
98
26,485
1,991,368
74
99
62
86
2,802
380,711
52
79
Hardwoods total:
41,109
Week-214 mill reports
30,699
-12,286 mill reports___ _ 2,502,273 2,400,641
50 weeks
75
96
29,287
2,372.079
71
95
85
305,416
98 19,005,729
89
96
Grand total:
Week-828 mill reports
342,061
289,249
50 wee5s-40.726 mill reports_ _ _ _ 19,712,237 19,221,264
3876
FINANCIAL CHRONICLE
Automobile Production for November Shows Decline.
November production (factory sales) of motor vehicles
in the United States, as reported to the Department of
Commerce was 217,441, of which 169,309 were passenger
cars, 46,513 trucks, and 1,619 taxicabs, as compared with
380,011 passenger ears, trucks and taxicabs in October and
257,140 in November 1928. The table below is based on
figures received from 148 manufacturers in the United
States for recent months, 47 making passenger cars and 115
making trucks (14 making both passenger cars and trucks).
Figures for passenger cars include only those designed as
pleasure vehicles, while the taxicabs reported are those
built specifically for that purpose, pleasure cars later converted to commercial use not being reported as taxicabs.
Figures for trucks include ambulances, funeral cars, fire
apparatus, street sweepers and busses. Canadian figures
are supplied by the Dominion Bureau of Statistics.
AUTOMOBILE PRODUCTION.
(Number of machines).
Canada
Untied Sates.
Total.
1928.
January
February___
March
April
May
June
July
August
September_ - _
October
November__ _
231,728
323,796
413,314
410,104
425,783
396.796
392,086
461,298
415,314
397,284
257,140
Passenger
Cars.
205.142
290,689
371,150
364,265
375,356
356.214
338,383
400,124
358,615
339.487
216,754
Trucks.
26,082
32,645
41.493
45.227
49,920
40,174
53,294
60.705
56,423
57.138
39,686
Total(limos) 4,124,643 3,616,179 502,787
December--
234.116
204,957
28,123
Tartcabs r
504
462
671
612
507
408
409
469
276
659
700
Total.
8.463
12,504
17,469
24,211
33,942
28,399
25.226
31,245
21,193
18,536
11,769
Pass'ser
Cars. Trucks.
6,705
10,315
15,227
20,517
29,764
2.5,341
20,122
24,274
16,572
13,016
8,154
1,758
2,189
2,242
3,694
4,178
3,058
5,104
6,971
4,621
5.520
3,615
5,677 232.957 190,007
42,950
1,036
9,425
6,734
2,691
45,641
Total (year)_
4,358,759 3,821,136 530,910
6,713 242,382 196,741
1929.
January
February
March
April
May
June.
July
August
September
October
November_ _ _
401,037
466.353
585,223
621,347
604,084
545,356
500,392
498,375
415.697
.380,011
217,441
347,382 51,591
405,708 58,537
513,344 69,800
537,225 82.436
516,055 86,711
452.598 91,380
426,137 73,201
441,942 55,393
384.786 50,046
320.327 *58,816
169,309 48,513
2,064
2,108
2,079
1,686
1,318
1,378
1,054
1,040
885
Total(limos) 5,235,316 4,494,813 724.424
16,079
1,619
21,501
31.287
40,621
41.901
31,559
21.492
17,461
14.214
13,817
14.523
y
17.164
25,584
32,833
34.392
25.129
16.511
13,600
11,037
10,710
8,975
r
4,337
5.703
7,788
7,509
6,430
4.981
3,861
3,177
3,107
5,548
9
• Rei. Bed.
r Includes only factory-built taxicabs, and not private passenger cars converted
Into vehicles for hire. y Not available.
[VOL. 129.
two or more cars and with a rapid upward trend of first time buyers in the
newer markets of the world, our studies indicate that, with the passing of a
few more years, the record-breaking production of 1929 will represent only
a commonplace performance, with a stabilized upward trend year after year
in proportion to the growth of population and wealth.
Increased Tire Sales In Latter Part of Coming Year Based
on Price Rise Forecast By President O'Neil of General
Tire & Rubber Co.
Prediction that the tire industry will see a sales gain
during the latter part of 1930 based upon a rise in tire
prices is made by W. O'Neil, President of the General Tire
& Rubber Company, in a forecast of probable conditions
in the industry during the coming year. He amplified a
statement that 1930 is bound to be a good year in the
replacement tire industry by saying:
"Abnormally large number of new cars were sold in 1929. Tem.
porarily, the cars which these cars replaced were put out of use. As
they are put into use, these cars naturally will need new tires most
quickly. This business is bound to come in 1930 and will be added to
the regular business that may reasonably be anticipated.
"The business which our dealers did, in November was considerably
ahead of that which they did in November, 1928. This is a pretty good
indication of the way business is bound to be next year as it came after
the stock crash in October.
'
"We have no mail order house business. The crash in Wall Street
is going to slow up the mail order house business as such expansion
must be financed with speculative stock market funds and those funds
are not quite so venturesome at present.
"Furthermore, additional financing of factory-owned stores will be
increasingly difficult. Present stores, with high operating costs, will
be obliged to raise their prices.
"This will have a tendency to stabilize the business and give confidence to the regularly-established dealer, assuring him that he will
not be shoved out for a new scheme of distribution.
"Tires are now selling at a very low level. Any movement can
naturally be expected to be upward. Prices based on a commodity
which is selling below the cost of production, such as crude rubber,
are bound to correct themselves.
"So, we look for a sales gain the latter part of the year based
upon an increased selling price of the product."
Increased Production Scheduled By Tire Manufacturers in
Akron, Ohio.
•
All of the large tire manufacturers in the Akron, 0.,
district plan to increase production after the first of the
new year, according to advices from that center to members of the Rubber Exchange. The Goodyear Tire & Rubber Co., recently on a productive basis of 42,000 tires daily,
will increase its production schedules to 60,000 tires daily.
Under date of Dec. 18 the Exchange also says:
The new Gadsden, Alabama, plant of the same manufacturer will
operate their tire departments at full capacity beginning January 2,
Slowing Down of Output in Automobile Industry Due boosting their present production rate of 4,000 tires daily to 7,000
Mainly to the Growing Tendency to Revise Models daily, and operate all departments on a 24-hour per day schedule.
The United States Rubber Company has announced in advices
and to Realign Production Facilities Along Toward from Detroit that the output of the tire plant will be substantially
Says Alfred P. Sloan, Jr., increased during 1930 over the current year, according to present
the Close of the Year,
expansion plans for the company. The announcement was authorized
President of General Motors Corp.
by L. D. Tompkins, general manager of the tire department.
It is not surprising that the first part of 1929 was a period
of record breaking production in the automobile industry nor Agricultural Yield of 1929
-The Season's Grain and
Other Farm Productions-Farm Prices.
is there anything alarming in the fact that production fell off
more than the normal seasonal decline during the last quarter
The Crop Reporting Board of the United States Departof the year, according to Alfred P. Sloan, Jr., President of ment of Agriculture made public on Dec. 18 its estimates of
General Motors Corp., who further states:
the acreage, production and value (according to current farm
Our studies of the situation a year ago, as stated to the press at that time, prices Dec. 1) of the important farm crops of the United
clearly indicated that sales in both 1927 and 1928 had been limited by an
under-production in the low price class during those years. Thus the in- States in 1929 and 1928, based on the reports and data furdustry entered the year 1929 with a deferred demand in the low price class nished by crop correspondents, field statisticians and coand this business, which might normally have been enjoyed in the previous operating State Boards (or Departments) of Agriculture and
years, served to swell the 1929 volume.
As to whether the shortage has,even now, been entirely compensated for, Extension Departments. This report shows that the total
I cannot say, because the slowing down of production during the past few value of all agricultural products in 1929 is placed at $8,580,months has been due,in no small measure,to an influence quite apart from 528,000, as
compared with $8,495,788,000 in 1928 and
-namely the growing tendency on the part of autothe trend of retail sales
mobile manufacturers to revise their models and realign their production $8,522,563,000 in 1927. This year's farm crops, therefore
facilties along toward the close of the year,instead of in the fall or summer. are valued at $84,740,000 more than last year and $26,775,000
The fact that this has been especially true in 1929 has not only caused a less
than two years ago. The comments and figures follow:
reduced production for the last quarter but has resulted in the withholding
of commitments for raw material on the part of many of the largest producers.
The replacement market has been an important factor contributing to
the record breaking performance of 1929 and should prove an even more
important factor in stabilizing the industry's sales in 1930 and the years
following.
Motor vehicles pass out of service through wear and tear and obsolescence
-and every time a car is scrapped there is afforded the opportunity,
directly or indirectly, to sell a new car.
The quantity of vehicles scrapped each year is primarily dependent on car
life and the quantities produced in prior years. Thus the number of cars
-day will influence the rate of scrappage five, six and seven
being sold to
-day is dependent on the rate
Years hence, and the replacement market of to
of production five, six and seven years ago.
It is only within the last few years that the replacement market has begun
to reflect the heavy upward trend in production which took place in the
years following the 1921 panic.
In 1929, for the first time in the history of the industry, the replacement
market will exceed 3,000.000. And in 1930 our calculations (based on
actuarial mathematics) indicate a domestic replacement requirement of
3,390,000 vehicles.
With an increase in the world-wide use of motor vehicles to over thirty
million, with a growing tendency in this country toward the ownership of
The 50 Principal crops of the United States this year were worth $8.580,528,000, an increase of about 1% over the $8,495,788,000 valuation of crops
produced last year, according to the December crop report of the United
States Department of Agriculture, which gives revised estimates of the
acreage and production, and valuations based on the prices farmers received
on Dec. 1 this year and last. The area of crops harvested this year is
estimated at 367,082,000 acres, an increase of a little more than 1% over the
362,673,000 harvested in 1928, a large part of the increase being in hay.
Crop yields, however, were reduced by widespread drouth and averaged
5.3% less than those secured last season and 2.2% less than the average
during the preceding 10 years. As a result of the lower yields, the production of prinCipal crops was 4.8% less than last year, but for farmers the
reduced production appears to have been offset by higher prices so that the
increase In total value was nearly proportional to the increase In the acreage
harvested. The chief increases in valuation this year are shown by hay,
fruits, vegetable and sugar crops, and the more important decreases by
grains and cotton. The hay crop is valued at $1,349,000,000, compared
with $1,240,000,000 last year. The potato crop is valued at $470,000,000,
compared with 8251,000,000 last year. The sweet potato crop also shows
an increase in value, being estimated at $80,000,000 this year and $ 1,000,
7
000 last year. The various commercial vegetable crops combined are
valued at $322,000,000, compared with $300,000,000 last year. The more
important fruit crops show a combined value of $506,000,000. compared
DEC. 2i1. 1929.]
FINANCIAL CHRONICLE
3877
bushels in 1929, or about 10% less than the 1928
with $480,000.000 last year. Sugar crops. including sugar cane,sugar beets Yields averaged 15.8
bushels. Farm prices as of Dec. 1 averaged 97.7 cents per
and sorghums used for syrup, were worth $111,000,000 this year and $100,- average of 17.6
and 87.5 cents In 1928. giving total values of $11.241.000
000,000 last year. The grain crops show a value of about $3,800,000,000 bushel In 1929
last year.
this season compared with over $4,008.000,000 last year, a decrease of 5%. this year and $11,511,000
Flaxseed.
Cotton and cottonseed show a value of $1,426,000.000, a decrease of $109.000.000 or 7%.
Flaxseed production is estimated at 16.838.000 bushels, compared
Feed Grain Crops.
with 19.928.000 bushels in 1928 and the five-year average of 23.243.000
The combined production of the four principal feed grain crops of corn, bushels. The acreage harvested was increased more than 12% over last
and grain sorghums in 1929 was 9.7% below the production year, but drouth in some states resulted in yields averaging only 5.6 bushels
oats, barley,
of these same crops in 1928, and 3.3% below the average production of the Per acre against 7.4 bushels last season. Farm prices averaged $2.84 Dec.
.5-year period, 1923-27. Corn production is 7.0% less than in 1928, oats 1 1929. against $2.01 a year ago, Indicating a total farm value for 1929 of
13.9% less, barley 14.0% less, and grain sorghums nearly 30% less.
347.871,000 compared with $40,098,000 for 1928.
Corn.-The production of corn for all purposes in 1929 is equivalent to
Rice.
2,622.000,000 bushels, which is 7.0% less than the 1928 crop of 2,819,000,Rice production is estimated at 40,217,000 bushels. compared with
000 bushels and 4.6% less than the average production (2,747,000,000
-year average of 37,206,000 bushels.
bushels) of the five years, 1923-27. The total acreage of corn in 1929 was 43.240.000 bushels in 1928 and the 5
acres in
98,018,000 acres, 2.6% less than in 1928, and 2.8% less than the average The acreage harvested dropped from 977,000 in 1928 to 893,000
slightly
from 1923 to 1927. The 1929 yield of 26.8 bushels per acre is 4.3% below 1929, or a decrease of almost 9%. Yields, however, average
-year average yield of higher, 45.0 bushels this year against 44.3 bushels last season. The inthe 1928 yield of 28.0 bushels and 3.6% below the 10
78.1 cents dicated total farm value of rice is $39,346,000 in 1929 and $38,277.000 in
27.8 bushels. The Dec.1 farm price of corn (for grain) is given at
bushel Dec. 1
per bushel, as compared with 75.2 cents per bushel on Dec. 1 1928. While 1928 on the basis of an average farm price of 97.8 cents per
the value of the corn crop depends upon the average farm price during the 1929 and 88.5 cents Dec. 1 1928.
crop year beginning on Nov. 1, a rough index of value is obtained by applyGrain Sorghums.
ing the Dec. 1 farm price to the total production. Computed in this manThe production of grain sorghums for all purposes Is estimated as equivaner, the farm value of the 1929 crop is $2,048,134.000, which is about
of
lent to 100,845,000 bushels of grain, compared with an equivalent
3.0% less than the value of the 1928 crop of $2,119,046,000.
produced in 1928 and 122,895,000 bushels the preThe 1929 corn crop of the East North Central States Is 14% smaller than 142,513.000 bushels
Declines of about 9% in acreage and 22% in
than in 1928, of the West North Central States 8.4% smaller. In the ceding five-year average.
with 1928 have contributed to the sharp decrease
North Atlantic States, production is about 6% below last year. In the Yield Per acre compared
Southern States, production is 4.7% greater than in 1928; in the Western in production.
cents a
The Dec. 1 farm price for grain was 71 cents compared with 62
States 9.0% greater.
value, based on Dec. 1 prices for grain, is estimA supplementary statement on production of corn harvested for grain, Year ago. The total farm
with $88,429,000 in 1928.
cut for silage, and utilized for forage. grazing, etc., will be issued in a ated at 371,617.000 compared
Cotton Lint and Seed.
few days.
1
All Wheat.
The average price being paid producers for cotton lint on December
The production of all wheat is estimated at 806,508,000 bushels compared 1929 was 16.4 cents per pound. compared with 18.0 cents per pound on
with 914,876,000 bushels in 1928 and an average of 809,668,000 bushels December 1 1928. Applying these prices to the 1929 production of 14,during the preceding five years. The area harvested this season was 919,000 bales, as estimated by the Department on Dec. 9, and to the final
61,141,000 acres, or 4.9% greater than the 58,272,000 acres harvested in 1928 estimate of 14,478,000 bales, the indicated farm value of the 1929 crop
1928 but yields per acre averaged 16% lower than a year ago, accounting is 31,225,032,000 and of the 1928 crop 31,301.796.000. On the above basis,
for the smaller production this season. The farm price of all wheat aver- the farm value of the Texas crop this year is about $131,000,000 or 29%
aged 104.3 cents per bushel Dec. 1 1929 against 97 cents on Dec. 1 last below the value of the 1928 crop computed on the same basis. Oklahoma
year, indicating on this ba.sis a total farm value of $840,921,000 this year and North Carolina are the only other major States showing declines in
and $887,181.000 last season.
total value. Georgia and Mississippi show the greatest increases, with 13%
Winter Wheat.
and 21% respectively.
per ton,
Cottonseed prices to producers on Dec. 1 1929 averaged $30.33
The production of winter wheat is estimated at 578,336,000 bushels
to the
The preceding as compared with $36.28 on Dec. 1 1928. Applying these prices
practically the same as the 578,673.000 bushels in 1928.
tons in 1929, and 6,435,000 tons
-year average was 549,257,000 bushels. The 40,162.000 acres of winter estimated production of seed of 6.630,000
5
and of the 1928
is 3201,096,000,
wheat harvested this year was 10.9% greater than the 36,213,000 acres In 1928, the farm value of the 1929 seed
harvested in 1928 but this large increase in acreage was more than offset seed,$233,447,000.
prices here quoted related to Dec. 1, and should not be con14.4 bushels this
The average
a decrease in yield from 16 bushels per acre last year to
prices published by the Department.
year. Farm prices for winter wheat averaged 107.0 cents per bushel on fused with the crop year average
1 1929 against 103.5 cents on Dec. 1 1928 indicating a total value of
Dec.
Hay.
3616.128,000 for the 1929 crop and $599,207,000 for the 1928 crop.
recovery
Production of hay in 1929 was featured by the phenomenal
Durum Wheat.
of clover hay production from the very small crop of 1928, a smaller
four important Durum wheat states had a production of 52,380,000 recovery of mixed clover and timothy hay and a sharp reduction in timothy,
The
bushels this year compared with 97.291,000 bushels In 1928 and 59.988.000 by a further reduction of alfalfa hay acreage in Nebraska, Kansas, and
-year average. Owing to disappointing yields and California, which was more than offset by increases in other states, by a
bushels the preceding 5
prices compared with other varieties of spring wheat in 1928 the acreage of continued expansion of sweet clover hay, and by a material increase in the
Durum wheat harvested decreased from 6,836.000 acres in 1928 to 5,315,000 acreage cut of wild and prairie hay.
acres this year, a reduction of 22.2%. Due to drouth in important Durum
The total hay crop of the United States in 1929 is estimated at 114,639.000
wheat sections, yields averaged only 9.9 bushels per acre this year against tons, 7.8% larger than the 1928 crop. and 7.9% larger than the average
bushel
crop is larger than in
14.2 bushels in 1928. With an average Dec. 1 price of 88.2 cents per
Production of the five years 1923 to 1927. The 1929
this year and 71.9 cents last year the total farm value of the 1929 Durum 1928 in a triangular area from the New England States westward as far as
and of the 1928 crop $69,966,000.
Tennessee. South and West
crop is estimated to be $46,217,000
South Dakota, and southwestward as far as
Other Spring Wheat.
of this area production is less than last year in most states.
Dec. 1 farm price
for 1929 is estimated at
Because of the small carryover of old hay, the average
Production of spring wheat other than Durum
year's prices in spite of the larger crop. The
175,792,000 bushels. The 1928 crop amounted to 238,912,000 bushels, of hay has held up to last
hay is $1,349,000,000, compared with
while the average during the preceding five years was 141.163.000 bushels. farm value at Dec. 1 prices of all
Owing to drouth In the spring wheat area this year yields averaged only $1.240.000,000 in 1928.
tons; In 1928 it
Production of alfalfa in 1929 is estimated at 29,847,000
11.2 bushels per acre against 15.7 bushels in 1928. The indicated total
hay production in 1929 is given at
value of spring wheat, other than Durum. is $178.576,000 compared with was 29,135,000 tons. Sweet clover
8218,011,000 in 1928, based on Dec. 1 farm prices of 101.6 cents per bushel 2,350,000 tons: in 1928, 2.483,000 tons.
13.390,000 tons,
Red Alsike and Crimson Clover production in 1929 was
this year and 91.3 cents last year.
of timothy hay in 1929
Oats.
compared with 8.047.000 tons in 1928. Production
Mixed clover
tons as against 11,204.000 tons last year.
The oats crop of 1929 is estimated at 1.238,654,000 bushels, a decrease was 10.338,000
22,874,000 tons
production was 26,991,000 tons in 1929. and
of about 200,000,000 bushels from the crop of 1928 and of 106,426,- and timothy
in 1928.
000 from the average crop of the years 1923-1927. The decrease is due
tons, compared to
Soybean, covrpea and peanut hay was 4,323,000
partly to the smaller per acre yield of 30.8 bushels compared with 34.5
The reduction occurred largely from a shift to
bushels last year, and partly to a decrease of 1.517,000 acres below last year. 5.102.000 tons in 1928. commercial soybean states.
the
This year's harvested acreage of 40,217,000 acres is 2.599.000 acres below Production of beans on
wild hay cut, producIn spite of an increase of nearly 1,000.000 acres of
-year average. The average Dec. 1 farm price of oats this year was
the 5
in 1928 at 12,924,000 tans, because
bushel against 40.9 cents last year, giving an indicated total tion was practically the same in 1929 as
43.5 cents per
some of the prairie hay states.
farm value for the harvested crop of $538,445,000 this year comparedwith of lower yields per acre in
• Seed Crops.
$589,048,000 last year.
bushels, which
Barley.
•
Production of alfalfa seed in 1929 is estimated at 718.000
,
produced in even
Estimates of barley production are 307.105,000 bushels for 1929 and is 35% greater than the 1928 crop. A larger crop was
is still below the average
357,487,000 bushels in 1928, compared with a five-year average of 208,- principal Satate except Utah. The 1929 crop
783,000 bushels. The increase in the barley acreage from 1928 to 1929 is production of 930,000 bushels.
more than double the
Production of red and alsike clover seed in 1929 was
considerably less than the large increases shown for several prior years.
recent years. The 1929
In 1927 there were 9,476.000 acres harvested, last year 12,598,000 acres, 1928 crop, which was one of the shortest crops of
with 961,000 bushels in
and this year 13,212.000 acres. Yields of barley averaged only 23.2 bushels crop is estimated at 2.157,000 bushels as compared
1928, an
per acre this season against 28.4 bushels one year ago; this reduced yield 1928. Farm prices on Dec. 1 were much lower than on Dec. 1
815.590,000 in 1928.
accounting for the lower production In spite of the increased acreage. farm value in 1929 was $21,922,000 compared with
compared with
The 1929 crop of sweet clover seed was 962,000 bushels,
Farm prices for barley on Dec. 1 1929. averaged 55 cents per bushel, or
practically the same as last year. Total indicated values of the barley crops 909,000 bushels in 1928.
as
in 1928.
Lespedeza seed production in 1929 is estimated at 207,000 bushels,
are 3168,807,000 in 1929 and 3197.459,000
compared to 183,000 bushels In 1928.
Rye.
1928.
Timothy seed production continued on the low level established in
Rye production amounted to 40,629,000 bushels in 1929, compared The
bushels
1929 estimate is 1,407,000 bushels, compared with 1,229,000
with 43,366.000 bushels last year and 54,793,000 bushels, the average In 1928. The 5
-year average production is 2,560.000 bushels.
five years. The rye acreage for grain dropped from
during the preceding
Soybeans.
3,480,000 acres in 1928 to 3,225.000 acres this year. a decrease of over 7%.
as
Yields of rye were about the same this year as last; viz.: 12.6 bushels per
Soybeans harvested in 1929 are estimated at 11,432,000 bushels,
gathacre in 1929 and 12.5 bushels in 1928. Dec. 1 farm prices averaged 87.1 against 8,819.000 bushels in 1928, and compared with an average
last year, indicating a total farm value of ered crop of 5.996,000 bushels for the four years preceding. The total
cents this year against 86.0 cents
is
production, including acreage grazed or otherwise utilized except for hay,
$35.371,000 in 1929 and 837,290,000 in 1928.
with 16.Buckwheat.
estimated as equivalent to 18,146.000 bushels this year compared
in the
last year. The increase is due to the continued rapid increase
Buckwheat production Is placed at 11.505,000 bushels this year, 256,000
acreage of this valuable oil and seed crop, particularly lathe North Central
against 13,148.000 bushels last year and 13,949,000 bushels, the average
States and in North Carolina. Yields are slightly less this year, 12.8
of the five preceding years. The acreage dropped about 3% from 749.000
of
bushels per acre against 13.4 bushels last year. Illinois has over a third
In 1928 to 729,000 acres this year. the decrease being due to slightly smaller
the total crop.
acreages in several of the less important buckwheat producing states.
3878
FINANCIAL CHRONICLE
Ii VOL. 129.
Cow peas.
smaller production and higher average price is reported in Pennsylvania
and
Production of cowpeas for all purposes, including equivalent allow- Wisconsin. A complete
report by types will be issued later.
ance for those grazed or otherwise utilized, is estimated at
10,149,000
Sugar Crops.
bushels, compared with 13,352,000 bushels in 1928. The loss in
total proThe production of sugar beets is estimated at 7,672,000 tons,
duction is the result of a heavy general decrease in acreage, ranging from
compared
with 7,101,000 tons in 1928. The Dec. 1 farm price is $10.70 per ton corn
20% to 45% below 1928 in the principal producing States.
While the
total acreage grown is much smaller than last year, high price and pared with $11 a year ago. The Dec. 1 farm value is estimated at $57,679,
scarcity of seed earlier in the season resulted in an increase over 1928 of 000, compared with $50,477,000 In 1928.
Production of beet sugar is forecast at 1,041,000 short tons, compared
about 5% In the acreage from which all or part of the peas were gathered.
The quantity of cowpeas harvested in 1929 is estimated at 4,269,000 bushels, with 1,061,000 short tons from the crop of 1928.
In Louisiana 1929 acreage of cane for sugar is estimated at 173,000, cowhich is an increase of about 15% over last year's gathered crop of
3,724,000
bushels, but about 6% below the average of 4.522,000 bushels for the four pared with 115,000 acres in 1928. The yield of cane per acre was reported
on Dec. 1 as about the same as last year. The value of the entire Louisiana
preceding years. Farm prices for shelled cowpeas on Dec. 1 averaged $2.29
cane crop including that used for "seed" is estimated to be $12,779,000,
per bushel thLs year against $1.91 last year.
compared with $10,021,000 last year. The price of cane in the Sugar
Belt
Velvet Beans.
this year has been about $3.76,compared with $3.87 last season.
Velvet beans production in 1929 is estimated at 838,000 tons, compared
Production of cane sugar in Louisiana is forecast at 208,000 short tons,
with 713,000 tons in 1928, the increase being due almost entirely to larger compared with 132,000 short
tons made last season.
plantings in all States.
The production of sugar cane sirup in Southern States is estimated at
Peanuts.
23,458,000 gallons (including Louisiana) or 15% greater than the 1928
proProduction of harvested peanuts In 1929 is estimated at 930,700,000 duction of 20.401,000 gallons. The increase was largely due to an increase
pounds, compared with 855.096,000 pounds in 1928 and 717,534,000 in acreage. The Dec. 1 price is 75.4 cents per gallon this year compared
pounds for the five-year average production 1923-1927. Increases are with 77.6 cents a year ago. Total farm value is $17,691,000, compared
shown for all States except Texas, where drouth cut the production in with $15,835,000 in 1928.
spite of a large increase in acreage. This year's production, compared with
Slight declines in acreage and yield per acre of sorghum for sirup have
last year's revised estimate is, in millions of pounds, 370 and 356 in the resulted in the production of 26,181.000 gallons this year, compared with
Virginia-North Carolina area, 394 and 340 in the Southeast and 117 both 27,152,000 gallons produced in 1928. Based upon the Dec. 1 price of
92.2
years in the Southwest. The total area harvested for the nuts is placed at cents per gallon the total farm value is $24,126,000 compared with
1,328,000 acres, almost 10% above the 1,211,000 acres harvested in
$24,890,000 in 1928.
1928.
and 32% above the 5
-year average.
Apples.
The total apple production of 139,754,000 bushels is 25 per cent less
Beans.
than the 1928 crop of 186,893,000 bushels and 24% below the previous
The bean crop of 1929 is estimated at 19.337.000 bushels, compared
-year average of 183.452.000 bushels. All sections, with a few exceptions,
with a revised estimated production of 17,656,000 bushels in 1928. The 5
five-year average production is 17,058,000 bushels. This year's crop is show a substantial decrease from last year's production. The average
somewhat smaller in the important bean producing States of Michigan, Dec. 1 price of $1.32 per bushel is considerably above last year's price of
California and Montana, and somewhat larger in New York, but produc- 99.4 cents. The total value is estimated to be $184,107,000 which is about
tion is much larger in Idaho, Colorado, New Mexico and Wyoming. This 1% less than the 1928 value of $185,842,000. Commercial apple producinvolves a somewhat smaller production of peabeans, small whites, red kid- tion estimated at 28,973,0(X) barrels is 18% less than the 1928 crop of 35,neys, and pinks, a much smaller crop of Mexican reds. It means a slightly 461,000 barrels, and 11% below the previous 5
-year average of 32,468,000
larger production of Limas and cranberries, considerably more blackeYes, barrels.
Peaches.
and a much larger production of pintos and great northerns.
The peach crop amounted to 45,998,000 bushels, which is 33 per cent
The increased production is due to an increase of about 15% in total
acreage of beans harvested this year over last. The yield per acre this less than the 1928 crop of 68,369,000 bushels. Production in California was
about one-half as much as the large crop of 1928. and the Georgia crop was
year is 10.3 bushels, slightly lower than last year.
only 30% of the previous year. These States usually produce nearly oneDry Peas.
half of the total crop. The value this year is estimated to be $62,705,000,
Dry peas for food and seed show a production of 3,411,000 bushels
in 1929. compared with 3,316,000 bushels in 1928, in the five States which is slightly less than the 1928 value of $63,643,000.
leading in production. These are Idaho, Colorado, Michigan, Wisconsin
Pears.
This year's pear crop is estimated to have been 20,903,000 bushels,
and Montana, named in order of relative Importance this year.
valued at $29,952,000 while the 1928 production of 24,212,000 bushels was
Potatoes.
valued at $24,663,000.
Potato production Is estimated at 357.451,000 bushels, which
was
Grapes.
107,899,000 bushels or 23% below the 1928 crop of 465,350,000 bushels
and
The production of grapes is estimated at 2,022,000 tons, which is about
6.6% below the previous 5
-year average of 382,756,000 bushels. The 24 per cent less than the
large 1928 crop of 2,671,000 tons. The value of
smaller production this year is a result of both a reduction in acreage
and a the crop is estimated to be $59,387.000, compared with $49.740,000 the
lower yield per acre. The acreage harvested is estimated to be
3,370.000 value of the 1928 harvested crop. The California crop of 1,751,000 tons
acres, compared with 3.837,000 acres in 1928, a decrease of
about 12%. was all harvested this season while in 1928 approximately 153,000 tons of
Yields averaged 106.1 bushels this year against 121.3 bushels In
1928 and the estimated production of 2,366,000 tons was not utilized.
the 10
-year average of 106.4 bushels. The early commercial production of
Cherries.
35.613,000 bushels was 36% less than the 1928 crop of 55,475,000 bushels,
Commercial cherry production in nine important producing States
but the value this year of $46,662,000 was 50% above the
1928 value of was about 18% less than the
production of 1928. The loss in volume
S31,076,000.
of production was offset to some extent by higher prices in most of the states.
The Dec. 1 average price of $1.31 per bushel was nearly
23 times the The value of the crop in the eight states
reporting price was only 4% below
average of 53.9 cents per bushel in December last year. The total
value
1928 while production in these same states this year was about 16% less
the 1929 crop based on Dec. 1 price is estimated at $469,701,000
which
than in 1928.
87% greater than the valuation of the 1928 crop, although the 1928
producCranberries.
tion was 30% larger. An analysis of the entire potato
situation will be
Cranberry production was 541.500 barrels in 1929 and 55,000 barrels
made in connection with the Jan. 1 stocks report to be
issued about the in 1928. Increased production in Massachusett
s was offset by losses in
middle of January.
New Jersey, Wisconsin, Washington and Oregon.
Sweet Potatoes.
Commercial Truck and Canning Crops.
The production of sweet potatoes is estimated at 84,661,000 bushels.
The total acreage of 18 commercial truck and canning crops in 1929,
which is an increase of 8% over the 1928 crop of 77,661,000 bushels,
exclusive of early Irish potatoes, is estimated at 2,480,000 acres, compared
and about 8% above the average production for the
previous five with 2,330,000 acres in 1928, an increase of 5%. The value of these crops
years. Yields were better than had been expected earlier in the season
and increased from approximately $300,000,000 in 1928 to $322,000,000 this
the average of 103 bushels was greater than the 1928
yield of 95.9 bushels year.
and the 10
-year average yield of 95.0 bushels. The Dec. 1 price of 94.5
Citrus Fruits.
cents is slightly higher than the 1928 price, and the crop &valued
Sharp decreases in citrus fruit production is reported this year by both
at $80,015,000, compared with $71,096,000 last year.
California and Florida and total production of these crops is expected
to average one-third less than it was last year. This year's California
Broomcorn.
Broomcorn production for 1929 was 43,800 tons or 19% below the orange crop, on which picking has begun, is estimated at 23,600.000
54,100 tons produced in 1928, and 23% below the average production boxes, compared with 38,705,060 boxes picked during the twelve months
of 56,600 tons during the previous five years. The decrease in pro- ended the last of October. The Florida orange crop is estimated at
duction was due to a 5% decrease in acreage and to a 15% decrease in yield 9,500,000 boxes, compared with 15,000,000 boxes last year. The other
per acre resulting from drought. The average farm price of $121.89 per ton states will have about 639,000 boxes, compared with 425,000 last year.
on Dec. 1 is 117% higher than a year ago. Farm value based on Dec. 1 The Florida grapefruit crop is estimated at 6,500,000 boxes, compared with
Prices was $5,339,000 or about 5% below the value of the 1928 crop which 10,500,000 produced last year. Other states, including California, Texas
and Arizona have about 2.818,000 boxes, compared with 1,955,000 last
was $5,638.000.
year. The California lemon crop is estimated at 5,900,000 boxes,compared
Hops.
Hops production in the three Pacific Coast States is placed at 33,- with 7,900,000 boxes produced last year.
200,000 pounds for 1929, compared with 32,944.000 pounds last year and
Pecans.
The pecan crop is short this year, being estimated at 27.588,000
27,635,000 pounds, the 5
-year average. The acreage dropped from 26.200
In 1928 to 24,900 this year, but yields average 6% greater than a year ago. Pounds. This is about one-third less than the 1928 crop of 41,972,000
Farm prices averaged only 11.4 cents per pound on Dec. 1, compared with pounds, but somewhat above the short crop of 1927. The crop is less than
19.3 cents one year ago, indicating a total farm value of $3,788,000 in 1929 last year in all States except Oklahoma, Missouri, Illinois and North
Carolina. The crop is very short in Georgia, Mississippi, Louisiana and
against $6,365,000 in 1928.
Florida, where the greater part of the improved varieties aro produced.
Tobacco.
Prices reported on Dec. 1 1929 were about 12 cents per pound for seedling
Production of tobacco in 1929 is estimated as 1,500,891,000 pounds,
an increase of 126,344.000 pounds or 9 per cent over the production in and wild nuts and 32 cents for improved. Corresponding prices last year
1928. A moderate increase in total acreage combined with an increase in were about 13 cents and 29 cents.
the average yield per acre account for the larger production this year.
UNITED STATES CROP REPORT, DECEMBER 1929.
Average prices are lower, 19.0 cents, compared with 20.2 cents a year ago.
Notable increases in acreage and production made In 1929 are shown in the
Production.
Farm
Total Farm
bright flue-cured, burley, dark fired and dark air cured districts. Present
Crop and
Price on Value Based
Year.
Acreage.
Indications, based on sales to date, are that the average prices paid to
Per
Dec. 1
on Dec. 1
Acre.
Total.
Unit. per Unit Farm Price.
growers will be slightly higher than last year for flue-cured, appreciably
lower in burley districts, and somewhat below last year in the dark tobacco
Dollars. Dollars.
districts of Kentucky and Tennessee. In the dark fired district of Virginia, Corn
1928 100,673,000 28.0 2,818,901,000 Bus.
.762 2,119,046,000
1929 98,018,000 26.8 2,622,189,000
on the other hand, prices are substantially higher than a year ago.
.781 2.048,134.000
Winter Wheat_ 1928 36,213,000 16.0 578,673,000
1.035 599,207.000
In the New England cigar leaf district prices are from 5 to 14 cents a
1929 40,162,000 14.4 578,336,000
1.065 616,128,000
pound higher than last year on all types except shade grown wrapper Durum wheat. 1928 6,836.000 14.2
97,291,000
69,966,000
.710
(4 states)
1929 5,315,000
tobacco, which is reported lower. Notwithstanding the severe though
52,380,000
9.9
46,217,000
.882
highly localized hail damage in the Connecticut Valley, production this Other spring- -, 1928 15,223,000 15.7 238,912,000
.913 218,011,000
wheat (U.S.) 1929 15,664,000 11.2 175,792,000
1.016 178,576,000
Year is approximately equal to that of 1928, but the proportion of the crop All wheat
1928 58,272,000 15.7 914,876,000
.970 887,184,000
fit for cigar manufacturing purposes is much greater than last year. A
1929 61,141.000 13.2 806,508,000
1.043 840,921.000
DEC. 211 1929.]
Produaion.
Crop and
Year.
Acreage.
Per
Acre.
Total.
Total Farm
Farm
Price on Value Based
on Dec. 1
Dec. 1
Unit. perUnit Farm Price.
Dollars.
Bus. Dollars.
1028 41,734,000 34.5 1,439,407,000 "
.409 589,048.000
1929 40,217,000 30.8 1,238,654,000 "
.435 538,445,000
1928 12,598,000 28.4 357,487.000 "
.552 197,459,000
1929 13,212,000 23.2 307,105,000 "
.550 168,807,000
43,366.000 "
37,290,000
1928 3,480,000 12.5
.860
Rye
40,629,000 "
35,371,000
1929 3,225,000 12.6
.871
13,148,000 "
11,511,000
749,000 17.6
.875
1928
Buckwheat_
199 is
11,505,000 "
11,241,000l i
729,000 15.8
1929
.977
7.4
19,928,000 "
1928 2,675,000
2.012
40,098,000 1
Flaxseed
16,838,000 "
47,871,000
1929 2,990,000
5.6
2.843
43,240,000 "
38,277,000
977,000 44.3
.885
Rice(5 states)_ 1928
40,217,000 "
39,346,000
893,000 45.0
1929
.978
88,429,000
.620
Grain sorg'ums 1928 6,497,000 21.9 142,513,000 "
71,617,000
1929 5,921,000 17.0 100,845,000 "
.710
DIND
14,478,000 Bales 5.180 1,301.796,000
1928 45,341.000 a152.9
Cotton
14,919,000 "
1929 45,981,000 a155.3
5.164 1,225,032,000
WIN
6,435,000 Tons 36.28
233,447,000
Cottonseed_
1928
201,096,000
1929
6,630,000 " 30.33
111111
93,351,000 "
1928 58,140,000 1.61
12.27 1,145,060,000
Hay, tame_ _
12.23 1,244,256,000
1929 60,996,000 1.67 101,715.000 "
/ 1.9
10
.98
12,915,000 "
94,896,000
7.35
Hay, wild_ _ _ _ 1928 13.138,000
.91
12,924.000 "
8.11
104,797,000
1929 14,125,000
1928 71,278,000 1.49 106,266,000 "
11.67 1,239.956,000
All hay
1929 75,121,000 1.53 114,639,000 "
11.77 1,349,053,000
617,000 1.56
961,000 Bus. 16.22
1928
15,590,000
Clover seed _
2,157,000 "
21,922.000
10.16
(Red Az alslke) 1929 1,369,000 1.58
227,000 4.01
909,400 "
3.75
3,410,000
1928
Sweet clover
231,000 4.16
961,800 "
3,595,000
1929
3.74
Seed
198,900 2.68
532.400 "
6,516,000
12.24
Alfalfa acad.__ 1928
258,400 2.78
7,672,000
1929
717,800 "
10.69
332,000 3.70
1,229,400 "
2,702,000
Timothy seed- 1928
2.20
1 1929
366,000 3.84
1,407,200 "
2.23
3,140,000
16,256,000 "
29,180,000
1.80
Soy beans_e_ - _ 1928 1,144,000 14.2
1929 1,373,000 13.2
18,146,000 "
1.87
33,979,000
13,352.000 "
25,721,000
Cowpeas_e
1928 1,391,000 9.6
1.93
10,149.000 "
1929 1,050,000 9.6
2.31
23,442,000
713,000 Tons
1928 1,558,000 0915
Velvet beans
838,000 "
1929 1,865,000 a899
56,605,000
Peanuts
1928 1,930,000 661 1,276,078,000 Lbs
.044
1929 2,024,000 672 1,360,277,000 "
49,247,000
.036
17,656,000 Bus
4.18
73,815.000
Beans, dry,
1928 1,643,000 10.7
Edible
1929 1,879,000 10.3
19,337,000 "
3.77
72,905,000
465,350,00 "
(1.539 251,048,000
Potatoes
1928 3,837,000 121.3
357,451.000 " 41.314 469,701,000
1929 3,370,000 106.1
810,000 95.9
77,661,00
"
71,096,000
Sweet potatoes 1928
.915
84,661,00
"
1929
822,000 103.0
.945
80,015,000
Tobacco
4.202 278,266.000
1928 1,894,100 726 1,374,547,000 Lbs
1929 2,016,400 744 1,500,891,00 "
4.190 285,583,000
Sugar beets- -. 1928
644,000 11.0
7,101,000 Tons 47.11
50,477,001)
717,000 10.7
7,672,00
"
1929
d7.52
57,679.000
Sugar.cane (ex131,000 16.0
cept for sirup 1928
2,099,00
"
43.97
8,332,000
190,000 16.0
(La.)
1929
3,040,000 " (23.79
11,525,000
113,000 180.5
20,401,000 Gals
Cane Sirup.. _ _ 1928
.776
15,835,000
124,000 189.2
23,458,000 "
1929
.754
17,691,000
349,000 77.8
27,152,000 "
Sorg° sirup.- 1928
.917
24.890,000
346,000 75.7
26,181,000 "
1929
.922
24,126,000
298,000 0363
54,100 Tons 104.21
Broomcorn - - - 1928
5,638,000
284,000 a308
43,800 " 121.89
1929
5,339,000
26,200 1,257
32,944,000 Lbs.
1928
Hops
.193
6,365,000
33,220,000 "
1929
24,900 1,334
.114
3,788,000
186,893,000 BUS.
Apples, total__ 1928
.994 185,842,000
139,754,000 "
1929
1.317 184,107,000
35,461,000 Hbls. 2.80
Apples, com'l- 1928
99,361,000
28,973,000 "
1929
3.74
108,281,000
68,369,000 Bus. d.987
Peaches, total- 1928
63,643,000
45,998,000 " d1.363
1929
62,705.000
24,212,000 " d1.019
Pears, total--- 1928
24,663,000
20,903,000 "
d1.433
1929
29,952,000
2,671,076 Tons d19.75
Grapes,total e. 1928
49,740,000
2,022,417 " d29.36
1929
59,387,000
53,705,000 Box's 2.02
Oranges192
108,445,000
33,100,000 "
3.64
(2 kkates) '1929
120,525,000
10,500,000 "
1.80
Grapefruit-- 1928
18,900,000
6,500,000 "
3.05
(Fla.)
1929
19,825,000
7,900,000 "
2.60
Lemons
1928
20,540,000
5,900,000 "
3.80
(Calif.)
1929
22,420,000
19.3
551,000 Bbls. 14.51
Cranberries-- 1928
7,997,000
541,500 "
13.09
28,570 19.0
1.9
1929
7,088,000
41,972,000 Lbs.
1.69
28,570
Pecans
1928
7,098,000
1.49
27,588,000 "
1929
4,120,000
Oats
le. 199
Barley
Production.
Crop and
Year.
Acreage.
Com't Truck Crops;
Asparagus__ - _ 1928
1929
Beans,snap,.-- 1928
1929
1928
Cabbage
1929
1928
Cantaloupes
1929
1928
Carrots
1929
Cauliflower-- 1928
1929
1928
Celery
1929
1928
Corn,sweet
1929
(canning)
Cucumbers- -- 1928
1929
1928
Eggplant
1929
1928
Lettuce
1929
192
Onions
1929
Peas, green- _ 1928
1929
192
Peppers
1929
Potatoes, early 1928
1929
1928
Spinach
1929
Strawberries,.- 1928
1929
1928
Tomatoes
1929
1928
Watermelons
1929
3879
FINANCIAL CHRONICLE
Per
Acre.
96,710 98
98,900 100
134,370 1.08
134,420 1.25
137,170 7.18
157,220 6.80
100,660 153
106,730 158
25,240 277
29,630 348
21,430 235
25,360 254
27,040 282
28,730 302
305,960 1.93
331,070 1.93
110,020 79
111,540 77
3,890 230
3,630 196
124,630 147
141,430 144
80,020 256
86,570 299
266,600 1.04
296,810 0.97
17,89 250
17,810 230
401,370 138
289,490 123
65,350 2.15
72,570 2.61
206,920 1,616
198,560 1,669
309,730 3.49
434,370 4.25
206,930 297
203.56 321
Total.
Season7
Farm
Price
Unit. per Unit
Dollars.
9,450,000 Cm's 1.54
9,907,000 "
1.70
145,500 TOOS 103.18
167,600 " 101.28
984,200 " 23.51
1,069.400 "
19.87
15,416,000 Cra's 1.30
16,849,000 "
1.33
6,992,000 Bus.
.70
10,256,000 "
.58
5,031,000 Cra's 1.00
6,450,000 "
.79
7,624,000 "
1.88
8,686,000 "
1.65
592,900 Tons 12.64
639,300 "
13.19
8,656,000 Bus. 1.08
8 44
.6 .000 "
1.39
896,000 "
.87
713,000 "
1.24
18,382,000 Cra's 1.69
20,325,000 "
1.82
20,454.000 Bus. 1.18
25,867,000 "
.74
277,600 Tons 71.61
287.500 " 74.22
4,466,000 Bus.
.94
4,103,000 "
1.11
55,475,000 "
.56
35,613,000 "
1.31
140,800 Tons 57.19
189,500 "
45.97
334,331,000 Qta.
.137
331,441,000 .135
1,394,000 Tons 29.60
1,846,100 "
27.51
61,380,000 No. 1178.00
65,283,000 " f176.00
Total Farm
Value Based
on Seasonal
Farm Price.
Dollars.
14,565,000
16,808,000
15,012,000
16,975,000
23,138,000
21,254,000
20,099 000
'
22,419000
4,867,000
5,947,000
5,010,000
5,118,000
14,367,000
14,371,000
7,497 000
8,431;0 0
0
9,356,000
12,054,000
777,000
887,000
000
31,064,
37.034,000
2409900(
19,039,000
19,879 000
21,33800f
'
4.201:00(
4,566,000
31,076,00(
46,662,000
8,052,001
8,712,001
45,711,001
44,872.001
41,261,001
50,777,001
10 938001
11,5140
ACREAGE, PRODUCTION, YIELD PER ACRE AND PRICE OF GRAINS.
1928-1929.
WHEAT.
State.
Yield
Per Acre.
Acreage
Harvested.
1928.
1929.
1928. 1929.
1,000 1,000 Bush.
All WheatAcres. Acres.
4 20.0
4
Maine
1 16.0
1
Vermont
287 14.9
316
New York
62 20.0
60
New Jersey
1,108 1,119 15.5
Pennsylvania
872 1,732 10.9
Ohio
910 1,631 11.0
Indiana
1.563 2,451 14.7
Illinois
904 16.0
887
Michigan
105 20.6
104
Wisconsin
1,532 1,372 15.0
Minnesota454 19.3
452
Iowa
1,511 1,730 12.7
Missouri
North Dakota- _ 10,810 9,918 14.4
3,114 10.4
3,36
South Dakota_
3,548 19.0
3,67
Nebraska
10,47 11,516 17.0
Kansas
101 18.0
10
Delaware
541 16.5
53
Maryland
700 14.5
67
Virginia
134 13.0
12
West Virginia
457 11.6
44
North Carolina.. _ 64 12.5
64
South Carolina
85 11.0
94
Georgia
240 8.0
125
Kentucky
405 8.8
422
Tennessee
4 11.0
4
Alabama
4 20.0
3
Mississippi
26 11.5
22
Arkansas
4,413 4,236 13.5
Oklahoma
2,016 2,520 11.0
Texas
4,275 4,166 18.2
Montana
1,160 1,083 24.8
Idaho
233 16.0
243
Wyoming
1,339 1,397 13.9
Colorado
30 11.0
186
New Mexko
42 27.0
47
Arizona
26 26.7
Utah
257
1 26.8
18
Nevada
2,271 2,43 21.4
Washington
1.027 1,05 22.7
Oregon
68 21.0
780
California
23.0
18.0
16.0
19.0
18.0
19.5
17.0
14.9
18.6
20.9
14.5
19.4
10.0
9.4
9.7
15.9
12.0
19.0
17.5
12.8
13.3
11.7
12.0
10.0
11.8
9.0
10.0
17.0
12.0
10.5
15.0
9.6
23.6
14.3
12.9
18.8
27.0
24.1
25.2
18.5
21.8
18.0
1928.
1929.
1928. 1929.
1,000
1.000
Cis. Cis.
Bush.
Bush.
80
92 165 150
16
18 131 122
4,702
4,584 137 124
1,200
1,178 124 123
17,171
20,138 129 121
9,475
33,770 131 116
27,723 124 112
10,040
22,939
36,537 112 111
14,202
16,810 128 113
2,141
2,190 106 110
22,964
19,944 96 105
8,723
8,794 100 106
19,194
17,300 121 113
93,396 81
155,358
97
30,247 85
34,928
93
69,919
56,555 94
99
177,833 138,060 94 100
1,919 125 116
1,836
8,745
9,468 127 118
9,758
8,960 135 125
1,782 137 133
1,586
5,150
5,347 152 141
768 161 150
800
850 167 155
1,034
2,832 138 126
1,000
3,714
3,64 143 132
44
40 157 152
60
6 137 135
253
31
122 129
44,47 100
59,57
99
22,17
37,800 110 105
77.99
40.09
83
95
25,51
28,79
90
95
3,89
3,33
83
89
18,01
85
18,56
93
5,74 107
2,05
96
1,269
1,13 130 135
6,861
6.403 98 102
482
404 122 129
44,910 100 107
48,644
23,114 103 111
23,318
16,380
12,240 118 120
13.19
914,876
806,508 97.0 104.3
Winter Wheat
278 14.8
306
New York
62 20.0
60
New Jersey
1,101 1,112 15.5
Pennsylvania
864 1,728 10.8
Ohio
900 1.627 11.0
Indiana
1,261 2,270 14.0
Illinois
900 16.0
882
Michigan
39 18.5
Wisconsin
42
165
150 16.0
Minnesota
407 19.5
411
Iowa
1,496 1,720 12.7
Missouri
94 12.0
105
South Dakota
3,492 3,354 19.1
Nebraska
10,433 11,476 17.0
Kansas
101 18.0
102
Delaware
541 16.5
530
Maryland
700 14.5
673
Virginia
134 13.0
122
West Virginia
457 11.6
444
North Carolina64 12.5
64
South Carolina__85 11.0
94
Georgia
240 8.0
125
Kentucky
405 8.8
422
Tennessee
4 11.0
4
Alabama
4 20.0
3
Mississippi
26 11.5
22
Arkansas
4,413 4,236 13.5
Oklahoma
2,016 2,520 11.0
Texas
522 15.0
803
Montana
520 23.0
456
Idaho
82 15.0
75
Wyoming
923 1,043 12.0
Colorado
263 10.0
150
New Mexico
42 27.0
47
Arizona
166 23.0
162
Utah
4 26.0
4
Nevada
1,424 1,210 25.0
Washington
89 24.0
837
Oregon
68 21.0
780
California
16.0
19.0
18.0
19.5
17.0
14.7
18.6
24.0
21.0
19.7
10.0
14.0
16.0
12.0
19.0
17.5
12.8
13.3
11.7
12.0
10.0
11.8
9.0
10.0
17.0
12.0
10.5
15.0
14.0
22.0
13.0
11.5
18.0
27.0
20.5
26.0
23.0
22.0
18.0
4,529
1,200
17,066
9,331
9,900
17,654
14,112
777
2,640
8,014
18.999
1,260
66,697
177.361
1,836
8,745
9,758
1,586
5,150
800
1.034
1,000
3.714
44
60
253
59,576
22.176
12,045
10,488
11,125
11,076
1,500
1,269
3,726
104
35,600
20,088
16,380
4,448
1,178
20,016
33,696
27,659
33,369
16,740
936
3,150
8.018
17,200
1.316
53,664
137,712
1,919
9,468
8,960
1,782
5,347
768
850
2,832
3,645
40
68
312
44,478
37.800
7,308
11,440
1,066
11,994
4,734
1,134
3,403
104
27,830
19,712
12,240
36,213 40,162 16.0
14.4
578,673
578,336 1.035 1.065
United States- -- 58,272 61,141 15.7
United States- -
State.
1928.
Durum Wheat
Minnesota
North Dakota-South Dakota
Montana
United States- -
Yield
Per Acre.
Acreage
Harvested.
6,836
137
124
129
131
124
115
128
105
96
100
121
92
94
94
125
127
135
137
152
161
167
138
143
156
136
122
100
110
80
90
85
86
105
130
95
120
97
103
118
1928. 1929.
1928.
1929.
1,000
Cit.
Bush.
3,381 81
37,075 71
11,669 73
255 84
16.0
15.0
10.7
18.5
15.3
9.6
9.7
8.8
1,000
Bush.
5,360
77,250
14,145
536
5,315 14.2
9.9
97,291
20.0
16.0
17.3
15.0
18.0
14.0
17.5
18.0
22.0
14.5
17.3
13.0
13.8
10.1
17.9
11.8
19.0
26.0
16.5
18.0
15.4
33.0
27.0
15.4
17.0
23.0
18.0
15.1
17.5
18.5
16.0
17.5
17.5
19.0
13.4
16.5
10.0
9.3
9.5
14.9
8.7
9.0
25.0
15.0
17.0
24.0
30.0
25.0
14.0
21.0
80
16
173
105
144
140
5,285
90
1,364
14,964
709
195
78.108
19,523
3,222
472
65,417
18,304
2,772
7,488
15.7
11.2
238.912
3
3,313:5
:2
13 044
3 30
124
123
121
116
112
111
113
110
105
106
113
96
99
100
116
118
125
133,
141
150
155
126
132
152
135
129
99
105
92
96
89
93
95
135
101
125
104
111
120
Farm Price
Per Bushel
Dec. 1.
Production.
Bush. Bush.
1929.
1,000 1,000
Acres. Acres.
221
335
5,150 3,862
1,322 1,203
29
29
Spring WheatOth.
Than Durum
Maine
4
4
1
1
Vermont
9
New York
10
Pennsylvania
7
7
Ohio
4
s
Indiana
4
10
Illinois
181
4
Michigan
__
Wisconsin
66
62
Minnesota
1,032 1,001
Iowa
47
41
10
Missouri
15
North Dakota_ - -- 5,660 6,056
South Dakota_ _ _ _
1,933 1,817
Nebraska
194
180
40
Kansas
40
Montana
3,443 3,615
Total with DuplicaIdaho
704
563
tions Eliminated
Wyoming
168
151
362,673,33
1928
-0 8,495,788,001
416
354
367,082,180
1929
. 0 Colorado
----a 8.580.528.00
New Mexico
36
42
Utah
95
100
a Pounds. b Per pound. c Total except hay. d Price other than Dec. 1
14
Nevada
12
847 1,220
Refer to crop by States. e Production is the total for fresh fruit, Juice and raisins, Washington
Oregon
190
162
grapes not harvested. f Per 1,000 melons. 9 Values based on prices
including
United States_ __ 15,223 15,664
shown for each crop.
Bush.
Farm Price
Per Bushel
De . I.
Production.
1928. 1929.
Cts.
91
89
85
as
52,380 71.9 88.2
92
18
136
122
64
74
165
130
129
127
106
14
3,168
70
1,254
13,413
776
100
56,321
17,262
2.891
348
32,535
14,075
2,265
6,018
102
112
106
101
101
102
91
93
87
90
84
90
82
84
13
3
1,009 102
300 123
08
13 80 106
7
:040
150
125
124
125
115
109
109
112
110
109
105
110
.103
99
96
98
96
95
89
92
99
103
130
111
108
175,792 91.3 101.6
3880
FINANCIAL CHRONICLE
ACREAGE, PRODUCTION, YIELD PER ACRE AND PRICE OF GRAINS,
1928-1929.-(Conttnued),
OATS.
Stale.
Acreage
Harvested.
1928.
1929.
1928. 1929.
Bush.
34.2
33.0
30.0
32.5
37.0
37.0
37.5
35.8
43.5
37.5
38.5
28.0
31.0
27.0
33.0
29.0
30.0
31.5
25.5
28.0
22.0
23.0
20.0
17.4
26.0
21.5
17.5
20.0
22.0
24.5
26.0
25.5
36.5
47.0
29.0
31.0
20.0
38.0
45.0
40.0
47.0
36.0
34.5
United States.... 41,734 40,217 34.5
• moo ,
ouloocco.ocoou'com000000tnou'ous000000000000000n
mcv000
000
00t'OlC'IONo
•
mcgcloac,
>Nmmmcmc4NmNclo4NN....NNN.,,,qmcqm.rm.l.trm
1,000 1,000
Acres. Acres.
New England
233
229
New York
1,020
989
New Jersey
.50
47
Pennsylvania
1,067 1,014
Ohio
2,413 1,689
Indiana
2,430 1,895
Illinois
4.649 4,231
Michigan
1.633 1,372
Wisconsin
2,495 2.470
Minnesota
4,089 4,212
Iowa
6,004 5,944
Missouri
1,706 1,535
North Dakota ___ - 1,934
1,934
South Dakota_ __ - 2,193 2,259
Nebraska
2,392 2,430
Kansas
1,301
1,197
Delaware
4
3
Maryland
43
54
Virginia
182
16'7
West Virginia
204
216
North Carolina_ _
191
258
South Carolina _ _ _ _
337
408
265
Georgia
424
Florida
11
12
Kentucky
305
290
188
Tennessee
197
Alabama
70
119
41
Missisil poi
55
155
Arkansas
186
44
Louisiana
48
890
Oklahoma
792
1,402
Texas
1,682
554
Montana
554
137
Idaho
151
132
Wyoming
145
193
Colorado
212
36
New Mexico
43
14
Arizona
15
55
Utah
53
2
Nevada
2
Washington
201
191
304
Oregon
304
154
California
145
Yield
Per Acre.
Farm Price
Per Bushel
Dec. 1.
Production.
1928.
1,000
Bush.
7,961
33,660
1,500
34,678
89,281
89,910
174,338
58,461
108,532
153,338
231,154
47,768
59,954
59,211
78,936
37.729
120
1,701
4,641
5,712
4,202
7,751
5,300
191
7,930
4,042
1,225
820
3,410
1,078
23,140
35,751
20,221
6,439
3,828
5,983
720
532
2,475
80
9,447
10,944
5,313
1929.
1928. 1929.
1,000
Bush.
8,784
24,626
1,410
29,913
49,826
54,008
141,738
40,886
85,215
153,738
219,028
33.770
34,812
64,382
86,304
28,249
84
1,333
3,841
5,616
6.192
11,016
9,540
168
6,235
3,546
2,320
1,210
4,836
1,200
20.592
47,096
9,418
6,040
4,205
6,572
1,161
480
2,436
70
8,977
12,464
4,437
69.8 68.5
54
58
53
57
.53
57
42
45
37
40
38
40
43
48
43
44
35
37
37
39
42
47
30
32
33
34
38
38
42
46
60
57
56
59
64
67
63
64
78
75
88
80
85
80
88
89
57
59
60
62
75
76
75
76
59
62
65
70
47
48
51
51
41
51
48
48
45
51
45
48
60
60
75
80
56
60
65
70
55
59
51
56
60
61
Cis.
Cts.
30.8 1,439,407 1,238,654 40.9 43.5
Acreage
Harvested.
1928.
1929.
Yield
Per Acre.
1928. 1929.
1928.
Crop and Countries
Reported in 1929.(a)
Average
1909-1913.
1926.
1927.
1928.
1929.
WheatUnited States
Canada
Mexico
1,000
1,000
1,000
1,000
1,000
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
690,108
831,040
878.374
914,876
806,508
197,119
407,136
479,665
566,726
293,899
811,481
10.333
11,890
11,031
11,559
Total (3)
Europe (24)
Africa (4)
Asia (4)
898,708 1,248,509 1.369,929 1,492.633 1,111,966
1,326,128 1,189,356 1,250.032 1,385,488 1,385,895
92,047
89,976
105,555
104,469
119,001
387,827
379,296
389,635
336,761
373,158
Total N. HetnIS. (35)
Southern Hemisphere (2)
2,704.710 2,907,137 3,115,151 3.319,351 2.990,020
96,531
169.044
123,875
166,655
123,207
Total above countr's(37) 2,801,241 3,076,181 3.239,026 3,486,006 3,113,227
Est. world total, excluding
3.401,000 3,426,000 3,881,000 3,930,000 3,400,000
Russia and China
Rye
United States
Canada
Europe (22)
788,476
818,000
1928. 1929.
1929.
1,000
Bush.
9,125
21,024
6,588
46,470
128,407
131,968
311,500
32.928
81.440
148.855
437,760
126,524
16,384
112,085
237,744
106,802
4,224
19,162
44,138
41,892
48,568
23,321
50,453
8,438
80,795
73,600
37,464
35,300
26.348
21,476
48,320
86,127
3,612
1,944
2,832
23,222
4,180
1,148
589
56
1,824
3,010
2,542
Barley
United States
184,812
184,905
265,882
357,437
307,105
North America (2)
230,087
284,892
362,820
493,878
407,572
Cu.
114
103
101
100
78
74
72
89
83
65
70
88
68
62
69
74
88
88
100
106
100
99
88
85
91
92
98
93
98
90
79
85
84
94
85
75
89
130
100
120
103
98
112
United States_
100.6731 98,018 28.0 26.8 2,818,901 2,622,189 75.2 78.1
I This table covers corn for all purposes, including hogged and siloed corn, and
that cut and fed w thout removing the ears, as well as that husked and snapped
for grain. The yield for grain, with an allowance for varying yields of corn for
Other purposes, is applied to the total acreage to obtain an equivalent production
of all corn.
Foreign Crop Prospects.
The latest available information pertaining to cereal crops
in foreign countries, as reported by the Foreign Service of
the Bureau of Agricultural Economics to the United States
Department of Agriculture at Washington, and given out
Dec. 18, is as follows:
Wheat.
The 1929 world wheat crop In countries other than Russia and China has
been estimated at 3,400,000,000 bushels against 3,930,000,000 bushels in
1928 on the basis of reports received by the Foreign Service of the Bureau of
Agricultural Economics. The production in 36 foreign countries totals
.306.719,000 bushels against 2,571,130,000 bushels in the same countries
2
In 1928. The production in 24 European countries has been reported at
1,385,895,000 bushels, which is about 400,000 bushels greater than in 1928.
The increase is in the deficit countries, the four surplus producing countrkes
of the Danube basin showing a decrease of nearly 68,000,000 bushels.
GRA1NS-PRODUCTION, AVERAGE 1909-1913. ANNUAL 1926-1929.
992,289
Total above countr's(24)
Est. world total, excluding
1,025.000
Russia and China
...C
, MOMOVCONI M..N.OXWOMM0.00.00N.,
,VCOMNNON00.,
N 000ts 0
C.Mt..001 002t..=00000000000.-.0000.
.
,
,
.00N...-,000
,
.-.
...... ......
...•-..-. ,-..-.
41.1
31.1
36.0
35.5
36.5
32.0
35.0
24.5
40.0
35.0
40.0
23.5
15.5
22.8
26.0
17.5
32.0
36.5
29.0
31.5
21.5
13.4
13.8
13.5
27.5
25.0
14.0
20.0
14.0
18.2
16.0
19.0
12.0
36.0
16.0
17.0
20.0
28.0
31.0
28.0
38.0
35.0
31.0
1,000
Bush.
9,190
22,100
6,968
50,037
136,725
157,802
367.488
48.944
89,082
139,026
464,883
181,540
24,426
93,849
212,701
179,118
4,488
19,345
44,715
16,524
42,642
17,064
38,010
7,891
66,638
56,842
30,475
24.710
34.034
21,114
70,150
99,162
5,206
2,438
2,672
18,694
3,482
1,014
522
44
1,794
2,952
2,400
Oats.
The 1929 oats crop In 30 foreign countries now stands at 2,109,586,000
bushels against 2,168,780,000 bushels in 1928. The crop in the 23 European
countries so far reported is 1,795,048,000 bushels, compared with 1.686,515,000 bushels last year.
Corn.
The 1929 corn crop as reported in 16 foreign countries amounts to 787,848,000 bushels, compared with 513,909,000 bushels last year. The
European crop in the 9 European countries so far reported is 651.973,000
bushels against 346,534,000 bushels in 1928.
Farm Price
Per Bushel
Dec. 1.
Production.
c4
-..
C.)
Bush.
Barley.
The 1929 barley production in 34 foreign countries is reported to
1,082,380,000 bushels, compared with 1,057,628,000 bushels in 1928. The
24 European countries so far reported show a production of 737,680,000
bushels this year against 679.367,000 bushels last year.
40,795
12,179
735,502
1
New England
New York
New Jersey
Pennsylvania
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
North Dakota_ _
South Dakota_ _ _ _
Nebraska
Kansas
Delaware
Maryland
Virginia
West Virginia
North Carolina... _
South Carolina_..__
Georgia
Florida
Kentucky
Tennessee
Alabama
Mississippi
Arkansas
Louisiana
Oklahoma
Texas
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Washington
Oregon
California
1.000 1,000 Bush.
Acres Acres
217
222 42.4
650
676 34.0
181
183 38.5
1,283 1,309 39.0
3,646 3,518 37.5
4,483 4,124 35.2
9.570 8,900 38.4
1,461
1,344 33.5
2,121 2,036 42.0
4,089 4,253 34.0
11,202 10,944 41.5
6,260 5,384 29.0
997 1,057 24.5
4,469 4,916 21.0
8,937 9,144 23.8
6,634 6,103 27.0
136
132 33.0
530
525 36.5
1,626 1,522 27.5
459
441 36.0
2,305 2,259 18.5
1,422
1,422 12.0
3,620 3,656 10.5
607
625 13.0
3,029 2,938 22.0
2.915 2,944 19.5
2,650 2,676 11.5
1.765 1,765 14.0
2,002 1,882 17.0
1,242 1,180 17.0
3,050 3,020 23.0
4,722 4,533 21.0
274
301 19.0
53
54 46.0
167
177 16.0
1,438 1,366 13.0
199
209 17.5
39
41 26.0
18
19 29.0
2
2
22.0
46
48 39.0
86 36.0
82
75
82 32.0
Production in four North African countries and four Asiatic countries is 14
and 11% respectively above 1928. Harvesting has not been completed in
the Southern Hemisphere but weather and crop reports received in this
Bureau indicate that the wheat crops of Australia and Argentina probably
will be less than 300,000,000 bushels,as compared with 500,000,000 bushels
harvested in 1928.
Rye.
The 1929 rye production in 22 European countries has been reported
884,259,000 bushels against 887,364,000 bushels in 1928.
36,093
2,094
954,102
CORN.x
•
State.
[VOL. 129.
58,164
14,951
786,722
43,366
14,618
887,364
40.629
12,919
884,259
859,837
945,348
937,807
891,000
972,000
Europe (24)
658,579
627,413
610,580
679,367
737,680
Est. European total, excluding Russia
701,000
674,000
659,000
741,000
800,000
Africa (4)
Asia (3)
103,667
133,027
71,679
135,095
84,607
133,119
111,377
129,340
103,894
138,490
Total N. Heads.(33)
1,125,360 1,119,079 1,191,126 1,413,962 1,387,636
924
1,153
1,145
1,849
1.352
3outhern Hemisphere (2)...
Total above countr's(35) 1.126,712 1,120,224 1,192,050 1,415,115 1,389,485
Est. N. Hemis. total, excl.
1,407,000 1,395,000 1,435,000 1,669,000 1,651,000
Russia and China
Est. world total, excluding
1,425,000 1,442,000 1,479,000 1,715,000
Russia and China
Oats
United States
1,143,407 1,246,848 1,182,594 1,439,407 1,238,654
North America (2)
1,495,097 1,530,264 1,622,307 1,891,560 1.518,924
Europe (23)
1,753,494 1,661,962 1,576,330 1,686.515 1,795.048
Estimated European total,
excluding Russia
1,931,000 1,845,000
Africa (3)
Lebanon Republic
Potal N. Hemisphere (29)_
3outhern Hemisphere (2)....
17,631
(50)
11,594
52
1,739,000 1,880,000 1,987.000
13,483
52
18,506
41
20,861
62
3,266,272 3,303,872 3,212,172 3,596,622 3,334.895
10,946
7,562
9,245
11,565
13,345
Total above countr's(31) 3,277,218 3,311,434 3,221,417 3,608,187 3,348,240
Est. Nor. Hemisphere total
excl. Ru.ssla and China
3,474,000 3,516,000 3,398,000 3,827,000 3,543,000
Est. world total excluding
Russia and China
3,581,000 3,021,000 3,492,000 3,934,000
Corn
United States
2,712,364 2,692,217 2,763.093 2,818,901 2,622,189
North America (3)
2,863,023 2,786,608 2,849,194 2,909,682 2,688,910
Europe (9)
534,461
617,688
438,298
346.534
Estimated European total,
excluding Russia
581,000
654,000
478.000
378,000
4,326
(39,900)
5.871
110,584
5,127
102,907
7,393
69,201
4frica (3)
Asia (2)
651,973
4,803
64,351
Total Nor. Hernis. (17). 3,441,710 3,520,751 3,395,526 3,332,810 3,410,037
Est. Nor. Bemis. total,
excluding Russia
3,693,000 3,805,000 3,689,000 3,637,000
Hist, world total, excluding
Russia
4,138.000 4,474,000 4,344,000 4,225,000
a Figures in parenthesis indicate the number of countries included.
b One year only.
175 Woolen Mills Decide Against Price Cutting in
Stabilization Move.
The movement to sustain prices on men's wear wool goods
for the remainder of the spring 1930 season continues to
DEC. 21
1929.]
FINANCIAL CHRONICLE
gather momentum, it was stated Dec. 13 in the New York
"Journal of Commerce," from which we quote the following:
Yesterday the Wool Institute announced that 175 mills had declared
their intention of holding listed prices on all re-orders and new business
placed on spring goods. It is estimated that more than 90% of the
men's wear mills in the industry will continue to quote opening prices
on all spring lines.
Each mill, it became known yesterday, acted individually by filing
with the institute a statement regarding its price policy. No pressure
was brought to bear on any concern, each being requested simply to
make known its position in regard to prices on spring goods. The
statements were totaled and the result was made known at Wednesday's
meeting, whereupon the institute was authorized to make public the list
of mills which decline to slash prices on spring merchandise.
It was also learned yesterday that there was little or no price cutting
previous to the institute meeting and that prices on spring goods remained
firm all during the lull that followed the stock market crash. One factor
stated yesterday that the publication of names of mills holding to a firm
price policy was nothing more than an announcement to the effect that the
wool industry is no longer willing to sell goods at or below cost. Ile added
that practically all the mills mentioned in the list had long come to the
decision that nothing was to be gained by cutting prices and that price
slashing invariably proves a boomerang to the mill that attempts it.
Market Stimulated.
The announcement of the policy being followed by the majority of mills
in regard to spring business served to stimulate the market yesterday.
Several mills reported receiving encouraging duplicates. Many factors
voiced their optimism over prospects for spring business and predicted that
buying on a large scale will resume immediately after the beginning of the
new year. The present lull is ascribed to the desire of manufacturers to
keep inventories low until annual statements are announced.
Additional mills announced yesterday included Adams Woolen Mfg. Co.,
Adelphia Woolen Mills, Allen Woolen Mills, the Atlanta Woolen Mills,
Barnai Worsted Co., Battey, Trull & Co., the Bay Mill, the Bell Co.,
Birdsall Bros. Co., Brickner Woolen Mills Co., Brighton Worsted Co., A. J.
Brumbach, Inc., Edwin & Louis Bry, Inc., Buttonwood Worsted Mills, J. 0.
Ballard & Co., Cambridge Worsted Mills, Clear Spring Worsted Mill,
Colwell Worsted Mills, Corinna Mfg. Co., Daniels Mfg. Co., W. J. Dickey &
Sons, Inc., Dumbarton Woolen Mills, Franklinshire Worsted Mills, Guerin
Mills, Inc., Goodall Worsted Co., Georges River Mill, Gay Bros. Co., Hall
Bros., Halliwell Worsted Mfg. Co., Hartford Woolen Co., Horner Bros.
Woolen Mills, Joseph Hall & Son, Ilanover Woolen Mfg. Co., Hillside
Woolen Mills, Inc., Hillsboro Woolen Mill CO., Jefferson Mfg.
Co., LaPorte Woolen Mills, Lippitt Woolen CO., Little -Woolen
Co., Leominster Worsted Co., Lancaster Mills, the Minster Woolen
Mfg. Co., Middlebrook Mills, Maine Woolen Mills, Norad Mills, Paragon
Worsted Co., William Park & Sons, Inc., William II. Prendergast Co., Inc.,
Portland Woolen Mills, Inc., Reliance Yarn Co., Rockford Mitten &
Hosiery Co., Ricketts & Shaw, Sawyer Regan Co., Smith Mills, Somerset
Worsted Mills, Stanley Woolen Co., Stokes-Brooks Worsted Co., Talbot
Mills, Tell City Woolen Mills, United States Bunting Co., Valleystone Mills,
NVuskanut Mills, Inc., the W. & F. Co., Warren Woolen Mills, Waterman
Worsted Co., Inc. Zeta Mills, Jordan Mills, Inc., Central Worsted Co.,
Frankford Worsted Mills and Waucantuck Mills.
'
In its Dec. 12 issue, the "Journal of Commerce," in noting
the move by the woolen mills to Insure price stability, said,
In part:
Continuance of stable conditions in the \\Idol goods industry seemed
assured yesterday when the Wool Institute was authorized by 84 men's wear
fabrics mills, including the largest producing units in the industry, to
announce the list of mills which intend to maintain listed prices on all
re-orders and new business for the spring 1930 season.
The announcement of the authorization was made following a meeting of
the men's wear group at the Institute at which 145 millmen, representing
102 mills, were in attendance. Each mill is said to have reached an
individual decision on its price policy and the Institute was instructed to
make known the names of the concerns that have decided to maintain prices
quoted at the beginning of the season.
The move is expected to revive further the spirit of optimism now
prevailing in many sections of the market. Large scale clothing manufacturers are reported to favor the move, believing that it will check
mid-season price irregularity and enable them to proceed with the manufacture and distribution of spring goods. Current reports in the market are
that many manufacturers were delaying purchases due to lack of confidence
in present values. With quotations on an assured level, it is believed that
many manufacturers will take immediate steps to obtain the remainder
of their spring requirements.
No Price etas 1Varranted.
As a result of yesterday's announcement, the tendency toward concessions
and "insides" for the purpose of attracting new business is believed to
have been checked. Leaders in the wool goods industry stated yesterday
that prices were and are being held at firm levels by the large majority of
mills, and that the authorization is nothing more than public announce.
ment of the refusal of most mills further to close already narrow profit
margins.
It was also reported in the market yesterday that present conditions do
not warrant price cuts. Business is described as normal for this period of
the year. Many sellers expect that a second wave of buying will start in
motion after the first of the year and will be of sufficient momentum to
keep looms running steadily until the beginning of the fall Beason. The
last monthly statement of the Institute 'towed stocks to be low and in a
remarkably healthy condition.
During the meeting, E. T. Pickard, head of the Textile Bureau, Department of Commerce, was introduced. A. D. Whiteside presented a brief
analysis of present conditions in the market. It is likely that fall opening
dates will be made known at the next meeting, to be held on or about Jan. 7.
Many Mills Included.
The gathering was the largest over to attend an institute group meeting.
Included in the gathering were many mill owners and agents of mills in
New England and l'ennsylvania.
Mills included in the Institute price policy include: Amos Abbott Co.,
Airlie Mills, Inc., American Textile Woolen Co., American Woolen Co.,
Appleton Woolen Mills, Arlington Mills, Ashaway Woolen Co., Assawaga Co.,
Aurora Woolen Mills Co., L. Baohmann & Co., Blackington Co., Botany
Worsted Mills, Brampton Woolen Co., Caledonia Woolen Mills, Charlton
Woolen Co., J. D. Clark Co., Cleveland Worsted Mills Co., Clinton Woolen
Mfg. Co., Clover Worsted Mills, Cocheco Woolen Mfg. Co., Coming & Co.,
3881
Inc., Crown Mills, Carter & Rogers, Dartmouth Woolen Mills, Inc., Deering,
Milliken & Co., Inc., A. G. Dewey Co., Dodge-Davis Mfg. Co., Dunn Worsted
Mills, Empire Worsted Mills, Esterly Woolen Co., Eyers Woolen Co., Fairmount Worsted Co., E. S. Freneau & Co., Faulkner & Colony Mfg. Co.,
Gordon Woolen Mills, Inc., W. S. S. Graham, Greenwich Mills, The
Geiger & Spring Co., Hamilton .Woolen Co., Hayward Woolen Co., II. T.
Ilayward Co., George C. IIetzel Co., Samuel Hied & Sons, Inc., Homestead
Woolen Mills, Hopeville Mfg. On., Hudson River Woolen Mills, Hockanum
Mills Co., Integrity Mills, Intervale Mills, Inc., Jamestown Worsted Mills,
Cyril Johnson Woolen Co., E. A. Jones & Co., Kent Mfg. Co., Kenwood
Woolen Mills, Killingly Worsted Mills, Geo. E. Kunhardt Corp., Lexington
Worsted Mills, Inc., Lincolnsfiehl Mills, Little Woolen Co., Livingston
Worsted Co., Lymansville Co., Mackay, Sigler & Taylor, A. R. Mitchell &
Son, Melville Woolen Co., Millbury Woolen Co., H. P. McKenny & Co.,
Northfield Woolen Co., Orrell Mills, Pacific Mills, The Angus Park Mfg.
Co., Parker, Wilder & Co., Peerless Woolen Mills, Perseverance Worsted
Co., Pincus, Sachs & Co., Ponds-tile Woolen Mills, Premier Worsted Mills,
Princeton Worsted Mills, Wm. F. Read & Sons Co., Inc., The Jas. J. Regan
Mfg. Co., Rhode Island Worsted Co., Rock River Woolen Mills, Royal
Worsted Mill, Schuster Woolen Co., Seldon Worsted Mills, Channing
Smith Textile Corp., L. Solomon & Co., Somerville Mfg. Co., Southern
Worsted Corp., Sterling Worsted Mills, M. T. Stevens & Sons Co., Strong,
Hewat & Co., Inc., D. N. Taft Mfg. Co., Taft Woolen Co., Terhune,
Yereance & Wolff, Thayer Woolen Co., Thorndike Co., Uxbridge Worsted
Co., Inc., Walther Mfg. Co., Wassookeag Woolen Co., Warrenton Woolen
Co., Geo. W. Watt Woolen Co., Whitney Worsted Co., Windsor Mfg. Co.,
Worcester Textile Co., Inc., Worumbo Co.
Opening of Spring 1930 Lines of Carpets and Floor
Coverings Dec. 19—Bigelow and Sanford Prices
at Same Levels Fixed by Other Mills—Sanford
Basis Changed—Quantity Basis Adopted.
Spring 1930 lines of the Bigelow-Sanford Carpet Co., Inc.,
and of companies represented by W. & J. Sloane as selling
agents were opened on Dec. 16 at prices which in the main
followed the levels fixed by other companies last month,
said the New York "Times" of Dec. 17, which stated:
Plain and figured carpets in most cases were advanced from 3 to 5%.
The hard-surfaced floor coverings division adhered generally to quotations
made for the fall 1929 season.
The number of buyers attending yesterday's opening was reduced to a
large extent by the absence of representatives of retail stores, a condition
attributed in part to holiday business. The attendance of wholesalers, on
the other hand, was said to be representative.
The actual business done yesterday was small, as buyers were occupied
chiefly in examining lines and comparing prices. Orders in real volume
are not expected in the trade until Jan. 1.
First Showing by Combination.
Interest in the trade centered on policies of the Bigelow-Sanford Co.,
which held its first opening of the combined lines of the merged BigelowItartford and Sanford mills. The major change in merchandise policy
as a result of the merger proved to be the adoption of quantity terms
on the Sanford lines, which previously were sold direct to retailers at flat
prices.
Prices quoted on Sanford goods were above those ruling before the merger
by from $4 to $6 on key numbers, but the allowance for discounts and
other concessions to quantity buyers, it was explained, would give the large
purchaser prices approximating former figures. The Beauvais seamless
axminster is now listed in the 9x12 size at $37.05 at the mill instead of
$31. Discounts allowed to quantity buyers, however, will bring the mill
price down to $31.50.
Reports in the trade yesterday that the discounts announced by the M. J.
Whittall Associates at the November opening would be reduced to the old
basis were declared unfounded by an official of that concern.
A wide variety of highly styled patterns were offered in the showing
of the Bigelow-Sanford combined lines. Oriental effects were prominent,
as were period designs. The opening disclosed the addition of a Bigelow
kashmir seamless wilton rug at $111 for the 9x12 size.
Prices quoted on the Sanford lines under the new plan, in addition to
the Beauvais, with the old price in parenthesis follow. The quotations
are for the 9x12 size and f.o.b. mills. They are: Vermont velvet, $21.15
($17.75) ; Paragon velvet, $26.15 ($22); Westchester velvet, $37.30 ($31);
Clifton seamless axminster, $25 ($20.85); Fervak seamless, $30 ($24.50),
and Sanforstan, $55.50 ($46.25).
Action on Key Numbers.
Among the key numbers of the Bigelod-Sanford lines quoted on 9x12
sizes at the mill, with former prices in parentheses, were: Hartford Saxony
seamless, $102 ($99), and seamed, $96 ($93); Imperial Bussorah seamless
axminster, $39.95 ($38.75); Bigelow-Sanford hooked rug $96 ($93), and
the Servian seamless rug at the same price of $90.
W. & J. Sloane, selling agents fdr the Alexander Smith & Sons Carpet
Co., the Barrymore Seamless Wiltons, Inc., and C. H. Masland & Sons, Inc.,
offered approximately 75 new patterns in rugs and carpets. They featured
many new Oriental effects. In the Smith line the 9x12 Yonkers seamless
axminster rug was offered in Zone One at $35.65, as against the former
price of $35.35. Their Colonial seamless velvet rug was quoted at $33.
It was formerly $32.40. The Manor seamless tapestry rug was priced at
$16.50, an increase of 60c.
Baramk, a soft-backed washed wilton rug, was offered as an addition
to the Barrymore seamless wilton lines at $112.15. The Barishah rug was
again priced at $129.75. The Masland Argonne and Marvel rugs were
offered by Sloane at $26.50 and $19.15, respectively. The former prices
were $25.90 and $18.85, respectively.
Price changes made by manufacturers of linoleum and felt base products
in the floor coverings field were slight in most cases. Reductions in most
instances affected only the lower grades. However, there were several
adjustmnts on battleship linoleum. Congoleum-Nairri advanced its price
44e. to $2.48 a square yard on heavy.
Census Report on Cotton Consumed in November.
Under date of Dec. 14 1929 the Census Bureau issued its
report showing cotton consumed, cotton on hand, active
cotton spindles, and imports and exports of cotton for the
month of November, 1929 and 1928. Cotton consumed
amounted to 544,150 bales of lint and 63,408 bales of linters,
compared with 640,798 bales of lint and 82,747 bales of
linters in October 1929 and 611,173 bales of lint and 69,353
bales of linters in November 1928. It will be seen that there
is a decrease under November 1928 in the total lint and linters
combined of 72,968 bales, or 10.8%. The following is the
statement complete:
NOVEMBER REPORT OF COTTON CONSUMED, ON HAND, IMPORTED
AND EXPORTED, AND ACTIVE COTTON SPINDLES.
(Cotton in running bales, counting round as half bales, except foreign, which is in
-pound bales.)
500
Lorton Lonsumea
Du MgYear
United States
Cotton-growing States
New England States
All other States
on nano
Nov. 30
C.011071
Cotton
In Con- In Puntic Spindles
Four
Active
Months turning. Storage
Ended Establish-. & at Corn- During
presses November
meats
Nov. Nov. 30
(Bales). (Balm). (Bales). (Bales). (Number).
(1929 544,150 2,288,710 1,671,829 5,841,950 29,649,394
11028 611,173 2,246.058 1,566,542 5.224,418 30,595,840
1929 427,264 1,768,601 1,314,378 5,656,205 17,931,392
1928 469,503 1,725,303 1,224,405 5.120,173 17,905,874
74.674 10,446,190
1929 97.390 434,316 299,896
71,184 11,395.480
1928 120,684 438.060 297,104
57,555 111,071 1,271,812
85,793
1929 19,496
45,033
33,061 1,294,486
82,695
1928 20,986
Included Above
Egyptian cotton
1929 18.500
1928 17,858
1929 7,001
1928 5,094
Amer -Egyptian cotton- 1929 1.016
984
1928
Not Included Above
I 1929 63,408
linters
I 1928 69,353
Other foreign cotton
76,527
72,971
34.209
23,623
4,853
3.148
72.228
35,380
26.107
27,382
3,387
3,032
25,541
14,834
16,506
14,031
8,397
8.837
311,747
289,225
168,305
131,589
68,747
54.985
Imports of Foreign Cotton (500-lb. Bales).
Country of Production.
November.
1929.
Egypt
Peru
China
Mexico
British India
All other
Total
1928.
4 Mos. End. Nov. 30.
1929.
i
1928.
19,440
2,087
377
8,430
5,118
50
23.667
2,420
666
10,379
3,159
56,923
9,723
2,056
16,985
17,722
675
70.160
6,569
7,973
15,223
11,953
19
35,502
40,291
104,084
111,897
Exports of Domestic Cotton Excluding Linters
(Running Bales
-See Note Jo' Linters).
Country to Which Exported.
November.
4 Mos. End. Nov. 30.
1929.
United Kingdom
France
Italy
Germany
Other Europe
Japan
All other
[Vot. 129
FINANCIAL CHRONICLE
3882
1928.
1929.
232,208
132,055
99,147
231,675
116.173
181,723
55.779
378,845
145,141
90,329
403,948
109,735
245,690
54,084
638,074
786,044
417,192
378,477
301,142
269,782
870,743 1.042,183
405.556
434,215
459,235
656.267
160,012
164,086
1928.
Spinning Spindles.
State.
In Place
Nov. 30.
Active DurNovember.
Active Spindle Hours for Nov.
Total.
Average per
Spindle in Place.
34,538,134
29,649,394
7,811,606,790
226
Cotton growing States 18,960,530
New England States- 14,143,288
1,434,316
All other States
17,931,392
10,446,190
1,271,812
5.593.133,605
1,974.183,768
244,289,417
295
140
170
1,841,438
1,074,800
3,192.392
1,058,052
8,327,954
177,372
1,357,452
381,012
695,236
6,219,908
2,217,084
5,601,608
612.640
282,324
709,056
789,806
1,786,872
999,338
2,987,524
868,212
6,051.402
118,004
960,110
354,148
607,478
5,770,242
1,459,182
5,506,256
563,826
237,398
669,606
709,796
529,342,357
198,244,826
870,815,621
182,598,200
1,125,420,415
42,766,608
201,728,881
62,340,912
119,209,810
1,785,676,557
245,184,741
1,853,333,481
194,388,977
63,898,863
173,689,218
162,967,323
287
184
273
173
135
241
149
164
171
287
111
331
317
226
245
206
United States
Alabama
Connecticut
Georgia
Maine
Massachusetts
Mississippi
New Hampshire
New Jersey
New York
North Carolina
Rhode Island
South Carolina
Tennessee
Texas
Virginia
All other states
Brisk Lead Trade at Steady Prices-Copper Sales
Small-Good Zinc Demand as Price Drops to
534 Cents.
A continued excellent demand for lead was easily the
feature of the non-ferrous metal markets in the past week,
"Engineering & Mining Journal" reports. Zinc finally came
to life, with the best week's business for five months, though
at price concessions. Tin was quiet and nothing new developed in the copper situation, nor in the markets for the
minor metals. The Journal also says:
Copper sales in 'the last seven-day period dropped back to an average of
but 300 tons a day, indicating that the slight improvement in the volume
of copper sold last week was only short-lived. Practically all sales were
for immediate shipment to customers who found themselves a little short
of their requirements for the next few weeks. Prices are stable and give
every indication that the first quarter's requirements of the red metal
will be booked at the current level.
The tonnage of lead sold during the week was well above the average
and exceeded the sales total in the preceding week. Buying, at unchanged
prices, was more active in the Middle West than in the East. The bulk of
the demand was for prompt and January shipments, although several hundred tons of February lead were included in the sales reported.
In zinc, pressure to sell brougiht the price down to the 5c. level,
but this quotation, while stimulating sales, did not boost the total volume
to any unusual level. Producers hope that the recent radical reductions
will result in a curtailment of production to accord with demand. Tin
sales for the week were below normal and consumers here continue in their
policy of hand-to-mouth buying despite developments in connection with
restriction of output in the Far East.
Inventory of Refined Copper 38,518 Tons Higher at
Dec. 1-Production and Shipments Decline.
According to the American Bureau of Mines stocks of
1.048,760 1,427,772 3,251,954 3,731,054 refined copper in the hands of North and South American
Total
Dec. 1 were 126,919 short tons,
-Linters exported, not included above, were 13,955 bales during November producers and refiners on
Note.
in 1929 and 23,806 bales in 1928: 41,490 bales for the 4 months ended Nov. 30 in compared with 88,401 tons Nov. 1, an increase of 38,518
1929 and 46,648 bales in 1928. The distribution for November 1929 follows: United
Kingdom,769; Netherlands, 538; France. 3,433; Germany,6,181; Italy, 309; Belgium tons.
962; Canada, 1,701; Mexico. 2; Chile, 10; New Zealand, 50.
Shipments of copper, foreign and domestic in November
WORLD STATISTICS.
came to 106,858 tons, compared with 159,190 tons in Octocotton, exclusive of linters,
The estimated world's production of commercial
Domestic shipments
grown in 1928, as compiled from various sources, Is 25.611,000 bales, counting Amer- ber and 143,964 tons in September.
ican in running bales and foreign in bales of 478 pounds of lint, while the consumption in November came to 68,979 tons, compared with 105,729
of cotton (exclusive of lintel's in the United States) for the year ended July 31 1929
was approximately 25,782,000 bales. The total number of spinning cotton spindles, tons in;October and 98,043 tons in September* Foreign
both active and idle, is about 164,000.000.
shipments in November came to 37,879 tons, compared with
53,461 tons in October and 45,921 tons in September.
Output of refined copper in November came to 145,376
Activity in the Cotton Spinning Industry for
tons, compared with 152,840 tons in October and 134,343
November 1929.
tons in September, says the "Wall Street Journal", which
The Department of Commerce announced on Dec. 19 adds:
that according to preliminary figures compiled by the
Blister copper in process, transit and on hand at smelters and refineries
Bureau of the Census, 34,538,134 cotton spinning spindles on Dec. I came to 257,507 tons, compared with 254,786 tons, increase of
2,721 tons Nov. 1. Total copper above ground Dec. 1 came to 384,426
were in place in the United States on Nov. 30 1929, of tons, compared with 343,187 on Nov. 1, increase of 41,239 tons.
which 29,649,394 were operated at some time during the
The monthly average for copper shipments by North and South American
month, compared with 30,134,716 for October, 30,037,922 producers and refiners for first 11 months of 1929 was 146,464 tons. The
monthly average for domestic production was, for first 11 months, 96,478
for September, 30,236,880 for August, 30,397,190 for July, tons and for foreign shipments 50,085 tons. Monthly average for whole
30,631,800 for June, and November 1928, 30,595,840. of 1928 was for total shipments 138,140 tons, of which 81,955 tons were
for
The aggregate number of active spindle hours reported for domestic and 56,185 tons foreign. The monthly average tons full year
were do1927 for total shipments was 122,225 tons, of which 68,737
the month was 7,811,606,790. During November the normal mestic shipments and 53,489 tons foreign.
Mine production of United States in November came to 75,231 tons comtime of operation was 253 days (allowance being made for
Blister
pared
the observance of Thanksgiving Day in some localities) copperwith 82,575 tons in October and 79,402 tons in September. cathode
production for North America in November including direct
compared with 264 for October, 2434 for September, 27 copper was 107,024 tons compared with 109,659 tons in October and 104,595
for August, 25 for July, and 25 for June. Based on activity tons in September. Blister production in November for South America including direct
copper was 27,007
of 8.88 hours per day, the average number of spindles in October andcathodetons in September. tons compared with 31,152 tons
30,801
operated during November was 34,839,028, or at 100.9% OUTPUT IN SHORT TONS OF MINES IN THE UNITED STATES FOR
capacity on a single-shift basis. This percentage compare3
THE PAST SIX MONTHS.
with 108.7 for October, 104.0 for September, 97.7 for
Monthly
Nov.
August, 100.3 for July, 104.8 for June, and 107.4 for NoOct.
Sept.
Ass,.
July
June
Average
1929.
1929.
1929.
1929.
1929.
1929.
1928.
vember 1928. The average number of active spindle hours
per spindle in place for the month was 226. The total Porphyry mines_ 32,432 33,745 31,819 31,118 30.927 32,265 29,812
8,146
8,105
7,738
7,120
Lake mines
7,915
7,874
7,457
number of cotton-spinning spindles in place, the number Vein mines
32,053 35.322 34,095 35,147 34,504 36,264 31,214
6.233 x5.900 x6.100
5,500
Custom ores.... 3,812
5,400
5,413
active, the number of active spindle hours, and the average
hours per spindle in place, by States, are shown in the Total crude prod. 75.754 82.841 79.229 78.88.5 79.402 82.575 75,231
x Estimated.
following statement.
FINANCIAL CHRONICLE
DEC. 211 1929.]
OUTPUT OF UNITED STATES MINES, BLISTER COPPER PRODUCTION
OF NORTH AND SOUTH AMERICA, AND STOCKS OF COPPER FOR
NORTH AND SOUTH AMERICA, GREAT BRITAIN. &c.(In short tons).
Jame
11)29.
Production
Mines, United States
x Blister, North America
x Blister, South America
Refined, North & South America_
Stocks, End of Period
North and South America:
Blister (including in process)... _
Refined
Total North & South Amer
Oa.
1929.
&pt.
1929.
Aug.
1929.
July
1929.
Nor.
1929.
82,354 79.329 78,885 79.402 82,57t 75,231
106,842 107,807 104.523 104,595 109,659 107,024
32.068 31,222 30,971 30,801 31,152 27,007
156,447 153,513 148,648 134,343 152,840 145,376
251.481 239.470 241,678 253.519 254,786 257,507
83,140 97,729 104,372 94,751 88,401126.919
334,621 337,199 346.050 348,270 343,187 384,426
3,402
7,003
3,415
7,447
3,209
5.507
2,858
4,886
2,522
4,406
z Great Britain-Refined
Other forms
2,383
7,426
Total Great Britain
Havre
Japan
x Includes direct-cathode copper.
9,809 10,405 10,862 8.716 7,749 6,928
8,484 7,962 7.536 7,815 6.217 4,814
Y
y
8.392 9,435 10.683 11,253
y Not available. z Official warehouses only.
SHIPMENTS AND PRODUCTION OF REFINED COPPER BY NORTH AND
SOUTH AMERICAN PRODUCERS AND REFINERIES (in short tons).
Shipments.
Production.
1929.
January
February
March
April
May
June
July
August
September
October
November
147,777
135.425
156,502
150,400
151,297
146,492
142,420
138,822
127,605
140,311
133,020
Scrap
Total
6,695 154,472
5,960 141,385
7,059 163,561
10,885 161,285
10,487 161.784
9,955 156,447
11,093 153,513
9,826 148,648
6,738 134,343
12.529 152.840
12,356 145,376
Total 11 mos.... 1,570,071 103,583 1,673,654
1928.
January
February
March
April
May
June
July
August
September
October
November
December
116,245
117,788
123,162
117,088
122,738
125,065
127,718
137,574
130,897
143,624
148,373
140,779
6,478 122,723
7,060 124,848
5,810 128,972
5,736 122,824
6,498 129,236
5,948 131,024
7,374 135,092
5,986 143,560
6,121 137,018
5,575 149.199
7,075 155.448
7,126 147,905
Total 1928.... 1.551,062 76.787 1,627,849
4.983
5,049
5,276
5,376
5,219
5,215
4.952
4,795
4,478
4,930
4,846
Er.port a
Domes
tic
57,054 100,135
98,771
50,150
59,946 105,860
99,051
57,708
93,743
55.123
95,258
48,461
98,720
40,204
96,970
45,085
98.043
45,921
53.461 105,729
68,979
37,879
Total
157,189
148,921
165,806
156,759
148,866
143.719
138.924
142,005
143,964
159.190
106,858
5,011 550,942 1,061,259 1,612,201
3,959
4,305
4,160
4,094
4,169
4,307
4,358
4,631
4,567
4,813
5,182
4,771
56,721
60,603
55.970
64,989
56,738
57.067
56,785
60,240
51,292
54.992
49.121
49,703
4.448674,221
64,824
73,789
72,642
72,234
79,103
81,436
82,245
83,398
88,707
100,371
99,822
84,889
wo.owawwwwwww
.mocwcom5n-4w*..—
c.hcbmwwo tooa
pawcutomow...0.
Primary
Daily
Rate
983,460 1,657.681
1 418,815 57,691 1.476,506 4,045 641,865 824,844 1,466,706
1927
1,383,604 56,850 1.440,454 3,946 525,861 902,174 1.428,031
1926
1,299,832 52,477 1,352.309 3,705 584,553 831,171 1.415.729
1925
1,267,810 32,522 1.300,332 3,553 566.395 753,389 1,319,782
1924
1,136,624 27,261 1,163,885 3,189 521,872 735.521 1,157.392
1923
•Beginning 1926 includes shipments from Trail Refinery in British Colnmble.
3883
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
$3.05 Smackover. Ark., 24 and over
Bradford, Pa
1.75 Smackover, Ark., below 24
Corning, Ohio
1.35 Eldorado, Ark., 34
Cabell, W. Va
1.45 Urania, La
Illinois
1.53 Salt Creek, Wyo.. 37
Western Kentucky
1.23 Sunburst, Mont
Midcontinent, Okla.. 37
.80 Artesia, N. M
Corsicana, Texas, heavy
.87 Santa Fe Springs, Calif., 33
Hutchinson. Texas.35
1.00 Midway-Sunset. Calif.. 22
Luling, Texas
1.20 Huntington. Calif., 26
Spindietol). Texas. grade A
1.05 Ventura. Calif., 30
SpindletoP. Texas. below 26
.65 Petrone. Canada
Winkler. Texas
1.90
.71
1.14
.90
1.22
1.85
1.08
1.20
.80
1.09
1.18
1.90
-JOBBERS OPERATING SPARINGLY IN
REPINED PRODUCTS
-KEROSENE CONTINUES IN GOOD
GASOLINE PURCHASES
-DOMESTIC
DEMAND-DIESEL OIL MOVEMENT STEADY
HEATING OIL DEMAND INCREASING.
Jobbers operated sparingly on gasoline purchases during
the past week, confining their business to the most part to
contracts. Prices remain unchanged officially, but rumors
are current of concessions made in the eastern market. Unconfirmed reports indicated that one refiner was accepting
busines at 834 cents per gallon, tank car, at refinery, But
the leading refiner remains firmly established at 8% cents
per gallon, and this level is generallY recognized as the
market. California gasoline continues at 9 cents per gallon
at the local terminals.
The kerosene market holds steady and active, with consumption continuing at seasonal levies. Prices are unchanged, water white 41-43 moving in steady volume at
73% cents a gallon, in tank cars, at the refinery, and one
cent higher for delivery to the nearby trade.
Demand for Diesel oil is fair and the price remains unchanged at $2 a barrel at refineries. Bunker fuel oil is also
firm with Grade C unchanged at $1.05 a barrel in bulk at
refineries, and five cents higher f.a.s. New York Harbor.
Reports from the Boston market indicate that a better
business marked the first few days of the past week, with
fewer instances of price cutting on gasoline sales. The
majority of companies at Boston and Providence are quoting
10.25 cents delivered.
Export demand is quiet. Several fair-sized inquiries were
reported in the Gulf market, but confirmation of sales was
lacking.
Refining operations in the United States must show a
substantial reduction as far as gasoline is concerned, it is
indicated by reports of the U. S. Bureau of Mines, showing
that production of gasoline rose to a new peak in the history
of the industry during October, while a sharp decline in
domestic consumption was being recorded.
Petroleum and its Products-California Operators to
Gasoline, U. S. Motor, Tankcar Lots, F.O.B. Refinery.
06% North Louisiana-J.07U
Co-operate to Bring Output to the Desired 650,000 NY(Bayo'ne)$.08120$.08391Arkansas
.08%
08% North Texas
.0656 California
West Texas
.07
barrel Daily Production-National Figures Show Chicago
export_ .07% Oklahoma
.0959 Los Angeles,
09%
.0759'Gulf Coast. export_ .0856 Pennsylvania
New Orleans
8,300 Barrels Drop.
Gasoline, Service Station, Tax Included.
again threatens California's crude
A serious situation
$ 182
Minneapolis
$.18
Cincinnati
8.18
New York
19$
New Orleans
.16
Denver
.21
petroleum producers as substantial increases in the flush Atlanta
21
188 Philadelphia
Detroit
.22
215
San Francisco
.18
Fe Springs and Elwood fields are reported. Several Baltimore
Santa
20 Houston
Boston
205
Spokane
.24
.15 Jacksonville
Buffalo
.16
large completions and the lack of co-operation on the part Chicago
.179 St. Louie
.15 Kansas City
of several independent producers have resulted in mounting
Refinery.
Kerosene, 41-43 Water White, Tankcar Lots, F.O.B.
5.07%
5.05% New Orleans
production figures again. Leaders in the California industry NY(Bayonne)$.07%05.08 Chicago
.06%
05% Loa Angeles, export_ .05% Tulsa
are striving to bring about agreements to prevent a recur- North Texas
Terminal.
Fuel Oil, 18-22 Degree. F.O.B. Refinery or
of the situation which brought the drastic slashes in
rence
1.75
5.86 Gulf Coast
York(Bayonne).$1.05 Los Angeles
.52
.951Chical0
2.00 New Orleans
crude prices several months ago. Suspension of drilling New
Diesel.
operations in the different flush fields is suggested, but at a
32-36 Degree, F.O.B. Refinery or Terminal.
Gas Oil,
5.00
5.031 MIMI
recent meeting action was impossible as not all of the major New York(Bayonne)$.05g Chicago
companies were represented. It is reported that a small
group of independents have persisted in their refusal to enter
Gross Crude Oil Stock Changes for November.
into any form of curtailment, and at present are adding about
Pipe line and tank farm gross domestic crude oil stocks
9,000 barrels daily to the excess at Santa Fe Springs. In east of the Rocky Mountains decreased 3,597,000 barrels in
the matter of the State Conservation law, definite action the month of November, according to returns compiled by
is not expected now until after the first of the new year as the American Petroleum Institute from reports made to it
continual court delays have prevented enforcement. If by representative companies. The net change shown by
and when it is found to be enforceable, future excess pro- the reporting companies accounts for the increases and deduction may be curtailed, but any current relief is not creases in general crude oil stocks, including crude oil in
anticipated.
transit, but not producers' stocks at the wells.
Production figures for the week ending Dec. 14 reveal a
total daily decline of 5,600 barrels in California, but the daily
United States Again Declines.
average remained far above the 650,000 barrels set as the Crude Oil Output in
The American Petroleum Institute estimates that the daily
A greater measure of success is meeting the efforts
limit.
of Oklahoma producers, however. During the week men- average gross crude oil production in the United States for
tioned average daily production declined 4,600 barrels to the week ended Dec. 14 1929, was 2,622,250 barrels, as
compared with 2,630,550 barrels for the preceding week, a
a total of 650,500 barrels.
Conditions at the different fields throughout the country decrease of 8,300 barrels. Compared with the output for
remain unchanged as far as prices are.concerned, but it is the week ended Dec. 15 1928, of 2,546,000 barrels per day,
of 75,450 barrels
felt by leaders that tho industry is more or less in the position the current figure represents an increase
man sitting on a powder barrel. At any minute the lid daily. The daily average production east of California was
of a
14 1929, as commay blow off and the industry be thrown into the air again 1,929,150 barrels for the week ended Dec.
as was the case when California's crude prices were slashed pared with 1,931,850 barrels for the preceding week, a
decrease of 2,700 barrels. The following are estimates of
beyond recognition.
3884
FINANCIAL CHRONICLE
[VOL. 129.
daily average gross production, by districts, for
the weeks Clark, Dodge
& Co. on Developments in Oil Industry
ended Dec. 14 1929, Dec. 7 1929 and Dec. 15 1928.
Restriction Efforts Thus Far Successful.
DAILY AVERAGE PRODUCTION.
In the current issue of "Financial and Economic Review,
(Figures In barrels)
Week Ended
Dec. 14 '29. Dec. 7'29. Nov. 30 '29. Dec. 15'28.
Oklahoma
650,500
651.100
648,900
707,050
Kansas
109,850
109,750
109,800
96,600
Panhandle Texas
102.750
100.750
101,300
61.200
North Texas
90,100
90,250
89,550
90,600
West Central Texas
55.100
56.050
65,350
54,400
West Texas
350.150
350,350
357.050
339,300
East Central Texas
20.650
18,250
17,550
22,200
Southwest Texas
70,550
72,100
72,950
33,950
North Louisiana
39,600
38,600
37.400
37,500
Arkansas
62,550
62,800
63.000
81,550
Coastal Texas
137.300
140.800
142,400
112,500
Coastal Louisiana
22,100
24.050
23,550
22,900
Eastern (not incl. Michigan)._
124,600
122,100
120,000
111,000
Michigan
14,000
16,300
15,500
2,500
Wyoming
55.450
50.900
54,750
53.900
Montana
10,600
10,500
10,550
11,350
Colorado
5,200
5,250
5.650
6.950
New Mexico
8,100
7,950
7.450
3.750
California
693,100
698.700
704.500
697,600
Total
2,622,250 2,630,550 2,638,200 2,546,800
The estimated daily average gross production
for the Mid-Continent
Field, including Oklahoma. Kansas, Panhandle, North,
West Central.
West, East Central and Southwest Texas, North Louisiana
and Arkansas,
for the week ended Dec. 14 1929. was 1,551,800
barrels, as compared with
1,554,000 barrels for the preceding week, a decrease of 2.200
barrels. The
Mid-Continent production. excluding Smackover (Arkansas
) heavy oil, was
1,508,550 barrels, as compared with 1,510,250 barrels, a
decrease of 1,700
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,
follows:
"
Clark, Dodge & Co., New York, discuss the significa
nce of
recent developments in the oil industry and conclude
thit
while rationalization may not yet be on a permanent basis,
sufficient progress has been made to place the well-integrated companies in a more favorable position than they
have experienced for some time. It states that "conserv
ation of crude oil, steady growth in consumption of petroleum
products, increased profit margins, further integration of
oil companies, conservative accounting practices, and evidence of co-ordination of strong forces in the producing and
refining branches of the industry are among the factors
tending to improve the outlook at this time."
In discussing recent significant developments, Clark,
Dodge & Co. point out that restriction efforts thus far have
been successful in curtailing crude oil production more than
350,000 barrels per day since the end of August. Gasoline
consumption thus far in 1929 has exceeded the 1928 demand
by 6,625,000 gallons per day, or 15%. This compares with an
increase of 9.5% in 1928 and 13.5% in 1927. Profit margins
have been enhanced through the sale of premium grades
of gasoline, the consumption of "Ethyl" gasoline alone
amounting to more than 1,000,000,000 gallons in 1929. The
large, well-integrated companies are constantly expanding,
especially in the retail field where they are saving for themselves that margin of profit which formerly went to the
Independent retailer. Strong forces are at work to stabilize
the industry and the co-ordinating of these forces is in
progress. It is added:
-Week Ended-Week Ended
OklahomaDec. 14. Dec. 7.
Southwest TexasDec. 14. Dec. 7.
Allen Dome
23,100 21,050 Laredo District
9.300 9.350
Asher
3.700 3,950 Luling
10.800 10,700
Bowlegs
23.000 23,650 Salt Flat
30,550 31,300
Bristow-Slick
18,700 18,650
North Lauf.siana-Burbank
17.400 17.600 Haynesville
4.700 4.800
Carr City
9,650 10.850 Urania
5,500
5,500
Cromwell
7.550 7.600
ArkansasEarlsboro
66.650 66.750 Cham pagnolle
5,750 5.650
East Seminole
3.900 4.950 Smackover (light)
5.750 5,800
Little River •
69,600 69.200 Smackover (heavy)
43,250 43,750
"The problems of the Industry are complex and recovery
Logan County
13,850 13.800
from prolonged
Coastal Texas
Maud
depression may be slow, but the foundation has been laid
8,050 8,200 Barbers 11111
for fundamental
17.500 18.700
alLsqlon
15,600 15,150 Hull
10,250 10.950 improvement in the direction of bringing supply and demand into proper
Oklahoma City
64,400 72,550 Pierce Junction
11,500 11.400 economic relationship."
Sasakwa
12.350 8,250 Raccoon Bend
9,250 9,250
St. Louis
54,700 54,050 Spindletop
18,550 19,350
Searight
9,200
9,100 Sugarland
12,200 12,200
Seminole
23,800 25,400 West Columbia
6,550 6,850 Further Shrinkage in Steel
Tonkawa
Production-Outlook
8,800 8,800
Kansas-Coastal Louisiana
Brighter-Price of Pig Iron Lower.
Sedgwick County
23,350 23,050 East Flackberry
2,150 1,650
Panhandle Texas
The anomalous situation of production shrinking and
Old Hackberry
2,000 2,100
Carson County
9,600
9.850 Sulphur Dome
5,000 7.000 confiden
Gray County
ce rising characterizes the steel market as the year64,650 61.500 Vinton
4,400 4,350
Hutchinson County__ 27,200 27,890
Wyoming
end approaches, states the "Iron Age" in its current issue.
North Texas
Salt Creek
34,100 28,950
Archer County
18,400 18,550 AforganaProducers are now satisfied that the sharp decline in steel
WIlbarger County
29,850 30,000 Sunburst
6,800
6,800
Wen Centred Texas
output that began in late October was a psychological effect
Brown County
10,200 10,400
Californiaof the stock market crash and greatly exceeded the actual
Shackelford County
9.300 9.400 Dom1nguea
9,000 8,500
West Texas
Elwood-Goleta
38.000 33,000 contraction in steel consumption, adds the
Crane & Upton Counties 47,400 45,150 Huntington Beach
"Age", which
41,500 42,000
Howard County
38,200 40,400 Inglewood
22,500 23,000 continues to say:
Pecos County
141,200 142,300 Kettleman Hills
9,600 10.000
The damper that the Wall Street panic put on steel buying, it is believed
Reagan County
17,450 16,950 Long Beach
104.000 105.000
Winkler County
95.600 95,400 Midway-Sunset
75,000 73.500 greatly accentuated a trend that was already under way, giving the appearSanta Fe Springs
159.500 167,500 ance of a sharper reduction in demand than actually occurred except in
East Central Texas-Seal Beach
29,000 30,000 the automobile industry. The effect on buyers has been to make them
CoraIcana-Powell
still
6,750
6.850 Ventura Avenue
50.500 51,700 more cautious, with most of them drastically
cutting down their inventories
and withholding action on their first quarter needs.
Prices of finished steel are feeling the strain of curtailed buying, and pressure for concessions, particularly on the part of the automobile makers,
Weekly Refinery Statistics for the United States.
is insistent. But steel producers are not attempting to force sales and
According to the American Petroleum Institute, companies have become reconciled to a further reduction of mill operations before Jan.
Prices
aggregating 3,503,200 barrels, or 95.2% of the 3,678,700 sheets, of some products are wavering, particularly certain finishes of 1.
but there have been no additional open breaks in the market.
barrels estimated daily potential refining capacity of the
Mills believe that customers will be forced to enter the market in January.
possibly in sufficient numbers to create a rebound in demand comparabl
plants operating in the United States during the week ended
e
Dec. 14 1929 report that the crude runs to stills for the week with the recent slump in buying.
In this connection the immediate translation of expanding motor
show that these companies operated to 73.6% of their total production into steel orders is regarded as significant. While the risecar
in
capacity. Figures published last week show that companies automobile output is slow and steel producers are not yet disposed to look
for a real recovery before the end of the first quarter, the outstanding fact
aggregating 3,503,400 barrels, or 95.2% of the 3,678,700 is that the trend is upward. Makers
of low-priced cars are getting under
barrels estimated daily potential refining capacity of all production more rapidly than those manufacturing more expensive models.
The Ford Motor Co. is understood to have a daily schedule of
plants operating in the United States during that week, but
4,500 cars
this week, a gain of 700.
which operated to only 69.4% of their total „capacity conWhile none of the motor car builders is making extended commitme
nts
tributed to that report. The report for the week ended In steel,improvement in orders and releases Is making itself felt, particularly
In carbon and alloy steel bars. Two of the larger independent mills
In
Dec. 14 1929 follows:
northern Ohio have Increased ingot output to 60% OF
capacity.
CRUDE RUNS TO STILLS, GASOLINE AND GAS AND FUEL OIL STOCKS
Ingot production generally is still declining. The average for both the
Steel Corporation and Bethlehem plants is down to 65%, compared
WEEK ENDED DEC.141929. (FIGURES IN BARRELS0F42GALLONS.)
with
68% a week ago. Chicago district output is holding at 65% but
the rate
for Pittsburgh and tributary areas has gone down five points
P. C.
P. C.
to 60%
and may drop as low as 50% in another fortnight. Plans call
PolesCrude
Over.
Oas and
for a sharp
District.
ttat Ca- Runs to
of Total Gasoline
Fuel Oil
reduction of finishing mill operations, with the likelihood that many
sheet,
pacify
Stills.
Capac.
Stocks.
Stocks.
strip, bar and tin mills will suspend completely during Christmas
Report.
week.
Report.
Support of the market by the railroads, the structureal steel
industry
farm equipment makers and shipyards has not relaxed
and demand from
East Coast
3,213.800
100.0
75.8
5,260,000
7,934.000 some of the miscellaneous users shows signs of reviving.
Appalachian
Releases from
91.0
551,700
1,109.000
67.6
820,000 barrel manufacturers have
Indiana,IllInois,Kentucky 98.6
improved and the requirements of wire rope
2,161,600
4,512,000
87.0
3,527.000
Okla., MUMS,Missouri
88.6
2,064,100
2,999,000
72.0
3,466,000 makers are large. Heavy machinery and equipment makers will enter 1930
Texas
90.3
3,773,900
6,409.000
77.0
13,715,000 with unusually well filled order books.
Louisiana, Arkansas
95.1
1,352,400
1,959.000
67.6
4,764,000
Scrap, which is regarded as a sensitive barometer,
Rocky Mountain
remains firm for second
92.9
480,500
49.6
1,996,000
987,000 week at Pittsburgh and
California
Chicago, with several advances of minor grades
4,450,900
99.3
7L3 14,814,000 109,002,000
reported at the latter point.
Total Week Dec. 14.__
95.2 18,048.900
Semi-finished steel, on the other hand, shows weakness.
73.6 39.058,000 144,215,000
Daily average
A few Ohio
2,578,400
mills have reduced billets, sheet bars and slabs
Total week Dec. 7
$1 to $34 a ton.
95.2 17.014,900
69.4 37.301,000 144,905,000
Daily average
Washington construction programs will net stimulate
2.430,700
business for some
Texas Gulf Coast
99.4
2,996.200
81.8
5,439.000
10.753,000 time, but activity in structural steel remains at a high level. Fabricating
Louisiana Gulf coast
Inn ri
1)07000
77.1
1.714.000
4.025.000 awards total 51,000 tons, compared with 35,000 tons last week.
Fresh
Inquiries call for 42,000 tons.
Note.
-All crude runs to stills and stocks
The Canadian National Railways have ordered 4,650 cars and
of Mines definitions. In California, stocksfigures follow exactly the present Bureau
of
the Milare Included under the heading "Gas and Fuel heavy crude and all grades of fuel oil waukee road is in the
011 Stocks." Crude oil runs to stills
market for 2,300. The Louisville & Nashville is
Include both foreign and domestic crude.
expected to Inquire for 1,823 cars.
DEC. 21 1929.]
FINANCIAL CHRONICLE
The deadlock that exists between buyers and sellers of steel is duplicated
In large measure in pig iron. Curtailment of blast furnace operations has
tended to keep production in step with reduced demand, although some
piling up of iron is reported at Chicago. In certain centers accumulating
requirements have forced melters to increase their purchases, but in other
districts foundry operations have fallen off and considerable unshipped
tonnage will be carried over into the first quarter. Prices are softer in New
England and have declined 50c. a ton in eastern Pennsylvania. Alabama
producers have advanced quotations 50c. to $15 a ton, Birmingham.
The merger of the Republic, Central Alloy, Dormer and Bourne-Fruler
companies will have a combined ingot capacity of nearly 5,000,000 tons a
year, making It the third largest steel company in the country.
The "Iron Age" composite price for pig iron has declined from $18.29
to $18.21 a gross ton, a new low for the year. Finished steel is unchanged
at 2.362c. a lb.. as the following table shows:
Pig Iron.
Finished Steel.
Dec. 17 1929, 518.21 a Gross Ton.
Dec. 17 1929. 2.382e. a Lb.
$18.29
2.362e. One week ago
One week ago
18.38
2.36M. One month ago
One month ago
18.48
2.391c. One year ago
One year ago
15.72
1.689e. 10-year pre-war average
10-year pre-war average
of basic iron at Valley
Based on average
Based on steel bars, beams,tank plates.
wire, rails, black pipe and black sheets, furnace and foundry irons at Chicago.
These products make 87% of the United Philadelphia, Buffalo. Valley and Birmingham.
States output of finished steel.
Loin.
High.
Low.
High.
1929_2.412c. Apr. 2 2.362o. Oct. 29 1929_818.71 May 14 S18.21 Dec. 17
1928_2.391c. Dec. 11 2.3140. Jan. 3 1928___ 18.59 Nov.27 17.04 July 24
1927_2.453c. Jan. 4 2.293e. Oct. 25 1927._ 19.71 Jan. 4 17.54 Nov. 1
1926_2.453c. Jan. 5 2.403c. May 18 1926_ 21.54 Jan. 5 19.46 July 13
25.- 22.50 Jan. 13 18.96 JUly 7
1925-2.560c. Jan. 6 2.396c. Aug. 18
3885
quarter business has sometimes been preceded by a:dulliDecember and sometimes by an active December.
There are some reports of increased demand, but they are of no particular
tonnage significance. There are releases by automobile and parts makers
and some new buying, but they cover only a part of the trade and are not
for large tonnages.
Steel consumers as a whole are taking a more favorable view of their
probable operations in the first quarter than they were a few weeks ago,
whereby the remark is common that trade sentiment is improved, but it
must be remembered that at one time It was at a very low ebb.
Writing under date of Dec. 19 Rogers Brown & Crocker
Bros., Inc., make the following favorable prognostication
regarding conditions in the iron trade:
It is unusual to be able to report an improvement in pig iron buying
at this season of the year. This improvement is, of course, due to buying
having been retarded considerably ahead of the usual quiet season. It.
however,a number ofconsumers are unable to wait until the first of the year.
it cannot be long after January 1st befora many others enter the market.
There are no signs of selling pressure from any pig iron producers, which
of
indicates that stocks are not accumulating and a balanced position
few
production and consumption exists. Prices are holding well: in fact, a
Southern producers have marked up their pig iron 50c. per ton. Shipments
are good for this season of the year.
Contracting for next year's Ferro Alloys continues.
There is little new buying of Foundry or Furnace Coke. Domestic sizes
factor.
are fairly brisk, weather conditions still being the determining
Further signs of gradual recovery in the iron and steel
markets are conspicuous this week, according to the "Iron
Trade Review" of Cleveland, in its issue of Dec. 19. Contracting for first quarter is moderately active, and while
progress probably will not be greatly accelerated over the
remainder of this year, quiet negotiations between producers
and consumers give evidence of normal contract needs for
the next three months. This pertains especially to structural
shape buyers, implement makers, railroads and general
manufacturers. In many other directions the markets reflect
expanding needs, and the outlook is distinctly brighter
than two weeks ago, continues the "Review", which also
goes on to say:
Anthracite Shipments Declined in November-1,862,265
Gross Tons Under Previous Month and 1,143,567
Gross Tons Under November Last Year.
Shipments of anthracite for the month of November 1929,
as reported to the Anthracite Bureau of Information, Philadelphia, amounted to 4,615,464 gross tons, as compared with
6,477,729 tons in the preceding month of October, and with
5,759,031 tons in November 1928. Shipments by originating carriers (in gross tons) are as follows:
Month ofReading Company
Lehigh Valley RR
Central RR. of New Jersey
Dela., Lackawanna dr Western RR
Delaware .1.; Hudson Co
Pennsylvania RR
Erie RR
N. Y., Ontario & Western fly
Lehigh & New England RR
Nov. 1929. Nov. 1928. Oct. 1929.
1,006,240 1,147,182 1,184,487
948.764 1,108,769
661,348
615,505
571,197
421,422
899.533
870,113
746,290
913,307
845,483
590,948
569,500
490,873
459,284
724,952
534,765
415,529
167,354
158,074
120,635
294,322
192,580
193,768
Oct. 1928.
1,336,326
1.155,891
662,115
970,571
1,013.028
532,037
676,390
184,267
240.181
No pronounced trend is observable in prices of pig iron or finished steel,
though admittedly the volume of demand has not reached proportions
4,615,464 5,759,031 6,477,729 6,770,806
Total
for a real test. Southern pig iron producers have so far liquidated their
stocks and taken on additional obligations for first quarter that they have
advanced prices 50 cents, to $14.50 to $15. base, Birmingham. SemiAnthracite Infinished steel prices have yielded ground in some districts, sheet bars, Decline in Employment and Wages in
billets and slabs now being offered at $34, base, Cleveland, Youngstown
dustry During October According to Federal Reand Pittsburgh.
serve Bank of Philadelphia.
Surveys of finished steel requirements for next year by some middle western makers indicate thus far that activity during the first half should come
Wage payments in the Pennsylvania anthracite industry
to within a small percentage of the volume in first half of 1929. They redeclined between October and November, after a steady rise
port low inventories a pronounced feature, with specifications averaging a
from the low level in July, according to the reports compiled
fairly uniform level for the past five weeks.
Individual orders are decidedly numerous, although tonnages in most by the Federal Reserve Bank of Philadelphia on the basis of
Instances are growing smaller. The tonnage specified apparently is going
by the Anthracite Bureau of Information
Into consumption as little forward 'contracting has been done in any of figures received
the finished lines except railroad material. Farm implement makers are from 155 collieries. In noting this, the Bank under date of
remarkably busy, although they are holding back a little tonnage for ship- Dec. 17 says:
ment until next month.
This trend is by no means unusual when compared with that in the
Renewed interest in the sheet market is displayed by some of the leading
of the preceding two years. The November payroll index
automotive manufacturers. Fair size orders have been placed for early same period
88% of the 1923-25 monthly average as compared with
shipment by several companies in the Detroit district, and by an auto- stood at about
1928.
mobile bodybuilder. Large first-quarter commitments are withheld, 110% in November
The number of employees decreased slightly from October to November.
and considerable pressure is being brought to bear against prices.
the same time, however, the decline was much more proProduction of strip steel has been speeded up this week, in anticipation Last year at
employment index in November was almost 108% of the
of a complete shutdown of strip mills next week. A leading producer in nounced. The
8% above the average, as against last year's
the Middle West is basing Its general plans for cold strip production on the 1923-25 average, or nearly
above the three-year average.
theory that automobile output over the next five or six years will average index of almost 118, or 18%
Employment and payroll indexes follow:
about 5,000.000 cars a year.
Structural shape awards for the week are heavier than any of the preced-1923-25 MONTHLY AVERAGE=100.
INDEX NUMBERS
hig three weeks. December awards in the metropolitan New York district
and the tonnages for
are ahead of those of the comparable period in 1928,
Wage Payments.
Efrip/ostnent.
buildings, exclusive of subways and bridges, are expected to top 1928
1929.
1928.
by more than 150,000 tons. Awards for the first 11 months in the district
1927.
1929.
1928.
1927.
this year total 567,151 tons.
112.6
91.9
101.9
109.8
115.8
122.2
New orders for rails and cars for the moment tend to subside, though January
107.0
85.4
92.2
109.4
110.6
118.3
promising a heavy volume of business for first quarter. Canadian National February
79.5
83.1
91.9
101.3
113.9
119.3
March
77.4
116.8
115.4
has placed an order for 120,000 tons of rails with two Canadian mills. Aprll
104.1
116.3
121.4
85.4
97.8
119.5
107.2
114.0
114.1
Central of New Jersey purchased 12,000 tons. Canadian National dis- May
71.0
60.6
87.8
95.4
102.3
112.6
tributed an additional 2,400 cars, while Missouri Pacific awarded 1,282. June
56.8
82.5
87.5
85.6
100.7
109.9
689
Illinois Central is expected to place 5,000 to 6,000 cars in a few days. July
97.2
114.2
93.6
110.9
118.9
August
83.4
112.5
104.9
105.5
Louisville & Nashville is in the market for 1,800.
112.7
113.2
September
116.6
134.7
115.5
109.8
135.9
117.3
Substantial improvement is noted in demand for steel bars, requirements October
87.6
110.1
100.1
107.6
117.7
120.6
from agricultutial implement manufacturers, and makers of roadbullding November
92.9
101.9
109.4
121.0
December
equipment making up to some extent for lack of automotive orders.
Public utilities are inquiring for cast iron pipe, Milwaukee waterworks
being In the market for 8,000 tons, and various eastern consumers taking
prices on a total of 6.000 tons. Awards include 3,000 tons for eastern prop- Production of Coal in November Below Same Month
erties of United Gas Improvement Co., Philadelphia. Youngstown, 0.,
in 1928.
purchased 1,700 tons.
The total production of soft coal for the country as a
Wire manufacturers are much encouraged over the change in their market.
Heretofore contracting has been decidedly dull, but in the past several whole during the month of November with 24.8 working
days new bookings have increased, and a good tonnage has been closed for
days, is estimated at 45,677,000 net tons as against 51,235,the first quarter, including wire rope and oil drilling wire.
Scrap prices have practically ceased their downward trend, and a few 000 tons in October with 27 working days, according to the
advances are noted. Dealers are beginning to buy for stock and at Chicago U. S. Bureau of Mines. The average daily rate of output
are paying more in some instances for heavy melting steel than their
in November was 1,842,000 tons. Compared with the avercontracts will yield.
Steel ingot production in the Pittsburgh district is offslightly to an average age daily rate for October, this shows a decrease of 56,000
of 60 to 65%,while a slight improvement is noted in the valley, wherein- tons, or 3%.
dependents are operating at an average of 50% and Steel corporation units
The production of anthracite in the State of Pennsylvania
at 60%. Production in the Chicago district is unchanged at an average of
during the month of November amounted to 6,042,000 nOt
85% compared with 80% a year ago.
An increase in Alabama pig iron prices has raised "Iron Trade Review's" tons, a decrease of 2,290,000 tons from the output in October.
composite of 14 leading iron and steel products 2 cents this week to $35.97.
The "American Metal Market" this week says:
Precedent indicates that the closing fortnight of a year supplies no indication of conditions in the early months of the new year. Active first-
The average daily rate of production in November was 252,000 tons, a decrease of 68,000 tons, or 21.3%,from the daily
rate for October.
3886
FINANCIAL CHRONICLE
The "Bureau" issued the following statistics:
MONTHLY PRODUCTION OF BITUMINOUS COAL AND ANTHRACITE
IN NOVEMBER (NET TONS).
Bituminous.
Month.
Total Production.
September I929__ _
October 1929
November 1929_ a _
November 1928_ _ _
a Revised.
44,515,000
51.235,000
45,677,000
46.788.000
No. of
Average
Work'g per Work'g
Days.
Day.
24.3
27
24.8
24.3
1.832,000
1.898,000
1,842,000
1,925,000
Anthracite.
Total Production.
6,792,000
8,332,000
6,042,000
7.322,000
No. of Arerage
Work'g per Work
Days.
Day.
24
26
24
24
283,000
320,000
282,000
305.000
Increase in Activity in Bituminous Coal Markets Reported-Prices in November Slightly Below October
[Vol. 129.
Estimated United Stales Production of Bituminous Coal (Net Tons) Joel. Coal Coked.
1929
1928
Cal. Year
Cal. Year
Week EndedWeek.
to Date.
Week.
to Date.a
Nov. 23
10,972,000
469,163,000
10,982,000
439,429,000
Daily average
1,829,000
1,692,000
1,830,000
1,588,000
Nov. 30
9,993,000
479.156,000
9,906,000
449,335,000
Daily average_ _
1,922,000
1,696,000
1,905,000
1,593,000
Dec. 7 b _
11,679,000
490,835,000
11,211.000
460,546,000
Daily average _
1,947,000
1,701,000
1,869,000
1,599,000
a Minus one day's production first week in January to equalize number of days in
the two years. b Subject to revision.
The total production of soft coal during the present calendar year to
Dec. 7 (approximately 289 working days) amounts to 490,835,000 net
tons. Figures for corresponding periods in other recent years are given
below:
1928
460,546,000 net tons11926
533,419,000 net tons
1927
485,842,000 net tons 1925
482,335.000 net tons
As already indicated by the figures above, the total production of soft
coal for the country as a whole during the week ended Nov. 30 1929.
9.993,000
Cold weather, which set in towards the close of the past amounted todecrease, net tons as against 10,972,000 tons in the preceding
week. The
979,000 tons, or 8.9%
month, caused a sharp increase in activity in the bituminous holiday. The following table apportions the was due to the Thanksgiving
tonnage by States and gives
comparable figures for other recent years.
coal markets of the United States, the "Coal Age" reports.
Estimated Weekly Production of Coal by States (Net Tons)
Domestic and industrial demand took a marked upward
Week Ended
Nov. 1923
turn in many districts and a more definite trend towards
Nov.30'20. Nov.23 29. Dec. 1 '28. Dec. 1 '27. Arge.a
.
Alabama
336,000
326,000
337,000
310,000
409,000
building up reserve stocks was evident. While prices dropped Arkansas
39,000
49.000
33,000
37,000
28,000
Colorado
276,000
279,000
244,000
152,000
236,000
slightly below October levels, average prices for the month Illinois
1,315,000 1,327,000 1,276,000 1.286,000 1,571,000
were higher than in the same month last year, adds the Indiana
350.000
386,000
333,000
343,000
536,000
Iowa
87,000
110,000
88.000
54,000
128,000
"Age," continuing:
Kansas
d
60.000
70,000
102,000
870,000
842,000
902,000
695.000
724,000
November coal production is estimated at 45,500,000 net tons, a decrease Kentucky-Eastern
Western
296,000
308,000
305,000
287,000
218,000
of 5.735,000 net tons as compared with October and 1,288,000 net tons Maryland
40,000
44.000
58,000
54,000
35.000
below November 1928. The "Coal Age" Index of spot bituminous
Michigan
13,000
16,000
4,000
21,000
26,000
prices
Missouri
85,000
85,000
for November was 154 3-5, which compares with 156% for October.
69,000
96,000
73,000
The Montana
74,000
84,000
67,000
86,000
83,000
weighted average spot price for last month was 31.87 1-5, as against
57,000
67,000
$1.8934 New Mexico
55,000
67,000
62,000
in October.
North Dakota
56,000
57.000
49,000
58,000
35,000
Although production showed the material decrease to be expected
Ohio
410,000
531.000
376,000
160,000
764,000
in
82,000
91.000
73,000
83,000
November, anthracite enjoyed a good month. Lake shipments for this Oklahoma
72,000
Pennsylvania (Bit.)
2,327,000 2,795,000 2,390,000 2,311,000 2,993,000
Year have broken all previous records. Up to Nov. 23 a total of 37,172,525 Tennessee
116,000
120,000
122,000
92,000
117,000
tons of cargo coal and 1,427,525 tons of fuel coal were dumped
12,000
15.000
15,000
24,000
at the Texas
29,000
Utah
lower lake ports. Total cargo shipments for the season to Nov.
143,000
143,000
106,000
131,000
112,000
23 of last Virginia
257,000
254,000
286,000
208,000
year were 32,567,405.
217,000
Washington
51,000
51,000
45,000
68,000
72,000
W.Virginia---Southern b _ 1,867,000 2.025,000 1,869,000 1,487,000 1.304,000
Northern c
622,000
730,000
Output of Bituminous Coal and Anthracite Higher
606.000
649,000
743,000
Wyoming
152,000
175,000
135,000
181,000
184,000
Other States
Than a Year Ago.
60,000
3,000
62.000
7,000
5,000
Levels.
According to the United States Bureau of Mines, Department of Commerce, the production of bituminous coal and
Pennsylvania anthracite for the week ended Dec. 7 1929,
was ahead of that for the same week a year ago and that of
the preceding week of this year. The output for the week
under review was as follows: Bituminous coal, 11,679,000
net tons; Pennsylvania anthracite, 1,923,000 tons, and beehive coke, 85,900 tons. This compares with 11,211,000
tons of bituminous coal, 1,600,000 tons of Pennsylvania
anthracite and 94,900 tons of beehive coke produced in the
week ended Dec. 8 1929, and 9,993,000 tons of bituminous
coal, 1,438,000 tons of Pennsylvania anthracite and 84,000
tons of beehive coke in the week ended Nov. 30 1929.
For the calendar year ended Dec. 7 1929, the output of
bituminous coal amounted to 490,835,000 net tons as
against 460,546,000 tons in the same period last year, while
production of Pennsylvania anthracite totaled 70,905,000
tons as compared with 72,144,000 tons in the calendar
year to Dec.8 1928. The Bureau's statement is as follows:
BITUMINOUS COAL.
The production of bituminous coal during the week ended Dec. 7
1929,
was the highest recorded for any week since February.
Total output,
including lignite and coal coked at the mines, is estimated at
11,679,000
net tons. Compared with the preceding week, when production
was curtailed by the Thanksgiving holiday, there was an increase
of 1,686,000
tons,
Total bituminous coal
Pennsylvania anthracite
9,993,000 10,972,060 9,906,000 9,017,000 10,870,000
1,438,000 1,373,000 1,628,000 1,381,000 1,896,000
Total all coal
11 431,000 12.345.000 11,534,000 10,398,000 12.774,000
a Average weekly rate for entire month. b Includes operations on the N. & W.;
C.& 0.: Virginian: K.& 91.; and Charleston division of the B. St 0. c Rest of State.
Including Panhandle. d Kansas included in "Other States."
PENNSYLVANIA ANTHRACITE.
The total production of anthracite in Pennsylvania during the week ended
Dec. 7 is estimated at 1,923,000 net tons, an increase of 485,000 tons over
the output in the five-day week preceding. This is the highest weekly
production recorded since that of 1,967.000 tons for the week ended Oct. 19.
Estimated Production of Pennsylvania Anthracite (Net Tons).
1929
1928
Cat. Year
• Cal. Year
Week Ended Week.
Week.
to Date.
to Date.a
Nov. 23
1,373,000
67,544.000
1,920,000
68,916,000
Nov. 30
1,438,000
1,628,000
68,982,000
Dec. 7 b
1,923,000
70,905,000
1,600,000
72,144,000
a Minus one day's production first week in January to equalize number of days in
the two years. b Subject to revision.
BEEHIVE COKE.
The total production of beehive coke for the country during the week
ended Dec. 7 is estimated at 85,900 net tons as against 84,000 tons in the
preceding week. The following table apportions the tonnage by regions.
Estimated Production of Beehive Coke (Net Tons).
--Week Ended
1929
1928.
Dec. 7 Nov. 30 Dec. 8
to
to
Region1929.b
1929.c
1928.
Date.0
Date.
Pa., Ohio and West Virginia_ _ _ _ 75,500
72,500
81,400 5,162,700 3.487,50
0
Georgia. Ky., Tenn. and Va_ _ _ 7,200
8,000
373,200
7,200
357,500
Colorado, Utah and Washington_ 3.200
3,500
220,800
6,300
241,400
United States total
85,900
84,000 94,900 5,761,600 4,081,500
Daily average
14,317
14,000
15,817
13,978
19,732
a Minus one day's production that week In January to equalize number
of days In
the two years. b Subject to revision. c Revised.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve Banks on Dec. 18, made public by the Federal
Reserve Board, and which deals with the result for the 12
Reserve banks combined, shows decreases for the week of
$31,900,000 in holdings of discounted bills and $12,400,000
in bills bought in open market and an increase of $146,300,000 in U. S. securities. Member bank reserve deposits
increased $11,200,000 and Federal Reserve note circulation
$7,700,000, while cash reserves declined $83,700,000. Total
bills and securities were $98,200,000 above the amount reported a week ago. After noting these facts, the Federal
Reserve Board proceeds as follows:
Holdings of discounted bills increased $20,900.000 at the Federal Reserve Bank of New York and declined $14.100,000 at Kansas City.
$8.300.000 each at Cleveland and San Francisco, $7,200,000 at Dallas and $3,000.000 each at Atlanta and Minneapolis. The System's holdings of bills
bought in open market declined 312.400,000, while holdings of U. S. bonds
Increased 817,800,000. Treasury notes $5,400,000, and certificates and
bills $123,100.000, the latter amount including $60.000.000 of temporary
certificates issued by the Treasury to the Federal Reserve banks pending
the collection of the quarterly installment of taxes.
The principal changes in Federal Reserve note circulation for the week
include a decrease of $10.900.000 at the Federal Reserve Bank of New
York and increases of $5,500,000 at Philadelphia,
33,500,000 at San FrancLsco, $3,000,000 at Boston and 32.700,000 at Richmond.
•
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 3928 and 3929. A
summary of the principal assets and liabilities of the Reserve
banks, together with changes during the week and the year
ended Dec. 18 is as follows:
Increase (÷) or Decrease (-)
During
Dec. 18 1929.
Week.
Year.
$
Total reserves
3,026,153,000 -83,714,000 +302,390,000
Gold reserves
2,882,808,000 -81,340,000 +267,851,000
Total bills and securities
I 389,486,000 +98,167,000 -111,257,000
Bills discounted, total
737,038,000 -31,884,000 -209,672,000
Secured by U.S. Govt. oblIga'ns_ 382,461,000 --16,268,000 -200,261,000
Other bills discounted
-9,411,000
354,577,000 -15,616,000
Bills bought in open market
309,411,000 -12,429,000 -143,700,000
U. S. Government securities. total- 533,265,000 +146,331,000 +242,723,000
Bonds
+15,432.000
68,818,000 +17,847,000
Treasury notes
+93,476,000
198,794,000
+5,420,000
Certificates of indebtedness
265,653,000 +123.064,000 +133,815,000
Federal Reserve notes in circulation
+56,831,000
533,265,000
+7,709,000
Total deposits
2,439,132,000 +13,439,000
+82,706,000
Members' reserve deposits
2 408,216,000 +11,232,000
+82,337,000
Government deposits
3,091,000
-2,398,000
-219,000
Returns of Member Banks for New York and Chicago
Federal Reserve Districts—Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of the
member banks in the New York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics covering the entire body of reporting member banks in 101 cities
cannot be got ready.
Below is the statement for the New York member banks
and that for the Chicago member banks thus issued in
advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of reporting member banks. The grand aggregate of
these brokers' loans the present week show a decrease of
$39,000,000, bringing the amount down to $3,386,000,000
which compares with $5,111,000,000, on Dec. 19 1928 and
with $6,804,000,000, the high record in all time established
on Oct. 2 1929.
Holdings of U. S. Government securities decreased $36,000,000 at all
reporting banks, 623,000,000 in the New York district and $8,000,000 in
the Chicago district. Holdings of other securities declined $21,000,000 at
all reporting banks and $24,000,000 in the New York district, and increased
$6.000,000 in the San Francisco district.
Borrowings from Federal Reserve banks decreased in all districts, except
New York and Boston which showed increases of $30,000,000 and $3,being:
000,000. respectively, the principal decreases in the other districts
Chicago $39,000,000, Philadelphia $26.000,000. San Francisco $11.000,000.
Kansas City $10.000,000. Minneapolis and Dallas $8,000,000 each, Atlanta
$7,000,000 and St. Louis $6,000,000.
A summary of the principal assets and liabilities of weekly reporting
year ending
member banks, together with changes during the week and the
Dec. 11 1929, follows:
Increase 1+) or Decrease (—)
Since
Dec. 11 1929. Dec. 4 1929. Dec. 12 1928.
Loans and investments—total_ _ _ _22,922,000,000
Loans—total
Loans and investments—total
7 929,000,000 7,909,000,000 7,108,000,000
Loans—total
5,927,000,000 5,967,000,000 5,296,000,000
Investmenta—total
U. S. Government securities
Other securities
3,022,000,000 3,023,000,000 2,671.000,000
2 905,000,000 2,944,000,000 2,625,000,000
2,002,000,000 1,943,000,000 1,812,000,000
1,112,000,000 1.105,000.000 1,096,000,000
890,000,000 838,000,000 716,000.000
Reserve with Federal Reserve Bank_
Cash in vault
Net demand deposits
Time deposits
Government deposits
797,000,000
80.000,000
788.000,000
72,000,000
742,000,000
74,000,000
5715.000,000 5,773,000,000 5,247,000,000
1 210,000,000 1,212,000,000 1,196,000,000
68,000,000
8,000,000
25,000,000
95,000,000
Due from banks
911,000,000
Due to banks
Borrowings from Federal Reserve Bank_ 88,000,000
88,000,000
910,000,000
66,000,000
124,000,000
946,000,000
139,000,000
Loans on securities to brokers and dealers
832,000,000 806,000,000 1,030,000,000
For own account
For account of out-of-town banks_ __ _ 750,000,000 710,000,000 1,750,000,000
1,804,000,000 1,909,000,000 2,331,000,000
For account of others
Total
On demand
On time
Loans and investments—total
Loans—total
+854,000,000
—163,000,000 +1.187,000,000
+668,000,000
+519.000,000
—71,000,000
—92,000,000
5,547,000,000
—57,000,000
—333,000,000
2,719,000,000
2,828,000,000
—36,000,000
—21,000,000
—242,000,000
—91,000,000
Reserve with Federal Res've banks 1,747,000,000
280,000,000
Cash In vault
—19,000,000
+19,000,000
—36,000,000
—9.000,000
13,776,000,000
6,698,000,000
27,000,000
+62.000,000
—24,000,000
—6,000,000
+278,000,000
—129,000.000
+23,000,000
1,120,000,000
2,762,000,000
—30,000.000
—138.000,000
—43,000,000
—234,000,000
493,000,000
—87,000,000
—300,000,000
Investments—total
U. S. Government securities
Other securities
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Fed. Res. banks_
Beginning with the statement of Jan. 9 1929, the loan
figures exclude "Acceptances of other banks and bills of
exchange or drafts sold with endorsement," and include all
real estate mortgages and mortgage loans held by the banks;
previously acceptances of other banks and bills sold with
endorsement were included with loans, and some of the
banks included mortgages in investments. Loans secured by
U.S. Government obligations are no longer shown separately,
only the total of loans on securities being given. Furthermore, borrowings at the Federal Reserve are not now subdivided to show the amount secured by U. S. Government
obligations and those secured by commercial paper, only a
lump total of the two being given. The figures have also
been revised,to exclude a bank in the San Francisco district,
with loans and investments of $135,000,000 on Jan. 2, which
recently merged with a non-member bank.
2,943,000,000 2,991,000.000 4,551,000,000
443,000,000 433,000,000 560,000,000
Chicago.
2,035,000,000 2,032,000,000 2,081,000,000
1,633,000,000 1,638,000,000 1,633,000,000
954,000,000
679,000,000
394,000,000
448,000,000
158,000,000
236,000,000
193,000,000
256,000,000
179,000,000
19,000,000
Reserve with Federal Reserve Bank
Cash in vault
887,000,000
746,000,000
164,000,000
238,000,000
U. S. Government securities
Other securities
949,000,000
689,000,000
402,000,000
Investments—total
178,000,000
17,000,000
188,000.000
22,000,000
1,258,000,000 1,268,000,000 1,258,000,000
625,000,000 627,000,000 690,000,000
8,000,000
2,000,000
9,000,000
Due from banks
Due to banks
Borrowings from Federal Reserve Bank.
139,000,000
313,000,000
127,000,000
297,000,000
157,000,000
332,000,000
24,000,000
19,000,000
75,000,000
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.
In the following will be found the comments of the Federal
Reserve Board repecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business Dee. 11.
The Federal Reserve Board's condition statement of weekly reporting
member banks in leading cities on Dec. 11 shows decreases for the week of
$220,000,000 in loans and investments, $87,000,000 in borrowings from
Federal lteserve banks, $24,000,000 in time deposits and $6,000,000 in
Government deposits, and an increase of $62,000,000 in net demand
deposits.
Loans on securities declined $71,000,000 at all reporting banks, $46,000,000 in the New York district, $18,000,000 in the Chicago district,
$7,000.000 in the Philadelphia district and $6,000,000 in the Cleveland
district, and increased $6,000,000 in the St. Louis district. "All other"
loans, which at all reporting banks were $92,000,000 below the Preceding
week's total, declined in all districts, the principal decreases by districts
being: New York $37,000,000, Boston $13,000.000. Chicago $9.000,000 and
Cleveland and San Francisco $6,000,000 each.
—220,000,000
3,386,000,000 3,425,000,000 5,111,000,000
On securities
All other
Net demand deposits
Time deposits
Government deposits
17,375,000,000
7,818,000.000
9,557,000.000
On securities
All other
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Dec. 18 1929. Dec. 11 1929. Dec. 19 1928.
On securities
All other
3887
FINANCIAL CHRONICLE
DEC. 21. 1929.]
Summary of Conditions in World Markets, According
to Cablegrams and Other Reports to the Department of Commerce.
The Department of Commerce at Washington releases
for publication Dec. 21, the following summary of market
conditions abroad, based on advices by cable and radio:
AUSTRALIA..
and atAustralian coal miners have rejected all settlement proposals,
industries. One mine
tempts have been made to extend the strike to other
labor. New South Wales has
has been opened by the State, with volunteer
reduce taxation, particularly
announced a budget surplus and proposes to
Payments. Curtailment
on companies, and to revise child endowment
shortage of loan funds has
of important construction projects because of
The Commonwealth
been reported from different sections of the country.
Bank Bill has passed the Senate.
BELGIUM.
industries In general
The approach of the year's end in Belgium finds
1928. A slackening
working at the same high level as was attained during
has caused pessimism
of orders in certain important lines since September
justification for serious fears
In some quarters, but there appears to be no
not yet been reduced. Among
and production, except in metallurgy, has
glass has been excelthe principal industries the situation in coal and plate
and in metallurgy
lent. In cement and window glass good, in textiles fair,
industry has been less
depressed during recent months. Amalgamation in
continues to progress slowly with a
spectacular this year than last, but
overhead and
resultant improvement in competitive position, reduction of
has resulted in
strengthening of resource. The steady rise in living costs
shortage was felt
higher wages without any serious labor conflicts. A labor
activity in road
during most of the year as a result chiefly of the unusual
in luxury products
and building construction. Recently the retail trade
has been affected adversely by the fall in bourse prices.
BRAZIL.
to 9.200
Exchange weakened decidedly on Dec. 7, declining steadily
milreis to the dollar for 90 day sight drafts.It reacted on Dec. 12 and
milreis to the dollar. The market
was quoted on the following day at 8.800
remained panicky, although there was a strengthening tendency owing to
the Banco do Estado de Sao Paulo selling dollar drafts freely. According
to reports, it is generally believed that the Bank's ability to continue free
sales is limited with the prospect of further weakness in exchange or exportations of gold which are rumored, unless additional aid is received from
abroad. (Milreis—about $11.96). The import business is apathetic and
the outlook Is exceedingly pessimistic. The bankruptcy law just enacted
provides a minimum payment of 40% for cash settlement of compositions,
ranging up to a minimum of 60% for settlements payable In two year,
This law is to go into effect in Rio de Janeiro on Dec. 16 and in Sao Paulo
on Jan. 10.
BRITISH MALAYA.
Local markets continue quiet, especially business in textiles. It is
expected that many dealers in all lines will experience financial difficulties
during the Chinese New Year settlements next February.
3888
FINANCIAL CHRONICLE
CANADA.
Cold weather during the week ended Dec. 14, with temperatures well
below zero prevailing from Quebec westward, stimulated sales in all winter
lines. Active items in the wholesale turnover in Montreal include groceries,
hardware, machinery, metal products and novelties; in Toronto, clothing,
rubber footwear and food products: and in Saskatoon, fruit, confectionery
and oils. Montreal, Toronto and Winnipeg retailers report a better demand
for Christmas goods. An advance in Toronto prices for the new pack of
canned pears is reported and canned fruits and soups at Montreal are also
higher. General business conditions in Quebec and Nova Scotia appear
favorable but Ontario and Manitoba are operating on only fair schedules,
and in the other Provinces, a sub-normal status is indicated. An official
report of the 1929 crop year just issued by the Dominion Bureau of Statistics estimates the value of field production at 3986,000.000, which is 12%
under the estimate for last year, 31,125,000,000. The value of the wheat
Yield this year is placed at $345,000,000. The oat crop is estimated at
3169,000,000, barley at 362.000,000, rye, $11,000.000, and potatoes,
369,000.000. The Advisory Board on Tariff and Taxation adjourned its
hearings on the iron and steel schedule during the week having practically
completed the consideration of all items except those related to automobiles,
hearings on which will be resumed on Jan. 22. Beginning Jan. 14 consideration will be given to application for changes in the tariff on butter, cheese,
eggs, barley malt and Malt products, field beans, soya beans and meal,
fruit and vegetables, and tow for upholstering. A 30% gain in Canada's
nickel output in 1929 is forecast in a recent estimate which mentions a total
valuation of $40.000.000. The Temiskaming and Northern Ontario Railway expects to complete next spring a 30 mile extension to roach the lignite
field at Blacksmith Rapids which has been the subject of publicity in
recent week as a potential fuel supply for Northern Ontario. The Temisktiming and Northern Ontario Railway is owned by the Ontario Provincial
Government. Tenders have been asked by the City of Montreal (to close
Dec. 17) on two loans aggregating $18,300,000.
CHINA.
Business in North China will continue to mark time, pending a clarification of outlook. However,conditions are more encouraging but immediate
and complete trade stability can not be expected until some of the outstanding political problems are amicable settled. Rates on agricultural conunodities passing over the Peking-Mukden railway are reduced 25%, and a
conference of shippers using the line is to be held in Tientsin on Dec. 16
to determine means by which the railway can assist business growth and
increase to freight traffic. Through traffic is not yet in operation over the
Peking-Hankow and Tlentsin-Pukow lines. Shanghai business in both
imports and exports is quiet. Disruption by rail and water transportation
coupled with general uneasiness caused by disturbances in various areas,
has tended to temporarily check movements in all commodities to and from
interior central China areas. However, a somewhat easier undertone
prevails, although the early resumption in normal movements is not anticipated.
Normal operation of the Chinese Eastern ailway may be resumed by
Feb. 15, reports Trade Commissioner J. J. Ehrhardt via radiogram dispatched from Mukden Dec. 15. Business in general is quiet through
Manchuria, and tight money Is causing hardships to several thousand
firms. No immediate relief is apparent, but general opinion prevails that
normal conditions will return within the next two or three months.
FRANCE.
The French Government introduced a bill before Parliament on December
10 to make the fiscal year begin on April 1 instead of on Jan. 1 as at present
and to prolong the present fiscal year exceptionally until March 31 in order
to allow ample time for both houses to discuss and adopt the 1930 budget.
The general index of French wholesale prices at the end of November
showed a decline of6 points during the month to 596: the index for National
products was 627 (3 points higher) and that for imported products 540 (22
Points lower).0n a gold basis of 100 in 1914 the general index of wholesale
prices at the end of November was 121 as against 122 in October. The
Paris retail Index continued to rise showing an advance of 6 points to 618
on a paper basis, or one of one point to 125 on a gold basis.
JAPAN.
Holiday trade in Japan is dull. Business generally is marking time
owing to the political uncertainty surrounding the forthcoming session
of the Diet and the gold embargo situation. The Government is considering
the transfer of industries under its control to private owners.
MEXICO.
A strike by workers of the Mexican Railway Co., Ltd., operating between Vera Cruz and Mexico City, went into effect on Dec. 6, and all
train service on the road has been discontinued. Most of the import cargo
arriving in Vera Cruz is handled by this railway, and considerable delay is
resulting in shipments of freight to the interior. It is stated likely that unless the strike is settled shortly, congestion at wharves and warehouses
in Vera Cruz will interfere wth ships discharging cargo New tariff regulations will become effective Jan. 1 1930. The new import duties will levy
lower rates on motor cars and certain other items, but will effect higher
rates on iron, steel and brass products in addition to other articles.Christmas shopping is late and of lesser volume than last year. Air Week, which
is being held in the interests of aviation, was formally opened Dec.11.with
visiting aviators in attendance from several countries.
[VOL. 129.
for settling industrial disputes within the industry. Board of Trade returns
of November oversee commerce show imports at £108,210,000, exports of
British goods at £63,120,000 and re-exports at £8,230,000. As compared
with the November 1928 trade values, imports were larger by 1.3%.
British exports were smaller by 1% and re-exports were smaller by 24%.
The value of British produce and manufactures exported from the beginning
of the yoar through November aggregates from /671,000,000 which is about
£8,000,000 greater than the value of exports for the first 11 months of
1928. Imports for the 11 months have reached £1,115,000, or about
£20,000,000 greater than in the same period of last year. The Bank of England rediscount rate was reduced on Dec. 12 from 5;4% to 5%. The
action represents the fifth change made in the bank rate during the year
and the third successive reduction since Sept. 26. On Dec. 2 the number
of persons registered at employment exchanges as seeking work aggregated
1,303,000 in Great Britain and 38,500 in Northern Ireland. These figures
represent increases of 51,000 and 2,000, respectively, within the month.
However, the total for Great Britain is smaller by 44,000 than it was a year
ago, and that for Northern Ireland is smaller by 3.000.
The Department's summary also includes the following
with regard to the Island possessions of the United States:
PHILIPPINE ISLANDS.
Business in general shows some improvement, and textile trade is slight
better in all lines. No special improvement in the textile market, however,
is expected before the first part of next year. Ordering is usually slow during the year-end holiday season. Revised reports estimate the rice crop
as equal or possibly slightly over that of last year. Previous estimates
predicted a short crop on account of late rains in central Luzon, but recent
heavy rainfalls has overcome the early shortage. Imports of rice during
the first nine months of this year wore heavy, totaling 82,276 metric tons,
valued at 8,800,000 pesos, compared with 14,816 tons, valued at 1,860,000
pesos in the corresponding period last year. (1 peso equals $0.50.) After
the recent short advance,the local abaca market is quieter, with NewYork
reported weak. Local sellers, however, refuse to respond to lower offers
at 25.50 pesos per picul of 129 pounds for grade E; F, 23.50; L.21.50; JUS,
19.25; JUK. 16.25: and L, 13.50. Receipts of abaca in the week ended
Dec. 9 were 22.621 bales and exports amounted to 18,971 bales, of which
7,851 went to the United States. Port stocks on Dec. 9 totaled 200,274
bales. The copra market is also quieter, but very firm, with unsatisfactory
arrivals. Two oil mills remain closed.
Senate Passes Bill Authorizing the Settlement of
French Debt to United States—President Hoover
Signs Bill.
On Dec. 18 President Hoover signed the bill authorizing
the settlement of the indebtedness of France to the United
States, as provided for in the Mellon-Berenger agreement.
The adoption of the bill by the House on Dec. 12, was noted
in our issue of Dec. 14, page 3716. The Senate passed the
bill on Dec. 16 by a vote of 53 to 21. The agreement provides
for the payment by France to the United States of $4,025,000,000 principal and interest of $2,822,674,104 over a
period of 62 years. This includes $407,000,000 owed the
United States for war supplies. The amount of the indebtness to be funded, after a cash payment of $383,686.89 to
adjust and round numbers, fixed at $4,025,000,000, is
computed as follows [we quote from the "Times" Washington advices Doc. 161:
Debits—
Total indebtedness as of Dec. 15 1922
13,792,137,183
Accrued and unpaid interest at 3% on this amountfrom Dec.15 1922,
to June 15 1925
284.410,288
Totalindebtedness as of June 15 1925
94.076,547,472
Credits—
Payments received on account0interest between Dec. 15 1922, and
June 15 1925
$50,917,643
Payments on account of principal since Dee. 15 1922
230,171
Int.on principal paym.at3% from date of paym.to June 15 1925—
12,970
Summary—
Net indebtedness as of June 15 1925
Paid in cash upon execution of agreement
$51,150,785
94,025,386,086.
380,685
Totalindebtedness to be funded into bonds
84.025.000,000
.
The total to be paid, with interest at 2.17%, will be 36,847,647,105.
The schedule of annuities follows:
Year—
Amount.
First
$30,000,000
Second
30,000.000
Third
32,500,000
Fourth
32.500,000
Fifth
35,000,000
Sixth........................_................................. 40,000,000
Seventh
50,000,000
Eighth
60,000,000
TURKEY.
Ninth
75,000,000.
General business operations, which have suffered from a depression during Tenth
80,000,006
the past two years, received another setback as a result of the recent crisis Eleventh
90,000,001>
Twelfth
100,000,000
in foreign exchange on the local bourse, during which the Turkish pound Thirteenth
105.000,000
depreciated sharply from the recent level of $0.47. and later rallied to $0.46. Fourteenth
110,000.000
Emergency measures, such as permits for purchase of foreign exchange, Fifteenth
115,000,000
120.000,000
are reported to have bean invoked by the Turkish Government in order to Sixteenth
Seventeenth
125,000,000
check the sharp decline. The decline is attributed to heavy imports in Sixty-second to sixty-fIrst, Inclusive
117,674,104
anticipation of a general increase in rates under the new tariff, and a simulTotal
taneous drop in exports of figs, raisins, and filberts, due to drop failures.
$6,847,874,104
The latter development has resulted in further credit stringency, with
The agreement was accepted by France on July 27.
importers finding it increasingly difficult to move stocks, as a result of the
continued low purchasing power of the peasants.
UNION OF SOUTH AFRICA.
Negotiations have been renewed with the Government of Southern
Rhodesia looking towards an extension of the South African Customs
Agreement, which expires Dec. 31, according to a telegram. For further
information, see the Division of Foreign Tariffs Section of this issue.
UNITED KINGDOM.
The Government's coal-mining bill was introduced in Parliament on
Dec. 11. It is understood that the bill would require the formation of
district coal marketing organizations, to be co-ordinated on a National
basis; reduce the maximum legal length of the miner's working day from
8 hours to 7M hours; and provide for the establishment of a National board
French Officials Will Aid Bourse--Change in Fiscal Year
and Limiting of Taxes Proposed.
Copyright advices, Dec. 14, from Paris to the New York
"Evening Post" said:
Principal attention has turned toward governmental considerations
of the stock market, now that it has become apparent that Tardiets
thoroughly understands that the prosperity of the nation and the
prosperity of the Bourse go hand in hand, a truth forgotten by some
politicians.
It is now generally understood by many people acquainted with
the stock market that strength and weakness of the stock list is re-
DEC. 24. 1929.1
FINANCIAL CHRONICLE
flected in the industrial and commercial outlook. A more optimistic
feeling prevails, especially after the announcement of the decision to
suppress plural voting shares, following frequent protests of shareholders against omnipotence by companies' directors.
3889
Italian Ministers Approve $1,000,000,000 Budget.
Under date of Dec. 19 Associated Press accounts from
Rome said:
Plan to Limit Taxes.
The Council of Ministers today approved the budget for 1930
The Government is also ready to limit to 40% the volume of taxes, amounting to 19,348,846,399 lire (about $1,000,000,000) representing
an increase of 777,923,090 lire (about $38,750,000) over the budget of
although it admits that surpluses will be carried forward to later
years, thus reducing the advantage at first sight. Furthermore, by last year.
It was explained that the increase was chiefly due to higher salaries
advancing its fiscal year to April, the Government will avoid a
for government employes and also to the construction projects of the
certain risk of political crises, since a wider period will be provided
for peaceful discussion.
Ministry of Marine.
Generally speaking, the policy of the Government toward the Bourse
is very interesting. Since the Tardieu Cabinet was organized an
Austrian Government Loan.
earnest desire to support the Bourse has been in evidence. A fortnight ago a communication explained that the outlook was good, in
In its issue of Dec. 10 the "Wall Street Journal" reported
spite of the fact that the bears were endeavoring to stir operations. the following from Vienna:
A conference of the finance ministry with the directors of banks
Austrian Parliament is expected to pass before Christmas bill cmhas examined means of improvement. This was expected to provoke
poowering government to issue international investment loan of $100,a stampede of the bears and a rise in the stock list.
The new move resembles President Hoovers' action in calling a 000,000 and, pending the issue, to obtain short credits with conJ. P. Morgan & Co. and a
committee of business men to study the outlook after the Wall Street version option in favor of lenders.
Dutch group have made an offer which is also said to include housing
collapse. Economists think that such a proceeding has inaugurated
new relations of finance and government. Leaders in the new doc- loan, probably of $40,000,000.
Investment loan is to be devoted to development of railroads,
trine consider that the Government is a necessary regulator in ecoposts, telegraphs and telephones from 1928 to 1932, inclusive, and
nomic life. Whether this is true or not, the comment proves solicitude
repayment of expenditures for past two years from current revenue.
toward the Bourse, which has been a noticeable factor in recent conOf the total of both loans, about one-third will be required in the
fidence of operators.
near future. It is doubted whether the issue can be made in the
The proposed change in the date on the fiscal year is not a new
early weeks of 1930 on sufficiently favorable terms.
problem. Since the end of the war, only four budgets have been
voted on time. The new scheme was proposed in 1817 and voted
by the Chamber in 1888, but the Senate rejected the reform. Almost
Rumanian Budget of $210,000,000.
every other country has abandoned the January fiscal year.
A majority of the press approved the Tardieu proposal, while some
According to Associated Press advices from Bucharest, .
point to the necessity to examine the budget, whatever date is
Rumania, the Finance Minister on Dec. 9 presented budchosen.
Le Temps thinks that Tardieu was courageous to give the op- get estimates of $210,000,000 to the Chamber. Under date
position a greater opportunity to throw him down than if the budget
of Dec. 11 the New York "Times" reported the following
should be voted in December, but adds that the reform will prove to
be an illusion if Parliament does not make up its mind not to from Bucharest:
postpone the examination because more time is provided.
The new budget shows that all the old State debts will be paid by
In connection with the suppression of plural voting shares for a the end of 1930.
period of four years, the Government proposes the creation of an
The budget effects a fairer division of direct taxation. A reduction
office to control companies and group all documents concerning the of 5,500 officials will be made during the year without any increase
corporate activities. It will also examine soon the status of holding in salary for the remainder of the staff.
companies. It is likely that the Government will meet no opposition
because the Radicals and the Socialists have often criticized "greedy
companies."
Leading German Banks Open U. S. Agencies.
The tax reduction question has been put with the postponement of
The following is from the New York "Journal of Comthe budget date. The Government has announced its desire to permit
the taxpayer to enjoy the reductions as soon as possible, consequently
merce" of Dec. 17:
the reductions have been disconnected with the budget and will
In view of the manifold ties existing between American and German
soon be enforced.
finance, it is not surprising that a number of the leading German banks
and banking houses should find it desirable to maintain agencies in the
Italy Drops Ban On Austrian Loan—Chancellor Schober United States. The Deutsche Bank*, the Direction der Discontothe Commerz-und Privat-Bank have their own repAnnounces Winning of Approval to Deputies, Praising Gesellschaft*, and of whom is assisted by a staff permanently located in
resentatives, each
New Amity—Conditional, Vienna Hears.
New York.
The functions of these representatives may be summarized as follows:
The following from Vienna, Dee. 13, appeared in the
(a) To maintain contact with the various correspondents of the instiNew York "Times" of Dec. 14:
tution for the purpose of:
1. Cementing the existing relationships;
Italo-Austrian relations, strained since former Chancellor Seipel
2. Facilitating in every way current business between their home
protested in 1928 against Italy's treatment of the South Tyroleans,
has been restored to such a friendly footing by agreement of Premier offices and their correspondents here;
3. Services to their American connections by way of reports on conMussolini, that Austria has gained Italy's consent to a new loan.
This announcement, of great importance to Austria's finances, was ditions in Germany, and supplying credit information;
4. Developing new business with already existing correspondents and
made in Parliament today by Chancellor Schober.
By the conditions of the League loan obtained in 1021 Anqtri,i establishing new connections.
As the big German banks are not only commercial banking institutions,
bound herself to obtain the assent of the powers to any further issue.
but also investment bankers and stock brokers, their representatives
Italy made use of this to refuse her consent until now to the new
loan which Austria so urgently needs. She also put difficulties in here also fulfill the following functions:
(b) 1. Act as intermediary on loan negotiations;
the way of Austria's request for a moraatorium concerning her ob2. On occasions sign loan indentures and bonds on behalf of their
ligation for repayment of food relief credits.
According to Chancellor Schoober's statement today, "the head of the principals in Berlin.
(c) 1. Solicit business for the Berlin Stock Exchange;
Italian Government conveyed to me that his government would make
2. Supply information on German securities.
possible the satisfaction of the preliminary conditions for floating
Vice versa, these representatives, of course, act as observers for the
a new loan, and also would associate herself with agreements for
principals abroad; they will report not only on general economic and
regulating the payment of our relief obligations made in 1928 with
financial conditions in the United States, but will also assist the work
the European relief States and in 1929 with the United States, and
of the credit department of their home office, handling all the inquiries
would consent to that postponement of our reparations payments which
and if necessary making credit investigations of their own.
is still another essential for our obtaining a new loan.
None of these representatives are in any sense of the word branch
"The other powers already have assured us of their support in this
offices. They do not receive deposits, nor do they do business in their
matter, so we can definitely assuer ourselves that our financial position
own name—their function is merely to facilitate business between the
the world finally has been set in order."
toward
United States and their bank abroad; in carrying out these functions
According to reliable sources, Premier Mussolini made his assent
they may upon occasion receive funds, but always merely on behalf of
conditional upon the removal of the causes of earlier strains upon
Halo-Austrian relations and included among these the attacks on the institution on the other side.
The only one of the private banks which maintains an agent here
the Fascist Italianizing policy in South Tyrol constantly being made
is the Gebr, Arnhold. While this completes the list of independent
in the Austrian Tyrolean provincial Parliament.
It is announced that after participating in The Hague conference representatives, a good many of the German banks have attained the
Chancellor Schober will go to Rome to take part in the international same end in slightly different way. Thus the firm of Ludwig Bendix
police congress there and incidentally to discuss matters with Pre- acts wholly or partly as representative for an imposing list of German
banks and banking houses. The New York & Hanseatic similarly repmier Mussolini.
Government circles deny recent reports that Professor Joseph Red- resents Messrs. Simon Hirschfield and several others. A few German
banks have established or taken an interest in banking and investment
lich of Harvard, the last Finance Minister of the Austro-Hungarian
houses, which in effect are their representatives. Thus Strupp & Co.,
Empire and a personal friend of Chancellor Schober, has been asked
to try to obtain a $25,000,000 loan in the United States. The present formed by Messrs. J. Dreyfus & Co., Berlin, together with Les File
Dreyfus & Cie., Basle, and Ernesto Tornquist Co., Limitada, Buenos
American interest rates, it is stated, are too high to make a loan at
Aires, represent the interests of the three last mentioned houses in this
this stage practicable.
it is common gossip in banking circles here country.
Despite these assurances
that the Government has been negotiating with 3. P. Morgan & Co.
• These two institutions are about to be merged.
to undertake the loan and establish a consortium in which Dutch as
well as American capital would participate.
Count Aunt, the Italian Minister in Vienna, issued a statement toSpain's Internal Loan of $67,550,000.
night to the effect that "Chancellor Schober has stressed the heartFrom the New York "Sun" we take the following from
friendship, which the Fascist Government prizes,
iness of Italo-Austrian
not only in respect to the development of relations between the two Madrid, Dec. 20 (United Press):
An internal loan of 350,000,000 gold pesetas ($67,550,000), was
countries, but as a construction element for cninnion European coplaced on sale by the Government today. The loan is to settle foreign
operation."
Italy, he said, had taken every opportunity to assist Austria until Inane made in connection with the Government's intervention on exAustria had appeared to set a different value on Italian friend- change markets to halt the decline in the peseta. The amount was
covered and the books closed.
ship.
3890
FINANCIAL CHRONICLE
German Coalition Cabinet Receives Vote of Confidence
—President Schacht of German Reichsbank Intervenes in Favor of Sound German Financing and
Sound German Administration—Loan Probabilities—Reichsbank to Give Berlin $14,400,000, City
Pledging Rise in Public Utility Rates.
Discussing the action of the German Parliament in acording a vote of confidence to the Ga rman Coalition Cabinet
the New York "Times" in Berlin wireless advices written
under date of Dec. 14 had the following to say:
[Vol.. 129.
Hopes of securing this loan in the United States foundered on the veto
of Dr. Schacht and the official advisory board installed to regulate public
borrowing. The American banking syndicate's option with the city of
Berlin expired to-day, and as the conditions named for its consummation
were not fulfilled, the negotiations were called off.
Appeals to Reich Authorities.
The Executive Municipal Council thereupon appealed to the Reich authorities, who initiated negotiations with Dr. Schacht, which terminated
successfully, but on the basis that Greater Berlin will increase its tarriffs
for transportation and electric light, power, gas and water service sufficiently to enable it to lay aside the $1,200,000 monthly out of which fund
the present loan will be liquidated.
Incidentally. Berlin obtains this money cheaper at home, as the Reichfor American
Chancellor Hermann Mueller's coalition Cabinet received Its vote of bank's discount is 7%, as compared with the 8.6% offered
confidence to-day, and the Reich's empty treasury will get the material accomodation.
The conditions imposed on Berlin's administration for the loan were achelp it needs in the shape of the $100,000,000 emergency loan required to
cepted without argument, as the state of the City's Christmas exchequer
cover the government's operating expenses for the current month.
By a majority of 66 votes, which is wholly out of proportion to the Is about as far from opulency as that of the Reich's cash box, which was
reform measvoting strength of the five coalition parties, the Reichstag this afternoon only relieved through the Government's emergency financial
voted its confidence in the government and approval of its financial reform ures and their approval by the Reichstag last Saturday.
Dr. Schacht to-day was in almost uninterrupted communication with
program by 222 to 156. There was considerable abstention in the ranks
Minister of
of the Socialist party and German People's party, the vote of the coalition Dr. Hilferding, Minister of Finance, and Dr. Moldenhauer,
Economic Affairs. This afternoon he was received by President von Hingroup lacking eighty of its normal strength.
with the presDespite acceptance of the "formula of concord" agreed upon after last denburg, which Is interpreted as significant in connection
night's interparty conference, there was a wide rift in the line-up of the ent widely-ramifying discussions on the nation's financial condition.
government parties when the vote was taken on the government's program
Makes New Objections.
and its demand for the Reichstag's confidence, and the defections in the
That Dr. Schacht apparently is not yet completely converted to the savParty indicate that the truce ing virtues of Dr. Hilferding's reform program also became known when he
ranks of the Socialists and German People's
established to-day rests on a flimsy foundation.
interposed fresh objections to some ofits provisions. As a result the Government late to-night again called In the coalition party leaders for the purpose
Cash Deficit Saved Day.
of clearing up some of Dr. Schacht's objections. Until these are removed
That the government obtained a majority at all was solely due to reali- the Government will not be In a position to conclude negotiations for the
zation by recalcitrant party leaders that the Reich's cash situation was $100,000,000 loan required to replensih its depleted treasury.
drifting to the point of disaster, and that a sacrifice—even a half-hearted
Dr. Schacht sharpened his pencil once more to-day and exposed a disone—of party prestige and pride was required to carry the government crepancy in the Government's calculations In connection with its plans.
along into the new year, when, it is hoped, the(clouds of 1930 might show While these provided for an immediate increase in revenues of about 400,an occasional silver lining.
000,000 marks ($96,000,000), Dr. Hilferding's panacea at the same time
The further consideration of the possible foundering of the second Hague included a reduction in general taxes and industrial levies of about 800,conference also determined the coalition party whips to order their follow- 000,000 marks ($192,000,000), which obviously prompted Dr. Schacht to
ing to come to the rescue of Dr. Mueller's Cabinet. The resolution adopted inform the Government that it would then still be out 400,000,000 marks.
to-day, which enables the Mueller Cabinet to carry on,stated;
He demands an unconditional increase in tax revenues of 500,000,000
"The Reichstag approves the government's declaration and confidently marks as a prerequisite for restoring the Reich's finances to a sound basis
expects it will carry out its program of financial reforms, with the condiBavarian Party May Secede.
tion that the necessary laws will conform to the fundamental principles
advocated by the government. The Reichstag affirms its confidence in
Dr. Schacht's insistence on having the tax on beer included In the presthe collective policies of the government."
ent extension of indirect taxes threatens to force the secession of the BavatThe government will now proceed to put into immediate effect its in- Ian People's party from the present
five-party coalition. The party had
creased tobacco tax, and rise in the cost of unemployment insurance. already expressed
its opposition to the Government's plans by declining
Other reform measures will require drafting of special laws and will not to support the motion of
confidence given to the Government last Saturday.
therefore be ready for the Reichstag's approval before the beginning of
No agreement was reached on the points of dispute raised by Dr. Schacht
the new year.
in the course of to-day's deliberations and his conversations with the
Cabinet and the coalition parties will be assumed to-morrow although
Schacht Assumed Acquiescent.
the Government is proceeding to draft bills providing for the increases in
The Socialists stand pat in their demand that no reduction of taxes tobacco duties and the cost of unemployment insurance, both of which are
shall be operative unless an adequate offset in new revenues is provided. to go into effect on Jan. 1.
As a result of the intervention of Dr. Hjalmar Schacht, President of the
After this the Reichstag will devote its attention to some of the other
Reichsbank, in the government's present plight it is assumed that he with- remedial measures proposed in the Government's reform program. They
drew his objection to fresh foreign borrowing after the government indi- are expected to precipitate acrimonious partisan conflict, and to this extencated its determination to undertake the fulfillment of its reform program, the present Government will be confronted with the necessity of carrying
which Dr. Schacht designated as a first condition for the flotation of on a running fight with the present Reichstag.
further loans.
An appraisal of the political significance of the vote of confidence given
It is understood that the $100,000.000 which the government will now to the Cabinet in connection with the Reichstag's acceptance of its reform
raise to cover its December deficit will be underwritten by a syndicate program indicates that its footing in Parliament, so long as it is dependent
comprising Dillon, Read & Co. and the Mendelssohn groups and will not on the good-will of the present colaition, is on slippery ground. Almost half
be strictly a short
-time loan.
the German people's party's representation absented itself from the voting,
Coming to the defense of the government in the Reichstag this after- as did thirty-two Socialist Deputies, while the Bavarian people's party abannounced that the Reich's stained in its entirety.
noon, Dr. Hilferding, Minister of Finance,
cash deficit, which is now 1,700,000,000 marks ($408,000.000) would be
Seen As Purely an Expedient.
reduced to 1,400,000.000 marks ($336.000,000) by next April as a result
The vote is interpreted as having been purely of an expedient or utiliof reduced reparations annuities. Of this amount, 500,000,000 marks
mandate to
($120,000,000) would be contributed by the Kreuger loan, provided for tarian character, giving the Government an authoritative
in the Reich's match monopoly pact, and another 500,000,000 marks from carry on negotiations at the second Hague conference. Once the Young
plan has been definitely adopted, it Is assumed in Parliamentary circles
regular sources.
The present government, Dr. Hilferding stated, had to assume a cash that the present coalition will fall apart, an eventuality with which the
new
deficit of 1,000,000,000 marks (S240,000.000) when it took office, and Vorwaerts, official Socialist organ, IS already reckoning. It predicts
such heavy increase as occurred during its tenure of office was caused by elections out of which the party will either return triumphantly to the
all.
unemployment doles, which would also have had to be met by any other Government in increased numbers ot refuse to participate in it at
Meanwhile the Nationalist and Facist campaigners are actively fishing
government.
In Germany's troubled waters by making voting capital for next SunWith the advent of a comprehensive tax reform it will also be able to
admission of
reorganize the administrative service, the Minister added, although the day's referendum on the Young plan out of the Government's
speech.
government has determined that all classes shall share in its benefits and Its financial situation as contained In Chancellor Mueller's Reichstag
Dr. Alfred Hugenberg's campaign committee to-night issued a fulsome
burdens. The heaviest increase in National expenditures, he said, occurred
memorandum
in 1927, when the German Nationalist party was a member of the govern- Pronouncement wherein it was stated that Dr. Schacht's
ment. The executive board of the People's party passed a resolution to- was the best possible vindication of the impending referendum for the renight that "confidence in the administration of the Ministry of Finances jection of the Young Plan, which the Nationalist agitators charge conspires
to enslave the German people for two generations.
has been gravely undermined."
"Once upon a time the Government's slogan was'First bread, then reparaThe resolution says further that the vote of confidence was accorded to
tions,'"the statement says. "To-day it is 'First reparations, then bread.'
the government only on the condition that the financial program will be
The German ship of State is sinking. It can be saved next Sunday, therecarried through as a whole.
Dr. Paul Moldenhauer, Minister of Economic Affairs, in defending the fore all hands on board."
Cabinet's attitude, said that the Socialists also had made sacrifices by
Mooing the tobacco tax, which would surely be used by Communists German Syndicate Raises Reich Loan 400,000,000 Marks
against them. The increase of premiums for unemployment relief hits
Made Available Through Reichsbank After Dillon, Read
workmen as well as employers.
Withdrawal.
"Perhaps," Dr. Moldenhauer declared, "our position would have been
much stranger if we could have told the Socialists, 'If you refuse we will
Front Berlin yesterday (Dec. 20) the New York "Eveform tomorrow a great bourgeois government.' That we were unable to
ning Post" reported the following copyright advices:
do so we have to thank Dr. Hugenberg."
While financial and political circles are still speculating on the true
Dr. Ernst Scholz, member of the Reichstag since 1921, to-day was elected
succeed the late Dr. Gustav inside story oof why Dilleon, Read & Co. refused a loan to the GerChairman of the German People's Party to
man Government, the Reichsbank announced that a consortium of
attached to the party's Right Wing and was formerly
Stresernann. He is
First Mayor of Charlottenburg.
German bankers had late today perfected an arrangement to put
400,000,000 marks at the disposal of the Reich.
The foregoing was followed with Berlin wireless advices
At the 'same time, however, the extreme difficulties caused the
dated Dec. 16 which appeared in the New York "Times" Reich by the withdrawal of the American firm is indicated by the
publication of the Finance Ministry's statement that it would be able
on Dec. 17, and read:
to transmit to the German states only one-half of the Federal taxes
Dr. Hjalmar Schacht, militant head of the Reichsbank, to-day extended
his activities as an unrelenting foe of reckless official borrowing to the due them in December.
This announcement led to a new outcry for the resignation of
realm of Greater Berlin's budgetary embarrassments. As a result of his
Minister of Finance Hilferding, who is now blaming Dr. Hjalmer
intervention the municipal government pledged itself to set aside 5,000,000
marks ($1,200,000) monthly out of the receipts from public utilities to Schacht, president of the Reichsbank; J. P. Morgan, Reparations
Agent S. Parker Gilbert anad the French Government for his preamortize a 60,000,000
-mark ($14,400.000) loan to be underwritten by
dicament.
the Reichsbank.
WI"
DEC. 21 1929.]
FINANCIAL CHRONICLE
3891
Even after the British Glass Industries lost £3,500,000 and Jute Indus-
Under date of DOG. 19, Associated Press cablegrams from tries, Ltd., about half its capital of £4,500,000, money seemed always to
Berlin were published as follows in the New York "World": be forthcoming for Hatry's ventures.
The German Government to-night ceased negotiations with Dillon,
Read & Co. of New York for an emergency loan of $100,000,000.
Instead, through an agreement between coalition parties in the
Reichstag and the Cabinet, the loan is to be raised through the
German "D" banks, the Darmstaedter, the Dresdner and the
Deutsche-Diskonto. Dr. Hjalmar Schacht, President of the Reichsbank, has agreed to sanction the domestic loan.
The Reichstag agreement, which promised immediate introduction
and passage by Saturday of a bill providing an amortization fund of
450,000,000 marks ($108,200,000), also served to avert a Cabinet
crises. The post of Finance Minister HiHerding was at stake because
of his failure to obtain the loan from the American bankers except
on terms that would have meant his resignation. He is the only
financial expert in the Social Democratic party and lhat organization
was unwilling to lose the finance ministry.
The Amortization Bill was introduced and given its first reading
this evening. The third reading and final vote on it will come Saturday. It will have priority over all other measures before the
Reichstag.
This agreement, which saved the Cabinet, was generally conceded as
a decisive victory for Dr. Schacht. He now has a free hand in
obtaining the emergency credit on favorable terms and the Reichsbank has full authority to place the loan through German banks.
The Priority Bill provides that the 450,000,000 marks shall be raised
by tax increases and by special economy measures in various Government departments which are to be effective until the end of 1930.
It was understood that the "D" banks will advance the funds, which
are needed to cover the year-end Treasury deficit, and will then cover
the loans through short term credits to be arranged with J. P.
Morgan & Co.
It also was reported that Dr. Schacht's refusal to approve a loan
from DiIlion, Read & Co. was due primarily to objections from the
French Government and also to contrary advice from S. Parker Gilbert, Agent General of Reparations under the Dawes plan.
Entertained on Yacht at Cowes.
"His great weakness was his extravagance of ideas as regards actual
values. My first meeting with Hatry was when he was organizing the
Drapery Trust. On the way to offer him one of my businesses, I thought
of putting on a couple of thousand pounds for luck. He paid without a
murmur."
Among his spectacular early deals was the acquisition of the Commercial Bank, through which he afterward negotiated 50 large deals
involving $150,000,000. His first real setback was in 1921, when, in the
slump following the 1919-20 boom, he got pinched with his glass and jute
flotations. He came back with the successful flotation of the Drapery
Trust, and through the Austin Friars Trust, which is figuring largely in
the present proceedings, he floated the Steel Industries of Great Britain,
Ltd., with a capital of $40,000,000.
Hatry pleads "not guilty" to all the charges against him and will stand
trial at the Old Bailey neat session.
The difficulties of the Hatry group were referred to In
these columns Sept. 21, page 1820.
London's Gold Reserve to Meet Ideas of Cunliffe Committee.
From London, Dec. 14, the New York "Times" reports
the following:
The fact that, even with the recent increase in the Bank of England's gold holdings, its gold reserve is still £12,550,000 below the
limit of £150,000,000 recommended by the Cunliffe Committee as a
minimum after currency amalgamation, has caused much discussion.
The London market infers from recent events that the Bank observes no hard and fast rule regarding the gold reserve, but nevertheless considers it desirable to conform as nearly as possible with
the committee's recommendation.
This should mean that a gold reserve of £150,000,000 will hereafter
be regarded as the normal figure. At present, there is good reason to
believe that this figure will very shortly be attained, even though the
market does not lose sight of the continued shipments of gold to
France, or of the further fact that Germany also is desirous of
adding to its gold reserve.
Hatry Case Claims Put at $67,500,000—London Crash
Revealed as Greatest of Its Kind in England—
Financier Pleads "Not Guilty."
The huge sum of $67,500,000 was the estimate given in
court on Dec. 16 by Sir Gilbert Garnsey, London accountant,
Improvement in Canadian Exchange as Result of Lower
who investigated the affairs of Clarence Charles Harty, of
la Interest Rates Looked for by Bank of America,
the unsecured claims against the Hatry group of companies.
N. A.—Suggests Stabilization Loan to Bring CanaA London message, Dec. 16, to the New York "Times," In
dian Dollar to Par.
reporting this, added:
Liquidation in the securities markets and lower interest
Hatry and his three co-defendants, Edmund Daniels, 31; Albert Edward
Tabor, 31, and John Graham Dixon, 37, upon the completion of Sir Gil- rates now prevailing in the United States, with consequent
bert's testimony, were committed for trial on charges of fraud and forgery. withdrawal of Canadian funds, will doubtless show their
It was stated, when the crash came, that Entry had only $6,250 in all,
in some improvement in Canadian exand to-day Sir Gilbert Garnsey testified, "Hatry told me he had no private effect, eventually,
change, the Bank of America, N. A., declares in its Dehave no reason to doubt it."
fortune and I
cember bulletin. But, in the opinion of the bank, more
Hairy Reads Statement.
Sir Gilbert, who added the companies would probably go into liquidation, direct assistance than that will be required to bring the
said he could not believe Hatry when he first said the liabilities of the Can!adian dollar back to par. "Last July it was estimated
companies would be about $100,000,000. A trifling amount would be
about $60,000,000 gold would be needed
available for the unsecured creditors, but nothing for the shareholders, that shipments of
to bring the Canadian dollar back to par," the bank asserts,
Sir Gilbert declared.
Reading a statement with considerable emotion from the dock to-day, "and from the recent trend of exchange rates it would
Hatry, who is a debonair man of 40, said he had no intention to defraud
may have increased since that
the creditors. When he saw the crisis coming, he said, he pledged every appear that requirements
penny, his reputation and, maybe, his liberty to avert what he foresaw time. In some qUarters the opinion has been advanced that
would be a terrible crash.
the remedy for the situation may be found in a stabilization
Hatry added:
in intername has become a byword. I am now irretrievably and irreparably loan. With easier credit conditions prevailing
"My
ruined. I took grave personal risks, whereas I could so easily have let national financial centers it is believed there would be no
things go and walked off a free man."
difficulty in obtaining funds for placing the Canadian dolOne of the principal charges against Hatry and his associates is that
on which they raised loans for financing lar back upon the gold basis from which it has strayed
they forged share certificates
various enterprises.
unofficially in the past several months."
Loaned $125,000 to Bevan.
Pointing out that Canadian exchange has been at a disdisclosures to-day reveal the Retry crash as the greatest
Sir Gilbert's
for the last half year and a good part
recorded failure of a group of companies dominated by one man ever known count in New Yark
in England. The losses exceed by $15,700,000 those involved in the failure of the time tat a discount so large as to make gold shipments
In 1892 of the Liberator Building Society and the allied companies con- profitable, the bank says:
trolled by Jabez Spencer Balfour.
"Ordinarily gold is shipped to New York from Canada when the discount
Next in size was the $27,500,000 failure of the London and Globe Finance
Corp., controlled by the arch swindler, Whitaker Wright. Nine years later
Alfred William Carpenter's Charing Crass Bank failed for $8,500,000,
and in 1920 Farrow's Bank crashed for $10,000,000. The sensational
failure, a few years back, of Gerald Lee Bevan and his City Equitable Fire
Insurance Co. was also for $10,000,000.
It came out in •the evidence to-day that Hatry recently loaned sums
amounting to $125,000 to Bevan, who a short while ago left prison.
Whereas the Balfour and Wright losses fell chiefly on private individuals
throughout the country, it is expected the big banks and financial houses
will have to shoulder the bulk of Hatry's liabilities.
Was Insurance Clerk at 25.
No hint was given in court lo-day as to where the money had gone.
Hatry was known among his friends as a "dazzling" financier and lived
In dazzling fashion. His mansion, on Great Stanhope Streets, Mayfair, now
for sale, was a byword for the luxury of its appointments. Mrs. Clarence
Hatry was one of the few London hostesses who could boast of having a
swimming pool upstairs. Nine bathrooms were provided.
At the age of 25, in the year the World War started, Hatry was a clerk
in a London insurance broker's office. At the ago of 30 he was dealing in
millions. Always immaculately dressed and well groomed, he utilized his
engaging personality to win support for his many schemes from men whose
practice was to deal in large sums. One who knew him well declares that
Hatry inspired confidence by his amazing flair for getting for investors a
quick return for their money. He started borrowing small sums which,
in a few months, came back with big interest.
"Men who first hesitated at a few hundred," said your correspondent's
informant, "were, after a few years, trusting tens of thousands with him.
on the Canadian dollar in this market is around 3/16 of 1%. During a
part of the past six months, however, the discount has ranged from one to
well above 2% without any serious attempt to correct the situation by
adequate gold shipments. A decline of about 33% in Canadian gold
reserves since the end of 1928, and of 50% since the close of 1927 Is
apparently responsible for the evident reluctance of Canadian banking
authorities to reduce further their gold holdings, and for their willingness
to forego the substantial profits obtainable by shipping gold.
"Canada's net export of gold was relatively heavy in the fiscal year
ended March 31 1928; during the year ended March 31 1929 it had more
than doubled. The attraction of Canadian funds to the New York call loan
and securities markets appears to be the principal cause for the outflow
of gold. The unsatisfactory credit situation has been further aggravated
by a sharp decline in the last two years in Canada's favorable balance in
international trade, and, more recently, by the drop in wheat exports.
"The break in prices in the New York stock market 'toward the latter
part of October had an immediate reflection in Canadian exchange rates.
On Oct. 29 the Canadian dollar was quoted here at a discount of 2%%.
During November quotations ranged from a discount of 1 9/16% to
2 3/16% on telegraph transfers. The lower quotations were apparently
occasioned by the drop in prices of Canadian securities in the New York
market and by losses suffered by Canadian investors in the stock market
break. The decline in Canadian exchange has occurred, moreover, at the
time of the year when the Canadian dollar is ordinarily at a premium in
New York. This is usually caused by the heavy seasonal movement of crops
from Canada, a large part of which is financed here. In the autumn gold
normally moves from New York to Canada, with a return movement of
varying size occurring during the early part of the following year."
3892
FINANCIAL CHRONICLE
[VOL. 129.
Comparative Figures of Condition of Canadian Banks. Dr. Kemmerer's
Commission Ends Task in China—
In the following we compare the condition of the Canadian
Reported to Have Recommended Adoption of Gold
banks for Oct. 31 1929 with the figures for Sept. 30 1929
Standard for Copper—Currency Debased.
and Oct. 31 1928:
Under date of Dec. 13 the New York "Times" reported the
STATEMENT OF CONDITION OF THE BANKS OF THE DOMINION
OF following from Shanghai:
CANADA.
Assets.
Current gold and subsidiary coin—
In Canada
Elsewhere
Total
Oct. 31 1929. Sept. 30 1929. Oct. 311928.
$
47,019.022
31.266,004
8
46,836,658
19,590,090
8.
47,383:735
27,048,687
Total
78,285,031
66,426,751
74,432,424
137,191,720
24,739
122,294,154
19,015
125,313,846
22,312
137,216.462
122,313,771
125,336,160
15,232,71C
17,315,507
217,116,672
Dominion notes—
In Canada
Elsewhere
22,395,235
18.559,352
178,289,114
17,141,304
Notes of other banks
18,187,522
United States and other foreign currencies
184,737,901
Cheques on other banks
Loans to other banks in Canada, so
cured, including bills rediscounted _ _ _
Deposits made with and balances du"
7,801,84.c
6,055,840
4,056,056
from other banks in Canada
Due from banks and banking correspond
4,675,052
5,808,475
6,514,440
ents in the United Kingdom
Due from banks and banking correspond
ents elsewhere than in Canada and th s 117,323,80f
75,636,220
66,472,031
United Kingdom
Dominion Government and ProvinciaI 344,119,37
333,988,579 334,957,794
Government securities
Canadian municipal securities and British, foreign and colonial public securi91,603,7.74
97,298,763 106,606,527
ties other than Canadian
51,757,558
56.210,889
53.500,533
Railway and other bonds, debs. tce stock 3
Call and short (not exceeding 30 days
loans in Canada on stocks, debentures
bonds and other securities of a sufficient marketable value to cover
. 268,336,003 280,805,686 249,381,845
Elsewhere than in Canada
252,283,450 313,381,231 296,268,013
Other current loans& discounts in Canad i 1,473.427,797 1,404,371,359 1,227,076,325
Elsewhere
• 241,866,294 235,118,809 249,067,082
Loans to the Government of Canada_
Loans to Provincial Governments
16,123,281
16,970,196
27,984,379
Loans to cities, towns, municipalitie
and school districts
99,035,773
99,832,352
82,607,354
Non-current loans, estimated loss provlded for
7,645,759
8,064,86.5
7,304,286
Real estate other than bank premises_ _
5,235,150
5,646,732
6,434,370
Mortgages on real estate sold by the ban
7,683,563
7,544,045
6,742,721
Bank premises at not more than cost
less amounts (if any) written off
76,078.944
76,203.333
72,259.708
Liabilities of customers under letters o
credit as per contra
103,877,421 103,797,124 100,068,997
Deposit with the Minister of Finance for
the security of note circulation
6,365,724
6,365,427
6,099,556
Deposit in the central gold reserves
58,330,866
61,730,866
85,930,866
Shares of and loans to controlled co's_ _ _
9,707,594
9,756,616
10,407,465
Other assets not included under the foregoing heads
2,249.575
2,329,749
2,583,059
Total assets
3,710,695,085 3,614.901,480 3.422,158,831
Liabilities.
Notes in circulation
185,085,767 196,894,815 190.3134,248
Balance due to Dominion Govt. alter deducting adv. for credits, pay-lists, &c_
86,775,619
55.103.458
40,096,101
Advances under the Finance Act
90,150,000
79,400,000
73.550,000
Balances due to Provincial Government:.
27,077,697
24,024,443
25,679,284
Deposits by the public, payable on demand in Canada
785,768.850 759,478,112 716,867,806
Deposits by the public, payable after notice or on a fixed day in Canada
1,470,045,528 1,470,512,260 1,511,595,332
Deposits elsewhere than in Canada
423,146.051 423,802,616 356,389,006
Loans from other banks In Canada,
secured, including bills rediscounted_ _
Deposits made by and balances due to
Other banks In Canada
24,410,159
14,433,015
17,765,612
Due to banks and banking correspondents in the United Kingdom
29,261.372
17,498.857
20,942,932
Elsewhere than in Canada and the
United Kingdom
133,186,792 116,449,587
65.359,713
Bills payable
13,826,298
13.866,966
15,933,350
Letters of credit outstanding
103.877,421 103,797,124 100,068,997
I,labllltles not incl. under foregoing heads
4,109.391
4,109,555
2,705,800
Dividends declared and unpaid
752,934
2,146,672
1.992.627
Rest or reserve fund
156,178,448 154,481,109 134,066.700
Capital paid up
142,525,060 141,806,145 122,764,660
Total liabilities
3,677,571,172 3.576,411,047 3,396.072,218
NOTE.—Owing to the omission of the cents in the o !Mal reports, the footings in
the above do not exactly agree with the totals given.
Sweden Repays $25,000,000 Loan.
Under date of Dec. 18 Associated Press accounts from
Stockholm said:
The Swedish public debt commission has redeemed the 1919 6%
$25,000,000 loan at the current rate of exchange. As the American
dollar is at a discount in Sweden, the Swedish holders of these
bonds are losing on the transaction.
In California Sales of Pre War and War Loan Bonds of
Russia Held Legal.
From the "San Francisco Chronicle" we take the following Associated Press advices from Sacramento, Dec. 9:
The Kemmerer commission of financial advisers to Nanking has completed its year's contract. Mr. Edwin W. Kemmerer, who has led the
group, is sailing for America on Jan. 18. The others are scattering. The
formal reports and recommendations they made are in the hands of Nanking,
but Nanking is keeping the gist of them secret. Shanghai banking circles
are convinced that Mr. Kemmerer recommended that a gold standard be
achieved by a gradual regional process, and many other startling
innovations.
Six members of the commission are not leaving China, having signed
contracts with Nanking to remain as expert advise and assist in apply-n;
ing the recommendations of the commission.
Along with the above the "Times" gives the following special correspondence from Shanghai Nov. 22:
Though China is today essentially a "copper country," copper being the
principal medium of exchange used by the masses of the population, the
Kemmerer commission early in its investigation is believed to have decided
tthat the country must adopt the gold standard if order is ever to be
brought out of the chaos which exists in its money today.
How or when the change to a gold standard would be made it would be
difficult to prophesy.. The Kemmerer commission, after nearly a year of
work, has embodied its findings in a series of laws rather than in a series
of reports, and whether all of these laws will be passed by the Nanking
Government in the order to recommended by the commission or whether a
part of them will never be adopted time alone can tell.
Each of the new statutes compiled by the Kemmerer group is accompanied by a simplified memorandum of explanation, detailing why the recommendation is made, how it is to be applied and the theoretical effects
to be expected from application.
These laws and reports have not all been presented at one time, but
have been handed by Dr. Kemmerer to T. V. Soong, Nanking's Minister
of Finance, as they have been perfected. Some of the earlier recommended laws have, in fact, already been enacted by the Legislative Yuan
without the public being conscious that they emanated from the Kemmerer
commission.
Cost to China I8 $500,000.
The Ketnmerer commission, composed of 17 American experts in
various lines, was engaged for one year, dating from Jan. 10 1929, and
it was specified that a month be allowed for travel each way. The cost
to China of this commission's expert advice is understood to have been
$500,000 in American money, paid in advance.
The laws framed and the recommendations made cover a wide range,
and are not confined merely to fiscal affairs, as may be seen from the
following list of members of the commission, and the differing phases of
governmental activities in which they are expert:
Dr. Edwin W. Kemmerer, head of the commission.
Dr. Arthur N. Young, expert in public credit.
Dr. Oliver C. Lockhart, expert in taxation.
Dr. W. B. Poland, expert in railway finance.
Dr. Benjamin Bruce Wallace, expert in tariff and tariff policies.
Dr. Frederick A. Cleveland, expert in budgets and budgetary problems.
Dr. John Park Young, assistant expert in currency and banking.
Mr. F. B. Lynch, assistant expert in banking.
Mr. Richard W. Bonneville, assistant expert in accounting and fiscal
control.
Mr. William Watson, assistant expert in accounting and fiscal control.
Three assistant secretaries to the commission: Mr. Edward F. Feely,
Mr. John McGregor Gibb, and Mr. George H. Thompson.
Dr. Frank IV. Fetter, banking, currency and credit expert, acting as
under-secretary.
Three assistants, Mr. Harry B. Price, Mr. Whitmore Dawes, and Mr.
Donald L. Kemmerer, son of Dr. Kemmerer.
Faced Overwhelming Problem.
The problem which confronted the commission when they landed in
Shanghai last February seemed overwhelming. Here was not onnly a
country verging upon bankruptcy, a country with an almost incalculable
number of currency issues of varying value, but a country in which few
reliable statistics were to be found. Changes of government have been
so many and so rapid since the Manchu dynasty was overthrown 18 years
ago that there was even no reliable list of total national and provincial
debts or bond issues.
For many of the statistics which were basically necessary the commission had to turn to foreign finns long operative in China, such as the
National City Bank of New York, the Standard 011 Co. and the British
American Tobacco Co.
Silver Dollar Coin Acceptable.
The silver dollar coin itself is accepted in every province, but every
province has its own issue of paper notes of 10 and 20 cent denominations,
and some of these are worth par, while some are worth almost nothing.
The 10 and 20 cent silver coins present another problem. A few are
worth face value, but in general they are so debased that one silver dollar
will purchase 13 dimes, because many warlords, when in temporary
possession of the mints, have melted silver coins of good fineness and
reissued them Mayfly alloyed.
Since the silver dollars and their paper counterparts fluctuate daily,
as silver rises or falls in relation to gold values, it follows that copper
coins fluctuate too. At some seasons $1 in silver may buy only 260
copper coins; a few months later it may but 390 or more,
for a "copper"
in China is never the equal to a cent, or to the one-hundredth part
of a
dollar, as it is in the United States.
The Kemmerer Commission report is not designed
quickly to revolutionize the financial condition of China. It is a scientific analysis
of
the existing situation, compiled in the form of a series
of simple laws
which, the commission believes, if they are passed in the order named
and conscientiously enforced, will in time give
China a stable currency,
an adequate tax income, a balanced budget and a gradual renewal of
credit.
Nothing startling nor revolutionary in the way of immediate results is
expected nor planned, but the various suggested laws, regarded
together
as a "report," will, it is believed, lead China out of
the wilderness,
financially speaking, and put her onto the road to stability and
solvency.
The sale of the pre-war and war loan bonds of the Russian Inspenal government and the war loan bonds of the Kerensky government for speculative purposes, was upheld in California today in
an opinion by Attorney General U. S. Webb for Mathew Brady,
District Attorney of San Francisco.
Brady questioned the right of brokers to sell these bonds under
the provisions of the Corporate Securities Act but Webb held that
the United States maintained diplomatic relations with both the
Czarist and Kerensky Governments, that the bonds have been repudiated only by the Soviet Government, which has never been recognized by the United States and that speculators, knowing of the
repudiation by the Soviet, buy the bonds at their own risk.
In cases where "innocent" buyers are "sold," Webb informed
Brady that the sellers might be prosecuted on a felony charge of
Items regarding the mission of Dr. Kemmerer and his
obtaining money under false pretenses, but not under the corporate
associates to undertake a reorganization of China's finances
securities act.
DEC. 21 1929.]
FINANCIAL CHRONICLE
appeared In our issues of Jan. 19, page 346 and Jan. 26,
page 499.
Finance Minister Inouye Asks Aid of Bankers During Removal of Gold Embargo—Expects Little Gold Will Leave
Japan.
The following Tokio advices appeared in the "Wall
Street Journal" of Dec. 19:
Plea for cooperation with the government and expressions of optimism for Japan's future, were the keynote of the address recently
'delivered by Finance Minister Junnosuke Inouye before the Kwansai
(Western Japan) Bankers' Association at its meeting in Osaka.
Mr. Inouye, obviously happy over the consummation of his campaign for removal of the gold embargo, which culminated with his
announcement on November 21 that the ban would be lifted on January 11, declared that little gold will leave the country after the
latter date and asserted that there is slight likelihood of further
speculation in the yen.
"Leading banks in Japan," he said, "have shown determination
to support policy of the government and the Bank of Japan on gold
ban removal. They have reached an understanding with the government not to send much capital out of the country. Such being the
case, I do not believe that a huge amount of gold will leave Japan
upon the lifting of the embargo.
"I chose January 11 on the basis of the present exchange situation.
I thought also that it would add to the financial stability of the
coutnry if the date we erto be known in advance. Up to the present
the government has held huge amounts of specie abroad but I do
not think this proper. Therefore the government has decided to
entrust to the Bank of Japan the task of maintaining specie reserves abroad and of controlling exchange fluctuations."
Report of Loan of $5,000,000 to Reserve Bank of Peru.
Associated Press advices from Lima, Peru, Dec. 13,
stated:
The newspaper El Comercio said today that the local Banco Italiano
had offered to the reserve bank of Peru a loan of $5,000,000 to "maintain the Peruvian pound exchange on New York."
Colombia To Cut Expenses Heavily—Finance Minister
Asserts 1930 Budget Seeks Reduction of Nearly $30,000,000—Low Price of Coffee and Decreased Income
Tax Receipts Expected to Reduce Revenues to $60,140,000.
A reduction of nearly $30,000,000 in expenditures is planned in the budget proposed for 1930, according to a statement by Minister of Finance Perez in El Tiempo Dec. 15,
in which he commented on an interview with Senator Marulanda published in The Espectador last night, says a
cablegram Dec. 15 from Bogota to the New York "Times,"
which also contained the following advices:
The proposed removal of the gold embargo was noted
in our issue of Nov. 23, page 3249.
Chile to Maintain Gold Standard.
United Press advices from Santiago De Chile, Dec. 20,
published in the New York "Sun" state:
Chile will maintain her gold standard regardless of the financial
situation in other countries, President Carlos Ibanez told the United
Press today.
"Our gold reserve," he said, "is larger than our paper circulation
and the foreign trade balance is more favorable than in any previous
year. Conditions and wages are good and Chile has practically no
unemployment."
Senor Marulanda, who is a member of the patriotic advisory council
appointed by President Abadia Mendez to aid in meeting the financial
difficulties facing the government, said that the board had recompesos
mended a 1930 budget carrying estimated revenues of 62,000,000
(about $60,140,000) and estimated expenditures of 53,000,000 pesos
9,000,000 epsos to be ap(about $51,410,000), leaving a margin of
plied on the 1929 deficit.
Minister of Finance Perez, commenting on this budget, says that
the largest reductions in estimated expenditures for 1930 as compared
Educato 1928 are for the Ministry of Public Works, 8,500,000 pesos;
tion, 5,500,000, and War, more than 4,500,000.
export of Colombia,
The low price of coffee, which is the principal
in the
is expected to reduce the revenues of the government both
less
export tax and the customs revenues, which are estimated at 25%
will be
than last year. It is also expected that income tax receipts
40% less in 1930 than in 1928.
situaA member of the Bogota Stock Exchange, discussing the coffee
cents
tion and disclaiming over-pessimism, estimates an average of 15
coma pound for Colombian coffee to be exported during 1930, as
pared to an average of 27 cents a pound in 1928. On the basis of
annual exports of 2,800,000 sacks, this difference in price indicates that
the 1930 exports will be worth $47,000,000 less than the value of 1928
48,000,000 Province of Buenos Aires Loan Arranged in New
York Market—One of First Foreign Issues in Months.
For the first time in months a South American loan has
been arranged in this market. The Province of Buenos
Aires, which is the most important Province in the Argen/
tine Republic, has sold an issue of $8,000,000 61 2% external sinking fund gold bonds of 1929 due June 1, 1961.
The group purchasing the issue is headed by The First
National Corporation of Boston and includes Harris, Forbes
4 Co., and Stone & Webster and Blodgett, Inc.
The issuance of these new bonds was authorized November 2, 1927, by the Provincial Legislature, the proceeds to
be used to provide school houses and other public buildings
in various parts of the Province. Under contracts already
entered into by the Province it is stated, 110 school
_houses are being constructed and plans have been prepared
for 223 additional school buildings. This new construction, it is added, will result in a substantial saving through
the release of rented buildings. The Province pledges its
-full faith and credit for the due and punctual payment of
principal, interest and sinking fund on the issue, and in
addition the full interest and sinking fund service on these
bonds and any other bonds that may be subsequently issued
under the same law, is specifically secured by a charge and
lien on the Inheritance Tax, is indicating that the revenues
of the Province continue to reflect the constant improvement in its financial status manifest for the last four years,
it is pointed out that the receipts for nine months of the
current fiscal year amount to $49,790,000 or at the rate of
over $60,000,000 per annum, compared with $54,531,000 in
the 1928 fiscal year, and $48,995,000 in the 1927 fiscal year.
In the last fiscal year (1928) there was a substantial surplus. It is expected that this issue of bonds will be put
.on the market shortly.
Peruvian Government Decree Forbids Banks to Invest For
Their Own Account in Foreign Stocks.
following account is from the "Wall Street Journal"
The
.of Dec. 14:
Peruvian Government decrees that local banks, foreign banks and
branches no longer will be permitted to make investments for their
own account in foreign stocks, and banks will be obliged to liquidate
within six months any foreign stocks now held. Decree, it is believed,
will tend to prevent exportation of capital as result of recent slump in
'exchange. Banco Italiano of Lima has offered reserve banks of Peru
loan of $5,000,000 to maintain Peruvian pound exchange on New York.
3893
exports.
Decree of President Irigoyen of Argentina Closing of Caja
de Conversion or Exchange Bank—Country Virtually
Off Gold Basis As Result—Decline In Price of Peso.
According to Associated Press dispatches from Buenos
Aires, Dec. 17, President Irigoyen of Argentina decided on
Dec. 16 to close the Caja de Conversion, or exchange bank.
The Associated Press accounts continued:
state
The official decree closing the bank explains that the irregular
upon
of the world's exchange market "exerts a damaging influence
without
our market, causing shipments of coined gold from this country
justified causes."
its
The Caja de Conversion was founded in 1890 and carried out
when it was
functions until the beginning of the European war,
the
closed. President Alvear reopened it in August, 1927, when
announcing that
financial situation of the world became normal again,
it was done in order to regularize the monetary system of Argentine
and to give back to Argentine notes their gold face value.
but it allows
The present decree is limited to the closing of the Caja,
some
shipments of gold deposited in local banks. There are now
million of this
47,000,000 gold pesos deposited in these banks. Seven
sum will be shipped this week.
The New York "Times" in a cablegram from Buenos
Aires, Dec. 17, had the following to say regarding the
closing of the gold office:
that
Bankers and financial writers here are practically unanimous
office),
the closing of the Argentine Caja de Conversion (gold exchange
financial and business
decreed yesterday, aggravates an already serious
European and
situation and will give rise to a lack of confidence in
most unAmerican centres which, it is held, will be certain to react
favorably on Argentinian credit.
were
The possibilities of a disastrous effect on Argentine exchange yesfrom
apparent today when the exchange rate on dollars jumped
While it is true that the
terday's closing quotation of 106.80 to 116.
figure
Argentinian exchange rate has, on other occasions, reached a
Argentinian
more adverse than that of 116, never in the history of
another.
currency have there been similar fluctuations from one day to
The quotation eventually recovered somewhat and closed at 109.80,
which means that $100 cost 109.80 Argentine gold pesos, as compared
with the par value of 103.64 pesos.
Predict Fall in Securities.
Three months ago when Argentinian exchange reached 109.80 with
the conversion office functioning and freely exchanging paper currency
for gold on demand, Province of Buenos Aires bonds dropped from 90
to 81 on the New York Stock Exchange. Therefore, observers expect
one of the immediate results of the suspension of the free exchange of
gold for paper to be an unfavorable quotation of Argentinian securities
abroad.
The closing of the conversion office is the latest development in a
long series of circumstances which have caused business conditions
to go steadily from bad to worse for the last ten months. The general
buinsess situation, it is admitted, is frankly poor. Collections are slow,
bankruptcies are heavy and the trade balance is unfavorable, the country importing too much and not exporting enough.
The President's decree closing the conversion office states the measure
is made necessary by the unfavorable situation in foreign financial
markets which is having an unfavorable effect on the Argentine ex-
3894
FINANCT A 1-4 CHRONICLE
change. But bankers point out that while money is obtainable freely
in London at 5% and in New York at .42%, the interest rates here
have reached 8%% for first-class clients and 9% for others. One
prominent bank predicts a 10% interest rate shortly.
See Blow to American Trade.
First-class Buenos Aires banks are paying 6'4% per annum for
180-day advances on rediscounted documents—which is an almost unheard of charge to banks here. Because of their lack of spot cash to
cover futures in exchange operations, banks are charging ;4% per
month on futures operations.
Foreign bankers interviewed by your correspondent today, were
unanimous that the American export trade to Argentina will be a
heavy sufferer as a result of the closing of the conversion office, since
the unfavorable effect on the Argentine exchange will raise materially
the cost of everything paid for in dollars. On the other hand, Argentine
cattle-growers will benefit because they will receive more pesos for meat
and hides sold in dollars or sterling.
Three or four firms which practically monopolize the grain export
business will also profit heavily by the adverse exchange rate of the
peso, but it is held certain that none of this will be passed on to
agriculturists, so their buying power will not be increased.
Agri.
culturists and not cattle-breeders are the principal buyers of American
agricultural machinery and supplies.
The government explains the closing order as a measure to prevent
further restriction of Argentine currency through the exportation of
gold. Argentine currency law requires the withdrawal from circulation and the delivery to the conversion office of 2.27 paper pesos every
time one gold peso is withdrawn for export.
Recent heavy gold shipments have, therefore, restricted the circulating
medium by nearly 2,000,000 pesos, causing a tight credit situation. The
currency in circulation today is 112.45 paper pesos per inhabitant, as
compared with 123.72 pesos last year and 156.68 pesos in 1920.
Front Washington, Dec. 17, the New York "Journal of
Commerce" announced the following advices.
Financial difficulties of several of the Latin-American republics
were further increased this week by the issuance of a decree by
President Irigoyen of Argentina closing the Caja de Conversion,
according to reports reaching Washington today.
Short coffee crops in Colombia and Brazil, reports indicate, have
created a serious situation in those countries, while in Peru, due
to conditions of the public finance, President Leguia on December
15 declared an import moratorium permitting payment for imported
merchandise in Peruvian currency at the par rate, regardless of any
provisioons for payment in gold which might appear in the contract.
President Irigoyen's action in closing the Caja de Conversion,
according to dispatches from Argentina, was declared to be due to
unstable conditions in the world's financial markets reacting unfavorably upon Argentina and causing shipment of coin gold from
the country without just reasons.
[Vol,. 129.
This year's loss of gold, however, amounts to far less than the
gain in gold holdings which Argentina experienced during 1927 and
1928, when unusually good crops were harvested and a heavy surplus
of exports attracted gold to the country. The financial position of
the country today, bankers say, is far superior to what it was three
years ago and can in no way be considered unsound.
The immediate reaction of the foreign exchange market here was
a sharp slump in the Argentine peso to an offered price of 39 cents.
In this decline the Argentine unit had a sympathetic following in
nearly all the Latin-American exchanges, with the exception of the
Chilean peso. A rally later carried the Argentine peso up to 40.50
cents and was taken by experts here to indicate that the Banco de la
Nacion had the situation fairly well in hand. The net decline for
the day shown by the Argentine currency was ;lc. The Brazilian
milreis dropped 30 points to 11.25 and the Uruguayan peso tumbled
3%c to a new low of 92.50.
The decline in South American currencies was reflected in severe
weakness in bonds of the countries involved. South American bonds
have been soft for some time. Yesterday Argentine issues listed on
the Stock Exchange closed from 1 to 3 points lower and Argentine
5s of 1945 touched a new low for the year at 89.
In its issue of Dec. 19 the "Times" said:
Further weakness in the Argentine peso and in Argentine bonds
developed yesterday as a result of the announcement on Tuesday
that President Irigoyen had ordered the Caja de Conversion in
Buenos Aires to be closed, thus virtually removing Argentina from
a gold basis.
While the peso was weak all day, it failed to sink to the levels
of Tuesday's lows and closed the day unchanged at 40.50 cents. The
behavior of the currency was taken by bankers here to indicate that
the Banco de la Nacion, which is now in control of the Exchange,
has the situation fairly well in hand.
The following is from the "Times" of Dec. 20:
A Recovery in Argentine Bonds.
Of the eleven active Argentine Government issues traded in on the
Stock Exchange yesterday it was notable that only two closed lower
for the day, following the general decline in all Argentine bonds on
the previous day when announcement was made of the closing of the
gold conversion office in Buenos Aires. As a matter of fact, the
financial record of Argentina is excellent. During the final decade
of the last century the Government of Argentina and its political
subdivisions did encounter a serious economic and financial crisis,
but the storm was weathered and the Government in 1900 issued
its own bonds in exchange for defaulted provincial bonds, and since
1901 the government has met all payments of principal and interest
on its external debt promptly.
Brazilian Exchange Steady After Break—Confidence
Returns.
Talk of Forming Central Bank.
Supplementing the items given in these columns Dec. 14,
His action is viewed in Washington as likely to cause considerable
alarm abroad with regard to the soundness of Latin-American finances page 3721, regarding the break in Milreis, the following
and also with regard to granting commercial credits.
Sao Paulo cablegram, Dec. 12, is reproduced from the New
The Argentine conversion office was closed shortly after the outbreak of the World War in order to safeguard the gold stock of York "Times" of Dec. 13:
Argentina and was not reopened until 1927, although the balance of
The financial market, in which milreis slid yesterday to 9.20 to the
trade had been very favorable for several years and Argentina as a dollar and threatened to cause the collapse of the Brazilian stabilization
result had received a large addition to its gold supply.
scheme, suddenly turned firm on opening today and remained steady
The chief cause of Argentina's difficulties, it was explained here throughout the day. Exchange opened today at 9.50 milreis to the
unofficially today, is the inelasticity of the currency, which is as dollar, then steadied to 8.95, although at first some banks limited transinflexible as that of the United States was before passage of the actions to not exceeding $500. As confidence became re-established,
Federal Reserve Act. There has been talk of instituting a modern however, the National City Banks here and in Rio de Janeiro accepted
central bank, but the project has not been advanced, and it is be- exchanges in any amount.
lieved that it may be speeded up as a result of the present situaWhile the situation is grave, with many maintaining that in view
tion.
of the present rate of milreis the stabilization scheme no longer is in
The Argentine explanation of the issuance of the decree is not effect, American banking circles here are optimistic and predict an
concurred in by officials here, who declare that the situation is not early recovery. The unexpected falling-off of milreis, according to
due to world financial conditions. The deliberation of Argentine bankers, is due to the Federal controlled Banco do Brazil's refusal on
officials in reopening the Caja de Conversion and the prosperous last Saturday to cover all foreign exchange drafts, limiting business to
coondition of the country at the time created a feeling of security regular customers, which had an immediate reaction on the market.
On Monday, when the bank's action became known in Santos, the
with respect to the position of its currency, but during the greater
part of this year Argentina's favorable balance of trade has been coffee exporters there started holding up coffee export bills, waiting for
considerably reduced until for recent months, according to informa- a further drop in milreis. As coffee is the life blood of Brazil, this had
tion to Washington, exports barely cover imports. Since the country an immediate effect on exchange rates, causing a further decline in
must make large remittances covering debt service and dividends milreis. Late yesterday and all today, however, bills appeared in Santos
abroad, a large export surplus is required to strike a balance in inter- which caused the market to steady and instilled general confidence.
national payments; consequently, the exchange has been on a gold
export basis for a number of months and gold has moved out in
large quantities, although not sufficient to bring the exchange close Seek End of Coffee Crisis—Colombians Charge That Specuto parity.
lation is Hurting Prices.
President Irigoyen's action in closing the conversion office is conBogota advices, Dec. 13, to the New York "Times" state:
sidered as due to fear that further gold withdrawals would seriously
The executive committee of the National Coffee Growers' Federation
restrict the volume of circulating medium. It is believed, however,
that before taking such drastic step he should have endeavored to met here yesterday with the principal growers and the Ministers of
Industry and Finance to devise ways to meet the critical situation
arrange temporary credits abroad, which could undoubtedly have
which has resulted from the continued decline in coffee prices on the
been obtained.
New York market.
Word front Argentina that President Irigoyen had
Mariano Ospina Vasquez, president of the committee and president
ordered the closing of the gold exchange office, virtually of the Bank of the Republic, charged that Colombian merchants here
and in New York were speculating in coffee futures in a manner calcutaking Argentina off the gold basis, struck South America
lated to lower
Exchanges a severe blow on Dec. 17 driving the currencies could not at prices further. He also said the Bank of the Republic
present directly lend growers money on coffee crop
of the principal Latin-American countries to new low security.
As a measure of relief, in addition to establishing coffee storage
prices for the year to date, said the New York "Times"
warehouses here, the federation is negotiating for a contract with the
of Dec. 18, from which we also take the following:
Great Atlantic and Pacific Tea Company to market through that comBankers here who are familiar with conditions in Argentina ex- pany's retail stores in the United
States and Canada unblended Copressed great surprise at the step taken. They described it as en- lombian coffee in packages bearing
the federation seal. Coffee waretirely unjustified by the situation. The closing of the gold conversion houses at Manizales are already
operating.
office places the Banco de la Nacion, central bank of Argentina, in
exclusive control of foreign exchange.
According to dispatches
received here yesterday the Banco de la Nacion has a gold cover Cuban Commission Plans to Aid Sugar Men—To Report on
against currency amounting to 82%, including conversion fund,
Banking Guarantees for Funds.
which is one of the highest in the world.
Under date of Dee. 6 a cablegram from Havana to the
The difficulties which Argentina has experienced result from an
unfavorable balance of trade this year, the outcome of a poor crop, New York "Times" stated:
which has sent gold out of the country in large amounts. During
A report on the banking guarantees that will be required of the
the first nine months of this year Argentina exported $112,000,000 owners of cane plantations
and sugar mills desiring an advance of funds
gold, of which the major portion came to this market.
to operate their business during the coming sugar-grinding season will
DEC. 21 1929.]
FINANCIAL CHRONICLE
financing combe presented for consideration by the members of the
regular meeting
mission of the Cuban Sugar Export Corporation at its
Monday.
Sugar Corporation,
A mixed commission of representatives of the
and repremembers of the Clearing House Association, leading bankers
here held a meetsentatives of American and Cuban firms doing business
each detail
ing yesterday to discuss the problem in principle and study
industrialists.
involved in the proposed advance of funds to sugar
manufactured during
A surplus of from 20,000 to 23,000 tons of sugar
canceled
the last grinding season and for which contracts have been
in the hands
because of economic difficulties in sugar mills was placed
of the Cuban Sugar Export Corporation today.
Later Havana advices, Dec. 9, were reported as follows
in the "Times":
Cuba to
A general plan for the advance of funds by the banks of
sugar harvest
sugar mill owners and cane planters during the coming
board of
was submitted today for the consideration of the executive
n of members.
the Cuban Export Corporation by a special commissio
directly
Under the plan sugar mill operators and planters would deal
as it
with the banks and a bag of sugar would be the unit of security,
was before the establishment of a single sales agency.
Loans would be based on the lowest market price, whether in Europe
or the United States.
The banks would return to the export agency any surplus resulting
had been
from liquidation of operations after advance funds and interest
have
collected and any deficit incurred by planters and operators would
to be guaranteed by government bonds.
A meeting of the financing committee, in which the bankers will not
participate, will be held tomorrow to study the plan.
Decoration Conferred By Government of Czechoslovakia
Upon L. L. Strauss of Kuhn, Loeb & Co.
The Government of Czechoslovakia on Dec. 16 conferred
a decoration upon Lewis L. Strauss of New York, in recognition of his services to the Government during 1918-19.
The decoration was presented by Dr. Jaroslav Novak,
Czechoslovakian Consul General, at the offices of Kuhn,
Loeb & Co., of which firm Mr. Strauss is a member. Among
other Americans who have heretofore received this order
are General Pershing, Professor Pupin and Dr. Nicholas
Murray Butler.
3895
•
2,765,
amount the 12 Federal Land Banks loaned $1,595,34
Stock Land Banks closed $885,672,520." He
and the Joint
added:
need in our national
"This system of financing fills a definite place and
the farmer where the longlife. It provides the type of loan best suited to
has demonstrated its
term loan is needed for agricultural purposes. It
an amortized loan
soundness in principle and in practice. It has provided
It has decreased and
which eliminates the old problem of refinancing.
the framers could hardly
stabilized interest rates to an extent that even
of financing a farm.
have anticipated. It has become the modern method
Farm Loan Board to
It is the desire and the firm purpose of the Federal
supervision by it be such
see that the management of the banks and the
for the future service of
as to insure the permanence of the system
American agriculture."
the system
Referring to the co-operative or mutual part of
12 Federal Land Banks and 4,670 local
comprised of the
that "the
national farm loan associations, Mr. Bestor stated
owned $65,700,000 in capital stock in the
associations now
capital sub12 Federal Land Banks, and that the original
by the Treasury Department now amounts
scribed mainly
associations,
only to a little over $300,000. The stock in the
s, each
he pointed out, is owned by the farmer borrower
stock in the association to the extent
farmer subscribing for
associaof 5% of his loan. Upon the bank stock held by the
paid dividends amounting to $22,tions the banks have
reserves an un000,000, and they have in legal and other
total of $17,000,000."
divided profit of a
farm
Pointing to the size of many of these local national
Mr. Bestor said that 156 have loans in
loan associations,
have loans
excess of $1,000,000 each, and that 12 of them
than $2,000,000 each. "The Joint Stock
aggregating more
d Mr.
Land Banks were organized privately," continue
all of their capital stock, which now amounts
Bestor, "and
receivership,
to about $42,000,000, exclusive of the banks in
Is owned by private investors who are not required to be
outstanding
borrowers. The bonds of these banks now
amount to almost $640,000,000."
Loan
Referring to the reorganization of the Federal Farm
ioner
Board in 1927 and its activities since then, Commiss
Bestor said:
Speyer & Co. Purchase For Cancellation $140,000 Bonds of
City of Leipzig.
Co., as fiscal agents, have purchased for canSpeyer &
cellation through the sinking fund $140,000, bonds of the
City of Leipzig 7% sinking fund gold loan of 1926. This
represents the 1929 sinking fund instalment.
$121,500 Province of Cordoba, Argentine, Bonds To Be
Redeemed January 1, 1930.
Kissel, Kinnicutt & Co. and the First National Corporation of Boston, as fiscal agents, announce that the Province
of Cordoba, Argentine Republic, will redeem at par on
January 1, 1930, $121,500 of its outstanding external 17%
year 7% sinking fund gold bonds of 1925, due July 1, 1942.
The bonds will be paid upon surrender at the office of
Kissell, Kinnicutt & Co., in New York City.
in the reor"The Board feels that substantial progress has been made is well in
situation
ganization of several of the institutions and that the
of the system and
hand. The Board recognizes that the measure of success
ability and
its service to agriculture depends in a large part upon the
effectiveness of the
efficiency of the management of the banks and the
supervision of the Board."
"The Intermediate Credit Banks," created in 1923 and
and housed
supervised by the Federal Farm Loan Board
same
with the 12 Federal Land Banks and officered by the
declared, "undoubtedly have in the
personnel, Mr. Bestor
of
six years of their existence saved farmers many millions
have made advances to 85 co-operadollars. These banks
g retive marketing associations for an amount, includin
,087. The membership of these conewals, of $453,641
als. These
operatives total more than 1,250,000 individu
through their organizations the following
farmers market
raisins, rice,
commodities: Cotton, wheat, tobacco, wool,
flax, beans, honey, alfalfa seed, canned fruits
barley, rye,
seed. To
and vegetables, prunes, olive oil, and rep top
tives the banks are permitted by law to lend
such co-opera
securing
up to 75% of the market value of the commodities
the new
the loans. The Board has been co-operating with
way possible, within their authority,
Farm Board in every
Conto assist that Board in the work which it is doing."
tinuing, Mr. Bestor said:
$62,000 City of Buenos Aires Bonds To Be Redeemed.
Kissell, Kinnicutt & Co., as fiscal agent, announce the
redemption at, par on January 1, 1930 of $62,000 City of
2% sinking fund gold
Buenos Aires External 31% year 6Y
l paper
"The Federal Intermediate Credit Banks also discount agricultura
bonds of 1924, Series 2-B. The bonds will be paid at the
and National—
for agricultural credit corporations, for banks—both State
office of Kissel, Kinnicutt & Company.
New York
and for other specified financial institutions.
Commissioner Bestor of Federal Farm Loan Bureau
Surveys Conditions in Farm Loan System—Progress
In Reorganization of Several Joint Stock Land
Banks.
Pointing out that the banks of the Federal Farm Loan
System are created not merely to function under good
conditions, but to operate and serve the needs of the farmers
of the nation during the future, under any and all conditions, and that the actual experience of banks operating
under proper management has demonstrated the ability
of these institutions to supply long-term first mortgage
credit for farming, Paul Bestor, Commissioner, Federal
Farm Loan Board at Washington, said, while addressing
the annual convention of the American Farm Bureau Federation at Chicago, Dec. 11, •that "in the thirteen years
since the system was established the banks have closed
624,335 loans for a total amount of $2,481,015,285. Of this
for live stock loan companies,
notes given
No loans are made direct to individuals. The proceeds of the
first instances
by the farmers to these local institutions must be used in the
or marketing of
for an agricultural purpose or for the breeding, fattening
of not
livestock, and the notes must have a maturity at the time of discount from
less than six months, nor more than three years. The total discounts
of $129,organization to date have been $402,149,836, including renewals
774,804. Of the institutions discounting paper with the Intermediate
Credit Banks, 378 were agricultural credit corporations, 90 were live stock
loan companies, 150 were State banks, and there were 24 others. Outstanding loans and discounts on Oct. 31 were $105,099,701. The grand
total of loans and discounts of the Federal Intermediate Credit Banks,
Including renewals, has been more than $850,000,000.
"These banks have not only furnished the type of credit for which they
were designed, but they have been able to take care of all eligible loans
and discounts submitted."
Speaking of the two systems of banks, Mr. Bestor concluded:
"It is the policy of the Board to do everything possible to maintain the
permanency of these institutions which Congress intended. The investing
public is the chief source for funds for these banks. In order to preserve
a market for debentures, it is essential that the confidence of the public
be maintained in the security. The permanence of the system can only
be assured to American agriculture through the consistent following of
safe and sound business policies."
3896
FINANCIAL CHRONICLE
Representatives of Fruit and Vegetable Co-Operative
Organizations Asked To Confer with Federal
Farm Board Jan. 14. •
The Federal Farm Board announced in advices made
publics to-day (Dec. 21) that representatives of various
co-operative organizations handling fruits and vegetables
have been invited to Washington Jan 14 1930 for a conference with the Board to discuss the question of "how
to proceed in making effective to the fruit and vegetable
industries of the United States the benefit of the Agricultural
Marketing Act." The letter calling the meeting, which
was signed by C. C.Teague and Charles S. Wilson, members
Federal Farm Board representing fruits and vegetables,
emphasized that it is the opinion of the Board this "can
only be done by creating National co-operative sales organizations." The letter continued:
The question, therefore, Is how can the fruit and vegetable industries
be
most effectively organized? There are three groups
-apples, potatoes
and deciduous fruit other than apples
-that it would seem are largo enough
In volume to warrant National organizations.
We have been holding conferences from time to time with representa
tives
of those groups and there seems to be sufficient interest in this subject
to
warrant the calling of a conference for the purpose of getting the
combined
judgment of these groups on the following'
1. Whether or not it is advisable to attempt an organization of two or
more of these groups into a National sales organization.
2. Whether it Is advisable to organize these groups separately
, by
commodities, into National co-operative sales organizations.
3. Whether or not some plan for production loans may be worked out
that will enable co-operatives to secure a larger percentage of
commodities
which are now controlled through production financing.
4. To discuss the problem of making more effective by-products
avenues
for removing surpluses from the fresh fruit or vegetable market.
Those attending the conference Jan. 14 were urged to be prepared
to
remain in Washington "as much longer as Is necessary to help
work out
some plan of action. This is of great importance to the fruit and
vegetable
industries of the United States and you are urged and earnestly
requested
to attend."
Joseph S. Davis Appointed Chief Economist for
Federal Farm Board.
Appointment of Joseph S. Davis of California as Chief
Economist for the Federal Farm Board was announced Dec.
18 by the Board. Dr. Davis will act as counsel to the Board
on all economic questions and will contact with the Bureau of
Agricultural Economics, Department of Agriculture, the
Bureau of Foreign and Domestic Commerce, Department of
Commerce, and other Government Departments, on domestic and foreign economic research and informational
work as they relate to the activities of the Farm Board.
Dr. Davis is a native of Pennsylvania. He took an A.B.
degree at Harvard in 1908 and a Ph.D. there in 1913.
He was instructor and assistant professor in the Department
of Economics at Harvard from 1914 to 1921. During the
World War Dr. Davis was Assistant Statistician of the
American Shipping Mission and Statistician of the Allied
Maritime Transport Council in London. Since 1921 he
has been a director of the Food Research Institute at Leland
Stanford University, specializing on the wheat studies and
the general agricultural situation. Dr. Davis was economic
advisor to the American members of the Dawes Committee
on German Reparations and last year made an economic
study in Mexico for the International Committee of Bankers
on Mexico.
Market Value of Shares Listed on New York Stock Exchange $63,589,338,823 Dec. 2
-Classification of
Listed Stocks-Details For Four Months.
As of Monday, Dec. 2 1929, there were 1,292 stock issues
aggregating 1.117,126,726 shares listed on the New York
Stock Exchange, with a total market value of $63,589,338,823. These figures compares with 1,287 listed stock issues
as of Nov. 1 aggregating 1,110,419,105 shares with a tota
market value of $71,752,650,908. The month before, Oct. 1
1929, there were 1,279 stock issues aggregating 1,048,359,263
shares listed on the Exchange, with a total market value of
$87,073,630,423. while on Sept. 1 the total market value of
all shares listed on the Stock Exchange was $89,668,276,854.
In making public the Dec. 2figures the Stock Exchange says:
As of Dec. 2 1929, New York Stock Exchange
member borrowings on
security collateral amounted to 84,016,698
,769. The ratio of security
loans to market values of all listed stocks on this
date was therefore 6.32% •
In the following table, covering the foutr months, listed
stocks are classified by leading industrial groups, with the
aggregate market value and average share price for each.
It will be seen that the market value of these listed stocks
in the three months from Sept. 1 to Dec. 2 declined from
$89,668,276,854 to $83,589,338,823, a shrinkage
of over
$26,000,000,000.
[VOL. 129.
Dec. 2 1929.
Market
Values.
Nov. 1 1929.
Avec.
Price.
Market
Values.
Aoge.
Price.
Autos and acceasroles
3,400,896,836 32.02 4,150,489,417 39.10
Financial
1,297,715,796 85.22 1,742,427.817 118.22
Chemical
4,579,159.767 74.13 5.370,085,421 89.15
Building
536,535,462
603,031,303 56.16
Electrical equipment manufacturing.... 2,898,804,296 49.96
102.83 3,463,925,601 123.00
Foods
3,216,569,297 49.48 3.516.671,251 54.68
Rubber and tires
345,494.489 33.09
392,346,817 37.58
Farm machinery
615,996,844 76.50
673,536,259 48.36
Amusements
545,539,550 29.61
879,838.444 37.04
Land and realty
142,882,202 43.49
149,047,799 45.41
Machinery and metals
2,086,133,801 60.04 2,311,511,297 55.79
Mining (excluding Iron)
2,167,075,699 46.02 2,448.294.132 52.00
Petroleum
6,232,587,507 38.17 6.603.804,526 40.48
Paper and publishing
715,923,921 47.25
735.349.230 49.54
Retail merchandising
3,475,878,841 52.05 3,994,246.685 60.28
Railroads and equipment
10,189.921,230 98.49 10,910,184.650 108.11
Steel, iron and coke
3,150,235.028 94.76 3.541,318,699 107.58
Textiles
235,956.595 23.62
269,267,791 26.95
Gas and electric (operating)
3,833,426.781 65.48 4,374,603,955 74.97
Gas and electric (holding)
3,476.039,886 45.31 3,989,948,885 51.44
Communications (cable. tel. dc radio). 3,755,027.577 150.68
4,225,931,747 169.65
Miscellaneous utilities
305,214,976 32.41
323.753.916 38.83
Aviation
250,035,375 16.68
346,911,251 23.42
Business and oflice equipment
535,736.184 55.52
714.192,065 74.01
Shipping services
78,200,190 47.64
77.560.832 57.25
Ship operating and building
70,080,788 17.73
87,241,955 22.07
Miscellaneous business
177,168,383 45.81
184,300,753 47.65
Leather and boots
331,175,325 46.91
353.200,864 50.03
Tobacco
1.569.962,996 56.55 1.656.412,553 59.68
Garment manufacturing
52,510,456 26.16
62,115.170 30.92
U. S. companies operating abroad
1,873,009,779 50.21 2,192.769.862 58.77
Foreign companies(incl. Can.& Cuba) 1,448.442.9
86 46.35 1,658.349.961 52.55
All
stocks
63,589,338,823 58.92 71,752,650,908 64.62
Oct. 1929.
Market
Values.
Autos and accessories
5,671,827,543
Financial
2,477.774,155
Chemical
6.705,883,229
Building
773,069,915
Electrical equipment manufacturing
4,856.142,246
Foods
3,726,146,644
Rubber and tires
498.399.626
Farm machinery
829,589,276
Amusements
919.707,867
Land and realty
168.619,932
Machinery and metals
2,980,825,981
Mining (excluding iron)
2,925,086,254
Petroleum
7,405,531,242
Paper and publishing
804,918.567
Retail merchandising
4,864.301,414
Railroads and equipment
11,945,456,297
Steel, iron and coke
4,023,061,081
Textiles
334.487,721
Gas and electric (operating)
5,849,117,896
Gas and electric (holding)
5,124,645,077
Communications (cable, tel.& radio)-- 5,139,813,786
Miscellaneous utilities
413.630,563
Aviation
563,995.594
Business and office equipment
973,726,593
Shipping services
87.543,522
Ship operating and building
87,639,992
Miscellaneous business
213,445,884
Leather and boots
419.098,741
Tobacco
1,578,478,197
Garment manufacturing
78,902,824
U.S.companies operating abroad
2,729,825,559
Foreign cos. (incl. Canada & Cuba)
1,902,955.705
All listed stocks
87,073,630,423
400e.
Price.
Sept. 1 1929.
Market.
Values.
54.38
184.58
117.92
77.45
179.20
71.38
47.74
103.95
50.13
51.55
73.30
82.13
45.28
54.31
78.24
116.24
124.83
33.47
102.44
112.51
208.43
49.61
39.26
180.96
64.63
22.17
55.19
59.35
59.00
39.41
73.17
65.74
6,161,516,045
2,221,542.217
7.112.152,781
812.720,744
5.096.095,507
4,178,055.521
507,103,852
927,580,514
925,608.058
185,842,607
3.021,430,142
8,079,545,812
7,600.478,754
804.925.993
5.192,227,233
12,777.760,921
4.403.470.874
356,738,708
4,796,365,542
5,044,479.564
5,314,784,293
375,965,926
732,618,743
867.810,921
87,080,028
84.774,497
223,745,075
146,775,682
1,731.726,183
85.332,779
2,861,476,298
1.950,545,040
83.06
89,668,276,854
New York Stock Exchange Rescinds Ruling Respecting
Ban Against Over-Counter Dealings.
The New York Stock Exchange, in the following issued
Dec. 18, announced the rescinding of the ruling forbidding
members to deal in listed securities over-the-counter during
hours when the Exchange was closed.
NEW YORK STOCK EXCHANGE
Committee of Arrangements
December 18, 1929.
To the Members of the Exchange:
The Committee of Arrangements has
rescinded the following ruling
which was adopted on November 8,
1929:
"Members of the Exchange are strictly forbidden
to deal over-thecounter in listed securities during the hours
in
closed for the purchase and sale of securities, which the Exchange is
except when permission
of the Secretary of the Exchange
has
rule is promulgated solely to prevent been previouslt obtained. This
new contracts impeding the work
of settling the transactions made on the
Exchange.
"Any deliberate violation of this
ruling will be deemed to be an
act detrimental to the best interests and
welfare of the Exchange.
"ASHBEL GREEN, Secretary."
The ruling was put into effect during the time the hours
of trading on the Exchange were curtailed.
Nominations For Members of Nominating Committee of
New York Stock Exchange.
Nominations for members of the Nominating Committee
of the New York Stock Exchange for 1930 were announc
ed
on Dec. 17. They were Paul AtIler, of Adler, Coleman &
Co., Oliver D. Filley, of Post & Flagg, George N. Hersey, at
Paine, Webber & Co., Douglas W. Paige, of Edey & Gibson,
and William F. Stafford, of Stafford & Co. A Nominating
Committee of Five members will be elected January 13th.
The Nominating Committee will hold at least three meetings in the month of March to which members of the
Exchange will be invited for the purpose of suggesting
nominees for the offices to be filled. The Committee will
report their nominations to the Exchange on the second
Monday in April and the Annual Election of the Exchange
DEC. 21 1929.]
FINANCIAL CHRONICLE
will be held on the second Monday in May. The offices to
be filled at the Annual Election in May are those of
President, Treasurer, ten members of the Governing Committee to serve for four years, one member of the Governing Committee to serve for two years, and two trustees of
the Gratuity Fund.
3897
The adoption of amendments to the by-laws of the Exchange to provide for trading in cotton mill securities was
noted in our issue of June 1, page 3613.
Association of Chicago Association of Stock Exchange
Firms Invites Cashiers Association of Chicago Stock
Exchange to Join With It.
At the annual meeting in Chicago, Dec. 6, of the Chicago
Association of Stock Exchange Firms a resolution was
passed to invite the Cashiers Association of Chicago Stock
Exchange Firms to affiliate with the Association of Stock
Exchange Firms. The following Governors for the Stock
Exchange Firms Association were elected:
First Anniversary of Inauguration of Securities Market of
New York Produce Exchange.
On the first anniversary of the opening of New York's
third Stock Exchange, the Securities Market on the New
York Produce Exchange, William Beatty, President, in a
report to the Board of Managers, says that the necessity
For Governors to serve three years, James E. Bennett, William J.
for the market has been proven, and its success assured.
At the same time, he expresses the opinion that the Fitzsimons, Sydney Gardiner, Charles Sincere.
For two years, Benjamin F. Stein.
volume of business will continue to increase, and that the
For one year, Maurice H. Bent, William F. Burrows, Jr.
Securities Market, New York Produce Exchange, will conFor members of the nominating committee, Paul H. Davis, chairtinue to be of growing importance in the economic world, man, Charles Swift, Charles Renshaw, Charles E. Driver, T. R.
Benson.
as a public trading place for new issues and issues which
Following the meeting of the Association, the Board of
are not traded in on other New York securities exchanges.
surprised at the recent recession in stock Governors met to elect officers as follows:
He was not
Fischer; Vice-Chairman, Joseph P. Griffin,
Chairman, Robert
values, because he had felt for many months that prices Treasurer, Joseph A. J.
Rushton; Assistant Treasurer, W. A. Lamson;
of some stocks had advanced beyond reasonable expecta- Secretary, Sidney L. Parry; members of Finance Committee, Joseph
Bennett;
tions; but the fact is that many high-classed stocks sold A. Rushton, Chairman, Benjamin F. Stein, James E. Chairman,
Members of Executive Committee, Robert J. Fischer,
higher during the depression than the low price of a year Joseph P. Griffin, Vice-Chairman, W. A. Lamson, Charles Sincere,
ago. He also thinks there are very many attractive in- James E. Bennett.
vestments to be made at the present levels, based on his
optimistic view of our country's present prosperity.
Plans for Organization of Chicago Stock Clearing Corporation Approved.
J. A. Bunnell Again Nominated For Presidency of
On Dec. 17 the Board of Governors approved formal plans
Chicago Board of Trade.
for the Chicago Stock Clearing Corporation and authorized
John A. Bunnell, three times President of the Chicago the officers of the Exchange to proceed with the incorporaBoard of Trade, again was named for that office oh Dec. 7 tion. A resolution was passed making the capitalization
by the Nominating Committee. He was selected to succeed 2000 shares of no par value stock.
Samuel P. Arnot, for two years President of the Exchange,
who established the new securities market and who also
St. Louis Stock Exchange Cuts Trading Hours.
has to his credit the creation of the cotton market on the
The following is from the St. Louis "Globe-Democrat"
Exchange. Mr. Arnot accepted re-election last year only of Dec. 12:
on the urgent request of officers and members. He had
Trading sessions on the St. Louis Stock Exchange will be reduced to
previously given two years of his time as Chairman of the two hours, from 10 a. m. to 12 noon, beginning today, and the short
Cotton Committee. He succeeded as President Mr. Bunnell, session of Saturday will be from 10 a. in. to 11 a. m.
who served in that office during 1926 and 1927, and who
had served his first term as President in 1909. Mr. Bun- Opening of Stock and Bond Exchange in Portland, Oregon.
nell has been a member of the Exchange since 1891. He
The new Stock and Bond Exchange of Portland, Oregon,
has served as Director, Vice-President, and has been a had its initial opening on Wednesday Sept. 4.
leading factor in the consbruction of the new building, serving on the Building Committee. He is head of Hately California Stock Exchange to Open For Trading in
Brothers Co., one of the oldest Board of Trade firms, dealLos Angeles January 15.
ing in provisions. Charles V. Essroger, of the First National
The new California Stock Exchange in Los Angeles will be
Bank, automatically advances from Second to First Viceopen for trading on the morning of Jan. 15, according to an
President, and Peter B. Carey, who is finishing three years
announcement made by Harold G. Ferguson, Chairman of
as director, is named for Second Vice-President. Directors the Board of Governors. Sessions will be continuous from
nominated are Parker M. Paine, Lowell S. Holt, Emile J. 8.30 a. m. to 2.30 p. m., Pacific time, on full business days,
Garneau, Roland McHenry, William E. Hudson.
and from 8.30 to 11.30 on Saturday mornings and other half
Committee nominations are:
holidays observed by the Exchange. The floor of the new
Arbitration—Morris S. Glaser, Lewis M. DeOosta, M. E. Latimer, Alex. W.
Exchange is equipped with every known device to facilitate
Kay, Guy E. Warren. Appeals—Edwin J. Ruh, Jr., John H. Wheeler,
Richard Gambill], Jr., David H. Annan, John J. Coffman. Nominating—. trading. There are six posts with a total capacity for 384
J. C. Wood, Wallace Templeton, James Woodbury McCulloh, Chas. P. stocks and floor accommodations for approximately 300
Randall, John Robert Leonard.
direct telephones to members' offices. Plans for the estabThe election will be held Jan. (3.
lishment of the new Stock Exchange were referred to in our
issue of Nov. 30, page 3406.
National Raw Silk Exchange, Inc., To Close Exchange at
The policy and plan of operation adopted by the CaliforNoon Dec. 24-31.
nia Stock Exchange with respect to securities to be traded in
The Board of Governors of the National Raw Silk Ex- is outlined in a statement issued Dec. 18 by Jacob Nathan,
change on Dec. 19 approved a petition of members for Manager of the Exchange. Mr. Nathan said:
"Issues will be carefully selected for trading on the floor of the California
closing the Exchange at noon on December 24 and DecemStock Exchange, the chief determining factors to be distribution and soundber 31.
A substantial list of securities has been under
New York Cotton Exchange Defers Inauguration of
Trading in Cotton Mill and Other Securities.
Members of the New York Cotton Exchange were advised
on Dec. 12 that owing to the unsettlement in the Stock
Market, the inauguration of trading in cotton mill and
other allied securities on the exchange would be deferred
for the time being. The statement issued by the Committee
on Securities, of which John H. McFadden, Jr., is Chairman, which was posted on the bulletin board, read as
follows:
"The members are advised that at its last meeting the Securities
Committee concluded that in view of the recent general unsettlement
in the Stock Market the inauguration of trading in securities on the
New York Cotton Exchange was inadvisable at this immediate time.
"The Committee therefore decided to hold the matter in abeyance for
the present."
ness of financial structure.
study and consideration by the official personnel of the Exchange for some
time. This list was made up largely by recommendations from active
brokers, business men, bankers and others interested in the development
of a sound securities market. irrespective of whether these securities were
listed or traded on other Exchanges. The list will be added to, of course,
from time to time, but in each Instance only after the most careful scrutiny.
Whether we shall permit an issue to be traded, either by the Exchange's
own selection or subsequently by a corporation's application for listing,
the same care and discrimination will be used, to the end that the securities
traded on the floor of the California Stock Exchange will immediately In
spire public confidence."
Opening of New York Real Estate Securities Exchange
Inc.
The New York Real Estate Securities Exchange, Inc., the
first of its kind in the world, was formally opened to trading
operations at 12 East 41st Street, on Monday afternoon,
Dec. 16 at 3 o'clock by Cyrus C. Miller, President.
3898
FINANCIAL CHRONICLE
[VOL. 129.
Former Governor Alfred E. Smith, President of the EmThe Exchange occupies the ground floor of thelReal Estate Board Buildpire State Building Corp., was chief speaker at an inaugural ing. It is divided into three sections. The trading floor proper is equipped
luncheon at the Hotel Biltmore at 1 o'clock. Officials and with a price board, trading posts, a recorder's desk, and filing apparatus.
There is a communication section
members of the Exchange and their guests, after the cere- for members. A conference room containing complete telephone facilities
adjoins the main floor. The executive
monies at which Peter Grimm, Chairman of the Board of offices occupy a mezzanine overlooking the trading floor.
Securities will appear on placards at the trading posts equipped for filing
Governors of the Exchange, presided, adjourned to the floor "day" orders, and
"good till
orders in charge of post clerks.
of the Exchange in the Real Estate Board Building. Mr. Data of transactions will be cancelled"the recorder by floor reporters.
given to
Miller spoke. A message from the White House was read This information, in turn will be telephoned to an attendant at the price
board who will
expressing President Hoover's gratification at the receipt of securities being keep the board corrected to latest transactions on various
traded.
advice from President Miller of the Exchange, at the height
The Exchange begins its career under the guidance of men connected
of the recent stock market crisis, that the Exchange had with the first movement leading to its establishment, some sixteen years
ago. These include: Cyrus C.
decided to go ahead with its opening plans in furtherance of President; J. Clarence Davies,Miller, President; Aaron Rabinowitz, ViceChairman of the Committee on Memberthe President's efforts to stimulate business. Other con- ship; and Laurence McGuire, Edgar A. Tredwell, Frederick G. Hobbs and
Lewis H. May, members of the Board of Governors.
gratulatory messages were read including those from Andrew
The committee
plans for the
W. Mellon, Secretary of the Treasury; Ogden L. Mills, appointed by Peterwhich prepared the finalNew York RealExchange was
Grimm, President of the
Estate Board.
Officers of the Exchange are: Cyrus C. Miller, President; Aaron RabinoUnder Secretary of the Treasury; Joseph V. McKee, Presiwitz, Vice-President; Morton R. Cross. Treasurer and Anton L. Trunk,
dent of the New York City Board of Aldermen; E. H. H. Secretary.
Simmons, President of the New York Stock Exchange; The Board of Governors: Peter Grimm, Chairman, William H. Class,
William M. Muller, President of the New York Curb Ex- Morton R. Cross, J. Clydesdale Cushman, J. Clarence Davies, Robert
change; Samuel F. Streit, President of the Stock Clearing E. Dowling,Charles G.Edwards,Douglas L. Elliman, Frederick G. Hobbs,
David H. Knott, Lewis II. May, Lawrence McGuire, Cyrus
Corp.; William Beatty, President of the New York Produce Harris H. Murdock, Aaron Rabinowitz, Edgar A. Tredwell, C. Miller,
Anton L.
Exchange; Milton R. Katzenburg, President of the New Trunk, Douglas Vought and Irving S. Whiting.
Harold J. Treanor. Legal Counsel, Truman S. Mersereau, Business SecYork Hide Exchange; E. A. Canalizo, President of the New retary and Edward L. Bernays, Public
Relations Counsel.
York Cocao Exchange; William T. Dewart, President of the
The dealings on the Exchange on the opening day (Dec. 16)
New York "Sun," and Herbert U. Nelson, Executive
Secretary of the National Association of Real Estate Boards. were indicated as follows in the New York "Times" of Dec.
17:
Secretary Mellon's telegram read in part:
Bid and asked prices yesterday
I send you my best wishes for success in this new and important under
taking.
Under-Secretary Mills said in part:
The establishment of such an Exchange is an importatn development
the marketing of real estate securities and should prove most useful
making information available to the investing public and to others interested
In the sound development of reil estate operations.
on issues in which there was no trading
follow:
Bid. Asked.
42 Broadway (is, 1939
50 Broadway 6s, 1946
61 Broadway 5348, 1950___. 9354
165 Broadway 534s, 195L
8635 -- -Chesebrough Bldg. 68, 1948- 9514
_
43 Exchange Pace 6s, 1938._ 98
Equitable Office Bldg.5s,'52- 8734
General Motors Bldg. 8s,'48- 90 99
Harriman Bldg. Os, 1951
99M
Mtge. Bond Corp. of N. Y
fis, 1938
87
Bid. Asked.
Insur. Centre Bldg. 630,'43. ____ 96
Millinery Centre Bldg. 78,'44 95
_
Munson Bldg. 634s, 1939 --- 9754 -- 65 E. 96th St. 6I45, '26-'36._ 90
2 Park Ave. Bldg. 6s, 1941--- 9035 --- Real Estate Assoc. Sec. Co.
68, 1943
8434
Savoy Plaza Hotel 68, 1945._ 92 -- _
The Stratford 6s, 1930-40_ _ _
98
Trinity Bldgs. Corp. 5345,'39 9934 --- Wadsworth Bldg. 138, 1953_
9631 - -
In his address at the luncheon, former Governor Smith
pointed out that the real estate industry is at the present
time in the heydey of its development. There is more need
The operations on the Exchange on Dec. 17 were reto-day than ever before for facilities for marketing its seported as follows in the "Times" of Dec. 18:
curities. Huge outlays of capital in building operations reOnly two sales
quire ready means for raising funds. The new Exchange York Real Estateyesterday marked the second day's trading at the New
Securities Exchange.
fills a long-felt need in the industry.
SALES REPORTED.
Saks.
Bond.
Last.
Low.
Mph.
Open.
President Cyrus C. Miller said in part:
1
2 Park Avenue Building 6s, 1941
995i
9954
993.4
9914
In organizing the Exchange, its members have put forth on an
610 Park Avenue Building 6s, 1940
99
99
99
99
uncharted 3 Bondsea, but it is the result of well nigh irresistible forces whose
Asked.
Bid.
moving principles The Alden 6s, 1941
99
100
are well known. Confident of its success, they realize that only
through Broadway-Barclay Office Building 6s, 1941
99
100
the experience gained from actual operation will the maximum
results of 42 Broadway 6s, 1939
their ambition be attained. The day of collective ownership has
61 Broadway 51i5, 1950
92
come for Broadway-4Ist Building
filis, 1944
99
166-real estate as well as for other industries. In the competition
for the 43 Exchange Place tis, 1938
98
public's dollar, real estate cannot afford to do less for the public
than other 51 Fifth Avenue 13s, 1943
98
istr
Industries do. By the organization of exchanges on which their
95
securities 55 Fifth Avenue 6s, 1944
are sold, they give the public liquid securities. Real estate is preparing General Motors Building 6s, 1948
90
55 Harriman Building 6s, 1951
9934
to do the same.
---Insurance Centre Building 650, 1943
90
96
"I am grateful to all older Exchanges, to officials and to all
97
98
others who Lincoln Hotel Properties Ohs, 1941
have helped us to bring this about, and I pledge myself to an
Mortgage
York,58,
87
administra- Millinery Bond Corp., New7s, 1944 1938
Centre Building
95
tion of the New York Real Estate Securities Exchange that
---shall be as Munson Building Ellis. 1939
9734
---honest, as able and as public-spirited as I am able to make it."
New Weston Hotel Annex 6s, 1940
98
99
New York Athletic Club 6s, 1946
9934
100
Mr. Miller introduced Mr. Grimm, who said:
65 East 96th Street 6358, 1926-1936
90
-In launching the Exchange on its active career, we are adding another 655 Park Avenue 5348, 1934
9714
97
iiii
basic unit to the financial system of the country, and by strengthening Real Estate Board Building 7s, 1946
Roxy Theatre 631s, 1928-1940
100
99
and expanding this system we are contributing to National economic wel- Savoy Plaza Hotel Os, 1945
92
95
fare.
Sherry-Netherland Hotel 5148, 1948
97
98
Trinity Building Corp. 534s, 1939
.......
As another primary market for securities, the Exchange will be an
9931
in- Wadsworth Building 6s, 1953
9034
fluence at the very root of business. It derives its basic force by being an
Westinghouse Building as, 1939
99
166-organized market solely for securities based on real estate.
103 East 57th Street Ss. 1924-1941
99
loo
It will affect not only buyers and sellers of real estate securities,
but
The New York Real Estate Securities Exchange, Inc.,
through its broad power to stimulate constructive development, will
touch
whoever uses houses or commercial buildings, or both and that includes made public on Dec. 14 the first list of securities that have
everyone- • • •
been designated for temporary unlisted trading on'the floor
Real estate, the most basic of basic businesses, to date, has been without
of the Exchange. Sixty-nine such issues have been desigan organized market devoted to the special service of marketing its
securities. Practically every other line of business has enjoyed the
advantage nated, representing the financing of many of the best known
of regulated markets making its securities liquid and resulting in a constant
office buildings, hotels and apartment structures in New
flow of capital.
Real estate securities, on the other hand,have been frozen,a normal result York. In making this list public the Committee on listing, of
in view of the lack of marketing facilities. In addition, the investing public which Robert E. Dowling is Chairman, made this
statehas had no source for authoritative informatior on the character of real
ment:
estate securities.
The Committee on Listing and its members individually, wish to state that
Briefly then, the reasons for establishing the Exchange were: modern
real estate developments require huge capital; it must be raised through in recommending to the Board of Governors that trading be permitted in a
security on the New York Real Estate Securities Exchange, neither the
the sale of liquid securities; their character must be investiaged and made
Committee nor any member thereof assumes or accepts any responsibility
known, and their market value must be recorded and reported daily.
In fulfilling these purposes, the Exchange is destined to stimulate the as to any statement affecting the value of such security that may have been
pulse of real estate. In supplying market facilities, it will remove the made by the issuing corporation or the firm or corporation offering said
restrictions which hitherto have limited investment advantages to the few, security for sale. The Committee on Listing also begs to state that because
it is disinterested in the purchase or sale of such securities, it does not recomIt will bridge the gap between the investing public and real estate investment and distribute the profits to a greater number of people. This,indeed, mend or advise the purchase or sale of any security in which trading is
123 ample justification for its existence as an' institution of broad public Permitted on the Exchange.
service.
The list follows, the initials in the second column being
But the capital it makes available to the constructive real estate operator, those of
the interest months and the symbol in the last column
also, will, in turn, benefit the country through making possible more ambeing that under which the issue will be displayed on the
bitious and more efficiently developed buildings.
The New York Real Estate Securities Exchange, will board at the trading floor:
follow, in substance, the procedure in other exchanges. SECURITIES ADMITTED TO TRADING (UNLISTED) ON NEW YORK
REAL ESTATE SECURITIES EXCHANGE, INC.
All securities offered for listing will be investigated by a
Maturity and
IssueInterest Dates.
Symboi.
Committee on Listings, of which Robert E. Dowling is The Alden-225 Central Park Westin mtge. serial
ALD 41
J&J
1928-41
Chairman. J. Clarence Davies, Chairman of the Committee Belmont Bldg. gold bond certificates Os
-Madison Ave. and 34th St.
on Membership, announces a roster of 191 members to date.
1st mtge.sinking fund gold loan 8345
BLB 44
F'dtA
1944
The Bolivar Apts.-230 Central Park WestThe announcement regarding the Exchange also says:
in mtge. guaranteed Prudence db.554s-1931-36
M&S
BOL 31-38
DEC. 21 1929.]
FINANCIAL CHRONICLE
3899
Maturity and
of the New York Real Estate Securities Exchange, which
Symbol.
Interest Dates.
Issue—
opened for business Monday. The "Times" added:
80 Broad Street Building
said:
60 BSB 28-39
A&F
1929-39
1st mtge. serial gold bond ctfs. es
Asked for his reasons for making such a protest, Mr. French
market of
-225 Broadway
Broadway-Barclay Office Bldg.
"The present season is not propitious for starting a general
BBO 41
F&A
1941
'
is
1st mtge.sinking fund bonds, 69
42 BWY 49
J&J
that kind, and it is our opinion that a market for real estate securities
42 Broadway Bldg.—Ist M. S. F. gold loan 6s_ _1939
50 BWY 46
M&S
premature at this time.
50Broadway Bldg. 1st mtge. S. F.gold loan 6s_1946
g steadily
60 Broadway Building
"The secondary market for these securities has been improvin
60 BWY 34
A-0
1934
10
-year S. F. 2d mtge. gold notes 78
for some years, which Is the natural kind of growth."
61 BWY 50
O&A
1950
61 D'way Bldg. 1st M.S. F.gold loan 534s
Estate
BWY 51
185
F&A
1951
Mr. French wrote a letter to Cyrus Miller, President of the Real
165 B'way Bldg. 1st M.S. F.gold loan 534s
these opinions and asking him not to trade in French
Broadway & 41st Street Building
BWY & 41 44 Exchange, stating
A,40
informing
1944
18t leasehold mtge.S. F.gold bonds, 834s..
securities. A telegram was also sent to the Real Estate Exchange
would be
Bryant Park Building
BPS 45
them that if such trading was carried on the French companies
J&J
1945
1st mtge.leasehold S. F.gold bonds,630
it.
48
CHB
A&O
1948
forced to adopt appropriate action to prevent
Chesebrough Bldgs. 1st M.S. F. gold loan 6s
Miller was
Dodge Building-53 Park Place
An official of the exchange said last evening that President
DOD 43
J&J
1943
issued later.
1st mtge. S. F. gold loan 8345
preparing an answer to Mr. French's protest which would be
The Dryden-150 East 39th Street—
DRY 3245
Aar°
1932-35
Guaranteed Prudence certificates 5s
461 Eighth Avenue Building—
461-8V 34
JAM
d Prudence certificates 534s1934
Decline in Money Rates in January Expected Here—
Guarantee
107 West 88th Street Building—
39
107W86
A-0
1939
Currency Needs Thought to Delay Such Action Now.
Guaranteed Prudence certificates 534s
-120 Broadway—
Equitable Office Bldg. Corp.
EQ 52
MAN
A further easing of credit conditions after the first of
1952
35 year S. F. debentures 58
43 Exchange Place Building
the year is expected in banking circles here, to be accom43EXP 38
M&S
1938
bonds as
1st mtge. fee S. F.
nt
51 5th Avenue Apartment Building—
panied in all likelihood by a reduction of the rediscou
51 5AV 43
A&O
1943
1st mtge. fee S. F.gold bond etre. 6s
Bank of New York to 4%,
MAN 55-5AV 44
1944
555th Ave.Bldg. 1st M.S.F.gold loan Os
rate of the Federal Reserve
80-5AV 40
J&D
19,
805th Ave. Bldg. 1st mtge. S. F.gold loan 68_1940
said the New York "Journal of Commerce" of Dec.
103 East 57th Street Building
103-E57 24-41
MAN
1924-41
1st mtge. serial coupon bonds 6s
which went on to say:
10 East 40th Street Building
in some part the
10-E40 40
J&J
1931-40
1st mtge. serial gold bond Ws.68
This decline in interest rates is said to reflect
but to result directly
18-20 East 41st Street Building
declining demand for bank credit accommodations,
18-20E41 40
J&D
-year gold loan bonds 6s
1940
S. F. 15
1st mtge.
Banks as developed
from the open market policy of the Federal Reserve
General Motors Building-1775 Broadway
GMB 48
F&A
1948
1st mtge. leasehold S. F. gold bonds 68
in recent weeks.
future two factors which
de 43rd 88.
Graybar Building—Lexington Ave.
The money market faces in the immediate
OBR 46
J&D
1st mtge.leasehold S.F.gold bonds,ser. A 5s_1946
needs and an outflow
will tend to tighten the situation—holiday currency
-5th Ave. & 44th St.—
Harriman Bldg.
the Reserve banks
EBB 68
J&J
1958
of gold. Thus far the open market purchases of
1st mtge. S. F. gold loan Os
rediscounts on December
-39 Broadway
Harriman Building Corp.
have been so liberal as to cut the volume of
M&N EBB 51
1951
loan es
However, the main
1st mtge. fee S. F. gold
11 to the lowest figure seen since May 2, 1928.
-7th Ave.& 31st St.—
Hotel Governor Clinton, Inc.
reported and while a
HOC 48
A&O
1948
expansion of currency outstanding is still to be
1st mtge. S. F. gold bonds, series A, 138
somewhat, such
-7th Ave. & 50th St.—
Hotel Manger
contracted volume of trade may reduce this expansion
HMO 28-36
J&J
$600,000,000 will
1928-36
Guaranteed Prudence ctfs. 5345
factors as record Christmas club disbursements of
-80 John Street—
Bldg.
Insurance Centre
ICB 43
A&O
tend to keep up the total.
1943
General 2nd mtge. gold bonds 630
-11-19 Moore St.
International Commerce Bldg.
Cut in January Seen.
M&N ICM 43
1943
1st mtge. gold loan S. F. 634s
needs, which will last
-36 West 47th Steret—
Jewelers Bldg.
Because of this seasonal expansion of currency
MEI 44
M&S
1944
steps to make money
lst mtge. S. F. gold loan 8345
through early January, it is thought that further
111 John Street Building—
Reserve policy is
JNSt 48
F&A
easy will be held up until then. But the trend of
1948
1st mtge. S. F. gold loan ctfs. 8s
indicating the estabLiggett Bullding-41 East 42nd Street
generally interpreted by banking observers here as
LOT 52
F&A
1952
all around, regardless of
1st leasehold mtge. S. F. gold bonds 530
lishment of a lower level of rediscount rates
on program.
Lincoln Building-42nd Street
LCN 53
J&D
gold movements, in the interests of the business stabilizati since the
1953
85
1st mtge. S. F. gold loan 53
easier
-8th Ave. between
The Reserve Banks have taken steps to make credit
Lincoln Hotel Properties
purchases of
44th & 45th Streets
break in the stock market late in October. Increased open market
LHP 41
J&J
1941
in the
1st mtge. fee S. F.gold bonds 634s
bankers' acceptances and Government securities
200 Madison Avenue Building
of rediscounts, which in
200MDV 40
M&S
1940
made possible a contraction in the volume
-year S. F. 2nd mtge. gold bonds 7s
15
the rediscount rate of the
-525 7th Ave.—
Millinery Centre Bldg. Corp.
turn has been followed by a reduction in
MCB 44
J&D
1944
while the Reserve Banks
1st mtge. leasehold S. F. gold bond 75
Federal Reserve Bank of New York to 43.4%,
Mortgage Bond Co. of New York—
followed suit.
MBCNY 38
J&D
of Boston, Chicago, Atlanta and San Francisco have
1938
Gold mtge. bonds, series 15, 58
the banks have had to
In several of the outside districts, however,
Munson 13uilding-67 Wall Street—
WIN 39
AM&ON
the result has been more
1939
-year S. F. gold loan 6315
let mtge. I5
borrow more freely at the Reserve Banks and
In
low reserve ratio.
85 East 96th St. Apartment Building
65E96 26-38
J&D
stringent credit conditions and a relatively
1926-36
1st mtge. serial gold loan Ws.630
rate has thus far been
those districts, therefore, the 5% rediscount
New Weston Hotel Annex
NWH 40
have stimulated the outA&O
1st mtge. fee S. F. bonds Os1940
retained. Low rates in New York, however,
of shifting of Federal
New York Athletic Club
flow of credit to those districts, partly in the form
NYAC 46
A-0
1946
& general mtge. fee S. F. bonds 88
1st
report a steady demand
funds to the interior. Dealers in Federal funds market rates, and as a
The Olcott-27 West 72nd Street
OLC 31
A&O
1st M.ctfs. gu. by Prudence Co., Inc., 530..1931
for them by these interior banks at current
655 PKV
M&S
reserve ratios improved.
1934
655 Park Ave. guar. Prudence ctfs. 530
result rediscounts have been cut down and the
45PKV 24-39
J&J
45 Park Ave. Apt. guar. Prudence ctfs. 534s. _J924-39
2PKV 41
J&D
Districts.
Bldg. 1st M.S. F. gold bonds 68._ A941
2 Park Ave.
Strengthen Weak
77PKV 25-35
J&J
77 Park Ave. Bldg. guar. Prudence ctfs. 534s_ _ _1925-35
market operations of the
610 Park Avenue Building—
It is now thought likely that the open
610PICV 40
J&J
1940
the higher rate districts
1st mtge. S. F.gold bond ctts. 6s
and the shifting of funds to
1230PKV 37
Reserve Banks
J&J
1230 Park Ave. Bldg.guar. Prudence ctfs. 530_1937
general reduction of rediscount
Inc.—
will shortly pave the way to a more
1070 Park Avenue,
1070PKV 33
4, for example, Kansas City
A&O
let mtge. guaranteed Prudence ctfs. 530_ _ _1933
rates to the 5% level. On December
at 54.7%. This ratio
Park Lane Corp. 299 Park Ave.
reported the lowest reserve ratio in the system reserve ratio of 58.4%
PLC 43
JAI)
bonds 630._1943
1st mtge. leasehold S. F. gold
had a
was improved to 61.1% a week later. Dallas
-9-15 Park Place
Park Murray Office Bldg.
to 63.6% on December 11.
PM0 30-41
F&A
1930-41
1st mtge. serial gold bonds 838s
on December 4, and it improved the situation
outstanding will tend to
-23 West 73rd Street
The Park Royal Hotel
While the seasonal increase in currency
PRH 27-33
A&O
1st mtge. guaranteed Prudence ctfs. 5345..._.A927-33
market purchases continue in
increase rediscounts unless the open
-330 W.34th St.
Corp.
J. C. Penny Bldg. & Realty
year, with the return flow of
M&N JCP 26-50
1926-50
adequate volume, after the first of the
1st mtge. serial gold bonds 5348
felt here, to a general reducReal Estate Board of N. Y.Building
the currency, the way will be paved, it is
REB 46
J&J
1946
-year 2nd mtge. gold bonds 75
20
rates.
tion in rediscount
Realty Associates Securities Corp.—
HAS 43
A&O
1943
-year S. F. gold bonds 68
15
Boxy Theatre-7th Ave. and 50th Street
BOX 28-40
A&O
1928-40
at New High Level—
1st mtge. serial coupon gold bonds 63js
Volume of Bankers' Acceptances
Savoy Plaza Corp.
SVP 45
Month
J&D
_1945
1st mtge. fee and leasehold gold bonds 68
30, $1,657,899,924—Gain for
Total Nov.
Sherry-Netherland Hotel-5th Ave.& 59th St.
M&N 8-Nli 48
1st mtge. S. F. gold bond ctfs., ser. A 5As1948
$117,161,801.
The Stratford-115-123 West 70th Street
and bankers'
8TH 30-40
A&O
1930-40
1st mtge. bond certificates Ils
The outstanding volume of American banks'
-111 Broadway—
30. The
Trinity Bidgs. Corp.
TAB 39
D&J
nces set a new high record as of Nov.
loan certificates 534s_ _1939
accepta
let mtge. S. F. gold
-70-76 Trinity Place
Trinity Court Bldg.
survey announced Dec. 19 by the
TCB 29-41
M&S
1929-41
report on the monthly
1st mtge. serial gold loan Ws. 68
that date
-19John Street
Tyler Bldg.
American Acceptance Council shows the total on
TLR 53
A&O
1953
1st mtge. S. F. gold loan Os
4-48 Cedar Street
$1,657,899,924 which is $117,161,801 higher
Wadsworth Building-4
to have been
A&O
WAI3 53
1953
at the end
1st mtge. S. F. gold loan 6s
than on Oct. 31 and $457,544,200 higher than
-150 Broadway
Westinghouse Bldg.
WXB 39
A&O
1939
ry
fls
1st mtge. serial coupon bonds
November 1928. Robert H. Bean, Executive Secretaon
of
-100 William Street
Woodbridge Bldg.
WEB 41
A&O
1941
available the survey, goes
loan 534s
1st mtge. S. F. gold
of the Council, in making
The date for the opening of the new Exchange had prev- to say:
and exports $43.Import credits advanced $12,000,000 in the month
iously been set for Oct. 1. An item regarding it appeared
domestic warehouse
000.000. domestic shipments declined $3,000,000.
of Aug. 3 page 734.
0 and credits based
in our issue
credits gained $40.000,000, dollar exchange $3,000,00
F. F. French Considers Present Not a Propitious Time
to Start Real Estate Exchange—Opposes Trading
in French Securities.
The New York "Times" of Dec. 18 stated that Fred
F. French, President of the Fred F. French Operators, Inc.,
which purchased the Hippodrome on Sixth Avenue and
also built Tudor City, on East Forty-second Street, in
addition to several other large structures, has filed a protest
against his company's securities being traded in on the flocr
advance of $22.000,000.
on foreign shipped or stored goods made a further
the peak of the
The current increase gives abundant evidence that
In 1928.
acceptance creating season for this year is still some weeks away.
gain of only $78.000,000
a
in the period covered by this report there was
year.
or $39,000.000 less than the Increase for November this
changed from
The credit situation In 1929 however, is so very much comparison of
a
that existing a year ago that little can be drawn from
the gains in these two months.
of American
What is clearly evident at this time is that the bill business
volume of accepbanks has had a remarkable development and that the twelve months.
the
sncee has increased almost one-half a billion dollars in
the most rapid
Acceptance rates In recent weeks have been subjected to
records have been made.
downward readjustment since bill market
3900
FINANCIAL CHRONICLE
As a result of the withdrawal of
money rates dropped precipitately inhuge sums from the call loan market,
a few days. The bill dealers kept the
acceptance market rates in line
with the new situation and followed the
call market down, with reductions
of X.% at a time until ten reductions
had been made bringing the
rate for bills up to 90 days, to a new low level
for the year on Nov. 19.
The current rate for 90
-day maturities is 4%-374% against 5
%-53(1%
prevailing on Oct. 22.
Under the stimulus of unusual heavy trading
for many weeks the bill market continues to enjoy a good demand
. The rate changes have somewhat
retarded the supply of new bills but not
to the extent of seriously checking
the orders for bills which have come
from a wide list of new buyers.
After several weeks of only moderate
buying. the Federal Reserve Banks
returned to the market early in Decemb
er and have now increased their
holdings $64,000,000 since Nov. 29 to $321,00
0,000 on Dec. 11, making a
total gain of $225,000,000 since July
10.
Owing to the size of the total volume
of bills outstanding the present
portfolio of the Federal Reserve System
is not at all excessive. One year
ago the Federal Reserve Banks held in
their two accounts, all but about
$450,000,000 of all available bills. This year
they hold only $6,000,000
more than last year at this date but there
are $900,000,000 in bills now
in the hands of outside investors.
This is the measure of the bill market develop
ment in a single year.
[voL. 129.
Large losses were suffered in a long list
of bank and trust company
issues on the over-the-counter market to-day
in the most active session this
week. Offerings were quite large at times,
especially in certain of the
favorites, including Guaranty Trust. This
stock dropped about $30 a
share to $622 bid, *628 asked, compared with
a high price of $770 early
last week.
In other directions Empire Trust old stock lost
$20, Manhattan $4, New
York Trust $6, Irving $3.50, National City $10,
Chemical $3, Brooklyn
Trust $15, and America $4. These losses tend to reduce
materially advances
scored by leading banks and trusts since the October
-November break.
Checking Opposed for Savings Banks Before
New York
Legislative Committee-Protests Also
Lodged
Against Plan for Unlimited Accounts
-Views on
Branches Differ.
The joint legislative committee examining the
New York
State Banking Law with a view to recommending
remedial
legislation, at a hearing in the Bar Association
Building on
Dec. 13, heard further opposition to restrictions
imposed on
Details supplied by Mr. Bean follow:
savings banks, says the New York "Times" of Dec.
14, which
TOTAL OF BANKERS ACCEPTANCES
OUTSTANDING FOR ENTIRE also reported as follow
s:
COUNTRY BY FEDERAL RESERVE DISTRICTS.
The committee will hold its final hearing at a
yet unannounced date
before
Federal
Reserve District.
Nov. 30 1929.
Oct. 31 1929.
3163,340,621
1,234,749.970
20,898,898
22,464,649
12,374,929
20,013,819
94.273,254
2.377,984
5.894,306
2,040,610
13,124.329
66.546,757
1
2
3145,930,870
1,151,528,557
20,443,417
24,063,014
10,888.129
21,823,148
86.747.116
2,113,809
6,269,363
1,804,399
11,429,860
58,096,441
Nov. 30 1928.
3138,785.437
894,650,047
a
16,590,701
4
14.806,214
5
11,136,859
6
19,650,821
7
89,635.649
8
1,917,910
9
7,190,906
10
297,915
11
11,616,125
12
46,077.140
Grand total
$1.657,899,924 $1,540,738,123 81,200,355,724
Increase
117.161.801
457.544 200
CLASSIFIED ACCORDING TO NATURE OF
CREDIT.
Noy. 30 1929. Oct. 31 1929. Nov. 30 1928.
Imports
$362,735,152 $350,758,409
8317.438,238
Exports
522,855,222
479,587,124
448,506,598
Domestic shipments
20.251.228
23.450,336
17.967,734
Domestic warehouse credits
259.788,794
219,702,217
162,811,433
Dollar exchange
75,645,073
72,398,694
32,414,289
Based on goods stored in or shipped
between foreign countries
416.826.455
394.863.343
221.217.432
AVERAGE MARKET QUOTATIONS ON PRIME
BANKERS' ACCEPT ANCE
NOV. 19 TO DEC. 19.
Days.
30
60
90
Dealers'
Dealers'
Buying Rate. Selling Rate
4.054
4.054
4.000
3.929
3.929
3.875
Days.
Dealers'
Dealers'
Buying Rate Selling Rate.
120
150
.80
4.125
4.250
4.250
4.000
4.125
4.125
New York City Bank Stocks Up 28% from
Low Levels
of November, According to Gilbert Eliott & Co.
Current quotations of 37 leading New York
City bank
stocks, on the average are now selling approximatel
y 28%
above the low levels reached during the break of Novemb
er,
according to a compilation of Gilbert Eliott & Co.,
specialists
in bank and insurance company stocks. At
the high levels
of the year to date the average for the 37 issues
was $886
a shaire, while in November the average droppe
d to $438 a
share. On the recovery following the November
break, however, the averages advanced to the current levels
of about
$560.
A compilation covering 20 of the leading
stocks, shows
that on the average these issues are now
selling at about
2.28 times their book value, and at about 20.4
times current
earnings. Based upon current dividends these
stocks yield
on an average about 2.78%. Compar
ative figures on 20
leading New York City bank stocks, as furnis
hed by Gilbert
Eliot & Co., follow:
Approrimate
Price.
America
Bank of N. Y. & Trust
Bankers Trust
Brooklyn Trust
Central Hanover
Chase
Chatham Phenix
Chemical
City
Corn Exchange
Empire (new)
Equitable
First National
Guaranty
Irving
Manhattan
Manufacturers
New York Trust
Public
U. S. Trust
Per Share
Earnings.
Price Times
Earnings,
$140
700
140
800
330
157
115
73
227
185
85
93
5,300
875
56
125
135
255
120
3,300
$9.00*
37.00
6.00
45.00*
15.00*
6.00*
6.00
3.50*
8.00*
6.50
5.60
6.00*
235.00
35.00*
2.60
7.00*
8.00*
13.50
7.90
129.00
15.6
18.9
23.4
17.8
22.0
26.2
19.2
20.8
28.3
28.5
15.2
15.5
22.5
19.3
21.5
17.8
16.9
18.9
15.2
25.6
Current
Yield.
3.22%
2.86%
2.14%
3.75%
2.12%
2.55%
3.48%
2.47%
1.77%
2.16%
3.76%
3.23%
1.89%
2.96%
2.86%
2.56%
4.44%
1.98%
3.34%
2.12%
ita opinions are presented to the Legislature.
Theodore Schorske, Vice•President of the Central Savings
Bank, Broadway
and 73rd Street and 14th Street and Fourth Avenue,
opposed an extension
of the limit of individual deposits in savings banks.
He said the tendency
of large depositors was to draw heavily on their
funds and recalled the
theory that savings banks were established primaril
y for small depositors,
Into by regularity maintain the stability of the
banks.
Mr. Schorske recommended the removal of all
restrictions on savings
banks, contending that limitations should be
left to the discretion of
the directors. He opposed checking accounts in
savings banks and thought
that power to act as trustee might be added.
He saw, also, a need for
extending savings bank branches.
Henry Sayler, President of the Citizens' Savings
Bank, said he believed
that any extension of branches, if made, should
be gradual. Commercial
banks, he held, should be required to invest
thrift accounts in the same
manner as do savings banks, or that savings
and thrift accounts in all
banks should be subject to the laws governin
g investments by savings
banks. Ile opposed unlimited accounts and checking
accounts in savings
banks.
William H. Steinkamp, President of the Fordham
presses".his opposition to universal branch banks, that is, Savings Bank, excity-wide branches,
but favored unlimited county branches. He
was particularly opposed to
the extension of branches by large Manhatt
an banks in the Bronx, saying
they had nothing to offer to the depositor
that the Bronx banks did not
have. Mr. Steinkamp added his oppositi
on to the extension of the limit
to individual and checking accounts in savings
banks.
T. Tasso Fischer, of the Bronx Savings
Bank, concurred with the others
who testified.
Nelson W. Cheney, Assemblyman of Eden, Chairma
n of the Committee,
preeid.d. Other members of the committee present
were Senators William
Campbell of Lockport and John Donnegan of the
Bronx, Assemblyman
James R. Robinson of Ithaca, and Russell Dunmore
, Republican Assembly
leader, of Utica.
Rediscount Rate of Federal Reserve Bank of Kansa
s City
Reduced from 5% to 41 %.
4
The Federal Reserve Board announced Dec. 10, that
the
Federal Reserve Bank of Kansas City has lowered
its rediscount rate from 5 to 41 2%, effective Dec. 20. The
/
action
increase s to 6 the number of Banks that have lowered their
rediscount rate to 41 2% since Nov. 1. The other Reserv
/
e
Banks are New York, Boston, Chicago, Atlanta and San
Francisco. The 5% rate at the Kansas City Reserve Bank
had been in effect since May 6, 1929.
Federal Reserve Governors and Agents Conclude Sessions
at Washington.
Governors and agents of the Federal Reserve system,
in session at Washington for three days, adjourned Dec. 13
after a joint conference with the Reserve Board. The
Washington account, Dec. 13, to the New York "Journal
of Commerce" says:
No statement was issued following the meeting, nor much intimation
given
as to what took place. It was understood that the Governors
were fairly well satisfied with the general outlook for twiness and
believed that the financial situation within the Reserve system was
entirely satisfactory.
Whether the numerous suggestions as to methods of increasing the
scope within which the Reserve Banks might discount paper for
the
member banks were discussed and not disclosed. Several plans
have
been advanced, one having been the discounting of installm
ent plan
purchase paper.
Persons advancing this idea thought that it might ease certain
frozen or semifrozen situations and that is would contribu
te to better
general conditions. It was not throught that the Treasur
y or the
Federal Reserve Board would look with favor on any plans
of that
character, even though some of them might be within the authorit
y of
the banks under the Reserve Act.
House Committee to Study Federal Reserve Act-Questi
ons
of Credit Control and Extension of Branch Bankin
g
Will Be Taken Up.
A decline in prices of bank stocks yesterday (Dec. 20)
Coincident with hearings to be held by the Senate Bankas noted as follows in the New York "Evening Post" of
ing and Currency Committee in January, prepar
atory to
ast night:
a report on the King resolution which proposes an inquir
y
A varaere•
vn I
2 2Rot
•Estimated. The above figures are based on latest available
call statements.
DEC. 21 1929.1
FINANCIAL CHRONICLE
3901
the
be given to the farmers, and the application of the committee for
Wichita branch was cited as a fresh opportunity for extension of aid.
"No part of the United States," the brief added. "offers greater opportunity for the exercise of wise and helpful administration of Government
and
than the vast agricultural domain of which Wichita is the capital
natural center.
requires for its
Such a thriving and developing territory deserves and
of the
best achievements the close touch with the great financial resources
Federal Reserve
nation which only the establishment of a branch of the
In relation to credit the House committee will consider the pro- Bank can make possible.
surrendered their
vision of the Reserve act which permits banks to use government
"The increasing number of national banks which have
of
referred to by the
securities with Federal Reserve banks as the basis of release
charters during the past few years has recently been
for periods limited to fifteen days. This proFederal Reserve credit
matter of national concern. Here is an
of Comptroller of the Currency as a
establishment of a
vision was recently described by Senator Glass as the "curse"
opportunity to partially check that tendency. The
the Federal Reserve System.
bring the Federal Reserve Bank in close touch
that groups branch at Wichita would
a condiAttention will be given by the committee to criticisms
with this greatest of all wheat and livestock producing territories,
are being formed in various ways to control bank credit. This tion which has not heretofore existed.
chain as well as branch banking.
involves the question of
Collection Facilities Would be Available.
Reserve
"The unequalled collection and other services of the Federal
practical way for the first time to a great
National Shawmut Bank on Federal Reserve Credit Policy. system would be available in aand its advantages would not only cause
many banks in this territory
The National Shawmut Bank of Boston in presenting national banks to retain their charters but would encourage many nonnow offered by
a chart on Federal Reserve credit has the following to members to join the system. It will bring the facilities
thus restore prosperity
metropolitan institutions to small communities and
Reserve System's credit policy:
say regarding the
northwest Oklahoma.
to agriculture in that great area of southwest Kansas,
The operation and effect of the Federal Reserve policy of easing eastern Colorado and the Texas Panhandle."
in the last two weeks (November 27,
of the application
credit is clearly illustrated
The application for the branch and a brief in support
486 banks
1929—December 11, 1929) in the above chart.
were presented to the Board by a joint Committee representing
the Joint comI. Reserve Banks supplied funds to the money market by:
In the States of Kansas, Oklahoma, Colorado and Texas,
1. $64,500,000 increase in holdings of Bills (acceptances) bought mittee consisting of the following members: For Kansas: A. H. Denton,
Arkansas City; A. W.
in the open market.
Chairman of the board of the Home National Bank,
2. $55,800,000 increase in holdings of U. S. and 'other securities. Wilson, President, National Bank of Ness City, Ness City: M. F. Jarvis,
II. Member banks in the same period liquidated indebtedness at Cashier, First National Bank, Winfield; E. L. Meyer, President, First
the Federal Reserve Banks (decline in Bills Discounted shown above) National Bank, Hutchinson; George T. Guernsey. President, Commercial
President, First National
to the extent of $143,400,000.
National Bank, Independence; G. B. Dugan,
Bank,
It may be seen therefore that the contraction In member bank Bank, Dodge City: George W. Lemon, President, First National
mainly to Pratt; J. E. George,President, First National Bank, Liberal; W. B. Harriborrowing at the Federal Reserve Banks is attributable
Chandler, ChairFederal Reserve operations. Undoubtedly the present Federal Re- son, President, Union National Bank, Wichita: C. Q.
Hamilton,
serve policy of easing credit is not intended to encourage gold ex- man of the board, First National Bank, Wichita, and George H.
ports but is to offset gold exports and seasonal demand for currency Vice-President, Fourth National Bank, Wichita,
Springfield:
For Colorado: Sam Holt, President, First National Bank,
and stimulate business by easier credit conditions.
H. Allen,
H. E. McKeever, Cashier, American State Bank, Granada: F.
President,
Vice-President, First National Bank, Holly, and R. B. Holt,
Western Bankers Seek Wichita Branch of Federal Re- Colorado State Bank, Walsh.
Higgins; C. E.
For Texas: T. H. Black, President, First National Bank,
serve Bank of Kansas City.
A. W. Kincade,
Woods, Cashier, Perryton National Bank, Perryton;
First NaThe Federal Reserve Board was requested Dec. 16 to Cashier, Follett National Bank, Follett; C. A. Gibner, Cashier, Bank.
H. S. Wilbur, Cashier, Southwest National
the Federal Reserve Bank of Kansas City tional Bank, Spearman; Cashier, First State Bank, Miami, and D. E.
require that
Canadian; H. E. Baird,
establish a branch at Wichita, Kans. This is learned from Holt, Vice-President, Citizens State Bank, Wheeler.
Bank,Shattuck;
For Oklahoma: J. L. Stuart, Cashier, Shattuck National
the United States "Daily" which has the following to say
H. K.Kilewer.
C.0,Johnson, President, First National Bank,Ponca City;
F. A. Sewell. Presiregarding the application:
President, Alfalfa County National Bank, Cherokee;
Vice-President,
The request was made by a joint committee representing 486 banks dent, First National Bank, Texhoma; J. M. Dosbaugh,
within the Tenth Federal Reserve District and within the States of Kansas, Bank of Woodward, Woodward, and W. D. Myers, President. Central
Oklahoma, Texas and Colorado, who appeared before the Board and both National Bank, Alva.
by brief and by oral argument insisted that the Kansas City Federal Reserve Bank be directed to act "In the interest of commerce and industry."
Banks
Senator Norris Proposes Legislation Giving State
The petition was taken under advisement.
Establishment of the branch has been refused twice by the directors of the
in Federal Reserve System Right to Establish Foreign
Kansas City Bank, and the joint committee therefore appealed direct to the
Branches—Bill Will Correct Discrimination, Governor
Federal Reserve Board with their claims for improved reserve banking
service for a territory declared to be "larger than the whole of New England."
of Federal Reserve Board Says.
The Board was informed that the branch should be established at Wichita
State bank members of the Federal Reserve System
and customary course of business in
"with due regard to the convenience
of
should have the same privileges as to the establishment
the four States named."
countries, dependencies and insular
Another Petition Filed.
branches in foreign
to National
In addition, member and non-member banks in that part of Texas directly
possessions of the United States as are granted
by Wichita and represented in the list of petitioning banks, asked
served
Young, Governor of the Federal Reserve
the Board to realign the boundaries of the tenth [Kansas Cityl district Banks, Roy A.
so that the Wichita branch could be included in the Dallas, or Eleventh
Board, stated orally, in commenting upon a bill introduced
Federal Reserve District. This latter petition was laid before the Board in the Senate (S. 2(305) Dec. 11, by Senator Norbeck, Chairfor consideration only in event the Board decides that a branch at Wichita
. The
man of the Senate Banking and Currency Committee
will promote better banking service for the territory concerned.
said:
When the joint committee, acting through Chester I. Long, former
States Daily of Dec. 13, in reporting this
United
in 1913, Governor
Senator from Kansas, as counsel, presented its brief in support of its apBy the terms of the Federal Reserve Act as enacted
plication for a branch, M. L. McClure, Chairman of the Board, and C. A. Young said, national banks with capital and surplus of over $1,000,000
Reserve Board for
Worthington, Deputy Governor, of the Federal Reserve Bank of Kansas
were authorized to make application to the Federal
City, a.sked for and received permission from the Federal Reserve Board
countries or dependencies
permission to establish branches in foreign
to file a brief in reply.
of the United States. The act designates such
in the brief and reiterated in argument by the or insular possessions
Statements to tho Board
foreign commerce of
branches as intended "for the furtherance of the
various speakers were to the effect that the territory to be served by a
act if required to do
the United States" and specifies that they are "to
branch at Wichita looked to Wichita as its primary market,and the declaraso as fiscal agents of the United States.
tion was made that although Wichita had become the market for 70%
National banks have
Under that legislative sanction, a number of
of the territory's products, the city had declined as a banking center. The
Governor Young stated.
population, having passed six other cities in growth of established branches abroad,
city has 115,000
branches abroad
The authority by which a State bank establishes
population between 1900 and 1920, according to the brief which added
chartered, Governor
comes from the law of the State in which it is
that Wichita's recognized trade territory comparisod 3,600 towns and
power in the
Yeung explained. For that reason there was no grant of
cities in six States.
by State bank
-producing Federal reserve act for setting up foreign branches
the importance of the city as a hard wheat
Stress was laid on
in 1927, how-produc- members. When the McFadden-Pepper Act was enacted
center and attention was called to the fact that banks in the wheat
establishment of
ever, in a provision restrictive of the subsequent
ing area were forced to make their payments to elevators and farmers and
language was used which
then employ wire transfers to maintain proper balances with the Federal domestic branches of State bank members,
establishing foreign branches as
Reserve Bank of Kansas City as a result. The necessity for such practices, seemed to deny them the privilege of
well.
it was declared, meant thousands of dollars of extra cost to the bankers in
discriminaThe Norbeck bill, Governor Young said, will correct the
giving the service they were expected by their customers to preside, and
establish foreign branches (if
that necessity was a result of the distance between the point where the tion, and permit State bank members to
in which they are charbank items originated and the location of the nearest Federal Reserve Bank. not in contravention of the laws of the State
Federal Reserve Board.
The committee presented in its brief extensive figures comparing the tered), upon application to and approval by the
$1,000,000, is made as
branch territories of other Federal Reserve Districts with that proposed, The same requirement as to capital and surplus,
and the Board was asked to bear in mind that the Wichita territory was is now applicable to national banks.
Federal
Legislation of teh kind proposed was recommended by the
"the most rapidly growing agricultural district in the United States."
again in its annual
"The Board," the brief continued, "has exercised its authority in es- Reserve Board in its annual report for 1927 and
tablishing branches since the bankers of Wichita first petitioned for a report for 1928, Governor Young said.
branch in Wichita. No doubt the judgment of the Board displayed in
establishing these branches has been more than amply justified. Believing
Bill Introduced in House Proposes to Insure Depositors in
this to be true, the precedent established encourages us in the belief that
Banks in Federal Reserve System.
receive favorable consideration, for the reason that the
our petition should
territory we claim is of equal or greater importance commercially, indusEstablishment of a guaranty fund of $50,000,000 to be
trially and financially than the territory served by any of the recently
used to insure depositors in banks of the Federal Reserve
established branches."
The committee reminded the Board that no problem has received so system against loss through bank failures is proposed by
much attention in the last five years as has that of agriculture. It was Representative Brand (Rep.), of Urbana, Ohio, in a bill
n"
contended that the time "Is ripe when every possible consideratio should
into credit conditions because of recent developments in
the stock market, the corresponding committee of the House
will undertake a study to determine what changes should
be made in the Federal Reserve and national bank acts
and other statutes in point. A Washington dispatch, Dec.
19, to the New York "Times" reports this and adds:
3902
FINANCIAL CHRONICLE
[VOL. 129.
(H. R. 7381) introduced by him Dec. 12, says the United
States Daily. Additional provision for maintenance of the
fund at a level of $25,000,000 by appropriations from time
to time is made. It is noted that the bill was introduced
in the 70th Congress by Mr. Brand as H. R. 7187.
in the banking problem and are desirous of bringing about a program
of constructive and perhaps conservative banking legislation.
Expect Radical Proposals.
Once the legislation reaches the floor of the Senate, 'and even
during its days in the Committee, it is anticipated that a great many
so-called radical propositions will be advanced and pressed. This
perhaps has been made apparent by the suggestions heretofore made
by some of the Mid-West Senators, who would stop at little short of
nationalizing the banks of the nation.
Inquiry Into National Banking Laws Likely By Senate—
Senator Glass (Dem.) of Virginia and Senator Fletcher (Dem.) of
King Resolution for Probe Into Defects of Federal Florida are expected to offer some amendments in committee to the
Reserve System To Be Taken Up After Holidays—. King resolution. In a general way the matter was discussed today
at the meeting of the Banking and Currency Committee. However,
Bills Favorably Reported.
general consideration of the resolution and the proposed amendments
The Senate Committee on Banking and Currency plans was deferred because of the absence of Senator King, who is in
to take up, after the Christmas holidays, the King Resolu- Europe recovering from a recent illness.
There are 21 provisions set forth in the King resolution
tion proposing an investigation into defects in the Federal among these are the following: Whether the facilities of the and
ReReserve System stock market transactions, chain banking, serve banks have been utilized in loans for trading in and carrying
securities, whether member banks have afforded unduly large acand the causes of bank failures. On Dec. 18 the Committee commodation to brokers, whether
the banking laws of the United
decided to begin hearings early in January on the resolu- States should be amended so as to restrict the use of general bank
tion of Senator King (Dem., Utah) calling for such an credits for speculative purposes or to limit the volume of loans made
investigation, and members of the committee, including for the purpose of carrying on marginal transactions of a speculative
character, either through the introduction of term settlements or
Chairman Norbeck (Rep., S. D.), predicted favorable action otherwise, the classification of loans to brokers by members of the
both by the committee and the Senate, according to Wash- Federal Reserve system and the purposes for which such loans are
used, particularly in
ington accounts to the New York "World," from which we trading on the stockconnection with new issues, the different types of
exchanges and the scope of each, as well as
also take the following:
the extent of so-called "short sales" and the relative degree of concentration in "pool" stocks.
By the King resolution the Banking and Currency Committee
To Cover Wide Field.
would be directed, among other things, to investigate and report
It was commented in the Committee today that this block of
upon:
questions and problems, in view of the recent Wall Street disaster, will
"What defects, if any, have been found to exist in the operation
of the Federal Reserve System and what legislation is necessary to lead to the immediate adoption of the resolution by the Senate upon
its presentation. Then the agricultural bloc members will be incorrect such defects.
"Whether the facilities of the Federal Reserve Banks have been
terested in other features, for it is determined to find out the effect
utilized in loans for trading in and carrying securities.
of the operations of the Federal Reserve system in contributing to
th high interest rate on call money and to the drawing of money
"Whether the banking laws of the United States should be amended
so as to restrict the use of general bank credits for speculative
from rural districts to financial centers for speculative purposes.
It is desired to find out the basis for the acceptance policies of
purposes or to limits the volume of loans made for the purpose of
carrying on marginal transactions in stocks and other transactions
the system and the extent to which mergers are taking place between
of a speculative character, either through the introduction of term
member banks; whether or not chain banking and branch banking are
settlements or otherwise.
being developed and the effect and qualities of these types of bank"The different types of trading on the Stock Exchanges,
and the ing; the extent to which investment or security trusts are being
scope of each, as well as the extent of so-called 'short sales'
formed by or in connection with member banks, and the extent.
and the
relative degree of concentration in 'pool' stocks.
character and effect of their operations, the extent of the loans to
"Whether chain banking and branch banking are being
such trusts by member banks and the form of the loans, the divideveloped
and the effect and qualities of these types of banking.
(lends paid by such trusts and the effect of the latter upon fluctuations
"The extent to which investment or security trusts
in the market value of stocks; whether usury laws are evaded by
are being
formed by or in connection with member banks of
these trusts, and whether the member banks should be prohibited
the Federal
Reserve System, and the extent, character and effect of
their oper- from forming or being concerned with these trusts.
ations.
A most important feature is whether the so-called war amend"Whether there is any evidence of concerted action on the
ments to the Reserve Act have not outlived their object. Then there
part
of member banks of the Federal Reserve System to discriminate
is the question of the number of bank failures and whether Federal
between competing business concerns in the extension of
charters should be withheld from banks with small capital, and
credits and
the making of loans."
whether consolidations of large financial institutions are beneficial
or should be restricted.
Senator Glass (D., Va.), a member of the Committee
and coauthor of the Federal Reserve Act, expressed the Opinion
Preliminary Hearings.
that the
Senate would be influenced by the recent stock market
It is contemplated by Chairman Norbeck that preliminary hearings
crash to
order an inquiry st•ch as proposed by King. Glass added,
on the King resolution will be held by the committee before the
that he plans to offer several amendments, the nature of however, Senate is
asked to grant authority for the proposed investigation.
which he
would not indicate. He also intends to propose several changes
Members of the Federal Reserve Board, banks and economists will
in the
Federal Reserve Act, one of which, it is understood, will be
be invited to express their views as to the form which the investidesigned
to remove some of the restrictions on national banks which
gation should take.
are
believed to be responsible for recent withdrawals from the
Since the King resolution of itself is to be considered by the
system.
At the preliminary hearings on the King resolution early
Committee at its first executive session in January at which time a
in
January, Norbeck said, members of the Federal Reserve Board and
study of its provisions with a view to amending them in certain
prominent bankers will be invited to give their views to the proparticulars will be made, it is anticipated that the hearings in
posed investigation.
questions will follow immediately thereafter. Senator Norbeck emphasized the fact that members of the committee are extremely
According to the Washington correspondent of the New
desirous of
York "Journal of Commerce" the bills upon which favor- date that the getting the resolution before the Senate at an early
investigation may be proceeded with. Ile stated that it
able reports to the Senate were ordered by the Senate is not believed there will be any serious opposition to the inquiry.
The proposals outlined by Senator King in his resolution have
Committee were as follows:
the support of the Western Republicans and of a considerable number
Authorizing the Federal Reserve Board to grant or withhold perof Democrats. It appeared today that the only real differences of
mission, at its discretion, to any State bank having a capital and
opinion were as to details, several of the Senators having indisurplus of $1,000,000 or more to establish or retain branches in
vidual proposals to make, designed to clarify or to broaden the
foreign countries or in dependencies or insular possessions of the
provisions of the resolution. However, the resolution may be further
United States, subject to such regulations as may be prescribed by
revised on the basis of the testimony that will be obtained during
the preliminary hearings if such action is found warranted.
the board.
A bill to facilitate the cancellation of Federal Reserve Bank stock
in cases where member banks have ceased to function.
Tenders for Treasury Bills $223,901,000—Amount Sold
A bill relieving State banks and trust companies from the re$100,000,000 —Average Price, 99.181—Treasury Dequirement of giving notice of intention to withdraw from membership
in the Federal Reserve System.
partment Finds New Financing "Highly Successful"
A bill authorizing receivers of National banks, with the approval
—Further Issues Planned.
of the Comptroller of the Currency and upon the orders of a court,
to compromise, either before or after judgment, the individual liability
The initial offering of Treasury bills, sold at a
discount
of any shareholder of the bank involved.
bill authorizing National banks to pledge their assets as security basis to the highest bidder, has proved "highly successful"
A
for deposits of public moneys in the form required by State law for according to Under-Secretary of the Treasury
Mills, who, on
State banks.
Dec. 14, indicated that
frequent use of the bills in Treasury
The Washington adviees, Dec. 18, to the New York "Jour- financing is likely. As was
indicated in these columns
nal of Commerce" also referred to the proposed investiga- I)ec. 14 page 3733, the first
public offering of the new
tion of the National bank laws as follows:
Treasury bills was announced Dec. 9 by Secretary
Mellon,
A sweeping investigation into the operation of the banking laws of who invited tenders for an
Issue of $100,000,000 or therethe United States, substantially as contemplated in the King (Utah)
abouts. As was likewise stated in our item, the Secretary
resolution, to determine what defects may exist in the operation of the
Federal Reserve system, with a view to securing corrective legis- announced Dec. 13 that the tenders for the bills
totalled
lation, is in prospect for the new year. This was indicated by the $223,901,000, and
the highest bid was 99.310, equivalent to
action of the Senate Committee on Banking and Currency today in
an interest rate of about 2%`70 on an individual
deciding to take up that resolution at its first meeting following
basis.
the
conclusion of the Christmas holidays.
Secretary Mellon's announcement follows:
That the House
Banking and Currency Committee may also give
attention to a like investigation, even perhaps getting under
way
before the Senators' act, is possible. The House Committee
has not
taken any definite stand in the matter and will not
now do so until
after the holidays, but its members have
evinced a deep interest
The Secretary of the Treasury announced today that
the tenders for
$100,000,000, or thereabouts, of Treasury bills which were
offered on
Dee. 10 1929, were opened at the Federal Reserve Banks
on Dec. 13 1929.
The total amount applied for was $223,901,000. The
highest bid made
was 99,310, equivalent to an interest rate of about
2%Vo on an annual
DEC. 21 1929.]
FINANCIAL CHRONICLE
to an interest rate
basis. The lowest bid accepted was 99.152, equivalent
of about 3%% on an annual basis.
80% of the
In order to avoid exceeding the total required, only about amount of
total
amount bid for at the latter price was accepted. The
of Treasury bills to
bids accepted was $100,000,000. The average price
these securities in
be issued is 99.181. The Treasury is informed that
the same basis
so far as rate of discount is concerned will be dealt in on
discount basis is
as bankers' bills. The average annual rate on a bank
•
4%.
about 31
With reference to the prices at which the bills were sold,
of Mills
and the continued use of the bills Under-Secretary
"United States Daily" as having the followis quoted in the
ing to say Dec. 14:
money is costing
"These prices," said the Under-Secretary, "mean that the
figure and 3%%
the Government 2%% (on annual basis) at the lowest
That is consider(on an annual basis) at the highest rate we are paying.
of certificates
ably cheaper money than we would get through the medium
1 %.
-3,
of indebtedness, even at the rate of the last issue
and closely figured,
"We consider that the tenders were most intelligently
one bid came
even though there was one that was something of a freak, for
at 88%, which was almost 1% a month."
said, "that this is an
"It must not be forgotten," the Under-Secretary
what it is. But it
entirely new type of financing; people have not learned
investor will study it
won't be long until they understand it because the
put money when occasion
in order to have a new place into which to
demands."
Bills Mar$69,395,000 of New United States Treasury
International Manhattan Co.and Salomon
keted by
Bros. & Hutzler.
00 United
Through an offering on Dec. 16 of $69,395,0
Treasury bills, the Public was invited for the first
States
g in the form of
time to participate in government financin
International
short term paper on a discount basis. The
Inc. and Salomon Bros. & -Hutzler, who
Manhattan Co.,
notes for
were alloted the major part of the $100,000,000
y Mellon invited bids last week are offered
which Secretar
discount basis.
4
this block of notes on a 31 % per annum
the initial marketing venture of the InterThis marks
s division
national Manhattan Co., which is the securitie
the merger last March of the International
formed after
Manhattan. The
Acceptance Bank, Inc. and the Bank of
certificates in
bills offered were •in the form of bearer
$100,000 denominations. They were
$1,000, $10,000 and
page 3733
issued as indicated in these columns Dec. 14
Section 5 of the Second Liberty Bond
under authority of
the Treasury
Act, as amended June 17 1929, which permits
obligations at a discount and with no
to sell short term
Dec. 17 1929.
interest rate attached. The notes are dated
March 17 1930. The entire discount on
and will mature
by the bankers
the basis on which these bills were offered
from all taxation, except estate and inheriexempt
will
taxes.
ta
New York District Leads.
the Federal
Mr. Mills said that none of the bills had been purchased in
bidders in each
Reserve Distriots of Philadelphia or St. Louis. There were
of
of the Districts, but their proposals did not get within the limitations
in the
those accepted. The big portion of the purchasers were located
according to
New York district, as has occurred under certificate issues
carried
the records, but the reason in this instance was that the bids
prices that were closely computed on the basis of the market.
shows
The average price received, according to the Under-Secretary,
how carefully the bankers and dealers calculated their margins. He figured
that a vast majority of the total sale went into the hands of the two types
sale
of buyers and predicted that the new bills will be offered for general
within a few days, because it is believed they present an unusual opportunity for short term investments. Mr. Mills expected that there would
be keen competition for purpose of them when they are made available
for private investment purposes by the initial purchasers.
Bills Accrue in Cash.
the
'Concerning the difference in cost to the Treasury of financing by
sale of bills on a discount basis and by certificates of indebtedness, the
Under-Secretary explained that, due to the practice established during th
World War financing, the certificates are sold on a deposit credit has'
The Treasury therefore left the money with the banks until it was nee
and under the conditions of the September sale of certificates the p
were left in the banks of the country an average of 35 days before they
were called for use. The proceeds of the bills accrue in cash on a fixed
date, the day scheduled by the Department for payment.
While the proceeds of the certificate sales are left with the banks, the
depositary institutions pay the Government 2% interest. The Government
pays the interest rate named in the security, and therefore it has lost the
amount of the difference. This loss is eliminated by the use of the noninterest bearing bills which are sold at a discount, the Under-Secretary
declared.
Another phase of financing to which Mr. Mills referred as "highly important," was that the success of the first issue means the Treasury herefor
after can float securities as it needs the money, having regard only
the fact that the maturity date must coincide with the time of scheduled
system of
receipts in the form of taxes. It will not destroy the present
that
quarterly financing altogether, Mr. Mills explained, but it will mean
any
the issuing dates on succeeding fiscal operations may be selected at
date on
one moment and that the Department need not wait a quarterly
which to offer its securities.
we
"In other words," Mr. Mills added, "we are not in a position where
which
have to borrow a lot of money and hold it in anticipation of needs for
we have only estimates.
"For example, one Federal agency told us in advance of the September
financing that it would need $45,000,000 to run it through the three months
from Sept. 15 to Dec. 15. We had no alternative. We had to get the
money. That amount was anticipated in the securities we sold in September.
Now, as a matter of fact, it turned out that nothing like $45,000,000 was
needed, yet we had borrowed the money and we have had to pay out good
Government money as interest.
'That sort of thing is now out of the question. It was not the fault of
the agency that asked the $45,000,000. Those men were asked what they
would need for the 90-day period. They could see only a little way into
the future because there was no way of telling in September what would
be needed around Nov. 1 or, Dec. 1. But the Treasury had no choice. It
had to get the money.
"Now, when money is needed for any Government activity, we can offer
the bills on a notice of a day or so. We will sell just enough bills to fill
the needs of the time and make the maturities fit into a known time of
income, that is, the taxpaying dates."
It was expected by the Department also that the general balance fund
of the Treasury can be held to a smaller minimum than heretofore. This
feature, however, is one that must be worked out in detail but it is nevertheless a factor that has developed in favor of the Government as another
result of the adoption of the new type of financing.
of 1930
reasury Department To Retain 2% Consols
Bank Note Circulation.
as Security for National
to allow
The Department of the Treasury will continue
the security
the use of the United States consols of 1930 as
announcefor national bank note circulation, according to an
Andrew W.
ment Dec. 12 by the Secretary of the Treasury,
Dec. 13, which
Mellon, said the "United States Daily" of
in giving the Searetary's announcement stated:
Deposits to Be Smaller.
The use of Treasury bills also will enable the Department to operate
with smaller balances in all of the many depositary banks according to
Mr. Mills. It ,des not mean, he added, that these balances, carried for
many years, will be cut summarily, but that as Government finances settle
down under the new system, the amount held in the various depositary
Of course, he
banks throughout the country will gradually be reduced.
explained, the necessity always will exist for retaining money on deposit
be paid and it
In the depositary banks because the Government bills must
, at or near to the
Is better to pay them through banks of the community
itself into a condition
payee as possible, yet the whole situation resolves
.
wherein less actual cash need be in the hands of the Government
more frequent and
Mr. Mills expected that as offerings of the bills become
with the type of security,
the public generally become better acquainted
case of certificate*
efforts to acquire them will be just as keen as in the
issues of certificates of indebtedof indebtedness. Records show that few
double or treble the
ness have been floated without subscriptions reaching
This has necessitated a
amount of the money which the Treasury needed.
a proportional amount,
system of allotments by which the purchasers received
total amount of subscriptions
based on the ratio of their subscription to the
received.
3903
of the Treasury
The bonds are callable for redemption at the pleasure
was made at this time,
after next Apr. 2, and the Secretary's statement
Department's policy
he said, because of the many inquiries respecting the
in the matter.
, according to the
A total of $599,724,050 of the bonds are outstanding
oral statement by the Departlatest Treasury records, and according to an
which would reduce the total
ment there is no plan under consideration
approximately
in any way. National bank note circulation has averaged
$600,000,000 in recent months.
Is Question of Policy.
consols which bear only 2%
The question of redeeming the United States
has been intimately
having been issued at that low rate in 1900,
interest,
of policy respecting final
connected with the Treasury's consideration
circulation. Such a withdrawal
withdrawal of national bank notes from
discretionary power, howwas contemplated in the Federal Reserve Act, a
respecting the time. Mr. Mellon
ever, being lodged with the Secretary
been reached on the
has sard from time to time that no decision had
with an equal amount
point which would supplant national bank notes
end national bank note
of Federal Reserve Notes, if the decision were to
circulation.
explained, to submit the
It is the Treasury's present intention, it was
that a new legislative expreswhole question to Congress at a later date so
retirement of national bank
sion, may be had on the advisability of final
have so changed since
currency. Mr. Mellon has said that conditions
it would be improper to
passage of the Federal Reserve Act that he feels
exercise the authority vested in him by the act.
Policy Is Examined.
the national bank
The broad effect of a change in policy that will take
officials from time
notes out of circulation has been examined by Treasury
Many of the national
to time during the last five years, it was stated.
of the profit
banks have protested against losing their currency because
of the Treasury
which accrues to them, but it was given as the opinion
circulation now
that the national banks gain much less profit from their
was so widely emthan in the days before the Federal Reserve currency
ployed. Following is the full text of the announcement:
to the 2%
In view of the many inquiries received at the Treasury with respect the
of
consols of 1930 which by their terms are redeemable at the pleasure these United
bonds
Mellon to-day announced that
States after April 1 1930, Secretary
would not be called for redemption on April 2 1930, which Is the earliest date the
to the United States may be exercised.
option reserved
President Hoover Signs Resolution Reducing Federal Income Tax for Calendar Year 1929.
The resolution providing for a cut of 1% in individual
and corporation taxes for the year 1929 was placed on the
statute books on Dec. 16, when President Hoover affixed
his signature to it. As was noted in our issue of Dec. 7
(page 3775) the resolution was passed by the House Dec. 5,
by a vote of 282 to 17. We indicated a week ago, (page
3735) that the resolution was reported to the Senate on
Dec. 9; on Dec. 14 the resolution passed the Senate by
a vote of 63 to 14, in exactly the same form as it passed the
House, efforts in the Senate to amend it having failed. The
3904
FINANCIAL CHRONICLE
text of the resolution as enacted by Congress and
signed by
President Hoover follows:
Joint Resolution Reducing Rate of Income Tax for the Calendar
Year 1929.
Resolred bo the Senate and House of Representatives of the United
States of
America in Congress assembled, That, in lieu of such rates
of Income tax
specified in the Revenue Act of 1928 (United States Code, Suppleme
nt III,
title 26. Chapter 24) as are set forth In the following table,
such Act are applicable to the calendar year 1929. the rates which under
applicable to
such year shall be those set forth in such table:
Section of Rerenue Act
of 1928.
Description
of Tax.
New Rate
Applicable to
Calendar Year
1929.
Sections 11 and 161 (U. S. C. Normal tax on individ{Si of 1%
SUP III. title 26, Sees. 2011
uals and on estates
2%
and 2161).
and trusts.
4%
Section 13(U. S. C. Sup. III. Tax on corporations.
11%
title 26, Sec. 2013).
Section 201(U.S. C.Sup. III, Tax on life Insurance
11%
title 26, Sec.2201).
companies.
Section 204(U.S. C.SUP. M. Tax on insurance com11%
title 26. Sec. 2204).
panies other than life
or mutual.
Section 211 (U.S. C.Sup. III, Normal tax on non-resiSi of 1%
title 26, Sec. 2211).
dent aliens.
2%
4%
Sections 144 and 145(U. S. C.
011%
Sup. III. title 26, Secs. 2144 {Withholding at source.
4%
and 2145).
11%
Rate
Under
1928
Act.
11
/
2%
3%
5%
12%
12%
12%
134%
3%
5%%
1m
5%
12%
[VoL. 129.
'The retroactive phase of the administration's plan, he said,
was uneconomic.
"The one way the administration could have done a humane
thing,"
Mr. Couzens continued, "would have been to use this $160,000,
000 to
give employment to the millions now unemployed in the
United States."
Unemployment had increased enormously in recent weeks, he
said.
But, he added, had the administration so used the surplus
involved in
the tax reduction the action would have been criticized as
unsound and
uneconomic by every economist, every big business man
and most of
the newspapers of the country.
The speed with which the resolution was enacted, was
commented on as follows in the "Times" dispatch from
Washington, Dee. 16:
Engrossed and bearing the signatures of Vice-President Curtis
and
Speaker Longworth, the resolution reached the White House
at 1:45
p. m. today, and was at once sent to the treasury for inspection
by
Secretary Mellon and his experts.
It was returned to the White House in three hours, and
about fifteen
minutes later Mr. Hoover affixed his signature.
The swiftness with which the resolution went through
Congress was
in startling contrast to the months consumed in debating
other measures.
Tax reduction was first mentioned when the business situation
became
most acute not long before Congress met. In his message
to Congress
Mr. Hoover urged such action. A joint resolution
was almost immediately introduced. It was approved by the House
in a single day on
Dec. 5 by a vote of 282 to 17.
Sec. 2. This joint resolution shall take effect as of Jan. 1 1929.
On Dec. 13, as was stated in our item a week ago, the
Senate, by a vote of 60 to 15, decided to displace the tariff
bill for the resolution lwoering the taxes; as to the
Senate action that day the "Times" in part said:
Payment of S98,657,973 Made to United States Dec.
15
by Great Britain and Other Foreign Nations
on
Account of War Debt.
Total payments of $98,657,973 were made to the
United
States on Dec. 15 by Great Britain and eight other
foreign
nations on account of their war indebtedness to the
United
States. As in the past, most of the payments were
made in
United States Government securities, the amount
so handed
over in this payment being $97,819,750. The countrie
s which
made payments were: Great Britain, Belgium,
Czechoslovakia, Estonia, Finland, Hungary, Latvia,
Lithuania and
Poland. Following is the full text of the
Treasury's announcements as given in the "United States
Daily":
Delay in Clash Over Amendment.
When the Senate adjourned tonight it had before it an amendment
offered by Senator Couzens, Republican, of Michigan, reducing the tax
on capital gain in 1930, collectible on earnings for the calendar
year
1930, from 12 to 10%. It defeated today by a vote of 12 to 60 an
amendment offered by Senator McMaster, Republican, of South Dakota,
scrapping the tax proposal and providing that instead the Inter-Stat
e
Commerce Commission should be directed to reduce by $100,000,
000
the freight charges on farm products.
Today's debate on the tax resolution covered a wide range, including
President Hoover's business conference, the stock market "panic"
and
the farm situation. The names of Walter Newton and George
Akerson,
secretaries to the President, were interjected, as well as that
The Treasury has received payments amounting to
of Julius
$98,657,973.52 from
Barnes, another Minnesota man, who took an active part in the
the following foreign governments on account
of their funded indebtedHoover
ness lo the United States, of which $97,819,7
business conferences.
50 was in obligations of the
United States, accrued interest thereon
of $671,880.28, and $166,343.24
The defeat on Dec. 14 of all amendments proposed,
was in cash.
reported as follows in the "Times" account from WashGreat Britain.
The fourteenth semi-annual payment of Interest
ington that day:
and the seventh annual
Installment of principal on the funded indebtedne
The Senate at 5 o'clock this afternoon, by a vote of 63 to 14,
ss of Great Britain to
passed the United States under the
the administration's $160,000,000 income tax reduction bill.
terms of the debt settlement approved by the
All efforts Act of Feb. 28 1923.
The total payment amounted to $93,795,000, of
to amend the bill were overwhelmingly defeated.
which $66,795,000 was for Interest and $27,000,0
Despite the fact that passage of the measure was evident from
00 for principal and,
the as authorized by the terms of the settlement
first, the little group of Senators who opposed it put up a
, was made in obligations of
stubborn the United States which were
accepted at par and accrued interest. The
fight. For more than six hours they held the floor, their position
being obligations were 8500,000 face amount
31% First Liberty Loan bonds,
/
that the proposition was mainly a political gesture, something
2
that due in 1947; $18,282,500 face amount 31%
/
2
would give some relief to a favored few in the population, but
Treasury Notes, Series 0,
no aid 1930-32, maturing Dec. 15 1932 ; $74,358,2
50 face amount 31 Treasury
worthy the name to the vast majority of the people.
/
2
%
Notes, Series B, 1930-32, maturing Sept. 15 1932 ; accrued Interest
Senator Frazier of North Dakota charged that it represente
thereon,
d an $654,229.33, and cash adjustment of $20.67.
agreement on the part of the "regulars" on both sides to pay
campaign
debts.
Belgium.
The ninth semi-annual payment of interest on the post-armistice
Couzens Opens Arguments.
funded
indebtedness of the Government of Belgium due the United
On the other hand, Senator Couzens of Michigan, who sought
States under
to the terms of the debt settlement approved by the Act of April
amend the bill by reducing the capital gain and loss tax from
30 1920.
121 to The payment, amounting to $1,375,000, as authorized
/
2
by the terms of the
11%, said that, while doubting the economic soundness of the
proposi- settlement, was made in obligations of the United States,
which were
tion, he would yield his own judgment to that of others and
vote
accepted at par and accrued interest. The obligations were
it. His amendment was rejected by a vote of 53 to 22, after which for
$891,000 face
the amount of 31
/
2
% Treasury Notes, Series B, 1930-32, maturing Sept. 16
Michigan Senator went along with the majority.
2932; $467,000 face amount 31
,% Treasury Notes, Series C, 1930-32,
Three other amendments offered during the day were voted
down maturing Dec. 15 1932; accrued interest thereon, $16,011.8
2, and cash
before the action came on the resolution as reported by the
committee adjustment of $988.18.
on finance.
Czechoslovakia.
When the Couzens proposition was rejected Senator Thomas of
OklaThe ninth semi-annual installment of principal on
homa proposed that, instead of cutting taxes, the Federal
the funded indebtGovernment
use the $160,000,000 for public improvements, $100,000,000 for road edness of the Government of Czechoslovakia, due the United States under
the terms of the debt settlement approved by the
construction and $60,000,000 for public building construction.
Act of May 3 1926.
This The payment, amounting to $1,500,00 as
0,
authorized by the terms of the
proposal was defeated by a vote of 56 to 20.
settlement, was made in obligations of the United States,
Next was an amendment by Senator Barkley of Kentucky to
which were
use accepted at par. The obligations were $1,000,00
0 face amount First
some of the surplus to relieve the tobacco industry, which, he said,
paid Liberty Loan bonds, due 1947.
an eighth of all Federal taxes. This was defeated without a
roll-call.
Estonia.
Finally came an amendment by Senator Brookhart of Iowa which
The eighth semi-annual payrnerrt on account of the funded
provided for a graduated scale of taxes on corporation incomes up to
indebtedness
of the Government of Estonia to the United
$28,000, a 10% rate to apply on those in excess of $28,000. It
States, due under the terms
was of the debt settlement
approved by the Act of April 30 1926. The paydefeated by 60 to 16.
The passage of the resolution followed, the tariff bill then becoming ment amounted to $125,000, and was made in cash. The balance will
be funded in accordance with the option
the unfinished buisness, after which the Senate adjourned until
given the Government of Estonia
11 a. m.
Monday. On the final vote 39 Republicans and 24 Democrats voted in the debt settlement agreement.
for the resolution, and 11 Republicans, all of the Progressi
Finland.
ve group,
and 3 Democrats voted against it.
The fourteenth semi-annual payment of
interest and the seventh annual
installment of principal on tho funded indebtedne
ss of the Government of
Cites Effect on Business.
Finland, due the United States under the
terms of the debt settlement
Senator Couzens, in opening the debate, spoke of the factor of
the approved by the Act of March 12 1024. The total payment
amounted to
favorable effect on business stressed by President Hoover and Secretary $183,680, of
which $130,680 was for interest and $03,000 for principal,
Mellon in urging the tax-cut measure.
and as authorized by the terms
of the settlement, was nmde In obligations
"On the basis of the merits of the joint resolution, I would
be un- of the United States, which were accepted at par
and accrued Interest.
alterably opposed to it, but based on this indeterminate psycholog
y, I The obligations were $182,000 face amount 31% Treasury Notes,
/
2
hesitate to put my judgment against the judgment of
Series B,
any others who 1930-32, maturing Sept. 15 1932; accrued interest
thereon of $1,601.30,
claim it will have a great psychological effect," Mr. Couzens
said. "For and cash adjustment of $78.70.
that reason I will have to vote for the joint
resolution because I am
Hungary.
unable to determine the accuracy of the basis on
which the resolution is
The twelfth semi-annual payment
predicated."
of interest and the sixth annual installment of principal on the funded
Senator Couzens declared himself unalterably
indebtedness of the Government of
opposed to retroactive Hungary, due the
United States under the terms of the debt settlement
legislation, and that was why, he explained
, he offered the amendment approved by the Act
to make the reduction in the tax on
of May 23 1924. The total payment amounted
capital gain and loss effective be- $40,218.40, of which
to
ginning Jan. 1, 1930, instead of retroactiv
$28,973.40 was for interest and $11,245 was for
e to Jan. 1, 1929.
principal. The payment was made
in cash.
DEC. 21 1929.]
FINANCIAL CI1RONICLE
Latvia.
The eighth semi-annual payment on account of the funded Indebtedness
of the Government of Latvia to the United States, due under the terms of
the debt settlement approved by the Act of April 30 1926. The payment
amounted to $45,000, and as authorized by the terms of the settlement,
was made in obligations of the United States, which were accepted at par.
% First Liberty Loan
1
/
The obligations were $45,000 face amount of 32
bonds, due in 1947. The balance will be funded in accordance with the
option given the Government of Latvia in the debt settlement agreement.
•
Lithuania.
The eleventh semi-annual payment of interest on the funded indebtedness
of the Government of Lithuania to the United States under the terms of the
debt settlement approved by the Act of Dec. 22 1924. The payment
amounted to $94,075.12, and as authorized by the terms of the settlement,
was made in obligations of the United States, which were accepted at par.
% First Liberty Loan
2
/
The obligations were $94,050 face amount of 31
bonds, due in 1947, and a cash adjustment of $25.12.
Poland.
The tenth semi-annual payment on account of the funded indebtedness
of the Government of Poland to the United States under the terms of the
debt settlement approved by the Act of Dec. 22 1924. The payment
amounted to $1,500,000, and as authorized by the terms of the settlement
was made in obligations of the United States, which were accepted at par
and accrued interest. The obligations were $1,495,650 face amount of 8%%
%
2
/
First Liberty Loan bonds, due in 1947; $4,300 face amount of 31
Treasury Notes, Series B, 1930-32, maturing Sept. 15 1932; $37.83 accrued
interest on Treasury Notes, and a cash adjustment of $12.17. The remainder
due will be funded in accordance with the option given the Government
of Poland in the debt settlement agreement.
The obligations of the United States, in the face amount of $97,819,750,
accepted in connection with the payments, have been canceled and retired
and the public debt reduced accordingly.
3905
Chamber of Commerce of the United States by J. N.
Shannahan, Chairman of the Advisory Council of the
American Electric Railway Association, for street railway,
interurban, rapid transit and associated bus operating companies. The statement further said:
Preliminary figures indicate that this industry expects to spend in
1930 more than 149 million dollars for new construction, chargeable to
capital. This is an increase of approximately 43 million dollars over
corresponding expenditures for 1929. In addition it will spend approximately 240 million dollars for renewals and maintenance of existing
facilities, which is slightly over the corresponding figure for 1929.
This makes a total of 389 million dollars in 1930 for the purchase of
materials and the employment of labor in construction and maintenance.
Turning now to the budget for operations, these companies expend
annually approximately 680 million dollars. Of this amount, approxiits wide
mately 65% or $442,000,000 is for labor, which due to
the
distribution affects the buying power of communities throughout
is the
country. In many communities the local transportation system
third
largest single employer of labor. In others, it is the second or
largest employer.
New York
At a meeting held at the Association's headquarters in
operating
on November 26, 1929, representative executives of companies
in various parts of the country expressed their confidence in the business
way with
outlook and their desire to co-operate in every possible
continued
President Hoover in his effort to stabilize and insure the
As an industry, we welcome
progress and development of business.
United
the opportunity to co-operate wit hother industries through the
of this kind
States Chamber of Commerce and feel that a conference
realization
may have far reaching effects in bringing about greater
ecoamng all business groups of the interrelations of the country's
nomic structure.
faces
In most large cities and many smaller ones as well, all business
transportathe problems of congestion and deficiency in efficient local
applithe
tion. These are community and public problems that require
companies
cation of sound principles for their solution. Street railway
are endeavoring to imoperating various forms of community transit
inadequate
prove their facilities and service despite a long period of
in the
earnings and consequent restricted credit. They see nothing plans
their
immediate business outlook that may be expected to change
public
for 1930. But in addition to the figures cited above, a better
the way
understanding of the economic problems involved would open
for major expansion of facilities that is needed in many cities.
Senate Action on Tariff Postponed Until After the Christmas Holidays.
Unable to keep a quorum, the Senate recessed early on
Dec. 19, and Senator James E. Watson, Republican leader,
conceded that legislative business of importance was practically ended until after the Christmas holiday recess.
Under a joint resolution adopted by the Senate on Dec.
10, and by the House on Dec. 12, Congress will recess Frank McManamy to Serve as Chairman of Inter-State
from today (Dec. 21) to Jan. 6. The "Herald-Tribune"
Commerce Commission During Ensuing Year.
In a dispatch from Washington, Dec. 19, indicating that
Through the process of rotation Commissioner Frank Mclegislative action had ceased until after the Holidays, said: Manamy of the InterState Commerce Commission will
While the Senate will meet tomorrow and also Saturday, many succeed E. I. Lewis as Chairman of the Commission on
Senators have left the city. Because of this, and the demands of
York "Times" in reporting this from
Christmas shopping, it will be difficult to maintain a quorum. As Jan. 1. The New
a result, only business to which there is no serious objection can be
Washington, said:
its employ
dealt with in the next two days. Congress will then recess until
is a veteran of the commission, having entered
January 6.
Tariff Goes Over.
The tariff bill goes over until January, and so does the measure to
authorize appointment of a Haytian Commission, recommended by
President Hoover and already passed by the House. Indications are
that the Foreign Relations Committee will examine the Haytian proposal closely after the holidays and there are possibilities of sharp
opposition.
, Senator William E. Borah, chairman of the Foreign Relations
Committee, has not indicated his attitude toward the proposed commission. He is giving careful study to Haytian conditions and has
already described them as "intolerable."
Discuss Handling of Bill.
The Senate today discussed the tariff bill and the program for
handling it after the holiday recess. Senator Pat Harrison, Democrat, of Mississippi, in urging that bills on the calendar be disposed of, said he understood it was "ordained that immediately following the Christmas holidays we are going to put the tariff bill
before the Senate and keep it there to the exclusion of everything
else." Senator Watson also thought the calendar should be taken up.
Smoot Urges Action.
Senator Reed Smoot, Republican, of Utah, in charge of the bill,
said he did not want to lose "a single, solitary minute" from its
consideration, but he saw no use trying to go ahead with it tomorrow.
Senator Simmons insisted on the tariff bill being taken up after
the holidays with the understanding that nothing else intervene,
Senator Watson said this had been pledged over and over again.
He
been conunder civil service rules twenty-three years ago. He has
to the Railtinually with that body except when he was transferred
road Administration for five years.
to fill the
He was first appointed a member by President Harding
reappointed by
unexpired term of Commissioner Daniels. He was
President Coolidge.
Western Union Wage Rises—To Add $2,000,000 to Workers'
Pay in 1930 on Merit Basis.
The following is from the New York "Times" of Dec. 15:
announced yesterday
Western Union Telegraph Company officials
to warrant any
that they saw nothing in the economics situation
merit increases in
change in the plan to distribute $2,000,000 in
wages on Jan. I.
if not the very
"The year 1929 has been one of the largest
business," the anlargest in the history of the telegraph and cable
the records estabnouncement said. "It is anticipated that some of
totals for this year are
lished in past years will fall when the
announced."
ApMine Strike Voted in Western Kentucky—Executive
Affect Over 17,000 Workers.
proval of Poll Would
Western Kentucky coal miners have voted in favor of
a strike to enforce union recognition and to restore the
Associ1917 wage and working agreement, according to
11, from Central City, Ky. to the
ated Press advices, Dec.
As was reported in our isiue of a week ago (page 3735) St. Louis "Globe-Democrat." The dispatch added:
aside Dec. 13 for the tax reduction
W. D. Duncan,
the tariff bill was laid
The result of the vote was announced today by
of America, as
legislation &acted into law this week.
president of District No. 23, United Mine Workers
Canvass By American Electric Rwy. Association of Transportation Industry Indicates Expenditures By Industry
of 389 Million Dollars To Co-operate With Other Industries in Stabilizing Conditions.
The American Electric Railway Association has just
completed a canvass of the local transportation industry
of the United States to determine what effect, if any, the
recent recession in security prices would have upon construction and maintenance expenditures planned for 1930.
Of the executives replying to our inquiry, 97% do not look
for any change in business conditions that would affect
expenditures for these purposes. This industry comprises
637 companies operating street car, rapid transit, interurban and bus lines in all sections of the country. It
carries annually approximately 16 billion passengers. Advices to this effect were contained in a statement to the
8386 favoring the strike and 193 against.
said
Approximately forty mines are in the district and Duncan
that from 17,000 to 18,000 workers would be affected if the interthe men.
national officers, after investigating, decide to order out
The union has been busy in recent months adding members in
Western Kentucky, whose operators generally do not recognize it.
The 1917 agreement, Duncan said, calls for basic pay of $4.09 to
$4.35 a day for inside work, $3.56 for outside work, and 44 cents
to 45 cents a ton for labor on a tonnage basis. He said that while
some mines already pay that, that others are paying men as low as
$3 a day for inside work and $2 daily for outside labor.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
The New York Cotton Exchange membership of John
Soutter Clayton was sold at auction this week to Lee Rosenberg for $27,100. Last preceding sale $25,000.
A Montreal Stock Exchange membership was reported
sold this week for $175,000. Last preceding sale $225,000.
3906
FINANCIAL CHRONICLE
The affiliation of Manhattan Co. with New York Title
and Mortgage Co. will give the Manhattan institution capital
funds of $40,000,000 with total resources of $833,964,000,
which with its divorcement from any direct participation
in the banking business and its establishment as a holding
company, will allow it to exercise the wide powers of its
charter the oldest and broadest of its kind in New York
State. These figures are contained in a survey of the Manhattan company by McClure, Jones & Co., members of the
New York Stock Exchange. The indicated book value of
the new Manhattan stock it is stated will be $76 per share
while the number of outstanding shares will be 2,000,000
with a par value of $20. The firm also states:
In further consideration ofthe nation-wide scope of the expansion
program
on which the Manhattan group has embarked, significance may
attach
to several new names added to its directorate during the current
to the close contacts which its corporate members have recently year and
established
(by reciprocal representation on directorates) with the American
Founders
group and the First National Bank of Boston, which through its consolidation with Old Colony Trust Co. is the largest bank in New England
and,
since the organization of American Founders, has been closely
with the development of that institution and its affiliates. Theidentified
following
list shows those directors of the Manhattan group who are also
affiliated
with the other institutions in question.
Paul M. Warburg, Chairman on Manhattan Co., Chairman of
International Acceptance Bank, Director of International Manhattan
Co.,
Chairman of American & Continental Corp., Director of First National
Bank of Boston. James P. Warburg, President and Director of International Manhattan Co., Vice-President, Secretary and Director of
Manbatten Co., Director of International Acceptance Bank. F. A. Goodhue,
Chairman of International Manhattan Co., President and Director
of
International Acceptance Bank, President and Director of American &
Continental Corporation, Director of Manhattan Co., Director of
First
National Bank of Boston. Charles A. Stone, Chairman of Stone 8: Webster, Inc., Director of International Acceptance Bank, Director of First
National Bank of Boston. Daniel G. Wing, Chairman of First National
Bank of Boston, Director of Manhattan Co. Marshall Field,
Director of
Manhattan Co.. Director of American de Continental Corporation
.
[VOL. 129.
& Webb. He is a director of the Bankers' Trust Co., Equitable Eastern Banking Corp., Denver & Rio Grande Western
RR. Co., Rio Grande Junction RR. Co., and Western Pacific Co.
He is a member of the American Bar Association; a
member of the Executive Committee of the New York State
Bar Association; a member of the Executive Committee of
the Bar of the City of New York; a member of the Executive
Committee of the New York Law Institute, and a member
of the Judiciary Committee of the New York County
Lawyers' Association.
James M. Beck, LL.D., formerly Solicitor General of the
United States, addressed the Bond Club of New York at its
monthly luncheon held at the Bankers Club Dec. 18. Many
prominent Wall Street investment bankers attended the
luncheon. Pierpont V. Davis, President of the club, presided.
The regularly monthly luncheon meeting of the Brtish
Empire Chamber of Commerce in the United States of
America was held on Wednesday, Dec. 18, at 12:45 o'clock,
p. m., at the Whitehall Club, 17 Battery Place, New York
City. Walter W. Price delivered an address on "Current
Events." Sir Harry Armstrong, Consul General in New
York, also addressed the gathering.
At a meeting of the executive committee this week L. R.
Mahoney and C. B. O'Flynn were unanimously elected
Assistant Treasurers of the International Acceptance Bank,
Inc.
A reference to the affiliation of the Manhattan company
Joseph Pulvermacher, Chairman of the Executive Comand the New York Title & Mortgage company appeared mittee of the Sterling National Bank
& Trust Co. of New
in our issue of Dec. 14, page 3744.
York, was elected acting President of the institution on
Dec. 12, succeeding Joseph Brown, resigned. Mr. PulverThe Foreign Exchange Club announced this week that macher before joining
the bank was Vice-President of the
the following have been elected officers for the year 1930: Chase National
Bank in charge of the Maiden Lane branch.
F. A. Blingsmith, Bankers Trust Co., President; Archie
Lochhead, Chemical Bank & Trust Co. and D. J. Palmer,
At a meeting of the Board of Directors of the Guaranty
National City Bank, Vice-Presidents; and R. B. Raymond, Trust Co. of New York, on Dec. 18, James S. Alexander,
Public National Bank & Trust Co., Secretary and Treasurer. Chairman of the Board, presented his resignation from that
The Executive Committee is composed of Stephen Paul, J. position and it was formally approved. In asking
to be
Henry Schroder Banking Corp., L. B. Heemskerk, Bank of relieved from his official duties at the end
of this year,
America N. A., J. C. Rovensky, Chase National Bank Mr. Alexander briefly stated that this year concluded
' 50
and Emil Hinrichs, Central Hanover Bank & Trust Co.
years of business activity and 30 years as an officer of the
National Bank of Commerce.
Furtherm
ore, !as he was
At its regular weekly meeting this week the Executive nearing the retiremen
t age set for officers of the National
Committee of the National City Bank of New York appointed Bank of Commerc during
e
his term as President, he felt
Reginald G. Francklyn and Ward Miller, Assistant Cashiers. that the present occasion
was a proper one for him to ask
The election of 0. H. P. LaFarge, as ViceVesident
of the Irving Investors Management Co., which recently
was affiliated with the Irving Trust Co., of New York, was
announced Dec. 16. Mr. LaFarge was formerly Assistant
Secretary of the General Motors Corp., and a Director of
the General Motors Acceptance Corp. and the General
Exchange Insurance Corp. As Assistant to the VicePresident in charge of Banking Relations, he maintained
contact with bankers throughout the United States on
behalf of the General Motors Corp.
for relief from executive and business responsibility.
The merger of the National Bank of Commerce with the
Guaranty Trust Co. of New York, which occurred on May 6
last, resulted in the election of Mr. Alexander as Chairman
of the combined Board, and W. C. Potter as President. It
Is stated that the amalgamation of the two institutions has
been so well effected that Mr. Alexander feels that the
time is opportune for the retirement to which he has
looked forward. Regarding his career, the Guaranty Trust
states:
Mr. Alexander thus closes a long and distinguished career as a banker in
this city. He was born in Tarrytown, N. Y., Feb. 21 1865. After an
Winthrop W. Aldrich, a partner in the firm of Murray, elementary school education, he went to work at the age of 13 in
a dry
Aldrich & Webb., attorneys, was on Dec. 18 elected Presi- goods store in Tarrytown. Three years later he took a position in a
dent of the Equitable Trust Co. of New York. He succeeds local bank, and in another three years he became assistant to the Cashier.
Then he entered the employ of
of
the late Chellis A. Austin, who died suddenly on Dec. 13 York as a clerk. In 1899 Mr. the National Bank theCommerce in New
Alexander became
Assistant Cashier
from a heart attack at his home, as reported in our issue of and Chief Clerk. In 1907, after 22 years of service with the National
Bank of Commerce, he resigned to become Treasurer of the American
Dec. 14, page 3742. Mr. Aldrich's firm has been counsel for
Express Co., but at the end
months
to the Bank of
the Equitable Trust Co. during the past 25 years, and in Commerce as a Vice-President. of nineyears laterreturned elected President
Three
he was
of the banks, and in 1923 became Chairman of the Board.
the last eight years Mr. Aldrich has been active in handling
Under his
the legal affairs of the bank. The new President of the than tripled. leadership, the National Bank of Commerce's resources more
His banking experience and judgment were largely drawn
Equitable is a son of Nelson W .Aldrich, who was United upon during the war and post-war periods, lie was an active member of
States Senator from Rhode Island for many years, and the Liberty Loan Committee for the New York Federal Reserve District,
which directed
who served thereafter as Chairman of the National Mone- His services in the flotation of nearly a third of the nation's war loans.
war finance have won also special recognition from the
tary Commission. Senator Aldrich was recognized as an French, Belgian and Italian Governments. He is a Chevalier of the Legion
of Honor (France), Chevalier of the Crown of Italy, and Knight Commander
outstanding authority on financial affairs. Mr. Aldrich
Order of Leopold II (Belgium).
is a brother-in-law of John D. Rockefeller, Jr. Mr. Aldrich
In dealing with the complex problems of post-war finance and
was born in Providence, Rhode Island, Nov. 2 1885. He Mr. Alexander has been no less active, serving as Chairman of the trade,
Committee on Credit and Finance at the International Trade Conference called
graduated from Harvard University in 1907 and secured by
the Chamber of Commerce of the United States in October 1919, and as
his degree from Harvard Law School three years later. He Chairman of the Executive
Committee of the National Committee on
was admitted to the New York Bar in 1912 and was a European Finance. During the years 1913 to 1916 Mr. Alexander was a
member of the New York Clearing House Committee, and Chairman of
the
member of the law firm of Byrne, Cutcheon & Taylor be- Committee
on Credit and Finance from
tween 1916 and 1917. Mr. Aldrich served as a Lieutenant President of the New York Clearing House 1919 to 1921. He served as
from 1923 to 1924. In addition
In the United States Naval Reserve in 1917-18. On Jan. 1 to a number of large domestic corporations, he has served as a director of
the Federal Resorve Bank of New York, and is Chairman
of the Board of
1919he became a member of the law firm of Murray,Aldrich the French
American Banking Corp. Mr. Alexander is also a member
DEC. 21 1929.]
FINANCIAL CHRONICLE
of the Advisory Committee of the American Section of the International
Chamber of Commerce and a member of the Committee on Finance and
Currency of the Chamber of Commerce of the State of New York.
Mr. Alexander is a director of the American Agricultural Chemical Co.,
American Telephone & Telegraph Co., Campbell Soup Co., Mercantile Stores
Co., Inc., Pacific Oil Co., Prudential Insurance Co. of America, Southern
Pacific Co., United States Rubber Co., former member of the Federal
Advisory Council of the Federal Reserve Board, Trustee Bank for Savings
in the City of New York.
The new Clinton Trust Co. of New York at 857 Tenth
Avenue, near 57th Street, the first bank organized in the
area between 72nd and 42nd Streets and west of Ninth
Avenue, formally opened its doors on Dec. 19. Former
Governer Alfred E. Smith was one of many prominent citizens who visited the new trust company on the occasion
of its formal opening. There were also representatives
from many banks in the city, including executives of the
Guaranty Trust Co., Chase National Bank, National City
Co., Manufacturers' Trust Co., Midtown Bank, County Trust
Co., Equitable Trust Co., Trust Co. of North America, Trade
Bank, and Liberty National Bank & Trust Co., also representatives from the New York State Banking Department. The bank received its State charter early this year
as the Guild State Bank, but was transformed to a trust
company before opening for business. It has a capital and
surplus of $1,000,000. E. M. Rabenold, of the law firm of
Rabenold & Scribner, is Chairman of the Beard; W. W.
Warner, for 20 years President of the Bryant Park Bank,
is President; S. I. Chittenden, formerly with the New
York State Banking Department, Vice-President; H. E.
Rank, formerly Cashier of the Bryant Park Bank, Treasurer, and Samuel Miller, of Rabenold & Scribner, Secretary.
In addition to Messrs. Rabenold, Warner and Chittenden,
the directors sire W. S. Barstow, H. W. Beyer, John Horn,
Mark Hyman, Adam Metz, C. S. Oakley, F. S. Parker, Herbert Pietzsch, R. C. Schock, H. W. Van Bomel, W. J. Waite
and R. D. Ward. The Clinton Trust Co. is organized specifically to serve the new business and residential development that will follow improvements begun or projected west
of Ninth Avenue and totaling more than $300,000,000 in
expenditures This includes covering part of its freight
trackage by the New York Central RR. and placing the remainder in subway, construction by the city of a vehicular
tunnel from Queens, which will open on Tenth Avenue and
whose projection to New Jersey is planned, and of the
Elevated Express Highway along West Street. Completion
of these improvements within the next five years will stimulate warehouse and other building in this area, increase
realty values, and improve the present traffic situation.
3907
shares of Guardian. The capital stock of the State Bank of Richmond
County will be acquired by purchase at the rate of $450 a share, or $720,000
for the 1,600 shares of $100 par stock. Funds for the acquisition of the
Staten Island institution were supplied by individuals identified with the
Brooklyn Trust management, who underwrote 686 shares of Brooklyn Trust
stock at $1,050 a share. The Guardian exchange will require 625 shares, a
total of 1,311 shares for both acquisitions.
Under terms of the plan to be submitted to Brooklyn Trust stockholders
capital will be increased from $8,000,000 to $8,200,000 by the issuance of
2,000 new shares of $100 par value. The 689 shares remaining after the
merger exchange will be placed in the employees' fund. All employees
except senior officers may subscribe to stock held in this fund.
On the basis of latest official statements acquisition of the two banks
will add $8,268,571 in resources to the Brooklyn Trust Co., which had total
assets of $148,732,244 on Sept. 27, the most recent call of the State
Banking Department. The deal will give Brooklyn Trust four additional
branch offices, three representing the Guardian's system in Brooklyn and
the Port Richmond location of the State Bank of Richmond County. The
latter marks the first extension of facilities of any Brooklyn bank to
Staten Island.
On Oct. 4 last the Guardian National Bank had resources of $4,798,518,
The
capital of $500,000, and surplus and undivided profits of $119,979.
State Bank of Richmond County had resources of $3,470,053, deposits of
undivided profits of
$3,035,133, capital of $160,000, and surplus and
$235,207 on Sept. 27 last.
It is understood that Presidents of both banks will remain as branch
managers, and no changes will be made in personnel.
conGeorge V. McLaughlin, President of the Brooklyn Trust Co., on
firming reports of the merger deal last October expressed great confidence
his belief that the future
in the future of Staten Island and said it was
with
relationships of that borough with Brooklyn would be closer than
Manhattan.
Directors of the Lafayette National Bank of Brooklyn in
New York and the Prospect National Bank & Trust Co. of
Brooklyn in New York have concluded an agreement for
consolidation of the two institutions. The agreement provides that the consolidated banking associations shall be
known as Lafayette National Bank of Brooklyn in New
York. The stockholders of the Prospect National Bank
will receive three shares of Lafayette National Bank stock
of the par value of $25 each for each share of Prospect
National Bank stock of the par value of $100 each now held
by them. Stockholders' meetings to ratify the consolidation
will be held in January. The Prospect National Bank &
Trust Co. has a capital of $500,000 and surplus of $150,000,
in addition to certain undivided profits. It owns its banking
office at 325 Ninth Street. The Lafayette National Bank
of Brooklyn in New York operates offices at 100 Livingston
Street, 69 Lafayette Avenue, and 1273 Fulton Street. The
consolidated institutions will have a capital of $1,450,000, a
surplus of $875,000, undivided profits and reserves (not
including reserves held for taxes and similar purposes) in
excess of $300,000, and deposits of $6,000,000.
The Directors of Richmond National Bank, formerly
Richmond Hill National Bank, have voted an extra dividend
At a recent meeting of the Directors of the Association of of $1 per share in addition to the regular semi-annual diviReserve City Bankers, held in New York, Allard Smith, dend of $1 per share on the capital stock, payable to stockVice-President of the Union Trust Co., Cleveland, was holders of record Jan. 2 1930. The stock will go ex-dividend
elected to membership.
Dec. 27. C. Bertram Mahler, President of the bank said:
The Chatham Phenix Corp., recently augmented by the
acquisition of the personnel and offices of the William R.
Compton Co. in New York and other cities throughout the
country, held its annual dinner at the Hotel Roosevelt last
night (Friday, Dec. 20), at which some 150 members of the
enlarged organization and friends of the management were
present. Among the guests were former Governor Alfred E.
Smith, who accepted an invitation to speak on "The Real
Estate Situation in New York City." Rollin C. Bortle is
President of the Chatham Phenix Corp., which is the investment affiliate of the Chatham Phenix National Bank &
Trust Co.
With the declaration of a quarterly dividend of 50c. per
share, directors of the Bryant Park Bank of New York have
placed the $20 par value stock, issued last November, on a
$2 annual dividend basis. The dividend is payable about
Dec. 20 to stockholders of record at the close of businesq
Dec. 15.
It was announced in the Brooklyn "Daily Eagle" of
Dec. 14 that the trustees of the Brooklyn Trust Co. have
approved an agreement by which the Guardian National
Bank of Brooklyn and the State Bank of Richmond County,
Port Richmond, Staten Island, will be merged into Brooklyn
Trust on or about Jan. 20 1930. A special stockholders'
meeting will be held in January for the ratification of the
.
merger, says the "Eagle," which adds:
As outlined in preliminary reports of the deal in the "Eagle" about two
months ago, the 5,000 shares of the Guardian's $100 par stock will be
acquired through exchange of one share of Brooklyn Trust for each eight
Our
"The business outlook in Queens County for 1930 is excellent.
bank's
bank operates two branches aside from the main office, and the
mercantile and manufacturing
official survey indicates that real estate,
confronted us
prospects show little, if any, variance from those which
at the start of 1929."
Effective Monday of this week, Dec. 16, the First National
Bank of Boston and the Old Colony Trust Co. of that city
were consolidated under the title of the First National
Bank of Boston. The new organization and its affiliates,
the Old Colony Trust Co., and the First National Old Colony
Corp., have combined capital assets of $115,000,000 and
deposits in excess of $500,000,000. The headquarters of
the new institution sire at 67 Milk Street, with 18 offices
conveniently located throughout the city. All offices of the
Old Colony Trust Co. have become branches of the First
National Bank of Boston. The enlarged bank also maintains branches in Buenos Aires, Argentina; Havana, Santiago, Cienfuegos and Sancti Spiritus, Cuba; offices in
London, Paris and Berlin; and has "active contacts with
22,000 correspondent banks." The head office of the Old
Colony Trust Co. (the capital stock of which is beneficially
owned by the shareholders of the First National Bank of
Boston) is located at 17 Court Street. The First National
Corp. and •the Old Colony Corp. are uniting to form the
First National Old Colony Corp. (also beneficially owned
by stockholders of the enlarged bank). The headquarters
of the corporation will be at 57 Milk Street, and it will
maintain offices, it is understood, in 15 American cities.
The New York office will be located at 100 Broadway. The
approaching consolidation of these important banks was
noted in the "Chronicle" of Aug. 31 last, page 1389, and
3908
FINANCIAL CHRONICLE
referred to in several subsequent isues, our last reference Total assets
Capital
appearing Nov. 16, page 3117.
Surplus
Undivided profits
The Waltham Trust Co., Waltham, Mass., advises us
that every one of its officers and employees is now a stockholder of the institution. "It is believed," we quote from
the Boston "Transcript" of Dec. 11, "that both the bank and
its customers will derive direct advantage as a result
of
this achievement." The institution, which began business
in 1903, is capitalized at $400,000, with surplus of
like
amount, and undivided profits of more than $225,000. Deposits, as shown in its latest statement, exceed $9,000,00
0,
and its total resources are over $10,700,000. Besides its
main office at 23 Moody Street, Waltham, the bank maintains two branch offices. The personnel of the company
is BS follows: Shirley H. Eldridge, President; Clifford
S.
Cobb, Robert L. Lyons, John J. Flynn, Jr., Thomas I. Curtin
and Frank W. Knowlton, Vice-Presidents; Clinton A. Coolidge, Secretary; Warren P. Elliott, Treasurer, and Ernest
J. Grip and Yvonne E. Muir, Assistant Treasurers.
Directors of the *Union Trust Co. of Springfield, Mass., on
Dec. 17 decided to recommend to the stockholders a reduction in the par value of the bank's stock from $100 a share
to $25 a share, thereby giving each stockholder four shares
for each share now held, according to advices by the Associated Press on Dec. 17, printed in the New York "Times"
of the next day. The capitalization of the institution is
$1,000,000. The directors also decided to increase the bank's
surplus to $1,500,000 by transferring $500,000 from
the
profit and loss account, it was said.
A consolidation of three Newark, N. J., financial institutions—namely the Fidelity Union Trust Co., the North Ward
National Bank and the Equitable Trust Co. (the last two
affiliated institutions)—was announced on Monday of this
week, Dec. 16, in a statement issued jointly by Uzal H.
McCarter, John W. Lushear and H. Stacy Smith, the
respective presidents of the banks named, according to
the
New York "Times" of Dec. 17. The merger consists in
effect of the acquisition by the Fidelity Union Trust Co. of
the other two banks, which will become branches of the
Fidelity Union. The latter which is said to be the largest
bank in the State of New Jersey, with assets as of Oct. 4
last of $140,596,455, already has six branches in Newark.
The enlarged institution will have total resources of $155,000,000. Mr. Lushear and Mr. Smith, the presidents of
the acquired banks, will become Vice-Presidents and directors
of the consolidated bank. The joint statement referred to,
follows in part:
[VOL.120.
$90,391.199.87
4,000,000.00
15,000,000.00
3,216,991.54
63,349,220.28
684,125,142.74
Pngriliual trust funds
ts
e
Face value of trusts under deeds of trust or mortgages
executed by corporations to the company as trustee, to
secure issues of corporate bonds, including equipment
trusts. &c
1,469,820,890.45
In his report Mr. Jackson said:
"During the year, upon approval of the shareholders at a special meeting
held Feb. 5 1929, the capital of the company was increased by 10,000
shares, 5,000 of which were distributed as a dividend to shareholders
and
5,000 of which were offered to those shareholders for subscription at $1,000
each. It is a gratification to report that on the day of the closing of
the
period during which subscriptions could be made every share of
the
increase had been taken up.
"Upon the recommendation of the managers and approval of the shareholders at special meeting held July 15 1929, the par value of the shares
of the company was changed from 40,000 shares of a par value of $100
to 400,900 shares of a par value of $10.
"The ninety-third year of your company's life has brought to you the
greatest earnings in its history. Your moneys were employed at rates
that
ruled at high figures, and profits from these, added to the growing business,
show a satisfactory result.
"In view of the larger earnings reported, and notwithstanding the increase
in the capital necessitating a larger dividend distribution, the Board
of
Managers declared, in addition to the regular quarterly dividend
of $1.00
per share, payable Jan. 2 1930, an extra special dividend
of $1.00 per
share, payable Dec. 24 1929.
"There was also transferred $1,000,000 from undivided
profits to surplus,
thus bringing the relation of capital to surplus into a ratio
of four to one,
namely, $4,000,000 capital and $16,000,000 surplus.
"It insist be remembered that the money market of the
year just passed
has been a very definite factor in bringing the earnings of
your company
to the increase reported, and that in the future such conditions
as have
obtained during the twelve months just ended are not assured.
The present
extra distribution is therefore a special division from the profits
of a year
which may or may not be proved in the future to have been unusual.
"Your company in the conduct of its business, in common
with all other
financial institutions of the country, has lately passed
through a period of
extraordinary stock market distress. If there had been no
Federal Reserve
System the results might have been more widely disastrous.
That the
customers of the Girard Trust Co. were able to protect their
loans speaks
well for the character of the latter, as well as for the
policy of your
company of transacting business upon conservative lines. Your
investment
securities, notwithstanding the marked recession in general quotations,
stand
upon your books at figures that are much below those which
they command
on the exchanges."
According to the Philadelphia "Ledger" of Dec. 17,
at
the above-mentioned meeting of the shareholders, John A.
Hartford, President of the Great Atlantic & Pacific Tea Co.,
was elected to the Board of Managers, the number of members of the same being increased from 20 to 21. Effingham
B. Morris, W. Hinckle Smith, Jay Cooke and Arthur
W.
Thompson were re-elected members of the Board.
The Philadelphia National Co., Philadelphia, recently
organized investment affiliate of the Philadelphia National
Bank, is now in active operation in the Philadelphia National Bank Building, 1416 Chestnut Street, according
to
an announcement by the latter on Thursday of this week,
"For several weeks there has been under consideration the merger of the
North Ward National Bank and the Equitable Trust Co. with the Fidelity Dec. 19. The Philadelphia National Bank, said to be the
largest and oldest bank in that city, was organized in 1803.
Union Trust Co., under the name of the Fidelity Union Trust Co.,
and
bases of
agreement having been arrived at, the entire matter was submitted
to-day (Dec. 16) to the directors of each institution.
"The plan, meeting the approval of the members of the several boards,
the officers of each institution were instructed and empowered to carry out
details, including ratification by the stockholders of each bank, a considerable percentage having already assented to its terms and conditions.
"The terms of the proposed merger include the absorption of the North
Ward and Equitable Trust by the Fidelity Union through an exchange of
stock, the basis being six shares of Fidelity Union stock, par value $25, for
one share of North Ward stock, par value $100. and one share of Fidelity
Union stock for three shares of Equitable Trust stock, each of the same
Par
value.
"The book value of each stock was carried on Oct. 4 as: Fidelity Union,
$59; North Ward, $438, and Equitable, $46. The Fidelity Union's capital
stock of $6,000,000 will be increased to provide the stock made necessary by
the transaction.
"On Oct. 4 the company showed deposits of $122,353,351: North Ward,
capital of $400.000, assets of $15,127,609, and deposits of $12,415,802;
Equitable $200,000 capital, $1,529,111 assets and $1,159,140 deposits.
The merger will bring the total assets of the Fidelity Union to more than
$155.000,000. It controls also the Essex County Trust Co., of East
Orange."
According to the Newark "News" of Dec. 16, the Fidelity
Union Trust Co. on that day declared the same dividends as
at the close of last year—the regular quarterly dividend of
$2 a share and an extra of $2 a share. The dividends are
payable Jan. 2 1930 to stockholders of record Dec. 20. A
bonus of 10% of their annual salaries to officers and employees
by Mr. McCarter, who said:
"The Fidelity Union Trust Co. desires to express the fullest confidence
in
business conditions in Newark, not only for the future,
but for the coming
twelve months."
Net profits of the Girard Trust Co. of Philadelphia, Pa.,
for the year ending Nov. 30 1929 were $2,716,080.32, exceeding those of any one of the ninety-two years preceding it,
according to the report of Albert A. Jackson, President,
made at the annual meeting of the shareholders on Dec. 16.
As of Nov. 30 1929 the company's statement showed:
A condensed statement of condition, as of Dec. 2, of
the
enlarged First National Bank of Scranton, Scranton, Pa.,
formed by the union on Nov. 30 of the First National and
Traders' National banks of that city, shows total resources
of $64,604,400, of which the principal items are
loans and
investments, $49,327,378; 'United States Government securities, $6,811,227; cash on band and in banks, $6,160,077,
and
bank buildings, safe deposit and equipment, $2,035,673.
On
the liabilities side of the statement, deposits are shown
at
$50,589,276; capital at $5,000,000; surplus at $2,500,000,
and undivided profits at $2,713,777. The personnel
of the
new organization is as follows: Charles S. Weston,
President; Frank Hummler, Senior Vice-President; D. R. Atherton, Executive Vice-President; R. 0. Deubler,
Alfred T.
Hunt, A. G. Ives, George C. Nye (and Cashier), W. B.
Oliver, Wallace M. Ruth and Robert M. Fish, Vice-Presidents; A. R. Mackay, Assistant Vice-President; MacDona
ld
Heebner, George F. Hoffman, Walter B. Kramer, H.
S.
Kirkpatrick, T. H. Marsh, A. C. Richards and Louella Warren, Assistant Cashiers; John T. Walters, Auditor; William
T. Lindsay, Assistant Manager of the Bond Departme
nt,
and George Perlin, Manager of the Foreign Departme
nt.
With reference to the proposed consolidation of the
National Bank of Delaware, Wilmington, Del., with the
Security Trust Co. of that city (noted in the "Chronicle"
of
Nov. 16, page 3118), stockholders of the latter at a special
meeting on Dec. 5 unanimously approved the union of
the
Institutions, according to advices from Wilmington on
that
date to the Philadelphia "Ledger." The meeting of the
stockholders of the National Bank of Delaware, it was
DEC. 21 1929.]
FINANCIAL CHRONICLE
3909
s. If this change in the capital structure of the
said, would be held on Dec. 23, when it is expected similar stockholder
addition
s will bank is approved, each stockholder will receive in
action to that of the Security Trust Co. stockholder
for one-third of his present holdings. A
$130 per share
be taken. In conclusion the dispatch said:
bonus of 10% of the year's salary was voted by
It is understood the actual transfer of the business of the National Bank Christmas
bank.
New Year's. Its business will then the directors to all officers and employees of the
of Delaware will be made soon after
be transferred to the Security Trust Co. Building.
Further referring to the proposed merger of the National
Bank of Baltimore with the Union Trust Co. of that city,
we learn from the Baltimore "Sun" of Dec. 14 that the
directors of the latter institution have unanimously confirmed revised terms for the acquisition of the National
Bank of Baltimore, and have called a special meeting of
the stockholders of the institution for Dec. 27 to act on the
new plan. Upon ratification by the stockholders of the
trust company, as is now confidently expected by the management, the consolidation will become effective on the
deposit by Jan. 13 next of at least 10,000 shares, or twothirds of the stock of the National bank. The directors of
the National Bank of Baltimore have already approved the
new terms, it was said. A letter mailed on Dec. 13 by John
Schoenewolf, President of the National Bank of Baltimore,
to his stockholders (as printed in the "Sun") said:
Joseph E. Otis on Nov. 17 was advanced from President
to Chairman of the Board of the Central Trust Co. of
Illinois, Chicago, and Philip R. Clarke was made President in his stead. Charles G. Dawes, heretofore Chairman
of the Board,. was named honorary Chairman, while Eugene
V. R. Thayer remains Chairman of the Executive Committee. The former is now United States Ambassador to
England. In announcing this important realignment of the
executive heads of the bank, directors pointed out the
chief reason was to centralize executive responsibility for
all of the banking and investment departments under one
office. Mr. Clarke was recently elected President of the
Central Illinois Co. and President of the Central Illinois
Securities Co., the investment affiliate of the bank. These
positions he retains. The official statement in the matter
goes on to say:
"After several weeks of negotiation an agreement has been arrived at,
approved by the boards of both institutions, for an exchange Of one share
of the National Bank of Baltimore stock (par value $100 a share) for
five and one•quarter shares of Union Trust Co. stock (par value $10 a
share), which is better than the original proposal insofar as the exchange
of stock is concerned. We have been assured by the management of the
Union Trust Co. that they believe they can obtain the requisite vote of
their stockholders for the ratification of this plan, and that they will
immediately call a stockholders' meeting for that purpose, to be held on or
about Dec. 27.
"To accomplish the proposed settlement, however, the owners of at least
10,000 shares (or two-thirds) of our stock must agree on or before Jan. 13
1930. If the settlement is accomplished on that basis, the National Bank
of Baltimore stockholders will be better off so far as the option exchange
stock is concerned than if the original proposal had been carried into
effect.
"Accordingly, the Board of Directors of the National Bank of Baltimore,
In conjunction with the Board of Directors of the Union Trust Co. of
Baltimore have determined that it is advisable to recommend the modification of the original plan by the elimination of the cash offer and by the
Increase of the stock offer as above stated."
The original terms of the proposed consolidation, as reported in our issue of Nov. 2, page 2809, were $430 a share,
or five shares of Union Trust Co. stock (par value $10 a
share) for one share (pair value $100 a share) of National
Bank of Baltimore stock. As noted in the same item, the
consolidation of these banks will result in an institution
having combined capital, surplus and undivided profits of
approximately $8,000,000, deposits of about $53,000,000, and
total resources of approximately $61,000,000. John M. Dennis is President of the Union Trust Co.
bank conThis elevation to-day (Nov. 17) to the presidency of the
Central Trust Co.
centrates administration of all of the activities of the
and its affiliate organizations in one individual, thus insuring the most
institutions.
intelligent and efficient relationship between these allied
In becoming Chairman of the Board, Mr. Otis will continue his activities
rather
with greater responsibility, inasmuch as he will now handle policies
Dawes as
than details. It is understood that the withdrawal of General
of the bank.
active chairman will in no way change his interest in the affairs
of
In December a year ago the Central Trust absorbed the Bank
resources, B. E. GreeneAmerica, bringing, in addition to $39,000,000 of
Vicebaum as 'Vice-Chairman of the Board and C. Iloward Marfield as
22, conPresident and Chairman of the discount committee. On April
Contisummating this merger, it moved into the former quarters of the
nental, one of the most dominating sites on La Salle Street.
of the
Second in the steps of extension was the merger on June 9
Clarke
Federal Securities Corp., large Chicago bank house, which Philip R.
has built up to eighth place among American investment concerns through
0
the origination, either individually or with other houses, of $1,239,000,00
of bond issues.
the
No sooner was this group combined with the Central Illinois Co.,
taken in the
securities affiliate of the bank, than a still further step was
the Central 11limais Securities
formation of a $15,000,000 investment trust,
Corp., to round out the group.
At the December meeting of the board of directors of
the Central Manufacturing District Bank, Chicago, a regular
quarterly dividend of 23/2% and an extra dividend of 53.i%
were declared. These dividends were payable Jan. 2 1930
to stockholders of record Dee. 31 1929. This brings dividends declared during the year to 10% regular and 8%
extra, a total of 18%.
We are advised that the Foreman-State Corp., representing the merged investment activities of the Foreman National
According to advices from Mansfield, Ohio, on Dec. 13,
Savings Bank and the State
appearing in the Toledo "Blade" of the same date, a merger Bank, the Foreman Trust and
Co. of Mansfield with the Bank of Chicago, has begun an important expansion program
of the Security Savings & Trust
West and in the East in line with the
Richland Savings & Trust Co. of that place was effected throughout the Middle
the largest repreapproval of the consolidation by the policy of the corporation to become one of
on Dec. 14, following
originating and distributing investment organize,State Banking Department tit Columbus. The consolidated sentative
New York offices of the corporations
institution will operate in the new Richland Savings & Trust tions in the country.
will be formally opened Jan. 1 1930 with Boudinot Atterbury,
Building, completed October last, It was stated.
resident Vice-President, in charge. The corporation will
floor of the National City Co. Building at
Failure of the Exchange Banking Co., Grover Hill, Ohio, occupy the 27th
•
St. The New York office will maintain a trading
on Dec. 13, was reported in the following press dispatch 52 Wall
, a municipal department, a staff of institutional
from Paulding, Ohio, on Dec. 14, appearing in the Toledo department
salesmen, a statistician and a staff of South American and
"Blade" of the same date:
European buyers. Officers directing the affairs of
The Exchange Banking Co. at Grover Hill, a small village in the southeast continental
33 North
part of this county, closed its doors Friday (Dec. 13) and was in the the corporation from the Chicago headquarters at
hands of the State Banking Department. Directors said voluntary liquida- La Salle Street are Gerhard Foreman, President; Robert B.
tion had been petitioned. No figures were made public as to assets and
Whiting (in charge of wholesaling and municipals), Edwin
liabilities, but directors said depositors will lose little, if anything.
M. Stark (in charge of buying); Harold E. Wood (in charge
and J. F.Notheis
of a dividend of $182 per share for the out- of sales), John W.Ogden,D.T. Richardson
Payment
Vice-Presidents; J. J. Burns, Second Vice-President; G. W.
standing stock of the Franklin Trust & Savings Rank,
J. Mullin, Assistant Treasurer.
Chicago, subject to approval of the stockholders on Jan. 7 Blair, Comptroller, and L.
T. Straus, a Vice-President of
1930, was announced by S. J.
Consolidation of the Equitable Trust Co. and the Central
the bank, Dec. 13. This dividend is from surplus and undividend totals $546,000 on the 3,000 Trust Co., both of Detroit, Mich., under the title of the
divided profits. The
Trust Co., was recommended to their
shares of stock now outstanding. In addition to this divi- Equitable & Central
s
Directors voted a regular dividend of stockholders by the respective directors of the institution
dend, the Board of
on Dec. 17, according to the Detroit "Free Press" of the
$4 a share and the customary extra dividend of $4 a share,
day. Under the merger plan, the capital of the
payable on Dec. 31 1929 to stockholders of record Dec. 21 following
Equitable Trust Co. will be increased from 5,000 shares of
1929. The Franklin Trust & Savings Bank was organized
par value ($500,000) to 50,000 shares of $20 par value
In 1912 by S. W. Straus and S. J. T. Straus, and has been $100
($1,000,000). The stockholders of the two consolidating
one of the outstanding South Side banks for many years.
companies, it was said, will each receive 20,000 shares, with
According to the plans announced Dec. 13 the directors also
remaining
ion of the bank the right to subscribe in equal proportion to the
recommended a reduction in the Capitalizat
shares. Thomas Neal, President of the Equitable
10,000
from $300,000 to $200,000, subject to the approval of the
3910
FINANCIAL CHRONICLE
Trust Co., will head the enlarged bank, either as President
or Chairman of the Board of Directors, and will select
officers from the present staffs to complete the personnel.
The directorate will be made up from the present Boards.
Decision as to the headquarters of the new institution, it
was stated, has not been made; but for the present will
be at the Central Trust Co.'s offices on Griswold Street.
Continuing, the Detroit paper said:
(VOL. 129.
consin and Montana, and is affiliated with more than 65 banks
as a stockholder. The banks with which Mr. Bremer is associated have
combined
resources of more than $60,000.000.
"The local management will remain unchanged and the policy of
giving
home interests the first consideration will continue to be the pollcy
of the
bank. Mr. Bremer said."
•
Control of the Security State Bank of St. Paul, Minn.,
has been acquired by the First Bank Stock Corp. (head
The American Trust Co., a subsidiary of the Central Trust Co., will not offices Minneapolis and St. Paul), according to an announcebe included in the assets of the new organization; but will retain
ment.by R. C. Lilly, President of the First National Bank
its
Identity and be operated under the management of the newly
consolidated of St. Paul and Vice-President of the holding company. A
company.
statement in the matter issued by the Minneapolis office
of the corporation says in part:
The Wisconsin Bankshares Corp.—the new holding comThe Security State serves the Riverview district on the West Side of St.
pany with authorized capital of $100,000,000 which has been Paul from its banking house at Robert and Concord Streets. It will
continue to be operated as a neighborhood bank providing its community
in course of organization in Milwaukee headed by the First with expanded facilities,
according to Mr. Lilly, but
be managed
Wisconsin National Bank—held its initial meeting in Mil- as an affiliate of the First Bank Stock Corp. and a now will of the First
member
waukee on Dec. 11, at which Walter Kasten, Pres. of the National group of St. Paul.
Den E. Lane, St. Paul realtor, ,and Tom J. McGrath, counsel for the
First Wisconsin National Bank, was appointed President. Brotherhood
of Railroad Trainmen, have been the bank's principal stockThe Milwaukee "Sentinel" of Dec. 12,from which the above holders, and their majority holdings have been acquired by the corporation
.
information is obtained, stated that in all there are 27 banks With the transfer of control, Mr. Lane is retiring as President of the bank
and will be succeeded by Augustus H. Kennedy, Vice-President of the First
in the group, the First Wisconsin and its affiliated banks ac- National. Mr.
McGrath also is retiring from participation in the bank's
counting for 18. There are 7 other financial institutions in management.
Julius H. Brogmus, Vice-President and Cashier, will continue in the
the holding company, these being the First Wisconsin Co.,
capacity of
the First Wisconsin Trust Co., the First Wisconsin Mort- Gutknecht, managing officer, and Joseph H. Wiblishauser and Ray E.
Assistant Cashiers, will remain with the bank.
gage Co., the Milwaukee Title Guarantee & Abstract Co.,
The Security State Bank was organized in 1912 and has grown to be one
the larger community banks of the city. Mr. Lane became It President
the Second Ward Securities Co., the First Trust Co., and the of
First Investment Co., the latter two being affiliates of the on Oct. 15 1928, succeeding Mr. McGrath, who resigned to take up his
duties in Cleveland as general counsel for the brotherhood.
First National Bank of Oshkosh. The resources of the inAs of Oct. 31, the Security State had deposits of $841,457, and total
stitutions now in the group aggregate between $280,000 resources of $947,026. It is capitalized at 800.000. and undivided profits
and $290,000,000. Banks with resources of over $30,000,000 of $7,319.
• •
•
which had previously announced their intention of joining
The Security State Bank becomes the 78th affiliate of the First
the group, it was said, were not included in the initial organiz- Stock Corp., whose total resources have now reached $448,736,796. Bank
ation. These banks were: The First National and ComThe Griswold National Bank, Griswold, Cass County,
mercial National of Madison, Wis., the First National of
Menominee, Mich., the First National of Wisconsin Rapids, Iowa, was closed by its directors on Dec. 12, following a
Wis., the First National of Bessemer, Mich., the First three days' "run" on the institution, according to a press
National of Neenah, Wis., and the First National of Men- dispatch from that place on Dec. 12, printed in the Omaha
asha, Wis. In addition to President Kasten, other officers "Bee" of the next day. The institution, the dispatch said,
chosen for the holding company at the initial meeting were: was established in 1888 and was considered one of the
Louis Schriber (President of the First National Bank, of soundest financial institutions in Cass County. The action
Oshkosh, Wis.), and Fred K. McPherson (Vice-President of was taken to protect the depositors, according to Fred B.
the First Wisconsin National Bank), Vice-Presidents: DeWitt,,Cashier, it Was said.
Edward A. Bacon (Vice-President of the First Wisconsin
Frederick R. von Windegger, Executive Vice-President
National Bank), Vice-President and Treasurer; W. H.
Correll, Secretary, and Francis W. Dickey and Charles M. of the Guaranty Bank & Trust Co. of St. Louis, Mo., since
the organization' of the institution in July 1925, was apScudder, Assistant Secretaries. The executive committe
e
of the new corporation was named as follows: Walter Kasten, pointed Piresident at meeting of the directors on Dec. 13,
Louis Schriber, Leo T. Crowley, Henry M. Thompson, according to the St. Louis "Globe-Democrat" of the next day.
Albert C. Elser, Ernest J. Perry, Fred T. (loll, L. J. Petit, Mr. von Windegger succeeds Hilisman Taylor, head of
Joseph E. Uihlein, Fred Vogel, Jr., and John J. O'Connell. the Missouri State Life Insurance Co., who was President
A board of directors is made up of thirty bankers and busi- of the bank until control was purchased by the group comness men, 23 of which are Milwaukeeans, and 7 from various prising the Board of Directors, from Caldwell & Co., of
cities in the State of Wisconsin. In reporting the filing of Nashville, Tenn., several weeks ago. Mr. Taylor resigned
articles of incorporation for the holding company at Madison, at that time. At the same meeting of the directors, Ralph
Wis., on Dec. 10, the "Sentinel" in its issue of Dec. 11 said M. Fox was made an Assistant Cashier, and two new directors were appointed, namely James It. Kearney, Presiden
in part as follows:
t
The Bankshares Corp. was incorporated under the laws of Wisconsin of the Kearney Corp., and Horace B. Deal, Vice-President
as a general holding corporation. Incorporators were Walter Kasten,
-Deal Co., the former to succeed Mr. Taylor
Pres- of the Humes
dent of the First Wisconsin; Albert C. Riser, Vice-President, and
Louth and the latter to take the place
of Clarke Colt. In announcSchriber, President of the First National of Oshkosh.
Authorized capital consists of 10,000.000 shares of $10 par value stock. ing Mr. von Windegger's appointment as President
, the folAccording to Hugh W. Grove of the First Wisconsin, somewhere between lowing statemen
t was issued by the directors:
8,000,000 and 9,000.000 shares will be used in exchanges of stock, a block
"Mr. F. R. von Windegger has been the executive
of approximately 1,000,000 shares will be held for future expansion,
officer in charge since
and the organization of the bank, and having
brought it up to its present
a substantial block will be offered to the public after listing on the Chicago successful
state of operation the directors rewarded him by electing
stock exchange. The stock to be offered has already been underwritten.
him
to its highest office. The bank has a capitalization
of $200,000,
Items with reference to the formation of the new holding paying dividends to its stockholders ever since its organization, and after
the surplus
company appeared in the "Chronicle" of Oct. 5 and Oct. 12, has been brought up to $81,000 as shown on the last statement of Oct. 4.
The deposits of the bank are in excess of
$2,000,000, and this year has been
pages 2176 and 2339, respectively.
the best in the bank's experience."
According to advices from St. Paul, Minn., on Wednesday
Dec. 11, appearing in the "Wall Street News" of the next
day, acquisition of the Bank of Willmar, Minn., by Otto
Bremer, Chairman of the Board of the American National
Bank of St. Paul, has been announced by Mr. Bremer.
The Bank of Willmar, it was stated, has deposited in excess
of $3,000,000, total resources of $3,250,000, capital of $100,000 and surplus and undivided profits of $40,000. Mr.
Bremer has acquired the controlling interest from Col. C. A.
Rice, who was Chairman of the Board. The latter has extensive interests outside of the United States and will devote
his time in the future to these interests. Continuing the dispatch said:
Mr. Bremer will have a controlling interest
in the financial institution,
which is one of the largest In the West
Central part of the State. Mr.
Bremer is one of the largest individual bank
stockholders in the United States,
has control of approximately 45 banks in
Minnesota. North Dakota, Wis-
Reference to the affairs of the Guaranty Bank & Trust
Co.
was made in our issue of Nov. 2 last, page 2809.
Purchase of a controlling interest in the American National
Bank of Pryor, Okla., an institution with resources
of $170,
000, by the Southwest Corp., a chain organization recently
formed by the Exchange National Bank of Tulsa, Okla.,
was announced on Dec. 10, according to Associat Press
ed
advices from Tulsa on that date, appearing in the "Oklahoman" of the next day. At a meeting the previous night
(Dec. 9) of the reorganized Board of Directors of the Pryor
Bank, it was said, W. T. Gooley was made President of the
institution to succeed R. A. Smith. The dispatch furthermore stated that the acquisition of the First National Bank
of Pryor makes the 19th bank in the Southwest Corp. chain
of banks, 17 of which are located in Oklahoma, 1 in Kansas
and 1 in Texas.
DEC. 21 1929.]
FINANCIAL CHRONICLE
As the result of unusual withdrawals during the last six
months, the Farmers' Bank of Clarksburg, West Va., an
institution capitalized at $100,000 with surplus of $30,000,
was closed by its directors on Dec. 14 and placed in the
hands of the State Banking Commissioner, H. A. Abbott,
for liquidation, according to advices from that place on Dec.
14 to the New York "Herald Tribune". The closed bank,
it was said, had never failed to pay a dividend since its organization in 1903. The dispatch furthermore stated that
at its last statement, Oct. 4, the institution showed deposits
of $941,883 and total resources of $1,136,792.
Failure of the Bank of Pass Christian, Pass, Christian,
Miss., was reported in a dispatch by the Associated Press
from that place on Dec. 9, printed in the New Orleans
(La.) "Times-Picayune" of the following day, which said in
part:
The Bank of Pass Christian failed to open its doors for business this
morning. Lee M. Russell, former Governor of Mississippi, President of
tho institution, said that the State Banking Department had been called
upon to take over the bank's affairs for liquidation.
The closing was voluntary, it was understood, and the bank officials
expressed a belief that the bank had "ample securities" to take care of
all depositors and meet all the obligations of the institution.
"Frozen assets together with slow business conditions at this time
prompted the board of directors to close the bank," it was said, and a request upon the State Banking Department to investigate the situation and
liquidate the affairs of the bank was immediately made.
The total deposits are approximately $50,000, it was said, and the bank
capital stock is $15,000.
Stockholders of the First National Rank of Ludlow, Ky.,
on Jan. 14 will be asked to vote on a proposed increase in
the bank's capital from $25,000 to $50,000; the declaring of
a stock dividend of 100%, and the reduction of the par value
of the stock from $100 a share to $10 a share, according to
the Cincinnati "Enquirer" of Dec. 12, which went on to say:
Cashier Clinton D. Snyder said the bank has grown to a point where
the deposits are out of proportion to the capital stock and that good
banking suggests the capital stock should be increased 6o that authority
may be obtained from the Federal authorities to carry on a trust business.
Other officers of the bank are Herbert Jackson, President, and James
A. Stephens, Vice President.
J. M.0. Monasterio, Manager of the Foreign Department
of the Hibernia Bank & Trust Co. of New Orleans has been
appointed Chairman of the Foreign Trade Bureau of the
Association of Commerce. The announcement by the bank
goes on to say:
Mr. Monasterio has been an active worker in this bureau of the Association for a number of years and his appointment as its head comes as a
reward for the valuable services he has rendered.
The work of this bureau is one of the most important activities of the
New Orleans Association of Commerce, it having considerable influence
In the shipping activities of the port. With the continuous development
of New Orleans as the connecting link between the Mississippi Valley and
foreign countries, the bureau under Mr. Monasterio can look forward to
Increased activities and importance.
A consolidation of the First National Bank (combined
capital and surplus $50,000) and the Merchants' State Bank
(capital $35,000), both of Edgewood, Texas, was consummated on Dec. 2 under the title of the First National Bank
of Edgewood, according to advices from that place on Dec.3
to the Dallas "News". Officers of the new bank are as
follows: Lee Joyner, Chairman of the Board of Directors;
R. M. Millsaps, President; N. L. Cheatham, J. H. Jones,
Joe P. Downs (active) and W. H. Pickens (active), VicePresidents; G. M. Youngblood, Cashier and W. A. Presley,
Assistant Cashier.
The Board of Directors of Barclays Bank (Dominion,
Colonial and Overseas) recommend a final dividend for the
year ended Sept 30 1929, at the rate of 8% per annum on the
cumulative preference shares, less income tax at the rate of
2-7d. in the £, and a final dividend on the A and B shares
at the rate of 5% per annum, less income tax at the rate of
2-8.7d. in the £, making, with the interim dividend paid in
July last 434% for the year.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The stock market has been under considerable pressure
the present week, and prices are sharply lower all around.
The weekly statment of the Federal Reserve Bank, made
public after the close of business on Thursday, showed a
reduction of $39,000,000 in broker's loans. Call money
renewed at 434% on Monday and remained unchanged at
that rate until Friday, when it advanced to 5%.
Railroad stocks featured the trading during the brief
session on Saturday and many substantial gains were re-
3911
corded before the closing hour. Wabash was one of the most
active of the group and ran up more than 6 points to 61.
Western Maryland shot ahead 4 points to 32, Missouri
Pacific improved 4 points to 90, Mo.-Kan.-Tex. was bid up
five points to 53. New York Central which surged forward
five points and crossed 180, followed by Atchison which had
gained four points as it touched 228, and Ches. & Ohio,
which forged ahead 7 points to 213. In the industrial
section United States Steel common led the way and stimulated by an unusually heavy buying demand shot ahead
nearly three points to 1747 ,closing at 174 with a net gain
%
of 2 points. American Can gained about 2 points as it reached
120 and both General Electric and Westinghouse closed the
day with substantial gains. Motor shares were prominent
in the trading and moved forward under the leadership of
Hudson Motors which developed considerable strength and
reached the final hour with a net gain of 334 points, General
%
Motors improved to 4334, Studebaker closed at 443 with
a gain of about 2 points, and Chrysler was up 134 points at
37. Public utilities were under pressure a good part of the
time though a number of the more active issues closed with
moderate advances.
Trading opened dull on Monday with prices moving
upward and downward most of the day. In the final hour the
market turned sharply downward, the lowest levels of the
day being registered during this period. In the early trading
many of the more active issues were under pressure, United
States Steel common for instance closing at 1663s with a net
/
decline of 73% points. Amer. Tel. & Tel. sold up to 223 at
its top for the dtty and then dipped to 218 with a loss of
/
41 2 points, American Can was down about 5 points, JohnsManville receded 7 points and Radio Corp. dropped to
4234 with a net loss of nearly 3 points. Railroad shares also
were off and lost most of the gains registered on the previous
Saturday. The principal losses were Wabash 13/2 points to
60, Western Maryland 234 points to 29%, Mo.-Kan.-Tex.
3
3 points to 49%. Public utilities were heavy and sharp
declines were recorded all along the line, particularly in
American & Foreign Power which dropped back 6 points to
90, and American Water Works which was off 5 points at
1873/2. Similar recessions were recorded in such standard
issues as Public Service of New Jersey, Columbia Gas &
Electric, Standard Gas and Detroit Edison. Spasmodic
attempts were made to bid up the motor shares and oil
issues, but with little or no success. The best resistance of
the day was made by the copper stocks, though most of the
group were down from 1 to 3 points at the close.
Stock prices climbed slowly upward on Tuesday, though
trading was comparatively dull and without noteworthy
movement. The best showing was made in the late afternoon when United States Steel common climbed slowly upward and closed with a gain of about 6 points on the day.
General Electric also did better and scored a net gain of
434 points at 234. Public utilities sagged with the possible
exception of American and Foreign Power which displayed
considerable strength as it surged forward 33% points to
8
93%. Railroad shares were fairly strong particularly in
the low-priced group which were in the greatest favor.
The strong stocks included Mo.-Kan.-Tex., St. Paul, Erie
and the Great Western issues. Small gains were also recorded by Baltimore & Ohio, New York Central, New
Haven, and Wabash. Copper shares were inactive, and
while the motor group as a whole moved slowly upward, the
gains were as a rule comparatively small. Merchandising
shares were represented on the upside by Montgomery
Ward with a gain of 2 points and Sears-Roebuck which
advanced 3 points to 104.
Prices fluctuated within a narrow range during the greater
part of the session on Wednesday, though several efforts
were made to develop an upward movement. The industrial
group attracted most of the speculative attention, and stocks
like Columbia Carbon, American Machine & Foundry and
J. I. Case worked somewhat higher during the day but
failed to hold their gains. Railroad stocks were off and
public utilities were in demand for a short time but the upward movement soon petered out. Motor shares and oil
issues were fairly steady during the early part of the session,
but closed at lower levels.
Stock prices dropped off sharply on Thursday, persistent
pressure forcing the list down from one to three points. In
the early forenoon prices held fairly well, though the tone
was heavy and the transactions comparatively light. During the afternoon and up to the final hour a few of the stronger
stocks made a show of resistance, but at the end they came
down with the rest. United States Steel common moved
4
backward and forward and finally closed at 1673 with a loss
of 354 points. American Can dropped four points to below
%
112, Johns-Manville fell off 7 points to 1163 , Union Carbide & Carbon dipped five points to 72, and numerous other
high priced speculative issues showed losses ranging from
three to five points.
Sharp breaks with the heaviest inrush of selling since
November characterized the trading on Friday and numerous speculative favorites sunk to new low levels under pressure from bearish operators. Montgomery Ward broke more
than 10 points to a new low below 44 and Simmons dipped
11 points to 793/2. Sears Roebuck slipped back 59's points to
American Can 254 points to 110 and United States
Steel common 53( points to 162. Railroad stocks were in
good demand, though they also moved downward. The
market was weakest in the final hour, when the day's lowest
prices were reached.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Tnto.1
Railroad,
ctc..
Bonds.
State,
Municipal vt
Foreign Bonds.
33,849.000
8,855,000
8,196.000
7,164,000
6,983400
8.361.000
31.488.000
2442.000
2.991.000
2,931,000
3.050.000
2,151,000
$231,000
548,000
373,000
657.000
434,000
931,000
12(111:111
17 ,
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Stocks,
Number of
Shares.
1,654,220
2.592,110
2,438.080
2,284,850
3,412,020
5,545,650
Week Ended Dec. 20.
843 4(18000
514 253 nnn
C1 1740(10
1928.
1929.
-No.of shares_
Stocks
Bonds.
Government bonds_ _
State and foreign bonds
Railroad de misc. bonds
United
States
Bonds.
Jan. 1 to Dec. 20.
Week Ended Dec. 20.
Sales at
New York Stock
Exchange.
1929.
1928.
17,926,930
16,472,740
1,103,367,180
871.630,479
$3,174,000
14,253,000
43.408,000
32,239400
13,356,000
28.837,500
2137,656,000
640,689.650
2,143,112,800
$178,450,750
738,155,135
2,181,121,676
$60.835.000 $44,432,500 12.921.458,450 $3,097,727,561
Total
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Philadelphia.
Boston.
Week Ended
Dec. 20 1929.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
[VOL. 129.
FINANCIAL CHRONICLE
3912
SaStares..Bondles
Shares. Bond Sales. Shares. Fkoul Swell.
$6,200
12.600
33,500
28,900
17,800
1,927
2,751
2,867
3,839
3.073
5,690
$2,400
9.600
10,400
23,000
9,000
13,000
354,113 $168,000 361.639
$99,000
20,153
$67,400
$8.000
83,000
27,000
13,000
22.000
15.000
£139,885
£138,466
No fresh Indian Currency Returns have come to hand.
of about 83.900.000
The stock in Shanghai on the 30th ultimo consisted
ounces in sycee. 127,000,000 dollars and 7,300 silver bars, as compared
with about 83,800,000 ounces in sycee, 129,000,000 dollars and 5,900 silver
bars on the 23rd ultimo.
Statistics for the month of November last are appended:
Bar Gold
Bar Silver per Oz. Std.
per Oz. Pine.
2 Mos.
Cash.
84s. 1134d.
2334d.
22 15-16d.
Highest price
845. 10d.
22%d.
2234d.
Lowest price
84s. 11.34d
22.877d.
22.6965.
Average price
Quotations During the Week
.
84s. 11 d
2254d.
2234d.
Nov. 18
84s. 11 d.
22 11-165.
22 9-16d.
Nov. 29
.
84s. 11 d
22 11-16d.
22 9-16d.
Nov. 30
.
84s. 11 d
22 9-16d.
2234d.
Dec. 2
845. 11 U.
2234d.
227-165.
Dec.3
84s. 11 d.
2230.
22 7-16d,
Dec. 4
.
84s. 11. U
22.593d.
22.500d.
Average
The silver quotations to-day for cash and two months' delivery are respectively 34d. and gs. below those fixed a week ago.
-PER CABLE.
ENGLISH FINANCIAL MARKET
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Fri.,
Thurs.,
Wed.,
7'ues.,
Mon.,
Sat.,
Dec. 14. Dec. 16, Dec. 17. Dec. 18. Dec. 19. Dec. 20.
22 3-16
226(
2234
.
1
223
22 9-16
Silver, p. oz_d_ 22 9-16
Gold, p.tine oz. 84s.1134d. 848.1130. 840.113id.;84.10)(d. 84s.11)4d. 84.9.1130.
523(
52;4
523(
524
%.
5214
Consols,
99q
993(
9914
9914
99)4
British, 5%
9334
9334
9334
9334
British, 4)4%_
9334
French Rentes
83
81.65
80.15
80.65
80.20
(in Paris)Jr.. _
French War L'n
107
106.30
106.50
106.35
106.05
On Paris)_fr_ ____
The price of silver in New York on the same days has been
Silver in N. Y., per es.(Me.):
49
4934
Foreign
$95,700
19,534
Prey, week revised 439.205 $229,500 660.923 3118,000
•In addition, sales of rights were: Saturday, 350; Monday. 255; Tuesday, 39:
Wednesday, 968; Thursday, 630.
a In addition, sales of rights were: Saturday, 81.800; Monday, 48.300; Tuesday, 40.500; Wednesday, 63,600; Thursday, 35.200; Friday. 32,100.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Dec. 4 1929:
4894
4834
4834
COURSE OF BANK CLEARINGS.
Bank clearings this week will again show a decrease as
compared with a year ago. Preliminary figures compiled by
us, based upon telegraphic advices from the chief cities of
the country, indicate that for the week ended to-day (Saturday, Dec. 21) bank exchanges for all the cities of the
United States from which it is possible to obtain weekly returns will fall 12.2% below those for the corresponding week
last year. Our preliminary total stands at $12,246,200,463,
against $13,950,365,490 for the same week in 1928. At this
centre there is a loss for the five days ended Friday of 13.8%.
Our comparative summary for the week follows:
Clearings-Returns by Tdegraph.
Week Ending Dee. 21.
New York
GOLD.
Chicago
The Bank of England gold reserve against notes amounted to £134,- Philadelphia
previous Boston
712.194 on the 27th ultimo (as compared with £132,103,434 on the
Wednesday), and represented a decrease of £19,194,121 since the April 29 Kansas City
St. Louis
-when an effective gold standard was resumed.
1925
San Francisco
There was a keen demand for the £944,000 of bar gold from South Africa Los Angeles
available in the open market yesterday and the consignment realized 84s. Pittsburgh
11%d. per fine ounce. About £438,000 was taken for France and £50,000 Detroit
Cleveland
for India, whilst Home and Continental trade requirements absorbed Baltimore
£87,000. The balance of about £369,000 was secured by the Bank of New Orleans
England.
Thirteen cities, 5 days
In addition to gold bought in the open market for France, further with- Other cities, 5 days
drawals from the Bank of England have been made for that quarter during
Total all cities, 5 days
the week, and, as will be seen from the figures below, there has been a net
All cities, 1 day
efflux of £995,323 since our last letter:
Dec. 3.
Dec. 4.
Total all oltlan Inr arpelt
Nov. 28. Nov. 29. Nov. 30. Dec. 2.
368,900
239
54,436
1,469
Received___
12,073 202.518 205,998
7,074
Withdrawn_ 526,152 466,552
£51,000 foreign gold coin from
Included in the above receipts is about
France.
Uruguay. Of the withdrawals about £1,375,000 in bar gold was for
gold
The following were the United Kingdom imports and exports of
instant:
registered from mid-day on the 25th ultimo to mid-day on the 2nd
Exports.
Imports.
£1,376,714
£14,265 France
France
78,886
7,988 Germany
Venezuela
32,494
2,791,502 British India
Argentina
10.329
51,246 Other countries
Uruguay
764,917
British South Africa
39,197
British West Africa
125.000
New Zealand
2.109
Other countries
£1,498,423
£3,796,224
SILVER.
The tone of the market has continued dull with sagging prices which
reached a still lower level yesterday when 22.7-16d. and 2234d. were
Quoted for cash and two mouths' delivery respectively. The wealmess has
4834
Baltimore
a55,532
6175.086
a52.006
a73,154
a79,761
a26,100
*29,881,
*53,239
*85,8311
*56461
*65,626
*63.475
been mainly due to China sales, but indifferent support has also been a
contributory cause. Neither the Indian Bazaars nor the Continent have
shown much activity but inquiry from America has been fairly consistent.
Following the reduction of stocks by the substantial shipments last week
both to the Far East and to Central Europe, the difference between the
quotations has narrowed, the discount on cash delivery being reduced to
1-16d. on the 2nd instant.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 25th ultimo to mid-day on the 2nd instant:
Exports.
Imports.
£64,867
£30,375 Germany
France
26,694
66,788 British India
Me:dco
42,174
British India
34.306 China
6,150
6,997 Other countries
Other countries
1929.
1928.
Per
Cent.
$6,382,000,000
539,329,045
600,000,000
401,000,000
125,585.986
129,300,000
181,977,000
177,063,000
157.816,185
170,646,285
132.516.281
90.207.124
56,099,107
$7,405,000.000
613.468,785
592.000,000
524,000,000
122,195,749
141,600,000
193,675,000
199,450,000
182,952,417
238.201,465
134.384,767
90,681,927
59,667,411
-13.8
-12.1
+1.4
-23.5
+2.8
-8.7
-6.0
-11.2
-13.7
-28.4
-1.4
-0.5
-6.0
$9,143,540,013 310,497,277,521
1,167.942.365
1,061,627,040
-12.9
-4.1
$10,205,167,053 $11,665,219,886
2,285,145,604
2,041,033.410
-12.5
-10.7
212 248.200 463 813.950.365.490
-12.2
Complete and exact details for the week covered by the
foregoing will appear in our 'male of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statements, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended Dec. 14.
For that week there is a decrease of 15.1%, the aggregate
of clearings for the whole country being $12,561,947,831,
against $14,797,067,489 in the same week of 1928. Outside
of this city the decrease is 8.9%, the bank exchanges at this
centre having recorded a loss of 18.3%. We group the cities
DEC. 21 1929.]
FINANCIAL CHRONICLE
now according to the Federal Reserve districts in which they I
are located, and from this it appears that in the New York; Clearings at
1929.
Reserve district, including this city, there is a loss of 18.3% /
and in the Philadelphia Reserve district of 2.2%, but in the
mftve_nttLed e_ r al Reserve D
. j
t
n
Boston Reserve district clearings show a gain of 8.3%.
246,026
1.051,138
Ann A
iz;bor_ In the Cleveland Reserve district the totals are smaller by
181,945.779
5,671,509
Gran;1 Rapids_
9.8%, in the Richmond Reserve district by 5.5% and in the
3,220,460
Atlanta Reserve district by 20.8%. The Chicago Reserve Ind.
-FT!Wayne 4,037.740
district shows a decrease of 15.7%, the St. Louis Reserve Indianapolis _ _ 24,814.000
2,668,665
South Bend_
5,264,578
Terre Haute_
district of 12.5% and the Minneapolis Reserve district of Wis.-Milwaukee 35,305,125
10.5%. In the Kansas City Reserve district the falling off Ia.-Ced. Rapids 3.049,473
10.660.773
Des Moines_ _
is 2.4%,in the Dallas Reserve district 5.9%, and in the San
6,732,810
Sioux Cloy
1,666,849
Waterloo
Francisco Reserve district 15.2%.
1,856,878
Ill.-Bloom'g'n723,141.776
Chicago
In the following we furnish a summary by Federal Reserve
1,277,195
Decatur
5,731.080
Peoria
districts:
Rockford
Springfield_
SUMMARY OF BANK CLEARINGS.
Week End. Dec. 14 1929
Federal Reserve Diary
1st Boston ____12 cities
2nd New York_11 "
3rd Philadelpla 10 "
4th Cleveland-- 8 "
5th Richmond _ 6 .•
6th Atlanta_ __ _13
7th Chicago ___20
8th St. Louis._ _ 8 .•
.
9th Minneapolis 7 •
10th KansasCity 12
.
11th Dallas
5 •
12th San Fran_ _17
1929.
1928.
lee or
Dec.
1927.
1926.
815,127,251
568,040,963 +8.3
675,724,703
600.498,419
8,140,391,184 9,958,401,606 -18.3 7,447,068,857 7,041,155,231
704,789,273
720,769,312 -2.2
667,521,606
656,2E3,535
418,194,868
463,454,999 -9.8
465,312,152
451,998,895
186,324.033
„
-6.5
220,628,372
205,627,239
178,770,767
215,506,750 -20.8
228,324,998
218,697,907
1,024,559,556 1,215,659,041 -15.7 1,042,878,292 1,008,547,071
=4,711073
256,793.152 -12.6
255,057,47
250,993,276
138,857,471
155.227.460 -10.5
140,577 27
128,930.817
247,414,296, -2.4
241,450,105
Z7,451,164
250,316,982
84,990,138
90,282.968, -5.9
88,280,582
89,548,524
603,782,113
708,411,587, -15.2
602,085,268
668,447,50
Total
129 titles 12,561,947,831 14,797,067,489 -15.1 12,027,200,938 11,634.953,240
Ontaids N. Y. City
4.557,200,850 5,002,132,331i -8.9 4,735,113.823 4.744,018,702
Canada
31 cltiee
443,286,459
499,616,552 -11.3
486,086,618
377.895.715
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended Dec. 14.
Clearings at
1929.
1928.
Inc. or
Dec.
1927.
1926.
$
$
$
$
%
First Federal Reserve Dist rict.-Bosto n.
631,628 +4.4
Maine-Bangor 859.730
Portland
4.070,775
4,019,381 +1.3
Mass.-1)oston -- 557,000,000 502,000,000 +11.0
1,684.378
Fall River....
1,706,662 -4.7
1,419.288
Lowell
1,840.400 -13.5
1.223.909
New Bedford..
1,450.231 -15.6
4,785.541
Springfield6,161.426 -22.3
3,919,404
Worcester
4,520,328 -13.3
Conn.
-Hartford
14,813,207
18,028.787 -17.8
7.351,692
New Haven- -9,157,564 -19.7
R.I.-Providence
17.296,300
17,788.500 -2.8
N.H.-Manches't
903,027
876,046 +3.1
775.662
3.945,270
536,000,000
2.738,975
1,552.986
1,404,030
5,882,208
4,265,355
17.331.222
8,579,067
16,997.700
1,025,944
215,506,750 -20.8
218,697,907
3913
Wed Ended Dec. 14.
1928.
Inc. or
Dec.
1927.
1926.
IltriCt-Chi CS1110
263,952 -6.8
295,007
294,235
1,131.319 -7.1
1,177,033
1.189.766
265,000.000 -31.3 192,303.562 192,227.308
9,345,596 -39.3
8,320,304
8,180,640
*3,000,000 -17.3
3.100,333
2,523,249
4,353,399 -7.2
3.497,239
3.219.068
25,410.000 -2.3
25,830,4
24.390.000
4,524,1
3.051,300 -2.6
4,779.100
5,592.646 -6.0
5.683,498
5.865,015
48.795,378 -27.6
47.373.844
46,550.499
3,497,563 -4.6
2,678,155
2,838,336
9.871,282
9,513,57 +12.0
10,437,305
7,196.341 -15.0
6,125,329
5,940.603
1,717.364 -2.9
1,352.736
1,403,128
1,199.61 +54.8
2,103,083
1,678.579
811.39.030 -10.9 715.456.828 684,388.561
1.908.339 -33.1
1,435.498
1,339.533
6,526,24 -22.2
5,046.111
3,501,014
3,884.995
3.901,r 7 -10.2
3,503,733
4,823,649
3,245,503 -16.3
2,819,355
2,715.968
2,977.483
Total(20 cities) 1,024.559,555 1,215.659,641 -15.7 1,042,878,292 1,008,547,071
Eighth Federa I Reserve Dl.trict-St.Lo uls7,276.343 +9.9
*8,000.000
Ind.
-Evansville
Mo.--St. Louis.. 125.900,000 155,100.000 -12.4
42,962,350 -19.5
Hy.
34.• 98.408
-Louisville _
595.740 +23.2
733.683
Owensboro30.122,678 -10.6
26,934.291
Tenn.-Memphis
16.763,140
18,744,720 -10.6
Ark.-Litt'eRock
411.047 -11.1
III-Jacksonville
365,380
1,580,274 -10.4
Quincy
1,416,171
6.377.942
157,500.000
43,246.205
431.062
28.121,9 8
17,508.092
401.953
1.470,317
5,883.174
162.100.000
39,429,865
472.037
24,880.498
16,316.085
403,127
1,508,494
256,793,152 -12.6
255,057,479
250,993,276
Ninth Federal Reserve Di.trict-Minn eapolis8,432,683
9,567,370 -14.6
Minn.
8,172.343
-Duluth_ _
98,300,221 -5.1
87,257,057
93.313,361
Minneapolis38,398,243 +2.4
36,970.843
St. Paul
29.308.329
N. D.
2,089.387
2.370.089 +2.1
2.321,461
-Fargo--S.0.
1,486,893
1.334,497
-Aberdeen.
1,721,816 -22.5
744,435
827,711 -3.4
Mont -Billings _
800,075
3,596,000
3,607,405
Helena
4.044,000 -10.8
7,486.253
77.638,921
36.472.106
1,923,285
1,495,759
649,183
3,265,332
Total (8 cities)
Total (7 cities)
224.711,073
138,857,471
15.5,227,450 -10.5
140,577,278
128,930,817
Tenth Federal Reserve Din trIct Kane as City
364,914
452,041 -19.3
Neb.-Fremont533,039
744,001 -28.4
Hastings
3,511,345
Lincoln
4,163.168 -15.7
44,591,396
Omaha
42,437.707 +5.1
Kan.
3,594,557
3.531.494 +1.8
-Topeka
8,186,355
Wichita
10.064.405 -18.7
Mo.-Kan. City_ 134,918,550 139,548.906 -3.3
7.007,848
St. Joseph....
7,190.301 -2.4
Okla.
35,684,968
36,400,000 -2.0
-Okla.City
Colo.
-Col,Spgs.
1,387,633 -12.8
1,209,598
1,847,535
1.494,640 +23.6
Pueblo
478,802
493.733
5.276.006
41.774,705
3,459,269
8.564,444
146,412,786
7,052.692
33.940,310
1,295.146
1,569,089
424,042
477.847
5.159.950
39,401.726
3,421,794
8.217,506
158,264.478
7,176.673
32,639.949
1,080,390
1,186,809
797.653
3.996.858
614,000,000
Total(11 cities) 241,450,105 247,414,296 -2.4 250.316,982 257,451,164
2,263,288
1,505.107
-Da IlasEleventh Fede ral Reserve District
1.277,458
1,766.856 +12.1
1,981,976
1.750,326
1.379.377
6,178.346 Texas-Austin _
58,790.073 -4.1
Dallas
57.169.887
56,393,200
4,174,441
53.110.832
17,483,038 -13.9
15.051.163
Fort worth...
15.742.110
16,853,512
16,434.395
6,535.000 -1.4
Galveston
8,253,000
5,446,000
7.650.469
11.392,000
5,708.003 +7.2
6.117.799
6,633.201
16,082,300 Ia.--Shreveport5,963,978
965,271
90,282,968 --5.9
84,990,138
Total (5 cities)
89,548,524
88,280,582
Total(12 cities) 615,127,251 568,040,9.53 +8.3 600,498,419 675.724.703
Twelfth Feder at Reserve D istrict-San Frond seeSecond Feder al Reserve D Istrict-New York.Wash.
44,130,427
51,577,657 -14.4
50,046,759
46,548,994
-Seattle
-Albany..14,513,000 -12.0
N.Y.
6,565,743
7,153,041 -8.2
12,764,000
Spokane
12,447,000
6,176,248
12,448,000
8,667.649
1.749,585 +3.6
Binghamton__
1,483,113
1,813.136
Yakima
1,571,461 -5.6
1.681,078
1,399,700
1,457.060
1,125,400
Buffalo
41,630.808 -2.4
40.634.442
40,685,851
23,074,208
64,439,496 -17.6
-Portland_ _
40,413.784
56,950.965
58,341,751 Ore.
19,646,029 +1.8
Elmira
977,772
1,126.174 -13.2
21,615,319
22,947,410
Salt Lake City.
19,13.5.527
1,107.207
1,010.505
4,003.372 +17.5
Jamestown-5,021,536
1,326,632
4,705,969
1.596.469 -18.9
Fresno
1.578.684
4,999,765
1,412,185
9,227,121 -3.7
New York---8,004,746,981 0,794,935,158 -18.3 7,292,087,085 6,890,934.538
8,361.984
8.889,509
Long Beech..
8.196.015
Rochester
13.369,277
17.353.957 -23.0
Los Angeles-- 216.255,000 246.202,000 -12.1 217.211,000 207,426.000
14,649,792
13,244,152
28.504,402 -27.5
5.275,350
Syracuse
20.668,224
6,678.564 -21.0
23,207,333
Oakland
21.829,861
6,427,390
6,701,371
Conn.
4,672,033
-Stamford
4,235.683 +10.3
7,821.965 -18.4
8,052,927
6,383,346
Pasadena
7.858,579
3.638,254
3,601,242
N. J.
-Montclair
1,034,320 -15.8
10.878,244 -7.4
870,819
10.076,952
8,557.377
9,730,088
1,029,657
Sacramento
950,739
7,357.369 +2.8
Northern N.J. 48,029,258
58,277.282 -17.6
7,563.677
6.155.165
San Diego_ _ _ _
7.088,919
62,223,875
57.165.699
San Francisco. 195.285,011 253,179,438 -22.2 253.944,000 204,628,000
Total(11 cities) 8,140,391,184 9,958,401,605 -18.3 7,447,268,857 7,041,155,231
4.103,501 -6.2
3,353,437
3,851,733
SanJose
3,089.731
2,462,625 +5.4
2,595,286
1,961,770
Santa Barbara_
1,625.372
Third Federal Reserve Dist rict.-Philad elphin.2,499,371 -7.1
2,321.991
2,191,265
Santa Monica_
2,476,073
1,270,2(1
-Altoona1,576.212 -19.4
Pa.
3,055,100 -12.8
3353,700
2,696.000
Stockton.
1.673.088
3,133,500
1,699.538
5,610,309
Bethlehem--5,437,076 +3.2
4,622,135
4,497.042
Chester
1472,638
1,475,213 -20.5
Total(17 cities) 603,782,113 708,411,587 -15.2 668.447,501 802.085,268
1.499,950
1.406.593
2,108,244
Lancaster
2,066.543 +2.0
2,130,414
2,190,147 Grand total (127
Philadelphia
673,000.000 683,000.000 -1.5 621,000,000 633.000.000
12561,947.831 14797,067,489 -15.112027,200,908 11.634,953.240
cities)
2,046.144
Reading
5,644.541 -10.6
4.810.357
4,975,350
Scranton
5,237,637
7,810.276 +32.9
6,556,360
6.759,288 Outside N.Y..... 4,557,200,850 5,002,132,331 -8.9 4,735,113.823 4.744,018.702
4,214.734
Wilkes-Barre.
4.771,505 -11.7
4,642,408
3,176,083
2,138,091
York
2,233,667 -4.3
2.290.786
2,132,442
N. J.
4,991,245
-Trenton6,754,279 -26.1
7,058,037
7.684,623
Week Ended Dec. 12.
Clearings at
Total(10 cities) 704.789,273 720,769,312 -2.2 656,283,535 667,521,606
Inc. or
1929.
Dec.
1928.
1927.
1926.
Fourth Feder al Reserve D istrict--Clev eland.
7,684,000 -32.6
Ohio-Akron...-.
5,186,000
7,204,000
5,678,000
Canada
$
$
4.989,074
Canton
5,498,908 -9.3
4,494,342
4,856,514 Montreal
144,281.979 162.389.495 -11.1 169.012,155 114.626,208
66,648.456
Cincinnati- - - 81,107,724 -17.8
83,812,849
82.478.321
127,367,648 149,819.787 -15.0 150,395,445 114.897.121
141,625,286 152.074,643 -7.9 143,722,808 144,712,037 Toronto
Cleveland
Winnipeg
71,816,237 -4.0
68,959.715
78,823,739
61,976.539
Columbus
18,086,800
19,859,000 -8.9
20,867,600
19,316,900 Vancouver
21.463.247
23.763,663 -9.7
19,669,011
17.844.187
1,625,345
Mansfield
1,943,646 -16.4
1.908,897
2.471,267 Ottawa
9,067,283
8,586,438 +5.6
8.434,598
5.990.443
6.736,193 -12.7
Youngstown.-5.879,867
5,423,544
5,278,543
7.069.145
6,945.659 +1.8
8,061,497
6.715.123
Pa.
-Pittsburgh- 174,154,040 188,550.885 -7.6 184,564,855 200,520,570 Quebec
Halifax
4,291,509 -18.1
3.515,754
3,358,022
2.792,103
Hamilton
7,572,122
6.370,598 +18.9
6,286,657
5,624.741
Total (8 cities) 418,194,868 463,454,999 -9.8 451,998,895 465,312,152 Calgary
16,644,693 -21.6
13,045,275
11,924,437
10,301,088
St. John
3,372,581 -29.2
2.386,209
3,062,399
2.524,780
Fifth Federal Reserve Dist net-Riches ondVictoria
2,796,172
2,733.720 +2.3
2,365,143
1,940,152
1.254,210 -4.6
W.Va.-Hunt'g'n
1,195,705
1.516,255
1,965,000 London
3,371,733
3,784,092 -10.9
3,101,104
2,720,887
Va.-Norfolk___ _
5,798,235 +2.0
5,917,958
5,541,832
10,747,471 Edmonton
3,974,127
5,185,638 -23.4
5,598,455
5,507,723
50,602.000 -0.8
50,208,000
Richmond - --54,413.000
55,023,000 Regina
5,985,892
6.807,600 -12.1
7,562.758
5,385.268
2,314,815 -9.1
S.C.-Charleston
2,103,803
2,000,000
2.100,000 Brandon
11595,126
772.007 -22.9
693,315
706,980
Md.-Baltimore98,756.856 102,959,110 -4.1 112,357,791 120,300,595 Lethbridge
841,187
797,859 +5.4
750,811
657.800
D.C.-Washing'n
32,175,006 -12.6
28,140,711
29,798,361
30,484,306 Saskatoon
2.667,220
2.854453 -6.6
2,696.292
2,284,627
Moose Jaw
1,276,188
1,674,926 -23.8
1,542,071
1.362.622
Total (6 cities) 188,324,033 197,103,376 -5.5 265,627,239 220,626,372 Brantford
1,622,128
1,441,227 +12.6
1.361.070
1.183.512
Fort William_
915,744
1,483,501 -38.3
1,048,369
929,394
Sixth Federal Reserve Dist rIct-Atlant a
New Westminster
803,771
878,185 -8.5
755,502
658,743
3,495,296
-Knoxville
3,679,000 -5.0
Tenn.
3,150,000
3,300,000 Medicine Hat_464,328
630,803 -26.4
629,858
342,684
28,178,423 -16.5
23.534,477
Nashville
28.064,115
23,721,681 Peterborough
873,3.51
1,025,491 -14.8
1,068.333
806,883
85,072,505 -23.1
Ga.-Atlanta_ _. 50,019,792
58,981,723
62,115,359 Sherbrooke
1.030,547
924.568 +11.6
894.842
1,062,263
2,367,189 +3.3
2,444,972
Augusta
2,304.188
2,463,397 Kitchener
1,447,700
1,375,620 +5.2
1,235,679
1,100,354
1,759,751
1,855,182 -5.1
Macon
2,314,138
2.240.662 Windsor
5,473.040
6.051,229 -9.6
6.034.749
4,257,880
16,908,923 -10.1
Pla.-Jack'nville.
15.189,964
19,849.986
27,466,928 Prince Albert_ --521.135
461,322
482,116 +8.1
407,866
2,773,000 +9.5
3,037.000
Miami
3,697.1 i 1
9,674,339 Moncton
1,273,782
1,082,802
1,138,495 +11.9
1,176,384
27,756,752 -15.0
Ala.-Birminem. 23,605,585
27,899.045
27.927,480 Kingston
867.309
773,063
811,752 +6.8
815,999
2,040.832 +10.3
2,250,583
1,769,458
Mobile
2,296.168 Chatham
910.772
806,523
1.099,285 -17.2
849,712
2,083,000
2,057.170 +1.3
Miss.
-Jackson2,320,000
2,233,000 Sarnia
847.832
683,332 +27.9
605,597
847,649
507.785 -44.0
284,240
Vicksburg
416,823
457,639
62.309.989 -18.0
51.066.107
La.-NewOrleans
67.931.431
64.428,345
Total(31 cities) 443,285,459 499,616.552 -11.3 499,095,618 877,895,715
Total(12 cities)
178,770,767
228,324.996
•Estimated.
3914
FINANCIAL CHRONICLE
THE CURB EXCHANGE.
Prices of Curb Exchange were subjected to almost continuous selling pressure this week with the result that losses
were the heaviest since the recent break. Practically all
departments suffered in the decline. Utilities as usual
were the heaviest losers. Allied Power & Light coin, dropped
from 399 to 31, the close to-day being at 31%. Amer. &
Foreign Power warrants fell from 73 to 54% and ends the
3
week at 55%. Amer. Gas & Elec. coin. sold down from
121% to 106 and at 1089( finally. Brazilian Tr. L. & Pow.
5
ordinary stock was off from 41 to 35%, with the final transaction to-day at 37%. Commonwealth Edison on few
transactions declined from 263 to 245. Electric Bond &
Share corn. lost over 13 points to 739j, the close to-day being
at 753. Northern States Power com. weakened from
1733 to 160, and finished to-day at 1609/8. Standard
Power & Light corn. broke from 125 to 106. Investment
trusts were also weak features. Hydro Elec. Securities corn.
fell from 413 to 35 and closed to-day at 37. Insull Utilities
%
Invest, corn. was conspicuous for a drop from 685 to 56.
%
%
Lehman Corp. eased off from 763 to 70. Losses in oils
were recorded by Humble Oil & Refg. which declined from
89% to 823. Galena-Signal Oil old pref., an exception
to the rule advanced from 75 to 85: Standard Oil of Ohio
%
corn. from 85% dropped to 793 and recovered finally to
%
823'. Gulf Oil of Pa. dropped from 1439/i to 1315 and
rested finally at 133. Among miscellaneous issues Aluminum
Co. corn. declined from 285 to 2503-i and closed to-day at
260. Elec. Power Associates lost six points to 22 and ends
the week at 223. Otis Elevator new corn. receded from
70% to 58% with the final transaction to-day at 60.
A complete record of Curb Exchange transactions for the
week will be found on page 3949.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Bonds (Par Value).
Week Ended
Dec. 20.
Stocks
(No. Shares)
Domestie
Rights
Foreign
Oopernment
583.200
836,600
864,500
883,100
963,600
1.309,300
Total
2,000
3,100
2,700
14,800
15.800
13,200
$753,000
1.147,000
1,323.000
1,188.000
1,359.000
2,681,000
$132.000
448.000
207,000
202,000
206.000
369.000
5.440.300
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
51,600
$8.451,000
$1,564,000
gomintricial andpriscellantratsB.extu
-All
Breadstuffs figures brought from page 3991.
the statements below regarding the movement of grain
receipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years:
Receipts atChicago
Minneapolis_
Duluth
Milwaukee
Toledo
Detroit
IndianapolLs
St. Louis_ _ ....
Peoria
Kansas City
Omaha
St. Joseph
Wichita
Sioux City _ _ _
Total wk.'29_
Same wk.'28_
Same wk.'27_
Flour.
Wheal.
Oats.
Corn.
Barley.
Rye.
bbls.1961b5. bush.60 lbs. bush. 68 lbs. bush. 32 lbs. bus. 481St. bus, 56 lbs.
120,000 489.000
422.000
110,000 3,198.000
209,000
631,000 439,000 197.000
970,000
1,758,000
133,000
79,000
185,000
6,000
1,027,000
58,000
92,000 234,000
747,000
151,000
30.000
5,000
58.000
48,000
88,000
7,000
16,000
15,000
37,000
120,000
608,000
49,000
2,000
21,000
363,000
400,000
504,000
131,000
44,000
189,000
834.000
49,000
54,000
74,000
812,000
1,760,000
188,000
784,000
447,000
14,000
244,000
406,000
6,000
40,000
582,000
6,000
26,000
443,000
42,000
424,000
528,000
449,000
7,010,000 9,149,000
8.916,000 13,625,000
5.893,000 8,189,000
2.384,000 943,000
3,549,000 1,779,000
2,209,000 924,001
801,000
464,000
401,000
Since Aug.19,012,000236,909,000 92,892,000 77,021,00045.626,000 14,652,000
1929
10,037,000 312,890.000 107,748,000 74.772,00057,017,000 18,522,000
1928
0 527 000292.562.000 90,664,000 72,344,00044,931,00026.799,000
1097
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Dec. 14, follow:
Receipts atNew York__ _
Portland, Me_
Philadelphia__
Baltimore,__
Newport News
Norfolk
New Orleans.
Galveston._
St. John, N.B
Boston
Flour. I
Wheat.
Corn.
I
Oats.
Barley. I
Rye.
.
bls.196155.1bush.60 Lbs. bush. 56 lbs. bush. 32 lbs bus. 48 lbs.'bus.56 Ws.
36,000
80,000
23.000
396,000
290.000
104,000
8,000
12,000
11,000
49,000
46,000
20,000
6,000
27,000
80,000
18,000
1,000
1,000
12,000
44,000
42,000
39.000
30,000
16,00
12,000
14,000
38.000
56,000
124,000
105,000
717.000
453,000
Total wk.'29_
Since Jan.1'29 23,738,000 159,161,000 17,172,0001 15,600,000 4,505,000 3,418,000
302,000
824,000 1,799,000
613,000 8,117,000 1,232,000
Week 1928
Since Jan.1'2826,207,000 280,833,000 15.600,000 34.520,000 56,624,000 18,355,000
•Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
[VOL. 129.
The exports from the several seaboard ports for the week
ending Saturday Dec. 14 1929, are shown in the annexed
statement:
Exports from-
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley.
Bushels. Bushels.
692,000
104,000
New York
Portland, Me
Boston
Philadelphia
Baltimore
Norfolk
Newport News
Mobile
New Orleans
Galveston
St. John, N. B
Barrels. Bushels. Bushels. Bushels,
41,760
23,000
8.000
7,000
2,000
3,000
1,000
1.000
1,000
10,000
46,000
26,000
24,000
12,000
16,000
341,000
443,000
16,000
Total week 1929._ 1,612,000
Same week 1928._
5.161.630
10,000
719.547
146,760
49,000
215.332 642.201
65.000 2.469.431
The destination of these exports for the week and since
July 1 1929 is as below:
Flour.
Exports for Week
and SOW
Week
Since
July 1 toDec. 14 July 1
1929.
1929.
Corn.
Wheat.
Week
Dec 14
1929.
Since
July 1
1929.
Week
Dec. 14
1929.
Since
July 1
1929.
United Kingdom_
Continent
S. dr Cent. Amer_
West Indies
Other countries__ _
Barrels. Barrels,
Bushels.
Bushels. Bushels. Bushels.
45,892 1,757,664
707,000 32.933.000
30,000
52,808 1,850,749
902,000 45,408,000
12,000
235,000
2,000
499,000
44,000
24,000
269,000
1,000
32,000
10,000
163,000
12,060
221,941
484,000
Total 1929
Total 1928
146.760 4,334,354 1,612,000 79,356,000
215.332 6.608.682 5.161.630 176.098.466
10.000
227.000
719.547 3.774.225
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Dec. 14, were as follows:
GRAIN STOCKS. .
Wheat.
Corn.
Oats.
bush,
bush,
bush,
1,887,000
13,000
187,000
235.000
326,000
10,000
979,000
17,000
235,000
5,018,000
24,000
70,000
725,000
2,933.000
54,000
112,000
3,128,000
6,000
107,000
526.000
5.053,000
9,301,000
80,2000 2,971.000
383,000
17,123,000
14,000
183.000
3,039,000
919.000
210,000
26,000
8,000
289,000
24,523,000 1,777,000 5,464,000
445,000
626.000 4,361,000
563,000
3.000 1,472.000
22,027.000
150.000
357,000
248,000 7,119,000
32,505.000
488,000
914.000
253.000
263,000
355,000
3,955,000
15,000
23,701,000
106,000
7,185,000
2,265.000
8,000
65,000
5,802,000
63,000
111.000 1,156,000
36,000
806,000
1,932,000
989,000
527,000
10,494,000
United StatesNew York
" afloat
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Buffalo
' afloat
Toledo
" afloat
Detroit
Chicago
" afloat
Milwaukee
Duluth
" afloat
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
Hutchinson
St. Joseph, Mo
Peoria
Indianapolis
Omaha
Rye.
bush.
42,000
Barley,
bush.
268,000
2,000
15,000
28,000
4,000
161.000
7,000
9,000
377,000
233,000
5.000
6,000
4.869,000
1,106.000
13,000
3,095,000
420.000
332,000
192.000
220,000
566,000
11.000
17,000
524,080
525,000
768.000
1,291,000 4,915,000
16,000
103,000
12,000
16,000
181,000
8,000
106,000
53,000
69.000
36,000
215,000
Total Dec. 14 1929_181.977,000 5,060.000 28,015,000 11,220,000 9,596,000
Total Dec. 7 1929___182,490,000 3,864,000 27,501,000 11,504.000 9,902,000
Total Dec. 15 1928-188,526,000 13,200,000 19,248,000 8,549,000 16,623,000
Note -Bonded grain not included above: Oats, New York, 399,000 bushels;
Philadelphia, 3,000; Baltimore* 4,000: Buffalo, 254,000; Duluth, 18,000: total,
678,000 bushels, against 658,000 bushels in 1928. Barley, New York, 690,000
bushels; Buffalo, 1,553,000; Buffalo afloat, 1,071,000; Duluth, 99,000; total, 3,413,000 bushels, against 5,629,000 bushels in 1928. Wheat, New York, 5.659,000
bushels; Boston, 1,712,000; Philadelphia, 3,279,000; Baltimore, 4,022,000; Buffalo.
8,495,000; Buffalo afloat, 13,444.000: Duluth, 189,000; Toledo afloat. 123,000:
total, 36,923,000 bushels, against 41,056,000 bushels in 1928.
Canadian
1,605,000
464,000 1,237,000
6,973,000
Montreal
3,981,000 4,002,000 13,222,000
Ft. William 6c Pt, Arthur_45,129,000
299,000
20,000
" afloat
4,392,000 1,431,000 1,624,000
22,026,000
Other Canadian
9,978,000
Total Dec. 14 1929,,__.74,158.000
9,803,000
Total Dec. 7 1929_ _72,593,000
6,683,000
Total Dec. 15 1928_ _ _ _51.932,000
Summary
181,977,000 5,060,000 28,015,000
American
9,978,000
74,158.000
Canadian
5,897,000 16,282,000
5,775,000 16,058,000
2,583,000 7,804,000
11,220,000 9,596,000
5,897,000 16,282,000
Total Dec. 14 1929_256,135,000 5,060,000 37,903,000 17,117,000 25,878,000
Total Dec. ,7 1929-255.083,000 3,864,000 37.304,000 17,339,000 25,960,000
Taal Dec. 15 1928___188,526,000 13,200,000 19,246,000 8,549,000 16,623,000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ending Friday, Dec. 13, and since July 1 1929 and 1928,
are shown in the following:
Wheat.
1929.
Exports
Week
Dec. 13.
North Amer.
Black Sea_ _ _
Argentina__ _
Australia _
India
Oth.countr's.
Total
Since
July 1.
Corn.
1928.
Since
July 1.
1929.
Week
Dec. 13.
Since
July 1.
1928.
Since
JO/ 1.
Bushels.
Bushels.
Bushels.
Bushels. Bushels.
Bushels.
56,000 2,018,000 6,289,000
4,677,000 158.320,000285,517,000
.000 14,299,000 1.856.000 2,124,000 6,155,000 1,717,000
3,248,000 94,497,000 55,395,000 4,184,000 101,945,000 153,162,000
1,056,000 21,525.000 24,384.000
320,000 1,064,000
165,000 20,522,00 18,867,000
1,338,111 19,492,000 24,260,000
10,674,
308,453,000392,276.
8,529,000130,640.000 180.035,000
DEC. 21 1929.]
FINANCIAL CHRONICLE
New York City Banks and Trust Companies.
(All prices dollars per share)
Banks
New York
Bid
America
130
Amer Union',
Bryant Park*
Central
Ghase
Chath Phenix
Nat Bk & Tr
Chemical _
Commercial
Continental*
Corn Each_
125
151
105
_ 65
460
381
175
Banks
N. Y.(con.) BUJ
Seward
103
U S 1st $25...- 68
Yorkville
Yorktown...„
Ask
135
165
75
150
155 I
Brooklyn
Globe Etch' /280
110 PeOples
450
68 Prospect
175
480
3,12
Trust Co..
New York.
Fifth Avenue.2825 EV00 Banca Comic
First
Italians. Tr. 320
5200 5303
Grace
600
Bank of N Y_
& Trust Co_ 2870
Harriman_
1700 1850 Bankers Trust 131
Lefcourt
135 145 Bronx Co Tr_
Liberty
105 115 Cent Hanover
Chelsea Bank
Manhattan'.../115 118
& TrustCo_ 45
National City 208
212 County
210
Penn Etch
85 Empire
65
z385
Port Morris
40
New
80
Public
126 Equitable 'Fr. 9012
z115
•State banks. t New stock. z Ex-dividend.
180
Trust Co..
Ask
N. Y.(Con.) Bid
110 Fidelity Trust z 40
70 Fulton
575
220
210 Guaranty --- _ 628
Int'l Germanic
320, Interstate_ 625' Irving Trust..
200
LawyersTrust
Ask
43
625
635
45
30
511z
Manufacturers 118
Murray Hill_ _ 250
Mutual(West335
chester)__
400
690
134
85
316
50
34
5212
123
280
450
N Y Trust__ z246 252
Times Square_ 55
70
Title Cu & Tr 144
148
United States_ 3100 3300
Westches'r 'Tr 1050 1100
52
250
Brooklyn.
395 Brooklyn ____ 770 790
85 Kings County 2850 3000
92 Midwood
z225 245
y Ex-stock div. y Ex-rights.
New York City Realty and Surety Companies.
(All prices dollars per share
Bid
Alliance R'Ity 80
Am
- 108
Bond & Mtg0
Surety-($20 Par).- 89
Home Title Ins 68
Lawyers Mtgez 48
Lawyers Title
& Guarantee z270
Ask
Bid
105 Lawyers West118
chest M & T 240
92 Mtge Bond__ 193
62 NY Title &
60
Mortgage_ z 40
.
290 U S Casualty
95
Ask
285
Bid
N. Y. Inv't'rs
1st pref._
_
2d uret____
98
97
Ask
--- ----
203
43
Westchester
Title & 'Tr_ 125
150
100
Quotations for U. S. Treas Ctfs. of Indebtedness, &c.
ft1I.
Maturity.
Rate.
Bid.
Asked.
Maturity.
Int
Rate.
Mar. 15 1930___ 634% 10018a 1001113 Sept. 15 1930-32
June 16 1930._ 454% 100***, 10011,1 Mar. 15 1930-32 334%
Sept. 15 1930._ 334% 991121 991In Dec. 151930.32 834%
SA %
Bid.
Asked
99 i
,
99ion
99"84
99105
99**e
99ftt
National Banks.
-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATION TO ORGANIZE RECEIVED WITH TITLES
REQUESTED.
Capital.
Dec. 13
-The West Shore National Bank of Lemoyne, Pa---Correspondent, Oscar Wolfansberger, Lemoyne:Pa.
$100,000
APPLICATION TO ORGANIZE APPROVED.
Dec. 13
-The Security National Bank of Grand Rapids. Mich-Correspondent, Stuart E. linappen. Grand Rapids.
Mich.
CHARTERS ISSUED.
Dec. 9
-The First National Bank in Sioux Rapids, Iowa -President, C. B. Mills. Cashier, F. H. Diercks,
Dec. 9
-The Security National Bank of Willmar, Minn
President, John W. Black. Cashier, Geo. W. Odell.
Dec. 11-First National Bank in Rockwall, Tex
President, Chas. J. Walker. Cashier, H.B.Lofland.
VOLUNTARY LIQUIDATIONS.
Dec. 9
-The Polk County National Bank of Bartow, Fla
Effective Nov. 8 1929. Litt. Agent, A. J. Lewis,
Bartow, Fla. This bank was taken over by
the
Polk County National Bank in Bartow, Fla., No.
13309, on Apr. 16 1929. On June 28 1929, the
Polk County National Bank in Bartow was placed
in the hands of a receiver.
Dec. 10
-The Seaport National Bank of Houston, Tex
Effective Nov. 12 1929. 1Act. COMM., W.0. Woods.
Philip Stillman, T. F. Ravell, E. T. Reinhart and
L. D. Harmea, all of Houston, Tex. Absorbed by
the City Bank & Trust Co. of Houston, Tex.
-Cambridge National Bank, Cambridge. Mass
Dec. 13
Effective Dec. 4 1929. Liq. Comm., William D.
Swan, Jr., Cambridge, Mass.. and Homer F.
Livermore, Brookline, Mass. Absorbed by Central
Trust Co. of Cambridge, Maas.
500,000
$50,000
100,000
25,000
200,000
250,000
200,000
CONSOLIDATIONS.
Dec. 14
-First National Bank of Fort Wayne, Ind
1,000,000
The Tri-State Loan & Trust Co., Fort Wayne,Ind_ _ _ 1.000.000
Consolidated to-day under the Act of Nov. 7 1918, as
amended Feb 25 1927. under the charter of the
First National Bank of Fort Wayne, No. 11, and
under the corporate title of "First and Tri-State
National Bank & Trust Co. of Fort Wayne," with
capital stock of 52,000,000.
-The First National Bank of Boston, Mass
Dec. 14
27,500.000
Old Colony National Bank of Boston. Mass
1,000,000
Consolidated to-day under Act of Nov. 7 1918. under
charter and title of "The First National Bank of
Boston". No. 200. with capital stock of 543.500.000.
The consolidated bank has 11 bracnhes all located
in the City of Boston, Which were branches of the
First National Bank of Boston. and which were in
operation on Feb. 25 1927. One branch of the
First National Bank of Boston and five branches of
the Old Colony National Bank of Boston, which
were authorized since Feb. 25 1927, were reauthorized for the consolidated bank.
-The Foreman National Bank, Chicago, Ill
Dec. 14
6,000.000
Ilaugan State Bank, Chicago, Ill
200,000
Consolidated to-day under Act of Nov. 7 1918, as
amended Feb. 25 1927. under the charter of the
Foreman National Bank, No. 12403. and under
the corporate title of "Foreman-State National
Dank, with capital stock of $11.000.000.
BRANCH AUTHORIZED UNDER THE ACT OF FEB. 25 1927.
Location of branch.
17 Court St., Boston.
-The First National Bank of Boston, Maas.
Dec. 14
3915
Auction Sales.
-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffakr on Wednesday of this week:
By Adrian H. Muller & Son, New York:
Shares Stocks.ShShares. Stocks
$ per 35.
100 Letcourt Nat. Bk. & Tr. Co--148
5 Community Press, Inc.
$4 lot
300 Hibernia Tr. Co. and Hibernia
50 Crusader Cos.. Inc., common,
Investing Co.,Inc., Empire Trust
no Par; 50 class A
S6 lot
Co. receipts
190 per share 204 House of A. Silz, Inc., pref.,
83 Hibernia 'Tr. Co. and Hibernia
and 5303.50 scrip
$3001o$
Invest. Co., Inc., Empire Trust
200 House of A.Silz, Inc.,common,
Co. rcts
191 per share
no par
$50 lot
1,000 Manhattan Financial Corp.
100 Type Adder Corp., no par.-- -575 lot
class B, no par
134 50 United Grape Products 7% cum.
364 Melrose Nat. Bank of N. Y.
cony. pref
$750 lot
V. t. c.; 193 Melrose Nat. Bank
50 United Grape Products common
of N. Y
$200 per sh.
v. t. c., no par
5100 lot
109 1-6 Hub Mtge. Corp. com____ 68
1,000 Tin Corp., Ltd., no par__ _850 lot
10 Step-In-all Underwear Corp.,
100 Hyland-Stanford Co., Inc.,
Springfield, Mass., cl. A corn.;
preferred
$5 lot
50 class B com.; 2l pref
$300 lot 20,000 Hale & Kilburn Co.,no par$135 lot
450 Cisco Oil Co.(Del.). no par 51,000 lot 800 Universal Gypsum common
5368,000 aggregate principal sum
trust ctfs., no par
$5 lot
ctf. of int. In Anna Beaver Mines
300 Universal Gypsum corn., no par $6 lot
Co., a voluntary association. 5100 lot 1,980 Edward V. Hartford common
700 Trent Anthracite 1st pref
1
no par; 500 panic. pref
$35 lot
Unsecured demand note of Rudolf
5874.285.72 demand notes of Internat. Coal Products Corp., dated
Schwarz, dated Dec.7 1927, amt.
Dec. 1, 19 dr 28, 1921, without
$12,000; to order of Jonas &
collateral; payments aggregating
Naumburg Corp., endorsed to
$426,975 endorsed on back; withorder of The Janfur Corp.; unseout recourse
$1,000 lot
cured demand note of John W.
9,232 Bayshore Co. pref.; 20,535
Surbrug Jr., dated Mar. 1 1923,
common, no par
principal 55,000 (54,842.77 now
$500 lot
100 Meteor Crater Expior. & Min.
due), to order of Jonas & NaumCo. pref.; 100 corn., no par
$10 lot
berg Corp., endorsed to order of
1,500 Colombian 011 Concessions,
The Janfur Corp.;small payment
no par
510 lot
made on this note in 1929
5.55 lot
100 Broadway Central Bank,com _$58 lot Note of Vereinigte Schuhfabriken.
100 Small Issues Corp.common;100
Adolf It. Lowenstein and FerdiPreferred
nand Weiner, dated May 10 1924.
$100 lot
1,875 United Aviation Corp. corn.;
due May 31 1927, Principal
1.250 class A 1st series
$5,000, payable to Aaron Naum5100 lot
1,000 units Burnham Trading
burg; unsecured demand note,
Corp
2934 per unit
dated Nov. 2 1925, principal
500 Liquidation rights of Staked
$2,000, made by Rudolf Schwarz,'
Plains Trust Ltd., class B._ _5250 lot
payable to Aaron Naumburg._ _510 lot
450 Polk County Nat. Bank in
200 Dayton Coal, Iron & Ry. corn.,
Bartow
$25 lot
par $5; 125 Algonkian Mines Co.,
Syndicate participation in syndicate
par $1; 100 Carlisle Mining Co..
Pool agreement for acquisition of
Par 5.5; 400 Alaska Mines Corp.
options on 1,900 shs. stock of the
$10 lot
temp. ctf., par $1
Peoples Bank of Jacksonville in
$3,500 demand notes of Marco
amount of 5150,000
$500 lot
Amlel
$25 lot
5% participation in syndicate own$1,000 demand note of Marco
ership of Hotel Madison, N. Y.
Amidl
$25 lot
City
$10,000 lot $16,200 note of Losoro Realty Corp.
0
$25 lot
$1, 00 participation in the Real Oil
due Aug. 1 1937
Corp
310 lot $8,600 notes of Losoro Realty Corp.
100 Sure Shift Transmission Corp.
(due, various amts., various
(Del.)
$25 lot
$25 lot
dates)
200 Marginal Trading Fund, Par
1,001 Ross W. Weir & Co., Inc.,
$25
$100lot
$500 lot
7% cum. pref., 80% paid
335 Buffalo Elevators, series A.
278 Aircraft Corp.of Amer., no par=lot
par $10
5100 lot 10 Newton Laboratories, no par-817 lot
100 Ungerleider Financial Corp.;
200 Union Tobacco Co. of Del.,
25 Lea Fabrics, $2.40 pref.; 12M
$300 lot
class A temp. ctf., no par
Lea Fabrics corn.; 5 Southern
37 Amalgamated Bond & Mtge.
California Edison
$2,600 lot
Corp. pref.; 37 corn., class A.
100 Union Tobacco A. no par.. $525 lot
$450 lot
no par
100 Southwestern Investors allot6 Amalgamated Bond & Mtge.
ment Ms
$50 lot
Corp. prof.; 6 common, class A.
100 La Francis Sugar Co., no par_510 lot
$150 lot
no par
150,000 Midwest
1
146 Florida Land & Mtge. Co
-Butte navel. Co..
par 31
$55 lot 105 Union Discount Co. common.
500 Compania Azucarera San Au$36 lot
no par
gustin, S. A.(San Augustin Sugar
55 Suwanee River Holding Corp.
Co.) Prof., par 100 pesos
$20 lot
$6 lot
class A
5,000 Southwestern Stores (Del.)
500 Amer. Armor Corp.. no par__517 lot
Sc. 50 Stuart Hunting & Fishing Camp,
common, no par
$25 lot
3,200 Radio Elec. Clock common,
(Fla.)
520 lot 10,500 Penn-Nevada Corp.(Colo.).
no par
$55 lot
2.000 Radio Elec. Clock B. no par $20 lot
par $I
250 Madison Square Garden Broad20 Union Discount Co. pref.; 10
$26 lot
casting Corp., no par
common, no par
$5 lot
2,582 Coonamessett Ranch Co. prof.
450 Securities Investing Fund
$33,750 lot
(Mass.)
class A pref.. no par
$45 lot
750 Fonda Johnst.& Gloversv. RR.
200 U. S. & Mexico Mining Syndi1
preferred
cate, par 55; 600 Penn Seaboard
Steel Corp., no par; 50 Rosland
$50.000 6% promissory note of
Tropical Fruit Corp., dated Sept.
Corp., prof.; 50 Rosland Corp.
29 1927, due Dec. 31 1928. Int.
corn., no par; 1,092 Texcalokan
$100 lot
unpaid; without recourse
Oil & Gas Co., par $1:976 Aircraft
Corp. of Am., no par; 3 Corbin
137 Coe Pocahontas Coal Co. com$15 lot
mon, no par; 62 preferred
Coals, Ltd., pref.; 50 Corbin
350 Florida Blend Corp. of Del.,
Coals, Ltd.. corn.; 5 Dental
$20 lot
class A; 175 class B
Ceramic Corp. pref.; 25 Hammar
150 Florida Blend Corp. of Del.,
Structural Steel Co.; 500 Equa$150 lot
class A;75 class B
$10 lot
torial 011 Co.. par $10
12,000 Amer. Bankers Investment
150 Kitty Hawk Co. corn.; $15.000
4
Co., par $5
Kitty Hawk Co. lot 5-yr. s. f.
52,500 lot
12,000 Amer. Bankers Investment
6s
Co., par $5
4
700 Associated Dyeing & Printing
51,50010
200 Columbian 011 Concessions, no
Corp. corn., no par
par
$12 lot 1,000 United Artists Theatre Circuit
52,5001ot
3,000 Interstate Gasoline common,
common,no par
par 51
51 lot 200 Zieley Processes Corp. corn.
11 Goshen Inn Co
$25 lot
(now Petroleum Derivatives of
450 Manor Devel. Corp. v. t. c____$1 lot
$10 lot
Maine), no par
50 Nevin-Clarke Corp. common___51 lot 500 Residuum Reclamation Corp.
50 Sure Shift Transmission Corp.
$100 lot
common v. t. c., no par
(Del.)
$21 lot 2.020 Conncticut Mills class A.
6,050 N. .1. Worsted Mills, Inc.,
53.600 lot
par 510; 1,290 2nd !met
common,temp. ctf., no par_ _$3,500 lot 15,000 marks Dresdner Stadtanlethe
1,250 Western Smelt. & Power Co.,
434% bonds, issue of 1920, coup.
par 510; 2,000 Western Smelt. &
attached; 10,000 marks Dresdner
Power Co., par $10; 3,000 WestStadtanleihe 434% bonds. issue
ern Sm. dr Pr. Co., par 510 _ _5130 lot
of 1920, coup. attached: 120,000
$30,000 Mexican Irrigation partio.
marks Hamburgische Staatsanctfs., 45% paid
$45 lot
leihe 434% bonds, issue of 1919.
7,000 Guanajuato Consol. Min. &
series B, coup. attached; 20,000
Milling, par $5
$100 lot
marks Hamburgische Staatsan552 Teziutlan Copper, no par_ _ _515 lot
leihe 414% bonds, issue of 1919,
49 Corbin Coals, Ltd., pref
$25 lot
coup. attached: 60,000 marks
108 Corbin Coals, Ltd.. corn
525 lot
IlamburgischeStaatsanleihe434%
46 Corbin Coals, Ltd., prof
525 lot
bonds, issue of 1919, series B.
78 Corbin Coals, Ltd., common. 525 lot
coupons attached; 25,000 marks
2,500 Livingston Mines Corp.,
Allgemeine Elektricitats-Gesellpar 51
$150 lot
schaft 434% bonds, issue of 1919,
100 Edwin Farnham Greene & Co.
$55 lot
series IX, coup. attached
7% Preferred
$30 lot 2 Plant Properties class A common;
3,400 Vidaver Mailing Machine Co.,
$100 lot
2 preferred
Par $5
$25 lot 15,100 Nixon Nevada Corisol. Mines
456 Carboloid Products Corp.
5141 lot
Co. of Del.. par $1
(N.J.), com., par 55
520 lot 500 O'Rourke Engineering Construc625 Electric Ferries, Inc., common
$18.5 lot
tion Co
v. t. c., no par
434 10 Southern Minnesota Joint Stock
$10 lot
Land Bank of Minneapolis
3916
FINANCIAL CHRONICLE
Bands.
Per Cent. Shares. Stocks.
S per Sh.
10 Union Discount Co. pref
312 lot 90 Hamilton Maxwell no par
10
50 Canadian Libbey-Owens Sheet
200 Swift Aircraft Corp., no par;
Glass Co., Ltd., pref
200 Swift Aircraft Corp. pref.,
10
200 Garner Print Works & Bleachpar $25
$200 lot
ery common
$210 lot 1,775 Cessna Aircraft Co. corn.
35,000 N.Y.Porcupine Mines, Ltd.,
temp., 110 par
Par $1
$45 lot 3,653.8 United Aviation Corp. corn.,
100 Bayshore Co. 8% pref.; 100
no par; 1,750 class A, no par.$1,000 lot
common V. t c
$100 lot 1,250 Amer. Cirrus Engines class A,
$3,500 Bayshore Co. 10-yr. debs.,
no par; 1,250 class A, no par.$1,000 lot
1,000 Roe Equip. Corp. common,
8%, Sept. 15 1938; $280 Bayshore Co. 10-yr. 8% deb. bond
no par
5100 lot
coupon scrip; 70 Bayshore Co.
100 Deepwater Coal & Iron Corp.
common v. t. c
$150 lot
(Del.) pref
$25 lot
44,875 Amalgamated Industries,
683 Deepwater Coal & Iron Corp.
Ltd.(Nev.), pref., par $5
(Del.) pref
$100 lot
$55 lot
100 Amer. Writing Paper Co.(N.J.)
100 Deepwater Coal & Iron Corp.
preferred
(Del.) pref
$40 lot
$37 lot
6X Ritz-Carlton Restaurant & Ho168 Strowd Holcombe Cotton Mill,
tel Co. of Atlantic City common,
Inc., Birmingham, Ala. (Del.),
no par; 25 preferred
1
$25 lot
pre
400 All American 011 & Gas Co.
20 Trust Co.of Sarasota
$45 lot
$1 lot 150 Relay Motors Corp. Prof., no
(Okla.), par Si
U. S. patent No. 1,489,632, pat.
par; 900 common, no par
$25 lot
Apr. 8 1924, for automatic opti50 U. S. Rayon Corp. pref., no par;
cal projector
$50 lot
50 common, no par
$75 lot
114 Gately Chain Stores pref. A.
20 E. Morris Music Publishing
no par
Co., pref., par $25; 20 corn.,
$50 lot
no par
100 N. J. Bankers Securities Co..
580 lot
no par
$175 lot 20 Interstate Co. pref.; 44 Inter465 Virginia Joint Stock Land Bank
state Co. common, no par
$60 lot
of Charlestown, W. Va., par $5 $350 lot 100 Relay Motors Corp. pref., no
20 Babson Park Co.corn., par 5.5031501ot
par; 600 common, no par
5150 lot
200 Dreamland Park Co. prof..
1,000 Colombian 011 Concessions,
par $25
$65 lot
no par
315 lot
1,500 Uzold Tire Corp.. par 55
_$2 lot 5 Simard United Mines, no par.- _$6 lot
500 United Rys. Co. of St. Louis
60 Huff Deland Dusters 8% prof.;
(Mo.), common
120 Huff Deland Dusters corn.,
40c.
100 Goodwill Mfg. Corp. pref.,
no par: 62 United Cigar Stores
com., par 55; 50 Fred'k Southack
part paid in liquidation
5100 lot
1,000 Penn Seaboard Steel Corp_ _ _$7 lot
& Alwyn Ball Jr. 7% pref.; 50
1,000 Airport Devel. dr Construe.
Fred'k Southack & Alwyn Ball
$50 lot
Co. of Del., no par
Jr. corn., no par
2
1,000 Air-Maze Corp. of Del.. no
30 Amer. Dan Bottle Seal Corp.
par
8% pref.; 450 common, no par_ _55 lot
$100 lot
21
100 The Mirror 7% prof
2,500 Lockheed Aircraft Co. of
Nevada, class B corn., no par__
1
$178.000 promissory notes of Noch500 Ohio Seamless Tube Co. comDeem Corp. dated Dec. 31 1925,
mon, no par
int. 4% per ann. if earned, pay20
2,000 Thompson Aeronautical Corp.
able as follows: $20,000 June 30
of Ohio, no par
1926, $1,000 Dec. 31 1926, $157,
3
3200 lot 2,000 U. S. Hammered Piston Ring
000 June 30 1927
Co. of N.J., common, no par_.$500 lot
11,000 Montana & Mexico Mining
$1 lot 1,000 Varney Air Lines of Del., no
Co. (Del.). Par $5
1,600 Rio Plata Mining Co.. par $5.53 lot
par
.5
27,000 Trinity Gold kiln. & Reduc.
100 Penn Seaboard Steel common,
Co., par $1
$2 lot
no par
$8 lot
875 Iron Mountain Mining Co._.3100 lot $2,500 participation in syndicate
.50 Trav-e-lite Corp. corn., no par;
A. A
57 lot
50 preferred
$101ot 672 West Va. Coal de Coke corn _
7
10 Bankers Savings & Trust Co.
1,000 beneficial interest shares Paso
common,class A. par 310
12
Robles Oil Trust, no par
$36 lot
75 Banco d'America e d'Italia,
250 Zimro Realty Corp. corn
550 lot
stamped, par 100 lire
10% 49 Silicocks-Miller Co. (N. J.)
1 unit Beneficial Loan Society of
common
2
Union County, consisting of 10
50 Eastern Steel Castings Co.(N.J.)
shares corn. class A. par $10. and
common, no par
$125 lot
5 shares pref.. par $100...4555 per unit 10 Lucille Buhl pref.; 20 common,
4 Beneficial Loan Society of Union
no par
$50 lot
County preferred
70
54 Sillcocks-Miller Co.(N.J.) corn. 2
50 Berlinger-Joyce Aircraft Corp.
91 OutlookCo.common;50 Outlook
$1.50 cum. partic. cl. A no par
12
Co. pref.; 15 Balmer Corp. corn-570 lot
1 unit Fred F. French Operators.
500 Johnson & King Coal Co. corn.;
Inc., consisting of 5 shs. corn..
10 Ellsworth 011 & Devel. Co.:
no par, and 10 shs. pref., $100
20 Mexican States 011 Co., S.A.;
par
51,000 unit
5,000 Stone Creek Copper Min
10 Fred F. French Invest. Co.corn_ 66
& Mill. Co.; 3 Saxon Motor Car
400 N. J. Bankers Securities Co.,
Corp. pref.; 25 Saxon Motor Car
no par
Corp. pref
$16 lot
1 unit Plaza Investing Corp., consisting of 3 shs. class A, no par.
BondsPer Cent.
and 2 shs. class B capital voting
$5.500 Stony Point Realty Corp.
trust, no par
$150 per unit
6%, 1927
31.000 lot
140 units Plymouth Plan Co. of
$10,000 Lucas E. Moore Stave 734%
Amer., Inc., each unit consisting
Ws. of dep., due 1942, 33.1%
of 1 oh. corn., no par, and 1 eh.
paid
595 lot
prof.. class A, no par, and 1 oh.
$5,000 Detroit By.& Harbor Term.
8% pref., 510 par value. _ _ _$4 per unit
75, 1935
545 lot
254 Plymouth Plan Finance Corp.
$25,000 Detroit By. de Harbor Ter.
common, par 55
1
$125 lot
7s, 1935
144 Plymouth Plan Finance Corp.
$58,000 Chic. R. I. & Paz. 45,
4
$100 lot
pref., par $10
2002. stamped
10 Irving Trust Co., par $10
56
$5,000 West Palm Beach, Fla., improv't bond, ISSLIO of 1926. sixth
International Bank & Trust Co.,
series 5s. due Ally 11930; 55,000
par $25, in share lots as follows,
West Palm Beach, Fla., Is, due
sale price $40 for each share:
55 000 lot
May 1 1935
100, 75, 5, 50, 100, 10, 300, 200,
12, 35, 30. 10, 300, 10.
53,200 K. C. Rys. Co. and mtge.
10 Amherst Estates Properties.... 9
bonds, series A, N. Y. Trust Co.
$12 lot
receipt
500 interests Buffalo Rouyn Mines
Syndicate, par 510____10c. per interest 51,000 Detroit By.& Harbor Term.
Co. 1st 20-yr. s. f. 6345, May I
72,740 Iroquois Kirkland Mines,
$100 lot
$50 lot
1945, eV. of deposit
par El
1,000 Melanie Gold Mines, par $1 $40 lot $10,000 N. Y. State K3aL 434%
24
bonds. due 1962
200 Great Amer. Ins. Co., par 510.533 lot
$75,000 Continental Terminals cony.
300 Colt's Patent Fire Arms Mfg.
25
6349, Apr. 1 1947
$500 lot
Co. common, par $25
$50,000 Distribution Terminal &
6,000 Crown Reserve Consol. Mines,
$30 lot
Cold Storage 1st M. 634s, 1952,
par $1
$25,600 lot
5,000 Sylvanite Gold Mines, par Si. 25c.
69
550,000 Grand Trunk By. Term.
300 Ins. Co. of N. A., par $10
Cold Storage 1st M. 634s, 1952,
460 Atlas Stores Corp. common,
14
$25,000 lot
no par
58,000 Farmers Mfg. Co. 1st M.78,
100 North Amer. Title Guaranty
516,000 lot
1943
20
Co. common v. t c
$50,600 Rochester Button Co. 1st
Allotment certificate for 100 shs.
538,000 lot
M. 6345, 1941
U. S. & Internat. Secur. Corp.
315.000 Amer. Bond & Mtge. Co.
1st pref.(with common stock and
$9,000 lot
6345. March 1 1937
common stock subscription war$25,000 Maricopa County, Ariz.,
rants). $100 per unit with 50%
$18,750 lot
water 6s, Feb. 11041
35,500 lot
thereof paid
50 Alexander Industries panic. pref. 10
$2,000 Puget Sound Elec. By. 1st
corm!. 5s. Feb. 11932: Aug. 1927
200 Johnson Airplane & Supply Co.
no par
and subsequent coup. attached.$75 lot
[Vol,. 129.
Shares. Stocks.
$ per Sh. Shares. Stocks.
$ Per M.
45 Electric Apparatus Co
$25 lot 44 Hare & Chase, Inc., prof
$55o
20 Great Eastern Paper Co., Ltd..
100 Hare & Chase, Inc., corn. class
com., interim certificate
A, no par; 407 Hare & Chase, Inc.
$6 lot
10 No. Broad Nat. Bank, par $10_ 20
corn., no par
1.5e. lot
66 Union Bank & Trust Co
35
131 100 Forest Lakes Corp
11 Union Bank & Trust Co
131 340 acres of land in Washington Co.,
15 Union Bank & Trust Co
Chipley, Fla
$3 Per acre
131
227 Union Bank & Trust Co
1% Membership Commercial Exch.... 24
56 Union Bank & Trust Co
100
114 10 Aberfoyle Mfg. Co
6 Trademen's Nat. Bk. & 'tr. Co...470
100 American Mining Corp
34
1 Phila. Life Insurance
50 First Camden (N. J.) Nat. Bank
23
10 Citizens Nat. 13k. of Jenkintown-100
& Trust Co., Par $25
110
10 Sixty-Ninth St. Terminal Title
100 Anthracite Products Co
%
5 Anthracite Products Co., corn
dr Trust Co., Dar $50
%
140
50 Colonial Trust Co., Par $50_
30 NInth Bank & Trust Co
223
50
46 Colonial Trust Co., par $50_.221
14 Kensington National Bank
200
200 Bankers Trust Co., par $50_
50 Mercer Motor Co
20
80
18 Nor. Cent. Trust Co., par $10... 34
90 Nor. Cent. Trust Co., par $10_ _ 34
Rtahts.
$ Per Right,
100 Real Estate-Land Title & Trust
10,000 United Electric Service of
Co., par $10
Italy (expire 1931)
.%
4531
5 Suburban Title & Tr. Co., par $20 89
9 Suburban Title & Tr. Co., par $20 85
Bonds.
Per Cent.
100 Great Eastern Paper Co.. Ltd.,
$10,000 Russian Roubles
$50 lot
pref., interim certificate
$6 lot $10,000 No. 1701 Locust St., 6%
50 Sullivan Smyth field Co..7% pfd.;
1st Mtge. 6s, 1930
5
25 Sullivan Smythfield Co., corn $25 lot $25,000 Key System Securities Co..
6 J. B. Stetson Co., pref., par $25. 38
Coll. tr. 6s, 1933
$25 lot
5 Independence Fire Insurance Se$3,000 Soper-Mitchell Coal Co., 7%
curity Co.. par $25
1st Mtge. 15-yr. sink. fund 75,
100
500 Hare dc Chase, Inc., pref. B.__ 350
10%
1939, ctf. of dep
By R. L. Day & Co., Boston:
Shares. Stocks.
$ per Sh. Shares. Stocks.
$ Per Sh.
25 AU. Nat. Bank, par $25_ _.9034 ex-div 25 Equity Investors,Inc. of Mass__ 5
10 Federal Nat. Bank, par $20
101
40 Bunny Food Prods. Corp., 6%
12 Boston Nat,Bank
175
pref
$1 lot
20 Nat. Shawmut Bank, par 525._ 69K 30 Ridgeway Constr, Co..8% pref. 40
1600 State St. Invest. Corp., cl. B__ 8434
60 Nat. City Bank, N.Y. par $20_ 231_
100 Chase Nat. Bk., N.Y., par $20_157
350 Langford Sales Audit Mach.
Co., class A
100 Bankers Tr. Co., N. Y., par $10 139
$2 lot
15 Plum Island Beach Corp., pref.;
100 Chemical Bk. & Tr. Co., N. Y.
73
3 com. as bonus, par $5
par $10
334
100 Irving Trust Co., N.Y. par $10 56
50 New Engl. Southern Corp. pr. pf 134
10 Guaranty Trust Co., N. Y.
681
200 E. E. Gray Corp., com. A
634
18
250 Ritz Carleton Hotel Co., Boston
100 Arlington Mills
20 Fairhaven Mills, pref
$9 lot
common
75e
18
20 Pierce Rub. Co., corn.; 20 Alamo
45 Nashawena Mills
100 Arlington Mills
1934
Coal Co.,8% pref.: 4 Alamo Coal
4
Co., 8% corn.: $1000 Bunker
200 Ipswich Mills, pref
120 Thorndike Co
$125 lot
Land Co., let 7s, June 15 1940;
28 Hamilton Woolen Mills
36
$1000 demand note pay. to John
10 Arlington Mills
1734-18
A. Whittemore Jr., dated Nov.
19
14 1924 signed by Ichabod
30 Nashawena Mills
119 Wamsutta Mills
20K Bunker; $1000 demand note payIOU. S. Worsted Corp. (corn.).
$1 lot
ab e to John A. Whittemore Jr.,
dated
Feb. 11 1927 signed by
74 Pepperell Mfg. Co
9534
543 Waypoyset Mfg. Co., pref; 1086
Ichabod Bunker
$25 lot
COM
$25.000 lot 100 Famous Max's, Inc., $3 cum.
60 Boston Mfg. Co., pref
pref
30
234
10 Brookside Mills
60
50 United Elastic Corp
3534
50 Wamsutta Mills
203.1 100Thermatorthe Corp., corn
9
50 Nashawena Mills
20
10 Butterick Lumber Co.; 400 Bost.
18 Davol Mills
& Mercur Min. Co., par $10; 50
234
25 Arkwright Mills, corn.; 236 WayMt. Morgan Mining Co.; 500
Dorset Mfg. Co., corn
Copper Belt Mining Co.. par $1:
$35 lot
200 Ft. Wayne Elec. Co., par $25:
50 Middlesex Knitting Co.,corn _5101ot
15 Boston & Chelsea St. By. par $50 3634
200 Federal Graphite Co.. pref..
20 Fort Dodge Des Moines &
Par $5; 100 Federal Graphite Co.,
Southern, pref
1
corn., par 55;2 Boston Opera Co.;
20 Wesson 011 Co., pref
50
$3000 Brazos River Channel &
364 Okla.-Kans. Min. Co. par $25.$5 lot
Dock Co. lot m. (is, April 1009,
141 Okia.-Kans.Min.Co. par 325.32% lot
coup. April 1807 & sub on; 100
Rushville Hardwood Lumber
720 Amer.Protein Corp., corn
10e
75
Co., par $5; 6750 Balt. Co., par
65 Capstan Co
30
$1
$51 lot
83 Albany Trust
45
12 Groton & Knight Mfg. Co., pref. 50
90 Met. Bldg. Co., 7% pref
26408 Silver Dyke Mth. Co. par $1 350 lot 50 Jones McDuffee dr Stratton
Corp., el. A; 500 Aco Mining
200 Bausch Mach. Tool Co.. corn.:
Co.. par 51; 180 Sliver Dyke
368 Bausch Mach. Tool Co..
Mining Co., temp. ctf., par 31.891 lot
$5,000 lot
pref.;
140 Joint Stock Secur. Co., Mass-- 50e
5 Stevens Prods. Co., corn., 5
750 Silver Dyke Mining Co., par El 10%
Stevens Prods. Co., pref.; 10
75 Quincy Mkt. Cold Storage &
Primrose House by,, cl. A corn.;
Warehouse Co., corn
2031
10 Primrose House Inv., el. B
$15 lot 40 Joint Stock Secur. Co., Mass- 520
common
64 No. Amer. Eng. Co., Prof.. par
20 Asbestos Corp. of Amer., pref.;
510: 25 No. Amer. Engine Co.,
20 common
234
corn., par $10; 5500 West Indies
15
25 Amer. Colortype, corn
Packing Co., par $1; 125 Prod're
10 Alaska Gold Mines Co., par $10;
Devel. Co., par $1; 1 Cortland
4 Nat. Automatic Mach. Co.....50e lot
Tire Co., par $50; 50 Coeur
100 Atmospheric Heat & Pow. Co _ _ $1 lot
d'Alene Mining Co., par $10; 10
200 Silver King Mines, Inc., par $1_51 lot
Boston-Bollo Co.. Par $50; 146
5 Bost. Cherub. of Corn. Realty
Lancaster Mills, corn.;
$25 lot
Trust, 2(1 pref
$50 lot
10 Maryland Casualty Co., par 325_ 88
3
15 F. M. Hoyt Shoe Co., pref
1 Aetna Steel & Iron Co., pref
10
15 Parker Axle & Prods. Corp.,
60 Beacon Partic., Inc., pref. A_ - - 131i
corn., par $10; 60 pref. par $10_ _ _ $2 lot
109 J. K. Mouser Leather Corp. corn 9
40 Beacon Chocolate Co., cons.,
76 Union Disc. Co., Inc., pref
30c
Par $10; 100 Beacon Chocolate
5 Richmond WatertY. Realty Corp.
$1101
Co., pref., par $10
voting trust certificates
$30 lot 200 Mass. Cas. Ins. Co., par $10.__ 134
1273 Golden Glades Co., Inc__ _53750 lot 60 Notehldrs. Liquid'n Co., par $1- 75e
15 Brockton G. L. Co.v.t.c. par $25 36
Right title & int. of Fed. Devel. Co.
100 Washoe Copper Co., par $1; 100
in 2332 shs. corn, stock of Old
U.S. Lead & Zinc Co., par $1; 200
State Corp. subject to the rights
Nat. Zinc & Lead Co. of Boston.
of and now pledged to Atlantic
Par $1; 100 Canyon Mines Corp..
Nat. Bank as part of the collateral
Par 51;800 Tuxpam Star Oil Corp.
furs loan of 885,000
3100 lot
corn., par $1; 1100 Hasbrouck
Note for $40,000 on demand dated
Divide Mining Co., par 10 cts.:
Miami, Fla., Nov. 2 1929, made
500 Kay Copper Corp., par EL _515 lot
by Miami Land & Fruit Co..
1125 Troy Manh.Cop. Co. par $10.$11ot
$55 lot
endorsed without recourse
60 Northern Tex. El. Co.. pref
234
25 units Univ. Chain Theatres__12-1214
500 DUn Glen Mines Co., par $i..$5 lot Bonds.
,
Per Cent,
Melville
Co
68hoe
2000 Stanley Steel Welded Wheel
30
Co., pref
$5101
Corp., Pref., par 510
2 No. Texas El. Co.. corn.; 30 No.
$150 No. Tex, El. Co. pfd. scrip_18% flat
Texas El. Co., pref. 5100; $270
$5000 Joplin & Pittsburg By.
No. Texas El. Co., scrip
it m. 5s, March 1930 ctf. dep.__ 4
$80 lot
50 Gilman Mfg. Co., pref.; .50
$12000 New Engl. Southern Mills
Gilman Mfg. Co., corn
65 & int.
$225 lot
7s, 1933
25 Joint Stock Sec. Corp. of Mass.. 13( $2000 Detroit By. & Harbor Term.,
30 Flintkote Co. A
134
debenture 7a, 1035
26
By Barnes & Lofland, Philadelphia:
200 Socold Refrig. Corp. A
$13 lot $10000 Detroit By.& Harbor Term.
Shares. Stocks.
8
6145. May 1945 ctf. deposit
$ Per Sh, 25 Merrimack Ice Co., pref.;8 corn $21 lot
$ Per Sh. Shares. Stocks.
20 Ada corp., pref.; 20 corn
3 Penna. Academy of Fine Arts.... 123.1 2 Bankers Securities Corp.. pref.__ 40
$6 lot $10000 W.Palm Bch.(is,Oct. 1945_50 flat
10 Montgomery Co.,corn. par $10_
2 Penna. Academy of Fine Arts- -- 12
750 Greenebaum Sons Investment
60c $3500 New Engl. Southern Corp. 5s,
$150 lot 950 Cactus Copper Co., par $5; 20
40 Bryn Mawr Ice Mfg. & Cold
Co., corn
Dec. 1933; 387 50-100 New Engl.
Utah Consol. Mining Co., par 55;$2 lot
Storage Co., par $25
25
Southern Corp. for June 1929
40 Philipsborn's, Inc., Prof.: 20 Phil200 U.S. Stores Corp., com. el. A
27 Central Nat. Bank, par $i0_... 6734
ipsborn's, Inc., stock tr. ctf., parcoupon; $87 50-100 New Engl.
5
11 Metropolitan Tr. Co.. par $50
$2 lot 12 Associated Textile Co
ticipation shares
75
Southern Corp. for Dec. 1929
36
10 Walter M. Lowney & Co
290 Franklin Trust Co., par $10.-- 59
434
100 Brotherhood of Locomotive Encoupons
$5 lot
51) 15-100 New Engl. So, Corp..
100 Camden (N. J.) Safe Deposit &
gineers Secur. Corp. of Pa., class
$5000 Atl. Gypsum Prods. 6s, June
COM
Trust Co.. par $25
180
1941; 50 Atl. Gypsum Prods.,
A;50 Brotherhood of Locomotive
$4 lot
1500 Eglanol Mines Co.. par $1;
49
30 Phila. Co. for Guar. Mortgages.
Engineers Secur. Corp. of Pa.,
common as bonus
1907 Bald Butte Min.& Mill. Co.
par $20
$800 lot
class B, no par
45
$5000 South Penn Collieries, 1st
par 51
5 Phila. Co. for Guar. Mortgages,
m. 6s, Nov. 1944 ctf. dep-60 & int.
700 Globe Security Bond & Mort$1101
par $20
$1,000 10t 25 Franklin Fire Ins. Co., par $25_ _160
44
$1000 No. Texas El. 56, Jan.
gage Co
40& nt.
2 Globe & Rutgers Ins. Co
86 Bankers Securities Corp., corn.,
1940
10 Phila.-Sixty-Ninth St. Pool, Inc.
050
vol. trust refs
25 Amer. London & Empire, pref.,
pref.; 10 Phila.-Sixty-Ninth St.
85
$247,200 Jacksonville Tract. 5%
110 Bankers Securities Co., corn.,
2& Int.
par 550
notes, Sept. 1935
Pool, Inc., corn.; 200 Camden Co.
21
vot. trust ctfs
Inc., corn., no par
$40 lot 25 Amer. London & Empire, partic.
6534
$29,800 Jacksonville Tract. 5%
2_& int.
COM
80 Parksburg Iron Co
notes, Sept. 1935
$30 lot
15
rAmoskeazShoe
Dm. 21 1929.]
FINANCIAL CHRONICLE
3917
Bonds.
Per Cent.
Bonds.
Per Cent.
By Wise, Hobbs & Arnold, Boston:
$5,000 Northern Utilities Co. 6s,
$5,000 Hotel Bellevue Trust deb.
Shares Stocks
Per Sh Shares Stocks
$ Per Sh
May 1943
75, Oct. 1940 (certif. of dep)-510 lot
80 & int
50 Medford (Mass.)Tr.Co.,par $20.100 66 Wyoming Co., pref.: 282 corn-S10 lot
$7,000 Montana Cities Gas Co. 1st
. $400 Wickwire Spencer Steel Corp.,
20 Dallas Joint Stock Land Bank__ 80
218 Everlastik, Inc., Cl. B. pref.;
7s, Nov. 1937
series A 7s, Feb. 25 1930 (certif.
75 & lot
100 Nor. Caro. Joint Stock Land Bk 20
307 common
$10 lot $5,000 Southwest Gas Utilities Corp
of deposit)
$50 lot
10 Medford (Mass.) Tr.Co.,par $20. 85
2,085 Texas Salt Co., cl. B; 44
1st 630, May 1943
70 & int $7,000 Southern New England Ice
10 10-30 B. B.& R. Knight Corp.,
class A
$50 lot $5,000 Alton St. Louts Bridge Co.,
Co., 1st 635s. Feb. 1942_ _ _ _6934 & lot
class C common
$10 lot 100 Riven, Lathe & Grinder Corp.
deb. 7s. May 1942
45 & int 33,000 Wayne Coal Co. let 6s. Mar.
50 Connecticut Mills Co., class A
pref.; 100 common
$i00 lot $2,000 Alton St. Louis Bridge Co.,
1937 (certificate of deposit)...--550 lot
16e 500 Mammoth Porcupine Mines,
common, par $10
1st 7s, May 1947
45 & int $500 Consumers Service Stations.
275 Conn. Mills Co., 2d pref
50c
Ltd., Par 31
511 lot $5,000 Canadian Rail & Harbour
consol. porno. operating certifs_ _54 lot
20 Fairhaven Mills, pref.(W.dep.) 55c 50 Standard Supply & Equip. Co..
350,000 Grand Rapids Grand Haven
Terminals, Ltd., 1st 634s, March
238 Pepperell Mfg. Co
cl. B pref., par $10; 50 Standard
9634
& Muskegon By. Co. hat 55, July
1951
62 & lot
1,094 B. B. dr R. Knight Corp.,
Supply & Equip. Co., cl. A pref.;
1926 (certificate of ceposit)._ 1% flat
$5,000 State of Santa Catharina 8s.
pref. v. t. o
22 Eastern By. of Ky.6% pref.;
5
Feb. 1947
45% flat $5,000 Cuba Cane Sugar Corp., deb.
400 Nat. Fabric & Fin. Co., pref._ 10
14 Eastern By. of Ky., corn.; $90
$2,000 Mt. Hope Bridge Co., 181
78, Jan. 1930(certif. of dep.)_ _40 & lot
55 Nashua Mfg. Co., commonEastern Ry. of Ky., corn. scrip.$15 lot
38%
634s, Dec. 1957
70 & int $5,000 Cuba Cane Sugar Corp., deb.
186 York Mtg. Co
534 40 Orswell Mills, corn.; 22 pref. 330 lot
8.4, 1930 (certll. of deposit)... _40 & lot
10 Naumkeag Steam Cotton Co_ _ _ 9034 192 Amer. 011 Royalties Corp.;
294 Great Falls Mfg. Co
15
18 U.S. Worsted Corp., 1st pref.;
By A. J. Wright & Co., Buffalo:
4 U. S. Worsted Corp.. 1st prof.. 500. lot
91 U. S. Worsted Corp. com
520 lot Shares. Stocks.
$ Per Sh.
$ per Sh. Shares. Stocks.
20
5 Quigley Furnace & Fdry. Co..
521 Suncook Mills, common
600 Sylvanite Gold Mines,Ltd.,Par
23.333 Ribago Sudbury Mines,Ltd,
30 New England Sou. Corp., corn.
.32 lot
pref.; 1 Quigley Furnace & Fdry..
par $1
5110$
Si
50c. lot
12
85 UnIon Mills, Inc., common
corn.; 10 Renfrew Mfg. Co., pref.;
15,000 Federal Kirkland Mining
3.000 Creighton Fairbank Mines.,
25 Laurel Lake Mills
$30 lot
10 Ancona Co.. pre(
$2 lot
Co., Ltd., par $1
Ltd., par
50c.lot
$45 lot
50 Otis Co
384 210 Granite State Prod. Co.,corn_ _S6 lot 400 Buffalo51
Tank Corp.. class A-550 lot 5,000 Creighton Fairbank Mines.
424 Lancaster Mills,com__600.,500., 30c. 12 Litchfield Synoplate; 10 Bradley
Ltd., par S1
1,280 Mt. Aetna Mining Co., par
S10 lot
26c., 25c.
Mills
$10 lot
$1
$15.50 lot 5.000 Federal Kirkland Mining Co..
100 Connecticut Mills Co., 1st pf
10
5,200 Boston Arizona Mines Corp.,
15 Whisk Razor Corp., no par____51 lot
$30 lot
Ltd., Par 51
100 Connecticut Mills Co., class A
par $1; 100 Mexican Metals Co.,
BONDS.
Per Cent.
40 Burkhart Sales Corp., no par ..$1lot
iSo
common, par $10
par 55; 65 Jerome Verde Devel.
100 Fort Erie Artificial Ice Co.,
$15,000 Southern Timber Co., 2nd
100 Nashawena Mills
Co., par 50c.; 100 U-Can Safety
1834
& gen. mtge. serial 6s, ext. date
Ltd., 7% pref., interim etf____555 lot
10 Richard Borden Mfg. Co
Hair Cutter Corp., Par 310; 100
334
due April 15 1927. coupon due
40 Kelvinator Buffalo Corp., cl. A,
22 Whitman Mills Corp
7
Davis-Daly Copper Co., par
Oct. 15 1926, attached
no par
$75101
$3 lot
25 Associated Textile Cos
35
$1
$20 lot 636 units Rockwood Products Corp.
85,000 Southern Timber Co., 2nd &
7 Lockwood Co
40 600 5-0-S Oil Co. par 31; 500
of Buffalo, N. Y., interim ctfs.
gen. mtge., serial Os,ext. date due
20 Flint Mills
2634
Chemical Copper Recovery Co..
'
Oct. 15 1927, coupon due Oct. 15
consisting of 636 she, of 7% cum.
200 Jacksonville Trac. Co., pref.._ _ 234
Par 51;600 Mohawk Petroleum C
1926, attached
33 lot
voting $35 par pref. and 636 abs.
1,100 Texas Electric By. Co., corn_ 135
Co
$9 lot
no par common
$70 lot 35.000 Southern Timber Co.. 2nd dc
10 Boston RR. Holding Co., pref.- 18
250 Everlastik, Inc., common....310 lot 3.960 Adargas Mines,
gen. mtge., aerial 6s,ext. date due
par 1 peso..S4 lot
100 Jacksonville Traction Co.. corn.
100 U. B. Worsted Corp.. corn.;
100 La Rose Mines. Ltd., par $1....51 lot
Oct. 15 1927,coupon due April 15
(certificate of deposit)
$10 lot
1 Lafayette Motors
corn.;
10 Mines Operating Co., pref
$1 lot
$1 lot
1927 attached
3 Eastern Mass. St. By., ad.1_ _26 ex-d1v.
10 Conn. Mills Co., 2d pref.;
Corp.,
1,000 Mtnes Oper. Co., no par__51.50 lot 515.000 Southern Timber Co., 2nd
100 Georgia Casualty Co., par $5.- 1234
10 Conn. Mills Co., cl. A corn.:
5,000 Silver Leaf Mining Co., Ltd..
& gen. mtge., serial (Ss. ext. date
35 Bangor Hydro-Elec. Co., par 525 42
10 Conn. Mills Co., el. B. corn.
par 51
due April 15 1928, coupon due
$4 lot
2,200 Aviation Securities Corp. of
par $10
$100 lot 1.000 Wettlaufer Lorrain Silver
$16 lot
April 15 1927 attached
New England
134 140 General Implement Co., pref.;
Mines, Ltd., par 51
32.501ot 530,000 Southern Timber Co., 2nd
100 Globe Underwriters Exchange_ 14
2,650 common
$14,000 lot 300 Fred Mason Products, Inc.,
a: gen. mtge., serial 6s, ext. date
30 Heywood-Wakefield Co., corn... 10
100 Serve' Corp.,com.; 10 Fireproof
due Oct. 15 1928. coupon due
temporary certificates, no par_31.50 lot
4 units First Peoples Trust_ A9 ex-div.
Tile Co.; 10 Cinder Tile Co.,
$26 10t
500 United Mines Co. of Arizona,
April 15 1927 attached
170 Wickwire Spencer Steel Corp.,
Preferred
$50 lot
par al
$2 lot $5,000 Tarpon Springs, Fla., Imcommon v. t. C
$25 lot $4,000 Atlantic Gypsum Prod. Co.
100 Adams Equipment Co.. Pref.,
Prov.64,Aug. 18 1934,coupon Feb
50 Amerada Corp
20
11.13, due June 1941; 40 corn
35%
$310 lot
Dar $10
18 1930 attached
$2 lot
11 Boston Whaif Co
108
50 Litchfield Mfg. Co., pref.; 22
100 Adams Equipment Co., corn.,
$5,000 Auburndale, Fla.,6% bonds
400 Atlas Plywood Corp
25
Clapp Fire Resisting Paint Co.
.315 lot
no par
due July 1 1940, coupon July 1
$1101
250 Beacon Participations, Inc.,
$20,000 Coloradas Sugar Co. let 7s,
10 Central Mexican Oil Co., par
$375 lot
1930 attached
class A preferred
1234-1234
Sept. 1924; Mar. 1 1921 coupons
$10
$1 lot $5,000 Largo, Fla.. improv.Os, Nov.
5 New Boston Arena, prof
234
& subs, coupons on; 250 Fidelity
1,000 Oklahoma 011 Co.. par 31.52.50101
15 1930, coupon May 15 1930
100 Credit Alliance Corp
1934
Trust Co., Boston; $10,000 note.
10 10-49 Peer Oil Corp., temporary
$350 lot
attached
500 Gold Circle Cons. Mining Co_ _2530
signed by Cuba Sugar Corp.,
certificate, no par
$1101
200 Internat. Nickel Co., Ltd
28
dated Oct. 8 1920, due Aug. 4
44 New Boston Arena Co., common 134
1921, int. 8%
550 lot
3 64,323.82 Costilla Estates, let lien
9 New Boston Arena Co.. pref
.
DIVIDENDS.
120 Fox Film Corp., class A
35
ctf. of ben. int.: $9,504.38 2d lien
65 Beacon Participations, Inc.,
cit. of ben. lot.: 32,596.04 3d lien
Dividends are grouped in two separate tables. In the
12%
class A preferred
elf, of ben. int.; 40-1500 4th lien
first we bring together all the dividends announced the
2,500 Air Investors, Inc., common. 2
ctf. of ben. int.; 446 coin. stock.$25 lot
60 Gen Gas dr El Co., cl. Acorn.. 75
current week. Then we follow with a second table, in
20 Amer. Nickel Co., par $10; 50
5 Brockton G.L. Co., v.t.c., par 525 36
Bay State Gas Co., par 550; 20
which we show the dividends previously announced, but
23 Nor. Boston Ltg. Properties.
Chicago Union Trac. Co.; 50
which have not yet been paid.
55%
Pref. V. t. c., par 550
Compressed Air Power Co., par
$10; 10 Nat. Steel Engraving Co..
The dividends announced this week are:
300 Wilcox Comb Co., class A._350 lot
par $10; 40 Nevada-Utha Mines
1 unit First Peoples Trust_ ....IS% ex-div
de Smelters Corp.. Dar $10; 15
284 Consol. Mtge. Co., 7% pref _.$1 lot
Raven Copper Co., par 31; 700
When
Books Closed
Per
20 Maolis Land Co., common--510 lot
Days Inclusive.
Silver Leaf Mining Co. par $1:
Cent. Payable.
Name of Company.
100 Kenney Mfg. Co., panic.
300 Smith Motors True); Corp.,
preferred, par 350
310 lot
Railroads (Steam).
Par $10; 1 Weirs Music Hall
12 Atlantic Coast Co
$350 lot
Associates, par 51
154 Mat. 1 Holders of rec. Jan. 184
525 lot Baltimore & Ohio, corn.(guar.)
100 Texamex Trust, common_ _ _ _510 lot 30 Worcester Inv.Tr., pf.; 9;corn.325 lot
1
Mar. 1 Holders of recs. Jan. 18a
Preferred (quar.)
250 Flintkote Co., cl. A coin..24-2334.24
Central RR. of New Jersey (extra)
*2
Jan. 15 *Holders of rec. Dec. 31
3 Trustees of the American Bank
Jan 1 Holders of rec. Dec. 14
Bonds.
2
Per Cent. Delaware RR
1634 $12,000 Cuban Dominican Sugar
Building, Par 31.
Georgia RR.& Banking (quar.)
•234 Jan. 15 *Holders of rec. Jan. 2
000
50 New Hampshire Fire Insurance
Kansas City Southern, corn. (guar.)
Co. let 7315, Nov. 1944 (certif.
134 Feb. 1 Holders of rec. Dec. 31
Co., par $10
63
Jan. 15 Holders of rec. Dec. 31
Preferred (quar.)
1
of deposit)
42 & Int.
3,220 Consolidated Cement Co..
Louisville & Nashville
$55.000 Palm Beach Construction
*334 Feb. 10 *Holders of rec. Jun. 15
common v. t. c
134
e60 Feb. 15 Holders of rec. Jan. 25
Co.,3
-year 6% notes
$11 lot o Nash.Chart. dr St. L(stock dlv.)
25 Robert Gair Co., class A
14
New London Northern (qua?.)
•234 Jan. 1 *Holders of rec. Dec. 15
5200 Note !Awns Land Co., due
25 Robert °air Co., class 13
1
Jan. 1 *Holders of rec. Dec. 15
Extra
*1
Dec. 1928
515 lot
200 American Equities Co., corn.-- 1634 Certificate 106, participation of the
Reading Company common (qua?.)
Feb. 18 *Holders of rec. Jan. 16
*51
1-64 Interest Schooner Ilelen Barnet
par value of $35,442.76, repreGring
$100 lot
senting an undivided int. In prop.
Public Utilities.
100 Peoples National Fire Insurance
Amer.Community Power, 1st pf. (qua
held by T. J. Walsh, C. B.
51.50 Jan. 2 Holders of reo. Dec. 14
17
Co., par $5
$1.50 Jan. 2 Holders of rec. Dec. 14
Wyatt, G.deB. Greene as trustees
Preference (qua?.)
500
100 Boston District Steam Co
Amer. Dist.Teleg.of N.J., corn.(qu.)-- *$1 Jan. 15 *Holders of rec. Dec. 14
under and pursuant to a dorlara1,000 Pacific Western Oil Corp..1334
•134 Jan. 15 *Holders of rec. Dec. 14
tion of trust dated Aug.151929 10% flat
Preferred (guar.)
937 Consolidated Smelting & Metals
Amer. Natural Gas, 2nd pf. (qu.)
Certificate 78, participation of the
4
.1734c Jan. 1 *Holders of rec. Dec. 20
$1 lot
Corp., par $10
Amer. Pow. dr Lt., $5 of. A fitPd. (111.)
par value of $536.36, representing
134 Jan. 2 Holders of rec. Dec. 14
$30 lot
50 Warren Acreage Co
an undivided int. in property held
Amer. States Pub. Service, cl. A (qu.) - *cet40c Jan. 1 *Holders of rec. Dec. 21
150 Groton & Knight Co.. pref____ 53
by T. J. Walsh, C. B. Wyatt,
*51 .50 Jan. 1 *Holders of rec. Dec. 21
Preferred (quar.)
100 Hotel Bellevue Trust Com__ _510 lot
G. dell. Greene as trustees under
Arkansas Power & Light,$7 pf. (quar.)$1.75 Jan. 2 Holders of rec. Dec. 16
100 Baltimore American Insurance
and pursuant to a declaration of
$1.50 Jan. 2 Holders of rec. Dec. 16
$6 preferred (quar.)
25
Co., par 55
trust dated Augl 151928
10% fiat Associated Telep.& Teleg., cl.D(qu.) - 31 Jan. 2 Holders of rec. Dec. 17
50 United Secur. Trust Assoc_ __353(-35 $10,000 Farmers Mfg. Co. 1st 75,
Associated Telep. Utilities, corn.(all.).. *P4 Jan. 15 *Holders of rec. Dec. 31
100 Wiggin Terminals, Inc., pref.,
Sept. 1943
500. Mar, 1 Holders of rec. Jan. 31
20 & int Brazilian Tr., L. & Pow. ord.(War.)--10
par $10
Holders of rec. Jan. 31
Ordinary (payable in ord. stock)
z
55.000 Wbitenight ,
coll. tr.
fl
100 Nat. Liberty Ins. Co., par $5... 16
634s, Sept. 1932 (eV. of dep)-11% flat Bridgeport Hydraulic Co.(guar.)
*40e. Jan. 15 *Holders of rec. Dec. 31
Inc..
10
246 Moran-Hale Co
$14,000 Nat. By. of Mex. 434s, due
Jan. 15 Holders of rec. Dec. 31
Bklyn.-Manhattan Tran., corn.(qu.)
$1
40 Amer. Sugar Refg. Co., pref_102
July 1957
Jan. 2 Holders of rec. Dec. 26
595 lot Brooklyn & Queens Transit, pf. (quar.). 51
1,000 Newlita Mining Co., pref.,
$5,000 Whitenights, Inc. coll. tr.
Capital Tract., Wash., D. C.(quar.)134 Jan. 1 Holders of rec. Dec. 9
$25 lot
par $25
630, Sept. 1932 (cll. oidep.).11% flat Central Illinois Light,6% pf. (guar.)--- 135 Jan. 2 Holders of rec. Dec. 14
3.000 Newlife Mining Co., corn.,
55,000 Bryant Park Bldg.. Inc., 1st
134 Jan. 2 Holders of rec. Dec. 14
7% Preferred (quar.)
$25 lot
par $5
63(s. July 1945
Jan. 2 *Holders of rec. Dec. 31
'Cl
70 & lot Central & South West. Util.(no stk.) _
25 Cheney Bigelow Wire World',
Cleveland Elec. III., pref. (quar.)
$50.000 Cent. N. Y. Southern RR.
134 Mar. 1 Holders of rec. Feb. 14
45
preferred, Par 350
Corp.. coll. tr. 5.4. May 1964,
Commonwealth Power common tquar.) 51
Feb. 1 Holders of rec. Jan. 20
100 Brunner-Winkle Aft craft Corp_ 1
sub receipts
Preferred (guar.)
134 Feb. 1 Holders of rec. Jan. 20
2%
18 Dorchester Trust Co.; 40 Im506.700 Jacksonville Tree. Co,
Commonwealth Utilities corn, stock
proved Housing Assn. of New
notes, duo Sept. 111135...
Div. 1-40th all, corn. stock
(1) Jan. 1 *Holders of rec. Dec. 21
Haven; 3 North Lake Mining
501,000 Jacksonville 'Frac. C6. 13
Connecticut Electric Service, corn.(qu.). 623.4e Jan. 1 *Holders of rec. Dec. 14
'
,
Co., par $25;3 Nat. Rye,of Mex.,
Is. March 1931
Preferred (quar.)
oil Jan. 1 *Holders of rec. Dec. 14
10% dr
pref.: 59,000 Pelham Associates
Duquesne Light, let pf. (qua?.)
$70.000 Schenectady Ry. Co. 1st
134 Jan. 15 Holders of rec. Dec. 31
68, 1923: 144 Pelham Assoc.. corn.;
55 1946
10% de lot Eastern N..1. Power Co.,6% pf.(qu.)
134 Jan. 2 Holders of rec. Dec. 14
20 Reed-Prentice Corp.. corn. dr
6%% preferred (qua?.)
$1.000 Town of Polk City, Fla.,
134 Jan. 2 Holders of rec. Dec. 14
cl. A subser. warrants; 19 Winona
68, Oct. 1937
7% preferred (quar.)
134 Jan. 2 Holders of rec. Dec. 14
50 & Int
Copper Co., par $25; 100 Becker
51.000 Town of Polk City, Fla.,
8% Preferred (quar.)
2
Jan. 2 Holders of rec. Dec. 14
Milling Co.. pref.; 20 Craig, Reed
Electric Bond dr Share, pref.(quar.)64, Oct. 1936
*51 50 Feb. 1 *Holders of rec. Jan. 10
50 & lot
& Emerson, pref.; 36 Gauley Coal
Gold & Stock Telegraph (guar.)
51,000 Town of Polk City, Fla.,
•134 Jan. 2 *Holders of rec. Dec. 31
Land Co., pref.; 42 Gauley Coal
Cs June 1940
50 dr lot Greenwich Water & Gas Prof.(quar.)... *134 Jan. I *Holders of rec. Dec. 20
Land Co.. corn.: $3,000 Rolfe
Haverhill Gas Light (quar.)
$2,000 Town of Polk City, Fla.
57c. Jan, 2 Holders of rec. Dec. 1845
Coal Mining Co. 108. 1934: 85
&June 1941
50&Int Indiana Consumers Gas& By-Products
Rolfe Coal Mining Co.. pref.;
Co., $6 pf. (quar.)
$8,000 Maricopa Co. (Municipal
$1.60 Jan. 2 Holders of rec. Dec. 15
Internat. Hydro-Elec. System
Water Cons. DEL No. 1) 6s,
63 Rolfe Coal Min. Co., com.$100 lot
Class A 1-50 share, class A stock)
Feb. 1955
100 City Central Corp., pref.; 100
(e) Jan. 15 *Holders of rec. Dec. 26
23
Interstate Public Service prior lien (qu.)_
common
$100 lot 52,000 Maricopa Co. (Municipal
134 Jan. 15 Holders of rec. Dec. 31
Bell Telep. (quar.)
Michigan
Water Cons. Dist. No. 1) 6s,
44 Granite State Products Co..
*2
Dec. 31 *Holders of rec. Dec. 17
Middle West Utilities
$2 lot
pref., par 150; 20 common
July 1954
25
New corn. (pay. in cow. stk.) (qu.)
400 Mbar Coal Co.,com.,par $50$10 lot 56,000 Hoosae Lumber Mills 1st
(No. 1)
s. f 7s, June 1932
1,000 Cambria & Indiana Realty
*Holders of rec. Jan. 15
$50 lot
$15 lot $5,000 Cisco, Tex., 534s. Mar. 10
Co.. par $50
56 cony. pref. ser. A (quar.)
• bbl.50 Feb. 15 *Holders of rec. Jan. 15
"
990 Bowman Biltmore Hotels Corp..
1958
134 Jan. 31 Holders of rec. Jan. 20
50 & int Milwaukee Elec. Ry.& Light, pf.(qu.)_
_ •
Mississippi River Pow., pref.(quar.)
1st pref (Serville Ws.); 10 let
134 Jan. 2 *Holders of rec. Dec. 14
57,000 Joplin & Pittsburg By, Co.
Montreal L. H.& Pow. Cons.(quar.)... 600. Jan. 31 Holders of rec. Dec. 31
$500 lot
pref. (Westchester etre.)
lot mtge. 5s, March 1930, (certif.
of deposit)
*255. Jan. 15 *Holders of rec. Dee. 31
738 Aetna Mills, corn.: 40 Aetna
2% flat National Fuel Gas (quar.)
National Gas & Elec. Corp. 5634 pf.(qu.) 31 625 Jan. 2 Holders of rec. Dec. 20
Mills, prof.; 380 Pacific Steam$5,000 Free State of Prussia 6s,
7% Preferred (cluar.)
ship Co. of Maine, corn
5500 lot
134 Jan. 2 Holders of rec. Dec. 15
Oct. 15 1952
70 & int
3918
Name of Company.
Ter
When
Cent. Payable.
Boob Closed
Days Inclusive.
Public Utilities (Concluded).
New Orleans Pub. Serv., pref. (qu.) --- $1.75 Jan. 2 Holders of rec. Dec. 16
North Amer.Lt.& Pow., pref.(qu.)---- $1.50 Jan. 2 Holders of rec. Dec. 20
Northern Ind.Pub.Serv.7% pf.(qu.)-- 13( Jan. 14 Holders of rec. Dec. 31
6% preferred (quar.)
1.34 Jan. 14 Holders of rec. Dec. 31
134 Jan. 14 Holders of rec. Dec. 31
5Si% preferred (guar.)
Jan. 2 Holders of rec. Dec. 23
North. Mex.Pow.& Bevel., corn.(au.)- 1
Jan. 2 Holders of rec. Dec. 23
Preferred (guar.)
Ohio River Edison Co.,7% pi.(au.)-134 Jan. 2 Holders of rec. Dec. 17
Ottawa L. H.& Pow., cum.(quar.).
1.34 Dec. 31 Holders of rec. Dec. 17
Preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 17
50c. Feb. 1 Holders of rec. Jan. 15
Penn-Ohio Edison Co., corn. (quar.)
1.3.i Mar. 1 Holders of rec. Feb. 15
7% prior stock (guar.)
$1.50 Jan. 15 Holders of rec. Dec. 31
$6 preferred (quar.)
55c. Jan. 1 Holders of rec. Dec. 20
Pennsylvania Power $6.60 pf. (mthly.)_
55c. Feb. 1 Holders of rec. Jan. 20
36.60 preferred (monthly)
55c. Mar. 1 Holders of rec. Feb. 20
36.60 preferred (monthly)
$1.50 Mar. 1 Holders of rec. Feb. 20
$6 preferred (quar.)
$1
Jan. 31 Holders of rec. Dec. 31
Philadelphia Company, corn. (qu.)
750. Jan. 31 Holders of rec. Dec. 31
Pr Common (extra)
$1
Jan. 31 Holders of rec. Jan. 15
Philadelphia Rapid Transit (quar.)
Philadelphia & Western, pref. (qu.)'6234c Jan. 15 *Holders of rec. Dec. 31
40c. Jan. 20 Holders of rec. Dec. 31
Southeastern Power & Light, corn.(qu.)_
2 Dec. 31 Holders of rec. Dec. 21
Standard Gas
-Light of N. Y., corn
3
Dec. 31 Holders of rec. Dec. 21
Preferred
Standard Pow.& Light, pref. (quar.)--- $1.75 Feb. 1 Holders of rec. Jan. 16
/8c Dec. 2 *Holders of rec. Nov. 15
Toledo Edison Co. 7% pref. A (mthly.) *581
*50c. Dec. 2 "Holders of rec. Nov. 15
6% preferred (monthly)
134 Jan. 15 Holders of rec. Dec. 31
Western Power Corp. pref. (guar.)
134
Banks.
Richmond National (Brooklyn)
Extra
Trust Companies.
Brooklyn (guar.)
Extra
Central Hanover Bk. & Tr.(quar.)--Extra
County Trust Co.of N.Y.(qu.)(No.1).
Empire (quar.)on old $100 par stk.) _ _
Extra (on old $100 Par stock)
Equitable, new $20 par stock (qu.)
Fidelity (guar.)(on new $20 par stk.).-.
Fulton (quar.)
Extra
Lawyers Trust Co.(quar.)
Extra
New York (quar.)
Title Guarantee & Trust (quar.)
Extra
4
11
"$1
Jan 2 *Holders of rec. Dec. 27
Jan. 2 *Holders of rec. Dec. 27
"6
Jan. 2 *Holders of rec. Dec. 23
*3
Jan. 2 *Holders of rec. Dec. 23
$1.50 Jan. 2 Holders of rec. Dec. 20
$1
Jan. 2 Holders of rec. Dec. 20
2
Jan. 6 Holders of rec. Dec. 280
3
Dec. 31 Holders of rec. Dec. 20a
3
Dec. 31 Holders of rec. Dec. 20a
75c. Dec. 31 Holders of rec. Dec. 18
50c. Dec. 31 Holders of rec. Dec. 20
3
Jan. 2 Holders of rec. Dec. 23
2
Jan. 2 Holders of rec. Dec. 23
*2
Dec. 31 *Holders of rec. Dec. 20
+2
Dec. 31 *Holders of reo. Dec. 20
$1.25 Jan. 2 Holders of rec. Dec. 210
$1.20 Jan. 2 Holders of rec. Dec. 23
600. Jan. 2 Holders of rec. Dec. 23
Joint Stock Land Banks.
Pacific Coast-dividendssuspended
Fire Insurance.
Continental
Fidelity-Phenix
$1.20 Jan. 10 Holders of rec. Dec. 31
$1.30 Jan. 10 Holders of rec. Dec. 31
Miscellaneous.
Abraham & Strau.s, Inc., pref.(au.)
*15.1 Feb. 1 *Holders of rec. Jan. 15
"lc. Dec. 20 *Holders of rec. Nov. 30
A.B. C. Cigar
500. Dec. 31 .Holders of rec. Dec. 21
Acme Wire, corn. (quar.)
Common (extra)
50c. Dec. 31 Holders of rec. Bee. 21
Common (payable In corn.
Holders of rec. Jan. 2
/5
stock)-Aetna Rubber common-Div. passed.
Preferred (quar.)
134 Jan. 1 Holders of rec. Dec. 16
134 Jan. 2 Holders of rec. Dec. 16
Agnew-Surpass Shoe Stores, pf.(qu.)
Jan. 2 Holders of rec. Dec. 23
Airstocks, Inc.(Christmas dividend)--- $1
Jan. 1 'Holders of rec. Dec. 20
Akron Rubber Reclaiming pref. (quar.)_ "2
*750. Jan. 15 *Hoiders of rec. Dec. 20
Alpha Portland Cement, corn,(qu.)
- *134 Jan. 15 *Holders of rec. Dec. 31
Amer. Asphalt Roofing, corn. (qu.)*2
Jan. 18 *Holders of rec. Dec. 31
Preferred (quar.)
Mc. Feb. 1 Holders of rec. Jan. 140
Amer. Home Products (monthly)
' Jan. 2 'Holders of rec. Dec. 20
134
American Screw (guar.)
' Jan. 2 'Holders of rec. Dec. 20
134
Extra
Amer. Sumatra Tobacco, corn. (qu.)--- +750. Jan. 15 *Holders of rec. Jan. 2
*El .25 Jan. 2 *Holders of rec. Dec. 15
Amer. Turf Association (guar.)
Jan. 15 *Holders of rec. Jan. 14
Anglo National Corp
*$1
Jan. 1 Holders of rec. Dee. 20
Apex Electrical Mfg., pref. (guar.)
Pref. (acct. accumulated diva.)
134 Jan. 1 Holders of rec. Dec. 20
"750. Jan. 1 *Holders of rec. Dec. 23
Arundel Corp. (quar.)
8734e. Jan. 2 Holders of rec. Bet. 20
Astor Financial Corp., cl. A (quar.)._
*2
Dec. 16 *Holders of rec. Dec. 16
Atlantic Macaroni (extra)
AutomaticVot.Mach.pr.partici.stk.(qu)_
500. Jan. 2 Holders of rec. Dec. 20
*80c. Jan. 1 'Holders of rec. Dec. 16
Axton Fisher Tobacco, corn. A (qu.)_
Baer, Sternberg & Cohen, 1st pf. (qu.). 134 Jan. 2 Holders of rec. Dec. 24
Jan. 2 Holders of rec. Dec. 24
2
Second preferred (quar.)
40c. Jan. 2 Holders of rec. Dec. 26
BancomIt Corp. new com. A (guar.).25c. Feb. 1 Holders of rec. Jan. 10
Bankers Bond & Mtge. Guar.(guar.)
*200. Jan. 2 'Holders of rec. Dec. 23
Bancokentucky Corp.)No. 1)
*250. Jan. 10 *Hoiders of rec. Dec. 31
Bansicilla Corp. Cl. A.& B.(quar.)
*40c. Dec. 31 'Holders of rec. Dec. 19
Black & Decker Co., corn. (quar.)
*50c. Dec. 31 *Holders of rec. Dec. 19
Preferred (quar.)
Bonwit Teller & Co. Pref. (guar.)
*81 Sic Jan. 1 'Holders of rec. Dec. 20
e3
Jan. 15 Holders of rec. Dec. 300
Borden Co. (stock dividend)
*50c. Dec. 31 *Holders of rec. Dec. 18
Hornet, Inc., class A (No. 1)
Boston Herald Traveler Corp.
*40c. Jan. 2 *Holders of rec. Dec. 21
Quarterly (No. 1)
*100. Jan. 2 *Holders of rec. Bee. 21
Extra
(0 Jan. 17
See note (z)
British Amer. Tobacco ord. (final)
Jan. 2 Holders of rec. Dec. 14
British Columbia Packers, pref. (qu.)
*25c. Jan. 31 *Holders of rec. Jan. 10
Budd (E. G.) Mfg. common (quar.)__
+114 Jan. 31 'Holders of rec. Jan. 10
7% preferred (quar.)
134 Dec. 31 Dec. 21 to Jan. 20
Bulkley Building (Cleve.) Pf •(qu.)
"75c. Jan. 2 *Holders of rec. Dec. 13
Burt (F. W.) Co., com•(War.)
' Jan. 2 'Holders of rec. Dec. 13
134
Preferred (guar.)
Burma Corp., Ltd., Am. dep. rots.
Feb. 21 'Holders of rec. Jan. 14
6 annas Interim and 1 anna bonus___ _
Buzza Clark, Inc., 1st pref.-No action taken.
.43I1c Jan. 1 'Holders of rec. Dec. 18
California Art Tile class A (quar.)
"20c. Jan. 1 *Holders of rec. Dec. 16
Class B (quar.)
$1.25 Jan. 15 Holders of rec. Jan. 2
Canada Dry Ginger Ale (quar.)
Jan. 4 Holders of rec. Bet. 21
Canadian Cottons, Ltd., common (qu.). 2
134 Jan. 4 Holders of rec. Dee. 21
Preferred (qua?.)
134 Jan. 15 Holders of rec. Dec. 31
-Morse pref. (cm.). _
Canadian Fairbanks
Dec. 31 'Holders of rec. Bet. 26
13
Canton Company
Dec. 31 *Holders of rec. Dec. 26
41
Extra
*750. Jan. 2 'Holders of rec. Dec. 21
Carnation Co
Jan. 2 'Holders of rec. Dec. 21
*1
Stock dividend
Jan. 2 *Holders.of rec. Dec. 21
Preferred (gum.)
Carreras, Ltd.
"w35 Dec. 26 *Holders of rec. Dec. 12
Amer. dep. rcts. for ord. A and B
+ion Dec. 26 "Holders of rec. Bet. 12
Amer. dep. refs. for ord. reg
Dec. 31 *Holders of rec. Dec. 16
*$2
Carthage Mills met
Dec. 20
.$1
Peak Quicksilver(No. 1)
Castle
Central Investment Corp. Pref. (quar.). '134 Jan. 1 'Holders of rec. Dec.•20
750. Jan. 2 Holders of rec. Dec. 18
Central National Corp. class A (guar.)_
. 1% Jan. 2 *Holders of rec. Dec. 20
.
1
Channon (H.) & Co. 1st pref. (quar.)_
Jan. 2 *Holders of rec. Dee. 20
"2
Second Preferred (qeer.)
Railway Equip.common (guar.) "25c. Dec. 31 *Holders of rec. Dec. 20
Chicago
Dec. 31 *Holders of rec. Dec. 20
Preferred (quar.)
2340. Feb. 1 Holders of rec. Jan. 15
Cities Service common (monthly)
g Feb. 1 Holders of rec. Jan. 15
Common (payable in common stock)._
50c. Feb. 1 Holders of rec. Jan. 15
Preference and preference B (mthly.)50. Feb. 1 Holders of rec. Jan. 15
Preference B (monthly)
234 Jan. 3 Holders of rec. Dec. 30
City Investing common (guar.)
Common (payable in common stock)_ 1234 Mar. 1 Holders of rec. Dec. 30
134 Jan. 2 Holders of rec. Dec. 27
Preferred (guar.)
25c. Jan. 15 Holders of rec. Dec. 31
City Stores common (guar.)
50c. Jan. 1 Holders of rec. Dec. 16
Cleveland Builders Supply (quar.)
+50c. Jan. 2 *Holders of rec. Dec. 20
Clorox Chemical (quar.)
[VOL. 129.
FINANCIAL CHRONTCLE
134
134
*134
"134
Name of Company.
Per
When
Cent. Payable.
Books Closed,
Days Inclusive.
Miscellaneous (Continued).
*154 Jan. 1 *Holders of rec. Dec. 23
Colonial Financial pref. (quar.)
'334 Jan. 1 'Holders of rec. Dec. 20
Columbia Steel preferred
60c. Dec. 31 Dec. 21 to Dec. 30
Commonwealth Casualty
Community State Corp.class A & B(qu.) 14.1 Dec. 31 Holders of ree. Dec. 26
"2
Dec. 31 *Holders of rec. Dec. 20
Conley Tank Car Prof. (guar.)
Consolidated Lead & Zinc Co. (quar.) *1234c Jan.
Consol. Mining & Smelting (Canada).
- "1.25 Jan. 15 *Holders of rec. Dec. 31
Jan. 15 *Holders of rec. Dec. 31
Extra
*$5
Consolidated Retail Stores corn.(qu.) -- *250. Jan. 2 *Holders of rec. Dec. 16
*2
Jan. 2 *Holders of rec. Dec. 16
8% preferred (quar.)
.4334 Jan., 1 'Holders of rec. Dec. 20
Consolidated Steel pref. (quar.)
Continental Shares common (quar.)_ _ *250. Jan. 2 *Holders of rec. Dec. 16
Corroon & Reynolds Co.$6 pref. (qu.) *$1.50 Jan. 1 *Holders of rec. Dec. 20
*500. Jan. 1 'Holders of rec. Dec. 29
Counselors Securities Trust(guar.)
"$2
Jan. 1 *Holders of rec. Dec. 15
Courier Post Co. common (guar.)
Jan. 1 *Holders of rec. Dec. 15
*53
Common (extra)
+15i Jan. 1 *Holders of rec. Dec. 15
Preferred (guar.)
3
Dec. 31 Dec. 14 to Dec. 31
Craddock-Terry Co. 1st & 2nd pref
334 Dec. 31 Dec. 14 to Dec. 31
Class C
Creamery Package Mfg. common (qu.). *50c Jan. 10 'Holders of rec. Jan. 1
Preferred (quay.)
'134 Jan. 10 *Holders of rec. Jan. 1
1.34 Jan. 31 Holders of rec. Jan. 15
Crucible Steel common (guar.)
f3
Jan. 31 Holders of rec. Jan. 15
Common (extra) (in common stock)
234 Jan. 15 Holders of rec. Jan. 4
Crum & Forster class A & B (quar.)
Mar. 31 Holders of rec. Mar. 20
2
Preferred (guar.)
*1% Dee. 20 'Holders of rec. Nov.30
Crystalite Products pref.(guar.)
*Ng Dec. 20 'Holders of rec. Nov.30
Preferred (acct. accum. diva.)
Jan. 15 *Holders of rec. Jan. 3
*1
Cudahy Packing common (quar.)
*40c. Jan. 15 *Holders of rec. Jan. 4
Detroit Forging (guar.)
*50c. Jan. 15 *Holders of rec. Jan. 2
Devonshire Investing Corp.(guar.)
25c. Jan. 15 Holders of rec. Jan. 1
Dictograph Products Corp.(guar.)
Jan. 15 Holders of rec. Jan. 2
$1
Diversified Investments class A (qu.)_
"1.34 Jan. 15 *Holders of rec. Jan. 2
Preferred (guar.)
2
Dec. 31 Holders of rec. Dec. 20
Dixon (Joseph) Crucible (guar.)
Doehler Die-Casting, $7 pref.(guar.)._ _ $1.75 Jan. 2 Holders of rec. Dec. 21
8734c Jan, 2 Holders of rec. Dec. 21
7% preferred (quar.)
Jan. 15 Holders of rec. Dec. 31
Dominion Engineering Works (guar.)._ _ $1
*134 Jan. 15 *Holders of rec. Dec. 31
Dominion Textile, pref. (quar.)
Douglas (W. L.) Shoe Co., prof. (quar.) *134 Jan. 1 *Holders of rec. Dec. 16
*134 Jan. -Eagle Warehouse & Storage (quar.)..
'234 Jan.
Extra
Eastern Utilities Invest.'Artie. pf.(qu.) $1.75 Feb. 1 Holders of rec. Dee. 31
$1.50 Mar. 1 Holders of rec. Jan. 31
$6 preferred (quar.)
$1.75 Mar. 1 Holders of rec. Jan. 31
$7 preferred (quar.)
$1.25 Apr. 1 Holders of rec. Feb. 28
$5 prior preferred (quar.)
"25c. Jan. 15 *Holders of rec. Jan. 2
Economy Grocery Stores corn. (quar.)
134 Jan. 1 IIolders of rec. Dec. 20
Edwards(Wm.) Co. pref. (guar.)
250. Jan. 2 Holders of rec. Dec. 21
Elder Mfg., corn. (guar.)
2
Jan. 2 Holders of reo. Dec. 21
First preferred (Guar.)
134 Jan. 2 Holders of rec. Dec. 21
Class A (quar.)
Eldorado Pipe Line-dividend passed
Jan.
Electric Vacumn Cleaner. cont. (quar.).. $1
Electric Household Utilities (quar.)_ _ _ _ *250. Jan. 15 *Holders of rec. Dec. 24
Jan. 15 *Holders of rec. Dec. 24
"$1
Special
*el g Jan. 15 *Holders of rec. Dec. 24
Stock dividend
/1
Empire Bond & Mtge. corn. (quar.). '34 Jan. 15 *Holders of rec. Dec. 26
+$1.75 Jan. 15 *Holders of rec. Dec. 26
Preferred (quar.)
*2
Dec. 31 *Holders of rec. Dec. 19
Farr Alpaca (quar.)
75c. Jan. 2 Holders of rec. Dec. 20
Federal Screw Works (quar.)
25c Dec. 30 Holders of rec. Dec. 20
Federated Metals Corp. (guar.)
250. Dec. 30 Holders of rec. Dec. 20
Extra
Dec. 24 Holders of reo. Dec. 20
Ferro Enameling Co., class A (guar.)
$1
250. Dec. 24 Holders of rec. Dec. 20
Class A (extra)
250. Dec. 24 Holders of rec. Dec. 25
Class B (quar.)
Fidelity & Casualty Co. of N.Y.(qu.)_ _ *$1.25 Jan. 10 *Holders of rec. Dec. 31
Firestone Tire & Rubber, new com.(qu.) *400. Jan. 20 'Holders of rec. Jan. 5
'134 Mar. 1 *Holders of rec. Feb. 15
6% Preferred (guar.)
Fishman (M. H.) Inc., prof.(qua?.)...- 134 Jan. 15 Holders of rec. Jan. 3
*50c. Jan. 15 *Holders of rec. Jan. 2
Foremost Fabrics Corp. corn. (quer.)-134 Jan. 1 Holders of rec. Dec. 21
Foster(W.C.) Co., pref.(quar.)
50c. Dec. 31 Dec. 27 to Jan. 1
Fostoria Pressed Steel (guar.)
Feb. 1 *Holders of rec. Jan. 15
"$1
Freeport Texas Co.(quar.)
Feb. 1 'Holders of rec. Jan. 15
"g1
Extra
150. Jan. 1 Dec. 16 to Dec. 31
Gary (Theodore) & Co., corn.(qua?.)...
400. Jan. 1 Dec. 16 to Dec. 31
Preferred (guar.)
*75c. Jan. 2 *Holders of rec. Bee. 24
Gemmer Mfg., class A (quar.)
'300 Jan. 2'Holders of rec. Dec. 24
Class B (quar.)
*134 Jan. 1 *Holders of rec. Dec. 20
General Fireproofing. pref. (qua?.)
*750. Dec. 23 *Holders of roc. Dec. 16
General Ice Cream, corn.(quar.)
and Bancshares Corp.
General Industrial
3734o. Jan. 15 Holders of rec. Jan. 10
Class A
Mar. 1 Holders of rec. Feb. 20
5
Class A (special)
*50c. Jan. 15 *Holders of rec. Jan. 6
General Outdoor Advertising (quar.)..
*$1.50 Jan. 1 'Holders of rec. Dee. 16
General Printing Ink, pref. (guar.)
General Realty & Utility, wet
Jan. 15 'Holders of rec. Dee. 20
$1.50 cash or 75-1000 share stock
Jan. 1 *Holders of rec. Dec. 20
*$2
General Tire & Rubber, corn. (extra)
134 Dec. 31 Holders of rec. Dec. 20
Preferred (qua?.)
German General Electric common
*650. Jan. 1 *Holders of rec. Dec. 20
Gibson Art (guar.)
Gilbert (A. C.) Co., corn.(qu.)(No. 1). 250. Dec. 31 Holders of rec. Dec. 21
*25o. Mar. 31 *Holders of rec. Mar. 19
Common (quar.)
*25c. June 30 *Holders of rec. June 18
Common (quar.)
8734c. Jan. 2 Holders of rec. Dec. 20
Preferred (guar.)
*200. Dec. 21 Holders of rec. Dec. 18
Gilmore Gasoline (monthly)
*500. Dec. 21 *Holders of rec. Doc. 18
Extra
*680. Jan. 2 'Holders of rec. Dec. 20
Financial Corp., pref. (guar.)_ _
Globe
$1.50 Jan. 2 Holders of rec. Dec. 20
Globe-Wernieke Co. corn. (guar.)
*75c. Jan. 2 'Holders of rec. Dec. 20
Gorton-Pew Fisheries (quar.)
134 Feb. 1 Holders of reo. Jan. 13
Gotham Silk Hosiery, prof. (qua?.)
- 134 Ian. 1 Holders of rec. Dec. 20
Gottfried Baking, Inc., pref. (guar.).
Motors. 1st pref. (qua?.). +154 Jan. 1 'Holders of rec. Dec. 14
Graham-Paige
Feb. 1 Holders of rec. Jan. 10a
Granby Consol. Min. Smelt. & Pow.(qu) $2
Ground Gripper Shoe, corn. (quar.)__. "25c. Jan. 15 *Holders of rec. Dec. 31
Jan. 15 'Holders of roe. Dec. 81
+75c.
Preferred (quar.)
*50c. Dec. 30 *Holders of rec. Dec. 20
Gruen Watch, corn.(extra)
pf (qu.).. 134 Jan. 2 Holders of rec. Dec. 21a
Hahn Dept. Stores, Inc.,6
+300. Dec. 31 'Holders of rec. Dec. 21
Hamilton Watch (guar.)
*30c. Jan. It "Holders of reo. Dec. 21
Extra
50c. Jan, 21 Holders of rec. Dec. 30
Heyden Chemical Corp., corn
Hibbard,Spencer, Bartlett & Co.(mthly) 35c. Jan. 31 Holders of rec. Jan. 24
134 Jan. 11 Holders of rec. Dec. 31
Hillcrest Collieries, corn. (quar.)
134 Jan. 1F Holders of rec. Dec. 31
Preferred (guar.)
234 Jan, 2 Holders of rec. Deo. 24
Holmes(D. H.) Co.. Ltd.(quar.)
*25c. Dec. 31 *Holders of rec. Dec. 13
Holly Oil (guar.)
• 662-3c Jan. 2 "Holders of rec. Dec. 20
Home Dairy, corn.(No. 1)
"300. Jan. 2 'Holders of rec. Dec. 23
Hoover Steel Ball (quar.)
Jan. 15 Holders of rec. Dec. 310
Howe Sound Co (quar.)
$1
50c. Jan. 15 Holders of rec. Dec. 31a
Extra
250. Jan. 15 Holders of rec. Dec. 24
Hurley Machine (quar.)
Jan. 15 Holders of reo. Bee. 24
Special
$1
e134 Jan, 15 Holders of rec. Dec. 24
Extra (payable in stock)
Huyiers of Delaware, 7% pref.(quar.)
•1.34 Jan. 2 'Holders of rec. Dec. 20
Hydraulic Brake (quar.)
Jan. I *Holders of rec. Dec. 20
*$1
Imperial Royalties, pref. (monthly)
134c Dec. 31 Holders of rec. Dec. 25
18c. Dec. 31 Holders of rec. Dec. 25
Preferred class A (monthly)
Independent Oil & Gas(quar.)
50c. Jan. 31 Holders of rec. Jan. 15
•
CE.
Feb. 1 *Holders of rec. Jan. 24
Industrial Rayon (stock div.)
Inland Investors, Inc. (guar.)
+600. Jan. 2 *Holders of rec. Dec. 20 1
Extra
•150. Jan. 2 *Holders of rec. Dee. 20
Insult Utilities Invest.. corn.(In stock).. '/134 Jan. 15 'Holders of rot. Jan. 1
Common (payable in common stock). "flyi Apr. 15 *Holders of rec. Apr. 1
Common (Payable in common stock). '/134 July 15 "Holders of rec. July 1
Common (payable In common stock). '1134 Oct. 15 *Holders of rec. Oct. 1
Jan. 2 Holders of rec. Dec. 21
Intercolonial Coal, corn
2
Jan. 2 Holders of rec. Dec. 21
Preferred
4
Internat'l Germaine Co., pref.-Div. Om itted.
International Paper,7% pref. (quar.).. _
134 Jan. 15 Holders of rec. Dec. 26
Jan. 15 Holders of rec. Dec. 310
International Products, pref
3
Interstate Department Stores, com.(qu.) *500. Dec. 30 *Holders of rec. Dec. 20
DEC. 21 1929.]
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed,
Days Inclusive.
Miscellaneous (Continued).
• nterstate Hosiery Mills (quar.)
2'Holders of roe. Dec. 16
'35c. Jan
Kaufman (Chas. A.) Co.. Ltd. (quar.)__
1% Jan. 2 Holders of rec. Dec. 24
Kelsey-Hayes Wheel, pref. (quar.)
•1% Feb. 1 'Holders of rec. Jan. 21
Keystone Watch Case
*$1.50 Feb. 1 *Holders of rec. Jan. 15
Extra
Feb. I *Holders of roe. Jan. 15
'Si
King Royalty, Pref. (quar.)
Dec. 31 Holders of rec Dec. 15
2
Knott Corp.(quar.)
*60e. Jan
Korach (S.) Co.
-Dividend omitted
Dec. 31 *Holders of rec. Dec. 21
Landers, Frary & Clark common (extra) 4
.81
Lane Cotton Mills (guar.)
1 Holders of rec. Dee. 23
3734c Jan
Extra
• 50c. Jan. 1 Holders of rec. Dee. 23
LaSalle Extension University pref. (qu.) 1% Jan. 2 Holders of rec. Dec. 21
70e. Dec. 31 Holders of roe. Dec. 20
Lawyers Mortgage Co.(quiz.)
82
Jan. 2 Holders of rec. Dec. 20
Lawyers Western Mtge.& Title
Jan. 2 Holders of rec. Dec. 20
Extra
$2
*65e. Mar. 1 'Holders of rec. Feb. 15
Link Belt Co.common (quar.)
81.625 Jan. 2 "Holders of rec. Dee. 17
Preferred (quar.)
$1.50 Feb. 1 Holders of rec. Jan. 15
Lit Brothers, Phila., pref. (quar.)
"50c. Jan. 2 *Holders of rec. Dec. 18
Locomotive Fire Box (quar.)
.25c. Jan. 2'Holders of roe. Dec. 18
Extra
Jan. 15 Holders of roe. Jan. 6
Loew's London Theatres(Canada) com.. 3
3% Jan. 15 Holders of rec. Dec. 31
Preference
33.4 Jan. 15 Holders of rec. Dec. 31
LGeW'S (Marcus) Theatres (Canada) pi_
Long Island Safe Deposit Co
4
Jan. 2 Holders of rec. Dec. 24
Louisiana Oil Refining pref.(quar.)----" 81.625 Feb. 15 'Holders of rec. Feb. 1
Lowenstein(M.)& Sons 1st pref. (on.).... "1.54 Dec. 30'Holders of rec. Dec. 30
Lupton (David) Sons Co. pref.(qu.)__
1% Jan. 1 Holders of me. Dec. 14
MacAndrews& Forbes common (qu.)___
65c. Jan. 15 Holders of roe. Dec. 31a
Common (extra)
25e. Jan. 15 Holders of rec. Dec. 310
13.$ Jan. 15 Holders of rec. Dec. 310
Preferred (quar.)
MacMillan Petroleum (guar.)
*We. Feb. 15'Holders of rec. Dec. 31
Stock dividend
*e2
Feb. 15'Holders of rec. Dec. 31
Madison Square Garden (quar.)
*373.4c Jan. 14 *Holders of roe. Jan. 4
Magma Copper Co. (quar.)
$1.25 Jan. 15 Holders of rec. Dec. 30
Mahon (It. C.) Co. cony. pref. (quar.)....
55e. Jan. 15 Holders of rec. Dec. 31
Manhattan Financial Co., class A de B
-Div.0 milted.
Marquette Cement Mfg. common
5
Jan. 1 Holders of rec. Dee. 31
Preferred (guar.)
1)4 Jan. 1 Holders of rec. Dec. 31
Margarine Union, Ltd.
Amer. dep. nets. for ordinary shares_ _ *rai
Dec. 23 *Holders of rec. Dec. 12
McCord Mfg., common (stock div.)One-filth oh. of McCord Rad Mfg.cl. B -- Jan. 2'Holders of rec. Dec. 24
Debenture stock (guar.)
*50e. Jan. 2'Holders of rec. Dec. 24
Preferred A (quar.)
*11( Jan.
*Holders of rec. Dec. 24
McCordRadiator Mfg., class A (quar.). .750. Jan.
*Holders of rec. Dee. 26
McKee (A. G.)& Co.. class B(quar.)„.'87340 Jan.
'Holders of roe. Dec. 31
Merchants Finance Corp., corn. (quar.)_ *75c. Jan.
*Holders of roe. Dec. 15
Common (extra)
'Holders of rec. Dec. 15
• *75e. Jan.
Corn. (stk. div. 1-100 she. corn. stk.).
"Holders of ree. Dec. 15
Metaicraft Corp. (extra)
*lOc Dec 20 *Holders of rec. Dec. 10
(f .j .
) an.
Stock dividend
*25c. Feb. 1 *Holders of roe. Jan. 15
Metropolitan Paving Brick (extra)
50c. Dee. 20 Holders of n3e. Dec. 14
Mexican Premier Mines(No. 1)
*le. Jan. 15 *Holders of rec. Jan. 5
Michigan Steel (quar.)
*6234e Jan. 20 *Holders of rec. Dec. 31
Midwood Financial Corp
*3
Dec. 31 *Holders of rec. Dec. 20
Miller Drug (guar.)
40c. Jan. 1 Holders of roe. Dec. 20
Mills Alloy, inc.. class A (quar.)
*500. Jan. 1 *Holders of roe. Dec. 20
Class B -dividend passed.
Mitchell(Robert) Co., Ltd., corn.(qu.)_
25e. Jan. 15 Holders of rec. Dec. 31
Mitchell (J. S.) de Co., Ltd., pref.(qu.)_
1% Jan. 2 Holders of rec. Dec. 16
Mitten Bank Securities Corp.,com.& pf. 3% Feb. 15 Holders of rec. Dec. 31
Mohawk Investment (quar.)
*50c. Jan. 15 *Holders of rec. Dec. 31
Mohawk Rubber, pref. (quar.)
134 fan. 2 Holders of rec. Dec. 27
Montgomery Ward & Co., corn.(quar.)_ *75e. Feb. 15 *Holders of rec. Feb. 4
.60e. Jan. 2 *Holders of rec. Dec. 27
Morris Plan Co.(guar.)
Extra
.60c. Jan. 2 *Holders of rec. Dee. 27
Morris(Philip)& Co.„Ltd.,corn.(qua?.)
25e. Jan. 15 Holders of rec. Jan. 3
Mortgage-Bond & Title Corp.,com.(qu.)
33e. Dec. 31 Holders of rec. Dec. 15
Preferred
2% Dee. 31 Holders of rec. Dec. 15
Mountain he Gulf 011 (quar.)
*2c. Jan. 15 *Holders of roe. Dee. 31
Mount Royal Hotel, Prof. (guar.)
1)$ Jan. 2 Holders of rec. Dec. 12
Murray-Ohio Mfg. (guar.)
400. Jan. 1 Holders of rec. Dec. 10
Murray Corp. (stock dividend)
"e2
Feb. 1 *Holders of rec. Jan. 15
Mutual Investment Trust class A (qu.)
4
.15e. Jan. 15 *Holders of rec. Dec. 31
Nashua Manufacturing, pref. (quar.).-- 1% Jan. 2 Holders of rec. Dec. 18
National Carbon, pref.(quar.)
2
Feb. 1 Holders of roe. Jan. 20
National Casket. pref. (guar.)
"$1.75 Dee. 30 *Holders of rec. Dec. 14
National Grocers preferred
*3
Jan. 2 *Holders of rec. Dec. 21
Nat. Rubber Machinery, com.(guar.)._
50c. Jan. 15 Holders of rec. Dec. 31
National Supply (quar.)
1% Dec. 31 Holders of rec. Dec. 21a
Naumkeag Steam Cotton (qua?.)
*2
Jan. 2 Holders of rec. Dec. 23
$1
Newrnont Mining Corp. (quar.)
Jan. 15 Holders of rec. Dec. 27
Stock dividend
e5
Jan. 15 Holders of roe. Dec. 27
New Bradford Oil (quar.)
•123$c Jan. 15 'Holders of rec. Dec. 31
New Orleans Cold Storage
5
Dee. 27 Holders of rec. Dec. 16
N. Y. Air Brake (qua?.)
90c. Feb. 1 Holders of rec. Jan. 7
N. Y. Casualty (quar.)
*81
Dee. 3 "Holders of rec. Dee. 23
N. Y. State Holding, corn.(qu.)(No. 1) •500. Dec. 31 *Holders of rec. Dec. 15
Preferred (guar.)
•154 Dee. 31 'Holders of rec. Doc. 15
N.Y. Title & Mtge. Co.(quar.)
50c. Jan. 2 Holders of rec. Dee. 20
Extra
20e. Jan. 2 Holders of rec. Dec. 20
Niagara Falls Smelt. & Ref., CI. A (qu.) *50e. Jan. 2'Holders of roe. Dec. 31
Class B (guar.)
*25e. Jan. 2'Holders of rec. Dec. 31
Class B (stock dividend)
*850. Jan. 2'Holders of rec. Dec. 31
Niagara Wire Weaving, corn. (guar.)._ _
50e. Jan. 2 Holders of rec. Dec. 16
Preferred (quar.)
700. Jan. 2 Holders of rec. Dec. 16
Noble Five Mines, Ltd. No. 1)
'134c Jan. 10 *Holders of rec. Dec. 20
Noblitt-Sparks Industries fin stock). ___ '81 34 Apr. 1 *Holders of rec. Mar. 20
Stock dividend
*el% July 1 "Holders of rec. June 20
Stock dividend
'el 34 Oct. 1 "Holders of rec. Sept.20
Noma Electric Co. (guar.)
*40e. Feb. 1 *Holders of rec. Jan. 15
North American Car Corp.. corn. (qtr.). *6234e Jan.
*Holders of rec. Dee. 23
Preferred (quar.)
*31.50 Jan. 1 'Holders of rec. Dee. 23
North Amer. 011 Consol.(monthly)._ •10c. Jan. 1 'Holders of rec. Dec. 20
North Star 011, Ltd.. pref. (quar.)
1% Jan. 2 Holders of rec. Dec. 16
Norwich Pharmacal Co
"11
Jan. 1 'Holders of roe. Dec. 20
Extra
*50c. Jan. 1 'Holders of roe. Dec. 20
Noxema Chemical class A
*31
Jan. 7 'Holders of rec. Dec. 31
Ohio Brass, class A & B (guar.)
51.25 Jan. 15 Holders of rec. Dec. 31
Preferred (guar.)
1% Jan. 15 Holders of rec. Dec. 31
Ohio Telephone Service, pref. (guar.).
- 134 Jan. 1 Holders of rec. Dec. 17
Onondaga Silk (quar.)(No. I)
*200. Jan. 2 *Holders of rec. Dec. 21
Ontario Manufacturing common (qu.)_ *75e. Jan. 2 *Holders of rec. Dec. 20
Pacific Indemnity (quar.)
*31.50 Jan. 1 *Holders of roe. Dec. 14
Packard Motor Car (qua?.)
*25e. Mar. 12 *Holders of rec. Feb. 15
Pantex Pressing Machine common-Divl dend o mitted.
Parmelee Transportation corn.(mthly.)_ 4
.1214c Jan. 10 *Holders of rec. Dee. 31
Monthly
•1234c Feb. 10 *Holders of rec. Jan. 31
Preferred (qua?.)
*1% Jan. 2 "Holders of rec. Dec. 31
Parker Wylie Carpet Mfg.Pref.(pay. either in cash or pref. stk.) 3% Jan. 2 Holders of roe. Dec. 27
Pennsylvania Salt Mfg.(qua?.)
$1.25 Jan. 15 Holders of rec. Dec. 31
Pepperell Manufacturing (quar.)
2
Jan ' 2 Holders of rec. Dee. 18
'lc. Jan. 1 'Holders of rec. Dee. 20
Petroleum Royalties pref. (monthly)_ -Preferred (extra)
*% Jan. 1 'Holders of roe. Dec. 25
Philadelphia Insulated Wire
*12.50 Feb. 1 "Holders of rec. Jan. 15
*$1
Feb. 1 *Holders of rec. Jan. 15
Extra
Pittsburgh Forgings (guar.)
.4013. Jan. 25 *Holders of rec. Jan. 15
*1
Pittsburgh Realty (extra)
Dee. 15 'Holders of roe. Dec. 1
*35e. Jan. 20'Holders of me. Jan. 2
Pittsburgh Screw & Bolt (quar.)
*50e. Jan. 15 *Holders of rec. Dec. 31
Pure Gold Mfg.(quar.)
*20e. Jan. 15 *Holders of rec. Jan. 2
Q
-R-S DeVry Corp.. corn. (guar.)
Radio Products(No. 1)
*50e. Feb. 1 'Holders of rec. Jan. 24
*50e. Jan
1 *Holders of rec. Dec. 20
Rath Packing (qua?.)
Rale (Robert) & Co. pref.-Div. passed.
Republic Flow Meters common (quar.) •10c. Jan. 2 *Holders of rec. Dec. 20
*10e. Jan. 2 *Holders of rec. Dec. 20
Common (extra)
4200. Jan. 1 Holders of rec. Dec. 20
Republic Stamping & Enam.(guar.)...
20e. Jan. 1 Holders of roe. Dec. 20
Extra
*25e. Jan. 15 *Holders of roe. Dec. 31
Rex-Hide Rubber
*25e. Jan. 15 *Holders of roe. 13ec.131
Extra
Name of Company.
3919
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
37%e Feb. 1 Holders of rec. Jan. 15
Rice-Stix Dry Goods corn. (quar.)
1% Jan. 2 Holders of rec. Dec. 15
First and second pref.(guar.)
Rich's. Inc.,634% pref.(quar.)
`1% Dec. 31 'Holders of rec. Dec. 14
"1.7)$c Feb. 1 'Holders of rec. Jan. 10
Roover Bros
lc Jan. 15 Holders of rec. Jan. 1
Royalty Corp of Amer.,partle.pf.(mthly)
34c Jan, 15 Holders of roe. Jan. 1
Participating pref. (extra)
St. Lawrence Paper Mills, pref. (qua?.).. 134 Jan, 15 Holders of rec. Dec. 31
Jan. 1 'Holders of rec. Dec. 23
*2
St. Louis Nat. Stock Yards (guar.)
Jan. 1 "Holders of rec. Dec. 19
Santa Cruz Portland Cement (guar.). *El
*2
Dec. 24 'Holders of rec. Dec. 19
Extra
50e. Jan. 2 Holders of roe. Dec. 16
Sarnia Bridge, class A (guar.)
25e. Jan. 2 Holders of rec. Dec. 16
Class B (No. 1)
75e. Jan. 15 Holders of rec. Dec. 31
Scullin Steel, pref. (guar.)
"37%c Jan. 1 *Holders of rec. Dec. 20
Seaboard Nat. See.(guar.)(No. I)
*30e. Jan. 20 *Holders of rec. Dec. 31
Seagrove Corp., corn.(guar.)
Securities Co. of N. H., 2d pref.-divide nd 01/5 itted.
700. Feb. 1 Holders of roe. Jan. 15
Seeman Brothers, Inc., corn.(guar.) -Sefton Mfg., pref.(quar.)
•15i Jan. 1 *Holders of rec. Dec. 22
2 Jan. 2 Holders of rec. Dec. 20
Selberling Rubber 8% pref.(quar.)
Selected Industries allot ctf(part pd.).-* 81.0836 Jan. 2 'Holders of rec. Dec. 14
*50c. Jan. 2 'Holders of rec. Dec. 22
Shaler Co.(guar.)
*50c. Jan. 25 'Holders of rec. Jan. 4
Sharon Steel Hoop, corn. (guar.)
*50c. Jan. 20 *Holders of rec. Dec. 30
Shattuck (Frank G.) Co.(extra)
Shreveport El Dorado Pipe Line-divide nd om Med.
Smith (L.C.) dr Corona Typew.,com.(qu. .75c. Jan. 1 *Holders of rec. Dec. 21
*1)4 Jan. 1 *Holders of rec. Dec. 21
Preferred (Qua?.)
134 Jan. 2 Holders of rec. Dec. 18a
Southern Ice, pref. A (guar.)
*$1.50 Dec. 31 'Holders of rec. Dec. 21
Southern Weaving (extra)
Southwest Engineering. pref. (Quar.)--- *50c. Jan. 1 *Holders of roe. Dec. 20
400. Dec. 31 Holders of rec. Dec. 130
Spencer Kellogg dr Sons, Inc., corn.(111.)
Stahl
-Meyer, Inc., corn. (guar.)(No. 1) *30e. Jan. 1 'Holders of rec. Dec. 27
State Bt. Investment, Boston (guar.).
- *75o. Jan. 15 *Holders of rec. Dec. 31
Dee. 30 Holders of roe. Dec. 23
$3
Standard Cap & Seal, corn. (extra)
Dee. 30 'Holders of rec. Dec. 20
Standard Steel & Spring. coin. (guar.)-- *El
Stern (A.) & Co.,63$% pref.(guar.)--- .154 Jan. 2'Holders of rec. Dec. 20
Sterling Trusts Corp.(Canada)
334 Dec. 31 Dec. 20 to Dec. 31
"83.75 Jan. 15 *Holders of rec. Jan. 1
Stetson (John B) Co., corn
411
Jan. 15 *Holders of rec. Jan. 1
Preferred
50e. Jan. 2 Holders of rec. Dec. 20
Straus(S. W.) dr Co.(guar.)
Suburban Elec. Devel., corn. (quar.).-- *3734e Jan. I *Holders of rec. Dec. 28
*1
Jan. 2 *Holders of rec. Dec. 31
Suffolk Title & Guaranty ((Bran)
Jan. 3 Holders of rec. Dec. 3
Superheater Co.(quar.)
$1
6214c. Jan. 15 Holders of rec. Jan. 4
Extra
Swartwour Co.(quar.)
20c. Jan. 1 Holders of rec. Dec. 20
200. Feb. 1 Holders of rec. Jan. 15
Sweets Co. of America (quar.)
Syracuse Washing Mach., corn. (qua?.).. *250. Jan. I *Holders of rec. Dec. 21
Temple Corp.. pref.-dividend passed.
Textile Banking (guar-)
*50c. Jan. 2 "Holders of rec. Dec. 24
Tide Water Associated Oil
*30e. Feb. 15 *Holders of rec. Jan. 31
*30c. Aug. 15 *Holders of rec. Jan. 31
Semi-annual
Jan. 15 Holders of rec. Dec. 31
Tooke Bros., pref. (qua?.)
Transue & Wms. Steel Fong., corn. (qu.) *250. Jan. 15 *Holders of roe. Dec. 31
Travelers Shoe (qua?.)
'3734c Jan. 2 *Holders of rec. Dec. 23
"75e. Jan. I *Holders of ree. Dec. 16
Tri-Utilities Corp. pref. (quar.)
Union Guarantee & Mortgage (quar.)- *1% Jan.
50c. Jan. 1 Holders of rec. Dec. 19
Union Metal & Mfg.(quar.)
250. Jan. 1 Holders of rec. Dec. 19
Extra
Jan.
Union Mortgage common (quar.)
*2
Jan
"2
Common (extra)
*1% Jan.
Preferred (quar.)
Feb. 1 Holders of rec. Jan. 2a
United Verde Extension Mining (qtr.)--- $1
50c. Jan. 15 Holders of rec. Jan. 6
United States Finishing common ((lu.)
Jan. 15 Holders of rec. Jan. 6
Common (payable in corn. stock)_.-- hl
Preferred (quar.)
134 Jan. I Holders of rec. Dec. 19
*750. Jan. 2 *Holders of rec. Dec. 23
U.S. Casualty (qua?.)
Dec. 30 "Holders of rec. Dec. 19
U. S. Guarantee (quar.)
$4
U. S. Industrial Alcohol, corn. (quar.).... $1.50 Feb. 1 Holders of rec. Jan. 15
$1
Feb. 1 Holders of rec. Jan. 15
Common (extra)
U. S. Printing & Litho. common (qu.)-- *50c. Jan. 1 'Holders of rec. Dec. 21
"75e. Jan. 1 *Holders of rec. Dec. 21
Preferred (quar.)
S. Realty & Investment (quar.)
3734c Jan. 2 Holders of rec. Dec. 16
U. S. Securities Investment (guar.).--- 3734c Jan. 2 Holders of rec. Dec. 16
U.S.Smelting, Re'f'g & Min..corn.(qu.) *873.4e Jan. 15 *Holders of rec. Dec. 31
*8734c Jan. 15 *Holders of rec. Dec. 31
Preferred (guar.)
Universal Conga 011 (guar.)(No. 1)...... *50e. Jan. 10 *Holders of rec. Dec. 31
UniversalLeaf Tobacco common (qu.)_ _ *75e. Feb. 1 *Holders of rec. Jan. 17
Jan. 2 Holders of rec. Dec. 24
2
Preferred (guar.)
Vadsco Sales Corp. pref. (guar.)
*134 Feb. 1 'Holders of rec. Jan. 15
Valve Bag preferred (quar.)
$1.50 Jan. 2 Holders of rec. Dec. 14
Viau Biscuit 1st pref. (guar.)
134 Jan. 2 Holders of rec. Dec. 21
400. Dec. 31 Holders of rec. Dec. 20
VIchek Tool common (guar.)
Dec. 20 "Holders of rec. Dec. 16
4
11
Washington Oil (guar.)
50c. Jan. 1 Holders of rec. Dec. 20
Weinberger Drug, common (qua?.)
Wellman-Seaver-Morgan Co.(quer.).-- 134 Dec. 31 Holders of rec. Dec. 20
Jan. 2'Holders of rec. Dec. 14
*2
Western Breweries (qua?.)
*200. Mar. 1 *Holders of rec. Feb. 15
Western Insurance Securities
500. Jan. 31 Holders of rec. Dec. 31
Westinghouse Air Brake (guar.)
•81.25 Jan. 1 *Holders of rec. Dec. 20
Whitaker Paper common (guar.)
Jan. 1 *Holders of rec. Dec. 20
Preferred (guar.)
Whitman (William) Co. Inc. pref.(011.)13.4 Jan. 2 Holders of rec. Dec. 18
Widlar Food Products corn. (quar.)---- *3734c Dec. 16 *Holders of rec. Dec. 5
*400. Feb. I *Holders of rec. Jan. IS
Wieboldt Stores (quar.)
*35e. Feb. 1 'Holders of rec. Jan. 15
Williams (It. C.) & Co. (quar.)
*We. Jan. 2 *Holders of rec. Dec. 13
Wolverine Tube common (quar.)
•15e. Jan. 2 *Holders of rec. Dec. 13
Common (extra)
Wood Chemical Prod. class A (guar.)... *500. Jan. 2 *Holders of rec. Dec. 18
*25e. Jan. 2 *Holders of rec. Dec. 18
g Class B (guar.)
154
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Nam of Company.
Railroads (Steam).
tlabama Great Southern ord
Ordinary (extra)
Preferred
Preferred (extra)
Albany & Susquehanna
Atch. Topeka & Santa Fe preferred
Atlanta Birmingham & Coast pref
Atlantic Coast Line
corn
Common (extra)
Augusta & Savannah
Extra
Bangor & Aroos..com.(old & new)
(qua?.)
Preferred (guar.)
Beech Creek (quar.)
Boston & Albany (quar.)
Boston & Maine, prior preferred (guar.)First pr'•ferred, class A (quar.)
First preferred. class B (quar.)
First preferred, class C (guar.)
First preferred, class D (guar.)
First preferred. class E (guar.)
6% preferred (guar.)
Buffalo & Susquehanna. prof
Canada Southern
Canadian Pacific, corn.(quar.)
Central of Ga. Ry
Chesapeake Corp.(qua?.)
Chesapeake & Ohio,corn.(quar.)
Preferred (guar.)
Chicago Burlington & Quincy
Chic. Ind. & Louisville, common
Common (extra)
Preferred
se.,
When
Per
Cent. Payable.
Books Closed,
Days Inclusive.
62
Dec. 27 Holders of rec. Nov. 27
81.50 Dec. 27 Holders of rec. Nov. 27
Feb. 13 Holders of rec. Jan. 10
82
81.50 Feb. 13 Holders of rec. Jan. 10
4% Jan. 2 Holders of rec. Dec. 14a
2% Feb. 1 Holders of rec. Dec. 27a
214 Jan. 2 Holders of rec. Dec. 13
314 Jan. 10 Holders of rec. Dec. 120
134 Tan. 10 Holders of rec. Dec. 130
*214 Jan. 5 *Holders of rec. Dec. 15
*25c. Jan. 5 *Holders of rec. Dec. 15
870. Jan. 1 Holders of rec. Nov. 30a
144 Jan. 1 Holden of rec. Nov. 30a
50c. Jan. 2 Holders of rec. Dec. 150
214 Dec. 31 Holders of roe. Nov.30
'154 Jan. 1 *Holders of rec. Dec. 13
*1M Jan. 1 *Holders of roe. Dec. 13
Jan. I *Holders of me .Dec. 13
*2
•135 Jan. 1 *Holders of rec. Dec. 13
*214 Jan. 1 *Holders of rec. Dec. 13
•114 Jan. 1 *Holders of rec. Dec. 13
*1% Tan. 1 "Holders of rec. Dec. 13
Dee. 30 Holders of rec. Dec. 10a
2
*114 Feb. 1 *Holders of rec. Dec. 27
214 Dec. 31 Holders of roe. Dec. 2a
834 Dee. 81
75e. Jan. 1 Holders of rec. Dee. 6a
214 Jan. 1 Holders of rec. Dec. 6a
334 Jan. 1 Holders of rec. Dee. 6a
5
Dec. 26 Holders of rec. Dec. 17
214 Jan. 10 Holders of rec. Dec. 26
1
Jan, 10 Holders of rec. Dec. 26
2
Jan. 10 Yielders of rec. Dec. 26a
3920
Name of Company.
[vol.. 129.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed,
Days !flanged.
Railroads (Steam) (Concluded).
Chicago & North Western, corn
24 Dec. 31 Holders of rec. Dec. 2a
Preferred
334 Dec. 31 Holders of rec. Dec. 20
Chic. R.I.St Pacific, cont.(guar.)
134 Dec. 31 Holders of rec. Nov. 29a
7% Preferred
334 Dec. 31 Holders of rec. Nov. 29a
a% Preferred
3
Dec. 31 Holders of roe. Nov.29a
Cinc. N.0.& Texas Pacific common•4
Dec. 24 "Holders of rec. Deo. 7
Common (extra)
'3
Dec. 24 *Holders of rec. Dec. 7
Cincinnati Northern
"5
Jan.20'Holders of rec. Jan. 13
Cincinnati Union Terminal, pref
13( Dec. 31 Holders of rec. Dec. 20
Cleve. CM.Chic. & St L., corn.(quar.)_ *2
Jan. 20'Holders of rec. Dec. 27
Preferred tquar.)
*114 Jan. 20 *Holders of rec. Dec. 27
Colorado & Southern, corn. (annual)._ 3
Dec. 31 Holders of rec. Dec. 20a
First preferred
2
Dec. 31 Holders of rec. Dec. 20a
Second preferred
4
Dec. 31 Holders of rec. Dec. 20a
Consolidated Mts.,of Cuba pref. tqu.)
134 Jan. 2 Holders of roe. Dec. 10a
Cuba Northern Rys., common
$4.40 Dec. 27 Holders of rec. Dec. 27a
Cuba RR., pref. (guar.)
8
Feb. 1 Holders of roe. Jan. 15a
Detroit Hillsdale & Southwestern
2
Jan. 5 Holders of rec. Dec. 20a
Detroit River Tunnel
*3
Jan. 15 *Holders of rec. Jan. 8
Elmira & Williamsport. pref
"$1.61 Jan. 2 *Holders of rec. Dec. 20
Erie RR.1st and 2nd preferred
2
Dec. 31 Holders of rec. Dee. 16a
Great Northern, preferred
24 Feb. 1 Holders of rec. Dec. 270
Gulf Mobile & Northern pref.(guar.).
- 154 Jan. 2 Holders of roe. Dec. 20a
Hocking Valley. corn.(guar.).
2(4 Dec. 31 Holders of rec. Dec. 6a
Hudson & Manhattan Ry., pref
234 Feb. 15 Holders of rec. Feb. la
Illinois Central. leased lines
2
Jan. 2 Holders of me. Dec. ha
Indiana Harbor Belt (annual)
*5
Dec. 27 *Holders of roe. Dec. 20
Joliet & Chicago (guar.)
lei Jan. 8 Holders of rec. Dec. 26a
Lackawanna RR.of N. J.(guar.)
•1
Jan. 2 *Holders of roe. Dec. 6
Lehigh Valley common (guar.)
8750 Jan 2 Holders of rec. Dec. 140
Common (extra)
51
Jan. 2 Holders of rec. Dec. 146
Preferred (guar.)
$1.25 Jan. 2 Holders of rec. Dec. 14a
Little Schuylkill Nay., RR.& Coal
$1.13 Jan. 15 Dec. 14 to Jan. 15
MahonIng Coal RR.,common(guar.) -• 512.50 Feb. 1 'Holders of rec. Jan. 15
Preferred
.$1.25 Jan. 2"Holders of rec. Dec. 23
1
Jan. 2 Holders of tee. Dee. 18
Maine Central, common (guar.)
Michigan Central
Jan. 29'Holders of rec. Dec. 27
*29
Midland Valley, cons. (extra)
51
Dec. 30 Holders of rec. Deo. 14a
Miesouri-Ran.-Texas pref. A (guar.).
- 154 Dec. 31 Holders of rec. Dec. lea
Missouri Pacific pref.(guar.)
154 Dec. 31 Holders of rec. Dec. 13a
Preferred (molt accum. diva.)
134 Dec. 31 Holders of rec. Dec. 136
2 Jan. 2 Holders of rec. Deo. 20
Mobile & Birmingham. preferred
*33e Dec. 30'Holders of rec. Dec. 23
Mobile & Ohio
'5
Dec. 30 "Holders of me. Dec. 23
Extra
52.125 Jan. 2 Holders of rm. Dec. 76
Morris & Emu
2
New York Central RR.(guar.)
Feb. 1 Dec. 28 to Jan. 22
N.Y. Chicago & St. Louis, corn. (qu.)
lei Jan. 2 Holders of roe. Nov. 150
Preferred series A (guar.)
134 Jan. 2 Holders of rec. Nov. 150
New York & Harlem corn. & pref
$2.50 Jan. 2 Holders of rec. Dec. 18a
N.Y.Lackawanna dr Western (guar.)... lei Jan. 2 Holders of rec. Dec. 146
N. Y., N.If.& Hartford,corn.
135 Jan. 2 Holders of reo. Dec. 8a
lei Jan. 2 Holders of rec. Dec. 130
l'referred (guar.)
Northern Central
82
Jan. 15 Holders of rec. Dec. 310
Northern Pacific (guar.)
134 Feb. 1 Holders of rec. Dec. 31a
Northern Securities
44 Jan. 10 Dee 25 to Jan. 10
Old Colony (guar.)
'1% Jan. 2'Holders of rec. Dec. 14
Pere Marquette. corn.(guar.)
134 Jan. 2 Holders of roe. Dec. em
Prior pref. and pref.stocks(quar.)
14 Feb. 1 Holders of nee. Jan. 36
Pittsb. Pt. Wayne & Chic.. corn.(gu.).... 154 Jan. 2 Holders of roe. Dec. 10a
Preferred (guar.)
lei Jan. 7 Holders of rec. Deo. 10a
Pittsburgh & Lake Erie
*82.50 Feb. 1 'Holders of rec. Dec. 27
Fetter,. MoKeesp. dr Yough. (guar.)__ _ $1.50 Ian. 2 Holders of me. Dec. 18a
Pittsburgh & West Va..corn.(quar.)_
14 Jan. 31 Holders of rec. Jan. 15a
Providence & Worcester (guar.)
"23e Dec. 31 *Holders of roe. Deo. 11
Reading Company 2d pref. (guar.)
50c. Jan. 9 Holders of rec. Dec. 19a
Rensselaer & Saratoga
4
Jan. 2 Holders of rec. Dec. 14a
Rich., Fredericksburg & Potomac
Common stock and div. obligations-- *4
Deo. 31 *Dec. 22 to Jan. 2
Dee. 31 'Dec. 22 to Jan. 2
Com.stock and d1v. obilg.(extra)_ *4
Rome & Clinton
*3
Jan. 1 Holders of rec. Dec. 21
St. Louis-San Francisco, corn.(guar.)_-- $2
Jan. 2 Holders of roe. Dec. 2a
Preferred (guar.)
• 14 Feb. 1 Holders of rec. Jan. 2a
14 May 1 Holders of rec. Apr. 12a
Preferred (guar.)
114 Aug. 1 Holders of rec. July is
Preferred (guar.)
11e Nov. 1 Holders of rec. Oct. la
Preferred (guar.)
St. Louis Southwestern pref.(quar.)
154 Dec. 31 Holders of rec. Dec. ha
Southern Pacific Co.(guar.)
134 Jan. 2 Holders of rec. Nov. 25a
Southern Ry.,corn.,guar.)
2
Feb. 1 Holders of rec. Jan. 26
131 Jan. 15 Holders of rec. Dec. 26a
Preferred (guar.)
Texas & Pacific common (guar.)
134 Jan. 2 Holders of reo. Dee. 146.
"lei Dec. 31 *Holders of rec. Dec. 14
Preferred (guar.)
Jan. 15 "Holders of rec. Dec. 27
Troy Union RR.(annual)
NI
Union Pacific. corn.(guar.)
234 Jan. 2 Holders of rec. Dec. 20
United N.J. RR.& Canal (guar.)
"24 Jan. 10'Holders of me. Dec. 20
Dec. 31 "Holders of rec. Deo. 18
Virginian Ry., common (annual)
*8
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days inclusive.
Public Utilities (Continued).
Carolina Power & Light, $7 pref.(guar.) 51.75 Jan. 2 Holders of rec. Dee. 1
$8 preferred (guar.)
$1.50 Jan. 2 Holders of rec. Dee. 1
Central Atlantic States Serv., pref.(gu.) lei Jan. 1 Holders of roe. Dee. 2
Central If. Pub. Sent.. $6 Prof. (guar.) $1.50 Jan. 15 *Holders of rec. Dec. 3
Central Public Service, $8 Prof. (gu.)
$1.50 Jan. I Holders of rec. Dee. 1
$7 preferred (guar.)
$1.75 Jan. I Holders of rec. Dec. 1
Central States Elec. Corp., corn.(gum.)
10e. Jan. 1 Holders of rec. Dec.
Common (payable in common stock).- 124 Jan. 1 Holders of roe. Deo.
7% pref., issue of 1912 (guar.)
134 Jan. 1 Holders of rec. Deo.
8% preferred (guar.)
134 Jan. 1 Holders of rec. Dee.
Cony. pref., series of 1928(guar.).- (t) Jan. 1 Holders of me. Deo.
Cony. pref., series of 1929 (guar.).... (a) Jan. 1 Holders of rec. Dec.
Central States Power & Light. prof.(gu.) 51.75 Jan. 2 Holders of rec. Dee.
Central States Utilities Corp., pfd.
(gu.) $1.75 Jan. 2 Holders of rec. Dec.
Chle., North Shore & Mllw.. pref.(qu.). '134 Jan. 1 Holders of rec. Dec. 1
Prior lien stock (guar.)
'134 Jan. 1 Holders of rec. Dee. 1
Chic. Rap. Transit, Prof. A (monthly).- •1336. Jan. 1 Holders of rec. Dec. 1
Prior preferred, series A (monthly).- *836. Feb. 1 Holders of ree. Jan. 2
Prior preferred. series A (monthly)... •85e. Mar. 1 Holders of rec. Feb. 1
Prior preferred, series B (monthly)... Mo.Jan, 1 *Holders of roe. Dec. 1
Prior preferred, series B (monthly)... '60e. Feb. I *Holders of too. Jan. 2
Prior preferred, series B (monthly)... "800. Mar. 1 *Holders of rec. Feb. 1
Gold & Stock Teleg.(guar.)
•134 Jan. 2 *Holders of rec. Dec. 3
Cincinnati & Sub.Bell Telephone(guar) $1.12 Jan. 2 Holders of rec. Dec. 1
Cleveland Elec. Illuminating. corn.(gu.) *40e. Jan. 2 *Holders of rec. Dee, 2
Preference (guar.)
"154 Mar. 1 *Holders of rec. Feb. 1
Cleveland Ry. common (guar.)
14 Jan. 1 Holders of rec. Dec. 2
Columbia G.& E.Corp..corn.(in stk.)
- /25 Mar. 31 Holders of roe. Feb. 2
Columbus Electric & Power, corn.(ge.). 50e. Jan. 1 Holders of rec. Deo. 10a
Preferred B (guar.)
134 Jan. 1 Holders of roe. Dee. 10a
Second preferred (guar.)
134 Jan. 1 Holders of rec. Deo. 10a
Preferred C (guar.)
lei Jan. 1 Holders of roe. Deo. 10a
Preferred D (guar.)
154 Jan. 1 Holders of tee. Dec. 10a
Community Telephone. Deltic. Pf.(qu.). *50c Jan. 1 'Holders of roe. Dec. 21
Consol. Gas El L.& P.,Balt..com.(gu.)- •90o Jan. 2'Holders of tee. Deo. 14
5% preferred A (guar.)
•134 Jan. 2 *Holders of reg. Dec. 14
*154 Jan. 2'Holders of rec. Dec. 14
6/ Preferred D r
5s ofoferreo tg
. 4 Jan. 2'Holders of rec. 1)ec. 14
011
( j
nar r.)
ana
Consolidated Gas(N.Y.) prof. (guar.).- 51.25 Feb. 1 Holders of rec. Deo. 28a
Consumers Power, $5 pref. (guar.)
$1.25 Jan. 2 Holders of tee. Deo. 14
6% preferred (guar.)
Ili Jan. 2 Holders of ree. Dee. 14
1.6.5 Jan. 2 Holders of tee. Dec. 14
8.6% Preferred (guar.)
154 Jan. 2 Holders of roe. Dee. 14
7% Preferred (guar.)
a% preferred (monthly)
50e. Jan. 2 Holders of tee. Deo. 14
55e. Jan, 2 Holders of rec. Dec. 14
6.67, preferred (monthly)
Consumers Power, $5 pref. (guar.)
$1.25 Apr. 1 Holders of rec. Mar. 15
6% Preferred (guar.)
134 Apr. 1 Holders of roe. Mar. 15
6.6% preferred (guar.)
51.65 Apr. 1 Holders of rec. Mar. 15
7% preferred (guar.)
134 Apr. 1 Holders of roe. Mar. 15
6% preferred (monthly)
50e. Feb. 1 Holders of rec. Jan. 15
50e. Mar, 1 Holders of rec. Feb. 15
6% Preferred (monthly)
6% preferred (monthly)
50e. Apr. 1 Holders of rec. Mar. 15
550. Feb. 1 Holders of rec. Jan. 15
6.6% Preferred (monthly)
8.6% preferred (monthly)
550. Mar. 1 Holders of rm. Feb. 15
8.8% preferred (monthly)
55e. Apr. 1 Holders of rec. Mar. 15
Continental Gas & Elm.,cow.(guar.).- $1.10 Jan. 2 Holders of ree. Dee. 12a
7% prior preferred (guar.)
154 Jan. 2 Holders of rec. Deo. 12a
Continental Pass. Ry. (Philadelphla)
$2.50 Dec. 30 Holders of rec. Nov. 300
Cuban Telephone, common (guar.)
r
Dec. 81 Holders of roe. Dec. 15a
rs
2
Preferred (altar.)
r 1
.
ei Jf o. 3 Holders of rec. Dee. 15a
Dakota Central Telep., corn.(guar.).-'$2
Common (guar.)
1
:5
12H
634% preferred (guar.)
Jan.
13.4% preferred (quar.)
'194 Apr. 1
Denver Tramway Corp., pref. (guar.).75e. Jan. 1 Holders of rec. Dee. 140
Detroit Edison (guar.)
2
Jan. 15 Holders of roe. Dee. 204
Duke Power common (guar.)
14 Jan. 2 Holders of rec. Dee. 14
Common (payable in corn.stock)
Jan. 2 Holders of rec. Dee. 14
12
Preferred (guar.)
lei Jan. 2 Holders of rec. Dec. 14
East. Mass. St. Ry., adj. stock Mari. 154 Jan. 2 Holders of rec. Dee. 16
Elec. Bond & Share. corn.(In corn. stir.). p114 Jan. 15 Holders of rec. Dec. 13
Electric Power & Light
Allotment etfs., full paid (guar.)
81.75 Jan. 2 Holders of ree. Dec. 10a
Holders
Allotment f000r) paid (guar.) . $1.05 Jan. 2 Holde of tee. Dec. 10a
tment etes. 6
.
0%
Preferred
$1.75 Jan. 2 Holders of roe. Dee. 10a
El Paso Electric Co., pref. A (guar.).- '134 Jan. 2 *Holders of ree. Jan. 15
Empire Gas & Fuel.8% pref.(monthly)_ •50e. Jan. 2 *Holders of tee. Deo. 14
•54 I-8e Jan. 2 *Holders of roc. Dee. 14
64% Preferred (monthly)
•58 I-3c Jan. 2 *Holders of rec. Dee. 14
nthly
ll
2
71
preferred ((monthly
* 88 2-3e Jan. 2 *Holders of roe. Dee. 14
)
Empire Power Corp., pref. (guar.)
51.50 Jan. 1 Holders of roe. Dec. 17
50c. Jan, I Holders of rec. Dee. 17
Participating stock (guar.)
25e. Jan. 2 Holders of reo. Deo. 20
Engineers Public Serv., corn.(guar.).$1.25 Jan. 2 Holders of rec. Dec. 2a
$5 cony. preferred (guar.)
$5.50 cum. pref. (guar.)
51.375 Jan, 2 Holders of reo. Deo. 2a
Fall River Electric Light (guar.)
*50c. Jan. 2 *Holders of rec. Dec. 16
Public Utilities.
Federal Light & Tract., corn.(guar.).- 874c Jan. 2 Holders of roe. Deo. 130
$1.75 Jan. 2 Holders of rec. Dec. 14
Alabama Power, 57 pref. (guar.)
Jan. 2 Holders of rec. Deo. 13a
Corn.(payable In corn. stock)
Ii
$1.50 Jan. 2 Holders of roe. Dec. 14
$8 preferred (guar.)
Federal Public Service. pref.(guar.).- '154 Jan. 15 *Holders of tee. Dee. 31
$1.25 Feb. 12 Holders of roe. Jan. 15
$5 preferred (guar.)
Federal Water Service.$7 prof.(guar.).- 51.75 Jan. 1 Holders of tee. Dec. 18a
Amer. Cities Pow.& IA. clam A (guar.). (a) Feb. 1 Holders of rec. Jan. 4
51.825 Jan. 1 Holders of reo. Dec. 16a
$64 Preferred (guar.)
(5) Feb. 1 Holders of me. Jan. 4
Clam B (guar.)
88 preferred (guar.)
51.50 Jan. 1 Holders of tee. Dec. 164
American Commonwealths Power
Florida Power & Light, pref. (guar.)... 114 Jan. 2 Holders of ree. Dee. 14
Corn. A dr B (pay. In class A stock).
Foreign Light & Pow., 561st pref.(au.). 51.50 Jan. 2 Holders of ree. Dec. 20
- e234 Jan. 25 Holders of rec. Dec. 31
$1.75 Feb. 11 Holders of rec. Jan. 15
First and second pref., sec. A (guar.)
Frankford & Southwark Hy.(guar.).- $4.50 Jan. 1 Deo. 2 to Jan. 1
51.82 Feb. 1 Holders of me. Jan. 15
$8.50 first preferred (guar.)
General Oas & Elite. class A & B (flu.) - n374c Jan. 2 Holders of rec. Nov.29a
.
51.50 Feb. 1 Holders of rec. Jan. 15
$6 first preferred oillari (No.))
Com. A AC B (extra)
n50c Jan. 2 Holders of me. Nov. 306
Amer. & Foreign Power, $7 pref. (gu.). E1.75 Jan. 2 Holders of roe. Dec. 140
11.75 Jan. 2 Holders of reo. Nov. 290
$7 preferred A (guar.)
$1.50 Jan. 2 Holders of rec. Deo. 14a
$8 preferred (guar.)
$8 preferred A (guar.)
Jan. 2 Holders of roe. Nov. 290
$2
Pref. allot. certifs.,65% paid (guar.). 1.1334 Jan. 2"Holders of rec. Dec. 14
General Puferr Ssr ooorl
Geneso orebliee fvlce..o nz.(in stock)..
s r
13 Deo. 81 Holders of rec. Dee. 2a
*
2.50. Jan. 2 Holders of rec. Dec. 12
Amer. Gas & Elec., corn. (guar.)
$5
*5 1.374 Feb. I *Holders of tee. Jan. 10
Common (1-50 share common stock).. (f) Jan. 2 Holders of rec. Dec. 12
$8 preferred (guar.)
*51.50 Feb. 1 *Holders of roe. Jan. 10
$1.50 Feb. 1 Holders of rec. Jan. 10
(hen. Water Works & Elec.. corn. A (gu.)
Preferred (guar.)
500. Jan. 2 Holders of Mo. Deo. 18
Amer. Power es Light, $6 Pref.
51.825 Jan. 2 Holders of ree. Dec. 16
$64 Preferred (guar.)
- $1.50 Jan. 2 Ifolders of rec. Dec. 14a
75e. Jan. 2 Holders ot rec. Dec. 14a
$5 Preferred (guar.)
$7 Preferred (guar.)
51.75 Jan, 2 Holders of tee. Deo. 18
I% Jan. 2 Holders of rec. Dee. 16
Amer. Public Service, pref. (guar.)
Georgia Power Co.. $8 pref. (guar.).... $1.50 Jan. 1 Holders of rec. Dec. 14
$5. preferred (guar.)
Amer. Public Utilities, prior pref.(gu.). 134 Jan. 2 Holders of rec. Dec. 14
$1.25 Jan, 1 Holders of rec. Dec. 14
134 Jan. 2 Holders of rec. Dec. 14
Participating preferred (guar.)
Germantown Pass. Ry.(Phila.)(Clu.).•$ 1.31% Jan. 7 *Holders of tee. Dee. 17
$1
Jan. 2 Holders of me. Dec. 106 Hackensack Water, pref. A (guar.)
Amer. Superpower Corp.. corn
43eic Dec. 31 Holders of roe. Dec. 144
$1.50 Jan. 2 Holders of rec. Deo. 10
Illinois Bell Telephone (guar.)
First preferred (guar.)
*2
Dec. 31 "Holders of roe. Dec. 80
$1.50 Jan. 2 Holders of rec. Deo. 10
Illinois Power,8% pref.(guar.)
$8 preference (guar.)
14 Jan. 2 Holders of roc. Dec. 18
234 Jan. 15 Holders of rec. Dee. 200
Amer. Telep. A Teleg.(guar.)
7% Preferred (guar.)
154 Jan. 2 Holders of tee. Dec. 18
Amer. Wat. Wks. dr Elec. $8 1st pf.(gu.) 51.50 Jan. 2 Holders of me. Dec. 12a 'Minors Power & Light, 56 pref.(guar.).- $1.50 Feb. 1 Holders of rec. Jan. 10
Arkansas Natural Gas, pref.(guar.).- •15c. Jan. 2'Holders of rec. Dec. 20
6% Preferred (guar.)
134 Jan, 2 Holders of rec. Dee. 10
*Mc. Feb. 1 *Holders of rec. Jan. 10
Aesociated Gas & Flee., class A (qo.).
Indianapolis P. dr L.. 84% prof.(qui- 14 Jan. 1 Holders of roe. Dec. 5
Iofod uoiueo ofr os A fgoor.) r A (ou.) 154 Jan. I 'Holders of rec. Dee. 12a
lndionapollsWsteo Co., pref. se
Associated Tel. & Tel., class A (gust.).. $1 Jan. 2 Holders of rec. Dec. 17
a
Class A (partelpating dividend)
236. Jan. 2 Holders of rec. Dec. 17
1 Holdersof coo. Dee. 13
International Power, Ltd., bat pf. (qu.) _ g' 31C !la n: 2 Holders of roe. Dec. 14
7% preferred (guar.)
134 Jan. 2 Holders of roe. Dec. 17
an
1
Internat. Superpower, corn. (guar.). _ ...
$1.50 Jan. 2 Holders of rec. Dec. 17
$8 preferred (guar.)
25e. Jan. I Holders of rec. Dec. 15
Common (payable in common stock). f254 Jan. 1 Holders of rec. Dec. 15
Barcelona Tract., Lt. & Pr., pref. (gu.). '134 Dec. 31 *Holders of rec. Dee. 18
Internat. Telep. & Teleg. (guar.)
Jan. 15 Holders of me. Dee. 23
Bell Telephone of Canada (guar.)
2
50c. Jan. 15 Holders of rec. Deo. 20a
Bell Tel. of Pa.. 634% pref. (guar.)
134 Jan. 15 Holders of rec. I)ec. 200 Internat. Utilities, class A (guar.)
87ler Jan. 15 Holders of rec. Dec. 300
$7 preferred (guar.)
Birmingham Elec. Co.,57 pref.(guar.)
51.75 Jan. 2 Holders of roe. Dec. 14
Holders of roe. Jan. 18
51.75 Feb.
56 preferred (guar.)
Interstate Power,$7 Pref.(guar.)
$1.50 Jan. 2 Holders of roe. Dec. 14
51.75 Jan, 2 Holders of reo. Dee. 5
$8 preferred (guar.)
Boston Elevated Ry.corn.(guar.)
134 Jan. 2 Holders of tee Dee. 10
51.50 Jan. 2 Holders of ree. Dee. 5
Iowa Public Service, $6 1st pfd.(guar.). •11.50 Jan. 1 *Holders of roe. Dec. 14
Jan. 2 Holders of me. Dec. 10
First preferred
4
$8.50 preferred (guar.)
Preferred
354 Jan. 2 Holders of roe. Dec. 10
•$1.625 Jan. 1 *Holders of me. Dec. 14
$7 first preferred (quar.)
Brazilian Tr., Light & Pow.. pref.(gu.). 154 Jan. 2 Holders of rec. Dec. 16
$1-75 Jan. 1 *Holders of tee. Dec. 14
$7 second preferred (guar.)
British Columbia Power, class A
50e. Jan. 15 Holders of rec. Deo. 3
re. Ixo. 4
1
Jan. 2'Holders ofof tee. Doe. 16
Skive -Manh Tran pref. set. A eau.).- $1 .51) ran. 15 Heelers of rec. Dec. SIC Jamaica Piddle Service. pref. (gust'.)... 411315 Jan.
Holders
Preferred, series A (guar.)
51.50 Apr. 15 Holders of rec. Apr. la Jersey Central Power & Lt.7% pf.(qu.). lei Jan. 1 Holders of reo. Dec. 18
5% preferred (guar.)
Brooklyn Union Gas(guar.)
$1.25 Jan. 2 Holders of roe. Dee. 2a
13e Jan. 1 Holders of tee. Dec. 16
Kan. City Power & Light. pref. B (go.). 1.50 Jan. 1 Holders of roe. Dec. 14a
Buff., Niagara & East. Pow., corn.(gu.)'37 Sic Dec. 30 *Holders of roe. Dec. 15
Kansas City Pub. Serv., pref. A(a.).- $1 J an. 1 Holders of tee. Dec. 14
Class A (Guar.)
"3734c Dee. 30 "Holders of me. Dec. 15
Kansas Gas & Elec., pref. (guar.)
Dec.2
D o 1(3
. 0a
Preferred (guar.)
Jan. 2 *Holders of rec. Dee. 16
2• lolders ooft
2 uo of
l
Kentucky Securities Co., corn,(guar.).- 11 h Jan,
First preferred (guar.)
tee.
•$1.25 Feb. 1 *Holders of roe. Jan. 15
3i
Calgary Power, common (guar.)
Preferred (guar.)
134 Jan. 2 Holders of rec. Dee. 14
14 Jan. 15 Holders of roe. Dee. 206
Lone Star Gas Corp., common (guar.).- *20e. Dee. 81 *Holders of tee. Dee. 20
California-Oregon Power. 7% pf. ((au.). lei Jan. 15 Holders of rec. Dee. 31
Lone Island Lighting. common
134 Jan. 15 Holders of roe. Dm. 31
6% Preferred (guar.)
10e. Ian. 1 Holders of tee. Dec. 18
Canada Northern Power, corn.(guar.)...
7% preferred A (guar.)
15e. Jan. 25 Holders of rec. Dec. 31
lei Jan. 1 Holders of too. Dee. 18
Preferred (guar.)
8% preferred B (guar.)
134 Jan. 15 Holders of rec. Dec. 31
134 Jan. 1 Holders of tee. Deo. 113
DEC. 21 1929.]
Name of Company.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Continued).
Louisville Gas & Elec., corn. A & B (qu.) 4334c Dec. 24 Holders of ree Nov.30a
Mackay Cos., common (guar.)
Jan. 2 Holders of rec. Dec. 133
Preferred (guar.)
Jan. 2 Holders of rec. Dec. 130
1
Manhattan Ry., guaranteed (guar.)
Jan. 2 Holders of rec. Dec. 20a
Modified guarantee
40c Jan. 2 Holders of rec. Dec. 20a
Memphis Power & Light, $7 pref.(au). $1.75 Jan. 2 Holders of rec. Dec. 14
$6 preferred (guar.)
$1.50 Jan. 2 Holders of rec. Dec. 14
Michigan Elec. Pow. Co., 7% pf.(WOJan. 1 Holders of rec. Dec. 16
134 Jan. 1 Holders of rec. Dec. 18
6 Preferred (guar.)
%
Midland Utilities, 7% prior lien (Oust.). 131 Jan. 6 Holders of rec. Dec. 21
6% prior lien (guar.)
134 Jan. 6 Holders of rec. Dec. 21
7% Pref. class A (guar.)
131 Jan. 6 Holders of rec. Dec. 21
134 Jan. 6 Holders of rec. Dec. 21
6 Pref. class A (guar.)
%
Minnesota Power & Light,7% pfd.(qu.)
Jan. 2 Holders of rec. Dee. 14
$6 preferred (guar.)
$1.50 Jan. 2 Holders of rec. Dec. 14
Mo. River-Sioux City Bridge, pref.(qu.) $1.75 Jan. 15 Holders of rec. Dec. 31
Mohawk & Hudson Pow.. 26 pref. (qu.) 81.75 Jan. 2 Holders of rec. Dec. 20
Monongahela West Penn Pub. Service
Preferred (guru.)
4334c Jan. I Holders of rec. Dec. 14
Montreal Tramways(guar.)
234 Jan. 15 Holders of rec. Jan. 6
Mountain States Power Co., pfd. (qu.) _
154 Jan, 20 Holders of ree. Dec. 31
Nassau & Suffolk Ltg.. pref.(guar.)
154 Jan. 1 Holders of rec. Dec. 16
Nat. Elec. Power.7% pref.(guar.)
134 Jan. 1 Holders of rec. Dee. 16
6% preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 16
National Power & Light, $7 pf.(guar.).- $1.75 Jan. 2 Holders of rec. Dec. 10
National Public Service, pref. A (guar.)_
131 Jan. 1 Holders of rec. Dec. 17
New England Pow. AHEM.. corn.(quar.)_ *500. an. 15 *Holders of rec. Dec. 31
Prefened (guar.)
134 Jan. 2 Dec 11 to Jan. 1
New England Tel.& Tel.(guar.)
Dec. 31 Holders of rec. Dec. 10
2
N.Y.Power de Light Corp..7% pfd.(q10 •131 Jan. 2 "Holders of rec. Dec. 16
$6 preferred (guar.)
*21.50 Jan. 2 *Holders of rec. Dec. 16
N.Y.& Queens El. Lt.& Pr., com.(qu.)'8734c Dec. 14 *Holders of rec. Nov. 29
New York Steam Co.,7% pref.(qu.)... 134 Jan. 2 Holders of rec. Dec. 140
6% Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. I4a
New York Telephone. pref.((Mar.)
154 Tan. 15 Holders of rec. Dec. 20
Niagara Falls Power (guar.)
•75c. Dec. 31 *Holders of rec. Nov.29
Niagara & Hudson Power. corn.(qum.)
10c. Dec. 31 Holders of rec. Nov. 300
North American Co.,coin.(In corn. stk.) f234 Jan. 2 Holders of rec. Dec. 5o
Preferred (guar.)
75e. Jan. 2 Holders of rec. Dec 5e
No. American Gas & Elec., class A (qu.) *1[40e. Feb. 1 *Holders of rec. Jan. 10
Northern Ohio Power & U.6% pt.(qu.) 134 Jan. 2 Holders of rec. Dec. 13
7% Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 13
Northern Ontario Power, corn.(guar.)
50c. Jan. 25 Holders of rec. Dec. 31
Preferred (guar.)
134 Jan. 25 Holders of rec. Dec. 31
Northern States Power,corn. A.(qu.)
2
Feb. 1 Holders of rec. Dec. 31
7% Preferred (guar.)
134 Jan. 20 Holders of rec. Dec. 31
8% preferred (grist.)
154 Jan. 20 Holders of rec. Dec. 31
Northwestern Telegraph
81.50 Jan. 2 Holders of res. Dec. 160
Northwest Louisiana Gas, pt.(guar.) --- '134 Jan. I 'Holders of rec. Dec. 20
North West Utilities, prior pref.(qtr.)._
134 Jan. 2 Holders of rec. Dec. 14
Nova Scotia L. & P. corn.(No. 1)
Jan. 2 Holders of rec. Dec. 16
*51
Ohio Bell Telephone. pref.(guar.)
134 Jan. 1 Holders of rec. Dec. 20
Ohio Edison Co., 8% pref. (guar.)
134 Mar. 1 Holders of rec. Feb. 15
6.6% Preferred (guar.)
1.65 Mar. 1 Holders of rec. Feb. 15
7% Preferred (guar.)
134 Mar. 1 Holders of rec. Feb. 15
5% Preferred (gum.)
134 Mar. 1 Holders of rec. Feb. 15
6% preferred (monthly)
50c. Jan. 2 Holders of rec. Dec. 16
6% Preferred (monthly)
50e. Feb. 1 Holders of rec. Jan. 15
6% Preferred (monthly)
50c. Mar. 1 Holders of rec. Feb. 15
6.6% preferred (monthly)
155e. Jan. 2 Holders of rec. Dec. 16
6.6% preferred (monthly)
55c. Feb. 1 Holders of rec. Jan. 15
6.6% preferred (monthly)
55c. Mar. 1 Holders of rec. Feb. 15
Ohio Electric Power 7% pref.(quar.)
134 Jan. 1 Holders of rec. Dec. 16
6% Preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 16
Pacific Gas & Elec., corn. (guar.)
*50c. Jan 15 Holders of rec. Dec. 31
Pacific Lighting, pref. (guar.)
*51.50 Jan. 15 *Holders of rec. Dee. 31
Pacific Tele p.& Teleg., com.(guar.)._
131 Dec. 31 Holders of roe. Dec. 20a
Preferred (guar.)
134 Jan. 15 Holders of rec. Dec. 313
Panama Power & Light pref.(quar.)
131 Jan. 2 Holders of rec. Dec. 13
Penn Central Lt. & Pow.$5 pref.(qu.).. 81.25 Jan. 1 Holders of rec. Dec. 16a
$2.80 preferred (guar.)
I Holders of rec. Dec. 18
70e.'Jan
Penn.
-Ohio Pow.& Lt.. $6 Pref.(guar.). 51.50 Feb. 1 Holders of rec. Jan. 20
7% Preferred (guar.)
134 Feb. 1 Holders of rec. Jan. 20
7.2% preferred (monthly)
130e. Jan. 2 Holders of rec. Dec. 20
7.2% Preferred (monthly)
60c. Feb. 1 Holders of rec. Jan. 20
6.6% Preferred (monthly)
55c. Jan. 2 Holders ol rec. Dec. 20
8.6% preferred (monthly)
55e. Feb. 1 Holders of rec. Jan 20
Pennsylvania Gas& El. Co..$7 pf.(qu.) •81.75 Jan. 1 *Holders of rec. Dec. 20
•114 Jan. I *Holders of rec. Dec. 20
7% preferred (guar.)
Pennsylvania Power & Light,$7 pf
$1.75 Jan. 2 Holders of rec. Dec. 14
$6 preferred (guar.)
S1.50 Jan. 2 Holders of rec. Dec. 14
$5 preferred (guar.)
$1.25 Jan. 2 Holders of rec. Dec. 14
Pennsylvania Water & Power (gear.)...
75c. Jan. 2 Holders of reo. Dec. 13
Peoples Gas, preferred
Jan. 1 Holders of tee. Dec. 120
3
Peoples Light & Power class A (guar.) - z60e. Jan. 2 Holders of rec. Dec. 7
Philadelphia Electric new corn.(guar.)._
55c. Dec. 30 Holders of rec. Dec. 10
$5 preferred (guar.)
$1.25 Feb. 1 Holders of reo. Jan. 10
Philadelphia Elec. Power, pref.(guar.) _
50c. Jan. 1 Holders of rec. Dec. 10a
Piedmont & Northern Ry.(guar.)
'134 Jan. 10 *Holders of rec. Dec. 31
Portland Electric Power. 1st pt.(qu.). _
134 Jan. 2 Holders of rec. Dec. 14
Prior preference (guar.)
134 Jan. 2 Holders of rec. Dec. 14
Porto Rico Rye.. Ltd., pref.(guar.)
__
134 Jan. 2 Holders of rec. Dec. 14
Postal Telex. & Cable 7% pref. (qu.)
14 Jan. 2 Holders of rec. Dec. 13a
Power Corp. of Canada,6% pref. (qu.)
134 Jan. 15 Holders of rec. Dec. 31
6% Darn°. pref.(guar.)
750. Jan. 15 Holders of rec. Dec. 31
Providence Gas(guar.)
300. Jan. 2 Holders of rec. Dec. 14
Extra
20e. Jan. 2 Holders of rec. Dec. 14
Publlo Serv. Co.of Oklahoma corn.(qu.) 2
Jan. 1 Dec. 21 to Jan. 2
7% prior lien stock (guar.)
144 Jan. 1 Dec. 21 to Jan. 2
8% prior lien stock (guar.)
134 Jan. 1 Dec. 21 to Jan. 2
Public Service Corp. of N.J., corn.(qu.) 65e. Dec. SI Holders of reo. Dec. 2s
Common (speclal)
800. Dec. 31 Holders of rec. Dec. 200
8% preferred (guar.)
2
Dec. 31 Holders of rec. Dec. 2a
7% preferred (guar.)
134 Dec. 31 Holders of rec. Dec. 2a
$5 preferred (guar.)
$1.25 Dec. 31 Holders of roe. Dec. 2a
6% pref. (monthly)
500. Dec. 31 Holders of rec. Dee. 2
Preferred (monthly)
50e. Jan. 31 Holders of rec. Jae. 20
Public Serv. Elec.& Gas.7% pref.(qu.)
14 Dec. 31 Holders of rec. Dec. 2
8.14% preferred (guar.)
134 Dec. 31 Holders of rec. Dec. 2
Quebec Power (guar.)
6234c Jan. 15 Holders of rec. Dec. 27
Queens Borg Gas & Elec.8% pref.(qu.). *134 Jan. 1 *Holders of rec. Dec. 20
Radio Corp. of Amer., pref. A (a)._ 8734e Jan. 1 Holders of rec. Dec 2.
Preferred 13 (guar.)
$1.25 Jan, 1 Holders of rec. Dee. 26
Original pref
350. Jan. 1 Holders of rec Dec 2.,
St. Louis Public Service. pref. (ilu.)
31.75 Jan. 2 Holders of rec. Dec. 20
Second & 3rd Ste. Pass. Ry., Phila.(qu.) $3
Jan. 1 spec. 2 to Jan. 1
Shawinigan Water & Power (guar.)
*624c Jan. 10 *Holders of roe. Dec. 20
Southeastern Power & Lt.$7 prof.(qu.)
$1.75 Jan. 2 Holders of rec. Dec. 14
$6 preferred (guar.)
81.50 Jan. 2 Holders of rec. Dec. 14
PartIdeating preferred (guar.)
$1.25 Jan. 2 Holders of rec. Dec. 14
Southern Calif. Edison pref. C (qu.)
3431c. Jan. 15 Holders of rec. Dec. 20
Original preferred (guar.)
50c Jan. 15 Holders of rec. Dec. 20
Southern Canada Power 6% prof.(qu.). 134 Jan. 15 Holders of rec.
Dec. 20
Southern Union Gas (guar.)
*50c Jan. 1 *Holders of rec Dec. 24
South Pittsburgh Water. pref.(qu.) _ _
154 Jan. 15 Holders of rec. Jan. 2
Southwestern Bell Tetep. pref.(guar.)
154 Jan. 2 Holders of rec. Dec. 20
Southwestern Gas& Elec.. Pref.(qu.) - *131 Jan. 2'Holders of rec. Dec.
16
Southwestern Light & Power, corn. A__ _ *S3 Dec. 31 *Holders of rec.
Dec. 16
Preferred (guar.)
*$1.50 Jan. 1 *Holders of rec. Dee. 16
Southwestern Power & Light, p1.(qu.)
'131 Jan. 1 *Holders of rec. Dee. 16
Springfield Gas & Elec. pref. A (qu.)
$1.75 Jan. 2 Holders of rec. Dec. 14
Standard Gas & Elec., corn.(guar.)
87 34c Jan. 25 Holders of rec. Dec. 310
Prior preference (guar.)
$1.75 Jan. 25 Holders of rec. Dec. 31
Superior Water, Light & Pow., pf.(qu.) '131 Jan. 2 *Holders of ree. Dee. 14
Tennessee Elec Power.5% let pf.(qu.)
134 Jan. 2 Holders of rec. Dec. 14
6% 1st preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 14
7% 1st preferred (gear.)
131 Jan. 2 Holders of rec. Dec. 14
7.2% 1st preferred (guar.)
$1.80 Jan. 2 Holders of rec. Dec. 14
6% let preferred (monthly)
50e Jan. 2 Holders of rec. Dec. 14
7.2% 1st preferred (monthly)
1100 Jan. 2 Holders of rec. Dec. 14
Texas-Louislana Power. pref. (guar.)
154 Jan. 1 unifiers of rec DPI` 15
134
134
134
134
Nasal of Cotagang.
3921
When
Per
Cost. Payable.
Bode Closed
Deis lociorlos.
Public Utilities (Concluded).
Twin City Rap.Tr., MInneap.,com.(qu.) 1
Jan. 2 Holders of rec. Dec. 14g
Preferred (guar.)
154 Jan. 2 Holders of rec. Dec. 14a
Union Natural Gaff (Canada)(Mara
- *35e. Dec. 27 *Holders of rec. Nov.85
'Sc. Dec. 27 *Holders of rec. Nov.30
Extra
Dec. 27 *Holders of rec. Nov.30
Stock dividend
*e5
Union Passenger By.(Philadelphia).... $4
Jan. 1 Holders of rec. Dec. 14a
Union Traction (Philadelphia)
$1.50 Jan. 1 Holders of rec. Deo. 96
United Corporation, pref. (guar.)
700. Jan. 2 Holders of rec. Dec. fig
Drifted Gas & Elec. Corp. Pref.(guar.)
Jan. 1 Holders of rec. Dee. 16
United Gas & improvement
New common (guar.)(No. 1)
200. Dec. 31 Holders of rec. Nov. 30a
$1.25 Dee. 81 Holders of ree. Nov.80a
25 preferred (guar.)
I50. Feb. 1 Holders of rec. Jan. 15a
United Lt. & Pow., new com.A &B(qu.)
Old common A & B (guar.)
700. Feb. 1 Holders of rec. Jan. 15a
$1.50 Jan. 2 Holders of rec. Dec. 100
Preferred (guar.)
United Public Service, $7 pref.(guar.). $1.75 Jan. 2 Holders of rec. Dec. 14
$1.50 Jan. 2 Holders of rec. Dec. 14
86 preferred (guar.)
United Public Utilities, $6 pref. (guar.). $1.50 Jan. 2 Holders of rec. Dec. 14
$5.75 preferred (guar.)
$1 7-16 Jan. 2 Holders of rec. Dec. 14
Utah Power & Lt.. $7 Pref.(guar.)
$1.75 Jan. 2 Holders of rec. Dec. 5
$1.50 Jan. 2 Holders of rec. Dec. 5
$6 preferred (guar.)
Utilities Power AT Light, corn.(guar.).
- 1200. Jan. 2 Holders of rec. Dec. 7
150c. Jan. 2 Holders of rec. I3ec. 7a
Class A (guar.)
1250. Jan. 2 Holders of rec. Dec. 7
Class B (guar.)
14 Jan. 2 Holders of rec. Dec. 7
7% preferred .quar.)
Virginia Public Service 7% pref.(guar.). 14 Ian. 1 Holders of rec. Dee. 16
14 Jan, I Holders of rec. Dee. 16
5% Preferred (guar.)
6234c. Dec. 31 Holders of rec. Dec. 16
Western Massachusetts Co.'s (guar.)
Western Pow., Lt.& Telep. pf. A (qu.).. 14 Jan. 1 Holders of rec. Dec. 15
Western Union Telegraph (guar.)
Jan. 15 Holders of rec. Dec. 230
2
West Penn Elec. Co., class A (gust.).... $1.75 Dec. 30 Holders of rec. Dec. 170
West Penn Power Co., 7% prof.(guar.).
Feb. 1 Holders of rec. Jan. 4a
134 Feb. 1 Holders of rec. Jan. 44
6% Preferred (guar.)
West Philadelphia Pass. By
$4.25 Jan. I Holders of tee. Dece.14s
Winnipeg Elec. Co. pref.(guar.)
134 Jan. 1 Holders of rec. Dec. 6
334 Jan. 2 Holders of rec. Dee. 31
Wisconsin Valley Elec..'ref
134
134
Banks.
American Union (guar.)
51.50 Jan. 2 Holders of rec. Dec. 23
Bank of America N. A.(guar.)
11.125 Jan. 2 Holders of rec. Dec. Ns
Bancamerica-Blair Corp. (guar.)
Bank of United States (guar.)
$1.50 Jan. 2 Holders of rec. Dec. 18
Bankus Corp. (guar.)
Bryant Park (guar.)
50e. Dec. 20 Holders of rec. Dec. 15
Chase National (guar.)
Jan. 2 Holders of zee. Dec. ha
$1
Chase Securities Corp.(guar.)
Chatham Phenix Nat. Bank & Trust
-New $20 par stock (guar.)(No. 1)____ *S1
Jan. 2 *Holders of rec. Dec. 16
Eastern Exchange (guar.)
*$1.50 Dec. 30 *Holders of rec. Dec. 20
Fifth Avenue (guar.)
Jan. 1 *Holders of rec. Dec. 31
"6
First National (guar.)
Jan. 2 Holders of rec. Dec. 240
5
First Security Co.(guar.)
Jan. 2 Holders of rec. Dec. 24a
20
Flathash National(No.1)
Jan. 1 Holders of rec. Dec. lb
1
Harriman Nat. Bk.&'Pr.(stk. div.)__*e 33 1-3 Jan. 20 *Holders of rec. Jan. 14
Manhattan Co.(Bank of the)(gust.)... 800. Jan, 2 Holders of rec. Dec. 20a
National City Bank (guar.)
National City Co.(guar.)
Jan. 1 Holders of rec. Dec. 7
$1
City Bank Farmers Trust (guar.)
Peoples National of Bklyn.(guar.)
Jan. 1 Holders of rec. Dec. 10
3
Public Nat. Bank & Trust (guar.)
Jan. 2 Holders of rec. Dec. 20
$1
Trade Bank of N.Y.(guar.)
81.50 Jan. 4 Holders of rec. Dec. 24
Trust Companies.
Banca Commerciale Italians Trust (qu.)
Bank of Europe Trust (guar.)
Extra
Bankers (guar.)
Bank of N.Y.& Trust (guar.)
Extra
Bronx County (guar.)
Chelsea Bank & Trust(mar.)
Chemical Bank & Trust(guar.)
Guaranty (guar.)
Irving Trust (guar.)
Manufacturers (guar.)
Midwood (Brooklyn)
II. B. Trust (guar.)
Fire Insurance.
Brooklyn Fire (guar.)
City of New York (guar.)
Hanover Fire (gnat.)
Special
Ilome (guar.)
Rossia (guar.)
*24 Jan. 2 *Holders of rec. Dec. 16
700. Jan. 2 Holders of rec. Doe. 20
25e. Jan, 2 Holders of rec. Dec. 20
750. Jan. 2 Holders of rec. Dec. 11
$4.50 Jan. 2 Holders of rec. Dec. 200
Jan. 2 Holders of rec. Dec. 20a
$2
400. Jan. 2 Holders of rec. Dec. 200
624c Jan. 2 Holders of rec. Dec. 204
.450. Jan. 2 *Holders of rec. Dec. 19
Dec. 31 Holders of rec. Dec. 11
5
40e. Jan. 2 Holders of rec. Dec. 3
*81.50 Jan. 2 *Holders of rec. me. Its
3
Dec. 31 Holders of rec. Dec. 20
15
Jan. 2 Holders of tee. Dec. 20.
30c. Janl'30
4
Jan. 1
40c. Jan. 2
20e. Jan. 2
50e. Jan. 1
550. Jan. 2
Holders of rec. Dee. 20
Holders of rec. Dec. 14
Dec. 21 to Dec. 31
Dec. 21 to Dec. 31
Holders of rec. Dec. 12
Holders of rec. Dec. 14a
Miscellaneous.
Abbott Laboratories(Qum)
*5 o. Jan. 1 *Holders of rec. Dec. 18
Abitibi Power & Paper. 7% Pref.(guar.)
Jan. 2 Holders of rec. Dec. 20
6% preferred (guar.)
Jan. 20 Holders of rec. Jan. 10a
Acme Steel (guar.)
$I
Jan. 2 Holders of me. Dec. 20
Stock div.(subj. to meeting Jan.21).. e25
Feb. 15 Holders of roe. Feb. 1
Adams Express, new corn.(guar.)
400. Dec. 31 Holders of rec. Dec. 18a
Preferred (guar.)
14 Dec. 31 Holders of rec. Dec. I86
Addressograph Internat., com.(guar.) _ _ *37 4c Jan. 10 *Holders of rec. Dec. 21
Aeolian Co., pref. (guar.)
14 Dec. 31 Holders of rec. Dec. 20
Ainsworth Mfg stock div.(guar.)
*el
Mar. 1 *Holders of rec. ken. 20
Stock dividend (guar.)
*el
June 2 *Holders of roe. May 20
Air Reduction Co.(guar.)
700. Jan. 15 Holders of rec. Dec. 310
Airways Elec. Appliance, corn.(gust.).. 624c Jan. 2 Holders of rec. Dec. 20a
Preferred (gear.)
*14 Jan. 2 *Holders of rec. Dec. 20
Alberta Pacific Grain, pref. (guar.)134 Jan. 12 Holders of rec. Dec. 14
Alemco Association. Inc. (qtr.)(No. I)_ _
400.
&Mance Investment, corn. guar.)
•200. Jan. 2'Holders of rec. Dec. 13
Common payable In corn. stock)
*11 Jan. 2 *Holders of rec. Dec. 13
Allied Chemical & Dye Corp. corn.
$1.50 Feb. 1 Holders of ree. Jan. lba
Jan. 3 Holders of rec. Dec. 116
Common (one-twentieth sh. corn, elk.
131 Jan, 2 Holders of rec. Dec. ha
Preferred(guar.)
Allied Motor Industries pref. (guar.)... *$1
Jan. I *Holders of rec. Dec. 14
Allied Amer.Industries $6 per pf.(qu.).
31.50 Jan. 2 Holders of rec. Dec. 14
Allied Laboratories, cony. pref. (gu.)
*874e Jan. 1 *Holders of rec. Dee. 15
Allied Mills. Inc.(guar.)
•15e. Dec. 31 *Holders of rec. Dec. 20
Allied Products Corp., corn. A (guar.) _ _ 875.4c Jan. 1 *Holders of rec. Dec. 16
Allied Refrigeration Indus.. pr. pt. (gu.) 21.50 Jan, 2 Holders of rec. Dec. 14
Allis-Chalmers Mfg. corn.(guar.)
75e. Feb. 15 Holders of rec. Jan. 240
Allis At Fisher. corn. (guar.)
"500. Jan. 2'Holders of rec. Dec. 14
Aloe(A. S.) Co.common (guar.)
630. Jan. 2 Holders of rec. Dec. 19
Preferred (guar.)
Jan. 2 Holders of rec. Dec. 19
Aluminum Co. of Amer. pref.(gust.)... '134 Jan. 1 *Holders of rec. Dec. 14
Aluminum Goods Mfg. (guar.)
300. Jan. 1 Dec. 22 to Dec. 31
•500. Dee. 31 *Holders of rec. Dec. 15
kluminum Mfrs.. aom.(Guar.)
Preferred mama
0134 June 30 *Holders of rec. June 15
Preferred (quit.)
*131 Sept. 30 *Holders of roe. Sept. 18
Preferred (gpm.).
*lid Dec. 51 *Holders of rec Dee 15
Amalgamated Elec. Corp.. Ltd., pt.
750. Jan. 15 Holders of rec. Dec. 27
(qu.)
Amer. Art Wks.. corn.& of. tguar.)
14 Jan. 15 Holders of rec. Dec. 31
American Bakeries common (guar.)
*75c. Jan. 1 *Holders of rec. Dec. 16
Preferred (guar.)
*14 Jan. 1 *Holders of rec. Dec. 16
American Bank Note. coin.(guar.)
50c. Jan. 2 Holders of rec. Dec. 104
Common (extra)
$1
Dec. 30 Holders of ree. Dec. 10a
Common (payable in common stock) /10
Dec. 30 Holders of rec. Dec. 10a
Preferred (guar.)
700. Jan. 2 Holders of rec. Dec. 106
Amer. Brake Shoe & Fdy., corn. (go.)..
60c. Dec. 31 Holders of rec. Dec. 20a
Preferred (guar.)
14 Dec. 31 Holders of rec. Dec. 20a
Amer.Brown Bova',Elec., prof.(qu.)_ $1.75 Jan. 1 Holders of rec.
Dec. 20a
American Can. coin.(guar.)
$1
Feb. 15 Holders of rec. Jan. 31a
Preferred (guar.)
Jan, 2 Holders of rec. Dec. 18a
Amer. Car & Fdy. common (guar.)
$1.50 Jan. 1 Holders of rec. Dec. 16a
Preferred (guar.)
Jan. I Holders of rec. Dec. 16a
Amer. Chain, pref. (guar.)
131 Dec. 31 Holders of ree Dec. 21,
131
134
(1)
134
14
134
3922
Name of Company.
[VOL. 129.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closest,
Days Inclusive.
Name of Company.
Per
11
7hen
Cent. Payable.
Books Closed,
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Cont(nued).
1% Jan. 2 Holders of rec. Dec. 4
American Chicle, com.(guar.)
50c. Jan. 1 Holders of rec. Dec. 120 Belgo Canadian Paper, pref. (quar.)_ _
50c. Jan. 2 *Holders of rec. Dec. 10
Common (extra)
25c. Jan. 1 Holders of rec. Dec. 120 Bendix Aviation ,quar.)
Benson & Hedges, Ltd., pref. (quar.) _
1% Jan. 2 Holders of rec. Dec. 20
American Cigar pref. (guar.)
13i Jan. 2 Holders of rec. Dec. 14
Berry Motor (quar.)
30c. Jan. 2 Holders of rec. Dec. 20
to
Dec. 22
Amer. Coal of Allegany Co.(extra)
Dec. 21 Dec. 1
El
Bethlehem Steel common (guar.)
*51.50 Feb. 15 *Holders of rec. Jan. 18a
Amer. Colortype, corn.(guar.)
60c. Dec. 31 Holders of rec. Dec. 12
25c. Jan. 2 Holders of rec. Dec. 18
Amer. Commercial Alcohol corn.(guar.).
40c. Jan. 15 Holders of rec. Dec. 200 Bickford's, Inc., common (guar.)
Preferred (guar.)
Common (payable in com.stock)
f2
Jan. 15 Holders of rec. Dec. 20a
6234c Jan. 2 Holders of rec. Dec. 18
Biltmore-Ero Manufacturing
"40c. Jan. 1 *Holders of rec. Dec. 20
Preferred (guar.)
$1.75 Feb. I Holders of rec. Jan. 10
Amer. Cyanamid corn. A & B (guar.)...
Preferred (quar.)
*1;1 Jan. 2 *Holders of rec. Dec. Oa
40c. Jan. 2 Holders of rec. Dec. 14
Bins Mfg., cl. A cony. pref.(quar.)56 31c Jan. 1 Holders of rec. Dec. 20
American Depositors Corp.
Bird & Sons (guar.)
*250. Jan. 2 *Holders of rec. Dec. 26
Corporate Trust shares (extra)
110 Dec. 31
Amer. Encaustic Tiling, com.(quar.)-_
50e. Dec. 23 Holders of rec. Dec. 12a Bissel (T. E.) Co., common (quar.)___ _ *50c. Jan. 2 *Holders of rec. Dec. 16
*1% Jan. 2 *Holders of rec. Dec. 16
American Express (guar.)
136 Jan. 2 Holders of rec. Dec. 13a
Preferred (guar.)
Blaw-Knox Co. common (extra)
300. Dec. 23 Holders of reo. Dec. 130
Amer.Founders Corp. new corn.(spec.). 33 1-3c Feb. 1 Holders of rec. Jan. 15
*50c. Jan. 2 *Holders of rec. Dec. 15
Blue Ribbon, Ltd. (guar.)
New common (1-70th eh. corn. stock)_
Feb. 1 Holders of rec. Jan. 15
1% Jan. 2 Holders of rec. Dec. 16a
*$1
Feb. I *Holders of rec. Jan. 15
Blumenthal(Sidney)& Co.,Ine.pf.(qu.)
Old common (extra)
*58%c Mar. 1 *Holders of rec. Feb. 20
Hobbs-Merrill Co.(guar.)
8714c Feb. 1 Holders of rec. Jan. 15
7% first pref. series A (guar.)
Quarterly
7% first pref. series B (guar.)
87A c Feb. 1 Holders of rec. Jan. 15
"56%0 June 1 *Holders of rec. May 20
6% first pref. series D (guar.)
70e. Feb. 1 Holders of rec. Jan. 15
Bohn Aluminum & Brass (guar.)
750. Jan. 2 Holders of reo. Dec. 130
Bonner Company, class A (quar.)
373i c Feb. 1 Holders of rec. Jan. 15
3734 Dec. 31 Holders of rec. Dec. 15
6% second pref. (guar.)
Jan. 2 Holders of rec. Dec. 160
Borg-Warner Corp. common (quar.)
51
Amer. Furniture Mart Bldg. pref.(qu.). •1% Jan. 2 *Holders of rec. Dec. 20
"1
Jan. 2 *Holders of rec. Dec. 17
•$1.75 Jan. 2 *Holders of rec. Dec. 16
Amer. Hardware Corp.(guar.)
Preferred (guar.)
$2
Jan. 2 Holders of rec. Dec. 14a Boston Wharf Co
334 Dec. 31 Holders of rec. Dec. 2
Amer. Hawaiian S. S. common
750. Jan. 2 Holders of rec. Dec. 23
Amer.Home Products Corp.(mthly.)--350. Jan. 2 Holders of rec. Dec. 14a Boyd-Welsh Shoe (quar.)
4
Dec. 31 Holders of rec. Dec. 20
Brady, Cryan & Colleran
American Locomotive, corn.(guar.).- $2 Dec. 31 Holders of rec. Dec. 13
Dec. 31 Holders of rec. Dec. 20
2
1% Dec. 31 Holders of rec. Dec. 13
Extra
Preferred (guar-)
Bridgeport Machine, pref. (guar.)
13( Jan. 1 Holders of rec. Dec. 20
Amer. Maize Products, corn.(guar.).--- •50e. Dec. 31 *Holders of reo. Dec. 12
*80c. Dec. 31 *Holders of reo. Dec. 12
500. Dec. 31 Holders of reo. Deo. 200
Common (extra)
Briggs & Stratton Corp.(quar.)
*Holders of rec. Dec. 15
*We. Jan.
Brill° Mfg., corn. (guar.) (No. 1)
Preferred (guar.)
*13( Dec. 31 *Holders of rec. Dec. 12
•50c. Jan. 2 *Holders of rec. Dec. 15
American Manufacturing, corn. (guar.).
76e. Dec. 31 Holders or rec. Dec. 15
Class A (quar.)
25c. Jan. 2 Dec. 13 to Dec. 31
14 Dec. 31 Holders of rec. Dec. 15
British American Oil, reg. stock (guar.).
Preferred (guar.)
50c. Jan. 2 Dec. 13 to Dec. 31
American Manufacturing, corn. (quar.)75c. Mar. 31 Holders of rec. Mar. 15
Registered stock (bonus)
75c. July 1 Holders of rec. June 15
250. Jan. 2 Holders of coup. No. 12
Common (guar.)
Bearer stock (quar.)
75c. Oct. 1 Holders of rec. Sept. 15
Common (guar.)
50c. Jan. 2 Holders of coup. No. 12
Bearer stock (bonus)
8c. Feb. 1 Holders of rec. Jan. 2
75c. Dec. 31 Holders of rec. Dec. 15
Common (guar.)
British Type Investors. Inc.(1:1-monthly)
Preferred (guar.)
11 Mar. 31 Holders of rec. Mar. 15
01% Jan. 1 *Holders of rec. Dee. 10
Brockway Motor Truck pref. (guar.)... `
1% July 1 Holders of rec. June 15
Preferred (guar.)
Brown Durrell Co., 634% pref. (quar.)- •1% Jan. 1 'Holders of reo. Des. 15
1% Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
BrunswIck-Balke-Collender. pref. (qu.). 1% Jan. 1 Holders of rec. Dee. 20
1% Dec. 31 Holders of rec. Dec. 15
250. Jan. 2 Holders of rec. Nov. 270
Preferred (guar.)
Bucyrus-Erie Co., common (guar.)
6234e Jan. 2 Holders of rec. Nov. 270
Amer.Pneum. Service, 1st pref.(quar.). .873ic Dec. 31 *Holders or rec. Dec. 21
Convertible preferred (guar.)
1% Jan. 2 Holders of reo. Nov. 270
*750 Dec. 31 *Holders of rec. Dec. 21
Second preferred (guar.)
Preferred (guar.)
25c. Dec. 31 Holders of rec. Dec. 100
Amer. Radiator & Std. Sanitary Corti.Budd Wheel. corn. (guar.)
373ic Dec. 31 Holders of reo. Dec. ha
1% Dec. 31 Holders of rec. Dee. 100
(3ommon (guar.)
First preferred (guar.)
50e Jan. 15 Holders of reo. Dec. 3Ia Building Products, class A (quar.)
50e. Jan. 2 Holders of rec. Dec. 17
Amer. Rolling Mills, com.(quar.)
$1.25 Jan. 2 Holders of rec. Dec. 10a Bullard Co. common (guar.)
Amer. Safety Razor (guar.)
40c. Deo. 31 Holders of reo. Dec. 170
50c. Jan. 1 Holders of rec. Dec. 20a Burco., Inc., pref. (guar.) (No. 1)
American Seating (guar.)
*75e. Jan. 2 'Holders of rec. Dec. 16
1% Jan
1 Holders of rec. Dec. 20
American Service, pref. (quar.)"250. Jan. 1 *Holders of rec. Dec. 15
Burger Bros., corn. (guar.)
75c. Jan. 2 Holders of rec. Dec. ha
American Snuff, corn.(guar.)
*2
Jan. 1 *Holders of rec. Dec. 15
Preferred (guar.)
Common (extra)
50c. Jan. 2 Holders of rec. Dec. ha
"2
Apr. 1 *Holders of rec. Mar. 15
Preferred (guar.)
Preferred (guar.)
13i Jan. 2 Holders of rec. Dec. ha
*2
July 1 *Holders of rec. June 16
Preferred (guar.)
Amer. Shipbuilding, Corn. (guar.)
2
Feb. I Holders of rec. Jan. 15a
*2
Oct. 1 *Holders of rec. Sept. 15
Preferred (guar.)
Preferred (quar.)
1% Feb. 1 Holders of rec. Jan. 15
Burnham Trading Corp.(qu.)(No. 1).._ *750. Jan. 2 *Holders of rec. Dec. 20
Amer. Steel Foundries, com.(quar.)
750. Jan. 15 Holders of rec. Jan. 20 Burns Bros. Pref.(quar.)
1% Jan. 2 Holders of ree. Deo. 130
Preferred (quar.)
1% Dec. 31 Holders of rec. Dec. I4a Burns AL Co., Ltd., preferred (guar.)._ _ •1% Jan. 1 "Holders of rec. Dec. 10
American Stores (guar.)
500 Jan. 2 Holders of rec. Dec. 140 Bush Terminal common (guar.)
*50c. Feb. 1 *Holders of roe. Dec. 27
Amer.Sugar Refg.common(guar.)
1% Jan. 2 Holders of rec. Dec. 50
Common (payable in common stock). _ 5/1% Feb. 1 *Holders of rec. Dec. 27
1% Jan. 2 Holders of rec. Dec. 50
Preferred (quar.)
•1% Jan. 15 *Holders of rec. Dec. 27
Debenture stock (guar.)
American Surety (guar.)
51.50 Dec. 31 Holders of rec. Dec. 14a Bush Terminal Bldgs. preferred (qUar.). 1% Jan. 2 Holders of rec. Dec d130
American Tank Car (guar.)
*1
Jan. 2 *Holders of rec. Dec. 13
50e. Dec. 24 Dec. 10 to Dee, 25
Butte Copper dr Zinc Co
American Thermos Bottle. pref. (gu.)__ *8734c Jan. 21 *Holders of rec. Dec. 20
50c. Dec. 31 Holders of rec. Dec. 130
Butte & Superior Mining (guar.)
American Thread, Preferred
12.44c Jan. 1 Holders of ree. Nov. 300 Byers(A. M.) Co. pref. (guar.)
1% Feb. 1 Holders of rec. Jan. 130
American Title & Guaranty (guar.)
81.25 Jan. 2 Holders of rec. Dec. 20
50c. Dec. 23 Holders of rec. Dec. 16
Byliesby (H. M.) Co. A & B (quar.)_ _
American Tobacco preferred (guar.)._ _ _
13-i Jan. 2 Holders of rec. Dee. 100
Dec. 23 Holders of rec. Dec. 16
51
Class A & B (extra)
Amer. Type Founders, com.(quar.)___
2
Jan. 15 Holders of rec. Jan. 90
50c. Dec. 23 Holders of rec. Dec. 16
Preferred (guar.)
Preferred (guar.)
1H Jan. 15 Holders of rec. Jan. 9a By-Products Coke Corp.(guar.)
250. Dec. 24 Holders of rec. Dec. 100
Amer. Vitrified Products, com.(guar.)._
50e. Jan. 15 Holders of rec. Jan. 4 , California Ink class A
•50e. Jan. 2 *Holders of rec. Dec. 20
Preferred (guar.)
"1% Feb. 1 *Holders of rec. Jan. 20
•50c. Jan. 2 *Holders of rec. Dec. 20
Class B (quar.)
Ame
American Wringer, corn
75c Jan. 2 Holders of rec. Dec. 18
52.50 Dec. 23 Holders of rec. Dec. 66
Calumet & Arizona Mining tquar.)
Amer. Writing Paper, Pref. (guar.)
750. Deo. 31 Holders of rec. Deo. 20
Calumet & Heels Cons. Copper Co..qu.) 21.50 Dec. 31 Holders of rec. Nov. 300
Amer. Yvette Co., pref.(guar.)
*50o. Jan. 2 *Holders of rec. Dec. 16
•50c. Jan. 1 *Holders of rec. Dec. 15
Campo Corp. common (guar.)
Amer.Zinc, Lead & Smelt. pref.(qu.)--- $1.50 Jan. 1 Holders of rec. Dec. 120
'50o. Apr. 1 *Holders of rec. Mar. 10
Common (guar.)
1 *Holders of rec. Dec. 20
Amrad Corp. (guar.)
"25c. Jan
•13S Feb. 1 *Holders of rec. Jan. 15
Preferred (guar.)
Dec. 31 *Holders of rec. Dec. 20
Stock dividend
.e4
•13i May 1 *Holders of rec. Apr. 15
Preferred (guar.)
2 Holders of ree. Dec. 20a Canada Bread, class A & B (guar.)
Anchor Cap Corp., corn. (guar.)
60c. Jan
1% Jan. 2 Holders of rec. Dec. 15
51.625 Jan. 2 Holders of rec. Dec. 20a Canada Cement, pref. (quar.)
pi Dec. 31 Holders of reo. Nov. 30
Preferred (guar.)
Anchor Post Fence, com.(quar.)
*50c. Jan. 1 *Holders of rec. Dec. 14
$1.25 Jan. 15 Holders of reo. Jan. 20
Canada Dry Ginger Ale (guar.)
Jan. 2 Holders of rec. Dec. 14
Anglo-Persian 011, corn.(Interim)
Dec. 28 "Holders of rec. Dec. 2
*5
Canada Permanent Mtge. Corp. (guar.) 3
Apporumg Company,corn
550c. Jan. 1 *Holders of rec. Dec. 14
134 Jan. 2 Holders of reo. Dec. 16
Canada Steamship Lines pref. (guar.)__
Preferred (guar.)
44e. Jan. 10 Holders of reo. Deo. 25
"PA Jan. 1 *Holders of rec. Dec. 14
Canadian Car & Pty.. Ltd., pref. (qu.).
Jan. 10 Holders of rec. Dec. 31
4
Arcadia Mills common & preferred
'$2.50 Jan. 1
Canadian Foreign Investment, prof _ _
Armour & Co. of Del., Pref. (guar.)._ _
1)4 Jan. 2 Holders of rec. Dec. 10a Canadian General Elec., pref. (quar.).. 87)4e Tan. 1 Holders of rec. Dec. 14
1% Jan. 2 Holders of rec. Dec. 100 Canadian Gypsum & Alabaster
3735e Jan. 2 Holders of rec. Dec. 16
Armour & Co. (Ill.), Pref. (guar.)
*50c. Jan. 1 *Holders of rec. Dee. 16
Armstrong Cork, corn. (guar.)
- 1% Jan. 1 Holders of reo. Dec. 20
Canadian Locomotive, pref.(guar.).
•3734c Jan. 1 *Holders of rec. Dec. 16
Common (extra)
Canal Construction Co., pref. (quar.).. .373ir Ian. I *Holders of rec. Dec. 20
75c. Jan. 1 Holders of rec. Dec. 16
$1.7f Dec. 31 Holders of reo. Nov. 20
Arrow-Hart & Hegeman Elec. com.(qu.)
Canfield Oil. corn.& pref.(guar.)
51.625 Ian. 1 Holders of rec. Dec. 16
700 fan. 2 Holders of rec. Dec. 18
Cannon Mills (quar.)
Preferred (guar.)
50c. Jan. 1 Holders of (cc. Dec. 16a Capital Administration Co.. met (qu.).
136 Jan. I Holders of rec. Dec. 16a
Artioom Corp., corn. (guar.)
d37% Jan. 2 Holders of rec. Dec. 16a Carey (Philip) Mfg. common (guar.)... •22
Jan. 1 *Holders of reo. Dec. 7
Art Metal Construction (guar.)
Jan. 1 *Holders of reo. Dec. 7
d.50 Jan. 2 Holders of rec. Dec416a
Extra
Common (payable in common stock). •12
Jan. 2 Holders of rec. Dec. 20a
•1% Dec. 31 *Holders of reo. Deo. 21
Associated Apparel Industries, corn.(qu) $1
Preferred (guar.)
Apr. 1 Holders of rec. Mar. 200 Carnation Co., pref. (guar.)
qlolders of rec. Dec. 20
51
•13t Jan.
Common (guar.)
50c. Dec. 30 Holders of rec. Dec. 14
Associated Breweries, com.(guar.)
Preferred (guar.)
'1)4 Apr. I *Holders of rec. Mar. 20
1% Jan. 1 Holders of rec. Dec. 14
Carnation Milk ProductaPreferred (quar.)
Jan 2'30 *Holders of reo. Deo. 21
Sc. Jan. 2 Holders of rec. Nov. 29
•1
Associated Laundries of Am.. corn. (en.)
Common (payable In common stock)
Jan. 2 Holders of rec. Nov. 29
J .
Carpel Corp
'3734c jan. 1 *Holders of rec. Dec. 20
Common (payable in common stock)._ 11
Holders of rec. Deo. 120
500. Dec. 31 Holders of rec. Dec. 90 Case (J. I.) Co., corn. (quar.)
1
Associated 011 (guar.)
. 1
11 Jan. 2 Holders of rec. Dec. 121
5
Preferred (guar.)
Associates Investment Co.. corn. tquar.) "El Dec. 31 *Holders of rec. Dec. 21
Ifolders of rec. Dec. 200
Jan. 1 *Holders of rec. Dec. 20
Cavanagh-Dobbs, Inc., pref. (qu.)
Atlanta Laundries, $7 pref
413.50
CeCo Mfg., corn.(guar.)
6234c Jan. 1 Holders of rec. Dec. 20
Atlantic Gulf & West India SA. Linea.
Holders of rec. Dee. 17
Deo. 81 Holders of ree. Dec. 11. Celanese Corp. of Amer. let pref
51
04 Ja
Preferred (guar.)
53 50 j n..
Holders of rec. Dee. 17
Dec. 31 "Holders of reo. Dec. 20
'1)4
7% cum. prior pref. (guar.)
Atlantic Steel. com.((Mar.)
Dec. 31 *Holders of rec. Dec. 20
•2
Celotex Co. common (guar.)
750. Dec. 31 Holders of rec. Dec. 140
Common textra)
Dec. 23 Holders of rec. Dec. 50
1
1% Dec. 31 Holders of reo. Dec. 140
Preferred (guar.)
Atl. Terra Cotta CO. pref. (quar.)
Jan. 2 Holders of rec. Dec. 216 Central Aguirre Associates (guar.)
37Si e Jan. 2 Holders of rec. Dec. 210
$1
Auburn Automobile, com.(guar.)
50c Jan. It Holders of rec. Dec. 240
f2 Jan. 2 Holders of rec. Dec. 210 Central Alloy Steel Cot p., corn. (guar.).
Common (pay. in common stock)._
1% Jan. 1 Holders of rec. Dec. 15
Preferred (guar.)
Automatic Washer preferred (quar.)____ *50c. Jan. 1 *Holders of rec. Dec. 15
Jan. 10 "Holders of rec. Dec. 31
Central Coal & Coke pref.(guar.)
1% Jan, 15 Holders of reo. Dee. 310
Automobile Bank. Corp., com.(extra)__ *51
Jan. 1 Holders of reo. Dec. 150
75o. Jan. 2 Holders of reo. Deo.11100 Century Electric Co.common (quar,)._. 1
Autostrop Safety Razor. cl. A (guar.)
.Chain Store Products pref. (guar.)
'3734c Jan. 1 *Holders of n)o. Dec. 20
•1 ft Jan. 1 *Holders of rec. Dee. 20
Babcock & Wilcox Co.(guar.)
Jan. 2 Holders of rec. Dec. 20
Champion Shoe Mach., pref.(guar.) -- '131 Jan. 1 'holders of rec. Dec. 25
2
Extra
"3134o Jan. 15 *Holders of reo. Dec. 25
1% Apr. 1 Holders of rec. Mar. 20
Chapman Ice Cream (guar.)
Quarterly
Chase Brass & Copper, pref.(quar.).
1% Dec. 31 Holders of rec. Dec. 20
*500. Jan. 2 "Holders of rec. Dec. 20
Backstay Welt Co.(guar.)
Checker Cab Mfg.(monthly)(No.
35c Jan. 2 Holders of reo. Dec. lea
510c. Jan. 2 "Holders of rec. Dec. 20
Extra
Jan. 2 *Holders of rec. Dec. 20
Monthly
35c Feb. 3 Holders of rec. Jan. 164
•el
Stock dividend
Monthly
35c Mar. 3 Holders of rec. Feb. 170
Baker (J. T.) Chemical Co., com.(qu.) •1851c De°. 31 *Holders of rec. Dec. 14
Chelsea Exchange Corp.. cl. A & B (qu.)
25c Feb. 15 Holders of rec. Jan. 31
Common (extra)
•1114c Dec. 31 *Holders of reo. Dec. 14
Class A & B (guar.)
25c May 15 Holders of coo. May 1
•1% Jan. 1 •Holders of rec. Nov. 1
Bakers Share Corp.. corn. (on.)
Cherry-Burrell Corp. com. (guar.)
•750 Deo. 27 *Holders of reo. Dec. 16
'6234c Feb. 1 *Holders of rec. Jan. 15
Balaban & Katz, corn.(guar.)
Preferred (guar.)
•1% Feb. 1 *Holders of rec. Jan. 15
•14t Dec. 27 *Holders of reo. Dee. 16
Preferred (guar.)
Dec. 30 Holders of roe. Dec. 100
Si
Baldwin Locomotive Works, new coin_ 8744e Jan. 1 Holders of rec. Dec. 60 Chesebrough Mfg. Comma. (quar-)
Dec. 66
Extra
.53i Dec. 30 Holders of reo. Deo. 104
21
3% Jan. 1 Holders of rec.
Preferred
*Holders of rec. Dee. 4
Chestnut & Smith Corp., pref.(No. 1).
Baldwin Rubber, pref. A (guar.)
•37)4r Dec. 31 *Holders of rec. Dec. 20
'holders of rec. Nov. 15
•75c. Dec.
Bancroft (Joseph) & Sons Co., com.(qu.) 62 Mc Dec. 31 Holders of rec. Dec. 16a Chicago Corp.. cony. pref.(guar.)
'Holders of rec. Dec. 20
Chicago Flexible Shaft, corn. (quar.)__. •30c Jan.
Jan. 15 *Holden of reo. D.C. 81
Bankers Capital Corp.. pref.(quar.)-__ 42
Common (guar.)
•300. Apr. 1 'Holders of rec. Mar. 20
Bankers Securities Corp.Common (guar.)
.30c. July 1 *Holders of rec. June 20
4
75c. Jan. 15 Holders of rec. Dec. 31a
Common (guar.)
Common (guar.)
•300. Oct. 1 'holders of rec. Sept. 20
94c+ Jan. 15 Holders of rec. Dec. 310
Common (extra)
Jan. 15 Holders of rec. Dec. 310 Chicago Pneumatic Tool pref.(guar.)._ _ 8734c Jan. I Holders of ree. Dee. 200
75e.
Participating preferred (guar.)
*$1.25 Jan. 1 *Holders of rec. Dec. 20
250. Jan. 15 Holders of rec. Dec. 310 Chicago Towel, corn.(guar.)
Participating pref. (partic. div-)
Preferred (guar.)
"51.75 Jan. 1 *Holders of rec. Dec. 20
50e. Jan. 1 Holders of rec. Dec. 14a
Barker Brothers Corp. corn. (quar.)____
140 Chicago Yellow Cab (monthly)
25o. Jan. 2 Holders of rec .Dec. 200
1% Jan. 1 Holders of rec. Dec.
Convertible preferred (quar.)
Monthly
25c. Feb. 1 Holders of ree. Jan. 200
500. Jan. 1 Holders of rec. Dec. 200
Baxter Laundries, class A (guar.)
Monthly
25o. Mar. 1 Holders of rec. Feb. 190
Jan. 1 Holders of rec. Dec. 206
1%
Preferred (guar.)
Chickasha Cotton Oil (quar.)
Jan.
750. Jan. 2 Holders of rec. Dee. 10
87
Bayuk Cigars, Inc., common (quar.)_-- *75e. Jan. 15 *Holders of rec. Dec. 31
Chile Copper Co. (quar.)
Dec. 30 holders of roe. Dec. 40
•1% Jan. 15 *Holders of rec. Dec. 31
Preferred (guar.)
Extra
1.50 Dec. 30 Holders of rec. Dec. 40
50
57
Bearings Co. of America, 1st pref.(qu.). *1% Dec. 31 *Holders of rec. Dec. 16
Chrysler Corp. (altar.)
Jan. 2 Holders of roe. Dee. 20
Beath(W.D.)& Son, Toronto. class A...
800. Jan. 2 Holders of rec. Dec. 16
234c Jan. 2 Holders of rec. Dec. 15
El Jan. 2 Holders of rec. Dec. 140 Cities Service, corn. tmonthly)
Beatrice Creamery. corn. (guar.)
Common tpayable in common stock)_
f34 Jan. 2 Holders of rec. Dec. 15
1% Jan. 2 Holders of rec. Deo. 140
Preferred (guar.)
Preference Sc preference BB (mthly.).
50c Jan. 2 Holders of rec. Dee. 15
Beatty Bros. common (quar.)
*50c. Jan. 2 *Holders of rec. Dec. 14
fic Jan. 2 Holders of rec. Dec. 15
Preference B (monthly)
Beech-Nut Packing (guar.)
750. Jan. 10 Holders of roe. Dec. 24
DEC. 21 1929.]
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed,
Days Inclusive.
Miscellaneous (Continued).
Cincinnati Advertising Products (qu.)_ •50c. Dec. 31 *Holders of rec. Dec. 20
Stock dividend
*el() Jan. 15 *Holders of rec. Jan. 1
Cincinnati Ball Crank corn.(guar.)
*25c. Dec. 31 *Holders of rec. Dec. 15
*56c. Dec. 31 *Holders of rec. Dec. 15
Preferred (emu%)
*3
City Housing Corp
Dec. 31
City Ice & Fuel,stock dividend
'e114 Mar. *Holders of roe. Feb. 15
'el% Sept. *Holders of rec. Aug. 15
Stock dividend
City Machine & Tool (guar.)
*40c. Jan.
*Holders of rec. Dec. 20
V Extra
.40e. Jan. 2 "Holders of rec. Dec. 20
Clark (1). L.) Co.(guar.)
*31 Vic Jan. 1 *Holders of rec. Dee. 15
Claude Neon Elec. Prod. (qu.)
ctbe Jan. 1 *Holders of roe. Dec. 19
•3
Stock dividend
Jan. 1 *Holders of rec. Dec. 19
Stock dividend
July 1 *Holders of roe. Jan. 20
.3
Cleveland Automatic Mach., pref. (qu.)
Dec. 31 Holders of rec. Dec. 13
Cleveland Builders Supply (guar.)
*500. Apr. 1 *Holders of roe. Mar. 15
Cleveland Tractor, corn.(No. 1)
40c. Jan. 15 Holders of ree.Dee. 31
Cluett. Peabody & Co. pref. ,quar.)___. 154 Jan. 2 Holders of rec. Dec. 21a
Coca Cola Bottling Sec.(guar.)
*25o Jan. 15
Quarterly
*22.c. Apr. 15
Quarterly
*25c. July 15
.2.5c. Oct. 15
Quarterly
Coca-Cola Co., common (guar.)
Jan. 1 Holders of rec. Dec. 120
$1
Class A
$1.50 Jan. 1 Holders of rec. Dec. 120
Coca-Cola Internat. Corp., corn.(qu.)
$2
Jan. 1 Holders of rec. Dec. 120
• Class A
$3
Jan. 1 Holders of Mc. Dec. 12
Coen Cos ,class A (guar.)
•3734c Jan. 15 *Holders of roe. Dec. 31
Coleman Lamp & Stove common (guar.)
Jan. 1 *Holders of rec. Dec. 13
Colgate-Palmollve-Peet Co. corn. (qu.)- 6254o Jan. 7 Holders of roe. Deo. 16
154 Janl'30 Holders of rec. Dec. 7
Preferred(quar.)
Colts Patent Fire Arms Mfg.(quart)___
*50c Dec. 31 *Holders of rec. Dec. 13
Columbia Invest., corn. (qu.) (No. 1)__ *30c Feb. 1 *Holders of rec. Jan. 25
Commercial Credit common (quar.)_
50c Dec. 31 Holders of rec. Dee. lla
6 Class A convertible (qear.)
750. Dec. 31 Holders of rec. Dec. lla
L oi% first preferred (guar.)
1% Dec. 3 Holders of rec. Dec. lla
8% preferred (guar.)
50e Dec. 3 Holders of rec. Dec. 116
7% first preferred (gear.)
43% Dec. 3 Holders of rec. Dec. lla
Commercial Credit Co.(Louisiana) Pr-2 Dec. 3 Holders of rec. Dec. 21
Commercial Invest. Trust, corn. (guar.) 40o. Tan.
Holders of rec. Dec. 50
Common (payable In common Stock). 11% Jan. 1 Holders of roe. Dec. fia
7% first preferred (guar.)
1% Jan. 1 Holders of rec. Dec. 56
64% first preferred %quar.)
1% Jan. 1 Holders of rec. Dec. 50
Cony. preference opt.ser. of 1929(qu.) (u) Jan. 1 Holders of tee. Dec. 56
Comm. Solvents, new corn.(No. 1)(qu.) 260 Jan. 1 Holders of rec. Dec. 13a
Com'wealth Secur., Inc. pref.(quar.)-- $1.50 Jan. 2 Holders of rec. Dec. 16
Commonwealth Utility Corp.
('Class B (1-40 share class B stock).
- (e) Jan. 1 *Holders of tee. Dec. 21
Community State Corp.. A & B (guar.). I% Dee. 31 Holders of tee. Dec. BO
Compressed Industrial Gasses (guar.)... *50c. Dec. 16 *Holders of rec. Nov.30
Conde Nast Publications, Inc., com.(qu) 50e. Tan. 2 Holders of rec. Dec. 176
Conduits Co., Ltd.. corn. (guar.)
250. Jan. 1 Dec. 18 to Dec. 31
,Preference (guar.)
I
1)( Jan. 1 Dec. 18 to Dec. 31
Congress Cigar (guar.)
$1.26 Jan. 2 Holders of rec. Dec. 14a
Extra
25c. Jan. 2 Holders of rec. Dec. 146
Consolidated Cigar common (quar.)____ $1.75 Jan. 7 Holders of rec. Dec. 20a
I. Prior preferred (guar.)
154 Feb. 1 Holders of rec. Jan. 156
Consolidated Dairy Products(quar.)---- *50c. Jan. 15 *Holders of rec. Dec. 31
Stock dividend
'el)( Jan. 15 *Holders of rec. Dec. 31
Consolidated Factors Corp., pref
$3.50 Jan. 1 Holders of rec. Dec. 31
Consol. Film Industries, corn.& pt.(au.) 50c Jan. 2 Holders of rec. Dec. 16a
ely.4 Jan. 1 *Holders of rec. Dec. 14
Consumers Co., prior preferred (quar.)_
Container Corp. of Am.class A (guar.)
300 Jan. 1 Holders of rec. Dec. 116
Preferred (quar.)
Jan. 1 Holders of rec. Des. 11
Continental Baking pref.(guar.)
Jan. 2 Holders of rec. Dec. 166
$2
Continental Can. pref.(guar.)
14 Jan. 1 Holders of rec. Dec. 160
Continental Casualty (guar.)
Jan. 2 *Holders of tee. Dec. 14
•4
Continental Diamond Fibre (guar.) -7.50.Dec. 31 Holders of rec. Dec. 140
Continental Shares. me.,own.(qu.)...... 250 Jan. 2 Holders of rec. Dec. 16
Continental Steel pref. (quar.)
'134 Jan. 1 *Holders of rec. Dec. 18
Cooper-Bessemer Corp.,corn.(guar.)._ _
50c Dec. 31 Holders of rec. Dec. 10
Preferred (guar.)
760 Dec. 31 Holders of rec. Dec. 10
Copper Range Co.((Var.)
*We Jan. 15 *Holders of rec. Dec. 14
Coronet Phosphate
154 Jan. 2 Holders of rec. Dec. 14
Corporate Trust Shares
350 Dec. 31
Extra
d44e. Dec. 31
Coty.Inc.(quar.)
500 Dec. 31 Holders of rec. Dec. 18a
Crandall McKenzie &Henderson (qu.) _
*50c Jan. 2 *Holders of rec. Dec. 16
Cream of Wheat Corp.(guar.)(No. 1)_ _
50c Jan. 42 Holders of rec. Dec. 236
Extra
25c Jan. 42 Holders of rec. Dec. 236
Cresson Consol. Gold. Min.& Mfg
.2c Jan. 10 *Holders of rec. Dec. 31
Crosley Radio (guar.)
250 Jan. 1 Holders Of rec. Dec. 200
Stock dividend
e4 Dec. 81 Holders of roe. Dec. 20
Crowley Milner & Co.. corn.(guar.).50c. Dee. 31 *Holders of rec. Dec. 10
Crown Cork Internat. class A (guar.).
250. Jan. 2 Holders of rec. Dec. 10a
Crown Willamette Pap., 1st pref. (qu.)_ $1.75 Jan. 1 Holders of rec. Dec. 13a
Second preferred (guar.)
$1.50 Jan. 1 Holders of rec. Dec. 13
Crown Zellerbach Corp.,corn.(quar.)_
250. Jan. 15 Holders of rec. Dec. 31a
Crucible Steel, pref. kquar.)
1)4 Dee. 31 Holders of rec. Dec. Ida
Crum & Forster,com. A & B(in cl.B stk.) e5
Dec. 28 Holders of rec. Dee. 18
Cuban Tobacco, corn
$1
Dec. 31 Holders of rec. Dec. 14
PI Preferred
234 Dec. 31 Holders of rec. Dec. 14
Cline° Press, pref. (guar.)
0144 Mar.15 *Holders of tee. Mar.
Curtis Manufacturing (guar.)
'62340 Jan. 2 *Holders of rec. Dec. 14
Curtis Publishing, corn.(monthly)
50c. Jan. 2 Holders of rec. Dee. 200
Preferred (guar.)
154 Jan 1'30 Holders of ree. Dec. 20o
Curtiss Aeroplane & Motor (guar.)
50e. Dec. 26 Holders of rec. Dec. 10
Cutler-Hammer, Inc. stock dividend- _ e20 Jan. 15 Holders of rec. Jan. 2
Darby Petroleum, corn. (guar.)
•25c. Jan. 15 *Holders of me Dec. 31
Davenport Hosiery Mills, core.(guar.)
500. Jan. 15 Holders of rec. Jan. 1
Preferred (qar.)
1% Jan. 1 Holders of rec. Dec. 20
..
Deco Refreshment. Inc.. corn.(qu.)___. *25e. Jan. 1 *Holders of rec. Dec. '20
*8754c Jan. 1 Holders of rec. Dec. 20
Preferred (guar.)
Deere & Co.,com.(quar.)
.114 Jan. 2 *Holders of too. Dec. 14
Denver Union Stock Yards,corn.(qu.) _ *6214c Dec. 31 *Holders of rec. Dec. 20
Detroit & Cleveland Navigation (guar.). 20e Jan. 2 Holders of tee. Dec. 14
Detroit Creamery, corn.(guar.)
"360 Dec. 23 *Holders of rec. Dec. 12
Detroit Electric, class A
*5254c Jan. 2 *Holders of rec. Dec. 20
Detroit Steel Products (guar.)
•25c Feb. 1 Holders of roe. Jan. I
•40c Jan. 2 Holders of me. Dec. 20
Extra
60c Jan. 1 Holders of rec. Dec d2la
Devoe & Raynolds class A & B (quar.)_
1% Jan. 1 Holders of rec. Dec.421a
First and second pref.(guar.)
Diamond Elec. Mfg.common (qua?.)... •500 Dee. 30 *Holders of rec. Dee. 20
Common (special)
•500 Dec. 22 *Holders of roe. Dee. 20
*12
Common (payable in corn.stook)
Dec. 30 *Holders of tee. Dec. 20
Preferred (guar.)
'1 34 Dec. 31 *Holders of toe. Dec. 20
3734c Jan. 2 Holders of rec. Dec. 20
Diamond Shoe Corp.,corn.(quar.)
% preferred (guar.)
14 Jan.
Holders of toe. Dec. 20
3
Jan. 2 Holders of rec. Dec. 20
6% second preferred
*8754 Jan. 2 *Holders of rec. Dec. 21
Doehler Die Casting 7% pref.(quar.)
'$1.7 Jan
$7 preferred (guar.)
*Holders of rec. Dec. 21
Dome Mines, Ltd.(qua?.)
25c Jan. 20 Holders of rec. Dec. 31a
1% Jan. 2 Holders of rec. Dec. 16
Dominion Glass, Com.& pref.(qu.)
1% Dec. 3 Holders of rec. Dec. 23
Dominion Rubber pref. (guar.)
Dominion Stores (guar.)
30c Jan.
Holders of tee. Dec. 16a
Dominion Textile Co., Ltd., corn.(guar) $1.26 Jan. 2 Holders of roe. Dec. 16
Donahoes, Inc., class A (guar.)
.25c Dec. 2 *Holders of rec. Dec. 14
•10e Dec. 2 *Holders of rec. Dec. 14
Class A (extra)
Preferred (guar.)
'154 Dec. 21 'Holders of rec. Dec. 14
•51 Jan. 1 *Holders of red. Nov.30
Draper Corp.(guar.)
oil Jan.
Extra
*Holders of rect. Nov.30
Dunham (James H.) dr Co., COM.(qu.)_ '154 Jan.
'Holders of rec. Dec. 18
•1
Jan.
*Holders of rec. Dec. 18
First Preferred (qua"
'154 Jan.
Second preferred (guar.)
1 *Holders of rec. Dec. 18
Si
Jn 15'30 Holders of rec. Dec. 310
Dunhill Internat. common.(guar.).
/1
Common (payable in corn.stook)
Jn 15'30 Holders of tee. Dee. 310
$1
Ap15110 Holders of tee. Apr. la
Common (guar.)
11
Common (payable in corn. stook)
Ap15'80 Holders of rec. Apr. la
500 Feb. 15 Holders of rec. Feb. 16
Dui:thin Silk Corp., corn
2
Jan. 2 Holders of rec. Dec. 15a
Preferred (guar.)
Du Pont (F. I.) de Were. & Co., con.
700 Jan. 4 Holders of roe. Nov.27a
(extra)
154 Jan. 25 Holders of tee. Jan. 10a
Debenture stock (quar.)
1.54
Name of Company.
3923
Per
When
Cent. Payable.
Boob Closed,
Dave Inclusive.
Miscellaneous (Continued).
.200. Jan. 15 *Holders of rec. Dec. 31
Eagle-Picher Lead, common (qua?.)
'154 Jan. 15 *Holders of rec. Dec. 31
Preferred (guar.)
East Butte Copper Mining Co
25c Dec. 21 Holders of rec. Nov.20
Eastern Bankers Corp.. pref. (gust.)... $1.75 Feb1130 Holders of tee. Dec. 31
Eastern Gas & Fuel Assoc. pr. pre:
_*3 1.1254 Jan. 1 *Holders of roe. Dec. 15
5134 Jan. 1 'Holders of roe. Dec. 15
6% preferred (guar.)
Eastern Manufacturing pref. (quar.)_ _ _ "8734c Jan. 1 *Holders of rec. Dec. 10
Eastern Rolling Mill %qua?.)
3734c Jan. 1 Holders of rec. Dec. 16a
50c Jan. 1 Holders of rec. Dec. 16a
Extra
e2 Jan. 1 Holders of rec. Dec. 16a
Stock dividend
Eastern Steamship Lines,corn.(qu.) _ _ *11 Jan. 2 *Holders of rec. Dec. 18
•154 Jan. 2 *Holders of rec. Dec. 18
First preferred (guar.)
*8734c Jan. 2 *Holders of rec. Dec. 18
Preferred (guar.)
Eastern Utilities Investing Corp
$1.25 Jan. 2 Holders of rec. Nov.30
Prior preferred (guar.)
51.25 Jan. 2 Holders of rec. Nov.300
Eastman Kodak. corn.(guar.)
750 Jan. 2 Holders of rec. Nov.300
Common (extra)
134 Jan. 2 Holders of rec. Nov. 30a
Preferred (guar.)
750 Feb. 1 Holders of roe. Jan. 154
Eaton Axle & Spring (guar.)
ac Jan. 1 Holders of rec. Dec. 10
Ecquadorian Corp., Ltd.,corn.(quar.)-354 Jan. 1 Holders of rec. Dec. 10
Preferred
50c Jan. 2 Holders of rec. Nov.29
El Dorado Oil Works (extra)
- 51.50 Jan. 1 Holders of rec. Dec. 140
Electric Auto-Lite Co.,corn.(qua?.).
134 Jan. 1 Holders of rec. Dec. 14a
Preferred (qllar.)
Electric Controller & Mfg., corn. (guar.) 51.25 Jan. 1 Holders of rec. Dec. 20
Elec. Stor. Bat., corn. & pf.(in cam stk.) 100 S ubj. to etkhldrs. meeting Apr.16
Electric Storage Battery, corn.& pf.(gu) 51.25 Jan. 2 Holders of rec. Dec. 90
Emerson 13romo-Seltzer. A (No. 1)(qu.) *50c. Jan. 2 *Holders of rec. Dec. 14
*500. Jan. 2 *Holders of rec. Dec. 14
Class B (No. 1) ,quar.)
*31
Jan. 2 *Holders of rec. Dec. 14
Preferreu (No. 1)
134 Jan. 1 Holders of rec. Dec. 20
Emerson Electric Mfg. pref.(guar.)
Dec. 311 Holders of rec. Dec. 236
3
Empire Safe Deposit (guar.)
500. Dec. 24 Holders of rec. Nov. 300
Emporium Capwell Corp. (guar.)
Endicott Johnson Corp.,coin.(guar.) _ $1.25 Jan. 1 Holders of rec. Dec. 18a
154 Jan. 1 Holders of rec. Dee. 180
Preferred (guar.)
234 Jan. 2 Holders of rec. Dee. 20
Equitable Mtge.& Title Guar
24 Jan. 2 Holders of roe. Dee. 20
Extra
Equitable Office Bldg.Corp., coni.(qu.). 62340 Jan. 2 Holders of rec. Dec. 16s
Jan. 2 Holders of rec. Dec. 16a
Preferred (guar.)
Jan. 1 Holders of roe. Dec. 28
Erskine-Danforth Corp.. pref. (qu.).... 2
6214c Jan. 2 Holders of rec. Dec. 200
EvansAuto Loading (guar.)
Ex-Cello Aircraft & Tool Corp. com.(qu.) .300. Jan. 2 *Holders of rec. Dec. 15
750. Dec. 81 Holders of rec. Dec. 120
Fairbanks Morse & Co., corn. (guar.)_
250. Mar.30 Holders of rec. Mar. 1
Fairfax Airports common(No. 1)
25e. Dec. 31 Holders of rec. Dec. 15
Fanny Farmer Candy Shops corn. (qu.)_
600. Dec. 31 Holders of rec. Dec. 15
Preferred (guar.)
Fashion Park Associates, COM.(qua?.).. 62340. Dec. 31 Holders of rec. Dec. 236
154 Feb. 1 Holders of rec. Jan. 160
Preferred (guar.)
Dec. 17
Faultless Rubber (guar.)
63340. Jan. 1
Federal Mogul Co., corn.(guar.)
.300. Jan. 2 *Holders of rec. Dec. 14
Federal Motor Truck (guar.)
20c. Jan. 2 Holders of too. Dec. 160
Federated Business Publications
•
6250 Jan. 2 *Holders of rec. Dec. 20
let preferred (quar.)
Feltman & Curmo Shoe Stores, pt. kqu.) 154 Jan. 1 Holders of rec. Dec. 1
Ferry Cap & Screw,corn.(guar.)
50c. Dec. 31 Holders of rec. Dec. 134
Fidelity & Deposit Co. of Md.(au.)
*52.25 Dec. 3 *Holders of roe. Dec. 17
16e. Dec. 30 Holders of rec. Dec. 136
Fifth Ave. Bus Securities (guar.)
32c. Dec. 30 Holders Of rec. Dec. 136
Extra
Filene's(Wm.)& SODS. prof.
134 Jan. c12 Holders of rec. Dec. 16a
Finance Co. of Amer.cl. A & B (qua?.). _ .20e. Jan. 15 *Holders of rec. Jan. 6
•
4334 Jan. 15 'Holders of rec. Jan. 6
Preferred (guar.)
First Bank Stock Corp.(Minneapolis).. *25e. Dec. 31 *Holders of rec. Dec. 21
First Illinois Co. pref.(guar.)
4354 Jan. 2 Holders of rec. Dec. 20
First National Stores, corn.(guar.)
624c Jan. 2 Holders of roc Dec. 160
14 Jan. 1 Holders of rec. Dec. 160
Florsheim Shoe, pref.(quer.)
Jan. 1 Holders of rec. Dec. 14
Flour 511118 of America. prof.(guar.)
52
8710 Dec. 31 Holders of rec. Dec. 15
Flushing Finance Co. pref
Foote Bros. Gear & Mach.corn. (quar.)_ *300. Jan. 1 *Holders of rec. Dec. 20
.
1134 Jan. 1 *Holders of rec. Dec. 20
Preferred (guar.)
Foremost Dairy Products cony. pf.(qu.) 400. Jan. 1 Holders of rec. Dec. 16
*351. Jan. 1 *Holders of rec. Dec. 14
Formica Insulation (guar.)
*25e. Jan. 1 *Holders of rec. Dec. 15
Extra
Foster Wheeler Corp..oom.(quar.)
500. Jan. 2 Holders of rec. Dec. 126
$1.75 Jan. 2 Holders of rec. Dee. 126
Preferred (quar.)
Jan. 15 Holders of rec. Dec. 30
Fox Film Co., class A and Ts (qua?.).
51
Frank (A. B.) Co.. pref. (guar.)
•134 Jan. 1 *Holders of rec. Dec. 15
*154 Apr. 1 *Holders of rec. Mar. 15
Preferred (guar.)
*154 July 1 *Holders of rec. June 15
Preferred (quar.)
.154 Oct. 1 *Holders of rec. Sept. 15
Preferred (quar.)
Jan. 2 Dec. 15 to Jan. 2
French (Fred F.) Operators, Inc., pref._ 3
Fuller(George A.)Co., partic. pr. pf.(qu.) $1.50 Jan. 1 Holders of too. Dec. 10a
Cum. panic. 2de prefrenee (guar.)--- $1.50 Jan. 1 Holders of rec. Dec. 10a
Furness, Withy & Co., Ltd.
*tt5
Jan. 7 *Holders of rec. Dec. 9
Amer. dep. rcts. for ord. mg.abs
*500. Jan. 15 *Holders of rec. Dec. 31
Fyr-Fyter, class A (guar.)
"35 Jan. 1
Gainesville Mills
*$1 Jan. 1
Extra
Gardner Denver Co. common (quar.) _ _ *760. Jan. 1 *Holders of rec. Dec. 20
30e. Jan. 2 Holders of roe. Dec. 14
Garlock Packing, corn.(guar.)
General Amer. Investors,6% pfd.(qu.). *134 Jan. 1 *Holders of rec. Dec. 20
General Amer. Tank Car, com.(Quo?.). 51 Jan. 1 Holders of rec. Dec. 130
Common (payable in corn. stock).... 11 Jan. 1 Holders of rec. Dec. 12a
$2
Dec. 31 Holders of rec. Dec. 210
General Baking Co. pref.(guar.)
51.50 Jan. 2 Holders of rec. Dec. 18
General Baking Corp. pref.(guar.)
250. Dee. 30 Holden of rec. Dec. 16
General Development Co
14 Jan. 31 Holders of rec. Dec. 16a
General Electric common (guar.)
15c. Jan. 31 Holders of rec. Dec. 160
Special stock (guar.)
General Fireproofing, common (quar.).. •500. Jan. 1 *Holders of rec. Dec. 20
*25e. Jan. 1 *Holders of rec. Dec. 20
Common (extra)
134 Jan. 2 Holders of rec. Dec. 146
General Mills, Inc.. pref. (guar.)
300. Jan. 3 Holders of rec. Nov. 236
General Motors Corp., corn. (extra)__-_
14 Feb. 1 Holders of rec. Jan. 6a
6% debenture stock (guar.)
14 Feb. 1 Holders of rec. Jan. 6a
6% Preferred (guar.)
144 Feb. 1 Holders of rec. Jan. 50
7% preferred (guar.)
General Paint Corp., class A (guar.)---- *50c. Jan. 1 *Holders of rec. Dec. 17
Class 11 (guar.)
'3734c Jan. 1 *Holders of rec. Dec. 17
General Printing Ink common (guar.)._ _ *624c Jan. 1 'Holders of rec. Dec. 16
General Public Utilities, pref. (guar.)... 31.75 Jan. 2 Holders of rec. Dec. 14
General Railway Signal, corn. (Qua?.).. 51.25 Jan. 1 Holders of rec. Dec. 106
Preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 100
General Steel Castings Pref. (quar.)....•51.50 Jan. 2 *Holders of tee. Dec. 18
General Stock Yards common (guar.)
- *50c Feb. 1 *Holders of rec. Jan. 15
Preferred (guar.)
*31.50 Feb. 1 *Holders of rec. Jan. 15
Gerlach-Barklow Co. core. (guar.)
*300 Jan. 1 *Holders of rec. Dec. 20
Preferred (guar.)
•500 Jan. 1 *Holders of rec. Dec. 20
Cladding McBear Co. corn.(guar.)
•Tho Jan. 1 *Holders of rec. Dec. 20
Gleaner Combine Harvester(qu.)(No. 1) *250 Jan. 1 *Holders of rec. Dec. 15
Glidden Co., corn. (quar.)
500. Jan. 2 Holders of rec. Dec. 126
Com.(Payable in corn, stock)
11 Jan. 2 Holders of me. Dec. 12a
Prior, preferred (quar.)
154 Jan. 2 Holders of rec. Dec. 126
Godchaux Sugars. Inc., cl. A (quar.)...
50c. Jan. 1 Holders of rec. Dec. 19
Preferred (guar
134 Jan, 1 Holders of rec. Dec. 19
Godman(H. C.) Co.(payable in stock). fel
Jan. 1 Holders of rec. Dec. 15
Goldblatt Bros.,(guar.)
*3734o Jan. 1 *Holders of tee. Dec. 10
Gold Dust Corp., pref.(quar.)
$1.50 Dec. 31 Holders of rec. Dee. 170
Goldman Sachs Trading Corp.
Stock dividend (contr.)
e134 Jan. 2 Holders of rec. Dec. 15
Goodrich (B. F.) Co.. pref. %quar.)
134 Jan, 2 Holders of me. Dec. be
Goodyear Textile Mills pref.(quiz.)
81.75 Jan. 2 *Holders of rec. Dec. 19
Goodyear Tire & Rubber,COM.(qua?.).. 51.25 Feb. 1 Holders of tee. Dec. 316
First preferred (guar.)
51.75 Jan. 1 Holders of rec. Nov. 30a
Goodyear Tire & Rub.of Calif., pr.(qu.) .154 Jan. 2 *Holders of rec. Dec. 19
Goodyear Tire & Rub.of Can.,corn.(qu) .31.25 Jan. 2 *Holders of rec. Dec. 14
Preferred (quar.)
134 Jan. 2 Holders of roe. Dec. 14
Gotham Silk Hosiery Co.,coin.(guar.)_ _ 6234e Jan. 1 Holders of roe. Dee. 120
Goulds Pumps,Inc., common (guar.)... 2
Jan, 2 Holders of rec. Dec. 20
Preferred (guar.)
154 Jan, 2 Holders of rec. Dec. 20
Grand Rapids varnish (guar.)
•250. Dec. ill *Holders of roe. Dee. 20
Granger Trading (qua?.)
40e. Dec. 21 Holders of rec. Dec. 16
Granite City Steel (guar.)
Dee. 31 Holders of tee. Dec. 176
51
Grant(W.T.) Co.. coin.(guar.)
250. Jan. 1 Holders of rec. Dec. 126
154
3924
Name of Company.
[VoL. 129.
FINANCIAL CHRONICLE
Per
When
Cent. Payable
Books Closed
Days Inclusive.
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Contiessd)•
3759c Jan. 2 Holders of rec. Dec. 18
Irving Air Chute (quar.)
•500. Jan. 2 *Holders of rec. Dec. 16
Gray Proceeses Corp
Island Creek Coal, common (quar.)._
El Jan. 1 Holders of rec. Dec. 20a
*50o. Jan. 2 *Holders of rec. Dec. 16
Extra
Preferred (qua'.)
$1.50 Jan. 1 Holders of rec. Dec. 20a
Great Lakes Towing, corn. (guar.)
134 Dec. 31 Holders of rec. Dec. 13
50e. Dee. 31 Holders of rec. Nov. 30
134 Dec. 31 Holders of rec. Dec. 13
Isle Royale Copper Co. (guar.)
Preferred (guar.)
*75e. Jan. 2 *Holders of rev. Dec. 14
Jefferson Electric. corn. (guar.)
Great Northern Iron Ore Properties
780 Jan. lh Holders of rec. Dec. 31a
$2
Dec. 28 Holders of rec. Dec. 64 JPwel Tea, Common (guar.)
Certificates of beneficial interest
75o. Jan. 113 Holders of rec. Dec. 28a
70c. Jan. 2 Holders of rec. Dec. 14a Johns-Manville Corp., corn. (quar.)...,...
Great Western Sugar, coin.(guar.)
134 Jan, 2 Holders of rec. Dec. 12a
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 14a
Preferred (guar.)
*50c Jan. 2 *Holders of rec. Nov. 15
$2
Jan. 6 Holders of rec. Dec. 12a JAnt Investors, common A (guar.)
Greene Cananea Copper (guar.)
*280 Jan. 2 "Holders of rec. Nov. 15
Common A (extra)
159 Jan. 2 Holders of rec. Dec. le
Greenfield Tap & Die,6% pref.(qu.)_.._
*53 Jan. 2 *Holders of rec. Nov. 15
Preferred
2
Jan. 2 Holders of rec. Dee. 13
8% preferred (guar.)
750. Jan. 1 *Holders of rec. Dec. 16
Jonas & Naumberg Corp., pref.(guar.).
80c. Jan. 1 Holders of rec. Dec. 15
Greif Bros. Cooperage, corn. A (quar.)
131 Jan. 2 Holders of rec. Dec. 13a
50c. Jan. 2 Holders of rec. Dec. 16a Jones & Laughlin pref.(quar.)
Grigsby-Grunow Co. (quar.)
Kalamazoo Stores (quar.)
• 51.125 Jan. t *Holders of rec. Dec. 20
•50o. Mar. 1 *Hold,of roe. Feb.18'M.
Green Watch, COMMOD (guar.)
*e159 Jan. I 'Holders of rec. Dec. 20
Stock dividend
•1% Feb. 1 *Held. of reo. Jan. 21 10
Preferred (guar.)
Kalamazoo Vegetable Parchment(qu.)_ _ •15e Dec. 31 'Holders of rec. Dec. 21
Guardian-Detroit Group, Inc., (guar.). *50c. Dec. 31 "Holders of rec. Dec. 10
51.825 Jan. 1 Holders of rec. Dec. 14
Katz Drug Co prof. (guar.)
*280. Dec. 31 *Holders of rec. Dec. 10
Extra
38c. Jan. 28 Holders of rec. Jan. 100
Kaufmann Dept. Stores, corn. (guar.)._
Guardian Investors Corp.
134 Jan, 2 Holders of rec. Dec. 10
Preferred (guar.)_
$1.75 Jan. 2 Holders of ree. Dec. 14
$7 first preferred (Irian)
*OW Ian. 15 'Holders of rec. Dee. 81
Kawneer Company(guar.)
$1.50 Jan. 2 Holders of rec. Dec. 14
$6 first preferred (guar.)
*50e. Jan. 1 *Holders of rec. Dec. 20
Kaynee Co., corn. (qua'.)
780. Jan. 2 Holders of rec. Dec. 14
$3 second preferred (guar.)
•1259c Jan. 1 *Holders of rec. Dec. 20
Common (extra)
Feb. 1 "Holders of rec. Dec. 14
Guardian Invest. Tr., corn.(in stock)._ _ *fl
"IA Jan. 1 *Holders of rec. Dec. 20
Preferred (guar.)
(quar.). *3759c Jan. 2 *Holders of rec. Dec. 14
Cony. and non-cony. pref.
"4314c Jan. 2 *Holders of rec. Dec. 15
Kaybee Stores. class A (guar.)
'
Guardian Rallshares Inv. Tr., pt. (qu.)_ 3134c Jan. 2 *Holders of rec. Dec. 14
Keith-Albee-Orpheum Corp.. pref. (qu.) 134 Jan. 2 Holders of rec. Dec. 204
25c. Jan. 2 *Holders of rec. Dec. 14
Guardian Pub. UM.Inv. Tr.. pf.(qu.)_ _ .
Kelly Island Lime &'transport (guar.)_ _ 8259c Jan. 1 Holders of rec. Dec. 20
$50 Jan. 2 Holders of rec. Dee. 16
Guenther Publishing Corp.(annual).50c Jan. 1 Holders of rec. Dec. 20
Extra
50c. Jan. 2 Holders of rec. Dec. 20
Guenther (Rudolp1O-Russell Law. Inc
50c Jan. 2 Holders of rec. Dec. 200
Kelsey-Hayes Wheel. corn. (guar.)
*3759c Jan. 1 'Holders of rec. Dec. 20
Gulf Oil Corp. (guar.)
51.25 Jan. 2 Holders of ree. Nov. 290
1
Jan. 2 Holders of rec Dec. 164 Kennecott Copper Corp. (guar.)
Gulf States Steel, corn.(guar.)
134 Jan. 2 Holders of ree. Dee. 160 Ken-Had Tube & Lamp,corn. A (quar.)_ .3759c Jan, 1 Holders of rec. Dec. 21
(guar.)
Preferred
Kent Garage Investing Corp., pref.(qu.) 134 Jan, 1 Holders of rec. Dec. 15
50c. Jan. 2 Holders of rec. Dec. 15
Gurd (C.) & Co., corn.(guar.)
Kermath Mfg.(guar.)
.025e. Jan, 2 Holders of rec. Dee. 14
159 Jan. 2 Holders of rec Dec. 15
Preferred (guar.)
6239c Jan, 1 Holders of rec. Dee. 120
25e. Jan. 2 Holders of roe. Dec. 20 Kimberly-Clark Corp.,corn.(guar.)- Hablrahaw Cable & Wire (guar.)
159 Jan, 1 Holders of reo. Dec. 120
Preferred (guar.)
199 Feb. 1 Holders of rec. Jan. 15
( 1)
Hamilton Bridge (Canada) Pr. q '
1. -----ion (extra)
50e. Jan, 1 Holders of rec. Dec. 120
•500. Jan. 2 'Holders of rec. Dec. 20
Hamilton Nat. Steel Car (guar.)
King Philip Mills(guar.)
*159 Jan. 2 *Holders of rec. Dec. 20
'134 Jan. 2 'Holders of rec. Dec. 20
Hammermill Paper. pref. (quar.)
*
5
Dec. 24 'Holders of roe. Dec. 3
Extra
3
Jan. 15 Holders of rec. Jan. 1
Hancock Knitting Mills
260 Jan. 2 Holders of me. Dee. 174
Kinney (G. R.) Co., Inc.. COM.(an.)...134 Jan. 1 Holders of rec. Dee, 20
Hanes(P.H.) Knit., pref.(guar.)
*45c Jan. 2 *Holders of rec. Dee. 13
134 Dec. 20 Holders of rec. Dec. 50 Hirsch Co.. Preferred (guar-)
Hanna(M. A.) Co.. let pref. (quar.)._
8130 Jan. 1 Holders of ree. Dee. 18
Knapp-Monarch Co., pref. (guar.)
154 Dec. 31 Holders of ree. Dec. 31
Hansen Storage(Milwaukee). COMM°n
"159 .lan. 2 "Holders of rec. Dee. 11
Hoppers Gas Jr Coke, pref.(guar.)
Dec. 31 Holders of rec. Dec. 31
4
First and second preferred
3734r Jan. 1 Holders of rev. Dec. 120
134 Jan. 20 Holners of rec. Jan. 100 Kraft-Phenix Cheese, corn. (guar.)
Harbison-11 alter 'tetra. ,pet.(guar.)...
IM Jan. 1 Holders of roe. Dec. 12a
Preferred (guar.)
(flu.) (No. 1) '45c. Jan. 1 'Holders of rec. Dec. 15
Harnischfeger Corp.. cOm.
400. Dec. 31 Holders of rec. Dee. 100
Kresge(S.S.) Co.,com.(guar.)
"51.75 Jan. 1 'Holders of rec. Dec. 15
Preferred (guar.)
139 Dec. 31 Holders of rec. Dec. 10a
Preferred (quar.)
e20 Jan. 1 Holders of rec. Nov. If a
Haoalian Pineapple (stock dividend)
Jan. 11 Holders of rec. Dec. 21
Kroger Grocery & Baking,stk. dividend_ e2
2
Jan. 2 Dee. 25 to Jan. 1
)
Hayes Body Corp.(QUM. (Pay in st8.)
el
Mar. 1 Holders of rec. Feb. 10
Stock dividend
•81340 Jan. 1 Holders of rec. Dec. 20
-Jackson Corp., Pref.(guar.)
Hayes
el
June 2 Holders of rec. May 10
*50c• Jan. 2 Holders of rec. Dec. 14
Stock dividend
Hazel Atlas Glass (guar.)
el
Sept. 1 Holders of rec. Aug. 11
Stock dividend
"25c. Jan. 2 Holders of rec. Dec. 14
Extra
$1 Jan, 2 Holders of rec. Dec. 244
Kuppenheimer (B.) & Co.,corn
134 Dec. 31 Holders of rec. Dec. 30
Heath (D. C.) dr Co., Pref.(guar.)
3
.75c Jan. 2 *Holders of rec. Dec. 20
Helms (George W.) Co. corn. (quar.).__ $1.25 Jan. 2 Holders of rec. Dec. 100 Laboratory Products (guar.)
*e3
Jan. 16 *Holders of rec. Dec. 20
Stock dividend
52
Jan. 2 Holders of rev. Dec. 100
Common (extra)
$2 Jan. 2 Holders of rec. Dec. 170
134 Jan. 2 Holders of rec. Dec. 104 Lambert Co. (guar.)
Preferred (guar.)
O750. Dec. 31 Holders of rel. Dec. 21
480. Jan. 1 Holders of rec. Dec. 200 Lenders, Frary & Clark (guar.)
Hercules Motors Corp. (qua'.)
50c. Jan. 1 Holders of reo. Dee. 16
75e. Dee. 24 Holders of rec. Dec. 130 Lane Bryant.Ine. new com.(qu.)(No. 1).
Hercules Powder common (guar.)
*50c. Jan. 1 Holders of rec. Dec. 14
Dec. 24 Holders of roe. Dec. 130 Lane Drug, pref.(guar.)
51
Common (extra)
35e. Ueo. 27 Holders of rec. Dec. 22
Langendorf United Bakeries
(mthly.)
HIbbard.Spenre. Hartlett & Co.
*50c. Jan. 30 *Holders of rec. Dec. 30
("lass A and B (num..)
Hinde & Dauch Paper of Canada
Jan. 1 "Holders of rec. Dee. 21
25e. Jan. 2 Holders of rec. Dec. 16
Laurens Cotton Mills
'4
Common (quar.)
Jan, 2 Holders of rec. Dec. 21a
Lawyers Title & Guaranty (guar.)
3
Holland Furnace. corn.(guar.)----- - 562 Ac Jan. 2 Iloidete of rec. Dec. lfla
25e. lan. 2 Holders of rec Dec. 16a Leath ar Co. common(No. 1)
1
.25o Dec. 31 *Holders of rec. Dec. 20
Common (extra)
ye
Preferred (guar.)
.87, Jan. 2 *Holders of rec. Dec. 15
•359 Jan. 2 "Holders of rec. Dec. 18
Preferred
Lehigh Portland Cement, Prof.(quar.).. IM Jan. 2 Holders of roe. Dec. 14a
Sc. Dec. 31 Holders of rev. Dec. 13
Hollinger Consol. Gold Mines
Lehigh Val. Coal Corp. pref.(quar.)
-ac Jan. 1 *Holders of rec. Dec. 20
760 Jan. 2 Holders of rev. Dec. 120
•862
Home Dairy Co., class A (No. 1)
to Dec. 31
90e. Dec. 31 Dec 19
Lehigh Valley Coal Sales (guar.)
•75e. Dee. 31 *Holders of rec. Dec. 24
Home Title Insurance (guar.)
50o. Dec. 31 Holders of reel Dee. 20
Leland Electric (guar.)
*25e. Dec. 31 *Holders of rec. Dec. 24
Extra
25e. Deo. 31 Holders of rec. Dec. 11
50c. Dec. 26 Holders of rec. Dec. 20a Lessings, Inc.(quar.)
Homestake Mining (monthly)
Sc. Dec. 31 Holders of rec. flea. 11
Extra
•60e. Dec. 31 *Holders of rec. Dec. 15
Hoskins Mfg.(guar.)
•
359 Jan. 1 'Holders of ree. Dee. 20
Libby McNeil & Libby. preferred
*60e. Dec. 31 *Holders of rec. Dee. 16
Extra
139 Jan. 2 Holders of rec. Dec. 23
Liberty Baking Corp., pref. (guar.)._
Houdatile-Hershey Corp., el. A (guar.). '8234c Jan. 2 *Holders of rec. Dec. 20
•sl
Dec. 31
50c. Jan. 2 Holders of rec. Dec. 20a Liberty Shares Corp.stock dividendClass B (guar.)
•s1
Mar.31
Stock dividend
Household Finance Corp.
134 Jan. 1 Holders of reo. flea. 10
75e. Jan. 15 Holders of roe. Dec. 81a Liggett & Myers Tobacco, pref. (qu.)_._
Pref.(guar.)
Participating
1219e. Jan. 15 Holders of rec. Dec. 310 Lily Tulip Cup Corp., pref. (guar.).
- 134 Dec. 31 Holders of rec. Dec. 16
Participating pref. (extra)
•114 Jan. 4 *Holders of rec. Dec. 21
500. Jan. 2 Holders of rec. Dec. 144 Lindsay Light, pref. (guar.)
Household Products (extra)
"50e. Jan. 31 *Holders of rec. Dec. 27
$1.25 Jan. 2 Holders of rec. Dee. ha Lion Oil Refining (quar.)
Hudson Motor Car (guar.)
51
Feb. 1 Holders of rec. Jan. 200
Liquid Carbonic Corp.(guar.)
'50e. Jan. 1 *Holders of rec. Dec. 12
Humble Oil & Refining (guar.)
780. Dec. 31 Holders of rec. Dee. 13a
i-oew's, Inc., common (guar.)
•25c. Jan. 1 Holders of rec. Dec. 21
A & B (quar.)
Hunts Ltd.. cl.
750. Dec. 31 Holders of rec. Dee. 134
Common (extra)
Jan. 1 Holders of rec. Dec. 21
*280.
Class A & B (extra)
139 Jan. 1 Holders of rec. Dec. 18a
Loose-Wiles Biscuit, let pref. (quar.)
Jan. 1 *Holders of rec. Dec. 20
Hydraulic Brake Assn.(qu.)(No. 1)._ *51
259 Jan. 2 Holders of rec. Dec. 17a
Lord & Taylor, corn .(quar.)
25e Jan. 2 Holders of rec. Dec. 10
Hygrade Lamp. corn. (guar.)
134 Tan. 2 Holders of rec. Dec. 180
Lorillard (P.) Co., pref.(guar.)
$1 625 Jan. 2 Holders of rec. Dec. 10
Preferred (quar.)P
"760. Jan. 2 *Holders of me. Dee. 18
Loudon Packing (guar.)
•75c. Jan. 1 *Holders of rec. Dec. 15
Ideal Cement (guar.)
•e25
Feb. 1 Holders of rec. Jan. 15
Stock dividend
Dec. 21 *Holders of rec. Dec. 15
*500.
Special
50c. Jan. 1 Holders of rec. Dec. 180
Ludlum Steel, common (guar.)
ofor. Dec. 21 *Holders of rec. Dee. 15
Christmas dividend
31.625 Jan, 1 Holders of rec. Dec. 180
Preferred (guar.)
•600. Jan. 15 *Holders of rec. Jan. 3
Illinois Brick (guar.)
•
250. Dec. 26 Holders of rec. Dee. 16
Lunkenheimer Co., com.(special)
*800 Apr. 15 *Holders of reo. Apr. 3
Quarterly
*134 Dec. 31 "Holders of roe. Dec. 21
Preferred (guar.)
•60e. July 15 *Holders of rev. July 8
Quarterly
Lyons
-Magnus, Inc., et. A (guar.)
*Holders of reo. Oct. 3
'3734c Jan. I *Holders of rec. Dee. 15
15
Quarterly
*53
Jan. 10 *Holders of rec. Dec. 31
Macfadden Publications preferred
of
*80e..
Imperial Tob. of Canada. ord. interim_ 3,8H... Dec. 30 'Holders of rec. Dec. 6
Mack Trucks, Inc. (guar.)
$1.50 Deo. 31 Holders of reo. Dec. 164
rec. Dec. 6
•10e. Dec. 30 *Holders
Final
Macy (R. H.)& Co., corn.(guar.)
50e Feb. 11 Holders of ree. Jan. 244
Jan. 2 *Holders of rec. Dee. 21
Independent Pneumatic Tool (guar.). 'Si
/5 Feb. 16 Holders of rec. Jan. 240
Common (payable In com. stock)
Jan. 2'Holders of rec. Dec. 21
*51
Extra
Magnin (I.) & Co.(quar.)
'3734e Jan. 15 *Holders of rec. Dec. 31
50e. Feb. 15 Holders of rec. Jan. 24
Indiana Pipe Line (guar.)
Matheson(H R.)& Co.. pref. (guar.)._
134 Jan. 1 Holders of ree. Dec. 200
25e. Feb. 15 Holders of rec. Jan. 24
Extra
Manhattan Shirt Preferred (guar.)
134 Jan, 2 Holders of rec. Dee. 1130
50e. Jan. 2 Holders of rec. Dee. 20
Industrial Acceptance common (guar.)
Mar. 1 *Holders of rec. Feb. 20
vlanlochetvits (B.) Co.. corn. (ln stk.)__ oft
134 Jan. 2 Holders of rev. Dec. 20
First preferred (guar.)
Corn.(Pay, in corn. stock)(quar.)__ '11
June 1 *Holders of rec. May 20
Jan. 2 Holders of rec. Dec. 21)
Second preferred (guar.)
Mfrs.& Merchants Securities corn. A(qu) "37540 Jan. 2 *Holders of roe. Dec. 16
Holders of rec. Dec. 20
50o. Jan. 2
Second preferred (extra)
Prior preferred (guar.)
•21.75 Jan. 15 *Holders of roe. Jan. 2
Dee. 31 Holders of rev. Dee. 94
$1
Ingersoll Rand Co. common (special)
280. Jan. 10 *Holders of rec. Dee. 31
Jan. 2 Holders of rec. Dec. thr Manufacturers Underwriting Corp.(qu.)
3
Preferred
*250. Jan. 10 "Holders of rec. Dec. 31
Extra
Jan. 6 Holders of rec. Dec. 190
Inspiration Comm!. Copper Co.(gear.).- 51
Mapes Como'. Mfg.(mar.)
75e. Jan. 1 Holders of reo. Dec. 18
Insull Utilities Investment
40c Jan. 15 *Holders of rec. Dec. 31
Mercnant Calculating Mach.(1Mar.).-- •
$1.37 Jan. 2 *Holders of rec. Dec. 18
.
Prior preferred (guar.)
500. Jan. 10 Holders of rec. Dec. 20
Margay Oil Corp.(quar.)
35e. Jan. 2 Dec. 7 to Dee. 15
Insuranee Securities. Inc. (guar.)
•45e. Jan. 2 *Holders of reo. Deo. 14
480. Jan. 15 Holders of rec. Dec. 310 Marine Bancorporation (guar.)
Insuranshares Corp.ofDel.com. A(No.1)
•30c. Dec. 81 "Holders of rev. Dee. 2
Marine Midland Corp.(qu.)(No.
Holders of rec. Dee. 31
Insurs nshares Corp. of N. Y., pref.(qu.) 139 Jan. 15 *Holders of rec. Dec. 15
If( Jan. 1 Holders of rec. Dec. 20
Marion Steam Shovel, pref.(guar.)
•280. Jan. 1
Intercoast Trading (guar.) (No.
50c. Jan. 2 Holders of rec. Dec. 20a
Marlin Rockwell Corp., corn. (guar.)_
Holders of rec. Dec. 17
780. Dec. 31
Interlake Steamship,corn.(No.1)
75c. Jan, 2 Holders of rec. Deo. 20a
Common (extra)
51 • Dec. 31 Holders of rec. Dec. 17
Common (extra)
31.50 Jan. 2 Holders of rec. Dec. 20a
Common (special)
Apr. 1 "Holders of rec. Mar. 20
*51
Common (guar.)
• 81.125 Dec. 23 Holders of rec. Dec. 11
210 Maryland Casualty (guar.)
$1.50 Jan. 10 Holders of rec. Dec.
IMCCUM.. BUSIDISS Machines(quar.)
*50e. Dee. 23 Holders of rec. Dec. 11
Extra
Jan. 10 Holders of rev. Dee. 210
sIS
Stock dividend
*1
Dee. 25 Holders of rec. Dee. 15
Mascot Oil (monthly)
20e. Jan. 2 Holders of rec. Dec. 16
Internat. Buttonhole Sewing Mach.(qu.)
50e. Jan, 2 Holders of rec. Dee. 170
Dee. 31 Holders of me. Dec. 110 Mathleson Alkali Works, corn.(guar.)._
common (qua?.).. 51
International Cement
Preferred (guar.)
194 Jan, 2 Holders of reo. Dec. 170
8739e. Jan. 2 Holders of tee. Dec. 20
international Equities Corp. cl. A (gu.).
•
260. Jan. 1 *Holders of rec. Ded. 13
Holders of rec. Dee. 240 Maud Muller Candy (guar.)
International Harvester. corn. (qua'.) _ 8259c Jan. 15 *Holders of rec. Dec. 20
•250. Jan. 1 *Holders of rec. Dec. 13
Extra
*10c. flea. 31
International Holding & Investing
3734c Jan, 1 Holders of rec. Dee. 14a
reo. Dec. 264 Maytag Co. common (guar.)
Jan. 15 Holder, of
International Match common (Qua'.)... Si
50c Jan. 1 Holders of rec. Dec. 14a
Common (extra)
Jan. 15 Holders of rec. Deo. 280
$1
Participating preferred (guar.)
•
25c Jan. 2 *Holders of rec. Dec. 20
25e. [sec. 31 Holders of rec. Nov. 3181 McAleer Mfg., pref. (guar.)
Internat. Nickel of Canada, COM. (qu.)
Corp., new stock (guar.)
6239c Feb. 1 Holders of rec. Jan. 150
134 Feb. 1 Holders of rec. Dec. 28a McCall
Preferred (guar.)
McGraw Electric Co.,corn.(guar.)
50e. Jan. 2 Holders of rec. Dec. 20
Dec. 20 Holders of rec. Dec. 12
$1
International Paint (Canada) A & B.
50e. Jan. d2 Holders of rec. Dec. 200
rec. Dec. 280 McGraw-Hill Publishing, corn.(guar.)._
Internat. Paper & Pow 7% Pref. (guar.) 13( Jan. 15 Holders of
Co. class A (guar.)._
750. Jan. 1 Holders of rec. Dec. 20
134 Jan. 15 Holders of rec. Dec. 260 McKee (A. 0.) &
8% Preferred (guar.)
Jan. 2 Holders of rec. Dec. 160
Holders of rec. Jan. 130 McKeesport Tin Plate common (quar.). 51
750. Feb. 1
Internat. Printing Ink, corn.(guar.).Common (extra)
50e. Jan. 2 Holders of rec. Dee. 180
134 Feb. 1 Holders of rec. Jan. 134
Preferreu (guar.)
134 Jan. 2 Holders of rec. Dec. 200
159 Jan. 2 Holders of rev Dec. 160 McLellan Stores Co., pref. A dt B (qu.) _
International Salt (guar.)
McQuay-Norris Mfg.(guar.)
50e. Jan. 2 Holders of rec. Dee. 21
780. Jan. 2 Holders of rec. Dec dl5a
International Shoe, corn.(guar.)
el Jan. 2 Holders of rec. Dec. 21
Stock dividend
50e Jan. 2 Holders of rec. Dee. 15
Preferred (monthly)
3
.780. Jan. 1 *Holders of rec. Deo. 15
Holders of rec. Dee. 120 Mead Johnson & Co.(guar.)
134 Jan. 1
International Silver, pref. (qu.)
Extra
*25e. Jan. 1 *Holders of rec. Dec. 15
International Tea Stores. Ltd.
Mercantile Discount pref. A (quar.)___ _ .500. Jan. 2 *Holders of me. Dec. 15
"w12 Jan. 11 *Holders of rec. Dec. 14
Amer. dep. rights for ord. reg. she.
Merchants & Miners Transp. (guar.)._ _ *8259c Dec. 81 *Holders of ere. Dee. 19
75e. Jan. 2 Holders of reo. De0. 7
International Text Book
Merck Corp.. preferred (guar.)
1 Jan. 2 Holders of roe. Dec. 17
2
Jan. 2 Holders of roe. Dec. 18
Intertype Corp. let Prof.(guar.)
Mergenthaler Linotype (guar.)
41.50 Dee. 31 Holders of rec. Dec. 4a
Jan. 2 Holders of rec. Dec. 18
8
Second preferred (guar.)
Extra
250. Dec. 31 Holders of rec. Dec. 40
50c. Jan. 1 Holders of rec. Dee. 16a
Investors Equity, corn. (quar.)
Jan. 1 *Holders of reo. Dec. 16
Mesta Machine common (guar.)(No.1). •53
Jan. 1 Holders of roe. Dec. 16
$3
$13 preferred Ser. A
Jan. 1 "Holders of reo. Dec. 16
Common (extra)
*51
32.75 Jan. 1 Holders of rea. Deo. 16
$5.50 preferred Sec. B
25e. Jan. 15 Holders of rec. Jan. 1
Metal Textile Corp., corn.(qu.)(No. 1).
*50c. Mar. 1 *Holders of rec. Feb. 16
Iron Fireman Mfg., common (extra)
280. Jan, 15 Holders of ree. Jan. 1
Participating preferred (extra)
*Holders of rec. Dec. 5
*21.75 Jan. 2
$7 preferred (guar.)
DEC. 21 19291
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed,
Days Inclusive.
Miscellaneous (Continued).
Metropolitan Ice preferred
.30c. Jan. 2 *Holders of rec. Dec. 14
Metropolitan Paving Brick, pref.(qu.)
Jan. 1 Holders of rec. Dec. 13
Metr000litan Title Guarauty (No. D.__ Si
Jan. 2 Holders of rec. Dec. 15
Mexican Petroleum common (quar.)3
Jan. 20 Holders of rec. Dec. 31a
Preferred (otrar.)
2
Jan. 20 Holders of rec. Dec. 3Ia
Midland Steel Products common (quar.) $1
Jan. 1 Holders of rec. Dec. 12
Common (extra)
71c Jan. 1 Holders of rec. Dec. 12
Preferred (quar.)
Jan. 1 Holders of rec. Dec. 12a
2
Preferred (extra)
114 Jan. 1 Holders of rec. Dec. 12a
Midland United Co.. com.(in corn. stk.) 1134 Dec. 24 Holders of rec Nov. 30
Midvale Co. (guar.)
Jan. 1 Holders of rec. Dec. 14
51
Milgrim (H.) & Bros., Inc., pt. (qu.)... 81.75 Jan. 1 Holders of roe. Dec. 100
Miller & Hart, Inc., pref.(guar.)
"87 tie Jan. 1 "Holders of rec. Dec. 15
Miller (1.) 5,SODS. corn. ((luar.)
50e Jan. 1 Holders of rec. Dec. 14
?Minor Co., Inc., common (guar.)
"25c Jan. 1 *Holders of rec. Dec. 16
Mineapolls-Honeywell Reg., cora____
$1.50 Feb. 15 Holders of rec. Feb. 90
Extra
50c Feb. 15 Holders of rec. Feb. 4a
Mock, Judson, VoehrInger Co. p1.(qui _
134 Jan. 1 Holders of tee. Dec. 14
Mohawk Carpet Mills (guar.)
The Dec. 31 Holders of rec. Dec. 100
Monarch Royalty Corp., pref. (mthly.)_ 134c. Jan. 10 Holders of rec. Dec. 31
Class A preferred (monthly)
1 234c Jan. 10 Holders of roe. Dec. 31
Monlghan Mfg., corn. A (guar.)
*45e. Jan. 1 *Holders of roe. Dec. 20
Monroe Chemical,corn.(guar.)
3734e Jan. 1 Holders of rec. Dec. 14
Preferred (guar.)
8734c Jan. I Holders of rec. Dec. 14
Monsanto Chemical Works (quar.)
31340 Jan. 2 Holders of rec. Dec. 140
Stock dividend (quar.)
el)4 Jan. 2 Holders of rec. Dec. 140
Montgomery Ward & Co., class A
.$1.75 Jan. 1 "Holders of rec. Dec. 21
Moreland Oil, corn. B (quar.)
*15c. Dec. 31 *Holders of rec. Dec. 13
Common B (extra)
"5c. Dec. 31 *Holders of rec. Dec. 13
Morris Finance, class A (quar.)
"51.25 Dec. 31 'Holders of roe. Dec. 21
Class B (quar.)
"25c. Dec. 31 'Holders of roe. Dec. 21
Mortgage-Bond Co.(quar.)
2
Dec. 27 Holders of rec. Dec. 23
Mother Lode Coalition Mines
20e. Dec. 31 Holders of rec. Dec. Oa
Motor Products, corn. (guar.)
50c Jan. 2 Holders of rec. Dec. 200
Mountain Producers (guar.)
40c. Jan. 2 Holders of rec. Dec.
Mount Vernon Woodberry Mills, pref._ "2;4 Dec. 31 'Holders of rec. Dec. 19a
14
Murphy (G. C.) Co., pref.(guar.)
Jan. 2 Holders of rec. Dec. 20
Muskegon Piston Ring (guar.)
$1
Jan. 2 Holders of rec. Dec. 15
Myers(F. E.) & Bros. CO., corn.(guar.)
50e. Dec. 31 Holders of rec. Dec. 14a
Preferred (guar.)
1 Si Dec. 31 Holders of rec. Deo. 14
Naclunanu-Springfield (guar.)
"75c. Jan. 2 *Holders of rec. Dec. 16
National Battery, pref. (guar.)
'Mc. Jan. 2'Holders of rec. Dec. 17
Nat. Bellaa-liess, new corn.(guar
25e Jan. 15 Holders of rec. .1an. 2a
Stock dividend (guar.)
el
Jan. 15 Holders of roe. Jan. 2,1
National Biscuit, corn. (guar.)
$1.50 Jan. 15 Holders of rec. Dec.ala
National Breweries common Milani
Si
Jan. 2 Holders of rec. Dec. 16
Preferred f(iller.)
Jan. 2 Holders of ree. Dec. 16
National Candy common (quar)
433,ic Jan. 1 Holders of rec. Dee. 120
First and second preferred
1M Jan. 1 Holders of rec. Dec. I2a
National Cash Credit, corn.(guar.)
20c. Jan. 2 Holders of roe. Dec. 9
Corri.(3
-100th share corn. stock)
(f) Jan. 2 Holders of rec. Dec. 9
Preferred (guar.)
15c. Jan. 2 Holders of rec. Dec. 9
Preferred (extra)
20c. Jan. 2 Holders of roe.
Preferred (3-100ths sh. pref. stock)_ (J) Jan. 2 Holders of rec. Dec. 9
National Cash Register. class A (guar.) _ •75c. Jan. 15 'Holders of rec. Dec. 9
Dec. 30
Class A (extra)
"51
Jan. 15 *Holders of rec. Dec. 30
Class 1.1 (annual)
"$3 Jan. 3'Holders of rec. Dec. 16
Class B (extra)
'St
Jan. 3'Holders of roe. Dec. 16
National Dairy Products, corn. (Qua?.)...
50e. Jan. 2 Holders of rec. Dec. 3a
Common (payable In cotn. stk.) ((lu.)_ 11
Jan. 2 Holders of rec. Dee. 3a
Corn.(Payable In corn. stock (guar.)._ 11
Apr. 1 Holders of rec. Mar. 30
Corn.(payable In corn. stock) (quar.)_ 11
July 1 Holders of rec. June 3a
Corn.(payable In corn. stock)(guar )_ ft
Oct. 1 Holders of ree. Sept. 30
Preferred A (guar.)
"14 Jan. 1 "Holders of rec. Dec. 3
National-Erie Co. class A (guar.)
•500. Jan. 1 'Holders of rec. Dec. 15
National Fireproofing common
2
Jan
6 Holders of rec. Dec. 14
National Fuel Gas (quer.)
25c. Jan. 15 Holders of rec. Dec. 31
National Grocers, pref
Dec. 31 Holders of rec. Dec. 21
3
Nat. Indus. Loan Corp.(mthly.)
(No. 1) _
Jan. 10 Holders of rec. Dec. 20
1
National Investors, 51 *. 0 pref
4
Jan. I Holders of rec. Dec. 10
National Lead, corn. ((uar.)
1Si Dec. 31 Holders of rec. Dec. 130
Preferred class B (guar.)
I Si Feb. 1 Holders of rec. Jan. 17a
National Licorice. pref. (guar.)
134 Dec. 31 Ilolders of rec. Dec. 16
National Recording Pump
Convertible and managers abs. (extra)
50c Dec. 31 Holders of rec. Dec. 20
National Refining, pref. (guar.)
2
Jan
1 Holders of roe. Dec d13
National Securities (stock dividend)
r*I0
'Holders of rec. Nov. 30
National Standard Co.(guar.)
•75e. Jan. 2 *Holders of ree. Dec. 20
Extra
"25e. Jan. 2 *Holders of rec. Dec. 20
National Steel Car
50c Jan. 2 Holders of rec. Dec. 20
National Sugar Refining (guar.)
50c Jan. 2 Holders of rec. Dec. 2
National Supply Co., corn. (extra)
$2 Dec. 24 Holders of roe. Dec. 14s
Preferred (guar.)
1 ti Dec. 31 Holders of rec. Dec. 21a
National Surety ((uar.)
$1.25 Jan. 2 Holders of rec. Dec. 170
National Tea common ((uar.)
500. Jan, 1 Holders of rec. Dec. 14
National Trust (Toronto) (quar.)
"53
Extra
"52
Nebel(Oscar) Co., Inc.,common(qu.)_ 82 4c Jan. 2 Holders of roe. Dec.
14a
Neet, Inc., cony. class A (guar.)
40c. Jan. 2 Holders of rec. Dec.
Nehl Corporation, 1st prof (attar.).-*$ 1.314 Jan. 1 'Holders of roe. Dec. 190
16
Nelson (Herman) Co. (quar.)
"50c. Dec. 31 "Holders of rec. Dec. 16
Nevada Consol. Copper Co.(quar.)...
75e• Dec. 31 Holders of rec. Dec. 13a
Newberry (J. J.) Co.. corn. ((uar.)
'2734c Jan. 1 'Holders of rec. Dec. 16
Newberry (.1. J.) Realty, pref. A (quar.). •1
Feb. 1 'Holders of rec. Jan. 16
Preferred B (guar.)
'I yi Feb. 1 *Holders of rec. Jan. 10
New Haven Clock common (quar.)
3734c Jan. 1 Holders of rec. Dec, 21
Newton Steel common (guar.)
Dec. 31 Holders of rec. Dec. 20a
Preferred ((uar.)
31.50 Jan. 81 'Holders of rec. Jan. 15
N.Y.& Honduras Rosario M In.(special) _
50c. Dec. 28 Holders of rec. Dec. IS
New York Investors 1st pref
3
Jan, 15 Holders of rec. Jan. 6
N. Y. Petroleum Royalty ((uar.)
"25e. Tan. 2 "Holders of rec. Dee. IS
N. Y. State Realty-Terminal
"6
Jan. 2 *Holders of rec. Dec. 26
New York Transit ((uar.)
40c. Jan 15 Holders of rec. Dec. 27
Extra
10e. Jan. 15 Holders of
New York Transportation, corn. (guar.) •500. Dec. 28 'Holders of rec. Dec. 27
rec. Dec. 13
Nichols Copper Co., class A (quar.)
_ "-Mk Jan. 2 *Holders of rec. Dec. 20
Noblitt Sparks Industries (guar.)
*750. Jan. 1 "Holders of rec. Dec. 20
Stock div.(6% pay. 1(4% quar.)
•s155 Jan. 1 "Holders of rec. Dec. 20
Niagara Share Corp. common (quar.) .
'12(40 Jan. 15'Holders of rec. Dec. 31
Nickel Holdings Corp. ((uar.)
600. Jan. 3 Holders of rec. Nov. 31:M
Nlptssing Mines, Ltd. ((uar.)
*734c. Jan. 2()'Holders of roe. Dee. 31
4
Noranda Mines (guar.) (No. 1)
75e. Jan. 2 Holders of rec.
North American Creameries corn. A(qu.) "350 Dec. 31 'Holders of rec. Dec. 10
Dec. 18
North American Provision, pref. Omar.) '134 Jan. 2 'Holders
of rec. Dec.
North Central Texas 011 pref. (guar.) _ - _
15 Jan. 2 Holdenr of rec. Dec. 10
4
10
Northern Paper Mills common (Quar.)
*50c Dee. 31 'Holders of ree. Dee. 15
Northern Pipe Line
32
Jan. 2 Holders of ree. Dec. 16
Northland Greyhound Lines(No. U.__ _ •7()e. Jon. 1 *Holders
of rec. Dee. 20
Northwest Bancorp., corn. Num.)
"45e. Jan. 1 "Holders of rec. Dec. 20
Northwestern Yeast corn (extra)
'3
Dec. 31 'Holders of rec. Dec. 24
Novadel-Agene Corp., corn. (guar.) _ _
•500. Jan. 1 "Holders of rec. Dec. 20
Preferred ((uar.)
"1% Jan. I 'Holders of rec. Dec.
20
Occidental Petroleum
*200. Dec. 31 *Holders of roe. Dec. 20
Ogilvie Flour Mills. corn.(guar.)
2
Jan. 2 Holders of rec. Dee. 20
Ohio Leather, 1st pref. (guar.)
"2
Jan. 1 *Holders of rec. Dec.
Second preferred (quar.)
"14 Jan. 1 *Holders of rec. Dec. 20
20
Ohio Seamless Tube pref (guar.)
134 Jan, 2 Dec. 14 to Jan. 1
Oliver Farm Equip. cony. pref. (quar.)_
75c. Jan. 1 Holders of rec. Dec. 10a
Prior pref. series A ((uar.)
51.50 Jan. 1 Holders of rec. Dec. 100
Oliver United Filters, Inc. cl. 11 (qu.) _ _ _ •500. Jan. 2 "Holders of roe.
Dec. 20
Omtiltrum Corporation. prof. (quar.)__ _ _
2
Jan, 2 Holders of rec. Dec..
13a
Ontario Tobacco Plantations, pref
7
Jan. 2 Holders of rec. Dec. 2
Orpheurn Clreutt, pref. (guar.)
2
Jan. 2 Holders of rec. Dec.
Otis Elevator, corn. (guar.)
$1.50 Jan. 15 Holders of rec. Dec. 2ra
31a
Preferred (guar.)
134 Jan. 15 Holders of rec. Dec. 31a
Otis Steel, corn. ,quar.)
62340 .lan. 1 Holders of rec. Dee. 19a
Preferred (guar.)
155 Jan, 1 Holders of rec. Dec.
19a
Ovington's partlelpating preferred
40c. Jan
1 llolders of rec. Dec. 14
Owens Illinois GlassCom mo n (payable in common stock)
15
Jan. 1 Holders of rec. Dec. lea
Preferred (guar.)
.1M Jan. 1 'Holders of roe. Dec.
16
Nouse of Company.
3925
Per
When
Cent. Payable.
Boots Closed
Days Inclusive.
Miscellaneous (Continued).
Pacific American Co. ((uar.)
*50c. Feb. 1 'Holders of rec. Nov. 18
Pacific Associates ((uar.)
.50e. Feb. 15 'Holders of rec. Jan. 31
Pacific Coast Glass common (quar.)
*30c. Jan. 15 'Holders of rec. Dec. 31
Packard Motor Car
150. Dec. 31 Holders of rec. Dec. 124
Paepcke Corp., corn. (guar.)
"1% Feb. 15 'Holders of rec. Feb. 8
Preferred (qua:r.)
'154 Jan. I 'Holders of rec. Dec. 24
Page-Hershey Tubes. Ltd.. corn.(quo)._ $1
Jan. 2 Holders of rec. Dec. 20
Preferred (qua!'.)
111
4 Jan. 2 Holders of rec. Dec. 20
Paraffine Cos. ((uar.)
Dec. 27 Holders of rec. Dec. 17
$1
Stock dividend
Dec. 27 Holders of rec. Dec. 17
2
Paragon Refining, pref. A (guar.)
75c Jan, I Holders of rec. Dec 42(1
Paramount Cab Mfg.(guar.)
600. Jan. 2 Holders of rec. Dec. 19
Paramount Famous Lasky Corp.
Common ((uar.)
75c Dec. 23 Holders of rec. Dec. 6a
Parke, Davis & Co.(guar.)
"25c Jan. 2'Holders of rec. Dec. 23
Special
"35c. Jan. 2 *Holders of rec. Dec. 23
Park .3c 'Milord, Inc. (guar.)
75c. Jan. 14 Holders or rec. Dec. sue
Stock dividend
1
Jan. 14 Holders of rec. Dec. 30a
Quarterly
75e. Apr. 14 Holders of rec. Mar. 29a
Stock dividend
1 ' Apr. 14 Holders of rec. Mar. 290
Patin° Mines es Enterprises
Interim div.-4shillings, equal to .9733
Dec. 24 Holders of rec. Dec. 70
Ponder (D.) Grocery, class B lquar.)
"25e. Jan. 1 'Holders of rec Dec. 16
Class B (extra)
•25c. Jan. 1 'Holders of rec. Dec. 16
Penick & Ford, Ltd., Pref. (quar.)
1114 Jan. 1 Holders of rec. Dec. I3a
Penney (J. C.) Co. prof.((liar.)
$1.50 Dec. 31 Holders of rec. Dec. 20a
Penn Traffic
734c. Feb. 1 Holders of rec. Jan. 15"
Peoples Drug Stores, corn. (guar.)
"25c. Jan. 2 *Holders of rec. Dec. 9
Perfect Circle Co. ((uar.)
50c. Jan. 1 Holders of rec. Dec. 2
Perfection stove (roontblY)
*37 r-te Dec. 31 "Holders of rec. Dec. 1
Pet Milk common (quar.)
37 Sic Jan. 1 Holders of rec. Dec. 1
Preferred ((uar.)
134 Jan. 1 Holders of rec. Dee. 11
Petroleum Corp. of Am Mu.) (No. 1).. 37 lie Dec. 31 Holders of rec. Dec.
Petroleum Royalties, pref. (monthly).....
le. Jan. 1 Holders of rec. Dec. 25
Preferrd (extra)
Jan, 1 Holders of rec. Dec. 25
4.1% Jan. 1 "Holders of rec. Dec 21
Pettibone Mulliken Co. pref. (quar.)
Phelps Dodge Corp. ((uar.)
75c Jan. 2 Holders of rec. Dec. 6
Phila. Co. for Guaranteeing Mtgs. (qu.) "50e. Dec. 31 'Holders of rec. Dec. 20
Extra
"40e. Dec. 31 *Holders of roc. Dec. 20
Philadelphia Dairy Prod., pref.((uar.) _ $1.625 Jan. 2 Holders of rec. Dec. 20a
Phillppe (Louis) Inc , class A (guar.) _
40c. Jan. 1 Holders of rec. Dec. 19
Phillips Petroleum (Var.)
50c. Jan. 2 Holders of rec. Dec. 160
Stock dividend
e5
Holders of rec. Dec. 16a
Pickwick Corp.. 8% Pref. Mar.)
Dec. 25 Holders of rec. Dec. At,
2
Pie Bakeries of Am.class A ((uar.)
50c. Jan. 1 Holders of roe. Dec. 14
Preferred ((uar.)
1'14 Jan, 1 Holders of rec. Dec. 14
Pierce Governor ((uar.)
37 Vic. Jan, 1 Holders of rec Dec. 15
Pierce Petroleum, preferred
Jan. 2'Holders of rec. Dec. 26
"33
Pilot Radio & Tube, class A (quar.)
"30c. Jan. 2'Holders of rec. Dec. 20
Pittsburgh Plate Glass, COM. (guar.)._ "50c. Dec. 31 'Holders of rec. Dec. 10
Common (extra)
Dec. 31 "Holders of rec. Dec. 10
"51
•1
Pittsburgh Steel common (guar.)
Jan. 2'Holders of rec. Dee. 26
Pittsburgh Steel Foundry common (Qu.) .25c. Jan. 15 "Holders of rec. Jan. 2
Common (extra)
*25e. Jan. 15 'Holders of rec. Jan. 2
Preferred (guar.)
'1(4 Jan. 2 Holders of rec. Dec. 15
Plymouth Cordage ((uar.)
'1(4 Jan. 20 "Holders of rec. Dec. 31
•1
Extra
Dec. 20 'Holders of rec. Dec. 4
Polymet Mfg., corn. (guar.)
25e. Jan. 2 Holders of roe. Dec. 20
Pol_vm et Mfg., new cam(pay.10 COM•stk.) el
Jan, 2 Holders of rec. Dec. 20
Porto Rican Amer. Tobacco cl. A (qu.)_ _ $1.75 Jan. 10 Holders of rec. Dec. 200
Class A Owl accumulated dividends)_ SI 75 Jan. 10 Holders of rec. Dec. 20a
Powdrell & Alexander, Inc. pref. (qu.)
'154 Jan. 2 *Holders of rec. Dec. 18
Prairie Oil& Gas (guar.)
500. Dec. 31 Holders of rec. Nov. 300
Extra
25c. Dec. 31 Holders of rec. Nov. 30a
Prairie Pipe Line (guar.)
750. Dec. 31 Holders of rec. Nov. 30a
Extra
50c. Dee, 31 Holders of rec. Nov. 30a
Pratt & Lambert Co. (guar.)
Jan. 2 *Holders of rrc. Dec. 16
'Si
Extra
Ian. 2 "Holders of rec. Dec. 16
'$1
Premier Gold Mines (guar.)
6c. Jan, 4 Holders of rec. Dee. 11
Pressed Metals of Amer.. pref. (quar.). '131 Jan. 1 "Holders of rec. Dec. 12
Pressed Steel Car, pref. ((uar.)
134 Dec. 31 Holders of rec. Dec. 20
Price Brothers Co., common (quar.)
Jan, 2 Holders of rec. Dec. 14
Sinking fund preferred (guar.)
1 gi Jan. 2 Holders of rec. Dec. 14
Procter & Gamble Co., pref. (Muir-)
Jan. 15 Holders of rec. Dec. 244
2
Prudential Co.. corn. (guar.)
50c. Jan, 1 Holders of rec. Dec. 24a
Preferred (guar.)
14 Jan. 1 Holders of rec. Dec. 24a
Preferred (extra)
1840 Jan. 1 Holders of rec. Dec. 240
134 Jan. 2 Holders of rec. Dec. 10
Pure 011 514% prof. (quar.)
6% preferred ((uar.)
134 Jan. 2 Holders of rec. Dec. 10
8% preferred (guar.)
2
Jan. 2 Holders of rec. Dec. 100
Quaker Oats common (guar.)
Jan. 15 "Holders of rec. Dec. 31
"31
Preferred (guar.)
•15S Feb. 28 'Holders of rec. Feb. 10
Real :Ark Hosiery Mills, corn. ((liar.)...
$1.25 Jan. 2 Holders of rec. Dec. I3a
Preferred (guar.)
154 Jan, 2 Holders of rec. Dec. 13
Reece Button Hole Machine (quar.)....
She. Jan, 2 Holders of rec. Dec. 16
Reece Folding Machine Mar-)
Sc. Jan. 2 Holders of rec. Dec. 16
Regal Shoe. pref. (guar.)
"1.34 Jan. 2 'Holders of rec. Dec. 21
Reliable Stores ((uar.) (in stock)
*el ti Jan. 1 *Holders of rec. Dec. 16
Reliance 1Mfg.(Illinois) common (guar.) '3734c Jan. 1 *Holders of rec. Dec. 19
*1% Jan.
Preferred ((liar.)
1 'Holders of rec. Dec. 19
Reliance Mfg. (Massillon. 0.) (guar./- 51
Jan. 1 Holders of rec. Dec. 15
Remington-Rand Co. corn. (special)
50c. Jan. 1 Holders of rec. Dec. 70
First preferred ((uar.)
134 Jan. I Holders of rec. Dec. 70
2
Second preferred (guar.)
Jan. 1 Holders of rec. Dec. 7a
Remington Typewriter 1st pref. (qu.)
•151 Jan. 1 *Holders of rec. Des. 7
Second preferred (quar.)
*2
Jan. I Holders of rec. Dec. 7
Boo Motor Car common (guar.)
20c Jan. 2 Holders of rec. Dec. 100
Republic Brass class A (guar.)
$1
Jan. 1 Holders of roc. Dee. 1Ca
134 Feb. 1 Holders of rec. Jan. 10a
Preferred Men)
Republic Investing pref. (guar.)
35c. Jan, 2 Holders of rec. Dec. 14
Republic Iron & Steel, pref. ((mar.)
131 Jan. 2 Holders of rec. Dec. 120
.75c. Jan. 15'Holders of rec. Jan. 1
Republic Supply (guar.)
Quarterly
•750. Apr. 15 *Holders of rec. Apr. 1
Quarterly
.75e. July 15 'Holders of rec. July 1
Quarterly
"75e. Oct. 15 'Holders of rec. Oct. 1
Revere Copper & Brass class A (guar.).- 51
Jan. 1 Holders of rec. Dec. 100
Preferred Mar.)
134 Feb. 1 Holders of rec. Jan. 1(la
Reynolds Investing .56 pref
53
Jan. 1 Holders of rec. Dec. 15a
Reynolds(R. J.) Tobacco
75e. Jan. 2 IIolders of rec. Dec. 180
Common and common B ((uar-)
'4394c Feb. 1 'Holders of rec. Jan. 4
Richfield 011, preferred ((uar.)
Rich fee Cream Co., common (extra)
"25c Feb. 1 *Holders of rec. Jan. 15
Richman Bros. common (guar.)
75c. Jan, 1 Ilolders of rec. Dec. 20
Rike-Kumler Co. common
"55e. Jan. 2 'Holders of rec. Dec. 14
Preferred ((oar.)
•131 Jan. 2 'Holders of rec. Dec. 20
Rio Grande (Si
(r)
$1
Hold. of rec. Jan. 5 19311
Ritter Dental Mfg.. Corn. (quar.)
62550 Jan. 1 Holders of rec. Dec. 24a
Common (extra)
50c. Jan. 1 Holders of rec. Dec. 24a
Rockaway Point Development pref.((u.) 51.50 Jan. 2 Holders of rec. Dec. 15
Rogers Paper Mfg.. class B
Dec. 16 Holders of rec. Dec. 14
It
Ross Gear & Tool. common ((uar.) _ _ _
750. Ian. I Holders of rec. Dec. 20
Roth Packing, common ((uar.)
*50c. Jan. 1 'Holders of rec. Dec. 20
Royal Baking Powder,common (guar.).
25e. Jan. 2 Ilolders of roe. Dec. 13a
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 13a
Safety Car Heating & Lighting (guar.)._ *2
Dec. 23 *Holders of rec. Dec. 13
Extra
"2
Dec. 23 'Holders of rec. Dec. 13
Safeway Stores, Inc., common (quar.)_ n41.25 Jan. 1 Holders of rec. Dec. 110
6% preferred (guar.)
134 Jan. 1 Holders of rec. Dec. ha
7% preferred ((uar.)
194 Jan. 1 Holders of rec. Dec. ha
Sally Frocks ((liar.)
.40c. Jan. 1 'Holders of rec. Dec. 20
Salt Creek Consol 011 ((uar.)
"10c. Jan. 2'Holders of rec. Dec. 15
Sangamo Elec., corn. ((uar.)
"1100. Jan. 1 'Holders of rec. Dec. 10
*I% Jan. 1 'Holders of
Preferred ((liar.)
rec. Dec. 10
Savage Arms Corp.. 2d pref.(quar.)
"Ili Feb. 15 'Holders of rec. Feb. 1
Schlesinger (B. F.) Sons Co. cl. A (qu.)_ '3734c Jan. 2 'Holders of roe. Dec.
15
Preferred (guar.)
*134 Jan. 2 'Holders of rec. Dec. 15
Schletter & Zander. corn. (guar.)
"1734c Dec. 30 'Holders of rec. Dec. 18
Extra
'12(4c Dec. 31) 'Holders of rec. Dee. IR
Preferred (guar.)
*87/ie Feb. 15'Holders of rec. Jan. 31
Preferred ((uar.)
'8734c May 15'Holders of rec. Apr. 30
Schoeneman (J.), Inc., tat pref.(guar.).
Jan. 2 Holders of rec. Dec. 15
134
Name of Company.
Per
When
Cent. Payable.
Books Closed,
Daps Inclusive.
Miscellaneous (Continued).
Jan. 2 Holders of rec. Dec. 120
2
Schulte Retail Stores, pref. (guar.)
35e. Dec. 31 Holders of roe. Dec. 170
Scott Paper, common ((war.)
Dee. 31 Holders of rec. Dec. 170
Common (payable in common stock)_ 12
Jan. 1 *Holders of rec. Dec. 16
*81
Scoville Mfg.(quar.)
Seruggs-Vandervoort-Barney Dry Goods
Jan. 2 Holders of rec. Dee. 21
3
First preferred
334 Jan. 2 Holders of rec. Dec. 21
Second preferred
Sears. Roebuck & Co. stock div. (quar.) Cl Feb. 1 Holders of rec. Jan. 15a
May 1 Holders of rec. Apr. 140
el
Stock dividend (guar.)
50e. Jan. 2 Holders of rec. Dec. 14
Second Internat. Securs., corn. A.(qu.)_
75e. Jan. 2 Holders of rec. Dec. 14
First preferred (Oust.)
75e. Jan. 2 Holders of rec. Dec. 14
Second preferred (guar.)
81.25 Jan. 1 Holders of rec. Dee. 100
Second National Investors, pref.(qu.)
Secord (Laura) Candy Shops, pref. (qu.) *134 Dec. 31 *Holders of rec. Dec. 15
15 Dec. 24 *Holders of rec. Dec. 17
Securities Corp. General, com.(special)_ 4
Selected Industries $534 prior stock (qu.) $1.375 Jan. 2 Holders of roe. Dec. 150
131 Jan. 1 Holders of rec. Dec. 18
(0.1.) & Sons Co. prof. (altar.)
Sellers
Service Stations. Ltd., Can.. cl. A (qu.). 65e. Jan. 1 Holders of rec. Dec. 16
Seth Thomas Clock common (extra)..._ *25c. Dec. 23 *Holders of roe. Dec. 13
134 Jan. 25 Holders of rec. Dec. 31
Shaffer Oil & Refining, pref. (auar.)_
25e. Jan. 10 Holders of roe. Dec. 20a
Shattuck (F. G.) Co.. core. (Quar.)
.20e. Jan. 1 *Holders of rec. Dee. 20
Shawmut Association (quar.)
*
50e. Jan. 1 *Holders of ree. Dee. 7
Sheffield Steel, corn. (guar.)
Jan. 1 *Holders of roe. Deo. 7
Common (Payable in corn. stock)
Jan. 1 *Holders of tee. Dee. 7
Preferred (quar.)
35e. Dee. 31 Holders of rec. Dee. 50
Shell Union Oil Corp. corn.(quar.)
134 Jan. 2 Holders of roe. Deo. 9
534% cure. cony. pref.(quar.)
Sherwin-Williams Co. Canada com.(qu.) 40e. Dec. 31 Holders of roe. Dec. 14
Sc. Dec. 31 Holders of rec. Deo. 14
Common (extra)
134 Dec. 31 Holders of rec. Dec. 14
Preferred (guar.)
*50e. Jan. 2 *Holders of rec. Nov. 22
Simmons-Boardman Pub. (special)
50e. Jan. 15 Holders of roe. Dec. 140
Sinclair Consolidated Oil (guar.)
*234 Dec. 31 *Holders of rec. Dee. 10
Singer Manufacturing (quar.)
*3% Dec. 31 *Holders of roe. Dec. 10
Extra
Sloss-Sheffield Steel & Iron, pref.(quar.) 134 Jan. 2 Holders of rec. Dec. 20a
37340 Dec. 31 Holders of rec. Dee. 200
Southern Dairies, clam A (quar.)
.51
Dec. 31 *Holders of rec. Dec. 2
Southern Pipe Line
.
25e. Jan. 15 *Holders of roe. Jan. 1
Southland Royalty (guar.)
*50e. Dec. 30 *Holders of tee. Dec. 14
South Penn Oil (guar.)
*1234 Dec. 30 *Holders of rm. Dee.'14
Extra
South Porto Rico Sugar corn.(guar.).
- 500. Jan. 2 Holders of rec. Dee. 100
Jan. 2 Holders of rec. Dec. 100
2
Preferred (quar.)
1
Southwest Dairy Products. pref. (guar.) ..134 Jan. 1 *Holders of rec. Deo. 10
Southwestern Engineering, pref. (quar.) *50e. Jan. 1 *Holders of tee. Dec. 20
$1 Dee. 31 Holders of roe. Dec. 16
South West Pa. Pipe Lines (quar.)
50e. Jan. 15 Holders of rec. Dec. 28a
Spalding (A. G.) & Bros.. com. (quar.) _
1% Jan. 1 Holders of rec. Dec. 14a
Spang, Chalfant & Co., Inc., pf.(au.)
25c. Dec. 31 Holders of rec. Dec. 16a
Sparks-Withington Co.common (quar.)_
75e. Dec. 31 Holders of rec. Deo. 15
Sparta Foundry Co., corn. (quar.)
50e. Dec. 31 Holders of rec. Dec. 15
Common (extra)
Common (payable in common stock)_ 125 Jan. 15 Holders of rec. Dec. 31
*55e. Dec. 31 *Holders of rec. Dec. 30
Square D Co. class A (guar.)
*$3
Jan. 2 *Holders of rec. Dec. 21
St. Croix Paper preferred
50e Mar. 20 Mar. 8 to Mar. 20
St. Joseph Lead Co.(guar.)
25e Mar. 20 Mar. 8 to Mar. 20
Extra
50c June 20 June 10 to June 20
Quarterly
250 June 20 June 10 to June 20
Extra
50c Sept.20 Sept. 10 to Sept. 21
Quarterly
25e Sept.20 Sept. 10 to Sept.21
Extra
50e Dec. 20 Dec. 10 to Dec. 21
Quarterly
25e Deo. 20 Dec. 10 to Dec. 20
Extra
St. L. Rocky Mtn.& Pae Co., com.(qu.) 50c Dec. 30 Holders of rec. Dec. 160
134 Dec. 30 Holders of tee. Dec. 16a
Preferred (quar.)
St. Maurice Valley Corp., pref. (qu.)__. 134 Jan. 2 Holders of roe. Dec. 13
St. Regis Paper, new common (guar.)... 25c Jan. 2 Holders of rec. Dec. 10
I% Jan. 2 Holders of rec. Dec. 10
Preferred (guar.)
3734e Jan. 2 Holders of roe. Dec. Sc
Standard Brands, corn. (qu.)
$1.75 Jan. 2 Holders of rec. Dec. 6a
Preferred series A (quar.)
Standard Commercial Tobacco com.(qu.) 25e Jan. 2 Holders of rec. Dee. 160
*334 Jan. 2 *Holders of rec. Dec. 16
Preferred
*8
Jan. 2 *Holders of roe. Dec. 24
•Standard Coupler pref. (annual)
*50e Jan. 2 *Holders of roe. Dec. 15
Standard Dredging Prof. (guar.)
Standard Investing Corp., pref.(qu.).._ $1.375 Feb. 15 Holders of roe. Jan. 27
*400. Dec. 31 Dee. 17 to Dec. 30
Standard 011(Kentucky)(quar.)
*40c. Dec. 31 Deo. 17 to Dec. 30
Extra
62340. Jan. 2 Holders of tee. Deo. 6
Standard 011 (Ohio) com. (quar.)
Standard Textile Products, prof. A (0U.) 154 Jan. 2 Holders of roe. Deo. 16
134 Jan. 2 Holders of roe. Dec. 16
Preferred B (quar.)
*4334c Feb. 1 *Holders of roe. Jan. 7
Stanley Works, com.(mar.)
50e. Dec. 30 Holders of rec. Dec. 210
Starrett (L. S.) Co., corn. (guar.)
25e. Dec. 30 Holders of rec. Dec. 21a
Common (extra)
*134 Dec. 30 *Holders of rec. Dec. 21
Preferred (quar.)
82.50 Dee. 31 *Holders of rec. Dec. 16
State Title & Mortgage (quar.)
Steel Co. of Canada, ordinary (guar.)._ 433(e. Feb. 1 Holders of rec. Jan. 7
4334c. Feb. 1 Holders of rec. Jan. 7
Preference (guar.)
*50e. Jan. 1 *Holders of rec. Deo. 20
Sterling Motor Truck pref. (quar.)
Stewart-Warner Corp.
e2
Feb. 15 Holders of rec. Feb. 5a
New $10 par stock (in stock)
.4334 Jan. 1 *Holders of rec. Dec. 15
Stone (H. 0.) Co., corn. (guar.)
*1.31 Jan. 1 *Holders of rec. Dec. 15
Preferred (guar.)
Jan. 15 Holders of roe. Dec. 180
$2
Stone & Webster, Inc
Strauss (Nathan) Inc. com.(qu.)(No. 1) 3734c Jan. 2 Holders of rec. Dec. 16
•134 Jan. 1 *Holders of rec. Dec. 15
Strawbridge & Clothier 7% pi.(qu.)
*75e. Dec. 21 *Holders of rec. Deo. 10
Stroock (S.) Co.(guar.)
*50e. Jan. 1 *Holders of rec. Dec. 20
Studebaker Mail Order, el. A (quar.)_
$1
Jan. 15 Jan. 1 to Jan. 7
Sullivan Machinery (Var.)
*51.75 Jan. I *Holders of rec Dec. 18
Sunshine Biscuits, lot prof.((Mar.)
Superior Portland Cement Cl. A (qu.)._ *2734e Jan. 1 *Holders of rec. Dec. 23
.
200. Jan. 2 *Holders of rec. Dec. 14
Supertest Petroleum, corn. (guar.)
*20e. Jan. 2 *Holders of rec. Dec. 14
Common (extra)
*200. Jan. 2 *Holders of rec. Dec. 14
Ordinary (quar.)
*20e. Jan. 2 *Holders of rec. Dec. 14
Ordinary (extra)
*134 Jan. 2 *Holders of tee. Dec. 14
Preferred A ((Juan)
*3734c Jan. 2 *Holders of roe. Dec. 14
Preferred B (quar.)
Jan. 1 Dec. 11 to Jan. 9
2
Swift & Co. ((Plan)
*25e. Jan. 2 *Holders of roe. Dec. 14
Taggart Corp., corn. (quar.)(No. 1)
6234c Jan. 2 Holders of rec. Deo. 10
Taylor Milling (quar.)
*50e. Jan. 2 *Holders of red. Dec. 10
Extra
*15c. Feb. 1 *Holders of rec. Jan. 17
Teck Hughes Mines (guar.)
*300. Feb. 1 *Holders of rec. Jan. 15
Te'autograph Corp. (guar.)
'Sc. Feb. 1 *Holders of rec. Jan. 15
Extra
1 Holders of rec. Deo. 60
75e. Jan
Texas Corporation (guar.)
60
Texas Pacific Coal& 011 (pay-In stock).- e234 Dec. 81 Holders of roe. Deo. 20a
40c. Jan. 2 Holders of rec. Deo.
Thatcher Mfg. corn.(quar.)(No. 1)__._
Jan, 1 Holders of tee. Dee. 100
ThirdNational Investors Corp., com_._ Si
30e. Jan. 1 Holders of rec. Dec. 230
Thompson (J. R.) Co.(Monthly)
30e. Feb. 1 Holders of roe. Jan. 23a
Monthly
30c. Mar. 1 Holders of roe. Feb. 21a
Monthly
300. Jan. d2 Holders of roe. Dec. 20
Thompson Products class A&B ((Man)-30e. Jan. d2 Holders of rec. Dec. 20
Claes A&B (extra)
*134 Mar. 1 *Holders of roe. Feb. 20
Preferred (quar.)
$1.50 Jan. 1 Holders of roe. Dec. 10
Thompson Spa Inc. pref.(guar.)
Thompson-Starrett Co., Inc.. Pfd. (qu.) 87340. Jan. 1 Holders of rec. Dec. 11
96
Tide-Water Assoc. Oil. pref.(Quar.)---- 134 Jan. 2 Holders of rec. Dee. 90
20e. Dec. 31 Holders of roe. Dec.
Tide-Water Oil, com.(quar.)
el. A (guar.)._- *50e. Jan. 1 *Holders of rec. Dec. 20
Time-O-Stat Controls,
15e. Jan. 2 Holders of rec. Dec. 20a
Timken Detroit Axle, corn.(qu.)
5e. Jan. 2 Holders of roe. Dec. 200
Common (extra)
*20e. Dec. 24 *Holders of rec. Deo. 13
Tintie Standard Mining (quar.)
*20e Jan. 3
Extra
75e. Jan. 2 Holders of tee. Dec. 19
Torrington Company (quar.)
50e Jan. 2 Holders of rec. Dec. 19
Extra
1% Jan. 1 Holders of roe. Dec. 16
'Fri-Continental Corp. pref.(quar.)
6234c Jan. 2 Holders of roe. Dee. 2a
Trieo Products Corp., core.(quar.)
Trumbull-Cliffs Furnace, pref.(guar.).- 134 Jan. 1 Holders of rec. Dec. 20
30e. Jan. 15 Holders of tee. Dec. 260
Truscon Steel Co. (qua?.)
Holders of rec. Jan. 60
Mar.
efl
Stock dividend
Jan. 15 Holders of rec. Dec. 31
1
Tuckett Tobacco, com. (quar.)
Jan. 15 Holders of rec. Dec. 31
2
Common (extra)
134 Jan. 15 Holders of rec. Dec. 31
Preferred (guar.)
[VOL. 129.
FINANCIAL CHRONICLE
3926
*ft
$1.34
6
MINS, of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continual).
Twenty Wacker Drive Bldg., Chicago
•E1.60 Jan. 15 *Holders of rec. Deo. 31
Preferred (guar.)
Dec. 31 Dec. 15 to Jan. 1
244 North Bay Shore Drive, Inc., pref.-- 3
Dec. 31 Dec. 15 to Jan. 1
3
22 West 77th St., Inc., pref
4
Jan. 2 Dec. 21 to Deo. 31
Ulen & Co.8% preferred
354 Jan. 2 Dee. 21 to Deo. 31
734% preferred
Underwood Elliott Fisher Co.
$1.25 Dec. 31 Holders of roe. Dec. 12a
Comm=(quar.)
134 Dec. 31 Holders of rec. Dee. 120
Preferred ((mar.)
$1.75 Dec. 30 Holders of roe. Dec. 30
Preferred series B (quar.)
65e. Jan. I Holders of rec. Nov. 290
Union Carbide & Carbon (guar.)
*81k. Tan. 2 *Holders of rec. Dec. 12
Union Commerce Co.(guar.)
*25e. Dec. 31 *Holders of rec. Dee. 23
Union Twist Drill, corn.(quar.)
*134 Dee. 31 *Holders of rec. Dee. 23
Preferred (quer.)
50e. Jan. 1 Holders of tee. Dee. 20
Unit Corporation, pref. (oust.)
United Aircraft & Transport, pref. (on.) 75o. Jan. 1 Holders of rec. Dee. 100
*134 Feb. 1 *Holders of rec. Jan. 10
United Biscuit pref. (quer.)
50e. Jan. 1 Holders of rec. Dee. 120
United Carbon common (quar.)
3% Jan 1'30 Holders of roe. Dee. 16
Participating pref.(guar.)
134 Jan. 2 Holders of me. Deo. 130
United Dyewood pref. (guar.)
United Engineering & Fdy,.com.(extra) *300. Dec. 23 *Holders of rec. Dee. 16
United Founders Corp.
(
f) Jan. 2 Holders of roe. Nov. 30
Corn.(1-17th share corn.stock)
Jan. 2 Holders of roe. Dee. 4a
$1
United Fruit(mar.)
United Linen Supply class A (quer.). - *8734c Jan. 1 *Holders of rec. Dec. 20
*$1.50 Jan. 1 *Holders of rec. Dee. 20
Preferred B (quar.)
134 Jan. 2 Holders of too. Dec. 200
United Piece Dye Wks.6)4% pf.
United Porto Rican Sugar, pref.(qua- *8734c Dec. 31 *Holders of rec. Dee. 16
134 Jan. 2 Holders of rec. Dee. 20
United Securities, Ltd. pref.(qu.)
United Shoe Machinery, com. (guar.)._ 6234c Jan. 6 Holders of rec. Dee. 17
3734c Jan. 6 Holders of roe. Dec. 17
Preferred (quar.)
25e. Dec. 31 Holders of roe. Nov.27
United Thrift Plan com. A (qu.)(No.1)_
U.S.Bobbin & Shuttle common (quar.) *75e. Dec. 31 *Holders of roe. Dee. 20
*134 Dec. 31 *Holders of roe. Dee. 20
Preferred (quar.)
U. S. Cast Iron Pipe & Fdy.,corn.,(qu.) 50e. Jan. 20 Holders of roe. Deo. 31a
30c. Jan. 20 Holders of roe. Deo. 310
First & second pref. (mar.)
U. S. Cold Storage, common (quar.).._. *50e. Jan. 2 *Holders of rec. Dec. 20
*500. Jan. 2 *Holders of roe. Dec. 20
Common (extra)
*154 Jan. 2 *Holders of roe. Dec. 20
Preferred (guar.)
334 Jan. 1 Holders of rec. Deo. 130
U.S. Distributing new pref
25e. Jan. 2 Holders of roe. Dec. 140
U. S. Foil, common A & B (guar.)
134 Jan. 2 Holders of rec. Dec. 140
Preferred (quar.)
*40e. Deo. 31 *Holders of rec. Dee. 14
U.S. Gypsum common(quar.)
*134 Dec. 31 *Holders of roe. Deo. 14
Preferred (oust.)
154 Jan. 2 Holders of rec. Dec. 100
U. S. Leather, prior pref. (qua?.)
*31.50 Jan. 2 *Holders of rec. Dec. 20
U. S. Lumber
*51
Jan. 1 Holders of roe. Dee. 21
U. S. Playing Card (quar.)
*25e. Jan. 1 Holders of roe. Deo. 21
Extra
*373.0 Jan. 2 *Holders of rec. Dec. 16
U. S. Securities Invest. (guar.)
154 Deo. 30 Holders of roe. Nov.300
U.S.Steel Corp., corn.(quar.)
1 Dec. 30 Holders of roc. Nov. 300
Common (extra)
$1
Jan. 2 Holders of roe. Deo. 160
U. S. Tobacco common (guar.)
154 Jan. 2 Holders of roe. Dec. 160
Preferred (mar.)
United Thrift Plan, A (quar.)(No. 1).... *25e. Dec. 31 Holders of rec. Dec. 27
Holders of tee. Dec. 20
Universal Coin Radio, Inc.(monthly) - 1
.
1
Holders of roe. Deo. 20
Special
Jan. 1 Holders of rec. Dee. 200
2
Universal Pictures 1st pref.(quar.)
*50e. Jan. 2 *Holders of roe. Deo. 13
Universal Products (guar.)
Dec. 31 Holders of roe. Dec. 130
$4
Utah Copper (guar.)
Dee. 31 Holders of roe. Dec. 13a
$4
Extra
Jan. 1 Holders of roe. Deo. 18
2
Valvoline Oil Prof. (guar.)
Dec. 31 *Holders of rec. Deo. 20
*51
Vanadium Alloys Steel
*154 Jan. 1 *Holders of rec. Dec. 21
Van Camp Packing, pref. (guar.)
Van de Ramps Holland
*50e. Jan. 2 *Holders of roe. Dec. 18
Dutch Bakers (guar.)
*50e. Jan. 1 *Holders of rec. Dee. 21
Van Sicklen Corp. class A (quar.)
.500. Jan. 2 *Holders of tee. Deo. 14
Vogt Mfg. (guar.)
*50e. Apr. 1 *Holders of rec. Mar. 15
Quarterly
500. Jan. 2 Holders of roe. Dec. 16
Vortex Mfg., com
134 Jan. 20 Holders of rec. Jan. 9a
Vulcan Detinning Pref.(qua?)
Jan, 20 Holders of roe. Jan. 90
54
Preferred(acel accum.dim.)
134 Jan. 20 Holders of me. Jan. 90
Preferred A (guar.)
Jan. 20 Holders of roe. Jan. 90
34
Preferred (ace't accum diva.)
•134 Jan. 2 *Holders of roe. Dee. 19
Wahl Co.. pref.(quar.)
*60e. Dec. 21 *Holders of rec. Dee. 11
Waialua Agricultural Corp
*35e. Deo. 30 *Holders of ree. Deo. 14
Waltt & Bond. class B (quar.)
3734e Jan. 2 Holders of roe. Dec. 20a
Waldorf System Inc. corn.(guar.)
20e. Jan. 2 Holders of rec. Deo. 20
Preferred (guar.)
*134 Jan. 1 *Holders of roe. Dec. 20
Walgreen Co. pref. (quar.)
75e. Dee. 31 Holders of rec. Dec. 20
Walworth Co., pref. (quar.)
134 Jan. 2 Holders of rec. Deo. 17a
Ward Baking Corp., pref. (guar.)
50e. Jan. 15 Holders of roe. Dec. 31a
Warner Co., corn. (quar.)
50e. Jan. 15 Holders of rec. Dec. 310
Common (extra)
154 Jan. 2 Holders of roe. Dec. 200
Preferred ((mar.)
50e. Jan. 2 Holders of roe. Deo. 12a
Warner-Quinlan Co.,corn.(quar.)
Jan. 2 Holders of roe. Dec. 160
2
Warren Bros., corn. (Guar.)
Jan. 2 Holders of rec. Dec. 164
1
Common (extra)
75e. Jan. 2 Holders of roe. Dec. 100
First preferred (quar.)
8734c. Jan. 2 Holders of rec. Dec. 16
Second preferred (quar.)
50e. Jan. 2 Holders of roe. Dec. 14a
Warren Foundry & Plpe'(quar.)(No. 1).
*50e. Jan. 1 *Holders of rec. Dee. 15
Waukesha Motors common (quar.)
Wayagamaek Pulp & Paper (quar.)23e. Jan. 2 Holders of rec. Nov. 15
For month of December
Webster Eisenlohr, Inc., pref. (qtr.)._
134 Jan. 2 Holders of rec. Dec. 20a
*60e. Jan. 1 *Holders of rec. Dee. 20
Wooden & Co.(qua?.)
*50c. Jan. 1 *Holders of rec. Dec. 20
Extra
50e. Jan. 1 Holders of rec. Deo. 14a
Wesson 011 & Snowdrift, corn
•134 Jan. 6 *Holders of rec. Dee. 20
West Coast Oil pref.(quar.)
Western Electric Co., common (Guar.)._ $1 Dec. 31 Holders of roe. Dec. 26
81 Dec. 31 Holders of tee. Dec. 26
Common (special)
50e. Feb. 2 Holders of roe. Jan. 21
Western Tablet & Stationery corn.(quo)_
134 Jan. 1 Holders of rec. Dec. 21
Preferred (quar.)
Western Grocers, Ltd.(Canada), Pf.(ou) 134 Jan. 15 Holders of roe. Deo. 20
134 Jan.. 2 Holders of rec. Dec. 140
Western Reserve Invest, part. pf. (au.)
Western Res. Inv. Corp.6% pref.(qu.). 134 Jan. 2 Holders of rec. Dee. 140
Westinghouse Elec. & Mfg., com.(qu.). $1.25 Jan. 31 Holders of roe. Dee. 31a
$1.25 Jan. 15 Holders of rec. Dec. 310
Preferred (quar.)
$1 Dee. 27 Holders of rec. Dec. 14a
Westland Oil Corp
300 Jan. 2 Holders of roe. Dec. 18a
Westmoreland, Inc. (qua?.)
80e Jan. 2 Holders of roe. Dec. 18a
Special
Weston Electrical Instrument.
25e. Jan. 2 Holders of tee. Dec. 19a
Common (quar.)(No. 1)
50e Jan. 2 Holders of rec. Dee. 19a
Class A (quar.)
2
Jan, 2 Holders of rec. Dee. 10
West Point Mfg. tquar.)
1
Jan. 2 Holders of ree. Deo. 16
Extra
50c Jan, 1 Holders of roe. Dec. 140
Wextark Radio Stores, corn.(guar.).*25e. Jan. 1 *Holders of roe. Dec. 20
Wheatsworth, Inc.. common tquez.)
*50o Jan. 20 *Holders of roe. Dec. 31
White Eagle 011 & Refg.(qua?.)
50c Dec. 31 Holders of roe. Deo. 1240
White Motor (quar.)
White Motor Securities pref.(quar.)._. $1.75 Deo. 31 Holders of me. Dec. 12
White Rock Mineral Springs,corn. tqu.). 75e Jan. 2 Holders of rec. Dee. 20a
Jan. 2 Holders of tee. Dec. 200
$1
Common textra)
354 Jan. 2 Holum of tee. Deo. 20
First preferred Awe.)
354 Jan. 2 Holders of roe. Dec. 20
Second preferred ,quar.)
5
Jan. 2 Holders of rec. Deo. 20
Second preferred (extra)
*6234e Jan. 2 *Holders of rec. Dee. 15
White Star Refining (guar.)
62%e Dee, 81 Holders of rect. Deo. 200
Wilcox Rich Corp.. class A (guar.)
50e. Dec. 31 Holders of rec. Dec. 200
Class 13 (quar.)
100 Feb. 15 Holders of rec. Feb. 1
Will & Baumer Candle common (qu.)..
2
Jan. 2 Holders of roe. Deo. 16
Preferred (quar.)
WIllys-Overland Co. preferred (quar.)
134 Jan2'30 Holders of rec. Deo. 16a
134 Jan. 2 Holders of rec. Dec. 16
Wilson & Co. pref. (quar.)
Wilson & Co., Inc., pref. (mar.)
134 Jan. 2 Holders of ree. Dec. 16
Winn & Lovett Grocery class A (quar.)_
50e Jan. 1 Holders of rec. Dec. 21
Preferred (quar.)
134 Jan, 1 Holders of roe. Dec. 21
Wolverine Tube(guar.)
*30c Jan. 2 *Holders of rec. Dec. 13
Extra
*15e Jan. 2 *Holders of rec. Dec. 13
Wood (Alan) Steel, pref.(guar.)
134 Jan. 1 Holders of rec. Dee. 110
Woodruff di Edwards, Inc., class A (qu.) *50e. Jan. 1 *Holders of rec. Dec. 20
Worcester Salt
*$1.25 Dec. 31 *Holders of tee. Dec. 24
When
Per
Cent. Payable.
Name of Company.
Books Closed,
Days Inclusive.
Miscellaneous (Concluded).
Worthington Pump & Mach., of. A (qu.) 1M Jan. 2 Holders of rec. Dec. 100
hi M Jan. 2 Holders of rec. Dec. 100
Pref. A (acct, seem. dividends)
2 Holders of rec. Dec. 100
Preferred It (quar.)
1Si Jan
2 Holders of rec. Dec. 10a
hl
Jan
Preferred B (acct. accum. dies.)
2 Holders of rec. Dec. 20a
250. Jan
Wrigley (Wm.) Jr., Co.(monthly)
Monthly
25c. Feb. I Holders of rec. Jan. 20a
Monthly
500. Mar. 1 Holders of rec. Feb. 200
250. Apr. 1 Holders of rec. Max. 200
Monthly
25e. May 1 Holders of rec. Apr. 19a
Monthly
Jan. 2 *Holders of rec. Dec. 20
Wurlitzer tRudolph), pref. (quar.)
Ian. 2 Holders of rec. Dec. 14a
Si
Yale & Towne Mfg.(quar.)
Young (L. A.) Spring & Wire,corn. (qtr.)
750. Jan. 2 Holders of rec. Dec. 120
$1.25 Jan. 1 Holders of rec. Dec. I3a
Youngstown Sheet & Tube corn. (qu.)
1 4 Jan. 1 Holders of rec. Dec. 130
4
Preferred (guar.)
Zoller (William) Co., corn. (qu.)(No. 1) *50c. Dec. 31 *Holders of rec. Dec. 20
Dec. 31 *Holders of rec. Dec. 20
Common (payable in common stock). vf1
Dec. 31 •Holders of rec. Dec. 20
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 Dec. 13:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
• From unofficial sources. t The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. t The
New York Curb Market Association has ruled that stock will not be quoted exdividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction. e Payable In stock.
S Amer. Cities Power St Light dividends are as follows: On class A stock at
option of stockholders, 750. cash or 1-32 share of class B stock: class B, 2M% in
Class B stock.
Payable In scrip. h On account of accumulated
r Payable in common stock.
dividends.
Payable in preferred stock.
(North American Co. stock dividend is at rate oft-40th share for each share held.
I
k Payable either In cash or one-fortieth share class A stock for each share held.
Unless stockholder notifies company by close of business Dec. 18 of his election
to take cash, Utilities Power & Light dividends will be paid in stock as follows:
Common, one-fortieth share corn, stock: class A. one-fortieth share class A stock:
class B, one-fortieth share class 13 stock.
m Stockholders of Safeway Stores have option of taking cash or
% In stock by
notifying Chase Nat. Bank up to Dec. 23.
n Payable in common A stock at rate of $25 per share unless written notice of
election to take cash is given prior to Dec. 23.
o Nashville Chattanooga & St. Louis stock dividend subject to approval by board
of directors at meeting on Jan. 14.
p Electric Bond & Share dividend Is 1Si% payable (3-200ths of a share) in common
stock. Similar dividend at same rate Is payable on common stock issued after
Dec. 13 1929 for common stock of the Electric Investors, Inc., under plan of reorganization.
/Molders have option of applying dividend to purchase of additional shares at
rate of 1-40th of a share for each share held.
r Rio Grande Oil stock to be placed on a $2 per annum basis. The company
declared $I payable July 25 1929 and intends to declare another $1 payable on or
before Jan. 25 1930. The stock dividends are 134 shares on each 100 shares, the
first 1Si% having been declared payable April 25 with the intention to declare a
second 134% payable on or before Oct. 25.
a Central States Electric cony. pref. dividend payable in common stock at rate
of 3-32 shares of common on each share of 1928 series pref. and 3-64 share common
on each share of 1929 series Prof., or $1.50 cash.
Consolidated Gold Fields of South Africa dividend is 15 pence per share, less
tax and deduction for expenses of depositary.
u Payable in common stock at rate of 1-52 share common for each share cony.
prof. opt. series of 1929 unless holder notifies company of his desire to take cash
as rate of $1.50 per share.
o British Amer.Tobacco dividend is one shilling, eight pence per share. Transfers
received in London up to Dec.28 will be in time for payment of div. to transferees.
ur Less deduction for expenses of depositary.
z Sold ex-dividend on Nov. 27 on account of Exchange being closed on Nov. 28,
29 and 30.
y Payable in cash or 2% in common stock.
z Holder must notify company on or before Dec. 18 of his desire to take cash.
otherwise dividend will be paid in class A common stock at rate of 1-56 share.
1 North American Gas &Electric dividend optional either cash or class A stock at
rate of one-fortieth share.
bbNltddle West Utilities $6 pref. stock div. payable at option of holder either
$1.50 cash or three-eightieths share common stock.
aa Amer. State Pub. Serv. class A stock payable in cash or 2Si% in stock at option
of holder.
Weekly Return of New York City Clearing House.
Beginning with Mar. 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of a
report. The new returns show nothing but the deposits,
along with the capital and surplus. We give it below in full:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR TIIE WEEK ENDED SATURDAY. DEC. 14 1929.
Clearing House
Members
*Capita.
Bank of N. Y.& Tr. Co__
Bt. of the Manhattan Co.
Bank of America N. A__.
National City Bank... __
CeemIcal Bank & Tr. Co.
Guaranty Trust Co
Chat.Ph.Nat.Bk.&Tr,Co.
Cent. Han. Bk.& Tr. Co.
Corn Exch. Bk. Trust Co.
Myst National Bank
Irving Trust Co
Continental Bk.& Tr. Co
Chase National Bank
Fifth Avenue Bank
Equitable Trust Co
Bankers Trust Co
Title Guar. & Trust Co.__
Fidelity Trust Co
Lawyers Trust Co
New York Trust Co
Conti Nat. Bk & Tr. Co.
Harriman N. B.& Tr. Co_
$
6,000,000
22,250,000
35,775,300
110,000,000
15,000,000
90,000,000
116,200,000
21,000,000
12,100,000
10,000,000
50,000,000
6,000,000
105,000,000
500,000
46,500,000
25,000,000
10,000,000
go,000,000
3,000,000
12,500,000
7,000,000
1,500,000
Clearing Non-Members
City Bk. Farmers Tr. Co_
Mech'es Tr. Co., Bayonne
10,000,000
500,000
Tntals
3927
FINANCIAL CHRONICLE
DEC. 21 1929.]
*surplus and
Undivided
Profits.
Net Demand
Deposits
Average.
Time
Deposits
Averave.
$
$
$
14,240,000
65,755,000
9,551,000
43,228,400 188,444,000
42,910,000
39,281,300 165,295,000
54,094,000
126,952,400 a 1150749,000 189,005,000
21.317,400 212,483,000
19,430,000
198,809,000 b917.476,000
96,622,000
119,380,500 161,644,000
36,445.000
79,033,800 365,949,000
42,135,000
22,804,200 185,914,000
29,952.000
102,357,300 247,735,000
17,856,000
82,750,000 363,990.000
53,300,000
11,275,400
10,127,000
607,000
136,206,100 c783,607,000
84,469,000
3,814,100
25,086,000
932,000
45,238,500 d499,089,000
57,194,000
82,753,300 e435,394,000
41,789,000
24,498,700
36,863,000
1,580,000
65,617,400
40,431,000
5,046,000
4,508,200
16,000,000
1,884,000
34,047,700 165,242,000
24,732,000
8,416,700
46,466,000
8,228,000
2,822,200
35,477,000
5,287,000
11,093,900
860,500
7,571,000
2,898,000
1,481,000
5,373,000
021 , nnn 1 124 507 nnn ft ton 0125 am
ITA
500 000 nnn
• As per official reports: National. Oct. 4 1929; State, Sept. 27 1929; Trust Co.'s,
Sept. 27 1929. f As of Oct. 8 1929. g As of Oct. 2 1929.
Includes deposits in foreign branches: (a) $311,333,000; (b) $158.214,000;
(c) $13,317,000; (d) $132,019,000: (e) $65,601,000.
FOR TIIE WEEK ENDED FRIDAY, DEC. 13 1929.
NATIONAL AND STATE BANKS-Average Figures.
OtherCash Res., Dep., Dep. Othr•
Gross
Including N. Y. and Banks and
Gold. Bk.Notes. Elsewhere. Trust Co.. Deposits.
Loans.
ManhattanBank of U. S____
Bryant Park Bk _
Chelsea Exch. Bk
Grace National__
Port Morris
Public National_
Brooklyn
Brooklyn Nat'l
Peoples Nat'l_ _ _
$
$
5
$
$
5
226,810,000 173,000 6,764,000 31,479,000 2,600,000 217.858,001
2,110,001
356,500
____ 212,000
2,566,500
17,714.001
1,438,000 1,249,000
__
20,925,000
82,062 20,757,34:
22,384,806 2,000 118,666 2,226,752
2,822.301
166.000
95.000
3.515,500 31,500
143,742,000 53,000 2,568,000 9,508,00022,796,000 149,529,001
8,347,300 13,000
7,400,000 5,000
71,300
124,000
419,900
538,000
405,500
75,000
5,020,80
7,300,00
TRUST COMPANIES-Average Figures.
Cash.
Loans.
ManhattanAmerican
Bk. of Europe & Tr _
Bronx County
Empire
Federation
Fulton
.....
Manufacturers
United States
Brooklyn
Brooklyn
Kings County
Bayonne, N. J.Morhnntra
Reeve Dep., DePOLOther
N. Y. and Banks and
Elsewhere. Trust Cos.
Grose
Deposit.'
S
$
1
47,646,000 10.186,900 1,368,900
185,696
834,668
16,110,645
857,763 1,515,175
25,224,694
88,855,400 .5,584,000 5,569,100
142,898 1,213,071
17,262,810
316,600
18,138,900 *2,114,100
364,638,000 3,704,000 53,965,000
87,388,438 4,616,667 7,869,928
S
S
20,800 47,551,3oo
15,366.945
24,870,612
3,465,100 87,130,3oo
132,631 17,975,668
15,602,2oo
2,901,000 344,118,0
72,984,0
2,808,000 20,453,000
1,721,784 3,282,117
115,747,000
23,812,1 21
118,572,000
25,447,134
5 770 704
211 323
607.269
8.631.744
310.699
•Includes amount with Federal Reserve Bank as follows: Empire, $3,746,500;
Fulton, $1,969,400.
-In the
Boston Clearing House Weekly Returns.
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Dec. 18
1929.
Changes from
P7C140143 Week
Dec. 11
1929.
Dee. 4
1929.
$
82,975,000
82.975,000
Capital
96,975,000 +14,000,000
Surplus and profits
101,510,000 -19,769,000 121,279,000 121,279,000
Loans, disels & inveetls _ 1,154,780,000 -10,626,000 1,165.406.000 1,183.093,000
. .
. .
707,729,000 -5,337,000
Individual deposits
Due to banks
153,522,000 -6,316,000 159,838,000 164.903.000
Time deposits
270,882,000 -2,074,000 272,956,000 273,738,000
3.587.000
2,506,000
3.773,000 +1,267,000
United States deposits__ 46,217,000
41,535.000
Exchanges for Cl's House
35,016,000 -6,519,000
90.737.000
86.459.000
Due from other banks...
95,256,000 +8,797,000
91,277,000
88,045,000
Res've in legal deposit's_ _
92,769,000 +4,724,000
8,486,000
8,670,000
+813,000
9,483,000
Cash In bank
3,172.000
+1,195.000
1,847,000
2,682,000
Reerve excess 1111 . R.Bk
1
-The Philadelphia Clearing House
Philadelphia Banks.
return for the week ending Dec. 14, 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 Dec. 14 1929.
Two Ciphers (00)
omitted.
Members of
Trust
F.B.System Companies.
Capital
61,985,0
Surplus and profits _ 215,028,0
Loans, discts. & invest. 1,099,355,0
Exch. for Clear. House
39,104,0
Due from banks
97,926,0
Bank deposits
139,858.0
Individual deposits... 626,114,0
Time deposits
208,880,0
Res. with legal depos
974,852,0
Res. with F. R. Bank_
70,592.0
Res. with F. R. Bank_
15,026,0
Cash in vault.
Total res. & cash held_
85,618,0
Reserve required
Excess reserve and cash
in vault
Dec. 7
1929.
Nov. 30
1929.
Total.
69,185,0
7,500,0
69,485,0
69.185,0
16,671,0 231,699,0 230,499,0 230,499.0
67,913,0 1,167,268,0 1,180,874.0 1,191,587,0
42,428,0
326,0
45,352,0
39,430.0
13,0
96,511.0 101,716,0
97,939,0
958,0 140.816.0 143,514.0 143,450,0
29,897,0 656,011,0 649.493,0 661,007.0
16,514.0 225,394,0 227,060.0 227.275,0
47,369.0 1,022,221,0 1,020,067.0 1,031,732,0
69,732,0
71,100,0
70,592,0
5.685,0
5,530.0
5,120,0
5,120,0
14,219,0
15,571,0
16,497,0
1,471,0
90,849,0
90,988,0
92,209,0
6,591,0
*Cash In vault not counted as reserve for Federal Reserve membes.
3928
FINANCIAL CHRONICLE
[VOL. 129.
Weekly Return of the Federal Reserve Board.
The following Is the return issued by the Federal Reserve Board Thursday afternoon, Doc.19,and showing the condition
af the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
.ss a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
'oust week appears on page 3886, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS DEC. 18 1929.
Dec. 18 1929. Dec. 11 1929. Dec. 4 1929. Nov. 27 1926. Noo. 20 1929..Vor. 13 1929
Nor.6 1929. Oct. 30 1929. Dec. 19 1928.
RESOURCES.
S
s
s
$
s
s
s
$
s
Gold with Federal Reserve agents
1,756,080,000 1,628,207,000 1,612,065,000 1,829,465,000 1,548,485,000 1,550.885.000 1,476,471,000 1.543,841.000 1,268,645,000
Gold redemption fund with U. S. Treas.
74,787,000
76,787,000
76,287,000
76,287,000
76,287,000
76,247.000
76.247,000
65,939,000
76,485,000
Gold held exclusively eget. F. R. notes 1,830,867,000 1,704,994.000 1,718,352.000 1,705,752.000 1,624,772,000 1,627,132,000 1,552,718,000 1.609,780,000 1,345,130,000
Gold settlement fund with F. R. Board_ 485,531,000 523,502,000 550,717,000 593,449.000 718,728,000 733,907,000 801,196.000 791.887,000 736,444,000
'Gold and gold certificates held by banks_ 566,410,000 735,652,000 723.897.000 688,227,000 998.195.000 678.131.000 664.990,000 619,284,000 533,383,000
Total gold reserves
7teservee other than gold
2.882,808.000 2,964,148,000 2.992.966,000 2.987,428.000 3,041,695,000 3,039.170.000 3,04904,000 3,020.951.000 2,614,957,000
143,345.000 145,719.000 145.782.000 147,192,000
153,933 147 808.000 151,727,000 156,057,000 .108,800,000
Total reserves
3,026,153,000 3,109.867.000 3,138,748,000 3,134,620,000 3,195,628,000 3,186.978.000 3,170,631,000 3,177,008.000 2,723,757,000
Ion-reserve cash
67,687,000
76,472,000
79,883.000
79,061,000
91,042,000
92,617,000
85,276.00(1
81,996,000
56,973,000
Sills discounted:
Secured by U. S. Govt. obligations__. 382,461,000 398,729,000 424,932,000 463,173,000 420,160.000 470,342,000 512,632,000 532,388.000 582,722,000
Other bills discounted
354,577,000 370,193,000 447,378,000 449.176,000 470,398,000 501,013.000 478,248,000 458,650.000 363,988,000
Total bills discounted
Sills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
737,038,000
309,411,000
899,558,000
283,831,000
971,355,000
299,512,000
990,880,000
330,374,000
991,038,000
339,885,000
946,710,000
453,111,000
50,971,000
193,374,000
142,589,000
37,955.000
183,413,000
133,776,000
62,791,000
134,649,000
128.658,000
76,791.000
121,998.000
127.739,000
80,530.000
108,677.000
123,349.000
77,252,000
114.117.000
101.380,000
81,261,000
120,294,000
91,133,000
53,386,000
105,318,000
131,838,000
386.934.000
13,603.000
355,144,000
18,698,000
326,098,000 329,528,000
20.348,000
18,698,000
312,556.000
22,881,000
292,749,000
23,631.000
292,688,000
25,131.000
290,542,000
10,360,000
1,589,466,000 1,491.299,000 1,502,670,000 i,514,460,0001.530,265.000 1,606,304,000 1,637,634,000 1,648,742,000 1,700,723,000
722,000
870,381,000
59,268,000
10,779,000
724,000
682,767,000
59,172,000
13,021,000
724,000
689,918,000
59,171.000
11,028,000
728.000
723,000
722,000
726,000
721,000
727,000
676,919,000 789.400.000 938,259,000 713,484,000 772,955,000 867,294,000
59,157,0001 59,120,000
59,059,000
59.037,000 59,036,000
60,630,000
11,493,000
11,637,000
1
11,553.000
10,625,000
8,375,000
11,335,000
I
5,624,456,000 5,433,322,000 5.483,042,000 5,476,577,000 5,677,676,000 5,895,496,000 5,674,839,000 5,754,363,000 5,418,479,000
Total resources
LIABILITIES.
4. R. notes in actual circulation
Deposits:
Member banks
-reserve account
Government
Foreign banks (see sole)
Other deposits
Total deposits
Deferred availability Items
Capital paid In
Surplus
AII other liabilities
912,349,000
257,315,000
533,265,000
9,752,000
Total bills and securities (see note)
Gold held abroad
Due from foreign banks (see note)
gueollected items
Bank premises
All other resources
872,310,000
256,518,000
68.818,000
198,794,000
265,653,000
Total U. S. Government securities
Other securities (see note)
floreIgn loans on gold
768,922,000
321,840,000
I
1,926,023.000 1,918,314,000 1,938.470.000 1,930,181,0001,924,990,000 1,937,167,000 1.918,327,000 1,880.192,000 1,869,192,000
2,408,216,000 2,396,984.000 2,401.001,000 2,375,650,00012,518,202,000 2,607.973,000 2,557,708,000 2,651,608.000 2,325,879,000
3,091,000
3,310,000
25,348,000
18,936,000
35,847,000
5,489,000
18,967,000
11,157,000
31,010.000
5,798.000
5,880,000
5,021,0001
5,774,000
5,480,000
5,744,000
6,000,000
5,709,000
5,313.000
22,027,000
19,519,000
20,519,000, 19,995,000
20,562,000
19,314,000
20,811,000
20,187,000
28.669,000
2.439,132.0002,425,693.000 3,452,633
.000 2.437.037.000 2,562,613,000 2,645,941,000 2,622,700.000 2,696,471,000 2,356,426,000
787,63 .000 620,399,000 623,940,000 641,558,000 723,722,000 847,085,000 669,531,000 714,209,000 771,548,000
170,148.000 168,357,000 168.388,000 168.321,000 167,854.000 167,311,000 167,120,000 167,025,000 146,876,000
254,398,000 254,398,000 254,398.000 254,398,000 254,398,000 254,398.000 254,398,000 254.398.000 233,319,000
47,121,000
46,161.000
45,163,000
45.082,000
41,118,000
44,099.000
42,088,000
42.763.000
43,594.000
Total liabilities,
5,624,456,000 5,433,322,000 5,41,3,042.000 5,476,577,000 5.677,676.000 ,895,496.000 6,674,839,000 5,754,393.000 5,418,479,000
Ratio of gold reserves to deposits and
F. R. note liabilities combined
66.0%
68.2%
68.1%
68.4%
61.9%
66.3%
67.7%
66.0%
66.4%
Ratio of total reserves to deposits and
F. It. note liabilities combined
69.3%
71,6%
71.5%
71.2%
64.5%
71.8%
69.4%
69.8%
69.5%
Contingent liability on bills purchased
for foreign correspondents
539,798,000 517,659,000 505,491,000 509,380,000 510,172,000 508,290,000 508.354,000 500,833.000 321,010,000
.-Distribution by Maturities$
$
$
$
$
3
$
$
$
1-15 days bills bought In open market - 177,017.000 176,762,000
93,042.000
65,270,000
70,968,000 139,251.000
74,963,000
63,032,000
55,706,000
1-15 days bills discounted
584,000.000 588,602,000 667,708,000 692,626,000 674,184,00
735,624,000 783,901.000 784,594.000 797,249,000
1-15 days U. S. certif. of indebtedness_
69,800.000
62,751,000
61,453,000
570,000
925,000
80,690.000
1,300.000
215.000
490,000
1-15 days municipal warrants
150,000
125,000
125,000
9-30 days bills bought in open market_
90,483,000
99,308,000
60,158,000
48,503,000
76,510,000
60,159,000
66,158,000
94,713,000
93,268.000
8-30 days bills discounted
52,654,000
60,820,000
61,074,000
51,610,000
65,415,000
49,342,000
65,403,000
69,280,000
39,031,000
6-30 days U. B. certif. of indebtedness
57,243.000
58,250,000
8-30 days municipal warrants
85,000
50,000
600.000
556,000
100,000
1,006.000
60,000
1-80 days bills bought in open market _
32,940,000
36,346.000
63,078.000
90,088,000 145,298.000 153,690,000 148,739.000 133,870,000 143,448,000
1-80 days bills discounted
58,326,000
70,713,000
92,360,000 100,044,000 103,655,000
81,928.000
94,601,000
96,972,000
58,914,000
1-60 days U. S. certif. of Indebtedness_
90,000
40,964,000
53,368,000
46,228,000
1-80 days municipal warrants
60,000
25.000
531.000
481,000
725,000
125,000
1,131.000
1-90 days bills bought in open market _
8,493,000
8.803,000
12,676.000
86,755,000
6.058,000
6,600,000
22.733.000
71,311,000
56.966,000
1-90 days bills discounted
28,200.000
32,669,000
40,410,000
43,954,000
47.283.060
49,720.000
33,383,000
47,160,000
47,418,000
1.410 days U. S. certif. of indebtedness_
65,101,000
13,090.000
22,873,000
1-90 days municipal warrants
406,000
.17,000
)ver 00 days bills bought in open market
478,000
621,000
526,000
4,388,000
1,789.000
698,000
1,225,000
1,478,000
439.000
ver 90 days bills discounted
13,858,000
16,118.000
16.861,000
17,994,000
18,133,000
16.973,000
10,601.000
12,505,000
15,380,000
ver PO days certif. of indebtedness
130,752.000
79,838,000
72,323.000
56,748,000
48,869.000
69,918,000
28,175.000
69,766,000
54,227,000
ver 90 days municipal warrants
17,000
18,000
17.000
17,000
P
R. notes received from Comptroller__ 3,692,970,000 3,687,654,000 1,617,348,000 3,601,128,000 3,597,498.000 3.528,280,000 3,496,402,000 3,505,925,000 3,007,737,000
1,192.324,000 1,229,468,000 1,167,103,000 1,172,108,000 1,170.449,000 1.089,170.000 1,088,715.000 1.170.625.000 720,295,000
R. notes held by F. R. Agent
Issued to Federal Reserve Banks____. 2,500,646,000 2,458.186,000 2,450,245,000 2,429,020,000 2,427,049,000 2,439,110,000 2,407,687,000 2.329,300,000 2,287,442,000
_
._
_
-
How Secured
Sy gold and gold certificates
bold redemption fund
iold (und-Federal Reserve Board
ly eligible paper
455,510,000 342,937,000 355.695,000 355,605,000 357,71.5.000 357,715,000 358,835,000 403,405,000 441.021,000
94.785,000
1,300,570,000 1.285,270,000 1,286,370,000 1,273,770,000 1,190,770,000 1,193,170,000 1,117.636,000 1,140,436,000 732,839,000
1,017,101.000 1,014,119,000 1,094,771.000 1,125,269,000 1,136,223,000 1,223,599,000 1,264,526,000 1,275,860,000 1,350,802,000
"---•
.IOt,U1JU 4,O4,.54O,IWIJj,5.jfl,5.5fl,I?(Io
.
„ ,
,
,
Z,
515,i
°Revised figures.
NOTE.
-Beginning with the statement of Oct. 7 1925, two new Items were added In order to show separately the amoun of balances held &tread and amounts Gue
us foreign correspondents. In addition, the caption. "All other earning assets," previously rusae up of Foreign Intermediate Credit Bank debentures, was changed to
'Other securities." and the caption. "Total earning assets" to -Total bills and securities." 'TWO latter item WM adopted as a more accurate description of the total 01
he discounts, acceptances and securities acquired under the provision of Sections 13 and 14 of the Federal Reserve Act, which, It was stated. are the only Items included
dierein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS DEC. 18 1939
Two ciphers (00) omitted.
Federal Reserve Bank of-
Total.
Boston.
RESOURCES.
',RAI with Federal Reserve Agents 1,756,080,0 224,917,0
74,787,0 6,928,0
Gold red'n fund with U.S.'Treas.
New York, 1 Phila.
I Cleveland)
Richmond Atlanto.1Chicago. St. Louts. MInneap. Ken City. Dallas. San Frog.
$
IS
IiiiiSIS
$
400,636,0 129,000,0 112,900,0 71,190,0 119,580,0 269,564.0 73,650,0 57,157,0 70,000,0 35,723,0 191,763,0
16,814,0, 4,920,0, 6,493,0: 3,180,0, 3,169,0, 11,420,0 5,734,0 3,970,0 3,241,0 2,459,0 6,459,0
Gold held excl. e.gst. F. R.notes 1,830,867,0 231,845,0
Gold settle't fund with F.R.Board 485,531,0 20,258,0
Gold and gold °Us held by banks. 566,410,0 29,786,0
Total gold reserves
deserve other than gold
Total reserves
?Von-reserve cash
s31115 discounted:
Sec. by U. S Govt. obligations
Other bills disccunted
417,450,0 133,920,0 119,393,0; 74,370,0122,479,0 280.984,0 79,384,0 81,127,0 73,241,0 38,182,0 198,222,0
105,973,0 39,116,0 78,588,0, 16,666,0' 9,931,0 86,714,0 18,377,0 15,608,0 31,808,0 18,949,0 45,543,0
301,736,0 40,651.0 43,187,0; 11.079,0' 3,368,0; 85,768.01 5,480,0 4,230,0 5,251,0 9,066,0 26,808,0
i
,
2,882,808,0 281.889,0 825,159.0213,687,0 239,168,0 102.116,0136,048,0 453,488,0 103,241,0 80,965.0 110,300,0 68,107,0 270.573,0
143 345 0' 14 904 0
47,386.0 11,760,0 0,572,0 4,478,0 14,481,0 10,347,0 8,860,0 2.176,0 4,951,0 5,309,0 12,141,0
1
;
I
i
1
3.026,153.0296,793.0 872,525,0 225,447,0 245,740,0 106,593,0 150,529,0 463 813,0 112.101.0 83,141,0 115,251.0 71,506,0 282,714,0
2,551,0, 3,790,0, 3,361,0i 3,137,01 8,670,01 4,274,0 1,593,01 1,855,0 2,288,0 5,619,0
87,887.01 11.132,0
19,417,01
382,461.01 17,505,0
354,577,01 19,107,0
112,405.01 34,740,0, 49,848,01 10.397,01 3,429,0 71,521.0! 15,879,0
63,768,0' 35,965,0 44,604,0 30,962.0' 36.331,0 47,216,0' 12.746,0
737,038,0 38,612,0
'
309,411,01 13,044,0
176.173,01 70,705,0 94,450,0, 40,459,0 39,760,0 118.737,0,
118,025.0 8,455,0 29.032,0 17,022,0, 18,774,0 39,614.0'
1
10,542,0 3,587.0, 4,086,01 3,391,01
34.0, 25,274,01
118,434.0 13,332,0 11,414,0 1,178,01 3,376,0 11,108,0,
108,407,0 19,889,0, 20,231,0' 2,249,0; 8,433,0, 23,292,0;
'
;
237,383,0 38,788.0 35,731,0 8,818,01 11,843,0' 59,754,01
Total bilks discounted
811111 bought In open market
0. S. Government securities:
Bonds
Treasury notes
Certillmtea of indebtedness
68,818,0, 3,466,0
198,794,0 5.621,0
265,653,0 18,092,0
("mai U S. Gov't securities
533,265,0 27,179,0
6.323,0, 14,230,0 3,556,0 42,630,0
9,491,0, 23,836,0 10,117,0 21,334.0
28,625,0 15,814,01 38,066,0 13,673,0 63,064.0
8,028,0 4.804,0' 13,013,0 9,845,0 30,855,0
1
9,459,0
68,0
2,989.0 5.962.01
263,0 5.593,0 10,600.0
12,363,0; 5,432,0
19,780,0 10,062,0; 15,800,0 15,702,0 3,716,0
35.112.01 21,456,0 16,063,0 30,754,0 14,384,0
BXBOURCES (Concluded)
Two ciphers (00) omitted.
New York.
Boston.
Total.
$
9,752,0
Other securities
Foreign loans on gold
3929
FINANCIAL CHRONICLE
DEC. 21 1929.]
$
1,000.0
Cleveland. Richmond Atlanta. cnica00.18:. Louts.iliftruseap. Kan.Otty.i Dallas. ;SanFran
Phila.
$
4,500,0
3
3
1,500,0
$
1,150,0
$
I
1,500,0
$
$
3
102,0
3
$
$
I
Total bills and securities
Due from foreign banks
(Incefleeted Items
Gana premtees
All other
536,081,0 117,098,0 160,713.0 65,199,0 70,377,0 219,605,0: 69,765,0 42,176,0 67,142,0 54,272,0 109,203,0
24,0
24,0
52,0
29,0
18,0
99,0
28,0
33,0
74,0
70,0
217,0
240,132,0 73,191,0 79,401,0 63,634,0 27,349,0125,105,0 37,460,0 17,807,0 48,270,0 31,475,0 43,520,0
16,087,0 1,762,0 6,535,0 3,395,0 2,744,01 8,529,0, 3,997,0 2,110,0 4,140,0 1,922,0 4,345,0
361,0
348,0
316,0,
513,0
155,0
599,0,
621,0 3,814,01
81,0 1,014,0
2,867,0
1
1
5,624,456,0 472,643,0 1,687,326,0 420,200,0 497,267,0 242,836,0 257,978,0 826,420,0,227,942,0,147.358,0 238,837,0 161,835,0 445,814,0
1,589.466,0 77,835,0
54,0
722,0
870,381,0 83,037,0
59,268,0 3,702,0
90,0
10,779,0
Total resources
1
LIABILITIES.
1
07,454.01146,351.0 309,689,01 94,031,01 65,869,0 89,455,0 48,879.0 189,756,0
1
lb R. notes in actual circulation 1,926,023,0 210,421,0 312,489,0 169,814,0 191,815,0
,
'Deposits:
1,007,381,0 136,095,0 183,326,0 66,033,0 63,588,01 343,068,0 78,003,0 54.871.0 89,970,0 65,734,0 173,387.0
Member bank-reserve acel. 2,408,216,0 146,760,0
120,0
55,0
420,0
203,0
52,0
279,0
338,0
146.0
937,0
70,0
3,091,0
300,01
Government
81, 1
0
380,0
174,0
174,0
211,0,
132,0
723,0,
538,0
243,0
206,0,
391,0
2,119,0
507,0
5,798,0
Foreign bank
65.0 8,992,0
122,0
286,0
384,01
974,0i
155,01
174,0
8,746,0
161,0 1,851,0
117,0
22,027,0
Other deposits
Total deposits
Deferred availability items.
Capital paid in
Carplus
All other liabilities
2,439,132,0 147,338,0 1,019,183.0 137,042,0186,053,0' 66,596,0 64,030,0345,155,0: 78,650,0 55,492,0 90,686,0 66,023,0 182,879,0
787,634,0 81.236,0 203,302,0 69,332,0 72,944,0 58,080,0 28,502,0 107,943,0, 36,861,0 14,018,0 41,680,0 32,512,0 41,174.0
5,385,0 20,006,0; 5,271,0 3,087,0 4,281,0 4,461,0 11,414,0
170,148,0 11,318,0
66,723,0 16,482.0 15,634.0„
254,398,0 19,619,0
71,282,0 24,101,0, 26,345.0j 12,399,0 10,554,0 36,442,0! 10,820,0 7,082,0 9,086,0 8,690,0 17,978,0
47,121,0 2,711,0
14,347,0 3,379,0, 4,476,0, 2,221,01 3,156,01 7,1851 2,309,0 1,810,0 1,649,0 1,265,0 2,813,0
5,624,456,0 472,643,0 1.687.326,0 420,200,6497,267,0 242,836,0257,978,0 826,420,0 227,942,0 147,358,0 236,837,0 161,835,0 445,814,0
Total liabilities
Memoranda.
1
1
1
75.9
62.2
64.0
68.5
64.9
70.81
65.01
71.61
73.5
65.01
69.3
83.0
65.5
Reserve ratio (per cent)
Contingent liability on bills put
chased for foreign corrsspond'te 539,798,0 39,981,0 163,221,0 51,867,0 55,109,01 24,853,01 21,071,01 74,019,01 21,611,0 13,507,0 17,829,0 17,829,0 38,901,0
F. R. notes on hand (notes reed'
from F. R. Agent lees notes in
I
t74 1121 n es R1R 0 211 11290 en nee n 2411730! 24 931 fil 1111111.0 60.092.0 13.149.0 6.779.0 11,862,0 7,454,0 65,934(
etrettlatior) _
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS DEC. 18 1929.
Federal Reserve Agent at
-
Total.
Boston.
New York
Dallas. SanFras,
Cleveland kfrAmond Atlanta. Chicago. St. Louis. Minneap Kan.City
Phila.
S
S
$
$
$
$
Two ciphers (00) omitted.
$
S
$
3
3
$
$
P.R.notes read from Comptroller 3,692,970,0 342,507,0 962,061,0 238,203,0 313,468,0 171,991,0 279,976,0,539,032,0 133,590,0 126,170,0 137,977,0 76,355,0 366,590,0
WE.notes hold by F. R. Agent__ 1,192,324,0 76,250,0 397,740,0 48,300,0 101,680,0 49.599,0 101,940,01169,301,0 26,410.0 53,522,0 36,660,0 20,022,0 110.900,0
564,321.0 189,903,0 216,788,0 122,392,01 178,036,0 369,781,0 107,180,0 72,648,0 101,317,0 56,333,0 255,690,0
F. R. notes leaned to F. R. Bank _ 2,300,646,0 266,257,0
Collateral held as security for
P. Ft. notes issued to F. R. Bk.
Gold and gold certificates__ 455,510,0 35,300,0
Gold redemption fund
Gold fund-F.It. Board
1,300,570,0 189,617,0
Eligible paper
1,017,101,0 49,579,0
Total collateral
277,010,0 32,600,0 12,900,0 16,190,0
17,223,0 35,000,0
7,650.0 14,157,0
7,430,0
123,626,0 96,400,0 100,000,0 55,000,0 112,100,0 269.564,0 66,000,0 43,000,0 70,000,0 18,500,0 156,763,0
279.354,0 70,690,0 123,148,0 53,879,0 58,469,0 158.075,0 34,529,0 20,437,0 50,876,0 23,348,0 94,717,0
679.990,0 199,690.0 236,048,0 125,069.0 178.049,0 427,639,0 108,179,0 77,594,0 120,876,0 59,071.0 286,430,0
2,773,181,0 274.496,0
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
and liabilities of the member banks in 101 cities from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 3475. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions," on page 3887, immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning with the statement of Jan. 9 1929, the loan figures exclude "Acceptances of other banks and bills of exchange or drafts sold with endorsement," and include all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and bills sold with
endorsement were Included with loans, and some of the banks included mortgages in investments. Loans secured by U. S. Government obligations are
no longer shown separately, only the total of loans on securities being given. Furthermore, borrowing at the Federal Reserve are not any more subdivided to show the amount secured by U. S. obligations and those secured by commercial paper, only a lump total being given. The number of reporting
banks Is now omitted; in its place the number of cities Included has been substituted. The figures have also been revised to exclude a bank in the San
Francisco district with loans and investments of $135,900,000 on Jan. 2 which recently merged with a non-member bank. The figures are now given in
!Mind millions instead of in thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS DECEMBER 11 1929. (In millions of dollars.)
Federal Reserve District-
Total.
11081071.
New York
Phila.
Cleveland RiehMOnd Atlanta. Chicago. St. Louis. Aftnneap. Kan. Ctry Dallas. San Fran,
Loans and investments-total
3
22,922
s
1,538
$
9.163
$
1,238
2,177
663
s 623
$
3,309
Loans
-total
17.375
1,207
6,921
950
1,568
506
506
7,818
9,537
514
693
3,485
3,456
497
453
737
831
191
315
143
363
5,547
331
2,242
288
609
157
2,719
2,828
157
174
1,204
1,038
81
207
289
320
71
86
1,747
280
101
19
847
89
77
19
125
34
13,776
6,698
27
947
470
2
6,343
1,763
8
713
263
3
1,120
2,762
53
124
126
964
493
14
102
On securities
All other
investments-total
U.S. Government securities
Other securities
Reserve with F. It, Bank
Cash In vault
Net demand deposits
Thee deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R. Bank
a
688
396
635
479
S
1,957
2.664
540
273
464
372
1,403
1,281
1.383
253
287
87
186
122
342
106
266
423
981
122
645
148
123
222
107
554
57
65
283
362
38
110
67
56
100
121
65
42
307
247
39
13
39
10
252
40
45
7
27
6
55
12
33
8
107
21
1,020
926
3
354
233
1
326
223
2
1,875
1,208
3
394
221
239
129
490
176
292
137
2
784
950
3
58
165
87
185
52
104
76
106
197
408
61
124
5.5
84
128
206
63
100
165
192
28
70
21
28
77
17
18
37
16
66
S
I
$
$
S
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 Dec. 18 1929,
in comparison with the previous week and the corresponding date last year:
RO$010T8.1Gold with Federal Reserve Agent
Dold redemp. fund with U.S. Treasury_
Dec. 18 1929. Dec. 11 1929. Dec. 19 1928.
IS
$
$
400,636,000 314,013,000 269,177,000
16,814,000
16,814,000
16,831,000
Gold held exclusively ant. F. R. notes
Gold settlement fund with F. R. Board.
Gold and gold certificates held by bank_
417,450,000
105,973,000
301,736,000
331,727,000
98,263,000
458,232,000
286,008,000
271,921,000
300.858,000
Total gold reserves
Steeerves other than gold
325,159,000
47,366,000
888,212,000
43,303,000
872,525,000
19,417,000
931,515,000
24,3-10,000
878,064,000
18,598,000
112,405,000
63,768,000
109,744,000
45,533,000
170,777,000
62,016,000
Total bills discounted
:bills bought In open market
43. 8. Government securities
Bonds
Treasury notes
Certificates of indebtedness
176.173,000
118,025,000
155,277,000
145,180,000
232,793,000
126,397,000
. 10,542,000
118,434,000
108,407,000
4,772,000
114,067,0(10
65,096,000
1,384,000
18.855,000
87,586,000
Total U.S.(3overnment securidee._
Other securities (see sat)
Foreign loans on gold
237,383,000
4,500,000
184,835,000
7,100,000
538.081,000
492.392,000
467,015,000
217,000
240,132.000
16,087,000
2,867,000
219,000
179,621,000
16,087.000
4,466,000
205,000
238.025,000
16,678,000
688,000
107,825,000
Total bills and securities (See Neve_ _.
Dec. 18 1929. Dec. 11 1929. Dec. 19 1928
S
$
3
858,787,000
19,277,000
Total reeerves
ffon-reserve cash
0111e 6lecountedSecured by IJ. S. Govt. obligations...
Other bills discounted
Rssourcea (Concluded)Gold held abroad
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
Total resources
1,687,326,000 1,648,640,000 1,619,273,000
Ltabegf-s312,489,000 323,352,000
Feci'l Reserve notes in actual circulation_
Deposits
--Member bank, reserve acct__ 1,007,381,060 1,012,403,000
857,000
Government
937,000
2,202,000
2,119,000
Foreign bank (See Note)
8,746,000
7.289.000
Other deposits
359,365,000
1,019,183,000 1,022,751.000
203,302,000 152.4034,000
64,889.000
66,723.000
71,282,000
71,282,000
14,347,000
13,902,000
928,038,000
205,636,090
50,098,000
63,007,000
13.129,000
Total deposits
Deferred availability Iterna
Capital paid In
Sur plus
All other liabilities
Total liabilities
Ratio of total reserves to depoelt and
Fedi Reeve note liabilities combined_
Contingent liability on bills purchased
for foreign correspondence
919,099,000
260.000
783,000
7,896,000
1,687.326,000 1,648.640,000 1,619,273,000
65.5%
69.2%
68.2%
163,221,000
157,489,000
93 949 000
. ,
NOTE..-Ileginning a ith the statement of Oct, 7 1925, two new items were Added in order to show separately the amount of balances held abroad and amounts due to
foreign correspondents. In addition, the caption "MI other euraing 383015." PrOVIadely Made up of Federal Intermediate credit bank debentures, was changed to
"Other securities," and the caption "Total earning itasete" to "'Total bills and securities."Phe latter term was adopted as a more accurate description of the total of the
discounts,acceptances and securities acquired under the provisions 01 :teeth-ins 13 :Ind 1401 the Federal fklerve Act, whieh, It was etied,are the only Items included therein
3930
FINANCIAL CHRONICLE
Vaulters'
STOCKS.
Week Ended Dec. 20.
antic
Wall Street, Friday Night, Dec. 20 1929.
Railroad and Miscellaneous Stocks.
-The review of the
Stock Market is given this week on page 3911.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ended Dec, 20.
Saks
for
Week.
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
Highest.
RailroadsPar.1 Shares. $ per share. $ per share. $ per share 2 per share.
Ann Arbor
100
50 90 Dec 18 90 Dec 18 48% Mat 90
Dec
Preferred
100
30 86 Dec IS 86 Dec 18 71
Max 86
Dec
Bklyn & Queens Tran_•
400 9 Dec 26 11% Dec 18 7
Nov 15
Dec
Preferred
*
300 52% Dec 17 53 Dec 19 44
Nov 65
Sept
Canada Southern_ _.1
20 56 Dec 17 56 Dec 17 54% Oct 61% Feb
Central RIO of NJ._100
300 275 Dec 17 280 Dec 14 240
Nov 360
Feb
Cuba RR pref
100
140 60 Dec 17 60 Dec 17 60
May 81
Jan
Gwen Bay & West_100
10 75 Dec 16 75 Dec 16 75
Dec 82% Apr
III Cent leased line_100
20 70 Dec 14 71% Dec 16 70
Dec 80
Feb
Manhat Elev guar_ _100
40 52 Dec 20 58 Dec 16 52
Dec 87
Jan
New Orl Tex & Mex 100
100125% Dec 19 126 Dec 19 11044 Nov 156
May
N Y Central rights_ _ _ _ 94,700 5% Dec 26 6 Dec 14 5% Nov 6% Nov
N Y State Rys
230 1% Dec 2C 3% Dec 14 1
100
Oct 14% Mar
Preferred
I
420 3% Dec 19 5 Dec 17 3
Nov 41
Jan
Northern Central_ _50
70 84% Dec 17 84% Dec 17 80
Nov 86% Feb
Pacific Coast
100
800 10 Dec 16 14% Dec 17 10
Dec 43
Feb
Penn RR rights
68,900 3 Dec 20 3% Dec 14 3
Dec 3% Dec
110 147 Dec 17147% Dec 1:142
Pitts Ft W & Chic pfl
Nov 153% Nov
Vlcks Shreve & Pac.100
10 95 Dec 18 95 Dec 18 88
Sept 100% Jan
Sales
for
Week.
[Vol.. 129.
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest. 1 Highest.
Par. Shares. $ per share. $ per share. $ per share 5 per share.
Indus. & Misc.(Conc.)
Radio Corp pref B _ __ _• 2,600 70
Dec 21 12% Dec 18 62
Nov 82% Apr
Railway & Express...'
500 32 Dec 17 35 Dec 14 24
Nov 61% Sept
Raybestos Manhattan * .5,300 32% Dec 2 34 Dec 16 28
Nov 58% Sept
Reynolds Spring rts- 5,300
34 Dec 16 34
44 Dec 20
Nov 1
Oct
Reynolds Tob cl A_ _10
180 78 Dec 14 80 Dec 17 70
Apr 89% Oct
Second Nat Inv Tr ctfs*
600 13 Dec 17 13% Dec 14 12
Dec 15% Nov
Preferred ctfs
•
700 56 Dec 20 60 Dec 18 45
Nov 63% Nov
Servel Inc
• 27,700 7% Dec 20 9% Dec 14 73.4 Nov 21% Aug
Sharp & Dohme
* 1,200 16% Dec 17 17% Dec 16 16% Dec 22 ,Nov
Preferred
• 1,100 53% Dec 19 5454 Dec 16 50
Nov 65% Aug
Shell Transp & Trad-C2
180 45
Dec 18 45 Dec 18 43
Jan 55% Jan
Solvay Inv Trust pf.100 1,600 96% Dee 20 9934 Dec 14 85
Nov 111
Sept
Standard Brands
*114,100 25% Dec 20 29 Dec 14 20
Oct 4434 Sept
Preferred
300117% Dec 17 118% Dec 18114% Nov 18% Sept
•
Stanley Co of Amer.__
50 26 Dec 20 27 Dec 20 20
Nov 45
May
Sterling Secur class A.* 10,400 9% Dec 20 13% Dec 16 8% Nov 38
Sept
Preferred
20 4,200 12% Dec 20 13 Dec 14 844 Nov 15% July
Cony pref
50 3,100 36 Dec 20 38% Dec 16 31
Oct 55% Sept
Tob Prod Div ctfs A.10
200; 3 Dec 17 3 Dec 17 3
Dec 18
Feb
United Carbon
* 8,900, 41% Dec 20 49% Dec 18 40% Nov 111% Bent
United Dyewood__ _1
70 43.4 Dec 20 541 Dec 19 4
Oct 21
May
United Gas dr Impt •279,300; 28% Dec 20 32% Dec 14 22
Oct 51% Oct
Preferred
* 3.000 9734 Dec 14 98% Dec 19 90% Oct 98% Dec
Rights
53,000;
% Dec 20 134 Dec 18
44 Nov 1% Oct
United Stores
* 13.600, 334 Dec 20 6% Dec 14 344 Dec 14
Oct
Preferred
* 5,980 20 Dec 20 22% Dec 16 20
Nov 40% Oct
United Piece
•
900 21
Dec 19 23 Dec 14 15% No 48% Aug
U S Freight
* 6,000 90% Dec 21 9734 Dec 14 86% Nov 134% Sept
US & Foreign Sec's... 7,800 21% Dec 20 26% Dec 14 17% Nov 72
Aug
Preferred
*
300 85% Dec 16 86% Dec 19 82
Nov 92% Aug
Univ Leaf Tob pfd. _100
130104% Dec 16 108 Dec 17 100
Nov 12345 Mar
Va El & Pow pf (6) _10
120 98% Dec 14 102 Dec 18 9534 Nov 110% Jan
Va Iron Coal & Coke100
100 14% Dec 18 14% Dec 18 14% Dec 25% May
Webster Elsenlohr met
210 48 Dec 00 55 Dec 19 48
Dec 82
Oct
Wextark Radio Stores.• 1,500 28% Dec 16 22% Dec 16 19
Oct 75
Sept
Zenith Radio Corp_ _• 20,100 644 Dec 2 10 Dec 14 844 Dec 52% July
• No par value.
Industrial & Miscell.
Alliance Realty
11 95 Dec 18 100 Dec 18 85
Nov 135
July
Allis-Chalmers,rights _ 81,1
In Dee 20
44 Dee 14
In Dec
44 Nov
2.2001 29 Dec 20 33 Dec 18 23
Alpha Portld Cem_
Nov 36% Nov
Amalg Leather prd_ 1
1.200 20 Dec 16 2134 Dec 16 20
Dec 73
-p.3915.
Jan Quotations for U.S.Treas.Ctfs. of Indebtedness.
Amer Roll Mill right,.... 12.900
44 Dec 14
/ Dec 14
5
44 Oct 3
Oct
Arch Daniels Midi pf10
5010334 Dec 18 10344 Dec 18 102% Oct 115
New York City Realty and Surety Companies.
-p.3915.
Jan
1,111 24 Dec 16 27 Dec 14 2044 Nov 3074 Feb
Art Metal Constr.
Asso Dry Gds tat pf 1
.1 1 87 Dec 16 90 Dec 17 85
New York City Banks and Trust Companies.
Nov 107
Jan
-p. 3915.
100 83 Dec 16 83 Dec 1 83
Assoc Dry Gds 2d pf 1
Dec 110
Jan
Aviation Corp
• 42,2g
5% Dec 20 644 Dec 14 544 Dec 20
Aug
3,1
Beattie Creamery.._
69 Dec 2 7754 Dec 1 69
Dec 131
Oct
United States Liberty Loan Bonds and Treasury
1001 28 Dec 1 28 Dec 19 28
Bloomingdale ctfs_ -_
Nov 30
Dec
Briggs & Stratton_ _ _• 1,30011144 Dec 20 2334 Dec 14 20
Nov 43
July Certificates on the New York Stock Exchange.
Brit Emp Steel ls pf 1
20 23 Dec 17 2344 Dec 18 23
Dec 3644 Mar
Bucyrus Erie rights.. _ 10,
% Dec 18
he Dec 14
Ili Dec
44 Oct Below we furnish a daily record of the transactions in Lib4,2
Budd (E G) Mfg
8% Dec 2: 10% Dec 16 8% Dec 22% Oct
*
Budd Wheel
9% Dec 21 10% Dec 16 934 Dec 12% Dec erty Loan bonds and Treasury certificates on the New York
• 1,
Buiova Watch
1.711 28 Dec 20 30% Dec 16 21% Nov 34
Dec
Campbell(W&C) Fdy ..* 2,1
19% Dec 20 22 Dec 17 19% Dec 4934 Aug Stock Exchange. The transactions in registered bonds are
Capital Admisistr A..' 2, II 20 Dec 20 28 Dec 14 17
Nov 65% Oct given in a footnote at the end of the tabulation.
Caperpillar Tractor. _ _• 3,000 60.4 Dec 20 59 Dec 14 5034 Dec 61
Dec
Checker Cab
5,400 38% Dec 20 43 Dec 14 18
Oct 80% Sept
City Investing
1
30147% Dec 19 147% Dec 19 147% Dec 220
Aug Daily Record of U. S. Bond Prices. Dec.14. Dee.18. Dec.17. Dee.18. Dec.19. Dee.20.
Clark Equipment....'
1137 Dec 2 39 Dec 14 25
Nov 61% Oct
Col G & El Ref B.....10
7II 70 Dec 1 91
Dec 17 86 June 96% Oct First Liberty LoanH igh 991,1
99ust 99,4ss 99,5n
Nun 9911,,
Receipts part paid__ _
3%% bonds of 1932-47...lbw_ 99 ,,
500 6344 Dec 20 66% Dec 17 42% Nov 130
,
99
99in
6,,
997s,
99In
9910il
Sept
:
Columbian Carbon rts_ 7, : 2% Dec 2
(First 3%)
Close 99 ,,
3% Dec 18
,
9916,, 99uss 99 ,,
54 Oct 10% Oct
99 s, 99,61.
,,
,
Comm Credit cl A.
Total sales in $1,000 units_
..50 4,
31
Dec 2 3344 Dee 14 28
24
55
71
4
3
144
Nov 51% Sept
1st pref ex-warr_100
111 75% Dec 14 77% Dec 18 65
Converted 4% bonds of H igh
......
---- 9986,1
-......
Nov 95 June
------Consol Cigar pref(7)_.*
1932-47 (First 41))
31 78 Dec 19 79% Dec 17 70
Nov 100
Mar
Consol Film Indust._ _* 3, I 15 Dec 19 18 Dec 14 10
Oct 25% Sept
Contin Bk of N Y..10 1,711 3744 Dec 20 39 Dec 14 37% Dec 63% Oct
Total sales in $1,000 units_
Continental Can pfd 1
Second converted 4%%111id; 10Olin 106 ,1 10011,, Iciia,, 1ciow. lobun
100124 Dec 1:124 Dec 1:115
-81
Oct 127
Dec
bonds of 1932-47(First Low. 1001431 10041,3 10011,1 1006, 100
Cont Diamond Fibre...* 4,500 30 Dee 17 31% Dec 1 20% Nov 3344 Dec
:,
,6s, 1006,
s,
Continental Oil
Second 4%s)
,
Close 10044s, 100413, 10044, 100441 10044n 1004181
2144 Dec 20 26% Dec 14 18
Nov 37% Aug
Continental Shares...* 34.7
Total sales in $1,000 antis_
75
37
3134 Dec 20 43% Dec 14 31% Dec 45% Dec
93
89
36
11
Cream of Wheat
Converted 434% bonds(High
• 2,4
27 Dee 19 29% Dec 14 24
Nov 31
Nov
of 1932-47 (First ote Low_
____
Cuba Cane Sugar ctfs_ _ 3,111
-___
____
___ _
____
44 Dec 19
44 Dec 19
44 Dec
44 Dec
Pref ctfs
1,400
45 Dec 19
44 Dec
44 Dec
Total sales in 81,000 units...
Cushman's Sons pf(8)..*
____
__---Ill 105 Dec 14 105 Dec 14 105
-----.
--Dec 115% Feb
IH1gb 10116s, 101us, 1011, 10113,1 101,11, 101"as
Detroit Edison rights.. 29,100 17% Dec 17 19% Dec 16 10% Nov 30
,,
Oct Fourth Liberty Loan
431% bonds of 1933-38
Low_ 10113n 101",,101,, 1016,1 1011st 101 ,,
Duplan Silk
•
,,
800 14% Dec 2 15 Dec 18 10
,
Nov 28% Jan
(Fourth 4348)
Close 101,61, 10116,, 10111s, 101158, 101 1t 101 ,,
Preferred
,
,
1 II
3 100 Dec 17 100 Dec 17 90
Dec 102
Jan
Total sales in $1,000 units__
130
127 . 358
Ii 19
172
129
Eastern Roll M111
157
•
Dec 2 23% Dec 14 19
Oct 3934 Sept
Treasury
113 igh
-. 11166
Emerson Brant'm cl B *
,, 11116., 111",,111us, 11161,
1
2 Dec 17 2 Dec 71 134 Dec 13
Feb
431s, 1947-52
---. 11116
Low_
,, 11116,, Mon 1116st 111 1,
Emporium Capwell_ * 1,95 18 Dec 1: 19 Dec 18 17% Dec 38
,
Feb
---- 1111182 1111682 1111022 111182 Min
Close
Eng Pub Serv p1(5%).•
700 93% Dec 16 94% Dec 16 84% Oct 109
Oct
Total sales in $1,000 units_
5
18
2
53
25
Fairbanks Co
6% Dee 19 13% Dec 17 3% Nov 13% Dec
• 13,
---- 10716
---- 10766
(High
.1 107us 107 s,
,,
100 23% Dec 2 29% Dec 17 11
,
Preferred
25
Apr 35
Jan
45, 1944-1954
Low_
....... 10726
s..... 1076s, 107us 1076st
Fed'I Water Service A.' 3,500 35 Dec 20 37 Dec 16 28
Nov 56% Sept
Close
---- 1076
---- 107561,
1,3
36% Dec 19 38 Dec 14 31
,, 107u, 1076s,
Filene's Sons ctfs
Nov 76% Sept
Total sales in $1,000 antis___
....
350
52
16 .
---1
6,3
29% Dec 2 35% Dec 16 29% Dec 37
Firestone Tire & Rub I
Dec
___.
(High
---- 11141
% 104",, 104",, 10461,
Preferred
1 I 5,3
83% Dec 20 87% Dec 14
Dec
3%e. 1946-1956
Low_
___.
,,
---- 10411,, 104,61, 1041, 104
15 Dec 20 19% Dec 14 72% Nov
Fisk Rub 1st pf cony 1 I 1,2
e
Jan
Close
---- 104un 10415
.1 104u, 1046n
---Foster Wheeler
57% Dec 2 68 Dec 16 33
Nov 95
Sept
Total sales in 21,000 units__
125
1
-___
135
25
-11 9431 Dec 19 96 Dee 17 94% Dec 110
Franklin Simon pref 1
Jan
____
____
__
pip% eon" poso.
High
400 68% Dec 17 72 Dec 19 65% Nov 83% July
Gamewell Co
•
334,, 1943-1947
110 123 Dec 2 125 Dec 18 121
Low_
.... 992,
____
---,6os
i. 99usi 99
Gen'l Baking pref. _
Nov 140
Feb
--- -. 9914n 9911ss 99161,
Clow
--85,4
55% Dec 2 60% Dec 14 55% Dec 63% Dec
Gen'l Elec new
Total Saki in $1,000 units_
26
102
28
-.. _
____
---• 47,8
General Foods
Oct, 77% July
21,711 45% Dec 20 50% Dec 14 35
99,2.,
H lilt
---------- 100
29% Dec II 36% Dee 14 20
Gen'l Public Service •
Si
Nov 98
Aug
3
1940-1943
Low_
____
---- 994183 ACP% 99443s
___...
102% Dec 17 102% Dee 17 99
9"s304
Gen'l Ry Signal pref 1
Jan 10634 Oct
-----9944st 994481 9941,,
---500102% Dec 19104% Dec 19 95
(Close
Gold Dust Prof
Nov 120
Mar
Total an/. in 21 no,', .1114/
•
2811
38
300 41% Dec 18 4134 Dec 18 39
Grand Silver Stores.,_•
Dec 44% Dec
Grigsby-Grunow
77,800 17% Dec 2 24
Dec 14 14% Nov 70
Sept
Note.
2,
27
Dec 16 29% Dec 17 27
-The above table includes only sales of coupon
Hall Printing
1
Dec 29% Dec
20% Dec 20 23 Dec 14 16% July 31
Hartman Corp, Cl A..* 1,
Sept bonds. Transactions in registered bonds were:
* 1,1
24% Dec 18 25 Dec 16 24% Dec 3314 Oct
Hercules Motors
20 1st
1001488 to 100448
2
85 Dec 1 85 Dec 18 80
Hercules Powder
Nov 30
July 14 4th4%s
434s
101418 to 101441
7
50% Dee 14 51
Hsehld Fin pt pfd_
Dec 17 45
Aug 52% Sept
13 Dee 2 14% Dec 14 13
Insuranshares Corp...' 3,1
Dec 16
Nov
29 Dec 20 34% Dec 16 23
lot Hydro-El Sys A...' 16.3
Nov 5935 Sept
Foreign Exchange.
International Shoe _• 1,000 60 Dec 19 61
Dec 16 54
Oct 77% Sept
210 75 Dee 19 76% Dec 17 75
jot-st Dep St pf x-w 100
Dec 97
May
To-day's (Friday's) actual rates for sterling exchange were 4.8711 160
Investors Equity
• 39,300 17% Dec 2 23 Dec 14 12% Nov 72% Aug 4.87% for checks and 4.88 3-16@)4.88 0-32 for cables. Commercial on
1 105 Dec 16 105 Dec 1 103
Isl Creek Coal pref _1
Sept 05% Mar banks, sights, 4.8734; sixty days, 4.835-186114.8334; ninety days, 4.8134
2,
11% Dec 19 12% Dec 16 10% Nov 13% Nov
Karstad & Rudolph ... _
®4.81 7-16, and documents for payment 4.83 5-16. Cotton for payment,
1,330 30 Dec 20 3444 Dec 19 30
Kelly-Spgfd T pf(6) 1
Oct 00
Feb 4.86 15-16, and grain for payment, 4.86 15-16.
Laclede Gas, pref....1
130 98 Dec 20 100 Dec 16 97% Nov 105
Sept
To ay's (Friday's) actual rates for Paris bankers' trance were 3.93%0
-d
19% Dec 20 21
Libby-Owens glass
Dec 14 17
• 13,6
Oct 43
Aug 3.93% for short. Amsterdam bankers' guilders were 40.29@40.32 for
Loew's Inc prof
Dec 19 85% Dec 18 80
1,000 8.5
Oct 110% Jan short.
Prof ex-warrants...*
500 86 Dec 18 86 Dee 18 80% Nov 05
Mar
Exchange for Paris on London, 123.88 francs; week's range, 123.94
McLellan Stores
Dec 14 20
2,300 20 Dec 19 21
Dec 5934 Aug francs high and 123.88 francs low.
10 90 Dec 19 90 Dec 19 90
Preferred
Dec 96
Sept
Sterling, Actual
48 %
34.988 les.
Ch;
. cks.
7
:
:6
Mil E Ry L&P pfd._1
50 103 Dec 16 103 Dec 16 101
Jan 110
Oct High for the week
4.87 15-16
4.88 5-16
Minn-Mol Pow Imp1100 17,300 12% Dec 20 15 Dec 17 10 Oct 4334 July Low for the week
Preferred
71
Dec 20 75 Dec 16 65
• 1,3
Nov102
July
Paris Bankers' Francs2 86 Dec 20 86 Dec 21 86
Mengel Co, pref
_1 II
Dec 102
May High for the week
3.93%
Monsanto Chem Wks.* 1,7
47 Dec 20 55 Dec 14 47
Nov 80% Oct Low for the week
3.930-18
3.93 13-16
Myers F& F Bros__..* 2.2113544 Dec 2 38% Dec 14 30
Oct 67% Oct
Amsterdam Bankers' Guilders
Nat Biscuit, new
2,300 69% Dec 20 71% Dec 1 69% Dec 7144 Dec High for the week
40.37
40.36
Neisher Bros_ _
_ _•
_
800 49 Dec 20 51% Dec 19 49
Dec 98% Oct Low for the week
40.33
40.29
Norwalk T & R pfd .,100
10 9 Dec 14 9 Dec 14 8
Dec 45
Germany Bakers' Marks
Jan
Outlet Co
41 49% Dee 20 60 Dec 14 49% Dec 96% Jan High for the week
23.96%
23.95X
Preferred
9 98 Dec 18 98 Dec 1 98
1
Nov 113% Sept Low for the week
23.94%
23.92
Penney (J C)
• 5,4 II 71% Dec 2 7934 Dec 14 66
Nov 134 Oct
Preferred
100
300 r96 Dec 2 97 Dec 17 93
Dec
Oct 97
The Curb Exchange.
Peoples Gas Lt & C rts_ 22,900 12% Dec 16 15 Dec 6 12% Dec 15
Dec
-The review of the Curb Exchange
Pittsb Screw & Bolt..'1,800 1734 Dec 20 18% Dec 16 17% Dec 27% Aug is given
this week on page 3914.
Pittsb Steel pre _.100
28 100 Dec 14 100 Dec 14 92% Feb 110
Oct
Proctor & Gamble __* 8,800 55
A complete record of Curb Exchange transactions for the
Dec 20 58% Dec 14 4344 Nov 98
Aug
Pub Serv of N J pf (5).*
200 92% Dec 16 92% Dec 16 92% Nov
week will be found on page 3949.
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
page.
Foe mace during the week of stocks not recorded here, see perceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Friday,
Tuesday, Wednesday, Thursday,
Monday,
Saturday,
Dec. 19. I Dec. 20.
Dec. 18.
Dec. 17.
Dec. 16.
Dec. 14.
Sales
for
the
Week.
STOOKS
NEW YORK STOCK
EXCHANGE
PSI 8124.111
genes for Frosts..
Few 1928
1:114lbes:
L•16188
Psi SHABA
lane Maar Jas. 1
Oa basis of 100-scare lots
Highest
LIMA
.
SU:
share $
Railroads
per share S per share $ per share $ per share $ per share Shares
8
1823 Mar .04 No!
$ per share
Santa
4
,
225 228 222 227 22614 22732 227 22812 224 22734 217 2243 11,300 Atch Topeka &
100 99 May 16 104% Dec 18 10212 Jan 108% Ap
s
1034 1044 10432 1047 104 10434 1044 1044 3,400 Preferred
104 104
1574 Oct 19112 M113
•10312 104
13
1,500 Atlantic Coast Line Ra_..1001 161 Nov 13 20918July 16 103% June 12884 Do
4
17512 17512 *175 1763 174 175 1 16714 170
175 175
175 176
14548e111 14
100 105 Novla
35,400 Baltimore & Ohio
113 116
11634 1193 116 11712 11612 11732 11434 116
77 Nov 85 Apt
11814 120
8
1001 75 June 13 81 Dec 18
2.100 Preferred
80
8012 8012 80
61 June 844 Jas
4 80 8014 8012 81
*7912 793
4 79 4 793
3
3
60 55 Oct 29 90 2Sept 19
6,400 Bangor & Aroostook
6914 6514 6612 624 65
68
6612 6932 663* 68
6712 70
Oct 17 115 Sent 23 104 Dec 116% Mai
20 Preferred
10011103¼
11178 11178 *11012 112 *11014 112 *11014 112
68 Feb 91 Dee
*110 111h 110 110
1001 85 Apr 4 145 July 2
1,200 Boston & Malne
100 100
104 104
10412 10412 106 106 *10512 110
58% Jan 77% May
*109 114
Oct
18,000 Bklyn-Manb Tram•t o-No par 40 Nov 29 814 Feb 2
2
613 64
644 647s 65 6612 6312 65
6512 64 65
64
82 Jan 96% Ma)
14 925* Feb
No par 7612
300 Preferred •to
*8012 86
8
*8012 8238 823 83 *8012 86
164 Jan 674 Sept
*8012 85 2 *8012 84
7
444 Jan 1
154 3,300 Brunswick Term & Ry SecJOO1 412 Oct 29 85 Mar
1718 14
15
18
1116
18
1614 18 •16
18
17
824 July 64% Not
3
Buffalo & Susquehanna_ _100 54 4 Jan 26
*50 84
84
74 *50 84 *50 84 *54
*50 84 *50
88 Sept 63 Nos
100 51 12July 1 8112 Aug
Preferred
74 •____ 85
74 *62
74 •62
72 *62
74 *62
19512 June 258 Nov
62
•
1 Dec 19 2694 Feb
1001 188,
8
8
4
4
2
19512 19614 19414 1967 19314 1944 1903 1933 1883 1903 18812 190 21,800 Canadian Pacific oils st'd100 9012Sept 17 1011:Mar 1
98 Sept 107% Mea
20 Caro Clinch & Ohio
nips June 218% Dec
97 10112 *9614 10112 9612 964 *9612 10112 *9612 1O1'2
*
*9334 98
100 160 Nov 13 279348e91
14,400 Chesapeake & Ohio
199 204
208 20912 204 20812
205 21334 20514 212 21014 211
VII Jan 18% May
4 Nov 13 1938 Feb
100
8 2,200 Chicago & Alton
44 47
*412 5
5
5
5
5
54
5
5
5
772 Feb 26% May
312 Nov 13 2538 Feb
100
3,600' Preferred
512 614 .514 6
612 612
64
8
2
612 67
2
64 63
37 Feb 484 May
'Chic & East Illinois RR---100 25 Aug 26 48 Feb
25
*15
25
25 *15
30 *15
1115
15
25
*15
25 •
68 Aug 76% M117
100 3712 Dec 14 5672 Feb
6,100 Preferred
3812 39
39
3912 3912 3914 3914 39
3972 41
3712 40
94 Feb 26 Dee
7
7 Nov 13 23 s Feb
100
1614 1712 1518 164 1412 161 54,200 Chicago Great Western
1318 1412 1372 1632 1514 18
204 Feb 60% Des
,
1
12
100 17 Nov 13 63 Jan 3
4138 3712 417 38,300 Preferred
4314 40
434 42
3712 4012 39h 4218 40
a
221 Mar 41011 API
447g Aug 8
264 2678 25
2632 2318 2512 36,100 Chicago Ifilw St Paul a Pao- 16 Nov 13
25 2762 2614 27
25 28
,
37 Mar 89% Nu
2812Nov 13 281 Aug 29
e
464 4014 4612 93,500 Preferred new
45
I 4712 49
474 50 4 4738 5032 4732 49
3
78 Jane 944 May
13 10812Sept 7
4
853 19,100 Chicago & North Weetern.100 75 Nov 24 148 Feb 8 136 Dec 150 Ma/
8714 8912 874 8872 874 8814 8614 8712 8534 8622 83
100 134 Apr
100 Preferred
4
140 140 *13812 13972 •1381 1397g *13834 1393 813838 1393 *13838 13978
13918 Nov
5,700 Chicago Rook 1,1.5 Pactfle_100 101 Nov 13 1431284E4 3 106 Feb 1114 Mar
11638 11638 113 116
11914 12011*11712 11912 119 118
100 100 Nov 14 109 Oct 10 105 Dec 105
10712 10712 1,600 7% preferred
1077g 108 *108 10812 108 108
10734 10734 10778 108
Mal
s Dec
99
100 9478 Nov 14 10314 Nov 26
8
1005* 1003 10012 10012 1,000 8% Preferred
10014 10014 1003* 10038 10038 10012 *10012 101
100 8614 Dec 4 135 July 20 105 Aug 126 May
500 Colorado & Southern
93
*90 93 *90 95 *90 98 .87
97
*92
94 94
Ain
67 July 88
Oct 29 80 Jan 25
100 654
80 Finn preferred
*7012 75
7034 7114 *7012 75
*7118 72
*7034 72
71
71
6911 Nov 86 Mal
100 64 Apr 22 7212 Mar 5
Second preferred
68 •65 68
*65 68 *65 68 *65 68 *65
*65 68
6512 Deo 878* June
pref___100 45 Nov 14 70% Jan 2
5012 6,800 Consul RR of Cuba
5014 5018 5214 *5012 524 5112 5112 50
50
52
52
API
100 14112 Oct 29 226 July 20 16814 Feb 226
16614 17214 4,800 Delaware & Hudson
173 175
173 17434 173 174
175 175
176 178
Apt
15(3
5,700 Delaware Lack & Weetern_100 1204June 11 1694Sept 10 12514 Dee 65 4 APIP
145 145
149 15412 151 151 *146 15034 15012 15112 *145 151
3
504 Feb
Oct 30 77% Feb 21
6112 6178 6172 618 6112 2,800 Deny & Rio Or Wait pref-100 49
617* *59
6112 6012 02 i 01
61
6% Jaz
3 Aug
67s Feb 6
8
13 Dec 19
100
300 Duluth So Shore & AU
4 3
*13
3
128 2
•2
3
*2
3
*2
3
*2
912 May
dis June
74 Feb 4
2 Nov 13
100
100 Preferred
212 212 4212 314
3
*24 34 *212 3 2 *212 34 *212 378
4
483 June 724 Dee
100 4112 Nov 13 9312Sept 9
s
6572 6112 6514 6111 6312 6078 6234 5912 6038 5614 603 64,400 Erie
64
50 June 63% Jan
100 5512 Nov 14 6614July 2
6114 6034 60 4 60 60 4 5,900 First preferred
61
3
3
6312 64 x6112 624 6114 62 1
4914 June 62 Jan
100 52 Nov 7 637s July 2
300 Second preferred
59
*58
4
5812
60 I *57 583 *56
*56
59
60 *57
59
9312 Feb 1143* NO4
9712 4,600 Great Northern preferred 100 854 Nov 13 12845u1y 22
96
99
4
3
100 10014 99 10032 99 4 993 *96
97 100
9138 Feb 1113* No.
100 8512 Nov 14 1224July 22
95
95
99
800 Pref certificates
99 i 97 97 I *95
99 *98
9714 9712 •97
63 Aug 61% May
69 Feb 4
Nov 1
384 41
18,700 Gull Mobile & Northern-100 18
8 3812 42
407
3814 4134 3812 4138 397 4011 40
8
99 Aug 109 May
100 70 Nov 1 103 Jan 8
2,200 Preferred
96
9812 x94
97
96
96
95
9434
95 95
3
94 4 95
7 Aug 17% Aug
114 Apr SO
*7
64 Deo 1
OD Havana Electric Ry....Ne par
818
4
1
/ *64 84
64 IA *54 8
*54 64 *Olt 64
,
61 Dee 78% Se.
4
66 Feb 16 7t3 Dec 20
100
220 Preferred
7312 7332 7384 734
*73
*7238
•72 -___ *7532
100 870 Nov 18 600 Oct 16 840 July 673 Not
30 Hocking Valley
*405 440 *420 440 *430 450 , 440 440 •430 470 *430 470
1
5012 Dee 733* API
100 844M117 23 58 Jan 5
4412 464 6,600 Hudson & Manhattan
4714 4612 4878 464 47
46% 474 47
4578 48
81 Oct 0812 Apr
100 60 Oct 28 84 Jan 18
200 Preferred
73
78
78 •
79 .73
79 *75
79 •75
*75
75 75
100 116 Nov 13 15312Ju1y 20 1314 Jan 1683* Map
1,400 Illinois Central
130 130
129 129 *12834 129
12912 13012 129 129
129 129
Oct 29 15112July 20 18012 Jan 167 Ma)
100 120
Preferred
*125 140 *125 140 *125 140 *125 140 *125 140 •125 140
75 July 8238 June
RR Sec Stock certificaUts- 70 Nov 19 804 Fab 21
70
70 *68
70 *68
70 *68
*68
70
70 •68
'68
29 Jan 02 May
17,800 Interboro Rapid'Fran•t 0-100 15 Oct 24 58% Feb 25
2112 251g 2312 25 4 2012 24
3
2238 1914 2012 204 21
21
11512 Mar 624 No'
59 Jan 96
2812 1,900 Int Rye of Cent America-100 25 Nov 21
2912 291
28
30
30 *28
28 *27
28
28
O27
-No par 23 Dec 10 594 Jan 25
400 Certificates
30
*26
2714 2714 29 29
40
28 28 •27
28
•27
6918 Jao
64 Oct 31 804 Jan 2
100
50 Preferred
*62 65
*62 65 *62 65
6532 6532 655* 6532 65 65
43 Junel 911 Nor
*
8
813 833g 5,500 Kansas City Southern--100 60 Oct 29 1087 July 20
8412 8412 8312 841
84'2
8312 8532 84
83 86
*
664 Aug 77 Apt
100 63 Nov 15 7012 Jan 15
6712 6712 1,100 Preferred
66 66
*66 67
*66 67
67
6632 6634 *66
814 Feb 116 Apt
50 65 Nov 14 10214 Feb 2
4
711 7312 3,600 Lehigh Valley
75
7614 74
7612 76'z 76
787
7814 8124 78
48ep1 16 1323* Nov 1591, May
4,400 Louisville & Nashville-AO° 110 Oct 29 1543
131
130 13014 1274 129
13414 13414 13014 13034 130
13312 134
40 Jan 64 Ma)
24 Oct 29 5712 Jan 11
6,700 Manhat Elev modified guar100
3614 33
33
33
3412 23112 33
33
33 33
3212 33
4
3812 Dec Mac Mat
700 Market St Ry prior pref....100 1412 Nov 15 894 Jan 19
174 1784
*1634 18
3174 18
178 177 '
172 May
64 May
*173* 19 •1778 18
334 Jan
114 Nov 14
134 2,100 Minneapolis & St Louis-100
14 15* *112
15* 114
132 15*
134 184
2
4 17
*9
60 Jun
62% Jai
35 May 31 61148e9t 24
*35
Minn tit Paul & Al S Marle_100
40
40
40 *33
45 •33
45 *35
*35
42
*35
7014 Dec 9784 Map
100 66 Dec 11 87 Jan 23
*62 69
75
Preferred
75 •60
75 *60
75 *60
75 *60
60
*
60 Dee 714 Jan
100 52 Nov 19 66 Jan 26
110 Leased lines
5612 5614 5614 55 55
561 *55
56h *55
55 *55
55
3012 June 58 Dee
49
51 I 473 4912 4412 4912 97,400 Mo-Kan-Texas RE----No par 2718 Nov 13 6514Jul3' 20 10112.1r.ne 109 Pet
8
4834 523
4 4812 5112 484 52
7
100 93 2 Nov 13 10711 Apr 25
10218 1022, 10212 1034 103 1034 3,400 Preferred
8
8
10212 10212 10238 10238 1023 1023
6172 Feb 764 Seel
100 46 Nov 13 101116.1u11 16
8514 8812 22,100 Missouri Pacific
8812 90
8 8973 90
9134 894 9134 8918 903
90
100 105 Nov 13 149 Oct 23 105 Feb 1267s Dec
13412 137
14,100 Preferred
137 138
13812 140
1373* 140
1378 139
13614 140
821. Aug 89 June
50 75% Oct 30 813118 Jan 17
82
Morris & Ease:
82 *80
82 *80
80
82 *80 82 •85 92 •
*80
3
_100 173 Nov 13 240 Aug 29 1711, Aug 204 4 May
Vasil Cbatt & St Lows
*18612 192 *1823* 192 *181 182 •180 192 *178 191 *180 191
54 Apt
2 Feb
338 Jan 25
1 Oct 29
112 •1
114
114 •1
500 Nat Rye of Mexico 2d pref.100
138 138 •1
134
*114 112 •114
100 160 Nov 13 25612 Aug 30 166 Feb 194 „ Noy
1714 17512 16832 172 48,800 New York Central
178 1803 175 1797/ 1754 17714 1744 176
4
4
/
1211 Oct 146 May
130 13112 127 131
4,300 NY Chic.581 Louis Co_100 110 Nov 13 19238 Ana 30 1044 Aug 110 Jan
4
1353 13612 *134 136
135 136
13334 138
100 100 May 28 110 Dec 16
10914 1091
900 Preferred
10914 10914 10914 10914 •10914 110
110 110
109 109
Oct 29 379 Jan 18 168 Jan 605 Ant
50 155
196 200 •198 209
500 N Y & Harlem
195 220 219512 199 200 200 *200 209
644 June 82% Dec
100 404 Jan 4 13212 Oct 15
1121g 115$4 11331 115 112 11434 10712 1121 25,400 N Y N H & Hartford
1147g 11814 11318 117
4
114% Jan 3 1343 Aug 15 112 Sept 117 May
500 Preferred
12612 12612 *125 126
127 12712 127 127 *1264 127
•12612 127
24 Feb 89 May
4
8 Nov 13 32 Feb
154 11,200 NY Ontario & Western...100
4 16h 174 1512 1512 14
1614 1618 1738 1618 163
15
13 May
3
54 Jan
134 Oct 24
94 Feb 21
212
*2
*14 2
2
200 N Y Railways pref....No par
2
*134 212
•134 2
*114 2
32 June 58 Nov
16 Dec 14 4812 Feb 4
100
174 *1512 1734
174 *16
*16
600 Norfolk Southern
17
17 *16
17
16
16
100 191 Jan 9 290 Sept 3 175 June 1984 Nov
230 23014 222514 229
3,200 Norfolk & Western
23912 230 231 231
231
233 233 230
84% Oot 90 June
100 81 Nov 19 8714May 14
*8512 86 .8512 86
8512 86
90 Preferred
921 Feb 118 Nov
- 8614 8614 *8512 86 •
*85
91
874 9018 9,600 Northern Pacific__ __ ._ -.100 751s Nov 13 11876July 22
90
9114 93
93
91
9414 9278 937
92
9038 Feb ala Nov
100 75 Nov 13 114%July 22
8 85
89
897
4,600 Certificates
89
9172 8938 90
*8914
90 91
8
893 92
2
617 June 767 Dec
50 7338 Mar 26 110 Aug 29
59,700 Pennsylvania
794 8012 87412 76
8214 8012 8112 8018 81
8034 8238 81
25 Mar Zi Map
100 17 Dec 14 35 July 16
19
17
*13
21
*19
20
2,700 Peoria & Eastern
21
2112 •19
18
17
17
100 140 Nov 13 260 Aug 29 1244 Feb 154 Not
Marquette
•14612 164
150 166
166 166
1,200 Pere
166 166
165 170 *166 172
96 Oct 101% Mar
100 94 Nov 13i 101 Mar 22
9678 9678
97
*9634 98
97
60 Prior preferred
*9612 98 *9612 98
98
98
92 Nov 1004 Mat
1011 90 Nov 8 97 Jan 8
*95 100
10 Preferred
99 *95 98 *95 100
*95
3
*95 95 8 95 95
168
115 116
4
3,900 Pittsburgh & Wan Va____100 90 Nov 14 14814 Jan 10 1214 Feb 1111% Oce
122 1233 117 121
124 12634 12234 124
115 125
944 Feb
May
60 101.12May 27 14734Sept 5
122 12512 10,200 Reading
128 12812 128 128
128 131 *125 130 11125 128
414 Nov 46 Apr
60 414 Apr 92 60 Sent 7
4612 461 .46
600 First preferred
4612 461
48
46
46
48
46
•
48
46
•
AA
Jan 5978 May
4May 91 803*Sept 7
1
/
63
60
1,100 Second preferred
50 5014 z5012 5012 *5012 51
50
48
*4714 50
50
48
•
60 Feb 77 Der
100 494 Oct 29 7414 Sept 18
63
*5618 65100 Rutland RR Wei
63 •57
63 *57
80 60 *57
*57 63
100 101 Nov 13 13334 Aug 30 109 Feb 192 Mar
11078 11078 11018 1101 110 1103 10818 110
4
6,400 St Louis-San Francitwo
112 1127 112 112
94 Dec 101 May
Nov 15 964 Feb 2
100 87
9212 9314 9213 923
9234 93
9272 93
4 4,400 1st prat pald
9212 93
9234 923
674 Feb 1241. Nov
100 50 Nov 13 11534 Feb 4
65
6514 6112 64
69
10,200 St Louie 8onthwestera
7
6712 70 8 69
6712 70
8472 691
89 July 28
Jan
100 84 Oct 30 94 Apr 26
8712 8712 .87
8612 861
883
300 Preferred
86 *8614 8834 *8614 87
.86
1138 Mar 804 Jan
94 Dec 9 21% Mar 5
100
1034 11
10
1034 19,000 Seaboard Alt Line
1034
104 1012 1012 1112 103* 11
17 Aug 88 Jan
100 1614June 14 4138 on 15
2718 273* *2512 2612 255* 255*
Preferred
900
28 28
112518 30
30
30
117% Feb 13114 May
100 105 Nov 13 16712Elept
121 12134 11818 i2O7s 5.800 Southern Pacific Co
123 123
123 123
123 124
12334 124
100 109 Nov 13 11124Sept 4 1294 Feb 165 May
134 13512 13334 1354 1304 133349,100 Southern Railway
13614 1367 135 136
136 137
9614 Sept 10914 fag
100 93 Juno 14 100 Dec 12
994 99
99
1,300 Preferred
994 9912 9912 9912 9912 9912 *99
*9712 100
100 Jan 1591, atc
Jan
91
9312 *90
98 i *90 100
400 Mobile & Ohio certifs.-100 74 Nov 13 14078May 14
*90 100 *90 100
90 100
*
9911 Jan 1945k Oct
2
100 115 Nov 7 181
12812 12812 *117 127
400 Texas & Pacific
129 *12812 129
129
132 133 •128 132
2812 Jan 461* May
612 Nov 13 39 Feb 25
100
1034 133
8 1212 1218 1214 1214 4,300 Third Avenue
12
1018 10
10
*938 11
824 Sept 66 Mal
300 Twin City Rapid Trangt_100 27 Nov 20 6814 Jan 25
294 2812 283 *27
2814
4'
29 *284 2912 *26
*26
30
27
*
94% Oct 107 Feb
100 78 Dec 17 100 Jan 5
Preferred
50
78 •_ ___ 78 •494 78 I 78
78
784 7814 78
*7814 80
100 200 Nov 13 2971a Aug 29 .8612 Feb 2244 Nov
21212 21512 5,800 Union Farah,
8
2203 22134 21512 221 2154 2155 216 21618 21512 216
11214 Oct 874
80 Nov 13 451:Sept 4
10.
8214 8212 8214 8212 1,900 Preferred
8214 82% *8212 834 8223 83 1 824 85
I
pe,__fat -LI:12n° 1941;4171,
.1
• Bid and asked paces; no sacs on this day. x Et-dividend. y Ex-tights.
3932
New York Stock Record--Continued-Page 2
For Isles during the week of stocks not recorded here. see
second page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday, , Monday,
Tuesday,
Dec. 14. I Dec. 16. ' Dec. 17.
Wednesday, Thursday,
Dec. 18. 1 Dec. 19. 1
4 Per share i 8 per share 4 per share
5838 6112 59
62
60
6112
*
87
88
86
86
86
86
•
77
80
*77
75
*75
80
2912 3178 29
323
287 30 4
8
3
28
3114 30% 32 I *29
31
2512 2714 2312 2912 26
27
4718 48
49
50
4814 4812
8 per share , $ per share
59
59.2 .5.5
5812
86
8612 86
86 1
*75
80
*75
80 I
2918 3114 274 293
4
*2814 31
2814 30%
*26
27
2512 2512
*46
47
46
4712
I Sales
for
Friday, i the
Dec. 20.
Week.
4 per share i
57
58
*85
89
*75
80
2414 2912
2512 2912
2514 2514
•4312 463
4
1
tiTOOKS
NEW YORK STOCK
EXCHANGE
Shares
Railroad* (Goa.)
17,309 Wabash
1,300 Preferred A
Preferred B
93,900 Western Maryland
1.200 Second preferred
3,200 Western Paella
1,900 Preferred
•
3518
78
62
•105
273
4
*
86
*2718
1212
2212
3
4
Pah RH.4fill
image Steer Jos. 1.
ow Oasis of 100-s8are loto
towsti
Molest
Par I per slant $ per share
100 40 Nov 27 813 Jan 5
8
100 82 Nov 15 10478 Jan 7
100 75 Dec 7 91 Jan 8
100 10 Oct 29 U Feb 4
8
100 143 Nov 14 5312 Feb 4
100 15 Oct 30 4118 Mar 5
100 3712 Nov 14 6714July 22
PRE SNAIl
yaws for Pretties.
Year 1938
Lowest
Iliplost
Per liars per share:
51
Feb 98l May
8812 Feb 102 May
87 Feb 9911 mar
311 Feb 8484 May
4
334 Feb 547 May
2
3812 Dec
2814 Feb
2312 Aug 6218 Jan
38
35
36
3518 3518 35
37
3512 36 1 3514 35141 1,500 l%1 'lo l ft I il
'eP
A 4 bl r aw & lai lian Par 35 Dec 12 574 Aug 15
'"
i
78
7712 7712 77
8614 Nov 85
Apr
7738 7712 7712 *75
7712 .76
7712 1,100 Preferred
100 69 Nov 13
62
2
63
76 Nov 10238 July
63
*60
67
62 62
58
58
497 55 1 1,000 Abraham & Straue____No par 497 Dec 20 8' 5 Jar, 7
8
8
1594 Jan 3
107 •10.5 106 *105 106
90 June 143 Dec
105 105
105 105 *105 106
70 Preferred
100 100% Nov 15 11212 Oct
2814 2633 283
Oct 114118 June
8 26 4 2712 2263 274 25
3
4
2638 2412 2512 20,900 Adams Express new___ No par 20 Nov 13 34 Nov 25 104
4 195
90
*86
Jan MS Dee
90
*86
893 *86
4
874 80
86
*8512 8714j
100 Preferred
100 84 Nov 18 96 Jan 3
2734 2218 2218 22
93 Jan 9912 Mar
22
2334 2312 *2218 227
8 2118 22 I 1,100 Adams MIMI,
No l80 19 Nov 14 357 Jan 16
pa'
1212 *1212 13 I 1212 1212 1214 16
2
3012 Dec 3312 Dec
1314 143
4 1218 1312* 8,500 Advance Homely
7 Oct 29 1644May 1
2212 22
11
Jan 65 Sept
22 1 22
2212 22
267
8 23
2412 23
2312 10,000 Preferred
3
4
15 Oct 29 119 May 1
8:41 Jar 693* Seel
4
3
4
4
8
4
3
4
12
4
8
4
3
4
12
4 17,500 Atiumada Lead
1
12 Dec 18
51g Mar
Vs Feb 20,
21 Jan
4
12238 12512 11833 12438' 11718 122
121 12512 116 12434 10714 118
62,9001 AIr Reduction, lue__2VO Par 77 Nov 13 2233 Oct 18
8
•
24
25
24
89 June WI 1340
24 I 253 25 4 2312 2312 *2012 2314 *1912 20
4
3
1,200Air-Way Elec ApplianceNo par 2018 Nov 14 4878May 13
2
218
2
218,
17
2
178
2
112 14
112 14 9,100IA18x Rubher,Inc
No par
1 12 Dec 19 114 Jan 2
1. Jam
-4
4
67
8 67
652 712'
7
3
738 514i
714
7
73
2
738 8
67
8
738 59,800,4440a Juneau Gold Min_ if
414 Nov 13 1012 Jan 8
*012 10
493
4 97
8!
912 93
Jan
1
4
10 Nov
912 912
912 912
94 933
,
Albany Pert Wrap PaP_No Pa?
5 Oct 29 25 Jan 9
2612 2878
2618 2834' 2614 2712 2614 2738 25
22 4 Dec 1114 Jae
3
4 231 2534 343,100 Allegheny Corp
263
par
17 Nov 13 5612899t 3
No
97 97
97
9734 963 97
4
97 973
8 96
97
953 96
4
1,900 Preferred__
100 90 Nov 14 118%July 15
*
86
8812 89 89
*8914 95
00
90
*92
96
*92
96
200 Pre( ex-warr
80413opt 4 92 Oct 25
260 265 265 265
260 26112 257 257
24712 256
240 250
5,200 Allied Chemical & Dye_No pa 197 Nov 13 3543 Aug 30 148 -Feb
•1211 123 *12112 123 *12112 123 *12112 12278 1213 1213 12112
4
- 262 4 Nov
- -84
4
122
500 Preferred
100 11812 Nov 15 125 Apr 27
53
533
4 5114 5313 51
5214 52
527
503 52
4513 51
8
13,200,Allle-Chalmers Mfg new No par 3512 Nov 13 75128ent 26 12012 June 12738 Ma,
*23
4 3
3
3
*23
4 3
4 3
*23
*23
4 3
433 438
400' Amalgamated Leatber_No Dar
2 Nov 15 1118 Jan 14 -48 001 lia: Apr
20 e 21
3
120 4 21
3
203
20
8 19
20
1914 1912 19
197 18,200 Amerada Corp
8
No par 1712 Oct 29 4238 Jan 3
OS 65
9718 Feb 4378 Nov
8
612 63
612 612
4
612 63
4
612 612
614 612 2,800 Amer Agricultural Cbem_100
4 Oct 29 2338 Jan 15
28
28
28
153* Feb
28
26 Nov
263 263
4
4 2614 2612 2512 2618 25
2538
1,7001 Preferred
8
100 18 Nov 13 73 Jan 11
83
85
85
55 8 Feb 793* Nov
3
8612 8318 8318 8118 8212 793 80
78
4
7814
1,900:Amer Bank Note
10 65 Nov 13 157 Oct 10
*6112 6312 *6114 64
7434 Jan 159 May
62
6314 62 6212 *62
64
62 62
190 Preferred
57 July 23 6614Jime 14
612 67
514 63
60
64 7
Oct 657 Jan
8
8
3
5 4 612
634 7
7
7
9,500'AmerIcan Beet Sugar_No par
514 Dec 16 204 Jan 10
42
42 1 42
143 July
42
2412 Aug
38
*3712 42
38
3712 3712 *30
42
600 Preferred
100 3712 Dec 19 6014 Feb 5
453 47% 43
36
46
Feb 6138 Sep,
4213 4412 373 42
425g 44
3718 40
27,200 Amer Bosch Magneto_No par 27 Nov 13 78128ept 7
*48
49
lass Feb 44 Nov
4712 48
*4712 48
4a
48
48
473 473 s46
4
4
46
1,000 Am Brake Shoe & F__No par 4012 Nov 14 82 Feb 4
•119 120 *119 120
397 July 494 Jut
8
120 120
1194 11914 *11914 120 ,*11914 120
120 Preferred
100 113 Nov 20 12612 Mar 21 120 Dec 128 June
10% 11 , 1012 1118 103 104 10
8
1012
9
10 1
818 9
7.200 Amer Brown Boverl ELAN Par
418 Oct 29 843
4June 1
1033 Apr 264 May
3165
67
6412 6412 *64
65
*63
6412 59
63181 .60
130 Preferred
100 49% Jan 7 104 June 12
*11614 120 8 11418 1103 11418 11812 11438 1177 11I 11638 1053 6412
3
4014 Aprl 651 Ma;
4
2
8
8 11378 212,500 American Can
25 86 Nov 13 18412 Aug 24
144 1443 *14314 145 , 145 145
4
7011 Jan 11712 Nov
143 145 *143 145 *143 145
2,100 Preferred
100 13318 Nov 14 145 Dec
* 8312 84
283
8414 83
837, 8278 827
Apr
8 8112 82
80
813
4 3,200 American Car & Fdy__No par 75 Nov 12 1064 Jan 13 181134 Jan 147
11614 11613'116 11612 11612 117 8 117 117
3
8814 July 1114 Jan
7
11612 117 *116 117
700 Preferred
100 11013 Oct 10 120 Jan 29 11032 Aug 13711 Mat
*78
*78
84
90
80
80
*80
84
78
80
*7414 80
200,American Chain pred
100 7014May 31 9518 Oct 10
3812 3812 *37
39
36
37
71 Dec 1011 June.
373 3812 3412 3718 3414 3514 5,500,Arnericau
Chicle
No par 27 Nov 13 8132Sept 5
333
33
8 3114 33 1 3114 3212 313.1 3212 31
44 Dec 50 4 Dee
3
32
2812 31
9,200,Am Comm I Alcohol. No par 20 Oct 29 55 May 20
233 23% .24
8
25
•24
25 I 2318 2318 2312 2312 *23
23%
400 Amer Encauirtio TIling.No par 1814 Nov 14 47% Feb 25
3514 3514 *3512 36
3412 3412 36
37
33
35
33
34
3,100 Amer European Sec's
No par 23 Nov 13 9812Sept 3
9312 97
8712 953
4 88
9412 9012 94
854 913
4 75
10638 1063 *106 109 ,•10614 109 *1063 10712 10612 8712 709,50()Amer & For'n Power. No par 80 Oct 29 199148ept 21
05
8
Ws; Feb 811 Dec
8
10712
100 Preferred
No par 10112Nov 18 10812 Pell 14 10434 June 110 May
95
957
8 95
96
95
9512 *95
957
95
95
913 95 I 1.700, 26 preferred
4
•1914 1912 1918 20
No par 8614 Oct 30 103 Feb 21
19
19181 19
Feb 100 Sop*
81
1912 1812 19
1812 1812 3,900 Am Hawaiian S 8 Co
10 1812 Dec 19 42 Apr 19
*414 5
*414 5
*414 6 I*414 5
*44 5
4
4 18.
200'Amerlean Hide & Leatber_100
*32
8
34
33 Nov 18 10 Jan 2
30
30
3014 3014 *31
- - Oct 184 Feb
81;
33
30
30
2818 30 1 1,000 Preferred
*58
583
100 234 Nov 14 5214 Aug 29
8 58
58
5714 5712' 563 57
81 Nov 673 Feb
2
56
5612 5518 56
2,800'Araer Home Products__No par 40 Nov 13 85% Jan 24
•3714 38
3714 3713 *351 38 I *355g 36
Feb 86 Ncv
59
353 38
8
3614 3612 1.200'Arnerican Ice
•____ 8918 *85
No par 29 Oct 30 5312 Aug 23
8918 .85
7812' *8513 8718 *853 87 .853 863
Jan 48% Aug
28
4
4
4
40
100 86 Nov 7 96 Mar 6
4112 387 40 4 38
3
3912' 3812 3912 3718 3838 34% 373 37.700 I Preferred
90
Jan 991s Me
4
Amer Internal Corp___No par 2912Nov 12 96%Sept 20
.27
3
•23
8 24
23
23
8 23
28
2
23
8 23
8
212 25
8 1,400, Amer La France & Foarnite.10
•35
38
35
35
*35
514 .
212 Oct 29
38 I *3712 371 *3712 37% 35
8% Jan 10
.iZt;
1138 -iFel
3712
310' Preferred
100 2712 Nov 24.3 75 Fen 21
1023 10412 10214 10512 103 103 1 1023 103
ise
Jan
854 Oct
4
10212 10212 984 102 1 3,200 American L000motive_
No ear 90 Nov 13 136 July 16
87 June 115
Jan
•
11714 119
11812 11812 11732 117121 11612 11714 11512 117
11412 115
1,200 Preferred
*
215 220 *215 220
100 11114 Nov 15 120 Dec I() 1034 Jet 184 Mar
215 21932, 220 224 .215 225
205 215
900 Amer Machine & FelyNo
4614 47
3
463 484 4634 4S4 48
4
48
434 45
4214 4312 6,800 Amer Metal Co Ltd___Ne par 142 Nov 14 279 4 Oct 0 12912 June 18334 Dee
*112 11312 11212 1 1212 11212 11212 *112 11212 *112 11212 *110 11217
par 3112Nov 13 8112 Feb 6
39 Mar 6334 Nov
200 Preferred (6%)
100 106 Nov 13 135 Feb 6 109 Aug 11713 May
*70
72
•70
72
.70
72
*70
*70
72
72
70 70
90 Amer Nat Gee pret___No Par 58 Nov 21 9814 Jan 7
214 214
214 212
9014 Dec 9934 No
112 214
138 2
,
34
ki
112
1
40,100 American Piano
No par
3 Dec 19 17% Jan 31
4
9 9
9
9
1234 July 25 Feb
512 9
6
6 14
412 418
4
5
2,740 Preferred
100
82
4 Dee 20 55 Jan 31
84
7914 817
38
8 7814 817
Dee 00
Jan
8 81
833
8 77
80 4 72
3
78
19.300 Am Power & Light__No par 6414 Nov 13 .1753
10112 10112 10112 10112 10134 1013 1013 1013 *10112 102
4Sept
6214 Jan
95 May
4
4
4
10112 1013
4 1.200 Preferred
No par 924 Oct 29 105 Feb 28 10012 Dec 1071 May
*7312 76
75 75
4
*7312 76
75
75
75
75 14 75
75
1,000 Preferred A
No par 70 May 31 80 Feb 18
81
81
81
7712 Nov
8134 8112 817
704 Nov
8112 814 80% 81
8038 80 4 3,100 Pre( A stamped ___ No par 727 Nov 14
3
8
3238 33
844 Feb 15
32
33
8112 Dec 86 4 Nov
,
3134 334 3138 3212 30
313
4 293 31
8
61,100 Am Rad &Stand San'ry No par 28 Oct 28 55 8Sept 7
•126 135 *126 135 •125 135
3
130 130 *126 135 41126 135
10 Pr.ferred
100 125 Nov 26 139 Sept 13
22
277
2 24 8 2732 26
3
2718 26
273
4 2438 267
213 257 17,800 American Republics
4
8
-No par 1212Nov 12 64% Jae 2
89
897
Feb 811
Apr
8 8514 8912 84
87
85
8733 8012 8414 75
81
21,200 Amer Rolling N1111
25 00 Nov 13 1443
' 59
'
1
8Sept 9
593 *5712 59
4
•58
59
5g
2
8 5614
598 59% 583 597
1,700 American Safety Rasor_No par 44 Nov 14 741 Jan 3t
2112 2112 .2112 2318 2112 2112 2112 2112 2112 2112 z2012 57
4
Jan Wi;
56
21
800 Amer Seating v t c
No par 2012 Dec 20 414 Mar lb
138
132
112
112
37% Nov
65 May
114
114 *114
133
132
138
1
1 14,500 Amer Ship & CommNo par
12
312 Aug
3 Oct 29
2
•84
4312 May
85
7 Feb 5
*84
85
85 85
*84
85
85
85
8312 84
350 American Shipbuilding_ _ _.100 70 Oct 29 11218 Aug 8
745 757
80 Sept 119
7212 754 72
Jan
73 8 73
7
73341 70
4 6913 713 42,400 Am Smelting & R01,31[19_10
723
2
•135 136
0 62 Nov 13 1304Sept 5 169
13412 135 *13412 13512 135 135 *134 136
Fell 198 Dee
134 13414 1,400 Preferred
100 1234 Nov 15 138
•4212 43
an 4 131 Maf 142 • Apr
4212 43 4 4214 4214 413 413 .4112 42
3
4
4
4072 4112
900 American Snuff__ __ .......
25 38 Oct 30 49 July 26
10212 10212 *102 1023 .102 11013 10234 1023 10212 10212 *10212 105
4
4
30 Preferred
100 98 Nov 13 112 Jan 24 100 0c1,in June
4612 4734 4512 4612 457 463
2
4 4614 4612 4534 4612 4312 453
4 7,000 Amer Steel Foundtlee_No Par 35% Oct
11012 11012 11012 1123 11034 11212 111 111
29 791 Feb 4
8
504 June 70% Jan
4
111 111 *111 11112
230 Preferred
100 110 June 17 114 Mar 18 109 June 120 Feb
*4812 49
4812 4812 48
4812 4814 4814 474 4814 4612 47
2,300 American Stores
Alo par 40 Oct 29 85 Apr 25
6112 6212 62
6312 61
62
6118 62
6014 615s 5818 6014 12,200 Anne? Sugar Refining
100 56 Nov 13 944 Jan 35
10414 10414 •10312 106 *103 104 *10318 1044 10314 10314 1024 10318
4
931. NOV
3
118- Feb
500 Preferred
100 99 Nov 13 111 Feb 1 100
22
Feb 11012 May
2334 21
2212 21
2112 2144 2214 21
2212 18
21
30,600 Am Sum Tob
18 Nov 13 60 Jan 2
No par
26 4 267
Feb
3
46
8 265 263
7233 Sept
8
4 26 4 263
3
4 2633 263
4 263 263
4 263 263
4
4
4
950 Amer Telegraph & Cable_100 17 Jan
8278 Mar 25
221 223
Jan
174 Dee 82
218 223
21614 2213 22014 224
4
217 22112 210 217
51,600 Amer Telep & Teleg
100 19314 Jan 8 31014E3.30 19 172 July 211 May
20012 201
201 20514 20014 20312 20012 202
200 20012 195 19712 4,000 American Tobacco
eom-__50 160 Mar 26 23212 Oct 14 152 June 1843 Dec
203 205
8
20312 209
20014 203
202 204
200 20114 1904 200
15,000 Common clam B
60 160 Oct 4 235 Oct 14 152 June 1847 Nov
•11912 12012 120 120
2
1193 1193 *120 121 *120 121
4
4
11912 11912
700 Preferred
.
100 1143 Nov 14 1214 Jan
8
128 128 *126 135 *126 135 •128 134 *128 134 41128 134
115 4 Sept 120
3
200 American Type Foundere-100 115 Nov 13 181 Beet 15 1097 Aug 1424 Apr
11
8
108 110 •106 11012 *106 11012 *10812 11012 10912 10912 .10012 110
Nov
90 Preferred
100 103 Nov 13 112 Apr 6 107 Nov 115 Mar
8912 94
863 93
8
874 918
88
91
8312 88
84
73
63,600 Am %Vat Wke & El
No par 50 Nov 13 199 Sept 27
*10218 103
53 June 7613 Nov
102 1024 102 103 *100 102
10212 103 •103
1,100 let preferred
__
97 Jan 3 104 Jan 28
Oct 106
Apr
98
9
9
814 914
814 83
4 •818 8%
814 87
8
8
818 3,200 American woolen
5% Oct 24 277 Jan 8
100
8
14 July 323* Nov
2312 2218 2312 2138 22
23
213 2112 1918 21
8
1714 1933 7,000
Preferred
100 1511 Nov 13 58% Jan 2
•7
89 Aug 66% Nov
*7
712
612 64 *8
8
7
88
88
7
7
100 Am Writing Paper *118.81. par
4 Nov 14
1612July 18
10% June
*3212 38
194 Feb
34
•3112 38
34
*3112 3812 33
s3212 3212
33
400 Preferred oertificate
100 28 Nov 14 48 Mar 2
84 Jaue 63'4 Oct
10
10
10
10
912 912,
9
912
84 94
8
814 6,100 Amer Zino. Lead & Smelt___25
7 Nov 13 494 Mar 18
ost, Jan
1, 0
6
Oct
37
65
*60
6112 583 60 I 5.57 60 •56
4
60
54
5612 2.000 Preferred
26 4934 Nov 13 1114 Mar 19
AO
Jan tl7le Oct
767 7914 7714 8014 7714 79 I 7733 79
8
7518 7712 70
7612 298,900 Anaconda Copper Mln. riew50
70 Nov 13 140 Mar 22
*49
4912 *49
4912 *49
4912 *4712 48
__ 48 1 *4712 48
Anaconda Wire & Cable No par 4912 Dec 2 893
4Sept 7
4018 4012 40
4014 3912 3912 *40
41 I 39
4012 53512 39
4,600 Anchor CAP
No par 25 Oct 29 80 Oct 15
'
106 no sloo 108 •106 150 •100 160 *106 150 *10438 150
48 Dee 5433 Dec
Preferred
No par 96 Nov 13 15112 Ort IS 1064 Dec 111
Deo
*3412 36
343 3534 3. 35
4
3434 3434 3312 3412 323 3318 2,200 Andes% Cooper kftniny ...No
8
far 30 Oct
3618 Nov
1
2614 2614 2618 264 25 8 263
56 Nov
7
4 26'* 263
4 25
26
5.500 Archer, Gaols, klIerld_Nu par 1812 Nov 29 683* Mar 4
2412 2512
13 4912 Mar
8414 Feb 1127 Nov
*81
8
82
81
81
81
81
81
81
81
81
8012 80*4 1,600 Armour & Co (Del) prat_ ...100 75 Oct 29 95 Jan 30
812 8 8
812 87
864 Jan 9712 June
8
6 4 64
,
at 63
8' 614
612
53
4 614 19,100 Armour of Illinois clam A __.25
518 Oct 29 18 8 Jan 2
1114 Jan
284 Sept
3
,
12 312
312
312
34 3,2
318
318 312
338
318 314 10.300 Class B
_25
4
838 Jan
23 Nov 13 104 Jan
60 60 I 80
1312 May
60
5814 593
4 593 60
4
61
60
2,500
6014 62
Preferred
WO 57 Nov 14 86 Jed 24
*818 812
74 Jan 914 June
712 818
734 73
74 8
3
612 73*
4
612 712 8,090 Arnold Constable Corp No par
612 Dec 19 40/8 Jan 2
•17
8514 July 51,14 Apr
23
*163 22
8
*1638 20
19
*16
19
20
100 Artloom Corp
*1638 20
No par
41 Mar
284 Dec
163 Nov 14 80 Fob 8
8
37
37
*3614 37
*3614 37
364 363
4' 37
37
y347 35
2,500 Associated Apparel Ind No par 34 Nov 14 583
8
4June 18
3312 34
30% 33
29% 3114 3012 3118 274 3012 2612 2912 27,000 Mimeo Dry Goods
No par 25 Nov 13 7034 Jan 10
4014 June "fit; IVe
*3412 40
.
•36
•3412 3512 *3412 3512 .3412 39
40
Aseociated ()II
*3412 39
2.5 33 Dee 2 4714 Apr 5
8
ars Feb 53 Sept
761 7814 7318 78
73
74
7312 75 4 72
3
6,000 Atl 0 & 95' I 8 8LIne_No par
73
673 72
8
874 Feb 597 May
eb1
4584 8 16 8612 Oct 10
324 Feb 1
*59
2
61
*5912 63
6218 6214 5812 6112 *60
5418 5818
61
900 Preferred
100
88
8
647 Sept 2
4 july 6
Feb 8514 Oct
4014 4012. 40
40% 393 40% 303 4014 39
4
8
40
3614 337 54.000 Atlantic Refining
8
25 30 Oct 29
86 86 18 8014 827
50 Nov 6612 Deo
8 80
8
82
82
80 4 82
8178 2,30 Atlas Powder
3
No pax 67 Nov 7 140 Sept 10
79
Jar 114 Dee
63
9914 9914 *9914 100
100 100
*99 100
100 100
90 Preferred
99
99
100 90 Nov 14 1.064 Jan 14 102 July 110% May
7
7
*67
8 7
*64 7
*64 7
634 634 *61 1
1,000 Atlas Tack
7
No par
84 Jan
8July 16
5 Nov 14 177
1738 June
208 219
201 210
200 20912 20112 20214 191 20214 217612 188
5,200 Auburn Automoblle
No par 120 Oct 29 514 Sept 18
• Bid and asked prices no sales on tnin day. 3 Ex-dividend
y Ex-rfghta.
3933
New York Stock Record-Continued-Page 3
For /ales during the week of stocks not recorded here. see third page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Dec. 14.
Monday,
Dec. 16,
$ per share $ Per share
4
/
41 418 *4
478
*22
25
*21
25
*55
4
*553 56
56
4
1
/ *8
8
8
814
•14
18
•15
18
*3512 3612 *3512 3612
2912 31
2918 31
112 114
11334 11334
108 109
10812 10812
19
19
20
*19
•72
743 *72
90
4
382 312
312 333
2512 2614 2512 2614
*63
63
63 63
66
97
96
97
96
1614 163
4 1618 1612
64
4
643 643 *63
4
614 614
618 614
*7912 794 797 80
8
1
/
3618 37
1
/
344 3712
343 35
4
4
313 34
93
9514
12214 12214
32
27
*
100 103
*
80
8012
56
4
1
/
57
1371
73
*
22
30
6912 7012
3714 3814
23
4 23
4
17
1712
4 2
•13
*413 53
4
1912 2012
*7514 77
138 138
*43
4312
2112 2212
*22
23
*3514 3618
109 1093
4
30 4
• 3 3112
*98 100
32
*28
*8912 9612
47% 49%
41
*36
*102 10412
*10812 111
8
57
5
34 314
1934 20
91% 95
*109 116
2612
26
69
68
*
28
•
29
4
1
/
118
118
90
88
4
3114 317
6412 65
31% 3178
Tuesday,
Dec. 17.
Wednesday, Thursday,
Dec. 19.
Dec. 18.
per share $ per share $ per share
41
4
*412 434
433 •418 43
20%
21
25
321
2218 *20
4
5612 563
5612 5612 5612 57
4
/
4 71
73
*712 814
8
8
13
13
20
*10
18
18
3634
36
36
3612 36
*36
4
1
/
30
4 3012 3112 29
2933 313
4
4
1133 1133 11312 11414 112 112
10818 10812 *108 109 •10812 109
1918 1612 1612 1612 1613
19
80
*74
80
7214 7214 *72
3
3 8 312
,
,
34 34
333
333 333
8
2518 2618 247 2514 2312 2478
62
*55
62
*55
63 63
63 63
97
97
97
*96
97
*96
1514
4 1533 1618 15
163
16
4
4 6212 633
4
623 623
64
*63
5%
5
512 57
4
4 63
53
*80
8114
4
S014 *797 82
80
80
3
3413 35 4 3214 344
1
/
4
1
/ 36
33
3213 34
4
4
1
/ 323
30
3218 34
I Sales
for
Friday, I the
1Veek.
Dec. 20.
STOCK
NEW YORK STOCK
EXCHANGE
$ per share Shares Indus. & Miscel.(au.) Par
4
418 1,100 Austin, Nichols & Co_No par
1
/
204 1,600 Preferred non-votIng____100
19
5.5
1
/
564 1,500 Austrian Credit Anstalt
*712 9
500 Autosales Corp
No par
50
600 Preferred
16
10
*357 37
700 Autostr Sal Rasor"A- _No par
8
28
2911 36,200 Baldwin Loco Wks new No par
100
11212 11212
170 Preferred
330 l3ambe7eer (L)& Co pret_100
10872 109
No par
1612 1612 3,310 Barker Brothers
*74
300 Preferred
80
par
900 Barnett Leather
312
*3
r
2212 23
4
1
/ 33,000 Hamadan Corp class A No 215
No par
62
*55
700 Bank Cigars, be
100
120 PIM preferred
97 971,
No par
1314 14
4
1
/ 9,900 Beacon 011
20
1,800 Beech Nut Packing
GI
60
4
1
/ 5
4
6,500 Belding Heneway Co_No par
8112 8112
700 Belgian Nat Rye Dart pre__
No par
4
4
1
/ 333 51,700, Bendlx Aviation
30
12,200 Beet & Co
2818 32
Con3_1"_°_17'00ar
PER SHARE
Bowe Since Jas. 1.
-flare lots
Os lasts of 100
botoeil
I
Illgarsi
PER ZHAili
Renee for Nevem
Year 1928
Emorst
Strew
per aft'
$ per Man 5 Per slate
4
91 Mar'
3
4
/
111 Aug 27
4 3 Jan
Jar,
311
25 July
424 Jan 14
Oet 75 Ma,
53
85 Jan 8
,
1
/
613 Jan 344 No
3512 Aug 16
,
41 No
25 Aug
1
/
454 Aug 19
Oct 5212 MO
43
50 Jan 11
4
/
661 Aug 12
1
/
Oct 1244 Apr
125 Apr 3 115
3
1
11013 Feb 1 107 4 No, 1117 Jan
1
/
4
1
/
26 Aug 354 Dee
4
333 Jan 23
4
/
911 Dec 10112 June
97 Jan 28
5212 Feb
4
1
/
23 Aug
2914 Jan 15
20 June 53 Nov
4918May 10
4
/
98 June 1401 Mar
4
1133 Jan 25
4
1
/
4
1063 Jan 29 10312 Dec 110 Mar
1214 Mar 2413 Dee
4July 17
1
/
32
4
3
70 8 July, 1011 Dee
101 Jan 12
Jan
12 Dec 22
3
17 4 Apr 18
3
823 Sept 924 may
3
847 Jan 3
4July 24
/
1041
53l Jan 102 00
12312Sept 24
4
1
/
7
51. 8 June 88 Di,
14034 Aug 24
Apr
128 Sept 18 11618 June 126
4
1
/
83 July 50 Set"
8
617 Apr 5
111 Jan 16 10912 Jan 11134 Jul)
87 June 122 INV
118 Jan 2
4/Ave 4
1383
;
1
6533 Jan 1E Dos
994 Jan 12
ati Jan 1211 NO
1
/
114 Jan 2
4
1111 Mar 724 No,
3
53 4 Jan 18
10013July 10
8May 1
1433
Jan
3154 Feb 11 -14 Aug 28
4
1
/ 0131
2118 Feb 68
6318 Jan 8
914 May
4
/
11 Jan
0 Jan 28
4
1
/
12 Eel
4
1
/ Jan
2
1311 Jan 28
4
1
/
45 June 7612 Nov
4
1
/
73 Jan 2
145 Jan 2 110 June 150 Not
4
1
/
24813 Aug 26 139 June 203 Nol
44 Dee 5511 API
5112Sept 4
4
1
/
12
27 Feb 62 Sept
6514 Jan 18
4
2612 Feb 483 /gar
4
1
/
42 Jan 6
1
/ ,
544 Ms
Feb
3
50 Feb II 333
AD'
117 Apr 25 11014 Mar 117
5458July 19
9811 Feb 127 0c8
127 Jan 11
438s June
4
1
/
15 Mar
39 Jan 14
4
1
/
4
1
/
97 Feb 110 June
10514 Jan 7
Jan 249 Del
1
/
3294May 21 139
50 June 89 Der
Feb 2
894
8
11012 Mar 2 1047 Aug 115 Ma)
11812 Feb19 111 Aug 11911 Jim*
164 May
834 Aug
1233 Jan A
124 Not
44 Jan
94 Jan 3
374 Dec 674 Mar
31 Jan 2
4
4
/
901 Jan 2063 Des
,
1927 Jan 2
1
/
12114 Jan 8 1084 Apr 118 Du
4718 Oct 7
6813 June Ws; Wei);
4
847 Aug 29
354 Mar sa Bay:
3412 Aug 28
Pa API
1
/
14 Mar
4 Jan 22
4
7312 Nov 14 1363 Aug 7
-1
3
201 Jan 4733 I4O
617 Mar 1
25 Oct 29
4
/
1511 !an 8612 May
45 Oct 29 981 July 13
43 Dec 150 Ser
4
2812 Nov 27 483 Sept 7
5 per /Sore 1
314 Oct 30
18 Nov 7i
4911 Nov 12
1
/
74 Dec 6
13 Dec 19
34 Nov 14
15 Oct 24
10912 Nov 14
9312 Nov 13
1612 Dec 18
70 Nov 26
314 Dec 19
20 Oct 29
55 Nov 13
95 Oct 23
1314 Dec 20
45 Nov 13
433 Dec 20
75 Nov 13
25 Nov 13
N 13
No v 13
8112 83
87
13,075Calumet & Anions MInIng.2
3112 285 31
10,700,Calumet & Heels
25
6312 7,400'Canada Dry Ginger Ale No par
6414 61
4 2,700:Cannon Mill/
No par
3014 2912 293
35,200 Case Thresh Machine et13100 130 Nov 12, 407 Sept 16
17914 194
193 203141 190 199
186 195
18712 202
197 204
.
---4
/
Preferred otfs
100 113 Nov 181 12312 Dec 7
.
3119 123 13 _ 1221 *120 122
-11914 121 *11914 12218 *11914 123 1'
*712 8'2
8 $
*8
77
9
8121
9
$
9
4
1
/
8
*8
7714 Dec 19 424 Feb 23 ---800 Cavanagh-Dobbs Ine_No Pa
60 Preferred
100 60 Nov 7 10512Mar 8
6112 6112 .6012 6113
60
6112 6112 6112 60
*60
64
*60
____
1
/
2,200 Celotex Corp
31 Oct 30 794 Feb 4
3684 36% 3534 36
37
37
367 37
8
363 37
*3614 38
I Preferred
73
*66
72 Dec 12 9312 Feb 7
*6514 73
*6813 73
136812 75
73
*68
75
391881, pia ---s Des
4
2,400 Central Aguirre A800_ _No par 21 Oct 29 483 Jan 30
No
8 2518 25% *2333 20
257
261
2512 24
•25
3
25 4 2612 25
8
2818 Mar 483 Dee
4
8 3212 34'o 20,400 Central Alloy Steel__ _No par 2618 Nov 11 593 Oct 14
357
8
7
4 3514 308' 353 3714 34
353
35
3482
3412 343
4
Jan 1111 Mar
Jan 28 107
3
' Preferred
100 105 4 Apr 2 11213
O10811 1091 *108 10912 *108 10912 *108 10912 *10612 111 *10612 111
Oat
11 Aug 24
3 Oct 29 2013 Jan 2
4,700 Century Ribbon Mills_No par
4
4
4
4
414
418
414 414
418 512*414 .312
77 Au: 92 May
Dec 10 82 Jan 17
5284
70, Preferred
4
100 5214
4
4
*553 5812 *523 5812 523
55
4
*523 5813 523 58
55
4
5813 Jan 119 No/
5914 6112 22,800 Cerro de Pasco Copper_No par 5214 Nov 13 120 Mar 1
6212 6312 6134 63
4
63
4
64's 613 6412 613 63
1
/
2318 Dec 844 API
1112Nov 12 32 July 90
1333 3,700 Certaln-Teed Products _NO Pa
1313 12
14
1312 133
8
1313 14
4 133 1312 13
14
76 Nov 100 May
4512 Dec 20 8112 Jan 11
2001 7% preferred
4512 4512
50
10
50
56
*50
58
5912 •50
*50
56
*50
4
4414 1,300,City Ice & Fuel
44
4
1
/
48
*4614 48
No par 39 Nov 14 623 Jan 30
47
47
4414 4414 4414 4433 •45
96 Sept 6 105% Jan 24
80: Preferred
10
8 9814 9814
8
4
*963 99
.9714 987 *98
99
988 *9814 987
98
7013 005 821, .1- ;
3
4
/
4
1Certo Corp
No par 563 Mar 28 921 Jan 31
•.
0234 July filla Jar
4212 Nov 12 112 July 2
6212 6413 27,700 Chesapeake Corp
No pa
65
3
3
62
643 6512 6514 65 4 64
65 - 65
6818
30 471/Sept 21 111 Aug 17312 Dee
8
4
1
/ 1,300 Chicago Pneumat Tool No Pa
22
217 Oct
2312 22
8 23
243
8 24
243
24
26
*25
25
25
*5312 54
47 Nov 13 61 Sept 20
3001 Preferred_
5312 *5312 54
5312 53
No pa
*5312 54
5312 5312 *53
Jai
VS
1
297 Aug
*2612 28
50,Chicago Yellow Cab
2612 *2612 28
No par 21% Oct 29 35 :an 7
2618 2618 *26
27
2612 2612 •26
1
/
45 Dec $134 Oct
1
/
1
/
10,900 (Jhickaaha Cotton 011
264 Dec 23 50 Jar, 2
1
*274 2712 2714 2714 2714 2714 2714 2714 2718 2718 264 27
87 Apr 64 Dee
4
1
/
4
583 11,000 Childs Co
5712 57
4 57
583
57
58
NO par 4414 Nov 13 75 Sept 3
57% 57
•57
*5712 58
Ms XL v
4
1
/
37 Mar
400 Chile Copper
*5818 74
4
/
•5818 74
*581 74
251 53 Nov 14 1274 Mar 21
•58% 74
6014 •5818 74
60
.
541.3 Jan 1404 Oct
4
333 35% 32
3
343 181,900 Chrysler Corp
No pxr 26 Nov 13 135 Jan 2
3514 3612 3512 363
3518 373
3 3518 38
1
/
564 Juno
514 Ian
42
50 City Stores clams A __ __ No par 38 Oct 29 52 Jan 2
*38
42
42
*38
*38
42
42
43
*38
134114 42
-913 1014 16,200 New
714 Oct 24 27 Feb 4
8
1014 107
1014 11
No par
8
1033 1114
1114 II% 103 11%
34
4
/
001 Dec 1.6) All
4
1
/
4
1
/ 35
34
37
4 3712 3712 37
1,800 Cluett Peabody & Co_ _No par 347g Dee 20 72 Jan 3
.36
3612 3618 3612 3612 373
4
1
/
98
1
/
9812 9833 *984 99
110. Preferred
98% 98 98
100 9314 Nov 13 119 Jan 3 11113 Dee 124 Mal
90
99
99
*98
15413 Aug 80
4
12818 1313 12712 129
3,300 Coca Cola Co
4
132 132 *1313 132
Ns par 101 Nov 13
*13212 133 •132 133
4
4912 4912 4812 481 2 4,400: Class A
49
49
No pr, 443 Oct 20 60 Feb 4
4 4812 49
4812 4812 *4812 483
818
4
/
1
/
144 8,800 Collins & Aikman
8
4 14
1412 1518 143 161 1.114 143
No par 10 ;icy 14 724 Mar 14 - 1- Dee ilia; "lea
1414 1413 1414 15
JAL&
90 Nov 109
*65
66
72
•65
72
65
68
400, Preferred non-voting_100 65 Dec 16 10313 Feb 6
*65
70
65
70
70
5213 June 841s Jar
3412 36
3212 341 11,300 Colorado Fuel & Iron
4
/
4
4
1
/ 39
36
35
100 273 Nov 14 784 Mar 8
35
34
33%
353 3513
3
4
79 June 1843 Dee
174 18314 160 181
149 172
37.200 Columbian Carbon•t elVo par 105 Nov 13 344 Oct 8
4
1783 18512 171 1814 172 178
4
1
/
8912 Mar 14.3 Dee
8 6312 683 136,900 Colum Gas & Elea.-__No par 52 Nov 13 140 Sept 25
4
3
3
8 697 73 8 7012 7312 6614 717
747
74
4 71
753
107 107
107 107
107 107
107
100 9912Nov 19 109 July 18 106 June 11018 Jar
1,300j Preferred
10614
107 107
*10614 107
1
01 Dee 883 No,
4
8
4 2814 3114 2333 297 346,400 Columbia Graphophone
8
4
/
16% Nov 13 883 Jan 9
3 391 321 313 323
3
3218 33% 303 333
4
/
71 No.
21 Feb
4
1
/
243
2412 23
8 23
18 Nov 13 62 Jan 2
4 2112 2311,700 Coercial Credlt__No par
2318 237
1mm
8 2312 24
23% 243
27 Map
23 Feb
3June 18
23
23
e 22
23
2378 237 237
600' Preferred
25 20 Nov 13 263
2512 *23
2512 *23
*23
23 Fell 28 Der
4 22
223
4 22
223
22
2212 2212 *22
240' Preferred B
4
1
/
25 20 Nov 13 29 June 14
22
22
29
*22
86 June 107 No,
78
7618 7712
440 lot preferred (64%)__..100 70 Oct 24 50533 Jan 24
4
763 7714 78
77
77
77
76
77
77
3713 393 16.700 Com Invest Trust new. No par 2818 Nov 13 78 Oct 14
4
1
/ 3912 40
4
4
1
/ 40
39
383 4112 3918 40
3
413 42
Jan nisi" May
99
100 100400 7% preferred
100 100
1
100 96 Nov 15 109 Feb 5
1004 10014 100 100
•101) 10012 100 100
3
923 June 9812 Aug
89
93
*89
93
89
*89
93
*89
100 Preferred (6)'1-- .
93
_100 87 Nov 18 99 Jan 28
*89
93
89
*
1
4
/
61 Aug 807 Dee
11
13
1212 *11
11
1,300' Warrants
100 10 Nov 6 6912Seot 4
1214 1214
1214 1233 •1I
*1214 14
8 83
3138 30% 3112 2818 3033 263 2 4i144,0001Comm Solvents new
1
/
204 Oct 29 63 Oct 17
No par
4 3018 3218 30
4
303 313
4
1278 133
1
/
8 1212 1318 114 123
Oct 29 243 Oct 10
8
10
133
13
3216,200 Commonwealth&Sou'rnNo par
1314 14
4
1
/ 14
13
Oct
84
Jan
48
48 1
•441. 45 *4412 45
48
35 Nov 13 93 Jan 19
300 Conde Nast Publics-No par
34712 55
48 '
48
35
*47
3113 Apt
22 June
4
4 1312 1412 13
1313' 34,800 Congoleum-Nairn Ine_No par
8 1418 143
11 Oct 24 353 Jan 28
4
1
/ 143
3 13
147
14
1412 14%
4
1
/
87 Der
67 Feb
5212 4714 51
3
43 Nov 13 923 Feb 6
No par
4
*5212 523 *5212 5314 52
4
523 54
2,200,Corurree3 Cigar
53
*51
•1
8
3
.14
8
3
*14
4
1
/
3 Ma,
113 Feb 7
4 Jan
14 Nov 12
100:ComIcy Tin Foil stpd_No par
4
1
/
8
3
NI
33
*14
'8
"8
7911 Jan 100 Dee
34514 48
49
49
49
5114 49
4,400'0easolidated Cigar-No par 40 Oct 29 9614 Jan 2
5212 48
5214 5114 30
1
4
1
/ Apr
9833 Oct 102
71
70
71
63 Nov 14 98 Jan 7
7018 7018 70
7014 72
or pre .. -._.-----:
7018 71
71
71
2911 Sept
23 July
3
1
/
1938 194 193 1912 19
8
19
4,40010onsol Film Ind prat _No par 1518 Oct 29 30 4 Apr 23
3
34 20 4 22014 2033 1912 20
20
Aug 17014 May
9014 95 138,0001Consolidated Gas(NY) No part 80% Nov 13 18314Sept 3 r74
1
/
4
933 97% 9514 9814 934 97
98
9618 9814 94
974 Aug 108 Mar
No part 92'2 Nov 14 10012 Dec 17
8 7.1001 Preferred.
8
993 10033 697 10012 100 10012 100 10018 99% 1003
8
100
99,2
2 Aug
all Dee
4
1
/
1
/
64 Jan 15
118
I
1 Nov 14
118
1
I
118
1% 21,3001Consolldatel Textlle No part
1
114
1%
1%
114
API
36
20 Nov
1
/
14
4
/
141 1412 1412 ____ _ .
14
900'0ontainer Corp A vet_No part 12 May 24 234 Jan 9
1433 14
14
1414 1414
194 Ape
4
1
/ Oct
9
412 43
412 5
4
, 34 Nov 14 1113 Jan 2
No pa
1
412 1
4% 5
5
2,7001 C1a8 B voting
5
518 518
6312 Jai
3612 Apr
4314 4312 42
43
37
4112 6,600 Continental Belting el AN° par 2514 Oct 29 90 July 9
4512 4314 44
45
45
44
933 Dee
57
4
1
/
3 Apr
8
45 Oct 30 1514July 9
No par
5% 6
63
4
1
/ 12.800 Class B
512 5
4
1
/
4 5
53
6
Cl, 612
Apr 961s Jan
79
100 79l Nov 14 100 June 6
89
90
90
89
883 88
91
4
4
1
/
500' Preferred
4
9134 913 *8912 9113 91
1
/
53 Dec 1284 SePt
4 4914 50
5012 513
4
1
/ 47
50
5112 52
20,500 Continental Can Ine_No par 4012 Oct 298 92 Sept 24
8 5112 53
527
52
947s Mal
76 Feb
10
par1 4618 Nov 131 11014Sept 3
62
5814 603
4 9.200 Continental Ins
6313 62
6214 6018 6133 60
6412 62
62
204 No,.
10 Mar
els Oct 241 2833 Jan 21
Motors__ Na
7
7
1
/
74
7
21,300 Continental
4
1
/
8 7
75
7% 714
3
74 8
4 8
73
89
3118
4
643
4
313
90
33
66
32
8818
3118
64
3112
4'
893
32 I
4
643
3113
87
3112
4
633
33033
90
3133
6412
31 1
8213
3018
6333
9
297
1
1
I
,
_ ,
• Bld and asked prices: no sales on tht day. 8 Ex-div. 100% in common flock. g Ex-divldend and et-right,. z Ex-dividend.
y Ex-rIgh a.
3934
New York Stock Record-Continued-Page 4
For sales during the week of stocks not recorded here, see fourth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Dec. 14.
Monday,
Dec. 16.
Tuesday,
Dec. 17.
1Vednesday, Thursday,
Dec. 18.
Dec. 19.
Friday,
Dec. 20.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PRR SHARE
Range Slate Jaa. 1.
Os Oasis of 100-slare lets
Lowest
Hfohest
per share $ per share $ Per share $ per share $ per share 8 Per share Shares Indus. & !Niece!. (Cos.) Par
Per saare
par share
93
94
92
9312 905 027
8
4
8 023 95
8 868 9114 18,50000111 Products Refining___25 70 Nov 13 1263 Oct 23
9018 937
8
2
*14112 142 *141,2 142
142 142 *142 143 *142 143 *142 143
730 Preferred
100 137 Nov 13 14444 Jan 19
28
2812 z2612 283
4 2614 2718 2618 27
2638 224 25
25
Coty Inc
34,300
18 Dec 5 8214 Jan 28
No par
*18
20
*18
*18
20
20
20
•18
18
18
*15
100 Crex Carpet
16
100 18 Dec 9 574 Apr 17
25
26
24
24
25
243
4 234 2514 2134 24
219
2114 5,600 Crosley Radio Corp____No par
17 Nov 13 125 Feb 25
*4734 49
*49
494 473 4912 *45
4
4712 *45
45
400 Crown Cork & Seal__ __No par 3712 Nov 14 79 Aug 6
4712 45
*9114 96
94 94
*92 100
9218 9214 *93 105
*93 105
70 Crown Will Pap lot Pt_No par 90 Nov 18 10114 Jan 19
•18
1818 18
*18
18
1818 *18
19
*18
300 Crown Zellerbach
183
2 18
18
par 17 Oct 30 254 Jan 9
*81
82
81
8114 781g 81
80
80 4 79111 793
3
4 77
7812 3,900 Crucible Steel of Amerlicnioo :OO: 71 Nov 14 12134 Aug 28
N
*1083 109 *107 109
4
109 109
109 109 *109 10914 *109 114
200 Preferred
100 103 Nov 14 11634 Feb 28
1014 1014 1018 103
8
4 103 1114
11
1118 1018 11
94 103
4 8,200 Cuba Co
5 Nov 13 2C2 Jan 3
1
1
1
118
1,
4
114
112
14
3
4
1
2,600 Cuba Cane Sugar
3 Aug 13
4
4 I
Vs par
512 Jan 3
218 338 *212 314
3
24 24
3
214
3
212 1,500 Preferred
312 33
2 Dee 13 184 Jan 3
100
71L
,
714 712
738 8
8
84
,
8
8
8
818
8,300 Cuban-American Sugar____10
64 Dec 10 17 Jan 3
6014 6014 6012 6514 65
663
8 6214 6512 573 65
4
59
6412
990 Preferred
100 56 Dec 10 95 Jan 3
112
112
112 13
138 *114
13
8
138 *114
138
4
14
132 5,800 Cuban Dom'can Elug_No par
1 Nov 13
63 Jan 2
4
47
471g 47
47
47
4714 4714 473
4 4714 473
5,000 Cudahy Packing__
4 3714 48
50 36 Nov 14 6771 Jan 16
*50 ____ *50
*50 _ _ _ _
Curtiss Aer & Mot Co_No par 50 Dee 3 1734 Feb
*11012 115
113 113
1127g 1127 *11012 fii *iii; 112 210913 116- ---ioo cur*,Publishing Co___No Par 100 Nov 13 132 Oct 10
8
116 11612 *116 11612 116 116
1157 1154 116 116 x1144 1144
8
400 Preferred
No par 11:18 Nov 19 12134May 25
78 8
7
7
52 8
8
73s 77
7 8 77
'
712 73
5
8
8.110,700 Curtig.2-1Vright
4
634 73
63 Dec 20 15918 Aug 22
No par
4
163 173
4
8 1638 1714
1612 163
4
4 1612 167
s 153 165
8 145 1538 24.300 Class A
8
100 14 Oct 29 3778 Aug 27
*80
82
83 83
'Si
83
833 *80
4
80
80
78
300 Cutler-Hammer Mfg
78
10 58 Nov 13 12114 Sept 27
•103 10512 100 100
102 102 *102 103
102 10214 100 1013
4
600 Cuyamel Fruit
No par 63 Jan 3 12612 Oct 15
305 31
8
30
313
4 30
30
293 30
2912 3018 2614 2914 7,700 Davison Chemloal
4
No par 2114 Oct 29 6912 Jan 31
*2414 25
*2414 25, *24I4 251s *2414 2458 2414 2414 .2314 2414
8
HO Debenham Securitien
6s 234 Nov 18 462 Jan 24
/
1
119 119
11838 1183 11878 1187 *11814 11912 •11814 11912 *11814 11912
8
8
120 Deere & Co pre!
100 109 Nov 18 128 Jan
•195 205
190 200 *194 196
195 195
19014 195 21881g 194
1,700 Detroit Edison
100 151 Nov 13 385 Aug 2
35
35
343 343
4
34
334 232
4 3412 3412 34
32
1,800 Devoe & Reynolds A__No par 24 Nov 13 644 Feb 6
*10812 111 *10812 111 *10812 111 *10812 111 *1331'2
*10812 111
08
I Ist preferred
100 102 Dec 2 1154 Jan 15
*130 131
130 13312 131 133
133 13314 1314 134
131 133
1,170 Diamond Match
100 117 Nov 14 16412 Jan 11
*7 8 714
714 712
,
7 8 714
718 778
,
6,200;Dorne Minee. Ltd
11, Aug 1
672 74 *64 7
6 Nov 14
•23
24
z2214 23
22
2218 22
22
21
213
4 20
21
2,900 Dominion Stores
12 Oct 29 5414July 1
79
79
7714 80
7714 79
783 783
4
783
4 78
4 76
78
11,100 Drug Ire
No parar 69 Nov 14 12612 Feb 4
N00 p
0 par
*37
383
4 383 394 *37
39
*3618 383
4
4 3412 3612 34
900,DunbIll International..No Par 25 Oct 29 92 Jan 2
3518
*9912 10012 *100 1003 *993 10012 1003 100% *993 101
4
4
8
4
100 100
200'Duquesne Light 1st pref __ _100 4912 Jan 24 1007 Mar 5
2
-'Durham Hosiery Mills B. _ 60
212 Nov 12
1112 Mar
18112 183
174 180
175 178 2 17712 182
1723 178
4
,
16614 174 - 11,400 Eastman Kodak Co
No Par 15U Nov 13 2643 Oct 8
4
*121 123
123 123
123 123 *125 128 *125 128 *125 128
70 Preferred
100 117 Nov 7 128 Mar 9
2812 29
2712 2912 27 8 2812 2812 30
3
28
293
8 274 2812 12,000 Eaton Axle & Spring.
._No par
18 Nov 14 7684 Feb 1
11812 122
113 12112 114 11612 11514 11812 112 116
10312 11234 39,400 E I du Pont de1Neot
20 80 Oct 29 231 Sept 7
11612 11612 11612 117
117 118
11834 119
11814 11814 11712 118
3,000 6% non-vat deb
100 10712 Nov 15 1 1834 Aug 26
o
814 814
818 8 81
7
9
9
9
953
9 18
4
4 Dee 20 394 Jan 10
87 10,000 Eltingon 3801111.1
8
No pa
4914 5018 4818 49181 48
46
48
47
45
46
41
45
2,500 Preferred 6Si 70
100 41 Dec 23 113 J AG IV
84
853
4 8312 8612 83
847
2 83
843
2 7918 83
753 794 29,500 Electric Autollte
4
50 Oct 29 174 July 12
No pa
*106 110 *106 110 •106 110 I 106 106
106 106 *106 110
20 Preferred
100 102 4 Nov 15 115 Apr 2
3
54 54
518 514
514 5141
5
514 3,300 Electric Boat
514 512
54 54
,
,
34 Oct 29
No pa
1832 Mar 19
4512 467
8 4518 473
8 4514 4714' 463 483
8
4 4514 473
4 423 46
4
69,480 Electric Pow & Lt_No pa
2918 Nov 13 863280pt 17
*107 108
107 107
107 107 ,*10612 107
107 107
1067 107
8
700 Preferred
No par 98 Nov 14 10914 Feb 13
*124
*12434 ____'•12434
*1243
4
__
_ *12434
Certificates 50% paid
106 Nov 15 I 4012June 28
714 7018 7212 *7012 713
4 7014 7114 693 - - 12 643 693
4 7
6
4
4 5,400 Elite Storage Battery___No par 64 Nov 14 10412 Oct 16
*5
614
5
5
*44 614, *44 614 .47
8
5,2 *5
200 Elk Horn Coal Corp___Nn par
514
34June 15 1012 ()et 18
*4
518 *4
e31, 518
51
4
4 1 *4
5
4
4
300 Emerson-Brant class A_No par
314 Oct 29 2211 Feb 7
56
5614 56
5614 55
554 *55
554 *54
563 • 52
4
53
1,300 Endicott-Johnson Corp____ 60 4914 Nov 13 8332 Jan A
•109 11212 *109 11212 *109 11212 *10714 11212 •10718 11212 *10718 110
Preferred
100 10814Sept 21 12414 Feb 28
3934 4114 385 4
8 012 383 3912 3812 3914 37
4
387
8! 37
38
13,000 Engineers Public Sery__No par 31 Oct 29 794 Aug
•90
924 92
92
*92
925 *92
8
9252 *925 9314' 925 925
8
8
8
300 Preferred_ _ _
_____ No par 80 Nov 13 12314 Aug 5
*40
51
240
40
*40
41 I 40
40
40
40
40
40
1,300 Equitable Offiee Bldg_ No par 3114 Jan 4 41 May 1
40
40
40
4114 40 40
*39
40
*39
40
37
37
1,600 Eureka Vacuum Clean_No par 37 Nov 25 54 Feb 28
24
25
24
24
24
25
22
2312 22
22
22112 22
2,000 Evans Auto Loading
15 Nov 13 733 Mar 15
4
2212 223 *2212 23
4
2212 2212 *221. 23
*224 23
*2212 23
170 Exchange Bullet Corp.
.No par 2214 Jan 15 2712July 20
35
35
*35
36
35
35
3312 34
3312 343 •343 36
4
4
800 Fairbanks Mom
No par 29 4 Oct 29 547
3
sSePt 9
*104 109 *104 10914 *104 109
10312 104 *103 10914 103 103
30 Preferred
100 103 Nov 12 1104 Jan 9
2712 29
2812 2914 29
4
294 283 283 *26
4
28
25
28
5,856 Fashion Park Arsoc__ __No par 25 Dec 13 724 Mar 21
*60
81
*60
83
80 8018 61
80
*61
79
•61
79
600 Preferred
100 80 Dec 17 1014 Mar 21
*60
75
*60
•60
75
72
72
72 .60
1160
*60
72
Federal Light & Tree
15 6012 Nov 18 109 June 19
4
,1195
0812 943 9518 *91
4
*91
97
97
*91
97
*91
97
30 Preferred
No par 90 Nov I I 104 Feb 6
125 180 •100 170 *100 170
170 195 •100 195 •100 19514 1,200 Federal hf Ming A Saielrg_100 170 Dec IS 310 Fob 4
*96 100
*96 100
1197 100
*97 100
*96 100
*96 100
Preferred
100 95 Oct 29 102 July 5
*8
812 28
8
*73
8
4 814
8
8
814
8
8
1,500 Federal Motor Truck_No par
5 Oct 29 223 Feb 6
2
684 70
68
6912 6712 69
68
67
66
6812 .512 6642 5,200 Fidel Phan Fire Ina N Y____10 4712Nov 13 123 Sept 3
66
8
814 .2312 8t2 *612 812
814
t2312 84
*812 814
70 Fifth Ave Bus
No par
6 Oct 24 133 Mar 2
4
5 *30
*37
45
•27
42
40
*33
•3018 40
40
*27
40
Filene's Sons
No par 33 Nov 14 9812 Feb 211
*9612 9712 *943 9712 9712 9712 *943, 9712 944 9432 934 9432
2
210 Preferred
100 9353 Dec 20 107 Jan 23
573 x5512 5755
4
57
8
557
8 537 5512 5312 5472 53
54
9,200 First National Stores_No par 4412 Nov 14 90 Sept 19
4
313 334
37
g 4
37
8 4 I
312 33
312 35
8
33, 312 23,600 Flak Rubber
33 Dec 20. 2012 Jan 23
No par
8
16
1514 167
16
1532 15
1514
8 1512 167
8 15
12
16
2,990 1st preferred
100 12 Dec 20 7212 Jan 14
42
42
41
41
42
*41
*41
42 I 41
44
*42
600 Florohelm Shoe cl A... Vs par 38 Nov 18 54 Jan
44
*95
98
*90
2
*90
*90
98
98
974 *90
977 .90
9778
Preferred 8%
100 904 Oct 29 1024 Jan 18
*4012 41
4018 4134 *40
413
2 383 4012 38
4
3812 3514 37
17
17
2,100 Follansbee hits,
4
par 3212 Nov 13 823 Aug 26
21
•19
*19
21
*18
19
1712 18
20
20
600 Foundatlou Co
No par 123 Nov 14 6942 Apr 30
4
38
8
4012 373 427
8 3753 39 1 3414 38
23
3414 1914 2512 447,900 Fox Film class A
1914 Dec 20 1054Sept 24
No par
3518 36
35
4
353
4 343 3612 373 3938 367 39
4
8
36
3914 35,500 Freeport Texas Co
No par 233 Nov 13 544 Jan 26
4
*90
95
95
97
95
97
95 I 95
95
*90
*90
95
300 Fuller Co prlor pref
No par 8212 Nov 13. 10712May 7
618 614
618 614
6
614
6
6,
4 014
54 6
6 18
4,600 Gabriel Snubber A
No par
5 Oct 29, 3371 Feb 5
414
414
4
414 414
4
4
4
4
4
44
4
3,400 Gardner Motor
6
3 4 Oct 29' 26 Jan 31
3
953 9812 98 1014 98
4
9912 9514 993
8 95
98
894 9512 23,400 Gen Amer Tank Car___No par 75 Nov 13 12312 Oct 11
5138 50 8 53
51
503 5212 5112 52
5
8
51
50
454 50
13,400 General Asphalt
100 4214 Nov 13 943 Aug 17
4
' 110
100
*87 104 4
.10418 110 *10418 110 *1041g 110 *10418 110
Preferred
100 10412 Mar 26 138 Aug 15
*29
30
30
30
28
4 28
2912 30 5 2714 293
25
28
3,300 General Bronze
No par 24 Nov 7 693
4June 8
2912 2912 2912 30
29
295
8 2912 293
4 29
2812 6,400 General Cable
2912 25
par 23 Nov 13 61 Feb 28
ar
714 714 7018 713
7112 6934 693
8 67
4 69
6812 6,600, Class A
693
4 67
No par 654 Nov 14 1204 Feb 28
•10312 10412 •103 2 10412 10412 10412 10512 10512 10512 10512 10312 101
,
700 Preferred
100 102 Nov 21 1074 Jan 21
5318 531s 53 5312 5312 54
5314 5314 524 5318 514 5212 2,700 General Cigar Inc
No Dar 42 Oct 30 74 Feb 25
23218 24112 222612 237 1 229 237
231 241 1 226 23712 21812 232 130,300 General Electric
No par 16818 Nov 13 403 Aug 20
1138 1138 z113 1112' 1138 1112 1112 1112 113 1112 1132 114 2,800 Special
8
8
10 II Jan 3 113 Feb 4
4
76
7712 79 1 7614 7614 75
78
70
74
3,900 General Oak & Mee A __No par 593 Nov 13 112 Sept 23
76 I 7413 75
4
•10018 _
•10018 ____ *10018 ____ *90
.90
_ -- _I *90
s
Prof sA (8).
Cla. B
No par 70 Jan 3 116 Oct 19
11678 1164 *116 1193 *116 1193 *116 1193 *116 11914 *116 1 - -3- ______ 0-1
4
-19 4
4
4
No par 11112July 18 135 Feb 14
*10112 105 ..10412 105
1044 1044 1044 105
10412 10412 10414 104,
110 Preferred A (7%)____No par 99 Oct 30 11612 Jan 21
s
1 Pref B (7)
I o parpar 99 June 20 115 Feb 15
N
.14
"
this - 3- 51 - 1:1 -8151 508 -50T4 504 -Lois 164 50
524
E1
18
5012 4,000 General Mills
50 Oct 29 8912 Jan 18
90
90
914 914 *90
90
90
92 I *90
92
90
500 Preferred
90
4
100 873 Dec 2 100 Jan
415 43 4 404 434 40 4 414 4118 417
8
3
8: 4018 41 12 384 404 334,100 General Motors Core
3
4
10 334 Oct 29 913 Mar 21
*12114 12112 12112 12112 121 122
121 1213 12112 12112 121 12114 3,300 7% Preferred
4'
100 112 Nov 15 12814 Jan 2
•38
*3812 40 1 *38, 40 1 387 387
2
8
40
8 3812 3812 364 364
500 Gen Outdoor Adv A___No par 30 Oct 30 52 Jan 2
Hoy 1812 18
19
18
18
19
18
1712 18
1714 173
4 1.600 Trust con ifteates____No par
912 Oct 30 41 Mar 12
913 923
4
91
8612 8812 8512 87
4
844 8514 7912 843 13,900 Gen fly Signal
4 86
No par 70 Oct 29 12612 Aug 26
64
645
65
63
6012 6214 3,800 General Refraotories
4
, 6514 6514 643 6514 *64
64
Ne par 54 Oct 30 8812 Aug 12
100 10112 9814 10112 9812 100
984 10012 95
2
43,100 Gillette Safety Rasor_No par 80 Nov 13 143 ()et 8
973
4 923 96
1512 16
1514 153
1514 15
1518 12
4 15
11
1318 26,400 Glin%el Brae_
147
8
NO par
1012 Nov 13 434 Jan 28
71
*73
2,800 Preferred
74
72
67
72
7212 724 *68
61
56
70
100 56 Dec 20' 94 Oct 3
35
341g 3418 343
4 33
8
357
8 343 3512 34
344 3218 334 8,500 Glidden Co
No par 28 Oct 29 6412July 19
*10014 103
1027 1024 10212 11)212 102 102 *10012 102 *10012 102
8
50 Prior preferred
100 95 Nov 13 10612 Apr 22
18
174 187
17
19
137 26,800 Gebel (Adolf).
2
1612 1712 1414 1614
12
18
g
94 Nov 13 66 Feb 5
No par
4114 423
8 397 423 z4018 4112 404 41
8
8
3814 407
8
8
8 365 387 81.800 Gold Dust Corp cc 0-....N0 par 314 Oct 29 82 Jan 19
4 45 4 473
48
3
483
4 457g 463
4512 18,300 Goodricb Co (B F)
3
4 45 4 4714 454 4612 42
No par 42 Oct 29 1051 Jan 2
4
*100 102
100 100
*99 102
*98 102
300 Preferred
101 101
*97 100
100 9818 Nov 20 11512 Feb 25
717 73
8
7018 727
6414 674 19,400 Goodyear T & Rub- ,,No Dar 60 Oct 29 15412Mar 18
69
4 6918 70
66
2 69s 693
95 95
943 95
4
95
95
lyz croterred
9412, 95
*9412 9512 9512 953
8 1,100
_ ..No par 87 Nov 14 1044 Feb 28
2414 26
24 4 2514 243 243
4
3
4
4 1912 223 10,900 Gotham Silk Hog new. _No par
223 233
4
4 2314 24
14 Nov 13. 60 Apr 11
7512 75
75
710 Preferred sew
7518 73
73
75
7512 *__- 7512
100 68 Dec 13 10114 Jan 6
__ 80
80
80
Preferred ex-warrants___100 8412 Oct 9 WO Jan 12
80 *_ _ _ _ 80
8
8
8
814 812 *8
1,700 Gould Coupler A
8 12
812
814
8
8 1 *7
No par
14 May 0
4 Oct 29
1012 1112 1014 11
93 27,700 Grahain-Palge Motore.No par
10 s 107
4
3
8
94 1014
9
014 10 ,
73 Oct 30 64 Jan 2
2
*812 012 *9
100 Certifinates
93
9
4
9
93
4 *9
•9
912 *812
Mt
No par
7 Nov K 494 Jan 11
5614 57
12.300 Granby Cons M Sm & Pr_ MO 4614 Nov 14. .027 Mar 20
55
56 4 *5612 57
,
5512 5018 54
8 53
5512 575
2
44
•42
4212 4212 4218 4218 404 42
404 4018 1,100 Grand Monte
40 4 41
3
loll 39 Nov 13 9‘ 1 Mar 18
0
1234 123
4 123 123
4
124 3,400 Grand Union Co
4 1212 1212 1214 123
4 1232 1372 12
No par
914 Nov 13 3271 Jan 2
*36
3712 36
36
36
36
36
3614 1,900 Preferred
36
363
4 33
36
No par 30 Oct 30 543 Jan 4
2
393 40
2
z3814 39
394 40
38
39
4 3,500 Granite City Steel
353 384 331 4 343
4
Vs par 32 Nov 13 834238e131 3
• Rid and naked prices: no sales on ad, day. a Es-dividend
S Ex-dividend ex-rlents.
PIM AB ALE
,2arioe for Prestos.
Year 1928
Lorrerl
!Bohm
Dor share
85f shay
844 Jan 94 Ne,
13811 Jan 1463 At
4
623 Dec 8972 N0
2
124 Sept 27 No
Jan
Oct1053
Dee 264 Not
4
July 93 Flit
Dec 121 Mat
Oct 284 Ma!
41 July
8
74:Mat
13 4 OCT
8
824 Ja"
154 Dec 2814 Ma,
934 Der 108 Pet
12
6 Nor
Jet
Jan
54
7814 An
5312 Feb 1924 MA`
96l
2314
6914
111
20
114
Jan
52 June
ito July
141
Seps
084 Not
8
343 Feb
Oct
36
1164 Feb
1664 Jan
Jan
4.0
Jan
108
1344 Jan
8 June
03 Oci
684 Nos
49/4 Apr
12614 MS)
2244 Be.
61
AP,
120 16187,
172 No
,
134 JA -
Mar
Jan
Oct
Aug
Feb
Aug
Jan
110 2 Nor
- -1994 No.
11611 Ma:
84 Mig,
1904 Jul)
184
Al'
6811 No)
80
564
993
2
3
163
12312
26
1211, Ma'
631 Aug
4
10114 AuSt
60 June
10812 Sept
83 Aug
4
2814 `an
105 Dec
1204 Nov
09 Feb
une
6
514 Feb
744 Dec
12114 Jan
33 Feb
904 Dec
4
293 Ool
43 Dec
aa No
1217 lict
4
1364 Do
,
1124 DR
17383011
4814 Des
1104 Mai
12974 All
014 Aft
Jt
11
15% Du
88 API
1271 MA
/
2
51 Nu*
1324 Oer
33% JO!)
Jas
79
-661
4
193 July
54 Apo
$21s Jan
LOA
Jan 1104 Ma7
44
Jan
98
Jan
Apr
120
9114 Jan
1632 Aug
754 June
1114 Jan
91 Liu
109 Aro
230 DV.
1024 Sept
Ws MaI
1074 Dee
164 Mu
28
Apr
84 Aug
7638 Det
174 Jag
4
Nov491
Oct
567 Dec
2
361 Oct
72 Jur.e
43
Oct
102 Mar
15 Mar
714 June
607 Feb
1
68 June
11012 June
503 itic;;
100
Des
6911 Dea
574 Des
1194 Sept
/
1
1024 JCS
1094 Ap
284 Jai
173 Det
2
101
Det
9114 Apr
1414 Arr
if- Feb
4138 Nc,
4
883 Not
107
Oct
7434 Fat
22112 Der
12 Juno
74 Nor
80 NO
Ap.
144
1181 Der
:
1144 Mat
8412 No:
1004 Dee
9014 No,
12711 Ap,
534 Jan
5232 Jan
1234 Jat
82
Jan
1233 Oct
2
5974 Jong
osla
Feb
60
Oct
102
5912 Nov
124 Feb
11 Sept
354 Jan
37
Jan
121
Oot
1081 Jan
:
105
Oct
79 Dee
984 Des
734 Dec
1234 Jan
49 Aug
291s Au,
8414 June
4511 June
9712 lupe
3412 Mar
87 Mar
203 Jan
2
Jar
95
4212 Dee
Jan
.1
684 June
1094 Feb
451 June
,
924 Mar
70 Doe
log
Dec
06 Dec
04 Des'
164 Feb
284 June
394 F
5514 June
284 July
els Aug
101 June
37 Dec
108 Sept
624 Nos
1434 De.
,
101/1 Des
1151, 81.3
De
ILO
tre.
10
93
&.p
180
art
ill kt.f.)
124 Pet
011 Set,
.
58 Seel
D2,
9412 Oct
417
.
112h,
3935
New York Stock Record-Continued-Page 5
For sales dosing the week of stocks not recorded here, see fifth page preceding.
Sales
for
Ins
Week.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Dec. 14.
Monday,
Dec. 16.
Tuesday,
Dec. 17.
Wednesday, Thursday,
Dec. 19.
Dec. 18.
Friday,
Dec. 20.
STOCKS
NEW YORK STOCK
EXCHANGE
PBB SHARI
Basile Nue Jas. 1.
On basis of 100-sbare lots
Highest
Lowest
PBR SHARI
Basco for Prertoss
Year 1928
101[081
H4.7168.
I per share $ per shot.
per share 3 per share Shares Indus. & Miscel. (Cos.) Par 8 per share $ Per share
per share $ per share
Per share
per share
No far 3614 Dec 20 14452 Feb t 111'i Dec 12512 Bei t
3818 3913 3614 36% 19,500 Grant(W T)
40
39
40 40
4018 40 40
40
t
194 June 834
2012 8.200 GS Nor Iron Ore Prop No Pat 19 Oct 24 394 Feb 1
2018 2012 20
2014 20 4
3
2078 21
2034 21
22
21
c
Jan 884
31
-No Par 28 Nov 13 44 Jan 21 1124 Feb 120 D.n
29% 2934 29
2914 4,600 Great Western Sugar
3018 3012 *30
4
3012 293 30% 2934 30
Jt
11912 Feb I
100 105 Nov 18
310 Preferred
114 114 53114 115
112 114
114 114
114 114
114 114
8928 June 1774 D. c
100 Greene Cantinas Copper 100 106 Nov 14 20012Sept 7
*112 118
112 112 *112 118 *11112 118 53111 118 *108 118
928 Jt n
424 Dec
54 Jan 2
1 Nov 14
100 Guantanamo 8ugar----N0 par
•112 13
4
4 2
1% 1% •13
*158 2
53158 2
•1% 2
90 July 107 Jan.
Afl
100 44 Sept 27 90 Jan 2
Preferred
•_ ___ 50 •
•---- 50 *---- 50
Jan 737 Silt
8
51
100 42 Nov 13 79 Mar 8
States Steel
51
50
3,800 Gulf
51
51
8
5218 537 353
54 *52 53
5434 5352
100 9934 Dec 2 109 Feb 14 103% Nov 110 AD.
Preferred
*97 103
5597 103
*97 103
•100 104
*97 103
*97 104
23 Jan 30 ha
26 2312Nov 14 35 Aug 27
160 Hackensack Water
26
2578 26 •25
25
25
25
25
2,25
26
26 •25
28 Jan 30 Di a
8
25 23 4 Nov 13 81 Mar 6
20 Preferred
28
5327
28 •2718 28
27
28 •
27
*27
28
27 *27
2518 Jan 29 June
sa 25 Jan 31 30 4 Aug
50 Preferred A
26
2614 26
2612 5326
2612 *26
5326
•28
26
2612 26
No Par 12 Oct 29 562 Jan It
1438 17,900 Hahn Dept Stores
1414 1512 1314
1518 16
1558 1618 1558 163
8 1558 16
100 7414 Nov 20 115 Jan 31
4
80
7912 7934 7912 7912 7912 7912 783 7914 7734 7812 1,400 Preferred
80
99 Aug 104 AD/
8
100 99 Nov 25 1055 Jan E
Hamilton Watch prof
100 101 •100 101 *100 101
100 101 •100 101 53100 101 •
59 May 97 No'
, A__ _ 100 91 Jan 14 1l312 Oct 18
1.160 Hanna 1st prof alai
106 108
108 108
107 108
107 109
108 108
108 110
54 Dec 574 Oct
8
62 •_ _ _ _ 62
10 Harbison-Walk ..4.rac-No Par 54 Jan 3 877 Oct 24
_
62 82 •___ 62 53_ _ _ 62 53_ _ 62
1135 Aug 87% De08
1518 4,700 Hartman Corp class B_No Par 13 Oct 29 4172 Aug 28
14
1514 153
16
4
•16
1612 1534 16% 1558 1614 16
61 Dec 68 Nry
20 59% Nov 18 7218 Aug 30
Hawaiian Pineapple
65 •62 65
68 •132
531
66 •
'80
2
88 *60
68 •60
51 Nov 13 8828May 17
No vat
05
8% 9%
958
958
814 88 7.900 Hayes Body Corp
97
958 10
934 10
Oct
25 84 Nov 13 11811 Jan 29 lib- 'Be; 116 DI tr
200 He!me(0 W)
8514 8514
90
5385
90
85 95 *85
95 *84
*85
95 *
80% Jan 724
88 1 2,500 Hershey Chocolate....--No Par 45 Nov 13 143% Oct 15
86
72
69
74
7412 *72
*72
75
7634 75 75
7014 Feb 89 No.
No par 6058 Nov 13 14314 Oct 15
1,800 Preferred
81
79
4 82 82
833
80 82 •82
*83 85
*80 87
4
100 104 Jan 4 10838 Oct 24 1001 Aug 105 Ap.
300 Prior preferred
10514 10514
'10514 106 *1054 106
10514 106 5510514 1055 10514 10514 2
8
1514 Sept 30% Jot
No Par 13 Dec 16 33 Aug 18
1,100 Hoe (R) & CO
13
1314 1314 13
13
15 1 13
*1312 14
14% 5313
13
l(118 Dec 49% Oct
21 Nov 13 51 Mar 9
2514 1,100 Holland Furnace
2514 2614 25
27
55253%
28
2818 28'g s28
28 •26
2
18 Dec 887 At
Hollander & Son (A)---No pat 1312May 27 245e Aug 3
ige
10
535
10
*7
10
10 I 5155
*5
*5
9
*5
9
67 Jan 80 No
100 65 Nov 12 93 Aug 22
4
793 7934 •77 80 •77
200 Homestake Mining
80 x7612 7812
*77 83 *78
80
24,200 Houdellle-Hershey Cl B No Dar 13 Nov 13 5234May 20 Willi Feb ei O.t.
2178 z187 2034
21
8
2212 2114 22
21% 22
21
2134 221
No par 40 Oct 30 794 Jan 7
55 1 2,300 Houseb Prod Inc
541s 5412 55 I 54
55 1 54
*5412 57
54
56 56
79 Dec 167 AP.
5812 4918 55 I 34,000 Houston 011of Tax tem eth 100 28 Oct 29 109 Apr 2
5714 5812 5712 621
5718 8012 5718 5938 54
40% Feb 7834 Nov
4
Na par 342 Nov 26 8212 Mar 21
4
3 373 4012 17,000 Howe Sound
8 3918 407
417
4038 4038 383 404 3814 4014 40
4
78 Jan 9978 Ma.
No par 38 Nov 13 9312 Mar 15
5318' 4918 5134 53,000 Hudson Motor Oar
5358 5218 5334 51
5212 5514 53 551
53
29 Jan 84 No.
4
4 194 203 39,600 Hupp Motor Car Corp___10 18 Nov 13 82 Jan 28
2118 22 1 215 2218 2012 213
227
2114 2213 21
21% Feb 38% Nov
29 8914May 7
2378 24
2358 24
2318 234 2318 2312 2212 2318 2012 2234 15.800 Independent Oil& Gas-No Par 1734 Oct 29 324 Jan 2
20 Oct 70 AD
34 Oct
31
No par
4 1 2,800 Indian Motoeyole
418 41
4
414 478
412 413
4% 414
48
9 Feb 89% Jul)
10 1318 Oct 29 53 Aug 17
2018 2111 1914 211
1934 207
1812 20 I 1653 19% 34,500 Indian Refining
8 19% 201
84 Jan 374 Jul
10 1112 Oct 28 5114 Aug 17
1712 1812 18
17,200 Certificates
18 I 17
17
1878 15
1812 1858 1712 183
,
0
No par 6812 Nov 13 135 Jan 18 118 Dec 166 Nt
9912 8.900 Industrial Rayon
9934 97
87 95
96
94
95 100 I 9812 101 1 98
90 Feb 127
Na par 120 Jan 3 22312 Oct 10
200 Ingersoll Rand
153 16014 160 161 53140 146 .55151 161 .55145 163 •145 159 ,
80 D.c
60 Ma
No Par 72 Dec 20 113 Aug 26
73 1 3,100 Inland Steel
72
75 I 73
*74
74
75
7334 74 1 73
74
a
18 Feb 427 No4
8,800 InsptratIon Cons Copper___20 22 Oct 24 8812 Mar 1
29
30
5531
313
3112 31
3114 3118 3112 x29 "I 27
31
21% J51
818 Jul
2 Nov 13 144 Jan 11
No par
5 I *412 5121 20,600 Intercont'l Rubber
I *41
5
5
5
5
5
8
514 514
20%
Fe
13
4 Oct 29 1778 Jan 28
par
No iw
414 4121 8,100 Internet Agricul
43
453 438
412 412
412
4
8
3
44
48 47
85 D.c
48% Ma
40 Nov 14 8812 Jan 26
4978 49% 1,200 Prior preferred
56
*49
52
49
56
*50
52
50
52
52
P
4 3,300 Ins BusIness Machines-No Par 109 Nov 14 255 Oct 14 114 Jan 16836 Lic
160 163
157 15912 314312 1463
4
181 1633 158 15934 150 158
Jan 947
4
15 10234
an 56 57 5514 5634 57 57% 5714 57% 5612 57 I 5.000 International Cement_No par 48 Nov 20 1034 Feb 15 50 4 Fe 80 8 fiat
*57
452
Feb
414 Dec
414 558 560.4001Inter Comb Eng Corp No par
8
1458 1614 1278 1514 1158 1314 1078 1253
512 105
100 1812 Dec 19 121 Feb 16 108 Mar 110 Bei t
2714, 13,100 Preferred
21
3378 36
1812 30
35
28
42
40
45 45
60 Dec 977. Dee
7984' 21,800 International Harvester No Par 85 Nov 13 142 Aug 80
8134 74
8278 78
7834 8314 80
8212 8212 7712 81
100 137 Aug 5 145 Jan 18 18614 M • 147 Map
14118 14118 4,3001 Preferred
•14034 14112 14118 14112 141 14114 14114 14212 14134 142
‘
85 Dec 1217 Map
6518 6214 64
10,200 International Match Prof _35 47 Nov 13 1025, Jan 4
6518 6612 6513 6638 64
67
65
64 65
pre ereare Marine ctIs_100 1818 Nov 13 398 Oct 18
1 00
2578 24
25
2.90011n1 Mferre
24
3
2514 2513 25 4 26
25
24
25
25
3418 June 4444 as
36% Feb 1 5114 Apr 23
73% Feb 2094 Dec
25 Nov 13 7234 Jan 28
4
- 3018 3112 2812 3058 179,100 Int Nickel of Canada_No Po
6
3 a
4
313 "Ws Iff -51:4 -- 711 "Ws ill
31
60 Oct 81388 Ms)
100 International Paper--_No Par 5712 Jan 11 112 Oct 18
5350 80 *45 60 1
60 *53 65
60
•55 90 *55 90
89 Dec 108 If 121,400 Preferred (7%)
85 *80 84
100 77 Nov 13 944 Jan 8
8112 8212 .81
8212 83
*84 86
86
84
*
22 Dec 844 Nei
20 Nov 13 444 Oct 17
258 2718 6,300 Inter Pap & Pow el A_ _No pa
2712 2884 2812 2712 2712 2612 27
2734 2734 27
8
147 Dee 19 Ncv
1514' 2.0001 Claw B
1634 17
15
19
17
17
No pa? 12 Nov 13 337 Oct 18
19 •17
*18
531812 19
1024 Nov 13% Dec
9 Nov 13 2818 Oct 18
1118 1212 5,400: Class C
13
No pa
1314 1314 13
1414 1312 14
14
15
14
88 Dec 91 Deo
77 Nov 13 95 Oct 14
4 7,900 Preferred
4
81% 8112 813 8134 8012 813
100
8212 83
8358 8412 84 84
4
472 Oct 60 Dec
8
40 Nov 14 683 Oct 7
48 i
48
400 lot Printing Ink Corp--No Do
50 1 49 49
4912 49% 5549
50
*4918 50 *49
10 Preferred
100 0178Nov 6 106 Mar 4 100 Dec 100 Dee
*9512 98 *9512 98
559512 98
539612 98
*9718 98
97 97
494 Mar 68% Jt•
9053 Feb 4
64
5433
100 Internatiowil Salt
100 5518 Jan 4
5363 64 •63 64 *63 64
4
4
64 643
*
Je
600 International Silver
4
100 95 Nov 13 15918 Aug 6 12(1 June 190
110 110
109% 109% *102 1093 100 102
4105 11314 *105 112
Jan,
an 17 1124 Dee 131
I Preferred
._l00 10314 Oct 201 119
3
'107 110 15107 110 ''107 110 .107 110 I
*106 108 *10612 110 2
Nov 13 149145e06 8
7714 7414 7614 7012 751% x6412 71% 231.200 Internat Telep & Teleg_No par 53
7614 7812 7412 7778 74
511i Nov 90 Dee
2934 3312 5.000 Interstate Dept Storm- No Par 2518 Oct 291 9312 Jan 2
3418 353
35% 36
36
3414 3512 5335
8
357 36
23% Sep
8
381 Je n
8July 20
900 Intertype Corp
21
20
No par 17 Nov 14 387
*2218 25
23 23
2153 221
5323 25
2312 25
*
47 Oct 61 Mat
1 39 Oct 29 69 Mar 5
400 Island Creek Coal
4412 45 *43% 4412
4412 4412 •4458 45
45
4512 45
*45
4
772 Mar 179 Nr•
No par 39 Nov 131 113214 Feb 5
4114 44% 2,000 Jewel Tea, Inc
4412 443
45 45
45 45
47 I 4558 455
3546
8
+364 June 202 Dec11014 11812 55,600 Johne-ManvWe
No par 510 Nov 13 242114 Feb 2
124 12614 11914 12534 11914 12434 123 12753 11653 124
501 Preferred
100 118 Nov 6 123 May 15 1184 Oct 122 API
0121 12112 121 121
12112 12112 12114 12114 •12114 1211 •12114 12112
4
19% 12012
300 Jones & Laugh Steel pref-100 117 June 14 126 Oct 24 119 Dec 1241 Ma,
11812 11812 11812 1191 5151
12014 12014 45119 12014 119 120
818 Aug 1912 Oct
11 Oct 31 1612 Jail 2
8 2,800 Jordan Motor Car
214 23
253 21
No Dar
23* 212
238 2%
212 21
234 212
iKan City P&L 1st pf B_No par 183 Feb 16 11284 Jan 22 108 Aug 114 Apt
•10614 10812 *10614 1081 •10612 10812 *10658 108% *10658 1081 53106% 10812
294 Dec 36 Cet
Kaufrolmn Dept Storee.$12.50 1712 Dec 20 37% Feb 6
1712 1734
1778 18
1734 173 *1712 173
18
4
18 •171218
4
.
3814 393 10,400 Kayser (J) Co•t a_ __No par 30 Nov 13 5812 July 2
41
41% 40
4114 4178 4018 401
4018 4114 41
•
3512May 514 Nc
Kefth-Albee-Orpiteurn _No par 1512 Nov 14 48 Jan 4
*1712 21% 531814 22
754 May 150 Nov
100 70 Nov 14 138 Jan 5
5577
1-5ii- 17" ;iF ICI "ii" ii" iiU4 1E- ---iao Preferred 7%
5377 84
87
194 Dee 254 No•
352 Dec 20 2378 Jan 2
358 4
18,600 Kelly-Springfield TIre__No par
418
4
418
4
4% 418
38 418
414
4
8514 Feb 95 Ne•
100 20 Dec 121 947 Jan 9
4 2012 21 I 204 2014 20 2014 1.530 8% preferred
2018 203
2014 21
2014
20
4May 18
12,800 Kelsey IlayesWbeel newNo Par 1858 Nov 13 592
2438 2258 24 x214 23
2412 24
25
2514 2412 2514 24
7
714 July 22 1 API
5 Oct 30 1914 Feb 6
No par
71g 734 12,400 Kelvliuttor Corp
7
8 78
75
818
814
8
78
818 838
818 812
83 *831/ 85
90 Kendall Co Prof
No par 75 Nov 19 96 Feb 15
8012 8012 8212 8212 83
8053 8012 8012 801
•
8Mar 18
57 106.700 Kennecott Col)Der
5878 54
8
575 5938 5812 5912 57
No par 4953 Nov 13 1047
5912 5778 601
58
8
1,000 Kimberley-Clark
54878 50
5018 *48% 508 54878 50 .
50
No Dar 4514May 25 572 Oct 11
k
•487 50 •487s 50
23
2334 2334 23
200 Kinney Co
4
No par 2112 Nov 13 441s July 17
532334 26 1 •233 24
25
3524
25
524
8718 Mar 100 Alm
301 Preferred
90 1 90 90 •90 91
887s •87
,
2894 91
*8912 9178 88
•
Ln
el
312 414 68,100 Bohner Radio corp.---No ,7, 8312 Piec 33I 178885 : 0)18 Aug 984 N.
538
558 5%
4
1
512 614
68
8
64 638
•
82 Dec 62 N.
3612 32% 3514 10,900'/Kraft Cheese
38% 35
No par 27 Nov 13 7814 Oct 14
3818 3714 3553 3834 38
37
35
9914 Dee 1011 Dec
4
100 95 Apr 20 105% Oct 23
100 Preferred
5398 105) I 98 98
*99 10058
*9514 100 1 *9514 100
*9334 100
347
337 19,200 Kresge (8 Eh Co
32
10 28 Nov 13 5712Mar 4 085 Feb 91% Ne•
337 35
3312 35
4
3412 3512 333 348 34
11014 June 118 *pi
)
3
314
,
103 Nov /( Pm
'11012 111
101 Preferred
•11014 116 311014 114
1103* 11034 •110 11234 *11012 111 4
1812 Jan 274 Fell
I:: i
a I
5585ii 10
8 .
10
10
10 ,
600 Kresge Dept Storm---No pa,188
833 85
10
*812 10
'812 10
2
814 Feb 75 Aug
Sept 17
8314 *60
100 62 Nov 4 76
30 Preferred
63% *60
6314
62 •62 6314 4562
82
65
62
*
87 Feb 124% Sc,
1,000 Hive,CO
*88 89 . 6212 08 1 8212 8212 814 82
No par 5314 Nov 14 114 Jan 5
89
'
2138
89
*66
5
82% Dee 60 4 Oct
2218 Nov 13 4828 Mar 6
2334 2412 2312 24 84,800 Kreuger & Toll
2412 2434 2412 247
2434 2518 2458 25
497
7314 Mar 1824 NO.
4734 4914 x43
4638 39,700 Kroger Grocery & Bkg_No pa? 3814 Nov 13 12214 Jan 3
4834 4934 49
4934 5014 4914 50
27% Feb 894 AP
20
20
25
6,800 Lego 011 & Tranaport_No par 1612 Nov 12 3838June 17
22 I •19
2012 2012 5320
21
21
•2012 21
794 Jan 13628 Nov
8 9312 97% 21,000 Lambert Co
9912 9653 100141 951 987
No par 8018 Nov 13 15714 Mu 19
10012 10134 10078 10338 298
174 Jan 2814 CM
6
614 612
618 3,300 Lee Rubber & Tire__.No par
5 Oct 29 25 Jan 16
638 638
612 612
64 634
•884 7
42% June 584 Nov
3612 35
3612 3312 3312 1,800 Lehigh Portland Cement__ 50 30 Nov 14 65 Feb 8
3612 3612 3612 3612 3612
39
.38
8
10, Preferred 7%
100 100 Nov 7 110 4May 9 1084 Dec 110% Ma,
510314 107 ,•10314 107 ,•104 107 *104 107
10314 10314 .
*10314 107
1618 1458 1524 7,400 Lehigh Valley Coal_-__No par 10 Oct 30 32 Oct 2
1534 1612 16
1618 1618 1512 157
17
17
3458 3458
37
300 Preferred
50 34% Mar 27 4434July 17
38 I •3512 3812 •35
235
38 I .
2,37
38
'37
111
2878 30
3014 30 30
2.400 Lehn & WWI
No par 28 Nov 13 8812 Feb 4 - - Jan Wiz Oct
3158 32 I 304 3112 30
3112 32
8318 June 122 Jan
4
2 9234 94% 3,800 Liggett & Myers Tobaeoo__ _25 8014 Nov 14 108 Oct 18
2
98
96
8014 JIM 12312 Jmn
94
93
4
12,100 Series B
9712 95 96 I 943 9514 9312 95
25 80 Nov 14 10614 Oct 18
95
95 98
200 Preferred
100 135 July 29 l3912 Dec 5 134 Aug 147 App
13812 13812 4,1384 139 ,•13914 14014 2,13914 140 *13914 140
*138 139
8
38 July 557 Mae
35
3534' 3412 3512 34% 3612 33
8,400 Lima Lamm Works___No par 30 Nov 14 574 Jule 18
3834 35
3414 3434 35
Feb
3912 39%
33978 40
2
8 40 9040 40 1 5 97 40 I .
3
397 397
1
600 Link Belt Co
081, Feb
iie v
184
54
52
9
5018 5218 3,900 Liquid Carboni*
0 Ocv 1
o
o trr 3
We par 4758 Net 25 133172
5418 5414 5312 55
55
04% 5518 54
494 June 77 Ma)
4012 4312 4012 4234 31,200 Loew's Ineorpomted___No par 32 Oct 30 802 Feb 27
8
4 417 447
483
4614 4815 45
4818 47
19% Aul
as. Feb
4
412
4
412 7,700 Loft Ineorporated
414 412
438 441
No par
4 Oct 30 1112 Apr 1
412 434
453 434
Jan 354 Pet
28
1318 131 13I
13 I 13
1328 13
1,500 Lone Bell Lumber A__ _ No par 1212 Nov 8 324 Jan 5
13581 •13
*13
13
13
4414 June 88% Efel t
8
8 525 543
537
.__ _25 3918 Nov 13 8778 Sept 7
8 5018 5258 455 5112 12,200 Looee-Wiles Blaoult
8
5212 534 5218 52121 52
.
10 let preferred...----._ _100 12524J une 20 12112 Apr 2 11712 Aug 125 Mc)
120 ____ *120 ____ •120 -___ *11814 -- - -, 11814 11814 *11812 119
145 127 27,600 Lorillard
8
2334 June 4678 Al I
16 1 158 16
185 17
25 1414 Oct 29 3112May 17
8
155 16581 1534 1612 16
884 Dec 114 Mat
9112 9014 9014
9111 *90
100 67 Nov 13 9914 Oct 14
9112 *90
100 Preferred
92 •90
*88
•90 92
19% At:
9% Feb
7 Oct 29 18 Jan 9
No par
8
5
8 8 87
4
4 9
4 85
83
94, 85
812 918 17,600 Louisiana 011
9
9
9
Apr
78 July 98
81 1 82 82
81
2,811 82
88
100 80 Nov 14 10014 Feb 21
'80
20 Preferred
4 580 893 4
893 .
'81
28 Feb 43 MA,
4 3714 3812 35% 3712 21,000 Louisville0& El A----No par 28 Oct 29 7258Sept 12
4038 3814 398 384 393
3912 4012 39
No par 22 Nov 13 18878July 8
32
34
30% 32141 22,500 Ludlum Steel
35 x34% 357
357 378 33
8
3614 3412
No par 78 Nov 13 118 June 1
90 •7934 90 I •79311 80 .280
90 I
Preferred
4 '81
943 3
4 2
943 .81
*77
44 Aug 5753 At'
3514 38 I 2,300 MaeAnclrews & Forbes_Ne par 3014 OM 29 48 Jan 4
4
353 36 I 3512 36
36 1 *3512 36
36
•3512 37
100 104 fan 3 1074 Apr 19 105 Oct 110 Nor
4
4
Preferred
.
_ 10834 a._ _ _ 1084 •..... 1083 •____ 10834 •___ _ 1083 •_ --- 10684
83 Apr 110 War
1
4 7333 74
743
74
No Par 554 Nov 13 114,Feb 5
68% 7314 9,000 Mack Truakic Inc
8 7312 74
•7512 7534 x7212 747
_No par 110 Nov 13 255128eDt 3 p134 Aug 882 Ace
4
152 15214, 150 15218 1424 1493 13012 14134 15,225 Matey Oo
15434 15434' 15012 152
4
181 Dec at Mal
14
1334 14
1411 141k 1438 14'zI 14
5,200 Madison flo Garden__ _No par 1112 Nov 13 24 Feb 28
1338 14 1 1458 15
48% Feb 76 wr•
No par 35 Nov 13 824 Mar 21
52181 5014 52
47% 498 10,800 Magma Copper
5218 5253 52
53
4
5212 52121 523
1
I
• Bid and asked privet no sales on this day. a Ex-di,. 1 additional sh. for each oh. held. 11 Ex-d1v. 75% In 'Wok. •
1.1111111814
1112341111111114
3936
New York Stock Record-continued-Page 6
Foe sales during the week of stocks" not recorded here, sae sixth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Dec. 14.
Monday,
Dec. 16.
$ per share $ per share
*9
104
10
107
8
*78
85
*78
85
*312 5
4
512
*23
24
22
22
16
16
16
18
273 283
4
4 2714 297
8
*21
22
*21
22
*6
7
7
814
Tuesday,
Dec. 17.
Wednesday, Thursday,
Dec. 19.
Dec. 18.
Friday,
Dec. 20.
Sales
for
the
1Veck.
NEW YORK STOCK
EXCHANGE
PSR 311 A53
(lance Since /am. 1
Os Wets of 100
-share Awe
Lowest
fitolleat
PER MARI
Rauos for Presto,.
Year 1924
Lowest
1
lituloia'
$ per share $ Per share
8
8 *93 10
*87 10,
8
*78
8
*78
85
5
*4
4
4
*22
24
22
22
15
15
154 1514
2718 293
2912
4 28
*21
22
21
21
7
7
*7
77
s
$ Per share $ per share Shares Indus. & allscel. (Co..) For $ per sears $ Per share $ Per Oar,' per 8188
*87 10
8
87
8 8%
800 MaIllson (H R)& Co__No par
6 Nov 11 39% Jan 16
18
Jan 384 NO
85
•
78
*78
Preferred
85
100 76 Nov 21 13512 Jan 18
874 Jan 110 0
4
4
4
4% 4,120 Menet'Sugar
3 Dee 4 28 Jan 14
100
21 Nov 61
J
*20
24
22
22
300 Preferred
100 21) Nov 13 5012 Jan 10
40 Nov 68
Ja
*13
16
15
15
700 Mandel Bros
No par 14 Oct 30 383 Mar 9
8
32 June l012 Ja
2718 283
8 2638 2714 13,600 Manh Elea Supply _ _ _ _No par
1978 Nov 8 37% Jan 14
2812 Sept 88% Jun
*2012 21
204 2012
600 Manhattan Shirt
4
25 193 Nov 14 355 Jan 4
8
31% Feb 43 Ma
*6
7
8
612 1,400 Maracaibo 011 Expl____No par
6 Doc 20 1812 Apr 18
1212 Feb
254 AD
Marland 011
No par 3318May 31 4718 Jan 3
33 Feb
4514 No
491"ici" -4872
2
W- 4714 161; 2421- 1412 -2;io5 Marlin-Rockwell
4
No zfar 30 Oct 29 897
satay '10
454 Mar 33 No
2612 2814 2612 2818 26 27 27 27 2514 2612 24 25 5,900 Marmon Motor Car. No par 19 Nov 13 104 May 10 77 Dec 86 D
35 318 *3 4 3% *314 3% *314 312 *314
34 312
,
312 1,000 Martin-Parry Corp
2'S Nov 14 18 Jan 2
1218 Mar 25% Jun
No Par
3912 407
8 335 40% 2363 39 4 334 39
8
4
,
3612 3818 3418 364 16,000 Mathleaon Alkali WoresNo par 29 Oat 29 218 Feb 27 117% June 190 De
*123
•123
•122
•122
*122
122 123
20 Preferred.
100 120 Jan 28 125 Jan 2 115
Jan 180 AD
567 58
53
571s 53 16 4 54
.35512 54
5518 4512 54% 56,500 May Dap, Stores
'
25 454 Dec 2) 10812 Jan 10
75 July 11512 NO
•174 18
1718 173* 17% 1718 16
1718 15% 16
153 15% 1,703 maytag Co
4
No par 153 Oct 29 294 Aug 2
8
1718 Aug 8011 No
•30% 303
8 3012 3012 3018 3012 30
3018 3018 30 4 29% 30
,
1,100 Preferred
Vs Dar 2914 Nov 26 4914July 31
4018 Aug 52 Ma
*
7618 78
*7618 78
78
7312 774 7712 7712 774 7712 7712
800 Prior preferred
No par 7512 Nov 26 9018 Jan 10
8912 Dec 101 Ma
•40% 41
*407 41
8
*40% 41
*4012 41
4018 40% 4014 4012
503 MeCall Corp
No par 3914 Doc 4 108 Oct 10
56 Feb 80 De
•85
883 •8712 883
4 86
87 87 1 844 87
87
81
84
760 McCrory Stores clam A No Dar 81 Dec 20 1133 Feb 5
4
77 Feb 1077 No
2
*7713 80 •77
80
7612 771 *7512 80
*7512 80
70
7518 2,700 Claes B
70 Dec 10 11512 Feb 0
Vs pa
804 Mar 1193 Na
4
*9312 983 *9312 98
9313 231
*9318 96 .9312 943
02
92
300 Preferred
8612 Nov 22 120 Feb 7 109 Feb 1184 No
10
*33
*33
38
38
33
33
35 I *33
35
35
*324 35
200 McGraw-11111 Dublica's No pa
30 Oct 28 48 Feb 14
•1438 141
1412 141 *1412 15
1413 141 .1418 15
15
400 McIntyre Porcupine Minee_-5 1212 Nov 4 2312 Jan 5
15
1914 Sept 181
-2
63 63
26118 611 *60
611
6112 657 ' 644 65
•57
4,400 McKeesport Tin Plate_No pa. 54 Nov 15 82 Jan 31
60
8212 June 78% No
3118 32
32
33
7
32
33% 323 33
33
33
3212 3314 7,700 McKesson & Robbing_ _,Vo par
2118 Oct 29 52 Mar 4
4518 Nov 50% De
47
47
47
471
47
47
47
47
*46
47
*46
900 Preferred
47
60 40 Oct 29 63 July 19
54 Nov 63% No
31% 317
31
32
3114 32
3214 3214 3212 321
3118 3212 3,200 Melville Shoe
30 Nov 7 72 Jan 3
60% Nov
70 Be
17
17
17
173* 1812 17
8 1478 1514 3,200 Mengel Co (The)
163* 1613 151, 163
No DOT
9 Oct 29 34% Jan 4
354 July 41 Be
231
23
•
2318 23'2 2312 23 3 *2312 24
233 233* 2313 2313
8
3
800 Metro-Goldwyn Pleturea p p2
Nof_ a
; 2112 Oct 29 27 Feb 26
2418 Dec 274 Ma
20
1934 21311 1912 2118 19 4 203* 17% 191
207
3
62,200 Mexican Seaboard 011 No par
4 1618 18
8
914 Oct 24 893 Jau 3
4% Jan 73 De
2812 29
29
293
273* 2818 274 28 I 2712 277g 26
2714 6,600 Miami Copper
6 20 Oct 29 644 Mar 10
17% Jan 33 De
*5314 55
547 517 *5314 55
5314 5312 52
5314 50
5212 1,200.:Michigan Steel
No par 50 Nov 13 1227
8July 22
273 28
4
2712 273
2712 26 8 27
2718 273* 27
,
2514 2612 23,100 Mid-Cont Petrol
No par 2218 Nov 14 39% Jan 3 • -1rOb
iiO;
1
11
1
1
118
1
118
14
14
1
1
1
12,600,Middle State,0110orp ct Is_ _ _
3 Nov 12
4
34July 31
14 Jan
5% Ma7
•
68
75 .6618 72
6618 70
70
70
*65
70
6312 65
600 Minn-Honeywell Regu.No par 59 Nov 14 12314Sept 19
172 175
170 170
170 170 •165 175 *160 170 *125 169
900 Midland Steel Prod pref._ _100 135 Oct 30 321 Aug 27 151 - JUne 255 No
3% 37
3% 4
3% 4
4
4
378
334
33
314 Dec 6 287 Mar 20
4 33
4 2,700:Miller Rubber
No par
8
184 Aug 27 in
*43
44
4312 431
434 43% 433* 435 *43
8
4312 3914 43
900 Mohawk Carpet MIlls_No Par 35 Nov 13 8014 Mar 1
394 Aug 75% De
6014 611
607
53
573 604 53
4
591* 5212 5312 423 5418 40,200 Mont Ward &CollICorpNo pat 4218 Dec 20 1567 Jan 2 1154 Dec 1564 De
8
8
414 4%
414 43
s
415 41s
44 4%
37
37
9 2,900 Moon Motor Car nee_ No pa.
314 4,
379
4
112 Oct 31
5 Oct 25
_
5914 591
5914 53 53
38
574 571* 5712 573
4 5741 5712 2,300 Morrell (.1) de Co
No par 42 Oct 29 81% Oct 11
2
2
17
8 2
17
2
17
8 2
8
18 17
I% 17
9,100 Mother Lode voantion_No par
14 Oct 29
Ols Mar 4
2% Aug
44 Ma
MotIon Picture
-8June 21
No par 1212 Jan 8 803
147 De
8
5 Mar
-Ws - 8
614
6 -1c --6T8 "Wit
6 -.
6
6
6
- 8:655 Moto Meter GatatediEo No par 34 Oct 24 3134 Aug 1
_6014 6014 38
5918 567 58
8
5512 *55 .5312 24 ', 565
*56
2
8 3,800 Motor Products Corp No par 36 Nov 13 200 Max 1
94 71111; 2181 Oe
4
.
2712 277
27
2712 2614 263
8 27
273
4 264 274 263 27
8
3,100 Motor Wheel
No par 21 Nov 13 5518 Aug 1
254 Jan 514 Oe
•1514 1614 1614 1614 153 1614
8
1513 15
14 15
1514 *1412 15
4,800 Mullins Mfg Co
10 Oct 24 817 Jan 4
NNoo parpct
8
6914 June 954 00
60 60
*594 60
5913 5912 *5912 63
*5912 60
60 60
170 Preferred
5312Nov 27 10214 Jan 11
98 Dec 104% No
5218 53
52
53
52 52
52
52
5112 5112 5012 51
,
Muneingwear Inc
No par 38 Nov 12 8134May 4
MN Mar 6212 Ma
2413 2518 233* 2518 23
7 2414 2212 2314 1812 2214 17
19
74,300 Murray Body
147 Nov 13 1007
8
No par
8.1une 17
2112 Feb 1543* 00
7 555
5312 55 8 534 554 527 543* 53
3
8 524 535
8 3014 5314 42,000 Nub Motor,Co
par 40 Oct 29 1183* Jan 25
804 Feb 115s No
19
197
19
19
183* 18% 187 187
5
8 173 1814 16
4
175
8 2,200 National Acme stambed... l....O 14% Nov 13 4178July 18
No
8218 De
74 Jan
1212 13
1212 1212 12
1212 12
1212 12
12
1118 1118 8,200 Nat Air Transport
No par 1113 Dec 20 4814May 24
1314 1313 1314 14
1318 14
123 133
4
8 12
1213 10
1138 113,800 Nat Flellas Hess
Vo par 10 Nov 13 71 Mar 1
*83
774 73
73
68 68
70
70
65
68
63
64
800 Preferred
100 63 Dee 20 118 Jan 3
9014 Jan 1184 De
*175 179
171 17612 17214 177
17218 17412 171 173
168 173
12,300 National Moult
25 140 Nov 13 2383 Oct 10 1594 July 19514 NO
4
,
*14214 144 *14214 14314 143 143 *14212
•143 145 *143 145
100 Preferred
100 140 Aug 15 146 Oct 8 13712 Feb 160 AD
763 78
4
744 7612 744 75% 7414 764 72
75
68
7 25,500 Nat Cash Register Awl No par 59 Nov 13 1485 Max 20
72
4714 Jan 104% De
4958 50% 49
5 4914 45
493
3 484 498 47
50'o 4814
48
54,700 Nat Dairy Prod
No par 35 Oct 29 864 tug 27
*2114 24 I •22
2114 20
21
22
238 22
20% 20
2212 1,700Nat Department Storm No par 20 Dec 19 871 Mar 5
2
4
217 Jan 8214 00
•
90 903 '90
4
90
90 4 9018 901s 90
3
90
90
90 90
330: lot preferred
100 90 Oct 31 96 June 8
91
Jan 102 Ma
14 31
3312 3312 32
3314 32
333 *3114 33
8
31
29
30
2,100 Nat Mein Prod etts_No Dar 15 Oct 29 58 June 17
294 June 5812 Ja
Preferred temp atfe__No par 5712 Feb 7 1105 Aug 23
I
8
8
814 June 711 Ja
28 28
*27
28
2512 2512 264 27
20
26
*25
27
600 Nat Ettam & Stamping
100 254 Dec 17 0214 Jan 9
2314 Mar 57% No
147 148 I 14618 1474 *140 147121 1140 1483 13918 140 I 1333 140
'
41
4
3,000 National Lead
100 12914 Nov 12 210 Oct 15 115 July 136
Ja
*139 140 1939 140 •139 140
139 140 *140 141
13912 140
200, Preferred A
100 138 Nov 15 14112 Feb 1 139
Jan 1474 Ma,
*11618 120 I 11618 11614 *116 119
119 119 ' 119 119781 119 119
'
1
140 Preferred 13
100 115 Oct 18 1233 Apr 24 1121e Mar 122 Jul)
4
33
337
8 318 333
4 313* 3214 32% 327
3018 32181 293* 31
36,600 National Pr & Lt
No par 23 Nov 13 713* Aug '10
317 Jan 48% De
2
3
3 I
212 212
212 212
212 24
218 2,400 National Radiator
21s 214
218
No par
2 Oct 24 17 Jan 10
14 July 40% Ja
5
5 I
412 418
5
43
4 5
6
414 414
112 433 1,400 Preferred ______
No par
112 Dec 20 41 Jan 29
86 Dec 9812 Ja
110 110 *105 109 *1054 109 *106 109 *106 108
105 106
1,300 National Supply
50 984 Nov 14 144 Jan 2
844 June 146 De
81
81 I 81
4
8212 2783 793 *77
4
80 •
75
7912 *73
78
500 Nationaldurety
50 783 Dec 17 155 Feb 1 1283 Doe 150 No
4
4
39
3918 3914 40 8 3918 393
3
4 3918 3912 374 39
38
No pl./ 3118 Nov 13 9138 Mar 1 o160
373
4 4,400,Nstiona1 Tea Co
Jan 390
313* 317
3 313
3034 3234 30
31
32
273* 30
293 31
42,500,Nevada ConeolCola.ler-No Par 2314 Nov 13 6272 Mar 21
/
1
17% Jan 424 De
5518 5518 *56
60
54
54
54
54
54
56
48
52
800 Newport Co CID418 A
50 43 afar 2h 103 Sept 26
45
45 ; 43
444 4014 42
40
40
403* 41
240
No par 354 Nov 13 113 July 115
4014 2,800 Newton Steel
7 *43
4318 431
437 43
44
44
447
8 44
44
42
44
2,200,N Y Air Brake
par 3512 Oct 30 491 Mar 4
▪ Oct - -421-4 No
4
5
*35
39
35
39
*36
036
36
36
36
39 .36
39
300 New York Doak
100 33 Nov 13 583 Feb 2
8
47 Aug 644 La
*86
90
*86
90
89
*86
*86
*86
90
89
86
100 Preferred
86
100 52 4July 29 90 Apr 10
8
85 Sept 95
*97 101
100 10018 100 100
100 100
101 101
10014 101
410 NY Steam prat (6)____NO par 9312 Nov 13 103 Jan 10
9812 Oct 10512 Ma
10812 10812 109 109 *1094 Ill '
110918 111 *10918 111
10918 10918
50 let preferred (7)
No par 107 Nov 15 115 Aug 30 102
Jan 115 AD
94
913 9318 968 923* 85
8
3
9114 94
95s 9212 94
9112 26,800 North Americas Co
No par 6612 Nov 13 186413apt 3
58% Jan 97 No
534 534 53
54 I 527 527
5212 527 *5112 5212 M
8
52
1,700 Preferred
48 Nov 14 5414 Jan 9
60
51 Sept 55% 8.88)
101 1013 •101 10112 101 10214 *10012 102
8
10012 10112 101 101
600 No Amer Edison pref __No par 98 Nov 11 10334 Jan 15
993 Oct 105% Fe`
4
443 4412 43 4 443* 433 44
8
3
,
4212 42 8 4112 42
413 4218 2,200 North German Lloyd
4
4
4118 Dec 19 6414 Jan 12
533 June 654 Nov
4
*425 454 .4012 4512 *4012 4514 *4012 4512 *4012 4512 *4012 4512
8
Northwestern Telegraph __50 41 Oct 26 50 Mar 16
Oat 68 Ma
48
*78
*7
8
•7
8
1
118
1 •
*7
8
.78
118
*78
1
118
Norwalk The & Rubber_ ___10
212 Mar
712 LieD
14 Oct 21
64 Feb 4
*4
6
*114 6
*114 6
6
.114 6
*2
•1
6
Nunnally Co (The)__No par
4 Dec 3
8 Feb it
6114 Dec 18 M•
11
1112 1078 11
1034 103
87 1018 2,900 011 Well Supply
*
10
4 10', 11 10
25
878 Dec 20 32 Jan 3
201 June 41
4
Ja
92
92
917 *---- 92 •__-- 917 *____ 92
8
8
92
60 Preferred
20 Dec 5 10012 Jan 16
57 .71.1110 11012 21
16
1614
13
1512 144 15
15
15
1512 15
1514 1614
6,500 Oliver Farm Equip_No 1pWar
8 Oct 20 644 Apr 25
*32
3512 313* 33
30
317
8 5,300 Cony participating_ _No par
304 3212 317 334 303* 32
Oct 29 693 Apr 25
8
73
•
72
72
.71
72
72 I 7112 7112 70
7018 6812 70% 2,500' Preferred A
par 6812 Dec 20 9912May 2
w
35
3%
3
34 312
3 18
2716
3
34 313
3
9,300 Omnibus Corp____ .No par
3,
8
A
N
8
212 Oct 24 107 Feb 28
153* M13
Dec74
*664 70
*65
*6612 70
*
6618 70
6814 6814 *65
83
70
100' Preferred A
100 55 Nov 14 90 Feb 28
8312 Dec 021e Jen.
*55
50 4 53
55
3
543
*53
56
5514 *5312 55
53
55
1,900 Oppenhelm Collina & CoNo par 50 Nov 13 84118 Apr 13
67 Aug 884 Ja*
/
1
4
•60
60
64
64
*594 64 .61
64
64
64
*61
*61
70 Orpheum Circuit,Inc Dref _100 5018 Oct 25 95% Jan 2
75 May 104 Nor
280 280
280 282
260 261
255 259
270 270
265 265
900,0118 Elevator
60 105 Nov 13 450 Oct 11 1471/ Feb 2854 De
*12012 123 *12012 123
123 123 •122 125 4 *122 125% •122 1253
3
4
120 Preferred
,
No 102 118% Oct 8 125 Jan 24 11114 Jan 126% July
31% 7,900,0t18 Steel
3312 3312 3412 323 337 23112 3212 29
4
3314 3314 *33
1012 Jan 4012 NOI
2214 Nov 13 55 Oct 8
•
9112 93
02
90 8
93
92 . 3 93
*893 93
4
93
4
*893 03
3001 Prior preferred
8914 Nov 13 108 Feb 20
4 Jan 103 Not
82
1 *5212 5412 54
58
58
53
50
54
53
523
2553 55
2,600 Owens Illinois Glass Co
4
r° 43 Nov 13 891zSept 24
2.3
533 545
8
523* 53 4 5214 5312 524 5418 51
4914 5118 12,700,Parttic Gas & Elea
3
5212
434 Feb 6611 Nov
4Sept 16
25 42 Nov 13 983
7418 75 4 74
748
74
3
72
4
7612 723 74
7312 6812 7218 13,600 Pacific LIR Corp
89 Dec 853* June
No Par 5818 Nov 13 14812Sept 27
204 2012 2018 204 21
*198 22
1
21", *2012 222 :pac1e 0111a
1
22
20
7.10 P/11110 1
1
1
100 17l Nov 14 37 Aar 17
25
Oat 354 Nov
118
118'
118
1
1
1
8
par
4 Oct 30
1 Sept
112 Jan 10
24 Apr
155 156 •157 1643 151 151 2152 152
155 155
4
220 Pacific Tahiti & Teleg No lO0 131 Nov 13 220 July 25 145 June 109 Dee
*15512 156
____ *111
112
*Ill
•11114
__ 118 118 •118 -50 Preferred
100 1163 Jan 3 138 Oct 16 116
4
Oct 1254 Mat
8
18
141* 155 100,700 Packard Motor Car_ _ No par
4
8
163* 153 1618 153 1614 157 1614 1518 16
.
13 Nov 13 3212E421 9
61
60
59
•
59
*56
60
59
5812 5818 *59
56
400 Pan-Amer Petr dr Trana_-_60 404 Feb 18 69 Aug 28 -aUs Feb -6- 1. Nov
5712
52
5814 3,700 Claes B
59
60
60
5012 58
5812 60181 60
60
59
58
60 4012 Feb 10 694 Aug 28
58% NO,
873* Feb
19
193
8 1812 191
4 8.600 Pal m are Traneparta'n_No par
4 183 1912 1813 1814 1718 1812 153* 173
4
153* Dec 20 21 Dee 9
3
5
*5 4 614 *512 5 4 *5
•47
5 4 *5
3
3
54
8 54
5
3
403 Pa;uaorri
0
rot.dtProd & ref _No par
3 Nov 7
1514 Jae 3
21% Ma2
lila Feb
5018 50,81 *50,8 52
5018 50 8 50
,
50
70 Feb 10614 Map
5152% 46,000 Paramount Yam Laaky_No 1 W 8 1j r)c P3 7
50
8
517
4
8' 493 5012 4812 50 8 441 48%
,
498 513
par 17
72i2 .tac i2
et
,1
°
/
4
{714 Oct 101 Dee
26 1 2618 27
*29
26
2612 1,900 Park & Tilford
2912 26
2618 2612 26
26
34 Mar 98 NOY
No par 23 Oct 30 877 Jan 14
8
33
' 33
312
3
314 33 11,800 Park Utah 054
31
3% 312
333 34
338
1
314 Dec 9 137 Feb 28
144 Jai
8
9 Aug
318 33
8
212 318
212 23 21,500 Pathe Exchange
318 312
318 312
318 312
4
16 Not
No pa.
212 Doc 19
2 Feb
147 Jan 9
8
61
8
53
4
6
6%
5
67ti 7
412 5
4
63
6,800 Class A
63
4 63
818 Feb
No par
412 Dec 20 30 Jan 9
31 Aug
30
31
30 4 31
3
3014 30% 304 30%, 211% 3014 27% 29% 7,300 Patine Mines & Enterpr-___20 2478 Oct 29 4734 afer 4
45
8
Ara
337 Jan
*
612 64
618 67
63
4 634' 63
4 6781
4 8,400 Peerless Motor Oar
612 63
67
8
612
518 Oct 29 224 Jan 11
8
50
14% Sept 257 Mal
2914 2912 2918 291s *2838 2918 2812 293
8 5.100 Peniek & Ford
263 285
4
29
41 28
22re Jan
allk Oat
No par 22 Nov 13 607 Sept 17
•10514 ____ •10514 109 *10514 ____ •10514 _--____ ______
*107
Preferred
Oot 115 Mai
100 100 Apr 2 110 Jan 11 103
*8
912 •8
*7% -94.
9 I *8
9 *107Penn Coal & Coke
6- *74 812
164 Jai
8 Aug
11 Sept 10
60
514 Nov 12
53
53
57
6
4
5 8 63
5
54 6 I
3
73
63
4 7,200 Penn-Dixie Cement____No par
6
6
14ac July 31 May
34 Nov 13 27 Jan 5
31
3131
31
*31
1
700 Preferred
31
35 4 31
3
31
3112 3118 *28
75 Sept 281 Apt
2
100 204 Nov 15 94 Jan 22
1,200 People's0 L 40(Chic)
•255 270 *238 260
240 244
242 245
235 250 *232 250
._A00 208 Jan 11 404 Aug 5 151% Jan 217 Nov
•195 20
8
•195 20
*195 20
8
500 Pet Milk
8
1918 1912
20
20
*1912 20
614 Dec 4(114 Deb
No par 19,8 Dec 20 454 Jan 3
404 40 4 4018 43
14,500 Phelps
41
41
3
4214 40118 423
8 3912 4012 39
-Dodge Corp
167 Nov 1 7
314 A
13
*205 225 *205 225 •200 220 *200 213 *200 212 .200 212
Philadelphia Co (PU01:)_55
a
285 OcY 10 143 Star 1743* Map
79
2
7" t 0
0
5% preferred
*-_-_ 50 *____ 50 *_ 50 •____ 50 ,•____ 50 •_ _ _ _ 50
4511 Misr 49
Atte
50 474 Aug 9 51 May 30
*5012 5114 5114 5112 515 515
8 514 513* •514 51 12 5114 514 1,900 6% preferred
8
511 Oct 57 Mat
4
50 4712 Nov 19 54 Mar 18
• /3142 and liked prices; no salmi on this day. 0 Kaalividead and es-r gnu
a Ex-dividend.
Ex-dividend distributed 1 additional share for each share held.
3937
New York Stock Record-Continued-Page 7
For lodes during the week of stocks not recorded here, see seventh page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Dec. 14.
Monday,
Dec. 16.
Tuesday,
Dec. 17.
Wednesday, Thursday,
Dec. 19.
Dec. 18.
Pridat,,
Dec. 20.
Sales
for
the
IVeek.
STOCKS
NEW YORK STOCK
EXCHANGE
PHIS 2IIAki
!Lange &nos Jan. 1
Gs bards of 100-22are but
Lowell
Hsohesi
P18 LHASA
14,06 for Previa:,
Year 1928
Lowers
Hlihest
Shares Indus. & Miscell. (Cos.) Par $ per share $ per share $ per Satire Per share
4
/
1
4
94 Nov 13
27 June 393 Jan
13,700 Philo & Read CA I_---No Vat
18 Mar 2512 May
34
8
5' Oct 30 2314 Feb 2626
4,600 Philip Morris & Co., Ltd_ 10
Apr 64 Aug
38
1912 Nov 14 73 May 17
Phillips Jones Corp........NO ear
85 Apr 09 May
100 65 Nov 13 36 May 1
290 Phillips Jones prof
/
1
4
364 Feb 53 Nov
25,700 Phillips Petroleum__No vat 244 Nov 13 47 Jan 3
21
Oct 38 May
8
5 105 Oct 25
200 Phoenix Hosiery
94 Dec 103 Feb
/
1
4
3
0 Ja 6
100 9112 Aug 21 107% j n 22
Preferred
1812 Oet 307 Dec
8
8
18 Nov 13 377 Jan 9
300 Pierce-Arrow Class A_ -No-par
8612 Oct 741 Dec
/
4
100 674 Dec 2 8712June 7
Preferred
12 Mar
514 Apr
338 Mar 18
1 Oct 29
20
1,900 Pierce 011 Corporation
1614 Feb 50
Oct
100 20 Oct 31 611/Mar 18
1,400 Preferred
lj Oct 29
8
34 Feb
65 Apr
5 Jan 16
/
1
4
16,200 Pierce Petrorm_ ____ No Dar
3
32 4 Feb 587 Dee
3
11
5
4,300 Pillsbury Flour Millo_No Par 30 Oct 28 668378
Aug
4314 Oct 29
2,500 Pirelli Co of Italy
3
100 54 Nov 13 83 4 Jan 9 ifile June 754 Dec
1,000 Pittsburgh Coal of Pa
81 May 100 Dec
/
1
4
-Juno 6 110 Oct IS
100 83's
700 Preferred
26 Feb 38 Dec
/
4
100 20 June 10 341 Jan 9
Pitts Terminal Coal
634 Oot 82 Mar
100 42 Dec 13 7814 Jan 9
1,670 Preferred
/
1
4
Nt pat 20 Nov 13 43 Aug 1
3,300 Poor & Co class B
5334 July 8584 Du
*71
73
7118 7114 71
71
714 7114 68 68
1,200 Porto Rican-Am Toll el A..100 51 Nov 13 9534 Mar 15
*65
69
4
3314 Aug
511 Deo
/
4
8 Nov 14 501 Jan 2
16
15
15
1612 15
1512 1418 1418 13
18,600 Class B
No Pat
1413 12
13
0 1 Ja n 1
500 Postai Tel & Cable pref. __106 93 Nov 15 185.434ag 33 1004 Aug 1136 Berl
96
98
*96
98
977 98
*96
98
*96
98
*99
98
011 July 1364 M3Y
/
4
Postum Co. Inc
No Dm 624 Mar 26
594 Dec 6453 Deo
543 543
4
4 5413 5514 -. 17. . ; --5 55
541
/
1
4
5 8 55'
1
54
1
5218 - s - .55 Pralrle 011 & Gas__ __ _____ 23 40 Oct 30 654 Jan 2
Hi 11,5
25 45 Oct 29 65 Aug 23
5812 583
4 58
5712 583
5812 581s 587 *58
8
59
8 5612 5712 5,200 Prairie Pipe Jc Line
/ Oct
1
4
18 June 33
8
914 93
4
94 95
8
No VI
, 618 Nov 13 253 Mar 22
914 914
9
9
83
4 83
4
8
83
8 2,800 Pressed Steel Car
/ Oct
1
4
70 Aug 93
100 57 Nov 14 81 Mar 27
*58
60
*58
*58
60
53
200 Preferred
60
58
58
58
*55
59
Me NOT
16 Feb
4 Oct 24 2578 Jan 3
97 10
97 10
8
*912 97
s
8
*912 10
*918 93
4
812 958 1,200 Producers & Refiners Corp-50
/
1
4
41 Feb 69 June
46 4 jan 34
*32
50 2513 Nov 13 823 M ar 21
33
*32
33
32
520 Preferred
32
*317 3512 3112 3178 30
8
313
4
91 Pc;
02 Nov
*42
4312 44
44
*44
290 Pro-ploy-lao-tie Brush-No par 35 Oct 30
48
4414 4414 *44
45
44
44
411 Jan 834 Ore
/
4
773 803
4
8 7612 793
7418 7612 x71
4 7512 7713 764 78
748 66,100 Pub Set Corp of N J.-NO Par 54 Nov 13 13734Sept 23
1013 Jan 115 Mt y
2
1065 1065 107 107
8
8
107 10712 1073 1073 107 107
100 98 Nov 13 10818 Feb
1,700 6% preferred
4
4
1063 107
4
117
Oct 12912 Mr y
500 7% preferred
•11918 1197 1193 1193 11912 11912 *11918 1193 1193 1193 *11918 11913
8
4
100 105 Nov 13
4
4
4
Jan 180 Mt y
Sept 4
0
3
29 st
•14212 145 *14212 145 *14212 145 *143 145 *143 1447 143 143
100 13913 Nov 13 157; e p 324 1311
400 8% preferred
Nov 14 1094 Jan 28 1064 Deo 11011 Ar,
•107 10712 10712 10712 108 108
500 Pub Serv Klee & Gas Orel _100 10413
103 108 *1073 10812 1074 1073
4
4
/ Oct 96 MI y
1
4
77
86
875
8 8418 85h 85
No par 73 Nov 13
85h 84
8514 83
8418 8118 833 14,200 Pullman. too
8
1752 Dec 347 Jae
2
7 Dec 20
*84 814
818 83
8
50
4
712 73
4
7 4 73
3
7
74 8
3
714 3,200 Punta Alegre Sugar
4
19 Feb 31, 7001
4may
2312 2378 233 2412 233 2412 233 24
4
21,400 Pure Oil (The)
25 20 Nov 13 203
4
4
2312 2453 223 24
4
116 Feb 25 108 Mar 110 Jars
*11214 11313 11213 114 *11212 114
100 108 Nov
190 8% preferred
11212 11212 *11213 113
11212 1133
4
/ OIl
1
4
75 June 159
8
783 80
8
55 Oct 29 105 Aug 20
16,200 Purity Bakeries
7513 797
s 754 7918 7513 7918 74
763* 70
74
3
447 463
8
4 42
454 42
453
8 445 463
4 4218 4514 363* 4314 1250200 Radio Corp of Amer___No Par 26 Oct 29 114 4Sept 12
/ Jan 50 My
1
4
*54
55
I Preferred
50 50 Nov 6 57 Jan 3 I 34
*54
55
*54
55
*54
55
*54
*54
55
55
/
1
344 Deo 514 Nor
1913 2014
19
20o 19
20 8 1912 2014 1818 193 1613 1812 87,000IRadlo Keltb-OrD el A-No par 12 Oct 29
3
244 Jan 60s8 1310
/
1
2
211, a 4
3
49
;1r
49
4910 5214 49
/
4
4918 4858 49
10 361 Nov 13 4
4812 4S12 4618 4814 5,100 Real Silk ea
HosierY
80 July 974 Dec
/
1
4
*91
98
*91
95
*91
95
*91
Preferred
100 87 Nov 22 10212 Feb 8
95
*91
95
*91
95
15 Dte
512 Feb
518 518 *5
6
34 Dec 20
5
5
358 5
2,900 Reis (Robt) & Co
5
5
5
5
No va
*45
611 Feb 8912 Dee
/
4
50
18% Feb 1
*45
53
*45
65
*40
55
*40
55
First preferred
*40
55
100 50 Nov 4 104 Feb 6
3812 May
29
2312 Jan
293
4 2814 293
2053 Nov 13 574 Oct 14
4 28
29
2814 29
274 2813 25
2712 44,200 Remington-Ft/m3)
No pa
0212 9258 *913 9212 *92
374 Dec 98 inns
93
91
91
9212 9212 91
100 81 Nov 14
91
1,200 First preferred
JITIE
*92
98
98
*92
98
*9118 98
1 5 884 Oct 100
*9118 98
*9118 98
98
Second preferred
100 93 Mar 20 10113 Apr 15
*92
12
1214
2218 Jan 5114 Ool
12
1214
1112 1214 115 1158 115 117
/
1
8
13,800,Reo Motor Car_
8
113 12
8
__10 1018 Oct 29 314 Jan 3
491 June 9492 Noe
8
78
81
78
83
8012 841z 7812 83
/
1
76
783
4 7014 78
37,9001 Republie Iron & Steel_ _ _ _100 624 Nov 26 14614Sept 20
•106 10612 106 106 *10318 10612 10612 10612 *103 107
4
107 107
3001 Preferred
100 1033 Nov 19 11513 Feb 27 102 June 112 Fe)
_
*31
32
*31
32
31
31
31
31
2812 Dec 2 3112 Nov 26
*30
31
30
3914 5.200 Revere Copper & Brass No Da
gu
•103 10512 *103 10513 *103 10312 *103 10312 *103 10312 *103 10313
--_
10 103 Nov 13 10512 Dec 13
____
*65
76 *____ 76
75 Dec 3 78 Nov 25
Clam A
No pa
lfre June
814 Feb
438 412
:78 5- -iii, 7112
358 Nov 14 121 Jan 16
4
4
44 3,200 Reynolds Sprhag
434 48 5414 412 .-;TIT, 7
No pa
5018 5112 5018 5114 503 .5114 2491; 505
8
8 49
493* 4718 497 36,600 Reynolds (El) Top class 13.1
39 Nov 14 66 Jan 11
8
Oot 61 DOA
*4312 4412 *43
50
44
4314 4314 *4314 4412 43
4338 433
43
43 Dec 19 64 Jan 2
4
500 Rhine Westphalia Klee Pow.
3318 Feb Be Nnt
3
283 29
4
2712 283
8 275 28
273* 29
s
26
2712 245 2618 25,700 Richfield 011 of CalLfornla__2
244 Oct 30 691 Jan 3
8
2018 2012 193 207
4
8 193 2018 193 20
4
4
1953 197
15 Oct 24 424 Mar 28
8 183 195 18,100 Rio Grande Oil
4
8
No ine
*48
61
48
48
*49
51
51
51
*49
53
200,111tter Dental Mfg
4912 *49
NO Par 40 Nov 14 70 June 29
37
37
37
373
4 38
3814 383 404 38
3712 14,600'Rossla Insurance Co
4
28 Nov 13 96 May 2
4012 34
1
•._ _ _ 3312
40 Dec 11914 Dtc
1Royal Baking Powder__No pa
28 Nov 12
3312 *-- 3312 *- --- 3312 *---- 3312 *____ 3313
14'
2
95 June 12 1434111 16 10412 Dec 10412 Dec
Preferred
10
$ Per share
14
1418
9
9
*25
26
*67
70
3818 387
s
*1214 1212
90
*20
24
*65
7012
118
118
*2312 24
23
4 234
3513 36
46
46
*64
7018
*98 10018
•11
20
*45
50
28
28
$ per share $ per share
8
8
8 125 137
4 137
*83,
8h 83
4
*25
26
*2014 26
70
70
70
70
2355 37
8
35h 363
4
1238 123 *1214 1212
8
90
90
*2114 233
*22
24
4
*68
*69
70
70
118
118
1/8
118
22
223
8
2312 24
24 23
23
4 23
4
4
354 354 35
357
8
46
4612 453 457
4
8
*64
63
*64
68
100 100
*95 100
*10
*10
20
20
*4234 48
*423 44
4
28
293
8 27
29
$ per share
1234 1312
33
4
*2014 26
71
*70
343 36
4
*1214 1213
90
*2314 23
70
*68
118
14
22
2212
25
8 23
4
35
35
451 4612
4
*64
70Is
*95 100
*1212 20
44
44
293 29h
$ per share
1113 1234
83
4 9
*2014 26
7112
70
3212 3513
*1214 1212
90
2214 22 4
,
*68
70
1
1
21
21
212 23
4
*345 35
8
8
4513 455
71
68
*90 100
*10
20
43
43
27
2814
per share
11
12
83
4 83
4
*2014 26
70
7014
3112 3312
1214 1214
90
*21
23
*68
70
01
114
21
21
23s 212
345
34
4418 4514
75
76
100 1004
*10
20
427 43
8
2612 2612
5038 5112 34,600 Royal Dutch Co(N Y shares)
47
50
17,800 St. Joseph Lead
1
10512 115
8,300 Safeway Storm
97
97
210 Preferred (6)
0
No 1 a
0
10812 10812
770 Preferred (7)
_100
24
2514 1,300 Savage Arms Corp.. _ _No par
43
518 18,300lSchulte Retail Storee_No par
47
50
1,6001 Preferred
100
1112 1112
900 Seagrove Corp
No pa
8812 99 127,600 Sears, Roebuck & Co_No par
212 212 2.800 Seneca Coppem
No par
x35
3914 20,300 Shattuck (P0)
No pa
2312 2312 1,500,Sharon Steel Hoop
No pa
2213 23-3* 8,600 Shell Union 011._ _._.. _No pa
1013 115
8 2,4003hubert Theatre CorP_No pa
7518 9014 120.200,Simmons Co
No par
234 247
8 5,100,Simnis Petrolem
1
22h 2538 10,500:Sinclair Cons 011 Corp-No Pa
10912 1094
3001 Preferred
10
3014 318
2
6,200 Skelly 011Co
*43
59
100 Sloss-Sheffield Steel & Iron -00
*75
85
100
4001 Preferred
44 5
500 Snider Packing
No Pa
26
*22
26
*20
24
*2012 22 .20
*22
*20
24
24
I Preferred
No par
2612 26h 2612 263
263 27
4
4 25
263
8 24
26
263* 27
No pa
6,100,8o Porto Rico Suit
567
8 5514 56
8 55
51318 5754 5512 575
5412 5512 53
5412 8,500 Southern Calif Edison
2
25
*20
25
*15
*20
25
*20
30
*10
20
*10
20
Southern Dairies el A_No pa
47
*4
5
*4
484
5
3 8 44 *312 4
7
*312 4
1,300 Class B
No Da
36
35
*355 36
8
8
35
35
353* 355 *35
3514 34h 351,000 Spalding Bros
No pa
110 110 *110 113 *110 113
110 110 *110 113
110 110
10
170 Spalding Bros lot pref
211 211 224 2254 *217 22
/
4
/
4
8
211 211 2012 2112 18
/
4
/
4
2013 1,300 Spans Chanant&Co InoNo par
947 947 *9413 95
*9012 92
917 92
*9013 93
*9012 92
100
1201 Preferred
19
197 z1852 1914
8
173 1814
4
173 183
4
3 16h 18
15
167 23,800 Sparks Vilthington ..--No par
*513 6
512 512
5
513
513 512
6
612 *612 7
No pa
470 Spear A Co
*7113 72
*70
73
*70
73
*70
72
7112 7112 *7112 72
201 Preferred
100
25
25
244 2414 24
/
1
2414 23 8 24
5
*2312 2334 2313 2312 1.900 Spencer Kellogg St Sons No par
26
244 202 26
235 2413 2312 233
8
23
2314 2213 23
No at
2,900 Spicer Mfg Co
•40
41
40
40
40
407
8 40
40
*40
41
40
40
700 Preferred A
4014 4014 4112 4513 *4212 433 *42
8
44
40
3914 4,800 Splegel-May-Stern Oo_29o pa
4012 35
No ;
77
818
8
8
713 73
84 818 *
712 73
74 73* 1,700,Stand Comm Tobacco_No par
117 1214 1124 120s3 112 1183 1143 1184 108 115
4
100 112 171,600 Standard Gas & El Co_No par
65 6514 6412 6514 6412 647
8 6412 644 6412 6514 6412 647
8 6,600 Preferred
ao
_ _ _ _ Standard Milling
.100
;i5- 111; ;15" I41; ;iiTi- -ii" li" -ii: Ifi- _ _1,100 Stand Investing CorpNo par
8
6212 62h 617 63
8
615 6212 6113 623
6078 24,990 Standard 01101 Ca._ _No par
8 603* 6112 60
4 643 663* 633 65h 6212 6112 5913 63 204,900 Standard 01101 New Jersey _25
8
8 6412 663
4
6518 663
3
34
333 34h 333 343
4
3418 343* 34
8
81 323 333
4 32
333 82,000 Standard Oil of New York _25
8
214 214
n
212 *214 212
2
21
2
2
2
2
par
*54 7
*513 6
512 512 *512 02
4 *512 63
512 512
500 Stand Plate GI"' C°--N° 100
350 Preferred
pee
p
*34
3612 *34
36
33
3553 *33
361 35
35
*3212 35
300 Starrett Co (The I. S)--No par
405
8 3954 4018 3914 40
404 414 4058 4118 40
3753 39
10
-Warn SP Corp
8,100 Stewart
87
8114 8412 28118 823
4 80
8612 8814 80
77
82
82
No par
19,700 Stone & Webster
4 4314 448 423* 433
4 434 443
81 42
433 443
8
43
41
427 41,500 StudebIr Corp (The
No par
*119 120 *119 120 *119 120 *119 120
119 119 *119 120
100
120 Preferred
7
8
7
8
7
8
h
"4
7
8
7
8
3
4
Vo par
3
4
*34
3
4
7ti
1,800 Submarine Boat
60
60
60 60
1559
60
59
594 593
59
557 5312 1,900 Sun 011
8
No par
•10212 104
10212 *103 10412 *10212 105
10212
10212 1047 *10212 105
8
100
50 Preferred
12
Vc par
ilor
)
i
/ 1714 1,Z0 tigr or ,)11 sew
1 8z
4
,
1714 1713 4
9
72
111
134
22
13Z 17; 27078
8l1
2 313 274 2( 8 44 2(1)
0 4 01
2
100
*814 9
0
9
1014
*8
*818 9
8h
83* *812 10
50
0,
2,600 Sweets Co of America 370 9
4
3
3
3
*3
3
*314 4
*23
4 312 *213 312
500 Symington
9
*8
9
8
83
8 83
83
4 *83
8
8
8
8
7
No par
8
1,800 Class A_
1512 BA
16
154 1554 16
16
16 8 16
3
16
1512 153
4 4,400 Telautograph Corp__ No par
123 123
4
4 1212 13
13
/ 137
1
4
8 1318 134 124 13
121 1212 5,700 Tenn Copp & Chem_No par
/
4
563 5672 563 57
2
8
5612 56h 5612 57
5518 563
545* 5512 34,400 Texas Corporation
25
8 544 5614 5518 563
4 543* 558
8
563 573
8
8 555 575
5212 55
30,800 Taxas Gulf Sulphur____No par
1118 *1114 1138
114 111 11
/
4
11
1114 *11
10
1114 1014 11
7,200 Texas Pacific Coal ,:k 011
1212 1318
4 124 1318 1318 155
8 1318 1553 124 15 143,200 Test:8 Pee Land Trust
1
125 133
8
5218 5212 523 53 8 5212
8
7
5212 53
53
55 8 54
3
119 12314 115
120 123
96
96
97h 97h 9512
10912 10912 109 10912 1083
4
*2618 2614 265 265
8
8 2512
5
5
/ 512
1
4
5
/ 512
1
4
44
46
41
45
4518
•1134 12
1134 1134
12
10318 10434 101 10478 10012
213 253
25
8 23
4
213
4113 43
4018 4112 40
24
24
*2312 26
25
2334 233
s 234 2312 234
14
1414 *1212 133
4 1212
98 1007
8 94 1003
8 9612
28
2612
2553 2612 26
255 26 ' 255 2614 2512
8
8
•109h 112 *10914 111 *10912
3212
32h 334 325 33
*42
50
*43
50
*43
7514 754 7514 754 *7312
.5
512 *512 514 s5
534 5214 524 5118 523*
56
54 4 55 4 51
3
3
537
11818 117 1184 11218 11614
/
1
96h *96
9712 96
97
109
10812 109 *108 109
2512 2518 2518 25
2512
5 12
53
8 512
518 512
59
47
5012 *47
50
12
1158 12
4
*113 1212
1043 10212 104
8
/ 9612 103
1
4
24 25
212
234 23
40 4 3712 40
3
408 40
25
2313 247 *2313 24
8
2312 23
234 23
2353
1212 1214 1214 1112 115
8
957
8
9412 978 88
977
2712 243 26
4
2413 243
4
2614 2512 26
25
25h
111 *1094 Ill
109h 10953
33
*323 33
32
3213
50
*43
50
45
45
75
no
80
*7312 85
512 *512 514
5
5
-fic -iit
• Big 8119 ••aell prime: no sales 05 this day
N
Ex-rights.
8 Ex-div. 200% in oommou
4313 Oct 29
3812 Nov 13
9018 Nov 14
85 Oct 29
100 Oct 28
2012 Nov 14
4
43 Dec 20
41 Dec 16
1018 Oct 29
80 Nov 13
2 Nov 13
2518 Oct 29
20 Nov 15
19 Oct 29
1012 Dec 20
5912 Nov 13
15 Nov 13
21 Nov 13
103 Oct 30
28 Oct 29
21 Nov 15
6212 Nov 14
34 Nov 13
14 Nov 14
23 8 Nov 13
5
4518 Nov 13
20 Dec 6
212 Nov 13
30 Nov 13
107 Nov 6
15 Oct 29
89 Mar 19
1318 Nov 13
2 Oct 29
70 Aug 23
20 Nov 13
21 Nov 14
38 Nov 15
33 Dec 20
712 Dec 18
7312 Nov 13
581: Nov 14
1024 Aug lb
10 Nov 15
5113 Oct 29
48 Fob 16
313 Nov 13
4
134 Nov 13
4 Oct 30
304 Oct 29
30 Oct 29
64 Nov 13
3814 Nov 13
115 Nov 20
3 Oct 29
2
5512 Nov 14
100 Jan 3
514 Nov 13
15 Nov 7
518 Nov 13
25 Nov 20
8
614 Nov 15
144 Dec 12
/
1
912 Nov 13
50 Nov 13
4212 Nov 13
912 Nov 13
64 Oct 30
64 Sept 16
94 Jan 21
1014 :4 17
25 (
1j
4
10912 Dec 14
51s Jan 24
4112 Jan 8
11813 Jan 2
A r
23 : 1
52:J L 1y 12
181 Jan 2
1012 Mar 20
194 Aug 30
314 Apr 2
/
4
741 Jan 24
188 Sept 26
404 Aug 17
46 Jar 2
0
. Jan2
116
1.2msy 6
125
112
Jan 19
Jan 18
66 milb 19
4 ::Jt&g 5
15
4
rey 3
/
1
4
93 Sept 30
504June 14
153 Jan 12
2
6312May 6
117 Feb 6
521 Jan 3
4
98 Oct 15
Aug
1414 eb 24
c 2
73
801s Jan 2
65Aug 20
4 .4 11m 1
6
Ott
4453 Jan 04
37 Mar 7112 Me
171 Dec 20134 Me
95 Dec 97 Die
,
1061 Dec 1004 Dtd
3614 Deo 51 Des
334 Dec 0711 Ain
115 Dec129 Am
10 Feb 1712Juni
834 Jan 13712 Nov
7 OM
/
1
4
2 Jan
8013 Feb 140 0e5
/
1
4
Feb234
504 June
4
553 June
1618 Feb
1733 Feb
1024 Jan
26 Feb
102 June
10413 Oct
11 Dec
31
6212
434
244
9
Nov
Feb
Jan
Jan
Jan
Jan 120
/
1
4
July 67
Oct 100
_
- 1- Nov 20
1.11 4
22
/
1
4
4
783 Nov
109
26
97
- - -1- Jan
2 2
3
8
557 Mar 1
1174 Feb 6
/
1
435 Jan 11
8
243548ept 27
157 Feb 4
16314 Jan 18
48 Sept 10
817
2May 6
83 Sept 16
4818 Sept12
04 jsu 21
31 Jan 18
47 Oct 17
/
1
4
20123hla y 30
77 A w 10
98
Jan 26
1241 .1me 24
412 ar 15
86 Oct 16
/
1
4
10312 Jan 8
24 Aug 20
734 Apr 9
224 Apr 11
/
1
May 2
19 8May 2
5
2512 Mar 28
20% Apr 29
/
4Sept 12
711
854 Apr 18
/
1
23 8 Mar 21
7
244 Jan 17
/
1
iiis
854 Nc v
1014 Ncv
/
1
2714 Ncv
464 Ncv
110
OM
424 No•
/
1
134 Fe)
123 Mat
20
Apt
50
Jan
49 3.12 y
/
1
4
6612 Rev
604 May
30
Are
381 Feb
/
4
2
/ Jan
1
4
10
Jan
87
1214
3
3112
100
Pet
Pet
8153 Die
- - 1 Sept 91
68
;
24
Oct 404
2
67 s Jan 845
7
6413 Dee 714
118) Jan 1624
53 Feb
87 Feb
/
1
4
API
Dee
AM
No'
Not
Dee
y
Die
16593
4
1154
7
/
1
4
60
Nc
Des
Fe)
Fel
Jan 8713 Oei
Feb 127 Junt
Feb
6 Mat
/
1
4
Jan 77 Nov
Jan 110
Mb
Jan
18
1153 Feb
4 Aug
10 Aug
154 Jan
/
1
1012 Jan
50 Feb
8218 Jun
1218 Mar
20 June
dti7- Nov
3
2312 Seto
7 Mt y
19
/ Ap.
1
4
224 14.7
/
1
197 De.
3
Uzi Mc,
8213 II(
•
2851 Noy
80 3 to
4
/
1
4
New York Stock Record-concludea-Page 8
3938
Foe sales during the week of stocks not recorded here, see eighth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Dec. 14.
Monday,
Dec. 16.
Tuesday,
Dec. 17.
Wednesday, Thursday,
Dec. 18.
Dec. 19.
Friday,
Dec. 20.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share $ per share $ per share 1 per share $ per share $ per share
2014 201 20
/
4
2012 20 20
*19% 20 *1912 21
*19 4 20
3
*3812 4312 *41
42
*41
43 *41
42
42 *41
4313 *41
31
31
31
3112 *3012 31
30
3018 *3018 3012 2812 30
41 ___ 108 *____ 108 *____ 108 *__ _ 108 *_ _ 108 *_-_ - 108
.
*3714 3912 3714 3714 38
38
38
57
38
3714 *371 39
1234 13
1212 13
1238 127
127
.3 123 127
* 1214 1273 12
*
s
8114 8114 8114 8178 8114 81%
*8112 8214
83 83 *811 83
*21
22
*2014 22
2314 20 41 203
203 20 4 *203 22 *21
4
3
4
3
4
8812 8812 *883 89
4
883 8834 *8812 89
4
*8834 89
88
883
4
16
16
1512 16 z14713 1512
16
16
1612 16
15% 161
7 753
78
7914 73
66
7012
793
4 7314 76
73
4 6812 75
35* 37
318 33*
3
34 3 4
3
3
3 2 34
,
3
314 34
3
3
/
1
4
71
68 7
6 4 67
3
a
653 6%
63
4 718
7
7
71s
Shares Indus. a Miguel. (Co..) Far
1,900 Thatcher Mfg
NO par
Preferred
No par
2,300 The Fair
Ng Par
Preferred 7%
100
25
500 Thompson (J R) Co
42,800 Tidewater A11800 011-.NO Par
100
1,600 Preferred
100
300 Tide Water OH
100
500 Preferred
10
5,300'Timken Detroit Axle
83,400 Timken Roller Bearing_No par
20
16,100 Tobacco Products Oorp
20
31,600 Class A
Certllleatee
Certificates A
*2
500 Dividend certificates C ......
-------------2 212
8
812 KM Transc1•11 011 tern etf_...No par
852 87
8% 824
/
4
812 9
834 913
84 918
*1712 19
*1713 1934 1713 171
17
17
17
17% 1713 171
1,700 Transue & Williams St'l No par
3432 3434 33 33
*31
33
32
32
30 4 311
3
1,200 Trice Products Corn___No Pat
*30% 32
*12
17
*13
16
1313 15
17
1512 1512 16
16 *15
No par
2,500 Truax Truer Coal
3813 3614 3838 1,000 Truscon Steel
10
3812 3815 *38
3813 3812 38
38% 381 381
101 102
8513 9213 11,200 Under Elliott Fiaher Co No car
99
95
98
9912 98 1013
4 995* 101
*122 126 *12214 12412 *122
*12214
12214 12214 120 12212
300 Preferred
100
*1414 15 *14
1412 *1214 - 1012 121
14
13
13 *1214 13
1,100 Union Bag & Paper Corp 100
7634 6814 731 102,600 Unionearbl&Carb
7814 80 4 7613 791
No par
3
7612 791s 7612 7834 72
4534
46
25
46
45% 4612 45% 4518 44'8 45
4,200 Union 011 California
4
4 46
*143 144
143 144 *143 144 *143 144
14134 143 *132 144
100
100 Union Tank Car
48
50
454 4913 4514 4812 467 4934 4434 48
40% 46
75,900 United Aircraft & Trail No par
*55
58
57 57
563 5812 5712 5712 55
4
5534 3,200 Preferred
50
56
58
39
39
3918 3918 3812 388 3812 387
3 371 3814 3613 3734 5,500 United Sthoult
No par
100
1.06 125 *106 125
*10434 125
106 125 *106 125 *106 125
Preferred
45
47
4
4
10
5
5
47s 5
434 478
414 7,000 United Cigar Stores
48
*29
33 2 *29
3034 29
2912 287 2878 20
20
100
20
20% 1,400 Preferred
34% 304 338 27% 3138 350,200 United Corp
/
1
32% 34
32% 3438 3112 335* 33
No par
471 48
4714 4712 4714 4772 4734 471
47% 473
4 47% 477
No par
6,000 Preferred
1018 1014 10
1038
11
11
1018 11
-No par
3,200 United Electric Coal
/ 104 104
1
4
101 1033 100 103
4
No par
10534 10534 10412 10534 104 105
5,400 United Fruit
*73* 8
*712 8
*713 8
758
758
*7513 8
100
75* 7
200 United Paperboard
36
36
3512 355* 3512 3512 *3512 36
35
36
36
36
1,200 Unlversel Leaf Tobacco No par
41
34
*37
3414 *37
36
36
42
33
*38
41
33
170 Universal Pictures 1s5 pfd_100
31
*312 35
312 3%
3 8 31
5
3% 6,300 Universal Pipe di Had__No par
3
53 3 3
7
*3 4 38
3
70
70
70
____ 70 *-- -- 70
100
*53
70 *53
*55 66
530 Preferred
191,3 2012 184 20 4 19% 20% 1914 20
181 1934 12,500 US Cast Iron Pipe & Fdy _20
191 20
3
•1512 1032 *1813 16
157 157 *155 1578 *1558 1534
8
No par
155* 157
300 lst preferred
*1814 1812 *1814 1812 *1814 1834 *1814 1834 *1814 1834 *1814 1812
Second pr3ferred_ _No par
17
*16
17
*16
17
*16
*1612 17
1634 163
4 157 157
No par
8
,3
400 U 15 Distill) Corp
92
91
92
91
91
*88
93 *85
*85
93 *80
92
100
600 Preferred
*3
4
*3
4
*3
4
*3
4
*3
4
*3
4
13 S Express
100
21
Hos 21
*2112 2212 21
1012 20
208 21
1712 20
2,800 US Hoff Mach Corp-No par
134 13833 13818 142 13213 139 * 12518 13412 52,100 U S Industrial Aloobol... -100
140 14234 135 140
1
8
872 872
Fs 918
8% 88
813 878
4 8
2,700 U B 1 atelier
NO par
(02
73
1732 18
1772 177
1714 1734 174 175* 1618 1713 161 1618 2,800 Class A
/
1
/
4
No par
8314 8314 8314 8314 8314 83
/ 8314 8314 8314 8314 *8214 84
1
4
1,000 Prior preferred
100
6314 638 63 637
65 663
8 6312 64
5814 617 10,200 US Realty & Impt___No par
3 618 63
29
2914 28
295* 275* 2834
2734 28% 2573 28
24
2634 22,000 United States Rubber
10
51
51
5012 513
5134 51
4 501 523
4 51
5114 5012 52
16,200 lst preferred
100
*36% 37
36
3734 358 3614 35
53 36
35
355* 36
3614 4,900 0 B Smelting. Ref & Mln-110
5312 531
5312 5312
5312 5312 '52's 53
521 53
53
5312
800 Preferred
50
1691 17312 16614 17112 158 1683* 511,500 United States Steel Corp-100
16934 1747 1661 174
/
4
16614 173
141% 142
14114 142
4
*1413* 14134 1413* 14134 14112 1417 1413 142
5,200 Preferred
100
69 z60
62
6012 6012 *60% 64 *60
63
*61
60 61
1,093 US Tobacco new
No par
•12614 128 *125 128 *12614 128 *12614 128 *124% 128 •1241 128
Preferred
100
*225 240 ,•230 250 ,*230 240 •210 240 *220 240 *220 240
Utah Copper
10
331
32% 3312 3112 3318 99
3234 335
3213 3314 324
311 16,000 Utilities Pow & Lt A--No Par
434 434
413 5
47
8 5
4 4 44
3
3
44 43
4
414 432 3,200 Vadsco Sales
-Ns MI
60
60 •60
60% 60 60
•60
66
*60 6013 *60
65
200 Preferred
100
551
55
54
55
/ 5313 5434 52% 53 4 491g 5312 443* 491 18,500 Vanadium Corp
1
4
3
No par
*17
29
*18
29
*1812 29
*18
29
*18
29
*1812 29
Van Raalte
No par
59 *53
59 *53
*53
56
*53
59 *53
66
*53
59
lst preferred
100
351 363
3 3614 3612 3614 3612 3613 3714 37
38
36% 37% 7,900 Vick Chemical
No par
___- -_-- ---- ---- ______ Vie Talk Mach 7% Dr Dret_100
---- --__ ____ ____ ____ ____ ____
58
5 4 618
3
5 4 53
3
No par
52 6
3
7
54 5 4
3
3
5% 53
4
514
6,400 Virg-Caro (Them
•261 27
27
27
27
27
27% 283* *28
29
28
28
100
1,100 6% preferred
761 *7514 77
*76
781 *7514 7814 7514 76
*76
*7514 76
100
200 7% preferred
•107 110
107 107
1061 10612 *10612 109 •10714 110 *10714 110
20 Virg Elea & Pow pf (7)---A00
*40
45 •40
47 *40
45 •39
45
39
40 .39
45
30 Virg Iron Coal & Coke pf--100
6514 6514 5614 6514
*68
74
*68
70
6533 70
74
85
120 Vulcan Detinning
100
95
*92
95
94 94
91
513
95 *89
935* *8912 93 *89
90 Preferred
100
*72
79
72 72
*64
79
*64
70 *60 69 *60 69
10 Class A
100
27 27
2634 2634 2634 2634 *263 2678 2512 26 22434 25
4
900 Waldorf System
No par
*100 101 *100 101 *100 101 *100 101 *100 101 *100 101
Walgreen Co prof
100
4 25
28% 287
*28
29
273 273
4
284 29
/
1
277 29
3
2712 7,700 Walworth Co
No par
20
29 *27
2812 2318 27
20
240 Ward Baking Class A__ No Dar
*27
29
29 29
•27
47
47
5
4513 4%
414 438 3.100 Class B
5
5
5
44 5
3
No par
65
8514 6514 65% 657 *60
6612 *6514 6512 6514 6514 64
600 Preferred (100)
No par
431$ 4118 4314 411 4273 4158 428 364 41% 3714 39% 143.300 Warner Bros Pictures
42
-3714 39
36
*39
371 371
37% 2,100 Preferred
40
3112 39
*37% 39
new-- r
Nopa
2134 2212 21
2238 207 2173 2153 2213 2014 2113 1912 2038 13,200 Warner Quinlan
No par
3,000 Warren Bros
142 142 z136 1403 13614 136141 13714 140
13512 1363 12814 135
4
4
No par
*5012 51
50
50 First preferred
52
52
50
60
*5412 59 *45 50 *4413 50
*24
2513 25
25
*2838 283
4 2414 2414 2312 2414 221 23% 2,000 Warren Fdry & P1ps...No par
55
8 61 1,200 Webster Eizeniehr
/
4
*633 73
3
7
7
67
3 7 I
26
*7
712 •73
3 713
2478 2478 3,200 Wesson 011&13nowdrlft No par
257, 257
2558 251
25
2512 25
2514 2438 25
52
5214 1,700 Preferred
52
/ 525
1
4
5234 5234 5212 5212 5233 5212 •5214 53
No par
8
8,100 Western Union Telegram_100
200 204
196 2063 19612 20212, 20012 20314 1963 19712 185 195
4
4638 10,400 Wstnghse Air Brake_ No Par
4638 4634 44
4614 47
4614 46121 46% 461
46
47
1344 14012 13134 13812 133 13753' 135 1383 13012 1367 12533 133 135,000 Westinghouse Elee & -Mfg--60
4
121 12512
140 1s1 preferred
*125 133 *12612 133
126 12612 *126 133 *12513 133
50
3014 27
2958 3,300 Weston Elec Instrum'S_No par
30
30% 31
323* 30
3012 301 3214 x28
Clan A
No par
*30
34 •30
33 *30
34 *___. 3312*-- 3312
*32
34
220 West Penn Elec ol A...No par
*98 100
98
99
4
99
99
*98
9934 9934 993 29834 99
102% 104
1047, 104%
380 Preferred
104 10412 10458 1047 104 10414 104 104
100
110 Preferred (6)
*94
97
9714 *94
97
971
97
97
*97
.100
971 971
97
160 West Penn Power pret-100
115% 1151 *11533 115 *11533 1157 11512 11512 1153* 115% 11538 11538
3
390 8% Preferred
10312 104
10312 104 *103 10312 10312 10312 10312 10312 10312 10312
100
4513
600 West Dairy Prod el A-No Par
4712 4514 45% 45
4714 4714
4714 4714 *45
47% *45
1314 14
8 2,500 Class B
*1314 14
No par
1434 1434 *1334 15
133* 14% 1234 133
*411 4212 41
4 1.600 Westvaco Chlortne ProdNo par
4138 42
41
41
411 4038 407
/
4
8 4013 403
2734 28
28
28
28
27
27
*28
2814 1,200 White Eagle01 & Refg _No par
28 28
28
5,400 White Motor
33
3234 33
33% 3334 3314 331
33
3314 33
3214 321
No par
*41
4112 41
4014 z371 3712 4,800 White Rock Mln Sp etf
4114 393 4012 4014 4014 39
4
60
813 812 3,000 Malts Sewing Maohtne_Ne par
812
8
7
*812 838
813 88
8
812
84 84
1
700 Preferred
*291 30 I 2934 30
*29% 30 •29% 30 *291 30
No par
30 30
1,000 Wilcox 011 & GM
15
15
157 157
15
1514 16
1518 154 1518 15% 15
/
1
No par
3.800 Wilcox-Rich class A _ __No par
*27
28 ( 27
28
*2613 27
2614 26% 2614 2614 z25% 26
.
20
1938 2014' 1914 1973 198 198 19
Ni par
1938 20 21812 19% 17,300 Class B
85
8 160,300 WIllys-Overland (The)
834
7
9
8
872 912
84 9 2
878 9%
7
5
7014 4,500 Preferred
70
70
705* 7018 70
100
*70 71 1 z70
70
70
70
334 4
4 1,700 Wilson & Co the
*414 41 ' 432 438
'Vs par
3 4 33
3
3 4 3 4 *334 37
3
3
812 1,600 Clam A
812 *77
85, 84
8
873 87
8% 8%
812 812
No par
400 Preferred
44
441 4412 *41
/
4
*44
48
47
*45
47
*4912 50 , z47
100
7
4
6814 733 32,500 Woolworth (F W)CO
76
/ 7738 7533 763
1
4
10
4 745 75
74
53 755* 7334 753
4,100 Worthington p & M100
5712 70
7514 70
72
7572 7672 7214 76
72 72
75
200 Preferred A
8712 8712
100
*84
89
*85 887 *85 90 *8712 90 *8712 90
8
Preferred B
84
*75
100
84
*77
85
*80 85 *80 85 *80 84 *80
200 Wright Aeronautical__ No par
44
*45
50
45
*35
45 45
*3814 45 *30
45 *30
400 Wrigley (Wm Jr)
69
*8812 69 *68
No par
69
69
6772 69
*6812 69
*68
69
500 Yale & Towne
78
*75
75
75
77
75
25
78
*75
78
*75
7712 75
67,800 Yellow Truck & Coach el 11.10
1212 14
144 1512 1414 1512 1414 1512 141 151
13% 15
Preferred
85
83 *60
_. 85 *_
- 85 •____ 86 *60 85 *60
100
8 3,800 Young filming di WIrs..No vas
8
3634 3634 3672 37
37
362 364 343 363
*3612 37% 37
900 Youngstown Sheet a T_No par
1091 10973 110 110 I 110 110 *110 116
/
4
1101 1101$ 110 110
I
I
Itld and asked vetoes: no sales on thla days •no
-(11•• 20% In 1119934 •NX•dhideade pa 1-'1gal •
PRA RH ARIA
&WO lime Jan. 1.
Os Dario of 100-share lots
Highest
Lasso
I Per Mare
1612 Mar 14
35 Mar 9
2812 Dec 20
102 Nov 7
80 Oct 30
10 Nov 13
7412 Nov 14
14 Nov 13
854 Nov 14
1112 Oct80
58':Nov 13
3 Oct 29
314 Nov 13
124 Oct 30
412Nov 12
212 Dec 20
313 Oct 29
17 Dec 18
3014 Dec 13
1312 Dec 20
301* Nov 13
82 Nov 13
120 Dec 20
7 Nov 13
59 Nov 13
424 Nov 13
1217, Jan 16
31 Nov 13
44% Nov 14
333 Nov 13
4
11412june 11
4 Dec 19
20 Dec 19
19 Nov 13
4212Nov 14
9 Dec 19
99 Oct 29
7 Nov 19
2512 Nov 13
28 Dec 4
3 Oct 2
50 Dec 5
12 Oct 29
15 Oct 24
1814 Nov 27
9 Oct 29
714 Mar 12
2 Jan 22
1712 Dec 20
95 Nov 13
5 Nov 13
15 Nov 13
8314 Dec 12
5012 Nov 13
15 Oct 29
40% Nov 14
2973 Oct 29
48 Nov 4
150 Nov 13
137 Nov 14
5512 Nov 13
12514Nov 13
2247.3 Nov 25
2412 Nov 13
3 Nov 14
50 Nov 18
3712 Nov 13
17 Dec 9
50 Nov 27
33 Oct 29
110 Mar 1
31 Oct 29
15 Oct 29
89 Nov 13
102 Nov 12
39 Dec 18
38 Nov 13
81 Nov 14
40 Jan 2
20 Nov 12
100 Oct 14
22 Nov 13
20 Dec 20
112 Oct 30
50 Nov 13
80 Nov 13
2514 Oct 30
15 Oct 24
115 Nov 13
89 Aug 15
1.51, Mar 26
4 Oct 28
20 Oct 29
4914 Nov 14
160 Nov 13
364 Oct 29
100 Oct 29
103 Nov 13
1913 Nov 13
8212 Aug 8
90 Nov 18
97 Nov 14
8812Nov 14
no Nov 6
102 Sept 27
361z Nov 13
7 Nov 6
30 Oct 29
25 Oct 29
2714 Nov 13
277 Nov 13
8
1 Oct 29
27 Dec 11
8
127 Nov 14
19 Oct 30
1232 Oct 30
514 Oct 29
70 Dec 16
313 Nov 13
64 Nov 14
35 4 Nov 13
3
5214 Nov 13
43 Mar 26
75 Nov 12
ef) Apr 6
30 Nov 13
65 Nov 13
014 Feb 11
71 Nov 13
80 Mar 8
3312 Oct 30
91 Nov 14
$ 171r Agars
85 Sept 16
4972Be98 4
6172 Jan 16
11014 Oct 9
62 Jan 12
2312June 7
9072 Aug 2
40 June 7
974 Jan 17
65ept 24
341
150 Jan 3
22Is Mar 18
3252 Mar 18
16 July 10
19 Aug 22
194 Jan 16
11/1 AIM 28
4
534 Apr 18
63 July 8
8172 Jan 23
614 Jan 8
1811* Oct 10
125 Jan 5
43 Jan 14
140 Sept 10
57 Sept 80
11183
413ePt 11
162 May 1
10912MaY 1
60 Oct 10
136 Oct 2
2712 Jan 11
104 Jan 2
7612MaY 11
497
2July 29
8112 Feb 6
15812 Jan 81
2638 Jan 22
8572May 10
93 Jan 2
22 Jan 2
/
1
4
10013 Jan 9
5572 Mar 18
19 Jan 11
20 June 18
23 Sept 24
97 Sept 24
10 Apr 8
4972 Jan 2
24338 Oct 11
8612 Jan 14
2
617 Jan 14
107 Feb 1
11912 Feb 6
65 Mar 18
9212 Jan 16
2
727 Mar 20
58 Jan 3
4
28111 Sept 3
14414Mar 1
4
713 Nov 6
143 May 3
858 Mar 19
5812 Aug 5
134 Jan 21
82 Jan 16
11612 Feb 8
42 Sept 6
83 Apr 24
109 May 15
11572July 5
2414 Jan 2.0
6512 Jan 26
97% Feb 4
110 Sept 16
48 Jan 29
14971 Aug 12
110 Apr 25
142 Sept 9
3612 Oct 11
106 Jan 24
497 Oct 11
2
8434 Jan 17
4
211 Jan 10
8712 Jan 16
8412 Aug 20
5912 Jan 22
6272 Jan 2
207% Oct 9
6318 Oct 17
3414 J1LD 3
11332 Feb 5
48 Max 7
721:Mar 9
27214 Oct 23
6714 Aug 16
29253 Aug 23
284 Aug 23
643
3SePt 18
3812 AV 23
110 Feb 1
11114 Jan 17
102 Jan 17
117 Mar 18
1104 Jan 16
60 Sept 23
40 Sept 4
9418May 11
38 Feb 25
5312 Mar 2
553
413cpt 9
48 Jan 2
577 Jan 10
2914 Feb 6
6D4May 3
62 May 4
35 Jan 3
103 Jan 3
13% Jan 23
27 Jan 21
79 Jan 23
112 Sept 8
1374Sept 20
10013Sept 9
9012Bcpt 9
299 Feb 6
80% Jan 30
88 Aug 30
611 Apr 24
/
4
9612May 10
6910 Aug 19
176 Sept 3
PBB MIAMI
gangster Prosiest
Year 1928
L west
MOW:
$ err slant Per 111
0
22 Jan 3912 Ma
45 Oct 584 Jun S.
34 Jan 5211 De
10412 Jan 11614 04
661 Jure 7134 Jul
4
1
14 4 Fe, 25 Set
''Js Mar 9114 Di
sslis Mar 4112 Ds
864 July 10012 De
--- .
-- 11234 Mai 164 No
---- ---- ---- -...
- - ---- ----- ---- ---- -23 Au
19 Dec 61 June 1412 NO
4
41414 Dec 5912 Ye
2
3232 June 6417 Bei
5514 Nov 6372 Di
53 June Ws Di
119 Mar 120 At
30 Dec 4942 Fe
--- --- -• T
..
Feb U No
6214 110 Oct 12812 Ma
---- ---- ------- -,- -,_.57 01
3612 Ain Os
1124 Mar 188
2272 Aug 54 ii
12
10872 Dec 111112 Ai
----- ---- -- -- -_-- ,,,18 Oct /
1
4
8912 De
18111 June 148 No
1612 Dec 2772 As
60 June 87 4 11e
12
1
Fe
914 Nov 100
/
1
15 t June 3574 0(
3
8772 Sept 1054 D1
38 Dec 53 lit
18 Nov 1912 No
1812 Nov
191 De
:
1312 June 204 Je
70 Oct9032 le
272 Nov
6 Ja
Al Dee 584 Ja
10212 JUne 138 01
22 Jan 51 Ma
62 Jan 72 At
1004 Dee 10912 Ma7
614 Feb 934 Ma7
27 June 6314 Ja
55 July 1094 ja
3912 Feb 711 No
2
61 Jan 58 DI
1384 Jan UN Ai
---- ----- -12712 Jan 189 Jur
189 Jan 378 De
284 Feb 61114 Me
00 Jan
74 Jan
4372 Jan
Jan
58
10112 Jan
12 June
4453 Jan
8812 Jan
1064 Dec
47 Oct
2212 June
74 June
1912 June
1912 Jan
105 Dec
Ms Aug
70 Dec
4
131 Dee
77 Dec
11112 No
4Q7 Os
78 No
85 DI
11212 De
204 No
6614 No
9012 No
11612 Ai
6212 Ja
74 NO
99 Beg
4834 No
4
281 Di
10612 Bel;
264 Beg
123 Fe
2912 Ja
9712 .711
511 Dec 574 138
4
26 Feb /11122 01
140 June 19212 Al
494 Nov 01 At
13 June 3872 01
--------------87 Nov 110 Di
105% Dee 108114 No
1891 July 201 05
4212 June 67112 Ja
8813 Jan 144 NO
93 4 Jan 180 NO
1
1212 Jan 2812 Jul
4
803 Jan 40 Ma
11
108 June 112 Al
10712 Oct 1151 Al
4
9812 July 1044 AO
11812 Oct 118 Jai
103 June 113 Jo
6212 Dec 78 &V
20 e Jan 49 Ap
3
-. --- -- - / Feb 20
1
4
In NO
4
301 Feb Ws Jon
344 Jan 4972 No
83 June 5234 De
/
1
4
514 Aug 58 De
1714 Dee 2212 No
---- ---- ---- --•
____ ---- ---- 17 4 Jan 33 De
3
9234 Jan 10412 De
11
Oct 16 Fel
22 Jan 35 Me
4
634 Oct 773 Fe'
__ - - __ -. --.,..
_
M fee'
28
Ian
481 Jan 93 No
4
41
Jan 80 No,
69 Feb 289 No,
68 J1171 84 ito
614 Nov 844 Ap
27 2 Feb 1171 No
3
4
83 Nov 96 AP
•
Mg June 1154 De
and esfaeltsg
New York Stock Exchange -Bond oRecord,'Friday, 'MeeklyMiens, sadYearly+sea.
.2e2 lowest" -950501 r5.
non& vas 59.5=04 oa4 fees are ono .
3939
Jan. 1 1909 la. Isreesso. leaked ,e gsoliso
Rang.
Week't
Price
Since
Range or
Friday,
Jan. I
C2
0
‘
Last Sale
Dec. 20.
4
-Nigh
High No. Low
Ask Low
Rfd
High
Mph No. Low
52 1071s 111
Ask Low
111
Rid
Sale 109
U. S. Government.
Danish Cons Municip 88 A__1946 FA 111 8 Sale 1104
9 1074 1104
4
1103
1946 PA 1105
First Liberty Loan
100
Series 11 e f 8s
8
10412 199 1017 1044
JO 991.41 Sale 99122 99110 301 98
Sale 104
% of 1932-1947
991^24 Denmark 20-year extl 68._ 1942 11 104 Sale 100
2 93
984 10212
991043 995532
1004 59
JD
195.5 PA 100
Cony 4% of 1932-47
Exti g 5 Sys
8512 92
9012 72
D 100"s Sale 100553,1005132 341 98142101"u
4 % of 1932-47
151982 AO 9014 Sale 90
Cony
Apr.
Exti g 440
100
98 10212
98
56
98
100 Dec'29
D
Sale 98
2d cony 44% of 1932-47
Deutsche Bk An, part ctf 88_1932 20 S 98 Sale 92
914 9912
9912 10
9912
fourth Liberty Loan
Dominican Rep Cost Ad 53.40 '42 M
8814 9812
92 Dec'29
AD 10112 Sale 101531 1011532 1073 98.42 102
4
/
90
A0 87
1940
4.4% of 1933-1933
lot eer 640 of 1926
105 112142
973
87
4
27
92
90 89
1947-1952 AO 11114, Sale 111532 1115532 103
1940 A0 85
Treasury 435s
2d series sink fund 548
8
8912 1015
2
97
96
0, Sale 107532 107"32 419 101.8210813u
MN 9512 96
1944-1054 JO 1071
treasury 4o...
..10513u Dresden (City) external 70.._1945 Ii 10112 Sale 10112 102
13 10112 10412
104":2 286 981
8 104.42 Sale 104
1940-19511
1947
freaaury 342s
95.82 10042 Dutch East Indies extl 00
13 101 104
4
1013 Sale 10112 102
1943-1947 11) 991.,, Sale 9951ta 995532 156
1962 M
Treasury 348
40-year external 65
5
4
320 9542 1001ts
100
10114 26 1003 1037
101 Sale 101
'Treasury 345 June 15 1940-190 ID 992141 Sale 995532
-year external 548- -1953 M
30
22 160 10312
10112 102
.
1953 MN 1011 Sale
30-year external 5345
3 102 111
108
ttttt and City Securities.
88___ _1948 II 107 10814 107
4
1
/ 8812 El Salvador (Repub)
85
4
1
/
6912 86
10
8
78
855 Oct'29
1987 J J 76 Sale 76
1
' Y e 54% Corp st_Noy 1264 MN
8
4
1
/ 973
84
8814 8812 Estonia (Rep of) 7s
8814 Aug'29
9312 49
9214
92
1313% Corporate at May 1954 M N
_ Finland (Republic) extl 8s 1945 MS 91 Sale 9712
9212 101
9812 25
4
993 Mar'28
1936 M N
S 9812
-1950
tr registered
External sink fund 7s._
9418 95
9912
89
9438 10
21
8
95
943
89
1956 M N
1958 MS 8912 Sale
41 registered
External s I 64s
tou
95
8212 92
(19 95 Nov'29
8514 29
1967 M N
1968 FA 8412 Sale 84
6% corporate stock
1
Exti sink fund 543,
9912
98 104
88
4 37
923
104 10212 Dec'29
91
1967 M N
44% corporate stock
Finnish Mu,, Loan 8140 A._1954 *0 9212 Sale 9114
9814
Rs
101 104
49
10212 Dec'29
N
4
1
/
92
1954 AD 9112 Sale
44% corporate stock .__ _1957 M
External 844s series B
9414 9712
207 109+2 119
9414 Nov'29
1968 M N
73.45_194l ID 118 Sale 11712 11814 641 10512 11118
4% corporate stock
French Republic ext
9584 98
4
953 June'29
1
/
1959 M N
Sale 1104 11118
1949 Jo 111
4% corporate stock
External 75 01 1924
98
96
Oct'29
96
10712 188 102 108
1931 A 0
1949 *0 10614 Sale 106
44s corporate stock
96 10018 German Republic ext'l 78
4
1
/
92 10212
9412
9814
1960 al :984
1954 MN 0412 Sale 9412
4)(e corporate 'stock
Gras (MunicIpatitY) 88
99
1
/
99
121 10114 1044
99 Mar'29
fi 0812
104
1964 M
4 Sale 10212
PA
itts corporate stock
101 10114 Cit Brit & Irel(UK of) 548_1937 PA 1023
10112 10112
101 Mar'29
10112 Dec'29 _
1068 A 0
4140 corporate stock
Registered
4
/
4
1
4
/
9814 1011
_ c793 87
9912 Oct'29
1972 A 0
4
843 8312 Dec'29
4340 corporate stock
ci% fund loan Lop 19611 __1990 MN (8312
4
/
4
4
1013 1011
5 C953 101
4
97
1003 Sept'29
1971 J D
ID r9612 984 97
63.4s corporate stock
c55 War Loan t opt 1929_1947 MN 103 10312 103
9912 10512
7 10214 10712
104
1.63 M S ____ 10812 10114 Nov'29
&tie corporate stock
4
1
/ Greater Prague (City) 740_1952 MN
99
101 103
91
98 14 15
106 102 Nov'29
9814 98
1965 J D
98
,
£3.4 corporate stock
4
973 10418 Greek Governments I sec 70_1964 PA 8212 Sale 8212
4
753 874
78
8'3
---- 10134 Nov'29
44s corporate stock_July 1987 .1 .1
1968
Sinking fund sec Cs
9912 10114
984 101
4 37
973
10114 May'29
40.__1980
A0 9712 Sale 97
- dew York State Canal
1952
.
---9814
88
24
9912 10114 Haiti (Republic) f 85
95
10114 July'29
Mar 1958 iii -E4
194' A0 94 Sale 94
Ls Canal
Hamburg (State) 65
9818 10412
10312 23
102 101
Heidelberg (Germany)ext 7tis Si)Ii 100
844 100
9314 51
J 87
9112 92
lerelan Oast. &Municipals
94
9012 FIungarlan Mimic Loan 748 1945 J
6.5
73
11
71
8
4
8612
713 68
4
__1947 PA 63
86 Sale 853
agile Mtge Bank of
Externals I 7a__ _ _Sept 1 1948 J
90
65
8512 9814
7212 20
9212 30
9114
)
Sinking fund Sc ._Ape 161948 *0 68 Sale 67
Hungarian Land M Bast 74s '61 Al N 91 4 9212 91 Dec'29
91
8
80
947
88
28
90
89
8
akershua (Dept) extl it,.. ___1963 MN 89 Sale
11161 MN 913 9212
9(53
t 74s ser B
4
69
96 102
18
28
81
79
81
102
PA 9912 102 100
nliouula(Dept) col 78 A __-1945 J1 79
2
98
95
6912 947 Hungary (Ringd of) s f 7140_1944
10
79
J J 7612 Sale 7612
4 54
973
97
1945
N 97 Sale
External a f 7s aer 19
4
69
8
2
915 973
957 Irish Free State extis s f 5s_ _1960
6
7814
9518 225
77
80
76
1946 J
Sale 94
External s I 70 Herbst 0
4
72
9012 o963
9512 Italy (Kingdom of) ext'l 7s 195 JO 9414 9314 93
11
80
4 13
933
8112 78
1945 .1 .1 76
4
S 923
External a f 70 set 0
Italian Cred Contiortiuna 75 A1937
35
69
15
8912 9512
76
23
*0 7012 72
7112
9314
4
1
/
9314 Sale 92
External f 70 let sec. ..._1957
1947 M
Estl sec a 1 78 ger B
08
65
4
20
883 9512
77
39
93
1957 *0 71 Sale 70
Exti sec S 1 78 2d ser
70_1952 J1 92 Sale 92
Italian Public Utility ext
4
693 93
95
7
90
7712
48
74
95
4
1957 *0 63
753
4
8
J 945 943 9412
Esti sec 5 I 7s 3d tier
1931
Japanese Govt £ loan 4a
94
86
2
4
/
921 26
987 103
10214 96
1958 JO 0012 9218 92
8
Antwerp(City)extl Si
1954 FA 1017 Sale 101
30-year e 1 8)4s
2
92 1007
8
983 127
argentine(loll Pub Wks(10_1960 AO 9512 Sale 92
Jugoslavia (State 1.1tg Bank)
4
693 8184
133
79
Argentine Nation (Govt of)
1957 A 0 77 Sale 76
Secured s f g 7s
90 1014
9814 221
95 10112
10
9814
9758 98
Sink fund (10 of Juno 1926-1969 JD 9514 Sale 90
92,s 100 4 Leipzig (Germany) aI 70_ 1947 FA _
3
s
987 167
9218 10184
4
1959 AO 953 Sale 921g
95 Dec'29
of Oct 1925
91 95
Etti f 68
Lower Austria (Proy) 7440_ _1950 J
9214 101
4
983 349
4
981 103
95 Sale 9214
69
1967 M
link fund Os series A
8
-year 88_ _1934 MN 1025 Sale 10212 103
1
9012 100 4 Lyons (City of) 18
9812 166
External (is series B _ _Dec 1958 Jo 95 Sale 9012
8
907 10014
9814 171
9812 103
4
1
/
52
4
1960 MN 953 Sale 90
103
Esti e f 6e of May 1926
8
90 1003 Marselles (City of) 15-yr 60_1934 At N 1025 Sale 10212
4
4
1
/ 312
98
4
893
67
33
72
1
/
644
67
External e f (is (State RY)_1960 MS 9512 Sale 90
Medellin (Colombia) 6 40_1954 J D 05
90 101
4
983 158
1018 25
131 1018 Dec'29
Est)Os Sanitary Works__ _1961 PA 9512 Sale 90
_
8
907 1003 Mexican Irrigat Aestng 440_1943
4
4
983 178
MN 9512 Sale 904
1
/
4934 Jan'28
Ext 65 pub wks(May'27)_1961
Mexico(U 5) extl be 01 1899 '45 Q J
883 97
12
4
93
4
1
/ 135
15- -35
8
4
1962 FA 8914 Sale 883
18
164
18
Public Works extl 546
1945 _- 15
Assenting 58 of 1899
85
2212
41
34
89
18
1945 MS 8512 8712 85
IS Dec'29
.
-argentine Treasury be C
111 13
Assenting 56 large
97
90
9234 86
224
10
4
/
4
22
11
14(Wrath' 30-yr Ts_ July 15 1955 J J 923 Sale 911
11 Sale 10
48 of 1904
Assenting
88
ow:
9312 150
2314
10
12
12
12
External bs of 1927__Sept 1057 MS 93 Sale 91
11
Assenting 48 01 1910 large_ __
8118 884
63
85
2212
10
1950 MN 8314 Sale 83
111g 57
Extl g 43.45 of 1928
1012 Sale 1012
Assenting 40 01 1910 small
22 10014 Ins
104
4
37:2
16
12
4
4
1943 ID 1023 1033 1023
18
17
18
15
.ualrlan (Goyti sf71 .
(large)'33
90
Tress tent'13 assent
8
9612
95
8
355
15
9214
14
18
State) 645_11046 F A 9214 94
Sale 17
illayarla (Free
IS
Small
1
/
1164 114 11212 11634
8
913
80
S614 208
.1elgium 25-yr ext I 7)40 9.1946 ID 11514 Sale 11514
1054 11112 Milan (City. Italy) ext'l 634s '52 A 0 8514 Sale 85
11012 10
4
194 PA 1093 Sale 109
90-yr af 88
Minas Geraes (State) Brasil
43 10218 107
106
9512
75
2 94
793
15-year external 6)4s._1949 MS 10512 Sale 105
1958 M S 7514 Sale 7514
Exit sf 0341
974 1013
2
,
87 4
73
. 10114 95
4
1955 II 1003 Sale 1001
2 17
793
External s f its
1959 51 S 75 Sale 73
Ext sec 61is series A
116 106% 10912
109
2
9512 1031
10034 14
Sale 97
External 30-year a f 79...._1965 ID 109 Sale 10818
1952 1 D 98
1
/
10634 116 16118 1064 Montevideo (City of) 7s
9214 97
4
6
1956 MN 1063 Sale 106
94
Stabilisation loan 78
1959 M N 8914 93 924
Ertl s f 68 ser A
109 11212
1
/
3
4
atergen (Norway) 5 I 88 __1945 MN 1103 11114 11012 1104
M S 104 Sale 10312 10414 12 1)214 108
8
923 10114 Netherlands (is (flat pricee) A972
6
1001 1
95
88
88
1949 AD 99 100 100
90
15
-year sinking fund 88
New So Wallas (State) ext 501957 F A 89 Sale 88
8712 99
9512 23
2
8812 943
34
91
1960 A0 9414 Sale 9414
.derlin (Germany)8 f 648
Apr 1958 A 0 89 Sale 89
External e f 58
8012 92
9018 14
1
/
10314 29 150 105
8
sink fund Os__ _1958 JO 8912 Sale 884
8
A 1023 Sale 1025
External
-year esti 6s__1943 F
Norway 20
9112 104
13
98
1946 A0 96 Sale 96
10312 38 190 10312
8
8
.6ogota (City) ext'l 5 f 88_
1944 F A 1023 Sale 1025
20-year external Os
87 104
41
94
8
8 58 190 1037
1027
•Sollvia (Republic of) sill 8s1947 MN 9214 Sale 92
1952 A 0 10214 Sale 102
30-year external 83
95
70
77
4
8114
9812 1013
1968 J J 77 Sale 77
10212 32
External sec 78
19061 D 100 Sale 10014
610-year a f 548
4
643 92
72
S 77
81
91; 973
4
80
79
9612 145
..13501
Externals f 75
__Mar 15 1963 M S 9618 Sale 9618
ba_
External
9814 103'8
4
/
8814 95
4
1
/ 1031 35
9412 59
8
D 94 Sale 9312
of) 15-yr 138_1934 MN 1023 Sale 102
.fiortleaux (City
Municipal Bank esti s I 50_1967 J
9312
9812 240
8518 109
80
14
8
86
194 Ill 933 Sale 9312
A 86 Sale 84
'(rasht (IT of) external 80
9612 Nuremberg (City) extl 68_ _1952 F N 1003 103 10012 10114
65
177
974 1024
78
19
4
External If 648 of 1926 1957 *0 7412 Sale 7312
1955 M
4
/
961 Oslo (City) 30-years t (93
70
7714 134
9414 102
99
196- *0 75 Sale 7312
98
Ext1 If 8140 of 1927
1948 F A 99 Sale
sinking fund 54e
74 102
9818 10212
8812 184
1
1062 JO 8712 Sale 87
78 (Central Railway)
1953 J D 10112 -- 10212 10212
8
97 1073 Panama (Rep) esti 545
10
8878 9414
9212 13
4
Sale 903
714e (coffee secur) (flat) 1952 A0 0312 9512 9912 100
Esti f 6,3 ser A_ _May 15 1983 M N 9212 Sale 70
48
9812 10212
95
MS 983 Sale 9834
100
70
35
8
1935
7814
70
..tremen (State of) ext.' 78
8414 9312 Pernambuco (State of) ext 78 '47 M
6
90
4
8912 103
941/4 30
89 Sale 883
195- M
4
Irlisbane (City) s f 55
1959 M S 913 9378 9314
Peru (Res of) ext1 75
27
03
84
891 88
9014
89
72
80
78
1958 PA 88
geld 58
Sale 72
4luking fund
icet 1,oan exile f 60 let ser _1960 J D 72
8312
70
69
9112
75
71
4
4
7912 81
Sale 74
xindapeet (City) extl a I (1s _1962 ID 723 Sale 723
Nat Lox,esti f 6132d ser _1961 A 0 74 Sale 744
95 102',
4
1
/ 10012 15
72
,
971 07
83 2
17
1955 3 J 95
80
1
/
1
/
Muenoe Aires(City)8)4S
A 0 744
Pow.] Well of) gold 65_ _1940
94 100
18
98
72
4
1
/
88
1980 AO 974 Sale 98
8312 182
ExIle f 65 85r 0-2
1947 A 0 79 Sale 79
Stabilization loan f 70
5
9418 10018
99
8
95
988
81
40
1960 *0
93
8
Exti a I Os ser C-3
1950 J J 93 Sale 905
Exti elnk fund g Se_
8212 94
98
90
9212 10612
4
17
98
atienoe Aires (Prey) est! 88_1961 MS 843 Sale 8318
9512 Sale 9512
Porto Alegre (City Of) Se--1961
8 14
767
90
72
7412
77
83 1023
s
75
1967 1
9212 10
8
905
92
nulgarla (Kingdom) e f 7s
1966 .1 I 89
Exti guar sink fd 7 Ks_
8 37
845
971,
75
84 Sale 84
1
/
8 1054 113
10812
qtabTni'n S I 7 40..Noy. 16'88
1941 A 0 10812 109 108
Queensland (State) extl, 17a
27
85
76 101
80 Sale 80
4
1
/ 47 100 1044
of(Colombia)740'40
103
Citifies Dept
1947,F A 102 Sale 102
-year external 85
25
9812 10212
10212 64
8
944 10614
10012 33
Canada (Dominion of) 65_ _103 A 0 1003 Sale 100
8
905 Sale 9612
4 72
5
1033
99 4 1051 Rio Grande do Sul esti I 85_19461A 0 70 Sale 67
4
92
1952 MN 10212 Sale 102
65
44
76
4
1
/
196811 D
Exti s f 80
40
99
8
9514 995
4
9918
69
1936 PA 9812 Sale 973
8212 25
445
1966 M N 78 Silo 78
f 78 of 1926
6
Exti a
J 104 Sale 104
104
9814 10712
7014 93
1954
12
84
79
82
43arlabad (City) a I 80..
J D 79
1967
Ertl of 75 munle loan
9
89
76 102
89 10612
38
101
'53 A0 88 Sale 87
.Cauca Val (Dept) Colom 7349
Rio de Janeiro 25-yr a I 842.._ A 948 A 0 9478 Sale 9470
953
4
70
7814 151
lentral Agrio Bank (Germany MS
7612 Sale 71
1953 F A
Esti I I 61.4s
9212 36
09
90
9218 Sale 92
2
911
81
8
885 205
Farm Loan e I 78 Sept 15 1950
1962 A 0 8712 Sale 87
J
7912 85
8818 Rome (City) extl 648
70
79 Sale 78
11 1004 10514
_ 105
10514
Term IA)an e f 6e_July 15 196(
(City) esti 80_1984 M N 10514 _
Rotterdam
7912 68
70
88
9112
79
['arm Loan s I 88_0ct 15 1960 AD 79 Sale 78
J 85_ 86 Dec'29 _
1953
8612 68
9215 Saarbruecken (City) de
80
98 115
30
101
Farm IL oan Os ser A_Apr 1538 AU 8512 Sale 85
6
- 3 98
Sao Paulo(City)If 88__Mar 1952 M N 9014 Sale4 7512
9812
75
8312 36
• bile (Republic of)1957 MN 7512
Exti 8 I 640 of 1927
33
101
96 103
1942 MN 10018 Sale 100
90 108
9918 28
-year external 5 I 7e
Sale 95
San Paulo (State) esti s I 88.1938 J J 95
4 74
913
34
86
86 10712
9412 60
External sinking fund Os...19(10 *0 89 Sale 89
19501 J 92 Sale 92
External mac s I Ss
PA 90 Sale 89
47
9114
8614 9414
196
82 102
4
1
/ 32
87
4
1
/
84
External 0 I Os
4
External s f 7s Water L'n_1956 M S 833 87
9114 55
8618 94
4
643 9314
196 Ii 89 Sale 89
7312 45
re1 esti f 60
1965) I J 67 Sale 6614
Ertl s f 60 5 int rota
43
92
4
4
883 94
883
90
1981 MS 89
98
89
42
95
COI sinking fund es
7s 1942 M S 9114 Sale 9114
41
Santa Fe (Prof Arg Rep)
91
80
94
1962 M S 89 Sale 89
87 19018
27
95
Exit sinking fund (is
3
95 92 4
9314
47
95
8312 sna, Saxon State Mtg Inst 7s_ _ 1945 J
95
83
Mtge lik 634e June 30 1957 ID 0312 Sale 9312
8412 8812 90 Dec'29
Dee 1946 J
Bfgli4s
97
9012 1307
J
63
4
112 1)24 10812
108
9 f 6440 of 1926 _ _June 30 1901 *0 97 Sale 96
8
42
Seine. Dept of(France) extl 7a '42 1 .1 108 Sale 1067
90
8312 94
4
873 Sale 8712
96
Apt 30 1961
46
75
89
e f Os
Guar
1
/
254 25
24
4
1
/ Serbs. Croats & Slovene., Eis '62 81 N 8818 Sale 88
44
22
25
yyt
7012 89
Si
-Pineee(Hukutang Ry)50_ _1951 ID 24
1962 M N 7612 Sale 78
Esti sec 70 tter B
1
1013
s
9818 102
1013g
80
85
35
74
hrtetianla (Oslo) 30-yr s f flit '54 MS 10114
Sale 72
8
96
871 07
15
4
1
/ Silesia (Prey of) ext 7s _. _1950 J D 725
4
/
9414 94
94
844
88
Cologne(CIty)Germany 6l4sl950 M
7818 27
73 Sale 73
Silesian Landowners Ason 68_1947 F A
7714 95
4
/
691 91
1961 J1 6714 Sale 67
ars 1014
4 31
1013
• olombla (Republic)60
8
N 1013 Sale 1007
2
Solatons (City of) esti 65_ _ _1936
7612 93
01
62
1961 A0 67 Sale 67
824 94
External 0 I (10 of 1928_
3
8618
854
1946 F A 8512 90
Styria (Pros) extl is
70
54
12
2
1
/
.12101)110a Mtg Bank of 6 40_1947 *0 6414 673 64
1024 36 1)114 10412
102
1939 J D
MN
73
27
70
934 Sweden 20-year da
3
64 190 4 10514
105
Sinking fund 7s of 1926 _ _1946 FA 73 Sale 7212
8
1954 SIN 105 Sale 1035
External loan 5348
74
11
59
7314 Sale 7118
9514
is of 1927..1947
25 1074 111
Sinking fund
109
Sales Confed'u 20-yr a 1 8s 1940 J J 10814 Sale 108
Jo 963 Sale 9614
69
97
97
91
4
1952
openhagen (City)6e
10414 51 100 10514
,
1944 A 0 10414 Sale 103
Switzerland Govt ext 540
N 8812 89
91
1
/
35
894
91
84
1953
4
2
7212 783
4
753
3
75 4
25-Yr g 4(45
Tokyo City its loan of 1912_ _1952 Sit S 7518 76
PA
00
12
82
98
82
43
8314 9312
90
4
•:ordoba (City) extle f 72-1957 MN 82 Sale 90
4
1961 A 0 873 Sale 873
Exti f 514e guar
90
1
90
8712 9712
86
92
71
3
7312
External s / 70 Nov 15 1937
7312 73
1947 St N 72
Tolima (Dept of) till 7s
97
12
9418 101
11014 9614
6
95
ordoba (Ptoy) Argentina 781942 11 95 Sale 95
Trondhlern (City) let 545_1957 M N 9318 9414 9318
MN 8814 Sale 8612
30
90
96
81
8
897 9812
1
8
897
8
897
,./osta Rica (RePub)exti 75_1951
1845 J D
10012
2
4
973 10212 Upper Austria (Prof) 70
7
4
893
00
_
(Replin) 5a of 1904_ _1944 PA 97 8 10012 100
84 Dec'29
84
act
80
Extertuti f 6 4s__June 15 1957 J
4
971 103
99 10912
3
- - 10212 Nov'29
10614
External Se of 1914 set A _1949 PA 10114
105 106 106
Uruguay (Republic) extl 88_1946 F
9312 993
4,
3 9712 Dec'29
4
94 103
68
97
,txternal loan 4 No ser 0._1949 J J 1123 95 4
1960 M N 94 Sale 94
External e 1 6e
27
101
974 107
8
1003 Sale 100
94
88
8812 32
4
Sinking fund 51.45.Jan 16 1953
4
Venetian Pro, falts Bank 75_1952 A 0 873 Sale 873
8012 9012
56
85
'undinamarca(Dept) Columbia.
5914 Vienna (City of) extl If 88_1.952 M N 8314 Sale 8312
65
43
71
4
1969 MN 68 Sale 653
8514
67
7712 11
7618
71
a I 648
F A 70
3"xti
W%ren%7 (City) external 78_1958
4 1)618 111
10914
109
92
89.4 9614
96
Caecnoslovazia Men of)88-1951 A0 10914 Sale 10812
Yokohama (City) esti 6s...._1961 J D 9512 Sale 9512
35 13612 111
111
1952 AD 109 Sale
Sinking fund 8s oer B
BONDS
N. V. STOCK EXCHANGE
Week Ended Dec. 20.
-
Price
Friday,
Dec. 20.
IVeek's
Range or
Lait Sale,
0 SleS for cash(
</n the Ned]01 55 to the Z sterling,
Range
.Since
Jan. 1
BONDS
N. V STOCK EXCHANGE
Week Ended Dee, 20.
3940
BONDS
i. Y STOCK EXCHANGE
Week Ended Dec. 20.
New York Bond Record--Continuud—Page 2
Price
Friday,
Dec. 20.
Bid
Week's
Range or
Last Sale.
Ask Low
-z3 •
r1
.1
Range
Since
Jan. 1
13 •
BONDS
N. V. STOCK EXCHANGE
Week Ended Dec. 20.
t
Price
Friday,
Dec. 20.
eck's
Range or
Lass Sale,
Rance
Since
.,an. 1
High No. Low
High
Bid
Ask Low
High No. Low
High
Ch M & St P gen g is A_May 1989
.• 11 8512 Sale 8512
86
57
80
87
9918 10312
Regtatered
Q J
80
Oct'29
7618 80
93
94
Gen g 884s sir B
May 1986 • J
7214 Sale 7214
735
8 46
70
7/1
Si
8612
Gen 4%s series C
May 1985 33 9512 Sale 9512
8
973
4
1
89% 973
81% 9312
4
Registered
_ 100 May'28
5
9014 95
Gen 4 lie series E___ _May 1989
9312 94% 935
43
8
9412
2
oo
71
79
Deb 48 (June '25 coup on)_1925 in
81% Feb.
28
110
90
95
Chic /4111w SIP & Pao Ss__ __1975 TA 9218 Sale 92
9314 373
14
34
85
92
Cony ad! 5e
Jan 1 2000 * 0 7212 Sale 72
74% 1073
0014 8014
3
2
841 92
Chic & N'weet gen g 3 yis___1987 MN
7714
77
3
72
8
80Iz
83% 92
Registered
Q F
- 7712 Oct'29
10
80 4 86 4
,
,
General 4e
1987 MN 8914 - - 8 89 Dec'29
907"Si- Ilia
17
85
90
Registered
Q F
84 Apr'29
13
84
84
85
91
Stpd 45 non-p Fed In tax '87 MN
_ _ 90
00
83% 901
4
815 90
8
Uen 4313stpd Fed Inc tar,1967 M N 101 1033 104
9018- - 4
15
104
111 10812 165
9712 104%
Gen 58 stpd Fed Inc tax_ _1987 MN 101 1033 10432 Nov'29
4
10118 109%
1
8312 93
Registered
MN
--__ 101
Apr'29
_ 101 101
_
85% 93
Sinking fund deb Ss____ ._1933 MN 10053
101
5
101
4
9512 10212
93 100
Registered.
MN
98
Oct'29
98 100%
_ 101 10314
10-year secured g 721
1930 J D inn. gale 1007
%
6 100 103
2 10118
_
923 9612
2
15
-year meowed g 6 Ha
1936 MS 108 Sale 108
2 1053 11114
10853
4
09 104
let ref g 58
May 2037 • D 10418 100 10418 105
17 10018 107
84
9712
1st & ref 4 Hs
May 2037 • D 953 9612 96
4
7
9612
90% 97 4
14
,
8614 95
Cony 43.(s series A
1949 MN 100 Sale 100
2729 100 10118
10014
9014 9014 Chic RI & P Railway gen 48
8914 883
1988 ▪ .1 88
2
4
883
4
81% 91
_
93
9912
Registered
• J
82
Oct'29
8132 86
61
84
92
Refunding gold 48
1934 * 0 953 Sale 9514
4
95% 291
9112 95%
5
58
75
Registered
*0
9418 Dec'29
2
93% 0418
53
13712
Secured 4)44 series A
1952 14 S 93 Sale 93
933
4 74
8514 9514
5
78
84
Cl, St LA NO Mem Div 0_1951 J O 8712 89
87
Oct'29
83
88
9514 10314
Gold Ii
June 15 1961 in 1027 1034 102 Nov'29
8
101 105
Registered
Salt & Ohio let g 68__ __July 1948 A 0 913 Sale 913
▪ D
107 Apr'28
4
4
923a 92
8812 D31
. Gold 314e
June 15 1951 in 76
Registered
____ 81 July'29
July 1948 Q J
81
90 Dec'29
8l'
87
92
Reentered
30
-year cony APO
78 Apr'29
1933 M (73 9914 Sale 99
78
0912 120
80
9412 9912 Ch St LA P 1st cons g 58____193 J
Registered
2 AO
100 Dec'29
It S
9912 101
98 June'28
Registered
R.efund & gen In aeries A__1995 J D 101 2 Sale 101 18
AO
10152 June'28
,
98 -ill- 1113 Chic St PM & 0
102
12
cons Oa__ __1936 in i05i2 166 4 10012
Registered
36
J D
_
97 101
9914 June'29
99% 9914
Cons 6s reduced to 3he___1930 J D 2214 ____ 2218
lit gold 58
3
182
July 1948 A 0 103'o gale 103
0011
1044 45 10012 10.5
953 9914
4
Debenture 58
Eel & gen fie series 0
B 238
1930
7
loo
19953 D 10831 Sale 1084 10912 94 10512 110
10012 35
go to'
Stamped
P LE& W Va Sys ref 4a 1941 MN 921 1 Sale 92
S 277 ____ 10012 10012
8
1
9214 19
9712 100%
8512 94
Chic T II & So East let 5a_ _1980 J O 97 Sale 97
'outlaw 1:liv lit Se
6
98
1950 3 J 102 Sale 1017
1023
4 36
891i 1111,15
99 10414
Inc gu Ss
Dec 1 1960 MS 8914 9212 8812
Tol & Cln Div let ref di A_1959 J J 843 Sale 843
8914 36
4
85% 15
4
78% 95
7812 87
Chic Un Stan let gu 4344 A_1983 3.5 989 10014 985
Ref & gen 58 eerie, D__2000 M
99
20
10214 Sale 101
9011 10312
1023
8 59
99 103
Ist Sondes 13
Bangor & Aroortook lit 50 1943 J J 10112 105 10014 Dec'29
1963 J J 105 Sale 10412 105
43 10012 100
__
98 105
Guaranteed g Si
Con ref da
1944 J o 10212 103 10212 103
29513 J 84 Sale 8314
3 100 104
84
9
78
8024
let guar 634s eerie]C
Battle Crk & BUS let gu 06 1989 .1 D
1963 .1 .1 115 Sale 115
11512 31 1117 116%
6812 Feb'28
8
Chic & West Ind gen 621 Dec 1932 0 V 101
Beech Creek lee gn g 48_ _1936 J J 9414 ____ 9414 Dec'29
__ - 10012 Oct'29
9914 1011
.
-Si" 96
Congo! 50
-year 4e
Registered
1952'.0 89 Sale 8758
J
89
50
95 Aug'28
_
8311 8514
let ref 530 series A
24 guar g 58
1982 MS 10412 1043 1033
4
1936 3 J
10414 50
4
87 June'28
99% 105
Choc Okla & Gulf cons 58
/leech Crk Ex% ling 3348
1952 MN 99 101 100 Dec'29
1951 A 0 77% ---- 80 Mar'29
_
_
9712 10111
80 80
CinH & D 261 gold 44s
Belvidere Del cons go 3341-1913
.1
1937 .1
_ 9612 Dec'29
J
1)2
945
8
C 1St L & C let g 4e_Aug 2 1936 O F 9512-- - 9418 Dec'29 - - Blg Sandy let ts guar
9412 9512
1944 J D 8918
8918 Dec'29
93
85 13:319612:
8
Registered
Bolivia Hy lit Si
Aug 2 1936 Q F
1927
0258 Sept'29
J
92% 93%
Cin Leb & Nor lat eon gu 4s 1942 MN -SiEs
Botiton & Mains let Ss A C_ _1967 M S 977 Sale oii,"
8712 Nov'29
8
-1818 49
81
514 99
9538
- -18
Cotton & N Y Alr Lingle As 1955 F A 80 Sale
7914
17
8014
76
82
Clearfield M Mah 1st gu 58__1943 3 .1
Bruns & West iitgug4&_l936J J 92 4
100 July'28 -- _ _
,
9512 9012 Oct'29
9012 10012 Cleve Cln Ch & St L gen 4a_
Ruff Rock: & Pith e gong 58_ _1937 M S 100 102
.1993 in
Sale 8814
89'
2 11 -Sife 91
100
10131
3
99 101%
20
-year deb 44s
Comm!4311
193. J
101 100
1957 M N 9118 9212 91
10012 10
0231 17
97 10012
85
93%
General 58 series B
Sun C R & Nor let & coll La 1934 A 0 99%
1993 3D 1099871:i
10374 Noo319
10
4
'
iv 24
100 100
100
2
100 4 112
,
9512 102
Ref & Inlet 88 ser C
1941 .1
10314 Sale
1003 105%
4
Ref & Rapt 8s ser 0
Canada Sou cone gu 58 A _ _1982 A 0 10212 103
_
1963 ii 1923 Sale 102% 10314
0 4
15
3 100 106 4
98 103%
,
Cairo DIY let gold 48
Canadian Nat 4Ste_Sept 15 1964 M $ 9414 Sale 10212 103
I939 J J
9412 93 Dec'29 - es%
57
90
90
98 4
05
,
Cin W & M Div let g 48_1991 3 .1 8434 8714 8412 Dec'29
5
-year gold 11348Feb 15 1930 F A 100 Sale 9312
993
35
4 100
80
92
97 4 100
,
St L Div 1st coll tr g g 4.2_1990 MN 85%
30
-year gold 434e
10673
95 Sale 9418
8614 83 Nov'29
9518 52
6612
80
90
96
Gold 4
Sec At Col Div lit g 4a
19683 D 935 Sale 9312
1940 MS 91% 94
92% Mar'29
8
9412 42
9312 92'2
883 9513
4
W W Val Div 1st g 48
Guaranteed gold Is
_6ii 9312 90
1969 J .1 10012 Sale 100
1940 J
2
Oct'28 ____
8
9914 101
Ref & Impt 434e ser E
Canadian North ueb a I 76_1940 J D 1117 Sale 11118 1007 160
.1
1977
97
9612
97
8
112
5
38 108 113
111 10114
CCC&Igenconsgsis
35-years f deb 630
1946 J J 114 11412 114
1934 • 3 1023 104 10253 102 8
2
,
11418
6 100% 1041s
5 112 11812 Cie, Lor & W con
Registered
Ist g 5a
1933 A0 994 10012 10012 Dec'29 _2
112 Apr'29
112 113
97 401%
Cleve & Mahon Val g 58__1938 J J
le-yr gold 448.___Feb 151935 F A 9852 _ - _ 9812
9514 _ _ - 100
Oct'28
2
9853
95
99
CI & Mar let gu g 4}is_ _1935 MN 9514 __-- 90
tkinadian Pao Ry 4% deb etock_ J J 85 Sale
1
90
8512 105
8412
94- 064
8018 86
Cleve & P gen gu 4144 aer IL 1942 * 0 9018
Col tr11348
1946 M S 9712 Sale 9718
-- 10034 Mar'28
9834 44
95
99
Series B 3(44
di equip tr temp ars
AG 8614
1942
1944 J .1 1013 Sale 10114 102
8
97
75
97
983 103
4
BerieeA494e
Carbondale & Shaw let g 42L.1932 M S
1942 J
96%
8518 8838
_
9818 Mar'28
Series C 334s.._19 MN 10863 _ .8. _ 857'2 M y 229 . - . - _-- --_
Caro Cent lat eons g 4a
48
876:8 6
2
1949.1
99518 : 99
NMa vr.:2
73
8512 8518
80 Nov'29 _
70
8O'e
Series D 334e
Caro Clinch&0 let 30-yr:92_1938 J D 10012 75
1950 A
10112 10053 100
op. 8934
34
98 102
Cleve *Thor Line 1st
IJt&congtsserAnee 15 52 J D 10712 Sale 10612 10712 11
:
073 jlc 2
87
ao 9
92
2 108 10912 Cleve Union Term fal 4943.1981 * 0 9718 f‘,5:3.4 19914 Den 712 -_ -_ -_(_-)
993
4
Cafl&Adietgugdp
lit 5388 1972 * 0
1073
4
1981 3 113 85
105 105
8712 Nov'29
80
873
4
Gent Branch 1:7 P let g 42_1948 J 13
Registered
*0
107
Oct'28
81
84
8112 Dec'29
7812 85
lst f 61s ser B
1973 *0 i581.
8
10412 10838 92 100 1663
4
1st a I guar 41-isser C
Central of Gs lit ge_Noy 1945 F A 10312 100 10112 Dec'29
1977 £ 0 96 101
97 Nov'29 --__
957 101
2
101 10314
Congo! gold Ss
1945 M N 10212 Sale 1003
4
4 10212
0252 10194 Coal River Ry ist ICU 4s
Registered
1945 .01) 86
89
87
Oct'29
MN
97 Sept'29
8412 90%
_
97 100
Colo & South ref & ext 4348_1935 MN 97 4 Sale 973
Ref & gen 5)0 series B___1959 A 0
,
4
99% 56
8318 9914
10514
2
904 10614 Col & 11 V ist
10011 _7.-- 10514
Ref & gen 58 series C
ext g 42
1948 * 0 877 91
2
84 Aug'29
1959 A 0 995 sale 99
837 91
8
2
41
100
944 10112 Col & Tol lit ext 40
4
Chatt Div pur money 944_1951 1 D
1905 P A 843 89
2
84% Dec'29
8412 92
_
Oct'29 _ _ _ _
84
8372 87
Conn & Psalurn RI, lit 44..1243 * 0 73
Mac 32 Nor Div 1st g Ss_ 1946 J
88
Apr'29
8497 100 101 June'29 _ _ _ 101 101
88
90
Comm' Hy deb ts
Mk1Ga & Atldiv pur m 581947 J
' 0312
1930
A
9412 June'29
97 100
9413 9412
987 Aug'29
-95
MI
Non-cony 4a
Mobile Div lit g be
1954 3' 6752 -- . 69
73
1948
69 18 20
.1
85
76
-995 101
8
Non-cony deb 4a_ _J&J 1955'.5 69
aint New Eng let gu As__ _1961 1 J 97-- -- 100 Sept'29
6812 Dec'29
70
72
8314 84
117
8314
85
25
76
85%
Non-conv deb 4s__ __A &O 1905 * 0 6712
Contra! Ohio reorg la t 430_ _1930 M S
69
2
69
6814 69
_ 98
98
3
97 100
Non-cony debenture 4s. 1956 3, 6712 -Cent RR & Ilkg of On 00115s 1937 Al N 9870
70 Dec'29
9512 9914 9512
6712 76
-9512
90
1
9914 Cuba Nor Ry let 5943
Central of NJ gen gold 6e
1942 3D 05 Sale 65
1987 J J 108% -73
90
65
10812 10818
531..
2 100 11118 Cuba RR lit 50-year fse g
Registered
_82 8114
1952
1997 Q J 107 107 8 107
4
8212
80
96
107
-72 103% 109,
3
let ref 7344 series A
General 4a
1936
683 991 x 9834
.8
1987 J J
4
98%
98 106
- 90%
90%
1
89
90%
let lien & ref Si sir B _1930 JO 90% Sale 9012
Cent Pac let ref gu g la
1949 P A 913 9214 915
90% 11
9014- -9012 98
4
8
92
29
8712 93
Registered
P A
89 Nov'29
__
8714 89
Day & Mich let cons 410_1931 J J
Through Short L Irt gu es_ 1954 A
99
9912 9918
9918 20
97
-8953 9153 8912
9912
92
28
87
9212 Del & Hudson let & ref 46___1943 MN 9312 Sale 9314
Guaranteed g ba9414 30
1960 P A 10014 Sale 10014
8812 gill
10212 85
99 103
30
-year con, ba
1936 * 0 100 107
0012 10012
4
967 10412
4
15
Oharleston & Savo% 1st 7a._1538 P 3 10814
-year 53-48
1937 MN 10312 Sale 0314
104
50 100 10514
3
108 11318
10-year secured 711
Ches & Ohio letcon g 51____1939 MN 10212 110 4 108 Dec'29
1930
101 Sale 01
1013
2 14 1001s 10314
Sale 10212 10212
7 10114 10412 D RR & Bldg. 1st gu g 4.3
Registered "
1936 P A 91
8614 Aug'28
_
1939 MN
97% Sept'29
971i 9712 Den&500 1st cons g
General gold 430
923 Sale 92
4
94
66
1992 MS 97% 99
1)753 0114
9314
983
4 57
93 10014
Consol gold 434s
1938
Registered
94% 95% 96 Dec'29
MS 96 Sale 96
8812 80
90
15
904 98
Den & It(1 West gen 5e_Aug 1951 MN 92% Sale 9212
30
-year cony 4)48
9314 149
1930 FA 99% Sale 997
82
98
8
100
76
981 10012
.
Ref & impt 51) ser B Apr 1978 MN 88% Sale 87
Ref he !mat 4X'
887
8 83
1993 AO 95
81
933
4
953 9512
4
90
75
801,2 96 4 Dee M & Ft D lst gu 4s
,
Registered
1936 3 3
25
25
TA
23
40
3
90 4 Sept'29
90 4 9212
,
Temporary ctte of deposit.....
Craig Valley let 58_ May 1 '40 .5.5 96
_
25
3712 25
10
„24
25
39
_ 10314 June'29
10314 Des Plaines Val lit gen 4)0_1947 MS oiEs 07
Potts Creek Branch lit 42.19413 .5.5 so
923 92%
8
' 9258 Feb'29
2
8812 Mar'29
8812 8812 Det & Mae let lien g 41
R& A Div let con g .___1989• 3 881 88
7412 60
1995 J D 62
Oct'29
60
7514
___ 87% Nov'29
8112 8812
Gold 45
3dconsolgold de
58
1955 J D 58
73
4
1989 ,1
5912
68
75
88318 93
8312 Dec'29
81
88
Detroit River Tunnel 4 345 1961 MN 9712 Sale 9712
Warm IlDrings V lat g Se1941
8
9712
S 96
03 10C3s
_ _ 99 Dec'29
99 100
Dui Allssabe & Nor gen 56..1941
(..."beesp Corp COOT be May 15 1947 MN 99 Sale 98:2
' 101 8
3
,
0112 Dec'29
100% 10314
9912 137
93 10012 Dui & Iron Range lit be
& Alton RR ref g 3a
1937 AO 10012 101
- 9912 Nov'29
1949 A0 66 Sale 6512
9718 101%
67
6314 70%
21
Registered
Clf Sep stpd Oct 1929 lot
AO
97
Oct'29
97
97
6614 - - - 69 Dec'29
64
70
Du)Sou Shore & AD g 5a___ _1937 33 723 78
Railway first lien 334s.„..1950
73
4
73
3
8112
59 sale 59
70
09
22
587 71
8
East Ity Minn Nor Div let 4s '48 * 0 88
Certificates of deposit
93
87 Aug'29
59
87
34
63
59
59
59
1
71
East T Va & Pa Div g 5a___193(1 3' 9912 102
Chic Butt & Q—Ill Div 3348_1949 .1 .1 8518 Sale 8518
9912
1
9912
90 101
8518
81
1
8012
Cons let gold Se
1956 MN 102% 105 100
Registered
100
3'
9 160
_
84 Apr'29
84
84
Elgin Joliet & East hetg5s..194I M
Illinois Division As
10018 -- 10012 Dec'29
97% We
1949 3, 9018 9312 92
_
933
88ls 94
.a
3
El Paso & S W Lst 58
General 45
1905 AO 9914 Sale 99%
1958 M
2
9212 93
99%
9212
957 100%
s
92%
5
88
9312
Registered
MS
4
913 Sept'28
Erie It consol gold 7e ext 1930 14 $ loll, 1013 10112
lit&rofdld,eerfl
4
1977 TA 9712 99
1 100 104
10112
985
8
983
93 2 9912
4 16
,
let cons g 46 prlor
1996 J 3 857 Sale 85 4
lst & ref 58 series A
8
,
857
1971 TA 10434 105 1043
2 19
8014 88
4 105
6 1011* MI.,
Registered
Chicago & East III lit Si....1934 AO 1013
1996'.5 —
8212
8212
2
77% 0212
8
10112 10112
98 106
1
let consol gen lien g
& F. Ill Ry (sew co) con 53_1951 MN 75 Sale 75
- _1996 J J 8018 Sale 8012
81 12 138
74
623
4
76
105
7218 851s
Registered
1996
C)hie& Erie ist gold fai
81
1982 MN 10312 109 103 Dec'29
1
81
71% 81
99% 106
Penn coil trust gold 4a___ _1951 FA ioi"
Chime° Great West lit 0_1959 MS 65 Sale 65
icH18 101
(1 100% luz
101
60% 200
50-year cony 4sserlea A _ 1953 * 0
5914 69%
Chic Ind & Loulav—Ref 88_1947 3, 1103 Sale
8154 Sale 813
4
84
7814 8612
3
4
1103
110%
4
Berle% B
3 10014 11324
1953 A0 813 Sale 813
Refunding gold 51
4
4
1947 3' 1013 10212 1015 Dec'29
82
4
787 653
2
4
4
8
4)953 los
Gen cony 4s series D
1953 * 0 8318
Refunding es Series C
-- 82 Nov'29
1947 3, 89_
4
793 83
89 Dec'29
8
823 82
Ref & knelt fis
1967 MN 953
let A gen Steer A
4
,
1966 MN 1005 1013 looss
97
382
01
96
8 - -9478 10314
4
Erie& Jersey IetIf6e.Il1I5 3 3 110% Sale 95 4
101 2 10
'
In & gen 68 ger 11_ May 1968 3, 106 10014 10512 100
112 110 4 112
,
15 105 112
2 103 112
(3eneesee River 1s0 if am 1967
Obis Ind & Sou 50
J
4
-year 41
2 105 112
1956 J
90
92
8618 Nov'29
8512 94% Erie & Pitts gag SIde ler 13.1940 3 J 1103 112 11172 112
utile L B 32 East lit )28
8612
857 Nov'29
.
1969• D 93%
85% 8872
9312 Oct'29
911s 94
Series 3WI
1940 3 .1 8612
-- 8572 Oct'29
857 8812
8
Est RR exile f 78
1954 MN 104% Sale 10415 -1044 40 10112 106
liramg
Cit Sou let cons A Ss__ 1943• D
Ill eons es set 13
1943 J
Alb & Snag let guar 31-18
1946 A0
alleg & West let g gu fa__ _1998 AO
Alleg Val gen guar g fa
1042
S
Ann Arbor let g fia____July 1995 Q J
etch Top & S Fe--Gen g As_1995 AO
Registered
AO
Atlfuetment gold de__July 1995 Noy
Stamped
July 1995 MN
Registered
MN
°env gold (ta 01 1909
1955 ID
Cony 4s of 1905
1955 J D
Cony g aa lama of 1910
1980 J D
Cony deb 44a
1948
Rocky Mtn My- lit 413_1965 J
Trans
-Con Short L let 4E1958.5,
Cal-Arn let & ref 434e A_1962 M
Hnoxv & Nor 1st g 5e
1946 J 0
All & Cheri A L 1st 4He A I944'.1
let 30
-year 58 aeries 13
1944• J
Atlantic City lit cons 48_1951 3'
All Coast Line lit coned,July'62 M
Registered
MS
General unified Cie
1984 3D
L & N coil gold As____Oct 1952 MN
All & Day 1st g 4.8
1948 3,
25 do
1948 3,
All & Tad lit guar 421
1949 * 0
amain & NW let gu g 511
1901 J J
101 103 10012 Nov'29
90
9112 9112 Nov'29
,
83 2 85
8312 Dec'29
,
84 4 86
8434
84%
92
93
92
92
77
78
77
7818
94 Sale 93
94
92 Dec'29
8718 Sale 8718
9012
917 Sale 91
8
92
883
4
863
4
88 Sale 88
8814
88 Sale 8718
90
8814 893 833 Dec'29
4
4
128 Sale 128
132
_
9112 92
92
9114
90 Dec'29
97 6g. 97
97
10218 1007 103 Dec'29
8
933 99
4
9253 Nov'29
102
102 Dec'29
84 81
84 July'29
93%
9314 94
94
9014 June'29
9812 Dec'29
9812 100
9112 92
913
4
91
56
62 60
81
53
5312 54
54
8212 8314 8314
84
9812 Nov'29
-ia-
3911
New York Bond Record-Continued-Page 3
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 20.
la
Price
Friday,
Dec. 20.
IVeek's
Range or
Last Sale.
Range
Since
Jan. 1.
2.4
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 20,
I
t
'a
Price
Friday,
Dec. 20.
Wuk's
Range or
Last Sale.
Range
Since
Jan 1
High
High No. bow
Ask Low
Rid
High
High No. Low
Ask Lou)
tad
_
loco 97 Oct'29 ---- 97 98 Loulgville & Nash,(C94cl:0a)- AO 10534 107 10534 106
12 10012 1073
8
07
lit refund 5945 series A_ _2003
1
97
93
991
97
4
1 101 105 8
7
105
2003 AC 10318 10412 105
6
9012
8812 94
let & ref 56 series B
6
9 1
90 -- 7 9012
9118 101
8
977
4
4
AC 973 Sale 973
2003
105
54
50
Ist & ref 434a series C
30
8
525 Sale 5134
1
9912 101
10018
1930 J J 100 10018 10018
2812 15
N 0& M let gold 6e
2511 50
2812 28
28
s
995 1001
8
8
997 1003 1003 Dec'29
s
1930 J
,
21 gold de
4
930 •94
3
93 4 Sept'29 --__
4
911
85
90 Dec'29
2 10312 10714
Paducah & Mem Div 16..1916 P A
8
1047
8
1047 -- 1047
8
6012 6712
_ 65 Nov'29
66
10212
3 100 1037
St Louis Div 241 gold 3e 1980 M
8
Sale 10212
10212
9358 97
MS 9818 _- - 97 Sept'29
9912
20
9512 100
Mob & IVIontg lot g 4 t4e 1946
100
99 100 100
3
4
901
84
9014
9614 100
South by joint Monon 15_1952 J J 9014 -- 9014
8
993 100 100 Dec'29 ____
_ 9112 Dec'29
92
86
92 100
Atl Knox,& Cln Div 4g_ _1955 MN 9112
8
9312 963 100 Dec'29
919
90
9912
- 14 9812 Dec'29
Loulev Cln & Lax Div g 4y4e81 88 N 9818
80
85
86 Nov'29 ---9714 10i,
1934 I J 9912 10012 99 Nov'29
Mahon Coal RR let 541
5
6612 77
75
9418 100
Manila RR (South Linea)46_1935 MN 75 Sale 6612
-- 9812 Oct'29
77
65
8
6512 7815
1959 MN ____ 727 6612 Dec'29
let ext 4e
7212 6512 Dec'29 ____
65
99-97 10012
9912 98 Dec'29
4
983 Feb'24
hianItoba S W Coloniga'n 56 1934 3D 99
-1134 W -58- -- 9412 Nov'29
563;
1
85 6 8612
3
85 8 Sept'29
90
15 10518 113
110
Man 0 H & N W let 3545_ _1941 d .1
10914 10978 109
99 100
99 Nov'29
51 10214 10618 Mich Cent Det & Bay City 66_'81 M 18 9914 100
105
104 Sale 104
98
98
98 Dec'29
QM
Registered
8
925 9712
9712 Oct'29 ---93
92
9312 Dec'29
3 J
1940 .1 j
Mich Mr Line 45
9218 July'28
4
65 1063 11258
III
Registered
4
neat Nor gen 7e series A _1936• J 110 Sale 1093
79 1\lar'26
8
Jack Lens de Sag 3545_1951 M 8 807
J J
10812 Dec'29 ___10712 109
Rang:env,
78 514
_ 78 Nov'29
1952 Pa N 8318
let gold 33.4.
98
95
92
8
let & ref 4145 settee A____1961 3, -941 - - 2 95
; 9611
9014
8714 963
4
9014 ig 9014
8 10412 10914 Mid of N J let ext 5e
10812
General 5% g seem B.._..1962• J 108 Sale 10712
8818 96
98 Dec'29
98
934 AC
Nor latest 4%5(1880)1940 J D 97
10312 37 10018 10512 Mu
4
4
General Si series C
1973• J 1033 Sale 1033
92
a
8 46
977
977
J D 97 Sale 97
• .1 963 967 963
97
Cone ext 414s (1884)_1984
33
9118 9714
4
O4nerea41111 aeries D
8
4
1976
2
89
1
87 4 92
92
4 10
975A Mil Spar & NW Ist gu 45_ _1947 hi S 89 Sale 89
963
4
General 4116 series E
1977 J J 963 Sale 9618
90 Apr'28
Feb 81
Maw 44 State Line 1st 3%8_1911 J J 8312
Oct'28
_ SG
(dress Bay & West deb otfs A___ 1
368 55;
37 8 3830 37 Dec'29
597k hilnu & St Louis let cons 58_1934 M N
0
Feb 25 - - . 24
2712 84
29
25
Debentures ette B
3812 10
3712 5314
37513 397 3812
8
Temp We of deposit_ 1934 M N
4
/
514 5111
4
913 Aug'29 _
4
Glreenbrter by let gu Ile__ _1940 MN 913
4
1218 at
1512
let & refunding gold 4s.1919 M 8 1518 Sale 1512
97 106
-Gulf Mob A Nor lit 510-1950 AO 102 104 10212 Dec'29
6
23
15
15
15
98
Re & ext 50-yr 56 err A 1962 Q F 1312 20
96 100
98
98
let M Si aeries C
1960 AG 97
16
1912
1712 Aug'29
Certificates of deposit
101 105
Gulf & 81 let ref & ter g 63_51962 JJ
_ 10353 Oct'29
17
9112
83
4
883
-88T4 Sale 8814
9130 99
MEItP&SSMoong45intgu'88 .1 -.i
110eiting Val let eons g 4 44..1999
9612 9712
8
8 25
973
105-- - 973
15
99
90
9314
8
9914 927
97
let oona 5e
9338 Dec'29
8
933 9338
1909
Reentered
8
12 9912
90
9812
9814
383 3
let cons 51 gu as to Int _199 88 J 1 9018 93
Ws
92
aouutonlc fly cone,5a
1937 M• N 9718 9812 97 Dec'29 --__
9
995s
9714 101
10
1931 M II 9912 Sale 9912
-year coil trust 6111
99 10214
99 Dec'29 ____
Et & T C 1st g da hat guar_1937 J J 10018 101
1
91 102
9818
4
949 AI ./
lst & ref (la series A
1948J 8 973 9818 9818
Wm.AN W /iv let de _ _ _1930 MN 993 100 10014 Mar'29 -__ 10014 102
8
10
9812
82
81
871 82
81
25
95 100
-year 5%5
97 Dec'29
Bouillon Belt & Term let 541_1937 J J 97 100
9312 9342
- 8312 Jan'29
_ 9914 Dec'29
1st Chicago Term e f 44__ _ 1941 MN 851
9518 992
_
Ronaten E & W Tex late 5e_1933 MN 9812
995s
95
6 96 Nov'29
9
MN 9812 -Central lit 5a..„1949 .1 J 95 4-99
1
9614 1024 MisaiselInd
let guar 5a red
9i 99
1933
12
1311/ 8854
88
8
45
98
87
& Manhat let 51 err A _1957 P A 9612 Sale 9614
9812 Mo Kan & Tex lot gold 4,. _1990 J D 8618 873 8714
9512 10214
10112 16
78
84
7014 8434 Mo-K-T RR pr lien Sneer A1962 J .1 101 102 101
AdjustmentIncome Og Feb 1957 AO 78 Sale 7718
8912 19
7914 8912
1962 J .1 88 Sale 871s
10-year 45 series 5.
31
95
87% 95
941 94
Prior Ilen CO ger D
1978 J 2 94
93
1
9912 9614
93
[Mann Central let gold 63___1981 J 2 9312
49
104
94 10712
.1
Cum adjust 56 ear A _Jan 1967 A 0 104 Sale 103
87
Oct'29 --__
87
87
Reglitered
10118 27
9518 10112
85
79
lot gold 31.1e
1
85
85
1351s Mo Par let & ref fa ear A_ 1965 F A 101 Sale 101
84
4 96
763
70
7712
J
General 41
1975 RI e 75 Sale 75
84 Nov'28
Registered
0812 Sale 9812
9412 10012
4
993 103
AO 83
tittended let troll 3146___1951
let & ref 5s series F
1977 M 8
8818 831
8318 Apr'29 ____
85
.
8
9312 1004
997 145
8
99 Sale 995
lot & ref g Se ger G
let gold as sterling
1951 M
67
7118 741.4
717 7118 June'29
8
10912 644
97 12512
106 Sale 106
Cony gold 534s
'Collateral trust gold 4a
8018 9330
1952 AO 9014 ---- 91 Dec'29 _-__
*
4
891 111,
MN
9214 91 Dec'29
MMNN 89
Oct'28
Mo Sac 3d 7e ext at 4% July 1: N
94 98
99 4 M
81
Registered
_
-Apr'29
99 100
4
12 '86- - 8 Mob & Blr prior lien g M
1941 J .1 98 1003 100
4
It gefunding de
9271955 St N -0034 WI- 903
9114
99 106
J J 82
9712 100 Dec'29
Dec'29
1 3 95
Small
forechand lines 314a
83
85
1952
765s 839
4
ge
85
8612 Dec'29
92
J J
1945 J 1 86
Registered
ist M gold 4e
87 Nov'28
2
99
9712
75
971s Sale 9712
8812
2
34
Small
91
'ollatoral trust gold 4e___1953 MN 8712 Sale 8712
3
92
94
92
MN
815s 9333
8512 Oct'29
4
8312 8512 Mobilo & Ohio gen gold 44_ _19 8 3 S 92
1935 1k1 3
Registered
97 loOle
2 10014 105 4
104
8
1037
1
1955 MN 104
Montgomery Mr let g 56_1947 F A 96 100 100 Nov'29
efuntling 541
8 11
963
9713
90
.1 1085 gale 10812 108%
3
95 4 9612 95 2
,
5
3 104 1113
8
Ref & impt 4%e
-year geourel 6)45 g___ .1036 .1
8
8
821 47
99
65
977 M6
9412 10012 Mob A Mar lit go gold 46_ 1991 5A 8 8512 8812 86 Nov'29
Aug 11986 P A 9814 Sale 98
10-year 14411
1 102 106
8
1033
8
1033
Oct'29
1950 J O
Mont C lit gu 8a
1937 J J 1035
9412 87
90
86
Calm Bridge gold 16
Oct'29
89312 101
9918 103 100
7212
lit guar gold 5a
_ 7412 Oct'29 ---1,1tobfleld Div let gold Sa_1951 J
71114 7514
4
79
79
7112 8012
3
1937
8212 1278 83 Dec'29 --__
77
8
845 Morrie & Essex Ingo 3%/ 2000 3 11 7812 79
Loony Div & Term g 3116 1953 .1
1951 P A 735 7612 733
SO
4
5
8
Omaha DM' let gold 3s
7214 80
3
9112
90
85
7414 767 Nutt Chan A kit L 16 ger A_1978 F A 90 Sale 90
___ 7414 Nov'29
741
tt Louis Dlv & Term g 81_1951 J
8
9812 102
99 Aug'29
F 3
3 A
82 Dec'29
1951 J
8
478
8612 N Fla de 8 1st gu g
823 85
Gold 811s
18 July'28
J
Nat fly of Met or lien 4;0_195877
July'29 --__
76
76
5e19
76
Registered
4
783 July'28
J J
July 1914 coupon on
82 82
gpringfleld DI, Sill 11341- 951 J J 773
-- 72 Sept'29 --__
(
I
4 7 Dec'29
93
1330
7
Assent cash war rct No 4 on.
89 Dec'29
498
Western Lines let g 4a____1961 P A 8812 91
9012
8712 Aug'28
A
P
3
7 4 16
Guar 70
92 Apr'28
-year e f 141
Registered
3
88
838
1553
7l
IP Cent and Chlo St L & NO
Anent matt war rot No 5o7 ll
197n A °
3512 July'27
D 103 Sale 103
10412 35
9912 10514 Nat RR Mex pr Ilan 4%8044'26 i i
Joint let ref fa aeries A.„1963
jig
14 Nov'29
15
9712 20
14
O 9612 Sale 9612
11254 9712
lit & ref 411e series C___ _1963
Assent caah war rot No LOS-- 12
22 Apr'28
0
let conaol 4a
951 A 0
1 . ----51, 612 5 s
55s
1
5 4 11111
3
Anent cash war rot N- lad Bloom & West let ext As 1940 AO 8618 - - 91 Nov'28
o
_ 78 83
-- 76 Sept'29
J 8814 ii 90 Dec'29
Ind Ill & Iowa let g 51
92 4
86 - - -1- Naugatuck RR let g Se. _ _ _1954 iii4
1960
96 Nov'29
99
96
9112 997
1
New England RR Ocne 56...1946 J J 78-J2 87
Dec'29
tad & Louisville lit gu 15
80
8814
1958
8814 87
8
8512
4
96
893
8314 85
90
tad Union Ry gen 51 ear A_..1965 • J 9914 101
Coneol guar 4.5
9612 103
8
985 Dec'29
83 Nov'29
7814 118
NJ June RR guar let(la__ 1986F A
99
Gen & ref 541 eerlea B
2
195
9812 108
99
. 4 3 3
1966 ii 9914 101
8
8
8518 971s
(et & On Nor let 66 ger A
rg 0de N E 1st ref & imp 4%1.1'52 1 J 943 _ _- 925 Nov'29
2
1952
104
99 108
104 Sale 104
8714 Dec'29
8311 91
New Orleans Term let 4e_1953 J J 8712 g9
90
78
Adjustment 66 set A July 1952
96
8814 Sale 88
78
19
97
90 10C
N 0 Texas & Max ii-o Inc 56_1995 a 0 97 Sale 97
Feb'28
clamped
7712
18
97
8
90 10012
93
let 55 anise B
1954 A 0 96 Sale 957
8
let be aeries II
8
9
1956 23 915 Sale 915
8814 97
8
99
9812
9712 104
907 963
4
156
4 10
1 54A A
1956 .1 .1 923 Sale 923
923
4
8
let 56 serlee C
Lltg6ieer5eeC
4
1 : 8 F 0A 99 100
90 Dec'29
7712
7612
8518 9e
9012 92
lal Rye Cent Amer let 51
1972 MN 76
80
Series D
let 411s se
5
82
72
4 29
1023
98 106Is
102 1021_ 102
1941 MN
94
9312
10
84
90
let eolltr 0% noteo
let 531s serten A
96 4
,
10
97
4
953
93
94
N & C 13dge gen guar 448_1945 J J 97 Sale 97
12
1947 P A 6,- Sale 94
1
89
Innen de ref 6 %it
9830
97 Sept'29
12 97
3412 25
93
N Y B & M B let eon g 51)-1935 9 0 96 100
lawa Central let gold 5g
1938• D 33 Sale 33
51
33
17 10014 108 4
106
8
,
3
8 12
335
3312 Sale 3312
33
Certificates of degoalt
6112 N It Cent RR cony deb tie _1932 MN 105 8 1055 10514
Jan'2
106 Br
106
M N
1951 MS
s 9 Dec'29
812 97
Refunding gold Si
812 20
Registered
90- 47
ewe 931s
8914 Sale 8934
8
97 Nov'29
..
Certificates of deposit
-Consol 43 series A
97
s
3 97
Cl
993
94 10312
4
4
1998 A 8
*Mee Frank & Clear tat 41.1959 J 0 8614 -- 869 Oct'29
,
83 4 92
Ref de Impt 14.16 serials A 2013 F 0 993 Sale 9812
53 1014 10713
1938 J
10114 Apr'29
9914 1001,
Kan A & 0 let gu g 5a
9614
Ref & !rapt 55 series C_24)18 A 0 10512 Sale 10412 1051
106 Mar'28
A 0
Cafl&MletgugSs
1990 A (I 7818 ____ 8414 Dec'29
8412
80
Registered
a Cent & Pen let eat 56__1930 J J
1943 J
oonsol gold 56
orlda East Coen let 1541_1959• D
let & ref 55 series A
1974 MS
'Male Johns& Gloy let 414e 1962 MN
ort St U D Co lgt g 4 115_ 1941 32
D
I WA Den C let g 5%e _ _1981
Teem Elk A Mo Val let 61_1933 AO
1931 MN
lia&SAM&Plet5e
2d miens 55 guar
1931 I J
1933 A 0
sly Hong & Bend let 65
e&AlaRyletconi41OctlO4SJ 2
a Care & Nor Ipit gu g 5e1929 J I
Extended at 6% to July 1_1934 J 1
orgia Midland let 3e ____1946 AG
dour & Oewego let Ii
1942 ID
(11' R & I ext let gu g 4116 1941• J
drand Trunk of Can deb 61_1940 AO
15
1930 SI S
-year e I Si
drays Point Term let 55_1917 J
95
ref g 404..19341 AO 9412 Sale 9412
IK Pt 13 & M
7712
76
3
Man City Sou let gold 36...1960 A 0 75 4 77
8
10014
Apr 1960 .1 .1 10014 Sale 993
Ref & ingn 56
8912
89 Sale 8814
Kansas City Term let 40_1960 J
8912
Kentucky Central gold 41.1987 J .11 88 Sale 88
95
85
85
Kentucky & Ind Term 411e_1961 • J _
9014 90 Dec'29
1961 J J 89
@tamped
.• 1 85-- _ 83 8 Nov'29
1061
3
Plain
.• 1 99$8 101
-12 9912 Dec'29
Lake }Erie & Wen let g 5s_ _1937
1941
9418 Dec'29
9918 100
16 gold 5e
3D 797 80% 803 Dec'29
8
8
Lake rib & Mich Bo g 831,1997
1997• D
8
777 Dec'29
Reek/tared
N -6§ig Sale 9834
1931
99
65-year gold Si
MN
4
_ 993 Apr'28
Reglatered
10412
- 12
Lull Val Harbor Term gu 64_1954 P A 104 101 10412
9818
98
9818 100
Leh Val NY let gel g 4%e_ .1944) J
88
Lentil Val(Pa) eons g La.__2l)03 MN 88 Sale 8712
MN
Oct'29
85
lieglatered
2003 MN 97 Sale 97
9712
General eons 194*
MN
99 Nov'28
Registered
Lehi Valley RR gen 56 series 2003 MN
Leh V Term By let gu g 5.5__1941 AO
AO
Reentered
Leb & N Y let guar gold 4e_1945 M S
Lox & Fleet let 50-yr 56 gu_ _1966 AO
Little Miami gen de series A.1062 MN
1936 AO
Long !Nook cotmol g Si
Long loll / 8con gold Si July 1931 Q
let consul gold M__July 1931 Q
1938 3D
Inners! gold As
1992 • D
Gold 46
1949 MS
gold Am
Unified
U
'
1994
Debenture gold Be
1937 MN
30-year p in deb M
1949 M
Guar ref gold Si
Not Sh 11 let eon gu 1144.0et'33 Q
Lou A Jeff Bdge Co gd g 4e- 1946 M
Louleville A Nashville 56..._1937 M '1
1910 J J
Unified gold 16
.1 .1
Registered
Collateral trust gold 56_1991 MN
-year see 75.._May 15 1930 MN
10
11 Due F)1. I.
107
105 107 10618
8
1013
s
1013 Sale 10138
10538 Feb'28
87 Dec'29
8612 90
10212 106 10218 Nov'29
4
873 Dec'29
88
8
1023 167 10118 Dec'29
100
99 Sale 99
- 97 Sept'29
9734
93 -- - 92 Dec'29
9312
-. 9630 Dec'29
8612
85
9012 8612
9638- 0812 9914 99 Dec'29
9712
97 Sale 9612
89
89 Salo 89
9812 Dec'29
9914 100
9014 923 89 Dec'29
4
4
4
8
1003
1007 _- 1003
9534
9514 Sale 95
9314 May'29
_
100
10012
i56
4
4
10114
1003 gale 1003
28
39
21
_
60
1
2
30
21
4
3
__-
__
2
10
30
1
4
12
9
17
89
95
NY Ceut& Bud RI, M 914e 1997 J
1947 J J
70
7712
Registered
.434 MN
9444 10112
Deheoture gold La
MN
84
4012
Registered
2
‘43as 901
1914 • J
30-year debenture 444
85
95
Lake Shore coil gold 3 tee_ nee P .11
F A
A5
90
Registered
3
83 8 95
.
Allah Cent collgold13%n 1910. P A
97 10218
1995 F
Registered
9418 100
N Y Chic & St L let g 4e. 1937 AC
1.937 AC
64
7 1 8112
Registered
7412 7812
25
-year debenture 441......193. MN
9638 9942
1931 MN
2d 6g series A SO.
Refunding 534s 'erica A _ . 1974 A 0
6 -4 Refunding 534s scrim H..1975 J J
1- 5
951, 100
1978 MS
Ref 53.4s series C
N Y Connect lit gu 431. A 1953 P A
90
83
6
823 86
1953 P A
let guar tgi serial B
92 100
N Y A Erie let ext gold M._1947 MN
ad ext gold 4146
1933 M
4th ext gold 56
193(1 AO
.
1007 10714 N Y & Greonw L gu g 5g_ _ _1946 MN
99 10312 N Y A Harlem gold 814s _ _300) MN
MN
Registered
SS
86
N Y Lack & W let de ref gu be '73 MN
N
1973
let & ref gu 4541 con
981s 10874
1930 MS
8412 87 4 NY LEA W let 76 ert
,
11)0 10412 N Y & Jersey 1st 5e
1932 P A
9314 10114 N Y & Long Branch te
1941 M
4
968 100
NYANE Bost Term 45_ _ .11339 A0
1947 MS
9914 94
NYNH& 11 n-c deb 44
965 9653
8
Non-conv debenture 8%5_1917 FA 8
85
90,
Non-cony debenture 3%6_1954 AC
4
95 104.1
Non-conv debenture 41a_.-1956 J J
9212 993
8
Nan-cony debenture 46 .._1956 MN
8414 9214
195ti J J
Cony debenture 854s
1948
95 100
Cony debenture 64
3
'
8412 90
Registered
1940 AC
99% 10314
Collateral trod Si
1967 MN
9112 96 4
Debenture Si
,
9314 9314
let & ref 431e ear 01 1927.1967 J O
9818 l0(134
Harlem R & Pt Chew let 4,195* MN
100 103
8024
9
83
7912
74
5
7712
741s 7812
77'2
8
97
9714 63
9314 977
__
95
94 July'29
94
6
3
95 8
8
967
952
90
8
78
78
804
73
75 Dec'29
735s 76
1
80
80
7354 80
78
75 Sept'29
73
91: 9912
2
4 21
983
9512
9214 Sept'29
9018 9214
4 16
983
j
983 W - 9812
8
8
955 995
10114 42 100 10212
10114 Sale 10118
8 78 bolls 10714
1067
10618 Sale 10618
8 18 101 107
1063
10512 Sale 105
97
91
9618
8 13
965
8
963 07
3
9812
99
9812
9512 9712 97
3
8
100
9012 10:5
100 Sale 9814
Oct'29
98
88
88
8814 90
9812 Mar'28
96 100
_ 99 Aug'29 9912
- .
99 106
91
9314 - 12 95 Dec'29
91
91
1
8518
8518
8518
70
8
803
7514 Oct'29
7514 7014
9718 Oct'29
9718 10118
9618 ____ 983 Nov'29 ____
96 10016
4
51
_ _ 1005
8
1 1005 100
10053
8
1008 10
1005
10018 1001 100
92 1045
6
87 Sept'29
87
87
owl 9512
9512 July'29 - 83 Dec'29 8
843
7112 63
5
80
7814
7814 Sale 7814
78
4
4
6812 763
_- 763 Dec'29
7514
2
3
848
84
8312 -_- - 84
841s
74
10
84
85
81
8412
7412 95
7718 55
77 Sale 77
5854 7618
87 118 13;
130
126 Sale 124
115 129
125 Nov'29
10412 101 g 10414
8 17 102 1039
- 7
4
1045
8
785 Sale 78
20
79
79
70
9214 158
9112 Sale 9118
8414 9312
88 Sale 8614
11
88
5494 8012
8
797 Sale
7712 Sale
97 Sale
_
9518 --78 Sale
77
75
8
4
773 847
76
935 8 9512
3942
BONDS
NIL STOCK EXCHANGE
WeeklEnded Dec. 20.
New York Bond Record-continued -Page 4
H
▪ Y0& W ref let a M_June 1992 M
Reg 55.000 only-June 1992 M
General 4s
19563 D
O Providence & Boston 48 1942 A 0
Reentered
A0
• & Putnam let con gu 48 1933 A 0
W SRN & Weet let ref ae..1937 J J
IS gold 434s
1937 F A
General gold Se
1940 F A
rermlnal let gold Be
1943 M N
N
W-ebee & B let ger I tie '46 .1 .1
Nord Ry ext'l f 634s
1950A 0
Noi7olk South ist & ref A 5,4_1961 F A
°MI& South 1s1 gold 58_1941 M N
101101k & Wont gen gold 68_1931 IN N
ralDrorement & ext Sc.. _1934 F A
New River let gold 68_ _ _1932 A 0
& W By let cons g 43_1996 A 0
Registered
1996 A 0
Girl let lien & gen a 441_1944 J J
10-yr cony Se
1929 M
Pocab C & C joint 4a_ _ _ _1941 J D
gash Cent gen & ref 58 A-1974 M S
Oen & ref 434s ser A stp(1_1975 M El
forth Ololo 1st guar g 118_ _1945 A 0
forth Pacific prior lien As_ _1997 Q 1
Registered
1997 Q
Gen lien ry & Id g ile_Jan 2047 Q F
Reentered
Jan 2047 Cl F
Ref & Impt 434e aeries.4_2047
J
Ref & Inapt Berke B._ _2047
J
Saf&impt5eseniteC.2047J J
&ef&lmpt6seer1eeD2O47J J
cor Pao Term Co 1s8 g Se__l933J 3
4or RY of Calff guar g 54.--1938 A 0
Price
Friday,
Dec. 20,
Weer.
Range or
Last Bale.
Range
Since
Jan. 1,
Ask Low
High No Low
High
5
62
6212 62
52 s 75
1
70 Apr'28
61 "543e 53 Dec'29
Tug
60
8414 ---- 9012 June'29
90 91
____
8934 Jan'28
591k
8514 88 8412 Dec'29
83
83
83
863 83
4
747 8612
s
80 8434 Nov'28
7812 22 697 82
78 Sale 78
e
9314 100 91 Aug'29
91 10118
53
87
8634 Sale 8612
7938 8812
10212 24 100 105
10212 103 102
39
59
56 Sale 56
56
90 4
3
1
9714 102
99
---- 9912 99
Bid
62
10112 10212 10058 10112
10212 Dec'29
10258
102 Nov'29
102
4
923
9178
4
913
86 Sept'29
9238
923 Sale 92
270 Aug'29 _
9214
9214 Sale 9214
10018
90 Nov'29
984
/
1
9834
983
4
93
9234 9412 93
90 4
3
90 Sale 8938
8412
8412
8718
65
6458 Sale 6418
64
_ 64
9712
9618 98 97
11278 Sale 11212 113
104 1047 0312 Dec'29
8
4
104 1043 043
4 1043
4
10738
07 Nov'29
9914 102 00 Aug'29
29
9
31
3
2
1
48
1
54
10
37
71
1
100 10314
10212 105
99 104
/
1
4
88
92 4
3
86
89
12
89
94
13212 270
91 95 8
3
90 107 8
1
95 9 99
7
8812 9614
84
921
/
4
83 4 89
3
601s 6712
613 84
8
8914 987
s
109 11438
10012 106
10012 10514
107 10Pa
99 100
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 20.
"NZ.
Price
Friday,
Dec. 20.
Week's
Range or
Last Bak.
Bid
Ask Low
High No.
Si Louis Sou ls . gu g 4a._ _1931 M S 953
9618 July'29
4
St L El W Ist g 4s bond ctls 1989 MN 86 - -12 86
8712 23
87
2d g 4s Inc bond elf. Nov 1989 J J 7814 7912 78
9
7912
1932 1 D 9712 Sale 9712
Cor3sol gold 4e
983
4 56
let terminal & untlying 68.1952 1 I 9812 Sale 9812
22
99
43
St Paul & K C SD L let 1)46_1911 F A 9412 95 9434
95
St Paul & Duluth let 58.-1931 F A 10014 ---- 10034 Dec'29
111611 1 D 8912 ---- 884 Mar'29
1st consol gold 4s
/
1
St Paul E Gr Trunk let 4146_1947 1
___
_ 9718 Jan'28
9714
o
St Paul Minn & Man eon 4a 1933 3 JJ 96% - _- 9638
9712
let consol g 68
1933 1 1 10112 105 10212 10312 16
_ 19018 Dec'29
Registered
J J
10
Se reduced to gold 4348_ _1933 .1 J -0C14 99
siii 99
J J ____ __ 95 Dec'28
Registered
19373 D 93
Mont ext let gold 4/
/ r _ 9368 Dec'29
1
4
3
Pacific ext guar 48 (sterling)'40 3 3 86
90 88 Dec'29
St Paul lin Dep let & ref 56_1972 .1 J 104 10412 104
104313 117
S A & Ar Pass let gu g 4a
1933 J .1 9114 92 9114
915
, 33
B&W* Fe Pres& Plien let 58_1942 M 5 96 100 100
10018 30
5
Say Fla & West lin g 69-1934 A 0 102
10212
10212
let gold Se
1934 A 0 9813-- -_ 9812 Dec'29
Scioto V & N E let gag 4e
93 90 Oct'29
1989 M N 88
Seaboard Air Line let g 4e-1950 A 0 67% 70 67
87
Gold 48 stamped
73 6612 Dec'29
1950 A 0 67
37
Adjustment 55
1949 F A 61 Sale 58
60
188
Certificates of deposit
52
4814 Sale 4712
12
Refunding 441
1959 A 0 54 Sale 54
57
let & eons fis aeries A75 250
1945 M 5 72 Sale 71
Registered
MS
75 Mar'29
All & Btrrn 30-yr let a 48_411933 M 13 85
86 8412 Dec'29
Seaboard All Fla 1st gu 6e A _1935 F A 64 Sale 61
704 50
/
1
6912
Series B
3
1935 F A 66
6914 68
Seaboard & Roan lat feextd 1931 J .11 __-- 9812 98 Dec'29
S& N Ala cons gu a ba
1938 F A 9912._ _ 9928 Nov'29
Gen cons guar 50-yr ba_ _1963 A 0 10218 10711
0712 Dec'29
Rasa
Mee
Jars. 1.
Low
Hiol
9512 971/3
80 89
18
7084 82
98 983
12
9114 Int
8914 951
95 1111134
8014 8818
92 982
10113 1041
/
4
1001 10312
/
4
95 Wu..
8812 95
86 80 4
3
100 107
867s 92
95 102
103 106
98 10053
87
9612
6254 74
60 7514
12
3558 ft
39
58
61
631
.
6454 Asi
75
75
78
89
5718 81
67 8012
97 9814
99 101.18
102% 107
4
So Pao colt 48(Cent Pac col) 8493 D 8918 90 8912
9112 15
861 077
/
1
4
Registered
J D
88 Dec'29
8514 88
lift 434s(Oregon Lines) A.1977 IN 6 9812 Sale 9812
6
99
9218 9914
20
-year cony ba
5
1934 J D 101 102 101
9714 102
102
-osji - a 9912 Gold 4348
19681W S 953 Sale 9478
9612 76
4
8814 9712
Gold 430._
225
97 100
May 1 1969 M N 9858 Sale 98
99
8934 100
10 85
9218
San Fran Term let 4e___1950 A 0 91
3
92 91
02
867 01
s
1 10014 1063
A0
Registered
a
83 May'29
83 83
10 10018 106 So Pao of Cal let con gug 51.1937 MN
--_-_-_ 10012 Dec'29
9814 It 3
63
8312 91
So Pao Coast ist gin g 4e____1937 J 1 954 100 95 Dec'29
/ 1
/
1
4
951 9512
4
11
60
80 So Pali RR let ref 48
19563 .1 9114 Sale 894
/
1
9212
9114 18 85
8914 9418
Registered
J .1
8612 Aug'29
N12 9034
7
9614 99 Southern By let cone g Se.__ 19943 J 5712 Sale 1071 10712 29 10414 119
/
4
9112 98
Registered
J 1 1071s 1077 10312 July'29
8
10311 106
49 97 103
Devel & gen 4a eerie* A___1956 A 0 8812 Bale 8812
12
88 9114
893 151
4
19 100 8 105
1
Registered
A0
8714 Sept'28
Develop & gen 60
1956 A 0 116- Eli 116
29 1091, 12W117
45
98 98
Develop & gen 614e
1956 A 0 12212 Sale 12134 12212 17 117 12318
1
Mem Div let g be
97 104
19963 J 106 107 106
1 1021
106
210614
St Louis Div let g 48
1951 J 3 8712 Sale 8718
8278 at
8712 10
lenneylvanla RR oona g ile.1943 IN N 9318
93 Dec'29
92
95
East Tenn reorg lien g 58_1938 al 5 100 ____ 9834 July'29
9614 lw
^onsol gold 42
2
.1948 M N 9214 93 9214
9214
8938 94
Mob & Ohlo coil tr de____ leas m s 9012 Sale 9012
21
93
4
851 9312
48 sterl stpd dollar_May 1 1948 IN N 9112 933 9312 Dec'29 ___
4
90 933
4
Registered
9234 Dec'29
8812 923 Spokane Internet Mt e 58- _-1955 33 6212 6612 64
4
6 64
66
8112
ammol eink fund 4 Xs__ 1960 F A 9812 10012 1003
3
4 100 4 23 95 10112 Staten Island By 1st 4)4s___1943 3D
86 Nov'28
9812 61
General 414. series A_ _ _1965 J D 98 Sale 97
9312 10012 Sunbury & LewLston 1st 4s_ _1936 33
95 Apr'28
10614 13 10214 10812 Superior Short Line let 5s_ .41930 M
General Si series B
1968 J D 106 Sale 106
__ 99 Mar'29
'of( 99
10-year secured 7s
7
.1930 A 0 100 8 Sale 10014 100 8 173 10018 10378 Term Assn 01St L let g 430-1939 AO 9838- - 9612
7
5
9634 9778
05 94
9612
15-year secured Cis
1936 F A 109 Sale 10812 10914 110 105 111
1st cons gold be
82 0234
9814 103
/
4
1944 FA 109 18914 011 Dec'29
Registered
F A--------112 Apr'28 --__
Gen refund e f g 4a
3 8012 90
80
1963• J
89
40
-year secured gold 5s._1964 M N 1023 Sale 10212 10312 102 100 10512 Texarkana&FtS ist 534a A 1950 FA 10414 10412 103
4
9814 108
10412 22
Pa Co gu 330 coll tr A reg.. 1937 M II --------84 Aug'29
84 90
Tex & N 0com gold 5e
___ 98 Dec'29
1943 J .1
79 98
Guar 3345 coll trust ear B_194I F A 85
8414 Nov'29
833 8712 Texas & Pac let gold ba
8
7 10112 1093
982000 3D 10618 107 106
107
s
Guar 3146 trust etre 0....._1942 J D 8358 ____ 8358 Sept'29
83 s 89
11
2d in c5s
(Mar'28cp on)Dee 2000 Mar
1_6.64 95 Mar'29
95 95
Guar 3346 trust Mfg D____1944 J D 8212 ____ 8212 Nov'29
8114 85
Gen & ref te seriee B
11
1977 AO 9912
9218 1021,
0018 101
Guar 15 -year gold 14_1931 A () 9878 Sale 9878
9914 53
-25
9812 9914
Gen & ref 5s series0
1979 AO 99 Sale 9934 10012 92
/
1
4
9438 10134
Guar Laser E trust offs-1952 NI 11 88
8812
5
9034 8812
8538 92
LaDIvBLletgle
9
9714 1013
1931 1
100 1007 10018 10014
8
8
Secured gold 614s
9814 110
1963 MN 9818 Sale 98
2 100% 10614
4
104
10414 105 104
941s 093 Tex Pac-Mo Pac Ter 534e-1964 M
Ss Ohio & Det 1st & ref 41343 A'77 A 0 9612 Sale 96
963
8 40 91
9712 Tol & Ohio Cent let gu 58-1935 3, 9914 ___- 994 Dec'29 --9612 10118
/
1
8118 14
Peoria & Eaatern let eons 46_1940 A 0 83 Sale 83
7914 87
Weetern Div let g be
98 103
1935 A0 ---- --__ 98 Dec'29
3514 69
Income 48
April 1990 Apr. 3412 Sale 34
297 43
8
General gold ba
1935 ID 95
9912 97 Dec'29
95 10(.12
10138
1
feorla & Pekin TM let 530-1974 F A 101 10134 10138
9934 103
Toledo Peoria & West let 45_1917 .1
12 Sept'29 -12
19
Pere Marquette let ear A 6s-1956 J J 10314 Sale 103
10338 16 100 104 1 Tol St LA W 50-yr g 49
1950 AO 91
1
91
86
9218
let As series S
4
12
9012
11156 3 3 9012 Sale 90
86
917 Tol W V & 0 eu 414e A__ _1931 3, 9838 2
'9
9112 98 Deo218
/
1
4
92
95 9812
PhDs Balt & Wash 1st g M-1943 MN 9233 ____ 9212 Dec'29
96
let guar 4345 series B_19333, 9738 9814 98 Nov'29
90
9811 98
10334 Dec'29
General 5s cerise B
1974 F A 1051
/
4
10318 108
1st guar is series C
1942 M
___ 02
92
92 9912
1
28
28
27
tbillipPine By 1st 30-yr 8 f 49'37 J J 2714 28
2
89 Toronto Ham & Buff let a 4e 1946 3D 9289
89
95 89
841 943
4
4
Pine Creek registered let 68_1032 J 0 10114 ____ 100 Nov'29
100 103
95 94 Dec'29
Pine & W VA let 434s
19683 D 92
92 96
Ulster & Del 1st cone g 58_ _ _ 1926 J D 83 100 99 Deo'29
/
1
4
50 99
P 0 C & St L au 430 A
4
973 Dec'29
9538 9984
1940 A 0
Stud as to Dec'28 &Juue'29 lot
8534 Sale 82
853
4 12
74
86
9734 Dec'29
Series B 414s guar
95118 10012
1942 A 0 97
1st cony 58 Ws of dep
/ 89 74 Nov'29
1
4
83
55 85
97 Dec'29
/
1
4
Series C 434e guar
1942 M N 963
4
9714 99 4 -let refunding g 44
3
1952 A 0 50
60 5418 Dec'29
33
941 Nov'29
92
1945 MN 94%
Series D 49 guar
9612 Union Pac ist RR & Id gr't 481047 3 J 9314 Sale 931
9f1
/
4
89
9414 54
93 93
Series E 331s guar gold
8
4
1949 F A 9214 973 93 June'29
Registered
J J 9312 Sale 9312
9312
90 9312
Cerise F lle guar gold
943 9614
8
963 May'29
4
19633 0 9418
1st lien & ref 4e
10
June 2008 M
90
80
924
4
9014 913 8918
94 Nov'29
4eriee 0 4e guar_
92% 9612
57
1957 M N 941s
Gold OM
19673 J 9712 Sale 97
98
92
9912
Perim H con guar La
92% 961s
94 Nov'29
4 105 luto.
1960 F A 9418
1st Ilen & ref Be
June 2008 M S 106 108 10614 107
9614 100
9612 Dec'29
Series I cone guar 4341-19433 F A 961
40
-year gold 4e
/
4
1968 J D 8758 Sale 87
884 92
82 4 e91
5
pare 99 4
Sept'29 ____
Miles .1 cone guar 4341
11164 IN N
NJ RR & Canaan 4i., 1944 111
- 98
8
9018 03
94 Sept'29
91
96
4 10212 108% Utah & Nor Ietext4e
lemma! M Is aeries A-1970 J D 10614 109 10614 10614
961819333 J 9434 97
96 Nov'28
102 102
Vandalta cone e 49 merles A__1955 F A
Registered
-- 8714 Oct'29
J D --------102 June'29
144
1
8 13 1021 10812
,
tee Mtge gear be err 13_1975 A 0 10614 108 10614 1063
Cons e f 48 series B
8814-1957 M N 90 93 8212 May'29
92 943
4
11312 Jan'28 -___
-- Vera Crua & P anent 4346_1934
Registered
A0
5
14
9 Dec'29
9
le
Virginia Mid 58 series F
1931 1W El 9012 - - 9812 Nov'29
9718 10(le
100 102
Yalta Mai & Y let gu fle..__1932
General be
J 10034 ____ 100 Nov'29
1
1936 111 N 9914 ioi 101
101
Nu 101
19343 J 10018 ____ l038e July'28
2..1 guar 65
Va & Boutbw'n 1st gu
J J 98 100 98 Dec'29
93 100
10012 10 99 1001,
00
rine BA & L E 1st g 88
1940w 0 100
1st cone 50
4
89 98
1958 A 0 85
08
-year Is
7818 98
Vb./Mien lty 1st Cse series A.1962 IN N 10314 Sale 10314 1051 53
0014 Aug'28
1943 J J 9912
let consol gold Ca
/
4
997 108
s
9918 Sept'28
Wabash RR let gold Se
9
1943 M N
19391W N 102 Bale 10114 102
fins Va & Char lirt is
9918 104
90
PItisY& Ash let de see •-1948 J D 90 __ 90 Dec'29
2d gold Se
9312
1939 F A 10018 10312 10114 10114 15
9518 1C112
: Rei & gen•f 5348 ler A-1975 M B 102 10314 10214 10312 19
1962 F A 1007 -___ 0214 Oct'29
let gen 5a series B
8
10033 1031
9818 10434
Debenture B 6ereglatered.1939
981 May'29
1974 J D 9912 -/
4
let gen be series C
'fa" fill let lien 50-yr it term 48_1954 J -32- 84 80 Dec'28
frovIdence Scour deb 4s_.-- 1957 111 N 7312 ____ 7314 Nov'29
-7618 84
Nov'29 79% 8412
Det & Chic eat lat a 54-1941 3 J 100 10012 98 Nov'29
Providence Term let 4s..._1956 IN
-- 80
98 10112
2 86
93 87 Nov'29
9312
Dea Moines Div let g 41-1939
91
88
9214 91
CI'
Reading Co Jenne Cen coil de '51 A 0 8218-91
87
1941 A 0 8112 Bale 8112
Omaha Div let g 334e
8112
2
9414 July'28
.
8
Registered
A 0 _45
78
853
4
997
k
19
92
19411W S 8814
Tol & Chia Div g 4e
98
_ 86 Nov'29
9718
Oen & ref OM scrim A__ 19973
8112 Vills
1094 Mar'21
/
1
Wabash Ry ref & gen 58 B-1976 A 0 9914 166 100
7
Uenseelaer & Saratoga Ss-.1941 M N
100
931s 10612
A 9012 Sale 9014
7818 May'28
Ref & gen 434e series0 197R
9114 93
Rich & Meek lat a 4s
1948 MN
80
8811 92
04 16i- Warren lat ref eu a 830.-2000 F A 70
75 93 Nov'28
alcbm Term By let go 513-1952 J J 9718 99 100 Dec'29
917. 94 Wash Cent let gold 48
90 8414 Mar'29
1948 Q M 83
8M Grande June Mt gu 56_1939 J D 9414 97 94 Dec'29
"844
11145 F A 8512 Bale 8458
Wash Term let eu 3he
6 May'28
1110 Grande Sou 1st gold 4._1940
8512 23
J
8
82
12 be
1945 F A
_ _ 7712 Oct'29
let 40
-year guar 48
712 Apr'28
Guar de (Jan 1922 coupon)'40 J
7711 9/
/ WMInW&NWlssguSe 1930F A 9914 100 9914
1
4
3114 92
8938- -1E - 9158
9
911 25
/
4
1
Rio Grande Wein let gold 48_1939 J J
9914
07 9914
l9520 80 Sale 80
West Maryland let g 4s
9
83
78
87
8112
58
/
4
1st con & coil trust 48 A 1949 A 0 811 83
81
73 82
let & ref 53412 series A____1977
J 9514 Sale 9514
61
917 96%
96
s
47
IL I Ark as Louie let 4130._1934 IN 3 96 Sale 9512
97
8914 100
19373 .1 10114 102 10112 10112
West N Y & Pa 1st g lia
70
4
75 81
9884 10)12
-Canada let gu g 48-__ _1949 3 J 7312 80 77
3
nut
1943 A 0 8712 8812 87 Dec'29
Gen gold 48
801s 9012
85 Nov'29
1941 3 J 86
Rutland let con a 4348
8414 9114
Western Pao latserA5e.l946M S 971 Sale 9612
/
4
973
4 17 944 100
Registered
3
M
8812
80 e 8812
3
8738
.1 8712
9512 Dec'29
et Joe & Grand Iel let Ile--1947
951s 9512
8812 8618
9412 1047 West /More 1st 48 guar----2361 3 .1 88
9634 Nov'29
8
Lawr & Adir let g 58-1996
25
88
82 .912
Regletered_
100 102
_2361 I J 8118 86 851s Der3'29
102 Aug'29
8397
19911 A 0
20 gold 65
81
883
8
9512 9814 Wheeling & Lake Ern• L & Cairo guar g ge
1931
J 9838 9934 9814 Dec'29
1930 F A 9934 100 9912 Nov'29
Ext'n & impt gold 5s
97 101
10033 40
et L Ir Mt & gen con g be-1931 A 0 100 Sale 100
9912 10012
Refunding 434s seek" A__1968 1411 8 87
_
1931 A 0
Stamped guar be
85
10134 Dec'28
88 Dec'29
92
19011 M 5
Refunding 5e serieeB
88
/ 96
1
4
9912 99 Dec'28
/
1
4
957
s 56
1938 AI N 954 Sale 9558
RIv & 0 Div let g 4a
/
1
997 162
14
194956$ 87
RR let consol 4s
964 100
/
1
83
86 Dec'29
Badge Ter en it be-1930 A 0 993 101 100 Dec'29
LMIi
4
804
19423 D 594 83 8918 Wilk & East ist eu 5e
/ a 64
1
es L-San Fran pr lien 4a A-1950 M 8 875 Sale 8758
88s 167
64
8
577 74
8
1938 1 D 98__ _ 98 Nov'29
8314 9138 WIII art3 F 1st gold 5s
9012 365
197111W 6 9914 Sale 8914
Con M 434s sertee A
98 101 3
8
Winston-Salem S B lit 46_1960 J
97 102
844 9112 82 Nov'29
/ 1
Prior lien 5s series B
1950 3 J 10214 Sale 10114 10214 64
811 88
8
WI. Cent 50-yr let gen 481.-1949 J J 79
8012 79
5
9814 102
elf Louis & Elan Fr RY gen 5e-1931 J J 10014
8
10078 1007
8014 21
7114 8414
Sup & Dui dlv & term let 4s 861W N 8812 89 8912
953 1001
8
,
2
General gold Is
11
_1931 I J 100 Sale 100
100
90
We 9111
104313 1
9818 1031s War & Con But let4 Ms_
714 79
St L Poor N W let gu 6s_ _1948 J
10214
9938 Nov'29
79 Oct'29
1 Due May. e Due June. 8 Due August. yEx-righte.
forth Wisconsin let Se-- __1930J .1
,y9 & LCbamletgugLa._..1948J J
:ibis Connecting By let le_ _1943 M
Ohio River RR let g be_ _ __1936 3 D
General god be
1937 A 0
Oregon RR A Nay con g 0_1946 3 D
Ora Short Line 1st eons a 511_1946 3 J
Guar stpd cons 88
1946
Oregon-Wash let & ref ,4a...1961 3 J
Pacific Cows Co let g bs_ _ _1946 3 D
Foe RR of Mo 1st ext g 48_1938 F A
Id extended gold 58
1938 .1
Paducati & 1112 lets t 4148_1955 J J
Pants-Lyone-Med RR eat!Se 1968 F A
Sinking fund external 78_1958 M
Farb-Orleans RR e f 7s
1954 M
Ext prinking fund 530
1068 IN 13
Pauline 117 let & ref s 76..1942 M 13
9900 Sept'28
77
7512 ii- 77
9528 Nov'28
901/4
983 1-66- 97 Nov'29
4
9734 100 9758 Dec'29
9138
9138 9214 9128
103 10334 10518 10518
104 ---- 105
105
9012
8834 90 89
66
60 Sale 60
913891 Nov'29
9714
9712 Isi- 9714
9458
9418 Nov'29
103
10112 Sale 101
__10412 105 10412 105
/
1
4
-iii. 166_ 103 Jan'28
97
/
1
4
97
98
9712 100 98
3
"iais
83
3943
New York Bond Record-Continued -Page 5
BONDS
N.'Y. STOCK EXCHANGE
Week Ended Dec. 20.
E •
.4,1
4
Price
Friday,
Dec. 20.
Week's
Range or
1,031 Sale.
Ask Low
INDUSTRIALS
Nigh No.
Bid
Abitibi Pow & Pap lit Es_ _1953 J D 8312 Sale 8318
83% 106
Abraham & Straus deb 5141-1943
A 0 983 Sale 9834 10214 188
With warrants_
4
Adriatic Elea Co esti 71---1962 A 0 9612 9814 9612
2
9712
Adams Express coil In 6a_ -1948 M
8414 8612 87 Dec'29
_
Max Rubber lit 13-yr e f 85_1938 J D __62 60
60
8
Alaska Gold M deb (is A_ __ _1925 M S
.
3i4 9
54
1
54
Cony deb fis series B
1926 MI S
_
5 4- - 5 Nov'29
,
Albany Pefor Wrap Pap 61.1948 A 0 90 gale 90
9112
8
Allegheny Corp coil In 5s._ _1944 F A 99 Sale 9912 101
234
Coll di cony Es
1969 3 D 9912 Sale 9812 100% 238
Allis-Chalmers Mfg deb Es-1937 MN 9934 100 9912 100
15
Alpine-Montan Steel lit 7s-1955 P4
9012 9418 9012 Dec'29
Am Agri()Chem 1st ref s 710'41 F A 103 104 103
10334 12
Amer Beet Bug cony deb Ile-1935 F A 75
76
5
794 75
9614
American Chain dabs f bs---1933 A 0 9614 9612 9914
Am Cot Oil debenture 68
1951 N N 9834 100 9834
9814
4
Am Cynamid deb Si
1942•0 9612 Sale 9612
9788 11
Amer Zoe f deb Si
19533 D 8914 90 8914
8914
5
Amer I G Chem cony 5145-1949 MN 102 Sale 102
105
207
Amer Internet Corp cony 5)0'49 J
96 1254
9312 Sale 9212
1939 A 0 1034 ---- 104 Dec'29
Am Mach & Fdy sI Os
Am Nat Gas 6)i (with war).1942 A 0 77 Sale 77
78
37
5 166
100
AmSm&RlelOO-yrSeserA 4 A 0 10012 Sale 100
7
Amer Sugar Ref 16-yr 13.- 1937 J J 103 Sale 103
10414 30
Am Telep & Toles cony As_ _ _1936 F A 974 -- 98
98
9
1933 N b 9812 -year cony MO
991 98 Dec'29
20
1946 3 D 10314 Sale 103
20
-year ooll tras
10312 27
D
3
Registered
_
101 Feb'29
1960 3 J 10312 gale 1034 10414 89
645-yr s dab 5e
1948 MN 107 Sale 10812 10714 171
10
-years f 5341
19393 3 133 Sale 132
Cony deb 430
14114 3784
Am Type Found deb Os
1940 0 10414 Sale 10414
•
10414
4
Ain Wet Wks & El ool tas-1934 A 0 10012 Sale 100
101
47
1975 M N 105 Sale 10412 105
Deb g (le ser A
13
Am Writ Pap lat g 611
19473 J 6912 Sale 6912
71
41
Anglo-Chilean I I deb 71.-1945 l h 83
85 85
87
10
Antilla(Comp Ague)7348
1939 .11
49 Sale 47
50
53
Ark & Mem Bridge & Ter 65_1964 11 B 99
1
987s
98s
Armour & Co lit 4348
193P .1 LI 8914 Sale 89
41
901
Armour & Cool Del 5348-19411 J
8312 Bale 8212
85
28
Associated 0116% gold notes 1996 M
102 10212 102
102
10
Atlanta Gas L lst fie
190 J D 10138
1013* Nov'29
11.114 .1 D
&Wangle Fruit 7s 3118 dep
12% May'2
123*
_
D
Stamped ctfs or deposit_ _ _
12% May'2
MI Gulf& W I lid L col tr 56_1069 J
7382 Sale 7318 74 40
Atlantic Refs deb Si
18373 J 100 100 8 100
1
5
1013
17
Baidw Loco Weeks ist 6e_ _1940 IPS N 10512 10714 10512 Dec'29
Baragua (Comp As) 734s._1937 J J 93 9312 93%
9312 10
Batavian Pete gen deb 430_1942 J
93 Sale 9012
9312 107
Beidang-HemIngway 65
19363
78
75
75
75
7
Bell Telep of Pa 643eries 11_1948 .1 3 104 Sale 104
105
12
1960 A 0 10512 105% 10514 1051
1st 33 ref 5s series 0
25
Berlin City Elea Co deb 63451951 3
8814 Sale 8814
89 8 70
3
Deb sink fund 6341
1959 F A 8812 Sale 88
881
15
Berlin Elm El & Undg 634&1958 A 0 86 Sale 86
87
28
Beth Steel let & ref Si 101Af A '42 10 N 10118 _
7
10112 10118
30-yr p m & Imp I5s_1936 J J 100 10112 100
- 101
61
Cons 30
-year 64 settee A_ _1948 F A 105 Bale 10478 105
113
1953 F A 10512 Sale 10512 105s 102
Cons 30
-year 6Hs ser 13
1960 10
Bing & Bing deb 634.
8812 90 88%
88% 40
Botany Cons Mills634s
1934 A 0 50 Bale 50
5014 42
1934 PA
Bewman-Blit Hotels 75
10112 102 102
102
3
Sway & 7411A, let cons 64-.1943 J D 40 42
3978
461
16
Prooldyn City RR 1st 5e_ _1941 3
8212 - 8134
82
4
B Gyn Edison Inc gen as A _1949 J
103% Sale 10338 104
12
1930 3
General 68 aeries B
100 Sale 9978 100
6
Bklyn-Man Ft T sea Be
1968 3
94% Sale 9412
95% 200
Bklyn Qu Co & Bub con gtd 58'41 M N 69
72% 75
85
36
1941 J
lot 55 stamped
75 Sale 7312 Dec'29
Brooklyn R Tr lit cony g 4s_2002
9212 Jure'29
3-yr 7% secured notes__ __1921
RIF
10614 Nov'28
1950 F • 831 Sale 8234
BklynUnElIetg4-le
4
85
66
1960 F A 8314 85
Stamped guar 4-5e
8312
85
16
Bk/yn Un Gas 1st cons g fie_ _1945 M N 105
10512 10512
1
1st lien & ref fls series A_ -.1947 MN 114 1 - 114
-15
114
1
1938 J
Cony deb 511/
200
255 Oct'29
Buff & Sum Iron 1st s 68_1932 J D 93 96 93 Dec'29
Bush Terminal lit 45
1952 A 0 8912
8712 Nov'29
1955 J
Consol Si
964 97% 9712
974
Bush Term Bldgs 5s gu tax-ex '60 A 0 102 Sale 102
10278 21
By-Prok Coke let 6148 A-1945 M
10212 105 100
10212
8
Cal & E Corp unlf & ref35-1937 MN 10018 -- 10012 10012
1
Oal Petroleum cony deb°f Is 1939 F A 94 - 8 94
947
95
4
1938 M N 98% Sale 98
Cony deb s f 648
9812 46
Camaguey Bug let of g 76_1942 A 0 64 Sale 64
64
1
Canada SS L 1st & gen 611_ _1941 A 0 9512 9612 96 Dec'29
Cent Dist Tel let 30-yr 5s_ 1943 J D 102 Sale 102
102
2
Cent Foundry let if 6s May 1931 V A 8112 97 82 Nov'29
Jan 1957 M
Cent Hud G & E 58
101 10212 101% 102
3
1941 MN 121 12112 12034 120%
°antral Steel let g s!Ss
4
Oertalia-teed Prod ...348 A- _1948 M B 60 Sale 60
64
45
Cespedes Sugar Co 1st s f 7155'39 M
84 84 Nov'29
75
Chic City & Conn Rye65 Jan 1927 A 0 9834 99 83 July'29
Oh L & Coke let gu g 511-1937 3 J 10012 Sale 10012 10012
1
Chicago Rye let 514 stamped
Aug 1 1929 jut 10% paid 1927 F A 76 Sale 73
76
4
1947 J .1 95 Bale 9458
Chile Copper Co deb fis
96
119
1988 A 0 874 89% 89
Oin G & E let M 4/ A
8934 40
Clearfield Bit Coal let 4/... _ _1940 J J 62
77 68 Nov'29
1938 F A 7012 Sale 7014
Colon 011 cony deb els
74
111
1943 3
Colo F & I Co gon f 58
7412 95
71
9512 17
Col Indus 1st & coil 5e gu__ _1934 F A 95
9712 93
934
9
Columbia G & E deb 5s May_1952 MN 100 Sale 9912 1003
8 95
Debenture 6s
Apr 16 1952 A 0 9912 Sale 9912 10014 58
Columbus Gas let gold 65_1932 J J
96 Dec'29
Columbue Ry P & L let 4%a 19673
9312 Sale 9334
933
4 24
Commercial Cable let g 45--2397 Q 3
_ 8712 Feb'29
Commercial Credit if6s_. 1934 MN 9512 - - 9034
967ii
914
7
Col tr f 634% mate
91
9112 8712 Dec'29
1935 3
1949 N B 95 Sale 94
Clemml Invest Tr deb 6s
95
114
1949 F A 83 Sale 83
Cony deb 510
87 352
Computing-Tab-Bee f 85_1941 J J 103 10312 10312 10312
1
Conn Ry L 1st& ref g 4)1s 19513 .1 9358 9914 93 Dec'29
1951 J J 94 10212 93 Dec'29
Stamped guar 4
_1958 J D 7912 Sale 7912
Consol Agrioul Loan 6
82
82
Consolidated Hydro-Eleo Works
of Upper Wuertesaberg 7&1956 J J 89
91
9018 89
7
0oneCalofMdlit&rei6a1960J D 614 Sale 6014
6212 61
Como!Gas(N Y)deb 3145-1943 F A 105% Sale 105
107
102
Coneurners Gas of Chic gu 6.1986 J
99% 100 100 Nov'29
Consumers Power let 64--.1952 M N 10112 10214 10112 102
2
1948 .1 D 92
Container Corp let Be
9212 91
9212 15
16-yr deb Si with warr.__ _1948 J D 80 Sale 77
80
36
9212 20
Copenhagen Teen Si Feb 15 1945 V A 9134 921 91%
Corn Prod Refg let 23-yr f 6s'34 111 N 102 _.__ 102 Dec'29
Crown Cork & Seal e f 65_ _ 1947 J D 9712 Sale 9712
99
21
Crown-Willamette Pap 6l...,.,196l J .1 10114 Sale 10014 102
58
Cuba Cane Sugar eons 71._1980 J .1 38% Sale 3818
39
3
21
Certificates of deposit
3918 Sale 39%
401
45
J 30 Sale 39
Cony debar.,tamped 8%-1930
3918
5
39 Sale 39
Ctrs of Uspoelt
411 112
991
AGO dugar let ooll 88_1931 PA 14 9912 Sale 9938
09046
54
Cuban D.Sn Bug lit 734s-1944 1.154 45 Sale 41
45
2
40 Sale 40
CortV.eates of deposit
43
49
Camb T & T lst & gen as_1937 J J 101 102 10012 1023
24
/ 13vamel Fruit 1st s f 6s A__1940 A 0 10214 Salo 10234 103
1
24
76 Dee'27
Denver COMP Tramw let 5s._1933 A 0
Range
Since
Jan. 1.
BONDS
N. 'V. STOCK EXCHANGE
Week Ended Dec. 20.
t•
zt
Price
Friday,
Dec. 20,
Week's
Range or
Last Sale,
High No.
Ask Low
Bid
High
3
85
DenGae&EL 1st& ref ef658'51 MN 9912 Sale 9912 10012
9912 1003
1931 MN 9812
3
StamPed as to Pa tax
1
61
Den'Corp(D
Oct'29
93 8 129
let if 78_1942 MS
9114 99 4
Second stamped
1
4944 54 Nov'29
18
10218 _ _ _ 1024 103
7614 II/31 Detroit Edison lit coil tr 5s.1933
4
let & ref Salaries A_ July 1940 M
60 10714
10118 103 1024 10338 14
3% 1014
1949 A0 102 Sale 10112 10214 81
Gen & ref 58 series A
3 10
lit & ref 8s series B_July 1940 MS 10714 Sale 107
10712 23
14
80
Gen & ref 65 ser B
981
4
1955 3D 103 Sale 102% 103
1
93 112
103
1982 P A 103 10/14 103
Series 0
5
93 11112 Det United lit cons g 4).0.-1932 J
96
96% 9612 96
65
Dodge Bros deb lie
1940 MN 93 Sale 93
95
9712 101
14
Deld (Jacob)Pack let6s
1942 MN 70 Sale 70
70
86
97
103 10612 Dominion Iron & Steel 68_1939 MS 90 99 90 Dec'29
2
10218 10214
1942 3' 10238
75 90 Donner Steel let ref 78
40
104
934 99 Duke-Price Pow let 68 ger A '86 MN 10312 Sale 103
9912 50
98 9914 Duquesne Light let 434s A..1967 AO 98% Sale 9912
22
68
9314 994 East Cuba Bug 15-yr pIg 730'37 MS 68 Sale 66
' 9458 Sale 94%
3
8638 9212 Ed El Ill Bkn 1st con g 48 -1939
9512 29
Ed Elm DI let cons g 55
95 136
1995 ii 10812 ---- 108 Nov'29
87 12214 Edith Rockefeller McCormick
103/4 105
Trust coil tr 6% notes_ _ _ _1934 33 1004 Sale 1004 100% 15
4
9134
1
6411 96 s Elea Pow Corp(Germany)6341'50 MB 914 92 914
98 102 4 Elk Horn Coal lit & ref610.1931 J O 85
91 80 Dec'29 _
1
Deb 7% notes(with waffle)'31 J o 66
10112 1044
71 Mar'29
75
4
Equit Gas Light let con 6s 1932 MS 99% Sale 99%
9114 98
99%
96 101
9518 19
100 104% Federal Light & Tr lit 01_1942 MS 9412 Sale 9412
let lien i 158 stamped
8
96
1942 M
94 Sale 9412
101 101
1
let lien 613 stamped
102
1942 M
10012 1053
10114 102 102
s
D 93 Sale 93
7
30
-year deb 61 ear B
103 1073
931s
4
1954
2
118 227
Federated Metals if 78
100
7139 3D 100 101 100
3
102 1051s Fiat deb 7s (with warr)
1948 3' 11312 Sale 11312 1131
11
9038
91
Without stock pup% warrants_
96 101
91
90
18
841 84
85
101 1061s Fisk Rubber lit 5185
1941 MS 84
6912 9512 Framerlo Ind & Deb 20-yr 7354'
s 21
10418 Salo 10438 1047
42
2
943
79 100 Francisco Sugar lst f 7345- -1942 MN 94 Sale 94
16
44
TVs French Nat Mall BS Lines 711949 3D 103 1031 10314 1031
8
93 103 Gannett Co deb (is
90
3
12
-1943 P A 89 Sale 89
_
1
8412 92 s Gas& El of Berg Co cons a he 1949 3D 993 ____ 100 July'2
4
7912 9212 Gen Cable lit sf iis A __1947 33 9812 Sale 9812
99% 89
1
91
100 1034 Gen Electric deb g 3hs__ __1942 P A 88
91
94
20
10138 1013 Gen E'en(Germany)71 J•1 15 45 J J 984 Sale 994 101
4
'
SI deb6;15 with Warr_ _ _1940 3D 109 114 110 Dec'29
67
123* 11
Without wareto atUgli'd '40 3D 933 Sale 934
99
4
5
;
20
▪ N 91 Sale 9012
45
-year s f deb fla
92
65 77
87
994 1034 Gen Mot Accept deb 6.-----1937 P A 10114 Sale 10114 102
P A 101 10112 101
8
101%
10412 1074 Gaol Petrol lit if Is_
834 99 Gen'Pub Fiery deb 534e _ _1939 33 92 Bale 92
9514 22
87
102
891p 9415 Goal Steel Can 6i.id w tit war '49
4
1011 Sale 101
17
74 944 Good Hope Steel it I is 4)78_1945 A0 921s Sale 924
93
drich(B Ir) Co 1st 934._l947• J 105 Sale 105
102 10512 Go10512 13
10214 1081 Goodyear Tire & Rub lit 68_1957 MN 9114 Sale 91
92 238
4
9112
3
79
95 Gotham Silk Hader; deb(0.1938 Jo 90 Sale 90
6
80
92 Gould Coupler let 51 88
1940 P A 69
70
6912 69
7314 96 Gt Cons El Power(J ipan)72.1944 P A 9814 Sale 98
12
99
litAgenafO4,
974 104
1950 3' 91
91% 894
9118 19
12
97 102 Gulf States Steel dip 534'.,_1942 3D 9812 99 99
12
99
1024 105 4
1
Hackensack Water let 44_1962 .1
100 4 106
1
85
85
8612 I.00 Barren Mining Co with lick purch
war for corn stock or Am she'49 3.3 8612 88
4978 744
87 Dec'29
9612 1084 Hartford St Ry 1s8 45
964 "ug'29
1930 MS 9612 3
3512 771s Havana Elea oonsol g 5s
84
1952
84- 84
Deb 15365 series of 1928_ 196I M.
80% 9212
8812 29
6534 gide 6512
10012 10512 Hoe(R)& Co Ist 61111 tier A.1934 A0 75
77% 80 Dec'29
Holland-Amer Line MI Wan -1947 MN
9914 103
92 95 Dec'29
88
983 Hudson Coal let ifS.car A.1962 3D 6914 Sale 69
4
70 134
MN
63 85
1014
4
RUdsonCoOailJtgSi
1949 3' 101 10414 101
Humble Oil & Refining 510_1932
684 84
10112 Sale 10114 10134 58
Deb gold Si
934 921
10078 67
1937 A0 1003 Sale 100
8
Illinois Bell Telephone 64_1968 3D 10312 Sale 10314 105
33
79l 921 Illinois Steel deb Mi.
98
5
1940 A0 98 Bale 9778
83
5
80 93 1b3eder Steel Corp mtge (s& _1948 P A 82 83 83
1014 10614 Indiana Limestone lst f 68_1941 MN 75 Bale 74
75
21
tad Nat(3asAOiiSe
112 118
- - 100 Dec'29
1938 MN
Inland Steel 154 450
234 489
92% 119
9118 9212
1978 A0 100- - 92
6
9212 964 Inspiration Con Copper 634,1931 MS 1007 101, 10078 1007
8
8
8
Interboro Metrop 434B
212 1912 1912 May'29
88
86
1956 A0
' 61 Sale 6014
3
63 178
8912 99% toterboro Rap Trio let Se....1961
' 62 Sale_ 6014
3
Stamped
627 281
8
893 104%
s
76 Mar'29
9814 103
Registered
0
10
5214 13
-year Bs
52 5012
1232 - -Eo
10
98 103
-year eon,' 7% notas
4
1932 MS 85% Sale 853
8812 11
Int Agri()Corp let 20-yr 55_ _1932 MN 9312 9712 9312 Dec'29
9111 103
94 10314
Stamped extended to 1942--- - MN 7214 7438 72%
7214 10
57
9612 83
9712 lot Cement cony deb 56.- 1948 MN 93 Sale 93
88 10112 Internat Match deb Si
983 111
4
1947 MN 97% Sale 97
9712
7
10012 10414 Inter Mercan Marine f 6s._1941 A0 97
9712 97
82
9134 Internat Paper Be ear A & B _1947 33 9014 Sale 9012
9114 21
100 10412
Ref s f tis ser A
85
91
1965 MS 89 Sale 89
12034 1244 lot Telep & Teleg deb g 41.54 1952
9414 309
94 Sale 9314
181
60
83
Cony deb Mis
1939
1184 Sale 118% 127
84 100
Kansas City Pow & Lt 64-19 _ MS 103 10312 1023
4 1034 38
52
971
lit gold 410 Berke B
13
86
83
196( ii 9712 99 974
954 103
Kansas Gas & Electric 6s---1952 M
1053
4 16
105 Sale 105
Karstadt (Rudolph) gs
741 103
1943 MN 70 Sale 70
6814 86
Keith (11 F) Corp let Bs____1946 MS 79 Bale 78
19
80
92
4
97
Kendall Co 534m with warr_1948 M
98%
914 Sale 9012
84
9012 Keystone Telep Co let 6s___19333'
81 82 Nov'29
6778 88
Kb Oh County El & P g 68_1937 A0 ioii2 102 10112 102
62 11914
1251
6
Muchme money Be
1997 A0 12518 130 125
7612
761
91
1
9912 Kings County Eley lit g 4s 1949 FA 7612 84
80
1249 P A
75
2
93 s
1
75
Stamped guar 4s
75
96181003* Kings County Lighting Si.--1954I'
1004 Dec'29
9612 100%
First & ref 6 he
1964 ▪ J 1134 fie 112 Dec'29
92
9914 Kinney(GR)& Co 714% notee'36• 1) 100 Sale
3
Kresge Foundli coil tr Bs__ _1936 3D 1021 Sale 10178 1023
9
8811 94
4
874 874 Kreuger & Toll 513 with war_1959 MS 9214 Sale 9214
94 283
90
9912
86
B 10012 Sale 10018 101
16
97
Lackwanna Steel let 158 A 1950
8812 9514 Lard (las of St L ref&ext 68_1934 AG 100 101 1 1003
15
1
4 100
80 11014
Col A ref 534* series C...1953 P A 101 Sale 103
37
104
10312 106
Lautaro Nitrate Co cony 644_1951
3.8 8012 Sale 80
93
99
With warrants
821
70
881s 99
Lehigh C & Na,if 434e A.1954'.9 07
9312 9618 Dec'29
74
20
87
99
3
12 Lehigh Valley Coal Ist g 4s._1933'.3 9912 100
9912
let 40-Yr Mi Int red to 4% _1933 J J
Oct'29
90
89
9714
let&ref of 15e
101 101 Dec'29
1934 FA
6014 734
lat&retstra
8478 75 Oct'29
1944 P A
102 107
letArefefSi
1954 P A 72 93 80 Oct'29
91 1011
1st & ref s f
8
93
76 Oct'29
1984 P A 72
100 104
1st& ref s fie
72 Nov'29
1974 P A 72
78
89 10012 Liggett & Myers T‘baoco 75_1944 A0 118 119 118
11812 14
66 9111
6.
26
1951 FA 100 1014 99
102
89 9412 Looses Inc deb 6e with warr_1941 A0 1024 Sale 102
102% 60
9612 103
Without stock put warrant& A0 9111 Sale 9112
9312 22
95 100
Lombard Elea let 74 with war'52ID 93 Sale 93
9412 16
9812 10314
3D
Without warrants
944 Dec'29
3818 794 Lorillard (P)
(30 75
1944 A0 103" 10534 10512 10512 13
A0
394 68
Registered
10234 Dec'29
39
BO
51
8l1 8114
1951 P A 81
8114
38
5711
Deb flpfs
1937I' 84 Sale 82%
877
8 55
994 103 4 Louisville GU Jc El(By)58_1962 MN 101 Sale 101
1
10212 45
.•1 ---- 887 90 Oct'29
41
971s Louisville RY let 0001 ea,
8
1930
40 70 Lower Atmtrian R.idro ElPow8612 60
98 108
1944 W A 86 Sale
istef 0141
96%
9614
984 103
SoCrory Stores Corp deb 8%s 41 3D 9614 96% 8411
3
,lanati Sugar let if 7if6-19 2 A0 63 Sale 6112
63
8
Low
81
Range
Since
Jan. 1.
pit, 4
Low
981 1011
4
4
96 1013
4
65
73
61
70
97 103
99 1041
4
997 10414
8
10414 1084
190 1045s
100 1054
934 98
8712 1057
8
70
88
90
98
984 10212
10012 10512
9512 100 s
7
60
97
934 97
1054 1101
5
99 10212
8712 96
83 9512
6912 91
95 10018
9178 961
4
90/4 97 4
1
101 104
92 103
98 105
99 171
84 108
8
83 1141
994 10612
94 109
10014 10312
84 93
100 106
947 100
s
91
96
97 8 10414
1
10214 180
9112 99 4
1
8612 944
98 104
984 1024
85 122
Ws 106
90 4 100/s
1
104 10814
85 93
85 100
68
81
9514 100
861 95
4
12
1
94 4 99
8212 87
12
8458 94
964 964
80 87
59 704
80
941s
9434 103%
60
85
99 105
98 10212
97 10112
10114 105
9312 100
77
9214
724 92
97% 102
89 4 93 s
1
1
9912 102
12
1912 1912
54
79
12
56
7912
76
7612
40 86
78
99 i
1
,
901 95
8114
72
88 11812
92 129
90 102
84
984
854 97
8814 9512
1024 224
/
10012 105 4
98 10012
1011 10
8 8
8414 75
744 07
864 983
8
79% 95
9912 10411
12318 130
76 8 85
1
82
75
100 10614
112 11614
100 107
12
99 104
12
8412 10312
96 10212
974 102
991s 10512
80 104
9214 99 4
1
9134 101
96
96
101 101
75
93 4
1
714 93
12
76 88
72
204
1144 12112
98 104
96 12318
88 10012
9(112 102
4
881 971
4
10412 11212
1021 105 5
4
1
8
784 917
79
897
8
99 104
394 95
7618 878
1
92 991
8
60 10012
3944
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 20.
New York Bond Record -Concluded-Page 6
Price
Fridals.
Dec. 20.
Week's
Range or
Lass Sak.
Range
Since
Jan. 1.
N
Price
Friday.
Dec. 20.
BONDS
Y STOCK EXCHANGE
Week Ended Deo. 20.
Ramo4 0r
WDY38
Last Sale.
High No. Low
Bid
Ask Low
High No.
High
Low
5512 38
5414
21
5112 OW
Rhine-Main-Danube?.A __ _1950 M 9 100 10212 10012 102
___ 100
10214 36
/
4
454 80
451 Dec'29
53 Rhine-Weetphalla Else Pow 78'50 MN 101
8658 22
934 10412
9518 Oct'29
Direct mtge Os
1925 M N 8612 Sale 8514
9112 36
81
81 Nov'29
Cons m 6.of'28 with war_1953 V A 90 Sale 90
9913
83
/
1
4
2
80 ___ 8314
Without warrants
5 944 105 Richfield 011 of Calif (Ss_
97
98 Bale 98
984 86
9718 98 97
1944
94
7
89
80
9753 Rims Steel let 17s
8811 883 89
4
1965 F A 90 914 94
0612 Sale 9614
S 107 Bale 107
10718 11
93 1004 Rochester Gas & El 78 set B_1946
97
3 984 103
105
27
10112 102 10113 102
Gen Mac 548 series C..._t948 10 S 104 105 103
95
_ 97 Dec'29
69
8014
73 69 Nov'29
71
Gen mtge 4)46 series D
1977 M
_9:91 90 Nov'29
89
981 Reich & Pitts C & I p in 56_1946 MN
6
89 Dec'29
94
94
2
3 80
94
944 Elt Jos Ry Lt & Pr let 56
81.
1937 M
_ _ 99 Feb'29
100 4 70 96 10012 fit Joseph SUL Pd,let 434e.1930 J J 98
,
100 Sale 100
5
1
62
62
9914
97 995 81L Rock Mt& P destimpd_1955• J 6012 - - 61
1z
8
9914 Sale 9914
J J .
1
_, 057e 05
9713 103 St Paul City Cable eons 56..1937 .1 .1 io5_8 18478 9024 Nov'29
10012 103 10112 1014
/ 145
1
4
9912 Sale 9812 100
10714 20
964 1015 San Antonio Pub /Dry lit 68.1952
8
5
954 38
98 104
8
1015 10218 10112 1015
8
Saxon Pub Wks(Germany)78 4 F A 0414 Sale 9414
'0 MN
47
40
954 101
8514 Sale. 8514
88
9912 Sale 9912 100
Gen ire:guar 46
1951
• 1 .50
60
3
5978 60
Schuleo Co guar 5346
1946
60
4
7 99 127
10118 Sale 10118 102
Guar 6 f 61016eriee B
1946 AO 59 Sale 6878
8
96
2
93 9914 Sharon FROSI HOOD f 548-1948 MN 96
96 96
95 9618 96
96 4
,
91
17
96
9458 53
9911 Shell Plpe Line 1 deb 56_ _1062 M N 9312 Sale 9312
/
4
90 Sale 953
4
N 9513 Sale 95
1
97
75
90
953 Shell Union 011 if deb 58_ _ _1947
4
92 Bale
91
37
9313 9814 Shinyetsu El Pow let 6348_ _1952 J D 91 Sale 9012
934 Bept'29
12
8112 84 81
82
52
92
7513 8811 Shubert Theatre 8s_June 15 1942• D 50 Sale 50
1
7314
10012 Sale 0012 10214
7
7314 814 8101110115 & itslake
7314 90 7314
78
1935 1
951
7
9612
111
947 9713
9612 9812
a
96
F A 195
M S 01
Debsf1348
6
92
2
8912 102
/
1
90 92 904
52
51
783 841e 98 De 218
4 Sale 0134 19:9 9
Werra & San Fran Power 58_1949
1011 Dec'29
/
4
9912 104 Sala& Elea Corp a f6Ds_ _1946 F A
101
_
/
4
94
18
98 98
98 Oct'29
98513 _
Bileslan-Am Sap coil tz 78_ _1941 F A 921 Sale 9214
Simms Petrol6% notes
1929
54
Namm (A I)& Son-See Mire Tr
151F8
0° C) 012 31
°118 1 9
c
Sinclair Cone 01115-year 78_ _1937 111
5012 62
Nassau Elea guar gold 4a
1961 ii 50 Sale 4978
45
/ 64
1
4
100 Sale 994 100
70
1st lien coil& series D
19.30 M
3 101 102
NM Acme late f 66
14
8
1942 3D 1017
D 99$,8 Sale 9958 100
12 53
lit lien 846series0
- 10178 102
1938
97 Bale 9612
9814 272
Nat Dairy Prod deb 5)4s-1948 N A 973 Sale 9712
9218 99
4
9714 112
Strioallr Crude Oil5)4e ser A.1998 J
2212 53
Nat Radiator deb 6)41)
1947 PA 2078 Sale 20
20 8214 Sinclair Pipe Una is I fie
944 26
1942 A 0 9458 Sale 9458
2
993
Nat Starch 20
4
98 993 Skelly Oil deb 6348
- 9912
-year deb 58_ _1930 3, 100
4
9414 47
1939 IN IS 9312 Sale 9312
10112 102 100 Dec'29
10112 Sale 10112 1011
99 1031a Smith (A 0)Corp let @He_ _1933 ti
Newark Consol Gee 0002 58_1948 J
/
4
3
26 10114 107 South Porto Rico Sugar 76_1941 .;
107
New England Tel & Tel Di A 1962 • D 105 Sale 105
105 10512 105 Dec'29
9912 56
1961 MN 9812 Sale 9811
lat g 44881 S/8 D
96 10014 South Ball Tel& Tel ist8 56 1941• • 10134 Sale 10114 1025
8 33
3
23
4
88
New Or! Pub Sere let Si A-1962 AC 86 Bale 843
81
4
1st s f I. temporary
96 4
1
1941• • 10134 Sale 10114 1013 130
11
86
First & ref 56 nerlea B__ _1965 D 83 Sale 83
1024 Sale 10212 10412 20
7912 9612 Southern Colo Power 66 A 1947
942
2
▪ Y Dock 50
81
-year lat g 41_1961 F A 7934 83 81
94
9918 94
9512 10
734 871 Solvay Am Invest 521
4
19
77
74
Berta!5% notes
1938 A 0 7314 74
7358 90 fewest Bell Tel lit & ref 56-1964 F A 10378 Sale 10314 1037
8 48
N Y Edison lat & ref6)46 A_1941 A 0 11234 Bale 11212 11314 43 110 1153 Boring Val Water lit g 58-1943 N 9938 102 98 Sept'29 _ _
4
10312
1itlIen&ret6eeerlB..l944 A 0 10312 1033 03
6 100 106 Standard Milling lit 58
4
101
14
1930 MN 10018 Bale 100
N Y Om El Lt H & Pr g 58_ _1948 J D 105 Sale 05
10512 18 9814 1074
1
lit & ref 5346
1945 M B 10212 Bale 10212 10212
9278 32 90
Purchase money gold 4..194l
A 923 Bale 9234
4
953 Steed 01101 NJ deb 56 Dec 15'46 F A 10234 Sale 10212 1034 158
4
RYLE&WDock&Imp 5a 19413.1 J 921
- -- 9712 sept'29
9712 127
976 9814 Stand Oil of N Y deb 410)._1951 .1 D 9713 Sale 9613
1
N & Q El L & P 1st g 58_ _1930 F A 993 10014 9934 100
3
44
8978 88
89 4
3
8
98 10014 Stevens Hotel let(Wearies A.1945 J J 88
311YRya1stRE& ref 46_1942
40 54 56 Jan'29
50
66
ea
Sugar Eiitates (Oriente) 76-1942 MS 54
D 1034
CertUleates of depoeat
40
- 5614 Mar'29
153
0
4
103
56
3
1
56
58 Swum/Lighting let g EO
1961
90
-year ad) Inc 6e.Jao 1942 A 0
1 Aug'29
1
258
Certificated of deposit
1 July'29
1
3 'Tenn Coal Iron & RR gen 42_1951 1 I 10218 ___ 10218 Dec'29
N
512 Sale
RYS Corp Inc 66_ Jan 1965 Ai______- d
414
6 435
4
244 Tem Cop & Chem deb 68 B _1944 111 S 9712 Sale 974
9912 10
1964 1 .1 66
Prior lien (te series A
68
/
4
3 63
6
66
24
87 Temeasee Eleo Pow lit 68_1947 I D 1051 Sale 10518 107
NT&Rlchm0ailet6iA.l95l MN 10178 Sale 014 10412
3 10114 106
Texas Corp cony deb 56-1944 A 0 10113 Sale 10114 102 1184
N Y State Rye 1st eons 4411_1962 MN 24 Sale 2312
293
4 65
1014 64 Third Ave let ref 4e
515
8 58
1960 1 I 49 Bale 4712
let cone (3348 settee B
1962 MN 2312 Sale 2338
25
191
1014 70
28
37
Adj
Si tax-ex N Jan 1960 A 0 2612 Sale 2534
Y Steam let 25-yr de ear A 1947 M N 105 Sale 105
106
7 10278 108
9214 _ _ _2_
1937 J J 9214 9412 9214
Third Ave RY
58
NY Telco 1st & genii>46_1939 M
9912 65
99 Sale 9858
8
93 101
33
1955 101 8 995 Sale 9858 100
Tobo Elea Pow 1st 76
.1 .1
50
-year deben e f 68 Feb 1949 F A 11012 1103 11112 112
17 10911 112
4
9638 July'29
6% gold notte...-July 15 1929
20
-year refunding gold 60.1941 A 0 10612 Sale 10638 107
33 10918 10811
9714 127
6% gold noted
1932 J I -6Fris gilia- 9634
N Y Trap Rock lit 6e
1946J I) 963 Sale 9634
1
4
9654
11212 101
Tokyo Elm Light Co. Ltd
Niagara Palle Power lit 56 1932 1 .1 1005 - 10048 1003
4
3
8811 177
8
9912 103
1953 I D 8712 Sale 8712
let Si dollar serial
J 1 10018 Sa__Ie. 100
Ref & gen eis
Jan 1932 A 0 10153 1018 10112 Dec'29
01 2 .
- 7100 10318 Toledo Tr L & P 534% notes 1930
10014 29
Niag Lock &0 Pr he
A1956 A 0 10112 Sale 10112 102
28
9914 24
99 10414 'Transcont 011634. with war 1938 1 1 9814 Sale 9814
Norddeutsche Lloyd (Bremen)
89
95 89 Dec'29
Without warrants
20
-year.f 68_
8978 34
1947 MN 89 Sale 8812
10112 Dec'29 8412 94 Trenton G & El list g 68___ _1949 M -6
-Nor Amer Cem deb a Sis A- _1940 M
5514 24
53 Sale 53
4178 80 Truax-Traer Coal cony 634..1943 MN 70 78 76
76
30
No Am Edleon deb re set A __1967 M
67
9913 Sale 9911 100
44
97 103 Trumbull Steel let if ft---1940 M N 10258 Sale 10212 103
Deb 548set B_ ._Aug 15 1903 F A 10112 Salo 9958 102
71
39
99 1037 Twenty-third Bt Ry ref 56.-1962 1 J 39 Bale 39
2
8
11
Nor Oblo Traa &I..gbt 66_ _1947 8
9853 Sale 974
985
8 12
94 103 Tyrol Hydro-Eleo Pow 7348-1955 MN 8818 94 91
92
7
14
F A 86
Pow 25-yr 58 A _ _ 1941 A 0 102 Sale 102
Nor State@
1021 116
/
4
8614 86
8614
6
974 103
Guar sac f 7s
1952
let & ref 5-yr Os series B__ 1941 A 0 105 Sale 105
10512 31 100 10612 Uj awa El Pow f 70
9712
973
4 10
/
1
4
1946 M 8 98 99
afore W T let Ide 4348414_1932 J
98 95 Oct'29
95
/
4
9158 1063 Union Elee Lt & Pr(Mo)61-1932 M 5 1001 10013 10014 10014
1
4
Norms Hydra-El Nit 648-1957 MN 893 Sale 8918
90
4
4
3
28
1933 MN 993 100 4 9912 10014 11
Ref& sit5s
8511 924
20
UnEL&P(U1)Iseg54488erA-'64 1 1 10212 103 10213 103
A 0
Obio Public(Service 7)46 A-1946 A 0 110 11012 11012 11012
2 1091a 11311 Union EDT By (Chic)66
7738 76 Dec'29
1945
let & ref 78 series B
111
1947 F A 110 11014 110
8 109 11511 Union 011 let lien 6 f 56
98 Dec' 34 .. .,
2
9
1931
F 1 9
Ohio River Edison lit 5s
1948 J J 105 1073 105
4
10518 22 102 1074
6
8
2
30-yr 62 Berke A _ --MaY 1942 8 A 10 12 10698344 06
Old Ben Coal let 68
1949 F A 72 Sale 72
7212 11
2
9878
4
72 91
1st lien I f Si settee C_Feb 1936 A 0 9812 987 9872
Ontario Power N F lit 58_1943 F A 10, 10_078_ 10054 0 0
6
0018 10
04
00
::
0 14
5
M
5
19
0
, 56
0
9
98 102 8 United Ili/cult of Am deb 60_1992 MNm 8 190 Sale 9
7
Ontario Tranamiesion let 56_1946 MN
2 97 103
Sal.
1963
United Drug 25-Yr 54
S'al- 93
Oriental Devel guar tis
1953 M S 9358 e
95
69
977 United Rye St L let g 46_ _ _1934
a
i
974 9112 9844
7
Hill deb 641 lot etD
8 79 6814
1953 MN 8634 Sale 8613
71
83
98 8 66
713
25
90
88
1937 111
United 88 Co 15-yr tis
OiloGas&El Wks mil 581963 M 8 90
95 91
94
6
86 94
87
27
Un Steel Works Corp 5148 A 1961 ID 86 Bale 86
101
Otis Steel let 1.4 60 ser A__ -.1941 M
100 Bale 100
30 9918 10313
87
19
Berke C
1951 • D 84 Sale 83
Pacific ()as .1 El eon & ref Sc 1942 1 J 1013 Sale 1014 10314 44
4
99 10314 United Steel Wks of Burbach
Pim Pow & 1,lert & ref 20-yr 56'30 F A 10012 Sale 100
10012
97 1004
14
1
Each-Dudelange a 7s_ _ _1941 A 0 10313 Sale 034 1031z
1937 1
Pacific Tel 52 Tel let Sc
102 Sale 10112 103
994 10314 U Rubber 1 at & ref 5s,sr A 1947 J 1 10081.8 Sale 00
Salesal
81,8
8412 114
1962 MN 103 105 10214 104
18 1007 105 8
/
1
4
Ref mtge 5a aeries A
3
1
1002 30
10-yr 714% secured notes. 1930 F
D 60 Sale 60
Pan-Amer P 44 T cony of 68_1934 MN 104 Sale 10318 10453 31 101 11014 Universal Pipe & Rad deb (le 1930
62
16
1930 F A 10112 105 10411 10413
lit lien CODS 10 72
-YT
1 1025 10514 Untereibe Pr & Lt de
2
824 13
8112
1963 1. 0 8212 83
97
96 95
Pan-Am Pet Co(of Galloon,6640 J D
8 92 984 Utah Lt 4c Tree let & ref
18
94
_1(244 A 0 9312 Sale 9314
Paramount
-13'm, 1st 5143-1951
9978 Sale 9978 1003
3 22 97 103 Utah Power & Lt let&
1944 F A 9853 Sale 9858 10012 38
99
47
Paramount-Fern's-Lasky 613_1947 I 0 9418 Sale 9418
9113 1003 Utica Elea L & P let 8 f g 58.1950
J 1023 ____ 03 Dec'29
4
4
7 74
77 77
77
Park-Leg let leasehold 6348_1953 J
72
9518 Utica Gas& Else ref & est 651967
10214 10432 10314 1033
8 12
1944 A 0 80 Sale 80
80
Parmelee Trans deb 65
80 85 Utilities Power& Light5346-1947 D 88 Sale 88
8914 17
1
10034 101 100 4 100 4
Pat & Pasuala0& El cons fis 19491W
1
3
9913 um
43
35
04
22
Pattie Each deb 76 with warr 19311W N 35 Bale 35
65
9
70 64
Vertlentes Sugar let ret 70 1942 JO 64
75
22 00
75 72
Penn-13121a Cement 68 A__ _ _1941 M I 73
9714 Victor Fuel lets I 58
45 30 Dec'29
1963 11 27
110 113 Vi Iron Coal & Coke Dig 5e 1949 MS 6914 Sale 8914
Peop GM* C lat cone g 68.._1943 A 0 11112 113 113 Nov'29
69'2 13
1941 M
4 10014 105
10258 Sale 10218 1023
Refunding gold Sc
/ Va ay & Pow let & ref 58 _1934 ii 10018 Sale 100
1
4
8
10012 37
M S
99 100
Registered.
00 Dec'29
/
4
9211 23
Walworth deb 634'(with war)'30 AO 92 Sale 921
Philadelphia Co sea baser A_ 1967 J D "oi" Bale 9714
2
86
9834 152 954 100
86 Sale 86
Without warrants
/:47 8514 Bale 8514
N 98 Sale 98
1967 M
9838 41
90 1004
87
8
PhIla Elea Co lst 44e
let sink fund 68 eerier A._ _1946
13 81
8214
83
94
8214 84
Phila & Reading C& I ref 56_1973 J
3
Warner Sugar Rath) 1st 78_1941 JO 10212 Bale lO2I2 10211
19491W 13 93 Sale 9214
85 11814 Warner Sugar Corp 1s1 7s___1939 ▪ .1 50 59
963 184
4
Cony deb O.
5812 Dec'29
1939 3 D 913 Sale 9134
/
4e
4
50
36
9212 67 80 94
Pi:ince Petrol deb 51
50
56 50
Stamped
Platte-Arrow Mot Car deb 861943 M 8
1054 1093 Warner-Quinlan deb de
4
88
0512 Sept'29
27
1939 MB 87 Sale 87
2 103 107
103
03
Pierce 011 deb f 86._Dec 15 1931 J 0 103
Wash Water Power f 56_ _ _1939 Ii 10178 ___ 100 Dec'29
_
9 101 106
Pillsbury Fl mum 20-yr 6i..1943 A 0 10514 Sale 103
10514
Wenches Ltg dr stmpd gtd 1960 J O 10114 103 10058 Nov'29
5 10714 15411 Writ Penn Power ser A 5e.19 MS 10112 1024 102
10212
7
Pirel/iCo(Italy)cony 78._ _1952 MN 10712 l09 1081z 10812
-I8
9412 96
2
9412
Pecan Con Collieries ist 61581957 J J 9412 9412 9412
Dt series E
1963 MS 10234 Sale 10234 103 1
,
9
100 1064
2
let 634.series r
103
Port Arthur Can & Dk es A.1953 F A 10214 104 104 Dec'29
1963 AO 103 Bale 103
1953 F A 10214
litM6.eerleaI3
WI% 10518
let see 54 series0
4
- 10114 Nov'29
1956 3D 1024 10314 1024 1021z
' 10
3
9313 10314 West Va C &C lat 6s
9814 12
Portend Elea Pow let 66 B 1947 MN 9814 Bale 9714
14
14 Dec'29 -1950
Portland Gen Elee let
921a 102
1
10018 Bale 10018 10018
1932 J
Western Electric deb 51..._1944 *0 105 Sale 103
105
51
.▪ 1 102 10234 102 Dec'29
9558 99
7
97
Portland RY In et ref 58- -- -19SO M N 97 Bale 9634
Western Uolou cell scour 58.1938
Portland By L& P 1st ref 56_1942 F A 9413 9713 9534
I
5und & real eet g 48-.1950 N 9714 Sale 9714
98
19
9514 13 95 100
N A 110 Bale 10834 110
MN 97 101
92 1021s
97
let lion & ref 66 series B__ _1947
16-year 6 De
26
9712 19
1935
102 10712
lit lien & ref 7348 settee A_1948 111 N 10438 105 1043 Dec'29
26
3
-year gold 5s
1951 ID 102 Sale 10134 loglz 43
Porto Rican Ain Tob cony Os 1942 J J 9214 9312 9212
41
Westphalia Un El Pow 66_1953 J
80
9314 52 89 107
030 Bale 79
89
Foetal Teleg & Cable °oil 66_1963 J J 9414 Sale 9313
95
153
95
Wheeling Steel Corp lot 6481448 31 102 Sale 10114 102
17
AO 8612 873 8714
99
J 79 Sale 77
lat & rel 434s eerie. B
75
Pressed Steel Car cony g 5a 1933
88
38
21
80
4
135 300
Pub Bert Corp N J deb 446_1948 F A 175 185 180 Dec'29
White Eagle OH& Ref deb sten
MB 10012 Sale 100
With stock porch warrants_
101
29
Tub Sery El & Gas lat & ref 08115 J D 10238 10312 102
/ 103
1
4
15 10014 10512
19671 D
White Sew Mach 68(with warT3/3 1
951 100
4
_
/
1
4
lat & ref 4. 3
81
99 99 Oct'29
32
4
56
88
75
Without warrants
Punta Alegre Sugar deb 78_1937 1 J 6
75
80 7412
90 Sarel1 97 2 191:4 48
6
9
561'2
6
0
8
04
24
1937 F A 100 Sale 993
Part& s deb 68
964 10014
81
Pure 01161534% notes
76
1940 ifn 78 Sale 74
4
11
89
/ 90/4 WickwIre Span EDI let 7s
1
4
29
Purity Bakeriee f deb 58_ _ _1948 J
9612 Sale 96
1935 II 28 Sale 28
9612 27
Ott dep Chaim Nat Bank
7
1937 IN N 95 Sale 95
2518
Remington Arms 66
9213 101
28 Sale 254
20
96
2912 28
Wickwire BD Stl Co 78_Jan 1935 MN 2712 30 254
88
99
6548 with war '47 MN 9314 Sale 9213
Rem Rand deb
/
1
84
94
4
Ctt dep Chase Nat Bank
2814
Republic Brass Sc
997 10318
8
28 274
10111 Sale 101
20
13
102
July 1948 M
18
100
Repub I & 10-30-yr as
_ 1940 A 0 10114 ____ 102
1 loo 10314 Willys-Oyeriand f 641_,,_l933 MS 99 Bale 99
102
Ref ran 546 series A _ _ 1953 1
Walton & Co let 25-yr 6162_1941 *0 101 Sale 993
68
1204 104
8 101
100 Sale 100
10212 43
ale 994 10212 28
Relnelbe Union le with war 1946 3 J 9814 Sale 984
89 10674 WIneheater Repeat Arms 734.'41 *0 100 s
9912 23
9514 12
MU:rout elk plush war ___1946 I J 94
Youngstown Sheet & TubsIi 1978 .5 1 10012 Bale 1004 102 222
8
747 98
9514 993
4
Manila By(NY)cons g 48_1990 A0
2d 4e
2013• D
S
Manila Face By & Lt ii fe _ _1953
Marion Steam Shove e Se...1947 * 0
Mfrs Tr Co etre of partly In
A I Namm & Bon lit 613_ _1943 ID
Market St Ry icier A April 1940 Q J
Merldlonal El let 7ti
1957 AO
Matt Et1 let & ref 55 set C _ _ _1953 J 1
Mott West 8Ide El(Chic)46_1938 N A
%Dag MIII Mach 78 with war_1956 ID
ID
Without warranta
teMvale Steel &0cony 6158_1936 MB
Ogilw El By & Lt ref & ext 44531
Omen'& ref esi merles A __ 1951 J
lat & ref & settee 13
1961 ii)
Montana Power lit Si A
1943II
Dab S.series A
1962• D
Llontecatint Mha & AridaDeb 7s wltb warrants___ _1937 J
• J
Without warraate
Montreal Tram let & ref de__1941 II
Gen & refit Sc eertee A1955*0
Series B
1955 AO
Morrie & Co let s f 4348_1939 Ii
Mortgage-Bond Co 4e ear 2_ _1906 * 0
'
I
10
-25-year 51 aerie!3
1932
Murray Body 1st 634a
_ _ 1934• D
Mutual Fuel Otte lot du g 5e. 1947 MN
Mut Un Tel gtd 66 ext at 5% 1941 MN
Bid
5414
9712
90
76
Ask
Sale
50
95
89
4
Sale
Ra
llface
".
Jan, 1
Lots
Mob
91311 109
994 H214
71
MN
8313 Ws
8814 89
14
9612 1024
89
ge
104 119
/
1
4
103 107
9514 1001s
90 9412
9312 984
99 99
60
77
897 96
8
9978 10713
90 10018
7912 904
60 191
587 101
8
94 10014
91
97
9112 984
834 441
9112
50
98 108
100 108
94 101
77 89
8912 99
99 100
964 10812
98 100
4
96 1013
9134
91
8913 95
847 964
3
99 109
/
1
4
1.0012 107
9974 1044
100 102
/
1
4
100 10412
91
9512
101 10514
964 10112
9744 102
/
1
4
964 105
/
1
100 10312
9213 98
8676 100
54
96
103 107
10018 1064
88 110
102 107
98 103
47
66
22 6414
90 9714
964 100
96 1001s
/
1
4
95 4 9714
1
85 9113
9514 10013
94 1043
4
87
934
95 10112
76 10812
Info, 1024
/
1
39 62
88 9913
85 924
95 100
97 101
967 10161
3
100 104
76 871
s
0a18 1014
104 1094
94 1014
944 100 4
1
87 971
/
4
69 844
90 100
794 904
80 904
1
1001$ 108
504 92 4
2
4
98 10228
60 90
77 91
89 9812
90 10213
96 1013
4
100 107
864 98
50
9738
2013 40
587 82
a
9713 101
851s 1003
844 92
8312 95
9578 10712
60
8534
50
55
83 9914
98 10258
10018 1053
8
994 104
100 100
101 107
100 105
110. 3314
100 105
100 1043,
96 9914
10618 111
99 4 10312
3
7112 90
98 102
844 5918
05 105
/
1
4
98 130
7412 (7911
74 10013
28
61
2518 47
2514 804
3
48
26
98 10254
9612 tart
9912 108
99 102
3945
FINANCIAL CHRONICLE
DEC. 21 19291
Outside Stock Exchanges
-Record of transactions at
Boston Stock Exchange.
the Boston Stock Exchange, Dec. 14 to Dee. 20, both inclusive, compiled from official sales lists:
Saks
Friday
Last Week's Range for
Week.
of Prices.
Sale
-Par.Price, Low. High. Shares.
Stocks
Railroad
100
Boston & Albany
10(1
Boston Elevated
100
Preferred
1011
lot preferred
100
36 preferred
Boston St MainePrior preferred tpd_ _100
Ser A let pfd stpd_ _100
Per 13 1st pref stpd _100
Ser C 1st pref stpd_._100
Boston & Providence 100
Chic Jet Ry &U 8Y pf 100
East Mass St Ry com _ _100
East Mass St Ity adlus.100
100
First preferred
100
Maine Central
100
NY NH& Hartford
Norw & Worcester pref.100
100
Old Colony
50
Pennsylvania RR
100
Prov & Worcester
175
68
83
10334 103
90
90
68
176
69
85
104
90
110 111
80
80
131 311
114
114
170 176
102 102
102
10
(1
9
2634 2834
27
50
49
86
844 84
1084 1084 11731
130 130
129 131
129
7534 754 8234
17434 177
110
Range Since Jan. 1.
Low.
266 16834 Oct
Nov
305 E5
Oct
22 80
Sept
124 100
95 8554 Oct
141
200
93
20
76
9
325
1,345
50
340
380
16
226
1,535
37
104 34 May
Apr
71
Nov
108
Apr
100
168 June
June
99
Dee
6
263-4 Nov
Dee
sit
Jan
62
8254 Mar
115
Oct
Apr
120
7234 Mar
July
171
High.
Jan
182
88% Jan
Jan
101
May
116
Jan
108
1204
904
141
124
1119
10734
27
564
70
8614
132
134
13934
110
185
July
Sent
Sept
Aug
Jan
Feb
Feb
Jan
Jan
Oct
Oct
Feb
Feb
Aug
Feb
Sales
Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low., High. Shares.
Friday
Last
100
New River pre(
5
Nlpissing Alines
15
Nerth Butte
25
Old Dominion Co
•
P C Pocahontas Co
25
Quincy
Mary's Mineral Land_25
10
Shannon
5
Utah Apex AlinIng
Utah Metal & Tunnel.._.1
234
634
10
2531
20c
3
62c
Bonds
Amer Mach & Fdy 65_1939
Amer Tel & Tel 4 As_ _1939
Amoskeag Mfg Os_ _1048
13elding HemmIngway 6536
Breda Co (Ernesto) 751954
Can lot Paper 1st m 6s1949
Chic Jet Ry U S Y 4E1.1940
1940
5s
1950
Consul Coal .56
E Mass St RR 434n A.1948 52
1948
Is series It
Elk Horn Coal 648- 1931
Mass Gas Co 4 3.4s_ _ _ _1931
1946
53-4s
Miss River Pow Co 53 1951
New Engl Tel & Tel 5s 1932 100
1961
434s
P C Pocahontas 7s deb '35 103
1946
Schulco 634s
1944
Swift & Co 55
Western Tel & Tel 5s_ _1932 100
58
1>4
234
634
9
19
244
20c
24
60c
50
70
5,096
660
1,319
1,223
668
300
1,925
870
58
131
3
734
1034
19%
26
20c
3
70c
104 104
136 136
80
80
75
75
694
67
934 95
86
86
1004 10034
60
60
52
45
50
50
85
85
99
99
104 10414
99 34
98
100 100
973-4 97 34
100 103
60
60
10034 1004
100 10031
35,00(
5,000
4,000
5,000
5,000
6,000
1.000
4,000
10,000
19,000
4.000
5,000
4,000
9.000
2.000
11,000
2.000
10,000
5,000
2,000
4,000
Range Since Jan. I
Low.
55
131
234
534
834
17
22
15c
234
50c
Dec
Nov
Dec
Nov
Nov
Nov
Nov
Sept
Oct
Oct
Dec
104
Dec
136
Nov
75
Dec
75
6434 Nov
Nov
92
83 June
04
June
Dec
60
Dec
43
Oct
50
Dec
8.5
9,531 Aug
10334 Apr
9731 Apr
96411 Oct
974 Dec
Oct
100
Dec
GO
9954 Oct
June
98
High
67
334
834
194
22
50
46
55e
63.4
24
Apr
Jan
Mar
Mar
Mar
Feb
Mar
Mar
Mar
Mar
101
140
90
75
9634
95
89
100%
60
64
6.0
85
9934
104 34
102
1003.4
073-4
125
60
102
100%
Dec
Nov
Jae
Dec
Feb
July
Jan
Jan
Dec
Jan
Feb
Dec
Jan
Dec
Jan
Jan
Dec
hist
Dec
Jan
Feb
Miscellaneous
Dec 234 May
4
185
44
4
4
Air Investors Inc
1631 Dec 3331 Aug
1751 1734
Amer Equities Co
2834 Dec 12234 Sept
27,65
28% 32
29
Am Founders Corp corn sty
24 Jan
1534 July
550
54
5
5
Amer Pneumatic Sem._ _25
July 2934 July
320 15
• No per value. z Ex-dividend.
25 x204 z2034 214
Preferred
Mar 5034 July
46
.5 45
100
46
First preferred
-Record of transactions
Jan 31031 Sept
212 2234 1.747 193
100 212
Philadelphia Stock Exchange.
Amer Tel & Tel
Jan
Nov 24
• 1134
114 124 2,090 10
Amoekeag Mfg Co
Exchange, Dec. 14 to D03. 20, both
Nov 1064 Apr at Philadelphia Stock
85 79
8334
82
Bigelow-Hartford Carpet •
May inclusive, compiled from official sales lists:
32 094 Dec 107
100 100
100
Preferred
2,515 204 Nov 4134 Sept,
214 2134 24
Boston Personal Prop Trust
Sales
Jan
Friday
268 793.4 Nov 94
834
83
Brown Co preferred
Range Sirite Jan. 1.
717 164 Nov 88% Jan
Last Week's Range for
384 32%
Columbia Gra phophone •
Mar
Week.
of Prices.
Dec 120
400 45
Sale
55
45
48
Cent Sec Corp
High.
Low.
3,197 174 Dee 47% Jan
Par. Price. Low. High. Shares.
174 174 21
StocksCorp el A _ _
Credit Alliance
94 Nov 204 Aug
12
12
12% 1,843
Crown Cork & Int'l Corp._
Nov 97
8
2
1,620
33%
3
534 Dec
200
1534 Oct Almar Stores
331
534 531
Detroit Aircraft
Jan
1,000 4034 Nov
8 Stay
Oct
52
3
30,240
48
•
10
34 4
American Stores
East Boston Land
Nov 63% Mar
1,200 39
42
Nov 554 Sept
1,992 23
40
25
2534
50 40
East Gas & Fuel Assn corn. 25
Preferred
Jan
Oct 118
1,050 110
83
Nov
114 116
74
47
7434 76
Sept lieu Tel Coot Pa pref. _100 114
100 7534
431% prior prof
931 Dec 67% Mar
21,850
Nov 9434 Oct Budd(E G):Mfg Co
14
89
92
100 92
93-4 12
934
•
923-4
6% cum pref
71 56 34 Jan 94 June
Nov
2,70
68
2634 Dec 30
2634 27
65% 65
Eastern S S Lines Inc new. 2631
Preferred
931 Dec 2034 Sept
Sept
Nov 50
'2>
42
45
94 10% 6,200
145
Preferred
When issued
Nov 42% Jan
Oct Camden Fire Insurance- - - ------ 22
700 22
80
24
35
35
223.4 Jan 59
Economy Grocery Stores_• 35
Mar
31 Nov
Nov 440
100
47 201
34
Aug Cramp Ship & Eng. _100
34
232 240
100 233
Edison Eiee Ilium
1
Oct
3 4102
439 674 Nov
4,15
71 34
Oct4934 Jan Mee Storage Battery...._100
23
70
20
21
21
Empl Group Assoc
Oct 523-4 Mar
Jan Fire Association
2,300 35
Nov 27
3
255
3
331
3
10 37% 373-4 41
Galv Ifouston Elec. _ _ _100
Aug
Oct 81
600 40
138(1 15
52
Nov 614 Jan Fishman& Sons A
17
15
100 15
50
Preferred
Mar
Nov 297
250 160
11134 May Horn&Ilard (Phila) corn.°
125
10
654 Nov
10
16634 171
General Alloys Co
Dee 64 34 Sept
900 42
Sept Horn & Hard(NY)corn.
4,005 20
Oct 83
47
46
4434 44
42
General Capital Corp_ _ _
Nov 914 Oct
10
17 34 Feb Insurance Co of N A _ _ _10 7031 65
7134 2,000 61
Nov
9
log 1031
A_I0
Georgian Inc (The) Pt
Jan
Nov 42
8
Nov
273 17
1334
19%
18
3.700
• 18
2334 Jan Lake Superior Corp. _100 10
10
Gilchrist Co
Aug
Nov 174
Nov 1424 Aug Lehigh Coal &Nay
1,70
85
2,519 82
Gillette Safety Razor Co_• 9534 954 10134
50 10731 115 118
1,900 29% Oct 7134 Jan
Jan 254 Sept hlanufact Casualty Ins_ _ _ _
75 12
37
14
34
14
Greenfield Tap & Die_ _ _25
35
Jan
344 nec
1,600
50
Nov
Sept Mark (Louis) Shoes Inc __•
34
43
42
135 38
34 Oct 25
43
34
Greif Bros CooP'ge class A3-4
Dec
25
40
1,638 174 Dec 3534 Feb Mitten Bank
2531
1734 19
1731
254 25
Rath away Bakeries el B _ _ _
Dec
Jan Mitten Bank pref
Dec 25
Nov 47
25
90
145 r34
25
394
38
25
25
Class A
Feb
Nov 81
Sept Penn Cent L & P cum pf,.
85 100
Nov 130
73
60
102 104
78
76
Preferred
July
Dec 30
May 394 Sept Pennroad Corp
18
14 34 38,140 13
21
21
13
25
Hood Rubber
Mar
Nov
Dec 5234 Jan Pennsylvania insurance... 120
3.900 95
40 32
32
32
120 131
Hygrade Lamp Co
Aug
Mar 175110
Feb Pennsylvania RR
14,300 73
20 914 Dec 108
82
9134 91%
80
Preferred
50
July
95 85
Nov
243.4 July Phil& Dairy Prod pref
9334 Jan
110 12
93
14
14
88
Insuranshares Corp el A...
Nov 6141 DecJri
Dec 1034 July Phila Elee Pow pref
1,900 31
3
200
3
3
323-4
3
31
Button hole Mach _ _10
Lot
25
Nov
1,200 54
6634
144 1734 18,264 114 Oct 284 Sept PIAUI Insulated Wire
1434
54
Intermit Carriers Ltd corn_
Aug
Nov 52
1,100 38
5.34 Dec 10214 Feb Philadelphia Inquirer
49
534 16% 3,227
46
international Corn
July
Dec 60
234 Nov
Aug Phila. Rapid Transit._ _ _50 403-4
490
12
950 38
42
38
3
3
334
Jenkins Television roes,..
Oct 514 Feb
2,045 37
Dec 9334 Feb
87 89
42
90
89
38
Kidder. Peals aceep A pf100 89
50 383%
Preferred
7%
Sept
600 359-4 Dec .5534 Jan
60 1034 Apr 22
17 34 19
Libby McNeill & Libby-10
_ _ _50 3531 3534 44
934 Jan
Jan Philadelphia Traction _ _50
Oct
2
100
150
734 Dec 13
734 8
234 3
Loew's Theatres
3034 Jan
June Phila & Western Ry
18
Oct
100 20
654 Nov
634 834 9,135
20
20
Mass Utilities Asso corn _ _
50
Preferred
Oct 11214 Mar RE Land Title new
2,200 4134 Dec 843.4
10531 106
340 100
46
Linotype_10;
,
Morgenthaler
41% 4131
an
Jan
Oct 2
534 Jan
134 Dec
375
400 16
14 2
lo
18
17
National Leather
10
Sept Reliance Insurance
9
Dec 38% Jan
May
9
4
3,800
150
6
6
6
12
9
National Service Co
Pipe L25
l
May
Dec 100
Apr Shreve El Dorado
29
Oct 74
130 81
95
93
1,300
7
8
New Eng Equity pref. _100
7
Sentry Safety Control
Aug
Oct
Nov 9834 Jan
9134 914
5 87
700 20
35
33
New England Pub fiery. •
131 Jan
35 9634 Oct 1044 Jan Taeony-Palmyra Bridge - -•
974 984
4 Oct
2,700
New Engl Pub Serv pr pi_•
Tono-Belmont Devel_ _ _ _1
Jan
4
Sept
Dec
Nov 175
2
609 135
145 14934
1,700
251
2
New Ertgl Tel & Tel _ _100 145
234
1
Tonapah Mining
5
600
Dee 38% Apr
Dec 1934 May
531
5
2634 1,330 25
North Amer Aviation tee..
25
50 26
Jan Union Traction
526 35c Dec
10
Sic 55c
Oct 7534 May
25
100
Nor Texas Klee
- 27% 274 334 4,10
3
Nov
2
735
Mar 4934 July
2
35.4 Jan United Corp temp ars.-100
234
1,900 42
48
Preferred
47% 46
Preference receipts
21
1.100 20
Oct 5954 July
Nov 37 34 Apr
20
10e 20
26
Pacific Mills
United Gas Impt corn new. 2934 294 3234 31,900 87
Dec
38
Oct
164 16
May 97
17% 9,009 1534 Nov
20
Public Utility Ilold corn.
974 98
Preferred new
85 15
18 34 Mar
Dec
153.1
15
Jan 6434 Sept
1,400 48
Reece But Hole Alach _ _10 153.1
54
52
US Dairy Prod class A.-•
200
2
134
July
Apr 2734 Oct
1%
131
Co.10
13.4 Apr
129.4
10
Reece Folding Mach
191-4
19
•
Common class B
1
825
5
Nov 49
4
Sept
4
Oct 25 34 Jan
500 16
Second Inc Equity
18
17
Co__ _10
Oct 35
Oct
Sept Victory Insurance
1,800 42 June 57
Elhawmut Ass'n Con Stk. x1634
60
16 34
53
"1,450 15
3211 12134 Nov 1454 Sept West Jer & Seash RR__ _50 58
134
100 1324 13234
Swift & Co
Nov 85
179 55
Sept
• 624 6234 66
Torrington Co
Rights
14 1.64.
14 Dec 174 Feb
34 July
134
134
Dec
Tower Mfg
134 126,500
34
100 103.4 Jan 2434 Feb United Gas Improvem'ts__
12
12
Traveler Shoe Stores
245 11
1454 15%
Nov 564 Aug
Tricontinental Corp w I
Bonds
5,147 25
Mar 653.4 July
4734 50
July 843.4 Jan
5 4734
3,000 76
Union Twist Drill
78
78
1932
60 12
12
Dec 2234 Sept Consul Trac NJ 1st Sr
15
Dec 5434 Jan
United Car & Fastener_
35
4234 16,500 35
843 1034 Dec 80% Jan Elec & Peoples tr ctfs 45'45
Dec
Dec 70
1034 1034
70
10.000
United Elec Coal
70
70
_ _1947
Nov
4134 35,002 25
7534 Oct Invest Equities 5s_ _ _ _1960
3631 36
Jan
6,000 10031 May 105
United Founders Corp..
103 103
5s_ _
lot lien & ref
87
Jan
June 10574 Jan
573.1 5934 3,960 554 Nov
United Shoe Mach Corp_25 58
103 10454 32,600 101
1966
lot 58
300 31
31
Apr
3134 Jan
Oct
31
Oct 107
25
Preferred
1,000 104
108 106
1st lien & ref 5 34s_ _1947
Nov
23,039 12
17
14
3391 Oct
14
8 E'er Power Corp
2,000 10134 Mar 10634 Jan
106 108
let lien & ref 54s_ _1953
100 1754 Nov 48
414 414
Jan
Oct
Nov
U S & British Inv pref.
11)434 104.4 4.000 102 Sept 108 Dec
Nov 5234 July Philo Elec Pow Co 534s'72
50 In
20
20
9434
(38 & let Ser Corp prof _ _
3.000 82
9434 9431
Iron 58
1434 1631 7,0933 144 Dec 38
Dec
Sept PA It Coal &
Dec 70
US & Overseas Corp corn..
15,000 70
70
70
40 12
Nov 384 Sept Seaboard All Fla 6s_1935
•
13
12
Utility Equities Corp_
1,000 94 34 Oct 100 34 Feb
953.4 9534
810 88
Nov 153
81
75
Aug Strawbridge & Cloth-58 '48
Utility Equities Corp pfd • 77
5,000 974 Dec 984 Dec
974 983-4
1944
240
I
Nov
9% Jan Warner lot Os
134 14
Jan
136
Nor' 99
Venezuela Holding Corp.._
923.4 923-4 3,000 89
1937
York Rya 1st Sr
2,750 (36
Feb 83
7635 7835
Sept
Venea Met 011 Corp _ _ 10 77
100 204 Nov
25
225
36
Oct
•No par value.
• x25
Waldorf System the
10 98
9834 984
Oct 102
Jan
Waltham Watch pr prof 100
-Record of transactions at
Baltimore Stock Exchange.
185 11534 Nov 2074 Oct
131 133
50 131
Warren Bros
105 41
Aug 6554 Oct Baltimore Stock Exchange, Dec. 14 to Dec. 20, both in484 494
So
let preferred
5 50
Apr 83
50
50
Oct
50
Second preferred
lists:
275 2534 Nov
30
383.4 June clusive, compiled from official sales
Westfield Mfg Co corn_ _ _ _ ...... 29
522
3
1
Dec
1
143% Aug
WhIttlesey Mfg Co el A__ ......
Sales.
Friday
Range Since Jan. .1
Last IFeek's Range for
Mining
Week.
of Prices.
Sale
800 25e Aug
40c
Feb
2
40c
Arcadian Cons Mining. 25 40c
High.
Low.
Par. Price, Low. High. Shares.
Stocks53-4 Jan
Ili Sept
134 1% 3,580
131
5
Arizona Commercial
438 26
Nov 60% Star
25 2934 29% 314
Calumet & Ilecla
Aug
Nov 46
360 31
43
• 41 34 41
Arundel Corp
1534 2,422 14
14
Dec 824 Mar
25 1434
Dec
Copper Range Co
Dec 40
675 38
50 384 383-4 39 34
1,940
Mar Baltimore Trust Co
14 Sept
14 134
5
134
East Butte Copper Alln.10
Oct
Dec 21
800 11
11
124
100
Apr Baltimore Tube
300 49c
Dec
49c 49c
4
June
Franklin Mining Co__ _25
Dec 26
85 14
14
15
Aire Corp corn_
15(
50e May
li0c 50c
25
134 Mar Beri-Joyee
Sept
Ileivetla
775 313-4 Oct 74
5334
45
• 49
48 373.4 Oct 66
44
44
Mar Black & Decker corn
44
Oct
June 240
Island Creek Coal
20 178
201 201
50
1,245 10
13
Mar Century Trust
Dee 35
10
25 11%
Nov 11714 Feb
Lille Royal Copper
42 112
637
Oct
2
2
73.1 Mar Cbes & Po Tel of Balt pf100 114% 114% 115
234
2
25
Keweenaw Copper
20 77 34 Dec 1044 Jan
7734 7736
400 901 Dee
34 Mar Com'l Cred 6 34% 1st pf 100
1
90c
2'
Aug
Nov 146
La Salle Copper Co
180 79
95
87
50 flOo Nov
24 Mar Consol Gail, EL & Power • 87
1
1
2
Lake Copper Corp
100 99% Dec 10954 Mar
54% pret w IserE 100 9931 994 1009.4
Jan 643-4 Sept
45
265 41
47
25 45
Nov 105
Jan
Mohawk
100 99
100 105
10094 105
5% preferred
Oct 75e Mar
1.000 10e
12c
10c
10c
New Dominion Copper _ _ _1
34
34
34
3946
FINANCIAL CHRONICLE
[vol.. 129.
Friday
Sales
Last Week's Range for
Range Since Jan. 1.
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Low.
High.
Consolidation Coal__ _100
1234 14
750 1134 Sept 2234 Jan
Davis Drug units
•
350
134 134
134 Dec 57
Jan
Drover & Mech Nat Bank_ 425
425 451
250 411
July 451
Dec
Eastern Rolling Mill
*
22
23
385 20
Nov 40 Sept
Fidly & Guar Fire Corp_10 40
40
44
489 40
Dec 87
Jan
Fidelity & Deposit
50
176 176
4 148
Nov 314
Apr
Finance Serv corn A.__10
12
1334
650 11
Jan 1634 Sept
First Nat Bank w 1
51
49
53
112 48
Nov 6034 Feb
J E Hurst 1st pref
100
80
80
50 75 June 80
Dec
Mfrs Finance 2d pref.._ _25
1334 14
50 1334 Dec 1934 Jan
Maryland Cas Co
25 90
90
9134
600 88
Nov 18334 Jan
May 011Burner
• 35
32
35
50 21
May 35
Dec
Merch & MinersTransp- -• 44
43
45
151 40
Oct 4734 Jan
Mort Bond & Title wl.
15
16
100 15
Dec 3634 July
Mt Vern-Wood Mills v t100
15
15
100 13
Jan 17
Oct
New Amsterdam Cas Co 10 3834 3834 41
200 3834 Dec 8334 May
Park Bank
10
30
30
5 2834 May 3334 Oct
Penns Water & Power_ •
15 7734 Dec 118
7734 7731
Aug
Union Trust Co new
73
75
50 73
Dec 83 Sept
United Rya & Electric_ 50
834
8
834
304
7 Sept 1334 Jan
U S Fidelity & Guar new
47
47
4834
540 42
Mar 99
Oct
Wash Bait & Annapolls_50
8
8
100
8
Jan 21
July
Bonds—
Baltimore City Bonds
-630 new sewer_ _ _ _1980
80
81%,813,200 7734 Oct 86% Apr
Elkhorn Coal Corp 634s'31
85
85
1,000 85
Dec 94
Oct
Fair dr Clarks Trac 5s_1938
8734 8734 1,000 8234 Aug 9634 Sept
Gibson Island Co 1st 6s___ ------ 100 100
1,000 100
Dec 102
Jan
Nixon Nitration 6346_1937
9834 9834 1,000 9734 Feb 9934 Apr
Prudential Refin 6346_1943
10034 10034 2,000 100
Jan 104% Feb
Sandura Co Inc 1st 66_1940
87
87
4.000 87
Oct 95
Jan
Santee Timber Corp 6s1941
90
90
1,000 90
Dec 94 May
Silica Gel 634s
1932
120 120
1,000 10034 Jan 120
Dec
United Ry & E let 4s_1949 5734 5734 67
10,000 52
Nov 67
Dec
Income 4s
1949
3234 3234 1,000 30
Oct 43
Jan
Funding 5s
1936
4934 4934 1,600 4834 Aug 63
Jan
1st6s
1949 6634 5634 67
5,000 5634 Dec 8334 Jan
Wash Balt & Annan 5s 1941
88
68
2.000 67
Nov 84% Feb
•No par value.
eaC
.43
410
..
C.
4.7
mw.
.
44
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o
Friday
Sales
Last Wee.t's Range for
Range Since Jan. 1.
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price, Low. High. Shares.
Low.
High.
Faultless Rubber corn ___• 3534 35% 38
65 30
July 45 Sept
Fed Knitting Mills
33
33
35
125 30
Oct 48
Mar
Ferry Cap dr Screw
20
21
140 20
Nov 34% Apr
Foote-Burt corn
•
26
26
260 25
Dec 51
Feb
Geometric Stamp
•
20
20
70 20
Dec 40
Apr
Gen Tire dr Rubber corn 25 190
190 190
10 190
Dec 300
Mar
Preferred
100
90
90
105 90
Nov 102
Jan
Godman Shoe cora
30
30
30
201 30
Nov 54
Jan
Goodyear T & Rub com__• 65% 6534 65%
100 653( Nov 133% Mar
Guardian Trust
100
425 425
54 376
Nov 570
Oct
Halle Bros
10
37
3734
200 37
Nov 50
Mar
Preferred
100
9834 99
300 98% Dec 105
Jan
Harbauer corn
22
22
40 15 June 30
Aug
India Tire & Rub corn_..* 15
1434 17%
923 1434 Dec 73
Jan
Indus Rayon Corp corn_ •
84
84
100 84
Dec 84
Dec
Jaeger Machine corn
*
28
28
34 25
Nov 4534 Jan
Jordan Motor corn
•
234 234
70
254 Dec 13% Jan
Preferred
100
5
634
535
Dec 60 May
5
Kaynee corn
10
30
31
290 25
Nov 40 May
Kelley Dal Lime & Trcom
45
45
470 44
Oct 6034 Mar
Lake Erie Bolt&Nutcom_•
2934 29%
Dec 48
823 28
July
Lamson & Session new_ __• 28
28
30
215 28
Dec 30
Dec
McKee Arth 0 & Co cam.*
Oct 43H Jan
38
5
Metrop Paving Brick corn •
30
30
Dec 52
40 30
Jan
Miller Whsale Drug corn •
25% 26
Nov 42
40 20
Apr
Miller Rubber pref.__ A00 18
18
2034
875 18
Dec 85
Mar
Mohawk Rubber corn.. _ * 10
10
12
Nov 8534 Jan
2,103 10
Myers Pump corn
•
3734 37%
10 32% Mar 6634 Oct
Nat City Bank
100 350
350 350
Mar 425
20 254
Oct
National Refining prof..100
7 132 June 13834 Apr
National Tile corn
* 26
26
109 25
28
Nov 41
Mar
Nestle-LeMur corn
•
535
4
8
8.105
Dec 29% Jan
4
1900 Washer corn
•
2534 25%
125
234 Feb 3034 Apr
Nor Ohio P & L 6% pf_100
8934 9034
50 89% Dec 9934 Jan
Ohio Bell Tel pref
100
112 11234
161 108
Nov 116% Sept
Ohio Brass B
• 73
73
7434
120 70
Nov 92
Jan
Preferred
100
101 101
10 100
Aug 107
Mar
Ohio Seamless Tube corn..' 45
45
110 42
45
Dec 7534 Jan
Packard Electric COM____•
22
22
105 22
Nov 42
Mar
Packer Corp corn
•
12% 13
560 12% Dec 3334 Jan
Paragon Refining corn.. •
974
9% 9% 6,808
Oct 30
9
Mar
Pittsburgh Stock Exchange.—Record of transactions
Voting trust efts
•
934 934 1,100
9% Dec 28
Mar
Patterson Sargent
• 25
25
at Pittsburgh Stock Exchange, Dec. 14 to Dec. 20, both Peerless Motor corn
255 25
2634
Oct 39 Sept
50
634
634 6%
100
Nov 19
6
Mar
inclusive, compiled from official sa es lists:
Reliance Manfg corn
*
38
585 35
Nov 82
38%
Aug
•
Republic Stamp
2434 24%
Dec 28 May
20 23
Friday
• 83
Richman Bros corn
Sales
83
89
1,028 78
Nov 138
Aug
Last Week's Range for
Robbins & Myers No 1_ •
Range Since Jan. 1.
10
534 534
Nov
6
8% Apr
Sale
of Prices.
Week.
Voting trust ctfs pref_ _25
10
10
20 10
Mar 16
Jan
Stocks—
Par. Price. Low. High. Shares.
Scher-Hirst class A
Low.
* -10
High.
10
1034
200 10
Aug 25
Jan
Selberling Rubber corn.._..• 1134 10% 1234 2,361 1034 Dec 65
Jan
Allegheny Steel
* 5934 5934 60
Preferred
i 59
Nov 90
Mar
100
70
73
168 70
Dec 107% Jan
Aluminum Goods Mfg_ •
25
25
2134 Nov 40
Feb Selby Shoe corn ----*21
21
21
25 21
Nov 35
Jan
American Austin Car.. •
5
8
i
334 Oct 1234 Sept Sheriff St Mkt corn.. _100
30
10 20
30
Feb 45
Oct
Arkansas Gas Corp cam_ •
8%
8% 1034
Sherwin-Williams corn.. _25 82
3% Jan 26
Sept
82
83
273 75
Nov 105 May
Preferred
i0
834 834
Preferred
634 Nov
100
834 Aug
105% 106
118 103
Nov 108
Jan
Armstrong Cork Co
*
62
64
60
Nov 7634 Oct Std Textile Prod corn...100
3% 3%
15
234 Nov
934 Aug
Blaw-Knox Co
25 3134 3134 34
A preferred
30
Nov 63 Sept
100 4634 4634 4634
100 46% Dec 79 June
Carnegie Metals Co
10
634
6% 634
6
Nov 21
•
July Stearns Motor corn
6% Jan
34 Dec
34
34 5,370
Clark (D L) Co corn
•
Stouffer with wan'
12
1434 1434
Nov 20
Feb
•
33% 34
Dec
65 25
Nov 34
Consolidated Ice com_ _50
5
5
4 May
5
Feb Sun Glow Industries
•
18
18
Dec 30 May
10 18
Devonian Oil
10
113.4 12
8
Mar 17
Aug Thompson Products corn..' 2334 23% 2534
Jan
200 21
Nov 68
Exchange Nat Bank_
50
78
78
77
Nov 92
Feb Trumbull-Cliffs Furn pf 100
103% 10334
10 100 Sept 105% Jan
Fourteenth St Bank
50
170 170
170
Dec 170
Dec Union Metal Mfg corn •
3334 35
Jan
157 33
Nov 60
Koppers Gas & Coke Pf 100
9934 9934
93
Nov 10334 Feb Union Mortgage cora..100
34 Oct
34
31
34 Mar
56
Liberty Dairy Prod com--• 1934 1934 2034
2d preferred
1934 Dec 43
Mar
100
34
34 Jan
50
34 Oct
%
%
Lone Star Gas
25 34
34
3634
28
Oct 68 Sept Union Trust
100
95
96
276 29
Dec 139
Oct
•
7
McKinney Mir Co
7
7
6
Dec 1634 Mar United Bank
100
Apr 460 Sept
3 280
National Erie class A-- -25 25
24
25
24
Dec 2734 Jan Van Dorn IroniWks com_•634
20
654 8%
6% Mar 15
Apr
Nat Fireproofing com
50
3034 3035
1034 Jan 35 Sept Weinberger Drug
• 3234 3234 33
40 34
Jan 51
July
Peoples Say dc Trust Co 100
160 160
155
Nov 208 Sept White Mot Securities pf 100
100 100
100
Mar
Dec 105
Pittsburgh Brewing com_50
2
2
134 Aug
4
Apr
Preferred
50
531 534
Bonds—
534 Oct
8
Feb
Pittsburgh Forging
• 1134 10
8
1134
Nov 15
2534 2534 882,500 25% Dec 2834 Aug
Oct Cleve SW Ry & LGIcC5eY54
Pittsburgh Oil& Gas_ _25
3
3
3
Apr
1943 93
92% 9334 216,000 9234 Dec 973( Aug
434 Feb Steel ,k Tube 6s
Pittsburgh Plate Glass-100 5034 5034 54
50
Nov 75
Jan
•No par value.
PIttsb Screw dr Bolt Corp..* 19
18% 1934
18
Nov 30
July
Pittsburgh Steel Fdy com_•
23
23
22
Nov 85
Aug
Cincinnati Stock Exchange.—Record of transactions
Plymouth 011 Co
5 27
27
28
2234 May 36
Oct
Ruud Manufacturing. •
31
31
31
Dec 4534 May at Cincinnati Stock Exchange, Dec. 14 to Dec. 20, both
halt Creek Consol Oil__ -10
2
2
2
254
Dec
534 Jan
3an Toy Mining
1
3e
3c
30 Sept 254 Jan inclusive, compiled from official sales lists:
3tandard Steel Springs_ •
40
40
40
Dec 95
July
United Engine & Fdy__ *
35
rriaay
3934 40
Nov U
oases
Aug
United States Glass
25
6
6
6
Dec 15
Last Week's Range for
Feb
Range Since Jan. 1.
Vanadium Alloy Steel— •
69
70
60
Feb 82
Sate
of Prices.
Week.
July
Wiser 011 Co
Stocks—
25
17
Par. Price. Low. High, Sahres.
17
13 May 1834 Nov
Low.
High.
Wftherow Steel corn
• 46
31
43
50
Jan 80
Mar
Alum Industries Inc
•
25
25
141 2234 Dec
UnlistedAmer Laund Mach com_20 69
69
7234 1,130 65
Oct
3opper Welding Steel
4134 Dec 80
•
4834 4934
18
Oct Amer Products corn
18
Dec
30 18
internat'l Rustless Iron.....
134 Dec
134
134 2
9 Sept Amer Rolling Mill corn...25 79
79
90
431 65
Oct
Lone Star Gas Prof
Amer Thermos Bottle A. •
10434 Dec 105
10434 10434 105
. 1634 17
Dec
20 12
Oct
3hamrock 011 & Gas
Preferred
1334 Oct 19
50
1734 1534 19
Oct
45
4834
46 42
Oct
West Public Service v t c._ 25
20
Nov 46
•
2434 2634
2434 28
2,011 19
Sept Amrad Corp
Nov
Biltmore Mfg
Witherow St com ctfs of dela 45
43
46
•
40
Dec 46
Dec
25
100 2414 Oct
25
Carey (Philip) com. __100
300 300
2 230
Feb
Bonds—
Preferred
100
115 115
4 115
Dec
a
re..
sla 10,S
AS
RS
RA
Dec 73
•
Atm Central Brass A
200
934 934
934 Dec
974
Central Trust
100
275 27554
115 230
Feb
•No par value.
Champ Coat Pap gal pf_100 105
105 105
5 100
Oct
Churngold
Cleveland Stock Exchange.—Record of transactions at Cincinnati Corp
21
• 21
287 18
22
Oct
•
m
g 1
5,377
34 Dec
Cleveland Stock Exchange, Dec. 14 to Dec. 20, both in- PreferredCar B
20
1% 234
,
800
134 Dec
Cincin Gas dr Elec preD.100 9434 94
clusive, compiled from official sales lists:
319 90
95
Oct
C N dr C Lt dr 'Frac com 100
105 105
1 93
Apr
Cincinnati St Ry
Friday
Sales
50 44
44
593 40
4434
Oct
Cincin & Sub Tel
Last Wee.t's Range for
Range Since Jan. 1.
50 113
11234 113
39 104% Oct
Cooper Corp corn
Sale
of Prices.
Week.
1934 1954
100 1954 Dec
Stocks—
Par. Price. Low. HUM. Sharer,
Preferred
High.
100
25
25
180 25
Dec
Lem
Crosley Radio A
• 2034 2034 24
850 17
Oct
Aetna Rubber corn
Dec 27
*
Jan Crown Overall prof —.100 105
5
5
534
104 105
534 1,258
21 104
Dec
Allen Industries corn __...•
834 7
534 Nov 1434 Jan Crystal Tissue
•
300
23
634
23
12 20
Oct
Preferred
•
25
Feb Dow Drug corn
25
• 1734 17
Dec 34
75 25
1734
332 16
Oct
Amer Multigraph corn...
.• 3334 3334 34
Preferred
25 3234 Nov 40
Jan
105 105
100
5 102
Oct
Apex Electric
* 13
13
14
129 1234 Nov 40 May Eagle-Plcher Lead com..20 1334 13
1354 3,702 1134 Oct
Preferred
100
92
July 107
20 88
Mar Early dr Daniel corn
92
34
•
41
60 30
Dec
Bess Limest & Cmt corn _*
50 30
30
100
Oct 3734 Apr Fay dr Egan pre!
30
35
35
21 20
Feb
Bond Stores "A"
20
Apr Flit-Third-Union Tr
434 5
115
Aug
3
7
100
305 310
109 300
Oct
•
234 Apr First National
100
100
34 Nov
134 134
425 428
20 400
Oct
Bulkley Building pfd.
Formica Insulation
_100
Mar
• 4334 4354 4434
Nov 68
71 55
60
60
160 2834 Jan
Byers Machine "A"
•
Dec 20
4
Feb Fyr Fyter A
4
534
• 1834 18
260
4
19
315 18
Nov
Central Alloy Steel pfd 100
108 108
• 24
Nov 113
20 105
Mar Gerrard S A
24
2434
293 2234 Nov
City Ice & Fuel
• 4434 4434 47
410 44
Nov 64
Mar Gibson Art corn
• 4034 40
41
185 37
Oct
Clark Fred G corn
10 11
11
12
450
Jan 1434 July Globe-Wernicke corn---100 70
5
70
75
71 70
Dec
Cleve Auto Mach coin _ _50
Preferred
18
500
934 Oct 35 May
100
18
70
80
10 70
Dec
Cleve-Cliffs Ironcom _ —•
.
25 9234 Dec 9834 July Goldsmith Sons Co
9234 94
•
20
20
27 17
Oct
Cleve Electric 111 6% p1100 11034 11034 11034
24 10734 Nov 11234 Feb Gruen Watch corn
* 4134 4134 44
632 40
Nov
Cleve Ry etts dee
100 91
91
July 97
53 90
Sept Gruen Watch Prof
91
100
11034 11054
3 11034 Dec
Cleve Securities P L pf _10
334
234 July
254 334 2.449
434 Sept Hatfield-Campbell corn...*
534 534
500
534 Dec
Cleve Quarries
* 66
Preferred
66
66
Feb 79
10 61
mar
100
75
80
Dec
18 75
Cleve Trust
100 468
468 468
Oct Hobart Mfg
41 398
Jan 640
• 47
4634 47
73 46
Nov
Cleve Un Stoekyds com. 1834 1834 1834
Nov 25
40 18
mar Internet Print Ink pref _100
40 0234 Oct
9634 9734
Cleve Worsted M com _100
1234 1334
250 1234 July 25
Aug Julian dr Kokerute
•
20
450 16
20
Oct
Cliffs Corp v to
•
11934 11934
10 11934 Dec 15734 Oct Kahn participating
40
30
30
159 29
Nov
Columbus Auto Parts
17
*
Mar Kodel Elec & Mfg A
17
50 16% Nov 35
*
634
6
634
9034
Dec
5
Commercial Book
•
18
18
Dec 2834 May Kroger corn
50 16
• 4654 4654 50
805 43
Oct
Chase Brass pfd
100
9934 100
50 9934 Dec 105 May Lazarus preferred
100 96
Dec
95
100 94
96
Dow Chemical corn
• 65
65
86
247 60
Nov 80
Nov Leonard
1934 1974 1974
140 1974 Dec
Elea Contr & Mfg com • 833
4 62
,
207 57
Jan 78
Sept Manischewitz common_ _ _• 40
40
Jan
40
1 33
-----• -------.
.....- 65
111,
CA
11
. 1no•
.
1
OA
Val..
elcLaren Cons"A"
•
220 1654 June
20
20
Sales.
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par Price. Low. High Shares.
Mead Pulp
Special pref
Moores Coney "A"
85
65
100 100
24
22
4
3
35
374
274 274 274
1114 112 34
104 11
10
10
58
55
55
165 185
1054 1053.1 107
97
96
41
41
15
15
54
5
534
20
20
20%
34
34
98
95
52
51
9
9
9
1054 1054
• 65
103 100
Nat Recording Pump_
•
Newman Mfg Co
•
Ohio Bell Tel pref
100
Paragon Refining "B" •
Voting trust ctfs
*
Procter & Gam corn new _*
8% preferred
100
100
5% Preferred
Pure 0116% pref
100
Rapid Electrotype
•
Randall "A"
United Milk Crate "A"_ -*
United Producers "B"..*
U S Playing Card
10
S Printing pref (new)_ _ _
Waco Aircraft
Whitaker Paper pref _ _ _100
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Per. Price. Low. High. Shares.
Range Sine,' Jan. 1.
Low.
High.
20 60
Nov 7834 Oct
32 90
Jan 1084 Jan
Apr
50 22
Dec 32
Mar
Dec 10
105
3
Oct
290 184 May 47
100 274 Dec 40% Aug
Sept
37 1094 Nov 117
May
33
9
Oct 30
152 10
Oct 294 May
July
1,824 4434 Nov 100
Dec 185% July
5 181
June
80 100
Feb 111
Nov 103% Jan
84 96
May
210 40
Nov 71
Sept
98 134 Dec 22
Dec 134 Dec
580
5
150 19
Oct 31)4 July
Dec
90
3/ Dec
Sept
16
96
Oct 142
18
51
Dec 514 Dec
84 Nov 28 June
5
102
Jan 1074 Jan
No Amer Inv Corp corn 100
10
Pac Amer Fire Ins
Pacific Finance Corp com25
Pacific Lighting 8% pfd. *
25
Pacific Nat Co
10
Pacific Mutual Life
Pacific Western 011 Corp.*
Pickwick Corp, corn..
.10
Richfield Oil Co corn,.._25
25
Preferred
Rio Grande Oil, corn... 25
•No par value.
-Record of transactions
St. Louis Stock Exchange.
at St. Louis Stock Exchange, Dec. 14 to Dec. 20, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High Shares.
Bank
Boatmen's Nat Bank__100
First Nat Bank
100
Lafayette So Side Bk 100
Mere-Commerce
100
Low.
240
86
350
275
240
87
350
284
285
300
20 215
25 295
80
40
60
48
54
40
824
46
59
40
35
32
98
98
40
42
78
774 81
58
5834
33
33
100 101
24
25
24
106 106
5
5
17
15
17
20
20
15
1534
98 100
100
30
294 29
3234 34
25
25
116
116 118
254 2514 26
20
20
10
10
28
25
284
104 104
1334 14
98
San J L & P 7% pr pfd_100
Scab Dry Cr Corp A pf 100
25
Scab Nat Sec Corp
Sec First Nat Bk of L A_25
Signal Oil & Gas Co A___25
So Calif Edison corn.__ _25
Original preferred - ___25
25
7% preferred
25
6% Preferred
25
54% preferred
So Calif Gas series A pfd.25
25
6% preferred
Standard Oil of Calif
•
Taylor Mill
Transamer Corp script low_
Script, new
Union Oil Associates- _25
Union Oil of Calif
25
Western Air Express- _10
AGA,rights
270
105
395
370
Oct
Oct
Feb
Oct
Mar
225 4834 Nov 60
Mar
100 17
Dec 27
Sept
130
3 June 15
May
100
9
Nov 40
28 124 Jan 31
Aug
165 38
Oct 514 Sept
21 114
Dec 121
Aug
5
44 Nov 104 Jan
90 1034 Nov 204 Jan
Jan 24
Dec
20 16
Aug
35 37
Jan 75
3,090
5
Dec 174 May
150 95
Dec 95
Dec
5 108
Dec 110
Apr
28 67
Nov 814 June
20 274 Dec 35
Sept
2 80
Dec 88
Jan
204
14 Dec
74 Jan
105 25
Dec 374 July
240
7
Dec 24
Feb
400 22
Dec 354 Feb
4 30
Dec 734 Feb
4 30
Dec 734 Apr
1,316
10
315
100
55
45
45
23
Oct794
Dec8734
May 62
Mar 45
175
45
772
2,790
250
120
50
383
5
800
210
45
1,775
40
280
275
45
241
250
100
700
1.290
17
30
32
95
3934
474
Dec
Dec 35
Sent
Nov 103
Aug
Nov 62
Jan 824 July
Feb 8534 Sept
Oct 554 Jan
Nov 102
Aug
Jan 3434 June
Feb
Nov 110
Dec 224 Mar
Dec 3334 Jan
Oct 2534 Sept
Oct 244 Jan
Dec 110
Feb
Nov 424 Jan
Apr 384 July
Oct514 Jan
Oct121
Mar
Nov 444 Jan
Dec204 Feb
Dec24
Jan
Nov50
Feb
Oct110
Jan
Nov15
Oct
ssx
22
99
1834
104
5
15
15
134
98
22
30
10
113
24
20
10
24
10034
124
Street Ry, Bonds
United Railways 4s._ _1934
694 7134 $80,000
8934 Dec
Miscellaneous Bonds
1941
Scullin Steel 6s
9134 914
90
3,000
84
14
7%
22%
224
18%
Low.
180 115
115 117
450 45
54
55
2,600 394
3734 39%
180 984
99% 100%
5
8% 8% 3,027
300 84
85
84
500 13
14%
14
734 74 2,100
7
20% 28)4 35,700 2034
727 21%
224 22%
18% 2035 11.800 18
1114 1114 1114
90
90
52% 52%
111
110% 113%
294
2934 29
52% 574
53
56
56
58
2734 28
28
2434 244 24%
23
23
25
25
25
244 244
63
5931 81
28
25
25
1
1
I
42c 450
434 43% 45%
444 444 46%
25
25
150 16c
15c
12 107
100 85
40
2
1,600 1104
500 29
7,400 474
50
5
274
1,83
1,873 2234
781 224
80 24
125 234
4,000 58%
1,100 85
1
82
r 341 360
2,700 414
8,800 42%
300 25
1,788 10c
High
Feb 137
Dec 754
Dec 62
Oct 103
Dec 4034
Dec 87
Nov
24
Oct 12%
Dec 4834
t
Oct 254
Oct 42%
Sept
June
June
Nov
85
Jan
Dec 101
Feb
• No par value.
Nov 11834 mar
Nov 100% June
Oct 534 Sept
Dec 1424 Apr
Dec 4834 Mar
Nov 914 Sept
Sept
Nov 86
Dec 2934 Jan
Feb
Nov 25
Feb
Nov 25
Feb
Nov 26
July 2834 Feb
Oct 814 May
Nov 384 Sept
1% Sept
Dec
Oct
Oct 820
Nov 584 Oct
Nov 584 Sept
Nov 5834 Sept
Dec 300 Dec
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Range Since Jan. 1.
15%
15
Douglas Aircraft
254
25
Eldorado Oil Works
18% 20
Emporium Capwell
3
3
Fageol Motors corn
7% 7%
Preferred
101% 1014 102%
Flremans Fund Ins
45
39
Food Mach Corp corn_ __ - 39
7
7%
7%
Foster & Kleiser corn
General PaintSorp A corn 2234 2256 2234
15
15
15
B common
Golden State Milk Prod.. 27% 26% 334
GreatWest Pow 7% pref. _ 1034 103% 105
8
6
Haiku Pine Co Ltd corn
19
19
Preferred
1534 154
Hale Bros Stores Inc
6231 824 62%
Hawaiian Pineapple
39
38
38
Home F & SI Ins Co
324 32% 3334
Honolulu Cons Oil
2034 204
Hunt Bros A corn
Hutch Sugar Plain corn.--- ------ 1934 20%
Illinois Pacific Glass A,- -Jantzen Knitting Mills_ __
Holster Radio corn
Preferred
Langendorf Baking A
19
40
3%
9
27
20
Leslie Calif Salt Co
Los Ang G & E Corp
124
Lyons Magnus Inc A
1%
Magnavox
March Calcu new corn-- 20
24
Natomas Co
No Amer Inv common.... 115
Preferred
91%
54% preferred
1534
No Amer Oil cons
Occidental Ins Co
Oliver Filters A
-Record of transactions
Los Angeles Stock Exchange.
at the Los Angeles Stock Exchange, Nov. 14 to Nov. 20,
both inclusive, compiled. from official sales lists:
•
Acre Corp Cal
Assoc'd Gas & Elec rights._ -----1.30
Bean Mfg Co,John corn _
154
Byron Jackson Co
25 118
California Bank
20 112
Citizens Nat (new)
•
Deforest Radio Co
Douglas Aircraft, Inc„...* 14
Emsco Derr'k & Equip Co* 18%
Foster & Klelsor, com _10
8
Gilmore 011 Co
Globe Grain & Mill com.25
Home Serv Co 8% pfd_ _25
Hydraulic Brake Co corn 25 39
25 44
Assents
Inter Re-Insur Corp.- _ _10 404
•
Lincoln Mtge, Prof
Los Aug Gas & El pref. 100 1024
Los Angeles Invest Co-.1 18
Los Angeles Sec Corp low_
MacMillan Petroleum Co25
Monolith Portl Cem, corn *
10
831
Preferred
.J0
54
Moreland Motors, pref.
Mortgage Guarantee Co100
Range Since Jan. 1.
Low.
24 2.80
700
234 Dec
15c
180 31,278 10e Dec
Oct
1.20 1.70 33,200 95c
154 18
1,500 154 Dec
145 118
Dec
118 120
Nov
850 110
112 1124
215 4.90 Dec
4.90
4.90
Dec
14
15
800 14
Dec
1834 18%
500 18
200
74 Dec
74 734
Mar
11
11
100 10
Nov
400 25
284 284
157 22
Nov
24
24
Dec
200 39
39
40
44
100 44
Dec
44
41
Dec
40
800 40
7% Nov
150
7)1 731
Nov
413 96
102 1024
1,300 16
Dec
16
17
2,600 254 Dec
254 26
200 23
Dec
23
23
Dec
11
200 10
10
Nov
100
8
84 84
100
4.35 Mar
54 534
15 173
Dec
173 173
High,
124
300
4.30
884
147
138
214
45
4434
12
15%
344
284
65
44
854
9
108
2234
31
43%
144
934
7
208
Sept
Dec
Jan
Jan
Oct
Aug
Mar
May
Feb
Jan
Jan
Mar
Jan
Jan
Dec
Sept
Jan
Jan
Aug
Oct
June
Aug
July
Oct
June
Paauhau Sugar
Pacific Gas & El corn
1st preferred
Pacific Light Corp corn,. _
6% Preferred
Pacific 011 common
Pacific Pub Service A
Pacific Tel & Tel common_
Preferred
Paraffine Co common
Rainier Pulp & Paper Co_ _
Richfield common
Preferred
Roos Bros pref
High.
Low.
.55 220
234 235
Anglo & London P N1 Bk _ 234
8
6
63-4 1,245
Associated Ins Fund Inc_ -555 25
28
30
Atlas Imp Diesel Eng A... 28
4
320
734 74
Aviation Corp of Calif. - -----50 290
300 310
Bank of California
Bond & Share Co Ltd.... 114 114 12% 1,560 11
154 184 8.941 154
16
ByronJackson Co
110 124
124 1234
Calaveras Cement Co corn
2
890
2)4 2%
Copper
California
185 30
35
3534
35
Calif Cotton Mills COM- 33
1,000
35
33
Calif Ink Co A corn
45 104
105 108
Calif Oregon Power 7% Pf.
948 64
California Packing Corp.-- 66% 86% 67%
23,497 45
504 59
51
Caterpillar
300 29
29
2931
Clorox Chemical
164 98
Coast Cos G & E 1st pref ------ 9836 984
2834 2735 1,907 26
27
Cons Chemical Indus A_ _ _
488 80
80% 80% 803.5
Crown Zeller Corp pref A._
380 78%
804 80%
Preferred B
17% 1736 1834 10,29,5 16
Crown Zellerbach v t c_.__
Nov 2694 Feb
Mar
Dec 12
Nov 85% - Jan
May
Nov 31
Oct
Jan 435
Nov 20% June
Nov 43% May
Dec 204 Sept
Nov 10% Feb
Jan
Nov 94
Jan
Dec 58
June 11534 Jan
Oct 8436 Aug
Nov 87% May
Nov 5034 Jan
Jan 994 Aug
Aug
Dec 50
Jan
Nov 96
Mar
Dec 95
Oct 254 Jan
Dec 44% May
210 15
Nov 314 Sept
51
24
18% Dec 324 Feb
1,93
Jan
7
Nov
45
3
8
Feb
64 Oct
17
Feb
9041 Nov 151
39
Sept
1,52
3734 Nov 58
1336 May
Dec
3,11
7
Nov 32% Jan
173 22
Dec 28)4 Feb
175 15
64% Aug
7,471 284 De
107 34 Apr
183 100% No
13
Jan
8
De
120
23% Jan
100 18)4 No
240 1535 Dec 2436 Jan
Aug
223 574 Nov 72
940 34% Nov 4634 Jan
935 284 Nov 4454 May
Nov 234 Aug
188 20
Mar 13% May
1,110 11
200 184
19%
19
207 40
404
40
34
334 8% 19,02
9
62
9 10
25
284 2836
10
25
52
27%
27
20
94
21
20
75 97
10251 103
160 12
124 125-6
1%
14 24 12,400
1,557 194
21%
20
144 22
24
24
216 113
115 11634
30 98
99
99
20 91
914 9134
1534 1836 2,199 154
24
254
906 23%
27
27 34
583 25
115 24 34
254 2534
7
65
7
7
9,897 43%
504 4934 5434
24%
284 2,61
26
26
4,235 80
75
69
69
96
1,08
1004 100 10134
34
1
900
1
20
8,29
284 32
29
3 140
150 150
150
3 114
118 118
118
386 65
72
71
71
150 26
27
27
--2234 204 2834 47.647 20%
22
224 3,027 21
22
85
85
-- - - 85
25
2534
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Oct
Aug
Oct
Jan
Mar
Dec
Sept
June
Jan
Apr
Jan
-Record of transacSan Francisco Stock Exchange.
tions at San Francisco Stock Exchange, Dec. 14 to Dec. 20,
both inclusive, compiled from official sales lists:
Oct
Sept
Feb
Dec
Dec
Dec
3735
Range Sine eJan. 1.
* No par value.
High.
Jan 300
Dec 380
2 190
143 80
112 350
145 275
Miscellaneous
49
49
Amer Credit Indemnity_25
Alligator corn
•
17
17
Amer Inv B
•
9
9
14
Bentley Chain Stores corn * 14
14
Michigan-Davis
25
•
20
42
43
Brown Shoe corn
100 42
Preferred
114 114
100
Iturkart Mfg corn
5
5
•
Preferred
*
1034 11
Chic Ry Equip pref
25
2334 2334
Coca-Vote Bottling Sec__1
40
40
6
Consol Lead & Zinc A__ __•
5
654
Crunden-Martin Mfg pf 100 95
95
95
100
106 108
Elder Mfg 1st met
100
75
75
Elder Mfg A
Ely & Walker D G com__25 274 274 2734
80
100
80
2d preferred
14 3
Fulton Iron Works com_ •
100 25
25
25
Preferred
7
Hamilton-Brown Shoe..25
7
*
22
224
Hussman Refr., corn
31
30
Ilydr Press Brick com_ _100
100
31
Preferred
30
International Shoe com--•
Johnson S & S Shoe
*
*
Key Boiler Equipt
Knapp-Monarch com____•
Laclede-Christy Clay Prod
Common
100
Laclede Gas Lt pref -100
.
Laclede Steel Co
20
Landis Machine com__25
MermodJaccard& Co pf 100
Mo Portland Cement_25
Nat Bearing Metals Pr-100
Nat Candy corn
*
100
1st pref
Nicholas Beasley
5
•
Pedigo-Weber Shoe
Pickrel Walnut
•
Rice-Stix Dry Goods corn.*
100
1st preferred
*
Scullin Steel pref
•
Securities Inv corn
•
Skouras Bros A
Souwestern Bell Tel pf.100
,,°
Stlx Baer & Fuller corn,
St Louis Amusement A__ •
St Louis Pub Serv com___•
Wagner Electric com____15
100
Preferred
•
St L Bank Bid equip
Range Since Jan. 1.
280
295
88
Trust Company
Franklin-Amer Trust_ _100
Miss Val Merch State_ _100
Stocks-
3947
FINANCIAL CHRONICLE
DEC. 21 1929.]
10 108
112 112
SiLA.Power prior pref, _ 112
11 97%
8% prior preferred
101 101
Schlesinger(B
85
65
5 65
65
pre
Shell Union common
1,340 20%
22% 224 2334
So Pac Golden Gate A. _
1,297 154
184 184 1734
Spring Valley Water Co..
87
527 82
8834
Standard Oil of Calif
594 6234 13,097 55
80
Tide Water Assoc Oil corn. 12
12
12%
1,900 10
Preferred
81
81
35 79
81
Transamerica Corp
4034 3934 453-5 68,932 3034
5c
Rights
Sc
15c 72.934
9c
Traung Lbl & Litho Co.__ _
20
100 20
20
Union Oil Associates
--4334 43% 45% 4,571 414
44% 444 464 4,722 424
Union 011 Co of Calif
5
465
5
8
Union Sugar Co corn
320 320
65 300
Wells Fargo Bk & Un Tr
2.54
320
West Amer Fin Co pref. __
234
234 234
18%
1834 184
680 18
West Coast Bancorp
244 2434 25
2,265 21
Western Pipe & Steel Co._
561 3234
32 34 3234
Yellow Checker Cab Co_ _ _
Feb
Oct 47
Nov 524 Aug
Dec 79)4 Jan
Nov
Dec 10
Nov 404 Sept
Jan 3954 Sept
Oct 474 Jan
Nov 10834 Jan
Dec 233-6 May
Dec 1334 Jan
314 Oct
No
Apr
May 30
Jan 145
Sept
Oct 1014 Jan
Mar
Aug 95
Jan
Dec 38
Dec
Oct
Oct
Dec
Nov
Nov
Nov
Nov
Nov
Oct
Nov
Nov
Oct
Nov
Dec
Nov
Nov
304
46
45
9
974
28
145 34
104
14
377-6
218
139 34
92%
36
48%
25)4
1004
118
No
No 102%
Oct 90
Nov 31%
Oct 214
June 92
Oct 814
Nov 23
Nov 8974
Oct 67%
Dec 75
Sept 23
Nov 58%
Oct 564
Dec 28%
Mar 340
634
Dec
Des 30
Nov 36
Sept 53
Feb
Feb
Feb
Jan
Sept
Jan
Sept
Feb
Jan
Sept
July
Oct
Aug
July
Jan
Apr
Jan
Feb
Jan
Jan
Apr
Aug
Jan .
May
June
Jan
Sept
Sept
Feb
Oct
Sent
Mar
July
Jan
Jan
Sept
Jan
3948
FINANCIAL CHRONICLE
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange, Dec. 14 to Dec. 20, both inclusive,
compiled from official sales lists:
[vol.. 129.
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Lion 011 Ref Co corn
• 19
1834 21
3,160 17
Nov 3835 Jan
Lynch Glass Machine__ _ ..•
15
Range Since Jan. 1.
15%
100
1234 Nov 30
Jan
McGraw Met Co corn_ _ __• 2235 22% 2435
1,450 20
Nov
3951 Oct
StocksMcQuay Norris Mfg cap'l •
Low.
5136 5135
100 48
Dec 76
Slay
High.
Manhattan-Dearborn corn* 35
33
38
3,800 32
Nov 5444 Aug
Abbott Laboratories corn.
Mark Bros The Inc cony pf•
38
154 2,350
39
4
150 36
Nov 52
6
Oct 3331 Jun
May
Acme Steel Co
Meadow kite Co corn....'
25 9334 9334 9536
24 2% 1,450
231
800 80
Nov 145
231 Dec 293.4 Feb
Aug
Adams (J 0) Mfg com___• 28
Mer & Mfrs Sec el A com25 1631
28
2934 2,100 2531 Aug 4335 Feb
1651 20
1,970 15
Oct 36% Aug
Adams Royalty Co corn._•
14i(1-Coot Laundries A_ •
831
731 834 5,800
7
12
1431
Dec 25
300 12
Dec 354 Feb
Jan
Adasograph lot Corp corn• 2335 2234
Der
75
2,200 21
75
2335
50 504 Nov 122
36% Sept kiidland Steel Prod corn..'
Sept
Ainsworth Mfg Corp com10
Middle west Tel Co corn
2435 25
25% 2535 26%
250 21
Nov 584 Aug
Nov
500 24
2855 Sept
All American Mohawk A.5
Middle West Utilities new. 2531
2
2
234
25
Dec 39
2
1,700
2831 143,050 2035 Nov 50
Jan
Sept
Allied Motor Ind Inc com.• 154 15
56 cum preferred
• 99.31 9934 100
16
10,850 15
Dec 57% Feb
98
Jan 194
750
Sept
Preferred
Warrants A
•
3735 39
2
2
331 2,000
400 3735 Dec 55% Oct
2
Dec
5
Nov
Allied Products Corp A_ _ _• 3335 334
Warrants ti
334
3834
1,950 23
3% 431
1,400
Nov 81
335 Dec
Slay
436 Nov
Aitorfer Bros Co cony PL'
Midland United Co corn..' 2155 2031 23
39
50 35
39
3,150 1836 Nov
Nov 53
Jan
3.534 Sept
Amer Colortype Co com •
Miller& Hart Inc, cony pf•
22
2336
Dec 4936 Feb
38
38
250 22
50 35
Nov
52
Jan
Amer (..›31111.11w Pow A.... 2435 2336 25
Miss Vol Ut Inv pr In pfd_•
94
3,850 18
95
Oct 32% AUR
164 88 June 98 June
Warrants
7% preferred A
4
•
4
93
4
98
200
Nov
597 91
12
Aug
Dec 98
Dee
Amer Equities Co corn. • 1634
Mo-.Kan Pipe Line com_ _5 1931
18% 20
3.150 11
1531 17
Oct 3331 Aug
4,300 10
Oct 4236 May
Ameri Pub Serv pf
Modine Mfg corn__ ......
100
• 52
96
50
150 96
9834
Mar 75
52%
Dec 10335 Aug
450 48
July
Amer Radio & Tel -ft Corp
Mohawk Rubber Co corn.'
2
14 234 3,040
931
11.4 Oct 37% hlar
Nov
9
931 10% 1,350
66
Jun
American Service Co com.•
Monroe Chemical Co corn • 134
635 634
1336 1331
500
635 Dec 16
Nov
50 12
Feb
264 Jun
Art Metal Wks Inc coin_• 1635
Monroe Chemical Co pref'
1635 1934 5,850 15
30
ao
Oct 5751 Feb
50 30
Dec 51
Jan
Aasoc Annul Ind Inc corn.'
Morgan Lithograph corn.' 1031
36
50 34
Nor
36
934 13
4,700
68% Jun
5
Oct 5635 Jan
Assoc Investment Co_
Muncie Gear class A
44
•
5835 57
5835
434 5
250 4834 Aug 66% Oct
1,100
835 Oct 31
Jan
Associated id & Tel A. *
Common
•
2
59
60
2
2%
350 56% Nov 62% Sept
Dec 30
2
400
Jan
Assoc Tel Util Co corn_ _ _• 21
MusketconktotSpec convA• 1635 1631 1735 1,300 16
21
2431 4.600 18% Oct 52
Dec 3635 Jan
Aug
Atlas Stores Corp corn_..' 1434 1436 16
Nachman Sprtngf'd corn.' 25
25
3,100 1436 Dec 7436 Feb
29
Dec 764 Feb
700 25
Auburn Auto Co corn__ • 185
Nat Battery Co pref
•
180 218
(let 510
31
1,900 120
3236
1,750 29% Oct 64
Sept
Jan
Balaban & Katz v t e_. _25 59
Nat Mee Power A part...' 28
59
624
274 33% 5,750 2031 0
GOO 59
Dec 88
Jan
" 6631 July
Bancoky Co (The) com_li( 21
Nat Family Stores corn _ _• 20
20% 22
20
1,850 1934 No) 344 Oct
20
Oct 3431 July
100 15
Bastian-Blessing Co corn.' 404 3934 42
National Leather corn.
._10
13,1
1,400 32
Nov 62
134 135 3,900
Aug
131 Dec
5% Jan
Baxter Laundries Inc
Natl Republic Inv
12
50
12
1436
50
1,300 12
Dec 26
51
400 47% Nov
Jan
7235 Sept
BeatrIce Creamery com.50 72
Nat Secur Invest Co coin.' 14
72
75
14
300 75
Nov 130
1536 2,000 14
Nov
Oct
554 Sept
Bendix Aviation corn_ __.• 3131 3035 38
Certificates
• 73
36,100 24
73
Nov 104
75
2,250 73
July
Dec 118
SePt
Milks 311g Codl A cony pf•
Nat Shareholders corn. •
26
25
300 244 Nov 3755 Jan
2651
2531
300 25
Oct 20% Dee
Blum's. Inc corn
Nat Standard common__.• 533
•
23% 2734
33
850 23
38
May
2,805 3034 Nov
29
Dee
511
Feb
Borg-Warner Corp corn_ Ill 3135 31
Nat Term Corp part pfd.• 1431 14
38
23,850 264 Nov 152
15
350 14
Dec 20
Jan
Aug
Nat On Rattle Corp C0111_•
100
7% Preferred
534
350 9531 Nov 104
9731 9935
535 63e
2,650
435 Dec 434 Sept
Aug
Brach & Sons(14J) corn_ _• 1531 154 1734 1,300 11
Nobblitt-Sparks Ind COW.• 546
46
52
Nov
3,400 32% Mar 644 Oct
2935 Jan
Bright Star Elec Co A___•
North American
131
34
ig Dee 26 Jan North Amer O&Car cow.' 38
131
3931 2,100 29
350
Oct 70
Jan
Brown Fence & Wire el A..• 19
El el A.
18
21
20
2035
950 17
Nov 3831 Jan
850 18
Nov
26
Feb
Class B
No Ain Lt & Pr Co com__• 6731 6731 68
• 12
12
1231
500 10
2,600 60
Oct 37
Nov
all
Jan
July
Bruce Co EL common_ _• 47
North Am Writ Wks cl A..*
47
51
20
1,550 40
2134
Aug 864 Aug
250 18
Nov
2535 Scot
Burnham Trail Corp al cif
•
N AS Am Corp A com___• 16
2731
2731 32
4,300 254 Dec 6535 Sept
1535 18
6,900
16
Nov 44
Aug
Butler Brothers
Northwest Bancorp COM _50 z60
20 1434 1335 2035 54,800 1335 Dee 45
5935 6336
1,300 5935 Dec 91/56 Seri
Jan
Camp Wy ar Can Fy____•
Northwest Eng Co com__• 2036 2035 2135 1,450 19
2035 23
130 20
Nov 49
Nov 48
Aug
Feb
CeCo Mfg Co Inc corn .• 16
16 .2335 3,450 16
• 230
294 3034
Dec 8635 Feb Ontario Mfg Co corn
350 2035 July
45.4 Sept
Cent III Pub Serv pref •
95
96
100 85
Nov 98
534, 535
250
5
Jan Oshkosh Overall Co com. •
Oct
1535 Mar
Cent Illinois Sec Co etfs....
Convertible preferred_
26
25% 26% 2,050 22
18
Nov 40
18
150 15
Nov 27
Oct
kliir
Cent Pub Serv class A.
..• 3635 36
Par Pub Ser Co ci A corn _• 29
29
3634. 0,050 25
Oct 5734 Oct
3136
850 16
Oct 3855 SeDt
Common
•
70
70
100 24
Jan 76
3831
750 37
Dec 57
Oct Parker Pen (The) Co corn 10 3734 37
Jan
Central 8 W Utli pr lien pf• 9834 9836 9835
Penn Gas & El A corn_ __• 164
1631 19
100 9835 Nov 109
Aug
250 10
Oct 3136 July
Preferred
Perfect Circle (The) Co. •
95
95
.500 94
Jan 103
32
33
1,050 28
Nov
Aug
67
Aug
Common new
• 2035
19
2535 79,150 12% Nov 26% Oct Pines WInterfront corn_ _.5 43
41
46
1,280 34
Nov 9033 Aug
Chain Belt Co corn
•
Polymet Mfg new
•
42
43
700 42
Nov
14
17
850 14
59% Jan
Dec 41
Oct
Cherry Burrell Corp corn..
44
4435
600 40
Oct 584 Jan Potter Co (The) corn....'
1034 1934
100 1031 Dec 444 May
Chic City &Con ay pt pf • 12
1135 12
500
935
935 1035
Nov
7
31
).y Oct 33 Jan
950
Mar Process Corp common....'
Part oh common_
_ •
Pub Serv of Nor Ill oom_ • 219
134 14
350
Nov
219 238
I
331 Mar
667 200
Nov 435
Aug
Certificates of deposit _ • 13
Common
10
11)0 223% '22335 227
13
550
631 Nov
26
Nov 400
May
60 200
Aug
Chicago Corp corn
• 1335
13
6% Preferred
100
15
51,850 1236 Nov 73
118 118
50 108
Nov 141
Aug
Oct
Convertible preferred._• 3735 37
Quaker Oats, corn
3954 14,200 35
•
Nov 69
233 262
08 201
Nov 369
Aug Q-R-S
Feb
Chicago Elec Mfg A...
De Vry corn
635
400
6% 7
Nov
3
• 18
17
15
1,300
rov 52
Jan
1834
Is
Sera
Chic 1 /1V1113tOr8 Corp corn.'
Railroad Shares Corp corn •
7
734
735
731 6,350
735 8
634 Dec 514 Aug
4,500
Oct 1255 Oct
7
Preferred
Rath Packing Co cow._ .10 24
• 32
3134 3235 5,050 30
22
Nov
2435
950 22
58
Aug
Dec 44
Sept
Cities Service Co corn._• 2335 2334 2831 39,000 19
•
24
Oct 6834 00 Raytheon Mfg Co
25
350 20
Nov 8135 Apr
Club Alum Uten Co
Reliance Mfg Co corn__ _10
•
3
235 4
1736
2,200
235 Oct 3436 Feb
1736 1735
200
14
3035 Jan
Nov
Coleman 1. & Stove corn _ • 35
Rollins Hos Mills cony pt.• 4131 4131 44
35
38
400 35
Dec 80
350 40
Feb
Dec 58% Aug
Commonwealth Edison 100 240
Ross Gear &'Fool, corn...' 3131 30
236 26931 2,525 202
Nov 449% Aug
1,550 29
3236
Dec 57
Feb
Corn Tel Co cum part pf_*
4
22
22
336 4
100 22
Nov
200
3.534 Feb Ryan Car Co (The) co111-25
18
Jan
Dec
Community Water Serv.
.•
1235 13
400 1236 Dec 2135 Oct Ityersou & Son Inc corn..'
35
35
100 31
Nov
50
July
Construction Material_ _ _• 15
Sally Frocks Trio corn...."
15
19
19
184 1,350 15
Dec 38
150 15
Oct
35
Feb
Sept
Preferred
• 3934 39
•
31
3334
4034 1,600 3.5
Oct 55
900 30
Nov
4634 Jan
Feb Sangarno Electric Co_
Consumers Co Cfalk1D011 5
Preferred
100
5
101
101
54 2,850
4)6 Oct
50 100
1335 Jan
Nov 106
Jan
V t c purchase warrants 5
7
134
136
350
131
636 7% 11,450
1
Oct 97834 Jan Seaboard UM Shares Corp.
5
Oct
18% SOO
Coot Chic Corp allot ctia.• 64% 64
Shaler Co (The) class .A..•
19
19
71
69,600 59
Nov
19
Dec
19
Dec
Sep
Continent'l St' Corp corn • 21
Sheffield Steel corn
• 50
.50
21
51
Dec 4735 Sept
2534 2,750 21
350 50
Nov 90
Jan
Cord Corp
5 1234
24
1155 1434 11,400
25
Nov 3735 Sept Signode Steel Straps 0..30
250 20
9
Nov
3235 Jan
Corp Sec of Chic allot ctf• 58
Common
• 15
14
15
5.5
2,310 55
61
250 11% June
Dec 1004 Oct
2031 Jan
Crane Co corn
25
43
9231 9331
150 42
44
150 9231 Dec 101
Oct 484 Mar Southw Gas & El 7% Pf 100
Jan
Preferred
100
85
11334 11334
150 85
8.5
Apr 119
Dec 95
50 112
Jan So'west Lt & Pow pref__ _*
Apr
Curtis Lighting Inc, corn.'
18
18
50 18
Dec 31
Oct Spiegel May Stern
Curtis Mfg Co corn
-6% Preferred
.5
63
100
4534 4534
20
150 40
20
Nov 37
100 20
Nov 95
Jan
Feb
De Mets Inc, pre w w_ _• 20
20
2535 2735
2,500 20
20
200 20
Nov 41
Nov
3731 Feb Standard Dredge cony pf.• 26
Feb
Eddy Paper Corp (The)- •
Common
• 22
2135 2236
1,259 17
18
700 18
18
Nov 39% Mar
Nov
Jan
El Household Utll Corp.10 40
39% 43
11
5,200 30
16
400 10
Jan 9
Nov
334 Feb
208
9036 SePt Standard Pub Service A _ ..• 16
n Stelnite Radio
Flee Research Lab Itsf. •
3
Co
•
8,600
31
35 Dec 2235 Jan
234 5
4. 135 11,200
234 Dec 49
Jan
Empire G & Fuel 7% p1100
8735 8734
31
Dec :183.4 Oct
100 844 Nov 9835 Mar Stone & Co (II 0) corn...' 3035 30
1,300 30
8% preferred
100
18
99
50
18
300 99
9935
15
Dec 1104 Jan Studebaker Mail Ord el A _*
Aug 30
Jan
6% preferred
10e
50
80
100 80
80
5136 1,250 46
Nov 9634 Jan Super Maid Cory corn _ ___•
Jan
Oct 74
Empire Public Service A_• 2335 23
2335
350 19
100
10
Dec 21
Nov 37
Jan
July Sutherland Paper corn..10 1035 10% 11
eitzS & Cons D & is corn _• 48
48
100 133
132 134
49
2,600 123 June 145
350 48
Dec 83% Feb Swift & Co
Aug
Foote Bros0.41\1(
'o_ _
1835
15 3431 3336 7031 9,800 25
1734 2035
1,600 13
Nov
Oct 46
Aug
3231 July Swift International
General Box Corp corn. _ _*
9
•
14
9
13
935 Nov
50
9
100
July
8
114 Oct Tenn Prod Corp corn
2834 Jan
General Candy Corp A _5
6
500
600 30
7
Jun
Nov 62
Oct 10
4
May Thomson Co (J R) corn_25 3634 3635 3735
Gen Writ Wks Corp cl
25
24
750 20
2635 28
25
Oct
Si)
600 20
Nov
Aug
3131 Oct Time-el-St Controls A....* 27
Gerlach-Barklow (The) pf•
8
8or
la
1935 19%
•
Dec 26
8
150
Jan
12
Dee 30
Feb Twelfth St Store llf A-.
Common
1,800 10
15
1235 13%
154
Oct 3735 Jon
400 12
Nov
26
Feb Pnit Corp of Am pref....' 1236
Gleaner Corn liar new corn
United Dry Dka Inc, corn.*
18
835 9
18
Jan
300
Nov
1,750 18
23
2036
7
Nov 35
28
Nov
Godchaux Sugars B
•
• 19
19
21
750 14
24
24
Oct 514 Sept
100 1535 June
Sept United Clam CO emu
Goldblatt Bros Inc corn... 2535 2535 2734
Un Repro Corp part pt A.'
135
136
1,550
2
14 Dec 4231 Jun
150 22
Nov 38
Feb
Great Lakes Aircraft A_.•
5
It) 4135 40
9,450 35
46
5
Nov
9235 Sept
6
3,650
5
Oct 32
Jan (IS(ivpsilro
Great Lakes D & D____100 155
tr S Linea Inc pref
13
2,000 13
• 13
1335
155 15835
Dec
Aug
19
396 126
Nov 290
July
Greif liros Coop'ge A corn*
fi Radio & Telev
536
54 84 2.100
41
535 Dec 141
Feb
41
50 3934 Feb 48
Sept
Grigsby-Grunow Co corn.* 1935
5
5
00 56
1735 2335 124,610 144 Nov 694 SePt Utah Radio Products Mtn •
6
631 2,600
Jan
Ground Gripper Shoe corn • 2635 26
• 18%
1834 22% 21,00) 14% Nov
55
Aug
26%
200 26
Dec 4334 Sept lit & Ind Corp corn
Rail Printing Co cool._ .10 28
Cone pref
• 244 24
2735 6,000 1935 Nov
28
Aug
55
2934 1,450 20
Nov
36
Oct Urn
Harnischfeger Corp corn
Pow Ar 12 Corp A....'
32% 33%
2734 2734 2835
250 2736 July
5634 Sept
300 254 Nov 3335 Sept
Hart-Carter Comm pref.* 204 20
C011'1-10!) non-voting ....• 15
,
15
100 1335 Oct
15
38
22
2,150 18
Sept
Oct 883 sept Van
1
34 3 Jao
Hormel & Co(Geo)corn A. 3335 32% 40
Sleklen Corp part A.."
19
150 19
19
Nov
3635 Jan
1,150 3255 Dec
Houriaille-Ilershey Corp A• 22% 2235 244 2,000 1736 Nov 5935 Feb Vesta Battery Corp corn.10
5
100
Nov
5
5
15
Jan
Vortex Mfg
Class B
650 18
• 214 214 23
21
Nov
1,350 12
22%
3234 Sept
Nov 59
Feb
Chute A
Hussurann Ligonier corn_ •
• 26
26
500 24
()et 42
22
2731
Aug
23
250 20
Nov
3031 July
Wahl Co common
Illinois Brick Co
731
25
1,700
735 834
735 Dec 27
2635 28
Jan
Nov 41
Jan
450 23
Warchel Corp. cony pfd •
Inland Util Inc class A _• 2435 244 25
23
23
110 20
Nov
30
Jan
3,950 2431 Aug
2735 Oct
Ward (Monte) & Co el A.•
Instill Utll Invest Inc.....• 5735 554 6935 109,150 30
132 132
10( 105
Nov 135
Sept
Jan 14934 Alai
2d preferred
Wayne Pump Co corn....'
634
• 8.5
844 87
100
634 634
Apr
2,600 85
Aug
634 Dec
35
Nov 108
Iron Fireman Mfg Co v t c• 25
Cony preferred
2735 2934
2435 26
- -• 29%
400 21334 Dec 46
2,600 23
Jan
Nov
38
Aug
Jefferson Elm Co Corn...'
2934 3036
2635 2635
800 2934 Dec
50 2435 Dec
3335 Jan
59
Mar Western P L & Tel cl A..'
Kalamazoo Stove corn_ •
29
2,750 19
750 50
65
Nov
Nov 131
67%
Jan P7extark Ran Sts Inc corn • 2234 22
7434 Sept
Katz Drug Co corn
39
1
750 29
• 29
29
30
1,250 28% June 73
3835 40
Jan
Dec 57
:9 Wieboidt Stores Inc
194 0 1
.1
Williams 011-0-Matie corn'
Kellogg Switchboard com10
5
7
1,050
5
8
Dec
5
531 4,150
Dec 2951 Jao
7
Winton Engine Co. corn..' 4931 49
Kentucky Utilir corn p1_50
5335 4,350 38
50
Iree
150 Ill
50
Nov
Sept
77
52% Mar
Woodruff & Edwards A...•
Keystone St & Wire corn.. 23
14
23
14
200 14
Nov
2631 1,550 23
Jan
53
Dec 2835 Jan
Keystone Witt Wks & El A.
14
41
15
423,1
550 13% Dec 3236 Apr
Oct 45% Oct Yates-Amer Mach pt pfd.•
150 38
Yellow Cab Co Inc (Chic)• 2631 2631 27
Key Radio Tube & Lt
2,250 22
Jan
Oct
35
•
Zenith Radio Corp corn..'
Common A
61-4
94
836 11
635 934 15,150
1,850
Feb
84 Dec 42
636 Dec 624 Feb
Bonds
Kirsch Co cony pref
•
174 1731
Jon
300 15
n
Nov
32
Chicago City Ry 5s.__1927
La Salle Ext Unlv corn __10
74
355
74
$5,000 69% Nov
335 4
2,450
236 Dec
8734 July
53.1 Jan
Lane Drug corn v t c_
50
•
50
5.000 48
5
1,000
5
Dec 78% May
Oct 2935 Jan Chic Rya 58 series A__19'27
2
53 series
Cum preferred
1927
36
38
•
Nov 89
27,000 35
May
1536 16
Nov 32
450 14
Sept Corn'w'Ith Ii
Edison 5s A_'5.3
Leath & Co. corn
• 11%
1014 10135
11
1,000 9954 Mar 104
1136
400 10
Dee
Dec 25% Mar
lot M 5s
Cumulative preferred_
1043 1034 103% 103%
5,000 wog Nov 10434 Jail
3435 37
200 34% Dee 46
Jan
1st 51 60..........1943
Warrants
136
10835 1084 1,000 107
Oct 110% Jan
100
136
Mar
136 Dee
135
Northwestern Kiev 5s_1941
Lehman Corp cap stock..'
79
8i)
7,000 77
Nov 96
7334 7334
Feb
50 72
Nov
113415 3434 e pt Pub
82
u
Sery lot ref g 5s...1955
Libby kieNeill & 1.ibby.10 17
17
10031 101
11,000 0755 Sent 10136 Jan
19
3,900 1035 May
Lincoln Printing corn_
9835 9836 5,000 9836 Oct 9836 Oct
•
19
20
400 16% Nov
July So Union Gas 635s w w '39
7% preferred
50
884 8934 10,000 81
4231 43
Dec 9734 Feb
Jan 46
100 42
Oct Standard Tel deb 5481943
Lindsay Light corn
10
85
85
5
5,000 8.5
5
Apr 85
150
Apr
535
734 Oct United Pub Util 535s.1947 85
335 Jan
Lindsay Nunn $2 cony pf..•
2631 26%
400 22
Dec 3134 May
• No par value. z Ex-divldend. y Ex-rights.
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price, Low. High. Shares.
63
-
33,1
3949
FINANCIAL CHRONICLE
1)Ec. 211929.]
New York Curb Exchange-Weekly and Yearly Record Curb Exchange for
York
on the New
In the following extensive list we furnish a complete record of the transactions
It is compiled entirely from
on Saturday last (Dec. 14) and ending the present Friday (Dec. 20).
the week beginning
intended to include every security, whether stock or bonds, in which
the daily reports of the Curb Exchange itself and is
any dealings occurred during the week covered.
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. price. Low. High. Shares
Week Ended Dec. 2)3.
Stocks-
Range Slue Jan. 1.
Low.
High.
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Consul Automatic
'
174 Jan
11 Dec
Indus. az Miscellaneous.
% 32,300
4
4
Merchandising v t c___.•
Jan
23
May
Jan
6
200
954 10
2% Dec 45
2,700
954
Acetol Prod corn A
•
2% 3
234
•
43.50 preferred
3155 Aug
63.4 Oct
700
5034 Feb
734
734
600 1254 Oct
Industries •
Aeronautical
19% 2034
814 Aug Consul Dairy Products__ •
14 Nov
700
3834 Sept
1% 1%
900 204 Oct
Warrants
Dec Como! Gas LItIl class A._• 234 2334 25%
555 Nov 40
Mar
100
35
40
40
234 Nov
3,100
Aero Supply Mfg class A'
454
4
Mar
21
1.700 1034 Dec 2255 Aug Consol Instrument com •
Oct
1034 12
1074
*
Class 13
10% 9,500 10
10
• 10
4854 Feb Consol Laundries
Feb
• 144 144 154 1,800 1431 Nov
An o Underwriters
1134 1254 2.200 104 Dec 394
corn.•
Nov 434 Jan COD8 Retail St's Inc
Dec 234 May
154 194 2,100 15
4
1734
200
AA,la Ansaco Corp coim- *
4
4
Nov 9514 Slay Consol Theatres con vtc _. ;
350 66
Dee 9734 Aug
/
771
76
1
- 00
100 48
Preferred
48
48
July Continental Secur OOM _ _ _ * 48
Oct :57%
400 17
254
•
24
100 1734 Nov 434 Jan
Ainsworth Mfg corn
2434 2474
• ____
Oct 2054 July Coon(W 13) Co corn
3
1,800
34 4
315
300 2934 Dec 584 Sera
Air Investors Inc corn v t c•
29% 32
Dec 4036 July Cooper-BesserrerCorpoom• 31
Nov 52% A pr
1134 1,400 10
10
. 10
200 38
Convertible preference40
39
pref with warr_• 39
$3 cum
700 4034 Nov 644 Aug
4314 4536
,!" 44
Alrstocks Inc v t c
Feb Copeland Products Inc
200 109% Nov 161
1234 Feb
121
al
121
534 Oct
100
Atl G & Sou RR
511 514
Clam A with warnants. • _ __ _
Feb
44 10911 Nov 167
Nov 87% Sept
511 125% 125% 125%
Preferred
1456 6,400 10
12
.5 -12Mar Cord Corp
1% Dee 23
414 Sept
•
1% 24 1.100
1254 Nov
Industries_
Alexander
1334 1734 1,400
Corroon Az Reynold_s nom • 1334
Pent
Nov 123
500 69
Allied Aviation Industries
8255
71
• 71
Preferred A
Dec
1
1434 June
14 4,700
1
1
8714 Ott
With stock porch warr_•
1951 2434 5,000 1714 Nov
134 3,900 1014 Oct 2434 Oct Crocker Wheeler new w 1.• 19%
11
11
•
Allied 51111s inc
Feb
74 Dec
734 Jan Cross At Blackwell
400
Dec 56
54 1
200 38
Allison Drug Stores el A...
3854
Preferred with warrants. ______ 38
May
15 Oct 11
500
Nov 6234 Jar
1
1
•
30
Clam B
80
Jan 53934 Aug Crowley Milner & Co corn • ______ 3054 3134
1,500 146
84 Dec
5234 Feb
2504 285
100
A11111111111112 Co common.-• 260
1355
855
Aeropl Exp corn _ _.• ___ _ _
Nov 11() June Curtis
360 103
00
108 109
Preferred
311 Dec 134 Ma,
600
354 314
33i
Feb Curtiss Airports v ;c.__ •
Nov 41
API
200 20
5% Dec 2974 July
Aluminum Goods mtg__..,, 214 2134 24
534 64 1,00
5%
Aug CurtLis Flying Sere Ir.r..•
200 9934 Nov 280
110 110
110
134 Dec 13
Aluminum Ltd
244 5,700
115
134
4734 Jun ( urt Ise-Wright Corp wan
Nov
Oct 3411 Feb
100 3634 353.4 3655 1,600 31
American Arch Co
000 17
204
20
• 211
Aug Davenport Hosiery
Dec 52
100 38
5734 Mar
40
Nov
40
2
Amer Bakeries class A__ •
254 354 2,100
234
1534 Jan Davis Drug Stores allot etre
514 Dec
100
4614 Sept
534 554
•
Amer Beverage Corp 800 0434 Dec
5
4
4
Sept Dayton Airplane Engine
Dec 105
20 90
90
10(1 1)0
90
American Book
2234 Feb Decca Record Ltd
54 Nov
200
434 Set
4 Dec
Amer Brit & Cont Corp...•
514 6
too
4
4
___ __
Amer ohs for ord reg _41 _
Pet
400 1634 Mar 4944 Oct
3434
No, 642
34
Amer Chain coin
575 310
350 403
Deere & Co onmmon _100 350
925 9854 Dec 153% Aug
Dee 2614 Jar
3
American Cigar com__ _100 9834 984 1024
611 21,600
3
334
•
Forest Radio v I e
Oct 4934 Feb De
100 16
1734 Set"
224 2215
American Colortypecom •
534 Nov
5.300
6% 8
755
•
Jan Detroit Aircraft Corp
Jar
Am Cyanamid corn dB _20 24% 2454 2834 62,600 204 Nov 80
1,100 14% Nov 42
1854
16
• 16
Dodder Die-Canting.
Star
334 Oct 29
354 434 3,600
4514 MD
33-4
Amer Dept Stores Corp._•
144 15% 5,900 144 Dee
• 1411
Douglas Aircraft I no.
Oct 3334 Oct
174 7,900 16
16
Nov 100% Set/
00
American Equities corn. _ _• 1634
200
65
65
6534
Sept Dow Chemical corn new
SA Nov 42
78 Jou
Nov
103.4 1256 14.800
Amer Investors Cl B con' 10%
500 62
66
63
100 63
Draper Corp
Nov 24% Sept
3
6
734 1.000
Dec 484 Jai
Warrants
200 32
33
70k.121- 6934 Nov 9734 Sept Dresser (S R) Mfg el A _ .• __ __ __ 32
Oe
70
59
. 70
Nov
Launa Mach com
Am
500 30
3954
36
50 37% Jan 59)4 Sept Driver-Harris Co, corn. 10 36
ma
4411 44
June 20
American Nib( tom._ _100
4
1116 144 17,100
Dubiller Condoneer Corp • 11%
214 Mar
1634 Apr
200
194 Jam
534 514
Amer Pneum Serv com_25
334 No%
554 12,500
47-1
454
Durant Motors Inc..... •
No'
Amer Solvents & Chem100 1434 Dec 22
144
1434 144
Duval Texas sulphur new
:
4051 July
900 1034 Nov
Jai
1434 29
7
Old common
5, tat
100
1
1
•
100 2534 Oct 4214 Sept Dor Co Ine einSi1 A
2835 2814
414 Jai
Cony panic prof
4 Sept
2,800
1
1
•
Class A vot tr et fs
Feb
3
334 Jan
600
314 34
314
5
9% Au
Amer Thread prof
4 Dec
54 24,100
•
34
Dec 3434 Oct Earl Radio Corp
2834 1,700 19
• 27.4 25
Nov 8234 Ben
Amer Yvette Co Inc
• 1414 1454 174 6,800 1234
554 Dec Ender Electric corn
Dec
5
2,400
5% 6
555
New when Issued
Dec 8634 Sep
300 39
414 414
•
Sept Flee Household TRH_ _ _ _10
Dee 115
300 25
30
25
See
Oct 02
15
Amrad Corp corn
10,10
28
22
Elec Power Associates eom• 2234
Nov 9256 BM
Amsterdam Trading Co14
2454 11,400
• 184 18
Class A
3354 May
1,200 204 Nov
2714
2714 27
Jul
Oct 66
American shares
9
4,700
Aug
Elec Shareholdings corn _• 1534 1554 18
Oct
8
2534
114 1534 3.500
Anchor Post Fence corn...* 1134
8855 1,600 4554 Ott 16351 Jul
82
Cons prof with warr.- . 82
Oct
2,700 15
4,531 Jan
1834 22
Nov
3234 Jul
Anglo-Cline Nitrate Corp.• 1814
200 10
• 1034 10% pay
434 May Empire Steel corn
254 Dec
2,100
214 3
214
Ansio-Norwegian Holding•
Dec 3214 See
600 22
2334
22
June Employers Re-Ire Corp_111
39
200 1016 Nov
• 1234 124 15
3434 /el
Nov
Apex Elec Mfg
3
2,000
354 4
7Mrchlid Aviation class A •
Dec 5534 May
8
114 4.300
10
A,cturus Radio Tube__ _ • 10
Nov
Aug Fairey Aviation Co Ltd77
00 60
6034 60).
6% Ser
134 Oct
Armstrong Cork corn....°
400
351 334
Am dep !TM for ore! she
24 Dec 2734 Feb
214 34 1,700
214
Dee 124% Jo
Associated Dye & Print •
320 55
60
100 5634 55
Fajardo Sugar
Mr
ALSOC Elee industries4 Oct 10
1.100
14 1
•
Fandango Corp eom
514 Oct1514 May
18,000
54 6
514
"
2434 eel
Amer dep rcts
5% Nov
700
73-4
6
654
1414 Feb FanzteelProrldcts the _ _..
.
2% Dee
200
Ja
234 235
50
Nov
3
Associated Laundries A_ •
2,100
711 13
711
3514 Jan Fedders Mfg Inc class A..•
Nov
3
800
Ma
415 6
455
76
Nov
Associated Rayon cow._.•
1.100 30
34%
32
Federal Screw Works __ •
873.4 Jan
3,200 304 Nov
48
44
1011 44
Dec 2934 Ma
Preferred
8,000 154
6%
1534 18
1654
2,000 2334 Oct9034 Feb Fiat, Amer dep receipts__
2554 28
511 Nia
Nov
Atlantic Coast Fisheries_ •
1
200
14 154
135
Film Inspection mach_ •
Jan
2
In Oct
Jul
30
11 4,100
"r•
'is
•
44 Nov
Atl Fruit & Sugar
614 74 1,700
Nov Financial Inveit's of N Yi(1
Dec 26
1,200 24
2456
Fe
24
24
•
Nov 155
Atlas Plywood new
100 95
101 101
Nov 544 Jan Pirouette Fund Ins_ ___100 101
6,500 3054
Oct 6714 Nis
8
Atlas Portland Cement • 3334 334 37
154 174 3,700
153.4
June
trekker Air Corp or Amer.*
100 1534 Dec 49
1534 1514
Corp corn_ •
Oct 3834 JII
534
Atlas Stores
500
934
8
8
Folds- Floc bet com m on _ ....•
1534 Jan
74 Aug
600
851
8
8
Automatic Voting Mach_ .•
vord Motor Co Ltd
2034 At
• 1534 n1515 17% 3.100 n154 Dec 2934 Jan
13,200 104 Nov
Cony prior partic
1.014 12
10%
Amer dep rete ord reg_il
2011 214 3,900 2035 Nov 89% Mar
Oct 6954 Al
6,300 15
Aviation Corp of the Amer.
oni
Nov 2334 Fe t, , Motor of Can el A. • 2911 2814 3234
1254 1334 4,000 12
134 Bel
• 1234
Oct
3
Aviation Credit
700
755 834
Dec 4911 June Ford of France Aro dep rots
7
834 2,701)
7
2134 ()
July
Aviation Securities Corp.ll
900 10
11
10
11
SoretnorrtIlalry Prod COM ..
Nov 434 Feb
100 30
40
40
Al
23
Nov
600 15
Axton-Fisher Tol corn A 10 40
16% 1736
17
Cony preferred
•
•
14 Oil 224 Jan Foundation Co400
354
3
34 Nov
1934 M/
Bahia Corp com
44 44 1,000
Foreign shares class A_ •
Nov 504 Oct
1.400 4634
• 4775 464 4854
ore...unit Corp new
Fourth Nat investors Core
May
Nov 100
100 75
80
80
Oct6034 See
Baumann (14 & Co let pf10
8.300 20
May
Com 0,vIth porch ware)• 2954 2914 3534
Oct 24
5
1.200
6
5
5
544 Dec 3555 Jr
Bellanea Aircraft v to....
545 914 82,100
515
Fox Theatres CIAIII! A corn •
July
Dec 27
900 15
1574
15
• 15
4614 Jut
Nov
Bickford's Inc corn
200 21
2155 22
Franlsiln (11 II) Mfg com.•
Sept
64
Nov
• 314 3134 3334 2.800 30
Blaw-K nox Co
Oct 5654 Jan French lAnc-Am she for
2134 243.4 6,900 10
Jr
Oct 59
Bliss(E W)Co common • 22
700 35
3314
36
Corn B elk for 600 franca
314 Oct 29% Aug
874 27.000
7
At
7
184 Nov 36
Blue Ridge Corp cont.._ _"
Nov 5554 Aug Garlock Packing corn .....• 204 2054 2134 1,500
114 J1
Dec
3
Opt 6% cony pref.. _50 3314 3311 3614 20.100 234 Dec 102% July
100
3
3
Forgings el B_ •
Gears &
28% 324 3,500 2834
211., Jr
Blumenthal(S) Ar Co corn • 30
44 Nov
200
10
•
10
•
25
300 24
Dec 295 Dee General Alloys Co
24
Blttm's Inc
854 Dec 3034 Se
6,000
811 11
9
.1sn Gen Amer Investors__ _ _ •
3
Aug
1
200
111
111
131
10
Nov 111% Se
131yn Shoe Inc corn
900 70
774 79
1011 7714
Preferred
Nov 10234 July
100 65
694 6955
..•
1034 hi
Bohack (SIC) Co corn
On
25,000 24
3% 4
34
•
Jan General Baking corn
5
51 Der
100
24 241
No' 7934 .Ii
Bowm-Blit Hotels corn_ •
• 4931 4854 5554 8,000 45
Preferred.
534 Slay
114 Jan
34
300
1,1
47
Dec
2,500 13
BrIdgelmr1 Mach corn •3 114 2.400 10
15
13
13
Mar General Cable, warrants_ _ _
29
Nov
• 10% 1054
Brill Corp Class A
Nov
I
24 4% 2.700
234
•
1234 Mar General Eke (Ger m any)6054 Ai ff
Class II
3514 354 36% 1,300 353-4 Dec
Amer deuceit Ms
2734 Mar
Nov
1,200 14
163.4
Brill° Mfg C01011100._ _ .• 1634 16
Gen Flee Co of at Britair
Oct 28
May
7
100
1955 193-4
CHI
203.4 Feb
Brown Fence & WireciA .•
1155 114 31.600 7%
1134
%maracas) deposit rote..
200
Oct
1315 134
4
•
143.4 Dee
Class CI
Dec 3634 Se pt
2554 6,900 19
19
• 19
General Etnpire Corp_
Jan
Oct 50
37
200 30
3734
Bulova Watch cony pre __
Oct 4434 Ju lY
500 294
3034 34
754 Get
700
10
10
173-f Sept Gen'l Fireproofing coin...'
. io
57
Nov 344 MI
Duren Inc common
000 10
154
15
Gen Indust Aleohol• to.'
500 38
Nov 46
Sept
4255
41
Dec 274 .11an
6°3- prof with warrants 50 41
4
Sept Oen Letund Nlach corn....' 1134 10% 13% 6,000 10
334 Oct
8
600
4
4
3974 SePt
Warrants
10% II% 10,400 1074 Nov
355 Oct
514 .ten Goal Realty & Utll corn _• 1014
4,900
34 4
33-4
Surma Corp Amer dep rete
Nov 12154 SePt
7454 7915 3,300 60
Pf with corn porch war IOU 75
1334 1355 2014 4,900 1334 Dec 4454 May
Nov 6614 SePt
Butler Bros
11.134 may (len Theatres Equip corn ..• 2874 263-4 3246 12,600 24
Nov
4
3,700
44 6
44
•
Nov
2514 3an
Cable Radio Tube v t c
400 14
16% 1734
Gilbert (A C.) corn
• 163-4
100 193-4 Oct 3714 Aug
2,34 2354
5
Camden Fire Ins
3511 Oct50 Ju no
100
• 414 41% 41%
Preferred
111 Dec
114 Dec
1,900
111
13-4
50
Oct1594 Pe Pt
Caracas Sugar
1,400 80
• 11054 110 115
Dec 3134 Feb Glen Alden Coal
260 21
24
21
•
A
28
Carman Az Co class A_
133-4 144 4,100 1234 Nov
(Bribe Underwrit Each...'
Carnation Co (formerly
Sept Goldberg (8 Ni) Stores3254 1,500 2934 Nov 62
31
3an
88
Carna'n Milk pref)_ _ ..• 31
Del
100 52
52
52
$7 prof with warrants_ _ll 52
Mar
•
Dee 70
19
19
10(
19
CeCo Mfg common
Nov 1121% N at
Gold man-Saone Trading _ _• 3575 3534 447 55,600 32
Oct 6714 Fe t
324 344 2,400 20
Celanese Corp of Am corn ..• 34
Oct2734 M ap
3
534 10,300
4
4
•
Oct 122
Al', Gold Seal Else CO
400 80
9434
88
100 88
Si pt
First preferred
Dee 48
500 20
20
20
• 20
Feb Gorham, Inc, corn A
Nov 100
24 80
86
88
100
J an
New preferred
Nov 61
800 25
• 314 3034 34
3'3 pref with warr
Jan
50
Nov
1,600 12
16
13
•
Celluloid Corp corn
1934 3eb
114 Oct
1,300
114 2
Yuri Gotham Knitbac Mach...
1.11
13
Nov
514 514 4,S00
515
434
Centrifugal Pipe Corp_ _ _ ,•
Gramophone Co Ltd
Oct
15
Oct
6
200
654 654
J1 ly
Chain Stores Devel corn..'
2134 214 2254 6,700 1634 Nov 41
Amer dep rcts ord reg_
Nov
4014 Jae
9
6,700
1235 131-4
Nov 6854 81 pt
Chain Stores Stocks Inc..• 1255 52
3,200 23
34
30
• 30
lraymur CorP
(let
Nov 69
5.474 4,400 44
I ec
Aug 118
& Ohio RR new.. 23) 52
Clues
70 1114
11 Atl & Per Tea let pi 10e 1163.4 11614 11774
Jan
9711 Mar toa
5
106 106
100 106
Nov 494 51ay
Childs Co prof
270 162
231 275
Non vol corn stock__ ._• 231
Oct6834 Oct
2854 215,300 20
2331 23
Sept 174 5tar
Cities Service common
'200 10
10
10
Greif (L) & Bros Inc corn _• ..l0
Nov 9951 Slav
1,200 84
i no 8855 884 8954
•
Oct
434 1 eb
Preferred
1
500
155
155
Nov
9% Jan Griffith (D1 class A
811 851
8
400
100 .1714 A ug
Preferred B
Nov
14
1,300 10
14
14
Grocery Stores Prod v t O.
Seto
25
OCt 38
15
200
23
Sc Pt
49
Nov
Machine & Tool coin • 23
City
18
20
4,200
27
27
Nov 564 Feb Ground Grinner Shoe come
100 40
4514 4514 4574
SI Pt
Nov 48
City Say 131: (Budapest) ....
30
•
200 20
30
83 preferred
1
Dec 2434 Jan
14 3,600
1
1
Dec 11934 A ug
Clark Lighter cony A _ ...•
900 34
3914
39
34
Jun. Guardian Fire Aseurance 10
32
Dec
500 15
194
15
1255 A Pla
Dec
Cleveland Tractor corn_ ..• 15
3
34
3
600
Guardian Investors Cori)•
354 Der 334 Feb
800
334 34
3034 (
Club Aluminum Utensil •
F.co 2454 Nov
100 1134 Dec 4034 June Guenther (Roll RAMA TAW5 ---- 2874 29%
1134 114
Oct 2034 .1 an
Cohn & Ro.enberger com_.
300 10
1454 1534
Hail(C NI) Lamp Co..•
Oct
Nov 90
3,100 40
503-4 53
( ct
Nov 66
Colgate-Palmollve-Peet _ _• 51
200 58
55
58
IAD Hambleton Corp allot etre.
2
Dec
54
46 13,400
Si
•Is
Colombian Syndicate
Dec 453.4 Jan Handley Page Ltd1,000 24
26
24
'no554 Jt
Nov
M1g25
2
200
Colt's Pat Fire Arms
2% 24
Amer dep refs partic prof
4414 Miss
600 1334 Nov
1554 17
•
C•nnonMintogl AirerAft
3950
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sate
of Prices.
TVee.t.
Stocks (Continued) Par Price. Low.
High Shares.
[VOL. 129.
Friday
Sales
Range Bina Jan. 1.
Last Week's Range for
Range Since Jan. 1.
Sale
of Prices.
Week.
Low.
High.
Stocks (Continued) Par. Price. Low. High. Shares.
Low.
High.
Itappinces Candy St el A.*
134
1
144 2,800
1
Dec
5% Jan 011 Stocks Ltd
Ilabinshaw Cable dr Wire •
1951 1934
100 1951 Dec 4355 Feb
Class A without IMIT--•
Harnischfeger Corp
934 10
944
•
1,800
104 Oct 1934 Jan
27%
200 27% Dec 28
Dec Orange Crush
•
• 3444 3455 28
Haygart Corti
28
28%
200 2031 Nov 34
Oct
37% 6,300 27% Nov 82% Mar Otis Elevator corn w
•
HanItine Corp
58% 7031 2,600 58% Dec 75
20
Dec
20%
80) 14% Nov 70% May Outboard Mot Corp corn B• 60
Kelena RuIrsteln Inc cora•
4
4
4% 3,300
4
Nov 13% Aug
5%
555 834 8,600
3% Nov 26% Jan
• 12
Cony pref ol A
Hires (Charles) corn A__
12
12%
1,000 10% Nov 21% May
2534 25%
200 23% Jan 30
Oct Overseas Securities
Hormel(Geo A)& Co cons" 34
•
20
20
300 20
Dec 59
34
34%
May
700 3355 Jan 58% Sept °Arington Bros panic
Horn dc Hardart corn
pref•
234
255
• 40
234
200
234 Dec
40
4134
7% Jan
Oct 64% Sept Paramount Cab Mfg corn.'
1,500 39
Huylers of Del corn
12% 12
15
•
3,600
8
43% Jan
8
400
Dec 32
8
Jan Parke Davis & Co
Hydro-Elec See corn
•
• 37
800 4 % Dec 5834 Feb
6
0
O
35
4134 5,700 27
Nov 81% Sent Parker Pen Co common_10 40% 40% 4431
HYgrade Food Prod oom_• 1054
37
37
250 37
Dec 56
10% 1151 3,400 10
Jan
Nov 49% Jan Patterson-Sargent Co corn• 24%
Imp Tob of Gt Br & Ire_£1
24% 24%
200 10
Oct 39% Sept
23% 2351
300
655 Oct 33% Jan Pender (D) Grocery cl B.
Indus Finance corn v t c_10 18% 1734 1855
38
38
150 20
Nov
6254 Slay
2,700 17
Nov 5835 Jan Pennroad Corp corn v e-•
7% cum preferred_ _100
1331 1331 1531 130,900 1331 Dec 80
65
65
July
100 65
Dec 91
Jan Peopled Drug Store Inc-. 49
Insull Utilities Investm...• 56
49
5431 1,300 45
Nov 94
56
68% 8,300 28
Jan
Oct 160
Aug Pepperell Mfg
$6 2d pref with warrants
100 9055 90
95
670 85
Oct 11354 Feb
8531 86%
400 70
Nov 101
Sept Perfect Circle Co corn_
Prior pref without war_
•
34
34
200 28
Nov 64 June
83
8331
300 70
Oct 103
Sept Perfection Stove
Lim Co of North Amer.10 70
25 60
60
60
50 60
Sept 100
6631 72%
May
1,600 52
Nov 92
Sept Perryman Elec corn
Insurance Securities•
7
7
9
600
1734
Nov 29% May
4
1734 1855 3,300 17
Nov
3314 Jan Pet Milk pref
Intenzoast Trading tiom--• 21
100
95
97
100 944 Nov 114
21
2155
Jan
300 20
Nov 32% Sept Phil Morris Con Intl corn.*
Internet Hold & Inv
714
34
534
Dec
3'4 5,200
5%
555
100
4% June
554 Nov
844 Oct
Class A
Internal Perfume corn--•
25
4% 4%
435
55 Nov 1055 July
500
735
734 834 6,700
674 Oct 24% Jan Pick (Albert). Barth & Co
Internal Products oorn---•
5% 5%
535 1,400
5
Nov 14% Jar
Prof(panic Dr)
Internal Safety Razor B.
•
13% 14
14
Sept 19
600 10
14
Jan
1455
600 11
Jan Pie Bakeries of Am cl A__• 21
Interstate Eoultiee com__• 114, 1131 14% 8,900 114 Nov 46
21
21
Nov 30
700 20
Aug
Dec 25% Aug Pierce Governor Co corn..
Convertible preferred
1134 11%
41
1,400 1054 Oct 38% Jan
41
42% 3,300 40% Nov 450
Oct Pilot Radio & Tube e r A...• 1141 11
Pilot
laterstate Hosiery
1131 14,900
935
Nov 29% Sept
7
734 9% 1,200
754 Dec 3274 Mar Pinchin Johnson & Co Ltd
Iron Firem Mfg corn vtc __• 25% 25% 25%
300
Nov 3334 Jan
Amer ohs for ord stock..
Irving Air Chute com ---• 13% 13% 14% 3,300 21
33
3334 2,000 305-1 Oct 42% May
13% Dec 41% May
Pitney Bowes Postage
Johnson Motor Co corn'
30
30
1,000 30
Dec 4234 Oct
•
Meter Co
Jones & Naumberg corn__*
9%
9% 10% 5,400
834 Nov
2
4( July
2%
3%
1,400
2
Dec 1155 Aug Pittsburgh Forgings
$3 cum cony pref
1011 10% 10%
100 10
Dec
20
1051 Dec
20
600 10
Nov 59
Mar Pitta & L Erie RR com-50 11214 112% 12151
Klein (D Emil) corn
1,000 10055 Nov 156:6 Feb
15
1534
600 15
Dec 2835 Jan Pittsb Plate Glass corn_ _25
Kleinert (J B) Rub com„. 26
49
52
4
300 49
Dec 76% Jan
2454 2634
3,700 19% Nov 41% May Polymet Mfg new
Knott Corp common
•
1514 13% 16% 3,900 124 Nov 423-i Oct
26
26
100 26
Nov
37
Feb Potrero Sugar common....
Kolater-Brandes, Ltd
6
6
6
4% Oct
100
Nov
Powdrell & Alexander....' 70
American shares
£1
70
7455 1,200 6041 Oct 120% Sept
1
1
134
5,500
1
Dec 1254 Mar Pratt & Lambert Co
Lackawanna Securities._.• 3554 35
• 58% 58% 62
Nov 85
300 58
3555
Feb
800 30
Oct 4534 Jan Pressed Metals of Amer..
Laksy Foundry & Mach--•
2031 2051 24%
9
9
800 2051 Dec 2451 Dec
934
1,300
851 Nov 854( Jan
Prince & Whitely Trad •
Lake Superior Corp new__*
951 1255 57,900
914
9%
911 1134
14
634 Nov
900
Sept
914 Dec 11% Dec
$3 cony pref A
Land Co of Florida
• 36% 3555 40% 29,300 29
•
131 3
Nov 50% Sept
700
131 Dec
13
Jan Propper Silk Hosiery corn.'
Lane Bryant Inc corn_ _a 30
1655 1655
30
100 11
Nov 43
30
300 28
Jan
Dec 91% Sera Prudential Investors tom _• 16%
Langendorf UnitedBakerles
13% 13% 16
5% Oct 41% Sept
12,600
Public Utility Holding Corp
Class A
•
29
29
200 28
Nov 40% Sept
corn with warrants
• 16%
Class B
1655 1754 16,400 16% Dec 19% Dec
•
29
29
200 28
Nov 39
Sept Radio Product('corn
•
Lazarus
(F& It) Co corn.
18
20
19% 19% 21
500 1044 Oct 363-1 Sept
1,600 19
Oct 49
Mar
Rainbow LuminousProd A• 11%
Common ctfa of den- -- - 18%
1041 13% 4,000
1855 18%
744 Nov 65
100 1731 Nov 36
Jan
Sept
Common clam B
Letcourt Realty Corp_
•
•
4% 5% 5,400
13% 1351
431
414 Nov 20% Sept
100 10% Nov 39
Jan Raymond Concrete Pile
Preferred
•
27
28
300 23
Oct 39
Jan
Common
Lehigh Coal & Nay
50
50
50
111% 114
100 23% May 65
300 90
Jan
Nov 173% July
$3 cum cony pref
•
Lehman Corp
50
50
70
70
Dec 71
76% 23,900 63
300 50
Aug
Nov 138
Sept Reeves (Daniel) Inc corn... 2435 24
Lerner Stores Corp corn._ _• 3954 3955 41
25
800 2155 Nov 4551 Jan
1,500 36% Dee 72% July Reliable
•
Stores corn
Ley (Fred T)& Co Inc.. 42
18% 19%
42
42
1,200 1451 Nov 29
1,000 40
Aug
Dec 61
Sept Reliance Manaaement---• 16%
Libby. McNeil & Libby _10 1731 16% 1855
1651 18% 4,000 12
Oct 63% Sept
1,300 1155 May
23
Lily-Tulin Cup Corp
• 17
17
55
51
1851 3,700 1234 Nov 27% Sept Repetti Ins
200
5
% Dec
Apr
Loew's Inc stk fund warr_ _
July Reynolds Bros Inc.._57.50
4% 6
4%
251 2%
4
3,100
Nov
200
18
Sept
234 Nov
14
Mar Reynolds Metals corn new. 23
London Tin Synd Am dep
23
24% 3,300 183-4 Nov 43
Oct
Richman Bros
rots for ord reg el's_ _£1
•
85
10% 10%
86%
50 85
Dec 1393-4 Aug
200
9
Oct 2254 Mar Richmond Radiator cam.*
Louisiana Land & Expior
23,4
254 3% 19,500
2% 3
2%
2,100
254 Nov
19% Feb
2
Nov
14% Feb
7% cum cony pref
8
8
9
8
900
Dec 38% Mar
Rike-Kumler Co corn....' 2954 29
Maoldarr Stores corn......'
31
23
25
1,200 2755 Dec 4334 Sept
300 20% Nov
4314 Ma, Rolls-Royce of Amer pf 100
Mange! Stores corn
• 17
16
16% 18
16% 1,550 16
600 1634 Dec 38% May Rolls
Dec 7351 Mar
Manischewitz B Co
Royce Ltd
41
4146
200 41
Dec 4135 Dec
Amer dep rcts reg stk__ _
Manning Bowm & Co clA •
10% 10%
15
955 Mar 1555 Feb
1655
600 1451 Nov 20% Jan
200
•
Mapes Consol Mfg
Roosevelt Field Inc
40
3% 3:4
41
355 Dec 18
2,400
200
Mar
Marine Midland Corp..10 33% 3231 3755 20,100 37 June 4355 Oct Ross Stores Inc
•
254
2% 344
2
Oct 29% Jan
500
Nov 7534 Oct Ruberold
28
Marlon Steam Shovel com •
100 50
50
50%
12% 13
Oct 108% Jan
600 10
1,100 45
Oct 5674 Jan Russeks Fifth Ave
Maryland Casualty
Inc _ _• 11
25 90
13
13
90
9055
Dec 3541 Slay
175 90
100 13
Dec 175
Jan
Massey-Harris Co corn
•
414 41%
100 4151 Dec 9914 Jan
Safety Car Heat & Lta.100
Mavis Bottling Co of Am.'
135 139
134
Dec 22934 Jan
1% 1% 15,100
100 135
1
Nov
11
Mar Safeway Stores old fifth war
Mayflower Associates Ina• 48% 48
35
50
Dec 102
51
5.900 46% Nov 101% Sept
600 35
Jan
May Hosiery Slill $4 pref_*
Second series Warrants.. 160
160 160
Nov 626
2454 24%
100 24% Dec 3
Jan
10 110
844 Jan St Regis Paper Co com__10
McCord End & Mfg B. •
20
26,000 1455 Nov 47% Sept
18
400 15
Oct 3155 Jan Savannah Sugar com____• 19% 1955 21
Mead Johnson & Co corn.' 50
86
86
96
Dec 127
120 86
49% 50
500 47
Mar
Nov 67
Sept Schiff Co corn
Meadows Mfg corn
•
•
29
29
Nov 79
100 25
100
236 255
Jan
2% Dec 24
Feb
Mercantile Stores
100 58% 58% 60%
600 1255 Dec 25% May
800 58% Dec 11931 Jan Schletter & Zand corn vtc_* 1251 1231 12%
Preferred
Merch & Mfrs Sec cl A. • 18
• 274 2751 275/
18
100 27% Dec 46
18
Slay
100 10
Oct 36% Aug Schulte Real Estate
Merritt Chapman &
Co...'
8
8
9
• 17%
8
1,500
Dec 3951 Jan
1714 1955
300 1651 Oct 3744 Sept
Schulte-United Sc to $1 St•
646% pref A with war100
251 5
235
7,000
251 Dec 28
85
100 80
85
Jan
Nov 10034 Feb
Metal & Mining Shares,.'
7% pref Part pd rots_100 12
12
19
Dec 89
1.300 12
9
Jan
1,500
8% 955
5
Oct 22% June Schutter-Johns Candy
Metropol Chain Stores__ _• 3141 3151 33%
clA •
4
4
354 Dec 12
100
Feb
1,800 31% Dec 89
Feb Seeman Bros corn
Met 5 & 50c Stores pref 100 31
4255 44
1,100 3835 Dec 80
Jan
31
100 25% Nov 83
31
Feb Segal Look & Hardware-•
Mid-Continent Laund A •
655
855 654
Oct 14
100
15
15
May
100 15
Dec 3454 Jan Selberling Rubber
• 11
Midland Royalty $2 prof.' 17% 17% 18%
11
1154
Oct 65% Jan
400 10
700 15
Oct 34
July Selected Industries oozekilalandSteel Products _ _• 75% 7554 80
•
6
655
7 22,950 4 Nov 81% Feb
400 46
Nov 12344 Aug
Allot Mfg let paid
Midland United Co corn_ •
6651 6634 6851 5,700 5034 Nov 106
300 21% Nov 3141 Oct
2251 22%
Jan
Prior preferred
Midvale Co
55
55
57
• 51
1,000 4944 Nov 66% Aug
51
400 39% Nov 66
5155
Mar Selfridge Provin Stores Ltd
Milgrim (H) & Bros corn.
11% 10% 11%
700
8
Oct 2034 Feb
Amer dep rcts ord. _ 41
Miller (I) & Sons corn_ _ • 37
2% 2%
234 Nov
3141r Feb
700
37
100 37
37
Dec 57
July Sentry Safety Control___-'
Montecattni M & Air
674
3% Nov 2851 Sept
6% 7% 3,700
•
Sheaffer(W A)Pen
Warrants
51% 53
800 48
154
Apr 68
134 1% 5,200
Sept
44 Oct
6% Feb Shenandoah Corp corn___•
Moody's Invest panic pf_* 4254 40% 42%
866
8% 10% 19,700
6% Nov
500 38
3934 Aug
Oct 52% Jan
6% cony pref
Moore Drop Forge class A* 55
50
18,000 14% Nov 83
55
400 50
55
Aug
Oct 75
Jan Silica Gel Corp corn v t e_ _• 3144 3144 34
Morrison Elec SuPPIY-1644 1644 1954
3754 40
1,600 14% Dec 4334 Mar
1,700 35
• 39
Dec 48% Oct Silver(Isaac)&Bro 7%
pf100
Mtge Bank of Columbia
94
89
250 79% Nov 128
Feb
Singer Mfg Ltd
American shares
4
4
1
Oct
26
26%
600
200 26
9% Jan
Dec 4855 Mar Sisto Financial
Corp
Motor Transit
•
1551 1955 4,600 10
14
Nov
14
14
100 14
6634 Aug
Dec 14
Dec Smith (A 0) Corp eom • 183-1
Nachmann-Ggf Corp_
183 165%
•
150 161
Nov 260
26
26
800 25
July
Oct 76% Feb Sonora Products
CorpNat American Co
834
844 9% 7,200
Oct 2344 Aug
(Yormerly Acoustic Prod)
•
Nat Aviation Corp
% 236 116,300
3-4
934
Jan
34 Dec 19
934 1051 5,600
64 Nov
6
88
May Southern Corp eom
•
Nat Baking corn
4% 5% 4,300
4%
434 Dec 21
5
100
5
Bent
454 Nov
8% Sept South Ice & Utli cl A_
Nat BancservIce Corp....'
•
2% 331
200
214 Dec 17% Jan
34% 353.4
400 34% Dec 7544 Jan
•
Class B
4% 454
Nat Biscuit corn w
334 Dec 1754 Jan
300
70% 73% 3,100 70% Dec 77% Dec Southern
Stores class A_ _ _
2
Nat Dairy Prod pf A_100
2
2%
2
300
Sept
12
105 105
Jan
100 102
Apr 107
June &Myrna Dairy Prod....*
13% 13%
Nat Family Stores cam
300
934 Nov
19
25
19%
20% 2,000 15
Sept
Oct 48% Pet Span & Gen Corp Lt411-21 133i
1%
Pref with warrants_ _25
134
134
1,000
Nov
26
Jan
24
400 10
7
Oct 49% Mar
Bearer receipts
134
Nat Food Products.
156
1,600
5% July
34 Nov
Spiegel-May-Stern pref.
_100 65% 65
Class A with warrants_ _•
65%
200 50
Oct 98% Feb
17% 1931
700 17
Nov 37
Jan Stahl Meyer Inc com28
•
Class B
26%
1,000 25
•
Dec 53% Jan
3% 4%
800
3% Dec 12
Jan Stand Dredge cony pf stk.'
• 1251 1231 1534
28
2851
Nat Investors corn
200 2435 Nov 37% Aug
5,400 10% Nov 8434 Sept Standard
Dredging corn..' 20
20
20
National Leather stpd_ _10
100 193( Oct 1744 Aug
1
1
100
1
Dec
5
Jan Stand Investing $534 pref.'
71
71
Nat Mfre & Stores
50 71
Dec 103
1455 15
Jan
400 14% Dec 40% Jan Stand Mot Construct_
_100
1%
Nat Rubber Machinery..' 2055 20% 22
155
800
Oct
6% May
1,200 1651 Nov
4144 Jae Stand Publish class A_
n654 n851
•
Nat Steel without warr___ _
100
Aug IA% Dec
55
51% 2,300 55
55
Dec 57% Dec Starrett Corp cam
• 23
19
23
Nat Sugar Refit
1,100 13
• 31
Nov 43% Sept
33
31
1,000 29
Nov 553. Jan
6% rum preferred....50 35
35
3755
Nat Trade Journal Inc_ _ •
1,000 81
Nov 5141 Oct
600
6%
6% 755
Nov 34% Jan Stein Cosmetics corn
• 1051 10% 11
Nat Union Radio com
3,200 1031 Nov
5)4 0
24
•
Oct
3,800
5
Dec 42% Aug Stein(4)& Co corn
•
1751 1751
Nebel (Oscar) Co Inc corn •
100 15
Nov
10
10
100 10
3834 Feb
Dec 2634 Feb Sterchl Bros Stores corn •
184 20
Nest Inc cony A
200 18
Dec 33
17
Aug
•
17
500 12
Nov
29
July
Stern Bros class A
•
43% 4334
Nehi Corp common
50 42
Mar 47% Feb
• 1536 15% 1534
600 15
Nov
29% Jan
Common v t c
•
855 8%
Neisner Bros Inc pref_ _100 118
300
8% Dec
15
Jan
118 125
100 118
Dec 140
Dec Stetson (John B) Co corn.'
7555 75%
Nelson (Herman) Corp__5 28% 2834 28%
25 75
Dec 100
Jan
100 23
Apr 3144 Dec Stinnes(Hugo)Corp
8
8
Neptune Mcter class A__
1,200
734 Nov
1644 Feb
17%
300 1535 Nov 2155 Sept Strauss(Nathan) corn_
17% 17%
_ __• 12
12
13
Nestle LeMur class A
200 1034 Dec 34% May
•
100
3
3
3
Dec 2855 Apr Strauss Roth Stores corn •
1254 14% 1,000
Neve Drug Stores corn_ •
9
Nov
34% Aug
2
100
2
Aug
2
Jan Stroock (Si & Co
13
.• 2655
2854 27
Corn ctfs of dep
400 26
Nov 61% Feb
2
2
400
2
Dec
Jan Struthers-Welts-Titusville
10
New Haven Clock Co_ _- -•
18
1956
300 18
Dec 52
Sept
Corp common
•
15% 154
New Mexico & Ariz Land.1
100 1534 Dec 28
Sept
3%
33i 351 4,300
2% Oct
9% Mar Stutz Motor Car
•
2%
251 3% 10,500
Newport Co corn
234 Dec
3534 May
• 23
23
28
1,600 23
Nov 52
Se% Sullivan Machinery
•
Si)
50
NT Auction common
Dec 6036 Oct
100 50
• •
9% 11% 1.600
9%
7% Nov
3-434 For Sun Investing corn
• 14
14
1455
N Y Investors corn
4
400
Nov 3434 Sept
• 22% 22% 24% 10.000 20
Nov 4834 Sept
• 39
$3 cony preferred
39
40
Warrants
300 3234 Nov 62% Sept
51
155 14,000
34
1934 Sept Superheater Co
• 38
31 Dec
37
N Y Rio & Buss Aires AL•
38
200 z3031 Nov 4054 Des
9
500
1055
9
Dec
19
Sept Swift & Co
100 130
130 134
• 1855
Niagara Share Corp
350 12146 Nov 149% Sept
1851 21
3,600 12
Nov
744 Jul;
New
34
Nilee-Heml-Pond com_ _• 2851 2734 29
34
300 33% Dec 34 31 Dec
3,650 2134 Nov
78
Apt
Swift International
15 3251 3235 3554
Noma Electric Corp corn..• 13
1,700 25% Oct 37% Jan
13
1451
1,300
Oct 2734 May
dyme Wash Mach B coin_•
84
North American Aviation.'
8% 9%
600
June
83-4 Dec z26
4% 54 37,300
474
Jar
455 1)ec 24
ragman Core common_.' 20
North Amer Cement Corp *
20
2155
1,500 18
Nov 59% Feb
3
3
3% 10,700
Nov 13
2
Jan Taylor Milling corn
• 24
Northam Warren Corp pf.'
24
24
200 2146 Nov 36
July
31
32
300 29% Nov 4635 May Tennessee Products corn_ •
14
Northwest Engineering.' 2055
14
1,000 10
Nov
27
Feb
2055 21
2.600 17% Nov 58% Bet
rbermoid Co corn
• 21% 20% 2235
Novad41 -44 gene common • 23
1,300 19
Nov
38
July
2234 23
900 20
Feb 8144 . Third Nat Investors corn.' 28
17 ,
28
3231 4,200 25% Nov 85
July
DEC. a 1929.]
3951
FINANCIAL CHRONICLE
Sales
FrMae
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par Price. Low. High &hares.
Thompson Prod Inc al A •
Thompson StarrettCo corn*
Peel without wart'
•
Time-O-Stat class A
Tishman Realty de Genet •
Tobacco & Allied Stock_ *
Tobacco Products Exp. •
Todd Shipyards Coro_ •
'Transamerica Corp
25
Transcont Air Transp____•
Voting trust °as
•
Trans-Lux Piet Screen
Class A common
•
Tr -Coot Allied Co unit arts
Tr -Continental Corp corn•
6% cum prof with war100
'Fri Utilities Corp com
.
Triplex Safety Glass
Amer rcts ord sh reg
*
Trona Pork Stores
•
Miss Artificial Silk ol B_•
Tung Sol Lamp Wks corn_.
$3 cum cony prof
•
Ulan & Co oom
•
Ungerleider Financial Corp
Union Amer Inverting •
•
Union Tobacco eom
United-Carr Featoar corn.*
United Chemicals Inc
83 preferred
United Corp warrants
United Dry Docks atm _ •
United Milk Prod corn__.•
United Molasses Co Lto
Am dep nets for ord reg£1
United Profit-Shar cont..*
United Reproducers
Class A without Warr_
Clam B
•
Unit Retail Chem A v to.
•
B vet tr etis
Preferred
United Shoe Mach'y com 25
United Stores Corp corn.'
17n Wall Paper Factories.*
US Dairy Prod class A_ *
Class B
B Fimaning corn
U B Foil class B
•
U S Gypsum oommon---20
US & Intern Sea allot ette.
Common
1st preferred
S Lines eons
U S Radiator corn
•
U S Rubber Reclaiming •
U.S. Shares Fin with warn.
Universal Pictures
Utility Equities Corr,USW%) dr Ind Corp eorn__•
•
Preferred
Range Since Jan. 1.
Low.
High.
3934
734
4%
23
7%
35%
2831
44
28
3
.
6
45
3934
734
434
800
2631
300
831
900
36%
100
2834
1.000
44
700
29%
3,400
1
800
46
4531 37,900
13% 4,600
2,500
5
18
5
34%
28
40
25
34
4034
2034
134
4%
Nov
Oct
Nov
Dec
Nov
Oct
Nov
Nov
Oct
Oct
Dec
4%
5034
1234
80%
40
434
5034
1231
8034
40
IS% 1,500
58% 5,300
1534 13,500
2,300
86
200
40
3
45%
10
75
40
Mar
Oct 24
Nov 104% Aug
Aug57
Nov
Nov 11934 Aug
Dec 60 Sept
23
36
2534
27%
331
12%
6% 7% 1,400 544
2531 1,000 15
25
45 111
14034 160
200 10%
2134 23
600 23%
34
23
700 15
1734 1935
24% 26% 5,000 2431
800 21%
27% 30%
20,300
331 1
34
800 11
11% 1334
30
14%
8
2%
30
31%
1434 17%
8
10
234 3
1,100
9,000
1,900
1,700
2531
234
25% 2534
2% 4%
100
300
7
25
146
• Its
58
12
23
17%
38%
6734
7
934
1034
17%
25
2
Its
3.4
34
12
58
3
12
5234
193(
23
1734
38
673(
434
72
1334
42
7
7
934
10%
17%
2431
2
34
34
34
17
5934
334
12
53
20%
24%
20
45%
7054
654
73
1354
42
73(
7%
10%
12%
22%
2754
500
400
1,500
1,600
258
200
1,400
100
130
1,700
800
4,000
2,100
5,700
600
200
100
200
600
400
900
8,900
7,200
2,900
69%
20
42%
28%
70
5531
334
7634
67%
32%
31%
Nov 3334
5
Oct 60 %
60
Nov
Oct 49%
Nov 36
503.4
Oct
Dec 06
2634
Nov
Oct
Oct 2
282
JAR
Sept
Sent
Dec
May
Jan
Jan
Jan
Sept
Jul."
July
Feb
J0D
an
July
July
Dec
Aug
ja
Sept
Nov
Nov
Nov
Dec
671 Feb
415
Sept
20% Apr
Jan
21
223£ Nov
1% Nov
41% Aug
Mar
11
29%
8%
13%
234
Dec 23%
2
9%
hs Dec
g Deo
3
34 Dec
12
Dec 40
55% Nov 8534
Dec 28%
3
10
Nov 30
4834 Jan 65
14
Feb 2634
203( Nov 56%
14
Nov 74%
3634 Nov 91%
Nov 102
59
431 Dec
634
72
Dec 73
13
Dec 19
34% Nov 62)4
6
Nov 31
5 Nov
1834
8
Dec 29
10
Oct 44
13
Nov 5534
20
Oct 5434
Oct
Sept
July
Apr
Feb
Jan
Aug
Sept
Oct
Aug
Tel
Sept
July
Dec
Dec
Aug
Jan
Mar
Oct
Apr
Aug
Aug
Aug
13
16
4,100
Van Camp Pack corn
3% Oct 3334 Feb
Nov 38
25 1334 13;4 19% 1,000 11
7% preferred
Feb
Veeder-Root Inc
100 3634 Nov 50% Aug
3754 3755
•
7% 11,200
7
Viol Financial Corp----10
7
7% Dec 18 June
•
Nov 36% Aug
400 18
1834 1954
Vogt Mfg Corp
934 9%
9
Wahl Company com
100
Oct 26% Jan
•
Waltt & Bond class A. •
100 13
18
Nov 2634 Apr
18
47
Walgreen Co common....' 47
5934 8,700 3234 Nov 107% Sept
25
25
Warrants
31
Dec 83% Sent
1,200 25
Walker(Hiram)Gooderham
634 (get 23 May
1034 10% 12% 16,500
& Worts
Watson (John W) Co_ _ _•
31 Dec 14% Jan
31 1% 5,100
31
Jan
Wayne Pump common_ •
400
934 10
6% Oct 32
25
Nov 78% May
Western Air Exprees----10 28
600 22
28
Western Tablet & Station•
35
35
Oct
100 30 June 39
Mar
Wheeling Steel prof A _ _100 122% 122% 133
20 122% Dec 146
16
Williams(R 0)Co Inc....' 16
1654
700 1534 Nov 41% Feb
Wil-Low Cafeterias com_ •
7% Nov 30
9
Mar
9
300
Wilson-Jones Co corn- "
5254 52%
Dec 61% Aug
100 50
434
Winter (Ben)) Inc coin_ _.•
434 Dec 1631 Jan
454 531 2,300
Emilie Products Corp corn• 1834
1834 21% 11,400 18% Dec 44% Jan
Rights
Associated U & El deb rte
Flat
Newport Co
Sierra Pacific Mee Co
Trans Amer Corp
931
134
34
8o
Public Utilities
Alabama Pow 37 pee!..-•
Allegheny Gas Corp cont *
•
Allied Pow & Lt corn
•
15 let preferred
$3 preference
•
Am Cities Pw & Lt cl A_50
•
Clam B
Am Cont'w'Ith P corn
•
Common B
Warrants
Amer Dist Tel of N Jpf _100
•rotir di Foreign Pow were.
Amer Gas & Elm oom-___•
•
Preferred
Amer Lt & Tree com___100
Amer Nat Gas oom•I 0 •
Am States Pub fiery Cl A •
Amer Superpower Corp
Corn, new
First preferred
•
Cum preferred
•
Antigone Power Corn _ __100
Arkansas Power & It p1100
Assoc Gas & Eleo Masi A.'
8% 10
2,700
134 234 5,600
III
III13,500
31 3,800
33
8c 13e 18,200
111% 10 )4111 34
9
6
6
g
31% 31
39%
75
7434 75%
44
4334 43
3734 3734 40
14% 14% 18
23% 24%
24
34% 36%
234 434
234
10934 10934
5531 5433 73
10831 106 12134
106% 107
215 225
215
8% 10
831
2034
1934 19
2134 21%
94%
95
8634 8635
27
27
104
104
3734 37
Brazilian'Tr Lt & Pow ord• 3734
Buff Niag & East Pr pf _ _25 24%
Cables & Wireless
334
Am Dip rata A ord
Am dep rots B ord shs _ el
1%
434
Am dep rcts peel shs.£1
Cent Atl States fiery vie.'
6%
Cent Pub Serv of Del clA • 35%
Cent & Souwest Util new._
2131
Cent States Eleo corn....' 1931
6% prof without ware 100 71
Cony pf (opt ser '29).100 as
Cities Sere P & L 7% Pf 100 ossi
*
Cleveland Floc Illum_
Com'w'ith Edison Co- _100 245
Com'w'Ith Pow Corp 0.100
Commwealth & Sou Corp
334
Warrants
Community Water Serv_ _• 13
Compania Hispano Amer
de Electri S A (Chad)..
Cons GEL & T Belt corn •
Preferred class A._ _100
Dixie Gas & UM corn....' 10%
Duke Power Co.190 13734
--Sig"
334
134
'II
34
he
Oct
Dec
Nov
Oct
Nov
100 109
4%
900
21,600 23
1,600 71
700 40%
1,300 2934
15,900 10
9,900 18
2,500 22
4,000 234
7 105
27,200 25)4
15,700 70
200 98
125 190
800
534
600 19
Aug
Dec
Nov
Nov
Dec
Nov
Oct
Oct
May
Dec
Nov
Oct
Nov
Nov
Nov
Nov
Dec
2634 169,000
95
2,700
300
8834
400
27
105
730
22,800
41
3534 41
24% 25
24,400
3,400
16
82%
82
2334
90
35%
28)4
1734
14
334
%
115
16
110
so
62
84%
60%
$1%
62
11%
114
174
224%
10934
399
18%
29
Sent
Jan
Aug
Oct
Sept
Jan
Oct
July
Oct
July
July
July
Aug
Oct
Aug
Feb
Sept
July
Jan
Sept
Jam
Oct
Nov 71% July
Nov 100% 'Si
Nov 95)4 Sept
Jan as June
Oct 107
Apr
Oct 72% Sept
3134 Nov
22
Nov
75% Sept
26% Jan
3% 3% 7,400
$
Oct
131 1% 12,900
I% Oct
4% 4%
900
3% Oct
634 6% 2,100
6)4 Oct
3534 40
22,500 20
Oct
2134 26% 1,000 19
Dec
18% 23% 12,300 12
Oct
100 70
Nov
8854
400 4031 Oct
88
200 8734 Nov
9354 9354
61
63
400 5034 Nov
245 263
540 21034 Nov
101 101%
900 9334 Nov
5% Aug
July
Aug
19% Apt
57% Oct
39% Sept
83% July
90% Jul)
211% Aug
107% Jan
118% Sept
449% Aug
104% June
354 3% 79,900
13
13% 1,300
76
76
87% 89%
100 100
1034 13
135 149%
1% Oct
1234 Nov
1234 July
2134 Oct
100 76
Dec 10734
3,300 71
Oct 180
75 97% Nov 102%
900
9
Oct 3034
400 120
Nov 32434
Mar
Julie
Jan
Aug
Aug
Saks
Friday
Lan Week's Range for
Week.
of Prices.
Public Utilities(Cond.) Sale
Par. Price. Low. High. Sahres.
Range Since Jan. 1.
Lose.
High.
Eastern Gas & Fuel Assn.'. 25
East States Pow B com---• 19
Elm Bond & db Co corn, 7531
• 104
Preferred
Elec Pow & Lt 2d pref A • 100
Optional warrants
24
Empire 0& F 8% pref_100 102
100 87%
7% preferred
Empire Pow Corp parta** 3934
Empire Pub Serv corn clA• 2335
Engineers Pub Serv ware.. 16
Fla Pow as Lt $7 cum pt..
,
Gen Gas & El el A w
1434
Gen Wat Wks & El corn A•
Internat Power Ltd corn.'
Internet Superpower
• 3334
Internal U1110114418 A
• 36
Class B
•
13%
Italian Super Power cl A
9%
534
Warrants
Long Island Light corn...' 40%
Marconi Internal Marine
Commun Am dep Ms
- 10%
Marconi Wirel T of Can 1
3%
Marconi Wirelees Tel Land.
Clam B
Memphis Nat Gas
• 10%
Middle West Utll corn new* 24%
New 86 COM/ pfd see A.. 99
A warrants
134
B warrants
3
Mohawk &lied Pow lit OP
2nd preferred
Montreal Lt Ht & P corn •
• 10
Municipal Berries
25% 2,000 22
25
18
21% 2,100 17
73% 8734 354,800 50
3,000 100
103 104
800 94%
9934 101
9,500 10%
2331 28
500 95
9934 102
300 81
87% 89
3.600 25%
39% 42
21
23% 6,900 143(
15% 16% 2,500 13%
100 100
100 100
1434 1634 6,800 13)4
100 20%
24% 2434
100 14
14
14
3331 3631 5,400 25%
200 28%
36
36
3
631 7% 5,700
6%
9% 1134 6,000
434
434 6% 5,400
2,300 40
40% 43
Nat Elec Power class A..
29
Nat Power dr Light Prof'
107
Nat Pub Serv corn ciao A• 2334
Nebraska Power pref _ _100 107
Nev Calif Else com___ _100 5131
New Engl Pow Assn corn.' 95
6% Preferred
100 90
New Engl Tel & Tel_ 100
NY Pow dr Lt 7% pref..100
N TT.i.p694% Prel 100 112%
Niag Hudson Pr corn -__10 11%
Class A opt ware
3
B warr(lwarr for 1 eh).6
Nor Am Lt & Power
66
Nor Amer Tall See eom_ •
Nor Ind Pub Serv 6% pf100
Nor StatesP Corti oom_1012 16054
Oklahoma Gas & Elec pee!
Penn Gas & Elea class A.*
Pacific Gas & El 1st pref 25 2654
Pacific Pub Sent cl A corn •
Penn Ohio Edison com_-• 50
100 107
7% Prior prof
Se preferred
• 96
Warrants series B
• 72%
Pa Water & Power
PeopleaLight di Pow comA• 35%
Power Securities corn_
•
• 39%
Preferred
Puget Sd P & 1.6% pf_100 98
Railway & Lt See. com • 65
Rochester Cent Pow corn.'
Rockland Light & P0wer10 19%
200
29
29
550
107 108
70
2134 2434 2,100
106% 107
500
5134 5854
200
95 103
120
8834 90
100
148 148
25
106 106
112 113441 110.0
1
1
300
800
July
Nov 65
Nov 110 June
Nov 44
July
Dec
Nov 107
June 9254 Aug
Oct
Mar 129
Feb
Aug 100
Dec 17931 Aug
July
y
Sept 10
t 308
June 11434 Dec
Dec
ly
34
954 Aug
234 Nov
Oct 2134 Sept
2
Aug
5934 Nov 77
5 Nov 28
May
Mar
9034 Dec 102
nag Oct 301 Bern
105% Sept 1113' Feb
July
1634 Oct 31
24% Oct 2831 Jan
2334 Nov 38 Sept
4234 Nov 10694 June
July
Nov 109
98
Oct
8654 Nov 100
Nov 51 June
4
Nov 11754 Aug
69
25
Oct 5834 Feb
Mar
1456 Nov 27
3934 Dec 8634 Mar
Jan 10154 APT
98
Nov 11334 July
55
Jan
Oct 49
10
Nov 4034 July
18
Shawinigan Wat & Pow_ _•
sierra Pacific Elea oom-100 4134
Southeast Power & Lt corns
•
$7 preferred
•
Panic Preferred
Sou Calif Edison prof A.25
Preferred B
25 25
534% prof class C_ _ _ _25 22%
Sou Colo Power al A....25
Souwest Bell Tel pref__100
Sou west Gas Util corn -•
734
Southw P & L 7% Pref-100
Stand Gas & El 7% prof...
Standard Pow & Lt
26 -ioi-Preferred
98%
ramp. Electric Co
5194
Tenn Elee Pow 7% Pr- -100 105
Onion Nat Gas of Can.--• 2454
• 19
United Gas corn
Un Else Sere Am sits
16%
Porch warn
34
United Li & Pow corn 4--• 2334
• 96
6% cum 1st prof
United Pub Serv corn. •
• 1334
1)111 Pow & Lt corn
•
Clam B•t
300
7534
75
200
4134 4134
200
68%
68
100
107 107
510
83% 84%
100
27% 2754
1,800
25
23
400
22% 22%
600
2354 24
300
117 118%
800
734 9
'
10931 10931 1 1
10734 107%
200
106 125% 2,100
300
9834 101%
5134 53% 2,800
50
105 105
2431 2634 1,200
19
2231 24,300
500
15% 15%
2 500
:
31 43 900
Si
2334 2734
95 100% 1,200
100
1434 14%
13
1634 11,200
300
3934 39%
Oct 11154 Aug
Oct 43934 Au
Oct 138 June
Nov 11034 Sept
Feb
Nov 98
Jan
Mar 30
Oct 2634 Jan
Oct 2634 Jan
Nov 3894 Sere
May 12331 Mel
Aug
Oct
101 H JunegITNI
J
an
Nov 11154 Feb
100
4994 Jan 189
Sept
9354 Nov 1053' Feb
4034 Nov 108% Sept
10134 July 10934 Feb
2434 Dec 45
July
1534 Oct 5034 Sept
M ar
Oct 23% July
15
so Oct 434 Feb
20
Nov8184
8534 Nov 12454 July
Feb
1034 Dec 21
July
Dec 40
18
July
27 June 90
10% 1134 5.700
3% 434 42,800
1231
10%
24%
99
1%
3
104
103%
124
10
Other Oil Stocks
Aster Contr 011 Fields-1
6
A ner Marmaibo Co
10
Argo Oil Corp
Animas Nat Gm Corp com•
Preferred
•
Cities A
ttlantio Lobos 011 com •
•
Preferred
C vitt Syndicate new eoro _ _
Colon Oil Corp common..'
Oct 3734 Aug
Oct 1354 July
334 21,900
12.600
86
61
9
6
6
9
6
0m : 100
6% 6%
400
70
160 17334 2,600
3
100
10634 10636
18
18
264 2694 1,400
600
10
"2
5
3
0
30
5
270
130
061
106 1071
96
72q 77 1
7
5
37
1
"8
37
1
39% 47
993.4
98
65
05
3754 3734
19% 20
5183
800
100
400
5
0
270
2294
24
5154
140
4%
4%
11034
110
179
3334
Jan
Oct
Sept
Sept
Dec
Dec
Jan
Jan
Sept
Mar
25
9956
20
105
48
84
85
142
101H
12
111
65
28
50
100
80
2331
20
2134
1834
114
Former Standard Oil
Subsidiaries
Par
Anglo-Amer Oil Vot
16% 16% 1734 30,600 1394
cats of dep
El
4.500 11
Non-vol etre of dap_ £1 16% 18% 17
600 55
6931
68
Buckeye Pip. Line
60 68
100 130
145 145
cheabrough Mfg
25
200 40
49
40
Cumberland Pipe Line_100 40
150 75
75
85
Galena Signal Oil old 91100 85
20 7734
85
83
New Preferred
100 85
Humble Oil& Refining--26 82% 82% 89% 5,600 7434
1.700 280
300 310
Mobs Pipe Line
100 307
5.600 22
imperial 011(Canada).---• 25% 25% 28
100 26
26
26
26
Registered
40
41% 1,800 26
Indiana Pipe Line
10 40
National Trap/St.-12.60 20% 20% 2234 2,700 1054
200 10
15
15
New York Transit
10 15
200 41
50
5034
Northern Pipe Line__ _ _100 50
01110 011
25
Non-cum prof when Ws
%ler Refining
25
35
1330th Penn 011
Southern Pipe Line
10
Standard 011(Indiana) 25
*indeed 011 (Kansaa)....28
Standard 011 (Hy)
10
25
Standard Oil(Nob)
Standard 011(0)corn__ 26
Preferred
100
Stand Oil Exp non-vot pfd.
Swan-Finch Oil Corp...25
26
Vaeuum Oil
5534 Sept
7734 Aug
189
Sept
10934 Jan
Mar
103
6134 Sept
110
Jan
9834 Jan
62 May
31 Sept
Aug
51
102
Mar
2334 Sept
3134 Oct
3234 Mar
93% Aug
July
51
2254 Feb
85 Sept
23 Sept
91
July
Oct
7
600
13
9% Nov
12% 2,400
Oct
28% 20,200 18
Nov
10035 1,400 92
1% Dec
3% 4,000
3
Dec
434 3,900
125 98% Oct
104%
50 9934 Oct
104
25 105% Mar
124
634 Nov
10% 3,900
14
3
7
3
Oct
Nov
Oct
Nov
Nov
Oct
Nov
Nov
Oct
Nov
Nov
Jan
Oct
Dec
Dec
Oct
Nov
Oct
Jan
Dec
Oct
Sept 1804
Nov 17
Oct 7494
Nov 210
Nov 7554
Dec 85
Mar n91
Nov 128
Nov 34094
Oct 41
Dec 3734
Nov 4294
Oct 2554
July 1731
Nov 63
Feb
Nov
Jan
Aug
Feb
Feb
Feb
Aug
May
Sept
Aug
Nov
Jan
Dec
Jan
70% 71% 2,400 6434 Jan TM
10334 10534
400 103% Dec 10534
Dec 50
400 29
34%
29
40
4134 2,100 3594 Oct 6094
Feb 2334
200 13
1434
14
Oct 63
5234 55% 41,800 45
Jan 3354
4,100 18
27
26
Oct 4634
3334 sag 7,500 29
Nov 5031
100 40
43
43
Oct 129
82% 79% 85% 1,800 60
117% 11731
30 11334 Aug 12494
95% 97% 4.000 9554 Dec 973.4
96
554 Dec 18
200
534 8%
8%
95 100% 4,500 7531 Oct 13394
95
Sept
Dec
Feb
Ala
Sept
Mar
Oct
Oct
May
MA7
Mar
Dec
Jan
Mat
70%
29
40
14
5234
26%
3334
)4
1Si
1
8%
8
63.4
300
34
41
134 1% 3,600
200
1%
1
8% 10% 10,300
7% 834 1,200
734 1034 47,400
1
200
1
134 1% 1,600
1
134 3,400
534 55.4 7.600
%
1%
1
334
4
6%
14
1
1
3%
Oct
Oct
Dec
Jan
Oct
Oct
Nov
Oct
Nov
Nov
72e
8%
2%
26
9
2434
3%
434
4%
15
Jan
Jan
July
Sept
Aug
Jan
Apr
May
Jan
3952
FINANCIAL CHRONICLE
Friday
Sales.
Last Week's Range for
Other 011 Stocks
Sale
of Prices.
Wo k.
(Concluded)
Par. Price. LOW. High. Shares.
Range Since Jan. .1
High.
Low.
Consol Royalty Oil
434 414 1,900
434
2%
Casden 011 Co
•
82% 82%
100 42
Creole Syndi•vMe
•
5%
634 6% 10,600
6%
Crown Cent Petrol Corp_.•
54
154 4,200
31
11
Darby Petroleum Corp •
8%
84 9% 4,000
634
Darby 01 & Rat (ssun
•
5
4% 531
2
700
Gulf Oil Corp of Penna__25 133
131% 14334 8,000 115
Homaokla OH
•
134
100
334
334
Houston Gulf Ga..
•
6
6
6
891 3,300
I odian Ter 111011__ ...._I
22% 16,300
1814
18
6
Intereen tin en taJ Petrol_
%
31
14 734 16,200
Internal Petroleum
• 2034 20
2234 10,500 15
Oct 11%
Nov 135
Oct
1154
Dec
2%
Nov 26
11
Jan
Nov 209
Juno
74
Oct 2234
Oct 404
Nov
234
Oct 29%
Feb
Oct
Jan
Apr
Jar,
June
Aug
Jan
Sept
Oct
May
Aug
Kirby Petroleum
Leonard Oil Developm1_26
Lion 011 Rellning
•
Lone Star Gas Corn
Magdalena Syndicate.
-Kansas Pipe Line__ _5
matatn & Gulf 011
1
Mountain Prod Corri--10
Nat Fuel Gas
•
New Bradford 011
5
N Y Petrol Royalty
•
Nor Cent Texas 011 Co.__.
tacitly Western oil
•
•
Vanden 011 Corp
Panetpeo Oil of Venezuela•
Petroleum Corp full paid.•
Plymouth Oil
5
114
1
1%
19%
1954
33% 33%
51,
34
19
18%
14
8
8
25
25
2%
15
15
8%
811
13%
1141
%
2%
3
2054 2034
27
254
'23
17
2
10
1111
10
254
154
1
18
28
54
8
54
7
24
254
1145
6%
1254
91
2%
17
22
Oct
Dec
Oct
Oct
Oct
Oct
Nov
Oct
Nov
Oct
Oct
Nov
Oct
Oct
Nov
Nov
July
354
64
2.634
67%
2%
42
1%
2291
4334
5
2134
itli
26%
334
104
28
37
Jan
Mat
May
Sept
MILT
May
Jan
Fee
Aug
Jan
Mar
Aug
Sept
Mu
Jaa
Oci
Oct
9%
2%
23
13
13
1%
9%
151
1191
7
954
77%
291
214
9%
3%
23
13
17
234
1141
154
12%
7%
10
77%
211
3%
100
3,500
500
100
300
900
8,900
1,000
3,100
1,700
4,200
200
9,500
400
934
134
19
13
13
1%
9
34
1144
4
74
66
I%
2
Dce
Oct
Nov
Dec
Dec
Nov
Nov
Aug
Nov
No,
Oct
Feb
Oct
Nov
16
14
2534
26
29
534
2514
234
24
12
23
3134
64
934
Mar
Fet
Apr
Oct
Apr
Jan
Jan
June
Mat
Aug
Jan
Aug
Jan
Mar
114
IS
Red Bank Oil
Reiter Foster 011 Corp•
Richfield Oil of Cal pfd_ _25
Root Refining COM
Cony prior pref
•
Silt Creek Cons 011
10
Salt Creek Producers__ _10
Savoy Oil Corp
5
Southland Royalty
Sunray Oil corn
6
•
Texou 0113 Land
Venezuela Mex Oil Corp_ _*
Venezuela Petroieum_.. 5
1
Woodley Petroleum
191
400
4,800
2
700
2014
1,600
3631
511 7,500
19% 8,200
500
11
9% 8,100
26% 4,100
1,800
3
500
16%
400
9
15
2,300
91 4,500
3% 6,300
22
36,200
400
2734
1%
1%
500
5.100
6
(170
Mar
5
551
251
.134
31
55
5% 634
143-4 15
tie 054
154 2
2,300
2,200
400
5,400
400
4,000
4,300
4
134
54
4
14
'is
134
Nov
Oct
Mar
Oct
Oct
Dec
Dec
8
4
2%
18
3234
114
44
Sept
Jan
Jan
Mar
Mar
Jac
Oct
'is 5,100
14 2,200
4% 7.300
314 2,800
400
31
lie 3.800
341 1,000
tin 24,000
600
1371
5
200
9% 38,700
Igo
44
354
toe
200
St
2%
16e
10
354
6
Sept
Nov
Dec
J1111
Jan
Oct
Nov
Jan
Oct
Oct
Oct
134
44
268i
nap
154
2%
12
1
23%
934
23
Mar
Jan
Feb
Jan
Jan
Apr
Jar.
Aux
Mar
Jan
Fat
Mar
Feb
Jan
Sept
Sept
Sept
Jan
Jan
Jan
Slat
Apr
Mar
June
Mining Stocks-Arizona Commercial
5
nriaoria Globe GotMer.
Bynum M'Kubwa Cop Mln
American shame
1
Chief Consol kilning
Comstock Tun & Drain 10c
Conseil. Copper Tg104 ,,_
Copper Range Co_
25
Cresson 0onsol G M.314.1
Cuall Mexicans Mining_ _1
Dolores Fsperanza
2
Engineer God Mln Ltd_b
Evans Wallower Lead oom•
Focon Lead Minim
1
First National Copper__ 5
Gold Coln Mines
Golden Centrc MInes____6
Gaidfleld Coneoi Minee_l
Heela Mining
250
Hollinger Consol 0 M__ _5
and Ray 8510 &
5
214
531
14%
74
34
11
4
114
371
45
13
5
8%
91
345
54
34
34
351
Si
13
5
8
114 Dec
Dec
Iron Cap Copper Co
_10
254 2%
300
234
Jerome Verde Develop_50c
100
lie
3
4
Kerr Lake
5
500
54
Mohawk Mining
4814
45
300
Nowmont Mining Corp_ In 108
11,300
108 121
New Jersey Zinc
.25 67
70
600
67
Nipiesing Mines
a 1% 1% 145 4,800
Noranda Minos. Ltd
• 3234
3255 3455 10,000
Ohio Copper
1
134
146 14,500
134
Pacific Tin special stock_
wy, 15%
300
Premier Gold kilning__ _.1
1,300
155
1%
1%
Red Warrior Mining
1
lis31 9,409
Roan Antelope C Mln Ltd. 2731 27
2855 3,000
11s
Sill
45
89
6054
1%
10
4
10%
I
111
22%
Oct
9%
June 69c
Dec • 1%
Nov 64
Nov 236
Nov 87%
Dec
3%
Oct 68%
Oct
44
Dec 34%
Nov
254
Dec 32c
Nov 62
Shattuck Dann Min1ng
5
So Amer Gold & Plat ___ _1
Standard Silver Lead_
_/
Seek Hturnes
United Verde Eztenision 50c
Unity Gold Mines
Utah ArielUtah Metal & Tunnel _ _1
1
Walker Mining
Wenden Copper Mining...1
3
1%
54
4
11%
14
2%
ti
24
34
Oct
Nov
May
Oct
Nov
Nov
Oct
Sept
Jan
Oct
8%
154
5
12%
454
91
891 9.54
191
111
91
54
554
5
1254 1214
31
2% 214
Ilia
454 4%
14
11
700
200
500
1,400
6,200
1,300
300
100
400
2,700
1
Feb
Feb
Jan
Mal
Mar
Apr
Mar
Aug
Aus
291 Jar
28
3%
36e
1054
26
234
64
234
Bonds
Alabama Power 4441._19337
9434
let & ref Is
1956 9951 9911
1068
100
Aluminum Cost deb Sc'52 101% 10154
Alunrirrum Ltd 33-1948 98
98
Amer Aggregates fli 1943
Amer Com'Ith Pr 65'49___
Amer G dt El deb 55_ _2028
American Poster & Light
2016
63, without warr
Amer Radiator deb 454s'47
Amer Roll Mil deb 6/4.1948
Amer Seating Corp 6s 1936
Amer Solv & Chez-11648 36
With warrants
Without warrants
APpalc.ctilan El Pr 65_1956
Arkansas Pr & Lt.5s.
J958
Associated Gas & Electric
Cony deb 4545 w war1948
55
1968
534s
1977
105% 105
97%
_
97% 97%
6814 66
Sept 9634 Dec
June 105
Oct
Dec 100% Dec
Oct 10351 Jan
Sent 984 Nov
Dec 11534
80
Nov 124
92
901S Sept 9734
Jan
Oct
Jan
Oct 1064
10551 160,000 100
1,000 9311 Oct 99%
9714
Mar 10214
98% 27,000 94
Dec 9754
68% 34,000 66
Jan
Jan
Oct
Jan
8.000
88
80
80
61,000
102% 10154 104
9514 05% 96% 56,000
100
2,000
III
2.000
9711 30,000
9654 23,000
Aug
0974 Nov 125
894 Oct 9754 Mar
87% Feb 9954 Jan
Jan
91% Aug 498
115 11554 8,000
63,000
80% 80% 83
102 10214 11,000
102
Nov 20854 Sept
07
80% Dec 84% Dec
Nov 143
90
sent
97
95
Amoe'd Sim Hard 6558 '33 8654
ASSOC Telco UM 5%5_1944 101
Atlantic Fruit Inc Sa 1949
Atlas Plywood 6Sis_ _1943 85%
Bates Valve Bag Cs with
stock purch warr_ 1942
Beacon Oil 6s withwar1936
Psi Tel of Canada 58_1955 101
lst bei sellers B
1957 101%
Boston & MaineltRea 1033
Buffalo Gen Elec 5s _ _1956
Canadian Nat Rye 71_1935 lossi
Canadian Pacific Ity .58 '54 lonsi
Cap Admin 5$ A w war 1953 fissi
Without warrants
74
Carolina Pr & Lt 65-1956 9931
Cent States Eleo 5s_ _1948 7214
Deb 554s_ _Sept. 15 1954 7454
9414 102,000 8914
9,000 98
10091
2,000 100
1(8134
102
36,000 99%
98
16,000 9354
100
9051
97
95
5,000
8691 863.4
50,000
101 103
30,000
3
4
8,000
85% 86
103
105
101
10154
100
100%
107%
100%
8.534
74
99
72%
74%
103
105
10111
10114
100%
100%
108%
100%
8534
7434
10054
75
7831
5,000
2,000
9,000
26,000
8,000
5,000
12,000
6,000
5,000
3,000
89,000
43,000
94,000.
88
Feb
8544 May
Am,
Oct 163
96
2% Dec 2234 Jan
Nov 1034 Jay
82
102
90
98
98%
9854
9954
104%
100
8531
73
66
70
Apr
Nov
Mar
Oct
Apr
Oct
Oct
Dec
Dec
Sept
Sept
Nov
Nov
11054
123
10234
10255
103
104
110
10055
12514
76
10254
904
100%
Jan
July
Jan
Fat
Jan
Jan
Jat
Dec
Sept
Oct
Jan
Jan
Sept
Bonds (Continued)
Cent States P & Lt 55•65 '53
Chic'Melon Tool 5%5_1942
Chic Rye 5$ cirri drip _1927
Childs Co (101)
1943
!War Stores Realty5 kie sertee A _.
_1949
Cincinnati St Ry 554s 1952
eitiee Service Se
1966
cities Service Gas 53-4* 42
Cities Sorv Gas Pipe L 68'43
Cities Serv P & I. 5s 1952
Cleve Elect III deb 78_1941
5s series A
1954
Cleve Term Bldg 6s_ _1941
Commander Larabee 6s '41
Commers und Private
Bank 64*........1937
Com-wealthEdison445s.'57
Conan! G E L & P (Balt)5s series F
1965
1969
4546Consol Publishers 634e 1936
Consol Textile 85
1941
Consumers Power 434s '48
Cont'l0 & El 5e
1958
Continental 0115503_1937
Cuban Telephone 74111941
"litany Pack dob 5)41937
Sc
1946
[VOL. 129.
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
Fairbanks Morse Co 5s1942
Federal Sugar 6s
1933
Fedeial Water Sere 54054
xinhual Residential Mtge
Bank de
1961
Firestone Clot MIllaSc.1948
1
1.1m.tone T4611, Cal 34.1942
First Bohemian Glass Wks
30-yr is with warr _1957
Fisk Rubber 554s
1931
Florida Power & Lt 58.1954
Low.
High,
89
99
74
81
90
12,000
9934 4,000
74
1,000
85
57,000
8634
56
6it
81
Nov 9634 Jan
Aug 102
Nov
Nov 8434 July
Aug 90
Jan
7034
90%
8311
8431
9154
72%
96 t4
8454
86%
94
7014
89
7054
8034
86
Dec
Nov 103
4844
Nov 1101¼
Nov 9234
Nov 9834
1 en
.4a, b
Jan
Jao
Jan
8615 8634
10654 10654
101
89
91
70
89
10754
101
91
75
Nov
Fell 1118
974
Aug 104%
Nov 100
Nov 00
jct
On
a
Feb
Jan
Jan
70%
8434
8411
9154
83%
97.34
44,000
2018),
45,000
41.000
34,000
36,0001 84
21,000 104
4,000 101
17,000 88
10,000 70
83
8314 63,000
9754 9751 10,000
10254 103%
10031 100% 100%
91
93
75
75
9834 98%
863-4 86
8634
92% 92% 93%
106
106 107
9031 05% 96%
100% 10054 100%
Del Elec Pow deb 550.1959
93%
Deny & Salt L Ry 651960 71
69
Detroit Edison 5s ser A '49 10014 100%
list City Gaa 65 ser A _1947 105
105
Sc series B
1950 99
09
Iletroit Int Bilge 655e_1952
79
25-yr is f deb 7s
1952 59% 5954
•ntie Gulf Grui 634.._19
37
With warrants
66
6034
Electric Pow (for)6 4511'53
El Paso Natural Gas
4s seriee A
_1043
Deb 634*.... -Dee 1 1938
Empire 011 & Refg 534* '42
Ereoie Marelli Elm Mfg
,
691s with warrants_1953
EuropMtg&Inv7arrore 1967
734s
1950
Range Since Jan. 1.
933i
71
101%
10534
101
80%
61%
e
Dee
9
889
45,000 10034 Sept 10034 Mar
13,000 9834 Sept 101
Oct
Dec 102% July
6,000 91
Oct 96
12,000 75
Jan
Sept
5,000 89
32,000 8291 Oct
11,000 91% Oct
3,000 1024 Nov
14,000 924 Oct
1:
969:97
! at4la:n
17,000 94
Sept 1 901N Jr
jjjjj ly
9
6
Nov 106 :
2,000 92
31,000 5554 Nov 0154
84,000 100% Dec 10134
Nov
7,000 100
33,000 95% Sept 101
12,000 70
Nov 96
13,000 5934 Dee 8934
6634 105,000
89% 89%
81
Sent
9234 Oct
60% Dee
Jn:
u
Jan
Dec
Nov
Jan
Feb
88%
Jan
97
Feb
5,000
84
Aug
9954
8414
9934 0934
2,000
9834 9934 9,000
32,000
8414 86
89
90
79
Nov 115
Aug
Nov 120
9m July
1
Apr
Nov
80
83
98
79
83
98
12,000
80
39,000
84
9814 11,000
68
79
92
Nov
Sept
Sept
93
80
91
93
86
91
93% 8,000
27,000
88
9214 47,000
92
Sept 9655 Jan
8154 Nov 9551 Jan
Dec 103% Sept
91
73
92
944
73
74
9134 92
94% 95
31,000
8,000
22,000
Nov
72
Aug
88
9034 July
91% Jan
Jan
94
9634 Aug
81
81
50
81
16,000
13,000
56,000
79% Oct
Dec
50
Nov
73
88
Feb
Jan
96
92% Feb
81
82
55
84
Oarlock Packing deb 6s '39
9434 9434
latineau Power 6e___1956 0234 92
92%
Ss
1041 97
9034 9734
t1eleenktrehen MM 621934 89% 89
90
Gen Amer Invest 5.3__1952
Without warrants
80% 81
Gen Indus Alcohol 644e '44 88
87% 8954
Gen Laund Mach 63-4. 1037 50
50
5234
General Rayon 6s A._1048 03
63
68%
Gen Theatres Eq 6s_ _1944 10634 10655 108
General Vending Corp
(Is with warr Aug 151937
20
22
Georgia & Fla RR 6o.19-16
22
24
2,000
52,000
13,000
117,000
6,000
22.000
60.000
46,000
21,000
0854 Jan
92
Jan
98% Dee
Nov 11834 Aug
89
01% Nov 974 Feb
Oct 10051 JCS
03
88% Oct 9134 Jae
79
66
50
60
9744
Oct 86% Fob
Nov 10244 Jan
Dec 106
MST
Jan
Dec 95
Oct
Nov 176
27,000, 1934 Dec
Dec
24,000 22
8754 Feb
7055 Jan
Georgia Power ref 5(3_1967 97% 97% 98
43.000 94
Goodyear T & R 554s 1931
9954 9954 5,000 973-4
Grand Trunk Ilty 6 4..1930 10634 1064 10651 18,000 103
Guantanamo & U Ity 55'58
50
5054 11,000 50
Gulf 011 of Pa Se
1937 100
9954 thosi 14,000 9754
Sinking fund deb 56.1947 101
loosi Ens., 19,000 9845
Golf States UM 6e
1956 94
9354 94% 37,000 9244
Sept 98%
June 100
may 108
Aug 7054
Aug 101%
Aug 102%
Oct 994
Dec
Feb
Jan
.lan
Jan
Dec
Jan
Hamburg Rice 7s
1935
.1am Dare RI & Ind 14s4 '38
Hanover Cred lost 6s.193I
Hood Rubber 75
1936
534s
1936
Houston Gulf Gas 6%l '43
65
1943
Uygrade Food 65 .....1949
99
85
97
93%
82%
69
73
65
5,000,
6,000;
16,000,
4,000
7,000
77,000:
37,000;
30,000,
9634
7991
03
7634
82
65
115
50
Nov 103
Aug 8.
May 97
Aug 97
Dec 9551
11cc 92%
Dec 92%
Oct MO%
Jan
Jan
Dec
.lan
Mar
Jan
Jan
Aug
111 Pow & Lt deb 534s1957
91
91
5545 series B
1954
99% 9931
lofty 0113 Gasdeb 8e 1931 10234 102 10231
Ind'po,le P & 1. Se ser A '57 98
98
98%
Inland Utilities ft.._ .1934 9814 0834 9814
lot Pow Sec 7e ser E _1957 93
02% 0334
Internet Securities 58.1947 8311 8214 84%
Interstate Nat Gas 6s..10313
Without warrants
100 10041
100
Interstate Power 55_1957 8941 8934 90
Deb Os
1952 86
86
87%
Invest Co of Am 5s A 1947
7614 77
2,000
20,000:
16,000,
27,000
8,000
16,000,
76,000
8854
97
9051
0391
08
9114
80
Oct 97
Apr 101
Nov 120
Nov 100
Nov 98%
Mar 96%
Sept 911
Nov
Feb
May
May
Sept
July
Jan
Nov 10456
13,0001 100
39,0001 8351 Oct 9691
Oct 97
16,000i 83
Nov 83
3,0001 71
Jan
Jar,
Jan
Jan
With warrants
Iowa-Nab L & P 58_1957
Isareo Hydro-Elee 7s _1952
Italian Superpower of Del:
Deb 6s with warr_ _1963
Without warrants
KeivInator Co 65
1936
1Vithout warrants
Koppers0&C dab 141947
97
9334
82
65
64
90
99
85
9614
93%
82
65
70
64
90
92
85
,
1
9114 18,000 90
16,0001 87
93
12,0001 78
88
Dec 13154 Sept
,
Sept 94% Jan
Oct 9134 Jan
71%
Dec
81% 8254 7,000. 71
7034 71% 112,000' 6854 Dec
9614
6954 24,000, 66
69
96% pan 6,0001 93
Laclede Gas 554s
1935
99
Lehigh Pow Secur 6s_ _2028 103
10215
Libby .1VieN & Libby 5e'42
9154
Lone Star Gas Corp 5s 1942
9654
Long Island Lfg on .._ _1945 104% 104
Louisiana Pow & Lt 64 1957 9454 94%
Manitoba Power 654..1951 99
98%
:Mansfield Mining & Smelt
7s without warrants 1941
9254
Mass Gas Coe 6%s _1946 103% 102
McCord had Mfg 14.1943
80
Memphis Nat Gas 6s_1943
With warrants
94
Metrop Edison 454s_ 1968
9651
Milwaukee Gas Lt 454s '67
9644
Mine Pow & Lt 450..1978 9131 9111
Miss River Fuel 6e
103
103
Montreal 1.11 & P col 58'51 99% 9954
Morris & Co 734e_ _ _1930 9834 98%
Munson 8 S Lines 1591,'37
With warrants
10134 10154
Narragansett Else te A '57 98% 98
Nat Power & Lt fls A.2026 10434 10434
100
10354
0231
9751
105%
95
9,000! 07
43,000' 98
89
16,000 93
11,000 100
29,000k 87
9951 14,000
3.000
9254
10434 12,000
81
7,000
95
9954 Sept
Jan
82
Jan
Nov 79
July 100% Apr
Mar
Aug 101
Jan
Oct 106
Jan
Nov 94
Sept 0944 Jan
Feb
Sept 106
Nov 964 Jan
Nov 101
Dee
87
9934 Aug
Dee
80
Jan
Feb
97
10434 Al'?
99% Jan
11,000
96
6,000
97
7,000
9755
9254 36,000
Feb
Oct 117
00
Jan
9134 Aug 99
944 Sept 100% Feb
Sept 9254 Jan
84%
10454 84,000
99% 5,000
0,000
99
Nov 11934 Aug
07
0634 Apr 10154 Jan
97
Jan
Oct 101
May 123
A USI
19,000, 97
108
9854 20,000 9534 Sept 10034 Jan
oct 10634 Feb
1044 10,000 101
DEC. 21. 1929.1
Bonds (Continued)
3953
FINANCIAL CHRONICLE
Friday
Last Week's Range Sales
for
of Prices.
Sale
Price. Low. High. Week.
N1 Public Service 54A978 75
7434 76
50
Nat Trade Journal 68_1938 50
50
N E Gas & El Assn 55_1947 8834 8834 8931
92
1948
91
5s
N Y & Foreign Invest
82
81
514s A, with warr_ _1948 82
Y Ph L Cory let 4 48'67 9211 9291 93%
Niagara Falls Pow 6a_10.50 1053( 105% 106%
8834 88%
Nippon Elec Pow 61 e 1053
97% 9831
North Ind Pub Serv 5e 1065
1969 96% 96% 97%
Series D
North States Power 634%
1933 1024 102% 10231
notes
9931 10034
North Texas Util 75_ _1933
42,000
15,000
26,000
11,000
100 10134
Ohlo Power 56 ear B _1952 100
9331 94
1956
448 aeries D
99
9934
Ohio River Edson 55_1951
83
8431
Osgood Co 6s with warr '38
81
80
1941
Oswego Falls 68
9834 9934
Oswego River Pow 6s_1931
93% 94%
Pas Om& El let 44e_195, 94
81
80
Pacific Investment 58_1948 80
Paellle Western Lill 6 48'43 8.594 85% 8634
Penn-Ohio Edison da 19150
9935 99% 100%
Without warrants-515s when issued._ _1959 9135 9131 93
9434
94
Penn Dock & W 63w w '49
9931 101
Penn Pow L laser 11._1952 100
1953
101 101%
5s series D
10534 106
Phila Electric 515s.- - -1947
102
102
1960
Is
104% 104%
Phila Elec Pow 53.4s. _1972 105
7,000
7,000
6,000
7,000
7,000
10,000
25.000
19,000
31,000
High,
Low.
734 Sept
Dec
50
Oct
85
85
Sept
21,000 75
55,000 8885
36,000 102
14.000 87
2,000 94
73,000 0631
7815
100
59
70
9215
97
97%
62
89
7114
93%
97%
98%
78
65%
9791 June 10234 Dec
Dec
Sept 95
89
95% Nov 10035 Feb
Dec 10235 Feb
83
7935 Aug 984 Jan
96 June 9934 Dec
894 :Sept 9831 Jab
Dec 116% Feb
80
Sem
Nov 99
85
13,000 Ois
Sept 102
Aug 9734
25,000 89
2,000 92
Nov 9931
18,000 984 Nov 10334
May 10285
19,000 99
3,000 10491 Aug 107
5,000 100% June 10334
87,000 10134 Oct 105%
61,000
11,000
5,000
12,000
28,000
306,000
3.000
13,000
10235 10315 80,000
103
10015 100 10091 83,000
101
10115 5,000
100 10014 30,000
100
9034 22,000
1937 90% 90
Sou Calif Gas 53
63,000
9031 93
1944 91
Sou Nat Gas 63
Sou'west Dairies 63.4s.1938
3,000
SS
85
85
with warrants
H'wcrit 0 & C 5s A __1957 9135 914 94% 19,000
2,000
91% 92
Southwest L & P Is._1957
11,000
trwest Pow & Lt fie.„2022 10331 103)4 105
98
98% 14,000
Staley (A E) Mfg On_11342 98
82
8331 6,000
Standard Invest 5%3_1939 83
96% 19,000
Stand Pow & Lt 61_1957 96% 96
Stinnes (Bilge) Core
7s Oct 1'A without wart 824 80% 89% 22,000
1,300
79% 80
7s 1946 without warruts
50
5935 5,000
Stutz Motor (Ain) 730 '37
10,000
71
77
Sun Maid Retain 6358_1942 71
13,000
1939 101
Sun 011 534a
10034 101
100 10036 22,000
Swift & Co 5 Oat 16 1932 100
Texas Cities Gas Is. _1948
Texas Power & Lt 6e._1958
Thermold Co Gs w w._1934
Tri Utilities Corp deb 58711
Ulen Co 68____ _ _1944
United El Serv (17nes)7e'50
Without warrants
United Indus 645_ _ _1941
Feb
Oct
5,000 100% Oct 104
3,000 9715 Nov 105
12,000
7835 79
9535 9,000
95
10,000
98% 100
56
8735
70
9215
96%
97%
78
60
8334 Jan
9891 Jan
9734 Feb
9731 Jan
Feb
Nov 94
Oct
Oct 96
Nov 10834 Feb
Jan
Apr 92
Sept 1014 Jar,
Dec
Dec 98
13,000 92
Nov
9314 94
Finis Rapid Trans t Os 1062
0934 9935 3,000 9835 Oct
Pittsburgh Coal Gs_ __ 1940
Pittsburgh Steel as._ _1945 101% 10031102% 6,000 100% Apr
14,000 98
June
1939 104% 10434 108
Poor & Co Os
Potomac Edison 6s._11/541 9731 9634 9734 12,000 9254 Aug
Aug
15,000 88
'47
97
Power Corp of NY5
96
34,000 9735 Oct
Puget Sound 1'& L 5158'49 100% 100% 101
Queensboro 0 & E 534s
2,000 95% Sept
series A
10034 10034
1952
Reliance Bronze & Steel
3,000 79% Dec
Corp 15-yr deb Gs _1944
7931 7934
Reliance Manage't 56_1954
83
82% 83% 9,000 8281 Dec
With warrants
May
9936 18,000 97
99
Remington Arnie 534s_1930
Oct
8131 33,000 76
79
Rochester Cent Pow 6e '53 79
804 13,000 723-4 Nov
SO
1959 80
Ruhr Gas 6 35e
Ryerson (Jos 1') & Sons Inc
6,000 904 Aug
93
93
15-yr sink fund deb Is '47
At Louis Coke & Oasis '47
Ban Ant Public Sere tis 1958
1955
Salida Falls 5s
Schulte Real Estate Os 1935
Without warrants
Scripps(E W)53.4s _ _1943
Serve! Inc(new co) 55_1948
Shawinigan W & P 434e '87
Shawahoen Mille 78_1031
Shell Union Oil 5s____1919
Sheridan-Wyo Coat Os 1917
Snider Pack 6% notee_1932
Song:east P & L 135_2025
Without warrants
Sou Calif Edison 51_1951
1944
Gen & ref 5s
1952
Refunding 5e
80
0731
89
90
90
6,000
42,000
15,000
37,000
64,000
96%
88
89%
85%
79
9631
87%
89
8534
9034
8431
00
9134 14,000
17,000
8431 8.5
Friday
Last Week's Range Sales
for
of Prices.
. Sale
Price. Low. High. Week.
Bonds (Concluded)-
Range Since Jan, 1.
Jan
Mar
Aug
Apr
Jan
Feb
Feb
Jan
1034 Feb
loog May
Jan
103
Aug
130
Mar
98
9815 Feb
10134 11ec
Feb
105
10035 May
11134 Sept
9935 Jan
894 Jan
Jan
94
Jan
96
784 Dec 92
Jan
88
Feb
beet 97
Dec 10214 Jan
07
56
8731
65
8834
94
9234
78
60
Dec 9635
Dec 9515
Nov
8.574
Aug 944
May 984
Oct 1003-4
Dee 93
Dec 1074
Mar
Apr
Jan
Am
Jan
Sept
Jan
Jan
9985 Oct 1054 Jan
Aug 1023-4 Feb
97
9185 Oct 102% Mar
Apr
9714 Aug 102
Oct
88
9031 Dec
Mar
95
9834 Sept
Jan
JAL
Dec
Jan
Fe)
Aug
Jan
85
91
89
9934
97%
82
92
Dec 101
Sept 973-4
Aug 9635
May 5107%
Sent 99
Dec 103
Nov 9984
80
7031
50
48
90
98
Oct 9435 For
Fel
Nov
91
Dec 116% Jan
May 93
Aug
Jar
Aug 102
Dec
Oct 102
73
92
80%
85
75
July 89
Mar
July 993-4 Jan
Dec 10534 Mar
Nov 102% Oct
Oct 100% Aug
Apr
83.
83% Dec
923-4
91 %
Jar)
Jan
50,000 79
89
88
Sept 944 Jan
United Lt & Rye 5%6_1952 88
1952 100% 99% 10034 8,000 98
Sept 101% Jan
Os series A
Jan
10034 10034 11,00( 10034 Dec 110
United Itys (itay) 7 35s '35
United Steel Wks 63.4a 1947
874 87% 8834 15,000 8134 Oct 984 July
With warrants
4,00
81% Oct 9336 Jan
U S Radiator Is ISOr A.1938
8291 82%
US Rubber
30,00
Oct 100% Jan
97
Serial 634% notes_ _1930 99% 0935 100
10,00
Dec 100% Jan
95
964 97
Serial 64% notes__1931 97
9334 Dec 100% Jan
95
9531 6.00
Serial 6(4% notes_1032
Nov 100% Jan
93
Serial 614% notes_1933 9435 9415 9435 4,00
2,00
Dec 10(1
94
94
Jan
94
Serial 635% notes_ _1934
93
9.00
Nov 10035 Jan
04
94
Serial 634% notes_ 1935
7,00
Dee 100% Jan
04
94
94
Serial 631% notes_ _1937 94
Dec 10034 Jan
94
1,00
9431 9431
Serial 631% notes...1938
2.00
Dec 100% Jan
94
Serial 63.4% notes_ _1039 944 9434 9.5
9,00
94
04
Dec 102
95
Feb
Serial 634% notes_ _1940
Oct 101
Aus
Utilities Pr & Lt 5e__ _1954 8335 834 8435 74,000 75
1937
Valvoline Oil 78
Virginia Elm Pow 54_1955
Waldorf-Astoria Corp
let 75 with warr_ A954
Warner Bros Piet 68. _1939
Webster Mills 635s_ _ _1933
Western Newspaper Union
1944
Cony deb es
Western Power 5%5.-1957
1,00
10331 103%
33,00
9734 98
90
87
87
103
90
87
4,00 103
103
71,000 90
93
86
88% 7,00
88
87
11234 113
0,00
2,00
6,00
10231 103
93
9354 18,000
3.00(
100 100
Westvaco Chlorine 53fs '37
1957
West Tex Util 55
Wisconsin Cent 1tys 55 1930
100
Oct 106
954 Aug 10084
85
103
98
88
06.31
Oct 1043-4
Dec 106
Dec 9614
Jan
Jan
Oct
Oct
Jan
Nov 994 July
Nov 107
Aug
Oct 104
Jan
Oct 9811 Jan
Jan 100
1)ec
Cauca Valley (Dept) Col1948
ombia exti s f 79
(1ent Bk of German State&
Pro, Banke as B__1951
1960
Chilean Cons 75
Daman Cons Mun1c534s'55
Is
1953
Danzig P & Waterway Bd
1952
Exti s f 034s
Frankfort (City) 6359_1953
German Cons Mutate 7e '47
1947
Os
Hanover (City) 7s w 1.1939
Banover (Prov) 6 48_1949
Indus Mtge of Finland1st mtge coil s f 7s_ _1941
Lima (City) Peru 634s1958
Maranhao (State) 7s_ _1958
Medellin (Columbia) 7s '51
Mendoza (Prey) Argentina
1951
715s
Mtge Bank of Chile fis 1931
1962
as
Mtge Bk of Den'k 5s_1972
1972
Netherlands Os
Parana(State)Brazil 7s1958
Prussia (Free State) 651952
Exti 6 15s(or26)Sep 15'51
Itto de Janeiro 635e_ -1959
Rumanian Mono Just 7e 358
Rueelan Governments
1919
6345
1919
6 E1 s Ws_
1921
531s
1935
Saar Basin 78
193'
Saarbruecken 7s
Santa Fe (Clty) Argentine _
Republie ext 7s_
_1945
(GAO
u+tett...-. 10.11, 7cr
4,00
Range Since Jan. 1.
Low.
7474 Dec
High.
9631
Jan
1435
1451
7731
924
98
9034
76
9131
9734
9034
71.000
78
30,000
94
28,000
98
9034 5,000
Nov
73
Nov
90
0434 Oct
903-4 July
8734 Feb
97
Oct
10154 Jag,
9634 Jan
78
8934
78
86
13,000
80
9134 19.000
Nov
75
8234 Sept
864 Apr
964 Jan
914
8034
98 .
86
9134
8034
98
86
9335 30,000
8234 117,000
9835 12,000
2.000
87
8934 Oct
Oct
76
Nov
98
Dec
86
9814 June
Jan
89
05% Oct
Dec
87
97
80
97
80
12,000
3,000
69
76
70
78
6,000
6,000
7735
86
9631
S6
96
70
81
88
82
86
96
85
9531
10415
90
9634
8834
9631
10434
70
81
88
74
82
75
84
8934
77
8234
53.1
5%
5%
6
534
96
99
4
021
Dec 102
97
7635 Dec 93
69
76
APT
Feb
Aug
Jan
Feb
Dec
Nov
Aug
Nov
Nov
9334
0034
92
9151
8931
Jan
Jan
Dec
Jul
Feb
5% Dec
5% Dec
5% Dec
193.4
19
19
Apr
Apr
Apr
70
78
8134
70
78
34,000
6
534 5,000
634 30,000
2,000
96
9931 11,000
8714 23,000
87
8.000
9214 94
Jan
94
9735 Feb
Dec 99
Oct 9834
Aug 98
Sept 97
Mar 10731
26,000 80
82,000 9444
36,000 813-4
49,000 9334
1,000 10215
7,000
53,000
45,000
12,000
59,000
Dee
Dec
Jan
Jan
9511 Sept 101
Dec 101
94
Jan
Feb
96
100
Jan
Jan
85
91
Nov
Nov
*No par value. I Correction. in Listed on the Stock Exchange this week, where
additional tran.saetions will be found. n Sold under the rule. o Sold for cash.
y Ex-rights.
Option sales. t Ex-rights and bonus. to When issued, z
"Under the rule" sales were made as follows:
a American Meter Co., Jan. 15 at 128; 3182,000 Procter & Gamble 43.4o of 1957
Aug. 20 at 100; c Danish Consolidated Municipal 515s, 1955, Jan. 15, at 105; e Alasworth Manufaeturing, July 8, at 5834: jParmelee Transportation, July 22. at 26:
g Serve!, Inc., pref. v. t. c., Nov. 19, at 30: h Southwest Power & L,138„2022, Oct.4,
51,000 at 112: 4 Interstate Equities, 200 cony. pref. Oct. 3 at 5035: I Internat.
Projector, 50 corn. Sept. 20 at 64: P Educational Pictures preferred, Feb. 6 at 100
r United Milk Products, March 21, preferred, at 81: Milled Packers 65, 1939;
April 2 at 59; y Mayflower Associates, May 29, 200 at 65; e Investors' Equity 6e.
1947, $7,000 81 98.
-Cash" sales were made as follows:
d Arkansas Power & Light lot & ref. 53, Jan. 22 at 99.
"Option" sates were made as follows: 14 Schutter-Johnson Candy class A. March 5
100 at 6: $ Schulte R. E. 6s, 1035, without warrants, Oct. 4, 55,000 at 79.
Range of old
Goldman Sachs Trading Co. paid 100% stock dividend in April.
stocks before payment of stock dividend was 117% low. 226 high.
CURRENT NOTICES.
Westerfield &
Announcement has been made of the formation of Lord,
Co., Inc., with offices at 68 William St., N. Y. C., to underwrite and
preferred stocks.
distribute securities, particularly convertible bonds and
Vice
The organizers of the new company are: Andrew J. Lord, formerly
formerly
President of Shields & Co., Inc., President; John R. Westerfield.
and
assistant syndicate manager of Lee. Higginson & Co., Vice-President
Shields &
Treasurer; Leon Abbett, formerly with Dillon, Read & Co., and
Beaty, of the law firm of Reeves.
Co., Inc., Vice-President, and Julian B.
Todd, Ely, Price & Beaty, Secretary.
Travis H. Whitney, formerly Vice-President of the Brooklyn-Manassohattan Transit Co., will occupy offices at 72 Wall St., N. Y. C., in
devote a
ciation with Warren Leslie and LeRoy T. Harkness, and will
as
considerable part of his time to work in connection with his position
director of
Chairman of the Board of United States Shares Corp. and
United States Shares Financial Corp.
announce
-Harris, Upham & Co., mernbms New York Stock Exchange,
that C. Lansing Hays has become a general partner of their firm. They
also announce the opening of their Palm Beach office in the Murray Buildtheir
ing. under the direction of Albert Francke, Resident partner, and
Manager.
Miami Beach office at 2629 Collins Ave., of which C.D.Swayze
General
C.
- Henry Hathaway. for a number of years Vice-President and
Manager of the International Magazine Co., has joined the firm of H. W.
Briss & Co., Inc., investment bankers, as a director and Vice-President.
Gilbert Elliott & Co., members of the New York Stock Exchange,
11 Broadway, New York, have issued a special circular on the Northern
Insurance Co. of New York.
Hemphill, Noyes & Co. announce the removal of their Pittsburgh
office to new quarters at the corn:m of Fifth Ave. and Wood St, Charles
F. Miming is the manager.
"The Business of Industrial Banking" is the subject of a booklet prepared by August Belmont & Co., 45 Cedar Sc., New York, on First Industrial Bankers, Inc.
"Selective Investments" is the subject of a circular issued by Pask &
Walbridge, 14 Wall St., New York, analyzing the Borden Company and
Purity Bakeries Corp.
-Lehman Brothers, 1 William St., N. Y., have published a booklet
giving the history and an analysis of Coty, Inc., and its recently acquired
foreign affiliates.
Foreign Government
and MunicipalitiesAgricul Mtge Bk Report:el
'20-yr 7s Jan 15 _ _ _ _1946
20-yr 7s Jan 15 ___.1947
7535
7211
7534 80
72% 79
Baden (Germany)71_1951
Bank ofPrussia Landowners
Ass'n 6% notee___1930
0'47
Buenos Alree(Prov) 73
1952
78
94
94
9831
96%
93%
1,200
9834 99
963.4100% 87,00
97% 27,000
92
9411
16,00
19,00
9,00
76
66
Dec 100
99
Nov
9134 Oct
98
Jan
Jan
Jan
14444 May 99
Dec
964 Dec 10435 June
92
Dec 1024 Oct
-Reinhart & Bennet, members of the New York Stock Exchange,
52 Broadway, New York, have issued a circular entitled "Investment
Opportunities."
-The Detroit office of G. L. Ohrstrom & Co. has been removed to the
Union Trust Building and the telephone number changed to Cherry 2114.
-Prince & Whitely, 25 Broad St., N. Y. C., are distributing an analysis
of United States Realty & Improvement Co.
3954
FINANCIAL CHRONICLE
[VoL. 129.
Quotations of Sundry Securities
All bond bride all "and seteereee" aseoPt where marked *t"
Fantle Utilities
Par Bid Ask
Amer Public Uhl corn.. 100 50 60
7% Drfor preferred ___ _ 10
0 89 92
Pattie preferred
100 89 93
Appalachian El Pr pref.. 100 105 10612
Associated Gas & Else-$5 Preferred
Cleve Elec Ill corn
175 80
6% preferred
100 108 ill
Col El A Pow 7% Pf
106 108
Eastern Util Assoc corn.....? .33 3412
Convertible stock
*11
12
Gen Public UM $7 pret-i *86 8912
Mississippi Riv Pow pref 100 99 _
First mtge 51 1951___J&J 10012
Deb 58 1947
MAN 9312
National Pow A Lt $7 prof.? *10712 10812
$8 preferred .
*100 101
North States Pow 7% pretdhlo Pub Sere 7% pref...100 100 103
6% preferred
94 9612
Pacific Gas & El let pref
..26 *2554 2612
Puget Sound Pr A Lt $8 Pt-t *98 101
$5 preferred
*2•82 85
Salk ref 534/11949__JAD 101 102
ley El & Pow 6% pf-100 88 90
%errs Per El Co 6% pf _100 89
Standard Gas & El corn_ t *10912 110
17 pr pref
100 107 109
Tenn Elec Pow bit pret 7%- 104 106
6% Preferred
100 96 98
Toledo Edison 5% pref..-- 8412 87
6% Preferred
96 99
7% Preferred
100 106 109
Utilities Pow & L 7%Pf-100 96 9712
Railroad Equip.(Cowl.) Bid
Ask
Chain ***** Stocks Par Bed Ask
Rogers Peet Co oorn---100 130 145
Schiff Co corn
t *28
32
Cum oonv pref 7%__ _100 90 94
Shaffer Store oorn
221 2312
Silver (Isaac) & Bros oom_t *40 43
7% cum oonv pref____100 90 94
Southern Stores
6_ 60
Lr 13 Stores oom class A____t - - - 8
*4
*1
Common class B
3
First preferred 7%___100 60 70
Young(Edwin H)Drug units 100 102
Investment Trust Stocks
and Bonds Cosset.) Per Bid da
General Trustee common__ _
New units
8% bonds
German Cred & by 25% pd
9
11
Oreenway Corp eons
28
30
Preferred without warr_
54
Warrants
Guardian Investment
36
Preferred
24
36
Guardian Investors
$6 units
88 92
Standard 011 S
$3 unite
38
42
Anglo-Amer 011 vot stock _ el 'leas 17
$7 preferred
90 95
Non-voting stook
II *167e 17
Incorporated Equities
25 30
Atlantic Ref corn
25 *3634 37
Incorporated Investors
50
5212
Borne Serymeer Co
25 *20
Industrial Collateral Assn
25
Buckeye Pipe Line Co.
-50 *67 8812 Industrial & Pow Sec Co
25 16Chesebrough Mfg Cons_25 *140 150
Insuranshares Ctts Inc
14
16
ContInental Oily t c
10 *14
Inter Germania l'r
16
40 45
Cumberland Pipe Line...100 39 44
Int See Corp of Am oora A
- 58 63
Eureka Pipe Line Co_ -100 45
Common B
50
31
36
Galena Signal Oil com_100
Allotment certificates
4
-- 139
54
3
Aeronautical Securities
Preferred old
100 82 9534
7% Preferred
87 93
AeronauticalInd without war
712 912
Preferred new
100 82
634% preferred
85 91
Warrants
1
112 Humble 011 & Refining. 25 *83 84
6% preferred
83 90
Air Inveetors common
354 412 Illinois Pipe Line
100 307 310
Internal Shares Inc
40
ao
Airstocks Inc
43 45
Imperial Oil
Interstate Share Corp
t *2512 26
Alexander Indus corn
1
112 214 Indiana Pipe Lino Co
Invert Co of Amer Oora
*40 41
40 45
8% participating prof_
International Petroleum __t *20 2012
82
7% Preferred
93 100
American AtrPorts CortiNational Transit Co_12.50 *20
2112 Invest Fund of N J
738 8
Aviation Corp of Calif
8
New York Transit Co___100 10
12
Investment Trust of N Y
12
10% 1154
Aviation Sec Cool N E
Northern Pipe Line Co--100 50 52
Invest Trust Associates---- 38
44
Bellancs Aircraft Corp
518
Ohio 011
Joint Investors class A
25 *703e 71
30
Central Airport
3
5 Penn Mex Fuel Co
25 *2014 2114
Convertible preferred
90
Cessna Aircraft new corn
Prairie 011A Gas
12
25 *52
KeystoneInv Corp class A__
53
17
Short Term Securities
21
Consolidated Aircraft
15
1612 Prairie Pipe Line
25 *5612 57
Class B
4
o
Consolidated Inetrument__t
3se 412 Solar Refining
Leaders of Industry
25 *28 33
allis Chal Mfg fe May 1937 9912 100
103 1113
8
Curtiss Flying Service
5
512 Southern Pipe Line Co....50 *13
Massachusetts Investors
14
4412 4718
&lum Co of Amer 5e May '52 10112 102
Curtiss Reid corn
3
6
South Penn Oil
25 .3912 4012 Mohawk Invest Corp
5534 583
Amer Rad deb 41-2e May '47 9818
4
-Robertson corn
Curtiss
30 40
Southwest Pa Pipe Linee 50 52
Mutual Investment A
57
1012
km Roll Mill deb 5s_Jan '48 973 98
Dayton Airy! Engine
t
4
41
5 Standard 011 (California)--t *6014 61
Units
11
13
Bell Tel of Can Si A_Mar '55 101
0114 Detroit Aircraft
77e 8 Standard 011 (Indiana)
-25 .5218 5212 Nat Re-Inv Corp
Bethlehem Steel
123 1314
4
Fairchild Aviation class A_ _
312 412 Standard 011 (Kansas___25 *2514 27
North Amer! ULU Sea
Sec 6% notes_June 15 '30 993,
6
8
Federal Aviation
15 Standard 011 (Kentucky)-10 533
3334
Sea 6% notes_June 15 '31 99
90 94
Fokker Aircraft
18
20
Standard 011 (Nebraska)-25 *41
North Amer 'Tr Shares
43
918 911s
Sec 5% notes_June 15 '32 9831
KInner Aftpl A Motor
87 2,4" Standard 01101 NJ
8
25 58054 60 4 North & South Am B com _
Oommer'l Inveet Trust
3
3
6
Lockeed Aircraft
3
Standard 011 of NY
6
25 *3214 32'2 011 Shares units
May 1930 9812 100
5% notes
Maddox Air Lines corn....
12
Standard Oil (0121o)
Old Colony Invert Tr corn_
25 *78 83
Cud Pkg deb 5315.0ct 1937 96 063 National Aviation
15
17
4
914 912
Preferred
% bonds
100 11712 120
Edison El 111 Boston
84 88
New Standard Aircraft
17
Swan & Finch
Old Colony Tr Associates -- 45 48
25 *5r2 10
_Nov 1930 99 2
412% notes
,
North Amer Aviation
5 518 Union Tank Car Co
Overseas 58
25 132 144
Empire Gas dr Fuel
1948
Sky Specialties
11
Vacuum Oil
Pacific Inventing Corp corn.
511
5s
25 *95 97
June 1930 983 993 Southern Air Transport
4
4
6 10
Preferred
lleir Rubber 531e_Jan 1981
53 Stearman Aircraft corn
Investment Trust Stocks
Power & Light Secs Trust.. 55 68
General Motors Accept
Stinson Aircraft corn
and Bonds
Warrants
6% ser noted...Mar 1930 99 4 10014 Swallow Airplane
718 1011
3
6
Public Utility Holding corn
6% ser notea
Mar 1931 9870 9912 Warner Aircraft Engine4
Alliance Investors
6
20 25
Corn w w
5% ser notes
Mar 1932 975 983 Whittelsey Mfg
618
8
4
Amer Capital Corp B
6
Warrants
6% ser notes
Mar 1933 9612 98
712
Amer Common Stocks ConResearch Inv Corp corn
5% ser notee
Mar 1934 95 97
27
34
Water Bonds
Amer & Continental
-1fr 19
Units
5% ear notea
Mar 1935 94 9612 Ark Wat 1st 5s A '56. _A&O
66 8012
Am For Sh Corp units
Royalties Management -90 95
6% set notes--Mar 1936 9312 9513 Blrm WW lst 51-4sA'54 A&O 92 94
98 99
Common
Seaboard Cent Corp units
47 50
Gulf 011 Corp of Pa
1st M 5. 1954 see B-J&D 92
534% cony debs
Common
1938 97 98
Debenture 5e
Dea 1937 992,3 997e City W(Chat)5)4sA'54J&D
95
Amer Founders Corp own- *129 32
Second Financial Invest...
Debenture 5e
Feb 1947 100 101
----.MD 93
rot M 5a 1954
Cony preferred
2nd Found Sh Corp units
96
Koppers Gas & Coke____ ____
City of New Castle Water
Class A
6% Preferred
43
. Debenture 6s-June 1947 9614 963
4
Deo 2 1941---J&D I 94
Preferred
One hundredths
7%
4713 5212
Wag Pet 4.31e_Feb 15'30-'35 96 100
Clinton WW let 5039-F&A 91
1-40the
620 67c Second Internet Sec Corp- 45
Mar 0115% notes J'n3 15'30 9912 100
49
Com'w'th Wat let 54sA '47
Warrants
Common B
18
Serial 5% notes J'ne 15'31 97 9814 Con'llav W 5s 004'39 Adt01 95
21
27
93
Amer & Geneml See6% pref 40 45
6% Preferred
40 44
Serial 6% notes Joe 15'32 95 97 E St L & lot Wat Si'42 J6-71
92
Class A
30
35 Second Nat Investors
Mare Gas Coe 5)2e_Jan 1946 10312 105
J.k.1 99
lst M es 1942
Class B
Select Trust Shares
18
13
Pacific MUIR 512a. _Feb 1931 9714 98
It
1214
Huntington 1st (ia '54-M&S 99 _
Amer Insurance ink Corp- 18
2212 Shawmut Association com
Peoples Gas L & Coke
1712 173
4
1954 92
fis
Amer Ry Tr Shares
16
22
1712 Shawmut Bank by Truet
27
4 qs....__Dec 30
97 100
Monm ConW lst5e'50 IAD 90 92
Amer GUI & Gen1B units-- _4345
1942 82 87
Front & Gomb 4)20 July '47 96 99
Mown Val W 530 '50_J&J 9312 95
Astor Financial
fe
1952 85 90
Swift 5, Co
MuncieWW5sOct2'39 A&01 93
Atlantic Securities corn ...- 20 25
6s
1952 158
5% notes_ __Oct 15 1932 100
0012 St Jos Wat 56 1941
A&O 91 93
Warrants
5 Southern Bond & Share
2
Cheops'', Central 5. Jan '30 9934 100
Shenango Val W 56'58-AA° 85 90
Preferred
Corn A
40 45
20
So Pitts Wet let Is 1960 J&J 92 95
Bankers Financial Trust...
Corn B
Tobacco Stocks
9
Par
FAA 92
let M 5s 1955
Bankers Investmt Am units.
$3 prim allotment eth3--30
American Cigar oom____100 100 lb
Terre H WW 65 '49 A...15,D 99
Bankers Sec Tr of Am cam..
Standard Collateral Truss
Preferred
1484
100 100 105
let M bs 1956 set B_F&D 91 _
Bankiretooks Holding CorpStandardInvesting Corp
British-Amer Tobin ord_81 *29
31
Wichita Wat 1st (kr '49.13f&S 100
Bankshares Corp of 17 8 al A
534% prof with wart
70
Bearer
el *29 31
1WA 91
let M le 1956 ear 13.1
Bankstocks Corp of Md clA _
StandardOil
she
1013 1134
Imperial Tob of GB & Irel'd *23
25
Class B
Trustee Stand 011 She
llts 123e
lot Cigar Machine/7- -100 100 125
Chain Store Stocks
Preferred
Trustee Transportation she_
10
101
1
Johnson Tin Foil & Met.100 55 65
Berland Stores units new___ .95 100
Basle Industry Share..-(t)
81s 871 United Founders Corp corn. 3612 4212
Union Cigar
1-16
-t .67
Bohack (H C) Inc com
71
United Trust Shares A 2....
British Tyne Investors
12
15
(bloc Tobacco Co corn. _
112
100 99 103
*34
7% lit Preferred
Cent Nat Corp A.
U 8 Elec Pow Corp
50 54
-.
2012
Claes A
6
*1
Butler (lames) common
3
9
Claes B
Warrants
20 24
412 612
Young (J 13) Co corn_ _ _100 98 103
100 10
Preferred
Colonial Investor Shares
U S Shares A
24 25
138
4
Preferred
100 102
Diamond Shoe common_
30
35
Commonwealth Share Corp
Class A 1
45 55
1311,3 112;
Preferred with warr
89 94
Continental Shares corn........
Class A 2
103 Ills
4
endue.
Miscall
Edison Bros Stores corn
16
18
Cony Prof
Clam C 1
2611
72
Aeolian Co pref
40 60
Preferred
90 94
Continental Securities Corp_ 44 48
Class 02
2738
Aeolian Web P&P
100 10 20
Fan Farmer Candy fib pf_t .28 33
Preferred
Class C
20ts
70 80
American Hardware
16 61 84
Fed 13ak Shops oom
.414 514 Corporate Cap Corp unite
Class D
16
27
2912
Babcock & Wilcox
100 126 132
Feltman & Curme Shoe
Deferred stock
Class F
171s If/
814
Blies (It W) Co
2212
*22
Stores A 7% Prof
100
55
Credit Alliance A
Class H
12
20
133
4
Preferred
50 *55 65
Fishman (H M)aorta Wm
15 20
Corporate Trust Share.14
17
87
0 95s U S & Brit Internal alias B
,
thilds Corp prof
100 104 109
Preferred
90 94
Crum & Forster ImmoClaes A
32
37
Dixon (Jos) Crucible _ --100 160 168
at Atl & Per Tea pref.-100 115 119
sharea eons
Preferred
41
75 82
45
Safety Car Ht&Ltg...- _100 133 138
Howarth-Snyder Co A
13
Preferred
U 8 Elea Light A Power
37
97 100
40
cringer Mantrnenuring- _100 440 470
Knox Hat
100
Deposited Bk Shared
1534 1712
linger Mfg Ltd
£1 *4
412 Kobacker Stores corn
t 37 43
Diversified Trustee Shares
SugarStocks
207
s
Cum prof 7%
100 90 94
Shares B
as
r1812 - 1 -1- Caracas Sugar
11 4
Railroad Equipments
Lane Bryant Inc 7% p w w. 95 110
Series C
100 55 60
818 85s Fajardo Sugar
Atlantic Coast Line
5.40 5.15 Lerner Stores 634% pt w w
85 92
Godchaux Sugars Inc
Domestic & Overseas
4
t
28
7
Equipment 634.
5.20 5.00 Lord & Taylor
100 300 400
Eastern Bankers Corp cam.
Preferred
100 79 81
_
_ _
Baltimore A Ohio 61
5.40 5.15
First preferred 6%. .100 95
•5
Units
Haytian Corp Amer
10
Equipment 434s A 5i_... 5.00 4.80
Second preferred 8%-100 100
Sault Inventing Corp units
Holly Sugar Corp enro----t
18 22
33
BuffRoch & Pith equip 6e. 5.55 5.00 MaeMarr Stores 7% pt w w 95 01
Clam B
Preferred
100 74 80
5
Canadian Pacific 431e & 85
5.70 5.20 Melville Shoe Corp
National Sugar Ref
Equity Invest Corp corn
100 32 33
24 30
Central RR of N J tle
5.40 5.15
let prat6% with warr _100 82 90
units
100 15 20
62 7612 New Nlquero Sugar.
Chesapeake & Ohio 6.
5.40 5.15 Metropolitan Chain Stores
Savannah Sugar corn
Federated Capital Corp
t *90 95
Equipment 634.
5.40 5.00
New preferred
100 85 90
New corn
Preferred
100 95 100
36 40
Equipment 5s
5.00 4.80 Miller (1) ar 00116 65n5
*39 42
New units
Sugar Estates Oriente I/1_100 13
.
18
5712 64
Chicago A North Weal 6e-. 5.65 5.15
Preferred 634%
100 85 92 First Holding A Trod
Vertiontes Sugar pref....100 40
50
Equipment 634.
5.40 5.10 Mock Judson & VoerInger pf 90 94
Fixed Trust Shares claasA(T) 19ts 203
s
Chic RI & Pao 4345 A 5a5.15 4.90 Murphy (00)Co corn _.t *65
75
Rubber Stocks (Clash:sad)
Class B
Equipment 6s
5.70 5.30
8% cum prof
ioo 100 106 Founders Holding room el(t) 18 1834 Aetna Rubber common...? *514 6
A
Colorado & Southern fle
5.75 .5.35 Nat Family Stores Inc Warr
2
8
Falls Rubber common..._.t
6% Preferred
314
Delaware A Hudson
5.40 5.15 Nat Shirt Shops cam
•11
14
New 140tbs
Preferred
25
9
Erie 434s A Si
5.30 5.00
Preferred 8%
100 80 83
Foundation Sea corn
Poultices Rubber
t *34re 37
Equipment Wi
vs
5.70 5.30 NedIck's Inc corn
12
Preferred
General Tire & Rub oom -25
190
Great Northern 13s
5.40 5.15 Nelaner Bros Inc Prof 7%100 120 150
Founders Sec Tr pf
Preferred
90
100
Equipment Si
5.00 4.80 Newberti(i)C0.7% Pref.100 95 101
Pounders Shares.
Goody'r T & It of Can pf.100
10612
Hocking Valley Esi
5.00 4.80 N Y Merchandise corn. -t *25 29
General Equities A
India Tire & Rubber
19
t
20 22
Equipment 6a
5.50 5.25
First preferred 7% __ _100 90 100
Gen Pub Son 6% Prof- 93 98
20
Miller Rubber prof
100 18
,
Illinois Central 4344 &15e__
5.00 4.80 Peoples Drug Stores corn--t
Mohawk Rubber
1212
100 10
Equipment 68
5.40 5.15
83.4% corn Prof
100 103 107
Preferred
100 ao 65
Equipment 7e &
5.30 5.00 Piggly-Wiggly Corp
15
Selberling Tire & Rubber..? •11
133
8
Kanawha & Michigan th„. 5.75 5.30
Preferred 8%
100 90 100
70
100
Preferred
Kansas City Southern 534s. 5.75 5.35 Reeves (Daniel) Preferred- 90 95
Louisville dc Nashville ea.__ 5.40 5.15
Equipment 634s
5.25 5.00
Michigan Central 55 & 6e
5.50 5.00
• Per share. t No par value. b Basle. d Purch. also pays aocr.
city. k Last sale.n Nomin. z Ex-dIv. Ex-rkghts. r Canadian Ouot. 8 Sale Price, I Ex. 400% storo di!
Minn St P&SSM 41-45& 58
Equipment 630 dk Ts
-Missouri Pacific 6. A 8
Mobile & Ohio 56
New York Central 434a & Be
Equipment as
Equipment is
Norfolk 5, Western 430._
Northern Pacific is
Pacific Fruit Express 7s---Pennsylvania RR equip &intern & Lake Erie 6)4e.....
ReadingCo 434e A 5s
Si Louis A San Francisco 58.
Seaboard Air Line 5348 & 6ei
Southern Pacific Co 430
Equipment 7e
Southern By 4
& 5e
Equipment 65
Toledo & Ohio Central 6.....
Union Pacific Ts
5.50
5.60
5.25
5.10
5.00
5.40
5.25
5.00
5.50
5.40
5.00
5.40
4.00
5.30
6.25
5.00
5.25
5.10
5.40
5.50
5.25
5.1
5.2
5.2
4.85
4.80
5.15
5.00
4.80
5.15
5.00
4.75
5.05
4.75
5.00
5.50
4.80
5.00
4.85
5.15
5.20
5.00
3955
kntestntent and gaiiroad intaliffente.
-In the fol-In the table which
Latest Gross Earnings by Weeks.
Other Monthly Steam Railroad Reports.
follows we sum up separately the eatnings for the second week lowing we show the monthly reports of STEAM railroad
of December. The table covers six roads and shows 19.71% companies received this week as issued by the companies
decrease under the same week last year.
themselves, where they embrace more facts than are re.
quired in the reports to the Inter-State Commerce Com1928. Increase. Decrease.
1929.
Second Week of December.
mission, such as fixed charges, &c., or where they differ in
some other respect from the reports to the Commission.
$
9
$
1,049,340
4,377,188 5,426,528
Canadian National
1,558,000
Central Vermont Ry.
3,550,000 5,108,000
Canadian Pacific
272,500
276,813
397,300
3,285,566
Minneapolis & St Louts
Mobile & Ohio
St Louis Southwestern
Southern
37,145
71,340
53,954
214.413
309,645
348,153
451,254
3,499,979
2,984,192
9 WU 102
12,159,367 15.143,559
Total (6 roads)
7.1
NAL deem:Ina (10 710
-Month of November--Jan. 1 to Nov. 30.
1928.
1929.
1928.
1929.
714,161 8,153,643 7.008.390
Railway operating revenues- 659,257
543,247 6,156,375 7,366,947
509,519
Ry. oper. exp. (excl. depr.)__
220,740
229,846
18,127
20,821
Ry.oper. expenses (deprec.)_
In the table which follows we also complete our summary
of the earnings for the first week of December:
1928.
1929.
First Week of December.
Increase. Decrease.
g
6,204,287
5,367,735
26,300
272,295
325,112
3,523,244
$
$
14.508 1,755,713
1,055,609
2,725
16,796
75,830
313,313
12,513,496 15.718,973
14,508 3,219,986
swig 4751
$
4,463,083
4,312,128
23,575
255,499
249.282
3.209,931
Previously reported (3 roads)
Canadian National
Georgia & Florida
Mobile & Ohio
Minneapolis & St Louis
Southern
Total (8 roads)
Net decrease (20.4002)
In the following table we show the weekly earnings for a
number of weeks past:
$
14,258,008
13.704,380
13,934,100
20,100,633
14,083.977
14,025,691
13,987,172
19,926,465
16,362,468
14,170.746
15.414,954
20.931,898
13,783,513
14,098,543
14,329,624
21.329,515
14,210,254
13,914.646
14,138,646
21,078,339
13,083,956
15,535.299
15.745,187
21.174,048
15,055,110
15,790.725
15,740,663
21,843,142
10,016,635
13.321,885
9,461,558
16,167,720
12,513,496
12.150.387
1st week April (9 roads)
2d week April (8 roads)
8d week April (7 roads)
4th week April (8 roads)
let week May (8 roads)
2d week May (8 roads)
3d week May (8 roads)
4th week May (8 roads)
let week June (8 roads)
2d week June (8 roads)
3d week June (8 roads)
4th week June (7 roads)
let week July (8 roads)
2d week July (8 roads)
34 week July (8 roads)
4th week July (8 roads)
let week Aug. (8 roads)
24 week Aug. (8 roads)
34 week Aug. (8 roads)
4th week Aug. (8 roads)
let week Sept. (8 roads)
24 week Sept. (8 roads)
84 week Sept. (8 roads)
4th week Sept. (7 roads)
let week Oct. (8 roads)
2d week Oct. (8 roads)
3d week Oct (7 roads)
4th week Oct. (8 roads)
let week Nov. (7 roads)
2d week Nov. (8 roads)
3rd week Nov. (7 roads)
4th week Nov. (7 roads)
1st week Dec. (6 roads)
2nd week Dec. (6 roads)
Increase or
Decrease.
Previous
Year.
Current
Year.
Week.
$
13,394,590
12,849,259
12,745,841
16,956,008
13,198,800
13,800,007
14,015,235
20,132.939
16,187,145
13,805,018
13,974,488
18,619.998
13,461,219
13,922,999
14,169,119
20,439,976
14,632,315
14,848,790
14,144,881
22,089.553
14,430,895
15.383,636
16,524,538
23,291.930
18,216,629
18,706,196
17,968.778
27,153.455
11,582,851
17.438,765
11.553,954
21,192,292
15,718,973
15.143510
Per
Cent.
$
6.45
+883,416
6.65
+855,121
6.33
+1.178.259
+3,144.625 18.51
6.71
+885,177
1.64
+225,684
0.20
-28,063
1.03
-206.474
1.07
+175,321
2.70
+374.728
+440,468 10.30
+2.311,898 12.41
2.39
+322,293
1.26
+175,544
1.13
+160,505
4.35
+889,539
2.97
-422,061
8.29
-934.144
6.64
-1,006,235
4.49
-991,214
3.09
-446,939
0.98
+279,605
5.82
-779.351
9.10
-2.117,882
-3,161,499 16.53
-2,915,471 15.58
-2,22 '5 12.41
-5,310,3.3 19.58
-1,576.216 12.52
-4,114,880 23.11
-2,0112,396 18.11
-5,024,572 23.72
-3,205,478 20.4(
2_084.102 10.71
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.
1928.
1929.
January
February
March
April
May
June
July
August
August
September
October
457,347.810
458.387,931
505,249,550
474,784,902
510,543,213
502.455,883
512.821,937
557,803,468
557,803,468
556.003,668
617.475,011
486.201.495
474,780.516
516,134,027
513.078.026
536.723.030
531,033.198
556,708,135
585.638,740
585,638,740
585.818.654
607,584.997
1929.
1928.
+28.853.625
+18,292,585
+10,884.477
+38,291.124
+26.120,817
+28,577,315
+43,884,198
+27.835,272
+27,835.272
+9,8 2,986
-9,890,014
Mites.
240,833
242,884
241,185
240,956
241,280
241.608
241.450
241.028
241,028
241,704
241.822
Mites.
240,417
242,668
240,427
240,816
240.798
241.243
241,183
241.253
241.253
241.447
241,451
Net Earnings.
Month.
January
February
March
April
May
June
July
August
August
September
October
530.340
561,375 6.386.221
Net revenue from ry. oper-__
Railway tax accruals
Uncollectible ry. revenues---
128,917
15,903
119
152,786 1,767,421 -579,296
172,494
174,472
14,711
77
247
Cr34
172,471
174,719
14.677
Total tax St uncol. ry. rev_
16,023
Railway operating income_
Non-Operating Income
Hire of freight cars--Cr. halRent from locomotives
Rent from pass, train cars_ _ _
Rent from work equipment
Joint facility rent income
Income from lease of road_ _ _
Miscellaneous rent income_
Misc. non-oper. phys. prop._
Income from funded securs
Inc. fr. unfund. sec. & sects_
Miscellaneous income
112,893
138,109
17,679
1.179
7,617
502
1.023
1,402
1,355
Dr60
250
12,252
9
4,160
7,216
418
1,338
1,402
Dr588
61
250
718
7
43,212
14,985
156,106
Gross income
Deductionsfrom Gross Income
hire of freight cars Dr. bal_
7.010
Rent for locomotives
10,986
Rent for pass, train cars_ __ _
163
Rent for work equipment
256
Joint facility rents
18.046
Rent for leased roads
Miscellaneous rents
297
Miscellaneous tax accruals
90,945
Interest on funded debt
Cr64,537
Interest on unfunded debt
6,643
Amon.of disct.on fund.debt
28
Nliscell. income charges
153,094
Total non-oper. income
Inc.(+) or Dec.(-).
1929.
1928.
Amount.
117,730.186
126.388,848
139,639,086
136.821.660
146,798.792
150,174,332
168,428,748
190,957,504
190,957,504
181,413.185
204,335.941
94,151,973
108,987.455
132,122,886
110.884,575
129,017,791
127,514.775
137.635.387
174,198.644
174,198,644
178,8(10,939
216,519.313
+23.578,213
+17.381.398
+7.516,400
+25.937,085
+17,754,001
+22.659.557
+30.793,381
+16.758.860
+16,758,860
+2,612,248
-12,183.372
Per Cent.
+25.04
+15.95
+5.88
+23.39
+12.09
+17.77
+22.37
+9.82
+9.62
+1.48
-5.63
-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:
12,301
7,058
13,7V
285
18,046
2,298
14,692
2
858
31
Total deduc.from gross Inc
69,841
69.323
Net income
Ratio of ry. oper. exp. to rev_
Ratio of ry. oper. expenses &
taxes to revenues
Miles of road operated
86,265
80.45%
83,771
78.61%
82.86%
420
80.67%
413
1,592,702 -751,868
110,275
83.196
92.298
2,435
12,060
15,431
6,104
1.046
2,750
52.063
771
25,181
82.632
2.124
14,721
15,431
3,182
733
2,750
9,444
641
378.434
156.844
1,971,136 -595,024
80,119
50,158
83,073
128:N? 12422
3,731
3,338
198.506
5,091
1,083
34,102
241,779
189
599
198,506
25,711
493
,1
122 18
700,140
661,685
6.042
250
1.270.996-1.256,709
108.27%
78.32%
80.47%
417
110.73%
403
Kansas City Southern Ry.
(Texarkana & Fort Smith Ry.)
-Month of November- 11 Mos. End. Nor. 30.
1928.
1929.
1928.
1929.
Railway operating revenues_ 1,707,992 1,842,040 20,349,145 19,616,993
12,876,110
Railway operating expenses_ 1,192,037 1,197,039 13,101,712
645,001 7.247,433 6.740,883
515.954
Net rev. from ry. oper_ --67,111 1,429,259 1,199,508
86,750
Railway tax accruals
3.972
11.750
176
310
lincollectible ry. revenues.-577,714 5,806,423 5,537.402
428,893
Railway operating income_
Philadelphia & Western Ry.
-Month of November- 11 Mos. End. Nov. 30.
1928.
1929.
1928.
1929.
$
$
$
$
762,606
724,657
68,796
67,305
Gross revenue
609,786
583,265
49,176
49,552
Deductions for interest, &c
Net income
Inc. (-1-) Or
Dec.(-).
7.587,687
Total ry. oper. expenses__
17,753
19,620
141,392
152.820
Electric Railway and Other Public Utility Earnings.
-Below we give the returns of ELECTRIC railway and
other public utility companies making monthly returns which
have reported this week:
Atlantic Gulf & West Indies Steamship Lines.
(And Subsidiary Steamship Companies)
-Month of October- 10 Mos. Ended Oct. 31.
1928.
1929.
1928.
1929.
$
$
$
$
28.700,173 26,719,526
2.548,086 2,500.995
Operating revenues
Net revenue from operation
196,695 3,705,662 1,955.415
230,654
(including depredation)_ _ _
290.537 4.644,387 2.722,816
322,429
Grass income
210,388 2,058,660 2,108,822
197,425
rents and taxes
Interest,
613.993
80,149 2,585,726
125,003
Net income
Brazilian Traction, Light 8c Power Co., Ltd.
Gross earnings from oper
Operating expenses
-Month of November- -Jan. 1 to Nov. 301928.
1929.
1928.
1929.
$
$
$
$
4,145,850 3,698,213 45,366,904 39,101,270
19,555.237 16.340,209
1,795.202 1.522,237
2.350,648 2,175,976 25,811,667 22,761,061
Net earnings *
* Before depreciation and amortization.
Brooklyn-Manhattan Transit System.
(Including Brooklyn & Queens Transit System)
-Month of Nocember- 5 Mos. Ended Nor. 30.
1928.
1929.
1928.
1929.
$
$
$
$
Total operating revenues_ _ _ _ 4,987.071 3.970.021 25,210,850 20.000.199
- Total operating expenses_ _ _ _ 3,345,314 2,477.877 17,021.861 13.142,902
-Grossfrom Railway- -Net from Railway- -Net after Taxes
1929.
1928.
1929.
1928.
1928.
1929.
IS
$
$
i
Net revenue from operation 1,641,757 1,492,144 8,188,989 6,857,297
$
$
264.260 1,596,231 1.382,900
273,696
Taxes on oper. properties_ .._
Vermont
Central
109,984
124,805 103,440
120,785
705,592
November _ 652,149
1,368,061 1,227,884 6,592,758 5,474.397
Operating income
From Jan I.. 8,273,483 6,918.208 1,874,700 -876,888 1,682,475 -1029,255
412,002
350,633
79.263
75,303
Net non-operating income_ _ _
Chicago & Alton
a87,007 al64,956
November. 2,069,058 2,277,280
a3,115,432 a2,393.442
1,443.361 1,307.147 6,943,391 5,886.399
Gross income
From Jan 1_26.509,290 26,153,495
701,424 3,890,813 3,454,167
769,654
Total income deductions_ __ _
Kansas City Southern
a515,954 a645,001
November 1,707,992 1,842,040
a7,247.433 a6,740,883
605.723 x3,052,578 2.432,232
*673,707
Net Income
L20,349,145 19,818.993
From Jan
Pere Marquette
a43,416 a1,023,106
* Of which sum there accrues to minority interest of D. & Q. T. Corp.
November. 3,485,468 3,973.462
a9,402,584 09,988,481 $83.103. a 1928 figures do not include B. & Q. T. System. x Of which
From Jan 1_45,239,796 42,374.629
sum there accrues to minority interests of the B.& Q. T. Corp.$454,041.
a After rents,
3956
FINANCIAL CHRONICLE
Brooklyn & Queens Transit System.
-Mon% of Norem*er- 5 Mos.Ended. No . 30.
,
1929.
1928.
1929.
1928.
Total operating revenues_ _ _ _ 1,929,432 1,964,189 9.933,027
Total operating expenses_.._.1,549.294 1,571,694 7,874,414
Net revenuefrom operation 380,138
392,495 2,058.613
Taxes on operating properties
98,255
110,651
565,470
Operating income
281,883
281,844 1,493,143
Net non-operating income_ _
22,122
23,312
107.255
Gross income
304,005
305,156 1.600.398
Total income deductions__. 125,487
128,520
624,842
Net income
178,518
176.636
975,556
10.076,325
8.373,903
1,702,425
537,715
1,164,710
107,690
1,272.400
645,988
[VOL. 129.
Hudson & Manhattan RR.
-Month of November
-12 Mos.Ended Nov. 30.1929.
1928.
1929.
1928.
$
$
$
$
Gross revenues
1,059,112 1,044,884 11.405.284 11,287,617
Operating expenses & taxes
510,620
528,923 5,740.671 5,874,476
,
Balance applic. to charges.
Charges
515,960 5.664,612 5.413,147
335,027 3,689,691 3,690,189
215,618
Balance
548.492
332,873
180,933 1.974.920 1.722.957
Kansas City Public Service Co.
Month of 11 nws.end.
Nov. 1929 Nov.30'29.
626,412
Railway passenger revenue
Other railway receipts
Bus passenger revenue
(Including Leased Property)
-Month of October
-12 Mos. End. Oct. 31. Other bus revenue
Miscellaneous income
1929.
1928.
1929.
1928.
$
$
$
$
Gross revenue
Gross earnings
54,251
55,393
681.693
667,203 Railway operating expenses
Operation
35.110
33,804
398.640
404,564 Bus operating expenses
Maintenance
8.551
7.837
96.166
93.606 Taxes
Taxes
2,234
2.506
32,942
28.224
Total operating expenses and taxes
Net operating revenue__ _8,354
11,245
158.943
140,808
Interest charges
69.148
68,317
Gross income
Deductions-Interest on bonds
Balance
89.795
72,490
Other charges
Cape Breton Electric Co., Ltd.
Chicago Surface Lines.
-month of Norombev1929.
1928.
Gross earnings
Operating expenses, renewals and taxes
5,246.124 5.208,724
4.046,792 4,052,149
Residue receipts
Joint account expenses, Federal taxes, &c
City's 55%
1,199,331 1,156,575
30,525
43,525
270,307
241,478
Balance
898.499
871.572
Cities Service Co.
-Month of November
-12 Mos. End, Nov. 30.
1929.
1928.
1929.
1928.
Gross earnings
ExPenses
Net earnings
Int. & disct. on debentures
4,443,638 3,263,964 42.984,475
128,822
102,299 1.297,593
4,314.815 3,161.665 41,650,882
523,622
461.521 6,831.984
34.272.955
1,157,582
33,115,373
3.668,349
Net to stocks and reserves- 3,791.192 2,700,143 34.818,897 29,447,023
Preferred stock dividend__
613,458
563.796 6,836,083 6.777,039
Net to common stock & res. 3,177,734 2.136,346 27,982,813
22.669,984
Total deductions
Net income
668,719 7,358,192'
28,944
280,198
43,724
501.312
2,645
21.690
,
2,102
18,860'
746.136 8,180,254
520,227
596.319
604,815.
53,558
41.675
458,425
615,461 6.659,560
,
130,674 1,520,694
73,449
807.971
42,573
1,404
74,854
55,820
850,544
670,150'
Memphis Power & Light Co.
(National Power & Light Co. Subsidiary)
-Month of October- -12 Mos. End. Oct. 311929.
1928.
1929.
1928.
$
$
$
$
Gross earnings from oper____ 533,207
501,078 6,036,035 5,957,147
Oper. expenses and taxes_ ...- 320,690
276,386 3,646,401 3,401,201
Net earnings from oper_ -- 212,517
224.692 2,389,634 2,555,945.
Other income
14,081
8,561
339,803
246,923
Total income
226,598
233,253 2.729.437 2,802,868
Interest on bonds
52,952
55,256
666,864
579,605.
Other interest & deductions..
14,311
5,230
76,918
141.287
Balance
159,335
172,767 1,985,655 2,081,976
Dividends on preferred stock
271,124
248,840'
Balance
1.714,531 1,833,136-
New York Power & Light Corp.
-Month of November- 12 Mos. End. Nov. 30.
1929.
1928.
1928.
1929.
$
$
$
$
Community Power & Light Co.
Gross earnings
2,029,257 1.868,764 22,203,018 20,338.916.
Oper. expenses nad taxes *
(And Controlled Companies)
1,182,280 1.008,452 12,981.799 11,507.23
-Month of Nov.- 12 Mos. End, Nov. 30.
Net earnings
846.976
860,311 9,221.219 8,831,6781929.
1928.
1929.
1928.
Interest & income deductions 278,793
292.224 3.354,315 3,626.647
$
$
$
3
Consolidated gross revenue_- 413.345
409,504 5.034,012 4,589,327
Net income
568.087 5,866,903 5.205,030'
Oper. expenses. incl. taxes_ 230,410
225,907 2,762.849 2.660.143 * Incl. credit to retlre't res.._ 568,183
162,093
146,981 1.649.583 1,427,388
Avail, for int., amortiz.,
Southern Canada Power Co., Ltd.
deprec., Federal income
taxes. divs. and surplus- 182.935
183.597 2,271,162 1,929,184
-Month of November- -2 Mos. End. Nov. 301929.
1928.
1928.
1929.
Detroit Street Rys.
$
$
$
$
Gross earnings
194,679
176,876
376,096
349,047
-Month of November- 12 Mos. End. Nov. 30 Operating expenses
63,585
56,805
129.137
115,230
1929.
1928.
1929.
1928.
Operating Revenues
Net earnings
131,094
120,071
246,959
233,817
Railway operating revenues. 1,582,677 1.832.617 21.966.124 21,245,463
Coach operating revenues_ -- 350.310
264,901 4,554,085 3,241,445
Utica Gas & Electric Co.
Total operating revenues__ 1,932,988 2,097,518 26,520,209 24.486,908
-Month of November- 12 Mos. End, Nov. 30.
Operating Expenses
1928.
1929.
1929.
1928.
Railway operating expenses_ 1,123,730 1.380.025 16,449,274 15.935,985
$
S
$
$
Coach operating expenses__- 353,746
259,622 4,533.789 3.194.844 Gross earnings
485,087
441,667 5,284,711 4,862,137
Oper. expenses and taxes
*279,999 *257,637 *3,099,365 *2.813.517
Total operating expenses-- 1,477,477 1,639,648 20.983.064 19,130.829
Net earnings
205,088
184,029 2.185.345 2.048,619
Net operating revenue
455,511
457,870 5,537,144 5,356,078 Interest and income deduc ns
75,575
918,334
78,868
962,541
Taxes assignable to operation
61.987
63.435
748.021
784.629
Net income
129,513
105,161 1,267,011 1,086,077
Operating income
394,434 4,789,113 4.571,448 *Incl. credit tore;, for depr_
393.524
36,582
316,278
245,350'
22.365
Non-operating income
9.951
29.299
118.341
255,772
Gross income
403,476
423,734 4,907,464 4,827,221
Deductions
FINANCIAL REPORTS
Interest on funded debt:
Construction bonds
64.592
64,592
785,875
785,875
Financial Reports.
Purchase bonds
-An index to annual reports of steam
10,720
11.185
133,251
138,903
Add'ns & betterm'ts bonds
16,347
16,939
200,225
200,953 railroads, public utility and miscellaneous companies which
Purch. contract (D.U.R.)_
21.791
60.440
293.711
699.882 have been published during the preceding month will be given
Loan (City of Detrolt)
1.875
9,375
on the first Saturday of each month. This index will not
Total Interest
115,327
153.157 1.422.437 1,825.615 include reports in the issue
of the "Chronicle" in which it is
Other deductions
31.326
7.688
239.961
91.266
published. The latest index will be found in the issue of
Total deductions
146,653
160,846 1.662.398 1.916,882 Dec. 7. The next will appear in that of Jan. 4.
Net income
Disposition ofNet Income
Sinking funds:
Construction bonds
Purchase bonds
Addns. & betterm'ts bonds
Purch. contract (D.11.R.)_
Loan (City of Detroit)
256,822
262,888 3.245,066 2,910,339
42.715
10,931
13.150
146,919
41,666
26,128
503.095
503,122
10,931
133,000
133.000
13,150
160,000
155,479
146.919 1.787,518 1,787.518
208.333
Total sinking funds
Residue
255,384
1.438
197.129 2,791.946 2,579.119
65.758
453,119
331,220
256,822
262.888 3,245,066 2,910,339
Total
Houston Lighting & Power Co. (National Power &
Light Co. subsidiary).
(National Power & Light Co. Subsidiary)
-Month of October- -12 Mos. End. Oct. 31,
1929.
1928.
1929.
1928.
$
$
$
$
Gross earningsfrom operation 689,467
636,939 7,814,613 7,066,865
Operating expenses & taxes_ 369,157
364,395 4,140.678 4,049,040
Net earnings from oper.
Other income
320.310
2,387
272,544 3,673,935 3,017,825
2.649
31,714
36,105
Total income
Interest on bonds
Other interest & deductions..
322.697
78.346
11,802
275.193 3,705,649 3,053.930
62.513
881.510
750,150
144,057
17.721
118,261
Balance
Dividends on preferred stock
232,549
194.959 2,880,082 2,185.519
255,000
210,000
Balance
2,425,082 1,975.519
Central Aguirre Associates.
(Annual Report-Year Ended July 31 1929.)
CONSOLIDATED INCOME ACCOUNT YEARS ENDED JULY 31.
b1928-29. al927-28. a1926-27. al925-26.
Sugar, molasses & cane
sales
$5,178.734 $9,019.542 87,653,532 55,719,040
Miscellaneous receipts- _
482.974
437,178
407,007
299.916
Total income
$5,661,708 $9,456.721 $8,060,539 $6,018,956
Agricul. & mfg. expenses 5,031.178 6,444.342 5.235,569 4,753.897
Net earnings
$630,529 $3,012,378 82,824,970 $1,265,059
Depreciation,&c
233,132
250,845
238.944
258,875
Res.for incotne tax
118,816
137,402
278,661
218,918
Net income
$913,111
8242.282 $2,494,773 $2,347,177
Dividends (cash)_
1,443.000
1.262.984 1.037.964
1.260.723
Balance, surplus_ --def51,018,441 $1,051,773 61,084,193 deff124,853
Previous surplus
10,049.037 8,736,940 7,550,327 8,128.044
Divs. rec. Cent. M. Co.
145,000
145,000
58.000
261.000
Sundry adjust. & credits
4,620
102,295
131,927
Total surplus
$9,190,891 1110,181,640 $8,779,520 $8,152,811
Adjust, of ta- reserve
55,749
Res.for insu05w
2,484
42,579
1,367
676
Stock dividends
(20%)600.00()
P & L.surp. July 31- $9.133,774 $10,180,964 $8.736,940 17.550,327
Shares of capital stock
outstanding (no par)_
x180,000
x180 000
713.928
x180,000
Earns.per sh.on cap.stk.
$13.84
$5.90
$0.42
$15.31
a Central Aguirre Sugar Co. and subsidiaries. b Central Aguirre Associates and subsidiaries, including Central Aguirre Sugar Co., Santa Isabel
Sugar Co., Luce & Co.8 en C.,Ponce & Guayama KB.and Aguirre Corp.
of N. Y.
x Represented by shares of $20 par value.
FINANCIAL CHRONICLE
DEC. 21 1929.]
CONSOLIDATED BALANCE SHEET JULY 31.
11929.
$
71928.
x1929.
71928.
Ltabilities-Assetsc3,600,000 3,600,000
Capital stock
Real est., bldgs.,
2,000,000
rolling stk., &c.a 8,857,079 8,641.030 Notes payable_ _
225,339
207,979 Accounts payable_ 199,580
159.647
Cash
93,862
4,210
434,925 Due MM.cos
Accts. & notes rec. 428,011
11,444
20,417
578,732 Drafts In transit
Mat'l & supplies_ _ 694,852
6,754
19,299
Growing crone_ _ 1,435,157 1,269,521 Accrued gem taxes
b 2,442,199 2,145,755 Income, &c., tax
Sugar & molasses
319,793
167,662
reserve
833,428
797,766
Investments
Reserve for reducConstrue. dr lmpts.
31,000
don of rentals_
99,685
(no completed). 109,184
100,927
113,341 Insurance fund_
Deferred charges._ 171,045
9,133,774 10,049.037
58,258 Surplus
Claims for taxes
3957
The company's collateral trust gold bonds have priority over $117.181.921 preference stock and $335,000,000 common stock, representing an
equity at present market prices of approximately $762,573,717. The preference stock has received 4% dividends without interruption since its IssuanceIn 1895. The common stock has paid dividends continuously since 13.82,
-V. 129, p. 3468.
the rate since 1912 having been 10% per annum.
15,144.943 14,438.157
Total
15,144,943 14,438,157
Total
a Central Aguirre Associates and Subsidiaries. y Central Aguirre Sugar
Co. and subsidiaries. a Real estate, roadway and track, mill, buildings,
rolling stock, portable track,steam plows,livestock, carts,implements, &c.,
$11,211.321, less reserve for depreciation, $2,354,243. b Less provision
for shipping expenses. c Represented by 713,928 no par shares and 1,518
-V. 129. p. 3804.
shares (par $20) of the Central Aguirre Sugar Co.
-2% Extra Dividend.
Central RR. of New Jersey.
The directors have declared an e ctra dividend of 2% payable Jan. 15 to
holders of record Dec. 31. An extra distribution of 2% was also made on
Jan. 15 and July 15 of this year.
Purchase Approved.
The acquisition of the Wharton & Northern RR. by the Central RR.
of New Jersey was approved Dec. 17 by the New Jersey P. U. Commission.
The purchase of 1,093 shares of capital stock of the Mount Hope Mineral
RR. by the Central was also approved. The sum of $1,250,000 was
-V. 129, p. 3320.
involved in the deal.
Central Vermont Ry.-Reorganization.-
The I.
-S. C. Commission Dec. 14 (I) issued a certificate authorizing the
acquisition and (or) operation by the Central Vermont Ry., Inc., of the
line of railroad formerly owned and (or) operated by the Central Vermont
By.;(2) authorized the Central Vermont By,. Inc., (a) to issue $10,000.000 common stock, $5,000,000 of series A debentures, and $12,000.000.
Cuban-American Sugar Co.
of 1st & gen. mtge. series A gold bonds, for the purpose of acquiring
-Year Ended Sept. 30 1929.)
the railroad and properties formerly owned the by Central Vermont
(Annual Report
Ry., and (b) to assume obligation and liability in respect of $44,000'
F; (3)
The remarks of President Geo. E. Keiser together with of equipment-trust notes of series E and $287,000 of series control
Central
year ended Sept. 30 1929 and balance authorized the acquisition by theSouthern Vermont By., Inc., of
income account for the
New England KY.. Southern
Granite By.,
sheet as of Sept. 30 1929 are given on a preceding page in (a) of the Bethel Corp., Montreal & l'rovince Line By.. Montreal &
New England RR.
RR., Stanstead, Shefford & Chambly RR., and the
the advertising columns of this issue. Our usual comparative Vermont JunctionTransportation Co. by purchase of capital stock; and
Central Vermont
tables were published in V. 129, p. 3794.
(b)of the property of the New London Northern RR., under a lease.
The acquisition by the Canadian National Ry, of control of the Central.
Vermont By,, Inc., by accepting its capital stock and other securities
upon the assignment and transfer to the latter of certain securities and
claims and the payment of cash was also approved and authorized.
The report of the Commission says in part:
The new company was organized July 30 1929 in Vermont to acquire
and operate the properties formerly belonging to the old company, and.
on Aug. 16 1929 entered into an agreement with the purchasers and the-Class I railroads on Nov. 30 had 340.740 surplus
Surplus Freighl Cars.
it of the purchasers'
the
freight cars in good repair and immediately available for service, the car Canadian National providing for and assignment to
thereunder. The agreement
all rights, title,
service division of the American Railway Association announced. This successful bid andthat the Canadian interest shall transfer to the new
National
was an increase of 51,071 cars compared with Nov. 23. at which time there further provides
of the old company of the
were 289,669. Surplus coal cars on Nov. 30 totaled 114,826, an increase company (1) refunding-mortgage 5% bonds
the distributive share toof 20,583 cars within approximately a week while surplus box cars totaled principal amount of not less than 512,816.900,(2)
on its unsecured claims against
181.198. an increase of 26,032 for the same period. Reports also showed which the Canadian National is entitled to It. not exceeding $9.000,00 .
0
the old company for loans and advances
24.240 surplus stack cars, an increase of 1,8.35 over the number reported
company heretofore or hereafter
on Nov. 23, while surplus refrigerator cars totaled 9,805, an increase of and (3) claims of creditors of the old the principal amount of not less
assigned to the Canadian National in
period.
1,507 for the same
than $17,602, and that the new company will apply these bonds and claims
Matters Covered in "Chronicle" of Dec. 14.-(a) Gross and net earnings of toward
price of the property. The Canadian National will
U. S. RR.'s for the month of October, p. 3691. (b) Annual report to also paythe purchase
the new company a sum in cash, not exceeding $100.000,sufficient
I.
-S. 0. Commission suggests now legislation to prevent possible defeat by to complete the payment of the $22,000,000 bid for the property and the
holding companies of "orderly" consolidation of railroads-comments on new company will apply the cash toward that purpose. In addition the
-S. C. Commission order to compel
railroad valuation, p. 3738. (c) I.
will pay to the new company 1.5.000.000 in cash which
Canadian
building of line-directs Union Pacific to construct Central Oregon con- the latter National toward the payment of outstanding receivers certifiwill apply
struction, p. 3739. (d) Demand for higher wages by trainmen on Erie RR. cates, the accrued interest on which will be paid by the new company
referred to Federal mediator, p. 3740. (e) Atcheson, Topeka & Santa Fe The new company will take-the property subject to the various liens and
Ry. advances wages, p. 1740.
obligations imposed by the decree.
or the property acquired through assignment of the purchasers' bid,
-Bonds.
Alabama'Great Southern RR.
for the securities, claims, and cash to be paid it by the Canadian
The I.-8. 0. Commission Dec. 6 authorized the company to procure and
National the new company, under the agreement, will pay $27.000,000.
authentication and delivery of $500,000 of 1st consol. mtge. 5% gold bonds, In payment of $10,000,000 of this sum the new company will issue $10.series A, to be held by it subject to the further order of the commission. 000,000 of common stock, consisting of 100,000 shares of tho par value of
--p. 129. p. 2854.
$100 each, which with the exception of II shares to be delivered to subscribers to its articles of association will be delivered to the Canadian
-Special Dividend.
Albany & Susquehanna RR.
In payment of the remaining $17.000.000 the new company
A special dividend of 2% has been declared on the $3.500,000 capital National.and deliver to the Canadian National or upon its order $5,000,000
will issue
stock (par $100). payable Jan. 4 to holders of record Dec. 20.
1st & gen. mtge. bonds. Of the bonds
in January of debentures and $12.000,000 ofauthentication by the trustee, are to be
Dividends Paid.
-30% November 1909; 3.25% each
Special
to be so issued $4,947,000, after
1916, 1917 and 1918; 155% in January 1920;2% in January each year from held by the trustee and delivered to the Canadian National only in propor-V. 125, p. 3475.
1921 to 1929. inclusive.
tion as cash is advanced by It for payment of outstanding receivers' certificates.
Canadian National Rys.-Orders Equipment.
Under the proposed reorganization there will be 117.000.000 of new
been placed by this company for 120,000 gross tons of steel interest-bearing securities, consisting of debentures and 1st & gen. mtge,
Orders have
required for the construction program of the Canadian National System bonds on which the annual interest charges will be $875.000. as compared
during the coming year, it is officially stated. Of this total 80,000 gross with $12.838,300 of refunding mortgage bonds now outstanding on which
tons have been orderd from the Dominion Iron & Steel Co., and 40,000 the annual interest Is $641,915. There will be eliminated, however, over
gross tons from the Algoma Steel mills at Sault° Ste. Marie.
debts for advances, on which the yearly interest
In addition to steel orders nearly 5,000 box cars have been ordered. 310.000,000 of unsecured the interest on the refunding bonds, amounted
was $600,476.
Of the car orders placed the Canadian Car & Foundry Co. are to deliver to 31.242,391 asThis, with with the $875,000 of interest to be paid by the
compared
2.250 fifty-ton box cars and 25 tank cars, each of 10,000 gallons capacity. new company. Although the interest-bearing securities will be increased
The National Steel Car Co. have received orders for 1,175 fifty-ton box by more than 34.000.000, the annual interest charges will be decreased
cars and the Eastern Car Co. have been given orders for 200 refrigerator slightly over $367,000 a year. The comptroller for the receivers testified
and approximately 1.000 box cars. The placing of box car orders has that he felt confident that the earnings of the new company would be
resulted in the manufacturers placing orders with the British Columbia sufficient to pay the annual interest charge of $875,000 on the proposed
mills for some 15,000,000 feet of box-car material. The placing of these debentures and bonds.
orders has assisted the employment situation in the centres concerned.
which the estimated income for the years 1929.
A
Inquiries are also being made by the Canadian National among loco- 1930detailed statement on operating revenues for those years respectively
shows
motive manufacturers for the delivery of 18 Santa Fe typo locomotives as and 1931 is based
$9.546,000. $9,624.300 and 59,696.100: operating expenses $7.226,415,
and 15 mountain type engines -V.129. p. 3630.
$7,297,275, and $7,323,325; gross income 32,274,585, $2.439,825 and
amounts available for
-A syndicate corn $2,489,275; and$1,904.765. For thoseinterest, dividends. &c.. 51,690.540.
Canadian Pacific Ry.-Bonds Offered.
years the estimated ratio of operatposed of the National City Co.; Guaranty Co. of New York; $1,856,735 and taxes and revenue is shown as approximately 78%
,
inst expenses to
For an investment of over 142.000.000 in respect of the properties
Higginson & Co.; the Union Trust Co. of Pittsburgh;
Lee,
the' Canadian National will accept $27,000,000 of securities of
Bank of Montreal; Wood, Gundy & Co., Inc.; Dominion involved,company, thereby, it is claimed, voluntarily writing down its
the new
Securities Corp.; A. E. Ames & Co., Ltd.; the Royal Bank of investment more than 315.000,000.-V. 129. Ir• 3160.
GENERAL INVESTMENT NEWS
STEAVI RAILROADS.
Canada, and the Canadian Bank of Commerce announced
the offering, Dec. 17, of $30,000,000 5% collateral trust gold
bonds at 100 and int.
Dated Dec. 1 1929; due Doc. 1 1954. Principal and int.(J. & D.) payable
in gold coin of the Dominion of Canada of the present standard of weight
and fineness at any branch of the Bank of Montreal in Canada (Yukon
excepted) or, at the option of the holder, in United States gold coin of the
present standard of weight and fineness at the agency of the Bank of Montreal in N.Y. City. Denoms.c* of $1,000 and $500, and r*S1,000, $5,000
and $10,000. Red. all or part on any int. date on 60 days' prior notice at
104 and int. on or after Doc. 11939, and prior to Dec. 1 1944; at 103 and
int. on or after Dec. 51944, and prior to Dec. 1 1949: and at 102 and int.
on or after Dec. 1 1949 and prior to maturity. Royal Trust Co., Montreal,
trustee. Application will be made in due course to list these bonds on the
New York Stock Exchange.
Data from Letter of E. W. Beatty, K. C., Chairman and President.
The 5% collateral trust gold bench, will be direct obligations of the company and In addition will be specifically secured under a trust indenture.
by deposit with the trustee of $37,500,1000 Canadian Pacific By. 4% consolidated debenture stock.
The company's 4% consolidated debenture stock authorized by Acts of
Parliament of Canada, by the terms of which it is a first charge on the
entire assets and undertaking of the company, except lands received by
way of subsidy, subject to certain priorities and to the payment of working
expenses as defined in The Railway Act.
In the opinion of counsel, this consolidated debenture stock is secured by
a statutory charge on the assets and undertaking of the company within
the terms and meaning of the said Acts of Parliament. At the present time
the priorities aggregate $38,641,724, issued In respect of only 1,642 miles
of railroad, while the linos embraced in the company's traffic returns aggregate 14,821 miles.
Interest on the consolidated debenture stock is, therefore, a first charge,
subject to the above priorities, upon the net earnings of the company, which
in the year 1928 were $64,372,136. The requirements of the securities
underlying the consolidated debenture stock were $1,907,396. and the interest charges on the consolidated debenture stock were $10,617,146, which,
together with rentals and other interest charges, made total fixed charges
for the year 1928 of 515,308,698. Fixed charges, including interest charges
-year period ended
on this Issue, were thus earned 3.83 times. For the 10
Dec. 31 1928 the company's earnings on a yearly average were in excess of
3.71 times fixed interest charges during that period including interest
charges on this issue.
-Acquires Old Company.
Central Vermont Ry., Inc.
See Central Vermont By.above.
Equipment Trust Issue of 1929.
The t.
-S. C. Commission, Dec. 14, authorized the company to assume
obligation and liability in respect of not exceeding $1,849,000 of equipment
trust issue of 1929 certificates, to be issued by the New York Trust Co., as
trustee, under an agreement to be dated Dec. 14 1929. and to be used in
connection with the procurement of 1,000 automobile cars.
The report of the Commission says in part:
Bids for the purchase of certificates were invited by the applicant and
one bid was received, which was rejected. Instead of selling the certificates
at the present time, it is proposed that, in the case of the cars manufactured
by the Pressed Steel Car Co.. certificates to a principal amount of $935,000,
and cash to the amount of $312,830, being the advance rent required by the
lease, be delivered by the vendors to the builder, which will accept them in
payment for the cars. The applicant will then purchase the certificates at
-day drafts dated Dec. 14 1929, on the applicant
par, the builder drawing 90
for $935,000. When accepted, the drafts with the certificates accompanying them as collateral, will be delivered by the builder to the trustee,
which, under a collateral agreement of pledge, will serve also as pledgee.
The trustee will negotiate the drafts at a rate of discount of 53.6% per
-day period and pay the proceeds to the Pressed Steel
annum for the 90
Car Co.. the discount being provided for by the applicant. A return of the
certificates may be secured by the applicant at any time by providing the
trustee with funds sufficient to pay the drafts in full, with interest to
maturity. Such funds it expects to provide when the security market
becomes more favorable, through the sale of the certificates on competitive
,
b2dd p. ,
1i9 ing.7rject to our approval. The applicant is to have the privilege of
-V.
extending this temporary financing for a further period of 90 days.
Chesapeake & Ohio Ry.-Stock Issue and Bond Issue
Sought.-S. C. Commission for authority
.ghta
Pursuantu nt to a previous application the I.
to acquire control of the Hocking Valley RR,and the Chesapeake & HockRR.. the Chesapeake & Ohio on Dec. 14 filed application for authority
ing
to Issue 247.488 shares (par $100) common stock.
The Chesapeake & Ohio also asked permission to assume obligation and
liability of certain mortgage bonds, equipment trust certificates and other
indebtedness of the Hocking Valley.
The purpose of the issue is to acquire the outstanding stock of the Hocking Valley not already held by the Chesapeake & Ohio.
3958
FINANCIAL CHRONICLE
The company Dec. 19 filed an application for permission to issue $35,088.000 of refunding and improvement mortgage gold bonds. Of the
proceeds $31,390,000 would be used to retire a like amount of 4%% cony.
gold bonds maturing Feb. 1. The remaining $3.698,000 would be used
to reimburse the treasury for capital expenditures and to retire a like
amount of improvement mortgage 5% gold bonds which matured last Jan.
The application states that no contract for sale of the securities has
been entered into, but it is believed they could be sold as of Jan. 1 1930.
at not less than 92 and interest.
-V. 129, P. 3630.
[VOL. 129.
I.
-S. C. Commission on the owned and used properties of
the Denver & Rio Grande RR., the predecessor company,
while property owned but not used was valued at $557,848,
and used but not owned at $2,757,137.
The report also covered an appraisal of the Rio Grande Junction Ry.
which the Rio Grande leases and was valued at $2,280,000 as of June 30
1919. The report also embraced the Kenilworth & Helper RR., also leased
by the Rio Grande which was valued at $119.500 as of June 30 1919.
The Denver & Rio Grande RR. valuation includes 83,000,000 allowed for
working capital.
-V.129, p. 3630, 3469.
Chicago Milwaukee St. Paul 8c Pacific RR.
-Listing.
The New York Stock Exchange has authorized the listing upon the
terminatino on Jan. 1 1930, of the voting trust agreement dated Dec. 31
Fonda, Johnstown & Gloversville RR.
1927, of(1) 1.192,388 shares of pref. stock (par $100) already outstanding
-Abandonment.
The 1.43. C. Commission, Dec. 10 issued a certificate authorizing the
with authority to add to the list; 920,439 additional shares of pref. stock
upon official notice of issuance, and (2) 1,174.060 shs. of corn. stock (no company to abandon its line between Broadalbin Junction and Northville,
par value) already issued and outstanding, with authority to add to the list, in Fulton County, N. Y.. a distance of 12.04 miles.
-V.129, p.3160.
914,369 additional shares of common stock upon official notice of the
Georgia & Florida RR.
-Receiver's Certificates.
Issuance.
The receivers have been authorized by the I.
-S. C. Commission to issue
Condensed Balance Sheet as of Sept. 30 1929.
$100.000 of receivers' certificates, series A, which will be sold at not less
LiabUUleathan
-V. 129, p.
Totalinvestments
$725,144,286 Corn,stock (1,174,060 abs.)-$138,611,484 3630.par and proceeds used to finance operations of the road.
Cash
11,031,613 Preferred stock
119,191,500
Demand loans and deposits_ 15,150,000 Grants in aid of construction
10,854
Nashville Chattanooga & St. Louis Ry.-AbandonTime drafts and deposits...
410,976 Long term debt
463,836,789
Special deposits
5,409,499 Loans and bills payable__..
106,638 ment of Lines.
Loans and bills receivable_ _
12,509 Traffic & car-serv. bal. pay_
3,929,229
The I.
-S. C. Commission
Traffic & car-serv. bal. rec_
970,565 Aud.accts.& wages pay---- 13,221,878 company to abandon portions Dec. 7 issued a certificate authorizing the
of its line of railroad in Grundy and Marion
Net bal. rec. Zr. agts.& cond. 4,460,827 Mace.. accounts payable__ 383,507 counties, Tenn., as follows: (1) Its Pryor Ridge spur, extending from
MaceII. accounts receivable 3,458,117 Interest matured unpaid_ _
5,560,340 Tracy City, Grundy County. to Pryor Ridge, Matron County. a distance
Material and supplies
12.455,077 Funded debt mat. unpaid__
28,000 of 5.25 miles, together with 11 subordinate tracks totaling 3.18 miles
Interest & dividends receiv. 1,212,498 Unmat.interest accrued__
2,476,452 leading therefrom; (2) its "Q" Mine spur, extending from milepost 24.74
Rents receivable
354 Unmat.rents accrued
288,638 of the Tracy City branch to the spur's terminus at Mine "Q," a distance
Other current essets
135,637 Other current liabilities-599,060 of 0.84 mile, together with a subordinate track 0.11 mile long leading
Deferred assets
2,583,072 Other deferred liabilities--705,123 therefrom, in Grundy County; and (3) its Flat Branch spur, extending
Unadjusted debits
4,380,165 Tax liability
6,960,138 from milepost 25.50 of the Tracy City branch to the spur's terminus at
Accrued deprec., equip
9,478.823 Nunnelly Ridge, a distance of 1.84 miles. together with two subordinate
Other unadjusted credits.-- 5,774,370 tracks 0.20 mile in length leading therefrom in Grundy County, a total
Appropriated surplus
884,320 mileage of 8.43 miles.
-V. 129. p. 3469.
Total(each side)
$786,795,196 Profit and loss
14,748,055
Seeks Right To Purchase Two Roads.
The company applied to the I.
-S. C. Commission on Dec. 14 for authority to acquire and operate the lines of railroad of theiChicago, Milwaukee
& Gary Ry. Permission is sought by the St. Paul to assume the principal
and interest on $3,000.000 of 1st mtge. 5% 40
-year gold bonds of the
Gary company now outstanding, and all of its other outstanding liabilities
and obligations, excluding obligations and liabilities to the St. Paul.
The St. Paul proposes to acquire all of the Gary road's lines except 15
miles from a point near Kirkland to a point near Rockford, Ill., which
the Gary proposes to abandon.
-V. 129, P• 1907.
Delaware & Northern Ry.-Acquisition dc Operation.
The I.
-S. C. Commission Dec. 5 issued a certificate authorizing the
company to acquire and operate the railroad and properties formerly owned
by the Delaware & Northern RR.
The report of the Commission says in part:
The company on Oct. 11 1929, filed an application under section 1 (18)
of the interstate commerce act for a certificate that the present and future
public convenience and necessity require the acquisition and operation by
It of the railroad,franchises, and properties formerly owned by the Delaware
& Northern RR., consisting of a line of railroad extending from East Branch
to Arkville, a distance of 37.52 miles, all in Delaware County, N. Y.
The line to be acquired extends from a connection with the New York,
Ontario & Western Ry. st East Branch, through the villages of Corbett.
Lownsville, Pepacton, Shavertown, Union Grove, Arena, and Margaret
vile, to a connection with the Ulster & Delaware RR. at Arkville. It was
constructed in 1905 by the Delaware dr Eastern RR., which operated it
until June 16 1911. when under a plan of reorganization it was sold to a
committee of bondholders pursuant to a decree of foreclosure and sale.
On Oct. 14 1911. the Delaware & Northern RR., was organized as successor to the Delaware & Eastern RR. The Delaware & Northern operated
the line until Dec. 21 1921, when the railroad properties were placed in
receivership as a result of foreclosure proceedings instituted by creditors
In the United States District Court for the Northern District of New York.
The line has been operated by the receivers since the latter date. On or
soon after Dec. 15 1928, the receivers sold the entire railroad properties
free of encumbrances to Samuel R. Rosoff for $70,000. That amount has
been paid in full to the receivers and the court has ordered that it be held
by them subject to liens and encumbrances asserted against the assets
and franchises of the Delaware & Northern. The sale of the railroad properties to Rosoff was authorized and confirmed by the court upon condition that he organize a corporation to take over the railroad properties,
franchises, and assets of the Delaware & Northern and continue to operate
the line and carry on the business the same as the receivers had done.
To meet that condition the applicant was organized in New York on July
22 1929. The Public Service Commission of the State of New York has
authorized the applicant to issue 50.000 shares of its common stock, (no
par), which is to be sold at not less than $2.20 per share to realize net
proceeds of at least $110,000. Of this amount $70,000 is to be used to
purchase the properties in question and $40,000 is to be used for the purpose
of providing necessary working capital.
The capital stock is to be sold only to certain subscribers named in the
certificate of incorporation and none is to be sold to the public. Rosoff
et al. named in the certificate of incorporation have subscribed for the
entire issue at $2.50 per share. The proceeds from the sale of the stock at
that price will amount to $125.000, which is $15,000 over and above the
minimum amount required by the Public Service Commission above stated.
-V.
The applicant has not sought our authority to issue capital stock.
129. p. 275.
New Orleans & Great Northern RR.
-Protest Withdrawn.
-
The minority stockholders protective committee have withdrawn their
intervention from the I.
-S. C. Commission opposing the acquisition of
control of the road by the Gulf Mobile & Northern through stock exchange.
The withdrawal motion states that 63,951 shares, or about 81%. of the
total outstanding stock of the New Orleans & Great Northern, including
stock of persons represented by the minority committee has been deposited
with the Chemical Bank & Trust Co. of New York in exchange for stock of
the Gulf Mobile dr Northern.
The exchange offer of the Gulf, Mobile & Northern was on the basis of
one share of its stock for 21 shares of New Orleans & Great Northern
stock. The success of the transaction was contingent upon the deposit
of 70% of the New Orleans & Great Northern stock-V. 129, p. 3008.
New Orleans Natalbany & Natchez Ry.-Operation.
The I.
-S. C. Commission on Nov. 30 issued a certificate authorizing
the company to operate, under lease, the line of railroad owned by the
Natalbany Lumber Co., extending from GrangevIlle to Slaughter, approidmaterly 18 miles, all in St. Helena and East Feliciano. Parishes, 1.4.V. 129, p. 1117.
New York Central RR.
-Listing.
--
The New York Stock Exchange has authorized the listing of 356,699
additional shares of capital stock (par $100) on official notice of issuance
and payment in full pursuant to offer to stockholders, making the total
amount applied for 4,993,792.
Income Account 9 Months Ended Sept. 30 1929.
Total operating revenues
$298,986,267
Total operating expenses
224,754.859
Taxes
21,647,708
Uncollectible revenues
71,781
Hire of equipment
4,011,274
Joint facility rents,credit
2,255,247
Net railway operating income
Miscellaneous operating income
Total operating income
Total non-operating income
Gross income
$50,755.891
Dr19,945
$50,735,947
$46,164,931
$96,900,878
Rent for leased roads
Miscellaneous tax accruals
Interest on funded debt
Miscellaneous charges
$10,962,645
1,378,593
19,671,470
1,829,866
Net income
Dividends
$63,058,301
27,816,395
142,753
Sinking and other reserve funds
Surplus
$35,099,152
Balance Sheet as of Sept. 30 1929.
Assets
Liabilities
Investment in road
5608,876,888 Capitalstock
463,709,235
Investment In equipment
413,344,674 Prem.on capital stock
4,880,241
Inprove. on leased ry. prop- 138.890,564 Equip.obligations
61,776,204
Dees. In lieu of mtgd. prop.
Mortgage bonds
547,951,000
sold
729 Misc.obligations
17,681,200
-1930 Budget, &e. Misc, physical property
Denver & Rio Grande Western RR.
31,109,681 Traffic & car-ser. bals. pay6.891.563
-President J. S. Pyeatt on Dec. 14 made the following Invests. in affiliated cos_ _ _ 306,582,123 Audited accts. & wages Day 21,732,263
Other investments
49,361,042 Misc.accts. Pay
2,676,913
statement concerning the 1930 budget and completion of Cash
21,615,497 Int. matured unpaid
3,564,512
388.461 Divs, matured unpaid
Special deposits
164,892
five years of rebuilding:
1,627,648 Fund,debt matured unpd _
139,090
Starting in 1925, the company undertook a program of improvement to Loans and bills receivable_ _
Traffic& car-serv. bal. rec- - 3,114.724 Unmat.diva. declared
9,274,134
its physical properties calculated to bring about maximum efficiency in It
5,615,161
operation and to serve the public more adequately. The major rehabilita- Net bal. rec. fr.agts.& cond. 4,745,288 Unmat.Int. accrued
3,185,365
tion program was completed in the four years allotted at the beginning. Misc, accounts receivable_ 12,172.306 Unmat,rents accrued
29,758,356 Other current liabilities- _.4,880,146
We have now reverted to a normal basis of improvement. During the Material and supplies
6,723,137 Deferred liabilities
25,510,795
em- Interest & dividends rec
past five years 547.000.000 has been spent, the greater part of which
1,297.556 Unadjusted credits
188,474,588
braced new capital expenditures. The program included such better- Rents receivable
797.874 Adds, to prop, thru income
Other current assets
ments as the virtual rebuilding of the main line from Denver to Salt Lake, Deferred
5,532,757 & surplus
assets
1,504,997
and major improvements to branch lines. It included acquisition of Unadjusted
26,661,480 Misc.fund reserves
debits
1,738,566
modern motive power, freight and passenger equipment, and rebuilding
125,001 Profit& loss
291,349,919
of keeping Secure. seq. fr. lessor cosexisting equipment to replace that which was found to be out
Secs.seq.from lessor cos
125,001
with the trend in modern transportation. Much of this improvement was
made in the reduction of grades, elimination of curvature, widening fills
$1,662,725,785
Total
Total
1,662,725,785
and cuts, installation of steel and concrete structures to replace wood,
the laying of heavier rail and the building of terminal facilities. The
Unification Plan To Be Effective Feb. 1.
last of these extraordinary improvements is about to be completed with a
The company has announced that plans set in motion in 1926 for the unismall installation of block signal work which, when finished next year. fication
of the Michigan Central, the Big Four, and the New York Central
will cover 600 miles of the main line.
on Feb. 1 1930, when the plan will become effective.
Our 1930 budget calls for an expenditure of $3,754,157 on improvements would be completedNew
the
-mile trunk
in line with the normal development of the railroad property. Included With this step operation York Central will become an 11,000
and management, with resulting economies exnew mallet line unified in
in the items of expenditure to be made will be $1,350,000 for 10
type locomotives, among the most powerful engines built. We will pur- pected.
was approved tentatively by the I.
The plan
-S. C.
chase also more than $1,000,000 worth of heavy rails, 100 and 110 pound COMMISS1011for- this unification limiting
last January, the
conditions being with regard to
section, to release rails of lighter section. This will enable us to co-ordinate the acquisition of certain short lines whose opposition
has been mainly regreater motive power and heavier traffic with speedier train operation. We sponsible for the long delay in the approval of
the unification. The New
have appropriated $180.000 for the remaining portion of the new automatic York Central has now complied with the
Commission's requirements reblock signal system. To strengthen and replace bridges and culverts, an
additional outlay of $275,000 is called for, while an expenditure of $376,300 garding the short lines and more recently has been permitted to assume
the liabilities of the Big
has been authorized for additional yard and passing tracks. Approxi- almost 100% of the stockFour and the Michigan Central. Ownership of
mately $600,000 has been appropriated for miscellaneous improvements the New York Central. of the two companies Is already in the hands of
condition.
and betterments necessary to keep the properties in the best of
In addition to the two big roads and the
The company now takes its rightful place as a unit in the great trans- unified part of the system, the New York shorter lines now to be made a
Central controls the Rutland,
portation network of this country. Primary lines as a whole are in first the
Boston & Albany and the Pittsburgh & Lake Erie, which are not inclass physical condition. Our obligation to the people of the Rocky cluded
in the present consolidation.
Mountain region, therefore. Is recognized in furnishing the kind of service
which meets the requirements of the new era in transportation.
Construction Contract.
construction contract under the agreement
The
Final Valuation.
-A final valuation for rate-making pur- City ofInitialYork and the above company, approved by the between the
New
Transit and
poses of $101,500,000 as of June 30 1919 was placed by the I.-S. C. Commissions, has been awarded (on Dec. 16)to the Arthur McMul.
DEC. 21 1929.]
FINANCIAL CHRONICLE
len Co., it was announced. This contract provides for the rearrangement
of the facilities of the railroad company at the southerly end of the 60th
St. Yard in order to clear the way for the subway construction to permit
the main tracks to be depressed at the entrance to the yard. The facilities
for handling automobiles will be changed, and a new milk yard constructed
which will concentrate the handling of milk at 60th Street and will remove
the tracks now used for milk yard purposes from the block between 29th
and 30 Sts., 9th and 10th Ayes., so that the proposed new building of the
United States Post Office Department may proceed. The actual work
under the contract with the Arthur McMullen Co. will start prior to Jan. 1.
Other contracts will follow as rapidly as details can be developed and necessary arrangements consummated.
A. considerable amount of work in connection with electrification has
been in progress for some time including construction of new shops and
engine terminal facilities at Harmon for the accommodation of the new
equipment to be used on the West Side. Orders have been placed for new
electric and Diesel engines, and duct line work is in progress and approachincompletion.
The work of reconstructing tracks in order to provide for electrification
-V.129. p. 3796.
north,of 72d St. will be started in the near future.
-Securities.
New York & Long Branch RR.
The I.
-S. 0. Commission Dec. 9 authorized the company to issue $2,000,000 capital stock (par $100) and $538,000 of series-A consolidatedmortgage gold bonds; the securities to be sold at par and the proceeds used
n payment of advances made by the Pennsylvania RR. and the Central
RR. Co. of New Jersey and expended for additions and betterments.
Acquisition of control by the Pennsylvania RR. equally with the Central
RR. Co. of New Jersey, of the New York & Long Branch RR., by purchase of its stock, was also approved and authorized by the Commission.
-V. 72, p. 438.
New York Pittsburgh & Chicago Ry.-L. F. Loree
Testifying Before I. C. Commission, Urges New Line.
-S.
3959
Acquisition of Control.
The I.
-S. C. Commission Dec. 2 approved the acquisition by the coinpany of control, by lease, of the railroad of LaFayette Union Railway.
The report of the Commission says in part:
The line has been operated continuously since 1893 by the applicant and
its predecessor under various leases. The last lease expired Sept. 1 1919.
since which time operation has been on substantially the same terins as
prevailed under prior formal leases. The applicant and the LaFayette
propose to enter into a new lease dated July 1 1929, effective for a period
of 30 years, ending August 31 1959. For the purpose of this lease the
pro_perty is divided into two sections: Section A. being that part of the
LaFayette's line extending from a connection with the applicant's railroad in an easterly and southeasterly direction to 18th St., LaFayette, approximately 3.89 miles; section B being the remainder of the property.
The applicant agrees to make such repairs to section A as shall be reasonably
necessary to put it in good operating condition and to keep it in such condition, but assumes no obligation to make any repairs to or operate section
B. except that it shall maintain right-of-way fences now in existence along
that section. However, the applicant reserves the right to repair and
restore said section B if it so elects. As rental it agrees to pay the LaFayette
El for each loaded freight car handled to, over, or from the LaFayette over
or to its own line, or from or to any other railroad connecting with applicant's line if said cars are loaded on or destined to the LaFayette's railroad, but not more than $5,000 a year under this provision. The applicant
also agrees to pay all taxes and assessments levied against the property and
to indemnify and protect the lessor against all claims and demands arising
out of the maintenance and operation of the line involved. Any new
switches, industrial spur tracks, or crossings, not a part of the present
line, or any other additions or betterments made by the lessee during the
term of the lease, may be removed by it within 60 days after the termination thereof, but the lessor, upon certain conditions, shall have the right
to purchase the same. Under the terms of a certain trust indenture of April
11 1891, certain restrictions are purported to be laid upon the lessor's
right to lease its railroad to the applicant or to any other railroad. It
agrees to Institute appropriate legal proceedings to remove that encumbrance
and cloud on its title or for a judgment or decree of a court of competent
jurisdiction that the making of this lease constitutes no violation of the
terms of that trust agreement.gel
Testifying on his application, through the New York Pittsburgh &
Chicago Ry.. to build a 238-mile rail line across Pennsylvania as the connecting link in a proposed New York-Chicago trunk line, Leonor F. Loree
-S.
told the I. ,0. Commission Dec. 18 that the logical way to break down
Budget for 1930.
the barrier of the Appalachians, diving East and mid-West, was to "build
The budget for capital improvements for 1930 calls for the expenditure
across the mountains the best possible instrument of transportation."
ships of 314,041,000, including its Ann krbor subsidiary. The Wabash comHe said that deepening the New York Barge Canal to permit lake
to reach the ocean would be one means of approach, but that the rail pany proposes to spend $5,900,000 for new rolling stock and 56.931.000
line would be the best way from the standpoint of"the steam railroad man." for additions and improvements to roadway and structures. The Ann
When asked if he favored joint operation of the proposed line, Mr. Loree Arbor proposes to spend $95,000 for new equipment and $1,015,000 for
said he did not as to ownership, although it would be possible to grant roadway and structures. Among the larger items in the Wabash budget
-V. 129, p. 1436.
is the purchase of 50 locomotives.
trackage rights to other carriers.
At the close of Mr. Loree's statement, counsel on both sides agreed to
adjourn the hearing until Jan. 28, when the trunk lines will put in their
rebuttal case.
Witnesses testified that the proposed road would cost $177,740,373.PUBLIC UTILITIES.
V. 129, p. 3323.
-Earnings.
Alabama Water Service Co.(& Subs.).
-Stock at Auction.
Old Colony RR.
Year Ended Oct. 31At Wise, Hobbs & Arnold's auction sales room at Boston 9,645 shares of Operating revenues
$748,653 6829;234
Old Colony stock were sold at $131 a share. The shares were purchased Operation expense
277,498
317,562
by E. M. Hamlin & Co. and Henry G. Lapham & Co., joint account.
- Maintenance
37,159
30.015
V. 129, p. 3323.
73,625
82.365
Taxes(excluding Federal income tax)
Pittsburgh & West Virginia Ry.-Loses
$360,670 $399,292.
Net earnings from operations
One of the two suits instituted by the Taplin brothers to prevent the use Other income
816
1,686.
of the old Wheeling & Lake Erie RR. station site in the terminal project
$361,487 $400,978.
has been decided against the Taplins in Federal Court at Cleveland. Judges
Gross corporate income
Paul Jones. Smith Hicklenloper and Arthur C. Denison unanimously denied
$193.659,
a motion for an injunction to restrain the Wheeling from selling the depot Interest on funded debt
site and from entering into a contract for use of the terminal as approved
The statement submitted herewith reflects, and all future consolidated
-S. C. Commission. The suit was filed in the name of the Pitts- statements of income of the company and its subsidiaries will reflect operby the I.
ating revenue, expenses and interest charges per the books for the 12 months
burgh & West Virginia.
The companion suit, instituted by the Taplins through a minority of ending with the current month. On previous statements the interest
stockholders in the Wheeling & Lake Erie, will be heard Doc. 20 in Federal charges were projected for a 12 months period based on securities currently
Court. It denies the corporate authority of the railroad to sell the site. outstanding.
In order to present a proper comparison of revenues and expenses, the
The New York Stock Exchange has authorized the listing of $3,000,000
1st mtge. 4%% gold bonds, series B, dated April 11929, due Aprll 1 1959. company has included in the figures for the year ended Oct. 31 1928, the
earnings of properties prior to acquisition none of the properties acquired
-V. 129, p. 3470.
during the year ended Oct. 31 1929 were of sufficient importance to materially affect the net earnings
129, p. 3798.
Rio Grande Junction Ry.-Bonds.-13 %
The I.
-S. 0. Commission Dec. 6 authorized the company to issue not
Associated Telephone Utilities Co. 4 Stock Div.
-year gold bonds, series A,
exceeding $718,000 of refunding-mortgage 50
The directors have declared a quarterly stock dividend of 1% %.payable
to be delivered to the Denver & Rio Grande Western RR. to reimburse it Jan. 15 to holders of record Dec. 31, placing the common stock on a 7%
in part for expenditures for additions and betterments made on the ap- stock dividend basis annually. In each of the four quarters of 1929, the
plicant's line.
-V. 114, p. 522.
company paid a dividend of 25c. in cash and % of 1% in stock on the corn.
shares.
Southern Pacific Co.
-New General Counsel.
The above action initiates the company's policy of paying dividends
J. P. Blair, General Counsel, after nearly 38 years' continuous service on its common stock entirely in common stock, as compared with 6%
in the law department of the Southern Pacific Lines, will retire from active dividends previously paid, partly in common stock and partly in cash.
As soon as the directors feel that it is in accordance with the conservative
service under the pension rules of the company on Dec. 31 1929.
Ben 0. Dey, now General Attorney, Lines in Oregon, was appointed dividend policy of the company it is their intention to increase the dividend
Counsel effective Jan. 11930, with general supervision and control to
General
T1 e stockholders at the annual meeting voted to increase the authorized
81.
of all legal business of the company and of its subsidiary corporation
He will maintain his office at the headquarters of the company at 165 capital stock in all classes to better finance the increasing growth and
-V. 129. p. 3010.
Broadway, N. Y. City.
business of the company.
-V.129, p. 3798.
-Debentures Offered.
-An issue
American Gas& Power Co.
-I. C. Commission Directs Company
-S.
Union Pacific RR.
To Construct Central Oregon Extension.
-See last week's of $4,000,000 secured gold debentures 6% series due 1939 is
being offered at 95 and interest to yield 6.65% by Bonbright
"Chronicle," page 3739.-V. 128, p. 2796.
& Co., Inc., and W. C. Langley & Co., New York.
Wabash Ry.-Asks Reopening of Valuation Case.
-The
Dated Dec. 1 1929; due Dec. 1 1939. Int. payable (Dec. 1) at Bankers
at
upon 30 days'
following is taken from the "United States Daily" of Dec. 16: Trust Co.in New York, trustee. Red.up or part,incl. Dec. 1 notice, at
to and
1935, at 101
incl. Dec. 11932. at 102
-S. C. Commission in Valuation
The company has petitioned the I.
Docket No. 897 to reopen for the taking of additional testimony proceed'
ings relative to the final valuation of the Wabash properties, it was announced at the Commission on Dec. 17. Claiming that the Wabash
should be valued at $161,545,948.64 as of the valuation date, June 30
1919, instead of the value fixed by the Commission at $103,616,951, the
carrier's petition stated:
"Hearings on the tentative valuation of the petitioner and the petitioner's protest thereof have been closed. The valuation act requires
the Commission to ascertain and report, among other things, the original
cost of the properties of the petitioner. Such original cost was not reported in the tentative valuation, nor determined in the formal conferences preceding the hearings in respect of the petitioner's protest, and no
evidence in respect of the same was offered at the hearings.
"Since the close of said hearings the petitioner has made an extensive
study over a period of several months with a view to ascertaining the
approximate investment in the properties owned by it on valuation date.
Juno 30 1919.
"Said study, which has now been completed, shows that the approximate investment in the properties used by the petitioner in accordance
-S. C. Commission's classification of accounts, effective July 1
with the I.
1914, was on said valuation date $161,545.948.64.
"Of said amount 6100,060,245.49 represents additions and betterments
and other charges properly chargeable to the investment account subsequent to Dec. 311971, for which amount details can be furnished.
"The balance of $61,485,703.15 represents the investment in road and
equipment account of the predecessors of the petitioner, the Toledo Wabash
& Western Ry. and the St. Louis Kansas City & Northern Ry., as of
Dec. 31 1871, and represents the cost to said companies of 1,516.16 miles
of railroad and of 260 locomotives, 4,929 freight cars, and 149 passenger
cars, and 4 pieces of work equipment.
"The issuance of stocks and bonds at par has been excluded from this
study except in so far as represented in the investment of the properties
prior to Dec. 31 1871.
"The tentative final value of the properties owned by ths petitioner.
exclusive of working capital, as reported by the Commission is $103,616,951,
being but $3,556,706 more than the investment made therein subsequent
to Dec. 31 1871,and including no charges for the original cost of 1,516.15
miles of railroad and is $57.928,997 less than the total investment as disclosed by said study of the petitioner.
"Petitioner alleges that the approximate investment in its properties is
not less than the sum of 3161,545,948.64 and greatly exceeds both cost of
reproduction new and tentative final valuation as reported in said tentative valuation."
103 up to and
up to and incl. Dec. 1 1938, and at 100 from then until maturity, plus int.
in each case. Denoms. * $1,000 and $500 and •$1,000r. Company will
agree to pay int. without deduction for any Federal income tax up to but not
exceeding 2% per annum. Company also will agree to refund Penn.,
Calif., Conn. to 4 mills taxes; Maryland securities tax not exceeding 4%
mills per annum; or Mass. income tax or the Mass, tax measured by income •
not exceeding 6% per annum on income derived from the debentures.
-New York, Dec.14.
Data from Letter of Pres. Fred W. Seymour.
-Was formed in May 1928, in Delaware. Owns, or will own
Company.
upon completion of present financing, all of the common stock (except
directors' qualifying shares) of the following companies
Savannah Gas Co.
Minneapolis Gas Light Co.
St. Augustine Gas & Elec. Light Co.
Bangor Gas
-Light Co.
Industrial Gas Corp.(Birmingham)
Jacksonville Gas Co.
Birmingham Gas Co.
and also all of the second pref.stock of Jacksonville Gas Co.
These properties supply by-product and natural gas to Birmingham, Ala.;
and manufactured gas to the cities of Bangor, Me.; Savannah, Ga.; Jacksonville and St. Augustine, Fla.; and Minneapolis, Minn.; serving an aggregate population in excess of 1,000,000. These properties have been long
established, and the cities served are old and important centres.
CapitalizationAuthorized.
Outstanding.
Secured gold debs.6% series due 1939
x
$4,000,000
5% series due 1953
$6,500.000
1st pref. stock.series,. s6s
tIes,
crul
100,004 shs.
'
40.000 shs.
200,000 shs.
y109.000 shs.
Common stock
300,000 shs.
y105.000 sbs.
x Limited by the restrictions of the debenture agreement.
y All owned by American Commonwealth Power Corp.
The following securities ofsubsidiaries are also outstanding in the hands o
the public: $17,877.000 of bonds and $6.662,000 of pref. stocks.
Purpose.
-Proceeds from the sale of these debentures and of 24.000 shares
of pref. stock, $6 series, will reimburse the company in part for the cost of
acquiring the Birmingham Gas Co. and the Industrial Gas Corp.
Security.
-Debentures,6% series, together with the 5% series ,will be the
direct obligations of the company and will be secured by the pledge of the
stocks of the 7 subsidiary companies mentioned above, which it will own at
the completion of this financing. Under the terms of the agreement, the
stock of the Minneapolis Gas Light Co. or the stock of any successor company which may be substituted therefor, may not be released unless and until
there be deposited with the trustee the sum of $6,500,000 in cash. The
stocks of the other subsidiaries may not be released unless and until there
3960
FINANCIAL CHRONICLE
be deposited with the trustee cash and or securities at least equal in value
to said pledged stocks to be withdrawn.
Consolidated Earnings of company and subsidiaries 12 Months Ended Oct. 31.
1929.
1928.
Gross earnings
$8,374,456 $8,253,994
Oper.exps., maint. & taxes (except Federal taxes)_ 5.261,434
5,289,807
Transfer agents: Chase National Bank, New York and Baltimore Trust
Co., Baltimore. Registrars: Chemical Bank & Trust Co., New York and
Mercantile Trust Co., Baltimore.
CapitalizationAuthorized. Outstanding.
One-year coll. trust 6% gold notes
$1,000,000
$600.000
Serial class A stock (no par)
250,000 shs. x14,000 shs.
Class B stock (no par)
100,000 shs. 100,000 shs.
x $1.75 optional dividend series-participating.
Company.-Incorp. in Delaware Aug. 9 1929. Has been organized with
broad powers permitting it to acquire, directly or through subsidiary
companies, telephone. electric light and power, gas, waterworks and other
public utility properties. The company at present controls, through
stock ownership, a system of telephone properties serving without competition, a total population in excess of 30,000 in the Province of British
Columbia, Canada. The system operates 9 exchanges with 4,931 telephbne
stations or conections. The subsidiaries have been in continuous successful
operation for many years. By means of inter-connections with other
telephone systems, subscribers are provided with an international service.
Earnings.
-Pro forma consolidated earnings (in Canadian dollars) of
the company and its operating subsidiaries for the years ended June 30
1929. and June 30 1928, respectively (after ajdustment to eliminate certain
non-recurring charges approximating $7.070. and to give effect to the issuance of the now outstanding capital securities of the company and the
application of the proceeds) were as follows:
1929.
1928.
Gross revenues
$183,886
$167,659
Operating expenses, including maintenance and
taxes (other than income taxes)
80.451
74,848
Net earnings
$3.113,022 $2,964,187
An. int. and dive, on funded debt and pref. stocks
ofsubs, now outstanding
1,357,732
Balance available for American Gas & Power CoOther income of American Gas & Power Co
$1,755,290
x297,000
Total income of Amer. Gas & Pwr. Co. before
deduct.renewal & replacement res.. etc
$2.052,290
Ann.int. requirements on: $6,500,000 secured gold
debentures,5% series
325.000
$4,050.000secured gold debs.,6% series
240,000
x Includes annual int, on securities to be presently acquired by American
Gas & Power Co.
Total income, as shown above, is in excess of 334 times the annual int.
requirements on the secured gold debs. to be outstanding,inc . this issue.
Management.
-Company is controlled and supervised by American Commonwealths Power Corp.
-V. 129, p. 2680.
American Public Utilities Co.
-Changes in Personnel.
At a meeting of the board of directors on Dec. 16, Robert M. Feustel
was elected executive Vice-President, William A. Sauer (formerly VicePresident and Comptroller) was Vice-President and Gen. Mgr., Harold S.
Patton was assistant to the President. in charge of engineering; Edwin J.
Booth (formerly Asst. Comptroller) was Comptroller, and Herbert A.
Ehrmann was Asst. Comptroller.
This company is controlled by the Midland United Co.
-V. 128, p. 2268
Balance
Annual interest requirement on outstanding notes
and allowance for minority interests
Brazilian Traction, Light & Power Co., Ltd.
Stock Dividend.
The directors have declared a 1% stock dividend and the regular quarterly
cash dividend of 50c. a share on the ordinary stock, both payable March 1
to holders of record Jan. 31.-V. 129, p. 1281.
Brooklyn Edison Co., Inc.
-Profit Sharing Plan.
Matthew S. Sloan. President of the New York Edison Co., and assodated electric companies, announced on Dec. 18 that the board of directors of the Brooklyn Edison Co. had approved a continuance of the employees' profit sharing plan for the current year. Checks are now being
distributed aggregating $729,000. Some 6,300 employees out of a total
of 12.700 will share in the distribution, according to their length of service.
The sum distributed is 3.9% of the annual payroll. It is paid, as the name
indicates, from the profits of the company.
Mr. Sloan said that the company's Investment fund for employees now
amounts to $848,000 with 4,400 subscribers, of whom 3.100 are having
regular deductions from wages put to their credit. Such deductions total
$13,000 a week. The Brooklyn Edison Co.'s pension reserve fund now
amounts to $650,000.
"As in former years, the number of employees of the Brooklyn Edison
Co.. who have served a period of five years or more, has shown a large
increase in 1929," said Mr. Sloan. "This helps materially toward stable
and efficient operation, and we believe the profit sharing and pension plans
and the employees'investment fund are instrumental in producing this
result."
-V. 128, p. 2802.
Brooklyn-Manhattan Transit Corp.
-New Vice-Pres.-
At the meetings of the board of directors of the various B.
-M.
-T. companies, Travis H. Whitney resigned as Vice-President of the BrooklynManhattan Transit Corp. and the N. Y. Rapid Transit Corp., but will
continue as a director and act hereafter as special counsel. G. W. Jones.
now Vice-President of Brooklyn & Queens Transit Corp.. also was appointed Vice-President of the other companies in the Brooklyn-Manhattan
Transit system. W. T. Rossell was appointed Vice-President of the
Brooklyn & Queens Transit Corp. Mr. Rowell is at the present time
general manager of the Pittsburgh By. Co.
-V. 129, P. 1588.
California Water Service Co.
-Earnings.
Years Ended Oct. 31Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1929.
1928.
$2,083,906 $2,055,553
820,598
825,942
99,455
113,770
152,714
139.366
Net earnings from operations
Other income
$1,011.139
13,694
$976,475
16,089
Gross corporate income
$1.024,833
$992,565
Interest on funded debt
$348,241
The statement submitted herewith reflects, and all future statements of
income of the company will reflect operating revenues, expenses and interest
charges per the books for the 12 months ending with the current month.
On previous statements the interest charges were projected for a 12 months
period based on securities currently outstanding.
In order to present a proper comparison of revenues and expenses, the
company has included in the figures for the year ended Oct. 31 1928 the
earnings of properties prior to acquisition. None of the properties acquired
during the year ended Oct. 31 1929 were of sufficient importance to materially affect the net earnings.
-V. 129,P• 3799.
Calumet Rys., Inc.
-Organized.
The company has filed articles of incorporation with Secretary of State
of Indiana. The new company plans to take over the Whiting & East
Chicago By. at a foreclosure sale in Crown Point on Dec. 24. A Federal
Court decree ordered the sale to satisfy claims of holders of $1.788,000
mortgage bonds of the railroad. It is understood that the Insull interests
are participating in the organization of the company.
-Notes OfCanadian American Public Service Corp.
fered.-Hambleton & Co., Inc. in Sept. last offered $600,000
one-year collateral trust 6% gold notes at 99 and int.
(VOL. 129.
$103,435
$92,811
39,383
38,446
Net avail, for deprec., income taxes & dividends
$54,365
$64,052
Net income as above,for the year ended June 30 1929(at par of exchange)
was over 2.6 times the annual cash dividend requ rement on the outstanding
class A stock of this series.
Purpose.
-The stock, together with the $600,000 6% gold notes and
100.000 shares of class B stock, have been issued by the company in exchange for the capital stocks mentioned above of Solar Telephones Ltd.
and Okanagan Telephone Co., and for cash. Such cash is to be used be
the company in connection with the retirement of outstanding liens and
Indebtedness of subsidiaries in the amount of $194,200, and for other
corporate purposes.
-V. 129. P. 1733.
Capital Traction Co.
-Smaller Dividend.
The directors have declared a quarterly dividend of $1.50 a share on the
common stock. payable Jan. 1 to holders of record Dec. 9. In previous
quarters $1.75 a share was paid.
-V. 128. p. 2087.
-Bonds Offered.Central Illinois Public Service Co.
Halsey, Stuart & Co., Inc., are offering at 96 and int., to
yield about 53%, $2,700,000 1st mtge. 5% gold bonds,
series G. Dated Nov. 11928; Due Nov. 11968.
Bonds are red, all or part on 30 days' notice at following prices and int.:
On or before Oct. 31 1933 at 105: after Oct. 31 1933 and on or before Oct. 31
1938 at 103; after Oct. 31 1938 and on or before Oct. 31 1943 at 102%;
after Oct. 31 1943 and on or before Oct. 31 1953 at 102: after Oct. 31 1953
and on or before Oct. 31 1958 at 10134; after Oct. 31 1958 and on or before
Oct. 31 1963 at 101; after Oct. 311983 and on or before Oct. 31 1967 at
10034; and after Oct. 31 1967 to maturity at 100. Int. payable M. & N.
at office of Halsey, Stuart & Co., Inc., in Chicago, or New York, without
deduction for Federal income taxes not in excess of 2%. Company agrees
to reimburse the holders of series GI bonds, if requested within 60 days after
payment,for the Penn. and Conn.4 mills and Maryland 4% mill taxes and
for the District of Columbia personal property taxes not exceeding 5 mills
per $1 per annum, and for the Maas, income tax on the int. not exceeding
6% of such interest per annum. Denom. $1,000, $500 and $100 c*.
Issuance.
-Authorized by the Illinois Commerce Commission.
Data from Letter of Pres. Marshall E. Sampsell, Chicago, Dec. 14.
Business.
-Company supplies directly with one or more classes of public
utility service 435 communities in the State of Illinois without competition
of like service and wholesales electrical energy to six other public utility
companies, which in turn serve 55 communities.
The company and subsidiary companies serve an estimated combined
Population of 500,000 in 429 communities in central and southern Illinois
with electrical energy for lighting and power purposes. 13 communities with
gas, 13 with water, three with heating, three with street railway and five
with bus service.
Company's generating station of 50.000 k.w. Initial capacity, located on
the Mississippi River near Grand Tower, Ill., combines the desirable features of readily accessible coal and abundant condensing water. Company
also operates two other central generating stations, and in addition has
contracts for the purchase of power from 10 central stations, including the
great hydro-electric station at Keokuk,Iowa. Company's main generating
stations are located practically at the mouth of some of the largest and
best equipped coal mines in central and southern Illinois. From its own stations, including the capacity of the Grand Tower station, and through its
contracts for the purchase of power, including that with the Super-Power
Co. of Illinois, in which company Central Illinois Public Service Co. owns a
substantial interest, the company has a total available capacity of 135,495
k.w. The total connected load on the company's system is now approximately 285,400 k.w. Company owns 2,999 miles of-high tension transmission lines, all of which are of modern and recent construction, and also
owns and operates 26 ice plants with a combined daily capacity of approximately 1,400 tons.
Capitalization Outstanding with Public (After Present Financing).
250,940 aba.
Preferred stock $8 cumulative
248,866 she.
Common stock
$8,297,000
First mortgage gold bonds
-5% series E,due May 1 1956
29,000,000
4% series F,due Dec. 1 1967
8,400,000
5 0 series 0,due Nov. 1 1968 (this issue)
Serial
% gold notes ($1,400,000 due Jan. 1930, $1,400,000
2,800,000
due Jan. 1931)
Purpose.
-Proceeds will be used to partially reimburse the company's
treasury for the cost of extensions and additions to its property.
Income Account 12 Months Ended Oct. 31 •
1929.
1928.
$13.267,919 $14,401,346
Gross earnings
8,097,624
7,764,605
Operating expenses, maintenance and taxes
Dated Aug. 15 1929; due Aug. 15 1930. Interest payable without deduction for normal Federal income tax not in excess of2% . Denom. $1,000
and $500 O.. Red. all or part by lot, on the 15th day of any month prior
to maturity, on 30 days' published notice, at 101 and mt. Principal and
Net before depreciation
$5,503,314 $6,303,722
int, payable at the office of the trustee in Baltimore, Md. Company has
2,139,850
weed to refund to holders of these notes, upon proper application, Penn.. Annual int. on 1st M. bonds, incl. this issue, requires
Conn. and Calif. personal property taxes not exceeding 4 mills per annum -V. 128. p. 4152.
exceeding 5 mills per
each. District of Columbia personal property tax not
-Earnings.
Central States Utilities Corp.(& Subs.).
annum, Maryland securities tax not exceeding 43.6 mills per annum and
Mass,income tax not exceeding 6% per annum on the interest. Baltimore
Earnings for 12 Months Ended Sept. 30 1929.
$4.159,826
Gross operating revenue
Trust Co., trustee.
75,540
-The same bankers also offered Non-operating revenue
Preferred Stock Offered.
14,000 shares participating class A stock, $1.75 optional
dividend series at $25 per share and (cash) div.
Cumulative preferential dividends, payable quarterly, at the annual
rate of 1-10 of a share of class A stock of this series per share, or, at the
option of the holder, in cash at the annual rate of $1.75 per share, accruing
on this issue from Aug. 15 1929. After provision in any year for preferential divei. on the class A stock, as a class, and for dive, equal thereto
on the class B stock, as a class, the class A stock of this series (together
with the class A stock of any other series entitled to participate therein)
and the class B stock, as classes, are entitled to share equally in all further
dividends declared during such year.
The class A stock, of which the above is the initial series, is preferred over
the class B stock as to preferential dividends, and as to assets in the event
of liquidation. The participating class A stock. $1.75 optional dividend
series, is entitled on liquidation to preference over the class B stock as to
assets to the extent of $30 a share and accrued preferential dividends; is
red, at the option of the company, on any div. date, in whole or in part
by lot, upon ao days' notice, at $35 a share and accrued preferential dividends; and is entitled to cumulative preferential dividends, payable Q.
-F.,
and to participating non-preferential dividends, as stated above. Class A
stock in addition to the above 14.000 shares may be issued in one or more
series, under restrictions as provided in the certificate of incorporation.
Total revenue
Operating expense
x Maintenance
Taxes (exclusive ofincome taxes)
Fixed charges
Net income
Dividends on preferred stock of subsidiary company
y Net income of properties prior to acquisition
y Minority interest in net income
$4,235,366
1,976,254
333,047
142,583
918,512
$864,971
455,000
121,601
245
Net income of Central States Utilities Corp. and earnings applicable to common stocks owned by it-before provision for
$288,125
renewals and replacements and income taxes
x Maintenance charged to operations equals the bond indenture requirements. y After allowing for proportionate part of provision for depredation and income taxes.
-V. 129. p. 1734.
-To Issue
Chicago South Shore & South Bend RR.
Additional Stock-Par Value of Pref. Shares Changed.
The company has filed petitions with the Indiana P. 8. Commission and
the Illinois Commerce Commission, asking authority to issue and sell 3,000
DEC. 21 1929.]
FINANCIAL CHRONICLE
3961
Dated Nov. 1 1929; due May 1 1958. Int. payable (M. & N.) at office
shares of its class A pref. stock of no par value paying annual dividends of
of trustee, or, at the option of the holder, in N. Y. City, without deduction
$6.50 and 50,000 shares of its common stock of no par value.
The petition declares that the money raised by the sale of these securities for any normal Federal income tax not exceeding 2%. Red, on any int.
will be used to reimburse in part the treasury for the retirement of equip- date, in whole or in part, on 45 days' notice through May 1 1933 at 103
ment trust certificates and for capital expenditures for additions and im- and int.•, thereafter at premiums reducing I of 1% each two years until
May 1 1955;thereafter at 100 and int. Denom.$1,000 c*. Company agrees
provements to the property, totaling $1,312,907.
Authority is asked to sell these new securities at prices which will yield to reimburse the resident holders of these bonds, if requested within 60
days after payment, for the personal property taxes in Conn.. Penn.. and
the compnay $770,000.
The South Shore Line, the petition also states, has completed its re- Calif. not exceeding 4 mills per annum; in Maryland, not exceeding 4I4
5
organization under the provisions of the Indiana General Corporation Act mills per annum; in the District of Columbia, not exceedingthemills per
interest
and has filed articles of reorganization with the Commission. As a result annum and also for the income tax, not exceeding 6%, on
par thereon in Mass. Citizens Trust Co. of Utica, N. Y., trustee.
of this re-organization, the pref. stock has been changed from $100
Listed.-LIsted on the Boston Stock Exchange.
-V. 128, p. 3350.
value to no par value.
Data from Letter of Franklyn C. Hopkins, Pres. of the Company.
-Earnings.
Chester Water Service Co. (& Subs.).
Company.-Incorp. in 1899. Supplies water for municipal, domestic
1928.
1929.
Years Ended Oct. 31in the City of Utica and the adjacent towns and
$519,846 and industrial purposesMills, Yorkville, Whitesboro, Oriskany, Deerfield.
$559,173
Operating revenues
villages of New York
135.795 Frankfort, Now Hartford and Whitestovrn. Population served estimated in
139,489
Operation expense
27,399 excess of
23,879
Maintenance
140,000.
18,191
11,849
Taxes (excluding Federalincome tax)
The company obtains nearly 90% of its water supply from the foothills
intake of which is in the State Reservoir
$338.462 of the Adirondack Mountains, the easement from the State of New York.
$383.955
Net earnings from operations
perpetual
7.335 at Hinckley, N. Y., under
3,692
Other income
The storage capacity of water in the 8 reservoirs located around the city is
continually maintain an ample quantity
$345,797 about 660.000,000 gallons, which served. Company supplies its water
$387.647
Gross corporate income
of water to supply the districts
a well constructed system of cast iron distribution mains, the
through
$135,000
Interest on funded debt
approximately 234 miles. The system, with one minor
The statement submitted herewith reflects, and all future consolidated length of which is
gravity, making it unnecessary to maintain
statements of income of the company and its subsidiaries will reflect oper- exception,is operated entirely by
emergencies.
ating revenues, expenses and interest charges per the books for the 12 months pumping stations except for
The properties of the company as appraised by independent engineers
ending with the current month. On previous statements the interest showed a reproduction cost new, less depreciation, including going concern
charges were projected for a 12 months period based on securities currently value, but
exclusive of working capital, as of Aug. 31 1929, of not less than
-V. 129. P. 3799.
outstanding.
$11,800,000.
Earnings 12 Months Ended Oct. 31 1929.
Cities Service Co.
-Regular Dividends,
$805,703
other income
The directors have declared regular monthly dividends of 2Mc. Per Gross earnings, incl.maint. & taxes (except Federal)
221,939
Operating expenses,
of 1% in stock on the common stock, 50c. a share on
share in cash and
the preferred and preference "BB" stocks, and Sc. a share on the preference
$583,764
Net earnings
B stock, all payable Feb. 1 to holders of record Jan. 15. Like amounts
Annual interest requirement on $5,575,000 mtge. gold (incl.
are payable Dec. 18.
258.750
thisissue)
The company on Dec. 18 announced that the number of holders of its
common stock increased by 37,770 during the past month, bringing the
$325,014
depreciation, &c
Balance for other interest,
total on Dec. 15 to 341,497. The total number of holders of all securities
in the Cities Service organization is now over 600.000.-V. 129. p. 3325
Purpose.
-Proceeds will be used in connection with the retirement of
• $1,000,000 1st mtge. 5s, and $492,000 2nd mtge. 5s maturing Jan. 1 1930.
-Bonds Offered.- and for other corporate purposes.
Citizens Water Co. of Scottdale, Pa.
Outstanding.
Authorized.
CapitalizationBoenning & Co., Philadelphia are offering at 92 and int. Class A stock (no par)
120,000 shs.
140,000 shs.
30.000 shs.
35,000 shs.
to yield 5.60% an additional issue of $320,000 1st mtge.5% Class B stock (no par)
f$4.000.000
x
%,series due 1958-I
434
gold bonds, series A. Dated Jan. 11928; due Jan. 1 1953. Mortgage gold bonds,(this issue)
1 1,575,000
5% serits, due 1958
Data from Letter of L. Edgar Detwiler, President of National Water
x Additional bonds may be issued only under the conservative restricWorks Corp.
tions of the indenture.
Business -Citizens Water Co., of Scottdale, Pa.. was incorp. July 17
-Company is under the control of General Water Works&
Management.
1888, in Pa., and has been supplying water for domestic, municipal and Electric Corp. through ownership of over 99% of its outstanding class A
industrial purposes to the Boroughs of Scottdale and Everson, and surround and B stocks.
-V. 129, p. 2535.
ing territory for over 39 years. Company has acquired the Mount Pleasant
Water Co. and a portion of the properties of the Trotter Water Co.
-RepubDallas Power & Light Co.-Pref. Stock Offered.
CapitalizationAuthorized. Outstanding. lic National Co., and J. E. Jarratt Co., Dallas, Tex., are
$920,000
1st mtge.5% gold bonds,series A (this issue)-offering at $102 per share and div. 20,000 shares $6 preferred
$500,000
$150,000
-x
6% cumul.pref.stock ($100 par)
5,000 shs.
Common stock (no par value)
5,000 shs. stock cumulative (no par value).
x Additional bonds may be issued under carefully guarded restrictions of
$6 preferred stock, pad passu with the 7% preferred stock, has preference
indenture as stated under mortgage provisions, and upon approval of the over common stock as to assets and dividends. Entitled, pad passu with
per
P. S. Commission of Pa.
the 7% preferred stock and in preference to common stock. to UN any
All of the common stock is owned by Allied Utilities Co. a subsidiary of shares and accrued dividends in case of liquidation. Redeemable at
the National Water Works Corp., which controls a system of water com- time at the option of the company at $110 per share and divs., upon vote
-F.
panies operating in a number of States with a valuation of over $10,000,000. of a majority of outstanding common stock. Dividends payable Q.
Earnings.
-The earnings of the Citizens Water Co. of Scottdale for the Dallas Union Trust Co., Dallas, Texas. and Registrar & Transfer Co..
year ended April 30 1929, incl. Mount Pleasant Water Co. and Trotter "B' Jersey City, N. J., transfer agents. Republic National Bank & Trust
regis{Voter Works, were as follows:
Co., Dallas, Texas, and Corporation Trust Co., Jersey City, N.
J..
$157.769 trars. Dividends exempt from present normal Federal income tax.
Gross earnings
76,000
Oper. exps., maint.& taxes (excl. Federalincome taxes)
-Incorporated in Texas, Sept. 22 1917. Owns and operates
Company.
supplying electric power and light service in
$81,769 important electric property,
Balance
Dallas, one of the most prosperous and rapidly growing commercial and
Annual int. requirement on outstanding mtge. indebt. of $920,000
Texas,and in Highland Park, Univesity Park and
of
$46,000 manufacturing centersFor 28 years Dallas has been supplied with electric
(including this issue of bonds)
suburban terriotry.
These earnings do not reflect the many savings which it Is believed will power and light service by the company and its predecessor.
by reason of the actual merger of the three physical
accrue to the company
Highland
Company supplies electric power andl ight service in Dallas. a populaproperties, which will now be interconnected and operated as a unit,instead
and University Park, Texas,and suburban territory. serving
of three units. ft is estimated that the annual net income should be in- Parkestimated at 281,000, and operating in Dallas under a franchise aption
creased by approximately $27,000 through such consolidation and the elim- proved by a
the people of Dallas on April 3 1917. Company
ination of non-recurring charges under the present management. The supplies the popular vote of
entire power requirements for the operation of the street railpresent earnings are equivalent to about 1.80 times the int. requirement wa_y system of the Dallas Railway & Terminal Co.
and the estimated earnings about 2.36 times such requirement.
a modern steam electric generating station
Property
-To provide funds for the purchase from the United States Steel equipped forowned includesas fuel, having a present total installed capacity
Purpose.
use of oil or gas
Corp., of the capital stock of the Mount Pleasant Water Co., and a portion of
51,500 kilowatts, and 724 miles of electric transmission and distribution
of the physical property of Trotter Water Co.. being Trotter "B" Water systems.
-V. 129, p. 1119.
Works.
To provide additional electrical energy necessitated by the growth in
of
demand for service, contruction incidental to the installation wasa new
begun
Citizens Water Service Co.
-Earnings.
-kilowatt unit in the company's electric generating station
25,000
be
late in 1928. Upon completion of this new unit, which is expected to in1929.
Years Ended Oct. 311928.
the station will have a total
$39,373
$40.087 placed in operation about January 1930,
Operating revenues
and will rank among the
11,125
Operation expense
12,006 stalled generating capacity of 82,500 kilowatts
1,512
Maintenance
2,495 largest in the Southwest.
Outstanding.
853
Taxes (excluding Federalincome tax)
Authorized.
1,169
Capitalization$3,500.000
$3,500,000
7% pref.stock MOO par),cum
x20,000 she.
$25,881
$24,418 $6 prefstock (no par value),cum
Net earningsfrom operations
50,000 shs.
262,500 shs.
10,985
Interest on funded debt
262.500 shs.
Common stock(no par value)
The statement submitted herewith reflects and all future statements of First Mortgage gold bonds: Series A,6%,
186,000,000
income of the company will reflect operating revenues expenses and interest
due July 1 1949
1,100.000
charges per the books for the 12 months ending with the current months
(y)
Series B,7 %,due July 1 1949
4,000,000
on previous statements all similar deductions from gross corporate income
Series C,5%,due July 1 1952
1,000,000
were projected for 12 months period based on securities currently outstandSeries D,5 %.due July 1 1954
ing.
-V. 129, P. 3799.
x The $6 preferred stock is now being offered for the first time. y Limited
by conservative restrictions of the mortgage.
-Stock Dividend.
Commonwealth Utilities Corp.
Earnings 12 Months Ended Sept. 30.
The directors have declared a dividend of 1-40th of a share on the class
1928.
1929.
B common stock, payable Jan. 1 to holders of record Dec. 21. The com- Gross earnings from operation
$5,119.911 $4,640,706
pany pays 25 cents per share in cash on April 1 and Oct. 1 and 1-40th of a Operating expenses and taxes
2,201,159
2,328,307
share in stock on Jan. 1 and July 1.-V. 129, P. 2856.
$2,791,604 $2,439,547
Net earnings from operation
17,534
120.879
Compania Hispano-Americana de Electricidad, S. A. Other income
("Chade").-Dividends.-
$2,912.483 $2,457.081
Total income
697,500
697,500
At a meeting of the board of directors held Dec. 2 1929. it was voted to Interest on bonds
24,935
19,803
distribute among the stockholders the sum of 35 gold pesetas on its series Other interest and deductions
and 0 shares and seven gold pesetas on its series D and E shares on
A, B
Balance
$2,195,180 $1,734,646
account of the dividend for the 1929 fiscal year. This dividend will be
paid in pesetas at the rate of exchange of gold on the data of payment to Annual div. requirem'ts on 35,000 she. of 7% prat.
stock & 20.000 shs. of $8 pref.stock
365,000
the Spanish holders. In order to collect the dividend shareholders should
'
present and surrender coupon number 17, on or after Dec. 20 1929: at the -V.128, p. 1395.
Trust Co. of New York. The dividend payable on "E' shares
Guaranty
represented by "Amerian Shares" certificates issued by the Guaranty
-Earnings.
Derby Gas & Electric Corp.(& Subs.).
Trust Co. of New York as depositary under deposit agreement dated
Dec. 21 1928. will be paid Dec. 27 1929, by checks mailed to holders of
Earnings for 12 Months Ended Sept 30 1929.
record Dec. 19 1929.-'V. 129, p. 473.
$1,618.800
Gross operating revenue
19,810
Non-operating revenue
-51% of Voting Trust
Consolidated Gas Utilities Co.
Certificates for Class B Stock Acquired by United Gas Co.
-V. 128. p. 3325.
See United Gas Co. below.
-Bonds OfConsolidated Water Co. of Utica, N. Y.
-E. H. Rollins & Sons, Harris, Forbes & Co. and
fered.
Mohawk Valley Investing Corp. are offering at 91A and
int., to yield about 5.60%, $1,575,000 1st mtge. gold
bonds, 5% series due 1958.
Total revenue
Operating expense
x Maintenance
Taxes (exclusive of income taxes)
Fixed charges
51,638,610
716.732
135.995
65,156
372.197
Net income of Derby Gas & Electric Corp. and earnings applicable to common stocks owned by it-before provision for
$348.530
renewals and replacements and income taxes
x Maintenance charged to operations equals the bond indenture require-V. 126. p. 3115.
ments.
3962
FINANCIAL CHRONICLE
Detroit Edison Co. (& Subs.).
-Earnings.
12 Months Ended Nov. 30Total electric revenue
Steam revenues
Gasrevenues
Miscellaneous revenues
1929.
1928.
$53,251,791 $48,883,560
2,821,013
2,532,907
410,443
345,047
Dr10,276
10,359
Total operating revenue
Non-operating revenue
$56,472,271 $51,771,874
61,993
81,997
Total operating and non-operating revenue
Operating and non-operating expenses
Interest on funded and unfunded debt
Amortization of debt discount and expense
Miscellaneous deductions
$56,534,265 $51,853,871
37,420,584 33,933,326
5,435,074
5,236,240
313,698
313,845
34,213
32,895
[VOL. 129.
The company states that daily average deliveries for the month of Dec.
1927 were 7,691,000 cubic feet; for the month of December 1928-14,861,000 cubic feet; current producing capacity, including purchased gas,
is at the rate of about 20.000.000 feet per day, with six wells not yet in the
line. It is anticipated that this will be considerably increased in the first
month of the new year.
New Director.
Wallace T. Perkins, Vice-President of the Chatham Phenix National
Bank & Trust Co., New York, has been elected a member of the board
of directors.
-V. 129, p. 2535.
Illinois Power & Light Corp.
-Bonds Offered.
-Harris,
Forbes Co., Halsey Stuart & Co., Inc., Field, Glore & Co.
E. H. Rollins & Sons and Spencer Trask & Co. are offerNet income
and int., yielding over 5%%,an additional issue
$13,330,695 $12,337,565 ing at 94
-V. 129, P. 3799.
of $5,000,000 1st & ref. mtge. gold bonds, series C, 5%,
Eastern New Jersey Power Co.(& Subs.).
-Earnings.- 30 years. Dated Dec. 1 1926, due Dec. 1 1956.
Earnings for 12 Months Ended Sept. 30 1929.
Gross operating revenue
Non-operating revenue
$2,507,234
1)r26,992
Total revenue
Operating expense
x Maintenance
Taxes (exclusive ofincome taxes)
Fixed charges
$2,480,241
858,383
220,502
191,648
600,955
Net income of Eastern New Jersey Power Co. and earnings applicable to common stocks owned by it-before provision for
renewals and replacement and income taxes
$608,752
x Maintenance charged to operations equals the bond indenture requirements.
-V.129, P. 1735.
Edison Electric Illuminating Co. of Boston.
-To
Withdraw Stock Increase.
The directors have voted to recommend to the stockholders that the
petition to the Massachusetts Department of Public Utilities for authority
to issue 76,411 additional shares of capital stock be withdrawn.
At a hearing before the Department of Public Utilities on the petition of
the company to issue 76.411 additional shares, F. Manley Ives, counsel for
the latter, told the Commission that that the directors of the company had
met on Dec. 19 and passed the following vote:
"That the directors recommend that the petition for the increase in the
capital stock now pending before the Department of Public Utilities be
withdrawn and that this recommendation be presented to the stockholders
for their action thereon at their adjourned meeting to be held on'Dec. 27."
Mr. Ives told the Commission that the directors felt the time inopportune for issuing new stock. He felt that the stockholders would no doubt
approve the recommendation of the directors at their meeting. Hesuggested
therefore that the hearing be adjourned without date and if the stockholders
approve the recommendation the company will then file a copy of their
vote. He anticipated that this would end the present proceedings.
The Commission accordingly adjourned the hearing.
The company has $14,500,000 notes maturing Feb. 1, and $8,500,000
on May 1, a total of $23,000,000 of debt. Inasmuch as it is proposed to
withdraw the application to Department of Public Utilities for authority
to issue 76,411 additional shares of stock, these note maturities will be
taken care of by temporary borrowings, it is stated.
-V. 129, P. 3325.
Federal Water Service Corp.
-Earnings.
Years Ended Oct. 31Operating revenues
Operation expense
Maintenance
Reserved for retirements & replacments
General taxes
1928.
x1929.
$14,284,069815,819,521
4,456,743 4,696,863
891,099
851,422
456,908
641,779
944,647 1,112,461
Net earnings from operations
Other income
$7,534,673 $8,516,996
343,314
593.034
Gross corporate income
87,877.987 $9,110,030
Interest on funded debt of subsidiary
3,981,481
Int.on funded debt of Federal Water Service Corp241,509
Miscellaneous interest charges
99,499
Federal income tax
219,789
Other charges
157,278
Net income
Dividends on subs. cos.' preferred stock
Divs.on Fed. Water Service Corp. preferred stock-
$4,410,472
1,170,501
920,197
Balance
$2,319,774
it The year ended Oct.31 1928 includes revenues and expenses of properties
prior to acquisition.
-V. 129, p. 3800.
Greater London & Counties Trust Ltd.(& Subs.).
Earnings for 12 Months Ended Sept. 30 1929.
Gross operating revenue
Non-operating revenue
$13,981,498
567,064
$14.548,562
Total revenue
Operating expense, maintenance and taxes (excl. ofincome taxes) 8,960,248
452,424
Interest on funded debt
324,089
Interest on unfunded debt and other charges
$4,811,801
Net income from operations
613,529
Dividends on preferred shares of subsidiary and controlled cos-732,316
Other deductions
Net income of operating cos., before deprec. & income taxes- $3,465,955
215,036
Other net inc. of Greater London & Counties Tr. Ltd., adjusted
Net income of Greater London & Counties Trust Ltd. and
earnings applicable to stocks owned by it-before provision
$3,680,991
for renewals and replacements and income taxes
-V. 129, p. 1738.
-Progress Made.
Hamilton Gas Co.
Starring & Co., Inc., N. Y. City, in a circular letter, dated Dec. 2,
stated:
The Hamilton Gas Co. has recently brought in a well in Clay County,
W. Va., producing about 750,000 cubic feet of gas; one in Cabell County,
W. Va., producing over 1,000,000 cubic feet of gas; one in Wayne County,
W. Va., which has probably opened up a new field of considerable area.
The company has under lease adjacent to this well about 14,000 acres.
We are told that no wells had ever been heretofore drilled, either on this
tract or in the immediate vicinity, though gas was known to be present in
profitable quantities in wells previously drilled some miles East. West,
11orth and South of this area. As the gas was found in the shale formation
,
which lies in wide horizons, the company believes, while the well referred
to is not a complete test, that it is substantial proof of the existence of gas
in this horizon throughout the whole tract.
The company states that in the year 1929 to date, 20 new wells have been
completed, including those deepened to lower horizons, of which only one
was dry. There are now 11 additional wells drilling, many of which are
rapidly approaching completion and all of which are expected to be completed within the next 30 to 60 days. In addition to this, locations have
been approved for eight wells. Proven areas have been extended by the
drilling of a portion of the wells completed within the year, and thus the
proven as rizerves of the company have been considerably increased.
The Braxton County pipe line was completed about Oct. 1, but the
owner of the property did not complete connecting his wells with our line
until about Nov. 18. The company advises us that it is now delivering,
over this line, more than 2,000,000 feet of gas per day, though retarded by
very high line pressures which should decrease as the Winter demand for
gas increases. Other wells will also shortly be connected and deliveries
thereby increased. The company is taking about 1,000,000 feet per day
from the new purchase contracts with the Harshburger Oil & Gas Co. and
the United Carbon Co.. and in both cases it is expected that these deliveries
will shortly be increased by the completion of other wells now being drilled
by the owners.
Issuance.
-Approved by the Illinois Commerce Commission.
Company.
-Organized in Illinois. Owns and operates electric power
and light, gas, water, heat city railway and bus properties in a large number
of the most populous and prosperous municipalities in Illinois, and owns
or controls all of the common stock of several important subsidiary public
utility companies, including Kansas Power & Light Co., Des Moines Electric Light Co. and the companies comprising the Illinois Terminal RR. System. Corporation also owns 25% of the common stock of Super Power Co. of
Illinois and purchases a substantial portion of its output. Illinois Terminal
RR. System is a class 1 carrier comprising important steam lines which,
coupled with an electrified division serves shippers in the St. Louis and
east side industrial zone with transriver and terminal facilities and with
freight,express and passenger transportation to and from Central. Northern
and Eastern Illinois.
The combined companies serve a population of more than 1,290,000 in
over 500 municipalities in the States of Illinois, Iowa and Kansas. The
territory served includes the cities of Decatur, Danville, Bloomington,
Belleville, Galesburg. Champaign, Jacksonville, Cairo, Granite City,
Peoria, East St. Louis, Quincy, La Salle, Centralia, Ottawa and Urbana.
Ill.; Des Moines and Oskaloosa, Iowa; Topeka and Atchison, Kansas.
The electric properties include generating stations with a present aggregate installed capacity of 327,000 hp., and in addition have inter-connections with other electric utilities for the purchase of wholesale energy aggregating 123,300 hp. of capacity, which, together with approximately 3.300
miles of high tension transmission lines and over 11,500 miles of distributing
lines, serve more than 267,000 customers. The gas properties include
artificial gas plants with an aggregate daily capacity of 33,790,000 cubic
feet, and serve over 126.000 customers.
Capitalization Outstanding (Giving Effect to this Financing).
Common stock (no par)
600,000 shy.
410,000 shs.
$6 cumulative preferred stock (no par)
$4.650,000
6% cumulative preferred stock
9,080,500
30
-year 5 % sinking fund due 1957
39,200,000
First and refunding series A 6s, due 1953
16,000,000
Series B 5,14s, due 1954
31,500,000
Series C.due 1955 (including this issue)
20,305,300
Divisional underlying (closed for issuance to public)
Consolidated Earnings of System, Years Ended Oct. 31 (Less Inter-Co. Items).
1929.
1928.
Gross earnings from operations
$34,123,966 $37,256,718
Oper. expenses, maint. & taxes (except Fed. taxes) 19.338,972 20,415,119
Net earnings from operations
Non-operating deductions
-net
$14,784,994 $16,841,599
1,784,556
1,439,373
Net income available for corporation bond int-$13.345,621 $15,057,043
Ann.int. on $107,005.300 mtge. bonds outstdg.(incl.this issue) 5,864,743
Over 80% of the net earnings are derived from electric power and light,
gas and miscellaneous sources other than transportation. For over 24
years the principal companies constituting this system have steadily increased in earning power and have paid dividends on their preferred stock
without interruption.
-V. 128, p. 2459.
Illinois Water Service Co.
-Earnings.
-Years Ended Oct. 31Orating revenues
pe
Operation expense
Maintenance
Taxes (excluding Federal income tax)
$631,948
246,138
33,218
45,343
$570,952
22 ;782 9
3 16
7
Net earningsfrom operations
Other income
$307,249
583
$258961
1,856-
46,448
$307,832
$260,617
Gross corporate income
$127,148
Interest on funded debt
The statement submitted herewith reflects, and all future statements of
income ofthecompany will reflect operating revenues, expenses and interest
charges per the books for the 12 months ending with the current month.
On previous statements the interest charges were projected for a 12 months
period based on securities currently outstanding -V. 129, p. 3800.
Indiana Consumers Gas & By-Products Co.-Initiat
Preferred Dividend.
The directors have declared an initial quarterly dividend of $1.50 pershare on the $8 cumulative dividend convertible series A preferred stock,
no par value, payable Jan. 2 to holders of record Dec. 15. (See offering
in V. 129, p. 2384.)
President A. M. Ogle stated that the second of the company's'highpressure gas transmission lines had been completed and connection made
with the Interstate Public Service Co. at Martinsville. Ind., 55 miles from
the company's plant at Terre Haute. This completed the second of the
company's high pressure transmission lines, he said, In accordance with
the previously arranged schedule and follows the inauguration of service
on Nov. 22 when the company's plant was connected with the Central
Illinois Public Service Co. at Paris, Ill. This latter service was reported
as being extremely satisfactory to the distributing company. The company's output during the last week had a maximum of 3.500.000 feet per
-V. 129, p. 3472.
day, which constitutes a new record for the company.
-Earnings.
Indianapolis Power & Light Co.
Earnings for 12 Months Ended Sept. 30 1929.
Gross operating revenue
Non-operating revenue
Gross revenue
Operating expense
x Maintenance
Taxes (exclusive of income taxes)
Fixed charges
$9,968,373
286,08S
$10,254,461
3,333,312
1,160,420
835,337
1,626,520
-before proNet income of Indianapolis Power & Light Co.
vision for renewals and replacements and income taxes- - $3,298,872
x Maintenance charged to operations equals the bond indenture requirements.
-V. 129, p. 1736.
Interstate Power Co.(& Subs.).
-Earnings.
Earnings for 12 Months Ended Sept. 30 1929.
Gross operating revenue
Non-operating revenue
86,093,441
127.241
Total revenue
Operating expense
x Maintenance
Taxes (exclusive of income taxes)
Fixed charges
Dividends on preferred stock of controlled company
y Minority interest in net income
86,220,682
2,299,302
487,832
342,101
1,906,918
2,569
6,207
Net income of Interstate Power Co. and earnings applicable to
common stocks owned by it-before provision for renewals
$1,175,953
and replacements and income taxes
x Maintenance charged to operations equals the bond indenture requireproportionate part of provision for depreciaments. y After allowing for
-V. 129, p. 1737.
tion and income taxes.
DEC. 21 1929.]
FINANCIAL CHRONICLE
-Dividend.
International Hydro-Electric System.
The directors have declared the regular quarterly dividend of 50c. per
share in cash or 1-50th of a share in stock on the class A stock, payable
Jan. 15 to holders of record Dec. 26. An initial quarterly dividend of like
-V. 129.
amount was paid on this issue on July 15 and on Oct. 15 last.
p. 3635.
-Earnings.
Laclede Gas Light Co.
Earnings for 12 Months Ended Sept. 30 1929.
Gress operating revenue
Non-operating revenue
$8,034.197
364,319
Total
Operating expense
Maintenance
Taxes (exclusive of income taxes)
Fixed charges
58,398.517
3.087,643
488,886
831,707
2,053,924
-before provision for
Net income of Laclede Gas Light Co.
$1.956.357
renewals and replacements and income taxes
-V. 129, p. 1738.
--Tenders.
Los Angeles Ry. Corp.
The Security-First National Bank of Los Angeles. trustee, Los Angeles,
Calif., will until Dec. 27 receive bids for the sale to it of 1st and ref. mtge.
5% bonds, due Dec. 1 1940, to an amount sufficient to absorb $81,049
-V. 129. p. 3635.
now in the sinking fund.
-Memphis Natural Gas Co.-Novem5er Output.
The company reports total output for November of 781.000,000 cubic
feet, compared with. 676.392.000 in October, an increase of more than 15%•
During the first 11 months of the year, it is officially stated, the company.
which started commercial operations last January when its output was
114,387.000 cubic feet, has earned substantially in excess of its bond
interest and preferred stock dividend requirements. This record has been
achieved notwithstanding the company was not in position to take advantage of the seasonal peak of gas consumption last winter and has not
been able to derive full benefit from its sales contracts this year because of
the tune required by the purchasing companies to effect connections both
-V. 129, p. 3326.
with the company's pipe line and with their customers.
-Stock Syndicate Notes OfMiddle West Utilities Co.
-Hill, Joiner & Co., Inc., recently offered $28,500,000
fered.
Middle West preferred and common stock syndicate serial
discount gold notes.
3963
-To reimburse the company for funds provided by it for the
Purpose.
payment at maturity on May 1 1929 of $5,000,000 underlying bonds and
for expenditures for property additions.
Earnings for Calendar Years.
Net After Rentals
Gross
Revenues. and All Taxes,
Incl. Other but Before Depre- Interest on
Balance.
Income. cia'n te Interest. Funded Debt.
$2.948,060
51,731.650
$4,679,710
515,033,986
1919
3,576,981
2,111.100
5,688.081
19.493,012
1922
5,338.570
2.435.383
7.773.953
24,350,329
1925
6.844.117
2,066.610
8,910,727
27,507.550
1927
7,792,447
2,229,335
10,021,782
29,510.946
1928
7,915,806
2,463.850
10,379.656
31,590,479
1929
x Twelve months ended Sept. 30.
requirement on total funded debt to be outstanding
The annual interest
In the hands of the public upon issuance of these series B bonds will be
$3,008,285. Net earnings, as shown above, for the 12 months ended Sept.
30 1929 were $10,379,656, or nearly 334 times such annual interest requirement.
More than 585" of operating revenues and more than 71% of net earnings
as shown above, for the 12 months ended Sept. 30 1929, were derived from
electric light and power business.
maintenance,
The above net earnings are after adequate charges forin the 10
-year
$23.403.613, having been expended for that purpose alone ended Sept. 30
period ended Dec. 311925 and $2,992,396 in the 12 months
depreciation reserves (in addition
1929. Appropriations from earnings for
-year period amounted to
to actual expenditures for maintenance) in the 10
$20,717.220, and in the 12 months ended Sept. 30 1929 amounted to $2,831,422.
-Upon issuance of there series B bonds there will be outstanding
Security.
under the refundins and first mortgage, bonds of series B in 346.515,500
principal amount and bonds of series due 1967 in $2,500.000 principal
direct
amount. The refunding and first mortgage gold bonds are thestationobliand
gation of the company, secured by first lien on certain central mortgage
distribution property in the City of Milwaukee. and by direct
mortgages, upon all othar fixed property of the
lien. subject to underlying
company, and will under the mortgage provisions be secured by a first lien
thereon by Dec. 1 1931.
The underlying bonds outstanding in the hands of the public amount to
of
$10.103,000. All underlying mortgages are closed except for issuance
boncLs thereunder as collateral to the refunding and first mortgage gold
bonds and the company covenants not to extend any underlying issues and
to retire all underlying bonds by Dec. 1 1931.
Additional bonds may be issued under the refunding and first mortgage,
subject to restrictions provided therein.
sysControl.
-The company is an important part of the North American contem. Since organization of the company in 1895 it has been under the
trol of the North American Co.
the
Listing.-Outatandin: bonds of series B in coupon form are listed on
New York Stock Exchange and the company has made application to list
3165.
this additional issue.
-V. 129, p.
Dated Dec. 2 1929. Due monthly as shown below. Callable at any
time on 10 days' notice at IGO. Denom. $1,000, $5,000, 510.000. Payable
in Chicago or New York.
-Issued for the purpose of financing deferred payments on
Purpose.
certain subscriptions for Middle West Utilities Co. common stock, which
deferred payments in the aggregate equal the total principal amount of
this issue of notes and in addition to being the obligation of the respective
subscribers and of the syndicate.
-Such payments are guaranteed by the Middle West Utilities
Guaranty.
Co.
-Under the recently consumMiddle IVest Utilities Co. Recapitalization.
mated recapitalization plan of the Middle West Utilities Co., there was
offered to the stockholders for subscription at $200 per share approximately
477,730 shares of common stock and for subscription at $100 per share
approximately 521,929 shs. of $6 convertible pref. stock. series A. Subscription rights expired Nov. 15 1929 and the entire offering of both common
and pref. stocks was subscribed. All of the convertible pref. stock and
approximately 317.730 shs. of the corn, stock were paid in full at the time of
subscription. Under the co.'s plan,subscriptions to corn,stock were payable:
per
(1) cash in full at the time of subscription; (2) in 10 payments of $20 and
share each, the first payment being payable on or before Nov. 15 1929
thereafter. and (3) in four payments of $50 per share each, the
monthly
first payment being payable on or before Nov. 15 1929. and the remaining
three payments quarterly thereafter.
The notes are being issued for the purpose of financing the deferred payments on subscriptions to 160,000 shares of old common tsock of the Middle
West Utilities Co. at $200 per share subscribed under plans (2) and (3)
aforementioned.
-The recapitalization plan of the Middle West Mint as Co.
Syndicate.
was underwritten by a syndicate formed under date of Sept. 17 1929. The
aggregate amount of the subscr ptions under the syndicate agreement is
$147,738,900, of which one call of6%,or $8,864,334, has been paid. There
are 478 separate subscribers to this syndicate, including many of the strongest financial houses both here and abroad. In the event of any dissolution
of the syndicate Middle West Utilities Co. agrees to assume and pay at
maturity all notes of this issue then unpaid.
-The Middle West Utilities Co. covenants to hold in trust for
Security.
the benefit of the holders of these notes (but subject to the rights of the
subscribers) the shares of its common stock being paid for on the deferred
payment plan, and to apply payments thereon as received to the retirement of these notes in accordance with the schedule of maturities given
below:
Maturities and Prices.
Basis.
*Price.
Amount.
Due5%
99.7500
53,000.000
Dec. 20 1929
5%%
99.3024
3.000.000
Jan. 20 1930
5h%
98.8333
3.000.000
Feb. 20 1930
98.3875
3,000,000
5i%
Mar. 20 1930
5%%
97.8611
3,000,000
Apr. 21 1930
4%%
97.4181
3.000,000
May 20 1930
5%%
96.8056
3.000,000
June 20 1930
5%
96.2302
3,000.000
July 21 1930
95.6500
4 500,000
Aug. 20 1930
•Prices computed at bank discount from Dec. 2 1929. the notes bearing
no coupons.
-Preferred Stock Offered.
National Electric Power Co.
A. C. Allyn & Co. Inc.; Utility Securities Corp.; E. H.
Rollins & Sons; A. B. Leach & Co., Inc.; Hill, Joiner & Co.,
and Emery, Peck & Rockwood Co. are offering an additional
issue of $4,000,000 7% cum. pref. stock (with stock purchase
warrants) at 97.25 and div. (from Jan. 1 1930), to yield
about 7.20%.
Federal income tax. Company
Dividends exempt from present normal
has agreed to refund. upon proper and timely application, the Mass. 6%
mills per
income tax and Calif. personal property tax not to exceed four -J. Red.
annum to holders resident in those States. Dividends payable Q.
diva.
all or part on any dig. date on 30 days' notice at $110 per share andTrust
Transfer agents: Guaranty Trust Co. of New York: Old Colony
Transfer Co. Chicago. Registrars:
Co.. Boston. and Middle West Stock
and
Equitable Trust Co. of New York; American Trust Co., Boston,
Northern Trust Co., Chicago.
-Each share of 7% cum, pref. stock included
Stock Purchase Warrant.
company
in this offering will carry a warrant, non-detachable except by theone share
in the case of exercise, entitling the holder thereof to purchase Dec. 31
of the class "B" common stock at the following prices: To and incl. share,
1931 at $50 per share, thereafter to and incl. Dec. 31 1933 at $60 per
and thereafter to and incl. Dec. 31 1934 at $75 per share, this privilege
expiring on the last mentioned date.
Data from Letter of Harry Reid, Pres. of the Company.
ownerCompany.-Incorp. in Maine. Controls through common stockice and
ship companies furnishing electric light and power. gas, steam,
in 15 States. Through these com(or) water service to 1907 communities
panies it serves a total of 617.674 customers of which 525,041 are served
steam
with electricity, 88.548 with gas. 3.258 with water and 823 with to 154
heat. The system also furnishes electric railway and (or) bus service
National
communities. In addition to the companies comprising the interest
Electric Power Co. system, the company also owns a substantial
In the common stock of the Commonwealth Light & Power Co. 1929, the
-For the 12 months ended Oct. 31
Consolidated Earnings.
consolidated earnings ofcompany and its subsidiaries were as follows:
462.513.283
Gross earnings (including other income)
33,868.970
Oper. exps.. maint. St taxes,other than Federal taxes
Initial Quarterly Dividends in Stock and Cash Announced.
The directors have declared initial quarterly dividends of 1-50 of a share
on the common stock and $1.50 in cash (or 3-80 of a share) of common on
the $6 cony. pref. stock, series A, both payable Feb. 15 to holders of
record Jan. 15.
Under the plan of recapitalization approved by the stockholders on
Sept. 17. the 8% prior lien stock, 8% preferred. 6% prior lien stock and
$6 pref. stocks were called for redemption on Nov. 15. A new issue of
$6 cony. pref. stock. series A. was created under the plan, while the corn.
-for-1 basis. Prior to the split-up of the corn.
stock was front-up on a 10
-V. 129. p. 3800.
stock, that issue was on a $7 annual cash dividend basis.
-Changes in Personnel.
Midland United Co.
Robert M. Feustel has been elected Executive Vice-President: William
A. Sauer (formerly Vice-President and Comptroller). Vice-President and
General Manager; Morse Dell Plain, Vice-PrmIdent; Harold S. Patton
(formerly Chief Engineer), Assistant to the President in charge of Engineering; Edwin J. Booth (formerly Assistant Comptroller). Comptroller;
Herbert A. Ehrmann (Assistant )omptroller).
This company, which was formerly the Midland Utilities Investment Co.,
controls public utility companies serving 662 communities In Indiana.
-V. 129, p. 3473.
Ohio and Michigan.
-Bonds Offered.
Milwaukee Electric Ry. 8c Light Co.
Dillon, Read & Co.; Harris, Forbes & Co., and Spencer
Trask & Co. are offering an additional issue of $10,000,000
ref. & 1st mtge. gold bonds, 5% series B, at 99i and int.
Dated June 1 1921; due June 11961. in New York.
insurance companies
828.644.313
Net earnings
Bal.of net earnings,applic. to secur. ofsub.cos. owned by Nat.
deduct, of int. charges & diva, paid or
Elec. Power Co. after
accrued during period on funded & unfunded debt & pref.
stocks ofsub. cos., rentals of leased prop., deprec., amortiz.,
Federal taxes and net earnings appllc. to com. stocks of sub. 55,052,786
companies held by the public
526.822
Annual int. & amortiz. charges on secured gold debentures__ _ _
$4,525,964
Balance
Annual div. require. on cum, pref. stock to be presently out- 51.084.450
standing,including this issue
the sale of capital
3E Includes net profits in the amount of $895,188 from
assets.
Authorized. Outstanding.
Capitalization1550,000.000 J 58,6:35.000
Prof. stock, 7% series (Incl. this Issue)
1 8,000.000
Preferred stock 6% series
600,000 shs. 378,695 shs.
(no par)
Class A common stock
1,000,000 shs. 757.390 shs.
Class B common stock (no par)
510,000.000
x
Secured gold debentures,5% series, due 1978- - x Issuance of additional debentures restricted by provisions of indenture.
the pref. and corn, stocks of the subsidiary companies
As of Oct. 311929.
outstanding with the public, based on par value or on the issue price of no
to such
par value stocks, together with the proportion of surplus applicabledebt of
minority common stocks, amounted to 5131.833,347. Funded
subsidiaries outstanding as of the same date was 8205.545.400.
-Corporation is a part of the Middle West Utilities system.
Management.
-V. 128, p.4154.
-November Output.
New England Power Association.
This Association produced 148,216,000 k.w.h, of electric energy in
November. 13% over the output in November 1928. and 41% over that of
November 1927. In the first 11 months of this year the output was 1,602,822.000 k.w.h.. 29% greater than in the corresponding period of 1928. and
in the 12
62% greater than in the first 11 months of 1927. The output 27% over
months ended Nov. 30 was 1.733.003,000 k.w.h., an increase of
the output in the 12 months ended Nov. 30 1928.-V. 129, p. 3635. •
-Earnings.
Newport Electric Corp.
PennsylLegal inrestment for life
Earnings for 12 Months Ended Sept. 30 1929.
$664.512
vania, New Jersey, Massachusetts and Connecticut.
Gross operating revenue
Dr.5.621
Data from Letter of S. B. Way, Presidmt of the Company.
Non-operating revenue
5658.891
-Company does the entire commercial electric Wrist and power
Business.
Total revenue
241.377
steam heating business in the City of Milwaukee and suburbs, as well Operating expense
and
in this
31,398
as substantially the entire street railway businessservice territory. It also Maintenance
34,453
furnishes most of the Interurban transportation cities throughout an ex- Taxes (exclusive of income taxes)
of Racine, Kenosha,
104,338
tensive surrounding district, which includes the
and owns and oper- Fixed charges
Burlington. Waukesha, Watertown and Sheboygan.
provision for reNet income of Newport Electric Corp before
ates the local street railway system in Racine. Electric power is supnlied
$247.325
newels and replacements and income taxes
to nearly all of the public utilities in the southeastern section of the State -V. 126. p. 3118.
of Wisconsin.
3964
FINANCIAL CHRONICLE
N. Y.State Rys.-Group of Syracuse Rapid Transit Second
Mortgage Bond holders Oppose Exchange Into Associated Gas
and Electric Securities.
A group of holders of Syracuse Rapid Transit Railway second mortgage
5% bonds, due Jan. 1 1930, in a statement Dec. 18,recommends to holders
"that under no circumstances should the offer" for the exchange of the bonds
into securities of the Associated Gas & Electric Co. "be accepted." The
group composed of John P. White of Hale, Waters & Co., New York City:
Gresham H. Poe of Jenkins, Whedbee & Poe, Baltimore, Md.: and Francis
P. Sears, Boston, Mass., states that "offer of exchange in our opinion does
not fairly represent the value behind these bonds." and further "we believe
It imperative for bondholders to co-operate in order to protect their interests,"
-V.129, p. 3635.
New York Water Service Corp.(& Subs.)
.-Earnings.--
Years Ended Oct. 31Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1929.
1928.
$2,604,819 $2,404,121
747,072
703,989
135,854
82,013
237,577
203,789
Net earningsfrom operations
Other income
$1,484.317 $1.414,330
51,193
26,668
Gross corporate income
$1,535,509 $1,440,998
Interest on funded debt
$619,959
The statement submitted herewith reflects, and all future consolidated
statements of income of the corporation and its subsidiaries will reflect,
operating revenues, expenses and interest charges per the books for the 12
months ending with the current month. On previous statements the
interest charges were projected for a 12 months period based on securities
currently outstanding.
In order to present a proper comparison of revenues and expenses, the
company has included in the figures for the year ended Oct. 31 1928 the
earnings of properties prior to acquisition.
-V.129, p. 3800.
North American Co.
-Listing.
-
The New York Stock Exchange has authorized the listing on or after
Jan. 2, of 139,798 additional shares (no par) common stock, on official
notice of issuance as a stock dividend, making a total of 6,319,390 shares
applied for to date.
Income Statement (Parent Company Chtly.)
12 Months End. Sept. 301929.
1928.
Interest received and accrued
$2,196,575 $1,795,831
Dividends
x14,200,225
9,056,995
Other income
1,355,319
600.660
Gross income
$17,752,119 $11,453,486
Expenses and taxes
661,661
633.115
Interest paid and accrued
1,246,163
802,212
Balance for dividends and surplus
$15,844.295 $10,018,158
x Includes $227,500 representing stock dividends taken up at value at
which stock was charged to surplus of issuing company.
Balance Sheet Sept. 30 (Parent Company Only.)
1929.
1928.
1929.
1928.
AssetsL
5
$
3
Stocks & bonds _128,206,581 118.537,126 Preferred stock- 30,333.900 30,333,900
Loans & adv. to
Common stock_ 54,403,840 x48,784,230
subsidiaries __ 35,499,857 21,581,965
do Scrip_
113,720
x115,890
Cash (Incl. funds
Dividend pay.In
loaned on call
common stock 1,359,923 1,219,485
through banks 6,227,921 *22,930,739 Funds of sub. &
Notes receivable 1,406,750
affil, cos. dep.
966,906
563.478
555,685
Accts.receivable
605.784
515,066 Due to sub. cos. 7,659.799 27,185,444
Office furnit're &
Notes payable__ 19,123,979 12,079.292
misc. property
1
1 Accts. payable_
26,705
100,076
Divs, payable on
Preferred stock
455,008
4' .009
Divs. unclaimed
42A,741
8ti,at
Reserves
Capital surplus_ 29,786,858 25.668,033
Tot.(ea. side)172,036,894 164,531,304 Undivided prof_ 27,735,964 17,130,342
* Call loans. $20,500,000. x Represented by 4,890.012 shares no par
value.
-V. 129, P. 3635.
North American Gas & Electric Co.
-Dividend.
The directors have declared the regular quarterly dividend of 40c. a
share on the class "A" stock, payable Feb. 1 to holders of record Jan. 10.
The stockholders have the option of receiving this dividend in cash or in
class A stock, at the rate of 1-40th of a share for each share held. No
fractional shares will be issued.
A quarterly. cash dividend of 40c. a share was paid on May 1, Aug. 1
and Nov. 1 on the class A shares. Stockholders of record for the Nov. 1
dividend were given the option of receiving 1-50th of a share for each share
held instead of cash.
-V. 129, P. 2385, 2071.
Northern Indiana Public Service Co.
-New Pres., &c.
Samuel Insull, Jr. has bec n elected Vice-Chairman and Morse Dell Plain
as President. Mr. Insull, Jr., had been President and Mr. Dell Plain a
Vice-President of this company, which is one of the group controlled by
the Midland United Co.
-V. 129, p. 1739.
Northern States Power Co.
-Will Acquire Wisconsin
Hydro Electric Plant.Hallord Erickson, Vice-President in charge of operation of the Byllesby
Engineering & Management Corp., has announced approval by the board
of directors of Northern States Power Co. of the purchase of the hydro
electric plant of the Dells Paper & Pulp Co. at Eau Claire, Wis. In accordance with the purchase contract between the Northern States Power
Co. and the paper company, which was signed on Dec. 10, the power company will take possession of the paper company's hydro electric plant not
later than May 11930. on which date the power company guarantees to be
able to supply the full electrical requirements of the paper company.
The Northern States l'ower Co., according to R. F.lack, Vlco-President
and General Manager,expects to spend approximately $600,000 in additions
and improvements in the newly acquired hydro electric plant and in connections between this plant and the 66 kilovolt transmission lines of the
power company. The paper company, in accordance with the contract,
will remove three pulp grinders from existing water wheels and arrange to
drive these with large synchronous motors which will be purchased by the
paper company. The power company will then install on these water wheels
three 2.000 kilovolt-ampere water wheel type generators.
It also was announced that a 12,000 kilovolt-ampere transformer bank
will be installed by the power company at the hydro electric plant for the
purpose of transforming from the generator voltage of 2,300 to the transmission voltage of 66,000. Actual connection to the power company system
will be made over a short 66,000 volt transmission line to be built to the
power company's existing Madison street substation at Eau Claire, where
extensive changes will also be required by reason of the added capacity of the
hydro electric plant.
The acquisition of this hydro electric plant, according to Mr. Pack, will
permit full use of water power available at this location on the Chippewa
River, since the connection to the power company's system, together with
the added generators, will permit of sending all of the power not utilized in
the paper company's industrial plant on the transmission lines of the power
company.
Purchase of these additional generating facilities may be attributed to the
increasing demand for energy as a result of industrial as well as residential
growth in the Wisconsin division of power company -V.129, p. 3473.
Ohio Water Service Co.(& Subs.).
-Earnings.
Years Ended Oct. 31Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1929.
$580,267
152,229
28,052
54.859
1928.
$536,889
142,467
38.015
55,085
Net earnings from operations
Other income
$345,126
26,918
$301,323
22,526
Gross corporate income
I terest on funded debt
$372,044
158,357
$323,849
[VOL. 129.
The statement submitted herewith reflects, and all future consolidated
statements of income of the company and its subsidiary will reflect operating
revenues, expenses and interest charges per the books for the 12 months
ending with the current month. On previous statements the interest
charges were projected for a 12 months' period based on securities currently
outstanding.
In order to present a proper comparison of revenues and expenses, the
company has included in the figures for the year ended Oct. 31 1928 the
earnings of properties prior to acquisition. None of the properties acquired
during the year ended Oct. 31 1929 were of sufficient importance to materially affect the net earnings.
-V. 129, p 3800.
Oklahoma Gas & Electric Co.
-New Station.
-
The first boiler and turbine unit of the Lincoln Beerbower steam electric generating station located near White Eagle, Oklahoma, in the Oklahoma company's system, was placed in operation on Dec. 5, ten days in
advance of the construction schedule, according to H. W. F`uller, VicePresident in charge of engineering and construction ofthe Byllesby Engineering & Management Corp. The second boiler which was scheduled for
completion on Jan. 15, was to be placed in service on Dec. 14, thirty days
ahead of schedule, according to Mr. Fuller's announcement.
The Lincoln Beerbower station is in the company's northern division of
which Enid is the operating headquarters. Completion of this station will
bring the total generating capacity of the Oklahoma company's system up
to 160,706 kilowatts, according to J. F. Owens, Vice-President and General
Manager, and a continued increase in the company's generating capacity
is seen for the immediate future with the completion next year of a 30,000
kilowatt steam electric station, construction of which has recently been
started near Belle Isle Lake in Oklahoma City.
-V. 129. p. 3326.
Oregon-Washington Water Service Co.
-Earnings.
-
Years Ended Oct. 31Operating revenues
Operation expense
Maintenance
Taxes (excluding Federalincome tax)
1929.
$605,899
236,262
28,856
75,255
Net earnings from operations
Other income
$265,525
1,664
1928.
$574,406
208,660
29,600
66,882
$269,264
2.750
Gross corporate income
$267,189
$272,015
Interest on funded debt
137.259
The statement submitted herewith reflects and all future statements of
income of the company will reflect operating revenues, expenses and interest charges per the books for the 12 months ending wieh the current
month. On previous statements the interest charges were projected for a
12 months' period based on securities currently outstanding
In order to present a proper comparison of revenues and expenses the
company has included in the figures for the year ended Oct. 31 1928 the
earnings of properties prior to acquisition.
-V. 129, p. 3800.
Pacific Lighting Corp.-Pref. Stock Offered.
-Guaranty
Co. of New York are offering 20,000 shares $6 div. pref.
stock at $100 per share (flat).
Transfer agents: Pacific Trust Co., New York, and Pacific Lighting
Corp., San Francisco. Registrars: Guaranty Trust Co., of New York,
and Wells Fargo Bank & Union Trust Co., San Francisco.
Data from Letter of C. 0. G. Miller, President of the Company.
Company.-Incorp. in Calif. in 1907 as successor to Pacific Lighting
Co. (organized in 1886). Controls through stock ownership Los Angeles
Gas & Electric Corp., Southern Counties Gas Co. of Calif., Southern
Calif. Gas Corp. and certain smaller companies. Through these companies the company does practically the entire gas business in southern
California, including Los Angeles, and also serves a large part of Los
Angeles with electricity.
Of gross revenues for the 12 months ended Oct. 31 1929 85% was derived from the sale of gas and 15% from the sale of electricity.
The properties of the company's subsidiaries include 10,601 miles of
gas gathering, transmission and distribution lines, 9 gas manufacturing
plants with 134,202,000 cu. ft. aggregate daily capacity, 2 electric stations
with an aggregate capacity of 136.100 kw. and 2,468 miles of electric transmission and distribution lines.
Substantially all of the gas distributed at the present time is natural
gas and is purchased from independent producers. On the basis of present
reserves and past experience in the opening from time to time of new fields
and deeper sands, it is believed that the territory will provide large amounts
of natural gas for an extended period.
Capitalization Outstanding with Public (After giving effect to this financing).
Subsidiary companies: Funded debt
$106,249,500
Preferred stocks
32,872,827
Common stocks and surplus applicable thereto
94,834
Pacific Lighting Corp.: $6 div. pref. stock
126,629 abs.
5 dividend preferred stock
306 sh.
Common stock
1,461,831 shs.
The two classes of pref. stock rank part passu in respect to cumulative
diva, at their respective rates and in respect to assets in voluntary or
involuntary dissolution, each share of each class being entitled to $100 Per
share and divs, in preference to the common stock. The present authorized amounts of the two classes are 2,500,000 shares $6 pref. and 500,000
shares $5 pref.
Purpose.
-Proceeds are to be used to pay current indebtedness incurred
in making advances to subsidiaries for property additions and betterments
and other corporate purposes.
Earnings of Company and all Present Subsidiaries.
Oper. Exps. Net Earns.
Gross
Available
Maint., Tax
Operating
Calendar Yearsfor Interest.
Revenues.
& Deprec.
927
$45.219,474 $31,0.84,248 $14,135,226
1928
14,750,582
34,470,325
49,220,907
1929 (12 mos. ended Oct. 31)--... 52,566,779
17,173,050
35,393,729
Aggregate annual interest and dividend requirements on present funded
debt and pref. stocks of subsidiaries and on pref. stocks of Pacific Lighting
Corp., including this issue, are $8,358,233. Net earnings for 12 months
ended Oct. 31 1929, amount to more than 2 times such requiements.
After deducting the requirements of subsidiaries, the balance of such net
earnings is in excess of 12% times annual dividend requirements on the
pref. stocks of Pacific Lighting Corp.
-V. 121, P. 3636.
Philadelphia Co.
-Extra Cash Dividend of 75c.
-
The directors have declared an extra dividend of 75 cents per share in
addition to the regular quarterly dividend of $1 per share on the common
stock, both payable Jan. 31 to holders of record Dec. 31. Like amounts
were paid in each of the five preceding quarters. An extra distribution of
$1.50 per share was made on July 311928.-V. 129, p. 3326.
Pittsburgh Suburban Water Service Co.
-Earnings.
-
Years Ended Oct. 31Operating revenues
Operation expense
Maintenance
Taxes(excluding Federal income tax)
1929.
$319,389
112,678
12,370
7,278
1928.
$306,307
111,485
28,599
4,651
Net earnings from operations
Other income
$187,063
1,145
$161,572
756
Gross corporate income
$162,328
$188.208
Interest on funded debt
85,000
I .41
The statement submitted herewith reflects, and all future statements of
income of the company will reflect operating revenues, expenses and interest
charges per the books for the 12 months ending with the current month.
On previous statements the interest charges were projected for a 12 months'
period based on securities currently outstanding.
-V.129. p. 3801.
Portland (Ore.) Electric Power Co.
-Merger.
-
See Public Utility Holding Corp.of America below.
-V.129, p. 2227,2072.
Public Utility Holding Corp. of America.-Acguis.-
The corporation announces that its contract with E. W. Clark & Co.
for the acquisition of the Portland (Ore.) Electric Power Co. has been
consummated, the corporation having received in exchange for its stock
or cash practically all of the common stock and the non-cum.6% 2nd pref.
stock of $100 par value as well as a certain amount of the 7% prior pref.
stock which carry voting control of the company.
The assets of the Portland properties totaled $89.461,632 on Aug. 31
1929.-V. 129. p. 2682.
DEC. 21 1929.]
FINANCIAL CHRONICLE
3965
Listing of Additional $4 Cumulative Preferred Stock.
Corp.
The New York Stock Exchange has authorized the listing of not to exceed
1928.
$511,239 $100,000 additional shares $4 cumulative preferred stock (no par value)
,
176,089 upon official notice of issuance and payment in full, maUng the total
29,681 amount applied for not to exceed 766,629 shares.
33.079
Consolidated Balance Sheet Sept. 30.
1928.
1929.
1928.
1929.
ASSCIS1272,389 Plant, property,
$305,458
Liabilities
Net earningsfrom operations
2.172
1,961
Funded debt-- -476,970,421 483,746,372
Other income
rights & fmnchises,dm_ _948,064,755 903,365,551 Notes payable- 1,242.623 2.529.928
Accts. payable._ 7,597,269 7,010,234
$274,561 Invest. In other
$307,419
Gross corporate income
cos., assoc.&c. 18,399,381 14,153,701 Accrued taxes_- 13.474,589 12,351.246
125,000
Interest on funded debt
Acer.Intereat___ 8,064,236 8,409,896
The statement submitted herewith reflects, and all future statements of Cost of Interco.
Accr. dividends_ 6,104,391 5,723,548
owned bonds
income of the corporation will reflect operating revenues. expenses and
442,060
867,852
Sundry accruals
over
& stocks
interest charges per the books for the 12 months ending with the current
book value_ __ 12,533,543 10,101,467 Def. liabilities_ - 3,139,938 4,346,662
month. On previous statements the interest charges were projected for a
Reacquired sec_ 3,595,963 3,595,963 Misc.unadjusted
12 months' period based on securities currently outstanding.
774,823
2,599,177
credits
In order th present a proper comparison of revenues and expenses the, Sinking fund & 1,731,001 3,062,872 Retire. & depict.
other deposits
company has included in the figures for the year ended Oct. 31 1928 the
72,844.599 64,895.754
17,739,027 15,295,035 reserves
Cash
-V.129, p. 3801.
earnings of properties prior to acquisition.
Special cash dep. 19,154,751 19,905,068 Cont., &c. res 19,918,608 19.131,286
pref. 87
-Earnings. Notes & accts._ 18,029,172 15,869,568 aPrior stock__ _ 21,000,000 21,000,000
Scranton-Spring Brook Water Service Co.
cum.
receivable_
31-1928. Inventories _
Years Ended Oct.
16,390.356 16,047.604 144 cum. pref.
15,556,629 14,623,246
Operating revenues
34,813,050 34,813,950
1,414,061
stock
1,203,179 Prepaid accts. & 1,391,164
1,312,075
Operation expense
c6% Don-CUM.
378,284 Def. expenses &
351.688
Maintenance
1.000,000 1,000,000
stock
charges in pro139,295
216,317
Taxes(excluding Federal income tax)
cess of amort. 4,067.907 9,702,031 Sub.& affil. cos.
233.468.660 219,998,819
stock
Subscrip.- sub.
13,676.849 12,902,488
Net earningsfrom operations
289,234
174.700
& MM.cos__ _
12,274
13,296
Other income
dStandard Gas
& Electric Co.
$3,690,146 $2,914,762
Gross corporate income
common stock 68,809,722 56,695,620
1,625,059
Interest on funded debt
Sub.& afffl. cos.
The statement submitted herewith reflects, and all future statements of
common stock 65.713,919 58,867,704
income of the company will reflect operating revenues, expenses and interest
Surp of min.int_ 20.618,102 16.810,911
charges per the books for the 12 months ending with the current month.
Stand. Gas& El.
On previous statements the interest charges were projected for a 12 months'
Co.,Incl. prop.
period based on securities currently outstanding.
ofsurp.of subs.
In order to present a proper comparison of revenues and expenses, the
& affil. co's_ 32,201,156 24.743.883
company has included in the figures for the year ended Oct. 31 1928 the
Capital surp. of
-V.129, p. 3801.
earnings of properties prior to acquisition.
sub.& affil.cos.
arising from
reval. of prop. 4,053,133 4,053,133
Totahea.iskie)1,094,676,1471,047,634,153
-40c. Cash Dividend.
Southeastern Power & Light Co.
1928.
1929.
Shares of stock outstanding:
The directors have declared a quarterly dividend of 40c. a share in cash
210.000 shs. 210,000 aim.
on the common stock, payable Jan. 20 to holders of record Dec. 31. In aPrior preference $7 cumulative
656,850 shs. 656,850 shs.
each of the last three quarters 1% in stock was paid. From April 20 1927 b 14 cumulative preferred
1,000,000 shs. 1,000,000 shs.
to Jan. 20 1929 incl., the company paid regular quarterly cash dividends of C 6% non-cumulative
1,562,607 shs. 1,418,912 shs.
d Common capital stock
-V. 129, p. 2858.
25c. a share on the common stock.
-V. 129. D. 3636.
Rochester & Lake Ontario Water Service
Earns. Years Ended Oct. 31Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1929.
$558.283
187,399
29,048
36.378
Standard Gas & Electric Co.-Pref. Stock Offered.
-Pea-Stock Units Offered.
Southern Union Gas Co.
H. M.Byllesby & Co., Inc., are offering an additional issue
are offering 20,000 stock units, each
body
of 100,000 shares $4 cumulative preferred stock at $64.50 unit & Co., Chicago, share class A cumulative preference
consisting of one
per share, yielding 6.20%.
stock and 3, share common stock. Units are offered at
stock except
Preferred as to assets and dividends over all other classes of
see V. 129, p.
the prior preference stock. $7 cumulative. Non-voting except on question $31.50 per unit (for initial offering of units
-NE, Non- 1441).
of dissolution and as provided by lay. Dividends payable Q.
callable.
Data from Letter of John J. O'Brien, President of the Company.
-Company's system comprises one of the large public utility
Company.
organizations in the United States, embracing the operation, management
and engineering of utility properties. The subsidiary and affiliated public
utility companies furnish electric power and light, gas, steam heat, telephone. water or transportation service in important commercial, industrial
and financial centers located in prosperous sections of the country. The
communities served, numbering 1,554, having an estimated population of
6,100,000.located in 20 states include the cities of Pittsburgh,
Mineapols.St
Paul, San Francisco, Louisville, Oklahome City, Muskogee, Ardmore,
Sioux Falls, St. Cloud, Fargo, La Crosse, Eau Claire, Green Bay, Oshkosh,
Sheboygan, Menominee,'Wausau, Casper, Marshfield, Kalispell, Medford,
Klamath Falls, Pueblo and San Diego.
The subsidiary and affiliated public utility companies have an aggregate
installed hydro-electric and steam electric generating capacity of 1,372,081
kilowatts and have under construction an additional 135,000 kilowatts of
steam electric generating capacity: installed daily gas manufacturing
capacity of 103,560,000 cubic feet; a total of 26,890 miles of transmission
and distribution polo and underground lines, and connected electric load,
all purposes, of 3,067,409 kilowatts. They serve a combined total of
1,572.193 customers and, for the 12 months ended Sept. 30 1929, had a
combined total electric output of 4,486,917,900 kilowatts hours and, for
the same period, a total gas output of 44,919,627,000 cubic feet.
Tho total gross earnings of the present subsidiary and affiliated public
utility companies for the 12 months ended Sept. 30 1929. were 1152,367,731,
and the net earnings, including other income, before retirement (depreciation) and depletion reserves. were 175.617,681. Over 73% of the present
combined net earnings of the subsidiary and affiliated public utility companies is received from the sale of electric energy for power and light, 12%
from gas, 11% from transportation and 4% from miscellaneous services.
The company also owns a controlling interest in Shaffer Oil & Refining
Co. and subsidiaries having an established position in the oil industry with
complete production, refining, transportation and distributing facilities,
which, for the 12 months ended Sept. 30 1929, had gross earnings of $18,614,925 and net operating earnings of $4.321779.
Capitalization Outstanding in fiends of Public (After Present Financing),
199,548 shs.
Prior preference stock.$7 cumulative(no par)
756.850 sits.
$4 cumulative preferred stock (no par)
1,000,000 shs.
6% non-cumulative stock (par $1)
1,562,607 shs.
Common stock (no par)
$14,358,000
6% gold notes,due Oct. 1 1935
13,951,000
6% gold debentures,due Feb. 1 1951
9,373,000
6% gold debentures,due Dec. 1 1966
Consolidated Earnings (Company. Subsidiary and Affiliated Companies)
12 Months Ended Sept. 30 1.929.
$170,982,656
Gross earnings
Operating expenses, maintenance & taxes
93,828,282
Authorized. Outstanding.
Capitalization.15,000,000 y11.000.000
1st mtge.coll. 63 % sinking fund gold bonds
Class"A"cumulative preference stock ($25 par)- - 15,000,000 81,500,000
:250,000 shs. 125,000 shs.
Common stock (no par)
x There will be reserved against the exercise of warrants accompanying
1st mtge. bonds, the maximum requirements of 20,000 shares of coin,stock.
y Less 127,000 retired in accordance with sinking fund provisions.
Data from Letter of Pres. T. F. Murchison, Dated Dec. 4.
Company.
-A Delaware corporation. Is a public utility investment and
management company. Owns 100% of the outstanding coin, stocks of the
following companies except as noted:
Cities Water Co. (Texas)
Southern Union Gas Co. (Texas)
M.& M.Pipe Line Co.(Texas)
Southern Union Gas Co.(N. M.)
:Kingfisher County Gas Co.(Okla.)
Cities Water Co. (Okla.)
y Arkansas Western Gas Co.(Ark.)
x 87%% of outstanding coin, stock owned. y 90% of outstanding corn.
stock owned.
These subsidiary public utility companies, upon completion, will render
natural gas and (or) water service for domestic and industrial purposes to
28 cities and towns with an estimated population of approximately 90,000
in the States of Texas, Oklahoma, Arkansas and New Mexico. Favorable
franchises are held by the company, except in one case where a franchise is
expected to be obtained, in all the cities and towns served or to be served.
The total length of the main gas trunk lines of the system upon completion
is approximately 338 miles. It is anticipated that the average number of
domestic consumers to be eventually served will be approximately 15.000
and in addition,contracts to supply the fuel requirements of many important
industrial users have been obtained.
In addition to gas and water pipe lines completed and those under construction to towns where franchises are now held, the operating subsidiaries
have under consideration active expansion programs involving the construction of main lines to a number of important towns not now served by
natural gas and having inadequate water supplies.
-Company operates in four States in which are located the
Gas Supplies.
major gas producing arms of the United States.
a
The gas distributed by the subsidiary companies is purchased on of
companies
favorable basis under valuable contracts with producing Oil & Gas Co..
Corp.,Prairie
recognized merit,including Roxana Petroleum
Humble Oil & Refining Co., Shell Petroleum Corp., Arkansas-Louisiana
Pipe Line Co.(a subsidiary of Cities Service Co.), California Oil Co. and
Continental Oil Co.
The gas reserves available to the company through purchase contracts
and geologists are
consist of over 30,000 acres, and competent engineersmeet its maximum
agreed that these reserves are more than ample to
future.
n th
ea
irements ow
l
reci ie open flm
e te.
l
capacity a the wells from which these subsidiaries derive
The
their gas is estimated in excess of over 20000, 0,000 cubic feet per day. Only
than 5%) of the open flow capacity of the wells
$77,154,374 a fraction (currently less
Net earnings
drawn upon by the distribution systems is needed for present requirements.
Other inc., less exps., of Standard Gas & Electric Co.& subs. &
-The properties of the Texas. Oklahoma and New
Value of Properties.
affiliated cos., includ. inc. on outside investm'ts, engineersubs. & affiliated cos.),
Mexico subsidiaries have been independently appraised by Walter Reid of
ing (reflected in capital accts. of
supervision, profits on investm'ts & other operations
7,143,859 Dallas, Tex. and James 0. Lewis of Tulsa, Okla., prominent consulting
gas and petroleum engineers. James 0. Lewis, engineer for the bankers,
Net earnings including other income
$84,298,233 has estimated the value of these properties, upon completion, in excess of
Int. & div. charges on secur. of subs. & affiliated cos. in hand
$2.700,000, his appraisal being the lower of the two. The properties of the
company's Arkansas subsidiary, Arkansas Western Gas Co. will have a
of public. res., minority ints. proportion of undistributed
surplus earns.,rentals & sundry charges
$48,594.596 value. conservatively appraised by the company, upon completion, of
Retirement (deprec.) & depletion res. amortiz. of debt disc.
$1.925,000. This subsidiary company plans to issue 3700,000 of its own
& exp.ofsubs.& affiliated cos.(includ.$1,371,000 additional
bonds, leaving a net equity in valuation accruing to Southern Union Gas
provision not accrued)
19,495,466 Co. through its 90% stock ownership, of $1,102,500.
Prior to the acquisition of Arkansas Western Gas Co., the balance sheet
Bal. of earns, before deduc.ofcompany's inc. & div. charges_ $16,208,171 of the company as of July 311929,shows total net assets applicable to this
Company's interest charges, amortization of debt discount and
stock issue of 12,200.000. The addition of the indicated equity in the
expense,& div. charges on prior preference stock,$7 cum_ - 3.780.284 Arkansas properties will show total net assets, after deducting funded debt
and all other liabilities. of 13.302.500.
Balance
This provides a net book valuation for the class Astock of $55 per share.
$12,427,887
Annual dividend requirement on 756,850 shares of$4 cum.pref.
-Company's properties have been in process of construction
Earnings.
13.027.400 since Dec. 1928, many new properties having been added during this period,
stock (including these additional shares)
The above balance of earnings of 112.427,887 is more than 4.10 times and each property being placed in operation when completed. It is planned
the 13.027,400 annual dividend requirement on the 756,850 shares of $4 to have the entire group of properties, including most recent acquisitions, in
cumulative preferred stock of the company which includes these addi- operation by Jan. 1930. 1Vhile it has been customary in natural gas financing to allow for interest during the construction period, the properties of
tional shares.
Collectible earnings of Standard Gas & Electric Co. (not including its the company which have been placed in operation during the current year
proportion of undistributed surplus earnings of subsidiary and affiliated have earned sufficient to cover interest charges on bonds, dividends on
companies) after all prior charges were $9,437.715 or more than 3.11 times preferred stock, and organization expenses, leaving a substantial amount to
the 13,027,400 annual dividend requirement on the 756,850 shares of $4 be carried to surplus account.
Earnings of the company's subsidiaries for the first five years of complete
cumulative preferred stock of the company which includes these additional
operation, based on franchises held, contracts on hand and existing deshares.
-Proceeds will be used by the company for investments in its monde for service, have been estimated by independent engineers and are
Purpose.
subsidiary and affiliated companies and for other corporate purposes. as follows:
3966
FINANCIAL CHRONICLE
First Yr. Second Yr. Third Yr. Fourth Yr. Fifth Yr.
$
'
Gross earnings
1,054,125 1.245,400 1,331.700 1.392,350 1,421,100
Oper. exps, maint,local
taxes,subs, bond int.
& minority stock int_ 557,034 622,187 651,283 672,350 694.495
Bal. avail. for 1st mtge.
bond int., deprec. &
Fed. tax
497.091 623,213 680,417 720,000 726,605
Max. ann. int. charge
on 1st mtge. bonds_ - 65,000
65.000
65,000
65.000
65.000
Bal. avail. for Fed.
taxes, deprec.& divs. 432,091 558.213 615,417 655.000 661.605
The above estimates give earnings available for Federal income taxes,
depreciation, and dividends, after deduction of maximum annual int.
requirements on the company's funded debt, of $432,091, in the first year
of operation, increasing to $661,605 in the fifth year. Such earnings are
equivalent in the first year to $7.20 per share of this Class A pref. stock of
$25 par value, increasing in the fifth year of operation to $11.03 per share
of such stock.
After deducting from these estimated earnings dividends on the pref.
stock, there are indicated earnings available for Federal income taxes,
depreciation and dividends on the common stock presently outstanding. of
$2.50 per share in the first year, increasing to $4.33 per share in the fifth
year of operation.
.
Purpose.
-Proceeds of the present issue together with other financing
will be used for the purpose of acquiring the Arkansas Western Gas Co.
Listed on Chicago Curb Exchange.
-V. 129, pp. 3801, 1441.
Sylvestre Utilities Co., Inc.
-Transfer Agent.
The Interstate Trust Co. has been appointed transfer agent for100,000
shares of class A stock and 150.000 shares of class B stock.
[vol.. 129.
of the $416,598 of real estate notes above mentioned, 36.200.000 of 1st
mtge.5% 30
-year gold bonds and $11.026.000 of the ref. & ott, mtge. bonds.
Eguity.-The value of the company's mortgaged property, taken at a
valuation as of Dec. 31 1915 determined by the P. S. Commission of Missouri as a rate making basis, together with subsequent net capital additions
to Sept. 30 1929 at cost, is in excess of $64,000,000, compared with $47,617.958 ef funded debt which will be outstanding in the hands of the
public upon the issuance of these series "B" bonds. The company's balance
sheet as of Sept. 30 1929, adjusted to give effect to the issuance of these
bonds and to the property valuation as determined above, shows an aggregate value of more than $52,000,000 for the company's preferred and corn.
stocks.
Control.
-Company is an important part of the North American System
and is under the control of the North American. Co.
-V.129. p.3168.
Union Water Service Co.(& Subs.).
-Earnings.-
Years Ended Oct. 31Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1929.
$422,573
113,257
16,855
55,028
1928.
$398,297
110.363
17,054
47,203
Net earnings from operations
Other income
$237.433
54.934
$223,677
55,477
Gross corporate income
$292.366
$279.153
Interest on funded debt
146,520
The statement submitted herewith reflects, and all future consolidated
statements of income of the company and its subsidiaries will reflect operaing revenues, expenses and interest charges per the books for the 12 months
ending with the current month. On previous statements all similar deductions from gross corporate income were projected for a 12 months'period
based on securities currently outstanding.
-V. 129, p. 3801.
United Gas Co.
-Common Stock To Be Issued for WarToho Electric Power Co., Ltd. (Toho Denryoku rants on Dec. 31 1929.
-The company states:
Kabushiki Kaisha).-Listing.On Dec. 311929, you will be entitled to receive the shares of com. stock
The New York Stock Exchange has authorized the listing of $11,450,000
3
-year 6% gold notes, due July 1 1932.
Consolidated Income Account Six Months Ended April 30 1929.
Operating revenue
$12.680,425
Operating expenses including maintenance and depreciation
(including legal reserve) and taxes
9.022,199
Net operating income
Other income
$3,658,226
1.605,325
Gross income
$5,263,551
Interest and amortization of debt discount and expense (less
amount charged to construction)
2,069,466
called for by the warrants attached to certificates for pre erred stock, $7
cum. div. series "A." on the basis of one-half share of common stock for
each share of preferred stock. Such warrants should be presented on or
after Dec. 311929, attached to certificates for pref. stock at the Chatham
Phenix National Bank & Trust Co., 149 Broadway, N. Y. City.
'
In lieu of fractional shares of common stock, there will be delivered scrip
certificates for fractional shares exchangeable for conunon stock, in accordance with their terms, when surrendered with other scrip centric:,t.
aggregating one or more full shares. The scrip certificates will not hear
dividends and will not have voting or any other rights pertaining to stock.
The company has arranged with G. E. Barrett & Co., Inc.. 120 Broadway,
N. Y. City to assist in the purchase or sale of scrip certificates.
Natural Gas Sales.
-
Natural gas sales by this company and its 27 controlled subsidiaries have
just passed 175,000,000 cubic feet a day, a new high record, it is announced.
This figure was reached principally through the recent addition of 14 towns
in eastern and southwestern Texas to the territory served by the United
Net income carried to surplus account
63,149.423 Gas system.
Consolidated Balance Sheet April 30 1929.
Sales for the first ten months of the current year totaled 37,400,000,000
cubic feet, compared with 42,676,000,000 cubic feet sold in the entire year
Assets
LInIttlittes$
1928.
82,573.113 liars capital
Properties in operation
73,378,153
The company's sales will be further increased in a few days with comConstructions in progress- - - - 4.953.895 Sends & debentures
50,598.733 mencement
of commercial deliveries to its new 143
-mile line from Zapata
Adv.& constr. exp. for subs_
23,86° Nbenture red. unclaimed
61,475 County,
Texas, to Monterrey, Mexico, for which annual contracts agroans & bills payable
.Investments In securities_ _ 33,518,469
8,918,586
gregating 7,000,000,000 cubic feet of gas already have been closed, the
Loans & bills receivable
6,283,538 Sundry deposits dr amounts
Materials & supplies
1,040,407
received in advance
90,845 announcement adds: In addition, the company will commence shortly to
Prepayments
37.528 Accts. pay. & am.liabilities_ 9,515.488 supply about 15,000.000 cubic feet of gas a day to the new lines to St.
Sundry deposits
6,891 Foreign exch. suspense acct._ 3,755,555 Louis, Birmingham and Atlanta, in the first of which the company owns a
Accounts receivable
1.306,025 Dividend due
2,893,267 substantial interest.
Cash
5,168,486 Misc. contra Items
863,658
Increases Holdings in Utilities Company.
Unamort. debt discount exp_ 3,498,712 Legal reserve
3,082,594
The company has announced the
of its holdings in the ConsoliUncalled share capital
9.376,031 Special reserve
299,100 dated Gas Utilities Co. to 300,000increase trust certificates representing
voting
Reacquired securities
8.790.367 Surplus
a2,242,274 class B stock. This represents about 51% of the 589,625 voting trust
Miscellaneous suspense
258.242
certificates outstanding. Because of this acquisition, consolidated net
Misc, contra items
683,658
earnings of the United Gas Co. available for depreciation, depletion,
Federal taxes and dividends are expected to be increased for the year 1929
155,497.731
Total
Total
155,497,731 by about $500,000.
a Includes $20,638 applicable to minority interest.
-V.128. p. 4156.
Consolidated Gas Utilities Co. serves 51 cities and towns in western and
nothern
Kansas,
it
Union Electric Light & Power Co. (Mo.).-Bonds operates Oklahoma and south-central and south-eastern of 1,400 where of
a complete producing and distributing system
miles
Offered:
-Dillon, Read & Co., Harris, Forbes & Co., Spencer pipe lines. It was created last year through a merger of five companies.
the famous
Trask & Co. and Stone & Webster and Blodget, Inc. are The company is one of the producers in assets exceed Amarillo gas field
where it has extensive holdings. Its total
625,000,000.
The territory served by the company has a population of about 400.000,
offering at 100 and int., an additional issue of $15,000,000,
Hutchinson and Chanute, Kansas,
gen. mtge. gold bonds, 5%,series "B." Dated Aug. 11927; including the cities of Wichita,Lawton, Okla. The markets servedand
Enid, Cushing, Blackwell and
are
due Aug. 1 1967.
both industrial and agricultural. Gas reserves controlled by the company
Legal investment for life insurance companies in New York,Pennsylvania, comprise some 84,000 acres located in the Amarillo, Texas, and Chickasha,
Sayre and Deer-Creek-Blackwell. Okla., fields. In addition. the company
New Jersey, Massachusetts and Connecticut.
controls an extensive gas shale area in southeastern Kansas.
-V.129, p.3802
Data from Letter of Louis H. Egan, Pres, of the Company.
Utilities Hydro & Rail Shares Corp.
Business.
-New Directors.-•
-Company does substantially all the central station electric
The corporation announces that it. has added to its list of directors the
light and power business in the city of St. Louis and surrounding districts
in Missouri. The company's subsidiaries furnish electric light and power following executives: Val L. Holman, Holman Watson & Rapp, bankers,
In East St. Louis and Alton, Ill., and adjacent territory, and throughout Philadelphia. Pa.: Harlan T. Philmont, director of the Worcester County
a large territory bordering on the Mississippi River and extending north to National Bank, Worcester, Mass.; S. M. Schultz, Schultz Brothers & Co.,
Burlington, Iowa. The total territory served by the company and its bankers, Cleveland, Ohio, and Arthur C. Hubner, of Lorenzo E. Anderson
subsidiaries has an area of over 2,700 square miles and a population esti & Co.. bankers, St. Louis, Mo.-V. 129, p. 3817.
mated to exceed 1,300,000, and includes more than one-third of the total
Utilities Power & Light Corp. (& Subs.).
-Earnings.
Population of the State of Missouri.
12 Mos, Ended Svt. 30Purpose.
-Bonds are being issued to reimburse the treasury of the com1927.
1928.
1929.
Gross operating revenue
pany for expenditures made for additions and extensions to its properties.
$48.657,573 $28,445.175 $27,752,022
Earnings.
-Results of operations of the company for the five years ended Non-operating revenue
327,916
366.199
1.025,625
Dec.31 1928 and for the 12 months ended Sept.30 1929 have been as follows:
Total
349,683.197 $28,773,092 $28,138,221
xlVel
Total Int,
Other
Inc. From
Operating expenses
20,577,942 10.909,399 11,007,126
Earnings. on Funded
Income.
Operations.
Maintenance
1,941,108
1,994,905
3,433,808
Debt.
Taxes (excl. of Federal and State) J 3,074,968
2,066,495
1,763.325
$680.859 $4.289,377 $1,029,810 Interest on funded debt
$15,056,814
1924
5.558.301
5.626,267
6,869,827
4,434.216
1.268,971 Interest on
759.721
15,915,023
'1925
105,249
104,496
423,411
1.150.744
1.268,450 Amortiz. ofunfunded debtand exp.__
17.434.897
5.608.429
1926
debt discount
363,690
428,557
406.838
1.411.495 Other charges and 2% normal tax,_ _
1,133,483 6.681.549
1927
18,573.813
128.494
160,854
150.100
7,697,074
1.728.537
1,631,157
19,588.536
1928
2.342.901
1,629.534
20,567,172
8.725.964
1929
Net earnings
-After fixed charges_$14,713.827 17,579,344 37.206,173
x After rentals, all taxes and deprec.. but before interest.
Divs, on pref.stocks ofsub.& cont. co. 3,269,150 2,274,891
2,152,857
Net earnings before interest for the five years ended Dec. 31 1928. as
shown above, averaged $5,742,129 per annum or more than 4 1-3 times
Net income-before other deduc---$11.444,677 $5,304,453 35.053,316
average annual interest on funded debt during the period. Such earnings Sur, net earn. of prop. prior to acqui974,052
485,678
for the 12 months ended Sept. 30 1929 were over 5 1-3 times interest on Net inc. accr, to minority int
149,126
349.837
609.184
funded debt during that period, and more than 3% times the annual interest
requirement on all funded debt to be outstanding in the hands of the public
Net inc. of oper. cos. before deprec.
upon issuance of these series"B" bonds.
and Federal and State taxes_ - $10,349,815 $4,954,616 $3,930,137
Other income of 32,342.901 for the 12 months ended Sept. 30 1929, as Other net earn. of Utilities Power &
shown above, includes $1,281.882 received as dividends on common stocks
Light Corp
1,296.711
1,384.041
3,511,096
of subsidiaries, the total common stock dividend distribution of subsidiaries
representing approximately 43', of the earnings available for such disTotal net earnings
313.860.911 36.338.657 $5,226,849
tribution. During such 12 months' period total net earnings of subsidiaries Fixed charges of TJ. P. & Light Corp.. 2,477,290
1,230,007
347,227
after rentals, all taxes and depreciation, but before interest amounted to Depreciation
1,413,824
1,665,350
3,559.967
more than three times total interest on funded debt of subsidiaries.
Federal and State income taxes
337,534
460.879
809,656
During the five years ended Dec. 31 1928 appropriations from earnings
for depreciation reserves, in addition to mutat gantlet expenditures for
Net income of Utilities Power & Lt.
maintenance, totaled 37,991.716; during the 12 months ended Sept. 30
Corp. and earn. accr. to com.
1929 such appropriations amounted to $1,560.353.
stocks owned by it
$7,013,908 $3,105,765 $3,004,918
Security.
-The general mortgage, under which $1,975,000 series A 5% -V. 129, p. 3637.
bonds and $10,000,000 series B bonds are now outstanding and under
West Virginia Water Service (& Subs.).
which these additional series B bonds are to be issued, will, by payment
-Earnings.
at maturity of underlying bonds, become a first lien on the company's
Years Ended Oct 311928.
1929.
entire mortgaged property by May 1 1933. subject to $416.958 of serial Operating revenues
3770.817
$800,580
real estate notes secured by direct first mortgage lien on the company's Operation expense
300,729
302.754
office building in St. Louis, and subject to mortgages which may exist. Maintenance
47.504
38,910
at the time of acquisition, on property hereafter acquired.
Taxes (excluding Federal income tax)
88,145
79,921
The series B bonds are a direct obligation of the company and are secured,
in the opinion of counsel, together with the series A bonds, by direct
Net earnings from operations
$370,770
3342.662
mortgage lien on the entire fixed property of the company and by deposit Other income
2,731
3,347
under the general mortgage of 38.808.000 of the company's ref. & ext.
mtge. 25
-year gold bonds, 5%. The total principal amount of underlying
Gross corporate income
$373,501
$348018
bonds outstanding in the hands of the public is 317.642,958, consisting Interest on funded debt
$175,188
Total amount
Proportion of net income applicable to minority interests
$3,194,084
44,661
DEC. 21 1929.1
The statement submitted herewith reflects, and all future consolidated
statements of income of the company and its subsidiaries will reflect operating revenues,expenses and interest charges per the books for the 12 months
ending with the current month. On previous statements the interest
charges were projected for a 12 months period based on securities currently
oustanding.
In order to present a proper comparison of revenues and expenses, the
comapny has included in the figures for the year ended Oct. 31 1928 the
earnings of properties prior to acquisition. None of the properties acquired
during the year ended Oct. 31 1929 were of sufficient importance to materially affect the net earnings.
-V. 129, P. 3802.
29.
West Texas Utilities Co.-Bal. Sheet Oct. 31 ; [Upon completion of financing outlined in V. 129, p. 3802.1
Liabilities
Common stock (226,115 shs) _$11,305,750
$6 cum.pref.stock(98,331 shs) 7,866,480
38,372
Pref.stock suoscribed
20,750.000
1st mtge Is,series A
Adv.on unfunded construe... 2,800,000
48,000
Municipal oblig. assumed__
874,338
Miscellaneous payables
8;250
Intercompany payables
178,566
Interest accrued
318,724
Mtsc,accrued liabilities
50,680
Fret. stof k diva. accrued _ _ _ _
893,276
Retirement reserve
40,485
Contributions for extensions _
79,424
Uncollectible accts. reserve _ _
6,957
Unadjusted credits
635,701
$45,904,002 Surplus
AssetsFixed capital
$40.240,672
Cash
335,034
1,521,157
Receivables-mts
88,928
Receivables-Interco
Materials & supplies
538.426
Prepayments
25,099
Miscellaneous investments_ _ _ 1,044,246
2,899
Special deposits
Unamort. debt disc. dr exp __ 1,939,811
167,731
Miscellaneous suspense accts..
Total(each side)
-V.129, p..3802.
3967
FINANCIAL CHRONICLE
-Omits Dividend.
Aetna Rubber Co.
The directors have voted to omit the quarterly dividend which would
ordinarily be paid on Jan. 1 on the common stock. In each of the three
preceding quarters a dividend of 25c. per share was paid as compared with
50c. previously.
-V. 128, p. 1730.
-Christmas Dividend.
Airstocks, Inc.
The directors have declared a special Christmas dividend of Si per share,
payable Jan. 2 to holders of record Dec. 23.
It is stated that the dividend, which is payable in cash, is made possible
because the income from dividends and interest in 1929 has been in excess
of $1 per share.
-V. 129, p. 3637.
-Comparative BalAir-Way Electric Appliance Corp.
lance Sheet.AssetsSept. 30'29 Dec. 31'28.
x Prop., plant and
$893,467 $606,048
equipment
28,031
24,562
Pats., trade'ks,&c.
139,532
303,591
Cash
3,492,327 3,427,988
Accts. receivable
205,776
529,930
Inventories
419,277
20,412
Investments
252,231
Marketable secur _
8,825
88,803
Deferred charges
Sept. 3029 Dec. 31'28
Liabilities7% pref.stock_ _ _$2,000,000 $2,000,000
10.000
10,000
4% pref.stock_ __ _
500,000
Common stock
- y500,000
Accounts payable,
691,056
356,398
.kc
260,400
Emp. trust Ws_
53.444
Federal tax res _
129,400
365.225
Reserves
2,068,025 1,496,852
Surplus
Total
Total
$5 353,092 85,087,708
x After depreciation. y Represented by
V. 129, p. 3169.
$5,353,092 $5,087,708
400,000 no-par shares.
-Earnings.
(Thomas) Allec Corp.
-Hill,
Wisconsin Power & Light Co.
-Bonds Offered.
Joiner & Co., Inc., Halsey, Stuart & Co., nc., and Paine
Webber Co. are offering $2,500,000 1st nen & ref. mtge.
5% gold bonds, series F at 96 and int. Dated Dec. 1
1928; due Dec. 1 1958.
Earnings Year Ended Oct. 31 1929.
Dyeing and cleaning earnings (less returns and allowances)Expenses
Depreciation
Net operating profit
Miscellaneous income, interest, discount, &c.(net)
$196.467
3.207
Issuance.
-Authorized by the Railroad Commission of Wisconsin.
Data from Letter of Marshall E. Sarnpsell, President, dated Dec. 14.
Company.
-A Wisconsin corporation. Now supplies, without competition, electric light and power service to 268 communities situated in 30
counties of central and southern Wisconsin, including the cities of Beloit,
Fond du Lac, Sheboygan, Janesville and Monroe. Fifteen communities
are supplied with gas, 4 with water. 4 with street railway, 4 with urban bus
service, 80 with interurban bus service, 4 with interurban railway service
and 2 with heating service. In addition to the territory served direct, the
company wholesales electrical energy to 65 tributary communities. The
population of the territory served, directly or indirectly, is estimated to
exceed 700,000, and the territory embraces the well known and prosperous
manufacturing and dairying country lying west and north of the city of
Milwaukee.
Capitalization Outstanding with Public (after this Financing).
Preferred stock 7 cumul.($100 par)
$11,578,600
Preferred stock 6% cumul. ($100 par)
2.846,300
Common stock ($100 Par)
12,028,500
1st lien & ref. mtge. gold bonds (incl. this issue)
x16,575,400
Divisional bonds, mortgages closed.
Various issues. 5s and 6s, maturing 1930 to 1946 inc.1
$12,568,600
$1,043,400 are 6% Series A,due Dec. 1 1942;$1,18 ,2 000 are 6%% series
B. due Sept. 11948; $8,350,000 are 5% series E,due May 1 1956; and $5.
000,000 will be 5% Series F,due Dec. 1 1958.
-Proceeds will be used to reimburse the treasury, in part, for
Purpose.
additional property acquired,for expenditures made on account of additions
and improvements to the properties, and for other corporate purposes of
the company. Company now owns and operates 45 electric generating
stations of which 8 are steam and 37 are hydro-electric. Company also
owns over 2,527 miles of interconnected high voltage transmission lines that
radiate over an area of approximately 12,000 square miles extending through
30 counties in the rich and highly developed central and southern portion
of the State of Wisconsin. The transmission lines are also connected with
the lines of other public utility companies serving adjacent territory. Company has 7 gas plants, of which, the Fond de Lac and Beloit manufacturing
plants are among the largest in the State of Wisconsin. The total rate daily
capacity ofthecompany'et gas plants exceeds 5,230.000cubicfeet. Company
also owns and operates street railway systems serving the cities of Fond du
Lac. Oshkosh and Sheboygan. A fleet of 74 motor busses is also owned and
operated throughout certain divisions of the territory served. Company's
Interurban and street railway cars, and its deluxe coaches and motor busses,
are all of modern type and afford co-ordinated and supplemental bus and
railway transportation for the territory served.
The earnings and expenses, as certified to by independent auditors, for
the calendar years 1927 and 1928:
Earnings 12 Mos, EndedOct. 31 '29. Dec. 31 '28. Dec. 31 '27.
Gross earnings
$9,823,401 $8,588,531 $8,233,912
Oper. exps., maint. & taxes
5,991,241
5,105,224
5,069,385
Total profits
Provision for Federal tax
$199.673
24.275
Net profits for year
Dividends on class A stock
$175,398
90.000
Net earnings
$3,832,160 $3,483,306 $3,164,527
Interest charges on funded debt
1,341,057
1,224,577
1,157,865
Annual interest requirement on the company's total funded debt to be
outstanding with the public, including this Issue, amounts to $1,500,654.
-V. 129, P. 796
.
Wisconsin Public Service Corp.
-New Plant.
The corporation's new 1,500,000 cubic feet capacity gas plant at Sheboygan, Wis., is practically completed and was to be placed in operation on
Dec. 18, according to J. P. Pulliam, Vice-President and General Manager.
With the completion of this project, which has been built on a new site about
two miles from the company's present plant in Sheboygan, the gas generating capacity in the Wisconsin corporation's system will be increased to
-V. 129, p. 3328.
8,986,000 cubic feet of gas per day.
INDUSTRIAL AND MISCELLANEOUS.
Refined Sugar Prices Advanced.
-The following companies each advanced
the price of refined sugar 10 points to 5.10c. a lb.: American, Arbuckle,
Colonial, Godchaux, McCahan, National, Pennsylvania and Spreckles,
"Wall Street News Slips," Dec. 17.
Matters Covered in "Chronicle" of Dec. 14.-(a) The new capital flotations
for month and 11 months ending November, p. 3695. (b) N. Y. State
factories make general employment reductions in November, p. 3703.
Production sales and shipment of cotton cloth in November, p. 3707.
d) Fur credit sales drop $19,000,000, according to President of American
r Merchants Association-decrease of 13% in 5 years, 330 failures in
1929. p. 3708. (e) Only 577 unemployed recorded in France-country
almost alone among industrial nations in having plenty of work for idle,
p. 3719. (f) Coal miners reject Australian accord-vote at two meetings
presages general refusal, labor council advises strike, p. 3720. (g) Northwest grain co-operative formed with headquarters in Minneapolis-approved
by Farmers' National Grain Corporation and Federal Farm Board, p. 3721.
(h) Inquiry before Senate Committee into Cotton Exchanges, Pres. Miller
of N. Y. Exchange defends exchanges, p. 3724. (i) Volume of unsold bonds
on dealers' hands found low-survey by investment house puts inventories
at $100,000,000 plan to keep down new offerings, p. 3728. (j) Subscription books to treasury certificates offering of $325,000,000, closed issue
oversubscribed, P. 3733. (k) More than 50 N. Y. bankers to serve on
National committees of Investment Bankers' Association of American
during current year, p. 3741. (e) American Experss Co. to form American
Express Bank & Trust Co.. P. 3741
.
17:"
-To Acquire Haygart Corp.
-See latter
Adams Express Co.
-V. 129, p. 3474.
below.
-Earnings.
Addressograph International Corp.
The company reports for 10 months ended Oct. 31 1929, profit of $1,290,000, excluding earnings of company's British subsidiary, and before
Federal taxes.
Balance sheet as of Oct. 31 shows current assets of $4,165,675 and current liabilities of $460,649, a ratio of nearly 10 to 1.-V. 129, p. 2229.
$1,621,827
1,387.027
38,333
$85,398
Surplus, Oct. 31 1929
$2.92
Earnings per share on 60,000 abs. class A stock (no par)
$2.13
Earnings per share on 40,000 shs. class B stock (no par)
Balance Sheet Oct. 31 1929.
Liabilities
Assets
$25,762
$151,813 Accounts payable
Accounts receivable
40,026 Accrued real estate and perCash
2,992
sonal property taxes
Real estate & water develop.
24,275
254,201 Provision for Fed. taxes
(louse)
7,500
62,500 Res. for Oct. 1929, class A diva
Real estate (non-oper.)
y$1,300,000
Stated capital
Leases, build., plant & equip.,
50,000
z843,038 Initial surplus
&c
85,398
114,216 Earned surplus
Goodwill & trade routes
30,133
Deferred charges
81,495,928
Total
$1,495,928
Total
x After depreciation of $38,333. y Represented by 60.000 shares of
$1.50 dividend cumulative convertib e class A stock, and 40,000 shares of
-V.127, p. 2686.
class B stock, both without par value.
-Receivership.
American Piano Co.
The Irving Trust Co. was appointed receiver in equity for the company
by Judge Alfred C. Coxe in Federal Court at New York. Dec. 18.
The company has plants in Boston, Baltimore, Rochester, Syracuse and
New York City, with an appraised valuation of $3,698,000. It owns the
piano trade name of Chickering. Knabe and Mason & Hamlin.
Current liabilities due and unpaid are $200,000, as well as $250,000 not
yet due and large contingent liabilities. The appointment was made with
the consent of the company, acting on a resolution of the board of directors.
-V. 129, p. 2859.
-1X% Extra Dividend.
American Screw Co.
The directors have declared an extra divided of 1X% and the regular
quarterly dividend of 1%%, both payable Jan. 2 to holders of record
DI cc. 20. Compare V. 128, p. 4158.
-Rights.
American Trustee Share Corp.
The corporation will issue rights on Dec. 31 entitling holders of its
diversified trustee shares, series C, to subscribe to additional shares at a
discount of 50 cents per share from the market price, to the extent of dividend coupons surrendered.
The corporation also announced the following dividends: Diversified
trustee shares, original series, 56.145 cents regular and 50.214 cents extra,
both payable Jan 1; diversified trustee shares, series C. 15.123 cents regular and 11.328 cents extra, both payable Dec. 31.-V. 129, p. 2074.
-Earnings.
Antilla Sugar Co.
Years Ended Sept. 30Revenue from sugar
Revenue from other sources (net)
1928.
1929.
a$3,631,303 $3,210,501
144.619
188,378
$3,819,682 $3,355,120
Total operating revenue
3,056,430
2,976,240
Operating costs
460,992
439,912
Interest on first mortgage bonds
356,738
375,490
Current interest paid
440,000
Int. onf deb. bonds & certif. ofindebtedness (accr.)
Cr.2,640
Cr.2,620
Interest collected
Profit for year
Profit on sugars and molasses carried over, and
other adjustments
$30,659 loss$956,399
Total profit for year
Depreciation on plant
Amortization of bond discounts
$30.659 loss$904,744
219,743
305,807
40,000
40,000
51,656
$315,147 51.164,487
Net loss for year
2,319,405
1,104,920
Deficit as at Sept. 30 1927
Book value of Compania Agricola Anglia, S. A.,
stock written down to $1
Cr.586,792 Dr.49,999
Adjustment applicable to previous periods
Reimburse, as guarantor of Cia Agricola Antilla,
S. A.of bad debts written off & operating expense
367,730
Incurred
Deficit as of Sept. 30
$2,415,491
$2.319.408
Cuba
a Includes 108,746 bags ofsugar inventoried at 2c. per pound f. o. b.
Balance Sheet Sept. 30.
Assets1929.
1929.
1928.
LiabilitiesCash
$6,950
$7,611 Capital stock
$100,000
Notes receivable_
1,802
33,279
6.754 Accounts payable_
Accts. receivable__
31,508
20,953 Companla AzucaSupplies in cornareva Antilla S.
stores
64,270
75.559
A.
-curt. acct._
10,573
Materials
387
549 Prov. for Cuban
Prepaid expenses
.
1,609
428
1,296
profits tax
Ridge.. turn. &
29,172
Surplus
fixtures, &c__ _
x66,924
61,119
Organiz. expenses_
1,321
Tot. (each side) $173,452
x After depreciation of 13,649.-V 128, p. 560.
1928.
$100,000
15,386
35.523
24,253
$175,164
Apex Electrical Mfg. Co.
-Accumulated Dividends.
The directors have declared the regular quarterly dividend of 1 ;•1% on
the pref. stock and an extra payment of 1;f% on account of accumulated
preferred dividends, both payable Jan. 1 to holders of record Dec. 20.
Dividends of 1% each on account of accumulations were paid in July and
Oct. last.
-V. 129,P. 2860.
•
3968
FINANCIAL CHRONICLE
Armstrong Electric & Manufacturing Corp.
-Bonds
Offered.
-Campbell, Peterson Co., Inc. New York are offering $300,000 1st mtge. 7% 10
-year sinking fund convertible
gold bonds at par and int.
Dated Dec. 1 1929; due Dec. 1 1939. Interest payable J. D. at Central
Hanover Bank & Trust Co., trustee, without deduction of normal Federal
income tax up to 2% callable at 105.
CapitalizationAuthorized.
Outstanding.
10
-year 7% 1st mtge.sink. fd. con. bds.-- $300,000
$300,000
7% cum.pref.stk.(par $100)
x15,000 shs.
8,482 shs.
Common stock (no par)
141,494 shs.
3 165.000 shs.
,
x Includes 3.000 shares reserved against conversion privileges of this
bond issue. y Includes 15,000 shares reserved against conversion privileges
of this bond issue.
Data from Letter of William L Goodwin. Pres. of the Corp.
History.
-Corporation was organized in Delaware in April 1928, and
took over the business of The Armstrong Manufacturing Co. and New
Era Electra Range Co. The Armstrong Manufacturing Co. was organized
in 1899 to manufacture and sell electric appliances for household use which
business has been continued by this corporation.
Securitg.-The mortgage constitutes a first lien upon the manufacturing
plant of the corporation in Hungington, W. Va.,including lands, buildings.
equipment, machinery, furniture and fixtures, appraised at a sound value
In excess of $625,000.
Sinking Fund.
-Corporation reserves the right to redeem all or any part
of these bonds at 105 and int. Corporation covenants that it will, as long
as any of these bonds are issued and unpaid, pay to the trustee semi-annually
(J. & D.), commencing with Dec. 1 1931,for the purpose of a sinking fund,
a sum equal to 257 of the net profits during the preceding six months
c
which are available for dividends. Such semi-annual payment shall not be
less than $10,000. Corporation has the right to tender bonds purchased
to the trustee in lieu of cash for sinking fund purposes.
Conversion Privileges.
-Convertible on or before Dec. 1 1939. into full
paid and non-assessable shares of the 7% cumulative preferred stock (par
$100) and common stock in the ratio of one share of preferred stock and
five shares of common stock for each $160 bonds.
Purpose.
-Proceeds will be used to pay off current short term obligations;
for immediate manufacturing and sales expansion; and for other corporate
purposes.
Condensed Balance Sheet Sept. 30 1929 (After New Financing).
r, LI, ;“"
AssetsCash
$229,092 Accounts payable
$20,331
Accounts receivable
58,589 Notes Payable
6,591
323 Accrued expenses
Notes receivable
11,308
222,900 1st mtge.78
Inventories
300.000
2,907 Capital stock
Investments
a996,724
Land, bldgs., mach.& equip__ 646,286
Deferred charges
74,755
Good-will patents,&c
100,000
Total
$1,334,944
Total
$1,334,944
a Represented by 8,482 shares preferred stock and 141,494 shares common stock.
-V. 129, p. 3803.
Arundel Corp. (Bait.)
.-Larger Dividend.
The directors have declared a quarterly dividend of 75c. per share on the
common stock (no par value), payable Jan. 1 to holders of record Dec. 23.
Previously quarterly dividends of 50c. per share were paid.
-V.129, p.2075.
Associated Oil Co.
-Exchange Offer.
See Tide Water Associated Oil Co. below.
-V. 129, p. 2860.
Atlas Portland Cement Co.
-Proposed Sale to United
-The United States Steel Corp. has made
States Steel Corp.
offer to purchase the assets of the Atlas Portland Cement
an
Co. for 180,000 shares of United States Steel common stock.
This is substantially one share of Steel common for each
five shares of Atlas common stock. A special meeting
of Atlas stockholders has been called for Dec. 28 for the
purpose of acting upon the matter. In his letter to the
stockholders, John R. Morron, President of the Atlas
company, states:
The directors all believe that the terms of the offer are favorable and
that its acceptance would be advantageous to all of the stockholders and
conducive to their best interests. They have voted to accept the otter if
and when, in their discretion, a suffcient number of proxies have been
have been received.
The holders of a substantial majority of the stock of the Atlas Portland
Cement Co. have already signified their intention to vote for the approval
of the proposed plan.
The company has been advised by counsel that this plan would constitute
a "reorganization" within the meaning of the Federal income tax law,
and that the receipt of shares of the U. S. Steel Corp. pursuant to this plan
would not result in Federal income taxes to the stockholders, unless and
until such shares should be subsequently sold.
The Atlas company now operates seven plants located as follows; Copley
and Northampton, Pa., Hannibal, Mo. and Leeds, Ala. In addition,
through subsidiaries, factories are maintained at Hudson, N. Y and
Independence, Kan. In Sept. 1928, work was started on a plant at Waco,
Tex. to have an initial production of 1,000,000 barrels, annually. Expansion plans now contemplate a plant in Cuba, a plot of land having
been purchased near Havana upon which construction is expected to begin
shortly. The company has outstanding 9610,000 shares of common stock of
an authorized issue of 1,500,000, the preferred having been retired about
a year ago. The Universal Portland Cement Co., a subsidiary of the United
States Steel Corp., operates five plants,located at Chicago, Pittsburgh and
Duluth.
-V. 129, p. 3170.
Automotive Investments Inc.
-Earnings.
The company in the 6 months ended June 30 1929 earned $270,999
available for interest, as against $367,855 for the full year ended Dec. 31
1928, and $157,049 for the full year 1927.-V. 129, p. 2686.
-Earnings.
Aviation Corp. (Del.) (& Subs.).
Earningsfor Three Months Ended Sept. 30 1929.
Operating revenue & sales
Costs & expenses
Operating loss
Other income & charges (net)
$2,269,871
2,567,311
$297,440
337,722
[VOL. 129.
Balance Sheet Sept. 30 1929.
Assets
LtabiSItiesInvestments at cost
a$1.500,000
$1.862,243 Capital stock
Stock syndicate participarn._ 120,000 Accounts payable
57
Demand loans
315,338 Reserve for Federal and State
29,340
Deposit on stock
50,000 taxes
Cash
618,078
8,176 Initial surplus
212,460
Accrued int. receivable
3,200 Earned surplus
Prepaid taxes
978
Total
Total
$2,359,935
x Represented by 100,000 no par shares.
-V. 129, p. 1743.
$2,359,935
BancOhio Corp.
-Acquires Control of Several Banks.
The corporation has acquired over 99% of the shares of the First Citizens
Trust Co., the Ohio National Bank of Columbus and the Fifth Avenue
Savings Bank, according to a Columbus, 0., dispatch.
Over 95% of the shares of the First National Bank & Trust Co. of Springfield have also been exchanged for BancOhio stock. The corporation has
also acquired 93% of the shares of the First Citizens Corp. and Ohio National Corp. investment security subsidiaries of the First Citizens Trust
Co. and the Ohio National Bank.
'
The directors were to meet this week to declare the first dividend payable
on BancOhio shares to shareholders of record Dec. 16.
Total resources of the corporation and associated institutions are approximately $85,000,000. "The program of BancOhio Corp. for 1930 should
bring resources well above $100,000,000, but will be restricted to operation
-V.129, p. 2075.
in central Ohio," declared John A. Kelley, a director.
(The) Bancokentucky Co.
-Initial Dividend.
The directors have declared an initial dividend of 20c. a share on the
common stock, par $10, payable Jan. 2 to holders of record Dec. 23.
-V. 129. p. 2389:
Bancomit Corp., N. Y.
-New Stock Placed on a $1.60
Annual Dividend Basis.
,
At its last meeting the board of directors declared a dividend of 40c. per
share on the common stock and of 40c, per share on the common 'A"
stock, payable on Jan. 2 1930 to holders of record Dec. 26 1929, for the
fourth quarter of the current year. This takes the place of the quarterly
dividend of 75c. per share previously paid on the old stock which was
recently Bulit at the ratio of two new shares for one old share.lp
Bankers Capital Corp.
-Enjoined.
The State Bureau of Securities has obtained a Supreme Court injunction
against the corporation restraining its officers from the further sale of
securities and asking a receiver. The injunction also included 8 affiliated
companies.
See also last week's "Chronicle" p. 3740.-V. 129, P. 3170.
Bankers Securities Corp., Phila.-Extra Dividends.
The directors have declared the regular quarterly dividend of 1)4%
(75c. per share) on the partic. pref. and common stocks: also an extra panic.
dividend of 25c. a share on the pref. stock, and an extra of 94c. plus% share
on the common stock, all payable Jan. 15 to holders of record Dec. 31.
Like amounts were paid on April 15, July 15 and on Oct. 15 last.
-V. 129.
pp. 2540, 2075.
Barnet Leather Co. Inc., Boston.
-To Organize New
-President
Company To Acquire Woburn (Mass.) Plants.
John C. Lilly, Dec. 6, says:
There is herewith submitted the balance sheet of the corporation as of
Nov. 1 1929, indicating gross assets of $2,631,143 against gross liabilities
of $350.944.
Since Feb. 1 1929, inventories have been reduced from $3,200,000 to
721,741, and the indebtedness of the corporation has been reduced from
2,041.735 to $350,944. This result has been accomplished through
restricting the purchase of raw materials, and in the main, accepting only
such orders as might be filled out of merchandise on hand. This procedure has been a fortunate one, as the market pzice of raw skins has decreased 40%,during the period that the company substantially discontinued
the purchase of new raw stock, thereby avoiding a substantially larger
depreciation of inventories.
The officers and directors have given careful consideration to the conditions prevailing in the industry, and to the relative advantages and disadvantages of manufacturing the so-called staple or black and brown
leathers, as against the specialty types of leathers, such as embossed,
patent and sport leathers. They have also considered the advisability of
eliminating, at least for a time, the very heavy expense of operating the
large plants of the corporation at Little Falls, N. Y., and the advisability
of confining the production to specialty leathers, at a smaller plant.
A proposal has been made by President John C. Lilly to organize a new
corporation, under the laws of Massachusetts, to acquire, own and operate
the plant at Woburn, Mass., now leased by this company,for the principal
corporalonogsugriLetforbylr.
aott
lledsfort and specialty leathers. Cepurposeff manufacturing
eapoftheaid
g
Lilly personally and certain associates, and one-half is to be subscribed
for by this company.
By that means, this corporation will be enabled to liquidate'its entire
indebtedness; to save the very large cost and overhead of operating the
extensive plants at Little Falls; and almost entirely to eliminate the present executive and sales expenditures; to secure a one-half interest in the
more profitable enterprise of manufacturing specialty leathers, at greatly
reduced cost; and to place the company in so strong a financial position as
to enable it to retire a large part, if not all, of its preferred stock still issued
and outstanding, so as to render the entire earnings of the corporation
applicable to the common stock. The company will also be enabled to
interest in one or more allied enterprises, as the occasion may
present.
In order to accomplish these objects, a special meeting of stockholders
has been called for Dec. 23 1929.
Comparative Balance Sheet,
duetsOd.31 '29. Dec 31'28.
.
Oct. 31 '20. Dec.3128.
Prop., plant and
Preferred stock_ ..$1,000,000 $1,000,000
equipment
$1,131,740 $1,170,892 y Common stock__ 2,000,680 2,000,680
Cash
84,155
50,944
78,330
328,503 Accts. payable, drc
In centoeces
Acyts.r ri eivable
526,247 Notes payable..._ 300,000 1,000,000
476,017
684,404
721,742 2,714,300 Acceptances pay.
15,124
190,943
188,443 Divs. payable_
Investments
De
12,500
Deferred charges
d
50,469 Conting. reserve.32,371
181,991
Surplus
720,481
I
Total
Total
$3,351,624 $4,978,854
$3,351,624 $4,978,854
x After depreciation. y Represented by 40,000 no par shares.
-V. 129.
IL 3476.
(Ludwig) Baumann & Co. N. Y.
-Sales Increase.-
Earnings for 9 Months Ended Sept. 30 1929.
Income from sales of securities
Syndicate profits
Interest earned
Dividends received
Net Sales for Month and Five Months Ended Nov. 30.
XX X
1929
-Month-1928,
-192S. Increase.
Increased 1929-5 Months
$1,534.061
$1.410,570
$4,896,563
$848,170
$123.4911$5,744.733
$441,614 -V. 129, p. 3334. 2389.
106,225
-Loans Increase.
Beneficial Industrial Loan Corp.
The above corporation reports a total of 343,307 loans amounting to
$335,389 $50,332.248 made during the first 11 months of 1929,compared with 269,943
loans and $38,156,380 made during the corresponding period of last year,
according to an announcement by Clarence Hodson & Co. This represents
an increase in number of loans of 27.1% and in amount in dollars of 31.9%.
For November loans totaled 34,727 and $5,310,106 against 27,881 and
$221,303 $4,077,561 in November of last year, increases of 24.5% and 30.2%
-V. 129. p. 3171.
8,582 respectively.
23,025
Bethlehem Steel Corp.
-President E. G.
-Acquisitions.
2,100
Total income
Expenses and miscell. deductions
Provision for Federal and State taxes
Income and organization expenses
$255.010
8,590
29,340
4,620
Net income
Earnings per share on 100,000 shares (no par)
$212,460
$2.12
Total income
Depreciation & amortization
Loss
Proportion applicable to min.interest
Net loss
-V.129, p. 3476.
-Earnings.
Aviation Corp. of California.
$40,282
481,896
Grace early this month made the following announcement:
Through one of its subsidiaries, this corporation has entered into agreements covering the acquisition of all the properties and assets of Pacific
Coast Steel Co. and Southern California Iron & Steel Co. The properties
to be acquired include steel manufacturing plants located at South San
Francisco and Los Angeles, Calif., and Seattle, Wash. The plants have a
steel ingot capacity of 380,000 gross tons per year and produce billets.
merchant and reenforcing bars, light structural shapes, transmission
DEC. 21 1929.]
towers, universal plates, light rails, tie plates, splice bars, forgings, bolts,
nut and rivets, and other miscellaneous steel products.
The Bethlehem officials for some years past have studied the steel situation on the Pacific Coast with a view to establishing manufacturing plants
in that rapidly growing section of the country. The properties to be acquired will be operated through a separate subsidiary company having an
active management with headquarters on the Pacific Coast. It will be
Bethlehem's policy to develop the properties to the fullest extent for teal
and economic production, supplementing this production with products
shipped by water from Bethlehem's eastern steel plants.,With this combination of resources and opportunities, Bethlehem wil be able more
advantageously and effectively to serve the Pacific Coast territory with
a full line of steel products -V. 129, p. 3639.
-Earnings.
Black & Decker Mfg. Co.
1929.
1928.
Years Ended Sept. 30$7,947,897 85,959.106
Net sales
Net profits from oper. after prov. for inc. taxes &
1,011.322
523.788
div. on pref. stock of sub. company
Balance Sheet Sept. 30.
1929.
1928.
1928.
Assus-1929.
8
246,767 8% cum. pf stock 1,000,000 1,000,000
Cash
401,953
Common stock _ ..y7.033,896 3,132,265
Notes, bills & accts.
843,243 Notes payable__ __
130.000
1.203,821
635,000
receivable
3.861
108.242
Trade acceptances
41.310
Miseel. sects
381,811
Merch.inventories 3,593,137 1,923,579 Accts. payable _ _ 757,773
140,859
Cash surr. value of
Accrued sects_ _ _ _
205,300
18,777 Funded debt
35,447
life insurance._ _
501,500 1,141,000
32,521 Reserves
75,180
7,952
Sundry sects
104,715
48,463 Minority Interests
Cash in skg. fund_
117,300
127,500
Land, bldg., mach.
x2,456,878 1,629,673
& equip
Patents (U. S. &
880,647
880.647
foreign)
401,586
1,425,339
Goodwill
144.374
111,099
Deferred charges
10,292,081 6,169,630
Total
Total
x After reserve for depreciation of $1,086,837.
no par share.
-V. 129, p. 1445.
3969
FINANCIAL CHRONICLE
Balance Sheet Oct. 31 1929.
Assets
$42,138
Cash
208.397
Accounts receivable
332,694
Inventories
12,963
Life Maur. cash surrender value
2,150
Investments
146
Cash in sinking fund
16,682
Deferred charges
Land, bides., plant & mach.
1867.142
turn., &c
LiabilUies576,222
Bills payable
38.510
Accts. payable
23,700
Reserve for income tax
4,162
Mtge. on River St. property 517,800
Funded debt
y337.500
Common stock
484,418
Profit & loss account
$1,482.312
Total
x After depreciation of $169,464.
-V. 128, p. 3191.
shares.
51,482,312
Total
y Represented by 100,000 no par
-Extra Dividend.
(F. N.) Burt Co., Toronto.
The directors have declared an extra dividend of 50 cents per share in
addition to the regular quarterly dividend of 75 cents per share on the
common stock, both payable Jan. 2 to holders of record Dec. 13.-V.
128. p. 3191.
-Defers Dividend.
Buzza Clark, Inc.
The directors have taken no action on the quarterly dividend due Jan. 1
on the 7%. cum. pref. stock. Distributions at this rate have been paid
since and including April 2 1928.-V. 129. p. 1916.
-Earnings.
California Art Tile Corp.
Earnings for Years Ended Sept. 30 1929.
Gross sales less discounts & allowances
Net profit after all charges
Excess allowances for accrued taxes
Dividends paid
10,292,081 6,169,630
y Represented by 265,639
Bloomingdale Bros., Inc.
-Plan of Reorganization.
-
8246.677
57,710
Cr.1,231
35.700
$23,241
Balance surplus
Earnings per share on 32,000shs.combined class A & B stk.(no par) $1.83
Balance Sheet Sept. 30, 1929.
LiabtiUiesAssets
89,413
$5,100 Current liabilities
Cash
13,609
loan 40,000 Taxes accrued
Funds invested in collateral
y434,988
Accounts & notes receivable_ _ 59,007 Capital stock
23,241
106.666 Surplus
Inventory
Fixed invest. inland, build., &e.:180,528
4,933
Deferred expense
Formulas, patents, goodwill_ _ 80,001
5,016
Organization expense
The depositors' committee consisting of Samuel J. Bloomirrrdale. Hiram
C. Bloomingdale and Arthur W. Popper, has adopted and approved a
plan of reorganization under the provisions of the deposit agreement dated
5481,251
Sept. 23.
Total
$481,251
Total
A digest of the plan of reorganization follows:
x After depreciation of $11,757. y Represented by 16.000 class A stock
Federated Department Stores, Inc., (see that company below) has been and
-V. 128. P. 115.
16,000 claw B stock all of no par value.
recently organized in Delaware with an authorized capital of 2,000.000
-Earnings.
shares of capital stock (no par value).
Canada Dry Ginger Ale, Inc.(& Subs.).
Federated Department Stores, Inc. has acquired over 65% of the outx1928.
1929.
9 Months Ended Sept. 30standing common stock of Win. Filene's Sons Co., over 78% of the out$9.357.253
$10,624,629
standing common stock of Abraham & Straus. Inc.. and over 92% of the Net sales
6,316.316
7,172,061
Cost of sales and expenses
outstanding common shares of The F. and R. Lazarus and Co.
It has issued its own common stock in the ratio of share for share of com$3,452,568 $3,040,937
Profit from operations
mon stock of Wm. Filene's Sons Co., in the ratio of 114 shares of its stock
83,851
158.250
for one share of Abraham & Straus, Inc., and in the ratio of 19-37 of a share Other income
of its stock for one share of stock of The F. and R. Lararus and Co., and
$3,610,818 $3.124,788
Gross income
non-voting, non-dividend bearing scrip at that rate in lieu of fractions
249.306
250.503
Other deductions
of a share.
122.353
196,055
Common stock of Federated Department Stores, Inc. will be issued in Depreciation
3.013
931
Interest
exchange for stock of a company which holds the common stock of Bloom345,948
328,035
ingdale Bros., Inc. deposited under the deposit agreement of Sept. 23 1929. U. S. & Dominion of Canada income taxes
The basis of exchange will be such that each holder of a certificate of
$2,835.293 $2,404.167
Net income for period
deposit for common stock of Bloomingdale Bros.. Inc. will, on consumma$2.936.581 $2,153,227
tion of the plan, be entitled to receive a stock certificate for the number of Balance at beginning of period
60,068
Sundry adjustments
shares of common stock of Federated Department Stores, Inc. equal to 5‘
of the number of shares of the common stock of Bloomingdale Bros., Inc.
$5.831.942 $4,557.394
Total surplus
represented by such certificate of deposit.
1,454,495
1,785,258
The common stock of Federated Department Stores, Inc. has been ap- Dividends declared payable in cash
73.815
57,178
Miscellaneous items
proved for listing on the New York Stock Exchange.
Samuel J. Bloomingdale. Chairman of the board and Hiram C. Bloom$3.989,506 $3,029,084
Surplus at end of period
ingdale, Vice-Pros. will enter into agreements for the continuation of their
508.689
510.684
employment by and official positions in Bloomingdale Bros., Inc. for a Shares common stock outstanding (no par)
84.73
$5.55
period of 10 years. Samuel J. Bloomingdale will be elected a director of Earnings per share
x G. 13. Seely's Son, Inc., for the 4 months ended Sept. 30 1928.-V.
Federated Stores, Inc.
129, p. 3477.
All expenses incurred in the carrying out of the plan will be borne by
Federated Department Stores, Inc. upon the consummation of the plan
-Extra Dividend of $1.
Canton Co., Baltimore.
-V. 129. P. 3014.
The directors have declared an extra dividend of $I per share in addition
to the regular semi-annual dividend of $3 per share, both payable Dec. 31
(H. C.) Bohack Co. Inc.
-Earnings.to holders of record Dec. 26. Like amounts were paid on June 29 last.
Period Ended Nov.30- 1929
-Month-1928,
1929-10Mos.-1928.
V. 129, p. 1745.
Net income after deprec.
& taxes
$46,323
$90,814
$729,400
-Two Stock Dividends.
$329.977
Carnation Co.
Earns, per share on 102,A quarterly dividend of $1.75 per share on the pref. stock and a dividend
762 shs.com.stock_ _ _
$0.70
$0.27
$5.32
$1.43 of 75c. per share on the common stock, both payable Jan. 2 1930, have been
-V. 129, 1.3639
3
.
declared by the directors,according to an announcement by Paul R. McKee,
Vice-President and Secretary.
-3% Stock Dividend.-- A 3% stockdividend
Borden Co.
The directors also declared a dividend of 1% in common stock on the comhas been declared and will be payable to holders of record mon stock outstanding, payable Jan. 2 1930 and a similar dividend payable
July 1 1930.
Dec. 30 1929. Stock and scrip certificates in payment of
The mailing date for the pref. and common stock cash dividends, and for
the first
fractional
this dividend will be mailed to stockholders on Jan. 15 1930, certificates andbe Jan. 2, scrip certificates ofof record of the common stock
will receive them as
stockholders
dividends will
or as soon thereafter as the additional shares have been mailed Dec. 21 1929. while
"This company which during the past year acquired the $6,000,000 Albers
listed upon the New York Stock Exchange. The transfer
Brothers Milling Co., of San Francisco, makers of package cereals and fine
books will not be closed.
flours, together with some 25 Western and middle Western dairy properties
Last April the company split its capital stock two for one, and with the and another large evaporated milk concern, is planning to go right ahead
issuance of additional shares for acquisition of new properties the number with the expansion program and is looking forward to a year of splendid
-V.129, p. 3478.
of shares now outstanding total 3,706,724. This dividend will therefore possibilities,"announced Mr. McKee.
result in the issuance of 111,201 shares.
-Stock Distribution.
Carreras, Ltd., London, England.
The company has had the most successful year in its history thus far in
1929. both as regards volume and earnings and development of a nationAn extraordinary general meeting will be held on Jan. 2 1930, for the
wide business, it is stated -V. 129. p. 3171.
of voting on the following resolutions.
purpose
-1. That the capital of the company be increased to £2.100.Resolutions.
-Initial Dividend.
Bornot, Inc., Philadelphia.
000 by the creation of 375,000 new "A" ordinary shares of £1 each, ranking
ordinary shares of
The directors have declared an initial quarterly dividend of 50c. a part passu in all respects with the existing 4,200,000 "B" existing 660.000
the
share on the $2 cum. class A stock, payable Dec. 31 to holders of record 2s. 6d. each (of which 4,050,016 have been issued) andissued) in proportion
shares of £1 each (all of which have been
Dec. 18. Following this payment, accumulations on the class A stock "A" ordinary
to the amounts paid up thereon respectively.
will amount to $5.50 a share. See also V. 121, p. 2756.
2. That it is desirable to capitalize the sum of £351,563 being part of the
-Extra Dividend-Earns. undivided profits and accordingly that this sum be capitalized and approBoston Herald Traveler Corp.
shares and
The directors on Dec. 13 declared the regular quarterly dividend of 40c. priated to the holders of the issued ordinary shares,"A"ordinary
such issued
per share and an extra dividend of 10c. per share, payable Jan. 2 1930 to "B" ordinary shares in proportion to the amounts paid up on
ordinary
holders of record Dec. 211929. This is the first dividend action since the shares respectively, such sum to he satisfied by the issue of "A" hereby
shares credited as fully paid and chat the directors be and they arc
-arrangement of the company's capital structure.
re
in payment up in full at par of
It is estimated by the First National Corp. of Boston, bankers, that the authorized to apply such sum of £351,563
shares
net earnings, after all charges and taxes, for the year ended Dec. 31 1929 351,563 "A" ordinary shares of £1 each, such 351.563 "A" ordinary
will be about $1,200,000. or $3 per share on the 400,000 shares of no par to be distributed credited as fully paid among the holders of the 240.000
Issued ordinary shares of £1 each, of the 660,000 issued "A" ordinary shares
value common stock outstanding. See also V. 129, p. 2076.
of El each, and of the 660.000 issued"A"ordinary shares of £1 each, and
Bourne-Fuller Co.
-Merger.
of the 4.050.016 issued"B"ordinary shares of 25.6d.each at the closing
of the books of the company on Jan. 2 1930, or their respective nominees
See Republic Iron & Steel Co. below.
at the rate of one fully paid"A"ordinary share of £1 for every four issued
-Earnings.
Bruck Silk Mills Ltd.
ordinary (or)"A"ordinary shares of El each, then held by such holders
r spectively and at the rate of one fully raid"A"ordinary share of £1
Earnings for Year Ended Oct. 31 1929.
32 issued' B"ordinary shares of 2s. 6d. each then held by such
Gross profits from trading
$531,308 for every
holders respectively, but so that no member shall be entitled to receive a
Selling, delivery, administration & other expenses
136,048 fraction of a share and that the total of the fractions of shares which would
Mortgage interest
450 otherwise be liable to be issued to members shall be allotted as fully paid to a
Bond interest
34,339 trustee and sold and the net proceeds of such sale divided among the
2,000 members who would otherwise be entitled to such fractions in proportion
Bond discount amortized
Depreciation
56.769 to the fractions to which they would otherwise be entitled.
-V. 128. p. 253.
Reserve for income tax
21,700
Net profit
Balance forward from last year
$280,000
279,418
Total surplus
Dividends paid during year
$559,418
75.000
Balance at credit Oct. 31 1929
Earns, per sh.on 100,000 she. corn. stk.(no par)
$484.418
82.80
-Merger.
Central Alloy Steel Corp.
-V.129, p. 3640.
See Republic Iron & Steel Co. below.
-An issue of
-Notes Offered.
Central Finance Co., Inc.
collateral trust notes series B, maturing one to 12 months
is being offered by Whitney Trust & Savings Bank, New
Orleans, La.
3970
FINANCIAL CHRONICLE
These notes are the direct obligations of the company one of the leading
and most successful finance companies in New Orleans,secured by collateral
equal to 125% of the total outstanding collateral trust notes. The collateral
pledged consists of notes of purchasers of motor vehicles, secured by a first
lien on the vehicle purchased and representing an average of less than
66 2-3% of the purchase price, payable in monthly installments over a
period not exceeding 18 months and are ofsmall amounts,the average being
approximately $500. The notes are constantly being reduced by monthly
payments.
-V. 128, D. 3831.
[VOL. 129.
Consolidated Mining & Smelting Co. of Canada, Ltd.
-Extra Dividend of $5 per Share.
-
Chicago Railway Equipment Co.
-Resumes Dividend.
-
The directors have declared an extra dividend of $5 per share and the
regular semi-annual dividend of $1.25 per share on the outstanding capital
stock, par $25, both payable Jan. 15 to holders of record Dec. 21. Like
amounts were paid in January and July of 1927, 1928 and 1929. Previously
the company paid 75c. per share semi-annually. An extra dividend of $3
per share was also paid on July 15 1926, while on Jan. 15 1926 an extra
disbursement of $5 per share was made. Of the $12,675,300 stock outstanding, the Canadian Pacific Sty. owns $5,785,325.-V. 129, IL 1129.
Chicago Title & Trust Co.
-Extra Dividend.
-
The Chase National Bank has been appointed transfer agent in New
York for an authorized issue of 600,000 shares common stock (no par)
and 200,000 shares of founders stock (no par).
The directors have declared a quarterly dividend of 1% on the common
stock, par $25, payable Dec. 31 to holders of record Dec. 20. In both
July and October 1927, a quarterly disbursement of 1A % was made; none
since.
-V. 128, p. 1561.
The directors have declared a regular quarterly dividend of $4 per share,
and an extra dividend of $3 per share, both payable Jan. 1 to holders of
record Dec. 19.-V. 126, p. 256.
Cincinnati Ball Crank Co.
-Initial Dividend.
The directors have declared an initial quarterly dividend of 25 cents a
share on the common stock, payable Dec. 31 to holders of record Dec. 15
1929.-V. 129, p. 1917.
Commander-Larabee Corp.
-Earnings.-
•
The company in the fiscal year ended July 31 1929 earned $1,074,857
available for interest on its funded debt. This was equal to over 3 times
interest requirements and compared with $549,364 available for interest
in the fiscal year ended July 31 1928.-V. 123, p. 3325.
Commercial Credit Co., Baltimore.
-New Contracts.
The company on Dec. 20 announced the signing of exclusive contracts
with the Stewart Motor Corp. of Buffalo and the Motor Wheel Corp. of
Lansing, Mich., for the wholesale and retail time sale financing of the
products of these manufacturers. The contracts provide for a nationwide financing service by Commercial Credit Co.'s through their more
than 450 branch and service offices in the United States. The Motor
Wheel Corp. does an annual volume in excess of $50,000,000, and it is
expected that these figures will be materially enhanced through deferred
payment selling, states the announcement. Besides manufacturing automotive shop equipment, including wheel aligning tools, the Motor Wheel
Corp. manufactures wheels for the great majority of American Automobile
manufacturers.
-V.129, p. 3805.
Continental Equities, Inc.
-Transfer Agent.
Continental Insurance Co., N. Y.
-Larger Dividend.
The directors have declared a semi-annual dividend of $1.20 a share,
payable Jan. 10 to holders of record Dec. 31. This places the stock on a
$2.40 annual basis, against $2 per annum previously.
-V. 129, p. 481.
Cornell Mills, Fall River.
-May Liquidate.
A stockholders' meeting has been called for Dec. 30 to vote on the recommendation of the directors to liquidate. The board states that the general
condition of the cotton textile industry and the difficulty in marketing
the mill output without actual loss has made such a course desirable. The
company's mill has been operated as a course grade plant and has until
a few months ago operated at a profit.
-V. 126, p. 876.
Cosden Oil Co.
-Earnings.
Period Ended Sept. 30 19293 Months. 9 Months.
Profit before depreciation, depletion and Fed. taxes $1,001,949 $2,204,659
-V. 129, p. 2234.
Crown Cork International Corp.
-Reports.
-
The corporation and its 75% or more owned foreign subsidiaries report
net sales for the 6 months ended June 30 1929 of $3,213,335 and net profits
after all expenses, depreciation, U. S. and foreign income taxes and foreign
dividend tax, of $291,516. Net profits compare with actual dividend disbursements of $89,999 and semi-annual dividend requirements of $180.000,
which was earned 1.61 times.
The subsidiaries included in the report are Crown Cork & Seal Co., Ltd.,
of Can., Wallis Crown Cork,Ltd., of London. Eng., Crown Cork Co., Ltd.,
of Southall, Eng., Societe du Bouchon Couronne of France and Corchera
Internacional of Seville, Spain.
The consolidated
Commercial Investment Trust Corp.
-Sub. Co. Sales.
- assets of $3,505.883balance sheet as of June 30, 1929, shows total current
as against total current liabilities of $1,148,732.
Sales in excess of $100,000,000 for the year 1929 are announced by Com"Shipments of crowns amounted to 9,535,336 gross,an increase of 1,385mercial Factors Corp., a subsidiary representing a merger of Fred'k Vietor 908 gross, or 17% over the corresponding period of 1928," states the semidc Achelh3, Inc. and Peierls, Buhler & Co., two of the oldest firms in the annual report of the company. 'Crown Cork & Seal Co., Ltd., of Can.,
business.
•
Is operating in a new plant in Toronto as well as one in Montreal.
The announcement is as follows: "Our 1929 volume will approximate 5%
"The operations of the Wallis Crown Cork Co. are now being moved to
above that of the two individual concerns for 1928. Due to various addi- the plant of the Southall, Eng. company and when this move is completed,
tions of new business during the past few months it is anticipated that our all manufacturing operations in England will be concentrated in one plant
increase for 1930 will be considerably larger than this year. Although a which, it is believed, will result in considerable improvement in operating
slight falling off in the sales volume of some of the mills for which we efficiency.
finance is noticeable at present, we anticipate a healthy demand for all
"The French company has a new plant under construction outside of
textile lines during the Spring season."
which will be completed about March
for busiIt was announced also that several important names have been added Parisin France is excellent. The company11930. The outlookits books
ness
now has orders on
to the Commercial Factors Corp.'s list of accounts, including the following sufficient to keep the plant in operation for six months, which is unusual
E. 0. Barnard Co., Inc.; Great Northern Silk Co.; S. & H. Hessenberg,
-V. 129, p. 1129.
Inc.; Jehn & Lund; Rockie, Buehler & Botterill; dturzenegger & Tanner at this time."
and Roseman Bros. & Messner.
Crucible Steel Co. of America.
-3% Stock Dividend.
The New York Stock Exchange has authorized the listing of 31,926 shares The directors have declared a 3% stock dividend in addition
of common stock (no par value) on or after Jan. 1, on official notice of
Issuance as a dividend on the common stock.
to the regular quarterly distribution of $1.25 a share in
-V.129, pp. 3805, 3330.
Connecticut General Life Insurance Co.
-Extra Div.
- cash on the common stock, both payable Jan. 31 to holders
of record Jan. 15.
The directors have declared an extra dividend of 1% in addition to the
regular quarterly dividend of 3%, both payable Jan. 1 to holders of record
Dec. 11. Like amounts were paid on Oct. 1 last.
-V.129, p. 3330.
Consolidated Chemical Industries, Inc.
-Stock Offered.
-Dean Witter & Co., San Francisco, are offering 40,000
additional class A participating preference stock.
Class A shares are non-voting, non-callable; entitled to preferential cumulative dividends of $1.50 per share per annum payable Q.
-F.; participate
equally share for share with class B stock in any dividends in any year in
excess of $1.50 per share per annum declared on B stock; in dissolution or
liquidation, are entitled to $27.50 per share and after class B stock has
received $27.50 per share, class A and class B shares share alike, share for
share, without distinction as to class, in all remaining distribution. Class
B stock is full voting, non-calable; entitled in the discretion of the board of
directors, and if earned, to receive $1.50 dividend per share per annum after
$1.50 per share per annum has been paid on class A stock. The Bank of
California, N. A., transfer agent, American Trust Co.. regiistrar. Dividends free from present normal Federal incorre tax.
Listing.
-Application will be made to list this additional stock on the
San Francisco Stock Exchange.
Authorized.
Outstanding,
CapitalizationClass A participating pref.stock
320,000 shs.
200.000 shs.
80,000 shs.
shs.
Class B common
stock80,000
Data from Letter of S. Peiser, President of the Company:
Company.
-Owns all of the outstanding capital stock of the Pacific
Bone Coal & Fertilizing Co., T3xas Chemical Co., Louisiana Chemical
Co., Inc., and La Quimica Industrial de Argentina. S. A. Pacific Bone
Coal & Fertilizing Co. was organized in 1878 and produces bone black,
glue ,and a number of by-products. Texas Chemical Co. was organized
In 1916 and in its plant at Houston, Texas, produces sulphuric acid, muriatic
acid, nitric acid, bone black, other chemicals and their by-products, and
in its new plant at Fort Worth, Texas, which will be in operation in December 1929, will produce sulphuric acid. Louisiana Chemical Co. at Baton
Rouge, La., was organized in 1925 and commenced operation of its first
unit, consisting of a sulphuric acid plant, in 1926. On Sept. 1 1929 the
company's new plant at 'Bastrop, La., which manufactures alum, was completed and placed in operation. Company's new plant at Buenos Aires,
Argentina, will be completed and ready for operation about March 11930.
All the products of the company are standard basic commodities and are
sold in advance of manufacture to the total capacity of the plants. These
products are sold under contract to the largest oil and sugar refineries in
the United States. Company is the largest manufacturer of bone black in
America. Its business is subject to a minimum of inventory losses and involves little selling expense and comparatively small amount of credit risk.
Earnings-Net earnings for the three years and 10 months ended Oct. 31
1929 were as follows:
1929 (10 Mos.).
1928.
1927.
1926.
$506,423.00
Net earnings
$248,831.60 $293,901.58 $458,517.78
Net earnings as above for the first 10 months of 1929 are at an annual rate
of over $600,000 per annum. This is at the annual rate of more than $3
per share on the total amount of class A stock to be presently outstanding.
After deduction of dividends on class A stock, the remaining net earnings
are approximatly at the rate of $3.75 per share on the class B stock outstanding. With three new plants coming into operation during the first
quarter of 1930 and with the sale of their additional products definitely
assured, the management expects another substantial increase in earnings
for the coming year.
Consolidated Balance Sheet as of June 30 1929.
(Not adjusted to give effect to proceeds of this additionalissue of class A stk.)
Assets
$4,034,818
Property
$3,642,044 Capital stock
73,278
Inv, in stocks of other corps__ 101,500 Deferred liabilities
10,804
Cash
361,267 Accrued payroll
165,438
U. S. Treas. certificates
500,078 Accounts payable
Accounts receivable
389,512 Accrued interest
8,272
988
Inventories
451,931 Accrued local taxes
4,511
Accrued Interest receivable_ _
4,475 Accrued freight
70,877
Deferred assets and charges_ __ 303,886 Res. for Fed.& State inc. taxes
1,141,172
Organization expense
5,926 Reserves
250,562
Surplus
Total
-V.129, p. 3478.
$5,780,720
Total
$5,780,720
Consolidated Lead & Zinc Co.
-Proposed Merger.
See Eagle-Picher Lead Co. below.
-V. 129, p. 967.
The company has an authorized issue of 750,000 shares of common stock
(par $100) of which 550,000 shares are outstanding. Of the 550,000 shares,
there are 100,000 shares held in the treasury which had been acquired in the
open market between the years of 1923 and 1926 when the stock had sold
on the market at a lower figure than the conditions of the company and the
value of the stock warranted.
Chairman H. S. Wilkinson in commenting on this block of stock in the
annual report for 1928 said that it was the intention of the directors to disburse this stock in the form of a stock dividend and said it would not be the
intention of the board to declare all of this stock as a dividend at one time,
but rather distribute it in addition to the cash dividends at such time as the
directors may determine and earnings would be reasonably assured to pay
to others the dividends now being received by the company on this stock.
-V. 128, p. 4162.
-Pays Back Divs.
Crystallite Products Co., Los Angeles.
The directors have declared a dividend of $1.75 a share on account of
back dividends and the regular quarterly dividend of $1.75 a share on the
pref. stock, both payable Dec. 20 to holders of record Nov. 30. This
reduces accumulations on the issue to $1.75 a share.
-V.129, p. 1918.
Cuban Dominican Sugar Corp.
-Plan.
The committee representing holders of 1st lien 20
-year sinking fund 7A %
gold bonds of the Cuban Dominican Sugar Co. has notified holders of these
bonds that it has delivered to the City Bank Farmers Trust Co., as sinking
fund agent, all deposited bonds to be endorsed and to have annexed thereto
the stock purchase warrants provided for in the plan dated July 1 1929.
The bonds are expected to be ready for delivery within 90 days, well in
advance of the next coupon maturity, which is May 1 next. The bondholders' committee comprises the National City Co., Lee, Higginson & Co.,
2 ass
C natt & Co., Potter & Co. and W. A. Harriman & Co., Inc.
5
-V.129, p.
Dells Paper & Pulp Co.
-Hydro Eelectric Plant Sold.p.Sr. Northern States Power Co.under "Public Utilities" above.
466
-V.117.
Diamond Iron Works, Inc.
-Earnings.
The company in the 10 months ended Oct. 31 1929 reported net profit of
$220,830 equivalent to $5.52 per share on the 40,000 shares of no par corn.
stock outstanding. This compares with $130,115 reported for the full year
1928.-V. 127, p. 2690.
Direct Control Valve Co.
-October Sales.
The company reports total sales for October of $96,301, compared with
$52,475 for October 1928, an increase of 83%. Sales for the 10 months
ended Oct. 31 were $454,729, against $261,624 for the same 10 months
last year, an increase of 74%. Net profits for October after all charges
but before Federal taxes were $24,173, compared with $15,248 for October
1928, an increase of 59%.
Unshipped orders on the books as of Oct. 31 1929 totaled $219,306.
against $117,731 October 1928, while total orders for valves for the first
-monthap 1929were $27,689, aaginst 17,357 during the entire year 1928.
10v. 12 of17 9
9
4.
.••=1111••
Dominion Bakeries Ltd.
-Earnings.Earningsfor Year Ended Aug. 31 1929.
Profit for year
Provision for depreciation
Provision for income tax
Net profit
Dividends on 1st pref.stock
Surplus
$914 3077
8 63 481
$75,429
53
7
3 : 25
7 479
$38.055
Balance Sheet Aug. 31 1929.
AssetsLiabilities
Cash
$123,219
$25,824 Accounts payable
Accounts receivable
1,258
54,677 Res. for outst. bread tickets__
Inventories
4,347
104,164 Res. for Inc. tax-estimated..
Land, buildings, machinery,
9.344
Dividends Payable
equipment and good-will _ _ _y1,024,220 General reserve
33,210
Deferred charges to operations
6,889 6%% cum. red. 1st pref. stock 725,000
634% cum.red. 2d Pref.stoek- 210,000
x71,030
Common stock
Total (each side)
38,055
$1,215,573 Surplus
x Represented by 25,007 no par shares. y After deprec. of $10,601.V. 127, p. 2095.
•
DEC. 21. 1929.]
-Sales Increase.Dominion Stores Ltd.
1
6 Weeks Ended Nov. 30 Sales
-V. 129, p. 3331.
3971
FINANCIAL CHRONICLE
1928.
1929.
$2.410,864 $2,233.989
bankers with offices at 116 South 15th St., Philadelphia; President of
Equitable Investing Corp., and investment trust; and President of Maron,
Inc.
-V. 129, P. 3325.
-Receives Loan.
Empire State, Inc., N. Y. City.
The board of directors of the Metropolitan Life Insurance Co. approved
-story
Dec. 13 a loan of $27,500.000 to this company, which is building the 85 Ave.
See Republic Iron & Steel Co. below.
Empire State Building on the site of the old Waldorf-Astoria at Fifth
Witherow Steel Corp., Pittsburgh, and 34th St., N. Y. City. Former Governor Alfred E. Smith resigned on
W. P. Witherow, President of the
recently merged with the Donner Steel Co., has been elected to the newly Nov. 14 from the board of the Metropolitan Life, explaining that the reason
created position of Chairman of the board. Floyd K. Smith is President he did so was that Empire State, Inc., of which he is President, was negoof the company which is controlled by the Continental Shares-Eaton inter- tiating with the insurance company for a large loan.
-V. 129, p. 3806.
ests of Cleveland.
-Merger-Chairman Elected.
Donner Steel Co.
-Listing.
(E. I.) Du Pont de Nemours & Co.
The New York Stock Exchange has authorized the listing of 16,761 additional shares of voting common stock (par $20), on official notice ofissuance
in exchange for common stock of Canadian Industries, Ltd., and 143,239
additional shares of voting common stock on official notice of issuance to
selected employees and payment in full, making the total amount applied
for 10,482,481 shares of common stock.
The 16,761 shares are to be issued in exchange for 12,416 shares of the
common stock of Canadian Industries, Ltd., which together with stock
already held totals 286,364 shares or 46% of the outstanding stock of
-V.129,P. 3641.
Canadian Industries, Ltd.
-Earnings.
Equitable Office Building Corp.
1929-7 Mos.-1928.
Period Ended Nov.30Rentals earned
Miscellaneous earnings
-Month-1928.
1929
$446,915 $3,354.266 $3,089,601
$482,236
265,719
335,948
34,987
43,894
Total earnings
Oper.& admin. exp
Depreciation
$526,129
94,749
22,982
$481,902 $3,690.214 $3.355,321
647,496
660.475
91.080
160,873
160,873
22,982
Net oper. profit
Other income
$408.399
7,350
$367,839 32,868.866 $2,546,952
39.569
63,329
5,761
$373,600 82,932.195 82,586,521
$415.749
Total income
493,675
-Production-Shipments.
484.633
70,525
Duval Texas Sulphur Co.
69,233
Real estate taxes
756.223
746,909
107,822
106.482
An authoritative statement says:
Interest
20.854
25,192
2,979
3.599
by this company, a subsidiary of the United Gas Co., New York state taxes- -Sulphur production
3,490
3,500
500
500
has averaged more than 300 tons a day so far in December and present Bad debts
161.000
201.000
23,000
31,000
operations indicate that the company will have its best month since pro- Prey.for Federal taxes
35,121
44:462
5,017
a year ago.
6,352
duction was started, more than
Res.for add.deprec- - Shipments for the month will be approximately 12.500 tons, one cargo
$163,757 $1,426,497 81.116.157
$198,583
already lifted being consigned to Australia through the port of Corpus Available for diva
$1.24
$1.59
-V. 129, Earns, per share on 893,496 she.corn.stk.(no par)
Christi, Tex., 65 miles distant from the sulphur properties.
-V.129. P.3806.
P. 3174.
-Sub. Co. To Be Organized To
Eagle-Picher Lead Co.
Acquire Consolidated Lead & Zinc Co. and Other Properties.
-Omits Stock Div.
Fashion Park Associates, Inc.
per
The directors have declared the regular quarterly dividends of 62%c. 23.
payable Dec. 31 to holders of record Dec.
The formation of a subsidiary to acquire this company's mining and smelt- share on the common stock
6234c. per share in
of the Con- On June 29 and Sept. 30 last, quarterly dividends of 129, 3174.
ing properties in the Tri-State area and to include all properties
-V.
P.
paid on this issue.
solidated Lead & Zinc Co. has been approved by the directors of the Eagle- cash and K of 1% in stock were
Picher Lead Co. and a special meeting of the stockholders of the latter
-Earnings.
Smelting Co.
Federal Mining &
company has been called for Jan. 23 to vote on the proposal.
The new company, it is expected, will have a capitalization of $7,000.000.
Tons Shipped-Quarter Ended-Oa.31 1928
according to Frederick Hertenstein, Chairman of the executive committee. -Oct.31 1929-July 31 1929Aug. 1928._ _ _12,400
The stockholders will have an opportunity to subscribe to stock of the sub- Aug. 1929_ .._ _14.462
May 1929_ _ --15.383
Sept. 1928_ __ _12.133
sidiary in proportion to their holdings.
June 1929----13,866
Sept. 1929....12,549
Oct. 1928-_ _ _12,310
The Eagle-Picher company is a large stockholder in the Consolidated Oct. 1929- _- _13,401
July 1929_ __ _12,415
of
Lead & Zinc Co., holding one-third of the 250,000 outstanding sharesex36,843
being arranged on an
Total
the latter company. Terms of the merger are
41,664
Total
Total
40,412
Ended.
changes of shares basis, although a definite agreement has not yet been
Net Earnings Before Depletion, Depreciation and Taxes-Quarter
reached.
-Oct.311928'
-July31 1929Formation of a subsidiary will enable the Eagle-Picher Lead Co.to divorce -Oct.31 1929Aug. 1928-$210,978
May 1929-$295,389
Aug.
its mining and smelting departments from its manufacturing and sales de- Sept. 1929_4283,048
Sept. 1928_ _ 198,769
June 1929_ _ 263,721
1929._ 236,679
of Missouri. Kansas and Oklapartment. Properties in the Tri-State area
Oct. 1928_ _ 189.493
July 1929-- 206,334
home only will be included in the new company. Several smaller companies Oct. 1929_ _ 266,053
ar
perating in the Tri-State area are to be included in the new company.Total_ --4599,239
Total_ _ y$765,444
x$785.779
TotalV. 129, p. 3017.
x Before deducting $52,289 construction and equipment. y Before de-Extra Dividend.
construction and equipment. z Before deducting $80,521
Eagle Warehouse & Storage Co.
ducting $30,370
The directors have declared an extra dividend of $2.50 per share in construction and equipment.
-Quarter Ended.
addition to the regular quarterly dividend of $1.50 per share, both payable Net Earnings Before Depletion, Depreciation and Taxes
Jan. 2 to holders of record Dec. 27.
During the quarter Aug. 1 to Oct. 31 1929, the lowest and highest New
York prices oflead and silver, and St. Louis prices ofzinc, were as follows:
Zinc,
Silver.
Lead.
-Suspended from Curb.
Earl Radio Corp.
8.065
$.49%
8.065
has suspended Lowest
The committee on listings of New York Curb Exchange3331, 3806.
.068
.527
.069
129, p. 2235,
Highest
-V.
trading in the company's capital stock.
A dividend of 13% on the preferred stock was paid Dec. 16.-V. 129.
-Earnings.
Eastern Manufacturing Co.
P. 1920.
Earnings for 10 Months Ended Oct. 31 1929.
-Offering Withdrawn.
$6,043,869
Federal Neon System, Inc.
Gross sales
1,259.850
The offering of 400,000 units comprising 1 share of class A stock and 1
Operating income
unit has been withdrawn from sale.
240,730 share of common stock at $25
Depreciation
176.320 The stock was offered by Chas. V. Bob & Co. and associates. Litigation
Interest
59,578 over control of certain of the company's subsidiaries and the Claude Neon
Other charges
-V. 129. P. 3480.
Lights, Inc.. caused the withdrawal.
$783,220
Net income
-Listing.
Federated Department Stores, Inc. listing of (a) 327,967
-V. 128, p. 1563.
The New York Stock Exchange has authorized the issued,upon official
-Stock Div., &c.
Corp.
have been
(no par value) which
Electric Household Utilities
in cash and shares of capital stock
of certificates
The directors have declared a special dividend of $1 per share % stock, notice of distribution thereof for the account of the holders Co. hitherto
Sons
the regular quarterly dividends of 25c. per share in cash and 1 Ka in % in of deposit for shares of common stock of Wm. Filene's
distribu15
27 1929.
Dividends
all payable Jan. 15 to holders of record Dec. 24. of the three prececllng deposited under deposit agreement dated March stock of suchFederated
tion being in the proportion of one share of capital stock ofthe
stock and 25c. per share in cash were paid in each
Wm. Filene's
common
corporation for each one share of deposited
quarters.
Co., has Sons Co.
John A. McCormick, Vice-President of the Chicago Trust
official
(b) 182,805 shares of capital stock which have been issued, upon
-V. 129, p. 2081.
of certificates
been elected a director.
notice of distribution thereof for the account of the holders
-The company of deposit for shares of common stock of Abraham & Straus, Inc.. hitherto
-Report.
Corp.
Electric Shareholdings
being in the
deposited under deposit agreement dated March 27 1929,
corporation for
issued the following report, dated Dec. 5:
Proportion of 1% shares of capital stock of the Federated
from operations for the eight months and each one share of deposited common stock of Abraham & Straus, Inc.
-The net income
Earnings.
been issued, upon official
and interest, profits
(c) 175,253 shares of capital stock which have the holders of certificates
11 days ended Nov. 30 1929, including cash dividends
valued at
realized from sale of securities and stock dividends received amounted notice of distribution thereof for the account of and R. Lazarus and Co.
record date,
stock of The F.
of deposit for shares of common
approximate market prices immediately following
being
deposited under deposit agreement dated March 27 1929,
to $5,981,366.
received as dividends hitherto
of 19 shares of capital stock of the Federated corporation
In view of the fact that the market value of stock
it was included in income In the proportion Of deposited common stock of The F. and R. Lazarus
37 shares
has declined appreciably below the value at which
prudent to create a reserve for each with authroity to add to the list on or prior to Dec. 31 1929, or
as stated above, the company has deemed it
to offset the depmiation and Co.:
of extension of the date of
subject to adjustment from time to time,sufficient consists of stock divs. to such date subsequent thereto In the event of its capital stock upon
additional
of its portfolio which
in market value of that partprices at the end of November, such reserve Dec. 31 1929. (d) 172,033exchange forshares outstanding undeposited
present
market
issuance in
of
received. Based on
11 days as above, official notice of Wm.Filene's Sons Co.in the proportion of one share of
common stock
amounted to $591,450. Net income for the eight months
share of common
capital stock of the Federated corporation for each one
after such reserve, amounted to $15,389,916.
-The outstanding capitalization remains stock of Wm. Filene's Sons Co.; (e) 49,927.5 additional shares of capital
Capitalization Outstanding.
As of Nov. 30 1929, it stock upon official notice of issuance in exchange for present outstanding
without substantial change since Sept. 30 1929.
proportion
undeposited common stock of Abraham & Straus, Inc., in the each one
was as follows:
stock div.series) without
shares of capital stock of the Federated corporation for
$6 cum.cony. pref.stock (optional
200,493 shs. of 1%of outstanding common stock of Abraham & Straus, Inc., and (f)
value
share
par
in ex1.483.024*shs
14,747 additional shares of capital stock official notice of issuance
Common stock (without par value)
the 260,000 shares of $6 pref. change for present outstanding undeposited common stock of The F. and
It is however important to observe that
issued, had been substantially reduced through conversion It. Lazarus and Co. in the proportion of 19 shares of capital stock of the
stock. originally
common stock
the position of the preferred
prior to Sept. 30 1929. thereby strengthening reducing the capitalization applicant corporation for each 37 shares of said outstanding
of said The F. and R. Lazarus and Co.
stock remaining outstanding and materially
shares of stock has also been authorized
common stock.
The listing of 38,392.5 additional
ranking prior to the
-The value of the net assets as of Nov. 30 1929, upon official notice of issuance in exchange for common stock of Abraham
Assets and Asset Value.
attached to Abraham
that date, based upon closing quotations
as shown by the balance sheet ofy $49,603,856 as compared with $50,425,- & Straus, Inc., issuable upon exercise of warrantsOct. 11943. subject to
-year 54% gold debentures due
& Straus, Inc., 15
on Dec. 5 1929 VMS approximatel
at organization of the corporation.
terms and regulations as the board of directors may prescribe.
000
respecstocks, have shown unusual such
There have been deposited under the several deposit agreements
The assets consisting mainly of common
of
investments, however, are
• tively dated March 27 1929 relating to the deposit of common stock
market depreciation since Sept. 30 1929. The
growing companies and should reasonably be expected to Wm.Filene's Sons Co., Abraham & Straus, Inc. and The F.and R. Lazarus
In healthy,
general advance in the market from current and Co. as of the close of business on Nov. 22 1929, the following amounts
participate substantially in any
Wm. Filene's Sons Co., 327,967 shares; of Abraham
levels.
Is in common stock of the North of common stocks: of
121,870 shares; of The F. and R. Lazarus and Co., 341,
The corporation's largest investment
over 291,000 shares. The North American & Straus, Inc.,
American Co. of which it ownsthe recent market reaction, has been report- 281 shares; leaving undeposited as at date of Nov. 22 1929: of Wm. Filene's
Sons Co., 172,033 shares; of Abraham & Straus, Inc., 48,880 shares (inCo. week by week throughout
electrical energy as compared with a year ago: cluding such shares of common stock as may be issued upon exercise of
'
ing increases in output of
for increased facilities, requiring
-year 5%% gold debentures due Oct. 1 1943):
warrants attached to the 15
the demands of the territory served
and
of over $57000,000. givs reasonable assurance of The F. and R. Lazarus and Co. 28,719 shares.
in 1930 capital expenditures for a long time to come.
Federated Department Stores, Inc. was formed in Delaware by an agreeof excellent operating results of the North American Co. the corporation's
ment of consolidation dated Nov. 22 1929 by and between three holding
In addition to common stock
of common stocks of ths following corporations owning the common stocks of Wm.Filene's Song Co.,Abraham
holdings also include substantial amounts
& Straus, Inc., and The F. and R. Lazarus and Co., then on deposit under
companies:
Commonwealth Edison Co., Consol. Gas Electric Light & Power Co. of the several deposit agreements. In accordance with agreement of conYork, Pacific Gas & Electric Co.,
dated Nov. 22 1929, creating the Federated corporation, it has
Baltimore, Consolidated Gas Co. of New
of which
Pacific Trust Co., Peoples Gas Light solidation
an authorized capital of 2,000,000 shares of capital stock (no par) outlined
Pacific Telephone & Telegraph Co.,
-V. 129, p. 288.
California Edison Co.
up to 961,125 shares have been or are subject to be issued as
& Coke Co., Southern
-V. 129, p. 3641.
above.
-New Director.
Empire Corp.
a director of this corporation a public
-25c. Extra Dividend.
Federated Metals Corp.
Donald J. Smith has been elected
share in
controlling properties with a valuation exceeding $45.utility company
The directors have declared an extra dividend of 25 cents per payable
earnings in excess of $8,000,000. Floyd W.
share,
000.000 and annual gross
Inc., Is Presi- addition to the regular quarterly dividend of 25 cents per
of Day & Zimmerman,
Woodcock, formerly Vice-President of Smith Brothers & Co., investment Dec. 30 to holders of record Dec. 20-V. 129, p. 1750.
dent. Mr. Smith is senior partner
3972
FINANCIAL CHRONICLE
Ferro Enameling Co., Cleveland, 0.
-Extra Div.
The directors have declared an extra dividend of 25 cents
addition to the regular quarterly dividend of $1 per share onper share in
the class A
cumul. partic. stock, no par value, payable Dec. 24 to holders of record
Dec. 20. Like amounts were paid on this issue on April 1, July 1 and Oct.
1 last.
The directors also declared the regular quarterly dividend of 25 cents
share on the class B stock, no par value, payable Dec. 24 to holdersper
of
record Dec. 20.-V. 129, p. 2081.
[VOL. 129.
Depositors will receive $75 in cash and 2 shares of common in the
Oil Corp. for each share of either class of Galena-Signal 011 Co. Galena
and on common share of the new corporation for each share of preferred
In the old. Stockholders will meet on Dec. 30 in Franklin, Pa., to common
approve
dissolution of the old corporation.
-V. 128, p. 1739.
Gamewell Company.
-Earnings.
---
3 Mos.End. 3 Mos.End. 6 Mos.End,
PeriodNov.30'29. Aug. 31 '29. Nov. 30'29.
Net profit after deprec., taxes, &c_-_ $278,228
$252,473
$530,702
Fidelity Phenix Fire Insurance Co., N. Y.
-Larger Div. Earns. per sh.on 118.92800 par shs_ $2.34
$2.12
$4.46
The directors have declared a semi-annual dividend of $1.30 per share, -V. 129, p. 3331.
payable Jan. 10 to holders of record Dec. 31. Previously the company paid
$1 a share semi-annually.
-V. 129, p. 482.
Gardner Denver Co.
-Earnings.
11
15 W. 81st St. Apartment Building (Webster Invest- GrossMonths Ended Nov. 301929.
1928.
income
$2.710,869 $2,144.921
ing Corp., N. Y. City.
-Bonds Offered.
-S. W. Straus & General and administrative expenses
1,248,156
1,138,936
Co., Inc. axe offering 3500,000 gen. mtge. fee 6M7 liinking
Operating income
$1.462,713 $1,005.985
fund gold bonds at 96.70 and int., to yield more than 7%. Other income
92,176
40,731
Dated Nov. 1 1929; due Nov. 1 1938.
Total income
$1,554,889 $1,046,716
Bonds are a general mortgage on the land in fee and 15
-story apartment Federal taxes
179.764
85.342
building now being erected at 15-23 West 81st Street, N. Y. City, running
8,205
4,137
through the block to 18-30 West 82nd St., subject to $2,500,000 first Miscellaneous expenses
mortgage bond certificates. Completion is guaranteed by S. W. Straus &
Net income
$1,366.920
$957,237
Co. The completed property has been appraised at $3,750,000 by both Preferred
dividends
142,003
163,200
Kenneth Slawson Hobbs, Inc. and Pease & Elliman, Inc. Compare also
V. 129, P. 3641.
Surplus
$1,224,917
$794.037
Earnings
$6.26
Firestone. Tire & Rubber Co.
$4.29
-New Common Stock -V. 129.per share on 195,572 shs. common
p.3481.
Placed on a $1.60 Annual Dividend Basis
-New Directors.
-
The directors have declared an initial quarterly dividend of 40c. a share
Gardner Motor Co., Inc.
-In Strong Condition.
on the new common stock, payable Jan. 20 to holders of record Jan. 5.
The strong financial condition of this company and the
This places the issue on $1.60 annual basis, equivalent to the $8 annual It occupies in the industry was clearly brought out last favorable position
week in a statement
rate which was paid on the old common stock recently split 5
-for-1.
by F. AV. Gardner, executive Vice-President in which he said, "On Nov. 1
L. R. Jackson and B. M. Robinson have been elected directors.
-V.129. 1929. the company's preliminary balance sheet shows an unusually strong
D. 3795.
financial condition. Cash and certificates of deposit were over five times
total current liabilities. The ratio of current assets to current liabilities
Food Machinery Corp.
-Earnings.
was over 20 to 1 and over $500,000 that have been invested this year in the
Earnings for Year Ended Sept. 30 1929.
securities of other companies was not included in the current assets. Cash
Net sales
$5,553,490 and investments were over $750.000 on Nov. 1. Inventories are being
Cost of sales and operating expenses
4,487,132 reduced, in fact the stock of new cars unsold in the hands of dealers is less
Depreciation
179,927 than at any time in the history of the company.
Development and experimental cost written off
75,028
The management is planning on
Miscell. income incl. rental ofleased machinery less depreciat'n Cr151.923 intends to maintain the affairs of thea conservative program for 1930, and
company in a highly liquid condition."
Interest charges
120,151 -V. 129, p. 2691.
Provision for Federal income tax
60,000
General Electric Co.
-New Official.
Net income
B.0. Shreve. Manager of the industrial department, has been appointed
$783,178
Balance at debit Sept. 30 1928
6.523 Asst. Vice-President on the staff of Vice-President J. G. Barry. William
W. Miller. Asst. Mgr. of the industrial department, has been appointed
Total surplus
$776,655 Manager of that department. by Vice-President J. G. Barry, to succeed
Preferred dividends
44,765 Mr. Shreve.
-V. 129. p. 3642.
Common dividends
181.594
Balance Sept. 30 1929
$550,296
Earns, per sh. on 127,908 aver.shs. cont, stock outstand.(no par)
$5.77
Consolidated Balance Sheet Sept. 30 1929.
Assets
LiabUUlesCash
$191,787 Notes Payable-Banks and
Marketable securities
brokers
31,675
$307,500
Customers notes & contracts
Accounts payable and accrued
& accounts receiv
I 927,119
expenses
377.449
Sundry accts. rec. & advances_
87,358 Provision for Fed. income tax_
60,000
Surrender value-life insurance
Dividend on common stock
policies
46,381
payable Oct. 15 1929
53,959
Inventories
1,776,278 Reserve for contingencies_
45,375
Prepaid expenses
63,868 10-year
% cony. debs._
1,573,000
Customers' notes & contracts
Preferred stock
750,000
rec.. due after Sept. 30'30... 257,954 Common stock
x2,117,440
Investments
231,031 Paid in surplus
686,035
Machinery leased to others less
Earned surplus
550,296
depreciation
208,518
Property. plant & equipment
1,699,085
less depreciation
--I
Total (each side)
Patents, trade marks &goodwill
36,521,054
x The 165,348 shares of common stock issued includes 15.940 shares
issued in exchange for assets of companies acquired near the end of the
fiscal year, and in the profit and loss statement earnings of companies
thus consolidated are included only from date of acquisition. The corn.
stock issued also includes 21.458 shares subscribed for by stockholders on
the last day of the fiscal year, Sept. 30 1929.-V. 129. p. 1920.
General Laundry Machinery Corp.-Acquisition.-
Tne corporation has acquired, through an exchange of stock, the principal assets and goodwill of the Paramount Laundry Machinery Corp. of
New York.
"This consolidation of interest," said President I. F. Willey, "will be of
great benefit to the General Laundry Machinery Corp.. Inasmuch as they
have acquired a product which rounds out a complete line of laundry
machine equipment. Appreciable economies in operation will be effected
through the consolidation of the sales organizations of the two companies."
John Harriman. formerly President of Paramount corporation, has been
elected a director and Vice-ITcsident of General corporation. Oliver
Harriman of Harriman & Co., members of the New York Stock Exchange,
has also been elected a director.
-V. 129, p. 3331.
General Motors Corp.
-November Sales.
-
During the month of November General Motors dealers delivered to consumers 90.871 cars, according to an announcement by President Alfred
P. Sloan Jr. This compares with 91.410 for the corresponding month a
year ago. Sales by General Motors manufacturing divisions to dealers
amounted to 60,977 cars, as compared with 47,587 for the corresponding
month last year.
The following tabulation shows monthly sales of General Motors cars by
dealers to ultimate consumers and sales by the manufacturing divisions of
General Motors to their dealers:
-Dealers Sales to Users- -Divisions Sales to Dealers
1929.
1929.
1928.
1928.
1927.
1927.
January
104.488 107,278 81,010 127,580 125,181
99,367
February
138,570 132.029 102.025 175.148 169.232 124,426
March
205,118 183.706 146,275 220,391 197,821 161,910
-Earnings.
Apr11
Foremost Fabrics Corp.
a,
223.303 209,367 180,106 227.718 197,597 169,067
214,870 224,094 171,364 220,277 207,325 173,182
Net profits of the corporation for the 2 months ended on Nov.30 1929
194,705 206,259 159,701 200.754 186,160 155,525
were $96.065, according to an estimate made by Benjamin Nathan, Chair- June
181.851 177.728 134,749 189,428 169,473 136,909
man. After allowances for all charges, Federal and other taxes, this was July
173,884 187,463 158,619 168,185 186.653 155,604
equal to 82 cents a share earned on the 100,000 shares of no par value August
September
145.171 148.784 132,596 146,483 167,460 140,607
-V. 129, p. 3331.
stock outstanding.
October
139.319 140,883 153,833 122,104 120,876 128,459
November
47,587 57,621
90.871
60,977
91.410 80,539
-Trustees Plan Holding Company.
Fox Film Corp.
These figures include United States, Canadian and overseas sales of
The following is from the New York "Times", Dec. 16:
Chevrolet. Pontiac, Olds, Marquette, Oakland, Viking, Buick. LaSalle
Consolidation of all the Fox holdings, including Loew's, Inc., into a and
Cadillac passenger cars and trucks.
-V. 129. p. 3807. 3481.
new holding company, and the maintenance in the interim of regular dividend rates on the stock of the affected companies, are the two things which
General Tire & Rubber Co.
-Extra Dividend.
decided by the trustees appointed by William Fox to
have been definitely
The directors have declared an extra dividend of$2 per share on the comcontrol his interests. Letters to the holders of the bulk of the short-term
obligations of the company announcing these plans were mailed Dec. 14, mon stock, payable Jan. 1 to holders of record Dec. 20.-V. 129. P. 1921.
it is understood.
(A. C.) Gilbert Co.
According to an authoritative source the letter said that the original plan
-Initial Common Dividend.
of Mr. Fox to consolidate his holdings into the Fox Film Corp. had been
The directors have declared an initial dividend of $1 per share on the
found impractical at this time, and had therefore been abandoned for the common stock, no par value, payable in four quarterly installments of
Idea of a new holding company. Last September the stockholders of Fox 25 cents each. The first quarterly distribution will be made on Dec. 31
Film Corp. approved an issue of an additional 4,000,000 shares of class A to holders of record Dec. 21.-V. 129, p. 1451.
stock of the company.
When this change was affected, the directorate of the company was to
-Listing.
Gilmore Oil Co., Ltd., Los Angeles.
be increased from eight to twelve and the class A stockholders, who at
The Los Angeles Stock Exchange have authorized the listing of 191.143
present have no voting power, were to have the election of five members shares of common stock of no par value.
paid
of the enlarged board. It was also provided that if less than $1 was
-The company reports its production
Earnings.
in dividends for four consecutive quarters the class A stockholders were to ofProduction. Sales and
the more important refined products for the past five years as follows:
have the election of nine of the twelve members, until dividends had been
Gasoline. Luberg Oils. Kerosene.
Years End, Dec. 31 (In Gals.)restored to the $4 a year basis, the present disbursement.
473,0701,824,728
1925
21.267,662
It was learned Dec. 15. however, that no new certificate of incorpora- 1926
477,608 2,330,089
19,584,847
authorized stock has been istion had been filed and none of the newly
456,975 2,269,657
16,822,133
1927
sued, and that therefore the voting plan for class A stockholders has not 1928 (first three months)
192,552
260,603
7.268,089
operative. The trustees have no intention of going through with
become
Years Ended March 31the plan of enlargement of the capitalization of the company, it is under- 1929
1,003,510
670,717
27,764,837
stood, but in formulating the plans for the holding company arrangements 1920 (first five months)
306.719
354,164
14,575,833
are said to be included for a wider participation of the class A holders
through
Sales
-V. 129. P. 3807. most ofhave kept pace with production in a satisfactory manner
of Fox Film Corp. in the management of the company.
the period since the organization of the company in 1923. The
following table shows the dollar volume of sales, and the net earnings of the
-Retail Volume Gains.
(H. H.) Franklin Mfg. Co.
company for each full year since organization:
Retail sales of Franklin automobiles for October and November exceed
Net Inc. After Earned
the volume of the same two months of last year by 20%. President II. H.
Years Ended Dec. 31Gross Saks. All Charges. Per Share.
Franklin announced. Retail sales for each month taken separately also 1924
$1.18
$172,185
$5,072,575
Nil
exceed the same corresponding months of 1928. In view of the fact that 1925
x184,389
5,810.505
Nil
1928 was the biggest sales year in the company's h:tory until the current 1926
x184.821
6,386,745
whole is facing a curtailment of 1927
.06
year and that the automobile industry as a
9,333
5,316.834
.68
sales as compared wth last year, the gain in Franklin business stands out 1928
120,341
4,915,219
-V. 129. p. 3018.
as exceptional, the announcement adds.
Years Ended March 31y1.71
y312,695
1929
6.129,788
-Extra Distribution.
Freeport Texas Co.
y1.43
Y264,826
1930 (first five months)
3.164,949
The directors have declared an extra dividend of $1 per share in addition
x Deficit. y Not including subsidiaries.
to the regular quarterly dividend of $1 per share, payable Feb. 1 to holders
The above earnings for the year ended March 311929. and for the five
of record Jan. 15. In Oct. 1928 an extra dividend of 25c. per share was months ended Aug. 31 1929, do not include the undistributed earnings of
paid, while in each of the 3 preceding quarters of that year an extra of 75c. the affiliated companies. For the year ended Mar. 31 1929, the com-V. 129, p. 2691.
pany's portion of the undistributed earnings of subsidiaries amounted to
per share was paid.
$149,398 and the addition of this item to the reported earnings of the company brings the total to $462,094 or $2.52 per share. Likewise the earn-Plan Operative.
Galena Signal Oil Co.
The stockholders committee announced Dec. 19 that 93% of the out- ings for the five months ended Aug. 31 may be increased by $189.764,
standing preferred and about 88% of the common stock had been deposited making a total of $454.590 or $2.45 per share. The company has anunder the reorganization plan that all claims had been adjusted and that nounced that the earnings of the parent organization for September 1929
amounted to 45c. per share.
the plan therefore has been declared operative.
FINANCIAL CHRONICLE
DEC. 21 1929.]
Gasoline sales of the company are now averaging close to 3,000,000
gallons per month, according to latest statements. The bulk of these
sales have been made in California, but case oil shipments to China, New
Zealand and other foreign ports have taken a substantial share. New
markets and new outlets have been developed for the low gravity oils produced by the company, and new methods of airport and highway surfacing
have meant greater consumption of asphalt road oils. The expansion
program during the past year has necessitated three new bulk stations for
the distribution of gasoline and motor oils at Santa Ana, Ventura and
-V. 129, p. 3332.
Bakersfield.
-Extra Dividend.
(W. R.) Grace & Co., N. Y.
The directors have declared an extra dividend of $1 per share in addition
to the regular quarterly dividend of $1 per share on the common stock, no
par value, both payable Dec. 31 to holders of record as of the same date.
-V. 126. P. 586
.
-New Director.
Greenway Corp., Baltimore.
-V. 129. p. 3808.
Walter H. Billingslea has been elected a director.
--Earnings.
Grinnell Manufacturing Co.
Earnings for Year Ended Sept. 30 1929.
Cotton cloths sold
Waste sold (approximately)
Total receipts
Labor expense
Taxes
Other expenses
-To
-Proposed Sale to Adams Express Co.
Haygart Corp.
-The stockholders will vote Dec. 31 on a proposal
Dissolve.
to authorize the sale and exchange of all of the property and
assets of this corporation, including its good-will, subject to
its liabilities, to the Adams Express Co. in exchange for
such number of shares of the common stock of the Adams
Express Co. as the stockholders may at such meeting determine and subject to the terms and conditions of such offer
as may be made by the Adams company to this corporation
and submitted to such meeting.
The stockholders, if the above proposition is approved,
will vote Jan. 7 next on authorizing the aissolution of the
Haggazt Corp.
A letter to the stockholders, dated Dec. 16, says:
8:
01 970
$3 2 000
1,386,827
686,827
6 204
57 94
64 : 8
$4,152
Balance Sheet Sept. 30.
1928.
1929.
1928.
1929.
Assets$1,500,000 $1,500,000
$437.829 3437.829 Capital stock
Real estate
1,129,166 1,128,951 Bills & accts. pay_ 125,057
Machinery
63.421
57,948
Merch. inventory_ 1,264,556 1,024,007 Reserve for taxes_
813,787
388,216 Reserve for deprec 809.110
Cash & accts. rec_ 258,520
601,795
597,956
Profit and loss_ _
Manufacturing loss
$3,090,071 $2,979,003
Total
-V. 127. p. 3255.
Total
3973
$3 090.071 $2,979,003
-Extra Dividend.
Gruen Watch Co., Cincinnati.
The directors have declared an extra dividend of 50 cents per share on
the common stock, no par value, payable Dec. 30 to holders of record Dec.
20. On Jan. 7 last a 2% stock dividend was paid, while in December 1927
-V. 129. P. 3694.
an extra distribution of 50 cents per share was made.
-To Create New Issue of Preferred
(M. A.) Hanna Co.
Stock-Retire Accumulated Preferred Dividends.
A special meeting of the holders of 7% cum. let pref. stock, series A.
2nd cony. pref. stock and common stock, will beheld Dec.30to vote(1)on
the adoption of an amendment of the articles of incorporation of the company,so as to create a new class of pref. stock by changing 80,000 authorized and unissued shares of 1st pref. stock of $100 per share into 80,000
shares of pref. stock, without par value, to be designated "$7 cum. pref.
stock." (2) On increasing the authorized number of shares of said $7
cum. pref. stock to 200,000; (3) on authorizing the issue presently by the
directors of certificates for not exceeding 142,233 shares of the new pref.
stock at the rate of certificates for 1.27 shares thereof in consideration of
the surrender for cancellation, in exchange therefor, of a certificate for
one share of outstanding 7% cum. 1st pref. stock, series A.
President G. M. Humphrey, Dec. 5, said:
On Sept. 20 last we advised of the proposed plan for the formation of the
National Steel Corp. and said that, although no action could be taken as
a part of that transaction, for the discharge of the accumulated dividends
(amounting to $24.50 per share) upon the 7% cum. 1st. pref. stock, series
A, some plan to accomplish that purpose would be proposed as soon as
conditions would permit.
The plan for the formation of the National Steel Corp. has now been
successful consummated and it began business on Dec. 1. We believe that
this further diversification, which will include earnings from steel operations
as well as from pig iron, iron ore and coal, will not only stabilize but greatly
strengthen the earning power of the company, and the directors believe
that the company is now in a position to take action in respect of the accumulated dividends if a suitable plan is found to be acceptable to stockholders.
As there are certain provisions of the 1st pref.stock which are not adapted
to our present situation, we suggest the following plan, proposing a new
issue of preferred stock of prior rank. If this plan is adopted, we have
arranged for the underwriting of a sufficient amount of the proposed new
stock, so that assenting holders of 1st pref. stock may realize in cash an
amount equal to the entire accumulation of $24.50 per share.
The plan proposes the creation of a new issue of $7 cum. pref. stock,
without par value, in the same authorized number of shares as the present
let pref. stock (200.000 shares), with dividends payable quarterly upon
the same days on which dividends are now being paid. The $7 cum. pref.
stock will rank in priority over the present 1st rref. stock, as to cumulative
dividends at the rate of $7 per annum (cumulative from Dec. 20 1929),
and as to assets to the extent of $105 per share in the event of voluntary
liquidation, and to the extent of $100 per share in the event of involuntary
liquidation, together with accrued cumulative dividends in either case;
will be redeemable at the option of the company at 105 and divs., at any
time upon 30 days' published notice.
It is then proposed that each holder of the present 1st pref. stock shall
be given the right to exchange each share of his present stock for one share
of new $7 cum. pref. stock and in addition, either:(a) 27-100 of one share
of new $7 cum. pref. stock; or (b) $24.50 in cash, (which will be derived
from the sale of 27-100 of one share of new, $7 cum. pref. stock at the
underwriting price of $90 per share).
We are advised that no Federal income tax will be payable upon the
exchange above mentioned, if made wholly for stock.
This exchange is to be effected through the Union Trust Co., of Cleveland. 0., which will act as agent for the underwriters.
Certificates representing fractional shares of $7 corn. pref. stock will not
be issued, but scrip representing the same will be deliverable, which may
be bought or sold, at the stockholder's option, on the basis of $90 per share;
and, in the event that any assenting 1st pref. stockholder should desire to
buy more of the $7 cum. pref. stock than his holdings entitle him to,
the underwriters will extend to him the privilege of subscribing for additional shares of $7 cum. pref. stock at the underwriting price of $90 per
share. However, this additional subscription privilege will be subject to
allotment at the expiration of the election period, as only enough of the
$7 pref. stock will be issued at this time to cover the exchange of the present
outstanding 1st pref. stock by assenting holders.
In no event will any change be made in any of the terms of the present
outstanding 1st pref. stock, but it will rank subordinate in all respects to
-V. 129. p. 3808.
the new $7 cum. pref. stock.
The Adams Express Co.,organized in 1854 as a jointstock association,has
been operating for the past several years as an investment trust. Its shares
are listed on the New York Stock Exchange, and its common stock is receiving cash dividends at the rate of $1.60 per share per annum. The Adams
Express Co. has recently acquired the entire assets, consisting of cash and
marketable securities, of' Railway & Express Co., in which it had been for
a long time the leading stockholder. It is now prepared to take over the
assets of Haygart Corp. on terms fair and equitable to both companies.
as it is the belief of the directors that the enlargement of business and the
co-ordination in management will lead to a reduction in operating costs which
will materially benefit the stockholders of both companies.
A special meeting of the stockholders has been called to be held on Dec.
31 1929 for the purpose of authorizing the directors to sell the net assets of
Haygart Corp. to the Adams Express Co. for such number of shares of the
common stock of the Adams company as shall be determined by the directors
of the two companies to be equitable and as may be approved and author
(zed by the stockholders at that meeting. Inasmuch as the assets of both
companies consist almost entirely ofa diversified list of investment securities.
which are subject to daily market fluctuations, the best method of determining a basis of exchange that is absolutely fair to both companies, is to make
such determination immediately prior to the date of exchange. The independentfirm ofcertified public accountants, Loomis. Suffern and Fernald.
has been retained to evaluate the securities of the two companies at the
close of business Dec. 30,so that at the meetings of the directors of the two
companies to be held on the morning of Dec. 31, with that report before
them, the exact basis of exchange may then be determined equitably, for
submission to such stockholders' meeting on that day.
It is the opinion of the boards of directors of both companies that the
consolidation of these two companies will increase the research facilities.
strengthen the executive organization and produce a financial and investment company of great importance, resulting in wider opportunities for
successful operation and substantial operating economies. Charles Hayden
and Richard F. Hoyt, who are members of your board of directors, are
likewise members of the board of managers of the Adams Express Co.
Upon completion of the transfer of assets, the Adams Express Co. shares
that may be received by your company will be distributed at the earliest
possible date to the stockholders of Haygart Corp., and that company dissolved.
!Signed by Charles Hayden, Chairman of the Board, and Casimir I.
-V. 129, p. 1922.
Stralem, President.)
-Common Dividend of 50c.
Heyden Chemical Corp.
The directors have declared a dividend of 50c. a share on the common
stock, payable Jan. 20 to holders of record Dec. 30 and the regular quarterly
dividend of $1.75 a share on the pref. stock, payable Jan. 2 to holders of
record Dec. 2. An initial dividend of 50c. a share was paid on the common
stock on May 1 1929.-V. 128, p. 3838.
-Earnings.
Holly Sugar Corp.
The company in the 5 months ended Aug. 31 1929 earned, available for
interest. $466,922. Interest requirements on funded debt for that period
were $177,356 and were earned about 3 times. Operating profit in the first
5 months of the current fiscal year was about 66% greater than in the
-V. 128. p. 4013.
corresponding period of the previous year.
-Initial Dividend.
Home Dairy Co., Inc.
The directors have declared an initial dividend of 66 2-3 cents per share
on the no par value class A stock, payable Jan. 2 to holders of record Dec.
20. This covers the period from Sept. 1 to Jan. 1 and places the stock on a
$2 annual basis. See offering in V. 129. p. 2237.
-Stock Oversubscribed.
Home Insurance Co., N. Y.
President Wilfred Kurth announces that the $21,000,000 of new stock
of $10 par value, recently offered to holders of record Oct. 28. in the proportion of one new share at $35 for each three shares of $10 par value then
held, has been fully subscribed for. The rights expired Dec. 14. Of the new
money, $6,000,000 has been supplied to capital account, and the remaining
$15,000.000 to surplus. The capitalization of the company now consists
of 2.400,000 shares of $10 par value, against the former capitalization of
180.000 shares of $100 par value. The assets of the company are reported
to be over $125,000,000. See also V. 129, p.3808. 2867.
-Extra Dividend.
Howe Sound Co.
The directors have declared the regular quarterly dividend of $1 Per share
and an extra disbursement of 50 cents per share on the outstanding no-par
capital stock, both payable Jan. 15 1930 to no-par capital stock and voting
trust certificate holders of record Dec. 31 1929, An extra dividend of 50
-V. 129, p. 2693.
cents per share was also paid on July 15 last.
-5% Stock Dividend.
Industrial Rayon Corp.
The directors have declared a 5% stock dividend on the outstanding
190,431 shares of common stock, no par value, payable Feb. 1 to holders
of record Jan. 15.-V. 129, p. 3333.
-6% Stock Div.
Insull Utility Investments, Inc.
The directors have declared a 60% stock dividend on the common stock
for the year 1929, payable out of 1929 earnings. The dividend will be paid
In quarterly instalments of 1;S % each on Jan. 15, April 15, July 15 and
Oct. 15, all to stockholders of record 15 days prior to payment date.
While no definite action was taken with regard to future dividends, it
is the present intention of the board to continue to pay the 6% stock dividend on the common stock. The 1930 stock dividend will also be paid
quarterly. The dates of payment have not been fixed. but in order to avoid
confusion between the 1929 and 1930 dividends they will probably be paid
upon different dates.
Samuel Insull has been elected Chairman, and Samuel Insull, Jr., who
was formerly Vice-President, was elevated to the Presidency. The chairmanship is provided for in the by-laws, but heretofore has been unfilled.
-Initial Dividend.
Insurance Co.
Hartford Fire
The directors have declared an initial quarterly dividend of 50c. per share Mr. Insull, Sr., has been president of the company since its organization.
or the new $10 par value capital stock, payable Jan. I to hokiers of record V. 129, p. 1134.
Dec. 10. This is equivalent to $5 per share, the rate paid quarterly on
-Financial Statement.
International Carriers, Ltd.
-for-1 basis.
-V.
the old $100 par common stock, recently split up on a 10
The company has issued its first financial statement since inception
128. p. 3837.
Aug. 5 1929. Calvin Bullock, Pres.. announced the statement showed total
-To Clear Back Dividends.
Haskelite Mfg. Corp.
assets exceeding $18,000,000, of which about 89% was invested in securities
A proposal for clearing the accumulation of unpaid dividends on the 8% and about 10% was in cash or call loans as of Dec. 9. Total securities held
pref. stock by the issuance of a new 7% preferred stock in the ratio of two as of that date were carried at a cost of $16,031.978, whereas market quotanew shares for every share of 8% stock held has been ratified by the stock- tions showed a depreciation of only $1.894.622, which the management
holders. The accumulations amount to about $90 a share. The new pref. considers favorable in view of the heavy declines reported by investment
stock will be cumulative and will be convertible into common stock share trusts in general.
The securities held in the company's portfolio have shown substantial
for share, until Jan. 11935.
An increase in the authorized common stocks from 20,000 to 50,000 appreciation during the past few weeks, due to the strength of railroad
shares in general in anticipation of an early announcement on the part of
shares has also been approved.
-S. C. Commission regrding the proposed consolidation of some
the I.
-Listing.
Hawaiian Pineapple Co., Ltd.
important transportation systems. The depreciation in securities of 31.New York Stock Exchange has authorized the listing of 125,000 894,622 on Dec. 9, compares with depreciation of $2,492,513, reported as
The
additional shares of common stock (par $20) on official notice of issuance of Nov. 30 and with depreciation of $2.830,142 at the low point reached by
as a stock dividend, making the total applied for, 750,000 shares of com- the railroad stocks in November.
The liquidating value of the 800,000 shares of International Carriers,
-V. 129, p. 2596.
mon stock.
Ltd. capital stock outstanding was $20.01 as of Dec. 9, Mr. Bullock
-Listing.
announced, which figure compares with a liquidating value of $19.28 on
Hayes Body Corp.
The New York Stock Exchange has authorized the listing of 6,345 shares Nov. 30. Mr. Bullock further pointed out that the present break up value
of capital stock on official notice of issuance in payment of a stock dividend of the shares is only $1.99 below the original amount paid in at time of
-V. 129, p. 2694.
-V.129, p. 3175. issuance.
of2% making the total amount applied for 323,594 shares.
3974
FINANCIAL CHRONICLE
[VOL. 129.
International Combustion Engineering Corp.-Receivership.-
It is authorized to sell its own securities for cash and to borrow money to
accomplish these purposes.
Capitalization.Authorized. Outstanding.
Judge Alfred Core in the U. S. District Court for the Southern District First preferred (no par)
30,000 shs. 13,500 shs.
of New York, Dec. 19 appointed Nathaniel A. Elsborg and Winford R. Common (no par)
90,000 shs. 40,500 shs.
Wood, temporary receivers for the company and two of its subsidiaries
Future issues of pref. stock may be authorized by the corn, stock up to
on complaint of the Bethlehem Steel Co.
but not exceeding 100,000 shares, but only when and if the corn, stock is
The plaintiff listed claims against the Combustion Engineering Corp. increased in the same proportion.
and the International Combustion Tar & Chemical Corp., two of the
Common Stock.
-Common stock shall be issued at the rate of three shares
International subsidiaries, of $34,174 and $25,103, respectively. Another of common to one of preferred, the public buying two shares and the manclaim of the plaintiff against a third subsidiary, the Hedges
-Walsh-Weidner agement one share at the same price per share.
Co.fur $75,722, was not turned over to the receivers.
Custodian and Transfer Agent.
-Canal National Bank of Portland is
In the complaint involving the parent company no estimate appeared of transfer agent for the stock of, and custodian for the securities owned.
the bonded or secured indebtedness but the current liabilities of the Com- The securities owned will remain in the custody of the bank except as they
bustion Engineering Corp. were listed at $3,815.000 and its assets at are withdrawn in the course of the corporation s business, and then only on
$5,288,792. This company, according to the papers, has outstanding proper authorization.
contracts for installation of boilers, steam generating plants and similar
-Sales.
Investors Syndicate.
work aggregating about 967,000,000. It is alleged that the capital stock
amounts to 17,109 shares and is owned by the Combustion Corp.of America,
A new high record for sales was established by the N. Y. City office of
also asubsidiary.
the company during the week of Nov. 25 1929, with certificate sales of
The assets of the International Tar & Chemical Corp. are said to amount $532,000. according to J. R. Ridgway, President. Sales for the month
to $11,500.000, including plant and machinery, and its current obligations of November amounted to $1,632,000, an increase of $920,567 over the
to $708,861. This subsidiary, it was alleged, owes the parent company same month in 1928. For the first two weeks of December, sales in the
N. Y. City district totaled $606,000 as against $401,000 for the same
$2,225,894.
The complaints allege:
period in 1928.
"Although defendant is solvent and its assets are of a value largely in
Mr. Ridgway, in his statement, announced that Investors Syndicate cerexcess of its liabilities, the defendant has not on hand sufficient moneys tificates are now held by 160,000 investors in United States.
-V.129,P.3333.
to meet its obligations now due, is unable to obtain sufficient moneys
Irving Air Chute Co., Inc.
-Earnings.
therefor and will not have sufficient moneys on hand or be able to obtain
sufficient moneys to meet its immediately maturing obligations. Its
The company reports for the 11 months ended Nov. 30 1929, a net profit
assets consist of the capital stock of its subsidiaries, which assets are carried of $446,533 after charges and Federal taxes, equal to $2.13 a share on
on its books as having a value in excess of $43,000,000. The stocks of said 209,000 shares.
-V. 129, p. 3483.
subsidiary corporations are not, however, listed upon any exchange, no
Irving Investors Management Co., Inc.
-New V.-Pres.
ready market can be obtained therefor, and unless said assets are preserved
their value will be greatly impaired and reduced."
0. H. P. LaFarge has been elected Vice-President. Mr, La Fargo has
Among the payments said to be due and pressing is one of $250,000 in been Assistant Secretary of General Motors Corp. and a director of the
notes issued by a subsidiary company whose debts the parent company General Motors Acceptance Corp. and the General Exchange Insurance
has guaranteed. It was also set forth that $525,000 is due creditors under Corp.
-V.129, p. 3333.
notes of subsidiary companies which the parent company had indorsed,
Jantzen Knitting' Mills (& Sub.), Portland, Ore.and that there is now due the Bethlehem company, under guaranty of
payment, a sum in excess of $400,000.
Earnings.
It is also alleged in the papers that the parent concern owns all, or subYears Ended Aug.311928,
1929.
1927.
stantially all, of the Combustion Engineering Corp. of New York, which
Sales
$4,254,013 $3,075,726 $2,490,524
owns all, or substantially all, of the stock of the Coshocton Iron Co. and
2,092,405
1,461,637
1,376,726
the Traveling Grate Co. of Pa., Green Engineering Co. of Ill., Topulco Cost ofsales
1,384,261
Operating expenses
1,015,823
793,915
Systems, Inc. of Del. and the Combustion Engineering Corp. of Can.
It is also asserted that the International Combustion Co. owns 98.8%
Net profit
$777,347
$598,266 $319,883
of the stock of the Heine Boiler Co.,98% of the issued common stock of the
5,096
43,176
12,782
Hedges-Walsh-Weidner Co. of Del., the entire capital stock of Schumaker- Other income
Santry Co. of Mass.. of Raymond Bros. Impact Pulverizing Corp. of Ill.
Totalincome •
$603,362
$307,100
$820,522
and of the International Combustion Car & Chemical Corp. of Ill.
44,178
15,293
30,319
The parent company, whose business is fostering concerns engaged in Interest
33,321
18,596
17,125
building automatic stokers, equipment for preparing and burning fuel and Depreciation
Federalincome tax
93,219
73,847
37,513
ilce industries, has plants scatterd throughout this country and in England
and Prance.
Net profit (incl. profit of sub, from
Mr. Wood, who was elected Pres, of the International Combustion
date acquired, March 20 1929)-- $649,804
$495,626
$222,143
Engineering Corp. on Dec.6 1929, made the following statement:
2,976
"Early in October it became apparent that the corp. would require Minority interest
additional working capital to carry on its business. Since that time earnest,
Net profit
-own majority interest_
$222,143
$546,828
$495,626
but unsuccessful efforts have been made to secure such financing from banks
Dividends paid
191,051
285,032
61,188
and banking houses in New York City and elsewhere.
"The directors believed that financing had been arranged with one
Balance,carried to surplus
$210,594
$160.954
$455,777
banking institution, but were advised on Dec. 16 that such banking instiSurplus,at first of year
568.316
407,362
912,233
tution had withdrawn.
Cr133,323
"In the opinion of the board this situation made it necessary for the Prisms. received on sale of corn.stockprotection of the interests of its creditors and stockholders that the corp. Amt,set aside & placed in cap. acct.. _ Dr497,700
and its subs. be placed in the hands of receivers through the medium of a
Totalsurplus
$568,316
$912,233
$870,310
freindly suit in equity.
"It is believed that a prompt reorganization can be effected, thus pre-- Earned per share on corn. stk. after
$1.92
preferred dividends
$6.10
$4.65
serving the values of the properties and the demonstrated good-will and
Consolidated Balance Sheet, Aug. 31 1929.
earning power of the business."
AssetsLiabilitiesFor list of subsidiary companies and latest financial statement see
$25,000
$228,873 Notes payable
"Railway and Industrial Compendium"of Dec. 13, p. 119.-V. 129, p.3809
. Cash
320,031
Customers'receivables
569,033 Trade accounts payable
56,916
-New High Output.
1,184,043 Miscellaneous accruals
International Paper & Power Co.
- Inventories
112,962
40,806 Federal income tax
The International system produced 443,572,000 kw.h. of electric energy Prepaid Maur.,supplies, &e_ _ _
1,579
. 23,726 Dividends payable
in October, a new high record for a single month and an increase of 25% Sund.accts.& notes recelv___
17,151
136,605 Other obligations
over the output of the system in Oct. 1928. In the first 10 months of this Invest., stock, MM.cos
Plant & equipment
30,000
543,119 Ld: Dutch. mtge. due after'31_
Year the output of the company was 3,865,755.000 k.w.h.. 10% greater
1 Stk.subscr., Jantzen(Australia)
than in the full year 1928. and 38% over that of the corresponding period Patents & trademarks
14,581
Ltd
oflast year. Included in the outputfigures are those ofInternational Hydro
Min tnt., 158shs.Jantzen SpinElectric System-controlling New England Power Association and Canadian
ning Mills stk. (total Issue
Hydro-Electric Corp.. Ltd.
-and of the hydro-electric plants of the Inter
18,776
2,800shares)
national Paper Co. group.
-V. 129. P. 3333'
508,900
Preferred stock
x750,000
Common stock
-Dividend Rate Increased.
InternationalShoe Co.
-The
870,310
Surplus
directors recently declared a quarterly dividend of 75 cents
per share on the outstanding 3,760,000 shares of common
stock, no par value, payable Jan. 2 to holders of record Dec.
10. In the current year, four quarterly dividends of 62%
cents per share were paid on this issue, as compared with
quarterly distributions of 50 cents per share made in 1928.
Total
$2,726,207
Total
$2,726,207
x Represented by 100,000 no par shares.
An authoritative statement says in part:
There is a profitable subsidiary in Australia, Jantzen (Australia) Ltd.,
and a licensed manufacturer in Canada, the Jantzen Knitting Mills of
Canada, Ltd. The parent company itself ships merchandise to all parts of
the world, having done an export business of better than $700,000 in the
The company has announced that the fiscal year ended Nov. 30, has year just closed.
-year period, 1920-1929 inclusive the corporation has sold
During the 10
Shown the largest year in the histcry of its business. Net shipments for
this period show a volume in excess of $132,000,000. This is a sales increase 4,764,648 swimming suits. More than 257 of this amount was sold in
1929 while between 1926 and 1929 sales totaled 77% of this amount.
of more than $9,000,000 over the corresponding period for 1928.
In 1920 no Jantzen merchandise was sold outside of the 11 Western states;
The production of shoes in its 44 shoe factories has exceeded 54.000,000
pair. This is a gain of more than 5.000.000 pair over 1928, when production to-day over 80% of shipments go East of the Rockies. There are 10.000
merchants in the United States who sell Jantzen swimming suits. Fifty
reached the total of 48,696.000 pair.
In commenting upon this increase President Frank C. Rand, made the Jantzen salesmen sell direct to these merchants. This effective sales force
following statements: "The volume of more than $132,000,000 for 1929 has played a big part in past progress. Jantzens are sold by 61 salesmen
includes only the net sales to customers. It does not take into account the abroad.
Business in markets abroad has been going ahead very rapidly over the
additional volume which our books will show for the production of some 75
auxiliary plants. These auxiliaries include 14 tanneries, a cotton mill, a past five years. Export shipments were about 50% greater during the
rubber heel and sole plant, box factories, chemical plants, a glove factory, fiscal year 1929 than they had been for 1928. 1929 export sales approxi1•
• &c. Definite figures on the value of the production of these plants for 1929 mated 17% of total sales as against 14.8% in 1928.-V. 129, 1: 1600.
are not yet available. An idea of the importance of their output can be
Jewel Tea Co. Inc.
-Sales Increase.gained from the 1928 production which had a market value of more than
Period End. Nov.30 . 1929-4 Weeks
-1928.
2
,
--1928.
1929-48 Weeks
$78.000.000.
$1,386,469 $1,370,971 $15,384,805 $14,575,683
"The company interprets the important increase in its sales as a very Sales
1,199
1,105
1,115
1,177
definite indication that the purchasing power of the nation is not being Average no.ofsales routes
seriously impaired by current conditions. The greater part of our gains -V. 129. p. 2695, 3334.
came during the last four or five months. They also came during a year
corresKendall Co.
-New President of Division, &c.
when raw materials were basically lower and prices for our shoes
pondingly less.
flay A. Whidden, Vice-President and General Manager, has been elected
"Within the last 60 days we have been compelled to add an additional President of Bauer & Black. Inc., a division of the above company. H. L.
look forward with confidence to a healthy Wells was named Vice-President and General Manager, and C. K. Perkins,
plant for making shoes. We,
129, p. 3020.
flow of business for next year.
Vice-President in charge of marketing. A. Hauer, for more than 30 Years
President of Bauer & Black, and one of its founders, resigned from the
-Smaller Dividend.
Interstate Hosiery Mills, Inc.
presidency to become Chairman of the Board.
dividend of 35 cents per share on
The directors have declared an initial
"These appointments culminate a year of development and reorganization
the capital stock, no par value. payable Jan. 2 to holders of record Dec. 16. following the merger with the Kendall Co. some 12 months ago. The
Quarterly dividends of 45 cents per share were paid on July 1 and Oct. 1 company has shown substantial sales increases under the new regime, and
last.
we enter upon a program of even more extended effort, with the new year:.
-V. 129, P. 1753.
I predict a steady and wholesome growth for this organization in 1930.
-Merger.
Interstate Iron & Steel Co.
announced President Whidden.
-V. 129, p. 2547.
See Republic Iron & Steel Co. below.
Mr. Whidden is also Vice-President and a director of the parent organization, the Kendall Co.
-Stock Offering.
Investors' Bond & Share Corp.
H. L. Wells has been production executive and member of the methods
Byer & Small, Portland, Me., are offering units of prof. and com, stock committee of Hart, Schaffner & Marx, and C. K. Perkins sales executive
at market (about $30.20). Stocks are offered in the form of inseparable of the Lewis Mfg. Co., a division of the Kendall Co., until a year ago when
units consisting of one share cum. 1st pref. stock united to two shares they joined Bauer & Black at the time of the merger.
-V.129.P. 2869.
common stock.
Laconia Car Co.
Preferred dividends are cum. at the rate of $1 per share per year. and
-To Liquidate.
are payable Q.
-J. Preferred stock is preferred as to assets up to $25 per share
The directors in the report to stockholders recommend the closing of the
plus a premium of 10%, in liquidation, either voluntary or involuntary. plant and the liquidation of the company's assets as promptly as possible.
Callable as a whole or in part on any div, date at $25 per share plus a -V. 128, p. 43:32.
premium of 10%. In the event the pref. stock is thus called, the unit must
Landers, Frary & Clark Co.
-Extra Dividend.
be sent in and a new certificate will be issued for the shares of com, stock
The directors have declared an extra dividend of $1 a share and the regular
represented by the unit. These shares will be returned to the holder of the
quarterly of 75c, a share on the common stock, par $25 ,both payable
unit together with the call price of the preferred stock.
Corporation was organized in Maine in Dec. 1928, for the purpose of Dec. 31 to holders of record Dec. 20. Extras of 25c. a share were Paid on
-V. 129, p. 1924.
buying, selling and underwriting all types of securities and investments. June 29 and Sept. 30 last.
DEC. 21 1929.]
FINANCIAL CHRONICLE
$2 nonnot exceeding $10,000,000 8% cum, pref. stock, 100,000 shares stock of
cum. 2nd pref. stock of no par value and 250,000 shares commonproposed
stocks are to be exchanged for the
no par value. Present existing
-V. 129, p. 3645.
new stocks.
-Status-Outlook.
LaSalle Extension University, Chic.
President J. G. Claapline Dec.6 in a letter to the stockholders said in part:
Net earnings this year are the largest for several years, and our position
L5 been strengthened in all other respects. Indications are that our earngs 'will be about three times last year's earnings, or about double all divind requirements, including common dividends at the rate at which paid
fore the directors decided it to be good business practice temporarily to
scontinue their payment.
There has been a very healthy and encouraging increase this year in the
le of our business training courses.
The largest item in our financial report represents the notes of purchasers
our business training courses. It has been said by authorities that these
tes in the aggregate represent better value than many other forms of searity where the units are for larger amounts.
Our financial situation continues to be strong. Receipts from sales ex.ed by a comfortable margin all cash requirements for expenses and costs.
ur total obligations are so small in proportion to our large assets that rehats from sales already made would, if used entirely for the purpose, pay
ar.nominal indebtedness in full in 60 days and would leave several million
Bars' assets of high realizable cash value. Our obligations are and always
ve been met with promptness.
The market for our common stock is low at this time because of general
nditions and the readjustments which have been in process for the past
o years or more. It is my opinion that the present market on our stock
far from reflecting its value. The book value of our common stock is
bout $13 a share, and I believe that under entirely normal conditions the
oirket should not be less than the book value.
The time when the payment of dividends on the common stock will be
38=10(1 has not yet been determined by the board of directors. The memrs of the board are conservative and want to know beyond any reasonable
ubt that when common dividends are resumed they can be paid indeftely without interruption,as for 19 years before they were discontinued.
the meantime, the earnings are accumulating for the benefit of the stockolden, whose property they are, whether temporarily retained for use in
as business for their benefit or now distributed as dividends.
Our funds accumulated in the course of business since dividends on the
mmon stock were temporarily discontinued have been used to retire bank
tans, which not many months ago amounted to about $300,000: also to
velop the manufacture of the Stenotype, our franchise business college
filiations and the establishment of permanent and profitable distribution
d sales centres, and the construction of new basic training texts, teacher
aanuals and other equipment necessary in placing the Stenotype on a subtantial and profitable basis, and in general to strhegthen our financial
tructure.
Dividends have always been paid without interruption on the preferred
tock and earnings have always been more than sufficient for them. Earnage this year should be about five times preferred dividend requiretents, and the future outlook for increased volume of business and earnings
-V. 129, p• 2239.
most satisfactory.
3975
-Omits Class B Dividend.
Mills Alloys, Inc.
a
The directors on Dec. 18 voted to omit the quarterly dividend of 25c.
(no
share which would ordinarily have been declared on the class B stock has
of 50c. a share
par value) at this time. The regular quarterly dividend holders of record
been declared on the class "A" stock, payable Jan. 1 to
Dec. 20.
Quarterly distributions of 25c. a share were made on the class "B" stock
-V. 129. P. 3022.
on July 1 and Oct. 1 last.
Laurel Oil & Refining Co.-Capitalization.-
Outstanding.
Authorized.
Capitalization$500,000
x
-year gold bds_
t mtge. sinking fund cony. 10
400,000
$400,000
-year sinking fund cony.7% gold notes
300,000
171.800
Jumulative 7% preferred stock ($100 par)_ _ _ _
158.000 shs.
y200,000
,3ommon stock (no par value)
x Additional bonds may be issued undre proper restrictions for acquiring
repealer; up to 65% of value. y 42,000 shares reserved for conversion of
sands and notes. Compare also V. 129, p. 3809.
-Earnings.
Chemical Co.
Monroe
Nov.
The company reports net earnings for the 11 months ended Mary 30
T.
1929, after all charges including Federal income taxes, (including provision
After
Goldman Co. for four months), amounting to $390,128. is equivalent to
period, this
for preferred dividend requirements for the
as at
$2.93 per share on the 100.000 shares of common stock outstanding
Nov. 30 1929.
stockholders and warrant
The company recently offered to common
share,
holders the right to purchase additional common stock at $15 per called
held or
in the ratio of one share for each five shares of common stock date the comfor by the warrants. These rights expire Jan. 14 1930. To
exercised.
pany reports that more than 63% of the total rights have been
-V. 129. D. 3335.
-Special Div., cfcc.
Securities Corp., N. Y.
Morristown
diviAt a meeting of the board of directors held Dec. 16 the following 1929:
16
dends were declared payable Jan. 2 1930 to holders of record Dec.
stock;
Regular semi-annual dividend of 234% on the 5% cum. pref. par value
Regular quarterly dividend of 25 cents per share on the no
common stock.
common stock.
An extra dividend of 25 cents per share on the no par value value common
A special extra dividend of 50 cents per share on the no par
stock from surplus.
stock
The holders of subscription warrants for the purchase of common stock
common
are entitled to subscribe on or before Jan.7 1930 to additional
at $30 per share.
holders of
At a meeting of the board of directors it was decided to permit
stock on or
subscription warrants at their option to subscribe for common respect of
at the time of subscription ineach share
before Jan. 7 1930 by paying $5
each share subscribed for and the balance of $25 in respect of Jan. 7 1930
from
so subscribed for on or before April 7 1930, with interestbefore Jan. 7 1930
at 7%. Subscribers who pay in full for their stock on or
will participate in dividends after Jan. 2 1930.
Murray II. Coggeshall is President and R.P. Beaver is Secretary.
--Earnings.
Motor Transit Corp.
operating
The company for the six months ended June 30 1929 reports net estimates
profit available for interest of $355,085. The management
p. 2697.
earnings for the full year of better than $1,500.000.-V. 129,
-2%in Stock-No Cash Div.
Murray Corp. of America.
The directors have declared a 2% in a dividend of 2% in stock on the common shares of no par value, payable Feb. 1, to holders of record Jan. 15.
of 1% in stock were
Quarterly dividends of 75c. per share in cash and
-V.129, p. 2697.
both paid on the common stock on July and Oct. 15 last.
Lawyers Westchester Mortgage & Title Co., White
-Notes Placed Pri(Conde) Nast Publications, Inc.
-Extra Dividend of $2.
Plains, N. Y.
-Goldman, Sachs & Co. announce that they have
vately.
An extra dividend of$2 per share has been declared in addition to the regu-year sinking
993,4 and int. $2,000,000 3
ar quarterly dividend of $2 per share, both payable Jan. 2 to holders of placed privately at
ecord Dec. 20. An extra of $2 per share was also declared at this time fund 6% notes.
-V. 127, p. 3552.
Dated Dec. 151929; due Dec. 151932. Denom.$500,$1.000,$5,000 and
ast year.
Manufacturer's
$10,000'c*. Prin. and hit, payable at the main office of D. 15 without
-Special Dividend.
Lunkenheimer Co., Cincinnati.
Trust Co. in N. Y. City trustee. Interest payable J. &
annum.
deduction for any Federal income tax not in excess of 2% per tax not
income
Penn. and Conn. 4 mills tax, Calif. 5 mills tax and Mass,whole or in part
exceeding 6% per annum refundable. Red, at any time in 1930, at 10034
on 30 days' notice at 10034 and int. up to and incl. Dec. 15 100).i and int.
and int, thereafter and up to and incl. Dec. 15 1931, at int. thereafter
thereafter and up to and incl. June 15 1932 and at 100 and
-25c. Extra Dividend.
& Forbes Co.
MacAndrews
until maturity.
An extra dividend of 25c. per share has been declared on the common
Sinking fund provides for retirement of $500,000 of notes on or before
tock in addition to the regular quarterly dividend of 65c. per share, both Dec. 15 1930, and 8500.000 of notes on or before Dec. 15 1931.
per
payable Jan. 15 to holders of record Dec. 31. An extra dividend 25c.
Data from Letter of Conde Nast, President of the Company.
hare was paid on Jan. 15 1929,and one of 90c4per share on Jan. 14 1928 and
-Business was started 20 years ago with the purBusiness and Property.
on Jan. 15 1927.-V. 129,P. 3177.
chase of Vogue, and since then has been expanded from time to time until
the company now owns and publishes the following periodicals:
-2% Stock Div.
Macmillan Petroleum Corp. (Del.).
Vogue Pattern Book
The directors have declared an extra dividend of 2% in stock and the Vogue & Garden
British Vogue
regular quarterly dividend of 50c. a share in cash, both payable Feb. 15 House Fair
French Vogue
dividend of 2% Vanity
o holders of record Dec. 31. This is the third extra stock
Le Jardin des Modes
Golfer
his year and brings total disbursements on the $25 par stock to $2 in cash American also owns and operates The Conde Nast Press,one of the largest
Company
and
in stock.
the world devoted entirely to high speed quality printing.
The company reports for the nine months ended Sept. 30 net income of establishments in has been developed into an important and constantly
This department
after all charges, equivalent to $8.76 a share on the 114.296 expanding source of revenue to the company. Through its ability to turn
$990,499
net income of pre,
years
hares of common stock outstanding. Consolidated
of printing on a quantity basis, it has in recent
decessor companies for the similar period a year ago amounted to $457,980, out a high standard of other periodicals, including "Nation's Business,'
obtained the 'printing
equivalent to $4 a share on the same common share basis -V.129, p. 3645. "The New Yorker, "Business Week," "Charm, "Field & Stream,"
'
- "Arts & Decoration," "Selling Service and System." in addition the
-Extension.
Manhattan Electrical Supply Co., Inc.
amount of job printing for industrial concerns.
a
An extension of time until June 15 1930, for the issuance of the balance press doeshassubstantial
further rounded out its production facilities by the acquisition
of 27,500 shares of the total of 50,000 shares of capital stock (no par value) Company
an electrotyping establishment and a photo-engraving plant. additional
which were authorized for listing by the New York Stock Exchange on ofPurpose.
-Proceeds are to be used in part for the purchase of
Sept. 18 1929, has been granted.
Nast Press, necessitated by the growing volume
equipment
V. 0. Stephens, Treasurer, says: The drastic break in the stock market of business for the Condeit to handle more economically the business now
and enabling
latter part of October, and the decline in price of this
which occurred the
balance will be employed to retire the company's now outon hand. The
stock on the Stock Exchange to a point below the price to the underwriter, standing 634% 1st mtge. bonds and all outstanding bank loans and for
has resulted in the underwriter making application to the board of directors of this company for an extension of time in which to take up the other corporate purposes.
Outstanding.
Authorized.
Capitalizationbalance of 27,500 shares until June 15 1930. The board of directors
$2,000,000
$2,000,000
having taken into consideration the general market conditions which it 3-yr.sinking fund 6% notes
None
1,000,000
cannot control, has granted the extension of time as requested as evidenced 7% cum. preferred stock
320,000 shs.
350,000 abs.
foregoing resolutions and the contract of Sept. 5 1929, with Richard Common stock (no par)
by the
been amended to extend the time for the
its subsidiaries.
Brown, the underwriter, has
-The consolidated profits of the company and
Profits.
-year sinking fund 6% notes, for the four
Issue of this stock to June 15 1930.-V. 129, p. 3645.
applicable to interest on the 3
years ended Dec.31 1928 as certified and for the nine months ended Sept. 30
-Regular Dividend, &c.
ion.
Marine Bancorporat
1929 based on the figures as shown by the books are set forth below:
No. Times ml.
The directors on Dec. 12 declared the regular quarterly dividend of 45
Profit as
on Notes.
cents per share on the outstanding capital stock, payable Jan.2o holders
Above.
8.6
of record Dec. 14. The present disbursement amounts to $162,726; the 1925
$1,036,476
10.4
aggregate paid by the corporation for the year 1929 amounts to $650,892. 1926
1,248,137
11.6
President Andrew Price stated in part: "The operating results for 1929 1927
1,400.384
1928 were
13.8
have been exceedingly satisfactory. The earnings for per share at the 1928
1,664,389
$3
14.1
rate of $2.13 per share, and early this Year a goal oftaking into was set. 1929 (9 months)
1,271,529
considera"It appears this goal has been realized, even after
Based on the above profits for the nine months and preliminary reports
tion year-end adjustments. A detailed statement of the corporation and
be published for Oct. and Nov., the management estimates that profits for the complete
its banks, with the customary statement of earnings, will
year 1929 will be approximately the same as those for 1928.
-V. 129, p. 1455.
as soon as possible after the close of the year."
Consolidated Balance Sheet, Sept. 30 1929 (After Financing).
Maryland Casualty Co., Balt.-Extra Dividend.
LiabitittesAssetsdirectors have declared an extra dividend of 50c. per share in addition Cash
The
Y31,449,383 Accts. pay.& accr. liabilities__ $764,017
holders
100,284 Prov. for Fed.& State taxes__ 275,784
to the regular quarterly dividend of $1.12A both payable Dec.23 topaid on Marketable securities
2,000,000
of record Dec. 11. A regular quarterly dividend of 81.1234 was
Accounts & notes rec. less res-- 919.841 8% notes
70,000
Sept. 27.-V. 128. P• 001.
79,494 Reserve for contingencies
Employees'accounts
512,859
557,320 Deferred revenues
Inventories
- Realest., mach.,& equip. less
-Div. Disbursing Agent.
23,325
Metal & Mining Shares, Inc.
Min. int. in subs. co
The Bank of America N. A. has been appointed dividend disbursing
3,319,084 Corn. stock (no par value)-.--3,287,817
depreciation
2,162,007
-V.129, p. 294.
:150,000 Current surplus
agent.
Investment
378,203
charges
--Sale.
Middle States Oil Corp. receivership for a number of years, Deferred titles, good-will, &c_ 2,144,421
Magazine
The company, which has been in
formed by
$9,095,790
Total
$9,095,790
was sold at public auction Dec. 17 to a new company taking overa reorganTotal
the assets
of the
ization committee (V. 129, p. 809) for the purpose of
y The company contemplates making expenditures in the course
,
equity in 53 subsidiary companies. Capitalizaand equipment.
of Middle States and its
$2,500,000 in 634% first next few months of approximately $950,000 for machinery
tion of the new company will consist of about class A and 900,000 shares
be acquired
x In capital stocks of two companies to be wholly owned (to
mortgage bonds,approximately 300,000 shares of
under agreement dated Oct. 9 1929).-V. 129, p. 3017.
-V. 129. p. 3645.
of class B stock.
The directors have declared a special dividend of 25 cents per share on the
o par common stock, payable Dec. 26 to holders of record Dec. 16. With
isbursement of the regular quarterly dividend of 3734 cents per share,
payable at the same time, total cavil:tends for the year will be $2.50 per share,
-V. 114, p. 635.
if which $1 will represent special dividends.
-Recapitalization Planned.
Midland Steel Products Co.
The holders of partic. pref. stock will vote on Jan. 20 on approving a
change in the authorized capital stock so that there will be authorized
-Not To Issue Scrip.
National Dairy Products Corp.
The company in a notice to the holders of scrip certificates, series of 1929
and series of 1929-A, says:
3976
FINANCIAL CHRONICLE
[VOL. 129.
For the convenience of stockholders who hold
tional shares of common stock of the series of scrip certificates for frac- event of either voluntary or involuntary liquidation, preference shares ar
1929 or series of
and who desire to purchase additional scrip certificates to make 1929-A to be prefored as to assets up to $51.50 plus accrued and divs. Registra
up one
full share or to dispose of such scrip certificates, the present arrangements and transfer agents: London dz Western Trusts Co., Ltd.
Business.
-The Claude Neon Light industry was established as a prac
with Bankers Co. of New York, 16 Wall St.. N. Y. City, will be
continued
whereby they will purchase or sell such scrip certificates at a price based tical business in France in 1918. The organization has since extended it
activities on a large scale throughout Europe and South America in
upon the market price of the common stock on the day upon which
additior
they to Canada and the United States. To-day a large
receive a form properly executed directing them to purchase or
sell scrip advertising illumination as well as an increasing portion of cornmercia
certificates, as the case may be.
amount of public anc
' The 100% stock dividend paid on May 20 1929 was made applicable private building lighting in England, France and Germany, is done by th
to outstanding scrip of the series of 1929,as distinct from scrip of the series Claude Neon Light System.
Company.
-Is to be incorp. under the laws of
at 1929-A; and scrip of said serie; of 1929 Is now accepted for double
the acquire the business, undertaking and assets of athe Dominion of Canada tc
fraction recited on the face thereof.
company of the same nam
As the scrip certificates are not entitled to share in any dividends which which was incorp. in April, 1928, for the purposeof manufacturing middle
may be declared, we suggest that the stockholders immediately arrange tributing Claude Neon Products in the Provinces of British Columbia sec
Alberta, for which territory the company holds the exclusive franchise
to sell their scrip certificates or to purchase additional scrip certificates
to make up one full share of stock. This matter should be taken up direct Company will continue to operate the manufacturing plant of the predecee
sor company in Vancouver, B. C., and the offices in Victoria,
with Bankers Co. of New York.
B. C., rule
The privilege of exchange in respect of outstanding scrip of the scrim of Calgary, Alta. Through its affiliation with other manufacturing dirt
1928 expired at the close of business on Nov. 30 1929, and such scrip upon tributors of Claude Neon products throughout the world, the company wil
receive many benefits in purchase economies and in the interchange
surrender at the Bankers Trust Co., 16 Wall St.. N. Y.City, now entitles
o
the holder. in accordance with its terms, to his pro rata share of the net Ideas and improvements.
Capitalizationcash proceeds of the sale of the shares heretofore reserved against such
Authorized.
Issued,
scrip, but without interest. Holders of such scrip are urged to surrender 6% Cumul.preference shares($50 par)
$500,000
$300,000
Common shares(no par)
the same for redemption.
60,000 abs. 54,836 ebs
Treas. A. A. Stickler. Dec.3,in a letter to the common stockholders,says:
Earnings.
-In the accounting practice adopted by the Claude Neon comThe issuance of fractional scrip in connection with the payment of stock panies, the cost of manufacture is spread over the term of the
lease in such a
dividends has proved inconvenient and expensive to both the corporation way that an equal proportion of this cost can be deducted
from each monthly
and its stockholders. Accordingly, the directors have decided that scrip rental payment as received.
will not be issued at the time of payment of the quarterly stock dividends
The profits of the company on
basis consist
of 1% each payable on Jan. 2, April 1, July 1 and Oct. 11930. respectively, during the month, after deducting this proportion ofof the rentals payable
the
coat
but that in lieu thereof shares of common stock equal to the aggregate mentioned above, and after deducting the percentagethethe of the sign as
of
fractional interests in common stock resulting from each such dividend been found adequate to take care of all maintenance chargesrent which has
and collection
will be sold between the record and payment dates for the account of
lessee.
stockholders having such fractional interests and the net proceeds of the
On this basis the earnings of the predecessor company after all
the
expenses
sale of these shares will be distributed pro rata on the respective payment Including depreciation, but before provision for income
taxes (subject to
dates to the stockholders having such fractional interests.
verification by Helliwell, Maciachlan & Co.) since its organization
have
stockholders entitled to one or more full shares in payment, in Common been as follows:
whole
In part, ot each such quarterly stock dividend will receive certificates or
Earnings
:Pref.
Times
such shares together, in case they have fractional interests, with cash for
for Period.
as 18 months
Div. Div. Earn
above provided.
ending Oct. 31 1929
$40,613
$27.000
Scrip certificates of the series of 1929 and 1929-A now outstanding are 6 months ending Oct.31 1929
25,030
9,000
24
1
exchangeable in accordance -with their terms for certificates for full shares
x On this issue for a similar period.
until the close of business on Nov. 30 1930, and Bankers Co. of New York,
Neon Products of Western Canada is now completing
16 Wall St., N. Y. City, will continue to act as the corporation's agent for the rate of over $60,000 monthly average, the rental being new contracts at
payable over the
the sale or purchase of fractional scrip for the account of the bearers.
term of the lease.
On account of the increasing rentals payable as a result
Listing.
tracts, it is conservatively estimated that the earnings ofof these new conthe company on
The New York Stock Exchange has authorized the listing of 211.766 the above basis for the common
stock per share after pref. dividends and
shares of common stock as follows:
provision for estimated income taxes
50,965 additional shares on and after Jan. 2 1930; 51,566 additional year ending April 30 1930, $0.72; forwill be not less than the following: For
year ending April 30 1931. $1.82;
shares on and after April 1 1930; 52,082 additional shares on and
after year ending April 30 1932. $2.95; for year ending April 30 1933. $4.07. for
July 1 1930. and 52.603 additional shares on and after Oct.
The
are estimated on the basis of maintaining the present
gating 207.216 shares, upon official notice of issuance from11930, ag6re- volume earnings business
time to time
new
and the present ratio of profit. This basis of
as stock dividends, with authority to add 2,750 additional shares, upon estimateof considered
is
conservative in the light of actual experience in other
official notice of issuance in connection with the acquisition by
the
pany of the entire property and assets of The Kenmore-Barberton com- Claude Neon companies.
Purpose.
-The proceeds of the present issue will be used to retire an issue
Milk
Co., and 1,800 shares, upon official notice of issuance in
of 7%
the acquisition by the company of the entire property and connection with signs. pref. shares and to provide capital for the construction of additional
assets of Froznpure Ice Cream- Co., making the total amount applied for,
5,344,539
shillres.-V. 129. P. 3178.
Newmont Mining Corp.
-5% Stock Dividend, &c.
The directors have declared a 5% stock dividend and the regular
National Manufacture & Stores Corp.
-Earnings.
cash distribution of $1 a share, both payable Jan. 15 to holders quarterly
of record
5 Ncmths Ended Oct. 311929.
Dec. 27. A stock dividend of the same amount was paid on Jan. 15 1929
1928.
Sales
12.886.000 $2,570,000 and on Jan. 17 1928 and 1927.
Net earnings,
Henry DeWitt Smith has been elected a director to fill a vacancy caused
171,000
138,000
129, p. 2549.
by the resignation of Stephen Birch.
-V. 128, p. 2080.
National Recording Pump Co.
-Resignation.
--
The company announced that the resignation of J. P.Porter as
a director
has been accepted.
-V. 129. P• 3811.
New Niquero Sugar Co.
-Earnings.
-
Years End. July 31- 1928-29.
1927-28.
1925-26.
1926-27.
Sugar produced (bags)..186,625
196,391
204,076
233,386
National Sewer Pipe Co., Ltd.
-New Dividend Policy. Sugar and molasses sales $1,278.940 $1,609.315 $2,016,767 '$2,009,944
Ryland H. New, President in his remarks to stockholders Nov. 29 says Int. & discount received
33.116
32.590
33,257
13,570
Miscellaneous
in part:
7.151
51,225
21,421
21,563
Directors on Nov. 25, having carefully considered the very sound liquid
Total receipts
position of the company, declared the regular dividend on class A stock
$1.319,208 $1,693,130 $2,071.445 $2,045,077
of
Deduct60c. per share, and also a dividend on the common stock of $2 per share,
both to be paid on Dec. 16 to holders of record on Dec. 10. It is the inten- Produc., mfg.& sell.exp. $1,169,786 31.424,809 $1,678,146 $1,672,326
Int. on bills & accts. pay.
tion of the directors to commence paying quarterly dividends of 50c.
54,256
62,742
65,801
35,010
per
share on the common stock of the company on March 15 1930. The con- U.S.and Cuban taxes
4,696
6,843
tinuance or fluctuation of such dividend will of course depend on the earn- Depreciation
93,312
163,045
240,811
234,756
Int.,disc.&prem.on bds_
ings and financial requirements of the company.
52,250
52,003
51,901
51.500
At the special general meeting of the shareholders to be held
Balance, surplus
following the annual meeting, shareholders will be asked toimmediately
lass$50,396 loss$9.469
130.090
$44,642
approve of
the action of the directors in their application for supplementary letters Previous surplus
102,221
85,616
83.878
68,557
patent making the non-cumulative dividends on class A shares cumulative Adjustments
Cr.26,073 Dr.28,351
x29,321
at the rate of 32.40 per share per annum payable quarterly. This, the
Profit & loss surplus
directors feel, will amply protect the interests of those shareholders not
$51,825
$102.221
10
$85.617
$83.878
Earnings on common....
wishing to take advantage of the conversion privileges.
Nil
Nil
$0.99
-V. 128, p. 553.
Years Ended Oct. 311928.
1927.
Net earnings after depreciation and depletion
New York Air Brake Co.
$319,890
$290,541
-Larger Dividend.
-The di0.66
Provision for Dominion income tax
25,425
23,083
Total
Quarterly dividends on class A shares
$294.465
48,000
$267.458
rectors have declared a quarterly dividend of 90c. a share
on the capital stock, no par value, payable Feb. 1 to holders
of record Jan. 7. This compares with quarterly dividends
o.7 9 .a share paid since and incl. Nov. 1 1926.-V. 129,
p 12c8
f 5.
Balance
$246,465
$267,458
Comparative Balance Sheet Oct. 31 1929.
A
1929.
1928.
1929
1928
New York & Republic Corp.
-To Diversify Investments.
Real estate, bIdgs..
Capital stock _ _x$1,848,C06 $1,848,006
The company of which
plant, mach..eq.
Capital surplus_ 506,993
447,003 devote part of its capitalF. R. Henderson is President, will, it is announced,
to investment in commodities.
&e
$1,652,352 $1,779,331 Profit de loss
246,465
"While our corporation will invest in stocks. securities and conduct
Cash
31,884
30,115 Accts. pay. & aeon
other kindred financial operations, we have definite plans contemplating
Call loans rectify- _ 450,000
charges
101,353
153,145 the further diversification
of investments," Mr. Henderson said. "We
Deposit on tenders,
Tax
25,425
20,383 propose to invest part
of our capital in selected businesses associated with
he
1,575
imported raw materials.
Life Insur. & sued.
'The price level of practically all imported raw materials is extremely low
investments_
10,200
5,900
at this time and unusual opportunities for profitable investment present
Accts. rec. less res.
themselves with due regard for safety of principal."
-V. 129, p. 2400.
for bad debts... 232,942
225,683
349,288
Inventory
422,128
New York State Holding Co.
-Initial Dividend.
Deferred expenses_
5,376
The directors have declared an initial dividend of 50 cents per share on
1
0'd-will Zie patterns
1
Total (each side)82,728,242 $2,468,537
, on the pref. stock,
1%
Represented by 40.000 shares class A stock and 43,600 shares common the common stock, and the regular dividend of 1)
both payable Dec.31 to holders of record Dec. 15.
stock both of no par value.
-V. 128 p. 4016
Alfred C. Robjent has been elected a director.
National Steel Corp.
-Registrar.
-
The City Bank Farmers Trust Co. has been appointed registrar of 2.260,000 shares of common stock, no par value: purchase warrants for
180,000 shares of common stock and certificates of subscription for 400,000
-V.129. D. 3811.
shares of common stock.
National Toll Bridge Co.
-To Open Dec. 20.
-
New York Title & Mortgage Co.
-2% Extra Dividend.
-
The directors have declared an extra dividend of 2% and the regular
quarterly of5% on the 310par value capital stock,payable Jan. 2 to holders
of record Dec. O. An extra of 1% was paid on this issue on July 1 and Oct.
1 last.
-V. 129. p. 1926.
Northland-Greyhound Lines, Inc.
-Earnings.
The company announces that formal dedication and opening of the
The company for the eight months ended Aug. 31 1929 reported earnings
Madison Bridge, which crosses the Ohio River between Madison. Ind.,
and Milton. Ky., took place Dec. 20. The Madison Bridge, which is of 3260.242 available for dividends. This compares with 3225.372 in the
the second bridge to be completed by the company in recent months, corresponding period of last year. These earnings for the first eight months
v. 22 w n ual to $14.46 per share on the $6.50 preferred stock.9 .eff eq
,
completes a route running from Indianapolis, Chicago. and points north- of 199 p
.
west, through Lexington. Ky.,of the eastern Made Highway. The bridge
Is of the cantilever type, is 3,178 feet long including structure approaches,
Ohio Mid-Cities Corp. Wichita Falls, Tex.
-Stocks
and was completed at a cost of $1,800,000.-V. 129, p. 2697.
Offered.
-A,B. Morley & Co., Inc., New York, are offering
Neon Products of Western Canada Ltd.
-Stock Of-Pemberton & Son Vancouver, Ltd., Vancouver, 250,000 shares 1st pref. 8% cumulative (par $10) with profit
fered.
sharing certificates at $10 and 500,000 shares class B common
B. C., are offering 6,000 units at $66 per unit plus pref. div., stock (no
par) at $3 per share.
each unit consisting of one 6% cumulative preference share
Business and History.
-Corporation was incorp. In Delaware in 1924,
and is chartered to deal in and own producing oil royalties and prospective
and one common share.
Preferenceshares are preferred as to assets and dividends. Cumulative dividends at rate of 6% per annum are payable(Q.
-F.)at any branch of Royal
Bank of Canada in Can. (Yukon territory excepted) and in the case of
the present issue to accrue from Feb. 1 1930. Pref. shares red, on any
date on 00 days' notice in writing at $51.50 per share plus diva. In the
div.
producing royalties, to hold stock in other corporations, and to control
subsidiary operating units. During its first four years of operation the
corporation specialized in the oil royalty field. In 1928. it acquired controlling interest in the Mid-Continent Holding Corp., an operating company
with leases, drilling equipment, and extensive oil and gas production located
chiefly in the North Central Texas oil fields. At this time the corporation
Dim 21 1929.]
3977
FINANCIAL CHRONICLE
purnot only consistently adding to its royalty properties through new
its subsidiary
ages, but it is also acquiring additional lease properties for
is aggressively developing the extensive holdings of the
mpany, and
bsidiary which are now proven for oil production.
-As of Oct. 1 1929, the corporation owned royalty interest
Properties.
States of the
137 individual properties scattered over 44 countries in 5
15,092
Id-Continent area. These royalties represented an aggregate of
oil and gas wells. As of Oct. 1 1929, the corporation's
es underlying 636
-owned leases embracing 3,358
bsidiary-Mid-Continent Holding Corp.
gas wells
rem of ground, with 42 producing oil wells and 2 producing
countries and
•ereon. These leases were diversified in 49 properties in 8
further
States. Drilling operations are being carried on continuously to
veiop the proven leases. Total property holdings therefore represent
on which are 680 producing oil
,450 acres of leases and royalty interest,
nd gas wells.
-Earnings are derived from its royalty interest underlying
Earnings.
subsidiary
reducing properties and from its share of the earnings of its has always
n,
mpany. Income to the corporation, since its incorporatio bonds, and
interest on outstanding
en more than sufficient to meet
1 1929,
vidend requirements on outstanding preferred stock. As of Oct. times
come had increased to a point approximatdly three and one-half
ese combined requirements.
and
-Present offering of first preferred 8% cumulative shares
Purpose.
f the class B conehon shares is being made for the purpose of retiring
ly
utstanding bonds of the corporation, in the amount of approximate or
in proven
25.000; acquiring additional royalty and lease properties
further drilling of lease properties
emi-proven oil areas: development by
gas
heady owned; and further development and expansion in the natural
vision of corporation operations.
-Issuance of this stock was first authFirst Preferred 8% Cumulative.
rized in August 1926. In December 1928, the management authorized
he attachment of a special profit sharing certificate with each certificate
f preferred stock, entitling the preferred stockholder, to share in net earn.
ngs in excess of bond interest and preferred stock dividend requirements
he record of the preferred stock therefore shows continuous quarterly 2%
cash
ividends from Nov. 15 1926, to Aug. 25 1929-a total of 24%; also,up to
refit sharing distributions to all outstanding preferred stock of 2%record
25 to holders of
act. 11929, with another 1% cash profit sharing Oct.cash disbursements on
ct. 20. Including the Oct. 25, profit sharing, total
period of 35 months. At
he preferred shares to date have been 27%-in a
he present time, combined cash dividends and profit sharing on the proerred are at the rate of 12% per annum on the par value of $10 per share.
uarterly dividends of 2% are paid in November, February, May and
gust; cash profit sharing distributions are made in April, July, October,
d January. All payments are made through the Equitable Trust Co. of
New York.
-Issuance of a total of 200,000 shares of class B comClass 11 Common.
mon stock has been authorized by the corporation of which approximately
shares are outstanding at this time. The class B common, which
130,000
has no par value, is identical in all rights and powers with class A common
stock with the exception that class B has no vote, except in the event four
consecutive dividends on the first preferred are passed by the corporation
Between Nov. 15 1926, and Mr rch 25 1928, total dividends of 1434% in
cash and 2% in stock were paid on class B common. Dividends were suspended in 1928 in connection with the corporation's acquisition of the subsidiary operating company. Prospects are now, however, for resumption
of dividends on class B common within a reasonably short time.
Comparative Balance Sheets.
xSept. 30'29 Dec. 31'28
:Sept. 30'29 Dec. 31'28
LiabUtiles-$
A ssels14,402,500
.
2.575,401 3,388.152 Notes payable _ _ _15,611,680 y690,749
Cash
payable_ 684.315
Loans & discounta.45,550,599 27,990,739 Accounts
Inc. taxes
Federal
Reposs'd auto.(ap40.477
53,002 (pr. years)
69,441
praisal value) _ 136,287
506,231 Dividends payable 274,860
Marketable secur _ 199,042
15,578
207,386 Acc'd int. payable.
Accts.& notes rec_ 340,108
% convert,gold
132,592
Due from affil.cos. 366,916
1,474,000
notes
Stock of affil. cos- 3,437,271 1,937.271
23,785 534% serial gold
23,973
Real estate
3,500,000 4,000,000
notes
Furnit. & equip.
259,808 Unearned disc. &
(depree. value) _ 287,432
fut. cr. losses_ _ 1,977,103 1,237,288
Unamortized note
173,119 Federal inc. taxes
205,680
disc.&exp
119,101. (current year) _ _ 201.194 2,000,000
taxes,int.ofcc 254,997
Pre'd
Ser. A 8% peel.stk 2,000,000
Ser. C Si% pref.
2,000,000 2,000,000
stock
2,000,0Q0 2,000,000
Series D 7%
Com.stk.(par $25) 8,158,630 5,000.000
15,373,005 3,324,342
Total(each side) 53,310,863 31.791,148 Surplus
common stock subx After giving effect to the issuance of additional y Including Federal
in October 1929.
scribed and paid in by stockholders
income tax and accrued interest.
A. Morrison were recently
F. S. Baer, Preston Hotchlda and Wayland
-V. 129.
resigned.
elected directors. Reese Llewellyn and Lee B. Milbank
p.3023.
-Omits Dividend.
Pressing Machine, Inc.
Pantex
dividend of 50c. per share
The directors have voted to omit the quarterly
themo par common stock on
which ordinarily would have been payable on
Jan. 1.-V. 129, p. 980, 296.
:
--Initial Dividend, &c.
Onondaga Silk Co., Inc.
-Film Rentals.
Famous Lasky Corp.
Paramount
film rentals for the first
The corporation rerts receipts from domestic for the corresponding
receipts
two weeks in December as 48% above the
weeks of 1928.
stockholders, a new high
On Dec. 6 1929 there were 13,589 registered
the company. This corresponds to
record in number of stockholders for increase of 36%.-V.129, p.3811.
9 976 stockholders on Sept.6 1929,an
-1=0
-Preferred Dividend.
Parker Wylie Carpet Mfg. Co. semi-annual dividend of 334%
The directors have declared the regular either in cash or preferred stock,
2 1930,
on the preferred stock, payable Jan.
to holders of record Dec. 27 1929.
-Number of Stores.
(J. C.) Penney Co., Inc.
stores as compared
At Nov. 30 last, the company had in operation 1,389
with 1,022 stores on Nov. 30 1928.-V. 129. P. 3811.
--Earnings.
Penn-Federal Corp.
Earnings for Fiscal Year Ended Aug. 31 1929.
Box office receipts realty rentals,&c
Theatre oper.expenses,incl.films,talent, musicians. &c
Ground rent
Real estate and other taxes
Miscellaneous
Interest on6% gold bonds
Depreciation of building and equipment
Federal income taxes
81.752.882
1.103.501
104.061
113,313
16.080
59.050
87,633
21.503
The directors have declared an Initial dividend of 20 cents per share on the
no par value common stock, payable Dec. 31 to holders of record Dec. 21
1929. This follows the recent-reorganization of the corporation, at which
time all of the outstanding preferred stock was exchanged for corn. stock.
$247.741
President B. C. Milner Jr.. announced that the corporation was closing
Net profit
69.825
Its year in eery satisfactory shape. Sales for 11 months were 51% greater Preferred dividends
by
than the corresponding period of 1928, and net profits have increased
$177,916
63%. The plant capacity has been increased by approximately 30%.
Balance,surplus
$0.47
and
through the purchase and installation of new looms, spinners, winders and Earns per share on 375,000 shares common stock (no par)
common stock, payable
warpers at the Ogdensburg mill, which is now one of the most modern
An initial dividend of 634 cents per share on the
of record. Nov. 20.
silk mills in the United States.
hest equipped
that Nov.30, was paid to holders
The business of the corporation has increased to such an extent lease
Balance Sheet. Aug. 311929.
additional office and show room space is necessary, and a long termwhich
Ltaetiftiesfloor at 404 Fifth Ave.. N. Y. City,
AMUhas been arranged for an entire
$928
$141,716 Accounts payable
Cash
will provide more than twice the floor area in its present quarters.
7,057
458 Notes payable
in Syracuse and Ogdensburg have been running full time for the Accounts receivable
The mills
23,976
increased to such an Land, building & equipment„x2,508,047 Real estate taxes Id. gold bds.
past two years but the demand for Onondaga Silk has
9.740
6.057 Accr.int.6% sink.
extent that the directors have authorized a further increase in plant capacity. Dep., sink. fund,6% gold bds. 178,204 Federal taxes
21,503
Deferred assets
974,000
-V. 122, p. 1770.
6% sinking fund gold bonds
1.150
Deposits on tenants'leases
-Dividend Dates.
Pacific Coast Glass Co.
990.000
Preferred stock
y400,000
The directors have declared an extra dividend of $t a share on the comstock
Common
404,127
mon stock, payable Dec. 20 to holders of record Dec. 2 and the regular
82,832,482 Surplus
Total(each side)
quarterly dividend of 30c. a share on the common stock, payable Jan. 15
no par stock
x After depreciation of $173,581. y Represented by 375,000
to holders of record Dec. 3 1929 (not Dec. 21 as previously reported).
See V. 129, p. 3646.
-V.129, P. 3486.
-Sale.
Pacific Coast Steel Co.
-V. 127, p. 422.
See Bethlehem Steel Corp. above.
-25C. Dividend.
Packard Motor Car Co.
on the outstanding
The directors have declared a dividend of 25c. a share
15,000,000 common no par value shares covering the first three months
beginning Jan. 11930. payable March 12 to holders of record Feb. 15.
An interim dividend of 15e. a share was paid on this issue on Oct. 31
last and a like distribution will be made on Dec. 31 to holders of record
Dec. 12. (See V. 129, p. 1756.)-V. 129. p. 3023.
-Listing.
Pacific Finance Corp.
The Los Angeles Stock Exchange has authorized the listing of 1,000,000
shares of common stock, 200,000 shares of series A pref. stock, 200.000
shares of series 0 pref. stock and 200,000 shares of series D pref. stock,
all of $10 par value, of which those outstanding have been admitted to
trading.
The listing circular states in part:
Number of Shares
Annual
Auth.
Auth.
By Charter.for Iss'ce. Listed. Outs'd'g. Dividend
Capitalization1,000,000 853,970 1,000,000 y823,830 41.32
Common stock
.80
200,000 200,000 200.000 200.000
Pref. A stock
.65
200,000 200,000 200,000 200.000
Prof. C stock
.70
200,000 200,000 200.000 200,000
Pref. D stock
x Plus 67 in stock. y In addition, there are 30,140 shares reserved for
$1,420,000 in cony, gold bonds (Oct. 29 1929.)
the conversion of
The funded debt consists of two issues of 534% gold notes, of which an
The corporaaggregate of $4,974,000 was outstanding on Sept. 30 1929.
tion in 1926 issued S5.000,000 in 534% serial gold notes, of which $500,000
was to mature each year until 1936. The remaining notes of this issue,
amounting at present to $3,500,000, constitute the major part of the
funded debt.
Early in 1929 the stockholders authorized the issuance of $10,000,000 of
-year 534% cony,gold notes, of which $7.000,000 was sold to stockholders
15
These notes
of
and the remaining $3,000,000 to bankers asthe Apr. I 1929. for the stock
notes and $48
are convertible into common stock at par for for the notes and $50 for the
to and including Apr. 11930; thereafter at par
the
stock through .Apr. 1 1931: thereafter at par for the notes and $52 for the
$56
stock through Apr. 1 1932; thereafter at par for the notes and $60 for the
for
stock, through Apr. 1 1933; thereafter at par for the notes and At no time
stock through Apr. 1 1935, after which all conversions cease.
will fractional shares be issued; the company will adjust accrued interest
and fractional shares in cash, valuing the shares at the conversion price.
unOf the $10,000,000 issued as of Apr. 1 1929, only $1,474,000 remained
converted on Sept. 30, 1929.
Surp. Earns.
Net
Gross
After Dirs.
Income,
Business.
Calendar Years$426,830
$817,151
$20,008,316
1924
634,742
1,050,189
41,245.093
1925
575.978
45,000,000
917,153
1926
56,000,000
671,113
1,098,795
1927
728,661
75,000,000
1,635,695
1928
812.881
1,770,124
93.931.808
1929 (nine months)
to
The above figures include the earnings of subsidiaries only in the extent
that such earnings were paid to the Pacific Finance Corp. thedividends.
dividends
The subsidiaries earn amounts very considerably in excess of
which they ear; for example, their earnings for the first nine months of
1929 were more than $250,000 greater than the dividends paid to Pacific
Vinance.
Basis.
-Now on Quarterly Dividendthe shares/
. Pepperell Mfg. Co.
been declared on
A quarterly dividend of $2 per share has
payable Jan. 2 1930 to holders of record Dec. 18 1929.
April 1, July 1 and
The regular dividend dates hereafter will be Jan. 2,
y, as hereOct. 1, quarterly instead of March 1 and Sept. 1, semi-annuall
tofore.
follows: $4 per share each on March I
Dividends paid in 1929 were as
and Sept. 1.-V. 129. p. 2244.
-Expands.
& Tube Corp.
Pilot Radio
development in the afAn important announcement of a constructive
stockholders in the
the
fairs of this corporation will be made toI. trade and
Goldberg.
next few weeks, according to President
position in the industry. the Pilot Radio & Tube
Due to its peculiar
market situation,
Corp. is expanding rapidly independent of the stock
to-day is the largest
declared Mr. Goldberg. He said: "The corporation business is ba Europe
One third of its
exporter of radio parts in the world.
is shipping parts
and is not affected by foreign competition. The company
and Germany where because of
to England, France, Holland, Belgium by amateur operators.
their low cost they are eagerly bought
at present except for its
"The corporation has no inventory on hand material and therefore the
daily needs. It fabricates every part from raw
raw material. Due
company makes no advance commitments except in company will move
to its increased business and its expansion program,the There it will have
a few months.
Into new quarters in Lawrence, Mass. in
square feet of floor
one of the largest factories in the world with 1,500,000
power and a
own
space. The now factory is fully equipped with itsplantswater
scattered throughgreat many expenses will be eliminated. All of our
prowill be gathered under one roof facilitating increased
out the country
has already
duction and a cutting down of overhead. The Detroit plant
moved.
moved to Lawrence and our Poughkeepsie plant is partly moved by next
"The main plant in Brooklyn will have been completelyCommission for
April. The corporation will apply to the Federal Radio will immediately
permission to move its television broadcasting station and
proceed to produce television sets for home use.
We
We are in excellent cash position loaning large amounts on call.chain
houses and
who distribute our product through the largest mail ordermarket break and
stock
stores have had no decrease in sales because of the
on the other hand sales have increased in the last two months.Co. is now
"Charles Gilbert, former President of the De Forest Radio
-V. 129, 1). 3337.
associated with us."
-Earnings.
Plymouth Cordage Co.
PeriodNet sales
Operating profit after deprec
Charges
12 Mos.End. 2 Mos.End. 12 Mos.End.
Sept. 30'29. Sept.30'28. July 31 '29.
$13.830,233 $3,264.275 $14,807,625
330.727
83.023
2,195,134
65,753
876
29,303
$2,165,831
Net operating profit
295,846
Reserve for taxes
949,161
Cont. reserve for inventory changes
Inventory adjustment
Other income
162,000
Res. for extra city. and wage bonus_-486,404
Dividends
$272,420
Net addition to surplus
x Includes use of $329.102 inventory reserve.
$82,147
12,415
$264,974
Cr56.488
Cr16,054
z7,597
121,624
486,461
$20,650 def3229.084
3978
FINANCIAL CHRONICLE
Condensed Balance Sheet Sept. 30.
1929.
1928.
1929.
1928.
Assets
LtatcituidsCash
1,721,228 1,131,033 Accounts payable
347,970
237,225
Call loans
2,500,000
Accts. & notes rec. 1,155,975 1,049,906 Advance payment
by selling agents
138,67i
Mdse. & supplies_ 8,059,104 4,919,706 Notes and acceptStock of sub. corp.
ances payable__ 132,898
555,003
owning & oper.
Divs. payable_ __ _
121,624
121,624
Sisal plantation
Accrued int.& taxes 379,278
95,811
In Cuba
190,750
190,750 Employees ins. fd_
17,324
12,759
Advances to sub.
Res. for contingent
corporation_ _ _ 301,201
260,071
decline in value
Stock of Cordage
of inventory and
Distributors,Ltd
50,000
50,000
of fibre conLoans to employees 102,817
112.453 tracted for
949,161
Expenses paid in
Res, available for
advance
139,314
133,392
134% extra div.
Treasury stk.-emand wage bonus. 162,000
ployees' special_
2,314
1,325 Common
Real est. & equip. 6,424,685 6,577.173 Surplus stock_ _ _ 8,108.280 8,108,280
7,928,853 7,656,433
Total
18,147,389 16,925,809
Total
18 147,389 16,925,809
-V.129, p. 3646.
Philadelphia National Insurance Co.
-Larger
Div.
The directors have declared a quarterly dividend of
on the capital stock, par $10, payable Jan. 15 to holders30 cents per share
of record Dec. 31.
An initial dividend of 25 cents per share was paid on
Oct. 15 last.
-V.129,
p. 1299.
Prince & Whitely Trading Corp.
-Initial Report.
[VoL. 129.
Detroit, Canton, Massillon and Pittsburgh
,
nomic water transportation. Other principalthe lake cities affording
plants are located at Warr
and Niles, O.; Moline, 111.; Muncie,
Ind., and Brooklyn, N. Y. Ra
material sources owned include ore
seta and Alabama, coal properties mines in Michigan, Wisconsin, Minn
in
and lime stone properties in Alabama. Pennsylvania, Ohio and Alaba
Republic occupies a strategic position in the
its southern plants and raw material reserves Birmingham field throu
in that district. Donner
Buffalo, as well as Interstate at Chicago, enjoy
excellent lake shipp
facilities. Interstate with its well-developed
steel plants, gives the co
solidated properties an important position in the
great Chicago steel distri
Consollated properties produce all of the important
semi-finished an
finished steel products, as well as certain
fabricated sheet products suc
as metal furniture, laths and kindred items,
and also a complete line
nuts, bolts and so forth. Republic is a
large producer of pipe, tin pla
strip, sheets, tubing and various bars and
is the world's leading producer of alloy and shapes, while Central Allo
of the properties will therefore result in an special steels. Consolidatio
organization with a wide div
sification of business and a complete integration
Included in the physical properties are 14 blastof production.
furnaces. 6 electrical furnaces, 633 coke ovens, 17furnaces, 65 open-heart
rolling mills, 158 finis
ing mills. including 20 bar mills. 5 strip
mills, 85 sheet mills, 8 tube
and 34 tinplate mills. Raw
iron ore, 165 million tons ofmaterial reserves include 125 million tons
coal and 30 million tons of lime stone an
dolomite.
Republic Research Co. will be devoted to
extensive research work
all the various processes involved in the
making
and treatment of ores to the finished product, of steel, from themining
including the productio
and treatment of coke and by-products,
application of electricity to at
making and the production and perfection
of
The Cliffs Corp. was organized in 1929 as aalloy and special steel.
holding company. It con
trols the Cleveland-Cliffs Iron Co. and
in steel companies in Youngstown, owns a substantial amount of stoc
Cleveland
is the largest and oldest ore mining company and Chicago districts. I
It was originally established 80 years ago asin the Lake 'Superior region
the
Co., two years after the discovery in 1848 of the Cleveland Iron Minin
Superior district. It was founded by Samuel first ore mine in the Lak
Mather, father of Samue
and William G. Mather and grandfather of
at present active in the management of theS. Livingston Mather, who ar
company.
It originally operated as an iron ore mining
company, but over a perio
of years has gradually expanded its activities
addition to its ore mines, lake vessels, docks, until it now operates,
blast furnaces, coal proper
ties, coke ovens, water carbonization
operations and various wood industries. and chemical plants, lumberin
Operations are carried out throug
twenty subsidiaries or affiliated companies.
The company owns large ore reserves in Michigan
on the Marquett
Range and operates mines in the Marquette,
ranges with an annual production of over four Mesaba and Menomine
million tons. It manages
and operates an extensive fleet of lake freighters,
carrying the company'
coal and iron on the Great Lakes. It
in West Virginia and Pennsylvania, and owns and operates coal properties
approximately two million tons a year. sells, through its coal department,
-V. 129, p. 2872.
Total income from all sources of tne corporation for the
first quarter of
its fiscal year, representing earnings derived from only
2 months and 14
days of actual operation from Sept. 17 to
$1,203.754 in the initial income statement Nov. 30 1929, is reported to
to stockholders.
includes dividends on preferred stock owned,accrued but not This figure
capital gain from giving effect to the proposed retirement of declared, and
of the corporation's preferred stock purchased, out of surplus 20.000 shares
earnings over
preferred dividend requirements, in the open market, at
an average cost
of $33.32 per share.
After expenses including salaries and general expenses,
providing for Federal income tax for the period covered bynet gain before
$1,201,728. After payment of preferred dividends of the report was
$199,555 there
remained a balance of $1,002,173.
The statement to stockholders adds: "As of Nov. 30, the total investment account of the corporation carried at cost amounted to
$9,615,330.
The market value of the securities owned on that date
amounted to $9.466,229, showing a market depreciation of $149,100, or approximat
ely
-After giving effect to the proposed retirement of 20,000 shares
of the
corporation's preferred stock mentioned above, the corporatio
n still had
cash, time and demand loans and Interest and dividends
receivable in
excess of $15,500.000.
Republic Steel Corp.
-To Be Organized Through Con"The total yearly dividend requirement on the 308.000
stock now outstanding in the hands of the public amounts shares of pref. solidation of Republic Iron & Steel Co.. Central Alloy Steel,
"The above figures show that the net gain for the first to $924,000.
-See Republic Iron & Steel
2 months and Donner and Other Organizations.
14 days is well in excess of the amount required to pay
the preferred stock for the entire year. After deducting the the dividends on Co. above.
dividend requirements for the quarter and after deducting $149,100 market
(R. J.) Reynolds Tobacco Co.
depreciation.
but before estimating Federal income tax, there
-Block of B Stock Sold.rt. S. Reynolds of the Stock
approximately $I per share on the 856,000 shares remained $853,072. or
of common stock out- dent of Selected Industries, Exchange firm of Reynolds &Co.,and Presistanding."
associated with Sir Hugo Cunliffe Owen, of
-V. 129, p. 3487.
London announces the sale of a large block of
class B common stock. The greater portion R. J. Reynolds Tobacco Co.
Prudential Co. (Md.).-Extra Dividend.
of this
accumulated during the past few months. was sold stock, which had been
This company, a Maryland investment trust, has declared
abroad.
an
It is understood that this block, involving
dividend of 18%c. per share on the preferred stock and the regular extra
over 200.000 sharea, was placed
quar- with investment institutions which were attracted
terly dividend of 50c. per share on the common stock and 1%%
on the securing for their permanent investment portfolios by the opportunity of
preferred stock, all payable Jan. 1 to holders of record Dec. 24.
an investment stock of
such character with so good a yield basis.
-V. 129, p• 3647.
Punta Alegre Sugar Co.
-New Director.
-
Ellis B. Parry, Comptroller, has been elected a director succeeding
Frank
A. Dlllingham.-V. 129, p. 3794.
Ritter Dental Mfg. Co.
-Earnings.
-
For the month of October, the company reports
earnings, exclusive of
those of its foreign subsidiary, of $169,274, after
the largest ever reported for any month in the taxes. These earnings are
Radio Products Corp.
-Initial Dividend-Earnings.
history of the company and
compare with $123,311 for the corresponding month
The directors have declared an initial dividend of 50c. a share
of 1928.
Earnings
capital stock, no par value, payable Feb. 1 to holders of record on the
Jan. 24. ended Oct. of the company, exclusive of Ritter A.G. for the 10 months
31 1929 and earnings of subsidiaries
(For offering, see V. 129, p. 1603.)
Sept. 30,amounted to $1,173,780. After preferredfor the 9 months ended
Net profits for the 10 months ended Oct. 31 1929. were $546,503 after
dividends,such earnings
charges, incl. Federal taxes. This is equivalent to $5.46 per share for al are equivalent to approximately $6.42 per share on the 160,000 shares of
the common stock outstanding. Estimates for the current year
period.
-V. 129, p. 3487.
place earnings
at $7.50 per share.
-V.129. p. 3812.
Rainbow Luminous Products, Inc.
-Rehearing Denied.
Rockwoo
d & Co.
-Earnings.
A motion for rehearing before the U. S. Circuit Court of Appeals for the
The company in the 6 months ended June 30 1929 earned slightly
Second Circuit in connection with their recent decision holding that the
over
Rainbow caesium mirror neon tube does not infringe the Claude patent $422,000 which amount is more than earnings for the entire year 1928.
At
has been denied. The company has awaited this decision before announc- 6%the present time, there are $1,100,000 of the company's first mtge.
bonds outstanding.
-V. 122. P. 1039
,
ing the development under its caesium mirror process of a new neon tube
which operates on 220 volts, alternating or direct current, without the use
Ruud Mfg. Co.(& Subs.).
-Balance Sheet Sept. 30 1929.
of transformers and eliminating high voltage wiring.
-V. 129, Li• 3487.
AssetsLiabilities
Cash
$142,193 Accounts payable
Republic Iron & Steel Co.
-3350,000,000 Steel Merger Bonds& marketableaecuritles_ 1.048,854 Reserve for Federal and State 1168,839
Announced-Consolidated Organization Includes Republic Iron Real estate mortgages
50,000
taxes
62.156
Accounts receivable
& Steel, Central Alloy Steel, Donner Steel, Co., and Several Notes & accept. receivable_ 771,704 Miscellaneous reserves
26,775
_ 160,184 Capital stock (123,300 abs. no
Other Organizations.
-A $30,000,000 merger of steel com- Inventories
1,357,343
Par)
3,082,500
Ruud
panies, creating the third largest steel company in the Land Mfg. Co., London,Eng_ 139,767 Surplus
878.378
63,236
United States in point of ingot capacity, was announced in Buildings, machinery & equip. 313,049
Cleveland Dec. 17 by E. T. McCleary, who will be President Interest accrued on securities__
8,548
5,313
of the new company, which will be known as the Republic Prepaid insurance premiums__
Leasehold improvements
9,133
Steel Corp. The consolidation will combined the Republic Patents
Deferred charges
51,322
Total(each side)
$4,118,448
Iron & Steel Co., the Central Alloy Steel Corp., Donner -V. 129,
p. 3180.
Steel, Co., and
the Bourne-Fuller Co. and their various
subsidiaries. Tom M. Girdler, who recently resigned as
President of the Jones & Laughlin Steel Corp., will be
Chairman of the Board of the new company.
The merger proposal was approved Dec. 17 at a meeting of the board
of directors of the four companies which are to be combined and will be
submitted to stockholders of each of these companies at an early date for
ratification. Mr. McCleary announced that the details of the merger are
being worked out and will be made public later.
As a part of the merger plan, a new company-Republic Research Co.
will be organized as an adjunct of the corporation. It will be headed by
F. J. Griffiths, who has been Chairman of the board of the Central Alloy
Steel Corp. It will have charge of all of the research and metallurgical
work of the corporation. Other executives of the merged company include
B. F. Fairless, J. H. Schlendors of Central Alloy; H. C. Gilbert and
W. H. Neckerman of Republic; W. T. Witherow of Donner and R. S.
Hall of Bourne-Fuller. These men, together with R. J. Wyser. formerly
General Mgr. of Jones & Laughlin, will constitute the active staff of the
new company.
The properties involved in the consolidation are Republic Iron & Steel
Co., including Steel & Tubes, Inc. and Union Drawn Steel Co.; The Central Alloy Steel Corp. and subsidiaris, including Berger Mfg. Co.; The
Interstate Iron & Steel Co., recently acquired by Central Alloy; Donner
Steel Co., Inc. and recently acquired subisdiary, Witherow Steel Corp.;
The Bourne-Fuller Co. and The Trumbull Clifs Furnace Co. There will
also be included a new corporation to be known as Republic Research Co.
Instrumental in the consolidation were The Cliffs Corp.. controlling The
Cleveland-Cliffs Iron Co., and Continental Shares, Inc., one of the largest
investment companies in the country. Their interests are understood to
be among the largest holders of steel stocks in the world. Co-operating in
the undertaking were the powerful steel and ore interests of Pickards,
Mather & Co., The M. A. Hanna Co. and Otis & Co.
These properties, which constitute a self-contained unit from raw material to finished product, have combined total annaul sales of $250,000,000
and combined total assets of approximately $350.000,000. Total ingot
capacity is about 4,900,000 tons per year, the consolidated property.
therefore, ranking third in the United States in total tonnage.
The plants are strategically located in such steel producing and consuming centres as Cleveland, Chicago, Youngstown, Buffalo, Birmingham,
Safeway Stores Inc.
-Listing.-
The New York Stock Exchange has authorized the listing of 20,000
additional shares of 6% pref. stock (par $100) each and 28,603 additional
shares of common stock (no par value) as follows: 20,000 shares of
6%
pref. stock, accompanied by warrants for the purchase of 20,000 shares of
common stock, to be issued for the aggregate consideration of $1,800.000
cash (with adjustment for current dividends on the 6% prof). 20,000 shares
of corn. stock to be issued upon the exercise of warrants. 7.751 shares of
common stock representing the maximum amount to be issued to com.
stockholders on account of a dividend payable either in cash or in corn.
stock; 852 shares of corn, stock representing the maximum amount to be
issued to warrantholders on the exercise of subscription rights at the
of $100 per share, making the total number of shares applied for to price
date
105,134 shares of 6% preferred Stock, and 716.878 shares of com. stock.
Earnings for Six Months Ended June 29 1929.
Netsales
$93.778.973
Cost ofsales
76168236
::
Salaries & commissions & other oper.& administrative expenses_ 13801114
Provision for depreciation
649,392
Netoperating profit
$3,160,230
Miscellaneous income
95,253
Totalincome
$3,255,483
Interest and miscellaneous charges
51,462
Provision for Federal taxes
288,310
Netincome
$2,915,711
Surplus at beginning of period
$33,829,682
Totalsurplus
$6,745,393
Dividends paid on 7 preferred stock
147,928
Dividends paid on 6% preferred stock
117,590
Dividends paid on common stock
918,090
Dividends on preferred stock Arizona Grocery Co
13,857
Premium on preferred stock Arizona Grocery Co
1,148
Surplus at end of period
$5.546,781
Earns. per sh.ofcorn.stock, based on aver,no.ofshares
$4.31
DEC. 21 1929.]
FINANCIAL CHRONICLE
Comparative Consolidated Balance Sheet.
Junc29'28. Dec.31'28.
June29'29. Dec.31'28
Assets
_ 1,500,000
3,937,707 5,835,030 Notes payable5511
303,437 Accounts payable_ 4,046,826 3,069,715
S. treas. notes_ 303,437
101.097
13,000
Sundry notes pay_
15,526
tee receivable_ _
552,649
612,463 Dividends payable 598.976
rade accts.receiv. 897,950
544,063
218,306 Accrued liabilities_ 573,021
239,478
md. accts receiv.
20,032,355 15,663,601 Prov. for Fed. inc. 855.997
ventorles
772,952
tax and corning _
292,646
Paid expenses_ 413,232
14,767
21,815
437,185 Deposits on leases.
vest.& advances 227,701
Mtge. on rl. eat &
vances to newly
259,000
221,000
building
2,826,500
sub
formed
579,676 7% sink. fd. gold
reasury stock_ 506,740
439,500
notes of sub. cos. 244,000
al eat & bldg&c.x11,767.992 18,709.952
Pref. stk.8% cum.
234,250
222,775
of sub.cos
7% cum. preferred 4,745,200 4,745,200
6% cum. pref.stk. 3,915,000 3,915,000
Common stock_ _y18.664.229 14,174,423
Earned surplus_ _ _ 5,546,785 3,829,682
41,168,619 32.652,298
Total
41.168,619 32,652,298
Total
x After depreciation of $3,787,804. y Represented by 618.945 no par
p. 3812.
ares.-V. 129,
-Stores Increase.
Sally Frocks, Inc.
The company is now operating 40 stores as against 20 on November 1928.
V. 129, p. 3812.
-Extra Dividend.
Santa Cruz Portland Cement Co.
The directors have declared the regular quarterly div. of $1 per share,
24,
yable Jan. 1, and an extra dividend of $2 per share, payable Dec.
both to holders of record Dec. 19. A year ago, an extra dividend of $2
extra of $1 per share two years ago.vas declared, as compared with an
. 127, p. 3414.
-New President, &c.
Savannah Sugar Refining Corp.
B. O. Sprague, Vice-President, has been elected President, succeeding
. S. Tardonnex. Thomas Oxnard has been elected Vice-President to
ucceed Mr. Sprague, and will continue to hold office as Treasurer.
W. W. Sprague has been elected a director to succeed Mr. Tardonner.. 128, p. 4019.
Scott Paper Co.
-Earnings.
1928.
1929.
47 Weeks Ended Nov. 24$7,016,137 $6,161,342
et sales
552.944
684,982
arna. after all charges & taxes avail,for com.stk.,
-V. 129, p. 3338.
-Usual Common Dividend
Seagrave Corp.
The directors have declared the regular quarterly dividend of 30c. Per
hare in cash or 2%% in common stock,at the option of the stockholders,on
Distribuhe common stock, payable Jan. 20 to holders of record Dec. 31
ions of like amount were made on the common stock on 11 (previous 19
uarters.-V. 129, p. 2699.
3979
-Extra Dividend.
Coalition Mines Co.
Silver King
per share for
The directors have delcared the regular dividend of 25c. share. The
per
the fourth quarter and an extra Christmas dividend of 20c.dividend of 25c.
regular
Christmas dividend will be paid Dec. 24 and the of record Dec. 13. An
Per share is to be paid Jan. 2, both to stockholders
1925, 1926. 1927
extra distribution of 10c. pershare was made on Dec. 24
and 1928.-V. 128. p. 1924.
-Receivership.
Corp. of America.
Sonora Products
Trust Co. receiver
Federal Judge Alfred C. Cosa appointed the Irving
and the Sonora
in bankruptcy for the Sonora Products Co. of America
bankruptcy against the
Phonograph Co., Inc., Dec. 18. Petitions in Hegeman Electric Co..
by the Arrow-Hart &
companies had been filed
and the Gavitt
Hartford, Conn.; Harvey Hubbell, Inc.. Bridgeport, Conn.,
Manufacturing Co., all creditors.
creditors moved on Dec. 16 for an equity
The first named of the three
Judge Coxe then issued
receivership for the two defendant concerns, and
expressed by ofan order returnable Dec. 19. At that time surprise was assets were triple
that their
ficers of the defendant companies, who declared
that commenced
their liabilities. The present court action supersedes
Dec. 16.
due them from each
The three petitioning creditors alleged that money is
each defendant
of the two defending companies. approximately $3,000 from
Co.; more than $3,000 from each
in the case of the Arrow-Hart & Hegeman
from each due the
due the Harvey Hubbell Co., and more than $4,000
Gavitt concern.
of the Sonora PhonoThe Sonora Products Co.is the principal stockholder liabilities incurred
graph Co., and the parent company is responsible for year ago.
resolution adopted a
by the subsidiary, according to a
belief, that both
The petition filed Dec. 18 alleges, on information and certain creditors.
$1,000 to
defendants have made preferential payments ofalleged that an attachment
also
to the detriment of other creditors. It is against the defendants to cover
has been issued in the State of Michigan
unnamed creditor.
the sum of more than $100,000 said to be due an 19 appointed James L.
Judge Hugh M. Morris at Welmington. Dec.of the company in Delaas receiver for the assets
Boyce, a local attorney,
-V.
of New York.
ware, to act as co-receiver with the Irving Trust Co.
129. p. 1930.
Weaving Co., Greenville, S. C.-Ext. Div.
Southern
per share on the
The directors have declared an extra dividend of $1.50
Dec. 21.-V. 127.
common stock. payable Dec. 31 to holders of record
p. 1117.
-Extra Dividend, etc.
& Seal Corp.
Standard Cap
per share on the
The directors have declared an extra dividend of $3of record Dec. 23.
outstanding common stock, payable Dec. 30 to holders a share this year,
$4
The corporation already has paid regular dividends of total distribution to
the
so that with this extra dividend of $3 a share,
stockholders has aggregated $7 a share for the year 1929.
reports an inFor the 10 months ended Oct. 31, last, the corporation The corporayear.
crease of 26.3% in sales over the same period of last
and other food
tion furnishes patented hood and disk caps for milk bottles
States.
containers to leading dairy companies through the United
-Dividends, &c.
Oil Co. (Indiana).
Standard
paid on Dec. 16
Dividends totalling approximately $14,400,000 were
stockholders. The payment consists of
ler, Ehr- by this company to nearly 80,000 cents a share plus an extra of25 cents.
-Drumhel
-Stock Offered.
Shareholders Corp.
the regular quarterly dividend of62%
dividend checks, President Edward G.
In a
Hellman & White, Seattle, Wash., are offering privately Seubert letter accompanying the "a large percentage" of the stock of the
announces acquisition of
(with common Pan American Petroleum & Transport Co. He welcomes former Pan
120,000 shares non-par value common stock
and extends
American stockholders to the Standard of Indiana family
stock purchase warrants) at $10 per share.
and better the
assurance that "best efforts will be put forth to maintain
Each share of common stock will carry a warrant entitling the holder Indiana company's long record of continuous and substantial earnings and
to purchase on or before Jan. 1 1935, an additional share of stock of the dividend payments. -V. 129. P. 3649.
corporation at a price of $10 per share. Except for purpose of exercise,
warrants will not be detachable until Jan. 1 1931. It shall be provided
-Hydrogenation Development.
Standard Oil Co.(N. J.).
that no common stock may be issued and sold at this or any future time
in Germany and
On Nov. 23 announcements were made simultaneously
at less than $10 per share net to the corporation.
completion of the negotiations between I. Cl. Faron
-Is being organized in Delaware to buy, sell and (or) hold the United States of the
Corporation.
Standard Oil Co.(N. J.) relating to the hydrogenati
common stocks and (or) other securities dealt in on leading stock exchanges. benindustrie and the this statement was as follows:
process. The text of
Outstanding.
Authorized.
Capitalizationhydrogenation of coal and oil of I. G. Far1. The patents relating to
120,000 shs.
600,000 shs.
outside of Germany
Common stock (no par value)
benindustrie and Standard Oil Co.(N. J.) for the world
Jointly by the
There will also be outstanding a total of 160.000 warrants.
will be taken over by a corporation which will be owned
and pay cash for 20,000 parties. Standard will assume the management of this corporation.
-National Corp. will subscribe
Management.
the I G.
2. A marketing outlet for the product of synthetic gasoline by
shares of the non-par value common stock at $10 per share net to the
which safeguard the
corporation, and will receive therewith a total of 60,000 warrants.
Farbenindustrie in Germany is provided on terms
The corporation will enter into an agreement with United National interests of the I. G. Farbenindustrie.
in research and
Corp. whereby the latter will be entitled to receive one warrant upon the
3. The existing close co-operation between the parties
is enlarged
anv per nentated
issuance, for value, of each two shares of common stock in excess of the dedelopipetu on new products and processes of mutual interest
This
120,000 shares of common stock initially to be outstanding. owns aagreeminico-operative examination of the technical
United National Corp.
ment is to be effective only so long as
This agreement follows a
have
mum of 20,000 shares of common stock, and is not to be effective with and commercial possibilities of the new processes in which the parties
limited agreement
engaged during the last three years in pursuance of a
respect to common stock issued on account of the exercise of warrants.
restrictions which will reached in 1927. The agreement of 1927 had been in turn based upon
United National Corp. will act as manager under
sides following
Provide that securities sold to, or purchased from the corporation, directly nearly two years' study of the questions involved by both the broad outor indirectly by the manager, or its affiliated or subsidiary corporations, completion of the first stages of the development in which I. G. Farbenshall be at the cost to the manager, or such affiliated or subsidiary corpora- line of the method had been discovered and demonstrated by
tions, or at the market, whichever is lower; and any profits made directly industrie.
of the hydroor indirectly by the manager, or its affiliated or subsidiary corporations,
The three initial commercial oil plants for the operation
La.; and
through such sales or purchases, shall be paid to the corporation. to in- genation process, now building at Bayway, N. J., Baton Rouge,
expenses of Shareholders Corp., defined
proceeding rapidly toward completion and these
All ordinary operating
Tex., are
by its manager. Baytown,
at Merseburg, Germany,
clude salaries, rent, traveling expenses, &c. are to be paid
plants, together with the I. G. commercial plants
United National Corp., who shall be entitled to receive a fee amounting which operates both on coal and oil, will provide a fairly wide range of com/to X of 1% per annum of capital, surplus, reserves and undivided profits of mercial experience.
to the subthe corporation.
It has never been the plan to restrict the use of the process
-Restrictions of the corporation provide that sidiary and affiliated units of the Standard Oil Co.(N. J.).
Restrictions and Policies.
reserves and undivided
rie, A. G. have merged their
not over 10% of the corporation's capital surplus,
This company and the I. G. Farbenindust
policy of the
called Standard-I. G.
Profits may be invested in any one security. It will be the corporation's patent interests in a new corporation which will be the stock in this comcorporation that under ordinary conditions not over 5% of the in any one Co. Standard Oil Co.(N. J.) owns the majority of
.
capital, surplus, reserves and undivided profits will be invested
pany and will assume responsibility for its management
indevelopment of the
security. It will further be the policy of the corporation to select forand
The technical work in the United States on the the present in the
for
vestment such securities as are dealt in on leading stock exchanges,
process and the construction of plants will remain will co-operate directly
to invest its capital without incurring any indebtedness. such earnings as hands of the Standard Oil Development Co., which
of the joint de-Corporation will pay 'dividends only from
Dividends.
with the technical staff of the I. G. All business aspects
are derived from interest or dividends actually received, and from the velopment will be centered in the Standard-I. G. Co.
of rights and stock dividends sold, until the contingent reserve
Standard-I. G. Co. will be : E. M. Clark. Walter
proceeds
The directors of the
oneH. G. Seidel,
fund to be set up on the books of the corporation is equal to at least
Duisberg, R. T. Haslam, F. A. Howard, H. Riedemann.
half of the entire paid-in common stock capital.
Peter Hurll, C. A. Straw, Otto Von Schrenk and Guy Wellman.
A. Howard; Vice-President. E. M.
be provided that the corporation may be liquidated
-It shall
Liquidation.
Its officers will be: President, F.
Resor.
upon vote of two-thirds of its common stockholders.
Clark; Secretary, M. H. Eames; Treasurer, R. P.
six new tankers
Listing.-Appllcation will be made to list this stock on the Seattle Stock
By the end of 1930. according to the present schedule,
will be ready to transport
Exchange.
of 16,000 and two of 18.000 deadweight tons eachforeign and domestic sub-Initial stock investments of the corporation will be selected their first cargoes for account of the company's
Portfolio.
Stock
carriers of apfrom securities of companies listed principally on the New York
sidiaries. The placing of orders for four additional bulk oil n.
Exchange.
proximately 13,500 dwt. tons each is now under consideratio
represent the largest construction program underNot only does this
-50c. Extra Dividend.
(Frank G.) Shattuck Co.
the Standard Shipping Co., but the vessels will have
share payable taken at one time by
The directors have declared an extra dividend of 50c. a paying regular added features tending to improve their efficiency over that of former
yards and two at
The stock is also
of record Dec. 30.
Jan. 20 to holders
tankers. Six of these vessels are building in European
Quarterly dividends of 25c. a share (see V. 129, p. 1757).-V. 129, p. 3025. the Federal Shipbuilding & Dry Dock Co., Kearny, N. J.
vessels will be 16.000 dwt. tons, twin screw. Diesel driven
The foreign
same set of
-Comparative Balance Sheet.
Sheffield Steel Corp.
tankers, five of which will be constructed throughout from the
Oct. 31'29. Dec.31'28. specifications, the sixth being of somewhat different design.
Oct. 31 '29. Dec.31 '28.
$
England, one at the Furness Shipbuilding Co.,
LtabilUtes$
Two are being built in
$
' Assetsthe Painters Ship8,218,420 7,345,056 Preferred stock_ _ _ 2.500,000 2,500,000 Ltd. Yard, at Haverton. Hill-on-Tees, and the other at Three are building
Fixed assets
2,014,895 Common stock- _ 3,898,190 3,889,109 building & Iron Co., Ltd. plant at Hebburn-on-Tyne.
Inv. bond retire_
kan Schiftbau und Maschinen2,000,000 2,000,000 in Germany. at the yards of the Bremer-'Vul
Funded debt
Misc. advances &
schaft, Nordsee82,799 1nvt. to be ret.
frabrik, Vegesack; Vereinigte Stahlwerke Aktiengesell
& Invest
i
2,005,639 werke, Emden; and Fried-Krupp Aktiengesellschaft. Germaniawerft.
from spec funds
143,706
i Deferred charges.. 128,484
81,882 Kiel-Garden. The sixth vessel is under construction at Cantiere Na20,269
125,561 Operating reserves
149,359
' Cash
-V.129. p. 2874. 815, 492.
986,094 vale Triestino yard. Monfalcone, Italy.
470,219 P.& L.surplus_ _ 1,613,016
25,000
Marketable secs..
225,304
832,224 Accounts payable_ 464,448
Accounts recolv __ _ 1,549,097
-Erects New Skyscraper Garage. been
119,221
141,432
(The) Starrett Corp.
932,881 Accruals
1,027,354
Inventories
skyscrapers has
300,000
902 Notes payable_ __ _
Another record for rapid construction of modern week. The last steel
2,290
Due from employes
this
140,994 established by the corporation, it was learned
182,650
Tax reserves
Chicago, which is being erected
girder on the National Parking Garage in The Starrett Building Co. of
Total (each side)11,100,004 11.948,243
by one of the corporation's subsidiaries, 14, marking the completion in
-V. 129, p. 3488.
Chicago, was placed in position on Dec.
above ground
days of the steel structure which rises 29 stories
-Omits Div.
Shreveport El Dorado Pipe Line Co.,Inc. the stockholders 43 working stories below street level. The caissons. 95 feet deep, were
with three
that the best interests of
the first steel columns were set
The directors have decided
not to started Oct. 6 and finished in 16 days, and feet, was completed while the
therefore,
would be served by conserving cash. It was resolved, A regular quar- Oct. 18. Excavation of the basement. 40
due Jan. 1.
and the basement is finished.
pay the quarterly dividend of 50c. per share Oct. 1 last.
-V. 129, p. 2091. structural steel was being erected,
on
terly distribution of this amount was paid
3980
FINANCIAL CHRONICLE
[VOL. 129.
This new skyscraper, located on Quincy
born Sts., is an automatic elevator garage St., between State and DearConsolidated Balance Sheet September 30
devoted solely to the parking of
1929.
automobiles. It has a capacity of over 1,000
Assets—
cars which will be handled on
Liabilities
three double elevators by the Kent Parking
Unit system similar to the Cash
$308 Bank loan, secured
garage on 43rd St. just east of the Grand Central
$1,319,
Station in New York City. Accts. rec. & grain advances
139,445 Owing to grain purchases
The new Chicago garage is
Rec. on sale of cash grain for
Accts. pay. & accrued charges_ 859,
Garages, which was organizedbeing constructed for the National Parking
41,
future delivery
by a group of public utility men in New
846,974 Int. & prin. payment on City
York City who plan to build a chain of automati
Grain inventories
and have already secured options on sites for c garages across the country, 8upp.,adv.& prepaid expenses 1,445,788 of Sarnia loan
32.0
skyscraper garages in several
19,635 Preferred stock dividend
cities throughout the middle west. The Starrett
26,2
Land, leases, elevator strucProv. for Fed. Income taxes
build all of this company's garages in the UnitedCorp. has a contract to
14,7
tures, equip., docks, &c_
2,471,403 Deferred liabilities
States during the next
10 years.—V. 129, P. 3181
821,
Reserve for depreciation
67,8
7% cum., cony. pref. stock_
(F. B.) Stearns Co., Cleveland.—To
1,500.
Common stock
x120,
Total(ea. side)
A special stockholders' meeting has been called Dissolve.—
24.923,553 Earned surplus
for
121,4
pose of voting on a proposal to dissolve the company Dec. 30 for the purx Represented by 25,000 shares of no par
, surrender its charter
value.—V. 128, p.3015.
and dispose of its property.
The company has 260,000 shares of common
Transue & Williams Steel Forging Corp.—
Earnings.
authorized issue of 360.000 shares and $850,000 stock outstanding of an
Period Ended Sept. 30-1929-3 Mos.-19
of 7% cony. $1(, par pref.
stock outstanding of an authorized issue of
28.
1929-9 Mos.-1928.
$1,000,000 and $600,000 of Net profit after ord.
1st mtge. 63i% bonds.
,
taxes charges,& depre.
Control is in hands of John N. Whys, Chairman
but before Fed. taxes_
of the Willys-Overland
$88,324
Co., who purchased 150,000 shares of common
$72,866
$376,603
$268,
rights to the Knight engine Patents held by the stock in 1926 to obtain the —V.129, p. 650.
Stearns company.
The last balance sheet, as of Dec. 31 1928, showed
Travelers Insurance Co., Hartford.—Extra Dividen
Current assets were $1,402,053, against total current assets of $4,706.409.
d.
The directors have declared an extra dividend
liabilities of $1,830,000.—V. 125, p. 3654.
of 2% and the regu
quarterly dividend of4%,both payable Jan.
1 to holders of record Dec. 1
—V.129, p.3026.
Steel & Tubes, Inc.—Merger.—
See Republic Iron dic Steel Co. above.—V. 128,
Truax-Traer Coal Co.—Earnings.—
576,
The company reports earnings for the nine months
Studebaker Corp. of America.—Dealers Stocks Low.—
ended Sept. 30 19
of $880,490 available for int., depreciation, and
Fewer Studebaker and Erskine cars were in the
depletion. Int. requir
ments totaled $144,686. Earnings after
distributors as of Dec. 1 than at any time during hands of dealers and share on
the past five years, acthe common stock for the 9 all charges are equal to $1.53 p
cording to a statement made by President
estimates earnings for the full year 1929 -month period. The rnanageme
own stock of new cars was approximatelyA. It. Erskine. The corporation's p.
equal to over $3 per share.
-17. 12
2405.
30%
corresponding date of 1928.—V. 129. p. 3814. less on Dec. 1 than on the
Temple
Trumbull Cliffs Furnace Co.—Me
rger.—
Corp.—Defers Preferred Dividend.—
See Republic Iron & Steel Co. above.—
The directors have voted to defer the
V. 129, p. 2405.
quarterly dividend of
45c. per share on the $1.80 cum. cony. pref.regulardue
Ulen 8c Co.—Contract in Texas.—
stock,
at this time. Quarterly dividends at this rate were paid during 1929
Announcement was made on Dec. 13 by
and 1928.—V.129, p.2092.
H.
board, that a contract for the construction of C. Men, Chairman of th
Texas Pacific Coal & Oil Co.—Listing.—
90 miles of main line wate
improvement canal in Maverick County,
The New York Stock Exchange has authorized the
$6,000.000 had tleen signed with MavericTexas, at an estimated cost o
listing of 22.695
k County Water Improvemen
shares additional capital stock on official notice of
issuance as a stock District.
dividend, making the total number applied for, 931.103
The water for the canal will be drawn
shares.—V. 129,
P. 3182.
35 miles away from Eagle Pass, Texas,from the Rio Grande at a tioin
and will
electric purposes as well as irrigation. The Central be utilized for hydr
Power
Tex-O-Kan Flour Mills Co.—Stocks Offered.—Ame
Utility property, has contracted with the district & Light Co., a
rican Insult for a hydro
for the supply o
water
Exchange Corp. and Mercantile Securities Corp.,
-electric installation. It
Dallas, in acres of fertile land in the Eagle Pass districtis estimated that about 76.1 I I
will
Oct. offered 3,600 shares 7% cumulative preferr
Improvement. The work will start immediat be benefited by this wate
ed stock Ulen, will be complete
ely and, according to Mr
and 14,400 shares no par value common stook
d within two years.
The announcement further states: "Ulen
one share preferred stock and four shares no in units of States for many water
& Co. are known in the Unite
works projects. but principally for the constructio
par value of the
common stock at $140 per unit (plus divs. on
en Tunnel of the New York
pref. stock.) tunnelShandakworld. Among Ulen & Water Supply System,the longes
in the
With each unit will be given detachable
Co. foreign works the recently corn
the owner of each unit the right to purchasestock purchase warrant giving pieced marble faced Marathon Dam at Athens, Greece, which suppli
on or before Jan. 1 1932, four the ancient Greek city with an
shares of common stock $12.50 per share.
adeauate water supply, is a notable engineer
ing achievement. —V.129, p. 2875.
The preferred stock is entitled to cumulati
ve dividends at the rate of
$7 a share per annum payable Q.
-M.
Union Drawn Steel Co.—Merger.—
upon 60 days' notice at 103 and diva. Red. all or part on any div. date
Registrars: City Bank Farmers
Trust Co., New York and American Exchang
See Republic Iron & Steel Co. above.—
V. 129, p. 2875.
e National Bank, Dallas.
Transfer Agents: New York Trust Co.,
New York and Mercantile Bank
,
& Trust Co. of Texas, Dallas.
Union Mortgage Co., N. Y.—Extra Dividend.—
Company.—A Delaware corporation. Owns
The directors have declared an extra dividend
of $2 per share in addition
Co., Dallas. Tex.; Bums Mill & Elevator Co.,in fee the Morten Milling to the regular quarterl
Fort Worth, Tex.: Liberty
y dividend of $2 per share on the common stock.—
Mills, San Antonio, Tex.• Collin County
V. 127. p. 1541.
Tex.; Pant Milling Co., Sherman. Tex.,Mill & Elevator Co., McKinney,
'
and capital stock of Bob White
Flour Mills, Kingfisher, Okla., and Perry Burrus
Union Tobacco Co.—Nature of Litigation Between ComLubbock, Tex. All of the plants owned in fee have Elevators, Dallas and
Company is engaged in the manufacture of flour, long successful records. pany and American Tobacco Co. Outlined.—
The meeting of stockholders called for Dec.
and purchase and sale of grain, manufacturing "La meal and feed products
20 has been postponed to
France,""Light Crust,' Dec. 27. The
'Marechal Neil," and other leading brands of flour,
purpose of the meeting is to vote on a
which
market over the Southwest. They also enjoy a growing have a general to American Tobacco Co. certain brands of cigaretteproposal to surrender
s and tobacco leased
trade along the from the latter company.
Atlantic Seaboard and in Latin America, West Indies
Islands, Norway.
The nature of the litigation between the company
Sweden, Belgium and other Continental countries.
and the American
Tobacco Co. and the considerations which have
These plants have an annual output of 1,500.000 barrels
led the board of directors
of flour, 300.000 to recommend
barrels of meal and elevator capacity for 3,250,00
0 bushels of grain. The to the Americathe settlement of this litigation and the return of the brands
annual sales exceed $20,000,000.
n Tobacco Co. are outlined as follows:
Under the lease referred to in V. 129, p. 3816 the
Capitalization—
American Tobacco
Authorized.
Issued. Co.leased to the company
7% cumu. pref. stock (Par $100)
40,000 shs. 26,034 shs. States, certain brands of until Oct. 31 2022,the right to sell, in the United
Common stock (no par)
x500,000 shs. 310,833 shs. are "Herbert Tareyton cigarettes and tobacco, the best known of which
x 14.400 shares common stock reserved for stock
s" and "Melachrinos.
In return the company
purchase warrants.
agreed to pay the American Tobacco Co. (a) a
Earnings.—These combined plants, including the Perry
Burrus Elevators, (b) an additional sum amounting to $92,000 per yearly rental of $1,512,000.
Dallas, Texas,showed a net earning after depreciation
year for the first three years
of the term
and
follows: 1926, $528,145: 1927. $514,340: 1928, $495,849 Federal taxes as thereafte of the lease (that is, from Sept. 11927, until Sept. 11930), and
three months of the fiscal year 1929 and 1930. earnings . and for the first Payable r amounting to $252,000 per annum, such additional sum being
amount to $199,111,
out of the first profits of the company
and it is estimated that the net earnings for 1929 will
exceed $600,000: dividends on not exceeding $6,000,000 of 7% after provision is made for
over a four-year period the average earnings being in
preferred stock (of which
which is nearly three times the dividend requirements excess of $534.500. $3.250,000 is now outstanding and $1,750,000 will probably be Issued within
on the outstanding a short time pursuant to an agreement, dated Aug. 8 1927,
preferred stocic.
between the
company, the American Tobacco Co. and the
Purpose.—This stock was issued for the purpose
(c) an additional amount equal to one-third of North Virginia Corp.), and
storage for one million bushels of grain; to construcof providing additiona
the
t a feed mill at Dallas, Year made by the company on the leased brands. profits for each calendar
Texas, and for other corporate purposes.
The American Tobacco
Co. is given the right under the lease to
manufacture for the company the
Directors.—J. Perry Burrus, Pres., Nathan Adams, Gibson
Caldwell, leased brands of cigarettes and tobacco (except under certain
T. E. Craig, E. T. Pant, Gus Giesecke, Tom Newsome, W.
Lee O'Daniel, which have not come into existence), the company paying to theconditions
F. B. Pope, It. L. Thornton, Russell C. Hill.
American
Tobacco Co. the cost of such manufacture.
The litigation
of the lease
Tide Water Associated Oil Co.—Resumes Dividend— (1) if an impairmarises out of a clausethe company which provides that
ent of the capital of
occurs
capital to $7.000,000 or less and the capital is not restored reducing such
Exchange Offer.—
to more than
$7,000,000 within 30 days after
The directors on Dec. 19 announced the resumption of dividends on
the American Tobacco Co. or (2) if demand made upon the company by the
common stock at the rate of60 cents a share a year. The dividend
for three consecutive 12 months periods
, payable the company fails to make an average 12 months'
semi
profit out of the business
-annually, 30 cents on Feb. 15 to holders of record of
cents on Aug. 15 1930, to holders of record of July 31, isJan. 31 and 30 leased of at least $1,512,000 (before Including in expense any of the aforesaid
the first
August 1927. when the company paid 15 cents quarterly. The total since rentals accrued under the lease), then and in either of such events the
of the dividend declared is less than 40% of the estimated earningsamount American Tobacco Co. may cancel the lease, take back the brands and collect
year available for common stock after the payment of preferred for this liquidated damages from the company of $1,512,000, unless payment of
dividends such amount would reduce the net worth of the company
and all other charges.
In which event the American Tobacco Co. may collect below 86,000,000,
The board also authorized an employees' stock plan under which
liquidated damages
employees will be permitted, for a period of three years, to purchase the of not less than $1,000,000.
the
On Oct. 7 1929, the American Tobacco Co. served notice upon
common stock of the company in an amount equal to 10% of the
the comannual pany that an impairment of the company's capital had
wages or salaries, at prices to be fixed annually by the directors.
occurred reducing
The company now owns 95.42% of the common stock of the Tide Water such capital to $7,000,000 or less and called upon the company to make
good the impairment, as required by the lease, within 30 days.
Oil Co. and 95.33% of the common stock of the Associated 011 Co.
The comThe directors also authorized the officers of the company to exchange pany was also advised by the American Tobacco Co. that if the alleged
on or before Feb. 15 1930 1% shares of Tide Water Associated common impairment were not made good within the 30 day period provided for in
the lease, the American Tobacco Co. would cancel the lease,
for one share of Tide Water Oil common and 3 shares of Tide Water Assobrands, and proceed to collect the damages provided for in take back the
ciated common for one share of Associated 011 common.—V. 129, p.
the lease.
The alleged impairment of the capital of the company
2874.
was occasioned by
the decline in the market value of large amounts
Tide Water Oil Co.—Exchange Offer.—
toabacco companies, notably of the common stockof the stocks of other
See Tide Water Associated Oil Co. above.—V. 129, p. 2874.
Tobacco Products Corp., which had been purchase and class A stock of
d prior to April 1929,
and before the president and the majority of the present
Title Guarantee & Trust Co.—Extra Dividend.—
board of directors
The trustees have declared the regular quarterly dividend of $1.20 per took office. The stocks held by the company at the time the notice of the
alleged impairment of capital was given by the America
share on the $20 par value stock and also an extra
n Tobacco Co.
share, both payable Jan. 2 to holders of record Dec. dividend of 60c per (and which are still held by the company)are shown on the estimated balance
23. Like amounts sheet (see V.
were paid in June and Sept. last.—V. 129. p. 2700.
129, p. 3816).
The situation created by the attitude of the America
required prompt action. Accordingly a suit was started n Tobacco Co.
Toronto Elevators, Ltd.—Earnings.—
by
against the American Tobacco Co. and a temporary restrainithe company
Earnings for the Period Ended September 30 1929.
ng order procured enjoining
[Being 103i months' operations of Toronto Elevators, Ltd., and a full the lease and and restraining the American Tobacco Co. from cancelling
recapturing the brands and ordering it to show cause why a
year's operations of Sarnia Elevator Co., Ltd.]
temporary injunction, pending the final judgment upon
Operating profit
the merits
$281:315 litigation, should not be entered against it. The ground, among of the
19 994
Interest on City of Sarnia loan
others,
upon which the injunction was sought by the company was that
Provision for depreciation
under the
52.904 lease the company is entitled to have its assets taken at their "fair
Provision for Federal income taxes
value"
14,779 for the purpose of determining whether or not an impairment of capital
has
occurred, rather than their "market value," and that, taking the
Net profit
assets at
$194.835 their "fair value," no impairment had occurred.
Interest on loans refunded from proceeds of preferred stock
After the commencement of this suit, negotiations between
20,838
Dividends on preferred stock
52.500 panies for a settlement of the litigation took place. Thesethe two comresulted in the proposal being made by the American Tobacco negotiations
Surplus,carried to consolidated balance sheet
Co. that
$121,497 lease be cancelled and the brands returned to it, upon the waiver by the
th
DEC. 21 1929.]
FINANCIAL CHRONICLE
3981
American Tobacco Co. of any claim for any damages to which it might be
-Earnings.
United Founders Corp.
entitled for a breach of the lease by the company.
Not cash earnings for the fiscal period ended Nov.30 were approximately
Meanwhile the President and the other directors had made a thorough $3.35 Per share on the average number of shares outstanding. In addition
canvass of the situation, and on Nov. 20 1929 and Dec. 2 1929, meetings the corporation has an equity in the undistributed consolidated cash earnings
of the board of directors of the company to consider the above mentioned of American Founders Corp. and those of Investment Trust Associates,
proposal of settlement were held. As a result of these meetings, the totaling approximately $1.75 per share, so that on this basis the earnings
directors determined to submit the proposal to the stockholders with the for the fiscal period were $5.10 per share on the average number of shares
recommendation that it be accepted.
The conclusion of the directors that the acceptance of the proposal should outstanding.
dividends received by the corporation during the
If the
be recommended to the stockholders was reached only after a very careful period is value of stock present market quotations, the total is in excess
study of the situation. They are convinced that as a matter of business it of $6 per added, taken at
share.
Is desirable from the standpoint of the stockholders to discontinue the comThese earnings are in excess of earlier estimates made in November at
pany's business under the lease. Their conviction is based upon the follow- the time the stock of United Founders Corp. was placed on a dividend basis.
ing considerations:
organized in Feb. 1929, with initial capital
(a) Unless the earnings of the company in the sale of the leased brands ofUnited Founders Corp. was
825,000,000. Present resources exceed $200,000,000 of which $14,000,should show a very marked increase within the next few months the com- 000 is in cash. The company has no outstanding debentures or preferred
pany will be in default under the provision of the lease requiring that for
The common shares were recently placed on a
three consecutive 12 months' periods the average 12 months' profits on the sham, and has no loans. a share per quarter, amounting to 5.71% annudividend basis of 1-70th of
leased brands be at least 31,512,000. To secure such an increase in the sales ally. The corporation now has approximately 55,000 stockholders.
of the leased brands the immediate expenditure of large sums of money in
decline in security markets, the shares of the
During the
the promotion of these brands would be necessary; and even then there company wererecent severe
among the very few in the holding and investment company
could be no assurance that the necessary increase would be secured. The group, organized since the beginning of 1929, which did not at any time
capital for this purpose, however, is not available. The company itself decline to the price at which the stock originally appeared on the market.
now has no capital which can be used for the purpose because its assets are
corporation holds, among other investments, substantial interests
such that, in view of the present unfortunate market situation, they cannot in Thefollowing:
the
be turned into cash without great sacrifice to the stockholders. The American Founders Corp. which, with its subsidiary investPresident and the directors have also discussed with large and interested
$200,000,000
ment campanies has resources exceeding
stockholders of the company the possibility of raising fresh capital for pro- United States Elec. Power Corp. whose resources exceed
90,000,000
moting the brands, but have found the raising of additional capital to be The Public Utility Holding Corp. of America whose resources
likewise impossible. Under the circumstances, therefore, there seems no
50,000,000
exceed
reasonable prospect of avoiding a cancellation of the lease next August even United National Corp. and controlled companies, which have
if the present litigation is successful.
25.000,000
consolidated resources exceeding
(b) It appears that carrying on business under the lease in the present Investment Trust Associates whose resources exceed
17,000.000
circumstances will almost certainly result in further loss to the company's
Since the close of the fiscal period an extra cash dividend of $1 has been
stockholders.
declared on American Founders common stock (old shares) and 25c. on
As stated above the lease requires the annual payment by the company
stock, in both of which
participating
to the American Tobacco Co. of $1.512.000 for the privilege of selling the United National Corp. has holdings. preference earnings of Investment
Estimated
United
Corp.
brands. The first profits (after payment of this rental) of the company, to Trust Founders whose shares were quoted at $20 when it became a public
Associates,
he amount of$350.000 upon $5,000,000 par value of first preferred cumulaon the average number of shares
tive 7% stock (of which, as stated above,$3.250,000 is now outstanding and company a year ago, are $10 per share 30. The book value is approxiended Nov.
$1,750,000 will probably be Issued shortly), are required to be set aside for outstanding during the year
-V. 129. p. 3339.
dividends on this first preferred stock. The next profits of the company, mately $29 per share.
up to $92,000 per annum until Sept. 1 1930,and thereafter up to $252,000
United Merchants & Manufacturers, Inc. of Del.
per annum, must be paid to the American Tobacco Co. as additional compensation for the lease of the brands. Accordingly, until Sept. 1 1930. Notes Offered.
-Kidder, Peabody & Co. are offering $5..
the company must earn over and above its operating expenses approxiand int.
mately $1,954,000 per annum, and after Sept. 1 1930, approximately 000,000 one-year 6% collateral trust notes at 100
Dated Dec. 16 1929: due Dec. 15 1930. Int. payable (J.& D.) at office of
$2.114,000 per annum, before there are any earnings which may be applied
as dividends on the class A stock or common stock. Even if the earnings the Kidder Peabody Trust Co., in Boston. Mass, trustee, or at the office
reach this point, the American Tobacco Co. Is entitled, under the lease, to of Kidder. Peabody & Co., in New York, callablr at any time on 30 dare
notice at 100% and int. Denoms. of $1,000. $5,000 and $10,000. Both
one-third of the profits of the leased brands.
The company has been conducting business under the lease for a period of prin. and int, payable in Boston or New York.
26 months, from Sept. 1 1927 to Oct. 31 1929. During this period, the
Data from Letter of Homer Loring, President of the Company.
average monthly earnings on the leased brands before payment of any of
Has virtually comCompany.
the rentals have been less than $118.000.or at the rate ofless than $1,416,000 pleted an -Incorporated in Delaware in Oct. 1928. cotton, rayon and
market
organization to manufacture, finish
per annum. The company recently adopted a new coupon plan for pro- silk textiles. Corporation owns practically and the outstanding common
all
meting the sales of cigarettes; but even upon the assumption that this plan
the York-Seneca
Co.
proves to be up to the best expectations of the officers of the company, it stock of Cohn-Hall-Marx Newand a substantial interest in
York converting houses, with national disCorp. These established
is estimated that the earnings will not exceed $98,000 per annum over and tribution
and foreign markets, have a long record of profitable operations
above the fixed rental of $1,512,000 per annum. This $96,000 would be
approximately.250,000,000 yards of
and a present annual sales volume
$254,000 less than the $350,000 requirement for first preferred cumulative cotton,rayon and silk products, withof sales value of more than $30,000,000.
a
7% stock dividends.
The finishing (bleaching, dyeing and printing) of textile fabrics is a profitDirectors, in brief, believe that though the litigation with the American
finishing plants are being comTobacco Co. should prove successful it would be likely to be long and able branch of the industry and two modern other in South Carolina, near
and the
would at best result in a barren victory; and that in the present circumstances pleted, one in Fall River, Mass,
Augusta, Ga. These plants will have an initial capacity of 3,000.000 yards
continued operations under the lease would only result in further losses and of finished cotton and cotton-rayon cloth weekly, and have been equipped
would diminish the likelihood of any return to the stockholders from with machinery designed
most economical operation. This entire
appreciation in value of the securities held by the company.* The directors production will be needed for the care of the requirements of the converting
to take
also feel that even if the litigation should be successful for the moment, it houses. A rayon and silk finishing plant will be located at Jewett City.
would probably be only a matter of time before the right of the American
the organization's principal plant manufacturing rayon
Tobacco Co. to terminate the lease and recaputre the brands would clearly Conn. adjoiningrayon weaving plant is being equipped in Fall River.
Another
arise and that the brands would ultimately be lost under circumstances which cloth. management has considered it advisable to include in the organizaThe
might not make possible an escape from the payment of the damages now tion a few carefully selected cotton mills specially designed and equippedito
claimed by the American Tobacco Co., or a substantial part thereof.
volume by the distributing houses.
manufacture products handled in
Accordingly, they recommend that stockholders vote in favor of the pro- Accordingly three Northern cottonlarge
weaving plants have been purchased. one
posed settlement.
located in New Bedford and two in Fall River. The New Bedford plant
* If the agreement is cancelled and the brands returned to the American
excelled by any mill in this country.
Tobacco Co. the company will cease to engage in the tobacco business: its has a reputation for fine products not rebuilt with modern machinery to
River
inventories will be sold, its accounts receivable collected and its liabilities and the two Fall goods.mills have been weaving plants located in South
Southern
manufacture fine
paid, such payment to be provided for in part by the payment to it of the Carolina, adjacent to the Three plant, have also been purchased andtresubscription price of the $1,750,000 par value of its first preferred cumula- equipped to manufacture finishing
goods principally of the finer grade. The finishtive 7% stock which it is expected will shortly be issued. The company ing and manufacturing plants above mentioned will be owned and operated
will then be free from debt and will hold the stocks listed on the estimated by subsidiary companies of which the corporation owns all, or substantially
balance sheet.
It is not contemplated at present that the company will be dissolved and all, the capital stock.
Outstanding.
Authorized.
Capitalization.Its remaining assets liquidated, however.
$5.000,000
$5,000,000
Directors have determined that although some of the stocks which it 1 year 6% collateral trust notes
x8,427.100
15,000,000
holds are of little or no value there is a reasonable expectation that the large fl pref.stock ($100 Par)
3,217.300
3,500,000
Investment of the company in the stocks of Tobacco Products Corp. will 6 o pref. A stock (par $50)
426,246 shs.
750,000 shs.
Ultimately show a considerable appreciation over the amount for which if Common stock (no par)
cumulative perferred, and $3,927.100,6%
x Consisting of $4.500,000 6%
could now be disposed of, and that it is, therefore, for the best interest ot
the company and its stockholders to hold these stocks as an investment.
- cumulative convertible preferred stock Series A.
Security.
V. 129, P. 3816.
-These notes will be secured by deposit with the trustee of 5,000
shares of York-Seneca Corp. 7% prior pref. stock, 10,000 shares of Page
Manufacturing Co. capital stock, and 100,000 shares of Cohn-Hall-Marx
- Co. common stock. On the basis of current earnings and dividend rates,
United Amusement Corp., Ltd.
-Dividend Rate Inc.
P.4
The directors recently declared a quarterly dividend of 50c. per shareon the pledged collateral is conservatively valued at $7,500,000.
the no par value capital stock, payable Dec. 15 to holders of record Nov.30.
Earnings.
-The present earnings of the converting houses alone accruing
Previously semi-annual dividends of 50c. per share were paid.
to United Merchants St Manufacturers, Inc., are at the rate of over 3 times
the annual interest requirements on these notes. By Apr. 1 1930 all
Years Ended Aug. 311928.
1927.
1929.
$401,372
Theatre operating profits
$446,277
$311,190 branches of the corporation's activities will be on an operating basis, and it
25,595
25,937
Property revenue
23.435 is estimated that for the year commencing on that date the earnings accruing
58,456
71.253
Other income
28.218 to United Merchants & Manufacturers, Inc. will exceed 6 times the annual
Totalincome
$543,126
$485,765
$362,843 interest requirements on these notes. liquidate bank loans, to complete the
-Proceeds will be used to
Purpose.
65.663
Administrative expenses
92,183
5.1,439
manufacturing plants, and to furnish additional working capi73.063
75,272
Depreciation
84,441 finishing and
-V.129, p. 2875.
tal to the operating companies.
89.127
97.430
Interest
15,941
7.800
7,560
Bond underwriting expense
United National Corp.
-Increases Surplus.
$250,352
Net profit
$270,440
$202,022
A letter just mailed to stockholders reports surplus and undivided profits
4,770
Preferred dividend
57,240 amounting to $671.018 an increase of $573,081 since June 30 1929, with60,036
Common dividend
64.822
31.018 out taking into consideration surplus and undivided profits of subsidiaries
$185,546
$205,618
Surplus for year
$114,764 which have, in each instance, also shown substantial increases during the
420,069
287.087
Previous surplus
172,652 period.
Profitfrom sale ofinvest
1.179
Undistributed net earnings of the company and its subsidiaries have been,
$472,633
Total surplur
$625,866
$287,416 at all times,more than sufficient to offset adverse fluctuations in the market
value of security holdings, the letter states.
Income tax
16,789
16,038
329
The corporation has cash on hand and quick loans receivable amounting
Premium on preferred stock redeemed
35.775
to over $5,580,000 and no Indebtedness.
Balance sheet surplus
$420.069
$610,827
3287,087
The balance sheet as of Nov. 15 showed total assets of $19,011,008, as
follows: Cash, $1,638.956; due from controlled companies and protected
Balance Sheet Aug. 31.
by securities of a quick market value of more than 125% of amount due.
1929.
1929.
1928.
1928.
$3.943.536; investments in common and preferred stocks of controlled
Assets$
companies, comprising the realty, insurance, investment banking and
Landlbuild. leasehold
CO pltalstock
x1,606,813 1,500,900 investment trust divisions of the United Group of corporations,$10,756,428.
6% let mtge, sink.
theatres & general
and stocks at cost
equipment
gold bonds_..1.S00,000 1,500,000 and other investments Consisting of marketable bondsp. 2875
2,832,458 2,228,374 fund
of $2,672,087 or total assets of $19.011.008.-V. 129.
Deps. with trustees-- 68,734 406,955 Mtges. on land &
Invests.& deposit
103,124
125,134 buildings
161,250
81,250
-Larger Dividend.
United States Casualty Co., N. Y.
Cash
74,397 144,927 Def. liab. for equip _ 49,646
The directors have declared a quarterly dividend of $1 a share, payable
Reserves
Gov.&muffle. bonds 325,283
975,348 859,939
Jan. 2 to holders of record Dec. 23. The company previously paid 75c.
Other current assets- 68,113
10,014 Accounts payable.._ 68,822
44,024
quarterly.
-V. 128, p. 3206.
Deferred charges-- 182,994 168,386 Int. & other accrued
Goodwill & franchisel,372,291 1,372,291
charges
54,689
49,899
United States Finishing Co.
-1% Stock Dividend.
Surplus
610,827 420,069
The directors have declared regular quarterly dividends of 50c. per share
5,027,396 4,456,081
Total
Total
5,027,396 4,456,081 In cash and 1% in stock on the new common stock no par value, payable
x Represented by 65,414 class A shares and 8,115 class B shares. Def. Jan. 15 to holders of record Jan. 6. and the regular quarterly dividend of
$1.75 per share on the preferred stock, payable Jan. 1 to holders of record
-V. 127, p. 3418.
liab, for equip.
Dec. 19. Like amounts were paid in October last on the respective issues.
United Electric Coal Cos.
-Earnings.
-V. 129. p. 2247.
3 Months Ended Oct. 311929.
1928.
United States Guarantee Co.
-Larger Dividend.
Net income after royalties, depletion & deprec--- - $105,855
$166.209
Earnings per share on 271,000 shs. common stock
The directors have declared a quarterly dividend of $4 per share, payable
(no par)
$0.38
$0.60 Dec. 30 to holders of record Dec. 19. This places the issue on a $16 annual
basis, as compared with a $12 basis previously.
-V.129, p.3339.
3982
FINANCIAL CHRONICLE
[VOL. 129.
U. S. Industrial Alcohol Co.
-Extra Dividend.
-The
directors have declared an extra dividend of $1 per share
in addition to the regular quarterly dividend of $1.25 per
share on the common stock, no par value, both payable
Feb. 1 to holders of record Jan. 15.-V. 129, p. 3339.
United States Playing Card Co.
-New President.
-
The holders of the preference stock shall be entitled to receive any
accumulated dividends to the date of the adoption of this admendment
on the $8 cony. pref. stock and from and after said date dividends at the
rate of but never exceeding $2.50 per share per annum before any dividends
shall be declared or paid upon or set apart for the common stock. Such
dividends shall be cumulative.
The holders of stock shall have the following conversion rights: Each
share of the 1st prof.stock may be converted at any time into four shares
of the common stock; provided only that the right to so convert shares
John Omwake, President, has been elected Chairman of the board. of the let pref, stock called for redemption shall not extend beyond the
His successor as President will be B. C. Hawkes, who has been a Vice- redemption date fixed therefor. Each share of pref.stock may be converted,
President of the company. Mr. Hawkes has also been a director and within 90 days from the date of the adoption of this amendment or on
a member of the executive committee. Mr. Omwake will continue to give or before such later date as may be fixed by resolution of the board of
general supervision to the policies of the company, but will turn over to directors, into one share of 1st pref. stock and 3.6 share of common stock
the new President many of the executive details of the management.
- and upon such conversion corporation will pay to the holder of each share
of pref. stock so converted $4 in cash. Each share of preference stock
V. 129. P. 3649.
may be converted, within 90 days from the date of the adoption of this
amendment or on or before such later date as may be fixed by resolution
U. S. Printing & Lithographing Co.
-Earnings.
Net profit for the nine months ended Sept. 30 1929, was $575,314 after of the board, into five shares of the common stock.
The redemption price of the 1st pref. stock is 115 and dividends, the
all charges.
redemption price of the pref.stock is $50 per share and diva.; the redemption
Total assets on Sept. 30 were $10,288,231.-V. 129, p.3183.
price of the preference stock is $5 per share and dividends.
-V.129, p. 1461.
United States Steel Corp.
-Tax Refund Asked.
The company has filed a claim with the Court of Claims asking a refund
of $13.401.467 on account of income tax paid for the calendar year 1919.
The corp. claims that this amount was erroneously charged to it, the
company paid a total of $34,771,002 as income tax for itself and subsidiary
companies for that year.
Offer Made for Stock of Atlas Portland Cement Co.
-See
latter company above.
-V. 129, p. 3817.
United States Stores Corp.
-To Simplify Capital Structure.
-The stockholders on Dec. 17 approved a plan of
recapitalization as outlined in the following letter of Nov.25:
The undersigned houses have during the past five years distributed to
the public the larger part of all of the issues of this corporation. Some
of them, together with the holders of all classes of such securities, have
submitted to the board of directors a plan which, if adopted, will greatly
simplify the capital structure of the corporation. The plan provides
for an exchange of present stock and warrants for new stock and warrants.
Under the plan present securities will be exchanged on the following basis:
Present SecuritiesNew Securities
1 share new 1st preferred stock
1 share prior preferred stock
1
share new common stock, and
[34 in cash
1 share $8 preferred stock
5 shares new common stock
3 shares A common stock
1 share new common stock
10 shares B common stock
1 share new common stock
2 warrants
1 warrant
The advantages of the plan are self-evident and we summarize them,
as to each class, as follows:
Prior Preferred Stock.
-(1) Dividends.
-The accumulated dividends
upon the prior pref. stock will amount, at Dec. 1 1929 to $17.25 per share.
We understand that the regular current dividend can be paid by the corporation but that it will take several years to pay off this accumulation.
Under the plan this accumulated dividend is funded by the payment of
$4 in cash and the delivery of ji share of common stock. The new 1st
pref. stock will be prior to all other issues of the corporation. The prior
pref. stockholder will therefore receive cash and a security which should
have a ready market for the accrued dividends, which will obviate the
necessity of a wait of several years for the repayment thereof and wil
receive current dividends in regular order.
(2) Conversion Privileges.
-The prior pref. stock now has a right,
limited to Sept. 11932. to convert into 1.1 shares of $8 pref. stock or 1.65
shares of class A common. It is doubtful whether this conversion right
has any value. Under the plan each share of 1st pref. stock is convertible,
Without limit of time, except in case of redemption, and then up to the
redemption date, into four shares of common stock. This conversion
right should have considerable value. Assuming a price of $100 for the
1st pref. stock, this conversion right places a price of $25 on the common
stock. It is reasonable to expect that the common stock will have a greater
market value than this as the earnings of the corporation increase, and
every dollar added to the market price of the common stock should be
equivalent to the addition of $4 to the market value of the 1st pref. stock.
(3) Safeguards.
-At present the terms and characteristics of the prior
Pref. stock can be changed with the consent of a majority of such stock.
A new class of pref. stock having preference thereto can be created by
like consent. The corporation can incur funded debt or mortgage its
property with like consent. The plan provides that the new 1st pref.
stock shall have one vote per share at all meetings of the stockholders
of the corporation, that the corporation cannot create a class of stock
having preference over the new 1st pref. stock, create funded debt or
mortgage its property without the consent of two-thirds of the new 1st
pref. stock and cannot change the terms and characteristics of the new
1st pref. stock without the approval of 90% of that stock.
$8 Preferred Stock.
-(l) Dividends.
-No dividends have ever been
declared or paid upon the $8 pref. stock and no dividends can be paid
until the accumulated dividends on the prior pref. stock have been declared
and paid. It is therefore apparent that the holders of this class of stock
must wait a number of years before they can hope to obtain any return
from their holdings. The plan provides for the immediate funding of the
accumulated dividend upon the prior pref. stock. On the basis of the
plan the net earnings of the corporation for the 12 months ended Sept. 30
1927 show $1.50 per share on the new common stock. The trend of the
corporation's business is favorable and it is reasonable to expect that these
earnings will be increased. The holder of $8 pref. stock who becomes a
holder of common stock is therefore much nearer the time when he can
realize some return upon his holdings.
(2) Voting Power.
-At the present time there are outstanding 26.138.575
shares of $8 pref. stock which has voting power so long as the dividends in
arrears amount to $16 per share. The class is therefore entitled to only
26.138.575 votes, which is a very small minority. Under the plan there
will be outstanding 223.852.275 shares of voting stock, of which 130.692.875
shares will go to the holders of the $8 pref. stock, who in this manner, will
have voting control of the corporation and by far the greatest share in its
assets and earnings.
(Signed by A. B. Durell & Co. Boston. Mass.; A. Studley Hart, Providence, R. I.; E. T. Konsberg 8z Co.. Chicago. III.; Mark C. Steinberg
.
& Co.. St. Louis, Mo.; Glover, MacGegor & Cunningham. Inc.. Pittsburgh,
Hendricks & Eastwood, Inc., Philadelphia. Pa.; D. W. Merritt
& Co., Pa.•.
Boston. Mass.; C. F. Williams & Co., Boston, Mass., and Chandler
& Co., Inc., Philadelphia, Pa., and New York. N. Y.)
Secretary Harry Williams Jr., in describing the various
issues and explaining the basis of exchange, says:
The total number of shares of all classes of stock which the corporation
shall have authority to issue is 700,000, all without par value, of which
100,000 shares shall be of a class designated at 1st pref. stock. 38.260
shares shall be of a class designated as pref. stock. 26,284 shares shall be
of a class designated as preference stock, and 535.456 shares shall be of a
class designated as common stock. Each share of $7 cum. cony, prior
pref. stock outstanding may be exchanged into one share of pref. stock;
each share of $8 cony. pref. stock outstanding may be exchanged into
one share of preference stock; each share of common stock class A outstanding into one-third of a share of common stock; and each share of
common stock class B outstanding into one-tenth of a share ofcommon stock.
The holders of the 1st pref. stock shall be entitled to receive dividends
at the rate of but never exceeding $7 per share per annum, computed
from Dec. 1 1929 in the case of shares of 1st pref. stock issued to holders
of pref. stock who shall have on or before Feb. 28 1930 presented their
shares of such pref. stock for conversion (see below), and computed in
respect of all other shares of 1st pref. stock,from the first day of the current
dividend period within which such stock shall have been orginally issued,
before any dividend shall be declared or paid or set apart for any other
class of stock of the corporation. Such dividends shall be cumulative.
The holders of the pref. stock shall be entiled to receive, when and as
declared by the board, any accumulated dividends to the date of the
adoption of this amendment on the 17 cum. cony, prior pref. stock and
from and after said date dividends at the rate of but never exceeding
$3.50 per share per annum, before any dividends shall be declared or paid
upon or set apart for the preference stock or the common stock. Such
dividends shall be cumulative..
Vacuum Oil Co.
-Contracts for Construction of Four
Modern Refineries in Europe.
The substitution of American oil refining methods and machinery for the
obsolete facilities used on the European continent will be accelerated by
contracts recently closed between the Foster-Wheeler Corp. and the Vacuum
Oil Co. for the design, construction and erection of modern refineries in
Budapest, Hungary; Hamburg, Germany- Kenn, Czechoslovakia, and
,
Czechowice, Poland. The Foster-Wheeler company is now constructing
larger refineries for an equally important on company in Budapest and
Vienna.
Performance of these contracts will increase to 16 the number of foreign
Countries to employ Foster-Wheeler Corp. oil refining equipment. The
corporation has already installed such equipment in Argentina, Dutch West
Indies, Egypt, England Ecuador, Italy, Japan, Mexico. Persia, Rumania
and Russia. The principal market for the corporation's equipment, however, is still in the United States.
-V. 129, p. 3026.
Waldorf System, Inc.
-Earnings-Outlook.
The Boston "News Bureau" Dec. 10 had the following:
"Waldorf System has shown an increase in sales for 13 consecutive
months. On basis of same stores operating this year as in 1928, sales have
shown an increase in each of the past nine months. Increase in customers
served in the third quarter of this year was9 6% over last year. This is on a
store-forsto
and an increase has been shown in every month this
.year. Present indications are that the fourth quarter earnings will be the
largest for any quarter in the company's history and net earnings for the
year should total over $1,200,000, a new record and equal to over $2.50
a share on the common stock."
-V. 129, p. 3649.
Washington Oil Co.
-Larger Dividend.
The directors have declared a quarterly dividend of $1 a share, payable
Dec. 20 to holders of record Dec. 16. On Sept. 2p a quarterly disbursement of 75c. a share was made. See V. 129, p. 2094.
Western Insurance Securities Co.
-Initial Dividend.
The directors have declared an initial dividend of 25 cents per share on
the common stock, no par value, payable March 1 to holders of record
Feb. 15.-V. 128. p. 1076.
West Point Mfg. Co.
-Balance Sheet Oct. 31.1929.
Assets$
Real estate, plant
and equipment_18.002,092
Securities owned_ _ 681,251
Accounts, receiv_ 2,060,347
Inventories
5,888,841
Cash
1,341,154
Good-will & trademarks
235,175
Prepaid expense- 76,702
1928.
$
17,742,056
677,251
1,897,210
5,113,742
1,004,493
1929.
8
Liabilities7,200,000
Capital stock
4,140,619
Notes payable
Accounts payable_ 289,661
6,137,152
Depreciation
Profit and loss _ _ _10,518,191
1928.
$
7,200,000
3,353,000
845,512
5,676,290
9,767,426
235,175
72,300
Total
28,285.622 26,742,228
-V.129. p. 3650.
Total
28,285,622 26,742,228
White Rock Mineral Springs Co.
-Resignation.
J, Homer Platten, Executive Vice-President, will join the Otis & Co.
organization on Jan. 2 1930, to be identified with the new business department. Mr. Platten will be located in New York.
Mr. Platten has resigned from the White Rock company.
-V. 129, p.
3339.
Winton Engine Co.
-Earnings.
-Period Ended Nov.30 1929Net income after taxes, deprec. & charges
Earns, per share on 76,292shs. common stock
-V. 129, p. 3491.
Month. 11 Months.
$112,045
38$5904.5396
$1.40
Wolverine Tube Co.
-Extra Dividend.The directors have declared an extra dividend of 15c. a share and the
itck;uno n
ec
janent2oL3gocida oi recordhtcomilon tt e noupaz
ttre on
MiilarbglIrPab
tee c
e
i
lr
shers
were paid on Oct. 1 last. An extra dividend of 7Mc. a share was paid on
Am.1 1929 and one of 15c. a share on July 1 last.
-V.129,P.3339.
CURRENT NOTICES.
-THE EMPLOYEE AS A PARTNER-STUDY BY THE METROPOLITAN LIFE INSURANCE CO.
-Profit sharing as an important
phase of industrial relations was practiced in France as early as 1842.
Thirty years later the first English plan was organized, and shortly afterward attempts at profit sharing were made in the United States. From
the plans now in effect in the United States, Canada and England, the
Policyholders Service Bureau of the Metropolitan Life Insurance Co. has
drawn from the best practices of more than 80 companies and has incorporated them into a report entitled "Sharing Profits with Employees."
In this report the term profit sharing is used in its limited meaning as an
agreement between an employer and his employees under which the latter
receive a share, fixed in advance, of the profits of the firm. This excludes
bonuses given at the discretion of the employer at no pre-arranged scale.
Sales bonuses and production bonuses. The discussion of this practice,
which has been found helpful by many companies in building up employee
morale. centers on four general types of plan; sharing profits with all eligible
employees; sharing profits with employee stockholders; sharing profits with
employees participating in a savings plan; and profit sharing for executives.
Each of these types is reviewed in detail. A limited number of copies of
this survey is available and may be secured from the Policyholders Service
Bureau, Metropolitan Life Insurance Co., 1 Madison Ave., New York City.
-Hamershlag, Borg & Co., members New York Stock Exchange. 39
Broadway, N. Y., have prepared an Index chart, based on 687 common
stocks listed on the New York Stock Exchange, showing the extent of
recovery at Dec. 17 from the 1929 laws of Nov. 13. According to this
survey the average price of these isstIES at the 1929 highs was $83.44 and
at the lows of Nov. 13, $39.35, a decline of $44.09, or 52.8%. The aver
age recovery has been $8.63 per share or 19.6% of the total decline. The
study Is arranged according to groups, industrial, railroads and utilities.
the stocks in each group being in turn divided Into five price ranges: up
to $50 per share;$51 to $1130; $101 to $150:$151 to $200 and over $200.
1
DEC. 21 1929.]
FINANCIAL CHRONICLE
3983
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
-ETC.
-WOOL
-DRY GOODS
PETROLEUM-RUBBER-HIDES-METALS
COMMERCIAL EPITOME
The introductory remarks formerly appearing here will now be
found in an earlier part of this paper immediately following the
'editorial matterin a department headed •:INDICATIONS OF
BUSINESS ACTIVITY."
Rio Exchange to-day was at a new low on this decline. Also
there were vague rumors to the effect that a number of exporting houses in Brazil had suspended or that there was more
or less financial difficulty. In the case of one house at least
this was positively denied. Dr. Mikusch estimated the
European beet crop at 7,106,000 metric tons raw value
against 7,037,000 last year,with Russia 1,250,000 tonsagainst
1,425,000 last year. Final prices here show a decline for the
week of 5 to 10 points on Rio and 15 to 58 points on Santos.
Rio coffee prices closed as follows:
Friday Night, Dec. 19 1929.
COFFEE on the spot was quiet but cost and freight prices
were slightly higher. Rio 7s, 93/2 to 9%c.; Victoria 7-8s,
8 to 83/3c.; Santos 4s, 14 to 143/20.; fair to good Cucuta, 15
to 153/20.; Ocana, 153/2 to 16c.; Bucaramanga, Natural, 16
7.160 nom,
7.300 nom I July
9%1March_
to 17c.; washed, 163/2 to 173/2c.; Honda, Tolima and Giradot, Spot unofficial
7.170 7.18
7.i5® 7.17 Sept
7.950 nom I May
4
%
161% to 1630.; Medellin, 18 to 183/20.; Manizales, 161 to Dec
Santos coffee prices closed as follows:
163 c.; Mexican washed,20 to 210.; Surinam, 131% to 143jc.; Root unofficial
%
10.300
I March_ _ 10.5901 corn I July
Ankola, 27 to 30c.; Mandheling, 29 to 350.; Genuine Java, Dec
10.300
10.30010.35 Sept
10.15010.20 May
29 to 31c.; Robusta washed, 12% to 131%c.; natural 103/2 to
COCOA to-day closed 2 to 10 points higher. At one time.
11c.; Mocha,253/2 to 263/3c.; Harrar,233/2 to 24c.; Abysinian,
18 to 183/204 Guatemala prime, 18 to 183/2c.; good, 16% to prices were lower. Arrivals of cocoa at New York since Dee.
173'2c.; Bourbon, 16 to 17c. Rio Janeiro, Brazil cabled late 1 totalled 150,587 bags against 82,940 last year. Stocks of
last week that although the milreis advanced on the foreign cocoa in warehouse on Dec. 19 totalled 342,758 bags against
exchange there was a feeling of deep pessimism over the 271,513 last year. Dec. ended at 9c.; Mar. 9.40 and May
present financial situation of Brazilin banking and commercial 9.750. Final prices are 15 to 20 points higher for the week.
circles. On the 16th inst. there was a small supply of cost
-Prompt raws on the 14th inst. were firmer after
SUGAR.
and freight offers from Brazil at prices unchanged to slightly a reported sale of 50,000 bags of Cuba on the 13th by the
higher. For prompt shipment, Santos Bourbon 2-3s were Single Seller at 2.10c. c. & f. for January shipment. Latterly
quoted at 13%c.;3s at 13.85c.; % at 123c.; 3-5s at 121% to 2 1-16c. has been the quotation for prompt Cubes. Receipts
Ls
%
12.65c.; 4-5s at 111% to 120.; 5s at 11.60 to 11%e.; 5-6s at at Cuban ports for the week were 28,377 tons against 15,136
103 to 13.45c.;6s at 103 c.;6-7s at 932 to 100.;7-8s at93 c.; last year; exports 54,539 against 68,201 last year; stock (con4
%
%
part Bourbon 3-5s at 1234c.; Peaberry 4-5s at 121%c.; Rio sumption deducted) 215,331 against 190,624 last year. Of
7s at 8.60c.; 7-8s at 8.40e.; Victoria 7s at 8.05c.; 7-8s at 7.85c. the exports Atlantic ports 27,451 tons; interior United States,
On the 18th instant Santos cabled the Exchange rate at 125; New Orleans, 176; Savannah, 1,683; South America,
5 15-32d. which was 1-16d. below opening quotations, with 90; West Coast United States, 3,627; Europe, 21,387.
the dollar buying rate 9$025 or 125 above initial prices. The Receipts at United States Atlantic ports for the week were
Rio exchange at the time of opening was quoted at 5 7-16d. 46,301 tons against 45,839 in the previous week and 47,191
or %d. below the previous night's closing quotation while the last year; meltings 37,497 tons against 41,550 in previous
dollar rate was 9$100 or 280 higher. The terminal market week and 46,900 same week last year; importers' stocks
at Rio opened at 200 to 475 reis decline. On the 18th inst. 459,521 tons against 453,806 in previous week and 116159
.
the supply of cost and freight offers from Brazil was small. last year; refiners' stocks 169,825 against 166,,736 in previous
Yet prices averaged 25 points lower. The prompt shipment week and 53,014 last year; total stocks 629,346 against
tenders consisted of Bourbon 3-5s at 11.70 to 11.750.; 4-6s 620,542 in previous week and 169,173 last year. Futures on
at 113/2c.; 5s at 10.90e.; 5-6s at 10.20 to 111%c.; 6s at 93 c.; the 14th inst. ended unchanged to 1 point lower with an
%
6-7s at 934c.; 7-8s at 7.40 to 7.90c.; peaberry 4s at 11.650.; absence of striking features.
Rio 3-5s at 8.90c.; 7s at 7.90c.; 7-8s at 7.55 to 7.60c.; Victoria
Futures on the 16th inst. dropped 2 to 4 points at one time
7s at 73/2c. and 7-8s at 7.20c.
with sales of 38,300 tons ending 4 points lower to 6 points
Stocks of mild coffee on the 16th inst. in the United States higher. Europe and shorts bought. March and July were
also showed a material decline. On Dec. 16 the total stocks wanted by big interests. Of prompt sugar sales were on the
were 252,118 bags against 395,004 bags on the same date basis of 3.86c. duty free. On that basis 4,100 tons of Porto
last year. Deliveries of mild coffee in the country from Rico sold for early Jan. 10,000 bags of Porto Rico for Dec.
Dec. 1 to 16 totaled 117,117 bags as against 141,620 bags and first half of Jan. and 4,500 for late Jan. Refined was
for the same period last year. Arrivals of mild coffee during 5 to 5.20c. On the 16th inst. the Cuban Single Seller appears
the same time this year were 122,979 bags against 176,354 to have declined all bids except one of 2.10e. f. o. b. on 4,000
in the same period in 1928. Futures on the 14th inst. tons for Dec., first half Jan. shipment, the successful buyer
ended 6 points lower to 2 points higher on Rio and 10 points seeming to have been the same one to whom 50,000 bags
lower to 23 points higher on Santos with nothing inspiriting for Jan. shipment were sold late last Friday at 2.10c. f. o. b.
in the cables. The feeling in Brazil was described as despon- Futures on the 17th inst. closed 1 to 4 points off with sales
dent. Futures on the 16th inst. declined early 16 to 60 of 35,200 tons. Jan. liquidation was the leading feature.
points on Santos and 6 to 25 on Rio but rallied later with On the 17th inst. 1,000 tons of Cuban sold at 3.80c. delivered.
Brazilian cables better. New York ended 19 to 37 points On the 17th inst. the Cuban agency accepted 1.750. f. o. b.
higher on Santos and 8 to 16 on Rio with sales of 24,000 bags on 1,500 tons for shipment away from the United States
on Rio and 92,000 on Santos. The daily receipts permitted before Jan. 10, turning down all other bids,including accordat Santos have been reduced from 42,000 to 32,000 bags. ing to unofficial advices one of 2 1-16c. c. & f. on sugar for
Three Santos notices were issued. Daily Santos receipts Jan. shipment to the United States. Refined was Sc. for a
are reduced to 32,000 bags. Europe and the trade sold. time but later 5.10 to 5.15c. with a good demand.
The cables were disappointing from Brazil and Europe.
Refined on the 17th inst. was up to 5.10c. On the 16th
Futures on the 17th inst. ended 15 to 25 points lower for inst. sales were confirmed of 10,000 bags of Porto Rieos for
bags and 10 to 26 lower on Santos prompt shipment and 4,100 tons of that crop for early Jan.
Rio with sales of 37,000
with sals of 32,000 bags. Poor cables and selling by Bra- loading at 3.86c; 2,500 tons Philippines for late Jan. arrival
zilian and European bouses told the story. Rio futures at 3.85c.
fell 400 to 1,150 reis and Rio Exchange 1-16d. The trade
On the 18th inst. futures declined 2 to 4 points with Jan.
and shorts bought here.
liquidation under way. The total sales were 70,000 tons
A special cable from Rio on the 17th inst. reported the ex- including 60,000 switches. Spot raws were steady at 2 to
change rate there at 5 9-16d or 1-16d below opening quota- 3.80c, c. & f. and delivered; 6,000 tons of Cuba sold at 3.80e.
tions while the dollar rate was 100 higher at 8$820. Santos
Continued Jan. liquidation had a more or less depressing
cabled the Exchange a further decline of %A. in the sterling effect. London cabled on the 18th inst. that a sale had been
and 60 reis advance in the dollar rate, making a total decline made of 5,000 tons Peruos afloat at 8s 43/2d c. i. f. with
since the opening of that market of %d. in the sterling and further sellers at that price. Jan. and Feb. shipment eentrian advance of 150 reis in the dollar rate. On the 18th inst. fugals were offered at 8s 73/2d and Mar. at 8s 9d. Refines
futures fell to new lows on Rio owing to unsettlement if not were said to be showing no interest.
weakness in Brazilian exchange. Some it is true bought
London on the 17th inst. was dull but steady with sellers
Dec. for long account. Some think the market here must be of centrifugals for Dec. shipment at 8s 6d c. i. f., Jan. at
short. Short lived rallies took place. Net declines were 1 I 8s 734d; Feb. at 8s 9d and Mar. at 8s 103/2d, with probable
to 33 points on Rio with sales of 23,750 bags and 10 points buyers of the later positions at 1 1-12d less.
lower to 9 points higher on Santos with sales of 33,250 bags. I Cable advices from Porto Rico report that the Department
Rio futures fell 400 to 800 reis and Rio Exchange %d. to I of Agriculture indicates a crop of the equivalent of 651,000
5 7-16d.; dollar rate 9$100 against 8$820 on the previous day. long tons against previous outturn of 531,000 long tons.
On the 19th inst. Rio futures were 20 points lower to 6 higher
The Havana Sugar Club reports the average rainfall in
and Santos 2 lower to 11 higher with sales of the two 55,000 Cuba in November at 1.44 inches against 1.43 in November
bags. Shorts covered. Rio Exchange was up 1-32d. to last year and 3.70 normal. For the 11 months the precipi5 15-32d. and coffee 450 to 675 reis. There was less pressure tation was, according to this authority 45.75 inches against
to sell in a presumably short market. To-day Rio futures 45.65 last year and 52.02 normal. One firm remarked: "The
ended 2 to 25 points higher and Santos was 13 to 25 points up. Single Seller sold about 15,000 tons last week of which
3984
FINANCIAL CHRONICLE
78,000 bags were at 2.10c. c. & f. This price appeared a little
high to refiners and further sales are not possible at the
moment. The Single Seller is now faced with the necessity
of reducing the price to.,do business and the trade await with
interest whatever action they may take." One estimate here
of the Cuban crop was 4,685,000 long tons against 5,156,315
last year. The Cuban Seller on the 18th inst. declined all
bids. No particulars were announced. On the 18th inst.
persistent rumors generally credited were that 7,000 to 8,000
, tons of store sugar mostly Philipppines were sold to refiners
at 3.80c.
On the 19th inst. the Cuban Single Seller announced that it
had sold 21,000 tons to the Far East but gave no particulars.
Houses with Havana connections supposed that the price
was 1.67c. f. o. b. for shipment in Feb. The agency rejected
all other bids some of which were known to be 2c. f. o. b. on
round quantities.
• The Great Western Sugar Co. advanced refined beet sugar
15 points from 4.80e. to 4.95e. prompt and 30 day contracts.
On the 19th inst. there were seven Dec. notices issued.
Washington wired on the 19th inst. that Senate leaders
had agreed to drop the tariff bill until after the holidays, but
to take it up then and dispose of it without allowing other
legislation to interfere.
On the 19th inst. liquidation of January and a weaker
prompt raw market caused some decline in futures. Cuba
sold and Wall Street bought. Last prices were 1 to 2 points
lower. Delivered sold at 3.80e. against 3.86c. earlier in the
week. Refined 5.10 to 5.15e.
On the 19th inst. London cabled that the market was
steady awaiting the government announcement to be made
on Monday relative to revision of duty on preferential
sugars. Another cable said the market was dull with sellers
of Perus afloat at 8s. 33 d. c. 1. f. February shipment at
4
2
8s. 73/d. and March at 8s. 9d. c. i. f. The Continent
cabled it heard that Cuba may limit her crop to 4,000,000
tons. To-day two lots of uncontrolled prompt Cuba
amounting to 42,000 bags sold at 2 1-32c. c. & f. or 3.80c.
delivered. There was moderate liquidation of January
which was promptly taken by the shorts. Also 2,000 tons of
Philippines for February-March shipment sold it is said at
2 1-160. c. & f. The Cuban Single Seller to-day rejected
all bids. Futures to-day ended 1 to 2 points higher. Final
prices show a decline for the week of 9 to 15 points.
Prices closed as follows:
Snot unofficial_ _ _2 1-16 March_ --- 2.0O@
Sept
Dec
1.82(4 nom May
2.07(4 ---Jan
1.87(4 1.88 July
2.14(4
2.19(4 2.20
LARD on the spot was weak at one time; prime Western
was down to 10.70 to 10.800.; Refined Continent 11%c.;
South America 1188e.; Brazil 123 3. On the spot later the
/
4
quotations were 10.75 to 10.85e. for prime western. Futures
on the 14th inst. were 10 to 15 points lower, Dec. leading
under liquidation following additional delivery notices for
300,000 lbs. Declines in grain also hit lard. Hogs were dull.
Ribs were inactive and largely nominal; bellies 8 points lower
on a few sales in the May delivery from 12.32e. down to
12.27c. Liverpool lard was 3d. higher. Hog receipts at
Western points totalled 44,100 against 52,150 a year ago.
On the 16th inst. futures declined 5 to 8 points the rise in
grain being counter balanced by large receipts of hogs which
were only barely steady. The western receipts were 195,200
against 154,700 last year. There were deliveries of 50,000
lbs. on contract. Liverpool lard was 3d. to 6d.lower. Clearances of lard from New York last week were 15,767,000 lbs.
against 16,072,000 the week previously. Cash market for
lard were a trifle lower. Contract stocks of lard at
Chicago on Dec. 15 were 23,887,460 lbs. against 30,072,834
lbs. on Nov. 30, and 29,500,168 lbs. on Dec. 15 last year.
- Futures on the 17th inst. were 5 to 10 points higher with
corn up and hogs higher and shorts covering. The receipts
of hogs at Chicago were 45,000 and at all-Western points
137,400 against 143,000 last year. The bullish semi-monthly
stock statement was also a stimulating factor. Deliveries on
contracts at Chicago were only 50,000 lbs. of lard. Futures
on the 18th inst. ended unchanged to 3 points higher. The
decline in corn was offset by a rise in hogs at 250. The total
western receipts of hogs were 111,500 against 155,000 a year
ago. At Chicago receipts were 22,000 with .5,000 left over.
Liverpool lard was irregular, averaging 3d. lower to 3d.
higher. Deliveries of lard on December contracts were
200,000 lbs. Clearances from New York were only 304,000
lbs. largely to Central European countries. On the 19th
inst. futures declined 5 to 7 points. To-day prices declined
7 to 12 points in sympathy with the drop in grain. Final
prices show a decline for the week of 22 to 23 points.
DAILY CLOSING PRICES
Sat.
December
10.10
10.40
January
March
10.60
OF LARD FUTURES
Man. Tues.
Wed.
10.05
10.15 10.17
10.35
10.40
10.42
10.52 10.62 10.65
IN CHICAGO.
Thurs.
Fri.
10.12
10.00
10.35
10.27
10.60 10.52
PORK quiet; Mess, $27.50; family, $33.50; fat back, $20
to $24. Ribs, 10.500.; beef steady; mess, $25; packet, $26
to $27;family, $27 to $29;extra India mess,$42 to $44; No. 1
canned corned beef, $3.10; No. 2 45.50; six pounds South
America, $16.75; pickled tongues, $70 to $75. Cut meats
4
quiet and steady; pickled hams, 10 to 20 lbs., 173 to 18 5-8c.;
pickled bellies, 6 to 12 lbs., 163 to 18c.; bellies, clear, dry
%
4
salted boxed, 18 to 20 lbs., 133 c.; 14 to 16 lbs., 143c.
Butter, lower grades to high scoring 28 to 41c. Cheese
flats, 21 to 263c.; daisies, 2234 to 25c. Eggs, seconds to
[VOL. 129.
extra, 47 to 60c.; closely selected,61 to 62e.;fancy, 1 to 23.c.
higher.
OILS.
-Linseed has been dull and weak with crushers
competing sharply for business and resale offerings large.
.
Raw oil in carlots, cooperage basis, was 14.6e. Single
barrels were quoted nominally 15.4c. and five to ten-barrel
lots 15c. Cocoanut, Manila coast tanks, 63c.; spot N. Y.
%
tanks, 734c. Corn, crude, barrels, tanks, f.o.b. mills, 73 c.
%
Olive, Den. $1.15 to $1.30. Chinawood, N. Y. drums,
carlots spot, 13%c.; Pacific Coast futures, 123jc. Soya
bean tanks, Coast, 932e. Edible oilve, $2.25 to $2.40.
Lard, prime, 15%c.; extra strained winter, N. Y., 12%c.
Cod, Newfoundland, 62c. Turpentine, 523/ to 533 c.
%
Rosin,. $8.25 to $9.85. Cottonseed oil sales to-day, including switches, 25,500 bbls. P. Crude S. E. 734c. bid. Prices
closed as follows:
Spot
Dec
Jan
8.501 8.85 Feb
8.49 8.75 March_
April
8.62
8.651 8.80 May
June
8.94
8.95 9.10 July
9.13§ 9.14
9.15 9.26
9.30
PETROLEUM.
-Gasoline has been dull and there are
persistent rumors of cutting of prices. United States Motor
is said to have sold at 83 to 83 c. The nominal price was
/
,
/
83 0. in tank cars at the refinery and 93 e. in tank cars
4
delivery in the New York territory. Most refiners quote
such prices. California is 9e. at local terminals. The export
situation is no better. Fuel oils have been in better demand
at firm prices. Bunker oil is called only fairly steady. Grade
C was $1.05 in bulk at refineries and $1.10 f. a. a. New York
Harbor. Diesel oil was in fair demand and steady at $2.
Kerosene was unchanged with the consumption satisfactory
/
and 41-43 water white 73 0. in tank cars at refineries and
/
83 0. in tank cars, delivered to the nearby trade.
[Tables of prices usually appearing here will be found on an earlier page in
our department of"Business Indications." in an articla entitled "Patroleum
and Its Products.")
RUBBER on the 14th inst. ended unchanged to 10 points
lower here with sales of 442 tons. December ended at 16.20
16.30e.; January, 16.30 to 16.40e.; March, 16.90c.; May,
17.20 to 17.30c., and July at 17.70 to 17.90e. On the 16th
inst. New York closed 10 to 20 points lower with November
consumption only 27,659 long tons against 34,800 in October
and 37,461 in November last year. No doubt the decrease
would have been greater but for a decrease in the London
stock last week of 250 tons. December closed at 16 at
16.20c.; January, 16.20 to 16.30c.; March, 16.70 to 16.800.;
May at 17.10c.; July at 17.600. and September at 18e.
.
Foreign interests sold. Dealers bought near and sold distant months. London closed unchanged to 1-16d. lower
with spot-December-January at 8d.; January-March, 834d.;
April-June,87-16d.,and July-Sept.,834d.; October-Dec.,9d.
On the 16th inst. prices closed with ribbed smoked spot and
December 163, to 163c.; spot, first latex, 17 to 1734c.;
4
thin, pale latex, 1734 to 173 c.; clean, thin, brown crepe,
%
133 to 1434c.; specky crepe, 1334 to 1334e.; rolled brown
%
crepe, 10 to 1034c.; No. 2 amber, 1434 to 14%c.; Paras,
upriver fine spot, 16e.; Acre fine spot, 1634e.; Caucho Ball,
upper, 834c. London on the 16th inst. at one time was unchanged to 1-16d. net lower with spot December, 8d.;
January, 8d.; January-March, 850.; April-June, 8 7-16d.;
July-September, 8%d. and October-December, 9d. Singapore closed dull and unchanged to 1-16d. net lower; No. 3
amber crepe, spot, 7 6-16d. Stocks of rubber in London
decreased 251 tons during the week to 53,180 tons. At
Liverpool they increased 341 tons to 18,263. The total is
now 71,443 tons or 90 tons more than a week ago.
New York on the 17th inst. was unchanged to 20 points
lower. London was unchanged to Nd. lower. New York
on that day closed with Dec., 16c.• Jan., 16.20 to 16.30c.;
March, 16.60 to 16.70c.; May, 17.10c.; July, 17.50c.; Sept.,
17.90 to 18c.; Nov., 18.20 to 18.30c. New York on the 18th
inst. got down near the low record level. Prices fell 20 points.
A more favorable weekly invoice total of shipments to
America and announcement of resumption of operations at
tire centers on a large scale in Jan. fell flat. Trading, it is
true rose to 810 tons at the Exchange, but is was evidently
liquidation by discouraged holders. New York ended on the
18th, with Dec., 15.80e.; Jan., 16e.; March, 16.40 to 16.50c.;
May, 16.90e.; June, 17.10434 Aug., 17.50o.; Sept., 17.70 to
17.800. Outside prices: Ribbed smoked spot and Dec.,
16 to 1634c.; Jan.
%
-March, 163 to 16%c.• April-June, 1634
to 1734e.; July-Sept., 17% to 1730.; spot', first latex crepe,
4
163 to 17c.; thin pale latex, 16% to 175ge.; clean thin
%
brown crepe, 13% to 14c.; specky crepe, 13 to 1334c.;
3
rolled brown crepe, 9% to 103/c.; Nov. 2 amber, 14 to
8
14%c.; No. 3, 133 to 1434c.; No. 4, 1334 to 13%c. London
4
spot, 7 15-16d.; Jan., 8d. Singapore Dee:, 7%d. Prices on
the 19th inst. dropped to record lows with cables 1-16d. off
and liquidation general,• sales 862 tons. Dec. ended at
15.70c.; Jan., 15.90c.; March, 16.30c.; May, 16.70e.; Sept.,
16.50c. Ribbed smoked spot and Dee., 15% to 163/sc.;
Jan.
-March, 1634 to 1634e.; April-June, 16% to 170.;
4
July-Sept., 1734 to 1734c.; Spot, first latex, 16% to 167 e.;
thin pale latex, 163 to 17c.; clean thin brown crepe, 13% to
4
13340.; specky crepe, 13 to 13%c.• rolled brown crepe, 9%
to 10%c.• No. 2 amber, 14 to 14%c.; No. 3, 13% to 14e.;
No. 4, 1334 to 1334c.; Paras, upriver fine spot, 16e.; coarse,
'
834c. The Rubber Association of America put the consumption on Nov. 30 at 27,659 tons, against 34,800 on
Oct. 31 and 37,660 on Nov. 30, last year' imports 40,621,
against 43,725 on Oct. 31, and 34,720 on Nov. 30, last year;
stooks on hand, 92,220, against 88,483 on Oct. 31 and 61.942
DEC. 21 1929.]
FINANCIAL CHRONICLE
3985
on Nov. 30 last year; stocks afloat, 52,500, against 49,835 Although quality is not altogether as good as in the past
four or five weeks prices were firm. Mayfield, Ky.,reports
on Oct. 31 and 68,1.20 on Nov. 30 1928.
Total consumption of crude rubber by American manu- the quality low except low Va.; crops disappointing in size.
facturers for the first 11 months of this year is estimated at Hartford, Conn. wired to the "Journal" that it had a busy
446,273 long tons. Consumption during the first 11 months time among packers and growers. Reports from the broadof 1928 was 410,107 long tons. Consumption of reclaimed leaf districts in the vicinity of Windsor Locks show the
rubber is estimated at 14,742 long tons for November quality and weight per acre very good, the weight averaging
against 16,983 in November last year and 213,819 long nearly 1,700 lbs. to the acre, compared with 1,300 lbs. from
tons for the 11 months period against 208,680 long tons for the same farms last year. There has been very little pole
the first 11 months of last year. The association estimates sweat or fatty stems. The most unusual feature of the
total domestic stocks of crude rubber on hand and in transit broadleaf market is the extraordinary scarcity; small farmers
overland on Nov. 30 at 92,219 long tons compared with had little money after trying Havana and there was a dis88,483 long tons as of Oct. 31. Crude rubber afloat for astrous hail last July. The scarcity of Connecticut leaf toUnited States ports on Nov. 30 is estimated at 62,359 long bacco is pointed out in the latest report of the United States
tons as against a revised figure of 62,294 long tons, on Department of Agriculture which indicates a total supply of
Oct. 31. The Department of Commerce report of rubber cigar binder tobacco of nearly 226,000,000 lbs. slightly less
invoiced to the United States during the week ended Dec. 14 than last year, and 12% less than the five year average,
1929 in long tons British Malaya, 7,428; Ceylon, 1,299; 1924-28. This includes this year's production, plus the stock
Netherland East Indies, 1,655; London and Liverpool, 6; in Oct. 1. The total supply of Connecticut Valley broadleaf
total, 10,388 as against 12,594 last week and 10,290 during is estimated at 40,700,000 lbs. or 11% less than the fivethe week ended Nov. 30. To-day prices ended unchanged year average figures. The total supply of Connecticut
to 20 points lower with sales of 323 lots. There were 69 Havana seed is estimated at 49,500,000 lbs. or 10 less than
transferable notices. Uptown bought a little December. last year and 21% less than the five-year period, 1924-28.
Prominent downtown interests were selling May. Cables In Richmond, Va., aboul 270,000 lbs. were sold last week.
were not stimulating and it looks as though there will be a The average price was $14.73. Sales were mostly of sunfurther increase in the stock in London next week. Re- cured tobacco. Peak price during the week was $45 or $9
ports of the new invention which will increase crude rubber better than the previous high mark this season.
production were not without some effect. London closed
COPPER has latterly been in only moderate demand and
1-16d. lower to 1-16d. higher with spot Dec., 778d.; Jan.,
slightly lower. Export sales have averaged 750 tons a day.
7 15-16d.; Jan.
-Mar., 8 1-16d.; Apr.
-June, 8 5-16d.; Julyin 1930 than it has been
Sept., 8 9-16d. and Oct.
-Dec. 8 13-16d. Singapore ended The consumption is to be greater also said will soon be inin 1929 while refined output it is
with Jan., 7 13-16d.; Jan.
-Mar., 8 3d.; and Apr.
-June,
companies predict an
8%d. Final prices here•show a decline for the week of 60 creased. Telephone and public utility 173c.; casting 177 c.
4
increased consumption in 1930. Lake 4
to 80 points.
On the 19th inst. at the Metal Exchange here 100,000 lbs.
-On the 16th inst. light native cows sold in were sold for June at 15.85 to 15.95c. On that day Dec.
HIDES.
Chicago at 14c. Recently 25,000 Argentine frigorifico steers closed at 17.25e. asked; Jan. 16e.; Feb. to May inclusive
sold at 17 13-16 to 18c. and 8,000 Uruguayan steers sold at 15.950. nominal; June 15.85 to 15.95e. traded; July and be183ic. The demand was mostly from the United States yond 15.85c. nominal. In London on the 19th inst. standard
and Russia. City packer hides were in rather better demand. copper rose 3s, 9d. to £68 6s. 3d. for spot and £67 3s. 9d. for
One local packer sold 900 October-December all weight cows futures; sales 100 tons spot and 400 futures. Electrolytic
at 12%c. Common dry Maracaibo, 15c.; Central .America, was unchanged at £82 12s. 6d. for spot and £83 10s. for fu153ic.; Savannilas, 15%c.; Santa Marta, 163.c.- Packer, tures. Spot standard at the second London session advanced
spready native steers, 18c.; native steers, 16c.; butt brands, 35. 9d. To-day Jan. fell 85 points here early. London stand'
150.; Colorados, 14c. New York City calfskins 5-7s, 1.75; ard copper was quoted is. 3d. higher for spot at £68 7s. 6d.
7-9s, 2.15; 9-12s, 2.70 to 2.75c. To-day hides closed un- and futures Is. 3d.lower at £67 7s. 6d. with sales of futures
changed to 5 points higher with January ending at 14.20c.; 75 tons. Electrolytic copper bid unchanged at £82 12s. 6d.
March, 14.60e.; May, 15.05 to 15.10c.; Sept. 15.850. asked unchanged at £83 10s.
'
Final prices show an advance for the week of 5 to 10 points
TIN has been quiet of late at home and abroad and
on January and March while May is unchanged.
here have declined. On the 19th inst. at the ExOCEAN FREIGHTS were in rather better demand. futures January ended at 40.35 to 40.40 against a closing on
change
Later rates were lower.
the 18th inst. of 40.45e.; February, 40.55 to 40.70 against
CHARTERS included tankers: California, clean, Dec.-Jan. to north
Kingdom- 40.80 the closing day before and March was 40.85c. against
of Hatteras, 90c.; refined and (or) spirit, California-United '
-Feb.; 9,400 tons deadweight, 18 months time 41e. In the Far East on the 19th inst. 300 tons sold. Of
Continents, 41s. Jan.
charter, clean trading, 8s. 6d., May-June; 5,850 tons deadweight, crude
inst. at 404o.
and (or) fuel oil, consecutive voyages through 1930, Black Sea-French Straits some January delivery sold on the 19th
-Feb.; 6.340 tons deadweight, refined and (or) Closing prices for the day for Straits were as follows: Prompt,
Atlantic, 17s. 6d., Jan.
,
e .8 tch
cpit-Fr 8 tAolsed(liteaer:
March, 41 Xe.
4
deadweight 40%e.; January, 408 c.; February, 41c.;
spirit.11:1111=1
refined and (or) spirit, Abadan-United Eingdom-bontinent, 35s., April- London on the 19th inst. advanced 7s. 6d. on standard to
May; 3,000 tons, Constanza-Ceuta, 14s. fuel oil. Dec.; 6,600 tons, Gulf £183 2s. 6d. for spot and £186 7s. 6d. for futures; sales, 50
to two ports French Atlantic, 31s., refined and (or) spirit, Feb -Mar.;
Spot Straits advanced 2s..6d.
7,750 tons, time charter, 21 months, 98., clean, continuation from Jan. tons spot and 250 futures.
Feb.; 1.200 tons, Constanza-Alexandria, las. 3d., clean, Dec. 15-30; to £186 2s. 6d. Eastern c. i. f. London closed at £189 12s.
-Feb., Gulf to Rouen,
clean, Feb., Gulf to French Atlantic, 29s.; clean, Jan.
31s. 9d.; gas or fuel oil, Jan:Feb.. Black Sea-United Kingdom-Continent, 6d. with sales of 300 tons. At the second London session
20s.; clean. Feb., Gulf, French Atlantic, 29s. Time: West Indies, standard declined 7s. 6d. on sales of 15 tons of spot and 185
prompt round, $1; trip across, prompt, Gulf re-delivery, United Kingdom39.35e.; Jan.,
Continent, 60c.; Atlantic range, prompt West Indies round, 85c.• trip futures. To-day futures ended with Dec.,
across, New York, Jan., $1.50; north of Hatteras to United Kinidom, 39.50 to 39.65e. and March, 40 to 40.100.; sales, 115 tons.
Dec., 51.50; prompt West Indies round, 85c. Gasoline: clean, Jan., Final
prices show a decline for the week of 140 to 155 points.
-Feb.. United Kingdom-ConGulf to north of Hatteras. 35c.; clean. Jan.
tinent, Gulf. 30s., San Pedros, 458. Lumber. Gulf to Montevideo, Buenos London to-day was £3 5s. lower for spot at £179 17s. 6d.
Aires, 145s., Feb. Scrap iron, Porto Rico, Jan., to Danzig, $6.85. Coal. and £3 5s. off on futures at £183 2s. 6d.; spot sales, 100
Atlantic range, Jan., to Civita Vecchia, $2.25; Jan., Hampton Roads to
Civita Vecchia, $2.32%; Hampton Roads to Genoa. $2.15, Dec.; Hampton tons; futures, 550 tons. Straits, £3 5s. lower at £182 17s.
Roads to Port Ferraio, Jan. 82.10.
6d.; Eastern price, £1 2s. 6d. off at £188 10s.; sales, 275
-Export trade was brisk. Buckwheat coal has, tons.
COAL.
however, firmed up, to a range of $2.60 to $3.- rice to $1.60
LEAD has been in steady demand mostly for Jan. with
'
to $1.80 and barley is not easily had around 961.25. Choice prices rather irregular. East St. Louis, 6.100.; New York,
nut and slack steam and gas are strong, frequently higher in 6.25c. Now and then, it is said, East St. Lours has sold at
all markets in no small part due to carefully graduated pro- 23c. under the generally quoted price. The Central West is
duction by the chief producers of really prime qualities. doing more business than the East. In London on the 19th
Seaboard activity offset the milder weather in the West and inst. spot rose is. 3d. to £21 10s.; futures £21 us. 3d.; sales
the large stocks of the retailers. It has latterly been colder 250 tons spot and 150 futures.
here after a brief day or two of higher temperatures. LocomoZINC has been dull, weak and unsettled. East St. Louis
tive fuel declined. Local receipts have been large. Low
!
freight rates tend to help business at Baltimore Charleston is called 5.50e. but 5.45c. it is intimated, is now and then
and Norfolk. Anthracite at New York has declined a little. accepted. Some think all the bearish factors in the situation
have been discounted. Some producers apparently sold pretty
Hampton Roads to Porto Ferraio paid only $2.
well ahead, quote 5.60e. On the 19th inst. in London prices
TOBACCO has been dull as usual at this holiday season. advanced is. 3d. to £20 5s. for spot and £20 16s. 3d. for
makers are buying much less freely. In fact so far as futures; sales 325 tons of futures.
Cigar
New York is concerned there is nothing new or interesting.
STEEL.
-For this season of the year there is a fair busiDrought has hit the Java crop. The United has restored
various cut prices in cigars. Pacific Coast trade in cigars is ness in fabricated steel under way for houses, institutions,
reported better. Havana has a good trade according to bridges, roadways, &c. The general situation however,
reports to the U. S. Tobacco Journal adding that although could not be expected to change much for the better at this
we had only five business days this week fair transactions were time of the year. Buying is as a rule so small that the dullcarried on; that is merchandise was laid out for examination ness is a rather severe test of the stability of prices. Finished
and acceptance by buyers to the total of 6,503 bales. Of this steel it is intimated is in some cases weak. Buyers are inamount 4,530 bales were of Vuelta Abajo tobaccos, and sisting on lower prices. Ingot production is called only
1,973 bales of Remedios. Oxford, N. C. reported sales for 65% for the steel and Bethlehem concerns or 3% less than
'
the week 1,134,216 lbs., at an average of $21.21; total sales a week ago. Chicago still 65%, Pittsburgh 60 to 5% less
to date, 15,100,396 lbs.; average $20.74. This compares than recently. The talk is that business will be better in
with last year's total sales of 13,475,383 at an average of the forepart of 1930. The output of cheap autos is said to
$19.66. Rain, hail and sleet, last Monday and unusual cold be increasing. For the most part it is holiday or year-end
weather the first part of the week, reduced the size of sales. dullness in steel as in so many other commodities.
consecutive voyages,4
3986
FINANCIAL CHRONICLE
PIG IRON.
-The inquiry is said to be a little better and
it is said too that 9,000 tons were sold here last week. The
composite price, according to one report, is off to $18.21 as
against $18.29 a week ago, due it is supposed, to an easing
of prices in the East. Buffalo, according to rumor has been
obtainable at $16.75 at furnace, though nominal prices are
$17 to $17.50. The sales are mostly in small lots. Big orders
are absent. Alabama has recently been quoted 50 cents
higher and there is a dispute about the composite price.
WOOL.
-Boston reports a somewhat better business but
no improvement in prices. They were fairly steady; Ohio
and Penn. fine delaine, 35c.;
blood, 40 to 41c.; Territory,
clean basis, fine staple, 82 to 83c.; fine medium French
combing, 75 to 80c. Texas, clean basis, fine 12 months,
77 to 80c.; fine 8 months, 73 to 75c.; Fall, 60 to 65c.; Pulled,
scoured basis, A super, 75 to 83c.; B, 65 to 70c.; Domestic
mohair, original Texas, 50c. Australian, clean basis in
bond, 64-70s combing super, 65 to 680. Boston wired a
government report stating: "There is a slightly better demand for small lots of a few lines of wool. Some of the
sales are for filling in purposes and occasionally prices
realized on such orders are a little above the ranges recently
quoted. On the other hand there are sales consisting mostly
of leftovers of old lines slightly under quotations. All sales,
however, are very moderate in volume." At Sydney on the
19th inst. the fourth series of wool sales closed. Selection
was poor. Demand good chiefly from the Continent.
Yorkshire bought. Compared with opening prices finer
descriptions unchanged. Others about 5% lower. The
fifth series will be held Jan.6-15. Offerings total 73,500 bales.
SILK to-day closed unchanged to 2 points higher on new
contracts with sales of 250 bales. Final prices are 3 to 5
points higher than a week ago. December ended at 4.40;
January, 4.40 to 4.43 and May at 4.42 to 4.43.
COTTON
Friday Night, Dec. 20 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
260,772 bales, against 281,398 bales last week and 282,747
bales the previous week, making the total receipts since
Aug. 1 1929, 6,315,286 bales, against 6,610,775 bales for
the same period of 1928, showing a decrease since Aug. 1
1929 of 295,489 bales.
Receipts at-
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Total.
Galveston
7.316 9.382 20,928 10,539 9,728 5,716 63,609
Texas City
5,043
_ _- - 5,043
Houston_ _ _ _ _ _ _ 12.467 25.996 17.157 17,617 8.492 17,035 98,764
Corpus Christi- 337
109
174
485
261
483 1,849
New Orleans_ _ _ 6,021 5,266 12.894 9.957 4,921 2,789 41,848
Mobile
1.771 6,421 1,524 1.130 1,322 3,666 15.834
Savannah
3,030 2,091 2.123 1,063 2,520 2,421 13.248
Charleston
1.138
90 1,493 3,079 6,191
225
166
Wilmington
813
994
861
998
666
449 4,781
Norfolk
1,169 1,388 1,440 1,274 1,04'7 2,402 8,720
New York
__
50 -- 100
Boston
51
51
Baltimore
698
698
Philadelphia_ _
_ ___
____
36
Totals thiq week :14 Ono AI 09s !174n4 4:1.(1118 35.403 38.7811 280 772
The following table shows the week's total receipts, the
total since Aug. 1 1928 and the stocks to-night, compared
with last year:
This Since Aug This Since Aug
Week. 1 1929. Week. 1 1928.
Galveston
Texas City
Houston
Corpus Christi_ _ _
Port Arthur, &c- _
New Orleans
Gulfport
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Lake Charles_ _ _ _
Wilmington
Norfolk
N port News, &c_
New York
Boston
Baltimore
Philadelphia
Totals
1928.
1929.
Receipts to
Dec. 20.
Stock.
1929.
1928.
63,609 1,401.731 72,501 2,117,994 498,640 638,535
5,043 117,685 5,176 130.633
33,936
41,715
98,764 2,200,220 82,945 2,247,292 1.162,939 925,234
1.849 371.107
31.620
---- 252.823
3,650
---___ _
11,565
41,848 1,139.152 57,038 936,759 510,649 358.093
6,191
-___
4.781
8.720
285,451
23.978
737
391,484
7.094
159.431
6,606
72,192
106,877
100
51
698
36
1,105
2.453
15,880
538
15.834
13.248
9.547 177,772
_ .a.
7,837
108
27
9,054 278,508
48,982
55,369
861
90,275
721
62,064
4.950
1,626
7,571
9.211
46,906
43,336
40,862
71.404
46,859
110,177
94,632
1,414
1.171
5,057
36.759
1,949
1,094
4,641
9,739
_ __
2,395
135,374
5,097
98,368
177.272
92
16,082
1,188
23,926
260.772 6.315.286 265.780 6.610.775 2,639.348 2,326,546
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts atGalveston____
Houston•____
New Orleans..
Mobile
8avannah_ __ _
Brunswick _
Charleston- -Wilmington_ _
Norfolk
N port N.,&c.
All others_ _ _ _
Total this wk_
1926.
1925.
1924.
63.609
98.764
41,848
15.834
13.248
72.501
82.945
57,038
9,547
9,054
57,247
47.770
44,343
6,986
7,269
102,758
96.280
72,089
8.130
21.210
89.956
13,233
67,872
4.065
16,461
72.559
9,762
63.292
7.910
17,091
6,191
4,781
8.720
4.950
7.571
9.211
3,019
3,323
5,953
12,053
3,772
15,524
7,072
2.260
12,251
9,340
11,299
19,806
1929.
1928.
1927.
7,777
12.963
4.589
7,761
11,228
11,287
260,772
265.780
180.499
339.577
224.398
232,346
Since Aug. 1_ _ 6.315.286 6,610,775 5.904.817:
.233,504 6.306.4685,849.250
*Beginning with the season of 1926, Houston figures include movement o
cotton previously reported by Houston as an interior town. The distinction
between port and town has been abandoned.
[vol.. 129.
The exports for the week ending this evening reach a total
of 266,936 bales, of which 66,529 were to Great Britain,
35,017 to France, 69,776 to Germany, 14,979 to Italy,
49,405 to Japan and China, and 31,230 to other destinations.
In the corresponding week last year total exports were
297,939 bales. For the season to date aggregate exports
have been 3,891,949 bales, against 4,435,563 bales in the
same period of the previous season. Below are the exports
for the week.
Exported to
Week Ended
Dec. 20 1929. Great
GerJapan&
Exports from
- Britain. France. many. Italy. Russia. China.: Other. Total.
Galveston
24,778 14,219 11,378 9,032
14,623 10,152 84,182
Houston
7,643 12,973 16,233
14,882 14,185 65,866
Texas City
3,748 2,743 5,723 1,021
275 13,508
New Orleans_
5,713 4,210 21,503 4,926
8,500 5.929 50,781
Mobile
9,079
7,003
256 16,338
Savannah
8,068
6,464
183 15,015
"Ina
Charleston
3,760
200 3,960
Norfolk
3,392
572
200
4,164
New York
122
-job
222
Los Angeles
200
750 -Ooo
7,225
9,075
San Francisco__ _
160
3,675
3,825
Total
68,529 35,017 69,776 14,979
49,405 31,230 266,936
Total 1928
Total 1927
86,936 37,225 55,552 29,631
25,579 28,471 36.702 19.383
-_ 49,237 39,358 297,939
____ 44,059 9,633 163,827
From
I
Exported to
Aug. 1 1929 to
Dec. 20 19241 Great
°
,
-1
Gee
Japan&
ExportsIs
Britain. France. many. 1 Italy. 'Russia. China. Other. Total.
Galveston.... 132,5981162.40 215,568102,813 8,123 187,889 160,620 970,016
Houston
140.832 220.651 259.815101,286 12,521 164,938 115,416 1,015,459
Texas City__
18,67 9,639 24,446 1,6211 ---- .
6,503
,
Corpus Christl 89,983 67,185 41,349 36,517 41,521 25,359 29,162 331,076
Beaumont
2,357 2,935
2,654
660 ___
---- 2,959 11,565
Lake Charles_
313,
318
3,300
__ _
___
451
6,660
New Orleans_ 146,429 43.075 128,899 86,085 15,850 93,337 48,304 561,879
2.285Mobile
60,965 5,219 118,823 5,549 ---- 3,000 3,95. 197,512
Jacksonville_
500
Pensacola _ _ _
. 3,307 -- -20.8711
200 ------------24,378
Savannah..._ _ 105,798
689 173,308, 1,850 -___ 6900 3894 292,439
Brunswick _ _
7,094
7,094
1
Charleston...... 31,417
115 42,350
220 --.. 40,405 7,774 122,281
Wilmington
5,987 _•__
4,1811 20,969 ____
___ 2,11 i
33,137
Norfolk
26.223...._.. 12,6711
__ _
___
600
138 39,632
New York__ _
3,062 4,115 18,366 4,958 ___ _ 2,497 7,113 40,111
Boston
264 1,276 ____
____
____
92
1,632
Baltimore.
------------ 882
_ --- ---- ----862
_
Philadelphia
72
72
Los Angeles
11,484 2,300 21,686
750 ---312
787
819
San Diego
5,250,
5,250
1
San Francisco
1,800i --- _
100 _._ 32,961
1,0001
.
147 36,008
Seattle
.
23,795 _ __ 23,795
Portland, Ore.
4,237
4,237 _ _ _
I
I
Total
794,414519,498 1.090,563365,863 78,015653,856389,7403,891.940
Total 1928_ 1,012,623475,705 1,250,239316,15, 118,600853.990 408,2424,435,563
Total 1522
A22 155 A22 552 1 282 r.rin 252 (1511 101 128 MR 220250 1422 a 575.54.2
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On Shipboard Not Cleared for
Great
GerOther CoastDec. 20 at
- Britain. France. many. Foreign wise.
Galveston
New Orleans....
Savannah
CharlestonMobile
Norfolk
Other ports *
6,000
3.337
6.000
2,413
7,700 25,000
6,470 9,168
2:866
1:16613,600
2,000
3,000
4.000
105
200
267
-___
100
----
Total.
Leaving
Stock.
48,700 449,940
21,493 489,156
200
90,075
267
46,639
17,200
31,782
71,304
100
38,000 1.334,992
8,000 25,000
Total 1929
13,837 12,513 22.170 72,768 4,672 125,960 2,513,388
Total 1928
32,160 18.428 28.166 88,277 8,952 173,983 2,153,563
Total 1927
20.505 11,096 17,282 67,470 7.933 124,286 2.461,825
*Estimated.
Speculation in cotton for future delivery has been quiet at
lower prices on decreased consumption, hedge selling, some
liquidation of January and in sympathy with lower prices
for stocks and grain. On the 14th inst. prices declined 6 to
12 points, with the cables indifferent and stocks for a time
irregular and at no time showing any marked advance.
Wheat was 2%c. lower, and cotton goods prices were in
general inclined to sag. Fall River had declined. Trade
was only moderate. Foreign markets were lower. Sakels
in Alexandria dropped 32 points on some months and finally
the consumption for November was only 544,150 bales,
against 640,798 in October this year, 611,173 in November
last year, and 626,742 In November 1927. The statement
showed the supply in consuming establishments on Nov. 30
was 1,671,829 bales of lint and 168,306 of linters compared
with 1,360,557 and 145,478 on Oct. 31 this year and 1,560,542
and 131,589 on Nov. 30 last year. In public storage and at
compresses 5,841,950 bales of lint and 68,747 of linters, compared with 5,311,920 and 54,397 on Oct. 31 this year and
5,244,418 and 54,985 on Nov. 30 last year. Exports for
November were 1,048,760 bales against 1,251,300 in October
and 1.427,772 bales in November.
On the 16th inst. prices declined 15 to 20 points, with
Liverpool weak, the stock market lower, and the South
selling more freely. In the Senate investigation of Cotton
Exchanges at Washington, the competition of East Indian
and other foreign cotton with American, with the consequent decrease in foreign demand for our cotton, was
brought out clearly. It was given as one cause, if not the
principal cause, of the decline in American cotton. It is
now 3c. lower than a year ago. Also the depression in the
cotton textile industry is not forgotten. Manchester is dull.
That center has had to meet competition. In Fall River
and Worth Street goods have declined and at the lower
prices sales have increased. In the Carolinas It is said that
DEC. 21 1929.]
In general the curtailment by cotton mills is 25 to 30%.
All the foreign raw cotton markets were lower, led by
Alexandria, with a decline on sakels of as much as 42c.
But the trade continued to fix prices here. Spot markets,
though 20 points lower, continued to be more active than
a year ago. The fact that the Farm Board says it will
continue to lend on wheat even if the price falls below the
loan levels, suggests to cotton people that it will be the
same in the case of cotton. The price is nearing the level
of the loan basis of 16c. for %-inch middling. But the
feeling was undoubtedly depressed in cotton, and though
some of the selling was for hedge account, much of it was
believed to be selling out by discouraged holders.
On the 17th inst. prices advanced 10 to 13 points on firm
cables, lessened hedge selling, predictions of a rather bullish
ginning report by the Census Bureau to-day, and a better
technical position. It was said, too, by a leading member
of the trade in his testimony at Washington that cotton
is selling at 2c. below the cost of production. The Senate
Investigating Committee took a recess until Jan. 7. The
spot markets were a little higher. The Exchange, moreover,
stated the world's available supply of American cotton,
including the carryover, at 19,365,000 bales against 19,643,000
last year, 20,621,000 in 1927-28, and a four-year average of
20,831,000. According to this, the present supply would be
250,000 bales smaller than a year ago, 1,228,000 smaller
than two years ago, and 1,438,000 smaller than the average
for four years. But later on that day about 50% of the
early rise was lost on the inevitable realizing. There was
some switching from January to March at 28 points, and
to May at 53. Charlotte, N. C., reported that the mills in
that district were operating on a four-day week. Worth
Street was quiet, and more concerns than recently were
accepting the reduced prices made here and there, however
determined others might be to refuse to do so. Manchester
was quiet. Still the New York tone was firm. Reports were
persistent that much of the crop is low grade. In North
Carolina it is said the prolonged rains in the fall have
resulted in a distinct shortage of strict middling and above,
and even of white middling cotton in the Charlotte, N. C.,
section.
On the 18th inst. prices advanced 15 to 20 points, partly
on the firmness of Liverpool, but more on the covering in
what looked like a short market. Liverpool seemed to be
In the same predicament. All the foreign markets were
higher. Memphis reported that much of the cotton still
In the fields is so poor that it is doubtful whether it will
be picked. The weekly report said that there had been
considerable rain in the north central section of the belt,
and that picking had therefore made little progress. Spot
prices were 10 to 15 points higher. About 20,000 bales of
off grades, it turns out, were sold recently at Charlotte,
N. C., to one of the large mills of that State. The trade
bought as well as Wall Street and Liverpool. After a
reaction prices became firmer and they closed at not very
much below the highest of the day.
On the 19th inst. prices declined moderately, with fewer
inclined to cover, the technical position, in fact, a little
weaker, the cables not at all stimulating, stocks 1 to 5 points
lower, wheat off 3 to 3%c., and more or less hedge selling.
The selling, in the main, however, was a dribbling out of
long cotton. Wall Street was selling. Spot firms, in the
main, seemed to be buying the near months like January
and selling the distant ones. Spot cotton was a little lower.
Manchester reports were not at all favorable. More business was done here in print cloths; indeed, the sales this
week were estimated at as high as 20,000,000 yards. In one
day they were said to have reached 100,000 pieces at prices
said to be not at all satisfactory, though it appears they
were accepted in some cases for spring delivery, if most
mills were loath to sell far beyond January delivery.
To-day prices declined 15 to 18 points under continued
liquidation, with selling of January a rather more noticeable
factor. Besides, the stock and grain markets continued to
decline. This was not without some effect. And the ginning up to Dec. 13, which was announced to-day, had nothing
in it to put up prices. In fact, the total was fully as large as
had been expected, if not a little larger. It was 13,461,630
bales up to Dec. 13 against 13,144,333 for the same time
last year, and 12,072,763 in 1927. This included, it is true,
3,658,600 for Texas against 4,549,001 for a like period last
year and 3,972,633 in 1927. The Oklahoma figures, too, of
1,046,730 bales were only very slightly larger than the total
for the same time last year. North Carolina's total of
657,034, moreover, was about 140,000 less than in the same
period last year. Some stressed the relatively small total
In Texas, Oklahoma and the Carolinas, but to no purpose.
Spot markets were a little lower and sales fell off. Liverpool showed no snap. There was more or less hedge selling
there, and also local and Continental liquidation. Manchester was as dull as ever. Worth Street has latterly been
more active. In 48 hours the sales of print cloths there are
said to have totaled 200,000 pieces, largely for December
and January, but there were reports that some business had
been done for the second quarter of 1930. The tone was
perhaps a trifle firmer in Worth Street without any advance. In fact, the recent decline in prices has been, to all
appearance, more generally accepted. The weekly figures
to some looked rather bearish on the surface than otherwise.
Final prices show a decline for the week of 25 to 35 points.
3987
FINANCIAL CHRONICLE
Spot rcotton ended at 17c. for middling, a decline since last
Friday of 25 points.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Dec. 14 to Dec. 20Middling upland
Sat. Mon. Tues. Wed. Thurs. Fri.
17.20 17.00 17.05 17.15 17.10 Moo
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday,
Dec. 14.
Monday,
Dec. 16.
Tuesday, Wednesday, Thursday,
Dee. 19.
Dee. 18.
Dee. 17.
Fri
Dec 20.
.
Dec.Range-- 16.97-17.04 16.79-16.97 16.80-16.90 16.90-17.00 16.90-16.98 16.71 16.91
Closing _ 16.9816.71 16.78
16.9016.9416.8516.80Jan.
Range__ 17.02-17.07 16.82-17.00 16.83-16.94 16.94-17.06 16.91-17.00 16.72 16.94
Closing _ 17.02-17.07 16.83-16.85 16.87-16.88 16.9716.91-16.92 16.77-16.78
Feb.
Range _
Closing.. 17.1617.1216.92
17.0617.0216.97Mar.
Range _ _ 17.30-17.37 17.10-17.29 17.11-17.23 17.24-17.35 17.21-17.30 17.01 17.24
Closing.. 17.30-17.31 17.11-17.12 17.1717.21-17.22 17.08 17.09 -.
17.28Apr.
Range __
Closing 17.4217.29
17.3217.4017.2817.23MayRange- - 17.54-17.64 17.35-17.54 17.34-17.47 17.46-17.59 17.44-17.54 17.29 17.46
Closing.. 17.54-17.55 17.35-17.37 17.4017.52-17.53 17.44-17.45 17.31-17.33
June
Range _ _- -17.50
closing.. 17.6217.41
17.5417.6217.5417.50July
Range... 17.70-17.78 17.52-17.70 17.51-17.65 17.65-17.78 17.65-17.73 17.59 17.65
Closing. 17.7017.52 17.53
17.71-17.72 17.6517.52-17.54 17.59Aug.Range-Closing_ 17.6817.65
17.71 --- 17.51
17.5917.52Range _ _
17.51
Closing 17.6617.6417.7017.5917.51 -
Oa.
-
Range__ 17.64-17.71 17.50-17.64 17.51-17.63 17.65-17.74 17.63-17.72 17.41 17.64
Closing_ 17.6417.69-17.72 17.64-17.65 17.41
17.5917.50Nov.
Range...
17.78
Closing.
17.S5 -- 17.69-17.7917.7417.51
Range of future prices at New York for week ending
Dec. 21 1929 and since trading began on each option:
Option for
Dec. 1929-Jan. 1930._
Feb. 1930Mar. 1930_
April 1930_
May 1929__
June 1930._
July 1930-Aug. 1930
Sept.1930Oct. 1930._
Nov. 1930._
Range for Week.
Range Since Beginning of Option.
16.75 Dec. 20 17.04 Dec. 14 16.55
16.73 Dec. 20 17.07 Dec. 14 16.73
17.04
17.05 Dec. 20 17.37 Dec. 14 17.05
18.71
17.29 Dec. 20 17.64 Dec. 14 17.29
17.50 Dec. 16 17.50 Dec. 16 17.50
17.50 Dec. 20 17.78 Dec. 14 17.50
18.34
Nov. 13 1929 20.70
Dec. 20 1929 20.60
Nov. 13 1929 19.12
Nov. 13 1929 20.25
July 9 1929 18.82
Dec. 20 1929 20.18
Dec. 16 1929 18.87
Dec. 20 1929 20.00
Nov. 22 1929 18.34
Mar. 15 1929
Mar. 15 1929
Sept. 12 1929
Apr. 1 1929
July 8 1929
Sept. 3 1929
Oct. 24 1929
Sept. 3 1929
Nov.22 1929
17.45 Dec. 20 17.74 Dec. 18 17.45 Dec. 20 1929 18.56 Nov.20 1929
17.78 Dec. 16 17.78 Dec. 16 17.78 Dec. 16 1929 17.78 Dec. 16 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.
Dec.20.Stuck at Liverpool
Stock at London
Stock at Manchester
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
Total Continental stocks
bales
1929.
752.000
1928.
755,000
1927.
1926.
851.000 1,189,000
85,000
80.000
837,000
835,000
927,000 1.315,000
462,000
260.000
6.000
94,000
63,000
639.000
217,000
9,000
88,000
38,000
585,000
297,000
11,000
112,000
37.000
76.000
126,000
450,000
212,000
11,000
68.000
77,000
885,000 991,000 1,042,000 818,000
Total European stocksil
1,722,000 1.826,000 1,969,000 2,133,000
India cotton afloat for Europe
125,000 103,000
92,000
53.000
American cotton afloat for Europe 616,000 745.000 561,000 872,000
Egypt.Brazil,&c..afloat for Europe 124,000 110.000
97.000 112,000
Stock in Alexandria,Egypt
431,000 459,000 423,000 393,000
Stock in Bombay,India
820,000 790,000 442,000 269,000
Stock in U. S. ports
a2.639,348a2,326,546a2,586,111a2,998,717
Stock in U. S. interior towns.... _a1,476,699a1.232,436a1,308,770a1,561,460
U.S. exports to-day
1,859
Total visible supply
7,954,047 7.591,982 7.478,881 8,394,036
Of the above, totals of American and other descriptions are as follows:
American
Li
bales_ 344,000 482,000 566,000 814,000
Ma=ter stock
54,000 102,000
57,000
56,000
Continental stock
• 801,000 929,000 985,000 779,000
American afloat for Europe
616.000 745,000 561,000 872,000
U. S. port stocks
a2,639,348a2,326,546a2,586,111a2,998,717
U. S. interior stocks
01,476,69941,232,436a1,308,770a1,561,460
U. S. exports to-day
1,859
Total American
5,933.047 5.771,982 6,060,881 7,129,036
East Indian, Brazil, &c.
Liverpool stock
408,000 273,000 285,000 375,000
London stock
Manchester stock
29,000
23,000
22.000
24,000
Continental stock
84,000
62,000
57,000
39,000
Indian afloat for Europe
125,000 103,000
92,000
53,000
Egypt, Brazil. &a., afloat
124,000 110.000
97,000 112,000
Stock in Alexandria.Egypt
431.000 459.000 423,000 393.000
Stock in Bombay.India
820,000 790,000 442,000 269.000
Total East India, &a
2,021,000 1.820.000 1,418,000 1,265.000
Total American
5,933,047 5,771.982 6,060,881 7,129,036
Total visible supply
7.954,047 7,591.982 7,478,881 8,394,036
Middling uplands,Liverpool
9.36d. 10.558. 10.88d.
6.81d.
Middling uplands. New York17.00c. 20.40c. 19.75c.
12.95c.
Egypt,good Sakel, Liverpool
14.75d. 20.65d. 18.80d. 15.458.
Peruvian. rough good. Liverpool_ 13.758. 14.50d.
12.50d. 11.758.
Broach, fine, Liverpool
7.604.
9.05d.
9.70d.
6.20d.
Tinnevelly, good, Liverpool
8.806. 10.30d. 10.25d.
6.65d.
a Houston stocks are now included in the port stocks; in previous years
they formed part of the interior stocks.
a Estimated.
3988
FINANCIAL CHRONICLE
Continental imports for past week have been 191,000 bales.
The above figures for 1929 show an increase over last
week of 182,471 bales, a gain of 362,065 over 1928, an
increase of 475,166 bales over 1927, and a loss of 439,989
bales from 1926.
AT THE INTERIOR TOWNS the movement
-that is,
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
corresponding periods of the previous year, is set out in
detail below:
Movement to Dec. 211928.
Movement to Dec. 20 1929.
Towns.
ship- stoats
Ship- 1Blocks I
Receipts.
ments. Dec.
merits. Dec. I
I Week. Season. Week. 20. Week. Season. Week. 21,
I
Receipts.
Ala..BIrming'm 2,591
90,97. 4,147 18,303 2,417
Eufaula
3101 16,251
200
447 5,532
Montgomery. 1.3051 54,62, 1,666 33.971
967
Selma
464
7031 69.783 2.519 40,307
Ark.,Blytheville 5,532 104.682 4,612 46,278 2,976
Forest City
1,761
744 25.841
895 14,25
1,929 50,828 1,260 22,172 1,537
Helena
Hope
857 52,356 1,3211 6,592
832
Jonesboro_ _ _ 1,548 33,841
100 7,992 1,020
Little Rock_ 2,235 113,188 2,976 44.744 3,617
Newport___. 1,127 48,397 1,935 7,764 2,000
8,136 16.5,591 8,150 48,470 3,919
Pine Bluff
Walnut Ridge 1,459 49,129 3,318 10,859 2,104
Ga., Albany...
12
6,469
13
43 2,6
1,450 29.730
Athens
800 19,867 1,240
Atlanta
7,355 87,056 1,546 70,041 6,694
9,491 237,506 6,307108,859 6,233
Augusta
Columbus_ _ _ 1,200 20,639
450 4,7201,150
1,307 65,030 1,559 23,783 1,057
Macon
Roes..
550 21,526
200 18,056 3,135
Ls., Shreveport 1,844 137,674 2,438 70,398 4,666
Miss.,CLsrk'dale 5,649 167,055 7,412 68,698 3,160
Columbus.._.
646 25,989
84 14,334
425
Greenwood
200,282 5,248 88,125 4,393
5.41
Meridian__ _
.
602 48,583
978 9,781
969
Natchez
21.290
80
527 9,753
677
Vicksburg _ _ _
707 29,7011 1,107 10,262
502
Yazoo City__ 1,493 39,038 1,268 21,651
285
Mo., St. Louis. 11,88
154,938 10,546 11,195 18,080
8,055
N.C.,Greensb'.
238
430 7,540 1,138
OklahomaI
644,491 39,154 94,221 30,610
41,91
15 towns
S.C.,Greenville 6,499 103,593 2,747 68,532 6,311
Tenn.,Memphis 65,0501,249,405 58.901397,649 79.512
Texas, Abilene.
7211 25,319653.
773 1,500
Austin
5081 10,412
405 1,566
523
Brenham
9,675
4981
460 4,264
196
Dallas
3,7401 94,115 2,618 12,457 2,468
1,308j 65,961 2,934 7,344 1,371
Paris
Robstown_
721 32,581
12 3,710
16
San Antonio_
5001 21,183
500 1,596
328
Texarkana. _ 1,6311 54,055 1,656 8,993 1.125
1,900 97,703 2,247 8,692 1,388
Waco
43,737
12,508
49,066
41,785
66,110
20,306
47,91
52,169
27,62
95,66
39,64
107.88
26,842
3,529
25,94
88,174
166,624
33,482
45,344
28,836
129,457
132,611
27,89.
175,90:
41.731
23.161
22,156
38,749
204,508
11,21,
2,221 10,156
200 6,408
1,536 27,394
1,573 25,517
2,769 19,354
1,902 9,730
2,634 22.098
1.355 12,570
1,107 7,495
2,907 28,714
2,000 12,044
5,121 40,600
2,47: 11,018
26 1,942
850 15,852
4,251 59,530
3,257 78,241
3,600 7,324
2,545 10.143
600 27,120
2,178 70,959
4,931 69,943
629 15.693
9.519 94,876
1,285 11,816
1,404 20.438
1,796 9,750
3,442 20,607
16,287 23,245
77
8,033
626,729 36,525 79,646
105,865 2,623 40.976
943,069 61,491244,864
38,414 1,938 2,013
44.861
802 4,290
29.541
188 14,674
101.244 3.940 24.471
79,803 1,873 8,102
27,950
34 1,177
38,135
988 3,372
58,419
975 14,370
128,165 2,711 16,271
ota , 56 towns203,452 4,584,502 186,4741476699 201,777 4,052,778 199,3161232436
• Includes the combined totals of 15 towns In Oklahoma.
{voL. 129.
1920
1928
In Sight and Spinners'
Since
Since
Takings.
Week.
Aug. 1.
Week.
Aug. 1.
Receipts at ports to Dec.20
260,772 6,315.286 265,780 6,610,775
Net overland to Dec.20
30,097
368.049 30.712
263,193
South'n consumption to Dec. 20.._108.000 2,231.000 106,000 2,163.000
Total marketed
398.869 8,904.335 402,492 9.036.968
Interior stocks in excess
14,842 1,266,780
*227
914,967
Excess of Southern mill takings
over consumption to Dec. 1_ _ _ _ -----616.281
-_-_
597,368
Came into sight during week_ _-413.711
402.265
Total Insight Dec.20
10.787.396
---- 10,549.303
North.spinn's'takings to Dec.20_ 24,654
595,872 28.118
592,703
• Decrease.
Movement into sight in previous years:
Week1927
-Dec. 23
1926
-Dec. 24
1925
-Dec.25
Bales.
Since Aug. 1287,215 1927
475,673 1926
421,075 1925
Bales.
9.657,010
12,166,704
11,113,182
QUOTATIONS FOR MIDDLING COTTON AT
OTHER MARKETS.
-Below are the closing quotations
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Closing Quo ations for Middling Cotton on
-
Week Ended
Dec. 20.
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
Galveston
17.15
New Orleans_ -- 16.98
Mobile
16.30
Savannah
17.06
Norfolk
17.00
Baltimore
17.30
Aul'usta
16.81
Memphis
16.15
Houston
17.05
Little Rock_ _ _ _ 16.02
Dallas
16.20
Fort Worth_ _ _ _
17.00
16.76
16.10
16.86
16.81
17.30
16.63
16.00
16.85
15.85
16.00
16.00
17.05
16.84
16.20
16.92
16.88
17.00
16.69
16.00
16.90
15.85
16.05
16.05
17.15
16.93
16.30
17.03
17.00
17.10
16.75
16.10
17.05
16.07
16.15
16.15
17.15
16.88
16.25
16.97
16.94
17.20
16.75
16.05
17.00
16.02
16.10
16.10
16.95
16.69
16.10
16.83
16.75
17.20
16.56
15.90
16.90
15.88
15.95
15.95
NEW ORLEANS CONTRACT MARKET.-The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
Dec. 14.
Monday,
Dec. 16.
Tuesday, Wednesday, Thursday,
Dec. 17.
Dec. 18.
Dec. 19.
Friday,
Dec. 20.
December- 16.9416.71 16.81 16.88 Bid 16.82 Bid 16.69January -- 16.98-16.99 16.76-16.77 16.84-16.85 16.9316.87-16.88 16.68-10.69
February.
March.... 17.25-17.26 17.05-17.06 17.12-17.13 17.2217.16-17.17 16.98-16.99
April
May
17.5017.28-17.30 17.3817.45-17.46 17.40-17.41 17.20-17.22
June
July
17.65 Bid 17.44-17.46 17.54-17.55 17.62-17.63 17.5517.38.
August_ _
September
October
17.5717.3917.33-17.34
17.57-17.58 17.5017.47November
December_
Tone
The above total shows that the interior stocks have
Steady
Steady
Steady
Steady
Quiet
Quiet
increased during the week 14,842 bales and are to-night Spot
Options
Steady
Steady
Steady
Steady
Steady
Steady
244,263 bales more than at the same time last year. The
receipts at all the towns have been 1,678 bales more than
CENSUS REPORT ON COTTON CONSUMED AND
the same week last year.
ON HAND IN NOVEMBER, &c.
-This report, issued on
Dec. 14 by the Census Bureau, will be found in full in an
NEW YORK QUOTATIONS FOR 32 YEARS.
earlier part of our paper under the heading "Indications of
The quotations for middling upland at New York on Business Activity.'
Dec. 20 for each of the past 32 years have been as follows:
ACTIVITY IN THE COTTON-SPINNING INDUS17.00c. 1921
1929
18.80c. 1913
12.60c. 1905
12.30c. TRY FOR NOVEMBER.
-Persons interested in this re1928
20.50c. 1920
15.50c. 1912
13.10c. 1904
7.70c.
1927
19.70c. 1919
39.25-. 1911
9.65c. 1903
13.20c. port will find it in our department headed "Indications of
1926
12.70c. 1918
31.00c. 1910
15.15c. 1902
8.70c. Business Activity," on earlier pages.
1925
19.40c. 1917
31.10c. 1909
15.20c. 1901
8.50c.
1924
23.95c. 1916
17.15c. 1908
9.25c. 1900
10.06c.
COTTON GINNING REPORT.
-The Bureau of the
35.85c. 1915
1923
12.10c. 1907 11.80c. 1899
7.56c,
1922
26.05c. 1914
7.50c. 1906
10.45c. 1898
5.81c. Census on Dec. 20 issued the following report showing the
number of bales of cotton ginned in each of the cottonMARKET AND SALES AT NEW YORK.
growing States the present season up to Dec.13in comparison
with corresponding figures for the preceding seasons. It
Futures
SALES.
appears that up to Dec. 13 1929 13,461,630 bales of cotton
Spot Market
Market
were ginned, against 13,144,333 bales for the corresponding
Closed.
Closed.
Spot. Contr'ct Total.
period a year ago, and 12,072,763 bales two years ago.
Saturday_ _ _ Quiet, 5 pts. decl_ _ _ Barely steady-.
800
800
Monday --- Steady, 20 pts. deci_ Barely steady_ _ 1,550 5.600 7,150 Below is the report in full:
•
Steady,5 pts. adv _ Steady
Tuesday
_
Wednesday_ Steady,10 pta. adv - Barely steady..
Thursday _ _ Steady,5 pts. decl_ _ Bare!y steady _ _
Quiet, 10 pts. decl Steady
Friday
Total
Since Aug. 1
900
5,750
800
900
5.750
800
1929-SInce
Aug. 1.
152,872
33,032
1,685
17,961
82,591
274,395
Week.
10,546
1,566
225
1,168
5,329
20.025
Total gross overland
38,859
Deduct Shipments
Overland to N. Y., Boston,&c_ _ _ 885
Between interior towns
406
Inland,&c.,from South
7,471
Total to be deducted
-1928-Since
Week. Aug. 1.
16,287 182,634
31,551
2,670
343
2,572
18,853
2,510
5.269
98,456
20,612 243,083
562,536
48,051
577.149
18,949
7,478
178.060
6,134
476
10,729
40,639
8,233
265.084
204.487
17,339
313.956
Leaving total net overland*
30,097 358,049
*Including movement by rail to Canada.
30,712
263,193
8,762
The foregoing shows the week's net overland movement
this year has been 30,097 bales, against 30,712 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 94,858 bales.
State.
9,800 5,600 15,400
101,110 149,700 250,810
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
SINCE AUG. 1.
overland movement for the week and since Aug. 1, as made
op from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
Dec. 20.ShippedVia St. Louis
Via Mouinds, dtc
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, Ste
Number of Bales of Cotton Ginnedfrom the Growth of 1929 Prior to Dec. 13 1929.
and Comparative Statistics to the Corresponding Date in 1928 and 1927.
Bunning Bales.
(Cunting round as half bales and excl.
linters.)
1929.
Alabama
Arizona
Arkansas
California
Florida
Georgia
Louisiana
Mississippi
Missouri
Nex Mexico
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
Virginia
All other States
1,237,093
117,718
1,287,594
203.086
29,745
1,226,644
788,471
1,746,175
172,067
74.154
657,034
1,046,730
750,064
420,865
3,658,605
39,579
6,006
1928.
1,058,570
106,308
1,073,862
130,616
19,646
1,008,912
675.262
1,392,462
106.530
63,982
800,102
1,045,376
711,786
358,345
4,549,001
39,999
3,574
1927.
1.163,156
68,700
889,821
68,343
17,148
1,094,787
535,674
1,311,384
86.288
60,564
824,442
912,772
716,780
318,914
3,972,633
26,685
4,672
United States
•13.461.630 *13.144.333 *12.072.763
•Includes 86,970 bales of the crop of 1929 ginned prior to Aug. 1 which
was counted in the supply for the season of 1928-29, compared with 88,761
and 162,283 bales of the crop of 1928 and 1927.
The statistics in this report include 520,072 round bales for 1929: 564,586
for 1928 and 487.234 for 1927. Included in the above are 20,701 bales of
American-Egyptian for 1929: 21,981 for 1928, and 17,660 for 1927.
The statistics for 1929 in this report are subject to revision when checked
against the individual returns of the ginners being transmitted by mail.
l'he corrected statistics of the quantity of cotton ginned this season prior
to Dec. 1 are 12.858.965 bales.
Consumption, Stocks. Imports and Exports-United States.
Cotton consumed during the month of Nov. 1929. amounted to 544,150
bales. Cotton on band in consuming establishments on Nov. 30, was
,1671,829 bales, and in public storage and at compresses 5,841,950 bales.
The number of active consuming cotton spindles for the month was 29.649.-
DEC. 211929.]
FINANCIAL CHRONICLE
394. The total imports for the month of Nov. 1929. were 35,502 bales and
the exports of domestic cotton, excluding linters, were 1.048,760 bales.
World Statistics.
The estimated world's production of commercial cotton exclusive of
linters, grown in 1928, as compiled from various sources is 25,611.000
bales counting American in running bales and foreign in bales of 478 pounds
lint, while the consumption of cotton (exclusive of linters in the United
States) for the year ended July 31 1929. was approximately 25,782,000
bales. The total number of spinning cotton spindles, both active nad idle,
is about 164,000,000.
3989
Since August 1.
For the Week.
Exports
from
-
Great Conti- Japan&
Britain. nent. China. Total.
Bombay
1929
1928
1927
Other India
1929
1928
1927
Great
Britain.
3,000 20,000 23.''' 46.'''
1,000 30,000 25,000 56,000
2,000 32,000 20,000 54,000
Conti- Japan &
nest.
China.
Total.
549.
253,
25,
597,000
445,
12,000 257,
714.000
16,000 154,000 220,000 390,000
_ 24,111
39,000 228.111
24,000
267,000
WEATHER REPORTS BY TELEGRAPH.
-Reports to
29,000 149,000
8,000
178,000
10 00 0
8 0
:00
us by telegraph this evening indicate that in the extreme
11,000
24,500 196,
220,500
1.000
northeastern and northwestern portions of the Cotton Belt Total all
the weather has been favorable for picking the remaining
64.''' 481,000 549.000 864.000
1929
3,000 44,0001 23,000 70,11'
41,000 406.000 445,000 892,000
1928
1,000 38,0001 25,000 64,000
crop, but elsewhere the weather has been unfavorable and
220
610,500
1927
3,000 42,0001 20,000 85,000 40,500 350.1 S
little progress has been made with this work.
According to the foregoing, Bombay appears to show an
Memphis, Tenn.
-Considerable cotton remains in the
fields to be picked. There has been rain and snow on increase compared with last year in the week's receipts of
37,000 bales. Exports from all India ports record an increase
three days.
Rain. Rainfall.
of 6,000 bales during the week, and since Aug. 1 show
Thermometer
Galveston, Tex
3 days 1.65 in. high 70 low 23 mean 47 a,
decrease of 28,000 bales.
Abilene, Tex
dry
high 72 low 12 mean 42
Bronwsville, Tex
Corpus Christi, Tex
Dallas, Tex
Del Rio, Tex
Houston, Tex
Palestine, Tex
San Antonio, Tex
New Orleans. La
Shreveport, La
Mobile, Ala
Savannah, Ga
Charleston, S. C
Charlotte, N. C
Memphis. Tenn
2 days
.24 in.
4 days 1.10 in.
2 days 1.40 in.
1 day
.54 in.
3 days
.76 in.
3 days
.62 in.
1 day
1.62 in.
2 days
.26 in.
5 days 2.33 in.
2 days 3.14 in.
1 day
.4 7in.
7 days
.41 in.
7 days 1.24 in.
3 days
.59 in.
high 82
high 80
high 70
high 76
high 76
high 72
high 78
low 34
low 32
low 14
low 28
low 22
low 16
low 24
high 72
high 75
high 77
high 74
high 73
high 70
low 15
low 26
low 35
low 27
low 28
low 13
mean 58
mean 56
mean 42
mean 52
mean 49
mean 44
mean 51
mean 62
mean 44
mean 58
mean 56
mean 51
mean 53
mean 52
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Dec. 20 1929. Dec. 211928.
Feet.
Feet.
2.9
6.6
13.5
15.2
16.3
11.0
17.9
23.0
14.7
24.9
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
now receive weekly cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years:
1929.
1928.
1927.
310.000
4.549.870
250,000
5.105.316
195.000
3.680.162
Since
This
Week. Aug. 1.
This
Since
Week. Aug. 1.
This
Since
Week. Aug. 1.
Alexandria, Egypt.
December 18.
Receipts (cantars)This week
Since Aug. 1
Exports (bales)
-
To Liverpool
9,000 73,429 10,250 81,702 6,000 58,865
85.395 6.250 66.197
To Manchester, &c
---- 75.114
To Continent & India_ _ _ _ 11.000200.357 13,250 201,465 11.750 170,992
To America
400 65.987 11.500 63.019
9.000 51,536
29,000 00.436 23,900 434.549 35.500359,073
Total exports
RECEIPTS FROM THE PLANTATIONS.
-The folNote.
-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ending Dec.19 were
lowing table indicates the actual movement each week from
310,000 canters and the foreign shipments 29,000 bales.
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a state-Our report received by
MANCHESTER MARKET.
ment of the weekly movement from the plantations of that cable to-night from Manchester states that the market in
part of the crop which finally reaches the market through yarns is quiet and in cloths steady. Demand for India is
the outports.
improving. We give prices to-day below and leave those
of previous weeks of this and last year for comparison:
Week
Receipts at Ports.
Stocks at Interior Towns. Receiptsfrom Plantations
Ended
1929.
1928.
1927.
1929.
1928.
1927.
1929.
1929
1928. j 1927.
1
Sept.
6_ 254.3381222.173261.473 239.407 251,324 871,441 299,483 227,9261296,301,
13__ 281.579242.040319,945 312.297 275,138 421,618 354,469265,849370,122
20- 316,746 336,659334.837 422.984 348.050 524.594427.433409,582,437,813
29-- 368.535,417,651 406.030 573,923 1,012.624 647,605 519,474 543.853529.041
Oct
1
4-- 437,4221532,796421.802 726.959 602.945 742,848 590.458661,488!517.045
11.- 512,9831521.837 391,639 881.858 706.536 869,297667,882625,02&518.089
18-- 589,5101558,699 389,72C 1,041.622 847,112 974.900729,274696.281495,323
518,79050.877424.130 1.185.728 953,520 1,101,815662,815 857,285.551.145
Nov.
1
1._ 503,270535,822438.1861,305.221 1,034,049 1,199,935 22,763616.351,536,270
8._ 403.5141396,001 390,293 1.348,324 1,050,545 1,260,956 46,817,412,497,451.314
15-- 350,3571351,467341,143 1,400.376 1,099,921 1,290.409 11,409 400,843 370,590
-- 62.509351,505257,764 1.441,200 1,155.381 1.307,971 94.423 406.9681275.326
20..
284,933 1.448 310 1.215,753 1,329.900 75,215 425,558306.882
Dec.
13
82,747 88,988233.588 1.451.947 1,223,573 1.342.508285,384 396.8081246,196
15.. 81,398 311,736 199,962 1,46 1,857 1,232,683 1,331,182 291,308 320.8461188,636
20_ _ 60,772 265.780 180,499 1.476.699 1.232.436 1,308,770 275,614 265,553 158.087
82s Cop
Twist
Sept.-
Cotton Takings,
Week and Season.
1929.
Week.
1928.
Season.
Week.
Season.
Visible supply Dec. 13
7.771.576
7,413.013
Visible supply Aug. 1
3,735,957
4,175.480
American in sight to Dec. 20_ _ _ 413,711 10,787,396 402,265 10.549,303
Bombay receipts to Dec. 19_ -_ _
150,000
762.000 113.000
564,000
Other India shipm'ts to Dec. 19_
24,000
267,000
8,000
178,000
Alexandria receipts to Dec. 18 _
.
62.000
912,200
50.000 1,024,200
Other supply to Dec. 18..b.
20.000
413,000
13.000
374,000
Total supply
Deduct
visible supply Dec. 20
8,441.287 16,877,553 7,999.278 16.864.983
7,954,047 7,954.047 7,591.982 7.591,982
Total takings to Dec. 20_a
Of which American
Of which other
487.240 8.923,506 407,296 9.273,001
318.240 6,618,306 313,296 6.918.801
169,000 2.305,200
94.000 2.354.200
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 2.231,000 bales in 1929 and 2,163,000 bales in 1928
-takings not being available
-and the aggregate amounts taken by Northern and foreign spinners, 6.692,506 bales in 1929 and 7110.001 bales in
1928, of which 4,387,306 bales and 4,755.801 bales American.
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1, as cabled, for three years, have been as follows:
1929.
Dec. 19.
Receipts al
Week.
Bombay
150.000
Since
Aug. 1.
1928.
Week,
Since
Aug. 1.
I
1927.
Week.
762.000 113.0001 564.000 127.000
Since
Aug. 1.
717.000
32' Cop
TroLn.
sti Lbs. Min- Cotton
Sags, Common Middrg
to Finest.
Upl'ds.
s. d.
e. d.
12 7 (413 1
12 6 €413 0
12 7 (413 1
12 7 1413 1
27._
Oct.
18_
s d
d
d. s. d.
1434@1555 13 0 og113 2
14,14415M 13 0 (413 2
145f@155 13 0 113 2
145515153.1 13 0 (413 2
d.
10.46
10 23
10.31
10 20
d.
d
155541634
14554416
14551516
1455(416
143401534
1434151534
1434151534
1435151555
13 0 tio13 2
13 0 1513 0
13 0 013 2
13 0 (413 2
10.28
10.28
9.94
9.96
15 @1655 12
,16
1555@ S.4 13
154 01644 13
153515163413
1455151534
1355(414%
1334441434
1355151455
1355151455
13._
1
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1929 are 7,559,934 bales;
in 1928 were 7,412,076 bales, and in 1927 were 6,898,761
bales. (2) That, although the receipts at the outports the
past week were 260,772 bales, the actual movement from
plantations was 275,614 bales, stocks at interior towns
having increased 14,842 bales during the week. Last year
receipts from the plantations for the week were 265,553
bales and for 1927 they were 158,087 bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
1928.
855 Lbs. Shirt Cotton
Sags. COMIWM lades
Upl*di
to Finest.
12 6 /413 0
12 3 @125
12 2 4I)12 4
12 3 @12 5
123 @12 5
9.88
9.56
9.16
9.76
0.59
014
1355151455 12 3 (412 5
13Ii(414i4 12 3 (4)12 5
13ii(414ii 12 3 (412 5
1
1
4
3
10.54
10 95
11.00
10.51
13 1 et13 3
13 0 @132
13 0 (413 2
13 1 @)13 3
133 @185
10.49
10.46
10.55
10.84
10.97
9.58 153415163413 3 013 5
9.47 153415104 13 3 (413 5
1
9.36 11 ,4(a164 13 3 all 5
10 63
10.69
11)58
15 @1655
15 14164
16 156174
155041655
1535151654
7 @13
1 1513
2 4P)13
1 (413
d.
10.52
9.84
9.99
10.72
-Shipments in detail:
SHIPPING NEWS.
Bake.
GALVESTON-To Japan-Dec.12-Glentworth,3,963
-Dee.16
-Dec. 18-Taketoyo Meru,2,160
-Aden Marti, 4,740
-Hawaii Maru,2.800
Dec. 19
13,663
-Dec. 18-Taketoyo
To China-Dec. 12--Glentworth, 410
Maru,100-Dec.19-Hawall Meru,450
960
-Colorado Springs. 5,130
-Dec. 14
-Dec. 17
To Liverpool
Minnie de Larrinaga,4,238; Rancher.7,681
17,049
-Colorado Springs. 907
-Dec. 17
To Manchester-Dec. 14
Minnie de Larrinaga,5.868; Rancher,954
7.729
-Topeka,4,100-Dec.16
-West MoreTo Dunkirk-Dec. 14
land, 125
4,225
-Topeka,211
To Oslo
-Dec.14
211
To Gothenburg
-Dec. 14
--Topeka,750
750
-Ida Zo,2,868
-Dec.16-Lavada.4,079- 6,947
To Genoa-Dee.14
-Dec. 13-Thistleford,
To Bremen-Dec. 12-Eldena, 6,325
5,053
11,378
-Georgia,700
To Copenhagen-Dec.16
700
-Dec. 16
-West Moreland, 4,497
To Havre
-Dec. 18
-Lancaster Castle,5,497
9,994
-West Moreland. 1.241
To Rotterdam-Dee.16
1.241
To Ghent
-Dec. 16
-West Moreland. 200
-Dec. 18
-Lancaster Castle,3,931
4,131
To Venice
-Dec.16-Gilda, 1.485
1.485
To Trieste
-Dec. 16-Gilda, 600
600
To Barcelona
-Dec.17
-Mar Blanco,3,019
3,019
To Antwerp
-Dec.18
-Lancaster Castle, 100
100
NEW ORLEANS
-To Oporto
-Dec. 13-Larcomo, 100
100
To Genoa Dec. 12-134:antic,4.826
4.826
To Vera Cruz
-Dec. 12
-Baja California, 200..
..Dec. 13Morazan, 100
300
To Antwerp
-Dec. 13-Scheldelyn, 1,751_ __Dec. 14
-City of
Joliet, 60
1.811
To Rotterdam-Dec. 13--Scheldelyn, 300_ _ _Dec. 16
-Bayou
Chico. 1,518
1.818
-Dec. 14
To Liverpool
-Duquesne, 3,546_ __Dec. 11-Belgian
additional 491
4,037
-Duquesne.1,676
To Manchester-Dec.14
1,676
To Havre
-Dec.14
-City ofJoliet,4,210
4,210
-Dec.14
-City of Joliet, 1,410
To Ghent
1.410
-Bayou
To Bremen-Dec. 13-Grandon, 14,800_ _ _Dec. 16
Chico,6.352
21,152
-Dec.13--Grandon,351
To Hamburg
351
To LaGuayra-Dec.14-Eda,190
190
-Hawaii Maru. 2,225Dec. 16-Tohsei
To Japan-Dec. 14
Maru, 1,925_ _ _Dec. 17-Skramstad,2,300
6,450
-Hawaii Maim, 1,850--Dec. 17-SkramTo China-Dec. 14
ate& 200
2,050
-Dec.16
-West Cheswald,100
To Venice
100
-Dec.13-Abangarez, 100
To Porto Barrios
100
To Barcelona-Dec.17-Eclgefield.200
200
FINANCIAL CHRONICLE
3990
Bales.
300
fiAVANNAII-To Japan-Dec. 14-San Francisco Maru, 300 ---3,929
To Liverpool
-Dec. 14-Schoharie, 3,929
To Manchester-Dec. 14-Schoharle, 4,139
6.339
To Bremen-Dec. 14-Sachsen. 6,339
125
-Sachsen, 125
To Hamburg-Dec. 14
183
To Rotterdam-Dec.18-Jevington Court, 183
572
NORFOLK
-To Bremen-Dec. 14-Tuebingen, 572
200
-Dec. 14-Silvermaple, 200
To Japan
2,337
-Dec. 19-Dakotian, 2,337
To Liverpool
1,055
To Manchester-Dec. 19-Dakotian, 1.055
150
-To Great Britain-Dec. 14--Silvermaple, 150
jiAN FRANCISCO
3,675
To Japan-Dec. 14-Silvermaple, 3.675
-Lancaster Castle, 3,428_ --Dec.
JIOUSTON-To Havre
-Dec. 12
12,674
14
-West Tacook 9,246
To Ghent-Dec.12--Lancaster Castle, 2.594_,-Dec. 14
3,144
West Tacook, 550
-Lancaster Castle, 100-Dec. 14
To Antwerp-Dec. 12
670
West Tacook, 570
-Aden Maru, 925__ _Dec. 14-GlentTo Japan-Dec. 12
worth. 5,687_ _ _Dec. 16-Taketoyo Maru,3,115--Dec. 18
9.857
-Radnor.130
-Aden Maru, 235_Dee. 14-Glent•To China-Dec. 12
worth. 2,740Dec. 16-Taketoyo Maru, 150---Dec. 18
5,025
Radnor. 1,900
2,100
-West Tacook.2,100
To Rotterdam-Dec.14
-West
To Bremen-Dec. 16-Thistleford, 8,169___Dec. 19
16,233
Quechee, 8,064
-Georgia, 650_Dec. 18-Brahe-To Copenhagen-Dec. 17
950
holm, 300,
1,739
-Dec. 17-Lafcomo, 1.739
To Oporto
25
-Dec. 17-Lafcomo,25
•To Lisbon
6,755
-Colorado Springs, 6,755
To Liverpool-Dec. 16
888
-Colorado Springs, 888
To Manchester-Dec. 16
299
To Dunkirk-Dec. 18-Braheholm, 299
650
•To Gothenburg-Dec. 18-Braheholm. 650
750
•To Warberg-Dec. 18-Braheholm, 750
400
-Dec. 18-Braheholm,400
To Malmo
150
To 1Jddevalla-Dec. 18-Braheholm. 150
50
•To Norkoping-Dec. 18-Braheholm,50
50
-Dec. 18-Braheholm,50
•To Stockholm
245
Olso-Dec.18-Braheholm,245
11
-Dee.18-Braheholm, 11
.To Drammen
100
Nykopong-Dec. 18-Braheholm, 100
3,101
To Barcelona-Dec.16-Prusa,3,101
200
,CHARLESTON-To Rotterdam-Dec. 14-Jevington Court, 200_
1,769
-Dec. 19-Nession. 1.769
To Liverpool
1,991
-Dec. 19-Nession, 1.991
To Manchester
100
-To Barcelona-Dec.13-Kepwick Hall, 100
NEW YORK
122
-Dec. 18-Schodack, 122
To Havre
-Dec. 16
-Nebraska, 200
200
-To Liverpool
LOS ANGELES
750
-Georgia,750
-Dec.16
To Havre
900
To Bremen-Dec.10--Grootencilik, 600; Oakland,300.......
-Korea
To Japan-Dec. 10-Silverpine, 3,150_ _ _Dec. 13
6,875
Maru,3,725
350
To China-Dec. 10-Silverpine, 350
7,003
MOBILE
-To Bremen-Dec.11-Lexhaven,7,003
-Bel-Maiden Creek,5,272_ -Dec.13
-Dec.14
To Liverpool
7.806
gian. 2,534
256
To Rotterdam-Dec.11-Lexhaven,256
Dec. 13
To Manchester-Dec. 14-Maiden Creek, 1.132
ia
1.2
.3
Be
n.141
-To Liverpool
-Dec. 14
-Rancher. 2,177- _ -Dec.
TEXAS CITY
2,613
-Minnie de Lanaga.436
14
-Rancher, 85; Minnie de Larrinaga,
To Manchester-Dec. 14
1,133
1,048
2,243
-West Moreland,2,243
To Havre-Dec.14
500
-Dec.14
-West Moreland.500
To Dunkirk
100
-West Moreland, 100
To Rotterdam-Dec. 14
175
-Dec. 14
-West Moreland, 175
To Ghent
-To Bremen-Dec. 13-Eldena, 3,455_ _ _Dec. 14-Thistleford,
2,268
5 721
1,023
'To Genoa-Dec.14-Lavada• 1,021
266,936
-Current rates for cotton from
COTTON FREIGHTS.
New York, as furnished by Lambert & Burrowes, Inc., are
:as follows, quotations being in cents per pound:
High
Density.
Liverpool .45c.
Maneheater.45c.
Antwerp .450.
Havre
.31c.
Rotterdam .45c.
.500.
Genoa
.0elo
.500.
Standard.
.60c.
.60e.
.60c.
.46c.
.130c.
.65c.
.65c.
StandHigh
ant.
Density.
Stockholm .600. .750.
.50c. .650.
Trieste
.50c. .650.
Flume
.450. .600.
Lisbon
.600. .75c.
Oporto
Barcelona .300. .450.
.63,1e. .783ic.
Japan
Shanghai
Bombay
Bremen
Hamburg
Piraeus
Salonica
Venice
High StandDensity. ard.
.68 qc. .83(c.
.60c. .750.
.450. .60c.
.45e. .600.
.750. .90c.
.750. .90c.
.50c. .65c.
-Sales, stocks, &c., for past week:
LIVERPOOL.
Nov. 29.
36,000
15,000
1,000
66,000
699,000
319,000
105.000
83,000
289,000
165.000
Sales of the week
Of which American
Sales for export
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
Dec. 6.
30,000
18,000
1.000
68,000
726,000
326,000
107,000
54.000
291,000
155,000
Dec. 13.
26,000
13.000
1,000
66,000
727,000
326,000
74,000
38,000
299,000
179,000
Dec. 20.
21,000
10,000
1,000
67,000
752,000
344,000
94,000
61,000
298,000
183,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Saturday,
Market,
Quiet
12:15 I
P.IM. unchanged.
Mid.Uprds
Tuesday, Wednesday, Thursday,
Quiet.
Quiet.
9.426.
9.47d.
9.316.
5,000
5,000
3,000
Sa
Monday,
Quiet.
9.376.
4,000
Quiet.
9.41d.
4,000
Friday,
Quiet
9.366.
4,000
Quiet
Futures.{
1 to 4 pta.
Market
decline,
opened
Quiet
Q't but at'y Steady
Quiet
Steady
to 4 pts. 2 to 5 pta. 1 to 4 pis. I to 2 pts. 4 to 5 pls.
decline.
advance, advance.
dec inc.
decline.
Quiet
Market, i
4 to 5 pta.
• ¢•
decline.
1 P. M.
Q't but st'y Steady Q't but st'y Q't but st'y
Quiet
to 8 pta. to 6 pta. to 10 pta. pt.decl.to 3 to 5 pta.
advance. 2 pta. adv. decline.
decline.
decline,
Prices of futures at Liverpool for each day are given below:
Sat.
Dec. 14
to
Dec. 20.
I
Mops.
Tues.
Wed.
Thurs.
Fri.
4.00
12.15 12.3012.154.0012.1 4.0012.15 4.0012.15 4.0012.15 p. m.
m.p. m.p. m.p. m. m.p. m.p. m.
p.m.p.m. p m. p.
d.
December
,January---------February
March
April
May
June
July
August
September
October
November
December
d. 1 d.
9.10 9.07
9.14 9.11
9.16 9.13
9.24 9.21
9.25 9.23
9.33 9.31
9.33 9.31
9.38 9.36
9.36 9.34
9.35 9.33
9.33 9.32
9.33 9.33
9.34 9.34-
4.
9.02
9.10
9.121
9.20
9.221
d.
8.96
9.04
9.07
9.15
9.17
9.30
9.35
9.33
9.32
9.31
9.32
9.33
9.2
9.31
9.29
9.28
9.27
9.28
9.29
d. d.
8.9 9.02
9. 9.10
9.07 9.13
9.15 9.21
9.17 9.24
9.25 9.31
9.25 9.32
9.31 9.37
9.29 0.35
9.28 9.34,
9.27 9.331
9.29 9.35f
9.30 9.36
d.
9.06
9.12
9.15
9.23
9.26
9.33
9.34
9.39
9.37
9.36
9.35
9.37
9.38
d.
9.06
9.11
9.14
9.22
9.25
9.32
9.33
9.38
9.37
9.35
9.34
9.36
9.37
d. I d.
9.06 9.01
9.111 9.06
9.14 9.09
9.22 9.17
9.25 9.20
9.32 9.27
9.33 9.28
9.38 9.34
9.37 9.33
9.36 9.32
9.36 9.31
9.38 9.33
9.40 9.34
d.
9.02
9.07
9.10
9.18
9.21
9.28
9.29
9.35
9.34
9.33
9.32
9.34
9.35
[VOL. 129.
BREADSTUFFS
Friday Night, Dec. 20 1929.
Flour has been quiet, as usual at this time of the year,
though it could hardly be much quieter than it has been.
For export the demand has been anything but active. Later
prices were weaker. China bought here later. Freight room
was taken for 4,000 tons. The total may yet mount to
10,000 tons. On the 19th inst. prices fell 10c.
Wheat declined with a slow export demand and big stocks.
Moreover, the decline in the stock market had some effect.
The market acted long. New York of late is said to have
been selling heavily in Chicago. ExpOrt demand was rather
better to-day, but it had been disappointing during the week.
The North American clearances this week are noticeably
small. On the 14th inst. prices were at the lowest level for
nearly a month. Export demand was poor. The net decline was % to 2%c. Stop orders were met. A baseless
rumor that the Farm Board was to issue a statement caused
at one time a sharp rally, but it was followed by heavy
selling and another reaction. The buying was mostly by
shorts and holders of privileges. Prices were 14e. below
the recent top. It was feared that the United States visible
supply would show an increase on the 16th inst. Winnipeg
was 2% to 2%c. lower, and Liverpool % to 1%c. Argentine
markets were firm. Buenos Aires closed unchanged, and
Rosario unchanged to %c. lower. Chicago December, at its
low point of $1.17%, was only %c. above December in
Buenos Aires and 1%c. under Rosario. Kansas City sold
off to $1.13%, or 5%c. under Rosario.
On the 16th inst. prices advanced 2% to 2 c., partly on a
/
1
2
false report that the Farm 'Board had expressed the opinion
that prices should advance. Liverpool closed unchanged
to / lower, but at one time was 10. to id. higher on
1d.
4
/
reports of disappointing yields in Southern Argentina. A
decrease of about 2,500,000 bushels in passage stocks was
also a factor in foreign markets. The total on passage now
Is less than 27,000,000 bushels, or about half of last year's
total. With the estimated shortage in Southern Hemisphere
crops it was contended consumers must come to North
America for supplies on a larger scale shortly. Domestic
visible supplies decreased 512,000 bushels for the week,
with the total now 182,000,000 against 136,000,000 last year.
Receipts at Southwestern markets, while still fairly large,
have shown a decrease because of the recent decline. After
the first of the year some improvement in flour trade is
expected. The "pink ticket" referred to in the Washington
advices regarding Farm Board activities in the grain trade
is understood by local grain men as referring to the elevator
receipts given to farmers when they bring their wheat to
the elevators. and on which they can borrow money. Grain
men say that the Farm Loan basis for wheat at Minneapolis
is $1.25 per bushel, while the open market at that point
Is $1.22 per bushel. A Canadian Press report from Sault
Ste Marie, Ontario said that canals on both sides of the
St. Mary's River are now closed, and that navigation is at
an end. Private cables from the Argentine on the 10th
inst. said that rust and hot winds had caused heavy damage
in Southern Buenos Aires and the Pampas, and that the
crop would fall well below 200,000,000 bushels. In Australia on the 16th inst. the weather was reported favorable
for harvest and fair yields are reported except in the South.
The Government's official estimate placed production this
year at 112,000,000 bushels, or 48,000,000 less than a year
ago.
An Associated Press report from Washington said that
on learning that wheat prices on the Chicago Exchange had
risen after publication of a so-called "official statement"
from the Farm Board that wheat prices "should advance."
Chairman Legge of the Board said that he was glad prices
had risen, but he disowned for the Board the authorship
of any such statement. He said that no official statement
about wheat had been made. Commissioner McKelvie,
under whose direction the Farm Board policy toward Wheat
is being carried on, said that in his opinion if the price of
wheat dropped below the loan level set by the Board no
wheat would come on the market. If grain dealers then
wished to obtain wheat they would have to pay a price at
least equal to that of the loan level set by the Board.
On the 17th Inst. prices advanced 1%c., with Liverpool
up % to %c. and Buenos Aires 2%c. higher. Crop news
from Argentina and Australia was unfavorable. The Argentine crop is supposed to be under 200,000,000 bushels. Australia's exportable surplus, it is feared, will not reach
50,000,000 bushels. There was a cold wave in the Canadian
Northwest, and there were some fears that it might spread
to the Central West and Southwest of this country, as it
did. The snow covering was called inadequate. Little
export demand appeared. On the 18th inst. prices ended %
to lc. lower, with the final Government report called rather
bearish, the cables rather disappointing, and the export
sales only 200,000 to 300,000 bushels. Flour was dull. On
the 19th inst. prices declined 3 to 3%c., with the Government crop reports considered bearish, cables off and liquida-
DEC. 21. 1929.]
FINANCIAL CHRONICLE
tion in a market hampered by blizzards and poor wire
communication.
To-day prices declined 2%c. net on heavy liquidation,
due partly to lower cables. The confidence of the bulls,
for the time being, seems to have disappeared. The decline
in the stock market of 1 to 10 points also had some effect.
So did the recent disappointing export trade, though later
on the export sales to-day in all positions were estimated
at upward of 1,000,000 bushels. Italy bought 50 to 60 loads
of durum. The Far East was buying Canadian wheat. But
Liverpool was 2 to 24id. lower, and Buenos Aires lc. North
American clearances for the week were only 3,626,000
bushels. That was emphasized by a good many as a distinctly bearish factor. Wall Street was supposed to be
selling wheat in Chicago. Professional operators there
sold. Final prices show a decline for the week of 4% to 5%c.
To-day's Government report stated the acreage of winter
wheat as 43,690,000 acres against 42,820,000 a year ago.
The condition Is 86% against 84.4 at this time last year.
The abandonment in 1929 of winter wheat was 6.2% of the
acreage sown against 23.5 in 1928 and an average for 10
years of 10.8%.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. • Wed. Thurs. Fri.
No. 2 hard
128 130% 13234 13034 13634 13634
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat, Mon. Tues. Wed. Thurs. Fri.
December
118
12
122
121
18% 11534
March
125
127
129 128 12434'122
May
129
1313 133 132 129 126
4
July
129% 131
13334 133 129% 126%
DAILY CLOSINGIWRICES OF WHEAT FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
December
13234 13434 13634 136 13234 129
May
139 141% 143 142 13834 135
July
14034 14234 14434 14334 139% 13834
Indian corn had a good cash demand and not a little bad
weather, so that the movement has been small. Under the
circumstances, corn has not fully responded to the decline
In wheat. On the 14th inst. prices ended % to lc. lower,
partly on the decline in wheat and partly on a report that
the Board of Trade might be asked to permit delivery of
cash corn in car lots on track. Board of Trade officials
had not heard of any such request. Cash sample market
dropped with No. 3 mixed 4 to 41 2c. under December com/
pared with a nominal close Friday of 6% to 7c. under. No. 3
yellow sold at 2% to Sc. under the future. Country offerings were small, with the weather bad for the movement.
Primary receipts were 1,180,000 bushels against 1,098,000
a week ago and 2,264,000 last year. Shipments were 669,000
bushels against 496,000 a week ago and 724,000 latt year.
On the 16th inst. prices were % to 1%c. net higher in sympathy with wheat, with covering of shorts, but above all a
persistently good cash demand. Also bad weather kept
down the crop movement to a moderate total daily. The
United States visible supply increased last week 1,196,000
bushels against 3,235,000 last year. The total is now
5,060,000 against 9,602,000 a year ago. The Government
put the crop at 2,622,189,000 bushels against 2,840,000,000
last year. The acreage planted was 98,018,000 acres.
On the 17th inst. prices advanced % to lc. net, with
bad weather for husking and cribbing and an upturn in
wheat accounting for the rise. Local industries were steady
buyers. On the 18th inst. prices ended unchanged to %c.
lower, that is, practically unchanged. Consuming demand
was good and receipts small, but wheat was weak and the
open interest in December corn is said to be rather large.
On the 19th inst. prices declined % to 15
4c., owing to the
fall in wheat prices and general liquidation. Eastern
demand fell off. To-day prices declined % to lc., partly
owing to the lower prices for wheat and stocks. Also the
weather later in the day was reported better. Cash markets
were firm with a good demand. Country offerings were
small. Under the circumstances the decline was only 1
43c. in
December for the week, and % to 2c. In other months. Corn
made, on the whole, a very good showing during the week.
3991
$650,000. The grain will be used for milling and feeding
purposes. On the 17th inst. prices advanced % to %c., with
no pressure to sell and the firmness of other grain a sustaining factor. On the 18th inst. prices ended only % to %c.
lower, despite the decline in other grain, for the undertone
in oats was steady. Cash demand was good and the country
offerings moderate. On the 19th inst. prices declined %
to 114c. with other grain. To-day prices ended unchanged
/
to %c. lower. December was the steadiest. Cash oats were
relatively steady. In fact, the whole market acted very
well under the circumstances. Prices show an advance for
the week of %c. on December but a decline of 114 to 1%c.
on other months.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 white
5734 5834 5834 58
58
57
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
A
44% 447 45% 4534 45
December
4534
March
473 47% 4834 48% 47
4834
May
4834 4934 4934 4934 4834 48
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Frt.
58% 5834 5934 5934 57% 57
December
May
61% 6234 6334 6334 623 6134
July
6334 6234 62
6134 6234 64
Rye' has been comparatively steady on December and
moderately lower on other months. The tendency is to sell
December, however, as offerings are expected to increase
in the near future and there is no foreign demand. On the
14th inst. prices ended % to 1%c. lower. March showed
the smallest decline, as it had noticeable support from determined bulls. Scattered liquidation, however, told. December deliveries were 225,000 bushels. The rye situation
to the rank and file seems enveloped in mystery. They
can make neither head nor tail of it. To all appearance
some big interest was friendly to the market. That seemed
plain enough. On the 16th inst. prices advanced 1% to
2%c. in response to the rise in wheat, though cash demand
was slow and receipts were largely to be delivered, it in
believed, on December contracts. The Government estimated the rye crop at 40,629,000 bushels against 42,000,000.
last year; acreage, 3,255,000 acres. It put the barley crop
at 307,105,000 bushels against 357,000,000 a year ago; acreage, 13,212,000. On the 17th inst. prices advanced 1% to 2c.,
with wheat fully that much higher, December rye in a
strong position, and shorts covering. The great drawback,
dullness of cash trade, was, however, still there. On the
18th inst. prices fell % to 1y
4c., with wheat off and export
demand still not there. On the 19th inst. prices fell 1 to
2%c. with wheat. To-day prices declined IA to 2c. Nearby
months were the weakest. There was selling of December
against buying of later months. The influence of wheat's
decline was plain to be seen. Export business was still
absent; 150,000 bushels sold to go to store at Chicago.
Final prices show a rise of %c. net on December, while later
months were 1% to 1%c. lower. To-day's Government repart stated the acreage this fall at 3,466,000 acres against
3,456,000 last year; condition, 87.2% on Dec. 1 against
84.4 last year.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
102 10434 10634 105% 104% 10234.
103 10434 10634 100% 10234 101%
10034 10234 10434 10334 101
10034
December
March
May
Closing quotations were as follows:
FLOUR.
Spring pat, high protein.$6.800$7.25 Rye flour,patents
$6.300$6.70.
Spring patents
6.350 6.80 Seminole, o. 2. pound
434
2.700 2.75
Clears,first spring
5.650 6.05 Oats goods
Soft winter straights
2.450 2.50'
5.650 6.15 Corn flour. white
Hard winter straights_ 6.000 6.30 Barley goods
Hard winter patents
6.30§ 6.80 Coarse
3.25
Fancy pearl Noe. 1.2.
5.15 5.75
Hard winter clears
Fancy Minn. patents 8.35 9.10
6.000 6.50.
3 and 4
City mills
8.350 9.05
GRAIN.
'Oats, New York
Wheat, New York
No. 2 white
1.36%
58
No.2 red,f.o.b
No. 3 white
56
No. 2 bard winter, f.o.b--.1.243.i
Rye, New York
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Corn. New YorkNo. 2 f.o.b
11034
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 yellow all rail
1.06% Barley. New York
No.2 yellow
10634 10734 108
10734 10734 10634
1.0434
Malting
No.3 yellow all rail
2132
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
For other tables usually given here, see page 391.4.
Sat. Mon. Tues. Wed. Thurs. Fri.
December
89
9011 9611 90i1 90
91
90
AGRICULTURAL DEPARTMENT'S REPORT ON
March
93
94
94
94
93
9234
95% 96
May
96
9534 9434 THE 1929 PRODUCTION AND VALUE OF GRAIN
Oats have declined moderately on the later deliveries,
while December was firm. Large sales have been made by
the West to the South recently. The effect of the weakness
in other grain was suggestively small. On the 14th inst.
prices fell % to lc. In sympathy with other grain and not a
little liquidation accompanied by "stops." Buying orders
under the market checked the decline and also by weekly
bid holders. On the 16th inst. prices ended % to %c. higher,
with a good cash demand, moderate country offerings, and
what is called an inherently strong position of this grain.
The United States visible supply increased last week 514,000
bushels against a decrease last year of 974,000. The total
Is 28,015,000 bushels against 12,232,000 a year ago. The
Government put the crop at 1,238,654,000 bushels against
1,450,000,000 last year; acreage, 40,217,000.
In Omaha what was said to be the largest cash grain
sale on record in the United States was made on the 17th
Inst. when Frank Davis, President of the Shreveport (La.)
Grain & Elevator Co., purchased from Nelson B. Updike, of
Omaha, 1,000,000 bushels of oats and 100,000 bushels of
white corn. The transaction involved approximately
AND OTHER FARM PRODUCTS.
-The Department of
Agriculture at Washington issued on Dec. 18 its report on.
the production and farm value as of Dec. 1 of grain and
other important farm crops of the United States for the
season of 1929. This report will be found in an earlier
part of our paper under the heading "Indications of Business
Activity."
WEATHER BULLETIN FOR THE WEEK ENDED
,
DEC. 17.
-The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the influence of the weather for the week ended Dec. 17, follows:
At the beginning of the week temperatures were rather low for the season over the Northeast. but elsewhere no abnormally cold weather was reported; it continued cold over the Northeast on the 12th, with minima 20
deg.to 22 deg, below zero. There was a rapid reaction to warmer in this section on the 13th and the weather was rather moderate over most of the
country throughout the remainder of the week, except for a slight cold
wave in the Northeast again toward the close.
The outstanding feature of the week's weather, as regards precipitation,
was the continued rain or snow over the far Northwest where many stations reported precipitation on every day of the week, thus effectually rekeying droughty conditions. Over the remainder of the country precipitation was largely of a local character, except for one or two days when
widespread falls occurred in a northeast-southwest belt from New England.
to Texas, as well as over some central areas.
3992
FINANCIAL CHRONICLE
Chart I shows that the week was abnormally warm In nearly all sections
of the country. In fact, throughout the interior valleys and over most
of the West it was one of the warmest weeks of record for the season of
year, with the mean temperatures ranging from 9 deg. to more than 20 deg.
above normal. On the other hand, it was cold in the extreme Northeast
and in the northern Great Plains, with the weekly mean temperatures subnormal by 10 deg. to 15 deg. in limited areas.
In the interior States freezing temperatures did not extend farther south
at any time during the week than to the northern portions of the Ohio
Valley and to extreme northern Missouri; the lowest temperature reached
as far north as extreme southern Illinois was 56 deg. In the interior of the
Northeast, however, minimum temperatures were much below zero, while
in North Dakota and Montana they were 4 deg, to as much as 13 deg.
below zero.
The table on page 3 shows that rather heavy precipitation occurred
over a narrow belt extending from eastern Texas northeastward to the
lower Ohio Valley and southern Michigan,and that rather generous amounts
were received in the middle Atlantic area. There were also further substantial rains in the far Northwest, including western Montana, Idaho,
and the Pacific Coast States as far south as central California; the weekly
totals were large from central California northward, amounting at first
order stations to from 2 to nearly 5 inches. Elsewhere precipitation was
generally light, with a large area of the Southwest, extending northward
over the central Plains and central Rocky Mountain States, having no
precipitation for the week. In the interior and north-central sections of the
country an unusual amount of fog, with much cloudy and misty weather.
prevailed.
Throughout the central valley States, and also in the middle Atlantic
area, the mild weather, with considerable moisture, made fields soft and
muddy, and, consequently but little outside work, such as gathering corn,
could be accomplished. Practically the whole of the Winter Wheat Belt
is bare of snow, though there is a considerable deposit in the more northern
States, especially in the northern Great Plains; in the upper Mississippi
Valley the freezing of mist made very slippery conditions for highway travel.
The week was mostly unfavorable for seasonal farm work in Central and
Northern States.
In the more southern sections winter-truck crops made fairly good
progress; they show much recovery from the recent freeze in east Gulf
sections, but shipments were less active from west Gulf districts because
of unfavorable weather for harvesting. Excessive rains in the Miami
section of Florida did considerable damage to truck crops on lowlands,
but moisture is needed in some higher sections of the State; the shipment
of strawberries from central Florida in car lots has begun much earlier than
usual.
West of the Rocky Mountains further rains have greatly improved conditions in the North, extending as far south as northern Nevada and central California, but in southern districts it continues dry. The drought
has been rather effectively relieved in the north, though a few sections of
the interior had only light precipitation. The warm weather over the
great western grazing sections favored livestock, though considerable feedis necessary in the North because of heavy snows.
SMALL GRAINS.—Condition of winter wheat remains very good to excellent in the main producing sections, although there is now practically
no snow cover, and the abnormal warmth caused some greening. The
high temperatures helped winter cereals to make rapid recovery from the
effects of the recent cold in the Southeast, and they are mostly in good
condition in the more eastern States. Precipitation is needed in the central
Rocky Mountain region and the eastern Great Basin, but in the northern
Rockies moisture conditions are satisfactory. The widespread rains or
snows in the Pacific Northwest were of great benefit to winter wheat, with
large acreages showing improvement; an ample snow cover is now needed
to protect the crop.
CORN AND COTTON.—In the extreme western portion of the Corn
Belt conditions were rather favorable for husking, but the crop has been
largely housed in this section. In the central and eastern portions of the
belt conditions were much less favorable, because of muddy fields, due to
warm weather and almost continuously cloudy and misty conditions. There
were some reports of corn deteriorating, both in field and crib, because of
the warmth and dampness. Much corn is still out in the central belt.
In the extreme northeastern and northwestern portions of the Cotton
Belt conditions were fairly favorable for picking the remaining crop, but
in the north-central districts there was much cloudiness, with considerable rain, and but little progress was made toward completing harvest.
[VOL. 129.
_
whole. Furthermore, stocks in practically all branches of
the trade are reported to be in relatively light condition,
and with holiday buying comparing favorably with that of a
year ago, sentiment has been much better and factors regard
the future more hopefully. In the meantime, the spring
1930 lines of rugs, carpetings and hard surfaced floor coverings have been opened on a satisfactory basis. New prices
were firm in every instance, and in some cases showed advances. Interest centered in the initial introduction of the
new Bigelow-Sanford Co.'s combined lines of their merged
mills. The volume of buyers operating in the market was
good throughout the week, and they were reported to have
placed orders in satisfactory proportions, although sizable
business was not expected until after the first of the year.
This is due to the fact that retail buyers will probably not
enter the market until that time when the holiday season
will be behind them, and they can guage their prospective
requirements more accurately. In the woolen division,
sales have Increased,considerably since most of the leading
producers announced their intention to maintain spring
1930 prices at the opening levels. As a result of this action,
orders have been much more liberal, and with the statistical
position of the industry in excellent shape, it is expected
that the coming spring season will be quite good. As to
cotton goods, the increased business received since prices
were lowered last week was taken to indicate that the
market has reached the stabilization point from where it
can be expected to improve. This is the general expectation especially inasmuch as stocks in distributing channels
are light, and with schedules calling for a more drastic
curtailment of production, the position of the trade is apparently much better than is commonly supposed.
DOMESTIC COTTON GOODS.—An irregular undertone
characterized the domestic cotton goods market during the
past week. Buyers apparently lost much of the incentive
provided by last week's price reductions, and did not seem
very anxious to place orders, particularly during the earlier
part of the week. As a result, business was quite limited.
Many attributed this to the inventorying period, as even in
cases where sellers were willing to consider lower bids the
buying response was not encouraging. However, such concessionary offers were not numerous, and it was evident that
prices were about as low as they could go. Later in the
week business became a bit more brisk. Orders increased
to the point where they were reported to be quite large,
with commitments in some cases running as far ahead as
March, although the majority were for January delivery.
The Weather Bureau furnishes the following resume of Sales appeared to be more general than they had been the
the conditions in the different States:
previous week, although interest seemed to be centered in
Virginia—Richmond: Warm most of week; light rainfall. Favorable print cloths, including wide staples, twills and other confor outdoor work, marketing tobacco, and saving of stock feed. Winter
vertibles which enjoyed the best demand. Fine goods were
grains and truck doing nicely.
North Carolina.—Raleigh: Considerable cloudiness, though little rain; also quite active, with the volume of sales reported as very
much warmer most of week. Favorable for picking cotton, gathering satisfactory. In this particular branch of the trade, it was
corn, and some plowing. Truck and small grains doing well.
South Carolina.—Columbia: Generally mild and springlike. with prac- estimated that distribution was exceeding production by a
tically no rain, favorable for outdoor work and plowing for and planting
good margin. This, in turn, created a better sentiment,
small grains, but wet soil in north retarded work and wheat sowing de- fairly
layed. Oats and rye improved. Winter truck healthy; spring cabbage and it is generally expected that business will show even furon coast being set out. Some cotton picking in north.
ther expansion after the first of the year. Many reports
Georgia.—Atlanta: Week warm, with light rainfall and adequate sunshine favorable, but rather frequent, dense early-morning fogs. l'rogress were current of more extensive plans to curtail cotton goods
of wheat and oats; planting production, especially over the year-end holidays, and with
of farm work about normal. Good stands
continues. Winter truck recovering from freeze and looking well. Alfalfa,
more attention accorded the light condition of stocks in
clover and cover crops doing well.
Florida.—Jacksonville: Mild and dry, except heavy local rains in Miami distributing channels, the cotton markets appeared to be
district on 10
-11th damaged or ruined truck on lowlands and much replanting; rain needed on uplands. Strawberries shipped In car lots from nearing a more stabilized condition as the week drew to a
central; earliest in 15 years. Oats fair. Cane doing well in Okeechobee close. Print cloths 28-inch 64x60's construction are quoted
district. Farm work and fertilizing groves making good headway. Potatoes at 5c., and 27-inch 64x60's at 4%c. Gray goods in the 39-inch
planted in Federal Point district.
Alabama.—Montgomery: Temperatures decidedly above normal. Rain 68x72's construction are quoted at 7%c., and 39-inch 80x80's
at close; otherwise fair. Favorable for farm work, but ground too wet at 9%c.
in most sections for plowing. Much corn and some cotton remains unharvested in north. Oats reviving from recent freezes and making fair
WOOLEN GOODS.—Following last week's announcement
progress. Truck and winter vegetables making good progress in coast
region and some sections of northwest; little growing elsewhere. l'as- that 175 mills intended to maintain prices for the spring
mostly in poor to fair condition.
tures not killed by recent freezes are
season at opening levels, there has been a material improveMisstssippi.—Vicksburg: Generally cloudy and unseasonably warm
throughout, with morning fog. Seasonal farm work fair progress. Progress ment in business throughout the market for woolens and
of pastures good.
worsteds. Factors reported that purchasers who had been
Louisiana.—New Orleans: Mild temperatures favorable for oats, winter
truck, and pastures. Not much field work done, except grinding sugar reluctant prior to the announcement were coming into the
cane, which shows some deterioration locally account warm weather; market and placing much initial business. This tendency
much cane windrowed and dry, cooler weather needed.
during the immediate future,
Texas.—Houston: Warm, with moderate to heavy rains in eastern half. Is expected to gain momentum
but little in western half. Warm, cloudy weather caused rapid growth and it is predicted that normal sales will be experienced next
condition fair to very good. Field month. The majority of current orders specify Jan. 1 dating
of pastures, wheat, oats, and truck;
work made favorable progress in west, but delayed by wet soil in east.
Moisture needed for germination of late wheat and oats in some western so that the merchandise will not figure in the year-end
localities. Truck shipments reduced by unfavorable gathering weather. inventories. Thus, with fall goods well cleaned up and
Livestock in good condition.
Oklahoma.—Oklahoma City: Unseasonably warm and mostly cloudy. prices becoming firmer, sentiment has been much better
with occasional light to moderate rain. Field work mostly suspended in and expectations are that the trade will experience a suceast as too wet, but some plowing and snapping of low-grade cotton in west.
cessful spring season.
Progress and condition of winter grains fair to excellent.
IrigArkansas.—Little Rock: Light rains in south and east favorable for
FOREIGN DRY GOODS.—More activity has been noticeto rather heavy amounts
work; four to five rainy days, with moderage
elsewhere, prevented nearly all work. Considerable cotton picked in east able in the local linen markets during the past week, parand northeast; still some to pick. Rice threshing nearly completed. Mea- ticularly in dress linens. In
fact, business in the latter
dows, pastures, wheat, oats and rye becoming green. Much meat spoiled
for the coming spring season has been so substantial that
by continued high temperatures.
and unusually warm. Wheat many are predicting that the
Tennessee.—Nashville: Cloudy, damp
totals will approximate the
reacting favorably after recent cold, while other grains progressing. Livebest experienced by the trade in five years. Interest has
stock continue in good condition.
little sunKentucky.—Louisville: Showery and unseasonably warm;
centered more in the natural and solid colors as prints
shine. Grass and winter grains growing. Rain and soft fields delayed
corn gathering. Rapid progress in tobacco stripping and marketing, but appear to be enjoying more popularity in the cotton goods
much tobacco too damp for packing.
section of the textile industry. Buyers apparently believe
that prices for dress fabrics are attractive, as they are
below those for the previous season. Business in other
THE DRY GOODS TRADE
linen fabrics has net been so large, but the outlook is conNew York, Friday Night, Dec. 20 1929.
sidered much better. Burlaps have continued quiet and
Developments in the textile markets seemed to accentuate easy, owing to the uncertain conditions in primary markets.
the indicated approach of stability for the industry as a Light weights are quoted at 5.25-5.30c., and heavies at 6.85c.
DEC. 21. 1929.]
FINANCIAL CHRONICLE
3993
originated in thatThody. Unless there should be some modification of the
present plan, Mayor Walker will hold the necessary final statutory hearing
on the measures in the City Hall on Dec. 30, after which he is expected to
sign the bills. . . .
V. •••••••••
,
Mayor's Pay an Old Problem.
The question of a fixed salary for the city's chief executive became a
matter of general concern for the first time 140 years ago. On Dec. 11
1789 a committee was appointed, "to treat with the mayor on the subject
Chicago, Ill.—Debt Problem to be Solved by Committee.— for giving him compensation for his trouble in executing his office." Up
to that time the mayor got his reward in fees for licenses for taverns, for
In an address before the Mid-Day Club on Dec. 12, Silas H. butchers,cartmen,freemen, &c.
The committee finally decided that 600 pounds, paid in quarterly instalStrawn, a member of the committee appointed to make a
ments,
fair compensation. They based this salary on the Mayor's
survey of finances throughout the city and county, reported averagewould beincome through fees. Mayor Richard Varick, who took
yearly
thatlafter a week of collecting data, it had been found that office at the end of 1789, was to have been the first chief executive put on
the floating indebtedness of the community is "about straight salary. plan did not go through, because the records show that
Apparently this
$270,000,000" and he expressed the opinion that the local theOtatter was up again on Feb. 16 1807. when De Witt Clinton was Mayor.
By
governments are in worse shape than had been heretofore feesthis time the population of Manhattan was rapidly increasing and the
were rapidly advancing. The Common
job
imagined. The Dec. 13 issue of the Chicago "Journal of was paying too much, decided to have a fixedCouncil. deciding the theand
salary of between $5,500
This resolution was considered by the State Legislature and VMS
Commerce" contained the following article on the subject: $7,000. March
adopted
14 1810.
An executive committee of sixteen was named yesterday to solve the
The records
that as late as 1863 Mayor George Opdyke was refinancial problems of the local governments of Chicago and Cook County, ceiving $5.000 show
a year and the City Recorder the same amount. Later
which Silas Strawn said yesterday involves about $270,000,000 in floating the pay was again increased. William L. Strong, the last Mayor of Manindebtedness,and that cash requirements aggregating $113,500,000 between hattan received $10,000.
now and Aug. 1 next confront the city, county, school board and sanitary
After consolidation of the five boroughs into Greater New York in 1897
district.
the pay leaped to
remained at this figure until 1923, when,
Mr. Strewn presented the figures as the best obtainable at a meeting during the second $15,000. It
administration of Mayor Hylan
yesterday of the committee of 70 or more prominent citizens whom he had tioned another $10,000 increase for both the Mayor the Legislature sancand the Comptroller.
called together at the Mid-Day Club. The figures as to cash requirements.
he indicated, were based on expenditures for the current year. He explained
In its issue of Dec. 19 the New York "Times" also had
that between now and Dec. 31. $6,500,000 would be needed: from Jan. 1 to the
following to say with reference to the proposal to raise
Mar. 1, $27,000,000 and from Mar. 1 to Aug. 1. $80.000,000. There is no
cash available and the Cook County reassessment will not be completed the salaries of the aldermen—a proposition which, as already
until some time within the next 60 days, Mr. Strawn said.
stated, the leaders of Tammany Hall turned down.
Should the Aldermen realize their hopes, it was pointed out yesterday,
Members of Committee.
The executive committee named is as follows: Silas H. Strewn, D. F. it would mean that the salaries will have been more than doubled in about
Kelly, John P. Wilson, C. Ward Seabury, Clayton Marks, Fred W.Sargent, five years and during those five years the power and influence of that
0.0. Fairweather, Rufus C. Dawes. Henry Zander. Sewell L. Avery, E. R. branch of the municipal Government have been appreciably waning. When
Graham, R. F. Carr, Graham Aldis, Wm. P. Sidley, Harold W. White, the Greater New York City Charter was granted in 1898, the Aldermanic
salary was $1,000. Then, as now, any member of that board was at liberty
Victor Olander.
The executive committee was empowered to make a survey to ascertain to engage in outside business pursuits. About four years later the salary
the exact financial situation in such local governments as it considered was raised to $2,000 by legislative enactment. It remained at that figure
necessary, and directed to ascertain ways and means of meeting the prolem until 1916, when the Aldermen, discovering that they could raise their own
through a "plan or plans for a constructive and permanent program to pay without recourse to the legislature, raised it to $3,000. In 1924 the
reform the present tax and fiscal system of the several municipalities, with compensation was raised to $5,000.
necessary controls so as to preclude a recurrence of existing conditions.
Of the $6,500,000 of cash estimated needed between now and Dec.31,the New York State.—Comptroller to Purchase State Bonds.—
school board seeks $4.000,000, and as to this, Mrs. Harvey A.Tyler, Chair- According to newspaper reports, Morris S. Tremaine, State
man of the school committee of the Woman's City Club. declared that the
board's "budget is padded"and that not more than $2,800,000 was required Comptroller, announced on Dec. 14 that he will purchase
any of the State's bonds available on a 4% basis for the acfor salaries.
Misrepresentaiion is Blamed.
count of the sinking fund. The offer is said to include
"Misrepresentation of pertinent facts by public officials is more to blame
for the present situation than anything else," charged Miss Margaret Haley short-term as well as long-term obligations, including the
of the Teachers' Federation.
$28,000,000 issue of 4% notes, maturing on May 15 1930,
Graham Aldis, a member of the new executive committee and speaker for
real estate men, declared that "floating indebtedness acquired through past recently sold to banks throughout the State.—V. 129, p.
extravagances and excess appropriations should be retired heeafter by 1952.
corresponding economies rather than through increased taxes." He asserted that real estate already is bearing 80% of the tax burden.
Philadelphia, Pa.—Municipal Tax Rate Reduced 15 Cents.
Mr. Strawn declared that funds must be obtained within two weeks or —For
the first time in 8 years, the City Council on Dec. 12
vital departments of the county and city would be severely embarrassed.
*ate anti Citg givartutent
NEWS ITEMS
New Jersey.—Governor Larson Opposes Road Bond Issue.—
According to a special telegraphic report from Trenton to the
Philadelphia "Public Ledger" of Dec. 18, Governor Larson
announced on Dec. 17 that he is opposed to the proposed
issuance of $30,000,000 in bonds to be used for highway construction purposes. The Ledger article reads as follows:
"Governor Larson announced to-night, after a conference with the four
members of the State Highway Commission, that he does not favor another
bond issue to complete the State highway system in New Jersey.
"Senator Pierson, of Union, chosen by the Republican majority as the
next Senate president, participated in part of the conference and advocated
a further bond issue of $30,000,000.
"The Governor was informed by the Highway Commission that there is
available from all sources $52,000,000 to carry out the highway program for
the next two years. Of that amount approximately $20,000,000 will be
required to complete the section of what is known as New Jersey's super
highway lying between the Passaic River, at Newark, and the Hackensack
River, at Kearney.
"The two rivers to be spanned by bridges have an underclearance of 135
feet above high water. Across the intervening peninsula will be an elevated
roadway from 50 to 75 feet in height. This expenditure will leave only
about $32,000,000 for actual highway construction during the next 2
-year
period.
"The Governor expressed the belief that from $12,000,000 to $15.000.000
a year Ls approximately all that New Jersey can expend advantageously for
highway work. To exceed that limit, he said, would overtax the capacity
of the present engineering force of the Highway Department, result in a
lessening of competition between contractors and not be conducive of best
results to the State."
reduced the city tax rate, making the 1930 levy $1.80 on
each $100 of assessed value, a reduction of 15 cents in the
present rate, according to the Philadelphia "Ledger" of
Dec. 13. It is said that this impost is expected to meet the
requirements of a city-county budget aggregating $88,97,3000, which is nearly $5,000,000 less than was laid out for
current expenses in 1929.
Rhode Island.—Financial Condition.—On Dec. 13, General Treasurer George C. Clark, gave out final figures regarding the net bonded debt of the State and reported that at the
close of the fiscal year, Nov. 30, it was $18,399,146.48, according to a Providence dispatch to the "U. S. Daily" of
Dec. 17, which went on to say:
This is an increase in the net bonded debt during the last fiscal year of
only $411,360.04, despite the fact that the State issued bonds during that
period of $1,750,000.
The gross bonded debt during the fiscal year just closed was 323,624,000,
as compared with $21,874,000 for the previous year, an increase of $1,750,000. During the fiscal year of 1929, General Treasurer Clark purchased
and cancelled outstanding State bonds to the amount of $940,000, reducing
the gross debt to $22,684,000.
The sinking fund as of Nov. 30,last, was $4,284,853.52. Deducting this
amount from the gross debt, leaves the net bonded debt at $18,399.146.48.
The increase in the sinking fund during the fiscal year ending Nov. 30, last,
was $398,639.96 compared with that of the previous year.
General Treasurer Clark cancelled and burned on Dec. 13 State bonds to
the amount of $127.500 which will be taken into account in the reduction of
the State debt for the fiscal year of
'IYorkriry". —Vayor and Atie.=f7antZ=my —
7
.
rri: amount previously cancelled, makes 1930. This amount, added to the
a total of $1,057,500 in bonds retired
creases—Aldermen Abandon Pay Rise Proposal.—Sitting on during the current calendar year.
Included
Dec. 19 as the Board of Estimate Branch of the Municipal Washingtonin the cancellations made Dec. 13 were $50,000 of the first
bridge Issue, and six other loan accounts ranging from $3,000
Assembly, Mayor Walker and his colleagues, without a to $25,
000
dissenting vote approved the four bills which had been
passed on Dec. 17 by the Aldennanic branch of the Assembly
by a vote of 60 to 1, raising the salaries of all the members of
the Board of Estimate. The four amendments to the city
charter, effective on Jan. 1, provide for the following increases; Mayor Walker's salary from $25,000 to $40,000
a year, Comptroller Charles W. Berry's from $25,000 to
$35,000, Alderman President Joseph V. McKee's from
$15,000 to $25,000 and those of the five borough presidents
from $15,000 to $20,000. The increases will total $60,000.
The members of the Board of Aldermen withdrew their plan
to have their own salaries increased from $5,000 to $7,500
after John F. Curry, leader of Tammany Hall, passed along
word that he considered the step impolitic at the present
time, according to newspaper reports. We quote as follows
from the New York "Times" of Dec. 20:
Tennessee.—New Tax Bills Signed by Governor.—A Nashville dispatch to the "U.S. Daily" of Dec. 16 reports that the
following tax and corporation bills passed by the special
session of the State Legislature were signed by Governor
Horton on Dec. 13:
H.B.8,requiring corporations to file annual statements with the secretary
of State.
H. B. 84, increasing the rate of the tobacco tax.
H..B.86, amending the Hall income tax law, so as to provide that cities
and counties shall receive 45% of such revenues.
Governor Signs Road Note Bill.—In thesame issue of the above
newspaper, it was also stated that on Dec. 11 the Governor
had signed the Act that was recently passed by the Legislature—V. 129, p. 3831—authorizing the State Funding Board
to borrow, in the name of the State, not exceeding $10,030,000 to be used for the construction of highways and bridges.
Special Session Ends.—At 2 p. m. on Dec. 14, the extraordinary session of the 66th general assembly of Tennessee
came to an end after Gov. Horton had returned the miscellaneous appropriation bill bearing his signature. The
results of the special session, as summarized in the Nashville
"Banner" of Dec. 15, thuswise:
Without a dissenting vote, the Mayor and his colleagues, sitting yesterday
as the Board of Estimate branch of the Municipal Assembly, approved
the four bills, which had been passed on Tuesday by the Alderrnanic branch
raising the salaries of all members of the Board of Estimate. The bills,
effective on Jan. 1, provide for an increase in the Mayor's salary from
$25,000 to $40,000, the Comptroller's from $25,000 to $35.000, that of the
President of the Board of Aldermen from $15,000 to $25,000. and those of
the five borough presidents from $15,000 to 820,000.
A few hours before the special committee of the Board of Aldermen
Here are some of the things the call suggested which the Legislature failed
regretfully abandoned the effort of that body to further a movement for to enact:
raising the pay of its 65 members. Though the Aldermen had failed to win
1. Revise, repeal and reduce appropriations made by the regular session.
any aid in their crusade from Mayor Walker, the controlling factor in their
2. Place a tax upon the privilege of operating places of amusement.
abandonment of the drive was said to be that it was emphatically dis3. Tax corporations, joint stock companies, associations and
countenanced by John F. Curry, leader of Tammany Hall.
individuals for the privilege of doing business—extend the excise firms and
tax to enThe action by the Board of Estimate branch marks by far the largest compass those not now charged the tax.
increase ever voted to municipal officials in the history of the city. The
4. Provide ways and means to more effectively
bills now go to Michael J. Cruise, clerk of the aldermanic branch, as they revenues due the State and prevent violating of collect privilege taxes and
such laws.
3994
FINANCIAL CHRONICLE
5. Assess a tax for the privilege of selling or storing lubricating oils as a
means of acquiring money to pay interest and principal of highway notes.
6. Amendment of the reorganization bill so as to provide for additional
divisions in the several departments.
7. Authorize the co-operation of State with counties in making industrial
surveys.
8. Place a tax on cosmetics.
9. Provide a means whereby cities and counties could issue bonds for
certain purposes without legislative enabling act.
Some of these things were attempted—some were not. The bills providing for amusement taxes were introduced but never passed.
An attempt was made to pass an income tax law but it flopped and neither
the bill introduced by the administration nor by Sen. T. J. Durham got
through.
The other proposals were not seriously considered and apparently were
dropped after the governor's second message which substantially told the
members to go on home—they had done enough.
Measures Passed.
When it comes to considering the measures that passed, they are divided
into three classes. One class is to amend purely administrative conditions.
a second would increase expenditures and a third would produce revenue.
In the first bracket would come, amendment of the oil inspection act to
produce two new inspectors-at-large, continuance of toll on bridges until all
such structures so erected are paid for, adding the commissioner of finance
and taxation to the funding board, relocation of a bridge over the Cumberland river on Highway No. 49, authorization of county courts to borrow
money for operation of schools, imposition of an estate tax so that credit
may be secured on Federal taxes, providing for special rent account in the
state treasurer's office, authorization of University of Tennessee to finance
dormitories,authorization offunding board to selct depositories for highway
funds, preservation of wild turkeys and permitting world war veterans who
are teachers to continue without taking examinations.
This takes care of 11 of the 29 measures of a general nature that were
Passed, and they merely mean that some administrative function will be
Improved or something accomplished without expenditure.
Cost State Money.
Bills passed which will call for additional expenditures on the part of the
State are:
Back pay for highway patrol, amounting to about $6,500.
The miscellaneous appropriations bill to appropriate about $50,000 for
expenses of the special session, including $13,200 bonus to members.
Creation of a State highway patrol at a cost of about $180,000 annually.
Creation of a division of aeronautics in the State highway department at
a cost of $50000 per annum.
Authorization of the purchase of lands to create State game and fish
sanctuaries.
Monument to Nathan Bedford Forrest on the banks of the Tennessee
river in West Tennessee, $10,000.
Sum to match government appropriation of 51,000,000 for establishment
of Fort Negley as a national park,$100,000.
In another group are the bills providing for State borrowing of money
for highways and other purposes. These bills, of course, create an interest
account which must be assumed and in all cases the rate is a maximum of
5%%. These bills are:
Authorization of $10,000,000 short term notes for use of the highway
department.
Authorization of the funding board to borrow not to exceed $5,000,000
for emergencies when the State needs money.
Extension of time on highway short term notes, a balance of $3,200,000
for a term of five years.
The annual interest on these notes, by the way, will amount to close to
$1,000,000 when all are issued.
retiring highway
Two bills were passed setting aside a sinking fund forto one cent of the
notes, principal and interest. Both call for a sum equal 1
Jan.
and the
gasoline tax collections, the first to commence with do with1935 highway
the
second Jan. 1 1935. These bills, of course, have to available for mainfrom the amount
revenues and will take just that much
tenance and construction.
A bill which ostensibly has something to do with State revenues, but
which means nothing at the present time, was that which would repeal the
State property tax after the year 1930.
Utah.—Governor Calls Special Session of Leislature.—A
dispatch from Salt Lake City appearing in the Ti'. S. "Daily"
of Dec. 18 reports that Governor Dora issued a proclamation
on Dec. 17 calling a special session of the Legislature to con-,
vene on Jan. 27 in order to enact tax reform as recommended
in the report of the Tax Revision Commission, and to consider other matters to be brought up later. It is stated that
the Governor is now awaiting the opinion of the Attorney
General as to whether or not a special election is necessary
to fill three vacancies in the Legislature.
Wyoming.—House Approves $2,800,000 Highway Bonds.—
The lower house of the State Legislature, now meeting in
special session, on Dec. 13 passed an administration measure
providing for submission to the electorate of the State, a
proposal to issue $2,800,000 in highway bonds to finance
the completion of the State's primary highway system, according to the U. S. "Daily" of Dec. 18. The following
report on the recently convened session is taken from the
above newspaper: to provide that proceeds of the bond issue may be
The bill was amended
Federal aid,
emended only in amounts equal to concurrently forthcoming the general
electorate at
and amended further to stipulate submission to the at the primary election
election next November, instead of either then or
in August, at the discretion of the governor. the special session were set
Governor Emerson's recommendations to
Dec. 12. Among
forth in a message which he read before a joint session
the recommendations were:
State
Submission to the electorate of a proposal to issue $2,800,000 of the
1.
funds with which
highway bonds to make available State and Federal a much briefer period
in
primary State highway system may be completed
complete it under the plans
than the seven years which will be required to
at present in effect.
State penitentiary
appropriation of $135,000 for enlargement of the $15.000 for other
2. An
three-men cells and
at Rawlins by the addition a 40an appropriation for equipment for the
necessary construction there, and Sheridan.
State girls' industrial institute at
Laws of 1927, which provides that
3. Amendment of chapter 73. Session
office a special election shall be
in the event of a vacancy in a Congressional
the vacancy.
held within 60 days to fill
providing that a special
The Governor recommended an amendment
occurred more than one year
election should be held only if the vacancy which is certain to pass, will
amendment,
prior to a general election. This
by the Governor to serve
mean that Patrick Sullivan, recently appointed Francis E. Warren until
of
in the senatorship made vacant by the death
election, will serve until after the
a successor had been chosen at a special
general election in November of next year. special session the Governor
When he summoned the Legislature in
election, and the submisadvocated the selection of a Senator at a special same election 60 days
at the
sion of the State highway bond proposal legislators against an expensive
hence. Preponderance of sentiment among
plan, however, and he
special election caused him to recede from this the general eledtion in
at
recommended instead the selection of a Senator
either at this elecsubmission of the highway bond proposal
1930 and the
tion or at the primary election in August 1930.
BOND PROPOSALS AND NEGOTIATIONS.
SALE.—The $12.000
ACKERMAN, Chocktew County, Miss.—BOND sale on Nov. 5—V.
issue of refunding water and light bonds offered for of Weir.
awarded to Mr. G. A. Eddleman,
129, p. 2714—was
6% street
ADA, Hardin County, Ohio.—BOND SALE.—The $15,000
awarded to
improvement bonds offered on Dec. 9—V. 129. 13. 3352—were a basis of
local banks for a premium of $50.00, equal to a price of 100.33,
[VOL. 129.
about 5.93%. Dated Nov. 1 1929. Due $750 on May and Nov. 15
from 1930 to 1939. incl.
AKRON CITY SCHOOL DISTRICT, Summit County, Ohio.—
TABULATION OF BIDS.—Seasongood & Mayer, of Cincinnati, were
associated with the First Citizens Corp., of Columbus, in the purchase
on Dec. 9 of $266,000 school bonds as 4%s, at a price of 100.32, a basis
of about 4.47%.—V. 129, p. 3831. The following is an official tabulation
of the bids submitted for the issue:
Interest Rate. Premium.
Bidder—
0
$15:,414171...000
Braun, Bosworth & Co
415
The Guardian Trust Co
4$
The Northern Trust Co
4
2,036.80.
A. B. Leach & Co
0
290365.314962.1)
3,192.00
Ames, Emerich & Co
4
Stuart & Co
4
Stranhan, Harris & Oatis, Inc
4,
00
4
Ryan, Sutherland & Co
The Provident Savings Bank & Trust Co., A. C.
4
3,351.60
Allyn & Co
4,043.20
4
Title Guardian & Trust Co., Lehman Bros
4
859.60
Mayer
*First Citizens Corp., Seasongood & May
4
5,479.60
Otis & Co
Haden, Miller & Co., Harris, Forbes & Co., Na4%
3,828.0u
tional City Company
4%%
Detroit & Security Trust Co508.00
• Successful bidders.
ALBUQUERQUE MUNICIPAL SCHOOL DISTRICT (P. 0. Albuquerque) Bernalillo County, N. M.—BOND OFFERING.—Sealed bids
will be received until 2 p. m. on Jan. 4 by the Board of Education,for the
purcahse of a $300,000 issue of coupon refunding bonds. Int. rate is not
to exceed 4%%. Denom. $1,000 or $10,000 at the option of the purchaser.
Dated Feb. 1 1930. Due $30,000 from Feb. 1 1931 to 1940, incl. Prin.
and int. (F. & A) payable at the office of the State Treasurer, or at some
other place to be designated by the successful bidder. The terms of the
sale are as follows:
(a) The lowest rate of interest and premium, if any, above par at which
such bidder will purchase said bonds or
(b) The lowest rate of interest at which the bidder will purchase said
bonds at par. Said bonds will be sold to the bidder making the best bid subject to the right of said Board to reject any and all bids and to readvertise
the same.
Said bonds will not be sold at less than par and accrued interest to the
date of delivery to the purchaser and each bid, except the bid of the State
of New Mexico, If one is received from it, shall be accompanied by a deposit
of5% of the amount of the bid in cash or certified check is not accepted, and
If the successful bidder shall fail or neglect to complete the purchase of
said bonds within thirty days following the acceptance of said bid the
amount of his deposit shall be forfeited to said Board of Education. An
approving opinion of Thomson. Wood & Hoffman, bond attorneys of 120
Broadway. New York City, will be furnished to bidders.
ANDERSON COUNTY HIGH SCHOOL UNIT NO. 1 (P. 0. Palestine), Tex.—BOND SALE NOT CONSUMMATED.—The sale of the
$40,000 issue of school bonds reported in V. 129, p. 3831, was not consummated,as the election on the bonds is officially reported to have failed.
ANGOLA, Erie County, N. Y.—BOND SALE.—The $35,000 coupon
or registered street improvement bonds offered on Dec. 6—V. 129, p. 3663
were awarded as 5s to the Manufacturers & Traders Trust Co. of Buffalo,
at a price of 100.829, a basis of about 4.88%. Dated Jan. 11930. Due
on Jan. 1 as follows: $2,000, 1931 to 1945, incl., and $1,000 from 1946
to 1950. inclusive.
The following is a list of the other bids submitted:
Rate Bid.
Int. Rate.
Bidder—
100.791
5.00
Batchelder & Co., N.Y
100.688
5.00%
Marine Trust Co.,Buffalo
100.347
5.00
George B. Gibbons & Co ,N.Y
101.159
5.504
Edmund Seymour & Co., N.Y
ANNISTON, Calhoun County, Ala.—BOND SALE.—The $75,000
129.
issue of 5%% coupon hospital bonds offered for sale on Dec. at a price of
p. 3663—was awarded to Ward, Sterne & Co. of Birmingham, 12—V. Due
1929.
100.26, a basis of about 5.45%. Denom. $500. Dated July 11.
serially in from 1 to 20 years. Int. payable on January and July
ARIZONA, State of (P. 0. Phoenix).—BOND OFFERING.—Sealed
State
bids will be received until Jan. 10, by Charles R. Price,bonds.Treasurer.
Int, rate
for the purchase of a 32,000.000 issue of tax anticipation 20 1930. It is
Is not to exceed 5%. Dated Jan. 15 1930. Due on June installment of
these bonds will be issued against the second
stated that
in May.
the 1929 taxes which fall due in March and become delinquent the exThe funds raised by the sale of the bonds will be used in meeting State
departments until the general fund of the
penses of the various State
can be replenished from the tax collections.
AUSTIN, Travis County, Tex.—BOND SALE.—The four issues of
on Dec. 16—V. 129, p.
bonds aggregating $1.000,000, offered for sale Caldwell & Co., of Nash3663—were awarded to a syndicate composed of
W.McNear & Co., of Chicago; Otis & Co.,of Toledo, and Kountze
ville: C.
Bros., of New York, as 4(s, at a price of 101.25, a basis of about 4.65%.
The issues are divided as follows:
1960, incl.
8600,000 street improvement bonds. Due from Jan. 1 1931 to incl.
175,000 sanitary sewer bonds. Due from Jan. 1 1931 to11960, to 1960.
and playgrounds bonds. Due from Jan. 1931
150,000 parks
incl.
75,000 abattoir bonds. Due from Jan. 1 1931 to 1960, incl.
conBAR HARBOR, Hancock County, Me.—MATURITY.—In plant
nection with the sale on Dec. 10 of $80,000 4%% coupon incinerator learn.
bonds to Estabrook & Co., of Boston, at 99.83—V. 129, p. 3831—we
as follows:
that the bonds are dated Oct. 1 1929 and mature on Oct. 1,basis about i
$15,000, 1932 to 1936, incl.; and $5,000 in 1937. Interest cost
4.54%.
three
BAYONNE, Hudson County, N. J.—I30ND SALE.—The 3663—were'
Isue.of
coupon or registered bonds offered on Dec. 17—V. 129, P.
Rutter
were awarded as 4%s to a syndicate composed of 11. L. Allen Se Co.follows:
'
Batchelder & Co., all of New York, as
& Co., Stephens & Co., and
sold at a price of:
$1,168,000 improvement bonds ($1,170,000 offered) Jan. 1, as follows:
100.24, a basis of about 4.47%. Due on 1943.incl..
$70,000.
1936 to
$50,000,1932 to 1935,incl.,$60,000,
1944 to 1949, incl., and $68,000 in 1950.price of 100.54, a basis.
offered) sold at a
382,000 water bonds ($384,000
as follows: $8,000, 1932 to.
of about 4.46%. Due on Jan. 1, incl., and $8,000 In 1970.
1934, incl., $10,000, 1935 to 1969,
100.24, a basis a about 4.48%.
132,000 school bonds sold at a price of
incl., andi
Due on Jan. 1, as follows: $3,000, 1932 to 1951,
$4,000 from 1952 to 1969, incl.
are being reoffered by
All of the above bonds are dated Jan. 1 1930 and
the purhasers for public investment at prices to yield 4.30 to 4.35%•
County, Pa.—
BEAVER FALLS SCHOOL DISTRICT B
% coupon school,
BOND SALE POSTPONED.—The sale of the $h00,000
originally
bonds, consisting of a $350.000 issue and a $150.000 issue, postponed
scheduled to have been held on Dec. 20—V. 129, p. 3831—was Wasson,
until 2.30 p. m. on Jan. 7. Bids will be received by James L. Jan. 1
Secretary of the Board of School Directors. The bonds are dated
1930 and mature annually on Jan. 1 from 1935 to 1949,incl.
$127,BEDFORD, Cuyahoga County, Ohlo.—BOND SALE.—The offered
925.98 special assessment sewer and water mains construction bonds
&
on Dec. 14—V. 129, p. 3663—were awarded as 5s to Braun, Bosworth.
a basis
Co., of Toledo, for a premium of $1,107, equal to a price of 100.86,Dec. 1, I
1 1929 and mature on
of about 4.84%. The bonds are dated Dec.
as follows:$10,925.98 in 1931,and $13,000 from 1932 to 1940,incl.
OFFERBELMONT COUNTY (P. 0. St. Clairsville), Ohio.—BOND
will
ING.—H. G. Finley, Clerk of the Board of County Commissioners, for
Dec. 30,
receive sealed bids until 1 p. m. (Eastern standard time) on Dated Feb.
5%% sewer construction bonds. Aug. 1 from
the purchase of $10,409.88
1 1930. Due as follows: $909.88, Aug. 11930; $500, Feb. and
payable at the
1931 to 1938, incl. Prin. and semi-annual int. (F. & A. 1)
present a
office of the County Treasurer. Anyone desiring to do so, may than that
,
rate of interest
bid or bids for the bonds based upon a different amount of bonds bid for,
check for 5%, of the
above stated. A certified
,
Commissioners, must accompany
payable to the order of the County
each proposal.
DEC. 21 1929.]
FINANCIAL CHRONICLE
3995
-BOND SALE.CASTLETON-ON-HUDSON, Rensselaer Co., N. Y.
-BOND OFFERING.
BENTON COUNTY (P. 0. Ashland), Miss.
on Dec. 16-V. 129.
Sealed bids will be received until Jan. 8, by the Clerk of the Board of The $5,000 coupon water supply bonds offered& Co., of New York, atto•
a
-were awarded as 6s, to Edmund Seymour
3664
of canal bonds.
Supervisors, for the purchase of a $21,800 issue
price of
a basis of about 5.80%. The bonds are dated Dec. 16
-On 1929 and100.789,$1,000 on Dec. 15 from 1931 to 1935, incl.
-BOND ELECTION.
BIRMINGHAM, Jefferson County, Ala.
mature
Feb. 15, a special election will be held for the purpose of passing upon the
The accepted tender was the only one submitted.
Proposed issue of $4,000,000 in bonds for the first unit of a storm drainage
Logan
CHAPMANSVILLE SCHOOL DISTRICT (P. 0. Logan)has been
system and for the development of a municipal airport.
-A $65,000 issue of school bonds
County, W. Va.-BOND SALE.
-The $310,- purchased at par by the State Sinking Fund Commission.
-BOND SALE.
BIRMINGHAM, Jefferson County, Ala.
-BONDS OFFERED TO
1100 issue of public improvement bonds offered for sale on Dec. 17-V. 129. ..'CHATTANOOGA, Hamilton County, Iowa.
p.3663
-was awarded to Steiner Bros.,of Birmingham,as 5s,for a premium PUBLIC.
-The $573,666.70 issue of 6% street improvement bonds that
of $2,042.90, equal to 100.65, a basis of about 4.87%. Dated Jan. 1 1930. was jointly sold to Harris, Forbes & Co., of New York,and Caldwell & Co.,
-is now being reoffered for
Due $31.000 from Jan. 1 1931 to 1940, incl.
of Nashville, on Nov. 27-V. 129, p. 3503
-The above bonds are now public subscription by the purchasers priced to yield 4.80% on all maturities.
BONDS OFFERED FOR INVESTMENT.
to yield Due from Dec. 2 1930 to 1949, incl. Legality to be approved by Caldwell
being offered for public subscription by the purchasers at prices
4.60% on all maturities. According to the offering notice, these bonds are & Raymond, of Now York. Reported to be eligible as security for postal
legal investment in New York, Massachusetts and other States. Valuation savings deposits.
Financial Statement (As Officially Reported).
for tax purposes in Birmingham is $386,884,858 and net bonded debt
$207.500.000
Actual value of all taxable property,estimated
322,140,938.
136,815.136
-The $47,000 Assessed valuation for taxation, 1929
13.922.065
BISMARCK, St. Francois County, Mo.-BOND SALE.
Total bonded debt,including this issue
382.433
issue of coupon water works bonds offered for sale on Dec. 12-V. 129, Less: Sinking fund
-was awarded to Kauffman, Smith & Co.. of St. Louis, as 5%s,
p. 3663
$13,539,632
at a price of 100.09. a basis of about 5.49%. Denom. $1,000. Dated
Net bonded debt
Dec. 1 1929. Due from 1934 to 1949,incl. Int. payable on Feb.& Sept. 1.
Population, 1920 census, 57,895: present official estimate, 140,000.
bonds
-Included in the net bonded debt above is $1,267.065 is sepcial
Note.
BLOOM TOWNSHIP RURAL SCHOOL DISTRICT,Scioto County,
school building construction and issued for street improvement purposes and payable primarily from
-The $40,000
Ohio.
-BOND SALE.
abutting on the improvements.
equipment bonds were awarded to Ryan, Sutherland & Co., of Toledo. for assessments levied against the property
interest
a premium of $72, equal to a price of 100.18. Rate of interest not given. These assessments are sufficient in amount to pay the principal and
The bonds are dated Dec. 1 1929 and mature as follows: $1,000, March of the bonds.
-The following issues
-BOND SALE.
and September 1 1931 to 1941, incl., $500, on March 1 and $1,000 on
CHICAGO, Cook County, 111.
Sept. 1 from 1942 to 1953, incl. The following is a list of the other bids of 4% bonds aggregating $7,218,000 offered on Dec. 19-V.'29'E 3832submitted:
were awarded to a syndicate composed of the First National ank, the
ml Rate. Premium. Chase Securities Corp., White, Weld & Co., Stone & Webster and Blodget,
Bidder$36.00 Inc., Kountze Bros., Phelps, Fenn & Co..all of New York. and the Central
Portsmouth Banking Co
0:
Par Illinois Co., of Chicago. at a price of 97.44, a basis of about 4.449'
First National Bank
Par $3.315,000 Wabash Ave., bridge bonds. Dated July 1 1927. Due $195,000
Retirement System
Teachers
$444.44
Seaaongood & Mayer
Jan. 1 1931 to 1947 inclusive.
$465,000
408.75
5
Assel, Goetz & Moerlein
2,325,000 Robey St. inapt. bonds. Dated Dec. 16, 1929. Due
77.00
5
W. L. Slayton & Co
on Jan 1 from 1931 to 1935 inclusive.
1 1927.
900,000 playground, park and bathing beach bonds. Dated July $100,-The $2,600
-BOND SALE.
BOONE COUNTY (P.O. Lebanon) Ind.
Due on Jan. 1, as follows: $50,000, 1931 to 1946 incl., and
414% Adeline Griffin et al road improvement bonds offered on Dec. 16000 in 1947.
-were awarded at a price of par to J. F. Wild & Co., of
V. 129, p. 3664
Dated July 1 1927.
221,000 Kimball Ave. street improvement bonds. inclusive.
Indianapolis. The bonds are dated Dec. 3 1929 and mature semi-annually
Due $13,000 on Jan. 1 from 1931 to 1947
on January and July 15 for a period of 10 years.
on Jan. 1.
283,000 East 71st St. impt. bonds. Dated July 1 1927. Duein 1947.
BRAZOS COUNTY (P. 0. Bryan) Tex.-BOND OFFERING.as follows: 316,000, 1931 to 1946 incl.. and $27,000
Sealed bids will be received until 2 p. m.on Jan.8 by A.S. McSwain,County
144,000 Kimball Ave. street improvement bonds. Dated July 1 1927.
Judge, for the purchase of a $250,000 issue of 5% semi-annual road, series
Due $9,000 on Jan. 1 from 1931 to 1946 inclusive.
1, as
C bonds. Denom. $1,000. Dated Oct. 10 1929. Due on April 10, as
90,000 103rd St., impt. bonds. Dated July 1 1927. Due on Jan.
follows: $2,000, 1932 to 1936; $5,000, 1937 to 1954, and $10,000. 1955 to
follows: $5,000, 1931 to 1946 incl., and $10,000 in 1947.
All of the above bonds are in $1,000 denom., are stated to be direct and
certified check for 1% of the bonds bid for, payable to
1969, all incl. A
the
the County Treasurer, Is required.
general obligations of the entire city, payable from unlimited taxes on all
taxable property therein, and are being reoffered by the successful bidders
BROOKHAVEN UNION FREE SCHOOL DISTRICT NO. S (P. 0. for publlc subscription as follows: $753,000 bonds maturing in 1931 are
-The $26,800 school
-BOND SALE.
Terryville), Suffolk County, N. Y.
maturing in 1932 are priced to yield
bonds offered on Dec. 19-V. 129, p. 3831-were awarded as 58. to Batch- priced to yield 4.25%; $753,000 bonds
to 1935 incl. are priced to
elder & Co., of New York, at a price of 100.20, a basis of about 4.98% • 4.30%; $2,259,000 bonds maturing from 1933 to 1938 incl. are priced to
Dated Jan. 11930. Due on Jan. 1, as follows: $800, 1935: $1,000. 1936 to yield 4.35%;$864,000 bonds maturing from 1936
yield 4.30%, and $2,649,000 bonds maturing from 1939 to 1947 incl., are
1945, incl., and $2,000 from 1946 to 1953, incl. Bids were also submitted priced
offering notice states that the obligations are
by Edmund Seymour & Co., and George B. Gibbons & Co., both of New legal to yield 4.25%. The banks and trust funds in New York, Massainvestment for savings
York.
chusetts, Connecticut, Illinois and other States. Two other bids were
-The $19,256.74 special assess- submitted for the bonds as follows: a bid of 96.818 was submitted by a
BROOK PARK, Ohio.
-BOND SALE.
-were Indicate composed of Halsey, Stuart & Co., the National City Co., First
ment road improvement bonds offered on Nov. 4-V. 129, p. 2715
awarded as 54s to Ryan, Sutherland & Co. of Toledo, for a premium of A ational Corp. of Boston, the Old Colony Corp., Estabrook & Co., E. H.
$35.00 equal to a price of 100.18, a basis of about 5.71%. Dated Oct. 1 Rollins & Sons, R. L. Day & Co., R. W. Pressprich & Co., Dewey, Bacon
1929. Due on Oct. 1, as follows: 81,000, 1931; $2,000, 1932 to 1939 incl.. & Co., Stranahan, Harris & Oatis and Lawrence Stern & Co. The third
and final bid was 96.1669, tendered by a syndicate that included the First
and $2,256.74 in 1940.
& Savings Bank.Continental
-The $17,247.25 Village's por- Union Trust & Savings Bank,the Harris Trust
-BOND SALE.
BROOK PARK, Ohio.
of New York, the Northern Trust Co.
-were awarded as Illinois Co., the Bankers Company Corp., of New York.
tion paving bonds offered on Dec. 9-V. 129, p. 3353
of $91, (Chicago) and the Chatham-Phenix
53i5, to McDonald Callahan & Co., of Cleveland, for a premium
0.
equal to a price of 100.52, a basis of about 5.637 The bonds are dated
CINCINNATI CITY SCHOOL DISTRICT, Hamilton County, Ohio.
Nov. 1 1929 and mature on July 30, as follows: $2,247.25, 1930; $2,000, -BOND SALE.
-The $2,300,000 school bonds offered on Dec. 9-V. 129,
1931 and 1932,• $1,000, 1933: $2,000, 1934; $1,000, 1935; $2,000. 1936; p. 3354
-were awarded as 4 As, to a syndicate composed of Halsey, Stuart
$1,000, 1937; $2.600 in 1938 and 1939. The following other bids were re- & Co., of Chicago, the Bancamerica-Blair Corp., of New York, Lawrence
ceived:
Stern & Co., of Chicago, and the First National Co.. of Si. Louis. for a
Premium. premium of $30,314, equal to a price of 101.318. a basis of about 4.36%.
Int. Rate.
Bidder$69.00 The bonds are dated Jan. 1 1930 and mature on Sot. 1, as follows: $96,000,
5.75%
Ryan,Sutherland & Co.,Toledo
45.90 1931 to 1950, incl., and 895,000 from 1951 to 1954, incl. The award of
5.75
First Citizens Corp.,Columbus
21.00 these bonds was delayed until Dec. 14-V. 129. p. 3832. The following
5.75%
Guardian Trust Co.,Cleveland
-The follow- other bids for 4A % bonds were received:
-BOND SALE.
BROOKLINE, Norfolk County, Mass.
Price Bid.
Biddering issues of 4)i% (not 45i% as previously reported) coupon or registered The Title Guarantee & Trust Co.; First Union Trust & Savings
-were
bonds aggregating $340,000 offered on Dec. 16-V. 129, p. 3832
Bank; Detroit & Security Trust Co.; Northern Trust Co.:
Boston, at a price of
awarded to Stone & Webster and Blodget, Inc., of
Ames, Emerich & Co.; Foreman National Corp.; Chatham
101.06, a basis of about 4.03%:
$2,329,440
Phenix Corp
4250.000 bridge bonds. Due $25,000 on Jan. 1 from 1931 to 1940, incl. •Guaranty Co. of N. Y. Bankers Co. of N. Y.; Continental
90,000 street construction bonds. Due $9,000 on Jan. 1 from 1931 to
Illinois Co., Chicago; The Herrick Co., Cleveland; Tillotson
1940, incl.
2,327,853
& Wolcott Co.,Cleveland
Both issues are dated Jan. 1 1930 and are being reoffered by the pur2,326.657
New York
chasers priced to yield 4.00 to 3.90%. The following is a list of the other First National Bank,
L. F. Rothschild & Co.;
Chase Securities Corp.; Otis & Co.;
bids received:
2,314,007
Arthur Sinclair, Wallace & Co
Rate Bid.
Bidder
Lehman Bros.; Stone & Webster and Blodget: Kountze Bros.;
101.047
Brookline Trust Co
Kean,Taylor & Co.; F. W.Preesprich & Co.; A.E. Aub & Co_ 2.313.570
101.032
Estabrook & Co
Stranahan, Harris& Oatis, Inc.; Emanuel & Co., New York;
100.899
E. H. Rollins Sc Sons
2.307,135
M. M. Freeman & Co., New York
100.88
F. S. Moseley & Co
Harris, Forbes & Co.; The National City Co.; R. L. Day & Co.;
100.831
Atlantic Corp
2,304,607
Curtis & Sanger; Hayden, Miller & Co
100.80
Harris, Forbes & Co
* This group also submitted a tender of par plus a premium of $483
100.78
Boulevard Trust Co
for $1,440,000 bonds as Ois. and $860,000 bonds as 44e.
100.7319
Faxon, Gado & Co
-OFFER $980,000 BONDS
CLEVELAND,Cuyahoga County, Ohio.
100.72
Eldredge & Co
OFFICIAL TABULATION OF BIDS.-Stranahan. Harris & Oatis. Inc.
100.703
Arthur Perry & Co
Freeman & Co. of Philadelphia, jointly, are offering
of Toledo,and M. M.
100.69
R. L. Day & Co
a total of $980,000 coupon bonds for public investment as follows: $750,000.
100.688
Chase Securities Corp
44% city's portion paving and sewer bonds are priced to yield 4.15%.
100.66
Curtis & Sanger
100.5537 8230000 43j% Police and Fire Dept. equipment bonds and Department of
Graham, Parsons dr Co
priced to yield 4.20%. All of the bonds are dated
- Public Health bonds are annually on Oct. 1 from 1931 to 1947 incl. Award
-ADDITIONAL DETAILS.
BROWNWOOD, Brown County, Tex.
Dec. 1 1929 and mature
The $160.000 Issue of sewer bonds that was purchased at par by the Brown- was made on Dec. 12 at a price of 100.149 an interest cost basis of about
-V.129. p.3832-bears interest at 6%. Denom. 4.31%-V. 129, p. 3832. The following is an official tabulation of the
(Drummer Co.,of Wichita
$1,000. Due in 20 years.
bids submitted for the total offering of $980,000 bonds:
$750,000-$120,000-S110,000
-NOTE SALE.
BUNCOMBE COUNTY (P. 0. Asheville), N. C.
Interest Rate- Prem.
BidderIt is reported that a $500,000 issue of 6% tax anticipation notes has recently been purchased by Eyer & Co., of New York. Dated Dec. 10 1929. Stranahan, Harris & Ostia Inc.,and
4 %
ma
Freen & Co.,jointly
Due on June 10 1930.
1§R
%
Eldredge & Co
-BOND SALE.
BUTLER COUNTY (P. 0. Hamilton), Ohio.
-The Bancamerica-Blair Corp., and the
Equitable Trust Co.of New York,
$3,759.56 6% coupon ditch construction construction bonds offered on
145,00
43(%
-were awarded to the Provident Savings Bank &
43(%
Jointly
Dec. 10-V. 129, p. 3353
1,875.40
%
5%
43i%
Trust Co., of Cincinnati, for a premium of $10.15, equal to a price of Cleveland Trust Co
100.26, a basis of about 5.91%. The bonds are dated Oct. 15 1929 and Kountze Bros., Phelps, Fenn & Co..
5,488.00
4%
44%
and McDonald Callahan & Co_
mature as follows: $384.56 on Mar. 1 and $375 on Sept. 1 1931, and $375 on
392.00
5,0
5%
Mar. and Sept. 1 1932 to 1935, incl. The accepted tender was the only Roosevelt & Son
451%
Otis & Co., and Arthur Sinclair,
one received.
380.00
5%
5%
%
& Co.,jointly
4(
Wallace
-OFFER $1,787,000
CAMDEN COUNTY (P. 0. Camden), N. J.
Illinois Co. and the
-A syndicate composed of White, Weld & Co., Kissel, Kinnicutt Continental State Corp., jointly
BONDS.
225.00
5%
5%
'
4(%
Foreman
& Co.; Stone & Webster and Blodget, Inc.; and the Detroit Co., all of Estabrook & Co.. and the Herrick
New York, is offering a total of $1,787,000 4;i% bonds for public invest5%
128.00
4311%
5%
Co.,jointly
ment at prices to yield 4.25 to 4.20%. The obligations are stated to be Chatham-Phenix Corp.,and the Old
legal investment for savings banks and trust funds in New York and New
109.00
5%
5%
4g%
Colony Corp., Jointly
Jersey. A detailed statement of the financial condition of the county Rutter & Co.,and Graham,Parsons
and a complete report of the publlc award of these bonds will be found W3,439.80
4%
4%
43.5%
& Co.,jointly
3664, 3832.
V. 129, p.
II. M. Byllesby & Co., A. B. Leach
1.470.00
4%
4%
43i%
& Co.,and Batchelder & Co
-BONDS REGISCAMERON COUNTY (P. 0. Brownsville), Tex.
New York, the
-An issue of $199,000 6% serial water improvement bonds was Bankers Co. ofof New York, the
TERED.
Guaranty Co.
registered by the State Comptroller on Dec. 10.
Detroit Co., and the Tillotson &
4%
1,166.20
% 4%
& Wolcott Co
CAMILLUS (P. 0. Camillus) Onondaga County, N. Y.
-BIDS
REJECTED.-Herbtrt H.Paddock, Town Supervisor, states that all of the First National Bank of N. Y., and
4%
4%
%
1,000.00
Halsey, Stuart & Co.. jointly
bids received on Dec. 19 for the 870.000 coupon or registered water district
-were rejected. Bids were asked to Harris, Forbes & Co., the National
-V. 129, p. 3832
bonds offered for sale
City Co., and Hayden, Miller
name interest rate not exceeding 6%. The bonds are dated Dec. 1 1929 and
3,127.00
& Co
mature on Dec. 1, as follows: $5,000. 1934 to 1943 incl., and $4,000,from
2,157.00
The Guardian Trust Co
incl.
1944 to 1948
m.m.
"MIS
R
4s R UR. U•
3996
FINANCIAL CHRONICLE
CLEVELAND SCHOOL DISTRICT4(P. 0.%Cleveland) Pawnee
County, Okla.
-BONDS OFFERED.
-Sealed bids were received until
7.30 p. in. on Dec. 17 by W.E.Riddle, Clerk of the Board of Education,
for the purchase of a $30,000 issue of not to exceed 5% semi-annual school
bonds. Due $2,000 from 1933 to 1947 ind. (A similar issue of bonds was
sold on Oct. 23-V. 129, p. 3198).
CLEVELAND COUNTY SCHOOL DISTRICT NO.33(P.O. Shelby),
N. C.
-ADDITIONAL INFORMATION.
-The $58,000 issue of school
bonds that was reported as sold-V. 129, p. 3198
-was purchased by
Kalman & Co.,of St. Paul, as &Xs,for a premium of $341, equal to 100.58,
a basis of about 5.44%. Due from 1932 to 1957-Pi CLINTON COUNTY (P. 0. Frankfort), Ind.
-BOND SALE.
-1717.
Roll Kramer, of Frankfort, on Dec. 5 was awarded an issue of $14,280 5%
coupon road construction bonds for a premium of $155, equal to a price of
101.08, a basis of about 4.75%. Dated Nov. 15 1929. Denom. $714.
Due $714 July 15 1930; $714, Jan. and July 15 1931 to 1939, id., and
$714 on Jan. 15 1940. Int, payable on (January & July 15).
COLBY, Thomas County, Kans.-BOND SALE.
-A $41,000 issue of
% internal improvement bonds has been purchased by the Columbian
Title & Trust Co., of Topeka. Denom. $1,000. Dated Aug. 1 1929.
Due from Aug. 1 1930 to 1939, incl. 1
ao.leo
COLUMBUS,Franklin County, Ohio.
-BOND OFFERING.
-Howard
S. Wilkins, City Clerk, will receive sealed bids until 12 m.(Eastern standard
time) on Jan. 9, for the purchase of $155,110 43% bonds issued in anticipation of the collection of special assessments, divided as follows:
$110,200 street improvement bonds. Due on Mar. 1, as follows: $11,000.
1932 to 1940,incl., and 311.200 in 1941.
44,910 street improvement bonds. Due on Mar. 1, as follows: $9,000,
1932 to 1935. incl., and $8.910 in 1936.
Both issues are dated Feb. 1 1930. Denom. $1,000, except two bonds,
one for $910 and the other for $200. Prin. and semi-annual in (.N4. & S. 1)
payable at the office of the agency of the City of Columbus in New York.
Coupon bonds. registerable as provided by law. Bids will also be received
for bonds to bear int. at a rate other than above stated, provided, however,
that where a fractional rate is bid such fraction shall be
of 1% or multiples
thereof. A certified check for 1% of the amount of bonds bid for, payable
to the order of the City Treasurer, must accompany each proposal. According to the offering notice, transcripts of proceedings will be furnished
successful bidder, and sufficient time allowed within fifteen days from the
time of said award for the examination of such transcripts by bidder's
attorney, and bids may be made subject to approval of same.ft
X
COLUMBUS, Platte County, Neb.-BOND SALE.
-Four Issues of
5% semi-annual paving district bonds aggregating 373.500, have recently been purchased by local banks . _ated Jan. 1 1930._ Due in 20
a. p
t .
years an' optional after 5
-COUNTY (P.O. Chicago), Ill.
-NOTE OFFERING-James C.
COOK
Russell, Superintendent of Public Service, will receive sealed bids until
2 p. in. on Dec. 23, for the purchase of $7,000,000 6% corporate tax fund
notes. Dated Jan, 2 1930. Due July 1 1931, but optional on and after
May 1 1931. Interest payable July 1 1931, or up to such time as notes
shall be paid. Bids may be submitted for the entire issue or for any portion
thereof. The notes will be payable at such bank in Chicago or in New
York City, as the purchaser may designate. Denoms. will be made to
suit the successful bidder and printed notes will be furnished by the County.
A certified check for 17 of the amount of notes bid for, payable to the
0
order of Anton J. Cermak,President of the Board of County Commissioners,
must accompany each proposal.
COOK COUNTY FOREST PRESERVE DISTRICT (P.O. Chicago),
III.
-BOND SALE.
-The National City Co., of New York, on Dec. 16
submitted the accepted tender of 96.4373 for an issue of $383.000 4%
Forest Preserve bonds offered for sale. Interest cost basis about 4.45% •
The bonds are dated Dec. 1 1928, are in $1,000 denoms., and mature as
follows: $20,000, 1930 to 1945,
l. and $21,000 from 11146 to 1948, incl.
Prin. and semi-annual int. (J. & D.1) payable at the office of the District
inc.
Treasurer. Legality to be approved by Chapman & Cutler. of Chicago.
COUNTY WATER DISTRICT (P. 0. San Gabriel), Los'Angeles
County, Calif.
-BOND SALE.
-The $60,000 issue of 534% semi-annual
water bonds offered for sale on Dec. 17-V. 129. p. 3832
-was awarded to
Dean Witter & Co.. of San Francisco, for a premium of $1,304, equal to
102.17. a basis of about 5.28%. Dated Jan. 2 1930. Due $5,000 from
Jan. 2 1939 to 1950 incl.
CRAB ORCHARD, Johnson County, Neb.-BOND SALE.
-Two
bond issues aggregating $13,000. are reported to have been purchased by
Wachob, Bender & Co., of Omaha. The issues are as follows: $7,000 transmission line refunding and $6,000 light refunding bonds.
[VOL. 129.
the option:ofthe holder,at the Chase National Bank, New York. The bonds
which are stated to be legal investment for savings banks and trust funds.
in New Jersey, are being re-offered by the purchasers at prices to yield
5.35%. Legality to be approved by Reed, Hoyt & Washburn of New York.
Financial Statement.
Actual estimated value of property, 1929
38,279.387
Assessed valuation, 1929
4,430,828
Total bonded debt (including this issue)
815.495
Less: Water bonds
$303.000
Sinking fund
3,591
306,591
Net debt
$508,904
Population (1920 census), 2,441; present population (estimated). 4.000.
.6' EDNA, Jackson County Tex.-BONDS REGISTERED.
-The two issues of 6% bonds aggregating $110,500. that were sold on Nov. 7-V.
129. p. 3199
-were registered by the State Comptroller on Dec. 10. Due
from 1931 to 1969, incl. (These bonds were approved by the attorney
general's department on Dec. 9.)
County, Tex.
-BOND SALE.
-A $10,000 issue of 6%
semi-annual water and sewer bonds is reported to have recently been purchased by the Citizens National Bank, of Ennis.
EUCLID VILLAGE SCHOOL DISTRICT, Cuyahoga County, Ohio.
-BOND OFFERING.
-Gertrude C. Witmer, Clerk of the Board of Education, will receive sealed bids until 8 p. m. (eastern standard time) on Jan.
6. for the purchase of $900,000 6% bonds issued to finance the purchase or
sites, make additions to present school buildings and provide furnishings
for same, and for the payment of notes which have been issued for the
temporary financing of said project. Dated Jan. 11930. Denom. $1,000.
Due as follows: $18.000 on April 1 and $19,000 on Oct. 1, from 1930 to
1941, incl., and $19,000 on April and Oct. 1 from 1942 to 1953, Lid. Prin.
and semi-annual int. (April and Oct. 1) payable at the legal depositary
of the Board of Education of the Village in Cleveland. Bids for the bonds
to bear interest at a rate other than above stated will also be considered,
provided, however, that where a fractional rate is bid such fraction shall
be 34 Of 1% or multiples thereof. Split rate bids will not be considered.
A certified check for $9,000, payable to the order of the Clerk of the Board
of Education, must accompany each proposal.
Webster County, Miss.
-ADDITIONAL DET711=--Trie
7
$12,000 issue of 6% semi-annual deep water well bonds that was awarded
to the Grenada Bank, of Grenada-V. 129. p. 2265
-was purchased at par
and is due $500 from July 3 1930 to 1953. incl.
EVERETT,Snohomish COuncy, wasn.-BONDS OFFERED FOR:INVESTMENT.-The $1,200,000 issue of water revenue bonds thatl was
awarded to a syndicate headed by Geo. H. Burr, Conrad & Broom, Inc., of
Portland, as 5s, at 93.70,a basis of about 5.90%-V. 129. p. 3665
-is now
being reoffered for public subscription by the purchasers, priced at 100 and
int. Due serially from Jan. 1 1935 to 1945, incl. The offering circular
states that: They are an obligation of the City of Everett and are payable,
both prin. and int., solely from the gross revenues of the municipal water
system. The total amount of revenue bonds outstanding, incl. this issue, is
$2,030,000. on which the annual int, charge is $104,775. The gross revenues of the water system for the last five y'ears averaged $249,751, and it is
officially estimated these will be increased to $320,000 upon completion of
the new improvements, or more than 3 times int. charges. The total value
of all property owned by the water system, incl. improvements to be made
from the proceeds of this Issue, is $4.174,335.
Everett, the fifth largest city in the State of Washington. reports actual
assessed value of taxable property of $17,053,735, and a net bonded debt of
3682.000. Estimated assessed valuation of taxable property is $40,000,000.
FAIRMONT UNION INDEPENDENT SCHOOL DISTRICT (P./0.
Fairmont), Marion County, W. Va.-ADDITIONAL INFORMATION.
-The $250,000 issue of school bonds that was purchased by the State of
West Virginia-V. 129, p. 3833
-bears interest at 5% and was awarded
at Dar. flue from Jan. 1 1931 to 1961.
FAIRVIEW, Cuyahoga County, Ohio.
-BOND SALE -The $150,800
6% bonds offered on Nov. 18-V. 129, p. 2892
-were awarded at a price of
par as follows:
To the Guardian Trust Co.. of Cleveland:
$125,300 street improvement bonds. Due on Oct. 1, as follows: 812,300,
1931; $12,000, 1932 to 1935, incl., and $13,000 from 1936 to 1940.
incl.
To the First National Bank,of Rocky River:
13.800 street improvement bonds. Due on Oct. 1, as follows: 81.000
from 1931 to 1938, bad.. and $1,800 in 1939.
4,550 street improvement bonds. Due on Oct. 1, as follows: $2,550 in
1931 and $2,000 In 1932.
3,800 street improvement bonds. Due on Oct.1,as follows:$200in 1931
and $400 from 1932 to 1940, incl.
Pr CUYAHOGA FALLS, Summit County, Ohio.
-BOND SALE.
-The
3,350 street improvement bonds. Due $335 on Oct. 1 from 1931 to
following issues of bonds aggregating $27,436.28 offered on Dec. 10-V.
1940, incl.
129, p. 3198
-were awarded as 534s to McDonald Callahan & Co., of
Cleveland, for a premium of $7.00. equal to a price of 100.02, a basis of
All of the above Issues are dated Oct. 1 1929. This report supersedes
about 5.24%:
that given in V. 129, p.3833.
$14,013.88 improvement bonds. Due on Oct. 1. as follows: $4.013.88,
FAIRVIEW (P. 0. North Olmstead) Cuyahoga County, Ohio.
1931, 33,000; 1932 and 1933; and $4,000 in 1934.
-J. W. Smith, Village Clerk, will receive sealed bids
13,422.40 improvement bonds. Due on Oct. 1, as follows: $2,422.40, BOND OFFERING.
1931; 33.000. 1932, 32,000, 1934; and 33,000111 1934 and 1935. bids until 12 M. on Jan. 6, for the purchase of the following issues of 6%
special assessment bonds aggregating $57.350:
Both issues are dated Oct. 1 1929.
$52,750 paving bonds. Due on Oct. 1, as follows: 35.750 in 1931; 85.000.
-BOND OFFERING.
DE KALB COUNTY (P. 0. Auburn), Ind.
1932 to 1938 incl., and $6,000 in 1939 and 1940.
Ward Jackman, County Treasurer, will receive sealed bids until 10 a. m.
4,600 sidewalk bonds. Due on Oct. 1,as follows: $600 in 1931,and $1,000
on Jan. 15 for the purchase of 310.500 434% Jackson Township highway
from 1932 to 1935 incl.
improvement bonus. Dated Jan. 15 1930. Denom. $500. Denoms.
Both issues are dated Oct. 1 1929. Principal and semi-annual interest
$525. Due $525 on July 15 1931, $525, January and July 15 1932 to 1940 (April and Oct. 1) payable at the First National Bank, Rocky River. Bids
for bonds to bear interest at a rate other than above stated will also be
incl., and $525 on Jan. 15 1941.
considered, provided, however, that where a fractional rate is bid such
DESCHUTES COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Bend), fraction shall be kg' of 1% or multiples thereof. A certified check for 5%
Ore.
-Sealed bids will be received by D. B. Stuart, of the amount of bonds bid for, payable to the order of the Village Treasurer,
-NOTE OFFERING.
District Clerk, until 8 p. m.on Dec. 26. for the purchase of a $70,000 issue must accompany each proposal.
of semi-annual school notes. Interest rate is not to exceed 6%. Denom.
FAIRVIEW WATER DISTRICT (P. 0. Tarrytown), Westchester
$1,000. Dated Jan.3 1930. Due on Jan. 3 1931. Teal, Winfree, McCul-BOND OFFERING.
loch & Shuler, of Portland. will furnish the legal approval. A certified County, N. Y.
-Norman C. Templeton, Clerk of the
Town of Greenburgh, will receive sealed bids until 3P.M.on Dec.26,for the
check for $1,000 must accompany the bid.
purchaae of $30,000 coupon or registered water bonds. Dated
DICKINSON AND FENTON CONSOLIDATED SCHOOL DISTRICT Denom.$1,000. Due $2,000on Jan. 1 from 1931 to 1945,incl. Jan. 1 1930.
Rate of int.,
-BOND OFFER- stated in multiples
NO. 1 (P. 0. Port Dickinson), Broome County, N. Y.
of X or 1-10 of 1%, to be named in bid. A certified
ING.
-Ford E. Mulford, District Clerk, will receive sealed bids until 8 p.
check for $1.000. Payable to the order of the Town, must accompany each
on Dec. 27,for the purchase of $125,000 coupon or registered school bonds, Proposal. The approving opinion of Caldwell & Raymond, of New 'York.
to bear int. at a rate not exceeding 6%,stated in a multiple of 34 or 1-10 of will be furnished to the purchaser.
1%. Dated Nov. 1 1929. Denom. 31.000. Due on Nov. 1, as follows:
FINLEY, Steele County', N. Dak.-ADDITIONAL INFORMATION.
40 to 1948, hid., and $6,000 from
32.000, 1930 to 1939, incl.: $5,000, 19
1949 to 1958,incl. Prin. and semi-annual int. (M.& N. 1) payable at the -The $20,000 issue of municipal auditorium bonds that was purchased by
City National Bank, Binghamton, or at the Bankers Trust Co., New York. the State University and School Fund-V. 129, p. 3044-bears interest
A certified check for $2,500. payable to the order of J. Glenn Jenks. District at 5% and is due in 1949.
Treasurer, must accompany each proposal. The approving opinion of Clay,
FISHER COUNTY (P. 0, Roby) Tex.
-BOND SALE.
-It is reported
Dillon & Vandewater,of New York, will be furnished to the purchaser.
that the $1,400,000 issue of refunding and highway bonds that was voted
-V. 129. p. 2421-has recently been purchased by the Brown
-At the special in October
-BONDS VOTED.
DUNDEE, Monroe County, Mich.
-the voters approved the pro- Crummer Co. of Wichita.
election held on Dec. 16-V. 129. p. 3355
posal to issue $44,000 in bonds to provide for a new filtration plant by a
FLETCHER, Comanche County, Okla.
-MATURITY.
-The $32.margin of 23 votes over the required two-thirds majority. There were 000 issue of semi-annual water works bonds that was purchased by 0.
377 votes cast.
Edgar lionnold, of Oklahoma City, as 6s, at par
-is due
-V. 129, p. 2892
DUNNELL SCHOOL DISTRICT (P. 0. Dunnell), Martin County as follows: $1,500 from 1933 to 1953 and $500 In 1954.
reported to have recent-The State of Minnesota is
-BOND SALE.
Minn.
FLINT,Genesee County, Mich.
-BOND SALE -The $417,000 special
ly taken over a $25,000 issue of school bonds.
Improvement bonds offered- on Dec. 16-V. 120, p. 3833
-were awarded
-BOND OFFERING. to Stranahan, Harris & Oatis, Inc.,of Toledo,for a premium of $400,equal
EAST LIVERPOOL,Columbiana County,Ohio.
sealed bids until 12m. (Eastern to a price of 100.09, an Interest coat basis of about 4.61% as follows:
W. M. McGraw, City Auditor,will receive
8252,000 bonds maturing on Dec. 16, as follows: $36,000,1932 to 1938,
standard time)on Dec.26,for the purchase of 363,6005% building improve- incl.,
were sold as 4348, and $165,000 bonds maturing on Dec. 16. as folment bonds. Dated Jan. 1 1930. Denom. $3,000, one bond for $6,600.
Due on Sept. 1, as follows: $3,000, 1931 to 1949, incl., and $6,600 in 1950. low: $83,000 in 1930 and $82,000 in 1931, were sold as 434s.
The purchasers are re-offering the bonds for public investment as follows:
Int. payable on (M. & 8. 1.) A certified check for 2% of the amount of
bonds bid for, payable to the order of the City Treasurer, must accompany the 434% bonds are priced to yield 4.40% and the 4 X % bonds are priced
to yield 4.35%. The city reports an assessed valuation for 1929 of $204,
each proposal.
-M. M. 068,350 and total bonded debt, including the current bonds, stated to be
-BOND SALE.
EAST PATERSON, Bergen County, N. J.
Co. of New York, $13.861,517.
Freeman & Co. of Philadelphia and B. J. Van Ingen &
FORSYTH COUNTY(P.O. Winston-Salem), N. C.
-NOTE SALE.
jointly, recently privately purchased an issue of $500,000 6% coupon or
registered temporary sewer bonds. Dated Dec. 1 1929. Denom. $1,000. The $60,000 issue of bond anticipation notes offered for sale on Dec. 18-V.
-was awarded to the Farmers National Bank & Trust Co.,
Due on Dec. 1 as follows: $54,000. 1932 to 1934 incl.; 3162,000. 1935, and 129. p. 3665
$44.000 from 1936 to 1939 incl. Prin.and semi-annual int.(June & Decem- of Winston-Salem. as 534s. at par. Dated Dec. 16 1929. Due on Sept.
ber 1) payable at the Merchants & Sussex National Bank, Newton, or, at 16 1930.
DEC. 21
1929.]
FINANCIAL CHRONICLE
The following is an official list of the other bidders and their bids:
Rate Bid. Prem.
Peoples National Bank of Winston-Salem
53
$5.00
Detroit & Security Trust Co. of Detroit
3.00
5H
Stranahan, Harris & Ostia, Inc
48.00
Wachovia Bank & Trust Co. Winston-Salem
5
5
1
10.00
Bray Bros. & Co. of Greensboro
6.50
FOSTORIA, Seneca County, Ohio.
-BOND SALE.
-The $25.000
sewage disposal plant improvement bonds offered on Dec. 17-V. 129. P.
3665
-were awarded as 434s to Ryan, Sutherland & Co. of Toledo, for a
Premium of $11.00, equal to a price of 100.04, a basis of about 4.74%.
Dated Dec. 1 1929. Due as follows: $500 on March and Sept. 1 1931, and
$1,000 on March and Sept. 1 from 1932 to 1943 incl.
GALT SANITARY DISTRICT (P. 0. Galt), Sacramento County,
Calif.
-BONDS NOT SOLD.
-The $45,000 issue of 534% drainage and
sewage bonds offered on Nov. 30-V. 129, p. 3505
-was not sold as no
bids were received. Dated Jan. 1 1928. Due $1,500 from Jan. 1 1930 to
1959, incl.
GARFIELD, Bergen County, N. J.
-BOND SALE.
-A. C. Allyn
& Co., and A. V. O'Brien & Co., both of New York jointly, are
reported to have recently purchased an issue of $460,000 6% improvement
bonds. Dated Nov. 1 1929. Denom. 31,000. Due on Nov. 1, as follows:
$236,
000 in 1935, and $224,000 in 1938. Principal and semi-annual interest
payable at the Central Hanover Bank & Trust Co. N. Y. Legality to be
approved by Thomson, Wood & Hoffman. of New York.
GATES (P. 0. Coldwater), Monroe County, N. Y.
-BOND OFFERING.
-Mary R. Harrington, Town Clerk, will receive sealed bids until
8 p. m. on Dec. 30, for the purchase of S111.505 coupon or registered street
improvement bonds, to bear interest at a rate not exceeding 6%, stated
in a multiple of h of 1%. Dated Jan. 11930. Denom. $1,000, one bond
.
for $505. Due on Jan. 1, as follows: $7,505. 1931; $6,000, 9132 to 1935,
incl.; $7,000. 1936 to 1940, incl.; $8,000, 1941 and 1942; $9.000. 1943, and
$10,000 in 1944 and 1945. Principal and semi-annual interest (Jan. and
July 1) payable in gold at the Guaranty Trust Co. New York, or at the
Genesee Valley Trust Co., Rochester. A 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 of Clay, Dillon & Vandewater.
of New York, will be furnished to the purchaser.
GEAUGA COUNTY (P. 0. Chardon), Ohio.
-BOND SALE.
-The
$23,165 road improvement bonds offered on Nov. 18-V. 129. p. 2892
were awarded as 5s, to the Herrick Co., of Cleveland, for a premium of
$3.15, equal to a price of 100.01, a basis of about 4.99%. The bonds
mature on Sept. 1, as follows: 52,165, 1931: $2,000, 1932 and 1933; $3,000,
1934: $2,000, 1935 and 1936; $3,000, 1937; 52,000, 1938 and 1939, and
$3,000 in 1940.
GEORGIA, STATE OF (P. 0. Atlanta)
-WARRANTS NOT SOLD.
The $2.000,000 issue of warrants offered on Dec. 16-V. 129. p. 3833-is
reported to have been offered without success as no bids were received.
Dated Dec. 28 1929. Due from Jan. 28 1930 to Dec. 28 1930.
GIRARD, Trumbull County, Ohio.
-BOND OFFERING.
-R. L.
Evans, City Auditor, will receive sealed bids until 12m. (Central standard
time) on Dec. 27, for the purchase of $_3.181 6% sanitary sewer construction bonds, property owner's portion. Dated Nov. 1 1929. Due annually
on Oct. 1 from 1931 to 1934. incl. Principal and semi-annual interest
(April and Oct. 1) payable at the First National Bank, Girard. Bids will
also be considered for the bonds to bear interest at a rate other than above
stated, provided, however that where a fractional rate is bid such fraction
shall be 34 of 1% or multiples thereof. A certified check for $100. payable
to the order of the City Treasurer, must accompany each proposal.
GRANITE, Greer County, Okla.
-BOND SALE.
-The $45,000 issue
of 6% coupon sewer extension bonds offered for sale on Dec. 3-V. 129,
-was awarded to Calvert & Canfield, of Oklahoma City, at Par.
p. 3666
Denom. $1,000. Dated Dec. 1 1929. Due from 1932 to 1953. incl.
GREENE COUNTY (P. 0. Bloomfield), Ind.
-BOND OFFERING.
Henry Rollison, County Treasurer, will receive sealed bids until 2 p. m.
on Dec. 23, for the purchase of $36,000 5% Freel H. Bullock county road
construction bonds. Dated Dec. 15 1929. Denom. $1.800. Due $1,800
on June 15, and on Dec. 15, from 1930 to 1939, incl. Principal and semiannual interest payable at the office of the County Treasurer.
k
GROSSE POINTE TOWNSHIP RURAL AGRICULTURAL SCHOOL
DISTRICT NO. 1, Wayne County, Mich.
-BOND SALE.
-The $120,000
481% school building construction and equipment bonds offered on Dec.
16-V. 129. p. 3666
-were awarded to Braun, Bosworth & Co., of Toledo,
for a premium of $1.656, equal to a price of 101.38, a basis of about 4.61%.
Due $4,000 annually for 30 years.
HACKENSACK,Bergen County, N.J.
-BOND OFFERING.
-William
Schaaf, City Clerk, will receive sealed bids until 8 p. m. on Dec. 30, for
the purchase of $189,000 434% coupon or registered, second series, public
improvement bonds. Dated Dec. 1 1929. Denom. $1,000. Due on Dec.
1, as follows: $10,000,1931 to 1943, incl.; $14,000. 1944. and $15,000 from
1945 to 1947, incl. No more bonds are to be awarded than will produce a
premium of $1,000 over the amount stated above. Principal and semiannual interest (June and Dec. 1) Payable in gold at the City National
Bank & Trust Co., Hackensack. .A certified check for 2% of the amount
of bonds bid for, payable to the Hackensack Improvement Commission,
must accompany each proposal. The approving opinion of Reed, Hoyt
& Washburn, of New York. will be furnished to the purchaser.
HAMILTON COUNTY (P. 0. Chattanooga), Tenn.
-BOND OFFERING.
-Sealed bids will be received until noon on Jan. 16, by Will Cummings, County Judge, for the purchase of four issues of 434 or 4ai% bonds
aggregating $1,656,500 as follows:
5500.000 tunnel bonds. Due on Feb. 1 1960. Authority: Chap. 525,
Private Acts of the Gen. Ass. of Tennessee, 1927.
100,000 bridge bonds. Due on Feb. 1 1960. Authority: Chap. 791,
Private Acts of the Gen. Ass. of Tennessee, 1929.
961,500 school bonds. Due on Feb. 1 1960. Authority: Chap. 792,
Private Acts of the Gen, Ass. of Tennessee, 1929.
95,000 Alton Park school bonds. Due on Feb. 1 1970. Authority:
Chap.883. Private Acts of the Gen. Ass. of Tennessee, 1929.
Dated Feb. 1 1930. Prin, and semi-annual Mt. payable at the National
City Bank in New York. Legal opinion as to their validity will be furnished by competent bond attorneys, free to purchasers. No bids at less
than par and accrued interest will be considered. A certified check for
1% par of the bonds, payable to the County Judge, is required.
3997
$1.000,000 sewer bonds. Due on Dec. 1 as follows: $16,000, 1932 to
1949; $32,000, 1950 to 1960 and $40,000. 1961 to 1969, all incl.
500,000 water bonds. Due on Dec. 1 as follows: $8,000, 1932 to 1949;
$16,000, 1950 to 1960 and $20,000. 1961 to 1969, all incl.
Denom. $1,000. Dated Dec. 1 1929. Int. rate is not to exceed 6%,
stated in a multiple of 34 of 1%,and must be the same for all of the bowie.
Prin. and int. (J. & D.) payable in gold or its equivalent in New York
City. Reed, Hoyt & Washburn of New York City, will furnish the legal
approval. No bid for less than the total amount of the bonds is acceptable.
A certified check for 2% of the bonds bid for, payable to the City, must
accompany the bid.
-BOND SALE.
-The $80.000
HOBOKEN, Hudson County, N. J.
-were
coupon or registered bonds offered on Dec. 17-V. 129. p. 3666
awarded as 5s, to the Steneck Trust Co.. of Hoboken. for a premium of
$399.99. equal to a price of 100.49, a basis of about 4.89%. Dated Dec.
15 1929. Due on Dec. 15, as follows: $7,000, 1930 to 1934, incl.. and
$9,000 from 1935 to 1939, incl.
The accepted tender was the only one submitted.
-BOND OFFERING.
HOLLY SPRINGS, Marshall County, Miss.
Sealed bids will be received by C. B. Smith. Clerk of the Board of Aldermen,until Jan.6,for the purchase ofa $45,000 issue ofsemi-annualimprovement bonds. Int. rate is not to exceed 6%.
-The
-BOND SALE.
HOLMES COUNTY (P. 0. Millersburg), Ohio.
following issues of bonds aggregating $46,320 offered on Dec. 16-V. 129,
-were awarded as 531s. to Stranahan, Harris & Oatis, Inc., of
n. 3505
Toledo, for a premium of $40, equal to a price of 100.08. a basis of about
$28,120 road improvement bonds. Due as follows: $3,910 on March and
Sept. 1 1930; $3,000, March 1 and $3,800. Sept. 1 1931 and 1932:
$3,000, March 1 and $3,700, Sept. 1 1933.
18.200 road improvement bonds. Due as follows: $2,100, March and
Sept. 1 1930, and $1,750. March and Sept. 1 1931 to 1934. incl.
Both issues are dated Jan. 1 1930.
The following is a list of the other bids received:
Price Bid.
Int. Rate.
Bidder$46.352.43
First Citizens Corp., Columbus
531%
46,365.49
Provident Savings Bank & Trust Co., Cincinnati
%
46,337.00
Ryan,Sutherland & Co., Toledo
534%
-BOND OFFERING.
HUDSON FALLS,Washington County., N.Y.
B.P. Smith, Village Clerk, will receive sealed bids until8 p. m.on Dec.30.
for the purchase of $30,000 5% registered street paving bonds. Dated
Aug. 11929. Denom. $1,000. Due $3,000 on Aug. 1 from 1930 to 1939.
incl. Prin. and semi-annual hat. (F. & A. 1) payable in gold at the office
of the Village Treasurer. A certified check for 2% of the face value of the
bonds bid for, payable to the order of the Village, must accompany each
proposal.
-Sealed
-BOND OFFERING.
HUTCHINSON, Reno County, Kan.
bids will be received until 4.30 p.m.on Dec.20,by H. R.Obee,City Clerk.
for the purchase of two issues of 434% semi-annual aggregating$129,991.19.
as follows: $101,432.91 paving and $28,559.15 sewer bonds. Denom.
31.000. Dated Nov. 1 1929. Due serially in from 1 to 10 years. Bonds
to be printed by the City. A certified check for 2% of the bid is required.
The following is a financial statement as shown by the books of the City
Treasurer and by documents on file in the City Clerk's office:
Bonded indebtedness
$ 688,680.00
Special assessment bonds
694,608.30
Sinkingfund
3,932.57
Valuation for year 1929
33,838,299.00
28,054
Population (tax assessors'census)
INDEPENDENCE, Montgomery County, Kans.-BOND OFFERING.
-Sealed bids will be received until 10 a. m. on Dec. 26, by G. H. Krimhagen, City Clerk, for the purchase of two issues of 5% bonds aggregating
$24,254.05, as follows: $17.192.89 street paving and $7,061.16 sanitary
sewer bonds, Denom. $500. Dated Dec. 1 1929. Due serially in from
1 to 10 years. Interest payable on June and Dec. 1. Bonds will be printed
by the City. Sale of bonds will be subject to their purchase by the State
School Fund Commission. Bids must be accompanied by a certified cheek
in the sum of 2% of the total bid, as a guarantee that the purchaser will
complete the purchase of the bonds. All expenses of delivery must be borne
by the purchaser.
-BONDS DEFEATED.
IRON COUNTY (P.O. Crystal Falls), Mich.
At an election held on Dec. 2 the voters rejected a proposition to issue
$60.000 in bonds to finance the erection of buildings at the county fair
grounds in Iron River, The measure was defeated by a vote of 769 to 577.
-BOND
IRONDEQUOIT (P. 0. Rochester) Monroe County, N. Y.
SALE.
-The Union Trust Co. of Rochester, and the Marine Trust Co. of
Buffalo, jointly, are reported to have been awarded on Dec. 16, an issue of
$869,553.79 554% coupon or registered street improvement bonds. Price
paid not disclosed. The bonds are dated Dec. 18 1929 and mature on
June 1, as follows: $38,553.79 in 1930; $41.000. 1931; $43.000. 1932:
$46,000, 1933; $48,000. 1934; $51,000, 1935; 553,000, 1936; $56,000, 1937:
$60,000, 1938; $63,000, 1939; $66,000, 1940; $70,000, 1941: $74,000. 1942:
$78.000, 1943, and $82,000 in 1944.
JOHNSON CITY SCHOOL DISTRICT, Williamson County, Ill.
BOND SALE.
-0. W. McNear & Co., of Chicago, during November purchased an issue of 560,000 6% coupon school gymnasium bonds for a premium of $60,equal to a price of 100.10, a basis of about 4.99%. The bonds
mature annually from 1932 to 1948,incl.
-Sealed bids
-BOND OFFERING.
JOSEPH, Wallowa County, Ore.
will be received until 6 p. m.on Jan. 15, by C. R.Patten, City Recorder,for
the purchase of a $15,000 issue of coupon refunding water bonds. Int.
rate is not to exceed 6%. Denom. $500. Due in 15 years and optional
after 10 years. Prin. and semi-annual int. payable in gold at place designated by the purchaser. Authority: City Charter, adopted Mar. 10 1910.
as amended Apr. 2 1917, and by special election held on Nov. 25 1929.
-BOND SALE.
-The $32,000 5% borKANE, McLean County, Pa.
ough improvement bonds offered on Dec.9-V.129, p. 3667
-were awarded
to the Kane Trust & Savings Co., of Kane, at a price of 101.019, a basis of
about 4.75%. Dated Oct. 15 1929. Due $4,000 on Oct. 15 from 1930 to
1937,incl.
KENMORE, Erie County, N. Y.
-The Buffalo
-BOND OFFERING.
"Courier Express" of Dec. 11 states that the village board, acting upon
HART, Oceana County, Mich.
-BONDS DEFEATED.
-At a special the recommendation of Frank C. Moore, Village Attorney, has issued a
election held on Dec. 2-V. 129. p. 3200
-the proposition to issue $17,000 call for sealed bids for the purchase of $500000 improvement bonds,to be
in bonds for water improvement purposes was defeated by a vote of 115 to 73. opened on Dec. 23. Notice of the completion of preparations incident to
the proposed sale of these bonds was given in
-V. 129, p. 2892.
HARTFORD,Lyon County, Kan.
-BOND SALE.
-A $40,000 i136110 Of
water works bonds is reported to have been recently been purchased by an
KING COUNTY(P.O.Seattle), Wash.
-The $500,000
-BOND SALE.
unknown investor.
issue of semi-annual coupon King County-Lake Union bridge bonds offered
for sale on Dec. 17-V. 129, p. 3505
-was jointly awarded to Stranahan,
HATTIESBURG, Forrest County, Miss.
-BOND OFFERING.
- Harris & Oatis, Inc., of Toledo,and Fix & Latimer, of Seattle, as 454s,for a
Sealed bids will be received, according to reports by Mayor S. F. Tatum, premium of $450, equal to 100.09, a basis of about 4•49%• Dated Jam 1
for the ;purchase of two issues of bonds aggregating $1,000,000, as follows: 1930. Due in from 2 to 30 years from date.
$750,000 water and $250.000 sewer bonds.
KING COUNTY SCHOOL DISTRICT NO. 210 (P. 0. Seattle),
HAYS COUNTY (P.O. San Marcos),Tex.
-BONDS REGISTERED.
-BOND SALE.
-The $45,000 issue of semi-annual school bonds
-A Wash.
$55,000 issue of 554% road and bridge bonds was registered by the State offered for sale on Dec. 14-V. 129, p. 3667
-was awarded to the State of
Comptroller on Dec. 11. Due serially.
Washington, as 5s, at par. No other bide were received.
HEIDELBERG SPECIAL CONSOLIDATED SCHOOL DISTRICT
KINGS POINT (P. 0. Great Neck), Nassau County, N. Y.
-BOND
-BOND OFFERING.
(P. 0. Heidelberg), Jasper County, Miss.
-Henry E. Griffen. Village Clerk, will receive sealed bids until
-Sealed OFFERING.
bids will be received until Jan. 6, by the Secretary of the Board of Education, 8.15 p. m. on Dec. 27, for the purchase of an issue of $275,000 coupon or
for the purchase of a $50,000 issue of 554% semi-annual school bonds.
registered park bonds, to bear int. at a rate not exceeding 6%. stated in a
multiple of kg' of 1%. Dated Nov. 1 1929. Denom. $1,000. Due on
HIDALGO COUNTY WATER IMPROVEMENT DISTRICT NO. 2 Nov. 1, as follows: $7,000. 1934 to 1950, incl.; $8,000. 1951 to 1957, incl..
-BOND OFFERING.
(P. 0. San Juan), Tex.
-Sealed bids will be re- and $10,000from 1958 to 1967.Incl. Prin. and semi-annual int.(M.& N.1)
ceived until 10 a. m. on Jan. 9, by Clay Everhard, President of the Board payable in gold at the Bank of Great Nock,or at the Central Hanover Bank
of Directors, for the purchase of an !sane of 51.000,000 6% semi-annual
Trust Co., New York. A certified check for 2% of the amount of bonds
water bonds Dated Dec. 15 1929. Due serially from Dec. 15 1930 to bid for, payable to the order of the Village, must accompany each proposal.
1959. incl. (These bonds have been validated by a suit in the District The approving opinion of Hawkins, Delafield & Longfellow, of New York,
Court, and are a part of a $33,000,000 issue.) A $20,060 certified check, will be furnished to the purchaser.
Payable to the District, must accompany the bid.
-The
KNOX COUNTY (P. 0. Vincennes), Ind.
-BOND SALE.
-BOND OFFERING.
HIGH POINT, Guirord County, N. C.
-were
-Sealed $26,150.88 6% drainage bonds offered on Dec. 4-V. 129, p. 3200
bids will be received until 2 p. m.on Dec. 31 by Ed. L. Roger. City Treas- awarded at a price of par to the Keene Construction Co., of Sullivan. The
urer,for the purchase of two issues of coupon or registered bonds aggregating bonds are dated Nov. 1 1929 and mature on June 1, as follows:$2.600,from
$1,500,000 as follows:
1931 to 1939, incl.. and $2,750.88. 1940.
3998
FINANCIAL CHRONICLE
LAFOURCHE PARISH DRAINAGE DISTRICT NO. 2 (P.O. Thi-Sealed bids will be received until
-BOND OFFERING.
bodaux), La.
Jan. 18 by the Clerk of the Board of Commissioners, for the purchase of a
$15,000 issue of 5% drainage bonds.
-BOND OFFERING.
LAPORTE COUNTY (P. 0. LaPorte), Ind.
Lyman A. Ohming, County Treasurer, will receive sealed bids until 10 a. m.
on Jan. 6, for the purchase of S10,034.08 6% ditch improvement bonds.
Dated Jan. 6 1930. Denom. $500, one bond for $534.08. Due $1,034.08
on Dec.6 1930, and $1,000 on Dec.6from 1931 to 1939,incl. Int. payable
annually on Dec. 6.
-ADDITIONAL
LAFAYETTE COUNTY (P. 0. Lewisville), Ark.
DETAILS.
-The $58,000 issue of court house bonds that was purchased
-bears interest at 5%
-V. 129. p. 27I8
by Caldwell & Co., of Nashville
and was awarded at par. The bonds mature in 1934.
-BOND OFFERING.
LAKE COUNTY (P. 0. Painesville), Ohio.
L. J. Spaulding, Clerk of the Board of County Commissioners, will receive
sealed bids until 11 a.m. on Dec. 31, for the purchase of $97,753.94 535%
road improvement bonds. Dated Jan. 1 1930. Due as follows: $3,753.94
on April 1 and $5.000 on Oct. 1 1930, $5.000, April and Oct. 1 from 1931
to 1938, incl.: $4,000. April 1, and $5,000, Oct. 1 1939. Int. payable
on April and Oct. 1. Bids for bonds to bear interest at a rate other than
above stated will also be considered, provided, however, that where a
fractional rate is bid such fraction shall be X, of 1% or multiples thereof.
A certified check for $2,000, payable to the order of theCounty Treasurer.
must accompany each proposal. Conditional bids will not be considered.
Financial Statement.
$190,000,000.00
Estimated value of taxable property
124.500.000.00
Last assessed valuation for taxation
4,281,072.73
Total bonded debt, including this issue
2.282,762.78
Special assessment debt (included in total bonded)
2,101.903.08
Total floating (general obligation) debt
$4.86
Tax rate
County population (1920). 28,627; now. 35.000.
-At the special
LAUREL., Jones County, Miss.
-BONDS VOTED.
-the voters approved the issuance
election held on Dec. 10-V. 129, p. 3356
of $420,000 in bonds for various civic improvements by a majority reported
to be nearly four to one.
-The $12,500
LETCHER, Sanborn County, S. Dak.-PRICE PAID.
Issue of 5% annual municipal auditorium bonds that was purchased by the
-was awarded at par. Due on
National Bank of Letcher-V. 129, p. 3835
Dec. 11949.
-TEMPORARY LOAN.
LEXINGTON, Middlesex County, Mass.
The Atlantic National Bank of Boston recently purchased a $100,000 temporary loan at a 3.75% discount. Due on June 5 1930. The following is a
list ofthe other bids received:
Discount.
Bidder3.94
Salomon Bros.& Hutzler
3.91
First National Bank,of Boston
3.96
Lexington Trust Co
Faxon,Gade & Co
Bank of Commerce & Trust Co
LINCOLN TOWNSHIP FRACTIONAL SCHOOL DISTRICT NO. 1
-In connection
(P.0. Standish), Arenac County, Mich.
-PRICE PAID.
with the sale on Dec. 10 of 535.000 5%% bonds to Bumpua & Co.. of
-V. 129, p. 3835
-we are informed that the issue was sold at a
Detroit
discount of $50, equal to a price of 99.85, a basis of about 5.59%. The
bonds are dated Jan. 1 1930 and mature on Jan. 1, as follows: $1,000, 1931
to 1955, incl., and $2,000 from 1956 to 1960, incl.
LITTLE ROCK, Pulaski County, Ark.
-BOND SALE.
-The $33,000
issue of sewer improvement district No. 14 bonds offered for sale on Dec.
-was awarded to the American Southern Trust Co.,
11-V. 129, p. 3835
of Little Rock,at a price of 96.27.
LOUDON SCHOOL DISTRICT (P.O. South Charleston), Kanawha
County, W. Va.-BONDS VOTED.
-At the special election held on Dec.10
-V.129. p. 3356
-the voters approved the proposal calling for the issuance
of $450.000 in bonds for school building and equipment purposes.
LUFKIN INDEPENDENT SCHOOL DISTRICT (P. 0. Lufkin),
Angelina County, Tex.
-The $40,000 Issue of
-BONDS REGISTERED.
5% school bonds that was unsuccessfully offered on Sept. 20-V. 129,
-was registered by the State Comptroller on Dec. 13. Due $1,000
p. 2114
from July 1 1930 to 1969, incl.
: o
LYNBROOK, Nassau County, N. Y.
-FINANCIAL STATISTICS.
In connection with the scheduled sale on Dec. 23 of $283.000 coupon or
registered public improvement bonds, notice and description of which was
given in V. 129. p. 3835, John T. Wendt, Village Clerk, states that the
assessed valuation of the village for 1929 (based on 75%) is 537.350.884.50
and that the bonded debt of the village, excluding the current offering is
$719,500. The village has no sinking fund but has assets of $908,697.67.
consisting of public buildings, &c. Population over 10,000.
LYNN, Essex County, Mass.
-TEMPORARY LOAN.
-The Central
National Bank of Lynn recently purchased a $200,000 temporary loan at
a 4.04% discount, plus a premium of $1.00. Due on Mar. 14 1930. The
following other bids were received:
Discount,
Bidder
Securities Trust Co.,Lynn
4.04
Salomon Bros. Sr Hutzler (plus$7)
4.06
Manufacturers Bank ofLynn
4.11 0
MACOMB COUNTY (P. 0. Mount Clemens), Mich.
-BOND OFFER,
ING.-Bert Englebrecht, County Drain Commissioner, will receive sealed
bids until 11 a. m.(Eastern standard time) on Dec. 21,for the purchase of
$48,000 Warren Township lateral drain bonds, to bear int, at a rate not
exceeding 6%. Dated Nov. 1 1929. Due on May 1. as follows: $2,000,
1932 and 1933; 33,000, 1934 to 1938, incl.: $4,000, 1939 to 1944, incl., and
$5,000 in 1945. Int. payable on (M. & N. 1). The Drain Commissioner
will furnish the bonds. A certified check for 51,000, payable to the order
ofthe above-mentioned official, must accompany each proposal. The legal
opinion will be furnished by Miller, Canfield, Paddock & Stone,of Detroit.
-BOND OFFERING.=
MADISON COUNTY (P. 0. Anderson), Ind.
Ward 0. Shetterly, County Auditor, will receive sealed bids until 10 a. m.
on Jan.8 for the purchase of $80.000 5% Neel M. McCullough et al parlk
improvement bonds. Denom. $1,000. Due $5,000 on Dec. 1 from 1932
to 1947, incl. Interest payable on June and Dec. 1.
-The
-NOTE SALE.
MADISON COUNTY (P. 0. Marshall) N. C.
$180,000 issue of 6% semi-annual bond anticipation notes offered for sale
-was jointly awarded to the Bank of French
on Dec. 10-V. 129, p. 3357
Broad, and the Citizens Bank, both of Marshall, for a $50 premium,equal
to 100.027, a basis of about 5.98%. Dated Dec. 1 1929. Due on Dec. 1
1930.
-The $20,500
-BOND SALE.
MANSFIELD, Richland County, Ohio.
.5%% storm sewer construction bonds offered on Dec. 12-V. 129, p. 3835
-were awarded to the Mansfield Savings Bank & Trust Co.,for a premium
of $316.50, equal to a price of 101.54, a basis of about 5.22%. Dated
Dec. 1 1929. Due as follows: $500. April 1 and $1,000 on Oct. 11'rom 1931
to 1940, inclusive.
MANTUA VILLAGE SCHOOL DISTRICT, Portage County, Ohio.
-Algernon Payne, Clerk of the Board of Education
-BOND OFFERING.
Will receive sealed bids until 12 m. on Dec. 28, for the purchase of $90,000
4}i% school building construction and equipment bonds. Dated April 1
1929. Denom. $1,000. Due as follows: $1,000, April 1 and $2,000, Oct. 1
1930, $2,000, April and Oct. 1 1931 to 1934. incl., $2,000, April 1 and
$1.000, Oct. 1 1935, 32,000, April and Oct. 1 1936 to 1939, incl., 32.000.
April 1 and 31,000. Oct. 1 1840, $2,000, April and Oct. 1 1941 to 1944,
incl.,12,000, April 1 and 81,000. Oct. 1 1945, $2,000. April and Oct. 1
1946 to 1952, incl.. and 82,000. April 11953. Bids may be submitted for
the total issue or any portion thereof. Proposals must be accompanied
by a certified check for $1,000, payable to the order of the Board of Education.
-BOND OFFERING.MARION COUNTY(P.O. Indianapolis), Ind.
Harry Dunn,County Auditor, will receive sealed bids until 10 a. m.on Dec.
Dec. 27, for the purchase of 8139.800 43 % Board of Children's Guardians
Home building construction and equipment bonds. Dated Dec. 1 1929.
Denom. $699. Due $6.990 on Dec. 1 from 1930 to 1949, incl. Prin. and
semi-annual int. (J. & D. 1) payable at the office of the County Treasurer.
A certified check for 3% of the amount of bonds bid for, payable to the
order of the Board of County Commissioners, must accompany each
[vol.. 129.
proposal. No conditional bids will be considered and bidders will be required to satisfy themselves as to the validity of the bonds.
-Sealed
-BOND OFFERING.
MARLOW, Stephens County, Okla.
bids will be received until 4 p. m. on Dec. 23, by Geo. L. Orr, City Clerk,
for the purchase of a $60,000 issue of water supply bonds.
-The $30,000
-BOND SALE.
MARSHALL, Calhoun County, Mich.
-were awarded
-V. 129, p. 3834
coupon city hall bonds offered on Dec. I6
as 4 Xs to the First National Bank, of Marshall, for a premium of $33,
equal to a price of 100.11, a basis of about 4.73%. Dated Dec. 1 1929.
Due as follows: $1,000, 1930 to 1934, Incl.; $2,000, 1935 to 1939, incl., and
$3.000 from 1940 to 1944,incl.
-J. R.
-BOND OFFERING.
MARTIN COUNTY (P. 0. Shoals), Ind.
Marshall, County Treasurer, will receive sealed bids until 10 a. m. on
Dec. 30. for the purchase of the following issues of 5% bonds aggregating
$11,534.20:
$6,334.20 Grant Cochran et al highway construction bonds. Denom.
$316.71. Due $316.71 on July 15 1931: $316.71, Jan and July
15 1932 to 1940, incl.: and $316.71 on Jan. 15 1941.
5.200.00 William Dustin et al road improvement bonds. Denom. $261
Due $261 on July 15 1931: 5261, Jan. and July 15 1932 to 1940,
incl.: and $261 on Jan. 15 1941.
Both issues are dated Dec. 30 1929. Int payable on June and Dec. 15.
-The $36,000
-BOND SALE.
MASSILLON, Stark County, Ohio.
special assessment street improvement bonds offered on Dec. 6-V. 129.
-were awarded as 5s to Otis & Co. of Cleveland, for a premium of
p. 3357
The bonds
$167.00, equal to a price of 100.46. a basis of about
4.90%.
are dated Oct. 11920 and mature $4,500 on Oct. 1 from 1931 to 1938, incl.
The following bids are also reported to have been submitted:
Int. Rote. Premium.
Bidder$375.00
5.25
Asset, Goetz & Moerlein, Cincinnati
214.00
5.25
W.L. Slayton & Co., Toledo
46.80
5.25
Trust Co., Cincinnati
Title Guarantee &
14.00
5.25
Well, Roth & Irving Co., Cincinnati
140.00
5.00 o
Ryan, Sutherland & Co., Toledo
108.00
5.00'7
First Citizens Corp., Columbus
106.00
5.007g
Detroit & Security Trust Co., Detroit
98.00
5.00
Guardian Trust Co., Cleveland
92.00
5.00
Provident Savings Bank & Trust Co., Cincinnati
62.00
5.00
McDonald Callahan & Co., Cleveland
52.00
5.00
Herrick Co., Cleveland
37.60
5.00
Davies-Bertram Co., Cincinnati
14.40
5.00
Breed, Elliott & Harrison, Cincinnati
8.00
5.00 o
Seasongood & Mayer, Cincinnati
MAVERICK COUNTY WATER IMPROVEMENT DISTRICT NO. 1
-The 51.800,000
-BOND SALE REPORTED.
(P. 0. Eagle Pass), Tex.
issue of hydro-electric irrigation plant bonds that was voted on Feb. 8reported to ahve recently been disposed of to the Ulen
V. 128, p. 1096-is
Engineering Co. of Lebanon (Ind.) at a price of 90.00.
-A $26,000
-BOND SALE.
MELBOURNE, Brevard County, Fla.
portion of a $43,000 issue of 6% semi-annual refunding bonds was purchased on Dec. 18 by l'rudden & Co.. of Toledo, at a price of 95.
-BOND
MENTOR SCHOOL DISTRICT, Lake County, Ohio.
-S. Oliver, Clerk of the Board of Education. will receive
OFFERING.
sealed bids until 8 p.m. on Dec. 26,for the purchase of $100.000 5% school
bonds. Dated Dec. 11929. Denom. $1.00. Due as follows: $3,000. April
13
and Oct. 11930, $3,000: $3,000. April 1, and $4,000. Oct. 1 191:.000,
ti
April and Oct. 1 1932: $3,000, April 1, and000. Oct. 1 1933: ,OOO,
Oct. 1 1935; 3,000,
April and Oct.. 1 1934; $3,000, April 1 and 4.000, O
.000. Oct. 1 1937: 3,000,
April and Oct. 1 1936; 53,000. April 1 and
April and Oct. 1 1938: $3,000, April 1, and 4,000 on Oct. 1 from 1039
Bids will also be considered for the bonds to bear interest at a
to 1944 incl.
rate other than above stated, in multiples of X of 1%. Principal and
semi-annual interest (April and Oct. 1) payable at the Cleveland Trust
Co., Painesville. A certified check for $1,000. payable to the order of the
Board of Education, must accompany each proposal.
-The
-BONDS REGISTERED.
MIDLOTHIAN, Ellis County, Tex.
two issues of 5%% bonds aggregating $65,000, that was sold on Oct. 25-were registered by the State Comptroller on Dec. 11. Due
V. 129, p. 3357
serially in 40 years.
MIDDLEBURG HEIGHTS (P. 0. Berea, R. F. D.), Cuyahoga
-L. W. Meyer, Village Clerk, will
-BOND OFFERING.
County, Ohio.
receive sealed bids until 12 m. on Dec. 28,for the purchase of the following
issues of 6% special assessment bonds aggregating $90,383.26:
$49,782.56 water main bonds. Due on Dec. 1, as follows: $4,782.56 in
1931, and $5,000 from 1932 to 1940. incl.
30,300.70 street improvement bonds. Due on Dec. 1, as follows: $3.300.70, 1931 and $3,000 from 1932 to 1940, incl.
10,300.00 water bonds. Due on Dec. 1, as follows: $1,300 in 1931 and
$1,000 from 1932 to 1940,_ incl.
All of the above bonds are dated Dec. 1 1929. Bids for bonds to bear
interest at a rate other than above stated will also be considered, said rate
to be in multiples of X of 1%. Principal and semi-annual interest (June and
Dec. 1) payable at the Cleveland 'Union National Bank, Cleveland. Each
issue is to be sold separately. A certified check for 5% of the amount of
bonds bid for must accompany each proposal.
MILWAUKEE COUNTY (P. 0. Milwaukee), Wis.-BOND SALE.The $2.000,000 issue of 4 X% coupon court house bonds offered for sale on
-was awarded to a syndicate composed of the
Dec. 19-V. 129, p. 3506
Chase Securities Corp., of New York, Stranahan, Harris & Oatis, Inc., of
Toledo, the Milwaukee Co.. of Milwaukee and the Boatmen's National Co.,
of St. Louis, at a price of 103.069, a basis of about 4.36%. Dated Dec. 16
1929. Due $100,000 from Dec. 1 1930 to 1949 incl.
The second highest bid was 102.68, submitted by a group composed of
the Harris Trust & Savings Bank, Ames, Emerich & Co., the Detroit Co.
and the First Wisconsin Co. A tender of 102.6077 was submitted by a
syndicate comprising the National City Co., Lawrence Stern & Co., the
-State Corp., the Chatham-Phenix Corp. and the Mercantile
Foremen's
by
Commerce Co. This was followed by a tender of 102.457 submitted the
Halsey, Stuart & Co., Inc., the First Union Trust & Savings Bank.
Trust Co. An offer of 102.30
Continental Illinois Co. and the Northern
was made by a group composed of White, Weld & Co., Stone & Webster
and Blodget, Inc., and Otis & Co.
-Sealed
MONTICELLO, Wayne County, Ky.-BONDS OFFERED.
bids were received until 7.30 p. in. on Dec. 19, by 0. G. Wilhite, City Clerk,
for the purchase ofa $24,000 issue of5% water dbtribution bonds. Denom.
$500. Dated Dec. 19 1929. Due as follows: $500, (J. & J. 15) 1933 to
1937, and $1,000,(J.& J. 15) 1938 to Jan. 15 1947. Prin.and int. (.1. & J.)
Payable at the Monticello Banking Co
MOORESTOWN TOWNSHIP (P. 0. Moorestown) Burlington
-Charles Laessle, Township Clerk,
County N. J.
-BOND OFFERING.
will receive sealed bids until 8 p.m. on Dec. 30, for the purchase of $62,000
5 or 514% coupon or registered assessment funding bonds. Dated
4 3'5.
Dec. 301929. Denom. $1,000. Due on Dec. 30, as follows: $6,000, 1930
414'
to 1937 incl.. and $7,000 in 1938 and 1939. Principal and semi-annual
interest (June and Dec. 30) payable at the Burlington County Trust Co.,
Moorestown. 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 Townshp, must
accompany each proposal. The approving opinion of Hawkins, Delaffeld
& Longfellow, of New York, will be furnished to the purchaser.
MOUNT PLEASANT UNION FREE SCHOOL DISTRICT NO. 1
-BOND OFFER(P.O. North Tarrytown), Westchester County, N. Y.
INO.-Frank L. Martin, District Clerk, will receive sealed bids until 8
p. m. on Dec. 27, for the purchase of $35.000 coupon school bonds, to
bear interest at a rate not exceeding 5%,stated in a multiple of g of 1%.
Dated Dec. 1 1929. Denom. $1.000. Due on Dec. 1, as follows: $3,000,
1930 to 1934, incl., and $4,000 from 1935 to 1939, incl. Principal and
semi-annual interest (June and Dec. 1) payable at the First National Bank,
North Tarrytown. A certified check for 2% of the amount of bonds bid
for, payable to the order of the Board of Education, must accompany each
proposal. The approving opinion of Reed, Hoyt & Washburn, of New
York, will be furnished to the purchaser.
-A $52,000
NEBRASKA CITY, Otoe County, Neb.-BOND SALE.
issue of 5% district and intersection paving bonds has recently been purchased jointly by the U. S. Trust Co., and the Omaha Trust Co., both of
Omaha for a premium of $395, equal to 100.759.
DEC. 21. 1929.]
FINANCIAL CHRONICLE
NEW BEDFORD, Bristol County, Mass.
-TEMPORARY LOAN.
A $500,000 temporary loan was awarded on Dec. 19 to the National Rockland Bank, of Boston, at a 4.09% discount. The loan is due on Nov. 5
1930.
The following other bids were received:
BidderDiscount.
First National Co.. New Bedford
4.11
Shawmut Corp (plus $11)
4.24 Q
S. N. Bond & Co
4.309
NEW CONCORD, Muskingum County, Ohio.
-BOND SALE.
-The
First Citizens Corp., of Columbus, on Dec. 16 was awarded a total of
$14.425.22 5H% special assessment bonds for a premium of $72.13.
Included in the award were $5,519.37 street improvement bonds, dated
Dec. 1 1929 and due on Dec. 1, as follows: $519.37 in 1931, $1 000, 1932
and 1933: $500. 1934: $1,000, 1935; $500 in 1936 and $1,006 in 1937:
and 35,210.08 street improvement bonds, dated Dec. 1 1929 and due on
Dec. 1 as follows: $710.08 in 1931; 31.000, 1932 to 1934. inclusive, and
$500 from 1935 to 1937, inclusive. Interest on both issues payable semiannually on June and Dec. 1.-V. 129, p. 3357.
NEW HARTFORD, Oneida County, N. Y.
-BOND OFFERING.
George W. Healy, Village Clerk, will receive sealed bids until 7:30 p. m.
on Dec. 20,for the purchase of $22,000 coupon or registered street improvement bonds, to bear interest at a rate not exceeding 6%,stated in a multiple
of Yi of 1%. Dated Oct. 1 1929. Denom. $1,000. Due $2,000 on Oct.
1 from 1931 to 1941, incl. Principal and semi-annual interest (April and
Oct. 1) payable in gold at the First National Bank, of New Hartford. A
certified check for $1,000, payable to the order of the Village, must accompany each proposal. The approving opinion of Clay, Dillon & Vandewater.
of New York, will be furnished to the purchaser.
Financial Statement.
Valuations:actual,estimated
$4,614,729
Assessed,real property, 1929
3,076,486
Assessed,special franchise, 1929
87,315
Debt:total bonded indebtedness,incl. this issue
$5130
Water bonds, Included above
Nil
Sinking fund
Nil
Net bonded indebtedness
51,100
The net bonded indebtedness upon the Issuance of these bonds will be
about 1.6% of the assessed valuation.
Population: 1925 State census, 1,699; 1929 estimated, 1,800.
NEW HAVEN, New Haven County, Conn.
-BOND SALE.
-The
following 43,4 70 coupon or registered bonds aggregating $1,800,000 offered
on Dec. 19-V. 129, p. 3668
-were awarded to the Chase Securities Corp..
and White, Weld & Co., both of New York, at a price of 102.32, a basis of
about 4.28%:
$750,000 City Halll construction bonds. Due on Jan. 1, as follows:$39,000,
1932 to 1941 incl., and $40,000 from 1942 to 1950 incl.
725,000 East Street sewage disposal plant bonds. Due $25,000 on Jan. 1
from 1932 to 1960 inclusive.
325,000 airport bonds. Due on Jan. 1, as follows: $17,000, 1932 to 1948
incl., and $18,000 in 1949 and 1950.
All of the above bonds are dated Jan. 1 1930 and are being reoffered by
the purchasers for public subscription at prices to yield 4.10 to 4.15%,
according to maturity.
The following bids were also submitted for the bonds:
BidderPrice Bid,
R. L. Day & Co
$1,838,502.00
First National Bank of New York
1,834,218.00
Harris, Forbes & Co
1,829,916.00
Guaranty Company of New York
1,824.345.90
Bancamerica-Blair Corp
1,822,168.00
NEWPORT, Newport County, R. I.
-TEMPORARY LOAN.
-Arthur
Perry & Co., of Boston. recently purchased a $60,000 temporary loan,
due on March 10 1930, at a 4.107, discount, plus a premium of $1. The
following is a list of the other bids submitted:
BidderDiscount.
Estabrook & Co
4.18
Aquidneck National Bank (Newport)
4.41
Salomon Bros.& Hutzler
4.49 0
NEW ROCHELLE, Westchester County, N. Y.
-BOND SALE.
The following coupon or registered bonds aggregating $1,013,000 offered
on Dec. 16-V. 129, P. 3835
-were awarded as 451s, to the BancamericaBlair Corp., and Salomon Bros. & Hutzler, both of New York. for a premium of 36,395, equal to a price of 100.63, a basis of about 4.19%:
$638,000 school bonds, series of 1929. Due on May 1, as follows: $19,000
1932 to 1963, incl., and $30,000 In 1964.
206,000 Real Property bonds, series of 1929. Due on May 1, as follows:
$6,000. 1932 to 1963, incl., and $14,000 in 1964.
142,000 municipal improvement bonds, series of 1929. Due on May 1,
as follows: 317.000, 1932 to 1938, incl., and $23,000 in 1939.
27,000 sewer bonds, series of 1929. Due $1,000 on May 1 from 1932 to
1958, incl.
All of the above bonds are dated Nov. 1 1929.
The purchasers are reoffering the bonds for public investment as follows:
The 1932 to 1938 maturities are priced to yield 4.15% and the 1939 to 1964
maturities are priced to yield 4.10%, plus accrued int. in both instances.
The bonds are reported to be exempt from all Federal income taxes and to be
tax exempt in New York State and arefurther stated to be direct and general
obligations of the entire city. A statement showing the assessed valuation
and the outstanding indebtedness of the city was published in
-V. 129,
p. 3835.
The following is an official tabulation of the bids received, all of which
were for 4H% bonds:
BiddersAmount Bid,
Bancamerica-Blair Corp., and Salomon, Bros. & Hutzler-$1,100,035.00
Rutter & Co., Batchelder & Co., and Stephens & Co
1.017,457.20
Estabrook & Co., and Dewey, Bacon & Co
1,017,102.65
Roosevelt & Son, Geo. B. Gibbons & Co., and R. L. Day
& Co
1,016.423.94
National City Bank of Now Rochelle
1,015,218.47
White, Weld & Co., Marine Trust Co., and E. It. Rollins
& Sons
1,015,177.95
Lehmann Bros., Ames, Emerich & Co., Kean, Taylor & Co.,
and Manufacturers & Traders Trust Co
1,015,127.30
A. B. Leach & Co., M. M. Freeman & Co., and H. M. Byllesby & Co
1.014,723.00
Harris, Forbes & Co., Bankers Co. of N. Y., and the National City Co
1.014,509.40
First National Bank, Stone, Webster & Blodgett, and Phelps,
Fenn & Co
1,014.114.30
Guaranty Co.of N. Y.,and Barr Brothers & Co
1,013,435.59
NEWTON, Harvey County, Kan.
-BOND SALE.
-The Dec.40,000
Issue of 454 7, semi-annual refunding bonds offered for sale on D
14
(V. 129, p. 3668) was awarded to the Branch Middlekauff Co. of Wichita
for a $250 premium, equal to 100.62. a basis of about 4.63%. Dated
Jan. 11930. Due $4,000 from Jan. 1 1931 to 1940, incl. The following is
an official list of the other bids:
-Par, accrued interest from Jan. 1 and premium
The Brown-Crummer Co.
of $221.50.
The Guarantee Title & Trust Co.-Par interest and $4.05 per $1,000 prem.
Stern Bros., Kansas City, Mo.-Par, interest and $3.10 per 31.000 prem.
Central Trust Co., Topeka-Par, interest and $1.58 per $1,000 prem.
City Bank, Kansas City, Mo.-Par and accrued interest less $200. for
furnishing bonds and attorney fee if desired.
All except latter included the furnishing of bonds and attorney services
in their bid without extra charge.
-BOND SALE.
NEWTON, Middlesex County, Mass.
-The 360,000
% coupon street improvement bonds for which no bids were
issue of
-Is reported to have since been sold
received on Oct. 1-V. 129, p. 2267
at a price of par to an undisclosed purchaser. The bonds are dated Oct.
1 1929 and mature $6,000 on Oct. 1 from 1930 to 1939, incl.
-BOND OFFERING.
NEWTON COUNTY (P. 0. Kentland), Ind.
Conde H. Stucker, County Treasurer, will receive sealed bids until 1 P. m.
on Jan. 4, for the purchase of $4,186 6% Iroquois Township ditch construction bonds. Dated Jan. 1 1930. Denom. $418.60. B1110 $418.60 on
(J. & J. 15) from 1931 to 1935, incl.
-CITY BORROWS 365,000,000 THROUGH SINKNEW YORK, N. Y.
-The Sinking Fund Commission on Dec. 18
ING FUND PURCHASES.
authorized the purchase of $52,000,000 334% rapid transit railroad construction bowie, dated Dec. 15 1929 and due on Dec. 15 1933, at a price
3999
of par, according to report. The City is also reported to have borrowed
$13,000,000 from the retirement fund for school and light purposes, paying 4% interest for this loan. Comptroller Berry is quoted as saying
that "the action of the Sinking Fund shows the splendid condition of the
City's finances, which enables the City to take over this transaction without going Into the market."
NIAGARA FALLS, Niagara County, N. Y.
-BOND ELECTION.
A proposition to issue 31,700,000 in bonds to finance the construction of
a new Junior high school building will be submitted at a special tax election to be held on Jan. 21.
NORTH CAROLINA, State of (P. 0. Raleigh).
-NOTE SALE.
It is reported that an issue of $1,900,000 5% bond anticipation notes has
recently been sold to a group of banks within the State.
The following is a list of the participating banks as it appeared in the
"Manufacturer's Record" of Dec. 13: Commercial National Bank, High
Point; American Trust Co., Commercial National Bank, both Charlotte:
Wayne National Bank, Goldsboro: Greensboro Bank & Trust Co., Greensboro; Wachovia Bank & Trust Co., Winston-Salem: Page Trust Co..
Aberdeen: Bank of Chapel Hill, Chapel Hill; Cabarrus Savings Bank, Concord: Fidelity Bank Durham: Commercial National Bank, Raleigh;
Branch Trust Co., Wilson; Farmers National Bank & Trust Co., WinstonSalem.
NORTH HEMPSTEAD COMMON SCHOOL DISTRICT NO. 9
(P. 0. Williston Park) Nassau County, N. Y.
-BOND SALE.
-The
$30,000 coupon or registered school bonds offered on Dec. 18-V. 129. 1).
3357
-were awarded as 4Hs to Batchelder & Co. of New York, at a price of
100.18,a bakis of about 4.73%. Dated Dec. 151929. Due $2,000 on Dec. 15
from 1933 to 1947 inclusive.
NORTH TARRYTOWN, Westchester County, N. Y.
-BOND OFFERING -Thomas H. Quinn, Village Clerk, will receive sealed bids until
8 P. m. on Dec. 27 for the purchase of the following issues of coupon or
registered bonds, aggregating $233.500, to bear interest at a rate not exof 1%:
ceeding 6%.stated in a multiple of
$225,000 street improvement bonds. Denom. $1,000. Due on Jan. 1 as
follows: 310.000. 1932 to 1943, inclusive, and $15,000 from 1944
to 1950, inclusive.
8,500 fire apparatus purchase bonds. Denom. $1,000, one bond for
$500. Due on Jan. 1 as follows: $2,500 in 1931 and $3,000 in
1932 and 1933.
Both issues are dated Jan. 1 1930. Principal and semi-annual interest
(Jan. and July 1) payable in gold at the First National Bank, North Tarrytown. A certified check for 2% of the amount of bonds bid for must accompany each proposal. The approving opinion of Reed, Hoyt & Washburn of New York will be furnished to the purchaser.
-BOND OFFERING.
NOXUBEE COUNTY (P. 0. Macon), Miss.
Sealed bids will be received until 10 a. m. on Jan. 7, by the Clerk of the
Board of Supervisors, for the purchase of an issue of $100.000 semi-annual
bridge bonds. Int. rate is not to exceed 6%. Dated Feb. 11930.
• OAK PARK, Cook County, Ill.
-BOND SALE.
-The Northern Trust
Co., of Chicago, on Dec. 2 was awarded an issue of 3110.000 43(% coupon
park district bonds at a price of 103.81, a basis of about 4.43%. Dated
Dec. 11929. Denom.$1.000. Coupon in form. Due on Dec. 1, as follows:
li25e and1D,31.to.1948.
jun,00 . 94
and $35.000 in 1949. Interest payable on
0
1
OCEAN BEACH,Suffolk County, N. Y.
-BOND SALE.
-The $9,000
6% coupon or registered street improvement bonds offered on Dec. 11V. 129. p. 3669
-were awarded to Edmund Seymour & Co., of New York,
at a price of 101.01, a basis of about 5.85%. The bonds are dated Dec. 1
1929 and mature $500 on Dec. 1 from 1930 to 1947,incl. Only one bid was
received.
-BOND
PASQUOTANK COUNTY (P. 0. Elizabeth City), N. C.
OFFERING.
-Sealed bids will be received until 10 a. m. to be opened at
noon) on Jan. 6, by J. 0. Spence, Clerk of the Board of County Commissioners, for the purchase of a 313,000 issue of 6% coupon bridge bonds.
Denom. $LOW. Dated Jan. 1 1930. Due on Jan. 1, as follows: $3,000,
1931 to 1933 and $4,000 in 1934. Prin. and int. (J. & J) payable in gold
at the Chemical National Bank, in New York City, Storey, Thorndike,
Palmer & Dodge, of Boston, will furnish the legal approval. A certified
cs eeci for d % of the bonds bid for, payable to the Board of Commissioners.
i hrckuire 2
-BOND OFFERING.
PAWTUCKET, Providence County, R. I.
John D. Reilly, City Treasurer, will receive sealed bids until 7:30 p.m. on
Dec. 24, for the purchase of the following issues of coupon or registered
bonds aggregating $310,000:
140.000 43,4% water bonds. Dated March 1 1929. Due $10,000 on March 1
from 1936 to 1939 incl.
90,000 434% water bonds. Dated June 1 1929. Due $5,000 on June 1
,
from 1936 to 1953 inclusive.
40,000 43.4% water bonds. Dated June 1 1929. Due $5,000 on June 1
from 1936 to 1943 inclusive.
35.000 4" water bonds. Dated June 1 1929. Due on June 1 1935.
%
85,000 4 % water bonds. Dated March 1 1929. Due on March 11935.
20,000 4 % water bonds. Dated June 11929. Due on June 11935.
All of the above bonds are in $1,000 denoms. Principal and semi-annual
interest payable at the fiscal agency of the city, in Boston. The bonds will
be engraved under the supervision of the Old Colony Trust Co., Boston:
their legality will be approved by Storey, Thorndike, Palmer & Dodge, of
Boston. A certified check for 2% of the amount of bonds bid for, payable
to the order of the City Treasurer, must accompany each proposal.
-TEMPORARY LOAN-The WarPEABODY, Essex County, Mass.
ren National Bank of Peabody recently purchased a $135.000 temporary
loan, dated Dec. 19 1929 and due on April 15 1930. at a 4.08% discount
The Central National Bank, of Lynn, the only other bidder, offered to
discount the loan at 4.09%.
PETERSBURG, Boone County, Neb.-BOND DESCRIPTION
The $28,500 issue of funding bonds that was reported sold-V. 129. p.
3836
-was purchased by the U. S. Trust Co., of Omaha, as 5,1% bonds.
Due $2,000, 1936 to 1948, and $2.500 in 1949.
PHELPS COUNTY (P. 0. Rolla), Mo.-BOND OFFERING.
-Sealed
bids will be received until Dec. 20 by F. C. Kerr, County Treasurer, for the
purchase of a $60,000 issue of 4% or 5% semi-annual judgment funding
bonds.
PHOENIX, Maricopa County, Ariz.
-At a
-BONDS DEFEATED.
special election held on Dec. 3, the voters defeated a proposition calling
for the issuance of $4,828.000 in various Improvement bonds.
PIMA COUNTY SCHOOL DISTRICT NO.1 (P.O. Tucson), Ariz.-We are now informed in connection with the ofOFFERING DETAILS.
fering scheduled for 10 a. m. on Jan. 6, of the $375,000 issue of not ex-that the bonds are dated Jan.
-V. 129. p. 3836
ceeding 6% school bonds
11930. Denom.$1,000. Prin. and semi-annual int. payable at the County
Treasurer's office or at the Chase National Bank in New York City. Pershing, Nye,Tallmadge & Bosworth,of Denver, will furnish the legal approval.
Bids received by J. F. Ryan. Clerk of the Board of Supervisors.
PIQUA, Miami County, Ohio.
-BOND OFFERING.
-Wilbur J. Baldwin, City Auditor, will receive sealed bids until 12 m. on Dec. 28, for the
purchase of $123,595.94 improvement bonds, consisting of:
$81,269.53 534% street improvement bonds. Due on Sept. 11940.
41.216.14 6 storm sewer construction bonds. Due on Sept. 1 1935.
1,110.27 6% street improvement bonds. Due on Sept. 1 1931.
All of the above bonds are dated Dec. 11929. Int. payable annually on
Sept. 1. Bids will be received based upon the bonds bearing an int. rate
other than above stated, provided, however, that where a fractional rate is
bid such fraction shall be
of 17, or multiples thereof. A certified check
for 10% of the amount of bonds bid for, payable to the order of the City
Auditor, must accompany each proposal.
PONTIAC, Oakland County, Mich.
-ADDITIONAL INFORMATION.
-The First National Co. of Detroit was associated with the Detroit
& Security Trust Co. in the purchase on Dec. 10 of four issues of 5% bonds
aggregating $192.000. The price paid was 100.03, a basis of about 4.99%.
-V. 129. p. 3836.
PORT HURON,St. Clair County, Mich.
-The $81,000
-BOND SALE.
issue of paving bonds offered on DEC. 12-V. 129, p. 3669
-was awarded to
Halsey, Stuart & Co., of Chicago, to bear 4%% int., for a premium of
$315. equal to a price of 100.38, a basis of about 4.68%. The bonds are
dated Jan. 1 1930 and mature on Jan. I, as follows: $5,000. 1931 and 1932:
37,000, 1933 to 1935, incl.; 38,000. 1936 to 1939, incl., and $9,000 in 1940
and 1941. The following is an official list of the bids received:
4000
FINANCIAL CHRONICLE
Int. Rate Premium.
Bidder48%
Halsey, Stuart & Co., Chicago
$315.00
United States Savings Bank, Port Huron
15
223:88
Braun, Bosworth & Co., Toledo
41.00
4x 0
925.00
57
Stranahan, Harris & Ostia, Inc., Toledo
Federal Commercial Savings Bank and the First
464.13
5%
National Bank & Trust Co.., jointly
-OFFERED BY PURPORTO RICO (Government of).
-BONDS RE
CHASERS.
-The $750,000 issue of 4X% coupon series A to S, Isabela
irrigation bonds that was purchased by M. M.Freeman & Co., Inc., of
New York, at 102.139, a basis of about 4.38%-V. 129, P. 3837
-is now
being re-offered for subscription to the public at prices to yield 4.25% on all
maturities. Due from July 1 1952 to 1970,incl. These bonds are reported
to be exempt from all Federal and State income taxes being rated as equally
exempt as the U. S. Government Liberty Loan 3591.
-BOND OFFERING.
PULASKI COUNTY (P.O. Little Rock), Ark.
Sealed bide will be received until Dec. 23, by D. T. Henderson, Secretary
of the Board of Education, for the purchase of a $25,000 issue of school
bonds.
-Ralph E.
-NO BIDS.
PULASKI COUNTY (P. 0. Winamac), Ind.
Wilson, County Auditor, states that no bids were received on Dec. 12.
-V. 129,
for the $6,618.90 6% ditch improvement bonds offered for sale.
p.3358. 'the bonds are dated Dec. 1 1929 and mature on June 1, as follows:
$618.90 in 1931, and $750 from 1932 to 1939. incl.
-Sealed
-BONDS OFFERED.
PURCELL, McClain County, Okla.
bids were received until 7:30 p.m. on Dec. 17, by Edyth Newell, Financial
Secretary, for the purchase of three issues of bonds aggregating $46,000 as
follows:
$330,000 water extension bonds. Due $3,000 from 1932 to 1941, incl.
10,000 sewer extension bonds. Due $1,000 from 1932 to 1941, incl.
6.000 electric light extension bonds. Due $600 from 1932 to 1941, incl.
Interest rate to be named by the bidder.
-The
-BOND SALE.
RAMSEY COUNTY (P. 0. St. Paul), Minn.
$1,000.000 issue of road and bridge, series H bonds offered for sale on
Dec. 17-V. 129, p. 3669
-was awarded to Roosevelt & Son. of New York,
at par,a basis of about 4.22%, on the bonds divided as follows: $652,000 as
4%s maturing on Jan.2,as follows:$32,000in 1931;$33,000, 1932;$35,000.
1933 836,000, 1934; $338,000, 1935; $40,000, 1936; $42,000, 1937; $43,000.
1938 $45,000. 1939: $47,000. 1940: $50.000, 1941; $51,000. 1942; $54,000,
1043 $56,000, 1944, and $49,000 in 1945 while $348,000 330, are due
on Jan. 2, as follows: $10,000 1945; 362.000. 1946; $64,000, 1947; $67,000,
1948; $71,000, 1949, and $74,000 in 1950.
-BOND SALE.
REDONDO BEACH, Los Angeles County, Calif.
The $50,000 issue of 5% semi-annual library improvement bonds offered
for sale on Dec. 16-V. 129. P. 3507
-was awarded to R. H. Moulton &
Co., of San Francisco, for a premium of $589, equal to 101.17, a basis of
about 4.87%. Dated Jan. 1 1930. Due $2,000 from 1931 to 1955, incl.
-BOND OFFERING.-Sealed
RHEA COUNTY (P.O. Dayton), Tenn.
bids will be received until Dec. 30, by J. G. McKenzie, County Judge, for
the purchase of an issue of $150,000 school funding bonds.
-CANCEL STATE
RHODE ISLAND, State of (P. 0. Providence).
-The Providence "Journal" of Dec. 14 reports that "State
BONDS.
bonds to the amount of $177.500 were cancelled to-day by State Treasurer
George C.Clark and burned in the State House boiler room in the presence of
Secretary of State Sprague, Attorney-General Heltzen and Comptroller
Godfrey, as required by law. This is the second lot of bonds to be purchased for cancellation by the General Treasurer this month, the total
amount cancelled and destroyed since Dec. 1 is $1,047,500. There were
seven bond issues involved in to-day's transactions including $56,000 of
the Washington Bridge loan and other loan accounts, varying from $3,000
to $25,000."
ROCK ISLAND SCHOOL DISTRICT NO. 41, Rock Island County,
III.
-E, F. Burch. Clerk of the Board of Education,
-BOND OFFERING.
will receive sealed bids until 7:30 p. m. on Jan. 6,for the purchase of $280.000 4 X% school bonds. Dated Jan. 20 1930. Denom. $1,000. Due in
five years. Principal and semi-annual interest payable at a place designated by the purchaser. Successful bidder to furnish blank bonds and
approving opinion, if desired. A certified check for $5,000 must accompany each proposal.
-ASSESSED VALUAROCKVILLE CENTRE,Nassau County, N. Y.
TION FOR 1930.
-The Dec. 19 issue of the Brooklyn "Eagle" reports that
"The assessed valuation of Rockville Centre has increased more than two
million dollars during the past year, according to figures made public at
the Village Board meeting last night. In 1929 the real estate valuation was
$27,716,668 and the special franchise $3317.393 or a total to $28,034,061.
For 1930 the real estate valuation is $29,756.075;specialfranchise.$417.895,
or a total of $30.173.970. The real Estate valuation shows an increase of
$2,039,407;the special franchise,$100,502, or a total of 32.139.909."
-Lynn C. Butts,
-BOND OFFERING.
ROME, Oneida County, N. Y.
City Treasurer, will reveive sealed bids until 11 a. m. on Dec. 27, for the
registered bridge bonds, to bear interest at
Purchase of $72,000 coupon or
a rate not exceeding 5%,stated in a multiple of % or 1-10th of 1%. Dated
Jan. 1 1930. Denom. $1000. Due $6,060 on Jan. 1 from 1931 to 1942,
Ind. Principal and semi-annual interest (Jan. and July 1) payable an
gold at the Chase National Bank, New York. A certified check for $1,500,
payable to the order of the City, must accompany each proposal. The
approving opinion of Clay, Dillon & Vandewater, of N. Y., will be furnished
to the purchaser.
-BONDS NOT SOLD.
ROSEBUD COUNTY (P. 0. Forsyth), Mont.
The $170,000 issue of not to exceed 5% semi-annual refunding bonds ofsold as all the bids were re-was not
fered on Dec. 14-V. 129, p. 3203
jected. Dated Jan. 1 1930.
RYE CENTRAL HIGH SCHOOL DISTRICT NO. 1 (P. 0. Rye),
-The $350,000 school bonds
-BOND SALE.
Westchester County, N. Y.
offered on Dec. 17 . 129, p. 3670) were awarded as 4.40s to Phelps, Fenn
off
& Co. of New York for a_premium of $2,001, equal to a price of 100.57,
basis of about 4.35%. Dated Jan. 1 1930. Due on Jan. 1 as follows:
$10.000. 1931 to 1950, incl., and $15.000. from 1951 to 1960, incl. A detailed statement of the financial condition of the district appeared in
V. 129, p. 3837. The following is an official list of the other bids submitted for the issue:
Int. Rate. Premium
BidderGraham, Parsons & Co. and the Detroit Co., Inc.
$1,802.50
4.40%
'
Jointly
4.40
Batchelder & Co
346.50
Stone & Webster and Blodget, Inc
1,550.00
1:18 0
Roosevelt & Son
Traders Trust
Lehman Bros. and the Manufacturers &
945.00
4.50%
Co
4.75%
1,015.00
A. C. Allyn & Co
1,460.90
.50%
4
George B. Gibbons & Co
-BOND OFFERING.
ST. MARTINVILLE, St. Martin Parish, La.
Sealed bids will be received by the Town Clerk until Dec. 31, for the
of two issues of 6% semi-annual bonds aggregating $38,000 as
F
follows: $20,000 ad valorem tax and $18,000 water and electric light plant
bonds.
-A
-BOND SALE.
SALT LAKE CITY, Salt Lake County, Utah.
$700,000 block of the $1,000,000 or S2.000.000 tax anticipation bonds
-was awarded to a syndicate
Offered for sale on Dec. 17-V. 129, p. 3670
composed of Old Colony Corp., and R. W. Pressprich & Co., of New York,
the First National Corp., of Boston, and Edward L. Burton dr Co., of Salt
Lake City, as 43,s, at a price of 99.52, a basis of about 4.73%. The purchaser Is required to furnish the cash, the necessary legal proceedings,
blank bonds,the legal approval, the delivery expenses and the cost of paying
prin. and int. at the date of maturity. Dated Jan. 2 1930. Due on Dec.
311930.
-RECENT BOND SALE
SAN FRANCISCO (City and County),Calif.
COMPLETED.
-The $41,000,000 issue of 43 % San Francisco-Spring Valunsuccessfully on Jan. 14 1929-V. 129, P. 436ley water bonds offered
haa recently been purchased at private sale by the Bank of Italy,of San Francisco at par. Dated July 1 1928. Due $1,000,000 from 1930 to 1970,incl.
We quote in part from an article on the above sale as it was given in the
"Herald Tribune" of Dec. 17:
r Negotiations have been initiated by the Bank of Italy, of California, for
the purchase of the entire Issue of 341,000,000 4 % Spring Valley Water
[VOL. 129.
sale by the City of San Francisco early this year, It was
bonds placed onlearned yesterday. All arrangements for the transaction have been made,
It is understood, and the documents are ready for signature. Some time
after the deal Is completed it is expected the obligations will be reoffered
by a comprehensive syndicate managed by the National City Co. of New
York, and including the Bank of Italy. the First National Bank of New
York, the Bankers Co., the Continental Illinois Co. and Harris, Forbes
& Co., as well as numerous other banking firms.
"This transaction will rank high among the municipal bond deals of the
year. It is especially significant in view of the heavy awards recently
made, which include $65.000.000 of New York City securities, $30,000,000
Province of Ontario bonds, and $24,266.000 City of Detroit bonds."
-The above bonds are now being offered
Bonds Re-Offered for Investment.
for public subscription by a large syndicate headed by the National City Co.,
of New York,priced at 100 and int., yielding from 4.25 to 4.50%. LegalitY
to be approved by Thomson, Wood & Hoffman,of New York.
Financial Statement (Officially Reported).
$3,100,000,000
Actual value taxable property, estimated
1,196.439,062
Assessed val.taxable property 1929-30:real & personal
387,033,807
* Operative property.
1,583,472,869
Total assessed valuation
138,569,500
Total bonded debt,incl. this issue
94,000,000
Water debt
44,569,500
Net bonded debt
Population, present estimate, 750000.
* Railroad and other public utility property Is taxed by the State of
California only, but the City and County of San Francisco receives a proPortionate refund from the State to be applied to the payment of that part
of its debt incurred prior to Nov. 8 1910.
-BOND OFFERING.
SCARSDALE, Westchester County, N. Y.
Arthur Herbert, Village Clerk, will receive sealed bids until 11 a. m. on
Dec. 24, for the purchase of the following issues of 4% coupon bonds
aggregating $127,500;
$87,500 water bonds, series E. Due $3,500 on Dec. 1 from 1934 to 1958.
inclusive.
40,000 highway improvement bonds, series A. Due $8,000 on Dec. 1
from 1930 to 1934 incl.
Both issues are datedbee, 1 1929. Denoms. $1,000 and $500. A
certified check for 2% of the par value of the bonds bid for, payable to the
order of the Village Treasurer, must accompany each proposal. The approving opinion of Thomson, Wood & Hoffman, of New York, will be
furnished to the purchaser. The above-mentioned official will receive the
bids at the office of Dillon, Read & Co., of New York.
-A $9,000 issue of
SCRIBNER, Dodge County, Neb.-BOND SALE.
funding bonds has been purchased by Mr. Fred Teigler of Fremont as 55
at par. Due in 1934.
.-The two
-MATURITY
SEDRO WOOLEY, Skagit County, Wash.
Issues of bonds aggregating $440,000 that were purchased by the State of
Washington as 5s at par (V. 129, p. 2895) are due in 1949.
-Ralph
-BOND OFFERING.
SEVILLE, Medina County, Ohio.
Schwam, Village Clerk, will receive sealed bids until 12 m. on Dec. 20, for
the purchase of $2,300 6% Improvement bonds, series of 1928. Dated
Jan. 1 1930. Denom. $300 and $500. Due on Oct. 1, as follows: $500,
1930 to 1933, incl., and $300 in 1934. Int. payable on April and Oct. 1.
A certified check for 2% of the amount of bonds bid for, payable to the order
of the Village Treasurer, must accompany each proposal.
SHARON, Cherry Valley and Roseboom (Towns of), Central
-Frank S. Clapper,
-BOND OFFERING.
School District No. 1, N. Y.
Clerk of the Board of Education, will receive sealed bids until 4 P. In. 011
Dec. 30, for the purchase of $130,000 coupon or registered school bonds,
to bear interest at a rate not exceeding 6%,stated In a multiple of % or
1-10th of 1%. Dated Jan. 1 1930. Denom. 31.000. Due on Jan. 1, as
follows: $2.000, 1931 to 1935, incl.; 33.000. 1936 to 1940, incl.; $4,000,
1951 to
1941 to 1945, incl.; $5.000, 1946 to 1950, incl., and $6,000 from payable
1960, incl. Principal and semi-annual interest (Jan. and July 1)
Bidders must bid
In gold at the First National Bank, of Sharon Springs.
for the total Issue of bonds and must state a single rate of interest therefor.
A certified check for $2,600, payable to the order of John L. Emple, Treas..
must accompany each proposal. The approving opinion of Clay, Dillon &
Vandewater. of N. Y., will be furnished to the purchaser without cost.
The above-mentioned official will receive bids at the First National Bank,
Sharon Springs.
Official advertisement of the scheduled sale of these bonds appears on
the last page of this section.
SHARP INDEPENDENT SCHOOL DISTRICT (P. 0. Rockland).
-The $12,000 issue
-ADDITIONAL DETAILS.
Milan County, Texas.
of school bonds that was purchased by the School Board-V. 129, p. 3671
boars interest at 5%, was awarded at par and matures in 20 years.
SHERIDAN SPECIAL IMPROVEMENT DISTRICT NO. 30 (P. 0.
-The $65,000 issue
Sheridan) Sheridan County, Wyo.-BOND SALE.
-was
1326
of 6% paving bonds offered for sale on Aug. 27-V. 129, p.Dated Oct.
awarded to Geo. W. Vallery St Co. of Denver. Denom. $500.
11929. Due on or before Oct. 11939. Prin. and int. (A. & 0 1) payable
at the Chemical National Bank in New York. Legality approved by
Pershing, Nye, Tallmadge & Bosworth. of Denver.
Financial Statement of Entire City (As Officially Reported).
$18,000,000
Actual valuation, estimated
10.209,471
Assessed valuation 1929
565,000
Total bonded debt
353,000
Less: Water debt
23,643
Sewer sinking fund
20,707
Water sinking fund
-------397,350
167.650
Netdebt
Population, 1920 Federal Census. 9.175: present estimated, 15,000.
Financial Statement of District.
$500.000
Actual valuation, estimated
321,268
Assessed valuation 1929
-George
-BOND OFFERING.
SKOWHEGAN, Somerset County, Me.
A. Moore,Town Treasurer, will receive sealed bids until 11 a. rn. on Dec.23,
for the purchase of $129,000 4% coupon high school bonds. Dated Sept. 1
1934,
1928. Denom. $1,000. Due on Sept. 1, as follows: $8,000, 1930 to semiincl.; $12,000, 1935 to 1942, incl., and$3,000 in 1943. Prin. andat the
& S. 1) payable at the Skowhegan Trust Co., or
annual int.
First National Bank of Boston. The bonds will be engraved under the
supervision of the Boston bank; their legality will be approved by Ropes,
Gray, Boyden & Perkins, of Boston, whose opinion will no furnished to the
successful bidder.
Financial Statement (Dec. 111929).
$5.657.849.00
Last assessed valuation
259,663.71
Total bonded debt incl. this issue
z105,500.00
Floating debt
issue.
x To be paid from proceeds of this
-BONDS NOT
SOUTH CAROLINA, State of (P. 0. Columbia).
% coupon or registered
SOLD.
-The $10,000,000 Issue of not to exceed
was reported to have been postponed
highway bonds, the sale of which
-was nevertheless
-V. 129, p. 3837
because of a Supreme Court judgment
-and only
offered on Dec. 17. as previously scheduled-V. 129. p. 3508
one bid for the bonds was received, a tender of 101.83 for 4%s.submitted
by a syndicate headed by the Equitable Trust Co. of New York, which
was rejected. Dated Dec. 11929. Due from Dec. 1 1939 to 1953. It is
reported that the bonds will be readvertised. The "Herald Tribune" of
Dec. 18 reported on the unsuccessful offering as follows:
One bid was received yesterday by the State of South Carolina on an issue
of $10,000,000 highway bonds, offered with an interest rate of not more
than 4%%. The tender was not accepted by the State. The bonds represented the first block of obligations placed on sale out of a total of $65.000,000 destined for road construction during the next few years.
Although the road bond program of South Carolina was held constitutional early in October, the question of legality was again raised on Decomber 10, when a writ of error was issued by the Chief Justice of the State
Supreme Court. Governor John G. Richards announced that he would,
nevertheless, receive tenders as originally projected.
Although three banking groups were tentatively formed to bid for the
bonds, the only tender actually presented was one of 101.83 for the obligations as 4%s submitted by a syndicate headed by the Equitable Trust
Co. of New York. This bid was made with the proviso that the State furnish an unqualified opinion as to legality. The bid was rejected, Governor
DEC. 21 1929.]
FINANCIAL CHRONICLE
Richards stating that he felt the State could get a much better price for the
bonds after the appeal of the act authorizing the bonds had been passed
upon by the United States Supreme Court.
SOUTH EUCLID, Cuyahoga County, Ohio.
-BOND OFFERING.
Jessie M.Klumph:Village Clerk, will receive sealed bids until 12 m.
(Eastern
standard time)on Dec.28,for the purchase of$94,0006% special assessment
street improvement bonds. Dated Dec. 1 1929. Due on Oct. 1, as follows:
9,000, 1931; $10,000, 1932; $9,000, 1933; $10,000. 1934: $9.000, 1935;
10,000, 1936; $9,000, 1937, $10,000, 1938; and $9,000 in 1939 and 1940.
Prin. and semi-annual int.(A. & 0. 1) payable at the Cleveland Trust Co..
Cleveland. Bids for bonds to bear int. at a rate other than above stated
will also be considered, provided, however, that where a fractional rate is
bid such fraction shall be 31 of 1% or multiples thereof. A certified check
for 5% of the amount of bonds bid for, payable to the order of the Village
Treasurer, must accompany each proposal.
SOUTH PLAINS SCHOOL DISTRICT (P. 0. Floydada) Floyd
-BOND SALE.
County, Tex.
-A $16.000 issue of school bonds has been
purchased at par by the State School Fund.
SPARKS, Washoe County, Nev.-BOND SALE.
-The $80,000 issue
of general sewer bonds offered for sale on Dec. 9-V. 129, p. 3508
-was
awarded to the First National Bank of Reno, as 5s, at par. Dated Jan.,
1
1930. Due $4,000 from Jan. 1 1932 to 1951, incl. Other bidders for the
bonds were as follows: Ashton-Jenkins Ins. Co., Salt Lake City, Utah:
Bank of Sparks, Sparks, Nev.; Central Trust Co., Salt Lake City, Utah:
Snow, Goodart & Co., Salt Lake City, Utah.
SPEEDWAY,Marion County, Ind.
-TOWN BUYS WATER PLANT.
PROPOSED SALE OF $13,030 BONDS.
-The following report of the purchase by the town of the plant of the Speedway Water Co., and the proposed
sale of $13,000 bonds to improve the property appeared in the Dec. 14 issue
of the U. S."Daily":
"The Speedway Water Co. has been purchased by the town of Speedway.
according to an order recently issued by the public service commission approving the transfer.
"The plant had previously been valued by the commission at
and
the purchase price was $72,000, in payment of which the town $83.500
was authorized by the commission to issue 6% bonds, payable only from and to be a
valid claim only against a water works bond interest and redemption fund
created by an ordinance adopted by the town.
"The town also was authoirized to create an issue of $13,000 of additional bonds similarly secured for improvements to the plant, which, however, are not to be issued without the further approval of the commission."
I
SPRINGFIELD, Clark County, Ohio.
-BOND SALE.
-The $200,000
sewer improvement bonds offered on Dec. 13-V. 129, p. 3508
-were
awarded as 43411 to A. C. Allyn & Co., of Chicago, for a premium of $3,030.
equal to a price of 101.51, a basis of about 4.34%. The bonds are dated
Sept. 1 1929 and $8,000 on Sept. 1 from 1931 to 1955,incl.
STEVENSON, Skamania County, Wash.
-BONDS NOT SOLD.The $35.000 issue of not to exceed 6% semi-annual water supply bonds
offered on Dec. 9 (V. 129, p. 3508) was not sold as no bids were received.
Due on Jan. 1 as follows: $500, 1932 to 1936; $1.000, 1937 to 1946; $2,000.
1948 to 1956, and $2,500 in 1957.
STRUTHERS CITY SCHOOL DISTRICT, Mahoning County,
Ohio.
-BOND OFFERING.
-Albert G. Jones, Clerk-Treasurer of the
Board of Education, will receive sealed bids until 8 p. m.
(Eastern standard
time) on Jan. 14, for the purchase of $120,000 6% bonds issued to effect the
redemption of notes issued to finance the construction and equipment of
school buildings. Dated Mar. 1 1930. Denom. $1,000. Due on Apr. 1,
as follows: $7,000. 1931 to 1938, Ind; $8,000, 1939, and $7,000 from 1940 to
1947, incl. Int. payable on (A. & 0. 1). A certified check for $2,000,
payable to the order of the above-mentioned official, must accompany each
proposal.
SWANTON, Fulton County, Ohio.
-BOND OFFERING.
-11, D.
Allen, Village Clerk, will receive sealed bids until 12 m. on Jan. 13. for
the purchase of $20010 6% water mains extension bonds. Dated Jan. 1
19301. Due $1,100 on April 1 and $1,000 on Oct.!.from 1931 to 1940,incl.
Interest payable on April and Oct.1. Bids for the bonds to bear interest
at a rate other than above stated will also be considered, provided, however,
that where a fractional rate is bid such fraction shall be 31 of 1% or multiples
thereof. A certified check for 5% of the amount of bonds bid for, payable
to the order of the Village Treasurer, must accompany each proposal.
4001
6,106.90 property owner's portion sewer improvement bonds sold as
4.31s. Due as follows: $1,106.90. June 1, and $1,000, Dec.
1 1931; 51,000, June and Dec. 1 1932 and 1933.
All of the above bonds are dated Dec. 1 1929 and are being reoffered by
the purchasers for public investment priced to yield 4.25%.
TOLEDO, Lucas County, Ohio.
-NOTE SALE -The $250.000
Street Cleaning Department notes offered on Dec. 16-V. 129. Ix 3333
were awarded as 431s to the Bancamerica-Blair Corp., of New York, at a
price of 100.22, a basis of about 4.60%. Dated Dec. 15 1929. Due as
follows: $125,000 on June 15 and on Dec. 15 1931.
TOPEKA, Shawnee County, Kan.
-LIST OF BIDDERS.
-The
following is an official statement of the bidders and the bids submitted by
them on Dec. 10, for the two issues of bonds aggregating $220,357.90,
awarded on that day
-V.129. P• 3838:
Central Trust Co., Topeka, Kans.: Both issues; $100.016 and accrued
interest for each $100 par value of bonds issued.
Branch-Middlekauff Inv. Co., Wichita, Kans.: Fidelity National Bank,
Kansas City, Mo: Sewage disposal bonds, par. Int. and premium $442.78.
Water main extension bonds, par. Int. discount,$7.50 per M.
Brown-Crummer Co., Wichita, Kans.: Sewage disposal plant bonds and
water main extension, par, int. and premium $157.50. Sewage disposal
plant alone, par. int. and premium, $5.45 per M.
Harris Trust & Savings Bank, Chicago, Ill.: Columbian Title & Trust
Co., Topeka, Kans.: Sewage disposal bonds, par, int. and premium,
$433.81. Both issues, par, int. less discount, $1.40 per M.
City Bank, Kansas City, Mo.: Sewage disposal, par, interest and
premium, $51.00.
Stern Bros. & Co., Kansas City, Mo.: Boatmens National Bank, St.
Louis, Mo.: Both issues, par, int, and premium, $100.00. Water main
extension, par, int. less discount, $7.95 per M. Sewage dispoal, par, int.
and premium, $5.52 per M.
First Union Trust & Savings Bank, Kansas City, Mo.; Prescott, Wright,
Snider Co., Kansas City, Mo.: Both issues, par, Int, and premium, 61
cents per M.
*Northern Trust Co., Chicago, Ill.: Both issues, par, int, and premium.
$1,051. Sewage disposal, par, int. and premium, $1,190.00. (*Successful
bid).
TRUMBULL COUNTY (P 0. Warren), Ohlo.-BOND OFFERING.
David H. Thomas, Clerk of the Board of County Commissioners, will
receive sealed bids until 1 p. m.on Dec. 27,for the purchase of the following
issues of 4%% bonds aggregating $286,500:
$131,600 road improvement bonds. Due as follows: $7,600, April 1 and
57,000, Oct. 1 1931: $7,000, April and Oct. 1 1932 to 1937, incl.;
and $6,000. April and Oct. 1 1933 to 1940, incl.
57,300 road improvement bonds. Due as follows: $3,300. April 1 and
and 33 000. Oct. 11931: $3,000. April and Oct. 1 1932 to 1933,
incl.* 83.000, April 1 and $2,000, Oct. 1 1939; and $2,000. April
and'
Oct. 1 1940.
48.400 road improvement bonds. Due as follows: 53.400. April 1 and
53,000. Oct. 1 1930, $3,000; April and Oct.11931 to 1933. incl.:
and $2,000. April and Oct. 1 1934 to 1939, bad.
46.200 road imrpovement bonds. Due as follows: $3,200, April 1 and
$3,000 on Oct. 1 1931; $3,000, April and Oct. 1 1932 and 1933.
and $2,000. April and Oct. 1 from 1934 to 1940, incl.
All of the above bonds are dated Jan. 1 1930. Bids will also be considered
for bonds to bear interest at a rate other than above stated. Prin. and
semi-annual int.(A. & 0. 1) payable at the office of the County Treasurer.
A certified check for $1,000 covering each issue, payable to the order of
T. D. Harkelrode, County Treasurer, must accompany each proposal.
-BOND SALE NOT
TUCKAHOE, Westchester County, N. Y.
CONSUMMATED.
-It is reported that the sale on Nov. 25 of $56,500
general impt, bonds as 4.90s to Barr Bros. of N. Y.,at a price of 100.277, a
-was not consummated. The bonds
basis of about 4.85%-V. 129, p. 3508
are dated Dec. 1 1929 and mature on Dec. 1 as follows: 59,500. 1930;
$8,000,193!; 56,000, 1932; 54,000, 1933; 53,000, 1934 to 1937, hid.,82,000,
1938 to 1945, Incl., and $1,000 in 1946.
-The six issues of
-PRICE PAID.
TUCSON, Pima County, Ariz.
bonds aggregating $625,000, that were awarded to a syndicate headed by
the Harris Trust & Savings Bank, of Chicago. as 4,1s and 5s
-V. 129, p.
SYLVAN LAKE (P. 0. Pontiac), Oakland County, Mich.
-ELEC-was purchased for a premium of $157, equal to 100.02, a basis of
TION RESULT.
-A dispatch from Pontiac, dated Dec. 10, to the Detroit 3509
about 4.84%. on the bonds divided as follows: $300,090 Broadway subway:
"Free Press" of the following day, dealing with the result of an election
550,000 fire house and equipment; 525.000 police and traffic signals, and
held in the village on Dec. 10, reads in part as follows:
"At a special election to-day, which brought out the largest number of $25.000 airport bonds, as 4/s, with $125.000 Sixth Avenue subway and
voters in the village's history, Sylvan Lake rejected two charter amend- $100,009 parks and playgrounds bonds as 5s.
ments, one of which was designed to permit the construction of a $200,000
UNION TOWNSHIP SCHOOL DISTRICT (P. 0. Union), Union
drain.
-Of the $325,000 coupon or registered
-BOND SALE.
"The amendment, which would have permitted assessments as high County, N. J.
as 50% of the valuation of the taxed property, to be levied as a special school bonds offered on Dec. 13-V. 129, p. 3509-A. V. O'Brien & Co.,
improvement tax, was defeated, 104 to 86. Without this amendment, of New York,were awarded a total of$322.000 bonds as 5s, paying $325,12,
the village will be unable to proceed with the construction of the drain, ac- equal to a price of 101.28, a basis of about 4.92%. The bonds are dated
cording to village officials. The present limit is 25% which is not high Jan. 1 1930 and mature on Jan. 1, as follows: $7,000, 1932 to 1952. Incl.:
enough to permit the raising of sufficient taxes on vacant property, they $
8.000. 1953; 310,000, 1954 to 1969, incl.; and $7,000 in 1970.
say,.
-Charles E. Reppetto
The other amendment, which would have allowed the village to draw
-BOND OFFERING.
VENTNOR CITY, N. J.
from its general fund to make payments on bonds issued for special im- City Clerk, will receive sealed bids until 8 p. m.on Dec. 23.for the purchase
provements, was defeated 103 to 90. This amendment was designed to of $450,000 temporary loan school bonds, to bear interest at a rate not
allow the village to obtain lower interest rates on bonds issued for special exceeding 6%,stated in a multiple of 1-100th of 1%. Dated Dec. 30 1929.
improvements."
Denom. at purchaser's option, not leas than $5,000 per bonds. Due on
July 1 1930. Bids must be made for the total amount of bonds offered.
TACOMA, Pierce County, Wash.
-BOND SALE.
-The 81,500.000 Prin. and int. payable at the Ventnor City National Bank. A certified
Issue of electric light and power,series B bonds,offered for sale on Dec.17- check for $5,000, must accompany each proposal. The approving opinion
V.129, p.3671-was awarded tea syndicate composed of the Bancamerica- of Clay. Dillon & Vandewater, of New York, will be furnished to the
Blair Corp., and Eldredge & Co. of New York City, and Ferris & Hard- purchaser.
grove, of Seattle, as 4(s. at a price of 97.35, a basis of about 5.18%.
WASHINGTON SCHOOL DISTRICT (Hartford), Hartford County,
Dated July 11929. Due from July 1 1936 to Jan. 1 1942.
-Patrick E. Greene, Chairman of the District
Conn.
-BOND OFFERING.
Committee, will receive sealed bids until 12 m.on Dec. 26,for the purchase
TARRANT, Jefferson County, Ala.
-BOND OFFERING.
-Sealed of
$500,000 454% coupon or registered school bonds. Dated Jan, 1 1930.
bide; will be received until Jan. 2, by Wallace Wells, City Clerk, for the
Denom. $LOW. Duo $20,000 on Jan. 1 from 1931 to 1955, bid. Prin.
purchase of a $51,000 issue of paving bonds.
and semi-annual in (J. & J. 1) payable at the Hartford National Bank &
Trust Co.
be
by a certified chock
TAUNTON, Bristol County, Mass.
-TEMPORARY LOAN.
-The for 2% of Hartford. Each bid mustbid accompanied to the Hartford Napar value of the bonds
for, payable
$200,000 temporary loan offered on Dec. 7-V. 129, p. 3838
-was awarded tional
Bank & Trust Co., Treasurer of the District. The approving opinion
to the Old Colony Corp.. of Boston, at a 3.885% discount. The loan is
dated Dec. 19 1929 and is due as follows: $100,000 on June 13 and on Oct. of Gross, Hyde & Williams, of Hartford, will be furnished to the purchaser.
23 in 1930. The following bids were also submitted:
WARREN COUNTY (r. 0. McMinnville), Tenn.
-ADDITIONAL
BidderDiscount INFORMATION.
-The$25,000issue of road and bridge improvement bonds
Bank of Commerce & Trust Co
4.025% that was awarded to the Commerce Union Co., of Nashville, at a price of
Faxon, Gade & Co
4.06
101.04-V. 129 .p. 3838
-bears interest at 5% and matures in 1939. giving
W.O. Gay & Co
4.09 e
a basis of about 4.87%.
TEXAS. State of (P. 0. Austin).
-BONDS REGISTERED.
-The
WARREN COUNTY (P.O. Williamsport), Ind.
-BOND
following two minor issues of bonds were registered by the State Comptroller
-Rae Flemming. County Treasurer, will receive sealed bids until 2 p. m.
during the week ending Dec. 14:
$1,500 5% Bastrop County Cons. Sch. Dist. No.38 bonds. Due in 20 years. on Dec. 30, for the purchase of $4,711.80 6% drain construction bonds.
700 5% Fannin County Cons.Sch. Dist. No.101 bonds. Due in 20 years. Dated Dec. 30 1929. Denom. $471.81. Due $471.81 on Nov. 15 from
1930 to 1939. incl. Principal and semi-annual interest (May and Nov. 15)
TOKIO INDEPENDENT SCHOOL DISTRICT (P. 0. Tokio) Terry payable at the office of the County Treasurer. A complete transcript of
-BOND SALE.
County, Tex.
-A $12,000 issue of school bonds has been the proceedings incident to the issuance of the bonds will be furnished to
the purchaser without charge
purchased at par by the State School Fund.
oFFE-Erger.
WASHINGTON SCHOOL DISTRICT (P. 0. Charleston) Kanawha
TOLEDO, Lucas County, Ohlo.-BOND SALE.
-The $944,349.61
-A $36,000 issue ofschool bonds has been
improvement bonds offered on Dec. 16-V. 129, p. 3671-were awarded County, W. Va.-BOND SALE.
to the Bancamerica-Blair Corp., of New York, for a premium of $100.00, purchased at par by the State Sinking Fund Commission.
price of 100.01, an interest cost basis of about 4.532%, as follows:
equal to a
DISTRICT, Md.-BOND
$504,085.68 property owner's portion street improvement bonds sold as re-WASHINGTON SUBURBAN SANITARY
-The $250,000 434% series U water bonds offered
4/s. Due as follows: $84,085.68, June 1, and $84,000, Dec. SALE. 3672-were awarded to the Baltimore Trust Co. ofon Dec. 18-V.
Baltimore, at a
129. p.
11931. and $84,000 on June and Dec. 1 in 1932 and 1933.
100.93, a basis of about 4.45%. Dated Jan, 1 1930. Due in 50
314,679.69 property owner's portion street improvement bonds sold as price of
years: optional after 30 Years.
431s. Due as follows: $36,679.69, June 1, and $39,000. Dec.
The purchasers are re-offering the bonds for public investment at prices
1 1931; 839.000. June and Dec. 1 1932 and 1933: $40,000. yielding 434% to optional date, and 454% to maturity. The obligations
June and Dec. 1 1934.
are stated to be guaranteed unconditionally as to principal and interest by
105,556.96 property owner's portion street improvement bonds sold as endorsement of Montgomery and Prince George's Counties, Maryland,
/s. Due as follows: $26,556.96. June 1, and $25,000. Dec.
1 1931, and $27,000 on June and Dec. 1 1932.
WATERBURY, New Haven County, Conn.
-FINANCIAL STATE13,920.38 property owner's portion sewer Improvement bonds sold as MENT.
-In connection with the scheduled sale on Dec. 27 of 52.000,000
44s. Due as follows: $6,920.38 on June 1 and $7,000, Dec. 431% coupon or registered funding bonds, notice and description of which
11931.
was given in-V. 129. P. 3838
-we are in receipt of the following:
FINANCIAL CHRONICLE
4002
Financial Statement (Dec. 10 1929).
Assessed valuation of taxable property,grand llst
$194,066,869.00
Tax rate on list 1928, payable(M.& N. 1 1929)
,
Tax rate on list 1928,payable(M.& 0.1 1930)(Spec tax).
33.00 mills
2.00 mills
35.00 mills
Revenues for Year 1928.
$5,283,102.90
Taxes
Mis. Items: Incl. State school funds, licenses, assess., water
982,734.19
rents,grants & &lite,etc
[VOL. 129.
Bids for the bonds to bear int. at a rate other than above stated will also be
considered, provided, however, that where a fractional rate is bid such
fraction shall be 3 of 1% or multiples thereof. A certified check for 5% of
1
,
the amount of bonds bid for, payable to the order of the Village Treasurer,
must accompany each proposal.
-The two issues
-BOND SALE.
WICHITA, Sedgwick County, Kan.
% coupon bonds aggregating $234,658.34, offered for sale on Dec.9of
-were awarded to the Central Trust Co., of Topeka, for a
V. 129. p. 3672
price of 100.294, a basis of about 4.69%. The issues are as follows:
$149.907.99 paving and sewer bonds. Due in from 1 to 10 years.
84.750.35 ditch construction bonds. Due in from 1 to 10 years.
The other bids were:
Price Bid.
BidderPar & accrued interest.
First Nat'l Bank, Wichita, Kan
Par & accrued interest.
Fourth Nat'l Bank, Wichita, Kan
Discount of $4.69 per M.
City Bank, Kansas City, Mo
Par & accrued plus $2.60 per M.
Guarantee T.& T. Co., Wichita, Kan_
Branch-Middlekauff Co.. Wichita, Kan.. Par & accrued plus $259.74
-Snider Co., K. C., Mo.. Par & accrued plus $259.74
Prescott-Wright
Par Sc accrued plus $259.74
Stern Bros. & Co., Kansas City, Mo
$8,285,837.09
Bonded Indebtedness.
275,000
$7,685,000 Park bonds
Water bonds
1,888,000 Street Improvement bonds_ _ 600,000
School bonds
428,000 Storm water drainage bonds _ _ 160,000
Sewage disposal bonds
10,000
City Hall,police,& fire sta.bds. 600,000 Improvement bonds
50,000
1,852,000 Comfort sta. & garage bonds.. _
Sewerage bonds
249,000
100,000 Fire department bonds
Brooklyn bridge bonds
750,000
West Main St. bridge bonds__ _ 150,000 Funding bonds
177,000
600,000 Permanent paving bonds
Bridge bonds
-BOND SALE.
-The
WINONA COUNTY (P. 0. Winona), Minn.
275,000
Isolation hospital bonds
% semi-annual ditch bonds offered for sale on Dec.3$15,849.000.00 $21,000 issue of 414 jointly awarded to the First National Bank,the MerTotal bonded indebtedness
-was
V. 129,_p. 3205
7,685,000.00 chants Bank, and the Winona National and Savings Bank, all of Winona.
Less water bonds outstanding
Dated
Due on Jan. 1, as follows: $2,000, 1932 to 1940. and
$8,164,000.00 $3,000 Dec. 1 1929.
In 1941.
Amounts in Sinking Funds.
-TEMPORARY LOAN
WORCESTER, Worcester County, Mass.
$123,623.86
Street improvement bonds
AND BOND SALE.
-F. S. Moseley & Co., of Boston, on Dec. 17 were
72,000.00
Sewerage bonda,1923
195,623.86 awarded a 21,000,000 temporary loan at a 3.85% discount, plus a premium
of $6.00. The loan is dated Dec. 19, 1929 and is due as follows: $500.000
$7,968,376.14 on April 18 and on May 19,in 1930. Denoms.325.000,310,000 and 550.000.
Net bonded indebtedness
Payable at the Old Colony Trust Co., Boston, or at the Bankers Trust Co..
Statistics of the City ofWaterbury (Population at Different Periods).
New York. Legality to be approved by Storey, Thorndike, Palmer &
51,139 Dodge, of Boston.
1900
33.202
1890
20,270
1880
125.000
1919
73.141
1910
-Harris. Forbes & Co., of Boston, were the successful
BOND SALE.
The water department is owned and operated by the municipal govern- bidders on Dec. 17 for three issues of bonds aggregating $396.000, conment and has a total storage capacity in excess of three billion gallons. The sisting of $252,000 sewer bonds, due from 1930 to 1938 incl., and $147,000
arisen from $91,000 in 1896 to water bonds, due from 1930 to 1948 incl. The purchasers bid a price of
receipts from the water department have
$400,000 in 1922.
101.10 for the bonds as 41(s, an interest cost basis of about 3.987..
The following is a list of the other bids for both the temporary loan and
-BOND OFFERING.
-Leonard
WATERLOO, Seneca County, N. Y.
the bonds:
V. Fillingham, Village Clerk, will receive sealed bids until 7.30 p. m. on
Temp. Loan Bond Issue
for the purchase of $160,000 water bonds, to bear int, at a rate not
Dec. 26.
Discount. Rate Bid.
Bidderexceeding 6%. Dated Jan. 1 1930. Denom. 21.000. Due Jan. 1, as Worcester County National Bank (plus $8.00)
3.867
follows: $4.000, 1931 to 1965, incl., and $5,000 from 1956 to 1969, incl. Shawmut Corp. of Boston (plus $9.00)
4.02
payable to the order of the Village, must ac- Mechanics National Bank
A certified check for $5,000,
4.06
(Plus $15.00)
company each proposal. The approving opinion of Clay, Dillon & Venda- Salomon Bros. & Hutzler (plus $5.00)
4.08 o
water, of New York, will be furnished to the purchaser.
4.375%
Barr Bros.(plus $19.00)
101.099
- R. I,. Day & Co
Calif.
-BONDS OFFERED.
WATSONVILLE, Santa Cruz County,
101.04
Sealed bids were received untll Dec. 17, by the City Clerk, for the purchase Stone & Webster and Blodget. Inc
100.98
not exceeding 5% water works bonds. Dated Dec. 1 Curtis & Sanger
of an issue of 3125,000
100.93
Old Colony Corp
1929. Due as follows: $5,000, 1930 to 1944, and $10,000, 1945 to 1949. all F. S.
100.869
Moseley & Co. & E. H. Rollins & Sons Jointlyincl.
100.718
Estabrook & Co
- Atlantic Corp. of Boston & Wise, Hobbs & Arnold
WAUSHARA COUNTY (P. 0. Wautoma) Wis.-PRICE PAID.
100.702
jointly
The 8178,000 issue of 43 % semi-annual highway bonds that was purchased
100.212
-was awarded at a Brown Biros
-V. 129, p. 3838
by John Nuveen Ss Co. of Chicago
price of 96.8 basis of about 5.237.. Due on March 1 as follows: 238,000,
-BOND
in 1937.
Upper Sandusky), Ohio.
WYANDOT COUNTY (P. 0.
1935: 390,000, 1936 and $50,000
-Z.G. Murray,Pres, of the Board of County Commissioners,
OFFERING.
- will receive sealed bids until 11.30 a. m. on Dec. 28, for the purchase of
-BOND OFFERING.
WAYNE COUNTY (P. 0. Detroit), Mich.
William H. Green, Jr., Chairman of the Board of County Auditors, will $2,882.36 6% road improvement bonds. Dated Dec. 5 1929. Due on
receive sealed bids until 3 p. m.(Eastern standard time) on Dec. 27,for the Dec.5, as follows: $182.36. 1931; $300. 1932 to 1940, incl. Prin. and semipurchase of the following Issues of bonds aggregating $2,500,000, to °gar annual int. (J. & D. 5) payable at the office of the County Treasurer. A
certified check for 5% of the amount of bonds bid for, payable to the order
lilt, at a rate to be fixed by the bidder:
$2.000,000 airport bonds, said to have been authorized by the voters at a of the County Auditor, must accompany each proposal.
special election held on Nov.8 1927. Due $100,000 on April 1
-The $49,400
-BOND SALE.
WYANDOTTE, Wayne County, Mich.
from 1930 to 1949, incl.
500,000 Eloise Hospital and Infirmary bonds, said to have been autor- 5% special assessment street improvement and sewer extension bonds
-were awarded to the First National
bed by the voters at a special election held on April 2 1928. offered on Dec. 17-V. 129. p. 3838
Co., of Detroit, for a premium 01 3110. equal to a prfce of 100.22,0 basis of
Due $100,000 on April 1 from 1930 to 1934, incl.
Due annually over a pried of 5 years.
Both Issues are dated April 11929. Denom. $1,000. To be Issued in about 4.91%.
coupon form, registerable at the office of the County Treasurer as to prin.
-Salomon
-NOTE SALE.
N. Y.
YONKERS,
only. Prin. and semi-annual int. payable at the office ot the County Treas- Bros. & Hutzler Westchester County, 18 purchased an issue of 3800.000
Dec.
urer. Proposals to be conditioned upon the successful bidder furnishing the notes at a 4.24%of New York, on premium of $11.50. The issue is dated
discount, plus a
lithographed bonds ready for execution and the necessary approving Dec. 23 1929 and is due on May 15 1930.
opinion as to the legality of the issues without charge. A certified check
The purchasers are re-offering the notes for public investment on a basis
for 2% of the amount of bonds bid for, must accompany each offer.
to yield 4.10% net.
-BOND SALE.
-The
0. Detroit), Mich.
WAYNE COUNTY (P.
$106,000 Ecorse Township, Lateral District No.2 tile drain construction
bonds offered on Dec. 12-V. 129, p. 3509-were awarded as 510 to the
Union Trust Co., of Detroit. Dated DEC. 1 1929. Due on May 1, as
CANADA, its Provinces and Municipalities.
follows: $8,000. 1932 to 1934. incl.; $10,000, 1935 and 1936; $15,000, 1937
to 1939. Ind; and $17,000 in 1940. Bids were also submitted by Braun,
-The Canadian Bank of Commerce,
EDMONTON,Atla.--BOND SALE.
Bosworth & Co., of Toledo, and C. W. McNear & Co., of Chicago.
of Toronto, is reported to have purchased a total of 3483,627 5% improveTOWNSHIP SCHOOL DISTRICT, Jefferson County, ment bonds, due in 15, 20 and 30 years, at a price of 95.41, an interest
WELLS
-9.B. Faulkner, Clerk of the Board of Educa- cost basis of about 5.33%. The following is a list of the other bids re-BOND OFFERING.
Ohio.
tion, isfil receive sealed bids until 12 m. on Dec. 30, for the purchase of ceived for the bonds:
Rate Bid.
1.5006% school building construction bonds. Dated Dec. 15 1929. Due
Bidder$500 on Sept. 15 from 1931 to 1933. Incl. Int, payable on (M. & S. 15). Dominion Securities Corp., and the Imperial Bank of Canada,
94.841
A certified check for $150. payable to the order of the Board of Education,
Jointly
may present a Dyment,
94.377
must accompany each proposal. Any one desiring to do so
Anderson & Co
94.217
bid or bids for said bonds based upon their bearing a different rate of int. Wood, Gundy & Co
where a fractional int, rate is bid McLeod,Young, Weir & Co
93.57
than specified, provided, however, that
90.612
such fraction shall be 3i of 1%,or multiples thereof.
Financial Corp
Royal
Total
WEST GREENVILLE (P.0. Greenville) Greenville County, S. C.
-The $40,000 issue of 6% coupon sewerage system bonds
BOND SALE.
awarded to the South
-was
offered for sale on Dec. 10-V. 129. p. 3509
Carolina National Bank of Greenville, for a premium of $1,825, equal to
104.56. a basis of about 5.69%. Dated Nov. 11929. Due on Nov. 11959.
WEST TERRE HAUTE SCHOOL DISTRICT, Vigo County, Ind.-Sealed bids will be received by the Chairman of the
BOND OFFERING.
Board of Trustees until 7.30 p. m. on Dec. 30, for the purchase of $25,000
Jan. 2, as
school bonds. Dated Jan. 2 1930. Denom. $500. Due on and 1935:
5%
follows: $1,500 in 1931 and 1932. $2,000, 1933; $1,500, 1934 and 1941;
1940
$2,000. 1936; $1,500, 1937 and 1938; 32.000, 1939; $1.500,Prin. and semi32,000, 1942: 31.500. 1943 and 1944: and $2,000 in 1945.
annual interest payable at the State Bank of West Terre Haute.
WHATCOM COUNTY SCHOOL DISTRICT NO. 308 (P.O. Belling-Sealed bids will be received by Frank
-BOND OFFERING.
ham), Wash.
Wilson, County Treasurer, for the purchase of a $45,000 issue of school
Prin. and int. is
bonds, until 10 a. m. on Dec. 26. Dated Jan. 15 1930.Treasurer's office.
payable either in Bellingham, New York, or at the State
A certified check for 5% of the bid is required.
-BOND OFFERWHITLEY COUNTY (P. 0. Columbia City), Ind.
-Eugene E. Glassley, County Treasurer, will receive sealed bids until
ING.
m.on Dec. 27. for the purchase of the following issues of4Ji% coupon
100.
bonds aggregating $35,120:
1931;
$23,200 road improvement bonds. Due as follows: $1,160. July 15
$1,160.(J. & J. 15) 1932 to 1940, incl.. and $1,160 on Jan. 151941.
Denom. $580.
1931;
11,920 road improvemant bonds. Due as follows: $596 on July 15 1941.
$598. (J. & J. 15) 1932 to 1940, Incl., and $596 on Jan. 15
Denom.$596.
-BOND OFFERING.-Arvilla
WILLOUGHBY, Lake County, Ohio.
Miller, Village Clerk, will receive sealed bids until 12 m.(Eastern standard
purchase of the following issues of 5% bonds
time) on Dec. 30, for the
aggregating $133.358.85:
$119.458.85 special assessment sewer improvement bonds. Due on Oct. 1,
as follows:$11.458.85. 1931.and $12.000from 1932 to 1940.incl.
13,900.00 village portion improvement bonds. Due on Oct. 1. as follows:
$1.900. 1931; $1.000, 1932; $2,000, 1933: 31,000. 1934; 22.000
1935:$1,000. 1936:52,000, 1937,and $1,000, 1938 to 1940,incl,
Prin. and semi-annual kit. (A. & 0. 1) payable at the Cleveland Trust
Co.. Willoughby. All of the above bonds shall be dated Dec. 1 1929.
-The
HALTON COUNTY (P. 0. Milton), Cont.-BoND SALE.
$55,000 53. % county road improvement bonds offered on Dec. 17-V. 129,
D. 3510-were awarded to J. L. Graham & Co., of Toronto, at a price of
pw. The bonds mature serially in from 1 to 20 years. The County Clerk
states that no other bids were received, as the bonds were sold at private sale.
-J. H. Lane, SecLAC AU SAUMON, Que.-BOND OFFERING.
retary-Treasurer, will receive sealed bids until 7 p. m. (to-day) Dec. 21,
for the purchase of $22.500 5% local improvement bonds. Dated Nov. 1
1929. Denominations to suit purchaser. Due serially in 20 years and
payable at Montreal, Quebec and Val-Brillant.
-The
LOUISEVILLE, Que.-INTEREST RATE AND MATURITY.
$65,000 improvement bonds awarded on Dec. 10 to the Credit Anglo-bear
Irancals. Ltd.. of Montreal, at a price of 98.78-V. 129. p. 3839
51i% int. and mature in 1934. Int. cost basis about 5.78%. Alternative
bids were asked for 5% bonds maturing serially until 1962, and 516% bondS
maturing in 5 years.
-A syndicate composed of the
MONTREAL, Que.-BOND SALE.
Bancamerica-Blair Corp., the Equitable Trust Co. of New York, Kountze
Bros., all of New York: the First-Chicago Corp., Chicago: the Guardian
Detroit Co., Inc., Detroit; the Marine Trust Co., of Buffalo; the Canadian
Bank of Commerce, and the Bank of Nova Scotia, both of Montreal; R. W.
Pressprich & Co.. of New York, and the National Banicitaly Co.. of San
Francisco; the Royal Securities Corp., of Montreal; the Wells-Dickey Co.,
and the Minnesota Co., both of Minneapolis; McLeod, Young Weir & Co..
Inc., of Toronto; Greenshields & Co., of Montreal; R. A. Daly & Co.,
Matthews & Co., Bell, Gouinlock & Co.,and Fry. Mills, Spence & Co.,
the latter four of Toronto, also Rene T. Lerclerc & Co., of Montreal, on
Dec. 17 submitted the accepted tender of 92.8177 (Canadian funds) for
the purchase of a total of 118,300,000 bonds as 4)s. The price paid
figures an interest cost basis or about 5.02%. The award consisted of
314.000.000 bonds, due on Jan. 1 1950. Issued for paving, sewers, sidewalks and similar purposes, and $4,300.000 bonds, due on Jan. 1 1970,
issued for the construction of an incinerator and two back-river bridges,
and for water works improvement purposes. Both issues are dated Jan.
1 1930. Principal and semi-annual Interest (Jan. and July 1) payable In
gold coin at the agency of the Bank of Montreal, New York, or at the
office of the City Treasurer, Montreal. The bonds are coupon in form In
$1,000 demons., regIsterable as to principal only.
-The successful bidders are
BONDS REOFFERED FOR INVESTMENT.
reoffering the $14,000,000 bonds due in 1950 at a price of 94 and interest,
DEC.
4003
FINANCIAL CHRONICLE
21 1929.]
and the $4.300,000 bonds due in 1970 at a price of 92.50 and interest. The
offering notice states that the obligations are direct and general obligations
of the City of Montreal. The New York "Herald Tribune" of Dec. 18
auramarized the other bids submitted for the bonds as follows:
"A :group headed by the First National Bank of New York submitted the
second highest bid, offering 92.41 for all 414s, or 99.258 for all 5s. Other
members of this syndicate were the Bank of Montreal, the Bankers Co.,
A. E. Ames & Co., Stone & Webster and Blodget, Inc., the First National
Bros. & Hutzler, the
Old Colony Corp., SalomonBanque Canadienne
Nationale and Hanson Bros.
"Three alternate bids were submitted by a syndicate composed of the
Chase Securities Corp.; Wood, Gundy & Co., the Continental Illinois Co..
and the Royal Bank of Canada. This group offered 92.63 for all 43413.
99.20 for all 5s, and 97.306 for $14,000,000 58, and $4,300,000 434s.
"A syndicate headed by Harris, Forbes & Co. offered 98.45 for $17,800,000 5s, and $500,000 4345. Included in this group were the National
City Co., the Guaranty Co.; Dillon, Read & Co., and the Dominion Securities Corp."
Financial Statement.
(Approximate statistical data as at 31st Dec. 1929.)
S921.680.977
taxable property for 1929
Assessed valuation of
*191.663.496
Totalfunded debt including present issues
18.002,498
Mss: Sinking fund
173,660,998
Net funded debt
Ratepayers' share of local improvement indebtedness (in44,692,036
cluded above)
Present estimated population. 1,071.057.
*Included in this amount is $40,486,923 indebtedness incurred for
waterworks.
The value of city owned property is estimated at approximately $215,000,000.
MOOSE JAW, Ont.—BOND SALE.—The $54,137.99 434% bonds for
which all bids submitted on Oct. 31 were rejected—V. 129, p. 3049—are
reported to have since been purchased by Wood, Gundy & Co., of Toronto,
at a price of 89.50. Included in the sale were $48,187.48 cement sidewalk
bonds, due in 15 years, and $5,950.51 sewer and water house connection
bonds, due in 10 years.
NEW WESTMINISTER, B. C.—BOND SALE.—The Royal Financial
Corp., of Vancouver, is reported to have purchased three issues of 5%
bonds aggregating $129,034, divided as follows: $45,000 bonds due in 10
years, $38,000 bonds due in 20 years, and $46,034 bonds due in 5 years.
The purchasers are offering the five-year bonds at 98.22. to yield 5.50%.
-year bonds at 95.21,
the 10
-year bonds at 96.33, to yield 5.50%, and the 20
to yield 5.40%.
NORFOLK COUNTY (P. 0. Simcoe), Ont.—BOND SALE.—The
140,900 5% road improvement bonds offered on Dec. 17—V. 129, P.
3839—were awarded to II. R. Bain & Co. of Toronto, at a price of 98.04, a
basis of about 5.30%. The bonds mature in 15 annual instalments.
NEW LOANS
$130,000
PERIBONCA, Que.—BOND OFFERING.—Sealed bids addressed to
J. A. Bayard, Secretary-Treasurer, will be received until 12 m. on Dec.
31, for the purchase of 812,500 serial bonds, to bear 5% interest. Dated
Nov. 1 1929. Due in 20 years and payable at Roberval, Quebec and
Montreal.
-0. 11. Burgess & Co., of
PORT CREDIT, Ont.—BOND SALE.
Toronto, on Nov. 29 purchased an issue of $190,000 534% coupon high
not given. The bonds are dated Jan.
school building bonds. Price paid
15 1930. are in denoms. of 51.000 and multiples thereof, and mature annually on Jan. 15 from 1931 to 1960. incl. Interest payable annually on
Jan. 15.
SANDWICH, Ont.—BONDS OFFERED.—E. R. North, Town Clerk,
received sealed bids until 12m.on Dec. 20.for the purchase of the fallowing
Issues of bonds aggregating $530,885.86:
3275.859.07 534,' local improvement bonds. Due in 15 years. Interest
payable on June and Dec. 15.
176,000.00 534% school bonds. Due in 30 years. Interest payable on
June and Dec. 15.
39,000.00 5%% park purchase bonds. Due in 30 years. Interest pay- •
able annually.
25,000.00 534% Public School site bonds. Due in 30 years. Interest
payable annually.
9,761.43 53,47 local improvement bonds. Due in 5 years. Interest
Payable on June and Dec. 15.
5,265.36 53,4% local improvement bonds. Due in 20 years. Interest
payable on June and Dec. 15.
SASKATCHEWAN SCHOOL DISTRICTS, Sask.—DEBENTURES
REPORTED SOLD.—The "Monetary Times" of Toronto in its issue of
December gave the following as a list of the debentures sold by the local
government board:
From Nov. 23-30: School districts: Thistle Dale, $2,000, 7% 10-yoars
-years to Houston,
to H. M. Turner & Co.; Patroit, $1,200, 634% 15
-years, locally. Village of
Willoughbly & Co.; Lw:gott, $2,500, 634% 10
-years, locally.
Sturgis. $2,000, 634% 10
-years to
From Nov. 31-Dec. 7: School districts: Ruth, 32,000. 7% 10
-years to Great West Life
R. Mullins. Vera.; Vienne, $3,000. 634% 15
-years to Duck Lake
Assurance Co. Village of Springfiled. $1,000, 7% 5
Sinking Fund.
WINDSOR, Ont.—BOND SALE.—The following issues of 5% bonds
aggregating $1,070,551.09 offered on Dec. 16—V. 129, p. 3839—were
awarded to Bell. Gouinlock & Co.,of Toronto, at a price of 96.48, a basis of
about 5.46%:
$685,442.00 Jockey Club purchase bonds. Due in 30 annual instalments.
365,202.34 Local improvement bonds. Dated Dec. 1 1928. Due in 10
annual instalments.
19,906.75 Local improvement bonds. Dated Dec. I 1927. Due in 20
annual instalments.
FINANCIAL
Chartered 1836
FINANCIAL
We Specialize in
City of Philadelphia
Board of Education of Central
School District No. 1 of the
Towns of Sharon, Schoharie
County and Cherry Valley
and Roseboom, Otsego
County, N. Y.
3s
2s
31/
4s
/
41 45
2s
4I/
5s
/
51 4s
2s
5y
BONDS.
Sealed Proposals will be received by the
Board of Education of Central School District
No. 1 of the Towns of Sharon, Schoharie County,
and Cherry Valley and Roseboom, Otsego
County, New York, until four o'clock P. M. on
the 30th day of December, 1929, at the First
National Bank in the village of Sharon Springs,
New York, for the purchase at not less than par
and accrued interest of the following described
bonds of said district:
$130,000 School (Coupon) Bonds, dated
January I, 1930, denomination $1,000 each,
interest not exceeding six per centum per annum,
payable semi-annually July 1 and January 1, and
maturing $2,000 on January 1, 1931 to 1935 both
inclusive. $3.000 on January 1, 1936 to 1940
both inclusive, $4,000 on January 1, 1941 to 1945
both inclusive. $5,000 on January 1, 1946 to
1950 both inclusive, and $6,000 on January 1.
1951 to 1960 both inclusive.
Payment in gold coin or equivalent at the First
National Dank in the Village of Sharon Springs,
New York, in New York exchange. Privilege of
registration as to principal only or as to both
principal and Interest.
Award to bidder at lowest rate of interest in a
multiple of one-quarter or one-tenth of one per
centum per annum regardless of premium, or to
highest bidder at such lowest rate. Certified or
bank or trust company check to order of' John L.
Emple, Treasurer, for $2,600 required with each
bid. The right is reserved to reject any or all
bids. Bidders must bid for all of said bonds and
state a single rate of interest therefor. Any bid
not complying with the terms of this notice will Broad & Chestnut Sts., Philadelphia
be rejected. Proposals to be enclosed in a sealed
envelope addressed to the undersigned Clerk at
BUFFALO
Sharon Springs, New York and marked on the
outside "Proposal for Bonds." The deposit of
Founded 1865
the successful bidder will be credited upon the
purchase price. Checks of unsuccessful bidders
will be returned on the award of the bonds.
The approving opinion of Messrs. Clay,
Afembers New York Stock Exchange
Dillon and Vandewater Attorneys of New
York City, will be furnished to the purchaser Western New York and Canadian
without cost.
Mining Securities
Dated, Sharon Springs, N. Y., December 16.
Local Stocks and Bonds
2929.
BOARD OF EDUCATION OF CENTRAL Bought and Sold on a Brokerage:Basis OM)
SCHOOL DISTRICT NO. 1 OF THE
BUFFALO, NEW YORK
TOWNS OF SHARON, SCHOHARIE
COUNTY, AND CHERRY VALLEY AND
ROSEI300M, OTSEGO COUNTY. N. Y.
INDIANAPOLIS
By FRANKS. CLAPPER,Clerk.
Institutions Desiring
Philadelphia Connection&
are invited to avail themselves
of the Banking, Trust, Real
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this Company, which is now
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The continued steady growth
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GIRARD
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COAL AND MINERAL PROPERTIES
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