The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
VOL. 127.
SATURDAY,DECEMBER 291928.
financial Chronicle
NO.3314.
In our issue of July 21 (pages 303-304) we pointed
out that this change was likely to have far-reaching
Terms of Subscription—Payable in Advance
effect and that many mines would now be able to
Including Postage—
12 Mos. 6 Mos.
Within Continental United States except Alaska
$10.00
$6.00 resume work after long periods of idleness, especially
In Dominion of Canada
11.50
6.75
Other foreign countries, U. S. Possessions and territories
13.50
7.75 in Illinois, Ohio,Indiana and Western Pennsylvania.
The following publications are also issued. For the Bank and
tion Record the subscription price is $6.00 per year; for all the Quota- This is precisely what has
happened and because of
others is
$5.00 per year each.
COMPILNDIUMS
-the new agreements bituminous coal production has
MONTHLY PUBLICATIONS
-PUBLIC UTILITY—(semi-annually)
BANE AND QUOTATION RECORD
RAILWAY & INDUSTRIAL--(fOBT 9884
latterly been running larger than during the corMONTHLY EARNINGS RZCORD
STATE AND MUNICIPAL—(101111-20111lIally)
responding periods of the preceding year, whereas
Terms of Advertising
Transient display matter per agate line
45 cents prior to the abandonment of the 'Jacksonville scale
Contract and Card rates
On request
Camino Orrice—In charge of Fred. H. Gray, Western
Representative. soft coal output in many States continued to fall
208 South La Salle Street. Telephone
State 0613.
LONDON Orrics--Edwards & Smith, i Drapers Gardens,
London. E. C. below even what it had been in 1927, notwithstandWILLIAM B. DANA COMPANY, Publishers,
ing that the strike was then actively under way, and
Front, Pine and Depeyster Streets, New York
operated greatly to curtail output at that time. The
Published every Saturday morning by WILLIAM B.DA
President and Editor, Jacob Seibert: Business Manager, NA COMPANY. Jacksonville scale called for a wage of $7.50 per day.
William D. Riggs;
Treas., William Dana Seibert:See.,Herbert D.Seibert. Addresses of
all, Office of Co. It was impossible for the
mine owners to work their
mines at a profit on this basis of wages when the nonThe Financial Situation.
During the past six months the bituminous coal union mines in West Virginia, in Virginia and in
industry, which for so long had been an exception Kentucky were obliged to pay, say, only $6.00 per
to the general rule of trade activity in the United day and, perhaps, in some instances, only $5.00 per
States,for which the year 1928 has been noteworthy, day.
Since the abandonment of the Jacksonville scale
has been gradually mending and the troubles at the
individual agreements between operators and miners
soft coal mines throughout the country are now fast
disappearing. This is a great advantage to the rail- have been gradually entered into and the miners have
roads,since on many of the roads the coal traffic con- returned to work to the benefit of all concerned.
stitutes the largest single item of freight tonnage. Echoes, however, of the further new agreement are
now being heard from time to time and it is worth
The improvement in these railroad returns, which
latterly has become quite noticeable, particularly in while calling attention to them because of the great
the income statements of the roads for October and departure which they mark and the high degree of
November, may largely be ascribed to the resumption significance they possess by reason of that fact. The
of work at the mines, though there have been other United Mine Workers of America seems to have virtually abandoned its functions as far at least as the
contributing causes.
soft coal mining districts are concerned, and the
We first referred to the change for the better that
bituminous coal industry is left once more to enter
had occurred in one of our issues last July, when the
into contracts free from the dictating influence of an
United Mine Workers of America finally decided to
abandon the so-called Jacksonville agreement by outside organization. The bituminous coal mining
which it was sought to maintain wages at the differ- industry now therefore finds it possible to develop
in a natural way; accordingly, we may suppose, the
ent soft coal mines at unnaturally high levels, with
soft coal miners in what is called the central comthe result that the non-union mines in Virginia, West
Virginia and Kentucky succeeded in drawing away petitive field will gradually regain the coal trade
most of the coal business in the bituminous coal dis- lost to the non-union fields, while the United Mine
tricts owing to the lower cost at which they found it Workers were seeking to maintain the Jacksonville
scale.
possible to market their coal. It was to uphold
the
Attention has been directed anew to the matter the
Jacksonville scale that all the union-controlled
soft present week by the appearance of a dispatc
h from
coal miners throughout the United States went on
Dubois, Pa., in the New York "Times" on Monstrike on April 1 of last year and it was because
of day. This dispatch said that "a new wage
scale,
the refusal to waive that scale that mining remained
revolutionary in its policies, has •been drafted
almost completely suspended in many districts even
by the officials of the central Pennsylvania disin some instances up to July of the present year. But
trict of the United Mine Workers of America and
at a conference concluded at Indianapolis on July
is being submitted to individual operators for their
18 last, the United Mine Workers decided to abandon
acceptance." It was added that James Mark, presithe Jacksonville scale as a basis for wage negotiadent of district number two, had asserted that opertions in the bituminous coal fields and granted perators with an annual production of 3,000,000 tons
mission to each one of the districts to enter into
had accepted the compact. It was pointed out that,
settlements with coal operators "upon a basis muwhile the terms of the agreement provide for a
wage
tually satisfactory."
reduction varying from 15 to 25% of the Jackson
ville
PUBLISHED WEEKLY
3584
FINANCIAL CHRONICLE
[VOL. 127.
for account of out of town banks are $1,659,scale, the outstanding feature was that it paved the loans
, against $1,749,586,000, and the loans "for
way for operators to negotiate long term contracts 899,000
t of others" $2,322,227,000, against $2,331,by removing the means of strikes and other labor accoun
176,000.
suspensions.
The most unfortunate feature, however, is the fact
s for the arbitration of all
The agreement provide
hstanding the further small diminution
differences that may arise after the scale is signed that notwit
in brokers' loans during the week, there has been a
and requires the miners to remain at work pending
e in member bank borrowing at the
the decision of the arbitration board, which is to be huge increas
as Reserve Banks. This increase has been no less than
final. The compact is recognized, it was stated,
bringing the volume of the discount
a complete surrender by the miners of all the points $220,869,000,
of the twelve Reserve institutions up to
and policies of the union that have caused strikes holdings
, as against only $946,710,000 a week
and bitter disputes between the operators and miners $1,167,579,000
comparing with no more than $609,209,000
in the past. Most important of all,"the right to hire ago, and
last year. It will be recalled that last
and discharge is vested exclusively with the oper- on Dec. 28
decline occurred in member bank borrowators and it is provided that the right shall not be week some
this lost much of its significance by reaabridged by the Union." The scale was drafted, it ing, though
meet the son of the great increase which then occurred in U.
appears, after the operators had refused to
ment deposits with the member banks. We
miners as a body. It is also pointed out that "the S. Govern
that U. S. Government deposits with
union membership in the district, which was close then showed
member banks in New York City had
to 55,000 during the war period, has been reduced to the reporting
from $1,101,000 December 12 to $67,953,000
less than one-fourth of that number and that the con- run up
Government deposits with the 43 reportcessions are a last measure to revive the organi- Dec. 19 and
r banks in the Chicago Reserve district
ing membe
zation."
to $7,505,000 and we remarked that if
As already stated, the restoration of the coal traf- from $211,000
figures for the entire body of 628 refic in its full volume will mean much to the railroads we had the
r banks in the twelve Reserve districts
in the districts affected, and, as a matter of fact, has porting membe
Government deposits during that
played an important part in determining their earn- the addition to
found to have been considerably
ings in recent months. This will appear when we week would be
combined amount for New York and
say that in October the output of bituminous coal in larger than the
complete returns for the 628 reportthe United States was 50,360,000 tons, as against Chicago. The
ing member banks have since come to hand for the
only 43,827,000 tons in October, 1927, and in Novemand they show an increase of no
ber was 46,041,000 tons the present year, against 40,- week in question
8,000 in these Government deposits.
468,000 tons in November last year. For December less than $245,54
these Government deposits have
the story has been much the same, the output for the The present week
at, the amount at New York
week ending December 8 having been 11,211,000 tons, been reduced somewh
$67,953,000 to $53,487,000 and
against 9,687,000 tons in the corresponding week having declined from
Chicago from $7,505,000 to $5,903,000.
last year; for the week ending December 15, 11,024,- the amount at
Not only, however, has the direct borrowing of
000 tons, against $9,788,000 tons, while for the week
increased so heavily—that is
ending December 22 the product is estimated at the member banks
from $946,710,000 Dec. 19 to $1,167,579,000 Dec. 26
11,000,000 tons, against 9,816,000 tons.
—but the Federal Reserve banks through their open
have also again enlarged their
There is nothing very encouraging or reassuring market operations
nces, the total of these holdings
in the Federal Reserve returns issued the present holdings of accepta
at $489,270,000 comparing with
week. There is, to be sure, a further reduction in the present week
Dec. 19. Holdings of Government
the grand total of brokers' loans, but of only a rela- $453,111,000 on
at smaller, due to the fact that
tively small amount, and nearly all the other fea- securities are somewh
ry Department has paid off the $77,500,tures of the return are of an unfavorable character the Treasu
ary certificates sold to the Reserve
—some of them very decidedly so. This week's fur- 000 of tempor
the collection of the Income Tax rether decrease in brokers'loans is only $19,395,000 and banks pending
of these Government securities this
it follows $64,929,000 decrease the previous week and ceipts. Holdings
$232,328,000, against $290,542,000 a week
$218,839,000 decrease the week before, making for week are
ing this reduction in the holdthe three weeks combined a contraction of $303,163,- ago. Notwithstand
ment obligations, the total Reserve
000, which is, of course, a substantial amount and yet ings of Govern
now only a little less than $1,900,must be held relatively small considering that the credit in use is
exact figure being $1,899,312,000 as
shrinkage has occured after fifteen consecutive weeks 000,000, the
723,000 a week ago on Dec. 19 and
of unbroken increases, during which the total of against $1,700,
ing with only $1,598,842,000 on Dec. 28 last
these loans to brokers and dealers (secured by stocks compar
t of Federal Reserve notes in cirand bonds), rose from $4,201,131,000 on Aug. 22 to year. The amoun
during the week from $1,869,$5,394,590,000 Dec. 5. Even after the contraction of culation increased
, while gold holdings de$303,163,000 during the past three Weeks, the grand 192,000 to $1,910,838,000
to $2,584,239,000.
total of these loans on Dec. 26, 1928 stands at $5,- clined from $2,614,957,000
091,427,000, which compares with a total on Dec. 28
The stock market has gained further in tone and
last year, when the amount was by no means small,
moderately large volof $3,717,622,000, showing that the amount even now strength the present week on a
s. Bear operations have not been lackis still $1,373,805,000 larger than it was twelve ume of busines
progress, the stocks
months ago. The changes in the loaning under the ing and, while these were in
aggressive operations
different categories during the past week have not affected declined, but very
bull forces and, as
been striking. The loans made by the 43 reporting have also 'been carried on by the
appeared easier to
it has
member banks for their own account stand at $1,- was the case last week,
In these
last week; the advance prices than to knock them down.
109,301,000, against $1,030,060,000
DEC. 29 1928.]
FINANCIAL CHRONICLE
circumstances those operating for a rise proceeded
with increasing confidence. This confidence was all
the more noteworthy in view of the renewed rise in
call loans on the Stock Exchange, the call loan rate
on the Stock Exchange on Wednesday, Thursday
and Friday being quoted as high as 12% on each
day. As a result of the rise the last two weeks,
most stocks have recovered a considerable part of
the big losses which they sustained during the great
slump at the beginning of the month. On the other
hand, some stocks have again established new high
records for the year during the week,the more prominent of these appearing in the subjoined list.
STOCKS MAKING NEW HIGH FOR YEAR.
IrRailroads—
Chesapeake & Ohio.
Erie.
N. Y. N. H. & Hartford.
Industrial and Miscellaneous—
Air Reduction.
Allis-Chalmers.
American & Foreign Power.
American International.
American Radiator.
Anaconda Copper.
Atlantic Refining.
Beech-Nut Packing.
Burroughs Adding Machine.
Columbian Carbon.
Commonwealth Power.
Eisenlohr & Bros.
Electric Auto Lite.
Electric Power & Light.
Emerson-Brantingham, class A.
Fidelity-Phenix Fire Insurance.
General Americantrank Car.
General Electric. -1
Gold Dust.1
Goodrich Co.
Goodyear Tire & Rubber.
Greene Cananea Copper.
International Cement.
International Printing Ink.
Johns-Manville.
Kennecott Copper.
Mohawk Carpet MilLs.
Montgomery Ward.
National Acme, stamped.
National Bellas Hess.
Nevada Consolidated Copper.
Otis Elevator.
Pierce-Arrow,class A.
Public Service Corp. of N. J.
Real Silk Hosiery.
St. Joseph Lead.
Spicer Mfg.
Standard Milling.
Standard Oil of New York.
Stewart-Warner.
Underwood-Elliott-Fisher.
Willys-Overland.
Youngstown Sheet & Tube.
The volume of transactions has fallen far behind
the huge proportions reached during November
when the sales on at least one day aggregated close
to 7,000,000 shares and when they exceeded 6,000,000 shares on quite a number of days, but have been
what would have been considered heavy prior to the
speculative era of 1928. At the half-day session on
Saturday last, business aggregated 1,907,110 shares;
on Monday the sales were 3,697,900 shares; Tuesday
was Christmas Day and a holiday; on Wednesday
the sales were 3,621,900 shares; on Thursday 3,566,750 shares, and on Friday 4,798,200 shares. In the
New York Curb market sales last Saturday were
704,800 shares; on Monday 1,076,700 shares; on
Wednesday 1,170,200 shares; on Thursday 1,039,900
shares, and on Friday 1,509,600 shares.
The high priced stocks were again star performers though fluctuations in the same were extremely
wide due to extensive selling on the high money
rates. Radio Corporation of America closed yesterday at 379 against 3803 on Friday of last week;
4
Montgomery Ward & Co. closed at 156 against
144½; Victor Talking Machine at 145 against 143½;
Wright Aeronautic Corp. at 264 against 255; Sears,
Roebuck & Co. at 180% against 16814; International
/
Nickel new at 44% against 431 8; A. M. Byers at
/
190% against 187; American & Foreign Power Co.
at 771 2 against 70; Brooklyn Union Gas at 187%;
/
against 18414; Consolidated Gas of N. Y. at 108
/
against 105; Columbia Gas & Elec. at 135% against
128; Public Service Corp. of N. J. at 8158 against
/
731 2; American Can at 111% against 10318; Allied
/
/
Chemical & Dye at 2521 2 against 241; Timken Roller
/
Bearing at 147 against 142%; Warner Bros. Pictures at 123 against 122; Commercial Solvents Corp.
at 230 against 220; American Tel. & Tel. at 1921 8
/
4
against 1891 ; General Electric at 2181 against
4
/
1
2
193; Mack Trucks at 105 against 104; Yellow
Truck & Coach at 40% against 39½; National Dairy
Prod. at 127% against 1221 2; Western Union Tele/
3585
graph at 179 against 180; Westinghouse Electric
4
Mfg. at 1363 against 1293%; Johns-Manville at
1991 8 against 186½; National Bellas Hess Co. at
/
219 against 198; American Radiator at 18914 against
/
190; Associated Dry Goods at 6418 against 641 8;
/
/
Commonwealth Power at 103% against 101; Lambert Co. at 13078 against 128; Texas Gulf Sulphur
/
at 781 2 against 73%, and Kolster Radio at 73
/
against 69.
The copper stocks have again displayed strength
beyond those of any other group. There has been
a further advance in the price of copper and in addition there have been some further dividend increases, Anaconda Copper having declared a quarterly dividend of $1.50, placing the stock on a $6
annual basis against $4 previously. As noted above,
several of the copper stocks attained new high records for the year the present week. Kennecott Copper closed yesterday at 154 against 1443 on Fri4
day of last week; Greene-Cananea at 17538 against
/
176; Anaconda Copper at 1153 against 1141 2; Cal4
/
umet & Hecla at 44 against 411 2; Andes Copper at
/
/
51 against 4978; Chile Copper at 703 against 673 ;
4
/
4
Inspiration Copper at 45% against 42; Calumet &
Arizona at 120 against 119%; Granby Consol. Copper at 8818 against 88; American Smelting & Rfg.
/
at 279 against 2691 2; and U. S. Smelting Rfg. & Min.
/
/
at 641 8 against 621 8 In the motor group General
/.
Motors closed yesterday at 194 against 194% on
/
1
2
Friday of last week; Packard Motor Car at 1491 2
/
against 1511 2; Chrysler Corp. at 1293 against
/
4
1213 ; Studebaker Corp. at 7534 against 75%; Nash
4
/
Motors at 107' 8 against 102; Hudson Motor Car ai
/
7
88% against 8678; Chandler-Cleveland Motor pref.
/
at 36 against 3658 and Hupp at 76% against 75 .
/,
/
1
2
The rubber stocks have again been features at rising prices, particularly Goodyear Tire & Rubber,
which closed yesterday at 135 against 1111 2 on Fri/
day of last week; B. F. Goodrich closed at 104
against 93%, and U. S. Rubber at 4178 against 38%,
/
and the pref. at 833 against 761 2
4
/
.
The steel stocks have again been helped in their
upward movement by the wonderfully good accounts
regarding the steel trade. U. S. Steel closed yesterday at 159% against 157 8; Bethlehem Steel at 8514
/
7
/
against 831 8; Republic Iron & Steel at 84 against
/
/
1
2
781 2 and Ludlum Steel at 77 against 77. In the
/
,
oil group Phillips Petroleum closed yesterday at
44 against 4478 the previous Friday; Texas Cor/
1
2
/
poration at 66 against 64%; Richfield Oil at 461 2
/
against 453 ; Atlantic Rfg. at 621 2 against 5618;
4
/
/
Marland Oil at 41 against 42%; Standard Oil of
New Jersey at 54 against 5334; Standard Oil of
New York at 4378 against 4078 and Pure Oil at 26%
/
/,
against 26%.
The railroad stocks have been without special
features, though a few have advanced. New York
Central closed yesterday at 1861 2 against 189 the
/
previous Friday; New Haven at 801 against 763 ;
4
4
Union Pacific at 214 against 209; Canadian Pacific
at 235 against 234; Balt. & Ohio at 120% against
119; New York Chic. & St. Louis at 1343 against
/
4
132; Del. & Hudson at 188 against 1911 2; Atchison
/
at 194% against 194%; Southern Pacific at 125%
against 12518; Texas & Pacific at 165 against 170;
/
Missouri-Pacific at 621 2 against 62½; Kansas City
/
Southern at 863 against 881 8;St. Louis-Southwest4
/
ern at 109 against 1061 2; St. Louis-San Francisco
/
at 114% against 1143 ; Missouri-Kansas-Texas at
4
511 8 against 52; Rock Island at 130 against 128½;
/
3586
FINANCIA_L CHRONICLE
/
/
Great Northern at 10878 against 10878; Northern
/
/
Pacific at 10814 against 10878; Chic. Milw. & St.
/
2
1
/
Paul & Pac. pref. at 55 against 5378; Chicago
/
Great Western common at 1958 against 20%, and
4
/
the preferred at 463 against 46%.
The European securities markets were closed most
of the time this week owing to the Christmas holidays. The three important markets in England and
on the Continent observed the holidays on different
days in accordance with national custom and tradition. London was open Monday but closed Tuesday
and Wednesday; Paris began the week's business
Wednesday, and Berlin remained closed until Thursday. Long closings will also be the rule on several
exchanges over the New Year holidays. Trading on
the London Stock Exchange was fairly active Monday, and although business slackened as the day advanced prices remained firm. British funds were
steady throughout. In the industrial market international shares again moved about in lively fashion, with the new Ford Motors of England one of
the leading issues. When the market reopened Thursday, the Ford shares were the features of trading,
advancing at one time to more than £5, as against
the issue price several weeks ago of a. Insistent
American buying has kept the price for the shares
edging continually higher and it was concluded in
London Thursday, according to a New York Times
dispatch, that the great bulk of the British shares
issued by the Ford British subsidiary has been absorbed by the American market. The London market
was firm otherwise, although some extensive readjustments took place in the international list in accordance with movements in Wall Street. Trading
was less active in yesterday's market with Ford
Motors, Ltd., still in fair demand. Industrials were
steady as a whole, while mines were easier. Prices
in the gilt-edged division and in home rails were well
maintained.
The Paris Bourse on the opening Wednesday was
almost entirely a professional affair, with the volume
of transactions very small. Trading remained steady,
however, notwithstanding the limited volume, and
French bank and numerous industrial issues showed
improvement. The Bourse was somewhat more irregular Thursday, with trading again very restricted.
Hesitancy was apparent, owing to the many uncertain factors in the political situation. There
are underground reports of the early resignation of
Premier Poincare, and some well-informed observers
now look for his voluntary retirement in the opening
months of the new year. Owing to the important
position he has occupied until lately in French finance, these rumors are a disturbing factor in the
French market. The Berlin Boerse opened the week's
trading Thursday in rather desultory fashion. There
was an almost complete lack of buying orders and
prices gradually yielded in a stagnant market. Improvement occurred as the session advanced and at
the close several chemical issues were at higher levels
than at the opening.
Two highly significant steps were taken in the past
week toward definitive settlement of the German
reparations problem and evacuation of the Rhineland. It was officially announced by the French
Government last Saturday that the six interested
Governments had reached an accord for naming the
committee of experts to recommend a final settle-
[vol. 127.
ment of reparations, while in Washington it was
first intimated and later confirmed that the Coolidge
Administration would not object to unofficial American representation on the committee. These developments were hailed with great satisfaction in
political and financial circles everywhere in the
world, as they presage adjustment of the most important of western European problems. That the
accord now reached is something of a milestone in
European progress is indicated by the fact that negotiations on the points now settled had been in progress for more than three months, or ever since a provisional agreement was reached at Geneva last September 16.
Private conversations took place in the Swiss city
at that time between representatives of Germany on
the one hand and of France, Great Britain, Belgium,
Italy and Japan on the other. At these meetings a
momentous decision was taken. The negotiators decided to seek means not merely for definitive settlement of reparations, but also, contingent thereon, of
the problem of Rhineland evacuation. It developed
that every effort is to be made for early flotation of
a considerable portion of the reparations bonds, and
for adjustment of the German payments to the
Allies to correspond with Allied payments on debts
to America. All moves in this plan were oriented
with a view to securing American participation, even
if that participation were only unofficial, as United
States consent is necessary for any revision of the
present Dawes Plan, and American aid also is indispensable for any considerable flotation of the reparations bonds on which the success of the plan partially hinges. Hence, President Coolidge's consent
to participation of American experts is considered
of great moment.
In itself the offical statement issued in Paris last
Saturday on behalf of the six interested Governments contained nothing new. The chief interest attaching to the document was in the fact that agreement had been reached on the many points under
discussion. The statement made clear that Raymond
Poincare, Premier of France, and Herr von Hoesch,
German Ambassador to Paris, had agreed not only
on the formation of a committee of experts, but also
on the desirability of securing the participation of
the United States citizens. It was agreed that the
committee should be "composed of independent experts enjoying an international reputation and having authority in their own countries and not being
bound by instructions from their own Governments."
Each country will have two members on the committee, which will meet provisionally in Paris as,
soon as possible. The committee itself is to decide
on its definite meeting place. A mandate is to be
given this body, the statement said, "to make proposals for a complete and definite settlement of the
problem of reparations," the report to be addressed
to the Governments which participated in the Geneva decision as well as to the Commission for Reparations. The manner of nominating the experts is
as follows: "The experts of the creditor powers participating in the Geneva decision will be designated
by the Governments of these powers and named, according to the convenience of these Governments, by
them or by the Commission for Reparations. The
German experts will be named by the German Government. Measures will be taken by the six interested Governments to determine the best method to
assure the participation of American experts."
DEC. 29 1928.]
FINANCIAL CHRONICLE
3587
After this statement was issued on behalf of the tion and the rights of bellige
rents were again touched
six Governments, Premier Poincare of France is- on late last week by Sir Austen
Chamberlain, British
sued a statement on his own account. "The Govern- Secretary of Foreign Affairs
, in a review of foreign
ment of the Republic on October 30," this state- affairs before the House
of Commons. In accordment said,"made known to the other creditor powers ance with custom, Sir Austen
presented the views of
and Germany the conditions to which it will sub- the Conservative Government
previous to the adordinate its adhesion to any project of settlement. journment of Parlia
ment for the Christmas holiThe conditions are those which the Minister of For- days until the end of Januar
y. "I profoundly reeign Affairs set forth at the Geneva Conference, and gret," he said, "that
a little cloud has come over
which the Premier made known in his speeches at Anglo-American relatio
ns recently. I refuse to beChambery and Caen." In both these speeches M. lieve that betwee
n two nations so peaceably minded
Poincare stated with some vehemence that France and so friendly to
each other these passing differwould accept no settlement which did not give her ences are going to create
any permanent disturbance
repayment for reconstruction of the war-torn ter- in their relatio
ns." Sir Austen mentioned that new
ritory, in addition to what she must pay England proposals had been
made by the United States Govand the United States. Commenting on these de- ernment relating to renewa
l of the Anglo-American
velopments, a dispatch of Dec. 22 from Paris to the arbitration treaty
which had previously expired. He
New York "Times" said, "Although the general laid great weight,
moreover, on the Bryan-Springcommunication does not mention specifically the Rice Treaty of
Conciliation and on the Kellog Treaty
problem of mobilization of the reparations debt, it renouncing war as
an instrument of national policy
is explained officially at the Quai d'Orsay that this which fifteen world-powers
signed at Paris August
phase of the question will constitute the most im- 27. The Minister also
touched briefly on the nego.
portant task of the experts' committee and that the tiations for settlement
of the German Reparations
whole question will be shaped according as the ex- and Rhineland evacua
tion problems, assuring the
perts' committee finds the floating of German rep- House of Commons
that continued maintenance of
arations loans practicable or impracticable."
British troops in the Rhineland implied no alteraEven before the expected request for American tion in the Locarno
policies. No change in the forparticipation in the experts' committee was made, eign situation
had taken place so far as Russia is
President Coolidge indicated on December 21 that concerned, Sir
Austen said.
the United States would treat such a suggestion
sympathetically if Europe declared that adjust
A note of exceptional cordiality marked the final
ment
could not be made satisfactorily without American visit, at Rio De Janeir
o, of the Latin-American tour
participation. It had previously been intima
ted of friendship and good-will on which Presidentthat the request for American participation would elect Herbert Hoover
embarked shortly after his
be presented in Washington by Sir Esme Howard, election. The U. S.
S. Utah, bearing Mr. Hoover and
the British Ambassador. It was officially indicated his party, arrived at
the Brazilian port and capital
by the American state Department on December
24 on the afternoon of December 21. As the vessel
that the request had been made and acceded to.
A steamed into the inner harber a Brazilian naval
statement issued late that day said:"The Secretary flotilla crashe out
d
in unison a salute of honor to the
of State this afternoon informed Sir Esme Howar
d, President-elect of the United States. President
the British Ambassador that if the six Governments Washington Luis,
with an offical entourage, exdesire American experts to serve upon the
expert tended hearty greetings to the distinguished visitor
committee, the United States will have no objecti
on. at the landing place, while on the journey through
It is understood that the choice of these expert
s will the city to the Presidential Palace several hundred
be made and they will be appointed by those Govern thousand Brazil
ian citizens shouted their acclaim.
ments." In a statement issued by the State
Depart- The beautiful avenues of Rio De Janeiro were massed
menet earlier in the day it had been explained
that with people who greeted Mr. Hoover with enthusiSir Esme Howard had called upon the Secretary
of astic "Vivas." Formal expressions, however, were
State and informed him in the name of the
six in- postponed for the State Banquet and other functions
terested Governments that they wished to
inquire arranged for the following day.
whether the United States Government will agree
Three addresses were made by Mr. Hoover before
to
American experts taking part in the proposed
com- various bodies last Saturday, the last and most immittee, and whether, if so, the United States
Gov- portant one at the State Banquet in reply to a welernment would be ready to propose the names
of such coming speech by President Luis. The Brazilian ExAmerican experts. As the United States
Govern. ecutive emphasized the good-will which throughout
ment acceded only to the participation of Americ
an their history have marked the relations of the Amexperts, without naming them, it appears, in
accord- erican and Brazilian peoples. Introducing Mr.
ance with an intimation from Sir Esme Howard
that Hoover, he said that were it still permissible to grant
the American participants will be named jointly
by titles in the Americas, the world would confer on
the Reparations Commission and the German
Gov- the Presidena-elect of the United States that of
ernment. Naming of the American expert
s will "Friend of Humanity." In reply Mr. Hoover thanked
probably be delayed until some time after the
ar- President Luis and the Brazilian people for the
rival in this country of S. Parker Gilbert,
American warm tribute paid him and assured the gathering of
Agent General for Reparations Payments and
mov- the responsive friendliness of all Americans. This
ing spirit in many of the discussions leading to
the address by the American President-elect was perpresent accord. Mr. Gilbert sailed for New
York haps the most noteworthy of all those made by him
Thursday on the Berengaria.
on his Latin-American tour. Mr. Hoover pleaded
not only for a continuance of the "serene and
Differences between Great Britain and the
United helpful friendship" between Brazil and the United
States over the question of naval armaments limita- States, but for
a broadening intellectual ex-
3588
FINANCIAL CHRONICLE
[VOL. 127.
Hoover bechange based on the more vital forces in hu- arrive in Washington January 6. "Mr.
in a special dispatch from
lieves," it was remarked
man progress.
aboard the ves"We have established between us a powerful tra- the New York Times correspondent
sel, "that his tour has been a great success. He
dition of earnest cooperation to common welfare,"
relations behe said. "To maintain that tradition is not only an starts homeward convinced that the
leader in my tween the United States and Latin-America were
obligation but a satisfaction to every
understandcountry. To impair or destroy its growth would be never more friendly and full of mutual
wickedness, for in it lies the ing than today. Everywhere he has been welcomed
an act of unparalleled
public genermost benevolent of all human forces, that of peace, with enthusiasm by officials and the
leader with whom he has
not through fear, but through affection. Friendship ally. Not one national
lect's
between nations is far more dependent upon sym- been in contact but has declared the President-e
one of the most important events in a generapathy and understanding than upon material in- visit
and
terests. But the cultivation of forces which lead to tion, one sure to result in greater friendship
interest. greater confidence between the United States and
this end does not preclude mutual economic
Some persons seem to think that trade between na- every Latin-American Government."
tions is solely for money-making purposes and,thereV in his long and
fore, is more often a source of friction than of good- 'Steady gains by King George
general rejoicing throughout
will. Yet, as a matter of fact, economic interchange painful illness caused
Christmas holiis a part of the whole and mutual civilization. I Great Britain in the past week. The
marked the beginning of the fifth week of the
know-of no better instance of economic mutuality of days
in a London
nations than that of Brazil and the United States. A King's illness which is definitely stated
zone and dispatch of December 27 to the New York Evening
large part of Brazil lies in the tropical
broncho-pneupossesses unlimited opportunity for tropical produc- Post to be Septicemia, complicated by
in the temperate zone. monia. With very rare exceptions true septicemia
tions. My country is wholly
period, and it
With every advance of human comfort and luxury, is declared to be fatal within a short
King is by no means out of
with every step of invention, the exchange of pro- is apparent that the
by the
ducts of the tropical and temperate zones which danger. Nevertheless, the bulletins issued
in attendance over the last week-end were
neither can itself produce has become of a more vital doctors
heartening, and continued so until the last two days,
importance.
organized when the royal patient's condition was described as
"I should like to see a more definitely
of
effort, not only between cultural institutions, es- "not so satisfactory." The more favorable reports
teachers and professional men,of the last week-end were considered fortunate for all of
pecially students,
my country and your country, but between all our Britain, as the nation hurriedly proceeded to do its
Western nations. We all have something vital to Christmas shopping, thus restoring the normal
contribute to each other, and it is especially from course of trade. Quiet satisfaction was expressed
these exchanges and contacts that we gain the re- everywhere at the continued, if slow, improvement,
spect and esteem which so greatly strengthen the and the nation began to look for a bulletin pronouncfoundations of international friendship. I feel our ing the King out of danger. Further assurance was
intellectual exchanges must be expanded beyond the gained from the circumstance that the royal family
daily news, motion pictures and other incidentals. was less constrained in its movements.
They cannot give a full cross section of the national
Profound concern has been expressed over all of
culture of any one of us. The news is concerned with
the events of the day; and unfortunately wickedness England in the past two weeks over the plight of
is often greater news than righteousness, probably almost 1,000,000 people in the mining districts of
because it is more unusual. The moving picture South Wales and the Durham district in the north
cannot give a full perspective of national character, of England. For the past two years these coal miners
for it is in the main concerned with entertainments. and their families have been living on a bare subI am offering no criticism of these agencies, but I sistence wage or on the Government dole to the unonly hope that we may definitely organize and employed. In innumerable cases their condition is
greatly enlarge those exchanges that make for more pitiable and great efforts have been made to relieve
lofty appreciations and for more vital force in hu- the distress both by official and unofficial means.
man progress. Mr. President, I would that I could The obvious cause of the impoverishment is the coladequately express the admiration which I have for lapse of the Welsh coal mining industry, which in
this beautiful city which is proof of the progress of a turn is declared by those who have studied the matgreat nation. And again I should like to express ap- ter to be based on the readjustment following the
preciation for the gratitude which I and my col- World-War. "One cannot get the full story in unleagues feel toward you and the people of Brazil for employment figures," says a dispatch of December
the reception which we have received. It demon- 26 from. Trealaw, South Wales, to the New York
strates the charming courtesy and hospitality so Times. "Families of unemployed living on a dole
have twenty-nine shillings a week to live on, if there
highly developed in your people."
Earlier in the day Mr. Hoover made separate ad- are five in the family. A family of five, the head of
dresses to the Brazilian Congress, which gathered in which is actually working, does not get more than
is
a special joint session, and to the Brazilian Supreme twenty-nine shillings because work in the mines
him for slightly less than three days a
Court. In both speeches emphasis was laid on the available to
eight
unbroken record of amity between the two peoples. week on an average, and he is lucky to earn
and viewing the city last shillings a day. One gets a picture of this national
After attending horse races
how
Sunday, Mr. Hoover sailed for home at dusk to the disaster only by seeing it and learning exactly
of fireworks displays from the hills 1,000,000 Welsh and English folk are existing on $7
accompaniment
a day
surrounding the harbor. The Utah is heading direct a week for a whole family, learning that for
compulsory fasting
for Hampton Roads, and Mr. Hoover is expected to and a half each week there is
DEC. 29 1928.]
FINANCIAL CHRONICLE
over wide areas, while on other days little but bread,
margarine and tea is consumed by young and old."
Measures to allay the suffering thus indicated were
announced by Premier Baldwin in the House of
Commons December 17. These measures include an
immediate grant of $750,000 to the Lord Mayor's
relief fund, a grant of $5 for every $5 contributed
voluntarily by the public, and still another grant
of
$500,000 for the transference of married miners and
their families from the stricken areas. The Prince
of Wales supplemented these endeavors on Christ
mas Day by making a radio appeal on behalf of
the
sufferers in the coal fields. His appeal was for
concrete help for the Lord Mayor's fund.
Several changes in the Italian Administration
were made by Premier Benito Mussolini last week
as the twenty-seventh legislature of the count
ry
drew to a close. In the final session of the Senate on Dec. 22, the Premier announced that Signo
r
Tittoni, President of the Senate for many
years, is
about to retire. He added, however, that
Signor
Tittoni will be entrusted with other no less
important tasks. The upper house was praised by Ii
Duce
for the disciplined fashion in which it had
approved
all bills presented by the Fascist Government
. The
Rome Parliament will not convene again until
early
next year, after the general elections at which
Premier Mussolini has already ordered the select
ion of
a completely Fascist Chamber. A few days
before
the dissolution of Parliament, Premier
Mussolini
assumed his seventh Cabinet post when Luigi
Federzoni resigned from the Ministry of Colonies.
Signor
Mussolini took over this post in addition
to the
others already held by him, so that he now
holds
seven of the thirteen Cabinet posts. He is
Minister of Foreign Affairs, Internal Affairs,
Army,
Navy, Aeronautics, Corporation and Coloni
es, in addition to being President of the Cabinet Counc
il and
supreme head of the Fascist Party. The posts
held
by his Fascist colleagues are those of Justic
e, Finance, National Economy, Communications,
Public
Works and Public Instruction. A number of
minor
changes in State posts also were announced
by the
Premier.
Extensive reforms in virtually all depar
tments of
the Rumanian Government were again
promised in
Bucharest last Saturday when the newly
elected
Parliament convened for its opening
session. The
national elections earlier in the month had
resulted
in a complete overturn, the National Peasants
Party
gaining 355 of the 376 seats in the Chamb
er, and
110 out of 113 contested seats in the Senat
e. Immediately after the elections, Premier Juliu
Maniu,
leader of the Peasants Party, proclaimed
freedom of
the press and instituted extensive reforms
in the
national gendarmerie and in local
government.
When the Parliament opened last Satur
day, Premier Maniu and other members of the National
Peasants Party sat in the Government benches,
while
former Premier Vintila Bratianu and his
small remaining group of the "Liberal" Party sat
in the
Opposition. The promises of reforms were
reiterated in a throne speech by Prince Nicholas,
one of
the Regents. It was again declared that all
efforts
will be made to convert Rumania into a
western
democracy. The steps outlined as the
immediate
program of the new Government included:
decentralization of the Administration; reform of
the po-
3589
lice and the gendarmerie; reconstruction of the
country economically; encouragement of foreign investments by giving them equality with domestic investments, and lawful treatment of the country's
minorities. Prince Nicholas also expressed the hope
that the internal political strife has ended and that
henceforth all parties and classes will co-operate
for the good of the country.
The year drawing to a close has been one of
marked progress in the economic development of the
Russian Soviet Republics, according to a statement
by Vice-Commissar of Trade Kinchuk, prepared for
the Associated Press. During the fiscal year ended
Sept. 30, 1928, the production of the "big industries"
of Russia is said to have exceeded that of the preceding year by 23.2%. For the current fiscal year
a further increase of 20 to 22% beyond last year's
figures is contemplated. "In 1928-29 commercial
investments will reach 1,650,000,000 rubles ($825,
000,000), against 1,330,000,000 last year," the statement continues. "In the current year we shall continue to erect new plants to make agricultural machinery, develop the Putiloff works, and build
a
new super-phosphate plant with an output capacity
thrice that of the entire production for 1927-28.
We
shall also dig new potash mines, build a fertilizer
plant in the Urals, and continue building the great
power works on the Dnieper." In foreign comme
rce
it is indicated that the country will lag far
behind
the pre-war years in the export of grain. M.
Kinchuk states, however, that decreages in grain
export
are fully compensated by growths in the expor
t of
oil, timber, furs, live-stock products and other
commodities. Reports from Moscow earlier this month
indicated that a budget for the Soviet Union
had
been •approved by the Congress in session
at the
Kremlin. Expenditures indicated in the budge
t aggregated 7,694,800,000 rubles (about $3,850
,000,000), an increase of 19.3% as compared with
last
year. The budget does not balance, as tax
revenue
is placed at 3,803,336,000 rubles, while non-t
ax revenue is 2,976,478,000 rubles. To make up
the total
expenditures, the budget carries a "loan" item
of
800,000,000 rubles and surplus from the
previous
budget of 115,000,000 rubles.
Substantial progress was made in the past
week
by the International Conference of American
States
on Conciliation and Arbitration in the draft
ing of
suitable treaties to be submitted to the Parli
aments
of the twenty-one American Republics. The gathering also furthered a definite settlement of
the
Paraguayan-Bolivian border dispute which
delayed
its deliberations ,earlier in the month. Calle
d as
an outcome of the Pan-American Conference at
Havana last winter, the present gathering met at Washington Dec. 10 with all American Republics
represented by jurisconsults save Argentina. The immediate purpose of the Conference was laid aside when
the Paraguayan-Bolivian dispute arose, and all efforts were directed to securing peaceable settlement
of that controversy. When the two South American Governments agreed, last week, to conciliation
of their difficulties by the Conference, the regular
work of the meeting was again taken up, although
one special committee continued to consider the dispute and the best means for its settlement.
A subcommittee of the Conference, appointed to
draw up a conciliation pact, reported last Satur-
3590
[vou 127.
FINANCIAL CHRONICLE
day that it had agreed provisionally on the text of a
suitable instrument. Some additional consultations
between various delegates and the home Governments will be necessary before the new treaty can
be reported in plenary session of the Conference.
The subcommittee appointed to draft an arbitration
pact made slower progress, but it was indicated
that differences are being threshed out. Early this
week both the Paraguayan and Bolivian Governments replied to questions put by the Conference
.
as to the method of conciliation in their dispute
made public, but it was underThe replies were not
stood that both Governments agreed on the terms
of a protocol, to be signed by them, as the basis
of further steps toward conciliation. This protocol
provides, it was revealed Wednesday, for the appointment of a commission of nine members to
investigate the incidents giving rise to the armed
the
clash between Bolivia and Paraguay. Each of
t two members of the comdisputants will appoin
mission of investigation, while the remaining five
will be appointed by the Conference on Conciliation
and Arbitration. Six months will be allowed for
the investigation, with a possible extension of six
additional months should circumstances require it.
Further developments in the disputed Gran Chaco
region have again threatened to make the controversy acrimonious, the Paraguayan Government presenting notes yesterday to the American State Department and to the special Committee of the Conference charging that Bolivian military forces had
resumed their aggressive advance in the territory.
divided into two headings,"discounts and advances"
which rose £10,264,000 and "securities" which fell
off £1,632,000. Notes in circulation now aggregate
(including the fiduciary currency taken over) £388,242,000 against £138,711,420 in the corresponding
week last year. Since Sept. 12, when gold holdings
stood at £176,584,789, each succeeding week has
seen the total decrease, the total now being £154,067,274 against £152,408,849 last year and £151,118,648 two years ago. The minimum rate of discount remains at 432%. Below we furnish the Bank
of England return in a slightly changed form, showing the subdivisions of the items "other deposits"
and "other securities." For these new items no
comparisons are available with previous years, but
for the other items we furnish comparisons for five
years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1924.
1925.
1926.
1927.
1928.
Dec. 31.
Dec. 30.
Dec. 29.
Dec. 28.
Dec. 28.
388,242,000
Circulation
12,969,000
Public deposits
107,002,000
Other deposits
Bankers' accounts 69,489,000
Other accounts_ _ 37,511,000
Goyernml securities 67,226,000
Other securities_ 44,784,000
Disc.& advances_ 25,931,000
18,853,000
Securities
Res. notes#coin_ ._ 25,823,000
Coln and bullion__ a154,087,274
Proportion of reserve
21.52%
to liabilities
434%
Bank rate
138,711,420 140,784,940 144,730,510 128.295.915
14,561,638 11,632,288 8,382,323 8,511,485
123,975,184 131,342,517 180,881,989 165,779,092
48,578,992 34,167,539 64,087,528 88.579.552
74,448,730 98.658,843 103,280,596 103,600,354
33.447.429 30,083,708 19,575.857 20,014,087
152,408,849 151,118,648 144,558,387 128,580,002
24.18%
Oi%
21.04%
5%
1134%
5%
1134%
4%
a Includes, beginning with April 29 1925, £27.000.000 gold min and bullion
previously held as security for currency notes issued and which was transferred to the
Bank of England on the British Government's decision to return to gold standard.
b Beginning with the statement for April 29 1925, Includes £27,000.000 of Bank
of England notes Issued in return for the same amount of gold coin and bullion
held up to that time In redemption account of currency note Issue.
In its statement for the week ending Dec. 22, the
Bank of France reports a large increase in note circulation of 493,000,000 francs, raising the total to
61,913,826,555 francs as against 61,420,826,555 francs
last week and 61,420,826,555 francs the week before.
On the other hand, creditor current accounts dropped
607,000,000 francs and current accounts and deposits
fell 57,000,000 francs. Again of 112,409,102 francs
was shown in gold holdings, expanding the total to
31,834,518,586 francs. French commercial bills discounted rose 323,000,000 francs and bills bought
abroad 17,000,000 francs, while credit balances abroad
dropped 374,753,805 francs and advances against
securities 41,000,000 francs. Below we furnish a
comparison of the various items of the bank's return
The Bank of England in its last statement of the for the past 3 weeks.
year shows several unfavorable changes, the most
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
important being another sharp decline in the reserve
Dec. 22 1928. Dec. 15 1928. Dec. 8 1928.
for Week.
Francs,
Francs,
ratio, which now stands at 21.52% against 29.24%
Francs.
Francs.
112,409,102
last week and 37.90% two weeks ago. This week's Gold holdings.— -Inc. 374,753,805 31,834,518,588 31,722,109,484 31,838,805,210
13,658,884,904 14.031,438,709 14,094,884,532
lowest Credit bale. abed_lDec.
ratio is the lowest for the year, the previous
French commercia
0 3,830,284,740 3,507,284,740 3,541,284,740
bills dlscounted_Inc. 323,000,00
having been 21.95%, as reported in the first state- Bills bought abed_Inc. 17,000,000 19,152,918,394 19,135,918,394 18,797,918,394
2,289.453.512
year (dated Jan. 4). . On Sept. 12 the Adv. agt. securs_ _Dec. 41,000,000 2.211.453.512 2,252,453,512 81.828,828,555
ment of the
_Inc. 493,000,000 81,913,828,555 61,420,826,555
Note
percentage since the beginning of the war Cred.circulation..Doc.807,000,000 19,054,110,838 19,661,110,638 19,175,110,838
highest
curr.
ies Curr.accts.accts.
4:dep_Dec. 57,000,000 6,282,209,533 8,339,209,533 8,245,209,533
(1914) was reported, the ratio of reserves to liabilit
continues to
on that day being 55.13%. The Bank
The Bank of Germany, in its statement for the
£1,440,301,
lose gold, the loss this week amounting to
000 the third week of December shows a gain in note circulaand as notes in circulation expanded £4,132,
department tion of.56,865,000 marks raising the total to 4,481,reserve of gold and notes in the banking
522,000 marks as against 4,046,354,000 marks last
decreased £5,572,000.
"other" year and 3,298,113,000 marks the year before. Other
Public deposits gained £1,862,000 and
is now daily maturing obligations rose 70,530,000 marks
deposits gained £10,790,000; this latter item
ts" while other liabilities dropped 6,590,000 marks. On
subdivided into two items, "bankers' accoun
which the asset side of the account gold and bullion rose
which rose £9,242,000 and "other accounts"
securities 38,927,000 marks, bills of exchange and checks
rose £1,547,000. Loans on Government
43,048,000 marks and other assets 77,789,000 marks.
increased £9,540,000.
Reserve in foreign currency dropped 12,513,000
Loans on "other" securities, which show an inmarks, silver and other coin 6,314,000 marks, notes
crease of £8,633,000, is another item that is now sub-
There have been no changes this week in discount
rates by any of the central banks of Europe. Rates
continued at 7% in Germany;63/2% in Austria; 63/2%
in
in Italy and Norway; 5% in Denmark; 43/2%
BelLondon Madrid, Holland and Sweden; 4% in
gium, and 33/2% in France and Switzerland. London
open market discounts are 4/@4 7-16 for short bills,
zgainst 47-16@4M% on Friday of last week,and 4/@
4 7-16% also for three months bills, against 4 7-16%
was
the previous Friday. Money on call in London
At Paris open market discount
23/2% yesterday.
continued at 432% but in Switzerland have been
.
advanced from 33.1 % to 3 5-16.
DEC. 29 1928.]
FINANCIAL CHRONICLE
on other German banks 764,000 marks and advances
19,368,000 marks while deposits abroad and investments remained unchanged. Below we furnish a
comparison of the various items of the bank's return
for the past 3 years.
3591
new loans. On Friday all loans were at 12%, including renewals. This seems to have been the highest renewal charge since Feb. 9 1920.
Time loan rates have had a pretty wide range the
present week, with no set list of figures prevailing
REICHSBANX'S COMPARATIVE STATEMENT.
on any particular day. As against quotations last
Changes for
Friday of 83.1 % for 30-day maturities, 7% for 60
.
Week.
Dec. 22 1928. Dec. 23 1927. Dec. 23 1926.
Reichsmark:.
Reichsmarks. Reichsmarks. Reichenzarks. and 90-day maturities and 732
Asse
%@7%% for four,
Inc. 38,927,000 2,729,283,000 1,860.557,000 1,805.850,000
Gold and bullion
85,626,000
Unchanged
77,248,000 170,280,000 • five and six-month periods, the rates at the close of
Of which depos.abr'd
Reserve in foreign curr_Deo. 12,513,000 158,224,000 279,445,000 471,974,000 the market on Friday
of this week were 8Y, @83/
1
%
,
2
Bills of exch. kr checks_Inc. 43,048,000 1.933,514,000 2,416,850,000 1,412,749.000
Silver and other coin_ _Dec. 6,314,000
85,851.000
48,510,000 112,150,000 for 30-day maturities and 73 % for all other periods
4
Notes on oth. Ger.bks_Dec. 764.000
21,380,000
16,367,000
12,538,000
from 60-day to six months.
Dec. 19,368,000
Advances
38,377,000
44,148,000
29,406.000
Unchanged
Investments
92,357,000
93,430,000
90,956,000
The prevalence of a high call money rate throughInc. 77.789.000 613,908,000 474,860,000 527.015,000
Other assets
out the present week has had a deadening effect on
Liabilities—
Notes in circulation_ Inc. 56,865,000 4,481,522,000 4,046,354,000 3,298,113,000 the commercial paper market and the volume
of
0th.daily matur.oblig.Inc. 70,530,000 496,473,000 567,387,000 585,386,000
Dee. 6,590,000 287,066,000 254,245,000 219,266,000 business transacted has been very small.
Other liabilities
The rate
for names of choice character maturing in four to six
Money ratesron the New York market rose to months has continued at 53/2%, while the quotation
exceptional heights in this last week of the year, for names less well known remains at 53 %. New
4
several factors combining to accentuate the stringency England mill paper commands 532@5%%•
which has prevailed over the greater part of 1928.
The basic cause of the tightness is, of course, the unNo change has occurred this week in the posted
exampled absorption of credit in stock speculation, rates for banks and bankers acceptances of the
as indicated by the swollen total of brokers' loans American Acceptance Council. The Council still
outstanding. Added to this are the heavy require- makes the rates for prime bankers' acceptances
ments for holiday currency and the need for due eligible for purchase by the Federal Reserve banks
provision against the year-end settlements. The 43 % bid and 432% asked for bills running 30 days
4
banks, moreover, had to adjust their reserve position and also for bills running 60 and 90 days, 4%%
this week for the final accounting at the end of the bid and 4%% asked for 120 days, and 5% bid and
year as it will be too late to do this Monday. It 43 % asked for 150 and 180 days. The posted
4
caused little surprise, therefore, when call money rate of the Acceptance Council for call loans against
at the opening Monday ruled at 9% and gradually acceptances continued at 7% all the week.
advanced throughout the week. The 9% rate MonOpen market rates for acceptances were raised
day proved to be largely anticipatory, as funds were % of 1% on Monday morning in both the "bid"
available in the outside market as low as 8%, not- and "asked" columns, but later in the day the figures
withstanding withdrawals by the banks of about were reduced the same fraction, leaving the quota$15,000,000. On re-opening Wednesday after the tions the same as at the close of the market on
Christmas holiday, the renewal rate was again 9%, Saturday. These rates have prevailed throughout
but the stringency began in good earnest when with- the week and are as follows:
SPOT DELIVERY.
drawals of $35,000,000 were posted, and the rate
—180 Days— —150 Days— —120 Days—
advanced to 12%. Renewals Thursday were at
Bid.
Asked.
Bid.
Asked.
Bid.
Asked.
5
4%
5
4%
4%
4%
10%, and the official rate again went to 12% after Prime eligible bills
—90 Days— —60 Days— —30 Days—
the banks had called $25,000,000. Street loans were
Bid.
Asked.
Bid.
Asked.
Bid.
Asked.
4%
434
4%
434
4%
454
reported at 13 and 14%. In yesterday's market the Prime eligible bills
FOR DELIVERY WITHIN THIRTY DAYS.
renewal rate was 12%, and this figure was main- Eligible member banks
4% bid
434 bid
tained all day, notwithstanding withdrawals of Eligible non-member bank;
$40,000,000. In the outside market funds again
There have been no changes this week in Federal
brought up to 14%, this anomalous situation
Reserve Bank rates. The following is the schedule
apparently being due to attempts to hold the rate
of rates now in effect for the various classes of paper
down to the 12% figure. Brokers' loans against
at the different Reserve banks:
stock and bond collateral, as reported for the week DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
ended Wednesday night by the Federal Reserve
Bank of New York, registered a third successive
Rate in
Date
Previous
Federal Reserve Bank.
Effect on
Established.
Rate.
decline since the wide break in stock prices early in
Dec. 28.
December. The decreases have grown successively Boston
July 19 1928
a
4%
New York
5
July 13 1928
454
smaller, however, the present one amounting only to Philadelphia
July 26 1928
43.4
a
Cleveland
a
4%
Aug. 1 1928
$19,395,000. The total of such loans outstanding Richmond
5
434
July 13 1928
Atlanta
5
July 14 1928
434
shows but small relative diminution from the Chicago
5
July 11 1928
43.4
St. Louis
July 19 1928
a
43.4
record figures reached at the start of the month. Minneapolis
Apr. 25 1928
434
4
Kansas City
June 7 1928
434
4
May 7 1928
Imports of gold at the Port of New York for the week Dallas
43.4
4
San Francisco
June 2 1928
434
4
ended Wednesday aggregated $3,064,000, while
exports were $52,000.
Sterling exchange has been firm this week and
considering the Christmas holiday interruption,
Dealing in detail with the call loan rates on the the market has been more active than usual at this
Stock Exchange from day to day, all loans on Mon- season. There was, of course, no market anywhere
day were at 9% including renewals. Tuesday was on Tuesday and on Wednesday a general holiday
Christmas holiday. On Wednesday the renewal was observed in London when the Stock Exchange
charge was 10% and late in the day 12% had to be and the Bank of England were closed, as Dec. 26
paid for new loans. On Thursday the renewal rate was Boxing Day. The range this week has been
was raised to 10% and 12% had again to be paid for from 4.84% to 4.85 9-16 for bankers' sight, corn-
3592
FINANCIAL CHRONICLE
[VOL. 127.
The Continental exchanges have been firm, partly
pared with 4.84 11-16@4.85 3-16 last week. The
has been from 4.853/ to due to the sympathetic relation to sterling exchange,
range for cable transfers
4.85 11-16, compared with 4.853/i to 4.854 the but also to the fact that each market has been withprevious week. Ordinarily the foreign exchange drawing its balances outstanding at other centers for
market is a dull affair from the middle of December the usual year-end settlements. These withdrawals
until after the first of the year, as the financial have been going on for more than a week, although
markets abroad transact little other than routine the foreign banks have been rather slow to draw down
business. This year, however, the foreign exchange their funds in New York on account of the high
market has been more active than usual between the money rates prevailing here. German marks have
Christmas and New Year holidays. This is doubt- been slightly lower. Germany continues to draw
less due to the large amount of foreign funds on down gold from LOndon. As noted above $52,000
loan in New York. The foreign banks have been gold was shipped to Germany from New York this
withdrawing their balances for "window dressing" week. The Reichsbank shows an increase in gold
during the week, although doubtless the high money reserves of 38,927,000 marks, the total standing at
rates prevailing here have restricted these with- 2,729,283,000 marks, compared with 1,860,557,000
drawals to a considerable extent. Much of the marks a year ago. The Reichsbank rate of redisfirmness in sterling is due to the retransfer of these count continues at 7% but bankers expect easier
foreign funds. Again, the seasonal pressure against money rates in Germany in the new year and lowering
sterling is practically at an end. Normally sterling of the Reichsbank rediscount rate. This developshould be favored as against the dollar from now ment is expected to have a stimulating effect on
until toward the end of July. This holds true, German business. The easier money rates are
although bankers in New York expect to see the regarded as almost a certainty as result of the large
sterling rate go lower immediately after Jan. 2. accumulation of gold in the Reichsbank. The
The Bank of England continues to lose gold and Reichsbank's rate is now far out of line with other
shows a loss this week of £1,440,301, the total bullion central bank rates, as for instance, the 432% and
standing at £154,067,274, which compares with a 5% rates here, 432% in England, and 33/2% in
record high of £176,584,000 on Sept. 13 and with France. The J. Henry Schroder Banking Corpora£152,408,000 a year ago. On Saturday the Bank tion in a current discussion on finance and trade,
of England sold £302,832 in gold bars and bought says: "For some months, France has been investing
£10,000 in gold bars. On Thursday the Bank sold large amounts of short-term balances in Germany;
£42,986 in gold bars and exported £4,000 in sov- dollars have been sold in London, and the sterling
ereigns, and set aside £1,000,000 for account of a proceeds used in new loans to Germany. The conforeign central bank. Yesterday the Bank ex- version of the sterling into marks wasan important
factor in bringing the Berlin-London exchange below
ported £400,000 in gold sovereigns.
be
At the Port of New York the gold movement for the gold export point from London. It seems to
the policy of the Reichsbank to buy gold abroad
-Dec. 26, inclusive, as reported by
the week Dec. 20
into
the Federal Reserve Bank of New York, consisted whenever the influx of short-term foreign credits
Germany becomes large. Such a policy tends to raise
of imports of $3,064,000, of which $3,000,000 came
in Germany,
from Canada and $64,000, chiefly from Latin Amer- money rates abroad, and reduce rates
lending to Germany, and preica. Exports consisted of 852,000 to Germany. retarding short-term
of short-term balances from
The Federal Reserve Bank reported an increase of venting large amounts
within that country."
$5,762,000 in earmarked gold. It is believed that accumulating
French francs have been ruling slightly firmer,
the earmarking was for account of the Bank of
France. Canadian exchange continues at a discount partly due to the general upward movement in sterling and the major European exchanges and due to
i
ranging this week from Y to 17-64 of 1%.
Referring to day-to-day rates, sterling on Satur- much the same year-end influences. However, the
of
day last was particularly quiet but firm in tone. rate is entirely within the control of the Bank
France and its governing principle seems to be
Bankers' sight was 4.84 15-16@4.85 1-16; cable
at a point which will prevent
transfers 4.85 7-16@4.85 7-16. On Monday ex- simply to keep the rate
any withdrawals of gold by Berlin. The Bank of
change was moderately active and firmer. The
continues to purchase foreign gold and has
range was 4.84%@4.85 9-16 for bankers' sight and France
taken the major share of the open-market supply
2
4.853/@4.85 9-16 for cable transfers. On Tuesday, during the past two weeks in London, it has likewise
Christmas Day, there was no market. On Wednesto take the larger share of next week's
day the upward tendency was resumed, although it engaged
South African supply. Its total gold takings from
was a holiday in London, Boxing Day. The range
New York since November appear to be approxiwas 4.84 11-16@4.853' for bankers' sight and
mately $30,000,000, including $5,000,000 earmarked
4.853'@4.85 9-16 for cable transfers. On Thursday
this week. The Bank of France is determined to
sterling was active. Bankers' sight was 4.84%@
increase, as far as possible, the ratio of its gold
4.85 3-16, cable transfers 4.85%@4.85%. On Frireserve to note issue. In some quarters, it is believed,
day the market was fairly active and firm in tone.
that some of the gold taken from London ostensibly
The range was 4.85 13-16@4.85 3-16 for bankers' for
Germany has actually been withdrawn on French
sight and 4.85%@4.85 11-16 for cable transfers.
the exact truth of the matter may be
Closing quotations on Friday were 4.853/i for demand account, but
some months to come. Notwithstanding
and 4.85% for cable transfers. Commercial sight veiled for
-day the approach of the year-end, Paris money market
-day bills at 4.80 8;90
3
bills finished at 4.84%;60
and it is considered that no lasting
bills at 4.79 1-16; documents for payment (60 days) continues easy
tightening of rates is at all likely, since the French
.
8 Cotat 4.80%, and seven-day grain bills at 4.843/ bankers can easily obtain the necessary funds by
3
ton and grain for payment closed at 4.844.
withdrawing part of the import balances they hold
DEC. 29 1928.]
FINANCIAL CHRONICLE
abroad. They have been withdrawing some of these
balances this week with a view to meeting year-end
requirements. Nevertheless they are still heavy
lenders in both New York and Berlin.
Italian exchange has been exceptionally quiet
during the week, with the very minimum of fluctuation. There has been some slight firmness in the
Italian money market, but the conditions are favorable. Some transfers have taken place during the
week to meet money conditions, for investment in
Italian securities, and for immigrant remittances,
but on the whole the market was largely at a standstill.
Feeling in the Italian markets is one of great confidence in the future and of certainty that Italy
has now overcome the difficulties caused by currency stabilization. All indications of domestic
trade show gratifying progress. The position of
reserves, both of gold and other metals, and foreign
currency held by the Bank of Italy and the Italian
treasury has not varied in the last two months.
Note circulation of the National Bank, however,
has decreased 1,670,000,000 lire from the same date
a year ago and is 4,000,000,000 lire below the maximum of December 1920, although 30,000,000 lire
above the maximum reached at the end of last
August. Italy's foreign trade balance is, however,
less reassuring. It has continued less favorable
than a year ago in every successive month, though
not in a particularly accentuated degree. As compared with 1927 Italy's November importations
increased 414,000,000 lire, while exports increased
only 20,000,000 lire.
Finnish exchange is an extremely quiet unit in
the New York market, but interest attaches to it
at present owing to credit stringency in Finland,
which in November caused the Bank of Finland to
increase its rate of rediscount to 7%. Interest
rates have risen and the banks have been discounting
heavily at the Bank of Finland and have been increasing their loans substantially. According to the
monthly bulletin issued cooperatively by the leading
Finnish economic organizations, the money stringency has been due to the amount of credit tied up
by greatly enlarged imports in the current year and
the governmental policy of depending upon home
supply of capital, instead of borrowing abroad for
productive purposes or for industrial and agricultural mortgages. Imports for the first 10 months
of the year were 6,691,600,000 finmarks, against
5,205,000,000 finmarks in the similar period a year
ago. Exports were 5,122,500,000 finmarks, compared with 5,385,600,000 finmarks. Thus an import balance of 1,659,100,000 finmarks in the first
10 months compares with an export balance of
180,600,000 finmarks for the corresponding period
of 1927. The growing prosperity in Finland during
the past few years is apparently the main cause of
increase in imports. If the credit stringency continues, more Finnish loans are likely to be floated
abroad. Business leaders in Helsingfors are urging
foreign loans backed by the Government to finance
productive improvements and building and agricultural expansion.
The London check rate on Paris closed at 124.02 on
Friday of this week, against 124.01 on Friday of last
week. In New York sight bills on the French
/
center finished at 3.913 s, against 3.91 3-16 a week
ago; cable transfers at 3.91%, against 3.91 7-16, and
commercial sight bills at 3.90 8, against 3.90%.
3593
Antwerp belgas finished at 13.91% for checks and at
13.92 for cable transfers, as against 13.913 and
13.92 oil Friday of last week. Final quotations for
Berlin marks were 23.811 for checks and 23.82
4
for cable transfers, in comparison with 23.833/ and
23.843/ a week earlier. Italian lire closed at 5.233/
for bankers' sight bills and at 5.239 for cable transfers, as against 5.233 and 5.24. Austrian schillings
4
have not changed from 143/ Exchange on Czecho.
8
slovakia finished at 2.9615, against 2.9615; on
Bucharest at 0.60, against 0.603i; on Poland at
11.25, against 11.20, and on Finland at 2.513 ,
4
against 2.52. Greek exchange closed at 1.29 for
checks and at 1.291 for cable transfers, against
4
1.291 and 1.299/
4
8
.
The exchanges on the countries neutral during the
war have been extremely slack owing to holiday
interruption, but slightly higher. On Thursday there
was somewhat greater activity and the rates generally
advanced. The Scandinavian units have been
particularly strong, all closing a few points better
than a week ago. Spanish pesetas are up another
few points. Advices from London state that the
committee in charge of peseta stabilization has been
a seller recently to prevent the rate from rising under
the stimulus of short covering and speculative long
commitments. It is said that the Spanish stabilization credit taken out in New York with J. P. Morgan
& Co. is intact and that the credit taken out in
London is almost reconstituted. A large part of
the credits were used several weeks ago, when the
Madrid committee had to lend support to the market.
Although the governmental committee organized
to study the currency situation has only just been
formed, it is understood that finance officials have
done enough work on the project to make a decision
a matter of only a few weeks. It is realized that
speed is necessary if an increase in speculative
activity is to be avoided. It is believed that the
stabilization rate will be above the present one,
although New York bankers do not expect it to
represent any considerable advance. Bankers'
sight on Amsterdam finished on Friday at 40.191 ,
A
against 40.17 on Friday of last week; cable transfers
2
at 40.213/, against 40.19, and commercial sight
bills at 40.15, against 40.14. Swiss francs closed at
19.293 for bankers' sight bills and at 19.3034 for
cable transfers, in comparison with 19.273 and
4
19.283 a week earlier. Copenhagen checks finished
4
at 26.70 and cable transfers at 26.71IA, against
26.70 and 26.72. Checks on Sweden closed at
26.81 and cable transfers at 26.83, against 26.78
and 26.793', while checks on Norway finished at
26.683' and cable transfers at 26.70, against 26.67
and 26.683'. Spanish pesetas closed at 16.31 for
checks and at 16.32 for cable transfers, which corncompares with 16.283/ and 16.293' a week earlier.
2
The South American exchanges have been exceptionally dull and show very little change. Quotations this week are largely nominal. Buenos Aires
has been steady. Brazilian exchange has at times
shown weakness owing to the unsatisfactory business conditions which were briefly summarized here
last week. Argentine paper pesos closed on Friday
at 42.15 for checks, as compared with 42.10, and at
42.20 for cable transfers, against 42.16. Brazilian
milreis finished at 11.90 for checks and at 1115-16
for cable transfers, against 11.88 and 11.91. Chilean
[you 127.
FINANCIAL CHRONICLE
3594
eral Reserve Bank of New York was creditor at the
exchange closed at 12 1-16 for checks and at 12
for cable transfers, against 12.05 and 12.10, and Clearing House each day as follows:
Peru at 4.00 for checks and at 4.01 for cable trans- DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANE
AT CLEARING HOUSE.
fers, against 4.00 and 4.01.
Saturday, Monday,
Dec. 22. Dec. 24.
Tuesday, Wednescry Thursday. Friday.
Dec. 25. Dec. 26. Dec. 27. Dec. 28.
Aggregate
for Week.
The Far Eastern exchanges have been relatively
active. Japanese yen have ruled slightly lower, 125.000,000 127.000,000 Holiday. 148,000,000 120,000,000 144,000,000 Cr. 664,000,000
mass of checks which come
partly as the result of bear operations on the part of to Note.-The foregoing heavy credits reflec the huge country in the operation of
the New York Reserve bank from all parts of the
These large credit
par collection
Chinese traders who have found encouragement in the Federal Reserve System'sof the Reservescheme. operations with the balances,
Clearing
however, reflect only a part
Bank's
York City are represented
House institutions,
stand taken by Viscount Korekiyo Takahashi, the daily balances. as only the items payable in Newinstitutions located outside in
of
The large volume of checks on
such checks do
New York are not accounted
former Finance Minister of Japan, against the re- not pass through the Clearingfor in arriving at these balances, asFederal Reserve
House but are deposited with the
moval of the Japanese gold embargo. The silver Bank for collection for the account of the local Clearing House banks.
currencies are on the whole fractionally higher and
The following table indicates the amount of bulthe Chinese market has absorbed silver heavily.
lion in the principal European banks:
Closing quotations for yen checks yesterday were
Dec. 28 1927.
Dec. 27 1928.
45,87@t46 1-16, against 45 %@,46% on Friday of Banks
Total.
Weer.
Gold.
Silver. I Total. I
Gold.
last week. Hong Kong closed at 50@503i, against
£
£
I 152,408.84
t
49%@50 1-16; Shanghai at 63%@63 15-16, against England_ _ 154,067,274
152,408.849
154,067,274
d
4
4
633/2@63 13-16; Manila at 493 ,against 493 ;Singa- France __- 8254676 149 c994,600254,676.149 146.220.344 13,718.023159.938,467
994,600 90,177,450
133.177,450 89.182.85
Germany b 132.182,85
27,945 000 130,307,000 104,132,00 27,480,000131,612,000
102,362,0
pore at 569/s@56 11-16, against 56 9-16@56%; Spain
54,638,000 46,946,000 3,776,000 50,722,000
Italy
54,638,000
Netherrds. 36,215,000 1,881,000 38,096,000 32,506,000 2,339,000 34,845,000
%
Bombay at 365 , against 36%, and Calcutta at Nat. Belg 24,434,000 1,267,000 25,701,00 20.410,00 1,242,000 21.652,000
SwItzerVd_ 19,258,000 1,856,000 21,114. II 18,851,000 2,530,000 21,381,000
%
36%, against 365 .
12,798,000
12,798,000
13,122,
Sweden_ _ 13,122,00
Denmark _
Norway
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
DEC.22 TO DEC.28 1928, INCLUSIVE.
Noon Baying Rats for Cable Transfers to New York,
Value in United States Money.
Country and Monetary
Unit.
Dec. 22. Dec. 24. Dec. 25. Dec. 26. Dec. 27. Dec. 28.
$
$
EUROPE.140893 .140693
Austria.schilling
.139163 .139153
Belgium, belga
.007197 .007210
Bulgaria. lev
Czechoslovakia, kron .029626 .029626
267067 .267040
Denmark, krone
England, pound sterl.853913 4.854782
ing
.025168 .025168
Finland, markka
.039124 .039141
France,franc
Germany, relchsmark. .238413 .238385
.012923 .012922
Greece, drachma
.401861 .401873
Holland, guilder
.174188 .174200
Hungary, pengo
.052382 .052381
Italy, lira
.266834 .266839
Norway, krone
.111810 .111835
Poland, zloty
.044040 .043980
Portugal, escudo
.006020 .006023
Rumania.leu
.162934 .162952
Spain. peseta
.267909 .288082
Sweden. krona
Bwitzerlanh, franc... .192835 .192879
.017589 .017592
Yugoslavia, dinar
ASIAChina.651875 .652500
Chefoo tael
Hankow tael
.649583 .650000
.635892 .636984
Shanghai tael
Tientsin tael
.671250 .571250
Hong Kong dollar- .498125 .498571
Mexican dollar---.460125 .480250
Tientsin or Pelyang
dollar
.459791 .460416
.456458 .457083
Yuan dollar
.384937 .364653
India, rupee
Japan. yen
.458765 .458742
SIngapore(13.8.)dollar. .562083 .562083
NORTH AMER..997573 .997804
Canada, dollar
.999406 .999375
Cuba, peso
.480166 .480500
Mexico. peso
Newfoundland. dollar. .995062 .995062
SOUTH AMER.Argentina, peso (gold) .956845 .956929
.118792 .118733
Brazil. milreis
.120624 .120831
Chile. peso
1.025098 1.025123
Uruguay. Peso
970900 .970900
Colombia, peso
$
.140628
.139165
.007160
.029624
.267045
s
.140747
.139202
.007208
.029823
.267155
5
.140678
.139192
.007202
.029626
.267120
4.855421
.025170
.039154
.238373
.012918
.401896
.174152
.052384
.266860
.111795
.043933
.006017
.163017
.268123
HOLT- .192937
DAY
.017591
4.855923
.025173
.039181
.238297
.012923
.402015
.174070
.052376
.266944
.111886
.044065
.006020
.163090
.268284
.193009
.017598
4.858093
.025172
.039155
.238227
.012925
.402075
.174178
.052369
.266915
.111827
.044065
.006021
.163104
.268287
.193002
.017597
.652500
.650000
.637232
.672083
.498680
.461500
.853541
.650208
.637053
.673125
.498839
.461500
.652708
.650208
.636698
.673125
.498928
.461500
$
.460416 .462083 .462083
.457083 .458750 .458750
.364639 .384720 .365037
.458718 .458965 .458921
.562291 .562291 .560833
.997534 .997248 .997183
.999375 .999500 .999562
.480500 .481375 .482400
.994906 .994656 .994687
.957116 .957271
.118800 .118840
.120678 .120883
1.025773 1.027106
.970900 .970900
.957550
.118890
.120884
1.027644
.970000
Owing to a marked disinclination on the part of
two or three leading institutions among the New
York Clearing House banks to keep up compiling
the figures for us, we find ourselves obliged to discontinue the publication of the table we have been
giving for so many years showing the shipments and
receipts of currency to and from the interior.
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec.6 1920,it is also no longer
possible to show the effect of Government operations in the Clearing House institutions. The Fed-
9,600,00
8,162,
491,000 10,091,
8,162,
10,114,00
8,180,
647,000 10,761,000
8,180,000
Total week 808,717.273 34,434,600843,151,873641,749,14 52,728,823694,475,766
Prey. week 806.135,951 34,400.800840,538.551 638,695.679 52.572.503891,268.182
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
abroad, the amount of which the present year is £4,281.300. c As of Oct. 7 1924.
d Silver Is now reported at only a trifling sum.
Mr. Hoover's Visit and South American
Relations.
Mr. Hoover is on his way home from South America, having decided to cut short the latter part of
his visit, so it is reported, and to return directly to
the United States from Rio Janeiro without stopping at other countries en route, in consequence of
the pressure of political matters requiring his attention. When he reaches Washington, on or about
Jan. 6, he will have been absent from the country
about seven weeks. Into those weeks has been
crowded an experience entirely unique in American
history. Never before has a President-elect taken advantage of the interval between his election and his
inauguration to make an extended visit to neighboring countries, and thereby make the acquaintance of
Governments and peoples with whom, as President,
he will almost certainly have occasion to deal officially later on. Writers on American government
have frequently discussed the interesting question of
what to do with ex-Presidents, on the assumption,
quite natural under the circumstances, that some
special role might well be assigned to a man who has
been honored with the highest elective office that
the country can confer. Mr. Hoover has reversed
the question by giving a novel illustration of what a
President-elect may do, in the field of foreign relations, to prepare himself still further for the duties
of his office. It would he idle to predict that future
Presidents will feel it necessary to do something
similar to what he has done, but it may at least be
suspected that the example which he has set will not
pass wholly unnoticed by later incumbents of the
Presidential office.
The incidents of Mr. Hoover's journey have been,
in the main, highly gratifying to him and to the
United States. The American correspondents who
accompanied him appear to have agreed in describing his reception, in the various countries which he
has visited, as not only cordial but enthusiastic.
Only in Argentina was a concerted attempt made to
interfere with him, and the plot was promptly dis-
1
DEC. 29 1928.]
FINANCIAL CHRONICLE
3595
covered and as promptly and vigorously dealt with ence addressed to the two Governments was received
by the Argentine Government. The official recep- on Sunday; that of Bolivia was delayed until Christtions which were accorded to him were obviously mas Day. The questionnaire, the twit of which has
more than mere formalities, and the popular ac- not been made public, is reported to have called for
claim with which he was greeted bore all the marks expressions of opinion from the two Governments
of sincerity. The speeches which he delivered, while regarding the composition of the commission or
of course not devoid of the compliments and official board of inquiry that was to be appointed, and the
commonplaces which are inevitable under such cir- general course which that body should follow, and
cumstances, were notable for the emphasis upon also to have asked whether the two Governments
friendliness, good will and international coopera- were willing to sign a protocol of arbitration or contion, and for the entire absence of anything that ciliation, and in the meantime resume diplomatic
could be construed as an assumption of superiority relations with one another and cease the mobilizaon the part of the United States in its political re- tion or movement of troops. The texts of the relations with Latin America. It is greatly to Mr. plies have also been withheld, but they were declared
Hoover's credit that he should scrupulously have by the special committee to be "fully satisfactory,
avoided, in private as well as public utterances, any agreeing on all basic points", and the drafting of a
allusion to the domestic political problems of the protocol covering the dispute was immediately taken
United States or to American relations with Europe, up.
and that he should have deferred until his return
According to an Associated Press dispatch from
any announcement regarding his choice of a Cabinet, Washington, on Wednesday, the protocol provides
or his attitude toward future legislation or a special for a panel of nine judges, two of whom would be
session of Congress, or anything else indicative of his designated by Bolivia, two by Paraguay, and the repolicy as President. If he felt any temptation to maining five by the Conference. The commission,
express himself in regard to the hostile relations be- which is .to meet for organization at Washingtween Bolivia and Paraguay, or any other contro- ton, is to be allowed six months in which to complete
versy to which the Latin American States are parties, its work, but may continue for another six months if
he gave no evidence of it, and such matters might necessary. Its primary duty will be to study the conhave been non-existent as far as anything that he troversy and submit a plan for an amicable settlesaid or did is concerned.
ment, but in the event that conciliation fails, the
Those who look for any immediate tangible result commission is to issue a fact-finding report and fix
from Mr. Hoover's visit will probably be disap- the responsibilitiy for the rupture of diplomatic repointed. Mr. Hoover did not need to undertake his lations between the two countries. In conformity
journey in order to learn how many and important with the demand of Bolivia, however, as stated in
are the differences between Latin America and the previous com,munications to the Oonference and to
United States. The differences in attitude and point the Council of the League of Nations, the commission
of view which have always to be harmonized in any is to confine its inquiry "exclusively to the events
common effort at cooperation between the two have which gave rise to and followed the armed clash at
their foundation in differences of language, race, Fort Vanguardia between Bolivian and Paraguayan
history, intellectual culture and social habits. It is troops on Dec. 6," and is not to deal with the quesnot desirable, and it certainly is not properly to be tions of boundaries and sovereignty in the Gran
expected, that such primary divergences should dis- Chaco region where the fighting occurred.
appear, for every nation is a product of its past, and
As the clash which occurred on Dec. 6, and the
out of its past it builds its national life and char- military preparations and troop operations of the
acter. Mr. Hoover's great contribution to inter- next few days, were due at bottom to the rival claims
national comity in this hemisphere has been his quiet of Bolivia and Paraguay to the Gran Chaco, and the
assumption that peoples of different origins and claims of the respective Governments, as set forth
social ways may nevertheless meet upon a common by President Guggiari of Paraguay and President
plane of friendliness and confidence, pursue their Siles of Bolivia in dispatches to two New York newsseveral courses without suspicion or hostility, and papers, embody assertions of fact which on the surwork together for the achievement of tasks in which face appear difficult to reconcile, it is hard to believe
they have a common interest. It is the simplicity, that the commission, restricted as it is to the events
directness and cordiality of Mr. Hoover's manner, of Dec. 6, will be able to arrange anything more than
we feel sure, that has made the deepest impression a temporary adjustment. A controversy which inupon the peoples and Governments with which he has volves, as the basis of the dispute, fundamental legal
come in contact, and gone farthest to pave the way claims to territory is hardly to be disposed of, it
for better understanding on each side. Material would seem, by merely ascertaining which side hegains may follow, and they doubtless will, but it is gan the fighting, determining upon possible penalties
the spiritual and not the material bond that is always or reparations, and inducing the contending parties
the strongest when circumstances put international to agree to keep the peace. It is possible, however,
friendship to the test, and it is in cementing this that the Conference, realizing the gravity of the situbond that Mr. Hoover, through the remarkable ation and anxious by all means to prevent war, may
journey which he has made,has rendered the greatest have thought it expedient to limit its good offices at
service to the peoples of the two continents.
the outset to the immediate incidents of conflict,
Meantime the Pan-American Conference at Wash- with the expectation that the commission, when it
ington has made some progress in dealing with the reported, would have something important to say
dispute between Paraguay and Bolivia, and in fram- about the question of boundaries. It is also possible
ing the multi-lateral convention on conciliation and that the agreement for compulsory arbitration which
arbitration which it was the primary purpose of the the Conference is engaged in framing may contain
Conference to draw up. The reply of Paraguay to provisions applicable to the boundary dispute, if
the questionnaire which a committee of the Confer- six months or a year from now that question shall
3596
FINANCIAL CHRONICLE
[VOL. 127.
try both in the electoral and popular vote; gaining the Presidency and a safe working majority in
the House and Senate. With characteristic trust
in the soundness of our political institutions, the
people return to their vocations ready to rely upon
their own initiative and enterprise for success and
sustenance. The farming community have been
promised and will look forward toward favorable
legislation of some kind, but Seems content to await
the plan. Prohibition remains as it was, and as it
probably will be. The unrest and passion accompanying these two issues subsides. And it may be
said the people have triumphed over their own excitement.
It is in finance, clearly, that the unprecedented
has taken place. The long "bull market," with its
sudden and violent collapse near the end of the year
has not been paralleled in our history. It knew in
its course many four, five, and even close to seven
million share days. It drove the prices of stocks
to heights that bore no relation to the earning power of the companies, and set a record that, it is to be
hoped, will not be again reached in the same way.
It probably discounted values, legitimate, for several years to come. It has produced fantastic ideas
of price possibilities not conducive to stability. It
has been a speculative orgy that will most likely
leave sore spots in the regard borne by the "provinces" to the Exchange and the City, it were better
should not exist. Be this as it may, the wide spread
of the buying throughout the country proves that the
moths are attracted to the candle flame as much, in
proportion to monetary ability, in one place, and in
one walk of life, as another. It is a common trait
to want to get rich quick. But money and credit
in the process have not been immediately disastrously affected. Loss and gain in all speculation
are necessarily largely an offset, but there is an
underlying loss in confidence and in the shifting
of capital and savings that distorts vision and dissi•
pates sober earnings.
When we come to consider other features of finance we find former tendencies accelerated. BrokThe Year 1928 in Retrospect.
ers' loans continue far too large, impinging upon
As we look back over the year we are conscious of bank accommodations in a way and to a degree
some large, absorbing, important experiences. We that may yet be seriously felt. Bond issues for
do not note any extraordinary events. In some public utilities, industrials, and for foreign counways life has been more intense, not more strenu- tries have continued of large proportions. It is obous, than before. We have been riding high on a served that in the closing months of the year the
wave of so-called prosperity, and have felt the ela- marketing of stock issues has been increasing. Contion that accompanies such a time. But the out- solidation of leading banks in our large cities goes
come of what we have done and felt remains to be on apace. Likewise consolidations of large indusappraised by future conditions. It cannot now be trials and utilities. On the whole, there has been
no marked stringency in money even during the
fully estimated.
For most of the people, perhaps, the outstanding wildest speculation'. There has been, perhaps too
event of the year has 'been the general election. For late, a slow pressure upon rates at the hands of the
a few months it occupied the public mind to the ex- Federal Reserve Board in the interest of quietude,
clusion of almost all else connected with our pe- but for the most part this has been ignored by the
culiar life—yet it little affected our ordinary pur- traders. If we were to attempt to sum up the comsuits. It was a notable election in that it brought mercial year in a single statement, it would be to
out the largest vote in our history; that it brought say that in manufacture and merchandising there
into view religious prejudices, sectional selfishness, has been a slow and somewhat hesitating effort to
minor rather than major political principles; and advance the business at hand. The so-called and
that it demonstrated that "business" is not de- much vaunted "prosperity" has been confined very
pressed when no reason exists for it. In the issue largely to the production and distribution of luxor campaign itself, the solid South was broken for uries.
The farmer has been perturbed in mind by the
the first time, the Midwest proved itself superior
charge of submission to fanatical theory, political furore over his alleged condition. But he
to the
while the East stood fast to its hereditary caution has not failed in intensive effort and has been reand calm. The Republican Party swept the coun- warded with a near 'bumper crop. Legislation will
still constitute an incitement to war. If, in the
meantime,the ratification of the Pact of Paris by the
Senate shall be followed by ratifications from other
signatory Powers sufficient in number to put the
anti-war pact into effect, an additional safeguard
against a renewal of hostilities may have been provided.
In a letter to the members of the Council of the
League, made public at Geneva on Wednesday, M.
Briand, as President of the Council, seems disposed
to claim for the League the credit for having induced
Bolivia and Paraguay to accept the offer of mediation by the Pan-American Conference. M. Briand,
who conferred with the Charges d'Affaires of Argentina and the United States as well as with the
Ministers of Bolivia and Paraguay, suggested to
the American and Argentinian representatives that
"should the crisis be prolonged, we might try to coordinate the efforts being made from different quarters to preserve peace". Offical communications received at Geneva from Uruguay, Costa Rica, Mexico,
Guatemala, Belgium, The Netherlands and Persia
are reported to have "expressed satisfaction to M.
Briand and the Council for the prompt and benevolent action of the League and with the fact that Bolivia and Paraguay have conformed to the wishes of
the League to seek a pacific solution of their differencies." One may be permitted to suspect that the
prompt action of the Pan-American Conference, representing as it did all of the Central and South American States except Argentina, and also the United
States which is not a member of the League, was at
least as influential as the action of the League Council in inducing the two warring countries to accept
mediation. There need be no occasion to quarrel
about honors, however, as long as the thing has been
done. What matters is that the dispute has been
taken in hand, and that in spite of disquieting reports on Friday of further aggressive action on the
part of Bolivia, there seems to be a reasonable prospect of an amicable settlement.
DEC. 29 1928.]
FINANCIAL CHRONICLE
follow, but whether or not to his ultimate advantage depends upon the plan offered, and more upon
his ability to make it operative without sacrifice of
his own freedom. He will no doubt be favored by
higher tariffs upon certain of his products, but if
a blanket bill is introduced and passed he may find
his proposed protection is obtained at the expense
of increases on things he buys, not now under consideration. The country continues to stumble along,
to muddle through, with this devious device; and
all the while the effort to plead for help at the hands
of government insidiously grows. There must sometime come a right-about-face, but when, it is impossible now to foresee.
The year 1928 has been one of endeavor and accomplishment, but outside of credit expansion, speculation, and the production of luxuries, has been
confined to the ordinary. In certain lines such as
department and chain stores there has been progress and profit. But there is a large latent capital
in the country content to absorb securities rather
than invest in business enterprises. We have had no
panic. There has been such persistent reiteration
of prosperity that though the times and trends may
be now sowing the seeds of subsequent depression,
it does not appear on the surface. Caution is still
advisable. Both domestic and foreign trade have
yet to develop stability, and adjustment to new conditions that have not yet fully escaped from the war
and its aftermath.
It is said that with the employment of our invincible energies and the exploitation of our unparalleled resources, we are at the same time making satisfactory spiritual progress. This in a way is
true, but we work upon no definite plan in this
behalf, and until we reach an appreciation of the
cultural advantages of the simple and frugal life,
we are advancing in an erratic and unsatisfactory
way. But it must be perceived that our national
thought dwells more and more upon the meaning
and purpose of our physical efforts. The uses and
abuses of our vast accumulations are studied and
digested. While we may and do seem careless of consequences, we are meditating and analyzing as we
go. And the thought product of the year is an asset
that will attain an increasing power in the years
to come.
We shall soon have presented to us the usual array of statistics—from which we can extract pretty
much anything that we want. But the tone and
temper of abounding life is more important. Looking upon this and attempting to appraise its forces
and the course the unorganized masses have entered upon, we are admonished that the main results of our so-called prosperity are yet to be realized. Every year that passes without thought of
the generations that must meet the exhaustion we
are creating by our over-reaching and profligacy
in the use of indigenous resources, adds to the danger of a retrogression which may be hard to control.
The Long Boom of the Bull Market, and Actual
Production.
There are a number of evils connected with the
present frenzy of speculation that are collateral in
nature and not associated with debt, money rates,
or exchange seat prices. One of these is the unsettlement of stock prices. And by this we mean a
permanent doubt cast upon the reality of present
3597
values. Those who preach prosperity in season and
out, advising for instance "never sell the United
States short," tend to create the idea that the "bull
market" will continue indefinitely, that there is a
development, a growth, behind the boom that is a
result of our expansion in exploitation of resources,
advance in foreign trade, and increase in wealth.
There is but a minimum of truth in this. For several years there has been little legitimate relation
between the earning power of shares and their exchange price. No one can believe the high prices
prevailing can continue for long. There must be
a return eventually to the normal. And when this
does come, what guage will the investor have save
earning power? And how will he be able to use
this save in connection with market prices prevailing at the time. The "bull" pressure will be a thing
of the past. He cannot reasonably expect a new
boom will immediately succeed. He may think he
is buying in a depression. But though prices are
low, will this new standard have any ascertainable
relation to earning power?
The result must be a permanent doubt thrown on
all values. Thus the present boom is a detriment
to future stability which will make itself apparent
by a stagnation hard to overcome. And this notwithstanding there is a slow increase in values
through natural expansion. Another effect closely
associated with this will follow. There is an old
saying, "Seek money where it has been lost." But
a "burnt child dreads the fire." And a great city
gains nothing in the so-called "provinces" .by absorbing the money of the country lost in speculation. Time was when "Wall Street" stood for greed
and corruption, chiefly through political anathema.
But to be the home of bulls and bears who are deyouring the savings of the people (only to devour
themselves in turn) does not conduce to the confidence required for a sustained legitimate trade.
And it is not too much to say that if this speculative orgy does not soon disappear there will be an
undefined question asked of the great central banks
themselves. This in turn would be a calamity to
the whole country.
It is not true that losers will seek the same scene
of action to recoup themselves. And it is true that
losers will have a dislike for the financial powers
that prevail where their disaster occurred. Again,
when a bubble bursts, its attraction and iridescence
disappear utterly. The men who are now making
fortunes in stock speculation, and some are, though
just as many must be losing fortunes, are spending
money freely in legitimate channels of trade. Come
easy, go easy. And the purveyors of luxuries in
New York City are the immediate recipients of magnificent sales. Out in the "depression" they will
have hard sledding to keep up their momentum of
sales. Take it all in all, and upon any side, these
speculations leave a dark trail—unless, and this is
impossible to believe, a bull market can go on forever. Six-million-share days in close recurrence are
an abnormality.
So excessive is the turnover that we are told the
influence is felt in the volume of State taxes. This
too has its branching evils in enlarged appropriations that cannot continue in the same ratio. The
final result, the ultimate burden, falls on the taxation on real estate. This may not be seasonally
felt, but the danger though small in amount, perhaps, exists. And the whole teaches that this "boom"
3598
FINANCIAL CHRONICLE
[vol.. 127.
has unthought-of influences that bode no good. A day life. Distinctly, it is not an integral element of
boom is no more healthful than too much fat on the permanent prosperity. Some day we must waken
human body. The chief disadvantage, however, lies to the fact that we have been living in a dream;
in its appeal to the speculative instinct. No one that six-million-share days are not normal to the
can draw the line and say here investment ends and accretion of used capital; that not only do they
speculation begins. Yet it is true that sheer specu- bear no relation to the actual purchase and sale of
lation can annul investment. Buying to hold and stocks, but that they have directly and indirectly
buying for quick sale are opposing factors. Specu- swelled the volume of trade that will shrink into
lation can and sometimes does run into "taking a nothingness once the get-rich-quick fever has run
chance." And in so far as boom methods are gam- its course.
bling, they are a detriment to the country. AtDiverse Manifestations of Democracy.
tracted by spectacular advances in stocks, thouAs the old year gives place to the new the first
sands yield to the get-rich-quick passion and soon
decade following the war is closed. Conditions were
find they have lost hard-earned capital.
Notwithstanding the fact that production at the greatly changed by the war; new activities arose to
plant continues independent of the rise and fall of meet unanticipated situations, and for forecasting
stock prices, these are elements of deterioration to the future by estimate of the present there is much.
the conduct of business itself. Permanent satisfied offhand assertion.
The period, historically brief as it is, has furstockholders are a strength to any corporation.
Sometimes a speculative market offers opportunity nished a rare opportunity for seeing practical exfor a change in control. Certainly it offers a means amples of theories of government and testing their
for consolidations that are themselves speculative in value. A number of new States were created, others
origin and intent. All this is against orderly ad- were transformed by addition of adjacent terrivance and efficient administration. The only legiti- tory, or by loss of their own, and two great States
mate basis for combination and new control is the were convulsed by internal revolution. Practically
actual betterment of the business. It follows that in all, the democratic principle was given free exchanges effected by the manipulation of booms are pression and political power passed, or was intendprimarily unhealthy. Demoralization of corporate ed to pass, into the hands of the people. They have
operation has no good effect on general business. developed in unexpected lines. The old order had
This may not appear at the time. Indeed, it may broken down and in reaching for immediate reonly serve to fan the fires of so-called prosperity. dress there was a leap in the dark; few gave thought.
When the inflation suddenly disappears, it is found In the universal desire to secure political freedom,
that hidden influences have destroyed an equilib- theories were applied in various forms of represenrium that belongs to the natural inter-dependence of tation with varying efficiency. These appear, for
all production and distribution. This factor sug- example, in the different stages of republican proggests inquiry into the stocks most vitally affected by ress in Germany, and in existing conditions in Italy,
the boom. And looking over the field, luxuries are Greece, Spain or Czechoslovakia.
Among the Allies there were two outstanding exfound to be the speculative leaders.
There is a certain volume of money or credit or emplars, the United States and Great Britain. The
both used in speculation. And though we say the American was not approved lest the President as
turnover of stocks enhances price, this volume, what- there created would too easily give place to some
ever it may be, is not actually productive of things form of autocracy. Britain would do better, and
or commodities. The farmer who takes a "flyer" its model served. It would establish, as in Germany,
in grain, thinking he knows all about wheat and direct connection between the head of the governcorn as actual products, is not buying machinery or ment and the Reichstag, which had not been the
fertilizer with his money, and if he loses the sum to case; and this became the general plan. But it has
some far away "dealer," will never so use it. The not worked satisfactorily. The reaction is strong,
long curve of the saw teeth is stronger than the and various expedients are tried, from electing a
short, which more nearly represents manipulation president directly by the people as in Germany and
and daily or weekly fluctuation. The country town Yugoslavia, or by the representative assembly, as
merchant, grown tired of the slow accretion of re- in France, to establishing a monarchy as in Engtail trade, or enraged at the interference of the land. Imperialism and military autocracy were rechain store, taking a fling at stocks (where every- garded as having caused the war, and the desire was
body is making a fortune), is not paying his sea- to shut them out entirely. Communism with dicsonal debts at the bank, is not putting in attractive tatorship has brought ruin to Russia, and represenfixtures, and is not stocking up on staples that to tative democracy has seemed the only safe form of
a large extent are stable in value, and when he government. The Allies sought to hold revolutions
loses has essentially weakened his standing and in check to prevent extremists and the dictatorship
power as a small merchant. There is a prodigious of the proletariat, and constitutions were adopted
waste about speculation. And even when men make in full faith in democracy. As this made greatest
instead of lose, it is "easy money" which unsettles demands on the people and showed most care for
them, it was held above all reasonable and promisthe course of the best of lives.
While credit multiplies in a mysterious way by ing. But its complete surrender to autocracy in
its emission and use, it is still true that the same Italy, the difficulty of sustaining it in the new
credit cannot be used in two places at the same States having no experience of self-government, and
time, and however abundant, is not used at one and the exigencies of daily life since the war, as yet
the same time in normal production and feverish little relieved, in all of which Socialism finds supspeculation. So that we may say of this long bull port for her promise of economic sufficiency, have
market boom that it has slowed down actual pro- combined to produce a disbelief in the real value of
duction of the necessities and also luxuries of every- democracy. Government is judged to-day less by
DEC. 29 1928.]
FINANCIAL CHRONICLE
3599
democratic origin or agreement with the will of the to autocracy and to look
to Italy's wholly irregupeople, than by the amount of general well-being and lar outstanding procedure is inevitab
le. Strengththe extent of its actual service.
ening the position of the President in other cases
We come to the point where a careful and intelli- by making the Cabinet a co-ordinate
body between
gent account of the extant facts is necessary. This him and the Assembly is a provisio
nal resort as a
we have at hand in a new book: "The New Demo- substitute for reverting from the
Italian to the
cratic Constitutions of Europe," by Agnes Headlam French form of having the
President merely empowMorley; published by the Oxford University Press. ered to ratify the acts of the
Assembly.
The author recognizes the present defects. Checks
Diversity of racial and national temperament is
on legislative control have proved ineffective and to be regarded. The Slavic
races may be fired with
the referendum has been generally a dead letter. patriotic enthusiasm but are
resentful of restraint
Power has fallen into the hands of political parties and indifferent to public
affairs. The Germans, on
and the common characteristic of the different gov- the other hand, are ready
to obey a superior, Bisernments is the instability and weakness of the ex- marck's Germany was
born, as our author says, "in
ecutive. The Cabinet has not been strengthened violence and lived with
social oppression," but it
against the legislative Assembly, and the prime min- produced abounding material
prosperity and at least
ister has not been definitely given the 'right to de- "coincided with a marvelous floweri
ng of the spirit."
mand its dissolution. The Cabinet has not fallen Germany is rapidly adjusting
herself to the new conwith a change of majority in Parliament, and at- ditions. Sixty per cent. of the
population is emtempts to strengthen the Executive are not effec- ployed in industry. Politica
l parties are consolitive, nor is the Executive able to give stability to dating to the extent that
42% of all the recently
the Cabinet. In Poland, where his power is en- cast ballots were for Sociali
sm, or Communism.
larged, a dictatorship is likely to follow. Party There is wide interest in
public affairs, and while
strife is violent, and parties are innumerable; repre- there is little hostility
to the economic conception
sentative action having to gain the support of coali- of the State on the part
of the professional class,
tions is difficult to secure. As the function of the civil service, the landown
ers and the army and
government is extended to include supervision of navy, and the rich
employers subsidize the patriotic
economic and intellectual life, the reaction against organizations to
use them against labor, there is no
individualism as expressed in their constitutional thought of return
to the pre-war system and no one
government, if it is to escape a more genuine democ- wants a dictator
. The ideal of both capital and
racy, will turn toward the collectivism of Trade labor is international
in the broad, and not in the
Unions and associations which threaten the effi- narrower Russian sense.
The State is not expected
cient unity of the State. In earlier days these were to go into business or
to maintain a monopoly.
little regarded.
On the whole, it may be said that all the constituThis, the author shows, is not due to democracy tions begin by affirmi
ng the efficiency of the demoas a system, but to the method of its application. cratic principl
e. Popular sovereignty is the ideal.
The English system is not a clever device but a nat- In its applicat
ion there is a diverse development beural product of the English character which com- ginning with
those States in which there is a Fedbines impatience of authority with capacity to pro- eral Government
in connection with the local State
duce and follow a chosen leader. It depends on the governments. The
tendency is to strengthen the
existence of two large parties, one constituting the Central authorit
y. Even with the risk of violent opOpposition. The government to be created by the position in defense
of State rights, the sense of unity
one party or the other is practically agreed upon usually sustain
s this tendency. Though universal
before the election and the existing government suffrage largely
prevails proportional representastands until after the election. The vote of the peo- tion has
at the same time made elections compliple is really upon the government and its policy, cated and
restricted. Party tickets play a large
rather than upon party representatives. The Prime part. The
referendum where introduced has proved
Minister, who is the nominee of the successful party, a
fictitious device which merely transfers responis formally confirmed by the King, and then cre- sibility, marking
the failure of the accepted form of
ates the Cabinet. This body which virtually has a government
as it thus "turns to that part of the
mandate from the people, and must command a ma- State which
does not know what it wants."
jority in Parliament, has in its hands the substance
Our author's study, which is thorough and judiof power.
cial, makes it clear that Europe has become too
The new European constitutions generally pay small for nationa
lism, and is committed to the idea
little regard to these distinctive features of the Eng- of popular
government. It is necessarily influenced
lish system, while nominally adopting it. Disre- by outside
examples, hoping for their adjustment.
garding its essential features, they have innumerThe economic life of the people is the ever-present
able parties and depend on coalition governments. care2 and
political devices will be judged by that.
The government is formed by the Assembly, which This underlie
s the search for new adjustments.
the votes of the people have each time created and These are various
as seen to-day, and outside methto which the Government is responsible. Endless ods are not always
enlightening. Where a parliastrife and compromise, with only secondary leaders, mentary ministr
y exists as in England, the lower
are the result. A majority in the English sense is house has superior authori
ty and the upper house
impossible, as is a homogeneous Cabinet. The instahas little power. On the other hand, where, as in
bility of the government is evident; the adminstra- France, the Cabinet is
weak, or when, as in the
tion is held up; the prestige of the nation is impaired United States and Switzer
land, the Senate is small
and reaction against the government, with political and represents State interests,
the Senate attracts
crises, is constant. Reference to the experience of the best political talent of
the nation and is excepPoland, Lithuania, Finland and Yugoslavia, for ex- ionally strong. The greater
number of new constiample, is hardly necessary. The tendency to resort tutions have failed to guard
against the absolutism
•
3600
FINANCIAL CHRONICLE
of the Representative Assembly, although there is a
growing distrust of it. The need of checks upon it
is felt, especially in regard to its dissolution, and
its continuance in action during transmission of office on the part of the head of the State or of change
in majorities. The right to order its dissolution
at the hands of the government is obviously desirable as a check upon its arbitrary power.
Summing up, it may be said that English influ-
[voL. 127.
ence is in the long run likely to prevail. Effective
solution will be found for new difficulties as they
appear. Anticipated and suggested dangers will be
effectively met. Europe may be accepted as committed to democracy, and in a permanent form of
representative government it will not fail, for as
faith which means adventure appeals to the individual heart, so democracy which also means adventure appeals to the spirit of the awakened State.
Indications of Business Activity
, has latterly increased
THE STATE OF TRADE—COMMERCIAL EPITOME. spot demand for coffee, moreover
for both Brazilian and mild descriptions. December sugar
Friday Night, Dec. 28 1928.
have declined and the
There has been some falling off in trade among retailers has advanced but other deliveries
lower for the week.
and also, as usual, among the big industries towards the prompt Cuban quotation is 1-16e.
Wool has been quiet as usual at this time. Trade in
close of the year. The big holiday trade has spent its
woolens and worsteds was quiet except in heavy weight
force, after making something like a high record in different
e delivery. These have sold so
parts of the country. Latterly moreover, the weather overcoatings for immediat
there and freely that the supplies have been materially reduced.
has become again unseasonably mild here and
in fair demand for the spring season
certainly this militates more or less against business in Broad silks have been
been
special sales have stimulated mostly for crepes and printed fabrics. Raw silk has
general. At the same time
from time quiet and steady. There has been some falling off in the
retail buying in some parts of the United States
are firm. Radio goods have been
to time, but a "green Christmas" has certainly hurt business lumber output and prices
is still very preva- in sharp demand, so much so that deliveries are backward.
in heavy clothing. Moreover, influenza
been quiet, but there are reports that
lent, a million cases being reported in the country at large, The flour trade has
y suffering the most. Yester- northwestern interests are buying mills in the southwest.
with the Northwest apparentl
circumstance that the trade on the Great
day it was 44 degress in Minneapolis; 40 at Chicago, Mil- It is a noteworthy
in 1928 than it was in 1927 although
Cleveland and Detroit, and as high as 56 in Kansas Lakes has been larger
waukee,
the kind of weather to stimu- the opening of navigation in 1928 was late and the closing
City. Assuredly that is not
early date. It is believed that the
late business in winter goods or needless to say, in coal was at a relatively
will make a new high record.
or to promote the public health. There automobile output for this year
and other fuels,
higher prices. The The Ford establishment is said to have reached an output
has been a larger business in copper at
cars, including that in Canada, just before
shoe industry is doing very well. Prices for leather are of 6,500 to 7,000
tire industry the
has advanced in spite of some year-end shutting down for inventory. In the big
firmer. Cotton
for textiles year has been fairly good with production on an unpreliquidation, for statsitics are wrong, the outlook
and the output for 10 months this year exis good, and notices on Wednesday for some 45,000 bales, cedented scale,
were promptly stopped. ceeding that for the entire year 1927. At the same time the
although they came as a surprise,
this year has reduced profits and now it is
The exports of cotton are running 800,000 bales ahead decline in rubber
order stores have just cut tire
As usual at this time of the year, cotton said that some of the mail
of a year ago.
better demand has prices 7 to 20%. In Detroit employment this week has
goods have been quiet, although rather
23,000, but the total is still up to such
prevailed for various fine and fancy cotton cloths. • The fallen off about
a year ago
England and the South are very cheerful impressive figures as 244,583 against 187,216
advices from New
manufacturing in- and•87,842 in 1926. In other words the present total is
as regards the outlook for the cotton
57,300 larger than a year ago, and 156,700 larger than in
dustry in 1929.
country continues to make a 1926. Car loadings of late are somewhat smaller than in
In general, trade in this
ago when 1927 and 3% smaller than in 1926. For the year 1928
-very favorable comparison with that of a year
be somewhat
uncheerful. Pig iron has been quiet and revenue freight loadings it is believed will
the outlook was
the steel trade the talk larger than those in 1927. Loadings during December are
apparently none too steady. In
overtopping smaller than they were in November but larger than in
is cheerful and the 1928 output is estimated as
of 1926. Rubber has advanced December last year.
the previous high record
As to the crops, the weather has been in the main favors.been better.
and of late the demand from the factories has
in the West has caused
ally mild winter thus far has militated ble although at times freezing weather
Yet the exception
in rubber footwear. In the uneasiness because of the lack of snow in that section. Huskagainst the normal business
the ing of corn has made fair progress where the temperatures
wholesale and jobbing trade in general merchandise
on
largely for goods for use in the forepart have been cold and the ground frozen. Weevil hibernati
demand has been
parts of the country, in the cotton belt is said to be heavy. Hogs have advanced
of 1929. As to collections in some
are noticeably 25c. this week and are 200. higher than a year ago. Cattle
they are fair but in others slow. Failures
recent years at this time. Wheat have declined $1 as compared with last week's prices and they
smaller in number than in
demand slack are $3.85 lower than at this time in 1927.
prices have declined 1 to 2 cents with export
Stocks to-day were higher with the leaders Radio, Kennefrom Argentine imminent. Moreover,
and larger offerings
good. Yet the cott, Montgomery Ward, General Electric, Johns-Manville,
are too
the crop advices from Australia
moderate as to Allis-Chalmers and Chesapeake & Ohio not to mention
weekly changes in wheat quotations are so
that the price is not far from the others. The advance took place in the teeth of a persistent
suggest to some the idea
admittedly call money rate of 12%, which however, was not so bad as
stabilization point, or in other words that the
a considerable extent been discounted. some expected for 15 to 20% had been predicted, as a result
large supply has to
the crop movement of the banks calling $20,000,000 to $40,000,000 daily for
Corn has advanced somewhat, with
cash demand good. The feeding of corn some days past.
light and the
Glancing backward for a moment over an eventful year,
a very large scale, larger,
in this country is said to be on
from the depression of 1927.
than most people had suspected. Moreover, there general trade in 1928 recovered
indeed,
financial
those who believe that in the coming year That was the outstanding fact of the year. In a
are not wanting
demand for American than sense it was the most remarkable in the history of the United
there will be a larger export
advanced with States, or perhaps of any other country in recorded history.
has yet appeared. December oats have
excellent for this grain, and the same Stocks and bonds had a remarkable rise. Car loadings
the cash demand also
is, however, that there exceeded all former records. In many departments the outmay be said of rye. The point
gathered,
t export demand for American grain put of steel and iron, as nearly as can at present be
has been no importan
advanced somewhat in made a new high record. Production in other industries,
of any kind. Provisions have
has been bought while not of a record-making size, was notable, especially as
response to higher prices for corn. Coffee
prices are higher than a week to auto cars and electrical apparatus. Exports were larger
by Brazil and Europe and
in command. The than for some years past. Imports reached a respectable
ago, with the Defense Committee still
DEC. 291928.]
total. Crops have been good, if not always especially bountiful, and have sold at fairly good prices. Unemployment,
which was large a year ago, has been steadily diminishing,
and in the automobile industry employment is far larger, at
Detroit, at least, than ever before. The textile industry
has improved noticeably. If competition from rayon and
silk has cut into the use of cotton fabrics, this decrease has
been offset by high record consumption by automobile companies in the shape of tires, upholstery, &c., as well as a tendency towards an increase in cotton using in other directions
too numerous to mention here. In Lancashire the drift
towards betterment of the cotton manufacturing industry
has been distinct, and no doubt it would have been more so
but for the fact that big London banks are unwilling to compromise on debts due them and defeated the plan of reorganization of England's cotton textile industry, which has
been suffering for years from the effects of overcapitalization
during the World War, when British financiers bought up
cotton mills and inflated their stock issues only to be caught
by the sudden and unexpected ending of the war in November 1918.
The plan now is a vast amalgamation of British cotton
mills on a reasonable capitalization and it is to be hoped that
in 1929 this will be brought about. The latest London
news about this matter is that the outlook is now more
hopeful for the formation of a big Lancashire cotton corporation early in the coming year with the help of London
banks which have hitherto opposed it. Owners of 10,000,000
spindles have already assented to the Ian eliminating futile
competition among mills, which stagger under a debt of
$125,000,000.
In the United States commodity prices have been relatively high. Yet the buying power of the people with enemployment steadily reduced and wages higher than in recent
years has been in the main good. Retail trade in 1928 is
estimated at Washington at $40,000,000,000 to $60,000,000,000. Christmas shopping, according to Washington advices,
was the greatest in American history. There has been no
overspeculation except in stocks, where at times the transactions in a day have exceeded 6,000,000 shares, though
transactions have latterly been curbed by advances in call
money rates at times to 12% when brokers' loans reached
an almost fabulous total. No. 2 red wheat of late has been
1.56%e, or 6 cents higher than a year ago; No. 2 yellow
corn $1.06, or 4 cents higher, while oats and rye have been
3 to 6 cents lower; lard Mc.lower; butter 33/0. lower; rubber
23Mo. lower, as the export restriction plan failed; tin is 8c.
lower; zinc Xc. lower and hides 3e. lower. On the other
hand, steel bars are 15c. higher and iron 50c. higher, while
copper advanced 2c. and cotton Mc., though the crop increased 1,400,000 bales for the world consumption may
equal last year's high record of 15,500,000 bales. Coffee,
despite the oft predicted downfall of the Defense Committee,
continually reprieved, is 2c. higher than a year ago on a big
consumption. Pennsylvania crude petroleum, even after a
year of big production in the American oil field, is $1 higher,
though kerosene is lc. lower.
Fall River now wires that the practical certainty that the
sale of the Arkwright mills, as authorized by the stockholders last week, will be followed by operation of the plant
with two shifts of operatives is encouraging for Fall River's
industrial outlook for the new year. This plant has been idle
for an extended period. Opportunity for work for double
the number of hands formerly employed will be a material
relief to the industrial situation. Apart from the Fall River
reports a better outlook for cotton mill operation in the year
about to open. New Bedford, Mass. advices stated that
fine and fancy goods production is gaining steadily.
In Poland the Lodz strike, which lasted for the greater
auLof October, had a beneficial effect on the textile industry. The cessation of production for three weeks prevented further addition to stock on hand. Efforts are now
being made for a better organization of the Polish textile
industry and the prevention of overproduction. The threeshift system has been condemned by the government and
the Bank of Poland, and the authorities are urging upon mill
owners the desirability of curtailing operations to two shifts
daily eliminating the night shift.
A new record for the year was set by both Sears, Roebuck
& Co. and Montgomery Ward & Co. in 1928, said a Chicago
dispatch. It added: "When the sales are announced, they
will probably show that Sears, Roebuck & Co. topped 1927,
the best preceding year, by not much less than 20%, while
Montgomery Ward & Co. will also better 1927, their previous
record year, by not much under 15%."
3601
FINANCIAL CHRONICLE
Although the number of influenza eases in the United
States has exceeded 1,000,000, of which 856,196 appeared in
the week ended Dee. 22, officials say that the epidemic has
passed its peak and no epidemic is feared here.
On the 25th inst. the temperatures here were 32 to 50 and
no snow, marking a "green Christmas." On the 25th inst.
Boston had 34 to 50 degrees; Chicago 36 to 38, Cincinnati
24 to 50; Cleveland 32 to 40; Detroit 30 to 36; Kansas City
38 to 50; Milwaukee 32 to 36; Philadelphia 34 to 54; Portland, Me. 28 to 46; San Francisco 48 to 54; Seattle 40 to 52;
St. Louis 38 to 50; St. Paul 34 to 42. On the 26th inst. it was
36 to 46 degrees here. On the 27th inst. temperatures here
were 37 to 48; at Boston 34 to 46, at Chicago 36 to 40, at
Cincinnati 33 to 38, at Cleveland 38 to 40; at Detroit 36 to
40; at Kansas City 34 to 56; at Milwaukee 34 to 40; St. Paul
32 to 44; Montreal 32 to 38; New Orleans 50 to 64; Omaha
32 to 54; Philadelphia 34 to 48; Portland, Me. 28 to 42;
San Francisco 48 to 62; Seattle 42 to 44, and at St. Louis
30 to 48. To-day the temperatures here were 38 to 45, and
the forecast was for fair to-night and cloudy to-morrow.
Federal Reserve Board's Summary of Business Conditions in the United States—Industrial Activity
While Declining in November at Higher Level
Than Year Ago.
The Federal Reserve Board, in its monthly summary of
business conditions in the United States, reports that
"Industrial activity declined somewhat in November, but
continued above the level of a year ago." Wholesale commodity prices declined further" says the Board, "reflecting
principally a continued decrease in the prices of farm products. Security loans of member banks declined sharply
after the first week of December, while other loans
increased."
The Board in its summary continues:
Production.
Total output of manufactures was somewhat lower in November, reflecting primarily a decrease in production of automobiles and steel, larger than
Is usual at this season, but total output continued larger than a year ago.
Production of pig iron and copper continued to increase in November. and
textile mills remained active. Meat
-packing and sugar refining declined
seasonally during the month, and the production of building materials was
smaller. Factory employment and pay rolls were seasonally reduced but
were larger than in 1927. Mineral production was in about the same volume
as In October, according to the Federal Reserve Board's index which makes
allowance for seasonal variations. Increases occurred in the production of
copper, zinc, and tin, while both anthracite and bituminous coal decreased
and the output of petroleum was somewhat smaller.
The value of building contracts awarded in November and the early part
of December receded sharply from the record figures of the two preceding
months. The November total was slightly larger than in the corresponding
month in 1927 and the volume of contracts for the first two weeks of December was smaller than a year ago. The December forecast of the Department of Agriculture increased the estimated 1928 production of cotton by
260.000 bales to a total of 14,373,000 bales, which is nearly 11% larger
than a year ago. The total value of crops, based on December farm prices,
is estimated at $8,456,052,000, as compared with $8,522,563,000 in 1927.
Trade.
Department store sales showed a 'seasonal increase in November when
allowance is made for the number of business days and approximated those
of a year ago, while inventories continued smaller than in 1927. Sales at
wholesale declined seasonally but were larger than in the same month of
last year. Railroad freight shipments decreased in volume during November and the early part of December, but continued larger than in 1927.
The decrease from October was especially marked in loadings of miscellaneous freight.
Prices.
Wholesale commodity prices decreased further in November and the first
two weeks of December. The largest price declines during the six-week
period were in farm and food products and leather, while several groups
of industrial products, notably iron and steel, non-ferrous metals, and cotton
goods, were generally higher. Wholesale prices of gasoline and automobile
tires declined. Among the agricultural products, prices of raw silk, corn,
livestock and meats were lower during November, while raw cotton and
wool, wheat and oats increased somewhat. During the first two weeks of
December, however, prices of all of these products, with the exception of
raw silk, declined. Building materials were generally higher in November,
but declined somewhat In the middle of December.
Bank Credit.
Loans and investments of member banks in leading cities increased
$329 during the four-week period ending Dec. 19. The advance during the
first two weeks reflected chiefly a rapid increase in security loans, which
include loans to brokers and dealers in securities. Subsequently, a sharp
decline in loans on securities was more than offset by a rapid increase in all
other loans and in holdings of investments. The increase in all other loans,
which include loans for commercial purposes, was contrary to the usual
movement at this season and carried the total to the highest figure in eight
years.
Seasonal growth in the demand for currency in November and December.
together with increases in member bank reserve requirements. consequent
upon an increase in their deposits, have been reflected in larger borrowings
by the member banks from the Reserve banks. This recent growth, following upon demand caused by the loss of gold in earlier months, has carried
the total volume of Reserve Bank credit to the highest level in seven years.
The rates on call and time loans on security collateral increased during
the last week in November and the first part of December, while rates for
commercial paper were generally steady. Rates on certain maturities of
bankers' bills increased somewhat.
3602
FINANCIAL CHRONICLE
[Vol,. 127.
and, from present indications, a high rate of operations
Annalist's Index of Wholesale Commodity Prices.
should extend well into the new year. The report goes on to
' The "Annalist" presents as follows its weekly index of say:
wholesale commodity prices:
Outstanding in gains made was the automotive industry, which estab-
Wholesale farm and food prices have declined this week, but there have
been partly offsetting gains in fuels and in miscellaneous commodities, and
the "Annalist" weekly index of wholesale commodity prices consequently
shows little change at 147.1, as against 147.2, the slightly revised figure
for a week ago. Among individual commodities, however, lack of change
In either direction was the outstanding characteristic of the price structure.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
-100)
(1913--
q
4,
460E4,
t;-,,
lished a new high mark for all time with average rate of operations fully
30% above the 1927 level. The metals industry registered a gain over the
previous year of 17%, while the rubber industry recorded similar progress.
Chemicals and allied products showed an average rate of activity for the
year that was about 20% greater than in 1927.
rtis highly favorable condition, however, was not common to all industrial groups. The average rate of 1928 operations in the lumber industry
was about 11% below the mark established in 1927. The textile industry,
taken as a whole, operated on a plane that was about 8% below the 1927
Dec. 24 1928. Dec. 18 1928. Dec. 27 1927. level. A feature in the situation was the improvement in the textile division
in the last quarter of the year.
148.3
148.8
147.8
Farm products
152.3
Operations in industry by sections of the country reveal that the North
145.8
145.4
Food products
152.4
•156.4
156.4
Central states in 1928 made a gain over the preceding year of 13%. The
Textile products
157.4
166.1
166.4
Fuels
Middle Atlantic section experienced an average increase in plant activity of
119.4
124.4
124.4
Metals
14% over 1927; the Western states showed a gain of 5%. Despite the slump
147.2
153.8
153.8
Building materials
133.7
in textile operations in the first half of the year, industrial activity in the
134.6
134.6
Chemicals
122.6
118.0
120.8
New England states was on an average about the same as in 1927, and some
Miscellaneous
146.5
•147.2
147.1
All commodities
5% greater than in 1926. Manufacturing plants in the South failed to
maintain the large annual gowth recorded since the World War, but have
*Revised.
actually registered a decline for 1928 of about 2%,compared with the 1927
In order to faclitate monthly comparison, we give below the index by
groups on a monthly basis for December 1928, November 1928 and De- level.
As for the immediate future the favorable economic factors outweigh the
cember 1927:
unfavorable, and the first quarter of 1929 is almost certain to witness
Dec. 1927.
manufacturing activity of a high order.
Nov. 1928.
Dec. 1928.
Favorable business indicators are: General confidence in the political
148.4
148.7
Farm products
situation-the forthcoming administration promises to be essentially
149.9
• 147.0
Food products
sound from a business standpoint; decrease in unemployment and continued
155.5
156.7
Textile products
upward trend in wages with cost of living about stationary; increasing
166.5
166.0
Fuels
123.6
124.3
purchasing power of the agricultural population; maintenance of minimum
Metals
153.8
153.8
Building materials
inventories by both wholesalers and manufacturers; increased exports
134.9
134.6
Chemicals
with an increasing favorable trade balance; continuance of economic pro117.0
118.0
Miscellaneous
148.3
147!
gress in foreign countries.
All AnnnyAnr11.1aa
On the unfavorable side, the frenzied stock market operations head the
list,followed by high money rates,the trend toward price cutting to increase
volume of sales, the incomplete agricultural recovery, and excessive installLoading of Railroad Revenue Freight Shows Seasonal
ment buying.
of 1927 and 1926.
Decline, but Runs Ahead
Loading of revenue freight for the week ended on Dec. 15
totaled 964,086 cars, the Car Service Division of the American Railway Association announced on Dec. 27. Due to
the usual seasonal decline in traffic which always takes place
at this time of the year, this was a decrease of 20,266 cars
under the preceding week with decreases being reported in
the total loading of all commodities except coke, which
showed slight increase. The total for the week of Dec. 15
was an increase of 95,336 cars over the corresponding week
in 1927 and 19,690 cars over the same week in 1926. The
particulars are outlined as follows:
Miscellaneous freight loading for the week totaled 347,042 cars, an increase of 48,066 cars over the corresponding week last year and 35,189 cars
over the same week in 1926.
Coal loading totaled 198.525 cars, an increase of 25,251 cars above the
same week in 1927 but 32.154 cars below the same period two years ago.
Grain and grain products loading amounted to 51.722 cars, an increase
of 6,821 cars above the same week last year and 6,006 cars above the same
week in 1926. In the western districts alone, grain and grain products
loading totaled 36.431 cars, an increase of 4,789 cars over the same week
In 1927.
Live stock loading amounted to 31,691 cars, a decrease of 603 cars under
the same week last year but 1,392 cars above the same week in 1926. In
the western districts alone, live stock loading totaled 24,089 cars, a decrease
of 774 cars under the same week in 1927.
Loading of merchandise less than carload lot freight totaled 251,984
cars, an increase of 5,672 cars above the same week in 1927 and 5.147 cars
over the corresponding week two years ago.
Forest products loading amounted to 61.802 cars, 7,917 cars above the
same week last year and 3,342 cars above the same week in 1926.
Ore loading amounted to 10,377 cars, 1,242 cars above the same week
in 1927 and 1,608 cars above the corresponding week in 1926.
Coke loading totaled 10,943 cars, 970 cars above the same week in 1927
but 810 cars below the corresponding week in 1926.
All districts reported increases in the total loading of all commodities
compared with the same week last year. All districts except the Allegheny,
Pocahontas and Southern also reported increases compared with the same
period two years ago.
Loading of revenue freight in 1928 compared with the two previous
years follows:
1926.
1928.
1927.
3,686,696
3,756,660
3,447,723
Four weeks in January
3,677,332
3,801,918
3,589,694
Four weeks in February
4.805,700
4.982.547
4,752,031
Five weeks in March
3,862,703
3,875,589
3.738,295
Four weeks in April
4,145,820
4,108.472
4,006.058
weeks in May
Four
5.154,981
4,995,854
4,923,304
Five weeks in June
4,148,118
3,913.761
3,942.931
Four weeks in July
4,388,118
4,249,846
4,230.809
Four weeks in August
5,703.161
5.488,107
5,586.284
Five weeks in September
4,787,527
4,464,872
4,700.796
Four weeks in October
4,248,272
4,245,028 3,822.903
Four weeks in November
1,051,219
918,487
899.786
Week ended Dec. 1
992.455
877,676
984,352
Week ended Dec 8
944,396
868,750
964,086
Week ended Dec. 15
George M. Reynolds of Chicago Finds Indications
Pointing to Good Beginning For Business in 1929.
"Prosperous Year Ahead for Business" is the headline of an
article appearing in the !attest issue of the Illinois Bankers
Association "Bulletin." This article is the result of a survey
of conditions throughout the State which is made semiannually by the Illinois Bankers Association. Bankers from
every section of the State are represented in this survey,
one banker in each county being asked to report on his
locality. George M.Reynolds, Chairman of the Board, of the
Continental Bank & Trust Co., Chicago, contributes the
lead in the survey. His conclusions are:
A record year is behind us. Business generally is active, the building
outlook is favorable at least so far as heavy construction is concerned. The
financial structure is sound, labor is pretty fully employed and a general
public attitude of confidence in the future prevails. All these point to a
good beginning in the year 1929.
Mr. Reynolds commented upon all of the factors influencing the rising tide of prosperity during 1928. Agriculture, iron and steel, automobiles, building construction, coal
mining, textiles, labor, wholesale trade, transportation, the
stock market, credits, foreign trade and money rates were all
examined by Mr. Reynolds in his optimistic statement.
A similar trend of optimism is noted from the reports of
the 101 other bankers whose observations were the basis
of the report of the survey. Of course, there are still spotty
conditions, says the Association, which in summarizing the
survey states:
While agriculture on the whole may have made progress in the past year.
that progress has not yet demonstrated itself to any material extent in the
cash box. However, most of the bankers are of the opinion that the first
of the year will show a betterment in this feature. Some crops have been
abundant. Heavy production in these cases has forced prices a little below
expectations, but the average compares favorably with past years and the
farmers are beginning to pay up the accumulations of interest, although as
yet there has not been any stampede to reduce the principal of agricultural
Indebtedness. Nevertheless the encouraging reports from most of the
bankers in the agricultural sections forecast a confidence in the future of
agriculture.
Manufacturing establishments are as a rule fairly busy. Many factories
are operating either at full time or over time.
Little can be said of mining right now. The majority of the mines in
this State have been shut down until recently. Gradually they are beginning to resume operations and here and there some are reported operating
at full capacity.
Credit is stable throughout the State, generally speaking, with deposits
51,596,498 holding their own or showing slight increases. In some sections of the State
50.011.177 50,125,442
Total
they are reported to have reached a high point.
Collections are fair to normal. In some localities they are doing a little
to the better than has been the case during recent years. This is especially true
1928 Set New High Mark for Industry According
McGraw-Hill Publications-Rate of Production In the industrial sections where employment has been at a peak and in the
farming districts where crops have been sold. In the southern section of
7% Greater Than in Previous Year.
the State collections are reported as slow, due to poor crops and the slackThe year just closed has witnessed the greatest industrial ness in coal raining.
emphasize the
Some of the bankers
activity in the history of the nation. The average rate of irregularities which stillreporting on this survey continue to lines not sharexist. Apparently there are several
production for general industry in 1928 was about 7% ing in the satisfactory condition of most. It is unfortunate that this has
all lines
higher than in the preceding year, and 9% greater than in to be the case but prosperity is never distributed equally amongimprovecertain individual lines there Is room for
1926, according to Robert M.Davis, statistical editor of the In spite of the fact that in is good. Taking everything into consideration,
mein. business generally
McGraw-Hill Publishing Co. The final month of the year the great majority of those bankers who have co-operated in this survey
year ago, are agreed that the new year should get off to a most auspicious start.
than a
found industrial activity some 17% higher
DEC. 29 1928.]
FINANCIAL CHRONICLE
Analysis of Busines3 Conditions by "Conference of
Statisticiansin Industry"—Activity in 1928 Slightly
Higher Than Preceding Year.
"The year 1928 as a whole has been a year of industrial
and comemrcial activity slightly higher than in,the preceding year, but little if any above the normal annual rate
of expansion of general business except for a few months
in the last half of the year. "The automobile and building industries have continued to be the leading factors in
the business movement; the extraordinary expansion of
stock exchange activity during the year, as in preceding
years since 1923, stands in strong contrast to the general
growth of industry and trade." That, in substance, is
the collective interpretation of business statistics, gathered
by statisticians and economists of industrial and trade organizations and large industrial corporations representing
about 30 of the leading industries of the country and formulated at the first monthly meeting of "the Conference of
Statisticians in Industry," a new organization operating
under the auspices of and with the co-operation of the National Industrial Conference Board, 247 Park Avenue, New
York. The full statement by the Conference, to be followed by a similar statement each month, issued Dec. 26,
is as follows:
The first of a regular series of monthly statements on the industrial and
trads situation, based upon careful analysis and evaluation of all available
statistical records and reflecting the intimate and up-to-date knowledge
of a representative group of men engaged in the practical statistical
guidance of American industry, was issued to-day by the Conference of
Statisticians in Industry, covering the year 1928 and the outlook for
1929.
The Conference of Statisticians in Industry, working under the auspices
and with the co-operation of the National Industrial Conference Board,
247 Park Avenue, New York City, is composed of a group of statisticians
and economists of industrial and trade organizations and leading industrial
corporations representing at present about thirty of the leading industries
of the country, together with railroad transportation, building construction and important branches of wholesale and retail distribution. It was
established during the past year for the purpose of extending and improving the statistical analysis and interpretation of current business conditions through the trade organizations of the country and of providing
Industry and trade with more prompt and authoritative knowledge of
the current business situation based upon careful study of available business statistics and their evaluation in the light of the practical experience
of industry itself. In this way the Conference of Statisticians in Industry
is designed to provide a systematic and organized expression of current
business conditions from within industry and trade, to check and complete the reports and interpretations of the business situation from official
and financial sources.
Harvard University Instructors to Study Origins of
Business Leaders.
An inquiry into the social and economic origins of American
business leaders was recently undertaken by Professor F. W.
Taussig and C. S. Joslyn of the Department of Economics
at Harvard University. Questionnaires have been sent out
to 15,000 leading business men throughout the country, in
an attempt to secure first-hand information regarding the
social classes from which business leaders are recruited,
the extent of their education and training, and the circumstances surrounding the early stages in their business careers.
The research is being carried out under a grant from the
Milton Fund, a foundation which this year is supporting 37
research projects undertaken by various members of the
Harvard Faculty.
The questionnaire is addressed to the officers, owners, and
directors of the leading business organizations of the United
States. The list of names used in the inquiry has been
selected from those given in the recently published Poor's
"Register of Directors". The undertaking is sponsored
by an advisory committee composed of Julius H. Barnes,
President of the American Chamber of Commerce, James
Bell, President of the Washburn-Crosby Co., Walter S.
Gifford, President of the American Telephone- and Telegraph Co., Alexander Legge, President of the International
Harvester Co., Paul M.Warburg,President of the American
and Continental Corporation, Clarence Woolley, Chairman
of the Board of the American Radiator Co., and Owen D.
Young, Chairman of the Board of the General Electric Co.
The authors of the inquiry, Professor Taussig and Mr.
Joslyn, describe it as the first systematic attempt on a large
scale to collect data which will have important bearings on
the problem of social stratification. They state:
Every business man has ideas of his own as to why some of his fellows
succeed in attaining to high positions in the business world, while others are
less fortunate in their achievements, or even fail utterly. Every business
man also has opinions as to the relative importance of superior native
ability and of superior advantages—such as social position. command of
capital, influential connections, and higher education—in determining
achievement of this kind. And every person, whether in business or out of
it has more or less decided ideas as to the relative importance of heredity
and environment, or nature and nurture, in determining social inequalities
3603
and in causing the persistence of these inequalities from one generation to
another.
We are not interested, in this inquiry, in obtaining the ideas or opinions
of any individual or group of individuals on any of these matters. Such
Ideas are of necessity based on a limited personal experience and are inevitably colored to a large extent by this experience. In order to arrive at a
valid generalization on any of these questions,it will be necessary to bring together such facts as can be objectively ascertained in the experience of a
large number of individuals in the class in which we are primarily interested
—that of business leaders. This IB exactly what we propose to do in the
present inquiry. Our questionnaire does not ask for ideas or opinions, but
for facts. Such conclusions as we may be able to draw from our data,
therefore, will be based, not on ideas or opinions—our own or any one
else's—but on facts.
From the results of the inquiry the authors hope to be
able to speak with greater authority than has hitherto been
possible on such disputed questions as the comparative
opportunities for advancement in business accorded to
members of the various social classes, and whether the
tendency in modern business is toward a wider diffusion
or a closer restriction of such opportunities. If the investigation now under way proves successful, it will be followed
by a supplementary study of similar nature for the professions. In any event the authors hope to have the results
of the present inquiry ready for publication at an early
date.
Outlook for 1929 as Seen by Paine, Webber & Co.—
Far Reaching Constructive Business Programs
Scheduled.
In the view of Paine, Webber & Co. the "coming year holds
forth no cause for pessimism. On one hand," they state"we
do not contend that average stock prices can volplane in a
manner to repeat experience of 1928; on the other hand, we
cannot foresee any reason to expect any undue devaluation
of security prices. Against these extremities, secure groundwork for successful speculative commitments must rest
in adoption of selective policy, choosing issues where trade
trends and internal developments are suggestive of higher
profit levels. In general, we believe such are to be found
in the merchandising, copper, chemical, rubber, electrical
equipment, automotive, food, amusement, public utility,
and rail industries." In their semi-Monthly Review, Dec.
26, they also state in part:
To surpass 1929, when composite industrial production, corporate profits,
and national income will have scored new high records and when extraordinary industrial achievements were attained, may be too much to expect
of 1929. In contrast with a year ago, when a business recession was clearly
in evidence, 1929 will commence on a high plane of industrial and trade
activity—a situation that has existed for 6 full months. Momentum
already attained is bound to carry over at least several months more and
perhaps for first half of new year. Beyond that period, much will depend
on prospect of crop outturns, respecting which no secure forecast is possible
before June.
Far-reaching, constructive, business programs are scheduled for 1929
In many industries,some relating to mergers and others relating to business
extension. Automotive industry is laying plans for another record year.
While it is only natural that curve of national development should follow
a continuous ascending plane, history shows that cyclic undulations above
and below general trend of moving average prevent an even upward course.
If progress is interrupted next year it will not be because of an unwillingness
to proceed along constructive lines but rather because of interjection of
some adverse influence. e. g., crops failure, high-cost money, &c.
Credit situation continues to be least encouraging factor in immediate
outlook. Bank credit has been in progress of continuous expansion since
1922, and money rates this fall have returned to highest levels since 1920.
Unlike 1919-20, current magnitude of bank credit is not due to commodity
price inflation or excessive inventories, but rather to absorption of credit
to carry floating supply of securities. . . .
Conservatives will insist that because interest rates are in excess of dividend returns, no sound basis exists for a broad market advance in 1929.
But even in the past it will be found that stocks representive of improving
situations are rarely to be bought on an investment yield basis. In this
"security-minded" era, speculators are trained to accept low returns in
return for prospective price appreciation in stocks representative of industries favored with rising earnings or special developments. Moreover,
fortunes of individual companies change from year to year, and it is characteristic of stock market history that selected issues move contrary to any
established trend whatever it may be.
Business Outlook for 1929 as Viewed by Gerard Swope,
President General Electric Co.—Increasing Use of
Electric Current.
According to Gerard Swope, President of the General
Electric Co. the electrical manufacturing business for 1928,
on the whole, has been quite satisfactory, with an increase
in the volume of about 7%. Mr. Swope says:
It is remarkable that the use of electric current in the homes and in the
factories continues its high rate of increase from year to year. The 1928
rate of increase is about 8% and, as stated last year, this is becoming one of
the best indices of general and industrial conditions in America.
Basic economic conditions are sound, inventories not unduly expanded,
credits and collections satisfactory, earnings of labor are high and employment steady, all of which presage a favorable outlook for 1929.
Detroit Employment Again Declines.
The Detroit Employers' Association reports employment
figures for week ended Dec. 25 as 244,583, a decrease of 22,942 from the previous week, but an increase of 57,367 over
the corresponding period last year.
3604
[VOL. 127.
FINANCIAL CHRONICLE
Gains in Chain Store Sales in New York Federal
Reserve District.
Regarding the chain store trade the January 1 Monthly
Review of the Federal Reserve Bank of New York says:
November as in October. Clothing sales in particular, fell
off considerably in November, and decreases followed October increases in sales of drugs, groceries and cotton goods.
Sales of hardware, shoes, silk goods, and jewelry remained
somewhat smaller than last year." The Review adds:
The total sales of reporting chain store systems showed an 8% increase
Stationery sales, however, showed an unusually large increase, sales
over a year ago in November
-the same increase as in October. There
of dealers in fine paper and of cotton goods commission houses showed
were considerable changes in the sale of the various types of stores, however;
moderate increases, and machine tool sales continued in more than double
sales of grocery chains showed an increase, which, although substantial, was
the volume of a year ago.
smaller than in October, while ten cent stores, drug stores, cigar stores, and
Stocks of silk goods and drugs continued substantially larger than a
shoe stores showed larger increases. Variety store changes continued to
show the largest increase in total sales. Grocery stores, however, con- year ago, but stocks in most other lines were at least slightly smaller. Collections averaged a little slower than last year, although there were continued to be the only type to show any material increase over a year ago in
siderable differences in the various lines.
average sales per store.
Percentage Change Percentage Change
Nov. 1928
Nov. 1928
Compared With
Compared With
Oct. 1928.
Nov. 1927.
Percentage Change N07. 1928
Compared With Nov. 1927.
Sales Per
Store.
No. of
Stores.
Total
Sales.
Grocery
Ten-Cent
Drug
Tobacco
Shoe
Variety
Candy
+5.4
+9.4
+10.3
+5.2
+8.7
+18.3
+16.3
+8.3
+6.1
+8.4
+1.6
+8.8
+15.7
-1.1
+2.7
-3.1
-1.7
-3.4
+0.2
-2.2
-15.0
Total
+8.0
+8.2
+0.1
Type of Store.
Per Cent of Account Oct. 31
Collected
in Nov.
Commodity.
Net
Sales.
Groceries
Men's clothing
Women's dresses
Women's coats and suits
Cotton goods
Jobbers
Commission
Silk goods
Shoes
Drugs
Hardware
Machine tools (a)
Stationery
Paper
Diamonds
Jewelry
Stock
End of
Month.
Net
Sales.
Stock
End of
Month.
1927.
1928.
-7.8
-46.8
+4.6
____
-1.5
+8.3
-0.6
........
73.8
33.1
71.1
33.6
-62.6
----
-19.7
----
----
----
-17.1
-11.3
-4.8
-5.2
31.9
33.6
-1.7 *+21.9
-1.9 -18.5
-1.3 +24.2
51.2
47.0
48.0
46.5
48.9
44.7
47.2
48.1
+2.3 .+6.5
-10.5
-3.8
-31.0
+1.0
-6.8
-11.4
-2.7
-1.6
+2.2
____ +116.4
Retail Sales in New York Federal Reserve District in
60.3
89.4
____
---- +21.7
+32.7
December In Excess of Those of Year Ago-Novem62.9
-7.2
58.4
____
+5.3
.......
)2 .0
4
-3.5 1-5.9
+0.9 1+0.5 121.4
ber Sales Smaller.
-7.8
-0.3 1
"As the result of active holiday trade, December sales
Weighted average
-24.4
49.8
50.7
--__
+0.9
of department stores in this district appear to have been • Quantity not value. Reported by the Si k Association of America.
x Reported by the National Machine Tool Builders' Association.
about 5% larger than a year ago, although there was one
less business day than in December 1927," says the Federal
Reserve Bank of New York, its survey of retail trade, in Union Trust Co., Cleveland, Sees Indications Pointing
the January 1 Monthly Review, adding:
to Continuation of Good Business.
This estimate is based on preliminary reports from stores in New York
and vicinity on sales during the period from December 1 to 24 inclusive.
"November sales were slightly below the substantial volume of a year
ago. Assuming an increase of 5% for the whole of December, the increase
In total sales for the entire year will be 1.5% an increase even smaller than
that reported last year. During the last six months of the year, however,
sales were 2% larger than a year previous, as compared with an increase of
only 0.9% for the first six months. Sales of reporting apparel stores
showed a slight increase over last year in November, and for the first
eleven months of the year were 8% larger.
Percentage
Change
Nov. 1928
Compared With
Nov. 1927.
Per Cent. of
Accounts
Outstanding
Oct. 31
Collected
in Nov.
(AsaUN.
Net
Sales.
New York
Buffalo
Rochester
Syracuse
Newark
Bridgeport
4 Elsewhere
,
Northern New York State
Central New York State
Southern New York State
Hudson River Valley District
Capital District
Westchester District
All department stores
Apparel stores
Sleek en
Hand
End of
Month.
-0.6
-0.8
-1.4
+1.7
+1.8
+4.3
+2.3
-4.8
-2.4
+3.3
+10.3
-5.1
-2.8
+1.0
--5.3
--12.4
--3.4
--3.2
--14.3
0
--0.5
+0.3
1927.
1928.
48.9
55.5
43.8
34.7
46.8
49.8
53.4
44.4
42.2
46.1
35.3
37.0
47.1
49.5
47.6
49.6
The departments selling musical instruments and radio sets, furniture.
and home furnishings were among those showing the principal increases over
a year ago in November. The apparel departments in most cases showed
smaller sales than last year.
Net Sales
Percentage Change
Nov 1928
Compared With
Nov. 1927.
Musical instruments and radio
Furniture
Hosiery
Shoes
Cotton goods
Toilet articles and drugs
Home furnishings
Books and stationery
Linens and handkerchiefs
Luggage and other leather goods
Men's furnishings
Women's and Misses' ready-to-wear
Women's ready-to-wear accessories
Toys and sporting goods
Silverware and Jewelry
Men's and Boys' wear
Silks and velvets
Woolen goods
Miscellaneous
Stock on Hand
Percentage Change
Nov. 30 1928
Compared With
Nov. 30 1927.
+23.6
+14.5
+12.3
+9.7
+6.6
+6.3
+5.6
+2.5
+2.4
+2.4
0
-0.3
-0.8
-2.1
-3.4
-9.3
-10.4
-17.8
+3.8
-44.3
-1.9
+11.5
+13.0
-6.7
+13.3
+1.9
-2.4
+0.4
+0.1
-4.2
+7.4
+2.7
+11.6
-5.2
+3.6
-8.0
-2.9
Falling Off in Wholesale Trade in New York Federal
Reserve District.
According to the January 1 Monthly Review of Credit
and Business Conditions by the Federal Reserve Agent at
New York "sales of wholesale dealers in this district in
general did not show as large increases over a year ago in
Present indications point almost uniformly to a continuation of good business during the early part of 1929,
says the Union Trust Co., Cleveland. While the credit
situation is a doubtful factor, the bank does not expect it
to embarrass business. "Evidence of the favorable outlook Is borne out by reports from many basic industries,"
says the bank in its magazine "Trade Winds." "Probably
the outstanding characteristic of the year 1928, from a business standpoint, is that it has brought so many high records in volume." The bank continues:
"This has been the case in steel production, in building contracts, in
automobile production, in oil output, in exports of finished manufactures
and in many other lines.
"These new high records have naturally been interpreted as indications
of more than usual prosperity.
"During the earlier part of the year the increase in business activity,
which culminated in such a satisfactory autumn, was first manifest in a
few distinct industries, some of which were ahead of the general average. The tardy industries, including agriculture, textiles and coal are
now beginning to catch up, making a much more uniform pattern of
prosperity throughout the country.
"Railroads have been slow to reflect increased industrial activity, but
income and car loading statistics for October and November now indicate
a decidedly more favorable trend."
Bank of Nova Scotia Reports Economic Conditions in
Canada Sound and General Outlook Encouraging.
Surveying, in its December Monthly Review, business
conditions in Canada, the Bank of Nova Scotia says:
The past season has produced new records in many branches of industry
and trade and has left the greater part of the population with a higher
purchasing power than ever before. As a result, Canadian business gives
promise of settling down to a winter season more prosperous than for
many years,
Economic conditions in the Dominion are sound, and the general outlook is encouraging. It is true that in Western Canada the damage to
the grain crop in some localities, due to frost, has proved to be more serious
than was at first supposed, and average grades have been lowered accordingly; but so great is this season's harvest that the combined purchasing
power of the western farmers is nevertheless large.
A fact of particular interest is the remarkable speed with which the
grain crop was carried to the seaboard and overseas this Fall. From the
beginning of August to the end of October, wheat exports were more than
twice as large as in the previous year.
In October and early November business activity continued at high
levels, with less than the ordinary seasonal drop in the number of workers
employed. Offsetting the usual seasonal decline in many activities, a
marked increase in workers engaged in logging has occurred, most pronounced in Ontario and the Maritime Provinces. The largest employment on record in the transport industries reflects both the abundant grain
crops of Western Canada and the great amount of heavy materials being
moved for construction purposes.
It does not seem possible that the present large volume of construction
work can be maintained indefinitely, nor would continuous expansion at
the present rate be economically sound. Only once before, in the boom
year of 1912, has the volume of construction equalled the present level.
While it is true that the productive capacity of the country is increasing
rapidly, statistical measurements show that the volume of construction
work has grown considerably faster than production as a whole. A moderate decline in the total amount of building would, therefore, seem natural
In the course of a year or so. Such a decline has already taken place in
work on factories and mills. There are already signs of a more than
seasonal decline in residential and busines building.
DEC. 291928.]
FINANCIAL CHRONICLE
One of the consequences of so large volume of construction is that there
has been a steady movement from old houses, offices and hotels to the
newer and more desirable ones which are so rapidly being erected in our
cities. Many otherwise substantial buildings, which lack the latest laboursaving devices and which do not meet the present standards of comfort
and beauty, are becoming more and more difficult to sell. Thus throughout the whole of industry-the more rapidly we produce new motor cars,
new clothes, new radios, and new machines, the quicker the old ones lose
their value. But old motor cars, clothes, radios and machines can easily
be scrapped, while obsolete houses, hotels and offices cannot.
Wholesale Trade During October as Reported to
Federal Reserve Board-Increased Volume of Distribution as Compared with Previous Month.
The Federal Reserve Board reports under date of Dec. 1
that wholesale distribution was in larger volume in October
than in the preceding month, as is usual at this season. An
increase of 2% was shown in the dollar volume of combined
sales in the nine lines of trade reporting to the Federal
Reserve System. Of the individual lines, firms handling
groceries, women's clothing, hardware and drugs reported
the largest increases in sales for the month, while there were
substantial decreases in sales of men's clothing, dry goods,
and meats. The Board's survey adds:
As compared with the corresponding month a year ago wholesale distribution during October was considerably larger. Increases were shown
in sales of all lines, except dry goods and boots and shoes, the largest increases being in the sales of men's and women's clothing and furniture.
Current developments in wholesale trade are summarized in the following
table:
Percentage Inc.(+)or
Dec.(-) tn Sales
October 1928
Compared with
-
Index Numbers Adjusted
for Seasonal
Variations
(1923-1925=100).
September
1928.
October
1927.
October
1928,
September
1928.
October
1927.
Groceries
Meats
Dry goods
Men's Clothing
Women's clothing
Boots and shoes
Hardware
Drugs
Furniture
+6.8
-3.9
--5.4
--9.7
+13.4
--1.3
+8.5
+11.8
+0.7
+5.1
+2.4
-0.2
+22.2
+15.0
-5.2
+2.6
+4.5
+10.9
95
111
85
99
62
87
97
116
110
92
122
84
89
62
92
112
112
90
109
86
81
54
91
94
111
99
Total nine lines
+1.9
+4.6
95
94
91
oo
October sales of agricultural implements were seasonally smaller than
those of September, but continued in larger volume than last year, according to the reports from 74 manufacturers compiled by the Federal
Reserve
Bank of Chicago. Orders for machine tools were in larger volume
than in
September and continued more than twice as large as a year ago.
Stocks of goods held by reporting wholesalers were smaller at the
end of
October than a month earlier, in four lines of trade
-dry goods, boots and
shoes, drugs and furniture. Dealers in groceries and hardware
reported
increases in stocks during the month. As compared with October
1927,
larger merchandise inventories were reported in groceries, boots and shoes,
drugs and furniture, while those of dry goods and hardware were
smaller.
More detailed statistics, by districts and for preceding months,
follows:
WHOLESALE DISTRIBUTION BY LINES.
(Index numbers, based upon dollar value of sales. Monthly average 1923
-25=100.)
Total GroDry Men's 1Vo- Boots HardNine cedes Meats. Goods Cloth- men's and ware. Drugs. Furnilure.
Lines,
int1. Cloth'g Shoes
1Vith adjustmentfor seasonal varied
1927
January _ -- 94
93
113
83
February- 95
93
112
87
March---- 90
96
108
90
April
93
95
111
86
95
May
97
109
87
June
93
98
104
88
95
July
91
102
88
August
100
97
109
102
September- 96
94
109
91
October__, 91
90
109
86
November_ 95
94
105
89
December
. 93
92
109
87
1928
January _- 94
93
106
89
February
97
98
113
88
March_ _ _ - 93
97
109
83
April
89
93
112
78
May
96
99
109
86
June
89
94
112
79
93
91
111
July
80
August _ ___ 98
100
116
90
September_ 94
92
122
84
October_._ 95
95
111
85
Without adjust meat or seasonal
1927
January,,, 86
86
113
78
February- 91
81
107
88
March
103
94
104
95
90
April
90
104
76
88
May
95
109
76
87
101
106
June
78
88
92
104
July
81
Ill
97
111
August..
125
September_ 112
102
117
113
.
October _ _ 106
102
122
99
November_ 93
100
101
88
December. 82
90
103
70
1928
106
85
January _ _ 87
85
108
February.. 93
85
89
95
105
March__. 99
87
105
88
70
April
86
109
913
May
89
75
114
97
71
June
84
113
92
74
July
87
118
August.__. 109
101
110
130
September_ 109
100
105
124
October..
107
111
99
*Revised.
on84
97
101
87
87
90
90
101
92
81
86
93
77
75
67
68
69
65
79
72
66
54
67
81
112
110
97
94
110
90
134
111
104
91
105
101
92
93
98
94
91
92
92
97
99
94
100
97
104
103
106
106
104
106
105
112
114
111
112
106
99
70
99
70
94
55
77
57
96
62
76
49
79
83
90
68
89
62
99
62
variation-
115
110
96
94
113
82
123
109
90
87
92
93
91
87
94
92
91
95
92
97
108
89
110
96
110
95
111
87
117
92
110
*94
107
95
117
106
112 *112
116
110
65
123
138
85
52
48
78
165
140
101
61
48
71
95
108
64
39
28
43
98
95
87
45
39
92
87
111
100
111
85
107
122
127
114
110
82
82
82
102
96
93
96
90
98
106
105
98
90
102
95
117
108
98
99
100
110
122
128
113
99
78
128
131
75
57
39
68
148
137
123
65
88
89
53
35
21
48
92
88
100
94
87
111
99
114
77
98
119
110
108
82
82
95
89
97
95
90
96
100
106
106
78
101
ug
121
107
113
88
110
87
103
83
102
78
115
108
119 .126
134
131
98
98
101
96
98
102
102
109
103
99
100
89
88
98
114
97
93
90
84
III
117
118
105
83
3605
CHANGES IN SALES AND STOCKS OF WHOLESALE FIRMS BY LINES
AND BY FEDERAL RESERVE DISTRICTS.
(Increase (+) or Decrease (-) Per Cent.)
Line and Federal
Reserve District.
Sales-October 1928
Compared with
Stocks-October 1928
Compared with
Sept. 1928. Oct. 1927. Sept. 1928, Oct. 1927,
Groceries
United States
Boston District
New York District
Philadelphia District
Cleveland District
Richmond District
Atlanta District
Chicago District
St. Louis District
Minneapolis District
Kansas City District
Dallas District
San Francisco District
Dry Goods
United States
New York District
Philadelphia District
Cleveland District
Richmond District
Atlanta District
Chicago District
St. Louis District
Kansas City District
Dallas District
San Francisco District
Shoes
United States
Boston District
New York District
Philadelpisla District
Cleveland District
Richmond District
Atlanta District
Chicago District
St. Louis District
Minneapolis District
San Francisco District
Hardware
United States
New York District
Philadelphia District
Cleveland District
Richmond District
Atlanta District
Chicago District
St. Louis District
Minneapolis
Kansas City District
Dallas District
San Francisco District
Drugs
United States
New York District
Philadelphia District
Cleveland District
Richmond District
Atlanta District
Chicago District
St. Louis District
Kansas City District
Dallas District
San Francisco District
Furniture
United States
Richmond District
Atlanta District
Chicago District
St. Louis District
Kansas City District
San Francisco District
Agricultural Implements
United States a
Minneapolis District
Dallas District
Paper and Stationery
New Yuk District
Philadelphia District
Atlanta District
San Francisco District
Automobile Supplies
San Francisco District
Cotton Jobbers
New York District
Silk Goods
New York District
Cotton Commission Houses
New York District
Machine Tools
United States c
Diamonds
New York District
Jewelry
New York District
Philadelphia District
Electrical Supplies
Philadelphia District
Atlanta District
Chicago District
St. Louis District
San Francisco District
Per Cent.
+7.5
+7.9
+18.4
+13.2
+6.1
+6.9
+12.1
+2.3
+5.3
-3.0
+11.1
+2.3
+8.3
Per Cent.
+5.8
+0.7
+6.7
+9.7
+6.0
+5.5
+8.0
+3.4
+4.1
-1.0
+8.9
+12.4
+5.7
Per Cent.
+9.6
+8.7
+18.4
+8.7
+4.9
+10.3
+4.4
+5.5
+12.3
+10.0
+5.5
+8.6
+8.8
Per Cent.
+3.6
-9.1
+3.4
+3.4
-3.7
+0.2
+9.0
+0.1
+17.5
-5.4
+0.6
+12.3
+1.2
-6.7
-5.1
-2.0
-13.0
-1.7
-12.6
+4.9
-0.2
+6.7
-6.9
+8.3
-16.5
-18.9
+6.3
-4.7
+4.1
+0.1
+13.5
--7.5
--6.1
---5.2
--6.0
--4.3
---1.2
--8.8
--8.8
--8.7
--6.9
--5.6
--10.4
--17.4
-7.2
---2.9
--7.5
--12.3
--10.4
--7.2
--10.8
-1.3
-1.3
-9.2
-5.0
-1.5
-9.0
+4.0
+5.1
+2.7
+8.0
-8.0
--5.2
--9.8
--0.5
--7.5
+0.6
--11.3
--15.9
--2.8
+1.0
+0.8
+5.1
--6.2
--16.8
--10.2
-0.7
--4.0
--15.0
--2.3
-6.3
+0.0
-5.3
+18.5
+25.0
+3.9
+8.7
+14.6
+19.5
+10.1
+11.4
+13.0
+16.3
+4.3
+2.0
+11.8
+4.4
+3.2
+2.7
-2.7
--2.3
-4.6
-9.0
-4.5
+11.9
+3.2
+10.0
+7.2
+3.0
+9.1
+2.8
+1.4
--2.4
-1.0
+4.6
-5.6
+1.0
+0.5
-1.0
+0.0
-0.5
-1.8
-1.3
-6.1
+7.4
-2.0
-5.7
+6.0
-10.0
+11.3
+25.3
+10.2
+7.5
+11.0
+9.7
+6.6
+4.4
+11.0
+0.8
+7.3
+4.0
+4.1
+3.5
+4.3
-5.4
-1.6
+6.4
+5.6
+2.8
+6.4
+2.4
--2.6
--7.5
+5.3
+17.0
+0.7
--5.7
--1.4
+2.2
+17.3
+0.6
+7.3
+10.9
-10.4
-5.7
+12.9
+35.1
+7.0
+18.5
+6.4
-4.6
+8.8
+3.4
--10.9
--57.0
+24.6
+14.6
-20.0
+27.8
+4.0
-11.7
+18.3
+12.4
+21.0
+2.4
+6.9
+4.0
-5.9
+12.1
+13.1
+17.4
+2.0
+1.9
+6.6
+1.9
-8.1
-5.6
b+5.4
8+17.6
--7.3
-4.2
--3.4
+11.6
+6.6
+8.0
4:1:5
-1277
--1.3
+3.5
-2.8
+5.2
-1.0
+10.2
+5.4
+17
7:i
+WEI
+13.0
+7.1
+113.0
+19.5
+13.7
+45.5
+28.5
-4.1
--1.0
d+4.4
-0.7
d+2.4
+8.7
+22.1
+20.6
+34.0
+19.1
+25.3
+14.9
+8.0
+38.7
+48.2
+27.8
-10.0
+5.6
+11.0
-1.4
+9.4
--13.9
--4.4
+6.7
+5.4
a Sales of agricultural implements for the United States are compiled by the
Chicago Federal Reserve Bank.
S Stocks at first of month-quantity, not value.
C Based upon indexes of orders furnished by the National Machine Tool Builders'
Association.
Includes diamonds.
Federal Reserve Board's Survey of Retail Trade in
United States in October-Less than Usual Seasonal Increase Shown.
Department store sales in October showed less than the
usual seasonal increase over the high level of September,
according to reports received by the Federal Reserve System
from about 500 stores. Sales in October were in about the
same volume as those reported for October 1927. The
survey, issued Nov. 30 by the Federal Reserve Board, goes
on to say:
Sales of mail-order houses and of all but one of the reporting lines of
chain stores showed increases for October over the corresponding month
of last year. Grocery, apparel and dry goods, and drug chains showed
the largest percentage increase for the period.
Percentage increases in sales by reporting retail firms are given In the
following table:
[VOL. 127.
FINANCIAL CHRONICLE
510
Department stores
Chain stores:
Grocery
Five-and-ten
Apparel and dry goods
Drug
Cigar
Shoe
Candy
MalForder houses*
29,860
3,164
1,265
1,047
3,634
673
310
a
34
14
5
13
4
7
4
4
510
29,154
2,908
1,073
898
3,461
618
267
a
Per Cent.
+3.4
+20.1
+6.7
+15.5
+12.0
-3.3
+5.0
+8.2
•+24.7
* Increases in the dollar sales of mall-order houses reflect in part the establishment during the year of additional retail outlets.
a Number of stores not reported.
Reserve
Sales of reporting department stores in each of the Federal
districts showed less than the usual seasonal increase between September
decreases were
and October. As compared wan a year ago, the largest
reported in the Minneapolis and St. Louis districts and the largest increases
in the Chicago and San Francisco districts.
at
Smaller stocks of goods were generally held by department stores
end of
the end of October than a year earlier. As compared with the
were
September, merchandise inventories for the country as a whole
seasonally larger.
DEPARTMENT STORE SALES AND STOCKS BY FEDERAL
RESERVE DISTRICTS.
(Index numbers. 1923-25 equals 100.)
Federal Reserve District Number.
U.S.
1
Sales (unadju sled)-Aug _ _ - 89 84
1927
Sept.-. 100 99
Oct-- 119 115
-Aug.- 86 78
1928
Sept-- 106 98
Oct__ 123 119
Sales (adjuste d)
-Aug _ ._ Ill 112
1927
Sept.-- 108 110
Oct__-_ 106 104
1928-Aug___ 106 104
Sept__ 120 114
Oct_ _ 105 103
Stocks (unackl usted )-Aug _ __ 97 95
1927
Sept__ 107 106
Oct.... 113 113
1928-Aug___ 96 91
Sept- _ 101 98
Oct____ 110 108
Stocks (adjust ed)1927-Aug___ 101 102
Sept__ 103 102
Oct__ 103 102
1928-Aug... 100 98
Sept__ 98 94
Oct___ 100 97
12
84 73 93 80 86 99 90 92 83 80
106 83 95 91 97 114 97 93 96 105
128 109 113 121 128 119 127 109 106 125
78 65 85 78 86 102 83 80 85 80
110 88 101 96 98 135 107 96 102 112
135 114 112 125 123 133 119 88 110 125
114
Ill
119
116
113
129
2
3
5
6
7
9
.10
117 103
96 95
110 99
108 89
110 102
99 77
-__
-__
__
--102
116
120
112
119
127
16
99 97
108 108
114 112
102 93
109 98
120 104
87
94
97
.0
84
87
116
123
129
118
123
129
88
96
97
83
88
92
103
108
113
104
106
112
101 98 100 97
102 101 102 102
104 101 103 101
100 97 103 93
97 98 102 93
101 98 108 94
88
90
88
80
80
79
__
---__
-
86
88
88
81
81
83
104
104
105
105
102
104
119 100 110 111 110 120
117 98 102 103 107 114
108 98 102 105 106 109
III 89 101 109 110 123
127 108 114 114 112 141
110 99 97 104 98 117
99 91 97 93 96
109 101 107 107 107
116 111 112 118 112
100 86 95 92 95
106 92 100 102 104
117 101 108 116 109
105 97 101
103 97 103
104 100 102
106 112 98
101 88 96
106 92 98
8
110
102
106
110
113
• Monthly average 1925 equal 100.
6
1 Boston; 2 New York; 3 Philadelphia; 4 Cleveland; 5 Richmond; Atlanta;
12 San Francisco,
7 Chicago;8 St.Louts; 9 Minneapolis; 10 Kansas City; all Dallas;
CHANGES IN SALES AND STOCKS OF DEPARTMENT STORES,
OCTOBER 1928.
(Increase(+) or Decrease(-) Based on Value Figures.)
Changes in Sales.
Changes in Stocks.
October 31 1928
Jan. lto Oct.31
Compared with
October 1928 1928 Compared
Compard with with Jan. 1 to
October 1927. Oct. 311927. Oct. 311927. Sept. 30 1928.
Per Cent.
Per Cent.
Per Cent.
Per Cent.
Boston:
+10.7
-6.5
-2.4
-1.9
Boston
+6.5
-2.7
-0.8
+4.4
Outside Boston_
+10.1
-2.1
+0.3
+1.2
New Haven....
+3.5
-7.7
-0.1
+10.8
Providence_ -+8.9
-5.0
-1.8
+2.8
Total
York:
New
+9.7
+1.3
+1.2
+4.4
New York
+6.2
-11.3
+0.0
, +2.2
Bridgeport
+7.8
-3.0
-2.5
-1.0
Buffalo
+13.7
+0.8
+5.4
+12.9
Newark
+9.0
-2.1
+1.1
+1.7
Rochester
+7.2
+2.4
-1.5
+5.3
Syracuse
+0.1
-10.6
+0.6
Other cities_ _
+9.3
+1.4
+4.8
Total
Philadelphia:
+10.1
-9.3
-2.5
+5.1
Philadelphia..+8.9
-7.2
-3.3
-0.6
Allentown
+12.6
-0.2
-2.8
+1.4
Altoona
+15.1
+5.8
+3.8
-1.4
Harrisburg
+6.8
-20.2
-9.4
-10.4
Johnstown
+5.9
-5.0
+1.5
+2.6
Lancaster
+8.0
-6.3
+0.9
+12.6
Reading
+11.4
-4.8
-6.1
-1.2
Scranton
+6.2
-11.2
-0.9
+1.9
Trenton
+8.5
+2.2
+0.9
+0.8
Wilkes-Barre...
+5.1
-0.3
+5.5
+13.4
Wilmington
+9.7
-2.9
+6.7
Other cities.+9.8
-7.7
-2.2
+4,4
Total
Cleveland:
+10.1
+1.4
+0.4
Cleveland
+6.9
+20.0
+10.4
+13.9
Akron
+4.0
+0.3
+0.1
-3.9
Cincinnati
+12.3
+2.8
+1.5
+1.0
Columbus
+12.1
+2.5
+0.2
-5.1
Dayton
+7.8
-7.7
-5.3
-5.9
Pittsburgh
+6.5
-6.8
+8.0
+17.2
Toledo
+7.8
-13.4
-1.0
+0.5
Wheeling
+5.5
-11.1
-0.5
+3.7
Youngstown_ _ _
+5.4
-7.3
-4.5
-9.3
Other cities....
+8.2
-2.8
-0.5
-1.0
Total
Richmond:
+9.4
-6.4
+3.4
+5.0
Richmond
+15.1
-1.5
+1.7
-4.8
Baltimore
+14.2
-5.7
+3.7
+9.1
Washington_ _ _ _
+9.1
-3.9
-6.0
-4.8
Other cities
+13.4
-2.6
+0.5
+1.5
Total
Atlanta:
+2.6
-1.0
+12.3
-2.1
Atlanta
+9.0
-7.7
+5.6
+1.6
Birmingham _ _ _
+6.3
+6.3
-4.1
-9.7
Chattanooga
+7.5
-1.1
+7.1
-2.8
Nashville
+5.8
-3.8
-3.3
-4.3
New Orleans
+3.1
-3.8
-4.1
-7.5
Other cities__
+5.3
-2.9
+1.9
-3.4
Total
Federal Reserve
District and City
October 31 1928
Jan. 1 to Oct. 31
Federal Reserve
Compared with
District and City. October 1928 1928 Compared
Compared with with Jan. 1 to
Oct. 31 1927. Sept. 30 Ina.
October 1927. Oct. 31 1927.
Per Cent.
Per Cent.
Per Cent.
Per Cent.
Chicago:
+7.9
+4.5
+3.3
+2.5
Chicago
+12.7
+19.2
+15.3
+20.2
Detroit
+13.4
+1.5
-0.1
-0.3
Indianapolis...
+9.6
-6.5
+1.5
-4.1
Milwaukee
+7.5
-1.6
+1.5
+3.2
Other cities....
+9.3
+4.5
+5.3
+5.1
Total
St. Louis:
St. Louis
Evansville
Little Rock....
Louisville
Memphis
Total
-9.1
+17.6
-0.3
-8.8
+0.6
-6.7
+0.8
+4.2
+2.2
-4.9
+3.1
+0.8
-9.8
-0.2
-0.02
-0.2
-10.8
-7.8
+5.3
+6.3
+3.4
+16.1
+0.4
+5.5
Minneapolis:
Minneapolis....
Duluth-Superior
St. Paul
Total
-15.0
-6.0
-20.0
-15.0
-10.0
-3.0
-2.0
-5.0
-11.0
-1.0
-5.0
-7.0
+8.0
-1.0
+5.0
+4.0
Kansas City:
Kansas City- -Denver
Lincoln
Oklahoma City_
Omaha
Topeka
Tulsa
Other cities....
Total
+1.0
+2.4
+7.2
+12.6
+4.1
+0.4
+19:1
-1.7
+4.3
+1.3
-2.1
+4.2
+6.2
+0.8
+0.2
+2.7
+2.2
+1.1
• -6.8
-8.7
+0.2
+10.7
+41
-6.0
+10.5
-4.7
-2.7
+8.3
+2.1
+4.1
+4.0
+10.4
+7.1
+11.8
+2.0
+5.5
+3.3
-4.0
-2.0
+1.0
+0.8
+2.3
+1.2
+3.9
+5.8
+7.2
+6.9
+1.5
+4.8
Dallas:
Dallas
Fort Worth....
Houston
San Antonio
Other cities
Total
+0.0
-2.6
+0.4
-9.9
+2.7
-0.8
-14.7
-0.7
-4.7
San Francisco:
San Francisco
Los Angeles....
Oakland
Salt Lake City_
Seattle
Spokane
Other cities_ Total
-2.7
+12.9
+4.4
+8.2
+15.2
+11.8
+4.4
+7.6
+1.8
+1.5
+5.2
+8.1
+10.2
+0.7
+1.3
+2.9
-2.3
-1.2
-3.1
-14.6
+9.2
-7.7
-0.5
-1.8
+3.4
+1.1
-2.6
.
+3.8
+7.2
+10.0
+4.6
+9.4
+0.4
+6.8
+6.3
United States_ -- _
II
4
Changes in Stocks.
Changes in Sales.
+8.8
SALES OF MAIL ORDER HOUSES AND CHAIN STORES.
(Index numbers. 1923-25 average equa $ 100.)
Sales Without Seasonal
Adjustment.
Oct.
1928.
Sept.
1928.
Chain stores:a
200
228
Grocery
144
163
Five-and-ten
246
289
Apparel and dry goods
164
169
Drug
105
107
Cigar
131
126
Shoe
122
134
Candy
143
183
Mall order houses_b
number
a For number of firms reporting and through
made
Preceding page. b Including sales
Oct.
1927.
Sales With Seasonal
Adjustment.
Oct.
1928.
Sept.
1928.
Oct.
1927.
187
222
216
190
144
165
148
153
191
248
213
250
152
177
164
151
109
111
102
111
112
146
113
121
122
127
127
124
117
154
140
147
of stores operated, see table on
branch stores.
1928.
STOCK TURNOVER OF DEPARTMENT STORES, OCTOBER
Rate of Stock Turnover.*
Federal Reserve
District and
City.
Jan.1-0c1.31
October.
1928. 1927. 1928. 1927.
Rate of Stock Turnover.*
Federal Reserve
District and
City.
October.
Jan. 1-Oct.31
1928. 1927. 1928. 1927.
1
October
1927.
October
1928. .
Inc. or Dec.
in Sales
Oct. 1928
Compared
with
Oa. 1927.
Boston
3.35 3.34 Nashville.... .27 .30 2.42 2.65
Boston
2.59 2.60 New Orleans_ .19 .22 1.71 1.90
OutsideBoston
2.43 2.37 Other cities. _ _ .20 .24 1.87 2.27
New Haven.23 .28 2.02 2.29
Total
2.46 2.43
Providence
Chicago
3.04 3.04
Total
.32 .33 2.99 3.06
Chicago
New York41 .39 4.14 3.85
3.31 3.23 Detroit
New York.
.41 .41 3.56 3.67
2.96 2.75 Indianapolis
Bridgeport.- .
2.63 2.72 Milwaukee_ _ .31 .29 2.74 3.65
Buffalo
3.27 3.12 Other cities__ .28 .26 2.55 2.41
Newark
.34 .33 3.15 3.07
Total
2.82 2.80
Rochester
St. Louis
3.18 3.14
Syracuse
.35 .34 3.02 2.75
1.95 1.84 St. Louis
Other cities
3.16 3.07 Evansville... .24 .20 1.98 1.87
Total
.22 .22 1.87 1.96
Little Rock
Philadelphia
2.99 2.89 Louisville_ _ _ _ .29 .31 2.52 2.65
Philadelphia__
1.87 2.05 Memphis.... .32 .29 2.54 2.30
Allentown-.32 .31 2.71 2.55
Total
2.15 2.27
Altoona
•
Minneapolis
2.19 2.00
Harrisburg - - .49 .48 4.58 4.52
2.14 1.93 Minneapolis
Johnstown_ - 2.20 2.20 Duluth-SupT _ .33 .32 2.83 2.96
Lancaster....
35 .30 3.15 3.13
2.06 2.15 St. Paul
Pending
.38 .35 3.42 3.42
Total
2.60 2.61
Scranton
Kansas City;
2.79 2.56
Trenton_ _. .23 .22 2.29 2.22
2.25 2.20 Kansas City
Wilkes-Barre.21 .19 1.82 1.80
2.29 2.17 Denver
Wilmington -.23 .22 2.09 1.98
2.08 2.01 Lincoln
Other cities-.23 .23 2.24 2.24
2.73 2.66 Omaha
Total
.18 .17 1.53
Topeka
Cleveland-.32 .29 2.94 3.02
2.75 2.78 Tulsa
Cleveland--2.68 2.86 Other cities.- .17 .15 1.26 1.26
Akron
.23 .22 2.06 2.04
Total
2.75 2.80
Cincinnati -Dallas
2.69 2.63
Columbus-.-.31 .27 2.38 2.13
Dallas
2.55 2.61
Dayton
2.50 2.41 Fort Worth_ .21 .22 2.01 1.96
Pittsburgh- - .25 .25 2.44 2.40
2.82 2.58 Houston
Toledo
2.63 2.33 San Antonio__ .32 .27 2.74 2.33
Wheeling- - -.25 .25 2.14 2.26
3.32 3.13 Other cities
Youngstown
.27 .25 2.32 2.20
Total
1.91 1.92
Other cities
San Premise
2.63 2.58
Total
San Francisco. .25 .25 2.31 2.19
Richmond2.84 2.63 Los Angeles_ .27 .24 2.50 2.58
Pichmond..30 .26 2.34 2.09
2.46 2.51 Oakland
Baltimore--1.79
2.76 2.64 Salt lake City .26 .21 2.20 2.61
Washington_ _
.29 .27 2.67
1.91 2.06 Seattle
Other cities
.24 .20 1.75 1.63
2.53 2.52 Spokane
Total
Other cities._ .19 .18 1.62 1.51
Atlanta.26 .24 2.34 2.26
Total
2.72 3.16
Atlanta
2.29
2.01
Birmingham
1.89 1.97 United States_ .33 .31 2.81 2.73
Chattanooga..
to average
* Rate of stock turnover Is the ratio of sales during given Period
stocks on band.
44e44E46WW6 o..s:cn4.o.... .kio;-63 Wiai.A.:WWW
WkWi4i. ww.c.oammw..co 4246W..k44;....conwmg, -4.-a.too,.-ao iaizioki.,
LDC.,
wcomm.4
,
-...T1
..ioo o,
Number of Stores.
Number
of
Firms.
.
aW iokiaikkiakia i4i, 2;-4iok4kizioiz 624i4W4.WW4. iu6ki.44,
izioio Wkiai,
,,
wasto occ.‹>.2 cowoom.-achm. r)m wo.o.v.owl4wwwwom mwoi-owcow ocomo,-
3606
DEC. 29 1928.]
FINANCIAL CHRONICLE
CHANGE IN SALES OF DEPARTMENT STORES. BY DEPARTMENTS. I
Increase (+) or decrease (-) in sales in Oct. 1928 compared with Oct. 1927.
Federal Reserve District.
Department.
Total
Boston.
New Ckve- Rich- CMSt.
Dal- San
York. land. mond. cago. Louis. las. Fran.
Per Ct Per Ct. Per Ct. Per Ct. Per Ct. Per Cl.Per Ct. Per Ct. Per Ct.
Piece GoodsSilk and velvets-. -10.1 -7.7 -7.2-15.4 -12.2-15.5-10.2 -6.7 -4.3
Woolen dressgoods -20.5 -18.7 -5.9 -31.2-16.4 -29.0 -36.3-27.8 -11.2
Cotton wash goods -1.4 -7.6 +26.6 -4.9 +12.7 -7.9 -11.8 +1.8 -3.5
Linens
+0.8 -0.2 +6.6 -5.3 +1.7 +8.4-11.3 +1.9 +1.2
Domesties,muslins,
sheeting, &c
-1.5 -0.3 +3.9 -3.1 -10.2 -1.9 -15.0 +10.4 +1.5
Ready-to-Wear A ccessor Les
Neckwear dr scarfs +7.3 -4.6 +38.7 +5.1 -6.9 +12.7 -11.4 +16.6 +9.7
-1.5 -0.5 -0.1 +0.3 +3.1 -8.0 -13.0 -7.6 +4.3
Millinery
Gloves(women's &
+8.7 +9.6 +11.0 +4.8 +4.1 +5.3 -2.5 +21.0 +4.1
children's)
Corsets&brassieres +2.1 -1.9 +2.7 +3.9 -0.6 +7.7 -1.6 -0.6 +2.7
Hosiery (women's
& children's)._ +4.5 +3.3 +9.3 +8.0 -8.5 +8.0 +0.4 -2.2 +4.5
Knit underwear... -1.3 +2.5 +11.1 -9.5 -8.9 -4.2 -6.8 -0.7 +0.5
Silk&muslinundervn•.(inel. nettle.) -0.8 -8.0 +9.0 -8.8 +0.3 +9.6 -4.8 -18.7 +9.1
+5.7 +4.1 +14.7 +3.9 -7.3 +8.4 -1.0 -4.7 +10.1
Infants' wear
Smallleather goods +2.8 -0.8 +8.9 +5.3 -7.7 +1.2 -6.4 +23.0 +2.1
Women's shoes_ _ _ +5.4 +2.8 +22.9 +4.8 +5.4 +1.4 -2.2 -7.8 +3.0
+3.6 ____ +4.3 +0.7 +4.1 +7.0 -2.7 --_- +8.3
Children's shoes
Women's & Miss es Rea dy-to- Wear
Women's coats_ _ _ -0.6 +7.0 +2.5 -3.1-13.3 +2.5 -10.4 -14.5 +18.1
__ +16.4 ____ +29.7 --- +43.9 -13.5
Women's sults_ _ _ _ +15.7 ____
Tot.(2 above lines) -0.5 ____ +3.6 -3.0 -8.1 +3.0 -4.9 -5.5 +15.2
+1.3 +0.3 +4.0 +1.0 -8.7 +9.5 -2.7 -4.1 +3.7
Women's dresses
Misses' coats and
suits
+3.0 +8.0 +8.3 -6.3 +8.5 +15.0 -3.5 -21.2 +20.8
Misses' dresses_ _ - +15.7 +15.5 +25.6 +10.1 +37.5 +2.9 ___ -12.1 +33.9
Juniors' and girls'
+4.9 +14.4 +8.5 +4.4 +2.2 -2.7 -10.8 -4.1 +5.2
wear
Men's & Boys' TV ear
Men's clothing... -6.7 +4.2-11.3 -16.7 -1.5 -5.5 -2.9 -5.7 +10.0
Men's furnishings.
(Inclmen'shos'y,
gloves & und'w'r -0.2 .. _ _ _ +7.9 -3.0-11.4 +4.7 -8.7 -1.5 +0.1
Men's hats & caps_ -3.8 ____ +0.0 -8.1 ___ +2.9-18.9 +0.3 +1.5
Tot.(2 above lines) -0.1 +1.4 +7.5 -3.3 -8.6 +4.8 -10.2 -3.0 +0.2
-1.5 +2.0 +10.7 -6.1 +1.1 -4.2 -9.2 -0.3 -1.5
Boys' wear
Men's& boys'shoes -3.7 -5.5 -5.8 -7.0 -1.8 +5.1 -8.2-12.8 -0.2
House Furnish'goFueture(inel.beds,
mattresses&sp'gs +5.8 -2.8 +10.8 -6.4 -0.4 +14.8 -10.1 +38.3 +20.6
-3.0 ____ -0.2 -4.9-21.2 +13.2 -40.9
Oriental rugs
___ -22.6
Domes.floor cover. +6.5 +0.1 +13.2 -2.5 +13.9 +17.3-10.3 +13.5 +13.4
Draperies, curtains
& upholstery_ _ _ +7.7 --__ +19.1 +2.9 +2.6 +9.6 -21.3 +12.2 +10.8
Lamps & shades__ +7.0 ____ +18.2 +2.3 +0.8 -1.8 -11.7-_- +1.5
Tot.(2 lines above) +6.9 +2.9 +18.9 +2.8 +3.0 +8.1 -20.2 +14.8 +10.1
China &glassware_ +7.9 -3.3 +15.0 +3.8 +3.4 +18.9 +0.3 +1.4 +5.4
CHANGES IN STOCKS OF DEPARTMENT STORES, BY DEPARTMENTS.
(Increase (+) or decrease (-) In stocks in Oct. 1928 compared with Oct. 1927.
Federal Reserve District.
Department.
Total
Booton.
New Clew- Rich- ChiSi.
Dal- San
York. land. mond. cago. Louis. las. Fran.
3607
meats. The Bank on Dee. 15, further surveyed conditions
as follows:
The metal products group, while showing a slight increase in employment, declined 2.4% in wages, a.though this group shows the largestrgains
over Nov. 1927, the increase being 7.7% in employment and 16.4% in
wage payments. The transportation equipment group, while experiencing
a slight increase in employment, also decreased 1.2% in wage payments in
the month, and was very much lower than a year ago in both employment
and wages. This decline Nov. 1927, however, was due to curtailment of
operations in the locomotive and car, and shipbuilding industries, as automobiles and automobile bodies and parts showed large increases over a year
ago. Textiles increased in employment, but declined somewhat in wage
disbursements and were still considerably below the level of a year ago.
The largest decreases were experienced in the men's clothing, confectionery, and shoe industries, reflecting seasonal influences. A marked gain over
a month ago, as well as a year ago, was reported by the iron and steel
forging industry. Employee-hours worked, as reported by nearly 500
plants, also showed a decline of 1.4% from the previous month.
Activity in Delaware likewise declined from October to November, all
Industries showing losses in wage payments. The chemical, drug and paint,
and leather products lines experienced slight gains in employment.
Of the 17 city areas for which figures are compiled, eight had Increases
in employment, although only two of these cities, Altoona and Lancaster,
had increases in wage payments. Three other areas, Hazleton-Pottsvide,
Johnstown, and Wilkes-Barre, while reporting gains In wage disbursements,
showed decreases in employment. Harrisburg remained unchanged in the
volume of employment, but had a decrease of 12.2% in wage payments,and
Philadelphia, Sunbury, WiLlamsport, Wilmington, and York experienced
declines in both employment and wages.
The statistics follow:
EMPLOYMENT AND WAGES IN CITY AREAS.
(Compiled by Department of Statistics and Research of the Federal Reserve Bank
of Philadelphia
Index Numbers
-1923-1925 Average-100.
Employment
Payrolls
Percentage Change Percentage Change
No. of Nov. 1928, Since Nov. 1928 Since.
Plants
Nov.
Oct.
Nov.
Report- Oct.
1927.
inv.
1928.
1928.
1927.
Allentown-Bethlehem-Easton
Altoona
Erie
Harrisburg
Hazleton-Pottsville
Johnstown
Lancaster
New Castle
Philadelphia
Pittsburgh
Reading-Lebanon
Scranton
Sunbury
Wilkes-Barre
Williamsport
Wilmington
York
78
14
12
34
21
13
29
11
242
91
62
31
26
21
22
29
43
+0.7
+1.8
+0.8
0.0
-0.6
-6.6
+0.4
+1.0
-1.4
+0.7
+3.0
+4.2
-2.8
-0.9
-4.4
-0.9
-4.8
11 3:8
+6.2
+2.0
-10.9
-9.2
-1.7
+3.0
-0.6
+2.6
+6.0
-15.9
-12,6
-5.9
+0.3
-2.7
-1.0
+5.9
-1.5
-12.2
+2.4
+4.4
+1.3
-2.6
-3.1
-1.9
-4.0
-2.9
+1.4
-2.6
-1.9
-5.8
-3.1
+5.1
+2.4
+15.8
-8.5
+9.9
+3.1
+7.1
+5.3
+3.9
-18.4
-9.4
+11.6
+3.0
-2.0
EMPLOYMENT AND WAGES IN PENNSYLVANIA.
Per Ct Per Ct. Per Ct. Per Ct, Per Ct. Per Ct. Per Ct. Per Ct. Per Ct. [Compiled by the Federal Reserve Bank of Phladelphla and the Department of
Piece GoodsSilk and velvets.-- -3.0 -5.8 -3.7 -6.0 -3.4 +4.3 -11.2 +4.0 +0.6
Labor and Industry. Commonwealth of Pennsylvania.)
•
'
Index Numbers. 1923-1925 Averagi100
Woolen dress goods -16.9 -24.9 -10.3 -23.8 -21.0 -0.5 -24.2 -23.0 -9.7
Cotton wash goods -10.4 -21.0 -12.3 -9.2 -7.4 -2.5 -9.4 -17.8 -6.1
-2.9 -11.2 +0.3-12.2 +6.8 +18.3 -10.9 -9.9 +2.1
Linens
Employtneriv
Payrolls
Domestles,muslins.
September 1928.
September 1928.
sheeting, &c.... _ -8.8 -11.2 +9.8 -8.6 -7.3 -0.4 -9.0 -30.4 -10.8
No. of
Ready-to-Wear :4 ccessor iesPlants
Per Cent
Per Cent
Neckwear & scarfs -5.8 -16.2 -8.5 -7.1 -2.4 +2.3 -22.2 -9.9 +13.6
Change Since
Change Since
ReportGroup and Industry
Millinery
-6.3 -9.8 -1.1 +10.6 +11.0 -20.6 -33.6 -17.2kip. Nov.
Nov.
10.0
Gloves(women's &
index. oc.t.
Nov. index. Oct.
Nov.
-8.4 -15.6 -10.4 -5.5 -6.2 +2.6 -20.7 -9.8 -4.2
children's)
1928. 1927.
1928. 1927.
Corsets&brassieres -3.9 -1.7 -10.3 -4.7 -2.2 +4.0 -9.4 -24.6 +3.3
Hosiery (women's
89.5 -0.1
+0.3 93.2 -2.4 +3.3
All manufg. Industries (511- 803
& children's). _ _ +2.8 -2.0 +4.6 +2.0 +6.1 +10.4 -11.2 -6.6 +11.0 Metal products
235
89.2 +0.2 +7.7 95.2 -2.4 +18.4
Knitunderwear_ _ _ -7.6 -17.9 +1.7 -8.5 -8.6 +5.9 -12.5 -5.5 -10.3
9
42.0 +3.2 -16.0 44.9 +3.7 -11.8
Blast furnaces
Silk&muslinunder77.7 +0.9 -2.4 82.8 -3.2 +5.9
Steel works & rolling mills 44
wr.(mnel. nettle.) -3.7 -13.3 +4.8 -5.8 +5.3 +9.6 -10.5 -16.1 -4.3
94.1
+5.7 +15.8 113.7 +11.8 +28.9
Iron and steel forgings_. 10
+2.4 +1.8 +9.9 +0.3 -11.5 +9.1 -7.5-14.2 +13.2
Infants' wear
10
106.3 -2.6 +11.8 109.8 -5.6 +17.4
Structural iron work
Small leather goods -3.4 -17.2 -5.4 +0.01 -6.0 +18.9 -11.3 -11.5 -1.9
Stearn and hot water heatWomen's shoes... +7.0 +14.5 +23.7 +1.0 +4.6 +10.1 +4.4 -6.8 -0.9
17
91.0 -1.9 +10.6 102.4 -2.5 +22.3
ing apparatus
+5.4 ____ +10.9 +2.4 -5.3 +20.6 -2.9 ____ -.0.9
Children's shoes
9
86.8 +2.2 -4.7 91.8 -5.2 -1.3
Stoves and furnaces__
Women's & Miss es Rea dy-to- Wear
38
87.7 +3.4 +7.3 93.1
+2.2 +14.5
Foundries
Women's coats_ _ _ -5.2 +4.7 +1.5 -6.6 -15.1 +2.6 -23.7 -20.3 -1.2
40
108.3 +1.8 +14.8 117.4 +1.7 +22.9
Machinery and parts._
Women's suits_ _ _ -16.8 ---- +37.3 +16.2 ---- -37.4 ____ -15.5 -2.1
198.7 -6.0 +80.0 220.9 -8.1 +98.5
Electrical apparatus..... 17
Tot.(211nes above) -6.2--_ +3.0 -8.1 -9.8 -2.2 -27.0 -10.6 -1.3
10
97.7
0.0 +11.0 105.4 -3.2 +38.1
Engines and pumps
Women's dresses_ -6.2 -13.3
-8.8 -2.4 -11.7 +8.2 -20.8 -0.7 -16.4
20
85.3 +4.7 +1.8 88.3 +1.3 +9.7
Hardware and tools
Misses' coats and
106.5 -3.3 +29.4 100.7 +0.1 +27.1
Brass and bronze products 11
+13.4 +16.4 +25.4 +14.3 +8.9 +18.9 -8.6 -17.0 +20.8 Transportation equipment.
suits
40
*88.5 +0.2 -16.8 *65.1 -1.2 -18.7
Misses' dresses... +3.1 +2.2 +14.1 -3.5 +28.9 +1.9 ____ -3.9 +11.7
8
92.3 +0.5 +38.8 104.6 +4.1 +51.4
Automobiles
Juniors' and girls'
83.9 -0.1 +20.4 80.6 -4.2 +18.9
Automobile bodies & parts 11
+1.2 -0.9 +21.8 -4.7 +10.4 +3.9 -5.5-18.1 +2.8
wear
13
53.4 -1.2 -26.5 46.0 -5.3 -31.9
Locomotives and cars....._
Men's & Boys' W ear
6
85.4 +5.6 +2.4 89.4 +3.2 +5.2
Railroad repair shops....
Men's clothing... -6.1 -10.7 +5.8 -9.9 -4.3 +0.4 -14.2 -13.44
25.2 +4.6 -43.0 27.3 +18.2 -36.1
10.8
Shipbuilding
furnishings
Men's
183
97.7 +1.0 -4.9 105.0 -1.9 -7.4
Textile products
Onel.men's beery'
14
82.3 +3.4 -7.8 88.6 +7.0 -8.7
Cotton goods
gloves & und'w'r. -1.8 ____ -7.2 -1.9 -5.7 -0.8 -2.9 -7.3 +55
15
90.9 +2.8 -10.0 87.0 -5.1 -17.5
Woolens and worsteds__
Men's hats & caps_ -11.7 ____ +4.4 -8.2 _ _ +2.9 -14.6 -0.3 -41.2
39
101.1
+0.4 -3.2 105.5 -2.0 -6.8
Silk goods
Tot.(2lines above) -3.3 -7.8 -8.8 -2.4 -4.8 +0.2 -4.3 9
118.9 -0.1 -4.6 127.8 -4.1
+1.3
6.3 +0.E
Textile dyeing & finishing
-1.5 -3.7 +9.9 -5.8 -2.4 +0.9 -3.6 +1.1 -1.f
Boys' wear
10
87.4 +4.4 -14.9 83.0 -3.8 -22.6
Carpets and rugs
Men's & boys'wear +0.8 -0.5 +5.1 +1.8-10.6 +9.1 -19.5 -11.5 -0.1
4
96.9 +0.7 +0.9 89.7 -1.1 -14.2
Hats
House Furnish'gs27
109.9 +0.5 -6.5 138.5 -3.1 -4.7
Hosiery
Furture(inel.beds.
15
92.5 +0.2 +9.7 106.7 +1.9 +19.4
Knit goods, other
mattresses, sp•gs -1.8 -0.9 -4.1 -4.4-19.2 +16.2 -5.2 -9.4 +113.1
10
74.6 -12.6 -22.6 85.8 -21.2 -28.3
Men's clothing
+3.5 _ __ -1.7 +5.2 +20.9 +14.0 -8.1
Oriental rusts
9
110.7 +4.1
+6.4
Women's clothing
+1.9 120.3 +7.4 +4.0
Domes.floor cover. -4.0 -1.6 -8.4 -3.7 -0.2 +1.7 -11.0-19.8 -6.0
11
98.4 +3.1 -1.8 100.4 +4.0 +0.8
Shirts and furnishings
Draperies. curtains
101
99.8 -2.3 +2.5 100.9 -3.1 +2.3
Foods and tobacco
upholstery... -8.4 __ +45.5 -3.2 +0.8 +3.9 -2.5 --22.4 +7.:
&
30
105.8 +0.5 -2.5 100.6 -0.2 -4.1
Bread & bakery products_
_
Lamps k shades_ . +1.5 . _ +10.7 -7.7 -2.9 +0.1 -4.7 _--- +24.1
13
Confectionery
100.0 -5.0 -0.8 104.9 -12.6 -3.1
Tot.(211nes above) +4.8 -8.8 +38.3 -4.0 +0.2 +2.7 -2.8 -24.4 +9.4
11
80.8 -4.4 +0.9 87.0 -7.3 +0.8
Ice cream
China& glassware_ +0.8 -4.3 +0.02 +1.8 +13.8 +11.0 -7.8 -11.5 -.
14
102.4 +3.3 +4.0 107.5 +7.1
+7.0
4.1
Meat psalm!
33
100.6 -2.9
0.0 102.0 -2.
-2.1
Cigars and tobacco_ ....
81.9 -0.5 -10.1 83.5 -3.
-7.3
Stone, clay & glass products 86
30
88.4 +0.1 -4.6 87.9 -2.
-Le
Brick. tile & pottery
14
75.3 -1. -23.0 81.1 -7. -21.7
Cement
Slight Seasonal Decrease in Employment and Wages
90.1 -0.3 +2.3 90.9 +1.
... 22
+9.4
Glass
80.2 -5.
-4.2 90.6 -1.
+7.8
-Activity in Delaware. Also Lumber products mills._ 43
in Pennsylvania.
17
68.5 -8. -11.8 74.9 -5.
-8.1
Lumber & planing
20
87.5 -5.
Declined.
+9.9 102.2 +0. +28.7
Furniture
6
111.6 -0.3 -14.2 127.7 +6.
+0.1
Wooden boxes
49
98.7 -O.
+2.7 104.8 -1.
+0.7
Factory operations in Pennsylvania experienced a slight Chemical products
29
91.7 -2.
+3.1 92.8 -3.
+0.2
Chemicals and drugs
from October to November, according to reports
3
decline
119.2 +0.
+6.2 122.8 -O..
+5.0
Coke
3
139.5 +4." +11.5 130.2 +6.
+4.2
ExplosIVP9
received by the Federal Reserve Bank of Philadelphia
9
126.2 -1.
-7.6 132.9 -3.
--8.1
Paints and varnishes....
5
87.1 -O..
+2.5 94.4 -2.
+0.1
Petroleum reffnins
from about 800 firms. A decrease of 0.1% in employment Leather and rubber products 49
95.7 -1.
-6.0 94.8 -8.
-7.8
17
101.0 -2.5 -6.7 102.8 -5.
Leather tanning
-7.1
and of .24% in wage payments was partly seasonal and,
22
87.2 -1.5 -8.7 76. -17.1 -15.4
129.7 +4.1 -3.0 131.6
in some cases, reflected the observance of Armistice Day, Shoes products. other.
6
Leather
+8.8 +13.1
4
76.7 -2.3 -8.8 81.4 -13.1 -9.2
goods_
Rubber
comparison with the same month last year, however, Paper andtires and .. ___ 57
In
94.1 -0.3 -1.8 109.
printIna
+0.8 +2.1
83.1 -0.8 -3.9 98.
13
Paper and wood pulp
-0.5 +2.1
the combined index for all manufacturing industries shows
6
103.8 +2.6 .-8.3 125.
Paper brute and bags
'
,
+1.5 -5.1
106.
-0.4 +1.8 120.
an increase of 0.3% in employment and 3.3% in wage payPrintIna and publishing_ 38
+1.4 +4.4
FINANCIAL CHRONICLE
3608
ZMPLOYEFeHOURS AND AVERAGE HOURLY AND WEEKLY WAGES
IN PENNSYLVANIA
[Compiled by the Federal Reserve Bank of Philadelphia and the Department of
Labor and Industry, Commonwealth of Pennsylvania.l
Group and Industry.
EmployeNo. of Hours
Average
Plants Change
Average
Report- Nov. 28 Hourly Wages. *Weekly Wages.
tao.
from
Oct.
Nov.
Oct.
Oct. 28. Nov.
All manufg. Industries (46)- 472
171
Metal products
7
Blast furnaces
Steel works & rolling mills._ 27
8
Iron and steel forgings
7
Structural iron work
Steam & hot water heat.app. 14
31
Foundries
32
Machinery and parts
14
Electrical apparatus
10
Engines and pumps
13
Hardware and tools
Brass and bronze products..
8
Transportation equipment.... 30
Autmobiles
6
8
Automobile bodies and parts
8
Locomotives and cars
Railroad repair shops
4
4
Shipbuilding
Textile products
67
11
Cotton goods
9
Woolens and worsteds
21
Silk goods
4
Textile dyeing and finishing.
5
Carpets and rugs
5
Hosiery
8
Knit goods, other.
4
Shirts and
furnishings- 47
Foods and tobacco
Bread and bakery products._ 20
5
Confectionery
8
Ice cream
9
Meat packing
5
Cigars and tobacco
Stone, clay and glass products_ 39
19
Brick, tile and pottery
8
Cement
12
Glass
32
Lumber products
Lumber and planing mills_ 13
15
Furniture
4
Wooden boxes
21
Chemical products
12
Chemicals and drugs
6
_
Paints and varnishes
3
Petroleum refining
25
Leather and rubber products
9
Leather tanning
8
Shoes
4
Leather products, other
4
Rubber tires and goods
40
Paper and printing
10
Paper and wood pulp
3
Paper boxes and bags
27
Printing and noblishins
-1.4
-1.9
+2.6
-3.2
+10.1
-5.1
-4.6
+2.6
+2.5
-4.2
-5.5
-3.2
+1.7
+2.7
+3.2
-1.3
+7.1
+0.6
+14.7
-1.1
+0.9
-8.2
-1.6
-2.3
+7.9
+0.1
-4.1
+0.7
-4.9
-0.7
-17.1
-5.8
+5.8
+0.3
-1.9
+0.5
-5.4
+0.5
-6.5
-11.1
-5.0
-0.1
+3.7
-3.0
-2.4
+6.9
-7.4
-2.2
-11.6
+10.8
-16.6
-0.7
-1.4
-1.2
+0.5
$.572
.606
.588
.632
.576
.566
.599
.604
.614
.519
.620
.523
.552
.635
.681
.612
.610
.678
.693
.453
.462
.462
.420
.490
.522
.510
.418
.312
.484
.515
.396
.567
.561
.330
.549
.524
.535
.595
.558
.571
.578
.376
.562
.489
.554
.581
.479
.523
.320
.526
.601
.597
.542
.322
.721
$.571 $26.18
28.48
.803
29.52
.587
28.99
.628
29.30
.564
28.48
.571
30.60
.674
28.62
.606
31.41
.618
25.50
.524
29.11
.606
23.92
.526
25.09
.547
28.52
.632
32.69
.655
31.12
.624
24.95
.591
27.70
.675
31.47
.673
22.16
.462
24.99
.474
20.33
.468
19.13
.421
26.07
.490
23.96
.544
28.18
.535
20.40
.418
16.43
.315
20.61
.486
28.62
.512
18.59
.418
31.84
.579
30.80
.558
14.99
.334
27.84
.555
24.69
.536
31.31
.547
27.08
.586
24.11
.526
22.47
.537
27.70
.540
18.43
.375
28.70
.602
.489 27.00
27.22
.563
29.55
.640
21.91
.484
25.04
.526
16.01
.371
23.33
.529
25.96
.678
30.50
.591
.532 30.27
15.82
.324
33.63
.724
$26.73
29.23
29.45
30.17
27.74
29.42
30.34
28.98
31.37
26.09
30.07
24.72
24.21
28.55
29.61
32.41
25.81
28.36
27.88
22.84
24.14
22.03
19.59
27.14
26.03
29.34
20.07
16.31
20.77
28.82
20.21
32.88
29.71
14.88
28.63
25.43
33.29
26.68
23.11
22.14
28.01
17.24
29.02
27.19
27.70
30.07
23.54
25.76
19.03
22.33
29.22
30.25
30.19
15.98
33.06
•These figures are for the 806 firms reporting employment and wages this mouth
EMPLOYMENT AND WAGES IN DELAWARE.
[Compiled by Federal Reserve Bank of Philadelphia.]
Industry.
All industries
Foundries and machinery Products
Other metal manufactures
Food industries
Chemicals, drugs and paints
Leather tanned and products
Printing and publishing
Miscellaneous industries
Increase or Decrease.
Number
Nov. 1928 Over Oct. 1928.
of
Plants
Average
Total
Report- EmployWages. Wages.
ment.
trig.
28
4
5
3
3
3
4
-1.6
-3.6
-2.4
+1.7
+0.9
-1.4
-0.1
-1.6
-5.5
-1.5
-4.9
-1.3
-0.3
-1.7
-0.4
-0.6
-2.0
+1.0
-1.2
-0.3
Bank of Montreal Finds Canada Business at Year End
in Excellent Condition.
The year draws to an end in Canada with business in excellent condition, according to the Bank of Montreal. Both
production and distribution are at a high level with the exception of such branches of industry as are normally affected
by seasonal declines. There is now little unemployment,
wages keep up, note circulation is large, business failures
normal, bank deposits and foreign trade are growing and
commodity prices are fairly stable, the bank says. Agriculture, newsprint, iron and steel, coal and mineral production keep their high levels, although a decline in newsprint
and grain prices has occurred. The bank, under date of
Dec. 21, also says in part:
The dominant industry, agriculture, is thriving, with a field crop estimated to have a value of 51,051,000.000 at current market prices, and
more newsprint is being produced and sold than ever before. In the eight
months to Nov. 30. 264,112,000 bushels of wheat were exported, nearly a
hundred million bushels more than In the like period last year, and on the
15th of the present month the visible supply of wheat in Canada was 141,000,000 bushels, or 46,700,000 bushels more than a year ago,figures which
Imply large employment for transportation companies until another harvest
is reaped.
Wholesale houses are experiencing customary quietude, retailers having
stocked for present requirements. Textlie industries hold up under stress
offoreign competition, and have latterly been operating at larger percentage
of capacity. Rolling mills and other fabricators of iron and steel continue
to be busily employed, with operations expanding, as evidenced by a pig
iron production in Nobember of 95.426 tons, or two and a half times greater
than in the corresponding month last year, while production of steel ingots
and castings last month showed an increase of 34% over November 1927.
Orders for railway equipment of various kinds have given new impetus to
production of these articles. Prices of iron and its products have been firm
with rising tendency.
Christmas trade throughout the Dominion has undoubtedly been add
versely affected by the unusually mild weather that has prevailed to date.
.As a general rule, in the urban districts it has been larger than that of last
[VOL. 127.
year, though not up to full expectations, while in the country districts
it has been disappointing. Several days, however, yet remain before the
holiday, and given more seasonable weather, a marked improvement should
take place.
The Port of Montreal closed its most successful season on Dec. 7 with
record grain handling,in and out, of 420,000.000 bushels, despite a decrease
in the quantity of United States grain passing through the port. Vancouver
is on the way to substantial increase of its grain handling, and in the eastern
winter ports of Saint John and Halifax a busy season is expected.
The foreign trade of Canada made further expansion in November in
both imports and exports, and is now outstripping the monetary value
reached at the apex of post-war inflation prices. Imports for the month
amounted to $102,966,000, an increase of 88,655.000, and exports to
$167,013,000, an increase of $13,895,000 over the corresponding month
last year, the favorable balance of trade rising $5,240,000. The notable
enlargement in imports continues to be in the item of iron and its products,
which had a value of $21,539,000, being $4,792,000 more than in November
1927, and representing 20% of total imports; while on the export side,
grain supplied practically the whole increase. In the elapsed eight months
of the fiscal year, aggregate foreign trade has expanded $223,000,000 to
the high total of $1,782,528,000, being $318,554,000 in excess of three
years ago, in which gain imports and exports have had close correspondence.
Construction work has not abated activity, although a slowing down
would not be surprising in view of the extensive operations of the last
two or three years. Coal production in Nova Scotia runs ahead of last
year, and in British Columbia there has been an increase in production
of copper, lead and petroleum, while in Ontario that of nickel steadily
grows. On the other hand, the value of gold and silver mined has not
increased.
The statement of the Canadian chartered banks as at Oct. 31 reflects
prevailing prosperity; it shows note circulation 54,700,000 in excess of the
corresponding date last year, and an increase of $26,781,000 in notice
deposits in the month, and of 529.587,000 in current loans in Canada
In the same period. Call loans in Canada rose less than $3,000,000 in
October despite stock market activity.
The automobile industry has sharply recovered from the slump which
occurred in July of last year and continued through a period of seven
months. In the four months ending with October, 73,984 passenger cars
and 22,216 trucks were produced, compared with 33,775 cars and 8,748
trucks In the corresponding period last year. In October, production
was more than double that of the same month in 1927, These figures
are impressive as indicative of the spending power of the people. The
export trade in these vehicles has also grown the value of automobiles
and parts shipped from Canada in November, 63,892,000, having been
61.418,000 in excess of the like month last year.
Industrial Situation in Illinois Volume of Employment
During November Largest of Any Month in 1928
Analysis by Cities.
During November, Illinois employers added 0.5% to their
working forces, bringing the volume of employment above
any other month in 1928. Of the groups which have supported the upward movement, the greatest gain has been
experienced in the manufacturing industries which have
0.5% more workers than last month. Public utilities
report that no change in working forces has been made and
building, coal mining and trade have required small seasonal
increases to take care of orders.
The review of the industrial situation in the State, issued
Dec. 17 by Sidney W. Wilcox, chief of the Bureau of Labor
Statistics of the Illinois Department of Labor, also has the
following to say:
More money has been paid in wages than was the case last month or in
November 1927. The total Illinois industrial payroll for November is
1.4% greater than that of October.
The unemployment situation is somewhat less favorable because agriculture and number of other outdoor industries are now in their inactive
season. With the exception of Springfield every office reports that it has
had fewer jobs to offer than saw the case last month.
November employment in the Illinois metal industry has increased for
the first time in two years. The impetus came largely from farm implement manufacturers, makers of machines and producers of electrical
products. In the case of machinery and electrical products this present
upswing is a reversal of that experienced last November, and in agricultural
implements factories the increase has been greater than usual. One
manufacturer of tractors practically doubled his forces during the past
year and several payrolls are larger than they have ever been before. Iron
foundries have also supported the upward movement with a pickup of
1.5%.
After a number of months of improvement furniture factories again
reduced forces but it :3 to be noted that the reduction is much less than
that of a year ago. The factories in Rockford showed general improvement, but many layoffs were reported by Chicago establishments. Total
employment in the wood products group has increased largely because of
support received from box and miscellaneous wood products manufacturers.
Manufacturers of leather products report that they have dismissed 3.3%
of.their workers during November. Tanneries experienced the sharpest
declines, although large reductions have been made also in shoe factories.
Employment in the production of shoes experienced a downward movement
In several previous years, but in tanneries, a reduction at this time is a
reversal of the movement usually experienced.
Because of support received from printing shops and publishing houses.
employment in the paper and printing group has increased. The present
pickup 18 in line with the experience in previous years. This industry is
one of the few major industries which continues to show a steady upward
secular movement which promises to continue for some time. Two large
Chicago houses have announced their intention of adding units to their
plants in order to take care of a growing volume of business.
A 6.7% reduction in clothing factories is in line with previous seasonal
movements. In men's clothing factories, reductions of 9.7% were reported
while a 5.0% decline has been experienced in women's clothing houses.
There are now fewer workers employed in establishments manufacturing
men's clothing than at any time since the war, while in women's clothing
shops the amount of employment has steadily been increasing. Even
with the present month's decline there are 6.2% more workers than was
the case a year ago.
Employment in the food industries enjoyed an increase of 1%, most
-packing plants. A reduction of 24.6% has
of which occurred in meat
DEC. 291928.1
FINANCIAL CHRONICLE
taken place in the canning industry now at the end of its season. Grocery
factories, stimulated by holiday trade, have added 6.9% to their forces
which, however, continue to be less than they were a year ago.
Trade has follows the customary November movement with an augmented employment, amounting this year to 2.7%. The largest number
of newly employed people received jobs in department stores and mail
order houses. In view of the rapid changes in merchandizing it is of
interest to learn that the reporting department stores, all of which are
individually owned, have grandualiy beet!' increasing their forces, while
payrolls of mail order houses show a tendency to decline. The changing
policy of mail order houses from mail orders to department stores unquestionably accounts for the decline of employment in the mail order
divisions of the business.
3609
working forces. It is interesting to note that while factory conditions have
improved, fewer jobs have been offered to the free employment office
than in previous months. The reason is that a number of outdoor industries. notably road building and agriculture, entered their ainctive season
during November. Both the movement of factory employment and the
free employment office ratio indicate that conditions are much improved
as compared November, 1927.
Bloomington.-Seasonal factors account for a reduction of 16.4% in
Bloomington factories. Food products factories have been leaders in the
downward movement. The conditions of outdoor employment have also
been somewhat less favorable due to the closing down of contracting firms
and the completion of husking activities. Despite this general downward
movement, the free employment office ratio of 105 is the same as a month
COURSE OF EMPLOYMENT AND EARNINGS IN ILLINOIS DURING ago.
OCTOBER 1928.
Chicago.
-Employment conditions in Chicago factories are somewhat less
favorable than they were last month due principally to reductions in minor
Employment.
Earnings(Payroll). industries. With the exception of farm impleroents. all leading branches
of the metal industry report more workers. Printers and meat packers have
Total "Averalso increased their forces. Clothing experienced its customary November
Per Cent Index of Employment Earnings age"
decline in both the women's and men's division of the industry. The
Industry.
Change (Average 1922=100). Per Cent Weekly
from a
of Chge. Earnings conditions of unemployment are somewhat less favorable, this month's
Month
from a
for
ratio being 154 in contrast with the more optimistic 141 in October. This
Ago.
Nov.
Oct.
Nov. Month
Nov.
higher ratio reflects for the most part a decline in the number of calls for
1928. 1928. 1927.
Ago.
1928.
helP, of which there were 2,344 fewer during November than had been reAil industries
+0.5 102.5 102.0
99.1
+1.4 829.57
ceived in October.
all manufacturing industries-. +0.5
96.4
95.9
91.8
-0.6
28.28
Cicero.
-Conditions of factory employment in Cicero have improved
Stone-Clay-Glass Products.. -0.4 119.7 120.2
96.3
+2.8
29.53
Miscellaneous stone prod'ts. --4.8
90.5 101.4 107.0
during the last 30 days, due largely to support from a number of metal prod-6.3
30.65
Lime-cement-plaster
+1.5 107.8 106.2 110.6
+0.5
ucts factories. The present gain is a reversal of last year's downward
30.43
Brick-tile-pottery
-0.9 101.7 102.6 110.6
-2.7
30.83
movement and is part of an improvement which has characterized the course
+1.2 148.7 146.9 146.4 +14.5
Glass
27.71
Metals-Machinery-Convey'ceq +1.7 111.6 109.7
of employment for several months. The free employment office ratio in97.1
+1.7 „ 30.41
Iron and steel
+1.5 125.7 123.8 110.0
dicates that jobs have been more plentiful than they were in 1927. During
+4.0
31.64
Sheet metal work-hardware. -0.1 100.3 100.4
91.0
-2.5
26.14
November 191 people applied for every 100 jobs while in November 1927
Tools and cutlery
+2.9
84.0
81.6
63.0
+0.8
32.25
the ratio was 232.
Cooking-heating apparatus
-0.4 108.7 109.1 105.6
-3.5
Braes-copper-alue-oth. met. +2.7 152.8
148.8 141.0
+9.8
30.50
Danville.
-Employment conditions have varied widely during the past
Cars and locomotives
-2.7
37.8
38.9
36.3
-3.9
30.13
30 days. In one food products factory 63 workers have been taken on,
Autos-accessories
-3.9 132.5 137.9
96.0
-6.4
28.41
Machinery
while in a metal factory the payroll contains 54 fewer names than was the
+4.6 146.2 139.8 129.8
+4.4
31.54
Electrical apparatus
+4.3 118.5 113.6
99.3
case a month ago. Brick yards as a group, have fewer workers, although
-2.1
30.19
Agricultural implements_
+2.4 148.9 145.4 124.6
+4.3
30.05
one plant has increased its working forces. Farmers and contractors are
Instruments and appliances +3.2
59.3
57.5
57.2
+4.2
29.17
laying off help and as a result have withdrawn support from the free emWatches and Jewelry
+1.8 111.9
109.9 108.9 +15.7
28.88
All others
+2.7 -------------0.8
ployment office which reports that conditions are less favorable than the
20.37
Wood products
79.3
79.1
+0.2
89.5
-3.9
preceding month. It is to be noted, however, that the November ratio
27.36
Saw-planing mills
-0.8
93.5
94.3 104.8
-1.1
32.27
of 117 reflects much better conditions than the ratio of 156 for November
Furniture-cabinet work....__ -2.0
98.2 100.2 107.3
-7.5
26.78
Pianos-musical instruments +7.5
of last year.
63.7
59.3
77.3
+4.6
29.57
Miscell. wood products.._
+3.6
51.7
49.9
59.9
-0.0
22.64
Decatur.
-Decatur manufacturers experienced the first November pickup
Furs and Leather Goods
-3.3 100.5 103.9 111.1
-2.2
19.09
in the four years. The reason is that a clothing establishment and a number
Leather
84.2
-8.0
91.5 100.2
-5.3
27.74
Furs and fur goods
-1.4
81.8
of metal factories added a sufficiently large number to their forces to offset
83.0
87.6
+0.8
44.68
Boots and shoes
-2.7 106.3 109.2 112.7
-0.7
reductions in a number of other plants. As in the case of the majority
17.60
Miscellaneous leather goods -0.5
49.3
49.5
73.5 -10.4
18.67
of other centers, the past two weeks. The free employment ratio indicates
Chemicals-Oils-Paints
-1.9 122.5 124.9 113.9
-4.0
27.35
that the competition for jobs is practically the same as it was a month aga
Drugs-chemicals
-0.4
93.4
93.8 105.8
-5.7
24.34
Paints-dyes-colors
-2.2 130.0 132.9 130.4
although conditions show a decided improvement over 1927.
-2.4
29.17
Mineral-vegetable oil
+0.7 124.6 123.7 109.0
-0.3
29.72
East St. Louis -Reductions in meat packing plants have carried the total
Miscellaneous chemicals__ _ -5.3 147.7 156.0 126.6
-8.7
25.18
Printing-Paper Goode
volume of employment in East St. Louis factories 2.6% below their October
+1.1 117.8 116.5 120.4
-3.5
32.70
Paper boxes-bags-tubee
-0.4 148.4 149.0 149.3
-1.8
level. Payrolls in East St. Louis factories have also been reduced, the
25.10
Miscellaneous paper goods_ +4.2 131.3 126.0 128.4
+1.3
23.17
decline in 17 factories amounting to 6.2%. The fact that payrolls have
Job printing
+2.5 110.2 107.5 114.1 -10.9
20.55
been reduced o a greater extent than employment indicates that a number
Newspapers-periodicals_ _ _ _ +0.1 136.0 135.9 136.0
+2.9
27.50
Edition bookbinding
+1.3 ------------+1.2
of factories have placed workers on part time schedules rather than dis34.20
Lithographing & engraving_ -2.3 ------------+2.6
_
missing them. That conditions are likely to improve is indicated by a
Textiles
+1.0 102.6 101.6 113.8
+4.4
20.85
press report stating that a rubber reclaiming plant will soon begin operations
Cotton and woolen goods__ _ +2.6 144.4 140.7 152.9
+4.7
29.16
Knit goods
with a force of 500 men. The extent of unemployment as reflected`by the
+4.9
-hosiery
87.0
82.9
99.1 +16.9
17.49
Thread-twine
76.8
74.3
+3.3
76.6
+5.2
free employment office ratio is less than last month or last November.
21.09
All other
-5.5 104.4 110.5
97.1
-8.1
20.13
Joliet.
-As was the case in November 1927 and 1926 the volume of emClothing and Millinery
-6.7
57.8
61.9
64.7 -13.1
22.43
Men's clothing
-9.7
ployment in Joliet factories has declined during November. Comparison
45.6
50.5
65.0 -14.7
26.38
Men's shirts-furnishinge
+4.9 103.3
98.5 105.4
+4.7
of this month's payroll with that of October shows that 4.1 fewer names
18.58
Overalls-work clothing
-14.5
62.7
73.3
79.5
-1.3
18.30
appear on payrolls of manufacturers and that 1.4% less money has been
Men's hats and caps
-1.5
53.1
53.9
52.0 -21.8
25.97
Women's clothing
paid in wages. The principal reductions which have been reported occurred
111.2 105.9 105.0 -16.8
+5.0
17.88
Women's underwear
-11.4 105.7 119.3
93.2
in a chemical products establishment in which 77 fewer workers were em-7.7
12.90
Women's hats
-10.7
45.4
50.8
63.7 -23.0
ployed and in a number of metal plants whose payrolls show a slight falling
20.37
Food-Beverages-Tobaccus
+1.0
01.6
90.7
93.6
-1.3
28.49
off. Unemployment conditions are somewhat less favorable than they
Flour-feed-other cereals_ -.. -7.7
95.4 103.4 105.4
-7.5
26.88
Fruit-vegetablc canning_ . -24.6
were last month due principally to the laying off of considerable numbers of
7.6
10.1
17.6 -39.1
16.78
Miscellaneous groceries- .. +6.9
98.9
92.5 103.3
-2.0
outdoor workers.
28.31
Slaughtering-meat packing. +3.5
91.4
88,3
80.7
+3,3
26.47
Dairy products
Moline-Rock Island.
-With the exception of a division of the agricul-9.9
93.4 103.7
98.0
-9.8
33.41
Bread-other bakery procrts. +0.9
82.5
81.8
95.1
tural implement industry conditions in this district are less actvie than
-0.1
28.46
CODfectIonery
-5.2
82.0
86.5
72.1
-9.3
they were in October. Although the prospects for future months are
20.72
Beverages
65.0
-0.1
65.1
66.7
+0.1
27.50
good, there is practically no demand for labor at the present time. ConCigars-other tobacco prod _
. -4.9
87.1
91.6
86.9 -17.9
20.55
Manufactured ice
-27.2
ditions during the past thirty days conform closely with those of previous
56.6
77.7
71.0 -24.5
45.82
Ice cream
+7.9 ------------+0.5
Novembers so that the present downward movement may be regarded as a
42.16
Miscellaneous manufacturing_ -3.8 -------------6.2
seasonal experience.
29.28
Trade-Wholesale-Retail
70.5
+2.7
68.6
78.6
+2.2
27.36
Peoria.
-Thirty-three Peoria manufacturers paid 3.4% more money in
Department stores
+2.3 128.1 125.2 125.7
+5.4
25.55
Wholesale dry goods
+0.2
62.2
wages and employed 0.9% more people than was the case in October.
62.1
75.2
-0.2
22.60
Wholesale groceries
95.1
+2.8
92.5
94.2
-7.9
Large gains in metals are largely responsible for the improved conditions.
25.60
Mall order houses
+4.3
93.7
89.8 109.1
+3.9
22.93
In one factory employing several hundred men forces have practically
Mills distributing
Metal Jobbers
doubled since January,and prospects for the immediate future favor a conServices
+1.3 ------------+1,9
tinued gain. On the other hand, a number of paper and textile products
24.37
Hotels and restaurants
+1.4 ------------+1,7
concerns report sharp reductions. Owing to the return oflabor to industrial
25.45
Laundries
+1.0 122.9 121.7 121.7
+2.7
20.51
centers, jobs have been increasingly difficult to obtain, and the free emPublic Utilities
+0.0 139.2 139.2 136.3
+6.2
33.12
Water-light-power
ployment office ratio has risen from 130 in October to 165 during the last
+0.4 149.5 148.9 134.5
-0.7
36.24
Telephone
-0.7 135.6
136.6 131.2
30 days.
+1.6
27.91
Street railways
_0.3 108.3 108.6 108.9 +14.9
Qunicy.-The volume of employment in Quincy has declined sharply
38.91
Railway car repair shops... +1.8
53.5
52.6
56.5
+7.1
29.77
Coal Mining
following the course which it usually takes during November. Payrolls
+0.1
60.9
60.8
68.4
+6.8
26.50
Building and Contracting...
+0.2 140.7 140.4 122.2
have declined 6.8%. According to reports,schedules are also being reduced
-1.4
42.56
Building and construction.
+1.3
98.8
97.5
83.2
+0.2
in a number of establishments. Outside work has been practically stopped.
43.12
Road construction
-30.4 539.1 774.6
33.76
It is reported, however, that as soon as weather conditions permit, there
Miscellaneous contracting. +13.9 239.4 210.2 437.1 -38.8
265.6
+9.8
42.64
will be some demand for corn huskers who have been hampered considerably
Mr. Wilcox also furnishes the following analysis of
by wet weather. The slackening of outdoor industries
the largely for the reduction in the demand for help at probably accounts
the free employment
industrial situation by cities.
office which reports that 232 fewer calls came in during November than
Employment conditions have improved in seven of the fifteen
leading were received the month before.
Illinois centers. Rockford reports the most substantial
improvement with
-The metal industry in Rockford has been more active than
Rockford.
gains in a number of important metal industries and a continued
pickup in any other part of the state. Furniture factories have also been adding
in furniture factories. A division of the agricultural implements
industry, to their forces. With the support from these two lines employment conlocated in Rock Island, counter-balanced more general reductions
and car- ditions have improved very decidedly creating a real need for skilled metal
ried the volume of employment in that city 6.4 per cent above the
October workers and machinists at the present time. As is the case in other centers,
level.
the demand for common labor has diminishei largely because farmers no
The demand for agricultural help has practically stoppe' and
road longer need help and other outdoor industries have been closed down for
building activities have been closed for the winter in the majority of
Illinois the winter. This fact is reflected in the free employment office ratio which
centers. It 13 a notable fact, however, that in all leading Illinois
cities has risen from 96 in October to 102 in November.
both factory owners and free employment superintendents report that
Springfield.
con-All available information indicates that Springfield has
ditions are much improved over those of a year ago.
enjoyed unusually good conditions during November. Factory employ-Industrial activity in Aurora has continued to increase during
Aurora.
ment, supported by all leading industries, has gained 2.5%. Reports
November. Payrolls of 23 manufacturers show 2.9% more names than
in
contractors Ids show a decided pickup due largely to the final rush
October, which in turn showed a 13.0% gain over the previous month. from
bringing jobs to completion. The Springfield free employment office
The support for the November upswing came largely from metal
factories, is the only one in the state to receive more calls for help than was the case
although representatives of food and clothing groups also report
increased in October. It is also a matter of first rate interest that the volume of
•
[VOL. 127.
FINANCIAL CHRONICLE
3610
building as indicated by permits is greaterlin this city than in any other
down-State center.
-Unemployment conditions in this district are
Sterling-Rock Falls.
somewhat less favorable because of a continued decline in factory employment. With the exception of a farm implements factory which added a
few names to its payroll the course of employment in leading industries
kb
has been downward.
Building Situation in Illinois During November-Gains
-Expenditures on
Shown by Suburban Towns
Building in Eleven Months of 1928 Below Same
Period of Year Ago.
Gains in a number of suburban towns featured the Illinois
building program during November. Evanston builders are
to expend approximately $3,409,000, most of which is to be
used for the construction of semi-public buildings. Oak
Park passed both the October and the Nov. 1927 records
with a program calling for an expenditure of $1,894,627. Of
this sum, $575,000 is to be expended on 2 apartment hotels.
The Chicago experience has been less favorable and was
largely responsible for a reduction which has taken place.
in the State total which indicates that the volume of Illinois
construction is less than either la4 month or a year ago.
Residential construction has been well sustained, but nonresidential builders have fewer prospects than was the case
last month. The approach of cold weather has undoubtedly
been a factor in the decline. Sidney W. Wilcox, Chief of the
Bureau of Labor Statistics of the Illinois Department of
Labor in his review for November, issued Dec. 14, also says:
Total
Cities
No. Estimated
Cost.z
Bldg*z
Metropolitan Area
Chicago
Berwyn
Blue Island
Cicero
Evanston
Forest Park*
Glen Ellyn
Glencoe*
Harvey
Highland Park
Kenilworth*
La Grange*
Lake Forest*
Lombard*
Maywooda
Oak Park
Park Ridges
River Forest*
West Chicago*
Wheaton*
Wilmette
Winnetka
We also publish the following tables supplied by Mr.
Wilcox:
NUMBER AND ESTIMATED COST OF BUILDINGS AS STATED BY
PERMITS ISSUED IN 44 ILLINOJS CITIES IN NOVEMBER 1928, BY
CITIES, ACCORDING TO KIND OF BUILDING.
Total
October 11/28
Nov.'27.
'
Cities-
No. Estimated. No. Estimated. Estimated.
Cost.
Cost.
Biggs.
Cost.z
Bides z
3,023 $33,403,636 4,317 538,816,974
Total (all cities)
Total (excluding cities reporting
2,763 31,917.517 3,933 36,517,242 36,887,467
for first time in 1928)
Metropolitan Area
Chicago
Berwun
Blue Island
Cicero
Evanston
Forest Park*
Glen Ellyn
Glencoe*
Harvey
Highland Park
Kenilworth*
La Grange*
Lake Forest*
Lombard*
Maywood.:
Oak Park
Park Ridge*
River Forest*
West Chicago*
Wheaton*
Wilmette
Winnetka
Outside Metropolitan Area
Aurora
Alton*
Batavia.
13100mIngton
Canton
Centmlia*(a)
Danville
Decatur
East St. Louts
Elgin
Freeport
Granite City*
Joliet
Moline
Murphysboro
Ottawa*
Peoria
Quincy
Rockford
Rock Island
Springfield
Waukeaan
No.
Bags
Estimated
Cost.
3,023 533,403,636 4,317 538,816,974
Total (all cities)
Total (excluding cities reporting for first time
2,763 31,917,517 3,933 36,517,242
in 1928)
The total amount expended on building during the first eleven months
of 1928 has also been less than was the case a year ago. The falling off is
due to a decline in residential construction which is 17.5% under the 1927
figure. The total amount expended on non-residential buildings is somewhat greater than in 1927.
Favored by fair weather conditions Illinois builders have recently been
adding to their forces. In November 1.3% more names appeared on payrolls of reporting contractors than was the case in October.
Aside from the records in Evanston and Oak Park, Highland Park has
also experienced very favorable conditions. During November permits
have been issued for the construction of buildings whose estimated cost is
$609.356, $384,009 of which is to be used for the construction of residential
buildings.
With the exception of Maywood and Wheaton, both of which showed
improvement other metropolitan centers reported a sharp decline.
Springfield led all downstate centers with a total of $528,000. It is
interesting to note that a great number of trade indices point to a rapid
improvement in this area which suffered considerably as a result of the coal
strike. Rockford Is another downstate center which has recently shown
improvement, and in November its building program has been ahead of
October or a year ago. Rock Island has also been moving ahead rapidly.
Bloomington's program of $353.000 is ahead of either Oct. or Nov. 1927 as
Is also the case with Aurora.
November 11:138.
October 1928.
November 1928.
1,458 20,793,600 1,976 29,039,125 28,238,025
116
758,900
755,500
471,600
103
251,164
56
111,275
35.065
18
362,935
51
446,772
293,075
31
618,450
118
871,550
93 3,409,750
34
66,350
37,050
18
31
88,455
103.830
49,850
11
299,000
22
80,947
9
•
161,717
33
102,072
23
150,965
143,215
34
609,356
38
•
89,600
7
87,000
4
*
229,000
36
18
106,100
•
449,632
23
198,129
30
*
28,835
17
32,868
20
228.675
84,095
53
255,550
33
412,010 1,683,580
66
58 1,894,627
*
224,765
33
176,800
27
4.
369,910
27
14
214,250
*
20,648
15
12,600
3
•
62,600
18
144,300
20
185,319
298,150
25
13
111,613
320,650
435,350
36
24
220,600
62
50
4
9
8
1
18
61
62
74
17
7
38
53
256.507
57,803
15,200
353,500
53,400
1,000
56,880
121,400
162,230
241,735
53,700
190.000
108,100
106,767
80
89
2
27
4
2
36
110
112
96
20
5
55
115
207.726
192.150
3,925
252,000
25,750
5,000
199,255
234,725
242,293
168,360
, 66,600
20,000
220,620
381,748
223,387
*
*
91,000.
2,115
•
50,615
231,555
180,310
87,362
699,050
•
125,277
75,373
12
88
22
136
102
91
39
30,000
224.800
44.130
465.053
416,378
528,041
220.100
21
147
30
192
118
155
74
76,600
667,510
85.625
451,128
105,515
400,514
316.025
*
296,575
102.085
348,097
439.725
143,405
1,055.405
1,458 20,793.600 1,976 29,039,125
758,900
116
755,500
103
251,164
56
111.275
18
362,935
51
293,075
31
618,450
118
93 3,409,750
66,350
34
37,050
18
88,455
31
49,850
11
299,000
22
80,947
9
161,717
33
102,072
23
143,215
34
609,356
38
89,600
7
87,000
4
229,000
36
106,100
18
449,632
23
198.129
30
17
28,835
32,868
20
84,095
63
255,550
33
412,010
66
58 1,894,627
224,765
33
176,800
27
369,910
27
214,250
14
20.648
15
12.600
3
62,600
18
144,300
20
298,150
25
111,613
13
435,350
36
220,600
24
Outside Metropolitan Area
192,150
89
57,803
50
Alton*
207,725
80
256,507
62
Aurora
3,925
2
15,200
4
Batavia*
252,000
27
353,500
9
Bloomington
25,750
4
53,400
8
Canton
5,000
2
1,000
1
Centralia(a)
199,255
36
56,880
18
Danville
234,725
110
121,400
61
Decatur
242,293
112
162,230
62
East St. Louis
168,360
96
241,735
74
Elgin
66,600
20
53,700
17
Freeport
20,000
5
190,000
7
Granite City*
55 220,620
108,100
38
Joliet
381,748
115
106,767
53
Moline
Murphysboro
76,600
21
30,000
12
Ottawa*
667,510
147'
224,800
88
Peoria
85.625
30
44.130
22
Quincy
451,128
192
465.053
139
Rockford
105,515
118
416,378
102
Rock Island
400,514
155
528,041
91
Springfield
316,025
74
220,100
39
Waukegan
detail figures
* Reporting for first time in 1928. x Complete total figure exceeds Maywood.
by 33 buildings and $255,550, since classified figures are not available for
a Includes only buildings within fire limits and business district.
Total
January-Noremher 1928. Jan-Nov.'27.
Claes-
No.
Bides.*
Estimated
Cost.*
Estimated
Cost.
$388,085,907 5436,582,623
38,337
Whole State
Metropolitan Area
345,117.240
304,011,533
19,997
Chicago
7,186,500
6,650,000
1,227
Berwyn
1,046,869
1,197,283
439
Blue Island
4,472,874
3,612,785
518
Cicero
14,600,475
12,507,175
990
Evanston
1,337.945
1.465,873
266
Glen Ellyn
2,116,111
2,902,577
371
Highland Park
1,925,345
2.507,505
464
Maywood*
8.302,366
8.986.815
805
Oak Park
2,038,439
2,725,738
269
Wilmette
2,388,405
2.349,075
261
Winnetka
Outside Metrolpolitan Area
2,577,673
2,848,881
844
Aurora
900,200
1,355,800
157
Bloomington
127,468
152.825
42
Canton
1,015,591
862.848
232
Danville
5,742,340
4,062,395
1,135
Decatur
5,462,849
2,650,616
1,057
East St. Louis
1,740,593
2,283,831
970
Elgin
1.561,851
1,953,949
298
Freeport
2,638.927
2,985,620
571
Joliet
1,127.824
1.515.524
912
Moline
60,500
23,000
3
Murphysboro
3,170,650
3,651,520
1,352
Peoria
1,027,871
1,263,757
357
Quincy
6,244,043
5,035,852
1,766
Rockford
1,761,465
1,459,514
1,098
Rock Island
3.794.508
3,531,408
1,164
Springfield
7 095 701
3,532,208
772
Waukegan
464 buildings and 52,507,505
• Complete total figure exceeds detal totals by
since classified figures for Maywood are not availab e.
Northwestern National Bank of Minneapolis Views
Outlook for Early Months of 1929 as Favorable
-1928 a Year of Progress and Success
for Business
Northwest.
in
The Northwestern National Bank of Minneapolis, in its
Dec. 16 Review, states that "the year of 1928 may be entered
In the General Ledger of the Northwest as one of progress
and success when all Items are given their proper relative
values and the net result is inked at the bottom of the
sheet." The bank, continuing, says:
low prices
The prominent adverse influence, needless to say, has been
years
of certain important grains, of potatoes and of hogs. Not many
seriago unsatisfactory prices for a portion of our main products acted as a
Income
ous drawback to business and liquidation, bat our sources of
extent
have been so widened and our reserves strengthened to such an
modify a
that depressed prices of certain products have served only to
production has
progress that otherwise might have made history. Grain
Returns
been large. Cattle, sheep and wool have brought good prices.
operating at a
from dairying have been increasing. Business has been
volume,
higher level than in 1927-a gain of between 6 and 7% in dollar
if bank transactions in the larger cities of the Northwest can be taken as
a guide. In 17 representative cities this gain, expressed moderately as
being between 6 and 7%, means, nevertheless, an increase of about $600,000,000; aggregate "debits to individual accounts" in these 17 cities, as
repor`ed by leading banks to the Federal Reserve Bank of Minneapolis,
will amount to about ten billion dollars this year. It this index alone is
DEC. 29 1928.]
FINANCIAL CHRONICLE
followed, we have had the most favorable year since comparisons in this
particular can •be made, which means during the last half decade. In
country districts,- as reflected by the reserve bank's new "country clearings index," business in 1928 has been the most active of all the eight years
•
of the life of the record.
The outlook for early months in 1929, barring some unusual blight
between now and summer, is favorable for business in general. Increases
in volume over early months of 1928 are generally expected. A certain
slowness in business now discernible, as measured with last year, is commonly attributed to unseasonal weather and to a withholding of grain
from final sale and this means, in part, postponement of activity to later
months.
In Minneapolis the guess is ventured by authorities who have weighed
the prospects carefully, that miscellaneous merchandise shipments from
this city in the first quarter of 1929 will exceed those of the first quarter
of 1928 by 5 to 10%. Some other cities expect an even larger increase
in miscellaneous business, and others predict a volume about equal to
that of the preceding spring. The output of the Ford plant in St. Paul
cannot be taken as a gage of the northwestern automobile trade in that
in early 1928 no shipments at all were made, due to changes being made
in the manufacturing process; but it is interesting to know that with outshipments now amounting to 20 to 25 carloads a day, shipments in the
first quarter of 1929 will be increased to 30 to 35 carloads forwarded
daily. Sales of lumber in our country districts this fall are said to have
been 7 to 10% greater than in the fall of 1927, with some districts
showing a much greater increase. Many retail yards are distributors of
coal, and sales of fuel have not been good because of the mild weather.
The records of the 500 yards whose flow of business is reported monthly
to the reserve bank indicate the greatest volume of country sales both
in board feet and dollar value of any year since 1920. Under ordinary
circumstances a good fall volume of business in the lumber trade indicates
a favorable volume in the following spring, and this argues a good country
lumber business in early 1929.
Quite definitely indicated by contractual sales made by wholesalers for
shipment in the coming spring and summer, it is the expectation in the
farm implement business that there will be a considerable increase in
shipments during the first part of next year as compared with 1928,
although prospects are somewhat spotted—it would be a happy chance indeed if prospects in all sections were uniformly good. The state of
business in the lumber and farm implement fields is an ultimate test of
the temper of country buying; with distributors in these two stand-by
lines generally optimistic, we may all breathe fairly easy. Tractors and
tractor-drawn implements continue to hold top-line positions; expectstions of increase in these sales are from 15 to 30% ahead of last spring.
"The outlook is better than for the past two years," says one wholesale
distributor of implements ; "ready money seems to be available for the
purchase of our line." Another distributor, while noting sluggish tendencies in the potato districts and certain grain sections, reports forward
sales better than last year and states that his company is making preparation for increased volume in the coming six months. Contractual sales
of another large distributor are "beyond expectations; there is a big
demand for tractors." For his entire line another wholesaler whose advance quotas are estimated with exceptional care, estimates a 20% gain
over the first half of 1928. Still another distributor, whose opinions are
always relied upon as being fully debunked before delivery, does not
hesitate to say: "I feel pretty good about 1929. In spite of the low
price of wheat, the size of the crop was generally good, and collections
are quite a bit better than in other years. The situation is spotted, of
course, but we have never had a year when collections were so easy. I
have a hunch that spring business will be good unless some unfavorable
crop influence turns up."
Increased Activity Reported in Kansas City Federal
Reserve District.
Business in the Tenth (Kansas City Federal Reserve)
District displayed more activity in November than is usual
for the short eleventh month of- the year, with time out for
the observance of holidays and curtailment of operations in
lines influenced by cold weather. The January number of the
Monthly Review of the Federal Reserve Bank of Kansas City
continues:
The daily volume of transactions during the month, as reflected by the
statistical reports, was a higher level than in either the preceding month
or the corresponding month a year ago. Conditions were reported as more
uniformly good over the seven States whose areas or parts form this district
than at the close of any recent year.
Retail trade, having the right of way for the season, continued heavy
through November and about on the level of a year ago. At the opening
of December, with holiday trade at its height, the volume was at the peak
of 1928. Distribution of goods by wholesalers showed less than the usual
seasonal recession which follows the peak of fall trade, and wholesalers
were doing a very large business in fill-in orders. Automobile sales were
good for the late season, and dealers in accessories reported a very large
volume of business. Orders booked to the end of November for implements and farm machinery for 1929 delivery were reported about 25%
above those booked during the same period of a year ago.
In the production of commodities, seasonal declines in some of the Important lines were more than offset by gains in other lines. The November
slaughter of cattle and calves and the output of crude oil was smaller than
in November of the preceding year, while the slaughter of hogs and sheep,
and the production of flour, soft coal, cement, and zinc and lead ores was
larger than a year ago.
The value of building contracts awarded in the District during November
was smaller than in the corresponding month a year ago, although the value
of permits issued in leading cities showed an increase.
The final crop estimate, issued late in December, reflected few important
changes in estimated yields in the Tenth District from those reported in
November. Indicated yields of winter. and spring wheat, oats, barley,
potatoes, broom corn, and cotton were larger than the 1927 crops, and estimates of corn, hay, grain sorghum and sugar beets were smaller.
The livestock situation exhibited but very slight change. The heavy
fall runs of cattle and sheep from the ranges and pastures came to an end in
October, and November marketings were down to ordinary winter schedules.
On the other hand there was an increase in the marketward movement of
hogs during the opening month of the winter packing season.
Wholesale and retail trade is reviewed as follows:
Conditions over the Tenth District were regarded as favorable
for a
record volume of retail trade in the closing period of 1928, due to a higher
purchasing Power of the farm population, a better employment situation,
3611
and the release by banks to depositors of u -usually large amounts of Christmas savings funds. However, the pre vp ience of a mild form of influenza.
which seemed to be general over the country, was keeping many shoppers
away from the stores in cities of this District. Thus, while sales in the early
half of December were reported at the peak of the year, they were not up to
expectations of merchants.
Retail.—Sales of reporting department stores in cities of the Tenth
District were in larger daily volume in November than in October, although
the dollar total for the month was a fraction of one per cent smaller than in
October,on account of the fewer trading days in November. The November
record of the reporting department stores showed sales were smaller by 1.4%
than in the corresponding month a year ago. 17stores reporting increases and
18 stores reporting decreases. Accumulated sales for 11 months of 1928
were larger by 0.8% than for the 11 months of 1927.
November business with retail apparel stores showed a seasonal upturn
and sales were slightly above those of a year ago. Sales of furniture at
retail were larger for the month than either the preceding month or the
same month in 1927. Chain stores handling foods reported their sales for
the month were larger than those for a year ago.
Stocks of goods at department stores at the end of November were slightly
less than at the end of October and a year ago.
Wholesale.—Reports of wholesale firms located at distributing centers
within the Tenth District showed the volume of sales, combined for six
lines, was smaller in November by about 8.5% than in October, but were
about the same as reported for November, 1927. The returns as reported
in dollars showed the month's sales of all six lines were smaller than in the
preceding month. Compared with the corresponding month a year ago,
sales of groceries showed a small increase and sales of drygoods, hardware,
furniture, drugs and millinery showed decreases.
While the volume of distribution by reporting wholesale firms was smaller
In November than in October, the decline was seasonal, being attributed
to the fact that heavy purchases by retailers for the holiday season and for
the winter trade were made in the earlier fall months. Due to the recent
tendency of retailers to buy in small lots and for immediate and near future
requirements, wholesalers were doing a larger volume of business in the
way of fill-in orders than at this season in former years.
Sales of implements and farm machinery in November ran about 25%
above those reported a year ago.
As shown by the summary of trade statistics, stocks of groceries, hardware, furniture and drugs were larger at the end of November than on
the corresponding date a year ago, drygoods being the only line holding
smaller stocks than a year ago. As compared with stocks at the close of
October, merchandise inventories of drygoods, furniture and drugs showed
decreases while groceries and hardware showed increases.
Business Conditions in San Francisco Federal Reserve
District—Slight Decline in Industrial Output in
November—Employment at Higher Levels.
Isaac B. Newton, Chairman of the Board and Federal
Reserve Agent, of the Federal Reserve Bank of San FranClan, under date of Dec. 20, reports conditions in his district
as follows:
Economic conditions in the Twelfth (San Francisco) Federal Reserve
District during the closing months of 1928 have reflected those developments which characterized the year as a whole. Industry has been active
and during the second half of the year labor has been more fully employed
than a year ago. Sales of goods at wholesale and at retail have been
large both in volume and value. Agricultural output has increased but
prices of agricultural products have tended downward during the marketing
season. Prices of non-agricultural comodities have averaged above the
prices of last year. A substantial amount of credit has been available
at but slightly higher interest rates than prevailed during 1927.
Crop estimates made Dec. 1 indicate that, in the aggregate, production
of field, grain, and fruit crops during 1928 was larger than during 1927.
During the current marketing season, and particularly toward its close,
prices paid for these crops have not compared favorably with prices paid
in 1927. It appears probable that total returns to the District's farmers
will not exceed those of last- year. Livestock producers have been moderately heavy sellers of cattle and heavy sellers of sheep at prices which
have averaged higher than a year ago.
InduAtrial output in the District experienced a seasonal decline during
November, but employment of other than unskilled labor continued at
levels higher than a year ago. Trade at retail declined moderately during
the month, but total sales both at retail and at wholesale were larger
during the first eleven months of 1928 than during the same period of
1927.
Prices generally tended upward during the second and third quarters
of 1928, but declined during the fourth quarter, and toward the year's
close the Bureau of Labor Statistics' index of wholesale commodity prices
receded to levels approximating those of November 1927. The decline
in recent months has been a reflection chiefly of lower prices for agricultural products, prices of certain non-agricultural commodities important in this District, notably copper, lumber, and petroleum, now
being higher than a year ago.
Reduced demand for credit at the Federal Reserve Bank of San Francisco, and increased loans and investments by member banks characterized
the credit situation in the Twelfth Federal Reserve District during late
November and early December. The amount of Reserve Bank and member
bank credit in use during this period, however, was considerably greater
than a year ago.
Country's Foreign Trade in November—Imports and
Exports.
The Bureau of Statistics of the Department of Commerce
at Washington on Dec. 15 issued its statement on the foreign
trade of the United States for November and the 11 months
ending with November. The value of merchandise expgrted
in November 1928 was $546,000,000, as compared with
$460,940,000 in November 1927. The imports of merchandise are provisionally computed at $327,000,000 in
November 1928, as against $344,269,000 in November the
previous year, leaving a favorable balance in the merchandise movement for the month of November 1928 of
$219,000,000. Last year in November there was a favorable trade balance on the merchandise movement of $116,-
3612
[vol.. 127.
FINANCIAL CHRONICLE
671,000. Imports for the 11 months of 1928 have been
Reduction in Tire Prices Announced by Mail Order
$3,752,451,000, as against $3,853,509,000 for the correHouses of Montgomery Ward & Co. and Sears,
sponding 11 months of 1927. The merchandise exports for
Roebuck & Co.
the 11 months of 1928 have been $4,655,459,000, against
In advices from Chicago yesterday (Dec. 28) regarding
$4,457,735,000, giving a favorable trade balance of $903,a cut in tire prices, the "Sun" of last night said:
008,000 in 1928, against a favorable trade balance of $604,Further reductions ranging from 7%
in prices7of
have
226,000 in 1927. Gold imports totaled $29,591,000 in tires by the two leading mail order to 20% Sears,been made & Co. and
Roebuck
houses,
November, against only $2,082,000 in the corresponding Montgomery Ward & Co. The new prices are the lowest ever quoted by
month in the previous year, and for the 11 months have the two companies.
The new prices are contained in the mid-winter catalogue Just issued by the
been $143,947,000, as against $197,104,000. Gold exports
in November were $22,915,000, against $55,266,000 in two companies. Montgomery Ward & Co.'s sale book shows substantial reductions in all lines, but more particularly in Riverside tires, on which reNovember 1927. For the 11 months of 1928 the exports ductlons from 7%
to 17%. The new
of the metal foot up $559,123,000, against $123,606,000 shows cuts ranging from 10% to 20%. catalogue of Sears, Roebuck & Co.
in the 11 months of 1927. Silver imports for the 11 months
News from Chicago that the big mail order houses had cut prices failed to
of 1928 have been $62,997,000, as against $51,303,000 in cause much of a stir in the tire trade here. Samuel Woolner, Jr., President
1927, and silver exports $78,882,000, as against $68,438,000. and Chairman of the Kelly-Springfield Tire & Rubber Co., commented
that the mail order houses issue catalogues twice a year, when they make
Following is the complete official report:
TOTAL VALUES OF EXPORTS AND IMPORTS OF THE UNITED STATES.
(Preliminary figures for 1928, corrected to Dec. 14 19284
MERCHANDISE.
November.
11 Months Ended Nov.
1928.
1927.
Inc.(+)
Dec.(-).
1,000
Dollars.
460,940
344.269
1,000
Dollars.
4,655,459
3,752,451
1.000
Dollars.
4,457,735
3,853.509
1.000
Dollars.
+197,724
-101,058
219,000
Excess of exports
Excess of imports
1928.
1,000
Dollars.
546,000
327.000
Exports
Imports
1927.
116,671
903,008
804,226
EXPORTS AND IMPORTS OF MERCHANDISE, BY MONTHS.
1928.
ExportsJanuary
February
March
April
May
June
July
August
September
October
November
December
1927.
1926.
1925.
1,000
Dollars.
410,778
371,448
420,017
363,928
422,557
388,661
378,984
379,872
421,748
550,866
546,000
1.000
Dollars.
419.402
372,438
408,973
415,374
393,140
356,966
341,809
374,751
425,267
488,675
460,940
407,641
1,000
Dollars.
396,836
352,905
374.406
387,974
356,699
338.033
368,317
384,449
448,071
455,301
480,300
465,369
1,000
Dollars.
446,443
370,676
453,653
398,255
370,945
323,346
339.660
379,823
420,368
490,567
447,804
468,306
1923.
1924.
1,000
1,000
Dollars. Dollars.
395,172 335,417
365,782 306,957
339,755 341,377
346,936 325,492
335,089 316,359
306,989 319,957
276,649 302,186
330,660 310,966
427.460 381,434
527,172 399,199
493,573 401,484
445,748 426.666
limos, end. Nov.... 4,655,459 4,457,735 4,343,291 4,441,542 4,145,237 3,740,828
12'nos. end. Dec.4 865,375 4,808,660 4,909,848 4,590,984 4,167.493
Imports
January
February
March
April
May
June
July
August
September
October
November
December
337,943 356,841
351,035 310.877
380,437 378,331
345,314 375.733
353,981 346,501
317,249 354,892
317,788 319,298
346,723 368.875
319,547 342,154
355,433 355,738
327,000 344,269
331,234
416,752
387,306
442,899
397,912
320,919
336,251
338,959
336,477
343,202
376,868
373,881
359,462
346,165
333,387
385,379
346,091
327,519
325,216
325,648
340,086
349,954
374,074
376.431
396,640
329,254
303,407
397,928
364,253
372,545
320,234
287,434
275.438
253,645
308,291
291,333
288,305
295,506
332,323
320,482
324.291
302,988
274,001
278,594
254,542
287,144
310,752
296.148
333,192
11 mos. end. Nov__ 3,752,451 3,853,509 4,071,426 3.829,950 3,276.771 3,503,762
12 mos. end. Dec__4.184,742 4,430.888 4.226.589 3.609,063 3.792,066
GOLD AND SILVER
November.
11 Moe. Ended Nov.
Inc.(+)
Dec.(-).
1928.
Excess of exports
Excess of imports
Silver
Exports
Imports
1928.
1927.
1.000
Dollars.
22,915
29,591
GoldExports
Imports
1927.
1,000
Dollars.
55,266
2,082
1,000
Dollars.
559,123
143,947
1,000
Dollars.
123.606
197,104
53,184
415,176
0,676
73,498
7,664
5,447
Excess of exports
Excess of iranorts
1,000
Dollars.
+435,517
-53,157
5,634
5,102
78,882
62,997
68,438
51,303
2,217
532
15.885
17,135
+10344
+11,694
EXPORTS AND IMPORTS OF GOLD AND SILVER. BY MONTHS.
Gold.
•
ExportsJanuary
February
March
April
May
June
July
August
September
October
November
December
1928.
1,000
Dols.
52.086
25,806
97,536
96,469
83,689
99,932
74,190
1,698
3,810
992
22,915
1927.
1.000
Dols.
14,890
2,414
5,625
2,592
2,510
1,840
1,803
1,524
24,444
10,698
55,266
77,849
1926.
1,000
Dols.
3,087
3,851
4,225
17,884
9,343
3,346
5,069
29,743
23,081
1,156
7,727
7,196
Silver.
1926. 1928. 1927. 1926.
1,000 1,000 1,000 1,000
Dols. Dols. Dols. Dols.
73,526 6,692 7,388 9,763
50,600 7,479 6,233 7,752
25,104 7,405 6,077 8,333
21,604 6,587 6,824 7,612
13,390 6.712 6,026 7,931
6,712 7,458 5,444 7,978
4,416 6,160 6,650 7,921
2,136 9,240 5,590 8,041
6,784 0,229 6,627 7,243
28,039 7,252 5.945 7,279
24,360 7,664 5,634 6,794
5,968
____ 7,1813 5,610
1925.
1,000
Dols.
11,385
6,833
7.917
0,323
6,536
8,522
8,349
8,285
7,487
8,783
8,118
7, 89
5
Imports
January
February
March
April
May
June
July
August
September
October
November
December
38,320
14,686
2,683
5,319
1,968
20,001
10,331
2,445
4,273
14,331
29,591
____
59,355
22,309
16,382
14.503
34,212
14,611
10,738
7,877
12,979
2,056
2,082
10,431
19,351
25,416
43,413
13,116
2,935
18,890
19,820
11.979
15,987
8,857
16,738
17,004
5,038
3,603
7,337
8,870
11,393
4,426
10,204
4,862
4,128
50,741
10,456
7,216
6,305
4,656
5,134
4,888
4,247
6,221
6,544
6,496
5,739
7,319
5.447
____
5,151
3,849
4.308
3,815
5.083
4,790
4,288
4.856
4,992
5,069
5.102
3.770
tAW0 40101011.001001
,
Vc,01J101.00V0173,t4
43140004 N ,
, INiW00
0.-0W,b0W10100WW
11 mos.end. Nov 559,123 123,606 108,512 256,671 78,882 68,438 88,647 91,538
____ 201,455 115,708 262,640
12 mos.end. Dec
____ 75,625 92,258 99,128
7,339
4,929
6.661
4.945
3,390
4,919
5,238
7,273
4,504
5,602
4,049
5.737
limos.end. Nov 143,947 197,104 196,502 121.058 62,997 51,303 65,166 58,849
____ 207.535 213,504 128,272
12 Mos.endDec.
____ 55.074 69,596 64,596
their price revisions. It was not yet clear, he said, whether the cute announced to-day were merely re-adjustments to most reductions already
made by the tire manufacturers last October or whether they were revisions
below parity with those cuts.
Mr. Woolner said that he considered the price situation in the tire industry stable and saw nolkellhood of the general downward revision. He
commented that the rubber market is on a sounder basis now that restrictions have been abandoned by the British Government and thought that
the outlook was for a prosperous year.
Automotive Parts-Accessory Business Closes Greatest
Year-New High Record Expected in 1929.
Manufacturers of automotive parts, accessories and repair
equipment are closing their greatest year with production
and sales at high levels and will open 1929 with virtual
assurance that during this year 1928 records will be surpassed,
according to the Motor and Equipment Association, which is
composed of approximately eight hundred manufacturers
and wholesalers of automotive products. The Association
goes on to say:
With a production of approximately 5,000,000 motor cars and trucks
looked for next year, suppliers of units and parts to the car manufacturers
and replacements and accessories to the trade will have to maintain operating schedules at extremely high levels to take care of this increased demand.
During this year manufacturers of units and parts for original equipment
of motor cars have had their greatest year because of the increased vehicle
output. Service parts manufacturers have also shown a consistent increase
throughout the year and will continue this gain because of heavier car
registrations and more improved highways, which means gfeater demand for
replacements.
Accessory makers and also manufacturers of garage repair equipment
have had a satisfactory year and will show further improvement during the
next few months in line with the general expansion of the industry,increased
purchasing of additional equipment by car owners and more repair work.
Business of automotive wholesalers has boon on the upgrade since early
in the summer, with November the greatest month in their history for a
large number of jobbers. In November, business of parts-accessory
manufacturers declined seasonally from October, as was expected, due
pa.tly to the fact that a number of car manufacturers were practically out
of /reduction due to change-overs to new models. With the resumption
of.in upward trend in car production in December, business in all divisions
for this month will go ahead of November.
The grand index of shipments to the car and truck manufacturers and to
the vholesale trade by a large and representative group of M.E. A. members
in November was 153% of the January 1925 index, as compared with 188
in October and 102 in November last year.
Business of original equipment makers in November was 163% of January
1925 as compared with 200 in October, 218 in September and 99 In November last year.
Shipments to the trade by manufacturers of service parts last month
were 149% of January 1925, as compared with 184 in October, 185 in September and 132 in November a year ago.
Accessory sales to the wholesale trade in November were 78%, as compared with 91 in October, 122 in September and 75 in November last year.
(wage machinery and
Shipments of makers of service equipment, that is,
tools, last month were 122% as compared with 141 In October and 143 in
November last year.
In only service equipment shipments was business in November below
the same month last year. Service equipment manufacturers, however,
enjoyed an unusually prosperous business last year.
Report on Wholesale and Retail Trade in Philadelphia
Federal Reserve District.
The Federal Reserve Bank of Philadelphia makes public
the following statistics covering wholesale and retail trade
in its District during November.
ADVANCE REPORT ON WHOLESALE TRADE IN THE PHILADELPHIA
FEDERAL RESERVE DISTRICT FOR THE MONTH OF
NOVEMBER, 1928.
Net Sales During Month.
7'racte.
Hoots and shoes_ -- Drugs
Dry goods
Electrical supplies- Groceries
Hardware
Jewelry
Paper
* Revised.
Stocks at End of Mo.
Index Numbers
Compared Compared Compared Compared
(P. Cl. of 1923-1925
with
with
with
with
Monthly Average) Previous
Same
Same
Previous
Month
Morzth
Month.
Month.
Oct. 1928. Nos.1928.
Lag Year.
Last Year.
*106.9
•114.9
*87.9
•132.4
*114.8
*100.7
130.8
•106.1
98.1
105.7
82.3
131.5
102.7
91.5
137.8
100.9
-8.2%
-8.0
-6.4
-0.7
-10.5
-9.1
+6.3
-4.9
-7.0%
-2.6
-9.4
=fa
-0.9
+15.9
+1.9
-0.2
-7.6
-4.2
-2.5
-4.7
+5.6
-3.1
-8.0
+4.0
-4.3
. +9.1
-3.3
DEC. 29 1928.]
FINANCIAL CHRONICLE
Accounts Outstanding
at End of Month.
Collections
During Month.
Compared Compared Ratio to Compared Compared
with
with
Net Sales
with
with
Same
Previous
During Previous
Same
Month
Month
Month
Month
Month
Last Year
Last Year
Trade.
Boots and shoes
Drugs
Dry goods
Electrical supplies
Groceries
Hardware
Jewelry
Paper
+1.0%
+1.4
+0.5
+7.3
-1.9
+0.6
+16.4
-0.2
-7.0%
-1.8
-5.8
413.5% -6.4% -16.5%
161.7
-7.1
-3.6
262.5
-0.4
-12.1
143.7
126.8
-8.2
207.8
+3.2
-2.3
+3.7
370.2
+11.8
-12.4
144.3
+6.8
-8.5
-1.5
ADVANCE REPORT ON RETAIL TRADE IN THE PHILADELPHIA FEDERAL RESERVE DISTRICT FOR THE MONTH OF NOVEMBER 1928.
3613
ago, according to reports from 11 distributors, says the
Federal Reserve Bank of Philadelphia. It adds:
Sales by wholesalers were considerably smaller than in the preceding
month and a year earlier. Deferred payment sales at retail also decreased
in the month, but exceeded noticeably those at the same time last year.
This was also true of business in used cars.
Stocks of new automobiles held by distributors during November declined
but on Nov. 30 were appreciably larger in number and value than a year
before. Inventories of used cars were much heavier than on the same date
last year, but only slightly larger than in the preceding month.
AUTOMOBILE TRADE,PHILADELPHIA FEDERAL RESERVE DISTRICT.
11 DISTRIBUTORS.
November 1928 Change From.
Oct. 1928.
finder Numbers
Net Sales.
of Sales
(% of 1923-25 Nov. 1928 Jan. 1
Monthly Av'ge Compared
to
with
Nov. 30
Oct.
Nov. Nov.1927. 1928.
All reporting stores
116.8 116.4
4.9
Department stores
112.7 111.4
-7.5
In Philadelphia
9.2
Outside Philadelphia_ ----3.0
Apparel store
140.1 1:16i
+4.1
Men's apparel stores- - 110.2 125.0
-5.2
In
_
. __ __
__ _
.
-3.6
Philadelphia_OutsidePhiladelphia--__
___
-7.9
Women'sapparelstores 152.2 154.5
+7.5
In Philadelphia_ __ _
____
____
+9.3
OutsidePhiladelphia ---------8.2
Shoe stores
119.8 14.7
-6.2
Credit stores
140.3 146.0 +25.7
Stores in:
Philadelphia
121.6 118.4
-5.9
Allentown, Bethlehem
and Easton
109.7 118.8
-3.2
Altoona
97.9 107.8
+1.1
Harrisburg
92.7 106.3
-1.6
Johnstown
74.7
79.9
-3.6
Lancaster
107.0 114.1
-0.9
Reading
100.2 100.7
-6.5
Scranton
103.4 137.2
-1.9
Trenton
102.8 105.2
+0.1
Wilkes-Barre
108.5 117.0
-2.9
Williamspert
*105.2 118.5
+6.6
Wilmington
125.7 130.1
+4.9
York
122.6 123.1
-1.5
All other cities
__ ._
-3.6
* Revised.
Month
Ago.
Year
Ago.
-2.6
-3.6
-4.3
-1.6
+2.6
+3.0
+4.1
+0.9
-8.0
-8.7
-11.6
-2.0
-3.4
-3.0
-4.1
+0.5
+0.7
-0.8
+2.4
+8.8
-i-3:1
+7.7
-2.2
-0.8
-1.3
+1.5
-2.8
+1.2
--- 1.2
1
-7.3
-15.6
+2.7
+1.9
+6.7
+2.9
-8.4
-3.0
+3.5
-10.0
-3.3
-2.4
+3.1
-8.9
+1.2
+0.0
-5.6
-0.8
+0.8
+1.2
+5.5
____
-3.0
-1.1
+4.1
+1.7
+2.7
+2.4
-0.5
-5.3
+2.3
+2.9
-5.7
-1.5
+5.7
-17.6
-0.7
-4.8
-4.8
-8.6
+3.7
Stocks Turnover
Jan. 1 to Nov. 30.
1928.
All reporting stores
Department stores
In Philadelphia
Outside Philadelphia
Apparel store
Men's apparel stores
In Philadelphia
Outside Philadelphia
Women's apparel stores
In Philadelphia
Outside Philadelphia
Shoe stores
Credit stores
Stores in:
Philadelphia
Allentown, Bethlehem and Easton
Altoons
Harrisburg
Johnstown
Lancaster
Reading
Scranton
Trenton
Wilkes-Barre
Williamsport
Wilmington
York
All other cities
Stocks at
End of Month
Compared with
1927.
3.08
2.97
3.18
2.49
3.00
2.90
3.07
2.48
2.67
2.94
2.18
5.82
6.32
3.49
2.26
2.16
2.58
2.80
2.18
5.92
6.32
3.89
2.28
1.94
3.38
2.09
2.38
2.41
2.37
2.44
2.30
2.97
3.11
2.50
3.27
2.26
2.49
2.24
2.12
2.45
2.40
2.96
2.85
2.48
2.54
2.23
4-
0:1
+4.9
-4.3
Accounts Collections
Receivable
During
at End of
Month
Mo.Com- Compared
pared with
with
Year Ago. Year Ago.
+7.5
+7.1
_
_
(1.5
L
7
+10.9
+7.1
+0.9
+6.7
+5.9
+2.2
+10.1
+8.6
+10.4
+7.4
-5.2
+11.0
+1.0
+12.b
---8.7
+8.2
+4.0
5.5
+11.2
+Wilt
-28.3
+9.2
2.41
2.32
4-
-2
.6
+6.9
+0.6
Slight Decline in Industrial Consumption of Electric
Power in Philadelphia Federal Reserve District
Gain in Sales of Electricity.
Industrial consumption of electrical energy during November declined slightly but was more than 15% larger than that
of a year earlier. Total sales of electricity showed a substantial gain in the month and the year. The output 0
electric power by 12 central stations was slightly smaller than
in October but materially larger than in November 1927.
In stating this the Federal Reserve Bank of Philadelphia
furnishes the following statistics:
Electric Power-Philadelphia Fed.
Reserve District-12 Systems.
Rated generator capacity
Generated output
Hydro-electric
Steam
Purchased
Sales of electricity
Lighting
Municipal
Residential and commercial_ _ _
Power
Municipal
Street cars and railroads
Industries
All other sales
November.
1,793,000 k.w.
523,240,000 k.w.h.
59,111.000 k.w.h.
369,867,000 k.w.h.
94,262,000 k.w.h.
415.583,000 k.w.h.
92,501,000 k.w.h.
11,261,000 k.w.h.
81,240,000 k.w.h.
252,823,000 k.w.h
5,788,000 k.w.h.
52.132,000 k.w.h.
194,903,000 k.w.h.
70.239,000 k.w.h.
Change from Changefrom
Oct. 1928. Nov. 1927.
+1.2%
+1.8
+15.9
-7.1
+12.6
+4.2
+20.7
+7.8
+22.7
+0.4
+12.1
+3.7
-0.7
+0.7
+25.4%
+18.7
+158.3
+9.4
+12.6
+25.9
+18.5
+6.7
+20.3
+16.7
+374.3
+11.6
+15.3
+93.4
Course of Automobile Trade in Philadelphia Federal
Reserve District-Retail Sales Larger in Number
But Not in Value Than Year Ago.
Sales of new passenger cars by retailers declined seasonally
but were larger in number though not in value than a year
Nov. 1929.
Number.
Sales, new cars, wholesale
Sales, new cars, at retail
Stocks of new cars
Sales of used cars
Stock of used cars
Retail sales, deferred payment
Value.
Number.
Value.
--61.0
--51.2
--31.5
--15.9
+0.2
--27.0
--54.5
--46.8
--20.5
--0.6
+0.4
-24.7
+ 4.7
+17.1
+17.4
+31.3
+43.8
-19.5
-4.2
+16.5
+36.8
+23.3
+9.5
West Coast Lumbermen's Association Weekly Report.
According to the West Coast Lumbermen's Association,
reports from 198 mills show that for the week ended Dec. 15
orders were 12.69% under production, while shipments decreased 22.74% from output. The Association's statement
follows:
WEEKLY REPORT OF PRODUCTION, ORDERS AND SHIPMENTS.
198 mills report for week ending Dec. 15 1928.
(All mills reporting production, orders and shipments.)
Production.
Shipments.
Orders.
160.902,626 feet
184,293.460 feet
142,391.892 feet
12.69% under production
100%
22.74% under production
COMPARISON OF ACTUAL PRODUCTION AND WEEKLY OPERATING
CAPACITY (241 IDENTICAL MILLS).
(All mills reporting production for 1927 and 1928 to date.)
Actual Production
Average Weekly
. Average Weekly
a Weekly
Production 50 Weeks
Week Ended
Production
Operating
Ended Dec. 151928.
Dec. 15 1928.
During 1927.
Capacity.
200,839,719 feet
196,023,610 feet
195,321.761 feet
y 248,008,316 feet
x Weekly operating capacity is based on average hourly production reported for
the years 1925. 1926. 1927 and 4 months of 1928, and the normal number of operating hours per week.
Includes capacity adjustments result recent mill audit.
WEEKLY COMPARISON FOR 193 IDENTICAL MILLS
-1928.
(All mills whose reports of production, orders and shipments are complete for the
last four weeks.)
Dec. 8.
Dec. 15.
Week EndedDec. 1.
Nov. 24.
Production (feet)
181,645,885 178,474,565 158,930.763 179,890,531
158.847,879 146.755,492 139,767,645 150,881.537
Orders (feet)
53,483,452 54,491,115 52,962,779 59,084,566
Rail (feet)
Domestic cargo (feet)
61,395,451 44,874,748 41,189,349 53,361,475
35,621,196 31,658,413 32,566,312 27,938,354
Export(feet)
8,347,780 15,731,216 13,049,205 10,497,142
Local (feet)
140.081.404 144,908,360 149,373,838 146,784.340
Shipments(feet)
52,014.734 52,067,131 51,354,887 57,241,142
Rail (feet)
50,330,852 49,837,038 48,739,655 42,887,524
Domestic cargo (feet)
29,388,038 27,272,975 36.230,091 36.158,532
Export(feet)
8,347,780 15,731,216 13.049,205 10,497,142
Local (feet)
617,104,033 611,482,897 617,220,695 621,008,099
Unfilled orders (feet)
142,415,492 141,168.334 139,358,434 139,487,424
Rail (feet)
Domestic cargo (feet)
183,795.088 188,422,161 197,932,542 186,514,024
290,893,453 281,892.402 279,929.719 295,006,651
Export(feet)
100 IDENTICAL MILLS.
(All mills whose reports of production, orders and shipments are complete for 1927
and 1928 to date.)
Average 50
Average 50
Week Ended
Weeks Ended
Weeks Ended
Dec. 15 '28.
Dec. 15 '28.
Dec. 17 '27.
104,370,764
102,306,714
Production (feet)
99,465,575
97,501,874
Orders (feet)
104,603,815
100.451.469
104,708,294
Shipments (feet)
82,098,837
96,690,886
DOMESTIC CARGO DISTRIBUTION, WEEK ENDED DEC.8'28 (105 Mills).
Orders on
Hand Begtri'g Week
Orders
Dec. 8 '28. Received.
Cancellotions.
Shipmerits.
Unfilled
Orders
Week Ended
Dec. 8 '28.
Washington & Oregon
Feet.
Feel.
(90 Mills)
69,937,237 16,317,746
California
72,798,997 21,695,886
Atlantic Coast
Miscellaneous
3,380.332
None
Feet.
Feet.
Feet.
270.20022,190.729 63,794,054
496,503 17,729,377 76.269,003
None 3,380.331
None
Total Wash.& Oregon_ 146,116,566 38,013.632
766.703 39,920,106 143,443.389
Brit. Col.(15 Mills)
California
Atlantic Coast
Miscellaneous
Total Brit. Columbia_
m•-•- I a -.........1 n eenecrn
None
424,650
12,700,302 3,070.500
1,609,123
130.000
73,000
50,000
301.650
None 2.955,175 12,815,627
None 1.739.123
None
14,734,075 3,200,500
50.000 3,028,175 14.8.58,400
UM OKA gal Al 01A 1.10
121A1111 el, CIAO 941 1c1,1 900 7120
"
Production of Canadian Newsprint in 1927 Valued at
8219,329,735.
From the Toronto "Globe" we take the following advices from Ottawa, Dec. 17:
The production of pulp and paper is Canada's largest manufacturing
,industry. The gross value of production during 1927 was $219,329,735,
while its disbursements for salaries and wages amounted to $45,674,293.
Figures are contained in a review of the industry issued to-day by Hon.
•Charles Stewart, Minister of the Interior.
Canada has lately taken the lead in the manufacture of newsprint paper.
The output of 2,082,830 tons last year, valued at $132,286,729, was 600,d00 tons greater than that of the United States, the second producing
country. Exports totaled 1,881,685 tons, valued at $129,637,687. This
exceeds the combined newsprint export of all other countries.
Turbine Installation.
The close link between the pulp and paper industry and hydro-electric
development is emphasized in the statement. Over 28% of the turbine
FINANCIAL CHRONICLE
3614
industry, with
Installation in Canada is required to supply power for the
an aggregate of 1,354,892 horsepower.
review states that
Referring to the present position of the industry, the
requirements
production facilities appear to have temporarily outstripped
not soon
but that "there is no reason to believe that this situation will
adjust itself by the natural growth of demand."
1,344,000,000
An estimate of pulpwood resources in Canada is given as
British
cords. Quebec leads in the estimate with 330,000,000 cords.
200,Columbia has 290,000,000 cords, Alberta 252,000,000 cords, Ontario
000,000 cords, and Saskatchewan 142,000,000 cords.
There are 122 pulp and paper mills in Canada the report indicates.
Canadian Newsprint Exports in November Higher Than
for Same Month Last Year-Below October Figures.
According to the report issued by the Canadian Pulp &
Paper Association, the exports of pulp and paper from Canada in November were valued at $16,867,529, which was a
decrease of $1,472,490 from the previous month but $365,866
greater than in November 1927. The Montreal "Gazette"
of Dec. 22 in indicating this adds:
November wood pulp exports were valued at $3,856,257 and exports of
paper at $13,011,272, as compared with $4,232,557 and $14,107,462,respectively, in October.
Details for various grades of pulp and paper as compared with October
1927 are as follows:
November 1927
November 1928
$
Tons.
$
Tons.
Pulp686,295
24,123
691,318
25,318
Mechanical
1.705,417
21,395
1,451,431
18,614
Sulphite bleached
859,723
16,983
902,562
18,312
Sulphite unbleached
845,847
14,313
763,415
13,132
Sulphate
47,684
2,384
46,922
2,349
Screenings
77,725
Paper
Newsprint
Wrapping
Book (owls.)
Writing
All other
3.856,257
79,198
4,144,966
196,137
1,331
9,998
17
12,422,625
148,930
80,459
409
358.849
179,969
1,068
8,767
2,556
11,711,491
116,200
65,782
20,168
383,056
12,356.697
13,011,272
For the first 11 months of the year there was an increase of $13,479,625
In the value of wood pulp and paper exports, the total being $174,756,988
as compared with $161,277,363 in the 11 months of 1927.
Wood pulp exports for this year declined $1,671,248, the total being
$41,512,147 as against $43,183.395 in the 11 months last year.
Exports of paper showed an increase of $15,150,873, the total for 11
months of the current year being $133,244,841 as compared with $118,093.968 in the 11 months of 1927.
Quantities and value for the 11 months are as follows:
-11 Months 1927-11 Months 1928-Tons.
Tons.
Pulp1,194,336
240,558
5,010,477
183,690
Mechanical
16,976,257
218,362
17,441,668
229.683
Sulphite bleached
9,401,191
175,264
194.409
9.748,257
Sulphite unbleached
9,300.335
154,825
8,745,192
148,416
Sulphate
.311,246
.16,381
566,553
28,169
Screenings
(VOL. 127
prevent
tion the coming year of the rainy season of 1928 will undoubtedly
the South from raising a large crop of cotton in 1929.
world is
On the other hand,the growing of cotton in other countries of the
than cotton
steadily increasing and will tend to increase relatively faster
maintained
growing in the United States, if the price of American cotton is
countries inat a level which makes the growing of the staple in foreign
creasingly profitable.
Cotton manufacturers have found difficulty in distributing merchandise
cotton
made of high priced cotton, so that it will be well for the Southern cotton
grower to realize that the maintenance of the supremacy of American
threatened
and the domination of world prices by this country will be
the
if the South falls to produce a supply ample for the requirements of
adequate
world at a price which on the one hand would insure the farmer an
manufacturer
return for his labor, and on the other, enable the American
the
to compete in the marketing and distribution of cotton fabrics with
foreign manufacturer using foreign growths to a large extent.
The agricultural problem has been pressing for solution and has engaged
in
the attention of Congress to such an extent that it seems certain that
the near future remedial legislation will be enacted which will tend to provide the farmer a fair return and one more nearly in line with the remuneration received by workers in other industries throughout the country.
the
All fair-minded people agree that the farmer is entitled to his share of
cannot
general prosperity, without which that of the nation as a whole
continue.
Production.
in the
Despite an increase of 11.4% in the acreage planted to cotton
than
spring of 1928, the final yield is turning out to be considerably less
conditions. This
the largely increased acreage should yield under normal
the
was due principally to excessive rainfall in the spring and the ravages of
boll weevil which Secretary Jardine in his annual report stated resulted
the
in the heaviest losses to the cotton crop since the first few years after
Agriculture's
Pest spread through the cotton belt. The Department Of
at
final estimate of the 1928-29 crop, issued on Dec. 8, placed the yield
previous
14,373,000 bales, an increase of about 1,400,000 bales over the
year.
Consumption.
only
The year 1928 has been marked by very heavy curtailment, not
Durring
by domestic spinners but also by cotton manufacturers abroad.
for cotton
the last quarter of the year a marked improvement in the demand
for the
goods has occurred, and it is gratifying to note the marked change
world conbetter, particularly in this country. The outlook now is for a
more in excess of the yield,
sumption of American cotton 750,000 bales or
which
which will to that extent reduce the carry-over of American cotton,
against
on July 31 last was estimated to be roughly 5,000,000 bales, as
7,750,000 bales the year previous.
Prices.
wide range.
The price of cotton during 1928 has fluctuated over a rather
and the
The acute depression in the textile industry early in the year
decline
liquidation of cotton witheld from the market during the sharp
level of around 17
in the fall of 1927 culminated early in February when a
New York Cotton Exchange. This
cents was touched for contracts on the
steadily.
was the low price of the year, so far. Prices thereafter improved
to adand the influence of excessive rains throughout the spring helped
early in July
vance prices to about 22% cents per pound. The estimate
than had been expected, brought
of a larger increase in acreage planted
weather
on a selling movement which was accelerated by favorable crop
-cent
In July and early August until prices declined again to nearly the 17
with inlevel. Improvement in the demand for cotton goods, together
weevil, brought about a gradual
creasing evidence of serious damage from
pound.
43,183.365 Improvement of over 3% cents per
805,410
41,512,147
784,367
Legislation.
112,143,207
1,712,665
127,694,880
1,993,375
Newsprint
1,483,338
13,161
1,601,611
14,587
During the Spring of 1928, bills were introduced in Congress providing
Wrapping
652,661
94,641
539,103
65,367
Book (ewts.)
the cotton ecxhanges of the country and having
112,827 for strict regulation of
14,089
51,757
6,224
Writing
of a control
3,701,935 for their objectives limitation of interest, the establishment
3,357,490
All other
failed of
committee and delivery of cotton at southern points. These bills
118,093,968 passage. Meanwhile, the New York Cotton Exchange amended its by133,244,841
•8 months only.
laws and rules to include all three of the provisions of the bills. The changes
fixed by the Board of
Pulpwood exports in the 11 months amounted to 1,482,598 cords, valued In the by-laws will become effective at a date to be
at $15,805,576. as compared with 1,489,314 cords valued at $15,162.484 Managers of the New York Cotton Exchange.
These changes have been characterized as marking a new era in the
In the 11 months of 1927.
comhistory of the New York Cotton Exchange and have been generally
purmended as tending to afford a broader and safer market for hedging
has heretofore
poses and also in removing the fear of manipulation which
Review of Cotton Market by G. H. Miller resulted, at times, in abnormal parities between markets and between
Annual
President New York Cotton Exchange-Expansion various months in New York. It is believed these changes will result in a
decided increase in the business of the New York Cotton Exchange.
in Automobile Trade Results in Record Breaking
Consumption of Cotton for Tires, Etc.
In his annual review of the Cotton Market,issued Dec. 27,
Gardiner H. Miller, President of the New York Cotton
Exchange states that "with labor well employed and the
purchasing power of the country larger than ever before in
Its history, there is every reason to anticipate a large or
fairly large consumption of American cotton during 1929."
Mr. Miller also has the following to say:
Looking forward to the year 1929 it is encouraging to note that after
an unusually severe depression in the textile industry the prospects are now
much more favorable, insuring a large or moderately large consumption by
domestic spinners; and unless the prices of cotton should advance too far
above a parity with the growths of foreign countries the consumption of
American cotton by foreign spinners will also be fairly large. This belief
Is encouraged by the fact that exports to December 7th were over 500,000
bales larger than at the same time last year. The large increase in exports
to date encourages a belief that total exports for the season will exceed by
a wide margin those of last year-exports for the twelve months ending
July 31, 1928, according to the New York Cotton Exchange official figures.
being 7,836,091 bales.
The extraordinary expansion in the automobile trade, which as is well
known, consumes a very large amount of cotton for tires, upholstery, etc..
has resulted in a record-breaking consumption of cotton for automobile
purposes. This increase has offset the decreased use of cotton owing to the
use ofother fabrics for wearing apparel,such as rayon,silk, etc.
The steady expansion in the world's consumption of cotton, as revealed
by the studies of the Department of Agriculture, show an increase in the
Per capita consumption during recent years, until world requirements are
now around 15,000.000 bales American cotton per annum.
The question of supply is always uncertain owing to the vicissitudes of
weather, but now increasingly so owing to the recurrence of weevil activity
and damage on a larger scale than for the last five years. Weevil are reported to have entered hibernation this fall in huge numbers, and a repeti-
York Cotton Exchange to Begin Trading in New
Contract for Southern Delivery Jan. 2--Changes
in By-Laws Adopted.
New
Trading in the new contract for Southern deliveries on the
New York Cotton Exchange will begin on Jan. 2 next, according to an announcement made by the Board of Managers
of the exchange on Dec. 27, following the adoption of several
changes in the by-laws. October will be the first position
traded in under the new contract, although trading in old
contracts for October and November will be unrestricted.
Beginning with contracts for December 1929 all trading will
be confined entirely to the new Southern delivery contract.
An announcement by the Exchange says:
The officers of the Exchange are highly pleased with the speed with which
the details of the new contract were worked out and perfected and that
these plans have the approval of the entire memliership of the Exchange
as well as cotton interests throughout the country and abroad. It is
especially gratifying that it has been possible to inaugurate trading in the
new contract so that it will be available for transactions when in the cotton
crop of 1929-1930. All necessary arrangements have been completed for
the storage, sampling and classifying of cotton at the five southern delivery
Points under the new contract.
Five additional members of the Warehouse and Delivery Committee
were appointed yesterday, one from each of the five Southern delivery
points to co-operate with the regular committee. They are Robert F.Irby,
of Galveston, Tex.; John H. Rodgers, of Norfolk; John F. MaYbank, of
Charleston, S. C.; Edward M. Wilson, of Houston, and William P. Stewart
of New Orleans. William S. Dowdell is chairman of this committee, and
other members are J. Hunter Wood,Thomas F. Cahill, Lamar L. Fleming,
Clayton E. Rich. Perry E. Moore and Gardiner H. Miller, ex-officio
DEC. 29 19281
FINANCIAL CHRONICLE
-The Season's Grain and
Agricultural Yield of 1928
-Farm Prices.
Other Farm Productions
The Crop Reporting Board of the United States Department of Agriculture made public on Dec. 14 its estimates of
the acreage, production and value (according to current farm
prices Dec. 1) of the important farm crops of the United
States in 1928 and 1927, based on the reports and data furnished by crop correspondents, field statisticians and cooperating State Boards (or Departments) of Agriculture and
Extension Departments. This report shows that the total
value of all agricultural products in 1928 is placed at ,456,052,000, as compared with $8,522,563,000 in 1927 and
$7,793,480,000 in 1926. This year's farm crops, therefore,
are valued at $66,511,000 less than last year and $662,572,000 more than two years ago. The comments and figures
follow:
Larger acreage and higher yields of crops this year resulted in an increase
of about 3% in total production and a decrease of about 1% in total value
of principal crops, according to the revised estimates of the Crop Reporting Board of the United States Department of Agriculture.
Increased production of wheat,feed grains, cotton, potatoes, beans, and
most fruits was partially offset by decreases in hay, sweet potatoes, cabbage, onions, rye, rice. flaxseed, peanuts, cowpeas and some other crops.
The harvested acreage of 42 crops, estimated on an acreage basis, was
360,953,000 acres, an increase of 3,791,000 acres over last year. Crop
yields averaged 2.2% higher than they did last year.
The total value of 50 principal crops, based on Dec. 1 prices, is estimated at $8,456,052,000, compared with $8,522,563,000 last year. It is
pointed out, however, that sales of these crops usually represent less than
half of the total income from agriculture as the greater part is usually
derived from sales of livestock and livestock products, prices of which
have been higher this fall than during the corresponding months last year.
Changes in the estimates of 1928 crop production since the publication
of preliminary estimates in August, September, October, or November are
due mainly to changes in acreage estimates. The preliminary estimates
were based upon acreage for harvest as estimated on July 1, while the
Present estimates (as of Dec. 1) are based upon estimated acreage harvested. Unusual abandonment has been deducted from the estimates as
published in' July and more comprehensive and thorough data collected
and compiled for the present report than is possible for the July estimates.
Slight changes in yield per acre also reflect newer and more comprehensive
data collected since the preliminary estimates were published.
The present estimate of corn production is 55,000,000 bushels or 2%
below the preliminary estimate; Spring wheat other than durum, 9,000,000
bushels or 4% below; Oats, 3,000.000 bushels or 2% below; Buckwheat,
1,500,000 bushels or 10% below; Flaxseed, 700,000 bushels or 3.5% below;
Sweet potatoes, 3,700,000 bushels or 4% below; Beans, 458,000 bushels or
3% below; Durum wheat, 8,000,000 bushels or 9% above; Rice, 1,459.000
bushels or 3.5% above; Barley. 6,000,000 bushels or 2% above; Rye,
1,508,000 bushels or 4% down; Tobacco, 27,000,000 pounds or 2% above,
and sugar beets, 126,000 tons or 2% above. Winter wheat, all wheat
combined, potatoes, apples, peaches and grapes all show changes of less
than 1%.
Slight changes have also been made in the estimates for the 1927 crops,
based upon check data such as enumerations by State assessors, railroad
shipments, and similar data, where available.
Ali Wheat.
The production of all wheat is estimated at 902,749,000 bushels compared with 878,374,000 bushels in 1927, and an average for the preceding
five years of 807,378,000 bushels. Only in 1915, 1918 and 1919 has production exceeded that of 1928. The harvested acreage this Year is less
than that of 1927, 57,724,000 acres compared with 58,784,000, but the
yield per acre is larger, accounting for the increase in wheat threshed.
The average yield in 1928 is reported at 15.6 bushels per acre compared
with 14.9 bushels in 1927,and the preceding 10-year average of 14.0 bushels.
Farm prices on Dec. 1 1928 averaged 97.2 cents per bushel. On Dec. 1
1927 the average price was 111.5 cents per bushel. Owing to the decline
In farm price, the total farm value based on Dec. 1 price is computed to
be $877,193,000 this year compared with $979.813,000 in 1927.
Winter Wheat.
The production of winter wheat is estimated at 578,964,000 bushels
compared with 552,747,000 bushels a year ago and 556,016,000 bushels
-year average. Notable differences appear in the geography
the preceding 5
of winter wheat crop this year compared with last. In the east North
Central group of States where 108,429,000 bushels of winter wheat were
harvested last year, only 52,585,000 bushels were produced in 1928, the
decline being largely the result of very severe winter-killing. In the west
North Central States production was increased from 210,538.000 bushels
In 1927 to 274,621,000 bushels in 1928. The South Central States show a
large increase while the Eastern and Western States show a moderate
decrease.
Average yield per acre is better this year, 16.0 bushels compared with
-year average is 14.9 bushels.
14.7 bushels in 1927. The preceding 10
Farm prices reported as of Dec. 1 are 103.6 cents per bushe, in 1928 and
116.7 cents in 1927. Notwithstanding the larger amount of wheat produced,the decline in prices is sufficient to lower the total farm value nearly
46 million dollars compared with last year.
Durum Wheat.
The production of Durum wheat in the 4 important producing States Is
estimated at 92,770,000 bushels compared with 79,100.000 bushels produced in 1927, and an average of 61,702,000 for the preceding five years
The Durum wheat situation is dominated by North Dakota where about
79% of this year's crop was produced. The crop in that State is estimated
at 72,950,000 bushels compared with 59,108,000 bushels in 1'27. The
Dec. 1 price is 71.9 cents per bushel compared with 100.6 cents a year ago.
Other Spring Wheat.
The production of spring wheat other than Durum is estimated at 231,015,000 bushels in 1928, compared with a total of 246,527,000 bushels in
1927 and an average for the preceding five years of 189,660,000 bushels.
Minnesota alone of the important spring wheat States shows an increase.
The Dec. 1 price is reported at 91.3 cents per bushel compared with 103.4
cents in 1927, while the total farm value computed on those prices shows a
decline of approximately $44,000.000 from the total of$254,896,000 for 1927.
Feed Grains Crops.
An increase of 10% over 1927 is shown for the combined production of
the four:important feed grain crops of corn, oats, barley and grain sorghuma.
3615
-year average
The 1928 production of these crops is about 9% above the 5
of 1922 to 1926. Corn production shows an increase of 3% above the
1927 crop, oats 22%, barley 34% and grain sorghum about 4%.
-The total production of corn in 1928 is approximately 2,840,000,Corn.
000 bushels as compared with 2,763,000,000 in 1927 and 2,776,000,000
bushels for the five-year average from 1922 to 1926. The harvested acreage of corn increased from 98,393,000 acres in 1927 to 100,761,000 acres in
1928, while the average yield for the entire country was practicady the
same for the two years, 28.1 bushes in 1927 and 28.2 bushels in 1928.
-year average yield of corn is 27.7 bushels. The Dec. 1 farm price
The 10
of corn this year was 75.1 cents, 72.3 cents a year ago.
On the basis of Dec. 1 farm price the 1928 corn has a value of about
52,133,000.000, which is nearly 7% above that of last year's crop, which
was valued at $1,998,000,000.
The Eastern Corn Belt States show a much larger production of corn
this year than last, while the Cotton States show a marked reduction.
The Dec. 1 price of corn tends to reflect the changes in production to a
considerable extent in most states, as prices are slightly lower than a year
ago in Ohio, Illinois, Michigan, Wisconsin. Minnesota. Iowa, Missouri,
and North Dakota, but higher in South Dakota, Nebraska, Kansas and
all Southern and Eastern States.
Barley.
-Barley is estimated to produce a total of 356,868,000 bushels,
an increase of 90,986,000 bushels or more than 34% compared with the
harvest of 1927; and an increase of 164,848.000 bushels or nearly 86%
over the average production for the years 1922 to 1926 inclusive. This
phenomenal increase in barley acreage and production, due to its increasing popularity as a feed crop, has occurred mainly in the North Central
States. The average farm price per bushel on Dec. 1 declined from 67.8
cents in 1927 to 55.2 cents in 1928, but due to the larger crop, the total
farm value based on the Dec. 1 price this year is $197,128,000 or $16,928,000 in excess of last year's farm value of $180,200,000.
Oats.
-The production of oats this year is estimated at 1.449,531.000
bushels, compared with 1,182,594,000 bushels in 1927 and an average of
1,351,723,000 bushels harvested during the five years of 1922 to 1926.
The increase in the production this year is due entirely to increased yield
Per acre which at 34.7 bushels per acre was 6.5 bushels higher than last
Year, and 2.9 bushels more than the average yield for the preceding 19
years. The average price paid to growers for oats on Dec. 1 is reported
at 40.9 cents per bushel, compared with 45 cents on Dec. 1 1927. The
total farm value of the 1928 oat crop is approximately 3592,674,000 or
$61,000,000 higher than last year's value of $531,762.000.
-Acreage of grain sorghums for all purposes decreased
Grain Sorghums.
about 3% and production increased nearly 4% in 1928 compared with
1927. Production for all purposes computed in terms of equivalent bushels
yield per acre is estimated at 142,533,000 bushels compared with 137,358,000
produced in 1927 and 115,055.000 bushels, the average for the preceding
five year! (1922-1926).
In States where production has increased, the Dec. 1 price shows a
decrease compared with last year, and States with decreased production
show increased prices, the net result being a slight increase in the United
States average. Farm value, based on Dec. 1 prices for grain, is computed at $88,471.000 in 1928 compared with $84,614,000 in 1927.
-Rye production is estimated at 41,766,000 bushels compared with
Rye.
58,164,000 bushels in 1927, and an average of 63,831,000 bushels for the
preceding five years. Decreases in acreage and yield per acre account for
the decline. Farm value, based on the slightly better Dec. 1 prices received this year, is estimated at $36,067,000, compared with $49,609,000
in 1927.
-The estimated total production of buckwheat is 13,163,000
Buckwheat.
bushels, compared with 15,755,000 bushels in 1927 and 13,711,000 bushels,
the average production during the preceding five years. Declines in acreage and average yield per acre have contributed to the sharp decrease in
production. The farm price on Dec. 1 was 87.6 cents per bushel compared
with 83.5 cents a year ago.
Rice.
-Rice production for the United States is estimated at 41,881.000
bushels compared with a revised estimate of 44.774,000 bushels last year
and 36,302,000 bushels the preceding 5-year average. The Southern States
crop is estimated at 33,808,000 bushels, compared with 35,814,000 bushels
-year average. The Calilast year and 30,198,000 bushels the preceding 5
fornia crop also shows less than a year ago; 8,073,000 bushels in 1928 comwith 8,960,000 bushels in 1927. Notwithstanding the smaller crop,
pared
the average price per bushel on Dec. 1 is less this year than last, and the
total farm value is approximately $30,077,000 compared with $41,616,000
a year ago.
Flaz.-The production of flax for seed this year is estimated at 19,321.000 bushels. This is only slightly below the average production for 19221926, but is more than 25% less than the large crop of 1927. The decline
is due primarily to a relatively low yield per acre, the acreage being only
slightly less than last year. Farm prices on Dec. 1 averaged $2.01 per
bushel as against $1.86 per bushel in 1927.
-Cotton lint prices being paid to producers on
Cotton Lint and Seed.
Dec. 1 1928, averaged 18.0 cents per pound for the United States, comper pound on Dec. 1 1927. Applying these prices
pared with 19.3 cents
to the 1928 production as estimated on Dec. 8, and to the final 1927 estimate, the farm value of the 1928 crop is $1,291,589,000, and of the 1927
crop, $1,269,885,000.
Cottonseed prices to producers on Dec. 1 1g28 averaged $36.29 per ton,
as compared to $36.80 on Dec. 1 1927. Applying these prices to the estimated production of seed of 6,390,000 tons in 1928, and 5,759,000 tons in
1927, the farm value of the 1928 seed is $231,923.000, and of the 1927
seed, $211,926,000.
The average prices here quoted relate to Dec. 1, and should not be
confused with the crop year average prices published by the Department.
Potatoes.
-Potato production is estimated at 462,943,000 bushels, the
largest crop on record and compares with 403,741,000 bushels in 1927,
-year average 1922-1926, of 393,776,000 bushels. The price based
and a 5
on Dec. 1 for the late crop and the season average for the early States was
only 54 cents per bushel as compared with 96.5 cents last year and results
in a total farm value of $250,043,000 against $388,741,000 last year, a
reduction of 36%. The early commercial potato production of 55,368,000
bushels was 24% greater than the 1927 crop of 44,825,000 bushels, but the
value of 331,047,000 for the early crop was only one-half ofthe value in 1927.
As a result of increased acreages in nearly all important States, and the
second highest yield on record, this year's potato crop is the largest ever
produced. This estimate includes some potatoes that were not harvested
on account of the low price, and a considerable quantity of second grade
potatoes that will probably not be marketed. A thorough analysis of the
entire potato situation will be made in connection with the Jan. 1 stocks
report to be issued about the middle of January.
-The production of sweet potatoes in 1928 is estimated
Sweet Potatoes.
at 77,661,000 bushels, representing a decrease of 16,451,000 bushels or
from the heavy crop of 1927, and 3,440,000 bushels below
about 17;i%
-year average. Due to the smaller production the Dec. 1
the previous 5
price this year is about 11 cents a bushel higher than a year ago, 93.6 cents
compared with 82.5 cents n 1927.
[VOL. 127.
FINANCIAL CHRONICLE
3616
-The production of tobacco is estimated at 1,373,501.000 pounds
Tobacco.
which is an increase of approximately 13% over the short crop of 1,211,909,000 pounds produced last year. The 1928 total is about 2% above
the average for 1922 to 1926, inclusive. The average price to growers,
including early prices for some States where sales are Just beginning, is
about 18.5 cents per pound compared with 21.2 cents, the season average
price last year. As frequently happens when production is increased, indications are that the gross return to the growers will be less than that of
1927. The increases in production appear in nearly a.1 types, being espedaily pronounced in burley, the dark tobaccos of western Kentucky and
Tennessee, and the cigar typos. Flue cured tobacco shows an increase of
about 1%, while Virginia dark fired and Maryland export show decreases.
The yield per acre in the southeastern States is markedly lower this year
than last, lessening to some extent the effects of over-planting in the fluecured district.
The quality of tobacco in that district is lower than last year. Burley
tobacco appears to be high in quality though rather light in weight.
Dark tobacco types, particularly those in western Kentucky and Tennessee, are showing good to excellent quality. Cigar types in general are
of good quality, above average in Wisconsin, and somewhat below average
In Pennsylvania where rust, wildfire and unfavorable weather did some
damage.
In the Connecticut Valley it is reported that as much as 40% of the stalk
cut crop has been damaged by houseburn and will be of stemming quality
only.
Cigar leaf in the Georgia-Florida district is very spotted, with some
very good tobacco and some very poor. The quality of the Maryland crop
is poor, due to the excessive rains during the growing season.
-Production of broomcorn increased 18% in 1928 compared
Broomcorn.
-year average. The increase in
with 1927, but is 19% smaller than the 5
product.on was due to a 10% increase in acreage and an 8% increase in
yield per acre. The price per ton on Dec. 1 was 2.3% less than a year
ago. The production this year Is estimated at 45.500 tons compared
with 38,605 tons last year and 56,000 tons the five-year average (1922-1926).
in 1928 compared with 30,268,000 gallons In 1927. The Dec. 1 price /.2
91.5 cents per gallon this year compared with 85 cents a year ago. Total
farm value is $24,683.000 compared wtih $25,716,000 in 1927.
ACREAGE,PRODUCTION,PRICES PAID TO FARMERS ON DEC. 1, AND
FARM VALUE (BASED ON PRICES PAID TO FARMERS ON DEC. 1)
OF FARM CROPS OF TIIE UNITED STATES.
As now estimated by the Crop Reporting Board of the United States Department of Agriculture, are shown below. These estimates are based on the latest
and fullest information available. including reports and data furnished by crop
correspondents, field statisticians, co-operating State Boards (or Departments) of
Agriculture Colleges, et al.,
Produaton.
Crop and
Year.
Acreage.
Per
Acre.
Total.
Total Farm
Farm
Value Based
Price
on Dec. 1
Dec. 1
Unit. PerUnit Farm Price.
Dollars.
Dollars
.723 1,997,759,000
1927 98,393.000 28.1 2,763,093,000 Bush
.751 2,132,991,000
1928 100,761,000 28.2 2,839,959,000 "
1.167 645,326,000
Winter wheat_ 1927 37,723,000 14.7 552,747,000 "
1.036 599,557,000
1928 36,179,000 16.0 578,964,000 "
79,591,000
1.006
79,100,000 "
Durum wheat_ 1927 5,484,000 14.4
66,739,000
.719
92.770,000 "
(4 States)
1928 6,711,000 13.8
1.034 254,896,000
1927 15,577,000 15.8 246,527,000 "
Other spring
.913 210,897,000
wheat, U.S. 1928 14,834,000 15.6 231,015,000 "
1.115 979,813,000
1927 58,784.000 14.9 878,374,000 "
All wheat
.972 877,193,000
1928 57,724,000 15.6 902,749,000 "
.450 531,762,000
1927 41,941,000 28.2 1,182,594.000 "
Oats
.409 592,674,000
1928 41.733,000 34.7 1.449,531,000 "
.678 180,200,000
1927 9,476.000 28.1 265,882,000 "
Barley
.532 197,128,000
28.5 356,868,000 "
1928 12,539,000
49,609,000
.853
58,164.000 "
1027 3,648,000 15.9
Rye
36,067,000
.864
41,766,000 "
1928 3,444,000 12.1
13,155,000
.835
15,755,000 "
810,000 19.5
Buckwheat_ _ - 1927
11,525,000
.876
13.163,000 "
750,000 17.6
1928
48,079,000
25,847,000 "
1.860
9.1
1927 2,837,000
Flaxseed
38,857,000
2.011
19,321,000 "
7.1
1928 2,721,000
41,616,000
.929
44,774,000 "
Rice (5 States) 1927 1.012.000 44.2
30,077.000
41.881,000 "
.718
965,000 43.4
1928
84,614,000
.616
1927 6,723,000 20.4 137,338,000 "
Grain
88,471,000
.621
6,497,000 21.9 142,533,000 "
sorghums a_ 1928
12,955.000 Bales e.196 1,269,885,000
1027 40,138,000 9154.5
Cotton
e.180 1,291,589,000
14,373,000 "
1928 45,326,000 6151.8
211,926.000
5,759,000 Tons 36.80
1927
Cottonseed..
231,923,000
36.29
6.390.000 "
1928
11.35 1,202,963,000
.
_ 1927 60,885.000 1.74 106,001,000 "
Hay, tame_
12.34 1.148,283,000
93,031,000 "
1928 57,775,000 1.61
114,204,000
6.59
17.326,000 "
Hay, wild
1927 14,813,000 1.17
95,076,000
.98
7.36
12,922,000 "
1928 13,144.000
10.68 1.317,157,000
All hay
1927 75,898,000 1.63 123,327,000 "
11.74 1,243,359.000
1928 70,917,000 1.49 105,953,000 "
28,374.000
1.80
15,770,000 Bush
1927 1,162,000 13.6
Soy beans_a
29,282,000
1.80
16,305,000 "
1928 1,122,000 14.5
52,199,000
735 1,311,793.000 Lbs.
.040
1927 1,785,000
Peanuts
56,082,000
.046
644 1,230,390,000 "
1928 1,009,000
1.80
35,300,000
19,644,000 Bush
1927 1,826,000 10.8
Cowpeasa
25,822.000
9.6
1.93
13,395,000 "
1928 1,388,000
726.000 Tons
Velvet beans._ 1927 1,534.000 6947
705,000 "
1028 1,541.000 6915
e.965 388,741,000
1927 3,476,000 115.9 402,741,000 Bush
Potatoes,
.540 250,043,000
1928 3,825,000 121.0 482,043,000 "
white
77,615.000
.825
94,112,000 "
933,000 100.9
Sweet potatoes 1927
72,680,000
.936
77.861.000 "
810.000 95.9
1928
.212 256,882,000
765 1.211,909.000 Lbs.
1,584,900
1927
Tobacco
.185 254,322,000
718 1,373,501,000 "
1928 1,912,100
7,753,000 Tons 7.67
59,455,000
Sugar beets
721,000 10.8
1927
50,525,000
7.18
7,040.000 "
646,000 10.9
1928
Sugar cane,ex4,890,000
4.15
1,178,000 "
90,000 13.2
cept for sirup. 1927
10,080,000
3.97
2,540,000 "
157,000 16.1
(La.)
1928
.815
16,984,000
20,839,000 Gals
114,000 182.8
1927
Cane sirup
16,596,000
21,783.000 "
.762
113.000 192.8
1928
25,716,000
.850
30.268.000 "
366.000 82.7
Sorghum sirup 1927
24,683,000
.915
26,972.000 "
348,000 77.5
1928
4,212,000
38,600 Tons 109.12
230,000 6336
Broomcorn a 11927
4.850,000
45,500 " 106.59
252,000 5361
1028
Corn
Seed Crops.
Alfalfa seed production of 592,000 bushels in 1928 was 30% below the
production of 851,000 bushels in 1927. Most of the decrease occurred in
the two important alfalfa seed States of Idaho and Utah, Farm value of
the 1928 crop was $7.041,000. as compared with $7,718,000 in 1927.
Sweet clover seed production is published for the first time this year.
Production is estimated at 1,013,000 bushels as compared with 1,224.000
bushels in 1927.
Red and alsike clover seed production In 1928 of 1,106,000 bushels, is
In every
36% below the production of 1.727,000 bushels in 1927. Acreageextensive
one of the Central States of 1928 was below last year, due to
winter killing in the winter of 1927-28.
Timothy seed production is only half as large in 1928 as in 1927. The
decrease is largely in acreage, which decreased from 708,000 acres in 1927
to 377,000 acres in 1928. Production in 1927 was 2,949,000 bushels,
compared with 1,458.000 bushels in 1928.
-The feature of the sugar crop statistics is the increase
Sugar Crops.
in cane for sugar in Louisiana. The acreage in 1928 is estimated at 157,000
compared with 90,000 in 1927. The yield per acre is approximately 3 tons
per acre higher this year than last, and production is estimated at 2.540,000
tons this year compared with 1,178,000 tons last year.
Notwithstanding the increased production, prices on December 1 show
only a fractional decline from last year. The total farm value of the
crop is estimated at 510,080,000 this year compared with $4,890,000 a
year ago.
Sugar Beeis.-The production of sugar beets is estimated at 7,040.000
tons compared with 7.753.000 tons in 1927. Due to the decreased production and a slight decline In price, the Dec. 1 farm value is estimated at
$8,930,000 less than the total of $59,455,000 for the sugar beet crop of
1927.
-Sugar cane for sirup shows a decline of a thousand acres from
Sugar Cane.
the total of 114.000 acres harvested in 1927, but due to better yields the
production is greater, 21.783,000 gallons in 1928 compared with 20,839.000
gallons in 1927. Prices this year are considerably lower, but due to increased production the total farm value is nearly equal to that of 1927.
516,506,000 in 1928 and $16.984.000 in 1927.
-Both acreage and yield per acre of sorghum for
Sorghum for Sirup.
sirup shows declines In 1928 compared with 1927, resulting in much lower
production and better prices. Production is estimated at 26,972,000 gallons
New York
New Jersey
Pennsylvania
Ohlo
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
South Dakota--..Nebraska
Kansas
Delaware
Maryland
Virginia
NVest Virginia
North Carolina_ - South Carolina_ Georgia
Kentucky
Tennessee
Alabama
Mississippi
Arkansas
Oklahoma
Texas
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Washington
Oregon
California
United States
..-.
,-... 1-.
oNCOWOMMOW.ONW.IAWMOOWWb.D.COONQC10...WI,NW
MG4.40O,0010“)10000NOCOWWV.N..40,..4WIAPNo-,04..CD&.q
PI
Hay.
Tame Hay.
-The 1928 tame hay crop is 13% smaller than the record
crop of 1927, but is slightly above the five-year average production. Due
to extensive winter killing of clover and alfalfa, to summer drought, and
to a variety of other causes, the acreage cut this year was 3,000,000 acres
less than last year. Yield per acre was 7% below last year's yield, but
7% above the 19-year average. Total production for 1928 is estimated
at 93,031,000 tons, as compared with 106,001,000 tons last year, and a
five-year average production of 91.000,000 tons. Farm value based on
Dec. 1 prices was $1,148.283,000. about 5% below the value of the 1927
crop, which was $1,202,953,000.
Alfalfa hay production in 1928 was 29,051.000 tons as compared with
31.823.000 tons in 1927. The decrease was due largely to decreased acreage
and yield in South Dakota, Nebraska and Kansas.
Sweet clover hay production is reported separately for the first time at
2,476,000 tons in 1928 and 2,274,000 tons in 1927.
Japan clover or lespedeza. also reported separately for the first time, is
estimated at 495.000 tons in 1928 and 469.000 tons in 1927.
Other clover (red, alsike and crimson) production in 1928 was 8.436,000
tons as compared with 11,727,000 tons in 1927. All important States of the
North Central group from Ohio to Iowa showed materially lower acreages
and lower yields than last year.
Timothy hay production Is estimated at 10.720,000 tons in 1928 as
compared with 13,058,000 tons in 1927.
Mixed clover and timothy hay shows a production in 1928 of 22,976.000
tons which is 16% less than the record production of 27.353,000 tons in 1927.
Annual legume hay (soy bean. cowpeas, peanut) Is the only class of bay
showing a larger production in 1928 than in 1927. Production is estimated
a Principal producing States. b Pounds. d Total except hay. e Pelee other
at 4,866.000 tons compared with 4.787.000 tons in 1927. Small grains
States.
cut for hay and miscellaneous hay crops, such as millet, sudan, red top, than Dec. 1. Refer to crop by
ACREAGE, PRODUCTION, YIELD PER ACRE AND PRICE OF GRAINS
and old meadow, produced slightly less in 1928 than last year.
1927-1928.
less than
-Acreage of wild hay cut in 1928 was 1.669,000
Wild Hay.
in 1927. This reduction occurred largely in South Dakota, where yields
Farm Price
were reduced by drought in some areas to a point where cutting was not
Yield
Per Bushel
Production.
Acreage.
profitable. Reductions also occurred in the other Great Plains States
Dec. 1.
Per Acre.
Harvested.
State.
United States
from Montana to Kansas. The average yield in 1928 for the
1927.
1928. 1927. 1928.
1927. 1928. 1927. 1928.
in 1927 and a five-year average of
was 0.98 tons as compared with 1.17 tons
0.95 tons. The production of 12,922,000 tons was 26% below the record
1,000
Cis.
1,000
1,000 1,000 Bush. Bush.
-year average.
Bush.
production of 17,326,000 tons in 1927, and 9% below the 5
Bush.
Acres. Acres.
Winter Wheat.
Total value in 1928 was $95,076.000 compared with 5114,204.000 in 1927.
606 21.0
289
60 23.0
60
1,090 1,101 18.5
864 18.0
1,610
900 15.5
1,782
2.293 1,261 13.5
882 21.5
891
42 23.5
73
165 21.4
155
393 19.0
400
1,558 1,496 10.0
105 18.0
105
3,457 3,492 20.5
9,936 10,433 11.2
102 19.0
98
530 17.5
525
673 12.2
687
122 13.3
135
444 10.7
483
64 11.0
80
94 9.2
125
115 9.5
296
422 7.0
528
4 10.5
7
3 17.0
6
22 11.5
28
3,708 4.413 9.0
1.850 2,016 9.7
810 22.0
648
456 24.5
501
62 17.0
.54
923 13.0
1,086
150 6.0
25
47 25.0
58
162 19.0
152
4 24.0
4
1,228 1.424 29.5
900
837 26.0
780 16.8
812
14.8
20.0
15.5
10.8
10.5
15.0
16.0
18.5
16.0
19.5
12.7
12.0
19.1
17.0
18.0
16.5
14.5
13.0
11.6
12.5
11.0
8.0
8.8
11.0
20.0
11.5
13.5
11.0
15.0
23.0
15.0
12.0
10.0
27.0
23.0
26.0
25.0
24.0
21.0
6,069
1,380
20,165
28,980
27,621
30,956
19,156
1,716
3,317
7,600
15,580
1,890
70,868
111,283
1,862
9,188
8.831
1,796
5,168
880
1,150
2.812
3,696
74
102
322
33.372
17,945
14,256
12,274
918
14,118
150
1,450
2,888
96
36,226
23,400
13,642
4,529
1.200
17.066
9,331
9.450
18,915
14,112
777
2,640
7,664
18,999
1,260
66,697
177,361
1,836
8,745
9,758
1,586
5,150
800
1,034
920
3,714
44
60
253
59,576
22,176
12,150
10.488
930
11,076
1.500
1,269
3,726
104
35,600
20,088
16,380
37.723 36,179 14.7
16.0
552,747
578,964 116.7 103.6
Durum (4 State s)•
5.484
United States
125
125
127
125
124
120
120
117
109
117
122
105
109
117
125
127
132
137
145
152
155
135
139
155
135
125
120
121
92
100
96
105
115
135
102
125
107
112
118
02,770 100.6
71.9
6,711 14.4
13.8
79,100
Other Spring W heat.
15,577 14,834 15.8
United States
15.6
246.527
231,015 103.4 91.3
All Wheat.
Jnited States
15.6
878,374
902,749 111.5 97.2
58,784 57,724 14.9
1
DEC. 29 1928.]
FINANCIAL CHRONICLE
TOTAL OF ALL CROPS AND PRODUCTIONS WITH DUPLICATIO
NS
ELIMINATED.
Production.
Crop and
Year.
Acreage.
Per
Acre.
Total.
Farm
Total Farm
Price
Value Based
Dec. 1 on Seasonal
Unit Per Unit Farm Price.
Acreage.
Harvested.
State.
1927.
1927
1928
Dollars.
8,522,563,000
8,456,052,000
357,161.500
360,952,020
Acreage.
Harvested.
State.
1927.
Durum Wheat.
Minnesota
North Dakota_ _ _ _
3outh Dakota _ _ _ _
Montana
1928.
Yield
Per Acre.
1927. 1928.
1,000 1,000 Bush. Bush.
Acres. Acres.
268
4,222
979
15
348
5,066
1,282
15
13.2
14.0
16.5
20.0
16.0
14.4
10.9
18.5
5,484
Total four States
6,711 14.4
13.8
4
1
10
7
8
10
302
5
62
1,086
35
15
5,301
1,875
180
40
3,410
704
181
416
36
95
14
847
190
18.0
20.0
18.5
17.0
17.5
16.0
18.0
19.0
19.8
10.5
15.5
12.0
11.8
14.0
17.1
4.4
20.6
30.0
19.0
18.0
14.0
31.0
26.0
21.5
20.5
20.0
16.0
17.3
15.0
18.0
14.0
17.5
18.0
22.0
14.5
17.3
13.0
13.2
10.3
17.9
11.8
19.0
26.0
17.5
18.0
15.4
33.0
27.0
15.4
17.0
14,834 15.8
15.6
246,527
Other Spring W heat.
Maine
Vermont
New York
1
Pennsylvania
CMlo
Indiana
Illinois
21
Michigan
Wisconsin
7
Minnesota
1,34
Iowa
4
Missouri
1
North Dakota
6.02
South Dakota_ _ _ _
1,95
Nebraska
17
Kansas
1
Montana
3,18
Idaho
67
Wyoming
17
Colorado
33
New Mexico
3
Utah
9
Nevada
1
Washington
1,03
Oregon
16
United States... 15,57
Flaxseed.
Wisconsin
Minnesota
Iowa
Missouri
North Dakota_ _ _
South Dakota. _
Nebraska
Kansas
Montana
10
757
19
7
1,242
594
7
31
170
9
726
19
7
1,143
588
8
25
196
13.2
9.7
12.0
6.5
8.2
10.0
10.0
5.5
10.2
13.5
7.6
10.4
8.0
7.1
5.8
8.0
6.9
8.5
132
7,343
228
46
10,184
5,940
70
170
1,734
United States
2,837
2,721
9.1
7.1
25.847
231,015 103.4 91.3
122
5,518
198
56
8,115
3,410
64
172
1,666
190
192
195
188
184
185
175
185
175
199
205
198
190
201
201
190
185
192
19.321 186.0 201.1
ACREAGE, PRODUCTION. YIELD PER ACRE AND
PRICE OF GRAINS,
1927-1928.
Acreage.
Harvested.
State.
4
,,....
.
0.04.N.001$W.
. 0'
0'
W.N
. 014,...NNN
4o6cS
00netneMOONmu NOnCbv50,
. Ms1.0.0,00..MOMO....0 .
>NNONV M1.-000QcONON.0
,
000M.1.30t
0.5 .....XV...0,
-.ONMht MC MMMM ..NONNON -.0C 0.1,,,Cqn,OCM=02,-.
I
,
D
,
united States
8:!!
Corn
Maine
New Hampshire...
Vermont
Massachusetts_
Rhode Island
Connecticut
New York
New Jersey
Pennsylvania
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
No. Dakota
So. Dakota
Nebraska
Kansas
Delaware
Maryland
Virginia
West Virginia
No. Carolina
So. Carolina
Georgia
Florida
Kentucky
Tenn
Alabama
Mississippi
Arkansas
Louisiana
Oklahoma
Texas
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Washington
.
Oregon
California
...N. Wo....IDOW-COODWIP.00.-000,00141NWN.0
...1.00....,40m...,=,..-o.p.m.....,....cc...0-0>c...,-.00.-0....... ;nAgi
-.4000.
i01
..................00-0 -.0mcv.mccwc.00.1
,
.
1927. 1 1928.
Yield
Per Acre.
Production.
Farm Price
Per Bushel
Dec. 1.
1927. 1928.
1927.
1928.
Bush. Bush.
1,000
Bush.
1,000
Bush.
Cts.
CU.
37.0
41.0
39.0
41.0
38.0
38.0
34.0
40.0
39.5
32.5
31.5
30.0
27.5
32.5
30.5
35.5
29.0
25.0
29.0
33.1
30.0
35.0
44.0
29.5
33.5
22.8
17.0
14.0
13.0
26.0
24.0
16.0
17.8
19.0
17.5
26.5
23.0
23.5
41.0
20.0
15.5
15.0
32.0
27.0
25.0
37.0
36.0
32.0
518
615
3,276
1,886
380
2.090
22,542
7,160
50,165
109,720
132,458
254,070
33,995
68,250
127,246
386.986
168,084
23,975
134.995
291.446
176,910
4,725
22.660
47.967
14.774
53,626
25,449
54,502
7,449
75,010
70.056
44,800
34,140
36,575
20,318
84,100
119.347
7,168
3,116
3,520
19,902
2,490
1,408
513
50
1,591
2,916
2,464
520
560
3,520
1.890
390
2,310
22,100
6.968
50,037
136,725
161,322
367,488
51,135
91,203
143,115
476,012
181,540
24,426
93.849
212,701
179.118
4,488
19,345
45,155
16,524
42,642
17,064
38,010
7,891
66,638
56,842
30,475
22,945
33,033
21,114
70,150
99,162
5,206
2,438
3,006
18.694
3,482
1,014
522
44
1,794
2,952
2.400
110
105
105
120
120
120
96
85
91
77
68
71
85
84
64
69
75
62
57
62
61
80
80
92
100
91
90
81
97
88
83
92
93
87
90
59
65
72
82
74
68
93
115
110
115
90
95
108
115
120
110
130
135
130
99
97
03
76
69
70
84
78
72
67
73
61
62
71
66
88
88
100
103
103
106
105
100
96
100
110
102
91
94
68
78
82
92
78
68
89
125
120
112
99
100
105
98,393 100.761 28.1
40.0
40.0
44.0
42.0
39.0
42.0
34.0
38.5
39.0
37.5
35.2
38.4
35.0
43.0
35.0
42.6
29.0
24.5
21.0
23.8
27.0
33.0
36.5
27.5
36.0
18.5
12.0
10.5
13.0
22.0
19.5
11.5
13.0
16.5
17.0
23.0
21.0
19.0
46.0
18.0
13.0
17.5
26.0
29.0
22.0
39.0
36.0
32.0
1927. 1928.
28.2 2.763.093 2.839.959 72 a
7n 1
• This table covers corn or all purpcses, including hogged and siioed corn, and
that cut and fed without removing the ears, as well as that husked and
for grain. In most States the yield for grain is applied to the total acreage snapped
to obtain
an equivalent production of all corn.
'
Oats-Maine
New Hampshire___
Vermont
Massachusetts_ _ _
.
Rhode Island
Farm Price
Connecticut
Production.
Per Bushel
New York
New Jersey
Dec. I.
Pennsylvania
1927.
1928. 1927. 1928. Ohio
Indiana
1,000
1,000
Illinois
Cis. Cis.
Bush.
Bush,
Michigan
Wisconsin
3,538
5,568 1.05 81
Minnesota
59,106
72,950 1.00 71
Iowa
16,154
13,974 1.02 73
Missouri
300
278
97 84
No. Dakota
So. Dakota
79,100
92,770 100.6 71.9 Nebraska
Kansas
Delaware
72
80 175 165
Maryland
20
16 140 130
Virginia
222
173 130 129
West Virginia
136
105 130 127
No. Carolina
88
144 125 114
So. Carolina
128
140 122 109
Georgia
3,888
5,285 117 102
Florida
114
90 120 112
Kentucky
1,426
1,364 117 106
Tennessee
14,070
15,747 111 101
Alabama
636
606 115 101
Mississippi
120
195 115 102
Arkansas
71,083
69.973 105
91
Louisiana
27,342
19,312 108
93
Oklahoma
2,958
3.222 105
Texas
87
44
472 117
Montana
90
65,652
64,790 97
84
Idaho
20,100
18,304 96
Wyoming
90
3,268
3,168 94
82
Colorado
5,994
7,488 100
New Mexico
84
420
554 120 113
Arizona
2,790
3,135 102 102
Utah
364
378 125 123
Nevada
22,210
13,044 109 108
Washington
3,382
3,230 112 105
Orerzon
ACREAGE, PRODUCTION, YIELD PER ACHE AND PRICE
OF GRAINS,
1927-1928.
3617
ACREAGE, PRODUCTION, YIELD PER ACRE AND PRICE OF GRAINS,
1927-1928.
1928.
Yield
Per Acre.
Production.
Price
Per Bushel
Dee. 1.
1927. 1928.
1927.
1928.
1927 1928.
1,000 1,000 Bush. Bush.
Acres. Acres.
1,000
Bush.
1,000
Bush.
Cis.
CU.
68
70
65
70
75
69
55
53
54
45
43
43
48
47
40
42
47
35
36
40
45
68
54
64
64
72
75
75
80
60
60
70
70
58
66
44
47
44
50
42
48
56
70
60
65
56
53
63
70
65
70
70
70
70
54
53
53
42
37
38
43
43
35
37
42
30
33
38
42
60
56
64
63
78
88
85
88
57
60
75
75
59
65
47
51
41
48
45
45
60
75
56
65
55
51
60
124
120
11
10
83
79
8
7
2
2
15
15
1,000 1,020
49
50
1,100 1,067
1,900 2,413
1,948 2,532
4,008 4.649
1,617 1,633
2,422 2,495
4,350 4,089
6,001 6,001
1,565 1,606
2,125 1,934
2,550 2,103
2,441 2,392
1,301
1,301
4
4
51
54
186
182
217
204
273
191
449
337
442
265
11
11
215
305
179
188
101
70
48
41
207
155
35
44
1,112
890
2,003 1,402
596
554
143
137
120
132
189
193
30
36
17
14
51
55
2
2
183
201
310
304
147
154
CaliforniaUnited States... 41.941 41.733
37.0
39.0
39.0
35.0
32.0
32.0
35.0
36.0
36.0
32.0
25.0
25.5
33.5
38.5
26.8
32.0
17.0
21.5
29.3
28.6
23.5
29.0
33.5
21.5
24.2
21.0
23.0
21.0
11.0
19.0
17.0
17.5
19.0
20.0
17.5
19.0
21.0
40.0
47.0
36.0
29.0
22.0
36.0
42.0
40.0
50.0
34.0
28.5
28.2
35.0
4,688
4,200
39.0
429
390
34.0
3,237
2,686
32.0
280
224
28.0
64
56
27.0
480
405
33.0
35,000
33,660
30.0
1,764
1,500
32.5
39,600
34,678
37.0
50,800
89,281
37.0
48,700
93,684
37.5
102,204 174,338
35.8
54,170
58,461
43.5
93,247 108,532
37.5
116,580 153,338
40.0 192.032
240,040
28.0
26,605
44,968
31.0
45,688
59,954
27.0
74,715
59,211
33.0
69,813
78,936
29.0
30,574
37,729
30.0
116
120
31.5
1,708
1,701
25.5
3,999
4,641
28.0
5,251
.5,712
22.0
5,733
4,202
23.0
10,327
7,751
20.0
9,282
5,300
17.4
121
191
26.0
4.085
7,930
21.5
3.043
4,042
17.5
1,768
1,225
20.0
912
820
22.0
4.140
3,410
24.5
612
1,078
26.0
21,128
23,140
25.5
42,063
35,751
36.5
23.840
20,221
47.0
6,721
6,439
31.0
4.320
4,092
31.0
5,481
5,983
20.0
660
720
38.0
612
532
45.0
2,142
2,475
40.0
80
80
47.0
9,447
9,150
36.0
10,540
10,944
34.5
4,190
5,313
34.7 1.182.594 1.449.531
45.0 40.1
Potato Board Planned in Chicago-Committee Will
Include Growers, Dealers, Shippers and Marketers.
Organization of the growers, dealers, shippers and marketers of potatoes was undertaken at a meeting of leaders
of the industry, representing thirty-three States, in session
at the Palmer House, Chicago, at the invitation of the Central Western Shippers Advisory Board's Agricultural Council. The Chicago 'Journal of Commerce' of Dec. 5, from
which this is learned, added:
It is proposed to create a national potato relief committee of eighteen
members representing all sections of the country, which will collect and
distribute crop information, write a program for intelligent control of the
surplus, and ask for legislation which may be necessary for the protection
of growers and dealers.
Better Organization Needed.
The centralization of State and local organizations of growers is held
essential to a development of any broad plan for the benefit of growers
since potatoes are grown in large quantities in every State.
Included in the program Which will come before the Council are proposals
to increase the tariff on potatoes, potato starch and by-products; Federal
licensing of shippers, receivers and brokers; compulsory grading to conform
with Federal grades now established; compulsory inspection at shipping
points; educational campaign for more careful consideration of national
intentions to plant with a view to stabilization; more uniform standardization of packages.
Asks Higher Price.
A reduction of the spread between the price the grower receives and that
which the consumer pays is held to be the crux of the relief program. It is
held that the retail price fails, particularly in years of over-production, to
show the proper relation between supply and demand. Proponents of the
conference believe that it will be passible to bring a great increase in the
return to the producer without materially raising prices to the consumer.
Among the speakers at the first day sessions were: John S. Welch, CommLssioner of Agriculture of Idaho; N. A. Olsen. Chief of the Bureau of
Agricultural Economics of the United States Department of
Agriculture,
and H. G. Zuckerman of the Stockton Potato Growers' Association.
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. 14, is as follows:
World Wheat Crop.
The 1928 world wheat crop outside of Russia and China is estimated at
at 3,730,000.000 bushels or 4.6% above the 1927 crop on the basis of
information received by the Foreign Service of the Bureau of Agricultural
Economics. The production in 41 foreign countries is reported at 2,688,073,000 bushels against 2.547,035,000 bushels in 1927, an increase of 5.5%•
The European production in 24 countries Is 1,345,668,000 bushels, an increase of nearly 9% over 1927. This total does not include the Russian
crop which was estimated at 859.789,000 bushels, or 113,904,000 bushels
above the 1927 crop but this is more than offset by a decrease in the Russian
rye crop. The geographical distribution of the present crop in Russia is
an unfavorable factor in the marketing situation as the crop was poor in
the southern or commercial region but good in the eastern regions where
transportation facilities are inadequate. Although harvesting is not yet
completed in the Southern Hemisphere, present conditions point to s corn-
FINANCIAL CHRONICLE
3618
South Africa of about
billed crop in Australia, Argentina and the Union of
of 1926.
7% above last year but slightly below the good crop
Rye.
at 833,819,000
The 1928 rye crop in 22 European countries is estimated
in Russia Is reported
bushels against 769,726,000 bushels in 1927. The crop
than in 1927.
at 783.433,000 bushels, or nearly 150,000.000 bushels less
Barley.
is reported to be
The 1928 barley production in 36 foreign countries
bushels in 1927. The
1,031.744,000 bushels compared with 932,045,000
of 662,283,000
23 European countries so far reported show a production
bushels this year against 615,187,000 bushels last year.
Oats.
at 2,074,396,000
The 1928 oats crop in 29 foreign countries now stands
in the 22 European
bushels against 2,041,465.000 bushels in 1927. The crop
with 1,581.475.countries so far reported is 1,617,947,000 bushels compared
000 bushels last year.
Corn.
amounts to 441,The 1928 corn crop as reported in 15 foreign countries
528,737,000 bushels last year. The Eur116,000 bushels compared with
0 bushels against
Dean crop in the 9 countries so far reported is 341.697.00
437.961,000 bushels in 1927.
[Vol,. 127.
s
Increase in Cold Storage Holdings of Food Product
of most food products
Increased cold storage holdings
on Dec. 1 as compared with the same date a year ago are
United
reported by the Bureau of Agricultural Economics,
are
States Department of Agriculture. Decreased stocks
for frozen poultry and creamery butter. The
reported
Bureau's advices Dec. 13 add:
compared with
Total stocks of meats are reported at 608,092,000 pounds
beef, pork,
541,184,000 pounds on Dec. 1 a year ago, these stocks including compared
pounds
lamb and mutton. Lard holdings are given at 67,015,000
with 46,154,000 pounds last year.
against
Creamery butter holdings are reported at 71,054,000 pounds,
74,359.000
83,224,000 pounds last year, and stocks of American cheese at
eggs are reported
pounds, against 53,447,000 pounds. Holdings of case
at 3,546,000 cases, against 2,956,000 cases a year ago.
compared
Total stocks of frozen poultry are placed at 79,576,000 pounds, pounds
with 85,030.000 pounds a year ago. These stocks include 6,266,000
Apple holdings
of turkeys compared with 5,242,000 pounds last Dec. 1.
last year: 16.are reported at 2,895,000 barrels, against 2,055,000 barrels
bushel
930,000 boxes compared with 13,423,000 boxes, and 5,044,000
1909-13, baskets, compared with 3,905,000 bushel baskets.
TION IN SPECIFIED COUNTRIES, AVERAGE
-PRODUC
GRAINS
ANNUAL 1925-1928.
Crop and Countries Reporting in 1923.a
Production-WheatUnited States
Canada
North America (3)
Average
1909-13.
1925.
1926.
1927.
1928.
bu.
1,000 bu. 1,000 bu. 1,000 bu. 1,000 bu. 1,000
902,749
878,374
831,040
676,429
690,108
500,613
440,025
407,136
395,475
197,119
868.708 1,081,117 1,248,509 1,330,289 1,414,694
1 329,875 1,364,836 1,180,354 1,237,178 1,345,668
105,733
105,763
90,313
105,166
93,171
337,452
389,636
379,294
382,847
387,827
3,062.866 3,203,547
Total above count.(39), 2,709,581 2,933,966 2.898,470
387,275
362,543
389,632
314,855
Southern Hemisphere (3). 243,590
3,425,409 3,590,822
Total above count.(42), 2,953.171 3,248,821 3,288,102
Est. N. Hernia. total
excl. Russia 5, China_ 2,759,000 3,067,000 2,979,000 3,137,000
Europe (24)
Africa (6)
Asia (6)
Est, world total excl
3,565,000 3,730,000
Russia and China__ _ _ 3,041,000 3,435,000 3,420.000
Rye
United States
Canada
Europe (22)
36,093
2,094
933,292
46,456
9,158
896,479
40,795
12,179
709,129
53,164
14,951
769,726
45,766
14,626
833,819
971,479
890,211
952.093
762,103
842.841
Est. N. Hernia. total
excl. Russia & China. 1,023,000 1,000,000
807,000
878,000
Est. world total excl
1,025,000 1,007,000
Russia and China
812,000
887,000
Total above count.(24).
Barley
California
United States other than
California
Canada
North America (2)
Europe (23)
Est. European total excl.
Russia
Africa (6)
Asia (5)
37,690
32,550
32,400
27,335
31,842
147,122
45,275
181.313
87,118
152,505
99,987
238,547
96,938
325,026
134,452
230,087
300,981
284,892
362,820
491,320
636,822
817,400
620,903
615,187
662,283
702,000
689,000
690,000
680,000
109,267
133,027
107,840
138,273
69,492
136,970
85,983
133,123
103,625
130,469
1,112,257 1,197,113 1,387,697
Total N. Hernia. (30._ 1.109,203 1.164.494
915
814
1,111 • 1,075
1,274
South Africa,...
Union of
1,388.612
Total above count.(37). 1.110,477 1,165,605 1,113,332 1,197,927
Est. N. Hernia. total excl
1,476,000
Russia and China.... 1.408,000 1,456,000 1,406,000
Est. world total excl.
Russia and China.... 1,425,000 1,503,000 1,453,000 1.508,000
Oafs
United States
Canada
1143.407 1,487,550 1,246,848 1,182,594 1,449,531
437,505
439,713
383,416
402,296
351,690
1,887,036
North America (2)......1,49.5,097 1.889,846 1,630,264 1,622,307
1 655.256 1,513,612 1,636,480 1.581,475 1,617,947
Europe (22)
Est. European total excl
I 931,000 1,792,000 1,921,000 1,843,000
Russia
Africa (3)
Asia (2)
Total N. Hernia.(29)...
Union of South Africa_ _. _
17,631
(50)
19,509
92
11,455
224
13,965
231
18,315
179
168,434 3,423,059 3,278,423 3,217,976 3,523.477
9,661
5,485
6.119
6,081
7,036
3,530,513
Total above count.(30). 3,177.695 3,428,544 3,284,542 3,224,059
Est. N. Herrds, total
excl. Russia & China_ 3.474,000 3,729,000 3,592,000 3,510,000
Est. world total excl.
Russia and China.... 3,581.000 3,848,000 3,696,000 3,603,000
CornJnited States
17anada, revised
North America (2)
iiurope (9)
Est. European total excl.
Russia
ifrica (3)
Lela (2)
2 712,364 2,916.961 2,692,217 2,763,093 2,839.959
4,692
4,262
7,813
10,564
17,297
2,729,661 2,927,525 2,700,030 2,767,355 2,844,651
534,461
581.754
627.284
437,961
581,000
627.000
665,000
481,000
4,326
(27,900)
4,362
43,639
4,719
73,302
5,127
81,387
344.172
6,995
87.732
3,283,550
Total N. Hernia. (10_ 3,296,348 3,557,280 3,401,162 5.291.830
Eat. N. Heads, total
3.681,000 3,906,000 3,769,000 3,668.000
excl. Russia
Eat, world total excl.
4.126.000 4.525.000 4.456.000 4.339.000
Russia
a Figures In parenthesis indicate the number of countries included.
d by
Large-Scale Marketing of Farm Products Discusse
-TenC. G. Randell, United States Economist
dency of Farmers' Co-Operative Organizations.
that adBusiness men and farmers have come to realize
from consolidation and co-operation through
vantages follow
which large business units come into existence, declared
nt
C. G. Randell, economist of the United States Departme
before the Western Cattle
of Agriculture, in an address
a,
Marketing Association meeting at San Francisco, Californi
of the benefits of large-scale organization
Dec. 7. Some
were summarized by Mr. Randell as follows:
possible by the
(1) Assembling of a higher type of personnel, made
joining of resources;
(2) advantages of collective purchasing power;
(3) increased standardization of products and processes;
(4) integration of business;
and consumers;
(5) reduced cost of finished goods to manufacturers
as advertis(6) elimination of duplication in marketing expenses such
ing and field work;
capital.
(7) improved financial standing through combination of
"Farmers," he said, "are also taking advantage of these
benefits. The present tendency of farmers' co-operative orgroup
ganizations is toward larger-scale operation and the
common problems through State-wide or nahandling of
tional service organizations. Continuing he said:
organizations were
"A few examples of large-scale farmers' business
cited as follows:
organization of 13
"The National Livestock Producers' Association, an
1927 a total memco-operative livestock commission associations, had in
of approximately
bership of 300,000 livestock farmers, including members
livestock having
2,000 local livestock shipping associations, and marketed
Marketing Association,
a total value of $27,000,000. The Western Cattle
attracting attention
which is marketing cattle direct to packers, is also
nationally.
in grain marketing
"The outstanding example of successful co-operation
this cois the Canadian Wheat Producers (the Wheat Pool). In 1927
grain, including more than 50%
operative handled 226,000,000 bushels of
the pool is
of the Canadian wheat marketed. The present membership of
has under construction more
estimated as 145,000 growers. It operates or
elevators with storage
than 1,100 country elevators as well as terminal
is approximately
capacity of 30,000,000 bushels. Capital investment
$25,000,000.
Dairymen's League
"Among the large fluid-milk co-operatives, is the
Although having handled
Co-operative Association, Inc., of New York.
of more than
milk less than ten years, this association has built up assets
$82,000,000.
$12,000,000. Its 1927 business amounted to
Creameries, Inc.,
Another outstanding example is the Land O'Lakes
of Minnesota, Wiswhich markets butter for approximately 500 creameries
handled 84,000,000
consin and the Dakotas. In 1927, this association
$46,000,000. The
pounds of butter and did a total business of more than
the West, had
Challenge Cream and Butter Association, known throughout
a business of $16,000,000 in 1927.
1928 the California Fruit Growers
"During the year ended October 31
$96,000,000.
Exchange marketed fruit the f.o.b. value of which exceeded
are about
This fruit was 71.5% of the crop in its production area. There
2:5 large-scale fruit and vegetable associations in existence to-day.
"The Washington Co-operative Egg and Poultry Association of Seattle,
Its
assembles and ships eggs in car-lot quantities to eastern markets.
business in 1927 was more than $18,387,000.
"The Staple Cotton Association at Greenwood, Miss., does an annual
s have
business of approximately $20,000,000. Twelve cotton co-operative
set up a central organization known as the American Cotton Growers Exchange, which acts as a central agency for problems of a sales, legal and
educational
financial character, matters of transportation, field service and
rendering
activities. Among the services that large cotton co-operatives are
to their members are: Grading and stapling cotton accurately; selling
rates
direct to mills; and obtaining funds for commodity financing at low
of interest.
and, in
"It is true that farmers have formed many local associations
many instances, terminal marketing associations; but many farmers have
not joined locals and many locals have not federated or organized to
really merchandise their products. Farmers in this country should face
the facts and meet large-scale operation by large-scale operation."
Status of Farmer-Owned Grain Marketing
Associations.
The farmers' local elevator movement has passed its peak
of rapid expansion and the number of associations remain
DEC. 29 1928.]
FINANCIAL CHRONICLE
about constant, reports the Bureau of Agricultural Economics, United States Department of Agriculture, under
date of Dec. 4. It states that there are now comparatively
"few surplus grain producing communities which are not
served by a farmers' elevator; consequently, the movement
has, to some extent at least, reached a point of saturation.
The Department has 3,526 local farmers' elevator associations on its lists at this time and it is estimated that there
are about 4,000 associations operating.
According to reports received by the Department the
greatest organization activity in the Pacific coast area
occurred in 1909; in the spring wheat area in 1916; in the
Corn Belt in 1919; and in the winter wheat and soft wheat
areas in 1920. Only a few companies have been organized
yearly since 1921. The number of stockholders of farmers'
elevators is estimated by the Government economists to be
about 450,000 and the number of patrons as more than 900,000. The estimated amount of paid-up capital stock is about
$60,000,000 and the estimated investment in plant and equipment is $65,000,000.
The volume of grain handled in 1926-1927 is estimated by
the investigators as 550,000,000 bushels, with a sales value
of about $500,000,000. However, they say, the volume of
grain handled at approximately one-half of these elevators
is not sufficiently large to permit of profitable operation if
considered in the light of research findings that 100,000
bushels per elevator is a minimum. But they report that
many of these associations are now supplementing their
incomes by handling sidelines or performing other services.
For example, in 1926-27 about 10,000,000 bushels of grain
for pooling associations and sidelines worth $160,000,000
were handled. The report says:
3619
of Agriculture, which removes sugar restrictions in the forthcoming crop. The dispatch, as given in the "Evening Post"
continues:
The agreement, which goes into effect immediately, not only rescinds the
famous Tarafa Act, which limited planting, cutting and grinding, but
likewise allows shippers greater freedom in marketing their sugar products
without the functioning of the Export Commission.
Divided into seven sections, the Mollnet agreement provides for :(1)
freedom of planting;(2) unrestricted and ungoverned marketing ofsugar by
growers and grinders in markets considered equitable; (3) limitation of the
operations of the Export Commission: (4) that the Commission continue to
function in a statistical manner;(5) that the Export Commission liquidate
up to Jan. 31 1929, all sugar marketed through its recommendations; (6)
for the Commission to place at the disposal of the authorities and sugar
men all aid and advice, and (7) all the foregoing to be considered temporarily
in force and subject to change.
In the summary and resolution of the agreement it is decreed that the
Export Commission not assign for the moment any particular amount of
sugar to be sold, but to allow sales to rest with exporters.
The lifting of sugar restrictions in Cuba follows three years of the Tares.
Act, which was drafted for the purpose of limiting the supply of sugar
exports. Due to economic depression in the island attributed to this restriction. Leading sugar growers and grinders of the island, this year requested
the President to repeal the Tarafa Act and allow them to grow, grind and
sell unrestrictedly.
Cuba's sugar season Is now on and milling will open the night of Jan. 1.
Upward Trend Observed In Price of Fertilizer Materials.
Some increases in the prices of fertilizer materials already
occurred this month following a rise in November, George
J. Canister, co-director of the Agricultural and Scientific
Bureau,announced on Dec.27 in making public the Bureau's
new fertilizer index numbers of wholesale prices in November,
as published in "Fertilizer Economics." Mr. Canister states:
During November,the index number of the prices of 12fertilizer materials
advanced one point to 127. This slight increase was due primarily to higher
prices for organic ammoniates. At the same time the prices of cotton,
potatoes and corn, for which large amounts of fertilizers are used, declined.
The exception was with tobacco, which jumped in price in the Carolinas
'Practically all the associations reporting are farmer-owned, but they and in Kentucky.
Wholesale prices of fertilizer materials are 27% above the pre-war level,
vary as to other co-operative principles and practices. About 69% use
the one-vote-per-member principle; about 77% limit the amount of stock while wholesale prices of all commodities are 52% higher. The index
which may be owned by any one member; about 62% limit the per cent numbers of prices of mineral ammoniates is 87, organic ammoniates 161.
of dividends payable upon capital stock; nearly 78% pay patronage divi- potash 97,and phosphoric acid 119.
The price of nitrate of soda increased slightly, while sulphate of ammonia
dends to stockholders, but only about 15% reflect full patronage divideclined. The mineral ammoniate index remained unchanged at 87% of
dends to non-stockholders as well as stockholders.
points lower than a year ago. Cottonseed meal, fish scrap.
"With regard to operating practices, about 44% of those reporting use pre-war, five
and blood prices increased in November; and the price index of
futures for hedging purposes; 45% reported cleaning of commercial grain, tankageammoniates rose four points to 161.
Although this mark is below
organic
and 82% cleaned seed grain for farmers. Nearly 28% practiced mixing
recent high point of 178 in July, 1928, the organic ammoniate index is
to some extent Practically one-half store grain for farmers, but only the
9% higher than in November 1927.
about 11% use terminal grain storage facilities. For all areas, 44.3% of
There were no changes in the phosphate prices in November with the
the grain handled was sold on consignment, 38% 'on track,' 17% 'to arrive,'
index number at 119. Potash advanced only one point to 97. During the
and the balance was disposed of as local sales.
month the prices of only six of the 12fertilizer materials increased.
"More than 83% of the group reporting showed financial surpluses at the
The index number of farm prices has declined 11 points in the last six
close of the 1926-27 season. The total net surplus of all associations after months. Grain prices are low and farm prices of the important fertilizer
deducting deficits reported was estimated to be about $27,000,000. About crops are less than a year ago. During November there was a slight decline
60% of the group paid stock dividends totaling about $3,000,000, while in the farm prices of cotton. October prices for tobacco, however, were
24% paid patronage dividends of more than $4,000,000."
considerably higher than in September.
Good management, loyalty of members, and pursuance of
careful operating policies, says the Department, were given
New York Hide and Skin Exchange Files Incorporation
by elevator officials as the principal reasons for favorable
Papers.
financial condition, while lack of volume, poor management,
It was made known on Dec. 21 that incorporation papers
and unsafe business practices, were given as the most common causes of unfavorable financial condition. In its state- had been filed at Albany for the New York Hide and Skin
Exchange, with a view to affording the industry a future
ment in the matter the Department also says:
‘
market such as obtains in the cotton, rubber, silk and other
LARGE-SCALE
00
-OPERATIVE GRAIN-MARKETING ASSOCIATIONS.
Efforts of farmers to carry their grain-marketing activities beyond
the
independent local elevator stage, the report says, have been
directed
mainly along three lines. One of these has been in the direction of linking
local co-operative elevators for the purpose of effecting economy and increasing stability. The second line of centralized effort is represented
in
the organization of co-operative grain commission agencies to sell grain
on terminal markets. At least eight such associations, the report says,
have been organized within the past 15 years, and the volume of
business
handled by them in 1927-28 exceeded 36,000,000 bushels. Farmers'
elevators to the number of 525 own stock in these commission companies
and
another 628 contributed their business during 1927-28. It is
estimated
these associations served about 64,000 farmers during the crop year
Surplus earnings are returned to farmers through local elevator 1927-28.
associations in the form of patronage and stock dividends.
State-wide wheat marketing associations, commonly known as
wheat
pools, Recording to the report, represent the third line of
endeavor in
large-scale co-operative grain marketing. They were first formed
following the world war, and as originally organized, they operated on
contracts
with their members, usually for five years. The eight associations
of this
type now operating are working on their second series of
contracts, most
of them modified to provide withdrawal periods.
About 72,000 farmers in about 10 States hold membership in the
wheat
pools, which advance money to the growers and endeavor to
regulate the
movement of grain to market. The volume of grain handled
annually has
ranged from 12 to 17 million bushels in recent years.
As originally organized, none of the wheat pools operated country
elevators but rather depended upon existing elevators to handle their
grain.
during the last few years several of the
However, the report
associasays,
tions have acquired both country and terminal elevators.
Cuba Terminates Sugar Crop Curbs—President
Machado Agrees to Rescinding of Curtailed Planting and Marketing.
It was announced in Associated Press advices from
Havana yesterday that President Machado had on Dec. 28
signed an agreement drawn up by Dr. E. Molinet, Secretary
industries. Of the nine incorporators of the proposed Exchange five are identified with the hide and leather industry,
three are members of Stock Exchange firms and the other,
F. R. Henderson, is President of the Rubber Exchange of
New York. The incorporators are:
John C. Andresen of J. C. Andresen & Co., hides; Sylvan
M. Barnet, Jr., President of the Barnet Leather Co.; J.
Chester Cuppia of E. A. Pierce & Co.; Claude Douhit,
Chairman of the Board of Directors, American Hide &
Leather Co.; W. Leslie Harriss of Harriss, Irby & Vose;
F. R. Henderson, President of the Rubber Exchange of New
York; Milton R. Katzenberg, hides, New York and Jenkinstown, Pa.; Jerome Lewin° of H. Hentz & Co.; Armand
Schmoll,Jr., President of Schmoll Fils Associated, Inc. Mr.
Schmoll is quoted as saying:
"The new exchange, which will serve an industry whose products in
America alone are valued at around $2,000,000,000 annually, will fill a
long-felt economic need. For years the hide and leather industry has suffered severe losses which could have been largely avoided had the facilities
of an established market for hedging been available.
With the New York Hide and Skin Exchange in operation, however,
much of the burden of the risk inherent to the hide and leather business
will be taken from the shoulders of the investor by the trade speculator."
Julius B.Baier of 43 Cedar street, counsel for the New York
Hide and Skin Exchange directed the legal work in the organization of the Metal, Raw Silk and Rubber exchanges. Mr.
Baer said that while the membership in the new exchange
would be limited to those in the hide and leather trade and
commission houses, and to persons who intended to trade on
the exchange, the incorporators had not yet decided on a
fixed number. He said there would be no public offering
of membership.
!Not.. 127
FINANri Al. cHHONICLE
3620
-Record Output Weakens
Petroleum and Its Products
Crude Price Basis.
Prospects for a general advance in posted prices for highgravity crude oil were further dimmed by developments in
the production situation this week. Domestic output for
the week ended Dec. 22, estimated by the American Petroleum Institute, established another high record for the year,
for the second consecutive week, at 2,546,800 barrels daily.
This was but 35,350 barrels under the high record for all
time. It is expected that production figures for the current
week will register a further increase. California is again
responsible for the increased output.
Production is now about where it was in August 1927,
with the exception that at that time it was waning, while
now it is on the increase, with every indication that steadily
growing output in California will carry production figures
to a new high record in all time. In addition, there is considerably more shut-in production in domestic fields now
and heavy production in Venezuela, coupled with considerable shut-in potential yield in that country, constitutes an
additional menace to market stability.
Considerable concern is shown in oil trade circles over the
outlook in Oklahoma and Texas. Drilling restrictions in
a
the Mission field in the former State expire Feb. 15, and
will be made to get operators to continue
determined effort
the conservation program. An increase in the permitted
production of Winkler County, Texas, has added to the flow
of heavy crude.
Test runs in the Yates pool, Pecos County, this week
indicate potential production of 4,403,408 barrels daily, an
increase of 193,093 barrels daily over the potential for the
first half of December. The field is now producing but
71,800 barrels daily under its pro-rating plan.
Gauging of the Winkler County pools this week discloses
potential yield of 2,636,483 barrels daily, off 106,738 barrels
from the potential production of a month ago. This county
is now producing at the rate of 153,650 barrels daily.
Pecos and Winkler Counties together have aggregate
potential production of, roughly, 7,040,000 barrels daily.
within approximately 500,000 barrels of totaling three times
the present production of the entire United States. Shut-in
production in California and other sections of the country
is more than enough to triple domestic production practically
overnight if operators were to remove all restrictions.
The top-heavy position of the market with respect to crude
supplies has tended to undermine the market position somewhat, and operators this week are of the opinion that an
advance in Midcontinent posted price is but an outside
possibility. Pennsylvania crude prices have apparently lost
all relation to the Midcontinent market, advances in the
Eastern fields being discounted as being due entirely to the
phenomenal demand for lubricating oil at this time.
Prices are:
- -$1.58
$3.85 Illinois
Pennsylvania_ __ _$3.85 Bradford
1.60 Wyoming. 37 deg- 1.41
1.80 Lima
Corning
1.28
Plymouth
1.37
1.45 Indiana
Cabell
1.77
1.55 Wooster
Wortham, 40 deg_ 1.56 Princeton
A"_ 1.20
2.00 Gulf Coastal"
Canadian
1.33
Rock Creek
deg. 1.36
Smackover,24 deg. .90 Corsicana, heavy- 1.00 Panhandle,44
3.65
2.60 Eureka
Buckeye
Oklahoma, Kansas and Texas
$1.33
$1.16 Rig Muddy
-32.9
32
1.48
1.56 Lance Creek
40-40.9
1.25
1.76 Bellevue
44 and above_
1.00
Markham
Louisiana and Arkansas1.75
1.16 Somerset
32-32.9
1.31 California35-35.9
5.5
and up
5.19
1 : i
:1 t 1'
21 1 s° 35 deg'
-GASOLINE AGAIN
REFINERY PRODUCTS
1
-11:8
it
LOWER IN MID-CONTINENT.
Efforts to stabilize U. S. Motor gasoline at Sc. a gallon in
the Mid-Continent market have failed, Oklahoma and
North Texas refiners reducing this grade Ac. to 73'c. a
gallon this week. Large refiners are quoting 8c. a gallon.
Domestic demand has been well maintained this week, but
export sales are still lagging, and the absence of buying for
shipment abroad has tended to weaken the situation further.
Large refiners are inclined to discount some of the current
are
low prices quoted, pointing out that these in many cases
of
to attempts by smaller interests to liquidate part
due
s and so make a better showing in their yeartheir inventorie
end financial statements.
Mild weather in the East has made for an active demand
in both tank-car and tank-wagon markets this week. Standstill
ard Oil of New York and other leading refiners are
gallon tank-wagon in New York City, despite
quoting 18c. a
the recent cuts in all other sections of the East.
Kerosene sales are lighter, due to the warm weather. The
lc. reduction which went into effect in Pennsylvania and
Delaware and throughout Standard Oil Co. of New Jersey
territory Dec. 24 has not been followed in New York and
New England markets, which hold steady at 15c. in the face
of the general reduction in the remainder of the East.
Principal changes in refined products this week are in the
Pennsylvania cylinder oil group. Heavy export buying,
coupled with short holdings, brought about sharp upward
price movements.
Fuel oil sales have suffered somewhat in the furnace oil
branch by the mild weather during the week, but marine
consumption of bunker "C" grade oil is well maintained and
the market is unchanged at $1.05 a barrel at refineries, or
$1.10 a barrel alongside within harbor limits.
Business in other refined products is dull this week, due
largely to the fact that consumers and distributors are
busily engaged in taking their year-end inventories, and are
not ordering forward additional supplies until this work is
completed.
A chronological summary of the week's price changes
follows:
-Atlantic Refining Co. reduced tank-wagon kerosene
December 22
lc. to 14c. per gallon throuhgout its territory, effective Dec. 24.
-Oklahoma refiners reduced U. S. Motor gasoline Mc. to nic.
Dec. 26
per gallon.
-Pennsylvania refiners advanced cylinder stocks Mc. per gallon.
Dec. 28
Gasoline (U. S. Motor)
Prices are:
.11
New York
11
Norfolc
.11
Portsmouth
11
11
Tampa
12
Jacksonville
Chelsea
1034
0714 New Orleans
11% *Oklahoma
Merton.
1034
1234 Houston
12% Providence (deny.). .
Boston (delivered)..0834
0834 California
Chicago
11
Carteret
.0734
*North Texas
.11
Marcus Hook
11
Baltimore
.11
Philadelphia
-The above prices are f.o.b, refineries, tank car lots, unless otherwise noted.
Note.
above the ref nery quotation.
Delivered prices are generally lc. a gallon
*A number of the large refiners were still quoting .03.
Gasoline (Service Station).
Charlotte..... ...._ .24
.25
20i Richmond
New York
24
Charleston
.21
San Francisco
.18
Boston
.16
24
Chicago
Wheeling
.24
Baltimore
.1734
New Orleans
.21
Parkersburg
.25
Norfolk
-The above prices are retail prices at service stations and include State
Note.
taxes in States where a tax Is Imposed.
Kerosene.
05341 Philadelphia (dolly.) .10
091 Chicago
New York
.0551
.09 1 Oklahoma
.101 Philadelphia
New York (deliv.)__
Note.
-The above prices are f.o.b, refineries, tank car lots, unless otherwise noted.
generally lc. a gallon above the refinery quotation.
Delivered prices are
Bunker Fuel 011.
.95
1.051 New Orleans
1.05 1 Norfolk
New York
.85
.901 California
1.05 1 Charleston
Baltimore
f.o.b. refineries: a charge of 5e. a barrel Is made for
Note.
-The above prices are
barging alongside.
Gas and Diesel OIL
041
.05%1Diesel oil, New York
Osa oil. New York
prices are f.o.b. refineries.
-The above
Note.
Export Quotations.
Gasoline, Navy; New York cases. .26401Kerosene,I. w., New York,dam_ .17611
1890
10%1 W. W., New York. cased
Bulk
rank Wagon Prices.
15
18 'Kerosene. w. w.. New York
Gasoline, New York
Crude Oil Output in United States Continues To Rise.
The American Petroleum Institute estimates that the
daily average gross crude oil productio . in the United
States for the week ended Dec. 22 1928 was 2,550,750
barrels, as compared with 2,546,800 barrels for the preceding week, an increase of 3,950 barrels. Compared with
the output for the week ended Dec. 24 1927, of 2,432,200
barrels per day, the current figure shows an increase of
118,550 barrels daily. The daily average production east
of California for the week ended Dec. 22 1928 was 1,847,150
barrels, as compared with 1,849,200 barrels for the preceding week, a decrease of 2,050 barrels. The following
are estimates of daily average gross production (in barrels)
by districts, for the periods shown below:
Weeks gritted
Oklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
Southwest Terse
North Louisiana
Arkansas
Coastal Texas
Coastal Louisiana
Eastern
Wyoming
Montana
Coloreds
New Mexico
California
Total
Dec. 22' 28. Dec. 15 '28. Dec.8'28. Dec. 24 '27.
705,300
705,750
707,050
704,650
97,950
105,550
96.600
96,000
62,600
83,900
61.200
61.400
89,650
75,350
90,600
89,600
54,400
55,000
58,150
53,400
339,300
264,450
338,300
345.700
26,950
22,200
22,250
21,700
24,850
30,950
33.950
35,000
37,750
47,000
37,500
37.000
94,350
81,550
83,950
80,000
109,500
121,350
112,500
111,600
14,900
22,900
22,900
22,000
110,500
112,000
113,500
115,000
57,900
50,900
53,900
52,750
11,500
10,950
11,350
11,500
6,350
6,900
6.950
6,700
2,300
4,400
3,750
3,150
621,300
679,600
697.600
703,600
2.550,750
2.546,800
2,520,850
2,432,200
The estimated daily average gross production of the Mid-Continent
west,
field, including Oklahoma, Kansas, Panhandle, north, west central,
the
east central and southwest Texas, north Louisiana and Arkansas, for
as compared with 1,524,350
week ended Dec. 22 1928, was 1,524,450 barrels,
The Midbarrels for the preceding week, an increase of 100 barrels.
oil, was
Continent production, excluding Smackover. Arkansas, heavy
increase of
1,471,650 barrels, as compared with 1,471,000 barrels, an
650 barrels.
for the
The production figures of certain pools in the various districts
(figures in barrels
current week, compared with the previous week follow
of42 gallons):
DEC. 29 1928.1
FINANCIAL 0111Z0NICLE
-Week EndedDec. 22 Dcc. 15
11,600 11,800
24,350 25,000
20,100 20,100
8,250
8,000
42,250 41.250
46,500 47,400
9,950 10,100
84,850 87,950
73,200 75,300
129,050 133,950
28,300 24,700
17,850 13,050
Oklahoma-Tonkawa
Burbank
Bristow Slick
Cromwell
Seminole
Bowlegs
Searight
Little River
Earlabor°
St. Louis
Allen Dome
Maud
Panhandle Texas
Hutchinson County..._ 29.100
Carson County
5,900
Gray County
22,500
Wheeler County
800
North TexasWI!bargee
31,950
Archer County
18,850
West Central Texas
Shackelford County_ __ - 10,400
Brown Ceunty
9,800
West Texas
Reagan County
18,100
Howard County
36,600
Pew a County
71,800
Crane & Upton Counties 52,100
Winkler County
153,650
East Central Texas
Corsicana Powell
9,850
Nigger Creek
700
&WHOM TexasLuling
13,450
Laredo District
10,000
Nbrth LoulatanoHaynesvIlle
Urania
-Week Ended
Dec. 22 Dec. 15
5,550
5,550
6,050
6,050
rkansas
Smackover. light
Smackover. heavy
Chain pagnelle
7,100
52,800
10,900
7,100
53.350
11.900
Coastal Texas
West Columbia
Pierce Junction
Hull
SpIndletoP
7,300
11.000
10,200
36,550
7,400
12,200
10,350
37,450
4.000
4,900
1.200
3.800
4,200
5,050
1.200
4.000
28,900
Coastal Louisiana
5,500
23.000 Vinton
800 East Hackberry
Sweet Lake
33,000 Sulphur Dome
19,000
Wyoming
10,250 Salt Creek
9.950
Montana
Sunburst
17,150
California
36,603 Santa Fe Springs
71,800 Long Beach
52,100 Huntington Beach
147,800 Torrance
Dominguez
9,900 Rosecrans
700 Inglewood
Midway-Sunset
13,300 Ventura Ave
9.850 Seal Beach
31,900 33,200
7,950
7,950
100.000
187,000
50.200
15,500
10,000
6,800
27,600
75.000
50,000
29,000
92,500
190.000
50,200
15,500
10,000
6,800
27,600
75.000
52.000
29,500
Oil Production in Venezuela Reaches a New Record for
All Time, Amounting to 11,291,370 Barrels in
November.
According to the December issue of "O'Shaughnessy's
South'American Oil Reports," oil production in Venezuela
for the month of November was a new record for all time,
11,291,370 barrels, or 771,781 barrels over the previous
record in the month of October. Output in November of
last year totaled 6,877,673 barrels, or 4,413,697 barrels
below the current figure. Shipments in November 1928
amounted to 9,660,491 barrels as compared with 9,282,807
barrels in the preceding month and 6,504,000 barrels in
November 1927.
Venezuelan oil production during the first 11 months of the
current year totaled 95,828,117 barrels as against 57,132,329
barrels in the corresponding period last year. Shipments
amounted to 90,606,281 barrels as compared with 48,000,558
in the first 11 months of 1927.
•
The above referred to report also contains the following
statistics:
PRODUCTION BY COMPANIES,PARTLY ESTIMATED.
(In Barrels of 42 Gallons.)
November
1928.
v.0. C
Lego
Falcon 011 Corp.._
.
Gulf
-Creole.
Gulf
Gulf-Yen. Petrol'm
Caribbean PetTm_
B.C.O.. Ltd
General Asphalt
Total
3.376,065
3,722,066
114,623
1,129,106
535,320
760,420
1.468.020
147,750
38,000
October
1928.
112.535 3,527,260
124,069 3,529,100
3,821
114,639
37,637 1,156,845
17,844
405,000
25,347
725,000
48,934
892,428
4,925
131,316
1,267
38,000
V0C
. .
3.190,300
Lego
2,452,568
Falcon 011 Corp .
114,623
Gulf-Creole
1,298,580
Gulf
649,290
Gulf-Yen. Petrol'm
875,130
Carribean PetTni.
940,700
B.C.0.. Ltd
101.300
General Asphalt.
38,000
_
9.650.401
Daily
Average.
October
1928.
The St. Louis pool of Pottawatomie County, Oklahoma, was the chief
center of interest from the standpoint of flush fields in October and was the
only one to record a material increase In output. The average daily output
of this field in October was 125,000 barrels as compared with an average of
110.000 barrels in September. The greater Seminole district fell off from
its secondary peak attained in September as a number of important wells
in the Little River pool found water in the Wilcox sand. The West Texas
district again registered a decline as no attempt was made to push production beyond the market requirements. The output at Long Beach declined
slightly but renewed interest was manifested in the Panhandle district.in
which the average daily production again showed a small increase.
Stocks of oil held in the Seminole field on October 31 amounted to 17,885,000 barrels as compared with 17.843,000 barrels on hand at the beginning of the month. This small increase was a reflection of the even balance
maintained during the month between light oil production and demand.
With the exception of West Texas, all the important fields reported an
increase in the number of completions in October. On the other hand. West.
Texas was the only one to show a material increase in number of drilling
wells as of the last of the month.
PRODUCTION (BARRELS OF 42 U.S. GALLONS).
October 1928.
Total.
113,782 1,639,593
113,842 1,944,875
3,698
37,318
744,243
13,065
178,200
23,387
664,000
28.788 1,452,330
4,236
202,332
1,226
52,000
September 192a.
Daily Avg
Seanthole
10,170,000
St. Louis-Pearson 3,885,000
Panhandle
2,079,000
West Texas
10,861 000
Long Beach
5.987.000
Total.
328,000 10,401,000
125,000 3,312,000
67,000 1,912.000
350,000 10.850,000
193,000 5,940.000
Daily Avg
October 1927.
Total.
347,000 13,417,000
11C,000
64,000 2.736,000
362.000 6.152,000
198.000 2.907.000
Daily Any
433,000
88.000
198,000
94.000
xRevised.
STOCKS AT SEMINOLE BARRELS OF 42 U. S. GALLONS).
54.656
64,829
24,808
5,940
22,133
48,411
6,744
1.733
October 1928. September 1928. October 1927.
Producers' stocks
Tank farm stocks
436,000
17,449,000
Daily
November
Daily
Average.
1927.
Average.
106,343 3,410,400
81,752 2,501,968
3,821
114,639
43,286 1,194,500
21,643
430,020
29,171
764,480
31,357
725,600
3,377
103,200
1,267
38,000
110,013 1,623.893
80,709 1,686,280
3,698
38,532
724,711
13,871
173,800
24,661
603,800
23,406 1,436,530
3.329
202,986
1.226
52,000
24.157
5,793
20,127
47,884
6,766
1,733
322017 9 2R2 807
29044A R me AAA
nle ,nn
54,130
56,209
Off Crude Oil Production Reached New High Record
in October-Daily Gasoline Output Falls Off for
First Time This Year-Stocks Increase.
According to reports received by the Bureau of Mines,
Department of Commerce, from companies which operate
gathering or lead lines, the production of crude
petroleum
in the United States during October 1, 1928, amounted to
79,662,000 barrels, the highest monthly total ever recorded.
This represents a daily average of 2,570,000 barrels, which
is an increase over September of 23,000 barrels and over
October 1927 of 69,000 barrels. Approximately half of
the
increase in October 1928, occurred in Oklahoma, the other
half being distributed over a number of States. The output
of the Little River pool, which had been actively developed
in September, declined as did the other pools of the greater
Seminole district but this was more than offset by increased
production in the St. Louis pool and in the older fields of the
State. The output of Texas, which ranked second in pro.
475,000
17,368.000
449,000
13,360,000
17 RAA nnn
Tninletnrka
17 RAR non
in 9110 nein
. RECORD OF WELLS OCTOBER 1928.
i0iO4
Average
Initial
NOW
Draft.
Production. Production. Oct. 31.
(bus.)
Dry.
(DM.)
Completion.
00
.
229.254
a Creole proportion, 558,065 barrels.
duction, showed a small increase following new discoveries
in the Gulf coast area; production in California, which
ranked third, registered a small decline as development work
in the new deep zone at Santa Fe Springs was retarded.
The record breaking output of crude petroleum and a
general curtailment in refinery operations were reflected in
stocks which increased for the first time in several months.
Stocks held at refineries decreased but the increase in tankfarm stocks was sufficient to raise the total held east of California from 366,652,000 barrels on hand the first of the month
to 368,031,000 barrels on hand the end of the month. Stocks
of light crude in California were again reduced to a new low
level, but stocks of heavy crude and fuel oil attained a new
peak.
The demand for kerosene and fuel oil increased in October
while that for gasoline held up much better than a year ago.
The net result was a decrease in total stocks of refined oils
of nearly 1,500,000 barrels. However, this was more than
compensated by increases in crude stocks,with the result that
total stocks of all oils were increased, but by the comparatively small amount of 226,000 barrels. The "bureau"
continues: ,
Daily
November
Daily
Average.
1927.
Average.
11.291,370 376,379 10.519.548 33Q.342 6.477 S74
SHIPMENTS BY COMPANIES. PARTLY ESTIMATED.
(In Barrels of 42 Gallons.)
November
1928.
'twat
Daily
Average.
3621
Seminole
St. Louis-Pearson x
Panhandle
West Texas
Long Beach
Gas.
78
42
21
76
25
1
__
8
___
14
2
7
23
1
65.400
65.800
13.200
431.700
30.400
800
1,600
600
5.700
1.200
151
163
125
421
1511
x Represents wells In Pottawatomis County as reported by "Oil & Gas Journal."
Runs to stills, which for some months had risen steadily,
declined materially in October as practically every major
district reported less domestic crude processed. However,
the use of foreign crude continued to expand and reached a.
new high level in October.
As a result primarily of decrease throughout, the daily
production of gasoline at refineries fell off for the first time
since January 1928. The indicated daily domestic demand
for gasoline in October was only slightly below that for
September, a probable reflection for the generally fair
weather throughout the country experienced during the
former month. Exports, however, fell off materially and
stocks were added to for the first time since early in the year.
Stocks of gasoline at refineries on Oct. 31 1928, totaled
26,453,000 barrels, which represents 24 days' supply as
compared with 23 days' supply on hand the month previous
and 31 days' supply on hand a year ago, says the "Bureau.”
The statistics of kerosene in October showed little change
the most notable occurrence being a decline in exports. The
demand for fuel oil increased and stocks held east of California were reduced for the first time in several months.
Stocks of wax continued to rise as production was maintained at a high level, the "Bureau" further states, adding:
The refinery data of this report were compiled from schedules
of 332
refineries, which had an aggregate dally crude oil capacity
of 3.147.000
barrels. These refineries operated during October at 82% of their
recorded
capacity as compared with 334refineries operating at 84% of
their recorded
capacity in September.
[VOL. 127.
FINANCIAL CHRONICLE
3622
ANALYSIS OF SUPPLY AND DEMAND OF ALL OILS.
(Including wax, coke and asphalt in thousands of barrels of 42 U. S. gallons.)
September
1928.
October
1928.
New Supply
Domestic production:
Crude petroleum:
Light
Heavy
October
1927.
Jan-Oct.Jan.-Oct.
1927.a
1928.
71,876
7,786
•
69,081
7,323
68,277
9,257
667,028
77,581
656,483
95,202
Total crude
Natural gasoline
Benzol
.
•
79,662
3,695
245
76,404
3,452
231
77,534
3,419
217
744,609
34,309
2,316
751,685
31,831
2,145
Total
Daily average
Imports:
Crude
Refined
•
.
83.602
2,697
80,087
2,670
81,170
2,618
781,234
2,561
785,661
2,584
•
•
6,703
771
7,140
598
4.633
1,042
65,868
10,066
46,834
11,438
•
•
91,076
2,938
226
87,825
2,928
b2,42I
86,845
2,801
3,441
857,168
2,810
20,810
843,933
2,776
57.527
90,850
2,931
90,246
3,008
83,404
2,690
836,358
2,742
786,406
2,587
2,016
10,270
78,564
2,534
1,505
11,285
77,4513
2.582
1,539
11,554
70,311
2,268
15,753
115,715
704,890
2,311
12,846
105,300
668,260
2,198
163
88
350
250
386
319,279
48,752
317,164
49,488
297,336
48,528
319,279
48,752
297,336
48,528
16,870
96,563
21,676
92,233
16,670
97.097
STOCKS OF CRUDE PETROLEUM HELD IN THE U. S.(BARRELS)
Oct. 31
Sept. 30
Oct. 31
1927.x
1928.
1928.
At refineries (and in coastwise frarutt thereto)
Reported by location of storage:
East coast
-Domestic
Foreign
Appalachian
Indiana. Illinois. &c
Oklahoma. Kansas, Are
Texas-Inland
Gulf coast-Dom eetle
.
Foreign
Arkansas and Inland Louisiana
Louisiana Gulf Coast-Domestic
Foreign
Rocky Mountain
8,235,000
3,710,000
2,131,000
2,931,000
5,329,000
1,712,000
7,663,000
158,000
936,000
4,220,000
1,031,000
1,774,000
21,676
92,233
Total new supply, all oils
Daily average
Change in stocks all oils
Demand
Total demand
Daily average
Exports: c
Crude
Refined
Domestic demand
Daily average
Excess of daily average domestic
Production over dom. demand
Docks (end of Month)
Crude:
East of California' d
Light
Heavy
California:
Light
Heavy e
39,830,000
Total east of California
Elsewhere than at refineries
Domestic-Reported by field of origin:
Appalachian-N, Y., Pa., W. Va., Gross 5,566,000
5,263,000
Net
eastern and central Ohio
986,000
Grow
Kentucky
835,000
Net I
Gross 1,517,000
Lima-Indiana
1,335.000
Net
Gross 12,131,000
-S. W. Indiana
Illinois
11.463,000
Net
Mid-Continent-Oklahoma. Kansas, Gross 250,447,000
Net 238,386,000
central, north and west Texas
Northern Louisiana and Arkansas_ _ _ Groats 28,937,000
25,972,000
Net
Gross 19,237,000
Gulf coast
18,753,000
Net
Gross 26,027,000
Rocky Mountain
25,987,000
Net
7,955,000
3,964,000
2,185,000
2,759,000
5,247,000
1,767,000
8,189,000
128,000
852,000
4,656,000
1,117,000
1,680,000
8,772,000
2,675,000
1,740,000
2,737,000
4,850,000
1,677,000
7,473,000
174,000
402,000
5,643,000
1,043,000
1,368,000
40,499,000 38,554,000
5,761,000 6,859,000
5,445,000 6,541,000
099,000 1,207,000
846,000 1,080,000
1,529,000 1,230,000
1,077,000
1,346,000
12,195,000 12,626,000
11,527,00012,100,000
48,438,000 226,639,000
36,179,000 214.803,000
28,785,000 28,107,000
26,017,000 25,546,000
18,786,000 18,662,000
18,299,000 18,244.000
26,335,000 27,716,000
26,297,000 27,670,000
Total pipe-line and tank-farmf Gross 344,848,000 342,828,000 323,048,000
(Net 327,994,000 325,956,000 307,061,000
stocks east of California
16,670
97,097
Total crude
Natural gasoline at plants
Refined products
481,798
402
125,199
480,085
436
126,652
459,773
781
118,109
481,798
402
125,199
459,773
781
118,109
Grand total stocks, all oils
Days' supply
607,399
207
607,173
202
578,663
215
607,399
222
578,663
224
4.558
4.051
4.594
42.654
41.677
Bunker oil (Included above In
domestic demand)
• Final figures. b Decrease c Includes shipments to non-contiguous territories. d Exclusive of producers' stocks. e Includes fuel oil. f Grand total stocks
divided by daily average total demand.
PRODUCTION OF CRUDE PETROLEUM BY FIELDS AND STATES WITH
CLASSIFICATION BY GRAVITY (BARRELS OF 42 U. S. GALLONS).
Daily Av.
Total.
JanuaryOctober
1928.
1Daily Av.
September 1928.
October 1928.
Total.
JanuaryOctober
1927.a
Field
82,400 25,868,000 25,495,000
88,800 2,474,000
2,753,000
Appalachian
4,300 1,437,000 1,575,000
4,600
130,000,
_
142,000
-Indiana
Urns
373,000
436,000
1,200
37,000
2,400
73,000
Michigan
588,000 19,600 6,225,000 6,497,000
20,800
644,000
W. Ind..
ru,s.
50,094,000 l,615,90048,089,000 1,603,000 57.864,000 454,573,000
Mid-Continent
.
. ,
3,957,000 127,600 3,770,000, 125,700
Gulf Coast
82,800 2,408,000' 80,300 24,30,07b25,690,000
Rocky Mountain 2,568,000
19.431,000 626,800 18,908,0001 630,300 190,499,000 103,610,000
California
52,000
155,000
43,000
154,000
51,000
198,000
207,000
roreign crude petroleum on Atlantic coast__
Foreign crude petroleum on Gulf coast
197,000
249,000
Total refinery, pipe-line, and tank-farm
stocks of domestic and foreign crud
368,031,000 366,652,000 345,864,000
petroleum east of California
Classification by Gravity (Approximate)
East of California:
319,279,000 317,164,000 297,336,000
Light crude (24 deg. and above)
48,752,000 49,488,000 48,528,000
Heavy crude (below 24 deg.)
16,670.000 16,870,000 21,676.000
California-Light
97,097,000 06,563,000 92,233,000
Heavy (including fuel)
x Final figures.
INDICATED DELIVERIES OF CRUDE PETROLEUM. EXCLUSIVE OF
CALIFORNIA GRADES. TO DOMESTIC CONSUMERS (BARRELS).
Jan.Jan.=
September 1928.
October 1928.
Domestic PetroOct.
Oct.
leum by Fields
1927.a
1928.
Daily Av.
Total.
Daily As.
Total.
of Origin.
99,200 27,104,000 25,669,000
95,000 2,976,000
Appalachian__ 2,946,000
4,400 1,236,000 1,163,000
132,000
4,900
153,000
Lima-Indiana.,..
369,000
436,000
1,200
37,000
2,400
73,000
Michigan
32,300 6,932,000 6,165,000
970,000
22,800
708,000
Ill. & S. W.Ind
1,588,300 440,345,000386.557,000
Mld -Continent 47,932,000 1,546,200 47,650,000
Gulf Coast.... 3.503,000 113,000 3,278,000 109,300 37,063,000 45,010,000
93.700 25,638,000 26,199,000
92,900 2,811.000
Rocky Mount'n 2,878,000
Deliveries &
492,032,000
exports_ _ .. 58,193,000 1,877,200 57,854,000 1,928,400 538,753,000
Deliveries__ _ 56,613,000 1,826,200 56,847,000 1,894,000 527,765,000 483,533,000
6,693,000 215.900 7,028,000 234,300 65,744,000 47,194,000
For. petroleum
Deliveries of
domestic &
to, arm non a nAa Inn Ca 475 non a 190 eon r.0q RIV1 non call 797 non
76,404,0002,546,800 744,609,0001751,685,000
U.S. total._ _ _ 79,662,0002,569,700
a Final figures.
State
2,688,000 86,700 2,574,0001 85,800 27.139,000 34,270,000
Arkansas
NUMBER OF PRODUCING OIL WELLS COMPLETED (a).
19,431,000 626,80018,908,000! 630,300190.499.000193,610,000
California
-Oct. 1927.1s
-Oct. 1928. I Jan.
Jan.
6,900 2,297,000 2,389,000
208,000
7,400
1 September 1928. I
228,000
October 1928.
Colorado
12.547
10,286
16,900 5,438,000 5,901,000
506,000
1,192
18,000
556,000
1,224
Illinois
706,000
3,100 89.000 2,900 865,000 596,000
96,000
Indiana
a For States east of California, from Oil & Gas Journal; for California. from the
787,000
2,700
82.000
2,800
88,000
Southwestern_
110,000 American Petroleum Institute. b Final figures.
78,000
200
7,000
300
8,000
Northeastern
94,300 32,527,000 34,514,000 SHIPMENTS OF CALIFORNIA OIL THROUGH PANAMA CANAL TO
96,800 2,828,000
3,003,000
Kansas
19,800 6,120,000 5,578.000
EASTERN PORTS IN UNITED STATES (BARRELS).
21,200 594,000
659,000
Kentucky
58,700 18,216,000 19,174,000
-Oct. 1527.
-act. 1928. Jan.
1,720,000 55,500 1,760,000
October 1928. Sept. 1928. Jan.
Louisiana
20,900 5,590,000 4,184,000
17,900, 626,000
555,000
Gulf Coast.
37,800 12,626,000 14,990,000 Crude oil
8,942,000
37,600 1,134,000
2,153,000
100,000
Rest of State.- 1,165,000
373,000
436,000
1,200
37,000
2,400
73,000
Michigan
Refined Products
10,800 3,275,000 4,350,000 Gasoline
9,802,000
9,300, 322,000
13,604,000
1,269,000
289,000
1,601,000
Montana
762,000 1,066,000
2,200
67,000
2,900
263,000
90,000
80,000
New Mexico
Tops
7,100 2,076,000 1,863,000 Gas oil
3,103,000
214,000
1,971,000
7,600
79,000
236,000
283,000
New York
18,000 5,964,000 6,428,000 Fuel oil
6,863,000
19,4001 540,000
843,000
802,000
2,000
128,000
Ohio
13,900 4,605,000 4,963,000 Lubricants
417,000
285,000
15,100
260,000
24,000
4,000
Central & East. 468,000
4,100 1,359,0001,465,000 Asphalt
14,000
24,000
4,300 123,000
134,000
2,000
4,000
Northwestern _
23,926,000 771,80022,775,000 759,200204,711,000231,526,000
Oklahoma
20.067.000
47,700 16,849,0001 19,983,000
16.965.000
48,3001 1,431,000
1.376.000
Total refined prod's 2.100.000
Osage County_ 1,497,000
.000
Rest of State 22,429,000 723,50021,344,000 711,500 187,862,00021i,543
a Final figures.
26,600 8,207.000 7,967,000
797,000
28,300
877,000
Pennsylvania_ _ _
50.000
43,000
100
4,000
100
2
STOCKS HOLD BY THE REFINING COMPANIES IN THE UNITED STATES
Tennessee
732,700 21,922,000 730,700213,164.000 178.961,000
OCT. 31 1928.
22,714,000
Texas
32,303,000 39,688,000
Gulf Coast__ - _ 3,402,000 109,700 3,144,000 104,800 180,861,000,139,273,00
Gar ct Fuel
0
19,312,000 623.00018,778,000 625,900
Rest of State
Lubricants.
Oils.
Kerosene.
Gasoline.
(Barrels.)
14,900 4,817,000 5,074,000
448,000
16,500
511,000
West Virginia_ _ _
63,200I 1,811,000 80,400 18,053,000 17,878,000
1,961,000
Wyoming
2,582,000
7,401,000
1 339,000
4,578 000
38,500 12,023,000 12,107,000 East coast
39,300 1,154,000
1,219,000
Salt Creek_
1,222,000
1,212,000
302,000
810 000
21,900 6,030,000 5,771,000 Appalachian
657,000
23,900
742.000
Rest of State
733,000
3,821,000
1 394,000
3,648 000
Indiana, Illinois, Ac
422,000
6,900,000
638,000
2,120 000
Oklahoma, Kansas, Ac
classification by
1,721,000
1 549,000 12.629,000
3,987 000
Texas]
Oravity(approz.)
101,000
6,349,000
1 286,000
1,669 000
71,876,000 2,318,600 69,081,000 2,302,700667,028,000 656,483,000 Louisiana and Arkansas
Light crude
137,000
1,314,000
246,000
928 000
7,786,000 251,100, 7,323,000 244,100 77,581,000 95,202,000 Rocky Mountain
Heavy crude
912,000
1,860,000
8,713 000
California
Includes approximately 3,150,000 barrels consumed on leases
a Final figures.
7,830,000
8,614,000 x39,626,000
26,453,000
Total
&o.; not included in 1928 preliminary figures. b Including Alaska.
IMPORTS AND EXPORTS OF CRUDE PETROLEUM (BARRELS).
(From Bureau of Foreign and Domestic Commerce.)
October 1928.
Total.
Daily
Avge.
September 1928.
Total.
Daily
Arge.
Jan.=
Oil.
1928.
Jan.
Oct.
1927.Y
Imports
22,828,000
1,240,000 40,000 1,578,000 52,600 14,026,000 15,301,000
From Mexico
4,227,000 136,3004,347,000 144,90038,931.000 6,160,000
From Venezuela
759,000 24,500 1,086,000 36,200 10,287,000 2,545,000
From Colombia
2,624,000
From other countries. 477,000 15,400 129,000 4,300
46.834,000
6.703,000 216,200 7,140,000 238,000 65,868,000
Totalimports
Exports x
Domestic crude oil:
10,626,000
1 632,000 52,600 1,272,000 42,400 12,803,000 2,220,000
To Canada
To other countries_ 384,000 12,400 230,000 7.700 2,940,000
1,000
Foreign crude oil__
2.016.000 65.000 1.502.000 50.100 15.744,000 12,846,000
0 crude sh1Pmenta to territories. y Final figures.
Total exports
Total Sept 30 1928
Texas Gulf Coast
Louisiana (110( enaat
7,764,000
8 593,000 x40,067,000
1,644,000
9,783,000
1,419,000
99.000
5.283.000
1.267.000
inner Pinwnea utomenea
Oils.
Products.
Coke. Asphalt.
Bbls.
Bids.
Tons.
Tons.
26,405 000
3,330 000
1.515.000
Wax.
Lbs.
79,700
400
36,900
4,000
8,000
23,300
8,100
50,900
76,000
62,000
161,000
108,000
14,000
83,000
62,000
160,000
7,683.000
1,317,000
3,839,000
2,355.000
10,715,000
2,403,000
1,217,000
y8,927,000
91,879,000 394,400 211,300
726,000
38,456,000
84,330,000 379,900 202,900
748,000
39,732,000
6,000
8,000
3,984,000 98.600
Texes;Gulf Coast
77,000
fl 470 000 63.100 23.000
I.rollalann Clulf r.nsiAt
storage.
East of California. y Includes 922,000 barrels tops In
9,377,000
2,004,000
East coast
Appalachian
Indiana, Illinois, cfcc
Oklahoma, Kansas, &c
Texas
Louisiana and Arkansas
Rocky Mountain
California
Total
Total Sept 30 1928
33,850,000 26,500
3,700
13,886,000
16,896,000 64,000
4,674,000 57,500
4,087,000 112,100
13,470,000 63,500
11,926,000 67,100
DEC. 29 1928.]
FINANCIAL CHRONICLE
3623
figuring back to $31.98 a net ton, Birmingham. The remainder was let
to a domestic producer at $33.50, Birmingham.
Machine tool business in 1928 was the largest since 19191and, for many
manufacturers, the greatest since the war. The gain over 1927 ranges
from 25 to 50%. The automobile, aircraft and farm equipment industries were conspicuous buyers.
Both of the "Iron Age" composite prices are unchanged, that for finished
steel at 2.391c. a lb., the highest level of the year. and that for pig iron at
$18.46 a ton, as the following table shows:
Finished Steel.
Pig Iron.
Dec.24 1928, 2.391c. a pound.
Dec 24 1928, 418.46 a gross ton.
One week ago
2.3910. One week ago
Distribution of sales of copper per business day exceeded 10,000 tons,
$18.46
One month ago
2.3620. One month ago
18.59
and this accounts for the advance in the price to the basis of 165.4 cents One year ago
2.314e. One year ago
17.54
a pound, delivered in the East. Other non-ferrous metals remained 10-year pre-war average
1.689c. 10-year pre-war average
15.72
Based on steel bars, beams, tank plates, Based on average of basic iron at Valley
quiet, though there has been no indication of price weakness.
In copper a large proportion of the business called for March delivery, wire, rails, black pipe and black sheets, furnace and foundry irons at Chicago,
these products constituting 87% of the
with some trading in April. The re-entry of several of the largest con- United States output of finished steel. Philadelphia, Buffalo, Valley and Birmingham.
suming interests into the market served to bring out a wide demand for
High.
Low.
High.
Low.
the metal from other consumers. Improvement in buying on foreign 1928_2.391c. Dec. 11 2.314e. Jan. 3 1928_418.59 Nov. 27 617,04 July 24
1927-2.453c. Jan. 4 2.293c. Oct. 25 1927__ 19.71 Jan. 4 17.54 Nov. 1
account also was a factor. An advance in the export prices is expected
1926_ .2.453c. Jan. 5 2.403e. May 18 1926_ 21.54 Jan. 5 19.46 July 13
shortly.
1925_2.560c. Jan. 6 2.3960. Aug. 18 1925_ 22.50 Jan. 13 18.96 July 7
The lack of any active consuming demand abroad seems to be the only 1924_2.789c. Jan. 15 2.4600, Oct. 14 1924__ 22.88 Feb. 26 19.21 Nov. 3
weak feature in the lead market. Buying interest in the domestic trade 1923_2.824c. Apr. 24 2.446e. Jan. 2 1923_ _ _ 30.86 Mar. 20 20.77 Nov.20
was rather limited in the past week, but producers appeared to be in no
Seasonal factors continue to retard business in iron and
rush to sell. Quotations held on the basis of 6% cents a pound, New
steel, but they can neither mar the record of 1928 nor obscure
York, and 6.35 cents in St. Louis.
Demand for tin was moderate, but, with London steady, prices here the high expectations for 1929, the "Iron Trade
Review"
ruled firm.
of Dec. 27 states. As usual at this season the markets are
Zinc busines also was light at steady prices.
Copper Business of Record Proportions
-Consumers
Buy March Metal-Price Up-Lead, Zinc and Tin
Quiet.
Despite the holiday, sales of copper to domestic consumers were of record proportions in the past week, the
volume of business being even larger than that reported
for the exceptionally active period of early September,
according to "Engineering and Mining Journal,"which says:
in a state of suspension, with production and consumption
alike disturbed by the holiday suspensions, year-end inPuddlers' Wages Increased.
ventories and repairs, adds the "Review," which further is
Youngstown, Ohio, advices, Dec. 27, to the "Wall Street quoted:
News" state: ,
Basic, underlying conditions have not undergone any change and still
Puddlers' wages for January and February will be $11.80 per ton against
$11.55 in November and December, according to the bi-monthly settlement to-day between representatives of the Western Bar Iron Association and the Amalgamated Steel & Tin Plate Workers Association.
of Steel Output for 1928 Revised Upward
Production May Pass 50,000,000 Tons
-Prices Unchanged.
Estimates
The buoyancy of the iron and steel market is manifest
in a minimum interruption of production for the holidays
and in the welling up of new demands as the opening of the
first quarter of 1929 draws near, the "Iron Age" says in its
issue of Dec. 27. The "Age" is further quoted:
Railroad buying, structural steel contracts and inquiries, steel
pipe
orders, increased tonnage from farm equipment makers and renewed
demend from the automobile industry stand out in the activity of the
week.
While new mill bookings, in toto, have shown some let down in most
districts, specifications are well maintained.
Chicago reports the month one of the best Decembers on record.
Mill
backlogs there are growing, notwithstanding heavy shipments and a
production rate that holds at 85% of ingot capacity. In other centers,
some
mills report larger shipping orders than in November and producers,
generally, will have substantial tonnages still unfilled on Jan. 1.
The holiday interruption of mill operations will vary from one or
two
days to a full week, with the shorter shutdowns in the majority.
Aside
from this factor, plant engagement is holding its own, making it virtually
certain that steel ingot output for the year will not merely approach
000,000 tons, but will exceed that figure by a comfortable margin. 50.The
previous record, in 1926, was 46,936,000 tons.
Buying interest in both the pig iron and scrap markets reflects a
yearend lull. Old material remains strong, however, and at Pittsburgh
heavy
melting steel has advanced another 25c. to $18.25 a ton, thereby passing
the October peak. With heavy steel scrap commanding a higher
price
than pig iron, Pittsburgh district steel producers are using more
iron in
their mixtures and merchant furnace quotations on basic grade are strengthclung.
Shipments of merchant pig iron are keeping up surprisingly well, in
view
of holiday and inventory shutdowns among foundries, and some
sellers
will start the new year with the smallest carry-over of unspecified
tonnage
since the war. Furnace stocks are also low.
Railroad purchases include 2,500 freight cars placed by the
Louisville &
Nashville. More than 11,000 cars (exclusive of about 6,000 for
Canadian
roads) have been ordered in the past two months, or about 25% of
the
total to date this year. The Delaware Lackawanna & Western has
placed
10,000 tons of rails and the Missouri Pacific has made formal distribution
of 55,800 tons. Rails placed in the current buying movement are
estimated at 1,000,000 tons. This total is somewhat smaller than
bookings at
this time a year ago, but mills look for a compensating increase In
purchases in coming months.
Fabricated structural steel awards, including 18,500 tons for the
Chicago
Board of Trade Building, total nearly 45,000 tons, and the pending
list
has been augmented by inquiries for 44,000 tons, featured by
32,000 tons
for a Baltimore bridge.
A New Jersey aqueduct, tentatively awarded, calls for 38,000
tons of
plates. A Milwaukee maker of electrically welded pipe has
taken an
order for a gas line requiring 40,000 tons, making a total of
174.500 tons
recently booked by that company for five major pipe lines.
Farm equipment makers continue to increase their consumption of
steel,
and automobile parts makers are entering heavier specifications,
particularly for forging bars, for delivery early in January. Motor car
builders
themselves are specifying more liberally for alloy steel bars and
body sheets,
and are preparing to increase operations, now at a reduced rate. after
Jan. 1,
Bar specifications are reported gaining at both Chicago and
Pittsburgh,
with deliveries extending. The mid-month deadline on releases
against
fourth quarter contracts for bars, plates and shapes failed to hasten specifying because quotations for the coming quarter represent no advance
in
prices. In wire products and sheet bars specifications, which are
being
accepted until the end of the month, have been stimulated by price
increases, but for the same reason first quarter contracting has been slow.
Stove bolts in packages, until recently quoted at 80. 10 and 23 % off
list, pittahurgh, are now available at 80, 10 and 5 off, delivered Pittsburgh. Chicago and New England points.
Detroit has awarded 5,700 tons of large-diameter cast iron pipe, of
-in. was placed with a French maker at a
which 2,800 tons of 36
price
are exceptionally sound for the season. The opinion is widespread that
consumption will come back strongly in the week following New Year
and that supplies of certain products, notably pig iron and steel sheets,
will be inadequate if proposed consuming schedules are observed.
In pig iron the holiday let-up appears less pronounced than in finished
steel. December shipments will fall only a trifle short of the average of
October and November, which is tantamount to saying they are not far
below the year's peak. Shipping instructions specify unusually heavy
tonnages to be moved early in January. Southern producers are discussing
a flat $17 Birmingham, price after Jan. 1, which would be a 56
-cent rise
for most of them. In eastern Pennsylvania not all of the recent advances
appear to have been established. One transaction in No. 2 foundry iron
in the Pittsburgh district has cast some doubt on the $18 market. Otherwise, pig iron prices are firm and unchanged.
On pipe of all descriptions the market Is unusually active. Two New
York interests each have closed on 5,000 tons of cast pipe. The leading
maker of heavy steel will supply 35,000 to 40,000 tons of plates for the
northern New Jersey riveted water line, provided the low bidder receives
the award. Milwaukee opens bids Dec. 28 on 9,000 tons of cast pipe.
The Milwaukee maker of welded pipe, which in five major lettings has booked
174,500 tons, has been awarded a 23,000
-ton south western pipe line.
Effective Jan. 1 an adjustment in discounts gives lapwelded stell pipe an
advantage of one point over seamless pipe.
Chicago district plate mills, lln addition to close to 100.000 tons of plates
in prospect from freight car work now pending, are figuring on 8,000'to
10,000 tons of southwestern tank work. For the Gulf Refining Co. these
mills in the past week booked 1,700 tons of plates. As the new Bethlehem
base of 2.00c to 2.10c, Coatesville, on plates is applied it is evident that some
users will benefit $I a ton for the first quarter and the fringe of eastern
mill competition has been pushed westward toward Pittsburgh district
producers.
Farm implement and automotive industry specifications for soft steel
bars dominate that market at Chicago. In northern Ohio, specifications
for bans are comparable to the similar period of November, which is a favorable showing for December, and ahead of the corresponding period of
last December. Some large structural projects maturing at Chicago, plus
the unusual tonnage pending at Philadelphia, promise marked activity
early in the new year. The American Bridge Co. has bboked 18,500 tons
of structurals for the new Board of Trade building in Chicago. Bicir are
being taken on a highway bridge across Chesapeake Day requiring 35.000
tons of steel. In shapes and bars, as with plates, the extension of current
prices into the first quarter, excepting the revision in eastern Pennsylvania,
has erased the usually sharp line differetiating quarters.
If action is taken shortly as expected on the 4,631 freight cars on inquiry
by the Santa Fe railroad and 3,100 by the Missouri Pacific railroad, western
carbuilders will be staked to an early year backlog of good proportions.
The 1,200 cars placed by the Louisville & Nashville railroad will be built
in the Pittsburgh district. The Great Northern has bought 300 ore cars.
The Wabash has ordered 35 cars.
Sheet mills will be rolling, in some cases in early January, on specifications against low-priced fourth quarter contracts, but the new prices
obtain generally on new business. So great is the pressure for material,
most mills were down only two days instead of the entire week.
Despite an increasing surplus, producers of beehive furnace coke are
holding the Connellsville market at a minimum of $2.75. Most large
users have covered quietly for their first quarter requirements. Foundry
coke producers look for a heavy expansion in shipments immediately following the turn of the year. By-product coke prices in practically all districts
have been extended unchanged into the new year, and production at the
ovens is not far under capacity.
Steelmaking operations this week are spotty owing to the fact that some
finsihing departments shut down only from Dec. 22 to 26 while others are
down the entire week for repairs. In general, operations throughout the
industry average 80 to 85%. In the Mahoning valley one open hearth has
been lighted, giving the independents 45 out 51 active. Bar mills at Chicago
are at 80% and rail and plate mills at 70.
The "Iron Trade Review" composite of 14 leading iron and steel products
stands unchanged this week at $36.24.
The "American Metal Market" Dec. 27 says:
Steel mills will end the year with an unusually large volume of actual
shipping orders on books and will besides have approximately the usual
amount of contract business, subject to specifying during the first quarter.
Heavy specifying during December has been due in part to the fact that
in the course of the month certain prices, on old obligations, expire by
limitation and consumers naturally wished to take full advantage of such
prices. Nearly the full January output of many mills is taken care of by
theseyers
Bu spec
in Michigan have as a rule required that shipment be deferred
until after Jan. 1 as the state taxes inventories as of that date.
3624
FINANCIAL CHRONICLE
Miners in Central Pennsylvania Coal District Submit
Wage Cut Proposal to Operators-Surrender of
Policies of Union Which Have Caused Strikes.
From Du Bois, Pa., Dec. 23, the New York "Times" reported that a new wage scale, revolutionary in its policies,
has been drafted by the officials of the Central Pennsylvania District of the United Mine Workers of America and
Is being submitted to individual operators for their acceptance. James Mark, President of District No. 2, asserts
that operators with an annual production of 3,000,000 tons
have acepted the compact, says the dispatch, which adds:
[VOL. 127
Mr. Kendall declared that new methods of packing and
shipping fish had given an added impetus to New England's fishing industry by widening the market for fresh
fish. .
Production of Both Bituminous and Anthracite Coal
Continues Well in Excess of Last Year.
According to the United States Bureau of Mines, the production of bituminous coal during the week ended Dec. 15
totaled 11,024,000 net tons, which is 1,236,000 tons higher
than for the week ended Dec. 17 1927. The output of anthracite amounted to 1,714,000 net tons, compared with
1,381,000 tons in the corresponding period last year. The
Bureau of Mines report is as follows:
While the terms of the agreement provide for a wage reduction varying from 15 to 25% of the Jacksonville scale, the outstanding feature
is that it paves the way for operators to negotiate long-term contracts by
removing the means of strikes and other labor suspensions.
It provides for the arbitration of all differences that may arise after
BITUMINOUS COAL.
the scale is signed and requires the miners to remain at work pending
The total production of soft coal during the week ended Dec. 15, includthe decision of the arbitration board, which is to be final.
at the mines, is estimated at 11.024.000 net
The compact is recognized as a complete surrender by the miners of hag lignite and coal coked
tons. Compared with the revised estimate for the preceding week, this
all of the points and policies of the union that have caused strikes and
shows a decrease of 187,000 tons, or 1.7%. Production during the week
bitter disputes between operators and miners in the past.
In 1927 corresponding with that of Dec. 15 amounted to 9.788,000 tons.
The arbitration board is to consist of five members, one to be named
of Bituminous Coal (Net Tons), Incl. Coal Coked.
by the operators and one by the union, these two to name two others, Estimated United States Production
1927
1928
Cal. Year
and the four to pick a fifth, who is not to be identified with the mining
Cal. Year
to Date.a
Week.
to Date.
Week.
industry. Their decisions shall be final and binding on both operators
9,900,000 450,865,000 9,053,000 480,373,000
Dec. 1
and miners.
1,694,000
1,509,000
1,593,000
1,905,000
Daily
The right to hire and discharge is vested exclusively with the operators Dec. 8 average
11,211.000 462,076,000 9,687,000 490,060.000
b
1,693,000
1,615,000
1,598,000
and the right shall not be abridged by the union.
1,869.000
Daily average
11,024,000 473,100,000 9,788,000 499,848,000
The new scale proposes a basic wage rate of $.9031 per ton for pick Dec. 15 c
1,692,000
1,631,000
1,603,000
1.837,000
outside labor.
Daily average
mining with $6 per day for inside labor and $5.60 per day for
in
a Minus one day's production first week in January to equalize number of days
Machine mining is reduced 24 cents per net ton under the Jacksonville
last report. c Subject to revision.
b Revised since
Scrapping is $.0511 below the old union the two years.
scale, and yardage is reduced 15%.
The total production of bituminous coal during the present calendar year
scale. All boys under 18 are reduced 82 cents on their $4 scale, while
net
to Dec. 15 (approximately 295 working days) amounts to 473,100,000
monthly men are reduced at the rate of $1.50 per day for general labor.
Figures for corresponding periods in other recent years are given beThe scale was drafted after the operators had refused to meet the tons.
low:
miners as a body. The union membership in this district, which was
460,744,000 net tons
499,848,000 net tons11924
one- 1927
545,101,000 net tons
'close to 55,000 during the war period, has been reduced to less than
548,903,000 net tons 1923
1926
401,244,000 net tons
and it is said that the concessions are a last 1925
497.331,000 net tons 1922
fourth of that number,
measure to revive the organization.
As already indicated by the revised figures above, the total production
of soft coal for the country as a whole during the week ended Dec. 8
the output in the preIndustrial Progress in New England Pictured by amounted to 11,211,000 net tons. Compared with 13.2%. The following
ceding week,this is an increase of 1,305,000 tons, or
H. P. Kendall of Boston Chamer of Commerce.
by States and gives comparable figures for
table apportions the tonnage
A graphic picture of the industrial progress of New Eng- other recent years:
land was set forth on Dec. 22 by Henry P. Kendall, a New
inclustrialh-t and textile mill owner, treasurer of
1:te I:end:ill Mills. Inc., of Boston, and Chairman of the
committee on Catt.mercial and Industrial Affairs, Boston
.ttitlaw of Comm-ree. Mr. Kendall was the chief speaker
at the annual meeting of the New England Society of St.
Louis. Emphasiz:ng the steady growth and pronounced
diversity of New England's industrial operations, Mr. Kendall declared that New England has recovered completely
from post-war depression and is now on a more substantial
industrial footing than ever before. Citing facts and figures gathered by the New England Council, all-New England
development organization, Mr. Kendall pointed to new methods of production and merchandising, new products, new
Industries and specialization upon quality products as indicative of progress and prosperity. He predicted for New
England a steady business growth. New England, he said,
was the first section of the country to reach industrial maturity, and was the first to deal with the problems created
by this condition, and he pointed to the organization of the
New England Council and the part it has subsequently
played. In his comments, he said:
"With only 2% of the area of the country and 7% of its total population, New England possesses 10% of the manufacturing establishments
and 13% of the wage earners of the country. New England's industrial
situation is unusual in that she does not depend for prosperity upon any
single kind of manufacturing. New England possesses a diversity of
industry which assures her of freedom from distress should any single
line of business meet with failure.
"In an effort to find out New England's true industrial status, the
New England Council has conducted for two successive years detailed
study of the migration of industry as it affected New England.
"These studies have given reassuring results. In 1926 New England
made a net gain over the previous year of 224 industrial plants. In 1927
New England made a net gain of 226 industrial plants. Whereas in 1927
five concerns moved to points outside New England, 20 in the same
period moved into New England. These figures do not include branch
plants.
"New England is a great textile producer. Whereas she has had to
fine
give up a great deal of her manufacture of coarse textiles, in the
goods she is pre-eminent. The skilled workmanship, the skilled management, the ability to produce quality products, all exist in New England.
cash
The fine goods mills of New England are in general paying larger
of
dividends than they paid in war time, and on a larger capital. Some
the fine goods mills are operating now on night schedules. Textile printing plants are running at close to full capacity.
the
"While the New England shoe industry suffered in conjunction with
year
textile industries a post-war depression, New England produced last
Reserve State37% of the nation's annual output of shoes. The Federal
more
went of Dec. 3 indicates that New England will turn out this year
shoes than ever before in her history.
"Although New England long ago relinquished the steel and iron industry
to Pittsburgh, South Chicago, and Birmingham, her activity in metal work
is greater to-day than ever before. She has concentrated upon the manufacture of fine tools, machinery, cutlery, silverware, hardware, and
electrical goods. She is the country's chief producer of machine tools.
Estimated Weekly Production of Coal by Stales (Net Tons).
Week Ended
Dec. 11
Dec. 10
Dec. 1
Dec.8
1926.
1927.
1928.
1928.
State500,000
320,000
321,000
355,000
Alabama
45,000
41,000
35,000
44,000
Arkansas
309,000
174,000
235,000
264,000
Colorado
0
1,413.000 1,209,000 1,558,000 1,938,00
Illinois
619,000
385,000
325,000
402.000
Indiana
79,000 - 128,000
71,000
76.000
Iowa
119,000
76,000
53,000
67.000
Kansas
755,000 1,059,000
994,000 b926.000
Kentucky-Eastern
371,000
355,000
306,000
357,000
Western
73.000
57,000
58,000
66,000
Maryland
20.000
19,000
4,000
13.000
Michigan
80,000
117,000
71,000
82.000
Missouri
73.000
78,000
18,000
38.000
Montana
64,000
67,000
55,000
62,000
New Mexico
37,000
54,000
46,000
88.000
North Dakota
752,000
166,000
355,000
428,000
Ohio
78,000
98.000
69,000
87,000
Oklahoma
2 750,000 2.401,000 2,326.000 3,702,000
Pennsylvania
135,000
96.000
131,000 b121,000
Tennessee
26,000
24.000
15,000
15,000
Texas
100,000
125,000
106,000
127,000
Utah
326,000
209,000
285,000
286,000
Virginia
58,000
47.000
45,000
55,000
Washington
-Southern c 2,073,000 1,944,000 1,582,000 2,209,000
West Virginia
967,000
655,000
646,000
776,000
Northern d
180,000
181.000
135,000
161,000
Wyoming
5,000
5,000
1,000
1,000
Other States
December
1923
Areraye.a
349,000
25,000
253.000
.
1.535 000
514,000
121,000
'90,000
584.000
204,000
37,000
21,000
69,000
64,000
56,000
27,000
599,000
58,000
2,818,000
103,000
21.000
100,000
193,000
57,000
1,161,000
663,000
173.000
5,000
11,211,000 9,906,000 9,649.000 13,973,000 9,900,000
Total bituminous
Pennsylvania anthracite_ _ 1,600,000 1,628,000 1.388.000 1,795,000 1,806,000
12,811,000 11,534.000 11,037,000 15,768,000 11,706,000
Total all coal
a Average rate maintained during the entire month. b Revised. c Includes operations on the C.& 0.: N.& W.: Virginian K. dr M., and Charleston dIvLsim of the
B. & O. d Rest of State, Including Panhandle.
ANTHRACITE.
The total production of anthracite during the week ended Dec. 15
amounted to 1,714,009 net tons. Compared with the output in the preceding week,this shows an Increase of 114,000 tons. or 7.1%. Production during the week in 1927 corresponding with that of Dec. 15 amounted to
1.381,000 tons.
Estimated United States Production of Anthracite (Net Tons).
1927
1928
Cal. Year
Cal. Year
to Date.a
Week.
to Date.
Week.
Week Ended74,913,000
1,391,000
70,801,000
1,628,000
Dec. 1
76,301,000
1,388.000
72,401,000
1.600,000
Dec. 8
77,682.000
1,381,000
74.115,000
1,714,000
Dec. 15 b
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. 15 is estimated at 92.900 net tons, as against 94,900 tons in the
preceding week. The cumulative production of beehive coke since Jan. 1
amounts to 4,188.400 net tons, indicating a decrease of approximately
2,617,700 tons, or 38.5%,from the output during the corresponding period
In 1927.
Estimated Production of Beehfre Coke (Net Tons).
1927
1928
---Week Ended
to
to
Dec. 8 Dec. 17
Der. 15
Date.a
Date.
1927.
1928 c
1928.b
73.800 55,500 3.036,300 5,136,800
72,800
Pennsylvania and Ohio
769.300
542,800
13.600
7,600
7,000
West Virginia
247,500
141.000
4,400
2,300
2,000
Ala., Ky., Tenn. de Georgia
305.400
240,400
4.500
4,900
4.900
Virginia
347,100
47,900
5.800
6.300
Colorado, Utah & Washington_ _ 6.200
4.188.400 6,806,100
94,900 83.800
92,900
United States total
22,763
14,800
13,967
15,817
15,483
Daily average
a Minus one day's production first week in January to equalize number of days In
the two years. b Subject to revision. c Revised.
DEC. 29 1928.]
3625
FINANCIAL CHRONICLE
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Dec. 26, made public by the Federal
Reserve Board, and which deals with the results for the
12 Reserve banks combined, shows increases for the week
of $220,900,000 in holdings of discounted bills and of $36,200,000 in bills bought in open market, and a decrease of
$58,200,000 in holdings of U. S. Government securities.
Member bank reserve deposits increased $83,300,000, Government deposits $10,300,000 and Federal Reserve note circulation $41,600,000, while cash reserves decreased $34,900,000. Total bills and securities were $198,600,000 above the
amount held on Dec. 19. After noting these facts, the
Federal Reserve Board proceeds as follows:
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York-43 Banks.
Dec. 26 1928. Dec. 19 1928. Dec. 28 1927.
$
7,549,792,000 7,433,222,000 7,223,5.52,000
Loans and investments, total
5,624,257,000 5,513,472,000 5,334,106,000
Loans and discounts, total
40,501,000
47,719,000
Secured by U. S. Govt. obligations—. 32,774,000
Secured by stocks and bonds
2,715,162,000 2,598,542,000 2,675,960,000
All other loans and discounts
2,876,321,000 2,874,429.000 2,610,427,000
1,925,535,000 1,919,750,000 1,889,446,000
Investments, total
U. S. Government securities
1,097,334,000 1,096,160,000
Other bonds, stocks and securities.... 828,201,000 823,590,000
Reserve with F. R. Bank
Cash in vault
761,207,000
76,400,000
Total reserves
Gold reserves
Increase (-I-) or Decrease (—)
During
Dec. 26 1928.
Week.
Year.
$
i
2,688,827,000 —34,930,000 —173,369,000
2,584,239,000 —30,718,000 — 154,861,000
Total bills and securities
1,899,312,000 +198,589,000
Bills discounted, total
1,167,579,000 +220,869,000
Secured by U.S. Gov't obliga'ns 713,759,000 +131,037,000
Other bills discounted
453,820,000 +89,832,000
+300,470,000
+558,370,000
+303,585,000
+254,785,000
Bills bought in open market
489,270,000
+36,159,000
+103,743,000
U. S. Gov't securities, total
Bonds
Treasury notes
Certificates of indebtedness
232,328,000 —58.214,000
52,717,000
—669,000
104,759,000
—559,000
74,852,000 —56,986,000
+370,798.000
+235.029,000
+42,228,000
— 177,997,000
Federal Reserve notes in circulation. 1.910,838,000
+41,646,000
+97,640,000
Total deposits
Members' reserve deposits
Government deposits
+98,667.000
+83,316,000
+10.293,000
—18,183,000
—22,650,000
—898,000
2,455,093,000
2,409,195,000
15,782,000
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 began 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—now 628—
cannot be got ready.
The following 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, which this week show
another decrease of $19,395,000, the grand aggregate of
these loans on Dec. 26 being $5,091,427,000. Since Dec. 5
when these loans were at their peak, these loans have decreased each week, the total now being $303,163,000 below
the figure reported for that date; it nevertheless still stands
$1,373,805,000 above the total for the corresponding week
last year.
786,284,000
71,252,000
Net clernand deposits
Time deposits
Government deposits
5,283,250,000 5,247,296,000 5,543,763,000
1,206,681,000 1,195,990,000 1,045,587,000
56,841,000
53,487,000
67,953,000
Due from banks
Due to banks
110,635,000 123,650,000 110,233,000
1153,819,000 1,155,343,000 1,265,637,000
The principal changes in holdings of discounted bills for the week were Borrowings from F. R. Banks, total_
280,675,000
increases of $155,000,000 at the Federal Reserve Bank of New York,
$26,900,000 at Boston, $25,800,000 at Chicago, and $10.600,000 at CleveSecured by U. S. Govt. obligations... 171,275,000
109,400,000
All other
land, and a decrease of $8,900,000 at San Francisco. The System's holdings of bills bought in open market increased $36,200,000, while holdings Loans to brokers and dealers (secured by
of Treasury certificates decreased $57,000,000 following the redemption of
stocks and bonds):
1,109,301,000
For own account
$77,500,000 of temporary certificates held by the Federal Reserve banks
For account of out-of-town banks_ _1,659,899,000
on Dec. 19, and holdings of United States bonds and Treasury notes re2,322,227,000
For account of others
mained practically unchanged.
All of the Federal Reserve banks reported increases in Federal Reserve
Total
5,091,427,000
note circulation for the week, the principal increases being $13,600,000
On demand
4,537,570,000
at the Federal Reserve Bank of Chicago, $6,800,000 at Cleveland. $4,800,On time
553.857.000
000 at New York, and $4,300,000 at San Francisco.
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 3670 and 3671. A
summary of the principal assets and liabilities of the Reserve
banks, together with changes during the week and the year
ended Dec. 26, is as follows:
741,972,000
73,599,000
974,245,000
915,201,000
Loans and investments, total
138,600,000
203,288,000
94,950,000
43,650,000
148,350,000
54,938,000
1,030,060,000 1,373,536,000
1,749,586,000 1,338,291,000
2,331,176,000 1,005,795,000
5,110.822,000 3,717,622,000
4,550.896.000 2,864,107,000
599,926,000 853,515.000
Chicago
-43 Banks.
2079,814,000 2,090,561,000 1,956,480,000
Loans and discounts, total
1 621,794,000 1,634,278,000 1,479,419,000
Secured by U. S. Govt. obligations... 15,064,000
824.010,000
Secured by stocks and bonds
782,720,000
All other loans and discounts
Investments, total
15,958,000
821,733,000
796,487.000
12,273,000
776,742,000
690,404,000
458,020,000
456,283,000
477,061,000
U. S. Government securities
193,943,000
Other bonds, stocks and securities_ _ 264,077,000
912,530,000
263,753,000
199,887,000
277,174,000
187,644,000
21,537,000
193,815,000
24,862,000
Reserve with F.R.Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
189,862,000
23,374,000
1,225,927,000 1,258,327,000 1,275,617,000
689,602,000 689,660,000 635,646,000
5,903,000
7,505,000
9,629,000
Due from Banks
Due to banks
155,518,000
342,155,000
Borrowings from F.It. Bank, total
Secured by U. S. Govt. obligations...
All other
156,678,000
332,299,000
154,859,000
377,583,000
101,125,000
75,493,000
21,780,000
63,068,000
38,057,000
39,236,000
36,257,000
13,150,000
8,630,000
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 methber banks, now
numbering 628, cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business Dec. 19:
The Federal Reserve Board's condition statement of 628 reporting
member banks in leading cities as of Dec. 19 shows increases of 666,000.000
in loans and discounts, of $105,000,000 in investments, of which $98,000,000 represents Government securities, of $246,000,000 in Government deposits, and of $17,000,000 in time deposits, and decreases of $168,000,000
in net demand deposits and of $93,000,000 in borrowings from Federal
Reserve banks.
Loans on stocks and bonds, including U. S. Government obligations,
were $21.000,000 below the Dec. 12 total at all reporting banks, reductions of $16,000,000 reported by member banks in the New York district
and of $11,000,000 each in the Cleveland and Chicago districts being
partly offset by smaller increases in most of the other districts. "All
other" loans and discounts increased $53,000.000 at reporting banks in
the New York district, $16.000,000 in the San Francisco district, $12,000..000 in the Chicago district, $7,000,000 in the St. Louis district, and $87,000,000 at all reporting member banks.
Holdings of U. S. Government securities increased $98,000,000, practically all districts participating in the increase, while holdings of other
bonds, stocks and securities increased $8,000,000 at reporting banks in
the Boston district, $6,000,000 in Chicago district and $7,000,000 at all
reporting banks.
Net demand deposits declined in all districts, the principal decreases by
districts being: New York $57,000,000, Chicago $34,000,000, Richmond
$13.000,000. Philadelphia $12,000,000, and Cleveland and Kansas City
E11,000,000 each. All districts participated in the increase of $246,000,000
in Government deposits.
The principal changes in borrowings from Federal Reserve banks for
the week were decreases of $98,000,000 at the Federal Reserve Bank of
New York and $21,000,000 at Cleveland, and increases of $9,000,000 at
San Francisco and $6.000,000 at Boston.
A summary of the principal assets and liabhities of 628 reporting member banks, together with changes during the week and the year ending
Dec. 19 1928, follows:
Increase (+) or Decrease (—)
During
Year.
Week.
Dec. 19 1928.
Loans and investments, total
22,817,757,000 +171,103,000 +1,025,697,000
Loans and discounts, total
16,345,213,000 +66,424,000
+997,072,000
Secured by U.S. Govt. obligations 113,006,000 +3,066,000
6,913,392,000 —24.072,000
Secured by stocks and bonds
9,318,815,000 +87,430,000
All other loans and discounts
6,472,544.000 +104,679,000
Investments, total
—15,779,000
+420,366,000
+592,485.000
+28,625,000
3,064,358,000 +97,977,000
U.S. Government securities
Other bonds,stocks and securities- 3,408,186,000 +6,702,000
+195,942,000
—167,317,000
1,709,287,000 —74,163,000
314,417,000 +24,419,000
—70,419,000
—25,343,000
13,381,389,000 —168,033,000
6,922,388,000 +17,151,000
249,179,000 +245,548,000
—458,134,000
+418,417,000
+57,409,000
1,233,325,000 +48,231,000
3,209,647,000 —27,617,000
+32,016,000
—319,212,000
Borrowingsfrom F.R.banks.total—
700,171,000 —92,566,000
+268,110,000
Secured by U.S. Govt. obligations
All other
449,401,000 —76,838,000
250,770.000 —15,728,000
+136,322,000
+131,788,000
Reserve with F. R.banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Summary of Conditions in World's Markets According
to Cablegrams and Other Reports to the Department of Commerce.
The Department of Commerce at Washington releases for
publication Dec. 29 the following summary of market conditions abroad, based on advices by cable and radio:
ARGENTINA.
The general economic situation throughout the week continued good.
The retail merchants were too busy with the holidays to place orders for
merchandise but will again be in the market when inventories have been
taken on Jan. 1. The summer season at the beaches opens Jan. 1 and it is
expected that during this season the consumption of swimming suits and
other beach goods will be greater than during the previous one. Two shipments of gold totaling $2,000,000 and destined for New York have just been
made.
AUSTRALIA.
Better conditions are reported from practically all sections of Australia
and business confidence is being further improved by a satisfactory holiday
demand. Money continues plentiful at fair rates, although demands continue heavy. Construction is seasonally Blow, but the number of new contracts offered is increasing. Unemployment has decreased slightly,and
the cost of living continues a downward course. About 1,500,000 bushels
of wheat have already been exported, due to an early harvest. The bulk
of wheat exports so far has been to India to relieve shortage occasioned by
partial drought in the Punjab. The average price of wool to date is 8%
below that of the previous season.
. BRAZIL.
General business continues dull, but there has been a fair movement of
holiday goods. Exchange has been steady, the rate being maintained by
the Bank of Brazil which is doing most of the trading. The coffee market
continues quiet. No action has been taken yet on the tariff measure, now
before Congress, and there is a growing belief that none will be taken during
this session.
BRITISH MALAYA.
Business continues cautious but confidence in the future is stronger.
Heavy rubber exports are causing a shortage of cargo space, which shipping
companies expect to last through January. It is probable that rubber
exports for December will total about 60,000 tons. Improvement continues
in the textile trade, with increased demand for holiday preparations, and
stocks of many lines are reported short. Business in automobiles, though
recently dull, is believed to be about readjusted since the actual removal of
restriction on rubber exports. Price increases on small cars and most tires
have been announced. American leathers are gaining ground and sales
of imported shoes are increasing. Holiday trade has stimulated buying
of paper and canned'goods.
November production and trade records bear out the higher trend of
Canadian business manifested in the preceding months of this year. Imports of $102,966,700 and exports of $167,013,600 Indicate an increase of
9% in each category of the foreign trade ofthe Dominion as compared with
November of last year. Building permits issued during the month represent
a total valuation of $15,822,000, an increase of 23% over last year's corresponding return. Pig iron production of 90.000 tons during the month
is 145% higher and steel ingot and casting production of 108,000 tons is
34% higher than in November, 1927. Sales of new passenger automobiles
in Ontario and Quebec are reported to have increased 22% over November of
last year and sales of new trucks, 95%. Great Lakes navigation closed
on Dec. 15 with a record of 269.000,000 bushels of grains shipped from the
Head of the Lakes since August first. Wheat stocks at Fort William
and Port Arthur on Dec. 14, were 31,406,000 bushels. The Provincial tax
on gasoline In New Brunswick will be increased on Jan. 1 from three to five
cents per gallon, and automobile license fees will be reduced 15%. It is
announced that Barclays Bank Ltd. (Dominion, Colonial and Overseas),
will petition the Dominion Parliament for a charter to operate in Canada,
the capitalization involved being $500,000,
CHINA.
Trade in general in the Shanghai area, while presenting good prospects, is
for the present being conducted on extremely conservative lines, chiefly
because of uncertainty with regard to general political stability in outlying
areas. Substantial major developments outside the protected areas in
early 1929 are considered problematical, although a majority of the development projects are merely being held in abeyance for lack of funds and reluctance of foreign suppliers to assume risks on other than a cash basis.
However, considerable interest is manifested by the increasing numbers of
inquiries for projects now under contemplation in and around Shanghai.
Depression continues to mark the general trade situation in North China.
As negotiations for the return of rolling stock of North China railways
have not as yet been concluded, freight movements on all lines continue
restricted. Improvement is noted, however, in local passenger services
between Peking, Tientsin, Tangku and Shanhalkwan, by the addition of
[vol. 127.
FINANCIAL CHRONICLE
3626
one express train on the Peking-Mukden line, thus providing three trains
each week in both directions. The rolling stock in use is in a low state of
repair, with but little funds available for the purchase of replacement
parts and repair work.
FRANCE.
The French budget for 1927 which was passed by the Chamber of Deputies on Dec. 14, carries appropriations of 45,369,000,000 francs and revenues
of 45,415,000,000 francs, representing increases of 144.000.000 francs in
in expenditures and 134,000.000 francs in receipts above Government
proposals. Only minor changes are expected in the Senate and final approval of the budget before the end of the year seems assured. Easy money
for year end settlements seems assured following the partial recall of private
funds placed abroad and repurchases by the Bank of France of exchange
loaned. At a meeting in Paris on Dec. 13 the continental steel entente
decided to maintain present production quotas for the first quarter of 1929.
despite a French request for an increase of 1,000,000 tons in the total.
The general index of wholesale prices at the end of November was 9 points
higher at 639. For national products only the wholesale index increased
7 points to 631; for imported products it advanced 11 points to 653. The
Paris retail price index increased 19 points to 585.
GERMANY.
The depression which normally occurs in Germany at the close of the Year
is more noticeable than last year as a result of the cumulative effect of dedining activity during the past six months. The five weeks' shutdown in
the steel industry, which came to an end early in December, caused serious
dislocation in the industries using iron and steel as raw materials, and also
In the coal and coke trades, and has contributed materially to the unsatisfactory character of general business conditions at the present time. The
increase in unemployment has been more rapid than usual at this season. A
few industries, however, notably chemicals and paper, have been able to
maintain production and sales, and the artificial silk industry is also well
occupied, but conditions in other textile branches are unsatisfactory.
Money continues easy and the private discount rate has been reduced to
6.25%. The Relchsbank, however, has not reduced the official discount
rate, desiring to prevent any considerable amount of foreign money from
leaving the country. Stock exchange trading has been slack, but quotations have been stable. Foreign borrowings were again active in November
and the monthly average this year has slightly exceeded last. November
coal production in the Ruhr was somewhat reduced, reflecting the effects
of the steel lockout. The year end increase in unemployment has been
considerably greater than in 1927. Bankruptcies and receiverships have
risen considerably. Statistics for October trade showed lower exports and
higher imports as compared with November, but this is at least partly due
to a change in methods of computation, which decreased the figures somewhat during the period of transition.
GREECE.
Returns from Greek mortgaged revenues continue to run ahead of 1927.
according to a statement released by the International Financial Commission. Receipts for the first nine months of 1928 totaled 2,957,468.400
drachmas as compared with 2,750.713,800 drachmas (drachma equals
$0.013) in the same period of 1927. During September customs receipts
were smaller than in the corresponding month of 1927, amounting to 130,826,500 drachmas as against 159,236,800 drachmas, due to the adverse
effect on import trade resulting from the dengue fever epidemic. An important development in the foreign trade for 1928 is the decline in imports
of wheat from the United States, and a simultaneous increase in purchases
of this commodity from Canada. Wheat one of Greece's leading imPorta,
represents the largest valuable item in purchases from the United States.
INDIA.
Export trade at Calcutta has been exceptionally dull for several weeks.
showing no signs of interest in India's staple
except for tea, with consumers
commodities. The outlook in the cotton and coal industries continues
disquieting because of the labor situation, but railway earnings indicate an
increased movement of crops toward port cities. As a result of this heavy
commodity movement tight money is expected soon and may result in
lower prices which should attract outside demand and stimulate trade.
The recurrence of unjustified speculative activity which has frightened consumers from the market is given as one of the causes of the present stagnant
condition of India's principal export trades which normally are active at
this season. At Bombay the cotton mill labor difficulties continue to depress business activity. Both yarn and piece goods markets at Bombay
have been relatively satisfactory, with substantial sales recorded. Cotton
prices, however, have displayed weaker price tendencies.
MEXICO.
Business activities during the month of December showed an improvement
due to the brisk holiday buying, especially was this noticeable in retail trade.
The attitude of the Government towards capital and labor has created an
atmosphere of optimism in commercial and Industrial circles. Sales of
automobiles and accessories showed an improvement over the month of
November but were below normal for this season of the year. The depression in the textile industry continues but some relief is expected as a result
of the investigation being conducted by a committee of experts appointed
by the Government to study the problems and suggest solutions. Mining
activities continued satisfactory although several smaller properties were
closed on account of exhaustion of ore. Petroleum exports during November reached a new low level for the year, totalling 2,198,638 barrels as compared with 2,377,570 barrels during October. According to preliminary
estimates of the Treasury Department, revenues from petroleum exports
will produce 3,600,000 pesos during 1928 and 2,700,000 pesos during 1929,
as compared with 24,800,000 pesos in 1923,while the petroleum production
tax will produce eight million pesos in 1928 and six million pesos in 1929
as compared with 38 million pesos in 1923.
THE NETHERLANDS.
Wholesale trade in the Netherlands last week was somewhat more active
and retail trade was excellent with Industrial activity maintaining a good
level. According to most indications the year 1928 has been one of material
progress in trade and in economic conditions generally. Railway receipts
of the first 10 months of the year were 10,000,000 florins higher than during
the corresponding period of 1927. notwithstanding lower rates. Total
imports during November were valued at 222,000.000 florins and exports
at 170.000,000 florins, a decline being registered in each instance. Imports
for the entire year 1928 will probably exceed those for any year except 1920
and exports are expected to establish a new record. The general index
of wholesale prices for November was 148; that for foodstuffs alone was 156.
NEW ZEALAND.
Holiday business in New Zealand was exceptionally active, with every
line of trade favorably affected. Sales of motor cars in November broke all
records for New Zealand-2,237 passenger cars and 369 commercial vehicles
registered during the month. Had adequate stock, been available it
Is estimated that December sales would have been even greater than in
November. Used car sales in December are reported to have been heavy
DEC. 201028.]
FINANCIAL CHRONICLE
3621
and at fair prices. American makes are holding their position in the market, with the only active competition coming from small model British cars.
The outlook for 1929 is reported the best in the history of motor car trade
In New Zealand.
PERU.
Local bankers believe that the banks will show satisfactory statements
at the end of the year. Importers are adequately stocked and carrying
sufficient cash reserves. Distributors of machinery, automobiles and foodstuffs are doing a normal business but the volume of trade in the hardware,
textile and notions lines is subnormal. The employment situation is
satisfactory and the building trades are widely occupied with small construction works. The volume of trade in the past six months is below the
figure anticipated in June owing primarily to the slump in cotton prices.
However, a recovery in October and November relieved the dullness of
the preceding three months and the present optimism reflects the general
relief. In general, American mining and oil producing companies have enjoyed uninterrupted prosperity throughout the year. However, one mining
accident during the year was reported as having partially interrupted operation of one unit for a period of four months.
Joint resolution(H.J. Res.340)to authorize the Secretary of the Treasury
to co-operate with the other relief creditor Governments in making it possible
for Austria to float a loan in order to obtain funds for the furtherance of its
reconstruction program, and to conclude an agreement for the settlement
of the indebtedness of Austria to the United States.
Resolved,&c., That in order that the United States may co-operate with
the Governments of Denmark,France, Great Britain, Italy,the Netherlands
Norway, Sweden, and Switzerland in making it possible for Austria to obtain by means of a loan the additional funds necessary in the furtherance of
its construction program,the Secretary of the Treasury is hereby authorized,
If he determines that substantially similar action has been taken by each of
such Governments in respect ofthe Austrian relief bonds held by it and that
the Reparation Commission has given an appropriate release in respect of
such loan, to sub-ordinate the lien of the United States upon the assets
and revenue of Austria pledged for the payment of the Austrian relief bond
held by the United States (but without prejudicing the priority over costs
of reparation stipulated in the relief bond)to a Hen upon such assets and revenues as may be pledged for the payment of one or more loans floated by
Austria in an aggregate net amount of nor more than 725,000,000 Austrian
shillings, and for a period of not more than 30 years from July 1 1929: and
UNITED KINGDOM.
the Secretary of the Treasury, with the approval of the President, is hereby
The British Ministry of Labour has recently made an analysis of the shifts authorized to conclude an agreement, as set forth below in general terms,
taking place in industry in Great Britain as revealed by statistics of insured for the settlement of the indebtedness of Austria to the United States:
workers in various industries. According to this authority, the trend Provided, however, That the terms and conditions of such settlement shall
toward the south and southeast of England for the expansion and establish- not be less favorable than the terms and conditions granted by Austria
ment of industry has become more definite. More than one-quarter of to any of the other relief creditor Governments, and should more favorable
the 11,620,000 insured workers of Great Britain are now employed in the terms or conditions be granted by Austria to any of the other relief creditor
southeastern section of England (including London). In 1923, 46.7% Governments, the Secretary of the Treasury, with the approval of the
of the insured population were employed in the southern section of the coun- President, is authorized to amend the proposed agreement so that the United
try and 53.3% were engaged in the northern section but since that time States may enjoy a corresponding benefit.
there has been an increase of 1.8% in the insured population working in
The amount ofthe indebtedness to be funded is $34,630,968.68, which has
the southern section and a corresponding percentage decrease in the northern been computed as follows:
area.
Principal amount of obligation to be funded
$24,065,705.62
The Department's Summary also includes the following Interest accrued and unpaid thereon to Jan. 1 1928 at the rate of
6% per nnum
10,575.259.76
regarding the territory of Hawaii and the Island possessions.
HAWAII.
Retail holiday business in the past 30 days has been higher than it was
in the corresponding period last year. with many lines reporting increases
offrom 4 to 8%. Heavy rains in December falling throughout the Islands,
combined with warm days and cold nights, have been favorable to the
growing sugarcane crop, with the result that tonnage is increased. Twentyfour sugar mills are now grinding new cane and one mill is still at work on
the old crop. Cane juice is reported better than last year's and the sugar
yield is larger. The final figures on 1928 production are 940,000 short
tons. The average cane yield per acre for the Islands was 61.6 tons, which
sets a new production record, but sugar ratios are the lowest in 10 years.
PHILIPPINE ISLANDS.
November's business level was considerably lowered by congestion of
transportation during and after the typhoon the latter part of the month
and by curtailed buying in affected areas. Communications have been reestablished but many roads are still in damaged condition and additional
roads have been recently harmed by floods in northern Luzon. Textile
trade has not shown much improvement and Christmas business is light.
November sales of passenger cars were under October but trucks showed a
slight increase. Heavy stocks of canned mackerel have resulted from in creased popularity earlier in the year. From present indications, damage
by typhoon to the rice crop will necessitate heavy importation of rice in
1929. Except on the island of Negros sugar cane escaped with little damage.
Present local estimates place year's output at 575.000 tons of centrifugal.
Current stocks of abaca at export ports are the lowest in a year and the
market is firm. Copra production continues good and all mills are operating,
Total prin. and int, accrued and unpaid as of Jan. 1 1928
$34,630.968.56
In full and final settlement of this indebtedness Austria shall pay 25
equal annuities of $1,337,140 beginning on Jan. 11943.
Austria, however, shall have the option of paying instead of the aforesaid
annuities 40 annuities as follows: Five annual payments of $287,556, beginning on Jan. 1 1929; 10 annual payments of $460,093, beginning on Jan.
11934; and 25 annual payments of $743.047, beginning on Jan. 1 1994.
If Austria shall exercise this option to pay in 40 annunities beginning
Jan. 1 1929 the obligation of Austria to pay annuities during the years 1920
to 1943 will in the case of each annuity not arise if the trustees of the reconstruction loan of 1923 prior to the preceding Dec. 1 have raised objection
to the payment of the annuity in question on the due date. To the extent,
If any, that any such annuity is not paid by reason of such objections on
the part of the trustees, the amount thereof, together with interest at 5%
per annum compounded annually to Dec. 311943,shall be repaid, together
with further interest at 5% per annum, by 25 equal annuities on Jan. 1
of each of the years 1944 to 1968 inclusive.
The bonds to be issued under the agreement to be concluded under
authority of this resolution shall enjoy the same security as the relief obligation of Austria now held by the United States (relief series B of 1920) except
to the extent that the lien enjoyed by this obligation has been released by
the Secretary of the Treasury under authority of the joint resolution of
Congress approved April 6 1922, and also to the extent that it may be
further released by the Secretary of the Treasury under the authority
of this resolution.
Austria shalt make no payment upon or in respect to any of its obligations
Issued to the relief creditor nations,to wit, Denmark, France, Great Britain,
the Netherlands. Italy, Norway, Sweden, and Switzerland, before, at, or
after maturity, whether for principal or for interest, unless a similar and proportionate payment shall simultaneously be made upon the relief indebtedness of Austria to the United States.
Any payment to be made under the agreement may be made at the option
of Austria in any United States Government obligations issued after Apr.6
1917,such obligations to be taken at par on accrued interest.
House Passes Resolution Authorizing Secretary of
Treasury to Negotiate Austrian Debt Agreement
and to Co-Operate with Other Creditor Governments in Floating Loan.
The following is the statement made by Under-Secretary
On Dec. 11 the House of Representatives, by a vote of Mills before the House Ways and Means Committee oil
140 to 26, passed a resolution authorizing the Secretary of the Dec. 7:
Treasury to conclude an agreement for the settlement of the
At the last session of Congress, in response to a message from the Presiindebtedness of Austria to the United States. The resolu- dent, House Joint Resolution 247 was introduced by Mr. Burton and reported by the Ways and Means Committee to the House. Under the terms
tion also authorizes the Secretary of the Treasury to co-oper- of the resolution, the Secretary of the Treasury is authorized, in co-operaate with the other relief creditor Governments in making tion with the other so-called Relief Creditor Governments, to subordinate
it possible for Austin to float a loan in order to obtain funds the lien of the United States upon the assets and revenues of Austria pledged
for the payment of the Austrian Relief Bond held by the United States
for the furtherance of its reconstruction program. The a lien upon such assets and revenues as may be pledgod for the payment to
of
Associated Press advices from Washington Dec. 7, in an- one or more loans floated by Austria in an aggregate net amount of not more
nouncing the approval on that date, by the House Ways and than 725,000,000 Austrian shillings and for a period of not more than 30
years; and the Secretary of the Treasury is further authorized, with the
Means Committee, of the proposals embodied in the resolu- approval of the President, to conclude an agreement for the settlement
of the indebtedness of Austria to the United States.
tion said:
The House Ways and Means Committee agreed to-day to approve the
Burton bill, providing for settlement of the Austria debt of approximately
$34.630,000 to the United States under a new agreement calling for optica,
settlement either in 20 or 40 years. The decision quickly followed an
explanation of the proposal by Under Secretary Mills of the Treasury.
Austria, Mr. Mills said, offers to pay beginning on Jan. 1 1943, 20 yearly
annuities of $1,337,140, while rekerving the option to substitute a schedule
of payments providing five yearly payments of $287,556 beginning Jan. 1
1929; ten yearly payments of $460.000 beginning Jan. 1 1934. and 25
yearly payments of $743,047 beginning Jan. 1 1944.
The debtor asks also that a loan which it wishes to float be granted priority
over the old loan which covered relief furnished by this country after the
world war.
The tax resources were pledged for payment of previous loans received
from this and eight other countries. Seven of the nine countries already
have confirmed the new agreement, which is similar to that offered the
United States.
Mr. Mille said the debt bears 6% interest, but that the other creditors
had reduced the rate to 5%. If this country does the same the debt would
amount to $333,911.000.
The State and Treasury departments, Mr. Mills said. were "strongly of
the opinion" that the optional offer should be accepted. Ile added that
it had been submitted to the former members of the Debt Commission and
met with their unanimous approval. The proposal has been incorporated
in a bill by Representative Burton, Republican, Ohio.
The following is the resolution adopted by the House on
Dec. 11:
At the time of the hearing before the Ways and Means Committee on
House Joint Resolution 247 in April 1928, negotiations for the settlement of
the Austrian debt with the Relief Creditors were proceeding, but inasmuch
as there are nine Relief Creditors,and Austria is obligated to settle with them
all on the same basis, until an agreement with other creditors was actually
reached, the Treasury Department was not in a position to submit to the
Congress the terms of a proposed agreement for the settlement of the Relief
indebtedness to the United States.
Now,however,the settlement proposed by the Austrian Government has
been accepted by seven of the nine creditor nations, namely, Denmark,
France. Great Britain, the Netherlands, Norway,Sweden,and Switzerland.
Negotiations with Italy,to whom Austria makes a similar offer ofsettlement,
are now being carried on. So that the Secretary of the Treasury is at the
present time enabled to submit to the Congress the agreement for the settlement of the Relief indebtedness of Austria to the United States, which he is
prepared to execute should the Congress grant him the authority.
The Committee will remember that all of the Relief Bonds are of similar'
tenor and contain the following clause:
"The Government of Austria agrees that no payment will be made upon
or in respect of any of the obligations of said series issued by the Government of Austria before, at or after, maturity, whether for principal or for
Interest, unless a similar payment shall simultaneously be made upon all
obligations of the said series issued by the Government of Austria in proportion to the respective obligations of said series."
The terms of settlement, therefore, offered the United States are tile precise terms offered the other creditor Governments and already accepted by
seven of them.
The principal of the indebtedness of Austria to the United States amounts
to $24,055,708.92. The bond matures by extension in 1943 and bears 6%
3628
interest. With interest at 6%,the total indebtedness as of Jan. 1 1928 is
$34,630.968.68. However, the other Relief Creditors reduced the interest
rate to 5% on Jan. 1 1925. If we make a corresponding adjustment in our
interest rate, the total indebtedness, principal and interest, as of Jan. 1
1928, amounts to 833,911,904.39.
In settlement of this indebtedness, Austria offers to pay, beginning on
Jan. 1 1943, 20 yearly annuities of $1,337,140, reserving the option, however,to substitute the following schedule of payments: Five yearly payments
of $287,556, beginning Jan. 1 1929; 10 yearly payments of $460,093, beginning Jan. 1 1934; and 25 yearly payments of $743,047, beginning Jan. 1
1944.
On a basis of 5%, the present-day value of the smaller payments to be
begun on Jan. 1 next under the alternative schedule is the same as that
of the larger and postponed payments to be begun Jan. 11943.
I may add that the Austrian Government has informed us it means to
exercise the option. In this event, the payments are to be subject to the
following provision:
"Provided, however, that if Austria shall exercise this opinion the obligation of Austria to pay annuities during the years 1929 to 1943 will in
the case of each annuity not arise if the Trustees of the Reconstruction
Loan of 1923 prior to the preceding December first have raised objection
to the payment of the annuity in question on the due date. To the extent,
if any, that any such annuity is not paid by reason of such objection on
the part of the trustees, the amount thereof together with interest at 5%
per annum compound annually to Dec. 31 1943. shall be repaid together
with further interest at 5% per annum by 25 equal annuities on Jan. 1 of
each of the years 1944 to 1968. inclusive. Austria shall issue its bonds to
the United States for each of the 25 annuities similar in form to the bonds
first to he issued hereunder, but dated Jan. 1 1943, bearing interest at the
rate of 5% per annum, and maturing serially on Jan. 1 of each succeeding
year.This provision is made necessary by the fact that under the terms of the
so-called Lodge Resolution, priority over the lien which the United States
holds was granted to the bonds of the so-called Reconstruction Loan of 1923,
which matures in 1943.
On a basis of 4 v.%,the present-day value of the payments proposed under
the option is 30.2% of $33,911.904.39. This total is reached. You will
remember, by figuring interest at 6% to Jan. 1 1925 and 5% to Jan. 1 1928.
This compares favorably with the present-day value of 24.6% of the amount
due provided for in the debt settlement agreement with Italy, and of 30.3%
in that with Jugoslavia. If, however, we figure past interest on the basis,
let us say, of the Belgian settlement,the total amount owed is $30,383,562.70
and the present-day value ofthe proposed payments is 33.7% of this amount.
The Treasury feels that Austria's offer of settlement is a fair and reasonable one. Austria is a small country with very limited resources. Her
economic system was dislocated and torn apart by the dismemberment of
the old Austrian Empire. What was previously a large, mid-sufficient
economic entity became a number of independent units separated by political frontiers and trade barriers. About one-third of a population of some6,500,000 is concentrated in the city of Vienna. About one-half of the total
area of Austria is used for agricultural purposes. The rest consists of forests and unproductive land.
While progress is being made in agricultural development, Austria does not
produce enough for her own needs and has to import large quantities of foodstuffs. There is iron ore in the country, but the development of the steel
and iron industry is handicapped by the entire lack of coal. This shortage
of coal is a serious handicap to industry and the large coal imports exercise
an adverse effect on trade balances. Austria has two important assets,
extensive forests, which have led to the building up of paper and paper
products industry, and abundant water power, which, however, needs capital for development.
The trade balance has been consistently adverse. In 1926 imports ex
ceeded exports by $156,000,000; in 1927 by $155,000,000. This, of course.
makes foreign payments over a term of years difficult, if not impossible.
were it not for the so-called invisible Items, such as tourists' expenditures,
emigrant remittances, traffic receipts, &c., which up to the present time
have been sufficient to offset the adverse trade balance, to which must be
added about $30,000,000 a year which Austria has to send abroad to cover
the service of her foreign debts,including the Reconstruction Loan but not
the Relief debts.
Unemployment is a serious problem. At the end of 1925, 1926 and
1927 there were over 200.000 unemployed. How low the standard of
living must be is indicated by an estimated per capita income of only
$157 and the following table of wages:
Wages of bricklayers and masons per week as of July 1928: Vienna,
$9.99; Berlin, $16.25; London, $20.20; Philadelphia, $78.
Wages of rhetal workers per week in Vienna: Skilled workers, $10:
auxiliary workers. $9; unskilled workers, $7.
Relative real wages as of July 1928, taken from the International Labor
Review, which uses the London figures as the standard, are:
London, 100; Philadelphia. 179; Prague, 48: Vienna. 47.
The revenue of the Federal Government as estimated in the 1929 budget
amounts to $187,000,000, of which $38,000,000 are to be transferred to
the Provinces and towns. Approximately $46.000,000 are derived from
direct taxes and approximately $141,000,000 from indirect taxes. The
maximum income-tax rate on individuals is 45%, and the exemption $200.
The corporation income-tax rate is 25%.
Out of a population of some 6,500,000 there are 2,100,000 individuals
paying income tax as compared with 2,471,000 in the United States out
of a population of 120,000,000. Of those paying income tax, 610,000
report an income of $286 or less, 525,000 an income of $430 or less. 462,000
an income of 8686 or less, 357,000 an income of $1,461or less, 105,000
an income of $3,100 or less, and 42,000 people report an income in excess
of $3,100.
The public debts of Austria are as follows: Reconstruction loan, $139,000,000; pre-war debts, $33,000,000; relief creditors, $178,000.000; owed
to the National Bank, $16,700,000, or a total of $366,700,000, to which
must be added the debts of the Provinces and towns, amounting to
$72,000,000.
The cost of the debt service amounts to $29,700.000 a year, of which
$22,700,000 must be paid abroad, to which foreign payments the payments
on the debts af the Provinces and towns amounting to about $8,000,000
should be added.
The budget has been balanced for the last three years, if we exclude
the amounts set aside for capital investments. Thus, in 1927. the total
revenue amonuted to $157.000,000. current expenditures amounted to
$141,000,000, but $20,000,000 in addition was spent on so-caned productive investments such as railroad reconstruction. The currency has
been stabilized and the position of their national bank has been improving
steadily.
The problem of payment of Austria's foreign relief debt is not primarily
a budgetary but an economic one. As already stated, in so far as current
expenditures are concerned, the budget can fairly be said to be balaned.
The difficulty is that, as explained to the committee last spring. Austria
needs to expend a very considerable sum for the rehabilitation of her
physical plant, more particularly her railroad, telephone and telegraph
lines. The Austrian budget is not adequate tofurnish the necessary fund,.
iVor.. 127
FINANCIAL CHRONICLE
The private capital available for investment in Austria is totally inadequate.
It is necessary, therefore, for Austria to borrow the needed capital abroad.
and this cannot be done unless the investments are productive and secondly.
unless the character of the investments themselves is such as to furnish
the means of meeting interest and sinking fund payments abroad in foreign
currencies.
Austria must increase here productive capacity. In order to increase
her productive capacity, she must have new capital from abroad. She
cannot obtain that new capital from abroad unless the relief creditors
are willing to enable her to do so by making a reasonable settlement of'
the existing indebtedness. From which it follows that an unreasonable
and exacting attitude on the part of her creditors may well impair their
own ability ultimately to collected their debt when it falls due in 1943.
No one knows better than the members of this Committee how impossible
it is to estimate with any exactitude capacity to pay. The facts and
figures Presented are not conclusive, but they do serve to outline the
general situation and indicate clearly enough that Austria is toot in a
position to meet heavy payments.
In this connection, it cannot be overlooked that the European creditors,
who presumably are more familiar with Austria's capacity than we are
and whose own needs are certainly greater than ours, have agreed that
this is all that Austria can fairly be asked to pay. Taking this as well
as all other circumstances into consideration, the State and Treasury
Departments are strongly of the opinion that Austria's offer should be
accepted.
The proposed settlement has been submitted to the former members of
the Foreign Debt Commission who are in Washington and met with their
unanimous approval.
I submit herewith the proposed agreement and the proposed terms of
renewal bonds, together with a list of relief creditors, the amounts owed
each, and the amounts they will receive under the terms of the settlement.
RELIEF DEBT (In Dollars).
Original
Debt,
Denmark___
France
England_ _
Netherlands_
Norway_
Sweden
Switzerrd
Italy
United States
321,618
17,607,331
44,024,618
6,720,974
415,187
19,889
4,639,898
22,210,897
24,055,709
Settlement.
Debt on Jan.
1 1928.x 1929-33. 1934-1943. 1944-1968.
19,032
476,833
26,072,503 1,042,260
65,011,610 2,598,868
9,689,425 387,340
25,424
635,995
1,161
29,059
6,893,338 275,565
31,427,617 1,256,307
35,966,461 1.437,780
60,998
246,278
3,335,256 13,466,090
8,316,415 33,577,511
1,239,494 5,004,455
328,483
81,358
3,717
15,008
881,812 3,560,315
4,020,200 16,231,550
4,600,950 18,576,175
Total.
326,337
17,843.610
44,492,795
6,631,289.
435,265
,
19,887
4,717,692
21,508,057
24,614,175
Total
120,016,120 174,202,841 7,043,737 22,540,200 91,005,865 120,589,107
x Interest Included on basis of the rate of 6% per annum, compounded semiannually to Jan. 1 1925, and thereafter of the rate of 5% per annum, compounded
annually.
The failure of the last Congress to act on the Austrian
debt funding proposal was referred to in these columns June
16, page 3684.
House Passes Bill Authorizing Secretary of Treasury
to Conclude Agreement for Settlement of Greek
Debt—Additional Advance of $12,167,000 Proposed.
By a vote of 170 to 155 the House on December 10 passed
a bill introduced by Representative Burton authorizing the
Secretary of the Treasury to conclude an agreement for the
settlement of the indebtedness of the Greek Government to
the United States. Before the final vote, which was marked
by a division of party lines, an amendment to eliminate the
$12,167,000 additional advance proposed by Secretary Mellon
was defeated, 117 to 119. Washington advices December 10
to the "New York Journal of Commerce," in referring to the
defeat of this proposal added:
Representative Garner of Texas, ranking minority member of the House
Ways and Means Committee, who offered the amendment to block the loan
funding proposal, contended that the Treasury bonds to be tendered Greece
should bear a higher rate of interest than 4%.
In leading the opposition against the basis of settlement, Garner asserted
that "if the legislation becomes a law, the estimated surplus for the fiscal
,
year will be reduced to $25,000,000." The Texas member drew an ex
planation from Representative Burton (R.), of Ohio, when he interrogated
the author of the measure as to his reasons for changing his stand on the
loan feature since its first consideration by the Greek Refuge Settlement
Committee.
Explains Change.
"I changed my position because of new light brought upon the matter
after further consideration," replied Burton.
Others taking part in the three-hour debate over the seven-year-old Greek
debt measure included Majority Floor Leader Tilson, Conn.; Chairman
Hawley of the Ways and Means Committee; Representative Beedy (R.),
Maine; Representative Hastings (D), Okla.; Representative Moore (D.),
'Virginia, and Representative Crisp (D.), Georgia.
The bill as passed provides a plan of settlement involving the advance to
Greece by the United States of $12,167,000, which Greece is required to
repay over a period of twenty years with interest at 4% per annum. The
repayment of both principal and interest is to be amply secured through
the pledge of Greek revenues under the administration of the International
Financial Commission.
The proposed settlement will assure to the United States the repayment
in full over a period of sixty-two years a total of $19,659,836, including the
amount already advanced plus interest. The total credit to Greece at the
time the loan was negotiated amounted to $48,000,000, but only $15,000,000
was advanced under the terms of the agreement.
Representative Snell in a statement in the House in explanation of the debt settlement said:
I think it is most important that the Members of the House fully understand all the provisions of this settlement and know well all the conditions
that lead up to the present time. It is natural at first blush for anyone of
us, and I am frank to say that was my original opinion, that we do not
want to send any more money abroad, and we do not want any more foreign
loans.
While I do not intend to discuss the detailed merits of the claim I do
want to present in a very limited way the facts that led up to the condi-
DEC. 29 1928.]
FINANCIAL CHRONICLE
tion that confronts us at this time. In the fall of 1917 the combbined
allied forces appreciated the fact it was necessary to put additional fighting
forces on the eastern front, and after a meeting with the Greek people the
representatives of the Greek Government—and the Greek Government at
that time was friendly to the allied cause—then entered into a tripartite
agreement on February 10, 1918. That agreement roughly is this: That
if the Greek Government would put nine complete divisions in the field on
the eastern front, would spend 750,000,000 francs for ammunition, salaries,
and the feeding of these divisions, that the countries of the United States,
Great Britain, and France would furnish a definite credit to the Greek
Government in the amount of 750,000,000 francs. To show that that was a
definite complete agreement that was made at that time the Greek Government gave to each one of the members of the tripartite agreement their
definite promise to pay 250,000,000 francs each. That definite agreement
on the part of the Greek Government to pay the United States that amount
of money is now in the Treasury of the United States, and there was at
that time upon the books of the Treasury of the United States a definite
credit to the Greek Government, or, in other words, it was practically the
same situation as if an individual member discounted his note at a bank and
the bank credits his checking account in the sum of 250,000,000 francs.
The reason we made that agreement with the Greek people at that time
was for the purpose of their putting these additional forces in the field.
That was the reason for making this agreement, and while there may be
opposition, at the present, no one has ever doubted the fact that Greece, so
far as putting those divisions in the field and protecting the eastern front,
has ever been criticized. Greece actually delivered the goods we agreed to
pay for at that time, and the United States has received full compensation
for the money there promised. The only opposition comes from the fact of
some legal matters corollary to the main agreement which have not been
strictly lived up to by the Republic of Greece. As I look at the whole situation, it is a moral obligation, and in the present world affairs the Government of the United States can not afford in any way to quibble or hack out
of its original agreement. This is a very important matter and will be
discussed thoroughly by different Members of the House, and it is very
important each Member should stay here and listen to the entire argument.
It is important in connection with our foreign affairs. We have remained
Isolated to a certain extent; but, on the other hand, we can not afford,
while we are trying to collect our ten billions of foreign loans, to be negligent as to this claim from a weaker nation or in any way give foreign
nations an opportunity to criticize our fairness or honesty. To a large
degree there is a moral responsibility in collecting all our foreign loans,
and we can not afford to quibble, so far as our position is concerned, on this
very important agreement with the Greek Republic, 'which involves a
matter of about $12,000,000, especially when the main question of the
agreement is beyond dispute.
3629
The proposed plan for the settlement of the debt owed by
Greece to this country was referred to in these columns Feb.
11 1928, page 804; Feb. 25, page 1135; and June 16, page
3684.
Financial Relief for Porto Rico Provided in Resolution
Passed by House and Senate.
A total of $8,150,000 for the relief of planters and others
who suffered in the hurricane Which swept Porto Rico in
September last is provided in a resolution passed on Dec.
17 (?) by the House and on Dec. 18 by the Senate. In
bringing the resolution to the attention of the Senate on
Dec. 18, Senator Bingham of Connecticut, Chairman of the
Committee on Insular Possessions, said:
In view of the very great distress in Porto Rico and the need for immediate action, I ask unanimous consent that the Joint Resolution, which
came over from the House this morning, and which is exactly the same
as a Joint Resolution now on the Senate Calendar, except that instead
of a loan fund of $10,000,000 it [the House Resolution] provides for a
loan fund of only $6,000,000, may be immediately considered.
The House Joint resolutions, which was passed by the
Senate without amendment, makes provision for loans to
"any individual coffee planter, coconut planter, fruit
grower or other agriculturist in the Island, an appropriation
of $6,000,000 being authorized for the purpose, of which
$3,000,000 is to be immediately available, $2,000,000 being
made available Jan. 1 1930 and $1,000,000 to be availableJan. 1 1931. There is also authorized the SUM of $2,000,000 to be used for the rebuilding and repair of schoolhouses damaged and destroyed in the small towns and rural
districts and for the employment of labor and purchase of
materials for repairing insular and rural municipal roads.
A further sum of $100,000 is to be expended in the purchase
and distribution in the devastated area of seeds and seedlings. The resolution calls for the creation of the Porto
The following is the resolution agreed to by the House on Rican Relief Commission through whom the distributions
December 10:
are to be made. In referring to the amendments proA bill (H. R. 10760) to authorize the settlement of indebtedness of the
posed in the Senate on Dec. 18 the "United States Daily'
Hellenic Republic to the United States of America and of the differences
said:
arising out of the triparite loan agreement of February 10 1918.
Be it enacted, etc., That the Secretary of the Treasury, with the approval
of the President, is hereby authorized to conclude an agreement for the
settlement of the indebtedness of the Helenic Republic (hereinafter referred
to as Greece) to the United States of America under the terms and conditions
as set forth in Senate Document No. 51, Seventieth Congress, first
session.
The general term of the agreement shall be as follows:
(1) The existing indebtedness amounting to $18,125,000 shall be
funded
over a period of 62 years. The computation of this indebtedness is set
forth below:
Total principal and interest accrued and unpaid as of Dec.
15, 1922
15,744,333.79
Interest thereon at 3% per annum from Dec. 15 1922 to
Jan. 1 1928
2,383,588.88
An amendment authorizing similar loans to farmers and fruit growers in
Florida was pronosed by Senator Trammell (Dem.), of that State. The
amendment named no total appropriation but limited each loan to
$1,000.
Senator Trammell withdraw his amendment before any action was taken
and introduced its substance for reference to the Committee on Agriculture
and Forestry.
The Senate also agreed to consider on Dec. 20 a measure proposed by
Senator Smith (Dem.), of South Carolina to appropriate $15,000,000 for
loans to farmers in flooded areas of the Southeastern States. First proposed as an amendment to the pending resolution (H. J. Res. 352), Senator Smith made his measure a separate bill on unanimous consent it would
be considered Thursday.
The bill authroizes the Secretary of Agriculture to make advances and
loans to agriculturists in flood-stricken areas of the South Atlantic States
totaling $16,000,000. Not more than $3,000 is to be loaned to any one
farmer and a first lien on the crop to be produced from seed and fertilizer obtained through the advance, is to be accepted as security.
18,127,922.67
2,922.67
The following is House Joint Resolution (No. 352) for
the relief of Porto Rico, as passed by the House and Senate:
Principal amount of obligation to be funded
$15,000,000.00
Interest accrued and unpaid thereon to Dec. 15 1922 at the
rate of 43/% per annum
4
744,333,79
To be paid in cash by Greece upon execution of agreement__
Total indebtedness to be funded
18,125,000.00
(2) The bonds, aggregating in face amount $20,330,000 (the existing
Indebtedness as computed above, together with the interest to be
paid in
respect thereof) shall be paid in annual instalments beginning July
1928
tap to and including January 1 1990 on a fixed schedule, subject to
the
right of Greece to make such payments in three-year periods, any
postponed payments to bear interest on 4 1
4% per annum, payable semi-annually,
The amount of the first annual instalment shall be $40,000, the
annual instalment to increase to $350,000 in the eleventh years, which shall
be the
amount of each remaining annual instalment.
(3) In addition to the payment of the bond maturing on January
1 or
July 1 of any year, Greece shall have the right on such dates to make
payments on account of any unmatured bonds of this series under such
conditions as to notice or otherwise as the Secretary of the Treasury
may
prescribe.
(4) Any payment may be made at the option of Greece in any United
States Government obligations issued after April 6 1917 such
obligations
to be taken at par and accrued interest.
(5) To assist in the completion of the work of the Greek Refuge
Settlement Commission, the Secretary of the Treasury is further authorized
to
advance to Greece out of the appropriation "Purchase of obligations
of
foreign of foreign governments," established under authority of the
Liberty
bond acts, the sum of $12,167,000, for which Greece shall deliver to
the
Secretary of the Treasury its 20-year gold bonds bearing interest
at the
rate of 4% per annum, payable semi-annually, with provisions for a sinking
-fund sufficient to retire such bonds within 20 years.
(6) Greece shall in accordance with the exchange of notes, dated January 18 1928 between the United States and Greece and as set forth in Senate Document No. 51, Seventieth Congress, first session, furnish as securities for the loan referred to in paragraph (5) the excess of revenues under
the control of the International Financial Commission, and shall procure
the assurance of the service of the loan by that commission.
(7) Greece shall forego all claims for further advances under the bipartite loan agreement, dated February 10 1918 and such agreement, so
far as the United States and Greece are concerned shall terminate upon the
sate on which the agreement authorized by this act becomes effective.
(H.
The Joint Resolution
J. Res. 352) for the relief of Porto Rico
was read the first time by its title and the second time at length as
follows:
Whereas the Island of Porto Rico is suffering from the effects of a violent hurricane of extraordinary intensity, unusual duration, and unexampled
violence which visited the Island on Sept. 13 and 14 1928; and
Whereas no part of the Island escaped suffering some damage; and
Whereas the total number of people affected by the hurricane was
1,454,047, of whom, according to the report of the American Red Cross,
more than one-third, or 510,161, were absolutely destitute and without
food; and
Whereas the coffee and fruit crops were almost totally destroyed, and
the coffee plantations so injured that it will be at least five years
before they can be restored to normal conditions; and
Whereas a very large part of the shade trees which are essential for
the successful functioning of a coffee plantation were destroyed and more
than five years will be required for their replacement or recovery;
and
Whereas more than 140,000, or about one-third, of the trees in the
coconut plantations were destroyed and it will be at least seven years
before the new trees to be planted in their place will be bearing fruit;
and
Whereas the damage to all the insular industries has been so great
as to make it impossible for the insular government to give adequate relief in the emergency; Therefore be it
Resolved, etc., That there is hereby created a commission, to be known
as the Porto Rican Relief Commission (hereinafter referred to as the
Commission), and to consist of the Secretary of the Treasury, the Secretary of War, and the Secretary of Agriculture, of whom the Secretary
of War shall be the Chairman. It shall be the duty of the commission
to assist in the rehabilitation of agriculture in the Island of Porto Rico,
particularly on the coffee plantations and on the coconut plantations, to
encourage a more general planting of food crops needed by laborers on
the plantations, especially of root crops, to aid in the repair and restoration of schools and roads, and to assist in providing employment for unemployed and destitute laborers. The commissioners shall receive no compensation for their services under this resolution.
Sec. 2 (a) The commission is authorized (1) without regard to the
civil service laws to appoint and, without regard to the classification act
3630
FINANCIAL CHRONICLE
of 1923, as amended to fix the coenpensation of a secretary and such clerical
and other assistants; and (2) to make expenditures (including expenditures for personal services and rent at the seat of government and elsewhere) as may be necessary in carrying out the provisions of this resolution. The commission may, to the extent deemed advisable by it, utilize
the facilities and the clerical and other personnel of the Department of the
Treasury, the Department of War, and the Department of Agriculture, and
may request and accept the co-operation of the insular and municipal governments of Porto Rico in carrying out the provisions of this resolution.
(b) There is hereby authorized to be appropriated the sum of $50,000
for administrative expenses incurred in carrying out the provisions of this
resolution.
Sec. 3. For the purpose of carrying out the provisions of this Resolution, the commission shall have power to make loans to any individual
coffee planter, coconut planter, fruit grower, or other agriculturist in the
Island of Porto Rico in such amounts and upon such terms and conditions as the commission shall by regulation prescribe, including an agreement by the borrowers to use the loan for the purposes specified by the
commission; except that no such loan shall be made for a period of more
than 10 years or in an amount in excess of $25,000 to any one individual. The rate of interest upon each such loan, beginning with the
fourth year, shall be 5% per annum, but the commission may, in its discretion, defer the payment of interest upon any such loan for such a period
of time as the commission shall deem necessary. All such loans shall be
made by the commission itself or through such agencies as the commission shall designate. For carrying out the purposes of this section, there
is hereby authorized to be appropriated the sum of $6,000,000, of which
$3,000,000 shall be made immediately available, $2,000,000 shall be made
available on Jan. 1 1930, and $1,000,000 shall be made available on Jan.
1 1931. All money received during a period of five years from the date
of the approval of this joint resolution as repayment of any loan or interest
on loan made under the provisions of this joint resolution shall be held
by said commission as a revolving fund, which may be loaned on applications for the purposes and upon the terms and conditions herein provided,
and all money received thereafter as payments of interest and principal
on all loans made under the provisions of this jonit resolution shall be
covered into the Treasury as miscellaneous receipts.
Sec. 4. There is hereby authorized to be appropriated the sum of
$2,000,000 to be used for the rebuilding and repair of schoolhouses damaged or destroyed by the hurricane in the small towns and rural districts
of Porto Rico and for the employment of labor and the purchase of materials for repairing insular and rural municipal roads. The sum hereby
authorized to be appropriated shall be expended in such manner and in
such amounts as the commission shall approve.
Sec. 5. There is hereby authorized to be appropriated the gum of $100,000 to be exipended by the commission in the purchase and distribution
within the devastated area of Porto Rico of seeds and seedlings, particularly
of food and root crops, in such manner as it deems advisable.
Sec. 6. The commission shall make an annual report to Congress at
the beginning of each regular session, giving a complete account of its
activities in carrying out the provisions of this resolution.
References to the hurricane and the damage caused thereby appeared in our issues of Sept. 22, page 1608 and Oct. 27,
page 2317.
J. W. Rowe of American Exchange Irving Trust Co.—
Reviews Progress in Rehabilitation of Porto Rico
Following Hurricane.
A report on the progress made in rehabilitation in Porto
Rico since the destructive hurricane in September was made
Dec. 17 by Joseph W. Rowe, Assistant Vice-Pres. of the
American Exchange Irving Trust Co., upon his return from
a business trip of four weeks to the island. Mr. Rowe reports as follows:
Since the hurricane the estimates of damage done to the basic industries
of Porto Rico have dwindled. About 90% of the population of 1,400,000
are engaged in five major industries—sugar, tobacco, dress goods, fruit and
Coffee—which annually export products valued at more than $90,000,000.
Losses in the sugar industry consisted of damage to sugar mills,equipment,
&c., and and destruction of sugar cane. The mill and equipment damage
was covered by insurance, and while, at first, the crop destruction was reported as very serious, the general expectation now is that the coming crop
will yield from 600,000 to 700,000 tons, as compared with last year's "bumper" crop of slightly more than 700,000 tons. It must be considered that,
because of absentee ownership, the island receives only indirect benefits
from a large part of the income from sugar production. And since the sum
required for payrolls and mill, overhead will continue, as in the past, Porto
Ricans will receive virtually as much as in former years.
When the storm occurred, virtually no tobacco had been planted. Nearly
all the drying sheds were blown down, and the seed beds were destroyed.
New seed beds have florished since the storm, and planting has now been
done. Except for the small farmer, whose tobacco sheds were destroyed,
producers and strippers are now probably better off than before the hurricane. Virtually all tobacco stocks, which totalled about 8,000,000 pounds
and included a considerable carry-over for the previous year, were insured,
and the stocks which were not destroyed are being sold at prices averaging
from 10 to 30% above those prevailing before the storm. Moreover, the
prospect for the coming year is bright as it is believed there will be a short
crop and no carry-over. Porto Rico normally ships from 35,000,000 to
40,000,000 pounds of tobacco to the United States annually. Present
estimates point to a coming crop of between 20,000,000 and 25,000,000
pounds.
The dress goods industry, which produces chiefly hand-made embroideries, has its main seats in Mayaguez, San Juan and Ponce. Losses suffered
by this industry were insignificant and covered by insurance. Future prospects are good and many large unfilled orders are on hand.
Losses in fruit totalled about $4,200,000. of which $3,800,000 is represented by the citrus crop. The loss in trees ranged from 2 to 3%. This
industry has been prosperous for the last three years, and fruit producers
are indebted only for nominal amlounts. If an early crop materializes, as
is now expected, fancy prices may be realized, permitting the industry to
get on its feet again during the coming year.
Coffee was the heaviest sufferer among the industries. Last year's crop
was valued at $3,000,000 and it was estimated that the present crop, 80%
of which was destroyed, would have had a market value of around $10,000,000. Close observers estimate that it will require from three to five
years for the industry to rehabilitate itself. Hundreds of small farmers,
[Vol.. 127.
whose estates were dedicated exclusively to coffee production, are in a most
helpless condition.
Outrigth losses in the five major industries probably did not exceed from
$20,000,000 to $30,000,000, and this amount will be reduced by between
$6,000,000 and $7,000,000 when all insurance claims have been paid.
Relative or conditional losses, including potential profits which did not
materialize, the cost of carrying coffee producers until the new trees reach
the producing stage, and losses to public buildings, utilities and roads, are
variously estimated from $50,000,000 to $100,000,000. The more recent
the estimate, the smaller these figures tend to be.
Since the storm, both nature and man have done their utmost to set Porto
Rico's house in order. Every back has been bent to the task, and the
people are to be commended for the results thus far obtained. Man's efforts have been aided to an almost unbelievable degree by a prolific soil
and beneficent climate. Rain has been plentiful and it seems as if everything that grows has taken a new lease on life.
The seriousness of the hurricane and the wrought cannot be passed over
lightly. At the same time, the resources of the island are so rich and so
diversified that it is confidently believed normal business conditions will be
restored in a not too distant future.
Annual Report of Governor of Hawaii—Gross Valuation
of Real and Personal Property $390,558,491.
The annual report of the Governor of Hawaii, made to
the Secretary of the Interior on Dec. 2 shows that the
payments of Federal income taxes in Hawaii this year
amounted to $6,244,381.78. This total, it is stated, is more
than is paid into the Federal Treasury by each of 16 sovereign
States of the Union. If we were to add to this total the
annual collection through the customhouse of $1,881,787.20,
the Territory would probably have the distinction of contributing more than some 20 States of the Union. Regarding
the report, a statement issued Dec. 2 by the Department
of the Interior says:
Too much emphasis can not be placed on the fact that Hawaii, ever
since it took its place in the Union as an organized Territory under the
organic act of 1900, has borne all the Federal revenue paying responsibilities
of a State. Hawaii has more than paid its own way in revenue payments to
the Federal Government.
The present population,totaling 348,767,is made up as follows: Americans
and Europeans, 64,397; Hawaiian, 20,720; Part Hawaiian, 25,984; Filipino,
8,208; Japanese, 83,252; Chinese, 15,058; others. 10,657; all of whom are
citizens of the United States, and 120,491 aliens.
The gross valuation of real and personal property assessed for taxes is
$390,558,491. The Territorial taxes collected totaled $14,884,100.90.
The Territorial bonded indebtedness is $28,585,000.
Agricultural industry has prospered. The notable feature of the sugar
industry is the steady increased production of sugar to the acre. The
cultivated acreage is about the same. The increase in production has fortunately made up for the loss that would otherwise be incurred on account
of the lower average price of sugar. Practically the entire crop of raw
sugar is refined on the Pacific coast and consumed west of the Missouri
River.
Pineapple producers have found a good market for larger quantities
of their canned product at good prices. Their problem is to secure more
lands so that the larger companies may be able to supply the demand.
The coffee industry has been fortunate in its market price. Hawaiian
coffee depends on special quality for its price. The area planted to coffee
Is increasing. but Hawaii has a long way to go before it can compete in
quantity with the large coffee-producing countries.
The public educational problem of the Territory, says the report, has
been the typical American problem of providing schoolhouses and equipment to meet the increasing demand for education in the public schools
and the Territorial university. Hawaii has met this demand. A very high
standard is maintained in the schools and practically all additions to the
teaching force are supplied by graduates from the Territorial normal and
training school and the university.
The movement to equip the boys and girls to enter the agricultural
The probabilities are that the
industries has met with good results.
pioneers in this department of education will go through a period of doubt
and possible discouragement for a few years. Then the accumulated result
of their effort will begin to show and the course in vocational agriculture
throughout the public schools will be the commanding feature of the
educational situation. The success that has attended the application
of science to industry has been so marked in the production of sugar and
of pineapples that there Is every reason to predict that the application of
common-sense education in the public schools will accomplish equally
gratifying results. The new system of field-cultivation contract, in which
the farmer shares in the profit of the industry as a whole, places both sugar
cane and pineapple production in a more favorable light before the youth
of the islands.
Economic and Industrial Conditions in Denmark
during October—Decrease in Outstanding Bank
Loans Following Reorganization of Private Bank.
In a reference to conditions in Denmark during September,
appearing in our issue of Nov. 24, page 2896, we made
mention of the measures taken toward the reopening on
Oct. 3 of the Private Bank of Denmark. The statement regarding economic and industrial conditions in Denmark
during October, issued Dec. 3 by the National Bank of
Copenhagen and the Danish Statistical Department, in
further mention of the Bank, says:
Concerning banking and financial conditions the following should be
noted: In the three principal private banks the outstanding loans have
during October decreased 44 Mill Kr. and the deposits 14 Mill. Kr. The
decrease in the outstanding loans is especially due to the cancelling of outstanding debts as a result of the reorganization of the Private Bank. Also
the fluctuations on the other accounts are partly due to the regulations
brought about by the reorganization. This applies to the decrease in the
supply of bonds and stocks as well as in the net debt to domestic banks and
savings banks, which at the end of September had increased somewhat,
as a result of the loans which have been given to the Private Bank by the
National Bank lately before its reorganization.
DEC. 29 1928.]
FINANCIAL CHRONICLE
The National Bank's supply of bills of exchange has, as a result of the
settlement of these loans, decreased 7 Mill. Kr. and its loan on
stock exchange papers 3 MM. Kr. At the same time the bank's stock of foreign
currency has increased 6 M.Kr. and its bond and stock index is, especially
due to the fact that the bank has taken over shares in the Private Bank,
increased with 12 Mill. Kr.
The amount of bills in circulation is in spite of this only increased with
1 Mill. Kr. from 360.3 to 361.3 Mill. Kr., as the credit of the Ministry of
Finance in the bank has gone 13 Mill. Kr. up. In October 1927 the
amount
of bills was 365.2 Mill. Kr. For settling of accounts at the check-clearing
undertaken by the banks and savings banks through the National
Bank,
checks amounting to 491.6 Mill. Kr. were delivered during the
month
against 434.0 Mill. Kr. in September. The Average weekly transaction
s
on the Copenhagen stock exchange in October amounted to 2.6
Mill. Kr.
for bonds (September 3.8 Mill. Kr.) for stocks 2.0 MM. Kr.
(September
1.8 Mill. Kr.). In October 1927 the corresponding figures were
1.8 and
2.0 Mill. Kr.
In the index for stock exchange quotations there was an increase
in October from 93.7 to 94.1 for bonds and a decrease from 99.9 to 97.6 for
stocks.
Compared with October 1927 there was a decrease in all the groups,
as
Increase in all the groups, as the index for banks was 83.0 (October the
1927:
86.3), shipping stocks 116.7 (120.4), industrial companies
89.8
other companies 95.8 (96.5) and the complete index 97.6 against (94.0).
99.8 in
October 1927. The decrease during the last month is partly due
to the
reorganization of the Private Bank and especially applies to banks
and firms
closely related to the Private Bank.
The unemployment was, as during the preceding months, less than
last
year, as the percentage of unemployed at the end of October
was 14.8
against 17.5 in October 1927. In the real industrial professions the
percentage was 13.9 and 16.9% respectively.
The Government's revenue from consumption taxes was in October
25.1
Mill. Kr. of which 11.8 Mill. Kr. were custom revenue taxes
proper; in
October 1927 the corresponding figures were 23.6 and 10.8 Mill,
Kr.
The following is also taken from the statement:
The Danish export of agricultural products was in October
1928 larger
than during the corresponding month last year for butter and
slightlysmallerfor eggs and meat;the average weekly exportation bacon, but
s amounted
to: Butter. 2,C92,300 (October 1927, 2.460,300) kilos; eggs. 906,000
scores
(959.400 scores); bacon, 5,176,600 kilos (4,979,000 kilos); beef and
cattle,
965,000 kilos (1,254,400 kilos).
The prices of the exported articles was for bacon slightly higher,
other products lower than in October last year. The average for the
weekly
notations were: Butter, 322 Kr. (October 1927, 324
Kr.) per 100 kilos;
eggs, 1.80 Kr. (1.98 Kr.) per kilo; bacon, 1.39 Kr. (1.30 Kr.)
per kilo;
beef, 54 ore (52 ore) per kilo on the hoof.
The trade balance with foreign countries in September amounted
to
Kr. 147 Mill. for imports and 142 Mill. Kr. for exports, so that
there
an import surplus of 5 Mill. Kr. against 3 Mill. Kr. in September was
1927.
For the months January-September the import surplus was this
year 84
Mill. Kr. against 66 Mill. Kr. last year.
The statistical department's whose sale index fell one point in
-from 151 to 150. In the individual groups there was especially a October
for vegetable and animal foodstuffs, 3 and 5 points respectiveldecrease
y, while
fodder increased with 3 points.
The freight rate figure increased in October from 107.2 to
111.2. In
October 1927 the figure was 109.6.
Secretary Kellogg before World Alliance for International Friendship Discusses Multilateral Anti
War Treaty-Says Pact Does Not Entangle United
States in Political Affairs of Europe.
The multilateral anti-war treaty lately signed at Paris
was discussed by Secretary of State Kellogg at the opening,
on Armistice Day, Nov. 11, at the Metropolitan Opera
House
in New York, of the Good-Will Congress of the World
Alliance for International Friendship Through the Churches
.
Secretary Kellogg told his audience that "arbitration
and
conciliation are appealing more and more to the
imagination
of the peoples of all nations." He declared that "if
the
people are minded that there shall be no war, there
will
not be. Arbitration," he said, "is the machinery by
which
peace may be maintained. It cannot function effective
ly
unless there is back of it a popular will for peace."
Secretary Kellogg referred to the fact that he had seen
from
time to time claims that the multilateral treaty is
weak
"because it does not provide the means for enforcing it
either
by military or other sanctions against the treaty
-breaking
State and, on the other hand, that through it the
United
States has become entangled in European affairs,
and,
while under no express obligation, is under moral
obligation to join other nations and enforce the treaty by
military
or other assistance. Neither of these positions," said
Secretary Kellogg, "is correct. I do not believe," Secretar
y Kellogg said, "the United States or many nations in the
world
would be willing to submit to any tribunal to
decide the
question of whether a nation had violated this
treaty or
irrevocably pledge themselves to military or other
action
to enforce it." He also asserted that the treaty "no
more
entangles us in the political affairs of foreign
countries than
any other treaties which we have made, and if, through
any
such fear, the United States cannot take any step
toward
the maintenance of world peace, it would be a sad
commentary on our intelligence and patriotism." "I
believe,"
said Secretary Kellogg, "It is the bounden duty of the
United
States in every way possible, by its example, by
treaties of
arbitration and conciliation, and by solemn pledges
against
war, to do what it can to advance peace and thus to
bring
3631
about realization of the highest civilization. When that
time comes the maintenance of world peace will rest largely
in your hands
-you men and women here in the great audience before me." In full, the address follows:
Mr. Chairman:
-In this period of great progress in cordial understanding
between nations I am pleased to accept your invitation to discuss
this
steps taken by the United States, in collaboration with other nations,
to
advance amicable relations, to remove the causes of war, and to pledge the
nations solemnly to renounce war as an instrument of their national policy
and adopt instead the principle of the settlement of all disputes by pacific
means. No more fitting time could be chosen for this peace
movement
than the tenth anniversary of the signing of the armistice which brought
to a close the greatest war, the most appalling catastrophe of all
the
ages.
Way to Abolish War Through Arbitration.
The best way to abolish war as a means of settling internation
al disputes is to extend the field of arbitration to cover all juridical questions, to negotiate treaties applying the principles of conciliation to
all
questions which do not come within the scope of arbitration, and
to
pledge all the nations of the world to condemn recourse to war, renounce
it as an instrument of international policy, and declare themselves
in
favor of the settlement of all controversies by pacific means. Thus may
the illegality of war be established in the world as a principle of international law.
There is one other means, which can be taken by governmental authorities and also by private organizations like yours throughout the world,
and that is to inculcate into the minds of the people a peaceful
attitude,
teaching them that war it not only a barbarous means of settling 'disputes
but one which has brought upon the world the greatest affliction, suffering and disaster. If the people are minded that there shall be no
war
there will not be. Arbitration is the machinery by which peace may
be
maintained. It cannot function effectively unless there is back of
it a
popular will for peace.
I cannot go into detail concerning all the steps which have been
taken
to extend the principles of arbitration and conciliation as a part of
the
machinery for the maintenance of peace. In a general way, I can
say that
when I came into office I found that on account of the war
many of
our arbitration treaties and treaties of amity and commerce had lapsed
and that many of the boards of conciliation under the Bryan treaties
had
become incomplete or vacant through death or resignation. These
boards
have been filled and there are now in force nineteen of the original
Bryan
treaties, among the signatories being included many of the
principal
nations of the world. We have already negotiated five new treaties
and
are negotiating many more. We have negotiated with many
countries
a new arbitration treaty for the settlement of all juridical questions,
which is an advance over the old form of treaty. In Central and
South
America practically all of the countries have signed and ratified a
general
conciliation treaty, to which the United States is a party.
Under this
treaty, in the event of failure to settle a dispute by diplomatic
means
or arbitration, the signatory nations agree to submit it to
boards of
conciliation for examination and report and not to go to war for
a reasonable time pending such examination. Furthermore, pursuant to
a resolution of the Pan-American Conference held in Havana in
January and
February, 1928, the United States has called a conference on
arbitration
and conciliation of all the States parties to the Pan-American
Union
to be held in Washington on Dec. 10. Thus it will be seen that
the
United States and the nations of all Central and South America are taking
steps to extend the principles of arbitration and conciliation.
I might, if I had the time, show you the progress of this principle
in
other nations. It is evident that there is a great forward
movement
all over the world and a growth of an enlightened sentiment
for the
settlement of international controversies by means other than
the arbitrament of war. I might mention in this connection the
Locum
treaties and many others negotiated in Europe as well as
in Central
and South America. Probably no part of the world has made such
progress in arbitration as Central and South America, and certainly
there is
no part of the world where the sentiment for peace is stronger
and consequently where there is less danger of the outbreak of war.
Arbitration and conciliation are appealing more and more to the
imagination of the peoples of all nations. I deem this movement of surpassing
importance in the advancement of world peace. When all nations
come
to the conclusion that their disputes can best be settled
by diplomatic
means and, when these fail, by arbitration or commissions of
conciliation,
the world will have made a great step forward. I realize
that treaties
of arbitration and conciliation have existed for many
years and that
In spite of them there occurred the greatest war of all history.
But
this should not be a cause of discouragement, because to-day
world sentiment is stronger for such means of settling international
disputes than
ever before. I realize also that there are many political
questions which
cannot be arbitrated, although they may be settled by conciliation
. I
know that national jealousies and ambitions and racial animosities
often
are the causes of war. These causes of conflict can be eliminated
through
education, through the development of tolerance, and through
the creation
of an effective desire for peace.
Multilateral Anti
-War Treaty.
In addition to these means of insuring universal peace,
I know of
but one other step, and that is a treaty solemnly pleding
all the nations
of the earth to condemn recourse to war, to renounce
it as an instrument
of their national policy toward each other and solemnly to declare
that the
settlement of international disputes, of whatever nature or
of whatever
origin they may be, shall never be sought except by pacific
means. This
leads me to the discussion of the multilateral anti-war treaty
signed in
Paris.
As you know, the original suggestion of this movement came from
M.
Briand, Minister of Foreign Affairs of France, in a proposition
to
United States to enter into a bilateral treaty with France to abjure the
war
as a means of settling disputes between them. The American
Government believed that this grand conception should be extended to
all the
nations of the world so that its declaration might become a
part of
international law and the foundation stone for a temple of
everlasting
peace. I need not discuss the details of this negotiation, which
lasted
more than a year. All notes exchanged between the nations
upon this
subject were published from time to time as they were sent by the
various
powers. It seemed clear that no treaty of such world-wide
importance, 8o
affecting the peoples of all nations, marking so great a forward
step, could
be taken without the support not only of the statesmen, but of
and the people of the world themselves, and as you know, the Drees
the multi.
3632
FINANCIAL CHRONICLE
[vol.. 127.
various governments and dislight of full pub- case of other treaties, questions were raised by legal effect or construction
lateral anti-war treaty was negotiated in the blazing
cussed, and in many of my notes I explained the
notes, or in my speeches
licity.
treaty was at of the treaty. There is nothing in any of these
inconsistent
The announcement of the purpose to negotiate such a
be- sent to the signatory powers during the negotiations, which is
skepticism, the expression of which soon ended
signed. Finally
first met by much
strongly with, or changes the meaning of, the treaty as finally
nations
cause it was drowned in the voice of the people of all
ion of the treaty was necestreaty was not the the countries were satisfied that no modificat
supporting the movement. The consummation of the
individual. It is doubtful if sary to meet their views.
work of any single nation or of any
the ministers of the
Defense.
such a treaty could have been negotiated between
Nations Not Deprived of Legitimate Right of SelfNeither did M.
different Governments in secret. I did not attempt it.
whether this treaty prethis is that
reason for
To illustrate: The question was raised as to
Briand. We could not have succeeded. And the
of people in the vented a country from defending itsself in the event of attack. It seemed
the treaty is the expression of the hope of millions
expression of the desolated to me incomprehensible that ony nation should believe that a country could
world to-day. It came from the visualized
and stirred the great be deprived of its legitimate right of self-defense. No nation would sign
battlefields, from ruined homes and broken men,
it the right
humanity. Is there any wonder that there should be a treaty expressly or clearly implying an obligation denying
beating heart of
against the horrors to defend itself if attacked by any other country. I stated that this was
this modern an denlightened age a world-wide protest
in
greatest calamity of all a right inherent in every sovereign state and that it alone is competent
of war? We are but ten years removed from the
the misery and sor- to decide whether circumstances require resort to war in self-defense. If
time. No one can portray the desolation, death or
back over the ages on It has a good case, the world will applaud it and not condemn it, but a
row inflicted by that last conflict. As we look
on, is there any nation must answer to the tribunal of public opinion as to whether its claim
the gradual growth and advancement of our civilizati
it to go to
peace?
of the right of self-defense is an adequate justification for
that the people are now demanding some guarantee for
wonder
co-operation of the war.
In the negotiation of this treaty I had the hearty
instances a critiof statesmen of all
In the discussion of the treaty I noticed in one or two
statesmen of other countries, of President Coolidge,
States. It was not a cism that by recognizing the right of self-defense, the treaty had been
parties, and of publicists throughout the United
atives and public greatly weakened—that if a nation should go to war claiming that it was
political move. I consulted with Senators and Represent
the slightest acting in self-defense, the mere claim must be accepted by the peoples
the sanest and wisest of our time, and I can say without
men,
the people of the Of the world and that, therefor, the multilateral treaty does not change the
doubt that the treaty meets the matured judgment of
criticism. As I
present juridical position. I cannot agree with this
United States.
atives of fifteen nations have already stated, a nation claiming to act in self-defense mud justify
It was an impressive sight when represent
Foreign Office and Itself before the bar of world opinion as well as before the signatories
gathered around the historic table in the French
war of the treaty. For that reason I declined to place in the treaty a definitheir Governments before the world to renounce
solemely pledged
to settle all interna- tion of aggressor or of self-defense because I believed that no comprean ihstrurnentality of their countries, agreeing
as
Such an athensive legalistic definition could be framed in advance.
tional disputes by pacific means.
tempt would have lead to endless difficulty.
Reservations.
tried to frame
Treaty Not Encumbered with
For years statesmen interested in preventing war have
to preon and agreement. It is
ns of aggressor and the right of self-defense in an attempt
The treaty is a simple and plain declarati stipulating when a nation definitio
h this obvent conflicts between states. They have failed to accomplis a nation
with reservations and conditions
not cumbered
a treaty, if attempted, would ject. Furthermore, technical definitions are easily evaded by
might be justified in going to war. Such
, seemed
aspirations and the wide dif- which desires to go to war for selfish purposes. It, therefore
fail because of the complexity of national
This wou'd make
best simply to make a broad declaration against war.
but two articles, as follows:
ference of conditions. It contains
less difficult for an aggressor nation to
declare in the names of their it more difficult rather than
Article I. The High Contracting Parties solemnly the solution of International prove its innocence.
condemn recourse to war for
to the meaning of
respective peoples that they It as an Instrument of national policy In their relations
If there is a narrow, legalistic treaty definition as
controversies, and renounce
n would be very diffisolution self-defense or of aggression—and such a definitio
with one another.
ng Parties agree that the settlement or
the nation making war might
Article 2. The High Contracti
or of whatever origin they may cult if not impossible to make in advance—
than if it had to
of all disputes or conflicts, of whatever naturesought except by canine means.
well find justification through a technicality far easier
among them shall never be
be, which may arise
examination by other signatories of a simple antisubject of press comment face a broad political
of world opinion. The mere claim of self-defense
There are some matters which have been the
why we did not attempt war treaty in the light
Furthermore, I do
which I desire to discuss. I have been asked
them is not going to justify a nation before the world.
all the nations of the world and make
decide this question into ngotiate the treaty with
that to not believe that any tribunal can be set up to
was my opinion
original signatories. The reasons are these: It nations would entail so fallibly. To attempt to negotiate a treaty establishing such a tribunal
nasixty
attempt to negotiate a treaty with over
endless difficulties and the opposition of many
ons as to make it difficult, would meet with
would
much discussion and so prolong the negotiati
I am certain that the United States and many countries to a
and obtain its ratification within a tions.
tion
if not impossible, to sign a treaty
parties to a treaty submitting for determina
country failed to ratify, the never have become
nse; certainly not if the
reasonable time. Furthermore, if any one
for an tribunal the question of the right of self-defe
application of sancgo into effect, thereby postponing the matter
treaty would not
decision of the tribunal was to be followed by the
action to punish the offending state. I know these
indefinite period.
nations of Europe, the seat tions or by military
superIt seemed to me best to select the principM
believe in the lofty ideals of a world tribunal or
more danger of conflict than are men who
t not to go to
of the last war, where there was perhaps
state to decide when a nation has violated its agreemen
the offender, but I
the Far East, and to negotiate with them
to maintain peace and to punish
anywhere else, and Japan in
all the nations of the world. war, or by force
independent nations have yet arrived at the
a treaty which would be open to adhesion by
satisfactory to do not believe that all the
which will permit such a tribunal to be esafter very careful consideration, that a treaty
I felt sure,
There were two advanced stage of thought
the others.
those powers would be readily accepted by
in the negotiation, the British tablished.
to go to war until some inadditions to the six original powers involved
Shall we postpone world agreements not
additional powers parties to the Locarno
will have come to the conDominions and India and the
definite time when the peoples of the world
stated that the proposed
treaties. The British Government, for example, concerned his Majesty's clusion that they can make a covereign state subservient to an internawhich
this kind? Shall we take no step at all until we can
treaty from its very nature was not one
in which they could not tional tribunal of
ence of
Government in Great Britain alone but was one
one single act an entire revolution in the independ
jointly and simultaneously with accomplish in
that in the advancement
undertake to participate otherwise than
sovereign nations? I have the greatest hope
the thought and come
s and the Government of India, and sugall peoples will be trained in
the Governments in the Dominion
nts to become original of our civilization nations in their relations with each other should be
gested that the United States invite those Governme
promptly and to the belief that
rs or
This was done and the Dominions and India
signatories.
principles of law and that the decisions of arbitrato
same time as the British governed by
ion commissions should be
readily accepted the treaty and signed at the
judicial tribunals and the efforts of conciliat
disputes rather than war.
Government.
relied upon in the settlement of international
by education, by experiBut this stage of human development must come
Not in Conflict with Other Treaties.
Treaty
ion and solemn agreeence, through treaties of arbitration and conciliat
the question of whether
to war. How many centuries have passed in the
In the course of the discussion France raised
ns of the ments not to resort
with the obligatio
e government and law
the proposed treaty would in any way conflict
struggle of the human race to substitut
other treaties guaranteeing upward
of the rights of citiLocarno treaties, the League of Nations, or
and internal conflicts in the adjustment
d the League of Nations for force
for the ultimate realizato hope
neutrality. My reply was that I did not understan
zens as between each other. Is it too much
question must ultimately
onal as well as perto impose any obligation to go to war; that the
grand idea in the adjustment of internati
if there was any similar tion of this
of the great movement of world advancement?
be decided by each country for itself; that
that all sonal relations, as a part
that I
would agree
certainly gave an impetus, and it is for this reason
obligation in the Locarno treaties the United States
become original signa- The last war
of war.
of the powers parties to the Locarno treaties should Czechoslovakia there- believe the time has come for united world denunciation
n with the treaty
in connectio
tories of the present treaty. Belgium, Poland and
Another question which has been raised
they were the only
the treaty, the other parties
fore were brought in as original parties because
was as to whether, if any country violated
treaties outside of the nations included in the would be released from any obligation as to the belligerent state. I
signatories to the Locarno
parties
countries were
law governing this
negotiations of the anti-war treaty. The following
doubt whatever of the general principle of
that
Belgium, Germany, Italy, have no
therefore declined to place in the treaty a reservation to
to the Locarno treaties: Great Britain, France,
clause undertaking question and
the preCzechoslovakia and Poland. The treaty contained a
Recognition of this principle was, however, included in
violation by one of the high effect.
are "deeply sensible
not to go to war, and if there was a flagrant undertook immediately to amble, which recites that the parties to the treaty
; persuaded that
contracting parties, each of the other parties
of their solemn duty to promote the welfare of mankind
whom such violation or breach was
when a frank renunciation of war as an instrument
come to the help of the party against
of the the time has come
and friendly
matter of law that if any
directed. It therefore was simply a
of national policy should be made to the end that the peaceful
ted; conin violation of that treaty
parties to the Locarno treaties went to war
now existing between their peoples may be perpetua
the multilateral treaty, they would relations
to
one another should be
and were at the same time parties
that all changes in their relations with
vinced
was a general principle of law that
be the result of peaceful and orderly
violate this treaty also, and that it
sought only by pacific means and
violate it, the others would be re- process and that any signatory power which shall hereafter seek to
If one of the parties to a treaty should
any
and under no obligation to take
war should be denied the
leased, and would be entirely free
promote its national interests by resort to
furnished by this treaty."
action unless they saw fit.
signatories, and benefits
agreement
became original
What were the benefits to be furnished? An unconditional
For these reasons the Locarno powers
circumstances no modification not to go to war. This is the recognition of a general principle that,
all of the nations agreed that under these
benefits of this
It was my expectation that if the If
one nation violates the treaty, it is deprived of the
of the present treaty was needed.
readily adhered to by many, if not all,
other parties are therefore necessarily released from
treaty was signed it would be
fulfilled. agreement and the
ons have been more than
their obligations as to the belligerent state.
of the other nations. My expectati
nations have either signed the treaty as
Up to the present time sixty
it or have notified the department of U. S. Not under Moral Obligation to Join Other Nations to Enforce Treaty
original parties or have adhered to
by Military Amdatance.
is my belief that all the nations of the
their intention to adhere to it. It
make it one of the principles of their
that this treaty
world will adhere to this treaty and
I have seen from time to time claims, on the one hand,
when any
is the first time in history
enforcing it either by
national policy. I believe that this
is weak because it does not provide the means for
world.
many nations of the
treaty has received the approval of so
against the treaty-breaking state and, on the
nts made to the treaty military or other sanctions
There are no collateral reservations or amendme
through it the United States has become entangled in
the negotiation of this treaty, as in the other hand, that
as finally agreed upon. During
DEC. 29 1928.]
FINANCIAL CHRONICLE
3633
European affairs and, while under, no express obligation, is under moral
obligation to join other nations and enforce the treaty by military or Net Revenue from Panama Canal and Panama Railroad
other assistance. Neither of these positions is correct. I know that men
in Fiscal Year 1928 $20,621,314—Reduction in Tolls
will differ on the question of whether it is better to provide sanctions or
Opposed.
military agreements to punish a violator of the treaty or military alliances
A report of the operation of the Panama Canal for the fiscal
to enforce it. But whatever the merits of this controversy may be, as I have
already said, I do not believe the United States or many nations in the year 1928 shows net revenue of
$20,621,314, the highest
world would be willing to submit to any tribunal to decide the question
of whether a nation had violated this treaty or irrevocably pledge them- yearly net revenue since the canal was opened to traffic in
selves to military or other action to enforce it. My personal opinion is 1914. Details of the report, which was presented to the Secthat such alliances have been futile in the past and will be in the retary of War by M. L. Walker, Governor
General of the
future; that the carrying out of this treaty must rest on the solemn pledges
and the honor of nations; that if by this treaty all the nations solemnly Canal Zone, and a summary of the report, made public
pronounce against war as an institution for settling international dis- Nov. 10, appeared in the "United States Daily" of Nov. 12,
putes, the world will have taken a forward step, created a public opinion, from which we quote the following:
marshaled the great moral forces of the world for its observance and enThe traffic through the Panama Canal in the fiscal year just closed was
tered into a sacred obligation which will make it far more difficult to
plunge the world into another great conflict. In any event, is is not greater than in any preceding fiscal or calendar year. This statement,
at all practical for the United States to enter into such an obliga- made last year, is repeated for this. Traffic in the fiscal year 1928 was
greater than that in the fiscal year 1927 by 18% in number of commercial
tion.
It has also been said that the treaty entangles us in the affairs of Europe. transits, 12% in net tonnage, 11% in tolls and 7% in cargo carried.
This considerably greater canal business, which may be expressed roughly
I cannot understand why such an argument should be made. It no more
entangles us in the political affairs of foreign countries than any other by saying that the canal has handled seven ships where six were handled
treaties which we have made and, if, through any such fear, the United the year before, has been conducted with an increase in force of approxiStates cannot take any step toward the maintenance of world peace, it mately one man to every 25 previously employed. The growth in traffic
extension during the past year of the hours of operation and to
would be a sad commentary on our intelligence and patriotism. But, it led to an
ncreases in divers elements of business connected with the operation of
is said, we are under moral obligations, though not under binding written
canal.
obligations, to apply sanctions to punish a treaty-breaking state or to the
The growth of traffic has brought to the front considerations of the possienforce its obligations. No one of the governments in any of the notes
leading up to the signing of this treaty made any such claim, and there bility of its exceeding the capacity of the canal, with the corollary of conis not a word in the treaty or in the correspondence that intimates that sidering ways by which the capacity may be increased. Present traffic is
there is such an obligation. I made it perfectly plain, whatever the considered to be between 45 and 50% of that which the canal can handle, as
constructed at present. The first move to provide for future increases
other countries might think, that the United States could not join in
any
such undertaking. In the first speech I made on the subject, which and to assure sufficient depth of water in the cut and over the upper sills
of the locks has been begun in the development of a supplementary water
was afterward circulated to the nation. I said:
supply. A resume of the essentials of this project is presented in a section
I cannot state too emphatically that it [the United States] will
devoted to additional storage at Alhajuela. It is believed that this, with
party to any agreement which directly or indirectly, expressly or not become a
Is a military alliance. The United States cannot obligate itself by implication. the eventual construction of a third flight of locks, parallelling the present
in advance to twin flights will increase the present capacity of the canal by
use its armed forces against any other nation of the world. It does not
about 70%•
believe
that the peace of the world or of Europe depends upon
The total net revenue from combined Panama Canal and Panama Railof military alliance, the futility of which as guarantorsor can be assured by treaties road operations in the fiscal year was $20,621,314.82,
Is repeatedly demonstraed
the best showing
is the pages of history.
for any year to date. The increasing revenues have been made the occasion
I believe that for this same reason Great Britain and some of the for proposals that the tolls be reduced, either on all traffic or on special
other nations of Europe rejected the treaty of mutual assistance. Whether classes of vessels. Policy in this respect is for determination by Congress.
the Locarno treaties will be construed as agreements to apply sanctions, It is pertinent, however, for the administration of the canal to point out
I cannot say; but whether they are or not, I do not believe that it is that heavy expenditures are yet due to be made for additions and replacements in the plant, for the adequate quartering of employes, for suitable
possible to enforce such a treaty.
I know of no moral obligations to agree to apply sanctions or to punish retirement of employes grown old or disabled in this exacting service; that
a treaty-breaking state unless there is some promise to do so, and no tolls at Panama are lower (by approximately a third at present) than the
one can claim that there is such a promise in this treaty. It is true that tolls at Suez; that reductions will benefit foreign vessels in foreign trade as
.
some of the press in Europe have indicated that the United States will well as United States vessels in domestic trade; that the intercoastal lines
now be under some moral obligation to do so, and these speculations have are competing severely with the railroads, and a lowering of tolls may cripple
the internal transportation system of the United States while reducing the
been echoed in the press of this country. But no government has made
any such claim, and press speculations can certainly not be called a part Government's revenue, with offsetting benefits accruing only to limited
of the treaty. There have been, of course, expressions of gratification special interests.
Through the past year the canal force has maintained its high standards
on the part of European statesmen and journalists that the United
States of expedicious service, not only in the actual transiting of ships
but in all
is again taking an interest in European affairs and is willing to
aid in of the supplementary services to shipping which are conducted
at the canal.
the furtherance and maintenance of peace.
The maintenance of adequate channel and smoothly working locks go
hand in hand as primary factors, and these are linked with many only
Deep Interest of U. S. in Maintenance of Peace throughout
World.
slightly lesser interests,the various business activities and the Governmental
I, for one, believe the United States has always had a deep interest in or municipal administration for the canal and Canal Zone.
the maintenance of peace all over the world. Why should not our GovVariety of Enterprises Conducted at Canal.
ernment and our people feel a deep interest in this question? In modern
times no great war can occur without seriously affecting every nation.
Under business activities are grouped such enterprises as the storehouses
Of course, the United States is anxious for the peace, prosperity and hap- and retail establishments for purveying foodstuffs and supplies, oil and
piness of the people of Europe as well as of the rest of the world.
Be- coaling plants, dry docks and shops for repair and manufacturing, operacause we did not approve of the Treaty of Versailles and the League of tion of the Panama Railroad and its shops on the Isthmus,piers and wharves
Nations in all respects, it has been assumed by some that we no longer for the handling of cargo and passengers, operation of the Panama Railroad
take any interest in Europe and world affairs. I, for one, do not
Steamship Line. operation of quarters for the canal force and their families
accept
and the conducting of other enterprises which in the usual community
this as a just estimate of our national character and vision.
By some this grand conception of a world pledge for peace is con- are under private management.
Under Governmental administration some of the principal items are
sidered visionary and idealistic. I do not think that all the
statesmen of
public schools, sanitation and medical and hospital service, police and fire
Europe and of the world who have solemnly pledged their nations
against protection,
customsservice,quarantine and immigration,and some provision
the institution of war can be called visionary idealists. Idealists
they for recreation
in a population which includes approximately 8,000 civilian
are, of course. Idealists have led the world in all great
accomplishments
Americans, 9,000 Americans in military and naval stations, and 20,000
for the advancement of government, for the dissemination
of learning
aliens, mostly West Indians.
and for the development of the arts and sciences which have
marked the
Responsibility for the administration of the Panama Canal is centered
progress of this great growing age.
in the Governor, by the provisions of the Panama Canal Act. In the
To-day probably more than at any time in recorded history
there is a existing organization the Governor
has distributed the work among nine
longing for peace, that we may not again go through the
horrors and major departments and divisions, the heads of
which are responsible to him.
devastation of a world war. I am sure that the people of this
country are
The maintenance of the passage for vessels between the oceans is the funwilling to try this last and greatest step, the solemn pledge
of peoples damental business of the canal. The fiscal year
1928 was another in which
and of nations.
no delays of consequence occurred to traffic. Vessels were handled both in
I cannot believe that such a declaration, entered into not in
the frenzy transit and at the terminals with a promptness which operators have
learned
of public excitement but in the cool deliberation of peoples,
can fail to to expect and demand. During the year a total of 6,959 seagoing vessels
have a world-wide moral effect I believe that this treaty
is approved passed through the canal, an average of 19 per day. Of these vessels.
by almost unanimous sentiment in the United States and in
the world. 2,442, or a little over one-third, made use of the terminal ports in dischargSuch approval means advancement in the ideals of
government and of ing or loading passengers or cargo.
civilization.
One of the permanent problems of the canal is the avoidance of accidents
Of course I know there are some who criticize it either as
an attempt of the sort inherent in traffic through restricted channels;such as groundings
to accomplish too much or too little. Against these men I
have no cam. due to faulty operation of steering gear, often at time of sheers which result
plaint. I have always been pleased to have the treaty
discussed in all its from currents in close waters; striking against the lock walls or piers and
phases with the greatest freedom, and I am willing to
submit it to the wharves, collisions with other vessels, &c. During the fiscal year 1928 a
matured judgment of all the world. I believe it is the
bounden duty of the total of 99 accidents occurred as compared with 60 during the preceding
United States in every way possible, by its example, by
treaties of arbi- year: those in which the estimated damage was $1,000 or more numbered
tration and conciliation and by solemn pledges against
war, to do what 14 as compared with 15 during 1927.
It can to advance peace and thus to bring about realization
The deepening of the Pacific sea-level section and Balboa inner harbor,.
of the highest
civilization. When that time comes the maintenance of
world peace will the removal of material brought into the canal by small slides, and the genrest largely in your hands—you men and women here in the
eral maintenance of channel and locks were carried on through the year
great audience before me, the many millions who, though absent, are
following this without interference with traffic.
meeting by means of the radio, and our brothers and
sisters in the other
Business Operations Continued as Before.
countries of the world.
Certain business enterprises necessary for the conduct of the work and
France and the United States pointed out to other
nations a hopeful
for the convenience of shipping were carried on by the canal organization
pathway to world peace. The other nations have gladly
joined France during the past year as before. The
Panama Canal must have its own conand the United States and have agreed to follow that path
with us. trolled sea communication with the United States. The
Whether or not we reach our common goal depends not so much
employes must be
upon gov- housed,provided with the necessities and comforts
oflife, and the Americans
ertunents as upon the peoples from whom their power flows.
I believe in must have means for transportation to and
from the United States an
people. I have confidence in mankind and I am happy
the
that I have leaves of absence to be spent in the Temperate Zone.
Repair facilities,
been privileged to participate in the conclusion of a treaty
which should bunkering stations, chandlery and other essential supplies,
are required
make it easier for men and women to realize their long Cherished
ideal by shipping. For purposes of transshipment there are wharves and
piers.
of peace on earth.
These activities are carried on by either the Panama Canal or the Panama
3634
FINANCIAL CHRONICLE
Railroad Co., the latter being in all essentials a department of the canal
organization.
The value of these services under centralized control has been shown
by experience. They assure to shipping adequate facilities at reasonable
prices under a management devoted primarily to the efficient handling
of vessels; and they make much easier the maintenance of an adequate and
contented force which can be depended on for the effective operation of
the canal. With reference to national defense, they place under the direct
control of the Government certain plants and stores of supplies essential
to the use of the canal terminals as naval bases and to the husbanding of
resources in case of siege. It is notable that in the fact of the general
opposition to the Government's engaging in business activities, the wisdom
of this arrangement at the canal is recognized practically universally.
Such functions of Government as public health; quarantine; immigration
service; customs; post offices; schools; police and fire protection; construction and maintenance of roads, streets, water supply, and sewers; hydrographic and meteorological osbervations; steamboat inspection; aids to
,areembraced in thesingle organization ofthe Panama Canal
navigation,&c.
under the direct control of the Governor.
Transit Revmues Exceeded 1927 Total.
Here again the concentration under one control has similified the Operations of the canal by co-ordtnating any and all of these activities to the
main function of prompt and reliable handling of vessels. The arrangement
results also in economies of administration, since under this control it is
Possible to place under one organization or even under one individual.
duties which in a less centralized administration would be the function of
two or more administrative units. This centralization has probably had
more to do than any other factor with the continued efficiency of canal
operations.
The net income from tolls and other miscellaneous receipts known as
"transit revenues" was $18.224$44.86 for the fiscal year 1928, as compared
with $15,611,093.80 in 1927, $15,151.668.06 in 1926. 513,465,924.72 in
1925, and $16,307,948.50 in 1924.
The net profits on auxiliary business operations conducted directly by
the Panama Canal. of which the most important are the mechanical shops.
material storehouses, and fuel-oil plants, totaled $735.719.43, as compared
with $876.536.80 in 1927. 5841.310.29 in 1926, 5765.916.85 in 1925,and
$901.624.12 in 1924. The net profits of operations conductee by the
Panama Railroad Co.. exclusive of the Panama Railroad Steamship Line
but including commissaries, docks, coaling plants, and cattle industry,
were $1,659.750.53, as compared with $1,644.189.37 in 1927.$1,347.887.33
in 1926. 51,525,910.13 in 1925, and $1,044,887.04 in 1924. The total net
revenue of the year from all sources, exclusive of the Panama Railroad
Steamship Line. was $20,621,314.82, as compared with $18,131,819.82.
as compared with 518.131,819.97 in 1927. $17,340,865.68 in 1926, $15,757,751.70 for 1925, and $18,254,459.66 in 1924.
The canal, opened to traffic on Aug. 15 1914, was blocked by slldes at
various times during the first few years, and with the relatively light traffic
of the first nine years did not return a net revenue commensurate with its
cost. Beginning with the fiscal year 1923 there was a distinct advance;
the combined net revenue of the canal and Panama Railroad for that year
was $12,063,880.74. as compared with $3.079,531.91 during the preceding
year. The following year 1924, showed a further increase of something
over $6,000,000 to be followed in 1925 with a decrease of approximately
$2.500 000 as compared with 1924 figures. Since 1925 the net revenue for
eacb year has been higher than for the year preceding; and the figure of
520.621.314.82 for the fiscal year 1928 represents the maximum yearly
net revenue to date.
Investment Is Both Defensive and Commercial.
Investment in the canal is partly commercial, partly for national defense.
Arbitrarily the figure of $275.000.000 has been adopted as representing
the investment in a commercial sense (exclusive of the Panama Railroad
Co.) and approximately 5115,000.000. including the 540,000,000 paid to
the French, has been charged off as expenditure for national defense. The
annual interest on $275,000,000 at 3%, the rate on most of the Panama
Canal bonds, would be $8,250,000; at 4% it would be $11,000.000 at 5%,
$13.750,000. However, no interest charge is taken into account, although
there is a fixed annual charge of $350,000 for amortization of canal fixed
property having a life of 100 years and $640,000 covering depreciation at
2% per annum on property having a life of less than 100 years, which together with interest at 3% per year will provide for amortization of the
investment or replacement of all items at the end of 100 years.
In addition, the expenses include a further charge of approximately
$750,000 per year for depreciation of canal equipment and plants. To
June 30 1928, the operating expenses for the canal proper amounted to
approximately $104,000,000 and the revenues to over $196,000,000. of
which $193.018,936.71 was for tolls alone. In addition, the operating
expenses of certain auxiliary business units amounted to over $159,500.000
more against business revenues of $166,000,000. The excess of total
earnings over total expenses at the beginning of the fiscal year 1929 stood
at $98,915.439.82.
In the above, as stated previously, there is no consideration of interest
charge on the investment. At 3% on $275,000,000 it would have amounted
to 5115,500,000 for the 14-year period of canal operation at simple interest
and if compounded would be considerably more. Against this the operating
earnings, aggregated to date, leave a deficit.'
The main items in the business of the canal and its adjuncts in the past
year, covering principal services to shipping, are expressed numerically
in the following table, with comparison with the two years immediately
preceding:
1928.
1927.
1926.
6,458
5,475
5,197
Transits of the canal by ships paying tolls
503
597
552
Free transits
Calls at canal ports by ships not transit1,123
1,061
963
ing canal
1,300,119
1,089,244
1,150,807
Cargo handled at ports (tons)
340,774
372,461
347.619
Coal sales and issues (tons)
Coal—number of ships served other than
964
907
902
vessels operated by the Panama Canal
10,350,399
15,977.648
12,562,146
Fuel oil pumped (barrels)
Fuel oil—number of ships served other
than vessels operated by the Panama
2,678
2,874
2,064
Canal
Ships repaired, other than Panama Canal
1,093
911
836
equipment
Ships dry-docked, other than Panama
131
120
109
Canal equipment
Provisions sold to ships (commissary
31.174.478.46 81.308,520.02 51,429,647.35
sales)
Chandlery sold to ships (storehouse sales) $109,590.58 5134,106.36 8149,055.47
Survey of Canada's Mining Activity by Canadian Bank
of Commerce—Minerals Add $260,000,000 to Dominion's Wealth this Year.
Mineral production will add $260,000,000 to Canada's
wealth this year, S. H. Logan, General Manager of the Cana-
[Va.. 127
dian Bank of Commerce,estimates in a general survey of Dominion mining activities made available Oct. 26. This total
would establish a new high record, an increase of 5% above
last year's output and an advance of 23% over the total
ten years ago, when prices were highly inflated. The forecast is based on the prospect of a continuance of firm prices
for the remainder of the year and indications of that progress in developments will hold up to reasonable expectations. Of the total precious metals are expected to contribute $52,000,000, the four base metals mined in Canada
$72,000,000, coal $60,000,000 and other non-metallic minerals $76,000,000. The largest increase is expected from
base metals, which promise an increased yield of $13,000,000 above the total of $59,000,000 produced last year. This
would approach the record level of $74,000,000 reached in
1918.
"The recovery of the commercial metal industry from the
post-war depression within a few years is one of the most
remarkable developments of recent times," said Mr. Logan,
pointing out that the rebound was due to improved production methods, greater co-operation among producers, rationalization in selling, and ingenuity in creating new markets. He further stated:
"The use of nickel has increased five-fold since 1921, while the world's
use of copper and lead has doubled and consumption of zinc has trebled.
In each case the present consumption is about 150% of the pre-war figures. In the case of nickel, increased uses have increased the demand
almost to the war-time peak, while consumption of the other metals is
considerably larger than the highest records reached in the war."
This year's gold production in Canada is estimated by Mr.
Logan at $40,000,000, slightly above the high record recorded in 1927. Decreases in some mining areas have been offset by increases in others, the gains being attributed largely to improved mining methods. Silver production may fall
short of last year's total, although the recent increase in
price may bring the total value of output to about $12,000,000, only slightly under the 1927 total. Oriental markets
are determining factors, with the demand from China and
India better than for some time.
Canadian copper output is expected to approach 90,000
tons for the year, with a value of about $25,000,000, 46%
more than in 1927. About 90% of the Dominion's exports
In the last fiscal year went to the United States, Great
Britain taking the remainder. A large part of the former
probably found its way eventually to Europe. The increased
use of nickel is particularly important to Canada, inasmuch as between 85 and 90% of the world's output comes
from Canadian mines, Mr. Logan pointed out. Production
of nickel is expected to amount to 44,000 tons this year,
with a value of $18,000,000, against 33,500 tons in 1927,
an increase of 31% for the year and a gain of 400% over
the low point of 1922. Great Britain and the United States
take most of the output, the former for the purpose of refining, the latter for manufacturing.
Canada's participation in the world's lead and zinc supply, it is noted, has increased notably in the last decade.
The value of lead mined this year probably will approximate $18,000,000, while that of zinc may reach $11,000,000.
In each case this would represent a four-fold increase. The
Dominion's exports of these commodities go chiefly to Great
Britain and to Continental Europe. Production of asbestos
is an important factor, too, since about 83% of the world's
output comes from Canada. Consumption is about three
times that of 1921 and is steadily increasing, particularly
in Europe. Production in Canada this year will approximate $11,000,000, an increase of about 8% over 1927. In
addition to asbestos and coal, there is in sight a production
of miscellaneous non-metallic minerals, including clay products, amounting in value to about $65,000,000, against $38,000,000 in 1918.
Decision of French Court Affecting Taxation of American Corporations Doing Business in France.
According to an authoritative interpretation obtained by
the Merchants' Association, of two recent decisions of the
French lower courts, American corporations doing business
in France are facing an extensive revision of their methods
unless the higher French courts upset the ruling of the
lower courts.
• The decisions, according to an announcement Dec. 9
of the Merchants' Association of New York, hold in effect
that a foreign corporation which controls a French subsidiary corporation through ownership of a majority of
the stock and through having a majority of the members
of the board of directors shall be liable to the 18% dividend
DEC. 29 1928.]
FINANCIAL CHRONICLE
tax because of exploiting property in France. According
to a letter received by the Merchants' Association from
C. J. Junkin, Chief of the Division of Commercial Laws
of the Department of Commerce, the net result of the
rulings if they are sustained will be to subject a foreign
corporation with a subsidiary in France to the liability
of a double 18% tax, or a possible total of 36%, on its
receipts from the French enterprise and in addition to the
15% the French company is expected to pay on its net
profits. Mr. Junkin in his letter to the Merchants' Association states:
3635
£106 5s.-4)% Treasury bonds, 1932-34, for each £100 nominal of
5% National War bonds, 1929.
£101 5s.-4%% Treasury bonds, 1932-34, for each ElOG nominal 4%
National War bonds, 1929, or 43 % Treasury bonds, 1929.
Those who convert will receive on Feb. 1 1929 the interest payable on
-year's interest on the
that date on the surrendered holdings and a full half
new 43% Treasury bonds on Aug. 1 1929.
4% Consols Option.
One other feature of the government's scheme is the option which the new
bonds carry with them of conversion into 4% Consols, holders being given
the right, exercisable during the period July 16 to July 31 1929, to convert
Into this long-dated stock tut the rate of £112 of 4% Consols for each £100
nominal of 43l% Treasury bonds surrendered. Interest on the Treasury
bonds converted will cease on Aug. 1 1929, and six months' interest on the
If it becomes definitely established as a rule of law that foreign com- 4% Consols will be paid on Feb. 1 1930.
panies controlling French subsidiaries shall be subject to this double
Closing of Cash Applications.
liability, it would obviously be unprofitable to do business in France
The list for cash applications will be opened on Saturday. Dec. 1, and
in this manner. The simplest expedient to resort to would be to register will be closed on or before Wednesday, Dec. 5.
a branch in France, preferably of a small American subsidiary in cases
Closing of Conversion Applications.
where the American parent corporation is a huge undertaking with wide
ramifications.
The list for conversion applications will be opened forthwith and will be
closed on Saturday, Dec. 15.
In writing of the effect of the decisions, Mr.Junkin says:
The effect of this decision is to assimilate a foreign corporation conThe same paper also presents the official offering as follows:
trolling a French subsidiary to a foreign corporation having a branch
registered in France. On the one hand, it suffers deduction of 18% from
£43,6% TREASURY BONDS-1932-1934.
the dividend paid to it by the French company, and on the other hand.
Interest payable half
-yearly on Feb. 1 and Aug. 1. A first interest pay18% tax on a certain proportion of its dividends
It Is required to pay the
distributed in America or wherever its home office may be. that is attrib- ment of £1 12s. 6d- per £100 will be made on Aug. 1 1929. Price of issue.
£99%. Payable as follows:
For the purposes of the latter
utable to the business done in France.
£10%
assessment, it is necessary to submit the balance sheet and profit and loss On Application
£89%
account covering the total operation of the foreign company as well as On Wednesday, April 3 1929
information concerning the dividends distributed, but the tax is paid
£99%
only on that proportion of the dividends which represents the ratio of the
This loan is an investment authorized by "The Trustee Act, 1925,"
French assets to total assets. The net result of the judgment is to subject
the foreign corporation owning a subsidiary in France to liability to the subject as regards securities payable to bearer to the provisions of Section 7
twice, making a possible total of 36%, on its receipts from the French of that Act.
18%
The Governor and Company of the Bank of England are authorized to
enterprise, and in addition the French company must pay 15% tax on
receive applications for the above bonds.
its net profits.
The principal and interest of the
As matters are now organized there are several large dated Fund of the United Kingdom.bonds will be a charge on the Consoliin the United States doing business in France
corporations
If not previously redeemed,the bonds will be repaid at par on Feb.1 1934.
through subsidiary corporations. These companies are but His Majesty's Government reserve to themselves the right to redeem
the bonds at par at any time on or after Feb. 1 1932 on three months' notice
following the decision of the French courts with the utmost being given in the "London Gazette."
interest. It is suggested that the United States will do
The bonds will be issued in denominations of £50, £100, £200, £500.
nothing in a diplomatic way until decision of the higher £1,000 and £5,000.
The bonds may be registered, free of cost, in the books of the Bank of
court has been rendered. Should this decision be advanced England, as
1. "Transferable in the Bank Transfer Books," or
it is not at all unlikely that the Government will take the
2. "Transferable by Deed";
matter up through diplomatic channels.
Holdings of registered bonds, which will be transferable in any sums which
are multiples of one penny, may be reconverted at any time in whole or in
of £50) into bonds
Response to Recent British Offering of 4% Treasury part (in multiples paid half-yearly on to bearer with coupons attached.
Feb. 1 and Aug. 1. A first payment
Interest will be
Bonds-Details of Offering.
of £1 12s. 6d. per £100 will be made on Aug. 1 1929. Dividend warrants
for interest on registered holdings will be forwarded by post; income tax vrill
Regarding the response to the recent offering of British be deducted at the source from dividends of more than £5 per annum.
Treasury
% bonds, a cablegram Dec. 20 to the New Interest on bonds to bearer will be paid by coupon.
Powers of attorney, transfers and bonds to bearer will be free of stamp
York "Journal of Commerce" from London stated:
duty.
Winston Churchill has announced the result of the Government's recent
This issue will not be regarded as a "Loan Issued for the purposes of the
issue of the Treasury 4%% bonds, reporting cash applications of £46,150,present war" within the meaning of Rule 3, Schedule C, of the Income Tax
000, applications by conversion of maturing bonds £103,516,000, making
Act, 1918.
a total of £149,666,000. As the total maturities next February amount
Applications, which must be accompanied by a deposit of £10%, will be
to about E172,000,000, over £22,000,000 must be raised from other sources.
received at the Bank of England Loans Office, 5 and 6 Lombard Street,
The result is described as satisfactory, but some consider the cash subE.C. 3. In case of partial allotment, the balance of the amount paid as
scription as disappointing. Others say it is extraordinarily good in curdeposit will be returned.
rent circumstances.
Applications must be for £50 of the issue or for multiples thereof. No
The cash and conversion offering of British Treasury 4M% allotment will be made for a less amount than £50. Allotment letters will
bonds, at 99, repayable at par from 1932 to 1934, was re- not be posted until Saturday, Dec. 22 1928.
Allotments may be paid in full under discount at the rate of 4% per anferred to in these columns Dec. 1, page 3031. Holders of
num; in the case of full payments made before Feb. 1 1929, discount will
the £100 nominal 5% National War bonds of 1929 were only be allowed from the latter date. Default in the payment by April 3
offered the privilege of conversion into the new Treasuries 1929 of the balance due that day will render the deposit liable to forfeiture
at£106 5s. The 4% National War bonds of 1929 and 4% and the allotment to cancellation.
Bond
to bearer, with coupon attached for the interest payable
Treasuries of 1929 were offered the privilege of conversion Aug. 1 certificatesbe issued in exchange for fully paid allotment letters.
1929 will
at £101 5s. Cash applications opened Dec. 1 and closed These bond certificates may be registered: or they may be retained to be
Dec. 5. The conversion privilege closed Dec. 15. From exchanged, in2due course, for bonds to bearer. in respect of cash subUntil July 1929, 4%% Treasury bonds issued
the London "Financial News" of Nov. 29 we take the fol- scriptions will be designated 4%% Treasury bonds, 1932-1934."A." but on
that date the issue will be amalgamated with 4%% Treasury bonds raised
lowing relative to the offering:
Recurring rumors of a Government scheme to meet next year's early as the result of the conversion offer made in this prospectus to holders of
maturities of debt have at last proved correct, although the terms an- National War bonds and 4)4% Treasury bonds, due Feb. 1 1929.
Holders of 434% Treasury bonds, 1932-1934, may convert their holdings,
nounced differ very widely from those which appeared to be invested with
some authority some five or six weeks ago. The stock offered is not a fixed In whole or in part, during the period July 16 to July 31. 1929, both days
amount of five-year bonds on a 3% basis at a low price of issue, but of an inclusive, into 4% Consolidated Loan at the rate of £112-4% Consolidated
undefined amount of 4%% Treasury bonds (1932-34) at a price of 99, Loan for each £100 nominal 4)4% Treasury bonds surrendered. Interest
and six months'
giving a running yield of £4 lls.%. Interest will be payable half
-yearly on the Treasury bonds converted will cease on Aug. 1 1929,
on Feb. 1 and Aug. 1, and a first interest payment of El 12s. 6d. per £100 interest on the 4% Consolidated Loan will be paid on Feb. 1 1930.
4% Consolidated Loan raised as the result of this option will rank panl
will be made on Aug. 1 1929. Payments for the new bonds are to be made
as to £10% on application and £89% on April 3 1929, i. e., two months passu with the 4% Consolidated Loan existing at the time when the option
is exercised.
after the maturing bonds fall due for repayment. It is also announced,
A commission of 55. per £100 nominal Treasury bonds surrendered will
however, that allotments may be paid in full under discount at the rate of
4% per annum, but that in the case of full payments made before Feb. 1 be paid to bankers and stockbrokers in respect of accepted conversion appli1929, discount will be allowed only from the latter date. It seems evident, cations bearing their stamp.
therefore, that the Treasury is relying less on the cash offer than on the 5% and 4% National War Bonds, Due Feb. 1 1929-4%% Treasury Bonds,
conversion offer which comprises the second part of the new scheme.
Due Feb. 1 1929.
Holders of these bonds may surrender their holdings, in whole or in part,
Conversion Terms.
and receive in exchange therefor 4)4% Treasury bonds, 1932,1934. at the
The actual debt maturities in the early part of 1929 are as follows:
rate of:
4 and 5% National War bonds (Feb. 1)
£100.000,000
£106 5s.-4%% Treasury bonds, 1932-1934, for each £100 nominal
bonds (Feb.
43i% Treasury bonds (April 1
72.800,000
5% National War bonds, 1929.
1
Treasury
30,600,000
£101 5s.-434% Treasury bonds. 1932-1934, for each £100 nominal
£203.400,000
4% National War bonds, 1929, or 4;4% Treasury bonds, 1929.
great bulk of the maturities,it will be seen, have to be faced on Feb. 1,
Holders who accept this offer will receive on Feb. 1 1929 the interest
The
and It is to holders of these bonds that the conversion offers are now made, payable on that date on the surrendered holdings and a full half-year's
the holders of the April maturities not receiving any specific treatment. Interest on the 434% Treasury bonds. 1932-1934, will be paid on Aug. 1
Presumably, the Treasury has other plans for dealing with this relatively 1929.
Application for the conversion of registered bonds or registered coupon
small amount. The terms actually offered to holders of the February ma-It is stated that holders may surrender their holdings, bonds transferable by deed must be accompanied by the relative register
turities are these.
In whole or in part. In exchange for the new 4%% Treasury bonds at the certificates; in the case of registered coupon bonds, the coupons due Feb. 1
1929 must be detached.
rate of:
3636
FINANCIAL CHRONICLE
Applications for the conversion of bearer bonds must be accompanied
by the relative bonds from which the coupons due Feb. 1 1929 must be
detached.
Registered holdings (other than registered coupon bonds) will be convertible into holdings which will in each case be transferable in the same manner
as the converted holding. Registered coupon bonds and bearer bonds will
be convertible into registered holdings "transferable in the Bank Transfer
Books" or "transferable by deed," at the option of the holder. Registered
holdings will be exchangeable, in due course, for bonds to bearer.
Commission as under will be paid to bankers and stockbrokers in respect
of accepted applications bearing their stamp, viz.:—
On applications to be paid for in cash-2s. 6d. per £100 nominal 42
/
1%
Treasury bonds allotted.
On conversion applications received by the Bank of England or the Bank of
Ireland not later than Saturday, Dec. 8 1928-5s. per £100 nominal
National War bonds, 1929. or 42 Treasury bonds, 1929, surrendered.
/
1%
On conversion applications received by the Bank of England or the Bank
of Ireland after Dec. 8 1928-2s. 6d. per £100 nominal National War
bonds, 1929, or 42 Treasury bonds, 1929, surrendered.
/
1%
Applications:
1. For the conversion of bonds registered in the books of the Bank of England—Must be lodged at the Bank of England, 18 Finsbury Circus,
London, E.C. 2.
2. For the conversion of bonds registered in the books of the Bank of Ireland,
Dublin—Must be lodged at the Bank of Ireland, Dublin,
3. For the conversion of bonds registered in the books of the Bank of Ireland,
Belfast—Must be lodged at the Bank of Ireland, Belfast.
4. For the conversion of bearer bonds and all cash applications—Must be
lodged at the Bank of England Loans Office, 5 and 6 Lombard Street.
London, E. C. 3.
Application forms may be obtained, together with copies of this prospectus, at the Bank of England; at the Bank of Ireland; of Messrs. Mullens,
Marshall, Steer, Lawford & Co., 13 George Street, Mansion House, E.C. 4;
and at any bank or stock exchange in the United Kingdom.
In the case of conversion applications, forms have already been sent by
post to all holders of registered bonds or registered coupon bonds an the
case of joint accounts, to the first holder).
The list for cash applications will be opened on Saturday, Dec. 1, and will
be closed on or before Wednesday, Dec. 5 1928.
The list for conversion applications will be opened forthwith and will be
closed on Saturday, Dec 15 1928.
Bank of England,London, Nov. 28 1928.
N.B.—Bones of the Post Office issues will not be convertible at the Bank
of England; they will be convertible at the Post Office under the arrangements set forth in the separate prospectus issued by His Majesty's Postmaster-General
[VOL. 127.
Large accumulation of gold in the Reichsbank which recently established a record. Reviewing money conditions
in Germany, the review says in part:
"Recent developments point to lower money rates in Germany, which
would bring quotations there more in line with those in other countries.
The 7% discount rate for the Reichsbank is considerably above the 44
and 5% rate for Federal Reserve Banks in this country, the 4%%
rate
in England, and the 31
/
2
% rate in France.
"For some months, France has been investing large amounts of shortterm balances in Germany; dollars have been sold in London, and the
Sterling proceeds used in new loans to Germany. The conversion of
the Sterling into marks was an important factor in bringing the Berlin.
London exchange below the gold export point from London.
"It seems to be the policy of the Reichsbank to buy gold abroad whenever the influx of short-term foreign credits into Germany becomes large.
Such a policy tends to raise money rates abroad and reduce rates in Germany, retarding short-term lending to Germany, and preventing large
amounts of short-term balances from accumulating within that country.
"Recently the gold holdings of the Reichsbank reached record figures.
As of Nov. 23 the reserve was 2,573,000,000 marks against 1,855,000,000
marks a year ago and only 441,000,000 marks early in 1924. The geld
reserve against circulation in Germany now stands at about 61%, while
gold and eligible foreign exchange together constitute a reserve of approximately 68%. The reserve ratio for the Bank of England stands
at about 43%; the Bank of France at about 38%, and for the Federal
Reserve Banks about 65%.
"Credits to business at all banks, which stood at 3,273,000,000 marks
at the end of October 1927, declined in the succeeding 12 months to •
only 2,632,000,000 marks. The recent accessions to the gold supply,
coming chiefly from England, have been accompanied by a reduction in
the volume of discounts at the Reichsbank. This decline in discounts,
accompanied Ity a continuation of the Reichsbank's policy of acquiring gold
whenever operations can be profitably effected, presages a decline in
the discount rate.
"It is a cardinal principle of economics that low money rates stimulate
profitable business activity. A reduction of the discount rate for the
Reichsbank should stimulate business after the first of the year, and reduce the unemployment which has resulted from the dullness in German
trade as a whole."
Bank of France Dividend.
$2,500,000 Refund on Loans Raised in United States
The "Wall Street Journal" of Dec. 26 has the following to
for Republic of Ireland—Distribution to Be Made say in advices from its Paris office:
Bank of France has declared dividend for second half of the year of 185
to Subscribers Filing Proof Before Dec. 31.
with
period
Sympathizers with the nationalist aspirations of Ireland francs, comparedentire165 francs for corresponding330 last year, making
dividend for the
year of 350 francs, against
francs last Year.
Shares of Bank of France are steady at around 24,000 francs.
who subscribed to the several loans floated in the United
1921 will shortly have returned to them
States from 1919 to
a total of about $2,500,000, which has lain in safe deposit
Spain's Discount Rate Criticized.
vaults here since the Free State Treaty was signed with
The following Madrid (Spain) adviees Dec. 25 appeared in
England. The foregoing is from the New York "Times" the New York "Times":
of Dec. 28, which also says:
The rise in the discount rate of the Bank of Spain from 5 to 52 is
/
1%
The long legal controversy about the sequestrated funds and the technicalities surrounding their return to original subscribers has vh•titally come
to an end. The receivers' committee, with headquarters at 117 Liberty
St., is now advertising that holders of the bond certificates who fail to file
their certificates or proofs of claims on or before Dec.31 1928 will be forever
barred from participating in the distribution of the funds.
This action is taken by the receivers in accordance with an order of the
New York Supreme Court, signed by Judge Curtis Peters on Aug. 6,
extending until the end of this year the time for filing claims. Further
extension is not expected, and with all valid claims duly recorded and
checked, the receivers' committee hopes to distribute the funds within the
first two months of 1929.
Subscriptions taken in the period from 1919 to 1921 were for the avowed
purpose of helping the struggling republicans. Two loans were floated,
called respectively the "First National Loan of the Republic of Ireland."
and the "Second External Loan of the Republic of Ireland." Close to
$6,000,000 was raised in this way, of which approximately $3,000,000 was
sent to Ireland before the Free State Treaty was negotiated.
Although peace was re-established, republican representatives laid claim
to the 82,500,000 remaining in this country. The claim, however, was
contested by the new Free State Government, and the suit was carried to
the New York Supreme Court. The sum, in United States Government
securities, remained in safe deposit vaults in New York pending a decision.
The Supreme Court ordered the funds returned to the original subscribers.
The receivers' committee organized to make the distribution found that
303,000 persons had purchased the Irish national bonds. It proved a difficult task to trace the holders, as In most cases the subscriptions were made
solely to help the republican cause and the subscribers destroyed or simply
forgot their securities.
To the end of November a total of 127,000 persons sent in their bond
certificates, together with proof that they were the persons named as subscribers or legal successors to the original subscribers. The amounts
claimed aggregate approximately 83,400,600. Distribution, when made,
will be on a pro rata basis, so that a substantial proportion of the original
subscriptions will be paid out on valid claims. A further court order will
be required before final distribution can be made, but it is assumed that this
will be readily forthcoming when the claims are all in order, and the distribution will be made as shortly thereafter as possible.
A reference to the order of'Judge Peters appeared in our
issue of Aug. 11, 1928, page 768.
J. Henry Schroder & Co. Predict Easier Money Rates
in Germany—Reichsbank Accumulating Gold in
Large Quantities.
Easier money rates are expecetd to prevail In Germany
in the new year and this development is expected to have
a stimulating effect on businss in that country, is the opinion expressed by J. Henry Schroder Banking Corporation
in their current issue of "Finance and Trade Commetrtary." The easier money rates, in the opinion of the bankers, appears to be almost a certainty as a result of the
criticized by the "Economista," one of the leading financial organs. The
journal believes that the high rate will drive borrowers away from the
Bank of Spain to the private bankers. At the same time,the Bank of Spain
would have to consider the effects of the increased discount rate in regard
to operations in the credit market, it is said.
Luxemburg Stock Exchange to Open Jan. 1.
From the "Wall Street News" we take the following dated.
Washington, Dec. 26:
Luxemburg Stock Exchange will open en Jan. 1 next, the Department of
Commerce was advised to-day. No distinction will be made between
nationalities for the admission of banks, bankers and stock brokers, It was
said. Quotations will involve foreign exchange and moneys, home and
foreign stocks. Preference will be given to those home and foreign stocks
quoted on foreign exchanges. A market for futures will be organized
later.
Central Bank for Bolivia Proposed.
La Paz, Bolivia, press advices Dec. 23 state:
Establishment of a central bank to control circulation and other fiscal
and monetary affairs now vested in the State along lines adopted by the
Central Bank of Santiago, Chile, is recommended by a Government commission which has just returned from Santiago. The bank would open for
business about April 1.
Mexican Government Closes Financial Agency in New
York.
The Associated Press advices carried the following advices
from Mexico City Dec. 27:
The Treasury Department annctunced to-day that the Mexican Government's financial agency at New York will be closed on Jan. 1. All financial
transactions after that date will be handled through the Consul-General.
Commenting on the above, the New York "Times" of
Dec. 28 stated:
It was said at the offices of the Mexican Financial Agency yesterday
that merging of the agency with the Consul-General's office would make
formal an arrangement already in effect. Arturo Elias, who is in Mexico
City and who is to become Postmaster there, has filled the offices of Consul
General and financial agent for some time. He will be succeeded as Consul
General here by the present Mexican Consul-General In Germany.
There have been no payments this year by the Mexiean Government
here on its national debt except amounts in liquidation of sums due from
1927. Suspension of payments ot the International Bankers' Committee
followed an announcement by Senor Canes, then President of Mexico, that
the condition of the country did not permit continuance of payments on
the schedule provided by the Pani-Lamont agreement.
A survey of the operations of the National Railways of Mexico will be
undertaken In January by the engineering firm of Coverdale & Colpitts
as a supplement to the general economic and financial report on Mexico
DEC. 29 1928.]
FINANCIAL CHRONICLE
3637
Bonds of Province of Cordoba, Argentina, Drawn for
Redemption.
Bissell, Kinnieutt & Co. and First National Corp. of
Boston announce that $113,500 Province of Cordoba,
Control of Banco di Santo Spirito, Italy, Taken Over Argentina, 7% bonds, due in 1942, have been drawn by
lot for redemption at par on Jan. 1 1929.
by Istituto—Italiano di Credit Marittimo.
Banco di Santo Spirito, an Italian banking
Control of
Bonds of City of Buenos Aires Drawn.
house organized in Rome almost three and one-quarter
Bissell, Kinnieutt & Co., as fiscal agents, announce
centuries ago and since prominently identified with the eco-year 634%
nomic activity of that part of Italy, has passed into the that $58,000 City of Buenos Aires external 313'2
hands of the Istituto Italian° di Credit° Marittimo, ac- bonds of 1924, series 2-B, have been drawn by lot for recording to cable advices received this week by Capt. A. demption at par on Jan. 1 1929.
Ruspini, President of the Italia-America Shipping Corporation which acts as American representative of the Insti- Portion of Bonds of State Mortgage Bank of Jugotute. The cablegram follows:
slavia Retired.
"The Istituto Italian° di Credit° Marittimo, Italian banking institution
J. & W. Seligman & Co., as fiscal agents, have retired
founded in Rome in 1916, has assumed upon invitation of the Italian Govmade in the open market $87,000 prinernment and the Banea d'Italia, the majority of the capital and the con- through purchases
trol of the 'Banco di Santo Spirito,' an old banking house of Rome, cipal amount State Mortgage Bank of Jugoslavia secured
organized in 1606 and since prominently identified with the economic life sinking fund 7% gold bonds, due April 1 1957, leaving a
and activities of that part of Italy.
balance outstanding of 811,754,500.
"The Banco di Santo Spirito is absorbing besides, the interests of
for the International Committee of Bankers on Mexico, of which Thomas
W. Lamont of J. P. Morgan & Co. is Chairman. The survey, which will
require about three months, will be undertaken by Walter W. Colpitta
and a corps of assistants who will leave New York on Jan. 5.
the
Banes, Regionale, so that it will have an authorized capital of 50 million
Ikea and a total of 300 million lires in deposits. Under the management of the Istituto Italiano di Credit° Marittimo, the Banco di Santo
Spirito will continue to expand and enlarge the field of its work under
most favorable and promising conditions.
"The invitation of the National Government and the Banes d'Italia
extended to the Istituto Italiano di Credit° Marittimo to assume control
of the Banco di Santo Spirito is proof sufficient of the former's political
and financial standing and of the esteem in which the institution is held.
Its association with an old banking firm is looked upon with great favor,
speaking of great possibilities for future development."
Portion of State Loan of Kingdom of Hungary Drawn.
Speyer & Co. announce that a drawing for the sinking fund
of the State Loan of the Kingdom of Hungary 1924 734%
gold bonds has taken place and that the $245,800 bonds so
drawn will be payable on and after Feb. 1 1929, at par
at their office 24 & 26 Pine St., New York.
Bonds of City of Leipzig Drawn for Redemption.
Speyer & Co.announce that a drawing for the sinking fund
Soviet Russia Makes Second Payment to Germany on of the City of Leipzig 7% sinking fund gold bonds has taken
Credit of 300,000,000 Mark.
place and that the $126,000 bonds so drawn will be payable
The second payment of 36,000,000 marks ($8,568,000), due at par on and after Feb. 1 1929, at their office, 24 and 26
Dec. 31 1928, on the German 300,000,000 mark ($71,400, Pine St., New York.
We) long-term credit extended to Soviet economic organizations was recently deposited with the Deutsche Bank by Mexico to Fund Debts—Plans Bond Issue to Settle with
Foreign Nationals.
the Soviet Commisariat for Trade, according to cabled reports received Dec. 23 by the Amtorg Trading Corporation,
The following Associated Press advices from Mexico City
the principal firm in Soviet-American trade. The first Dec. 28 are taken from the "Sun" of last night:
payment on the German credit amounted to 31,000,000
A law has been passed authorizing President Portes Gil to negotiate with
marks. The announcement of the Amtorg Trading Corpo- foreign Governments for aggregate settlements covering all claims of their
nationals against the Mexican Government for revolutionary damages.
ration says:
The law is intended to fix Mexico's internal indebtedness.
The German long-term credit, partly guaranteed by the Government,
was authorised two years ago. German equipment to the total amount
of the credit was purchased within a year by various Soviet industrial
and trade organizations. According to Soviet customs statistics of trade
across European frontiers. Soviet imports from Germany in the fiscal
year 1927-28, ending Sept. 30 1928, amounted to 242,000,000 rubles, and
from the United States to 181,500,000 rubles, as against the corresponding figures for the preceding fiscal year of 157,700,000 rubles and 143,400,000 rubles, respectively.
The bill provides for the appointment of a committee to study and fix
the total internal obligations, after which the President will issue a law
regulating the payments. All obligations will be funded into a single issue
redeemable in not less than 45 years and bearing 5% interest. The beads
will be secured by such revenues as the Government may designate.
The national railways are not included in the arrangements, but will be
subject to independent negotiations with their creditors.
Estimated expenditures have been reduced by 369,217 pesos (about
$184,608) in the budget bill for 1929, which has been passed by Congress.
The revenue estimate was fixed at 288,429,600 pesos, while expenditures
were estimated at 288,013,392 pesos. Thirty-four million pesos was allotted for the public debt.
Revenues of State of Parana, Brazil.
According to official information furnished from Curityba,
Brazil, received by Chase Securities Corp., the revenue of State of Ceara, Brazil, to Pay Interest on United States
Debt.•
the State of Parana during the fiscal year ending July 1928
From the "Sun" we take the following advices (Associated
amounted to the equivalent of $3,689,000. This figure, it
is stated, was $595,000 more than the budget estimate and Press) from Fortaleza, State of Ceara, Brazil, Dec. 28:
The State Government has taken steps to pay interest in a sinking fund
$987,700 more than the revenue for the previous year.
loan contracted in the United States through a New Orleans bank,the figures
available showing that to April 29 payments reached $121,200. Of this
amount $40,000 will pay the interest for 1924-25, while $80,000 will
Pay the
Bonds of Argentine Nation Drawn for Redemption.
current interest.
J. P. Morgan & Co. and The National City Bank of New
York, as fiscal agents, are issuing a notice to holders of Illinois "Blue-Sky" Law Again Validated—High Court
Upsets Penn-Tobin Decision.
Government of the Argentine Nation external sinking fund
6% gold bonds, issue of Feb. 1 1927, sanitary works loan,
From the Chicago "Post" of Dec. 10 we take the following:
Section 23 of the Illinois Securities Act, held unconstitutional by Municidue Feb. 11961, announcing that $138,500 principal amount
Michael McKinley
of these bonds have been drawn for retirement at par and pal Court Judge rehabilitated as far in the Penn-Tobin case last July, has
been completely
as its legal standing goes by another
acerued interest on Feb. 1, next, out of moneys in the sinking and higher court ruling, Chicago investment authorities believed to-day.
The higher court ruling was an oral one made by Judge Sterling Pomeroy
fund. Bonds so drawn will be paid upon presentation and
of the Cook County Circuit Court in the
Hawkins
surrender at either the office of J. P. Morgan & Co., 23 against E. T. Morris & Co.and the Federalcivil suit of Theodoresought to
Surety Co. The suit
Wall St., or at the head office of The National City Bank recover about $4,500 on a bond filed by the Morris company with the
Secretary of State's
when
of New York on and after Feb. 11928, from which date all several years ago. officefirm's the firm qualified to sell securities in Illinois
The
permit was canceled on Dec. 2 1926. as a
interest on the drawn bonds will. ease.
result of transactions in United Iron stock on the Chicago Stock Exchange.
Bonds of Greek Government Drawn for Redemption._..
Stabilization and Refugee Loan of 1928.
Speyer & Co. announce that- the first drawing for the
sinking fund of the Greek Government forty-year 6% secured sinking fund gold bonds (stabilization and refugee
loan of 1928) has taken place and that the $54,500 drawn
bonds represented by interim receipts bearing identical seOa' numbers will be payable on and after Feb. 1 1929 at
par at their offices 24 and 26 Pine Street, New York.
Attorneys for the defendants filed a demurrer to the suit attacking the
constitutionality of Section 23 of the "blue sky" law. This section provides
that the bond shall range from $2,009 to $50.060 and leaves it to the discretion of the Secretary of State to fix the precise amount. The arguments
used cited the McKinley decision that this discretionary provision was
unconstitutional.
Attorney Elmer J. Schnackenberg, representing Mr. Hawkins. cited a
United States Supreme Court and several other decisions as overruling the
decision in the Tobin case, and Judge Pomeroy held with him. The case
was ordered to go to trial.
As the Circuit Court is higher than the Municipal, the view in invest-.
-day was that a dangerous gap in the "blue sky"fight against
ment circles to
unscrupulous brokerage operations was now definitely closed. Because the
Penn-Tobin ruling by Judge McKinley was in a criminal case, no appeal
was possible by attorneys for the State at that time.
3638
FINANCIAL CHRONICLE
New "Blue-Sky" Law in Ohio Proposed by State Bar
Association.
More drastic provisions for prosecution for fraud in the
sale of securities coupled with greater freedom for the handling of legitimate securities are the principal features of a new
State security or "blue sky" law which is in course of prepa:
ration by a Committee of the Ohio State Bar Association
According to the Ohio State "Journal" of Nov.28. The item
says:
It will be presented to the Legislature next January for enactment.
The proposed law, now in its fifth draft and virtually completed, was made
public Tuesday by E. S. Morton. Columbus attorney, Chairman of the
Committee.
The fraud statute proposed is modeled after the New York fraud law.
and would make convictions easier to obtain, according to Morton.
The exempted class of securities, those not required to be licensed but
merely registered with the securities department, would be greatly extended
by the new code.
Bonds,the face value of which does not exceed two-thirds the market value
of the property against which they are a lien, would be exempt from license
requirement, but would be registered along with a financial statement. If
on investigation, the department found the financial statement incorrect,
sale of the bonds could be barred. All bonds not meeting the two-third's
requirement would have to be licensed.
Stocks required to be licensed for those failing to show net earnings in
excess of one and a half times the interest and dividend charges during at
least a consecutive two-year period immediately preceding the time of
application to sell. Those meeting the requirement would be registered with
the financial statement.
First Regional Clearing House Association Formed In
Illinois.
The first Regional Clearing House Association in Illinois
has been brought into existence with the organization of all
banks in the fourteen southernmost counties of the State
into the Group Ten Clearing House Association. The
Chicago "Journal of Commerce," in making this known
Dec. 17 stated:
F. Guy Hitt, President of the First National Bank of Zeigler, was elected
President of the association; H. R. Aisthrope, Cashier of the First Bank
and Trust Company, Cairo, was made Vice-President; L. K. McAlpin,
Cashier First National Bank Metropolis, was made Secretary-Treasurer.
One director from each county in the group was elected as follows:
Alexander County, H. R. Aisthorpe, Cashier, First Bank and Trust Company, Cairo; Franklin County, J. L. Smith. President, First National Bank,
West Frankfort; Gallatin County, Wm. H. Brinkley, Vice-President, City
National Bank, Shawneetovrn; Hamilton County, W. D. Sharpe, Cashier,
Peoples National Bank, McLeansboro; Jackson County, J. E. Mitchell,
Cashier. First National Bank, Carbondale; Johnson County, P. T. Chapman, President, First National Bank, Vienna; Massac County, L. K. McAlpin, Cashier, First National Bank, Metropolis; Pulaski County, Earl
Karraker. Cashier, First National Bank, Mound City; Saline County.
John B. Lee, Vice-President, First Trust and Savings Bank, Harrisburg;
Pope County, J. H. Dixon, President, Pope County State Bank. Golconda;
Hardin County. E. F. Carter, Cashier, State Bank of Rosiclaire; Union
County, Lindorf Walker, Cashier. First National Bank, Cobden; White
County, T. W. Hall, President, First National Bank, Carnal; Williamson
County, E. B. Jackson, Vice-President, Marion State and Savings Bank,
Marlon.
The officers and board of directors were charged by the representatives
at the meeting with the duty of proceeding to make a survey of the sentiments of the banks throughout the group so that common action can be
taken on all matters which would lend themselves to co-operative action
and help toward increasing the soundness and safety of the member banks.
Plan for Reserve Fund to Stabilize Employment Analyzed by Norman Lombard of Stable Money
Association.
The leading article in the bulletin of the Stable Money
Association, made public Dec. 17, is an analysis of the
Prosperity Reserve Plan announced by Governor Brewster
at the New Orleans Conference of Governors, and referred
to in our issue of Nov. 24, page 2904. Norman Lombard,
Executive Director of the Association and Vice-President
of the American Financial Corporation of New York discusses the project. While sympathetic to the aim of the
proposal, Mr.Lombard is doubtful of the economic "finality"
of the plan, holding that the first attack on unemployment
must be made from the side of money and the business
cycle.
Dealers in Bankers Acceptances Agree Upon Uniform
Rates Holding Old Level—General Advance Expected Throughout Discount Market—Settlement
Follows Flow of Business to Houses Which Retained Old Rate.
In noting the adjustment on Dec. 21 of the differences
between two groups of acceptance dealers, which on Dec. 20
caused three large houses to advance their rate one-eighth
of 1% while three other large houses continued to bid at
the old rate, the "Journal of Commerce" of Dec. 22 said:
‘
,
The old bid rate for bills of 43 % remains, with the spread of one-fourth
of 1% between bid and asked rates.
Observers in touch with the bill market stated yesterday that, in view of
the general expectation of tight money and the prevailing beliefthat buying
rates of the Reserve bank will go up, the dealers who en Thursday (Dec.
20), had advanced their bid rates had assumed that other houses would
[vol.. 127.
follow their lead. Instead of following suit, however, remaining discount
houses continued to bid for bills at 436% thus taking the major part of the
,
business. Despite the fact that rates were uniform for all houses yesterday, its was stated, the companies which had kept to the old rates on
Thursday (Dec. 20), still receive a larger proportion than usual yesterday
on the business to be handled.
Bill Market Support.
Many of the houses, it was stated, remain dissatisfied with the present
situation. It is understood that support of the bill market is likely to decline during the coming week. Corporations, which sometimes approach
the discount market in order to place surplus funds, are expected throughout
the coming week to be engaged in the building up of large cash balances and
large bank deposits,for exhibit in annual reports. Federal Reserve support,
it is declared, is uncertain. The banks are not large buyers. In consequence, it is stated, discount houses next week will accumulate large
portfolios.
Some of the dealers point out that, according to the statistics of the
American Acceptance Council, bill holdings of the Reserve bank usually
increase throughout the month of December. The fact, however,that during the past week, according to the Federal Reserve statement issued
Thursday, the Reserve bank allowed a large volume of bills to mature without replacing them, led other dealers to assume that support will not come
to the market from this source.
Due to these differences of opinion the settlement among the bill dealers
arrived at yesterday is not considered to be a clue to the future market. It
is believed, on the contrary, that a uniform upward revision of rates will
be made within a short time. In fact, many observers assert that such an
upward revision will be seen before the end of next week,and that acceptance
rates will, at any rate, be established at a higher level in January, both in
the open market and at the Reserve bank.
During the past six months,it has been shown that the acceptance market
has proved a channel for expanding Federal Reserve credit which can be
controlled with difficulty, since the maintenance of low rate encourages
the member banks to create acceptance credits, and it has been the policy
of the Reserve banks to buy these bills as rapidly as they are offered.
However, the holdings of acceptances have expanded so greatly that the
Reserve banks, it is understood, have, during the past month, sought to
reduce to a minimum their purchases of these bills. It was the unwillingness of the Reserve banks to take bills freely which largely accounted for
the split among the dealers on Thursday.
The upward revision of acceptance rates is expected to make the money
market tighter as a whole during the early days of January. However,
there is considerable difference of opinion in the financial district as to
whether or not these higher rates will result in a final upward revision of
the rediscount rate. It is pointed out that the return flow of currency
alone would be sufficient to offset a large reduction in acceptance holdings
without making a higher rediscount rate necessary.
An item regarding the differences as to rates between
dealers in acceptances appeared in our issue of Dec. 22,
page 3485.
W. B. Potts Elected Vice-President of New York Stock
Exchange Luncheon Club.
William B. Potts, a member of the firm of J. W. Davis
& Co., has been elected Vice-President of the Stock Exchange Luncheon Club to succeed I. Chauncey McKeever.
Year Book of New York Stock Exchange—Market Value
of Securities Traded in Over 100 Billion Dollars.
The market value of all securities listed on the New York
Stock Exchange amounts to more than $100,000,000,000,
according to figures contained in the new edition of the Year
Book of the Exchange, issued Dec. 17. This represents an
increase of approximately $15,000,000,000 since Jan. 1,
due in part to additional listings and in part to higher prices
for listed securities. The greatest single addition to the
list made during the year was in April when approximately
812,000,000,000 of British Government bonds were added.
The new edition of 77Year Book shows the manner in
which business on the floor of the Exchange has increased
during the 15 months intervening between the issuance of the
1926-27 issue and the newer one, as well as the expansion of
Stock Exchange facilities which has been made during the
same period to keep pace with the steadily increasing pace
of market activity. lo• lfrb
4 On Oct. 1 of this year, it is shown, there were 1,192 branch
offices, located in 347 separate cities in 42 States and territories and four foreign countries. This compares with a
total of 962 offices in 292 cities on June 11927, the date of the
previous publication of the book. During the period from
May 1 1927, to Oct. 1 1928, the number of tickers in operation
increased from 6,436 to 8,147 and the number of cities to
which ticker service is extended jincreased during the same
—
period from 163 to 239.
During tIle period covered by the new edition of the Year
Book a number of StoWchange records have been brokeir.
These include, in addition to the records for the volume of
trading, such other records as membership prices, stock
clearing corporation activities, ticker extensions, number of
employees, &c. a'During the twelve months ended with:
September 108 memberships were transferred at prices
ranging from a low of $290,000 to a high of $450,000. In
the corresponding twelve months a year ago only 83 membertlps were transferred. Whop list of the 25 oldest members
of the Exchange as contained in the preceding issue has been
DEC. 291928.]
FINANCIAL CHRONICLE
3639
revisedoo thatlat theoresent time tit includes the names voters in favor of amending taxation provisions of the State constiof those who bought memberships during the period between tution. amendment, which grew out of court decisions under which the
The
May 31869 and Oct.21890 and who still remain as members. former direct property tax on bank stock was unconstitutional provided
All records of the Stock Clearing corporation, tlit777; also for a corporation income tax and for a tax of 3/10 of 1% on intanBook shows, were broken during the past year.4The largest gible personal property. Its specific provisions are:
Bank Income Tax,
clearance of contracts in the night branch up to Oct. 1 1928,
1. Taxation of banks at 4% of their net income, in lieu of all otherItaxes
and licenses, State, county and municipal, upon such banks or the shares
was on April 2, when the volume reached 7,864,100 shares
legislature by a twocovering the business of the preceding Friday and Saturday. thereof, except taxes upon their real property. Thefor any other form of
thirds vote of each house may subsequently provide
bank taxation now or
On Sept. 24, the money value of contracts cleared established banking corporations, hereafter permitted by Congress respecting national
providing such form of taxation shall apply to all
banks within the State.
a new high record at $688,256,100.
2. Taxation of all financial, mercantile, manufacturing and business
The total number of employees of the New York Stock corporations, in lieu of the present franchise tax, at 4% of their net income.
a manner to be prescribed by law, by
Such a tax
Exchange and affiliated companies on Oct. 1 was 1,783 the amountmay be subject to offset, inpaid by such corporations to the State
of personal property taxes
thereof, but the offset shall not exceed
which compares with 1,358 on June 1 1927. Of this number or political subdivisions any event shall be not less than $25. 90% of such
State tax and the tax in
1,169 were employed directly by the Exchange. As of
Tax on Intangibles.
Oct. 1 1928, there 1,615 private telephones connecting the
3. Taxation of notes, stocks, bonds, credits, and other intangible personal property upon their actual value at the rate of 3-10 of 1%. The ledsfloor of the Exchange with members' offices. This repre- lature is empowered to increase the rate to not more than 4-10 of 1%. This
and its proceeds are
tax
be in
sents an increase of 327 in 15 months. In the same period not shall to thelieu of all other property taxes thereonthereof,in such manto go
State, but to the political subdivisions
the average number of calls received daily over these tele- ner as may be provided by law.
What Changes Mean.
phones increased from 1,000,000 to 1,500,000.
According to a statement made prior to the referendum on the proThe new edition of the Year Book brings up to date the
in CaliC. Wood, Superintendent of
posed
statistics contained in previous issues. Some of the features fornia,amendment by Willwill be "to increase bank taxes Banksnothing—
from
its practical effect
which it includes are a chronology of the Exchange, a table their present status—to about $2,000,000 a year," a figure which he
showing the constant growth of Stock Exchange partnerships, said was somewhat lower than the revenue produced by the tax which
with
its
was abandoned
a table showing the highest and lowest prices paid for mem- the taxation of because ofbanksconflict heavilythe Federal law prohibiting
national
more
than competing capital is
berships each year since 1869, a list of presidents and secre- taxed.
Superintendent Wood said that the bank tax amendment also would
taries of the institution since 1817, a section on fraud preabout $2,000,000 a year on financial corporations largely
vention activities, listing the Better Business Bureaus and "Increase taxes banks and now escaping almost tax free. Thus banks and
affiliated with
the Securities Commissions with which the Exchange co- their subsidiary corporations will together pay nearly as much as under
operates; a history of the bond market, several tables analyz- the old illegal methods—in some cases actually more."
ing the various groups of securities listed for trading, tables
showing call money rates and the amount of brokerage loans Halsey, Stuart & Co. on Activities of Stock and Bond
over a period of years and numerous others. The issue conMarkets—Average Yield of Common Stocks Listed
tains a number of illustrations depicting various phases of
on Stock Exchange Less Than That of Bonds of
Stock Exchange activity and units of its machinery.
Same Corporation—Government Financing.
With its gyrating price quotations, the spectacular stock
Addition to List of Securities Traded in on New York market has been dazzling the public so effectively that many
Produce Exchange.
have failed to perceive whatfirmness lay in the bond market,"
Twenty-four new issues have been admitted to trading on says Halsey, Stuart & Co. in its current quarterly bond
the Securities Market on the New York Produce Exchange. review issued Dec. 21. It then goes on to point out several
Among them are several issues which have been active in very significant facts regarding recent activities in both
other markets. These include Columbia Baking Co. no par the stock and bond markets, saying:
While stock prices were pyramiding, stock yields were, of course, de$7 cumulative first preferred, no par $7 cumulative second
extent that since January of this year the average
preferred, and common stock, Bank of America being clining—and to such anlisted on the New York Exchange has been actually
yield of common stocks
designated as registrar of the issues; Helena Rubenstein, less than that of bonds of the same corporations. Moreover, while opInc. Units, consisting of one share of convertible preferred, timistic stock prices made new stock financing extraordinarily easy and
very process has tended to "fill in" large, new capital equities
$3 no par and one share of common no par; no par common popular, this
behind the mortgage obligations, and thus to enhance the security of bonds.
standard public utility was able, recently, to market a 5% preferred
stock of the Hayes Body Corp.; capital stock of the Travel
A
demonstrates not
Air Mfg. Co.; no par capital stock Aero Enterprise Corp., stock at par. This been, but it whowsonly how accessible this supply
in a remarkable way how much
of capital funds has
and no par common stock of the Western Air Express.
janior money is being placed behind the bonds in such fields at the present
there are better values in the bond market to-day,
The complete list of additional securities admitted to trad- time. That is why,too,
even at the same rate of interest, than before $1.000,000,000 of new stock
ing Dec. 26 follows:
00.,
marketed during the past five months.
American Cities Power & Light Corp.—
Bankers Trust Co. ctfs. representing class "A"
cony.stock and class"B"stock
Am. Cities Pwr. & Lt. Uts.
Columbia Baking Co.,$7 let pref.stk., no par_ _ _ _Col. BAking 7.00 1 Pr.
Col. Baking 7.00 II Pr,
$7 second preferred stock, no par
Columbia Baking Co.,corn.stk., no par
Col. Baking.
Chain Store Stocks Inc.,cap.stk., no par
Chain Store Stks.
Power. & Wtr. Sec.
Gas & Water Sectir.Corp.,com.stk.,no par.Pwr. G.
Helena Rubenstein, Inc., units! cony. pref. $3, no
H. Rubenstein Uts.
par and one common, no par
National American Co.,inc., cap.stk., no par_ _ —Natl. Am.
Hayes Body.
Hayes Body Corp.,corn.stk., no par
Amer. Maize Prods. Co.,6% cum. pfd.$100 par_ _Am. Maize VI Pr.
Am. Maize.
Common stock, $100 par
Travel Air.
Travel air Mfg.co.,cap.stk. no par
Carrier Engin. Corp., cony. pref. stk., no par. _ _Carrier Eng. Cony. Pref.
Aero Underwriters.
Aero Underwriters Carp.,cap. stk., no par
Germanic Fire Ins.
Germanic Fire Insur. Co., cap. stk.,$10 par
Root Refining Co.,cony. priw pref.stk., no par. _Root Refining Prior Pref.
Merritt-Chapman & Scott Corp., ger. "A" 634%
Merritt Chapman 634 P.C.Pr.
pref.stk.,$100 par with warrants
Old Dominion, A.W.W.
Old Dominion Co.,corn.stk.,$25 par
Suburban Elec. Devel. Co., corn. stk., no par_ _ _Slab. Elec. Dev.
Western Air.
Western Air Express, corn stk., no par
Coco Mfg.
Ceeco Mfg.Co..Inc., corn.stk., no par
City Radio.
City Radio Stores. Inc. corn.stk. no par
Lessings.
Lessings, Inc., corn. stk., $5 par
Pub. Fire Ins.
Public Fire Insur. Co.,cap.stk.,$5 par
issues were
The most significant as well as the largest item of financing
in the fourth quarter of 1928 is the Government's $500,000,000 December refunding program, according to the
4%
report. This financing was oversubscribed on a 41
interest basis. Commenting on this, the review says:
In this case the rate of interest is more significant than the volume
because it records a drop of 34% in the coupon rate for Government
financing in the last 60 days. The Treasury's October financing came
out at 434% with the announcement that thereafter Government borrowings would attempt to follow market trends in interest rates. From
this it now appears that the Treasury Department recognized a definite
recession in market interest rates for time loans. Also, since the Government redeemed some $665,000,000 of bonds due Dec. 15, it is clear that
a net balance of about $165,000,000 above its new borrowings was paid
to investors in redemption of these excess bonds. This sum is, itself,
nearly equal to the monthly average of new bond financing in recent
months and should be felt in the market.
Realizing that there is wide interest in the volume of
bond sales during recent months, the review points out
The inauguration of the securities inarket by the New York some significant facts, saying:
Produce Exchange was referred to in our issue of Dec. 22, InBond sales on the New York Stock Exchange were substantially heavier
volume during November than in October, and they showed a 25%
page 3482; the list of securities dealt in at the start was increase over September of this year. Further indications of renewed
interest in bond buying is the fact that the investment market of 1928
given in the item.
California Amends Bank Taxation Law—Constitutional
Amendment Also Permits Income Instead of Franchise Tax on Corporations—Effect of Changes.
From the December number of "The Public Dollar," published by the Finance Department of the Chamber of Commerce of the United States, and in which appears State and
local tax facts, we take the following regarding changes recently made in the constitutional provisions of California
governing taxation:
Substantially complete returns from the November election indicated that
a majority of approximately 1,000,000 votes was returned by California
to date appears to have absorbed more bonds than it did during the corresponding period in 1927. Although the new capital bond offerings of the
first ten months in 1928 were less in volume by $750,000,000 than in
1927, careful estimates indicate that the market also absorbed something
over $800,000,000 which the banks liquidated from their reserves during
the July-September stringency period. Individual investors and institutions, without the help of the bank purchases, therefore, seem to have
bought more bonds this year by from 50 to 100 million than were absorbed
last year when the banks were also buying heavily.
Furthermore, according to investment statistics of 600
-odd banks
which report weekly to the Federal Reserve Board, liquidating on the
of these banks ceased about the first of October, and since Nov. 1
part
they have been buying bonds steadily. This, of course, 'ndicates tha
a new demand has re-entered the bond market, which should prove a in
porting factor to bond prices.
Dividends and interest distributions during November and December
have been in much larger volume than ever before. In December alone
3640
FINANCIAL CHRONICLE
[VOL. 127.
It is estimated that these figures, plus those of Christmas bonuses and
special year-end disbursements, will exceed a billion dollars.
On the whole, investors of the country will be possessed of much new
capital at the end of the year which, under existing favorable conditions
In the bond market, they can employ to excellent advantage.
lowing the recovery of wholesale judgments by the trustees hundreds
of investors volumtarily returned their money to the estate to save the
fees of a court battle would add to their losses. The Ponzi recoveries
are classed among the most successful in any bankruptcy case in the
Federal courts here.
Following the Ponzi crash Charles H. Thurston, John C. Perkins and
James A. Lowell, now Federal Judge James A. Lowell, were named as
Craig C. Hazelwood President of American Bankers' receivers. Later they became trustees of the State. Trustees Thurton
Association in. Radio Talk Discusses Successful died, and Trustee Perkins resigned. Attorney William R. Sears was
appointed to the board. Judge Lowell resigned upon his appointment
and Unsuccessful Investment Programs,
to the Federal bench. Mr. Cunningham was appointed. Mr. Sears
died and Trustee Cunningham has since carried the burden alone.
Craig C. Hazelwood, President of the American Bankers'
While the trustees have been
Association was a speaker on the Halsey, Stuart & Co. Radio some of the money their belief inbattling to restore to Ponzi's victims
the possibilities of "50% in 45 dais"
program on Dec. 27 over a nation-wide chain of stations. cost them, Ponzi has been serving time in jail. He served a five-year
Federal court sentence imposed by Judge Hale, in the Plymouth jail.
The key note of Mr. Hazlewood's talk was "What is the
Upon his
difference between an unsuccessful investment program and the "wizard"release from Federal custody State authorities prosecuted
and he finally was given a long term in Charlestown State
a successful one? Simply this: one proceeds by impulse and Prison, where he now is confined.
Ponzi based his financial structure upon the theory that money could
the other by plan." Mr. Hazlewood, who is also Vicebe made in international reply coupons, a postage
President of the Union Trust Co. of Chicago, went on to International relations in postal finance are simplified. medium by which
The vast diversity in the value of money of the United States and various
emphasize this point, saying:
There are a great many individuals, corporations, and even banks in European nations using reply coupons in 1920 gave Ponzi his opportunity.
the United States that do their investing almost entirely on impulse. Postal authorities here at the time stated that they believed Ponzi might
They wait until they have a good sized sum; then decide how to invest it. actually perform the feats of financial legerdemain that he boasted.
Ponzi's business, which was started in June 1920, with an investment of
They flatter themselves that at the psychological moment they can seize
upon some market opportunity and buy soundly on impulse. They invest $200, amounted to about $14,000,000 in July. Crowds swarmed about
In one type ofsecurity one day and in another type on another day, trusting his place of business on School Street anxious to invest their money.
The wizard's career was cut short during the first week in August 1920.
to their general sense of balance to bring about the proper combination of
safety, income, marketability, and the other essentials of a sound invest- when Daniel G. Gallagher, then United States attorney, Caused his arrest
on a complaint charging him in 85 counts with using the mails in a scheme
ment program.
Another type of investor, whether individual or corporate, proceeds to defraud. Ponzi later pleaded guilty and was sentenced.
In the modern and scientific spirit. He considers his age, his situation,
the active years ahead of him, his probable income, his taxes, his needs.
Millionaires in United States Increased from 7,000 to
Calling in competent counsel upon the problem, he then seeks to arrive at a
30,000 from 1914 to 1928 According to Carl Snyder
plan which will serve as a guide to hold his course steady in spite of all the
temporary distractions, opportunities, and temptations which each day
of New York Federal Reserve Bank—Fortunes Made
brings with it. He recognizes that time is made up of bull markets and
in Stock Gambling.
bear markets, prosperous periods and periods when the world is taking
up the slack.
Millionaires have increased from 7,000 in 1914 to between
Commenting more directly on the banking side, Mr.
Hazlewood gave some interesting figures indicating the importance of the banks in the investment field, and following
with observations on bank investment, saying:
30,000 and 40,000 in 1928, Carl Snyder of the Federal Reserve Bank of New York told the American Statistical Association, in convention at Chicago Dec. 27, according to
Associated Press accounts from that city. The dispatches
also report Mr. Snyder as saying:
"Possibly half or more of these have been created by the violent debasement in the value of currency which has taken place since the beginning of the war. A considerable part of the present number must be
due, also, to the enormous rise in the value of securities since the war
and to the colossal manipulation in security values, incomparably the
Banks are buyers of securities, and they buy in large amounts. The
°comptroller of the currency reported to Congress on June 30 1928 that
the total holdings in securities, including Government bonds, of the bankers
of this country were $18,442,000,000. This figure represents about 26%
of the total resources of all the banks in our country. Consequently, it is
obvious that the bankers of this country are very much concerned in the
matter of a proper investment program.
I would not be frank with you III did not tell you that some bankers have greatest gamble the world has ever known.
"When fortunes can be made by gambling in pieces of paper, of what
erred, and erred badly, In relation to their own investment program.
Many of them have apparently proceeded without any definite plan as to attraction are the unique virtues of industry, sobriety and thrift? These
the type, liquidity, marketability or maturity of the securities they have are temporarily thrown into the discard, reluctantly and discontentedly
placed behind a part of their deposit liabilities. The result has been that to be resumed when the house of cards has crumbled.
instead of having what is called a strong secondary reserve, that is, a re"Years of unusual expansion are paid for by lean years of depression
serve of easily liquidated assets, they can count on in emergencies in addi- And unemployment, often involving wide-spread suffering. High hopes are
tion to the cash balance they maintain, they have found that when the brought low, fortunes are wrecked, and most of all, the business and econeed came, perhaps during a period of tight money, they were in possession nomic morale of the Nation seriously impaired.
of securities that were hard to sell, and only salable at all at a substantial
"The apparent gains of prosperity, or at least of booms, are largely
loss. This is not good banking, as many bankers have found to their sor- illusory and in so far as they are a reality have been, in the past at
row. The difficulty, it Is apparent, was that the bankers themselves did least, too dearly paid for. Clearly, true prosperity—that is, the general
not think through on a complete program and did not plan their action in diffusion of comfort and well being among the largest possible number
accordance with possible eventualities.
of the population—is not dependent upon inflation and boom.
Concluding, he emphasized the key note point, saying: "Clearly, we do not need a debasement of the currency of exchange
a frenzied
in stocks
of
"For the individual, the corporation and the banker, all or well being. commotion this speculationother timesto assure this condition
of
amply at
We have
without the attachment
the advantages are in favor of a well planned investment of a champagne jag."
program."
Trustee of Charles Ponzi Estate Pays Final Dividend.
That a final dividend (2%) amounting to $80,000 has
been declared by Henry V. Cunningham, trustee of the
bankrupt estate of Charles Ponzi of Boston, and would be
distributed within a few days, was reported in the Boston
"Herald" of Dec. 20. This payment, the fifth, it was
said, brings the total dividends received by the creditors
up to 37%, or a total of approximately $1,500,000.
Martin E. Witte, the attorney representing Mr. Cunningham, was reported as saying on Dec. 19 that there
are no further collections in view for the estate and also
that he believed the trusteeship would be dissolved as soon
as it can be done conveniently. A resume of the Ponzi
matter as given in the paper mentioned follows:
Federal Reserve Board on Growth of Loans Through
Banks by Corporations and Individuals.
The review of the month by the Federal Reserve Board,
in which is discussed the "recent course of bank credit" was
the occasion for comment in our article on the financial
situation last week—page 3441. Our remarks dealt with
the statements contained in the December number of the
Board's "Bulletin," and particularly with what the Board
had to say regarding the growth of loans extended through
New York banks by corporations and individuals. The
Board in its survey of conditions states that "the high money
rates prevailing in recent months on loans in the security
markets have attracted large amounts of these surplus funds,
with the consequence that loans to brokers, for the account
of non-bank customers increased very rapidly during the last
quarter. One of the effects of this transfer of lending from
banks to corporations," says the Board,"has been a decline
in bank deposits as the depositors have drawn on their
balances to provide funds for the loans. The decline in
deposits in turn has been a factor in diminishing reserve
requirements of member banks. Loans to brokers by corporations, therefore, have had the incidental effect of
supplying credit for the use of the stock market, while at the
same time releasing member bank reserves. In recent weeks,"
the Board goes on to say,"a growth of both commercial and
security loans and of demand deposits has resulted in an
increase in member bank reserve requirements." The Board
adds:
About 10,000 creditors have participated in the various dividends sent
out by the Ponzi trustees during the life of the trusteeship—since 1923.
pa_amount divided among them would give each an approximate $150
share in the recoveries, though creditors received dividends rated upon
the amounts of their claims.
Hundreds of law suits were tried and judgments recovered by the long
the of trustees of the estate since the appointments following the Ponzi
crash In 1920. Court trials of the suits were not actually reached until
1923, but since that time the trustees have prosecuted hundreds of recovery suits against Ponzi investors who were wise enough to draw out
their investments before the final crash in August 1920.
The trustees gained from the Federal courts an opinion that all investors who drew their money out after Aug. 2 1920 were preferred creditors
and could be made to restore their recoveries to the estate. The finding
was based upon the fact that the court believed it was common knowledge
on and after Aug. 2 1920 that Ponzi was insolvent, and that therefore
investors who withdrew their money were accepting preferential payments
from a bankrupt.
Armed with that backing the flood of suits began. For years the battle
Average reserves carried by member banks increased by about $78,000,000
was continued, with reluctant investors restoring their recoveries to the between August and November. At the same time, the seasonal demand
estate and others receiving dividends from the sums thus collected. Fol- for currency caused a further demand of about $115,000,000 for Reserve
DEC. 29 1928.]
FINANCIAL CHRONICLE
3611
Bank credit. While these factors of additional demand for Reserve Bank in inducing member banks throughout the country to dispose of a part
credit were offset in part by gold imports, largely from England, there was of their holdings of municipal and corporate securities and that banks in
nevertheless an increase of about 3168,000,000 in the volume of Reserve New York City where rates have shown the greatest advance have reduced
Bank credit outstanding. This increase, however,was not until December both their investments and their loans.
Growth of Non-Bank Loans.
reflected in a growth of member bank indebtedness to the Reserve banks,
The decline in loans at New York banks, indicated by the reports of
because it had been obtained entirely through the sale of acceptances to the
banks. The comparatively low rates carried by bills in the open member banks for the third quarter, was accompanied by a growth of
Reserve
market have resulted in a large increase in the use made of these bills for loans extended through these banks by corporations and individuals. Durfinancing the marketing of crops and other products, and the much higher ing the period of low money rates from 1922 to 1927 securities were floated
rates on other classes of paper have made acceptances unattractive to by corporations in exceptionally large volume, and the proceeds of these
investors.
flotations not only strengthened the cash position of the corporations and
The bills, therefore, have been offered in large volume to the Reserve enabled them to reduce their bank loans, but also placed at their disposal
banks, whose holdings at the end of November were larger than at any funds in excess of their current requirements. The high money rates prevailing in recent months on loans in the security markets have attracted
time in nearly nine years.
large amounts of these surplus funds, with the consequence that loans to
We give herewith in full the Board's remarks:
brokers for the account of non-bank customers increased very rapidly
Recent Course of Bank Credit.
during the last quarter.
In recent weeks the volume of member bank credit increased, reflecting
One of the effects of this transfer of lending from banks to corporations
the renewed growth of loans on securities. Demand for loans for com- has been a decline in bank deposits as the depositors have drawn on their
mercial and industrial purposes reached its seasonal peak at the end of balances to provide funds for the loans. The decline in deposits, in turn,
October and declined somewhat in November, and the banks also further has been a factor in diminishing reserve requirements of member banks.
reduced their holdings of investment securities. Collateral loans, however, Loans to brokers by corporations, therefore, have had the incidental effect
which include loans to brokers and dealers in securities, showed a rapid of supplying credit for the use of the stock market while at the same time
increase in November, accompanying the growth in the volume of trans- releasing member bank reserves. The growth of bank reserves in general
actions on the stock exchange and the continued rise in security prices. has been relatively slow in recent years and has fallen far behind the rate
The recent increase in security loans, which for the past three months has of growth in bank credit. A chart is here introduced (this we omit—Ed.1
amounted to over 3500,000.000 at member banks in leading cities, has showing the course of bank credit and of bank reserves since 1919. The
carried the total to a level above the maximum reached last summer. lower line represents member bank reserve balances, and the dotted line
The total volume of member bank credit, however, as measured by the represents these balances multiplied by 13. the average ratio of member
reports of these banks, is still considerably below the midyear level, as the bank credit to member bank reserves. The two upper lines represent,
result of liquidation of security holdings by the member banks. The volume respectively, loans and investments of member banks and of all banks in
of Reserve Bank credit outstanding in November was larger than in the the United States. The chart brings the volume of bank credit in the
summer, owing largely to the seasonal demand for currency, but in conse- country into comparison with the volume of member bank reserves. The
quence of large purchases of acceptances in the open market by the Reserve reserves of member banks are related not only to the credit extended by
Banks, member bank indebtedness to the Reserve banks declined to these banks but also to the credit extended by non-member banks, which
the lowest point since last May. In the early part of December, however, hold a large part of their legal reserves on deposit with the member banks.
a loss of gold and the seasonal demand for currency resulted in a rapid The chart shows that in recent years,and particularly since 1925.the growth
Increase in member bank borrowing, and money rates, which had eased In bank credit has been much more rapid than the growth in member bank
somewhat in the preceding weeks,rose to the highest level since 1921.
reserves, as is indicated by the increasing divergence between the dotted
line and the line for loans and investments of member banks. This developCondition of all Member Banks.
•
due chiefly to the fact that the increase in deposits has taken
Condition reports of all member banks of the Reserve System as of ment has been
largely in time deposits, which has enabled member banks greatly to
Oct.3 1928,show a decrease in loans and investments of about $130,000,000 place
their operations without a corresponding growth in reserve requireduring the third quarter of 1928. The following table shows the principal Increase
or in the demand for reserve bank credit to meet these requirements.
items of the condition statement and the changes for the quarter and for ments
The growth which has occurred in the demand for reserve bank credit since
the year:
the autumn of 1927 has been caused by gold exports rather than by a growth
ALL MEMBER BANKS.
[In millions of dollars.]
In member bank reserve requirements.
In recent weeks, however, a growth of loans, both commercial loans and
Increase (+) or security loans, and of demand deposits, has resulted in an increase in memDecrease(—)
ber bank reserve requirements. Average reserves carried by member banks
Oct. 3 Jane 30 Oct. 10
for:
increased by about $78,000,000 between August and November. At the
1928.
1927.
1928.
same time the seasonal demand for currency caused a further demand of
Quarter, Year.
about $115.000.000 for reserve bank credit. While these factors of addi34,929 35,061 33,186 —132 +1,744 tional demand for reserve bank credit were offset in part by gold imports,
Loans and Investments, total:
24,325 24.303 23,227
+22 +1,099
Loans
of about $168.9,959 —154
10,604 10.758
+645 largely from England, there was nevertheless an increase
Investments
18,996 19,191 19,170 —196
—175 000.000 in the volume of reserve bank credit outstanding. This increase
Net demand dePosIts
—29
13,410 13,438 12.459
+950 In reserve bank credit, however, was not until December reflected in a
Time deposits
2,320
2,348
2,342
+6
+28 growth of member bank indebtedness to the reserve banks, because it had
Reserve balances
i emes
--ola
el.k4
1 005
1 09n
Unrrisw1no at Thaa.rva he nlra
been obtained entirely through the sale of acceptances to the reserve banks.
x Exclusive of acceptances of other banks and bills of exchange or drafts sold with
The comparatively low rates carried by bills in the open market have reindorsement.
in a large increase in the use made of these bills for financing the
For the year ended on Oct. 3 1928, the growth in member bank credit sulted
marketing of crops and other products, and the much higher rates on other
amounted to $1,744,000,000, or 5.3%. For the last quarter, however,
classes of paper have made acceptances unattractive to investors. The
there was a decrease of $132,000,000, entirely in the banks' investments.
bills, therefore, have been offered in large volume to the reserve banks,
Net demand deposits decreased for the year, while time deposits increased by
whose holdings at the end of November were larger than at any other time in
$950,000,000. During the last quarter there were decreases both in demand
nearly nine years. Purchases of bills by the reserve banks until December
deposits. Owing to the decline in demand deposits, which carry
and time
were in fact larger than the increase in the total of reserve bank credit, and
higher Reserve requirements, Reserve balances of member banks, notdiscounts for member banks declined by the end of November to the lowest
withstanding the large growth in total deposits, showed little change for
level since last spring. This reduction in indebtedness of member banks
the year. The much larger growth of loans and investments than of deposits
them in a position more easily to meet the heavy seasonal dethe year, which reflected chiefly the withdrawal of gold for export, has placed
for
which became active in the beginning of December.
accounted for the large increase in member bank indebtedness at the mand for currency
When the return flow of currency sets in after the Christmas holidays, the
Reserve banks.
decrease in the demand for reserve bank credit may be expected to result
Decline in Credit at New York Banks.
both in a reduction of the reserve banks' holdings of acceptances, as these
A reduction in bank credit, particularly at this season of the year is an bills mature, and in a further liquidation of discounts for member banks.
by the chart [this we orait--Ed.] which
unusual occurrence, as is indicated
shows the course of member bank credit for the past nine years. Declines in
the volume of credit have been infrequent during the years shown in the A. F. Myers Withdraws from Federal Trade Commission.
chart, the year 1921 being the only one in which liquidation was considerAbram Myers, Chairman of the Federal Trade Commisable and continuous. Ordinarily bank credit has expanded from quarter
to quarter in conjunction with the growth of the country's business, and sion, has resigned from membership in the Commission to
occasional declines have occurred as a rule only from seasonal high peaks
become President and General Counsel of the Allied States
reached at the end of a calendar or fiscal year. The recent decline is measured from the high figure reported for the end of the fiscal year ended Association of Motion Picture Exhibitors. Mr. Myers'
last June, but usually the third quarter, during which occurs a seasonal resignation was made public at Washington onDec. 20. It
demand for credit and currency in connection with autumn trade and
his services would terminate at the pleasure
crop marketing, shows a net growth in the volume of bank credit. For this was stated that
reason an analysis of the decline in credit between June 30 and Oct. 3 may of President Coolidge. He obtained a recess appointment
be of interest.
on the expiration of his first term in September and his nomiALL MEMBER BANKS.
[In millions of dollars.)
nation for the reappointment had not been sent to the Senate
Changes in Loans and Investments
Between June 30 and Oct. 3 1928.
Investments.
Total.
Loans.
Total.
U. S.
Securities.
Other.
—132
+22 —154
All member banks
+161 —316
173
—68
241
Banks In New York City
+27
—95
Banks In other Central Reserve dc
—48
+19
+67
Reserve cities
+84 —132
+90
+128
—38
Banks outside Reserve cities
+50
—88
Reduction in the volume of member bank credit during the quarter was
entirely at banks in New York City, while the combined total for the other
banks, and particularly for the so-called country banks located outside
Reserve cities, increased for the period. At banks in New York City there
was a decrease both in loans and in investments, while outside of New
York City the banks increased their loans, but reduced their holdings of
Investments. Holdings of United States securities showed considerably
Increases in all classes of member banks, while holdings of other investments
declined throughout the System, the aggregate decline being in excess of
0 .
$300.000, 00 The figures indicate that the pressure of higher money
rates, which have been in effect during the quarter, has been an influence
by President Coolidge. Mr. Myers is reported as stating
that the President had not sent his nomination to the Senate
at his own request because he was negotiating with the motion
picture organization with which he is to become connected.
Mr. Myers became Chairman of the Commission about a
month ago, an item on the matter having appeared in our
issue of Dec. 8, page 3187.
E. I. Lewis Becomes Chairman of the Inter-State Commerce Commission.
Announcement was made on Dec. 26 of the election of
E. I. Lewis as Chairman of the Inter-State Commerce Commission to serve during the next year. He succeeds Commissioner J. B. Campbell under the regular arrangement for
rotation among the nine members. Commissioner Lewis
was Chairman of the Indiana Public Service Commission
when he was appointed to the Inter-State Commerce Commission.
3642
FINANCIAL CHRONICLE
Former Senator Owen at Mid-Continent Trust Conference Holds Control of Credit System Quite as Important as Gold Standard.
The subject of bank credit was discussed by Robert L.
Owen,former United States Senator from Oklahoma„ before
the dinner of the Fourth Mid-Continent Trust Conference,
held at Tulsa, Okla., Dec. 3, under the auspices of the Trust
Co. Division of the American Bankers Association. The
former Senator told the gathering that "the Federal Reserve
act was framed and conceived for the purpose of preventing
the recurrenee of financial panics and to accomplish this result by a method ivhich enabled the banks of the country to
obtain instantaneously a gold-secured currency against acceptable security to the extent of their requirements. "As a
consequence" he said, "a financial panic is impossible in
America, but this does not mean that the purchasing power of
the gold dollar may not be greatly increased by contracting
credit and greatly diminished by inflating credit." He went
on to say: "For credit, which means a method of obtaining
dollars and which makes the dollar easier to get, may make
the purchasing power of the dollar less if the dollar is more
easily obtained. This observation will account in 'part for
the present bull market where the brokers'loans exceed 5
billion dollars in New York City." He had preceded the foregoing with the statement that"while the gold standard is very
valuable it is by no means quite enough. Quite as important
as the gold standard is the control of the credit system." We
give his remarks in full herewith:
[VoL. 127.
by a method witch enabled the banks of the country to obtain instantaneously a gold secured currency against acceptable security to the extent
o their requirements.
As a consequence a financial panic is impossible in America, but this does
not mean that the purchasing power of the gold dollar may not be greatlyincreased by contracting credit and greatly diminished by inflating credit. For
credit which means a method of obtaining dollars,and which makes the dolfar easier to get, may make the purchasing power of the dollar less if the
dollar is more easily obtained. This observation will account in part for the
present bull market where the brokers' loans exceed five billion dollars in
New York City. It is true their margins are high, but it is also true that they
are accommodated in buying stock to the extent of over five billion dollars of
credit. It does not necessarily involve any risk because the country is very
rich, and is able to buy the stocks, and to pay for them. But the point is
Chat unlimited credit for those desiring to buy stocks causes the money to be
easily obtained and the stocks to go up in consequence.
Under the old credit system previous to the Reserve Act, it was found by
actual practice under the national banking system that every cash dollar in
bank would support a credit structure of about ten times as much as the cash
in banks. The deposits amounted to about ten times the cash on hand,and
the loans and the discounts were about ten times the cash on hand, but
occasionally people became frightened, and when 10% of the depositors demanded their deposits in cash, the cash resources of the banks were exhausted and panic ensued, whenever this was threatened.
The Federal Reserve System changed all this, and established an endless
supply of currency by authorizing the United States Treasury to manufacsure and lend United States Treasury notes called Federal notes, to the
Federal Reserve banks in the form of money. These notes were secured, not
only by the gold in possession of the banks, but also a matter of supreme importance, by commodity bills where the commodities were merchantable and
non-perishable. The Federal Reserve notes is the best secured money in the
world, having behind it not only a huge gold redemption fund with daily redemption in gold, but having behind it also the assets of the Federal Reserve
Banks, and individual and commodity values, and the credit of member
banks, but also the taxing power of the people of the United States with the
additional safeguard, of supreme importance, that these notes cannot be
inflated.
The effect of this sytem has been gigantic, and the marvel of the world.
On June 30 1914. the deposits of all the banks in the United States were
The great objective of labor is to create and distribute those things which
make life more comfortable and advantageous through the manufacture, $18,566,000,000, while on June 301927,they were $56.735,000,000,and now
transportation and distribution of food, clothing, furnishings, etc., trans- they are nearly 60 billions. In other words, under this system the deposits
portation, entertainment, the intellectual and spiritual advancement of the are 300% as compared to what they were before the Reserve Act, and the
loans and discounts have increased to a corresponding degree.
race.
In the old days the banks on an average held 10% of cash in their vaults
First, agriculture and food, then manufacturing, then the merchant,
against their deposits, but now the banks of the United States are carrying
money, accumulated capital and banks.
The successful merchants became the bankers of the world as In Venice and only about 900 million of cash in their vaults against nearly 60 billions of
deposits. or 13 % of cash against their deposits. They have about 4% of
London.
The Bank of England was established by successful merchants and con- cash available in the Federal Reserve Banks, or $2,324,000,000 against 61)
ducted by them to handle their accumulated capital, and capital thus be- billions of deposits.
But what is of far more importance than this total of 535% cash reserve
came the servant of agriculture, manufacture, transportation, and
,
trade. is the
vital fact that the United States Treasury is authorized by law to
An endless circle was established.
manufacture and lend to the Federal Reserve banks Federal Reserve notes
Then came the modern corporation, highly improved machinery,
mass
production, business on a gigantic scale, dependable transportation by rail, against available bank assets, and thus the American people are fully adby automobile and truck, by airplane and ships of steel, improved methods vised that they have no reason whatever to fear that they cannot get their
ofcommunication, by telegraph,radio and cable—allservants of an intensely money against their deposits whenever they have occasion to call for it.
Thus,there is established a basis of confidence for the depositors as strong as
complex civilization.
As a necessary agency of the transaction of exchange and business was a Gibraltar.
The total stock of money in the United States on June 30 1928, was as
stable medium In the gold standard. Gold, being of high value in compact
form, free from corrosion, beautiful and universally desired by men, had a follows:
Stock of U. S. Money on June 30 1928.
greater stability than any other known commodity,so that modern
money is
now almost universally measured in grains of gold. But there is another Total stock
$8,118,000,000
factor which deeply affects even the purchasing power of gold, and that is
Held by Treasury
202,000,000
credit, and the banking structure under which gold may be made more or less
Held by Federal Reserve Banks and Agents
3,119,000.000
accessible.
In circulation, total
4,797,000.000
In banks
Credit.
900.000.000
Outside banks
Whle the dollar is measured in terms of gold, we have seen in America the
3,900,000,000
violent fluctuations in the price of commodities, that is, in the purchasing
The people, therefore, have In their pockets about 4 billion of currency for
power of gold. In January. 1920, commodity prices had risen to 252 from a their cash transactions with each other, and the banks have less then one bilstandard of 100 based on 1913 figures. This simply meant that the gold lion in their own vaults—about two and a half billion in the Reserve Banks,
dollar in comparison with other commodities had lost its purchasing power so but there is available all that the people require through the United States
far that it took 252 gold dollars to buy in commodities what 100 gold dollars Treasury if any exigency should arise.
had bought In 1913.
Under system of this power we financed the World War and raised over
By the process of contracting credit, the gold dollar was increased in pur- 40 billions of dollars. The Comptroller of the Currency, in his enthusiasm
chasing power within a very short time so that it bought in terms of agricul- over the accomplishment.of the Reserve System in raising those gigantic
tural products nearly twice as much as it had done on the first of January, funds needed for war, said:
1920.
"This one act won the war." The war was won by the sacrifice of very
Under the policy of deflating credit the value of agricultural lands and many millions of people at home and abroad.
property,including stock,lost a value exceeding twenty billion dollars within
The Federal Reserve System, however, Is the most important agency
about two years, bankrupting hundreds of thousands of people who were of credit ever established in the world, and has enabled the American people,
debtors and had to pay back the debt in dollars which had nearly twice the not only to finance their own domestic industry to the extent required, but
purchasing power.
it has built up the resources of the banks of the country to a point where
Several thousand banks failed as a consequence.
the American Banking System, with its 60 billions of resources, has become
It must be observed that there had been a corresponding increase In the the financial center of the world. In America, moreover, the world has
value of agricultural lands and property by an expansion of credit which took found the safest place in the world for the deposit of money. Great Britain.
place during the World War, and previous to 1920.
France, Italy, Belgium, and other belligerent nations confiscated private
The point is that in order to best serve the interests of those engaged in property of the citizens of Germany on the pretext that their war with
agriculture, in manufacture, in transportation, in merchandizing, or in any the German Government justified the expropriation of private property
of the activities of life, it Is of supreme importance that stability of credit belonging to German citizens. They violated international law in doing
should be maintained, and thus preserve as nearly as humanly possible a this, but most happily the government of the United States refused to do
fixed standard in the purchasing power of the dollar
.
this, and returned the German alien property—at least 80% of it, and
•
While the gold standard is very valuable, it is by no means enough. Quite declared a principle by which the remainder must be returned.
as important as the gold standard Is the control of the credit system,so that
For this reason, America has become a haven for accumulated capital
the gold standard will function uniformly as a just standard of value as from all parts of the world.
between debtor and creditor: between buyer and seller: between the company
With the mechanism of the Federal Reserve Act either an inflation of
that issues the bonds and those who buy the bonds. All contracts are credit or a deflation of credit, can be prevented, and it is of the greatest
measured in terms of money, and if the money be unstable, no man knows possible importance for the investment value of America to keep
clearly
the true meaning of his own contract.
In mind the importance of throwing their influence on the side of stability
In August. 1923. in Geneva,I bought a half million German marks for one in the employment of credit—neither to inflate it, nor to deflate it.
but
dollar in gold, the next day in Stuttgart. Germany,I bought a million marks to use it with great judgment and with fine discrimination, keeping
in mind
for a dollar, the next week, I bought six million marks for a dollar in Berlin, always the chief objective of industry, and of banking as the best servant
of
three weeks later. I bought 120 million marks in Cologne for one dollar. The industry.
dollar soon rose in purchasing power of marks one billion marks for a dollar;
Labor and industry has for its great objective the building of homes, the
then one trillion marks for a dollar when this fantastic currency became use- furnishing of homes, the clothing of the occupants, the feeding of women
fal as wastepaper, with which to build fires. The mark as money diminished and children, the schooling of the youth of America, the building of good
In value just to the degree that marks were easy to get.
roads, means of transportation.
The quantitative theory is undoubtedly true in essence, and we had a
And to these objects, those who control credits and investments, should
great example of this in our country in the expansion of credit during the give their attention. As far as possible, preference should be given to those
and in the violent contraction of credit after the war.
war,
engaged in production and distribution: to those whose character, industry.
Previous to the passage of the Federal Reserve Act we had from time to Intelligence, and integrity promise dependably that
credits extended will
ti,ne serious financial panics during which credit was contracted and the pur- be profitably employed, and safely repaid. There should be no inflation
chasing power of the dollar was suddenly advanced, with ruinous effect upon of credit, and no deflation of credit under these principles
properly administhe debtors.
tered.
The Federal Reserve Act was framed and conceived for the purpose of
It is Impossible to estimate the enormous loss of productive power in the
preventing the recurrence of financial panics, and to accomplish this result United States which followed the contraction of credit and currency—
DEC. 29 1928.]
FINANCIAL CHRONICLE
beginning in 1920, but after these years, liquidation has taken place. The
people who were injured are comparatively reconciled to their losses, and
it should now be quite clear that no such future contraction is probable,
and the people are beginning to react and to build up again the enterprises
which were impaired or destroyed by the deflation policy. In order to
prevent the recurrence of deflation any inflation of credit should be opposed,
for inflation means of necessity in due time a corresponding deflation.
I congratulate you on the very important service which you have rendered
and are destined to render the American people and the world as custodians
and managers of accumulated capital. The American bankers are charged
with ever-increasing responsibility, and upon them rests in large measure
the continued, orderly prosperity upon which the happiness of the American
so largely depends.
America has great reason to be proud of its banking system, and of those
who have administered it, and I am gratified to have this opportunity of
paying my respects to you.
Howard J. Sachs, President of American Acceptance
Council, Reviews Ten-Year Growth of Bankers'
Acceptances.
The steady growth in the volume of bankers' acceptances
during the past ten years. was reviewed in an address by
Howard J. Sachs of Goldman, Sachs & Co., and President
of the American Acceptance Council, at the tenth annual
dinner of the council at the Waldorf on Dec. 11. The
volume of acceptances outstanding, Mr. Sachs noted,
reached well over one billion one hundred thousand dollars
in 1928, and, he observed, "we may feel with confidence
that the basis has been firmly established during these
years for the employment of dollar acceptances throughout
the world." "The last step," he said, "in the growth of
an acceptance business—namely, the further development
of the discount market created to absorb the acceptances
made, as anticipated by Governor Harding of the Federal
Reserve Board is one that can well engage the serious
attention of the A. A. C. and all banking institutions interested." Mr. Sachs noted that "the first problem that
we have to face in this country for the development of
our discount market . . . is the maintenance of even
discount rates with fluctuations minimized as much as
possible." "I cannot help but feel," said Mr. Sachs, "that
we shall be able to take full advantage of the increased
opportunities by enlarging our discount market, and that
as time passes we shall be convinced that the opportunity
can be grasped without reducing the remuneration that
we receive for our acceptance." "Its growth," he went
on to say, "has been too one-sided and too dependent
on the Federal Reserve banks," and he argued for the
further increase in the acceptance business in the next
few years, in response to the increased demand that will
accompany the increased economic revival, and the more
general use of acceptances. In full Mr. Sachs's address
follows:
This is an anniversary party of the American Acceptance Council, for
It is ten years ago—in Jan., 1919—that the first steps were taken to create
an organization which was to spread the knowledge and understanding of
acceptances and their use in foreign and domestic merchandising and to
assist in the establishment of a comprehensive open discount market.
It has seemed to me appropriate to review for you on this ocacasion,some
of the developments of the last 10 years in which this Council has had apart.
One of my very distinguished predecessors, who is here to-night,lamented
the fact in one of his addresses to a similar gathering some years ago that
there was nothing more pathetic or ephemeral than the "President's Annual
Address." Listened to on one evening, it would never be read again except
by those whose duty it might be in following years to make a similar address.
And yet I have during the last weeks read these annual addresses delivered over a period of years with keen interest, as they revealed the
many problems that faced us in the development of our acceptance market.
At the organization meeting in 1919 the Governor of the Federal Reserve
Board in reviewing the possibilities of the acceptance business established
several years previously, stated that in the development of these discount
markets there were three essentials: First,there must be a disposition on the
part of the exporter or importer to use the American acceptance; Second,
there must be facilities for having drafts accepted in this country;
and,
Third, there must be a market created to absorb these acceptances after
they have been made.
On this occasion we can well consider how far these conditions have been
fulfilled in the development of these years, and what sort of role the bankers
acceptance has played in our financial structure as a whole.
Thefigures of its growth during the period of World War and disturbed
credit conditions are more than gratifying. At the end of 1916, after about a
year ofoperation,the volume of acceptances outstanding was $250,000,000;
a year later it had reached $450,000,000. Since that time, with the exceptions of the years 1919 and 1920, when high price levels required large
facilities and the following year of price recessions when the volume fell off
sharply, there has been a steady growth finally reaching to well over
$1,000,100,000 in 1928. It is not possible to give an accurate figure for the
acceptances outstanding in London; however, it was estimated that before
the war the acceptances in the London market were in excess of £300,000.000
sterling, and the volume during this year is, according to well informed
London sources, considered to be in excess of £250,000,000 sterling.
Compared with the published figures for American institutions, this will
indicate to you clearly enough the great position that our bankers have
reached in world finance,for within the space of a dozen years, we have come
almost on equal terms with the long-established market.
This development has been above all else, the measure of our increasing
participation in world affairs. We began by creating for our importers of
raw materials—coffee, wool and hides from South America, silks from the
Orient. rubber and spices from the East Indies—a bill of exchange in a
currency that was stable. The political restrictions of war time, followed
3643
by the long period of violent fluctuating exchanges of the next years, made
it far easier for American industry to turn to the new dollar acceptance
and also extremely desirable for the merchants and bankers in the countries
where the shipments originated. Reasonable discount rates confirmed the
desirability of this new bill.
The original strict regulations under which import credits were issued
were somewhatrelaxed, year by year,as the accepting institutions became
more familiar with sound practices, and the Board at Washington finally
turned over to a full extent to the local Reserve banks the question of
eligibility and thus permitted a more general use of banking judgment
In granting such credits.
The second development of the dollar acceptance came in connection
with our export trade. To be sure, during the war years our exported
raw materials, as well as our manufactured goods, were largely purchased
through the official purchasing agencies ofour Allies and financed by Governmental credits given them and the Central European markers were closed
to us. But with the signing of the peace treaty rapid strides were made
and American exporters turned to the dollar acceptance to finance their
increasing shipments abroad of grain, cotton and copper, and the bad
nights before steamer sailings disappeared, when harrassed bank clerks
struggled with a seemingly endless pile of shipping documents attached
to bills of exchange drawn in all the foreign currencies that had to leave
the following day to save interest losses. Various causes brought about
this change. In the first place, the American exporter preferred to sell
in dollars and thus be relieved of the risks of exchange when at times it
became difficult or expensive to cover on future sales; he also preferred
a credit offered by an American banking institution to the names of European institutions wrapped in the mists of postwar reconstruction. Much
raw material, particularly cotton, was shipped abroad for account of the
American exporter and stored by him abroad until the opportunity came
for sale and financed by American banks under acceptances. But it was
not alone the desire of the American customer for dollar credits that led
to this rapid new development.
The urgent necessity for raw materials on the part of all the combatants in the great war was accompanied by an equally urgent need of
credit to finance the purchases of that raw material, and all European
countries in varying degrees, with the Central Powers naturally in the
greatest need of temporary credit, turned to the United States. This
situation gave the first opportunity to the American bankers to participate
on a large scale in the current financing of European commercial requirements and the instrument for such credits lay to hand in the form of bankers
acceptances, without which we should have been helpless to turn our
financial strength, and so ultimately our supply of merchandise to the
aid of Europe. We must remember that political conditions abroad in
those years made impossible the placing of long-term loans with investors
in this country, the very political existence of the Central Powers seemed
threatened and there were grave doubts as to the future of almost all of
the combatant nations. Yet amid this chaos there were banking institutions in all the countries and great industrials which had weathered the
storm through able management, and it was to them that the first short
time credits were granted to finance the much-needed raw materials from
this country; at one time in those years it was quite common for the grantor
of an acceptance credit to outstanding Germany industry to receive a
commission of 5% to 6% per annum. We have to-day forgotten the uncertainty of those years that justified such terms; but it may be said to
the credit of the courage and judgment of American bankers that the
opportunity was seized and seized successfully.
The third step in the growth of our share of world business has come
in connection with the financing of goods stored in foreign countries and
more particularly in the financing of goods shipped between foreign countries
The lessening of restrictions regarding the eligibility of drafts based on
such transactions has allowed us to participate more actively and during
the last 12 months the total of this business has doubled in volume,reaching
to over 200.000,000 dollars on Oct. 31, or over 20% of our total business.
Further great development is possible in this field as we accustom ourselves
more and more to the role of international bankers.
In these ways about 85% of our acceptance volume is directly related
to our world trade. The new volume of credit created has not to any
extent been applied to our domestic business so as to release bank credit
for other purposes, but has brought us new contacts and new fields of
activity.
We may feel with confidence that the basis has been firmly established
during these years for the employment of dollar acceptances throughout
the world. The first two essentials laid down by Governor Harding in his
address 10 years ago have been definitely established. The facility for
having drafts accepted in this country has become a definite banking
function. Both our importers and exporters are fully willing to make use
of these facilities and banking institutions abroad have completely accepted
our dollar acceptance as one of the established methods of international
finance.
The last step in the growth of an acceptance business—namely—the
further development of the discount market created to absorb the acceptances made, as anticipated by Governor Harding, Is one that can well
engage the serious attention of the A.A.C. and all banking institutions
interested, because we have during this year been faced with a new situation
that is bringing new problems to solve.
For the first time since the establishment of the dollar acceptance in this
country we have been faced with serious competition on the part of European
institutions. After a period of years, in which we were the chief givers of
credit and the important European centers were busy with post-war problems, a great activity has begun to take place in the last years in both
Amsterdam and London. The great progress in reconstruction during the
recent past has brought with it a volume of credit granted to many European
countries far larger than in the previous years. According to figures published by one of the leading Dutch banks, the volume of Dutch acceptance
credits in 1926 and 1927 nearly doubled, rising from an estimated total of
200,000,000 guilders to almost 400,000.000 guilders at the present time,
and during a similar period London estimates show an increase of from
E20,000.000 to £30,000,000 sterling.
As the acceptances of our banking institutions have also shown a similar
rising tendency, it may well be of importance to consider what lies behind
this simultaneous growth of some $500,000,000 in the acceptance business
of three important centers.
With price levels showing little change of importance, it is obvious that a
greater volume of the movement of goods throughout the world has come to
be financed by this method. The economic revival throughout Europe
during the last years has resulted in a more active distribution of merchandise and a greater requirement of credit, and this same revival has
-giving nations to extend their facilities and to offer the
Induced the credit
same in competition with local credit. Such acceptance credits are in the
long run cheaper than local bank credit and as the mercantile community
begins to understand its method of operation and appreciate its advantages,
Its development is certain to continue. .
There is no fixed amount of the total world acceptance business available
which must be struggled for by competing centers; but there is an unlimited
3644
FINANCIAL CHRONICLE
[VOL. 127.
amount that should steadily increase as the international point of view of pending demand for acceptance credits, and we must profit by our excredit users develops and which will tend to those centers where rates are perience to broaden and increase our market so as to share in this expanding
reasonably low and above all, steady.
international finance.
As you will remember, the early summer months saw a sharp decline in
It has been the privilege of the American Acceptance Council to have a
the total of our acceptances, accompanied by persistent reports that a share in this development during the last
10 years; the Council is grateful
large volume of international finance had been shifted from this country for the help and support it has received from its officers and members and
to British banking institutions. During this time our discount rates were looks forward to a continued growth and
usefullness of the dollar acceptsteadily rising; in fact, within a period of six months rates rose from 3%
ance business.
to
%. This sharp increase of 1)% would naturally cause a certain
proportion of our European clients to turn to other centers when making
new commitments, particularly as the continuance of firm money here
made possible to their eyes further increases. It is the unexpected fluctua- Federal Trade Commission Files Court Action to
tions in discount rates—rather than a prevailing rate fractionally higher
Compel Electric Bond and Share Company to
than one's neighbor that causes these shifts; for during the year 1926 and
Produce Records In Public Utilities Inquiry—
1927 our discount rates were generally below London and for part of the
Commission to Resume Hearings in January.
time below Amsterdam, and despite that difference, the business of both
London and Amsterdam grew, because the world demand for acceptances
The Federal Trade Commission announced on Dec. 17
continued to grow as reconstruction and revival in Europe made their
that unless court engagements interfere the Commission
employment more common and better understood.
The steadiness of rates in this country during the last months and the expects to resume public hearings in the publicity phase of
general feeling that further sharp fluctuations were at an end has done much
its power and gas utilities investigation early in January.
to accelerate the natural seasonal demand for dollar acceptances.
The first problem that we have to face in this country for the develop- This is announced in the ninth interim report of the investiment of our discount market (as our European neighbors have regained tion transmitted to the
Senate Dec. 17. The interim report
their health) is the maintenance of even discount rates with fluctuations
minimi ed as much as possible. While we shall undoubtedly continue to reveals that although the Commission has applied to a
,
buy securities in large volume over a period of years, we must also be in a Federal Court in New York to compel seven officers and
position to furnish in increasing volume the short commercial credits that
employees of the Electric Bond & Share Company to answer
are essential in the movement of commodities throughout the world and
which bring with them all the collateral advantages of close banking re- certain questions, produce certain books and papers, and
ationship.
obey certain subpoenas of the Commission, "employees of
I cannot help but feel that we shall be able to take full advantage of the
the commission are still in the offices of the Electric Bond
Increased opportunities by enlarging our discount market and that as
time passes we shall be convinced that the opportunity can be grasped and Share Company, and their work is continuing along
without reducing the remuneration that we receive for our acceptance. the lines and within the limits indicated in its previous
It is, naturally, a great temptation to meet the immediate demands of
the moment and to try to meet every competition that appears, but once report, (the eighth) transmitted to the Senate Nov. 30.
"Apart from the limitations on the examination of the
we are convinced of the general course of the acceptance business in the
future, I hope that it will be possible to maintain reasonable minimum records of the Electric Bond and Share Company referred
commissions. The council will be glad to offer its services in any way
to above," the Commission says, "no serious obstacles
that it can assist in reaching such a result.
This further extension of our discount market is of great importance, appear to exist at present in this phase of the work." Beas, unfortunately, during these years it has not been as broad as had been tween fifteen and twenty
accountants are now working in
hoped and desired. It is still far from such a stage that it can be considered a completely satisfactory mechanism of our moeny market, although offices of a number of the largest holding companies, each
great strides have been made and important results both for our inter- of which controls companies in many states. They are
national banking position and our internal financial system have been securing
data supplementary to the information.called for in
obtained. Large foreign balances are maintained in this country in the
convenient form of bill holdings and their existence here has done much the general report, forms sent out by the commission to
to increase the free movement of funds to and from foreign countries utilities companies. The report, forms covering growth of
and the contacts between our bankers and banks abroad with all the colcapital assets and liabilities, financial details regarding
lateral advantages that accrue to such increasing intimacy.
And in out internal financial situation the existence of a bill market security issues, and inter-company relationships, among
has proved an additional and an important factor in the operations of the other data, are now being returned by the utility companies
Federal Reserve banks and through it funds have come into the market
and are being examined in preparation for analysis and
or gone out of it as credit conditions changed.
But its growth has been too one-sided and too dependent on the Federal tabulation.
Reserve banks, if we are to increase our acceptance business further in
The Federal Trade Commission on December 1, filed in
the next years in response to the increased demand that will accompany
the increased economic revival and the more general use of acceptances the United States Southern District Court in New York
that I have described to you as a probable development.
City application for enforcement of its subpoenas requiring
The hope that an active discount market here would result in a greater certain officers and employees of the Electric Bond
and Share
stability of Stock Exchange funds by transferring liquid funds from call
loans into bills has not b en realized and the developments of this year Company of New York to furnish certain information in
indicate that for the present at least the bill market must continue to connection with the Commission's investigation of financial
grow alongside the older Stock Exchange money market.
relationships of public utility holding companies, and of
The continued Stock Exchange activity and the prevailing high call
money rates have presented real difficulties for the acceptance business alleged attempts to influence public opinion as to municipal
as a whole, for if we are to continue this growth we must be prepared or public ownership of utility plants. The Commission also
deliberately to furnish the bill market with adequate funds both by a
as we indicate above, sent to the Senate on Nov. 30, its
more general practice of making loans against acceptances and by the
Eighth Interim Report of the public utilities investigation,
carrying of larger portfolios of bills throughout the country.
The discount houses have been forced to compete during the past months covering details of the Electric Bond and Share Company
for funds to carry their bills against Stock Exchange call money rates
offrom 6 to 9% and in many cases have for certain periods paid more than case. A statement issued by the Commission Nov. 30 said:
The interim report shows that the company turned over to Commission
the actual discount rate prevailing. This has naturally resulted in an
effort on the part of the discount houses to keep their portfolios at a mini- examiners statements of fees and commissions received by it for services
and various other information and data, but refused to comply with a request
mum, to make a wider spread than before between purchase and sale
rate and to be hesitant to make forward contracts for acceptances at for its operating expense ledger which was needed for a study of the basis
market rates, all of which in its turn has made the use of dollar accept- and fairness of the several charges reported for the services rendered. The
company also refused to produce vouchers showing disbursements on
ances in competition with foreign credits more difficult.
The discount market should be able to look in a larger measure to the account of publicity. It furnished the Commission with a summary of its
banking institutions themselves for the necessary funds to carry on the operating expenses separated under twenty-four general heads, but beyond
discount market. It should be assured that sufficient funds are at all times that it was unwilling to go, so far as the expense ledger was concerned.
Officials of the company appeared before the Commission in two public
available at such rates that the bills will at least carry themselves, so that
instead of traders in acceptances pure and simple, it will be possible to hearings and on both occasions declined to comply with the commission's
request to furnish the desired data, and refused to answer various questions
carry large portfolios for reasonable periods of time, to have supplies available when large orders are received and at the same time to purchase and put to them while on the stand.
Representatives of the Commission are still at work in the offices of the
carry large amounts of bills that suddenly come into the market. Such a
Electric Bond and Share Company, with the consent of that company, exsituation would be of inestimable benefit to a broadening of the market.
amining various books and papers. They have continued their work there
In connection with it arises the question of the purchase and investment
without interruption as have the examiners working on the books of other
in acceptances by banking institutions.
On Nov. 28, the bill holdings of the System for its own account and for companies. There has been no delay or hindrance in carrying on the invesforeign account amounted to $750,000,000 or nearly three-quarters of the tigation except as to the particular matters embraced in the refusals of the
total amount of acceptances outstanding, and the bills owned by discount Electric Bond and Share Company.
houses amounted to at least 825,000,000. The balance was held by banks
A summary of the Commission's petition to the U.S.
for their own account and foreign accounts by individuals and by corporations, and while it is not possible to analyze this amount further, it is District Court says in part:
The company officers and employees had refused to obey subpoenas
significant that according to the reports furnished to the American Accept
ance Council by the leading acceptance banks of this country their holdings issued by the Commissin for the production of the records in question and
of bills for their own account on Oct. 31 was $21,000,000. Even without to give testimony when placed on the witness stand.
This position was taken by the Electric Bond and Share Company in the
more accurate figures, it would appear quite certain that there is no general
tendency on the part of banking institutions in this country to carry bills course of an investigation by the Federal Trade Commission under Senate
Resolution 83, which directed it to investigate and report upon the financial
as part of their reserves.
These ideas have been presented to the Council for the consideration of and business structure of the electric power and gas industry, the policies.
its members on various occasions by my predecessors, and you will shortly and practices of holding companies and their affiliated companies, their
have the pleasure of hearing from our guest at the dinner this evening a alleged efforts to control public opinion on account of public or municipal
further and far more penetrating discussion of many of these facts. I have ownership and to influence Presidential and Senatorial elections, and
only felt that it might be my privilege as President to bring to your attention whether any of the conditions disclosed constituted a violation of the antiin these few words some of the problems that unexpected changes in our trust laws.
The petition describes the positions held by the recalcitrant witnesses in
monetary positions present to-day, as we contemplate the further growth
the Electric Bond lit Share Co. and recites the resolution of the United States
of our acceptance business.
The period in which we acted as the chief and perhaps tho only credit Senate and of the Commission directing the investigation. It then outlines
givers is passing. The important European money centers are approaching the steps taken to comply with the Senate's direction and the issuance of the
their pre-war activity and together we shall be faced with a steadily ex- subpoenas pursuant thereto.
DEC. 29 1928.]
FINANCIAL CHRONICLE
The objections entered on the record by counsel for the Electric Bond &
Share Co. to administering the oath and interrogation of the witnesses are
then set out. These objections put in issue the fundamental question of the
Commission's power to issue subpoenas in the investigation directed by the
Senate, whether the Electric Bond & Share Co. is engaged in interstate commerce, and whether the attempt to examine the records subpoenaed is a
violation of theconstitutional prohibition of unreasonable searches and
seizures.
A large part of the petition is taken up with excerpts from the record of the
testimony of the witnesses connected with the Electric Bond & Share Co.,
showing their refusal to answer questions or to produce records in response to
the subpoenas and at the direction of the presiding commissioner. These
excerpts are available at the offices of the comission where a complete copy
of the petition may be seen.
The remainder of the petition is devoted to allegations intended to show
that the Electric Bond & Share Co. is a company such as comes within the
terms of the Senate's resolution, that it is engaged in or has a substantial
control over and influence upon interstate commerce in electrical energy or
gas, that it occupies directly or indirectly a monopolistic position in various
sections of the country, and that it is the dominating force and influence in
large numbers of companies which it does not directly own. It is further
alleged that through a system of management contracts the company
Imposes a burden upon the gross earnings of operating companies engaged in
inter-state commerce, and because of lack of substantial diversity of interest
between the individuals and corporations connected with the Electric Bond
& Shar Co. that they are in position to control inter-state transactions and
commerce through collusion and combination and to impose an undue burden upon such commerce. It is alleged that the records subpoenaed and refused are necessary to determine whether such a burden has in fact been
created and imposed in violation of the anti-trust laws.
The fact sought to be elicited by the questions asked the respondents and
from the books and vouchers required to be produced by the subpoenas duces
tecum served upon the respondents Smith and Summerson will aid in determining, as directed by the Senate resolution, whether the Electric Bond &
Share Co. and the holding companies affiliated with it are of value or determent to the public, and whether there are abuses which the Congress may
.
correct by legislation. .
The Commission has probable cause to believe that the operating expense ledgers called for by the subpoenas duces tecum served upon respondents A. E. Smith and E. P. Summerson will disclose the costs of the services
rendered by the Electric Bond & Share Co. to the various holding and operating companies having contracts for services with the Electric Bond &
Share Co., as described in paragraph 21 hereof;and entries showing the payment of special commissions and bonuses to officers and employes of the
Electric Bond & Share Co.;and the payment ofsums of money to influence or
control public opinion on account of municipal or public ownership of the
means by which power is developed and electric energy is generated and distributed.
The Commission has probable cause to believe that the vouchers called for
by the subpoena duces tecum served on A. E. Smith show payments of
money in the form of special commissions and bonuses in connection with the
sale of securities of subsidiary companies, or companies affiliated with the
Electric Bond & Share Co.;and show also payments of money to influence or
control public opinion on account of municipal or public ownership of the
means by which electric energy is generated and distributed.
A review of the situation arising out of the company's
refusals is contained in the Commission's eighth interim
report to the Senate, which follows in part:
FEDERAL TRADE COMMISSION.
Washington, Nov. 30 1928.
EIGHTH INTERIM REPORT OF THE ELECTRIC POWER AND
GAS UTILITIES INQUIRY.
To the Senate of the United States:
Pursuant to the direction of the Senate in Senate Resolution 83. 70th
Congress, 1st Session (approved Feb. 15 1928) regarding the investigation
of certain electric power and gas utility companies, that this Commission
"report to the Senate within each thirty days after the passage of the resolution and finally on the completion of the investigation" upon the matters
specified in the resolution, and that it transmit therewith the stenographic
report of the evidence taken, this eighth interim report is respectfully submitted.
As stated in previous reports to the Senate the Commission has prepared
for the operating electric and gas utility companies and their holding companies and associated service companies, and sent out a general report for
dealing with the principal subjects ofinquiry indicated by the Senate Resolution, including the growth of capital assets and liabilities, financial details
regarding their security issues, intercompany relations and methods of control, services furnished to operating companies and the charges and expenses
connected therewith, and the extent, if any, to which such corporations or
their representatives, through expenditure of money or through the control
of the avenues of publicity have made efforts to influence and control public
opinion on account of municipal or public ownership of the means by which
power is developed and electrical energy is generated and distributed, or
since 1923 to influence or control certain elections.
The preparation of the answer to one of the questions in the report form
caused unexpected difficulty or expense, at least in the case of some companies, and has led the Commission to defer that question in order to save
undue labor. Reasonable requests for additional time have been acceded to.
Returns are now being received and a part of the accounting staff of the
commission is engaged in inspecting them to determine whether the answers
indicate the need of further inquiry.
Supplementing this general report, examiners of the Commission have
been sent to the offices of a number of the largest holding companies which
control operating companies in several states,for the purpose of studying the
organization of these holding companies,their capital structure and earnings,
their service contracts and expenses, together with similar matters, in addition to the more detailed study of some of the other subjects covered in a
general way in the report forms above referred to. Considerable progress
has been made at all the companies visited and, with one important exception, there have been no difficulties made by the companies in furnishing
access to any of their books and papers called for by the examiners of the
Commision. However, in the case of the Electric Bond & Share Co., the
Commission has experienced very serious difficulty in getting what it regarde as essential information and is now faced with the necessity of seeking
the aid of the courts in the enforcement of what it believes to be its lawful
and reasonable demands.
The Electric Bond & Share Co. does not generally own stock in operating
companies, directly, although at various times in the past it has owned such
stocks and according to the reports of two operating companies made to the
Commission as of March 1 1928, it was then a stockholder therein. It owns
a minority stock interest in several holding companies, the organization of
3645
.
which was caused by or participated in by Electric Bond & Share Co.C These
holding companies own stocks of numerous operating and other companies.
the stocks of these latter companies oftentimes having been acquired,
directly or Indirectly, from or through the Electric Bend & Share Co.. or
through syndicates or otherwise. In some instances the men who are officers
of the Electric Bond & Share Co. are also officers ofcertain of the holding
companies and operating companies. Officers and directors of the Electric
Bond & Share Co. are also stockholders in some of the holding and operating
companies.
Certain of the operating companies whose power systems are connected,
who engage in inter-state commerce and whose transmission lines cover
various sections of the country are under contract with the Electric Bond &
Share Co.for service of various kinds for which a fee made up of a percentage
of gross earnings is generally charged, and also financial, construction, purchasing, and legal services for which substantial fees and commission are
charged. In some instances these contracts are made with the holding company for services rendered the operating companies and the charges are determined in much the same way. In other instances the holding company
pays the Electric Bond & Share Co. a fee for financial services. In those
Instances where the company making the supervision or managing contract
is engaged in inter-state commerce the Electric Bond & Share Co is by virtue
of the contract engaged in the actual supervision and management of interstate traffic in power. The Electric Bond & Share Co. receives from operating companies commissions on the sale of the operating company's stock
for services said to be rendered to such companies by the Electric Bond &
Share Co. in connection with such sales. One of its regular services is to arrange with banking or financial houses distributing and selling securities
throughout the contry,for the purchase and sale of various securities ofsubsidiary and operating companies for which service it receives fees from the
company issuing the securities. Part of the various foregoing charges are
included in the operating expense of the companies paying them, affect the
rates which customers of these companies have to pay and in certain instances directly affect the inter-state rate and inter-state commerce. The
companies in this group comprise six holding companies,about 150 operating
companies and over 100 other companies,some of which are inactive. The
transmission lines owned by the companies in this group cover large areas In
many sections of the country wherein the companies operate for the most
part without competition. To discover whether they possess in inter-state
commerce within these areas a substantial degree of monopolistic control is
one of the objects of this inquiry.
The resolution specifically calls for information regarding such services
as have herein been described, the charges made therefor, the earnings
and expenses of such holding companies and other associated and affiliated
and subsidiary companies, and the relation one to the other of such COMpanics. The resolution directs an investigation of the value or detriment
to the public of holding companies owning the stock of otherwise controlling
public utility corporations immediately or remotely, and directs the commission to report as to what legislation, if any, should be enacted by
Congress to correct any abuse that may exist in the organization or operation
ofsuch holding companies.
The Electric Bond and Share Co. furnished the Commission's examiners a statement of fees and commissions received by it for such services
as have already been described. Thereupon a routine request was
made for its operating expense ledger which, we understand, contains a
record of all such expenses, in order to study the basis and fairness of the
several charges reported for the services rendered. This request, originally
made in August, the Electric Bond and Share Company objected to
complying with, chiefly, apparently, as an intrusion into what it claimed to
be its confidential affairs. The company furnished the commission with
a summary of its total operating expenses separated under twenty-four
general heads, but beyond that it was unwilling to go. The Commission
insisted upon examining the operating expense ledger and supporting
vouchers and documents which would enable an analysis to be made of
such reported expenses and of their relation to the charges made for services
to operating companies and which would enable the Commission to carry
out other phases of the investigation. Anything less than that, in the
opinion of the Commission, would make the inquiry in these respects
an empty formality and would be utterly illusory as a means of either
justifying or criticizing such service charges and would have been a failure
to perform the duty cast upon the Commission by the resolution.
The refusal of the Electric Bond and Share Co. to comply with the
request of the Commission in this matter and the proceedings resulting
therefrom has caused a large amount of special work for the purpose of
establishing the demands of the commission and has involved considerable
delay in the conduct of that part of the inquiry relating to the financial
relations and operations of the several important holding companies included in this group. It has also caused delay in the completion of that
part of the inquiry which dealt with alleged efforts of the industry to
Influence public opinion on the subject of public or municipal ownership.
It became necessary for the Commission to meet the issues raised by the
refusal of the Electric Bond and Share Co. Subpoenas were issued
early in October 1928 directed to one of its vice-presidents, its secretary
and its comptroller. The subpoenas to the secretary and comptroller
directed the production of the operating expense ledger. In response they
entered special appearances at a public hearing before the presiding commissioner on October 17, and proceeded to contest the jurisdiction of the
commission. Counsel for the company and witnesses appeared specially
and objected to the administering of the oath and the interrogation of the
witnesses on the ground that the subpoenas were void and beyond the commission's power to issue, stating three claims:
1. That the subpoenas were void and without authority oflaw and beyond
the power of the Commission to issue, and that the witnesses were not
required to testify before the Commission because neither the witnesses
nor the Electric Bond and Share Co. are engaged in "commerce" as defined
in the Constitution of the United States or the Federal Trade Commission
Act.
2. That the pending investigation, so far as the same may be within
the powers and Jurisdiction of the Commission, is being conducted under
See.6 (a) of the Federal Trade Commission Act and not under See. 5
or othersections of said Act, and the Commission has no jurisdiction or
authority to ISM'S subpoenas in this investigation.
3. That the subpoena duces tecum is void and of no effect in that it is,
in substance, a general warrant for "unreasonable searches and seizure
of papers and effects without probable cause," and constitutes a deprivation
of property without due process of law, all in violation of the fourth and
fifth amendments to the Federal Constitution.
The Vice-President and the Comptroller thereupon declined, upon advice
of counsel, to answer many questions touching the growth of the corporation's capital assets, its intercorporate connections and affiliations, its
payment or receipt of bonuses or commissions on the sale of securities. its
earnings and expenses, its expenditures of money or control of the avenues
of publicity to influence or control public opinion on account of public er
municipal ownership, and touching other subjects which were deemed to be
within the scope of the Senate's Resolution. They likewise refused to produce the corporation's expense ledgers which had been subpoenaed
While a witness, the company's comptroller, was directed by the presiding commissioner, on motion of the commission's chief counsel, to pro-
3646
FINANCIAL CHRONICLE
duce a hearing on Oct. 23 all vouchers of the Electric Bond and Share Co.
which showed for three preceding years any expenditures of money to
influence or control public opinion on account of public or municipal
ownership, or to influence or control the election of president, vice-president
and members of the United States Senate. This direction was later supplemented by the issuance of a subpoena duces tecum calling for production
of such vouchers. In addition the company's general auditor and director
of publicity were subpoenaed.
The hearings were thereupon continued to Oct. 23. On that day all
of the witnesses reappeared pursuant to the adjournment. The VicePresident being called, counsel representing him and the company stated
that the company had made no disbursements to influence or control
elections of President, Vice-President or members of the United States
Senate; that witnesses who had searched the records were available to
verify this statement and he said:"As to any other matters we respectfully
decline to submit witnesses for examination." Thereafter the company's
vice-president, its comptroller, secretary, general auditor and its director
of publicity were put under oath but declined with certain minor exceptions,
to answer any questions except such as related to political contributions.
The company voluntarily produced two of its accountants to testify that
they had searched the voucher records for a period of three years preceding
and had found no record of disbursements to influence or control elections.
However, when asked whether they had noted any vouchers in their search
which related to disbursements to influence or control public opinion regarding public or municipal ownership or to disbursements on account of bonuses
and commissions in the handling of securities of affiliated companies, these
witnesses declined to answer on advice of counsel.
The Commission's chief counsel at different stages during testimony of
the Electric Bond and Share Co.'s officers and employees, offered as witnesses nine of the Commission's examiners who had knowledge of various
facts regarding the business of the company and its associated corporations.
Such knowledge was obtained by them either from the officers and records
of such companies or from reports made to the Commission by such companies.
In this way a substantial amount of evidence was put into the record in
an effort to carry out the resolution and to show that the Electric Bond and
Share Co. is a corporation which comes within the scope of the Senate's
and Commission's Resolutions and is engaged in inter-State commerce,
and to establish probable cause for the belief that the documents subpoenaed
and the testimony refused are competent, relevant and material. Meanwhile the Commission's legal staff has gone into the various procedural
and constitutional questions involved for the purpose of enabling the Commission to determine the preceise remedy which should be invoked under
the circumstances, and is engaged in preparing an application to the courts.
Notwithstanding the attitude of the Electric Bond and Share Co., as
heretofore set forth, representatives of the Commission are still in the
office of the company examining certain records and books of that company
and of several subsidiary companies whose financial records are kept in the
same office. The company has permitted and continues to permit an
examination of all books and papers, except the operating expense ledger
and the supporting vouchers and documents. Although certain other
papers have been requested and have not yet been furnished,they have not
yet been refused.
The commission will hold further hearings relative to the so-called publicity phase of the inquiry but there will be some delay in this connection
became of the time taken up with the controversy of the Electric Bond
and Share Co. and because of the accumulation of a volume of office work
unconnected with that controversy but relating to the investigation. The
introduction of evidence relating to the financial phase of the investigation
will be begun as soon as the various examinations under way are completed
and the information obtained can be made ready for introduction into the
record.
References to the Commission's inquiry into public utilities
appeared in these columns Oct. 13 pages 2043-2044, and
Nov. 10, page 2631.
Appointment of Directors of Branches of Federal
Reserve Bank of San Francisco.
Isaac B. Newton, Chairman of the Board and Federal
Reserve Agent, Federal Reserve Bank of San Francisco,
announces that the Federal Reserve Board atWashington,
D. C., and the Federal Reserve Bank of San Francisco
have reappointed the following directors of the bank's five
branches for two-year terms beginning Jan. 1 1929. The
appointments follow:
Appointed by Federal Reserve Board.
Spokane Branch—Peter McGregor, Manager McGregor Land & Live
Stock Co., Hooper. Wash.
Seattle Branch—Henry A. Rhodes, merchant, Tacoma, Wash.
Portland Branch—Edward C. Pease, merchant, The Dalles, Ore.
Salt Lake City Branch—G. G. Wright, Vice-President and General
Manager Consolidated Wagon & Machine Co., Salt Lake City, Utah.
Los Angeles Branch—J. B. Alexander, Vice-President Globe Grain &
Milling Co., Los Angeles, Calif.
Appointed by Federal Reserve Bank of San Francisco.
Spokane Branch—R. L. Rutter, President Spokane & Eastern Trust
Co., Spokane, Wash.
Seattle Branch—M. F. Backus, President National Bank of Commerce,
Seattle, Wash.
,
I Portland Branch—John F. Daly, President Hibernia Commercial &
Savings Bank, Portland, Ore.
Salt Lake City Branch—L. H. Farnsworth, Chairman of the board
Walker Brothers Bankers, Salt Lake City, Utah.
Los Angeles Branch—Henry M. Robinson, President Los Angeles First
National Trust & Savings Bank, Los Angeles, Calif.
[Vorh 127.
Adjustment of Differences Over Sovereignty of Islands
Off Nicaraguan Coast—Treaty Between Nicaragua
and Colombia—U. S. Rights Clarified.
The signing of a treaty by the Republics of Nicaragua and
Colombia, settling their long-standing dispute on the question of sovefeignty over the Mosquito Coast of the former
country and certain islands of that coast, was made known
a short time since in Washington advices to the Baltimore
"Sun," which said that the United States now is in a stronger
position than ever with regard to its right to construct a
canal across the Nicaraguan isthmus at any time it deems
proper. The dispatch in the Baltimore "Sun'! (Sept 21)
also said:
Colombia long has claimed sovereignty over the Mosquito Coast—which
comprises practically the entire eastern seaboard of Nicaragua and through
which an American canal would pass. In the treaty announced to-day
Colombia relinquishes all claim to this land and to the Mangle Grande
and Mangle Chico (Great Corn and Little Corn) islands off the coast.
Lighthouses To Stay
In turn, Nicaragua gives to Colombia absolute dominion over the islands
of San Andres, Providence, Santa Catalina and smaller islands of the San
Andres archipelago. Colombia agrees, however, to permit the United States
to maintain its present lighthouses on certain of these islands which are
on the Caribbean shipping lanes.
With bills now pending in Congress for a resurvey looking toward the
early construction of the Nicaraguan canal, and with both •the War and
Navy Departments heartily in favor of such a plan on the principle that
the United States should not "have all its canal eggs in one basket," at
Panama, the importance of the treaty made known to-day is apparent.
The United States, under the Bryan-Chamorro treaty promulgated in 1910,
won and 85-year-old diplomatic duel with England for the right to build
a Nicaraguan canal, when the Nicaraguan Government sold the right to
the United States for $3,000,000. It was stipulated that America could
construct an interocean canal by way of the San Juan river and the Lake
of Nicaragua, "or any other route."
Leased for Ninety.Nine Years
The same treaty, now in force, leased to the United States for 99 years,
with an option of renewal for a like period, the Great Corn and Little
Corn islands.
So long as Colombia laid claim to the Mosquito Coast and the San Andres
archipelago, the right of the United States to build the canal and use the
Islands as naval bases was morally, if not legally, somewhat beclouded.
Now, however, such rights cannot be questioned.
The Great Corn and Little Corn islands are mere dots on the map—
some maps do not show them at all—but their importance, from the military
and naval standpoint, cannot be overestimated. They are 50 miles off the
coast, about opposite Bluefields and little more than 100 miles northeast
of the entrance to the proposed canal in the San Juan river.
Fortifications Lacking
As naval bases they command the eastern entrances to both the proposed
Nicaraguan and the present Panama canals, and the treaty leasing them to
the United States contains express authorization for their use as naval bases,
The strategic importance of these islands is still further emphasized by
the entire lack of fortifications at the Panama Canal itself.
There is now upon the Senate calendar awaiting action at the next session
of Congress in December a resolution of Senator Walter E. Edge, Republican,
New Jersey, Chairman of the Senate Committee on Interoceanic Canals,
directing the President to have army engineers resurvey the Nicaraguan
route and arppopriating $250,000 for this purpose.
Platt Ls Favored,
The Secretaries of State, War and Navy favor the resolution and were
disappointed that it was not passed before Congress recessed in June. The
Nicaraguan Government is anxious to have the canal project carried forward
and has so informed the Department of State through its representative here.
The Senate Committee on Canals, reporting favorably on the Edge resolution, said:
It has been Indicated by the annual reports of the Panama Canal Commission
that If the business of the canal continues to increase as it has during recent years
the capacity of the present canal will be taxed to its maximum In the course of ten
or, at the outside, fifteen years.
Pressure Is Likely.
It is further pointed out that construction of the Nicaraguan alternate
route, even if begun immediately, will not be completed before the new
canal will be needed to care for overflow traffic from the Panama cut.
In view of the strong sentiment in favor of starting work upon the
Nicaraguan project and the successful completion of the Colombian-Nicaraguan negotiations, it is expected that strong pressure will be brought to
bear to force passage of the Edge resolution at the next session of Congress.
Under date of Sept. 21 the New York "Times" in Washington advices gave the text of notes bearing on the treaty
which passed between Secretary of State Kellogg and Enrique Olaya, Colombian Minister to the United States. The
treaty, which was signed on March 24 last, was made public
on Sept. 21 along with the notes; the "Times" dispatch in
giving them said in part,
The rights of the United States as to important approaches to the
projected interoceanic canal through Nicaragua have been clarified by a
treaty negotiated between Nicaragua and Colombia and a subsequent exIn announcing the above appointments Mr. Newton says: change of notes between Colombia and the United States. . .
Gratification was expressed at the State Department to-day that the
The regulations under which these appointments are made provide that
been adjusted on a basis satisfactory to the three
directors appointed by the Federal Reserve Bank shall be chosen from the several problems had
ranks of men well qualified and experienced in banking, and those appointed Governments.
"The Department of State," Secretary Kellogg said, "was consulted by
by the Federal Reserve Board shall be chosen from among those of high
character and standing who are engaged in agriculture, industry or com- both parties to the treaty and expressed the opinion to both that the
proposed treaty appeared to offer a very satisfactory and equitable solution
merce, in so far as may be practicable.
There are five directors of each branch, two appointed by the Federal of this controversy and the Department, therefore, hoped that the treaty
Reserve Board and three by the Federal Reserve Bank. Except in the case would receive the approval of the respective Governments."
of the Managing Director, who is appointed for one year, directors' terms
Notes Exchanged in April.
are for two years, arranged so that the term of one of those appointed by
The notes were exchanged between Secretary Kellogg and Enrique Olaya,
the Federal Reserve Board and of one of those appointed by the Federal
Colombian Minister to the United States, on April 10.
Reserve Bank will expire each year.
DEC. 29 1928.]
FINANCIAL CHRONICLE
"These provided," the Department explained, "that whereas both Governments have claimed the right to sovereignty over the Serrano and Quita
Suenoe banks and the Roncador Coy; and whereas the interest of the
United States in these islands lies primarily in the maintenance of aids to
navigation; and whereas, Colombia shares the desires that such aid shall
be maintained without interruption and furthermore is especially interested
that her nationals shall uninterruptedly possess the opportunity of fishing
in the waters adjacent to these islands, the status quo in respect to the
matter shall be maintained and the Government of Colombia will refrain
from objecting to the maintenance by the United States of the services
which it has established or may establish for aids to navigation, and the
Government of the United States will refrain from objecting to the utilization by Colombian nationals of the waters appurtenant to the islands for
the purposes of fishing."
Text of Treaty.
The text of the treaty between Nicaragua and Colombia is as follows:
The Republic of Colombia and the Republic of Nicaragua, being desirous of
terminating the territorial litigation pending between them and of strengthening
the bonds of traditional friendship which unite them, have resolved to conclude the
present treaty and have named as their respective plenipotentiaries:
His Excellency the President of the Republic of Colombia.
His Excellency the President of the Republic of Nicaragua.
Who, after having communicated to each other their respective full powers,
found in good and due form, have agreed upon the following articles:
Article 1.—The Republic of Colombia recognizes the sovereignty and absolute
dominion of the Republic of Nicaragua over the Mosquito coast between Cape Gracing a Dios and the San Juan River and over the Mangle Grande and Mangle Chico
Islands in the Atlantic Ocean (Great Corn Island and Little Corn Island); and the
Republic of Nicaragua recognizes the sovereignty and absolute dominion of the
Republic of Colombia over the islands of San Andres, Providence. Santa Catalina
and all the other islands, small islands and keys which form a part of said Andres
Archipelago.
The Keys of Roncador, Quits Buenos and Serrana, the dominion over which is in
litigation between Colombia and the United States of America, are not included
in this treaty •
Article 2.—The present treaty will be submitted for approval to the Congresses
of both States and once approved by them, the exchange of ratifications will take
place within the three months following,in Managua or Bogota.
Note of Envoy to Kellogg.
Minister °lays in his note to Secretary Kellogg wrote as follows:
Colombian Legation, April 10 1928.
The undersigned, Envoy Extraordinary and Minister Plenipotentiary of the
Republic of Colombia, duly authorized by his Government, proposed to his Excellency the Secretary of State of the United States the conclusion, by exchange of
notes, of the following agreements respecting the status of Serrana and Quita Suenos
banks and Roncador Cay, situated in the western part of the Carribean Sea; that is
to say that, whereas both Governments have claimed the right of sovereignty over
these islands, and, whereas the Interest of the United States lies primarily in the
maintained without interruption, and whereas Colombia shares the desire that such
aids shall be maintained without interruption and furthermore is especially interested that her nationals shall uninterruptedly possess the opportunity of fishing
in the waters adjacent to those islands, the status quo In respect to the matter shall
be maintained and the Government of Colombia will refrain from objecting to the
maintenance by the United States of the services which it has established or may
establish for aids to navigation, and the Government of the United States will
refrain from objection to the utilization, by Colombian nationals, of the waters
appurtenant to the Islands for the purpose Of fishing•
(Signed) ENRIQUE OLAYA.
Text of Kellogg's Reply.
In reply Secretary Kellogg said under date of April 10, 1928:
Sir: The undersigned, the Secretary of State, has the honor to acknowledge
and take cognizance of a note of this date from the Envoy Extraordinary and Minister Plenipotentiary of the Republic of Colombia. stating that having been duly
authorized to take such action on behalf of the Colombian Government by his
Excellency, the Minister of Foreign Affairs for Colombia. be proposes the conclusion
by exchange of notes of the following agreement respecting the status of
and Quita Suenoe banks:and Roncador Cay,situated in the western part of theSerrana
Carribbean Sea; that Is to say, that whereas both Governments have claimed the right of
sovereignty over these islands; and whereas the interest of the United States lies
primarily in the maintenance of aids to navigation; and whereas Colombia shares the
desire that such aids shall be maintained without Interruption, and furthermore
is especially interested that her nationals shall uninterruptedly possess the opportunity of fishing in the waters adjacent to those islands. the status quo in respect to
the matter shall be maintained and the Government of Colombia will refrain from
objecting to the maintenance by the United States of the services which it has established or may establish for aids to navigation, and the Government of the United
States will refrain from objecting to the utilization by Colombian nationals of the
waters appurtenant to the islands for the purpose of fishing.
The arrangement set forth in the Minister's note is satisfactory to the Secretary of
State, who understands such arrangement to be concluded by this exchange of notes.
Accept, sir, the renewed assurances of my highest consideration.
FRANK B. KELL OGG
Dr. Enrique Olaya, Minister of Colombia.
3647
The measure calling for an amount estimated at $165,000,000 to
construct a dam and accompanying works in Black Canyon of the Colorado River, must be ratified by Utah or Arizona of the seven States in
the water distribution compact before the act can become effective. The
other five States, Wyoming, New Mexico, Colorado, Nevada and California, have ratified. The bill provides for repayment of the money to
the Government under an amortization plan from proceeds of the sale
of power.
Senator Johnson and Representative Swing, both of California, co-authors of the measure, and others were present
at the White House when the President signed the bill.
Three pens were used by the President in signing the bill;
these he presented to Senator Johnson, Representative
Swing and George C. Young of the Los Angeles Examiner.
After the bill was signed, said the New York "Times," Senator Johnson, one of the leaders in the long struggle for
the enactment of this legislation, explaining its full effect,
stated:
"The long legislative contest over the Boulder Dam project has its happy
ending this morning in the President's approval of the bill. There yet
remains, before the work begins, the ratification of the Colorado River
compact, distributing the water among the States constituting the Cola
rado River basin. In this, because of the concessions made in the measure that is now a law, there should be no difficulty.
"Thereafter, the nation embarks upon the greatest constructive work
of our generation. The highest dam yet conceived by engineering skill
will be built A concrete structure braced between solid rock well, designed apparently by nature for the purpose, will rise 550 feet above stream
level.
"Nothing comparable to this great undertaking has been before us since
the construction of the Panama Canal. It represents a forward step, with
incalculable benefits incapable of present estimate. It has been a great
privilege and high honor to be a part of such an endeavor.
"The people most interested, whom in part I represent, are deeply grateful to all who have contributed to our final success, to the members of
the House and Senate who have so generously aided, to the members of
the press who have advocated this great work and, finally, to the President, who from the beginning has recognized the potential possibilities
for unbounded good of the project and who has to-day given it his official
approval."
The bill was disposed of by Congress on Dec. 18, when
the House accepted the bill in the form in which it passed
the Senate on Dec. 14. The Senate measure tarried amendments to the bill which had passed the House at the last
session. The passage of the bill by the Senate was effected
by a vote of 65 to 11. The Senate action was thus reviewed
in a Washington dispatch Dec. 14 to the "World":
The Senate voted first for the Johnson substitute for the House bill,
this result being 64 for to 16 against. Those opposing the bill, on the
final vote, were Senators Ashurst and Hayden of Arizona, Blease of South
Carolina, Glass of Virginia, Democrats, and Bingham of Connecticut, Glenn
of Illinois, Goff of West Virginia, Gould and Hale of Maine, Greene of
Vermont and Reed of Pennsylvania, Republicans.
An effort of Senator Reed of Pennsylvania to have the Senate declare
that it was the policy of the Government to have the power plan constructed and operated by private interests, or State or Municipal governments if that was found possible, failed by a vote of 53 to 24.
This provoked a spirited debate, in which Senators Johnson, (R., Cal.),
Norris, (R., Neb.), and Borah, (R., Idaho), said if the Government built
the dam it should also build the generating plant.
Senator Phipps (R., Col.), warned the opponents of the Reed amendment that if some provision was not made for private interests and States
and cities to have an opportunity to construct the power plant the President would veto the bill. He said he came to that conclusion from reading Mr. Coolidge's message to Congress.
Mr. Norris responded that the threat of a veto had been held over the
Boulder Dam Bill Becomes Law—Signed by President
heads of friends of the bill for several days, and he resented the sugFollowing Adoption by Congress.
gestion. Senator Reed (D., Mo.), joined him in criticizing Senators,
The Swing-Johnson Boulder Dam bill became a law on who intimated that the bill would be killed by a veto.
Dec. 21 when President Coolidge affixed his signature to the
measure. The bill provides for the construction of works
for the protection and development of the lower Colorado
River basin, for the approval of the Colorado River compact, and for other purposes. It was noted in Associated
Press dispatches from Washington on Dec. 21 that a most
determined fight against the Boulder Dam legislation had
been waged in Congress by Arizona since its inception, Senators Ashurst and Hayden, Democrats, of that State, and
Representative Douglas, another Democrat, bearing the
brunt of all opposition. It was further noted that the Arizona Senators both played prominent parts in the filibuster
waged against the measure in the Senate last spring. The
account likewise said:
The 65 votes whereby the bill was passed in the Senate
were cast by 32 Republicans, 32 Democrats and one FarmerLabor member of the Senate, Senator Shipstead. Those
voting against the bill were 7 Republicans and four Democrats. The "Times" noted that there were suggestions that
President Coolidge might veto the bill when Senator Borah
on Dec. 14 proposed an amendment to make it mandatory
upon the government to construct the power plant. The
"Times" went on:
Only yesterday [Dec. 20] the Arizona Legislature passed a
memorial
addressed to President Coolidge requesting him to veto the bill.
Just as
Ashurst and Hayden had held in arguing against it the memorial
termed
the bill unconstitutional "in that it attempts to allocate water of the
Colorado River belonging to the State of Arizona without the consent of
Arizona." The memorial also protested that enactment of the bill
"would
result in the reclamation of land in Mexico and forever deprive
arid lands
in the United States of water essential to their development" It concluded: "The measure does injustice to Arizona by taking that which
belongs to this State and for all time turning it over to the State of California. It is based on the theory that might, and not
justice, makes
right."
In indicating the move in the House toward accepting
the Senate amendments the Associated Press accounts from
Washington, Dec. 17, stated:
The Idaho Senator withdrew his amendment at the request of sponsors
of the bill who recognized the peril of an executive veto.
Senator Johnson obtained adoption of an amendment providing that
nothing in the act should be "construed as a denial or recognition of
any rights, if any, in Mexico to the use of the waters of the Colorado
River system."
The last congressional obstruction to the Swing-Johnson Boulder Canyon
dam bill appeared to be crumbling to-day with the unanimous decision
of the House Irrigation Committee to ask the House to agree to changes
made in the measure by the Senate.
Shortly after this decision by the Committee, Representative Douglas,
Democrat, of Arizona, one of the most vigorous opponents the measure
has had in the House, announced he would not seek to have the House
disagree to the Senate revisions. At the same time, however, Douglas made
A dispatch from Washington Dec. 21 to the New York clear he was no whit less opposed to the legislation than he had been.
Representative Swing, Republican, of California, co-author of the bill,
"World" with reference to the signing of the measure,
said most of the changes were designed to make the proposal conform
said:
to the report of the board of engineers which studied it last Bummer.
3648
FINANCIAL CHRONICLE
On the following day (Dec. 18) the House voted to concur in the Senate amendments, the vote in favor being 166,
with 122 against concurrence and 140 not voting. The
Associated Press had the following to say regarding the
House action on Dec. 18:
Congress to-day laid on the doorstep of the White House one of the most
battle-worn legislative products of a decade when the House put its stamp
of approval on the bill popularly known as Boulder Dam.
In less than two hours, given over to a final analysis of the measure by
its proponents and a few parting shots by its old foes, the Senate amendments to the bill, which was passed at the last session by the House, were
adopted, and the long controversy ended, for the time being at least.
The revised measure, calling for $165,000,000 flood control, irrigation
and power project on the Colorado River, was passed by a roll call vote
of 166 to 122, but not until after its chief sponsor, Representative Swing
(R., Cal.), had reecived the scare of his life through a standing vote
showing the motion to agree to the amendments to have been beaten, 77
to 71.
Party lines were shattered on the final vote, which saved the measure
the ignominy of further torture in conference and sent it forthwith to
President •Coolidge.
The roll-call showed exactly as many Republicans in favor of the revised bill as against it. Seventy-nine Republicans were joined by 85
Democrats, the lone Socialist member, Berger of Wisconsin, and a Farmer.
Labor member, Cares of Minnesota, in favoring adoption, while 43 Democrats lined up with 79 Republicans in opposition. Representative Harrison, Democrat, voted present after first casting a negative vote.
All of the Republican leaders, including Tilson of Connecticut, the
majority floor leader; Chairman Snell of the Rules Committee, Chairman Hawley of the Ways and Means Committee, and Representative
Wood of Indiana, ranking Republican on the Appropriations Committee,
voted for the amendments.
Chairman Smith of the Irrigation Committee, who moved adoption of
the amendments, together with Representative Swing, co-author of the
legislation, conferred with President Coolidge at the White House earlier
In the day and said afterward they were hopeful that the measure would
be signed.
[voL. 127.
may deem necessary with respect to apportionment, control or use of
the water within their borders, shall not be interfered with except as
mdoified by inter-State agreement.
The following recommendations were submitted to the Senate Committee on Reclamation and Irrigation, Jan. 20, 1928, by the NevadaColorado River Commission:
That Nevada and Arizona should benefit from the proposed development,
at least, to the extent that she would benefit if developed by private
capital, second only to Government payments and any reasonable reserve.
That the power be not sold as low as the repayments to the Government will permit, but should be sold at a competitive figure comparable
with the cost of power available elsewhere for these markets.
That arrangements be made for the sale of the power, so that fair
offers may be had, and that legitimate bidders be not handicapped.
That suitable readjustment periods be arranged for power charges per
kwh, and also for the proper charges for other service rendered.
That proper charges be made for other service rendered, flood control,
silt control, irrigation water storage, and domestic water storage.
That the States shall have the right to withdraw, upon proper notice,
certain blocks of power, to be used within their own States.
That a Board be arranged for, from the three lower States, to assist
the Secretary of the Interior, or any agency supervising the sale of
the power and other service rendered, in an advisory capacity to fix
the proper charge per kwh. and proper charges for other service rendered.
That an attempt be made to equalize, in some manner, between the
three States the benefits from reclamation financing.
That after the Government advancement is entirely repaid the benefits
from this development accrue to the States.
Eight Recommendations Included in Bin.
It will be seen that the first eight of the nine recommendations are
included in the bill as passed, none of which was included in the original
bill. These recommendations are found in the Nevada-Colorado River
Commission's report, "Colorado River Power and Water Set-up," of Jan.
1, 1928, ana printed in the Congressional Record of April, 1928.
If the power generated by this construction is disposed of on a com%
1
/ of
petitive basis in the market by the Secretary of the Interior, 374
the net returns over the payments due the Government should provide
of payments to Nevada and Arizona, at least equal to the amount they should
A review of the proposed legislation and an analysis
the bill as approved by Congress was submitted to mem- receive from the project through taxes, if developed by private capbers of the House and Senate by George W. Malone, State ital.
Representatives of our State consider the provisions of this legislation
Engineer for Nevada, and Secretary of the Colorado Com- fair, if properly administered, and will do everything in their power to
mission. Mr. Malone's statement, in addition to outlining secure early ratification by the seven States.
the main features of the bill and the manner in Which they
were written into the measure, includes figures on estimate of construction, said the "United States Daily" of
Dec. 21, which gave the full text of Mr. Malone's statement
as follows:
Early Signature Expected.
The legislation as passed by the Senate Dec. 14 1928 has been concurred
in by the House and now goes to the President of the United States for
his signature, and it is anticipated that he will sign it without delay.
The legislation provides substantially:
That 871
%
2
/ of any moneys collected by the Secretary of the Interior
above the amounts due the Government shall go to Arizona and Nevada.
That the power be sold at a price that seems justified by competitive
conditions at the distributing point.
That the provision of the Federal Water Power Act, and the regulations of the Federal Power Commission shall be conformed with in connection with the protection of the investor and the consumer.
That there shall be readjustment periods for the sale price of the
power, the first to be at the end of 15 years, and every 10 years
thereafter.
That water can be sold for potable purposes outside of Imperial and
Coachella Valleys.
That preference be given the States for purchase of power at the switchboard for use in the State.
That a board be appointed consisting of one representative from each
State, to confer in an advisory capacity with the Secretary of the Interior
on matters relative to the States.
That the all-American Canal shall be constructed under the Reclamation Act, which provides that all expenditures be underwritten by the
lands benefited prior to beginning the construction.
That the sum of $25,000,000 be set aside for flood control, and in the
event it should not be replaced out of power sales during the amortiza%
2
/
tion period it shall be replaced thereafter out of the remaining 621
of the net profits.
Approed of Legislature in California Required.
That California shall be limited to a diversion of 4,400,000 acre-feet
of water from the Colorado River; Nevada 300,000 acre-feet of water;
Arizona 2,800,000 acre-feet of water; and that California must ratify
this provision through her legislature before the bill shall become effective.
That a dam be constructed to a height of 550 feet with a capacity of
26,000,000 acre-feet for silt control, flood control and storage.
That power plants of 1,000,000 horsepower installed capacity to be
constructed that will furnish 650,000 firm horsepower.
That firm contracts be made by the Secretary of the Interior for the
sale of power generated and for the use of the water to generate power
that will replace the Government investment in the dam and power plants
within 50 years, before construction shall be undertaken.
That the consent of Congress is given to the seven States of Colorado,
New Mexico, Wyoming, Utah, Arizona, California and Nevada to enter
Into a compact or agreement supplemental to and in conformity with the
Colorado River compact.
That the consent of Congress is given to the three States of California, Arizona and Nevada to enter into an agreement which shall provide that the 7,500,000 acre-feet annually apportioned to the lower basin
of the seven States compact shall be divided as follows: 300,000 acre-feet
to Nevada; 2,280,000 acre-feet to Arizona; and 4,400,000 acre-feet to
California.
That Arizona shall have the exclusive beneficial consumptive use of the
Gila River and its tributaries within the boundaries of that State.
That any rights the States may have to the water within their boundaries or the right to adopt such policies and enact such laws as they
Construction Estimates Revised by Board.
The Colorado River Board, appointed by the Secretary of the Interior
and approved by the President of the United States, revised the estimates of the Bureau of Reclamation as follows; Dam, 550 feet high, from
$41,500,000 to $70,600,000; power plant, 1,000,000 horsepower installation, from $31,500,000 to $38,200,000; All-American Canal, from Laguna
Dam, to connect with distribution system of Imperial Valley, a distance
of 75 miles, from $31,000,000 to $38,500,000; interest during construction for a period of seven years, instead of ten years, $21,000,000 to $17,700,000. Total, $165,000,000.
On Dec. 21 Los Angeles Associated Press advices said:
Representatives of Southern California groups interested in the enactment of the Swing-Johnson Boulder Dam bill were jubilant to-day upon
learning that President Coolidge had signed the measure, but Arizona
received the news with dismay.
The Arizona Legislature, in session at Phoenix, was thrown into confusion when apprised that Mr. Coolidge had rejected its appeal for a
veto.
In a memorial to the President the Legislature had urged that the bill
was unconstitutional and based on the theory that "might makes right,"
in seeking to allocate to Southern California precious water from the
Colorado River which Arizona contends belongs to that State and will be
needed in its own development in years to come.
Leaders of Arizona's long and unrelenting fight against the legislation
were hesitant about making statements concerning their next move.
While there was a rumbling of possible plans for court proceedings to
test the constitutionality of the act, leaders indicated they would await
official action by the Legislature and the State River Commission. Governor Hunt expressed surprise and disappointment at the President's approval of the bill.
While Arizona took a gloomy view of the situation, jubilation ran high
in Southern California, which has led the fight for harnessing of the
Colorado River, spurred on by alternate flood and drought threats to the
Imperial Valley, the largest irrigated section in the country, and the
growing need for additional domestic water supply for cities along the
coast.
Governor Frank Emerson of Wyoming said that while California will
be the great beneficiary of the direct physical benefits of this great
project, "Arizona and Nevada will come in for a share, while Colorado,
New Mexico, Utah and Wyoming, as States of the upper basin, find through
the legislation the medium that practically assures the operation of the
Colorado River compact.
Utah's probable future course with relation to the dam appeared problematical to-day. State officials and legislative leaders were disposed to
await receipt of the bill as amended and passed before committing themselves as to their attitude.
We also quote the following from Las Vegas, Nev., Dec.
21 (Associated Press):
Shotguns and frying pans were pressed into service as noise makers
here to-day by a joy-mad populace that turned out to celebrate the
signing of the Boulder Canyon Dam bill by President Coolidge.
Mayor Hesse of this little railroad city said the signing was a Christmu gift of millions, and an increase in population of not less than 10,000
persons during the next three years. As materials for the construction
must pass through Las Vegas, business men believe that a vast expansion may be expected.
Nearly every man, woman and child in the city joined in a parade
led by the Mayor and the municipal band, drowning out the music with
shouting and noise from impromptu instruments.
It was planned for a large crowd to gather tonight at the mouth of
Black Canyon to offer prayers of thanks for the gift from the government and the people of the nation.
DEC. 29 1928.]
FINANCIAL CHRONICLE
3649
United States on the battleship Utah. Mr. Hoover left
Boulder Dam Uncertainties.
California for his South American trip OD Nov. 19, and the
The following is from the "Wall Street Journal" of Dec.
initial speeches of his trip were made on Nov. 26 at Anapala,
22:
(Honduras) and La Union (Salvador). Mr. Hoover's final
As passed by Congress and sent to the President, the Boulder Dam hill
makes the Secretary of the Interior the board of directors, finance com- speeches in South America were made at Rio de Janeiro,
mittee and general manager of a complex enterprise estimated by engineers (Brazil), on Dec.22, three addresses figuring in the events of
to cost not less than $165,000,000 and rather likely to cost much
that day. On the following day (Dec. 23), Mr. Hoover
more. Provisions of the original bill requiring contracts with responsible corporations or with political subdivisions, for the use of water left Rio de Janeiro, boarding the Utah for his return trip.
and power on terms calculated to repay the Government its invest- The battle ship is expected to reach Hampton Roads, Va.
ment with interest within 50 years, have been made so elastic that it
about 2 p. m. Jan. 6, and from that point Mr. Hoover and
Is impossible to say now whether such repayment will ever be efhis party will proceed to Washington by Special train. It
fected.
A little examination of the text of the bill quickly discloses immense had been Mr. Hoover's plan to visit Florida before going to
factors of uncertainty. At present appropriations to carry out all Washington, but instead he
will go direct to the latter point,
purposes of the measure are limited to $165,000,000, though of course
any future Congress may change that. Of this amount $25,000,000 is al- and a week or so later will go to Florida. The Washington
located to flood control and so released from the requirement that con- Correspondent of the "Eagle"in referring last night (Dec.28)
tract provision shall be made for interest and amortization. But a furto Mr. Hoover's return said:
ther and similar
release is indirectly effected for such portion of the
cost as is attributable to the "all-American canal" from Laguna Dam,
a point more than 200 miles away from the two alternative sites of the
great dam, into the Imperial Valley, such cost being recoverable only
under the provisions of the reclamation law.
These provisions follow the recommendation of the special engineering
board for segregation of power, flood control and irrigation purposes
in the fiscal requirements imposed. Deducting $25,000,000 for flood
control, they leave an undetermined portion of the remaining $140,000,000 assignable to power, domestic water supply and irrigation purposes
of the main dam and reservoir, since the expenditure to be made upon
the canal and perhaps upon a new secondary dam which the Secretary may substitute for the Laguna dam is not fixed. But whatever
the cost of the main dam and reservoir, principal and interest thereof
shall be recoverable by contract before any money may be appropriated
or expenditure incurred "for the construction of said dam or power
plant."
This condition of recoverability will be met when the Secretary has
made contracts for the sale of water or power "adequate in his judgment
to insure payment of all expenses of operation and maintenance of said
works incurred by the United States and the repayment, within 50 years
from the date of completion of said works, of all amounts advanced to
the fund," with interest. But such contracts shall contain provisions
for "readjustment" after 15 years and at the end of every subsequent
period of 10 years At the demand of either party thereto, "either upward
or downward as to tfrice, as the Secretary of the Interior may find to be
justified by competitive conditions at distributing points or competitive
centers"; and are to contain provisions for the settlement of disagreements by arbitration or court proceedings.
All this means, in short, that the Government shall go into the power
and water business subject to the same uncertainties as to future competitive conditions that confront any private operator. Contracts must
be subject to revision or there will be no purchasers of power in the
face of the rising competitive position of steam-generated electric energy.
Even municipalities now willing to buy the brackish water of the
Colorado for drinking purposes must protect themselves.
If the United States is to go into business to keep California in the
union, its people should at least understand what is going on, instead
of cherishing the illusion that Boulder Canyon is to be a Government-owned
gold mine.
Patrick
J. Farrell
Named to Inter-State
Commission.
Commerce
It is established that Mr. Hoover is coming to Washington at the suggestion to President Coolidge for the purpose of discussing the problems
of government with the outgoing Executive. Mr. Coolidge has told visitors of his concern over the fact that he would have no opportunity to
confer with Mr. Hoover except in a few crowded hours prior to March 4.
The President said he would welcome the chance to sit down with the
incoming President and inform him of some important features of the
existing situation in national affairs.
Mr. Hoover will report to the President on his South American tour,
will learn something of the situation with respect to German reparations,
will quash the plans now under way for an "old-fashioned" inauguration.
It will be quite proper for him to discuss Cabinet appointments with his
party colleagues. But important as the question of an extra session of
Congress is to the incoming President, he will take no overt part in the
legislative situation now shaping up at the Capitol, which seems to indicate that an extra session will be hard to avoid.
President-elect Herbert Hoover's "good-will" mission
to South America has been the occasion for enthusiastic
receptions at the various points visited by him, the only
disconcerting development having been the unearthing at
Buenos Aires, Argentina, of an alleged plot to bomb Mr.
Hoover's train. Associated Press dispatches from Buenos
Aires Dec. 12 giving an account of the disclosure said in part:
Police to-day maintained a close reserve concerning the investigations
which resulted in Monday's raid on a house in Estomba St. and a statement
from President Irigoyen to the effect that a plot against Herbert Hoover
had been frustrated.
The raid netted seven bombs, a number of small arms, a quantity of
ammunition,some counterfeit money and several automobile license plates.
Two young men and two young women have been arrested as suspected
Anarchists.
The belief that the house was headquartres for a plot against Mr. Hoover
was based on the discovery in it of a railway map of Argentina on which
the alleged conspirators had plainly marked the route to be followed by
the special train that is bringing the good will ambassador to this city
to-morrow. The map also bore annotations which left little doubt as to
the interest of the plotters in the Hoover party.
The police grudgingly admitted that the men prisoners had acknowledged
activities in terrorist plots and that they had openly avowed Anarchistic
beliefs.
Senator Wheeler, Democrat, Montana, who was instrumental in delaying a vote in the committee on Aitchison's nomination,
announced,
after a meeting of the committee to-day, that his complaints had been
satisfactorily answered by the Commissioner's testimony.
The Montana Senator had felt that Aitchison had held up valuation of
telephone companies for an unreasonable time. Aitchison asserted that
the Budget Bureau's efforts to carry out President Coolidge's economy program were largely responsible for the delay.
In addition to Aitchison, the nomination of Claude R. Porter of Iowa
and Patrick J. Farrell of Washington, D. C., are up for confirmation, but
no fight has been made on them.
The Commissioner testified yesterday that telephone valuation cases
had been postponed because the Commission had only enough money to
carry on its other and more pressing work. To-day, under steady questioning, he said that the requirements of the Budget Bureau forced the Commission to cut its appropriations to the point where valuation of telephone companies could not be prosecuted.
Aitchison testified that, in keeping with the President's economy program, the Commission had been advised to do no work which was not
absolutely necessary and to go ahead with no new work without the consent
of the Budget Bureau.
Following the speeches made by Mr. Hoover on Nov. 26,
and the Rio de Janeiro speeches, Presient-elect Hoover
also delivered speeches at San Jose, Costa Rica Nov. 28;
Guayaquil, Ecuador, Dec. 1; Lima, Peru, Dec. 5; and at
Santiago, Chile, Dec. 11; at Buenos Aires Dec. 14; and at
Monte-Video (Uruguay) on Dec. 17. Besides the places
mentioned other points visited by President-elect Hoover
have been Corinto, (Nicaragua), Cabe (Peru), Antofagasta,
(Chile), Valparaiso, (Chile) and Los Andes (Chile). Speaking in Honduras on Nov. 26 Mr. Hoover indicated that he
"would wish to symbolize the friendly visit of one good
neighbor to another," and he expressed it as his desire "to
learn more of our common problems in the Western Hemisphere" with the view to the "advancement of the welfare
of the people of our respective countries." In his Salvador
speech the President-elect observed that "the relations
between neighbors require that nothing should be omitted
to upbuild those contracts and that sentiment which created
understanding." Speaking at San Jose he stated it to
be his "hope and purpose and aspiration" that "a better
acquaintance, a large knowledge of our sister republics
of Latin American and personal contact with the men who
bear the responsibilities of Government will enable me
better to execute the task before me." "A large part
of that task," he added, "is co-operation with other nations
for the common upbuilding of prosperity and progress
throughout the world." Mr. Hoover's proposed "good
will" trip to South America was referred to in these columns
Nov. 17, page 2767. His speech at Amapala, Honduras,
on Nov. 26 follows:
"I come to pay a call of friendship. In a sense, I represent on this occa-
Presient-Elect Hoover Concludes "Good-Will" Trip to
South America—Due At Washington Jan. 7.
President-elect Herbert Hoover has concluded his "good
will" mission to South America, and is now en route to the
sion the people of the United States extending a friendly greeting to our
fellow democracies on the American Continent. I would wish to symbolize the friendly visit of one good neighbor to another.
"In our daily life good neighbors call upon each other as the evidence of
solicitude for the common welfare and to learn of the circumstances and
point of view of each so that they may come to the understanding and
respect which are the cementing forces of all enduring society.
The nomination of Patrick J. Farrell of Vermont and the
District of Columbia as a member of the Inter-State Commerce Commission was sent to the Senate on Dec. 6 by
President Coolidge. Mr. Farrell is named to succeed Commissioner John J. Esch. The nominations of Claude R.
Porter of Iowa and Clyde B. Atchison of Oregon as members
of the Commission were sent to the Senate at the same time.
The last two are reappointments. Hearing on the three appointments were held before the Senate Inter-State Commerce Committee on Dec. 20. It was stated that objections
to the confirmation of Mr. Aitchison (of Oregon) as a member of the Commission were withdrawn on Dec. 21, and his
appointment was expected to be approved by the Senate
committee. Associated Press advices from Washington
on Dec. 21,from which we quote, also said in part:
3650
FINANCIAL CHRONICLE
"This should be equally true amongst nations. We have a desire to
maintain not only the cordial relations of Governments with each other, but
the relations of good neighbors through greater understanding that comes
with more contact. We may build up that common respect and service
which is the only enduring basis of international friendship.
"It is also my desire to learn more of our common problems in the Western Hemisphere that I may be better fitted for the task which lies before
me and we are all of us in the West interested in one great common task.
That task is the advancement of the welfare of the people of our respective
countries.
"We are each of us pledged through the blood ofour forefathers to national
Independence; to self-government; to development of the individual through
ordered liberty as the only sound foundations of human society. We know
it is the only true road to human progress and we know that the nations and
the institutions we have created can flourish only in peace and mutual
prosperity. In turn we know that these institutions and these ideals themselves form the greatest security of peace.
"We,of the Western Hemisphere, all of us believe in these principles with
a devotion which has arisen from the proofs of our century of common experience. We, of this hemisphere, have not been free from the misfortune
of war but the reward of a century shows we have been vastly more free from
it than any other part of the world.
"Bach of our nations has developed in its own traditions its own pride of
country. Under these great doctrines each of our democracies has become a
laboratory of human welfare,the daily experiences of which is a common contribution to the advancement Of all of our nations.
"We in the United States have learned much from the experience of
our Latin-American neighbors and we in turn take pride in our contributions to the common pool of human advancement in these 150 years.
"Therefore, I have felt that the larger personal acquaintance both with
OW neighboring countries and with their points of view, and above all, with
the men who have been elected to responsibility in their Governments,
would be valuable in the task which lies before me. It would perhaps
enable me to better co-operate with you.
"Those who know the United States know also that we have only one desire and that is to co-operate to a constantly improving understanding; to
common progress and to common attainment."
In his speech at La Union, Salvador, Mr. Hoover said:
-day that m9 Purpose is to pay a call of friend"I have already stated to
ship on behalf of the people of the United States. The relations between
neighbors require that nothing should be omitted to upbuild those contracts
and that sentiment which creates understanding. Out of such understanding comes that mutual respect which is the foundation of all sound
international relations.
"We perhaps hear more of economic and trade relations between countries
than any other one subject in the field of international life. This may be
easily explained, for out of our economic life do we build up the foundations upon which other progress rests. And our international economic relations can have put one real foundation. They can grow only out of the
prosperity of each of us. They cannot flourish in the poverty or degeneration of any of us. Our economic progress is mutual. It is not competitive.
"We each of us have the responsibility to carry forward such policies
within our own countries which in the long view will contribute to our individual prosperity. The long view of our prosperity must,however,embrace
the recognition of the mutuality of prosperity among the whole of us.
"But economic development does not and should not be the sole basis of
exchange between nations but rather the incident of it. We have the mutual
problems of strengthening the foundation of peace, build up confidence
and friendship and the institutions and ideals of each of our nations.
"The exchange of our social and political accomplishments, of our advances in education, of scientific thought, all of those things which contribute to the higher aspects of life, is perhaps of first importance. Each
and every one of us has made some of these great contributions to human
advancement. The larger exchange and the larger understanding of these
contributions become the enduring basis of mutual respect.
"The most precious possessions of each of us are our love of country, of
race, our traditions and our institutions. We have in this hemisphere a
parallel of struggle for independence in conflict with nature, the creation of
institutions of freedom and liberty which themselves are an imperishable
bond."
[Vou 127.
Mr. Hoover's reply follows:
Your Excellenqr—Words are always a poor vehicle for the expression of
the response in our hearts for such courtesy and welcome as my colleagues
and I received this day. No citizen of the United States could have listened
to your eloquent statement without a quickening of pride in his own country
that it has deserved so great a tribute from the record of its relations with
Costa Rica during the years of our common national life.
Your Excellency, good will between nations is not a policy or a task; it is
a deduction arising from a series of actions. It is not a diplomatic formula;
it is an inspiration which flows from the ideals of a people. So the generous
recognition by you that the spirit of the people of the United States is ever
steadfast in its resolution, not only to act with justice to their neighbors,
but to aspire to co-operate with them for making good will find a deep
response in the hearts of my countrymen.
You have paid glowing tribute to the accomplishments of the United
States under its stimulus of our common democracy but nowhere do I know
a greater example beneficence to mankind of our common institutions from
what has been accomplished by the hands of the people of Costa Rica.
Their advancement in human welfare is well known in the United States.
As a student of social and cultural advancement I have long wished to confirm with my own eyes the progress you have made. You have given
leadership to the solution of important social questions. Land and home
ownership Is such that mathematically almost every family owns a farm
or a home.
The spread of universal free education from primary school to university;
the development of art and drama as symbolized in this institution, and
your contributions to literature have not only enriched the life but also
stimulated the thought of your people and added to the world's pool of
culture.
To have accomplished all these things and at the same time to have
maintained your national integrity and national dignity with a military
establishment less in the number of soldiers than one-fourth of your teachers
is a national attainment which speaks not only of the beneficiencies of the
fundamentals of democracy, but also of the character of the people and the
leadership in Costa Rica.
You are an example of the advantage of having many separate units
of Government. There are over 20 nations on our Western Continent
in which each can be a laboratory working out separate successes in Government and culture and art under varying conditions to the profit of all
the others.
You have though to give emphasis to your welcome through the children
of your capital. I know of no method by which the courtesy of the nation
could be so evidenced than by these masses of children which welcomed
us to-day. That is the voice of aspiring democracy. I have come as a
neighbor. I thought I might symbolize the good-will my country holds
toward you.
My hope and my purpose and my aspiration is that a better acquaintance,
a large knowledge of our sister republics of Latin America and personal
contact with the men who bear the responsibilities of Government will
enable me better to execute the task before me. A large part of that task
is co-operation with other nations for the common upbuilding of prosperity
and progress throughout the world.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
Arrangements were reported made this week for the sale
of three New York Stock Exchange memberships, two for
$550,000 each and one for $560,000. The first mentioned
price is a decline of $40,000 from the last preceding sale.
The New York Coffee & Sugar Exchange membership of
S. Walter Stern was reported sold this week to Charles
Slaughter for $21,000 a decline of $250 from the last preceding sale.
Kuhn, Loeb & Co. have announced that George W.
Bovenizer, Lewis L. Strauss and Sir William Wiseman will
to partnership in that firm on Jan. 1 1929.
Mr. Hoover's address at Costa Rica was in response to be admitted
partners have been associated with the
an address of welcome by President Gonzales Viguez, in All three of the new
firm for a number of years, have represented them on various
which the latter said in part:
Although yours will be a hasty trip, a person of your high culture and boards of directors and are well known in the financial comyour adequate preparation will be exactly informed of the circumstances munity. Mr. Bovenizer joined the firm in 1897; he is now
and aspirations of Latin-American countries, their special mentalities and
forty-nine years old. In recent years he has been manager
their resources which may be utilized in the commerce and the prodigious
industries of the United States. These resources will contribute to mutual of the bond and syndicate departments. Mr. Strauss is
progress for our general benefit.
thirty-two years old and has been with Kuhn, Loeb & Co.
Our relations must be cemented upon a basis of mutual confidence for
since 1919. From March 1917 he was the confidential
perfect understanding and sincere and sound friendship between our people
and your country. The United States is known and esteemed above Secretary, as a volunteer, of Herbert Hoover in his several
all because of its unshakable spirit of justice.
war and post-war relief activities, and in connection with the
Costa Rica, your Excellency, not only professes deep admiration for
Council and the Peace Conference. He
the American people and for its public and private institutions; Costa Rica Supreme Economic
not only admires and applauds the enormous progress which has brought has received decorations from the Governments of Belgium,
your country to the category of a colossus, it also feels toward the United Finland, Italy and Poland. He is a lieutenant-commander
States and its statesmen an immense gratitude. The names of President
Reserve. Sir William Wiseman
Cleveland and Chief Justice White and Taft will remain forever in our in the United States Naval
history because they rendered a decision in our favor and acknowledged joined Kuhn, Loeb & Co.in 1921; he is forty-three years old.
our rights in the most delicate controversy which Costa Rica has under- He served in the World War as Captain, and then as Lieugone in the field of international relations.
Besides this, which is in itself sufficient to establish our grateful friendship tenant-Colonel, and took part in the second battle of Ypres.
toward the people of the United States, the American Government has He served as chief of the British Intelligence Service in the
honored us on all occasions with just treatment and has rendered to us all
United States from 1916 to 1919, and then as adviser on
kinds of assistance in our difficulties.
There is nothing more logical, therefore, than the feeling of sympathy American affairs to the British delegates at the Peace Conon our part toward the people whom you will rule within a short time. ference. Sir William is the tenth Baronet of his line, his
There is nothing more natural than the purpose of my Government to
been created in 1628. For his work during
maintain and improve the good relations which fortunately bind our two baronetcy having
the war he was made a Commander of the Bath and a Comcountries.
The task will be easy if the American Government will continue to show mander of St. Michael and St. George.
favorable attitude shown
in the past, which is already tratoward us the
ditional, and if the American diplomatic representation in Costa Rica will
entrusted, as it is to-day, to the expert and discreet hands of a citizen
be
,
of imme.:ulate character, serene judgment and friendly disposition.
Your Excellency, allow me to express on this occasion my warmest best
wishes for-your happiness and the complete success of your administration.
Let your name be as famous as those of the great Lincoln. Cleveland and
Wilson. We hope your sojourn will be entirely happy, and that great
benefit will be derived from It by the United States and by the countries
of our Latin America.
Stockholders of the Bank of the Manhattan Co. of this
city at a special meeting on Dec. 27 voted to increase the
capital of the institution from $15,000,000 to $18,000,000
to provide for the absorption of the First Bank of Brooklyn
(formerly the First National Bank) and the Bronx Borough
Bank. The stockholders also increased the number of diree-
DEC. 291928.]
FINANCIAL CHRONICLE
tors from 22 to 25 through the election as:directors:of the
following: Joseph Huber, former Chairman of the boardlof
the First National Bank of Brooklyn; Herman A. Metz, a
former director of the First National Bank of Brooklyn, and
George W. Fennell, a former director and President of the
Bronx Borough Bank. William S. Irish, formerly President
of the First National Bank of Brooklyn, was made Executive
Vice-President of the Bank of the Manhattan Co. for its
Brooklyn division. An item regarding the increase in capital
of the Bank of the Manhattan Co. and the proposed merger
appeared in these columns Dec. 8, page 3190.
Besides the savings banks in this city which we have heretofore noted have increased the interest rates on deposits to
434%, the following have also announced interest at the rate
of 43/i% per annum for the quarter ending Dec. 31: The Seamen's Bank for Savings, the Greenwich Savings Bank,
North River Savings Bank, West Side Savings Bank, Manhattan Savings Bank, Dry Dock Savings Bank, Greater
New York Savings Bank, Roosevelt Savings Bank, Hamburg Savings Bank, Dime Savings Bank of Brooklyn, Dime
Savings Bank of Williamsburg and the Navy and Breevoort
Savings Bank. Previous references to the 434% rate paid
by local banks appeared in our issues of Nov. 17, page
2771, and Dec. 1, page 3043.
National Bank of Commerce in New York announces the
appointment of William Reid and Edward H. Rawls as
Vice-Presidents. Mr. Reid has been President of Schmoll,
Stiles, Reid, Inc., and Mr. Rawls, a Second Vice-President
of the bank. Ellsworth C. Bissell, Jay E. Bottomley and
Samuel D. Post, heretofore Assistant Cashiers, have been
appointed Second Vice-Presidents; Ezra C. Brownell and
John. F. Gately, Jr., Assistant Cashiers; and Edward C.
Kerr and Miss Anne H. Sadler, Assistant Trust Officers.
3651
Streets. This office is in private and instantaneous communication with the Equitable's main office.
The board of directors of t- he Community State Bank at
Second Avenue, New York, have declared an initial quarterly dividend of $150 per share on the capital stock, payable
on Jan. 2 1929 to stockholders of record of Dec. 28 1928.
This places the stock on a $6 annual dividend basis. Net
earnings of the Community State Corporation for the last
three months are said to be more than sufficient to meet
dividend requirements for 1929 on both class A and class
B stocks at the rate of 5% per annum, after payment of all
expenses and setting up of reserves. Commencing with the
new year, it is expected that dividends will be announced
to holders of both classes of stock at the rate of 5% per
annum.
In denying that the Sewar- d National Bank of this city
contemplates merging with another financial institution,
Alexander S. Webb, its President, said on Dec. 21: "We
believe there is need for an independent bank in the midtown section of New York. We propose in our future
growth and expansion to continue the policy we have pursued."
William J. Large, Executi- ve Vice-President, announcesthat the Board of Directors of The Claremont National
Bank of New York has appointed John Miceli and Henry
Klein to the position of Assistant Cashiers. Both have been,
with the bank since its organization, and were promoted
In recognition of the faithful performance to their duty.
Colonel W. W. J. Pohl, P-resident and an organizer of
the Granite National Bank of Brooklyn, will resign as
President at •the annual meeting of the stockholders on.
Jan. 8. Mr. Pohl's resignation follows the purchase of thecontrolling interest of the bank by Benjamin Titman, conAt the regular meeting of the board of directors of The trolling factor in the Central
Distributors Corporation.
National City Company this week, William R. Morrison
The largest four-faced illuminated clock in the world,
was elected Vice-President. Mr. Morrison's entire business
career has been spent with the National City organization, atop the tower of the new skyscraper of the Williamsburg
he having entered the bond department in 1904 as an office Savings Bank in Brooklyn, was lighted this week for the
boy. When the National City Company was formed to take first time when Miss Vera J. Kinsey, daughter of Henry R.
over the bond business of the bank in 1916 he was made Kinsey, controller of the bank, pushed the button which set
head of the trading department and in 1919 he was pro- the giant timepiece in operation. The clock is 27 feet iu
moted to Assistant Vice-President. In June, 1927, Mr. Mor- diameter and is illuminated with Claude Neon red tubes.
rison was appointed Assistant Vice-President of The Na- Each hour marker is 52 inches long and the two hands weigh
tional City Bank of New York, serving in that capacity with 900 pounds, and all are illuminated with the Claude Neon
lighting system. All four faces are of equal size. The time
both institutions since that date.
At the weekly meeting this week of the executive com- is easily read from all bridges to Brooklyn and from most
mittee of The National City Bank of New York, Hobart M. points on the east side of Manhattan. It is stated by construction engineers that the cost of the electric power for
McPherson was appointed an Assistant Cashier.
operating the clock would only be as much as that for operOn Dec. 22 the National City Bank of New York opened ating two 60
-watt lights. The clock was built by the Eleca new branch at 408 Jackson Avenue, Queens Plaza East, time Company.
Long Island City. The branch, the thirtieth to be estabAllen I. Cole, Chairman of the Board of the Pennsylvania
lished in Greater New York by the National City and
the
ninth to be opened this year, is a complete unit in the world- Exchange Bank of this city resigned on Dec. 17.
wide National City banking and investment organization.
Charles C. Putnam, Comptroller of the Brooklyn SavThe Directors of Chatham Phenix Corporation have ap- ings Bank of Brooklyn has been elected a member of the
pointed Herbert C. Hautau an Assistant Vice-President of advisory board of the Brooklyn office of the Chemical
National Bank of this city.
the Corporation. Prior to the
formation of the Chatham
Phenix Corporation, Mr. Hautau was associated with
William E. McGuirk and Athur F. Foran were elected
the
Investment department of the Chatham Phenix
directors of the Federation Bank & Trust Co. of this city
National
Bank and Trust Company of New York.
on Dec. 23 to fill the vacancies created by the deaths of
Guaranty Trust Company of New York announces
the
appointment of Walter C. Baker as Trust Officer
at the
Madison Ave. office; Ernest L. Colegrove, Assistant
Vice
President; Arthur T. Everett, Assistant Secretary,
and
Percy Wiesenauer, Assistant Trust Officer.
The company also announces the appointment of J. Paul
Huber as Assistant Vice-President, Russell L.
Wardburgh
as Assistant Secretary, both in the Foreign Department;
and Walter B. Ryan, Jr., as Assistant Secretary in the
London Office.
Edward Staats Luther and Mrs. Sarah A. Conboy. Mr.
McGuirk is President of the East 34th Street Vehicular
Ferry Inc. Mr. Foran is Controller of Customs of the
Port of New York and President of the Foran Foundry
Co., Flemington, N. J.
Crowell Hadden, President and Trustee of the Brooklyn
Savings Bank of Brooklyn for 45 years resigned on Dec. 27.
Mr.Hadden will become Chairman of the Board of Trustees,
a position which will be created at the next meeting of the
Board of Trustees. A committee of nine Trustees has been
appointed to choose a new President and also a successor for
Laurus E. Sutton, resigned as Vice-President on Nov. 22.
The Equitable Trust Compa-ny of New York announces
the Mr. Sutton's resignation becomes
effective Jan. 1. An item
appointment of Bryan G. Dancy as its representati
ve in
Baltimore, Md. Mr. Dancy, a native of Baltimore, is a regarding the resignation of Mr. Sutton appeared in these
columns Dec. 1, page 3043.
graduate of Princeton University. He has
been associated
with financial organizations for a number of years and has
Frank A. Mannen, was ele- cted a Director of the newly
a wide acquaintanceship in the Baltimore territory. The organized Plaza Trust Company of this city on
Dec. 3.
office of the Equitable representative in Baltimore is lo- Mr. Mannen is Vice-President of Marsh & McLennan,
Inc.,
cated in the Keyser Building at Calvert and Redwood large insurance company of this city.
3652
FINANCIAL CHRONICLE
(VOL. 127.
At a meeting of the Board of Directors of the United shares of Northern National Bank stock, with a cash adjustinstitution.
States Mortgage & Trust Company on Dec. 21, an extra ment of $24 for each four shares of the latter
dividend of 2% and the regular quarterly dividend of 3M%
County Solicitor Enoch A. Higbee has been elected Preswas declared on the capital stock of the Company, payable ident of the Union National Bank of Atlantic City, N. J.
Jan. 2 1929 to stockholders of record Dec. 28 1928.
Cuskaden, resigned. Five directors,
The Second National Bank of Cooperstown, N. Y. recently
acquired by purchase the north half of the Leatherstocking
Building on Main Street, that place, according to the Cooperstown "Freeman's Journal" of Nov. 28. The entire ground
floor of the bank's acquisition, it was stated, would be transformed into modern banking quarters adequate in size to
meet the needs of the growing institution. The institution
was organized in 1852 as the Bank of Cooperstown and was
nationalized in 1864 under its present title. Its present
officers are: H. L. Brazee, President; Fred L. Quaif, VicePresident; F. W. Spraker, Cashier; Lynn T. Pier, Assistant
Cashier, and Clyde S. Becker, Teller.
According to the Boston "Transcript" of Dec. 18 the capital stock of the Webster & Atlas National Bank of Boston
was placed on a regular $8 annual dividend basis on that
date with the declaration by the directors of a quarterly
dividend of $2 a share, payable Jan. 2 to stockholders of
record Dec. 27. Heretofore semi-annual dividends of $3
a share had been paid since October 1927, at which time
the semi-annual rate was reduced from $5 a share; hereafter dividends will be paid quarterly in January, April,
July and October.
•
An extra dividend of $1.75 a share has been declared by
the directors of the United States Trust Co. of Boston in
addition to the regular half-yearly distribution of $6.25,
both payable Jan. 2, to shareholders of record Dec. 20, according to the Boston "Transcript" of Dec. 19, which continuing said:
A year ago the trust company paid a stock dividend of 100 per cent. The
old stock has been on a $25 annual basis. An initial semi-annual dividend
of $6.25 and an extra 75 cents were declared on the new stock in January.
In July, this year, the capital was increased to $2,500,000 from $2,000,000
by the sale of 5000 shares of stock at $400 a share. The July dividend on
the increased capital was $6.25 regular and $1.25 extra.
At the monthly meeting of the Board of Directors of the
Plainfield Trust Company, of Plainfield, N. J. on Dec. 20,
an extra dividend of $3.00 per share was declared. This is
the ninth extra dividend to be paid by the Company. The
regular quarterly dividend of $3.00 per share was also declared payable at the first of the year. This is the seventieth
consecutive dividend to be paid since the organization of
the Company in 1902. Harry H. Pond, a Vice-President
of the Chase National Bank of New York, is President of
The Plainfield Trust Company. The other officers are:
Charles W. McCutchen, Chairman of the Board; Augustus
V. Heely, Vice-President; DeWitt Hubbell, Vice-President;
Arthur E. Crone, Vice-President; F. Irving Walsh, VicePresident and Secretary; H. Douglas Davis, Treasurer and
Trust Officer; Russell C. Doeringer, Assistant SecretaryTreasurer; Marjorie E. Schoeffel, Assistant SecretaryTreasurer; Frederick H. Stryker, Assistant Secretary-Treasurer; Frederick I. Wilson, Assistant Secretary-Trust Officer;
Harry H. Coward, Assistant Treasurer. Organized in
1902 the Plainfield Trust has grown steadily until today
deposits exceed $20,000,000. Its Trust Department has
grown in the same proportion, with trust assets now exceeding
$14,000,000. In 1926 the largest National Bank in Plainfield, The City National Bank, an institution founded in
1875, was consolidated, at which time the new building on
the old site was occupied.
Incident to the proposed merger of the Ninth Bank &
Trust Co. of Philadelphia and the Northern National Bank
of that city, under the name of the former (reference to
which was made in the "Chronicle" of Dec. 1, page 3043),
stockholders of the Ninth Bank & Trust Co. will hold a
special meeting on Feb. 14 to vote on the plan to increase
the bank's capital from $1,000,000 to $1,300,000, the increase
to be used in exchange for stock of the Northern National
Bank. Stockholders of the Northern National Bank will
also meet on the same date (Feb. 14) to vote on the proposed
purchase by the Ninth Bank & Trust Co. of all of the assets
and business of the institution, subject to its obligations, for
the consideration of $24,000 in cash and 3,000 new shares of
the par value of $100 a share of the capital stock of the
Ninth Bank & Trust Co. The basis of exchange will be
three shares of Ninth Bank & Trust Co. stock for each four
He succeeds Dr. A. D.
whose resignations were accepted, are: Millard E. Cuskaden, Allen B. Endicott, Jr., solicitor; Dr. Edward R. Doughty, C. Edgar Dreher and Edwin H. Burk. Dr. Cuskaden had
been a director of the bank since 1902. He was elected
Vice-President in 1915 and upon the death of former Judge
Allen B. Endicott in 1920 was made President. Other directors are: E. C. Ryon, H. H. Haeberly, County Engineer
Alex H. Nelson, Andrew Jacoby, William Moore, William
S. Cuthbert, M. E. seaman, A. J. Purinton, Samuel Somers
and Enoch L. Johnson.
Douglas Thomas, President of the Century Trust Co.
of Baltimore, Md., announced on Dec. 31 that the directors
of the company have approved a transfer of $100,000 from
undivided profits to surplus account, as reported in the
Baltimore "Sun" of Dec. 22. When effective, the Century
Trust Co. will have a capital of $1,000,000, surplus of $1,800,000, and undivided profits of something over $300,000.
At the annual meeting of the directors of the Bankers'
Trust Co. of Detroit, Walter C. Brandon, heretofore President of the institution, was made Chairman of the Board,
while Fred Burton was appointed President in his stead,
according to the Detroit "Free Press" of Dec. 23. Other
officers of the company were re-appointed. The bank's personnel is now as follows: Walter C. Brandon, Chairman
of the Board; Fred Burton, President; Edwin Denby, Frank
W. Hubbard, and Ralph Nixon, Vice-Presidents; Harry W.
Hanson, Secretary and Treasurer; Otto G. Wismer, Trust
Officer, and Birday E. Cole and Arthur A. Prabel, Assistant Secretaries and Assistant Treasurers.
Three vacancies on the Board of Directors of the First National Bank of Cincinnati, caused by deaths during the
year, were filled on Nov. 20 by the appointment of Julius
Fleischmann, Cincinnati capitalist; John B. Hollister, an attorney, and Jesse B. Clark, who recently became President of
the Union Central Life Insurance Co., to the board, according to the Cincinnati "Enquirer" of Dec. 21. Several promotions among the officers of the bank were made also.
They included William Coughlan, who was promoted from
Assistant Trust Officer to Trust Officer, and is likewise an
Assistant Cashier; Eugene F. Flanagan, who was made Assistant Trust Officer and Assistant Cashier; John J.
Jaspers, who was made Assistant Cashier, and Stanley B.
Harper, who likewise was made Assistant Cashier.
Supplementing the item published in our issue of Dec. 8,
page 3191, with reference to proposed sale of the assets of
the Midland Bank of Cleveland to a new organization
(to consist of a bank and a new Midland Bank and a new
Midland corporation with combined capital of $9,000,000),
stockholders headed by Charles L. Bradley, President of the
Union Terminals Co. of Cleveland, and a group of unannounced associates, stockholders of the Midland Bank at
their special meeting on Dec. 15 ratified the proposed sale of
the bank's assets without receiving further details of the reorganization plan than those submitted by Mr. Bradley
Nov. 17, according to the Cleveland "Plain Dealer" of
Dec. 16. The stockholders were not informed of the date
on which the new management proposed to take charge.
Continuing the Cleveland paper said in part:
"We are as much in the dark as everyone else," one official of the Midland
said, "but we have faith in Charles L. Bradley."
Bradley was not at the stockholders' meeting. Neither did he have a
representative. It was said no one's name was mentioned among the purchasing group except that of Bradley.
The plan accepted by the stockholders yesterday (Dec. 15) provided
that the operations of the bank between Dec. 15 and such time as the new
management assumes control shall be subject to the approval of a Joint
appraisal committee to be named by Bradley and the present Midland
management. As yet the complete personnel of this committee has not
been announced.
The presumption is, however, that the bank will be operated by its
present officials and according to its present policies until such time as
the actual trantfer of assets takes place. The reorganization plan provides
that the transfer must take place some time before March 1 1929.
Meanwhile, the identity of the group associated with Bradley remains
almost as much a mystery as on the day when the deal was first announced
a month ago. It has become evident to the financial district that Bradley
intends to work out the organization of the new bank and securities company in his own way—a way decidedly different from anything the district
has ever seen before.
Bradley, through a spokesman, yesterday declared be had nothing to
divulge or say now. Furthermore, he said he would have nothing to say
DEC. 29 1928.]
FINANCIAL CHRONICLE
3653
for a considerable period. In due time, he said, he would make an announcement.
Names of many bankers and business men have been linked with the
new enterprise in reports about the city. Various financiers have been
mentioned as possible large stockholders, but as yet none has admitted that
he has been approached. These reports, necessarily, are but conjecture.
So close has Bradley gone about the organization of the institution that he
alone can speak with complete authority.
Two developments of the last week, however, are regarded as of more
than usual significance. One was the resignation of Alva Bradley, brother
of Charles L., from the board of directors of the Cleveland Trust Co.
Another was the election of John Sherwin Jr., along with Charles L.Bradley,
as a director in Chandler-Cleveland Motors Corp. It is said on good
authority that both will be associated with the new Midland.
It was pointed out yesterday by a competent authority that Bradley is
not in any rush to complete the organization of the new bank, as he has
until March 1 to make the actual transfer of assets. This authority suggested that the interests behind the bank would wish to advise with banking experts before determining upon an organization plan for the enterprise and that perhaps an actual survey of the banking and investment
possibilities of the Cleveland area would be made before the bank's officers
were announced. . . .
The new bank and securities company is to be capitalized at $9,000,000.
The Bradley interests have agreed to subscribe $6,000,000 of the total,
with the present Midland interests contributing the other $3,000,000. The
Bradley subscription will be at the price of $225 for each unit of the new
bank's securities.
Charles L. Bradley will continue to represent the new interests in dealing with the present Midland management until the organization of the
new companies is completed. He will carry on all negotiations and has the
power to designate a substitute to act in his behalf, should one be needed.
Advices from Minneapolis on Thursday (Dec. 27) to the
"Wall Street Journal" stated that stockholders of the First
National Bank of Minneapolis will vote on Jan. 8 on a proposed reduction of the par value of the bank's shares from
$100 to $20 a share, with issue of five shares for one, and
also on a proposed sale to stockholders of $500,000 of new
stock of the par value of $20 a share, in the proportion of
one new share for each 11 shares held, at the price of $90
a share, equivalent to 50 a share for old stock, "which
is about present quoted price." This, the dispatch went
on to say, will realize $2,250,000, of which $500,000 will be
added to capital, raising the same from $5,500,000 to
$6,000,000, and the remainder turned over to the First
National Corporation, the latter then to take over the
securities business now handled by the First National
Bank and its affiliated institution, the First Minneapolis
Trust Co.
Announcement was made in Chicago on Dec. 17 that
depositors of the defunct Michigan Avenue Trust Co. of
that city (which failed in July 1921) would receive a Christmas present in the form of a 2% dividend on their allowed
claims, according to the Chicago "Post" of that date, which
continuing said:
OnDec. 17 the Commercial State Bank of St. Paul, Mimi.,
Dec.
increased its surplus account by $50,000, making the same
$250,000. The institution now has a capital of $50,000,
surplus and undivided profits of $228,594 and gross deposits
of $3,033,100.
An order to this effect has been entered by Judge Philip L. Sullivan in
the Circuit court, on application of Matthew Mills of Defrees, Buckingham,
Jones & Hoffman,attorneys for John W.O'Leary,the receiver.
It is planned to have these dividend checks in the hands of depositors
before Christmas day. With the payment of this dividend, according to
Mr. Mills, there will have been distributed to the depositors 47 per cent
on their general allowed claims, or approximately $1,450,000. In addition
to the dividends paid to the depositors on their general claims a number of
preferential claims have been allowed and paid.
The bank failed when Warren C. Spurgin, its President, through defalcations and speculative investments, reduced its funds. He later absconded
to Mexico.
Frederick T. Haskell, Senio- r Vice-President of the Illinois
Merchants. Trust Co. of Chicago and for 37 years a VicePresident and director of the institution, has resigned, effective Dec. 31, according to the New York "Evening
Post" of Dec. 24, which continuing said:
Mr. Haskell has for a number of years been a director in the Bankers
Trust Co. of New York, the Chase Securities Co. and the Pittsburgh,
Fort Wayne & Chicago RR. Co.
For. years he was connected with the Haskell & Barker Car Co., his
father having been one of the founders of that concern, which was merged
with the Pullman Co. a few years ago. In the future Mr. Haskell will
devote his attention to his private interests.
Directors of the National Exchange Bank of Milwaukee
will recommend to their stockholders at a meeting of the
latter on Jan. 22 an increase in the bank's capital from $500,000 to $1,000,000, according to an announcement by Eliot
G. Fitch, the Cashier, on Dec. 18, as reported in the Milwaukee "Sentinel" of the following day. This will be the
second increase in the bank's capital in the bank's history, and the first since 1894, when the capital was increased from $400,000 to its present figure. Under the
plan, present stockholders will be given the right to purchase the new stock in the ratio of one new share for each
share held, at the price of $100 a share (the par value).
Mr. Fitch was reported as saying that the "market value
of the present stock, which is on a 12% annual basis, is
around $250 a share." Deposits of the National Exchange
Bank are approximately $9,326,000. Grant Fitch is President and G. W. Augustyn, Vice-President.
Effective Dec. 15, the Second Ward National Bank of
Milwaukee Wis. (capital $1,000,000) was consolidated with
the First Wisconsin National Bank of that city (capital
($6,000,000) under the title of the latter. The enlarged institution is capitalized at $9,000,000., and has four branches
all located in Milwaukee. The approaching merger of these
institutions was noted in our issue of Dec. 1, page 3044.
Closing by its directors on Dec. 22 of the First National
Bank of Moorhead, Minn., an institution with deposits of
more than $2,000,000, was reported in an Associated Press
dispatch from that place on Dec. 23, appearing in the
New York "Times" of the following day. The advices furthermore said:
The step was decided on to protect resources against a run on the
bank while reorganization is being effected, a statement issued by the
directors said. The directors blamed the circulation of false rumors regarding the stability of the institution for the run.
-4---
At a recent meeting of the directors of the American National Bank of St. Paul, St. Paul, Mimi., $200,000 was
added to the bank's surplus, making the same $400,000, or
equal to the bank's capital. The dividend rate was also
increased to 10% per annum.
Stockholders of the Vander- venter Trust Co. of St. Louis,
Mo., at a meeting held Dec. 20, voted to increase the bank's
capital from $50,000 to $250,000, according to the St. Louis
"Globe-Democrat" of Dec. 21. The new capital has already
been paid in. At the same time officials of the company announced that plans are now on foot to convert the institution
into a national bank. Papers asking that the institution be
converted into a national bank, it was said, had already been
executed and sent to the Comptroller of the Currency, and
that word as to his decision was expected within a few days.
The present officers of the company, which is over 20 years
old, are: C. D. Lukens, President; A. G. Meier and L. B.
Derr, Vice-Presidents; H. B. Givens, Secretary, and G. B.
Zaricor, Treasurer.
Further referring to the pro- posed union of the Mississippi
Valley Trust Co. of St. Louis and the Merchants-Laclede
National Bank of that city (indicated in our issue of Dec.
22, page 3491), the St. Louis "Globe-Democrat" of Dec. 20
stated that it became known the previous day that a distribution of $3,701,581 will be made to the stockholders of the
two institutions as a result of the merger. Stockholders
of the Mississippi Valley Trust Co. will receive $3,018,949,
while those of the Merchants-Laclede National Bank will
get $682,632. The new bank, will be known as the Mississippi Valley Merchants' Trust Co. and the quarters of the
two institutions, which adjoin each other, occupying the
West side of Fourth Streetfrom Olive to Pine, will be retained
and made into one banking house. A plan for remodeling
the interior is now being worked out by architects. The
disbursements to the stockholders, which will be distributed
from "time to time" result from the fact, it is said, that
capital of the new bank will be $5,000,000, with surplus of
$2,500,000 and undivided profits of $1,000,000, making
altogether $8,500,000. This contrasts with $12,201,581
total of capital, surplus and undivided profits as two separate
institutions. Concerning the stock basis &c. on which the
two banks will enter the consolidation, the St. Louis paper
went on to say:
Book value of the stock in the new concern will be $170 a share, with a
total of 50,000 shares to be outstanding, while a total of 47.000 shares are
outstanding in the two banking houses at present with the book value of
the Mississippi Valley, based on Oct. 3, at $280.50 and that of the Merchants-Laclede National Bank, as of the same date, $222.65.
As a result of the proportionate capital stock in the new company that
can be subscribed for by the respective stockholders, those of the Mississippi
Valley Trust Co. will have an excess of about $100.64 in the proposed
distribution on each share of stock held, and those of the MerchantsLaclede National Bank about $40.25 on each share held, assuming that
stockholders exercise their rights of purchase as granted.
Those of the Mississippi Valley Trust Co. will be given the right to
purchase 633. % of the 50,000 shares of the new concern at the book value
of $170 a share, which is tantamount to giving the stockholders the right
to purchase 1.058 new shares for each old share held by paying $170.86.
Those of the Merchants-Laclede National Bank may purchase 363%
of the 50,000 shares of the new concern at the book value of $170 a share,
which is tantamount to giving them the right to purchase 1.073 new shares
for each old share held by paying $182.41.
The percentages of new stock to be purchased works out approximately
in proportion to the present outstanding shares of each institution.
An official statement issued yesterday by J. Sheppard Smith, President
of the Mississippi Valley Trust Co., who will be President of the new concern
3654
FINANCIAL CHRONICLE
refrained from referring to liquidation of the old book values after payment
of new subscriptions, or of the difference between the old and the new book
values. It merely stated: "Any surplus of assets of each institution over
and above $170 per share, the purchase price of the new stock, will be from
time to time distributed to the stockholders of the respective institutions."
The probable market value of the new security remains to be determined when finally listed on the local exchange. But regarded from viewpoint of dividends, it appears it will compare favorably with either of the
old stocks.
The present stock of the Mississippi Valley has been paying 16% annually,
which was the rate for the entire year of 1927, although this Christmas
season an extra dividend of 4% is to be given, bringing the total for this
year up to 20%.
The statement of Smith yesterday explained that "dividends of certainly
not less than 15% per annum can be expected on its (new institution's)
capital stock, besides satisfactory additions being made to the undivided
profit account."
This was prefaced with the explanation that "based on the earning Power
of the two institutions in the past, it is believed that the new company
will be quite successful."
Announcement was made Dec. 14 by William Murphey,
President of the Citizens & Southern National Bank, head
office Savannah, Ga., that the institution had on that day
taken over •the assets and assumed the liabilities of the
Exchange Bank of Savannah, according to an Associated
Press dispatch from Savannah on that date, printed in the
Atlanta "Constitution." The acquired bank, which had deposits of more than $1,000,000, the dispatch said, would be
liquidated.. A. J. Garfunkel was President of the Exchange
Bank.
The Denver National Bank of Denver, Colo., has celebrated its 44th anniversary and is now moving into its
new home at the northeast corner of 17th and Champa
Streets. It has taken months to remodel the seven-story
Ideal Building into one of the most modern banking structures in the West. From the massive bronze doors depicting Egyptian figures on through the spacious foyer to the
various departments, the latest developments of a modern banking room are used. A striking feature is that the
tellers are not in customary cages but are behind counters
without grills.
Proposed consolidation of the American National Bank
of Richmond, Va., and its affiliated institution, the American Trust Co., under the title of the American Bank & Trust
Co., will be consummated on Dec. 31, according to the Richmond "Dispatch" of Dec. 25. The consolidated bank, which
will operate under State laws, will be capitalized at more
than $5,000,000. Oliver J. Sands, President of both banks,
will continue to head the new organization, and it is experpected there will be no material changes in the official
re said:
sonnel. The "Dispatch" furthermo
s, the
For part of one day, merely in compliance with legal requirement
American National Bank will become the American Bank of Richmond.
Trust
The merger will then be placed in force and the American Bank and
Company permanently established.
The approaching consolidation of these banks was noted
In our issues of May 26 and Sept. 29, pages 3247 and 1760,
respectively.
The Board of Directors of the Hibernia Bank & Trust
Co. of New Orleans have declared the quarterly dividend on
the salaries of all employees payable as a Christmas bonus.
For several years it has been the practice of the Hibernia
Bank to declare a dividend on salaries four times a year at
the same time that the regular dividend is declared on the
stock of the bank. These salary dividends are graded to
each employee on the basis of the length of his term of
service, those having been with the bank five years or more
receiving the maximum. The Directors of the Bank also
declared out of the profits of the bank for the fourth quareach
ter of 1928 a quarterly dividend of 5% or $1.25 for
share of $25 par value. This dividend, which is payable
January 1 to stockholders of record Dec. 24, combines the
quarterly dividend of $1.1214 per share on the stock of the
1
/
bank and $.122 per share on the stock of the Hibernia Sec i rities Company, Inc.
At a regular meeting of the directors of the Atlantic National Bank of Jacksonville, Fla. on Dec. 13 a stock dividend
of 25% was declared, thereby raising the bank's capital from
$2,000,000 to $2,500,000, as reported in the Florida "TimesUnion" of Dec. 14. This is the third time since the organization of the institution in 1903 that a stock dividend has
been declared. The directors also approved the usual quarterly cash dividend of 2%, or $40,000 payable on or after
Jan. 1 1929, and appropriated approximately $25,000 to take
care of the annual bonus to employees. Edward W. Lane,
the bank's Chairman, in commenting on the declaration of
the stock dividend, was quoted as saying:
[Vol,. 127.
The action was in celebration of our twenty-fifth anniversary, and fo.
In line with the conservative policy of the board members to increase the
capital stock as their business increases and thereby better enable them
to take care of the financing of the growing commerce of the State.
In conclusion the Florida "Times-Union" said:
Long recognized as the largest financial institution of the State, the
action by the board of directors yesterday further emphasizes that leader
ship. When the bank wa& organized there was paid in capital aggregating
$350,000.
Jacksonville financiers yesterday estimated that the stock dividend as
declared by the Atlantic National Board has a market value of more than
$1,000,000. The dividend represents 5,000 additional shares of bank
stock and it is payable immediately according to the formal announcement
Issued following the meeting, to the stockholders of record.
The appointment of R. J. Downing as Manager of the
Hanford Branch of the Los Angeles-First National Trust &
Savings Bank, Los Angeles, Cal., was announced Dec. 18,
following a meeting of the board of directors of the bank.
Mr. Downing, who was Asst. Branch Manager, succeeds the
late Judd Smith, Hanford Vice-President and Manager, who
died on Dec. 5 of heart trouble following a week's severe illness with influenza. Mr. Downing was born in Stockton,
Cal. He entered the banking field in February 1905, when
he became associated with the Farmers' & Merchants' National Bank and the Hanford Savings Bank, which on July 1
1922 were merged with the Los Angeles-Frist National Bank.
During his nearly twenty-four years of continuous service,.
Mr. Downing has held the positions of accountant, teller,
cashier, assistant manager and now a smanager.
At the annual stockholders' meeting of the Pan-American
Bank of Los Angeles, on Dec. 11, the following new directors
were added to the board: Howard W. Wright, of Wright,
Chandler & Ward, attorneys; P. W. Hall, a Vice-President
of the institution, and F. A. Lanning, Cashier, according to
the Los Angeles "Times" of Dec. 12. Leo M. Meeker,
President of the bank announced that deposits of the institution (which began business in 1926) now total approximately
$5,500,000, having increased about $900,000 since the October call for condition.
Announcement was made on Dec. 12 by James A. Bacigalupi, President of the Bank of Italy National Trust &
Savings Association (head office at San Francisco) of the
appointment of Russell G. Smith as a Vice-President of the
institution as reported in the San Francisco "Chronicle" of
Dec. 13. Mr. Smith has been connected with the Bank of
Italy for seven years, his activities being chiefly with the
banks' and brokers' department. His work has brought him
in contact with bankers all over the country, and he has
taken an active part in the work of the American Institute
He is
of Banking and the American Bankers' Association.former,
Chairman of the Public Education Committee of the
of
and a member of the commission on public education
the latter.
Announcement was made on Dec. 18 by Ben R. Meyer,
of
President of the Union Bank & Trust Co. of Los Angeles,
$2,200,000 increase in the bank's capital and
a proposed
of 10,000
surplus, through the sale to present stockholders
new stock (par value $100 a share), at $220 a
shares of
Dec. 19.
share, according to the Los Angeles "Times" of
(makOf the proceeds, $1,000,000 will be added to capital
), and $1,200,000 to surplus. Presing the same $4,000,000
ent stockholders will have the right to purchase 9,000
to 3/10
shares of the new stock at $220 a share, or equal
Acof a share of the new stock for each share now held.
to the announcement a value of $25 has been fixed
cording
for the rights. On the recommendation of Mr. Meyer, 1,000
who
shares will be reserved for officers and employees,
of subscribing at $220 a share and
will have the privilege
over
paying for the stock in regular monthly installments
years. Mr. Meyer was reported as saya period of two
ing:
Bank to
"This increase in capitalization is made to enable the Union
commake larger commercial loans, and keep pace with the growing
will enmunity. It will facilitate the acquisition of trust business, and
a larger
able the Union Bank, through its bond department, to take
financial
part in the underwriting of bonds and will also increase the
strength of the bank."
The Union Bank & Trust Co. was established in 1914 and
has shown steady growth since that time. Deposits during the past four years have increased from $12,500,000 as
of July 1 1924 to $23,000,000.
Edgar H. Sensenich, President of the West Coast Bancorporation of Portland, Ore., and of the West Coast National
Bank of that city, announced on Dec. 12 that directors of
the Bancorporation had declared an initial cash dividend of
25 cents a share, payable Jan. 25 1929 to stockholders of
record Jan. 5 1929, according to the Portland "Oregonian"
DEC. 29 1928.]
FINANCIAL CHRONICLE
of Dec. 13. The West Coast Bancorporation, which was organized in May of the present year (as noted in the "Chroniole" of May 19, page 3074), owns or controls the West Coast
National Bank, the Peninsula National Bank (St. John's),
the United States National Bank of Salem, Ore., the Bank
of Mount Angel, at Mount Angel, Ore., and the First National Bank of St. Helens, Ore. It has a net capitalization,
it was stated, in excess of $4,800,000, and resources of approximately $20,000,000. Officers of the West Coast Bancorporation and of the West Coast National Bank are the
same,namely Edgar H.Sensenich, President; John N.Edlefsen, Vice-President; Godfrey C. Blohm, Cashier; Charles R.
Harding and Philip A. Strack, Asst. Cashier, and Donald
W.Mackay, Trust Officer.
3655
forward to the current year's profit and loss account. During the year the bank's combined capital and rest increased
from $40,000,000 to $49,664,000. The Canadian Bank of
Commerce has more than 800 branches in Canada and others
throughout the world. Sir John Aird is President.
The board of directors of Barclays Bank (Dominion, Colonial and Overseas) recommend a final dividend for the year
ended Sept. 30 1928, at the rate of 8% per annum on the
cumul. pref. shares, less income tax at the rate of 934d. in
the £, and a final dividend on the "A" and "B" shares at
per annum, less income tax at the rate of
the rate of 4
1-7d. in the £, making, with the interim dividend paid in
July last, 4% for the year. It is pointed out that variation
from usual rate of income tax is due to relief in respect of
high record in Canadian banking, with the largest Dominion income tax in respect of years 1926-7 and 1927-8
A new
assets ever reported ty a Canadian bank, is one of the
outstanding reatures of the annual statement of the Royal
Bank of Canada (head office Montreal). With its large THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The feature of the stock market this week has been the
branch system, covering every section of the country, the
bank has evidently been called upon to finance a very large strength of the rubber stocks and copper issues, both of which
proportion of the increased trade and industry of the have attracted considerable buying at increasing prices.
Dominion. The large resources of the bank have enabled Industrial specialties have also been in demand and, in a
it to readily do so and at the same time maintain its usual number of instances, have moved into new high ground for
strong cash position. Earnings for the year also constitute the year. The report of the Federal Reserve Bank, made
public after the close of the market on Thursday, showed a
a record for Canadian banks.
The marked progress reported from year to year has further reduction of $19,395,000 in brokers' loans. Call
resulted in total assets of the bank having risen to $909,- money was quoted at 12% on Wednesday afternoon, Thurs395,884, compared with $894,663,903 at the end of the day and again on Friday. The early trading on Saturday
previous year. This gain has taken place notwithstanding was featured by a brisk rise in the copper shares, Anaconda
that at the time last year's report was submitted it was leading the upswing with a new top just below 117. Cerro
intimated that there were some large temporary deposits de Pasco moved ahead over two points and Chile did almost
of a special nature, while it is understood that no such as well. In the final hour Goodyear Tire & Rubber assumed
the market leadership with a gain of eight points to above
special deposits are included this year.
Of total assets of $909,395,884, liquid assets are $398.862,085, being 140. Goodrich also was strong and gained over a point.
•equal to over 50% of liabilities to the public. Included aniong them are National Bellas Hess was unusually active and crossed 200
cash on hand and in banks totalling $180,321,670, being 22.62% of liabilities to the public. Other liquid assets include Dominion and Provincial for the first time since it was listed. Columbia Graphophone
Government securities. $85,257,914, compared with $73,307.380; Canadian attracted considerable speculative attention as it moved
municipal securities and British, foreign and colonial public securities, briskly forward to 74%, a gain of 63 points on the day.
4
816.730,643, down from $31,296,226, and railway and other bonds, deRadio Corporation improved in the first hour, but reacted
bentures and stocks, $16,640,108, compared with $15,890,650.
The prominent part which the bank has played in financing the larger toward the close, and Victor Talking Machine made little
business of the country Is reflected by commercial loans in Canada of
or no progress.
$292,315.472, up from $225,536,860, an increase for the year of over
Rubber stocks, motor issues and merchandising shares
166.000,000. At the same time current loans elsewhere than in Canada
are down to $145,422,394, from $153,411,835.
were the features in the trading on Monday. The strength
Savigs deposits continued to expand, deposits bearing interest having
in these issues stimulated interest in the general list and a
now increased to $523,651,908, up from $514,562,219 a year ago.
A new high record for earnings has been set. Profits for the year much stronger tone was apparent all along the line. Copper
amounted to 85.881,253, as compared with $5,370,145 in the previous shares did not do so well, owing to the heavy profit taking
year. The profits, added to the amount carried forward from the previous
year, brought the total amount available for distribution up to $7,691,085. following the announcement that Anaconda had been placed
This was applied as follows: Dividends and bonus,$4,200,000; transferred on a $6 annual dividend basis. Goodyear Tire & Rubber
to officers' pension fund, $200,000; appropriation for bank premises, was the star performer and bounded forward nearly 10
$400,000; reserve for Dominion Goverment taxes, $530,000. This leaves
4
balance to be carried forward of $2,361,085, as against $1,809,831 at the points to 1293 , as compared with its previous close at 120.
end of the previous year.
National Bellas Hess also was noteworthy for its remarkable
A highly satisfactory annual report has been issued by advance of 15 points to 220. American International
the Canadian Bank of Commerce (head office Toronto). enjoyed a sharp run up and advanced into new high ground
Total assets of the institution at the end of its fiscal year, above 150 and closed at 14834 with a gain of more than
Nov. 30, were $744,680,000, according to an announcement eight points. Motor stocks moved briskly forward under
Dec. 21 by General Manager S. H. Logan. This is an in- the leadership of Chrysler which sold up to 127 at its top
crease of $185,973,000 over 1927 and the largest in the his- for the day, though it subsequently closed at 123% with
tory' of the bank. Apart from the increases resulting from a net gain of 2 points: General Motors was active and
the Standard Bank merger, the figures show the impor- strong and sold above 196. Merchandising issues like Macy
tant increase of over $80,000,000 in Canadian Bank of Com- and Sears-Roebuck were very strong, the former scoring a
merce's own assets. The principal increases over last year gain of nesrly six points. Specialties were in active deare as follows: Deposits, $124,560,000; cash holdings, main- and many gains ranging from three to 10 points were regisly gold and Dominion notes, $20,000,000; securities, $11,- tered at the close. The New York Stock Exchange was
500,000; loans, $136,300,000. Quick assets increased $86,- closed on Tuesday, Dec. 25 in observance of Christmas Day.
900,000, making the total of these 46% of total liabilities The market was fairly strong and buoyant in the early
and 64% of deposits. Net profits for the period, after pro- trading on Wednesday, but the rise in call money after midviding for all bad and doubtful debts, amounted to $3,964,- session from 9% to 12% turned the trend downward and
482, which when added to $1,423,925, balance to credit of cancelled a large part of the early gains. Goodyear Tire
profit and loss brought forward from the preceding twelve & Rubber was the outstanding feature of the morning tradmonths, and $517,490, representing balance to credit of ing and bounded forward to a new peak at 135, at which
was up nearly five points above the preceding final,
profit and loss of the Standard Bank of Canada transferred price it
after payment of the usual dividends up to Oct. 31 but receded in the afternoon and closed at 12934. General
Nov. 3,
especially prominent and reached a new high
1928, made $5,905,896 available for distribution. Out of Electric was
year as it crossed 206. Public utilities were in
amount, the report shows, the following allocations for the
this
strong demand throughout the session. Brooklyn Union
were made: $2,448,234 to pay four quarterly dividends at Gas gained two points and Detroit Edison
improved over
the rate of 12% per annum, including one month's dividend two points. Some of the railroad issues were moderately
on new shares issued to the Standard Bank shareholders; strong, particularly Erie, New Haven and Lehigh Valley,
$248,234 to pay a bonus of 1%; $475,000 to take care of
all of which were higher. Pronouncd strength was also
Dominion and Provincial Government taxes and tax on apparent in some of the so-called specialties,
including
bank-note circulation; $50,000 to cover donations and sub- among others Electric Auto Lite, Allis-Chalmers, Westingscriptions; $206,692 transferred to pension fund; $250,000 house Electric, American Can, Burroughs Adding
Machine,
written off bank premises, and $1,923,400 transferred to Air Reduction and Continental Can. United States
Steel
account, leaving a balance of p04.c136, to be carried common was off nearly two points.
rest
On Thursday stocks were inclined to sag during the early
part of the day and recessions ranging from one to five points
were in evidence throughout the general list. -As the day
advanced the tone improved and numerous gains were recorded at the close. Rubber shares again assumed the leadership and moved briskly forward under the guidance of
Goodyear Tire & Rubber, which broke into new high ground
above 140 and closed at 139, with a net gain of 93/i points.
Goodrich also reached a new top as it crossed 107 with a rise
of eight points on the day. Copper shares were actively
bought and both Anaconda and Kennecott closed at higher
levels. Highly speculative stocks like Wright Aeroplane
and Radio Corporation were more or less irregular in the early
trading but were bid up from 15 to 20 points later in the day.
There were also sharp advances in the usual trading favorites, such as Sears Roebuck, Montgomery Ward, International Silver, General Electric, Allis-Chalmers, American
Can, Atlantic Refining, Case Threshing Machine, Baldwin
Locomotive, Air Reduction, National Tea and American
Zinc.
Prices were higher all around as the session opened on Friday and many new high records were made among the speculative favorites and also in the general list. The day's sales
reached 4,798,200 shares and were larger than at any time
during the past two weeks. Copper stocks attracted considerable speculative attention, especially Anaconda and
Kennecott, the latter crossing 152 and touching the highest
level in the history of the company. Anaconda at 114 was
five points above the preceding close. Rubber stocks lost
none of their buoyancy and swung upward under the leadership of Goodrich, which was bought in large blocks at new
top prices. Railroad shares were in brisk demand all through
the session, Chesapeake & Ohio reaching a new peak for 1928,
followed by Erie, which also moved into new high ground
in all time. Lackawanna was also active and Atlantic Coast
Line raised its top nearly five points. Other noteworthy
features included a new peak for the new Montgomery Ward
stock and a similar record for Mohawk Carpet, recently
listed. In the industrial group the outstanding features were
the new top levels recorded by Air Reduction, Electric Auto
Lite, Johns-Manville and Burroughs Adding Machine, and
the brisk advances in American Can, General Electric and
Bethlehem Steel. The final tone was good.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE,
DAILY WEEKLY AND YEARLY
Railroad,
Ac...
Bonds.
1,907,110
3,697,900
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
$988,000
22,475,000
1,405,500
3,870.000
HOLT DAY
1,796,000
4.818,500
2,153,000
6,362,000
1,329.000'
6,785,000
3,621,900
3,566,750
4,798,200
Total
17,591,860
Sales at
New York Stock
Ezchange.
$24.110,500
1928.
1927.
$414,000
391,500
3,542,500
782.000
2,509,000
$7,671,500 I $7,639,000
Jan. 1 to Dec. 28.
Week Ended Dec. 28.
Stocks
-No. of shares_
Bonds.
Government bonds__
State and foreign bonds
Railroad de misc. bonds
United
States
Bonds.
State.
Municipal &
Foreign Bonds.
Stocks.
Number of
Shares.
Week Ended Dec. 28.
17,591,860
10,670,551
889,222,339
575,420,999
$7,639,000
7,671,500
24,095,500
33,600.500
12,708,000
31,647,600
$186,089,750
745,826.635
2,205,217,176
$289,321,500
834,437.200
2,138,665,700
$39,406,000 $47,956,100 33,137,133,561 $3,262,424.400
Total bonds
Boston.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Philadelphia,
Baltimore.
Shares. Bond Sake. Shares, Bond Sales. Shares. Bond Sales.
$4,000
*32,215
23,000 a70,577
*46,733
11,000
21,000 a121,024
HOLI DAY
HOLI DAY
24,500
*61,404
19,000 0140,900
*59,449
19,000
38,000 a87,043
41,832
6,000
20,000 a14,100
241,633
8101,000
433,651
$64,500
122,800
51,403
45,000
b2,582
HOLI DAY
32,100
542,118
15,000
510,241
38,300
bc5,428
21,772
1153,200
19.114 3185.700
332.932 8193.000 647 050 5174A150
* In addition, sales of rights were: Saturday, 225: Monday, 890; Wednesday.
790; Thursday, 138.
a In addition,sales of rights were: Saturday. 1,425; Monday,3,283; Wednesday,
3,660; Thursday, 5,600; Friday, 3,000.
S In addition, sales of rights were: Saturday, 969; Monday, 4,695: Wednesday.
8,645; Thursday, 4.042; Friday, 6,821.
C In addition, sales of warrants were: Wednesday, 15814: Friday, 58A•
Prey, week revised
THE CURB MARKET.
Speculation in the Curb Market this week slowed down
appreciably, the rise in call money to 12% being somewhat
of a hinderance. Price movements generally were irregular
though towards the close the tendency was to higher levels.
American Cyananid, cl. B, on Saturday last jumped from
523 to 65, reacted to 563" and closed to-day at 5734.
Ford Motor of England was extremely active selling up from
%
143 to 243 with a final reaction to 20. Ford Motor of
Canada rose from 585 to 684 and ends the week at 659.
Glen Alden Coal dropped from 14434 to 140. McLellan
3
Stores, class A advanced from 503/2 to 60%,the close to-day
3
being at 59%. St. Regis Paper sold up from 122 to 136
and at 135 finally. Among Utilities Marconi Wireless of
Canada on a heavy volume of business ran up from 6% to
11 K. Electric Bond & Share Securities was also an active
%
feature, moving up from 15934 to 1743 down to 167% and
up to-day to 180. The close was at 17934.
A complete record of Curb Market transactions for the
week will be found on page 3620.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
BONDS(Par Value).
*STOCKS(No. Shares).
Week Ended
Dec. 28.
Indus. ct
Miscall.
oas.
Mining.
Foreign
Domestic. Government.
Total.'
$581,000
933,000
$171.000
231,000
1,086,000
1,553,000
1,384,000
93,500 704,800
137,200 1,076,700
HOLI DAY
143,6001,170,200
138,900 1,039,900
178,400 1,509,600
297,000
479,000
376,000
Total
512,175
795,600
99,125
143,900
876,900
756,700
1,144,500
149,700
144,300
186,700
4,085,875
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
723,725 691,600 5,501.200 $5,537,000 $1,554,000
•In addition, rights were sold as follows: Saturday, 31,900: Monday, 24.900:
Wednesday, 33,700; Thursday, 27,800; Friday, 25.300.
New York City Realty and Surety Companies.
Bid
80
310
430
315
Alliance Frlt,
Amer Surety.
Bond & MO.
Lawyers Mtge
Lawyers Title
* Guarantee 365
Mtge Bond. 138
AU prices dollars per share.)
Bid
Bid Ask
Ask
Realty Assoc's
85 N Y Title &
(Bklyn)com 475
Mortgage__ 553 560
320
1st pref.... 96
440 US Casualty. 480 490
2d pref...,.... 93
320
Westchester
Title & Tr. 450
375
145
Ask
485
99
95
--
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Ins.
Rate,
Ant.
Matsrittt.
Asked.
Rat..
%
Mar. 15 1929...
Mar. 15 1929... 334%
414%
June 16 1929._
454 we
Sept. 15 1929
Dec. 15 1929... 434 G15
Matitrity.
9914n 995$11 Sept.16 1930-82
9925w, 993.31 Mar.16 1930-32
1001te Do. 15 1930-32
99,4111 99"n Sept. 15 1929
9932311 119 40
1M%
104%
US%
4,t%
Bid.
97nts
9711st
97"1111
100'n
Asked.
97uss
97311s
97"
1004sa
COURSE OF BANK CLEARINGS.
Bank clearings the present week will show only a small
increase compared with a year ago, due to the fact that the
end of the month and end of the year transactions fell in
this week last year, while the present year they will not
come until next week. Preliminary figures compiled by
us, based upon telegraphic advices from the chief cities of
the country, indicate that for the week ended to-day (Saturday, Dec. 29), bank exchanges for all the cities of the
United States from which it is possible to obtain weekly
returns will be 2.7% larger than for the corresponding
week last year. The total stands at $10,949,937,092 against
$10,647,750,518 for the some week in 1927. At this center
there is a gain for the five days ended Friday of 17.8%.
Our comparative summary for the week follows:
1927.
1928.
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Week Ended
Dee. 28 1928.
[Vol.. 127.
FINANCIAL CHRONICLE
3656
1928.
1927.
Per
Cent.
$5,323,000.000
507,706,735
445,000.000
334,000,000
100,259,857
109,600,000
148,970,000
150,767,000
138,483,212
172,014,829
102.049,356
65,295,221
48,448,011
34,520.000,000
491,032,322
371,000,000
360,000,000
94,685,749
107,000,000
138,757.000
122,024,000
119,265.614
116,398,368
86,683,353
70,023,795
50.059.803
+17.8
+3.4
+19.9
-7.2
+5.9
+2.4
+7.4
+23.6
+18.2
+47.7
+17.7
-6.8
-3.2
Thirteen cities, 5 days
Other cities, 5 days
$7,645.594,221
1,154.353.356
$6,646,932,004
1,061,265,172
+15.0
+8.8
Total all clam 5 days
All cities, I day
38.799,947.577
2,149,989.515
$7,708,197,178
2,939,553,342
+14.2
-26.9
SIP
.1.9?
Clearings-Returns bp Telegraph.
Week Ended Dec. 29.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
.1... Gs,. urpair
r
sm MIA (4:17 no9
11A A•11 750
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete results for the week previous-the week ended Dec.
22. For that week there is an increase of 24.9%, the 192S
aggregate of clearings for the whole country being $13,950,365,490 against $11,164,702,323 in the same week of 1927.
Outside of this city the increase is 16.3%. The bank exchanges at this center record a gain of 30.4%. We group the
DEC. 29 1928.]
cities now according to the Federal Reserve districts in
which they are located, and from this it appears that in
the New York Reserve District (including this city) there
Is an expansion of 30.4%, in the Boston Reserve District
of 26.5% and in the Philadelphia Reserve District of 25.4%.
The Cleveland Reserve District shows an increase of 17.3%,
the Richmond Reserve District of only 2.1% and the Atlanta Reserve District of but 0.7%. In the Chicago Reserve
District the totals are larger by 1.2%, in the St. Louis
Reserve District by 15.3%, and in the Minneapolis Reserve
District by 16.3%. The Kansas City Reserve District has
a gain of 5.7%, the Dallas Reserve District of 16.2%, and
the San Francisco Reserve District of 16.5%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended Dec.22 1928.
1928.
1927.
31 cities
494.861.929
504.523.950 -1.9
1926.
1925.
390.989.604
368.014.272
We now add our detailed statement, showing last week's
figures for each city separately, for the lour years:
Week Ended D C. 22.
Clearings at
1928.
1927.
Inc. or
Dec.
$
$
%
First Federal Reserve Dist rict-BostonMaine-Bangor..
547,262
691.264 -20.8
Portland
3,772,469
3,113,796 +21.2
Mass.
-Boston.. 612,000,000 472.000,000 +29.7
Fall River_ _ _
1,633,276
2,360,808 -30.8
Lowell
1,310,864
1,152.843 +13.7
New Bedford..
1,348,856
1,083,197 +24.5
Springfield_
5,142,006
5,705,907 -9.9
Worcester
3,869,431
3,658,425 +4.9
-Hartford
Conn.
17,327,193
17,895,915 -3.2
New Haven_ _
8,820,158
8,579,900 +2.8
-Providence
R,.5.
16,992,500
15,454,600 +9.9
N.H.
-Manche'
707,703
689,253 +2.7
Total(12 cities)
673,471,718
532,385,908 +26.5
Second Fader al Reserve D istrict-New
-Albany..
N. Y.
6,496,702
5,274,990
Binghamton___
1,369,071
1,361,352
Buffalo
63,473,959
49,717,678
Elmira
1,236.352
1,016,877
Jamestown....
1,187,801
1,205,865
New York
8,920,735,160 6,840,587,460
Rochester
14,751,178
13,573,635
Syracuse
6,510,624
6,209,863
Conn.-Stainford
3,015,262
4,335,001
N. J.-Montciaii
1,118,891
805,666
Northern N. J_
64,732.250
44,827,106
1926.
$
1925.
$
564,951
3,410,016
397,000,000
1,794,539
1,101,301
897.837
4,906,073
2,776,331
11,679,050
6,339,456
10,632,900
533,083
583,642
2,313,100
359.000.000
1,961,762
927,661
965,547
4,406,247
3,453.726
15,976,607
5.557,340
11,159.300
732,771
441,625,537
407.017,703
York
+23.2
5,488,420
4,369.204
+0.6
819,600
946,700
+27.7
43,701,942
56,545,210
+21.6
815,373
786,735
-1.5
1,659,294
1,355,865
+30.4 4,817,078,857 4,644,551,782
+8.9
11,991,994
10,285,693
+4.8
4,242.604
4,168,521
+15.7
4,101.720
4,323,536
+38.9
562,473
472,274
+44.4
42,872,117
36,424,770
Total(11 cities) 9,086,657,250 6,968,915,493 +30.4 4,933,333,394 4.764,230.290
Third Federal Reserve Die triet-Phila delphi a-Altoona
Pa.
1,756,118
1,668,479 +5.3
1,533,998
1,430,245
Bethlehem.
5,673,320
4,616,099 +22.9
4,021,958
3,800,000
Chester
1,192,316
1,304,434 -8.6
967,970
1,224,675
Lancaster
1,841,920
2,010,899 -8.4
1,428,981
2,195.510
Philadelphia.. 698,000,000 550,000,000 +26.9 498,000,000 478,000,000
4,118,959
Reading
4,053,453 +1.6
3,581.627
3,271,246
Scranton
6,667,432
5,770,225 +15.5
5.841,908
4,944.715
4,571.540
Wilkes-Barre_
4,221,065 +8.3
4,090,488
3,759,343
York
2,230,354
2,063,221 +8.1
1.479,290
1,589.516
-Trenton.
N.J.
5,684,497
7.943,291 -28.4
6,921,880
5,373,528
Total(10 cities)
731,736,456
583,651,166 +25.4
527,868.100
505,588.778
Fourth Fede al Reserve D istrict-Clev elandOhio-Akron__
6,840,000
6,479,000 +5.6
4,330,527
Canton
3,727,597 +34.2
Cincinnati_ _ _
76.913.708
75,383,971 +2.0
Cleveland
156,166,138 118,305,651 +32.0
Columbus
17,881.100 -10.1
16,070,800
2,364,607
Mansfield
1,750.418 +35.1
Youngstown__
5,270,224
5,503.430 -4.2
-Pittsburgh
224,470,873 190,765,848 +17.7
Pa.
4,144,000
3,194,010
63.881,466
95.944,491
14,421,100
1,778,952
5,199,959
165,801.481
6,280.000
7,856,071
64,704.228
93.448.370
13,592,500
1,796.711
5.846.641
166,040,315
Total(8 cities)
492,526,877
419,797,015 +17.3
354,365,459
Filth Federal Reserve Dist rict-RIchm ondW.Va.-Hunt'g'
1,287,728
1,371,523 -6.1
Va.-Norfolk_
7,370,967
6,780.122 +8.7
Richmond _ _ _
53.154,600
48,473,000 +9.7
2.144,000
*2.700.000 -20.6
S. C.-Charlest'
106,368,299 108,849,649 -2.3
Md.-Baltimore
D.C.-Washing'
29,629,024
27,629,849 +7.2
1,453.999
9,892,394
46,830.000
2,632,778
89,298,816
24.037.437
Total(6 cities)
199,954,618
195,804,143
+2.1
174.145,424
Sixth Federal Reserve Dist rict-Atlant a10,856,829
9,294,127 + 16.8
Tenn.- Chatt'g
9,315.151
*3,000.000 +2.0
3,061,376
Knoxville
*3,200,000
23.149,085 +5.1
24.318,538
Nashville
18,440,304
Ga.-Atlanta68,017,620
58.742,302 +15.8
56,215.290
2,364,548
2,430,254 -2.7
Augusta
2,048,378
2,445,994 -14.1
2.099,882
2,230,131
Macon
18.856,016
20,027.310 -5.8 . 23,634.043
-Jack'nvlli
4,049,000 -34.1
2,668,000
7,874,546
Miami
26,577,926 +23.7
29,445,098
22,743.747
Aia.-Birming'fl
1,584,196 +39.8
2,215,921
1,730,783
Mobile
2,186.000 +47.3
3,221,000
1,510,000
Miss.
-Jackson326,960 +45.5
475.658
341,816
Vicksburg
69,971,672 -14.5
57.793,821
59,471,961
La.-NewOrieani
Total(13 cities)
225.399.307
223.784.826
+0.7
Week Ended Dec. 22.
Clearings al
1928.
208.756.150
1927.
Inc. or
Dec.
1926.
1925.
Seventh Feder al Reserve D 'strict-Chi cago266,475
-Adrian- _
236,729 +12.6
234.130
Mich.
191.743
967,889
1,168,545
Ann Arbor...736,745
756.616 +54.6
277,201,465 181,639,036 +52.6 139,089,293 149,042,043
Detroit
8,516,646
Grand Rapids.
7,443,178
7,900,135 +7.8
6,027,100
2,752,561
Lansing
2,150,468 +28.0
1,910,816
2,407,975
4,405,972
Ind.-Ft. Wayne
2,945,859
3,202,602 +37.6
2,384.627
23,440,000
Indianapolis.-19,033,000
22,385,000 +4.7
20.013,000
3.389,353
2,575,000
3,204,100 +5.8
2,867.600
South Bend--5,712.637
Terre Haute...5,362,563
5,994.475 -4.7
5,312,375
31,735,913
Wis.-Milwaukee
39,115,995 -18.9
33,148,833
31,568,642
2,888,965
2,917,484 -0.8
2,257,076
Iowa-Ced. Rap.
2,025.446
8,850,414
8,604,609
7,717,697
Des Moines.._
9,688,038 -8.6
6,787,306
6,131,258 +10.7
Sioux City- - 6,067,306
5,330,909
1,611,189
Waterloo
928,534
1,272,646 +26.6
1,013,500
2.490,456
1,293.117
Ill.
-Bloomington
1,680,581 +48.2
1,606,366
727,473.883 699,044,829 +4.1 554,075,309 564,114,032
Chicago
1,431,519
1,203,094 +19.0
Decatur
1,207,470
1,268,163
5,768,076
4,926,886 +17.1
3.257,289
Peoria
4,424,247
3,964,013
*3,000,000 +32.1
2,677,682
Rockford
2,746,698
2.889.968
Springfield....
2,294.717
2,517,676 +14.9
2.360,020
Total(20 cities) 1.122,745,356
Inc.°,
Dec.
Federal Reserve Diets.
$
$
S
%
$
1st Boston_ __ _12 cities
673,471,718
532,385,908 +26.5
441,625,537
407,017.703
2nd New York _11 "
9,086,657,250 6,968,915,493 +30.4 4,933,333,394 4,764,230,290
3rd Phlladelphial0 "
731,736,456
583,651.166 +25.4
627,868,100
605,588.778
4th Cleveland-- 8 "
492,526,877
419.797,015 +17.3
364,365,459
359,544,836
5th Richmond _ 6 "
199,954,618
195,804,143 +2.1
174,145,424
144,704,510
6th Atlanta__ __13 "
335,399,307
223,784,826 +0.7
208,755,150
=9,896,391
7th Chicago.. _20 "
1,122,745,356
998,967,648 +1.2
791,625,359
816,906,364
8th St. Louis.. 8 "
265,288,373
230,106.992 +15.3
194,294,940
207,061,829
9th Minneapolis 7 "
148,300,545
127.582,231 +18.3
106,392,104
122,660,274
10th Kansas City12 "
245,420.610
232,187,868 +5.7
221,863,628
223,078,848
5 "
11th Dallas
96,498,908
83,025,049 +16.2
71,710,673
76,470,603
12th San Fran_.17 "
662,366,472
568,490,384 +16.5
444,832,244
466,483,443
129 cities 13,950,365,4 11,164,702,323 +24.9 8,470,813,012 8,323,643,768
Total
Outside N. Y. City
6,029,630,330 4,324,114,863 +16.3 3,653,735,155 3,679,091,986
Canada
3657
FINANCIAL CHRONICLE
998,967,648 + 12.4
791,625,359
816,906,364
uls-+10.7
+12.0
+32.7
+33.8
+20.2
+2.3
+19.7
-1.7
4,441,298
127,500.000
29,299.668
438,261
19,005,777
12.011,137
345.638
1,253,161
4,317,511
131,900.000
29,522,434
415,690
24,245.078
15,019,041
415,301
1,226,774
230,106,992 +15.3
194,294,940
207,061,829
Ninth Federal Reserve Die trict-Minn eapolis
12,244,774
11,811,131 +8.9
Minn.
-Duluth..
91,310.352
76,043,301 +20.1
Minneapolis--36,192,642
31.981,142 +13.2
St. Paul
2.108,661
1,926,192 +9.5
No. Dak.-Fargo
1,375,914
1,201.868 +14.5
-Aberdeen
S. D.
806,202
659,597 +22.2
Mont.- Billings_
3,959,000 +7.7
4,262,000
Helena
11.073,777
63.885,896
25,992,612
1.688,406
1,068.536
574,123
2.108.754
10,105,589
78,284.182
28,074,038
1,467,839
1.287.982
470,391
2.970.24
127,582,231 +16.3
106,392.104
122,660,274
Tenth Federal Reserve Die trict- Kane as City
371,520
441,354 -15.8
Neb.- Fremont_
467,237
470,478 -0.7
Hastings
3,710,801
4,632,797 -19.1
Lincoln
43,299,268
37,802,938 +14.5
Omaha
Kans.-Topeka 3,983.436
3,315,323 +20.2
9.277,667
8,647,342 +8.5
Wichita
Mo.-Kan. City. 140,308.310 134,074,121 +4.6
6,264,199
6.489,345 -3.5
St. Joseph....
35.010,299
34,030,205 +2.9
Okla.
--Okla.City
1,180,406
1,144,097 +3.2
Colo.
-Col. Sngs•
a
a
a
Denver
1,547,467
1,239,868 +24.8
Pueblo
376,816
321,184
3,878,400
32.055,039
3,708,103
8,498.851
133,277,616
6,782,596
30,735,913
962,329
a
1,266,781
251,403
462,371
3.727.571
35,571,854
4,068,577
7.677,498
129,602,975
7,724,288
31,959,336
1,057,583
a
975,394
+5.7
221,863.628
223,078,848
-Da IRS-Eleventh Fade rat Reserve District
1,574,593
2,030,910 -22.5
Texas-Austin...
63,456,104
55.293,899 +14.7
Dallas
13,783,104 +35.6
18,690,562
Fort Worth--6,797,000
6,694,000 +1.5
Galveston
5,980,649
5,223,136 +14.5
La.
-Shreveport-
1,307,840
41,741,575
14.369,858
9,713,000
4,578,400
1,572,829
46,335,282
13,622,595
10.558.600
4,381,197
71,710,673
76,470,503
Eighth Faders I Reserve Dia trict-St. Lo
5,909,321
-Evansville.
5,340,549
Ind.
Mo.-St. Louis.. 164,600,000 146,900,000
45,460,719
34,253,761
Ky.-Loulsville 502.218
672,150
Owensboro....
30,417,222
-Memphis
25.301,278
Tenn.
Ark.
16,412,408
16,036,453
-Little Rock
415,307
346,928
Ill.
-Jacksonville.
1,401,246
1,425,805
Quincy
Total(8 cities)-
Total(7 cities).
Total(12 cities)
Total(5 cities).
265,288,373
148,300,545
245,420,610
96,498,908
232,187,868
83,025,049 +16.2
-San Franc' ace-Twelfth Feder at Reserve D strict
50,556,753
47,324,832 +6.8
35,978,298
Wash.
-Seattle..
14,462,000
15,403,000 -7.0
11.025,000
Spokane
1,494,691
1,489,278 +0.4
1,195,739
Yakima
39.094,899
38.188,175 +2.4
Ore.
-Portland- 31,036.208
21,763,225 +2.8
22.381,726
15,771,182
Utah-S. L. City
3,793.453
4,188,316 -9.4
Calif.
-Fresno-5.656,333
9,483,847
7.257,516 +30.7
Long Beach..6,159.466
Los Angeles- - - 235,647,000 183,806,000 +28.2 147,127.000
23,320,092
19,009,760 +22.7
15,443,301
Oakland
6,447,012 +21.2
7,811,813
Pasadena
5,785,925
8,461.123
6,706,744 +26.2
Sacramento_ _ 7,880,946
7,894,921
5,331,092 +48.1
5,923,127
San Diego_ -- _
San Francisco. 228,064,710 201,988,000 +12.9 147,748,000
3,312,502
2,972,416 +11.4
2,127,219
SanJose
1,859,394
Santa Barbara_
1,828,557 +1.7
1,301,100
2,150,808
2,015,661 +6.7
1,861,500
Santa Monica_
2,577,100
2,811.900
Stockton
2.770,800 -7.0
37.026,044
10,120.000
1,259.936
36.134,641
17,351,007
3,364,016
6.340,913
144,992.000
18,569,245
4,879,682
8,393.286
4,639.028
165,001,000
2,308,837
1,457.550
1,687,657
2,958.600
Total(17 cities) 662,366.472 568,490.384 + 16.5 444,832,244 466,483,442
Grand total (129
13950365,490 11164702,323 +24.9 8,470,813,012 8,323,643,768
cities)
Outside New York 5,029,630,330 4,324,114,863 +16.3 3,653,735,155 3,679.091.986
Week Ended Dec. 20.
Clearings at
-1928.
1927.
/sr. or
Dec.
1926.
1925.
Canada
$
$
158,522,850 152,613,651 +3.9 124,140,611
Montreal
94,129,798
145.306,373 166,110,457 -12.5 117,285,230 105,702.108
Toronto
Winnipeg
75,661,026
73,617,595 +2.8
59,079,790
77,909,974
Vancouver
23,407,015
20,527,429 +14.0
19,109,327
17.820,700
Ottawa
9,117.730
9,525,556 -4.3
7,666,254
8.724,185
Quebec
7,615,773
8.864,981 -14.1
6.345.232
5,834,543
Halifax
3,676,574
3,610,843 +1.8
3,268.460
2,901,780
359,544,836 Hamilton
6,569,008
6,229,098 +5.5
5,919,079
5.447.827
15,586,934
13,589,662 +14.7
Calgary
10,131,941
8,702,817
3,104,338
3,208,860 -3.3
2,708.872
2,851.446
1,689,172 St. John
2,994,194
2,723.809 +10.0
2.103,294
2,186,932
9,717,052 Victoria
3,714,363
3,657,341 +1.6
3.082,903
3,196,830
44,005,009 London
Edmonton
7,722,279
7,112,549 +8.6
5,885.118
5,984.904
2,316,728 Regina
6,352,798
6,751,487 -5.1
6,277.104
5,166,348
68,634,358 Brandon
906,568
810,053 +11.9
778,249
713,008
18.342,200
921,650
927,483
893.083 +3.2
598,539
- Lethbridge
3,244,875
2.447,799
2,998,697 +8.2
2.298,687
144,704,510 Saskatoon
Moose Jaw
1,801,127
1,488,793
1,667.704
1.830,210 -1.5
Brantford
1,343,399
1,292,390
1,386,670
1,445,576 -7.1
1,131,802
1.155.234
1,230,846
1,408,742 -12.6
8.676,018 Fort William_ _ _
906,955
645,853
687,190 +32.0
686,608
43,000,009 New Westminster
678.917
353,317
397.967
610,926 +11.1
14.602.353 Medicine Hat_ _ _
1,042,154
1,096,800
930.333
1,132.587 -3.2
59,919,633 Peterborough-898,099
831,565
961,640 +11.6
1,073,348
1,711,467 Sherbrooke
Kitchener
1,270,310
1,579,440
1,031,967
1,736,105 -9.0
1,726,881
5,345.516
6.124,711
3,550.278
5,400.510 +13.4
36,599,798 Windsor
501.795
596.217
471,157
530,060 +8.7
18,331.978 Prince Albert- --1,073.198
1,071.112
1,157,117 +14.0
1,318.735
26,412,772 Moncton
872.818
Kingston
951,896
931,332 +2.2
803,664
1,420.765
1,012.165
2.985,816 -66.6
995,181
1,480,000 Chatham
724,494
736,226
860,988 -14.5
336.636 Sarnia
55,678.090
Total(31 cities) 494.838,146 504.523,950 -1.9 390,989,604 366.034,272
229 goa .
101
a Manager of Clearing House refuses tet report weekly clearings. • Estimated.
FINANCIAL CHRONICLE
3658
[vol.. 127.
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Sept. 30 1928. Sept. 30 1927.
$
490,544,016
209,858,208
Balance end of month by daily statement. &c
Add or Deduct-Excess or deficiency of receipts over
-6,426.185
-2,330,027
or under disbursements on belated items
484,117,831
207,528,181
GOLD.
Deduct outstanding obligations:
43,288,245
31,630,616
notes amounted to £157,830,873
The Bank ofEngland gold reserve against
Matured interest obligations
on the 5th inst.(as compared with £159,088,945 on the previous Wednesday)
73,521,649
72.001,440
Disbursing officers' checks
7,451,070
and represents an increase of £3,924,558 since April 29 1925, when an
6,276,045
Discount accrued on War Savings Certificates
1,267,134
1,281,840
Settlement warrant checks
effective gold standard was resumed.
in the open
About £793,000 bar gold from South Africa was available
125,528,098
111,189,940
Total
-was taken
market yesterday. The bulk of this amount
-about E525,000
for a destination not disclosed, and the balance was disposed of as follows
+96,338,241 +358,589,733
Balance, deficit(-)or surplus(+)
Germany, £136,000: India and Straits Settlements, £75,000, and the
INTEREST-BEARING DEBT OUTSTANDING.
home and continental trade, £57,000.
Interest Sept. 30 1928. Sept. 30 1927.
$
Title of Loan
$
Payable.
The following movements of gold to and from the Bank of England have
599,724,050
599,724,050
25 Consols of 1930
Q -J
been announced, showing an efflux of £1,179,054 during the week under 28 of 1916-1936
48,954,180
48,954,180
Q -F.
25,947,400
review:
25,947,400
28 of 1918-1938
Q -F.
49,800,000
49,800,000
Q -M.
Dec. 6. Dec. 7. Dec. 8. Dec. 10. Dec.11. Dec. 12. 3s of 1961
28,894,500
Nil 38 conversion bonds of 1946-1947
28,894,500
Nil
-J.
Nil
Received
Nil
Q.
Nil
Nil
560,032,500
J -J 1,739,342,300
Withdrawn_ £47,496 £424,309
Nil £157,901 £137,221 £412,127 Certificates of indebtedness
.1-S. 1,397,686,200 1,397,687.000
334s First Liberty Loan, 1932-1947
and £1,164,054 in 4$ First Liberty Loan,converted
The withdrawals consisted of £15,000 in sovereigns
5,155,700
5,155,650
J -D.
532,823,350
bar gold; of the latter, about £1,090,000 was for Germany.
434s First Liberty Loan,converted
.1 -D. 532,820,150
3,492,150
3,492,150
-D.
J.
The following were the United Kingdom imports and exports of gold 434s First Liberty Loan,second converted
17,556.750
-M.
M.
45 Second Liberty Loan, 1927-1942
registered from mid-day on the 3d inst. to mid-day on the 10th inst.:
875,286,450
434s Second Liberty Loan, converted
2,147,659,850
Exports.
-S.
M.
4%8Third Liberty Loan of 1928
Imports.
£1,621,960 4345 Fourth Liberty Loan of 1933-1938
British South Africa
A.-0. 6,284,041,600 6,296,905,350
£459,998 Germany
762,320,300
25,290 434s Treasury bonds of 1947-1952
758,984,300
Other countries
1,568 France
37.980 4s Treasury bonds of 1944-1954
1,036,834,500 1,042,401,500
Switzerland
491,212,100
23,120 3Us Treasury bonds of 1946-1956
489,087,100
British India
30,493 3345 Treasury bonds of 1943-1947
494,854,750
493,037,750
Straits Settlements
18,524 334s Treasury bonds of 1940-1943
359,042,950
Other countries
258,548,649
130,111.896
43 War Savings and Thrift Stamps
13,951,780
£1,757,367 234s Postal Savings bonds
15,875.560
.1.-3.
£461,566
-D. 2,918,713,550 2,555.155.150
J.
The Transvaal gold output for the month of November last amounted to 5Sis to 5Sis Treaaury notes
872,484 fine ounces, as compared with 897.720 fine ounces for October 1928
16,917,545,786 18,208,363,459
Aggregate of interest-bearing debt
242,149,271
237.942,187
Bearing no interest
and 848,059fine ounces for November 1927.
27,184,925
211,876,650
Gold Standard Reserve Matured, interest ceased
The following was the composition of the Indian
on Nov. 30 1928:
617,367,364,623 18,477,697,655
Total debt
Nil Deduct Treasury surplus or add Treasury deficit
In India
+96,338,241 -358,589,733
In England:
£636
517,271,028,38218,119,107.922
Cash at the Bank of England
Net debt
2,152.334
Gold
a The total gross debt Sept. 30 1928 on the basis of daily Treasury statements was
5,992,813 $17,367,350,788.86, and the net amount of public debt redemption and receipts in
British Treasury bills-Value as on Nov. 30 1928
-Value
Other British and Dominion Government securities
En., was $13.834.00.
31,854.217 transit,reduction is made on account of obligations of foreign governments or other
as on Nov. 30 1928
S No
£40,000,000 investments.
SILVER.
Owing chiefly to sales of silver made-to cover contracts falling due, the
has shown a little more activity. Quotations receded gradually
market
and 263.4d. and 2634d. for cash and two months' delivery, respectively,
were reached on the 10th inst. The lower rates attracted buying from both
-The following information regarding
National Banks.
China and the Indian Bazaars, thus imparting a steady tone and causing a
national banks is from the office of the Comptroller of the
slight recovery in the quotations.
America has not been a willing seller, operators in this quarter remaining Currency, Treasury Department:
rather apathetic, with, however, some inclination to support the market
APPLICATIONS TO CONVERT APPROVED.
at the lower level of prices.
$25,000
-The First National Bank of Soldier's Grove, Wise
The following were the United Kingdom imports and exports of silver Dec. 21
Conversion of the Citizens State Bank of Soldiers'
registered from mid-day on the 3d inst. to mid-day on the 10th inst.:
Grove, Wis. Correspondent, 0. J. Niedfeldt, Soldier's
Exports.
Imports.
Wis.
£178,000 Dec. 21 Grove,
£74,295 China
France
50,000
-The Pampa National Bank, Pampa, Texas
24,936
153,734 Egypt
Mexico
Conversion of the Gray County State Bank, Pampa,
19,669
20.000 Other countries
Irish Free State
Texas. Correspondent. Gray County State Bank,
168,000
British India
Pampa, Texas.
14.848
Other countries
CHARTER ISSUED.
525,000
-The Pecan Gap National Bank,Pecan Gap,Texas
Dec. 20
£222,605
£430,877
President, A. E. Sweeney; Cashier, D. D. Dunn. Sueceeds the Pecan Gap State Bank, Pecan Gap, Texas.
INDIAN CURRENCY RETURNS.
VOLUNTARY LIQUIDATIONS.
Dec. 7. Nov. 30. Nov. 22.
(In Eats of Rupees.)
$1,500,000
-Seventh National Bank of New York, N. Y
18347 Dec. 17
18325
18481
Notes in circulation
Effective Dec. 15 1928. Liq. Agent, Municipal Bank
10546
10498
10357
'Silver coin and bullion in India
and Trust Co. of New York. Absorbed by Municipal
Silver coin and bullion out of India
Bank & Trust Co. of New York. The liquidating bank
2983
5666
3107
-Gold coin and bullion in India
has two branches.
'Gold coin and bullion out of India
:055 Dec. 17-The Milnor National Bank, Milnor, N. Dak H. Batten, 30,000
4233
4233
Securities (Indian Government)
Effective Dec. 15 1928. Liq. Agent, Alfred
585
585
584
Securities (British Government)
Mllnor. N. Dak.
Bills of exchange
25,000
-The First National Bank of Grady, N. M
Dec. 18
Effective Nov.281928. Liq. Agent,J. H.Asking, MelThe stock in Shanghai on the 8th inst. consisted of about 62.200,000
rose, N. M.
and 1,340 silver bars, as compared with
ounces in sycee, 95.000,000 dollars
25,000
-The First National Bank of Addington, Okla
about 61,300,000 ounces in sycee, 91,800.000 dollars and 4,020 silver bars Dec. 19
Effective Dec. 10 1928. Liq. Agent, A. K. Gossom,
on the 1st inst.
Okla. Absorbed by the Waurika Nat,
Addington,
Quotations during the week:
Bank, Waurika, Okla., No. 8861.
Bar Gold
-Bar silver per Oz. Std.25,000
National Bank of Hemingford, Neb
per Oz. Fine. Dec. 21-The Citizens 12 1928. Liq. Agent, Carl W. Spacht,
2 Mos.
Cash.
Effective Dec.
848. 1134d.
2634d.
26%d.
Dec. 6
Hemingford, Neb. Absorbed by Farmers State Bank
848. 1134d.
267-16d.
266-16d.
Dec. 7
of Hemingford, Neb.
Ms. 1134cl.
267-16d.
265-16d.
Dec. 8
848. 11%d. BRANCHES AUTHORIZED UNDER THE ACT OF FEB. 25 1927.
2634d.
2634d.
Dec. 10
84s. 1134d. Dec. 18
26 7-16d.
-The Harriman National Bank & Trust Co. of the City of New
26 5-16d.
Dec. 11
848. 1114d.
26 7-16d.
York. N. Y. Location of branch, 59 Liberty St., N. Y.
26 5-16d.
Dec. 12
City*
84s. 11.Sd
-Chatham Phenix National Bank & Trust Co., New York. N. Y.
Dec. 20
26.437d.
26.312d.
Average
Location of branch,on the south side of 42d St. between Madison
-day for cash and two months' delivery are each
The silver quotations to
Avenues. New York City,
and Park
Dec. 22
-The United States National Bank of Los Angeles. Calif. Loca13-16d. below those fixed a week ago.
tion of branch, vicinity of southwest corner of Evergreen and
Wabash Avenues, Los Angeles.
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. 12 1928:
Zommerciai andlniscellanzonsDews
-PER CABLE.
ENGLISH FINANCIAL MARKETS
-Among other securities, the following,
Auction Sales.
The daily closing quotations for securities, &c.,at London,
not actually dealt in at the Stock Exchange, were sold at auction
as reported by cable, have been as follows the past week:
in New York, Boston, Philadelphia and Buffalo on WednesFri.,
Thurs.,
Wed.,
Tues.,
Mon.,
Sat..
Dec. 22. Dec. 24. Dec. 25. Dec. 26. Dec.27. Dec. 28. day of this week:
26 7-16
HOLIDAY 26 7-16
28 7-16
Silver, per oz_d 26 5-16
By Adrian H. Muller & Son, New York:
848.11346. 848.1134d. -Gold.per fine oz 648.11 Sid. 84s.1134d.
$ per share.
$ per Sh. Shares. Stocks.
Shares. Stocks.
6634
HOLIDAY 5634
5634
.
%
Corusols,2Si
10234
British, 5%--9834
British, 4Si%French Rentes
(In Paris)..fr..
French War L'n
_ ...an Paris)_fr_ -___
Silver in N.Y.. per oz. (cis.)
5734
5734
Foreign
HOLI- HOLIDAY10234
DAY HOLIDAY 9834
10234
9834
67
66.75
66.05
95.85
94.75
94.70
5734
5734
5734
The price of silver in New York on the same days has been:
Public Debt of United States-Completed Returns
Showing Net Debt as of Sept. 30 1928.
The statement of the public debt and Treasury cash holdings of the United States as officially issued Sept. 30 1928,
delayed in publication, has now been received, and as
interest attaches to the details of available cash and the
gross and.net debt on that date, we append a summary
,
ereof, making comparisons with the same date in 1927:
6 Point Shirley Club; 400 Pride of
the West mining & Milling Co.;
5 Great Neck Field & Marine
Club, Inc.; 2,000 Swain Concentrator Co.; 1 Amer. Social Press
Bureau, Inc.; 35 Placer Gold
Mines Co., pref.; 35 Placer Gold
Mines Co.,com.:3.000 East Butte
Mining Co.; $250 Great Neck
Field AL Marine Club,Inc., bond.$20 lot
2000,F. Grab dc Co., Inc., V. t.0- 5734
7 Guaranty Trust Co.of N.Y.,and
790
2-3 of 1 sh. of scrIP
7,738 Maxmoor Corp., cl. A, no
$45 lot
Par: 4,004 el. B
150 Neo Techni Research, pref.;
$20 lot
160 common
4,856 Relay Motors Corp., corn.;
$75 lot
555 preferred
$16 lot
50 Kingston Corp
50 Vegetable Oil Corp.. pref.; 25
$15 lot
common, no par
50 Vegetable Oil Corp., pref.; 25
$113 lot
common, no par
50 Vegetable 011 Corp., pref.; 25
common, no par
$21 lot
$1,000 Johnson-Cowdoin-Emmerrich, Inc., 1st 20-yr. s. 1. 78,
May 15 1942, ctf. of dep.; stock
purchase war. Shur-On Standard
Optical Co. for 25 abs. of corn.
stock on payment of $625; 10
Shur-On Properties Co., Inc.,
$105 lot
par $1
1,000 School Site Holding Corp.-31 lot
900 Frank & Dugan, Inc., prof -31 lot
2,350 United West Indies Corp..
$55 lot.,
common
$100.000 Mizner Bevel. Corp..
$20 lot
promissory note
$35,000 promissory notes of Prodated
ducers Coal Co., Past due,
from Aug. 21 1922 to Nov. 28
with $50,000 Producers Coal Co.
bonds pledged as collateral there$10 lot
for
141 3-5 Baltimore Gsa Engineering
Corp., corn,; 84 96-100 pref- _$100 lot
DEC. 29 1928.]
FINANCIAL CHRONICLE
3659
Shares. Stocks.
per share. Shares. Stocks
Per share. Shares. Stocks.
$ per share. Shares. Stocks.
Per share.
1,749 Big Sandy Coal & Iron Co
140 Amer. Briquet
-Machine Co.,
88 Columbia Graphophone Mfg.
125 Belding-Hall Elec. Corp.,
common, par $10
$25 lot
corn.; 40 Huff Deland Dusters,
Co., corn., no par;25-20 Columbia
cl. A cum. cony., par $25
$5101
1,470 Brookside Investment Corp-$25 lot
Inc., pref.;40 Huff Deland DustGraphophone Mfg. Co., corn.,
100 Belding-Hall Elec. Corp., COM,
150,084 Elk Basin Oil Co., par 10e_$25 lot
ers, Inc., corn., no par
$10 lot
no par; 1,000 Silver Pick Extenno par
52 lot
100 E. E. Pratt & Co., Inc., pref.;
500 Western Smelting & Power Co.,
sion Mining Co., par $1: 25
10 Blograph Co
$1 lot
100 common
$45 lot
par $10
$50 lot
Flemish-Lynn Phonograph Co.,
12 Army & Navy Cooperative Co.,
75 Southern States Devel. Co.,
500 Western Smelting & Power Co.,
common, par 55; 1 St. Lawrence
Par $10
$1 lot
Pref., no par; 225 corn., no par--$75 lot
Dar $10
550 lot
Bummer Assn., Ltd.; 10 Thou41 Indlahoma Refining Co., par $25 $4 lot
700 U. S. Light & Heating Co. of
5,000 Republic Motor Truck Co.,
sand Islands 011 Co., el. A; 10
800 Kitsap 011Develop. Co., par 81 5510$
Maine, common
$80 lot
Inc., v. t. c., no par
95c
Thousand Islands Oil Co., el. B,
20 Continental Asphalt & Petroleum
40 Rains Galleries, Inc., no par_ _ _ 1
30 Continental Timber Land Co..
no par; 1-1601st. in Marion Co.
corn., par $10 242 8% cum.
3,300 Cumberland Coal Products
common
$4 lot
Kansas Syndicate, Cleveland,
corny. pref., par $10
$2 lot
Corp.. common, no par_ _ __$1,500 lot 652 Webster Mfg. Co., com.,par
Ohio;$100 Muncie Island Co. let
10 Figuery Lumber Mills Co., Ltd.,
11,000 Moose Mountain, Ltd., let
$50
65, 10-yr. real estate ser. A,
corn.(Canada)
$2 lot
pref., par $10; 22,000 ordinary,
300 United Refineries Co., corn, no
July 1 1920
52 lot 175 Columbia Amusement Co.,
par $10
$1,000 lot
par; 100 preferred
$2 lot 1.298 Farmers Fund, Inc. (N. Y.)
corn.; 100 Toronto Theatre Co.,
25 Lucky Thirteen Oil & Refining
2 Trading Co., corn., no par; 10 pf_$1 lot
common
$150 lot
517,600 lot
Co., par $10
$1 lot 50 Liberty Rib. & Carbon Mfg.
$8,557.61 promissory notes of J. S.
675 Columbia Amusement Co.,
28 Illinois Coal Corp., corn. temp.
Corp., corn., no par; 15 Liberty
Cozzens, dated Feb. 15 1928 and
COMMOC
$20,250 lot
ctf.; 10 let preferred
Rib. & Carbon Sirs. Corp. PL
lot
$25
-$2 lot
Dec. 15 1928
$1 lot 280,000 Copper Hills Mines, Ltd.,
4 Internat. Sporting Goods Co. of
25 White Plains Hgts. Id. & Impt.
50 Utah Congo'. Min's Co., par $5.83 lot
capital, par $1
$105101
Illinois, par $25
Co.; 7,500 Bradshaw Reduction
$5 lot
A note and mortgage of the Madi57,000 Ft. Smith & West. RR.Co.,
200 R. S. Stern Co., Inc., corn_ _ _$10 lot
Co.,Par 51;25 MacFadden & Co.
1st mtge. bonds, ctf. of dep. of
son Ave. & 56th St. Corp., dated
240 R. S. Stern Co., Inc., corn__.510 lot
Inc., no par; 1,000 Triangle Film
Superior Say. & Trust Co.,
Oct. 25 1926, for $7,500 on prop460 Ansonla Steamship Corp_ _ _815 lot
Corp. V.t. c., par $5;23,446 MeriCleveland, 0.; 30 Ft. Smith &
erty in Miami, Fla
$10 lot
585 International Metal Co
dian Corp., temp. ctf., par $1; 37
$35 lot
Wester RR., common
$500 lot Note of the Madison Ave. & 58th
1,570 Dolores Esperanza, capital
Bear Tract. Corp. of Amer., pfd.,
St. Corp.for $10,000. dated Sept.
10 Amer. Zino & Slate Co.. prof.;
stock
$1,175 lot
Dar $10;70 Aquazone Corp.,Pfd.:
29 1927, and assignment of claim
$ common
$4 lot
100 Kanak Co., Inc., pref. par
20 Hydro Refrigerator Co.. Inc.,
200 Amer. Lumber Co. (N. M.),
against IMP. Manhattan Corp.,
no par
$10; 50 Inverness Ry. '
$20 lot
Coal
common, par $10
bankrupt, securing said note
$2 lot
$10 lot
329 Auto-Matie Starter Corp., no
Co.; 1,000 Sup. & Boston Cop.
1,000 Minor C. Keith Florida PropCo.,par 510; ioo Freed Eizemann
$110 lot_
Par
Bonds.
erties, Inc., corn. v. t. c.: 1,000
Per Cent.
2524* Manatee Co
Radio Corp.,com.,temp. ctf., no
lot
$16
land preference
$525 lot $20,000 Eastern Steel Co. 1st Ss.
15 Penn Seaboard Steel Corp., no
Par;3,000 Peruvian Cop.& Smelt.
10 Bowman Biltmore Hotels Corp.
1931
$1 700 lot
par
Co. par $1; 100 El Salvador Sil$28 lot
1,032.50 Shur
Westchester Biltmore ctf. for let
-On Properties Co.,
ver Mines Co., Inc., par $1: 500
200 Pressed Steel Car Co., pref
'
754*
Inc., cl. A inc. deb., 1940_ _ _8110 lot
Preferred
NS lot_
Lance Creek Royalties Co., par
15 N. Y. Mtge. Co., pref.; 15
25 Kinemaeolor Co.of Amer., pref.;
$187,500 Dozen Rug Co. 10-yr. 7%
common, no par
51; 40 Halmack 011 Co., no Par:
24
343 common
gold
$3 lot
$35 lot
50 Kings Foreign Cross Tie Corp_ _56 lot
10 Hunan Lead Corp. deb.-5550 lot 2,000 Hardshell Mining Co.,par SI _$1 lot 55,000 notes, 1938
Frank & Dugan, Inc., deb.
50 La Rase Mines. Ltd., par $1.35 lot $500 note of Joseph P. Larny, dated
500 Colombian Oil Concessions,
75, 1937
$5101
June 24 1920; $1,000 note of Jos.
520 Mex. North. Min. & Ry., no
Inc., temp. W., no par
$51 lot $192,500 Frank & Dugan, Inc.,
P. Lamy, dated June 24 1920;
par
$55 lot
20 Manhattan Reporting Bureau,
deb. 75, 1938
$100101
83,585.25 note of N. Y. & Md.
15 Commonwealth Bond Corp., pf.;
Inc., preferred
$5 lot $19,000 Evansville & Ohio Valley
15common,no par
Pulp & Pap. Co., dated Juno 13
$11 lot
74 Inez, Inc., preferred
Ry. 1st & Ref. 55, Jan. 1 1949,
81 101
1921
136 Independent Pap. Mills, Inc.,
$1 lot 200 Crown Lock Co., no par
$1 lot
Jan. 1928 and subsequent couPref.; 136 common, no par
$35 lot 50 Permanent Invest. Ltd.; 40
31 Amer. Protein Co., founders
pons attached
$570 lot
Assoc. Dental Prods., Inc., cl.
202 Independent Pap. Mills, Inc.,
shares
$1 lot $21,500 Rochester & Syracuse RR.
A, corn. interim ctf., no par;
pfd.; 202 corn., no par
$25 lot
62 Osterhout Electric Corp., Pref. $4 lot
let 5s, May 1 1957, Nov. 1927
$5,000 part's. Int. in Crawford
200 Independent Pap. Mills, Inc.,
50 Osterhout Electric Corp., com_53 lot
and subs, coupons attached_$1,350 lot
011 Devel
pfd.; 200 common, no par
$30 lot
815 lot 300 Western Ice Co.(N. J.)
$2101 $12,000 Alpha Co. let 25-yr. 65_ _825 lot
175 Kelly-Springfield Motor Truck
250 Palm Beach Devel. Co., 8%
44 Caroms Realty Co.,com.,no par_16 lot $42,000 Durham Coal & Iron Co.
cum. pref., 70% paid; 500 corn.,
Co., preferred
$5 lot
8 77-100 Earl Motors, Inc., prior
1st 25-yr. s. f. 5s
$600101
v. t. c., no par
150 Ray Hercules Mines, Inc.,
$5 lot
-year. debs.,
Pref.; $1,754.38 5
86,000 Eagle Point Irrig. Dist.
250 Anrac &cur. Corp., norn
par $5; 1 Nat. Radium Prods.,
$1 lot
dated Feb. 1922
$2 lot
(Jackson Co., Ore.) 6% bonds,
15 Farwell Lab., Inc., pfd.; 74*
Co.; 1,300 Green Monster Min.
$12.500 demand note of Loeb Realty
due Jan. 1 1930, int. in default
Co.. par 500; 420 Dom. 011 Co.,
Farwell Lab., Inc., corn.; 100
Co.. dated Aug. 20 1926
55 lot
July, 1928
$100 lot
par 100; 50 Union Cop. Mines
Miley Petrol. Exploration Co.;
$1.750 demand note of M. Loeb,
$25,000 Meriden Smokeless Coal
Co., par $5; 1,000 Bahamas
100 Nat. Mtge. Co. of Calif.,
dated July 9 1927
81101
Corp.. gen. & ref. s. 1. 73-4s, 44
',
Inter. Trad. Co., Ltd., par E1_$45 lot
pref.; 500 Nat. Mtge. Co. of
$1,750 demand note of M. Loeb,
Feb. '27, & subs, coup. att'h'd $50 lot
Second mtge. of $15,500, reduced to
corn
$230 lot
dated July 9 1927
$1101 $19,763 Cornucopia Mines Co. of
$14,250, No. 85-87 Willett St.,
275 Scott's Proper., Inc., no par.$50 lot
100 Coldak Corp.,class A
Ore., notes, dated Apr. 16 '23,
$3 lot
N. Y.; subj, to a first mtge. of
200 Amer. Electrice Corp., corn.
200 Allied Drug Products Co
$7 lot
to June 24 1924, without rev. t. e., no par
$40,000
$100 lot
$3 lot 100 U. S. Farm Feed Corp., el. A,
course
5110 10t
Demand note of Maryland Orchard
$0 Sanseal Corp., corn., no par; 50
no par
5
$45,000 Millspaugh & Irish Corp.,
Preferred
Co., dated July 1 1928, for
$1 lot
100 U. 8 Farm Feed Corp., el. B,
deb. 2nd mtge. bds., due 1930.$5 lot
376,792 Cop. Hill Mines, Ltd.,
$5,787.14 endorsed without reno par
50e $13,500 Millspaugh & Irish Corp.,
corn., par $1
course
$75101
820 lot 81 Continental Timber Land Co.--deb. 2nd mtge. bds., due 1930__$2 lot
4035
50 David Grimes Radio & Cameo
100 Hill & Lake Synd., Inc. of
1874* Rita Carlton Restaurant &
$8,000 Millspaugh & Irish Corp.,
Clermont, Fla., pref.; 50 corn., •
Record Corp., no par; 10 Amer.
Hotel Co. of Atlantic City, corn.,
deb. 2nd mtge. bds.. due 1930...52 lot
no par
Cafeteria, Inc., pref.; 35 Amer.
$20 lot
no
50 Nat. Autometer Restaur. Corp.,
Cafeteria, Inc., com, no par--$9 lot 750 par Carlton Restaurant $7 lot $30,450 Buffalo Elevator Corp.,
Ritz
&
Income bonds
$210 lot
corn., no par
$1 lot 500 Mo. Kan.& Tex., corn.(old)-$1 lot
Hotel Co. of Atlantic City, 7%
$65.000 Charleston Industrial Corp.
SS Nat. Autometer Restaur. Corp.,
250 Wabash Ry., corn. (old)
$1 lot
cum. pref
25c
notes
$50 lot
Preferred
$1 lot 250 Electrical Lead Reduction
500 McCracken Pipe Co., common
$4,000 Rio Bravo 011 Co., partic.
50 Warner Mall. Cast. Co., pfd.,
Co., par 550
$1 lot
no par •
oil ctf,series 1
$55 lot
$118 10t
Par $50; 80 corn., par 55
$20 lot 425 Homo Community Corp
$1 lot 1,000 Amer. Agriculturist, Inc.,6%
Bonds.
Per Cent.
100 F. M.Lupton,Pub., Inc., cum.
1,200 Locomobile Co.,corn., no par $1 lot
non-cum.
$25 lot $500 I. S. C. Corp., 1st deb. 6%
& panic., el A, no par
$3 lot 500 Bklyn. Rap. Transit Co.(old).81 lot loo clues pre
sales Corp.,corn., no Par:
bond
81 lot
100 Cosmos Stage dz Screen Pro100 F. M. Lupton, Pub., Inc ,
83 common
$15 lot $1,000 U. R. T. Lund, Inc., 20-yr.
panic el A no par
ductions, Inc., corn., no par-- -$1 lot 17,600
$3 lot
Trinity Gold Mining & Re75, Jan. 1 1943
513 lot
25 Berger Coal Mining Co
Si lot 50 Cosmos Stage & Screen
CProduction Co.,com., par $1
$30101 $33,000 Wabash Pittsb. Term. Ry.
25 Berger Coal Mining Co
ductions, Inc. pref., no par_ -53 lot
$1 lot
8,000 Rio Plata Mining Co., corn.,
1st 4s, 1954
$85 lot
25 Berger Coal Mining Co
$3 lot 100 Cuban Dominican Sugar Corp.,
Par $5
$10101 $16,000 Wabash Pittab. Term. Ry.
25 Berger Coal Mining Co
no par
$5 lot
6
100 Reserve Petroleum Co., corn.
2d 45, 1954
$21 lot
51 Catlin Shale Products Co
$1 lot 425 Compania Azucarera San Agus$851ot $9,000 Republic of Cuba 7% bonds,
remP. ctf., no par
30 Eden Washer Corp., Pref.; 30
tin, S. A. (San Agustin Sugar
1,350 Larvex Corp., corn
$25101
dated 1869
$11 lot
common
$10 lot
Co.). Pref.. par 100 pesos
$20 lot 30 Larvex Corp.. prof
$9 lot 85,000 Colorado Midland RR. 1st
110 Dundee Textile
24 Lake Erie Realty Corp., no par,
1
689 Larvex Corp., prof
$30 lot
45, 1947
56 lot
10,000 Goldfield Golden Pick Min$200 lot
ing Co., treasury stk.(Ariz.), par
50 Kansas City Jt. Land Bank $30 lot
By Wise, Hobbs & Arnold, Boston:
$1
$1 lot 25 Timber Point Corp., par $50..-52 lot Shares.
Stocks.
per Sh. Shares. Stocks.
$ per A.
100 Nat.Conduit & Cable Co.,Inc.,
8 59-100 Hunt's Modern Paper
30 Boston Nat. Bank
190
100 Belamose Corp. partic. pref.__ 1
no par
Products, Inc
$1 lot
55 lot 1 Merchants Nat. Bank
._450
16 San Juan Sugar Co.. pref.-..86 lot
25 Classen Lignum Co.,pref.(Del.).$1 lot 4,600 Wilco Producing Co., corn.,
10 Goanold Mills, pref. ctf. of dep. 5
100 Oilman Mfg. Co. pref.
4
75 Claasen Lignum Co. common_ _$1 lot
par $5
$25 lot
75 ex-div. 984 Carterville Production Co.,Inc. 1 di
100 Supreme Pictures,Inc.,Par $10$2 lot 10 Indian Orchard Co
34 Peninsular Coal CO. (Wash.),
50 Fairhaven Mills, pref. etf, of dep. 331 300 Utah Conso.. Mining Co. par $5 234‘
common
$1 lot 100 Ammonia Corp., B pref
$5 lot 15 Renfrew Mfg. Co. pfd
50e. 124 Heywood-Wakefield Co. eom.334 lot
17 Peninsular Coal Co.(Wash.),0.51 lot 50 Vegetable Oil Corp., pref.;
20 Fairhaven Mills, pref. ctf. of dep. 315 10 Fairbanks Co. pref.
1,227 Amer. Hammer Corp.(N.Y.);
1131*
25 common, no par
$11 lot 330 ITS Worsted Corp. corn
19 Fairbanks Co. com. par 525.- 533*
$6.60
$10,100 promissory notes, dated
Note of Locke & Co. for $92,724.82,
204 Lancaster Mills, COM
11*-11* 80 Joint Stock Securities Co. of
Mar. 15 1927, and Aug. 29 1927:
dated Dec. 14 1927, Payable
20 Fairhaven Mills, pref
4
Mass,corn
a claim against the Amer. Ham244
Dec. 14 1928, endorsed without
3 Great Falls Mfg. Co
6
25 Southern Minnesota Joint Stock
mer Corp. for $122,509.83, torecourse
$10 lot 75 B B & R Knight Corp.
Land Bank
pref.-- 1244
gether with int. thereon
2
$100 lot 250 Blaker Realty & Devel. Co.,
5 Osborn Mills, Inc
1
100 Fall River Gas Works,par $25--55
6,8003* Buffalo Elevator Corp.,
corn.• et!, calling for an addit'l
36 Hamilton Mfg. Co
$2 lot 3 Boston Chamber of Commerce
pref., Par $10
Investment in co. for $2,750,
$35 lot
'
20 Fairhaven Mills, pref. etf,of dep 4
Realty Trust, 2nd pfd.
3,139 8864-10000 Salamanca Sugar
244
endorsed without recourse; $500
24 New England Sou. Mills Corp
1,000 Coldak Corp. el. A
Co. preferred
$25 lot
promissory note dated Jan. 1
$6 lot
corn
350. 100 units Universal Chain Theatres
8,250 Charleston Industrial Corp.,
'
1927, due Jan. 1 1928, without
570 U S Worsted Corp. corn__.
common, no par
12 per unit
int., made by Blaker Realty &
$17 lot
50 U £3 Worsted Corp. 1st pref.- $80 lot 15 Eastern Mfg. Co. pref
1,000 Superior Elevator Co., pref.,
8434
Devel. Co., endorsed without
$60 US Worsted Corp. div. *Jen.
15 New Bedford Gas & Edison light
no par
recourse
$16 lot
$10 lot 5 Dwight Mfg. Co. corn
83*
undeposited Dar $25
98
110 Huff Deland Dusters, Inc.,
400 Jamaica Beach Corp
$10 lot 5 Sharp Mfg. Co. pref
14 42 Fairbanks Co. pref
14
Pref.: 370 common, no par
822 lot 5 East Jamaica Beach Estates, Inc.$1 lot
66 U S Worsted Corp. 1st pref._ __$19 lot 16,683 White Pine Conner Co,
10 Simon Meyer,Inc., corn., no par;
312 Derby Brown Co. of Mass
.$1,
800105
.56 lot 42 West Point Mfg. Co....1354* ex-div. 40
Great Northern Pape,Co., par $2563St
50 preferred
$1 lot 4 Gilmont Products Corp. of Del.,
134 6 Morse Twist Drill & Maclne Co.. 954*
100 Silver King Products Corp., cl.
class A, no par; 4 class B,no par_ 25e. 67 Lancaster Mills corn
A,pref., no Par;200 class B,corn.
2,050 Beattie Sugar Co., corn. $15 lot 110 B B & R Knight Corp. pref.-- 1144 10 New England Power Assn. 6%
SO Lancaster Mills, pref
11-121*
pfd.
9544 ex-dly.
v. t. e. no par
$50 lot 333 Antilla Sugar Co., corn
$85 lot 200 Net. Fabric & Finishing Co.
Land in Key Large, Florida, Lot
'
50 Castle Realty Corp
$5 lot 120 Port Henry Iron Ore Co. of
corn
20
37
275 Steel & Radiation, Ltd., ord__510 lot
CM lot
Lake Champlain
$1,225 lot 3 Laconia Car Co. 1st pref
57
1,200 Za-Res Inc. pref. par 525
200 U. S. Food Products Corp._ -$7
500 Duplex Motion Picture Induslot 10 Laconia Car Co. 2nd pref
7
carrying 2,400 Za-Rex Inc. corn.
tries, Inc., par $1
$3 lot 45 Independent Contracting
Its. Prop. pfd.
50 No. Boston
as bonus
125 Va. Iron Works, Inc., Norfolk,
$50 lot
et!.; 1,000 Furnace Creek
Co.,trus
(undeposited), Par $50
5044 15 Lockwood, Greene & Co. Inc.
Va., prof
Copper Co., par $1; 50 Sanitary
$16 lot
i
So No.Dos. Ltg. Prop. corn. v. t. e. 9041
pref.
$1101
Bottle Seal Co.; 300 Gold Hill
3 Cafe des Ambassadeurs, Inc., pf.;
20 New Eng.Pow.Co.6% pref.112 ex-div. 1,000 Bethlehem Kid Co. pref.; 50
lot
1 common, no par
Consol. Co. (mne. Me.), Par $5;
I
13 Amer. Mfg. Co. corn
39
Bethlehem Kid Co. corn
4,250 Carlisle Mining Co. (inc.
$10 lot
24* Homes Corp. of Norfolk, Va.,
10 Brockton G.L.Co.v t c par $25.43
1,000 Monitor Belmont Mining Co.;
New Max.), par $5: 2,666 Tintic
$1 lot
pref.; 100 common
50 Boston Wharf Co
104 ex-div.
2 units Midway Syndicate; 2,500
Co.(Inc. Me.), par $5; 100 King's
200 Carson River Corp. of Del.,
8-5-40 Central Mother Lode Mines
Home Oil & Gas Co.; 1**%
Farm Realty Co.; 6,500 Hardcorn., par $1; 100 Detroit 011
Co
$1 lot
Royalty Rights, U S & M Petroshell Mining Co.(inc. New Max.),
Corp. of New Mexico, par $1_ _51 lot
10 Converse Rubber Shoe Co. pfd.
leum Co.; 10 Markham Producpar $1
Receipt for 1,100 shares Foreign
$21 lot
elf, of den
$3 lot
tion Co.; 1,000 San Toy Mining
200 Lake Torpedo Boat Co., corn ,
Trade Banking Corp.. in liquida43 Boston Chamber of commerce
Co. par 51
par $10
$825 lot
$35108
tion
$3 lot
Realty Trust, 2nd pfd.
$65 lot 30 Bower Mining Co. Ltd.; 25
McGraw-Pennant Park
200 Vidaver Mailing Machine Co ,
690 50-100
Chocolate Co. 2nd
100 Stoliwerek
Farms of Massachusetts cl. A;
Inc., Par 85
Corp., common
$5 lot
$5 lot.
41e.
pfd. el. A
12 Johnson Educator Biscuit Co.
5,000 Vidaver Mailing Machine Co.,
217 McGraw-Pennant Park Corp.,
60 U S Manganese Corp. corn. par
el. B
Inc., par 85
$5 lot
$125 lot
Preferred
525
$1 lot 600 Lockwood, Greene & Co. Inc.
$10
5,400 Vidaver Mailing Machine Co., lot
$5,000 San Carlos Syndicate 8%
13 Haverhill Electric Co. undep.
Inc., par $5
Pfd. carrying: 120 Lockwood,
notes, due Aug. 11930;50 el. A$25 lot
$15 lot
90
Par $25
Greene & Co.Inc. el. Has bonua$30 10t
115 Crystal Chemical Co.,Inc4,935 American Gas Tool Co., par
.5290 lot 1,000 Mexican Northern Mining &
6,777 Atrium Mahogany & Timber
16 Union National Corp., pref.,
$1;8 Sterling Equipment Co.; 28
I
Ry. Co. corn
25c.
Co.corn
-Machine Co., pref;
par $50
Amer. Briquet
$7108
$6 lot 12 units First Peoples Trust
50
40 Lockwood. Greene & Co. Inc a 4
4,000 Gibson 011CorP.. eon.Par SI 25c 2,266 Farmers Fund,Ino.(N.Y.).5250
,
lot 20 Dennison Mfg. Co. let serieelOS& div.
pfd
55 10*
S per Sh.
Shares. Stocks.
50 Niagara Electrolytic Iron Co.
PM.; 50 Niagara Electrolytic
$30 lot
Iron Co. corn
100 Chester Consol. Mining Co.
pref. par $25; 50 Chester Consol.
$5 lot
Mining Co. corn
8 Lockwood, Greene & Co. Inc.
60c. lot
cl. B
588 Aguna Mahogany & Timber
$35 lot
Co. corn
10 Associated Publishers, Inc. pref.
10 Hershel' Spillman Motor Co.
corn. par $50; 10 Herschel' Spillman Motor Co. pref. par 550_45c lot
35 Lockwood, Greene & Co. Inc.
$4 lot
pref
20 Newton Sand & Gravel Co. pref.;
20 Newton Sand & Gravel Co.
corn. cl. A; 20 Newton Sand dr
Gravel Co. corn. cl. B; 40 TezintIan Copper Mining & Smelting
Co. par 310; 1,249 Chloride Mining Co. of Arizona par $10; 10,000
Porcupine Consol. Mining Co.
25 eta.; 20 New England Trotting
Horse Breeders Assn. par $10;
10,000 Pan-American Mining &
Milling Co. of Utah par $1; 25
Planters Compress Co. corn.
tr. ctf.; 14 Static Carbonating
Co.; 37 Youngstown & Southern
Ry. Co.; 5 Jean B. LeMeltour
Compagnie, corn.; 1 Jean B. Le
MeRour Compagnie, corn.; 13
Deep Sea Fisheries Inc. v t c;
75-100 Deep Sea Fisheries Inc.
$20.50 lot
scrip
$ per Sh.
Shares. Stocks.
20 Old Colony Mfg. Co. corn.; 6
Presbrey Stove Lining Co.: 80
Taunton Dye Works & Bleachery
$4.50 lot
Co
200 Sims Magneto Co. corn. (trust
- -54.50 lot
certificates) par $5_
1 Barnstable Property Trust (owner
ship ctf.) par 1,000; 1 Barnstable
Property Trust (profit sharing
$7 lot
ctf.) par 51,000
$3 lot
30 Carbon Steel Co
$6 lot
100 Serve' Corp. of Vir. cl A
550 Utility MM.dr Sales Corp. com.$5 lot
10 Lockwood, Greene & Co. Inc.
$6 lot
7% Pfd
11,966 United Jewelers Co. com.$2.50 lot
Magee Furnace Co. 2nd pref..$17 lot
118
Rights306 Haverhill G.L. Co
$ per right.
3
Percent.
Bonds$180,000 Russell Coal Mining Co.
$10 per bond
1st 5s, Oct. 1942
Demand note for $7,700 of Louis A.
Crowell dated Jan. 1 1921 with
$5 lot
Interest at 6%
81,000 Fe. Wayne Van Wert& Lima
1555 flat
Trac. Co. 3, July 1930
,
'
$3,000 Wayland Mono 2nd 7s, July
25 flat
15 1928
$2,000 F. C. Hersee Cony. 6555,
10015 flat
1933
$1,000 Y D Service Garage of Wor90 & Int
cester 615s. due July 1955
$37,000 Electric Corp. reg. deb. 7s,
$1 lot
due April 1992
By R. L. Day & Co., Boston:
By Barnes & Lofland, Philadelphia:
$ per Sh.
Shares. Stocks.
3 Per Sh. Shares. Stocks.
63
5 Mfrs. Title & Trust Co
620
18 Market St. Nat. Bank
$1 lot
424
20 Atlanta Drier & Varnish
4 Tenth Nat. Bk. of Phila
per Right.
Rights.
301
1 Roosevelt Bank, par 850
55 Industrial Trust Title & Say. Co.
20 State Road Nat. Bk., Highland
275
at $300
72
Park, Pa
256 Bankers Trust Co., par 550_ _ _16255 55 Bankers Securities Corp. units
32 Integrity Trust Co., par $50_..7l034
(55 share pref. and 14 share corn.
at $67.50)
600
3 Franklin Trust Co
Per Cent.
Bonds.
2 Allegheny Title & Tr. Co. par 1550 62
$2,500 Smith dr Williams 3d mtge.
175
6 Tioga Trust Co., par 550
$2 bit
65, June 1 1932
7 Merlon Title & Tr. Co., Ardmore,
300
Suffolk Anthracite Collieries lot 75:
Pa
1938 as follows:$5,000 at $270 lot:
_ 31
4 Mortgage Co. of Pa., par $25._ _
$10,000 at $140 lot; $6,000 at 580 lot
177 Aronimink Golf Devel.Corp.55000 lot
31 De Long Hook & Eye Co
1034 55,000 Camden City Corp. 20-yr.
$15 lot
Income 6s,series A. 1945
$35 lot
100 Conrad Bros., Inc
53 Univ. Fastener Co., no par__ _520 lot $8,000 United Copper Co. Syndicate,cit. of panic.(60% repaid.)E25lot
16 Motor Require. Corp., pref.,
$15 lot $75,000 ctf, of dep. of Fidelitywith 90 shs, corn., no par
Phila. Tr. Co. (depositary under
50 Girard Pictures, Inc. par $100__ 20
reorganization plan of Schuylkill
10 Liberty Bell Insur. Co., par $10. 26
Ry. Co. and certain affiliated
88 Adjust° Mfg. Co., pfd., par $25.
51
corporations representing approxi(with 88 shs. corn. par $25)
mately 5-6 bds.and the remainder
1,000 Suspension Tire Co., par $10_51 lot
1-6 unpaid coupons of Schuylkill
15 Rockhill Coal & Iron Co. pref..$15 lot
$2,500 irit
351
Sty. Co., 1st con. 5s
100 U. S. Accept. Corp., pref
$5,000 Illinois Coal Corp.'75, 1943
5 Delaware Beach Corp., corn., no
$400 lot
ctf. of dep
$3 lot
par
10 Delaware Beach Corp.. Pref._.810 lot $75,000 francs Paris Orleans Ry.,
$34 per $1,000
internal 6s, 1955
500 Globe Secur. Bond & Mtge. Co.
565 lot $2,000 Moose Smelting & Ref. 1st
preferred
57
6s, 1931, Jan.'16 coup. attached.$3 106
1 Autocar Co., corn
87 5-12 Greater Camden Sec. Co_1555 lot $13,000 Wash. Alexander dc Mt.
1
Vernon Ry. 1st 515s, 1955
Sec. Co $180 lot
81 2-12 Greater Camden
$1,148 demand note dated July 19
100 Louis Mark Shoes,Inc., pref.__ 15
1927 signed Glenarden Dev. Co.,
60 Col-Dor Hand Laund. Corp.,
E. H. Hammond, Vice-Pres. ..$15 lot
$50 lot
corn., par 850
51.400 demand note, Chas. M.Price
60 A. & F. Realty & Construction
$15101
and E. H. Hammond
$75 lot
Co.• par $50
$110 lot $1,000 demand note dated Mar. 27
50 St. Andrews Bay Corp
1927 payable 1 year from date,
315 lot
25 Suwanee River Devel. Co
$15 lot
$25 lot
signed E. II. Hammond
150 Phila. Properties, Inc
16711 51,000 demand note, E. IL Ham1 Ridge Ave. Pass. Ry
$5 lot
mond
25 Phila. Warehousing & Cold Stge. 50
$1 lot 81,000 demand note, E. H. Ham50 Federal Finance Corp A
55 108
mond
51 lot
50 Federal Finance Corp B
51 lot $1,000 demand note of George
10 Federal Finance Corp A
$10 10t
Riffalovich
$1 lot
10 Federal Finance Corp B
51 lot $1,037.32 demand note of Dorothy
40 Union Tract., Indiana, com
$5 lot
D. Riffalovich
lot
$30
500 Belmont Coal Co
510,000 Watson Hotel, Miami, Fla.,
300 Suffolk Anthracite Collieriw,
25
lot 7s, 1935
$2 lot
Preferred
182 Glenarden Develop. Co., Inc_55 lot $5.000 Illinois Coal Corp. 1st 7s,
1943, Sept.'25 and all sub, coup.
154
193 Crane Simplex, Inc., corn
$260 lot
134
attached
193 Crane Simplex, Inc., pref
$ per Sk.
$ per Sh. Shares. Stocks.
Shares. Stocks.
2455
100 Moxie Co. of America A
350-5000 beneficial int. in a trust
30 Converse Rubber Shoe Co., pf-510 lot
estate of the remaining assets of
6 Atlantic Coast Co.; 200 Bay State
Trust Co.,in liquidation
the Park
Gas Co., par $50; 15 Crowell &
after all taxes and all expenses are
Thurlow SS. Co., par $10; 10
$1015 Per 1-5000
Paid
Davis
-Daly Copper Co.. par $1;
5
40 Narragansett Mills
10 East Butte Mining Co., par
6 Nat.Fabric& Finishing Co.,corn_ 1911
810:4 Hotel Bellevue Trust_ _53715 lot
2 Tremont & Suffolk Mills, 29%
1
57,800 Phenix Lace Mills 1st 6s,
paid In liquidation
$250 lot
Mar. 12 1925; 39 pref
834
20 Richard Borden Mfg. Co
$1 lot
5 R. H. Long Machinery Co
Es Dye
56 Waltham Bleachery
,
20 New England 011 SC Ref. Co_.$134 lot
5
Works,undeposited
/
144
$500 The Rialto Leasing & Mining
7Bates Mfg.Co
65, Sept. 10 1904:10 Corp. Liqui441.4
50 Wamsutta Mills
dating Co., corn.;5 New England
$29 lot
120 Ipswich Mills, common
Hotel Cabinet Co.; 10 Tiffany
$55 lot
320 Ipswich Mills, common
30
Jewelry Co., pref., par $5; 1 Bev5 Merchants NM. Co
53
erly Transportation Co.; 59 East
13 Acushnet Mills
Tennessee Lumber dz Mining Co.,
65 Owens Lake Soda Syn. Inc., 1
Par $25; 10 Linen Mfg. Co.,
cony. pref
Par $10; 50 Consol. Mercur Gold
2 W. Va. Trac. dr Elec. Co., 7%
$6 lot
Mines Co., par $5
Asphalt dr
pref.; 200 Continental
$1 lot
50 Root & Van Dervoort, pref
Petrol., 8% Pref.. par 510; 40
250 Langford Sales Audit Machine
Continental Asphalt & Petrol.,
$55 lot
A
Co., class
corn., par $10; 1-400 beneficial
6 units First Peoples Trust_ _ _ _50 ex-div.
Int.In Washington Osage Drilling
512 lot
4 B. J. Baker, Inc., cl. A com
Co.; 1-400 beneficial int. in
100 Perrino Quality Products Corp.,
Pittsburgh Osage Drilling Co.;
corn.; 40 Amer. Insulator Corp.,
1-400 beneficial int. in Patterson
$11 lot
Del.,8% pref., par $50;40 Amer.
Osage Drilling Co
1510 lot
Insulator Corp., Del., com
$10 lot
200 Coldak Corp
$3 lot
160 Coldak Corp., corn. A
Rubber Shoe Co.,
86 Converse
Farm Lands
55-12 lot 5100 Superior Calif.
Preferred
Co. adj. 65, June 1928, reg.:
55 Lewis A. Crossett Co., pref..$9 20 lot
$2 lot
1 v. t. c
$7 lot
20 Thorndike Co., common
50 Mizner Devel. Corp. (undeP.)_510 lot
300 Preston B. Keith Shoe Co., 1st
$755 lot 5 Miller Candy Co. 1st pref., par
preferred
$4 lot
$50;4 20 pref., par $50
$1 lot
2 Torbell Co., common
251
500 Torbell Co., pref., par $10_516 lot 25 Bausch Machine Tool Co., corn_ 311
50 Bausch Machine Tool Co., pref.
ickwire Spencer Steel Co.,
750 15.
41c 100 Ucan Safety Hair Cutter Corp.,
common tr. ctfs
$1. lot
40
par $10
81 Continental Timber Land Co
17 New Eng.Pow. Co., pref__112 ex-div. 100 New Bedford Gas & Edison
$1 lot
Light Co.(undep.). Par $25.98 ex-div.
54-5 New Eng. Porcelain Co
pref._ 9655
8 units First Peoples Trust_ _50 ex-div. 7 New England Power Assn.,Realty
3 Richmond Waterfront
2 special units First Peoples Trust_ 3
1011
Corp.. corn
$10 lot
98 Texas Salt Co., class B
$11 lot 100 Slmbroco Stone Co., pref.,
25 Texas Salt Co., class A
$5 lot
par $50
54 Boston Sub. Elec Co., pref.;
$150 lot 100 Simbroco Stone Co., corn.,
14 common
$2 lot
par $10
100 Ohio State Rubber Co. of Fort
16 Dennison Mfg. Co., deb. pref-140
Clinton, Ohio, pref, par $10;
$5 lot 60 Tula Iron & Lumber Co.; 1,090
common, par $10
Mexican Iron & Steel Co. of
5 Plymouth (Mass.) Consol. CranAriz.; 2 demand notes Mex. L&S.
berry Co., pref.; 5 common...510 lot
Co., face value $11,931.87; 7 deMining Co.. $9
100 North Lake
mond notes Tule Iron & Lumber
paid in liquid., par $25; 100 North
Co., face value $104,726.86_ _ _5200 lot
Lake Mining Co., 51015 paid in
$25,000 Illinois Coal Corp. 7s, July
liquid., par $25; $5,000 capital
1930;822,500 65, July 1928:$17,com,stock of Ind. & Gine. Trac.
500 6s, July 1927; $10,000 65,
Co.,trustee etre.; 25 Ind.& Clue.
July 1926:125 com, trust eV_ _ _550 lot
Trac. Co., pref.; 60 Havalite
4,750 Southeast. 011 Co. of Mass.$315 lot
Corp., corn.; 50 Butte Ballaklava
10,000 Merit° Mining Co. of Ariz.,
Copper Co., par $10; 75 Contact
$415 lot
Par $1
Copper Co., $2 paid in liquid.,
2,500 Amer. Petrol. Corp., corn.,
$25;95 Santa Fe Gold & CopPar
$215 lot
par $1
per Mining Co., par $10;50 Santa
80 Industrial Laboratories, Inc.,
Fe Gold & Cooper Mining Co..
$1 lot
common A
Grande Min'g
par 10c.; 2,000 Rio
180 Industrial Laboratories, Inc.,
Co., par 51; 300 Boston Coal &
$134 lot
common B
Fuel Co., par $1; 51,000 U. S.
34 Morse Twist Drill dr Machine
Red. .5c Refg. Co.. 1st 68, July
$2,100 lot
Co
1931, coupon Jan. 1916 and subs.
7 Boston Belting Corp., Prof..
credited, this being its
on-5255
NM lot
par $50
share of proceeds of foreclosure
Per Cent.
5151ot_
Bondssale
Gardner Fibre CO. ref.
par
$49,500
600 Silver Reef Mining Co.,
40 flat
Os. July 1933
10c.; 100 Pacific Mines Corp..
100 Boston Lodge B.P.O.E. No. 10
par $1; 200 Canyon Mines Corp..
50 flat
pm.)
6s, April 1940 (100
par 31; 200 Bay State Gas Co.,
$2,000 Hotel Bellevue Trust 15-yr.
par $50;20 Island Oil& Transport
7s, dated Oct.'25 ctf.dep.$4511 Per bd.
$l0........$334 lot
Co., corn. v. t. c., par
52,000 Hotel Bellevue Trust 1st (is.
51 Malden Electric Co., par $25_ _..105
Oct. 1940 coup. Oct. 1928 on 66 flat
82 Cold Storage Co. of Boothbay
1
5102,000 Portage Coal Mining Co.
Harbor
1st dr ref. 55, Feb. 15 1929_55 per bond
750
1 Boston Athenaeum, par 5300
81 lot 59,000 Portage Coal Mining Co.
20 Old Hickory, Inc., pref
1st dc ref. 5s, Feb. 151929.85 per bond
150 Cellulose Products, Inc., pref.;
$100 lot $49,500 Gardner Fibre Col ref. 59,
75 common
40
July 1933
$50;
500 Bay State Gas Co., par
$37.881 70-100 Samoset Chocolates
7,000 Russian rubles 5155, 1915;
$100 lot
Co., Inc., bonds of 1926
Consol. Mining Co.,
200 Utah
510,350 Samoset Chocolates Co.,
par $5; 100 Boston Mexican Pe$85 lot
Inc., bonds of 1926
$19 lot
troleum trustees
$4.000 Flour Mills of America 6345,
12 New England Guaranty Corp..
80 ex-warr.
1946
pref. temp. ctf.; 6 corn. temp.ctf.$1 lot
85,000 Superior Elevator Properties
20 Mass. Bonding & Insur. Co_ _640
$1,500 lot
1st 655s. Oct. 1945
50 Graton & Knight Mfg. Co.,corn. 103.4
deposit-55 lot
20 Graton & Knight Mfg. Co., pref. 7234 85,000 Sizer Steel 7s, ctf. the South
$94,000 demand notes of
3 3793-10000 Steam Vehicle Corp..
Western Consol. Graphite Co_5350 lot
Si lot
2d pref. B
1014 Loan of $5,000 made to Frank Sav55 Saco Lowell Shops, corn
age, March 1923; loan of $3,000
$1 lot
20 Bower Mining Co., Ltd
made to Frank Savage, Dec.
214
20 Joint Stock Securities Co
325 lot
14
11 1924
8 Saco Lowell Shops, 2d pref
[VOL. 127.
FINANCIAL CHRONICLE
3660
1015
By A. J. Wright & Co., Buffalo:
$ per share.
Shares. Stocks.
102,000 Kirkland Hudson Bay Gold
$100 lot
Mines, Ltd
26,410 Cons. West Dome Lake
$5 lot
Mines, Ltd
2,600 Langham Cobalt Mines, Ltd.$1 lot
500 Buffalo Steel Car Co., Inc.,
$3 lot
com, no par
$3 lot
250 Buffalo Steel Car Co., pfd
Ill Griffin Johnson & Mann, Inc.
$1. lot
corn, no par
5 per Shi
Shares. Stocks.
79 Monument Theatre Corp., trust
510 lot
ctf
62 Buffalo Steel Car Co., Inc., pfd. 50c.
125 Buffalo Steel Car Co.,Inc. corn. 25c.
125 Buffalo Steel Car Co., Inc.,
81101
com. no par
63 Buffalo Steel Car Co., Inc., pfd.$3 lot
$1 let
1 1-3 Nigara Frontier Realty
1 1-3 Niagara Frontier Realty- -51 lot
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Railroads (Steam).
Jan. 10 Holders of rec. Dec. 31a
1
Carolina Clinchfield & Ohio, corn.(qu.)
111 Jan. 10 Holders of rec. Dec. 310
Stamped stock
& Western (qu.).•$1.50 Jan. 21 *Holders of rec. Jan. 5
Delaware Lackawanna
Jan. 21 *Holders of rec. Jan. 5
*51
Extra
51.25 Jan. 15 Dec. 15 to Jan. 15
Little Schuylkill Nay., RR.& Coal
Feb. 10 *Holders of rec. Jan. 31
*1
Norfolk & Westeni, adj. pref.(quar.)..Dec. 31 *Holders of rec. Dec. 28
*3
Pennsylvania Co
214 Jan. 10 Jan. 1 to Jan. 11
Trenton (guar.)
Philadelphia &
10
Pittsburgh Cincinnati Chicago & St. L _ *215 Jan. 21 *Holders of rec. Jan. 17
*$1 Feb. 14 *Holders of rec. Jan.
Reading Co., common (quar.)
Jan. 10 *Dec. 21 to Jan. 1
*2
United N.J. RR.dr Canal (guar.)
Feb. 6 Holders of rec. Dec. 31
5
Wabash Ry., cony. pref. B
Public Utilities.
Dec. 31 *Holders of rec. Dec. 31
Bell Telephone of Pa.,common (quar.) _ _ *2
*40c. Jan. 15 *Holders of rec. Jan. 3
Bridgeport Hydraulic Co.(qu.)
common (quar.)_ '$1.50 Jan. 10 *Ilciders of rec. Dec. 31
Brooklyn Borough Gas
.75c. Jan. 2 *HcIders of rec. Dec. 17
Participating preferred (quar.)
*611e. Jan. 2 *Holders of rec. Dec. 17
Participating preferred (extra)
.35c. Jan. 15 *Holders of rec. Dec. 31
Cincinnati Car Co. (guar.)
15
Cie. Newport & Coy. Lt.& Tr..com.(qu) 13.4 Jan. 15 Jan. 1 to Jan. 15
114 Jan. 15 Jan. 1 to Jan.
(quar.)
Preferred
21 to Dec. 31
83.50 Jan. 1 Dec.
Citizens Pass. Ry., Phila. (quar.)
Coast Counties Gas dr Elec.114 Dec. 25 Holders of rec. Dec. 15
6% first preferred (quar.)
13.4 Dec. 25 Holders of rec. Dec. 15
6% second preferred (quar.)
Dec. 29
Utilities Corp., lot pref.(rind 1.6234 Jan. 2 Holders of rec.
Colonial
8
Consolidated Gas of N. Y., corn. (qu.)- - *75c. Mar. 15 *Holders of rec. Feb. 31
_*2
Dec. 31 *Holders of rec. Dec.
State Telep., corn.(quar.) _
Diamond
(quar.) _
134 Jan. 1 Holders of rec. Dec. 21
Dixie Gulf Gas, pref. allot. ctfs.
258. Feb. 1 Holders of rec. Jan. 12
Elec.Power & Light,common (guar.).- Jan. 31
Foreign Power Secuntles,6% prof.(qu.) 115 Feb. 15 Holders of rec. Dec. 22
*51.25 Dec. 31 *Holders cf rec.
Lynn Gas & Electric (quar.)
$1.50 Feb. 1 lirlders of rec. Jan. 10
Manitoba Power, Ltd
rec. Jan. 16
Massachusetts Gas C09., common (qu.) *51.25 Feb. 1 *Holders of rec. Jan. 210
115 Jan. 31 Ilolders of
M liwaukee Elec. Ry. & Lt., pt.(au.)- -60c. Jan. 31 Holders of rec. Dec. 31
om. (quar.).
Montreal L.H.drPr.,Cons.,c
*SI Jan. 15 *Holders of rec. Dec. 31
New Bedford Gas & Edison Light(qu.)
115 Mar. 1 Holders of rec. Feb. 15
Ohio Edison, 6% pref. (quar.)
$1.65 Mar. 1 Holders of rec. Feb. 15
6.6% preferred (quar.)
154 Mar. 1 Holders of rec. Feb. 15
7% preferred (quar.)
50g.
1 ,4 Mar. 1 Holders of rec. Feb. 15
5% preferred (quer.)
50g. Jan. 2 Holders of rec. Dec. 15
6% preferred (monthly)
rec. Jan. 11
sog. Feb. 1 Holders
6% preferred (monthly)
55g. Mar. 1 Ilolders of rec. Feb. 15
6% preferred (monthly)
of rec. Dec. 15
55g. Jan. 2 Holders
6.6% Preferred (monthly)
55g. Feb. 1 Holders of rec. Jan. 15
6.6% preferred (monthly)
Mar. 1 Holders of rec. Feb. 15
6.6% preferred (monthly)
134 Jan. 1 Holders of ree .Dec. 20
Ohio River Edison, 7% pref.(quar.)
DEC. 29 1928.]
Name of Company.
Public Utilities (Concluded).
Power & Light Securities
Shares of beneficial interest
Shares of beneficial mt. (in stock)
Ban Diego Cons. Gas & Elec.. pref.(qu.)
Southern California Edison,corn.(qu.)
Southern Ind. Gas& Elec.,7% prof.(qu)
6% preferred (guar.)
6.6% preferred (guar.)
6% preferred (semi-annual)
'Thirteenth & 15th Sta.Pass. Ry.(Phila.)
United Gas dc Electric Co., 5% pref.....
West Kootenay Pow. & Lt., pref. (qu.)
Winnipeg Electric Co
Wisconsin Valley Electric Co., prof
Banks
Community State (guar.)(No. 1)
Far Rockaway (Nat. Bank of)
First National (Bklyn.) (guar.)
Nassau National (quar.)
Ozone Park National
Queensboro National
Richmond Hill National
Trust Companies.
Banco di Sicilia Trust Co.(guar.)
Federation Bank & Trust (guar.)
Extra
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
50c. Feb. 1 Holders of rec. Jan. 4
e 154 Feb. I Holders of rec. Jan. 4
151 Jan. 15 Holders of rec. Dec. 31
*50c. Feb. 15 *Holders of rec. Jan. 20
134 Jan. 2 Holders of rec. Dec. 24
154 Jan. 2 Holders of rec. Dec. 24
$1.65 Jan. 2 Holders of rec. Dec. 24
3
Jan. 2 Holders of rec. Dec. 24
$6
Jan. 2 Dec. 21 to Jan. 1
251 Jan. 15 Holders of rec. Dec. 31
151 Jan. 2 Holders of rec. Dec. 26
$1
Feb. 1 Holders of rec. Jan. 10
"331 Jan. 2 "Holders of rec. Dee. 31
154
5
"254
3
254
4
2
Jan. 2 Holders of rec. Dec. 28
Dec. 31 Holders of rec. Dec. 310
Jan. 2 *Holders of rec. Dec. 14
Jan. 2 Holders of rec. Dec. 27a
Jan. 2 Holders of rec. Dee. 40
Dec. 31 Holders of rec. Dec. 20
Dec. 31 Holders of rec. Dec. 27a
'254 Jan. 10 'Holders of rec. Dec. 31
2
Dec. 31 Holders of rec. Dec. 310
2
Dec. 31 Holders of rec. Dec. 31a
Miscellaneous.
Abraham & Straus, Inc., pref.(qu.)
'1.51 Feb. 1 *Holders of rec. Jan. 15
Aetna Standard Engineering (qu.)
"6250
Extra
"31
Alabama Fuel & Iron (qu.)
$1.50 Jan. 2 Dec 22 to Jan. 1
Alliance Realty (guar.)
6254c. Jan. 21 Holders of rec. Jan. 10
Extra
50c. Jan. 21 Holders of rec. Jan. 10
Allied Chemical & Dye,corn (guar.)._
$1.50 Feb. 1 Holders of rec. Jan. 11
Amer.Bond de Mtge. pref.(guar.)
151 Jan. 1 Holders of rec. Dec. 20
'
American Coal (guar.)
"21 Feb. 1 "Holders of rec. Jan. 11
American Hardware (extra)
"51
Jan. 2
American Ice, corn.(guar.)
50c. Jan. 25 Holders of rec. Jan. 7
Common (extra)
Si
Jan. 25 Holders of rec. Jan. 7
Preferred (guar.)
$1.50 Jan. 25 Holders of rec. Jan. 7
Anaconda Conner Milling (quar.)
51.50 Feb. 18 Holders of rec. Jan. 12
Anglo-Amer. Holding, cl. A (interim)_ _ *60c.
'Holders of rec. Dec. 20
Arundel Corp. (guar.)
50c. Jan. 2 Holders of rec. Dec. 24
Backstay Welt Co., corn. (in corn. s(k.)_ .5f1
Jan. 1 *IL lders of rec. Dec. 20
Baer, Sternberg at Cohen, 1st prof.(au
131 Jan. 2 Holders of rec. Dec. 24
Second preferred (guar.)
2
Jan. 2 Holders of rec. Dec. 24
Bancroft(Joseph)& Sons Co., pref.(qu ) 134 Jan. 31 Holders of rec. Jan. 15
Bankers Financial Trust common
50c. Feb. 1 Holders of rec. Dec. 31
(guar.)
Berry Motor
30e. Jan. 2 Holders of rec. Dec. 20
Bessemer Limestone & Cement A (guar.) "75c. Feb. 1 *Holders of rec. Jan. 20
Class B
512.50 Feb. 1 *HoLders of rec. Jan. 20
Black at Decker Mfg. corn.(quar
30c. Dec. 31 Holders of rec. Dec. 20
Boyd-Welsh Shoe (guar.)
75c. Jan. 1 Dec. 25 to Jan. 1
Bruce Co., common (guar.)
83 1-3c Feb. 1 Holders of rec. Jan. 21
Preferred (guar.)
151 Jan. 2 Holders of rec. Dec. 21
Bulkley Bldg. (Cleveland). pref. (qu.)
151 Dec. 31 Dec. 22 to Jan. 1
Burkart (F.) Mfg., pref.(guar.)
55c. Jan. 2 Holders of rec. Dec. 21
Byers(A. M.) Co., pref. (guar.)
151 Feb. 1 Holders of rec. Jan. 14
Canadian Brewing (quar.)
50c. Jan. 16 Holders of rec. Dec. 31
Canadian Brous.. corn.(guar.)
*50c. Feb. 1 Holders of rec. Jan. 20
Preferred (guar.)
134 Feb. 1 Holders of rec. Jan. 20
Canadian Fairbanks-Morse,6% pf.(qu.) •11.4 Jan. 15 *Holders of rec. Dec. 31
Century Electric Co., corn. (quar.)-154 Jan. 1 Holders of rec. Dec. 15a
Champion Shoe Mach., let pref.(qtr.)
151 Jan. 2 Holders of rec. Dec. 25
Chapman Valve Mfg.(guar.)
5
12 Jan. 2 *Holders of rec. Dec. 26
Chi. Jct. Rys.StUn.Stk.Yds.,com.(qu.)_
234 Jan. 1 Holders of rec. Dec. 15
(quar.)
Preferred
154 Jan. I Holders of rec. Dec. 15
Claude Neon Elec. Prod..PL(gu.)(No.1) "35c. Jan. 1 Holders of rec. Dec. 24
Coca-Cola Internat. Corp.
Stock div.(1 sh. cl. A stk.for each sh.)
Holders of rec. Jan. 18
Coca-Ccla Bolt. Sec
25c. Jan. 25 Holders of rec. Jan. 5
Columbia Baking, pref. (guar.)
$1.75 Jan. 2 Holders of rec. Dec. 24
Consolidated Lead dr Zinc Co., A & B._ •25c Jan. 1
Consolidated Royalty 011 (guar.)
*20c. Jan. 25 'Holders of rec. Jan. 15
'Curtis Publishing, common (monthly)._ *50c. Feb. 2 *Holders of rec. Jan. 19
Common (extra)
*50c. Feb. 2 *Holders of rec. Jan. 19
Preferred (guar.)
"134 Apr. 1 "Holders of rec. Mar. 20
'Delaware Lackawanna & Western Coal 5
19
Diversified Investments, Inc.,c1. A (qu.) $1 Jan. 15 Holders of rec. Jan. 2
Class C (guar.)
al Jan. 15 Holders of rec. Jan. 2
7% first preferred (quar.)
134 Jan. 15 Holders of rec. Jan. 2
Eaton Axle & Spring, corn. (guar.)
•
75c Feb. 1 *Holders of rec. Jan. 15
Elder Mfg. common (guar;
25c Jan. 2 Holders of rec. Dec. 22
First preferred (guar.)
2
Jan. 2 Holders of rec. Dec. 22
Class A (quar.)
151 Jan. 2 Holders of rec. Dec. 22
Elgin National Watch (extra)
*El Jan. 21 *Holders of rec. Jan. 3
Evans
-Wallower Lead Co.. pref. (quay) 151 Jan. 1 Holders of rec. Dec. 20
Fedders Manufacturing, Cl. A (guar.)_ *50c. Jan. 2 *Holders of rec. Dec. 20
Fidelity Finance & Realty, pref.(guar.)_ •131 Dec. 31 'Holders of rec. Dec. 20
Financial & Industrial Sec., corn.(guar.) $1
Jan. 2 Holders of rec. Dec. 24
Common (extra)
Jan. 2 Holders of rec. Dec. 24
$1
Foote-Burt Co., corn
65e. Mar. 15 Holders of rec. Mar. 5
Foster &Kleiser Co.. prof.(quay.)
4.134 Jan. 2 "Holders of rec. Dec. 27
Franklin (H. H.) Mfg., common (guar.) *50c Ian. 20 *Holders of rec. Jan. 10
Preferred (guar.)
•151 Feb. 1 *Holders of rec. Jan. 20
General Refractories (guar.)
•
75c. Jan. 15 'Holders of rec. Jan. 7
'General Tire & Rubber,common (guar.) *El Jan. 2 'Holders of rec. Dec. 10
Common (extra)
5
12 Jan. 2 Holders of rec. Dec. 10
'Gilchrist Co. (guar.)
*75c. Jan. 31 *Holders of rec. Jan. 15
Greif (L.) & Bro., Inc., pref.(quar.)__
151 Jan. 1 Holders of rec. Dec. 21
Harbauer Co.(guar.)
25c. Jan. 2 Holders of rec. Dec. 24
Extra
25c. Jan. 2 Holders of rec. Dec. 24
Heath (D. C.) & Co., prof.(Qum.)
151 Dec. 31 Holders of rec. Dec. 29
Honey Dew, Ltd. class A pref. (quar.)_ $1.75 Jan. 2 Holders of rec. Dec. 22
Hom & Hardart Of N.Y.. corn.(quay.). *3734c Feb. 1 *Holders of rec. Jan. 11
Common (extra)
*25c. Feb. 1 *Holders of rec. Jan. 11
Household Finance Corp., panic. pf.(qu)
75c. Jan. 15 Holders of rec. Dec. Ma
Huttig Sash & Door, Common 01119XJ
3734c. Jan. 2 Holders of rec. Dec. 20
Preferred (guar.)
151 Jan. 2 Holders of rec. Dec. 20
India Tire & Rubber, pref.-Dividend o milted
Internat. Paper Co. corn.(guar.)
"600. Feb. 15 'Holders of rec. Feb. 1
Int. Pap.& Pr., cl A com.(gu.)(No. 1) 5.60c. Feb. 15 'Holders of rec. Feb. 1
Johnson-Stephen-Shinkle Shoe (quar.)_
25c. Jan. 2 Holders of rec. Dec. 24
Kavrneer Company (guar.)
•
6254c Jan. 15 *Holders of rec. Dec. 31
Keystone Watch Case, met
8734c.Feb. 1 Called for redemp. Feb. 1
J.) Tool & Mtg., pf.(guar.)
"Knott(A.
151 Jan. 2 Holders of rec. Dec. 15
Lane Drug Stores. cony. pref.(No. 1)- - "39c. Jan. 31 Holders of rec. Dee. 24
Laclede-Christy Clay Prod..PL((Blan)_
151 Jan. 2 Holders of rec. Dec. 22
Lake Erie Bolt & Nut(guar.)
500. Dec. 31 Holders of rec. Dec. 21
Landers, Frary & Clark (extra)
*51
Jan. 8 'Holders of rec. Dee. 22
Lane Drug Stores, cony. pref.(No. 1).. *39c. Jan. 31 "Holders of rec. Dec. 24
Maple Leaf Milling, pref.(qua?.)
151 Jan. 18 Holders of rec. Jan. 3
McCaskey Register, pref. (guar.)
I% Jan. 2 Holders of rec. Dec. 21
Miles Detroit Theatre (guar.)
•40c Jan. 10 *Holders of rec. Dec. 31
Mohawk Rubber. pref.(quay.)
151 Jan. 2 Holders of rec. Dec. 28
Municiapl Finance Corp., class B
'$1 Jan. 20 *Holders of rec. Dec. 31
_
Murray Ohio mfg.. common (quar.)
40c Jan. 15 Holders of rec. Jan. 4
Preferred (guar.)
2
Jan. 2 Holders of rec. Dec. 20
Murray 011
'400 Jan. 15 *Holders of rec. Jan. 5
National Bond & Mtge.. common
4
Jan. 1
Preferred series A (guar.)
2
Jan. 1
First preferred
4
Jan. 1
National Fire Proofing, pref.(quay.) _ 6254c Jan. 15 Holders of rec. Jan. 1
6250 Apr. 15 Holders of rec. Apr. 1
Preferred (guar.)
6234c July 15 Holders of rec. July
Preferred (quar.)
62340.Oct. 15 Holders of roe. Oct. 1
Preferred (quar.)
National Shirt Shops. prof.(guar.)
2
Jan. 2 Holders of rec. Dec. 27
New Bradford 011
•1254c Jan. 15 *Holders of rec. Dec. 31
Name of Company.
3661
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
New Orleans Coal Storage & Irhouse__ _ 5
Jan. 2 Holders of rec. Dec. 15
New Orleans Land
$1
Jan. 2 Holders of rec. Dec. 19
Newport Co.. prior common
*2
Jan. 15 *Holders of rec. Jan. 5
Prior common (extra)
"1
Jan. 15 *Holders of rec. Jan. 5
New York Dock, preferred
*254 Jan. 15 *Holders of rec. Jan. 5
New York Realty & Impt., pref.(qu.)
51.54 Dec. 29 *Holders of rec. Dec. 15
North &Judd Mfg.,common (extra)•250.
011 Shares, Incorporated. prof.(guar.)_ _
75c. Jan. 15 Holders of rec. Jan. 5a
Ontario Manufacturing common (qu.)_ _ •450. Jan. 2 *Holders of rec. Dec. 20
Page-Hershey Tube, Ltd., corn.(qu.)__ _
75c. Jan. 1 Holders of rec. Dec. 20
Preferred (guar.)
151 Jan. 1 Holders of rec. Dec. 20
Penmans, Ltd., common (guar.)
Feb. 1 Holders of rec. Feb. 5
$1
154 Feb. 1 Holders of rec. Jan. 21
Preferred (guar.)
Penn Traffic Co
"7340. Feb. 1 *Holders of rec. Jan. 15
Petroleum Industries, Inc.. pref.(on.)-75c. Jan. 15 Holders of rec. Jan. 56
Pettlbone-Mulliken Co., 1st pref. (qu.)
"131 Jan. 1 *Holders of rec. Dec. 27
No. 1
Pennsylvania Salt Mfg.(quar.)
$1.25 Jan. 15 Holders of rec. Dec. 31
Phillips Jones Corp., pref.(guar.)
1;1 Feb. 1 Holders of rec. Jan. 250
Pickrel Walnut (guar.)
3734c. Jan. 2 Holders of rec. Dec. 21
250. Jan.
Extra
Holders of rec. Dec. 21
Pierre Petroleum, pref.(No. 1)
*$3
Jan. 2'Holders of rec. Dec. 26
Figgly Wiggly Western States A (quar.) 5
.37550 Feb. 1 *Holders of rec. Jan. 20
Pittsburgh Steel, corn
*1
Jan. 2 *Holders of rec. Dec. 26
Pure Gold Mfg., Ltd. (guar.)
50c. Jan. 15 Holders of rec. Dec. 31
Resource Fum.& Mtge. Corp.,
(Mr.) 8754c. Jan. 2 Holders of rec. Dec. 28
Richman Bros. (guar.)
$1.50 Jan. 2 Holders of rec. Dec. 21
21
Royal Typewriter, common
Jan. 17 Holders of rec. Jan. 10
$1.50 Jan. 17 Holders of rec. Jan. 10
Common (extra)
354 Jan. 17 Holders of rec. Jan. 16
Preferred
Ryerson (Jos.) & Son, Inc.(qtr.)(No.1)- *50c. Feb. 1 *Holders of rec. Jan. 20
Scruggs-Vandervoort-Barney Dry Goods
3
Jan. 2 Holders of rec. Dec. 21
First preferred
354 Jan. 2 Holders of rec. Dec. 21
NeSecond preferred
30c. Jan. 21 Holders of rec. Dec. 310
Scagrave Corp. (quar.)
6250. Jan. 2 Holders of rec. Dec. 20
Securities Invest.. common (quar.)
2
Jan. 2 Holders cf rec. Dec. 20
Preferred (guar.)
*50c. Jan. 2 *Holders of rec. Dec. 24
Sharon Steel Hoop, corn.(guar.)
*2
Jan. 2 *Holders of rec. Dec. 24
Preferred guar.)
*50c. Jan. 2 *Holders of rec. Dec. 21
Standard Dredging, cony. pref.(qu.)
St. Louis Cotton Compress
5
Jan.
Holders of rec. Dec. 29
•75c. Feb. 1 *Holders of rec. Jan. 15
Super Maid Corp.(guar.)
•250. Feb. 1 'Holders of rec. Jan. 15
Extra
*45c. Jan. 15 'Holders of rec. Jan. 1
Temple Corp. (guar.) (No. 1)
151 Jan. 15 Holders of rec. Dec. 31
Tooke Bros., Ltd.. prof. (ricer.)
-Dividend omitte d.
Union Steel Casting common
•131 Jan. 10 *Holders of rec. Jan. 3
Preferred (guar.)
*81.75 Feb. 1 "Holders of rec. Jan. 15
U.S.Industrial Alcohol,corn.(guar.)
*131 Jan. 15 *Holders of rec. Jan. 7
Preferred (guar.)
U. S. Radiator, common (guar.)
*50c. Jan. 15 *Holders of rec. Jan. 2
•151 Jan. 15 *Holders of rec. Jan. 2
Preferred (quar.)
U S. Smelt. Retg. & Min. corn.(guar.). 87350. Jan. 15 Holders of rec. Dec. 31
8734e. Jan. 1 Holders of rec. Dec. 31
Preferred (guar.)
Feb. 1 Holders of rec. Dec. 31
Victor Talking Mach., corn.(guar.). _ $1
134 Jan. 15 Holders of rec. Dec. 31
Old preferred (guar.)
1% Feb. 1 Holders of rec. Dec. 31
Prior preference (guar.)
134 Feb. 1 Holders of rec. Dec. 31
$6 cony. pref. (guar.)
(quar.)._
40c. Dec. 31 Holders of rec. Dec. 21
Weinberger Drug Stores, Inc;
• 87 hc. Jan. 2 Holders of rec. Dec. 31
Werner (F.) Co., corn. (guar.)
*$1.50 Jan. 2 Holders of rec. Dec. 31
Common (extra)
'134 Jan. 2 Holders of rec. Dec. 31
Preferred A (guar.)
*3
Jan. 2 Holders of rec. Dec. 31
Preferred A (extra)
•151 Jan. 2 Holders of rec. Dec. 31
Preference B (guar.)
3
Jan. 7 Holders of rec. Dec. 31
Westchester Title & Trust (guar.)
151 Jan. 7 Holders of rec. Dee. 31
Extra
Western Grocers, Ltd., Canada,Pl.(qtr.) 151 Jan. 15 Holders of rec. Dec. 31
Whitman (William) Co., Inc., pref.(qu.) 151 Jan. 2 Holders of rec. Dec. 21
6231c. Dec. 31 Holders of rec. Dec. 20
Wilcox-Rich Corp., class A
.5134 Dec. 31 Holders of rec. Dec. 26
Worcester Salt common (guar.)
25c. Jan. 2 Holders of rec. Dec. 24
Yellow Cab, Inc. (Newark) (qtutr.)
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.
Per
When
Books Closed
Name of Company.
Cent. Payable.
Days Inclusive.
Railroads(Steam).
Alabama Great Southern, ordinary
Dec. 28 Holders of roe. Nov. 28
$2
$1.50 Dec. 28 Holders of rec. Nov. 28
Ordinary (extra)
Feb. 1 Holders of rec. Jan 11
22
Preferred
$1.50 Feb. 13 Holders of Lee. Jan. 11
Preferred (extra)
Albany & Susquehanna
454 Jan. 1 Holders of rec. Dec. 150
2
Special
Jan. 5 Holders of rec. Dec. 220
Allegheny & Western
3
Jan. 2 Holders of rec. Dec. 206
Atch. Topeka & Santa Fe. Prof
254 Feb. 1 Holders of rec Dec. 280
"234 Jan. 1 *Holders of rec. Dec. 14
Atlanta Birmingham dc Coast, pref
334 Jan. 10 Holders of rec. Doe. 12a
Atlantic Coast Line RR., corn
Common (extra)
134 Jan 10 Holders of rec. Dec. 124
Baltimore & Ohio, corn.(guar.)
154 May. 1 Holders of rec. Jan. 126
1
Mar. 1 Holders of rec. Jan. 120
Preferred (quay.)
870. Jan. 1 Holders of rec. Nov.30a
Bangor & Aroostook. corn. (guar.)
prerereeg (QUM%)
1% Jan. 1 Holders of rec. Nov. 300
50o. Jan. 2 Holders of rec. Dec. 140
Beeck Creek (quar.)
Boston & Albany (quay.)
231 Dec. 31 Hrlders of rec. Nov.30
Boston & Maine, prior pref. (quar.)_
1;1 Jan. 1 Holders of rec. Dec. 14
151 Jan. 1 Holders of rec. Dec. 14
First preferred, class A (quar.)
2
Jan. 1 Holders of rec. Doe. 14
First preferred, class B (quar.)
1,1 Jan. 1 Holders of rec. floe. 14
First preferred, class C (quar.)
23.1 Jan. 1 Holders of rec. Dec. 14
First preferred, class Tr (guar.)
134 Jan. 1 Holders of rec. Dec. 14
First preferred, class E (guar.)
Boston & Providence (guar.)
254 Jan. 1 Holders of rec. Dec. 20
Buffalo dr Susquehanna, met
2
Dec. 31 Holders of rec. Dec. 150
1;4 Feb. 1 Holders of rec. Dec. 280
Canada Southern
Canadian Pacific. common (quay.)
234 Dec. 31 Holders of rec. Nov. 304
•$1.20 Jan. 2 *Holders of rec. Dec. 20
Cayuga & Susquehanna
"150. Jan. 2 *Holders of rec. Dec. 20
Special
2
Central RR. of N. J.(extra)
Jan. 15 Holders of rec. Dec. 310
Chesapeake Corp.(guar.)
750. Jan. 1 Holders of Me. Dec. 84
Chesapeake & Ohio common (guar.)
2% Jan. 1 Holders of rec. Dec. 84
351 Jan. 1 Holders of rec. Dec. ita
Preferred series A
Chicago Indianap. & Louisville, corn_ 234 Jan. 10 Holders of rec. Dec. 26
1
Common (extra)
Jan. 10 Holders of rec. Dec. 26
2
Preferred
Jan. 10 Holders of rec. Doe. 264
Dec. 31 Holders of rec. Dec. 36
Chicago & North Western. common.... 2
50o. Dec. 81 Holders of rec. Dec. 34
Common (extra)
334 Dec. 31 Holders of rec. Dec. 34
Preferred
•$10 Feb. 15 *Holders of rec. Feb. 8
Chicago River & Indiana(annual)
154 Doe. 31 Holders of rec. Dec. 76
Chic. R. I. & Pacific common (guar.)
3
Dec. 31 Holders of rec. Dec. 7a
6% preferred
334 Dec. 31 Holders of rec. Dec. 74
7% preferred
.05
Jan. 19 *Holders of roe. Jan. II
Cincinnati Northern
Jan. 19 Holders of rec. Dec. 286
Cleve. Cin. Chic. & St. L., corn. (guar.) 2
Preferred ((Juan)
134 Jan. 19 Holders of rec. Dec. 280
3
Colorado & Southern, corn
Dec. 31 Holders of rec. Dec. 20a
2
Dec. 31 Holders of rec. Dec. 20a
First preferred
4
Dec. 31 Holders of rec. Dec. 20a
Second preferred
151 Jan. 2 Holders of rec. Dec. 100
Consolidated Hits. of Cuba, prof.(qu.)
3
Feb. 1 Holders of rec. Jan. 15
Cuba RR., preferred
2
Jan. 5 Dec. 21 to Jan. 6
Detroit Hillsdale & Southwestern
'3
Jan. 15 *Holders of rec. Jan. 8
Detroit River Tunnel
234 Feb. 1 Holders of rec. Dec. 28a
Great Northern preferred
131 Jan. 2 Holders of rec. Dec. 15a
Gulf, Mobile & North., pref.(qua?.).._
254 Dec. 31 Holders of rec. Dec. 130
Hocking Valley, common (guar.)
254 Feb. 15 Holders of rec. Feb. la
Hudson & Manhattan. preferred
2
Jan. 2 Dee. 11 to Jan. 5
Illinois Central leased lines
151 Jan. 7 Holders of rec. Dec. 7a
Joliet & Chicago (guar.)
Name of Company.
When
Per
Cent. Payable
Books Closed
Days Inclusive.
Railroads (Steam) (Concluded).
Jan. 15 Holders of rec. Dec. 316
1
Kansas City Southern, pref. (guar.).- -Jan. 2 *Holders of rec. Dec. 21
*2
Lake Erie & Eastern
8734e Jan. 2 Holders of rec. Dec. 150
Lehigh Valley, corn. (guar.)
$1.25 Jan. 2 Holders of rec. Dec. 150
Preferred (guar.)
Louisville & Nashville
356 Feb. 11 Holders of rec. Jan 15a
Mahoning Coal RR., common (quar)_._ $12.50 Feb. 1 Holders of rec. Jan. 140
$1.25 Jan. 2 Holders of rec. Dec. 210
Preferred
Jan. 2 Holden; of rec. Dec. 15a
1
Maine Central. erne. (quar.)
20
Jan. 29 Holders of rec. Dec. 28a
Michigan Central
14 Dec. 31 Holders of rec. Dec. 15a
Missouri-Kansas-Texas, pref. A (guar.)_
15$ Dec. 31 Holders of rec. Dec. 15,
Missouri Pacific. pref
154 Dec. 31 Holders of rec. Dec. lbo
Prof. (acct. accumulated diva.)
Jan. 2 Dee. 2 to Jan. 1
2
Mobile & Birmingham. pref
•3A Dec. 31 *Holders of rec. Dec. 24
Mobile & Ohio
.5
Dec. 31 *Holders of rec. Dec. 24
Extra
2 Holders of rec. Dec. Ma
$2.1254 Jan
Morris dr Essex
Feb. 1 Dec. 29 to Jan. 23
2
New York Central RR.(guar.)
154 Jan. 2 Holders of rec. Nov. I5a
N.Y. Chicago dr St. L., cow & pt.(qu.)$1.25 Jan. 2 Holders of rec. Dec. 14
New York & Harlem, corn. & pref
1
Jan. 2 Holders of rec. Dec. 70
N.Y. N H.& Hartford, corn. (guar.)
Jan. 2 Holders of rec. Dec. 70
Preferred (guar.)
15$ Jan. 2 Holders of rec. Dec. 14a
& Western (guar.)
N. Y. Lack.
135 Jan. 3 Holders of rec. Dec. 200
Norfolk dr Southern
Jan. 3 Holders of rec. Dec. 200
Extra
Jan. 15 Holders of rec. Dec. 31a
$2
Northern Central
14 Feb. 1 Holders of rec. Dec. 31a
Northern Pacific (guar.)
14 Jan. 2 Holders of rec. Dec. 10
Northern RR. of N. H.(guar.)
454 Jan. 10 Dec. 25 to Jan. 10
Northern Securities Co
Jan. 2 Holders of rec. Dec. 15
2
Norwich dr Worcester, pref. (quar.)
134 Jan. 2 Holders of reo. Dec. it,
Old Colony RR.(quar.)
154 Jan. 2 Holders of rec. Dec. 7a
Pere Marquette. corn. (quar)
Five per cent prior preference (guar.). 155 Feb. 1 Holders of rec. Jan. 40
1)4 Feb. 1 Holders of rec Jan. 4a
Five per cent preferred (quar.)
Pittsb. Ft. Wayne & Chic., corn.(guar.) 14 Jan. 2 Holders of rec. Dec. 100
4
1 3 Jan. R Holders of rec. Dec. 100
Preferred (quar
$2.50 Feb. 1 Holders of rec. Dec. 28a
Pittsburgh & Lake Erie
Pitts. MoKeesp & Youghiogheny (qu.). 51.50 Jan. 2 Holders of ree. Dec. 14
Pittsburgh & West Virginia,corn.(guar.) 154 Jan. 31 Holders of rec. Jan. 15a
254 Dec. 31 Holders of rec. Dec. 12
Providence & Worcester (guar.)
50e. Jan. 10 Holders of rec. Dee. 200
Reading Co second pref. (guar.)
4
Jan. 2 Dec. 16 to Jan. 1
Rensselaer & Saratoga
13$ Jan. 2 Holders of ree. Dec. 3a
St. Louis-San Francisco,corn (guar )._ _
25e. Jan. 2 Holders of rec. Dee. 3a
Common (extra)
134 Feb. 1 Holders of rec. Jan. d2a
Preferred (guar.)
154 May 1 Holders of reo. Apr. 13a
Preferred (guar.)
154 Aug. 1 Holders of rec. July is
Preferred (quar.)
154 Nov. 1 Holders of rec. Oct. 10
Preferred (guar.)
I
Dec. 31 Holders of ree. Doe. 12a
pref. (guar.) _
St. Louis Southwestern,
154 Jan. 2 Holders of rec. Nov. 28s
Southern Pacific Co.(guar.)
2
Feb. 1 Holders of rec. Jan. 20
Southern Railway, corn. (guar.)
14 Jan. 15 Holders of rec. Dec. 26a
Preferred (quar.)
354 Jan. 2 Holders of rec. Dec. 15
Tennessee Central, pre(
1% Jan. 2 Holders of reo. Deo. 150
Texas & Pacific, corn. (Quar.)
Dec. 31 Holders of rec. Dec. 26a
3
Toronto Hamilton dc Buffalo
Dec. 31 Holders of rec. Dec. 26a
Extra
*6
Jan. 15 *Holders of rec. Dec. 28
Union RR.(annual)
Troy
234 Jan. 2 Holders of rec. Dec. la
Union Pacific. corn (guar.)
Dec. 31 Holders of rec. Deo. 8a
$7
Virginian Ry., common (annual)
Public Utilities.
$1.75 Jan. 2 Holders of rec. Dec. 15
Ala.Power $7 pref.(guar.)
$1.50 Jan. 2 Holders of rec. Dec. 15
$8 preferred (guar.)
$1.25 Feb. 1 Holders of rec. Jan. 15
$5 Preferred (guar.)
Community Power, 1st pref.(qu.) $1.50 Jan. 2 Holders of rec. Dec. 15
Amer.
$1.50 Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
Jan. 15 *Holders of rec. Dec. 15
Amer. Dist. Teleg. of N.J., corn,(guar.) *51
•13,‘ Jan. 15 Holders of rec. Dec. 15
Preferred (guar.)
Amer.& Foreign Power, $7 pref. M.).- $1.75 Jan. 2 Holders of rec. Dec. 130
$1.50 Jan. 2 Holders of rec. Dec. 13n
56 preferred (guar.)
2 Holders of rec. Dec. 13
96 He. Jan
Allotment certificates, 55% paid
25e. Jan. 2 Holders of rec. Dec. 14
Amer. Gas. & Else., corn. (quar.)
Jan. 2 Holders of rec. Dec. 12
share corn.(stock).Corn. (one-fifdeth
Corn.(extra one-half sh. corn. stock.)_ (f) Jan. 2 Holders of rec. Dec. 12
$1.50 Feb. I Holders of rec. Jan. 10
Preferred (guar.)
51.50 Jan. 2 Holders of rec. Dee. 130
Amer. Power dr Light, $6 pref. (quar.)_
6254c Jan. 2 Holders of rec. Dec. 130
$6 preferred (quar.)
81.25 Jan. 2 Holders of rec. Dec. 130
$5 preferred (stamped)
Amer.Public Utilities
$1.75 Jan. 2 Holders of rec. Dee. 15
Prior pref. and panic.. Pt.((lu.)
Amer. Superpower, corn A dr B(f) Dec. 31 Holders of rec. Nov. 30
(1-25th share common A stuck)
$1.50 Jan. 2 Holders of rec. Dee. 15
First preferred (guar 1
61.50 Jan. 2 Holders of rec Dee. 15
56 preference (guar.)
2H Jan. 15 Holders of rec. Dec. 20s
(
Amer. Tele() & Teleg. quar.)
Amer. Water Wks.& Elec., let pf. (qu.) 51.50 Jan. 2 Holders of rec. Dec. 12a
Arkansas Light & Power $7 pref. (guar.) 51.75 Jan. 2 Holders of rec. Dec. 15
81.50 Jan. 2 Holders of rec. Dec. 15
$6 preferred (guar.)
*1.50c Jan. 2 *Holders of rec. Dec. 26
Arkansas Natural Gas (guar.)
(1) Feb. 1 Holders of reg. Jan. 10
Associated Gas & Elec., class A (guar.)
187 Hc Jan. 2 Holders of rec. Nov. 30
Original preferred (guar.)
181 75 Jan. 2 Holders of rec. Nov. 30
$7 preferred (guar.)
Bangor Hydro-Elec. Co.7%.Pf (qu.) -- 13$ Jan. I Holders of rec. Dec. 10
15.4 Jan. 1 Holders of rec. Dec. 10
Six per cent preferred (guar.)
Barcelona Trac., I.t. St Pow., pref.(au.). 4,13,‘ Dec. 31 •Holders of rec. Dec. IR
Jan, 15 Holders of reo. Dec. 22
2
of Canada (guar.)
Bell Telephone
14 Jan. 15 Holders of rec. Doe. 20s
Bell Telephone of Pa.64% pf.(qu.)
Binghamton L. H.& Pr.,$6 pf.(quar.)_ 51.50 Jan, 1 Holders of rec. Dec. 15
Birmingham Elec. Co.. $7 pref.(qu.)._ $1.75 Jan. 2 'folders of rec. Dec. 12
51.50 Jan. 2 Holders of rec. Dec. 12
$8 preferred (guar.)
154 Jan. 2 Holders of rec. Doe. 10
Boston Elevated Ry.. mon.(guar.)
Jan. 2 Holders of ree. Dec. 10
4
First preferred
354 Jan. 2 Holders fo rec. Dee. 10
Preferred
•154 Jan. 1 *Holders of rec. Dee. 15
St Pow.. pref.(qu.)
Brazilian Tr. L.
50c. Jan. 15 Holders of rec. Dec. 31
British Columbia Power, cl. A
$1.25 Jan. 2 Holders of rec. Dec. 7a
Brooklyn Union Gas (quay.)
Jan. 15 Holders of rec. Dec. 3Ia
Bklyn.-Manhattan Transit, corn.(qu.)_. $1
$1.50 Jan. 15 Holders of rec. Dec. 3Ia
Preferred A (quar.)
series A (quor.)
$1.50 Apr. 15 Holders of rec. Apr. la
Preferred
Buff Niagara & East. Pow., corn.(qu.). '30e. Deo. 31 •Holdeni of rec. Dec. 16
•30e. Dec 31 *Holdere of rec. Dec. 15
Class A (guar.)
•40e. Dee 31 *Holden of roc. Dee. 15
Preferred (quar.)
•$1.25 Jan. 31 *Holders of rec. Jan. 15
115 preferred (guar.)
Calgary Power Co., Ltd., oom.(quar.).. 14 Jan. 2 Holders of ree. Dee. 15
California-Dregor, Power. 7% Of Nu•/
14 Jan. 15 Holders of ree Dee. 31
11.4 Jan. 15 Holders of roe fin. 31
Six per cent preferred (guar
(qu.)
132 Jan. 1 Holders of rec. Dec. 10
Capital Tree., Wash.,D.C.
$1.50 Jan. 2 Holders of rec. Dec. 15
Carolina Power & Lt., $6 pref. (quar.)
$1.75 Jan. 2 Holders of rec. Dec. 15
$7 preferred (guar.)
Cent. Allan. States sem( Corp.. pt.(qu.) 195 Jan. 1 Holders of rec. Dec. 20
154 Jan. 2 Holders of rec. Dec. 15
Central Ills. Light 6% pref. (quar.)_
14 Jan. 2 Holders of rec. Dec. 15
7% preferred (guar.)
Central lii Pub serv pref. (quer I .. .$1 511 Jan. 15 *Holders of rec. Dec. 31
75c. Jan. 15 Holders of rec. Dec. 31
Cent. & S. W. Utilities. corn. (quar.).....
Holden( of rec. Dee. 10
25c. Jan,
Central States Elec. Corp., corn. (guar.)
Holders of rec. Deo. 10
/25S Jan.
Corn. (payable In corn. stock)
51 Ian.
Holders of rec. Dec 10
7% preferred (guar.)
1)4 Jan.
Holders of ree Dec. 10
6% preferred (guar.)
Ian.
Holders of rec Dee. 10
(I)
(No.1)
Convertible peeterred (qua.)
*Holders of rec. Dec. 15
Chic., North Shore & M Ilw., Pf.(QU.) - .14 Jan.
•1% Jan.
*Holders of reo. Dee. 15
Prior Hen stock (guar.)
*Holders of rec. Dec. 18
Chic. Rapid Transit pr. pf.A (Mthly.)- *65c. Jan.
"Holders of ree. Jan.111 15
.65c. Feb.
Prior preferred (Monthly.)
1.62)4 Jan
Holders of rec. Dec. 11
Preferred (mutt.)
*Holders of rec. Feb. 19
.65c. Mar.
Prior preferred A (monthly)
*60c. Jan.
*Holders of ree. Dee. 18
Prior preferred B (monthly)
•60c, Feb.
*Holders of ree. Jan. 15
Prior preferred B 'monthly)
*60c. Mar.
*Holders of rec. Feb. 19
Prior preferred B (monthly)
.1
Jan.
'holders of rec. Dec. 14
Cincinnati Gas & Elec.(quar.)
Holders of rec. Dec. 24
70.83e Jan.
Cincinnati St. Ry. (guar.)
.$1.12 Jan. 2 •Holders of rec. Dec. 18
Ctn. Sz Sub. Bell Telen. (guar.)
[VoL. 127.
FINANCIAL CHRONICLE
3662
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Public Utilities (Continued).
1% Jan. 2 Holders of rec. Dec. 10
Cleveland By., corn. (quar.)
50e. Jan. 2 Holders of rec. Dec. 100
Columbus Elec.&Power,corn.(qu.)____
Corn.(1-40th share corn stock)
(f) Jan. 2 Holders of rec. Dec. 100
131 Jan. 2 Holders of rec. Dec. 10a
series B (guar.)
Preferred
134 Jan. 2 Holders of rec. Dec. 100
Preferred series C(guar.)
14 Jan. 2 Holders of rec. Dec. 100
Second preferred (guar.)
75c. Feb. 1 Holders of rec. Jan. lb
common (quar.)_
Commonwealth Power,
154 Feb. 1 Holders of rec. Jan. 11
6% preferred (guar.)
Jan. 1 *Holders of rec. Dec. 16
Connecticut Elec. Service, cony. pf.((p) "51
Como'. Gas EL L.& Pow., Barite.
*75c. Jan. 2 *Holders of rec. Dec. 15
Common (guar.)
*14 Jan. 2 *Holders of rec. Dec. 15
Preferred series A (guar.)
.1
Jan. 2 *Holders of rec. Dec. 15
Preferred series D (guar.)
*1.38 Jan. 2'Holders of rec. Dec. 15
Preferred series E (quar.)
(N. Y.), pref.(guar.)_ $1.25 Feb. 1 Holders of rec. Dec. 28,7
Consolidated Gas
Consumers Power Co.,$5 pref.(quar.)__ 51.25 Jan. 2 Holders of rec. Dec. 15
14 Jan, 2 Holders of rec. Dec. 15
6% Preferred (guar.)
$1.65 Jan. 2 Holders of rec. Dec. 15
6.6% Preferred (quar.)
195 Jan. 2 Holders of rec. Dec. 15
7% Preferred (quar.)
50e. Jan. 2 Holders of rec. Dec. 16
6% Preferred (monthly)
55e. Jan. 2 Holders of rec. Dec. 15
6.6% preferred (monthly)
Continental Gas & Elec., corn.(quar.)__ $1.10 Jan. 2 Holders or rec. Dec. 120
Jan. 2 Holders of rec. Dec. 120
$7
Common (extra)
$1.75 Jan. 2 Holders of rec. Dec. 12a
Prior preference (guar.)
Continental PASS. Ry. (Philadelphia)___ $2 50 Dec. 30 Holders of rec. Nov. 300
Dec. 31 Holders of rec. Dee. 154
2
Cuban Telephone, corn. (guar.)
134 Dec. 31 Holders of rec. Dec. 154
Preferred (guar.)
75e. Jan. 2 Holders of rec. Dec. 15a
Denver Tramway Corp., pref. (guar.)_ _
Jan. 15 Holders of rec. Dec. 200
2
Detroit Edison Co (guar.)
Jan. 15 *Holders of rec. Dec. 20
Diamond State Telep.. pref.(guar.)
Jan. 2 Holders of reo. Dec. 15
1
Duke Power,corn.(guar.)
Jan. 2 Holders of reo. Doe. 15
1
Common (extra)
14 Jan. 2 Holders of roe. Dec. 15
Preferred (guar.)
Jan. 2 *Holders of rec. Doe. 140
1
Duluth-Superior Trac., pref.(guar.)_
1 4 Jan. 15 Holders of rec. Dec. 31a
Duquesne Light, let pref. (guar.)
I% Jan, 1 Holders of rec. Dec. 15
J. Power 654% pref. (gu.)__
Eastern N.
14 Jan. 1 Holders of rec. Dec. 15
7% Preferred (guar.)
2
Jan. 1 Holders of roe. Dec. 15
8% Preferred (guar.)
Eastern Texas Elec. Co.. pref.(guar.)... 14 Jan. 2 Holders of reo. Dec. 14
Feb. 1 Holders of rec. Jan. 10
3
Edison Elec. III., Boston (quar.)
1)4 Feb. 1 Holders of rec. Jan. 12
Electric Bond & Share, pref.(guar.)._ _
25o. Jan. 15 Holders of ree. Dee. 17
Elec. Bond & Share Secur.(guar.)
Electric Investors, Inc.
Corn.(stk. die. 3-I5ths sh. com.stk.). (f) Jan. 15 Holders of rec. Dec. 31
$1.50 Feb. 1 Holders of rec. Jan. 15
56 preferred (guar.)
700. Jan. 2 Holders of rec. Dec. 1130
Electric Power &Light. alit. ctf.40% pd.
$1.75 Jan. 2 Holders of rec. Dec. 130
Allotment Ws.full paid
$1.75 Jan. 2 Holders of rec. Dee. I30
Preferred (guar.)
Electric Public Service $7 Of.(guar.)___ $1.75 Jan. 1 Holders of rec. Dee. 12
Electric Public Utilities $7 pf.(guar.)_ _ _ $1.75 Jan. 1 Holders of ree. Dec. 12
135 Jan. 15 Holders of rec. Jan. 2
El Paso Electric Co., pref. A (guar.)_ -Empire Gas dr Fuel,6% pfd.(mthly.).. •50e. Jan. 2 *Holders of ree. Dee. 15
*641w Jan. 2 *Holders of rec. Dec. 15
632% Preferred (monthly)
•581re an. 2 *Holders of rec. Dec. 15
7% Preferred (monthly)
66;ro Jan. 2 'Holders of rec. Dec. 15
•
8% Preferred (monthly)
Empire Power Corp., $13 pref. (quar.)___ $1.50 an. 1 Holders of rec. Dec. 20
50c. Jan. 1 Holders of rec. Dec. 20
stock (quar.)
Participating
25e. Jan. 2 Holders of rec. Nov. 213a
Engineers Public Sem.corn.(qu.)(No.1)
'2 Holders of rec. Nov. 29a
Jan
$5 preferred (quar.)
1!371 Jan. 2 Holders of reo. Nov. 28
$
55.50 pref. 'guar.)
.51.50 Jan. 15 *Holders of rec. Dee. 31
English Elec. Co.. Canada A
*50e. Dec. 31 *Holders of rec. Dec. 20
Fall River Electric Light (guar.)
20e Jan. 2 Holders of rec. Dec. 130
Federal Light & Traction. corn.(guar.) _ _
Common (navahle In common stock)__ (15c. Tan, 2 Holders of rec. Dec. 130
pref.(guar.).- •
194 Jan. 1 *Holders of rec. Dec. 15
Federal Public Service,
Federal Water Service, $7 pref. (qu.)--- $1.75 Jan. 1 Holders of rec. Dee. 146
8 1.62 14 Fan. 1 Holders of rec. Dec. 14a
5)3 H preferred (guar.)
Florida Power & Light, pref. (guar.)._ _ $1.75 Jan. 2 Holders of rec. Dec. 15
14 Jan. 1 Holders of rec. Dec. 8
Florida Public Service, pref. (guar.)._ _
Fort Worth Power & Light, pfd.(guar.). 14 Feb. 1 Holders of rec. Jan. 15
to Jan. 1
. $4.50 Jan. 1 Dec. 2
Frankford & Southwark Ry. (guar.)._
General Gas & Elec. Corp. corn. A(WO x 37 He. Jan. 1 Holders of rec. Dec. 120
350e. Jan. 1 Holders of rec. Dec. 120
Common A (extra)
P51.50 Jan. 1 Holders of rec. Dec. 12a
Common B (guar.)
50c. Jan. I Holders of rec. Dec. 12a
Common B (extra)
Jan, 1 Holders of rec. Dec. 12a
2
$8 preferred class A (guar.)
$1.75 Jan. 1 Holders of rec. Dee. 12a
$7 preferred class A (guar.)
$1.75 Jan. 1 Holders of rec. Dec. 12a
class B (guar.)
Preferred
50e. Jan, I Holders of rec. Dec. 12a
Dividend participations
General Public Service
(f) Dec. 31 Holders of rec. Dec. 10
Common (3-100 share of corn. stock)__
Corn. (special) (5-100 share corn. stk.) (f) Dec. 31 Holders of rec. Dec. 10
$1.50 Feb. 1 Holders of rec. Jan. 10
$6 preferred (quarterly)
5 1.3754 Feb. I Holders of rec. Jan. 10
$5.50 Preferred (guar.)
$1.75 Feb. I Holders of rec. Jan. 1()
Convertible preferred (guar.)
General Public Utilities, $7 pref. (quar.) $1.75 Jan. 2 Holders of rec. Dec. 15
Gen. Water Works & Elec., 57 pf.(cm.). $1.75 Jan. 2 Holders of rec. Dec. 19
$1.50 Jan. I Holders of rec. Dec. 15
Georgia Power Co. $6 Prof.(guar.)
$1.25 Jan. I Holders of rec. Dec. 15
$5 preferred (guar.)
154 Jan. d2 Holders of rec. Dec. 3Ia
Gold &Stock Teleg.(guar.)
Water Co.. pref. A (guar.). 4354c Dec. 31 Holders of rec. Dec. 140
Hackensack
67c. Jan. 2 Holders of rec. Dec. 17
Haverhill Gas Light (guar.)
Dec. 31 'Holders of rec. Dec. 29
*2
Illinois Bell Tele1). Mar./
2 Holders of rec. Dec. 15
134 Jan
(guar.)_ __ _
Illinois Power Co., 6% pref.
14 Jan
2 Holders of rec. Dec. 16
7% preferred (guar.)
Power & Light6% pref.(qu.),. 154 Jan. 2 Holders of rec. Dee. 10
Illinois
Indianapolis Pow.& Light, pfd.(qu.)-5 1.6234 Jan, 1 Holders of rec. Dec.
Indianapolis Water, pref. A (guar.).- 14 Jan. 1 Holders of rec. Dee. I2a
Internat. Power Co.. Ltd., let pfd.(qu.) 134 Jan, 2 Holders of rec. Dec. 15
154 Jan. 15 Holders of rec. Dec. 210
Internat. TeleP• & TeleIf• (quar()
$1.75 Feb. 1 Holders of rec. Jan. 17
Internat. Utilities, $7 prof. (guar.)
874c Jan. 15 Fielders of rec. Dec. 270
Class A (guar.)
132 Jan. 2 Holders of rec. Dec. 17
Jamaica Public Sem. prof. (quar.)..._
Jersey Central Pow. dr Lt., 7% pf. (qu.) 14 Jan. 1 Holders of rec. Dec. 17
154 Jan. I Holders of rec. Dee. 17
6% preferred (quar.)
Kansas City Power & Light, pt. B (qu.). 51.50 Jan. 1 Holders of rec. Dec. 140
135 Jan. 2 Holders of rec. Dec. 14
(quar.).
Kansas Gas & Elec. Co.. pref.
Jan. 1 Holders of rec. Dec. 20
K.C. Public Service, pref. A (quar.).... $I
$1.25 Jan. 2 Holders of rec. Dec. 2I4
Securities. corn.(quar.)
Kentucky
31.50 Jan. 15 Holders of rec. Dec. 2I0
Preferred (guar.)
4 Dec. 29 Holders of rec. Dec. 23
11
Laurentlde Power (guar.)
*50c Dec. 31 *Holders of rec. Dee. 19
Lone Star Gas (guar.)
"40c Jan. 1 *Holders of rec. Dec. 16
Long Island Ltg.. corn. (guar.)
'195 Jan. I *Holders of rec. Dec. 15
7% Preferred (guar)
154 Jan. I Holders of rec. Dec. 151
Preferred B (guar.)
14 Jan. 1 Holders of rec. Dee. 216
Mackay Companies, corn. (guar.)
1
Jan. I Holders of rec. Dec. 210
Preferred (guar.)
• role Jan. 12 *Holders of rec. Dec. 6
Marconi Wireless Tel.. Ltd., ord
• w10 Jan. 12 *Holders of rec. Dec. 6
Preferred
metnpels Power & 1,14ht, $7 pref. (qu.) 51.75 Fan. 2 Holders of rec. Dec. 16
$1 50 Ian. 1 troblery of rec Dec. 15
56 preferred (quar)
14 Jan. 2 Holders of rec. Doe. 17
Manhattan Hy.. guar. stock (guar.)._
Massachusetts Ltg. Cos., corn.(guar.)_ _ "75c. Dec. 31 *Holders of rec. Dee. 20
•1H Jan. 15 *Holders of rec. Dec. 28
(quar.)
6% Preferred
*2
Jan. 15 *Holders of rec. Dec. 26
8% preferred (quar.)
Metropolitan Edison, $7 pref. (guar.)._ $1.75 Jan. 1 Holders of rec. Dec. 15
$1.50 Jan. 1 Holders of rec. Dec. 16
$6 preferred (guar.)
$1.25 Jan. I Holders of rec. Dec. 15
$5 preferred (guar.)
195 Jan. 1 Holders of rec. Dec. 15
Michigan Electric Power,7% pf.(qtr.)._
134 Jan. 1 Holders of rec. Dee. 15
6% Preferred (guar.)
Jan. 15 holders of rec. Dec. 31
Middle %Vest Utilities. 7% prof. (guar.). 2
51.50 Jan. 15 Holders of rec. Dec. 31
(quar.1
56 preferred
Midland Utilities, 7% prior lien (011.).. 131 Jan, 7 Holders of rec. Dee. 22
154 Jan. 7 Holders of rec. Dee, 22
6% prior lien stock (guar.)
14 Jan. 7 Holders of rec. Dec. 22 1
7% Preferred class A (guar.)
154 Jan. 7 Holders of rec. Dec. 22
6% Preferred class A (guar.)
14 Jan. 2 Holders of rec. Dec. 15
Minnesota Power & Lt., 7% pf. (guar.)_
51.50 Jan. 2 Holders of rec. Dee. 15
$6 preferred (guar.)
Mohawk & Iludson Power, 2d pref.(qu.) $i.75 Jan. 2 Holders of rec. Dec. 20
4
Monongahela W.Pa. Pub.Ser. p1.(au.)- 433 Jan. 2 Holders of rec. Dec. 15
DEC. 29 1928.]
FINANCIAL CHRONICLE
Per
When
Cent. Payable
Books Closed
Daus Inclusive.
3663
Per
When
Books Closed
Name of Company.
Cent. Payable.
Days Inclusive,
Public Utilities. (Continued).
Public Utilities (Concluded).
Montana Power,corn.(guar.)
134 Jan. 2 Holders of rec. Dec. 14a Tennessee Elec. Power,5% 1st pfd Mu.) 134 Jan. 2 Holders of rec. Dec.
15
Montreal L., H. dr Pr., corn.(query__ _ _ 52.40 Jan. 31 Holders of rec. Dec. 31
Six per cent first preferred (guar.) - 1% Jan, 2 Holders of rec. Dec. 15
Montreal Telegraph (guar.)
2
Jan. 15 Jan. 1 to Jan. 15
Seven per cent first prof. (guar.)
134 Jan. 2 Holders of rec. Dec. 18
Montreal Tramways (guar.)
2% Jan. 15 Holders of rec. Jan. 4
7.2%,first preferred (guar.)
51.88 Jan, 2 Holders of rec. Dec. 15
Mountain States Power, pref.(quar.)
134 Jan. 21 Holders of rec. Dec. 31
Six per cent first preferred (monthly).
50e. Jan. 2 Holders of rec. Dec. 15
Nassau & Suffolk Ltg., prof.(quar.)
134 Jan. 1 Holders of row. Dec. 15
7.2% first preferred (monthly)
600. Jan. 2 Holders of rec. Dec. 15
Nat. Elec. Power Co.,6% pref.(guar.). 134 Jan. 1 Holders or rec. Dec. 20
Tennessee El. Pow. Co.,5% 1st pf.(qu ) 134 Apr. 1 Holders of rec. Mar. 15
Seven per cent preferred (guar.)
Jan. I Holders of rec. Dec. 20
134
6% lot pref. (quar.)
1% Apr. 1 Holders of rec. Mar. 15
National Fuel Gas(guar.)
25c. Jan. 15 Holders of rec. Dec. 31
7% lot prof. (guar.)
134 Apr. 1 Holders of rec. Mar. 15
National Power It Light $7 pf.(qu.)
$1.75 Jan. 2 Holders of roe. Dec. 15
7.2% lot pref. (guar.)
1.80 Apr. 1 Holders of rot. Mar. 15
6% preferren (quar.)
°134 Feb. 1 'Holders of rec. Jan. 15
6% 1st pref. (monthly)
50e. Feb. 1 Holders of rec. Jan. 15
National Public Service Corp.
6% 1st pref. (monthly)
50c. Mar. 1 Holders of rec. Feb. 15
7% series A preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 17
13% 1st pref. (monthly)
50c. Apr. 1 Holders of rec. Mar. 15
Nevada-Calif. Elec. Corp., pref. (qu.)
134 Feb. 1 Holders of rec. Dec. 29
7.2% 1st pref. (monthly)
60e. Feb. 1 Holders of rec. Jan. 15
New England Gas & Elec., $5.50 pf.(gu.) 5137% Jan. 2 Holders of rec. Dec. 20
7.2% 1st pref. (monthly)
50c. Mar. 1 Holders of rec. Feb. 15
New England Power Assn., corn. (gu.).
50e. Jan. 15 Holders of rec. Dec. 316
7.2% 1st pref. (monthly)
60c. Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
134 Jan. 2 Dec. 21 to
Jan. 1
Toledo Edison Co., 7% pr. A (mthly.) .• 58 1-3c Jan. 1 'Holders of rec. Dec. 15
New England Power Co. pref. (quar.)
$1.50 Jan. 2 Holders of rec. Dec. 14
6% prof. (monthly)
*50e. Jan. 1 "Holders of rec. Dec. 15
New England Pub.eery.,cont.(guar.)- - •45c. Dec. 31 *Holders of rec. Dec. 15
Twin City Rap. Tr., MinneaP.. pf.(qu,) 134 Jan. 2 Holders of rec. Dec. 13a
$6 preferred (guar.)
*51.50 Jan. 15 *Holders of rec. Dec. 31
Union Pass. Sty.(Phila.)
$4 Jan. 1 Holders of rec. Dec. 150
$7 preferred (guar.)
21.75 Jan. 15 Holders of reo. Dec. 31
Union Traction (Philadelphia)
$1.50 Jan. 1 Holders of rec. Dec. 1011
Adjustment series, Pref.(guar.)
$1.75 Jan. 15 Holders of rec. Dec. 31
United Gas & Elec. Corp., pref. ((sr.)._
134 Jan. 1 Holders of rec. Dee. 15
New England Tele o.& Teleg.(guar.)- - - 2
Dec. 31 Herders of rec. Dec. 10
United Gas Improvement (guar.)
$1 Dec. 31 Holders of reo. Nov.30
N.J.Power dr Light. $6 pref.(guar.)
51.50 Jan. 1 Holders of rec. Dec. 15
Extra
50e. Dec. 31 Holders of ree.Nov. 30a
New Orleans Public Serv., pref. (query_
134 Jan. 2 Holders of rec. Dec. 17
Un. Lt.& Pr., new corn. A & B (guar.)-120. Feb. 1 Holders of rec. Jan. 150
New York Central Elec. Corp.. Pt.(aIL) 134 Jan. 1 Holders of rec. Dec. 15
Old common A & B (guar.)
60e, Feb. 1 Holders of rec. Jan. 15a
New York Steam Corp.,$6 pref.(qu.)_
51.50 Jan, 2 Holders of rec. Dec. 15a
Preferred A (guar.)
$1.62 Jan
2 Holders of rec. Dec. 156
$7 preferred (guar.)
$1.75 Jan. 2 Holders of rec. Dec. 16a
Preferred B (guar.)
1
Jan. 2 Holders of rec. Dot. 154
New York Telephone,6 % pref.(guar.) 134 Jan. 15 Holders of rec. Dec. 20
North American Co., common (guar.)._ ,f2% Jan. 2 Holders of rec. Dot. 5a United Public Service, $7 pref. (quar.)_ _ 51.75 Jan. 1 Holders of rec. Doe. 15
$6 preferred (guar.)
$1.50 Jan, 1 Holders of rec. Dec. 15
Preferred (guar.)
75e. Jan. 2 Holders of rec. Dec. 5a Utilities Power
& Light, el. A (quar.)
§ 50e. Jan. 2 Holders of rec. Dec. 10a
North Amer. Lt. & Pow., $6 pref.(qu.)_ $1.50 Jan. 2 Holders of roc. Dec. 20
Class 13 'quar.)
(§) Jan. 2 Holders of rec. Dee. 10a
Northeastern Power Corp.. corn. (guar.)
25e. Jan. 1 Holders of rec. Dec. 10
7% preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 10a
Class A (guar.)
$1.50 Jan. 1 Holders of rec. Dec. 10
United Securities, Ltd., pref. (quar.)--- 134 Jan. 2 Holders of rec. Dec. 21
Northern Indiana Pub.Ser., 7% pf.(gu.) 134 Jan, 14 Holders of rec. Dec. 31
United Utilities. pref.(guar.)
51.75 Jan. 2 Holders of rec. Dee. 16
Six per cent preferred (guar.)
134 Jan. 14 Holders of rec. Dec. 31
Utah Power & Light, $7 pref. (quar.). $1.75 Jan. 2 Holders of rec. Dec. 5
534% preferred (guar.)
1% Jan. 14 Holders of rec. Dec. 31
$6 preferred (guar.)
$1.50 Jan. 2 Holders of rec. Dec. 5
Northern Mex. Pr. & novel.. nun.(qu.) $1
Jan. 2 Holders of rec. Dee. 14
Virginia Public Service,7% pref.(qu.)
134 Jan. 1 Holders of rec. Dec. 17
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 14
6% preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 17
Northern Ohio Pow. dr Lt.,6% pt.(au) 1% Jan. 2 Holders of rec. Dec. 15
West Penn Elec. Co., class A (guar.)
51.75 Dec. 31 Holders of rec. Dot.
Seven per cent preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 15
West Penn Power Co., 7% pref. (guar.) 134 Feb. 1 Holders of rec. Jan. lila
Nor. Ontario Power, Ltd., cony. pref. _ _
6a
3
Jan. 25 Holders of rec. Dec. 31
6% preferred (guar.)
134 Feb. 1 Holders of rec. Jan. 56
Northern StatesPower com. A (quar.)._... 2
Feb. 1 Holders of rec. Dec. 31
West Phila.Pass. Ry
54.25 Jan. 1 Holders of rec. Dec. 15a
7% preferred (guar.)
134 Jan. 21 Holders of rec. Dec. 31
Western Massachusetts Cos. (guar.)--. 623.ic Dee. 31 Holders of rec. Dec. 17
6% preferred (guar.)
134 Jan. 21 Holders of rec. Dee. 31
Western Power Corp.. 7% pref. (guar.)_
I% Jan, 15 Holders of MC. Dec. 3I11
Northport Water Works. pref. (qual.) _ _
1 % Jan. 1 Holders of rec. Dec. 15
Western Union Telegraph (guar.)
2
Jan, 15 Holders of rec. Dec. 22a
Northwestern Bell Telep., corn. (gu.).... $2 Dec. 31 Holders of rec. Dec. 28
134 fan. 1 Holders of rec. Dot. 6
la Preferred (guar.)
1% Jan, 15 Holders of rec. Dec. 206 Winnipeg Elec. Co.. prof.(quar.)
Wisconsin Valley Electric Co., 7% pf
334 Jan. 2 Holders of rec. Dec. 31
Northwestern Telegraph
$1.50 Jan. 2 Dec. 18 to Jan. 1
North West Utilities priorlien, pf.(gu.)
$1.75 Jan. 2 Holders of reo. Dee. 15
Banks.
Ohio Bell Telephone, Pref. (guar.)
134 Jan. 2 Holders of rec. Dec. 20
America (Bank of) Nat. Assn.'guar.)._ $1
Jan. 2 Holders of reo. Dec. 8
Ohio Electric Power. 7% pref. (quar.)__
134 Jan. 2 Holders of rec. Dec. 20
American Union (guar.)
134 Jan, 2 Holders of rec. Dec. 20
6% preferred (guar.)
1% Jan. 2 Holders of rec. Dec. 20
Bankameric Corp.(guar.)
1234e Jan. 2 Holders of rec. Dec. 8
Ohio Public Serv.. 1st of. A (monthly).* 58 1-3c Jan. 2 'Holders of rec. Dec.
15
Bryant Park
3
Jan. 2 Holders of rec. Dec. I76
Ohio Telephone Service. Pref. (quar.)134 Dec. 31 Holders of rec. Dec. 14
Extra
3
Jan, 2 Holders of rec. Dec. 170
Ottawa Light, Heat & Power, corn.(qu.) 134 Dec. 31 Holders of rec. Dec. 15a
Chase National (guar.)
Preferred (guar.)
334 Jan. 2 Holders of rec. Dec. 13a
134 Jan. 1 Holders of rec. Dec. 15a Chase Securities Corp.(guar.)
$1
Jan. 2 Holders of rec. Dec. 134
Pacific Gas & Electric., conc. (quar.)
50c. Jan. lb Holders of rec. Dec. 31a
Chatham & Phenix Nat. Bk.& Tr.(qu.) 4
Pacific Lighting,6% pref.(guar.)
Jan. 2 Dec. 15 to
•ly§ Jan. 15 *Holders of rec. Dec. 31
Jan. 1
Chelsea Exchange(quar.)
Jan. 2 Holders of rec. Dee. 210
2
Pacific Telep & Teleg, corn. (guar.)
134 Dec. 31 holders of rec. Dec. 20a Chemical National (hi
-monthly)
4
Jan, 2 Holders of rec. Dec. 216
Preferred (guar.)
11.4 Ian. 15 Holders of rec. Dec. 31a Colonial
(guar.)
3
Jan, 2 Holders of rec. Dec. 200
Panama Power & Light, pref. (quar.)_
134 Jan. 2 Holders of rec. Dec. 15
Special
3
Jan. 2 Holders of rec. Dec. 20a
Penn Central Light & Power,55 pt.
(qu.) _ $1.25 Jan. 1 Holders of rec. Dec. 15a
Commerce, Nat. Bank of (guar.)
$2.80 preferred (quar.)
434 Jan. 2 Holders of rec. Dec. 140
70c. Jan. 1 Holders of rec. Dec. 15
Extra
2
Jan. 2 Holders of rec. Dec. 146
Penn-Ohio Edison, common (quar.)
25c. Feb. 1 Holders of rec. Jan. 15
Eastern Exchange (guar.)
$6 preferred (quar.)
134 Dec. 30 Dec. 21 to Dec. 29
$1.50 Jan. 15 Holders of rec. Dee. 31
Fifth Avenue (guar.)
6
7% prior preferred (guar.)
Jan. 2 Holders of rec. Dec. 310
134 Mar. 1 Holders of rec. Feb.
First National Bank (guar.)
5
Pennsylvania-Ohio Pow.& Lt.$6 pf.(gu) $1.50 Feb. 1 Herders of rec. Jan. 15
Jan. 2 Holders of roe. Dec. 240
Is.
First Security Co.(guar.)
20
7% preferred (guar.)
Jan. 2 Holders of rec. Dec. 24a
134 Feb. 1 Holders or rec. Jan. lb
Garfield National (guar.)
3
Dec. 31 Holders of rec. Dee. 240
7.2% pref. (monthly)
60c. Jan. 2 IIolders of rec. Dec. 20
Extra
4
Dec. 31 Holders of rec. Dec. 240
7.2% pref.(monthly)
60e. Feb. 1 Holders of rot. Jan 19
Hanover National (quar,)
6
6.6% pref.(monthly)
Jan. 2 Dec. 22 to Jan. 8
55e. Jan. 2 Holders of rec. Dec 20
Extra
6.6% pref.(m(nthly)
Jan. 2 Dec. 22 to Jan. 8
6
55c. Feb. 1 lItIders of rec. Jan. 19
Manhattan Co.(Bank of the)
4
Pennsylvania Pr. & Lt., $7 pf.( 11.)-Jan. 2 Holders of rec. Dec. 180
$1.75 Jan. 2 Holders of rec. Dec. 15
1
1
Mechanics (Brooklyn) (guar.)
56 preferred (guar.)
Jan. 2 Holders of rec. Dec. 14a
$2
$1.50 Jan. 2 Holders of rec. Dec. 15
National City (guar.)
$5 preferred (guar.)
334 Jan. 1 Holders of rec. Dec. 15
$1.25 Jan. 2 Holders of rec. Dee. 15
National City Co.(guar.)
Pennsylvania Water & Power (guar.)... 6234e. Jan. 2 'folders of
Jan, 1 Holders of rec. Dec. 15
3
rec. Dec. 14
Park (National)(guar.)
Peoples Gas Co.. pref
6
Jan. 2 Holders of rec. Dec. 140
3
Jan.
Holders of *et Dec. 120 Peoples National(Brooklyn)(guar.)
Peoples Gas Light & Coke (guar.)
3
Jan, 2 Holders of rec. Dec. 110
2
Jan, 17 Holders of rec. Jan. 3a
Extra
Peoples Light dr Pow.,corn. A.(guar.)_ _
5
Jan. 2 Holders of rec. Dec. lba
60c. Jan. 1 Holders of rec. Dec. 8
Philadelphia Co., corn. (guar.)
4
Jan, 2 Holders of rec. Dec. 20
$1
Jan. 31 Holders of rec. Jan. 2a Public Nat. Bk. & Trust (quar.)
Sakser State
Common (extra)
3
Jan. 2 Holders of rec. Dec. 20a
75c Jan. 31 holders of rec. Jan. 2a
Seaboard National (guar.)
Philadelphia Elec. Power, pref. (guar.).
4
Jan. 2 Holders of rec. Dec. 31
50e. Jan. 1 Holders of rec. Dec. 10a
Seventh
Phila. Rapid Transit, corn. (quar.)
134 Jan, 2 Holders of Tee. Dec. 13
$1
Jan. 31 Holders of rec. Jan. 15a South National (guar.)
Shore of Staten Island
Phila. Suburban Water, pref. (guar.)_ _ _
2
Jan, 1 Holders of red. Dec. 200
Mar. 1 Holders of
Extra
Phila. & Western By., pref. (guar.) _ _ _ _ 6234e Jan. 15 Holders of rec. Feb. 9
1
Jan. I Holders of rec. Dee. 20a
rec. Dee. 31a Tottenville National
Portland Electric Power,6% 1st pf.(qu.) 134 Jan. 1 Holders
4
Jan, 2 Holders of rec. Dec. 20a
of rec. Dec. 15
Trade Bank (guar.)
Prior preferred (guar.)
134 Jan. 5 Holders of rec. Dec. 26
134 Jan, 1 Holders of rec. Dec. 15
United States(Bank of)
Porto Rico Rys., pref. (guar.)
*51.50 Jan. 2 Holders of rec. Dec. 24
134 Jan. 2 Holders of rec.
Bankus Corp
Postal Teleg. & Cable, Pref. (quar.)--- 134 Jan, 1 Holders of roe. Dec. 15
per un it
Dec. 2Ia West New Brighton
Power Corp. of Can., porde. pref.(qu.)_
4
Jan. 10 Holders of rec. Dec. 310
75c. Jan. 15 Holders of rec. Dec. 31
Providence Gas (guar.)
$1
Jan. 1 Holders of rec. Dec. 15
Trust Companies.
Extra
$2
Jan. 1 Holders of rec. Dec. 15
Public Service Corp.of N.J.,eons
134 Dec. 31 Holders of rec. Dec. 21
50c Dec. 31 Holders of rec. Dec. 7a American (guar.)
Common (extra)
40c Dec. 31 Holders of rec. Dec. 7a American Exchange Irving Trust (guar.) 334 Jan. 2 Holders of rec. Dec. 14
Banca Commerciale Italiana Tr.(qu.)_. . 2% Jan. 2 *Holders of
.
1
8% preferred (guar.)
2
Dec. 31 Holders of rec. Dec. 7a
rec. Dec. 15
7% preferred (guar.)
734 Jan. 2 Holders of rec. Dec. 14
134 Dec. 31 Holders of rec. Dec 7a Bankers (guar.)
$5 preferred (quar.)
2% Jan. 2 Holders of rec. Dec. 20
$1.25 Dec. 31 Holders of rec. Dec. 7a Bank of Europe Trust Co.(guar.)
Extra
6% preferred (mthly)
4
Jan. 2 Holders of rec. Dec. 20
50c Dec. 31 Holders of rec. Dee. 7a
Bank of New York & Trust (guar.)
6% preferred (rattily.)
*50c Jan. 31 *Holders of rec. Dec. 31
434 Jan. 2 Holders of rec. Dec. 216
Extra
Public Service Co. of Okla., corn.(guar.) 2
2
Jan. 2 Holders of rec. Dec. 210
Jan. 2 Dec. 25 to Jan. 2
Bronx County (quar.)
7% prior lien stock (guar.)
2
Jan. 1 Holders of rec. Dec. 20a
134 Jan. 2 Dec. 25 to Jan. 2
Brooklyn (guar.)
6% prior lien stock (guar.)
6
Jan. 2 Holders of rec. Dec. 246
134 Jan. 2 Dec. 25
Extra
Public Serv. Meg. dr Gas.,7% pref.(au.) 134 Dec. 31 Holders of to Jan. 2
3
Jan. 2 Holders of rec. Dec. 24a
rec. Dec. 7a Central Union (quar.)
6% preferred (guar.)
8
Jan. 2 Holders of rec. Dec. 2I0
134 Dec. 31 Holders of rec.
Extra
Puget Sound Pow. & Light, Dref.(guar.) 5I.50 Jan. 15 holders of rec. Dec. 7a
4
Jan. 2 Holders of rec. Dec. 21a
Dec. 20
Empire (quar.)
Prior preference (guar.)
3
51.25 Jan. 15 Holders of rec. Dec. 20
Dec. 31 Holders of rec. Dec. 220
Extra
Quebec Power mar.)
50c Jan. 15 Holders of rec. Dec. 31
3
Dec. 31 Holders of rec. Dec. 22a
Equitable (quar-)
Quint° & Trente Valley Power, pf. (qu.) 134 Jan. 2 Holders of rec.
3 Dee. 31 Holders of roe. Dec. 15a
Dec. 16
Fidelity (guar.)
Radio Corp of Am., pref. A (guar.)_ _
134 Jan. 1 Holders of
234 Dec. 31 Dec. 22 to Jan. 16
Railway & Light Securities, corn.(qu.)._ *50c. Feb. I "Holders of rec. Dec. la Fulton (guar.)
3
Jan. 2 Holders of rec. Dec. 24
rec. Jan. 15
Extra
Common (extra)
*52 Feb. 1 *Holders of rec. Jan. 15
2
Jan. 2 Holders of roe. Dec. 24
Guaranty (guar.)
Reading Traction
4
75e Jan, 1 Dec. 19 to Jan. 1
Dec. 31 Holders of rec. Dec. 14
Lawyers (guar.)
Rochester Central Power, pref.(guar.)._
134 Jan. 1 Holders of rec. Dec. 24
134 Dec. 31 Holders of rec. Dec. 20a
Extra
St. Louis Public Service, pref. (quar.)
2
$1.75 Jan. 2 Holders of rec. Dec.
Dec. 31 Holders of rec. Dec. 20a
20
Manufacturers (quar.)
Savannah El.& Pow., lot pt. ser A (qu.)_ 2
51.25 lan. 2 Holders of rec. Dec. 15
Jan. 2 Holders of rec. Dec.
First preferre&series11 (guar.)
3
174 Jan, 2 IIolders of rec. Dec. 100 Midwood (Brooklyn)
Dec. 31 Dec. 22 to Jan. 1
Ma Municipal Bank & Trust (guar.)
Second & 3rd St. Pass. Ry.(Phila.)(qu.) $3
234 Jan. 2 Holders of rec. Dec. 20
Jan. 1 Dec. 2
to Jan. 1
Extra
Shawinigan Water & Power (quar,)
2
50e. Jan. 10 Holders of rec. Dec. 21
Jan. 2 Holders of rec. Dec. 20
New York (quar.)
Southeastern Power & Light, corn,(qu.)_
5
25c Jan. 21 Holders of rec. Dec. 31
Jan. 2 Dec. 22 to
Jan. 1
State Bank & Trust (guar.)
$7 preferred (quar.)
4
Jan, 2 Dec. 22 to Jan. 1
51.75 Jan. 2 Holders of rec. Dec.
Title Guarantee & Trust (guar.)
4
Jan, 2 Holders of rec. Dee. 22
$1.50 Jan. 2 Holders of rec. Dec. 15
$6 preferred (quar.)
15
Extra
Participating preferred (guar.)
5
$1
Jan. 2 Holders of rec. Dec. 22
Jan. 2 Holders of rec. Dec. 15
Extra
5
South Pittsburgh Water, pref. (quar.)_
Mar. 30 Holders of rec. Mar. 22
Jan. 15 Holders of rec. Jan. 2
United States (guar.)
15
Southern Calif. Edison. orig. pref.(qu.).
Jan. 2 Holders of rec. Dot. 210
Jan. 15 Holders of rot. Dec.
U. S. Mtge. & Trust (guar.)
Preferred, series C (guar.)
3834c Jan. 15 Holders of roe. Dec. 20
334 Jan. 2 Holders of rec. Dec. 286
20
Extra
2
Southern Canada Power, prof (guar.)_ _
Jan. 2 Holders of rec. Dec. 28a
114 Jan, 15 Holders of roe. Dec.
20
Westchester (guar.)
3% Jan. 2 Dec. 28 to Jan. 1
Southwest Bell Telep., pref. (guar.)...._
134 Jan. 2 Holders of rec.
Southwest Gas UM., pref. (guar.)__$ 1.6234 Feb. 1 Holders of rec. Dee. 20
Jan. 20
Insurance,
Fire
Preferred (guar.)
$ 1.6234 May 1 Holders of rec. Apr. 20
American Salamandra (guar.)
•756. Jan. 2'Holders of roe. Dee. 20
Southwestern Gas & Eno., pref. (qu.)_ _
Jan. 2 *Holders of rec. Dec.
City of New Yor (guar.)
4
-southwestern Light & Pow., pf. (quar.)_
Jan. 2 Holders of rec. Dec. 20
Jan. 2 *Holders of rec. Dec. 15
Commonwealth (stock dividend)
M100 Dec. 1 Holders of rec. Dot. 1
Springfield Gas & E'er., pref. A (guar.)_
Jan. 2 Holders of rec. Dec. 15
Continental Insurance
61 Jan. 10 Holders of rec. Dec. 316
Standard Gas & Electric), Com.(guar.)._ 87%c Jan. 25 Holders of rec. Dec. 18
3Ia Fidelity-Phenix Fire
$1 Jan. 10 Holders of rec. Dec. 31a
Jan, 25 Holders of rec. Dee.
Prior preferred (guar.)
31
Hanover (emu%)
25e. Jan. 2 Dec. 20 to Jan. 1
134 Jan. 15 Holders of rec. Dec. 31
6% preferred (guar.)
Home (guar.)
5
Jan. 2 Holden of ree. Dee. 20
Dee. 31 Holders of rec. Dec.
Standard Gas Light of N. Y.,common_ 2
22
Independence
3
Dec. 31 Holders of rec. Dec. 15
3
e Preferred (guar)
Dec. 31 Holders of rec. Dec. 22
Globe & Rutgers Fire (in stock)
*0100 Dec. 31 Holders of rec. Dec. 22
134 Jan. 2 Holders of rec. Dec.
Superior Water, Lt. & Pr., prof.(guar.)_
15
Roasts (guar.)
$1.50 Jan. 2 Holden" of rec. Dee. 140
Vens-Louishun Power, prof. (qliar.)._
Jan. 1 Holders of ree. Dec. 15
Extra
500. Jan. 2 Holden) of roe. Dec. 144
Name of Company.
134
134
50c,
•134
'$1.30
134
134
134
Name of Company.
When
Per
Cent. Payable.
Joint Stock Lend Banks.
Union Joint Stock Land Bank of Detroit •52
•53
Extra
Books Closed
Daps Inclusive.
Deo. 31 *Holders of rec. Dec. 24
Dec. 31 *Holders of rec. Dec. 24
Miscellaneous.
1)9 Jan. 21 Holders of rec. Jan. 10
Abitibi Fower & Paper6% pref.(qu.)
IM Jan. 2 Holders of rec. Dec. 20
7% Preferred Marl
*21 25 Jan. 2 *Holders of rec. Dec. 20
Acme Steel (guar.)
*50c. Feb. 1 *Holders of rec. Dec. 20
Stock dividend
15i Dec 31 Holders of too. Dec. lba
Adams Express,common(guar.)
lli Dec 31 Holders of rec. Dec. 154
Preferred (guar.)
lii Dec. 31 Holders of rec. Dec. 20
Aeolian Company, pref.(qusr.)
*37 He Jan. 2 *Holders of rec. Dec. 20
hero Supply Mfg.,class A (guar.)
50e. Dec. 31 Holders of rec. Dec. 14
Aetna Rubber, com.(quar.)
134 Dee. 31 Holders of rec. Dec. 14
Preferred (guar.)
Agnew-Surpass Shoe Stores, Ltd.$1.75 Jan. 2 Holders of rec. Dec. 15
Convertible preference(guar.)
50c. Jan. 15 Holders of rec. Dec. 310
Mr Reduction (guar.)
(gnarl_ _ _ *50e. Jan. 1 "Holders of rec. Dec. 20
Elec. Appliance,com.
Airway
'1234e Jan. 1 *Holders of rec. Dec. 20
Common (extra)
1( Jan. 2 Holders of rec. Dec. 20
Preferred (guar.)
(guar.) 50c. Jan. 15 Holders of rec. Jan. 5
Akron Rubber Reclaiming, com.
Jan. 2 Holders of rec. Dec. 20
2
Preferred (guar.)
220
Albany Per!. Wrapping Pap.,com (qu.).. 50c. Dec. 31 Holders of rec. Dec. 15
134 Jan. 1 Holders of rec. Dec.
Alberta Pacific Grain, pref.(guar.)
50a. Jan. 2 Holders of rec. Dec. 10
Mies & Fisher,Inc.(guar.)
20c. Jan. 2 Holders of rec. Dec. 14
Alliance Investment Corp.(guar.)
134 Jan. 2 Holders of tee. Dec. lla
Allied Chemical & Dye Corp. pf.(qu.)_ _
Allied Refrigeration Industries$1.50 Jan. 2 Holders of rec. Dee. 15
26 prior pref.(guar.)
63c. Jan. 2 Holders of rec. Dec. 19
Aloe (A. S.) Co., com.(guar.)
1 ki Jan. 2 Holders of rec. Dec. 19
Preferred (guar.)
*75e. Jan. 15 Holders of rec. Dec. 26
Alpha Portlnd Cement (guar.)
•I19 Jan. 1 Holders of rec. Dee. 15
Aluminum Co. of Am. Prof.(gnarl
30e. Jan. 1 Dec. 28 to Jan. 1
aluminum Goods Mfg
600. Dec. 31 Holders of reo. Dec 15
aluminum Manufactures. corn.(gnarl134 Doe. 31 Holders of Tee. Dec. 15a
Preferred (guar.)
1)9 Jan. 15 Holders of rec. Dec. 31
hmer. Art Works,corn.& pref.((marl
*75e. Jan. 1 Holders of rec. Dec. 14
American Bakeries, class A Marl
*51.75 Jan. I Holders of rec. Dee. 14
Preferred (guar.)
2 Holders of rec. Doe. 70
50c. Jan
Amer.Bank Note,com.(quar.)
$1 Dec. 29 Holders of rec. Dec. 7a
Common (extra)
75c. Jan. 2 Holders of reo. Dec. 7a
Preferred (guar.)
Jan. 2 Holders of rec. Dec. 24
1
Amer.Bond & Share,corn.(guar.)
Jan. 2 Holders of rec. Dec. 24
gl
Corn.(extra, payable in scrip)
134 Jan. 2 Holders of rec. Dec. 24
Preferred Marl
Jan. 2 Holders of roe. Dec 24
1
Preferred (extra)
400. Dec. 31 Holders of too. Dec. 21a
Lmer. Brake Shoe & Fdy., Ms.(qu.)._
154 Dee. 31 Holders of roe. Dec. 21a
Preferred (guar.)
750. Feb. 15 Holders of rec. Jan. 31a
Liner. Can.,com.(guar.)
Jan. 2 Holders of rec. Dec. 14a
$1
Common (extra)
119 Jan. 2 Holders of rec. Dec. 140
Preferred (guar.)
15
Capital Corp., pref. iquar.)_ _ .750. Jan. 2 *Ilolders of rec. Dec. 19a
American
$1.60 Jan. 1 Holders of rec. Dee.
Lmer. Car & Fdy.. corn.(guar.)
154 Jan. 1 Holders ef tee. Doe. 14a
Preferred (guar.)
134 Dec. 31 Holders of roe. Dec. 21,
Lmer. Chain, Inc., pref. Marl
81.75 Feb. 1 *Holders of rec. Jan. 20
Wier. Chatillon Corp.. Dflatl-)
•51.75 May. I *Holders of tee. Apr. 20
Preferred (guar.)
50e. Jan. 1 Holders of roe. Dee, 12o
Lmerican Chicle, new corn.(au.)(No.1)
1 Holders of rec. Dec. 12
139 Jan
Prior pref. (guar.)
119 Jan. 2 Holders of rec. Dec. 15
Lmerican Cigar, pref. (guar.)
31 *Holders of rec. Dee. 12
*50e. Dec.
Lmerican Colortype. com.(guar.)
•154 Dec. 81 *Holders of rec. Dee. 12
Preferred (guar.)
300. Jan. 2 Holders of rec. Dee. 14
Liner. Cyanamid,com.A &B(gnarl_
100. Jan. 2 Holders of rms. Dec. 14
Common A & B (extra)
134 Jan. 2 Holders of rec. Dee. 14
Preferred (guar.)
200. Dec. 31 Holders of rec. Dec. 19a
Imer Druggist Syndicate
21.50 Jan. 2 Holders of tee. Dec. 14a
ALmerican Express (guar.)
51.50 Jan. 2 Holders of rec. Dec. 20
ALmerIcan Felt Co., pref.(guar.)
imerican Furniture Mart Bldg. Corp.
IM Jan. 2 Holders of rec. Dec. 20
Preferred(quar.)
Lmerican Hardware Corp.Si
Jan. 1 Holders of ree. Dee. les
Quarterly
*$1 Jan. 15 *Holders of rec. Jan. 3
Aimerlean Hawaiian Steamship
25e. Jan. 2 Holders of rec. Dec. 140
cram. Home Products (monthly)
25c. Feb. 1 Holders of rec. Jan. 14a
Monthly
139 Jan. 2 Holders of tee. Dee. 21,
.met Linseed, pref. Marl
52 Dee. 31 Holders of rec. Dec. 130
A met.Locomotive,corn.(guar.)
134 Dec. 31 Holders of rec. Dec. 13a
Preferred (gnarl
75e. Jan. 2 Holders of rec. Dec. 21
(au.).
.m.Lend.& Empire Corp.6% pf.
A
Dec. 31 Holders of tee. Dec. 150
Liaerican Manufacturing. corn.(quay.). 1
IM Dee. 31 Holders of roe. Dee. 150
(quar.)
Preferred
Dec. 31 Holders of rec. Dec. 24
*40c.
.merloan Milling, com.(guar.)
A
rec.
ALmer. Pneumatic Service, 1st pref.(qu.) 8734e Dec. 31 Holders of rec. Dec. 21
Dec. 21
50c. Dec. 31 Holders of
Preferred
Dec. 15
ALmerlcan Produets Sem,2nd pref.(qu.) *50c. Jan. 2 Holders of rec. Dec. 21
*50c. Dec. 31 Holders of rec.
32 panic. preferred (guar.)
Dec. 31 Holders of rec. Dec. lla
American Radiator, common (guar.)... 31.25
$1.20 Dec. 31 Holders of roe. Dec. 15a
American Railway Express (quar.)
*50o. Jan. 15 Holders of rec. Dee. 31
A,mar. Rolling Mill. corn. Num./
$1 Jan. 2 Holders of rec. Dec. 100
A,met.Safety Razor (guar.)
250. Jan. 2 Holders of rec. Dec. 100
Extra
1 Jan. 2 Holders of rec. Dec. 21a
A,merican Screw (Guar.)
75e. Jan. 1 Holders of rec. Dec. 20a
A,mer. Seating Ce., common (gnarl
2 Feb. 1 Holders of rec. Jan. 15a
corn.(guar.)
A,mer.Shipbuilding,
134 Feb. 1 Holders of rec. Jan. 15
Preferred (gnarl
Jan. 2 Holders of recs. Dec. 14a
3
Amerlean Snuff, corn.((Marl
Jan. 2 Holders of rec. Dec. 14,
.2
Common (extra)
119 Jan. 2 Holders of rec. Dee. 14a
Preferred (quar.)
750. Jan. 2 Holders of rec. Dee. 13
merican Solvents & Chemical. pref.__ _
Jan. 1
*08
merle= Spinning (stock dividend)
750. Jan. 15 Holders of roe. Jan. 2a
mer.Steel Foundries,com.(gnarl
134 Dec. 31 Holders of roe. Dee. 15a
(guar.)
Preferred
500. Jan. 1 Doe. 16 to Jan. 1
(
,merican Stores Co. guar.)
134 Jan, 2 Holders of tee. Dec. ila
met. Sugar Reg.. pref.(guar.)
75e. Jan, 15 Holders of tee. Jan. 2a
merican Sumatra Tob,corn.(qu.)
52.50 Dee. 31 Holders of tee. Dec. 220
mer.Surety (guar.)
$2 Dec. 31 Holders of roe. Dec. 22a
Extra
1239e Jan. 1 Holders of tee. Nov. 300
merloan Thread preferred
20
pier. Title & Guarantee Colqul(No.1) $1.25 Jan. 1 Holders of tee. Dee. 10a
Ili Jan. 2 Holders of rec. Dec.
(gnar.)
merlcan Tobacco. pref.
$1.25 Jan. 2 Dec. 21 to Jan. 1
met. Turf Association, common
Jan. 2 Dec. 21 to Jan. 1
4
Preferred
Jan, 15 Holders of rec. Jan. 5a
met. Type Founders, common (guar.). 2
134 Jan. 15 Holders of rec. Jan. 5a
Preferred (guar.)
50c. Jan. 15 Holders of rec. Jan. 5
com.(qu.)
A met. Vitrified Products,
'134 Feb. 1 *Holders of res. Jan. 19
Preferred (gear.)
'20
A merican Wholesale Corp.. prof.(guar.) 1 4 Jan. 2 Called for red. Jan. 221a
Dee.
Anchor Cap. Corp., cony. Prof.(qu.)_$ 1.6234 Jan. 1 Holders of rec. Dee. 16
1
4 1.62)9 Jan. 1 *Holders of rec.
A pponaug Co. pref. (guar.)
134 Jan, 2 Holders of rec. Dec. 10a
A rmour & Co.of Del. prof.(attar.)
IM Jan. 2 Holders of rec. Dec. 10a
Armeur & Co. (Ills.). pref.(guar.)
.3734e Jan. 2 *Holders of rec. Dec: 15
rinstrong Cork (quar.)
A.
•1239c Jan. 2 *Holders of rec. Dec. 15
Extra
*50c. Jan. 1 *Holders of rec. Dec. 20
rtic Dairy Products, corn.(guar.)
75e Jan. 1 Holders of rec. Dee. 21,
(gust.)
A rtloom Corp.. COM
3740 Dec. 31 Holders of rec. Dec. 21a
Art Metal Construction (guar.)
134 Jan. 15 Holders of reg. Dec. 31
sbestos Corporation, pref.(guar.)
A.
•
moo. Apparel Indus.. com.(mthly.)-- 331-3e Jan. 2 *Holders of rec. Dec. 21
Holders of rec. Jan. 12a
63e.
A asociated Dry Goods Corp., corn.(qu.) 134 Feb. I Holders of rec. Feb. 9a
Mar. 1
First preferred (quar.)
Mar. 1 Holders of rec. Feb. 9a
134
Second preferred (guar.)
50e. Dec. 31 Holders of rec. Dee. 10a
ssociated 011 :quer.)
*750. Dec. 31 "Holders of rec. Dec. 21
A asociates Investment CO. Marl
•250. Dec. 31 *Holders of rec. Dec. 21
Extra
2 Holders of rec. Dec. 24
A stor Financial Corp., class A (guar.)._ 87190 Jan. 31 Holders of tee. Dee. lie
Mc. Dee.
A Ii. Gulf & W.1.8.8. Lines pref.(qu.).
Dec. 21
A has Portland Cement, pref.(guar.) _- *66 c Jan. 2 *Holders of rec. Doe. 31a
75c. Jan. 15 Holders of rec.
A utosales Corp., pref
Jan. 2 Holders of roe. Dec. 21
Si
A uburn Automobile Co.(guin%)
*e2 Jan. 2 Holders of rec. Des. 21
atneelr ellvidowl
[Vol.. 127.
FINANCIAL CHRONICLE
3664
Name of Company.
When
Per
Cent. Papable
Books Closed
Days inclusive.
Miscellaneous (Continued).
Automatic Wash. pref. (qu.)(No. 1)___ *50c Jan. I *Holders of rec. Dec. 15
Jan. 2 Holders of rec. Dec. 21
e2
Extra (payable in stock)
The Jan. 2 Holders of rec. Dec. 10a
Auto Strop Safety Razor,corn. A (qu.)
"80c Jan. 1 *Holders of tee. Dec. 15
"A"(qu.)
Axton-Fisher Tobacco,com.
13( Jan. 1 Holders of reo. Dee. 200
Babcock & Wilcox Co. Marl
1( Apr. 1 Hold. of reo. Mar. 20 '29a
Quarterly
50c. Jan. 2 Holders of rec. Dee. 20
Bachmann,Emmerich & Co.,com.(No.1)
•50e. Jan. 1 *Holders of rec. Dec. 20
Backstay Welt Co.(guar.)(No. 1)
*25o. Jan. 1 *Holders of reo. Dec. 20
Balaban & Katz, com.(monthly)
•139 Jan. 1 *Holders of rec. Dec. 20
Preferred (quar.)
Baldwin Locomotive Wks.,com.& pfd
3i Jan. 1 Holders of me. Dec. Ifs
Jan. 2 *Holders of rec. Dec. 15
*21
Bancitaly Corp.(quar.)
(v) Jan. 1 "Holders of roe. Nov. 1
Stock dividend
•51 50
Bancomit Corp.(No.I)
Bancroft(Joseph) &Sons Co.,com.(qu.) 6214 a Dec. 31 Holders of rec. Dec. 15
$4 Jan. 15 Holders of tee. Dec. 31
Bankers Capital Corp., corn
Jan. 15 Holders of reo Dec. 31
$2
Preferred (quar.)
$17 Jan. 15 Holders of roe. Dec. 81
Common & preferred (extra)
Bankers Invest. Trust of Amer., com.__ •250. Dec. 31 *Holders of rec. Doe. 10
•15o. Dec. 31 *Holders of reo. Dec. 20
Debenture shares (guar.)
750. Jan. 15 Holders of rec. Dec. 310
Bankers Securities Corp.,com.& pf.(qu)
Jan. 15 *Holders of rec. Dec. 31
Bankers Security Tr. Co., corn.(No. 11) *5
Jan. 15 *Holders of rec. Dec. 31
*5
Set. A participating stock (No. 1)
•25
Jan. 15 *Holders of roe. Dec. 31
Initial capital stock (No.1)
*119 Mar. 1 *Holders of rec. Feb. 15
Series A pref. (guar.)
119 Jan. 1 Holders of rec. Dec. 20
Bankers Share Corp.,com.(guar.)
M Jan. 1 Holders of rec. Dec. 20
Common (extra)
25e. Jan. 2 Holders of rec. Dec. 20
Bankinstocks Holding Co., com.(qu.)BankstocksCorp.ofMd.com.A&B(qu4._ 20 Jan. 2 Holders of rec. Dec. 17
8131c Jan. 2 Holders of reel Dec. 17
Preferred Lquar.)
*25c. Jan. 10 *Holders of roe. Dec. 31
Bansicilla Corp.,el. A &B (qu.)
50c. Jan. 1 Holders of rec. Dee. 154
Barker Bros. Cont., com. (guar.)
IM Jan. 1 Holders of roe. Doe. 15a
pref. (guar.)
Cony.6)9%
139 Jan. 1 Holders of rec. Dec. 27a
Barnet Leather, pref.(guar.)
50o. Feb. 5 Holders of rec. Jan. 2.
Barmidall Corp.com.A & B ((marl__ - 50o. Jan. 1 Holders of rec. Dec. 20a
Baxter Laundries, Inc., corn. A (quar.).
139 Jan. 1 Holders of rec. Dec. 20s
7% Preferred (guar.)
500. Jan. 15 Holders of rec. Dec. 310
Bayuk Cigar, common (guar.)
11( Jan. 15 Holders of rec. Dec. 31.
First pref. and pref. (guar.)
Jan. 15 Holders of rec. Doe. 31
2
8% preferred (guar.)
Jan. 2 Holders of rec. Dec. 20
"51
Beatrice Creamery, common (gust.)
•134 Jan. 2 Holders of rec. Dec. 20
Preferred (guar.)
750. Jan. 10 Holders of rec. Dec. 24
Beech-Nut Packing, corn. (guar.)
IM Jan. 2 Holders of rec. Nov.30
Belgo-Canadian Paper, pref.(guar.)__
*50c. Jan. 1 Holders of rec. Dec. 15
Bendix Corp., new stock (guar.)
300. Jan. 2 Holders of rec. Dee. 20
Berry Motor (guar.)
134 Jan. 2 Holders of tee. Dec. la
Bethlehem Steel, pref. (guar.)
50o. Jan. 5 Holders of rec. Dec. 205
Bingham Mines (guar.)
20o. Jan. 14 Holders of rec. Dec. 24
Blow-Knox Co.,corn.(special)
Jan. 14 Holders of rec. Dec. 24
15
Common (payable in cora, stock)
*250. Jan. 2 *Holders of rec. Dec. 13
Bliss(E. W.)Co.,corn.(guar.)
*el Jan. 2 *Holders of rec. Dec. 18
First preferred (guar.)
*87)9c Jan. 2 *Holders of rec. Dec. 18
Second preferred, class A (guar.)
*150. Jan. 2 *Holders of rec. Dee. 18
Second preferred, class B(guar.)
119 Dee. 31 Dee. 26 to Dec. 30
Bloch Brothers Tobacco. pref. Marl._
Blumenthal (Sidney) & CO.. prof.(qu.). IM Jan. 2 Holders of rec. Dec. 155
Feb. 1 Holders of rec. Jan. 15a
Preferred (acct, accumulated divs.)._ 414
Jan. 1 *Holders of rec. Dec. 15
•3
Boardwalk Securities Corp.(guar.)
.750. Jan. 2 *Holders of rec. Dec. 15
Bohn Aluminum ,k Brass (guar.)
.50c Jan. 2 *Holders of rec .Dec. 15
Extra
*51 Jan. 2 "Holders of rec. Dec. 20
Borg-Warner Corp., common (gnarl
Jan. 2 *Holders of rec. Dec. 20
Common (payable in common stock)._ 412
$3 Dec. 31 Holders of me. Dec. 1
Boston Wharf Co
Jan. 1 Hclders of tee. Dec. 20
4
Brady, Cryan & Colleran, matte. prof.
Jan. 1 Holders of rec. Dee. 20
2
Participating preferred (extra)
134 Jan. 2 Holders of rec. Dec. 1
Brandram-Henderson, Ltd., pf. (gal_
100 Jan. 15 Holders of rec. Dec. 28
Brewers & Distillers of Vancouver
$1.75 Jan. 1 Holders of rec. Dec. 20
Bridgeport Machine. pref.(guar.)
50c Jan. 2 Holders of rec. Dec. 15a
Brillo Mfg.,class A (guar.)
Des. 31 Holders of rec. Dec. 21
$1
Co.(gear.)
Bristol-Myers
Jan. 1 1
25c Jan. 2 Dec. 15 to
British-Amer. 011 reg. stk. (guar.)
Jan. il 1
to
250 Jan. 2 Dec 15
Registered stock (bonus)
250. Jan. 2 Holders of coupon No.8 1
Coupon (bearer) stock (guar.)
25c. Jan. 2 Holders of coupon No.81
Coupon (bearer) stock (bonus)
British-Amer. Tobacco ord. (final ay.). (q) Jan. 24 See note (M.
OD Jan. 24 See note (a).
Interim dividend
Jan. 2 Holders of rec. Dec. 27
6
British Mtge. & Trust Co., Ontario
2
Jan. 2 Holders of rec. Deo.137
Bonus
•159 Feb. 1 *Holders of rec. Jan. 14
Broadway Dept.Stores, pref.(olul
Brockway Motor Truck, com.(gnarl_ .75c. Feb. 1 *Holders cf rec. Jan. 15
154 Jan. 2 Holders or rec. Dee. 100
Preferred (guar.)
50c. Jan. 15 Holders of tee. Dec. 31
Brompton Pulp &Patter(Var.)
134 Jan. 1 Holders of rec. Dec. 20
r, pf.(qu.)_ _ _
Brunswick-Balke-Collende
25e. Jan. 2 Holoers of rec. Dec. 8a
Bucyrus-Erie Co., common (quar.)
6240 Jan. 2 Holders of rec. Dec. 8a
Convertible preferred (gnarl
1)( Jan. 2 Holders of roe. Dec. 8a
7% Prof. (gnar.)
400. Jan. 2 Holders of rec. Dec. 20
Building Products. Ltd., cl. A de B(qu.)._
IM Jan. 2 Holders of rec. Dec. 20
Preferred (guar.)
154 Jan. 2 Holders of rec. Dec. 130
Burns Bros., pref.(gnarl
50o. Feb. 1 Holders of roe. Jan. 40
Bush Terminal Co., corn. (gnat)
AM Feb. 1 Holders of rec Jan. 90
.
Common (payable in corn. stock)_
139 Jan. 15 Holders of tee. Doe. 280
Debenture stock (guar.)
134 Jan. 2 Holders of rec Dec. 195
Bush Terminal Bides.. pref. (quar.)
500. Doe. 31 Holders of me. Duo. 145
Butte & Superior Mining(guar.)
134 Jan. 1 Holders of rec. Dee. 15
Butts Clark, Inc., pref. (guar.)
Consumers Co.. 57 pref.(qu.) 11.75 Jan. 2 Holders of rec. Dee. 15
California
$1.50 Jan. 1 *Holders of rec. Dec. 31
California Group Corp. pref.(quar.)._ •
• 37)9c. Jan. 2 *Holders of rec. Dec. 20
California Ink. class A (guar.)
• 12 Me. Jan. 2 *Holders of rim. Dec. 20
Class A (extra)
250. Jan. 1 Holders of rec. Nov.235
California Petroleum (guar.)
134 Jan. 2 Holders of reo. Doe, 20
Cambridge Rubber, pref. (gnarl
Campbell Wyant &Cannon Fdy.(instk.) *050 Dec. 27 *Holders of rec. Dec. 17
olg Jan. 2 *Holders of rec. Doe. 15
Canada Bread. pref. A & B (au.)
194 Dec. 31 Holders of rec. Nov.30
Canada Cement, pref. (gnarl
Jan. 15 Holders of rec. Jan. 2a
El
Canada Dry Ginger Ale (guar.)
Canada Foundries dc Fore.. el. A (qu.) - 3734c Jan. 15 Holders of rec. Dec. 31
75o. Jan. 2 Holders of rec. Dee. 15
Canada Gypsum & Alabastine
14 Jan. 2 Heledes of rec. Dec. 15
Canada Steamship Lines, pref. (mil
Canadian Car & Fdry., pref.((marl- lki Jan. 10 Holders of roe. Dec. 26
Jan. 4 Holders of rec. Dee. 22
Canadian Cottons, Ltd.,corn.(guar.)._ 2
119 Jan, 4 Holders of rec. Dec. 22
Preferred (quar.)
8730.Jan. 2 Holders of rec. Doe. 15
Canadian General Elec., pref.(au.)
380. Jan. 15 Holders of.rec. Dec. 31
Canadian Industrial Alcohol(quar.) ---25s. Jan. 15 Holders of rec. Dec. 31
Extra
134 Jan. 2 Holders of roe. Dec. 20
Canadian Locomotive, pref.(gnarl
139 Jan. 2 Holders of rec. Dec. 15
Canadian Paperboard, pref. (gnarl
CanadianWirelgdfloxes,Ltd.Com.A(qu.) 37 Mc Jan. 2 Holders of req. Dec. 15
Dee. 31 Dec. 21 to Dee. 23
2
Canfield 011, common (guar.)
134 Dec. 31 Dec. 21 to Dec. 23
Preferred Mar.)
$1.75 Mar. 31 Holders of tee. Feb. 20
Common and preferred (guar.)
Common (payable in common stock). 120 Jan. 5 Dee. 21 to Dee. 23
21.75 June 30 Holders of tee. May 20
Common & preferred 'guar.)
21.75 Sept.30 Holders of rec. Aug. 20
Common & preferred (guar.)
$1.75 Dec. 31 Holden; of rec. Nov. 20
Common & preferred (guar.)
700. Jan, 2 Holders of roe. Dec. 18
Cannon Mills (Oust.)
75e. Jan, 1 Holders of rec. Dec. 19
(No.1).
Capital AdmInstr., Ltd., pf.(qu.)
*75c. Jan. 2 'Holders of rec. Doe. 20
Carnation Milk Products(guar.)
17a
Case(J.I.) Threshing Mach.,corn.(qu.) 139 Jan. 1 Holder, of rec. Dee. 17a
139 Jan. 1 Holders of rec. Dec.
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 18
Cavanagh-Dobbs, Inc., pref.(quar.)_ __ _
440 Jan. 1 Holders of rms. Doe. 20
Ce Co Manufacturing,corn.(quar.)
Doe. 14
Celanese Corp. of Amer .prior pf.(an.). 134 Jan. 1 Holders of rec. Dec. 14
334 Dec. 31 Holders of rec.
First participating preferred
.750 Jan. 2 *Holders of rec. Dec. 15
4
Celotex Co., corn. (guar.)
15
•134 Jan. 2 *Holders of roe. Dec. 220
Preferred (guar.)
50c Jan. 10 Holders of rec. Doe.
Central Alloy Steel, eommon (gnarl....
180
134 Jan. 1 Holders of roe. Dec. 24
Preferred (guar.)
0500 Jan. 2 Holders of me. Dec.
Central Aguirre Associates
Jan. 2 Holders of rec. Dec. 24
2
Aguirre Sugar (gnarl
Central
Dec. 20
,
Centred Dairy Products eons.of. A toy.) *50c Jan. 1 *Fielders of rec.
DEC. 29 1928.]
FINANCIAL CHRONICLE
Per
When
Cent. Payable
Books Closets
Days Inclusive.
3665
Per
When
Books Cloaca
Name of Company.
Con. Payable,
Days Industoe.
Miscellaneous (Continued)
Miscellaneous (Continued).
Central Distributors, Inc., pref. (qu.)
$1.75 Jan. 2 Holders of rec. Dec. 15
Dominion Glass, Ltd.. corn. to pf.
154 Jan. 2 Holders of rec. Dec. 15
Central Investors Corp.. M. A (quer.)
•374c Jan. 2 "Heiden of rec. May is Dominion Rubber pref.(guar.) (qu.)
134 Dec. 31 Holders of rec. Dee. 24
Central Nat. Corp., el. A (qu.)(No. 1).
750. Jan. 10 Holders of rec. Dec.
Dominion Stores, Ltd.(quar.)
75e. Jan. 2 Holders of rec. Dee. 15
Certain-teed Prods.Corp..Pref.(q11.)-- 134 Jan. 1 Holders of rec. Dec. 31
18a Dominion Textile, Ltd., corn,(quar.)_
$1.25 Jan, 2 Holders of rec. Dec. 15
Cerro Corporation (guar.)
75e. Jan. 1 Holders of rec. Dec. 1.0
Preferred (guar.)
IA Jan. 15 Holders of rec. Dec. 31
Extra
25c. Jan. 1 Holders of rec Dee. la Douglas (NV. L.) Shoe
Co., prof.(qu.).
154 Jan. 1 Holders of rec. Dec. 15
Chapman Ice Cream (guar.)(No. I)._
'31340 Jan. 15 *Holders of rec. Dec. 24
Dow Drug,common (quar.)
*I% Jan. 1 *Holders of rec. Dec. 21
Chelsea Each. Corp., A & B (qu.)
25e heb. 15 Hold. of rec. Feb. 1 '29
Draper Corp.(guar.)
1
Jan. 1 Holders of rec. Dec.
Class A & B (guar.)
25* May 15 Hold,of rec. May 1 '29
Dunham (James H.) & Co.,corn. (qu.) *134 Jan. 1 "Holders of ree. Dee. 1
Chicago Pneumatic Tool(guar.)
18
$1.10 Dec. 31 Holders of rec. Dec.
First preferred (guar.)
1 *Holders of rec. Dec. 18
Chicago Railway Equipment, pref.(qu.) •1M Dee. 31 *Holders of rec. Dec. 21a
'134
20
Second preferred (guar.)
"134 Jan. 1 'Holders of rec. Dee. 18
Chicago Towel, common (guar.)
*S1.25 Jan. 2 "Holders of rec. Dec. 20
imernational kquar.)___
$1
Preferred (guar.)
Jan. 15 Holders of rec. bee. 310
"$1.75 Jan. 2 "Holders of rec. Dec. 20
Quarterly
Apr. 15 Holders of rec. Apr, la
$1
Chicago Yellow Cab Co.(monthly)....
25e Jan. 2 Holders of rec. Dec. 200
Stock dividend
el
Jan. 15 Holders of lee. Dec. 310
Monthly
25e. Feb. 1 Holders of rec. Jan. 210
Stock dividend
Cl
Apr. 15 Holders of rec. Apr. la
Monthly
25e. Mar. 1 Holders of rec. Feb. 19a
Stock dividend
el
July 15 Holders of rec. July la
Chickasha Cotton ()II (guar.)
75e. Jan. 1 Holders of rec. Dec. UM
Stock dividend
Quarterly_
el
Oct. 15 Holders of rec. Oct. la
75e. Apr. 1 Holders of ree.Mar 0'290 Duplan Silk Corp., pref
Quarterly _
$2 Jan. 1 Holders of rec. Dec. 20
75o. July 1 Holdersof reo.June10'29e
Du Pont(E I.) de Nem. to Co., corn.
Chile Copper Co (guar.)
75c. Dec. 29 Holders of rec. Dec. ba
Common (special
,
Chrysler Corporation (guar.)
$4.75 Jan, 5 Holders of rec. Dec. la
75c. Jan. 2 Holders of rec. Dec. 3a
Debenture stock
1.34 Jan. 25 HJIders of rec. Jan. 10a
Preferred (gear.)
2
Jan. 2 Holders of rec. Dec. 17a Eastman Kodak. (guar.)
common (guar.)
61.25.Jan. 2 Holders of rec. Nov. 30a
Cities Service. common (monthly)
34 Jan. 2 Holders of rec. Dec. 15
Common (extra)
75c Jan. 2 Holders of rec. Nov. 30a
Common (payable In common stock)_ _
1;4 Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
134 Jan. 2 Holders of rec. Nov. 30a
Prof. ana pref. BB (monthly)
M Jan. 2 Holders of rec. Dec. 15
Eastern Rolling Mill (goar.)
37340. Jan. 1 Holders of rec. Dec. 15
Preferred B (monthly)
5c. Jan. 2 Holders of rec. Dec. 15
Stock dividend
e5
City Housing Corp
Jan. 1 Holders of rec. Dee.
*3
Dee. 31 *Holders of rec. Dee. 6
Eastern Steamship Lines, pf. (quar.) _ 87340. Jan, 2 Holders of rec. Dec. 15
City investing,corn
22
$2.50 Feb. 1 Holders of rec. Jan. 236
First
Common
154 Jan, 2 Holders of rec. Dec. 22
$2.50 Jan. 2 Holders of rec. Dec. 26a Eastern preferred (guar.)
Steel Products, prior pref.(qu.)
134 Jan. 2 Holders of rec. Dec. 15
Preferred (quar.)
134 Jan, 2 Holders of rec. Dec. 26
Eastern Theatres. Ltd.(Toronto). pref
City Machine & Tool,common (guar.)._
334 Jan. 31 Holders of rec. Dec. 31
40c. Jan, I Holders of rec. Dec. 20
Eastern UtilitiesInverting 5% pr.0f.
(qu.) 31.25 Jan, 2 Holders of rec. Nov. 30
Common (extra)
30e. Jan. 1 Holders of rec. Dec. 20
Participating preferred (guar.)
$1.50 Feb. 1 Holders of rec. Dec. 31
Claremont Investing, eons. (guar.)
18e. Jan. 1 Holders of rec. Dec. 29
Economy Grocery Store (guar.)
*25c. Jan. 15 *Holders of rec. Dec. 31
Preferred (guar.)
32c. Jan.
Holders of rec. Dec. 29
Eequadorian Corp. ordinary
Cleveland Stone, common (guar.)
Sc. Jan. 1 Holders of rec. Dec. 22
.50c. Mar.
*Holders of rec. Feb. 15
Preferred
Common (guar.)
334 Jan. 1 Holders of rec. Dec. 22
*50e. June
*Holders of rec May 15
Edwards (Wm.) Co., pref. (guar.)
Common (gear.)
134 Jan. 2 Holders of rec. Dec. 20
•500. Sept. 1 *Holders of rec. Aug 15
Eleenlohr (Otto) to Bros., pref. (go.)... 134 Jan, 1 Holders of rec. Dec. 200
Cleveland Union Stock Yards (qu.).
50e. Jan. 2 Holders of rec. Dec. 20
Electric Auto-ills Co., corn. (gnat.).... 81
Club Aluminum Utensil(guar.)
Jan. 1 Holders of rec. Dec. 156
"500. Jan. 2'Holders of rec. Dec. 20
Common (extra)
50o. Jan. 1 Holders of rec. Dec. 156
Cluett-Peabody & Co., pref.(quar.)...._
1)4 Jan. 2 Holders of rec. Des. 2I0
Preferred 'guar.)
Coleman Lamp to Stove (guar.)
134 Jan. 1 Holders of rec. Dec. 15a
$1
Jan. I Holders of rec. Dec. 18
Electric Controller to Mfg. (quar.)
$1.25 Jan. 2 Holders of rec. Dec. 20
Coca Cola Bottling Co.(guar.)
*500. Dec. 31 'Holders of rec. Dec. 15
Electric Household Utilities
*S1 Jan. 15 Holders of rec. Dec.
Coca Cola Co., corn. (guar.)
81.50 Jan. 2 Holders of rec. Dee. 12a
Electric Stcr Battery,corn. to pf.(qu.)- - $1.25 Jan. 2 Holders of rec. Dec. 31
Common (payable in class A stock)_ _ el00
86
Holders of rec. Jan. 15
Corn. to pref.(pay. in corn. stock)
Coca Cola internat. Corp. (guar.)
Jan. 2 Holders of rec. Dec. 8a
$3
Jan. 2 Holders of rec. Dec. 120 Electric Vacuum Cleaner, corn.(extra).. 110
*31
Cookehutt Plow,corn
8750. Feb. 1 Holders of rec. Jan. 15
Eleventh Ward Bide Assn (Newark)_
Dec. 31
*7
Cohn-Hall
-Marx, corn.(quar.)
62340. Ja. 229 Holders of reo. Dec. 15
Emerson Electric Mfg.. pref. (guar.)._
Common (quits.)
134 Jan. 1 Holders of rec. Dec. 29
62340. Ap.1'29 Holders of reo. Mar. 15a Empire Bond to Mortgage, commou__
__
Common (guar.)
$1 Jan. 1 Holders of rec. Dec. 20
62340. Jul 1'29
Preferred (guar.)
Colgate-Palmolive-Peet Co., pref.(qu.)- 134 Jan. 1 Holders of rec. June 15
134 Jan, 1 Holders of rec. Dec. 20
Holders of roc. Dec. 15
Empire Safe Deposit (guar.)
Collyer insulated Wire(guar.)
234 Dec. 29 Holders of rec. Dec.
"$2 Jan. 1
Endicott Johnson Corp., corn. (goat.).. $1.25 Jan. 1 Holders of rec. Dec. 220
Colonial Financial Corp. pref. (guar.)._
19.
134 Jan. 1 Holders of rec. Dec. 21
Preferred (gnar.)
Commercial Credit Co., corn.(quar.)._.
154 Jan, 1 Holders of tee. Dec. 196
25e Dec. 31 Holders of rec. Des. Ila
Equitable Office Bldg.,new corn.(qu.)
50o Jan. 2 Holders of ree. Dec. 15a
634% 1st preferred (quar.)
146 Dec. 21 Holders of rec. Dec. Ila
Preferred (guar.)
7% let preferred (guar.)
144 Jan. 2 Holders of rec. Dec. 15a
43 Me Dec. 31 Holders of rec. Dec. Ila
Erskine-Danforth Corp.. pref.(goat.).. 2
8% preferred B (guar.)
Jan, 2 Holders of rec. Dec. 26
50c Dec. 31 Holders of rec. Dec. ha Evans Auto Loading
(guar.)
Commercial Invest. Trust, corn. (qu.)._ $I
*13234e Jan. 1 *Holders of rec. Dec. 20
Jan. 1 Holders of rec. Dec. ba
Stock dividend
Common (payable in common stock)_ 11
*e2
Apr. 1 *Holders of rec. Mar. 20
Jan. 1 Holders of rec. Dec. 5a
Stock dividend
"e2
Oct. 1 'Holders of rec. Sept. 20
6M % pref. guar.)
(
144 Jan. 1 Holders of rec. Dee. 5a Evans Wallower Lead. pref. (guar.)
_ __ _
7% first preferred (quar.)
1I4 Jan. 1 Holders of rec. Dee. 20
13( Jan. 1 Holders of rec. Dec. 56
Fairbanks Morse & Co.. corn.(goat.)...
Commercial Solvents Corp.(guar.)
75e. Dec. 31 Holders of rec. Dee. I20
$2
Jan. 1 Holders of rec. Dec. 20. Fair (The), common
Commonwealth Casualty
(monthly)
20e. Jan. 2 Holders of rec. Dec. 21a
60c Dec. 31 Dec. 21 to Dec. 25
Common (montblY)
Community Loan System, Inc
20e. Febl'29 Hold, of rec Jan.21'29a
4
Jan, 2 Holders of rec. Dec. 18
Preferred (ailar.)
Conde Nast Publications,Ins.corn.(qu.)
154 Feb l'213 Hold of ree Jan.21'29a
.
50e. Jan. 2 Holders of rec. Dec. 17a Fanny Farmer
Candy Shops, corn.(qu.)
Conduits Co., Ltd., pref. (guar.)
25c. Dec. 31 Holders of rec. Dec. 15
134 Jan. 1 Dec. 18 to Dec. 31
Preferred (guar.)
Congress Cigar (guar.)
60o. Dec. 31 Holders of rec. Dec. 31
$1.25 Jan. 2 Holders of rec. Dec. 145 Farr
Alpaca
Consolidated Cigar Corp, corn.(Quar.)- $1.75 Jan. 7
"2 Dec. 31 *Holders of rec. Dee. 19
Holders of ree. Dec. 20a Faultless (quar.)
Prior preferred
50c. Jan, 2 Holders of rec. Dee. 14
81.825 Feb. 1 Holders of rec. Jan. 15a Federal Rubber (guar.)
Nlotor Truck (qua?.)
Conga Dairy Products, corn.(qu.)
20c. Jan. 2 Holders of rec. Dec. 200
.50c. Ian. 2 *Holders of rec. Dee. 14
Federal Screw Works (guar.)
Consolidated Film Industry. pref.(on.).
*4334c Jan. 2 *Holders of rec. Dec, 20
500. Jan. 2 Holders of rec. Dec. 17a Federated
Business Publications
Consol. Mining & Smelting
$1.25 Jan. 15 Holders of rec. Dec. 31
First preferred (guar.)
Extra
6234c.Jan. 2 Holders of rec. Dec. 20
85 Jan. 15 Holders of rec. Dec. 31
Federated Metals (guar.)
Consolidated Retail Stores, corn.(qu.)..
25c. Jan. 11 Holders of rec. Jan.
25e Jan. 2 Holders of roe. Dec. 20
Feitman to Curme Shoe Stores, Pf.(e.) 134 Jan, 2 Holders of reg. Dec. 3
Preferred (quar.)
2
Jan. 2 Holders of rec Dee. 20
1
Fidelity Industrial Bank (quar.)
Container Corp., class A (guar.)
*51.50 Feb. 15 *Holders of rec. Jan. 31
300. Jan. 1 Holders of rec. Dec. 10a
Extra
Class B (guar.)
*50c. Feb. 15 *Holders of rec. Jan. 31
15c. Jan. 1 Holders of rec. Dec. 10a
Firth Avenue Bus Securities
Preferred (guar.)
160, Dee. 29 Holders of rec. Dec. 14.
•13 Jan. 1 "Holders of tee. Dec. 10
,
4
Fifth Avenue Investing,corn
Continental Baking. pref. (guar.)
80e. Jan. 1 Holders of rec. Dec. 26
$2
Jan
1 Holders of rec. Dec. 176
Preferred.(guar.)
Continental Can. preferred (guar.)
$2 Jan. 1 Holders of rec. Dec. 26
Jan. 1 Holders of ree. Dec. 20a
Filene's (William) Sons Co., pref. (qu.)
Continental Clay Products,6% pref._ _ _
134 Jan, 1 Holders of rec. Dee. 20
3
Jan. 1 Holders of rec. Dec. 15
Continental Motors (guar.)
Finance Co.of Amer.,corn. A&B (guar.)
15c. Jan. 15 Holders of rec. Jan. 54
20e. Jan.
Continental Securities, common (guar.)_ $1 Jan. 30 Holders of rec. Jan. 15a
7% prof.(guar.)
4334c Jan. 15 Holders of rec. Jan. 50
15 Holders of rec. Jan. 2
Firestone Tire & Rubber, corn.(qua?.).. $2
Copper Range Co. (guar.)
Jan. 20 Holders of rec. Jan. 10
500. Jan. 15 Holders of rec. Dec. 15
Coty, Inc.. new stock (guar.)
8% Preferred (guar.)
134 Jan. 15 Holders of rec. Jan. 1
600. Dec. 31 Holders of tee. Dec. 17a
Craddock-Terry Co., common (quar.)
7 Preferred (guar.)
%
134 Dec. 31 Dec. 16 to Dec. 31
134 Feb. 15 Holders of rec. Feb. 1
First Maine Invest Crrp., el. B (No. 1) *10e.
First preferred
3
Dec. 31 Dec. 16 to Dec. 31
First Nat. Pictures. 1st ref.(guar.)._ 2
Sscond preferred
Jan. 2 Holders of rec. Dec, 136
3
Dec. 31 Dec. 16 to Dec. 31
Second preferred A (guar.)
Class C
$1.75 Jan. 2 Holders of rec. Jan. 26
336 Dec.
Creamery Package Mfg., corn.(quar.)_ _ *50e. Jan. 31 Dec. 16 to Dec. 31
First Naticrnal Stores, corn. (guar.).
- 37340 Jan. 27 Holders of tee. Dec. 200
10 *Holders of rec. Jan. 1
First preferred (mar.)
Preferred ((Mar.)
*134 Jan. 2 *Holders of rec. Dee. 20
"1M Tan. 10 *Holders of rec. Jan. 1
Flathush Investing common (guar.)._
Cresson Cons. Gold Alining & Milling_
134 Dec. 31 Holders of rec. Dec. 20
Jan. 10 *Holders of tee. Dec. 31
Preferred
Croeley Radio (stock dividend)
354 Dec. 31 Holders of rec. Dec. 20
e4
Dee. 31
Crosley Radio Corp. (guar.)
756. Jan. 2 Holders of rec. Dee. 13a
25c. Tan. 1 Holders of tee. Dec. 200 Fleischman Co. (guar.)
Crowley, Milner & Co., corn.((Mar.).- *50c. Dec.
Extra
50e. Jan. 2 Holders of rec. Dec. 13a
Florshelm Shoe, pref (guar.)
Crown Willamette Paper, 1st pref. WO- $1.75 Jan. 31 *Holders of rec. Dee. 10
$1.50 Dee. SI Holders
1 Holders of rec. Dec. 13a Flour
roe. Dee. 144
Second preferred (quar.)
Mills of Am.$8 pref.(gnar.)
$2
Jan. 1 Holders of rec. Dee. 15
*S1.50 Jan. 1 *Holders of rec. Dec. 13
Crown Zellerbach Corp., corn.(guar.)- (o) Dec. 31 Holders of rec. Dee. 15
25c. Jan. 15 Holders of rec. Dee. 316 Flushing Finance Corp., pref
Crucible Steel, common (guar.)
134 Jan. SI Holders of tee. Jan. 15a Foote Bros. Gear & Mach'y, corn. (go.) *30e. Jan. 1 *Holders of rec. Dec. 20
Preferred (guar.)
Preferred (guar.)
134 Dee. 31 Holders of rec. Dec. 15a
•134 Jan. 1 *Holders of rec. Dee. 20
Foote-Burt Co., class A (guar.)
Cuban-American Sugar, corn.(guar.)25o,Jan, 1 Holders of too. Dec. 20
25c. Jan, 2 Holders of tee. Dec 4a
Preferred (guar.)
Preferred Mar./
154 Jan. 1 Holders of rec. Dec. 25
Jan. 2 Holders of rec. Dee. 4a
134
Cuban Tobacco, corn
Forhan Co.. corn. (qua?.)
"250. Jan. 2 *Holders of rec. Dec. 7
$1.50 Dec. 31 Holders of rec. Dee. 15
Class A (gnar.)
Preferred
"40e. Jan. 2 *Holders of rec. Dee, 7
234 Dee. 31 Holders of rec. Dec.
Formica Insulation (guar.)
Cudahy Packing,corn,(guar.)
$1 Jan, 16 Holders of rec. Jan. 15
250. Jan. 1 Holders of rec. Dec. 15.
4
Curtis Publishing corn,In corn.stk
Fxtra
10c. fan. 1 Holders of rec. Dee. 150
*fa 100 (t)
*Holders of rec. Jan. 21
Fox Film Corp., class A &B (guar.)_
Curtis Publishing, corn. (monthly)
$I
.505. Jan. 2 *Holders of rec. Dec. 20
Jan. 15 Holders of rec. Dec. 31.
Franklin Capital Corp
Common (extra)
*50e. Jan. 2 *Holders of rec. Dec. 20
3
Jan. 5 Dec. 20 to Dec. 25
Fraser Companies, Ltd.(coat.)
Preferred (guar.)
25e.Jan. 2 Holders of tee. Dec. 15
*134 Jan. 1 "Holders of rec. Dec. 20
Dahlberg & Co.. Inc. (guar.)
Freeport Texas Co.(gum'.)
$1 Feb. 1 Holders of rec. Jan. 15a
21.75 Tan, 2 Holdettof tee. Dec. 15
Danish American Corp. 1st pref. (quar.) $1.75 Jan. 1
Fuller (George A.) Co.Holders of rec. Dec. 20
Partle. prior pref. ((Mar.)
Second preferred (guar.)
$1.75 Jan. 1 Holders of rec. Dec. 20
$1.50 Jan. 1 Holders of rec. Dec. 10
Darby Petroleum
Participating Preference (guar.)
$1.50 Jan. 1 Holders of rec. Dee. 100
*95c. Jan. 15 *Holders of rec. Dee. 31
Pelting Sylphon (guar.)
Davis Industries, class A (quar.)
*50e. Jan. 1 *Holders of rec. Dec. 18
'3134c Jan1'29 *Holden of tee Dec. 20
Galesburg Coulter-Disc (guar.)
Class B (qua?.)
*El
Jan. 2 *Holders of rec. Dec. 20
Jan1'211 *Holders )1 rec. Dec. 20
*2134e
Dayton Rubber Mfg., common A
Extra
*250. Jan. 2 *Holders of rec. Dec. 20
*31.75 Jan. 1 *Holders of rec. Dec.
Gemmer Mfg., class A (guar.)
Prior Common
*75e. Jan. 2 *Holders of rec. Dec. 24
*$3.50 Jan. 1 "Holders of rec. Dee. 15
15
Class B (quar.)
Preferred
"30e. Jan. 2 *Holders of rec. Dee. 24
"S3.50 Jan. 1 *Holders of rec. Dec. 15
Gen'i Amer. Tank Car, corn. (qua?.)...
Deere to Co.. corn. (guar.)
Jan, 1 Holders of rec. Dec. 10
$1.50 Jan. 2 Holders of rec. Dee. 15
Preferred (guar.)
Detroit & Cleveland Nay.(qua?.)
*134 Jan. 1 To be red. Jan. I 1929
20e. Jan. 2 Holders of rec. Dec. 15
General Baking Corp., prof. (goar.)._ $1.50 Jan. 2 Holders
Extra
200. Jan. 2 Holders of tee. Dee. 18
of rec. Dee. 15
General Baking Co., pref.(guar.)
Detroit Creamery (guar.)
$2
Deo, 81 Holders of rec. Dec. 150
35c Ian. 2 Holders of rec. Dec. 22
Devoe & Raynoldm, corn. A and B
$1
Jan. 25 Holders of rec. Dee. 196
60e. Jan. 2 Holders of rec. Dec. 21a General Electric. cons.(guar.)
Common A and B (extra)
Common (extra)
$1.
Jan. 25 Holders of rec. Dee. 19a
150. Jan, 2 Holders of rec. Dec. 21a
Special stock (quar.)
First preferred (quar)
14( Jan. 2 Holders of rec.
15e. Jan, 25 Holders
rec.
Dee. 21
Gen1Fireproofing, new com.(qu.)(No.1) *50c. Jan. 2 *Holders of rec. Dec. 190
Diamond Shoe,6 M % prof.(qu.)
el% Jan. 2 *Holders
of
Dec. 20
of rec. Dec. 20
Preferred (guar.)
•3 Jan. 2 *Holders of
8% second preferred
'134 Jan. 2 *Holders of rec. Dec. 20
rec. Dee. 20
Dictograph Products (guar.)(No. 1) . 25e. Jan. 15 Holders
General Tee Cream Corp., corn. (gar,)__.
75e. Jan. 1 Holders of rec. Nov. 170
„
of rec. Jan. 1
Common (extra)
Extra
$I
Ian. 1 Holders Cl rec. Nov. 170
25c. Jan. 15 Holders of
General Mills,Inc.. prof.(quar.)
Diversified Investment Trust, Ltd., pf _ 834 Jan, 2 Holders of rec. Jan. 1
$1.50 Jan, 2 Holders of rec. Dee. I40
rec.
General Motors, corn. (extra)
Diversified Securities Corp.,cons.(extra) 50c. Dee. 31 Holders of rec. Dee. 15
52.50 Jan. 4 Holders of rec. Nov. 17
Dee. 1
(guar.)
131 Feb. 1 Holders of rec. Jan. 70
Class A partici. pref. (extra)
6% Preferred
50c. Dec. 31 Holders of rec. Dec. 1
7% preferred (guar.)
Diversified Standard Securities, Ltd.
134 Feb. 1 Holders of rec. Jan. 70
0% debenture stock (guar.)
Common(No. 1)
14 Feb. 1 Holders of rec. Jan. 70
25e. Jan. 2 Holders of rec. Dee. 15
Gen. Outdoor Advertising (qu.).,
50c Jan. 15 Holders of rec. Jan. 5.
Preference(guar.)
134 Jan. 15 Holders cf rec. Dec. 31
()emend Railway Signal, corn.(quar.)
31.25 Jan, 1 Holders of rec. Dec. 100
8% preference (guar.)
Jan. 2 Holders of rec. Dec.
2
15
Preferred (qua?)
Dixon (Joseph) Crucible (guar.)
134 Jan. 1 Holders of rec. Dee. 10a
Dec. 31 Holders of rec. Dec. 20
2
134 Jan. 2 Holders of rec. Dec. 20
Dome Mines, Ltd. (guar.)
25e. Jan. 21 Holders of rec. Dec.d3la General Tire to Rubber, pref. (quar.)
Gllbert(A. C.) Co. pref. (quar.)
8734c Jan. 2 Holders of rec. Dec. 15
Dominion Bridge, Ltd. (guar.)
65e. Feb. 15 Holders of rec. Jan. 29
Glidden Co.. COMM]](guar.)
37340. Jan, 2 Holders of rec. Dee. 170
Dominion Engineering Works, Ltd
75e. Jan. 15 Holders of rec. Dee. 31
Common (estra)
1214e Jan, 2 Holders of rec. Dee. 170
Bonus
50c. Jan. 15 Holders of rec. Dec. 31
Prior preferred (gnar.)
154 Jan. 2 Holders of tee. Dee. 17a
Name of Company.
134
Name of Company.
When
Per
Cent. Payable
Books Closea
Days Inclusive.
Miscellaneous (Continual).
Jan. 1 Holders of rec. Dec. 15
Gleaner Combine Harvester, corn.(No.1) $1
$1.50 Jan. 2 Holders of rec. Dec. 20
Globe Wernicke Co., corn.(quar.)
154 Jan, 15 Holders of rec. Dec. 31
Preferred (quar.)
Jan. 2 Holders of rec. Dec. 14
el
Godman Shoe (stook dividend)
'6254c Feb. 1 *Holders of rec. Jan. 17
Gold Dust Corp.(quar.)
141 Jan. 2 Holders of rec. Dec. 100
Goodrich(B.F.) Co., pref.(quar.)
of rec. Dec. la
Goodyear Tire & Rubber. 1st pref.(q.) 141 Jan. 1 Hclders of rec. Dee. 1
144 Jan. 1 Holders
Preferred (quar.)
of rec. Dee. 15
Goodyear Tire & Rub.(Can.) pref.(qu.) 1St Jan. 2 Holders of ree. Feb. 1
144 Mar. 1 Holders
Gorham Mfg. 1st prof.(quar.)
Holders of roe. Dec. 20
Goseard (H. W.) Co., corn.(montblY)-- 33 1-Se Jan. 1
6244e Dec. 31 Holders of roe. Dec. 120
Gotham Silk Hosiery. com.(quar.)
141 Feb. 1 Holders of rec. Jan. 12a
Preferred ((man)
154 Jan. 1 Holders of rec. Dec. 20
Gottfried Baking, pref. (quar.)
•141 Jae. 2 *Holders of rm. Dec. 15
Motors, let pt. (quar.)
Graham-Paige
of rec. Jan. 40
Granby Consul. Min.Smelt.& Pow.(qu) $1.50 Feb. 1 Holders of rec. Dec. 18
Granite City Steel Corp., pref.(guar.)._ •144 Dec. 31 *Holders o/ rect. Dee. 120
25c Jan. 2 Holders
(quar.)
Grant(W.T.)& Co., com.
141 Dec. 31 Holders of me. Dee. 14
Great Lakes Towing, com.(quiz.)
144 Dee. 31 Holders of rec. Dec. 14
Preferred (quar.)
70e. Jan. 2 Holders of rec. Dee. 1.5a
Great Western Sugar, corn.(guar.)
141 Jan, 2 Holders of rec. Dec. 16a
Preferred (quar.)
80c. Jan. 2 Holders of rec. Dec. 14
Cooperage, Cl. A (guar.)- --Greif Bros.
of rec. Dee. 22
Green (Daniel) Felt Shoe, pf.(quar.)--- $1.50 Jan. 2 Holders of rec. Dec. 130
$1.50 Jan. 7 Holders
Greene Cananea (quar.)
pf.rqu.) 154 Jan. 2 Holders of rec. Dec. 15
Greenfield Tap & Die Corp..6%
Jan. 2 Holders of rec. Dee. 15
2
8% Pref. (quar.)
.75e. Feb. 15 Holders of rec. Feb. 1
Greenway Corp. 5% pref. (quar.)
•75o. May 15 Holders of rec. May 1
5% Preferred (quar.)
•750. Aug. 15 Holders of rec. Aug. 1
5% preferred (qua?.)
•75c. Nov. 15 Holders of rec. Nov. 1
5% preferred (guar.)
rec. Dm. 20
.Grigeby-Grunow Co. new tqu.)(No.1).,. •750. Jan. 2 5Holders of rec. Dee. 20
•25e. Jan. 2 Holders of
Newstock (extra)
50c. Mar. 1 Holders of rec. Feb.19a
Gruen Watch, common (quar.)
Jan. 7'Holders of rec. Dec. 20
Common (payable in common stock). "12
14.4 Feb. 1 Holders of rec. Jan. 190
Preferred (guar.)
Jan. 2 Holders of roe Doe. 16e
2
Guantanamo Sugar, pref ((mar.)
Jan. 2 Holders o/ rec. Deo. 15
•Guaranty Co. of Newark (war.)
Guardian Investment Trust (Conn.)
of me. Dec. 15
Cony. pt. beneficial ownership ca.(qu) 3734e Jan. 2 Holders
Guardian Investors Core
$1.75 Jan. 2 Holders of rec. Dee. 15
$7 first preferred (guar.)
$1.50 Jan. 2 Holders of rec. Dee. 15
S6 first preferred (quar.)
75e. Jan. 2 Holders of rec. Dec. 15
$3 second preferred (quar.)
Jan. 2 Holders of rec. Jan. 2
235
Guenther Publishing Corp., com
•3734c Jan, 2"Holders of rec. Dec. 20
Gulf Oil (quar.)
Jan. 2 Holders of roe. Dec. I5a
$1
(qua?.)
Gulf States Steel, corn.
144 Jan. 2 Holders of rem Dec. 15
First preferred (qua?.)
40e. Jan. 2 Holders of rec. Dee. 15
Gurd (Charles) Co.. common (guar.)...
154 Jan. 2 Holders of rec. Dee. It
Preferred (qua?.)
25e. Jan. 31 Holders of rec. Jan. 10
Hall(W.F.) Printing (quar.)
e5 Jan. 31 Holders of rec. Jan. 10
Stock dividend
354 Dec. 31 Holders of rec. Nov 30
Hamilton United Theatres. pref
Dec. 20
Hanes(P. H.) Knitting pref.(quar.)._ 1.41 Jan. 1 Holders of ree.
actorlesHarbison-Walker Reit
134 Jan. 21 Holders of rec. Jan 100
Preferred (qua?.)
$1.25 Dec. 31 *Holders of rec. Dee. 24
•
Hart & Cooley (qum.)
*50e Dec. 31 *Holders of rec. Dec. 24
Extra
Dec. 31 Holders of rec. Dec. 20
3
Hawthorne Securities Co
June 30 Holders of rec. June 20
3
Securities Co
Hawthorne
75e. Jan. 1 Holders of rec. Dec. 24
Hayes Body Corp.. (quar.)(No. 1)
*50c. Jan. 2 *Holders o/ roe. Dee. 15
Hazel Atlas Glass (Var.)
'1254c Jan. 2 *Holders of rec. Dec. 15
Extra
•141 Dec. 31 *Holders of rec. Doe. 29
Heath (D.C.)& Co., pref.(quar.)
rec. Deo. 1 la
Helme (George W.) Co.. com.(quar.)-- $1.25 Jan. 2 Holders of rec. Dec. 110
$2 Jan. 2 Holders of
Common (extra)
144 Jan. 2 Holders of rec. Dec. 110
Preferred (qua?)
•55c. Jan. 2'Holders of rec. Dee. 20
Hershey Co., pref. A (No. 1)
•3734c Jan. 2'Holders of rec. Dec. 20
Preferred B
134 Jan. 1 Holders of rec. Dec. 26
Securities, pref.(quar.)
Hibernia
of roe. Dec. 31
Hillcrest Collieries, Ltd.. emu.(quar.)... 144 Jan. 15 Holders of rec. Dec. 31
134 Jan. 15 Holders
Preferred (quar.)
25e. Jan. 2 Holders of rec. Dec. 15
Pap. of Can., com.(qu.)
Mode & Dauch
1 Holders of rec. Dee. 16
06240 Jan
Holland Furnace,common (qua?.)
25o. Jan, 1 Holders of rec. Dee. 15o
Common (extra)
1 Holders of rec. Dee. 15a
334 Jan
Preferred
50. Dec. 31 Holders of rec. Dec. 12
Hollinger Coosa Gold Minot(MMIY.)'Sc. Jan. 15 *Holders of rec. Doe. 30
Development(quar.)
Holly
*25c. Dec. 31 *Holders of rec. Dec. 13
Holly 011 (qua?.)
354 Jan. 2 Holders of rec. Dec. 22
Holmes(D.H.)Co.,Ltd.(quar.)
44 Jan. 2 Holders of rec. Dec. 27
Holt, Renfrew Co., com.(guar.)
144 Jan 2 Holders of rec. Dec. 27
Preferred (guar.)
$1.25 Jan. 1 *Holders of rec. Dec. 21
& Hardart Baking, Phila.(qu.)___ •
Horn
*50e. Jan. 1 *Holders of rec. Dec. 21
Extra
*60c. Dec. 31 *Holders of ree. Doe. 16
Hoskins Mfg.(quar.)
*60e. Dec. 31 *Holders of rec. Dee. 15
Extra
500. Jan. 2 Holders of rec. Dee. 15a
Household Products,extra
2 *Holders of rec. Dec. 24
•75c. Jan
Houseman-Spitzler Co. (qua?.)
Jan. la Holders of rec. Dec. 31a
$1
Howe Sound Co.(qua?.)
•75c. Jan. 2 *Holders of rec. Dec. 28
Hub Financial class A (quar.)
-- *734 Jan. I *Dee. 11 to Dec. 31
Hudson Bay Co., ordinary (Interim)
'254 Jan. I *Dec. 11 to Dec. 31
Preferred
$1.25 Jan. 2 Holders of rec. Dec. lie
Hudson Motor Car (quar.)
•2 Jan. 2'Molders of rm. Dec. 24
Hudson Navigation, pref.(guar.)
•30o. Jan. 1 *Holders of roe. Doe. 12
Humble Oil& Reg..(War.)
•20c. Jan. 1 *Holders of rec. Dec. 12
Extra
Holders of rec. Dec. 20
Hussman (Harry L.) Refr. common--6254c Jan. 2 *Holders of rec. Doe. 20
*144 Jan. 2
Huyler's of Delaware, pref.(qua?.)
Jan. 1 *Holders of rm. Deo. 20
Hydraulic Brake (qua?.)
Holders of rec. Doe. 20
Hydraulic Prima Brick, Pref.(quar.)- -- 134 Jan. 1 Holders of rec. Dee. 10
25e Jan, 2
Hygrade Lamp, corn.(No. 1)
$1.624 Jan. 2 Holders of rm. Dee. 10
Preferred (quar.) (No. 1)
*750. Jan. 2 *Holders of rec. Dec. 15
Ideal Cement (quar.)
Ian. 15 *Holders of rec. Jan. 3
Illinois Brick (qua?.)
•60c Apr. 15 "Holders of rec. Apr. 3
Quarterly
•60e. July 15 *Holders of rec July 3
Quarterly
"60. Oct. 15 *Holders of rec. Oct. 3
Quarterly
134 Dec. 30 Holders of rm. Dee. 25
Imperial Royalties, pref. (monthly)____
15c. Dee. 30 Holders of rec. Dec. 25
Class A pref.(monthly)
SM. Jan. 31 Holders of rec. Jan 150
Independent 011 & Gas(quar.)
11 Jan. 2 *Holders of rec. Dec. 22
4
Independent Pneumatic Tool(quar.)
154 Jan. 2 Holders of rm. Dee. 210
Indian Motooycle, pref.(quar.)
Feb. 15 Holders of roe. Jan. 25
$I
Indiana Pipe Line (qua?.)
Feb. 15 Holders of rec. Jan. 25
$1
Extra
(guar.)
154 Jan. 2 Holders of rec. Dee. 24a
Indian Refining pref.
Dec. 14
*50c.
Industrial Acceptance Corp., common__ • 5( Jan. 2 *Holders of roe. Dec. 14
1
Jan. 2 *Holders of rec.
First preferred (qua?.)
Jan. 2 *Holders of rec. Dec. 14
*2
Second preferred (guar.)
•50e. Jan. 2 *Holders of rec. Doe. 14
Second preferred (extra)
4.1%
Jan. 18
Industrial Finance 7% pref.(qua?).... 4.1)i Feb. 1 *Holders of me. Jan. 18
Feb. 1 *Holders of rec.
II* 6% preferred (quar.)
Dec. 31 Dec. 28 to Jan. 2
Development Corp., pf. (qu.) 2
Industries
roe. Dec. 10a
Ingersoll-Rand Co., common (extra)._ $1 Dec. 31 Holders of rec. Deo. 10a
Jan. 2 Holders of
3
Preferred
75e. Jan, 7 Holders of rec. Dec. 200
Copper Co. (guar.).
Inspiration Congo!.
334 Jan. 2 Holders of roe. Doe. 8
Insurance Securities Co.(guar.)
154 Jan. 2 Holders of rec. Dec. 20
Insuranshares Corp., pref.(qua?.)
Jan. 2 Holders of rec. Dee. 20
2
Intercolonlal Coal, common
I
Jan. 2 Holders of rec. Dec. 20
Common (bonus)
Jan, 2 Holders of rec. Dec. 20
4
Preferred
$1.50 Dec. 31 Holders of roe. Dee. 20
Interlake Steamship (quit.)
$2 Doc. 31 Holdres of rec. Doe. 20
Extra
$1.25 Jan. 10 Holders of rec. Doe. 28a
Internat. Business Machines(guar.).2
Jan. 2 Holders of roe. Doe, 15
Internat.Buttonhole Sewing Mach.(qu.)
141 Jan. 2 Holders o/ rec. Doe. 20a
Internat. Combustion Eng., pref. (on.). .25e. Jan
1'29
Int.Cont. Invest. Corp.com.(qu.)
•25c. Aprl'29
Common (qIMI%)
.250. Jly 129
Common (guar.)
- 8734o Jan. 2 Holders of roe. Dee. 20s
Internat. Equities Corp.elms A (qtr.)
75e. Jan. 2 Holders of rec. Dec. 21
Internat. Germania Co., Ltd.. pf,(qua -
[VOL. 127.
FINANCIAL CHRONICLE
3666
154
Name of Company.
When
Per
Cma. Payable,
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Dec. 24a
(No.1)- 6234c Jan. 15 Holders of rec. Dec. 240
Internat. Ham.,new com.(qu.)
Internat. Harvester, old corn.(qua?.)... 234 Jan. 15 Holders of rec. Dec. 24a
80e, Jan. 15 Holders of roe.
Internat. Match,corn.(guar.)
80e. Jan. 15 Holders of rec. Dec. 24a
Participating pre/(guar.)
750. Dec. 31 Holders of roe. Dee. 130
International Nickel, com.(quiz.)
144 Jan. 15 Holders of me. Doe. 26
Internat,Paper,7% pref.(quar.)
144 Jan. 15 Holders of roe. Dee. 260
Internat.Paper & Power,6% pf.(quar.)
134 Jan. 15 Holders of me. Dec. 26a
7% preferred (quar.)
Internat. Petroleum, Ltd.
5434e. Jan. 1 *Holders of rec. Dec. 20
Preferred(No. 1 for month of Dec.)..'
Jan. 140
Internat. Printing Ink, corn.(quar.)---. 623.4e Feb. 1 Holders of rec. Jan. 140
154 Feb. 1 Holders of rec.
Preferred (quar.)
15 Holders of rec. Jan. 20
Jan.
3
Internat. Products Corp.. Prof.
21
Internat. Projector, common (quar.)___ •25o Jan. 2 *Holders of rec. Dec. 21
*144 Jan. 2 *Holders of rec. Dec.
Preferred (quar.)
62340 Jan. 2 Holders of roe. Dec. 15
Internat.Shoe,corn.(quar.)
50o Jan. 2 Holders of rec. Dec. 16
Preferred (monthly)
141 Jan. 1 Holders of rec. Dec. 12a
Internat. Silver. pref.(quar.)
Jan, 15 Holders of rec. Jan. 50
Interstate Iron & Steel corn.(guar.).- $I
$2 Jan. 2 Holders of rec. Dec. 14
-IntertyPe Corporation,lot pref.
$3 Jan. 2 Holders of rm. Doe. 14
Second preferred
Jan. 1 Holders of rec. Dec. 15
$3
Investors Equity 56 pref. A
$2.75 Jan. 1 Holders of rec. Dec. 15
2534 Preferred series B
$1 Jan. 1 Holders of rm. Dec. 24a
Island Creek Coal,corn.(quar.)
$1.50 Jan. 1 Holders of rec. Dee. 240
Preferred (quar.)
*30o. Dee. 28 *Holders of rec. Dec. 15
Jackson Motor Shaft (guar.)
*30e. Dec. 28 *Holders of roe. Dec. 15
Extra
Mills cam.(quar.)____ •50o. Feb. 1 *Holders of roe. Jan. 15
Jantzen Knitting
Jan. 16 Holders of rm. Jan. 2a
51
Jewel Tea, common (quiz,)
141 Jan. 1 Holders of rec. Dec. 13a
Preferred (quiz.)
75o, Jan. 16 Holders of roe. Jan. 2a
Johns-Manville Corp.,corn.(qu.)
141 Jan. 2 Holders of rec. Dec. I9a
Preferred (quar.)
Jan. 2 Holders of roe. Dec. 16
Johnston(R.F.)Paint Co.,pref.(qu.)-- 2
Doe. 20
Joint Investors, Inc., eons. A (qua?.)... 25e, Jan. 2 Holders of roe. Doe. 20
Jan. 2 Holders of roe.
3
Preferred
12 M c Feb. 1 Holders of rec. Jan. 20
Corp., corn. (guar.)
Joint Security
Feb. 1 Holders of rec. Jan. 20
11
Cora.(payable in com.stock)
May 1 Holders of rec. Apr. 20
11
Corn.(payable In corn.stock)
Aug. 1 Holders of roe. July 20
fl
Corn.(payable In corn.stock)
Nov. 1 Holders of rec. Oct. 20
11
Corn.(payable In corn.stock)
134 Jan. 1 Holders of rec. Dec. 20
6% prof. (quar.)
44 Jan. 1 Holders of rec. Dec. 20
6% prof. (extra)
$1.7.5 Jan. 1 Holders of rec. Dec. 20
$7 preferred series B (guar.)
•141 Jan. 2 Holders of rec. Dee. 13
Steel. pref.(quar.)
Jones & Laughlin
.5 1.1244 Jan. 1 'Holders of rec. Dec. 20
Kalamazoo Stove (qua?.)
254 Jan. 2 Holders of rec. Dec. 22
Kaufmann (Chas. A.) Co.,(quar.)
380. Jan. 28 Holders of me. Jan. 10a
Kaufmann Dept.Stores,corn.(qu.) - 144 Jan. 2 Holders bf rec. Dec. 10
Preferred (Quer.)
50e. Jan. 2 Holders of rec. Dee. 20
Co., eons.(quar.)
Kaynee
2 Holders of roe. Dec. 20
1234o Jan
Common (extra)
'1234c Aprl'29 *Holders of rec. Mar.20
Common (extra)
•12 Me uly1'29 *Holders of roe. June 20
Common (extra)
144 Jan. 2 Holders of rec. Dec. 19a
Preferred (quar.)
51 25 Feb. 1 Holders of roe. Jan. 15
Kayser(Julius) & Co..com.(qua?.)
194 Jan. 2 Holders of roe. Dec. 19a
Keith-Albee-Orpheum Corp., pf.(MI.)-62340 Jan, 2 Holders of rec. Dec. 21
Kelley laid Line & Transp.(qu.)
50e. Jan. 2 Holders of rec. Dec. 21
Extra
50c. Jan. 2 Holders of roe. Dee. 20a
Kelsey-Hayes Wheel, common (quar.)Jan. 2 Holden* of rec. Nov. 30a
$2
Kennecott Copper Corn.(quar.)
Fob. 1 Holders of rec. Jan. 21a
Kelsey-Hayes Wheel Corp., pref.(MO -Jan. 2 Holders of rec. Dec. 15
Si
Keystone Bond & Mtge..common
$3.50 Jan. 2 Holders of rec. Dec. 15
Preferred
of roe. Jan. 5
Keystone Steel & Wire,com.(quer.). _ _ *75e Jan. 15 *Holders of rec. Jan. 5
*144 Jan. 15 *Holders
Preferred (quar.)
corn.(quar.)_.. 6234c Jan. 1 Holders of rec. Dee. 15
Kimberly-Clark Corp.,
Jan. 1 Holders of rec. Dec. 15
./2
Common (payaole In corn.stock)
13-4 Jan. 1 Holders of rec. Dee. le
Preferred (quar.)
$1.50 Jan. 2 Holders of rec. Dec. 15
King Edward Hotel, Ltd., corn.(qu.)..
50e. Jan. 2 Holders of rec. Dec. 15
Common (bonus)
•$10 Jan. 2 *Holders of rm. Dec. 20
King Philip Mills(extra)
Dec. 31 Holders of reo. Dec. 10
2
King Royalty Co.,pref.(qua?,)
*144 Jan. 2 *Holders of rec. Dec. 16
Knox Hat,prior pref.(qua?.)
w oom.(qu) 3754c Jan. I Holders of roe. Dec. 100
Kraft-PhenixCheeseCorp.,ne
30e. Dec. 31 Holders of roe. Dec. lla
Kresge (S. S.) Co.,corn.(quar.)
141 Dec. 81 Holders of roe. Dec. lie
Preferred (quar.)
Jan. 1 Holders of roe. Dee. 24a
$1
Kuppenhelmer (B.) & Co., com
•e3 Jan. 15 *Holders of rec. Dee. 20
Laboratory Prod. Co.(extra) In stk
IN Jan. 1 Holders ct rec. Doe. 15
Pr. & Pap., Ltd. pf.(qu.)Lake St. John
50o. Jan. 30 Holders of rec. Jan. 15
Lakey Foundry & Machine (quar.)
e254 Jan. 30 Holders of me. Jan. 15
Stock dividend (guar-)
$1.25 Jan. 2 Holders of rm. Doe. 170
Lambert Co.(quar.)
50o. Jan. 2 Holders of rec. Dec. 17a
Extra
75c. Dec. 31 Holders of rec. Dee. 22a
(Anders. Frary & Clark (quar.)....
(qu.) •144 Jan. 2 Holders of rec. Dec. 21
La Salle Extension University, pf.
33.4 Doe. 31 Holders of rec. Doe, 17
Lawyers Mortgage Co. (qua?.)
Jan. 2 Holders of roe. Dec. 21a
3
Lawyers Title & Guaranty Co.(quiz.).. $2
Jan. 2 Holders of rec. Dec. 20
Lawyers Westchester Mtge. & Title...
Jan, 2 Holders of roe. Dee. 20
52
Extra
• 873-4c. Jan. 1 Holders of rec. Dec. 15
Leath & Co., pref. (guar.)
Feb. 1 Holders of rec. Jan. 14a
Lehigh Portland Cement,cow.(quar.)_. 62}ic Jan. 1 Holders of rec. Dee. 14a
141
Preferred (quar.)
90o. Jan. 2 Holders of roe. Dec. 13
Lehigh Valley Coal Salem (qua?.)
2 Holders of rec. Dec. 20
Leonard Fltzpat. Mueller sts.,com.(qu.) •3744c Jan. 31 Holders of rm. Doe. 10
•I0o. Doe.
Leesings, Inc.(qua?.)
'Sc. Dec. 31 Holders of rec. Dec. 10
Extra
Jan. 10
*$3 50 Jan. 1 Dec. 22 to
Libbey, McNeil & Libby. pref
144 Jan. 2 Holders of rec. Dec. 26
Liberty Baking Corp., pref. (qua?)....
40e. Jan. 2 Holders of rec. Dec. 140
Life Savers, Inc. (guar.)
134 Jan. 1 Holders of ree. Doe. 10a
Liggett & Myers Tob pre/.(quar.)
15e. Jan, 2 Holders of roe. Dec. 22
Lincoln Interstate Holding Co
15c. July 1 Holders of rec June 20
Interstate Holding Co
Lincoln
•141 Jan. 10 *Holders of roe. Dec. 31
Lindsay Light, pref. (quar.)
•50e. Jan. 17 *Holders of rec. Dee. 28
Lion 011 Refg.(quar.)
Feb. 1 Holders of rec. Jan. 200
1
Liquid Carbonic Corp.(quar.)
141 Feb. 1 Holders of rec. Jan. 20a
Extra
Feb. 1 Holders of rec. Jan. 20
e20
dividend
Stock
*15o.
Locomotive Firebox Co.(extra)
50e Dee. 31 Holders of rec. Dec. 13a
Loew's Incorporated, corn.(qua?.)
$I Dec. 31 Holders of rec. Deo. 130
Common (extra)
144 Jan. 1 Holders of rec. Doe. 180
Loose-Wiles Biscuit, let pref.(War.)234 Jan. 2 Holders of rec. Dec. 17a
lord & Taylor,COM.(quar.)
Feb. 1 Holders of rec. Jan. 17a
2
Second preferred (qua?.)
194 Jan. 2 Holders of roe. Doe. 15a
Lorillard (P.) Co.. pref. (quar.)
Bons 1st pref,(qu.)-- •$1.75 Dee. 31 *Holders of rec. Dec. 31
Lowenstein (M.)&
50c Jan, I Holders of roe. Dee. 200
Ludlum Steel (guar.)
65e. Jan. 15 Holders of rec. Dec. 3Ia
Mae Andrews & Forbes Co.,corn.(qu.)..
25e. Jan, 15 Holders of rec. Dec. 310
Common (extra)
154 Jan. 15 Holders of rec. Dec. 310
Preferrd (quar.)
•20e. Feb. 4 *Holders of rec. Dec. 31
MacFadden Publications
Feb. 1 Holders of rec. Jan. 210
51
McCall Corp.(guar.)
*50e. Dec. 31 *Holders of roe. Dec. 22
McCallum Hosiery, corm
25e, Jan, 15 Holders of roe. Doe. 81
(Interim)
mcColl-Frontenac 011
of roe. Dec. 20
McCord Manufacturing deb.stk.(quar.) *50e. Jan. 2 *Holders of rec. Dee. 20
'154 Jan. 2 *Holders
Prior preferred (qua?.)
•75e. Jan. 2 *Holders of roe. Dec. 24
McCord Radiator & Mfg.class A (qu.)
75o. Jan. 2 Holders of rec. Dec. 20
McKee(A. G.)& Co. class A (qu.)
Jan. 2 Holders of ree. Dec. 220
MeBeesport Tin Plate, com.(guar.)._ $1
"500
McKinnon Industries, com.(No. 1)-50e. Jan. 2 Holders of roe. Dec. 20
s Mtg. (qua?.)
McQuay-Norri
$1.50 Doe. 31 Holders of rec. Dec. 150
Mack Trucks, com. (quar.)
50o. Feb. 15 Holders of roe. Jan. 25a
Mace(R.H.)& Co.,core.(quiz.)
/5 Feb. 15 Holders of roe. Jan. 25a
cont.stook)
Common (Payable in
Holders of reo. Jan. 4a
Madison Square Garden Corp.(qu.)_ -- 37 Me Jan. 14 Holders of reo. Dec. 31a
81 Jan. 15
Magma Copper Co.(quar.)
•250. Jan. 15 *Holders of roe. Dec. 31
Magnin (I.) Co.(qua?.)
6214c Jan. 15 Holders of roe. Dec. 31a
Mandel Bros., Inc., corn. (quar.)
141 Jan. 2 Holders of roe. Dec. 20a
Mallinson (H. R.)& Co.. Inc., of foul
3754o. Jan. 2 Holders of rec. Dec. 20
Manhattan Financial Corp., el. A (qua10o. Jan. 2 Holders of roe. Dec. 20
Class B (qua?.)
If( Jan. 2 Holders of rec. Dec. 17a
Manhattan Shirt, pref.(qua?.)
154
DEC. 29 1928.]
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
1).i Jan. 3 Hinders of rec. Dec. 31
Manning, Maxwell & Moore,Inc.,
(qu.)_
Mansfield Theatre Co., Ltd., pref.
33 Jan. 31 Holders of rec. Dee. 31
50c Jan. 1 Holders of rec. Dec. 15
Mapes Consolidated Mfg. (quar.)
50o Jan. 10 Holders of rec. Dee. 20
Margay 011 Corp.(guar.)
75c Jan. 2 Holders of rec. Dec. 19
Marlon Steam Shovel, Corn. (quar.) _ _ _ _
1% Jan. 2 Holders of rec. Dec. 19
Preferred (guar.)
500. Dec. 31 Holders of rec. Dec. 22a
Marlin-Rockwell Corp.(guar.)
50c. Dec. 31 Holders of rec. Dec. 22a
Extra
25e. Jan. 1 Holders of rec. Dec. 20
Marshall Mortgage Corp.(guar.)
Martel Mills Inc. pref.(guar.)
$1.75 Jan. 2 Holders of rec. Dec. 20
Mathieson Alkali Works, corn. (qu.) - 51.50 Jan. 2 Holders of rec. Dec. 17a
1% Jan. 2 Holders of ree. Dec. 17a
Preferred (guar.)
"25c. Jan. 2'Holders of rec. Dec. 10
May Drug Stores(quar.)
Maytag Co., corn.(quar.)
37o Jan. 1 Holders of rec. Dec. 16a
Common (extra)
500. Jan. 1 Holders of rec. Dec. 15a
Mead Johnson & Co., corn.(guar.)
*75c. Jan. 1 *Holders of rec. Dec. 15
Merchants dc Miners Transportation (qU) •623ic Dec. 31 'Holders of rec. Dee. 15
Merchants Petroleum (extra)
30.
Merck Corp.,preferred (guar.)
$1 Jan. 2 Holders of rec. Dec. 17
Mergenthaler Linotype (quar.)
$1.25 Dec. 31 Holders of rec. Dec. 50
Extra
50c. Dec. 31 Holders of rec. Dec. 50
Merrimac Chemical (guar.)
$1.25 Dec. 31 Holders of rec. Dec. 15
Merrimac Hat Corp.(guar.)
•500.
Extra
•500.
30c. Jan. 2 Holders of rec. Dec. 22
Metal & Mining Shares, Inc., corn
Preferred (guar.)
75c. Jan. 2 Holders of rec. Dec. 22
Metal Av Thermit Corp
1
14 Jan. 2 *Holders of rec. Dec. 20
Metalwares Corp., pref. (guar.)
53d Jan. 2 Holders of rec. Dec. 20
Metropolitan Paving Brick pref.(quar.)_
1M Jan. 1 Holders of rec. Dec. 15
Mexican Petroleum, corn.(guar.)
$3 Jan.d21 'Holders of rec. Dec. 31a
Preferred (guar.)
$2 Jan.d21 'Holders of rec. Dec. 31a
Meyer-Blanke Co., corn. (quar.)
31(c Jan. 10 Holders of rec. Dec. 29
Preferred (guar.)
1M Jan. 2 Holders of rec. Dec. 20
Mid-Continent Laundries, Inc.
Participating class A (qu.)(No. 1) _ *60c. Jan. 15'Holders of rec. Dec. 31
Mid-Continental Petrol.,corn
•50c. Feb. 15'Holders of rec. Jan. 10
Midland Steel Products, corn. (guar.)
$1
Dec. 31 Holders of rec. Dec. 20
Common (extra)
480. Dec. 31 Holders of ree. Dec. 20
Preferred (guar.)
$2
Dec. 31 Holders of rec. Dee. 20a
$1
Dec. 31 Holders of rec. Dec. 20a
Preferred (extra)
75e. Jan. 1 Holders of rev. Dec. 15
Micixale Co.(guar.)
Midwest Refg.,extra
'135
*Holders of rec. Dec. 14
Miller (1.) dr Sons, corn.(guar.)
50e. Jan. 2 Holders of rec. Deo. 150
Miller Wholesale Drug (quar.)
40c. Jan. 2 Holders of rec. Dec. 20
Mitchell (J. T.) & Co., pref. (guar.)_ _ _
11 Jan. 2 Holders of rec. Dec. 14
Mock, Judson, Voehringen (No. 1) _
51 1-16 Jan. 1 *Holders of rec. Dec. 18
Mohawk Carpet Mills (guar.)
62(4c. Dec. 31 Dec. 11 to Jan. 1
Moloney Electric, el. A (guar.)
Jan. 15 Holders of rec. Dec. 31
$1
Monarch Mtge. & Invest., Toronto
Common
5c. Jan. 15 Holders of rec. Dec. 31
2
Jan. 15 Holders of rec. Dee. 31
Preferred (guar.)
Montgomery Ward & Co., cl. A (guar.). •$1.75 Jan. I *Holders of rec. Dec. 21
Morgan Lithograph, corn. (guar.)
$1.25 Jan. 2 Holders of rec. Dec. 20a
Morris (Philip) dr Co.. Ltd., Inc.(qu.)- 250. Jan. 16 Hold. of rec. Jan. 2 19a
Dec. 31 Holders of rec. Dec. 24
Mortgage Bond Co.(guar.)
2
Mother Lode Coalition Mines
20e. Dec. 31 Holders of rec. Dec. 140
Jan. 15 Holders or ree. Dec. 28
Motion Picture Capital Corp. Pf. (qu.) - 2
Mountain & Gulf Oil (guar.)
"2c. Jan. 15 *Holders of rec. Dec. 31
Mountain Producers Corp. (guar.)
65e. Jan. 2 Holders of tee. Deo. 15a
Mount Royal Hotel, pref. (guar.)
$1.50 Jan. 2 Holders of rec. Dec. 15
Municipal Finance Corp. A (qu.)
68 Mc Jan. 2 Holders of rec. Dec. 20
Murphy (G. C.) Co., pref. (guar.)
*2
Jan. 2 *Holders of rec. Dec. 21
Muskogee Company
$1.50 Dec. 31 Holders of rec. Dec. 21
Myers(F. E.)& Bros., corn.(guar.).
50c. Deo. 31 Holders of roe. Deo. 14
Preferred (guar.)
$1.50 Dec. 31 Dec. 15 to Jan. 1
Nashua Manufacturing, pref.(guar.)._
Jan. 2 Holders of rec. Dec. 17
National American Co. (guar.)
"50c. Feb. 1 *Holders of rec. Jan. 15
National Bancservice (No. 1)
•$1.25 Jan. 2'Holders of rec. Dec. 14
National Bankitaly Co.(extra.)
•50c. Jan 1'29 *Holders of rec.Sept. 15
National Biscuit. corn.(quar.)- - - $1.50 Jan. 15 Holders of rec. Dec. 31a
National Breweries, Ltd., corn. (guar.)_ "31
Jan, 2 *Holders of rec. Dec. 15
National Candy, tom. (guar.)
43 M c Jan. 1 Holders of rec. Deo. 12a
First and second preferred ((War.).Jan. 1 Holders of rec. Dec. 120
National Carbon, pref. (guar.)
"2
Feb. 1 *Holders of rec. Jan. 19
National Cash Credit Assoc., corn.
150. Jan. 2 Holders of rec. Dec. 10
(I .).
Common (one-twentieth au. corn. ak.) (.1) Jan. 2 Holders of rec. Deo. 10
Preferred (guar.)
150. Jan. 2 Holders of rec. Dee. 10
Preferred (extra)
150. Jan. 2 Holders of rec. Dec. 10
Pref. (one-twentieth sh. pref. stk.)_ _ (I) Jan. 2 Holders of rec. Dec. 10
National Cash Register, class A (qu.)._
75c. Jan. 15 Holders of rec. Dec. 30a
Class A (extra)
$1
Jan. 15 Holders of rec. Dec. 30a
Class B (annual)
"$3
Jan. 15 *Holders of ree. Dec. 30
Class B (extra)
Jan. 15 *Holders of rec. Dee. 30
11
4,13,‘ Dec. 31 'Holders of rec. Dec. 15
National Casket, pref. (guar.)
Nat. Commq Title & Mtge. Guar.,
Newark (guar.)
2
Jan. 2 Holders of rec. Dec. 15
Extra
2
Jan. 2 Holders of rec. Dec. 15
Nat. Dairy Products, corn. (guar.)
75e. Jan. 2 Holders of rec. Dee. 5a
Corn.(payable in corn.stk.)
Jan. 2 Holders of rec. Dee. 6a
11
Corn. (payable in corn. stock)
Apr. 1 Holders of rec. Mar. 4,
11
Common (payable in common stk.)_ fl
July I Holders of rec. June 3a
Common (payable in common stock), fl
Oct. 1 Holders of rec. Sept. 3a
Preferred A & B (guar.)
Jan. 2 *Holders of rec. Dec. 5
Nat. Enameling & Stm pg. corn.(qu.)_ _
Dec. 31 'Holders of rec. Dec. 18a
.3
National Grocer Co.. preferred
Jan. 1 *Holders of rec. Dec. 20
National Grocers8% pret.(guar.)
'2
Jan. 1 "Holders of rec. Dec. 15
Second preferred (guar.)
'1% Jan. 1 "Holders of rec. Dec. 15
National Investors preferred
2% Jan. 1 Holders of rec. Dec. 15a
National Lead, common (guar.)
$1.25 Dec. 31 Holders of rec. Dee. 14a
1)4 Feb. 1 Holders of rec. Jan. 18a
Class B preferred (quar.)
Nat. Licorice, pref.(guar.)
154 Dec. 31 Holders of rec. Dec. 14
National Refining, pref.(guar.)
2
Jan. 2 Holders of rec. Dec. 14
National Standard (guar.)
*75c Jan
2 *Holders of rec. Dec. 20
1,4 Jan. 2 Holders of rec. Dec. 8
National Sugar Refining (guar.)
1
Jan. 2 Holders of rec. Dec. 8
Extra
National Supply, corn. (guar.)
$1.2 Feb. 15 Holders of rec. Feb. 6a
1M Dec. 31 Holders of rev. Dec. 21a
Preferred (extra)
Nat. Surety, new $50. Pref.stk.(guar.) 62 M 0. Jan. 2 Holders of rec. Dec. lfla
$1
Jan. I Holders of rec. Dec. 14a
National Tea, corn.(
guar.)
62 M Jan. 2 Holders of rec. Dec. 26
Nat Trade Journal (guar.)
Nauheim Pharmacies. Inc.. pref. (qu.). _ 62 Mc Feb. 1 Holders of rec. Jan. 17
$3 Jan. 2 Holders of rec. Dec. 24
Naumkeag Steam Cotton (qu.)
623-sc. Jan
2 Holders of rec. Dec. 20a
Nebel (Oscar) Co., Inc., corn
$1.3 Jan. 1 *Holders of rec. Dee. 21
Nell'Corporation 1st pf.(No.1)
50c Dec. 31 Holders of rec. Dec. 20
Nelson(Herman)Co.,corn.(guar.)
50c Dec. 31 Holders of rec. Dec. 14a
Nevada Consol. Copper (guar.)
Newberry (J. J.) Co.. corn.(guar.)
•30c Jan. 1 *Holders of rec. Dec. 17
*123,4c Jan. 15 *Holders of rec. Dec. 31
New Bradford Oil Co. (guar.)
Jan. 15 Holders of rec. Jan. 1
Newhall Buildings Trust, pref.(guar.)_
$1 Jan. 15 Holders of rec. Dec. 28
Newmont Mining Corp
5
Jan. 15 Holders of rec. Dec. 28
Stock dividend
Dec. 31 *Holders of rec. Dee. 10
Newton Steel, common (guar.)
"1M Jan. 31 'Holders of rec. Jan. 15
Preferred (guar.)
75c Feb. 1 Holders of rec. Jan. 3a
New York Air Brake (guar.)
New York Petroleum Royalty Corp_ _ _ _ *25c Jan. 2 "Holders of rec. Dec. 20
Jan. 2 *H9Iders of rec. Dec. 26
N.Y.State Realty & Term.(annual)__ .6
5
Jan. 2 Holders of rec. Dec. 21
New York Title & Mortgage (guar.)
2
Jan. 2 Holders of rec. Dec.
Extra
*433.4g Jan. 2 *Holders of rec. Dec. 21
Nichols Copper, class A
20
'134 Dec. 31 'Holders of rec. Dee. 21
Niles-Bement-Pond Co prof. Oni.).1m Mar. 30 *Holders of rec.
-Pond, pref. (guar.)
Niles-Bement
Mar. 20
June 29 'Holders of rec. June 19
Preferred (quar.)
'1)4*7 Mc Jan. 21 "Holders of rec. Dec. 311
Nipissing Mines Co.(guar.)
40e Feb. 1 Holders of rec. Jan. 15
Noma Electric Co.(guar.)
62540. Jan. 1 Holders of rec. Dec. 24
North American Car, corn. (guar.)
13-4 Jan. 1 Holders of rec. Dec. 24
Preferred (guar.)
250 Jan. 2 Holders of rec. Dec. 12
Nerth Amer. Investors corn.(guar.)
2 Holders of rec. Dee. 12
6234c. Jan
Preferred (guar.)
*Ili Jan. 2 *Holders of rec. Dec. 10
North American Provision. pf.(Qu.)
1.62
Jan. 2 Holders of rec. Dec. 11
North Central Texas Oil, pref.(quar.)
3667
FINANCIAL CHRONICLE
M
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
1M Jan. 2 Holders of rec. Dec. 15
North Star Oil & Ref. pref.(guar.)
*50c. Dec. 31 *Holders of rec. Dec. 28
Northern Paper Mills, common
$2 Jan. 2 Holders of rec. Dec. 7
Northern Pipe Line. new stk.(No. 1)
$1 Jan. 2 Holders of rec. Dec. 7
Extra
Novadel-Agene Corp., pref.(qu.)(No. 1) 11.1 Jan. 2 Holders of rec. Dec. 22
Oakes Products Corp., class A (guar.).- •623-4v Jan. 2 *Holders of rec. Dec. 20
Class B (guar.)
•30e. Jan. 2 *Holders of rec. Dec. 20
$2
Jan. 2 Holders of rec. Dec. 20
Ogilvie Flour Mills (guar.)
31.25 Jan. 15 Holders of rec. Dec. 31
Ohio Brass, class A (quar.)
Class B (guar.)
81.50 Jan. 15 Holders of rec. Dec. 31
*2 Jan. 2 *Holders of rec. Dec. 20
Ohio Leather, 1st pref.(guar.)
Second pref.(guar.)(No.1)
*Holders of rec. Dec. 20
. M j n.. 2 Holders of rec. Dec. 14
1 M Jan
2
Ohio Seamless Tube. pref.(guar.)
2
Jan. 2 Holders of rec. Deo. 146
Omnibus Corp., pref. (guar.)
2
Orphelum Circuit, pref. (guar.)
Jan. 2 Holders of rec. Dec. 196
81.50 Jan. 15 Holders of rec. Dec. 310
Otis Elevator, corn. & pref. (guar.)_
Feb. 15 Holders of rec. Jan. 186
Common (payable in common stock)_ _ ./15
1% Jan. 1 Holders of rec. Dee. 19a
Otis Steel, prior pref.(guar.)
Ovington's, partic. pref
400. Jan. 2 Holders of ree. Dec. 15
Jan. 1 Holders of rec. Dec. 15a
Owens Bottle, corn. (guar.)
81
Jan. 1 Holders of rec. Dec. 156
Corn.(payable in com.stock)
15
"750. Jan. 2 *Holders of rec. Dec. 20
Pacific Finance Corp., COM.(War.)
750. Jan. 2 Dec. 15 to Jan. 1
Paragon Refining, class A (guar.)
51 Jan. 15 Holders of rec. Dec. 31
Packard Electric (guar.)
50e. Jan. 15 Holders of rec. Dec. 31.
Extra
500. Dec. 31 Holders of rec. Dec. 126
Packard Motor Car Co.(monthly)
250. Dee. 31 Holders of rec. Dec. 120
Extra
250. Jan. 31 Holders of rec. Jan. 120
Monthly
25c. Feb. 28 Holders of rec. Feb. 12a
Monthly
60e. Jan. 2 Holders of rec. Dec. 19
Paramount Cab Mfg. Corp. (guar.)
75e. Dec. 29 Holders of rec. Dec. 76
Paramount FamousLasky.new corn.(qu.)
*25o. Jan. 2'Holders of rec. Dec. 21
Parke, Davis & Co.(guar.)
*350. Jan. 2'Holders of rec. Deo. 21
Special
75c. Jan. 14 Holders of rec. Dec. 290
Park dc Tilford (guar.)
el
Jan. 14 Holders of rec. Deo. 29a
Stock dividend (guar.)
75c. Apr. 14 Hold,of rec. Mar.29 19a
Quarterly
el
Apr. 14 Hold,of ree.Mar.29'29a
Stock dividend (quar.)
20e. Jan, 2 Holders of rec. Dec. 11
Park Utah Consol. Mines (guar.)
45c. an: 5 Holders of rec. Dee. 26
30 J 6
4 .I
Partos Realty Holding Corp..com.(gu.)_
Holders of rec. Dec. 26
Preferred (guar.)
62 tic. Jan. 2 Holders of rec. Dec. 22
Pedigo-Weber Shoe (guar.)
53.50 Jan. 1 Hclders of rec. Dee. 31
Pelz-Greenstein Cc., Inc., met
•25e. Jan. 1 *Holders of rec. Dec. 15
Pender(D)Grocery, class B (qu.)
025c. Jan. 1 *Holders of rec. Deo. 15
Class B (extra)
I% Jan. 1 Holders of rec. Dec. 146
Penick & Ford, Ltd., pref.(quar.)
$1.50 Deo. 31 Holders of rec. Dec. 20
Penney(J. C.) Co., pref.(guar.)
25c. Jan. 2 Holders of rec. Dec. 8
-Peoples Drug Stores, Inc.. corn.
*50c. Jan. 1 'Holders of rec. Dec. 20
Perfect Circle (guar.)
*373-4c Jan. 31 *Holders of re.c Jan. 19
Perfection Stove (monthly)
Perfection Stove (monthly)
373.40. Deo. 31 Holders of rec. Dec. 200
37M0 Jan. 1 Holders of rec. Dec. 11
Pet Milk Co. corn. (guar.)
1M Jan. 1 Holders of rec. Dec. 11
Preferred (guar.)
'12.50 Jan. 2 "Holders of rec. Dec. 18
Phelps Dodge Corp.(quar.)
234 Dec. 31 Holders of rec. Dec. 20
Phila. Co.for Guar. Mtgs.(guar.)
2
Dec. 31 Holders of rec. Dec. 20
Extra
1.62M Jan. 2 Holders of rec. Dee. 170
Phila. Dairy Products pr. pref. (qu.)
42 Feb. 1 *Holders of rec. Jan. 15
Philadelphia Insulated Wire
'11 Feb. I 'Holders of rec. Jan. 15
Extra
40o. Jan. 1 Holders of rev. Dec. 170
Philippe(Louts) Inc., partly. A (guar.)-37 Mc. Jan. 2 Holders of rec. Dec. 14a
Phillips Petroleum (guar.)
60c. Jan. 2 Holders of rec. Dec. 14a
Extra
134 Jan. 2 Holders of rec. Dec. 15
Pick (Albert) & Co., pref. (guar.)
1M Jan. 2 Holders of rec. Dec. 15
Pie Bakeries of Amer., pref.(guar.)
50e. Jan. 2 Holders of rec. Dec. 15
Class A (guar.)
Pierce Governor (quar.)
'373-4c Jan. 1 *Holders of rec. Dec. 14
*$2 Dec. 31 "Holders of rec. Dee. 22
Pilgrim Mills(guar.)
Pittsburgh Plate Glass
*50c. Dec. 31 *Holders of rec. Dec. 13
New stock (guar.) (No. 1)
+75c. Jan. 11 *Holders of rec. Dec. 27
Pittsburgh Screw & Bolt (guar.)
*50c. Jan. 11 *Holders of rec. Dec. 27
Extra
Polymet Mfg. Corp., common (guar.). _ 3754c. Jan. 2 Holders of rec. Dec. 20
Poor & Co.,corn.(guar.)
'373.4c Mar 1 "Holders of rec. Feb. 15
+50c. Mar. 1 "Holders of rec. Feb. 15
Common (extra)
$1.75 Jan. 10 Holders of ree. Dec. 20a
Porte Rican Amer. Tobacco,el. A
Powdrell & Alexander, pref. (guar.) _ _
134 Jan. 1 Holders cf rec. Dec. 17
'75c. Jan. 2 *Holders of rec. Dec. 15
Pratt & Lambert,corn.(guar.)
Jan. 2 *Holders of rec. Dec. 15
.
12
Common(extra)
6c. Jan. 4 Holders of rec. Dec. 14
Premier Gold Mining
1M I/ec. 31 Holders of ree. Dec. la
Pressed Steel Car, pref. (guar.)
50c. Jan, 2 Holders of rec. Dec. 15
Price Brothers, Ltd., corn.(guar.)
1)4 Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
Jan. 15 'Holders of rec. Dec. 24
Procter & Gamble Co., pref. (guar.)_ _ *2
88 Jan. 19 Holders of rec. Dec. 31
Progressive Merchants,Inc., corn.
53.50 Jan. 19 Holders of rec. Dec. 31
Preferred
50c. Jan. 16 Holders of rec. Dec. 310
Pro-phy-lac-tic Brush, corn. (guar.)_ -$1
Jan. 5 Holders of rec. Dec. 22a
Common (extra)
Prudence Co., Inc., pref.(guar.)
13-4 Jan. 15 Holders of rec. Dec. 310
)
Pruett-Schaffer Chem., oref.
,10.1 •50c.
.0110(1
1.4 Jan. 2 Holders of rec. Dec. 26
Public Security Bond Mtge., pref.(qu.)
50c. Jan. 2 Holders of rec. Dec. 20
Public Utility Investment
2
Jan. 1 Holders of rec. Dec. 10a
Pure Oil, 8% pref. (guar.)
1% Jan. 1 Holders of rec. Dec. 10
6% Preferred (guar.)
1% Jan. 1 Holders of rec. Dec. 10
% preferred (guar.)
•50e. Jan. 15 *Holders of rec. Jan. 2
Q. R. S. Co., corn.(guar.)
'Si Jan. 15 *Holders of rec. Dec. 31
Quaker Oats, corn.(guar.)
"1.54 Feb. 28 'Holders of rec. Feb. 1
Preferred (guar.)
*80c. Jan. 1 *Holders of rec. Dec. 15
Raybestos Co., common (guar.)
$3 Jan. 15 Holders of rec. Jan. 5
Realty Associates, 1st pref.
Real Silk Hosiery Mills, Wel.(guar.)_ - - 1% Jan. 1 Holders of rec. Dec. 130
Reece Buttonhole Mach.(guar.)
3)4 Jan. 2 Holders of rec. Dec. 15
34 Jan. 2 Holders of rec. Dec. 15
Reece Folding Mach.(guar.)
"1% Jan. 2 *Holders of rec. Dec. 20
Regal Shoe,Pref.(guar.)
1% Jan. 1 Holders of rec. Dec. 24a
Reis(Robert)& Co., pref.(guar.)
623-tc. Jan. 2 Holders of rec. Dec. 14
Reliance Mfg. (guar.)
•IU Jan. 2 *Holders of rec. Dec. 20
Remington Arms, 1st pref.(guar.)
1M Jan. 1 Holders of rec. Dec. ea
Remington-Rand Co., 1st pref.(guar.)_ _
2
Jan. 1 Holders of rec. Dec. 86
Second preferred (rivar.)
Remington Typewriter, Com. (guar.) _ $1 25 Jan. 1 Holders of rec. Dec. 8a
1M Jan. 1 Holders of rec. Dec. Sa
First preferred (guar.)
Jan. 1 Holders of ree. Dec. 80
2
Second preferred (guar.)
20c Jan. 2 Holders of rec. Dee. 10a
Reo Motor Car (quar.)
20c Jan. 2 Holders of rec. Dec. 10a
Extra
35c. Jan. 1 Holders of rec. Dec. 15
Republic Investing, pref.(guar.)
1,i Jan. 2 Holders of ree. Dec. 146
Republic Iron &Steel. pref.(quar.)
Reynolds Tobacco cons. & corn. B (qu.) _ 51.25 Jan. 2 Holders of rec. Dec. 180
51.50 Jan. 2 lIcIders of rec. Dec. 18a
Common & common B (extra)
1% Jan. 1 Holders of rec. Dec. 26
Rhode Island Ice, pref. A (guar.)
Itice-Stix Dry Goods, common (guar.) _ 3734v.Feb. 1 Holders of rec. Jan. 15
First and second preferred (guar.) _ _
ill Jan. 2 Holders of rec. Dec. 15
• 4334c. Feb. 1 *Holders of rec. Jan. 5
Richfield Oil, pref. (guar.)
"87.lic Jan. 15'Holders of rec. Dec. 31
Richmond Radlator, pref.(guar.)
25c. Jan. 2 Holders of rec. Dec. 200
RigneY & Co., pref.(guar.)
Ritter Dental Mfg., coin (qu.)(No. 1) '6234c Apr. 1
$2.50 Jan. 2 Holders of rec. Dec. 24
Rochester & Pittsburgh Coal, pref..
45e. Jan. 1 Holders of rec. Dec. 20
Ross Gear & Tool, corn.(guar.)
Royal Baking Powder, new corn.(qu.)_ _ *25e. Dec. 31 "Holders of rec. Dec. 15
Preferred (guar.)
*13-4 Dec. 31 "Holders of rec. Dec. 15
623.5c Jan. 15 Holders of re:- Dec. 15
Humidor Corp.. corn.(qu.)(No. 1)
Feb. 1 *Holders of rec. Dec. 31
*2
Russell Motor Car, common
*1
Feb. 1 *Holders of rec. Dec. 31
Common (extra)
*1% Feb. 1 *Holders of rec. Dec. 31
Preferred (guar.)
75c. ,lan. 1 Hclders of rec. Dec. 20
Safeway Stores, new corn.(qu.)(No. 1)7% prof.(guar.)
134 Jan. 1 Holders of rec. Dec. 20
1;4 Jan. 1 Holders of rec. Dec. 20
6% pref.(guar.)
50c. 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 8 to June 20
Quarterly
25c. June 20 June 8
to June 20
Extra
50e. Sept. 20 Sept. 10 to Sept.20
Quarterly
250. Sept. 20 Sept. 10 to Sept.20
Extra
Name of Companb.
ram.. 127
FINANCIAL CHRONICLE
3668
PIT
'When
Cent. Payable
Books Closed
Days Inclusive.
Name of Corn pang.
When
Per
Cons. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
Swift & Co.(guar.)
Jan. 1 Dee. 11 to Jan. 10
2
50e. Dec. 20 Dec. 10 to Dec. 20
St. Joseph Lead Co., quarterly
15c, Doe. 31 Holders of rec. Dec. 10
Sylvester Oil, corn.(quar.)
25c. Dec. 20 Dec. 10 to Dec. 20
Extra
25c. Jan. 2 *Holders of rec. Dec. 20
St. L. Rocky Mt.& Pac. Co.,corn.(qu.) 155 Dec. 31 Holders of roe. Dec. 15a Syracuse Washing Mach. A & B.(qu.)
144 Jan. 1 Holders of re*. Dee. 15
134 Dec. 31 Holders of rec. Dec. 15a Taggart Corp., pref. (guar.)
Preferred (guar.)
25e. Feb. 1 Holders of roe. Jan. 15a
Telautograph, common (guar.)
*25c. Mar. 1 *Holders of reo. Feb. 25
St.Louis Screw & Bolt(guar.)
Preferred (quar.)
134 Jan. 10 Holders of rec. Dec. 31
*25c. June 1 *Udders of rec. May 26
Quarterly
The. Jan, 1 Holders of rec. Nov. 230
Texas Corporation (Guar.)
134 Jan. 2 Holders of reo. Dec. 14
St. Maurice Valley Corp., pref (qu.)
2
Jan. 2 Holders of rec. Dec. 24
Textile Banking (guar.)
*75c. Jan. 1 *Holders of roe. Dec. 10
St. Regis Paper, common (guar.)
Thayers, Ltd. (quar.)
Jan. 1 *Holders of roe. Dee. 10
873.4e. Jan. 2 Holders of roe. Dec. 15
'134
Preferred (quar.)
30e. Jan, 2 Holders of me. Dec. 220
Thompson (John R.)(monthly)
*20e. Jan. 2 *Holders of rec. Dec. 15
Salt Creek Como'Oil (quar.)
Monthly
30c. Feb. 1 Holders of reo. Jan.' 23a
$2
Jan. 2 Holders of roe. Dec. 24
Sandusky Cement, cons. 'guar.)
Monthly
30o. Mar, 1 Holders of rec. Feb.d2la
$4 Jan. 2 Holders of rec. Dec. 24
Common (extra)
30c. Jan. 2 Holders of rec. Dec. 20
Thompson Products, class A (guar.). _ _
*500. Jan. 1 *Holders of rec. Dee. 10
Sangamo Elec. Co., corn. (guar.)
•1X Jan. 1 *Holders of reo. Dec. 10
Extra
10e. Jan. 2 Holders of rec. Dec. 20
Preferred (guar.)
.
Tide Water Ass,' Oil, prof.(qu.)
Jan. 1 Holders of rec. Dec. 15
134 Jan. 2 Holders of rec. Dec. 106
Santa Crux Portland Cement (guar.).- *51
200 Dec. 31 Holders of rec. Doe. 106
Tide Water Oil. corn.(quar.)
50c. Jan. 2 Holders of rec. Dec. 15
Sarnia Bridge Co.. Ltd., claas A
150. Jan. 2 Dec. 21 to Jan. 1
Timken-Detroit Axle, com.(Quar.)
*134 Jan. 2 *Holders of rec. Dec. 15
Savage Arms,new corn. lst pref.(qu.)
•1
Sc. Jan. 2 Dee. 21 to Jan. 1
Common (extra)
Feb. 15 *Holders of rec. Feb. 1
Second preferred (quar.)
Timken Roller Bearing (see note(II ).
*51.50
Sayers & Scoville Co., corn. (quar.)_.. •$1.5o Jan. 2 *Holders of rec. Dec. 20
250. Jan, 23 Holders of rec. Dec. 130
Tintic Standard Mining (extra)
*53.50 Jan. 2 *Holders of rec. Dec. 20
Common (extra)
Ian. 15 Holders of rec. Dee. 170
Tobacco Products Corp., corn.(guar.)
$2
*114 Jan. 2 *Holders of rec. Dec. 20
Preferred (guar.)
Jan. 1 Holders of reo. Dec. 15
3
Toronto Mortgage Co.(quar.)
Schlesinger(B. F.) & Sons, Inc. pf.(qu.) *134 Jan. 1 *Holders of rec. Dec. 14
75e, Jan, 2 Holders of reo. Dec. 21
Torrington Co. (guar.)
334 Feb. 1 Holders of rec. Jan. 22
Schnell & Penselpen Corp., pref
Extra
50c. Jan. 2 Holders of rec. Dee. 21
Jan. 2 Holders of reo. Dec. 15
Schoeneman (J.) Co. pref.(quar.)
25c. Jan. 15 Holders of rec. Dec. 31a
Transue & Williams Steel Forging (qu.)_
Schulte Retail Stores
Traveller Shoe (quar.)
373.4e. Jan. 2 Holders of rec. Dee. 15
Mar '29
Common (payable in corn, stock)
1234c. Jan. 1 Holders of reo. Dec. 15
Jan. 2 Holders of rec. Dec. 12a Traymore Limited common (qua:.)
2
(quar.)
Preferred
4
11 Jan, 1 Holders of rec. Dec. 15
Preferred (quar.)
*750. Jan. 1 *Holders of reo Dec. 20
Scoville Manufacturing(qu.)
•144 Jan. 4 *Holders of rec. Dec. 24
Treasury Holding Corp., 7% pf.(qu.)
75e. Jan, 15 Holders of rec. Dec. 31
Scullin Steel, pref. (qua?.)
Trico Products(quar.)
'6234e Jan. 2 *Holders of roe. Dee. 136
Sears. Roebuck & Cu
1% Jan. 2 Holders of rec. Dec. 20
el Feb. 1 Holders of rec. Jan. 15a Trumbull Cliffs Co. pref.(guar.)
Quarterly (paya(de in stock)
Jan. 15 Holders of rec. Dee. 266
3
.
el May 1 Holders of rec. Apr. 13a Truscon Steel Corp
Quarterly (payable In stock)
Jan. 31 Holders of reo. Jan. ba
e6
rec. Deo. 31
Stock dividend
87340. Jan. 16 Holders of
Segal Lock & Hardware, pf.(guar.)
Jan. 31 Holders of reo. Jan. ba
e4
Stock dividend (extra)
Second Inter.Secur. Corp.,com.A((NJ- 3714c. Jan. 2 Holders of rec. Dee. 15
Tubize Artificial Silk, corn. B Omani_
'2.50 Jan. 2 *Holders of rec. Dec. 20
75e. Jan. 2 Holders of roe. Dee. 15
8% preferred (quar.)
Jan. 15 Holders of rec. Dec. 31
1
Tuckett Tobacco, common (quar.)
750. Jan. 2 Holders of rec. Dec. 15
8% second pref.(quar.)
144 Jan. 15 Holders of rec. Dec. 31
Preferred (quar.)
$1.25 Jan. 1 Holders of rec. Dec. 15a
National Investors prof.(qU.)
Second
Doe. 31 Dec. 16 to Jan. 1
- 3
244 No. Bay Shore Drive,Inc. pref15 Holders of rec. Jan. 2
Jan.
Securities Management, cl. A (guar.).- 1
Dec. 31 Dec. 16 to Jan. 1
22 West 77th St., Inc
$3
25o. Jan. 16 Holders of rec. Jan. 2
Class B & C (qua?.)
Jan. 2 Holders of rec. Doe. 20
4
Ulen & Co.,8% pref
50c. Feb. 1 Holders of rec. Jan. 15
Seeman Brothers, Inc., corn. (quar.)--334 Jan. 2 Holders of rec. Dec. 20
714% preferred
50e. Mar. 15 Holders of rec. Mai. la
Common (extra)
Dec. 31 Holders of rec. Dee. 124
Underwood Elliott Fisher Co.,corn.
(MO Si
134 Jan. 2 Holders of reo. Dee. 20
SelberlIng Rubber, pref. (guar.)
144 Dec. 31 Holders of reo. Dec. 124
Preferred and pref. series B (quar.)
•13 Febl'29 *Holders of rec.Jan. 15'29
Selby Shoe, pref.(quar.)
$1.50 Jan. 1 Holders of reo. Doe. 76
1,134 May 1 *Holders of reo. Am.1529 Union Carbide & Carbon (guar.)
.
Preferred (guar.)
Union Guarantee Mtge., corn. (quiz.).. $1.50 Jan 2'29 Holders of rec. Dec. 18
13( Jan. 1 Holders of reo. Dec. 17
Sellers(0.!.)& Sons Co., pref.(guar.)
Corn. (extra)
51 Jan2'2P Holders of rec. Dec. 15
Jan. 2 Holders of me. Dec. 1
$I
Separate Units,Inc.(guar.)
60o. Jan. 2 Holders of rec. Dec. 21
Union Metal Mfg.((mar.)
Holders of rec. Dec. 18
dO
Stock dividend
25c. Jan. 2 Holders of rec. Dec. 21
Extra
25o Jan. 2 Holders of reo. Dec. 1
Extra
$2 iJan2'29 Holders of reo. Doe. 16
Union Mortgage,corn.(qua?.)
Service Station Equip., Ltd., cl. A.(qu.) 40c Jan. 2 Holders of rec. Dec. 15
Jan 2'2P Holders of rec. Doe. 15
2
Common (extra)
40c Jan. 2 Holders of rec. Dec. 15
A (extra)
Mass
Holders of reo. Doe. 16
154 Jan2
5% Preferred(quar.)
40e Jan. 1 Holders of rec. Dec. 15
Class B
21.75 Jan. 2 Holders of reo. Dee. 14
Union Togacco Co. class A (quar.)
154 Jan. 25 Holders of reo. Dec. 31
Shaffer Oil & Ref. pref.((Nan)
25c Dec. 31 Holders of rec. Dee. 20
50o. Jan. 10 Holders of rec. Dec. 20a Union Twist Drill, corn. ((Sian)
Shattuck (Frank G.) Co.(quar.)
154 Dec. 31 Holders of rec. Dec. 20
Preferred (quar.)
20c. Jan. 1 Holders of rec. Dec. 31
Shawmut Association (quar.)(No. 1)
33.4 Jan. 1 Holders of reo. Dec. 15
United Carbon, pref
50o. Jan. 2 Holders of rec. Dec. 21
Sheffield Steel corn. (Qua?.)
25e Jan. 2 Holders of rec. Dec. 76
United Cigar Stores of Am.. corn.(quar.)
Jan. 2 Holders of rec. Dec. 21
fl
Common (payable in common stock). af
500. Jan. 2 Holders of rec. Dec. 20
Unit Corporation, pref. (quar.)
Apr. 1 *Holders of rec. Mar. 21
Common (in common stock)
United Biscuit, preferred (quar.)
134 Feb. 1 Holders of rec. Jan. 170
July 1 *Holders of rec. June 20
in common stock)_ _
Common (payable
United Dyewood Corp., pref.(guar.) - - 154 Jan. 2 Holders of reo. Deo. 1341
Oct. 1 *Holders of rec. Sept. 20
Common (payable in common stock)_ _ .11
51 Jan. 2 Holders of reo. Deo. 86
United Fruit (quar.)
Mel Transport & Trading
United Fuel Investments. pref.(quar.)_ _
134 Jan. I Holdeb) of rec. Dee. 15
*97c. Jan. 5
(interim)
American shares
5a United Hotels of Amer.. pref. (quar.)
*134 Jan. 2 'Holders of rec. Dec. 20
35c. Dec. 31 Holders of rec. Dec.
Shell Union 011 (qua?.)
$1.50 Jan. 6 Holders of rec. Jan. 26
United Paperboard, pref.(quar.)
750. Febl 29 Hold. of rec. Jan.20 29
Stores, Inc., Cl. A (quar.)
Shepard
Preferred (quar.)
$1.50 Apr. 11 Holders of rec. Apr. la
75e. May129 Hold. of reo. Apr.20 29
Class A (quar.)
134 Jan. 2 Holders of rec. Dec. 206
United Piece Dye Wks.814% pf.(qu.)-Sherw-Williams Co., Canada,corn.(qu.) $1.50 Dec. 31 Holders of rec. Dec. 15
60c Tan. 15 T-holders of rec. Dee. 156
-Sharing,corn
United Profit
134 Dec. 31 Holders of reo. Dec. 15
Prefemed (guar.)
134 Jan. 2 Holders of rec. Dec. 21
United Securities, pref. (guar.)
*Holders of reo. Dec. 21
*75c. Dec. 31
Shredded Wheat (quar.)
50e. Jan. 2 Holders of roe. Dee. 200 United Shoe Machinery, coin. (guar.).- 623.4c Jan. 5 Holders of reo. Dec. 18
Shreveport-El Dorado Pipe Line(qu.) -374c Jan. 5 Holders of reo. Dec. 18
Preferred (guar.)
30c. Jan. 2 Holders of rec. Dec. 20
Sieloff Packing, common (quar.)
U.S. Finishing,common (quar.)
134 Jan. 15 Holders of rec. Jan. 7
SignalOil& Gas, Cl. A & B (special)..... _ *50c Jan. 10 *Holders of rec. Dee. 20
Jan. 15 Holders of rec. Jan. 7
2
Common (extra)
*25c. Jan. 2 *Holders of rec. Dec. 15
Coalition Mining (quar.)
Silver King
134 Jan. 1 Holders of rec. Dec. 20
Preferred (guar.)
Jan. 2 Holders of rec. Dec. 18a
75c.
Simmons Co.(quar.)
Jan. 2 Holders of reo. Dec. 15a U.S.Smelting. Ref.& Min.,corn.(qu.)_ 8734c. Jan. 15 Holders of rec. Dec. 3I6
3
Sim peons, Limited, pref
873.4e. Jan. 15 Holders of rec. Dec. 310
Preferred (Quar.)
*21.4 Dec. 31 *Holders of reo. Doe. 10
Singer Manufacturing (qua?.)
75c. Feb. 1 Holders of rec. Jan. 40
United Verde Extension Mining (guar.)*434 Dec. 31 *Holders of rec. Dec. 10
Extra
1 Holders of me Dec. lla
Steel bc Iron, pref.(q11.)-- 1% Jan. 2 Holders of rec. Dee. 200 U S. Distributing Corp.,old and new pr. $3.50 Ian
Sloss-Sheffield
*25c. Jan. 1 *Holders of rec. Dec. 15
U.S.Foil, Inc.,common B (quar.)
*75c. Jan. 1 *Holders of rec. Dec. 20
Smith(L.C.)& Corona TyPew..com•(qu)
U.S. & Foreign Elec. Corp., 1st pr.(qu.) 81.50 Feb. 1 Holders of rec. Jan. 11
*1% Jan. 1 *Holders of rec. Dec. 20
Preferred (guar.)
$1.50 Feb. 1 Holders of rec. Jan. 11
Second preferred (qua?.)
33.4 Jan. 2 Holders of rec. Dec. 22
Soble Silk Shops, Ltd., pref
*2 Doe. 31 *Holders of rec. Dec. 15
U. S. Gypsum, corn. (qua?.)
*25c.
Sonatron Tube(No.1)
*144 Dec. 31 *Holders of reo. Dec. 15
Preferred (guar.)
*12%c
Extra
114 Jan. 2 Holders of rec. Dec. 106
U.S. Leather, pi tor pref (guar.)
41.25 Jan. 15 Holders of reo. Dec. 31
Southern Asbestos (No. 1)
U. S. Leather, class A participating and
250. Jan. 15 Holders of roe. Dee. 31
Extra
100
$1
Jan. 2 Holders of rec. Dec. 21a
convertible stock (quar.)
Ice Co., pref.,ser.A (guar.)... $1.75 Jan. 2 Holders of reo. Dee. 15
Southern
Apr, 1 Holders of reo. Mar. its
Class A partic. & cony. stock (qu.)._ $1
500, Dec. 31 Holders of reo. Dec.
South Penn 011 (qua?.)
- $I
July 1 Holders of roe. June 100
Class A panic. & cony. stock (qu.)
25e. Dec. 31 Holders of reo. Dec. 15
Extra
Oct. 1 Holders of reo. Sept. 100
Class A panic. & cony. stock (qu.)-. $1
*e50 Subject stockholder meet Jan. 15
Stock dividend
*I% Jan. 2 *Holders of rec. Dec. 20
60o. Jan. 2 Holders of rec. Dec. 10a U.S. Lumber (quar.)
South Porto Rico Sugar. corn.((NJ
Jan. 1 *Holders of reo. Dee. 21
*51
U.S. Playing Card, corn. (quar.)
25o. Jan. 2 Holders of rec. Dec. 10a
Common (extra)
Jan. 1 *Holders of rec. Doe. 21
*51
Common (extra)
Jan. 2 Holders of reo. Dec. 10a
2
Preferred (quar.)
*51.50 Jan. 1 *Holders of reo. Dec. 21
5
Spalding (A. G.)& Bros.corn.,(quar.)__ 51.50 Jan. 15 Holders of rec. Jan. 20a U. 13 Printing & Litho., corn.(auar.)
114 fanl'29 Dec. 22 to Dm. 31
Second pref. (guar.)
Spang,Chalfant & Co.,Inc., pref.(qu.). I% Jan. 1 Holders of rec. Dee. 14
37140 Jan.; 2 Dec. 18 to Jan. 1
U.S. Realty & Investment (guar.)
750. Dec. 31 Holders of rec. Dec.
(qu.)
-Withington Co.,com.
Sparks
U. S. Shares Corn.
*40c. Jan. 1 *Holders of reo. Dee. 15
Spencer-Kellogg & Sons, Inc.(nu.)
4131o. Jan. 1 *Holders of reo. Doe. I
Bank stock to shares, settle 0-3
Dec. 31 Dec. 22 to Jan. 1
$2
Staban Securities Corp
13.4 laee. 29 Holders of rec. Nov.306
21a U.S. Steel Corp., corn. (quer.)
Standard Commercial Tobacco,oom.(ou) 25e. Jan. 2 Holders of rec. Dec. 21
750. Jan. 2 Holders of rec. Dee. 17a
U. S. Tobacco Co.. corn.(quar.)
3M Jan. 2 Holders of rec. Dec.
Preferred
134 Jan. 2 Holders of reo. Dec. 17a
Preferred (quar.)
Jan. 2 *Holders of rec. Dec. 24
*8
Standard Coupler, pref. (annual)
Jan. 2 Holders of rec. Dec. 24
Dec. 18
Universal Leaf Tobacco, pref.(quar.)_ _ _ 2
37%e. Jan. 1
Standard Holding Corp.(quar.)
2
tan. 2 Dee. 20 to Jan. 2
134 Dec. 31 Holders of rec. Dec. 180 Universal Pictures Inc.1st pfd.(au)
Standard Milling,corn.(quar.)
*30c. Jan. 2 *Holders of rec. Dec. lb
of roe. Dec. 180 Universal Products, Inc
13.4 Dec. 31 Holders
Preferred (quar.)
Dec. 31 Holders of rec. Dee. I46
$3
134 Mar. 31 Holders of rec. Mar. I8a Utah Copper Co.(guar.)
Standard Milling, corn.(quar.)
*2
Jan. 2 *Holders of rec. Doe. 19
134 Mar.31 Holders of reo. Mar. 18a Valvoline Oil, prof
Preferred (quar.)
1.14 Jan. 2 Holders of rec. Doe. 22
Doe. 24
Vlau Biscuit, pref.(quar.)
Standard Nat. Corp., new corn.(quar.)_ *350. Jan. 2 *Holders of roe. Dec. 15
154 Jan. 19 Holders of rec. Jan. ga
Vulcan Detinning. pref. (qua?.
Dec.d31 Holders of rec.
*$1
(qua?.)
Standard 011 (K7.)
Jan. 19 Holders of rec. Jan. lla
hl
Prof. account accum.dividend)
500. Dec.d31 Holders of rec. Dec. 15
Extra
13.4 Jan. 19 Holders of reo. Jan. 941
Preferred A (quar.)
6214e Jan. 2 Holders of reo. Dec. 7
Standard Oil(Ohlo).corn.,(quar.)
154 dFeb. 1 Jan. 8 to Jan. 9
(V.) Vivandou pref. (quar.)
2 Holders of rec. Dec. 19
Jan
2
Standard Screw, common (quar.)
134 Jan. 2 Holders of reo. Dec. 20
Wagner Electric Co., pref.(guar.)
1
Jan, 15 Holders of rec. Dee. 19
Common (extra)
'hl 34 Jan. 2 *Holders of rec. Doe. 20
Wahl Co., pref.(accrued accum.
3
Jan. 2 Holders of rec. Dec. 19
Preferred
300. Jan, 2 Holders of roe. Dec. 16
of reo. Dec. 17
& Bond.class B (qua:.)
Waitt
52.50 Dec. 31 Holders
State Title & Mortgage (quar.)
37140. ian. 2 Holders of reo. Dec. 206
Waldorf System, common (quar.)
60o. Feb. 1 Holders of rec. Jan. 19
Steel Co. of Canada. new corn.(q11ar.)200. Jan. 2 Holders of reo. Dec. 20
Preferred (quar.)
1834c Feb. 1 Holders of rec. Jan 19
New common (extra)
134 Jan. 1 Holders of reo. Dec. 20
Walareen Co., 63.4% prof. (guar.)
50c. Feb. 1 Holders of rec. Jan 19
New preferred (quar.)
*75c Dec. 31 *Holders of rec. Dec. 20
Walworth Co., pref.(guar.)
1814c Feb. 1 Holders of roe. Jan. 19
New preferred (extra)
Jan. 1 Holders of reo. Dee. 170
$2
of rec. Dee. 27
Ward Baking, cow. class A (qua?.)
81.125 Jan. 2 Holders
Steel & Tubes class A (qu.)(No.1)
134 Jan, 1 Holders of reo. Dec. 176
Preferred (guar.)
1 Holders of rec. Dec. 15
'134 Jan
Stein-Blocla Co., pref. (quar.)
*50c Jan. 12 *Holders of rec. Doe. 31
Warner (Chas.) Co., common (guar.)..
*2M Jan. 1 Holders of rec. Dec. 21
Stelnite Radio (quar.)(No. 1)
*50c Tan. 12 *Holders of rec. Dec. 31
Common (extra)
*214 Apr. 1
Quarterly
*IA Jan. 24 *Holders of rec. Doe. 31
First and second pref. (guar.)
*2% July I
Quarterly
50o Jan. 2 Fielders of reo. Dec..12
Warner-Quinlan Co..com.(guar.)
*214 Oct. 1
Quarterly
Jan. 2 Holders of reo. Dec. 176
51
Warren Bros., common (qua?.)
*51 Jan. 2 *Holders of rec. Dec. 20
Stern Bros., class A (quar.)
Jan. 2 Holders of reo. Dee. 17a
51
Common (extra)
21.126 Jan. 2 Holders of rec. Dee. 27
Steel & Tubes, cl. A (qv.)(No. 1)
75o Jan. 2 *Holders of reo. Dec. 17a
First preferred (guar.)
Sterling Securities Corp.. pref, allot. ctf.
87340 Jan. 2 Holders of roe. Dec. 17s
Second preferred (quar.)
3.4 Jan. 15 Holders of rec. Dec. 31
di?
Additional non-cum.
*750 Jan. 1 Holders of rec. Doe. 16
1
Waukesha Motor CO.(guar.)
*$3.75 Jan. 15 *Holders of rec. Jan
Stetson (John B.) Co., common
50o. Jan. 2 Holders of rec. Doe. 18
*4
Web Holding Corp., class A & B
Jan. 16 Holders of reo. Jan. 1
Preferred
51 Dee. 31 Holders of reo. Doe. 12a
Weber & Heilbroner,corn.(guar.)
51.25 Jan. 2 Holders of reo. Dec. 15
Stone (H. 0.) & Co., corn. (guar.)
154 Feb. 1 Holders of rec. Jan. 1N
reo. Dec. 15
Preferred ((Star.)
134 Jan. 2 Holders of
Preferred (quar.)
*40c. Feb. 1 *Holders of rec. Jan. 15
(No. 1)
Welboldt Store'
050o. Dec. 31 *Holders of reo. Dec. 12
Straus (S. W.) & Co. MAO
Jan. 1 Holders of rec. Dec. 16a
(70M.((Mar.)
-- $1
750. Jan. 2 Holders of reo. Dec. 18a Wesson Oil & Snowdrift,
Stromberg Carburetor (guar.)
Dec. 180 West. Auto Supply, cony. let pref.(qu.) 154 Jan. 1 Holders of reo. Dm. 20
8730 Jan. 10 Holders of nm.
Stock dividend
*$1.60 An. 5 Holders of rec. Dm. 20
West Coast Oil, pref.(qua?.)
class A (qu.)__..._ *500. Jan. 2 *Holders of reo. Dee. 20
Studebaker Mail Order
Dec. 29 Holders of rec. Doe. 20
*53
Preferred (extra)
51 Jan. 15 Jan. 1 to Jan. 14
Sullivan Machinery (guar.)
Jan. 2 Holders of reo. Doe. 15
2
West Point Manufacturing (guar.)
55 Jan. 7 Holders of reo. Doe. 31
Superheater Co
•75o. Dee, 31 *Holders of reo. Doe, 28
Western Electric Co.(quar.)
$1.60 Jan. 15 Holders of reo. Dec. 31
Superheater Co
*25e. Dee. 31 *Holders of reo. Dm. 28
Special
Jan. 3 Holders of reo. Dec. 20
e20
Sutherland Paper (in stock)
Western Maryland Dairy, pref. (quer.) $1.50 Jan. 1 Holders of rec. Dec. 20
Swedish-Amer. Investment Corp.
,
Western Tab.& Start.corn.(qu.)(No.1) Si Jan. 10 Holders of rec. Jan. 2
1.62% Jan. 2 Holders of reo. Dec. 15
Partic. pref (called for red.Jan.2)
Jan. 15
$1.75 Jan. 1 Holden( of me. Dec. 20
Preferred (quar.)
Sweets Co. of America (qua?.)(No. 1) __ *25o. Feb. 1 *Holders of rec.
3669
FINANCIAL CHRONICLE
DEC. 291928.]
When
Per
Cent. Payable.
Name of Company.
.
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 Dee. 21:
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
50e. Jan. 2 Dec. 28 to Jan. 2
Westmoreland Coal(quar.)
el00 Jan. 10 Holders of rec. Dee. 21
Westfield Mfg. (stock dividend)
50c. Jan. 31 Holders of rec. Dec. 310
Air Brake (quar.)
Westinghouse
$I Jan. 31 Holders of rec. Dec. 310
Westinghouse Elec. Mfg., corn.(qu.)_ _ _
()LOSING OF BUSINESS
it Jan. 15 Holders of rec. Dec. 310 INSTITUTIONS NOT IN CLEARING HOUSE WITH
Preferred (quar.)
M Jan. 2 Holders of rec. Dec. 15
Weston Elec. instrument Corp.,el. A _ _
FOR WEEK ENDED FRIDAY, DEC. 21 1928.
Jan. 1 *Holders of rec. Dee. 12
-Wheeling Steel Corp.. Pref. A (quar.)-- *2
1
.
. 2M Jan. 1 *Holders of rec. Dec. 12
Preferred B (quar.)
NATIONAL AND STATE BANKS-Average Figures.
500. Jan.d21 Holders of rec. Dec. 310
White Eagle Oil & Refg. (guar.)
250. Dec. 3 Holders of rec. Dec. 12
White Motor (quar.)
114 Dec. 3 Holders of rec. Dec. 12
White Motor Securities. prof. (quar.)
0th. Cash, Res.. Dep., Dep.Other
$1.50 Jan. 2 Holders of rec. Dec. 140
White Rock Mineral Springs,common
Gross
Including N Y. and Banksand
1M Jan. 2 Holders of rec. Dec. 14
First preferred (quar.)
Gold. Bk.Notes. Elsewhere. TrtsuCos Deposits.
Loans.
734 Jan. 2 Holders of rec. Dec. 14
Second preferred
Jan. 2 Holders of rec. Dec. 20
Will & Hamner Candle, pref. (quar.)-- - 2
$
$
$
$
$
$
ManhattanWilliams(R.C.)& Co..Inc.(No.1)(Clu.) •350. Feb. 1 *Holders of rec. Jan. 15
150,693,500 127,3002,396,500 21,24/1.800 1,804,900 155.116,800
Holders of rec. Jan. 106 Bank of U.S
30c Fen.
Willys-Overland Co .com.
19,758,000
672,000
19,190,000 9,100 890,000
Holders of rec. Jan. 186 Bronx Borough
51.25 Feb.
Common (extra) an cont. stock)
95,800 1,487,400 1,265,400 15.108.300
Holders of rec. Dec. 200 Grace National... 17,105,500 10,000
114 Jan.
Preferred (quar.)
114 Dec. 3 Holders of rec. Dec. 170 Harriman Nat'l__ 29.663,000 20,000 1,045,000 4,318.000 932,000 38.182,000
Wilson & Co., pref.(quar.)
3,674,500
198,700
4,265,200 36.500 108,300
Holders of rec. Dec. 20
81.75 Jan.
Port Mcrris
Wire Wheel Corp., prof. (quar.)
Holders of rec. Dec.114
500.5851.
Public National 115,672,000 94,000 2,090,000 7.259.000 4,877,000 111,276.000
Wood Chemical class A (War.)
Holders of rec. Dec. 14
25c. Jan.
Brooklyn
Wood Chemical class B (quar.)
17,655,000
775,600
15e. Dee. 3 Holders of rec. Dec. 20
First National.... 19,393,000 78.500 2,075,000
Woodley Petroleum (quar.)
53,251,700
53,787,000 359,000 1,956,000
*Holders of rec. Dec. 27
*111 Jan.
Mechanics
Woods Mfg., Ltd., pref. (guar.)
.37e. Jan. 1 *Holders of rec. Jan. 2
Nassau National_ 21,476,000 105.000 414,000 1.702,000 375,000 19.864,000
Woodworth. Inc (quar.)
78,000 8,281,00C
583.000
*Holders of reg. Dec. 206 Peoples National_ 8,710,000 25,000 173,000
Wrigley(Wm.) Jr. Co.,corn.(mthly.).- *25c. Jan.
244020C
AL NIA
2252 100
00200
0 002 ,nn
*Holders of rec. Dec. 200 0,...A........ .r.A......A1
*75e. Jan.
Extra
*Holders of roe. Jan. 196
*25e. Feb.
Monthly
Mar. . *Holders of ree. Feb. 206
•25e.
Monthly
*Associate member New York Clearing House
•25c Apr. 1 *Holders of rec. Mar. 200
Monthly
Yale & Towne Manufacturing (011.)- - - 151. Jan. 2 Holders of rec. Dec. 100
TRUST COMPANIES-Average Figures.
30c Jan. 2 Holders of rec. Dec. 22
Yarns Corp. of Amer.. cony. Cl. A (au.)500. Jan. 2 Holders of rec. Dee. 156
Young (L. A.) Spring dr Wire (quar.)
250. Jan. 2 Holders of me. Dee. 150
Extra
Res've Dep., Depos.Other
Gross
Youngstown Sheet dt Tube,corn.(qu.)-- 81.25 Dec. 31 Holders of reo. Dec. 14
N. Y. and Banks and
Youngst'n Sheet dr Tube. 514% Pf.(au.) 114 Dec. 31 Holders of ree. Dec. 14
Eelsewhere. Trust Co.. Deposits.
Cash.
Loans.
•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. 3 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.
f Payable In common stock. g Payable in scrip. 11 On account of accumulated
dividends. 1 Payable in preferred stock.
S Cackshut Plow dividend is for two quarters ending Dec. 31 1928.
sesorave Corp. dividend is 30c. cash or 234% stock at option cf holder.
I Associated Gas & Electric dividends payable in cash or In class A stock as
follows: On class A stock at rate of 2(4% of one share of class A stock for each
-100th share class A stock; on $7 Pref. 3.80-100tha
share held; on original pref. 1.90
share claw A stock; on 85 pref. 2.72-100ths share class A stock.
dividend Is payable either 2% in stock or 6234e. In
o Holland Furnace regular
°ash.
p Payable either in cash or common B stock at rate of $25 per share.
g British-Amer. Tobacco final dividend is one shilling eight pence and the
interim dividend ten pence. Transfers received up to Dec. 31 in London will be In
time for payment of dividends to transferees.
r Declared 10% in stock payable in quarterly Installments.
e Payable either In cash or common A stock at rate of $25 per share.
I Payable in cash at rate of $1.50 for each share or in common stock at rate of
one-sixty fourth share.
I Schulte Retail Stores declared 2% in stock, payable 34% quarterly.
o At rate of 7% per annum from date of issue.
ro Less taxes and expenses of depositary.
V Dividend is one share Bank of America stock for each forty shares Baneitaly
Corp. stock.
z Curtis Publishing stock dividend subject to stockholders' meeting Jan. 4.
Utilities Power & Light. class A dividend payable either In cash or class A stock
at rate of one-fortieth share clam A stock for each share held. Class B dividend is
17-200ths of a share of class B stock.
II Timken Roller Bearing stock dividend reported in previous issues an errcr.
There was no stock dividend but an exchange of old stock for new on the basis
of two for one.
1 Del. Lack. dc Western Coal dividend reported here in previous issues was
an error.
$
$
$
Manhattan-
47,606.400 1,097,900 11,765,800
American
224,380
853.284
Bank of Europe& Tr. 17.313,630
708,616 1,665,982
22,381,613
Bronx County
249,272,000 *33,979,000 4,715,000
Central Union
72,435,500 *4,536,900 3,834,600
Empire
225,943 1,244,101
17,792.834
Federation
389,500
16,415,600 *2.301.100
Fulton
283.054,000 3,284,000 42,339,000
Manufacturers
80,874,321 4.550,000 11,428,059
United States
Brooklyn
Brooklyn
Kings County
Municipal
Bayonne, N. J.sm--2.--a--
82,381,400
26,491,639
63,173,400
1,848,700 11,487,400
1,831,394 2,360.144
1,810,000 4,592,400
n 1A1 000
91, 010
/00 102
$
$
35.500 50,984,800
16,494,931
22,220,492
2.805,000 260,180,000
3,554,800 69,223,300
234.549 17,740,244
16.731,500
1,692.000 268,539.000
71,784,688
66,916.900
24,465,618
113,100 60,466,500
949
scil
0 210 Q77
*Includes amount with Federal Reserve Bank as follows: Central Union, $32,718,000; Empire, 52.862.000; Fulton, 52.155,500.
-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. 26
1928.
Changesfrom
Previous Week
Dec. 19
1928.
Dec. 12
1928.
$
5
$
5
84,600.000
84,600,000
84,600,000 Unchanged
Capital
110,650,000 110,650,000
110,650,000 Unchanged
Surplus and profits
Loans, disats & inveigle 1,107,703,000 -7,160,000 1,100.543,000 1,095,877,000
676,645,000 -22,211,000 698,856,000 682.456,000
Individual deposits
138,932,000 -8,672,000 147,604,000 143,273,000
Due to banks
282,265,000 +3.405,000 278,860,000 280.621,000
Time deposits
1,267,000
6,126.000
-143.000
5,983,000
United States deposits
30,543,000
45,158.000
36,547,000 -8,611,000
Exchanges for Cig. House
81,673,000
90,299,000
80,932,000 -9,367.000
Due from other banks
83,124,000
84,721,000
82.073,000 -2,648,000
Ree've In legal deposit'lee
10,821.000
11,241,000
12,776,000 +1,535,000
Cash In bank
504.000
1.176,000
-697.000
479.000
.1711 fiZINS411 in F.R.Bk_
ROFI
§§§§§§§§§§§§§§§§§§§§§§§§§§§§ §
........ ......... .
Tntala
CO
Clearing Non-Member.
Mocha:aka Tr. Co.. Bayonne-
vi cr
Bank of America
National City Bank
Chemical National Bank_
National Bank of Commerce_
Chat.Phenix Nat.Bk.&Tr.Co
Hanover National Bank
Corn Exchange Bank
National Park Bank
First National Bank
Amer.Exchange Irving Tr.Co
Continental Bank
Chase National Bank
Fifth Avenue Bank
Garfield National Bank
Seaboard National Bank
State Bank & Trust Co
Bankers Trust Co
U. B. Mortgage & Trust Co.._
Title Guarantee & Trust Co__
Guaranty Trust Co
Fidelity Trust Co
Lawyers Trust Co
New York Trust Co
Farmers Loan & Truitt Co...
Equitable Trust Co
Colonial Bank
0.0 0.
0
000
7._70...OP CO
0
„s„;.,;‘60..ic.;0 ;007—Q 0;.0., kiC:CL:6
O1 11
r.cOl
Weekly Return of New York City Clearing House.
Beginning with Mar. 31, 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
-The Philadelphia Clearing House
Philadelphia Banks.
new return shows nothing but the deposits, along with return for the week ending Dec.22, with comparative figures
the capital and surplus. We give it below in full:
for the two weeks preceding, is given below. Reserve
STATEMENT OF THE MEMBERS OF THE NEW YORK CLEARING HOUSE requirements for members of the Federal Reserve System
ASSOCIATION FOR THE WEEK ENDING SATURDAY, DEC.22 1928.
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
'Surplus & Na Demand
Time
Deposits
*Capital. Undivided
Clearing House
Deposits
is not a part of legal reserve. For trust companies not
Profits.
Average.
Members.
Average.
members of the Federal Reserve System the reserve required
$
5
S
demand deposits and includes "Reserve with
13,207,600
60,960.000
Bank of N. Y.& Trust Co._
9,817,000 is 10% on
26,909,800 151,156.000
Bank of the Manhattan Co__
34,545,000 legal depositaries" and "Cash in vaults."
37,173,100 138,496,000
Nat. Assn__
74,502,900
20,399,100
47,428,200
15,109,000
26,904,000
17,959,200
25,310.900
88,893.100
52,705,900
1,492,000
78,803,900
3,308,200
1,920,300
12,734,200
6,828,900
75,541,800
6,385,300
22,922,800
60,479,400
3,681,800
3,935,200
25,180,100
22,416,300
27,116,400
3,915,300
783.200
49,816,000
a850,352,000 163,086,000
132,049,000
10,985,000
312,584,000
44,527,000
160,762,000
44,488,000
124,299,000
2,948.000
175,972,000
32,534,000
123,698,000
11,702,000
246.995.000
15,000,000
364,404,000
50,504,000
8,173,000
600,000
6573.718,000
71,484,000
26,399,000
1,719.000
15,748,000
347.000
124,151,000
8,589,000
38.838,000
59,267,000
c349,697.000
55,737,000
54,244,000
5,313,000
36,209.000
2,550,000
d500,416.000
76,533,000
41,909,000
5,469,000
17,433,000
1,958,000
146,137,000
27,091,000
el20,790,000
24,063,000
(335,399,000
45,595,000
27,430,000
7,536,000
3,300.000
471.900.000 803.947.900 5.261.716.000
5.871,000
suos
4,1A rtnn
As per official reports, National, Oct. 3 1928; State, Sept. 28 1928; Trust Co.'s.
Sept. 28 1928.
Includes deposits in foreign branches, (a) 8275,635,000; (b) 814,881,000; (c)
$75,355,000;(d) $111,319,000;(e) 59,528,000;(0 3114,002,000.
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.
Two
Week Ended Dee. 22 1928.
Ciphers
Offlatatt.
(00)
Trust
Members of
F.12. System Companies.
57,558,0
Capital
176,202,0
surplus and profits
Loans, diacts. & Invest. 1,038,599,0
44,425,0
Exch. for Clear House
96,713,0
Due from banks
127,708,0
Bank deposits
Individual deposits_ 620,364,0
214,147,0
Time deposits
962,219,0
Total deposits
Res. with legal dopes_
67,494,0
Res. with F. R. Bank
14,328,0
Cash In vault•
81,822.0
Total Los. &eaah held.
Reserve required
Excess rewire sand cash
In vault
1928
Total.
Dec. 15
1928.
Dec.8
1928.
67,058.0 67,058.0
67,058,0
9,500,0
18,441,0 194,643,0 194,643,0 194.643.0
104,334,0 1,142,933,0 1,135.235,0 1,134,117.0
48,488,0
48,108,0
45,244,0
819,0
98,684,0
94.099,0
97,348,0
635,0
3,331,0 131,039,0 131,179,0 138,798.0
50,245,0 670,609,0 673,858,0 663,741.0
26,614,0 240,761.0 239.391,0 243.285,0
80,190,0 1,042,409.0 1,044,428,0 1.045,824,0
10,046,0
9,046,0
9,555.0
9,046,0
88.122.0
67.494.0
68.779.0
18,493,0
17,047,0
15,223,0
2,719.0
95,881,0
93.587,0
11,765,0
93,557,0
•Cub In vault sot counted as reserve tor redone Dolores isssabora.
3670
FINANCIAL CHRONICLE
[voL. 127.
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Dec.27 and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
as 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
latest week appears on page 3625, being the first item in our department of "Current Events and Discussions."
COMBINSD RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS DEC. 26 1928.
Dec. 26 1928. Dec. 19 1928. Dec. 12 1928. Dec. 6 1928. Nov. 28 1928. Nov. 21 1928. Nov. 14 1928.
Nov.7 1928. Dec.281927.
RESOURCES.
$
9
9
$
$
9
$
$
$
1,171,408,000 1,268,645,000 1,172,296,000 1,150,080,000 1,148,031.000 1,125,095.000 1,172,075,000
Gold with Federal Reserve agents
1,134,989,000 1,469,255,000
Gold redemption fund with U.S. Tress77,666,000
73,150,000
76.485,000
83 171,
.
000
75,335,000
83,444,000
80,193,000 69,083,000
54,681,000
Gold held exclusively agst. F. R.notes 1,254,579,000 1,345,130,000 1,249,962.000 1,223,230.000 1,223,366.000 1,208.539,000 1,252,268,000
Gold settlement fund with F.R.Board- 750,186,000 736,444,000 730,827,000 768.422,000 781.011,000 796,380,000 721.680,000 1,204,072.000 1,523,036,000
Gold and gold certificates held by banks- 579,474,000 533,383.000 646,186.000 625.948.000 596,094,000 662,548,000 685.184,000 763.380.000 595,110,000
675.315.000 620,054,000
Total gold reserves
Rmervee other than gold
2.584.239,0002.614,957.000 2,626,975,000 2,617,600.000 2,600,471.000 2,667.467.0002,659.132.000 2,642,767,000 2,739,100,000
104,588,000 108,800,000 118,878,000 119,532,000 121,943,000 132,622,000 128,968,000 125.600,200 123,096,000
Total reserves
Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
2,688,827,000 2,723,757.000 2,745,853,000 2,737,132,000 2,722,414,000 2,800,089,000 2,788.100,000 2,768,367.000 2,862,196,000
64,093,000
60.046,000
53,028,000
56,973.000
50.366.000
64.051.000
60,478.000
69,647,000
51.494,000
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
1,167,579,000
489,270,000
713,759,000
453,820,000
620,795,000 665,864,000
377,557,000 346.318.000
673,540,000
316,700,000
470,127,000
329,819,000
524,931.000
332,608,000
584,154,000
373,236,000
410,174,000
199,035.000
946,710,000 1,028.352,000 1,012,182,000
453,111,000 494,323,000 477,770,000
990,240,000
482,343,000
799,946,000
484,164,000
857,539,000
474,400.000
957,390,000
446,645,000
609,209,000
385,527,000
582,722,000
363,988,000
52,717,000
104,759,000
74,852,000
53,497,000
116,173,000
65,837,000
53,499,000
117,958,000
55,325,000
53,442,000
115,798,000
60,042,000
54,068,000
113,166.000
58.821,000
54,377,000
108,961,000
59.001.000
54,359,000
114.295,000
54,028,000
287.746,000
62,531,000
252,849,000
232,328,000
10,135,000
Total U. S. Government securities
Other securities (see note)
53,386,000
105,318.000
131,838,000
290,542,000
10,360,000
235,507,000
4,415,000
226,782,000
4,390,000
229,282,000
4,390.000
226,055,000
4.390,000
222.339,000
3.855,000
222,682,000
3,730,000
603.126,000
980,000
Total bills and securities (see note)._ 1,899,312,000 1,700,723,000 1,762,597,000 1.721,124,000 1,706.255,000 1,514,555,000 1.558.133.0001.632.447,000 1.598,842,000
Gold held abroad
Due from foreign banks (see note)
728,000
726,000
726,000
727,000
728,000
725,000
729,000
568,000
728,000
Uncollected items
722,108,000 867,294,000 795.957,000 747,261,000 707,919,000 800,760.000 968.055,000 658,155,000 728,018,000
Bank premises
60,629,000
60,606,000
60,601.000
60,630,000
60.590.000
60,595,000
60,574.000
60,185,000
60,551.000
All other resources
7,704,000
10.699,000
10.061,000
8,375,000
9.918,000
8,902,000
8,668,000
8,480,000 14,383,000
Total resources
LIABILITIES.
F. R. noted in actual circulation
Deposits:
Member banks
-reserve account
Government
Foreign banks (see note)
Other deposits
2,409,195,000 2,325,879,000 2,408,967,000 2,382,329,000 2,360,973.000 2,346,141,000 2,364,508,000 2,329,820.000 2,431,845,000
29,724,000
15,782,000
25.876.000
5,489,000
24,199,000
15,385,000
7,090.000
16,680,000
24,671,000
7,059,000
7,534,000
6.023,000
5,744,000
6,925,000
8,488,000
6,314,000
4,423,000
6,594,000
22,582,000
21,444,000
20,217,000
19,314,000
19,609,000
18,246,000
19,513,000
20,328,000
23,624,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
2,455,093,000 2,356,426,000 2,465.967.000 2,435,672,000 2,411,076,000 2,377,965,000 2,405,720,000 2,384,709,000'2,473,276,090
654,553,000 771.548,000 735,000,000 685,663,000 663,280.000 737.873,000 890,829,000 637,764,000 666,322,000
146,868,000 146,876.000 146,868,000 146,801,000 146,436,000 146,502,000 148,415,000 146,308,000 132,460,000
233,319,000 233,319,000 233,319,000 233,319,000 233,319,000 233,319,000 233,319,000 233.319,000 228,775,000
42,730,000
39,271,000
40,972,000
41,118,000
38,496,000
36,403.000
37,381,000
19,808,000
35,713.000
5,443,401,000 5,418,479,000 5,435,846,000 5,330,571,000 5,258,192,000 5,249,675,000 5,444,737.000 5,180.222,000 5,333,839,000
1,910,838,000 1,869,192,000 1,813,720,000 1.789,845,000 1,765,585,000 1,716,635,000 1,732,051,000 1,742,409,000 1,813,198,000
Total liabilities
5,443,401,000 5,418,479,000 5,435.846,000 5.330,571,000 5,258,192,000 5,249.675,000 5,444,737,000 5,180,222,000 5,333,839,000
Ratio of gold reserves to deposits and
F. R. note liabilities combined
59.2%
61.9%
61.4%
61.9%
62.3%
65.2%
64.3%
65.7%
63.6%
Ratio of total reserves to deposits and
F. R. note liabilities combined
64.8%
61.6%
64.2%
64.5%
65.2%
68.4%
67.4%
66.8%
67.1%
Contingent liability on bills purchased
for foreign correspondents
327.315,000 321,010.000 284,014,000 279,488,000 268,794,000 283,844,000 256,953,000 253,117,000 226,904,000
we
Distribution by Maturities$
$
i
$
$
$
$
$
$
1-15 days bills bought in open market. 166,325,000 139,251,000 175,007,000 149,250,000 139,415,000 140,932,000 130,469,000 119,823,000 172,348,000
1-15 days bills discounted
1,012,581,000 797,249,000 886,179,000 866,112,000 855,540,000 655.062,000 703,343,000 793,490,000 537,482,000
1-16 days U. S. certif. of indebtedness10,126,000
13,546,000
80,690.000
21,
790,
8,910,000
8,250,000
000
9,580,000
20,851,000
9,905,000
1-15 days municipal warrants
125,000
125,000
100,000
16-30 days bills bought in open market.
95,793,000
98,639,000
93,021,000
94,713,000
91,570,000
86,944,000
94,682,000
68,415,000 110,201,000
16-30 days bills discounted
38,723,000
38,749,000
40,413,000
39,031,000
36,200,000
54,815,000
42,048,000
18,330,000
47,813,000
16-30 days U. S. certif. of indebtedness _
14,314,000
14,463,000
16-30 days municipal warrants
155,000
90,000
60,000
60,000
125,000
120,000
81-60 days bills bought in open market.. 131,901,000 143,448.000 147,077,000 151.971,000 154,218,000 159,346,000 159,494,000 155,617,000
78,434,000
81-60 days bills discounted
54,253,000
59,509,000
54,820,000
58,914,000
47,981,000
26,892,000
65.999,000
54,962,000
52,693,000
31-60 days U. S. certif. of indebtedness_
13,953,000
11,051.000
81-60 days municipal warrants
35.000
65,000
155,000
190,000
61-90 days bills bought in open market _
73,340,000
72,446,000
93,531,000
93,194,000
71,311.000
85,804,000
23,207,000
93,505,000 100,987.000
61-90 days bills discounted
31,328,000
38,616,000
30,928,000
33,383,000
29,979,000
29,975,000
18,617.000
31.566.000
24,880.000
61-90 days U. S. certif. of indebtedness_
24,203,000
22,873,000
153,370,000
61-90 days municipal warrants
30,000
bills bought in open market
Over 90 days
4,570.000
4,000,000
4,492,000
3,946,000
4,388,000
3.400,000
1.337,000
3,988,000
3.803.000
Over 90 days bills discounted
18,124,000
17,869,000
19,909.000
20,168,000
20,540,000
18,133,000
7,888,000
18,522,000
19,539,000
Over 90 days certif. of indebtedness
28,859,000
41,779,000
55,711,000
36,818,000
28,275,000
36,108,000
35,468,000
33,072,000
78.628.000.
Over 90 days municipal warrants
2,654,000
F. R.notes received from Comptroller
F. R. notes held by F. R. Agent
3,009,974,000 3,007,737,000 2,989,120,000 2,965,449,000 2,929,419,000 2,918,730.000 2.913,201,000 2,905,389,0003.043,440,000
685,137,000 720,295,000 746,295,000 784,130,000 801,850,000 812,200,000 813.105,000 812,405,000 779,860,000.
Issued to Federal Reserve Banks
2,324,837,000 2,287,442,000 2,242,825,000 2,181,319,000 2,127,569,000 2.106.530.000 2,100,096,000 2,092.964.000 2,263,580,000
=
How Secured
By gold and gold certificates
370,673,000 441,021,000 341,207,000 341,208,000 341,207,000 346,557.000 346,557,000 348,557.000 407,928,000
Gold redemption fund
96,905,000
94,785,000 101,890,000 104,047,000
87,774.000
96,199,000
98,105,000 100.658,000 106,794,000
Gold fund-Federal Reserve Board.... 703,830,000 732,839,000 729,199,000 704,825.000 710,625,000 690,764,000 727,413,000 687,774,000 954,533,000
By eligible Paper
1,588,168,000 ,350,802,000 1,443,842.000 1.444,684,000 1,417,062,000 1,250.537,000 1.277,031,000 1,356,704,000 938,890,000
TntAl
9 750 A7R nnn9 nin ,117 Ann o ata tzq nnn 2 504 784 non 9 Mc nol 000 9 275 022 nnn 2 4,10 11111 non 9401 802 nnn 2.408.145.000
NOTE.
-Beginning with the statement of Oct. 7 1925. two new items were added in order to show separately the amount of balances held abroad and amounts due 10
foreign correspondents. In addition, the caption "Al other earning assets," previously made up of Federal Intermediate Credit Bank debentures, was changed 10
"Other securities," and the caption "Total earning ass eta" to "Total bills and securities." The latter term was adopted as a more accurate description of the total of the
discount acceptances and securities acquired under the 101'0918100R of Sections 13 and 14 of the Federal Reserve Act, which,It wasstated,are the only items included therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS DEC. 26 1928
Two ciphers (00) omitted.
Federal Reserve Bank of
-
Total.
Boston.
New York,
Phila,
Cleveland. Richmond Atlanta. Chicago. Si. Louis. Minneap. Kan.City. Dana*. San Pram
RESOURCES.
$
$
Gold with Federal Reserve Agents 1,171,408,0 85,258,0
Gold red'n fund with U. B. Treas.
83.171,0 8,116,0
$
$
8
$
3
$
8
$
$
11
$
198,769,0 106,860,0 118,597,0 49,343,0 83,597,0213,350,0 22,475,0 48,921,0 47,728,0 24,988,0 171,522,0
20,650,0 9,055,0 8,475,0 3,385,0 4,791,0 10,600,0 6,510,0 1,444,0 3,157,0 2,634,0 4,354,0
Gold held excl. agst. F.R.notes 1,254,579,0 93,374,0
Gold settle't fund with F.R.Board 750,186,0 42,023,0
Gold and gold ctfs.held by banks 579,474,0 33,735,0
219,419,0 115.915,0 127,072,0 52,728,0 88,388,0 223,950,0 28,985,0 50,365,0 50,885,0 27,622,0 175,876,0
209,555,0 47,376,0 73,257,0 27,518,0 16,866,0 155,708,0 34,810,0 19,655,0 48,689,0 35,559,0 39,170,0
358,057,0 23,804.0 37,742,0 10,833,0 5,581,0 54.903,0 7,712,0 5,103,0 5,929.0 7,090,0 28,985,0
Total gold reserves
Reserve other than gold
787,031,0 187,095,0 238,071,0 91,079,0 110,835,0 434,561,0 71,507,0 75,123,0 105,503,0 70,271,0 244,031,0
18,476,0 3,591,0 9,012,0 5,805,0 8,541,0 8,708,0 13,831.0 1,910,0 4.946,0 5,099,0 9,072,0
2,584,239,0 169,132,0
104,588,0 15,597,0
Total reserves
2,688,827,0
Non-reserve cash
64,093,0
Bills discounted:
Sec. by U. S. Govt. obligations 713,759,0
Other bills discounted
453,820,0
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
Total U. B. Gov't securities
184,729,0
10.024,0
805,507,0 190,686,0 247,083,0 96.884,0 119,376,0 443,269,0 85.338,0 77,033,0 110,449.0 75.370,0 253,103,0
20,185,0 1,149,0 3,940,0 4,891,0 2,946,0 7,980,0 3,051,0 1,011,0
1,884,0 2,485,0 4,547,0
42,169,0
49,778,0
253,810,0 67,828,0 75,745,0 18,971,0 16,952,0 134,274.0 28,948,0 10,689,0 23,254,0 12,539,0 28,571,0
134,022,0 28,476,0 36,895,0 21,546,0 42,930,0 67,495.0 14,229,0 2,512,0 25,279,0 3,121,0 27,537,0
1,167,579,0 91,947.0
489,270,0 49,284,0
387,841,0 96,304,0 112,640,0 40,517,0 59,882,0 201,769,0 43,177,0 13,201,0 48,533,0 15,660,0 56,108.0
159,387,0 15,502.0 51,69 . 25 130.0 30,645,0 40,205,0 11,653,0 21,932,0 1,209,0 24,539,0 58,085,0
90
.
52,717,0
104,759,0
74,852,0
689,0
3,073,0
4,411,0
222 225 n
5 1720
548,0 1,152,0
585,0
1.384.0
19,497,0 10,307.0 28,530,0 1,063,0
33,911,0 10,555,0 3,884,0 1,212,0
54 702 n 21 447 0 22.962.0 3 427 0
398,0 19,937,0 7,125,0
3,561,0 6,374,0 11,562,0
1,326,0 10,379,0 2,355,0
A 9R5
n 200000
91
4,518,0
4,619,0
1,770,0
8,505,0
902,0
1,106,0
na9 n In 007 11
10 512 n
63,0
7,813,0
2,175,0 13,096.0
3,943,0
0 0501 11
17.11)2.0
DEC. 29 1928.]
FINANCIAL CHRONICLE
RESOURCES (Concluded)
Two Ciphers (00) scatted.
Total.
Boston.
Other securities
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
Another
New York.
Phila.
$
$
10,135,0
$
$
1,899.312,0 149,404,0
728,0
54,0
722,108.0 68,903,0
60,629,0 3,824,0
7,704,0
169,0
3671
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minnettp. Kan.Citp. Dallas. San Frau,
$
$
$
$
S
1,885,0
S
$
1,500,0
li
6,500,0
S
250,0
602,020,0 133,253,0 197,301,0 60,074,0 95,812.0 278,664,0 75,872,0 47,925,0 61,755,0 56,687,0 131,545,0
206,0
31,0
69,0
37,0
101,0
31,0
76,0
20,0
25,0
26,0
52,0
184,820,0 60,218,0 71,812,0 61,454,0 25,862,0 86.321,0 31,087,0 16,031,0 41,631,0 29,053,0 44,916,0
16,661,0 1,752,0 6,809,0 3,703,0 2,882,0 8,720,0 3,978,0 2,202,0 4,308,0 1,962,0 3,828,0
907,0
190,0 1,116,0
469,0 1,456.0
450,0
830,0
950,0
423,0
261,0
483,0
5,443,401,0 417,107,0 1,630,306,0 387,317,0 528,137,0 236,512,0 248,365,0 825,885,0 199,807,0 145,172,0 220,314,0 166,005,0 438,474,0
Total resources
LIABILITIES.
R. notes in actual circulation_ 1,010,838,0 167,041,0 364,133,0 157,257,0 230,145,0 89,520,0 139,247,0 331,855,0 65,747.0 66,374,0 72,332,0 50,594,0 176,593,0
Deposits:
Member bank-reserve awl- 2,409,195,0 152,061,0 957.831,0 136,328,0 186,171,0 69,097,0 67,852,0 356,753,0 84,420,0 53.901,0 93,446,0 71,389,0 179,946.0
Government
15,782,0
73,0
11,327,0
801,0
127,0
261,0
36,0
74,0 1,052,0
174,0
123,0
940,0
794,0
7,534,0
518,0
Foreign bank
2,573,0
290,0
352,0
960,0
719,0
656,0
297,0
249,0
187,0
242,0
491.0
22,582,0
148,0
Other deposits
7,543,0
68,0
165,0
749,0
132,0 1,567,0
768,0
270,0
48,0 10,704.0
420,0
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
2,455,093,0
654,553,0
146,868.0
233,319,0
42,730,0
152,800,0
66,650,0
10,160,0
17,893,0
2,563,0
979,274,0
160,030,0
50,098,0
63,007,0
13,764,0
137,853,0
52,946,0
14,536,0
21,662,0
3,063,0
187,900,0 69,788,0 68,310,0 359,407,0 85,559,0 55,410,0 94,238,0 72,473,0 192,081,0
67,343,0 56,877,0 22.935,0 76,792,0 30,792,0 11,895,0 39.261,0 28,997,0 40,035,0
14,422,0 6,114,0 5,231,0 18,478,0 5,407,0 3,009,0 4,217,0 4,329,0 10,867,0
24,021,0 12,324,0 9,996,0 32,778,0 10,397,0 7,039.0 9,046,0 8,527,0 16,629,0
4.306,0 1,889,0 2,646,0 6,575,0 1,905,0 1,445,0 1,320.0 1,085,0 2,269,0
Total liabilities
5,443,401,0 417,107,0 1,630,306,0 387,317,0 528,137,0 236,512,0 248,365,0 825,885.0 199,807,0 145,172,0 220,314,0 166,005,0 438,474,0
Memoranda.
Reserve ratio (per cent)
57.8
61.6
60.0
57.5
64.6
60.8
64.1
59.1
56.4
63.3
61.2
66.3
68.7
Contingent liability On bills pu
chased for foreign correspond'
327,315,0 24,606,0
91,753,0 31,168,0 34,120,0 16,732,0 13,779.0 45,603,0 14,108,0 8,858,0 11,811,0 11,483,0 23,294.0
F. It. notes on hand (notes rec'
from F. R. Agent less notes
412 900 0 28 814 0 140 R20 () 31R01 0 22 7140 14 080 (I 24 200.0 40.283_0 111103.0 7.204.0 8.183.0 8.523.0 52.513 1:
circulation)
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS DECEMBER 26 1928.
Federal Reserve Agent at-
Total.
Boston.
New York.
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louie Mtnneap. Kan.Cfly. Dallas. San Fraa,
Two Ciphers (00) omitted$
E
F.R.notes rood from Comptroller 3,009,974,0 241,105,0
F.R.notes held by F. R. Agent__ 685,137,0 35,250.0
S
$
B
5
$
$
S
S
3
5
S
776,742,0 222,160,0 280,489.0 124,921.0 224,237,0 460,758,0 90,500,0 88,107.0 110,925,0 69,124,0 320,906,0
271,780,0 31.300,0 26,630,0 20,421,0 50,740.0 88,520,0 13,750,0 14,529,0 30,410,0 10,007.0 91,800.0
F.R. notes issued to F. R. Bank. 2,324,837,0 205,855,0
Collateral held as security for
F. R. notes issued to F. R. Bk.
Gold and gold certificates__ 370,673,0 35,300,0
Gold redemption fund
96,005,0 11,958.0
Gold fund-F.R. Board
703,830,0 38,000,0
Eligible paper
1,588,168,0 141,154,0
504,962.0 190,860,0 253,859,0 104,500,0 173,497,0 372.238,0 76,750,0 73,578.0 80,515.0 59,117,0 229,106.0
Total collateral
177,998,0
7,500,0 14,167,0
50,000,0 6,690,0 26,750,0
17,268,0 35,000,0
15,771,0 14,283,0 13,597,0 3,653,0 4,347,0 2,350.0 2,975,0
2,754,0 4,368,0 3,720,0 17,129,0
5,000,0 92,577,0 55,000,0 39,000,0 52,500,0 211,000.0 12,000,0 32.000,0 43,360,0 4,000,0 119,393,0
518,705,0 86,502,0 161,387,0 60,332,0 90,426,0 241,686,0 54,772,0 33,014,0 49,159,0 40,146,0 110,885,0
2 750 170.0 220 412 0
717 474 () 103 382 0270 084 n 100 87.111174 023.0 455.036.0 77.247.0 81.935.0 96.887.0 65.134.0 282.407.0
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 628 member banks 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 3625 immediately following which
we also give the figures of New York and Chicago reporting member banks for a week later.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS DEC. 19 1928 (In thousands of do lays).
Federal Reserve District-
Total.
Boston. New York
Phila.
Cleveland. Richownd Atlanta, Chicago. St. Louis. Minneap. Kan.City. Dallas. San Free.
Loans and investments-total
$
5
S
S
$
22,817,757 1,528,260 8,665,202 1,241,794 2,211,758
$
682,996
S
5
655,070 3,383,629
$
727,509
$
397,066
5
687,951
3
$
505,064 2,131,458
Loans and discounts-total
16,345,213 1,097,493 6,317,990
857,658 1,489,714
524,028
515,492 2,517,832
515,868
263,856
446,761
366.180 1,432,341
8,624
42,810
440,370 3,008,867
648,499 3,266,313
5,471
466,401
385,786
12,901
660,039
816,774
3,237
187,310
333,481
21,439
2,606
137,506 1,102,621
375,380 1,393,772
4,061
212,186
299,621
2,434
75,330
186,092
3,156
114,424
329,181
2,050
4,217
93,109 415,229
271,021 1,012,895
6,472.544
430,767 2,347,212
384,136
722,044
158,968
139,578
865.797
211,641
133,210
241,190
138,884
699,117
U. S. Government securities___ 3,064.358
Other bonds,stocks and securities 3,408,186
157,367 1,193,311
273,400 1,153,901
111,905
272,231
337.763
384,281
73.265
85,703
65,120
74,458
359,877
505.920
77,354
134,287
73,663
59,547
119,456
121.734
100,707
38.177
394,570
304,547
77.153
20,599
116.768
39,603
41,832
14,630
39,591
12,422
262,560
48,746
45,984
9,979
23.745
6,597
55,437
12,196
34,714
9,944
112,203
25,222
Secured by U.S. Gov't oblige's
113,006
Secured by stocks and bonds___.. 6,913,392
All other loans and discounts
0,318,815
Investments
-total
Reserve with F. R.Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
1.709,287
314,417
97.963
22,613
801,337
91,866
13,381,389
6,922,388
249,179
917,581 5,826,693
475.559 1,725,507
5,954
74,796
714,081 1,020,038
292,233 948,793
14,488
24,638
364,845
243,663
6,312
337,556 1,882,441
236,948 1,275,439
14,314
12,228
409,233
230,861
6,490
229,947
137,398
1,328
498,026
179,508
3,482
316,705 864,243
138,848 1,037,631
61,921
23,228
1,233,325
3,209,647
44,320 158,923
144,020 1.211,770
63,639
165,451
102,447
208,661
51,459
111.558
83,455
122,441
234,588
465,685
61,681
141,698
54,538
92.616
129.133
220.555
69,478
122.527
179,664
202,665
Borrowings from F. R.Sank-total
700.171
38,900
185,556
60.786
83,035
23,535
34,358
144,814
27,415
3,809
24,142
14,733
59,088
Secured by U.S. Gov't obliga'ns_
All other
449,401
250,770
16,970
21,930
137,207
48,349
43,584
17,202
53,453
29,582
12,932
10,603
11,273
23,085
90,434
54,380
16,556
10,859
1,355
2,454
13,954
10,188
10,240
4,493
41,443
17.645
628
34
76
46
711
AA
21
01
90
04
64
44
55
Number of reporting banks
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. 26 1928,
In comparison with the previous week and the corresponding date last year:
ResourcesGold with Federal Reserve agent
Gold redemp.fund with U.S. Treasurer-
Dec. 26 1928. Dcc. 19 1928. Dec. 28 1927.
3
$
$
198,769,000 269,177,000 225,067,000
20,650,000
16,831,000
17,941,000
Gold held exclusively SVC.P.R.notes_
Gold settlement fund with F.R. Board__
Gold and gold etre. held by bank
219,419,000
209.555,000
358,057,000
286,008,000
271,921,000
300,858,000
243,008,000
225,513,000
393,607,000
Tots gold reserves
Reserves other than gold
787,031,000
18,476,000
858,787,000
19,277,000
862,128,000
22,191,000
Total reserves
Non-reserve cash
Bills discounted:
Sec. by U. S. Govt. obligations
Other bills discounted
805,507.000
20,185,000
878,064,000
18,598,000
884,319,000
21,009,000
253,819,000
134,022,000
170,777,000
62,016,000
197,994,000
65,493,000
387,841,000
159,387,000
232,793,000
126,397,000
263,487,000
95,931,000
1,384.000
19,497,000
33,911,000
1,384,000
18,855,000
87,586,000
63,120.000
16,890,000
88,669,000
Total U.S. Government securities____
Other securities (see kils)
54,792,000
107,825.000
168,679,000
Total bills and, curitlee (see note)____
602,020,000
467,015,000
528,097,000
Total bills discounted
• Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
Dec. 26 1928. Dec. 19 1928. Dec. 28 1927
$
Gold held abroad
Due from foreign banks (see note)
Uncollected items
Bank premises
All other resources
Total resources
206,000
184,820,000
16,661,000
907,000
205,000
238,025,000
16,678,000
688,000
215,000
192,263,000
16,297,000
5.899,000
1,630,306,000 1,619,273,000 1,648,099,000
Liabilities
F. It. notes in actual circulation
-Member bank, reserve acct.Deposits
Government
Foreign bank (see note)
Other deposits
364,133,000
957,831,000
11,327,000
2,573,000
7,543,000
359,365,000
919,099,000
260,000
783,000
7,896,000
377,204,000
983,668,000
898,000
924,000
10,162,000
Total deposits
Deferred avallabilty items
Capital paid In
Surplus
All other liabilities
979,274,000
160,030,000
50,098,000
63,007,000
13,764,000
928,038,000
205,636,000
50,098,000
63,007,000
13,129,000
995,652,000
168,266,000
40,310,000
61,614,000
5,053,000
Total liabilities
Ratio of total reserves to deposit and
F. It. note liabilities combined
Contingent liability on bills purchased
for foreign correspondents
1,630,306,000 1,619,273,000 1348,099,000
60.0%
68.2%
64.4%
91,753,000
93,949,000
65,048,000
-Beginning with the statement of Oct.7 1925,two new Items were added in order to show separately the amount of balances held abroad and amounts
NOTE.
foreign correspondents, in addition, the caption. -All other earning assets," previously made up of Federal Intermediate Credit Bank debentures, was changed to due to
"Other
securities," and the caption. "Total earning assets" to "Total bills and securities." The latter term was adopted as a more accurate description of the total of the
dieeounts, acceptances and securities acquired under the provision of sections 13 and 14 of the Federal Reserve Act, which, It was stated, are the only items included
therein.
[VOL. 127.
FINANCIAL CHRONICLE
3672
Mau titr$
STOCKS.
Week Ended Dec. 28.
Oantte,
Wall Street, Friday Night, Dec. 28 1928.
-See page 3656.
Railroad and Miscellaneous Stocks.
Following are sales at Stock Exchange this week of shares
not represented in our detailed list on pages which follow:
Range Since Jan. 1.
Range for Week.
Sales
for
Lowest.
Highest.
Highest.
Lowest.
Week.
or share.
Par. Shares $ per share. $ per share. $ per share.
STOCKS.
Week Ended Dec. 28.
RailroadsAtch Top & S F rights... 6,600 255
200 100
Car Cl &0 ctf stpd_ _100
100 90
100
Common
400 323
Central RR of N J 100
40 80
100
Cuba RR pref
70 51
Havana Elea Ry pref.100
70410
100
Hocking Valley
30 80
III Cen RR sec stk ett.100
200 15
Market St Ry pref_ _ _100
100 8
Second preferred 100
50 8344
50
Morris dr Essex
100 188
Nash Chatt & St L_ .100
30 136
New Or! Tex & Me:L.100
.1
30 85
Northern Central
20 40
Pacific Coast 1st pref,.100
20 2534
Second preferred_ _100
10 50
Phila Rap Tran pref
80 152
Pitts Ft W & Cu pref.100
Dec 27 274
Dec 24 100
Dec 27 90
Dec 27 325
Dec 22 80
Dec 28 56
Dec 27417
Dec 26 80
Dec 27 15
Dec 27 8
Dec 27 834
Dec 27 19235
Dec 28 137
Dec 26 85
Dec 24 40
Dec 22 264
Dec 24 50
Dec 26 153
Dec 26 234
Dec 24 98
Dec 27 8834
Dec 22 29741
Dec 22 79
Dec 27 51
Dec 27 340
Dec 28 75
Dec 2 15
Dec 27 8
Dec 27 8244
Dec 28 17144
Dec 22 125
Dec 26 8154
Dec 24 40
Dec 27 2054
Dec 24 50
Dec 27 15134
Dec 335
Sept 1074
Oct 96
Feb 375
Dec 94
Dec 7844
July 473
July 82%
Dec 2954
Dec 1634
Aug 89
Aug 20434
Apr 148%
Aug 90%
Aug 70
Aug 39
Mar 5134
Dec 167
Indus. & Miacell.
* 3,500 3234 Dee 22 3334 Dec 26 3035 Dec 3344
Adams Mills
120 100 Dec 26 100 Dee 26 934 Sept 102
Am & For Pr pref (6)_s
July 25%
20205 Dec 28205 Dec 28 199
Am M & Fdry pf_ _ _ _1
330 97 Dec 22 9734 Dec 27 9635 Dec 9935
Am Nat Gas pref
300 7034 Dec 26 7054 Dec 26 7034 No 7754
Am Pr & Lt prior A_ _ _*
* 2,200 82 Dec 27 824 Dec 26 8134 Dec 884
Pref A stamped
Dec 934
Amer Smelt dr Ref new.... 11,500 90 Dec 27 9334 Dec 28 90
Dec 5234
• 4,100 484 Dec 24 5234 Dec 28 48
Anchor Cap
• 100 10634 Dec 27 10635 Dec 27 1064 Dec 10935
Preferred
Dec 22 364 Nov 56
•1168001 484 Dec 27 51
Andes Copper
Art Metal Constr_ __ _1
2001 2934 Dec 24 2934 Dec 2 2.53.4 Jan 3434
100 107 Dec 28 107 Dec 28 10544 Dec 11954
Assoc Dry G•ds 2d pf 100
Barker Bros pref_ _ _ _I
1001 9234 Dec 26 9234 Dec 26 92 Nov 1014
Jan 474
Brit Emp Steel 1st pf 1
1001 3255 Dec 26 324 Dec 26 32 Nov 120
1 117 Dec 26 11734 Dec 26 115
Brown Shoe pref_ _ _ _101
Bucyrus-Erie pref (7) 101
60 112 Dec 26 112 Dec 26 1104 M 117
Cent Ag Associates
1,6
3834 Dec 28 394 Dec 27 384 Dec 3934
Dec 8434
:11
Columbia Graphophone_ : . 6944 Dec 22 7734 Dec 24
1
300 2434 Dec 24 2435 Dec 24 1234 Sept 27
Crex Carpet
Crown Zellerback
200 2334 Dec 26 234 Dec 26 234 Dec 2634
Sept 11634
Cushman's Sons pf 8%.*
1011034 Dec 26 1104 Dec 26 110
Durham Hosiery Drell
130 36 Dec 24 36 Dec 24 34% Oct 4634
Nov 10034
Eiseniohr Bros pref__1
30 90 Dec 24 92 Dec 28 87
Elee Auto Lite pref _ _100
5 10934 Dec 24 110 Dec 24 10834 Sept 11234
Elk Horn Coa pref._ _5
9 14 Dec 24 14 Dec 24 1234 Sept 19
Emerson Branting el B..* 1,900 634 Dec 26 845 Dee 27 254 Apr 935
Fairbanks Co
*
100 6 Dec 28 6 Dec 28 235 Feb 9%
6 1834 Dec 26 20 Dec 22 654 Oct 36
25
Preferred
Follansbee Bros
*12,100 594 Dec 22 6934 Dec 28 5634 Dec 694
10 107 Dec 28 107 Dec 28 10634 Dec 113
Franklin Simon pref_100
Oct 107
Gen Cable pref
100
500 106 Dec 24 106 Dec 24 102
Oct 11414
Preferred B (7)
*
100 107 Dec 28 108 Dec 24 105
10 116 Dec 27 116 Dec 27 1144 Sept 130
General Cigar pref._ _10
Dec 8635
General Mills
• 5,400 82 Dec 24 85 Dec 28 79
1
Preferred
1
9934 Dec 27 9954 Dee 27 9835 Dec 1004
1 35600 764 Dec 27 7934 Dee 24 7334 Dec 904
Gen Motors new
(lobe (Adolf)
•12,700 4734 Dec 27 524 Dec 28 4234 Dec 624
* 9,800 6734 Dec 27 714 Dec 24 6774 Dec 7135
Gold Dust new
July 107
Guantanamo Bug pf_100
10 90 Dec 27 90 Dec 27 90
IlackensackWater pfA25
20 27 Dec 26 27 Dec 26 254 Jan 29
Aug 104
Hamilton Watch pref 10
4010034 Dec 26 1004 Dec 26 99
Dec 5734
40 54 Dec 27 54 Dec 27 54
Harbison Walker Refract
100 624 Dec 27 6234 Dec 27 6254 Dec 68
Hawaiian Pineapple_ _2
*
200 41 Dec 28 4254 Dec 22 4034 Dec 5034
Holland Furnace
Dec 146
600 122 Dec 28 128 Dec 28 118
Industrial Rayon
*
Dec 9734
Internat Harvester new•30,700 85 Dec 22 9774 Dec 28 80
Inter Nickel of Can _ _ _ •118300 4134 Dec 27 4434 Dec 28 414 Dec 4474
Dec 3434
Inter Paper dr Pow el A_* 32,000 264 Dec 22 314 Dec 28 22
•14,600 154 Dec 22 1745 Dec 22 1434 Dec 19
Class B
*19,100 114 Dec 27 1234 Dec 24 104 Nov 1341
Class C
Dec 91
Preferred new_ _ _ _100 4,200 8945 Dec 26 91 Dee 24 88
June 196
Dec 26 142 Dec 28 126
International Silver_ _10 3,000 131
44 Dec 27 5 Dee 22 445 Dec 514
Rts.23,30
Inter Telep & Teleg
7334 Dec 26 8145 Dec 28 6154 Nov 90
Interstate Dept Stores_* 4,8
10
400 132 Dec 28 134 Dec 28 12434 Nov 139
Preferred
100
80 12434 Dec 24 12434 Dec 24 1194 Nov 12534
Jewel Tea pref
6,700 154 Dec 28 184 Dec 24 154 Dec 1834
Rights
10 120 Dec 24 120 Dec 24 11834 Oct 122
Johns-Manville pref_100
35 Dec 144
Jordan Motor Car Rte._ 42,200 • A Dec 27 1 Dec 26
Kaufmann Dept St $1234 4,400 2934 Dec 27 304 Dec 24 2954 Dec 34
500 9955 Dec 28 100 Dec 24 994 Dec 1014
Kraft Phenix Ch pf_ _100
Dec 24
23,700 135 Dec 22 2 Dec 28 1
Rights
127600 344 Dec 22 3834 Dec 26 3234 Dee 40%
Kreuger & Tot135 Dec 22 134 Dec 26 145 Dec 145
Kroger Groe dr Bak Rte. 1056
50 100 Dec 22 1004 Dec 28 9914 Dec 1244
Laclede Gss L St L pf 10
h. Dec 155
g Dec 28
_ Dec 26
Ludlum Steel Rights_ _ _ _ 3,800
McKesson & Robbins_• 4,700 4834 Dec 24 5034 Dec 28 4535 Nov 5034
Nov 6334
6 4,300 58 Dec 22 604 Dec 24 54
Preferred
Oct 110
10 10745 Dec 28 1074 Dec 28 106
MacAnd & Forbes pr. _10
Nov 88
Manat Sugar pref_ _ _1
200 4355 Dec 28 4345 Dec 28 40
Dec 86
Marmon Motor Car_ __* 1.900 77 Dec 22 7934 Dec 26 77
* 1,200 6234 Dec 28 65 Dec 22 1634 Nov 70
Melville Shoe
Dec
35
1,700
34 Dec 28
Mengel Co Rights
34 Dec 28
Mar 360
10264 Dec 28 264 Dec 28 250
Mexican Petroleum- _100
700 117 Dec 2212034 Dec 28 1034 Feb1204
Mid Coot Petro pf_ _100
Dec270
Montgomery Ward Rte. 4.65 248 Dec 24270 Dec 28 201
154 Dec 22 14 Dec 28
38 Dec 174
Nat Cash Register Rts 4079
Jan 14734
4 140 Dec 22 140 Dec 22 139
National Lead pf A_ _100
July 136
6 118 Dec 24 1184 Dec 28 115
100
Fret B
Sept 119
National SupP'Y pt.._ 1001 1154 Dec 28 116 Dee 27 114
Dec 694
64 Dec 28 65 Dec 22 64
North GerMzn Lloyd__ 5,
Sept 11474
100 45 110 Dec 22 110 Dec 22 109
Outlet Co pref
Oct 3554
310 30 Dec 27 31 Dec 22 25
100
Pacific Mills
Aug 144
1045 Dec 26 11 Dec 28 8
Penns Coal & Coke_ _ _50 2,6
• 9,700 424 Dec 28 4635 Dec 22 4154 Dec 464
Pet Milk
2529.6''594 Dec 24 624 Dec 24 5954 Dec 6354
Prairie Oil & Gas
PS El & Gas pref _100 40010634 Dec 27 107 Dec 24 10654 Dec 11034
300 9035 Dec 28 9535 Dee 27 9035 Dec 954
P El of N J pref (5)_ --5
Purity Bakeries rights__ 18,311 3 Dec 22 334 Dee 26 24 Dec 34
38 Dec 27 414 Dee 22 344 Dec 514
Radio Keith-Albee el A_*86.9
80 Dec 22 85 Dec 26 6155 Feb 894
Rels(Robt)&Co 1st pf100 1,7
24 Dec 22 33-5 Dec 24 14 Dec 345
Republic Iron & Steel rts 74,8
711 5434 Dec 22 55 Dec 26 50
Oct 5739
Rhine Westph El Power_
Dec 4934
40 Dec 28 49% Dec 27 40
Royal Baking Powder_ 60
ill 10434 Dec 29 1044 Dec 28 1044 Dec 1044
Preferred
5,411634 Dec 24 7 Dec 22 6% Nov 745
Royal Dutch rights
544 Dec 28 54 Dec 22 434 Dee 535
Shell Union Oil rights_ _ _ 35,15
Dec200
'30,700171 Dec 27 200 Dec 28 171
Safeway Stores
Dee 97
0136
Preferred 6%...... 1 5001 95 Dec 28 97 Dec 27 95
Dec.1444
10 132 Dec 27 132 Dec 27 128
So Porto Rico Bug pf_l
Jan20954
7(l03 Dec 26 104 Dee 28 100
100
Sun Oil pref
34 Dec 22 454 Dec 28 34 Dec 4%
l4870
Texas Corp rights
58 Dec 28 5934 Dec 26 554 Nov 6354
10 8
Truscon Steel
134 Dec 28 134 Dec 28 134 Dec 145
Union Oil of Calif rights_ 6,10
S Cast Ir P&F2d pf 100 5O 194 Dee 24 194 Dec 24 1844 Novl 1954
3 Dec 28 3 Dec 28 2% Novi 6
100 4O
U S Express
3 Dec 22 634 Dec 28 234 Dec' 634
95.80
U S Rubber fights
USSmelt&Refrlghts25.60C 3 Dec 28 434 Dee 28 235 Dec 4%
Nov
Mar
Jan
May
June
Sept
Nov
June
May
May
June
May
May
June
Jan
May
Oct
Apr
Sales
for
Week.
Range Since Jan. 1.
Range for Week.
Lowest.
Highest.
I
Lowest.
Highest.
per share.$ per share.
Par. Shares $ per share. $ per share.
Indus.& Misc.(Cone)
Oct
1,000 99 Dec 24 100 Dec 28 86 June 120
US Tobacco
20.900 66 Dec 27 7134 Dec 24 5835 Oct 89% Dec
United Elea Coal
Dec 1234 Dec
19,100 5 Dec 27 10 Dec 22 5
Rights
Nov
Oct 260
10
60254 Dec 26 255 Dec 22 120
Utah cooper
May
Dec 50
Va Iron Coal dr Coke_100 31 25 Dec 28 2634 Dec 26 25
1
100
Oct 62% Jan
484 Dec 28 484 Dec 28 47
Preferred
Dee
Dec 107
100 105 Dec 24 105 Dec 24 105
Walgreen pref
100
Apr40i 52 Dec 24 5334 Dec 22 494 Nov 61
Warren Bros 1st pf _50
Deo
Nov 110
Wesson Oil & Snowdr-• 4,500 93 Dec 27 95 Dec 22 87
Preferred
• 100 106 Dec 26 106 Dec 26 1054 Dec 10845 Nov
• 800 19 Dec 27 204 Dec 22 1735 Dec 22% Nov
Wilcox Oil& Gas
45 Dee
Willys Overland rights__ 161300
34 Dec
34 Dec 22
34 Dec 24
Young Spring & Wire-* 5,800 494 Dec 24 53 Dec 27 45% Dec 56% Nor
Bank.& Trust Insur ance Co. Stocks.
Dec
Feb 785
340748 Dec 24 770 Dec 28 50
Bank of Commerce_ _100
*No par value.
New York City Banks and Trust Companies.
(AU prices &gars per Mars.)
Banks-N.Y. Bid
189
America
Amer Union•_ 235
Bryant Park* 275
200
Central
240
Century
Chase
796
Chath Phenix
Nat Bk &Tr 625
Chelsea Ezell* 388
Chemical_
985
Colonials.... 1200
Commerce
758
Continentals._ 550
Corn Exch..._ 805
Rights
36
Fifth Avenue_ 2200
First
4850
750
Garfield
600
Grace
1490
Hanover
Harriman__ 1150
277
Liberty
Manhattans._ 805
National City 1410
DO
Rights
Park
780
Penn Ezell_ 168
Port Morris_ 670
Ask
192
245
325
208
260
802
635
398
1000
1400
765
600
812
39
2300
4925
Ask
-N.Y. Bid
Ask Tr.Cos.
Banks-N.Y Bid
234 240 Equitable Tr. 470 475
Public
Seaboard- - - y720 735 Farm L & Tr_ 845 860
188 193 Fidelity Trust 410 425
Seward
580 620
State*
980 1000 Fulton
305 325 Guaranty _ _ 815 822
Trade*
250 290 Intl Germanic 222 227
Yorkville__
Yorktowns...... 240 250 Interstate........ 442 450
-Lawyers Trust __-_
Manufacturers
Brooklyn.
New $25par 274 278
Globe Exch.. 320 340
Mechanics _ 445 455 Murray Hill-- 285 295
•
Municipal•_ _ 490 500 Mutual(Westehester)-- 375 405
515 525
Nassau
N Y Trust__ 868 87$
1000
People's
150 1'16 Times Square 187 194
Prospect
Title flu & Tr 880 89$
Trust Co.
II S Mtge & Tr 585 595
New lock.
United States 3550 3650
Am Ex ire Tr 480 485 WestehestrTr 1000 1150
Banes Com'le
Brooklyn.
Italians Tr. 420 450
Brooklyn...... 1275 1375
Bank of N I
& Trust Co 775 785 Mugs Co-- 2800 3000
Bankers Truly 1070 1080 Midwood...... 285 295
Bronx Co Tr. 420 460
Central Union 1780 1810
700 730
County
460 466
Empire
Dec
Dec
Jan
Nov
Nov
Nov
Dec
Dec
Dec
Nov
1525
Apr
1225
Jan
285
June
815
May
1430
Jan
93
Apr
790
Dec
178
Nov
725
Nov
Nov
Bx-etoek div. v Ex-rights.
*State banks. I New stock. z Ex-divl lend.
Mar
Jan
Feb
-See
New York City Realty and Surety Companies.
Sept
Feb page 3656.
May
Quotations for U.S. Treas. Ctfs. of Indebtedness, &c.
Dec
Nov -See page 3656.
Dec
Feb
United States Liberty Loan Bonds and Treasury
Oct
May Certificates on the New York Stock Exchange.
Mar
Dec
Dec Daily Record of U. S. Bond Prices. Dec. 22 Dec. 24 Dec. 25 Dec. 26 Dec. 27 Dec. 28
Nov
fHlgll gips„ 9813.
993633 993032 993,ss
Nov First Liberty Loa"
, nun
gout., ggros
Dec
344% bonds of 1923-47_ _ Low- 993.33 981.33
,
Jan
99,432 091032 99a s2
Close Nun 98,,
n
(First 334)
584
3
18
104
100
June
$1,000 unitsTotal sales in
lEigh-Apr
Converted 4% bonds of
---Oct
----___
193247 (First 4s)
____--Nov
Nov
Total sales in $1,000 units_
100331 100.sr 100"32
Oct
{
Converted 435% bonds High 100.33 100033
,
,
100331 100 a, 100 ss
Dec
of 1932-47 (First 431s) Low- 100333 100333
100132 100.32 100"3s
Dec
Close 100.33 100 33
,
190
6
139
65
24
Nov
Total sales in $1,000 units.. _ _
991qt
Nov
------Second converted 4%% High
------_ _ __
Dec
____
bonds of 1932-47 (First Low__ _ _
____
991433
Dec
Close
-----Second 44s)
__ _ _
Jan
____
Total sales in $1,000 units_ __
0
,
Dec Fourth Liberty Loan
{High 100033 100311 HOLI 100 83 10 -333 1000ass
133 DAY 100.33 100333 100.3s
Dec
434% bonds of 1933-38_ Low- 100.33 100
100333 100331 100138s
Dec
,
Close 100633 100 Is
(Fourth 43(s)
1627
420
387
76
Nov
281
Total sates in $1,000 units_
.8s
111331 1111
111
____ 111211
Dec Treasury
.{ High
111"3,
110"ss 111
Apr
____ 111333
Low_
434s. 1947-52
.3s
111831 1113
III
Dec
,
-___ 111 31
Close
10
36
5
2
Oct
____
Total sales in $1,000 units__ _
106gs 106.ss 106"ss
Dec
____ 1051031
(High
106113 106.32 106"ss
Dec
____ 105"13
Low.
46, 1944-1954
10631s 106333 106"ss
Oct
-__- 105"33
Close
10
l
4
Dec
50
____
Total sales in $1,000 units__
(High______ 10333s*
Jan
____
____ 103"ss
Dec
3345. 1943-1947
Dec
75
Nov
-_-,-_-.
Total sales in 51.000 units_ _ _
; 98"ss
-33
9; 953
-1
8
Nov
{High 98.13 98...”
981,32 98"ss
0871:
Jan
,
Low_ 98,1a: 98 ss
.3. s, 1940-1943
3
5
,
98,0,2 98 41 9821st
Dec
,
Close 98"11 98 ss
10
49
3
9
Sept
-5
Total sales in 51,000 units....
-98tas
98%
Dec
08 ss
,
98$32
1Higi
98
98
Jan
98.31
Low. 98333
345s, 1946-1956
....
98fs2
986n
Dec
98122
Close 983s3
___112
2936
Dec
55
2
TOMS 4177.04ft 81 (WI t11141.1
Dec
May
Jan
Note.
-The above table includes only sales of coupon
Jan
Transactions in registered bonds were:
Nov bonds.
100 to 110
100% to 100.22 I 1 4th 4Xs
May 2 1st45(8
Nov
Jan
Dec
Foreign Exchange.
Dec
-1603
To-day's (Friday's) actual rates for sterling exchange were 4.84 13
Apr 4.85
3-16 for checks and 4.8534034.85 11-16 for cables. Commercial on
Dec banks,
sight, 4.8434034.8434: sixty days, 4.8074034.81 1-32; ninety days.
Dec 4.79 1-16 ©4.70X; and documentsfor payment,4.80 17-32®4.8014. Cotton
Nov
for_payment, 4.843.. and gain for payment, 4.841i•
Dec
To-day's
actual rates for Paris bankers' francs were 3.91 X @
Dec 3.9114 for (Fridays)
short. Amsterdam bankers' guilders were 40.180340.20 for
Dec short.
Deo
Exchange at Paris on London, 124.02 francs; week's range, 124.04 francs
Dec high and 123.98 francs low.
Nov
The range for foreign exchange for the week follows:
Dec
Cabin.
Checks.
Sterling. ActualDec
4.85 1116
4.85 9-16
High for the week
Dec
4.8554
4.8414
Aug Low for the week
Faris Bankers' Francs
Apr
3.9134
3.9134
Nov High for the week
3.9134
3913.4
Dec Low for the week
Amsterdam Bankers' Guilders
Dec
40.22
40.19
Dec High for the week
40.1834
40.16
Jan Low for the week
Germany Bankers' Marks
Dec
23.84h
23.84
Dec High for the week
23.82%
23.8014
Low for the week
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Seven Pages-Page One
For sales during the week of stocks not recorded here, see preceding page
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
„Dec. 22.
Monday,
Dec. 24.
Tuesday,
Dec. 25.
Wednesday, Thursday.
Dec. 26.
Dec. 27.
Friday,
Dec. 28.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
P311 SHARE
Rasps Mace Jan. 1.
-slate lots
On basis of 100
Highest
Lowest
per share
$ per share $ per share $ per share $ per share $ per share
per share
Railroads.
Par
per share Shares
196 196
196 19712
196 197
194 19514 y19414 19584 8,200 Atoll Topeka dr Santa Fe--100 182h Mar 2 204 Nov 16
*104 10412 104 104
100 10212 Jan 6 108% Apr 9
*104 104% 10378 104 x103 103
700 Preferred
*166 167
16514 16614
167 16712 16514 166
16612 17012 3,400 Atlantis Coast Line RR-100 15718 Oot 5 19112May 7
11818 11914 11814 119%
100 10334June 19 125% Dec 3
11738 119
33,700 Baltimore & Ohio
117% 1197 11914 121
8
100 77 Nov 19 85 Apr 4
*7912 8012 *79
79% 793
4 79% 79%
410 Preferred
80
80 *79
66 66
*65 66
60 61 June /2 84h Jan 11
*65 67 *6418 6512 6512 653
600 Bangor dr Aroostook
4
18106 107 *10412 107
100 104 Dec 19 11534May 31
•106 107
105 105 *105 106
10 Preferred
*90 92
*90
92
100 58 Feb 18 91 Dec 4
90 90
500 Boston & Maine
*90
91
90
91
3
5
713 717
4
8 7078 71
7014 717
8 7118 72% 72
727 25,900 Bklyn-Nfanh Tran v t e_No par 5311 Jan 17 77 4Mal 3
8
*8812 89
*8812 89
82 Jan 4 95hMaY 3
No pa
8884 883 *8812 89
500 Preferred v t C
4
88% 89
36
3612 *3614 37
36
37
36
38
393
8 7,300 Brunswick Term & RI See_100 3412 Jan 5 4772Sept 4
38
23318 23514 23314 2353
8
100 19512June 19 253 Nov 26
23378 13512 232 23412 2344 2353 12,700 Canadian Pacific
s
204 205 20514 20912
100 17512June 19 21512 Dec 28
20784 20912 20414 207 209 21512 25,300 Chesapeake & Ohio
12
12 *1112 12
4May 2
632 Jan 30 188
100
1138 12
1138 113
4 1138 1238 1,500 Chicago & Alton
71 Feb 20 26 2May 2
19
1834 198
19
3
4
100
*1884 1912 18% 18% 1814 19
1,400 Preferred
1840
1340
43
43
*40 43 *40
Chic & East Illinois RR-100 37 Feb 28 4814May 10
43
43 *40
*6212 6312 *61
63
100 58 Aug 15 76118May 4
*60 63
6014 604 6018 6112 1,100 Preferred
19
21
19% 20
1812 20
Ws Feb 8 25 Dec 14
1812 1914 1912 2014 24,900 Chicago Great Western- _100
4512 467
8 4412 45%
3
100 2012 Feb 20 50 8 Dec 15
45
46
4418 47
463 4712 18,500 Preferred
8
3214 32% 3218 323
4
3238 3334 3258 3312 3312 3514 12,500 Chicago Milw St Paul & Pao-- 2214 Mar 6 4012 Apr 26
533 5418 5314 64
4
37 Mar 2 5938 Nov 27
53% 553
8 5312 551a 54% 55% 28,800 Preferred new
*8512 8612 8512 86
86
87% 8512 8678 8612 863
4 7,900 Chicago & North Western_100 78 June 19 9414May 1
18133 136 *133 136
100 135 Dec 10 150 May 2
*133 136 *133 136 *133 136
Preferred
12838 12834 12814 13012
12978 13138 12712 131
12,700 Chicago Rock Isl & Pacillo_100 106 Feb 18 13931/Nov 28
130 131
105 2 10512 106 106
,
100 105 Dec 11 11112May 31
*106 10612 106% 10618 *106 1063
400 7% preferred
4
*10012 102 *10012 101
100 9912 Dec 11 105 May 31
*10012 101 *10012 101 *10014 101
6% preferred
112 112
*11212 115
100 105 Aug 15 126 May 3
200 Colorado & Southern
*7312 77
*7312 77
100 67 July 3 85 Apr 10
*7312 75 *74
First preferred
*74
75
75
*6912 7412 *70
7412
100 6912 Nov 2 85 May 9
3170
Second preferred
7412 *70
7412
7412 *70
7014 7014 70 70
100 6812 Dec 18 87hJune 1
70
70118' 69% 7014 69
7012 2,700 Comm'RR of Cuba pref
190 192
189 191
4
100 103, Feb 10 226 Ape 26
189 19114 1873 189
Hudson
5,200 Delaware &
188 191
4
12514 126
12534 127
127
10,300 Delaware Lack At Westen1.100 12514 Dee 22 150 Apr 9
4
4
2 1253 1273 12814 131
*54
56
554 5514
55
200 Deny dr Rio Or West pref-100 0012 Feb 231 6534 Apr 28
55
*5412 57121 *54
56
884 Jan 5
3 Aug 3
100
*312 35* *312 35,
100 Duluth So Shore & Atl
8
312 312 *312 3 8
`312 35
*51
6
912May 2
*53
4 6
%June 19
*512 6
100
351
*53
6
6
Preferred
6718 68
6738 687
100 4834June 19 7212 Dec 28
8
69
7114 6912 71
713 7212 124,600 Erie
8
6188 6178 615* 618
100 50 June 18 6312 Jan 7
4
62 6278 6218 6258 83
638 10,400 First preferred
3914
585, 5838 *57
100 491 June 20 82 Jan 6
Stock
*58
700 Second preferred
5812 *58
59
59
5918
10878 10878 10878 1087
*
10814 11012 10812 11014 x108 1088 12,100 Great Northern preferred-100 9312 Feb 6 11434 Nov 20
*10514 10614 10534 106 Exchange 106 10734 10612 10712 x10414 105
100 9112 Feb 7 11134 Nov 20
6,500 Pref certificates
2512 2618 253 2638
4
2638 27 I 2614 27
2714 295* 27,600 Iron Ore Properties_ _No par 1914June 12 33% Oct 23
50
5012 *50
51
6178May 10
Closed
5018 5134 *50
52
5134 513
4 1,100 Gulf Mobile & Northern...100 43 Aug
18101 103 *101 103
100 99 Aug 16 109 May 1
*101 104 1.10112 104 *101 104
Preferred
51
5112 5018 5118 Christmas 511 52
100 5018 Dee 8 73% Apr 24
9,000 Hudson dr Manhattan
5214 537
5178 52
18817 833
8
4 817 817
8
100 81 Oct 8 931t Apr 26
8
300 Preferred
8218 8218 *81
8312 817 81%
8
14018 14012 Holiday
*140 141
100 131h Jan 17 148hMay 9
14018 14034 14012.14012 140% 141
2,300 Illinois Central
•138 142 *138 142
100 13012 Jan 13 147 May 15
*138 142 *138 142 *138 142
Preferred
465* 47
4614 473
8
4614 488
8
4 4734 4812 4814 493 20,700 Interboro Rapid Tran vs0.100 29 Jan 5 62 May 3
4978 498 1348
50
*48
50
50
5012 5012 5012 1,600 Int Rya of Cent America 100 3012 Mar 16 521s Nov 27
8018 8114 *8018 8178
2
100 691 Jan 8 82 May 2
*80
8138 '80
310 Preferred
8012 801s 8014
8778 877
8 8712 8838
8634 88
6,200 Kansas City Southern.___100 43 June 13 95 Nov 26
8618 8778 8612 88
69
69
70
70
100 6612 Aug 10 77 Apr 20
*69
70 1.139
600 Preferred
70 *69
70
93 93 *9412 9614
50 114.,, Feb 20 116 Apr 26
95 963
9412 9512 1.300 Lehigh Valley_
95
8 94
*142 1434 *144 14412
145 145 145 145
100 139,Nov 2 15912May 10
800 Louisville & Nashville
146 146
188414 89
*8414 87
*85 87 *85
Manhattan Elevated guar-100 75 Jan 9 98 May 4
87
87 *85
*5012 52% 4914 51
100 40 Jan 10 84 May 3
4
5412 533 5415 18,200 Modified guaranty
50% 5318 53
31. 312 *3i4 33
*314 3 4 *314 3 4
3
712May 15
3h Dec 10
*314 3 4
40) Market Street Railway__ 100
4
3
3
*3912 40
3912 3938
*3812 3912 3914 3914 39
100 3812 Dec 10 5434May 4
393
4 1,200 Prior preferred _
314 314
338 32
17 May 23
314 314
612May 2
338 33
8 2,000 Minneapolis & St Louis
314 318
100
*40
43 *40
45
*40
4112 4112
42
43 *39
21 5288 Jan 6
100 Minn St Paul & S• M nrie 100 40 J
*70
75 *70 80
*70
75
9001 Preferred....109 7014 Dec 27 873.2May 16
7014 7014 70'4 71
*6118 62
*61
6112
6112 6112 *6112 62
*6112 72
_WO 60 Dec 21 7112 inn 9
701 Leased lines
515* 5212 5114 52
51
52
511g 513 48,700 Mo-Kau-Tex RR
4
50
52
8012Juue 13 58 Dec 4
No pa
*10278 10338 1025 10318
8
102% 10278 10212 1023 10212 103
4
1.600 Preferred
10 10112June 12 109 Feb 3
62 627
8 6112 6284
61% 6278 614 62
6178 623 15,(C1) Missouri Pacific
4
100 4172 Feb 7 7614flept 17
119 11918 1185, 110
2
118% 119 11814 1181 11858 118 8 7,000 Preferred .
100 108 Feb 20 12678 Dec 4
3
3
318 313
3
3
318 318 1,400 Nat Rye of Mexico 20 pref _100
3
3
312 Apr 26
2 Feb 17.
188 18938 18634 189
18512 1883 18512 18812 5186 1873 43,100 New York Central
4
8
100 156 Feb 16 19612 Nov 30
131 131
132 132
131 13138 131 131
131 1357
8 2,000 N Y Chic dr St Louis Co. _100 1214 Oct 10 148 May 11
*108 1081 108 108
*108 109 *108 109
109 109
3001 Preferred
100 10412 Aug 24 110 Jan 41
*375 395 380 388
*370 380 *370 380 370 370
30 N Y & Harlem
50 168 Jan 3 505 Apr 26
4
7614 7684 763 775*
77 793
4 771 7914 788 803 60,600NYNH& Hartford
8
100 54hJune 19 8038 Dec 28
114 114
114 114
114 114 *114 115
114ig 11438
790 Preferred
112 Sept 17 117 May 3
2914 295* 2812 2938
287g 293
8 28is 2878 28
29
6.200 NY Ontario & Western-100 24 Feb 20 89 May 2
*7
10
612 61
*7
*7
10
*7
8
8
100 N Y Railways prel
54 Jan 24 13 May 3
No Par
*4412 46
4514 46
4534 4578
46
*45 46 I 46
100 32 June 12 58 Nov 23
500 Norfolk Southern
192 1921
191 19134 19014 19012 190 191
192 192
2,000 Norfolk & Western
100 176 June 19 19812 Nov 27
*8518 88
*85 88
*8518 88 .8518 88
*8518 88
2
Preferred
100 841 Oct 16 90 June 12
107 1073*
10612 107
10618 1083 107 108
10712 10814 10,300 Northern Pacific
4
2
100 923 Feb 7 118 Nov 20
10384 104
104 104
104 10434 103 104
104 10512 5,500 Certificates
WO 9032 Feb 20 115 Nov 20
20
20 *2014 2088
*2012 25 *21
22
22
25
200 Pacific Coast
100 1912May 14 3412May 25
7238
8 72
72% 7278 72
723g 727
7212 7214 72% 22,800 Pennsylvania
50 61hJune 19 7412 Dec 1
32
32 '28
*28
*28
*28
32
33
33 *28
Peoria & Eastern
100 25 Mar 12 87 May 1
13149 152
15012 15012 *150 152
146 14712 *150 151
600 Pere Marquette
1
100 124 2 Feb 9 164 Nov 27
97
1897 99
97 9714 *97 99
9912 9912
99
320 Prior preferred
100 96 Oct 31 10134 Mar 28
96
*94
*94
95
*94
95
*94
95
94
94
3
100 92 Nov 13 100 4 Mar 30
100 Preferred
14378 14378 142 142
*140 144 31140 144
144 14412
600 Pittsburgh & West Va
100 12114 Feb 20 183 Oct 9
106 10712 10414 10512 105 1053* 0,500 Reading
10512 106
10412 106
50 944 Feb 7 119hMay 10
.4112 431
*4112 4312 .42
*4112 4312 3
43
4314 *42
50 4112 Nov 1 46 Apr 9
First Preferred
*46
48
*46
3
.4634 48
48
48
*47
4814 .46
50 44 Jan 26 5912May 1
Second preferred
70
70
73
*69
73
*69
7012
69
69 *67
200 Rutland RR pref...... 100 50 Feb 21 77 Dec 5
115 115
114 11458 5,500 St Louis-San Francisco.- 100 109 Feb 7 122 Mar 23
115 11588 11514 1153
114 115
8
9412 94
9418 9438 94
4
943 943* 9412 941
9414 3,900 lot pref paid
100 94 Dec 12 101 May 21
10012 10614 104 111
10918 11212 108% 11012 10878 1103 23,800 St Louis Southweetern
4
100 671p Feb 8 12412 Nov 10
901
9912 *90
•90 91
130
90 *8912 91
*90
300
89 July 14 95 Jan 3
17
17 4 1712 177
3
1612 17
17
173
4 17
*17
2.600 Seaboard Air Line
100 111 Mar 3 3012 Jan 3
2
19
19
*19
20
20
193
20
4 1,500 Preferred
1914 1914 19
100 17 Aug 4 38 Jan 3
3
125 126
12512 1265 125% 12614 15,500 Southern Pacific Co
*
125 125 8 12478 1201
100 11752 Feb 7 13114Mav 9
14618 1473
14612 147
14638 1473 1465s 14712 9,600 Southern Railway
8
146 146
100 13912 Feb 8 165 May 7
99
*9812 9912 *98
*9714 99
98
99
99 99
1.500 Preferred
100 9638Sept 25 10214 Jan 17
130 1338
13214 13334 128 128
1293 131
4
4
4,1293 130
610 Mobile dr Ohio certifs.--100 100 Jan 13 15912 Jan 20
*161 170 .162 165
165 155
16912 16912 *165 170
200 Texas & Pacific
100 9912 Jan 3 1945 Oct 23
38
35
1332
3312 *32
1833
3312 33
*3212 34
300 Third Avenue
100 2818 Jan 10 4812May 3
4578 45
4612
4518 4,200 Twin City Rapid Tranalt 100 3214Sept 5 56 May 8
4578 457g 44
8 46
4518 457
98
*9712 98
*9712 98
*9712 98
110 Preferred
9712 975
* 98
100 9432 Oct 30 107 Feb 10
4
210 21214 2093 21212 213 215
11,300 Union Pacific
20812 209 20812 210
100 18612 Feb 6 22478 Nov 12
7
83%
8318 8318 8318 8318 *83
8
500 Preferred
7
100 82% Oct 3 8714 Jan 20
837 83 8 837 83 8
8
73
73
748
8 3,300 Wabash
7312 7414 73
100 51 Feb 18 9614Mili 11
7312 7334 7312 74
93
95
9234 923
9312 9312 93
3192
4
900 Preferred A
*93 95
100 8812 Feb 7 102 May 18
95
95
*92
*92
94 *92
93 93
100 Preferred B
100 87 Feb 4 9912May 18
*92 94
4112 42% 17,900 Western Maryland
411g 427g 4138 42
4
4
4178 4112 423
4May 10
100 813 Feb 8 543
41
4218 42% 1,500 Second preferred
44
43
*4218 44
,
100 331 Feb 8 11412May 10
43 43 *4218 45
363 383
4
4 1,100 Western Paciflo
36
378g 373* 36
100 2814 Feb 7 3818 Dec 17
73
183612 367
8 364 3 8
100 5212 Aug 16 62% Jan 6
58'3 5812 5912 1,700 Preferred
5814 584 58
4
4
so% 60 8 588 383
3
•ais and elm mug a•nor we Me ethe. s Ez-OlvIdesek •1134Ivk6ena and es-rights. p lb-rights
PIE 1111.111
Baste for Presto's
Year 1927
Iltphe.n
Lessen
Pie share
181h Jan
9932 Jan
17412 Apr
10612 Jan
4
781 Jan
44 Jan
101% Jan
se? share
200 Aug
10684 Des
20512 Aug
125
Oat
83 June
10312 Saar
122 June
lin
53 Aug /61; 7818 oos 88
7 Oot 191. Dec
18
lila; -lin 2181* -ben
4% Jan 10h June
7% Jan 18% Jab
3012 Jan 51 July
43 Jan 84% Oci
812 Jan 224 MN,
44% June
"I"'lin 19% Dee
-_--- 87% Dee
78% Jan 9714 Sept
124% Jan 150 Oe
68% Jan 116 Jul,
102% Jan 11114 Dee
9514 Jan 104 NOT
4
86 Jan 1373 July
70 Jan 76 Des
68 Jan 75 Oet
65 Aug 77 "da.
1711a Jan 330 June
1301 Oct 173 "Aar
8
s
4118 Jan 675 June
77 Dec
232 Apr
4 Mar 114 Dec
8912 Jan 69% Sept
621s Jan 664 Aug
49 Jan 6412 Aug
79 2 Jan 1037 Sent
3
854 Mar 101 Sept
/
1
18 July 2884 Sept
3512 Jan 7634 July
105 Jan 1124 Apr
4012 Jan 0512 May
78 Jan 901, May
12112 Jan 139; Oct
12013 Jan 140 001
3012 Aug 531 yet
,
23 Apr 4218 Oct
62 Apr 7414 Oet
4114 Jan 7012 July
e
667 Jan 7812 Bets
Fah Oet 137h JOBS
1.28h Jan 1596 001
784 Dec 90 tel
4134 Dec 5,17 Psi
e
671 JUDI)
4 3 Nov
8
414 Feb 59$2 Au•
474 Feb
188 Jan
27 Jan 5612 Dee
60 Apr 88% Dee
5814 Mar 71 !le.
31h Jan 5613 June
9532 Jan 809% Des
2
371 Jan 62 API
904 Jan 118% Nov
th Aug
314 Del
1374 Jac 17112 OH
0110 Jun 24104 May
102 Ma 110 Dee
167 Dec 185 At,./
41h Jan 634 Dee
110 8 on 1143e Not
3
2312 Jan 4184 Sept
4% Dec 15% Jite
3712 Jan 664 June
158 Jan 202 Nov
90 Roy
88 Jun
78 Jan 102% Dee
84 July 907g Dee
154 Feb 31h D.
6634 Jan 68 Oct
20 Jan 41644 Job
11612 Jan 140% hiat
93 Jan 99% Dee
89 4 Jan 9712 Des
3
12212 Jan 174 May
94 Jan 123% June
1.012 Jan 4312 Dee
6334 Jan 50 Feb
63 Jan 69 May
10054 Jan 11714 JUDO
-;
If""Jim; . 98 Jun
767e Jan 9434 Dee
281e
3212
10614
119
94
80
63 2
1
2834
45
99
1591/
77
404
78
lib
134
91
3512
65
Mar
Apr
Jan
Jan
Mar
July
Jan
Aug
Nov
Apr
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Apr
Apr
4114 Feb
45% July
12678 Dee
lag Dec
101h Dee
115 Dee
10324 Nov
41 Feb
8514 Feb
we May
1973 Dec
4
am, Dee
81 June
101 June
98 June
67 June
12
5710 June
,17% Jun*
75% Feb
b 112-div. Writ the three If Chesapeake Corp.stook.
3674
New York
Stock Record-Continued-Page 2
For sales during the week of stocks not recorded here, see second page preceding
HIGH AND LOW SALE PRICES
-PER SIIARE, NOT PER CENT.
Sa urflay,
,
Dec. 22.
Monday,
Dec. 24.
Tuesday,
Dec. 25.
$ per share $ per share $ per share
Wednesday, Thursday,
Dec. 26.
Dec. 27.
Friday,
Dec. 28.
per share: $ er share $ per share
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PBR RH ARS
Range Must lax. 1.
Os harts of 100-ehare tote
Lowest
ndustrial & Miscellaneous.
Highest
$ per share
Shares
I per share
3912 403
39
3012 39
393
4
4 4012 43
41
No par 3614 Nov 2 85 Apr 62
423
8 9,500 Abitibi Pow & Pap
84
8412 85
837 84
8
843
4 84
100 76 Nov 2 10255 July 31
8412 8412 8412 1,500 Preferred
104 1093 .102 110
•1003 105 •102 105
4
4
2,300 Abraham & Straus
No par 90 June 19 11712 Nov 14
108 110
110 110 *1093 110
*110934 110 •10934 110
250 Preferred
100 199 Oct 27 11412June 18
4
110 110
399 399 .385 398
398 400 .385 400
100 195 Jan 4 425 Dec 5
39012 39012 1,000 Adams Express
39 8 4212 4114 42
,
41
423
4 3814 4212 42
100 11 Jan 19 65 Sept 25
433 20,200 Advance Rumely
4
56
5318 5438 5312 56
5718 6,700 Preferred
56
57
100 3414 Jan 17 604Sept 25
55
55
314 33
8
314
33
8
3 8 358
,
38 38
3
,
9,600 Ahumada Lead
312 4
1
23 Jan 17
4
,
5 4 Mar 20
9114 937
89
88
8 91
8814 9112
9712 9614 083 40,700 Air Reduction, Inc.
No par 59 June 19 984 Dec 28
/
1
8
912 103
10
1012
93 1018
4
712June 12 148 Jan 24
s
No par
4
8
9 4 912
93 1012 34,100 Ajax Rubber,Inc
,
72
8 814
8
83
8
1 Jan 5 10 Nov 10
723 8
8 82
73
4 812 12,600 Alaska Juneau Gold Min_ 10
,
77
800 Albany Pert Wrap Pap_No par 23 Mar 11 3114 Jan 26
2434 25
2312 2312 243 243
4
243 243
4
4
4
4 2412 243
240 24214 24134 245
24212 24612 239 246
246 25212 17,300 Allied Chemical & Dye_No par 146 Feb 18 25234 Nov 27
12158 12158 *121 122
*122 1223 12214 12214 12114 12114
400 Preferred
4
100 12012June 28 12758May 4
173 175
1623 1623 164 172
8
12,800 Allis-Chalmers Mfg
188 200
17514 189
8
100 11518 Feb 18 200 Dec 18
918 Oct 8 16 Apr 19
1018 1018
•10
11
500 Amalgamated Leather_No par
•10
11
1018 1018 1014 1014
/
1
4
100 Preferred
*7014 74
*7014 75
*70
75
7312 7312 •7014 74
69 Mar 2 90 Apr 19
9,400 Amerada Corp
38
38 8
,
38
383
4 38
No par 2718 Feb 20 43 8 Nov 19
385* 3712 381s 3712 38
7
2014 2238 203 22
3
2014 2014 2038 20 8
4
20 8 213
,
8 7,900 Amer Agricultural Chem__100 155* Feb 20 26 Nov 19
6714 7112 6912 7112 71
683
6712 6812 68
8
100 55 8 Feb 20 797 Nov 19
723
8
4 6,500 Preferred
,
12578 12578 1247 127
8
124 124
1223 12912 125 1277
4
10 74 Jan 17 159 May 9
8 7,500 Amer Bank Note
/
1
4
300 Preferred
6012
60
60 .60
50 80 Oct 19 657 Jan 3
60
.6018 6012 60 60
60
2
1818 1818 1712 1712 16
19
•17
19
1612 2,600 American Beet Sugar--No Par 1434July 13 2413 Aug 28
.18
54
•5018 54 .51
*5018 55
*5018 543 *5018 5212
Preferred
100 38 Feb 17 6158Sept 13
4
41
4114 423
4212 3912 4238 4114 417 13,900 Amer Bosch Magneto_ 0 Par 15% Feb 18 443 Nov 30
4 4112 42
8
8
k
4412 48
43
433
8 4338 4412
4612 477 18,200 Am Brake Shoe & F____No par 397 July 17 4912 Jan 27
4614 47
8
*121 125 .121 125 *121 125
•11914 125 *120 125
Preferred
100 120 Dec 11 128 June 12
1514 1678 1512 1618
1358 1338 1414 1578
24,300 Amer Brown BoveriEl_No par
1538 16
105* Apr 27 2614May 21
4912 51
*4812 52
945 Preferred
50
5018 507
4812 507
8 50
8
100 4014 Apr 27 8578May 21
05 7012 Jan 18 11712 Nov 16
108 8 112 219,400 American Can
,
1033 10712 10518 110
10234 1037 103 103 8
4
8
7
.141 143 .141 144 •141 144
*141 145
•141
Preferred
100 136 Jan 10 147 Apr 30
/
1
4
94 9418 93
94
943 9512 9314 95
9414 95 8 5.400 American Car & Fdy__No par 8814July 31 11112 Jan 3
4
,
11612 11612 11612 11612 .117 120
400 Preferred
*11314 117 .114 120
100 11038 Aug 1 13712 Mar 31
74
7312 71
72
71
800 American Chain pref
72
.7112 85
73
*72
100 71 Dec 27 105 June 4
4914 493
4
4 4912 4938 483 49
5,000 American Chicle
497 50
g
50 5014
No par 44 Dec 12 5034 Dec 21
*10912 110 *10912 110
10912 10912
60 Prior preferred
•10912 110 *10912 110
No par 107 Jan 5 114 May 21
1012 107
4
s 10 4 107
3
103 107
4
8 103 107
2
4
8 103 11, 13.200 Amer Druggists Syndicate __10 1012 Dec 19 1512 Apr 10
3
8014 823
4
8 8012 815* 813 847
s 3,800 Amer Encaustic Tiling_No par 53 Jan 4 86 Nov 30
8212 8212 825s 827
8
289 29312
700 American Express
288 290 .286 293 *281 291
288 288
100 169 Jan 10 310 Dee 5
713 74 I 718 74
4
7314 7814 27,600 Amer & For'n Power___No par 225 Feb 28 781 1 Dec 28
8
70
705* 7012 74
8
10612 1065 10512 10638 1057 106
8
•10614 10612 10612 10612
8
900 Preferred
No par 10434June 25 110 May 24
9612 963
1,300 26 preferred
*9612 963
4 983 963
4 96% 963
4
4
No par 81 Feb 24 100 Sept 7
4
4 9612 963
912
*912 10
958 9 8 •914
,
.93 10
8
300 American Hide & Leather 100
,
4
814 Oct 9 15 8 Feb 1
94
, 93
3814 3814 3818 3818 38
3714 38
3818 1,500 Preferred
387 387
8
s
100 31 Nov 1 673 Feb 1
8
76
76
77
76
7612 76
76
76
7512 7612
2,100 Amer Home Products_No par 59 Feb 18 86 Nov 17
4158 4212 40 8 4112 4178 423
8 7,900 American Ice
,
4
417 4178 413 4238
8
No par 28 Jan 10 4638 Aug 6
95 95
94
9412
•94
0412 •94
•94
96
94
200 Preferred
100 90 Jan 7 9912May 9
142 147
14434 14712 159,800 Amer Intermit Corp__ _No par 71 Jan 5 150 Dec 24
14212 147
138 14134 14112 150
73
4 74
3
74
3
73
4 *73
73
4 8
4 77s 1,500 Amer La France & Foamite_10
7 4 77
3
8
514 Jan 12 1158 Oct 17
1863 1863 .165 187 *165 187
4
•I65 192 .180 187
4
100 American Linseed
100 561 Jan 13 192 Dee 5
/
4
.170
•170
.170
_
*170
•170
Preferred
100 8612 Jan 13 182 Dec 5
10212 10314 10012 1037 10312 107
8
10378 10412 10318 104
47.100 American Locornotive_No par 87 June 21 115 Jan 31
112 112 *11112 11214 11212 11212
11112 11178 11112 11112
600 Preferred
100 10314 Oct 24 134 Mar 24
176 176
175 1763 1763 17812 3,400 Amer Machine & Fdy__No par 1291:June 19 180 Mar 26
•173 175
4
1747 1763
8
4
4
Stock
577 61
8
60
617
8 61 18 6212 28,100 Amer Metal Co Ltd___No par 39 Mar 13 633 Nov 27
0718 58
4
116 116 .116 117
116 11712
*115 116 *115 116
300 Preferred (8%)
100 109 Aug 8 11712May 14
1418 1418 •I312 15
4
1434 143 •1418 143 Exchange
1312 1312
4
400 American Piano
4July 19 25 Feb 7
No par
123
4018 4018 39
4
40
413
39
3914
1.850 Preferred
413 *40
4
*39
100 39 Dec 27 90 Jan 3
Closed
7812 801s 773 79
g
4
807
8
7812 7912 79
773 793 11,000 Am Power & Light____No par 6214 Jan 11 95 May 14
4
1007 1007 10012 1003 10018 10018
8
•101 10118 101 101
8
900 Preferred
4
No par 1001s Dec 28 10714May 28
190 19212 188 19012 Christmas 187 19012 187 18912 187 190
8,900 American Radiator25 13018 Jan 18 10112 Dec 12
133 133
133 13312 132 132
13314 13314 134 134
600 Amer Railway Expre. _ _ _100 11012 Jan 4 143 Dec 5
5818 6178 5812 62
61
627 12,600 American Republica___No par 5114 Feb 7 85 Apr 12
5812 603
5918 60
4 Holiday
8
671g 6714 663 87
4
66
677 68
8
663
4 2,700 American Safety Razor_No par 68 Jan 10 7478 Sept 20
67
6712!
34
3414 34
34
34
3412 3412 3412 3412'
34
1,200 Amer Seating v t c
No par 2758 Nov 1 45 May 14
37
8 4
312 37
8
38 4
,
4
4
4
4,500 Amer Ship & Comm_ _ No par
312 Aug 9
618May 28
4 i
*0112 93
*9112 92
9112 9112
9112 9112 9112 93
200 American Shipbuilding. __100 80 Sept 28 119 Jan 6
274 27512 26918 275
276 279
269 27012 270 27312
9,300 Am.Smelting & Refining_ _100 169 Feb 27 285 Nov 12
13814 13814 136 136 •137 138
138 138 *138 13812
500 Preferred
100 131 Mar 20 142 Apr 20
203 203 •203 204
*202 203
200 American Snuff
203 203 *201 205
100 141 Jan 5 210 Dec 13
110 110 .110 114 •110 114
120 Preferred
•110 11178 *110 11178
100 100 Oct 30 120 June 5
6218 66
6212 64
6414 67
6214 65
20,400 Amer Steel Foundries__No par 5014June 13 701 Jan 11
*6112 62
/
4
11012 11012 11012 110 2 .11012 III
90 Preferred
,
11012 11012 11012 11114
100 1.19 June 19 120 Feb 29
8212 83,
8314 84
17,700 Amer Sugar Refining
8 8314 85
84.2 8314 8433
83
100 55 Feb 18 9312 Nov 28
10614 10614 106 106 •106 10614
200 Preferred
*106 10612 *106 10612
100 100 Feb 17 11012May 31
54
5414 54
54
54
5414
1.800 Am Sum Tob
54
54 I 54
*52
,
No par 46 Feb 23 73 8Sept 7
1734 173
4 1712 173
4
900 Amer Telegraph & Cable 100 1714 Dec 7 32 Jan 17
4 173 173
18
4
.18
•17
18
19012 19238 190. 1913 191 18 1923 18,300 Amer Telco & Tele!?
8
4
189 1897 18912 19012
8
100 172 July 24 211 May 17
•174 177 .174 175
175 178
17412 176121 175 176
3,600 American Tobacco com____50 152 June 19 1844 Dec 1
/
1
175 176
174 175
176 178
3,700 Common class B
176 17612 17514 17614
8
50 162 June 19 1847 Nov 30
4
*1193 121 .1193 121
4
120 120
300 Preferred
12012 12012 120 120
100 11584Sept 18 126 Apr 20
137 .135 137
.136
137 137
200 American Type Founders_ _100 1097 Aug 10 14214 Nov 16
*135 138 ..135 137
8
11038 111 *10914 110 2 11012 11012
190 Preferred
,
*111 1118 •111 1113
4
4
100 107 Nov 28 115 Mar 31
681
69
68
7314 68
6912 3,800 Am Wat Wks & El
6913 691 693 693
4
4
No par 52 June 11 7612 Nov 30
300 let preferred
*9812 10014 *9912 10014 9912 90 2
,
99
99
99
99
98 Oct 5 106 Apr 13
263 277
8
8 2523 27
26 e27.3 25,600 American Woolen
25
283
8 28
2918
8
100 14 July 27 323 Nov 21
6014 6014 573 5012 58
6158
573 603
s
1 59
4
5,200 Preferred
100 39 A13131 653 Nov 20
59
8
•13
1318 *1212 1312
/
4
1012June 20 191 Feb 9
1238 1212 1212 1212 12 8 13
3,900 Am Writing Paper ctfs_No pal
,
*42
4212 4212 4212
/
1
4
4238 43
34 June 12 53 Oct 18
4212 423
4 4212 4212 1,300 Pref.rted certificate_ _100
4134 425*
407 42
8
4112 427 447 33,300 Amer Zinc, Lead & Smelt___25
8
61 Jan 10 57 Oct 17
/
4
373 4212 37
4
8
10412 106
105 106
8
25 40 Jan 16 1177 Oct 16
105 106
10412 1053 105 1063
2 2,300 Preferred
8
11412 11638 11112 1153
,
10912 11314 1083 113
11312 116 572,700 Anaconda Copper Mining_50 54 Jan 18 116 8 Dec 22
4
4
8
10018 1017 10212 1037
8
8
7,000 Archer, Dan'is, Midird_No par 5514 Feb 20 1127 Nov 26
102 1037 10012 10112 100 8 101
,
8
11458 115
*11312 115
•11312 _
150 Preferred
100 112 Oct 27 11514 Mar 16
11312 11312 •I1312 8
4
*903 913 .903 9118
4
500 Armour & Co (Del) pref.. _100 861e Jan 3 9712June 7
9014 903
4 0014 9012 .9012 91
1512 1512 153 1538
2
1514 1512 15
15
1514
177 58,600 Armour of Illinois class A_25 1114 Jan 16 2312Sept 8
8
77
8 8
77
s 8
59,900 Class B
25
Pe Jan 10 1312May 11
7s 8
7
73
4 8
73
4 9
8 81
803 803
8
81,
8
/
4
700 Preferred
Si
81
100 671 Jan 12 9it2June
813 813 •8012 81
4
4
397 4038 40
8
4034
3912 40 8 3914 397
,
8 3914 3912 4,400 Arnold Constable Corp_No par 3614July 23 5134 Apr 2
4
30
30
29 3 30
30
293 293
No par 29 July 20 443e Mar 30
30
4
30
4 1,400 Artioom Corp
30
•102 106 *102 106
240 Preferred
10012 102
10112 10112
100 99 Dee 27 114 Mar 19
99
99
63
643
8 6312 6538
Vo par 4014June 13 7512 Dec 6
63
633 6614 30,300 Assoc Dry Goods
643
8
3 6214 63
4512, 4312 44
•44
460 Associated Oil
8
43
4
25 374 Feb 18 533 Sept 7
4
433
4 433 43 4 433 433
4
,
40
4018
3912 40
4178 42
41
3,500 Atl 0 & WI 8 s Line__No par 3712 Feb 18 597
8May 21
427 427
8
8 41
56
5612 5612 56
1,200 Preferred
563 563 *553 56,
4
8
100 38 Feb 27 6514 Oct 31
4
4
2 557 56
55 4 5612 557 56 2
3
8
,
56
5812 567 61
61 14 63 2 282,900 Atlantic Refining
25 50 Nov 30 6312 Dec 28
,
8
11614 11614 *116 11712
*116 11712 11612 11712 .116 11712
50 Preferred
100 11412Sept 10 1181 Jan 3
/
4
1023 104
4
1007 102
8
1033 105
4
20,100 Atlas Powder
10512 110 4 10818 114
3
No par 63 Jan 3 114 Dec28
•105 10614 *105 1065*
105 106 .106 106 •106 10612
30 Preferred
100 102 July 24 11012May 31
,
•1012 1212 *1012 1212
11
11
600 Atlas Tack
113 123
8
8 11
No par
Ills
814 Jan 5 1738June 6
*6
67
8
6
6
7
400 Austin.Nichols&Co__ No par
*6
488 Jan 3
6
•55
8 6
914May 14
6
35
3212 3212 *33
33
33
600 Preferred non-voting ___100 25 July 13 39 Jan 21
33
313 313
4
4 33
62
62
623
62
4
*6112 6212 6212 63
6212 6212 1,000 Austrian Credit Aastalt
58 Oct 29 75 May 9
8
8
4 243 243
24
2413 243
24
24
900 Autosales corp
25
24
25
612 Jan 18 343 Nov 27
No par
4
39 8
,
393
4 38
.3712 3934 3812 39
*38
900 Preferred
39 8 39 13
,
,
50 25 Aug 31 41 Nov 27
*451 47
.44
45
45
45
44
700 Autostr Saf Razor -11"..No par 43 Oct 17 5212May 1
44
433 44
4
235 235
*230 250
*230 250
245 245
600 Baldwin Locomotive Wks 100 235 June 11 286 Mar 31
245 250
11612 11612 11534 11612 11612 117
3
*11534 11612 *115 4 11613
160 Preferred
/
1
100 115 Oct 24 1244 Anr 11
109 109
*10814 1083 10814 109
4
10812 109
720 Bamberger (L) & Co pref 100 10714 Nov 14 1111 Jan 5
10838 10838
/
4
.30
30
31
3118 3114 30
30
30
30
30 12 1.220 Barker Brothers
8
No par 267 Aug 3 3514 Dee 1
26
257 26
8
2618 •26
*2512 26
27
2412 25 2 2,200 Barnett Leather
,
No par 2312 Aug 20 5212 Feb I
40 8 4158 39 8 41
,
41
4112 41
,
415*
40 8 4112 71,200 Barnadall Corp class A
3
20 June 12 53 Nov 12
25
•3912 42
42
05 20 June 14 5118 Nov 10
*40
42
.40
•39
42
42
•39
Claes B
*11412 11612 11412 11412 *11114 114
*114 117 *114 116
200 Bayuk Cigars, Inc
No par 08 June 20 14012 Mar 1
106 106 •105 106
•105 106 .105 106
90 First preferred
106 106
100 104 June 19 1108 Mar 28
8
,
21 8 2214 21 8 2218 2118 217
22
2214 215* 2233
,
8 8,200 Beacon Oil
1214 Mar 16 2412 Dee 4
No par
9412 967
8 93
29418 98
93
95
95
95 10114 47.000 Beech Nut Packing
20 70.1* July 13 10114 Dec 28
12
1214
1218 123
4 1218 1214
1218 1212 1218 1212 6.900 Belding Hem'way Co_ _No par 12 Dec 26 22 Jan 12
84 .84
84
•84
8412 *8312 8412
8412 8418 8412
500 Belgian Nat Rye part pref.._
8238Sept 27 92121May 14
• Bid and asked prices; no sales on Nue day.
Ex-dividend. a Ex-rights.
PlR SHARI
Rases for Prelim.
Year 1927
Lowest
FROM
$ per share 1 per Mare
6214 Mar 1181 N08
4
109 Aug 11313 Feb
Jan 210 Nov
124
7 Oct 15 Feb
/
1
4
84
224 Oct 454 Nov
/
1
1
Oil Semi
2 June
/
1
4
1-111JUWe
1 June
18 ALT
131
Jan
120 Mar
88
Jan
111 Nov
/
4
68 Dee
27 Apr
/
1
4
818 Apr
281 Apr
4
41
Jan
5613 Jan
1518 Oct
85 Dee
Jan
18
354 May
/
1
11714 Feb
514 Aug
40 Aug
43 Mar
/
1
4
126
Jan
95 July
124
/ Oct
1
4
9813 Dec
Tis4
2 Fell
/
1
4
32 Sept
1691 Sept
4
124 Aug
11848 Dee
261 Fe)
,
108 Fe)
21781 Fe)
2113 Del
/
1
724 Dee
98 Nov
65 Sept
23 4 Ma;
8
8018 Jae
264 Oat
/
1
48 July
128 Mat
3912 Jan
98 Fell
77,2 Dee
1413 Dee
4
111 Dee
134 JUDI
/
1
4
103 13111:11
Jan 110- We;
Apr 1512 Nov
/
1
4
Aug 57 Nov
Jan 183 Noe
Feb 31 Des
8612 Feb 10984 Del
50
98
8
381
/
4
127
184
/
1
0;2;
738 Apr 123* 48 Mar 664 July
/
1
308 Jan 71 Nov
8
258 Oct 32 Aug
4
Jan 961 Ma7
/
4
84
/
1
37 Mar 724 Dee
Jan
4 Jun. 10
2018 Apr 7312 Nov
46 2 Mar 9213 Nov
,
9914 Oct 118 May
1191 Feb 127 July
/
4
7314 Jan 18813 Del
/
1
4
3818 Nov 69 Dee
2Ol Dec 4314 Jun.
/
1
86 Nov 1104 Mat
2
Jan 703 Oes
54
1- 1
-161-
Jan
8712 Apr
351s Jaz
42 July
8
387 Oct
212 Oct
80 Jan
132
/ Jan
1
4
11914 Mar
119 Jan
18
9412 Jan
6113 Apr
11014 July
6514 Nov
104 Nov
6113 Jan
26 Apr
14914 Jan
120
Jan
11914 Jan
11018 Jan
1194 Nov
/
1
1074 Feb
/
1
45 Aug
997 Oct
2
1612 June
481 Juno
/
4
97 MAY
2
33. Apr
14
584 Sept
35
Oct
411 June
/
4
38 Mar
Jan
106
79
Oct
May
5 Dec
00 Apr
21
Apr
SA Deo
10912 Nov
8912 Feb
35
Oat
308 Mar
2
298 Mar
4
1477 SePt
:
11614 Nov
8213 Dee
8
647 Nen
51 July
48 Jan
4
1238 N48
4
18884 Del
133 Des
14684 Nov
10612 Oat
72 Del
/
1
4
115
Jan
95 4 May
8
11612 May
6831 0*1
88. Attl
74
18513 clot
189 Nov
186 Nov
120 Doe
146 Feb
116 Sept
721a SeP8
10313 Dee
838 Jai)
3
804 Jan
2414 0e,
57 Ala
/
1
4
1014 Feb
511 Fel
/
4
601 Des
/
4
63 Des
11312 Des
9614 Feb
157 Jan
8
91 Jan
/
4
861 Jan
/
4
551 Nov
/
4
54 4 Jaa
1
11413 Nor
5382 Nov
5014 Feb
481, NOT
614 Nos
/
1
1161- Feb 111/Ant
-- - 3
5613 Mar 70 June
98
Jan 107 July
74 June
/
1
121a API
it14 Mar
1014 Jaz
2813 Dec 61
Jaa
7214 Dec 8084 Nov
4 Mar
/
1
4
11 Deo
28 May 424 Dee
/
1
8
48 Nov 457 Nov
1431g Jan 65 4 SOP
1
118
Jun 12514 July
1
1085 Mar 1107 Dee
4
40
Jan 597 Fe)
2041 Oet 3611 Ifs)
204 Oct 3212 Het
/
1
49
/ Jan 109 Dee
1
4
Jan 110 Aug
101
Oct 1814 inns
14
/
1
5014 Apr 744 Nov
1512 July 274 Jan
3675
New York Stock Record-Continued--Page 3
For sales during the week of stock' not recorded here, see third page preceding
111011 AND LOW SALE PRICES
-PER SNARE, NOT PER CENT.
Saturday,
Dec. 22.
Monday,
Dec. 24.
Tuesday,
Dec. 25.
Wednesday, Thursday,
Dec. 26.
Dec. 27.
Friday,
Dec. 28.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
per share $ per share S per share
per share
Per share Shares Indus.& Miscell.(Con.) Par
$ Per share
871, 89
88
887
8 87
88
No par
88
8812 8718 885
8 4,800 Best & Co
8
8253 8414 825 8514
825 8518 82
8
100
843
4 8314 8512 146,500 Bethlehem Steel Corp
1223 12412 124 1247 12412 12473 3,500 Beth Steel Corp pf (7%)_100
4
12318 124
8
12234 1223
4
8 4414 45
4414 4453 443s 4438 4213 423
4312 447
4 3,900 Bloomingdale Bros.__.No par
10613 110 *110 111
110 110 *110 111
110 110
100
230 Preferred
,11 4
11714 118
*11714 118 4 63 118
118 118
118 118
100
220 Blumenthal 4c Co pre!
82
8214 8212
8312 8114 82
No par
*8214 83
817 817
8
8 1,600 Bon Ain, class A
*83
4 912 *9
8 s 87
7
8
No par
87
8 87
9
9
8
912
800 Booth Fisheries
69
*50
59 •50
*50
59
*50
59
5518 5518
100 1st preferred
100
169 17314 168 173
17312 182
17214 17312 170 17212
50
32,400 Borden Co
1312 1312
14
14
*1434 15
15
15
15
15
500 Botany Cons Mills class A_50
5412 5412 573 307,700 Briggs Manufacturing_No par
5112 541,
5118 5214
56
5218
53
8
412 *4
4
4
412
*4
4
4
37
8 4
600 British Empire Steel
100
*53, 612
63
3 63
8
400 20 preferred
100
*53
4 67
8
43
814 8 2 *53
,
4 7
69
697
8 68
68
693
4 68
4
6873 683 69
69
No par
3,400 Brockway Mot Tr
•135 138 •135 13814 *135 13814
*130 138
137 137
100
100 Preferred 7%
*310 320 *300 320 *310 320
*310 325 *310 325
100
Brooklyn Edison Inc
185 18812 18513 18914 186 189
18412 18512 183 18612
10,700 Bklyn Union Gas
No par
8 46
46
467
451s 4518 46
46
46
46
46
2,400 Brown Shoe Inc
No par
4858 4918 473 487 '49
4812 4914 4812 493
4
5238 15,200 Brunsw-Balke-Collan r _No par
4
3
3714 3713 g[353 3612 36
3 3718 377
8
4
3712 377
367
8 6,300 Bucyrus-Erie Co
10
46
8
4578 477
8 4612 4712
463
4 455 465
4
8 453 467
8 4,600 Preferred
10
*12018 12414 *12018 12314 120l3 12012
*1201,3 12318 •12018 127
300 Burns Bros new clAcomNo par
35
35
34
*3214 34
3114 32
34
*3214 35
700 New class B com __ _No par
*103 105 *103 105 *103 105
10434 10434
*103 105
10 Preferred
100
220 235
216 218
232 235
240 249
*21512 216
5,500 Burroughs Add Mach_.No par
7712 783
8
4 763 79
787
4 765 773
7812 783
4 75
4
8
9,700 Bush Terminal
No par
*107 10918 10918 10918 *10712 109
*107 1091.3 *107 10918
60 Debenture
100
*11434 117
115 115 *1143 117
4
4
4
*1143 117 *1143 117
10 Bush Term Didgs Pref.- 100
613 612 3,000 Butte & Superior Mining___10
9 8 1014
5
912 93
4
88
9:4
93
4 93
4
812 87
83
4 87
8
83
3 853
812 83
4 7,300 Butte Copper 44 Zinc
8
5
4014 417
8
8 3912 4018 3918 4012 10,800 Butterick Co
405 403
8
4 405 4112
100
180 18513 1793 18513 186 192
8
4
183 1877 183 1893
3
20,800 Byers & Co (A M)
No par
*11712 118 *11712 118 •11712 118
*11712 118
*11712 - -- 100
Preferred
98
95
97
4
98
9512 95
99 1017
8 6,900 By-Products Coke
973
*94
No par
7414 757
757
8 743 7512 2,700 California Packing
8 7412 743
4
8
4
8 75
743 743
No par
*27
28
28
32
*25
*2513 35
32
*2513 35
10 California Petroleum
25
3
3 18
31s 314
31g 313
3
313 31/3
314 4,200 Callahan Zinc-Lead
10
8
11612 1203 116 1193 1155 1204 12,300 Calumet az Arizona Mining_10
8
4
11912 12114 11814 12012
,
423
8 4238 4453 29,800 Calumet Or Boole
4118 4214 41
4114 423
s 4113 4218
25
7914 79,
7814 81
4 7913 80
78
785
8 7712 7812
13,000 Canada Dry Ginger Ale-No par
44
*44
4414 44
4414
44
44
433 44 4 2,000 Cannon Mills
4
44
,
No par
450 474
*455 460
*460 475
475 489
100
480 480
3,100 Case Thresh Machine
125 125
125 125
126 125 *125 128 •125 128
100
400 Preferred
46
4812 453 467
4534 4658 45 1,455
4
8
8 4512 4614 57,100 Central Alloy Steel___No par
19
1918 1012 203
20
4
20
•1912 .2012 *1934 2014
900 Century Rlbbon 1,1111s _No par
83
*78
83
.78
*78
83 •78 J 83
78
100
78
10 Preferred
4
106 10812 1063 10812
105 1073 1033 107
4
4
107 1093 54,700 Cerro de Pasco Copper_No par
8
27
2614 283
2714 2714 26
8 2712 k29
28
2853 15,500 Certain-Teed Products.No par
*7818 8518 *7818 91
*7412 81
•77
81
•78
81
100
7% preferred
7958 795
8 797 797
8
80 80
8
80 180
795 7953
8
800 Certo Corp
No par
4
8 203 2128
2014 207
2018 203
4 1912' 20
2014 2012 14,900 Chandler Cleveland MotNopar
37
3612
3613 3673 3414 .3614 3512 36
363 363
4
4
No par
8,600 Preferred
7412 7514 7534 767
75
7612 735 75
8
8
763 783 24,300 Chesapeake Corp
8
No par
3
4
4
16413 166
*16014 1623 164 1643
16012 163
16318 166
.100
2,000 Chicago Pneumatic Tool.
3214
3214
*3214 33
*3214 3213 3214 32 4 32
,
3214
190 Chicago Yellow Cab
No Par
Stock
4513 4512 4512 4512
4613 4612 46
4612 463 473
4
1,600 Chickasha Cotton 011
10
4
58
57
58
563 5712 64
5712 581257
4
567 12,200 Childs Co
8
No par
6814 71 Exchange
6712 893
4 6618 69
6812
69
7112 95,500 Chile Copper
25
89
83
9478 *91 103
*8214 103
*92
.92 103
800 Christie-Brown tern ctfallo pa
12212 12612 12118 125
Closed
12118 12212 121 12654
12518 1297 542,100 Chrysler Corn
3
No par
*___ 51 *____ 51
•____ 52 •____ 92
52
52
10 City Stores class A
NO Par
106 1073 105 10614 Christmas 105 106
8
105 10514 10412 1057
8 2,500 Class B
No par
74
8512 6612 8712 7118
71
4
7114 723
4 713 7212 11,500 Cluett Peabody at Co_.No par
115 11612 Holiday *115 118 •115 118
11112 115
115 115
440 Preferred
100
183 164'z 16434 16512
166 16912 169 1695 16812 189
8
7,300 Coca Cola Co
No pa
52
48
4814 4714
50
5212 4812 50
49
5014 20,100 Collins & Allman
No pa
*92
93
*92
93
*92
03
93
*02
93
*92
Preferred non-voting____10
6612 69
693 7134 68
4
6812 7013 6914 7134
7012 19,300 Colorado Fuel & Iron
10
116 11714 11718 12458
11912 12212 118 12014 121 123
19,000 Columbian Carbon v t ONO pa
128 1303 129 13112
8
12814 13112 1297 1323 1307 1357 35,300 Colum Gas de Eleo
8
8
8
8
No pa
1073 1073
8
3
107 107
*107 1073 107 107
8
10718 1075
8
900 Preferred
100
5234 54
547 59
8
5718 607
3 5614 59
5853 607 96,000 Commercial Credit_ _ _No pa
3
*2412 2513 *2412 25
25
2514 26
26
*2512 26
70 Preferred
25
.25 4 27
3
*253 27
4
*253 27
25 4 26 4 27
4
3
3
27
30 Preferred B
2
100 10014 10014 1023
102 1037 1003 1017 1005 10312 4,050 1st preferred (684%)...100
8
8
8
4
8
12414 126
125 12512 125 12613
124 12512 126 1283
3 6,000 Comm Invest Trust....No pa
*104 105 *104 105
•104 105 *104 105 *104 105
10
7% preferred
*94
05
*94
95
•94
*94
95
95
*94
95
10
Preferred (684)
*24
25
*24
*24
25
25
25
24
24
24
700 Warrants_
10
221 224
220 221
222 22212 2203 223
225 231
4
6,600 Commercial Solvents_No par
10114 10212 10118 10412
101 10314 10012 102
10112 1033 12,200 Commonwealth Power_No par
4
81
82
*805 83
8
80
8018 *80
2,100 Conde Nast Publica__.No par
8112 7912 80
2638 271s 265 2718
257 267
8
8
8
8 253 277
4
3
8 273 283 76,300 congoleum-Nalrn Inc_.No par
8014 813
8
*8012 81
80
81
80
79
80 4 80
3
3,900 Congress Cigar
No par
114
114 'l's
*118
•118
114 *1 13
114
1 14 •113
Conley Tin Foil stpd_ __No pao
94
953
8 9412 9714
9714 10012 96
4
987
8 953 9818 17,000 Consolidated Cigar__ __No par
97
*98
97
97
*96
97
9612 9612 •97
97 2
,
200 Preferred (6)
100
26
2534 26
26
257 2614 253 257
3
8
4
8 257 2573 2,200'Consol Film Ind pref __No par
10412 10614 105 1075
8
10514 10814 10518 10714 1063 10812 339,300 Consolidated Gas(NY) No par
4
8 993 9978
4
997 997
8
9912 9978 9912 997 1983 9912 6,700 Preferred
No par
8
8
5
53
8
43
4 54
,
47
8
478 5
478
5
Vs
22,400 Consolidated Textile_.No par
8
*203 2012 202 203
8
8
2034 2138 203 21
4
203 2118 2,900 Container Corp A vet_ _No par
4
1014 1014
1018 10113
101, 1034
1012 103
1012 1034 3,000 Class B voting
No par
4
4812 4938 4734 49
4812 4918 48
483
4 4834 4912 8,900 Continental Baking Cl ANo per
87
8 918
9
918
873 918
85
8 9
85
8 9
No par
23.100 Class 13
8978 90
8914 8912
8914 8914 8914 90
Ws 9013 2,100 Preferred
100
8
6712 583
4 5712 583
58
61
595 6134 61
8
623 50,000 Continental Can Inc__ No par
8
*1243 127 *12434 126
4
*12434 127 •1243 127
4
1243 1243
4
4
10 Preferred
100
•84
8612 8514 86
8514 887
8 86
877
8 8712 89
6,400 Continental Ins
10
4
17
1712
1714 173
1718 1734 163 173
4
8 1718 1712 19.800 Continental Motors__ _.No par
903
8 89
90
89
8958 9012 8914 90
9018 913 15,000 Corn Products Refining....25
8
143 143
143 143
•143 1443 *143 1443 .143 1443
4
4
4
60 Preferred
100
8
7
723 7312 723 73 8
s
7212 75
71
73
735 753 47,400 CotY Inc
8
3
No par
8312 837
8 8312 8518
84
86
83
85
8414 873 10.100 Crucible Steel of America...100
8
•109 112 •110 112
•110 112 •111 112
111 111
100 Preferred
100
3
4
2218 221s 223 223
2212 227
8 2212 2212 22
225
8 4,300 Cuba Co
No par
51, 518
43
4 5
43
4 5
43
45
8 43
4 43
4 5,200 Cuba Cane Sugar
4
No pa
161, 1612 1614 1614
163 1612 1512 1612 1518 153
8
4 9,600 Preferred
100
1614 1658
16
1614
16
1614 153 16 4
1538 157 10,000 Cuban-American Sugar_..10
4
8
,
*9414 975
8 9414 9414
94
94
937 937
8
8 933 933
4
4
450 Preferred
100
618 618
6
618
54 6
3
53
8 53
4
5
534 8,300 Cuban Dom'can Bug ____Nopa
8
625 63
6213 6313 62
623 63
4
6212 62
6418 6,500 Cudahy Packing
6
4
142 14614 13812 14212 14112 1443 19,500 Curtlss Aer & blot Co_ _No pa
14212 1433 14334 148
4
*219 224 .206
*219 224 *219 224
•206
_
No pa
Cushman's Sons
126 126
•126 127 *126 127
126 126
126 126
90 Preferred (7)
100
613 613
82
4
4
63
*61
63
63
63
623 63
4
1,300 Cutler-Hammer Mfg
10
*5814 60
5934 60
60
563 59
4
60
593 59
4
14 1,500 Cuyamei Fruit
No pa
5812 60
5714 5914 563 58
8
5812 5
9
58
5914 13,800 Davison Chemical
No pa
377 377
8
38
8 38
*3713 377
373 373
8
8
8
4 377 38
1,700 Debenham Securities
53
12212 124
122 124
12418 12418 125 125
124 1243
4
520 Deere & Co prof
100
221 221
2223 22312 *222 223
4
221 221
22314 22414
1,700 Detroit Edison
100
58
581, 56
56
565 5658 56
8
56
*56
57
.No pa
1,200 Devoe dr Reynolds A.
4
*112 1143 •112 1143 •112 11434
4
4
4
*112 1143 *112 1143
100
1st preferred
154 155
154 155
154 155
155 155
15414 158
140 Diamond Match
100
,
*10712 10914 •10713 10914 *10712 10914
4
*10712 109, •10712 109 4
Dodge Bros Clam A__No pa
_
No pa
Preferred
93g - -61- --9i2 16 3 - 1,66 Dome MInes, Ltd
9
918 9 4
9 12
,
2
1- 2
Nro pa
-674 95* 115 11714
115 116
1145 11512 1157 117
8
8
11412 11614
No pa
7,800 Drug Inc
877 88
8
88
90
90
9414 12.000 Dunhill International_.No pa
8712 8812 8758 887s
g%
6978
• Bid and asked prices; no side on this day,
• Ex-dividend of 100% in corn stock. a 111-dIvidtaci
PR SHARE
Range Since Jens.
Os basis of 100-siare tote
8 per stare
531 Jan 19
4
517
8June 19
111318June 29
3358July 23
1094 Jan 11
87 June 27
9514 Jan 3
514 Jan 4
4114 Mar 14
152 June 19
83 Aug 23
4
2118 Feb 4
118 Jan 10
214 Jan 5
4512Juno 1
110 June 21
2064 Jan 10
139 June 13
44 Dec 13
2712 Feb 20
2412 Feb 18
3338 Feb 17
9312 Feb 17
157 Mar 8
8
973 Feb 21
4
139 Jan 14
60 June 20
1047 Aug 16
8
111 Aug 1
83 Aug 6
4
418 Jan 19
3712 Dec 12
904 Jan 16
1085* Apr 13
85 Mar 1
68,
2June 18
2514 Mar 16
134 Mar 8
89 Feb18
2013 Jan 10
547 Jan
8
433 Dec 28
4
247 Jan 21
12012 Dec 12
2818 Mar 27
11 Aug 14
77 Aug 24
584 Jan 3
2313 Dec 18
75 Nov 27
7012 Oct 28
513 Feb 29
14 Mar 13
4July 13
623
111 Aug 15
297s Aug 1
45 Dec 10
37 Apr 19
3718 Mar 5
79 June 20
544 Jan 16
514 Jan 19
62 Jan 5
603 Dec 17
8
11112 Dec 22
127 Feb 20
4418 Dec 10
90 Nov 22
5212June 25
79 June 12
8912 Mar 15
106 June 19
21 Feb 20
28 Feb 3
23 Feb 7
85 June 12
5554 Mar 1
99 Jan 27
923aJune 16
618 Aug 30
3June 19
1377
6214 Jan 11
48 Jan 14
22 June 12
67 Feb 18
14 Jan 10
794 Jan 20
9438 Oct 29
23 July 16
4/71 Aug 28
97'gAiig3l
214 Aug 16
20 Nov 1
03 Oct 31
4
2613 Apr 10
33 Apr 10
4
73 Apr 10
53 Dec 8
123 Jan 5
75 Feb 15
10 Mar 13
643 Jan 3
8
1381, Jan 16
625 Dec 10
8
6914July 3
111 Dec 11
20 Oct 24
438July 31
133 Oct 15
4
1533 Dee 2S
033 Dec 28
4
5 Nov 17
54 Jan 3
53 s Feb 27
,
14414 Jan 13
114 Jan 11
52 June 20
49 July 27
341 Feb 18
2
36 Oct 19
1154 Feb 1
16613 Jan 11
40 Jan 3
108 Jan 9
1344 Jan 18
12 June 11
6312June 19
8 June 13
80 Mar 15
5511 Jan 9
a Et-rniats
Highest
$ Der share
102 Oct 29
8
863 Dec 11
125 Apr 13
50 Sept 14
1113
4July 3
122 Dec 6
8512 Dec 11
124 Nov 16
7218 Nov 14
187 Jan 11
23 Jan 4
8
635 Oct 16
glassy 25
12 Feb 1
7512 Nov 9
150 Nov 9
325 Nov 28
2033 Nov 30
4
5511 Apr 5
625 Sept 20
4
48242S1ay 14
5458May 14
127 Oct 29
8June 4
433
1103
4June 11
249 Dee 28
88 Dec 3
115 May 21
1194June 15
163
4May 21
1214 Nov 30
6712May 15
2063 Dec 6
4
117 Dec 20
1143 Nov 28
4
8Sept 17
825
36 Sept 6
538 Apr 30
133 Nov 20
473 Nov 8
8
8612May 8
50 Sept 14
515 Nov 23
1354 Mar 30
4714 Dec 21
24 Oct 23
92 May 15
119 Nov 30
6438 Apr 28
100 May 21
8318 Dec 3
24 Nov 23
373 Nov 30
4
8178 Jan 6
1687 Dec 19
8
43 Jan 14
5611 Oct 1
64 Dec 4
747 Nov 30
8
131 Jan 23
14011 Oct 6
5414June 11
11478 Nov 15
1093 Apr 5
4
1243 Mar 19
4
18013 Oct 15
11114 Jan 3
109 Jan 3
8412 Jan 31
1245 Dec 24
8
1387 Nov 28
3
11018 Jan 3
71 Nov 23
27 May 8
28 Dec 8
107 Nov 22
1407 Nov 1
8
109 May 14
9813 Aug 20
304 Dec 1
25014 Nov 23
10413 Dec 24
84 Oct 13
314 Apr 17
8714 Dec 5
334May 14
100 Dec 6
1023 Apr 18
4
2912Sept 10
17014May 7
105 Mar 28
612 Dec 4
36 Apr 30
1914 Apr 30
5311 Jan 13
938 Dec 19
961s Jae 20
1287 Sept 4
8
128 Mar 26
947sMay 15
2013 Nov 19
94 Nov 28
14634 Apr 10
897 Nov 23
8
93 Feb 7
121 May 11
28 8May 8
7
711May 12
328 Jan 12
8
2414May 25
108 Feb 1
12 'Jan 4
7814 Aug 21
1923
4May 16
230 Oct 16
141 Sept 20
6512 Nov 22
63 Oct 11
683 Nov 26
4
4914 Apr 27
12634 May 15
22414 Dec 19
61 Apr 16
120 May 16
172 Nov 30
405 Oct 11
8
111 Sept 22
134 Jan 6
1204 Nov 16
995 Nov 15
8
Psi 1E14113
agape for P
as
Year 1927
Lowest
EIloieel
per share Par stirs
49re Aug 591 Nov
4
133 Jan 6312 Sept
4
1044 Jan 120 Des
34 June 527s Nov
1094 Jan 114 Nov
Jan 95 Deb
46
534 Jan 694 Be.
84 Apo
64 Sept
86 Sept 571 May
4
16713 Dec 169 Del
18 May 301, Sept
1911 Sept 361 Feb
,
4 Apr
2 Dee
1
74 Dec
Apr
1111; Feb 221- 13i:
8
823 Apr 1574 Des
3011 Feb 5014 Des
s
8
257 July $87 Jab
851,June
164 Mar
90 June
390 Mar
29+4 Jan
914 Jan
1031.3 Feb
8
73 Nov
334 Mar
44
Oct
62
Jan
1054 May
66
Jan
6014 Apr
flit; -En
3411 Jan
4
Jan
100
165 De*
62 Nov
1114 Des
120 Atte
113 Jan
4
54 May
614 Feb
102+4 Des
1121, Des
924 Jane
79 Des
-- Sept
iii
25, Jan
614 June 1284 Dec
1614 July 244 Dee
36
Jan 604 Aug
132
Jan 2834 063
111 Feb 129 De4
26 Apr 33 Apt
1011 Jan
164 Aug
Jan 884 Dee
70
58 June 7211 D.
42
Jan 55+4 Mal
65 Dec
-7 Aug
;
415 Nov
la Mat
13 June 2614 Mel
64+4 June 864 Oat
1201, Jan 1874 Mar
Oci
88 July 67
183 Mar - ; Aug
-8
66
11
334 June 441 Des
8
847 Jan 904 Be.
1
884 Jan 634 Dee
4614 Mar 54 Dee
414 Apr 644 Dee
51 June 8614 Oct
1114 Jan 12514 Nov
4964 Apr 1994 API
86 Aug 11338 Dee
10213 Sept1094 Dm
421 Jan 968 Job
4
8
661 Jan 1014 Nov
,
827 Feb 98114 My
8
994 Jan 11018 Be.
14 Jun
Ws Be,
17 June 244 Sept
187 June 25 Dee
3
69 July 8954 Dee
4118 May 62 Del
944 Sept102 Des
864 Jul
9814 Del
116- Nov
Sept
484 May 783 0431
4
89 Aug53 Del
1714 Jan
39+4 Del
47 Mar 884 Doe
58 Jan
4 Feb
7414 Oct 8814 July
94 Mar 12534 Dee
13 Mar 103 Dee
34 Mar
74 Jane
lit; Apr - 7 -Jal
71
;
4 May
104 Jab
72 Apr 97 4 Nov
1
581 Apr 867, Des
4
120
Jan 126 Juno
7412 Dec 93+4 Dec
134 Jab
rs Nov
467 Jan 68 Nov
8
128
Jan 14214 Des
761 Oct 95l Mas
,
Jan 115 Sent
103
1811 Aug 8414 Jail
Vs Oct 104 Jam
283 Nov
8
50+4 Jae
187 Nov
8
281 Jill
,
9712 Nov 107 Aug
18
Jin
104 Nov
41312 Apr 58+4 Sent
654 Nov 694 Dee
Oet
103 Apr 152
107
Apr 135 Dee
- 16
Apr
2614 Apr
551, Oct
4811 Des
Nov
108', Jan
1334 Jan 1704 Dee
a2rs Deo
364 Aug
101
Jan 1144 Be.
115 Feb 16714 Sept
1314 Oct 274 Jae
564 Oct 85 Fe)
7 June
Ws Be.
49
S Ka-warrants. I Shillings
Aug
New York Stock Record-Continued-Page 4
3676
Foe 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. 22.
Tue day,
Dec. 25.
Monday,
Dec. 24.
Wednesday, Thursday,
Dec. 26.
Dec. 27.
Friday,
Dec. 28.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARD
Rouge Mace Jas. 1.
Os basis of 100-886re Iota
Lowest
per share $ per share $ per share $ per share Shares Indus.& Miami.(Con.) Par $ Per share
I Per share $ per share
200 Duquesne Light lst pref.--WO 99% Oct 3
10014 10014 *10014 10112
'
510014 ____I 10012 10012 •10012 101
3,800 Eastman Kodak Co__ _No par 163 Feb 20
1811 182
/
4
/ 18212 185 8
1
4
184% 185
3
18212 18212 183 184
Preferred
100 12312 Aug 31
13126 130 *1265 130
*12658 130 *12658 130 *1265 130
8
8
26 Jan 11
61% 44,400 Eaton Axle & Spring-No pa
603 6312 60
4
8 59% 63
584 595
/
1
/
1
4
613
4 60
.
2,400 El du Pont de Nem _ __No par 310 Jan 10
491 491
49012 495
489 493
478 478
481 485
500 6% non-vot deb
100 114 July 18
118 118
*118 11812 11814 11834
118 118 *117 118
25 1218 Jan 3
8614 91
88
88 8 9012 87
7
95% 9812 12,400 Eieenlohr & Bros
89
95
No pa
3314 Aug 29
3712
38
3618 37% 4,400 Eltingon Eland
3814 *37
365 3712 3618 37
8
100 10158 Aug 15
800 Preferred 6Si%
*110 111 •10812 110
10934 109% 10912 109 4 110 111
3
No par 60 June 25
12512 12812 12412 12812 129 133% 64,600 Electric Autolite
12212 1237 123 127
8
8 4 Aug 15
5
No par
123 1238 1214 1212
1214 123* 12
8
12% 11,000 Electric Boat
123
8 12
2854 Jan 10
No pa
4612 4814 455 47
445 4538 46
8
4612 4814 156,700 Electric Pow & Lt
47%
300 Preferred
No par 105 Dec 20
10512 10512
*105 106
106 106 *105 106 *105 106
8
8212 8312 83 835s
82 4 8412 8318 837
8 83% 85% 7,800 Elec Storage Battery_ _No par 69 Feb 20
200 Elk Horn Coal Corp_.No par
6 June 19
64
3
*6
63
4 *6
63
4
*6
611
*6
6
6
514 Feb21
10
111
/
4
11
*3 8 10
7
12
15% 19,500 Emerson-Brant Class A.No pa
15
143* 14
3
76
79
75 4 813
78
79 4 13,100 Endicott-Johnson Corp____50 74 4 Dec 10
,
79
817
,
4
8 784 79
Preferred
100 12114 Jan 27
*11612 124 *116 125 *116 125
01161 125 *116 125
/
4
38 Feb 18
9,300 Engineers Public Rory __No pa
4734 48
47
4714 48
48
4712 473
4 4712 48
9012 Dec 19
500 Preferred
No pa
9112 9112 •9114 9112 91% 9112
9212 92
92
*92
/
1
4
2958 Oct 23
3112
*3012 3112 *31
3072 3078 30% 30 4 30% 31% 2,800 Equitable Office Bldg_ _No pa
3
1,900 Eureka Vacuum Clean_No pa
43 Dec 12
4
•
44
46
4514 4514 4514 4512 443 45
45% 45 8
3
Exchange Buffet Corp_..No par 19 4July 17
3
8
*225 24
8
• 8 23
225
*225 23
8
*225 23
8
*225 23
45% 2.600 Fairbanks Morse
*42
No Par 321k Jan 5
4212 4212 43
437
8 44
43 4 43 4 43
3
3
260 Preferred
100 104 Jan 0
110 110
109 109 *10912 11012
110 11014 110 . 110
15 42 Jan 10
683 70%
683 69
4
69
70
4
685 69% 6912 7012 5,400 Federal Light & Trao
8
40 Preferred
No Par 98 Jan 6
*10012 104 *100 104
100 100
*100 104 *100 104
200 Federal Mining & SmelVg_100 120 Apr 17
*215 250 *215 250
220 22018 *215 250
*215 250
200 Preferred
100 9114 Jan 3
*99 10012
99
99
*99 10012 10012 10012 •99 10112
3,700 Federal Motor Truck_ No par
19
165 Aug 1
8
1812 19
19
19
1812 183
19% 19
1914
4
10412 10712 8,200 Fidel Phen Fire Ins N Y____10 7514June 12
99 993
4
98
98
102 104
9814 103
100 Fifth Ave Bus
111 Jan 9
/
4
No par
1212 1212 *1212 1312
4
*1212 1312 *123 1312 *123 1312
4
No par 28 Apr 4
67 683
4
12
6714 6812 6612 67% 663 7112 15,200 First Nat'l Stores
4 67 6818
No par
Pe Aug 13
4
,
1414 1514 14 8 14% 143 16 4 67.300 Fisk Rubber
13% 1418 137 1414
,
8
8 2,900 lot preferred stamped-100 504 Oct 2
63
43 6312 63 6412
12
6512 6712 685
64% 64
100 54 Oct 2
6912 7214 3,600: 1st preferred cony
*67
70
67
70
6214 64 4 65
6612
3
No par 65 June 19
8214 45,300:Fleischman Co
773 78% 7712 7812 79
773 7812
773 79
4
4
4
2,3001Florsheim Shoe Cl A
50
50
51
5012 51
5012 51
50 50
*50
NO Par 4914 Nov 3
100: Preferred 6%
*99 100
100 9818 Oct 23
99 100
9912 9912 .
*98 100
*98 100
*5012 52
1,400 Foundation Co
53
4
No par 363 Oct 16
48
49
48
48
49
52
52
37,000 Fox Film Clam A
No par 72 June 12
4
9212 943
9314 96
95
' 9414 96
4 933 96
9612
No par 43 Oct 22
48
47% 48
49% 51% 48% 50% 4914 5018 28,400 Freeport Texas Co
50%
100 Fuller Co prior pret
No par 102 Mar 13
10212 10212
O10112 10412 *10112 10412
*102 10412 *102 103
16 Mar 23
No par
8
2314 24% 22% 2312 2212 237 12,800 Gabriel Snubber A
20 4 2112 2214 2412
3
12,800 Gardner Motor
7
/
1
4June 12
No par
1412 15
1412 1512 1412 15
1514 15 4 15
3
155
8
8
,
87
90% 89% 93 4 9318 99 4 103,300 Gen Amer Tank Car- _No par 607 Feb 20
85
857
8 85
,
8714
100, Preferred
100 10914June 23
4
*111 1113 *111 1113 111 111
*111 11112 *111 11158
4
100 68 June 12
3
4
72 4 75 8 733 74 4 74% 7512 11,000 General Asphalt
3
3
7414
,
7314 73 8 73
8001 'referred
100 110%June 12
114 1143 113 114 *114 115
*11212 115
114 115
4
General Baking pref_ __No oar 132 Oct 32
*134 140 •134 140 *134 140
*134 140 *134 140
No par 21 Feb 4
3712 7,100 General Cable
373
4 37
3718 38% 37
36
363
4 3612 3712
No par 56 Feb 9
8114 82% 18,800 Class A
82
8014 815
8
8012 827
807 82
8
8 80
No par 5018 Nov 2
6414 2,30010eneral Cigar, Inc
6412 6434 64
6412 64
645 65 8 6412 64.2
8
3
No par 124 Feb 27
3
19712 2103 203 21212 210 4 219 185.300'General Electric
4
19212 1943 19312 200
4
Ills 3.700 General Electric special__.10 11 Sept 26
11
111 1118 1118 11
/
4
1138 1138 1118 1138
3,0001 General Gas & Eleo A..No par 3514 Jan 18
69
68
67
67
•____ 70
65
68
70010en Ice Cream Corp-No par 7418July 11
*MO 105 *100 105
10014 101
Stock
10114 102 *100 103
25 130 Jan 10
19214 1963 18914 194% 19214 194% 173,4001General Motors Corp
4
193 19412 194 19712
100 12312 Jan 26
4
1243 125% 1243 12612 3,105, 7% preferred
1.25 12514 12458 12514 Exchange 125 125
4
*5014 5212 *50
200
,Gen Outdoor Adv A___No par 49 Aug 15
*5014 51%
52
52
4
5212
*5
014 513
2,6001 Trust certifIcates----No Dor 2912 Aug 1
33
33
33
2 Closed
331 3214 33
/
4
3312 3334
8414June 20
22,900 Gen Ry Signal
No pa
98 10112 9812 101
99% 102
9612 98
973 10018
8
No pa
75 4 10,700 General Refractories
,
97121,un 3
73
4518 ne 19
76
7518 76% 75
8 75
763 Christmas
4
7514 765
11,700,Gillette Safety Razor-No Do
11514 116
11514 11612 115 116
1153 116
8
11514 11614
473 12,700'Gimbel Bros
4
No par 3418 Mar 6
47
4714 483
4.814 46% 4712 47
8 4712 4778 Holiday
1,4001 Preferred
100 87 Mar 6
*89
91
907 907
8
81
8914 8914
8912 9012 89 89
203* Jan 27
38,600,Glidden Co
No pa
36
3434 3512 3412 3518 35
3412 3518 3412 3518
701 Prior preferred
100 95 Jan 6
*10134 104
10234 10314 10312 10312
103% 103
% 103% 103%
71 Jan 16
13658 142
8
8
13518 1397 13814 14314 120,100 Gold Dust Corp v t 4._ _No par
8
134 1353 136 1407
No par 6812June 18
96
9912 97 1073 104 10914 231,200 Goodrich Co(B F)
8
92 8 95 4 95 4 977
5
3
3
1,200: Preferred
100 109% Feb 17
1111 1113 1113 112
112 11214 113 113
112 112
4
4'
4
3
134% 138% 185,200'Goodyear T OC Rub_ _.-No par 4518June 25
1273 135
4
11012 121 1 119% 129 4
126 140
No par 9218 Mu 16
10312 104
10314 103% 10312 103% 3,7001 1st preferred
1017 10178, 102 105
8
8012 14,400 Gotham Silk Hosiery-_No par 7312 Dec 10
8114 7812 80
79
79
1 8114 83
80
82
1,0001 New
No par 70 Dec 20
75
74
*73
7412 7534' 74
723 72% 72% 72%
4
300 Preferred New
100 100 Dec 21
100 100
•100 107 *100 107
*101 107 *100 10512
500, Preferred ex-warrants_ -100 05 Dee 27
•____ 99
95
95 •____ 98
• _ 99
68 Dec 27
No par
7
7
7
7
7 / 2,200 Gould Coupler A
1
4
7
67
8 7
7
7
1614 Feb 18
65.700 Graham-Paige Motors_No par
50
5214 48% 5012 4912 51
5
4812 5014 49 8 5158
-Tune 19
No par 2612
4512 3,800: Certificates
44
45
4512 44
44
46 4
3
45
4314 45
,
29,600 Granby Cons M Sm & Pr_100 391 Feb 18
87
8812 8618 8712 87 4 89
8712 8912 8712 895
8
,
100 6514June 20
8712 2,700 Grand Stores
86
*86
86
86
8412 84
86
86
84
3
No par 26 4July 2
4 8,200 Grand Union Co
2912 3 3
2912 295
8
5
29 4 30
3
3012 29 8 313
0 4 30
..No par 46% Ang 14
5212 5312 5312 54% 3,300 Preferred
52% 53
5214 53
53
53
No par 11134 Dec 17
1,400 Grant (W. T.)
11534 116
114 114
115 11512 115 115
114 114
No par 6134 Sept 26
Gremlin Chem Co
100 109 Sept 17
' Preferred 6%
14
-38 16
;)
3
- -3 4 164 363 37% 32,700 Great Western Sugar-NePar 31 Jan 26
-544 347 -56- 362
51.
100 11212 Feb 20
2301 Preferred_
11612 11612
116 116 *11612 118
115 115
*115 116
8June 19
,
170 17412 166 17118 171 175 4 111,600 Greene C;ananea copper--100 893
174 177
17314 17714
5 Oct 11
• 1,400 Guantanamo Sugar----No par
5
5
5
.5
5
5
5
5
5
5
900 Gulf States Steel
100 61 Jan 9
8 647 647
8
*6412 647
6512 6512 6514 6514 6714 6714
25 23 Up 5
570 Hackensack Water
27
26
26
•25
26
26% 263
4 2618 2618 26
70 Hanna 1st pref class A._100 59 May 25
93
92 92
*92
*92
93
*92
92
92
93
/
4
*25
2514 25
255 25% 26
8
2518
26% 261 2714 3,800 Hartman Corp class A _No par 233 Aug 2
163* Aug 6
No par
/ 36% 75,8001 Class B
1
4
2614 2614 265 283
8
4
,
2912 317
8 30 8 33% 33
100 Helme(0 V7)
25 105 Dec 28
105 105
*10314 114 *105 110
•10314 114 .10314 114
8
6514 6514 6514 6612 6512 6718 1,500 Hershey Chocolate____No par 3054 Jan 81
*6612 6714 6514 667
No par 70% Feb 6
82
823
4 8212 8212
4
/
4
82% 8212 8214 821 823 8312 1,300, Preferred
*
100 10014 Aug 17
1 Prlor preferred
/
4
*104 1041s *104 10412 *104 1041
*104 10418 *104 10418
15% Sept 25
400 Hoe(R)& Co
No par
17% 1712
*163 18
8
4
4
*16 4 18
,
173* 173 •163 1712
18 Dec 14
2,500 Hollander & Son (A)._ _No par
1914 1912
1914 1914
20
,
20% 2012 20 4 20% 21
64 Jon
a
600 Homestake Mining
100 67.4 Fh 4
7
76
8
8
•*75 8 797 n58 797
4 76
*757 797
8
8 7512 753
21
1,500 Househ Prod.inc
No par
4
4
7618 763
*743 75
•
76
77
75
75
77
*75
15,100 Houston Oil of Tex tern ctfs100 79 Dec 14
4
863 95
83
853
4 8312 8512
85
88
83 4 83
3
*
17,400 Howe Sound
No par 405 Feb 18
4
68
6.53 6612
66
8 67
6512 66181 65
657
663
8
No par 76 Jan 16
91,000 Hudson Motor Car
8714 89
87
8512 8718 8618 8814
893
8' 85% 88
85,200 Hupp Motor Car Corp... _ .10 29 Jan 16
7558 765
8 76
777
8
,
75 4 77
74 4 77% 73% 76
,
4
57,700 Independent 011 & Gas_No Par 213 Feb 20
4 33
3212 33% 3213 34 8 34% 3512
32 8 313
5
32
,
6,800 Indian Motocy6le
No Par 20 Oet 3
333 347
3012 31
4
3012 32
3412 35
3114 33
20 Preferred
100 93 Nov 3
*9314 97
*9314 97 ' 93% 9314 *9312 97
97
*9314
9 Feb 18
10
293
8
29
29
297
8 6,810 Indian Refining
30
29
29
2814 29
29
8% Jan 16
10
8 6,800 Certificates
2778 2814 273* 277
27% 277
4 271 277
273 273
4
100 140 Dec 10
*141 160 *13914 160 •13914 160
Preferred
•145 160 *141 160
700 Ingersoll Rand
No par 90 Feb 1.8
118 118 *112 116
115 118
115 118
116 116
2,900 Inland Steel
7612 77
No par 46 Mar 3
76
7612 75
78
77
77
773
77
.20 18 Feb 25
41
• 4212 428 4118 4214
,
4218 415 4312 44% 45 4 16.700 Inspiration Cons Copper..
8
818July 2
1118
11
11
.
113* 10% 11
11
1112 7,300 Intercom ] Rubber.. N par
1012 11
Is, 157
2 153 153
13 leo 24
147 163
15
15
No par
1514
4
4 5,200 Internet Agricul
*15
3,200 Prior preferred
8312 8312 *83
85
85
83 85
85
84
85
liN
) 48% Mar 26
152 15278 151 15318 x152 153
5,000 Int Business Machines_No Or 114 Jan I6
150 15012 1508 1528
8
2
923 943
8
94% 30.900 International Cement_No par 56 Jan 3
9412 9212 947
91
89
933
4 93
/
1
661 6818 65
/
4
66% 68% 64.600 Inter Comb Eng Corp__No par 454 Feb 20
67
6652 673* 663 68%
4
200 Preferred
*10812 109
*10812 109 *10812 109 I
100 103 Mar 21
/
4
10812 10812 109 1091
4
380 370
370 37014 38412 38712 2,700 International Harvester...100 2243 Feb 18
335 335 x343 353 1
600 Preferred
14214 14214 14212 14212 *14212 146
100 13614 Mar 1
*14212 143141 14212 14212
9514 97 4• 953 964 953 9812 19 500 International Match pref. 35 85 Dec 7
3
.
4
94 89314 10114
4
94
5
512
5
012
57
334Mar 26
6
6 18 9,000 Int Mercantile Marine. _.i00
53* 63
8
614
3812
3712 408 39
393
4 3718 38% 21.800 Preferred
37 1 36
100 341anne 12
36
4,300 International Nickel (The)
248 252 1 247 24912 *260 262
.23 738 Feb 24
249 258
26212 26212
250 251
19412 Nov 12
250 25112 25412 254% 3,400 Dm
259 26312 249 25412
I
I
44 0 44
, 440 promo; co males WI 1121* das
• ICa-•111 16•1114
,
* turMoiL
Htohest
PER SHARE
Ranee for Protease
Year 1927
Lowest
HOlesi
$ per share $ Par share 1 1757 ohm
11612 Mar 3 1104 Mar 1178, Nov
4
19414July 30 1263* Jan 1751 Sept
134 Arpt 3 1193* Jan 1315, Ost
3
6818 Nov 23
2114 Oct 29 4 June
8
503 Nov 23 168
Jan 3637 00
12118May 8 1055 Feb UP Dee
8
9812 Dec 28
10 4 Nov
5
Mg Feb
43 Nov 30 _- ---- ---1217 Nov 30 ---- ---- ---- -8
133 4 Dec 28
3
siiiii
173
8June 6 - . /fir Ili 111
8
1
161, Jan 32 Des
48% Dec 26
Jan 109 Nov
96
110% Mar 8
911 Dec 21
63 May 7911 Jas
14
9 Jan 1
7 Dec 15511 Mai
13 Apr
Oct
155 Dec 28
8
3
85 Apr 17
645 Jan 814 Dee
4
s
1273* Dec 15 1165 Jan 125 Bey
213* Jan 39% Ott
51 Nov 30
10212 Oct 1
3334July 3
7 4i
7
79 Jan 8 16- Aug : 7: - ii
.
243* Oct 30
1518 Jan 23 Dee
1k
3014 Nos 43 Mar
54 Apr 19
1143
4May 14 107 Dec 112 Mar
3711 Jan 67 Ma,
71 Dec 18
91% Feb 100 Aug
109 Apr 19
230 Dec 5
60 Feb 187 June
10212Sept 18
7512 Ja0 97 Map
s
17 Dec 307 Jay
257
8May 11
10712 Dec 28
16
1514May 16 - .- Nov Wit; May
1914 May 30 Feb
763 Dec 6
8
20
Apr
104 OM
175 Jan 4
4
81
Jan 100 Hopi
9118 Jan 10
9412 July 102 Sept
97 4 Jan 5
5
4618 Feb 7118 Dee
893* Oct 16
5612 Nov 19 --- -- -- -- --100 Dec 12
5712 Dec 5 15 - Nov WI; TP;
1195
8Sept 10
50 June 8518 Dec
3434 Jan 1061s Dec
14
m9 Jan 11
1097 Apr 23
8
281s Jan 5
163* Feb 2
992 Dec 28
4
11134May 15
g
947 Apr 80
14112 Apr30
150 June 8
8
413 Nov 12
883 Nov 12
4
75 8 Feb 2
3
219 Dec 28
12 June 7
74 Nov 16
10512 Oct 18
2243 Nov 7
4
12712 Apr 12
587 Jan 3
1
523 Jan 7
8
1235 Jan 3
8
82 Jan 8
123 8 Oct 8
3
59 8June 14
7
101 June 151
367s Nov 30
105 Sept 13
14314 Dec 28
10914 Dec 28
1153
8Mai 1
140 Dec 27
105 Dec 24
93 1 Apr 14
7
93 Apr 14
130 Apr 12
112 May 7
123* Feb 2
6114Sept 26
56 Sept 28
93 Dec 19
947 Oct 18
417 Oct 17
s
623* Oct 17
:Sept 13
1251
a
987 Nov 20
110 Sept 13
3812 Dec 4
120 Jan 3
17714 Dec 24
9% Jan 4
73 8 Sept 12
,
10 Jan 31
97 Nov 12
27%. Feb 3
367 Dee 28
8
120 Oct 29
7218 Dec 5
89 Nov 27.
105 Apr 14
30% Jan 20
,
367 Apr 13
80 Nov 12
84 Oct 17
167 Apr 3
733 Nov 30
4
997
8Mar 6
84 Nov 30
383s Nov 19
70 Apr 27
115 Apr 12
395 July 9
3714 July 9
185 Nov 26
127 Nov 30
80 Dec 11
487 Nov 23
2154 Jan 4
2078May 17
85 Dec 26
1668s Nov 23
947 Dec 24
SO Dec 27
1111 Sept 25
3943 Nov 20
147 May 1
1217aMay 14
7 8May 9
3
4452 Jan 17
26912 Dec 19
26914 Dec 19
12 "fseO lir Ina
618 Jan 158 Des
46
Jan 608 Des
1063* Mar 11211 Sept
65 Aug 56 e Mu
1
1074 Aug 1644 May
Oot
118% Apr 140
551s Dec 121 bee
;
Ms Dee
52
Jan
81
Jan 146% Sept
11 June 1158 Jan
36 Apr 6718 Vol
al; Aug
118% MU
54% Apr
Jan
37
821s Jan
88
Jan
3
95 g Nov
35% Dec
91 Nov
108May
86 Aug
49 1144/
4123* Jan
Jan
95
481 Aug
8
92% Nov
57% Jan
Jan
68
Jan
104
141 - -- 60
12534 DI4
597 Nov
8
587 Nov
15314 Set)
,
81 Dee
10018 oci
6O Sept
,
1081 Jul,
22 Muf
101 Amu
78 4 Deo
5
9618 Dee
,
1118 Dee
681, Deo
984 Dee
/
1
85% De
,
8518 Dec
122 Sept
- - -- -606
6
11174 titiv
- ;
11 -iiii li iiii
1
"
---- ---- .-- -----____ ---115172 Dec
116% Feb
2914 Jan
7 Oct
40 Oct
32 Aug
56 Jan
2212 Oaf
1811 Dec
7618 Jan
347 Dec
8
7014 Dec
995, Dec
22
Jan
311 June
4
60 Jan
63 Jan
14
60% Jan
344 July
1183* Jan
16
Oct
nes May
18 Mar
92 Jan
71 May
71 .11The
4
64 :34i
51
123 Sept
16112 Dee
111 May
4
64 Fat
27 Jul)
72 s 644
5
27 MAI
/
1
4
2
391 Apo
120
Oat
4014 Dec
75% Dee
103 Dee
617 July
8
60 4 Oes
3
75
Oat
703, (N.
175
Dot
683* Dee
911, Au3
3614 Dee
323* FRG
67 Dee
102 4 Des
8
12% DarB
12 SOW
lir, Nov Dili lie
41
Feb 62% Dee
1211 June 26% ins
11 No* 25 Nov
613 Apt
16% Dee
83 Mar 66% May
53% Jab 119% Del
4514 Jan
Ws Mal
40
, Oct
,
1111 Mat
Oct 1054 Dee
101
136 8 Jan 2551s Ot•
5
12
62
6%
318
3212
3814
Map 1811 hiae,e
jil r ! rt
94 Dec
3
, u
OM
Ott 55% Pday
Jan
3677
New York Stock Recora-Continued Page 5
For rale, during the week of stocks nor recorded here, see fifth page Preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Dec. 22.
Monday,
Dec. 24.
Tuesday,
Dec. 25.
Wednesday, Thursday,
Friday,
Dec. 28.
Dec. 27. I Dec. 28.
Sates
for
the
Week.
STOCKS
NEW YORK STOCIs
.
EXCHANGE
PER AHAB,
Range Shim 14.1.
Osbasta of 100-share Ms
Lowest
Hislniel
PBA SHARE
14110.10, Prorils,
Year 1921
Lowest
Thoinse
$ per share 5 per mbar. 1 per 'hart
Per share $ per share I $ per share Shares Indus. & MOcel. (Con.) Par $ per share
1
5914 4,000 International Paper_ __No par 50 Oct 30 86 4May 14 0394 May 811s Nei
584 58'2 58
584 59
No par 49% Nov 13 72122u1y 23
Certificates
! .
Jan
89 Dec 3
392i3 931s 9113 9211 89
- 1.800 Preferred (7)-------100 87 Nov 27 108 July 14 Iiiii -iiii 1_1:2-i: _I:4"."
9431k
'92
95 ;61 95
13
103
Preferred certificates......-100
4
478 Oct 8 578
2 -2:650 Int Printing Ink Corp_No par 49% Mar 28 684 Dec 27 - Sept - "Liil
54
573* 563, 578 6514 I/1- 53's 638
filii"
Jan 12
....101,
200 International Salt.
53
52
5214 *5212 54
52
5212 524 *53 55
188 1903 18818 1917 190 19272 16,500 Internal Tele') & Tales .100 1394 P.20 199 Dee 11 13314 Jae 1584 Rept
8
4
18734 189
1884 190
1914 Jan 894 June
8
No par 23 4Sept 10 884 Jan 20
2812 2912 29
3
4
294 293 30 4 4,900 Intertype Corp
2712 28
28
2812
4812 Mar 67 81361
1 47 Oct 18 01 May 14
1,500 Island Creek Coal
54
4 53
5314 54
*5312 533
66
5614 3.54
6511
584 Jan 86 Des
1
900 Jewel Tea, Inc.No par 77 4 Mar 1 179 Nov 12
'150 151 •148 152 41148 152
4
4
150 1532 1533 15354
ii. _oii
4
/ Dee 7 ..
uly 2 19918m
1214j
No par 19618June 19 1241 ay 28 1 .
64,700 Johns-Manville
194 190
90
181 185 4 180
3
18334 18712 18412 187
17 Feb
pref. 100
100 Jones 5, Laugh Steel
41119 12112 121 121 *119 12112
120 12114 12114 12111
104 Jan 344 IJe.
Jones Bros Tea, Ina_ _ _No par 255. Mar 81 4113 Oct 17
41
41
4126
41
•27
21_ _ 41
41
1_7 July 224 Jet
.4
81s Aug 10 1911 Oct 29
No par
2
123 1312 1212 1312 123 13$4 34.400 Jordan Motor Car_
4
1214 1318 1238 13
40 Kan City P&L 1st pf B No par 108 Aug 2 114 Apr 26
11214 112 4
112 112
•112 113
*112 113 *112 113
,
6684 DP
92 Nov 28
834 8412 16,100 Kayser (J) Co v t a_ No par 624 Jan
8212 84
4
823 84
814 8232 81
8
845
____ ..- ...„ ....
1512May 7 5112 Nov 30
372 393
4.800 Keltb-Albee-Orpheum _No par
4
4
40
39
4 393 40
39
41
40
4
403
100 7512May 7 160 Nov 30
122 1227 117 117
119 12112 1.700 Preferred 7%
2
3
123 8 123 8 123 12314
3
94 Jan WI; iii;;
4
223 2414 2212 233
4 235 2414 142,400 Kelly-Springfield Tire_ _No par 1914 Dec 10 2512 Nov 30
2
8
215 2214 2222 2312
85 Feb 102 SOP
14
100 55 Feb 17 95 Nov 16
1,700 8% prererro3
9118 91
91
91
91
91
8934 91
16
66 Jan ON Bap
8789
100 58 Feb 17 101 Nov
99
1,100 6% preferred
97
96
9712 974 98
93
93
96
96
19 004 27 My
14
4418 462
4412 46% 14,800 Kelsey Hayes WheelNo par 22 Jan 10 56 Oct 15
8 44
45
4212 4278 4238 463
8
100 106 Mar 8 111 Nov 23 108 Jule 110 Dee
16 Preferred
111 111 *108 111 •108 111
*108 111 *108 111
3
7 4July 24 2278 Apr 13
No par
1534 1612 1512 16
1514 15% 27,200 KelvInator Corp
16
17 i 1612 167
8
6
9 .
NO par 804 Feb 20 16412 Dec 28 Id- Feb -- 4 We;
8
14518 14838 14318 14912 1497 15412 302,900 Kennecott Copper
1454 1473 1461, 150
2
les •
8
,3)4 June 65
8
No par 377 Aug 16 5634 Oct 11
100 Kinney Co
48
50
48
*47
60
•47
*48
484 *4814 484
$6 June 93 Ow
..100 874 Mar 22 100 Apr 11
9312 9312 9312 9312
150 Preferred
9214 9318 92
4 9314 9314
922
_
7
--71 18 735 116,000 Kolster Radio Corp.._ AM par 5114 Aug 15 95 8 Nov 20
2
70
75
7412 68
4
713
2
687 7138 71
____
No par 32 Dec 17 42 Nov 26
18.000 Kraft Cheese
40
3
35 4 37
2 37
361 367
34
3414 333 3612
4
.
ems Jan Is reps
4
10 65 Feb 20 912 Nov 20
4
863 11,600 Kresge(86) Co
8 84 2 8512 85
8514 863
86
87
8518 864
100 11014June 14 118 Apr 27 1104 Feb 11/3 July
Preferred
4198 1124 41103 11212 *105 11212
•98 11212 4,98 11212
Ow
10 June 18
--No par 133 Jan 18 274 Feb 29
4
2414 232 734 22
234 5,100 Kresge Dent Store,
23
2212 23
22
23
Jar
80
65 Nov
4
100 511 Feb 1 75 Aug 31
7518
4170
Preferred
7518 *70
*70
•70
99
99
8
70 •70
4
59 Jan 105% See.
No par 37 Feb 20 1243 Nov 27
117 117
114 116
1,500 Krees Co
114 114
11412 114% 114 114
69,400 Kroger Grocery & Hkg_No par 7314 Mar 27 13214 Nov 7
11818 122
11614 1183 11512 118
114% 11538 1147, 1187
8
8
117 4
201i ian -.8 Nos
32
,
4
*303 3112 30 2 3014 *31
*31
700 Lago 011 & Transport-No par 27$2 Feb 20 394 Apr 17
32
4
303 31
,
66 Jan 884 00
8
No par 794 Jan 10 1363 Nov 17
4
12712 13034 12114 1294 1294 1313 45,506 Lambert Co
12612 128
127 12812
1814 Des
7 Jan
2118 22
.
171 Jan 8 2614 Oct 10
No par
2212 24
31,40)Lee Rubber & Tire
8
215 23
21
21
21
2214
4June 25 5812Nov 21 ------5572 5518 56
8.700 Lehigh Porltand Cement-50 423
5812 55
55
5214 545
8 5434 5613
100 10614 Dec 17 11058May 28
11314 10612 *10612 108
108 108
10614 10614 107 107
11 0
' Preferred 7%
11.7;
1
Ws; Apr
8
647 Oct 1
No par
6412 62,8 63
62
,2 62'8 8312 . 00 Lehn & Fink
8
615 827
8 63
64
6
,
1 7.
4
MU Sept 861 Des
No par 284 Aug 15 4614 Nov 1
3814 3812 38
31
,
38 4 6,000 we Savers
39
3818 3818 387 394
8
93
93
93 93
9312 *92
600 Liggett & Slyer, Tobacco. _25 8318June 22 12212 Jan 3 e8714 Feb 128 Sett
9312
?11 934 *91
9
OW
25 8014June 19 12311 Jan 3 08614 Feb 128
90
90
91
8
897 9014
90
9111 1 9134 9012 913
4 7.200 Series B
.106 134 Aug 2 147 Apr 11 12414 Jan 140 De.
erred
Pre,
31138 140 *136 140 *136 140
•136 145 *136 140
Oct 75%
119
2May 14
No par 38 July 27 857
48
47
49
4912
47
48
481 1 4712 4618 4818 3,800 Llma Lee Works
4534 Sept 784 Des
1
:
No pat 63 Feb 20 1244 Nov 23
8
101 10312 99 4 101 12 1001 1 1023 18.006 Liquid Carboni,.
4
993 1027 101 1047
2
4
7
68% Jan e3 8 ML
3
2
627 83 2 6212 6358
3
6212 63 8 6218 631, 624 0312 26,200 Luew 2 Incorporated. No pat 4912June 19 77 May 9
-8
997 Mar 15 11052 Apr 30
No par
*103 10312 10.52 10158 10318 10218
*10212 10312 1023 1023
400 Preferred
4
4
Is;Jan
5 Oct
8
73g 84 15,300 Loft Incorporated
3
6 4 Feb 9 193 Aug 27
No Par
734 8
4 8
73
4 8
73
712 7,
2514 Dec 43 Mee
14
, 26 Jan 3 85 Vet 3
No pa
29
29
29 • 812 29
29
29
29
900 Long Bell Lumber A
2814 282
4
.
25 4414June 19 8824Sept 12 s8514 July 471 -.et)
24,200 Loose-Wilea Hireldt
6512 677
6412 6412 6414 657
8 654 67 8 6712 71
,
2
Jan 123 N. v
100 11712 Aug 17 125 May 9 118
4,11814 120 '1134 120 *11814 120
1st preferred
*11814 120 *11814 120
284 May £7114 AP,
4June 12 46% Apr 19
25 233
4
2684 2715 26
4 2618 27
2812 213 283 23,100 Lorillard
264 273
100 864 Dee 27 114 Mar 18 107 June 1184 4.4
8612 90 •8714 89
92
9014 91
*90
92
421
800 Preferred
A'•
91 Feb 21
Oot 12
10
194 Apr 30
No par
1412 144 1414 1412 14
1458 1518
141 14,100 Louisiana Oil
1434 147
4
851 Dee 97 Feb
100 78 July 24 06 Apr 30
Stock
*9 18 91
91
*9018 91
91
*90'8 91
10 Preferred
*9018 91
2814 Jan 301, „
14 5,100 Louisville 0 & El A.._No par 28 Feb 7 41 May 18
2812 39
38 s 394 3814 39
8 3812 3852
383
38
Oei 5814 M1.1
20
8
1
.
No par 25 Jan 11 897 Nov 2g
7712 774 77
2,406 Ludlum Steel
IT
77
8 7718 781 Exchange y77
77 777
.
4,3 Nov 581 Dm
471
47
*4712 481
48
46.2 467
48
47
2 47
1,10: MacAndrews & Forbes_No par 44 Aug 28 574 Apr 14
100 1084 Mar 2 184 Mar 20 106 June 184 atm
*125k 1323 *125 • 1323
Closed
4
4
*125 1323 '1'; 132 41125 132
Mackay Companies
67 Aug 74 Ape
100 684 Jan 18 86 Oct 25
Preferred
8212 84 .
*8212 84
41824 84
148212 84
8212 84
4
8814 Jan 1181 May
No par 83 Apr 17 10 Nov 27
10312 105
2
*
1042 1052 Christmas 1037 10513 10278 1041i 10312 1052 38.006 Mack Trucks, Inc
2
Jan 5634 Nov
No par y134 4lig 28 382 Aug 27 124
1743 1742 1743 1831
4
4
18014 1872 181 18212 18212 1881 11,400 Macy Co
4
4
204 Aug 284 Oft
183, Dec 18 34 May 7
8 4,304, madleon no oardee_No par
2014 2018 213
20/111 2018 19a1 20811 Holiday
2014 20
20
294 Feb 584 LI,
8
6914 16.760 Magma Copper
654 667
66,I 67
No Par 48 4 Feb 27 75 Nov 20
8 65
667
8 68
6518 665
1114 Apr 2014 De16 Jan 20 3814 Nov 16
3412 1,006 Mallinson (HE)& Co.No par
3312 34 .334 34 I 34
3414,3412 3414 341
1
66 4 July 95 De
100 874 Jan 30 110 Oct 9
103 107
*98 102 *10'1 107
Preferred
426 102
4196 102
894 Dee 4511 Ant
4
82 June 25 40% Jan 24
331: 1,404, Wendel Bros
33
No par
334 344 *3312 34
33
3218 3214 32
48 Oct 182 Iti0
304 3012 30
8 2932 31
2
30 4 304 304 4.00c Nianb Elec Supply-2Na Par 2814Sept 13 6684June 6
3012 303
264 Jan 854 Der
25 314 Feb 18 48 May 14
3312 3334 3312 3212 3312 3,100 Manhattan Shirt
33
3312 3312 3312 3312
12 Oet 2234 118
14
1614 164 2,600 Maracaibo Oil Expl...No par 124 Feb20 25 Apr 28
17
8
*163 1778
8 16', 1614
17
8
165 177
81 June 6814 Ian
1
4034 42 1 4014 414 401 41
:
No par 38 Feb 17 49 4 Noy 23
4244 4212 4112 42
32.100 Marland Oil
Jan 55 4 NOV
7
27
3 7618 773
*7412 78
par 65 Mar 6 83 Nov 28
14
75
No
76
8
5.000 Marlin-Rockwell
76 1 735
8
771
3
1514 Dec 26 4 ...II
18
GIs Mar 12 2518June 4
1612 18
1812
*164 18
16
16
•1512 16
1,100 Martin-Parry Corp--.No Par
Jan 1323 Dec
4
82
178 180
174 174 i•174 179
2 11129 19 190 "Dec 3
•175 181
182 18224
600 Matbleson Alkali WorkfiNo par 1174
Jan 120 .
*120 123 I 120 120 .120 122
100 116 Jan 12 130 Apr 27 108
90 preferred
'120 12314 1234 1234
654 June 904 Rev
8 9314 954 12,100 May Dept Stores
9412 963
25 75 July 17 11312 Nov 20
8 9314 945
4
4
4 943 963
963
96
233 24
---4
8
244 237 24
24
No par 1714 Aug 14 301:Nov 13
243
24
4,100 Maytag CO
2412 245
8
_ ---4 7.40' Preferred
4514 444 45% 444 441
45
• 454 451
No par 4014 Aug 14 52 May 24
4512 4512
8912 893
4
*8912 90 . *8912 93
8912 8912
500 Prior preferred
1'8912 90
No par 89% Dec 4 101 May 24
78
*77
76
76 I 76
76
No par 56 Feb 8 an Dee 18
400 McCall Corti
76
76
*7612 77
55 Mat 16 -Dee
10112 10112 100 4 10112 10112 102
3
1,570 McCrory Stores class A No par 77 Feb 13 10978 Nov 12
104 106
103 104
564 Mar 964
4
4
100 1012 10012 10012 3,000 Class B
100 101
No par 804 Mar 14 1193 Nov 10
101 1063
106 106
4
97 Mar 1164 Sept
•____ 11612*____ 11612 •____ 1164
41110 118 *10718
100 109 Feb 11 1184 Nov 12
Preferred
264 Mar 28 4 Ow
1
.1912 21
*19% 21
2404 203*
19'.,Sept 11 2812 Mar 16
200 McIntyre Porcupine Mines...5
21
*19
21
*20
4 8 0 0 McKeesport Tin Plate No par 6212June 13 7838 Nov 28
723
4 72
713
71
8 71
723
0
7214 723
4 7114 72 4
,
8 29
312
30
: 274 2852 4,00) Mengel Co (The)
301
7
2912 28 2 3112
*29
No pew 2514July 17 41 Sept 18
344 Jan 264 Feb
412434 25
4
243 2444
42412 25
244 2412 *2412 26
20( Metro-Goldwyn Pictures pf_27 2412 Dec 11 2718May 29
1
94 Feb
3 Aug
4% Jan 19 73 Dec 4
8
605 62
8
6114 65
634 653 241.000 Mexican Seaboard OIL _No par
8
595 65
604 64
18% lone 204 Des
30
1
5 17 4 Jan 6 32 Nov 20
8
287 2912 29
2912 30
31
8 30
297
28
21,500 Miami Copper
97 Apr 105 Feb
37
No par 2518 Feb 20 4414Nov 26
38
37
8
375
37
3712 3612 3712 37
4 29.900 M1d-Cout Petrol
373
14 Jan
8
8 3June
738May 10
414 433
412 458
8 458
43
228 Jan 3
10
438 412
412 412 24,400 Middle States Oil Corp.
MI jure
1le Jar
54May 10
3l
314 312
3l
34 34
14
3 8 3.100 Certificates _
14 Jan 3
........10
,
318 314
34 3
Apr 815 Des
240 24514
124754 248
247 24714 .240 245
4 2,400 Midland Steel Prod pref..10() 193 June 19 295 Nov 26 106
24014 2473
8
174 Nov 86 4 AS.
1812 Aug 13 27 Jan 3
.No par
24
23-2 24 4 2412 2478
24 I 2318 234 23
,
2314 2,500 Miller Rubber
2
4 6412 662
5
1 65 8 663
4
643 693
8• 6718 7112 73
7514 77,600 Mohawk Carpet MIlls_No par 3918 Aug 14 7514 Dec 28
13021. Ian 10 175 May 3 111 2 Jan
•__-_ 168
•____ 168
•_ __ 168
Montana Power----100
.___ 168 41 _ _ _ 168
----142 14514 14112 148
141 14714 1393 149
CorpNo par 11514 Dec 17 15812 Dec 28
14713 15
4
612 222,800 Mont Ward &Co
Lai
a Jane
634
6
6
ass eau 6 1112MaY 11
6
6
4
63
618 6%
64 6% 10,100 Moon Motors_ _ _No par
14 Oct
64 San
44May 14
3
3 8 312
34 Aug 10
34 34
314 34
5
8 32
33
8 9,000 Mother Lode Coalition.Na par
8 35
31
64 Stet 164 Mar
2
1312 14 . 1312 1312 0 1314 1412
1314 1312 134 1312
6 Mar 29 147 Dec 5
Motion Picture.... _No pat
,
17 Nov 884 AI.
So par
4
22 2 227
13 Mar 22 242 Sept 20
2212 23
,
2
23
4 2314 2418 235 2412 13,700 Moto Meter A
243
8
4
166 17312
1724 17212 170 170
163 163
163 174
3,400 Motor Produets Corp...No par 94 July 7 2183 Oct 15
Rik;
184112
4212 40
41
2 39
393
39
41.8 4012 411 32,200 Motor Wbeel
No par 254 Jan 12 5114 Oct 15 1(4 3,0 Ws'
8
Jan 7914 Dee
10
7713
77
4
793 79 4
79 , 7712 7912 77
78
3
No par 11914.1cur 19 9514 Oct 10
930 Mullins Mfg Co
7814
10112 102
8
101 102 1 101 101 *10112 102
10012 101
No par 98 Dec 18 1047 Nov 19
510 Preferred
53 WO;
51
5052 5215
RP. Mar 5 6212May 18
51
:
531 58 ' 5612 57
No par
5618 5712 2,200 Muneingwear Inc
1614 0(1 48 Feb
747
8
8
72 4 6812 70
70
7312 72
70
No par 2112 Feb 1.' 12414 Oct 20
70
72
64,000 Murray Body
6014 AD 1014 Da
10018 10212 955 10012 10011 109
8
10018 1023 160 10214
8
No par W. Feb 20 112 Nov 28
69,700 Nash Motors Co
74 Oil
:
8
5 Feb
8
8 293 323
2832 293
3118 3212 30
'714 Jan 4 321 Dec 28
4 3018 313 67.000 National ACID6 stamped__ -10
313
4
4e4
$11. Sep
2134 220
S.9 on'
220 249 4 224 235
Cl Jan 3 24914 Dee 26
197 205
216 2323 46,400 Nat Seiko HIM
3
4
9: Apr
85 4 Sep
1
1175 11818 '118 11812 118 118
*115 11614 117 11714
. .104. 3014 Jan 3 11812 Dec 26
8
8001 Preferred_ ...
8
W4 Jan 187
35 15912July 1Y 19514 Nov 27
18112 1837 18212 1863
4
1844 18814 182 1843 18584 1904 24,000 National filscuit
4
Jan 142 Dee
100 137% Per)29 15” 4 pr 11 180
*14312 145 •14312 14412
*1434 14412 14312 14312 •14312 144
100I
7
39 4 Jen 584 Des
3
8714 J85 16 10112Nov 12
8
913 9212 93 8 98
8
9412 9634 9312 957 X951 98
8
!Nat Cash Reglater A .1 ,Vo par
86,500
nu May 684 age
3
122 12458 123 4 12614
12518 12924 12352 127
12718 129
59,100 Net Dairy Products. No par 644 Jan 6 13312 Dec 3
•
4
201 Pane 274 38 1
28
21% an 5 3214 Oct 26
2818 2818 2818 2818 284 2818
2814 28
5
.28
600 Nat Department Stores No pat
694 July 944 Jan
8
8 93
957
8
957
957
*93
7
.93
95 2 *93
93
4193
500 tat preferred. _ _ ... .. 1011 91 Jan 10 102 May 2
Oct
17 Feb 60
3412 35
8
343 38
Na Dn. 2914June 12 541: Jan 9
8 3518 3514 3552 37
364 383
8.400 Nat 13123111 Prod etfs
398 June
45 Mar
67
6018 6012 6112 6714
2
677 •6312 6512 *62
65
4,000. Preferred temp etts No pal 6114June 13 7188 Jan 9
1
1914 4Pr 35,June
8
54
54
53 8 5212 54
52
53
,
7
54
534 54
2,900Nat Enam & Stamping._ _ _ 100 23 4 Mar 26 572 Nov 13
127 127
100 115 July 11 138 Jan 31 995 5187 8024 S.
12512 1313 130 124
4
123 123 *12214 124
3.700' National bead
1
4
191 June 26 4 Set
3
4212 444 4218 4318 423 4512 102,700 National Pr & It
Vo pat 21% Jan 16 46 Nov 30
4
8 4152 43 2
4114 4l7
4p4 Not
3614 Nov
1618 1614 154 1(3
15
1514 2,100 National Radiator... No par 14 July 25 401* Jan 9
2
163 164 1614 1614
06 Noy M Dee
8
*3518 413
Vo par 36 Dec 28 9812 Jan 17
36
40
*354 42
3518 40% .351 40
'
200 Preferred
7
. Dee
76 Ma, 97
.58 .414.)wen 12 138 Dec 5
4
134 1363 13314 135
4
4
1324 13414 9.100 National Supply
131 1323 1303 137
_50 139 Dec.8 153 Nov 21
*139 141 *135 140
139 139
*138 140 •138 142
200 National Surety
1;S.
1
1 ,7
(
No par “..(.1 Jan 1.7 380 flea 8 1 k;
340 340
330 336
350 370
329 348
•325 335
4.400 National Tea Co
12% lone 204 Dee
1
, 17 4 Jan 18 3912 Dec 28
,
3518 36
3514 384 3
2
3
812 3912 148.700 Nevada Conant Coupe .Ve pa
3514 35 4 354 357
1P Iowa
1
2914 r1,
, WA Oa 22 ant: Nov 16
V., on
4212 444 43
4312 424 44 I 5,2001 N Y Air Brake ..
4312 4312 4212 4212
Per share $ per share $ per share
5514 5712 5712
58
751
5 ..od ana wised prides: no sales on tbh de,- 3 168-51•14end
p Et-rights
36Th
New York Stock Record-Continued-Page
For sales during the week or stocks not recorded here, see sixth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Dec. 22.
Monday,
Dec. 24.
Tuesday,
Dec. 25.
Wednesday, Thursday,
Dec. 26.
Dec. 27.
Frtdcw,
Dec. 28.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Rouge Macs Jas. 1.
Os basis of100-slarsiols
PER SHARE
Rasa,for Previews
Yale 1927
Lawn
IIIghtan
Lowest
Efabssi
Per share $ per share $ per share $ per share
per share $ per share Shares Indus. & Miscel. (Con.) Par $ per share
8 Die skarn 8 Per sCare $ Dee siva
*
49
50
48 4 51
,
5114 5278 51, 51,
2
5012 2,900 New York Dock
100 47 Aug 14 8414 Jan 4
2 50
34
Jets Ws No•
*86
8712
8712 *86
*86
87
*86
Preferred
8712 *86
8712
100 85 Sept 21 95 Jan 4
7218 Feb 934 Nov
102 102 *101 10212
10212 103
101 101
101 101
210 N Y Steam pref (6)_ _No par 9812 Oct 5 10512May 16
934 Feb /0213 Oct
11212 11212 *11212 113
*11212 113
11212 11212 *11212 113
260 let preferred (7)_ _ _ _No par 102 Jan 30 115 Apr 19 105
Jan /1412 Oil
9118 92
9058 9178
9012 9158 8918 9112 913 94
25,900 North American Co
8
10 583 Jan 5 97 Nov 28
8
455g Jan 044 Oat
*53
53 4 533
54
3
4
5314 53 4 5314 533
,
600 Preferred
3 53
53
50 51 Sept 11 551
8May 16
GO
Jan 55 Aug
810114 1015 10112 10112
8
10112 10112 1015 10153 •
8
1007 1013
500 No Amer Edison pref__No par 9934 Oct 2 1054 Feb 7
3
4
963 Jan 105
8
Oat
4912 4912 *49
4912
*4818 4912 •481s 4912 *4818 4912
30 Northwestern Telegraph_ - -50 48 Oct 30 55 May 15
Jan 56 Sept
514 514
514
514
514 5 4
514 1,500 Norwalk Tire & Rubber_ _ _10
514
,
518 514
212 Mar 15
7I2Sept 4
14 June
54 Feb
*7
712 *7
7
7
712
*7
714
.560 Nunnally Co (The)__-_No Par
7
7
7 Dec 21 13 May 14
8 4 Dec IR
1
Jar
292 307
3
3012 32
8 3118 3118
2912 307
s 2912 3012 11,100 011 Well Supply
25 20I4June 13 41 Jan 11
$14 Jan 387 Del
8
810214 104 *103 104
*10214 10212 10212 10212 *10212 103
10 Preferred
100 97 June 14 1104 Jan 11 10234 Mar 110 Joel
9
93
8 933
918
87
8 918
8,
8 83
4
8 2 9,
,
No par
4 4,300 Omnibus Corp
712 Dec 10 15I4May 10
11 Mar 1713 Juni
90
*84
*85
90
*85
90
*85
90
833 85
4
400 Preferred A
100 833 Dec 23 993
4
8June 12
81
Jan 9912 MU
75 4 77 4 7612 7812
3
7712 7713 753 753
,
4
4 7514 7513 1,900 Oppenheim Collins & CoNo Par 6734 Aug 17 8812 Jan 7
6812 Feb 824 Del
*
40
51
52
*38
*38
50
*23
55
*30
Orpheum Circuit, Inc
.55
1 18 May 9 70 Oct 25
234 Dec 35 Apt
*
92
94
94
*92
92
93
92
92
92
440 Preferred
923
4
100 75 May 9 104 Nov 30 1024 Nov 10812 Jana
257 25712 258 272
280 285
285 28512 284 285
2,300 Otis Elevator
50 14718 Feb 20 28512 Dec 27 s103 Feb 1553 Oct
4
*12214 126 *122 126
*122 126 *122 126 •122 126
Preferred
100 1194 Jan 24 12634July 19 168Feb 1243 Aug
4
3512 3611 3514 373
4
8 35 13578 7 3578 367 29,700 Otis Steel
3512 367
8
No par
1012 Jan 18 4012Nov 23
74 Feb
1212 June
•101 1013 *101 102
*101 102 *101 1017 *101 102
4
8
Prior preferred
100 8212 Jan 10 103 Nov 26
6111 Feb 91 NOT
*92
*92
94
94
*90
92
*91
92
9214 92 4
100 Outlet Co
,
No par 81 June 19 9918Sept 4
521 Jan 99 1310
4
4
*783 79
79
79
79
79
79
7912 80
8012 1,700 Owens Bottle
25 744 Jan 3 957 Apr 18
8
73 Dec :31_7 . 1;
.:_ 1
5 e .4.
l 21
54
5
54
53 8 54
5312 54
537 54
8
54
5412 4,100 Pacific Gas & Elea
25 4312 Feb 28 5618Nov 30
31 Feb 50 Des
*7212 75
76
*73
*73
76
7318 7318 73
73
300 Pacific Leg Corp
No par 69 Dec 7 853
8-Tune 29
_
114
114
114
114
118
114
14
118 ' 1
118
114 5,700 Pacific 011
No par
1 Sept 14
214 Apr 27
1 May
16114 16114 *161 16112
*161 163
161 1161
15912 161
110 Pacific Telep & Teleg
100 145 June 12 169 Dee 5 124 Mar 162 Dec
14914 152
149 15212
146 15214 1433 1474 147 15012 170,000 Packard Motor Car
4
10 5614 Feb 18 163 Dec 12
831 Apr 62 Dec
4
47
4638 463
47
46
47
4612 4612 46
4
4612 1,900 Pan-Amer Petr & Trans_ _ _ _50 3814 Feb 20 5512 Nov 21
6018 Dee 557 Jan
8
485 487
8 48, 49
8
4814 49
2
4738 487
49, 27,000 Class B
8 48
s
50 373 Feb 20 587 Nov 7
4
8
4014 Dee fags Jai
*17
.17
18
17
17
18
163 17
4
163 163
4
4 2,000 Pan-Am West Petrol B_No par
1512July 23 281 Apr 28
6
164 Oct 87 2 Jag
7
1212 13
13
12
13
123 *1212 13
8
1218 1218 1,400 Panhandle Prod & ref_ _No par
114 Feb 11 213
4May 14
8 Apr
187 Jag
s
*75
797 *75
8
797
797 *75
8
8
*75
s
797 *75
797
s
Preferred
100 70 Feb 21 10614May 15
54 Sept 83 Nov
525 5312 525 5318
8
523 53 8 523 54
8
3
,
4
54
55
67,700 Paramount Fam Lasky_No par 4714 Oct 9 563 Dec 5
8
87
873
86% 87 3 8612 877
8 86 1
8
,
87
837 86
8
7,100 Park & TlIford
No par 34 Mar 10 98 Nov 19 - - 2
0
i6 008
-3S
1012 107
103 1034 1038 103
8
8 1012 103
4
4
4 103 111 1 15,400 Park Utah C M
1
9 Aug 15 1412 Jan 5
6
Jan 1011 Deo
1012 1112 103 1114
10
10, 103
11
8
4
4
1114 1214 71,000 Pathe Exchange
No par
2 Feb 8 15 Nov 23
334 Dec 12 Jell,
25
26
2712 25 a 26
25 2 25 25
,
26
273
8 5,900 Class A
No par
818 Feb 9 34 Aug 8
1812 Dec 4314 June
343 35
3414 345
8 3312 3412
4
344 1343
4 3418 343
4 7,100 Patino Mines & Enterpr___ _20 237 Jan 3 42 Apr 30
2
1812 Aug 27 g Feb
7
*193 1912 19 . 197
8
1914 1912 1918 1912
8
8 193 1912 2,300 Peerless Motor Car
50 1418 Sept 13 257 mar 18
8
20 Apr 82
Jag
345 345
3
347 35 4 36 113612 3612 37
8 3412 345
8
8
3
5,500 Penick & Ford
No par 223 Jan 7 4112 Oct 16
8
1912 Sept 274 May
2012 22
201s 215
1814 20
20 3A2114 2012 21
8
3
18,000 Penn-Dixie Cement.._
...No par
1414July 18 31 May 2
214 Dec 8212 Jag
863
*83
*83
8 84
84
863 *83
8
863 *83 P
,
200 Preferred
100 75 Sept 13 9614 Apr 25
91
*205 210 *205 210
*205 210 *205 210
20512 21212 2.600 People's 0 L & C (Chic)..100 15134 Jan 8 217 Nov 28 120 Sept 100 Mly
Jan 1581 Nor
4
•161 166 *161 166
*150 170
162 ‘ 162 •155 170
L
100 Philadelphia Co (Pittsb)._ _50 145 Mar 24 1743
45fay 4
854 Jan 1534 n.e
.47
*47
4712 •47
4712 *47
4713 4712 4712
4712
20 5% preferred
50 4512 Mar 15 49 Aug 18
40
Jan 61 Dee
• 3 53 *527 5318 .527 53,
*523 .53
527
4
853
8
8
4
Readec
50 514 Oct 2 57 Mar 29
% 1/referr el
50
Jan 5311 Sept
303 3112 3018 3112 3014 3078 24,600 Ph611a ,k
30
8
3014 297 305
8
8
& I._ _No par 973
8June 13 UN Jan 3
V% Mat
375* June
18
18
1714 18
18
183
3
1718 173
4 1718 177
8 6,50(1 Philip Morris & Co., Ltd_ 10 15 Mar 1 2512May 28
18 Sept 6118 Jai
435 447
4412 4514 4312 4438
8
8 4312 443
4
8 433 44,14 19,300 Phillips Petroleum
No par 3514 Feb 20 537 Nov 20
8
3614 Oct 604 Feb
•
31
31
31
34
31
*30
3214 3214 *334 34
200 Phoenix Hosiery
5 21 Oct 23 38 May 8
354 Des 524 Aug
*9412 95
*9412 95
94
94
95
95
97
97
50 Preferred
100 94 Dee 20 10314 Feb 14 103 Jan 1074 July
2812 297
293 303
4
3078
8 2812 2912 2918 30
4 29
39,800 Pierce-Arrow Class A_ _No par
1812 Oct 30 307 Dec 24
8
72
73 8 7112 73
7312 747
7
3
s 73 4 747
8
72
7212 4,800 Preferred
100 5612 Oct 30 744 Dec 22
_, _ _
? _ ar
4
258
258
212 27
212 23
8
25
4
8 27
8
212 25s 7,700 Pierce 011 Corporation
23
514 Apr 27
Ii Mar 3
14 Juni
30
3014 3014
31
32
*30
29
293
8
4 287 29
1.500 Preferred
100 1814 Feb 20 50 Oat 5
1311 Mar 24 Jane
518 514
Stock
5
5
5 18 51s
5
5 18
5
5 14 6,400 Pierce Petrorm
No par
312 Feb 16
61 Apt 27
4
212 Mar
54 Juml
503 515
515 523
4
8
8 5012 513
3 505 517
8
8 5034 52
8
19,500 Pillsbury Flour MillsNo par 323 Feb 18 573 Nov 20
__
4
,
8078 Nov 8711 Aug
12712 12812 *124 128 Exchange *124 128 *124 128
127 138
1,400 Preferred
_100 108 Jan 5 1403 Nov 20 104 Aug 109
3
Oaf
7412 7214 7414 74
765
74
73
8 7412 753
8
75
22.500 Pittsburgh Coal of Pa
100 3614June i 2 787 Dec 19
3234 Mar 7412 Ping
8
•91
95
95
98
Closed
97
1191
95
97
98 100,
8 1,300 Preferred
100 81 May 1 1007 Dec 17
704 Mar 98 13191
8
*3014 3214 32
1132
347
8 3312 3312
32
*31
33
200 Pitts Terminal Coal
100 26 Feb 10 38 Dec 15
304 Apr 54 inns
*7612 78 Christmas *7112 77
*7612 78
*71
78
•71
78
Preferred
100 6318 Oct 15 82 Mar 13
74 Apr 8413 Dec
795 7958 *77
8
7953 795 *7712 79
8
7912
7812 795 356 0 Port
:0
8 1 8 Porto B
claa
Tab el A.100 533
4July S 853 Dec 1
4
55 Aug 9113 Jag
375 384 3755 383 138'z 447
Holiday
8
8
No par 234 Aug 15 447 Dec 28
8
15 Aug 1527 Dec
2
•103 1033 *103 104
4
103 103
103 103 *103 104
300 Posta Tel & Cable prof_100 1001 Aug 28 108 Sept 20
8
6614 6712 663 6912
4
6714 69
673 687
8
8
s 6818 695 96,900 Postum Co, Inc
No par 8138 July 17 13612May 31
- - 11- i
923; a
13ei
4 2038 2138
2114 213
203 2138 2014 21
4
203 203 10,300 Pressed Steel Car
8
4
No par
18 June 13 3312 Oct 6
8812 Feb 7814 Del
77
*75.2 78
7714
757 757 *7512 76
s
8
7512 753
700 Preferred
4
100 70 Aug 29 9312 Oct 8
7612 Feb 9212 May
2312 23
•
23
23
2278 23
2218 2212 2212 2278 2,300 Producers & Refiners Corp_50 16 Feb 17 294 Nov 16
4
163 Jan 334 Ma,
*43
*43
45
44
*43
45
*43
45
43
43
70 Preferred
50 61 Feb 20 493
8Juno 6
384 Jan 50 Feb
62
*39
60
60
601s 6018 6018 6018 •6018 62
40 Pro-phy-lac-tic Brush_ _No par 52 Nov 27 91 Feb 17
55 Feb 71 Sept
73 4 7412 743 7612
8
3
3
747 765
4 74
7514 763 813 170,800 Pub Ser Corp of N J __ __No par 4112 Jan 9 813 Dec 2S
4
4
4
32
Jan 684 Sept
10514 10514 *105 1053
10534 1058 105 105 *10414 10518
4
4
400 8% preferred
100 10318 Jan 6 115 May 4
5812 Feb 106 No,
*11714 120 *11714 120 4
*11714 120
,
11912 1194 *11814 1197
100 7% preferred
8
100 117 Oct 19 12912May 31 1084 Jan 12014 Nov
.
143 148 *143 14514
*143 14514 *143 14414 •143 14514
8% preferred
100 134 Jan 7 150 May 4 125
Jan 12.514 Nov
3
8414 8412 83 8 84
8314 837
8 8212 833
8 82 8 8.53 22,900 Pullman Inc
5
8
No per 777 Oct 11 94 May 15
8
734 Aug 84 4 Dee
8
1914 1914 1918 1914
19
193
8 19
193
4 19
19
6,100 Punta Alegre Sugar
50 19 Oct 11 347 Jan 3
8
27
Oct 487 Jan
8
4
263 27
2612 263
4
265 267
8
8 2614 263
4 2612 263 18,100 Pure 011 (The)
4
25 19 Feb 1
3114 Nov 21
25 Oct 3313 Mug
8
•111 1117 *11112 1113
*11112 11134 *11112 1113 1113 1115
4
4
4
40 8% preferred
4
100 108 Mar 15 119 June 6 11138 Jan 11512 Dec
12218 12312 12212 12378
125 12734 125 128
12612 1277 10,700 Purity Bakeries
8
75 June 15 1393 Oct 15
8
•145 170 *150 175
158 158
155 155
155 155
600 Preferred
105 July 12 16614 Oct 15
365 378
37012 379
355 373 347 370
366 38312 86,500 Radio Corp of Amer__ _No Par 8514 Feb 20 420 Dee 5
41l Apr fcif NoT
"
57
5614 56 4 *56
,
5614 5612 *565 57
8
*5613 57
400 Preferred
50 5412 Jau 4 60 May 16
49 May 57
Apt
5214 5214 *51i2 52
53
55 a 5312 553
5
8
4 557 59
18,900 Real Silk Hosiery
10 247 Jan 17 59 Dec 28
8
2012 Nov 49 Mat
963 *95
*95
4
963 9712 *9712 98
4
963
4
*9712 98
170 Preferred
100 8011 July 12 9712 Dec 26
80 June 99 Dee
1112 1112 1158 1212
127 13
8
12
135
8 127 133
8
4 6,800 Reis (Robe) & Co
No par
512 Feb 23 15 Dec 3
53 July
8
9 June
8
287 2912 29
2912
29
293
8 2812 29
2812 29
17,900 Remington-Rand
par
No 1 o 234 Jan 20 3812May 31
2012 Nov 4714 Dec
92
90
9134 913
*90
91
90
90
4
•90
91
500 First preferred
100 8714 Dec 14 98 June 2
8713 Nov 10212 ADP
*93
96
1194
96
96
*93
93
93
59212 98
100 Second preferred
.100 8812 Oct 4 100 Jan 24
40
Oct 110
Apt
2818 283
8 28
2812
28
2878 30
29
295s 30
30,200 Reo Motor Car
10 2212 Jan 21 3514 Oct 3
2512 Dec 267 Dee
8
794 803
4 81
84
84
82
81
79
8178 85
48,100 Republic Iron & Steel_ _100 4918June 19 9412 Nov 20
63
Oct 757 Mal
g
*10612 110 *10614 109
*1083 109
3
109 109 •108 109
100 Preferred
100 102 June 25 112 Feb 6
965* Jan 106 May
1038 11 I 1038 1118
1012 103
4 1012 103
1014 11
4
7,100 Reynolds Spring
814 Feb 18 147
8June 4
NO Par
6 Feb 13 Dee
15314 154
154 155
1541, 155
155 156
1547 15512 10,500 Reynolds (RI) Tob class B_25 128 Apr 24 16512 Nov 28
8
9818 Feb 162 Dee
4518 4558' 443 4514
45
4
4618 4418 45
447s 46 2 27,900 Richfield 011 of California_ _25 234 Feb 17 66 Nov 13
,
253 Dee 284 Dee
8
238 j 240 244
236
24134 243
238 238
2393 24214 2,300 Walla Insurance Co
4
25 145 June 13 278 Nov 30
74
Jan 194
Oat
3
5312 53 4 53 8 53
3
53
5314 5312 53
5312 5314 533 44:00 S :
4 7 500 R
0 Royal Dutch Co(N Y shares)_
445* Jan 20 64 Oct 20
utcha
allg July 5411 Feb
Le
527 5314, 525* 5412
8
53
5412 605s 6012 6212
557
8
10 37 Mar 16 6212 Dec 23
36 May 43 g Mal
7
427 44
8
43 4 4512
3
44
4514 44
4514 45
483 32,200 Savage Arms Corp_ .. _No par 3614 Dec 10 4912 Aug 31
4
3534 3918' 383 393
383 393
8
3
4
s 3712 38 2 373 384 149,220 Schulte Retail Stores_
300 pr
,
8
Oar 3534 Dec 22 6713 Apr 14
47
Jan - - 1111911
57
4
11518 1163 115 11612
115 11514 115 115
115 115
100 115 Dec 17 129 Apt 11 1184 Jan 123 Aug ,
153 163
4 16
4
1612
16
1618 163
16
1614 1612 7.40 Seagrave
8
0
par
10 Feb 18 1712June 18
814 Sept 153 Dec
8
4
1673 1695f4 175 1823
4
174 1825 1703, 180 8 17814 1834 184,000 Sears; Roebuck & Co_N paoP
8
3
CorpN o
8218 Jan 16 19712 Nov 14
61
Jan 914 Deo
8
512 57
512 5 4
3
512 6
513 6
5 2 57
28,000 Seneca Copper
,
8
par
74 Oct 24
2 Jan 18
1 June
31 Jae
4
4
127 12712 12513 1273
12514 1263 125 125
4
124 125
2,500 Shattuck (F CH
No
N° 10ar 8012 Feb 17 14014 Oct 18
564 Jan 1014 OM
*5614 59
*5614 59
-- *563 5713 *563 5714 23,500 s
8
8
,
Shell Trttn or & Trading_ £2 392 Jan 24 5712 Oct 23
413 Oct 474 Feb
3
2818 285
8 28 4 2812
2818 285
,
8
8 277 28,2 28
2812
No par 234 Feb 8 393 Nov 20
Union Oil
8
243 Oct 314 Felt
8
7112 7112 71
7212
7112 72
70
71
70,2 69
5300 Sim ons8 ubert Theatre Corp_Nt Par 541
14June 19 8514 Nov 1
c
0
65 Aug 7471 Nov
8712 9012 8914 94
90
947
3 8912 943
4 93
963 81.300
4
laor
No par 5584June 19 1013 Nov 20
8
334 Jan 6414 Des
4
8 213 2212
2214 223
2218 2212 217 2212 2218 22 2 18,700 Simms Petroleum
8
,
1818 Feb 20 274 Nov 17
1614 July 2638 Dec
4134 4014 4112
41
4014 413
4 3958 41
praie Co
1738 Feb 20 4634 Nov 14
4012 42 239,500 Sinelefrrredus 011 Corp _No Par
15
Oct 22
/ Jae
1
4
8
4
•1083 110 *1083 10958
*10833 1095 *109 10953 *109 1093
8
100 10212 Jan 4 110 Oct 29
8
97
Jan 10413 Dee
357
35
s 3518 3618
3512 3534 3418 353
8 35
25 25 Feb 15 4238 Nov 21
3513 10,100 Skelly 011 Co
2418 June 3718 Feb
•114 118 •112 118
114
14
11212 11212 118 121 12 1,000 Sloss-Sheffield Steel & Iron 100 102 June 23 134 Feb 6 11014 Nov 13414
Apr
1114
*1114 1112 11
1114 1114
1118 11 18 111s 113
11 Dec 24 20 Apr 30
No par
8 1,800 Snider Packing
1114 June 164 July
32
*31
83114 32
311s 3118 3114 3114 31 18 313
600 Preferred
No par 31 Nov 19 60 Jan 11
4
46 Nov
5214 July
4258 423 43
8
42
4214 43 8 4238 427
7
8 423 4314 8,900 So Porto Rico Sug
4
No par 3212 Feb 18 493
8May 24
33 2 Aug 425g May
7
8
5312
527 5312 53
5318 537
8 5212 5338 523 535
4
8 9,000 Southern Calif Edison
25 63Ig Jan 5 5612Nov 30
Mly Jan 4o
Dee
4018 4013 40 40
40
40
3812 40
37
3,100 Southern Dairies cl ANo par 244 Jan 25 604MaY 21
39
15 May 4541- Jul
3
4
1312 13 4 1312 1312 1314 1355 1,900 Class B
133 133 *13 4 143
4
4
3
9 Jan 23 30 Apr 23
No par
614 Oct 20
Jae
11115 11712 •115 11712
*115 11712 *115 11712 *115 11755
Spalding Bros 151. pref.._ _
109 Jan 7 120 Apr 3 103
N
Jan 11211 Nov
51
5214
5114 50
4914 4912 491 1 507
8 4914 515s 7.200 Spang Chalfant&Co IncNo par 26 July 21 573 Dec 5
8
1112 1112 1112 11,2
*1112 12
1112 12
1218 1218
Spear 'Sc70 Co
1014 Nov 2 20 Feb 29
No par
May
*7818 80
*7813 80
*79
80
*7812 80
80
80
80 Preferred
764 Nov 16 923 Feb 29 ; Feb
8
-8
3
.1;
- ttg
I i
n
4618 4714 46
463
4
4612 493
4 4912 50 4 50
3
No Par 2312 Jan 12 5034 Dec 27
50 4 53,800 Spicer Mfg Co
3
2013 Jan 284 May
80 4
79
3
80
80
80 803
8 79
82
8112 833 13,000 Spiegel-May-Stern Co No par 6512Sept 24 91 Nov 20
s
3212 323
3238 323
3 32
4 3212 33
3212 3212 327
8 3,100 Stand Comm Tobacco_No par 24 Oct 25 4014 Nov
....
3
767 77,
8
8
79
4 773 803
807
8 7812 805
811 43,900 Standard Gas & El Co_No par 577 Jan 12 813 Dec 8
8 go
8
4
1
51.- -Jan 063 JUng
4
65
*65
65 4
,
65 4 *
6514 6514 647 6514 6418 6514 2,000 Preferred
,
8
50 643 Dec 28 71125lay 16
,
4718 Jan 0612 Nov
1323 13473
133 133
4
134 1403 13812 142
8
14012 1421 12,500 Standard Milling
100 100 Jan 5 14212 Dee 8
704 Jan 104 $ Deg
1
108 108
10912 111
1083 1093
4
s
11112 112
110 112
400 Preferred
100 97 Nov 2 112 Apr 23
Jan 103 Dee
84
cm-
e
• Bid and asked Prices; no gales on this day. I Ex-dividend
8638
a Ex-rights
C Ex-dividend and exrights.
3679
New York Stock Record-Continued-Page 7
For sales during the week of stocka not recorded here,see seventh page preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Dec. 22.
Monday,
Dec. 24.
Tuesday,
Dec. 25.
Wednesday, Thursday,
Dec. 26.
Dec. 27.
Friday,
Dec. 28.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER MAUI
Rains Mace Jan. 1.
Oa basis of 100-s8arsiots
Lowest
Highest
PER SHARI
&MIfor Pratams/
Year 1927
Lassa
Highest
$ viir share $ per share
S per stare
Po stars
Per share $ per share $ per share Shares Indus.& Mlacel.(Con.) Par
per share $ per share $ per share
6034 Apr 80% Jan
7134 723
4 7018 7134 7133 7214 29,900 Standard Oil of Cal____No par 53 Feb 20 80 Nov 26
7214
71
/ 71% 71
1
4
354 Apr 41% Feb
/
1
/
1
4
5313 543
4 53
5414 5313 54 89,700 Standard Oil of New Jersey_25 37 Feb 18 5984 Nov 30
/
1
4
[ 533 1 537g 5318 53
s
29% June 3618 Jan
4
42 4414 4212 433
/
4
4 4318 441 773,300 Standard 011 of New York__25 285 Feb 17 4414 Dec 26
8
405 14114 4058 4214
412 June
2 Mar
7% Feb 23
4
438 *41 413
44 418
/
1
21 Jan 3
4
4
/
4
418 2,000 Stand Plate Glass Co--No Par
44 18. 418
/
1
10 Mar 15% June
100 10 Jan 18 60 Feb 23
1814 1814 *1814 198 *1812 198
10 Preferred
4
4
*1712 193 *1734 1934
4
/
1
4
464 48
/
1
4614 4612 46
4613 8,600 Stand San Mfg Co....No par 34 June 11 53 Dec 17 , 4758 48 4 4758 4838
3
*40 45
4058 4212 2.100 Stanley Coot Amer....No par 35 Dec 10 89%Sept 12
39
/ 41
1
4
4513 46
• 44 44
541 Mar 4
Eini
11812 121
12218 12512 64,800 Stewart-Warn Sp Corp_No par 77% Feb 18 12513 Dec 28
11758 122
4
r 11634 1173 11712 1213
8
2612 June 60 Rept
86 86
/
1
864 864 8818 884
/
1
400 Stromberg Carburetor-No ear 44 Jan 8 99 Dee 5
/
1
86 86
*87 89
69 June 0312 Sept
7538 7612 7412 7514 74
/ 754 30,200 studeb'rCorp(The)........ Ns oar 57 Jan 10 8712 Oct 19
1
4
/
1
4
P 751 753
/
4
4 7518 763
*12434 12512 *12434 12513 12434 12434
100 12112 Feb 25 127 June 19 118 Feb 125% Nov
10 Preferred
4
*12434 12512 *1243
318 314
818 May
211 Feb
6 Mar 21
/
1
4
8 Feb 14
No par
3
/ 3
1
4
/
1
4
3
/ 3
1
4
14
34 318
/
1
3
/ 314 6,000 Submarine Boat
1
4
50 Mar 541 Jan
No par 8112 Jan 9 77 Nov 30
66 66
66
66
66
8
66
800 Sun 011
6512 6614 6614
65
913 97 18,500 Superior 011
Ma Feb
3% Dee
2 Feb 17 1414 Nov 26
/
1
4
8
94 10
/
1
No par
91/4 878
958 10
10
1014
18 Oct 28 May
8
3814 3814 375 388
100 18 Jan 18 567 Nov 20
8
2,700 Superior Steel
4 3512 38
3712 3814
*37 38
19
7 Apr 14 Dee
50 1168 Feb 8 2312Sept 10
1978 19
19
/ 2,900 Sweets Coot America
1
4
1914 20
1912 19
19
5
*19
6 Jan
478
478 *412 5
2 Sept
12
7 May 8
4 Aug 20
No par
*41 5
/
4
200 Symington
412 412 *412
1113 12
6 Oct 15% Nov
No par 10 Aug 20 1938 Apr 27
1212 123
12 4 1214
1
4 1218 1418 3,700 Class A
11
11
11% Mar 17% Nov
21
2012 21
20 20
2114
No Par 1514 Jan 28 2238May 17
900 TelautograPh Corp
20 20 *20 2014
818 June 1314 Jan
194 Dec 41
/
1
1713 184 1714 1713 1738 18
/
1
No par 1012 Jan 1
11,800 Tenn Corp & C
8 1734 18
17 4 183
3
8
25 50 Feb 17 74 4 Nov 16 " 65 Apr 58 Jan
65 6512 644 654 6558 6614 53,400 Texas Corporation
/
1
/
1
6538
6478 6518 65
8212 Nov 19
49 Jan 81% Sept
/
1
4 7512 7814 784 79 121,900 Texas Gulf Sulphur-- No Par 6218June 1
4
763 783
7358 7473 7414 777
8
12 Apr 18% June
1818 1878 174 18
/
1
1738 18
23,900 Texas Pacific Coal & Oil__ 10 1218 Mar 1 2658 Nov 8
1812 1813 1778 1858
2158 2212 211 2168 2118 2158 25,600 Texas Pao Land Trust
1512 Jan 40 June
/
4
1 20 June 13 3084 Apr 27
214 211
/
1
2118 2134
26
27 *2578 27
1812 Aug 2312 Sept
254 2612 2,000 Thatcher Mfg
3913May 8
No par 22 Jan
/
1
26
25 2573 26
*4788 48
43 Aug 5012 Nos
*4738 48
*4738 48
NO par 45 Oct 18 5358June 1
*4712 48
Preferred
*4788 48
244 Jan ise Aug
4758 4858 4658 477
524 Dec 6
/
1
No par 84 Jan
487
48
7,500 The Fair
8 4614 47
4614 48
110 110 *110 1131 *110 1121
100 10412 Jan 2 11414 Oct 26 105 Aug 11114 Sept
50 Preferred 7%
*110 11211 110 110
67 Jan 85% Dec
/
1
25 5614June 1
5912 593
*59
/ 60
1
4
714June 4
5913 60
400 Thompson (J R) Co
*59 60 *5913 60
2118 2134 21
1518 Oct 1918 JUDI
2058 21383 28,200 Tidewater Assoc Oil_ __No par 1434 Feb 20 25 Sept 7
211
211
2112 2134 21
*8812 89
100 817,Mar 15 9134 Dec 3 85 Oct 90as JUDO
89
90
89
90
1,800 Preferred
89 89
90 90
19 July 29% Jan
4113 Dec 1
3612 37
3614 37
364 373
/
1
361
100 1958 Mar
36
5,600 Tide Water 011
38
37
9658 96
/ *9834 967
1
4
9634 963
100 8684July 2 10018 Dec 3 85 Nov 9018 Sept
500 Preferred
8 9634 963
8
• 966 965
78 Jan 11212 Aug
14512 14713 144 145
14312 147
14513 1481
14413 146
9,400 Timken Roller BearIng.NO par 11253 Mar 3 154 Nov 8
92% Oct 117% Des
/
4
10084 10234 101 1027 10014 1023 20,500 Tobacco Products Corp
100 93 Aug 6 1181 Apr 16
4
10014 10212 101 1031
111 112 .111 113
/
1
4
110 112
/
1
4
100 109 Aug 7 128 Feb 14 108 Apr 123% Des
/
1
4
*113 a 11414 112 1127
700 Class A
*18
2534 Jan 17
19 Aug
*18
22
*17
21
22
*18 22
*181 22
Div certlfs A
*18 22 .17
24 June 19
21
21
1918 Aug 1
*17
*18
22
*18
22
Div certifs B
141/Nov 20
11
/ 1288 1158 1238 12
1
4
is; Apr lOss No,
634June 1
1214 52,300 Transc't'l Oil tern ott---NO Par
/
4
1138 1178 111 117
10 May 50 Des
*47 48 *46
59 Feb 7
/
1
4
51
48
2,000 Transue & Williams St'l No par 4414 Dee 1
48
L*4313 4634 4634 .481
42 4238 42
/
1
4
447s Bept 19
4258 4214 427
4212 431
s 3,500 Trim Products Corp-__No par 3258June
4258 43
87 8834 8614 88
14
88
911 20,300 lJnder.Elliott Fisher Co.No par 63 June 13 9112 Dec 28 li- Jan 16 &lc
/
4
863
4 8612 88
0
86
8811 Jan 7314 June
3612 3612 37
3614 3614 354 354 35
35
/
1
/
1
3512 3,100 Union Bag & Paper Corp__100 30 Dec 17 4984 Feb 1
9918 Jan 15412 Nov
8
190 1923 190 19484
18914 194
18814 193
19218 1943 51,500 Union Carbide & Carb_No pa 18818 Feb18 209 Nov 23
4
5812 Jan
89 Jun
/
1
4
/
1
4
25 42 Feb 11 58 Nov 21
5158 5213 5238 5238
5238 52
/ 5184 5218 5014 5113 4,000 Union 011 California
1
4
94 Jan 12712 Dee
124 124
100 110 Oct 3 12818May 8
124 124 *115 124 *115 124
*118 124
Tank Car
200 Union
5014 5014 50 50
394 Dec 4014 Des
/
1
34 Apr 30 57 Oct 23
/
1
4
No pa
4913 50 *4812 493
4914 2,000 United Biscuit
4 48
14
100 112 Mar 22 135 Oct 24
*121
*120 ___- *133
Preferred
*121
*121
10 2278 Aug 4 3418 Feb 10 Ws; Dec 8$1 July
2334 2418 24
2313 24
2313 24
247
3
2312 24
10,400 United Cigar Stores
100 104 Oct 19 11418 Apr 5 104 July 109 June
104 10413 10418 1043 104 104
/
1
4
/
1
4
*10412 104 *10413 105
4
1,600 Preferred
/
1
No pa 18112June 12 148 Nov 19 11312 Jan 160 Sept
14012 14214 142 14213 14038 14212 6,200 United Fruit
14012 1437 1414 142
8
8
1612 Mar 233 Sept
/
1
4
100 1612 Dec 11 27 Apr 19
*1813 17
1612 1612 *1612 ly
100 United Paperboard
2 17 *1612 17
/
1
601s Nov 744 Des
6038June 13 8758 Nov 16
*7414 7613 *744 77
*7414 77 *7412 76
/
1
77
77
1,000 Universal Leaf Tobacco No pa
/
4
94
93 *91
9312
*91
94 *91
*91
92
94
30 Universal Pictures 1st pfd-100 911 Nov 15 100 Feb 24 96% Dec 103% Apt
2412 Sept 37% Mat
1558June 12 3578 Oct 6
2118 2268 21
/
4
/
1
211 214 2034 2134
2238 21
20,600 Universal Pipe & Rad__No pa
22
81% Jan 98 Des
/
1
4
aSept 1 105 Dec 15
10
*100 106 *100 106 *100 106
877
*100 10418 *100 104
Preferred
/
1
4
4212 4484 4312 4313 4313 433
Stock
38 Dec 8 53 Nov 1
39
44 4
3
383 39
4
4 6,500 US Cast Iron Pipe & Fdy....2
18 Nov 14 1912 Nov 2
No pa
1814 1814 184 1812 1818 184 2,300 1st Preferred
*1818 1838 *1814 1834
/
1
/
1
1453 May 114 Itai
16
1614 158 1618 3534 158
• 16
1618 *1614 17 Exchange
No par 1312June 22 2014 Jan 6
4
4 1,600 US Distrib Corp
81 May 9814 Sent
2
100 76 Oct 10 901 Jan 16
7713 7712 77
*7712 7814 7712 7712
77
/ 7713 77
1
4
600 Preferred
42
/ 4213 42 4212 Closed
1
4
42 42
/
1
4
/ 43 43
1
4
43
441
3,800 U S Hoff Maob Corp---No Par 41 Dec 8 58% Jan 23 64 Oct 8318 May
69 Mar 11115 Dee
12978 13058 131 13238
130 13238 130 13178 12912 13214 16,500 U 8 Industrial Alcohol-100 10218June 19 138 Oct 25
*12534 130 *12534 130 Christmas *126 130 •126 12734 •126 12784
100 11868Sept 28 12578 Nov 19 1074 Apr 121 Des
Preferred
14 July 2512 Nov
3134 3212
3158 32
324 33
/
1
No par 22 Jan 18 61 May 7
3218 k323
3414 8,500 U S Leather
4 32
/
1
Holiday
27% June 584 Dec
59 60
59 4 597
3
5812 59
No par 52 Jan 5 72 Apr 25
/ 5814 3,800 Class A
1
4
/ 57
1
4
8 5812 59
89 July 10612 Nov
10912May 14
10314 10314 1031 10312 *10312 104
10212 1021 *103 104
/
4
100 10084 De°I
400 Prior preferred
64 Apr 8912 Des
9358May 4
8214 8313
8214 83
/
1
No par 614 Feb
83 83
8
82
837
s 835 8412 8,200 U S Realty & Impt
3714 June 0718 Feb
/ 404
1
4
/
1
3838 3938 38
404 4012 3913 4038 4018 4212 100,300 United States Rubber
/
1
100 27 June 27 68% Jan
85 4 June 111% Apt
3
10938 Jan 13
7713 8114
80 85
/ / 83 831 8314 84
1
4
764 77
/
1
100 55 July
/ 23,000 1st preferred
1
4
/
4
1
4
3388 Jan 4818 Dee
6214 638 6214 631
/ 6118 6278 8214 6538 37,100 U S Smelting. Rat & Min -80 3912 Feb 20 7112 Nov 27
1
4
60 18 62
7
4558 Jan 54 Dee
5614 5614
.5534 56
56
56
50 51 Jan 26 5714 Dec 28
56
565
8 5614 5714 1,500 Preferred
15578 15773 156 1583
13238June 2 17212 Nov 16 111% Jan 18012 Sept
1561 159 172,900 United States Steel Corp
/
4
/
1
4
155 157 153 157
/
1
4
141 14114 141 141
1411 1411
/
4
, 14113 14112 14114 1411
100 13858 Jan 5 14714 Apr 26 129 Jan 141% Dee
3,200 Preferred
27 Jan 84 May
411 21,000 Utilities Pow & Lt A...No par 2812 Feb 20 48%May 81
I 39 391 3834 391
39
394 3858 3918 39
/
1
37 Jan 8718 Dee
9312 9814
944 1047 38,100 Vanadium Corp
/
1
i 93 947
9112 941
94 97
/
1
4
No par 80 Jan 1 11112 Not 12
/
1
4
/ 311
1
4
311 *25
*25
40 Oct 22
/
1
4
*26
3114 26
5% Sept 14- Feb
28
261 *27
718 Jan
No par
400 Van Raalte
*82
691 *62 691
78 Nov 2
691 *63 6912
*62
841 *63
6214 Dec 64 Feb
100 43% Jan
18t preferred
68 Jan 6358 June
I 8158. 828 8178 8258
84 Dee 21
8034 82
8018 81% 4,200 Vick Chemical
8012 803
Jan 1
No par 58
, 14484 14612 14414 1461
32 July 5418 Dee
142 14413 13758 144
15834 Nov 23
1411 14738 113,900 Victor Talk Machine-No par 5258 Jan
/
4
, 112 112 *112 1121
9614 Oct 10212 Des
112 11214 1,300 7% prior preferred
112 112
112 112
11212 Dec 19
100 101% Jan
1713 1734 1712 181
7 May 1512 Bey:
/
1
4
1714 1975 181 1958 19
1913 21,600
2034 Noy 19
/
4
No par 12 June 1
284 Apr 48% Dee
/
1
60
80
/ 5,500 6% preferred
1
4
5834 597
5712 571
5714 58
5734 60
100 44% Jan 18 6414 Nov 19
*95 97 *95 961
73 June 91 Nov
*94
95
*94
95
95 95
9912 Nov 12
400 7% preferred
88% Jan k
100
14
/ 15
1
4
15
15
2014 Dec 3914 June
1418 1438 14
15
/ 17,300 VIvandou(V)
1
4
1414 14
/
1
4
No par 1118June 28 25 Jan 4
95 Dec 11813 June
*80 90 *80 al90
9018
90 *85
*8312 90 *80
100 78 June 22 100 Jan 28
Preferred
67 133593
60 60
5912
581 584 57
/
4
/
1
57
58
Ms Jan 80 Aug
450 Vulcan Detinning
100 2212June 13 74 Nov 26
9413
9413 *91 11941
941 *91
*91
9413 *91
*91
90 Jan 125 Aug
100 74 June 21 90 Bent 4
Preferred
42
*36
42 1 *36
*36
42
16 Jan 59% Aug
L40 40 4011.41*
4
40 Class A
100 1912June 29 481 Nov 27
2618
24
/ 2512 25
1
4
1814 Dec 25 Feb
2538 2578 2514 2512 2514 257 18,400 Waldorf System
No par 1912 Jan 3 2814 Dec 15
8
21
2034 2034 21
17 Dec 2412 Apr
/
1
21
2113 2188 211 2112 2238 7,500 Walworth Co
No par 1412 Aug 8 264Sept 20
/
4
75
8
753
4 7312 75
73 77
7634 77
7678 7734
770 Ward Baking Class A Iro par 70 Dec 3 123 Feb 2 891 Apr 118% Oct
1718 1713 1718 1714
1712 June 3318 Feb
164 1738 1658 17
/
1
No par 1514 Dec 10 2968 Jan 13
1634 1714 21,600 Class B
/
1
8012 8012 7978 794
12
7734 80 *77
No par 77 Dec 10 97 Jan 19 84 Apr 100% Nov
79
7912 7912 1,000 Preferred (100)
12458 12934
122 127
12014 12212 117 12214 121 12312 189,100 Warner Bros Pictures No par 8078 Aug 23 13914 Sept 11
5514 574
54
56
_
5214 56
No par 5134 Dec 20 5714 Dec 24
5214 5413 54
5458 23,000 Preferred
4014 405
8 40 40 4
'jai; 3412 Dee
3913 39
8
/
1
4
3914 4038 39
No par 26 Feb 17 44 Oct 18
3918 5,900 Warner Quinlan
155 15513 14914 152
65\ Jan 180 Nov
155$ 156 *155 157
147 151
No par 140 June 20 19213 Apr 11
2,900 Warren Bros
2684 27
2634 27
18 Oct 27 June
2613 2734 2614 2613 264 2613 3,000 Warren Fdry & PipeNo par 13 June 12 3678 Oct 19
/
1
4
*7714 7814 7812 783
66 Dec 7512 Aug
/
1
4
7818 79
7618 7618 7613 78
.
No par 5918June 12 8234 Dec 11
1,200 Weber & /lento
9814 9814 *98 10012
*99 10012 *99 10013 98
98
100 98 Dec 28 103 Jan 8 10114 Nov 10318 Aug
200 Preferred
180 18058
1811 181
179 182
179 18014 179 181
4,900 Western Union Telegram...100 13912July 11 201 Oct 29 14412 Jan 170 Des
464
/
1
4558 454 46
/
1
45
/ 46/2 4512 46
1
4
40 Oct 504 Seta
4513 46
7,000 Wunghse Air Brake__ __No par 4218June 4 5738 Jan 27
1301 13138 13078 1351
/
4
13434 140
134 13858 1351 1383 169,500 Westinghouse Else & Mfg_ _50 884 Jan 5 144 Nov 16
6712 Jan 94% Dee
/
4
/
1
4
128 1293
*12012 128
4
12934 132
7
132 133
82 Mar 103 s De'
134 13413
50 95% Jan 5 139 Nov 16
470 1st preferred
22
223
4
*2212 2234 *22
22
11 Sept 1812 Felt
2134 213 *211 2313
/
4
4
300 Weirton Elea Instruml_No par 1212 Jan 6 2412June 7
*3382 3513 *3382 3512
*3332 3413 335 33
80 July 34% Ara
8
No par 80% Jan 3 4912May 22
/ 3412 3412
1
4
200 Class A
*1041 107 *104 107
*10414 107 *10414 107 *10414 107
97 8 Jan 111 Aug
1
West Penn Elea el ANo par 103 June 22 112 Apr 9
1073 109k
4
4
4,1088 110
10734 10834 1073 109
102 Jan 112 Sept
4
10712 10913
4
100 10712 Oct 30 1151 Apr
280 Preferred
*993 100
4
*993 100
4
9934 100 *9912 100
100 100
100 9811July 21 10112 Apr 10 101 Dec 101% Dee
70 Preferred (6)
*115 11512 *115 11513
11513 11512 1144 11512 115 115
/
1
/
1
4
150 West Penn Power pref.--100 113 Oct 9 118 June 27 111 Jan 118 May
4
4
831083 109* *1083 109
*10834 109
1081 1087 *10813 109
/
4
8
100 103 June 28 113 Jan 5 10012 Jan 111 Dimi
10 6% preferred
5412 5413 543
4
*52
5558 564 5638 564 56
/
1
53 Dec 67 Nov
/
1
4
/
1
-No par 5212 Dec 8 78 Apr 11
564 1,700 West Dairy Prod 01 A.
/
1
25102512 2513 28
27
2813 28
2812 2614 2713 3,300 Class B
2414 Dec 28% Nov
No par 20% Jan 5 69 Apr 12
3512 •13614 3618 3638
35
/ 36
1
4
20 Dec 2712 Feb
355 36
8
3513 353
4 5,600 White Eagle Oil& Refg_No vor 20% Feb 21 38 Nov 27
8
4 3818 393
3714 3818 3713 38
3812 383
8014 Nov 58% Feb
3818 4113 33,400 White Motor
/
1
4
No par 30 Feb 21 4384June 1
4418 4418 *4512 4558
45 4558 4414 4534 453 46
28 Jan 4113 Bens
/
1
4
/
1
50 344 Jan 19 494 Nov 23
600 White Rock Min Sp cal
/
1
4314 4514 4213 44
43 1(4412 4438 454
/
1
4
/
4
43
4
46
13.100 White Sewing Machine_No par 3314June 13 522 Dec 3 211 Mar 53% Aug
57
/
1
5514 5514 554 5518 563 563
56121.567 *55
8
4
4
No par 518 Aug 21 58 Dec 3 46 Feb 59 Jan
4
500 Preferred
2938 30
/
1
4
/ 2934 3112 304 313 340,900 Willys-Overland (The)
1
4
28131 2914 2834 2912
13 Oct 2414 Mat
/
1
4
5 17% Jan 16 3134 Dec 28
19018 10018 10014 10014
*100 101
10014110014 101 101
87 June 90 Aug
/
4
100 9284 Jan 8 1041 Dec 11
600 Preferred
1114 1112 1114 1113 111 117
11
/ 1112 1134 1134
1
4
10 May 17% Feb
/
4
8 5,400 Wilson & Co Ino,
No par 11 Oct 10 18 Feb 14
2334 2414
4
2334 23 4 237 2414 2358 2558 4,000 Class A
8
3
23 8 233
3
1
181 May 52 8 Feb
4
No par 22 Jan 3 85 May 15
67 6813 6714 675
/
1
4
88 Apr 84 Feb
8 67
6718 6712 68 68
4
/
1
4
/ 6814 3,000 Preferred
1
4
100 63 Oct 29 778 Feb 11
21234 21512
211 213 208 8121114 2123 21434 16,700 Woolworth (F W)Co
213 216
4
25 17512 Feb 20 22534 Nov 20 117% Jan 19812 Des
49 4 50
3
4913 5018 49 4 4912 4912 5014 2,800 Worthington P & M
5014 51
2012 Jan 40 June
100 28 Jan 5 55 Nov 30
*3212 87 3 *8312 8712 87
*8213 8712
44 Dec 0112 June
4
87
88 i 88
100 461 Jan 19 93 Nov 28
300 Preferred A
74, 74
73 73 *70 0173
75
73
*74
7812
100 41 Jan 4 '80 Nov 30 87 Oct 5412 Juni
700 Preferred B
24013 255 239 !255 258 264 41,500 Wright Aeronautical__ _No par 69 Feb 27 289 Nov 23
2412 Apr 94% Dec
255 258 250 4257
74
74
751 '74, 7512
/
1
4
74 * 74
50% Jan 72 Dec
74
74
*74
No par 68 July 26 84 Aug 31
600 Wrigley(Wm Jr)
6234 63
6214 6312 6312 64
7014 Jan 8412 Aug
62 621 62 13 62
25 6112 Nov 22 8412 Apr 25
1,700 Yale & Towne
81 3
39 1 397
38
/ 40 8 3758 • 394 383 41
1
4
/
1
8
8 387 40 4
25 Jan 20 Aug
4
Truck & Coach Cl B_10 2758 Feb 28 5784 Nov 28
48,000 Yellow
/
1
4
8
103 103 103 10318 103 111
10284110314 103 11037
/
1
4
/
1
8018 Oct 1004 Dec
11,800 Youngstown Sheet & T_No par 8312June 19 111 Dec 28
I.
-ii-
B18 na asked Woes: no sale. 00 this days I Ex-dividend, a Fa-rights, • No par
value,
y Es-rans.
3680'
ew lork Stock ExCiiange
Is.,1 1909
N
-Bond Record, Friday, Weekly and Yearly
/exchange esemal or ,j1e0ling gortar foal ellanoOd 0205 058010 ars COW
BONDS
v STOCK EXCHANGE
Week Ended Dec. 28.
price
t
Week',
I
Ranee Of
ban Solo
Priclag
4o:
Dec. 28.
Bailee
Mace
Jas. 1.
and City Securities.
New York State Canal 45_-_1960
48 Barge Canal
1942 J J
As Highway
Mar 1962 M
8814 9312
86
93%
995 100 8
3
mi14 10054
1
4
97 1015
/
1
1045 1084
8
/
1
4
10418 108
/
4
9814 1011
971g 1014
9914 10258
10014 10512
5
1013 105 8
8
10012 105
1084 1093
/
1
4
104 4 1093
3
4
107 109 4
3
102 11018
9912 10514
9934 9934
10312 10312
_ 9912 Aug'28
_ 993 Dec'28
4
10312June'28
Funks, Govt. & Municipal..
Agrlo Mtge Bank sf6.
1947 FA
f 55 A
Apr 15 1948 A 0
akersbus (Dept) extl 5s__ _1963 MN
intlogula (Dept) Col 75 A_ _1945
External 5 f 7e ser B
1945
External s f 7e series C
1945
External e f 78 ser D
1945 JJ
External a 1 78 let ear
1957 AO
Extl sec e f 7s 2d eer
1957 AO
Extl sec e t 76 3d ser
1957 to
Argentine Govt Pub Wks 68_1960 AO
Argentine Nation (Govt of)
Sink fund (is of June 1925.1969
D
ExIle 18.of Oct 19251959 AO
Sink fund 6s series A
1957 MS
External 65 series B_ _Deo 1958 Jo
Extla f tis of May 1920
1960 MN
External f 65 (State Ry)_1960 M
Extl 6e Sanitary Works_ _196l 1. A
Ext 6e pub wk.
(May'27).1961 MN
Public Works ext1 5145_1962 FA
Argentine Treasury 54 f__1945 M
Australia 20-yr 55 _July 15 1955
.1
External 5e of 1927--Sept 1957 M
Eat] g 414e 01 1928
1956 MN
Minden (Govt)
1943 ID
78
8812
883
4
883
4
947
8
93
Sale
Sale
Sale
Sale
Sale
93 Sale
90 Sale
/
1
4
9012 92
91
92
998 Sale
8812
883
4
883
4
943
4
9278
921
9212
9018
9018
997
s
5
6
17
5
6
6
10
11
4
51
16
100 Sale 9914
55
100
64
993 Sale 9914
4
100
10018 Sale 9913 1003
8 39
9934 Sale 993
25
4 100
100 Sale 9912 100
15
995 Sale 9912 100
8
41
993 Sale 9914
8
99% 21
16
100 Sale 9913 100
95 Sale 9414
9514 31
9012 91% 91 Dec'28
_
96 Sale 9512
9612 68
9512 Sale 9512
9612 33
154
8712 Sale 87
88
103 Sale 10214
1021 18
/
4
96
115
10914
106
9912
1073
4
1053
4
884 95
/
1
8818 9114
8834 9012
9312 1005
8
9114 99
9218 9854
9212 96
99
/
1
4
90
9018 984
/
1
9611
90
7
99 100 8
99
99
99
987
s
99
98 a
3
985
4
100
/
1
4
1003
4
10114
10112
100
54
101
10118
94 197114
914 9
004 937
8
943 99
4
9514 9
9
8634 923
3
4
102 1043
954 9912
/
1
9558
9612 10
11434 11514 22 114 116
4
/
1
4
10914
10958 21 108 1115
10512 106
102 10314 10914
987 1017
s
100
10012 85
4
10734 108
91 10512 1091
/
4
10538 106
76 1041410814
111
11112
3
01
101
3
985 102
8
9814
99
9812 100
8
/
4
9134
911 92
92
21
0214 10214
9714 108 s
7
1
02
103
90 108
88
9314
943
4 70
89
/ 9/
1 84
4
1
99
99 10112
9912 18
063
4 10738 42 105 113 4
2
9334
92
9912
943
8 79
9312
943
8 78
9315 9912
97 103
0014
10118 38
1
0514 1053
4
4 103 1085
01
10158
9 100 10312
907 957
8
91
1
9214
4
8258
8314 36
824 897
/
1
8
9912 1023
a
9912 101
6
9634 101
99%
99%
1
99
95
995
4
9912
7
9178
927
8 75
9112 97
93
52
88 Dec'28 _ _ _ _
88
9712
97
97
97
16
Bavaria (Free State) 6141....A945 F A
Belgium 25-yr ext If 734811_1945 J D
20-yr a f 8e
1941 F A
25
-year external 6148......1949 M 5
External 5 f 65
1955 J 3
External 30-yest• 75
f
1955 J I)
Stabilisation loan 75
1958 M N
Bergen (Norway)s 1 88
1945 MN
15
-year linking fund 61-1949 A 0
Berlin (Germany) a I 610_1950 A 0
Extl 8 f 6s
1958J D
Bogota (City) ext'l a L8a
1945 A 0
Bolivia(Republic of) ext188.1947 M N
Berl e.° 78
1958 3 J
Bordeaux (City of) 15-yr 611_1934 MN
(U B on external 844_1941 .1 D
Externals f 03.4e of 192131957 A 0
EMI s 103.4.011927
1957 A 0
is (Central Railway)
1952 J D
7145(coffee eecur) £ (flat) _1952 A 0
Bremen (State of) can 7a
1935 M S
Brisbane(City) f 58
1967M S
Budaport(City)extl e f 68-1962 1 D
Buenos Aires (City) 614e-1955 J J
Extl s f (3e Der 0-2
1960 A 0
Ext1 s f 68 ser 0-3
1960 A 0
Buenos Aires (Prov) eat! 818_1961 M S
Bulgaria (Kingdom) I 7.....1967 J J
StabTiall'n s 17)4s.Nov. 1568 ___
Sale
Sale
Sale
Sale
Sale
Sale
Sale
11134
101 1013
4
9814 9914
917 92
10214 10314
102 Sale
94 Bale
9912 Sale
107 Sale
943 Sale
8
9312 Sale
10012 Sale
100 4 106
3
10158 Sale
91
93
82 Sale
/
1
4
100
983
8
-993 9912
8
9214 Sale
8814 90
97 Sale
Glades Dept of(Colombia)710e46 J J
Canada (Dominion of) 5e....1931 A 0
10
-year 5348
1929 F A
1952 MN
be
1936 F A
61211
1954 3 .1
Carlsbad (City) If 8s
Cauca Val (Dept) Colom 734s''q A 0
Central Agric Bank (Germany)
Farm Loans 1 78 Sept 15 1950 M S
Farm Loan s f 66_July 15 1980 J J
Farm Loan 5 f 6e_Oct 15 1960 A 0
Farm Loan Os ser A_Apr 15'38 A 0
Chile (Republic of)
-year external a f 78...A942 M N
20
External elating fund 8e...1960 A 0
1961 F A
External e f 65
1961 .1 .1
Ey ref extls 138
1981 M S
Esti s f 65
Mile Mtge Bk 6355 June 30 1957 3 D
(1 I 6145 of 1920__June 30 1981 J D
Apr 30 1961 A 0
Guar s 1 641
Ghlaese (Hukuang Ry) 55_1951 J D
Christiania (Oslo) 30-yr sf6.'5458 It
9712 973 9714
4
100 Sale 100
10014 Sale 100
10314 Sale 10314
9814 Sale 98
10614 10714 105
100 101
993
4
97 Sale
86 Sale
861 Sale
/
4
89 Sale
Cologne (City)Germany 61451950 M S
Colombia (Republlc) 65--1961 J 3
External s f 68 ol 1928----1961 A 0
Colombia Mtg Bank of 6158_1947 A 0
Sinking fund 78 of 1926-1946 M N
Sinking fund 78 of 1927.--1947 F A
1952 .1 13
Copenhagen (City) 55
1953 bl N
25-yr g 4153
Cordoba (City) extis f 7s.....1957 F A
External s f 7s Nov 15 1937 MN
Cordoba (Prov) Argentina 7819423 J
Costa Rica (Repub) extl 75-1951 M N
Cuba (Repub) 58 of 1904_ 1944
External 58 of 1914 ser A __I949 F A
External loan 4Sis ser C__1949 F A
Sinking fund 534e--Jan 15 1953 J J
ill lin
973
4
10014:
1003
s'
1035
8'
9812
10614
100
15
26
17
38
21
6
6
97
86
8618
89
98
873
4
87
/
1
4
90
18
27
25
49
101 Sale
9214 Sale
93 Sale
923 Sale
4
9212 Sale
9612 Sale
97 Sale
92 Sale
37 Sale
101 10318
003
4
92
92
92
9238
9612
97
9112
37
01
10114
9212
93
9314
9314
97
98
92
37
10114
36
51
48
48
37
16
18
9
6
4
9512 973
4
8812 Sale
8812 Sale
84
87
91
92
913 9312
4
9612 Sale
875 Sale
8
95 Sale
9514 9512
100 Sale
95 Sale
10012 101
10218 103
9718 Sale
101 10112
9814
8714
88
8312
90
9112
9412
8712
8412
9512
9914
9414
0034
02%
97
0112
Dec'28
887
8
89
84
91
Dec'28
9612
88
95'
2
953
4
100
9514
10114
Nov'28
9718
Dec'28
e On the bade of LS to the LeterUng, 4 Cash sole.
6012
883
4
8912
94%
93
93
9414
91
903
4
9114
10018
57
22
10
3
38
72
10
5
7
14
8
6
Interese"--onera
for income and defaulted boats
BONDS
N. V. STOCK EXCHANGE
Week Ended Dec. 28.
U. S. G00000mint.
Me
Mph NO, Lev
High
did Low
First Liberty Loan
3S4% of 1932-1947
SD 9913,, Sale 991042 992142 809 981so 101"as
Cony 4% of 1932-47
- - 9913 Nov'28___99 101041
.
13
Cony 4 F4% of 1932-47
;
3
100 1031..1
11) 10010 Sale 1001 10013441 1
.
2d cony 4)4% of 1932-47
,,
D
991032 991034
4 9910441020
Fourth Liberty Loan
434% of 1933-1938
to 1001244 Sale 100.w 10010442811 100543 104
Truancy 43(s
1947-1952 to 1112144 Sale 11031
.8116.n
.1112344 53 109'3
Treasury 48 '
1944-1954 I
1062032 Sale 10530441062044 65 1047.4,11 lugs
Treasury 314e
1946-1956 M
1032244 Sale 10323
.1032244 75 1023,8 1081,88
1943-1947 3D 982044 Sale 98.42 982044 76 98.44 10311
Treasury 315e
/
41
Treasury 34e June 15 1940_1943 3D 98.44 981.42 98
98344 3165
100H
Y C 33‘% Corp st_ _Nov 1954 MN 8812 9012 8812 Dec'28
815% Corporate SL _May 1954 MN
86 Sept'28
48 registered
1936 MN
993 Mar'28
4
ole registered
1956 MN
9912June'28
6% Corporate stock ._
1957 MN
98 Nov'28
415% Corporate stock ..1957 MN ____ 105 10458 Nov'28
414% Corporate atook_1957 MN
10458 Nov'28
4% Corporate stock
1958 MN
9814 Nov'28
Corporate stock
1959
N ____ 9812 9818 Dec'28
&Ms Corporate Stock ___ _1960 M
9914 Dec'28
995* 100
eke Corporate Stock _ _ _1964
10014 Dec'28
B
43.15 Corpemte stock
1966 A 0
10138 Nov'28
&Me Corporate stock
1972 AO 1005
8
_ 10112 Nov'28
415s Corpomte stock
1971 3D
107 10812June'28
434s Corporate'tuck
1963 MS
1083 105 Nov'28
8
634e Corporate dock
1965 3D
107 June'28
414e Corporate stock _July 1967 .1
10518 Dec'28
"and
Prise
Friday.
Dec. 28.
112
t
a.
Bid
Cundlnamarca (Dept) Columbia
Esti 8103.48
1959 MN
Czechoslovakia (Rep of)83_195 A 0
92
51
0
Sinking fund 88 ser B
Danish Cons Municlp 8s A...19 6 F A
1 4
A
Series B s 8s
Denmark 20
-year extl(is__ __1945 1 A
1952 F .1
Ext1 g 5540
Tr rcts g 434s
1962 A 0
Deutsche Elk Am part ctf 68_1932 M
Dominican Rep Cost Ad 5343'4402 M
10
A10.,98
1st ser 534s of 1928
2d series sink fund 5
_ _1940 A 0
Dresden (City) external 78._1945 M N
Dutch East Indies exti 68___1942 rA
19 7 J
6
40
-year external 135
30
-year external 514e
1953 51 S
30
-year external 53is_ _ _1953 M N
El Salvador (Repub) 8s_ _1948.3
J
Finland (Republic) ext1 68_1945 54 S
External sink fund 75___ _1950 III S
External s f 6528
1956 M 5
Extl sink fund 5345
1958 F A
Finnish Mun Loan 63.4. A..1954 A 0
External 63.4s series B____1954 A 0
French Republic ext 7
I)
External 75 01 1024
1949 J D
German Republic ext'l 7s___ 1949 A
954 m
Gras (Municipality) 88
Gt Brit cic Irel(UK of) 5348_1937
A
10
-year cony 514s
1929 1% A
4% fund loan £ op 1960._1990 Si N
5% War Loan £ opt. 1929_1947 J D
Greater Prague(City)7Sis__1952 St N
Greek Government s f see 75_1964 M N
Sinking fund sec 6s_ -..._1968 F A
Week's
Roads Or
Last Sale.
Ask Luw
IM I
roe4
Range
Since
Jan. 1.
Mob He, Low
High
9218
85
85 Sale 85
8712 25
7
1095 Sale 10914
8
10958
1093 110 10912 110
8
18 108 112
10918 110 1097
2 109% 11216
8 110
8
1 1083 1117
4
10918 Sale 10918
10918
32 103 1064
10418 Sale 10418 1047
993 10011
4
99% Sale 9934
10012 24
883 Sale 885
4
8
8878 100
8812 90
61
99
98 Sale 9714
98
51
9712 98
97 100%
9814
9812 10
94 Sale 94
7
94 100%
96
8
0410 9912
96
953 95%
4
100 Sale 99% 100
11
8
993 1025
8
104 Sale 10212 104
17 16212 1053
8
10314 10312 10312 Dec'28 -- 102$ 10512
4
1035 104 10233 1023
8
1013 16414
4
4
1023 Sale 1023
4
6 101 14 10412
4 103
110 1103 110
110
11 .074 114
4
9614 Sale 96
9612
9
951s 10012
10018 Sale 100
10018 23
99 10212
97% Sale 97%
5
4
9814
973 10138
9018 Sale 9018
90
96
9012 18
98 Sale 973
9812
4
97 101
4
98% Sale 9838
9812
97 101
3
11212 Sale 112
11212 44 )12 1197
8
/
4
10718 Sale 10634 10712 105 1061 111
10618 Sale 10512 10612 77 1044 107
/
1
/
1
4
100% 102 10112
10112
2 101 10414
104 Sale 0
10418 47 103 1063
4
11818 118% 11818 11818 28 1113 119
4
85ip 9041,
4
c8618 8712 c86 Dec'28 - - -- (
c983 9912 0.9812 Dec'28 -- _ _ .971. 9912
4
1053 Sale 1055
8
8 1055
4
8 15 1043 10914
96
9712 9812 Dec'28
9638 1003
__
4
8614 Sale 8518
8614 55
8118 92
Haiti (Republic) s f 611
98 102
1952 A 0 100 Sale 100
10014 10
11
Hamburg (State)68
4
937 9918
8
1946 A 0 963 Sale 963
4
9714
Heidelberg(Germany)ext 7348503 J 10312 1043 103 Dec'28
4
10218 10512
Hungarian Muni° Loan 7345 1945 J 11 9712 Sale 97
s418 102
983
4 15
External 5 f 7s___Sept 1 1946 .1 J 94
8
9412 9412
5
93 8 9712
9412
1
Hungarian Land M Inst 7548 '61 MN 96 Sale 96
96 101
973
4
Hungary (Kingd of) s f 7F4s_1944 F A' 10014 Sale 993
993 10312
4
4 1007
a 26
Irish Free State eat's. s f. 58_1960 MN
Pall 9714
II
_ 9634 95
9614
Italy (Kingdom of) ext'l 78_ _1951 .1 D 9634 Sale 96
100
96 10012
97
1
Italian Cred Consortium 75 A10 7 M S 95
96
194 m A
3
95
94
95
997
8
Extl 5en s 78 ser B
9414 Sale 941
/
4
9238 100
941z 33
Italian Public Utility ext 78_1952 J
95 Sale 95
95 10114
957
8 14
Japanese Govt £ loan 4.9„...1931 .1 J 915 Sale 913
8
9078 943
8
4
915* 27
30
8
-year s1 63.4a
1964 F A 1003 Sale 100
1003 118 003) 10514
s
Leipzig (Germany) a f 7s
9
1947 F A 10012 Sale 997
10012
99 10112
Lower Austria (Prov) 7346_1950 3 D 99 Sale 97 Dec'28
0658 102
Lyons (City of) 15
/
4
99 1011
-year 68_1934 M N 9912 Sale 99
9912 17
Marseilles(City of) 15 yr 68.1934 MN 9912 Sale 99
99 10112
9912 22
Mexican Irrigat Asetng 4548_1943
29
27
29 Dec'28
973
_ 26
4
Mexico(US)extl 5s of 1899 '45 4
4
--,1
493 Jan'28
4
4914 493
Assenting Soot 1899
3212 35 34 Dec'28
33 2 43
5
1945
/
1
4
Assenting 55 large
34 Dec'28
30
43
/
1
4
8
2054 Sale 205s
Assenting 4e 01 1904
205 341s
8
2054
27
2214 Sale 2214
Assenting 45 of 1910 large.....
23
2214 32
/
1
4
2214 Sale 2012
Assenting 4s of 1910 small_
2012 31
205* 20
36
Trees 68 01'13 assent(large)'33
3518 37
335
8
36
335 467
8
6
Small
3234 Dec'28
325 4814
8
Milan (City. Italy) ext'l 848'52 A 0 90 Sale 8912
49
90
8914 95
53
inas
(State) Brazil- m 5
1955
45
MEttle femeg
933 Sale 93
4
94
9455
G ilFis
93
Montevideo (City of) Th._ _1952 J D 10112 Sale 0014
10112 12 10018 105
Netherlands65(flat plan)
30
-year external 68
1952 A S
-9 4 M O
7
New So Wales (State) ext 5s 1957 F A
External s I 50
Apr 1958 A 0
Norway 20
-year ext1 Cs
1943 F A
944
20
-year external 66
30-year external (is
1952 A 0
40
-year s f 534.
1965 J 1)
External.1 5s____Mar 15 1963 M S
Municipal Bank eat' f 55_1967 3 D
Nur
siemiberg( d 5 axtl6s.._ _1952 F A
ag fun it ye
C
Oslo (City) 3 -year f(Ie___1955
0
N
Sinking
1946 F A
Pana (Rep)_
extl
._1953 J D
i 13m 5As
maExtl
1961 J D
Eat! f 5s set A __May 15 1963M N
Pernambuco (State of) ext. 75'47 M 13
Peru (Republic of)
ExtI.1 sec 734s (of 1926)_1956 M S
Extl s 1 sec 75
1959 1.1 5
Nat Loan extl a f 65
1960 J D
S f g 68
1961 A 0
Poland (Rep of) gold Oa_ __.1940 A 0
Stabilization loan 5 f 711_1947 A 0
1950 J J
Ext sink fund g 8s
Porto Alegre (City of)88_ _1961 3 0
EMI guar sink Id 7 As_ _ _1966 J 3
Queensland (State) extl SI 7s 1941 A 0
97 102
1947 F A
25
-year external 68
9912 10212
/
4
993 1021 Rio Grande do Sul extl s f 86_1946 A 0
4
1968 J D
Ext'l 5 f 65 temp
10212 109
1986 M N
Extl f 78 of 1926
/
1
98 1014
/ Riodeianeiro25-yraf8s_._ 1946 A 0
1
4
105 109
1953 F A
Extl s 1 6345
9814 103
1952 A 0
Rome (City) extl 6348
/
4
97 1011 Rotterdam (City) esti 813._1964 St N
1953 J J
1133 Saarbruecken (City) 13s
4
85
861 9 4 Sao Paulo (City)s f 88__Mas 1952 M N
/ 35
4
1957 M N
Extl a f(SSis of 1927
883 9
4 8
San Paulo (State) eat' at 88.10363 3
1950 J J
External sec s 188
1001s 104
Externals f 78 Water L'n.1956 58 S
3
9138 97 8
1968 J J
Extl s f6s$Int rcts
9135 97
97 Santa Fe(Prov. Arg.ReP.)781942 M
92
9412 Saxon State Mtg Inst 78-..-1945 J 13
92
Dec 19463 D
F g Fie
953 993
4
4
Seine, Dept of (France) esti 78'42 J J
9634 101
Serbs, Croats A, Slovenes 88 '62 M N
95
91
1962 M N
Eat]sec 78 ser B
251 441
/
4
Silesian Landowners Assn 6$ _ 1947 F A
3
99 4 102
1936 M N
Solssons (City of) ext1 6s
9514 9938 Styria (Prov) extl 78
1946 F A
1939 J D
-year 68
8714 95 11 Sweden 20
3
1954 M N
9512 External loan 534s
87
8312 93 4 Swiss Confed'n 20-yr s f 8s 1940 J J
5
98
Switzerland Govt ext 534s 194 A 0
6
90
Tokyo City 5s loan of 1912 1952 M S
8812 98
1961 A 0
Extl f 5 Si s guar
94 101
8712 89
/ Tolima (Dept of) esti 7s.._ _1947 M N
1
4
Trondhjem (City) 1st 5444-1957 St N
9412 101
Upper Austria (Prov)
96 100
-1945
D
External of 634sJune 15 1957 J 13
97 10112
9312 (1954 Uruguay (Republic) ext1 88_1946 F A
99 105
/
1
4
1960 N N
External 5 f 68
10012 10314 Venetian Prov Mtg Bank 7s_1952 A 0
Vienna (City of) extls,f OS- 1952 M N
98 101
1004 1051s Yokohama(City)ext161._ 1961 J D
/
1
8
106 Sale 105
106
10012 31
10014 Sale 100
933 Sale 9312
8
93% 16
933 Sale 93
4
933
4 16
10218 Sale 0218 10218 27
10218 Sale 102I8 10212 53
34
102 Sale 10134 103
100
10012 Sale 997
84 33
9714 Sale 9634
9714 55
90
90 4 90 Dec'28
3
5
88
8818 883 88
4
10012 24
10014 Sale 100
993 1001 993
4
5
4 10014
10218 102% 023 Dec'28 _
8
1
10112 1033 10238 1023
4
8
933 Sale 933
4
9412 23
4
13
9312 94
9312
94
10412 109
100 103
/
1
4
9212 96
92 8 96
7
10112 1034
101 16418
1013 103
8
/
1
4
Mg 1024
94
98
9312
90
88
935
4
9954 103
981g 103
10114 10410
102 10414
93
97
93
/ 9812
1
4
10714 23
10112 15
9012 73
219
91
13
80
8758 77
86
98
5
10512
2
1005
8
103 1075
/
1
4
4
100 1047
8
88
94
8838 9112
797 87
8
867 917
8
8
9512 101%
i044 109
1004 10412
/
1
10714 Sale
10112 Sale
8918 Sale
90 Sale
80 Sale
8714 Sale
98 Sale
1043 1053
4
4
10012 101
10714
101
8918
90
79%
8678
963
4
105
1005
8
110 110
5 1093 115%
110
4
8
103 10412 1035 Dec'28 _ _ _ 1035 10812
8
8
8 21 10518 10814
1057 Sale 10518 1057
52
915 Sale 9114
8
921
913 9412
4
8
98
9714 Sale 96%
5613 10014
10514 Sale 10514 10612
7 10514 11014
933 Sale 93
4
933
4 41
93
98
91 Sale 9012
91
85
893 9618
4
10412 Sale 10334 10412 19 10214 106
89
88
90 Dec'28 _ _ _ _
944
89
1135 114 114
8
114
1 1124 120
9712 Sale 9712
9758 14
964 1004
105 Sale 105
10512 10 104 1085g
10614 Sale 105
10614
4 105 1094
9812 993 9812
4
99
23
98 1044
9112 Sale 91
9112 17
91
96
98 Sale 9714
98
9
944 1004
9712 98 9818
9918
991g
5
98
93
95
93
93
25
93
961g
106 Sale 10514
106
113 1034 1064
95 Sale 95
15
96
9414 10112
81 Sale 81
89
82
80
86
8312 Sale 82
8414 28
8412
82
98 Sale 9718
9814 10
9718 102
92 Sale 92
92
97
9
92
1023 Sale 102
8
10238 18 10174 105
1033 1043 10334 1043
4
4
4 24 10212 1051g
10958 Sale 10914 110
13 10914 1134
10212 103 10258 102515 28 1017 1051g
4
7718 78
7618 84
77
7718
2
8712 95
883 Sale 885
4
8
893
8 21
92
973
4
9138
91
5
917
8
9434 96
9454 0912
96 Dec'28
97
99
9634 9914
97
97
9012
86
86
863 87
4
873
4
8
10812 Sale 108
4
10812 34 1171 11011
9678 Sale 963
9614 100
4
9814 57
9318
90
93 Sale 91
6
913
4
89
88
17
863 Sale 86
8
87
94 100
9514 Sale 9514
9512 44
3681
New Yam Nod Record Continue0- -Page 2
weave
Ramos
Sines
Jas. 1.
Ire 41
!Hit/6!Ale Low
R40
Au Lot
8698
1
Railroad
4
4
94 1043 Dec'28 - - -- 10312 1053
93
Ala(It Sou lat eons A 58___..1943i
3/212 96
5
93
93 1
1943 .1 ID 1025 105
8
let cons 49 ger B
84
9112
1946 A 0 85
85 Dec'28 -86
Alb & Stum 1st guar 3Me
89
963
3
1998 A 0 84% 881z 894 Nov'28 -- _ _
Alleg & West 1st g gu 4s
90
99
8
Aueit Val gen guar g 45
1942 M
2
934
935
8
935 97
754 8418
Ann Arbor 1st g 4s_ _ _ _July 1995 Q 3 7818 787 784
5
784
4 52
914 99
923
-Gen it 49_1995 A 0 9212 Bale 9214
Mob Top & 8 Fe
91 Dec'28
A 0
90
Hess
Registered
8
873 .1
8
873 3488
Adlliatment gold U.
-My 1995 Nov 874 8812 878
_
91
913 Jan'28
4
Registered
913
Nov
4
87% 94
88 1 16
Stamped
July 1995 M N 874 884 874
Oct'28
MN
84
14 g9
89
Regiatered.
88
1956J D 8818
91 Dec'28
Conv gold 4s of 1909
97.9
6
8878 04
2011
19653 D 9018 Sale 9012
Cony 49 of 1905
Cony g 48 issue of 1910_ _1980 J 13 8818 9019 91 Nov'28 --8818 91
1
92 1
Rocky Mtn Div 1st 4s
1965 J J 92 Sale 92
9014 9914
8
Trans
-Con Short L let 49_1958 J
913 ____ 93 Dec'28 ---8614 96
Cal-Aria 1st & ref 4349 A 19132 M
5
98 1
92 1044
4
96
973 963
4
all Knoxv & Nor let g 59_1946 J D 10318 ____ 105 Sept'28 ---- 105 107%
96 s 1004
7
98 9912 Dec'28 -- -LtI&ChariALjst4J4sA 19 j J 96
44
2 101 107
101 1
let 30
-year 5e series B_1944 J J 101 Sale 101
14
Atlantic) City let cons 4s
1951 J J 84
874 94
8812 8718 Oct'28 ---5
9214.
ALI Coast Line lot cons 45 July'52 M
9218 92
91
92
9/
84
Registered
M
93 Aug'28
93
97%
2
General unified 434s
97 1
1964 J D 9614 973 97
4
90 104
3
L & N coll gold 49__Oct 1952 MN 897 904 90
90 1
8
8814 954
Atl & Day let g 4e
1948.7 J 7219 74
76 Dec'28 7211 86
2d 4s
1948J 3 67
68 66 Dec'28
66
14 7612
Ltl&Yadlstgguar4i
1949 A 0 79
853 84 Dec'28
4
8318 92%
Austin & N W let gu g 6e_1941 J
100 103 1034 Dec'28
97 1C318
R
BONDS
Y. STOCK EXCHANGE.
Week Ended Dec. 28.
t
•-• 3.
Belt & Ohio lot g 4.9____July 1948 AO
Registered
July 1948 Q J
20
-year cony 434s
1933 M
Registered
MS
Refund & gen 5s series A__I995 JO
Registered
JD
let gold 54
July 1948 AO
Ref & gen 65 series C
1995 JO
PLE& W Va Sys ref 45_1941 MN
Southw Div let 56
1960 3,
Tol &Cin Dly let ref 49 A_1959 33
Ref & gen 541 series D
2000 M
Bangor & Arooetook let 59_1943
'3
Con ref 4.8
1951 33
Battle Crk & Stur let gu 3e 1989 3D
Beech Creek let gu g 4s
1936 J
Registered
33
gd guar g 59
1938 ii
Beech Crk Ext let g 330--1951 *0
Belvidere Del cons gu 330_1943 33
Big Sandy 1st 4s guar
1944 JD
Bolivia Ry let 55
1927 23
Boston & Maine let Si A C 1967 MS
Boston & N Y Air Line 1st 491955 PA
Bruns & West let gu g 48_ _1938 J J
Buff Koch & Pitts gen g 56_1937 MS
Consol4Ms
1957
N
Bur IC R & Nor 1st & coil 5e1934 *0
eesc
,
Pridatl.
Dec. 28.
Ranee St
Last Sale
923
81 23
925 Sale 92
8
_- _- 89 Dec'28 9812 99
8
9814 Bale 975
98 June'28
8 62
8 1007
1003 Sale 1003
8
993 Dec'28 - _
4
10311 f631 10314 10378 18
109 Sale 10812 10918 14
93i8 21
93 Sale 93
103 Sale 10212 10318 25
8512 53
3
8512 Sale 83 4
1007 Sale 10018 10114 23
8
5
10214
102 103 102
11
83
83
84
83
6812 Feb'28
604 72
95
_ _ _ 95 Dec'28
95 Aug'28 97 June 28 82 Aug'28
7718
91' 98
89
6133
4
9614 101
98 10018
100 106
993 101
4
1023 110
4
1064 112
91
9712
101% 10718
8212 9118
100 10814
99 10448
9324
82
6812 72
95
98
94
97
97
97
82
8218
91 -91"
90
80
38
98
9713 Bale 971z
_
79
813 81 Dec'28
4
9418 9612 94 Dec'28 -1
__ _ _ 1004 10011
100
4
92
s
90% Sale 905
1
10014 102 10014
1004
99%
7974 88
94
97%
100 106%
9012 9814
10014 103%
Canada Sou eons gu Se A. _ _ _1962 A0 10518 10638 103 Dec'28 - -4
Canadian Nat 410.8ept 15 1954 MS 953 9512 951g
9814 15
6
-year gold 434s__Feb 15 1930 VA 983 Sale 983
49
99
4
4
80
-year gold 434e1957
43
97
4
953 Sale 953
4
Canadian North deb e f 7s-1940
2
11118
D 11118 Sale 11118
26
-year f deb @Ms
2
1946 3, 1143 Sale 1143
4 11518
4
10-yr gold 41.21._ _Feb 161935 VA 963 977 973
3
977
8
4
8
8
Canadian Pao Ry 4% deb stock.. 3, 86 Sale 8518
72
86
Coltr 4Ms
9834 36
1946 M s 983 Sale 973
8
4
Cub & Shaw lot gold 4s
951s Nov'28 1932 MB
Caro Cent let eons g 45
1949
80
82 80 Dec'28 _
Caro Clinch & 01st 30-yr 59_1938 3D 100 10114 100 Dec'28
lot & eon g Os ser A.Dee 16'52
4
D 1071 1083 108 Dec'28 -- _ _
1
Cart & Ad lst gu g 49
8
1981
873 907 Nov'28 ---4
D 87
Cent Branch U P let g 48_1948 3D 82
8519 82 Dec'28 -Central of Ga let g fei_Nov 1945 FA 100
1
105
105
Consolgold 59
1945 MN 10212 Sale 10212 10213
2
Registered
1003 Aug'28
4
MN
10
-year secured tis-lune 1929 3D 997 10018 100 Dec'28 -8
Ref & gen 534e series B1959*0 10514 Sale 10514
5
10512
Ref & gen 59 scrim 0
1959 A0 -- 102 Dec'28 - Chatt Div our money g 411-1951
934 June'28 -- 91
D 86
Mac & Nor Div let g 69-1946
J 103 107 102 Dec'28
Mid Ga & Atl div our In 69 1947
J 101 105 1034 Apr'28 Mobile Div let g be
1946 J J 103 103 105 Dec'28 _
Cent New Eng let gu 4s....1961
J 8338 84 84 Dec'28
Central Ohio reorg lot 4189_1930 M
---- 9914 98 Dec'28 ____
Cent RR & Bag of Ga coll.% 1937 MN 974 9914 994 Dec'28
Central of N J gen gold 54....-1987 I J 111 11311 112 Dec'28
Reid/stared
1987 Q J
1093
4 1093
4
5
General 4s
1987 3 .1 933 9714 112 Nov'28
4
Cent Pao lot ref gu g 49
1949 9' A 904 913 904
90 4 38
3
4
Registered
F A
88 Sept'28
Mtge guar gold 3)4s-Aug 1929 j D 99
2
99
9914 99
Through Short List gu 49_1964 A 0 9012 9114 913 Dec'28
4
Guaranteed g 5s
1960 B A 10212 Bale 102
42
103
103 110%
95 4 10214
3
973 101
8
95% 10214
11014 117
1143 123
4
96% 108%
8338 92
96 10114
95 8 9814
1
80
90%
100 105%
107 10914
9074 95
79
90
105 108%
100 10714
100 4 10414
3
9934 10214
106 10838
102 105
93% 954
102 109
103% 10311
103 106%
8312 8838
98 100%
9914 10212
10814 1191/
10714 1184
937 99
8
891 9612
4
88
94
99
9914
9118 9514
10018 10619
Charleeton & Sayn'h 1st 79._1938 J J
Chas & Ohio fund & lmpt 6s_19291 3
let consol gold 59
1939M N
Registered
1939 M N
General gold 43.4s
1992 M 8
Registered
M 13
40
-year cony 4 Ms
1930 F A
Craig Valley 1st 6s_May 1 '40 3 J
Potts Creek Branch let 49_1948 3 .1
& A Div lst con g 49_-_1989 J J
2d consol gold 49
1989 J
Warm Springs V let g 5s_ _1941 M
Champ Corp cony Sc May15 1947 M N
Chic & Alton RR ref g 35_1949 A 0
Ctf dep stpd Oct 1928 let_________
Saliva first lien
...1950J 3
Certificates of deposit
Ohio Burl & Q-111Div 3345.19493 3
Registered
3 J
Illinois Division 49
1949 .1 J
General 4s
1958 IA B
Registered
M
1st & ref 4MeserB
1977 F A
1st & ref be series A
1971 F A
Chicago & East III 1st 6s_ __ -1934 A 0
O & E Ill Ry (new co) con 59.1961 MN
1982 MN
Chic& Erie let gold S,
Chicago Great Weet let 49_1969 M 5
Ohio Ind & Louisv-Ref 69_1947
Refunding gold 5s
1947 3 J
Refunding 4s Series C
1947 I J
1966 M N
let & gen 5s ser A
lot & gen tie ser II__ May 1966 J
-year 4s
1956 3 J
Chic Ind & Sou 50
ChM L S & East lot 4Me__ 1969 J D
oh
p gen g 49 A_May1989 J 3
Q 3
Registered
Gen g 3Ms ser B _ __May 1989 J J
Gen 02e series O_May 1989 3 J
Registered --
111974
96
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Dec. 28.
a 2:
PH&
Prikalg.
Dec. 28.
Week'.
Range or
Loss bust..
51'4
11.4•••
14•00
Jas, 1,
Mors No Low
set U.,'
HU
SW
ChM Mllw & St P (Concluded)955
56
9278 .9es
On 434s series E___ May 1989.7 J 948 Sale 94%
71
73 4
3
717 Feb'28 -- -8
19253 D ____
Debentures 4s
9214 9511
___8
9412 305
Chic Milw St P & Pao 69.__ _1975 F A 934 Sale 927
8
773 495
6174 7 4
Jan 1 2000 A 0 773 Sale 7614
93
8
Cony adI 5s
7512 86
8o8 797 Dec'28 --Chic & N'west gen g 3Me---1987 M es 77
763 86 5
4
774 Oct'28 --- Q F ____
1
Registered
90 1 11
89
98
1987 M M 9018 __- 90
903
4
General 49
94
94
Registered
Q F --------94 Apr'28,---gay
89
Stpd 413 non-p Fed in tax 87 M N 9012 9219 9212 Dec'28 ---8
Gen 44s stpd Fed Me tai_1987 MN 103 1047 10612 Oct'28_.-- 102 113
4
Gee 5s 9tpd Fed Inc tax__ _1987 M N 1083 11012 10912 Dec'28 --- 10434 117
_ _ 113 May'28 __ _ 113 113
MN
Registered
1 100 103%
101 1
___e
1879-1929 A O ioi" s_1;1 1101
Sinking fund 05
4
A 0 ---------10014 Oct'28 ---- 10014 1013
Registered
5
100
____i100
99 101%
1879-1929 A 0 100
Sinking fund 59
100 10014
__ _ _ 100 2 oct28
A 0 ---------9914 Nov'28
Registered
9914 1034
1933 MN 1014
Sinking fund deb 56
10019 1024
MN ____ _ --- 10214 Dec'28,_
Registered
8 102121 27 1015 106%
8
1930 J D 10212 Bale 3017
-year secured g Ts
10
1936 1141 13 11014 111 'III Dec'28 ---- 1084 1144
-year secured g 6348_
16
3
May 2037 3 D 10512 Sale 1054 10512
2 104 8 115
let ref g 59
96% 1964
9738 25
4
4
May 2037 3 D 963 973 9714
1st &ref410
2
8878
8
864 90
4
Chia RI & P Railway gen 45 1988 3 J 893 90 887
3
8814
- -- 8814
1 1
8514 924
Registered
67
95
-5
9314 96 4
1934 A 0 -9-- Sale 9438
3
Refunding gold 49
93 Sept'28 -- _ _
98
A 0 ____
954
1
Registered
9314 162
Sale 92
dal91
1952 M S 92 97%
Secured 414s serlesA
874 92%
Ch St L & NO Mem Div 4e.19513 I) 8512 ____ 8914 Dec'28 ---____ 10518 Nov'28 --__ 1051s 1084
June 16 1951 1 D 105
Gold 59
J D --------107 Apr'28 -- _ 105Is 107
Registered
June 16 1951 3 13 834 _ 8411 Jan'28
Go
n
-984 1123;
Ch St L & P let eons g 59----1932 A 0 101 102 100 Nov'28
8
_
A 0 __ ____ 1015 June'28 -- _ _ 101% 1015
s
Registered
9
98 1013
8
ChictPM &0cons 69.-1930 .11 D 10018 ____ 10018 100's
___ - 964 Nov'28
9612 98
Cons 6s reduced to 3Me--1930 1 13 97
3
98
9712 100
1930 FA 8 98 Sale 98
14
Debenture 59
2
98
98 100
M B 98 Sale 98
Stamped
11
99
8
96% 103%
Chia T H & So East let 59-1960 .1 12 98% Sale 985
9212 10
9314 92
91
Del 1960 M 8 92
98%
Inc gu 5s
998
4 13
4
97% 103%
4
Chic MI Sta'n lst gu 4Ms A-1963 3 J 993 Sale 1 993
1 103 107
10414
1963 J J ____ 10418 10414
lot 5,series B
3 101 105
19443 D 101 k 102% 10212 1021,
Guaranteed g 59
7 114 119%
115
19633 1 114 Sale 114
1st guar °limeades0
10174 105%
Chic & West Ind gen 6s Dec 1932(3M --------10212 Dec'28
1
8718 10
1952 J 1 878* 88
84% 931k
-year 45
Consol 50
7
17 102% 105%
4
1962 M S 1023 10414 10312 103
let ref 5345 tier A
7 10412 107%
Choc Okla & Gulf cons 5s_ _1952 111 N 1041s Sale 10412 10412
95% 100
19373 3 9413 9618 96 Dec'28
CM li & D 2d gold 4349
95% 98%
C I St L & C let g 49_Aug 2 1936 Q F 9413 964 9513 Dec'28 ___ _
Aug 2 1936 Q F --------9714 Oct'28 --9714 97%
Registered
1
89
87
9364
Cm n Leb .4 Nor lit eon gu 4s 1942 MN 89 Sale 89
..
----
9812 Bale 100 July'28 - _
894 Bale 894
8912
3
5
_
983 988 9838 Dec'28
s
112 Dec'28
112
8 10014 23
997 Sale 997
8
_
10414 -- -- 10018 Dec'28
102 Sale 102
1034 19
_
95 Nov'28
9512
____ -90
91 Dec'28
90 Dec'28
873 88
8
9218 95 92% Dec'28
Oct'28
-- 90
____ 98 984 Dec'28
913s- 104 1053 109 Nov'28
8
10014 102 10014 Dec'28
-- 100
Oct'28
971 96
10096
96
4
994 - -- 1013 Mar'28
91
Oct'28
1003
8
89% Apr'28
903
8
9834 Dec'28
89%
971 983- 108% Dec'28
4
10714 1084 107
Oct'28
-_
10438 Dec'28
1043 Sale 1044 104%
4
4
__ 1003s 100
25
100
100 100
8858 97
12
973s 100 4
3
10% 118
99% 103
1004 108%
9812 1064
96
9514
851/
85% 9438
921g 97 2
1
90
958
1
9412 10014
106 109
100% 104%
100 101%
96
98%
101% 10134
99% 100
4
901 91
89% 8914
9814101
1
1034 1103
4
107 107
100% 107%
99 100%
9112 9119 Dec'28
Coal River Ry 1st gu 4s
1945 3 D
4
Colorado & South let g 4e___1929 F A 9912 993 995 Dec'28
_
5
971
4
9718 983 974
8
Refunding & eaten 4He__ _1935 N N
3
913 Dec'28
4
Col & H V 1st ext g 4a
1948 AC 9038 93
8
9212 Nov'28. __
Col& Tol 1st ext 4s
1955 F A 915 94
90 may'23,_ _ _ _
Conn & Passum Riv lit 4s_ _1943 A 0 88
___ 95 4 Nov'28
3
Consol Ry debts
1930 F A
_
744 7612 75 Dec'28
Non-cony 49
1954 .1 1 961474% 7612 76 Dec'28
Non-oonv deb 48__J&J 1955 3 J
_
_ 76 Nov'28
Non-cony deb 4e____A&O 1955 A 0 74%
filz 75 Dec'28
Non-cony debenture 45__.19563 J 75 9418 19
Cuba Nor Ry let 634e
1942 3 13 9418 Sale 93
7
9714 41
Cuba RR let 50
-year 68 5...1952 J J 957 Sale 95 8
8
3
19363 D ____ 1057 106% 106%
1st ref 7Meser A
9614 9912 99 Dec'28
19361
1st Hen & ref 65 ser B
93%
01
981g 100%
9514 100
91% 96%
91
95%
90
90
9510 90%
7214 8214
864
72
76
8112
73
364
93
9114
95% 1001a
1061s 110
904 101%
Clearfield & Mah let gu 59-1943 1 J
Cleve Cin Ch & St L gen 4s_ _1993 3 D
1931 J J
-year deb 4 M s
20
10933 D
General 5s Series B
Ref & Impt 6s series A.__ _1929 .1 3
1941
J
Ref & impt Os ser C
1963 3 3
Ref &lmpt 5,ser D
Calm Div 1st gold 4s
1939 1 3
J
CinW&MDlvistg4e_.1991
88 L DIY let colt tr g g 4s 1990 MN
1940 1.1 11
Bpi'& Col Div lot g 4s
W W Val Div let g 4s___ _1940 J 3
Ref & lmpt 430 Der E....1977 J
19343 J
OCC&Igen oonsg 69
1933 A 0
Clay Lor & W con let g 5s
Cleve & Mahon Val g 5a_._19383 J
N
1935
Cl & Mar let gu g 434s
Cleve & 1 gen gu 4ms ger 8_1942 A 0
3
1942 3 .1
Series A 4148
1948 MN
Series C 3 Me
1950 F A
Series D 3155
Cleve Shoe Line let MI 4316.1961 A C
Cleve Union Term 10634s-1972 A 0
*0
Registered
1973 A 0
1sts f Baser B
1977 A 0
lets f guar 4Mseer C
984 Dec'28
Day & Mich let cow 4345..1931 1 .1 973
4
974 1004
Del & Hudson let & ref 49
9314
1943 N N 9314 - -1 9314
94 4
9014 RN
101 101 Nov'28
313
-year cony 56
1935 A 0
100 103%
11938 Aug'27
15
1937 IA N ioir2 sale 1041! 10412 11 103 107
-995 100 99% Dec'28
8
781 10138 10-year5Ms is
4 103
-year secured
19303 D 1024 10412 1023
a 10214 107
10384
10314 10438 10314
3 102 10734 D RR & Bldge 1st gu g 49._ _1936 le A
_ 964 Aug'28
9614 Ma
10214
10214 10 10214 106
Den & R lst cons g
93
1936 J 3 90 Bale 90
a 8714 94
9838 Sale 98%
9
99'8
97% 105
93
Consol gold 434e
1936J 3 93 Sale 93
9234 98%
971g 23
9718 Sale 97%
94
ao
96 4 1024 Den & R West gen 5s_ Aug 1955 MN 934 Sale 934
/
87
97
9914 Sale 994
993
8 47
98% 1014
42
93
Ref & lmpt baser B Apr 1978 MN 9214 Sale 9118
91% 95
993
4
_
993 Nov'28
4
994 1023 Des M & Ft D 1st gu 4s
31
1935.5 3 31 Sale 31
8
1
3714 35
903 Sept'28
4
90
33 Sale 3214
Temporary Ws of deposit_ _
9311
3
33
26
33
-55" - -7- 0112 Nov'28
17 2
8711 95% Des Plaines Val let gen 4149_1947 65 5 925 100 1024 Feb'28
8
10214 10214
_ 85
92% July'28 _
9112 928 Det es Mao 1st lien g 4a
4
76 Nov'28
1991.5 D 7614 79
76
82
100 Dec'28
100 10212
7512 7514 July'28
19953 D 75
Gold 45
80
70
99 Sale 973
4
9914 225
9912
9912
/
1
4
9614 100 Detroit River Tunnel 4 Ms_ _1961 MN 973 99
8
1
97 103
69 Sale 69
3 6
694
1034 Aug'28
414 74
Dul Mleasbe & Nor gen 56..1941 J J 10318
103% 108%
68
1
68
68
8 7312 Dul & Iron Range let 59_ _1937 A 0 1003 16-12 10112 Dec'28
99 4 10114
1
-67- 111 68
68
1
1004 May'28
A 0
584 7254
Registered
100% 102%
67
69 684
6818
2
8
9
7112 Dul Sou Shore & Atl g 5s_ _ _ _1937 J J -ioi2 -88i 87 Nov'28
811.90
854 90
8614 Dec'28
96
8818 9118 East Ry Minn Nor Div let 45'48 A 0 _
957 July'28
96
95
854 Dec'28
8512 9014 Fault T Va & Ga Div g Es___ _1930 J
55 1004 100 Dec'28
4
99 1053
1,
9338Dili 9338
9318 Cons 1st gold 69
1958 M N 103 105 100
3 100 1101
100
993 983
8
4
1
92
943 92
4
14
93
88
981 Elgin Joliet & East 1st g 5s_ _1941 M N 101 103 101 Dec'28
4
9911 1004
934 Sept'28
9314 93 8 El Paso & W lst 53
8
105 1043 Nov'28
1965 A 0
10422 109 4
3
3
4
9738 9914 973
98% 17
963 102 s
4
7
1043 1064 1065 Dec'28
4
8
20418 1104 Erie let consol gold 7e ext_1930 M
102 Sale 102
10314 18 102 10012
103
____ 103
103
2 103 10718
1996 J J 85 Sale 85
85
let cons g 4s prior
11
881 91
4
8314 Sale 8314
84
17
Registered
19963 J
86
_
Jan'28
8314 93
86
BO
10314 105 1063 Nov'28
4
1034 1121
-56E2 dile- 004 so4 42 77% 351
1996 1
. 1st ammol gen lien tg 4s_
4
69 Sale 69
694 140
Registered
773 Nov'28
1996 J 3
8
66 7211
76
374
1
11714 114
Oct'28
lire 11814 Penn coil trust gold 4s_...1951 F A illois 105 10058 1003
8
100 104
1034 1044 103 Dec'28
102 106
50
-year cony 4s series A__ _1953 A 0 8419 Sale 844
85
7
80% 8912
92
___ 92 Dec'28_
1953 A 0 83 4 8418 834
84
3
Series B
884 93
5
80% 8912
101 Sale 100
2 100 10714
101
8412
1953 A 0 80
857 844
8
1
Gen oonv 49 series D
8210 584
106 10814 108 Dec'28
95' 197
2
8
1967 MN 95 Sala 943
1073 11112
4
Ref & impt 5s
93
99 4
0
7
924
9214 9214
11012
90
9612
Erie &Jersey 1st f(is_ _ _1955 3 1 11012 11312 11018
11018 110
Oct'28
947
99 1021e
11018
Genessee River let a f 5s.1957 3 3 11018 111 11018
6 110 116
867
s
86 87
87
6
854 9312 Erie & Pitts gu g 3Me ser B 1940j 1 8818 ____ 102 Feb'28
102 102
825 Dec'28
8
825 91%
884 904 91 June'28
1940 3
8
Series C 3M9
90% 94
-78- - - - 744 Dec'28
76
195436 N 1034 Sale 1033
8
745 8134 Est RR eat's f 7s
1033
8 63 10014104
8
943 Sale 943
4
4
943
4
8
943 1041
4
4
100 May'28
100 1004
--994
3682
New York Bond Record-Continued-Page 3
BONDS
Y. STOCK EXCHANGE.
Week Ended Dec. 28.
Pried
Friday.
Dec. 28.
Via Cent lc Penn let ext g 58.1930 J J
let consol gold 55
1943 Ii
Florida East eosin lot 430_1959 in
1st & ref 5s series A
1974 MI
Fonda Johns dc Gloy Ist 41481952 MN
Fort St U D Co lat g 410_1941 J J
Ft W & Den C 1st g 510
1961 3D
Pram Elk & Mo Val let 68_1933 AO
GH esSAM&P 1st 0_1931 MN
26 extens 55 guar
1931 33
Galv H011g & Bend let 58 1933 AO
Ga & Ala By let cons Is Oct 1945Ii
Ga Caro & Nor 1st gu g 5s 1929 33
Georgia Midland let 35
1946 AO
GrR & I est lot gu g 410-1941 3,
Grand Trunk of Can deb 68_1940 AO
15
-years f 6s
1936 MI
Grays Point Term let 58......1947 ID
Week'0
Range or
Lass Sale.
13
fa
Range
Mace
Jas. 1.
High
Low
Illoh No. Low
_
99 10212
99 00'28
98 10354
9934 Dec'28
96 10112
98 Dec'28
7512 9158
7512
7612 71
6
35
62
3514
36
9811 9934
9934 Apr'28
1044 1083
107 ____ 107 Dec'28
/
1
4
10334 106 10318 Dec'28
10318 10712
9914 1021
____ 997 9958 Dec'28
8
/
4
99 10158
9812 -- 9934 Nov'28
97 106
9612 98 98
98
/
1
4
86 10138
89 Dec'28
7
97 Bale 97
9878 1004
97
7458 75 747 Dec'28
/ 79
1
4
8
74
gels 371 3712 Dec'28
951 101
/
4
2 11018 117
111 11214 11138 1114
/
1
17 105 10958
106 Sale 105
106
98
98 Oct'28
994
/
1
Ask
9938
9612 993
8
91
98
7612 Sale
36 Sale
Bid
Great No- gen 75 series A-1936
J 112 Sale 112
11212 108 111 116
Registered
3,
11412 11458
11412 Apr'28
let & ref 4e series A_1961 33 97
98 967
/
1
8
9714 35 9558 1024
General 514e series B
'3 10878 10978 1087s 10878
5 1051 11514
.
1952
General Is series C
103 209
105 105 Dec'28
1973 J
General 4142 series D
10 96 10114
9538 9718 96
96
1976 J
General 410 series E
5
/
4
951 10112
96
1977 3J 96 Sale 96
Green Bay de West deb etre A____ Feb
85
8658
85 Oct'28
Debentures cfis B
Feb 2812 Sale 28
9 2214 30
2812
Greenbrier Ry 1st gu 4.1
9312 9578
1941) MN 9338 ____ 9312 Dec'28
Gulf Mob & Nor let 530_1950 AO 10434 106 10438 Dec'28
_ 10038 10712
let M 55 series C
10178 102 Dec'28
99 104
1950 AO
Gulf & S I let ref & ter g 55_019523, 108 __-- 10834 Dec'28
10713 1083
4
Hooking Val 1st cons g 4348_19993, 9913 Sale 99
4 975, 10712
9912
Registered
102 10412
/
1
4
10213 May'28
19993'
971 1011
/ /
4
Housatonic By con.. g
MN 975
4
98 Dec'28
8
&T C
g 58 int guar
102 ____ 102 Dec'28
9834 10418
1937 J
Waco & N W div let 611930 MN 10014
10014 10312
10014 Dec'28
Houston Belt & Term let 512.19373, 9812 993 9812 Dec'28
98 10253
4
Houston E & W Tex lst g 58_1933 MN 10014 ---- 10012 Dec'28
994 1007
/
1
2
lrft guar 58 red
994 10218
/
1
1933 MN 10014 102 10014 Dec'28
Had 43 Manbat lot laser A._1957 FA 9712 Sale 96
96 10312
9714 35
Adjustment income 58 Feb 1957 £0 8212 Sale 8212
84 147
8212 9518
Illinois Central lot gold 0-1951 J J 945 -- 95 Nov'28
8
Registered
.I 3
95 May'28
let 8013 8518
- 8514 Dec'28
Registered
J
84 Nov'28
Extended let gal 3348_1951 AO 84
8714 8612 June'28
led gold Is sterling
1951 M (3
74 Sept'28
Collateral trust gold 48 1952 AO 91
9118
9213 91
MN
Registered
87 Oct'28
let refunding 0
9238
1955 MN Ol's 628 92323
s
Purchased lines 3348
1952 J .1 8334 87 87 Nov'28
Registered
J J
81 Nov'28
Collateral trust gold 4e___1953 M N - SiSale 88
88
Registered
M N_ _
9014 May'28
Refunding 58
1955 M N 1.6314 107 10514 Dec'28
---18
I5
-year secured 610 g_1936 J J 110 114 11018 11018
40
-year 434e
Aug 1 1966 F A 9978 Sale 993
4 10018
Cairo Bridge gold 4e
1950 J D ____ 95 8618 July'28
Litchfield Div lift gold 34_1951 J 3 764 777 7818 June'28
/
1
8
Loulay Div & Term g 33451963 J J
_ 847s Dec'28
Omaha Div lit gold 3e
76
78 7712 Nov'28
1951 PA 8414-St Louis Div & Term g 38_1951 J .1 7418 7614 764 Oct'28
/
1
Gold 3118
/ 91 8478 Nov'28
1
4
1951 J J 83
Registered
J
784 Oct'28
/
1
Springfield Div let g 330_1951 J J 834
/
1
_ 88 Deo'27
• Western Lines 1st g 41.__1951 PA 901s _-- 9014 Dec'28
93
Registered
F A
92 Apr'28
Ill Central & Chic St L & N 0
Joint let ref 5. series A__ _1963 3D 10212 10234 10234 Dec'28
_ _ _ 9612 9514
let & ref 4108er C
9514
1963 J
9114
95
80 4
1
84
8613
74
8834
9018 9811
82 9018
81 85
94
88
9014 9014
103 1107
2
10812 11414
98 1023
4
86
/ 9718
1
4
76
/ 7912
1
4
80' 91
7538 8058
90
72
80 4 8932
3
784 784
/
1
/
1
10
Ind Bloom & West 1st ext 0_1940 AO 91
- 91 Nov'28
Ind III & Iowa let g 48
-e
1
3
92
19503, 92 63 - 92
Ind & Louisville let gu 48_1956 J
91 89 Oct'28 _
gen be ser A 1968 J
Ind Union Ry
103 _ _
103 Dec'28
Gen & ref 5e series B
'3 103 _-- 103 Nov'28 _
1965
(at&(Sri Nor let(Se ser A
1
104
19523, 104 Sale 104
Adjustment 68 ser A July 1952
91
105
9034 sale 9012
Stamped
7712 Feb'28
let 1Se eerie/ B
9
97
19567' 9612 3712 9611
let g 58 series0
2
____ 9718 9714
9714
1956 I
(at Rye Cent Amer 1st 5e
81
15
1972 MN 80 Sale 8012
9418 Sale 94
let coil tr 6% notee_ -1941 MN
7
95
letllen&ref 634e
97
13
1947 FA 95
963 96
4
Iowa Central let gold Is._1938in 3734 40 3712
8
383
s
3718
Certificates of deposit
3512 37 37
6
Refunding gold 4s
11
1951 MS 1112 12
113
4 18
;spies Frank ds Clear let 48-1959 in 89
9212 9018 Dec'28
KaA&GRletgag0
103 May'28
19383' 100
Kan & M let gu g 48
8414
2
1990 AO 8414 - - - 8414
8412
KC Ft S & M Ry ref g 43_1936 AO
KO&MR&B let gu 58_1929 AO
Kansas City Sou let gold 26_1950 AO
Ref & impt Se
Apr 1950 J
Kansas City Term let 48____1960 33
Kentucky Central gold 4s___1987 3.5
Kentucky & Ind Term 430_1961 J
Stamped
1961 J
Plain
J
1961
Lake Erie & West let g 58-1937
'3
26 gold 58
1941 3'
Lake 81tr & Mich S g 310-1997 ID
Registered
1997 3D
25
-year gold 48
1931 MN
Registered
MN
Leh Val Harbor Term gu 56_1954 FA
Leh Val N Y let gu g 410-19403'
Lehigh Val(Pa) cons g 48-2003 MN
Registered
MN
General cons 4145
2003 N
Registered
MN
92
92
9912 Dec'28
7518
7514
9813
9958
8912
8914
91 Dec'28
90 Sept'28
9212 Oct'28
97 Oct'28
9978 Dec'28
9912
9912
8112
8112
8112 July'28
9738
98
9934 Apr'28
11'../43s 101- 10514 10514
_ 997 Dec'28
8
99--- 8612
4
8714
863 8712
89 June'28
9934 Sale 9734
993
4
99 Nov'28
Lehigh Val RR gen 54 series. 2003 M N
Leh V Term Ry let gu g 58-1941 A 0
A o
Registered
Leb & N Y 1st guar gold 4e_ _1945 MS
Lex & East 1st 50-yr 58 gu_1965 A 0
Little Miami gen 4a Ser A__1962 MN
Long Dock consol g 68
1935 A 0
Long Isld let con gold 5Muly 1931 Q J
let consol gold 4s_ _July 1931 Q 3
General gold 48
1938 J D
19323 D
Unified gold 48
1949 M
Debenture gold 65
1934 J 13
80
-year p m deb 58
1937 M N
Guar Sh B let con gu 5e Oct'32 M
Nor Oh B Id con gu 5e_Oot'32 Q 3
Lou & Jeff Bdge Co gd g 48-1945 M S
Louisville & Nashville 5s
1937 M N
Unified gold 4s
19403 J
Registered
3 J
Collateral trust gold 5e__-1931 M N
10718
10312
10378
90 90
loiT4 108 10738
88
8812
1045 108 105
8
____ 10012 10012
9612
93 92
9914
____ 8934 90
9734 997 99
8
97
9712 9834
90 Sale 90
9734 9812 99
86
9412 894
10134 1027 10134
8
953 Sale 9538
4
9312
10018 10114 10014
b Due Feb. 1.
92
91
__
977s-7518 7514
99 Sale
8912 Sale
9078
---- 933
4
93
95
100 _ -9912 101012
8112 8612
80
98 Sale
1071s 108
10312
10718
Nov'28
Feb'28
Oct'28
1073s
Dec'28
Nov'28
Dec'28
Nov'28
Dec'28
Dec'28
Dec'28
Dec'28
Dec'28
90
Dec'28
8914
102
953
4
Dec'28
Dec'28
9914
95
9012
85
/
1
4
88
/
1
4
78
MA
6
3
17
13
2
1
17
16
10
•1
5
_
2
2
17
BONDS
N. T. STd E2eo He. GE
Kt 1CC iN
3
Week
d
.
Prue
Friday.
Dec. 28,
Wean
taws 00
Lag Sale.
Rano
Since
Jan. 1.
MO
816
40 Low
IRO No. Low
Louisville & Nashv (Concluded)
10
-year see 7s___May 15 1930 M N 102 Sale 10134 102
/
1
4
/
1
4
7 101 10519
let refund 5148 serie5A_-2003 * 0 10518 106 10512 10512
/
1
4
/
1
4
1 104 110
let & ref 58 series B
2003 AO 104 105 104 Dec'28
1007 109
8
let & ref 430 series C
97 104 4
/
1
4
2003 AO 987 995 9878 Dec'28
1
s
8
N0& M 1st gold 69
' 1003 -- 10034 Dec'28
3
100 10353
1930
4
2d gold 6s
100 10214
10014
1930
10014 Dec'28
Paducah & Mem Div 48_1946 P A 914
/
1
9214 9618
9214 Dec'28
St Louis Div 26 gold 38_1980 ▪ S 661 Sale 6618
6618 71
/
4
8614 11
Mob & Montg 1st g 4145 1945 MS 9712
100 1021
2
100 Sept'28
South Ry joint Monon0 _1952 3' 8814 90 88 Dec'28
887 9414
8
All Knox,ds CM Div 481955 MN 9178 9212 914
/
1
9012 9812
913
4
6
Loulsv Cmn & Lox Div g 4148'31 MN 983 9914 99 Dec'28
98 100 4
4
3
Mahon Coal RR let 5s
99 103
/
1
4
1934 33 10014 ---- 9912 Dec'28
12
Manila RR (South Lines)48 1939 ▪ N 74
75 74 Dec'28
6978 79 4
3
let ext 48
1959 M
75 Sale 75
75
82 8
1
2 75
Manitoba S W Coloniza'n 581934 3D ---- 987 99 Dec'28
99 10112
8
Man GB &N W Ist 31481941• 3 88
89 88 July'28
Mich Cent Det & Bay City 58-31 M
/
1
4
9912 ---- 99 Nov'28
Registered
QM 99 101 10034 Apr'28
Mich Air Line 48
1940 33 9312 ____ 9112 Nov'28
ii
Registered
-- 924 July'28
/
1
lst gold 310
1952 MN 85 -- 87 Nov'28
/
1
4
20
-year debenture 4s
1929 AO 9918 9918 99
/
1
4
9914
5
AO
Registered
_
99 Oct'28
Mid of el J 1st ext 58
1940 AO -904 "96- - 943e Nov'28
-3
8
Mllw L S & Westimp g 5.31929 P A 9912 loo 99 Dec'28
_
/
1
4
Mil & Nor lot ext 430(1880)1934 3D 9778 Sale 97
3
/
1
4
97
/
1
4
Cons ext 410 (1884)_..1934• D 94
977 95 Dec'28
8
_
Mil Spar & N W 1st gu 4s._1947 M
/
1
92 94 924 Dec'28
Milw ,State Line let 3145_ _1941 33
_
90 Apr'28
Minn & St Louie 1st cons 58_1934 MN Si
49 Dec'28
_
Temp /Us of deposit__ _1934 MN 4988 9512 4812
50
15
1st & refunding gold 48_ 1949 ▪ S 1978 Sale 19
20
44
Ref & ext 50-yr 5s ser A1962 Q F 1558 1712 20 Dec'28
Certificates of deposit
16
M St P&SSM con g 48 int gu'38
J 8812 Sale 8814 --" ; 65
885
let cons0
9934 99
1938 33 99
100
15
let cons Is gu as to int_
1938 33 9678 Sale 964
/
1
9678
4
10
-year coil trust 614.3.._1931 M
9934 Sale 99
/ 101
1
4
5
1st dc ref 6s series A
1946 33 101 102 01 Dec'28
25
-year 534*
1
9211 31
1949 MS 9212 Sale
MN 9314
let Chicago Term s f 4s
1941
9518 July'28 _ _ _
MIssissipp Central let 5e
_
1949
984 98
/
1
98
5
Mo Kan de Tex let gold 48__ _1990 i• n 8612 Sale 845
8
8612 26
' 10014 Sale 99
Mo-K-T RR pr lien 58 ser A_1962
3
/ 100
1
4
/ 40
1
4
m2 Sale 8534
40
-year 48 series B
1962 J
864 55
/
1
Prior lien 414e ser D
1978 13 9312 Sale 9312
9312
1
Cum adjust 55 ser A Jan 1967 A0 10314 Sale 0314
10334 53
Mo Pee let & ref Is ser A__ _1965 P A 991 Sale 9912
/
4
9958
5
General 4.1
7612 126
1975 MS 76 Sale 7512
1st & ref 59 ser F
9912 93
1977 MS 9814 Sale 9814
Mo Pao 3d 7sext at 4% July 1938 MN 9214 9412 9214 Dec'28 ____
1st & ref g 58 ser G
8
987 124
1978 MN 975 Sale 9758
8
Mob & BR prior lien g 55___ _1945 3'
101 03 Aug'28
Small
' 97 100 00 Aug'28 _
3
let m gold 48
89
89
1945 J
1
Small
88 8712 Dec'28
1945 3' 86
Mobile de Ohio gen gold 45_ _1938
11 93 96 93 Dec'28
/
1
4
Montgomery Div let g 5e_1947 P A 10378
- 0334 Nov'28
Ref & impt 4 he
/
1
9514
1977 MS 944 Sale 9413
9
Mob dc Mar let gu gold 0.. 1991 MS 8512 90 891 Dec'28
/
4
Mont C let gu 6s
Oct'28
1937 Ii 106 108 106
let guar gold 5e
3' 101 102 102 Nov'28
1937
Morris & Essex let gu 310 2000 ID 7812 80 80
80
-29T89414 Nash Mutt di Si L 48 Ser A_1978 P A 9034 Sale 9034
9034 12
90
92 NFIa&Slsigugse
1937 P A 10118 103 10118 Dec'28
Nat Ry of Max pr lien 430_1957 31 1734 ____ 18 July'28 ____
1015a 10814
July 1914 coupon on
33 1734 -__ 184 July'28
/
1
9514 101
Assent cash war rct No 4 on
1212 Sale 1238
1318 34
Guar 70
-year s f 4s
8712 Aug'27
1977 .1
91 9218
Assent cash war rot No 6 on
16
15 Dec'28
91
97 Nat RR Mex pr 1 4148 Oct 1926 J
3812 July'27
88
92
Assent cash war rot No 4 on
2112 ____ 23 Dec'28
100 105
let consol 48
2113 ____ 22 Apr'28
1951
10114 10412
Assent cash war rct No 4 on
10
104 1018
/
1
1018 10
104 10812 Naugatuck RR let g 45
1954 MN 8318 -- __ 86 Oct'28
85
9914 New England RR Cons 58_1945• .1
102 981 Oct'28 _
/
4
77 77
/
1
4
Consol guar 4s
/
1
4
7, 86
885 8714 Dec'28
8
1945
9412 101
/ NJ Juno RR guar 1st 48
1
4
8818 Nov'28
1986 P A
_
95 102
/
1
4
NO&NE lst ref & imp 410.1'52 J
964 Sale 963
/
1
1
4
963
4
9211 New Orleans Term 1st
80
J 89 Sale 8914
/
1
4
8914
5
94
997s NO Texas & Mex n-o Inc 53_1935 £ 0
99 99 Dec'28 _ _ _
/
1
4
/
1
4
91 100
let Is series B
/
1
1954 * 0 9812 Sale 984
9913
7
52
35
let Is series C
1956 P A 99 10234 101 Dec'28
3478 69
lot 410 series D
95
1956 PA 95 96 95
10
19
10
let 510 series A
A0 103 10412 104
/
1
4
104
1954
8
88 967 N & C Bdge gen guar 410_1945
/
1
4
6
__ 9712 983 Oct'28
4
_
NYBAM B let cong 58_1935 40 9918 100 99
/
1
4
99
/
1
4
2
844 Iff- N Y Cent RR cony deb 65_1935 MN 108 Sale 10738 108
111
18
Registered
MN
107 Apr'28
92
97
Consol 4.3 series A
1998 P A 90 Sale 893
4
904 21
/
1
Ref & impt 410 series A 2013 A0 10012 Sale 9918 10012 43
9912 10312
7252 79
Ref .3 impt 58 series C
/
1
4
/
4
2013 A0 10612 Sale 1061 1063
4 47
97 10314
Registered
A0
106 Nov'28
884 95 4
/
1
3
91
964 NY Cent & Bud Riv M 314e'97 3' 80
/
1
8114 81
81
1
90
9612
Registered
1997 3' 7812 80 784
/
1
80
/ 15
1
4
Debenture gold 48
1934 ▪ N 9834 96 961
/
4
9018 9 18
6
964 16
/
1
Registered
97 98
/
1
4
▪N
95 Dec'28 _
99 10514
/
1
4
4
' 943 9614 9512
80
3
-year debenture 45
1942
9513
1
9912 104 s
Lake Shore coil gold 3348_1998 P A 783 8212 784
7
4
/
1
79
23
79
/ 8712
1
4
Registered
1998 P A 76% 8514 78 Nov'28
Mich Cent coil gold 310-1998 P A 783 80 9714 Nov'28
8118 36
4
97 100
Registered
1998 P A 77
78 Nov'28
99
/ 993 N Y Chic & St L let g 48
1
4
4
.
96
1937 £ 0 9512 99 96
5
103 10712
Registered
1937 A0 9512 9712 9612 Feb'28
28
9918 10212
-year debenture 4s
1931 MN 9712 Sale 9712
9712 15
/
1
4
2d6eseriesAB0
8612 93
1931 MN 102 Sale 10154 102
7
Refunding 514s series A _ I974 AO 10512 Sale 10512 10634 21
89 91
9684 102
/
1
4
Refunding 510 series B 1975 Ii 10534 Sale 1053
4 10614 58
95 10012 NY Connect let go 4X8 A 1953 P A 95
957 9734 Dec'28 _8
let guar Is series B
1953 P A 100 103 10018 Nov'28
10.21 1114 NY & Erie let ext gold 45-1947 MN
/
4
/
1
9178 Nov'28 ____
3.1 ext gold 410
1001 107
4
/
1
4
1933 MS _ _ loo
9912 Nov'28
4th ext gold 58
10878 1037
8
99 99 Nov'28
1930 £ 0 98
87
9213 N Y & Greenw L gu g 58_1946 MN 935 98 96 Dec'28
8
105 115/4 NY de Harlem gold 310
83 83 Nov'28
2000 MN 80
88
9612
Registered
MN
/
1
784 854 Apr'28
/
1
10412 10913 NY Lack & W let & ref gu 581973 MN
80 July'27
100 10312
First & ref gu 410con....1973 MN 10011
100 Oct'28
4
94 993 NYLE&WIs17sex1
/
1
4
104 Feb'28
1930 MS
92
964 N Y & Jersey lst 58
/
1
1932 P A 1.179512 1063 100 Dec'28
- 4
92 971 NY&NE Bost Term 4.5-1939 A0
/
4
90 Nov'27
5
87
/ 93 3 NYNH&H n-o deb 4s
1
4
1947 MS 85 8612 86 Dec'28
9754 100
/
1
4
Non-cony debenture 31413_1947 MS 7318 813 8514
4
8514 10
97 10115
Non-cony debenture 334e_1954 AO 74 Sale 74
74
6
4
945
90
Non-conv debenture 4s
8
1955
.1 833 88 841s
85
37
102
99
Non-conv debenture 4s
8
8338 34
1956 MN 833 Sale 8318
Cony debenture 3145
87 9412
14
' 75 Sale 73
3
1956
75
7
10912 106
Cony debenture 65
11512 Sale 11518 116
1948 J
11
93 4 991
3
4
• J 1121 Sale 1121s 11218
Registered
/
4
1
9312 9312
Collateral trust 08
105
1940 AO 10412 Sale 104
78
100 10258
Debenture 48
8
/
1
75
15
1957 MN 895 904 75
1st & ref 410 ser of 1927 1967 3D 9038 Sale 89
9012 32
/
1
4
Harlem R & Pt Ches let01954 MN 9018 9012 901
1
/
4
901s
88 88
9918 102
/
1
4
10004 1017s
914 97
/
1
/
1
4
9218 921s
7718 89 4
3
98 100
/
1
4
9212 99 4
3
9858 10059
9612 9958
0012
9412
921s 971a
90
90
62 61
40
87
1312 231
4
1111 21
87
92 *
3
931.
991.101
995. lows
100
1034
9013 96
9518 064
98 100
8438 925
4
99 104
/
1
4
8438 9212
9012 991
4
10114 109
/
1
4
9812 103 2
7
7512 8314
98 1024
/
1
9134 9712
97
/ 991
1
4
/
4
108 103
991 180
.1
8414 98
/
1
4
82 925
2
8414 98
99 1051
8
9213 998
4
88
9718
106 1127
8
102 104 4
1
7954 83
86
9614
101 10418
18
18
184 18
/ /
1
1
4
12
21
14's 22
A41
2S'
86
80
98 1028
4
8734 93
88 100
95 102
8312 9512
9513 102
98 1013
s
100 105
93 1004
/
1
102 106
96 100
/
1
4
9812 109
10518 1095
8
107 107
89
/ 9712
1
4
9818 104
/
1
4
1002 11034
106 10614
79 87
/
1
4
7738 85
/
1
4
98
/ 994
1
4
1
95
981.
91
/ 99
1
4
7714 861.
7618 827.
78 87
77 83
/
1
4
92 981
/
1
4
4
9618 96
/
1
4
95 100
/
1
4
Ho 1031
s
.
105 107
.
1
104 4 107
1
/
1
4
/
1
4
95 10212
10018 105 4
1
9178 9212
9912 10012
99 10018
94 100
83 8719
854 8518
/
1
"ilifa 1W100
10118
S2ls 90
2
7338 831
704 811
/
1
4
78 8 88
5
/
1
4
/
1
4
78 88
7012 80
1104 118 1
1
98 115
/
1
4
103 1010
.
7
72
/ 8218
1
4
87
94
/
1
4
89 9812
New
ON o$
r sTOCK EXCHANGE
Week Ended Dec. 28.
zt
a.
Frtrlay,
Dec. 28.
3683
York Bond Record-Continued-Page 4
Wears
Range or
Lail Sale.
Range
Mace
Jou. 1.
MINDS.
N.Y.STOCK EXCHANGE.
Week Ended Dec. 28.
VI
him
Friday.
Dec. 28.
Weer,
Basile or
Last Sale,
12:14
Rana'
Since
Jon. 1.
Htirk
Mob No Low
Ask Law
Bas
MO No. Low
Mob
5141
468 Loy
8512 93
873 109
4
87 Sale 87
__
8
4
743 753 753 Dec'28
4
723 SON St L-San Fran pr lien 45 A___1950 3
4
8
871 9738
1978 M 8 8814 Sale 8818
895 562
8
Con M 4338 series A
7612 Apr'28 _ _ _
761 78
,
98 a 10418
7
1950 J J 100 Sale 100
1003
4 20
3
6912
Prior lien 55 series 13
6714 80 4
3
- -14 6912
71
100 106
1013 1013 10138 Dec'28
8
4
St Louts de San Fr By gen 66_1931 J
8738 95
883 ____ 8758 Oct'28 -4
9914 1031,
6
1931 J J 99% 9912 993
s
9915
General gold 5e
893 Jan'28 _
4
893 893
4
4
101 111
.• 1 1027
8
8912 9212 8912 Dec'28 88
963 St L Peor & N W lat gu 5s-1948
- 10234 Nov'28
4
9714 975 Apr'28
975 979
8
1
8
1931 MS
1
85
8
8014 924 St Louis Sou 1st gu g 45
8312 867 85
79
99
14
8814 52
8
77
843 St LS W 1st g 48 bond etfe 1989 M N 8712 887 8758
8434 843 Nov'28 _ _ _
4
4
82
8712
81
8214 83 Nov'28
2d g 49 Inc bond ctfa_Nov 1989 J
3
'7Sale 707
71
68
_0i8
8
8018
4
0418 99
9612 41
1932 • D 953 Sale 953
consol gold 4s
4
99 11.414
10112
10112 Nov'28 _
9678 1031s
4
99% 28
1st terminal & unifying 53_1952 .1 J 983 Sale 9812
17
85
8414 Sale 81
81
92
7
9113 98
933
4
933
4
10218 12 100 10214 St Paul & K C SD L lat 4338_1941 F A
102 Sale 102
99 100
1931 P A
100 Oct'28
St Paul & Duluth let 58
8914 07
8914 92 8914
8914
5
9018 9614
1968 J D §5i2
1st consol gold 48
- 9312 Sept'28
4
100 ____ 1003 Dec'28
9812 103
97% 97%
951s ---- 9718 Jan'28
St Paul E Or Trunk lot 4338_1947 • J
Norfolk & West gen gold 601931 M N 1013 10314 10112 10112
5 10112 1051s
4
95% 963
8
_ _ _ 9614 Nov'28
St Paul Minn & Man con 45 _1933 J
Improvement & ext 6a_ _ _1934 F A 10438
10438 Dec'28
1043 107
8
10312 11112
1933 J .5 105 10814 105 Dec'28
9614let coasol g 65
New River let gold 68
103 1(11 34
1932 A 0 103
10314 Nov'28
1043+4 1063
4
J J 103 10512 1063 Nov'28
Registered
4
N & W Ry 1st coma 46
9178 38
1996 A 0 91% Sale 9158
897 983
8
8
94 1011
4
99
_1933
J
6a reduced to gold 4 s
9118 Nov'28
.- 99
Registered
1996 A 0
9012 961s
98
9911
3 J 98-9712 9912 9712 Dec'28
4
Registered
9124 931 9218 Dec'28
DWI let lien & gen g 48_ _1944.3
913 963
4
4
5
9314 9812
95
1937• D 94
Mont ext let gold 48
9614 95
10-yr cony 6.3
1929 M
184 Nov'28
175 19012
_
8818 947
s
9212 92 Nov'28
Pacific ext guar 4s (sterling)'40 3 J 90
Pocah C & C joint 411
1941J D 9218 94
9218 Dec'28
9114 9754
4 10413 109 8
3
105
St Paul Un Dep 1st & ref 55_1972 J J 105 Sale 105
North Cent gen & ref 52 A_ _ _1974 M
10774
108 Aug'28
10734 108
87% 943
4
9014 9012 Dec'28
Gen& ref 433e ser A stpd 1975 M
9612 16 1003 Dec'28
4
9818 10158 S A & Ar Pass lst gu g 4e_ __ _1943 J .1 89
5 100 104
102 1003
4
4 1003
Santa Fe Pres & Phan let 55 _1942 M
North Ohio 1st guar g 5e
1945 A 0 96
973 96 Dec'28
4
95 103
10014 109
1934 A0 1041 _ _ _ _ 104
Oct'28
.-2
North Pacific prior lien 48.....1997 Q
90 Sale 8914
9014 15
89
977 Say Fla & West 1st g 65
s
10714 10712
1934 A0 993
- 10712 May'28
let gold 50
Dec'28
Registered
1997 Q
875s
8812
8212 07
924 08
49212
9212
Gen Ilen ry &Id gt 3s_Jan 2047Q
6818 Sale 6712
6818 14
847 7212 Scioto V & N E let gu a 4s_ 1989 MN 9212 94
8
7412 851
:
80
80 Nov'28
Registered
Jan 2047 Q F 635
8
_ 6514 Dec'28
63 4 697 Seaboard Air Line let g 4a.._ _1950 *0 73
3
8
72
8117
s
7314 41
1950 AG 7314 Sale 73
43stem pad
Gold
Ref & impt 4338 eerie() A__2047 J
99 giTie 99
99
15
97 105
166
3712 9112
39
Oct 1949 P A 38 Sale 3712
Afjustment 5s
Ref & kept 68 eerlea B_ __ _2047J
1127 Sale 1123
8
4 113
36 111 1174
57
87
7218
1959 A0 59 Sale 59
61
Refunding 45
Ref&ImptSeseriesO____2047J J 10412 105 105
105
2 1035 10912
8
73
96 4
3
1945 Al 5 73 Sale 723
4
7414 122
Ref & impt 5s series D_
let & cons Os series A
_2(147 .1 J 10412 105 105 Dec'28
1.023 1033
8
4
785 86
8
MS
85 Dec'28
Registered
Nor Pao Term Co let g 6s__ _1933 1 J 1093 - -- 1093 Nov'28
4
107 11( 38
4
5
88 8 96
3
88
88
Nor Ry of Calif guar g 5s_ ___1938 A 0 102 1053 107 June'28
All & Birm 30-yr let g 4s_111933 MS 893 92
4
- s
105 107
85
947
8
673 147
8
Seaboard All Fla 1st gu Os A_1935 F A 65 Sale 65
8412 908
1935 F A 6412 Sale 6412
6515 24
North Wisconsin let 6s
Series B
1930 1 J 993 10214 100 Sept'28
4
__
99 10232
98 1003
8
Roan let 58 extd1931 J J
_
98 Dec'28
Og & L Cham lst gu g 4s_ __ _1948 J J 8212 Sale 8212
8212
6
7818 mkt Seaboard &
99 10174
907 Dec'28 - 8
997 100
8
Ohio Connecting By let 43... _1943 M $ 923 ____ 9538 Nov'28
So Car & Ga let ext 533s_ _A1)29 M N 988
7 100 ION
1936 F A 101 Sale 101
10112
Ohio River RR let g 58
D
1936
_ 104 Apr'28
jai. 14 S&N Ala consgug58
1074 116
A 0 108 109 10718 Dec'28
_ _1963
General gold Ea
1937 A 0 10014
Oct'28
_ 101
Ica loos Gen cons guar 50-yr
Oregon BRA Nav con g 4a._1946
D 92 Illy 92
92
1
9114 96
1
8778 96
91
9312 91
Ore Short Line let cone g 58_1946 J J 10514 1063 10514 Dec'28 _ 102 1104 So Pac coil 4d (Cent Pee coll)k'49 3D 91
8
8714 kW
J o 8714 8912 9914 Dec918
9 24
.
Registered
87
Guar stpd cons 5s
1948.3 J 10554 106 106
1063
4 11 10512 1113
4
154 •984 100
June 1929 M S 99 Sale
Guar refunding 4s
-year cony 48
20
1929 3 D 985 Sale 9812
8
9954 50
98 100
14
96% 104
99
(Oregon Lines) A_1977 M
99 Sale 99
Oregon-Wash let & ref 4s.._1961
1st 4)45
J 88 Sale 88
8912 17
8618 9412
1
1934 J 0 97 10212 1023
4 10 100 105 4
4 1023
Pacific Coast Co let g fa. _ _1946
-year cony 5.5
D 7412 77
20
74 Dec'28 _
733 831,
4
.
9514 10612
96
42
1968 MS 96 Sale 9512
Pao RR of Mo 1st ext g 48- _1938 F
Gold Vie
2
9312 9312
9312
913 953
4
2
4
8818 96
89
8818
20 extended gold 58
San Fran Term!lot 45 ___ _1950 * 0 8812 91
J iooTs
1938
No Nov'28
100 10258
8912 90
A0
Registered
90 Nov'28
Paducah dx Ills let 8 f 433a_ _ _19553 J
Coo 10058 Oct'28
10038 10138
4
-1 8
4 10234 10 1123 1081
Parle-Lyons-Med RR extl 63.1958 F A 99 Sale 9918
993
4 84
96 1007 So Pee of Cal let con gu g 58_1937 MN 10212 10f3- 1023
8
9512 973s
.1 -_ -- 98
9 28
Sinking fund external 78_ _1958 M $ 1033 104 10334 104
9512 0cV214
91 4
4
36 10112 10512 So Pao Coast lot gu g 4s. _1937
24
91
9812
1955
' 9214 Sale
3
Parle-Orleans RR s f 7s
1954 M
.
9312 95 1023 Oct'28 _ _ _ 101 10412 So Sac RR lot ref 4s
4
5
9212 96
J
9212
9212 Sale 9212
External sinking fund 533a 1968 M S 95 Sale 9414
Registered
943
4 29
93
96114
4
Paulista Ry let & ref at 7a_ _1942 M 8 10234 1027 103 Dec'28 _ _ _ _ 10114 10412 Southern By let cons g 58_1994 j J 109% 1093 10914 10912 13 108 1173
4
8
106 111;12
▪ 1 1065
8
10912 Nov'28 Registered
884 27
853 93
4
8
Pennsylvania RR COM g 4a_ _1943 MN 94 ____ 9458 Nov'28
Devel & gen 40 series A __A956 * 0 877 Sale 871
9458 9914
8714 871
4
A0
8714 Sept'28
Consol gold 48
Registered
1948 MN 93 Sale 93
03
4
93 100
1956 AG
1144 11518 19 11312 121
48 sterl stpd dollar_May 1 1948 M N 93
9434 93 Dec'28
Develop & gen 6s
9214 99
4
30 1173 127
1956 AO 11 :: st l 1203 122
6
2
1
Consolidated f 4345
e
Develop St gen 6 tie
1960 F A 10014 101 10014 1007
8 14
9914 107
104 11318
J
1996
General 4tie series A
106 Dec'28
19653 D 9312 Sale 9938 100
Mem Div 1st g 5s
97 8 104 8
26
7
7
7
87 8 94
1951 J
General be aeries 13
_ VO
19883 ID 10812 Sale 10712 10812 40 1043 115
St Louis Div let g 48
4
1044 1054
10
-year secured 78
05 pec2
1930 A
East Tenn reorg lien g 5a_ _1938 M S ifxi 103 180% Dec'28
1023 Sale 10212 103
4
49 10212 1057
8
9112 901e
15
-year secured 633s
1938 MS 9218 ____ 93 Dec'28
Mob & Ohio coil tr 4s
1936 F A 1103 Sale 11014 1107e 65 10878 1183
8
4
Registered
F A
112 Apr'28
_
112 112
5
81
90
8212
40
-year secured gold 55_1964 M N jai.) Sale 1023
4 10314 29 10184 1057s Spokane Internal 1st g 5s_ _1955• J 8212 Sale 8212
Pa Co gu 333e coll tr A reg___1937 M
99 Ao 2
8578 N pv:28
Staten Island By 1st 4}i8_ _1943 J D
883
___ 88 Oct'28
877 93
8
05
151,
Guar 33.38 coil trust ear B_1941 F A 8712 90
95 Apr'28
Sunbury & Lewiston 1st 40. _1936 Ji
48712 Nov'28
8718 92
9972 997
2
Guar 333s trust etre C _ _1942
D 89
__ 89 Nov'28
89
9014 Superior Short Line let 5s_ _61930 MS
4
983 10212
Guar 333s trust etta D_ _1944 3 D ____ 1712 8712 Dec'28
9958 Dec'28
8712 9101 Term Assn of St L lot g 4358-1 39 A 0 --_--_--_--_ leo
_ 10132 107
1944• A
4
Guar 15 -year gold 48_ 1931 A 0 9812 Sale 9712
-25
100 1013 Dec'28
lot cons gold 58
4644 100
6
9812
87
94
Guar 411 aer E trust ctfa_ _ _1952 MN 89
1913 1 .1 8818 901s
Gen refunds f g 48
92 89 Dec'28
89
95
14
8
1
8
0 %
Secured gold 4%,s
03
%
1963 MN 99 Sale 99
99
9914 104
9912 Texarkana & Ft S lst 5 s A 1950 F A 10333 104 18734 18358 81 1017 10.12
100 10312
-------- 101 Nov'28
Pa Ohio & Det 1st & ref 43303'77 A 0 9612 9714 9612
1943 3
Tex & N 0com gold 5s
9514 102
23
9612
10712 116
Peoria & Eastern 1st cons 44_1940 A 0 8312 8514 853 Dec'28
2000 J D
11
109 Dec'28
Texas & Pao 1st gold 5s
8
833 92
8
Income 48
2d inc5s(Mar.28cpon)Dee 2000 Mar 10018 1013 100 Dec'28 - _
4
April 1990 Apr. 39
43
39 Dec'28
873 5018
8
10112 55 100 1041,
Peoria & Pekin Un 1st 533a_ _1974 F A
1977 A 0 10018 Sale 100
Gen & ref 55 series Il
Nov'28
105
10214 10812
994 10178
15
Pere Marquette 1st ser A 6a_1956
100
1931
3 100 Sale 100
La Div B L lat g 5s
J 1( 18 gale 10218 1027
)
4
4 10012 10512
lgt4sserie.B
10518 10 106 10914
1950,3 .1 8914 9212 90 Dec'28
8812 9612 Tex Pee-Mo Sac Ter 533s_ _.1964 M S 105 10614 105
2 100 1031
4
100
J 9912 --- - 100
Tol & Ohio Cent tat gu 58 __ _1935
9871 103
1935 A 0 1013 - - - 10112 Dec'28
PbUaBalt&Wash1etg481943 MN 9312 ____ 9414 Dec'28
Western Div 1st g 55
4
94 100
98 1013
8
General 5s eerles13
General gold 5s_
1935 J D 98 100 98 Dec'28
1974 F A 10734
10414 116
1073 Dec'28
4
_
PhlulppineRy 1st 30-yr 814(41937
16
15 Nov 27
J 36 Sale 36
38
35
4212 Toledo Peoria & West 181 4s_1917 I 3 12
28
Pine Creek registered 1st 68_1932 1 D 103 105 104 June'28
1950 A 0 9314 9312 93 Dec'28
1112
Tol St L & W 50-yr g 48
104 106
_
98 10(.3
4
"CC&BtLgu434oA
1931 3 s
1940 A 0
98 Nov'28
J
_ 100 10012 Nov'28 - - 997 102 ToIWV&Ogu414sA
3
975 0.912
4
Series B 433s guar
193:3
1942 AG 10018 Sale 10018 10018
lst guar 4 sioseriea 13
s
99 10212
1
Series C 433s guar
:2 -_
28
0412 101
1942
1942 M N
9958 0912 Oct'28 - _
84 2 No- _9774
lot guar 4s series C
9912 1021s
Series D 4s guar
4
893a 943
D §61945 M N
Tor Ham & Bull let g 4s. _ _ _1946
893 Nov'28 _ _
8
_
95 Dec'28
85
99
Series E 33315 guar gold _....1949 F' A
9714 Sept'28
9713
97
58
76
Series F es guar gold
1953 3 ID
Ulster & Del 1st cons g 5s_ _ _1928 J D 5612 6314 6378 Dec'28
'28
97
-97
Serial G 4s guar
55
65
1957 M N -- - ---- 05
Certificated of deposit
56
6512 65 Nov'28,_ _ _
Oct'28
95
9718
Serial H eon guar 4e__
32
48
_1960 F A
1952 40 31
41
41 Dec'28
let refunding g 43
97
9718
- 0714 July'28
943446
Series I cons guar 4339. _ _1963 F A 9954 10012 9958
9314 99
8
995
8 13
9954 10512 Union Pacific 1st RR & Idgt 4s'47 J J 943 Sale 9458
Series J cons guar 4Situ..._1964 MN 995 ____ 9958 Dec'28
__
9112 971s
Registered
4
8
J 92
95% 923 Dec'28
98 105
887 988
s
Genera, M 204 series A_ _ _1970
30
8
91
1073 109 108 Dec'28
let lieu & ref 4s
June 2008 M
4
903 Sale 90
8
10414 11412
971
951 1011
4
4
20
Registered
98
J D
Gold 4338
1967
J 974 98
11338 Jan'28
1133 113%
8
(len Mtge guar 55 series 11_1978 A 0 10818 109 109
108 115 4
3
let lien dr ref 58
June 2008 MS 108 110 108 Dec'28
109
6 1043 11518
8
8518 90
Registered
1968 3D 88 Sale 88
8918 46
A0
11312 Jan'28 - - 11312 11312
40
-year g 4s
93
9912
1944 MS 93
UNJ RR & Cangen4s
95 93 Dec'28
9612
Pluto McK & Y let go 6a_,-1932
96
105
Oct'28
Utah & Nor let ext 4s
1933 J
96 Nov'28
105 105
957
8
211 guar Us
1934 j 3 ioif4
9514 98
10358 July'28
Vandalic,cons a 4s series A _ _1055 P A
9514 Aug'28 _
10518 107
__ 9414
9412 9912
Pate Sh & L E lst g 55
1940 14 0
t 28
10013 105
1003 Nov'28
8
Cones f 4s eerles B
1957 MN
9712 Oct'28
14 4
let consul gold 58
1943 J J
1714 2312
h7
3
1934
164)14 10014 Vera Cruz & P assent4 q a
17)4
-- 10014 Aug'28
Pills Va & Char 181 45
10014 10 Is
1943 MN 65ig
June'28 - _ _
1931 MS 993 ____ 10014
4
9058 Sept'28
9018 9018 Virginia Mfd 58 series F
Pitt/ Y & Ash 1st 485er A-1948 3D
100 103 4
4
General 5s
1936 MN 10012 10112 101 Dec'28
4
---- 933 Dec'28
933 9714
4
let gen Sc serlee B
14
1962 F 1 10318 _
2
9814 107
100
10318 Oct'28
10318 10812 Va & Southw'n let gu 5s_ ... _2003 J
100 Sale 100
let gen 68 aeries C
1974 3D
90 IV 3
947
4
-year 5s
1958 * 0 9312 9412 94
8 18
181 cow 50
Providence Secur deb 48.._ 1957
3
N
s
7512 Nov'28
N 1035 1045 10358 1044 23 1033 B97
8
8
71
8058 Virginian By 1st 58 series A _ 1962
Providence Term 1st 4s_ __ _1956 M
3 101 101312
837 _ _ 80 Nov'28
8
1939
N 10114 Sale 10118 1011
80
9114 Wabash RR let gold 55
Reading Co Jersey Can 001148 61 AO 923 93
,
1
9814 11 4 4
4
100
923 Dec'28
4
1939 FA 9912 100 100
2d gold 5s
913 97
4
Registered
AO
8
20 102 1073
943 June'28
4
Ref & gen s f 5338 ser A_ _ _1975 MS 10312 Sale 10212 1037
943 9514
4
Gan & ref 434e aeries A_ _ _1997'.3 9814 Sale 98
99
Debenture B Os registered _1939 3 J 10112 ____ 8814 May'27
39
98 104 4
3
Rich & Meek 1st g 48
1948 MN ____ 8712 7918 May'28
29
85
' 85
3
8
lot lien 50-yr g term 48,_. _1954
887 8818 Nov'28
7918 8214
Richly Term Ry 1st gu 55 1952 J J 9912 102 l041 June'28
4
1053 July'28 ____ 10418 11'53
4
Del & Chi ext let g 58_ __ _1941 J
10414 10412
Rio Grande June 1st gu M
1939 J
1007s 100 Nov'28
913 9312
6
Des Moines DIY 1st g 4s_ _1939'.3
93
100 10112
Rio Grande Sou 1st gold 4s._1940 J
83 8 0 3
6 May'28
D 4
1
Omaha Div let g 333a._ _1941 A0 84
8412 88114 Nov'28c2
,4
44 5
Guar 4a (Jan 1022 coupon)'40 J .1
_
89
9612
712 Apr'28
1941 MS 90
95 91 Dec'28
Tol & Chtc Div g 413
5
714
Rio Grande West let gold 45_1939 J
973 106
4
9912
9
4
4
-903 9214 903
903
4
90
9512 Wabash By ref & gen 58 13_1976 AO 9839 Sale 9858
let con & coil trust 4a A...._I949 AO 84
8578 61
9112 161
8614 8538
8108 9414
Ref & gen 433e Ser C
1978 FA 913 Sale 91
8
8314 902
8
1934 M
R Ark & Louis 1st 4338
96 Sale 96
96
15
91
9914
-Canada tat gu g 4.3
Rut
1949
1 ____ 8314 82 Nov'28
83 83
803 83 Mar'28
4
794 847 Warren let ref gu g 33.5e..__ _2000 P A
8
Rutland let eon g 4346
1941
J 90 Sale 90
844 913 90% Mar'28
90 8 903
1
90
1948 Q
4
8
1
90
9658 Wash Cent let gold 48
Oct'28
8312 91
1945 P A 8512 86
86
Wash Term let gu 3335
fit Joe & Grand Id 13t g 48-1947.3.3 8818
85
8818 Dec'28
90
1945 FA
85 Nov'28
let 40-year guar 4e
86
92
1998 Ii 100 _ _ -- 100 Dec'28
Bt Lawr & Aft lot g 58
99 987 Dec'28
8
983 101
2
100 1004 W Min W & II W 1st gu 58 1930 P A 97
4
1998 40
10814 10534 Nov'28
20 gold Bo
8112 94
7812 871
1952 A0 81 Sale 81
4
West Maryland let g 413
105 108
1931
'3
99
43
9812 10318
Bt L & Cairo guar g 4a
97 Dec'28
9814 Sale 98
96
let & ref 5338 series A_ _ _1977 J
954
Mt & t3 gen con g 544_1932 AO 993 Sale 9912 100
10112 Dec'28
4
100 KW
' 10118 102
3
Bt L Ir
1937
17
984 10214 WeatNY&Palstgba
Stamped guar 58
1931 A0
9112
5
1013 Dec'27
4
88 e 94 4
1
1943 AO 9118 9212 914
3
_
Gen gold 48
Unified & ref gold 48
1929Ii 987 Sale 983
8
4
987
4 48
8
993
4 12
97 1111
Western Pac lst ser A 68_ _ _1946 MS 9812 9914 985
1933 MN 94 Sale 935
Riv&ODlVlita48
9418 49
8
MS
9718 Aug'28
9718 971a
Registered
9358 Wag Wedt Shore lat 4s guar
87
8418 9312
212.1. M Bridge Ter gu glSe -1930 40 9712 100 100
100
86 Sale 8518
12
2361 J
4
on, 1018
.
4
1
2361 ii 85
863 8618
4
8618
Registered
83 a 93
7
Y 0& W ref 1st g 4e_June 1992 M S
Reg $5,000 only June 1992 M S
19553 D
General 48
N Y Providence & Boston 4s 1942 A 0
A 0
Registered
N Y & Putnam 1st con gu 4s 1933 A 0
J
N Y Stag & West let ref 58_1937
1937 F A
2d gold 4330
General gold Ea
1940 F A
Terminal let gold 5a
1943 M N
N Y W-ehes& B lst ser I 43.35 '46 J J
1950 A 0
Nord Ry ext'l e f633e
Norfolk South lot & ref A 58_1961 F A
Norfolk & South 18t gold 58_1941 M N
yg 8
.
5
I Due May, C Due June, 8 Due AuguSta
3684
BONDI
A. v STOCK EXCHANGE
Week Ended Dec. 28.
New York bond Recor0 --Continued—Page
n.
PM.
Fridag.
Dec. 28,
LVeac's
Range or
Lan AS.
i3
r.
Range
Since
/as. I.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 28.
Ns.
Press
FrOdat.
Dec. 28.
14
Pangs or
aet Sale
i
g-7
.
es
Range
Since
Jan. 1.
B14
As Gorr
High
High "C. Low
High
High No. Low
Bid
A rk Lon
Wheeling & Lake Erie—
rlorn Prod Reis let 25-yr 65834 MN 100 10012 10318 Dec'28 - -- - ton 10318
Ext'n & inapt gold Si
1930 P A
993 100 Sept'28
4
100 10018 Crown Cork & Seal f 6s_ _ _ _1947 J o 98 Sale 98
9712 1001)
98
3
Refunding 448 series A_.-1966 MS 88
9012 901 Dec'28
90
/
4
9812 Crown- Willamette Pap(is __ _1951 J
10114 10312
4 103
1013 Sale 1013
4
Refunding 55 series B
1966 MS 975 102
8
9712 Nov'28
9712 102
Cuba Cane Sugar cony 7s ___1930• J 7518 Sale 7518
93
241 67
5
RR let conso145
8812 94
1949 MS 87
907 8914 Dec'28
8
Cony deben stamped 8%.1930 J
8
4
1231 risis 07
8
78 Sale 76
3D 634 677 68
8712 7912 Cuban Am Sugar let coil 84_1931 MS 104 Sale 10312 10
4Vllk&Eaatlstgug5s
1942
/
1
8
68
10314 10b
7
78
& S F lift gold 55
1938• D 1004 10313 10053 Dec'28
/
1
10032 1047 Cuban Don; 8115 let 73.8e1944 MN 9712 Sale 97
5
97 10112
Winston-Salem S B lit 4s_ _ _1960 23 8114
92
Curub T & T let & gen 5s_ __1937 32 102
92 June'28
93
997 10412
2
____ 102
108
92
29
1
Wis Cent 50-yr let gem 4e.1949 23 85 Sale 8013
85
8
813 923 Cuyarnel Fruit let s 613 A __ _1940 * 0 993 100
4
8
De 2
8
1 9812 191
9912 Dec:2 :2:
4
88
9312 Denver Cone Tramw let 5s _ _1933 AC
Sup & Dul dlv & term let 48'38 MN 89
10
89
9012 89
76
Wor & Con East 15t 44e
2
1943
923 Dec'28
3
92
923 Den Gas & L lot & rots f g 5551 98 N ioija
3
10113
10112 10 -Sig% 163
Stamped as to Pa tax
1951 MN 9914
_ _ 10118 Dec'28 ----1 99 103
INDUSTRIALS
Dory Corp (1) G) 1st f 7s_ _1042 MV 70 Sale 70
8012 75
70 1
4
Detroit Edison 1st coil tr 55_1033 32 looN sale 10012 10113
7
4 10014 1035
Abraham & Straus deb 5345_1943
1st & ref 5s serial A _July 1940 MS 10312 10414 10278
2
10414 30 1013 1053
4
A0 1093 Sale 10812 10912 40 10712 10912
With warrants
4
Gen & ref 5s series A
1949 A0 10312 104 10314
4
103141 16 10114 1013
Milano Express coll tr g 45___1948 M
8853
let & ref Os series B.. _July 1940 M
1
_ _ 88
96
88
87
107121 13 106 110
10712 Sale 107
Adriatic Elec Co extl 75_ _ _ _1952 * 0 92
2
94
9412
9412
Gen & ref Sager B
963 9412
1017 107
2
4
1955 3D 1033 10414 1033 Dec'28
4
4
Ajax Rubber lot I5-yr of 88_1938• D 103 Sale 0213 10314 33 100 tir.81
4
Series C
1962 FA 1043 Sale 1043
4
105 1 18 10212 10714
4
Alaska Gold M deb 68 A_ _ _ _1925 M
818 14
Dot United let oons g 4Sis _ _1932
8 Dec'28
' 97
3
312 14
95
9712 97
9712
Cony deb 68 series B
1926 M
312 8
Dodge Bros deb Os
812 Nov'28
818 10
1940 MN 10134 Sale 10153 10214 37
863 10914
4
97
78
9914 1)010(Jacob)Pack let es__ _ _1942 Si 64
Albany Pertor Wrap Pap 6E1_1948 A0 98
10
98
983 98
4
60
/ 808
1
4
98
8712 Sale 8713
8711
/
4
3
Allis-Chalmers Mfg deb 55..1937 MN 1003 Sale 0013 1003
98 1023 Dominion Iron & Steel 5s__1939 MI 90
4
4
4 43
85 101
99
97 Dec'28 _ _ _ _
Alpine-Montan Steel let 78.1955 M
924 9312 93 Dec'28
/
1
064 Donner Steel let ref 75
/
1
02
00 100
1942 .1
4
9834! 4
983 Sale 983
4
Am Agri° Chem let ref s f 7199'41 P A 10414 Sale 0413
1044
/
1
9 104 10612 Duke-Price Pow lit (is ear A '66 MN 1003 s e 1993
53
4
10518! 40 103 101)13
04 4 Sale 0414
Amer Beet Sus cony deb 85_1935 P A 87
Duquesne Light lst 4SO A_ _1967 * 0
3
79
93
8813
897 88
s
98 104
1003
41 60
American Chain deb silks_ _ _1933 A0 971 Sale 97
9618 1043 East Cuba Sug 15-yr s f g 71y a'37 MS 94 Sale 93
9773 26
/
4
4
79 Ilk 33
7
05
94 1 12
Am Cot 011 debenture Si..
193I SI N 97
99
93
3
99
96 10238 Ed El III Bkn let con g 48_1939 ▪ 3 95 Sale 95
/
1
4
933 99
4
Am Cynamid deb 58
Ed Elec III 1st eons g 5s
7
92
97
9518
1942 AD 95 Sale 94
4
1995 3
1101 114 11012 Dec'28 _ __ _ 1083 11718
/
4
Amer Ice f deb 53
3
3
1953 3D 903 Sale 903
903
4 19
903 9512 Elec Pow Corp(Germany)634s'5050 MS 93 Sale 93
9212 9912
3
94 I
2
Am Mach & Fdy f(is
Elk Horn Coal 1st & ref 634s.193131 J
4
4
1939 * 0 1033 1053 033 Dec'28
4
1033 ' 8
4 50
99
90
92
90 Dec'28 _ _
90
American Natural Gas Cu:p—
Deb 7% notes (with warets'31 • D 78 Sale 78
91
74
78 I
1
9714 31
Deb 6 413 (with purch warr)'42 A 0 97 Sale 97
Eq aft Gas Light 1st con 5a _1932 M
97 100
99 10212
/
1
4
____ 99 100 Dec'28 __ -Am Sm & B let 30-yr 58 set A '47 * 0 101 10212 10018
101
26 100 102 4 Federal Light & Tr let 5s_ _1942 M
3
4
9518 1033
9614 Sale 96
96 4
,
5
Amer Sugar Ref 15-Yr 68_ _ _1937
' 104 Sale 1033
3
4 10414 57 10212 106
let lien of 5s stamped _ _ _ _1942 MS 96
US 1011s
98
97 Dec'28 _ __ _
/
1
4
Am Telep & Teleg coil tr 48_1929 J .2 991 Sale 9913
/
4
let lien 6s stamped
9813 100
99 4 152
,
11994462 MB 1033 Sale 034 10338
5
/
1
4 100 1053
4
971 Dec'28
/
4
Convertible 4s
923 1001; 30
4
-year deb 65 tar B
1936 M
9714
97 105
11093504 J
100 1
2
100 10013 100
20
-year cony 434s
971 1021 Federated Metals f 7e
/
4
/
4
99 4 100 101 Dec'28
3
1933 M
3D 103 Sale 1021s
OP 105
3
103
80
-year coil tr be
8 34 10314 106
Flat deb 78(with warr)
1045
1946 3D 104 Sale 104
,
2
155 Sale 15112 157 • 50 UM 174
3D
Registered
/
4
_ 1024 Dec'28
/
1
Without stock purch warrants_
102 1041
/
1
4
90 2 9912
,
96 Sale 96
85-yr of deb 55;
Flak Rubber 1st a f 8s
76 10318 109
1960 ii 10412 Sale 10413 105
in 120
1941 MI 11112 Sale 1112 19634 42
12
8
20
-year of 5348
Ft Smith Lt & Tr let g 58_1936 523 10213 _11112 11112
1067
8 63 11145 110
1943 MN 100 Sale 106
5
MI 1043
8
1
Am Type Found deb 85
1940 A 0 10413 10514 1043
4 1044
7 10173 106
Frameric Ind & Deb 20-yr 7348'42 3
/
1
105
10312 Sale 10312
39 10314 11(112
Am Wat Wks & El col tr 55_ _1934 A 0 9613 Sale 95
955 10112 Francisco Sugar lst s 7348_1042 MN 10312 105 104
8
/
1
4
964 82
/
1
10453 34 104 11012
Deb g 68 eer A
/
1
1975 M N 1044 Sale 104
102 1013 French Nat Mail SS Linea 75 1949
U 1011 102 10112 102
1044
8
/
1
12 101 19-'12
/
4
Am Writ Pap let g 65
8
83
9114 Gas & El of Berg Co cons g 551949• 11): 10214
8412
1947J J 83 Sale 83
105 10712
05 Dec'28
Anaconda Cop Min let 6s_ _ _1963 P A 10514 Sale 105
210 103 10112 Gen Asphalt cony 6a
106
A 0: 10712 Sale 10712 1074 14 106 117
/
1
10414 uli 12 Gen Cable 1st s f 534o A_ _ _ _1939 J J, 9818 Sale 9818
Registered
10414 Oct'28
984 101
/
1
047
99 ; 22
I5
-year cony deb 7s
Gen Electric deb g 3Sis
188
308 11014 188
1938 F A 185 Sale 178
9412 96
1942 F
/
4
94
/ 943 941 Dec'28 -- - _
1
4
4
Gen Mee(Germany)75 Jan 15'45 J
Registered
4 137 185
185
182 Sale 182
003 10613
4
102 Sale 1003
4
102 1 12
Andes Cop Min cony deb 75 _1943
2234 221 120 241
/
1
8 f deb 648 with warr _ _ _1940 3 Di 120 Sale 120
220 Sale 210
120
11 117 12(12
Anglo-Chilean s f deb 75_ _ _ _1945 MN 94 Sale 94
9414
7
92 105i4
Without waretsattach'd 40 3D 98
9613 1013
2
'
9913 98
98
1
Antilla(Comp Asuc)7Ms__ _1939 ii 81
20
8412
8014 963
4
8412 8412
1
-year a f deb 68
02
52
1948 M
9314 18
9214 Sale 1 9214
Ark & Mem Bridge & Ter 58_1964 M
Gen Mot Accept deb (is
101 10312 101 Dec'28
101 104
4
1937 P A 10253 Sale 1025
5 103 1 101 10114 1043
Armour & Co lut 430
9212 65
1939 3D 9112 Sale 9112
90 4 0414 Oen1 Petrol 1st a 11 53
3
964 10211
1940 P A 1003 Sale 1003
4 101 I 29
4
Armour & Co of Del5Ma __ _1943• J 9013 Sale 9018
874 94
Gen Refr 1st s f Us set A
905
8 61
102 10812
1952 P A 10613 107 1106 Dec'28
Associated 0116% gold notes 1935 MS 1027 Sale 10214
8
102
/ 15 101 10312 Good Hope Steel & I sec 7o_ _1045 AO 971 9912 9712 Dec'28 ___ _
1
4
9712 103
/
4
Atlanta Gas List 58
10312 Dec'28
Goodrich (1) F) Co let6Sis_ _1947 33 107 Sale 106
1947• D 10312 _
1084 1(17
/
1
06 10812
1073
/
4 16
1
4
Athtntle Fruit 75 ctfe dep._ _1934• D 125 11
15 Nov'28 _
8
Goodyear Tire & Rub 1st 5s _1957 MN 93 Sale 9212
121 16
/
4
89/14 96
9318 74
J o 121/4
Stamped Mrs of devoid*
15 July'28
9912 103
Gotham Silk Hosiery deb 68 _1936
_
15
15
ID 1001 Sale 9912 100141
/
4
5
All Gulf& W 388 L coltr 58_1959 32 7612 -- -723 821, Gould Coupler 1st f
4
763
4
8218
3 15
1940 P A
69
72
7112 Sale 7112
17
Atlantic Refg deb 55
10118
9
4
1937 23 10118 Sale 10118
97 1033 Gt Cons El Power(Japan)761 _1944 P A 9814 Sale 9713
07 10118
/
1
4
9814. 10
BaMw Loco Works let Is.._1940 Al N 10612 107 1061 1061
/
4
/
4
3 19612 10512
Ist&gens f(316a
0218 98
1950 23 93 Sale 921
931
12
97
Daragua (Comp As) 7345. 1937 J
9812
4
9812 9812
4
9812 1083 Great Falls Power Mt a 5s_ _1940 MN 98
101 1067
8
984 101 Dec'28
/
1
Barnsdall Corp Ss with warr_1940• D 13012 Sale 127
132
991 1561 Gulf States Steel deb 5Si g....1942 3D 97 Sale 97
/
4
/
4
184
9614 101
98
/
1
4
6
Deb 60 (without warrant)_1940 Jo 9953 Sale 9953
8978 100
993 407
4
Hackensack Water let 45_ _ _1952 3'
87
/ 9253
1
4
89 Dec'28 ____
Batavian Pete gen deb 4198_1942 32 925 923 02
8
4
9512 91513
93
52
807 9 4 Hartford St By let 4s
8 53
1930 IQ
9614 ____ 9613 Nov'28 _
Belding-Hemingway 65
9013
90
/
1
4
6
1938 ii 9012
993 Havana Elec consol g 5s_ _ _1952 P A 83
4
90
Si
98
84
84 Dec'28 _ _ _ _
Bell Telep of Pa Si series B_ _1948 J
Deb 53 series 061926_ _1951 M
105 Sale 10412 105
24 104 1094
-is
6312 753
4
6313 Sale 631
/
4
66 1 31
let&ref5aeerleeQ
Hoe(R)& Co 1st 614s ser A _1934 AC 8513 Sale 85
8 10712 14 106 113
1960 A0 10712 Sale 1073
9914
85
8712 12
Berlin City Elec Co deb 63s 1951 J o 923 Sale 9212
9314 23
Holland-Amer Line 68(flat) _1947 MN 10278 1033 1021 1024
4
9212 93
00 8 10412
5
5
4
/
4
Berlin Elec El & Undg 6Ms .1956 A0 924 Sale 911
/
1
/
4
973 Hudson Coal let f 513 set A.1962 J D 82 Sale 82
9212
3
4
8
913
82
95
864 47
/
1
Beth Steel let & ref 58 guar A '42 MN 104 Sale 10253 104
997 WA Hudson Co Gas 1st g 58
8
2
0018 '09
1940 MN 103 105 104 Dec'28 ___ _
/
1
4
30-yr p m & Imp of 6e._ _ _1936 23 10212 Sale 100
10212 32
Humble Oil& Refining 5148_1932 3' 1011 Sale 10112 1013
99 103
/
4 27 10014 10312
4
ISt.ons 30
-year 65 series A_ _1948 F A 10412 Sale 10412 105
Deb gold 58
42 10212 10573
98 10112
1937 *0 10013 Sale 100
10012 77
Com 30
9912 106
-year 5Msser B_1953 P A 103 Sale 1013
8 103
Illinois Bell Telephone Ss_ 1956 3D 1037 10414 1034 104 I 19 10315 10t7
35
2
/
1
s
Bing & Bing deb 6395
9812
Illinois Steel deb 4368
1950 MS 9812 Sale 0812
5
9614 99
1940 *0 97
98 10112
/ 99
1
4
9814
99
5
A0 72 Sale 72
Botany Cons Mills 6390
A0 103 Sale 103
7414 38
1934
59
831 Ilseder Steel Corp of 7s
/
4
987 10318
2
103
11
Bowman-Silt Hotels Te
99
99
1934 MB 97 100
Mtge fis
97 10512
1
9112 9212
1948 FA 92 Sale 1 92
94
6
9214 117
B'way & 7th Ay let con Ss_ _1943• 13 713 Sale 7134
4
7212
Indiana Limestone 1st f 03_1941 MN
81
1
68
867 10114
2
9112
9112
9112 92
8
Brooklyn City RR let 5s_
/
4
1941 2 3 8812 9012 871 Dec'28 _ _ _
97 10013
1936 M N 9912 ---- 991e
8712 95 2 Id Nat Gas & 01154;
,
9911;
1
Bklyn Edison Ma gem 58 A..._1949 J 2 1044 Sale 10414
/
1
1044 54 101 10(15 Indiana Steel let 53
/
1
1952 MN 103 105 105
3
105 i 10 111218 103 4
Registered
• J
1053 Dec'28
8
1053 105' Ingersoll-Rand let 5s Dee 31 1935 33
3
102 Sept'23 __ _ _ '01 104
General Si series B
9912 10 4 Inland Steel lot 4,
1930 J 2 101 Sale 1001s
10118 18
,3
83
2
1978 AO 9212 Sale 92
911s 943
9212 23
Bklyn-Man R T sec 1319
1968 33 9812 Sale 9814
9812 138
3
1)614 100 4 Inspiration Con Copper 614e 1931 M
/
4
10112 Sale 1011 102 1
6 100 10214
Bklyn Qu Co & Sub con gtd 5s'41 MN 6214 67
7412 8814
6214 Dec'28
Interboro Rap Tram 1st 58_ _1966 J
6214 72
79 Sale I 78
79
86
1st 55 stamped
7218 Dec'28 _
1941 23 7214 80
J 2 783 Sale 1
Stamped
64
/
4
90
741 8612
79
4
230
Brooklyn R To let cony g 4s_2002 J
8814 Nov'28 _ _ _
Registered
7614 83
77 Nov'28 ___ _
78
3-yr 7% secured notes_ _ _ _1921 2
105
_ 13614 Nov'28
10
-year Gs
70
90
/
1
80 Sale 784
80 i
6
Bklyn Un El list g 4-58
10-year cony 7% notes_ _ _19 2 -4
1950 P A 9214 - -14 9214
93
9212
5 -9114 1669614 10314
1 3 Is1
4
9912 Sale 983
9912 76
Stamped guar 4-5s
897 09 4 Int Agile Corp let 20-yr 5s 1932
8
9312 91
1950 P A 91
92
,
19
90 101)
/
1
N 9212 934 9213 Dec'28 ___ _
Alklyn Un Gas let eons g 55...1945 MN 106 Sale 06
Stamped extended to 1942 _ - -- Pa N
10614
8614
4 104 111
77
82
8
2 81
lift Hen & ref Miseries A1947 MN 1171 119
/
4
171 Dec'28
/
4
Int Cement cony deb 5s
_
9415 106
1048 MN 109 Sale 10512 11041 466
/
1
Cony deb 5398
1936 3, 370 380
70
375
:
OMR 1001
/
4
15 256 316
1947 MN 977 Sale 973
770 79983 Internet Match deb 55
3
93
/ 40
1
4
3
Buff& Suss Iron let of 5e_ _ _1932 ID
-- 9612 Nov'28
Inter Mercan Marine of 6s._1941 AO 9912 Sale 9912 101
9912 10112
9314 102
15
Bush Terminal lit 48
863 8812 86 Dec'28 _ _
4
1962 AG 95-International Paper 5s set A _1947 23 9412 Sale 045
93 1025
/
1
4
8
4
97
15
Consol5s
993 99
1955 32 99
4
Ref a f Os ser A
99
6
815 19314
814 0
96 1011
4
1955 MS 96 Sale 9614
/
4
99
38
Buell Term 131dge 58 au tax-ex '60 * 0 1023 10312 033
Tot Telep & Teleg deb g 438s 1952 J
8
8
1043
4 34
924 9912
/
1
991 105
/
4
93 Sale 94
/
1
4
95
38
By-Prod Coke let 5395 A__ _1945 MN 943 102
0112 Dec'28
4
Cony deb 410
100 1031
,
/
1
1939 J J 1093 Sale 109
3
11014 837 1084 113
Cal G & E Corp unit & ref 58_1937 MN 1013 Sale 013
8
s
1013
3
5 198 13 105
i 4584 Kansas City Pow & Lt So.._1952 MS 1034 Sale 104
095
/
1
104
8 10212 10612
Cal Petroleum cony deb e f 551939 P A 1003 Sale 003
4
3 101
lst gold 434e series B
16
/
1
4
1957 3
10014
10014 Sale 10014
1 I00 10513
Cony deb f 5Ms
4
1938 MN 1023 103
023
4
103
Kansas Gas & Electric 62_ _ _1952 M
2
105 Sale 10312 106
60 10418 10112
Camaguey Bug Wets 7s_....1942 A0 97
98
07
97
/
4
3
97 1011 Kayser (Julius)& Co deb 5148' MS 133 Sale 130
/
1
4
13312 62 10514 148
47
Canada S S L let & gem 68_ _1941 A 0 1003 101
4
003
4 1003
4
Keith(B F)Corp let 63
2
1948 MS 9314 Sale 9314
88 101
94
5
Gent Dist Tel let 30-yr Es.
.1943 JO 104 105
04
104
1 1012 105°31 Kelly-SprIngt'l'ire 88 notes _1931 MN 11014 Sale 110
/
4
/
1
4
7.
'
4
E
11014 26 1061 110
Cent Foundry lot of 68 May 1931 F
9612 9912 9612 Dec'28
9612 9913 Kendall Co 534s with wart_ _1948 MS
Oentral Steel let g s f 88
1941 3015 124 12412 24
124
931 99
97
Keystone Telep Co 1st 55._ _1935 23 _ -- - -12 55il Nov'28
1 150 126
20
1;4
Certain-teed Prod 5345 A_ _ _1948 MS 82 Sale 80
84
Kings County El & P g ba_..1937 A0 10312 ____ 103
71
Oct'28 _ _1 10214 10738
Cespedes Sugar Co lets f 7340'39 M
94 Sale 94
94 .._ _ _
Purchase money 65
94 105
1997 AC 12814 _ _ _ _1130 Nov'28 _ __ _1 125 135
Chic City & Conn Rye 513Jan 1927 Au
644 6312 Dec'28
/
1
Kings County Elev 1st g 4s _ _1949 FA 81 Sale 81
6112 6
8018 9112
9
81
6
Oh L & Coke lstgu 856_1937 23 11115 1085 013
8
8
4 1013
4
4 100 1043
A 80
Stamped guar 4s
•2
7804 9012
8114 81 Dec'28
1949
Chicago Rye 1st 55
82
1927 P A 81
803
4
813
4 43
Kings County Lighting 5s
.1 1044 1053 105
783 8
4 8
/
1
1954
4
105
1 100 10758
Mlle Copper Co deb 54
/
1
1947 JJ 944 Sale 933
92144 97
8
9 04
0
4
955
8 85
J 11614 11714 11612 Dec'28
First & ref 616s
11434 120
1954
Cm G&E let M 48 A
1968 A0 8813 Sale 8814 - 89
Kinney(OR)& Co 734 %note8'36• D 1031 Sale 10314
84
/
4
105
2 10314 10814
Clearfield Bit Coal let 45_1940
76
90 Dec'28
8714 90
Kresge Found'n coil tr (93_.l936 3D 103 104 .1031
/ 1031 11 10213 1057
4
8
/
4
/
1
4
Colon 011 cony deb 613
1938 P A 11012 Sale 1012 11212 73
994 122
MB 10012 1011 1001 10012
Lackawanna Steel let 55A
99 10514
/
4
/
4
1
Colo F &I Co gen s f 68
1943 23 9718 98
9714
98
9714 10214 Lac Gas Lot St L ref&ext 58_1934 A0 10114 102 110114
15
99 20418
2
1017
8
Col Indus let & cull 55 gm._ _1934 ' A 9413 Sale 9412
9412 14
Coll & ref 534s aeries C.__1953 P A 10412 Sale 1041 10414
/
4
8 10253 106
1952 MN 9913 Sale 99
Columbia & E deb 51
994 97
/
1
Lehigh CA Nay of 434s A..,1954
' 99
3
9914 1013
991 991 Dec'28
/
4
/
4
4
Columbus Gas lit gold 5s_ _ _1932 JJ 943 9912 95
4
95
Lehigh Valley Coal 1st g 58_1933 J
5
97 10218
99 1004 9912
/
1
9912
1
Columbus Ry P & L let 439s 1957 ii 923 92
3
/ 9212 Dec'28
1
4
9112 10°028:
"99844 10
2 0
• J
Registered
100 101
100
Oct'28
9278 87
Commercial Cable let g 4s_ _2397 Q J 87
Oct'28
1st 40-yr gu Int red 10 4% _1933 32 924 97
97
97
/
1
97 Aug'28
Commercial Credits f 68—.1934 1 N 9914 Sale 9914
9 1 10114
99332 193 2
77
711 8
993
4
9097
: Ist&refsf 5s
8
2
101 102
_ _ 101 Sept'23
1934 P A 101
Coltr s f 534% notes
1935 23 935a 9513 9312
9312
let & ref a t 58
2
06 10412
_ 93
/ 96 Nov'28
1
4
1954 F A
94 FF AA
deb 6s _ _ _1948 MB 96 Sale 9514
note col Invest Tr
97
let & refs f 5a
22
935 9558 Nov'28
8
9532 10114
Cosiputing-Tab-Reos f 68_.1941 ii 10514 Sale 044 10514
/
1
let & ref a f 58
4 104 10612
_ _ _ 93
04 10014
/ 94 Nov'28 _ _
1
4
1964
9753 9914 974 Dec'28
Conn Ry &L Ist&refg434s_ _1951
/
1
__
let & ref of 58
94
993
4
8
1974 P 0
AM A
ept 8 _.__
913
4
1951
9712 Sale 9713
Stamped guar 4348
38
9714
97
Lea Ave & P F let gu g 55_ _ _1993
/ 10
1
4
90 102
/
1
4
_
3714 May'28
Consolidated Hydro-Elee Works
Liggett & Myers Tobacco 78_1944
1197g 120
-120 1
3 120 127
9412 Sale 9412
of Upper Wuertemberg 75_1956
95
9978 10553
,
7
9412 100 2
6s
10212
7
1051 FA 10212 Sale 10212
72 Sale 72
Cons Coal of Md 1st & ref 58_1950
74
/ 30
1
4
833 Liquid Carbonic Corp 613. _ _1941 FA 10415
4
72
177 Dec'28
_ III 210
Consøiaaa(NY)debS34i..1945F A 106 Sale 10514
106
Loew's Inc deb(is with wary _1941 A0 1141 11512 11414
29 10414 107
115141 127 10524 11514
/
4
0 1011 102 102
/
4
Oonsumers Gas of ChM gu 64 19382
1021 31 100 1033
/
4
4
99 10212
Without stock put Warrants. A0 100 Sale 9912 100
22
Consumers Powerlst 55_ _ _.1952 M N 103 Sale 1027
8
103
/
1
4
Lombard Elec 1st 7s with war '52 313 100 1001 100
16 102 106
1004• 10 100 100
/
1
/
4
1948 3 D 9812 Sale 981
Container Corp let 65
/
4
9812
6
98 10414
Without warrants
9214 9434
2
9214*
9214
3D
91 Bale 90
15-yr deb Is with wan....1943
91
30
80
/ 9812 Lorillard (I') Co 7s
1
4
113 ; 10 104 11812
1944 A0 112 Sale 112
A 0
• A 97
Cont PaP & Rag MU 6
981 97 Dec'28
/
4
70
9728
117 117
,117
Apr'28
Registered
"
194"
Copenhagen Telep ext 46 1950 A 0 97
9814 100 Dec'28
5e
s
99 10214
817 0314
00
7
1951 F A 90 Sale-I 90
Dehh4e
85 3 97,2
,
.10813 1 854 Sale 851s
8133
/
1
4 34
3685
New York Bond Record-Concluded-Page 6
r.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 21.
tt
.;:c.
Price
?Wet.
,
Dec. 21.
Weeks
14
a3
R01168 Of
Last Sale. ofi
Issas
sou
Jos 1
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 21.
11
Prise
Friday.
Dec. 21.
Weed's
Range or
Lase Bale.
in
21Q
So• s
Mats
lea. 1.
All Lott
Fisch No. Low
Mob No Low
Ask tow
BM
Ma
HAIll
Mak
tsiulsyille Gas & El (KY) 58_1952 MN 1035 Sale 103% 1035
8
8
9712 1024
100 8 106% Pure (311 If 515% notes -.l937 F A 100 Sale 9912 10014 46
5
Louisville Ry let cone 5s___ _1930
I 1035 10414 94 Dec'28
8
94
.1 94 Sale 9313
8
2
94
9214 Ms
9812 Purity Bakeries s f deb 5s_ __1948
Lower Austrian Hydro El PowRemington Arms Os
193758 N 10013 Sale 10014 101
11
97 101
8512
88
4
92
1944 F A 8612 87
letsf6125
9414 85
8414 9112 Rem Rand deb 5155 with war '47 MN 935 Sale 9312
97 4
3
99 4 1011%
McCrory Stores Corp deb 53.ft'41 J D 9812 Sale 9812
99
13
3
9812 11515 Repub I & S 10-30-yr 55 s 1_ _1940 A 0 1015 10212 10153 Dec'28 8
Manatl Sugar let sf 715s.„1942 A 0 97 Sale 97
9712 10
Ref&gen534aserlesA..l953J J 1023 1033 1013
4
4
1023
4 23 10012 105
91 1013
4
Manhat Ry (N Y)cons g 45_1990 A 0 663 Sale 6614
4
667
8
9
85
774 Reinelbe Union 75 with war_1948 J J 10314 Sale 102 Dec'28 -- 102 113%
2d 4s
63
6313 Dec'28 -__
951 102
:
2013 13 59
1946 J J 9512 96
Without stk punch war
957
8
96
2
80
7114
9634 ____ 99 Nov'28
Manila
Ry & Lt a 5e 1953 M
98 10312 Rhine-Main-Danube 78 A_ 1950 M S 10114 Sale 101
102
10 1004 104
Marlon Steam Shove of 85..1947 A 0 9312 99
4
983 Dec'28
Rhine-Westphalia Elec Pow 711'50 M N 1013 Sale 101
8 14 100 103
4
983 102
4
1017
Mfrs Tr Co Ws of pestle In
8912 94
1952 M N 9118 Sale 897
9112 61
k
Direct mtge 8.
A I Namm & Son let 85_ _1943
D
10238 103 Dec'28
94%
92
103 106
1953 F A 93% Sale 92
Cons m 625 of 1928
93
/ 100
1
4
Market St Ry 75 ear A AprIl 1940 Q I 965 Sale 9812
8
965
8
8
98 101.12 Rime Steel 1st s 78
3
1955 F A 9012 90 4 9014 Dec'28,
-90
/ 98
1
4
Meridional El let 7s
/
4
971
/
4
1957 A 0 971 98
971
13
10812 Sale 10812 108131 6 10714 114
9814 101 3 Rochester Gas & El 7s ear B_1946 M
8
Metr Ed let & ref 55 ser C 1953
J 101 102 10112 1011
3 10014 106
104 108%
108
106 Dec'28
Gen mtge 5155 serial C-1948 M
Metr West Side El (Chic) 45.1938 F A 76
77
7678
76%
2
Gen mtge 4135 series D_ _ _1977 M S 10012 10112 10118 Dec'28.--__ 101% 102
787 8454
8
etlag Mill Mach Te with war_1958 J D 91
953 97 Nov'28
4
90
904
9613 103
90 Dec'28
Roch & Pitts C&I pm 5e_ _1946 M N
Without warrants
J D 91 Sale 91
92
94
1937 M
2
96
98 9538
984
951
9
8912 9812 St Joe Ry Lt & Pr 1st 5s
Mid-Cont Petrol let 61.4s__1940 M 13 105 Sale 105
105
37 10412 101'14
Midvale Steel Sy 0cony sf51 1938 el S 993* Sale 991
96
/
4
993
99
23
_ 983* Nov'28 9834 101% St Joseph 5:ilk Yds 1st 4%5_1930 J
1111w El Ry & Lt ref & eat 410'31 J I 9878 99
9814 Dec'28 --__
7814 7718
7512 79 4
9712 1014i St L Rock Mt & P58 stmpd_1955 J J 9834- - 7612 Dec'28 8
General & ref be series A__1951 J
1025 Sale 102% 102%
_ _ 9714 92 Nov'28
91
8 10212 101 3 St Paul City Cable cons 5e_19373 .1
984
8
1st & ref be series B
1961 J D 10012 Sale 10012 1001
3
_
10578 106 Dec'28
4
_ 1054 1098
9914 101 3 San Antonio Pub Serv let 65_1952 J
4
Montana Power let 55 A
1943 J J 10314 Sale 10213 1031
99 1031g
9978 12
14 10038 10e18 Saxon Pub Wks(Germany) 78'45 F A 9914 Sale 9914
Deb 55 series A
1962 J D 9978 Sale 991
1951 MN 9312 Sale (133
93
98
997
94
9
Gen ref guar 034s
14
99 105
efontecatinl Mm & Aerie
1946 I J 100 Sale 99
99 1054
Sciatic° Co guar 8125
10053 17
Deb 75 with warrants
1940 A 0 100 1003 98
1937 J I 1151 Sale 11512 11612
7 1003* 13112
98 105
Guar e f 8128 series B
4
100
22
Without warrants
.1 J 9312 Sale 9314
94
9512 98 4
8
59
8
93 101 12 Sharon Steel Hoop s I 5155.1948 M N ____ 97% 973
973*
1
Montreal Tram 1st & ref 59....1941 J J 9812 99 985
1952 M N 967 Sale 9612
8
8
983
4
934 984
97
112
3
9814 101% Shell Pipe Line sf deb Es
Gen & ref If 50 series A___1955 A 0
9814 Nov'28 ___
4
9472 1004
983
4 84
98 10)% Shell Union 011 e f deb 55...1947 M N 973 Sale 972
Series B
8
1955 A 0 9714 ____ 9858 Sept'28 --__
90
82 964
98 10E122 Shinyetsu El Pow let 6348_1952 J D
: '33
e- 09711 ec 28
B.- y 1901: Dl9027:
&fords & Co lst s I 4%s
1939 I J 8714 873* 871
8712 50
88
91101
8518 tit 58 Shubert Theatre 6s_June 15 1942 D
Mortgage-Bond Co 45 set 2..1966 A 0 82
90 82 Dec'28
1935 ./
10214 10214 1 99 104
82
8513 Siemens & Halske s f 71
10
-25-year 65 Bertha 3
5951551 -oii4
9712 99
1932 J
9712
9713
2
Deb f 812s
14 10412 112
9878 (63
4
Murray Body let 612s
1934 J 12 101 Sale 997
101
8
8
S f (11521 allot offs 50% pd _.'51 1.45 108 Sale 105
106
38 104 107 4
9058 1025
8
Mutual Fuel G•as let gu g 55_1947 M N 10112
984 105
102 Oct'28
6
Sierra & San Fran Power 5s_1949 F A 10018 Sale 0018 10018
102 107
Mut Un Tel gtd ext at5% 1841 MN
88
96
1043 July'28
4
88
5
10214 1043 SllesIaElacConpef834s...l946 F A 88 Sale 88
4
Namm (A I) 24 Son-See Mfrs Tr
96 102
Silesian-Am Exp coil tr 7e._.1941 F A 9814 Sale 9713
973
4
8
Nassau Elec guar gold 46_1951 11 J 57
573 58 Dec'28 --__
4
1929 MN 100 104 100
MN 1084
100
1
55
85 Simms Petrol6% notes
Nat Dairy Prod deb 51
/
421._1948 F A 9812 Sale 977
9912 156
1023 Sale 10134 10284 50 100 1041
4
-year 70_1937 111
4
957 99
% Sinclair Cone 011 15
Nat Enam & Stamps let 58_1929 J D 101
1930 Ni
9912 Sale 99
101
Oct'28 _--- 101 10413
99
/ 48
1
4
9714 100 4
1
let lien coil 8s series D
Nat Radiator deb 83.5s
7318 101
I
1938 ID 1005 Sale 100
78
1947 F A 76 Sale 76
8
9514 1024
1st lien 6156 series D
1003
24
Nat Starch 20-year deb 522_1930 J J 98 101 100 Nov'28
J 97 Sale 97
9712 37
9414 994
100 100 4 Sinclair Crude 0116348 ser A_1938
3
National Tube 1st s 1 55_ __ _1952 RA N 1033
948
4 55
1942 A 0 93% Sale 931
___ 1031
104
3 102 10514 Sinclair Pipe Line sibs
93
974
Newark Coneol Gas cons 522_1948
D 103 10512 104 Dec'28 --__ 102 108
1939 51 El 9313 Sale 93
918 98 4
2
Skelly 011 deb 5%IS
9312 11
1
New England Tel & Tel 5s A 1952 J D 1065 Sale 1063* 107
7 10514 1111, Smith (A 0) Corp let 8348_1933 MN 102 10212 102
8
10211
b 101 103%
let g 415s series 13
4 100
1961 MN 993 10014. 993
4
4
11
4
South Porto Rico Sugar 75_194111 D 1053 106 106
106
9912 108
4 105 1101
New Onl Pub Serv
be A 1952 AO 97 Sale 1 9534
97
13
4
95 10158 South Bell Tel & Tel 1st s 1581941 3 J 1033 Sale 10358 1Q354
3 10212 10612
First & ref Is series B
D 95 Sale 95
9612 48
95 10112 Southern Colo Power Os A 19471J J 1031 1033 103 Dec'28
1955
102 1074
4
1
N Y Dock 50
-year let g 4s 1951 FA 8214 833* 82 Dec'28
Erwest Bell Tel let & ref 58._19541F A 10312 Sale 10312 105
82
3 1024 1074
90
Serial 5% notes
8712 21
1938 A0 8712 Sale 86
Spring Val Water let g 5s.„1943 MN 19012 1_ _1_1_ 1 190142 Dec 2
9
994 10212
0 4 0
:
0
86
94
9 pec
Y Edison let & ref 6156 A_1941 AO 1147 11512 115
115
2 113 119' Standard Milling let be
8
1930
9872 1014
lot lien & ref 55 series 13
AO 1033* Sale 1035s 1037
MS 10318 Sale 103
1944
1945
8 56 103 1067
1st & net 5125
1031
2 1024 10414
8
N Y Gas El Lt & Pr g 56_1948 J
10714 Sale 110714 111
3 1055 11258 Stand 011 of NI deb Esi Dec 15'48 FA 102 Sale 102
8
1023
4 48 102 104
Registered
110 Apr'28 110 110
Stand 011 of N Y deb 4345_1951 ID
93% 9812
Purchase money gold 45-1949 F A 933 943- 94
94
4
971e 102%
4
10
99
9218 98% Stevens Hotel let 85 series A.I945 13 97 Sale 96112
88
999758 584
NYLE&WC&RR 5%13_1942 M N10258 Oct•27
_
4
Sugar Estates (Oriente) 7s 1942 MS 97 Sale 97
97 1011
97
6
y j0012
NYLEAW Dock & Imp 541943
10
Aug'28 ---- 100- 10312 Superior Oil let 5 f 78
1929 FA 97
9712 100 Nov'28 _ _ 100 110
N Y& Q El L & P let g 56_1930 F A
___ 100 D'28
ec
Syracuse Lighting let g .55_1951 3D
10012 10614 10612.
3 105 110
Y Rye lilt R E& ref 48_1942
J 1001256
62 62 Nov'28 ::::
10112 1/3684
i7 Tenn Coal Iron & RR gen 58_1951 13 100 ____ 10112 Dec'28
g138
4
Certificates of deposit
56 ____ 58 June'28 _--_
Tenn Cop & Chem deb Ea_ 1941 AO 111 Sale 11014 111
58
20 1014 118
00
30
-year ad1 Inc So.. _Jan 1942 A 0
213
212
212
1
/
1
218 4
Tennessee Elec Pow let 65_1947 3D 1064 Sale 10814 1007
4
8 23 105 1081
Certificates of deposit
212 3
3 Oct'28
'I 64
Third Ave 15t ref 413
1960
211 4
65 6418
6512 53
644 78
X Y Rya Corp Inc 65_ _Jan 1965 Apr 2012 Sale 20
21
217
921
AdJ Inc Est tax-ex N Y Jan 1960 AO 6158 Sale 9118
138 82
8
67
55% 72 2
8
Prior lien Os series A
88 Sale 88
1965 J
8912
9
981g 1014
1937 13 9712 Sale 9812
9712
5
7538 941, Third Ave Ry let g 5s
Y & Richm Gas let 6s A 1951 M N 10514 Sale 10514 10614
3 104 109
1955 IN
9814 Sale 9814
Toho Elec Pow let 75
28 100 2
8
984 12
/
1
NY State Rye let cons 455.1962 M N 45 Bale 4412
45
24
6% gold notes__ _July 15 1929 1J 99 Sale 987
373 60
4
98 100
9914 49
001:18 8155 series B
1962 M N 5718 60 57 Dec'28 487 7438 Tokyo Elec Light Co. Ltd
8
Y Steam 1st 25-yr 65 ser A 1947 M N 10612 Sale 10614 10612
2 105 10912
1953 .1 1) 90 Sale 893
let lis dollar series
9038 89
14
4
89% 92
NY Telep 1st & gen s f 4%0.1939 M N 9934 Sale 993* 10014 22
9914 10313 Toledo Tr L & P 512% notes 1930 3, 100 Sale 100
99 10134
10014 15
30
-year deben s Bs_ _Feb 1949 F A 1107 Bale 1103* 11114 10 1093 1111 Transcont 0116115 with war 1938 J
1023 Sale 10134 103
4
4
133 100 107
20
-year refunding gold 65_1941 A 0 1083 Sale 1061
4
10738 29 UM 109
4June'28
Trenton (3 & El let g bs____1949 ME 1023 105 1043
8
104% 107%
N Y Trap Rock let Os
1946 J D 1003* Sale 10018 10013
5
984 10312 'Trumbull Steel let s 1 8s_ _1940 MN 1023 Sale 02
8
14
10212 19 101 103
Niagara Falls Power let bs 1932 J J 103 Sale 103
103
5 10018 1043 Twenty-third St Ry ref 55_1962
___ 59
561 68
8
61 Nov'28
13
4
Ref & gen Os
Jan 1932 A 0 103 105 10238 l03e
5 102 10614 Tyrol Hydro-Elec Pow 710_1955 MN -99
/
1
4
99
98 2 1014
99% 99
8
5
Slag Lock &0 Pr 1st bs A__1955 A 0 103 ____ 1033 Dec'28 --__ 101 1045
4
4
Norddeutsche Lloyd (Bremen)97 103
Ullgawa El Pow 5 f 722
1945 MO 98% Sale 98%
99
11
20yrefila
9312 48
1947 MN 8212 Sale 91%
9112 9434 Underged of London 4155_1933 J J
95
9534 Mar'28
12 95 4
8
Nor Amer Cem aeb 1115s A 1940 M S 9018 Sale 70
707
17
69
952
Union Else Lt & Pr(Mo)59_1932 MI 106i 1-6114 10014 1091
4
5 100 102
No Am Edison deb 58 ser A_1957 M S 10178 Sale 1601
10114 61
99 1037
Ref & ext 55
8
1933 5814 10012 Sale 10018 100% 10 100 103
Deb 5%seer B__ _Aug 151983 F A 101 Sale 1003
4 10112 51 10034 10218 Un E L&P(III)1st g 5345 ser A _'54 .1 .1 10114 Sale 101
10114 10 101 10404
Nor Ohio Tree & Light 85.. 1947 M S 10212 Sale 10214 10212 12 100 1071, Union Elev Ry (Chic) 5e.......1945 AC 86 Sale 85
871
85
941
s
15
Nor States Pow 25-yr 55 A._1941 A 0 1003 Sale 10012 1003
4
4 15
J 10112 - - 101% Nov'28
997 1(14
Union Oil let lien s f 55
8
1931
995 102
8
1st & ref 5-yr 65 series B_ _1941 A 0 10512 Sale 10513 10512
A 109 1012 109
2 104 107
30-yr 6e series A_ _ _ _May 1942
s
109
1 108 1121
Nor h W T let Id gt
J J _
1023* 10514 Dec'28
41221 gtd_1934
97% 100
let lien else series C_Feb 1935 AC 9912 995 100 Dec'28
9712 102
8
Norweg Hydro-El Nit 542s-1957 MN 5114 Sale 9114
92
34
903* 244 United Biscuit of Am deb 68_1942 MN 97
98 16213
98
98
99•
7
Ohio Public Service 715i3A 1946 A 0 11212 Sale 11214 1123*
9 112 110
4
1953 MS 97 Sale 98%
78
95 1001
54 United Drug 25-yr 58
97
let & ref 78 series B
1947 F A 11412 Sale 11218 11412
4 11218 118
United Rye St L let g 4s
1934 J J 80
8312 80 Dec'28
80
86
14
Ohio River Edison let 85___ _1948
J 1057 10614 10412 10412 ____ 10412 108
8
United SS Co 15-yr Os
1937 MN 100 10012 9818 100
8
95 101
Old Ben Coal let 6s
F A 9014 9012 9014
1944
9012
2
87
Un Steel Works Corp 034s A.1951 3D 893 Sale 89%
98
897
42
4
8918 96%
Ontario Power N F let 68.
..1943 F A 100 102 102 Dec'28
3D 893 Sale 8918
1003* 10612
With nook pun warrants
8978 17
8
89
97 s
1
Ontario Transmiselon let 58_1945 PA N 102 10334 1017 Dec'28 -__- 100 8 1013
8
5
Series C without warrants 3D 88% 91
89
3 •89
96
89
4
Oriental Dove] guar Os
M S 963* Sale 961
11,53
97
22
96 108
D 89
With stock pun warrants
1
8914 98%
908 8914
2
8914
Extl deb 5 As lut et15
N 90 Sale 90
9018 44
90
9012 United Steel Wks of Burbach
1958
Oslo Gas & El Wks extl 55.l963 ill S 921 Sale 9218
/
4
9318 20
9
Each-Dudelange a 1 75..._1951 AO 1033 Sale 10334 1038
4
03* 9378
4
4
4 1013 106
5125
1946 -- 100% 101 100 Nov'28
.1 8912 Sale 8918
S Rubber let & ref 5s ear A 1947
100 100
0014 54
83 4 96%
5
Otis Steel 1st M Os set A....1941 M 6 10012 Sale 10012 101
13
973* 1017
10-yr 715% secured notes_1930 FA 1017 Sale 101
8
e
1017
8 41 100 IAEA
Pacific Gas & El gen & ref 58 1942
J 102 Sale 10114 102
46 100% 1051, U S Steel Corp(Coupon Apr 1963 MN 10718 Sale 107
1073
4 98 106 109%
Pal Pow & Lt let & ref 20-yr 5630 F A 9912 Sale 9912 100
11
9914 101%
f 10-80-yr5s1Regts_ _Apr 1963 MN
/
1
4
10614 Dec'28 -- 105 10813
Pacific Tel & Tel let bs
1937
10212 Sale 9912 10212 19
9912 106
Universal Pipe & Rad deb 85 1938 3D "g0i4 90 90
8814 90
11
M N 10412 1045 10414
Ref mtge 55 series A
1952
10412 24 102 108
Utah Lt & Trim let & ref 56..1944 AO 95% Sale 9534
9438 100
11
9612 25
E'en-Amer P & T cony to 1 65.1934
103% 10418 13 10238 108
Utah Power & Lt lst 523
1944 FA 1005 Sale 100
8
98% 1033
4
1005* 28
1st lien cony 113-yr 75
2 841e 10412 10412
Sale
1930
1 10312 106% Utica Elec L & P1518f g 523_1950 J
105% 1067 10514 Dec'28
_ 105 1087
2
Pan-Am Pet Co(of Cal)cony 8s40 J 0 98 Sale 98
96
6
913* 100
Utica Gas ai Elec ref & ext 581957 13 10614 1067 10814 Dec'28
10418 112
Paramount-B•way 1st 6159._1951 J J 102 Sale 102
10212 43
D 0414 Sale 93
Power & Lights 135_1947
98 8 104
7
Utilities
93
944
1
9414 14
Paramount-Fam's-Lasky 85_1947 J D 99 Sale 99
9913 68
D 9712 Sale 97
98 10284 Vertlentes Sugar let ref 75_1942
97 101
9712
3
Park-Lex let leasehold 8155.1953
95
943* 9412 Dec'28
.1 30
8814 10214 Victor Fuel let s f 55
1953
38
40
65
38 Dec'28
Pat & Passaic & El cons 55 1949 M S 10312 1053* 10312 10312
4 102 10712 Va Iron Coal & Coke let g523 1949 MB
82
82 82 Dec'28
917
8
Pathe Exch deb 7s with warr 1937 51 N 80 Sale 788
80
4
50
99 102
/
1
4
Mg Va Ry & Pow let & ref 5s_193413 llo'is 1001 10018 10015
8
Penn-Dixie Cement 6s A_
1941 Id 5 943 Sale 9414
9414
4
8
93 102
Walworth deb 6155(with war)'35 A0 87
82
92
91
9014
9113 11
Peep Gas & C 1st cons g 6s._1943 A 0 11214 116 11218 11218
1 11218 120
let sink fund 85 series A.._1945 AO 90
91
90
80
9812
90
20
Refunding gold 58
1947 M S 1047e Sale 1043* 105
7
Warner Sugar Refln let 78...1941 JO 106 107 106 Dec'28
Rush lens
Registered
102
r __ 102
1 12 IgP Warner Sugar Corp let 7s__ _1939 31 8412 88% 87 Dec'28
Ws 95
Philadelphia Co see be ear A _1987 J D -95f4 sale- 9734
.
9814 157
97 1002, Wash Water Power s 55___ _1939 13 10212 1023 103 Dec'28
1023 105
8
PhD& Elee Co 1st 41-58
1967 M N 9914 Sale 99
9
945 : 9715 18
3
s : 7 Westchee Ltg g ta stmpd gtd 1950 JO 104 106% 104 Dec'28
10412 109%
1 42
Phila & Reading C & I ref 5s_1973 3
9114 91
911
2
90
90 1023 West Penn Power ear A 55-1948 M
10214 1023 10214 10214
1 101 105
Phillips Petrol deb /
15
4
93
/ 4^
1
4
1939 J D 9212 Sale 9212
1963 51 13 10318 1051 103
let be serial E
103
1 102 108
Pierce-Arrow Mot Car deb 861943 M S 1067 10718 063
8
8 1063
8
1953 AC 1043 Sale 1043
1st 515s series F
4
1043
4
3 1014 1088
4
Pierce 011 deb s f 821_ _Dec 15 1931 J 0 106 Sale 106
106
3 104% 1065
1956 3D 10314 Sale 103
letsec6seerleaG
10314 18 10114 105
4
Pillsbury Fl
20-yr /
(
1
4_1943 A 0 10312 Bale 10312 1043* 15 103 1061 West VaC&ClStOe
1950 J
32 Sale 3118
33
15
3114 60
Pirelli Co(Italy) cony 75
1952 MN 115 119 11753 118
12
A0 10234 Sale 10214 1025
9914 129
Western Electric deb 5s
1944
8 32 10184 105
Pocall Con Collieries let f 551957 J J 941
9412 Dec'28 --__ 10332 1981 Western Union coil In cur 58_1938 3
9 1 4 083
10218 Sale 10218 102%
5 100 10511
20418 Dec'28
Port Arthur Can & Dk Os A.1963 F A 1043* 105
4
1950 MN 98 Bale 973
Fund & real est g 410
99.
964 1034
11
104 104 Nov'28
1953 F A
let M es series B
1033 108
15
4
1936 PA 110 Bale 110
-year 0)-4e
1105
8 14 1088 1114
4
Portland Elea Pow let Os B 1947 M N 103 Sale 102
104
17 100 1053
1951 JO 1023 Sale 102
-year gold 55
4
25
1023
4 21 10114 10514
4
Portland Gen Elec 1st 55_
100 Sale 100
1935 J
10018
7
99 1031, West'h'ee E AM 20-Yr g 58..1948 M S 10412 Sale 1033
10412 26 1018 105
4
4
M Il 9612 97
9634
9634
Portland Ry let & ref 58_1930
2
96% 993 Westphalia Un El Pow fis_ _.1953
4
8634 sale 86
863
4 11
858 914
4
Portland Ry L & P 1st ref 58_1942 F A 987 Sale 987
8
99
12
98 10134 wheeling Steel Corp let 5342 194813 9912 Sale 9912 1007
e 24
994 1094
102
1947 M h 102 10334 102
let lien & ref (is series B
2 100 1047 White Eagle 011212 Ref deb 5155'37
let lien & ref 7155 series A.1946 MN 10714 Sale 10714 10714 11 1063* 108
1047 Sale 10412 10518 41
8
With stock punch warrants__ _ _ M
931s 10711
I 1003 Sale 10034 10114 78
4
Porto Rican Am Tob cony 81 1942
9512 106
White Sew Mach es(with war) 38 31 134 __ -- 130 Dec'28
.
122 138%
94
118
Postal Tales & Cable coil 51_1953 J J 9312 Sale 9318
0712 Sale 97
Without warrants
93
9712
5
96% 104
974
.3 9614 Sale 9614
97
Pressed Steel Car cony g 55 1933
'I 44
46
90 116
424
/
1
4218
45
Wickwire Span St'l lst 75-1935
8
28
5412
D 111181034 Sept•28 --__ 110 4 115
Prod & Ref s f 85 (with war)_1931
Wickwire Sp St•1 Co 7s_Jan 1935 MN 44 Sale 41%
44
3
2
25
63
D 1107 112l 11014 Dec'28
8
Without warrants attached__
11015 11218 Willys-Overland 5 f 13125_ _1933 M S 102 1021 102 Dec'28
101 103%
/
1
4
Pub Saw Corp NJ deb 4(e.1943 F A 178 Sale 18311 17014 1742 118 177
1031
Wilson & Co let 25-yr a f 8s__1941 AO 103 Sale 103
29 100 105%
J D 103% 104 1037
10414
,
3 102 1053* Winchester Repeat Arms7145 41 AO 10712
_ 10712 1071
Pub Ben El & Gas 1st & ref5s '85
12 106 198
/
1
4
9913 19
1967 J D 9812 Sale 9812
981 10118 Youngstown Sheet & Tube 581978 J J 1003 Sale 100
1st & ref 414s
4
1003
97 9914 10114
92
19
90 Sale 90
Punta Alegre Sugar deb 725-1937
90 107
igv,4
[Vo . 12
7
FINANCIAL CHRONICLE
3686
Outside Stock Exchanges
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange, Dec. 22 to Dec. 28, both inclusive,
compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares
Acme Steel Co
25
Adams Royalty Co, corn.'
All-Amer Mohawk "A"__5
Allied Motor Ind Inc corn..
Preferred
•
•
Allied Products "A"
•
Altorfer Bros cony pfd
American Colortype, corn •
Amer Corn Power*
lot pref $655 A
,
Amer Pub Seri pref._ _100
Amer Pub Util part 01.100
Amer Shipbuilding_ _..100
Amer States Sec Corp A_ _•
Rights
•
Class B
Class "B rights
Warrants
Armour & Co pref
100
Art Metal Wks Inc pre!...•
Assoc Appar Ind Inc corn,*
Assoc Investment Co_
•
Atlas Stores Corp corn_ _.•
Auburn Auto Co nom__ _•
Automatic Washer CoConvertible preferred...'
Backstay Welt Co corn_ •
Balaban dc Katz v t c__ _25
Baldwin Rubber Co "A" •
Bastian-BlessIng Co corn.'
Barter Laundries Inc A..•
Beatrice Creamery com_50
Handl% Coro
Class B new
5
Borg-Warner Corp corn 10
100
7% preferred
Brach & Sons(E J1 corn_.*
Bright Star Elec "A".... •
Class B
•
Brown Fence & Wire cl A.'
Class "B"
•
Bunte Bros, corn
10
Butler Brothers
20
127
127
2135 2035
2935 2735
53
50
4834 4831
4755 47
46
40
3654 3651
128
2355
3034
53
48%
48
4631
3635
200
1,250
2,945
8,450
200
2,200
850
150
91
10055
94
90
9954
94
90
1134 1035
1%
1
11
11
2
134
335
82
54
49
55
M
56
82A
67
13034 12635
91
10035
94
90
1134
1%
11
2
4
82
54%
56
5835
6255
13034
120
273
90
20
4,650
3,171
100
1,100
150
25
3,550
4,456
450
7,300
8,900
3335
453-6
78
1934
4334
2355
8734
3455
50
80
20
4455
24
88
2,050
5,700
2,150
200
1,100
1,700
250
4335
2355
11035 10631 113% 9,650
139
49,300
12734 139
10255 102 10255
300
700
2634 2534 27
300
2334 2431
815
900
834 955
3255 3234 33% 1.250
31
31
32
1,250
2534 2534
500
3835 33
3931 11,550
Cam pb Wyant& Can Fdy• 4134
Castle & Co(AM)role _ _10 74
De Co Mfg Co Inc corn.... 59
Celoter Co, colt,
Preferred
100
Central III Pub Serv pref.
•
Centre “nd Power,
Certificates of dep._ _100
• 24
Central Pub Ser(Del)_ _.
Central S W Utilcom____• 8251
Preierred.
•
Cent States Util $7 pfd •
Chain Belt Co cora_ . __ _ • 55
Cherry Burrell Corp corn.' 5055
Chic City Az C Ry par sh__• 1135
• 18
Preferred
Chicago Elec Mfg el"A" _• 14
Chic Jeff Fuse & El corn..
5
Chic No Sli & MI1
Prior lien pref
100 98
100 55
Preferred
Common
100
Chic Rys part etts ser 2 100
Chi Rap Tran pf pf A _100
• 3135
Club Alum Men Co
Coleman Lamp & Lt,com..*
Commonwealth Edison_100 213
Domrnonw CBI Corp B__• 3331
Ooneurnere Cr nom mon_ _5 11
Yot tr ctfs warrants__ ..__ _ _
Crane Co, common
25 4634
Preferred
100
S 3634
Curtis Mfg Co
Davie Indus Inc 'A"...• 1555
Decker (Alf) & Cohn Ino_• 2631
Eddy Paper Corp (The)_ _• 26
El Household Util Corp_10 3434
Elec Research Lab Inc...* 13
Empire0& F Co6% preferred
100
100
634% preferred
7% preferred
100
Federated Pub Inc $2 pfd.*
Fltzs & ConDk & Dr com20 60
Foote Bros G & M Co._ .6 26
2
Rights
3alesburg Coulter-Disc_ • 135
31eanerComflarves'rCorp• 11734
3odchaux Sugar, Inc, el B• 2955
3oldblatt Bros Inc corn..' 3034
3reat Lakes Aircraft A__• 27
lreat Lakes D & D. .100
:Reif Bros Cooper Acorn.' 40
3r1geby-Grunow Co
• 137
Common(new)
Zahn Dept, Store, coln • 4751
Sall Printing Co corn_ _ _10 35
lammerm111 Pap Co,com10
Sari
-Carter Co cony pf...• 3035
• 64
Sart Parr Co corn
lart Schaffer & Marx...100 175
lershey Corp, cony ph A.' 5534
• 55
Class "I1"
lormell & Co(GeO)com A •
loudaille Corp cl A con pf• 57
* 5551
Class B
25
Ilinole Brick Co
Mend WI & Cable com_10 73
nternat Pow Co. Ltd corn• 31
ron Fireman MfeCo vt c• 2335
reason Motor Shaft Co_ •
(alamazoo Stove corn_ _ _• 116
Cellogg Switchbd corn. 10 1436
Preferred... _100 75
Centucky Util Jr cum ph 50 51
Ceystone St & WI corn....' 5135
• 2634
Atine Drug corn v t o
* 27
Cum preferred
655
41 Salle Ext Univ com__10
•
...lath & Co coin
Cumulative preferred...* 46
Jbby McNeill & Ube/3
,J0 1434
Jncoln Ptg Co 7% pret_to 4351
6
Purchase warrants
.lon 011 Ref Co corn
• 3335
..mulon Packlna C,n
* 44
40
87
53
65
87
9755
63
76
61
67
87
98
94
24
8234
9755
97
53
5055
1155
18
14
4235
94
24
83
98
97
5535
5134
12
20
1431
4235
60
1.000
300
100
30
650
700
942
1,274
150
100
9634
55
1655
351
9934
3034
7951
20334
3036
1034
435
4631
117
3634
1534
2655
26
34
1135
98
55
1631
351
100
3155
7951
220
3331
1134
455
4755
117
3634
16
2955
26
3436
1454
100
50
50
100
20
2,550
100
1,085
1,950
1,700
650
206
10
800
1,050
1,950
250
700
2,850
94
9436
95% 9734
9755 9951
2535 26
60
60
26
26
2
2%
125 13555
114 11934
2534 2955
303.4 31
2535 27
249 251
40
40
200
160
200
150
100
100
2,100
5,050
1,200
450
1,100
4,875
68
110
139%
48
3655
45
3051
64
183
5816
5735
35
5955
5955
4035
7551
31
24
38
116
15
75
51
57
2615
27
754
17
46
1555
4334
6
3554
44
52,100
250
1,350
25
2,800
400
125
3,050
5,950
200
9,550
11.300
50
1,500
100
20,100
200
6,400
2,000
643
140
5,250
8,650
1,050
13,300
50
450
4,300
50
375
2,700
200
1223.4
473.4
34
45
30
62
175
6255
5135
33
52
52
4035
73
31
2234
37
108
14
74
51
51
24
26
454
17
45
14
4331
5
3155
44
2.550
29.150
4,400
950
50
150
Sates
rrtacer
Last Week's Range for
Week.
Sale
ofPrizes.
t
S ocks (Concluded) Par. Price. Low. High. Shares,
Lynch Glass Mach Co__'
McCord Radiator Mfg A..• 403-1
Range Since Jan. 1.
MeQuay-Norrls Mfg
•
Mark Bros' Theatres pref• 2754
High.
Low.
Material Sort Corp corn 10 3734
Meadow Mfg Co corn..... 1355
Dec Mercantile Disc't CorpA _.
Jan 136
83
Oct 2831 Apr
18
Mer & Mfrs Sec
Oct
1355 Aug 5535
Part preferred
25 29
Dec Mid Cont Laund Inc, A_.• 3436
Dec 53
44
Dec Middle West UtIlities____• 176
50
43% Dec
Dec 5434 Nov
47
655
Rights
Dec 4951 Oct
44
Preferred
100 12855
Oct
2354 Feb 40
• 10731
16 cum preferred
• 108
$6 cum prior lien
Apr
Dec 96
39
Prior lieu preterred_100 12935
June Midland Steel Prod corn_ _• 102
Dec 104
91
July
91
Nov 101
Midland UtilSept 11735 Jan
80
100
Oct5% Prior lien
1435
Jan
.
4
7% prior lien
100 99
134 Dec
Dec
1
7% preferred "A"_ _ _1011
May 1)1111er & Ilart,Inc.conv pf * 51
1734
4% Jan
Dec
2
134 Dec
slInneap Honeywell Reg.. 54
634 Ma'
35 Jan
100 132
Preferred
• 52
6634 Jan 9155 June
%iodine Mfg corn
28 June 5431 Dec
Mohawk Rubber
Nov
• 65
Common
5134 Sept 6134
36
Jan 65
_Oct
Monighan Mfg Corp A_ _.• 33
27
June 69A L'ec
Monsanto Chem Works_ _• 96
Mar
1451
• 51
78
Sept
Morgan Lithograph eom.
• 6135
Morrell & Co Inc
Sept Mooser Leather Corp,corn*
Oct 36
32
3315 Oct 5355 Dec Muskegon Mot Specialties
593/, Jan 10435 Oct
Convertible class A-_.• 3034
18% Dec 2634 Oct Nachman springfilled corn. 63
Ncv Nat'l Bancservice Corp-Feb 50
• 7334
24
Apr
June 32
21
National Battery Co pfd • 62
Dec National Carbon, pfd_ _100
64 June 88
Nat Elee Power A part_ • 35
Oct
Dec 131
92
160
7% preferred
Dec National Leather cool_ _ _10
June 147
455
70
Nov 104
Aug
• 46
101
Nat Standard corn
2855 Nov
Neve Drug Stores, corn _ _ _• 1131
1634 Jan
Dee
2355 Dec 29
Convertible A
•
834 Dec 1255 Des Nobblitt-Sparks Ind corn.'
Nov
North American Car corn.' 4834
3134 Dec 42
Dec 4055 Nov Northern Pap Mills, corn.*
31
Oct North West Utilities
Jan 32
15
Apr 60% Dec
Prior lien preferred_100
20
, Oak & Prod class A
•
•
514 0
c3
36 June 7
Class B
Dec Ontario Mfg Co corn
42% Feb 76
• 3834
7255 Nov
Nov
• 21
42
Pacific West 011
Oct Parker Pen(The) Co com10 53
Feb 73
49
Aug Penn Gas & Elm A corn •
Feb 92
80
9354 Aug 10034 API
Peoples Lt &Pow "A"corn• 46%
Perfect Circle (The) Co..' 50
May Pines Winterfront A com.5 170
9355 Sept 101
36
Dec Poor & Co class 13 com___* 2935
15% Apr
Ma
Jan 98
76
Potter Co(The) corn.....' 2955
9751 Nov 10534 Jan Proems Corp corn
•
92
Dec 9735 Nov
Pub Serv of Nor Ill
Common
* 205
41
Aug 5734 Dec
Dec
52
Common
100 205
4734 Nov
255 .Doc
June
6% preferred
1
100
7% preferred
1155 Aug 2251 Jan
100
Jan
18
Feb
10
Quaker Oats Co, corn._..'
Dec
Feb 48
100
30
Preferred
Raytheon Mfg Co
•
Al)' Reliance Mfe corn
9355 Juts 100
10 2955
Jan Richards(Elmer) Co pref.* 2855
Nov 65
48
Jan
44
Rich Prod Corp cl "A".__• 3534
1334 Nov
•
354 May
13.4 Aug
Class "B"
Dec 10255 Jan (toss Gear & Tool corn...' 45
99
JAI
, Ryerson & Son Inc corn _.* 39
Aug 39
27
,
5634 July 9034 Dec
Dec Sangamo Electric Co.._ _• 3855
Jan 220
165
•
Dec 3334 Dec Saunders class A corn_
30
17
Sept
50
74 Jan
Preferred
1055 Mir Shaffer Oil & Refg pf _100
331 Feb
Sept sheffield Steel corn
• 6535
Mar 50
45
Sept Slgnode Steel Strop Co..' 1834
Dec 122
117
30 32
Preferred
3634 Dec 4735 Oct
4
Purchase warrants
12A Aug 2334 Oct
Ma*
Feb 34
25
gonatron Tube Co corn_ _ _• 29
Dec 4234 may So'ivest Dairy Prod com_• 12%
26
1334 Jari 3934 NO' Southw Gas & El 7% p1100
2% Jan 4255 001 Southwest Lt & Pow pref.•
Standard Dredge cony pf..• 3535
• 2834
Dec 99
Jul, Stand Pub Serv "A"
94
• 3835
9534 Dec 101% May Steinite Radio Co
May Stewart Warner Speedom_* 1243.6
9755 Dec 105
Nov
2535 Dec 29
Eltorkline Fur cony pret_25 28
46
Jan 7455 Mar Studebaker Mall Or oom_e, 13
•
3936 Nov
Class A
1851 Jan
4
Dec Super Maid Corn corn .._ _ _• 71
Dec
2
4754 Jan 13555 Dec Sutherland Pap Co com_10
100 140
6655 Oct 11951 Dec Swift & Co
15 3735
Jan 3755 Nov Swift International
3
Dec Tenn Prod Corp, corn....' 26%
Dec 40
30
Dec Texas
33
-La Power Co pfd 100
24A Nov
Ma
Jan 345
245
Thompson (J R) com___25
May
40
July 45
12th St Store (The) pfd a • 24
355
Stock pug warrants
Dec Una Corp of Am prof..,.,' 3335
Dec 144
98
4434 Dec 5554 Dec Unit Lt & Pow "A" corn...
Nov
Unit Pap Board, corn..100
3334 Dec 40
35
Feb 70
June Un Repro Corp part pf A.
35
20 6734
U S Gypsum
2934 June 3935 Oct
Dec
69
4055 Oct 64
26% paid
Dec
100
Jan 183
134
Preferred
US Radio & Telev eorn._• 44
Dec 8355 Nov
41
Nov
iltah Radio Products corn' 4234
41
Dec 83
2935 Nov 4355 Nov Van Slcklen Corp part cl A* 3631
Nov
40
Nov 63
Vorclone Corp part pref..• 49
• 24
Nov 6255 Nov
40
Wahl Co corn
39
Feb 4455 Setri Ward (51) & Co, class A • 131
79
Dec Waukesha Motor COM- •
Jan
26
•
Wayne Pump, corn
3034 Sept 3255 Sept
Dec
Convertible preferred __* 4234
2255 Dec 24
34
Dec 4634 NoV West P L & T pt pfd A _ _ _• 35
• 56
6534 Jan 1413,4 Oct Wleboldt Stores, Inc
735 Aug 2934 Oct WIleox-Rich cony pf A • 38
• 3435
Jan
74
Dec 96
Class B
5034 Feb 5451 June Williams 01.1-0-Matic corn' 22
Sept
Winton Engine con pref..' 89
4336 June 70
• 4755
2155 Oct 3136 Nov
Wisconsin Parts corn
23
Dec 3135 Dee Woodruff & Edwards Ino* 2735
3
Mar
734 Dec
Pat-tic class A
June 2035 Nov
14
Yatee-Amer Mach part pf• 24
45
Dec 53 June Yellow Cab Co Inc (Chic)• 32
17
Nov Zenith Radio Corp com • 50
834 Apr
Dec 5031 Nov
43
935 Nov
354 Nov
Bonds2154 Dec 4334 Oct Central States Util 6s.1938 97
3034 June 45A Nov Chic City At Con Rya 55'27
25% 2634
4031 4054
5334 5334
28
27
3535 40
1255 1434
2831 29
350
100
50
1,550
5,400
2,350
450
Range Since Jan. 1.
Low.
2555
3955
2355
26
3455
1034
2834
Nov
Sept
Jan
Dec
Dec
Jan
Dec
High.
33
4455
60
3735
44
2294
2955
Nov
Apr
May
Oct
Dec
Apr
Dec
Nov
2,050 1534 Jan 35
29
27
1,500 3351 Nov 3834 Oct
3431 3431
Dec
2,450 123% Jan 184
174% 179
21,878 lull Feb
734 Des
655 7
Des
155 11634 Jan 129
12834 129
725 9334 Jan 10,34 Dec
10435 107%
Mar 108
May
82 99
10655 108
130 12234 June 13055 mar
128% 12935
Nov
100 84 June 120
102 102
185
222
45
1,300
1,550
600
1,050
8555
9834
96
46
30
95
3134
20,800
65
33
2,700
1,700
96
5134 3,900
6255 2.750
100
20
52
2434
3834
4834
61
20
8534 90
9831 99
9634 9634
5135
49
51
5455
125 132
51
533.1
52
30
9134
50
6155
20
15,350 29
31
29
1,800 2851
6234 64
100 7135
7 36 77
3
3,950 3455
5455 63
13755 13734
20 132
1,750 2734
35 , 3734
10 98
98
98
355
451 434 4,450
2,050 374
47
45
II% 1334 2,200 1134
100 21
29
29
36
3655
150 28
4834 5034 1,450 't"'4
50 3335
3755 3735
65
36
96
8734
66
3754
Dec
May
Dec
APT
Nov
Mar
Dee
Dec 32
July 7935 Nov
Dec 77
Dec
Nov
Nov 70
Aug 139% Apr
Jan 42
May
Dec 10555 Feb
651 Nov
Jan
Jan 5734 may
Dec 3355 Apr
Nov 44
Sept
Jinn. 4434 May
ran 573.6 Oct
Dee
Mar 38
Feb
Oof
Oct
Nov
Nov
Nov
May
Dec
Nov
Nov
Nov
Oct
Nov
205
205
125
132
350
128
85
3334
29
4355
43
4755
43
Dec
Dec
Aug
July
Dec
Apr
Oct
Nov
Dec
Nov
Nov
Oct
Nov
1,450 29
Aug 41
100 53
Nov 7335
100 50
Nov 5455
Mar 97
35 79
525 4855 Mar 95
750 16
Dec 1834
800 32
Dec 33
650
255 Dec
4
9,050 2654 Dec 3134
700 1254 Dec
1355
57 9751 Dec 10455
110 8755 Dec 96
2,450 3035 Apr 5455
600 2834 Dec 31
5,150 32
Dec 6154
300 7735 Feb 12455
250 2534 Dec 3155
1,000
834 May 1634
950 27
Dec 2854
1,900 45 June 8136
300 20
Dec 27
1.700 12434 Jan 146
15,200 26
Jan 3855
850 13
Feb 30
100 99
Nov 101
225 589-6 June 70
750 23
Dec 3134
300
231 Aug
7
3,550 23 June 3955
500 14
Jan 31
2,000 163.4 Dec 27
650 3331 Dec 5655
3,500 66
Aug 100
1,450 35
Oct 69
17 122
Jan 128
3,150 36
Dec 50
10,500 21
Aug 69
11,650 35
Dec 37
2 700 4
,
0
Aug 5334
800
8% Mar 30
1,000 121
Mar 13135
10 66
Mar 186
200 26
Dec 52
650 40
Dec 62
2.850 3155 Dec 35
3,050 50
Nov 5631
1,700 3355 Dec 4735
3,100 29
Dec 43
2,650
6% Jan 24
18,050 4234 Sept 92
800 27
Aug 50
May
Deo
Dec
May
Oct
Dec
Dec
Dec
Dec
Dec
Mar
Apr
May
Nov
Nov
Dec
Nov
Oct
Nov
Oct
Sept
Nov
Dec
Dec
May
Oct
May
May
May
Dec
Apr
Sept
June
Deo
July
Dec
Sept
Dec
Oct
Oct
Dec
Nov
Sept
June
Dec
Deo
Oct
Oct
Dec
Deo
Dec
57
450
1,150
1,200
2,100
800
150
2,500
750
1,150
4,950
600
100
205 205
205 205
117% 117%
127 127
340 350
11835 11355
60
60
2555 2955
2835
28
35
3655
3351 35
45
44
3834 39
114
45
24
10
45
395
450
5,000
650
250
150
250
1,350
39
38
6734 68
50
5131
9534 9536
65
6535
1834
16
33
32
255 4
2855 2934
12% 13
9855 100
8754 88
3454 3534
2834 29
39
32
12436 12455
28
27
1231 13
27
28
7335
70
20
2035
13451 141
3655 3835
2654 2634
99
99
5931 5931
2455
24
3
355
35
33
31
31
1634 1634
35
3554
68
66
69
48
127 127
44
39
3635 4231
37
35
45
49
23
25
13055 13134
17154 17131
2755 28
4055 4234
3255 35
5451 MA
36
39
33
3555
2136 2255
7834 92
47
4835
Dec
Apr
Jan
Dec
Dec
Dec
June
May
Sept
Oct
Dec
Dec
Nov
105
101
102
41
27
56
2735
4631
60
22135
3251
46
3034
102
64
64
3835
24
5355
23
4634
50
175
2934
32
2334
101
5434
55
3634
21
5235
23
44
4951
170
29
2955
2355
Dec 9955
Aug 107
Nov 107
Nov 55
Feb 5455
May 132
June 5934
9951
3134
3155
26
2035
5155
20
3834
Sept
Aug
Aug
July
Dec
Dec
Jan
Oct
3134 July
54)4 Jan
2731 Nov
2431 Dec
22
Dec
15954
15954
103
116
262
111
41
2434
28
3154
2534
30
38
Jan
Jan
Aug
Aug
Apr
Jan
Aug
Dec
Dec
Slept
Sept
June
Dec
27
2355
3134
4755
2735 1,050
24
2,400
33
$2.200
20,300
52
27
12
2934
38
Dec
Apr
Sep
Dec
283-4 Dec
Nov
26
Jan
43
Nov
58
97
65
97
65
9435 Oct
60 June
9834 Mar
Feb
70
2,000
5,000
Bonds (Concluded)
1927
Chicago Rye 58
Certificates of deposit_ _ _
1927
5s series "B
1927
Adjust Inc 4s
C'wealth Ed
1943
1st mtge 58
C'Ith Sub Corp 554s A_ _'48
Fed Util(Md) 3-yr 534s'30
Guard Title Mtge 55413 1938
La Salle Bldg 555s _ _ _1958
'Mer Nat Prop
1958
With warrants
1943
Met Dia Fin 6s A
Metr West Bide El let 45'38
Northwestern Elev 58_1941
65 East So Water 6558 1947
St L Gas & Coke Corp (is'47
Stand Pub Serv 69"B" _'48
Texas-La Power 6s_ _1948
United Pub Ser deb 65033
Util Elk Coal 20-yr 68_1948
1958
HUI Pr & Lt 68
Friday
Last Week's Range Saks
of Prices.
Sale
for
Price. Low. High. Week.
8054
8034 82
44
44
24
24
43,000
5,000
1,000
Range Since Jan. 1.
Low.
Aug
79
39 June
214 Nov
High.
8734 Jan
413% Feb
Nov
24
1034 103% 103% 42,000 1034
2,000 97
97
97
97
2,000 984
99
99
99
964 9655 9634 5,000 964
2,000 100
100 100
100
July
Aug
Sept
Nov
Nov
109
97%
100
100
190%
Feb
Sept
Mar
July
Nov
5,000 9934
5,000 9734
2,000 764
5,000 85
2,000 100
2,000 93
2,000 99
1,000 100
2,000 9834
2,000 99
2,000 100
Dec
Dec
Nov
Dec
Jan
Oct
Dec
Nov
Dec
July
Nov
9954
9734
8434
954
100
103
9955
102
100
99
1004
Dec
Dec
Feb
Mar
Jan
Jan
Dec
June
Nov
July
Nov
9954 99%
974 9794
7754 7755
86
8094
100 100
100
93
93
93
99
99
99
100 100
9855 9834 9854
99
99
99
100 100
100
9736
•No par value.
-Record of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange, Dec. 22 to Dec. 28, both
inclusive, compiled from official sales lists:
Stocks-
3687
FINANCIAL CHRONICLE
DEC. 29 1928.]
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
*
Almar Stores
10
American Milling
•
American Stores
50
Bankers Secur Corp pf.
Common
Bell Tel Co of Pa pref-100
Manners Ail Ctf
•
Budd (E G) Mfg Co
Preferred
Budd Wheel Co
50
Cambria Iron
Camden Fire Insurance.._
Catawissa RR jet pref _ _50
Commonwealth Cas Co_10
Consol Trac of N J_ _100
Cramp Ship & Eng_ __ _100
Curtis Publishing Co cc m •
Electric Storage Battery100
Farm Pk Trans Co cum_ _•
10
Fire Association
Giant Portland Cement_50
IlornazHardart(Phila)com*
Hornazilardart(NY) corn •
Insurance Co of N A _ _ _ _10
Keystone Watch Case...'
Lake Superior Corp.... _100
50
Lehigh Coal & Nay
10
Lit Brothers
Manufac Can Ins
•
Mark (Louis) Shoes Inc..
Northern Central Ry_ _ _50
North East Power Co__ •
Penn Cent LarP cum pret.•
50
Pennsylvania RR
Pennsylvania Salt Mfg_ _50
254
Penn Traffic
Philp. Dairy Prod pref
26
Phila Electric of Pa
Phila Elee Pow pref
'Phila. Rapid Transit_ _ _ _50
50
7% preferred
Philadelphia Traction. _ _ 50
10
Reliance Insurance
Shreve El Dorado Pipe L 26
Scott Paper Co
•
Sentry Safety Control
Tono-Behnont Devel_ _ _1
1
Tonopah Mining
50
'Union Traction
United Gas Improveml_50
United Lt & Pr "A" corn.*
U S Dairy Prod class A. •
Victory Insurance Co.._ _10
Victor Talk Mach corn •
West Jersey dr Smith RR 50
50
Westmoreland Coal
64
32
8634
3254
314
514
8334
15
15855
26
334
79
93
3334
5294
50
56
38
655 755
22
22
91
9355
1334 64
218 218
1154 1154
51
51
32
32
56
8734
3234 3234
4034 404
314 32
46
46
3075
29
6034
60
3
3
2224 225
824 8434
44 434
5154
51
31
41
232 232
5834 5834
8334 8534
4334 4334
15
13
15454 15954
26
2634
6434 0534
3
354
8734 8734
4294 8234
7794 79
72
7234
96
9834
2
2
95
93
7734 80
334 3355
8234 5234
50
50
56
56
2534 254
38
3834
4894 4834
1694 1694
54
54
334 354
3834 384
15555 167
30
31
48
48
2494 2434
14334 14934
50
50
42
42
Range Since Jan. 1.
Low.
High.
Feb
15,249
634 Dec 20
Dec
200 104 Jan 27
Jan 10134 Nov
4,600 64
Oct
1,300 634 Dec 75
Dec 218
Dec
70 218
175 11434 July 1184 Oct
May
Nov 60
100 41
Aug 3994 Nov
100 17
Aug 73
Mar
200 41
Nov
Oct 45
100 25
30 404 Dec 4334 Mar
1,100 2734 Jan 3954 May
Feb
Oct 49
9 45
200 2534 Oct 354 Mar
140 5055 Aug 6235 Mar
14
Jan
154 Feb
400
Dec
145 210
Nov 225
Nov
831 6955 Jan 99
34 Sept 1155 May
100
Apr
1,300 4634 Oct 85
Jan
1,300 2554 Sept 42
Nov
10 20534 Apr 240
Mar
Feb 64
300 52
1,600 68
Aug 10434 May
5 35
July 5055 Jan
15,600
3
184 Nov
Jan
3,200 10534 Feb 171
Nov
4.300 2234 Jan 29 June
920 47
Sept 7154 Nov
1.000
July 2234 Jan
3
Aug 90
May
112 85
Nov
37,400 2034 May 56
170 7734 Dec 82
May
8,900 614 July 73
Apr
200 92
Jan 10934 Jan
2
Nov
14 Apr
501
90 90
Mar 97
Oct
201 6534 Jan 864 Nov
2,200
3355 Dec 3355 Dec
Apr
930 504 May 131
Apr
1,801 50
Apr 52
Dec 64
May
54
10f
500 25 June 3734 Jan
1,050 18
Mar 45
Oct
11 4034 May 604 May
300 1154 Sept 1834 Dec
55 Nov
2
2,200
Jan
355 Dec
5
1,400
July
1.391 3134 Sept 46
May
33,700 1144 Jan 17334 Nov
3134 Nov
1,600 15
Feb
100 3734 Jan 6294 May
300 2434 Dec 34
Jan
2.900 52 June 15534 Nov
200 3334 Jan 55
De(
Aug 5734 Jar
200 35
WWI
Friday
Lost Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
102 102
25 102
Equitable Trust Co
297 302
50 301
Fidelity & Deposit
6055
60
First Nat Bank W I
98
97
trendier Cream pr pref _100 98
011 pref v t ctfa 100 924 9294 9334
Houston
5c
50
1c
Lorraine Pete Co
29
29
Mfrs Finance com v t._ _ _25
21
21
25
1st preferred
1734 18
25 18
2(1. preferred
162 165
Maryland Casualty Co-25
33
33
•
Maryland Mtge com
22
21
Maryland & Penn RR_ _100 22
45
45
Merch & Miners Transp..• 45
254 26
Monon W Penn P5 pref _25
14
1
1
Mortgage Security corn _.*
20
20
50
First preferred
10
15
Second preferred ____100
13
13
MtVern-WoodbMills vt100
8234
82
100 82
Preferred
270 270
NatBankofBaltimore -100
200 200
Nat'Union Bank of Md.100 200
7754
New Amsterdam Can Co 10 774 77
89
89
Northern Central Ry._ _ 50
85
85
Penna Water & Power ___* 85
24
24
Silica Gel Corp com v t. •
53
51
Sou Bank Sec Corp
10134 100 102
Preferred
Un Porto Rican Sug rom _• 4254 424 4255
49
49
• 49
Preferred
335 335
so
Union Trust Co
United Rys& Electric- _ _50 1254 1155 1234
-50
41994 425
U S Fidelity & Guar.
8494 8334 8594
New
80
U S Fid & Guar Flre w 1._ ...... 80
43
--------43
U S Hoffman Mach Corp
9854 100
West Md Dairy Inc,com _• 100
96
96
•
Preferred
5355 544
ao
Prior preferred
Rights
US Fld &Guar W 'new.... 1.20
Bonds
Baltimore City Bonds
1961
Is Sewer Loan
1968
Is Water Loan
Is Public Park Impt-1955
1954 9934
Is Annex Impt
1951
Is Annex Impt
Black az Decker 650-1937 120
Consol 0 E L & P 1st ref
1949
68 series A
Elkhorn Coal Corp 6 h s'31
Handler Creamery 68_1946
Houston 01154% notes'38
Md Electric Ry lst 58_1931 954
lst & ref 6558 ser A.1957
North Ave Market 68_1940 98
Poulson(C W)& S 655s '41
Prudential Refin 6558_1948
Southern Bankers Sec Ea'38
Un Porto Rican Sugar
1937
634% notes
United Ry & El 1st 48_1949 64
1949 42
Income 48
1936 61
Funding be
1949
Os
181
Warrington Apta 65
990 1.20
1
120
298
120
35
500
20
250
66
216
25
220
135
25
587
10
12
6
47
26
15
562
5
60
50
62
224
10
5
61
946
119
3,927
26
100
100
10
22
25,172
Range Since Jan. 1.
Low.
Aug
97
260 June
5754 Nov
Dec
95
Aug
92
Jan
2o
2455 Mar
194 Aug
1754 Dec
Aug
150
Apr
18
20 June
Aug
44
Jan
25
Dec
1
Dec
20
Dec
10
Sept
12
804 Sept
Oct
260
Nov
200
704 Aug
Aug
85
Jan
68
Mar
17
July
35
Oct
90
3734 Sept
Sept
49
Jan
315
1134 Dec
3484 June
814 Dec
Dec
75
Dec
43
Jan
75
Jan
75
5294 Jan
760
High.
Apr
128
May
326
July
64
98 June
10355 Mar
50c Aug
Oct
33
June
26
2055 Oct
May
195
Dee
36
Apr
31
May
50
Jan
27
2554 Jan
Mar
80
Jan
85
Aug
29
9775 May
pan
286
Jan
225
834 May
9034 Mar
9054 Nov
2834 Mar
Nov
52
Dec
102
May
70
May
72
34534 May
2055 Jan
49694 Sept
Nov
88
Dee
80
4455 Dec
100 June
100 June
5554 Jail
Dec 1.50
Aug
June
Oct
June
June
Jan
1034
103
10254
103
102
133
Dec
Feb
Jan
Jan
Feb
Mar
Feb
9954
9954
994
994
9954
120
9994 $1,000 98
3,300 98
9934
994 2,000 98
9954 9,000 98
100 9854
9994
9,000 10655
120
106
90
9954
9934
95g
9134
98
90
9754
100
Jan
2,000 10555 June 108
106
Oct 984 Jan
1,000 90
90
July 9934 Mar
9954 2,000 98
Dec 10554 Sept
9934 2,000 97
Oct 9934 Jan
9534 3,000 95
Oct 994 Jan
4,000 87
92
Dec 105
May
5,000 98
98
Apt
1,000 894 Oct 04
90
Sept
Oct 100
21.000 97
100
Oct 10034 Dec
20,000 96
101
964
64
42
60
84
100
9655 3,000 95
9,000 55
65
4254 14,000 42
15,800 60
61
10,000 85
84
2,000 100
100
Sept 1064 May
Jar
Nov 75
Jar
Dec 55
Dec 8454 Jar
Jar
Aug 90
July
July 100
* No par value.
-Record of transactions
Pittsburgh Stock Exchange.
at Pittsburgh Stock Exchange, Dec. 22 to Dec. 28, both
inclusive, compiled from official sales lists:
Stocks-
bates
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Jan
Nov 25
100 15
Amer Vitrified Prod com 50 1834 184 18 34
Sept
Aug 55
10 33
48
48
Amer Wind Gi Mach pt 100
May
4
254 May
2.494
354 4
34
Arkansas Gas Corp corn.*
3874
7% Nov
634 May
74
10
754 794 9,924
Preferred
167
Nov
Aug 67
5934 6234 1,770 54
• 62
Armstrong Cork Co
Dec 4554 Nov
225 42
42
42
Blaw-Knox Co, new .....25 42
275 1634 Jan 274 Mar
20
19
10 20
Carnegie Metals Co
2494
100 194 May 25% Dec
2434 2434
Cent Ohio Steel Prod com •
Dec
Feb 320
10 250
320 320
100 320
Colonial Trust Co
50
Jan
634 Aug 10
486
791
7
7
10
Devonian 011
Apr
Dec 15
5
100
7
7
•
Dixie Gas & Util cony_
Dec
Feb 455
10 345
450 450
Bank_ _100
First National
RightsDec 5634 Dec
230 54
54
54
Dec
1
54
14
174 15,668
Almar Stores
234 De( Harb-Walker Ref com- _ _• 54
Mar
25 119 June 123
120)4121
Jones St Laughlin St pf_100
930 4855 Apr 693. Dec
67
6734
25 67
Lone Star Gas
Bond.Feb
Feb 80
5 80
80
80
Merchants Say az Trust _50
31,000 8234 Aug 90
34
84
Jar
Conedl Trac N J let 51; 1932 84
Dec
12
70
634 Feb
1034 11
Nat Fireproofing corn. _50
54
Nov 66
5455 16,000 52
Elec & Peoples tr etre 46'45
May
Dec
Aug 30
580 17
30
28
50
Preferred
Jan 40
500 14
37
37
Lake Sup Corp 5$ stpd- _
Dec
100 450 Aug 750 Dec
658 650
658
Phoenix 011 pref
1,000 99
9994 9954
Oct 10154 May
'54
Lehigh C & N cons 4
Sept
91 3355 Nov 38
35
34
Petroleum Explorat'n__ _25
10434 10434 35.000 104
July 109
Philo Elea (Pa) let 5s_ 1966
Jar
Jan
10
Nov
6
250
694 634
634
100 100
2.000 994 Nov 10134 Jar ,Pittsburgh Brewing pf-50
Strawbridge & Cloth 58 '48 100
2434 2234 244 1,070 1634 Dec 2434 Dec
Investors Sec
Pitts
United Rye & Elea (Bait)
474 Nov
3 Sept
334 3,032
3
3
ron‘ Pittsburgh Oil & Gas_ .... _5
Oct90
Certificates of denosit.-- ...... 8854 8834 5.000 85
Dec 7334 Nov
469 63
63
6434
Pitts Plate Glass, n.. _100 64
140 4854 Feb 6434 Dec
• No par value.
5794 6434
Pitts Screw & Bolt Corp_ _• 58
Nov
Jan 37
86 27
3234 3294
Pitts Steel Foundry cons_ •
-Record of transactions at
Baltimore Stock Exchange.
Dec
10 834 Apr 36
854 8555
100
Preferred
2.306 2654 Dec 3034 Dec
29
3034
Baltimore Stock Exchange, Dec. 22 to Dec. 28, both inclu- Plymouth Oil
555 Oct
734 Jan
1,357
534 554
534
Salt Creek Congo 1011._ _ 10
sive, compiled from official sales lists:
Sept
Aug 40
50 25
25
25
Stand Plate Glass pr pf _100
Aug 2994 Dec
2934 2,703 17
28
• 29
Suburban Elec Dev
Priam,
Sales
May
Dec 22
2,000 15
15
15
10
Tidal Osage 011
Last Week's Range for
Range Since Jan. 1.
73.. Dec
754 Dec
900
754
794
Preferred
Week.
ofPrices.
Sale
15 2654 Dec 3955 Mar
2634 2654
Union Steel Casting coin..*
Low.
Par. Price. Low. High. Shares.
StocksHigh,
Jan
Dec 61
110 42
.
Eng dr Fdy corn_ • 4234 4234 4234
United
Jan 564 Jan
100 43
46
46
Westinghouse Air Brake..• 46
• 4034 3954 40% 1,123 3
534 July 5134 May Wiser Oil Co
Arundel Corporation
Mar
10 1534 Dec 19
1834 1554
25
73 162
17655 180
Sept 212
At Corot Line(Conn)._ _50 180
Jan Zoller(Wm)Co com
,
200 33X Feb 8254 De
59
•
59
150 150
146
Mar 161
Bait Comm'l Bank __ _100
June
70 157% Nov 225
50 15854 158 15854
Baltimore Trust Co
• No par value.
Mar
• 32
33
32
783 24
Jan 3454 May
Black & Decker,corn
-Record of transactions at
27
252 2534 Apr 2755 Apr
27
25 27
Cleveland Stock Exchange.
Preferred
41
25 39
41
Aug 49 June
Central Fire Insurance _ _10
Cleveland Stock Exchange, Dec. 22 to Dec. 28, both inle Dec
10
5,435
lc
lc
20 Feb
Central Teresa Sugar _ _10
14 199
202 202
Dec 236
50 202
Century Trust
May clusive, compiled from official sales lists:
12 113
Apr 11555 Sent
Ches&PoTelornalt, pref100 11434 1144 11454
Sales
Friday
5255 6054
860 214 Mar 674 Nov
• 59
Commercial Credit
Range Since Jan. I.
Last Week's Range for
25
356 23
Jan 264 Jan
25 25
2554
Preferred
Week.
of Prices.
Sale
51 23
Feb 27% May
287.4
26 264 26
Preferred "B"
Low.
High.
Par, Price. Low. High. Shares.
Stocks100 103
340 86g Sept 108
preferred.._100 101
Nov
634% 1st
12
9
208
Dec 14
9
4
Warrants
Dec
35 18
July 30
Oct
244 25
• 25
25
30 2434 Nov 26
25
25
Aetna Rubber corn
Credit of N 0,prof.
July
Corn
24
20 17
Apr 29
Jan
24
1,235 6754 June 95
Consol Gas,E L & Power • 9434 93% 9454
Nov Akron Rub Reclaim corn..• 24
17% Mar
12
300 1054 July
•
1234
30 109% June 114% May Allen Industries corn
6% preferred sec D.__100 1024 110 110
31
25 30
July 37
31
Feb
• 31
20 105
1064 1064
Oct 108% Apr
Preferred
54% pretwiserE - 100
150 2854 Jan 3834 Oct
35
34
5 100 June 10554 May Amer Multigraph corn._.* 35
10234 10234
100
5% preferred ser A
92
30 81
92
Sept 11755 Jan
972 20
Nov 3355 Jan Amer Ship Build corn-100
Consolidation Coal -100 20% 2034 21
40
54 Aug
5
335 3%
Nov
20
44 60
60
60
Dec
100 60
Preferred
Jan Bond Stores A
1
1
100
2
1
Nov
•
Si Jan
1 260
280 280
Oct 320
may
B
Continental Trust
15
295 15
1655
Dec 40
Jan
• 15
14
1
175
I
Dec 10
1
Byers Machine A
Tire &
Delion
June
112
70 10954 Jan 11254 Dec
111
145 2454 Mar 36
29
•
2954
Dec Central Alloy Steel pref 100 112
Eastern Rolling Mill
79
3688
..........
LIst Week's Range for
ofPrice,.
Week.
Sate
Stocks (Concluded) Par. Price, Low. High. Shares,
City Ice & Fuel
• 61
Clark Fred 0 com
10
Cleve Build Sup&Br com •
Cleve-Cliffs Iron com____• 130
Cleve Elec 111 6% pref _100 112
Cleve Railway corn___ _100 10434
Cleve Securities P L pref 10
315
Cleve Trust
100 400
Cleve Un Stockyards corn •
Cleve Wore Mills com_100 20
Dow Chemical corn
•
Preferred
100 107
Elec Control & Mfg com •
Falls Rubber corn
•
Preferred
25
Faultless Rubber cora_ •
Firestone T & R com__ _10 253
7% Preferred
100 109
Foote-Burt corn
*
New
t
Goodrich B F
• 10634
Gen Tire & Rub com......25 250
Preferred
100 99
Glidden prior pref
100
Godman Shoe corn
• 54
Goodyear T & R com- •
Great Lakes Tow corn. 100
Halle Bros
10 46
Harbauer corn
• 24
Harris-Seybold-Potter corn'
India Tire & Rub corn _ _ • 4234
.
Interlake Steamship corn.' 155
Kaynee corn
10
Kelley Is Lime & Tr corn *
Lake Erie Bolt & Nut com*
Lamson dr Session
25 44
Met Paving Brick,com __• 44
Miller Rubber.pfd.____100 75
Mohawk Rub.cons
•
Murray Ohio Mfg,com._ _• 40
Myers Pump,com
• 36
Preferred
*
National Acme,corn_ _10
Nat RecordingPump,com.• 32
Nat Refining,corn
25 37
National Tile,com
• 3655
National Tool, pfd
-100
Nestie-LeMur,corn
• 2734
1900 Washer,com
• 23
North OhloP&L6%pfd _100
Ohlo Bell Telep, pfd.___100 113
Ohio Brass"B"
*
Ohio Seamless Tube,com-•
Packard Electric,com
•
Packer corp,corn
•
Paragon Refining,corn...* 2234
Preferred
•
Peerless Motor,com - -50
Reliance Mfg,corn.
• 50
Richman Bros, corn
• 368
River Raisin Paper,com._*
7
Robbins & Myers,serial--•
554
Preferred25
Scher-Hirst, class A
•
Seiberling Rub,corn
• 6334
Preferred
100 10555
Selby Shoe,corn
•
Sheriff St Mkt,corn._ _ _100 26
Sherwin-Williams,com.._25 8534
Preferred
100
StandTexProd,"A"pfd_100 68
"B" preferred
100
Stearns Motor,corn
5
•
Steel & Tubes"A"
•
Thompson Products,corn • 46
Union Metal Mfg.corn- •
Union Mortgage,com _ _100
34
let preferred
100
234
2nd preferred
100
Union Trust
100
Van Dorn Iron Wks,com..*
Weinberger Drug
•
Well-Seaver-Morg,pfd -100
Wood Chem Prod,corn. •
Youngstown 8& T,pfd.100 10034
Range Since Jan. 1.
Low,
High.
57
6234 2,197 3634 Feb 6215 Dec
8
8
Nov
110
234 Feb 10
30
3135
905 27
Aug 313.4 Dec
Jan 14715 Sept
130 130
278 104
May
1113.1 112
243 110 June 115
Mar
414 102 May 109
1043.4 104%
3
334 Dec
355 1,862
134 July
400 400
Mar
Jan 400
20 359
24
24
Oct 2734 Apr
18 21
Mar
20
20
Oct 30
305 17
205 205
Nov
6 11234 Jan 225
107 107
Feb
10 1033.1 Aug 107
60
79 5434 Jan 66
60
May
Aug
5
415 Feb 13
235
5
10
Dec 2035 Aug
25 10
10
30
110 2934 Dec 3955 Jan
30
230 253
Dec
Oct 253
370 160
10834 109
375 10534 Nov 11134 Jan
Dec
52
52
30 25
Feb 57
Dec
40
40
Dec 40
170 40
10634 10634
200 69 June 10634 Dec
Dec
225 250
Mar 250
150 165
Mar
99
99
July 103
61 55
139 96
Jan 10434 Dec
10334 10334
Nov
Dec 60
54
54
90 54
1293413134
500 70
Jan 13134 Dec
Oct
94
94
Feb 97
50 88
Dec 4734 Dec
46
160 46
4634
24
24
10 1234 Apr 2734 Nov
Jan
15
15
25 10 June 24
Sept
4534 2,551 18
37
Feb 56
Dec
150 155
Feb 190
46 123
29
275 29
30
Aug 4334 May
Dec
5634 5634
50 4934 Apr 59
Dec
3135 31.55
Jan 33
30 17
Dec
43
4434
865 4234 Dec 45
4434
44
325 3114 Jan 49 May
Jan
73
315 70
75
MaY 98
Nov
56
195 2934 Jan 246
60
Dec
40
40
20 1334 June 40
Feb 4334 Apr
36
841 33
3634
105 105
42 10434 July 10534 Jan
31
3255 1,410
755 Jan 8235 Dec
Api
32
32
Dec 46
200 32
Jan
37
345 3434 Aug 39
37
3634 3834 2,582 2634 June 3831 Oct
Dec
Feb 40
39
50 16
39
Dec
Nov 30
2734 28
615 25
Oct 3034 Feb
23
23
404 23
Feb
Jan 100
155 93
98
9834
113 113
30 109 June 114 34 Apt
Oct 10035 Max
87 85
88
88
Oct
Mar 78
130 38
69
70
Dec
Jan 119
290 47
115 118
66 32
32
Dec 4034 Mal
32
2034 2234 2,790
934 Jan 2335 De(
42
4435
71 4134 Sept 4434 De(
Feb 2434 Am
100 17
1934 1915
49% 52
760 3754 Oct 5355 Dec
Nal,
Feb 400
336 256
365 372
Dec 12
API
7
7
100
7
555 Dec 1015 Oct
70
534 6
Oct
280
Dec 16
9
8
934
Ma5
Aug 29
2214 23
150 22
Dec
11,034 3334 Feb 67
5134 67
Nty5
115 10234 Aug 108
10434 10534
Api
34
470 3335 Dec 47
8434
Jar
2534 26
150 2534 Dec 61
Sefa
255 6534 Feb 95
85
8534
10634 107
91 10534 Nov 10934 Mai
Api
10 5054 Aug 71
68
68
32
32
15 2634 Sept 35
Mai
Api
8
Mar
555 2,515
5
3
Not
Dec 101
92
100 92
92
Dm
3,014 22
46
Feb 46
41
No'.
15 4234 June 62
49
49
130
51
51
14 Aug
J153
7
Jar
18
255 255
254 Oct 30
Jar
55 Dec 12
54
90
55
No,
Jan 341
315 315
210 285
715 Ma
224
6
334 Dec
7
2334 2334
75 2134 Nov 23% Do
Jar
61
61
80 55
Oct 89
No,
28
28
25 2434 Sept 28
139 9954 Oct 10234 De
10034 101
Bonds
Cleveland Ry 5s
1931 100
100 100
$3,000 100
May 101
Steel& Tubes Dec 6._ _1943 9454 9414 9455 4.000 9354 Nov 96
Yet
No
,
• No par value.
Cincinnati Stock Exchange.
-Record of transactions
at Cincinnati Stock Exchange, Dec. 22 to Dec. 28, both
inclusive, compiled from official sales lists:
r I- gutsy
Stocks-
JC.Cd
Last Week's Range for
Sate
ofPrices.
Wee/C.
Par. Price. Low, Mph. Shares.
-Fox A
Ahrens
•
Am Laundry Mach com-25
Amer Prods, corn
Amer Rolling Mill com--25
Amer Thermos Bottle A_ •
Preferred
50
Buckeye Incubator
•
Burger Bros pref
50
Carey (Philip) corn.. ___100
Preferred
100
Central Brass A
•
Central Trust
100
Champ C Paper lat pf_100
Churngold Corp
•
Chit! Ball Crank, pfd
Chi Car Co
50
CM Gas& Elec pref-- _100
& C Lt & Tree com 100
100
Preferred
Cin Street Ry
50
50
Cin Jr Sub Tel
*
City Ice & Fuel
100
Col fly Pr 1st pref
Cooper Corp (new)_ _100
•
Crosby Radio A
CIIN
[VOL. 127.
FINANCIAL CHRONICLE
19
92%
10
230
276
111
92
9355
3034 3
034
9
634 98
19
19
47
47
10
1034
42
42
230 230
12334 12315
28
28
276 276
36
33
3254
9834
9834
3634
3234 3234
98
9835
7534 7515
5034 50
5115
119% 11834 120
6155 5634 6151
107
89
89
10034 9355 101
Eagle-Picher Lead com.20 1934 1934 1934
100 420
First National
• 2615 2435 2655
Formica Insulation
• 48
Gibson Art corn
4734 4834
Globe-Wernicke com
100
92
92
Gcldsmith Sons
2334 2334 2334
Griess Pfegjr, pfd
1003.4 10035
* 5034 5034 5134
Gruen Watch, corn
100
Preferred
1143.4 114%
Hobart Mfg
•
69
69
100 10015 1003410034
Int Print Ink, pref
Jaeger Machine
•
•
43
43
Julian Kokenge
32
32
32
18
852
25
368
50
294
1,200
300
12
50
10
15
1
45
65
9
343
2
40
307
156
954
2
9
8.529
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Kahn 1st pref
100
100 101
Participating_
_ 40
36
36
Kodel Elec &Mfg "A"_ _ ..• 1654 1635 17%
Kroger, corn
10
116 116
Lunkenheimer
•
29
28
Manischewitz,com new 100 34
3455
34
McLaren Cons"A"
•
16% 1634
Mead Pulp
* 71
Special pref
100
10454 1043.4
Meteor Motor
* 32% 3135 3215
Nash(A)
100 16034 135 16035
Nat Recording Pump__ __* 32;5 32
34
Ohio Bell Tel, pref
100
112 113
Paragon Refining, ccm _25 22% 20
22%
Pro% r e6f;am ble, com.20 282
urete ifk G pdrei
6c op
rre
282 283
100 111
110% 111
100 101% 101 10135
preferred
100
110% 11054
Rapid
62
58
u
United klIgk Crate"A"__• 37
ay l oard
3634 3734
1 111
0
111 112
U El Print & Litho, coin 10
corn80 85
55
U S Shoe,
8
8
Whitaker Paper, corn_ _ __* 76
* No par value.
37
15
597
2
51
565
8
18
10
148
133
764
28
1,493
100
110
570
11
297
283
88
120
80
61
17
8934
3034
85
11
43
754
42
222
120
2235
255
100
2234
3234
29
97
9734
75
4534
5231
3635
107
84
25
High,
Dec 2334 Jan
Dec 114
June
Dec 3034 Dec
Aug
Aug 120
Feb 2235 Oct
June 49% Feb
Jan
Sept 49
May
Dec 56
Apr
Jan 275
Aug
Aug 126
Jan 29% Nov
Dec
Jan 278
Feb 114
Aug
Sept
Jan 46
Dec 3334 Dec
July 3934 Nov
Aug 10034 Mar
Feb 109 June
May
Dec 121
Jan 55
Jan
Aug 128
May
Apr 6134 Dec
Dec 10855 Dec
Oct10534 Apr
Dec
Feb 101
1,273 1534 May 2434 Jan
Dec
4 360% Feb420
1,085 2034 Mar 2634 Feb
Nov
305 43
Jan 54
Nov
10 92
Dec99
246 23
Dec2434 Dec
Sept10015 Dec
15 99
Dec
353 46
July 57
20 11434 Feb11634 Oct
10 44
Jan 7534 Oct
105 97
Aug 10134 Dec
Dec
10 2934 May 44
124 29% Sept37
Nov
High.
Low.
May
108
4334 May
55% Jan
128% July
2934 Mar
3834 Dec
2034 May
82
Jan
105;5 Oct
May
45
16015 Dec
Apr
8
Aug:
Apr
115
Dec
4
Jan 300
May
July
Jan 113
Jan 10255 Nov
Dec 11534 May
Feb 7535 Sept
July 3734 Dec
Jan
Aug 132
May 89 14 Dec
Feb
93.4 Apr
July 76
Dee
100
35
13
70
2555
33
1634
65
101
26
100
Jan
Oct
Oct
Jan
Feb
Dec
Dec
Mar
Sept
Jan
Apr
10:1!
9
249
9654
9635
1 015
3435
26
109%
64
535
52
St. Louis Stock Exchange.
-Record of transactions
at St. Louis Stock Exchange, Dec. 22 to Dec. 28, both inclusive, compiled from official sales lists:
Stocks-
rriaay
bates
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Bank Stocks.
First National Bank__ _100
Lafayette-So Side Bk _100
Merch-Laciede Nat__ _ -100 360
Nat Bank of Comm_ __ _100 171
State National Bank_ _ _100
345
400
360
170
180
345
400
360
171
180
Trust Co Stocks
Mercantile Trust
100
573
573
Miscellaneous Stocks
A S Aloe Co corn
20 3454 3434 3415
Bentley Chain Stores com • 2834 2834 29
Preferred
47
•
47
Best Clymer Co
1235
• 1254 12
Boyd-Welsh Shoe
4254
42
• 42
Brown Shoe pref
100
118 118
Bruce(EL)COM
. 45
45
45
Burkart Mfg corn
•
9
9
Preferred
• 18
17
18
Coca-Cola Bottling Sec._ • 38
.
38
3834
Consol Lead & Zinc "A" •
11
12
Elder Mfg"A"
100
80
8034
Ely & Walker D G lst pf100
110 110
Fred Medart Mfg corn •
20
20
Fulton Iron Works cont..*
6
6
8
Globe-Democrat pref_ _100 114
114 115
Hamilton-Brown Shoe_.25 1754 17
1755
Huttig S & D corn
•
20
20
Hydraulic Press Br corn 100 -315
3
335
International Shoe corn..' 74% 74
75
10...... 10954 110
Preferred
Johansen Shoe
•
39
39
Johnson-S & El Shoe
•
62
62
Laclede Gas Light, pfd 100 ------100 100
Laclede Steel Co
100 390
385 390
Landis Machine, corn...25 4634 4534 47
Mahoney-Ryan Aircraft..5 1735 1734 18
Moloney Electric "A"___. 55
5315 56
Mo Portland Cement_ _ _25 4335 433,4 43%
Marathon Shoe,corn_ -.25
54
54
• 1934 1934 1955
Meyer Blanke,com
• 1934 1734 2034
Nat Candy,com
Pedigo-Weber Shoe
32% 33
• 33
Rice-Stix Dy Gds2nd pf100
98
98
Common
• 2335 23% 24
Scruggs B, D G,com_25 18
-V
18
18
* 3554 34
Scullin Steel, pref
38
Securities Inv, corn
3734 3754
•
Skouras Bros. "A"
•
5234 53
Smith-Davis Mfg.coin...* 10
10
10
4
South Acid at Sulph, com_*
434 4434
Southw Bell Tel, pfd_ _100 11815 118 11814
Stlx, Baer Jr Fuller, corn_• 3615 34
3034
St Louis Car, corn
10
25
25
St L Pub Ser, pfd "A"_._• 80
80
80
COUUTIOn
21
20
. 20
St Louis Screw & Bolt __25
25
.
25
Wagner Electric, cora _ _ _ _• 157
149 158
25% paid
150 155
WI
40
3934 39
1134
3
10
1
238
66
Street Railway Bonds.
E St Louis & Sub Co,5s'32
United Railways, 4s.1934
8054
5
275
80
478
90
100
121
8
10
27
2,496
150
45
20
445
6
420
15
3,317
1,104
88
100
5
10
29
260
218
1,383
183
60
20
1,280
451
80
995
225
428
100
110
100
100
63
46
25
2
390
200
1,656
70
4,795
96
96
81,000
8034 8034 2.000
Miscellaneous Bonds.
Houston Oil, 51515_ _ _ _1938 9835 98
Moloney Elect, 5155_ _1943 94
94
Nat Bearing Metals 65.'47 10334 10354
St Louis Car 6s
100
1935
Re.ffilln Plitesal Ila
1041 904
,
1 8914
Range Since Jan. 1.
Low.
320
325
295
157
180
1 533
Range Since Jan. 1.
Low.
Range Since Jan. 1.
345
400
360
236
200
Dec
Dec
Dec
May
Jan
July 575
Dec
Aug
Feb
May
Apr
Dec
32% Sept
21
Oct
4554 Oct
Dec
10
3834 Jan
117
Apr
43
Dec
9
Dec
17
Dec
Mar
21
Nov
9
Jan
72
Dec
109
20
Dec
Dec
6
1113.4 Nov
16
Dec
20
Dec
3
Dec
Jan
62
10934 Dec
34
Sept
Apr
48
100
Dec
180
Jan
42
Nov
1634 Dec
5315 Dec
Mar
38
5234 Nov
1934 Dec
17
Nov
3214 Dec
95
Nov
1854 Nov
16
Apr
31
Jan
Apr
30
37
Apr
10
Dec
3954 June
117
Aug
27
Mar
16
Jan
78
Dec
19
Dec
17
Jan
37
Feb
150
Dec
Dec
39
94
80
9834 27.000 98
94
8,000 94
10314 2,000 95
100
1,000 100
100
4.000 9814
High.
Jan
Dec
Dec
Dec
Dec
Dec
Jan
4034 May
3154 Nov
51
Nov
Apr
27
May
45
121
June
52
May
1734 Jan
2434 Apr
6314 Sept
1755 May
May
90
May
120
Apr
37
1631 May
11834 May
30
Jan
27
Feb
6 May
Apr
87
113
Aug
May
45
70 May
120
Jan
Dec
390
5034 May
26
Aug
58
Nov
52
May
6055 Oct
20
Dec
2354 Jan
45
May
104
Jan
Nov
27
22
Aug
Apr
46
Dec
39
Nov
57
20 June
Nov
49
Dec
121
lsh Oct
32
89
3234
30
158
155
40
May
June
June
Aug
Dec
Dec
Dec
96
Dee
8534 Jan
105
9734
104
102
101
Sept
Oct
Aug
Sept
Max
• No par value.
Los Angeles Stock Exchange.
-Record of transactions
at the Los Angeles Stock Exchange, Dec.22 to Dec.28, both
inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
-Par Price. Low. High. Shares.
Stocks
Barnedall Corp "A".._ _ _25
Balsa Chien 011"A"
1
.
Buckeye Union Oil pfd _ _1
California Bank
25
Central Investment_ _ _100
Citizens Nati Bank __ _100
EmscoDer&En,corn...100
Gilmore 011
Globe Grain Jr M1g,coal 25
Goodyear Tire Jr Rub pf100
Goodyear Textile, pfd_ _100
Holly Development
1
Home Service, corn
25
8% Preferred,
25
Hydraulic Br Co,corn.._25
LA Athletic Club.
10
LAFirstNat1Tr&SavBk _25
L A Gas& Elea, pfd ___100
LA Investment Co
1
Mascot Oil
1
Range Since Jan. 1.
Low.
39% 41
2,800 36%
3.00 3.20
25,000 36c
1.85 2.00
11,550 25c
128 130
136 120
101 10154
100 98%
514 515
28 490
4,381 125
286 320
14
13
680 4.00
3134 32
610 30
10 97%
100 100
99
99
90 8754
1.05 1.10
1.10
2,200 1.00
25%
25
25
75 23%
26% 26
230 2534
2635
41
310 35
4055 40
7
8
150
8
8
119
2,894 10334
119 122
77 10455
1074 107% 107%
2.50 2.15 2.50
35,271 2.05
2.95 2.95 3.20
2.500 1.15
40%
3.20
1.90
129
101
515
318
14
32
100
Dec
Feb
May
Aug
June
Jan
June
Jan
Aug
Sept
Sept
June
Aug
Dec
Dec
Nov
Jan
Jan
June
Jan
High.
48
4.25
2.60
179%
164
550
320
1454
32%
104
104
1.40
31
2754
48
8%
172%
112%
2.80
4.25
Deo
Nov
Dec
May
Apr
May
Dec
Dec
Aug
Mar
Mar
Jan
Oct
Oct
Dec
Aug
May
Apr
Jan
Oct
w . w -t
.
8S8inlobl
om
Il O
1i8 V 1 b7
bl b
3D8O
0000000000 200000000.n0 8000
888888818
V
8t Iw
Wg
8=8
Mac. 29 1928.]
FINANCIAL CHRONICLE
Bonds.
L A Ry Co 1st M 5s_ _1938
Miller & Lux 134
1945
Pacific Gas & El 5558_1952
So Calif Edison 5s_ __ _1951
So Counties Gas 448.1968
So Calif Gas 5s
1957
Q., Co III mni..n c,,
t Clet7
* No par value.
9715
10155
10434
1014
9115
100
too
9755
10034
10434
10155
914
100
too
9735
10115
10434
10134
9115
100
too
w.
w
mw w..
to. to
250 259
65c 650
25c 27e
2.95 3.00
4334 4334
535 54
1.00 1.15
2734 3734
6715
67
38
38
2134 2251
2511 29
.69
.76
61
60
44% 4634
2411 25
158 1614
32
33
11414 115
10035 10034
528 535
40
414
53
5315
294 2934
2655 264
243-4 2435
2534 253.4
100 101
714 72
12
834 131
51
5234
5215
.51
.17 .19
1.70 1.7715
1.70 1.80
w
co. tww.t.
,
259
650
25e
2.95
434
515
1.15
35
6715
38
2134
29
.72
60
46
25
161
3255
11455
10015
528
40
5315
2915
2655
2454
2511
101
7115
1293.4
51
51
.1715
1.70
1.75
.
.a
.n-pwzar..
-,
MerchNatiTr&SavI3k __25
Merchants Pete
1
Midway Northern 011_ __ _1
Mt.Diablo 011
1
Nat Bank of Commerce_25
Occidental Pete corn
1
Oceanic Oil
1
Pacific Clay Products_ _ --•
Pacific Finance com _ __ _25
Pacific National Co
25
Pacific Western Corp_ _ _ _*
Plggly Wiggly W St "A"_•
Republic Pete Co
1
Republic Supply Co
*
Richfield 011 corn
25
Pref ex-warrants
25
Rio Grande 011 corn (old)25
Common (new)
25
San Joq L & P 7% pr pf 100
6% prior preferred_ __100
Scour Tr & Say Bank_ _100
Signal 011 & Gas "A"_.25
So Calif Edison corn__ _25
7% preferred
25
6% preferred
25
54% preferred
25
So Calif Gas 6% pref_ _ _25
So Counties Gas 6% pf_100
Standard 011of Calif
•
Trans-America Corp.__ _25
Union Oil Associates__ __25
Union 011Callf
25
US Royalties
25c
Un Assoc rights
Union 011 rights
.
,
Slaw
oukce
Last Week's Range for
ofPrices.
Sale
Week.
Stocks (Concluded) ker. Pr ice. Low. High, Shares.
Range Since Jan. 1.
Low.
High.
140
Jan
30c
Jan
22c Apr
600 May
43
Nov
555 Nov
.70 Jan
27
Jan
Nov
65
35
July
20
Dec
23 June
.03 Feb
52
Oct
2355 Feb
23 June
1615 Feb
32
Dec
114
Jan
10034 Dec
43755 Jan
38
Dec
4334 Jan
284 Jan
26
Jan
2434 Jan
2555 Oct
100
Oct
5334 Feb
125
Nov
413,4 Feb
42)4 Feb
.0855 Feb
1.65 Dec
1.60
Dec
300
May
92c Nov
830 July
3.75
Dec
46
Nov
815 Nov
1.45 Nov
3751 Dec
6955 Dec
4434 Oct
2434 Nov
3834 Oct
1.47120cl
6134 Dec
5515 Nov
253,4 Oct
1864 Nov
374 Nov
120
May
10434 Apt
556
Mar
54
Oct
5551 Nov
294 Aug
2734 Jung
2551 May
28
Fel
104
May
79
Nov
13155 De(
5715 Am
5734 Nov
.26 Oct
1.7735De'
1.85 Der
944
9934
1043.4
10034
91
9931
ins
9734
10115
10534
10415
9234
10234
ingtz
Jan
Jan
July
July
Aug
July
rt..
May
July
Mai
AP
July
Ap
,u.,
San Francisco Stock Exchange.
-Record of transactions at San Francisco Stock Exchange, Dec. 22 to Dec. 28,
both inclusive, compiled from official sales lists:
Stocks-.
Friday
60Ie8
Last Week's Range for
Range Since Jan. 1.
Sale
ofPrices.
Week.
Par. Price. Low. High . Shares .
Low.
High.
American Co
139 14134 4,842 130
139
Jan 220
Dec
Anglo & Loud P Nat Bank. 25234 2523425234
13 22.5
Mar 295 June
Atlas Im Diesel Eng "A".. 65
81
Jan 8734 Aug
8634 3.117 31
Rights
4
3.90 Dec
534 11,010
514 Dec
Am Motor Trans pre
5215 524
25 5234 Dec 524 Dee
Bank of Calif N A
286 290
75 26934 Feb 452
May
Bean (John) Mfg com__-_
4734 47
317 44
Dec 5451 Nov
473-4
Byron Jackson Pump Co.- 7615 76
1,716 3134 Apr 10815 Sept
7734
California Copper
8
715 851
Mar
1,000
2
915 Nov
Calif Cotton Millo corn_ --- 8451 86
285 75
Jan 14334 Mar
95
California Ink Co "A"_ ...... 594 .5915
402 30
Jan 6515 Nov
Calif Packing Corp
7515 75
7555
358 694 June 81 55 Sept
Caterpillar Tractor
78
7634 7834 8.676 53
Jan 8434 Sept
Hens
2.90
2.80 3.00 15.090 2.80 Dec
305 Dec
Coast Co Gas& El let pref. 98
98
215 98
Jan 102
99
Jan
Clorox Chemical Co
4834 4534 474
750 304 June 49
Oct
Crown Zellerbach pref
924 9234 9354
1,998 76
Oct 96
Dec
V to
2351 2415 6,251 2234 Nov 2934 Sept
24
Dairy Dale "A"
24
24
Jan 3234 June
200 23
19
19
650 174 Jan 3151 May
Fageol Motors corn
84
615 851
900 2
Jan
731 May
Firemans Fund Ins
12615 123 12615 1,020 110
Feb 127
Jan
Foster & Kleiser corn
1255
12
997 1134 Nov
19
1234
Jan
Gal and Mere Laundry __ _
855 50
5034 5014 5134
Dec 8434 Aug
Golden State Milk Prods
50
58
4.134 33 June 6434 Oct
60
Gt West Pr sr A 6% pref.._ 10015 10015 102
85 9834 Jan 10334 Apt
7% preferred
10534 10515 106
100 10334 June 10734 Dec
General Paint B
27
27
208 24
Dec 28
Dec
Haiku Pineapple Ltd corn. 13
13
13
50 10
Dec 224 Apt
Hale Bros Inc
2234 2211
230 20
Dec 31
Jan
Hawaiian Pineapple
82
6255
489 41
62
Jan 6734 Nov
Home Fire & Menne Ins
39
3834 39
820 364 Oct4934 Jao
Honolulu Cons Oil
38
38
3834
674 35
Feb 44
Nov
Hunt Bros Pack com A _
...... 23
23
299 22
June 2834 Apr
Illinois Pacific Glass "A",, 4514 4434 4534
545 42 June 62
June
Jantzen Knitting Mills.... 45% 44
1,350 44
4534
Dec45% Dec
Koister Radio Corp
73
8855 7415 18,120 30 June 9515 Nov
Langendorf United Bak B.
2835 29
250 18
July 3234 Sept
344 324 344
755 32
Aug 39
July
Leighton Ind A
1634 1655
30 13
Dec 2434 July
"B" v t c
10
1011
130 10
Dec164 Sept
Leslie Salt Co
4454 4534
945 43
Dec 563-4 Nov
Magnavox Co
9
8% 1034 51.237 0.30 Jan
164 Nov
Magnin common
36
36
36
505 22
Jan 37
Dec
Nor Amer Invest com
...... 113 113
105 105
Jan 11635 Nov
Preferred
101
101
101
40 99
Jan 103
May
North Amer 011
3734 3734 38
950 36 June 4651 Oct
Rights
2.50
2.50 2.50
160
2.50 Dec
250 De<
Occidental Ins Co
2611 2634 2651
100 25
Nov 28
Aug
Oliver Filter A
4054 4055 403.4
785 39
Aug 5654 Sepi
B
3934 3954 4034
788 3814 Aug 5554 Sept
Pacific Gas & Elea corn
5451 54
54%
1,179 4335 Mar 554 No',
1st Preferred
2734 274 274 2,836 264 June 2911 Api
Pacific Lighting Corp corn. 7214 7215 73
1,769 7034 Dec 9634 May
6% Preferred
1034 1034 10334
20 100
Nov 10
614 Pet
Pacific Tel dc Tel corn
16015 16134
65 145
July 16834 Nov
Paraffine Cos Inc com____ 84
83
June 10934 Api
8434 3,216 79
Piggly Wiggly West Ste A. 28
26
28
90.5 2134 June 3834 Oct
p'ign Whistle prof
144 1434
50 144 Apr 1734 May
Richfield oil
464 44
4634 7,987 2334 Feb 553,4 Nov
Preferred ex-warrants
...... 2415 2434
886 2234 June 2555 Sept
Roos Bros corn
31
32
1,310 304 Dec 37% Mat
Preferred
99
99
95 9734 July 1034 Apt
S J Light & Power prof ____ ...... 115 116
75 11334 Jan 11934 May
6% Prior preferred
101
101
101
10 100
Jan 10654 May
Schlesinger B F Acorn.... 20
20
20
637 20 June 2734 Mai
Preferred
89
89
90
20 884 Dec 99
may
Shell Union Oil corn
28
28
137 24
Feb 39
Nov ,
Sherman & C ay prior pref.
9315 9334
10 92
Dec 99% July ,
Sierra Pac f c Elec pre- --- 95
95
95
35 92
Dee 9734 Jun( I
Sperry Four Co corn
90
80
9615 5,178 604 Mar 91
Dec
Preferred
100 101
76 95
Nov 10415 Mat
Spring Valley Water
92
105 89
9034 92
Oct 120
May
Standard 011 of Calif
7115 704 7235 13,686 53
Feb 7934 Nov
..
Shell Union Oil rights
5
535 3.892
5
Dec
5% Dec
Transamerica Corp
12934 129 131
29,669 125
Nov 131
De,
Tidewater Assd 011 corn
______
2151 2111
218 2051 Dec 2414 Nov
Preferred
89
8815 8934
45 8834 Nov 92
Nov
Union 011 Associates
5034 5134 5251 5,303 4115 Feb 5755 Apt
Rights
1.70
1.70 1.70 4.643
1.65 Dec
1.75 Dec
Union 011 of Calif
5034 5034 5234 3,427 424 Feb 5734 Nov
Rights
1.75
1.70 1.75 14,159 1.50 Dee
1.80 Dec
Union Sugar COM
24
73,4 Mar 284 Nov
2434
433
Wells Fargo Bk & Un Tr_
302 302
19 280
Oct 37515 May
West Amer Finance pref...
6
6
6
540
5.50 Mar
8
Feb
West Coast Bancorporation 30
30
30
478 28
Dec 353.4 Oct
3689
Boston Stock Exchange.
-Record of transactions at
the Boston Stock Exchange, Dec. 22 to Dec. 28, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
Week.
ofPrices.
Par. Price. Low. High. Shares.
Railroad
Boston dr Albany
100 180
Boston Elevated
100 88
Preferred
100
lot preferred
100 111
100
26 preferred
Bost & Maine corn unst 100 90
Preferred stamped_ _ _100
Ser A 1st pfd unst._ _ _100 8834
ser A lot pfd stpd .100
Series B 1st pref stpd 100
Ser C lot pref stpd 100
Series D let pref stud 100
Negot'l receipts 70% pd_
Boston & Providence_ .100
Chic Jet Ry & U S Y pf100
east Mass St Ry Co....100 23%
Preferred "B
100 69
1st preferred
100
Adjustment
100 54
Maine Central
100
st y N li & Hartford .._100 80
Norwich & Wore, pref_ _100
Old Colony
100 1364
Pennsylvania RR
50 7234
Range Since Jan. 1.
Low.
171334 Sept
Oct
83
9615 Dec
July
110
10134 Oct
Jan
55
6134 Jan
Jan
80
694 Jan
10815 Jan
Jan
98
Jan
135
Oct
104
July
173
Dec
104
2334 Dec
Aug
63
70
Aug
50
July.
Feb
59
5434 June
Jan
132
1314 July
62 June
High.
19434
99
10774
12034
1104
92
90
98
87
145
131
180
10915
192
11334
43
804
88
654
7234
8014
140
141
7434
178 183
8834 89
994 9934
11034 111
1034 104
89
90
7615 763,4
8834 8834
7934 80
126 126
1103s' 1103-4
15615 15615
10435 104%
185 185
104 10434
23% 2434
69
69
70
71
514 54
y61
61 34
7655 804
13334 13334
13534 13634
7134 73
287
450
13
53
55
200
60
35
95
7
30
5
20
5
42
360
10
205
440
60
1,231
19
111
593
6334 6334
74
75
3
3
1634 1655
189 19234
22
234
21% 224
94
95
93
934
72
72
69% 7634
110 114
1515
15
655 811
234 23.4
99 101
4734 48
100 1014
224 23
27015 275
39
40
25
29
60
63
734 74
1634 17
28
29 34
11434 116%
12
12
40
41
434 4334
4534 49
25
27
38
39%
31
31
68
68
93
93
14
1415
134 14
12834 130
7634 764
11 34 12
10315 104
415
451
6
615
2414 2514
39 35 3934
964 9614
70
7e
99
9911
1
1
14215 144
8
9
38
38
2914 3051
24
24
1%
134
28
28
2434 2414
3134 3234
133 141
83
85
74 834
1915 1934
50c 754
2911 3034
6734 71
75
74
3115 3134
80
80
25
25
94
95
100 100
814 934
70
73
25
2534
6314 64
90
91
10134 10114
21
21
152 156
49
51
51% 5134
72
72
14
16
184 6334 Nov 64
Nov
Nov
89 7334 Dec 75
415 June
170
234 Dec
35 15 June 2434 Feb
1,516 17134 July 210
May
3,910 18
Apr 2534 Apo
120 1434 Feb 2434 Dot
18 8734 Sept9914 May
Nov 9834 MAY
40 92
10 72
Nov 73
Nov
1.565 8134 Dec 8434 Der
71 81
Jan 134 34 Apt
400 1334 Dec 18
Oct
235 Jan
125
8
Aug
1,500
134 Jan
23.4 Jar
630 88
Feb118
May
Apt
200 45
Sept 51
10 100
Nov 108
Api
1,100 1134 Jan 2434 Del
215 252
Feb 305
May
2,158 38
Dec 42
Det
220 20
Dec 43
May
Dec 8631 Apt
1 05 60
4073
6
Oct 134 Jar
.00 16
Aug 204 Jar
1,060 27
Dec 35. JAE
1
1,565 98 June 12334 Oe
50
934 Mar 13
Jim
215 39
July 46
See
45 43 Sept 49
Not
No'
3,185 4231 Dec 49
1,411 24
Nov 4354 Jar
430 *3734 Dec 4074 Not
70 2434 Sept 34
Not
10 4534 Feb 763,4 De
5 93
Feb 954 Jai
240
234 Jan 1515 De
262
15
734 Jan
Seri
464 109
Feb 155
Mai
279 7551 Nov 88
Ma;
6,690
114 Dec 14% Sett
59 98
Oct112
Jai
494
6
Ma;
354 Nov
1,270
555 Nov
654 De
Oct3434 Ma;
105 24
55 25
Jan 4334 All
5 93
Jan 100
Jtv
1,900 .05 Dec .48 Au
20 99
Dec 10934 Fel
15
1
415 Fe'
Dec
Mar 152
270 :137
Ma;
Dec214 Ma
8
195
10 36
Ma
Dee 60
Aug 4034 Ja
1,997 25
15 12
July 2534 No
14 Feb
510
24 Ma
88 10
Apr 3634 Jun
578 24
Dec 25
De
Ma
1,270 3074 Oct 37
998 12434 Jan 150
No
185 65
Sept 90
De
4,705 .90
9
Mar
De
Aug 2874 At
75 17
150 40e Apr
115 Ple:
5,225 11
Apr 3055 De
35 4014 Apr 8535 DE
1,166 6351( Jan 77
Ma
122 2934 Mar 32 Jun
20 7134 July 984 Ms
2,583 25
Oct 254 No
Dec 101
30 93
Fe
240 100
Nov 102
Ne
734 Nov 36
835
Ma
1,310 19
Jan 75
De
105 1934 Jan 2714 Al
130 60
Jan 90
Ms
Ai
39 82
Sept 98
22 101
Sept 1005 Mt
155 1434 Aug 2554 Set
42 :141
June 19234 Al
20 49
Nov 60
At
10 5154 Dec 8011 Ma
25 4334 Sept 73
De
234 Nov 3134 Al
730
May
Mar
Apr
Jan
Jan
Dec
May
May
Mar
Apr
Apr
may
Apr
Dec
June
Apr
Apr
Apr
Apr
Sept
Nov
June
Apr
Dec
Miscellaneous
Amer Cities Pr Lt Corp_50
Amer.& Gen Sec Corp..._
toner Pneumatic Service 25
Preferred
50
Amer Tel & Tel
100
Amoskeag Mfg Co
•
Beacon 011 Co
•
Rigelow-Hartf Carnet---•
Brown & Co
Capital Admin Co, Ltd__
Columbia Graph%
Continental Sceuritlen Coro
Crown Cork & Seal Co, Ltd
East Boston Land
10
e.astern Manufacturing _ _5
Eastern SS Linea Inc_ __ _241,
Preferred
•
1st preferred
100
Economy Grocery Stores.*
WA1800 Elm Ilium
100
Empl Group Assoc
tialveston Boos Eloo_100
Preferred
100
Georgian, Inc.,(The).
Preferred class A
20
Glichrhtt Co
•
Gillette Safety Razor Co.
•
Greenfield Tap ck Die-_25
Glreif Coop'ge Corp cl A_
Hathaway Bakeries el A ___
Haygart Corp, cap stock__
Rood Rubber
•
HYgrade Lamp Co
Insurance See
10
International Corn_
Kidder,PeabAcceptApf.100
Libby McNeill & Libby_li,
Loew's Theatres
25
Massachusetts Gas 00_100
Preferred
100
Mass-Utilities Ass, corn__
Mergenthaler Linotype 100
National Leather
10
Nat Service Co
Nelson Corp(Herm)tr ctf5
New Engl Equity Corp_ _ _ _
Preferred
100
New Engl 01100
New Eng Pub Sem
•
,
New Eng So Mills, pfd _100
New Eng Tel & Tel_ _ _ 100
Nor Texas Electric_ ..l00
North Texas Elec, pref_100
Facifle Mills
100
Plant (Thos G) 1st pf. _100
_
Reece Folding Machine_10
Ross Stores(The) Ino____•
Shawmut Ass'n Con Stk___
Star Bee Corp pi allot etre__
Swift at CO
100
Torrington Co.
•
Tower Mfg
Traveller Shoe Co I C
Union CopLd&Ming
Union Twist Drill
5
United Elec.+ Coal
•
United Shoe Mach Corp_25
Preferred
25
Cr 8 Brit Inv $3 pf...IIot ctfU S & Sit'l Sec Corp
U S & Foreign Sec let pfd_
Utility Equities Corp
Venezuela Holding Corp
Venezuelan Mx Oil Corp 10
Waldorf System Inc
•
Waltham Watch cl B corn*
Fret trust ctfs
100
Prior preferred
100
Walworth Company _ __20
Warren Rros
50
1st preferred
50
2d preferred
50
Westfield Mfr. Co. cap stk
Whitenights, Inc
74
3
19134
2315
95
23,4
99
4734
2215
275
3934
164
29
115%
4834
264
93
12934
76%
12
10334
434
6
14375
3015
2415
31 34
141
83
814
2914
7415
3115
100
84
71
254
90
144
Mining
Adventure Cons Copper _25
Mc 150
Arcadian COBB Min Co_ _26
14
14
134
Arizona Commercial
5
4
3% 415
Bingham MLues
10
47
49
Calumet & Hecht
25 44
4134 44
Copper Range Co
25 2615 2515 264
East Butte Copper Min _10
311
34 311
Hancock Consolidated_.25
234
24
2
Hardy Coal Co
1
2
234
Helvetia
25
850 85c
Island Creek Coal
1 5334 :5334 55
Preferred
1 105
105 105
25 26
Isle Royal Copper
244 26
Heweenaw Copper
7
'M
8
734
25
14 2
134
La Salle Copper Co
25
Lake Copper Corp
134
14
1%
Consolidated
25 60c
60c 60c
Mass
60c 800
May flower & Old Colony 2i. 75c
25 4715 44
Mohawk
4734
4115 42
New Cornelia Copper _- _5
200 300
New Dominion Copper__
an
an
,.r
Sc
Jan 40e No
35
254 Jun
Aug
1
860
6,210
314 Mar
Ja
6
710 41
Ja
Oct 56
No
794 2034 Jan 47
3.030 144 Mar 2934 No
3,449
134 Feb
0( t
5
.30 Mar
350
44 Jul
5,600
Dec
2
12
Ja
.50 Apr
50
14 Al
igg 47
Aug 60
Ma
5 10334 June 1063.4 At
750 :1134 Feb 284 No
930
14 Mar 10
No
1,100 .75 Feb
234 Jun
100
1
3
Feb
Ma
100 .20 Mar
1
No
1,700
.25 Oct
134 Ma
633 3534 Nov 65
Al
180 2534 Feb 46
No
550 .10
Mar
114 No
MI 52
Sent 65
TsIn
[VOL. 127
FINANCIAL CHRONICLE
3690
Sales
Friday
Last Week's Range for
Week.
ofPrices
Sate
Stocks (Concluded) Par. Price. Low. High. Shares.
5
Niphisbig Mines
15
North Butte
25
011bway Mining
25
Old Dominion Co
•
P.C.Pocahontas Co
25
QUIncY
Si Mary's Mineral Land.25
10
Shannon
Superior & Boston Cop.10
6
Utah Apex Mining
.
Utah Metal & Tunnel_ _ _1
6%
3
1934
47
3434
41c
4
134
233
3%
64 23,895
210
344
19% 4,473
785
13
6,465
48
3544 1,358
41c
1,770
41c
300
4
650
144 2,100
34
6
3
1744
1244
42
34
34c
40e
4
144
Range Since Jan. 1.
2%
.90
.60
9
11
1234
2144
.25
.15
345
1
Bonds (Concluded)
High.
Low.
Nov
Jan
Feb
Mar
Oct
Apr
Mar
Mar
Mar
Aug
Feb
634
8
4
204
174
4834
3844
.70
.75
644
144
Jan
Nov
Nov
Nov
May
Nov
Nov
May
May
Jan
Feb
BondsAmoskeast Mfg 68 _ _ 1948
Boston & Maine 445s _1944
Chic Jet Ry US Y 53 1940
1940
411
88
8734
88
101
89
88 322.000 87
1,000 88
88
10245 4,000 101
2,000 89
89
Oct 95% Jar)
Aug
Dec 90
July 10334 Jar)
Dec 944 June
Friday
Last Week's Range Sales
of Prices.
Sale
for
Price. Low. High. Week.
East Mass Street RR
4356 mien A
1948
Series"B"58
1948
68ser D
1948
Fox N Rag Th Inc 6.48'43 10434
1936 95
Hood Rubber 78
Earstadt(Rud) Inc Gs 1943
Masa Gas Co 4458_ _ _1931 984
Miss River Pow Co 58_1951 10144
Munson SS Llne648 .
1937
N Y-For Inv Corp 548 '48
Power, Gas & WaterSCorp
5s
1948
1944
Swift & Co 58
Western Tel & Tel 513_1932
Whitenights, Inc 6456_1932
• No par value. r Ex-dividend
634
72
78
101
95
98
984
10144
98
9244
Range Since Jan. 1.
64
54,000 63
724 5,000 70
1,000 78
78
10544 12,000 100
2,000 95
97
98
2,000 98
984 6,000 9744
10144 1,000 10045
10,000 98
98
1,000 92%
9244
99
99
101% 1014
100 10044
73
73
High.
Low.
79
Nov
Nov 88
Dec 9845
Sept 102
Dec 1034
Nov 98%
Nov wog
Sept 104
Dec 98
Dec 924
7,000 99
1,000 101
9,000 99
3,000 65
Apr
Apr
Apr
Sept
Jar.
Dec
Jan
Jan
Dec
Dec
Dec 99
June 103
Dec 103
Dec 128
Dec
Jan
Jon
Mar
New York Curb Market-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Market for the
week beginning on Saturday last (Dec. 22) and ending the present Friday (Dec. 28) (Friday). It is compiled entirely
from the daily reports of the Curb Market itself, and is intended to include every security, whether stock or bonds, In
which any dealings occurred during the week covered:
Sates
r r wag
Last Week's Range for
1Veek.
Sale
of Prices.
Par Price. Low. High. Shares
Week Ended Dec. 28.
Stocks-
fili
28
140
534
65
2035
2434
3934
17
9834
9034
2645
4544
90
331
94
2734
4741
9234
334
3234
39
29
60
9854
61
54
214
124
3244
40
30
65
9834
6445
54
2234
13
Dec
May
Nov
May
Nov
Oct
Oct
Oct
Jan
Jan
Dec
May
Apr
Jan
Nov
Dec
May
Aug
Dec
Aux
Dec
Aug
Feb
Jan
Dec
June
Dec
44
28
125
74
y3034
134
1154
364
13
824
May
Feb 14
Jan
Dec 45
Oct 162% Apr
Dec 874 Nov
Dec
July 65
Jan 2434 June
Jan 2534 Oct
Oct 8034 Jan
June
Mar 24
Jan
June 114
8534
1134
2534
854
2'14
Dec 10044 Nov
Jan 2841 May
Mar 4734 Dec
Nov
Dec 102
Dec
4
Jan
31
1244
2644
30
98
52
54
194
12
Nov 4345
June 49.
Feb 54
Aug 7344
Dec 101
Aug 66
Dec 62
Dec 3334
Nov 15
Jan
Nov
Jun.
Nov
July
May
Nov
Oct
Nov
106
134
9345
4745
113
35
5134
132
304
1934
104
24
130
5434
51
60
9954
9734
74
1194
5
7434
314
545
3434
1734
95
3214
9746
35
314
Dec
Oct
May
Apr
Mar
Nov
AM
Nov
Dec
0000808000000008800000000QQ
W000000000
00000.00
0000 .
. .,
.
.
,
V0310..cicOct .....c‘R. 030,er.-.130..33 3coec
C.v.:0GO
..
.0
..ON .
..05M.
06
V
.
.
834 9
3434 3434
120441204
3744 39
45
4644
170 170
32
34
52
59
11354 122
40
59
75
75
10344 10544
el% 68
38
3934
104 1134
33
33
4734 5134
106 10635
8734 8834
9736 9834
94 944
9244 9234
56
61
32
3254
205-6 21
3045 3144
4234 43
35
75
75
18434
3834
6
24
17
2134
154
5334
19734
11034
135
70
28
.4
70
147
26
76c
5
25c
744
344
36
120
1044
80
45
.-.
105 105
136
1
82
78
4334 55
12634 1313
3034 35
40
40
12344 125
2144 233.4
1434 15
80
75
204 21
110 110
504 51
43
43
53
49
84
80
90
86
74
66
1104 11934
34 334
25
25
24
24
134 2
244
24
834 94
90
90
2334 2734
8834 01
3044 3041
3034 3044
3144 Feb
Nov
26
080000080 QQ0040002000Q000000000.00880.00000
000002
0 QQ000 0 0002020 000000000008000
Cit.• CON 3•3•11<0
.
-4 3.3 ,
,
3
.
-..1 3•3•-• ,3
.
-11-- ..... ..r.-.C/N3.3C4CIV ,
.Cit.• .-1,
.
N
4
.
.
-4
VOiM, ,_,
.V MN0
N
.N .
834
28
136
81
5234
20
2134
3744
1534
9534
1645 Dec
Oct
17
80.0000.00 00000
..0002C.20 00000
.
01
.3 erciGet30:4
C•1.-4NC-03oNN MC
NN
M..
35
35
44
44
7334 7434
147 14734
314 324
134
1
741
7
14.4
s1
8
834
744
544
514 5334
151 152
10444 10434
118 120
4534 4534
High.
Low.
000000000000080
0000000000020 0
. N.03
.
-. .0C13,CO
... .-,3.,C331 , 0
194 20
1844 1934
00
00
OM
Indus. & Miscellaneous.
• 20
Acetol Prod Inc A
Acoustic Products com • 194
Aeolian Web Piano dr
100
Pianola
*aro Supply Mfg al A . •
Agfa AnSCO Corp Pref_100 7434
50 14734
Ala Ga Sou RR ord
Alias & Fisher Inc corn_ •
14
•
Allied Pack corn
100
Prior preferred
144
100
Senior preferred
8
Allison Drug Stores cl A--*
534
Class B
*
Alpha Portl Cement eam_• 53
• 151
Aluminum Co. corn
100
Fraternal
• 120
Aluminum Ltd
100 4536
Amer Arch Co
Am Brown BoveriElecCorp
Foundersehares
834
•
•
Amer Chain corn
100 136
Amer Cigar, corn
Amer Com Alcohol v t c 100 81
Amer Cyanamid com cl 1320 5745
Amer Dept Stores Corp..' 204
American Hawaiian SS_ _10 2134
100
Amer Mfg, corn
Amer Rayon Product._ -• 1534
Amer Rolling Mill. oom_25 r9634
Amer. Smelting & Refining
•
New common w 1
Arn Solvents & Chem. v So* 2645
Cony panto preferred-' 46
American Stores cont....* 90
5
Amer Thread pre!
Amsterdam Trading Co
American shares
Anchor Poet Fence corn_ _• 40
Anglo-Chile Nitrate corp-• 29
.
APPonaug Co corn
100 9844
634% Ord
•
corn_
Armstrong Cork
Associated Apparel Invest_
Associated Dy. & Print._• 2141
Associated Laundries ciA.• 1234
Associated Rayon Corp
Transfer rcts for com & pf 105
136
Atlantic Fruit & Sugar_ _ •
•
Atlas Plywood
Atlas Portland Cement_ __• 53
Auburn Automobtle.oorn _• 130
Aviation Corp of the Amer• 344
Axton-Fisher Tob corn A 10
Babcock & Wilcox Co_ 100
Bahia Corp common-. .• 214
•
Preferred
Balaban & Eats cOin sic 35
Bellanca Aircraft v t c_ •
Bend's Corp, new corn_ _S
Blauner's corn
• 504
*
Blaw-Knox Co, new
Bliss(E W)Co com
• . 5034
Blumenthal(8)& Co oorn_• 8236
Boeing Airpl & Trans corn.* 90
Pref with warrants- _50 71)
•
Bolan Aluminum & Braes. 115
Botany Cons Mills cora •
Bowman Bill 1st pref-100
Benson & Hedges pref.___• 24
•
Bridgeport Mach corn_
BrIllCorp.class A_
• 244
Class B
•
834
100
Preferred
Brill° Mfg corn
• 2334
Bristol-Myers Co &rm. _• 8936
-Am Tob ord bear _El 3034
Brit
Ordinary registered...El
British Ceianeee834
Amer deposit receipte..-Budd (KG) Mfg cum_ __•
• 12044
Bullard Mach Tool
20 38
Butler Bros
Carnation Milk Prodeom2c 45
100
Casein Cool Am
Cavan-Douus. inc. 0011. .. 32
Celanese Corp of Am corn • 5254
100 116
First preferred
.
.
Celluloid Co common_ _ • 40
•
$7 preferred
• 1054
First preferred
._• 614
Celotex Co corn._ _ _
Central Aguirre Associates.
Centritugai Pipe Corp ...-• 1036
•
Charts Corp
• 51
Checker Cab Mfg corn_ .
100 10645
Childs Co prof
Cities Service.common_ _Ilu 8834
WO 9736
Preferred
10
Preferred B
100
Preferred BB
City Ice & Fuel (Clever ..• 61
City Machine dc Tool cum • 3234
.
Clark Lighter cony A. _• 2094
Club Aluminum Utensil. • 3045
Cohn-Hall-Marx Co__ -• 43
J0148
many
Last Week's Range for
Week.
ofPrices.
Sate
Stocks (Continued) Par. Price. Low. High. Shares.
Range since Jan. 1.
105
60e
z6334
38
8034
2754
2134
11744
6
944
60
194
99
464
z42
leg
26
55
57
834
14
25
24
14
18
644
8834
14
65
2634
284
Dec
Sept
Jan
Feb
Sept
Dec
Sept
Mar
Feb
Feb
Dee
Dec
Oct
Nov
Dec
Mar
Mar
Nov
Nov
Jar
Oct
Dec
Oct
Dec
Oct
Oct
Nov
Jan
may
Jan
May
Dec 3334
7
15 June 41
Jan 127
43
2044 Apr 53
Jan 86
30
Jan 226
156
3134
510
Dec
Dec
Dec
Dec
Dec
Feb
1)ec
June
July
103
18548
122
9741
132
734
3936
1334
404
Nov
Jan
June
Oct
Nov
Oct
Nov
Dec
Oct
Nov
Dec
Dec
Dec
Nov
July
Jan
Jan
Jan
May
Aug
Oc.
Nov
Oct
Sept
May
Nov
Dec
NoV
Ma"
Mar
4.54
364
100
34
75
1034
49
z38
834
2734
2014
10244
54
944
874
8854
3614
314
164
2744
234
May
May
Jan
Feb
Feb
Feb
Oet
Dec
Nov
Oct
mar Fog on
Nov 12444 Feb
Jan 9034 Dee
1034&lay
Jan
94 Apr
Jan
Apr
Jan 97
Dec
Jan 61
Nov
Dec 38
Apr
Nov 37
Aug 3844 Jan
gent
110
Jan
400
Coleman Lamp & St corn.*
7934 81
Colgate Palmolive Peet
8034 2,300
7834 77
Ex-stock dividend
144 10,900
lire
1 1.•
Colombian Syndicate
100
42
42
Colts Pat Fire Arms Mfg 25
aonsol Automatic
.
Merchandising v t o _ __• 1334 1245 1345 5,400
400
4344 44
• 44
43.50 preferred.. _..
2,100
14
11
Control Cigar warrants_
1,300
4234
Coneol Dairy Produets___• 4144 40
2034 7,700
18
Consol Film Indus. com__• 18
1834 1944 6,200
• 1841
Consol Laundries
2,900
34
32
' 34
Cone Ret Stores Inc. corn
• 4145 41
4144 1,500
Coon (W B) Co corn
Copeland Products Ino1,300
17
• 164 15
Class A with warr
Courtaulds Ltd Amor dep
700
recta for ord elk reg.£1 2034 2034 2144
Crosse & Blackwell
500
Pref with warrants ' 5534 5544 554
600
Crowley Milner & Co corn • 537-6 5244 5344
200
30
30
*
Cuban Tobacco v t c
25
224 224
• 224
Curtis Pub Co corn
1,900
25
24
• 25
Curtiss Aeropl Exp Corp _.
224 62,400
Curtiss Flying Sore Inc_• 2244 21
600
3534 3654
Davega. Inc
200
18
18
Davenport floelerY Co...
100
57
Davis Drug Stores allot Ws
57
548 59934 1,075
Deere & Co.common .11S1 597
De Forest Radio. v t c_ _ ' 1934 1834 1944 25,500
300
10
1034 11
Detroit Motorbus
Deutsche Bank of Berlin
200
4044 41
Amer deposit recta
50
Dixon (Jos) Crucible. _ _100 170
16834 170
-haulier Ore-Caatim-.• 354 3434 353.6 3,700
3,200
14836 159
Dominion Stores Ltd....' 159
100
20
20
Donner Steel new com _ - _• 20
• 2734 2534 2754 46,600
Douglas A irera.t Inc
400
48
48
Dresser(SR)Mfg. class A.*
756 94 10,800
834
Dabliter Condenser Corp.'
1,400
• 254 2336 2536
Ouplan Silk Corp corn..
13,500
Du Pont(EI)deN&Con w120 143
13694 143
134 13
7.100
14
Durant Motors. Inc_ ___ 444 444 1,500
44
Du s Co Inc el A v t c__--•
400
604
60
Else Shovel Coal par pt. •
Evans Auto Loading Cl Bb
900
eo 62
Ex 100% stock dividend 60
64 636 7,900
64
10
Fageol Motors corn
2,200
2144 24
Fairchild Aviation class A• 23
580
100 120
118 123
Falardo Sugar
1,300
54
5
5
•
Fandango Corp corn
200
31
31
Fan Farmer Candy Shops.* 31
8,700
934 12
.
lansteel Products Inc_- • 12
300
45
45
Fashion Park Inc corn_ - • 45
700
• 4444 44
4534
Fedders Mfg, Inc. el A
4,200
5934 68
Federal Screw Works '68
300
35
35
Federated Metals tr ctfs- •
200
7934
79
Filene's(Wra) Sons Co • 79
100
104
z104
160
% cunt pref
#1 A
100
244 244
•
Film Inspection Mach_
400
122 123
100
Firemen's Fund los
5,000
T & It.corn_ 10 24454 23044 259
Firestone
300
100
108 10844
7% preferred
3,800
1836 19
Fokker Air Corp of Amer • 184
Ford Motor Co Ltd
1444 2434 1296700
Amer dep rcts ord reg.31 20
1,510
585 684
Ford Motor Coot Cm-100 659
Foundation Co
1,100
1934
18
-• 1836
Foreign shares class A.
36% 668,400
34
Fox Theatres class A conk.. 3536
1,100
Franklin (II 11) Mfg corn.. 365-4 3644 38
50
100 90
90
90
Preferred
100
60
60
• 60
Franklin Ily Supply
800
og 34 44
Freed-Elseman Radio.. .•
..600 Francs
French Line..
500
48
47
Amer she rep corn B elk17,700
1036 11
Freshman .Chas)('.o. _ • 1036
200
5174 52
20
Fuller Brush,cl AA
51
125 131
Gaiesbure Coulter-Disc • 131
400
6945 70
• 70
Gamewell Co corn
100
16
z16
• xI6
Gen'l Alloys Co
General Amer In veetors...• 8336 7534 844 7,800
26,100
94 10
94
•
General Baking corn __ .
• 764 764 7734 6,300
_
Preferred
4536 1,100
45
Gen'l Bronze Corp corn .• 45
1734 2034 1,100
General Cable warrants
Gen Elec Co of tit Britain
1054 114 3,400
American Deposit ecru . 11
300
30
30
Gen Fireproofing new corn.
Gaol Laundry Mach own • z2534 2544 2634 4,800
300
1844 1834
Gilbert(AC) Co corn_ _ _ _• isg
400
• 4234 4244 43
Preference
11444 121
5,700
Gleaner Comb Harvester •
140 1444 2,100
• 140
Ellen Alden Coal
• 800
2136
21
Goldberg(8 MiSt.wee com• 21
Goldman-Sachs Trading • 11334 113 1144 9,000
9,100
1634 20
(told Seat Electrical Co • 21)
•
100
7444 745-4
Gorham Mfg corn
1345 1436 5,500
eh.tharn Kitbac Mach._• 144
Gramophone Co Ltd
100
66
66
Cl
Am den reels ord
Granite City Steel corn__• 3845 3844 4044 3,100
40
11544 11554
_it Atl & Pac Tea 1st p1100
800
II% 1134
Greenfield Tao & Die com • 1144
50
9644 98
Greif(L)& Bro pref X._100
12734 13736 4.500
tirlmbv-Onmow Co new_• 136
Range Since Jan. 1.
High.
Low.
Nov
7934 Dec
83
Dec
75
Nov
1
29(4 Jan
Oct
92
24 May
5544 Oct
1836
48
14
51
23
23
37
4235
Nov
Aug
Dec
Oct
Nov
Oct
Oct
Nov
734
4234
544
21
1234
14
2536
41
Aug
Nov
July
Jan
Sept
truly
Sept
Dec
734
Jan
24
Oct
2434 May
20
Oct
51
3434
30
17144
1944
1434
30
10
56
2204
14
8
Oct 584 Dec
Jan 5744 Oct
Dec 494 Feb
June 2264 Dee
Aug 44
May
Nov
Oct 24
Jan
Mar 51
Mar 2144 Nov
Nov 5734 Nov
Jan 59934 Dec
Jan 3434 Nov
Nov 1534 June
4044
155
1544
10444
94
1844
4745
236
20
133
945
44
43
Dec 41
Oct 196
Feb 464
Jan 160
Sept 244
Dec 2754
Dec 4844
Apr 19
Aug 2936
Dec 14334
Mar 1945
Nov
954
July 6036
Dec
Apr
Sept
Dec
Nov
Dec
Dec
Nov
Nov
Nov
Oct
May
Dec
44
14
2134
116
3
28
94
34
2734
33
14
52
103
234
103
166
105
RN
Oct
Jan
Dec
Sept
June
Aug
Dec
Oct
Feb
Oct
Mar
Sent
Dec
Dec
June
Mar
Nov
Dec
6744
734
2934
16535
10
4444
35
50
5034
8954
36
101
10734
54
1284
259
112
2345
Nov
Dec
Nov
Apr
Apr
Jan
Jan
Dec
May
Dec
Dec
Nov
Sept
Jan
Jan
Dec
Jan
Nov
834 Dec 244 Dec
May
Jan 698
510
2354
3636
4045
9744
64
7
Nov
Dec
Dec
Sept
July
May
42
14
517-4
54734
62
1034
5634
645
7245
3535
8
July 714
Dec 30
Dec 944
Jan 131
Feb 76
1644
Aug
Feb 8434
A or 17
Oct 86
Jan 5334
July 25
Mar
May
May
Dec
May
Nov
Dec
May
May
May
Nov
854
2936
20
13
424
79
139
21
10834
6
4934
123-8
May
1254
Dec 31
33
.Im
Aug 2144
Dec 50
Nov 121
Dec 169
Dec 3434
Dec 11434
21
June
Feb 80
Nov 2036
Dec
Nov
June
SePt
Mar
Dec
Jan
Oct
Dec
Nov
Oct
Sent
55
27
11544
8%
964
107
June 7334
Oct 41
Dec 120
June 1234
Dec 106
Dec 14945
Oct
Not
Apr
Jail
Mar
Dee
9
1734
1344
85
60
lig
Aug
Mar
Mar
May
Dec
Feb
DEC. 29 1928.]
3691
FINANCIAL CHRONICLE
Saks
Friday
Last Week's Range for
Week.
ofPriors.
Sala
Stocks (Continued) Par. Pries. Low. High. Shares.
Range tithes Jan. 1.
Low.
High.
Sales
Friaay
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
Range Sines Jan. 1.
Low.
High.
Pick (Albert). Barth & Co
Ground Gripper Shoe Co
Sept 11% Jan
8
100
8
8
8
1
Common v t c
Dec 6734 Dec
63
62
67% 1,100 60
Allot Ufa for corn & pf_ _
1,800 18% Oct 3234 Jan
19
19
• 19
Pre(clam A (panic A nf)
Dec 49% Dec
19,400 45
corn.__* 47% 46% 48
Hahn Dept Stores
Oct 3434 June
100 22
' 2434 2434 24%
Dec 110% Dec Pie Bakeries of Amer Cl A
100 10734 106 107% 6,800 10534
37% Oct
6% cony pref
700 143% Feb
•
3134 32%
Sept Pierce Governor Co
1134 Jan 27
Hail(CM)Lamp Co- -• 2334 2134 2334 3,200
200 23% Mar 5034 Dec
' 4934 49% 49%
500 22 June 38% Nov Piggly Wiggly Corp corn
86
34
34
Hall(W F) Printing____10
, iltney BowesPostage
9% AD
4% Nov
434 454 7,100
454
•
Happiness Candy St ol A.
7 June 1544 Nov
700
14% 15%
• 1534
Meter Co
600 19
Dec 26% Nov
21
19
10 19
Ilartman Tobacco
100 6434 Dec 6934 Nov
65
65
__
• 64% 6134 6434 8,700 3334 Aug 6454 Dec Plttsb Plate Glass new......
-Parr Co corn
Hart
8834 2,000 5134 Jan 72% Nov
• 653-4 64
• 142% 13634 142%
Dec 142% Dec Pratt & Lambert Co
625 116
Preferred
June 465( Dee
42%
1,300 33
41
• 41
Dec Propper Silk Hosiery Inc.
2,600 4334 Dec 50
4734 45% 50
Haygart Corn
914 Jan
6% Mar
700
7% 734
735
• 4734 464 4734 1,100
8% Feb 5634 Nov PYrene Manufacturing-10
Hazeltine Corp
Aug 73% Nov
46% 4854 4,400
Nov
Rainbow LuminousProdA• 4634
60 118% Feb 125
12034 12034
Hercules Powder pref --100
9,400 4714 Aug 8434 Nov
7634 80
26 79
Dec
Raybestos Co corn
733 Feb 23
21
100
21
Heyden Chemical
Dec
90 270% Jan 485
47634 481
Realty Associates corn...'
100 2134 Mar 2634 July
24
24
direr;,Cnas El ci a corn •
45
4634 4,300 44% Dec 4634 Dec
46
Dec 25
Dec Reeves (Daniel)
1,500 24
24
24
Ilolt (Henry) & Co el A....• 24
1% Apr
65c 79e
300 500. Feb
5 660
Repettl. Inc
30% Dee 46% Nov
700
34%
34
Hormel(Geo A)& Co coin* 84
Dec
Dec 44
44
3,600 40
• 4134 40
• 32
July 44
Nov Republic Brass
100 14
32
32
Horn(A C)Co,corn:
Dec
Dec 88
600 84
• 8734 85 '88
Dec 5434 Oct
Class A
1,900 48
Househ'd Finance part p150 483( 48% 49
Nov
34
3531
1,300 194 Sept 41
• 34
Metals, oom
34w
7
Nov
Reynolds
3054
2734 28% 1,400 IS
•
Hurler'. of Del mon.
Nov
66
65
300 5934 Sept 72
65
Preferred
100 97% Dec 10254 Jan
98
98
100
Preferred
7%
23% 23% 24% 3,500 2334 Dec 274 Nov
, 7214 Oct Itlee-Stix Dry Goods
40
42% 6,700 25% tr.
40
.O Prod cow •
C''
Nov
Feb 399
20 256
372 372
•
• 42
Feb 57% Sept Richman Bros Co
200 21
42
42
India Tire & Rub
Dec 27% Jan
14
1451
700 14
' 14
Dec Richmond Radiator corn
Dec 65
1,200 51
53
51
Finance corn v t c_10 51
Indus
473-4 3,700 43% Dec 4734 Dec
Dee Ritter Dental Is..1fg corn _ _* 464 44
Dec 91
89
7
89
90%
100 89
7% preferred
May
Dec 70
4634 60
750 33
Rolls-Royee of Amer of.100 57
67% Aug 104% May
844 83% 8531 1.10
Insur Lu or North Auter.ti
27
1,800 184 Oct 3331 Nov
20
• 24
2431 Sept 33% Nov
Ross Stores Inc
31% 3,04
Insurance Securitlee---10 31% 31
Dec 52% Oct
40% 49% 32,200 40
• 10854 108% 10854
Aug 108% Dec Royal Bak Prodnewcom100
too 88
Int Cigar Machy
May
98
1,400 813i Jan 125
96
100
11% June 1554 Sept
Ruberoid Co
ao
Internet Products corn...' 13
18% Mar 57 June
25% 3134 20.00(
May Safe-T.
-Stet Co common .• 2634
631 Sept 14
40
1234 1234
Internet Projector Corp_•
Mar
Jan 170
154
350 135
142 154
25
July 49% Nov Safety Car Heat & Ltg_100
1,40
• 44% 4434 45%
Internet Safety Razor B.
Dec
1.700 1484 Oct 175
165% 175
Feb 87
Apr Safeway Stores new corn...
74%
600 69
International Shoe corn_ • 74% 74
Dec
1.703 30 June 108
86 104
warr_ '.... 108
18
Dec 3234 July
25
Old fifth
20
20
Internet Text Book._ _100
Dec
625
120 180 June 625
500 626
•
Jan
May 43
2 series warrants
3814 40% 1,700 36
look° Bros cam v t
Jan 1513( Nov
122 136
5.300 50
Am abs 234 2234 23% 4,200 224 Dec 23% Nov St Regis Paper Co-- -- • • 135
Karstadt(Rudolph)
Dec73
Jan
65
100 26
65
•
Nov 4chlff Co com
200 14% July 30
2634
26
Kemsley Milbourne&Co. •
Jan 47% Oct
Sept 57
Nov Schulte Real Estate Co...' 344 33% 3454 2 900 17
45% 4914 4,600 20
Keystone Aircraft Corp • 48
4
20, 22
5,300 17 June 28% Oct
2114
Dec 5634 Oct Schulte-CInited fa toll fts.
49% 49% 1,900 x49
Kimberly-Clark CGrp,com• 49%
1,800 794 June 100% Feb
8753 90%
100 90
Dec 45% Dec
Prof 2nd paid
45% 18,400 25
Kinnear Stores Co corn..' 4234 37
Dec 28% Oct
1233 14
900 10
2454 Dec 27% Nov SohutterslohnsonCand A.. 14
700
Klein (D Emil) Co corn..* 2534 25% 25%
Amer Inv Co
19% Dec 21
Nov Second Gen'l
1,700
Klein(H)& Co, part pf .20 2034 19% 2034
26% 30
3.800 244 Nov 31% Nov
• 30
Dec 4454 Max
Common
33
• 33
600 32
32
Knott Corp.corn
Oci, 1173' Ncv
11234 114
1.200 110
July 44% Nov
43
44
44
300 40
6% prof with warrants-- 11334
Kobacker Stores corn.
Dec
78
Jan 78
• 74
70
4.500 88
seeman Bros common
400 444 Dec 5554 Jan
4534 45%
Lackawanna Securities_ •
13% Dec
1,100 13%
13% 1534 3,500
354 Jan 18% Nov Segal Lock & Hardware..' 133.4 13% 13% 5 4110 32 34 Dec
.100
Lake Superior Corp..
Pah 67% Dec
,
• 65
5333 67t
Rub, corn
27
July 38 Jun,
Seiberling
31% 3234 2,800
'32
Lakey Foundry & Mach
Dec 1734 Dec
300 17
1731 17
17%
• 11% 11% 12% 56,900 1034 Aug 25% Feb Selected Industrials w L__
Land Co of Florida
Dec 100% Dec
100 10034
100
300 100
•
Mar 3054 Nov
1st preferred w I
2853 29
100 25
Lanowe Milling
Ser,. **Midge Provincial Storer)
• 33% 31% 33%
200 2054 Aug 4234
Lerman. Realty cum ..
444 Jan
3114 Nov
3•13 355
3•14
1 010
• 3934 3834 3934
.
Ltd ordinary-. ...Ll
1,700 36 June 43% Bern
Preferred
Dec 16% Dec
15
ROO 15
15%
Nos *entry Safety Control_ __• 15
154% 16034 5,000 105% Mar 172
60 159
Lehigh Coal & Nay
44 Jae
1734 May
1454 16
75300
15%
Jan serve' hie (new oo) v o_ •
1,200 2634 Dec 39
Lehigh Val Coal ctfa new.. 26% 2634 29
Dec
Feb 60
59
60
52
3,100 23
Preferred v o
24% 234 28% 5,000 2355 Dec 3314 No.
(Vs of deposit
29 V.:
700 26;4 Sept 324 May
• 2934 28
+non Leather corn
4854 49
150 48% Dec 6634 Jan
Lehigh Valley Coal Sales 50 49
4
z3934 35 • x397
2.700 1954 May 393' Dec
50
Dec Sharon Steel Hoop
Dec 53
46
46
2,200 46
4734
C,ertifs of deposit
• 6254 5834 625! 22000 4034 Jan 62% Dec
Elnertfter rt.. A5 Pen
Leonard Fit patrick &
Dec
89
92
1.500 62% Oct 92
• 92
July 43
Jan Shredded Wheat Co
30
3334
2,700 27
Mueller Stores,corn _ • 33
Dec
20
2033 2,400 17% Oct 21
Mar 1£56
Nov Sikorsky Aviation corn___• 20
2,875 1u9
Libby Dwelt,Sheet Gland, 177% 164 180
Apr
Feb 29
2171 21%
COO 17
Silica Gel Corp,com vie.' 2134
26
2534 26% 2,800 23% Mar 2934 June
10
Lit Brothers Corn
7053 67% 7034
Jan 7234 Nov
1,000 39
•
Dec 45
Nov
Silver (Isaac) & Bro
• 40% 40
40%
600 39
Mapes Consol Mfg
Dec
Jan 625
600 600
20 428
100 600
• 5033 4934 5034
1,500 3854 July 6054 ocr Singer mg
Mar Steam Shov,corn
41
Dec 4634 Dec
41
100 41
• 41
Mar
95% Nov
Skinner Organ
200 39
Maseey-flarris Ltd corn..• 89% 86% 90
Aug
187 18914'
140 1013( Man 200
.
834 Nov 22
May Smith (A 01 Corp corn...'
84 9
8%
22,150
Mavis Bottling Cool Am •
May 2931 Oct
2633 2651
300 20
Dec 484 Jan South Coast Co corn___•
3834 39
200 38
Hosiery Mills 84 pref• 39
May
4454 4314 455: 3.70
0 3114 Lao 4934 Nov
• 5934 5054 6031
Dec 64
Ma)
outhern Asbestos_ .
8,100 50
McLellan Stores cl A
27
27
200 25 June 3614 Oct
Max
Sou Grocery Stores corn... 27
800 534 keb 72
Mead Jonniroo & Co cum • 6034 60% 61%
Feb 26% May
15
15
700 13
Jan 152
May
South Ice & Util corn A__•
100 97
110 110
Mercantile Stores Co_ _100 110
June
15
15
Dec 28
15
1,000 15
•
433 AIM
14 Mar
Common class 13
31,50
3
3
Mesabi Iron
12V
Mar
Dec 40
12
100 12
.1%r) 7954 Dec Southern Stores Corp el A • 1254
80
• 79% 74
4,000 54
Metropol Chain Stores_ .
12% 12%
200 12% Dec 1334 Dec
Sept 11
May So'west Dairy Prod
5
7%
100
734 7%
Met 5 & 50c Stores el A..*
COO 9934 Dec 9934 Dec
•
100 9951 99% 9934
Nov
Preferred
200 5031 Sept 65
60
58
Michigan Steel
25% 26
June 2634 Dec
114
1,100
600 34% Dec 34% Dec Southwestern Stores oom.• 26
Mid-Continent Laund A.. 3434 34% 34%
100 24
Dec 2611 Dec
26% 2
651
•
Nov
• 9931 99% 99%
Preferred series A
100 8034 May 120
MidlandSteel Prod
Nov
Jan 300
275 278
620 120
39
Oct 4354 Oct Spalding (A 0)& Bre corn' 275
10
•
3934 39%
Miller (1) & Sons com
234 Feb 1131 Nov
531
514 6
11.500
Ltd_ .Cl
Span & Gen Corp.
MInneapolls-HoneywellOct
Jan 185
158 173
2,200 30
30
Feb 55
Dec Sparks-With Witten CO_ • 173
• 5434 50% 55
2,40
Regulator common....
Nov
300 95 June 129% Dec Spencer Kellog & Bons new 40% 384 4014 3,300 8134 Sept 42
100
12434 12934
7% cony pref
27% Nov 293, Dec
4oleFtel May Stern Co
Mona. Judson Voehringer• 2934 2834 2934 1,20
Aug 11.10
924 9244
May
400 84
preferred
..10'
Oct 44
Dec
900 31
4034 42%
Mond-Nickel Amer dep rots
Nov Stahl-Meyer Inc °un-.' 52% 4214 54% 7,100 40% Dec 5434 Dec
92
200 3834 Jan 95
92
Monsanto Chem Wks corn* x92
41
Aug 49% May
39
bob 34
tandard Invest Corp corn*
Montecatini Min & Agri
Sept
Feb 107
10234 102% 102%
50 100
2
July
7% Nov
431 5
70
$5.50 preferred
Warrants
454
Jan
Dec
44
4
5
6.41,0 Cue
3534 Mar 66% Nov 4tundard Motor Constr.100
65
67% 1,50
66
Moore Drop Forge el
Jan
4434 45%
700 4334 Nov 88
Dec 53
Dec Stern Bros corn CIA
53
53
100 53
Moody's Inv. part prof.... 53
15
Oct 2034 Jan
15
200 12
Nov 25
Apr
100 21
25
Common Byte
25
Pictures Corp pf 25
Motion
May
9
9
9
834 Apr 19
200
•
7431 7434
100 62% Jan 81% May Stinnes (Hugo) Corp
Murphy(0 C)corn
2834 Dec 3634 Nov
SOO
Dec 'trauma(Nathan) Inc eom • 28% 2834 3055
63
63
200 31% Aug 78
Nachmann Spgf Corp....' 63
Jan
3114 31%
100 2434 , Oct 35
Aug 10% Jae Stromb-Carls Teleg Mfg..*
4
•
5
5
800
5
Nat Baking common
4
Feb 5034 Nov
• 46
46
654
400 88
Nov 93
100
Jan Stroock IS) A CO
65
65
50 60
Preferred
Oct 78
Dec Sluts Motor Car
78
• 3154 294 33% 3.500 1434 Mar 4854 Nov
5,600 71
NatBaneservioe Corp corn* 76% 74
Jan 15054 Nov
13334 140
2.030 126
Dec 36% Nov
100
• 30
30
30% 1,100 28
Witt & Co
Nat Family Stores
3834 8,100 36% Jan 3834 Dec
33
Dec 37
32
600 32
25
Nov
16 37% 36
Swift International
Preferred with ware
2434 2.200 11% July 29
Nov
23
Feb 29% Dec Syrso Wash Mach B corn_• 2434
2934 2934
100 21
Fireproofing pref.. 50
Nat
4234 4134 424 2,600 37% Dec 4834 Nov
Taggart Corp corn
Nat Food Products
Mar 2934 Oct
14
300
• 3534 3534 35%
800 2234 July 37% Dec
Tennessee Prod Corp corn: 2534 2535 2634
Class A with warr
46% Dec
• 11% 11% 1131
16
Jan
8
1,000
May
rhompeon Prod Inc ci 4• 46% 41% 46% 11,100 80 Jun
Class B
57
55% 57
2,400 55% Dee 5734 Dec
July
4834 Nov
• 3434 34% 36% 2,500 23
Thompson Starrett prof_
Nat Rubber Mach'y
2.400 11% Feb 26% Oct
Feb 197% Nov
180 182
100 182
,
75 119
Imken-Detroll Axle .141 244 241i 25
Sugar Refit
Na;
734 734 734
.
Dec 7434 Dec
Not Timken Roller Bear w I _
Nov 49
100 70
45
46
• 45
600 44
New w 1
4 49** 54
Dec
Jan 54
so 103
3.500 33
Sep 1073( May
104 104
100
Tishman Realty & Constr • 50,
Nat Tea Co pref
20% 20% 2234 7,300 20% Dec 22% Dec
11134 mat
Jai
e
8% 9
.
1,200
cow •
9
Prod w
Tobacco
Na; Theatre Supply
23% 2334 24
Dec
Aug 40
1,000 23% Dec 24
40
•
38
200 30
Dec
Class A w
National Tile
353
3
3 June
434 Feb
Sep
8634 Oct Tobacco Products Exports
700
200 110
Nat Trade Journal, Ino. _• 33% 33% 33%
59
57
Nov
5.600 41% Apr 61
1,200 1054 De
2854
Nauheini Pharmacies corn • 134 104 1434
Todd Shipyards Corp....' 57
3154
30
22
21
•
500 2034 Dec 3734 May
1.500 21% Sept 3134 Dec
• 21
Toddy Corp class A
Cum cony prat
Oct 13% Dee
Apr 30
23
1,400 10
23
• 134 12% 1334
100 18
Sept
ClassB v tc
Nebel (Oscar) Co cor., • 23
1294 12854 131% 13,300 125
• 27
Nov 13134 Dec
Dec
24% 27% 21,150 24
31% Nov
Trans-America Corp
Nehl Corp corn
2134 25
Dec z7414 Dec
74% 1,100 64
May
24,000 417% Nov 35
70
.
Cranscont. Air Tramp-. • 25
1st preferred
Ay 13551 Dec
• taati 130 13531
700 73
trans-Lus Plot Screen
Neuter Bros corn
5
454 5
Apr
7
2% May
169 178
425 11034 Jan 178
4.800
•
100 178
Dec
Class A common
Preferred
100 2334 Aug 3434 May Triplex Safety Glass Ltd
25% 25%
Nelson(Herman)Corn-- AS
2154 2251
Dec 34
may
800 214 Dec 2634 Oct
1334 2,600 11
Amer del)recta ord ah_il
Neve Drug Stores corn...* 11% 11
26
25% 27
Nov
• 3034 2834 32% 3,600 2034 Nov 4334 may Truax-Traer Coal
2,900 2434 Dec 29
Convertible A
50
50
48
Aug
7
1,200 4334 Nov 81% Nov
754 7%
1,700
7%
11% Aug Trunz Pork Sturm
New M ex & Ariz Land_.1
May
Feb 630
Mar 4834 may Tubite Artificial SIM Cl B _• 52914 .526 539%
44 450
100 25
New Orl Gt Nor R1t_-_100 29% 29% 29%
1353
Apr
12
1534 Dec
6
Jan 16635 Dec Tulip Cup Corp corn
1,500
165 165
• 12
50 114
Newport Co prior com_100
15%
15
16
June
De
1,300 1034 Feb
50
400 50
50
50 50
Dec
50
Tung-Sol Lamp Wkscoin _• 15
Prior corn A
7% Jun
8
•
1,500 19% Feb 2914 Oct
100
8
1454 Feb
• 2611 26% 26%
Class A...
New Process Co corn
5653 3,700 4834 Dec 5634 Dec
50
116 125
200 6634 Sep 125
Dec Union Amer Investment.. 55
Steel corn (old)...
Newton
19
• • 68
17% 1951
De
5,500 17% Dec 2833 Nov
68
68
2,700 57
60
Dec Union Tobacco
New
• 67% 65% 67%
100 4654 Oct 6
1,200 54% May 7034 Aug
48
48
ao 48
6% May United Biscuit ol A
N Y Hamburg
27
26
1.400 1334 Feb 83
Scot
•
• 2334 22% 23% 1,200 1234 Mar 23% Nov
Class 13
Niagara Share Corp
41%
37
July 43% Nov
2.800 19
80
4,500 8034 Jan 87
Oct 'United Carbon v t e.... • 41
Niehohi& tRepard Co._ • 79% 78
93% 93%
400 68% July 98
Nov
Jan 212
198% 203% 7,700 38
100
Preferred
Bemeut-Pond nom.• 202
Dec
Niles
17%
Dec 4234 Jun.
16
5.100 16
• 165*
800 2034 June 27% pot
23% 25%
On I ted Milk Prod. coin
Noma Elentric Corp corn • 24
RO
SO
July 91
June
100 76
1534 15% 42,300 1534 De
100
1534
1534 Dec
7% cum pref
N A Aviation
Feb 120
2.300 52
Nov
Jan
6
9
200
9
13
Feb
Unit Piece Dye Wks corn.. 10434 10234 105
North American Cement..
400 102% Sept 11234 Apr
400 2934 Fe'
4434 46
100 10551 10334 10634
51% Oct
•
634% preferred
Northwest Engineering-10% 1034
8% Aug
200
Dec 36
2734
500 25
•
25
• 25
13% Oct
(telted Profit Share corn.'
NOvadel-Agne corn
74%
74
771-4 May
200 63% Jan
Thy. United Shoe Mach corn_.25
35%
1.700 3134 Dec 39
paramount Cab Mfg COM • 3534 35
494 49'-4 5174
1,400 27% July 59% Oct
Jul
100 38
52% 524
•
Dec (.1 S Asbestos
55
Parke Davis & Co
4 1,500 294 A lie 631-1 Nov
5:34 571
• 53%
4
350 4834 Aug 72
5734 63
Foil class B new
Nov
(D) Grocery el A.)
IS
Pender
5934 69% 24,900 2034 Mar 694 Dec
Dec 347
2,920 330
331 345
Dec 0 b& Foreign See coin...* 68
Penney (.1 C) Co cum.-- -• 335
91% 21,600 69
85
Dec 91% Dec
101% 10234
290 10154 Aug 1054 may
..• 89
.... 100 102
S Freight
Clue A pref
1434 15%
400
9 June
Jan 91
1654 Jan
83%
500 48
82
..• 1454
• 82
Nov (IP Rubber Reclaiming_
Peoples Drug Stores Inci
165 1754 6,500 1634 Dec 213( Nov
July 115
• 1614.
40 83
109 10934
160 109
Universal Aviation
Nov
Pepperell Mfg
72
72
10
Sept
72
50 117
Dec 87
Feb 19934 Oct Universal Insurance_ ._ .25 72
190 190
Dodge Corp- _100
Philips
Sept 45
28
28
300 24
Van Camp Packing pref Tsp
ehilippe(Louls)Ine Acorn' 28
Oct
40
Oct 59% Nov
21
4914 50
26% 2634 27
900 2634 Dec 31% Nov
common
Me of deposit
B
25
29
4% 5,500
500 244 Jan
4
26
434
• '25
35' Nov
Apr
Wattt & Bond class A. _..
Jan
9
Phil Morris Con Inc corn.'
224
Mar 2354 Dec
11336 2314
8% Dec 14
1 700 15
8% 834 2,600
Jae
834
25
Class B
sem A
loo
3692
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Walgreen Co corn
•
%%arrant('
Walker(Hiram).Gooderham
& Wortscommon
•
Watson (Jno Warren) Co.'
Wayne Pump corn
•
Werboldt Stores Inc com_l
Western Auto Supply ol A•
Warrants
West Va Pulp &Pap com-•
Westvaco Chlorine Prod.'
Wheatsworth Inc com. •
Wheeling Pref A
160
WhItenights Inc corn
Widiar Food Products.
Williams(R C)& Co Inc.*
Williams 011-0
-Mat Heat..'
Winter(Ben8 Inc com___*
Wire Wheel Corp corn new
Woodworth Inc corn
•
Worth Inc cony el A
•
Yellow Taxi of NY
•
Zenith Radio new
Zonite Products Corp corn*
88%
60
83%
13%
2735
5236
134.
49%
1534
28
13%
30%
37%
10%
49
32
Rights.
Am States Securities al A
134
Class B
1%
Amer Superpower w
135
Caterpillar Tractor
Cities Service
2iis
Evans Auto Loading
2
Fiat
1434
Loew's Inc
Mengel Co
Middle West Utilities
6%
Northern States Power
651
Stutz Motor Car
76c
U 8 Rubber-See Note bel ow.
White Sewing Mach deb rts 1335
85
60
89%
63
4,800
2.300
Range Since Jan. 1.
Low.
High.
3754 June 102% Dec
16% Apr 72
Nov
80% 83% 42,400 69
12% 14% 4,800
5
29
27
2,500 25%
800 50
5434 55
1,500 51
5234 54
1% 234 2,800 51c
100 50
so
so
47% so% 8,200 3234
56
56
100 56
40 125
140 140
1434 15% 1,000 14
28
2834 5,700 25
3034 31% 1.500 30
200
22% 2234
7
900 11%
134 1334
27% 3034 5,300 20%
700 26%
37% 38%
10% 1,900
10
8%
400 1235
19% 19%
700 40
49
53%
3131 34% 5,800 27
Dec 91%
Sept 20
Dec 5234
Dec 56
July 66%
Des 17%
Dec 55
Dec 5134
Dec 57%
Aug 140
Dec 31%
Dec 2834
Dec 35
Jan 23
June 16
Mar 36%
Jan 43
Dec 2334
24
Ma
Dec 5854
Dec 48%
Nov
Jan
Sent
Oct
Ain
Apr
Sept
h,c
Dec
Dec
May
Dec
Nov
Dec
Apr
June
Nov
Mar
Oct
Nov
Apr
1% 135 14.900
1% 1% 2,500
964
234 65,500
100
3
1% 21is 9,800
1% 234 3,500
12% 15% 18,100
2.000
26% 28
500
1% 7.000
2,400
6% 7
6% 6% 2,600
1% 20,300
354
Dec
Dec
Dec
Dec
Dec
Dec
Apr
Feb
Dec
Dec
Dec
Dec
134
154
2%
2%
25is
2%
19
27
1%
7%
635
151
Dec
Dec
Dec
Dec
Dec
Dec
Nov
Dec
Dec
Dec
Dec
Dec
13
1334
300
1%
1%
700
234
1%
2
235
1135
50c
6%
635
770.
835 Oct
16% Nov
Public Utilities
Alabama Pow $7 pref....' 113% 11351 113%
Apr
50 111
Dec 116
Am Dist Tel N J 7% pf_100 111
25 110% Aug 11834 May
111 111
Amer & Foreign Pow warr_ 5434 47% 5435 19.400
8% Feb 5434 Dec
Amer Gas & Eleo'tom ._• 186
Nov
184% 189% 2,900 11735 Jan 195
Preferred
• 106% 106% 106%
100 losg Oct 111 May
Amer Lt & Trao corn_ -100 21934 218 220
1,020 170
Jan 249 MU
Amer Nat Gas corn•fr o. • 17
1,200 16% Oct
17
17
Amer Pub Utll pr pref_100 91
75 90
Feb
Jan 92 21ra
22
Amer States Sea oom ol A.* 1135 1034 1134 8,700
735 Mar 14% Oct
• 113( 1035 1131 3,400
Corn class B
714 Mar 18% Mal
Warrants
431
4
435 2,100
1% Apr
6% Ma)
Amer Superpower Corp A • 56% 5031 56% 13,300 3334 Aug 57% Nov
Clam B common
• 60
Dec
9,700 34% Aug 81
53% 61
First preferred
9934 9934 99%
800 98 June 1901 M a,
053 peo
Cony prof
89% 8934 8934
500 89% Dec
Arizona Power corn
A00
50 15
2534 2534
Nov
July 28
Assoc Gas ec Mao ol A__-• 49
12,200 .16% Feb 52% Mar
47% 49
Warrants
51
140 50
Nov
50
62
Dec 79
Brazilian Tr L & P new ord
300 54% July 79
Dec
76
76
Brooklyn City RR
8
100
8
5
834 4,900
954 Mss
Jan
Buff Nlag & East Pr corn.' 604 57% 609-4 2,400 30% Jan 61% Nov
50
Claus A
• 48% 44% 48% 2,900 31
Nov
Jan
Preferred
25
2634 26% 1,000 2535 Nov 27
Mat
Central Pub Yerv al A_ .• 35% 35
001
700 19% Jan 38
35%
Cent States Floc corn__
116
116 116
Nov
200 30
v
Jan 10
6% pfd without warr___ 9731 9731 973.4
100 98
Nov 9931 Nov
6% pref with warr_100 104
600 9851 Nov 110
102 104
Dec
Warrants
21% 19% 2131
Nov
300
7
Nov 35
Columbus Elec
6334 63% 6351
100 62
Dec 79% May
Coocw'Itb Edison Co _.100
320 167
20335 227
Dec
Jan 22.
'wealth Pr Corp pf_100
Corn
400 994 Oct 104% JaL
101% 101%
Cons0 K L & T Bait corn.• 95
93% 95% 1,400 6734 Jan 95% Nov
Duke Power Co
100 156
150 130 June 157
154 156
Dec
East States Pow B corn_ .._• 45
36
Nov
4535 4,600 1134 Jan 48
Eleo Bond & Sh prat_ -10U
109 10934
400 10734 July 111% AM
Elec Bond & 1312 Scour-- 17934 159% 180
•
42,700 76
Jan 180 Dec
Elec Invest without war..' 814 78% 8134 28,100 60
133
0
2
Mar 1100 4 Nov
8 5 DDeco
Preferred
100% 99% 10034
600 99% Dec
Elec Pow & Lt 2 opt war
2934 28
8,800 1335 Jan
30
Empire Gas & E
pf _100
110 110
200 10854 Feb
Apt
Empire Gas &E 7% p1_100 98
98
9834
300 975( Dec 105 Mar
Empire Pow Corp part elk' 4434 4334 4431 13,300 2735 Jan 4451 Dec
Federal Water Sera al A..* 58% 4535 59% 27,600 3055 June
Florida Pow & Lt $7 Pf- •
100 100
100 100
Oct
General Pub Fiery Com __• 26% 25% 27
3,700 1655 Jan
Georgia Power $6 pref---* 100
Mar
100 100
100 100
Dec 0301559 6 6
D
ADecpecr
Hartford Elec Lt new.._10
Dec
135 135
50 129% Oct 135
Chad Companio Hispano
Amer de Electricid (8 A)
Amer share for E stock-- 110
110 110
100 100
Dec 118% Dec
Internet Utll clam A
•
44
44%
300 41% Oct 52 May
Claes B
• 1554 15% 17
14,900
6% Feb 1934 May
Warrants
534
5% 5% 1,100
1 June
5% Dec
Italian Super Power
11% 1035 11% 2.500 10
Oct 1655 June
Warrants
514
4% 655 6,200
851 June
3% Oct
Kansas Gas & Elec prof 100
109 11035
20 109
Dec 11034 June
Long Island Light new.... 50% 50
Dec
4,800 43% Nov 52
52
7% preferred
100 109
109 109
10 109
July 112% Feb
Marconi Internat Marine
Commun Am dep rcts__ 22% 2255 2334 43,400 12 May 2334 Dec
Maroon! Wkel T of Can....1 1134
635 11% 48,000
Feb 28% Nov
3
Marconi Wireless Tel Lund.
Class B
23
Nov
21% 23% 16,200 15% July 30
Middle West ULU coin--• 178
Nov
174% 178
Jan 180
800 123
Mohawk & Bud Pow esom• 57
Nov
4934 57% 8,200 2934 Jan 58
•
let preferred
Jan
108 108
25 10635 Sept 110
Warrants
19
500
Jan 2554 Nov
6
2031
Municipal Service
2834 28% 2951 3,600 13% Jan 32% Nov
Nat Elec Power Class A. •
36
3634
200 2734 Jan 4034 May
Nat Pow & Light pret.....* 108
Feb
107% 108
150 1064 Oct 111
Nat Pub Seri' cam class A• 25
2451 25
1,200 22
Jan 29% May
NY Telep 634% pref--100
113 11334
100 1115( June mit mat
Nor Amer [3411 Sec corn_ _.• 1334 13
1355 1,700 97
Jan 1.5% Nov
let preferred
9534 9534 9534
600 12
Jan 9631 Sept
Northeast Power corn....' 55,4 4255 5535 92,100 19% Jan 56
Nov
Nor States P Corp com_100 146
143% 146
2,500 23
Jan 152 Ma,
Preferred
100
108% 109
50 10734 Oct 11034 Apr
Pacific (1 & K let pref--25
Apr
2735 27%
100 23% June 30
Penn-Ohio Ed cum
• 5534 54
Nov
56
1,400 3231 Jan 60
7% prior pref
101 104% 102% 104%
Aug
210 10251 Dec 109
• 95% 95
go preferred
96
90 92
Feb 101 June
Option warrants
31% 31
3134
800 11
Jan 33% Dec
Peoples Light & Power_
46% 44
46% 2,600 44
Dec 4631 Dec
Piedmont Hydro Elec warr
40
40
100 40
Dec 86 June
Power Corp of Can corn..' 95
90% 95
800 71
Aug 96 May
Power Secur corn
• 17% 1634 17% 1,100 11
Apr 17% Sept
Power Scour pref B
Mar
25
64% 70
200 5934 Dec 74
Puget Sound PA Loom 100
100 100
200 34% Jan 1075( Oct
6% preferred
100
98
98
30 92
Jan 105% AIN
Rochester Cent Pow
Dee
4134 4051 43
9,700 37% Dec 43
Sierra Pant Elec prof.
.100
9434 9434
Jan 97 May
10 92
Southeast Pow & LI corn.' 73
Deo
6735 73
9,300 4134 Feb 73
Common• tc• 69% 68
69%
500 40% Feb 6034 Dee
Waters to our corn Mk-- 25% 23% 25
12,400 12% Feb 25% Ma
,
Sou Calif Edison pref A.25
Apr
29
29
300 28 June 30
Preferred B
Apr
25
26% 2634
100 2534 June 30
534% preferred C....25
Nov
24% 2434
300 24% Dec 25
Note.
-Sale of U. S. Rubber Reclaiming Co. reported in preulous issues, an error;
should have been U. S. Rubber Co.
I Vol- 127.
Friday
Sales
Last Week's Range for
Public Utilities (Cond.) Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
Sou Colo Pow class A___25
24
24
200 23
Standard Pow & Lt oom _25 48
47% 4935
600 2951
Preferred
•
102% 102%
50 102
Swiss Amer Elec pref
9855 9835
200 94
Tampa Electric C
64%
•
63
500 59
United Elea Serv warrants
254 2% 3,900
2,1
155
United Gas Impt
50 168
15534 168% 43,100 111%
United Lt & Pow corn A .• 3134 29% 3151 63,900 13%
Preferred B
• 56
56
56
100 52%
Utll Pow vre LI class B....* 3744 3735 38
4,400 18%
Utility Shares corn
•
1635 1731
900 11
Western Power pref....100
106 106
50 102%
Former Standard 011
Subsidiaries.
Angio-Amer Oil (vol eh) Al
Vot sh ctfs of dep
Non-voting shares- __ £1
Buckeye Pipe Line
50
Chasebrough Mfg Co___25
JontInenta1011•to _ _...10
Cumberland Pipe Line.
.60
Eureka Pipe Line
100
Galena Signal 011
CUs of dep
New preferred
100
Collis of deposit
Old preferred
100
Certlfs of deposit
Humble 011 & Relining.
.25
Illinois Pipe Line
100
imperial 011(Canada)cou•
Indiana Pipe Line
50
National Transit-12.50
'.1bio 011
25
25
Peon-Mel Fuel
Oralrie Pipe Line
100
New
Southern Pipe Line,new 10
South Penn 011
25
Standard Oil(Indiana)-25
Standard 011 (Kansas).-25
Standard 011 (Kentuoky)25
New
ilandard 011(Nob)
25
Irandard Ohi(0)Oom....214
Preferred
loo
Swan-Finch 011
vacuum Oil new
26% Oct
5834 May
107% Apr
10334 May
7834 Oct
3% Nov
17434 Nov
33% Nov
Dec
60
40
Dec
1834 May
Apr
108
14% 17% 9,900 14% Dec 22%
1555 1534
200 15% Ire, 21%
1455 16%
800 1455 Dec 20%
200 58
6631 66%
Jan 76
200 117% Jan 161
14154 141 141%
Feb 23
19% 19% 1955 11,900 16
67
50 67
67
Dec 114
50 6435 Jan 88
67
67
15%
15%
99%
275
96
82%
22
7234
41
257%
52
66
90
16351
4451
118%
10951
Other 011 Stocks.
Amer Conk'011Fields....1 600
Amer Maracaibo Co
814
Argo Oil Corp
10
3,4
Arkansas Gas Con)coin. •
3%
Preferred
10
tVail cir Lobos 011 corn_ __•
2%
Preferred
giarnsdall Corp stk Duran
warrants (deb rights).-- 1534
7arlb Syndicate new tam
4
Colon Oil
11
Consol Royallty 011
1
7
3reole Syndicate
• 10
-holm Cent Petrol Corp
' 1%
Crystal 011Ref
10
Preferred
51
Darby Petrol Corp
2434
011 Corp of Penna__25 1454
Elomaokla Oil
6%
Kouston Gull Gas
• 20%
,ntercontInental Petrol...10
2
international Petroleum... 50
Kirby Petroleum
•
1%
...eonard 011Develorim1.25
5,4
Lion Oil Raft
• z3234
LoneStar Gas Coro
25
Vmdalens Syndicate...A 60e
Margay Oil
•
Mexlco-Ohio 011
•
3%
4401100 Oil Corp
10 270
Mo Kansas Pipe Line
15
Wountain A. Gulf Oil.
.__1
1%
16ountain Prod Corp---10 21%
•
Nat Fuel Gae new
New Bradford Oil
5 5
New England Fuel Oil...'
314
N Y Petrcl Royalty
18
Pacific Western Oil
• 20%
Fandem 011 Corporation *
2%
Plumps° Oil of Venesuela• 10%
Pennock 011 Corp
•
Plymouth 011
2834
Reiter Feeler on Corp..'
6%
Richfield 011 of Calif, pf _25
Royal Can 011 Synd
• 10
Ryan Control Petrol
• 934
lilt Creek Produosul...10 26%
Savoy 011
1%
rezon Oil& Land
334
tidal Osage Oil•t stock.' 14%
Non-voting stock
• 13%
Transcont 0117% pref_100
Venes-Mex 011
•
%renamed&
--6
5%
Woodley Petroleum Corp.
Petroleum-6%
'1r 011 & Gas Co
25
Mining Stocks.
Am Commander M &
Arizona Globe Copper..
.1
Carnegie Metals
10
Chief Consol Mining
I
Comstock Tun & Degs..1013
Coml. Copper Mines__5
Copper Range Co
25
Cortez Silver Mines
Cresson Consol U M & 511
Dolores Femmes COM- _2
Engineer Gold Min Ltd..5
Evans Wallower Lead eom•
Preferred
Falcon Lead Mines
1
Finn National Copper....
GoldenCentre Mines- -5
Goldfield Consol Mlnea7.1
Recta Mining
25c
Hollinger Cons Old Mine.5
Bud Bay Mtn & Smelt._ •
Iron Cap Coroner
i0
Mason Valley Mines
Mining Corp of Canada...5
New Conlon& Copper...
Ntw Jersey Zinc
100
Nevrmont mining Cons--70
Molesters Mines
Noranda Mines,Ltd
•
Ohio Copper
1
Premier Gold Min
1
Red Warrior Mining
1
Roan Antelope C Min Ltd_
High.
July
Jan
Dec
Dec
Sept
July
Jan
Jan
Jan
Jan
Feb
July
9c
19%
134
13%
25%
72c
3%
15%
110
300
10%
15c
16
19%
1%
4%
41%
294
195
355
64
151
231
37%
5% 551
7735 7834
7734 77%
77% 80
80
80
98 100%
270 275
89
97
82% 82%
21% 22
72% 7434
46%
30
257 260
5334
52
15%
15
67%
66
87% 9055
2034 2134
163 165
44% 4554
4731 4955
117% 119
119% 119%
1854 1851
96 109%
60c
635
3%
3%
7%
2%
4
300
40
80
110
20
15,100
150
2,900
100
1,600
4,100
11,500
1,650
6,500
600
4,100
18,300
800
6,500
6,400
600
500
50
100
21,000
67c 13,800
834 18,400
500
334
500
351
300
79'
200
2%
600
434
14)4 1636
3% 4%
1055 11%
634 7
934 1034
155 155
10
10%
51
51
24
24%
143 14551
5% 651
20% 22
2
234
4631 5051
134 1%
535 534
31% 32%
673/ 6734
55c
65c
32
3355
334 335
27c
354
15
1531
134 1%
20% 2254
26
2731
5
531
3
3%
18
1951
2034 2234
2% 234
10
11
635 7%
28% 30%
6% 7
2434 2455
10c
10c
9
9,4
254 27%
155 151
3
016 31111
14% 15
13% 15
89
90
73
74%
6
634
6% 6%
4% 434
30
3o
6c
9c
19% 20
3% 34
98c
134
1234 1434
2554 26%
180 18o
70c
74c
89e
80e
3% 431
1435 16
80% 8031
9c
Ile
be
37c
11
10
15c
150
15% 1655
8% 8%
19% 19%
335 355
1% 2
315r. 4%
3934 4231
25935 294
192 205%
334 334
60% 6431
135 1%
231 231
10c
10c
36
37%
31,600
6,700
7,400
1,500
43,300
6.900
1,500
200
1,800
4,300
13.100
3,700
26,800
20,900
1,800
6.300
1,900
100
5,800
500
4,700
7,000
4,500
4,000
7,950
1,500
1,400
600
1,100
4,600
3,700
19,700
1,100
6.100
3,3011
400
5,000
5,400
13.700
1.500
31,900
600
2,100
1,200
200
26,700
400
200
1,000
46.000
1,600
300
39.000
10,300
401
4,000
4,100
21,400
100
32,000
13,000
3,100
1,000
600
1,400
8,700
300
1,800
4.200
11,000
515
10,200
1.800
36.300
63,700
900
2.000
11.900
Dec
Feb
Feb
Dec
Nov
Jan
Feb
3% July
3% Nov
951 Dec
oh' Dec
934 Dec
760 Sept
65( Sept
38 Sept
7% Jan
10135 Feb
5% Dec
1134 Feb
1
June
35
Feb
134 July
535 Mar
20
Feb
4834 Apr
50o Sept
Dec
32
254 Nov
200 July
15
Dec
76c June
1934 Sept
2451 Mar
4
Dec
2% Sept
15
Nov
20
Dec
23( Aug
8% Feb
4% Oct
26% Dec
434 Feb
Apr
22
To Aug
4% Apr
2334 Sept
1
Feb
3
Mar
13
Feb
13% Dec
75
July
18
Jan
534 Sept
454 Sept
2% Feb
3c
30
17
3
200
5
14
160
860
SW
2
654
70
50
30o
235
80
13
634
16%
235
1
235
25%
180%
122
2%
1714
(13e
211.
80
244
Apr
Jan
Jan
Aug
MILY
Jan
Feb
Nov
Oct
Mar
Jan
Sept
Nov
July
Dec
Jan
Jan
Apr
Oct
June
Sept
Sept
Nov
Feb
Jan
Jan
Oct
Mar
Spot
Feb
Sept
Boot
8
86
80
89%
83
11451
290%
104
9134
32%
83%
84
278
55%
19
7134
9514
2751
179%
49
54%
134
125
23%
10934
Nov
July
Oct
July
Dec
Nov
Nov
Nov
Oct
May
Nov
May
Nov
Dec
Aug
Nov
Nov
Apr
Nov
Nov
Nov
Nov
May
May
Dec
1%
9.34
43'
1151
7%
5
932
555 Dec
27
Jan
7735 Dec
35
Jan
80
Oct
15054 Feb
17634 Jan
5654 Feb
74% Feb
19% June
5834 Feb
28 June
172
Aug
49% Dec
12
July
8634 Jan
70% Feb
15
Jan
1223/ Feb
44
Dee
89% Feb
71
Mar
116
Sept
16
Feb
72 June
530
854
234
334
755
111
331
Feb
Feb
Feb
Ayr
Apr
Jan
May
Apr
May
Nov
Sept
Nov
Dec
Apr
Apr
29% Nov
234 Jan
17% Nov
834 May
17% May
334 June
Oct
15
Oct
58
3334 Oct
165
Nov
734 Nov
2434 Nov
3% Nov
Nov
55
3 May
914 May
43% Oct
6934 Dec
14 Apr
484 Jan
Mar
8
740 May
164 Dec
134 Oct
28% Jan
8094 Apt
5% Jan
5% Apr
23
Nov
2654 Nov
Jan
6
1534 July
75' Apr
31% Nov
13
Aug
3134 Mar
26c Jan
12
Nov
Jan
as
3% Apr
435 May
2215 May
2151 Apr
93% Jan
7431 Dec
934 Nov
854 Apr
894 May
60
lbo
2734
451
1%
10
28
32o
2%
2
7%
1714
85
160
656
1334
200
18
1834
22
8%
2%
5%
47%
294
217%
5%
7034
2
336
27e
3731
Jan
June
Mar
Feb
Dec
Nov
Nov
June
Jan
Apr
Jan
Nov
Oct
Jan
Dec
Sept
Nov
Jan
Jan
Nov
May
Nov
Jan
Nov
Dec
Nov
Jan
Nov
Nov
Jan
Jan
Nov
DEC. 29 1928.]
Mining Stocks.
(Concluded)
St Anthony Gold Min _ _ _ _
St Mary's Mineral
25
Ban Toy Mining
1
Shattuck Donn Mining---•
So Amer Gold & Plat _ _ _ _1
Tech Hughes
1
Tonopah Belmont Devel_ 1
Tonopah Extension
1
Tonopah Mining
1
United Eastern Mining_ _1
United Verde Extension60c
United Zinc Smelt Corp_ •
Unity Gold Mines
1
Utah Apex
5
Walker Mining
1
Wenden Copper Mirdng _ _1
Yukon Gold Co
b
Bond.
Abbate Dulles 6s____1942
Abitibi P & P 6s A....1963
Alabama Power 45_ _1967
let & ref Es
1956
Allied Pk. let col tr 85_1939
CetifIcates of deposit_
Deb as
1939
Aluminum Coatdeb 5.62
Aluminum Ltd 5e _ _ _1948
Amer Aggregates 5e.. _ _1943
Amer Comma Alcohol 68'43
With warrants
Amer & El deb 5e._2028
American Power & Light
6e. without warr'nta 2016
Amer Radiator deb 4348'47
Amer. Roll Mill. deb 56 48
Amer Beating Be
1986
Amer Solv & Chem 65_1936
Anaconda Cop Min 68_1929
Appalachian El Pr 65_1956
Arkansas Pr & Lt 65....19159
New
Alwo Dye & Press 65_ _ 1938
Amoolated G & E 5451977
Con deb,445 wi war1948
Without warrants_ _
Assoc'd Sim Bard 648 '33
Atch Top & S F 445.1948
Atlantic Fruit 8s
1949
Atlas Plywood 5 lig_ _1943
Bates Valve Bag 68_1942
With stock Dutch warr__
Beacon 01165, with warr'36
Bell Tel of Canada 6a_1965
Boston Con Gas 5s_ _1947
Burmeister & Wain Co of
Copenhagen 85
1940
Canadian Nat Rye 78_1935
4148 w 1
Carolina Pr & Lt 55__1956
Cent All States Serv Corp_
1st nitge 6s with war 1943
Cent States Elec Ss__ _1948
Cent fiancee P & Lt 5345'53
Chic Pheum Tool 545 '42
Chic Rya 58 etre dep__I927
Childs Co deb 55
1943
Cincinnati St Ry 548.1952
Cities Service 5a
1986
Cities ServIce Gas 5%51942
Cities Serv Gas Pipe L 6.43
Chloe Seri P & L 534e 1962
Commander Larabee 68 '41
Cornmers und Privet
Bank 634s
1937
Commonw Edison 414s '57
Coneol GE L &P
aeries A
1949
Es series F
1965
Consol Publishers6451936
Congo! Textile 8s
1941
Cons W P & Pap 534s A 47
Consumers Power 4348 1948
Cont'l G & Elbe
19515
Continental 011548_ _1937
Cont'l Secur Corp 5a A
with warrants
1942
Cuban Telep 748
-19
41
Cudahy Pack deb 615.'37
Gs
1946
Denv & Salt Lake Ry 68'60
Detroit City Ou 5a B 1950
65, series A
1947
Detroit hot Bilge 6348_1952
25
-year I deb 78..1952
Dixie Gulf Gas 6348_1937
with warrants
El Paso Nat Gas 61411 A '43
Empire Oil & Refg 5345 '52
Ercole Marel Elec Mfg
6348 with warrants 1953
Eur Mtge ar Inv 78 C-1967
Fairblut Morse & Co be '42
Fed Wet Service 510_1967
Finland Residential Mtge
Bank 65
1961
Firestone Cot Mille 68_1948
Firestone TAR Cal 52 1942
Flak Rubber 634s____1931
Florida Power & Lt 61_1964
Galena Signal 011711_1930
Gateway Bridge 78___1938
Gatineau Power Si. __1964l
6e
1941
Gelsenkirchen Min 65_1934
Gaol Amer Invest 55._ 1952
Without warrants
Gen Laundry Mann 64837
General Rayon Os ser A '48
General Vending Comas with warr Aug 161937
Ga & Fla RR 68
1946
Georgia Power rat 60....1967
Grand Trunk Ry 648_1936
Guant'amo & W Ry 6%1958
Guardian Investors 581948
with warrants
Gulf 011of Pa 5a
1937
Sinking fund deb 58_1947
Hamburg El & Ind 54838
Hanover Cred Dist 654931
Hood Rubber 78
1936
Houston Gulf Gas 6341943
1943
65
Illinois Pow & Lt 548..1957
Mdep 011 Is Gm deb Be 1939
Ina'polls P & L 58 ear A '67
Int Pow Seour 71 ear E 1967
Internet Securities 654947
FINANCIAL CHRONICLE
Friday
Sales
Last Week's
7Range for
of Prices.
Sale
Week.
Price. Low. High. Shares.
45c
35
4c
21%
3
834
70c
7c
750
234
14
4
14
134
45c
34
4c
20%
3
8%
650
70
33.5
74c
23%
114
1
4
2711
1%
1
450 3,000
200
35
4c 6,000
21%, 12,600
334
500
1,100
8%
740
800
80 5,000
100
3%
75e
800
24% 21,000
1% 2,500
2,400
1%
414
600
100
271,
6,200
1%
1%
900
99
854
944
9914
99
8514 8614
9434 95
102 102
47
454 n50
42
42
44
47
48
1014 102
102
97
97
98
11711 115 117%
97
Lino.
I
400
3351
3e
6%
24
754
61c
Sc
234
450
13
25c
350
34
750
68c
49e.
Mar
Oct
Jan
.Jan
Jan
Dec
Sept
Sept
Jan
Jan
June
Jan
Feb
Aug
Aug
Sep
Mar
3,000 99
92,000 So
63,000 93
2,000 9954
80,000 35
1,000 42
60,000 30
45,000 100
50,000 954
2,000 100
Dec
Nov
Sep
Oct
Jan
Dec
Aug
Jul)
Aug
June
11734 118% 24,000
964 9731 142,000
10535 105 10534
97
97
99
9634 9614 97
96
97
114 115
9954 9915
984 9854 9834
97
9614 97
96% 95% 964
92
91
984 99
99
99
984 100
9434 9234 9415
864 8614 8614
121% 121 122%
193,4 194 1934
101 102
Range Since Jan. 1.
High.
76e Sept
Dec
35
6c May
2454 Max
435 Sept
11% Juni
Vie Jan
18c
Jan
54 July
Di). May
2554 Jan
14 Nov
Aug
2
53( Jan
334 Nov
24 Dec
14 Nov
10334
8434
10034
102
68
42
68
10334
100%
120
Mar
Jut'
Apr
Dec
Ocs
Dec
Oct
Atir
Jul)
Nov
98
July 1214 Not
934 Aug 1014 Am
123,000 106
22,000 97
33,000 954
3,000 94
11,000 99
4,000 9954
12,000 97
42,000 95
13,000 95%
91
33,00
30,00
0814
486,000 97
81,00
91%
8,000 844
169.000 118
26,00
1534
2.000 101
June
Aug
June
Sept
June
Dec
Juut
June
Dec
Dec
Dec
Aug
Dec
Jan
Dec
June
Dec
11934
100%
99%
1064
125
10114
1024
101%
984
1014
11114
11434
9914
92
127
2034
11634
Mar
Apr
Jtu
An
Ma)
Jan
Max
Mar
Not
July
Ma)
Max
Nov
AD,
Nov
May
May
10714 1074 10815 20,00
99
Jan
11054 112
111
23,00
Jul)
99
1014 102
4,000 1004 Dec
102 102
1,000 10054 June
116
116
1064
10434
May
NON
Ma,
Apr
9735
9715 99
14,000
944 Jun
100
Jan
10934 1094 110
27,000 108
96
96
96
4,000 96
10134 1004 10114 12.000 100
Jun 114% Jan
Dec 9634 Dec
Sep 106% Mar
97
97
89
89
90
9534 954 964
100
100 1004
791( 81
80
89
89
894
99
99
99
90
89% 90
9214
9214 92
98
98
98%
9614 96
9634
88
874 88
Aug
Dec
Sept
June
Aug
Aug
Sept
Dec
Dec
Dec
Dec
July
88
9734
874 8834 44,000
9714 984 3,000
105%
1041(
96
95
99
97
00'% 9034
94
94
924
89
954
97
78
8754
974
89%
92
58
96
83
87% Aug
964 July
1064 12,00 104
1044
1.000 101
96
5,000 96
95
1,000 SO
99
5,000 99
97
35,000 97
91% 36,000 89%
96
9.000 94
105 105
10874 109
109
9814 984 984
100 101
9034 904
100 100
10514 105 1054
92% 924 93
86
86
87
8834
6,000
6,000
17.000
19,000
1,000
17,000
2,000
29,000
20,000
9,000
37,000
6,000
2,000 99
Jan
6,000 108% Dec
33,000 974 Jan
2,000 97% Dec
11,000 80
Jan
2,000 99% Aug
34,000 1054 Dec
24,000 9234 Dec
29,000 86
Dec
9114
86
Dec
9934 Dec
914 Dec
97
91
97
91
97
Dec
9014 Oct
5,000
48,000
96
9614 23,000
1043,4 10454 10634 187,000
91
91
93% 92
94
93%
92
91
88% 88%
101
101
105
96
96
10014 100
89
89
86
95
8734
9734
85
85
102
95
9114
934
95
92
904
101
108
9654
10054
9014
94% Aug
994 June
62,000 91
36,000 90
19,000 924
24,000 8834
116,000 884
2,000 87
12,000 100
45,000 98
27,000 598%
18,000 8714
864 31,000 85
1024 5.000 100
95
23,000 94
Dec
Aug
Aug
Nov
Dec
Feb
July
Dec
Aug
Dec
Dec
Jan
Aug
86
88
28,000 84
July
70% 7134 5,000 65
Nov
97% 983( 83,000 9714 June
1073( 1074 9,000 106% June
85
85
15,000 85
Nov
09% 98
9914
10014 99% 10014
101
100% 101
8614 8631 87
9214 9234
95
95
954
92
92
93
92
92
934
95
95%
10814 114
111
98% 9815 99%
9511 9434 95%
91
90% 90
6,000
43,000
9.000
22,000
5,000
6,000
18,000
21,000
10,000
108,000
23,000
36,000
33,000
97%
91 4
/3
99%
854
90
95
024
914
0434
964
974
9454
8914
Mar
All'
J.
July
Jai,
Arc
Mar
Mai
Mar
Apr
A,.
Jan
944 Jan
102% Aro
June n10834 Pet
July 1054 Jan
Dee 102
May
Sept 98
May
Dec 99
Dec
Dec 9734 Dec
Aug 974 Ma.
Dec 99
JIJ
87% 90
47.000
9914 9914 7,000
914 92
16,000
97
92
9731
974
99
1024
87
96%
104%
98%
97%
103%
102
944
Dec
Aug
Aug
Oct
Dec
Dec
Dec
Dec
Oct
Jan
June
July
Aug
Bonds (Continued)
a terstate Power 68_-_1967
New
Debentures 65
1952
Inter-State P S 5$ D 56
Invest Cool Am 68 A-1947
,owe-Nebraaka L &P 55'67
Lure° Hydro-Eleo 78__1952
(sons Fraschini 7. __1942
With warrants
Without warrants
[Wan Superpower 6. 1962
Without warrants
Jeddo-Highland Coal 65'41
treivinator Co as
19317
Without warrants
Kendall Co 548
1948
Koppers GA C deb 68_1947
,Ashigh Pow Swim 611.. _2025
Leonard 'nets Inc, 7148 '46
with stock pur warn
Without warrants
McN & Libby be *42
Lone Star Gas Corp 5e 1942
Long Island Ltg,65_1945
LA Power & Light 55.._1957
1957
New
Manitoim Power 640,i961
Mansfield Mtn& Stn (Ger)
1941
78 with warrants
Mass Gas Cos 534s_ _ .1946
McCord Rad & Mfg(H1943
Memphis Nat Gas 6. 1943
With warrants
Met Edison 438s
1968
Milwaukee 0 L 434,..1967
kliunesota P & L 445.1978
Montgomery Ward 551946
Montreal L 11 & P 55_1951
aforrIa & Co 7 45____1930
Narragansett Elec 65 A '57
Nat Distillers Prod 634.35
aat Pow & Li Be A___2026
Nat Pub eary 68
1978
slat Rub kiach'y 65_ .1942
Nat Trade Journal 68_
Nevada Cons deb 513_ _1941
Saw Eng G & El Asan 65 47
1948
5s
NYclitc&80.43
5•0- - 1978
N Y Is Foreign Invest
54s"A" with war_ _1948
NYP&LCorp1514348.
67
Niagara Falls Pow 68 1950
Nichols & Shepard Co 65'37
Without warrants
Nippon Elea Pow 6145_1953
North Did Pub Serv 551966
Nor States Pow 634% 1938
Cony 6145
1933
Ohio Power 61 ear B 1952
11156
434, series D
Ohio River Edison 581951
Osweg0 Riv Pow 6%...1931
rem; utid A El let 4friii-1967
?seine Invest 68
1940
Pacific Western 0116 Sis 43
Seon-Ohio Edison tie 1955
Without warrants
Penn Pow Is Light 58 B '52
1st Is ref 5s ser 13.1953
Philadelphia Elec 514s 1953
1960
58
enne Elan Pow 645_ _1974
Phil& Rapid Tran 68.-1962
1114.
eittaburg Steel 68
Potomac Edison 513_1956
Potrero Sugar 7s _Nov 1547
Power Corp of NY 545'47
Procter Is Gamble 43481947
Queensboro U & E 6358'52
Rem Arms 64% notea1930
stenneld 0115 li% notes'31
1941
65
Rochester Cent Pow 581953
1953
11535 Apr Ruhr Gas 648
11315 Feb Ryerson (Jos T)Is Sons Inc
1943
102
15 yr f deb 58
NON
Si Louie Cake & Ga5 eia '47
10254 Mar
93% Ma)
ten Ant Pub Set 5e___1958
1955
1043( Ma. Banda Falls 58
1965
sonuite R E 68
1084 Fat
Without warrants
104% ma
1014 Apr Scripps(E W)545._ _ 1943
served Inc(new oo) 511.1945
Shawinigan W & P 1134e '67
994 Jas
9935 Dec Shawsheen Mills 78..1931
964 Ma, Sheridan-Wyom Coal 6s'47
Silica Gel Corp 634% notes
97
with warrants
1932
Dec
974 Ms. Sloss Sheffield S Is I Os '29
alder Pack % notee_1932
9714 Jan
Solvay-Am Invest 60..1942
Southeast P & L 65_2026
10834 May
Without warrants
aou Calif Edison 63_1961
9
44 Oct
Refunding mtge 55_1962
9
74 Max
Gen Is refunding 551944
03% Jar
1937
Sou Calif Gas 65
9834 Fet
1957
58
40016 Am
AR 58_1957
10134 Aug Southwest
108
Dec Tweet Pow & I.t. 08_2022
jai
) Staley (A E) Mfg 60_1942
101
Stand Pow & Lt 66_1967
10434 Apr
97
itinnes(Hugo) Corp
Mar
7e Oct 1 '36 without wart
75 1946 without warns.
9
5
Apr
118
June Strauss (Nathan) 65_19313
10016 June Stutz Motor,Inc,7345 1937
sun Maid Italian 641E1942
1939
98% 00 Sun Oil 548
8% Jan swift & Co 65 Oct 16 1932
9
103
Mat
112
Jan
Texas Power & LS 58-1966
97% Jan Trim Lux Daylight Prism
1932
6348 with warn
101
Aug Truax-Traer 6148._ _1943
10234 Mai
Ulen Is Co. 6148
1936
10234 Jan
Union Amer Invest 581948
clotted El dery (Unes) 75'66
934 Aug
With warrants
9814 Sept
103% Jan
Without warrants
9
United Industrial 61481941
934 May
61)4 Ma) United Lt & Rya 6%8_1952
1013(!May
68 aeries A__ ___ 1952
United Oil Producers Fa '31
117% Nut
102
United Rys Havana 710
Mal
.36
101% May
United Steel Wk,648 1947
9914 Mar
MB) warrants
3693
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High West.
9514
96
9614
98
98%
94
8934
Range Since Jan. 1.
Low.
High.
9434
96
96
97
98
934
89
Sept
Dec
Oct
Aug
Feb
Dec
Nov
94
80
July 1084 Nov
Oct 944 May
7934 79% 80
104 • 104 104
95,000 '79
1,000 104
Dec 8634 June
Jan 105
Feb
744
73
99
98
984 99
10434 10434 105
30,000 633( June 86
Apr
90,000 9434 Nov 10034 Dec
29,000 97
Oct al0114 May
56,000 104
Aug 1094 Apr
9535
96
99
94
8935
8834
96
96
98
98
99
94
9014
33,000
6,000
14,000
1,000
20,000
3,000
17.000
1014 103
15,000
864 884 37,000
9814
163 163
1,000 100
102 102
7,000 102
9311 94
8,000 92%
99
99
99
10,000 9654
1034. 1034 10354 3,000 103
96
96
97
11,000 94
97
97
9715 8.000 97
9934 994 10014 17,000 99
102
9934
96
1023(
101
1094
101
9734
1794
10554
974
100
10514
100
9734
10434
Jan
Oct
Sep
Aug
Sept
Aug
Dec
Dec
Arir
Dec
Mar
Apr
Anr
Mat
May
June
May
Apt
Jan
Apr
Mar
Dec
Apr
99
99 100% 8.000 99
Dec 1074 May
10315 10314 104
65,000 10234 Jun 105
Jan
96
9554 9615 12,000 954 Aug 1014 Oct
9734 9834
97% 9814
99
99
9214 9214
10134 1014 101%
100% 101
10034 10014 1004
15,000
11,000
6,000
1,000
1,000
11,000
46,000
9734
136%
9734
91
994
99%
98
Dec
July
Au
Jul
Au
Aug
Jan
10035
1024
1034
96
102%
103%
101%
Sept
Mar
Apr
June
Jan
Feb
June
100
100
10436
8314
141
23,000 984
3,000 98
4,000 104
36.000 83
14,000 1054
21,000 974
1.000 9834
2,000 934
45,000 964
71.000 9354
Aug
July
Aug
Dec
July
No%
Jan
Aug
Dec
Dec
102%
1034
10934
9434
194
100
99%
101
963(
943(
Mar
Jan
Mar
Apr
Oct
Nov
Nov
Mar
Dec
Dec
9734
100 1004
100 101
104 1054
83
8334
141 14214
9715 974
991( 9914
9634 96%. 9615
964 96%
9314 94
93
934
93
93
Dee
1,000 93
Dec 93
921( 9315 97,000 914 July 97% Mar
105 105
1.000 10434 Dec 10634 Apr
102%
914 91
101
101
10235 1024
136
135%
9414
10215 5,00
9135 36.000 91
101
12,00
99
10231 4,000 101
137
16,000 119
Feb
Nov
Aug
June
Jan
n10234
n105
104
106%
145
Nov
May
Mar
Jan
May
10011
9354
994
9814
9754
95
99
5,000
50,000
2,000
1,000
10.000
18,000
97.000
99
91%
99
98
9554
94
98
June
June
July
July
July
Dec
Dec
103%
974
103
102
WI 54
Ills
1014
May
Apr
Feb
Jan
Apr
May
Nov
10134 10134
10134 101 102
10234 102 1024
107 107
103 10334
10434 104% 105%
10115 10135
1024 102% 10234
9734 974 9814
78
7835
98
98
9735 974 9734
103
103 10334
17,000
4,000
15,000
1,000
11,000
22,000
3,000
17,000
9,000
5.000
5,00
1,000
8,000
9914
100
10034
105%
102
10354
100
100
974
74%
9414
9514
1004
June
Aug
July
Oct
Oct
Aug
Dec
June
Dec
Oct
Oct
Aug
Aug
10434
10434
107
10734
1044
107
105
1034
10254
9814
101
10034
107
May
May
May
Mar
Mar
Jan
Jan
Sept
Mar
Jan
Jan
Mar
Apt
1004
9235
994
9814
97
97
95
94
9835 984
9314
102
87
94
98
10114
126
87
94
98
8.00
1024 22,00
126
2,00
8856 41,00
94
4,00
96
96
11,00
914 92
11,000
9515 9535 11,00
10134 1014 101% 4,000
92
92
8614
97
93
9134
93
8134
933(
97
93
10034
9934
934
9734
9234 39,000
93
3,000
8631 94,000
944 56,000
97
6,000
93
5,000
954
9914
98
87
94
Jan 9934 Apr
Aug 1064 Nov
Feb 155 June
Dec 91
Sept
Nov 94
Nov
96
914
944
98
Nov 96
Nov
Dec 9614 May
Aug 1004 Mar
Apr
Aug 104
8834
92
60%
13354
95
9114
95
Ma
Sep 100
Mar 864
Aug 984
Oct 10114
Oct 97
Sept
Apr
Dec
Mar
Apr
Jan
102
8.000 100
100
13,000 99%
94% 40,000 934
98
19,000 954
Feb
July
De
Jun
106%
102%
13134
100
May
Jan
May
Mar
10314 1033,41043,4 53.000 102
1014 101 10114 26,000 100
101/4 10134 101% 20,000 100
1024 1024 1.000 10034
9214 93
19,000 92%
9934 99% 9934 5,000 984
9514 954
1,000 95
104
104 1054 3.000 10214
9754 9754 9815 14,000 964
984 984 98% 20,000 9834
Jul
July
July,
Aug
Sep
Jun
Jul
Aug
Oct
Dec
10914
1044
10414
10434
9634
10114
10034
11214
1014
10414
Mar
Apr
Apr
Apr
Jan
Apr
Apr
May
Mar
Mar
8714 89%
85
85
8615
120
120 122
115 115
115
78
78
79
10054 10034 10114
9931 9934 1004
Sept
Dec
Dec
Feb
July
July
Dec
9834
98
141
148
1/8
1024
10214
May
May
Nov
Nov
Jan
Apr
Nov
944
974
28,000 87
24,000 85
22,000 115
30.000 92
11,000 75
23,000 100
37,000 90
984 9914 28,000
95
103
1014
9934
1044 103
96
104
99%
105
9734 July 103
13,000 85
46,000 100
14,000
173.4
12,000 100
Nov 96
Dee 104
Feb n1003(
Dec 105
Mat
Dec
Dec
Dec
Dec
11734 115% 117% 10,000 1014 Jan 1254 May
914 9115 9114
3,000 894 Nov 100
Apr
8934 8934 8934 12,000 89
Dec 97
Mar
9234 9134 9315 25,000 9134 Sept 99% Jim
1014 1014 5,000 10034 June 10814 Jan
80
80
5,000 60
Aug 90
Apr
110 110
4.000 110
July 11314 Feb
8254, 8634 88
38,000
8431 Decl
974 Apr
•
3694
Bonds (Concluded)
FINANCIAL CHRONICLE
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. 11199
U. S. Rubber
Serial 634% notes,. 1929
Serial 634% notes.. 1930
Serial 6)4% notes...1931
Serial 63-4% notes__1932 9534
Serial634% notes __1933 96%
Serial 64% notes....1935 95%
Serial 6)4% notes__1936
Serial634% notes _1937
Serial 634% notes __1938
13 Smelt & Ref 5lis-19
38 103
Van Camp Pack 8s_ A941
Certificates of deposit__ 92%
Vs Elea & Pow 55 A __1955 9934
Western Power 534e--1957 113
WeetvacoChlorine5345 1937 102%
wheeling steel 4 4._ 1958 89
White Sewing Mach 6s 1940
99% 99%
98%
98
95% 96
9534 9534
964 0634
9531 97
9435 94%
95
95
9431 95%
103 103
107% 107%
9234 9434
993.1 100%
108 113
102% 104
88% 89
100 100
Range Since Jan. 1.
Low.
6,000 92
5,000 92
15.000 92
2,000 92
1,000 91
13,000 9034
2,000 90
1,000 90
7,000 90%
23,000 100
2,000 64%
12,000 76
11,000 98%
167.000 99
22,000 99%
34,000 86
5,000 100
July
July
July
July
July
July
July
July
July
May
Aug
Oct
Aug
June
Aug
Aug
Nov
High.
1024
102M
1024
103
103
103
102%
1024
103
105
1074
98
102%
117
107
9331
101%
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Dee
Dec
MST
Nov
M
Nov
Foreign Government
and Municipalities
Agricul Mtge Bk Pep of Col
20-yr 75
Jan 15 1946 98
13,000 964 Dec 1024 AR96% 98
,
75
tan 15 1947
7,000 964 Dec n192% 41)
964 97
Dec
Antwerp (City)5s - _1958
13,000 94
Dec 94
94
94
itielmau) I 7. AHD i
6,000 94% Dec .10 1.4 Jo.,
96% 97
Bolivia (Repub of) 73.1969 914 91
9234 191,000 88% Dec 98% Sept
Buenos Aires(Prov)7 He '47 101% 10134 102% 45.000 WO4
10534 Mat
7....
_ 1952 100
Jan 1024 June
9931 100% 26,000 98
Cauca Valley (Dept) Colombia, extl of 7s_ _1948 96
31,000 95% Sept 97% OW
96
96
Cent Bk or German State a
Ms
Prov Banks fia B_..1951 86% 85
Oct cot
8634 23,000 85
6!4e
Jan
1958 8731 87
94,000 86
Oct 93
88
Owlish CODS Mimic 54s 60
19,000 97
9934 100
MitY Ws
Danzig P & Waterway Bd
Vet,
EMI 9 I 654s
1952
1,000 80
Dec n90
81
81
Estonia (Rem 79
1967 8831 884 89
Nov 97
26,000 85
May
Frankfort(City)63-45.1953 94
31,000 924 Dec 994 May
9331 94
German Cons Munic 75 47 9731 964 97% 34,000 90
ADS
100 454aY
3
Cs._
.
1947 86% 8634 87% 55,000 834 Dec 9434 Ma:
Indus Mtg Bk of Finland
. let mtge eon f 78. _1944 101
*
101 1014 21,000 9931 Joh tin,
daranhao (State) 7s__1958 94
3,000 94
94
94
Dec 94)4 Oct
Medellin (Colomblat 75 '5) 96% 9631 97
18,000 92
Al'
ran 101
6 %a
19.54
87
Dec 944.4 Rep'
8831 6,000 87
Mendoza (Prov) Argentine
1951
15,000 96% fan Mutt Al"
71.45
9634 97
.
Montevideo (('ity) 65 1950 9034 9334 95% 31.000 93
Jan 984 hi'
Mtge Bank of Bogota 7847 92
3,000 90
90% 92
Dec 97 Sept
New
9234 91
92% 6,000 91
Dec 9531 Apr
mum sane .0(Mlle Tio 11011 9734 97% 98
16,000
311,14 99
da.
Mtge Bk of Denmark551972 9531 95% 96% 2,000 95
Oct 9934 Apr
MITie Fla of Jugoelav 75 117 80% 80% 82
6.000
May
Dec 90
Netherlands 6s
1972 106% 106 10634 2,000 1044 Sept 1084 Feb
Newfoundland (Govt)7s'52
1,000 99% June 102
Feb
101 101
ParaDaitititte of)Bras 7s'65
92% 9331 9,000 92% Ger 9534 Ma
Prussia (Free State)646'51 94
94
9535 18,000 94
Dec 9011. Mr
Eat! Os (of '27) Oct 15 '52 90
48,000 88
89
90
Dec .194'4 Ms.
Rio Orahde do Sul (State)
Stasi} 75(of '27) 1967 95
8,000 94
95
96
Dec 100)4 API
Ruesilein °Oyer/MOM6348
1919
16,000 12% Oct 20
Mar
13
13
644 °Ms
...... _Afire 12% 12% 123i, 50,000 IA ys Oct
.
Mot
5)45
1921
10
10.000 10
10
Dec 17% Mar
Certificates
1021
1234 12% 12,000 124 Oct 1731 Mar
Saarbruecken 75
1935
1,000 95 June 102% Apr
100 100
Santa Fe (City) Argentine
Republic extl 7s____1945 94
16,000 92% Dec 9934 May
9331 94
Santiago (Chile) 78..__1949
98
9834 14,000 117% Dec 10141 41,
Silesia (Prov) 75
1958 85% 83
8534 44,000 83
Dec 89%
Switzerland float 61.4. 1929
100% 100% 3,000 .90 June n•rla
Aug
• No par value. t Correction. m Listed on the stock Exchange tills week. Wrier.
additional transactions will be found. ri STOO under the rule.
for cash
Sold
*Option Sales. I Ex-rights and bonus. w When issued. s Ex-dividend V Er'
rights I Ex-stock dividend
Cash sales as follows: (14) Hart-Parr Co.'lights" Oct. 25. 400 at 12.
Option sales made as follows: a middle west l't11. leas lien suc. Mar 5 at 12
A.G.Spalding & Bro..corn.. Jan. 14 at 120: g A emetated Gas & Elea.. Jan 14s'47
F, Sierra Pacific Electric Co. Jan. 0 at 92. u Mt. State Power. Jan 13. 101 +,
(1) Palmolive Pet.. Feb. 28 at 85
"Thule the rule" sales were shade as follows:
,
11 Belgian National Railway, preference Jan. 20 at 174; Elttruton Schild CO.
(is. Jan. 13 at 984: 1 Goodyear Tire & Rubber of Calif 6)4s, Jan. 4 at 101n,
SU. H. Rubber 634% notes 1940 at 108: r J. J. Newberry, pref. Jan. 2551 107
Standard Publishing class A Jan. 25 at 4; $1.000 (Jolted Oil Prod . Sc /1931
Feb. 2 at 1181. Potrero Sum. 7s, 1967, Feb. 17 at 98; w American Meter Co. Feb.21
at 126. (3) Ohio River Edison 5s, 1951, Feb. 27 at 103. (4) Nat. Pub Sur. war
Apr. 24 at 3(534. (6) Mtg. Bk. of Bogota 78. 1947. Apr. 20 at 96-Inland Steel
444s May 4. at 55.000 at 98)4. (8) Cities Service pref.. May 23 at 10845
(9) German Con. Mines is. 1947; May 23, $1,000 at 1014. (lb) Trumbull- Steel
pref.. JUIN IS. 100 at t2245 (Ili Midwest Gas is. 1936. July 23. 54.000 at 107 .4
(13) 1,000 Pittsburgh Steel 6s, 1948. AUg.24 at 10334;(15) Alabama Power 5s, 1956.
Nov. 14 51.000 at 1084-4
CURRENT NOTICES.
-E. W. Clark & Co., one of the oldest banking institutions in Philadelphia and also one of the oldest in the country, has moved into its new
building at the corner of Locust and Sixteenth Streets. The original office
of the firm was on South Third Street where they remained for a period
of 51 years. The offices just vacated were at 321 Chestnut Street. The
firm was originally founded on Feb. 15 1837 by Enoch W. Clark, and
Edward Dodge, his brother-in-law, and since its inception the firm has
remained in the control of the Clark family. Edward W. Clark, the first
son of the founder, was made a partner in 1849 and Clarence H. Clark,
the second son, was made a partner in 1854. The present partners of the
firm are as follows: Edward Walter Clark, Clarence M. Clark, Herbert L.
Clark, George L. Estabrook, Edward W. Clark. 3d., Sydney P. Clark,
0. Sewall Clark and Clarence H. Clark, 3d. All of these, except Mr.
Estabrook, are grandsons or great-grandsons of the founder.
-In observance of the 100th anniversary of the founding of the brokerage
lirm of Whitehouse & Co., Ill Broadway, New York, one of the oldest
members of the New York Stock Exchange, the staff of the organization
recently presented to the members of the firm a bronze plaque reviewing
its history. The firm was established in 1828 by Edward Whitehouse and
his brother-in-law, Oswald Cammann. Its membership on the New York
Stock Exchange as presently constituted dates from Dec. 31 1872. J.
Norman Whitehouse, a grandson of the founder and Guill S. Whitehouse,
his nephew and a great grandson of the founder, are present partners of the
firm, together with Charles R. Gay, F. Berton Beckwith, Arthur E. Delmhorst, Benjamin P. Phyfe and Roland Binning. Whitehouse & Co. have
celebrated their centennial by an expansion program, having recently
ookl
opened eavLogrue:cl'tAW2esAvLnue and 44th Street, New York and at
Fiatbush
-The present New York Stock Exchange firm of Clark Williams & Co.,
160 Broadway, New York, will be dissolved on Dec. 31 and will be succeeded by a new limited partnership of the same name. At the same time
Edwin H.Barker will retire trom the firm. Three new partners-Frederick
H. Clarkson, formerly a partner of Prince & Whitely: Herman Rumpen
'formerly Manager of the bond department of Prince & Whitely, and Frank
[VOL. 127.
R. Schumann, formerly Treasurer of A. M. Lampert-& Co., will be admitted to the new firm. Other members of the firm will be Richard C.
Plater, Ernest A. Smith and Clark Williams, the last named becoming
a limited partner.
-The banking house of E. Naumburg & Co.. organized 35 years ago on
Jan. 1 and one of the largest commercial paper banking and underwriting
firms in the country, has become a member of the New York Stock Exchange
according to formal announcement made here Thursday. William S.
Hernon, associated with the firm for the past 15 years and a partner since
1921, is the Exchange member. The firm, which maintains branch offices
In Boston, Philadelphia, St. Louis and Chicago, will continue to occupy its
present position in the commercial paper field.
Coincident with the admittance to partnership of Hermann C.Schwab,
the firm of Jackson, Storer & Co., of Boston and New York, announces
that on Jan. 1 1929 it will be succeeded by Jackson, Storer & Schwab.
The new firm will conduct a general business in investment securities and
corporate financing. Mr. Schwab, until recently a partner in the New
York firm of Redmond & Co., will be associated in the new firm with
James Jackson, Robert T. P. Storer and Emien S. Hare.
-Main & Co., certified public accountants, 149 Broadway, New York,
have opened an office at 201 Devonshire St., Boston, under the management of Alvin Dawson, who has been associated with them for several
years, so that their clients having business in the New England States
will have at their disposal a complete accounting and tax service. Other
offices are maintained in Pittsburgh, Philadelphia, Harrisburg, Chicago,
Tulsa and Houston.
It
- is announced that Dr. Granville M. White, Second Vice-President
and Manager of Selection of the Mutual Life Insurance Co. of New York,
will retire from active service on Jan. 1st, next. Dr. White will be succeeded
as Manager of Selection by Dr. P. Maxwell Foshay, at present Supervisor
of Risks and Superintendent of Bureau of Investigation. In announcing
Dr. White's retirement to the board of trustees, President Houston, said:
"In all these years he has served the company with the greatest loyalty,
and has rendered distinguished service. He has been regarded as an outstanding figure in the field of the selection of risks. He was the leader in
placing these risks on a sounder and better basis."
The following resolution was unanimously adopted by the board:
"Resolved: that the board of trustees of the Mutual Life Insurance Co.
of New York hereby expresses its profound appreciation to Dr. White for
his long and faithful services, and wishes him many years of health and
happiness."
Dr. White was graduated from Yale Law School in 1877 and from the
College of Physicians and Surgeons in 1884.
It is also announced that effective Jan. 2nd, Austin D. Riley will become
Supervisor of Risks and Harry P. Gallaher will become Superintendent of
Bureau of Investigation.
Benjamin E. Minturn and Harry A. Baum, who were formerly with
Paul H. Davis & Co., announce the formation of a new partnership in
Chicago to engage in general brokerage and investment business under
the name of Benjamin E. Minturn & Co., located at Suite 803, 39 South
La Salle St., Chicago. The newly organized firm are members of the
Chicago Stock Exchange.
James J. Colt, member New York Produce Exchange, and Leopold
Eirinsky, also a member of the New York Produce Exchange, announce
the formation of a partnership under the firm name of Leopold, Colt &
Co. to conduct a general investment and brokerage business, dealing in
listed and unlisted securities, with offices at 11 Broadway, New York.
-Tucker, Anthony & Co., members of the New York and Boston Stock
Exchanges, will open a London office the first of the year in charge of
Geoffrey Cuthbertson as Manager. Offices also will be opened in Scranton,
Pennsylvania, with Matthew Lynott as Manager and at Fall River, Mass.,
in charge of Wilfred P. Hewitt. With this expansion, the firm will have
principal offices in New York and Boston and branch offices in nine cities,
Including Rochester, Albany and Syracuse, New York; New Bedford, Fall
River and Lynn, Mass.; Scranton, Pa., Manchester, New Hampshire, and
London. The firm also announces that R. Gould Morehead will be admitted
to partnership on Jan. 2.
-Redington Fiske Jr. has resigned as sales promotion manager of the
soc NatiBiraThrocess Co.,ancls7= 1arZWITRudolph Guenther-Russell
Law, Inc., New York financial advertising agency. Mr. Fiske was formerly in the advertising agency business in Boston, and has been connected with banks in Boston and New York.
-Knight Woolley, who has been the General Manager of W. A. Harriman & Co.,39 Broadway, New York, will be admitted as a general partner
In that firm on Jan. 1 1929. The other partners are W. A. Harriman,
E. R. Harriman. G. H. Walker and D. M. Parker.
"Dr. Granville M. White has been connected with the Mutual Life
Insurance Co. of New York for 42 years. He has served as Medical
Examiner, Assistant Medical Director, Medical Director, Secretary, Second
Vice-President and Manager of Selection.
-The current issue of "Securities" the monthly publication of Baker,
Simonds & Co., 37 Wall St., New York, discusses the consistent growth
of chain store sales, with special emphasis on the rapid expansion ofDavegas.
Inc.
-The co-partnership of Kinney & Frear has been dissolved as of Dec.
18 1928 and Philip A. Frear has formed the firm of Frear & Co. to continue
the business of Kinney & Frear at 43 Exchange Place, New York.
Hornblower & Weeks,42 Broadway,New York, have issued an analysis
of mining stocks, reviewing the recoveries of Anaconda Copper, American
Smelting & Refining, Kennecott and other companies.
-W. E. Hutton dc Co., members of the New York Stock Exchange
announce that W. H. Eshbaugh and Wallace Scott will retire from the
firm on Jan. 1 next.
-Curtis & Sanger, 49 Wall St., New York, have issued an analysis of
the capital stock of National Protective Companies, a Massachusetts
corporation.
-Announcement is made to-day of the formation of a partnership under
the name of B. E. Minturn & Co. by Benjamin E. Minturn and Harry A.
Baum with offices in Chicago. The new firm will engage in a general
brokerage and investment business.
-Pratt & Co., 15 Broad St., New York, announce that, effective Jan. 2
1929, George W. Dalton will become a general partner in their firm.
-The Weekly Review of Prince & Whitely, 25 Broad St., New York,
contains a timely discussion of common stocks for investment.
-Colyer & McGuire, Inc.. 120 Broadway, New York, announce the
retirement of James D. Colyer as Vice-President and director.
-Willis S. Fitch, Vice-President of F. L. Putnam & Co., Inc.. has
been elected a director of the Cosmopolitan Fire Insurance Co.
-Anderson & Fox, members of the New York Stock Exchange, announce
that Joseph Clendenin Jr., has joined their organization.
-A. B. Primrose of Stanley & Bissell, Inc., has been elected a VicePresident and director of the company.
-N. Peter Larson has become associated with Liebenfrost, Evans dc
Co., Inc., 120 Broadway, N. Y.
-A. M. Kidder & Co., 5 Nassau St., New York, are distributing an
analysts of Eastman Kodak Co.
FINANCIAL CHRONICLE
DEC. 29 1928.]
3695
Quotation's of Sundry Securities
All bond prices are **and Interest- except where merked ••fPublic Utilities
Par fita
Ask
.american Gas & Electric_ *186 190
*106 108
6% preferred
•mer Lignt .11 Tree oom_100 219 223
100 11312 118
Preferred
Amer Pow dr Light
M&S 10712 107
Deb 6e 2016
mer Public Util cent _ _100 50 65
95
7% prior preferred _ _100 90
100 92
96
Panic preferred
100 10612 108
Appalachian El Pr pf
Associated Gas & Elee corn.? *1612 4712
56
• *55
Original preferred
*94
96
$5 preferred
*9912 10012
$511 pref
•100 100
$15 Preferred
*100 101
6614 preferred
*103 105
$7 preferred
A dr 0 883 893
4
4
Det 5s 1988
2875 97 100
Deb
10112 102
,
lom'w'Ith Pr Corp Prel.
*38
40
df8114. Ut1i. Asso. corn
*1112 1212
Cony.stock'
Sloe Bond & Share pref 100 108 110
2712
General Pub Serv cam__ t *27
*127
$7 preferred
*100 102
$6 first preferred
100 9213 9312
Gen'l Public URI
Riv Pow prof 100 *106
Firs' mtge 5e 1951_ J&J 10112 10212
M&N 97
98
Itch Se 1947
.110nal Pow & Light pre_ I 107 10814
' -th States Pow com_100 14312 14412
•c
_ _100 108 110
7% Preferred
8
10
•or Texas Elce Co coin 100
100 35 40
("referred
ouio Pub Serv. 7% pref.100 110 112
102 104
6% prat
Pacific Gas & El lot pre!_ _25 .2612 2712
99
RugetSound Pow& Lt6%p t *97
90
*88
5% preferred
let & ref 5345 1949_ _J&D 10112 10212
aouth Cal Edison 8% p1. _25 *50 60
'dtand 0& E 7% or Di_ _100 10812 110
105 108
Penn Elea Power let pref
e% preferred
100 99 100
103 105
Toledo Edison 6% pf
_ _100 109 11012
7% pref
Western Pow Corp Prof _100 106 109
Short Term Securities
Allis Coal Mfg. be May '37_
Alum Cool Amer,5s May'52
Amer Rad,deb 434s, May'47
Am Roll Mill deb 55, Jan '48
Anglo-Am Oil 4348, July '29
Ana'da Cop Mie 85, Jan '29
lit cons 6s _ _ Feb. 1053
Butavian Pete 4 Ms_.1942
bell Tel of Can 55 A_Mar'56
Beth 8115% notes June 1529
Sec 5% notes_June 15 '30
Sec 5% notes_June 15 '31
Sec 5% notes_June 15 '32
Coral Inverr, Tr 58_May '29
May 1930
5% notes
Cud Pkg. deb 534s_Oct 1937
Cunard SS Line 4 Me Dec'29
Ed El III Bost
634% notes---Nov 1930
Empire Gas & Fuel 55
June 1929-30
Fisk Rub 5319___Jun 1931
Gen Mot Ac Corp ea Mar'29
5% serial notes_Mar '30
6% serial notes. Mar '31
5% serial notee_Mar '32
6% serial notes_ _Mar '33
5% serial notes_Mar '34
5% serial notes. Mar '35
6% serial notes. Mar '36
Goodr(BF) Co 52 Jan 1529
Gulf 011 Corp of Pa deb 5
Dec 1937
Deb 58
Feb 1947
Koppers Gas es Coke deb 58
June 1947
Meg Pet 4Me_Feb 15'29-35
Mar Oil 65. notes J une 15'30
Serial 5% notes June 1531
Serial 5% notes June 1532
Maas Gas Cos, 5348 Jan 1946
Pacific Mills 5 Ms-Feb '31
Peoples Gas L & Coke 434s
Dec 1029 & 1930
Proct & Gamb,4 Ms July '47
Sloss Shea Sti & Ir Os Aug '29
Swift & Co 6% notes
Oct 15 1932
Tldew Pow 1st 55__Aus '29
(Jo NJ RR & Can 45 Sept'20
U Sm & Ref 5Ms..Nov '35
Wise Cent 58
_Jan '30
100 10012
10112 102
98 99
9612 97
99
9934
993 100
4
105 10514
9212 923
4
10112 102
9912 100
9812 9913
9812 9912
9812 9
912
9812 9913
9612 9712
98 99
9812 9912
9812 9914
9714 9913
9112 92
9012 100
9812 9914
9713 9812
9612 98
96
9712
96
97
95'z 97
9513 97
9912 100
993 100
4
10034 101
983 9914
4
9513 100
9812 99
96
97
95
96
103 10312
95
97
99 100
97
9812
003 10014
4
993 100
4
98 99
9812 9914
103 10312
9612 08
Stack/ Par
Am MUSD Cigar oom_ __JOU 135
.100 109
Preferred
British-Amer Tobae ord. _El *30
*30
imperial Tob of0 B & Irel'd *31
int Cigar Machinery new100 102
Johnson Tin Fob & Met.100 60
Tinton Tobacco Ce corn.. 21
__
Mame A
69
tonne (J 8) Co coca _100 109
Preferred
_100 104
145
- 13
31303
4
3213
108
70
23
71
113
Indus. & MIscellanesur
American Hardware
26
100
Babcock & Wilting
Biles(E W)Cc
t
80
Preferred
.100
Chncla Company Ore!..
100
Hercules Powder
.100
Preferred
Internet Silver 7• rer _100
Phelps Dodge Corp- _1.00
Royal Baking Pow corn__ t
Preferred
100
100
Singer ManutactUring
Singer Mfg Ltd
• Per snare.
*71
73
124 127
*350 507
8
*60
105 f6i 360 375
122 125
112
190 196
•47
48
103 105
610 630
*6
63
4
r No par value. 0 Basle
Investment Trust Stocks
Chain Store Stocks
Par. Brel
Ask
and Bonds
Par BM Ast
Allied Internet Investors__ t *110 112
Bird Grocery Stores corn..? *42 _
Amer Bond es Share corn.10 23 .. f _
20 i
7% cum pret(with war)100 110
Amer Brit & Cont corn
83
Bohack (H C) Inc corn.- .6 *78
100 105 108
6% preferred
85
90
7% 151 Oreferred
*7
10
Amer /Irian Hold corn A_ _
2612 2812
Butler (James) corn
100 45
55
Am & For Sh Corp units_ _ _ _ 81
3
3 8
3
6
3
Preferred
27
29
Common
City Radio Stores
Consot Bet Ste. 8% of with
5% cony debs
1938 97
98
100 112
74 4 42
0
Amer Founders Corp corn __ 4 12 7711
warrants
37 :if 6% preferred
Diamond Shoe, corn
104 107
4912 5211
7% preferred
Preferred
47
30
51
140ths
Fan Farmer Candy Sh pref 5 28
*5
9
Amer &Gent See. units.- 74
76
Fed Bak Shops,corn
31
34
Pref 7% with warr_ _ _100 96 100
Class A
Class B
1212 _
Feitman & Curme Shoe
I *10
20
4012 - 2
431Stores A corn
Amer Internet Bond dr Sh_
100 75 85
7% preferred
Andrews Secur Inv Co
4
33
4
10t 116
: 5414
72
7
7
Astor Financial class A
0
Gt All & Pee Tea vot com _0 *301 313
117
Class B
11
Preferred
14
Atl & Pac Intl Corp
Grant(W Ti Rlty 7% pf 100
Bankers Financial Trust
25
28
Hahn Dept Stores
18
Bankers Investm't Am corn. 14
Howorth-Snyder Co, A.... 15
15
I
Debenture shares
Kinnear Stores corn
100 *% 145 155
Basis Industry Shares
8 preferred
255
British Type Investors A_ _
5ic:4 51t 4
i142 i14
r
Knox Hat,corn
i:35 111
x 206
' 1
Continental Securities Corp_ 111 114
$7 rum pref
1 *65
70
Preferred
82 85
CIA partic pref
45
1 *43
5s 1942 with warrant
104 lag
.
Irobacker Stores corn
100 102 105
Without warrants
Cum pref 7%
1114 1314 Crum & Forster InsuranLanday Bros
t *80 85
corn
100
Lane Bryant Inc corn
100 122 130
Prarer
eferred
Prefer
s
103 105
7% cum pre
185
Diversified Trustee she
235 2438
8
Preferred with warr
Shares B
Leonard Fitzpatrick &
35
I 532
Eastern Bankers Corp corn_ 125714 12f
2 3 _g11
4
Muller Stores corn
!
100 115 120
Units
Preferred 8%
100 405 430
Fine° & Induet Ser oom
135 137
Lord & Taylor
Preferred
First preferred 6%_ _ _100 100
_100 110
Warrants
.
Second pref 8%
52
t *49
First Fed Foreign Inv Trust 9214 - - -21
92
2
6
McLellan Stores corn
100 100 103
Fixed Trust Shares
6% preferred
Foundation Sec corn
1012 1112
Melville Shoe Corp corn ...t *60 63
Genl Am Inv 58 with warr 14912
1st pret 6% with warr _100 *105 110
*3
General Trustee common
24
29
Warrants
Old units
Mercantile Stores
100 105 120
New unite
7812 VE0
Preferred
1511144 5514
6% bonds
Metropolitan Chain Stores_ t
100 121 124
2314
Greenway Corp corn
New preferred
41
Preferred (w v)
Miller (I) & Sons corn_ .6 539
100 92 96
Guardian Investment
2112
Preferred 6 M%
Preferred
26
Mock Judson & Voekinger pf. 10138 10212
74
Incorporated Equities
42
Murphy (0 C) Co corn....t *74
Aeronautical Securities
100 104 109
Incorporated Investors
89 - -11
91
8% cum pref
Aeroinarine-Klemm
5 11
6
12
712 Insuranslaares sec A 1927.-N34 T 14
51 8 4
0
Nat Family Stores Inc ward
Aeronautical Industries__
•18 24
14
15
Series C 1927
p Sfe re0 %
Natro hr Shops, corn
92
Air Associates
12
14
100 84
Series F 1927
2814 2934
1031 106
Air Investors
35
37
100
Series 13 1927
2338 3478
Net Tea 612% pret
*23
27
Alexander Indus corn
1 13
16
Series B 1928
2118 2258
Nedicles Inc corn
*130 135
8% participating pref.... 96 100
pn Soo Corp of Am corn A. 6014 6414
Nelsuer Brea Inc coin
American Airports Corp..-1 40 45
100 175 185
Common II
3534 3834
Preferred7%...
Amer Eagle Aircraft
*120 125
6
6tt% preferred
612 Newberry (J J) Co corn
95 100
Reliance Aircraft Corp
100 103 107
89 93
Preferred 7%
37
New
20 2112 NY Merchandise com _ _1 *34
In vest6re1errelm
6% Co of
corn
93 107
46 42
Cessna Aircraft new corn... 20
23
100 102 105
7% preferred
First pref7%
Preferred
100 110
Series A units
163
Penney (J C) Co com_ _100
Claude Neon Lights
400 410
Investment Trust of N Y.
117g 1238
6% cum cl A pref__ _100
New w w
411 4212 Peoples Drug Stores Corn- t 82 16
Invest Trust Associates
138 14613
2112 2
2
Consolidated Instrument__ t 10
1012
Joint Investors units
100 125
634% cum pref
Crescent Aircraft
12
*4712 5012 Kent Securities Corp corn.. 10912 112
15
Piggly-Wiggly Corp
Curtiss Airpi Export
24
25
100 10312
Preferted
101 10112
Preferred 8%
Curtiss-Robertson Airplane
*27 29
Massachusetts Investors__
141914
,
PIggly West States A
Units
130 135
Mohawk Invest Corp
1520
134
Rogers Peet Co corn_ _100 125 140
1112 1213
Curtiss Assets
28
32
Mutual Investment Trust_
Sanitary Grocery Co
Curtiss Reid w I
31
32
New England Invest Trust. 11
100 175 180
12
8 ti% preferred
Fairchild Caminez Engine
55
Old Colony Invest Tr coin_
65
*60 65
29
32
Schiff Co cum
Gates
-Day Aircraft
434% bonds
10
15
92
Cum cony pref 7% _ _ _100 230 270
251 2612 Silver7 (1seflc 6;1) ros ertco 00 *65 68
Great Lakes Aircraft
Pacific Investing Corp corn_ 33
.
37
. 13 ef . 1 t
. 2 .
o)
Mfg
ilaskelite
35 40
Petroleum Industries units._
116 119
73
75
turn
71
Heywood Starter Corp
36
Second Internal See Corp_
812 Southern °roc Stores A...t *34
533 5634
Kreider-Reisner Aircraft _ 50 60
Corn B when if dr as is
95
441 4712
22
2
,
Southern Stores() unite... _ _
Lockheed-Vega
76 80
6% preferred
Spaid(AG)& Bros. corn 100 285 300
Maddox Air Lines corn
11
14
Shawmut Bk Inv Trust
3611 38
7
t
U S Stores eon) class A_
*3
Units
150
5
448
Corn class B
‘lahoney-Ryan Aircraft.... 19
22
1942 80
Se 1952
9
100 62 64
82
92
8
1st preferred 7%
Mohawk Aircraft
10
13
68..
6s
t *80 85
1952 200
COM
Walgreen Co
Mono Aircraft
7
10
Stand Int Secs Corp units__ 47
55
10 107 110
8% cum pref
Preferred
20
25
55
Standard Investing Corp...
West Auto upply corn A t *51
preferred8
6
Moth Aircraft Corp units _
17
21
109 141
32 05
100 103 105
534% preferred w w
Common
10
15
1251
5% bonds w w
National Air Transport.... 320 340
State Bankers Financial.... 21
24
Nat Aircraft Mat'is Corp... 15
Swedish Amer Investing pi_ 176 180
Standard 011 Stocks
1514
National Aviation
56
58
U 8 Shares class A
135
8
_
1514 toglo-Amor Oil vet stock _El 5151 16
North Amer Aviation
16
14 1744
Class A 1
Pollak Mfg
3
_El •15
16
2712
6
Class C 1
Non-voting stook
Scenic Airways common._ _ _
2912
_
8
CIass C e
lam 3
312 5
Atlantic Refg corn rew__25 621 627
itearman Aircraft corn....
50
55
010 116 11712
2414 - - Preferred
2512
7% preferred
48
26 •46
Class D.
185
8
Borne Scrymser Co
Units
185 200
67
Buckeye Pipe Line Co _ _ _50 *66
1:1 8 & Brit Internet cl 13_
16 _8i2i...
8400
Stinson Aircraft class A.... _
_
Class A w I
Cbeeebrough Mfg Cons_25 *140 147
Common
1812 Continental 011 v t c
18
10 *1914 197
8
Units
Swallow Airplane
12
14
70
II SrForeign Sec corn_ _ 6212 6513
Cumberland Pipe Line._100 60
['ravel Air Mfg New
58
100 66 69
60
Eureka Pipe Line Co_
Preferred
94
96
S Air Transport
612
11
15
6
sugar Stocks
'Alone Signal Oil cm__ _100
United Aircraft w
85
100 80 85 (Aram Sugar.._
86
Preferred old
__ _SO
3
Universal Aircraft units
16
17
Preferred new
100 80 85
Cent Aguirre Associates.... 539
40
Warner Aircraft Engine_ _ _ _ 108 111
Humble Oil& Refining...25 *99 100
Fajardo Huger
100 •117 119
Western Air Express
500
100 274 278
Illinois Pipe Line
Federal Finger Ref oom_100 18
22
97
Imperial Oil.............I *96
Preferred
100 35
45
Water Bonds.
83
Indiana Pipe Line Co._ _ .50 •82
Godchaux SU118111, Inc
t *30
32
Arkan Wet 1st be'56 A.A&O 94
t *50
96
International Petroleum
5014
Preferred
Mem WW 1st 5 WA•54.A&O 102 104
National Transit Co_ _12.50 *211 2214 [folly Sugar_.. *40 45
Corp eem 199 82 81
t
let M Be 1954 ser
_.1&D 96
New York Transit Co__ _100 69
70
Preferred...
100 88 91
7.3ty W(Chatt)534s'56AJ&12 100 103
Northern Pipe Llne Co_ _100 61
63
National Sugar Refining_100 180 183
let M Se 1954
3&5) 97
26 *72
7212 New NInuero Sugar
Ohio 011
100 35
45
City of New Castle Water
Penn Mel Fuel Co
25 •38 43
Savannah Sugar corn_ _ _..... t •122 127
be Dee 2 1941
J&D 1 94
Prairie Oil& Gaa
25 *607 61
Prer•rred
100 115 117
".11Inton WW let 5e219_F&A 94
Prairie Pipe Llne
100 256 260
Suet r E Mateo Oriente p1.100 24
26
Com'w'th Wet 1st 514sA'47 97
5212 Vertientes Sugar Ini
52
New
100 55 65
7.`onnellev W 580c12'39Adr01 95
..1011 205 220
Solar RefinIng
Rubber Stocks
el St L & Int Wat 56'42.J&J 94
1612
Southern Plpe Line Ca_ __XX) *15
(Cleveland Quo(ations)
lit M Os 1942
J&J 100 102
South Penn 011
25 *66 67
Aetna Rubber COMmon____t *2312 e5
Huntington let (is '54_M&S 100 102
43
46
Valle Rubber nom
New
t*
5
Se
1954 95
Southwest Pa Pipe Llnes.100 80
85
Preferred.
25 *10
1112
1.11d States WW
M&N 100
Standard Oil (California).-t *711 72
Faultless Rubber
t 530
33
Mown Con W let5e256AJ&D (14
Standard 011 (Indiana).- .25 *893 90
95
4
Firestone Tire & Rub soni.10 *243
Monm Val Wt 516e '50_ J&J 98 10012 Standard Oil (Kansas)...25 *203 2112
6% preferred
4
100 110 11012
Muncie WW be Oct2'39 A01 94
Standard Oil (Kentucky).25 16312 165
7% preferred
100 1085 11012
8
Joeeph Water 5e 1941A&O 94
New
4414 45
General'Ore dr Rub com....25:228 2 5
100 1 45 148
50 1
3
5
rthenango ValWet Oe'58A&O 94 _ _
Standard 011 (Neb)-49
_25 *48
Preferred
So Pitt!) Wet 1515e 1960 J&J 95
Standard 011 of New Jer_ _25 *54
5414 Goody'r T & Rot Can p2.100
let M 5e 1956
F&A 96
Standard Oil of New Yort.25 . 8 44
437
India Tire & Rubber
rer H W W 65 49 AJ&D 100 103
Standard 011 (Ohio)_ - _26 *116 11812 Mason Tire & Rubber torn-1
_ _ _let M be 1966 ear B F&D 95
Preferred
100 11612 108
Preferred
Wichita Wet belle'49_M&5 101) 1Miller Rubber preferred.1
25 .1812 19
66- gwan & Finch
100 - - - 75
73
tat M fie 1956 tier B F&A
Preferred
Mohawk Rubber
95
100 56
Chain Stores
P
100 118 124
referred
Union Tank Car Co
Am Dep St 1st pf 7%...100 •106 108
28 10912 1093 gelberling Tire & Rubber_ _t *8912 - 1Vacuum Oil (New)
4
1183 6
0 6
6
Berland Stores units
112 116
Preferred
100 104 106
Purchaier also pays accrued dividend
n Nominal. a Ex-dividend. y Ex-rights.
Canadian quotation a Bale price.
Nallreatt Equipments
Par Bid
Ask
.tlantic Coast Line OS,..
5.25 5.00
Eouipment6 401- 4.90 4.70
ualtirnore Ohio Os_ _
5.25 .5.00
Equipment 43.45 & be
4.00 4.70
Surf Roch & Pitte equip tip
5.00 4.80
Cenadian Pacific Ms & Of
5.10 4.71)
Central RR of NJ fie
5.25 5.00
1beseeeAke & Ohio es
5.25 5.00
Europmenr 6 Me..
5.00 4.80
Equipment be_ .. . .
4.90 4.70
hicago & North West lie
5.30 5.00
Equipment ri Ms_
5.00 4.80
Sic It I & Pac 434e & 611.
4.90 4.75
EquIptuentam 5.30 5.00
icaorado dc Southern 65.
5.40 5.00
Getaware & Hudson Os_
5.25 5.00
Erie 4 Me & be
5.20 4.90
Equipment 60.
5.35 5.00
Great Northern 65
5.2" 5.00
Equipment 55
4.80 4.70
Rocking Valley 65
4.90 4 70
Equipment as
5.25 5.00
Illinole Central 4145 & Cs_
4.90 4.70
Equipment65
5.20 5.00
Equipment Ts & 6365.
5.00 4.80
Kanawha & Michigan 01.
5.3 5.00
Kansas Clty Southern 5145. 5.25 5.00
Louisville & Nashville Os
5.25 5.00
Equipment6 Me..
_
4.95 4.75
Michigan Central 5e & 811..
5.10 4.75
Minn St P&SEIM 6141 & Sr 5.30 5.00
Equipment °Ms & 7115.50 5.00
Missouri Pacific Os & 6341
5.25 4.95
Mobile & Ohio be
4.90 4.70
New York Central 414e & 54 4.85 4.70
Equipment Os..
5.2 5.00
Equipment 7s_
5.00 4.80
'fortoil & Western 450 4.811 4.70
Northern Pacific is
4.90 4.75
Pacific Fruit Exprese is...
5.00 4.85
Pennsylvania RR ea 5e _..
4.9 4.70
Pittsb & Lake Erie 6 Me _
5.05 4.80
Reading Co 414.& 56_
4 90 4.70
St Louie & San Francisco 55
4.90 4.75
Seaboard Air Line ISMs & (It 5.75 5.25
Southern Pacific Co d Ms4.90 4.70
Equipment 7s.
4.90 4.80
Southern Ry 6348 le 511...
4.85 4.70
Equipment6s.
.
5.30 5.00
Poled()& Ohio Central 61.
5.30 5.00
Union Pacific 7e
490 4.75
3696
Inuestuunt and Sailroatt Xutelligente.
-In the table which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the third
week of December. The table covers 8 roads and shows
10.46% increase over the same week last year.
--Grossfrom Railway- -Net from Railway- -Net after Taxes
1927.
1928.
1928.
1927.
1927.
1928.
$
$
$
$
Central of Georgia
9481,829 9370,879
November _ 2,149.364 2.118.864
From Jan 1.23,136,155 25.614,108
94,081,745 94,808.466
Central of New Jersey
839,182
060,298
November _ 5,032,939 4,757,303 1,377,155 1.238.789
1927.
Increase. Decrease.
1928.
Third we of December.
From Jan 1_53,346,536 54,360,514 14,937,137 14,478,830 10,202,733 10,797,890
Central Vermont
$332,904
$325,181
7,723
Buffalo Rocnester de Pittsburgh....
109,984 -395,391
November
705,592
786.782
5,482.872 4,676,090
284,803
124.805 -375,811
Canadian National
934.714
From Jan
374.000
4,579,000 4,205.000
6,918,208 7,935,185 -876.888 1.148,891-1,029,255
Canadian Pacific
72,490
8.368
80,858
Chesapeake & Ohio
Duluth So Shore & Atlantic
4.183
364
4.547
November _10,838,891 9,735,313 3,677,883 2.542,312 2,757.642 1,863,985
Mineral Range
310.041
317,086
7.045
From Jan 1_114673584 124508.966 37,717,479 40,956,321 30,345,111 32,849,197
Mobile & Ohio
290,032
3,899.326 3.609,294
Southern Railway System
50.981 Chicago & AIton
408,759
355.778
Western Maryland
091,342
November 2.277,280 2,261,326
b 164.956
02,393,442 82,286,905
From Jan 1_26,153,495 25,955,142
$51,345
$15,032,007 $13,609,402 $1,473,950
Tctal (8 roads)
Chicago & East Ill
1,422,605
Net Increase 10.46%)
9326,445 0188,072
November. 2.191.032 2.123,989
61,891,804 92,089,918
From Jan 1_22.759,967 24,608.248
In the following table we show the weekly earnings for Chicago Milwaukee St Paul & PacNovember _13,693,718 13,903.742 3,694,957 3.272,182 2,751,435 2,569,192
a number of weeks past:
From Jan 1_152145,376 150459,521 41,503,809 28,265,176 32,161,251 20,124,878
Chic & No Western
Increase or
Current
Previous
9963.348 91,079,531
November _11.593,496 11,678,718
%
Year.
Decrease.
Year.
923,175,667020.328,748
From Jan 1_140622504139,345,236
Week.
Quincy
Chic Burl &
$
$
$
November _13,361,280 13,954.044 3,776,574 3,922.821 2,407,613 2,450,842
-562,411 3.11
17.496,497 18,058,908
4111 week Apr. (12 roads)
From Jan 1_149834943142,851,994 45,518,008 42.682,299 30,807,823 27,469.333
-469,133 3.33
13,649,210 14,118,344
1s$ week May (12 roads)
Chicago Cl Western
14.191,781 13,656,727
+535.054 3.92
al week May (12 roads)
133,665
202.168
November. 2,113,000 2.084.257
392.520
499,093
+952.046 7.04
14,458.113 13.506.087
343 week May (12 roads)
From Jan 1.22,957.685 22.585.664 4,968.584 4,404.468 2,268,504 1.885.501
+742.987 5.21
15,007,030 14,284,043
Alb week May (12 roads)
+278.542 2.08 Cleve Mu Chic & St Louis
13,873,411 13,394,869
let week June (12 roads)
01,401,350 9986,621
November _ 7,504,510 7,143,396
+678,341 5.01
14,229,434 13.551,112
2d week June (12 roads)
913.180,532913,987,001
From Jan 1_82,473,408 84.547.749
+596,986 3.66
14,138.958 13.541,992
Id week June (11 roads)
+962,147 5.25 ClInchfield19,250,486 18.288.339
4th week June (11 roads)
+808,584 6.07
14,126.722 13,318.138
9303,243 9230.954
630,710
November _
595,613
tat week July (12 roads)
14.386.775 13,648,978
+717,797 5.26
92,761.458 03,078,864
From Jan 1. 6,324.398 7.357,147
20 week July (12 roads)
+532,435 3.78 Colorado & Southern
14,811,038 14.078.523
343 week July (12 roads)
20,725,170 19,038.584 +1,688.588 8.84
4th week July (12 roads)
9331,063 9157,953
November _ 1,213,000 1,152,524
14,966,919 13.605.103 + 1.361.816 10.00
lit week Aug (12 roads)
From Jan 1_11,242,961 11,960,987
01,797,140 91,315,133
+981,589 6.91
15.193,245 14,211.656
3d week Aug (12 roads)
Delaware & Hudson
15.501,891 14,278,486 +1.223.405 8.57
3d week Aug. (12 roads)
409,227
545.649
November 3,689,785 3,528,569
895.649
526,227
22,607,809 21,421,180 +1,186.829 5.54
4th week Aug. (12 roads)
From Jan 1.36,977.909 39,527.494 8,286,857 6,796,954 7,738.343 6,509,390
+304,567 2.09
14,814,631 14,510,064
let week Sept.(12 roads)
15,852,576 14,614,550 + 1.238.046 8.23 Delaware Lackawanna & Western
al week Sept.(12 roads)
November _ 7,276,021 7,073,305 2,450,912 2,18(1,062 1,817,168 1,517,279
18,681,361 14,445,792 +2,223,567 15.48
8d week Sept.(11 roads)
From Jan (.74,345,02,, 78,237,246 21,709,485 22,847,407 15,018,284 15,887,417
23,120.234 20,831,363 +2.298.871 10.98
6th week Sept.(12 roads)
18,628,331 16,045,279 +2,583.052 16.10 Detroit dr Mackinac
1st week Oct. (12 roads)
19,183,201 18,492,870 +2.690.331 16.31
-6,972
10,653
3,003
21.077
139,346
120,684
November
2d week Oct. (12 roads)
18,436,901 15,578,335 +2,858.566 18.33
238.543
155,045
350,433
276.325
From Jan!. 1,580,764 1,530,510
ad week Oct. (11 roads)
27,286,800 23,795,760 +3,491,040 14.68 Elgin Ione & Eastern
4th week Oct. (11 roads)
17,315.911 15,854,197 +1,461,714 9.21
1st week Nov.(12 roads)
9366.000 0104,000
November. 1,953,000 1,740,000
17.765,764 17,485,732 + 280.032 1.60
and week Nov.(12 roads)
4,278,000 94,245,000
From Jan 1_22,751,000 22,579,000
17,507,170 15.790.861 + 1.616.309 10.86
3d week Nov.(12 roads)
21,857,099 20,637,770 +1,219,329 5.91 Erie-8th week Nov.(12 roads)
542,792
851.086 1,751,414
2.136,730
November 9,617,175 8,480,720
15,604,594 14,246,748 +1,357,846 9.53
1st week Dec. (10 roads)
From Jan 1_100944544 100348,443 21,536 019 17,138,336 17,506,111 13,148,398
15,632,344 14,274,298 + 1.358,046 9.51
2d week Dec. (11 roads)
Chicago & Erie
15,032,007 13,609,402 +1.422,605 10.48
3d week Dec.( 8 roads)
573,643
521,428
597,307
596,468
November _ 1,396,395 1,306,633
12,933,252 5,586,213 5.101,407 4,936,566 4,529,580
From Jan
We also give the following comparisons of the monthly Florida East1.13,659,542
Coast
8,009 -121,509
75,712
155,802
November. 917,283 1,081,069
totals of railroad earnings, both gross and net (the net before
From Jan 1_12,693,328 16,479.500 3,602.312 3,162,208 1,959,467 1,666.709
the deduction of taxes), both being very comprehensive. Great Northern
November _13,358,965 12,224.036 6,327,430 5,535,733 5,334,104 4,624.007
They include all the Class A roads in the country, with a total
From Jan 1_117913957 110126.719 41,639,002 37.960,356 32.157,385 28.595,522
mileage each month as stated in the footnote to the table:
Gulf Coast Lines
9219,229 9112,457
November. 1.164,393 1,213,891
02,687,787 02,048,645
Frcm Jan 1_13,569.787 14,270,550
Net Earnings.
Gross Earnings.
ulf Mobile & Northern
Illostk.
0132,000 0110,000
624,000
662.000
November
Increase or
Increase or
91,194,000 01,133,000
From Jan 1_ 8.925,000 6,695,000
Decrease.
1926.
1927.
Decrease.
1926.
1927.
Moots Cent System
92,688.857 91,730,383
November _15,191,111 14,564,164
5
$
$
$
$
8
I
026,095,221925,496,971
From Jan 1_164439484168,544.006
Detober 532,542.179805.982,445 23,440,268180.919.048 194,283,539 -13.361,491
Wools Central
4ovem'r 502,994,0511561,153,958-58,159,905125.957.014158,501,561 -32,544,547
November .15,191,111 14,564,165 3,752,644 2,461,929 2.728,763 1,749,585
Decem'r 466,526,003525,820,708-59,294,705 90.351,147118.520,165 -28.169.018
From Jan 1_164439484 168544,006 38,036,818 38,520,486 26,762,750 25,496,792
1927.
1928.
1
1927.
1028.
llinois Terminal
fanuary 456,520,897486,722.646-30,161,749 93,990,640 99,549,436 -5,558,796
+541,678
153.693
130,293
189,267
152,461
560,548
580,267
February 455,681,258468,532.117-12,850,859108,120.729107.579.051
October_ _
Ifarch.„504,233,099530,643.758 -26,410.659131,840,275 135,874,542 -4,034.287
From Jan 1_ 5,590,284 5,701.647 1.503.190 1.847,431 1,242.820 1,488,047
148,363
128,325
164,369
168,937
518,619
574,376
WU_ _ _ 473,428,231407.865,380 -24,437,149110,907.453113.818.315 -2.010,882
September _
+840,317
From Jan I. 5,010,017 5,141,099 1,330,729 1,658,165 1.112,916 1,334,355
day ---500,748,395518.569.718 -8,823,323123,780.393127.940.076
127.284,367129.111,754 -1,827.387 , tensatIonal Cl North
rune _.1501.578.771516,4 18,211-14,871,
,
_ 512.145.231508,811.788 +3.333,44 137,412,487 125,700,631 +11,711,858 ' November 1,682,167 1,617,911
0243,055 9148,256
+165,107173.922,684164,087,125 +9,835,559
kismet.
lily_- 5.16,908,120556,743,013
02,499,160 92,103,337
From Jan 1_17,275,936 16,932,486
;eptem'r 554,440,941564,421,630 -9.980,689180,359,111178,647,780 +1,711.3
1 ehigh Valley
880,126
November _ 6,524,900 6,060,544 1,977,660 1,156,663 1,637,023
Note.
-Percentage of increase or decrease In net for above months has been
From Jan 1.66,306,944 69.055,270 16,896,623 14,240,706 13,470,900 11.034.882
-Jan.,5.58%
1927
-Oct., 3.87% dec. Nov.,20.53% dec.: Dec., 23.76% dec. 1928
dec.; Feb., 0.50% Inc.; March. 2.98% dec.: April, 2.56% dec., May. 0.66% no.: Louisville & Nashville
91,745,000 01,422,000
November _11,200.000 11,167,000
Jane, 1.41% dec.; July, 9.32% inc.; Aug., 5.99% Inc.
920.275,000022,827,000
From Jan 1_124763000133,854,000
In the month of Oct. the length of road covered was 238,828 miles In 1927. against
238,142 miles In 1926; in Dec.. Maine Central
238.041 miles in 1926:10 Nov., 238,711 miles, against
9197,400 9160,690
November _ 1,527,008 1,654,374
238,552 miles. against 237,711 miles In 1926; in Jan., 239,478 miles, against 238.608
02,506,698 02,938,694
From Jan 1_17,783.965 18,748,879
mllesIn 1927;in Feb., 239,584 miles. against 238,731 miles in 1927;In March, 239.649
238,904 miles Michigan Central
miles. against 238,729 miles In 1927; In April, 239,852 miles. against
01,720,000 91,470,000
In 1927; In May, 240,120 miles. against 239.079 miles In 1927:10 June, 240,302 miles,
November. 7,537,000 6,788,000
921.227,000019.609.000
against 239,066 miles in 1927; in July, 240.433 miles. against 238,906 miles; in 1927;
From Jan 1_86,007,000 83,091.000
In Aug., 240,724 miles, against 239,205 miles In 1927; In Sept., 240,693 miles. against Minneapolis & St Louis
181,473
147,984
239.205 mike in 1927.
241,485
227,937
November _ 1,180,714 1,254.310
885,597
From Jan 1_13,331,236 13,327,092 1,932.562 1,533,845 1,214,275
-The table Minn St Paul & SS 51
Net Earnings Monthly to Latest Dates.
892,133
935,746
following shows the gross and net earnings for STEAM
November. 2,845,824 2,826,000 1.115,057 1,007,742
From Jan 1.28,438,051 27.259,552 9,200,413 8,647,826 7,321,873 6,748,567
railroads reported this week:
Central
Wisconsin
-Grossfrom Railway -Net from Railway- -Net after Tares
147,108
205,014
214,100
372,206
November _ 1,674.908 1,508,092
1927.
1928.
1927.
1927.
1928.
1928.
From Jan 1_18,203,652 18,330,924 3,744,038 4.150,600 2.866,809 3,234.173
$
$
Missouri Pacific
Ann Arbor
01,865,089 01,794,149
November _11,357,620 10,771,051
100,406
105,800
124,500
139,521
460.410
November _ 516,917
019,788,492015,977.728
492
From Jan 1_120722929115,514.
928,202
1,388,271 1,203,036 1,099,301
5.440,367 5,198,434
From Jan
Montour
Atchison Top dr Santa Fe System
40,330 -14.916
20,936
38,775
106,667
172,766
November _
97,129,528 97,360,632
November _21,849,508 23,028,355
14,705
364,853
381,519
31,857
From Jan!.1.586,260 1,197,089
949,404.887951.294,500
From Jan 1_226945119 238148.013
Nashville Chatt & St Louis
Atlantic Birm dr Coast
0442,426 0246,910
2,073,623 1.885.477
November.
bdef 6,000 0de122,000
424,000
405.000
November _
64,153,449 03.679.572
From Jan 1.21,534,836 21,187,258
bdef145,000 bdef42,000
From Jan 1_ 4,407,000 4,848,000
New York Central
Baltimore & Ohio
November .31,759.903 29.805,094 6,425,874 4,974,479 4,363,129 3,165,728
3,045,612
November _21,249,883 18,927,350 6,633,181 3.923,478 5.401.192
From Jan 1 350269,316 324221,572 83,932,999 83,981.146 59,667,915 60,297,245
From Jan 1.218004498 228208,234 58,912,907 57,364,330 48,343,570 46.287,026
New York, Chic & St Louis
Bessemer & Lake Erie
950,408
November _ 4.488,166 4.173,741 1,327,826 1,153,180 1.039,321
133,624
133,201
470,918
555,743
855,340
November _ 1,291,174
From Jan 1 48.715,042 49,471,617 13,630.296 13,708,202 10,839,519 10.913,093
3,391,264
From Jan 1_14,956,643 12.857,727 6,338,198 4.037,475 5,428,132
NY,N H & Hartford
Boston de Maine
November _12,260,177 11,997,827 4,774,372 3,737.955 4,013,755 3,079,447
968,156 -125,606
520.656
November _ 6,521,908 6,217,240 1,650,076
From Jan 1 126007382 128564,148 39.381,635 36,473,850 32,581.635 30,608.461
From Jais 1_70,336,843 71,595,109 17,685,916 16,356,541 11,893,953 10,346,945
New York Ontar o de West
Buffalo Rochester & Pittsburgh
60.565
136.094
60,688
968,349
102,512
November 1,000,932
186,762
194,465
121.834
244,502
November _ 1,405,167 1,308.414
From Jan 1_11,813,007 12,279,377 2,109,207 2,143,110 1,609,867 1,690,518
1,515,580
From Jan 1_15,597.580 16,140,111 2.938,847 1,870,969 2,468,642
N Y,Susq es Western
-5,064
Buffalo & Susquehanna
115,078
22,138
84,005
403,701
November _ 416,229
918,394
b37,464
119,062
November _
148,540
494,270
689,015
807,274
From Jan 1. 4,562.983 4.562.526 1,015.878
8268,696 0135,536
From Jan 1_ 1,471,434 1,409,540
NC rfolk Southern
Canadian National
152,167
132,524
203.307
214,248
811,094
757,977
November _
November _26,558,312 24,131,101 7,139,180 8,872,751
From Jan 1_8,458,539 8.837.774 2,398.061 2,575,648 1,757,046 1.961,398
From Jan 1-253030877226,938,408 53.549,291 41.459,707
DEC. 29 1928.]
FINANCIAL CHRONICLE
3697
-Grossfrom Railway
--Net from Railway- -Na after Taxes
1928.
1927.
1928.
1927.
1928.
1927.
Norfolk & Western
November _ 9.971,300 8,450,415 4,249.819 2,633,589 53,885,654 52,078,813
From Jan L97,638,443103,146,721 36,574,130 38,371,951530,919,421521,689,331
Northern Pacific
November _ 9,241,226 9,225,518 3,772,077 4,000.523 2.809.621 2,999,967
From Jan L93,704,907 88,042,464 28,128,965 25,707,908 19.185,028 17,119.751
Pennsylvania
November _57.013.034 52,822,554 15,472,834 12,376,748 12,535.692 9.483,016
From Jan 1_597678680 616887.527 158878.899 148485,284 124648,507 114900,787
Pittsburgh & Lake Erie
November _ 2.775.000 2,294,000
5725,000 5489,000
From Jan L28,833,000 29,711,000
57,042,000 57,648,000
Pittsburgh & W VaNovember _
396,250
274,052
146,627
93,870
96,327
65,685
From Jan 1_ 4,149,755 3,734,537 1,802,626 1,510,160 1,237,764
995,852
Reading
November _ 8,198,380 7,851,805 2,107,537 1,979,091 1,688,280 1,499,497
From Jan 1_82,082,228 85,613,873 18,282,235 19,743,719 14,021,146 14,791,577
Rnek Island Lines
November _11,698,894 11.615,181
51,980.298 52,355,302
From Jan 1_129622 134 129201,016
522.217,040521,038.080
St Louts San Fran System
November _ 7.384,281 7,130,774 2,319,809 2,214.262 51,864,240 51,887,168
From Jan L78,821,978 81,620,941 23,731.076 24,577,462519,064,662520,165,700
St Louis Southwestern
November _ 2,142,847 2,082,742
533,253
592,127
437,817
142,004
From Jan 1_23,523,926 22,259,168 5,781,110 5,286,088 4,658,456 4,192,920
Seaboard Air Line
November _ 4,948.641 4,906,764 1,277,412 1,156,722 1,005,973
818.857
From Jan L52,130 919 56,816,580 12,930,298 13,960,685 9,645,470 10,629,372
Southern Pacific System
November _25,084,808 24,044,418 18,071,206 6,412,580 54,583,365 54,516,637
From Jan L276801,882 274899,077 77,984,899 73,984,291551,500,240547,986,115
Southern Railways System
November _16,090.608 16,002,547 5,296,247 5,031.526 4,199,733 3,973,958
Fr'm Jan 1173.799.534 179474,161 50,179,005 52,750,242 38,510,107 41,199,838
Southern Railways
November _12,255,830 12,186,141 4,057,749 3,950,741 3,197,419 3,094,298
Fr'm Jan 1132.254.826 136217.915 38.328.044 40,375.087 29,551,648 31,629,684
Alabama Great Southern
November _ 852,780
870,470
311,400
287,852
256,407
222,993
From Jan 1_ 9,258,762 9,508,636 2,572,736 2,676,296 1,898,299 2,030,009
Cinc New On & Texas Pacific
November _ 1,770,055 1,711,390
442,113
384,274
356,579
299,477
From Jan L19,902.756 20,225,023 5,987,725 5,876,915 4,792,854 4,086,219
Georgia Sou & Florida
November _
385,615
400,544
146,886
124,233
124,024
110,518
From Jan 1_ 4,077,705 4,397,867
526,911
625,532
279,501
399,501
New Orleans & Northeastern
November _ 473,881
484,529
153,800
167,881
102,681
127,298
From Jan 1.. 5,050,945 5,372,350 1,618,454 1,821.751 1,110,386 1,345,449
Northern Alabama
November
141,503
106,208
74,222
47,468
69,162
42.568
From Jan 1_ 1,066,559 1.289,412
349,388
532,351
283.640
471,716
Mobile & Ohio
November _ 1,538,471 1,428,902
426.883
330,666
320.651
233,405
From Jan 1.15,954,894 16,704,514 3,856,267 4,117,669 2,870,025 3,117,780
Texas & Pacific
November _ 4,618,119 3,689,020 1,517,519 1,254,615 1,313,947 1,098,879
From Jan L46,232,472 35,028,953 14,900,082 8,956,437 12,805,882 7,237,599
Union Pacific System
November _18,732,834 18,260,091 6,952,511 6,840,805 5,523,888 5,304,238
From Jan 1_198610,768 187755,126 63,459,363 58,547.456 49,072,267 44,101,524
Wabash
November - 5,864,704 5,242,068
5977,753 5691,027
From Jan 1_64.858,527 62,029,429
510.324,153 58,807,180
Western Maryland
November _ 1,617,016 1,657.218
588.581
592,241
506,581
507,241
From Jan 1_17,111,531 20,186,458 5,536,329 6,290,570 4,631,329 5,190,570
Western Pacific
November. 1,508,801 1,217,712
5406.772 5125,379
From Jan 1_16,219.937 15,365,269
52,347,345 52,266,110
Wheeling & Lake Erie
November 1,792,401 1,285,216
617.847
152,913
483.161
60,467
From Jan 1_19.235,929 17,014,832 6,424.000 4,280,880 4.806,400 2.893,607
Total Net
Fixed
Income.
Charges.
Balance.
Ann Arbor
Boston & Maine
Georgia & Florida
Gulf Coast Lines
International Gt Northern
Minn,StP&SBM
nsBouri-Kansas-Texas
Missour radii°
New York Ontario & West
Pittsburgh & WestVirg.nla
St Louis Southwestern
Seaboard Air Line
Texas & Pacific
November '28
'27
From Jan 1 '28
'27
November '28
'27
From Jan 1 '28
'27
November '28
'27
From Jan 1 '28
'27
November '28
'27
From Jan 1 '28
'27
November '28
'27
From Jan 1 '28
'27
November '28
'27
From Jan 1 '28
'27
November '28
'27
From Jan 1 '28
'27
November '28
'27
From Jan 1 '28
'27
November '28
'27
From Jan 1 '28
'27
November '28
'27
Trom Jan 1 '28
'27
Nov '28
'27
From Jan 1 '28
'27
Nov '28
'27
From Jan 1 '28
'27
Nov '28
'27
From Jan 1 '28
'27
90,254
88,705
862,814
756,732
1,098,389
9,814
13.280,887
11,888,957
120
161
168,810
238,493
262,349
146,598
3.150.002
2,379.301
37,994
44.901
451,517
501.003
888,676
660,111
7,255,111
7,215,224
52,260
41,804
411,097
255.729
431,713
-640,497
8.025,776
4,671,733
16,377
16,658
182,783
184.200
-16,257
-16,496
-13,972
54.292
200,651
181,144
2,200.733
1,945,902
01,898
-34,546
949.269
427,399
257,130
152,651
2,027.341
2.172.350
145,298
133,486
1,597,177
1,397,669
404,823
404,531
4,527,451
4,523,856
441.908
522,448
5,143,807
5,992,281
462,920
427,104
2,743,545
2,130,457
2.238.885
1,358.045
2.020,248
1,314.718
23.397,149 14,488,018
19,330,190 15,007,060
73.924
118,865
37,663
120,519
1,296,629
1,322,943
1,400,231
L293,325
195,755
24,130
158,236
24,115
2,165.255
285.930
1,934,109
289,844
348,017
224,971
804,597
426.883
4,064,848
2,431,921
4,412,452
2,649,023
1,130.459
964,872
1,019,399
967,713
11,307,381 10,328,467
11,862.327 10,331.711
1,058,110
255.776
961,845
234,406
10,027,382
2.714,716
8,123,007
2,656,972
849,293
679,270
6,728,279
5.821.302
882,820
705.530
8,909,131
4,323,130
-44.941
-82,956
-26,413
108,908
171,625
134,121
1,899.325
1,644,264
123.046
377,914
1,632,926
1,763,429
165,688
42,674
978.913
1,530,615
802,334
727,439
7,312,666
3,407.035
F4zed
Charges.
Wabash
Nov '28 1,111,303
'27 1,818,073
From Jan 1 '28 11,814,533
'27 10,517,839
Western Maryland
Nov '28
569,554
'27
52,340
From Jan 1 '28 5,054,989
'27 5,770,480
Wisconsin Central
Nov '28
135.184
'27
-41.396
From Jan 1 '28 1,253.111
'27 1,614,404
Gross
Revenue.
Companies
$
New York New Haven & Hartford
Nov '28 12,260,177
'27 11,997,827
From Jan 1 '28 126,007.382
'27 128,564,148
Norfolk & Western
Nov '28 9,971,300
'27 8.450.415
From Jan 1 '28 97,638,443
'27 103,146,721
Rock Island Lines
Nov '28 11,698,894
'27 11,615.181
From Jan 1 '28 129,622,134
'27 129,201,016
St Louis-San Fran
Nov '28 7,384,281
'27 7,130,774
From Jan 1 '28 78,821,976
'27 81,626,941
Balance.
606.590
504.713
1,233,542
584,531
8,583,468
5,251,087
6,254,791
4,263.048
250.587
318.987
255.862
308.478
2.787,488
2,287.503
2.809,575
2.960,905
167.557
--22,393
162.330 --203,726
1.866.259 -613.148
1,869.402 -254,998
Net Open. Burp. After
Income.
Charges.
$
3,418.062
2,602.137
2,448,301
1.369,333
26,435,408 14.786,832
23,316,059
9,559.180
3.865.654
3,563,527
2.078,613
1,794.961
30,919,421 27.567.912
31,689,331 28,435.326
1,980,296
1,059,940
2,355.302
1.401,931
22,217,040 12,016,041
21,038.080 11,116,082
1.884,240
950.828
1,887,168
700.077
19,064,662
7,538,188
20.165.700
8.777,778
Electric Railway and Other Public Utility Net
Earnings.
-The following table 'gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
Arkansas Power & Light Co.
(Electric Power & Light Corp. Subsidiary.)
-Month of October- 12 Mos. End. Oct. 31
1928.
1927.
1928.
1927.
$
$
S
$
Gross earns, from operation_
667.708
567,267 6,992,066 6,336,668
Operating expenses & taxes__
353,948
291.32.5 3.685.050 3,351,198
Net earnings from oper___
Other income
313,760
13.584
275,942
15,237
3,307,016
267,702
2,985,470
199,916
Total income
Interest on bonds
Other int. & deductions
327,344
96,684
22,395
291,179
85,222
14,287
3.574,718
1,146.440
154,778
3,185,386
1,020,924
76,546
Balance
Dividends on preferred stock
208,265
191,670
2,273,500
672.803
2,087,916
672,269
1,600,697
1,415,647
Balance
Atlantic, Gulf & West Indies Steamship Lines.
(And Subsidiary Steamship Companies)
-Month of October- 10 Mos, End, Oct. 31
1928.
1927.
928.
1927.
$
$
$
$
Operating revenues
2,500,995 2,946,295 26,719,526 30,332,306
revenue from operation
Net
(incl. depreciation)
196,695
406.031 1,955,415 1,915,847
Gross income
Interest, rents and taxes....
290,537
210,388
495,745
222,259
2,722,816
2,108,822
2,649,422
2,210,110
80,149
Net income
273,486
613,993
439,312
Binghamton Light, Heat & Power Co.
(Subsidiary of General Gas & Electric Co.)
-Month of November- 12 Mos. End. Nov. 30
1928.
1927.
1928.
1927.
$
S
$
$
Operating revenue
230,391
201,730 2,449.889 2,142,309
Operating expenses and taxes
1,057,346 1,031,865
Maintenance & depreciation_
463,795
374,279
Total operating expenses,
maintenance, depreciation
and taxes
144,955
133,395
1,521,142
1,406,144
85,435
Operating income
Other income
68,335
928,747
24,054
736.164
100.519
Total income
Deductions from Income:
Interest on funded debt_
Other deductions from inc.
Total deductions from income
Net income
Provision for dividend
preferred stock
952,802
322,158
79,450
401,608
566,200
on
836,684
315,759
70,842
386,602
435,075
209,747
123,201
356,452
Balance of net income_
111,834
19,165
1,030,164
775.681
867,743
831,634
7,271,095
6,654,313
1,291,202
1.201,719
11,870.086
11.613,583
To al Net
Income.
Companies
-
311,873
Central Illinois Light Co.
(Subsidiary of Commonwealth Corp.)
-Month of November- 12 Mos. End. No .30
1928.
1927.
1928.
1927.
Gross earnings
Operating expenses,including
taxes & maintenance
396,867
4,737,699
4,372,046
220,781
2,803,349
2,630,561
200,820
176,086
1,934,350
358,489
1,741,484
425,091
1,575,860
409,200
300,800
1,316,393
412,901
256,800
865,860
Gross income
Fixed charges
434,089
233,269
646,691
Net income available for
diva. & retirement reserve_
Dividend preferred stock_
Provision for retire. reserve
Balance
Consumers Power Co.
(Subsidiary of Commonwealth Power Corp.)
-Month of November- 12 Mos. End. Nov. 30
1928.
1927.
1928.
1927.
$
Gross earnings
2.759,921 2,330,063 30,123,849 26,418,745
Operating expenses,including
1,284,539 1.132,103 14,980,156 13,612,919
taxes & maintenance
Gross income
Fixed charges
Not income available for
diva. & retirement reserve_
Dividend preferred stock_
Provision for retire. reserve_
Balance
1,475,382
1,197,960 15,143,692 12,805,825
2.792,875 2,544,166
12,350,818 10,261,660
3,531,258 3,325,779
1,961.333 1,536,000
6,858,226
5.399.880
[vol.. 127.
FINANCIAL CHRONICLE
3698
! by the company and are, consequently.'considered to be only preliminary
as
and tentative because they are subject to such readjustment the may be
Transit
necessitated by the final adjudication of objections made by
the
in the accounting under the contract with the
Commission to certain items
City. Such adjudication may show that a portion of the "Balance" on
subway is payable to the City with a corresponding change in that balance
on the System.
181,397 2,121.307
205,522
Operating revenue
814,054
Georgia Power Co.
Operating expenses and taxer
287,350
(Subsidiary of Southeastern Power & Light Co.)
Maintenance and depreciation
maintenace,
Total operating expenses,
-Month of October- 12 Alos. End. Oct. 30
93,092 1,101,405
110,122
1927.
1928.
1927.
depreciation and taxes
1928.
88.305 1,019,902
95,400
$
$
Operating income
$
$
376,453
Other income
Gross earns,from operations_ 1,842,662 1,602,078 19,854,721 17,793,848
807,796 9,676,728 8,887,941
l.taxes & maint. 849,286
1,396,355 Oper.exp.,inc
Total income
794,282 10,177,993 8,905,907
Deductions from income:
Net earns, from operations 993,376
686.996
660,107
Interest on funded debt
70,448 1.483,449
170,043
78,747 Other income
Other deductions from income
11.661,442 9,566,014
Total income
765,743
864,730 4.180,471 3,159,758
Total deductions from income
1,163.419
630,611 Interest on funded debt
Net income
266,727
7.480.971 6,406,256
Provision for dividend on preferred stock
Balance
343,528
168,776
363,884 Other deductions
Balance of net income
7,312,195 6,062,728
Balance
1,983,530 1,624,225
Divs. on $6 cumul. pref. stock
Florida Public Service Co.
(Subsidiary of General Gas & Electric Corp.)
dividends- 5328,665 4,438,503
Balance for reserves, retirements and
-Month of November- 12 Mos. End. Nov. 30
1927.
1928.
1927.
1928.
$
$
$
$
159.904 2,040,160 1,852,488
177,225
Illinois Power Co.
Operating revenue
952.041
1,124,590
Operating expenses St taxes_
75,950
(Subsidiary of Commonwealth Power Corp.)
88,971
Maintenance
- 12 Mos. End. Nov. 30
Total operating expenses,
-Month of November
83,790 1,013,561 1,027,991
1927.
87.850
1928.
1927.
maintenance and taxes_ _ _ _
1928.
$
$
824,497
76,114 1,026,599
89,375
242,790 2,727,467 2,632,771
Operating income
256,556
85.928 Gross earnings
133.737
Other income
Operating expenses,including
157,648 1,779,491 1,825.942
taxes and maintenance--- _ 154,003
910,425
1,160.336
income
Total
806.829
947,976
85,142
Deductions from income:
102,553
Gross income
485,657
596,900
393,990
388,005
Interest on funded debt_
142,240 Fixed charges
217,700
from inc.
Other deductions
627,897
814,600
Total deductionsfrom income
Net income available for
412,839
559,971
dividends & retire. reserve..
282.528
345,736
231,950
225.354
Net income
Dividends preferred stock
150,000
150.000
Provision for dividend on
Provision for retire. reserve
144.045
147,195
stock
preferred
30.889
184,616
Balance
138.482
198,540
Balance of net income____
Broad River Power Co.
(Subsidiary of General Gas & Electric Co.) 12 Mos End.
-Month of November- Nov. 30
1928.
1927.
1928.
I
General Gas & Electric Corp.
(And Subsidiary Companies)
Nov.
-Month of November- 12 Mos. End.1927.30
1928.
1927.
1928.
2,149,620 1,924,850
Operating revenue
819,911
Operating expenses and taxes 858.702
212,746
221,730
Maintenance
106,049
189,192
Depreciation
31.788
31,695
Rentals
Total operating expenses,
maintenance, depreciation,
1.301,322 1.170,495
taxes and rentals
754,355
848,298
Operating income
88.002
81,733
Other income
Total income
Deductions:
Interest on funded debt _ _
Other deductions from Inc.
Preferred stock dividends
of subsidiaries
Minority interests
930,031
301,691
35,877
180,590
25,783
23,314,133
9.641,190
2.529,902
1,656,659
380,560
24,823,245
11,274,513
2.346,242
1,576,574
383,434
14,208,312 15.580,764
9,105,820 9.242,481
747,608
1,068,609
842,357 10,174,429 9,990,089
310,285 3,562,627 4.158.609
494,465
481,366
32,081
169,428 2,139,783 2,071.672
200,555
267.485
18,463
530,259 6,451,263 6.925,303
543,942
312,098 3.723,167 3.064,787
386,090
Blance
General Gas & Electric Corporations dividends
500,807
500,808
41,734
41,734
$8 cumul. pref. stk.,class A
280,000
280,000
23,333
23,333
eumul. pref. stk.,class A
$7
303,791
303,794
25,316
25,316
Cumul. pref. stk.. class B_
495,899
525,247
42,413
44.958
Common stock, class A_
306,100
class B_
Common stock,
179,301 2,113,318 1.178,100
250,748
Balance
Total deductions
Interborough Rapid Transit Co.
"Plan"
Net Earnings of the Interborough System Under the
Nov.
-Month of November- 5 Mos. End.1927.30
1928.
1927.
1928.
$
$
$
$
5,925,143 5,768,854 27,468.408 26,686,735
Gross rev,from all sources _
Expend. for oper. & maint.
3,578,340 3,127,937 17.531,504 15,935,654
the property
Taxes pay. to City, State Sr
the United States
Available for charges
Rentals pay. to City for orig.
subways
Rentals pay, as int. on Manhattan By.bonds
Div. rental at 7% on Manhattan By. stk. not assenting to "Plan of Re-adjustment"
Miscellaneous rentals
2,346,803 2,640,917 9,936,903 10,751,081
•
997,155 1,496,088
301,095
201.588
2.145.214 2,339,822 8,939.748 9,254.993
221,500
150,686
25,380
25,083
Net earnings
Interest charges
643,340
93,485
Balance
Amort. of disc. & premiums_
549,854
15,429
591,484 6,671,586 6.170,800
110,501 1,248,139 1,315,333
480.982 5,423,446 4,855,467
181,886
185.149
15,428
Balance
Dividends 1st pref.stock..--Surp. earns, avail,for depr.
& corn.stk. dividends
534.425
20,000
465,554 5,238,297 4,673,581
825.190
472,496
79,166
514,425
386,387 4,765,800 3,848,390
Market Street Railway Co.
(Subsidiary of Standard Power & Light Corp.
Month of 12Mos.End.
Nov. 1928. Nov.30'28.
$ .
783,296 9,795,829
Gross earnings
101.139 1,465,949
Net earnings,incl. other inc.& bef. prov.for retire_ _
747,731
60,477
Income charges
40,663
Balance
718,218
Metropolitan Edison Co.
(And subsidiary companies.)
(Subsidiary of General Gas & Electric Corp.)
-Month of November- 12 Mos. End. Nov. 30
1927.
1928.
1927.
1928.
$
$
$
$
882,414 11,099,468 10,286,871
1,060,076
Operating revenue
4,445.216 4,342,385
expenses and taxes
Operating
1,925.333 1,627,156
Maintenance & depreciation_
66,198
66.198
Rentals
Total operating expenses,
maintenance, depreciation,
503.335 6,436,749 6,035.739
604,561
taxes and rentals
455,515
Operating income
Other income
370,079 4,662,719 4,251,132
269,817
246,146
Total income
Deductions from income
Interest on funded debt- __
from inc.
Other deductions
Total deductions from income
4,908,865 4,520,949
126.904
115,498
Net income
Provision for dividend on
preferred stock
Balance of net income_
3,223,907 2,711,543
25,381
23,074
126,904
126,544
420,944 2,111,194 2.101,162
1,722,563 1,918,878 6,828,554 7,153,831
1.447.709 1,665,858
143,547
237,248
1,684,958 1,809.406
1.208.252 1,158,283
2,015,655 1,553,260
The Nevada-California Electric Corp.
696,671
193,327
48,353
5.287
194.788
6,719
691.018 3,483.238 3.455.037
977,474
966,630
195,484
234,271
239,343
47,323
• 37,837
11,975
'
71 275
991,046
973,942
198,209
32.194
33.362
7,013
1,145,146 1.151,022 5.734,355 5.761,297
Bal. before deduct. 5%
Manhattan ctiv. rental_ _
Div. rental at 5% on Manhattan modified guar. stk.
(payable if earned)
-Month of November- 12 Mos. End. Nov. 30
1927.
1928.
1927.
1928.
Gross earnings (all sources)- - 1,248,120 1,159,060 13.675,776 12,305,413
Oper. exps. (incl. maint., gen.
567,576 7,004,190 6,134.612
604,779
& income taxes)
221,800 1,104,312 1,105,327
753,433
753,433
150,689
422,651
Int. pay. for the use of borrowed money & sk.fd. req.:
Int. on I.R.T. 1st mtge.
5%bonds
Int.on I.R.T.7% sec.notes
Int. on I.R.T. 6% 10-yr.
notes
Int.on Equip.trust ctfs_ _ _
Sinking fund on I.R.T. 1st
mortgage bonds
Other items
Kansas City Power & Light Co.
577,417
667,856 1.094,199 1,391,534
231,870
231.871
1,159,354 1.159.354
Bal. after deduct.5% Manhattan div. rental (sub233.181
65,155
535,986
ject to readi.)(see note)_ 345,546
the subway and also from the
-The above stated results from preferential deficits as computed
Note.
System operations are on the basis of the
(and Subsidiary Companies.)
- 12 Mos. End. Nov. 30
-Month of November
1927.
1927.
1928.
1928.
Gross operating earnings _ _ _ _
Oper.& gen. exps.& taxes _ _
Operating profits_ _ ______
Non-operating earns. (net)_ -
355,151
147,971
306,579 5,441,303 5,100,011
125,415 2,328,951 2.338,439
207.180
7.858
181,164 3,112.352 2,761,572
113,885
7,614
108,782
Total income
Interest
215,038
122,820
188,778 3,221,134 2,875,456
123,110 1,473,876 1,388,471
Balance
Depreciation
Balance
Disc. St exp. on secur.sold_
Miscell. addit. & deduct._ _ Surp. avail, for redempt. of
of bonds,dive., &c
92,217 •
45,321
65,668 1,747,258 1.486,985
572,377
603,862
48.107
46.896
8,321
-4,752
17.561 1,143,396
97,456
8,253
14.159
-949
914,608
97,966
58,975
33.824
8.359 1,060,099
875.617
DEC. 29 1928.]
FINANCIAL CHRONICLE
New York Dock Co.
-Month of November
- 11 Mos. End. Nov. 30
1928.
1927.
1928.
1927.
Revenues
Expenses
256,352
117,805
311,731 3,347,767 3,397,660
152,719 1,708,341 1,579,889
Net revenues
Less taxes, interest, &c
138,546
96,429
159,011 1,639,425 1.817,770
92,682 1,049,100 1.089,453
Net income
42.116
66,329
590,324
(Subsidiary of General Gas & Electric Corp.)
-Month of November- 12 Mos. End. Nov. 30
1928.
1927.
1928.
1927.
$
$
$
$
Operating revenue
262,654
249,213 2.868,268 2,719.167
Operating expenses and taxes
1,495,402 1,465,113
Maintenance & depreciation_
542,276
544,607
Total operating expenses,
maintenance, depreciation,
and taxes
177,452
172,342 2.037,678 2,009,720
85,201
76,871
South Carolina Power Co.
(Subsidiary of Southeastern Power & Light Co.)
Month of 12 Mos. End.
Oct. 1928.
Oct. 31 '28.
8
$
Gross earnings from operations
232,286
2.129,140
Oper. expenses, incl. taxes and maintenance...
128,225
1,1b5,994
Net earnings from operations
Other income
104,061
13.509
963,146
50,662
Totalincome
Interest on funded debt
728,316
New Jersey Power & Light Co.
Operating income
Other income
3699
117,570
1,013.808
359,077
Balance
Other deductions
654,731
85,098
Balance
Dividends on 6% cumulative preferred stock
569,633
107,392
Balance for reserves, retirements and dividends
462,241
Southern California Edison Co.
-Month of November- 12 Mos. End. Nov. 30
1928.
1927.
1928.
1927.
$
i
$
$
2,982.866 2,480,165 34.825,941 30,487,312
741,479
561.302 8,054,458 7,037.401
288,155
270,005 3,353,130 2,832,320
830,590
150,780
709,447
88,889
Total income
981,370
Deductions from income:
Interest on funded debt,..300,000
Other deductions from inc.
32,377
Total deductionsfrom income
332,377
798,336
Gross earnings
Expenses
Taxes
295,579
48,026
343,604
Total expenses & taxes- 1,029,635
831,308 11,407,589 9.869,722
Total net income
1,953,231 1,648,857 23,418.352 20.617,590
Fixed charges
545,211
447,377 5,854,054 5.876,667
Net income
Provision for dividend on
preferred stock
648,993
454,731
197,634
166,536
Balance of net income_
451,358
288,195
Balance
Southern Indiana Gas & Electric Co.
(Subsidiary of Commonwealth Power Corp.)
-Month of November- 12 Mos. End. Nov. 30
1928.
1927.
1928.
1927.
Northern Pennsylvania Power Co.
(Subsidiary of General Gas & Electric Corp.)
-Month of November- 12 Mos. End. Nov. 30
1928.
1927.
1928.
1927.
$
$
$
$
Operating revenue
88,997
79,340
941.657
834,789
Operating expenses and taxes
425,452
395,223
Maintenance & depreciation_
218,653
189.680
Rentals
251
Total operating expenses,
maintenance, depreciation,
taxes and rentals
64,085
58,653
644.105
585,154
Operating income
24,911
20,687
297,553
249,635
Other income
14,328
12,318
Total income
311,881
261,953
Deductions from income:
Interest on funded debt_
125,025
130,835
Other deductions from inc.
19.399
16.030
Total deductionsfrom income
144,424
146,865
Net income
Provision for dividend on
preferred stock
167,456
82,328
55,997
Balance of net income_ _
85,128
59,091
115,088
1,408,019 1,201,479,17,564,297 14,740,923
Gross earnings
280.252
Operating expenses,including
taxes and maintenance....163,864
258,815 3,153,832 3,033.310
Gross income
Fixed charges
115,020 1,349,804 1,287,394
314.977
349,916
116,389
Net income available for
dividends & retire. reserve
Dividends preferred stock
Provision for retire. reserve_
The Ohio Edison Co.
Dividend preferred stock
Provision for retirement reserve
161,222
147,750
146,623
123,000
524,049
Balance
492,145
Penn-Ohio Edison Co.
(And Subsidiary Companies)
Month of November- 12 Mos. End. Nov. 30
1928.
1927.
1928.
1927.
$
$
$
Gross earnings
2,370,398 2,14%.205 26.610,625 25,580,857
Oper. expenses and taxes_ _ _ _ 1,332,021 1.275.320 15.799,669 16,297.186
Gross income
Fixed charges
1,038,377
524,119
873,885 10,810.956 9,283.670
499,581 6,268,596 5.689.614
Net income
Divs. on 7% prior pref. stock
514,259
47,556
Balance
Divs. on $6 pref. stock
466,702
24,615
374,303 4,542,360 3,594,056
47,682 1568.609
551.366
326,622 3,973.752 3,042.690
24,614
295.374
297,387
442,088
302,007 3,678.378 2,745,303
Balance for retirement res.
and common dividends-
Reading Transit Co.
(And subsidiary companies)
(Subsidiary of General Gas & Electric Corp.)
Month of November- 12 Mos. End. Nov. 30
1928.
1927.
1928.
1927.
Operating revenue
225.380
228,265 2,804,754 2,886.954
Operating expenses and taxes
1.584,944 1,620.480
Maintenance & depreciation _
625,331
653,708
Rentals
314,362
316,985
Total operating expenses,
maintenance, depreciation,
205.472
206,234 2,524.637 2.591,173
taxes and rentals
Operating income
19,207
22,031
280,118
295,781
Other income
16.560
20,119
Total income
296,678
315,900
Deductions from income:
Interest on funded debt_
87,834
87,962
9,104
Other deductions from inc.
20,551
96,938
Total deductions from income
108,513
199,740
Net income
207,387
Provision for dividend on
preferred stock
119,145
119.145
Balance of net income_
80,595
88.242
1,034,827
383.998
238,288
937.478
347.233
221,317
412,541
Balance
368,928
Tennessee Electric Power Co.
(Subsidiary of Commonwealth Power Corp.)
-Month of November- 12 Mos. End. Nov. 30
1928.
1927.
1928.
1927.
$
$
$
$
Gross earnings
1,205,673 1,076,846 13,382,302 12,472,642
Operating expenses,including
taxes and maintenance...... 599,101
587,333 6,922,180 6.738,684
Gross income
606,572
Fixed charges (see note)(Subsidiary of Commonwealth Power Corp.)
Month of November
- 12 Mos. End. Nov. 30
1928.
1927.
1928.
1927.
$
$
Gross earnings
198,769
170,666 2,111,495 1,903,720
Oper. exp., incl. tax.&maint. 87.123
83.010 1,083,460 1,050,891
Gross income
111,646
87,655 1,028,035
852,828
Fixed charges
195.013
91,059
income available for divs. & retirement res've
Net
833,022
761.768
143.795 1,804,028 1,745,916
489,513 6,460.122 5,733.958
2,182,228 2,233,045
Net income available for
dividends & retire. reserve
Dividends on first pref. stock
Provision for retire. reserve_
4,277.893 3.500.913
1.334,742 1,215,902
974,445
947,993
Balance
1,968,706 1,337,018
Note: Includes dividends on Nashville Railway & IAght Co. preferred.
Stock not owned by The Tenessee Electric Power Co.
Third Avenue Railway System.
Operating Revenue
Transportation
Advertising
Rents
Sale of power
-Month of November
-5 Mos. End. Nov. 30.
1928.
1927.
1928.
1927.
$
1,246,119 1,252,330 6,312,101 6,253,288
12,500
12,500
62,500
62.500
19,585
20,045
97,816
103,085
595
711
2,978
4,076
Total operating revenue_ _ - 1,278,800 1,285,586 6.475,396 6,422,950
Operating Expenses
Maintenance of way
215,207
163.210 1,164,205
909,894
Maintenance of equipment-. 114,950
120,510
591.663
595,186
Depreciation
-18,867
34.133 -177,411
62,980
Power supply
82,578
80,051
412,207
390,617
Operation ofcars
433.075
427,276 2,219.721 2.184.712
Injuries to persons & prop
105,920
106,448
530,154
532.022
General & miscellaneous exps.
50,175
49,027
245,138
257,834
Total operating expenses
983,039
980,659 4,985.680 4,933.248
Net operating revenue
Taxes
295,760
85,920
304.927 1,489,716 1.489,702
92.091
466,277
469,097
Operating income
Interest revenue
209,840
23,846
212,835 1,023,438 1,020,604
16,776
94,607
87,555
233,686
229,612 1,118,046 1.108,160
Gross income
Deductions
hit. on 1st mtge. bonds
Int.on 1st ref. mtge. bonds...
Int,on adjust. mtge. bonds
Track & terminal privileges
Miscell. rent deductions_ _ _ _
Amort. of dt. disc. & exps-Sinking fund accruals
Miscellaneous
Int.on series0 bonds
Total deductions
Net income
42,766
73,301
93.900
1,365
522
1,474
2,790
34.456
2,164
252,731
-19,045
42,756
73,301
93,900
1,508
871
2,082
2,790
8,986
2,164
213.783
366,508
469,500
7.043
3.028
7,371
13,950
160,032
10,820
213,783
366,508
469,500
7.914
3.442
9.871
13,950
33,988
10,820
228,360 1,252,038 1,129,778
1,251 -133,991
-21.618
FINANCIAL REPORTS.
Financial Reports.
-An index to annual reports of steam
railroads, public utility and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Dec. 1. The next will appear in that of Jan. 5.
•
3700
Central Aguirre Sugar Co.
(29th Annual Report-Year Ended July 31 1928.)
The remarks of President Charles G. Bancroft, together
with the income account and balance sheet for the fiscal
year 1928, were cited in last week's "Chronicle", page 3562.
Our usual comparative income statement was published in
V. 127, p. 3393.
CONSOLIDATED BALANCE SHEET JULY 31.
(Central Aguirre Sugar Co., Lute & Co., S. en C. Ponce & Ousyama RR.,
and the Santa Isabel Sugar Co.)
1927.
1928.
1927.
1928.
8
Liabilities$
Assets$
3
3,600,000 3,600,000
Capital stock
Real est., bldgs.,
850,000
rollingstock,&ca 8,641,030 8,084,577 Notes payable.
186,262
207,979
Cash
125,241 Accounts payable- 225,339
4,094
93,862
Accts. & notes ree 434,926
466,811 Due gill. cos
11,444
135,303
618,626 Drafts in transit
Man& supplies -- 578,732
Growing crops-- 1,269,521 1,259,172 Accrued gen. taxes
6.754
Sugar dr molasses 13 2,145,755 2,212,647 Income, &c., tax
249,655
319,793
883,428
Investments
758.401
reserve
Accrued interest_
7.596 Reserve for reduc54,000
31,000
Construe.& inapt&
Oen of rentals100,251
(not completed)
100,927
142,678 Insurance fund
99,685
10,049,037 8,736,940
Insurance fund_ __
60,251 Surplus
Deferred charges__ 118,841
124,756
Claims for taxes55,749
58,258
14,438,158 13,916,505
Total
Total
14,438,157 13,916,505
a Real estate,roadway and track, mill, buildings, rolling stock, portable
track, steam plows, livestock, carts implements, &c.. $10,844,172: less
reserve for depreciation. $2,203,142. b Less provision for shipping
expenses.
-V. 127, 3393.
Manati Sugar Company.
(Annual Report
-Fiscal Year Ended Oct. 31 1928.)
STATISTICS FOR YEARS ENDED
1926-27.
1927-28.
Output of raw sugar (In
96.116
95.102
tons, 2,240 the.)
Receipts per pound
2.641 cts. 3.043 cis.
Cost of produc. (per lb.) 2.080 eta. 2.256 cts.
Operating profit
31.218,893 $1,689,837
OCT. 31.
1925-26.
1924-25.
97,676
2.424 cts.
2.000 cts.
$928,495
89.706
2.827 eta.
2.351 eta.
$955,915
INCOME ACCOUNT FOR THE YEARS ENDED OCT. 31.
1924-25.
1925-26.
1927-28.
1926-27.
617,830
.750
Production (bags)
662.462
655,475
Sugar sales (f.o.b. basis) $5,735,699 $6,229,368 $5,126,142 $5,249.038
395.453
153,792
Molasses sales
265,866
276.452
35.605
24.190
Miscellaneous income__ _
29,795
31,638
Total income
36,031,361 86,537,458 35.304,124 35,680,095
4.724,180
4,375,629
Oper. exp., f.o.b. basis. 4.812,468
4,847,621
Profit from operations $1,218,893 $1,689,836
Acc't previous fiscal yrs..
43,242
43,072
Sec. taken in liquidation
of claim pertaining to
prey. year's business
Tunas RR. profit
201.797
194.991
Interest earned
138,305
Total income
Deductions
Interest, other income &
charges (net)
Inc. domes.& for. taxes
Disct. St exp.on bonds._
Adjust.of mat'ls & supp.
Accts. rec.. uncollectible
Loss on dismantled prop.
Depreciation reserve_ _ Other reserves
Preferred dividends
Common dividends
[VOL. 127.
FINANCIAL CHRONICLE
$928,495
21.221
155,642
191.164
$955,915
529
$570,160
20,000
69,463
17,410
$565,919
64,251
3.926
5.076
473,599
504.686
480,000
401,924
471,000
502,210
122,500
Surplus for year
def$143,498
Earns,per sh. on 100,000
shs. (par $100) corn.
stock outstanding_
30.72
55.093
10.326
8,705
$422,879
15.000
55,903
25,147
3,044
454.000
297,687
245,000
500,000
$369,112 def$439,231 def$909,372
$3.30
INCOME ACCOUNT FOR YEARS ENDED SEPT. 30.
1924-25.
1925-26.
1926-27.
1927-28.
Sugar and Molasses sales$23,669,794 $27,433,618 324,132,276 826,281,299
608,927
534.803
400,220
Interest received
270.111
479,382
486,210
Miscell. income (net)
459.805
603,688
Total
$24,543,593 $28,293,644 $25,153,289 327,372,608
Prod. & mfg. costs, selling&general expenses.. 22,200,031 24,367,822 22.063.093 23,021,835
Net earnings
32,343,562 $3,925,822 $3,090,196 $4,350,772
DeductProvls, for inc. taxes as
may be finally de3390,000
350.000
333,000
3200.000
termined
1,443,390
1,304,073
1,284,061
1,304,516
Depreciation
47,601
43,638
71,367
56,583
Int.on bills payable,&c_
45,175
Disc,on bonds & notes..
45,175
45,175
45,175
711,624
Interest on bonds
708.056
706.069
708.000
Net profit
Previous surplus
$183,435 $1,632,003 $ 939,254 $1,712,982
26.704,068 26,624,632 28.587,566 30,177,149
Total
$26,887,504 $28,256,635 $29,526,820 $31,890,132
Loss on Colones' advan.
599,622
552,566
Pref. dividends (7%)
552,566
552,566
552.566
.
1,000,000
1,000,000
Common (cash)°Ulm-1.750.000 2,750,000
(10%)
Rate, per cent
(27% %)
(10%)
(1755%)
P. St L.surp. Sent 30_325,334,937 $26,704,069 $26,624.632 $28,587,566
Earns, per sh. on 1,000,000shs.(par $10)corn.
$1.16
Nil
$0.38
$1.07
stockoutstanding__ -CONSOLIDATED BALANCE SHEET SEPT.30.
1927.
1928.
1928.
Assets-$
Common stock..-10,000,000
Lands, buildings,
machinery,&c__42,664,031 42,537,193 Preferred stock... 7,893,800
Good-will
3,929,340 3,929,340 1st m.gold bonds. 8,695,000
Real est. mtge. &a 528.731
Advances to colonoe,&c. _a..... 5,082,426 5,327,474 Notes pay. (since
Paid)
66,620
Investments.....63,660
Accounts payable_ 1,163.165
U. S. cUs. of inSalaries and wages
89,607
debt. & other
37,917
Interest accrued__
market, sec
2,090,924
Reserve for income
Planted and grow& excess profits
770.698
ing cane
726,844
1,409,323
taxes
Livestock & equip 1,389,290 1,442,538
Deprec'n reserve--14,459,341
Inventory of raw
2,862,507 3,386,813 Surplus
25,334,938
material, &c
Raw & ref'd sugar 6,586.835 11,086.857
1,724,822 1,280,540
Cash
250,702
Cash for 1st m bds. 250,702
aAccts.& bills rec. 1,989,643 2,404,756
356,381
Other def'd charges 250,899
Total
69,611,823 72,839,914
152,844 -V. 125, p. 3636.
$1,602,067 $1,928,070 $1,296,522 $1.109,288
$694.027
GENERAL STATISTICS FOR YEARS ENDED SEPT. 30.
1924-25.
1925-26.
1926-27.
1927-28.
1,922.310 2,135,259
Total bags
1,851.649
1.686,467
341,641
307,569
Total in ton.s
296,264
269.835
32 643
60,184
Cardenas Ref.(1,000 lbs.) 112,512
125,480
179,866
234,271
214,690
Gramercy Ref.(1,0001bs.)
190,622
Nil
Nil
Our usual comparative balance sheet and preliminary income account were published in V. 127, p. 3410.
(The Cuban American Sugar Co., New York.
(Annual Report-Fiscal Year Ended Sept. 30 1928.)
Pres. George E. Keiser Dec. 17 wrote in part:
As in the two previous years, the crop of Cuba for 1927-28 was again and
further restricted by the Cuban Government, the total output being fixed
at 4,000,000 tons. The allotment to your mills was equivalent to 1,686,467
bags of 320 lbs. each, as compared with a production of 1,851,649 bags for
the 1926-27 crop.
The following is a comparative statement of the cane ground and of the
production of raw and refined sugars for the last two years:
1926-1927.
1927-1928.
2,460,568
2.312,119
Cane ground (short tons)
Bags 320 lbs.) (Bags 320 lbs.)
Raw sugar produced
544.238 Bags
482,695 Bags
Chapparra
694.663 Bags
682.433 Bags
Delicias
238.059 Bags
212,231 Bags
Tinguaro
91,996 Bags
86.281 Bags
Unidad
120.960 Bags
77,255 Bags
Mercedita
161,733 Bags
145.572 Bags
Constancia
1,686,467 Bags 1,851.649 Bags
Total
296,264 Tons
Tons
269,835 Tons
Refined Sugar Production:
112,512,605 Lbs. 125,480.680 Lbs.
Gardenas refinery, Cuba
190,622,556 Lbs. 214,690.874 Lbs.
Gramercy refinery, La
The net profit for the year after deducting all expense's. including interest
on outstanding bonds, and after crediting the unsold raw sugars on hand
at 2 cents per pound f. o. b. Cuba. amounted to $183,435. The reduced
profit as compared with the previous year is attributable to the lower sugar
prices prevailing throughout the greater part of the year and to the decrease
In production under Governmental restriction.
Adequate reserves were set up out of income for depreciation on buildings,
machinery and equipment and for amortization of cane fields, and full
provision was made for all Colones accounts appearing doubtful of liquidation.
The net current cash position of the company as of Sept. 30 1928 is substantially the same as it was a year ago.
Regular dividends of $1.75 per share and 25 cents per share on preferred
and common stocks respectively were paid quarterly.
The company has no bank indebtedness, and its current liabilities represent normal obligations contracted for in the regular course of business.
Although no official decree has been issued, the President of Cuba, in a
message to Congress, has announced the elimination of crop restriction for
the coming year. Ile has, however, fixed, by decree. Jan. 1 as the date
for the mills to start grinding. Company should, therefore, be able to
make a full crop in 1928-1929 for the first time since the season of 1924-25.
Properties have been maintained as usual in a state of full efficiency in
fields and factories, and this, together with the economies instituted during
the past twelve months, should be reflected favorably in future operating
costs.
Total
1927.
10,000,000
7,893,800
8,850,000
529,822
2,300,000
1,342,519
82,734
47,581
1,564,467
13,524,922
20.704,069
69,611,823 72,839,914
Sugar Corporation (& Sub. Cos.)
(Annual Report-Year Ended Sept.30 1928.)
President F. B. Adams, New York, Dec. 15, wrote in
substance:
Cuban Dominican
Your company produced during the fiscal year ended Sept. 30 1928.
2.149.944 bags of sugar compared with a production the preceding year
of 2,139,445 bags. Favorable weather conditions were responsible for an
increase in production in Santo Domingo of 123,653 bags, and the restriction policy of the Cuban Government was responsible for a reduction of
113,154 bags in Cuba.
For the 1929 crop, indications point to a slightly lessened production in
Santo Domingo due to adverse weather conditions. In Cuba, with restriction of production by the Government removed, your company will
produce a materially greater amount of sugar.
The operating profit for the year, before interest and depreciation,
amounted to $3,244,518.44. Interest took $2,342,238.98 of this, and depreciation was charged as previously at the rate of 50 cents per bag ofsugar
produced, which amounted to $1,074.972. This resulted in a loss on the
year's operations after all charges of 3172.692.54. A further lass was
incurred on sugar and molasses carried over from the preceding crop, and
other adjustments of previous periods, of $470,344.84, resulting in a net
charge to surplus of U43.037.38. During the year the company retired
81,590,000 of its funded debt and purchase money obligations.
The sugar Industry faced steadily declining prices for its product throughout the year, and with the small amount of sugar unsold at this date valued
at 1.95 cents per pound f.o.b. Cuba, the average sales price received for
the sugar produced this year was 2.36 cents per pound net f.o.b. Cuba
or Santo Domingo ports
Directors deem it advisable to reduce the stated amount at which the
capital stock, without Far value, is carried on the company's books by
-the sum thus released to be added to reserves
approximately 31,800.000
for various purposes. The effect of this will be to reduce the book value
of the stock from about $41.62 per share to $40 per share.
-YEARS ENDED SEPT. 30.
CONSOLIDATED INCOME ACCOUNT
-Predecessor Company
-New Corp.
1924-25.
-26.
a1925
1926-27.
1927-28.
_$16,242,875 $19,494,549 318.407,266 $18,761,356
Raw sugar produced--1,183,977
531,974
470,580
684,482
Molasses produced
447.965
506,407
328,986
280,645
Interest received
306,582
587,832
462,063
509,248
Profit on stores,cattle,&c.
Profit carried over &
60,769
other adj
$17,717,249 $20,816,947 $20,033,479 $20,699,880
Total
Expenses of producing,
14.472,731 17.111.371 18,481,398 18,285,294
mfg., &c
1,463,511
1.542,603
1,074,972
1,069,722
Provision for deprec
700,835
1,072,469
1,091,875
Int. on 1st lien 7;is- - - - 1,055,294
421,274
424,054
402,500
411.512
Int. Sugar Est. of Or. 7s_
135,000
127,850
106.320
116.520
Am.6s
Int. Comp.Cent.
60.667
89,600
89,600
97.067
Int. on 7% serial notes-,
Int. on let mtge. 8s of
258,333
158,269
200,408
263,333
S. Ana SUB
Int. on bills pay., cur.
787,409
607,550
530,256
1,236,119
accounts, &c
34,011
Disc.on Sug.Est.of Or.7s
183,768
.&C
Amortiz.otbond disc.
319.980
Div.on Sug.Est.of Or.pf.
Losses carried over &
470.345
other adjustments
.202
df$643,037
$137,793df$3.230.821 df$1,950
Net profit
$174,970
$818.008 b$680,215 $3,847,030
Profit & loss surplus
statistical purposes of operations of the 1925-26 crop of
a Statement for
predecessor company and its sub. cos. incorporating transactions of present
corporation to close of Crop period. b After res, set up at time of oragnization of corporation in April 1926 to offset estimated losses of predecesors
company and Its subsidiaries.
The income statement of the Sugar Estates of Oriente,
Inc., is given on a subsequent page.
DEC. 29 1928.]
FINANCIAL CHRONICLE
3701
-S. C. Commission has frrmu-I.
New Rate Divisions foe Western Roads.
CONSOLIDATED BALANCE SHEET,SEPT.30(CORP. AND SUB. COS.)
lated new bases for determining divisions of joint rates in Western trunk
1928.
1927.
1927.
1928.
line and southwestern territories. The new formula wipes out a multitude
$
Liabilities$
$
Assets
-$
with a rate-pro-rate basis
Bankers loans.. __d 8,958,800. 6,994,200 of heterogeneous division bases which it replaces giving effect to the differCash In hands and
while retaining, however, existing arbitraries and
628,021 Notes & accept.
700,545
on hand
634,181 ence in general transportation costs prevailing in the respective territories.
470,729
payable
a242,240
239,048
Accts. receivable
789.349
991,823 'Wall Street Journal' Dec. 24. p. 14.
Accts. payable_
Sugar on hand &
31,617
11.863
in
- 5,917,773 5,502,822 Wages accrued- -Atchison, Topeka & Santa Fe Ry.-Bonds.Int., rent & taxes
Molasses on hand
-S. C. Commission on Dec. 15 authorized the issuance of $3_,0 The I.
848,387
747,581
accrued
495,982
& in liquidation- 327,419
-year 04% convertible debenture gold bonds, issue of 1928,
190,701
240,563 204,000 20
Notes payable_
sup. &
Materials,
to be sold at not less than par and int., and the proceeds used to reim65,000
85,000
mdse. in stores- 2,865,900 3,296,147 Pur, money mtges.
heretofore capiFunded debt- -- -e25,463,593 26,892,390 burse the company in part for capital expenditures not
Accts. rec'ble from
talized.
b 2,895,168 3,985,032 Res. for conting.
Colonos
Authority was also granted to issue not exceeding $18,122,400 com.
183,910
183,906
& inc. tax
Planted and growstk. (par $100) said stock to be issued solely to effect the conversion of
7,094,813 6,324,341 Sugar Est. of Or.,
ing cane
stk.
Inc.,8% pref.stk 3,300,000 3,300,000 such of the bonds as may be presented by their owners into corn.
607,718
731,131
Mtge. res., &c..
f47.400,570 47.400,570
Cap.stk.&c
Property, plant &
Sells its One-Half Interest in Northwestern Pacific.
818,008
174,970
equipment.. __a-1,912,898 65,186,882 Surplus
-V.127, p. 3238.
See Southern Pacific Co. below.
127,489
Dep. with trustee_ 130,005
-Vice-President.
Deferred charges_. 1,920,354 2,003.874
Atlantic Coast Line Co.
C. McD. Davis has been elected Vice-President in charge of traffic to
87.735.043 88.400.530 succeed R. A. Brand, who has resigned.
Total
87,735,043 88,400,530
Tote!
-V. 127, p. 2811.
a After deducting reserve for bad and doubtful accounts of $50,153.
Belgian National Rys.-Earnings.b Including investments in Colonos in process of acquisition (after deducting
The New York agency of the Banque Beige pour l'Etranger has received
reserve for bad and doubtful accounts of $934,842). c Including livestock
earnings
and pastures, $76,864,021; less reserve for depreciation. $11,951,124. by cable the following official information regarding the grossmonth of
d Secured by sugar on hand and sugar bags. $5,056,800; dead season loans. (taxes deducted) of the Belgian National Railways, during the
33.900,000. •First lien 20-yr.skg. fd. 7;is Cuban Dominican Sugar Corp., Nov. 1928:
52,500.000 frs.
-Sugar Estates Transportation of passengers and luggage
due 1944, 313,938,000; 1st mtge. 7% skg. fund gold bonds
202,000,000 fie.
of Oriente, Inc., due 1942, $5,600,000; 1st mtge. 8% sinking fund gold Freight
5,700.000 frs.
bonds-Santa Ana Sugar Co., due 1931. $1,530,000; purchase money Other sources
-year sinking fund 6% bonds-Compania Central America, S. A., due
12
260.200,000 frs.
Total
1935,$1,592,000:secured 7% serial gold. notes, $1,280,000; purchase money
These figures compared with total gross income (tax deducted of frs:
mortgages and Censos, $240.000; deferred payments on land purchase
-for the month of Nov. 1927.-V. 127. p. 2952.
contract, $1,283,593. f Common stock of no par value: Authorized 1,150.- 230,236.000
000 shares; issued and subscribed, 1,142,833.2 shares.
-Construction of Line.
Cane Belt RR.
Contingent liabilities: Under guarantees for Colones, advances, $457,146.
-S. C. Commission on Dec. 15 issued a certificate authorizing
The I.
V. 125. p.3637.
the company to construct a line of railroad in Wharton and Fort Bend
Counties, Tex.
(B.) Kuppenheimer & Co., Inc., Chicago.
The Commission denied the application of St. Louis, Brownsville &
(Seventh Annual Report-Year Ended Nov. 3 1928.)
Mexico By. for authority to construct lines of railroad in Brazoria, Wharton, Fort Bend and Galveston Counties, Tex.
COMPARATIVE INCOME ACCOUNT.
The report of the Commission says in part:
The Cane Belt RR., organized for the purpose of engaging in interNov. 3'28. Oct. 29 '27. Oct. 30 '26. Oct. 31 '25.
Years Ended$2,872,006 $3,070,097 $2,810,316 $2,203,255 state commerce by railroad, on Feb. 10 1928, filed an application under
Gross profit
paragraph 18 of section 1 of the Interstate Commerce Act for a certificate
Admin. & gen. exp., less
1,669,828 that the present and future public convenience and necessity require
1,964,903
2,152,650
2,134,934
misc. income
111,500
51,000 the construction by it of a line of railroad extending from a point on its
119,000
88,500
Federal taxes
33,040
20.540 existing railroad between Lane City and Magnet in a general northeasterly
29,595
33,678
Interest paid
direction to a connection with the Gulf, Colorado & Santa Fe near Thomp$700,874
3461.888 sons, a distance of approximately 35 miles, all in Wharton and Fort Bend
$768,853
$614,894
Net profit for year
154,586 Counties, Tex.
111,034
104,494
86,760
Pref. dividends(7%)
On Feb. 23 1928, the St. Louis, Brownsville & Mexico By., filed an
200,000
200,000
200,000
200,000
Common dividends ($2).
-sent and future public convenience
application for a certificate that the pi
3107,302 and necessity require the construction by it of extensions of its lines of
$389,840
Balance, surplus
5464,359
$328,134
2,731,828 2,582,506 railroad: (a) from a point between Brazoria and Allenhurst in a general
3,126,084
3,587,991
Previous surplus
northwesterly direction to a point in the vicinity of the boundary line
Excess of par val. over
between Fort Bend and Wharton Counties, a distance of approximately
cost of pref. stk. purch.
and (b)
Cr.4,416
Dr.2,451
Cr.42,020 25 miles, in Brazoria, Fort Bend and Wharton Counties, Tex. direction
and cancelled
'
from a point on its main line near Algoa ins general northeasterly
Houston & Henderson
Profit & loss, surplus_ $3,916.125 33,587,991 $3,126,084 $2,731,828 to a connection with the Galveston, about nine miles, all inat a point
Galveston
at or near Dickinson, a distance of
Earns. perch.on 100.000
County, Tex.
shs.(par $5) corn. stk.
The Cane Belt owns a railroad that extends from Matagorda to Sealy,
$5.89
$5.28
$3.07
$6.64
outstanding
Tex., 90.1 miles. At Sealy its line joins the main line of the Gulf. Colorado & Santa Fe. Its railroad is operated under lease by the latter comCOMPARATIVE BALANCE SHEET.
which would also lease and operate the proposed new line. The
Nov. 3'28. Oct. 29'27. pany, Colorado & Santa Fe is a subsidiary of the Atchison, Topeka &
Nov.3'28.Oct.29'27. LiabilitiesAssets
Gulf.
7 cumuli. pref. stk.$1,500,000 $1,500,000 Sante Fe.
Land, bldgs.. mach.
500,000
and fixtures_ ___ $838,907 $678,334 Common stock... 500,000
The St. Louis, Brownsville & Mexico is a subsidiary of the Missouri
544,884 Pacific.
1 Accounts payable- 206,600
1
-mks. & good-will
Tr.
-V. 120. p. 2397.
1,745,612 1,757,958 Notes payable
2250,000
Inventories
88,500
119,000
Notes & accts. rec.a2,970,950 3,714,742 Federal tax prov-Central Pacific Ry.-Construction of Extension.
229,932
115,513 Accr'd payrolls, inCash
-S. C. Commission on Dec. 15 issued a certificate authorizing
The I.
258,067 the company to construct an extension of a branch line of railroad from
terest, &c
268,350
569,425
Investments at cost_ 590,525
221,000 its present terminus at Walnut Grove in a general southerly thence westerly
6 real estate bonds 200,000
Empl.notes for pur175,000
200,000
121,000 Res. for coating
of stock (sec.)._ 105,000
-V. 126,
to Isleton, 8.6 miles, all in Sacramento County, Calif.
3,916,125 3.587,991 direction
160,862 Surplus
Deferred charges_ 143,274
p.406.
B. K. & 0., Inc.,
,
37,777
pref. stock-....y 453,375
Ry.-Minority Stockholders WithTotal
$8,877,577 $7,155,813
$8,877,577 47,155,613
Total
x After deducting $772,617 reserve for depreciation. y Represented
shares at cost. z Paid Nov. 15 1927.
y 3,991
a After deducting $198,945 reserve for bad debts, return allowances and
cash discounts.
-V. 126, p. 4093.
Chesapeake & Ohio
draw Opposition to Merger Plans.
The minority stockholders protective committee has abandoned its fight
on the proposal of the C. & 0. to acquire stock control of the Pere Marquette Ry. and the issuance of new C.& 0. common stock at $100 a share.
This ends the long fight which the minority interests have waged first
against the Nickel Plate unification plan and then against the C. & 0.
proposal. The contest ends with 0. P. and M. J. Van Sweringen reimbursing the committee for its expenses in connection with their opposition.
In its circular letter explaining its latest move, the committee says it Is
GENERAL INVESTMENT NEWS
the hope of the group that the individual members may find it possible
to co-operate in any future plan looking for the constructive development
of the railway situation in the eastern territory as affecting the C. & 0.
-S. C. ComThe circular also said that subsequent to the order of the I.
mission, May 8, granting the authority to acquire stock control of the
STEAM RAILROADS.
Pere Marquette Ry. at $110 a shsre for the common and $100 for the
pref. shares, the C. & 0. applied for modification of that order and for •
-Locomotives in need of repair on ite authority to pay $133.33 a share for Pere Marquette common.
Locomotives in Need of Repair.
Class I railroads of this country on Dec. 1 totaled 8,340 or 14.2% of the
When the original Nickel Plate unification plan was announced, the
number on line, according to reports filed by the carriers with the Cr Van Sweringens agreed that deposits of the railroads' stock would be withService Division of the American Railway Association. This was a de- out expenses to the depositing stockholders. Although the later proceedcrease of 449 compared with the number in need of repair on Nov. 15, ings by the C. & 0. to acquire stock ownership_of the Pere Marquette and
at which time there were 8,789 or 14.9%. Locomotives in need of classi- the Erie were entirely disassociated from the Nickel Plate proceeding. the
fied repairs on Dec. 1 totaled 4.413 or 7.5%, a decrease of 348 compared Van SwerIngens felt that it might fairly be said that they grew out of the
with Nov.15,while 3.927 or 6.7% were in need of running repairs, a decre ise original proceedines and have arranged for the payment of the expenses of
of 101 compared with Nov. 15. Class I railroads on Dec. 1 had 5.5,0 the committee.
-V. 127, p. 3238.
serviceable locomotives in storage compared with 5,234 on Nov. 15.
-Class I railFreight Cars and Locomotives Installed in First 11 Months.
-Bonds Called.
Cleveland Union Terminals Co.
roads in the first 11 months this year installed 54.382 freight cars, accord3. P. Morgan & Co., as sinking fund trustee, have issued a notice to
ing to reports just filed by the carriers with the Car Service Division of the holders of the let mtge. 534% sinking fund gold bonds, series A. and let
Railway Association. Compared with the corresponding period mtge. 5% sinking fund gold bonds, series B to the effect that $37,100 of
American
last year, this was a reduction of 17,846 in the number of freight cars the series A bonds and $83,800 amount of the series B bonds have been
installed. Freight Carson order on Dec. 1 this year totaled 14.375 compared drawn by lot for redemption on April 1 1929, at 105% out of moneys in
with 9,850 on the same date last year. In the month of November, the the respective sinking funds. Bonds so drawn will be redeemed and paid
railroads installed 3,760 freight cars compared with 5,864 in November upon presentation and surrender at the offices of J. P. Morgan & Co..
last year.
St., N. Y. City, on and after which date interest on the drawn
Locomotives placed in service by ethe Class I railroads during the first 23 Wall
-V. 127, p. 1101.
bonds will cease.
11 months in 1928 totaled 1,258 which was a decrease of 562 compared with
last year. Locomotives installed in November
the corresponding period
-2% Extra
Delaware Lackawanna & Western RR.
numbered 68 compared with 149 Placed in service in November 1927.
-An extra dividend of 2% has been declared on
Locomotives on order on Dec. 1 1928. totaled 123 compared with 69 on the Dividend.
same date in 1927.
the outstanding capital stock, par $50, in addition to the
These figures as to freight cars and locomotives include new and leased
usual quarterly dividend of 3%, both payable Jan. 21 to
equipment.
-Class I railroads on Dec. 1 had 139.053 holders of record Jan. 5. An extra cash dividend of like
Freight Cars in Need of Repair.
freight cars in need of repair or 6.2% of the number on line, according to amount was paid on Jan. 20 1925, 1926, 1927 and 1928. A
reports just filed by the carriers with the Car Service Divison of the Ameriof 1 share of Lackawanna Securities Co. comcan Railway Association. This was an increase of 720 cars over the number dividend of
reported on Nov. 15, at which time there were 138.333 or 6.2%. Freight mon stock for each share of D. L. & W. stock was paid on
cars in need of heavy repairs on Dec. 1 totaled 100,756 or 4.5%, a decrease
of 1,637 compared with Nov. 15 while freight cars in need of light repairs Sept. 6 1927.-V. 127, p. 3239.
totaled 38,297 or 1.7%. an increase of 2,357 compared with Nov. 15.
Grand Trunk Western Ry.-Seeks To Unify Lines.
-Class 1 railroads on Dec. 15 had 267.129 surplus
-S. C. Commission of a plan for the unification in a
Surplus Freight Cars.
Approval by the I.
freight cars in good repair and immediately available for service, the Car single company of the properties of the Grand Trunk Western By. System,
Service Division of the American Railway Association announced: This controlled by the Canadian National Rya, is asked in an application filed
was an Increase of 10.134 cars compared with Dec. 8 at which time there with the Commission by the Grand Trunk Western RR., a new corporawere 256.995 cars. Surplus coal cars on Dec. 15 totaled 101.315,an increase tion, and made public on Dec. 22.
of 3.968 within approximately a week while surplus box cars totaled 121.740,
The application states that the necessary steps leading up to the conan increase of 5,822 for the same period. Reports also showed 23,123 solidation have already been taken under the State laws of Michigan and
surplus stock cars, a decrease of 243 cars under the number reported on Indiana, but the Federal commission is asked to issue a certificate, if
Dec. 8, while surplus refrigerator cars totaled 10,500, an increase of 1,058 necessary, for operation of the properties by the new company and also to
for the same period.
authorize the proposed new securities.
3702
FINANCIAL CHRONICLE
The properties involved are the Grand Trunk Western Ry., the Detroit,
Grand Haven & Milwaukee By., the Chicago, Detroit & Canada, the
Grand Trunk Junction RR., the Toledo, Saginaw & Muskegon By., the
Pontiac, Oxford & Northern RR., the Michigan Air Line By., the Detroit
& Huron By., the Grand Rapids Terminal RR.,the Chicago & Kalamazoo
Terminal RR., the Bay City Terminal By., the Grand Trunk-Mil aukee
Car Ferry Co., and the Cincinnati Saginaw & Mackinaw RR.
These railroads have been operated as a part of a single system under
common management known as the Grand Trunk By.system or the Grand
Trunk Western lines. The consolidated railroad corporation proposes to
operate them as a single railroad Instead of as a system.
The directors of each of the constituent corporations have entered into
an agreement for their consolidation pursuant to the statutes of Michigan
and Indiana, according to the application. The consolidation has been
approved by the Michigan P. U. Commission, but Indiana laws do not
require approval.
Approval is asked for the actual issuance of 422,400 shares of no par
value common stock to be exchanged for the stock of the constituent corporations and the nominal issuance of 49,920 shares of common stock of
no par value.
Authority is also asked for the actual issuance of $31,781,500 and the
conditional issuance of $13,218,500 of 1st and gen. mtge. bonds; for the
actual issuance of $10.000.000 of debentures, the actual issuance of $25,000,000 par value, 250,000 shares, of 6% cumul. pref. stock, and the
actual issuance of the 49,920 shares of no par value common stock already
mentioned, and also 327,680 shares of no par value common stock, at a
later date. The total proposed issue of stock is 800,000 shares.
The total capitalizable assets of the new company after the consolidation
has become effective, will be $103,231,306.—V. 126. p. 3925.
Louisiana & Arkansas Ry.—Note.—
The I.
-S. C. Commission on Dec. 15 authorized the company to renew
from time to time, the last renewal to mature not later than Dec. 31 1929,
an unsecured promissory note for $2,600,000, which will mature Dec.
31 1928.—V. 127.9. 950.
Northwestern Pacific RR.—Full Control Acquired by
Southern Pacific Co.—
See Southern Pacific Co. below.—V. 127. P. 1387.
Pittsburgh & West Virginia Ry.—Acquisition of West
-S.
-S. C. Commission.—The I.
Side Belt RR. Approved by I.
C. Commission on Dec. 10 issued a certificate authorizing
the company to acquire the West Side Belt RR. lines of
railroad in Allegheny County, Pa.
Authority was also granted to the company to assume obligation and
liability in respect of not exceeding $7,000 of 1st mtge. bonds of the West
Side Belt RR. and $3,104,000 of 1st mtge. bonds of the Pittsburgh Terminal Coal Corp.
The report of the Commission says in part:
The main lines of the applicant and the Belt cross at right angles at
West Belt Junction. The applicant's main line and Longview-Mifflin line
are connected by that part of the Belt's main line between West Belt,
Junction and Longview. Since Jan. 1 1921, the properties of the Belt
have been operated by the applicant under an agreement providing for
an annual accounting between the companies. The agreement originally
was for 5 years but has been renewed for a further 10
-year period expiring
Jan. 11936.
The Belt has outstanding $1,080,000 capital stock (par $50). For
many years 21,300 shares, or about 98.5%, were owned by the Pittsburgh
Terminal By. & Coal Co. All the stock. of the terminal company was
owned by the applicant's corporate predecessor and appears to have been
included in assets of that company acquired by the applicant. At a time
subsequent to the reorganization, the applicant acquired 300 shares of the
Belt's stock from parties other than the terminal company and in 1920
purchased from that company the remaining 21.300 shares, so that the
applicant now owns all the apital stock off the Belt. This stock stands
,
on the books of the applicant at $68,333.33. The coal company was
formed in 1924 through consolidation of the terminal company and the
Meadowlands Coal Co. It was testified that the coal company has outstanding $12,000,000 of common stock and $3,402,700 of preferred. We
have heretofore considered a proposal involving segregation of the coal
company. It is stated that the applicant has disposed of its holdings of
coal company stock.
• si
The application sets forth that the coal company has outstanding $3,104.000 of 1st mtge. 59' bonds, although there is testimony to the effect that
the amount is $3.102.000. These bonds are dated July 1 1902, and mature
July 1 1942. It is testified that $3,095,000 of the bonds is in the hands
of the public; and $7,000 is held by the trustee for exchange for an equal
amount of outstanding bonds of the Belt.
Under date of Aug. 30 1927. the applicant and the Belt entered into an
agreement, subject to approval by the State commission and by us, providing for the acquisition by the applicant of all franchises, property,
rights, and credits of the Belt for the following considerations: (1) the
surrender and cancellation of the Belt's outstanding capital stock: (2) the
cancellation of the Belt's indebtedness (notes and open account) of $5.340,000 to the applicant: (3) the assumption by the applicant of the Belt's
obligation to pay the principal of and interest on its outstanding bonds;
and (4) the assumption by the applicant of the obligation of the Belt under
its guaranty of the bonds of the coal company. The agreement further
provides that upon due approval thereof by the stockholders of the contracting parties, and the filing of copies of the agreement together with
certain certificates required by law in the offices of the secretaries of state
of the States of Pennsylvania and West Virginia, the franchises, property,
&c. of the Belt are immediately to vest in and belong to the applicant,
subject, nevertheless, to outstanding notes, liabilities, and duties of the
Belt—except the Belt's indebtedness to the applicant, which is therewith
cancelled, and, upon such filing of copies of the agreement and the necessary certificates, the capital stock of the Belt is to be deemed cancelled
and the corporate existence of the Belt is to terminate.
It is stated that the lines of railroad involved in the proposed agreement
are in no sense competitive, but together form a short route rather than
competing routes; that the agreement was made pursuant to authority
conferred by cited statutes of the States of Pennsylvania and West Virginia,
and that the terms of the statutes have been strictly followed and compli.d
with. Upon approval by us and the State commission, the agreement will
become effective. On behalf of the applicant it Is contended that since
the lines do not parallel or compete, there is no statutory inhibition, State
or Federal, against the proposed unification of ownership of the lines of
the applicant and the Belt.
It appears clear that under any possible grouping of the railroads in a
consolidation plan the relationship between the applicant and West Side
Belt would not be disturbed. What is here proposed therefore cannot
operate as an obstacle to the promulgation of such final plan of consolidation as may be determined upon.
We have considered and have given our approval to numerous applications involving, as here, the acquisition by the parent company of the
physical property of a subsidiary operated as a part of its system. This
construction of the act has apparently not been questioned. The acquisition authorized under it has been carried out. Nor do we think we would
now be justified in departing from it.
In support of the applicant's proposal it is pointed out that the properties
of the Belt have been operated as a part of the applicant's system for about
seven years and that, as there will be no change in the method of operation,
the service now being rendered to the public will not be impaired. All
officers and directors of the Belt are also officers and directors of the applicant. It is stated that through the termination of the Belt's corporate
existence, as proposed, inter-company accounting will be eliminated,
accounting procedure will be simplified, and there will be a reduction in the
number of tax reports and other reports now required to be prepared and
filed with Federal and State authorities. No reason exists for preserving
the corporate existence of the Belt. Not only will no new securities be
Issued in connection with the proposed acquisition, but the aggregate
amount of securities now outstanding will be reduced through cancellation
of the Belt's stock. Finally, it is contended, acquisition of the properties
will improve the applicant's credit position.
With respect to the latter proposition, it is stated that cancellation of the
Belt's stock and elimination of inter-company balance sheet items will
increase the credit balance of the applicant's profit and loss account by
$2,582,432, subject to proper adjustmento interest.
This proposition presupposes the recording of the acquisition of the Belt's
properties in the applicant's books on the same basis that the properties
[VOL. 127.
are carried on the books of the Belt. The book value of the properties does
not measure the coat to the applicant of acquiring tne linos of tne Belt,
so that the accounting proposed does not conform to the classification prescribed Walls. The applicant contends that the classification is not applicable because the proposed acquisition is, in effect, a consolidation,and that,
under the Pennsylvania statute, the assets and liabilities of the Belt are
being taken over as they exist on the books of the "selling "company.
We are here called upon to authorize an acquisition of properties under the
provisions of paragraph 18 of Section I. Hence we are not justified in permitting a departure from prescribed accounting procedure applicable in
cases where lines of railroad are acquired by carriers subject to the InterState Commerce Act. We will therefore require, as a condition upon
which the authority herein is granted, that acquisition of the properties of
the Belt be recorded in the books of the applicant's accounts in accordance
with our accounting classifications and that the applicant submit for our
approval the related journal entries.
The applicant seeks authority to assume payment of the principal of
and interest on the $7.000 of outstanding first mortgage bonds of the
Belt and to assume all the obligations of the Belt in respect of that company's guaranty of $3,104,000 of first mortgage bonds of the coal company. It is claimed that there is no financial obligation on the part of the
Belt as to the $7,000 of bonds, inasmuch as there is an equal amount of
bonds of the coal company that are exchangeable therefor in the hands of
the trustee.
The mortgage securing the Belt's guaranty of the outstanding bonds of
the coal company provides that the several covenants, promises and agreements of the Belt therein contained shall be binding also upon its successors
and assigns, and further provides that the Belt is liable in personam for the
debt and bonds secured thereby, and that any deficiency after exhausting
the mortgage security may be enforced against it. The agreement under
which the acquisition is to be effected provides specifically that the mortgage shall continue as a lien upon the property of the Belt and that the
property shall be acquired expressly subject thereto, and the applicant
expressly assumes the payment of the principal ofand interest on these bonds
to the same extent that the Belt is obligated therefor.
It is testified that the bonds are in good standing and there is no danger
of default thereon by the coal company. That company has no other
general mortgage liability, although indebtedness of between $100,000
and $125,000 is secured by purchase money mortgages on certain parcels
of land bought by it. Although earnings of the company are not shown,
is surplus as of Jan. 1 1927 is given as more than $2,750,000. It is claimed
that the actual liability of the Belt under its guaranty of the bonds is extremely remote.
Ordinarily the assumption by a common carrier by railroad of obligation
and liability in respect of securities of a non-carrier corporation with
which it is not affiliated is not to be sanctioned. particularly if the assumption involves such a lending of the carrier's credit as would be liable to impair its ability to properly perform its service to the public as a common
carrier. The contingent liability which the applicant seeks to assume in
respect of the bonds already rests upon the property that it would acquire.
The existing relationships between the applicant and the Belt, by virtue of
the former's ownership of the Belt's stock and operation of the properties
of the Belt and the substantial advances made to that company, would seem
to make it incumbent upon the applicant, even if it should not acquire
the Belt's properties, to take measures against any default on the bonds
in order to protect its own interests. In case default should occur,the applicant doubtless would be in a far better position than the Belt to meet the
situation without sacrifice of railroad property devoted to public use and
without disturbing consequences to the parties concerned. However,
the danger of default by the coal company appears remote. As the funded
debt of the applicant is only about 12% of its total capitalization, and as it
,
has a surplus approaching $7,000,000, it is unlikely that in any event its
liability to serve the public would be impaired by the contingent liability
It proposes to assume.
Upon the facts presented we find that the present and future public
convenience and necessity require the acquisition by the applicant of the
Belt's lines of railroad in Allegheny County, Pa., described in the application. We further find that the proposed assumption of obligation and
liability by the applicant as aforesaid (a) is for a lawful object within its
corporate purposes, and compatible with the public interest, which is
necessary and appropriate for and consistent with the proper performance
by it of service to the public as a common carrier, and which will not impair
Its ability to perform that service, and (b) is reasonably necessary and
appropriate for such purposes.
Commissioner Eastman, dissenting, says:
Section 5 of the inter-State commerce act specifies very definitely the
conditions under which it shall be lawful for two or more carriers by railroad,subject to the act,"to consolidate their properties or any part thereof.
into one corporation for the ownership, management, and operation of the
properties theretofore in separate ownership, management, and operation."
There are technical distinctions between a purchase and sale, a merger, or
a consolidation, and the latter term is used, in this technical sense, to
describe a form of union in which the consolidating corporations cease to
exist and are superseded by a wholly different corporation. It is plain.
however, that the word "consolidation" is not used in this narrow sense
in section 5, and that it includes all methods of bringing the properties of
two or more carriers under the ownership and management of a single
corporation, or, as it is put in Paragraph (2), consolidating them "into a
sinsie system for ownership and operation."
The consolidations so authorized are hedged about by elaborate limitations and safeguards. They must be in harmony with a general consolidation plan covering all the railroads of the country and formulated by
the Commission in accordance with certain standards and specifications set
forth in Paragraph (4); it must be shown in each particular case that they
will promote the public interest: and the resulting capitalization must not
in any case exceed the value of the properties as determined under Section
19a.
In the instant case we are asked, in effect, to authorize such a consoliddation into a single system for ownership and operation of the properties
now separately owned by the Pittsburgh & West Virginia and the Weal
Virginia and Side Belt; and we are asked to do this, not under Section 5,
but through the grant of a certificate of public convenience and necessity under paragraph (18) of Section 1. The certificate sought is that
the present and future public convenience and necessity require the acquisition by the applicant of the franchises, corporate property, rights and
,
credits of the West Side Belt. The certificate granted by the majority
does not correspond in terms to what is sought, for it certifies only that
public convenience and necessity require the acquisition by the Pittsburgh
&c West Virginia of the West Side Belt's "lines of railroad." However, I
do not stress this divergence,for in my opinion we are without legal authority to grant any certificate under Paragraph (18) of Section 1 which will
permit the result desired to be accomplished.
Paragraph (18) was manifestly intended to provide a means of curbing the
construction of new lines of railroad and the abandonment of old line,s. It
reads as follows:
"(18) After 90 days after this paragraph takes effect no carrier by railroad subject to this Act shall undertake the extension of its line of railroad,
or the construction of a new line of railroad, or shall acquire or operate ant
line of railroad, or extension thereof, or shall engage in transportation under
this Act over or by means of such additional or extended line of railroad.
unless and until there shall first have been obtained from the Commission
a certificate that the present or future public convenience and necessity
require or will require the construction, or operation, or construction and
operation, of such additional or extended line of railroad, and no carrier by
railroad subject to this Act shall abandon all or any portion of a line of
railroad, or the operation thereof, unless and until there shall first have
been obtained from the Commission a certificate that the present or future
public convenience and necessity permit of such abandonment."
The contention that under this paragraph we can authorize what is here
proposed depends wholly upon the three words which I have italicized
above. In this connection I call attention to the fact that these words are
not in any way reflected in the subsequent provisions of the paragraph.
The certificates which we are authorized to grant are to the effect that
public convenience and necessity require the 'construction, or operation,
or construction and operation" of the line in question or permit Its "abandon,
ment,' with no mention of "acquisition." Likewise Paragraph (20)
provides that a carrier, after securing a certificate, may proceed with the
"construction, operation, or abandonment covered thereby," with no
mention of "acquisition." It is evident that the words "or shall acquire"
were added as an afterthought to prevent evasion of the provisions of the
paragraph through the construction, for example, of a new line of railroad
by a construction company and its subsequent acquisition, without a
Certificate, by a carrier, and that the incorporation of this afterthought in
the paragraph was not complete. However, I attach no great weight to
this imperfection but rely upon more fundamental considerations.
DEC. 29 1928.]
3703
FINANCIAL CHRONICLE
Obviously, sue.h unifications as that which is here proposed are covered
definitely and specifically by the provisions of section 5, subject to carefully drawn limitations and safeguards. The question presented is whether
we can also authorize them under the provisions of a paragraph which
primarily relates to quite different matters, which omits in large measure
the limitations and safeguards of section 5. and which deals with unifications, if at all, in an obscure and wholly incidental way. To hold that we
have such power under paragraph 18 of section 1 violates, it seems to me,
an elementary principle of statutory construction. This principle was
stated in Kepner v. United States, 195 U. S. 100. 125, as follows: "It is a
well-settled principle of construction that specific terms covering the given
subject matter will prevail over general language of the same or another
statute which might otherwise prove controlling."
In an amplified form the principle was thus stated in an earlier case.
Rodgers v. United States, 185 U. B. 83, 89:
"And in Crane v. Reeder, 22 Michigan, 322, 334, Mr. Justice Christiancy,
snaking for the Supreme Court of that State, said:
'Where there are two acts or provisions, one of which is special and
particular, and certainly includes the matter in question, and the other
general, which, if standing alone, would include the same matter and
thus conflict with the special act or provision, the special must be taken
as intended to constitute an exception to the general act or provision,
especially when such general and special acts or provisions are contemporaneous,as the legislature is not to be presumed to nave intended a conflict,'
,
"Both the text books and the opinion just quoted cite many supporting
authorities."
Many other decisions of the Supreme Court could be cited to the same
effect. The point was well covered by our own Chief Counsel in an argument before the Commission in Finance Docket No. 2819 on June 9 1923,
as follows.
"Now, my contention is, and has been for some time, that under those
paragraphs of Section 1 this Commission can do nothing which involves
either the control by one carrier of another carrier or the consolidation or
even the merger of the properties of different carriers into a single system
for ownership, management and operation.
"The Congress, of course, we must assume, did not intend to duplicate
-S. C. Commission. It used those
either authority or duty upon the I.
paragraphs of Section 1 for one purpose; it used paragraph 2 of Section 5
for another purpose, and it used paragraph 6 of Section 5 for still another
s
PW:Ke
Tion 1, paragraphs 18 to 20, if confined in its application to new
construction or to the acquirement or operation by a new corporation which
has not yet become a common carrier, is entirely consistent with the constructions which, it appears to me, must be given to paragraphs 2 and 6
of Section 5.
"When, instead of a carrier asking simply for permission to abandon
some part of its line or to build an extension of its line, it asks this Commission to permit it to do something that will give it control over another
carrier, it should not apply to the Commission under paragraphs 18 to 20
of Section 1. It should, instead, come to this Commission ander paragraph
2 of Section 5; that control that I speak of being the control mentioned In
paragraph 2, which is simply control by one carrier over another carrier
under a lease, by the purchase of stock, or in any other manner not involving the consolidation of such carriers into a single system for ownership
and operation.
"Now, if instead of the application being for authority by one carrier to
control another carrier, there is an application for permission to consolidate
the properties of.the carriers into a single system for ownership, management and operation, they must come to this Commission under paragraph
8 of Section 5, the particular provisions of which I have already sufficiently
.
discussed."
In view of the fact that the manner and means by which railroad properties may be unified, either through the acquiring of control of one carrier
by another or through consolidation into a single system for ownership
and operation are definitely and specifically covered in section 5, with
attendant limitations and safeguards, and in view of the well-settled
principle of statutory construction above set forth, it seems to me clear
beyond any doubt that we are not empowered to authorize such unifications under paragraph 18 of Section 1, by reason of an incidental phrase
of three words which was inserted in that paragraph. I have discussed
this matter at some length because, although Division 4 has dealt with
the question in prior cases, this is the first case in which it has been clearly
presented to the Commission apart from other overshadowing issues. It
is important, not because this case in itself is important, but because if we
can do what the majority attempt to do here, then any consolidation of
two or more carrier properties into a single system for ownership and operation, however large and consequential such consolidation may be, can be
authorized regardless of the limitations and safeguards of Section 5. In
view of the importance of the question, I take the liberty of discussing
also, the arguments advanced in support of what is here done. The only
such arguments that have been brought to my attention are these:
1. That paragraph 6 of Section 5, which makes consolidations lawful
under certain conditions, has to do only with "consolidations" in the narrow
and technical sense of that word. As above indicated, I think it plain
that the word was not used in paragraph 6 in this narrow sense. The
word "consolidation" has often been used in statutes in a much broader
sense. The point is well covered in a recent report of the House Committee
on Interstate and Foreign Commerce, dated April 13 1928:
"The term 'consolidation' is frequently used in statutes and judicial
decisions, in a loose sense, to include corporate combinations which result
In either (1) the creation of a new corporation and the dissolution or extinction or all the combining corporations. or (2) the continued and enlarged existence of one of the corporations and the dissolution or practical
extinction of the others. Thus, in the case of Central Railroad & Banking
Co. v. Georgia (1875). 92 U. S. 665, the Supreme Court held that a statute
providing for 'consolidation' did not necessarily work a dissolution of both
companies and the creation of a new one. Usually. however, when the
question,involved in a case make it important to determine whether, under
a particular statute the combining corporations have all been extinguished
and a new corporation created, it is found that the courts apply the term
'consolidation to such a combination, and distinguish as a 'merger' the
case where one of the combining corporations continues to exist and absorbs
into it the properties. franchises, and other assets of the others, which
thereupon go out of existence."
A narrow construction or the word in this instance would lead to the
absurd conclusion that Congress intended in this paragraph of Section 5
to limit atm eateguard the union of two or more carrier properties under
the ownership and management of a single corporation, when that corporation is not one of the previously existing corporations, but did not intend
to so limit and safeguard the accomplishing of the same result through the
medium of one of the:a corporations.
2. That Paragraph 18 of Section 1 can be utilized for the purpose in
question when the carriers under consideration are already under control
and could not well be separated and made parts of different systems, but
that it cannot be so utilized in the case of consolidations of carrier properties
not so controlled and situated. I find nothing in the language of the paragraph which supports such a distinction. Obviously it is arbitrary and
baseless.
3. That the interpretation here given to Paragraph 18 of Section 1 has
been given to that para4raph in a series of prior decisions by Division 4,
hich are presumably known to Congress. and that if confirmed by this
decision and subsequently acquiesced in by Con rress. the interpretation
will become the law regardless of the original intent and meaning of the
paragraph. This argument is based upon the principle that a long-continued and consistent construction of a statutory provision by the department of the Government entrusted with the duty of administering that
provision, if known to and acquiesced in by Congress, will in the Process
of time be held by the courts to be a correct construction. The Principle
involved was thus stated by the Supreme Court in a comparatively recent
decision. Logan v. Doris, 233 U. S. 613. 627:
"The situation therefore calls for the application of the settled rule that
the practical interpretation of an ambiguous or uncertain statute by the
Executive Department charged with its administration is entitled to the
highest respect, and, if acted upon fora number of years, will not be dis-r
turbed exeset f• very cogent reasons."
It will be noted, however, that this principle applies only where the
question is "ambiguous or uncertain." In Iselin V. U. S., 270
statute in
U. S. 245; 251, for example, the departmental construction was rejected
because, among other reasons, the statute was plain and unambiguous.
In my judgment there is nothing doubtful or ambiguous about the statute
here In question, when consideration is given to well-settled principles of
statutory construction. In the case just cited, another reason for rejecting
the departmental construction was that It had been "neither uniform,
general, nor long-contiaued." The same may be said here. In PublicConvenience Application of Pittsburgh & West Virginia Ry. Co., 671.-S. C. C.
788, decided June 21 1921, Division 4 dismissed an application of the
Pittsburgh Sr West Virginia "for a certificate that the present and future
public convenience and necessityrequire the acquisition and oper. by it ofthe
line of railroad now owned and operated by the West Side Belt RR., in
Allegheny County, Pa.." on the ground that the proposed acquisition and
operation was not within the scope of Paragraph 18 of Section I. There
was a line of decisions to the same effect in other cases at about the same
time. The present decision of the majority is a complete reversal of these
prior decisions, although supported by certain subsequent decisions of
Division 4 by a divided vote. I am authorized to say that Commissioner
McManamy joins in this dissent.
Commissioner Farrell did not participate in the disposition of this case.
—V. 127, p. 3240.
•
St. Louis & O'Fallon Ry.—Briefs Filed.—
The 1.-S. C. Commission filed its brief Dec. 26 in the U. S. Supreme
Court in connection with the valuation case appeal that the St. Louis &
O'Fallon Ry. has taken in an effort to prevent the government from collecting a part of its earnings under the recapture provisions of the Transportation Act. Arguments are to be heard on Jan. 2.
In summarizing its argument the Commission states that "this case is
chiefly important because it presents for the consideration of the court
-S.
the validity of the administrative measures and methods which the I.
C. Commission, after mature consideration, regards as necessary to he
of the recapture provision of the transportation act."—
effective operation
V. 127, p. 3537.
Southern Pacific Co.—Control of Road.—
-S. C. Commission on Dec. 14 approved the acquisition by the
The I.
company of entire control of the Northwestern Pacific RR. by purchase
of the one-half stock interest in said company now owned by the Atchison,
Topeka Sr Santa Fe Ry.
The report of the Commission says in part:
The capital stock of the Northwestern Pacific Is owned in equal shares
by the applicant and the Santa Fe. As of June 30 1928, the funded debt
was $29,859,000, of which the applicant owned bonds of the par value of
$27,328,000, and the Santa Fe owned the rest.
On Aug. 14 1928, the applicant contracted to purchase from the Santa
Fe its one-half interest in the stock of the Northwestern Pacific, consisting of 175.000 shares of the par value of $100 each,for $4,443,349. The
purchase price represents the original cost of the stock, plus moneys advanced by the Sante Fe to pay one-half the cost of three new ferry boats
and certain ferry terminal properties acquired in San Francisco. The
value of the properties of the Northwestern Pacific Is shown as $41,869,285.
This amount represents the value found in our tentative valuation, as of
June 30 1916, plus additions and betterments to June 30 1928.
The dual control which has existed for 20 years has not been popular.
directly
The single control now sought would enable the applicant to deal imposed
and effectively in all matters of public relations. The neutrality not so
on Northwestern Pacific officers and agents in handling traffic is
satisfactory to the shipping and traveling public as the direct interest
which would be manifested under single control.
On behalf of the Santa Fe it was testified that it has been receiving
about 20% of the traffic and paying 50% of the corporate losses sustained
by the Northwestern Pacific. In 1925 the loss was approximately $25.000,
and in 1927, about $790,000. It claims that its proportion of the latter
amount was more than the net income it could make from the traffic
no imreceived from the Northwestern Pacific. As there seemed to becontrol,
mediate relief, and because of the criticism caused by the dual Northit desirable to dispose of its holdings. The
the Santa Fe believed
western Pacific disclaims any intention of disturbing any through rates
now applying via the Santa Fe or taking any step, as a result of the single
ownership, which could affect the public adversely.
The proposed acquisition is regarded favorably by the people in the
territory under consideration, and it appears that it should result in improved facilities and better service.
Operation of Line.—
-S. C. Commission on Dec. 13 issued a certificate authorizing
The I.
the company to operate, under trackage rights, over a portion of the
line of railroad of the Los Angeles & Salt Lake RR. from a point near
Central Station in Los Angeles to a point approximately where the railroad
of the Salt Lake intersects the city boundary of Vernon, a distance of
2.96 miles, all in Los Angeles County, Calif.—V. 127, Ir• :3538.
Tampa Northern RR.—Bonds.—
-S. C. Commission on Dec. 12 authorized the company to issue
The I.
-year 6% gold bonds,
$500,000 of improvement & extension mortgage 25
said bonds to be sold to the Seaboard Air Line Ry. at par and to be used
to partially reimburse that company for advances heretofore made.—
V. 122, p. 478.
West Jersey & Seashore R.R.—New Directors:— has
Edward E. Shumaker, President of Victor Talking Machine Co.,Lee,
Plummer, resigned. Elisha
been elected a director to succeed William
Vice-President of Pennsylvania RR., and I. S. Silverman have also been
elected directors.V. 127. p. 2086.
West Side Belt RR.—Acquisition by Pittsburgh &'f West
Virginia Ry. Approved by Commission.—See latter company
above.—V. 123, p. 1248.
PUBLIC UTILITIES.
American Commonwealths Power Corp.—Consolidation
Plan Approved.— See American State Securities Corp below.
—V. 127, p. 3240.
American States Public Service Co.—Notes Called.—
gold notes, dated April 20
The entire outstanding 6945,000 1-year
1928, have been called for redemption Jan 19 at par and int. Payment
will be made at the National Bank of the Republic, trustee, Chicago, Ill.
V. 127, P. 3539.
AmericanPower & Light Co.(& Subs.).—Earnings.—
Comparative Consolidated Statement of Income (Inter-Company Items
Eliminated.)
1927.
1928.
12 Months Ended Sept. 30-Subsidiary Companies—
$73,012,941 862,429,718
Gross earnings
37,956.390 34,167,432
Operating expenses,including taxes
Net earnings
Other income
$35,056.551 328,262.286
5,133,717 3,413,050
Total income
Interest to public & other deductions
Preferred dividends to public
Renewal &replace.(deprec.)appropriations
Proportion applic.to minority interests
$40.190.268 $31,675,336
14,834.862 10,463,703
5,196.039 4,414,235
4,309,630 3,451.128
197,963
192,278
$15,657,459 $13,148,307
Balance
American Power & Light Co.—
Bal.ofsub.earnings applic. to Amer.Pr.& Lt. Co.
$15,657,459 $13,148,307
(as shown above)
909.118
594.680
Other income
Total income
Expenses of American Pr.& Lt.Co
Int.& disc.of Amer.Pr.& Lt.Co
$16.566.577 813,742.987
310,219
351,954
2,889.149 3,034,485
Balance
Divs.on pref.stocks of Amer.Pr.& Lt.Co
Divs,on corn,stock of Amer.Pr.& Lt.Co
813,367,209 $10,356.548
4.262,355
1.430,749
2,640,402 2,455,327
$6.464,452 86,470,472
Balance
Note.—Earnings of Washington Water Power Co. and subsidiaries are
included from Mar. 1 1928 only, and earnings of Montana Power Co. and
subsidiaries are included from May 1 1928, only.
3704
[VOL. 127.
FINANCIAL CHRONICLE
Depositaries for Exchange of Certificates.
Balance Sheet, Sept. 30 (Company Only.)
-Stockholders of the Securities
corporation should present their stock certificates on and after Jan. 3 1929
1927.
1928.
1928.
1927.
for exchange for stocks and subscription warrants of the American ComAS3d3$
Investments ___234,390,940 77,322,015 iCapital stock_ _199,445,371 42,154,483 monwealths Power Corp. at any of the following designated depositaries:
In New York, at the main office of thle Guaranty Trust Co. of New York:
Cash
4,288,189 1,553,740 Deb. bds., Am.
Notes & loans
6% series_ _ _ _ 45,810.500 45,810,500 in Chicago. at the Illinois Merchants Trust Co., or stock certificates may be
rec.,sub
447,225
894,725 sent for exchange to the office of the American Commonwealths Power
13,041,128 22,810,408 Contractual nab
Notes dc loans
357,725 Corp., 1220 Grand Rapids National Bank Bldg., Grand Rapids, Mich.
Divs.declared__ 1,792,214
9,671,000 Stock certificates and subscription warrants of the American Commonrec.. others
75,000
339,255 Loans payable_
Accts. rec., subs 1,858,492 1,394,601 Accounts pay_..487,141
67,571 wealths Power Corp. will thereupon be issued to the stockholders as
243,561 speedily as possible.
Accts.rec. others
177,936
26,329 Accrued sects__
243.561
It is contemplated that the class "A" and class "B" common stocks and
Reacquired sec_
636,534
493,553
Reserve
337,407
Unamort. disc.&
7,938,979 warrants of the American Commonwealths Power Corp. will be traded in
Surplus
9,880,801
on the Chicago Stock Exchange and other Exchanges on or before Jan.3 1929.
expense
4,107,883 4,154,875
Exchange of Definitive Option Warrants.
-Holders of definitive option
Deferred debits.
11,100
173,855
warrants of American States Securities Corp. of record Dec. 31 1928 beTotal
258,444,221 107,775,078
258,444,221 107,775,078 come entitled to receive definitive option warrants of American CommonTotal
wealths Power Corp. at the rate of one new warrant of American Commonx Capital Stock Outstanding as Follows: Sept. 30 1928.
Sept. 30 1927.
wealths Power
warrants of American States SecuriPreferred, $6 cumulative
shs. ties Corp. All Corp. for each two old from the exchange will be registered
790,463
she. 238,493
full warrants resulting
Preferred,$5series"A"cumulative_ _ _ _ 971,022
shs.
in the owner's name and all fractional warrants will be in bearer form.
$6 preferred stock scrip equivalent to_ _ _
125.2 shs.
These new definitive option warrants of American Commonwealths
shs.
Common
1.960,184
she. 1,834,922
will expire by limitation
1,314.56 shs. Power Corp.the following privileges: at the close of business June 30 1930
Common stock scrip equivalent to
1,469.40 she.
and contain
Warranthoiders are entitled to sub-V.127, p. 3240.
scribe at $20 a share for class "A" common stock of the Power corporation
on or before Sept. 30 1929 and thereafter at $24 a share until close of busiAssociated Gas & Electric Co.
- ness June 30 1930.
-Exchange of Securities.
A table of exchange of preferred stocks and bonds (as revised) was
It is anticipated that these new definitive option warrants will be traded
published by the company as of Dec. 10. The table follows:
in on the Chicago Stock Exchange and other Exchanges on or before
Jan. 3 1929.
Optionl
Capitalization.
-Upon the completion of the plan of consolidation and
To Be DepositedOutstanding
Option 2 exchange of securities, there will be outstanding the following stocks and
in 5lue ,,
Va3i
with
Inc. Ci, Class A definitive option warrants of the Power corporation:
Security.
Stock.
Stocks (per Share)Public.
at 10 .
25
-year 6% gold debentures, due Feb. 1 1952
84.000,000
Associated Gas & Elec. Co. preferred:
25
-year 5 % gold debentures, due May 1 1953
5,000,000
Original sories
1 1-5
Market
100.009 shs.
25,000 ells.
$7dividend2
42,888 shs.
Market
1-10 1st pref. stock,$7 dividend series "A" no par
55,384 shs.
$6.50 dividend
Market
2 1-10 let pref. stock, $6.50 dividend series, no par
189,622 she.
2d pref. stock,$7 dividend series "A," no par
13,711 abs.
Underlying preferred stocks:
Common stock, class
(not less than)670,000 shs.
Clarion River Pow.Co. porde. pref
1-5
11,610 shs.
$10
Common stock. class "B," no par (voting)
(not more than)417.000 shs.
Erie Lighting Co. preference40
4-5
3.430 shs.
2 1-10 Definitive option warrants to subscribe for class "A" common
Staten Island Edison Corp.$6 pref- 18,916 shs.
103
stock at $20 a sh. until Sept. 30 1929 and thereafter at $24 a
Western N.Y.Gas & El. Corp.87 pf- 4,326 shs.
21-5
Market
sh. until June 30 1930
398,000 she.
Bonds and Debentures (per $1,000)
See also V. 127. p. 3087, 3241.
Associated Gas & Elec. Co.6%% cony.
Manila Elec. series B and C
21
$2,009,5501,050
American Water Works & Electric Co., Inc.
-Output.
Underlying bonds:
The company reports for the month of November a kilowatt hour output
21
Citizens L., H.& Pr. Co.5s,due1934 1,300,000
1,040
of 154,329,905 le.w.h. an increase of 11% over the 138,634,345 k.w.h. for
21
Depew & Lanc. Co. Es, due 1954_
525,000
1,040
the same month a year ago. For the 11 months ended Nov. 30,total output
Du Bois Elec. St Tr. Co. 5s. due 1932
21
1,040
169,000
was 1,610,092,705 k.w.h. as against 1,507,282,981 k.w.h. in the same
Erie Ltg. Co. 54, due 1967
21
1,040
3,549,500
period of last year, an increase of7%
.-V.127, p. 3088.
Granville Elec.& Gas Co. 5s, due'33
21
1,040
36,500
Hopkinsville Water Co.. 54
21
1,025
28.000
Binghamton Light, Heat & Power Co.
-Transfer Agt.Indiana Gas Utilities Co., 5s, due '46 1,051,000
1,040
21
The Guaranty Trust Co. of New York has been appointed transfer
Jefferson Elec. Co. 5s. due 1933
164,500
1,040
21
agent for 50,000 shares of 85 cumul. prof. stock, without par value, and for
Lake Shore Gas Co.5tis. due 1950
21
717,000
1,050
an additional 50,000 shares of common stock, no par value.
-V. 127, p.
Lock Haven Gas & Coke 6s, due 1944
21
1,050
56,350
3088.
L. I. Water Corp. 53s, due 1955.... 2,301,000
21
1,050
Brooklyn Union Gas Co.
-Listing.
Manila Electric Co. 58. due 1946........
21
97.000
1,040
The New York Stock Exchange has authorized the listing of an additional
Manila E.RR.& L. Corp.58. due'53 1,789.7001,050
21
Manila Suburban Rys. Co.5s, due'46
236,000 shares of common stock without par value on official notice of
21
119,000
1,050
N. Y. State G. & El. Corp. 530,
issuance in conversion of 10
-year 5 % convertble debenture bonds dated
due 1962
Jan. 1 1926, making the total amount applied for 747.580 shares of common
213i
3,865,000
1,075
N. Y. State Gas & Elec. Corp. 6s,
stock.
due 1952
Income Account Ten Months Ended Oct. 31 1928.
406,500
1,100
22
Penn Public Service Corp. 5e, due'54 2,747,000
21
1.040
Total operating revenues
$21,514,802
Penn Pubic Service Corp.,6s,due'47 5,290,500
22
1,100
Total operating expenses
14,969,833
Plattsburgh G.& El.Co.5s, due 1939
266.000
21
1,050
Uncollectible bills
100.862
Portsmouth (0.) Gas Co.6s,due 1929
20
146,000
1,010
Taxes
1,734,798
Richmond Lt. & RR.4s, due 1952
875
18
1.250,000
Spring Brook Water Co.(N. Y.) 5s,
Operating income
$4,700,309
due 1930
110.000
1,010
20
Total non-operating income
13,001
Union Gas & Elec. Co.55,due 1935_ _
21
552,000
1,040
Warren Lt. & Pow. Co. 5s, due 1931
2034
146,000
1,020
Gross corporate income
$4,722,310
The 53.6% interest bearing convertible investment certificates will be Interest on long term debt
1,467,206
delivered at $100. in exchange for the above stocks and bonds from holders Miscellaneous interest deductions
151,160
of such stocks and bonds at the values shown under option I above.
Amortization of debt discount and expense
12,422
The new securities will be delivered as soon after Jan. 11 1929, as they Amortization of premium on debt
Cr4,000
can be gotten ready.
Miscellaneous deductionsfrom gross corporate income
9,468
Class A stock will not be delivered at the time of exchange but depositors
will receive convertible debenture certificates in the principal amount of
Net income
$3,086.055
8100 for each two (2) shares of class A stock deliverable, which certificates Earnings per share on 511,110shares stock
$6.04
are convertible into class A stock at any time after 6 months from date of
Balance Sheet, Oct. 31 1928.
Issue at the option of the holder or the company: bear interest at the rate
LiavihittesAssets
of 6% per annum payable quarterly and provide that upon notice to the
$107,195,897 Capital stock
company, the holder may,if he so elects, receive in lieu of cash interest pay- Fixed capital
3,914,638 Total long-term debt
,0
0
$g , E,0 0 •
ments dividends in class A stock which he would receive on the class A Cash
,
932 Notes payable
20,000,000
stockinto which the certificate is convertible had he converted the same. Notes receivable
'1,933,068 Accounts payable
2,901,656
Holders of coupon bonds should deposit them with the Chase National Accounts receivable
4,246 Consumers' deposits
3,124,497
Bank, corner Pine and Nassau Ste., N. Y. City. Preferred stocks and Int. dc diva. receivable.,_ - - 2,893,694 Matured interest unpaid_ _
28,719
registered bonds should be sent to the Associated Gas & Electric Securities Materials& supplies
Prepayments
333.081 Dividends declared
4,165
Co., Room 2015. 61 Broadway, N. Y. City.
347,709 Misc, current liabilities_ _
40,705
The above offers supersede all previous ones and are subject to withdrawal Miscellaneous assets
145,019 Accrued liabilities
Unamort. de`,t disc & exps_
2,929.078
at any time.
-V. 127, p. 3394.
Total
American States Securities Corp.
-Reorganization Plan Miscellaneous suspense__- 2,186,141 Misc.reserves credits_- 16,545,968
46,430
unadJusted
Profit and loss,surplus
*14,999,206
Approved.
-President Frank T. Hulswit in a letter to the
stockholders and definitive option warrant holders, Dec. 22,
says in substance:
The plan of merger and consolidation of this corporation with the American Commonwealths Power Corp. was approved at the special meetings
of the stockholders held on Dec. 22 1928. (See V. 127. p. 3087.)
Further steps will now be taken under the direction of the respective
boards of directors of the two corporations to complete the consolidation
and thereupon the corporate existence of the American States Securities
Corp. will be terminated.
Exchange of Stocks.
-For each share of either class "A" common or class
"B" common stock of the American States Securities Corp. held as of
Dec. 31 1928, the stockholders will be entitled to 3-10 of one share of class
"A" common stock and 2-10 of one share of class "B' common stock of
the American Commonwealths Power Corp. Where fractional shares
occur fractional scrip certificates will be issued to the stockholder entitled
thereto, which fractional scrip certificates can be disposed of or acquired
in sufficient quantities to make up whole shares. 11. M. Pleune, VicePresident of the corporation, 1220 Grand Rapids National Bank Bldg.,
Grand Rapids Mich., will be pleased to be of assistance to stockholders
in the acquisition and disposition of fractional scrip certificates in order to
make up whole shares, but the corporation will not buy or sell fractional
scrip certificates.
Optional Privilege.
-As a special privilege extended to all stockholders,
they may waive their right to receive their proportionate amount of class
"B"common stock of the American Commonwealths Power Corp. and elect
to take all of their proportionate amount in class "A" common stock of the
American Commonwealths Power Corp., accompanied by warrants. To
the extent that they waive their right to take class "B"common stock, they
will receive an equivalent amount of class "A"common stock, accompanied
by subscription warrants entitling them to purchase additional shares of
class "A" common stock of the American Commonwealths Power Corp.
at 815 a share at the rate of one share of class "A" common stock for each
4 shares of class "B" common stock so waived.
These subscription warrants entitle the holder to subscribe for class "A"
common stock at $15 a share on or before Feb. 28 1929, when payment can
either be made in full or, as an alternative, payment of one-third may be
made on or before Feb. 28 1929, one-third on or before April 30 1929 and the
balance on or before July 1 1929.
The privilege of waiving the right to take class "B" common stock and
obtaining additional shares of class "A" common stock and accompanying
subscription warrants will expire at close of business Jan. 19 1929, and thereafter the American Commonwealths Power Corp. may issue in exchange
for American States Securities Corp.stocks only the following proportionate
amounts of class "A" common stock and class "B" common stock: 3-10 of 1
share of class "A" common stock and 2-10 of 1 share of class "B" common
stock of American Commonwealths Power Corp. for each share of either
class "A" or class "B" common stock of the American States Securities
Corp. of record on Dec. 31 1928.
Total
$118,999,425
Total
$118,999,424
* The profit and loss account is subject to adjustment at the end of the
fiscal year.
-V.126, p. 1499.
Chicago & West Towns Ry.-Bonds Offered.
-Harris
Trust & Savings Bank, Chicago are offering an additional
issue of $300,000 1st mtge. 6% gold bonds (Series B) at
963 and int. to yield over 7%. Dated July 1 1927; due
%
July 1 1932.
-Approved by the Illinois Commerce Commission.
Issuance.
Company.
-Owns and operates electric railway lines serving, without
competition, a thickly settled section immediately adjacent to the western
limits of the city of Chicago and having a population estimated to exceed
255,000. The communities in the territory served include Oak Park.
River Forest, Maywood, Forest Park, Cicero, Berwyn, Lyons, Riverside,
Brookfield and La Grange. Company also operates numerous bus routes
supplementing the railway service.
CapitalizationAuthorized Outstanding
Preferred stock 6% cumulative
$1,000,000 $1,000,000
Preferred, stock second 8%
500.000
210,000
Common stock
1,000.000
1,000,000
First mtge. due 1932, Series A 7%
$1,500,000
Series B 6% (including this issue)
725,000
Earnings
-Years Ended Nov. 31.
1928.
1927.
Gross Earnings
$1,469,003 $1,518,731
Operating Expenses, including Maintenance and
Taxes
1,127,145
1,108,586
Net Earnings Available for Interest Depreciation, Dividends, etc
Annual Bond Interest Charges Including this issue
-V. 125, p. 1459.
$360,417
$391,586
148,500
Columbia Gas & Electric Corp.
-New Officer.
-
Rowland H. Pell, Jr., formerly associated with Cravath Henderson
and de Gersdorff, has been elected Assistant Secretary of the Columbia
corporation and some of its subsidiaries.
-V. 127, p. 3242.
Consolidated Utilities Co.
-Control.
-
See Pacific Telephone & Telegraph Co. below.
-V. 121, p. 1347.
-Sale.
Consolidated Water, Power & Paper Co.
The company has sold its Port Arthur (Canada) properties to combined
Canadian interests, the two principal companies of which are the Abitibi
Power & Paper Co. and the Canadian Power & Paper Co., according to
Wisconsin Rapids, Wis., despatch.
-V.125, p. 912.
DEC. 29 1928.]
-To Be Reorganized.
Electric Bond & Share Co.
The company is reported to be considering a plan of reorganization
either the Electric Bond & Share Co. or the Electric Bond & Share Securities Corp. will be eliminated. The "Evening Post" in reporting the
matter further stated:
Officers of the company have not confirmed the report, but it is understood that, barring unforeseen difficulties, the details will be worked out
In the next few weeks and a full announcement made in January.
In some quarters there is a disposition to credit the reports of negotiations in view of the belief that the usefulness of the double organization
has been outlived. The Electric Bond & Share Securities Corp. was
formed several years ago as a means of distributing the stock holdings of
the General Electric Co.
The Electric Bond & Share Co. has 500,000 shares of $100 par common
and $50,000,000 6% curaul. preferred. The securities corporation owns
all common and 300 shares of the preferred.
The only outstanding capital of the securities corporation is 3,205,088
shares of no par capital stock.
If one or the other company is to be eliminated many believe it will be
the Electric Bond & Share Co. since the charter of the securities company
is better suited to the requirements of the organization. The present
'
charter of Electric Bond & Share is inelastic and provides that no common
dividend may be paid unless after such dividends there remains a corporate
surplus equal to at least 18% of the par value of the outstanding preferred.
In addition, the amount of preferred outstanding cannot exceed the
amount of common outstanding. These provisions have restricted new
financing.
[The Guaranty Trust Co. of New York hasibeen appointed registrar for
an additional 150.000 shares of common stock, par $100.]-V. 127, p.11805.
General Gas & Electric Corp.
-Listing.
The New York Stock Exchange has authorized the listing of 5,393 additional shares of common stock, class A, without par value and 12,970 additional shares of common stock, class B without par value on official notice
of issuance and payment in full making the total amount applied for as
follows: 366,866 shares of common stock, class A and 229,280 shares of
common stock, class B.
The above shares now applied for represent the maximum number of
additional shares required to be listed for issuance to holders of common
stock, class A, and common stock, class B, respectively, for subscriptions
to additional shares to the extent of the dividend payable Jan. 1 1929, to
holders of record Dec. 12, the proceeds to be used for general corporate
purposes.
Consolidated Income Account Year Ended Sept. 30 1928(Corp.and Subs.)
Operating revenue
$22,944,938
Operating expenses and taxes,including Federal income taxes
a9,5 7,085
Maintenance
2,496,447
Depreciation
1,574.620
Rentals
380,765
Operating
Other income
Total income
Interest on funded debt
Other interest and miscellaneous
Amortization of discount and expense
Preferred stock dividends of subsidiaries
Minority interests
3705
FINANCIAL CHRONICLE
$8,936,021
1,080,728
$10,016,748
$3,578,015
183,418
291,752
2,114,557
254,813
Net income, transferred to surplus account
$3,594,193
a Includes Federal income taxes of $751,404.
The net income for the year ended Sept. 30 1928, is equivalent to $6.99
per share on the common stock, class A, outstanding Sept. 30 1928, or
$3.22 per share on the common stock, class A and common stock, class B
combined.
Consolidated General Balance Sheet.
Sept. 30'28. June 30'28.
Sept. 30'28. June 30'28.
Assets
Liabilities
Property
144,974,067 145,846,185 *Capital stock &
Excessof holding
div. particip. 31,341,037 31,210,735
co's.valuations
Subsidiary cos__ 35,192,617 34,943,515
of Interco. sec.
Funded debt:
over value on
Sub. cos
88,723,800 89,034,800
bonds of issuPay'ts by subscr.
for pref.stocks
ing company_ 3,234,231
.
Fundsfor constr.
(subsidiaries)_
83,011
114,969
with trustee_ _ 11,815,686 13,297,046 Notes payable
671,867
171,867
Securities owned 2,592,962 2,540,501 Accts. payable
1,054,802 1,078,912
Sink.& oth.fds_
796,698
807,538 Consumer's dep.
660,925
652,348
Cash & call loami 2,517,663 3,737,455 Adv.by consumNotes receivable
37,717
38,507
ers for extens_
407,341
434,332
Accts. receivable 2,407,546 2,317,414 Miscellaneous _ _
67,909
75,687
Materials & supAccrued Dab_ _ _ 2,646,705 2,604,922
plies(at cost)- 1,716,107 1,836,597 Reserves, total_ 10,609,648 10,884,066
funds &
Working
Min. int. in sur.
miscellaneous.
348,413
376,085 of subsidiaries
555,966
661,134
Unamort. disc.&
Surp..incl. surp.
9,421,666 9,479,044
expense
of sub. cos. at
Unamort.soli.of
date of acquts. 8,416,504 8,999,388
469,368
prop.accounts
459,503
Undistrib. debit
109,872
121,935
Items
180,432,137 180,866,681
Total
Total
180,432,137 180,866,681
Capital Stock
Sept. 30 1928. June 30 1928.
8 cumulative preferred stock, class A
62,601.1 she. 62,601.1 she.
$7 Cumulative preferred stock, class A
40.000 she. 40,000 shs.
Cumulative preferred stock. class B
43,399.1 she. 43,399.1 shs.
Common stock, class A
359,198.5 shs. 353,926 shs.
Scrip certificates for common stock, class A
(exchangeable for full shares)
1,237.6 she.
1,298 she.
Common stock, class B
216,177.4 shs. 216,174.4 shs.
Scrip certificates for common stock, class B
(exchangeable for full shares)
47.3 shs.
50.3 she.
Dividend participations
380,320.8
380,320.8
-V. 127, D. 324,1.
Gesfurel (Gesellschaft fur elektrische Unterneh-Rights.
mungen), Germany.
The holders of interim receipts of National Bank of Commerce in New
York for Gesfurel 6% sinking fund gold debentures, with stock purchase
warrants, are being notified by Harr, Forbes & Co. that the stockholders
of Gesfurel are being offered the right to subscribe in Berlin during a period
beginning Dec. 24 1928, and ending Jan. 21 1929, both incl., to new shares
(par value 100 reichsmarks) of Gesfurel in the ratio of one new share for
each 10 old shares held. The subscription price is 150 reichsmarks per new
share (about $35.70 at par of exchange) to which must be added customary
German taxes and incidental expenses including shipping and foreign exchange costs. The new shares will carry any dividends declared for 1929
(payable in 1930). Holders of less than 10 shares are not entitled to subscribe to the additional new shares. Holders ofinterim receipts may become
entitled to subscribe for the additional new stock only if they exercise
their warrants and become stockholders of the company prior to Jan. 21
1929.-V. 126, p. 3752.
Great Consolidated Electric Power Co., Ltd., of
Japan (Daido Denryoku Kabushiki Kaisha).-Bds.Called
It is announced that 8250,000 let mtge. 7% sinking fund gold bonds,
series A. have been designated by lot for redemption on Feb. 1 1929 for
the sinking fund. The bonds will be payable at 100 and int. at the principal
office of Dillon. Read & Co. in New York or at the principal office of
-V. 127, p. 1946.
J. Henry Schroder & Co. in London.
-Expenditures.
Illinois Bell Telephone Co.
The directors have authorized the expenditure of $2,372.095 for new plant
in Chicago and $1,472.783 for work in Northern Illinois outside of Chicago,
bringing total expenditures for the year to date to $32,848,766.-V. 127.
P. 2955.
Kentucky State Telephone Co.
-Bonds Offered.
True Securities Co., Lloyd E. Work & Co. and Forgan
Gray & Co., Chicago, recently offered at 99 and int. $350,000
1st mtge.6% gold bonds.
Dated Sept. 1 1928; due Sept. 1 1948. Principal and in (m. & 8.)
payable at Central Trust Co. of Illinois, trustee. Denoms. $100, $500 and
Red. all or part on any date prior to maturity on 30 days'
$1.000c
notice at 105 and int. Company agrees to pay int-rest without deduction
*.
for Federal income taxes not exceeding 2%; to refund upon due application
as provided in the mortgage to the holders who are residents of any jurisdiction under the sovereignty of the U. S. A., any property taxes assessed
not exceeding five mills per annum, and to residents of Massachusetts all
income taxes not in excess of6% of the interest paid in any year.
Data from Letter of R. V. L. Wright, Pres. of the Company.
-Organized in Delaware, and owns and operates a general
Company.
telephone business in the State of Kentucky. Properties are located in
nine counties in the Blue Grass region and the rapidly developing coal and
industrial area of Eastern Kentucky, and render local and long distance
telephone service without competition in all communities served except
two where the competition is restricted by the fact that the competing
company has no long distance connection.
The territory served includes a population of 98,000 out of a total of
132.000 in the nine counties served. It includes more than 52 communities,
which are the commercial centers of the agricultural and industrial communities in which they are situated.
Company maintains and operates 16 central offices, eight of which are
located in county seats and the remainder in the principal commercial and
industrial centers of the various counties served. Company owns 145
miles of toll pole lines, and serves a total of 3,494 subscribers' stations,
of which 3,200 are company owned and 294 are service stations.
Authorized. Outstanding.
Capitalization1st mtge.6% gold bonds,series A$350.000
5,003 she.
75.000
7% preferred stock
5,000 she.
5,000 she.
Common stock (no par value)
a The issuance of additional bonds is restricted by the trust indenture.
-The records of the predecessor companies have been audited
Earnings.
by Haskins & Sells, and after the elimination of certain non-recurring
charges, showed the following results for the year ended June 30 1928:
$75.158
Exchange revenue
22.781
Toll revenue •
1,353
Miscellaneous revenue
Total operating revenue
Operating expenses,including local taxes
$99,294
50,586
$48,708
Net available for int.,depreciation & Federal taxes
21,000
Interest charges on the above bonds
It will be noted that the above shows approximately, interest charges
earned 2.3 times: 23% of the gross earnings are derived from toll business:
gross revenue of $30 per station; and an operating ratio of 50%•
Sinking Fund.-lndenture provides for the payment to the trustee of a
sinking fund (chargeable against the maintenance and depreciation reserve
fund) for the series A bonds, on or before Mar. 1 1950 to and including
Mar. 11939, an amount equal to 1% of the amount of series A bonds outstanding on the next preceding Dec. 31. and thereafter to and including
Mar. 1 1948. an amount equal to 2% of the amount of series A bonds outstanding on the preceding Dec. 31, to be applied in the purchase and (or)
redemption of series A bonds at not exceeding the redemption price. Payments to the sinking fund may be made in cash and (or) in series A bonds
to be taken at cost to the company or at the redemption price whichever
shall be lower.
Lincoln Telephone Securities Co.-I-Pref. Stock Offered.
Kalman & Co., St. Paul, are offering at $100 and. div.
$1,000,000 cumulative 6% preferred stock.
Fully paid and non-assessable; exempt from present normal Fderal
-J.
income tax. Preferred as to assets and as to dividends. Divs. payable Q.
Red. all or part on any div, date upon 30 days' notice at 105 and div.
Registerable and transferable at the company's office, Lincoln, Neb.
Data from Letter of Frank H. Woods, Pres. of the Company.
Cornpany.-A Delaware corporation. Was organized in May 1928 by
the directors of the Lincoln Telephone & Telegraph Co. for the purpose of
acquiring control of the voting stock of the Telephone Company, which
was widely scattered. To date there has been acquired by the Securities
company more than 63% of the outstanding common stock and 35% of the
outstanding class A cumulative 6% preferred stock of the Telephone company; additional amounts of these two classes of stock are being acquired
from time to time. The proceeds of this issue will be used for the purchase
of $ ,000.000 (entire issue) of special participating preferred stock of the
Telephone company now outstanding, this entire amount having been purchased on Dec. 1 1928.
Equity.
-The stockholders of the Securities company have invested over
$1,585,000 in the common stocks of the company, which are now issued
and outstanding.
Earnings.
-The principal source of earnings of the Securities company
Is from the dividends that it receives on the stocks of the Telephone company whi hit owns. Including $1,000,000 of special participating preferred stock of the Telephone company which it is purchasing with the
proceeds of this issue, the Securities company will own more than 60%
of all of the outstanding stocks of the Telephone company. Through
the ownership of such stocks it exercises complete control of the Telephone
company.
The earnings of the Telephone company for the year ended Oct. 31 1928,
after deducting liberal maintenance charges, interest, dividends on minority
outstanding stocks and all other expenses except depreciation, amounted
to $1,021,718. This amount is approximately 5;4 times the dividend requirements on all of the Securities company's preferred stock outstanding.
including the present issue.
Capitalization.
Outstanding.
Authorized.
$5,000,000 033.049.600
Cumulative 6% preferred stock-(par $100)
70,000 shares 17.558 shares
Class A common stock-(no par value)
Class B common stock
30,000 shares 30,000 shares
@Including $1,000,000 (this issue) the proceeds of which are to be used
for the purchase of $1,000,000 of special, participating preferred stock of
the Lincoln Telephone & Telegraph Co. at par.
Management -The officers and directors of the Securities company are
practically identical with those of the Telephone Company.
-This preferred stock shall be entitled to one vote per share
Voting Power.
whenever dividends on said stock are in arrears for four dividend periods.
Otherwise the preferred stock shall have no voting power.
-Balance Sheet
Lincoln Telephone & Telegraph Co.
Oct. 31 1928.Assets
Fixed capital & investments_ _$11,215,635
260,803
Cash & dePoslts
504,635
Marketable securities
134,014
Bills receivable
200,910
Accounts receivable
457,258
Materials & supplies
8,175
Accrued income not due
117,387
Deferred eases
Liabilities
$3.228.725
Common stock
1,959,225
Class A preferred stock
4,875
Installment purchases
Special particip. preferred stk 1,000,000
2,000,000
Funded debt
76,700
Bills payable
247,148
Accounts payable
420,911
Accrued accounts
146,017
Deferred liabilities
2,707,820
Depreciation reserve
Surplus & undivided profits_ _ 1,107,396
$12,898,820 Total
Total
-V. 126, p. 867.
See also Lincoln Telephone Securities Co.
812,898,820
Massachusetts Utilities Associates.
-New Officers, Atc.
Charles R. Adams has been elected as Vice-President, Paul B. Webber
as Treasurer, and George F. Howland as Assistant Treasurer and Comptroller.
The company has declared the regular quarterly dividend of 6234c.
Per share on the pref. stock, payable Jan. 15 to holders of record Dec. 20.
-V. 127, p. 3244, 2817.
-Sale Postponed.
Michigan RR.
The sale of the road at public auction by a special master appointed by
the H. S. District Court has been postponed from Dec. 20 to Jan. 17.V. 127, p. 2956.
-Rights.
Nevada-California Electric Corp.
The pref. and common stockholders of record Dec. 29 have been given
the right to subscribe on or before Feb. 1 1929 for approximately $1,800,000
additional pref. stock at par ($100 per share) on the basis of one new pref.
3706
FINANCIAL CHRONICLE
Share for each 10 shares of pref. or-corn. stock held."' Subscriptions are
payable (a) either in full, plus $2 per share (as adjustment of the excess of
7% dive over int. at the rate of 5% to Feb. 1 1930) or (13) on the partial
payment plan, viz.: $10 per share on or before Feb. 1 1929, $20 per share
each on or before May 1, Aug. 1 and Nov. 1 1929, and $30 (less $2.80 adjustment of int. at the rate of 7% on first four installments) on or before
Feb. 1 1930.-V. 126. p. 2475.
Earnings 12 Months End. Nov. 30 (Including Sub. Cos.)
1928.
1927.
Gross operating earnings
S5,441,303 $5,100,011
Operating & general expenses & taxes
2,328,951
2,338,439
Operating profits
Non-operating earnings(net)
$3,112,352 $2,761,572
108,782
113,885
Totalincome
Interest
Depreciation
Discount & expense on securities sold
Miscellaneous additions & deductions
$3,221,134 $2,875,457
1,388,471
1,473,876
572,378
603,862
97,966
97,456
Cr.14.159
Cr.58,975
Surplus avail,for redemption of bonds,div., &c _ $1.060,099
-V.126, p. 2475.
$875,617
New York Edison Co.
-Closes Contract.
-
See International Combustion Engineering Corp. under "Industrials"
below.
-V. 127. p. 3089.
North American Co.
-Listing.
--
The New York Stock Exchange has authorized the listing of 125,002
additional shares of its common stock without par value on official notice
of issuance as a stock dividend of 23•5% payable on Jan. 2 1929. with
authority to add to the list 11,150 shares, on official notice of issuance in
exchange for 8,920 shares of common stock of Western Power Corp., making
the total number of shares applied for to date 5,148,112 shares.
-V. 127,
P. 3090.
Northern Mexico Power Development Co., Ltd.
Control Sought.
An official notice, signed by Secretary T. A. Spoor, advises the shareholders that an offer has been made for the purchase of all the common
stock on a basis equivalent to $125 per share. The offer is conditional on
65% of the shares being acquired.
The notice concludes as follows: "A number of larger shareholders have
already indicated their willingness to accept the offer. A formal notice
will be sent to the shareholders in due cause."
-V.126. P. 3755.
[VOL. 127.
of class A stock with a bonus of 1 share of class B stock for
each 10 shares of class A purchased, at a price of $330 per unit.
Company.
-Through its operating subsidiaries: The National Telephone
Co., Matane & Gaspe Telephone Co., Beauce Telephone Co., Portneuf
Telephone Co., St. Maurice & Champlain Telephone Co.,is giving telephone
service to important areas in the Province of Quebec in the counties of:
St. Maurice, Champlain, Portneuf, Lotbiniere, Levis, Beauce, Dorchester.
Bellechasse, Montmagny, L'Islet, Rimouski, Matane, Gaspe.
The corporation controls over 2.600 miles of lines serving a population
of over 350,000 inhabitants. The lines of the operating companies are
connected with those of the Bell Telephone Co., the New Brunswick Telephone Co. and other independent companies, thereby giving patrons of the
uebec Telep
service
& Power Corp. systems complete telephone svice
t oughout Canada and the United States.
throughout
Earnings of the corporation and its subsidiaries have shown steady
growth, having increased from $85,829 in 1923 to $107,783 in 1927, while.
for the current year-with results for the last 2 months estimated-earnings
of $163,000 are indicated.
Dividends -It is said to be the intention of the directors to place the "A"
shares on a dividend basis by the payment of a quarterly dividend of 40
cents per share beginning on April 1, 1929; 45 cents April 1, 1930; and 50
cents April 1, 1931.
Purpose.
-In addition to providing funds for corporate needs the purpose
of this issue is to retire all bonds and to pay all current liabilities.
Listing -Application will be made in due course to list the shares on the
Montreal Curb Market.
Capitalization.
-On completion of this financing outstanding capitalization of the corporation will consist of 44,000 shares of an authorized 50,000
shares of no par value Class "A"stock; and 44,000 of an authorized 50,000
shares of no par value Class "B"stock.
St. Louis Gas 8c Coke Corp.
-Sales, &c.
-
Sales of pig iron for the 11 months ended Nov. 30 1928 amounted to
272,677 tons, and estimated sales for the month of December are reported
as 36.000 tons, making a total of 308,677 tons for the year 1928.
The company also reports unfilled orders of approximately 140,000 tons,
or equal to the plant's production capacity up to April 1 1929. The price
of pig iron has gradually increased during the last few months and this has
materially improved the company's earnings. The company has paid its
interest on bonds and has also met the sinking fund requirements set forth
in the bond indenture.
-V. 126, p. 3119.
Scranton-Spring Brook Water Service Co.
-Rates.
-
Earnings of this company, one of the largest subsidiaries of the Federal
Water Service Corp. will be increased approximately $1,250,000 annually
as a result of the temporary order made by the Pennsylvania P. S. Commission on Dec.22. it was reported this week. The Commission authorized
the company to put into effect, with some modifications, a new water rate
Pacific Gas & Electric Co.
-Expenditures.
During the year 1928 the company expended approximately $20,000,000 schedule filed last May,and to collect the higher rates as from July 1 1928.
on extensions and enlargements of its system, it is announced.
-V. 127, P• -V. 127, p. 3541.
3541.
Southern Canada Power Co., Ltd.
-Split Up.
-
Pacific Public Service Co. (Del.)
-for-1
The shareholders have ratified the plan to split up the shares on a 4
-Definitive Notes, &c.
Definitive two-year 534% secured convertible gold notes due Nov. 1 basis (see. V. 127, P. 2529).
It is expected that the new shares will be placed on a $1 annual dividend
1930, are ready for delivery at the Bank of Italy National Trust& Savings
Association, California-Montgomery office, San Francisco, Calif., in ex- basis, the first payment to be made on Feb. 15 next.
-V. 127. p. 3541.
change for and upon surrender of outstanding trustee's interim receipts.
These definitive notes are convertible at any time at the option of the
Southwest Gas Co.
-Transfer Agent.
holder into class A common stock on the basis of 50 shares of stock for each
The Chatham Phenix National Bank & Trust Co. has been appointed
$1,000 of notes on presentation at the offices of the company, 504 Hunter- transfer agent of 200,000 shares of no par value common stock.
-V. 127.
Dulin Building, San Francisco, Calif.
P. 1105.
Permanent class A common stock certificates are now ready for exchange
for the temporary stock certificates, and exchange may be made at the
-Halsey,
-Notes Offered.
State Line Generating Co.
following transfer agents: A. E. Fitkin & Co., Inc.. 39 Broadway, New
York City: Central Trust Co. of Illinois, 125 West Monroe St., Chicago, Stuart & Co., Inc., are offering at 99.10 and int. $14,000,000
Ill. or at the company's office in San Francisco. See offerings in V. 127, 2
-year 5%% gold notes.
P. 3245 and 2527.
Dated Dec. 11928; due Dec. 1 1930. Principal and interest payable at
Stuart
Chicago and New York. Interest
Pacific Telephone & Telegraph Co.
-Acquisitions.
--- offices of Halsey,without& Co., Inc., in Federal income taxes now or herepayable J. & D.
deduction
The I.
-S. C. Commission on Dec. 14 approved the acquisition by the after deductible at the source, not infor
excess of 2%. Red. all or part at any
company of control of the Consolidated Utilities Co. by purchase of its time upon 30 days' notice at the following prices and int.: 100.50 prior to
capital stock. The report of the Commission says in part:
thereafter to maturity at 100. Dili enom.
On May 24 1927 Peirce, Fair & Co. gave the applicant an option to pur- Dec. 1 1929 and on Dec. 1 1929 and
reimburse the holders of these
chase 774.4 shares of the common stock and 103 shares of the pref. stock $1,000 and $500 0'. Company will agree to
notes if requested within 60 days after payment for the Penn. 4 mills tax.
of the Consolidated for $260,000 cash. This option was exercised by the for the Conn. personal property tax not exceeding 4 mills per dollar per
applicant on July 12 1927. No separation is mule with respect to the unit annum, and for the Mass, income tax on the interest not exceeding 6%
Prices to be paid for each class of stock. There are outstanding 805.9
such interest per annum.
shares of common and 617 shares of preferred. The pref. stock is callable ofIssuance-Authorized by the Public Service Commission of Indiana.
at 105, and the applicant has expressed its willingness to acquire all the Data from Letter of President Samuel Insull, Chicago, Dec. 22.
additional shares at that price. It would also acquire the remaining 31.5
Company.-Or_ganized in Indiana to furnish power at wholesale to the
shares of common stock at a reasonable price. These shares have been Commonwealth Edison Co., Public Service Co. of Northern Illinois, Northoffered to it at a price of $150 each. On the assumption that the applicant ern Indiana Public Service Co. and Interstate Public Service Co. Comshould acquire the remaining pref. stock at the callable price and the 31.5 pany owns
located on the shores of Lake Michigan immediately southshares of common for $150 a share, the total cost to it of all of the stock east of the a site
Illinois-Indiana State line, upon which is being built a large and
of the Consolidated would be $318,695. In the proceeding before the advanced type of generating station, the first unit of which is expected
California Commission the applicant stipulated on behalfof itself, its sucin the fall of 1929. The total area of the site owned is
cessors and assigns that the price which it will pay for the stock of the Con- to be in operation acres, of which 76 acres consist of filled-in land, title to
90
solidated will not be claimed by it before that Commission or other public approximately granted by the State of Indiana to the State Line Generating
which has been
authority as representing, for rate-fixing or any other purpose, the fair Co. The power station site combines the essential advantages of central
value of the property of the Consolidated.
location for the important loads to be served in the district, abundant supply of clean condensing water, excellent railway service for the provision of
Control of Corona Home Telephone & Telegraph Co.
accommodations for some 500,000 tons of coal. In
The Commission also approved the acquisition by the company of control coal, and storage
addition to the existing means of serving the plant with fuel by rail, arrangeof the Corona Home Telephone & Telegraph Co. by purchase of the capital ments have been made allowing for its transportation to the station by water.
stock. The report of the Commission says in part:
The first unit of the power station now being installed will consist of a
On May 24 1927 Peirce. Fair & Co. gave the applicant an option to purcompound turbine, equipped with 8 vertical condensers
chase 4,240.75 shares of the capital stock of the Corona company (par $10 208,000 kilowatt
of a
of 360.000 gallons of water per minute and served with steam
each) for $75,000, payable in cash. This option was exercised July 12 1927. fromcapacity tube boilers fired by means of powdered fuel equipment. The
6 water
The proposed purchase includes all of the capital stock of the Corona comadd from time to time four additional large units to
pany, except one share. An appraisal made by the applicant's inventory present intention is to capacity of 1,000,000 kilowatts.
ultimate minimum
and costs engineer finds the cost of reproduction new of the physical prop- anThe purpose of constructing the State Line Generating Station is to assure
erties of the Corona company to be $143,625 and less depreciation $97,753.
lowest possible cost. Company will own no transIn the proceeding before the California Commission the applicant filed a a supply of energy at theits own property and no substations except those
beyond
mission
stipulation in which it agreed for itself, its successors and assigns that the requiredsystem own use, and will sell its entire capacity to the four confor its
price to be paid for the stock of the Corona company will not be claimed by tracting companies at its property line. The size and character of the four
It before that Commission or other public authority as representing the fair contracting utility companies, together with the nature of the power convalue of the property of the Corona company for rate-fixing or any other tracts entered into by them with the State Line Generating Co., assure the
purpose.
-V. 127, p. 2957.
latter company a maximum load and a certain source ef income.
Capitalization Outstanding (Upon Completoin of the Present Financing).
Penn-Ohio Edison Co.(& Subs.).
-Earnings.-$14.000,000
Two-year 535% gold notes (this issue)
12 Mos. Ended Nov. 301927.
1928.
Capital stock, now outstanding in the nominal amount of $466,000, is
Gross earnings
$26,610,625 $25.580,857 owned (except directors' qualifying shares) directly or through subsidiaries
°mating expenses & taxes
15.799,670 16.297 186 to the extent indicated by the companies following, and each owning comFixed charges
5,689,614 pany has obligated itself to furnish its proportionate part of any necessary
6,268,595
funds: Commonwealth Edison Co.. 40%; Public Service Co. of
Net income
056 additionalIllinois, 30%; Northern Indiana Public Service Co., 20%; Inter$4,542,360 $3,594,
Northern
7% prior pref. dividends
551,366 state Public Service Co., 10%.
568,609
$6 preferred dividends
297,387
295,374
-The cost of the station and initial installation of generating
Completion.
equipment is estimated at 828,500,000. The owning companies have
Bal.for retire. reserve & com.dive
$3.678,378 $2,745,304 obligated themselves. in the respective proportions in which they now own
The merger of Penn-Ohio Edison Co., Penn-Ohio Securities Corp. and the capital stock of the company, to furnish all necessary funds in excess
the Northern Ohio Power Co. became effective as of Nov. 20 1928. Stock- of the proceeds from the sale of not to exceed $21,000,000 principal amount
holders of Penn-Ohio Edison Co. are reminded that no further action on of notes and (or) bonds to complete the station and initial installation. All
their part is required, as the several stock issues of that company auto- such advances will rank junior to the obligation of the company to Pay
matically become the stock issues of the merged company. Stockholders principal and interest on this issue of notes and a subsequent proposed Issue
of Penn-Ohio Securities Corp. and the Northern Ohio Power Co. should of not to exceed $7,000,000 principal amount of notes and (or) hoods.
transmit their certificates to trust department, Guaranty Trust Co. of
-The proceeds from the sale of these notes (the portion thereof
Purpose.
New York City, in exchange for the securities of Penn-Ohio Edison Co. to not used to refund current borrowings will be escrowed with an independent
which they are entitled under the merger plan -V.127, p. 3397.
depositary) and from a short term note issue and (or) bond issue planned to
be issued later in a principal amount not to exceed $7,000.000, will be used
Peoples Gas & Light & Coke Co.
-New Dirsctors.to meet a part of
SLuyvesant Peabody has been elected a director to fill the vacancy ing equipment. the cost of the station and the initial installation of generat-V. 127, p. 2229.
caused by the death of James A. Patten.
-Fifty-year contracts have been entered into for the furnish• Earnings.
ing of electrical energy by State Line Generating Co. to Commonwealth
-Resignation.
Public Service Corp. of New Jersey.
Edison Co.. Public Service CO. of Northern Illinois, Northern Indiana
Col. Anthony R. Kuser has resigned as a director of the corporation and
Co. and Interstate Public Service Co. These contracts
its subsidiary companies. He was also a member of the executive coM- Public Servicethe station's entire output from its initial capacity now being
together cover
mittee.-V. 127. P. 3091.
installed as well as that from additional units later to be installed when
contracting companies. Under
mutually
by the company and
- the termsagreed tocontracts, regardless thethe amount ef electricity taken,
-Stock Offered.
Quebec Telephone & Power Corp.
of
of these
Public offering is being made by H. B. Robinson & Co., monthly payments are to be made to the company by the contracting companies
proportions in which they or their subsidiaries now
Ltd., Montreal, of 44,000 shares of class A (no par) common capital(in theof the company) aggregating a sufficient amount toown the
pay all
stock
stock. These shares are being offered in units of 10 shares taxes, insurance and charges to retirement reserve and a return to be fixed
DEC. 29 1928.]
FINANCIAL CHRONICLE
by the company but not to exceed 8% of the company's investment (such
charges to retirement reserve and the return being subject in respect to
energy sold to Northern Indiana Public Service Co. and Interstate Public
Service Co. to review by the Public Service Commission of Indiana(, and in
addition to pay other actual operating costs except the cost of fuel burned.
Each contracting company will be entitled to its proportionate part of the
total output and will be billed monthly for the cost of the fuel burned on the
basis of the amount of electricity actually taken by such company.
The company has covenanted, that so long as any of these notes remain
outstanding and provision for the payment thereofshall not have been made,
it will not cancel or modify in any material respect either the contracts to
supply funds for completion of the station and the initial installation of
generating equipment or the power contracts, all above mentioned.
Under the power contracts the following are the estimated annual earnings and expenses of the company after the completion of the 208,000
kilowatt capacity of the station now being installed:
$7,555,850
Gross earnings
Operating expenses, maint. & taxes (except Federal)
4,426,350
3707
-Initial Dividend.
Aluminum Goods Mfg. Co.
The directors have declared an initial quarterly dividend of 30 cents
per share on the new common stock, no par value, payable Jan. 1 to holders
of record Dec. 27. See also V. 127, p. 3543.
-Additional
American Bondholders & Share Corp.
Interest of $10.
The corporation announces to the holders of its 4%% series A debentures
that on Jan. 1 1929 a second additional interest disbursement of $10 will
be paid for the year 1928, making a total of 7% for the year. See also
V. 127, p. 1678.
-Fuller, Rich-Stock Offered.
American-Colonial Corp.
ter, Aldrich & Co., Hartford, Conn. have sold 20,000 shares
capital stock (par $25) at $30 per share.
Travelers Bank & Trust Co., registrar; Phoenix State Bank & Trust Co.,
transfer agent; Bank of New York & Trust Co., New York City, custodian
of securities.
Issued.
Authorized.
Capitalization40,000 abs. *mow shs.
Capitalstock ($25 par)
* A substantial amount of this stock, paid for in cash, is to be held by the
management.
Tyrol Hydro-Electric Power Co.
-Listing.
Bustness.-Corporation has been organized in Connecticut to buy, sell,
The New York Stock Exchange has authorized the listing of $3,000,000
syndihold stocks and securities of
7% guaranteed secured mortgage sinking fund gold bonds (guaranteed by trade in orunderwritings and to exerciseany kind, to particpiate in to its
such powers as, according
the State of Tyrol and the City of Innsbruck), due Feb. 1 1952.-V. 126, cates and
charter, the board of directors may, from time to time, determine.
p.253.
-The officers and directorate of the company will include
Management.
the following: Ferdinand Richter, C. Morgan Aldrich, Jesse Moore,
Henry P. Spavord, George P. Welch, Hartford; Henry P. Andrae. Milwaukee; John C. Loomis, New Britain; Prances A. Beach, Middletown;
INDUSTRIAL AND MISCELLANEOUS.
Chauncey G. Bevin. East Hampton; W. W. Zachary. Baltimore.
An investment committee, consisting of not less than three members
Copper Prices Advanced
copper producers are asking 16 y, cents a of the board of directors, will be elected. The duties of this committee,
pound delivered, for domestic shipments. Boston "News Bureau" Dec. will, in part, consist in the selection of suitable investments for the cor1.
poration and the using of their best judgment in the buying and selling of
Brass Prices Advanced.
-American Brass Co. advanced brass products, securities to the best advantage of the stockholders. According to the
seamless tubas and nickel silver % cent, brass scrap Yi cent and copper by-laws of the corporation the officers (except assistant officers), and the
products % cents. American Brass Co. also advanced price of copper directors are to serve for the first fiscal year of operation without compensawire % cent a pound. "Boston News Bureau" Dec. 27. P. 1.
tion. An accounting of the books of the corporation by certified public
Iron Workers Ask Wage Increase.
-Union iron workers in St. Louis are accountants will be made quarterly.
asking a wage increase to $14 a day from 412 for ordinary workmen and to
$15 from $14 for foremen. "Wall Street Journal" Dec. 27, p. 5.
American Cynamid
Each common stockholder of record Jan. 10 will be given the right to
Matters Covered in "Chronicle" of Dec. 22.-(a) Is not group speculating
subscribe on or before Feb. 4 for additional class B common stock at par
a "conspiracy" making for inflation, p. 3461. (b) Pres. Sloan of the
General /vIotors Corp. on the outlook for 1929. p. 3467. (c) Production ($20 per share) on the basis of one new class B share for each two shares of
of rubber tires in October higher, shipments decrease, inventories show class A or class B common stock owned. The proceeds are to be used to
gain, p. 3467. (d) N. Y. bankers acquire block of Hungarian General provide for the expansion of the company's plants at Niagara Falls, Oat.,
Savings Bank stock, offering of American shame to be made in near future, Warners, N. H., and Brewster, Fla.
-V. 127.
The stockholders will vote Jan. 3 on approving this offering.
p. 3480. (e) Proposed offering of German Savings Institution. p. 3480.
(f) N. Y. Stock Exchange purchases Blair and Commercial Cable Build- P. 3248.
ink's, P. 3481. (g) Market value of stocks listed on Los Angeles Stock
-Acquisition.
Exchange in November aggregated over six billion dollars, p. 3481. (h)
American Department Stores Corp.
Market value of listed shares on N. Y. Stock Exchange on Dec. 1 $66,The corporation has purchased the Eisenberg Department Store of Balti113,255,317. increase of over $5,000,000.000 in month, p. 3481. (I) Se- more. The latter will operate under the name of Eisenberg Co., which,it is
curities traded in on N. Y. Produce Exchange, p. 3482. (J) Incorporation said, does an annual business of about 44.000,000.-V. 127. P. 3543.
of Panama-American Trust under laws of Panama, p. 3487. (k) Bank
of Italy, with security company, will have capital funds in excess of 4500,American Encaustic Tiling Co.,Ltd.-Proposed Split-up.
-world's largest banking capital. rt. 3487.
000,000
The stockholders will vote on January, 22 it is reported, on approving a
-for-1 basis. At last accounts,
to split up the capital stock on a 2
p-oposal
Aetna-Standard Engineering Co.
-Extra Dividend.
- the company had outstanding 118,767 shares out of an authorized issue or
The directors have declared an extra dividend of 41 per share in addition 126,000 shares of no par value.
-V. 127, p. 3092.
to the regular quarterly dividend of 62% cents per share on the common
-$1 Dividend.
stock, both payable Jan. 2 to holders of record Dec. 24. This brings total
American-Hawaiian Steamship Co.
payments for the year to 43.50 per share on this issue.
The directors have declared a dividend of $1 per share out of surplus.
The company operates plants in Warren and Ellwood City, 0. It re- payable Jan. 1. The last previous payment was a quarterly distribution of
cently acquired rights to a new annealing process for sheets, strips and 15 cents per share on April 1 1925.-V. 126, p. 2649. _
-V. 127, p. 108.
tin plate.
Net earnings before depreciation and interest on the company's
maximum funded debt of 421,000,000 principal amount
then to be outstanding
43,129,500
-V. 127, p. 954.
Alabama Braid Corp., Gasden, Ala.
-Bonds Offered.
An issue of $150,000 1st mtge. 7% serial gold bonds (with
common stock bonus) was recently offered at 100 and
int. by Marx & Co., Birmingham, Ala. Each $1,000 bond
carries a bonus of five shares of common stock.
Dated Oct. 1 1928; due Oct. 1 1931 to 1943 incl. Principal and int.
(A. & 0.) payable at office of Marx & Co. Birmingham, Ala. Denom.
$1,000. Red. all or part at 105 and int. on any int. date upon 60 days'
notice. If only part of issue is called it shall be in inverse order of maturity,
and if the bonds to be redeemed are less than all of the bonds of a particular
maturity, the trustee shall determine the bonds of that maturity to be so
redeemed by thawing lots. Company agrees to pay interest without deduction for any normal Federal income tax up to 2%. First National Bank
of Gadsden, trustee.
Data from Letter of Benjamin Kahn, Pres. of the Company.
Compang.-Ineorp. In Ala., in Nov. 1928. Has acquired the business and
assets of the Tex-O-Ray Corp. now being operated at Whitestone, L. I.,
and in addition has acquired the bulk of the machinery of Sutro Bros_
braid manufacturers, who formerly* operated in New Jersey. Company is
erecting a modern plant in Gadsden. Ala., having approximately 50,000
square feet, which will be devoted exclusively to the manufacture of silk,
cotton,rayon and tinsel braid and trimming products.
Assets.
-Bonds will be direct obligations of the company and will be
secured by 1st mtge. on all its physical properties, including land, building,
machinery and equipment. The machinery and equipment as appraised
by the Standard Appraisal Co. of New York, will have a sound value of
4405,000, and the land and building will cost $85.000 making a total of
$490.000, equivalent to 3% times the amount of thisissue. After giving
effect to this financing, the company will have net tangible assets of 4625,000 of which amount $135,000 is cash working capital, with no current
liabilities.
Earnings.
-The present Tex-O-Ray Corp. has been operating under
enormous difficulty due to high price of labor. Labor in the South can be
obtained at less than 50% of the wages that are being paid in the North.
Estimating this saving at only 40%, the present pay roll of the Tex-0
Ray Corp. amounting to 42,500 weekly would be reduced by $1,000 weekly.,
or a saving of 452,000 per annum. Without considering, therefore, the
products that may be made by the additional machinery acquired from
Sutro Bros., or considering the low power cost, cheap freight rates, lower
taxes and other savings that will be effected upon relocating in the South,
It would seem conservative to estimate a profit of $100,000 per annum.
This amount is five times the total interest and preferred dividend re:mirements, and almost 10 times the interest on this issue of first mortgage bonds.
Capitalization (Upon Completion of Present Financing.)
First mortgage 7% serial bonds
$150,000
7% cumulative preferred stock
135,000
Common stock (no par value)
10.000 shs.
-Earnings.
-Allerton Corporation.
For the 12 months ended Oct.31 1928 the corporation reports gross earnings of $1,578,839 for its five New York houses, known as the Allterton
Club Residences. Net earnings available for debenture interest, depreciation, &c., were $410.667. This compares with annual interest requirements of $115.500 on the Allterton debentures outstanding as of Oct. 31
1928. The management reports that the average occupancy of all the
New York houses at present is over 97%.-V.125, p. 2150.
Alliance Realty Co.
-Extra Dividend of 50 Cents.
-The
directors have declared the usual quarterly dividend of 623
cents per share and an extra dividend of 50 cents per share
on the outstanding 120,000 shares of common stock of no
ible
.
par value, both payt .Jan. 21 to holders of record Jan. 10.
Regular quarterly distributions of 62% cents per share were
made in April, July and October last, while in Jan. 1928 the
company paid an extra dividend of 50 cents per share in
addition to a regular of 623 cents. On April 10 last the
company also plaid a dividend of $10 per share in 6% cum.
-V. 127,1p. 683.
pref. stock.
-The directors
-Extra Dividend of $1.
American Ice Co.
have declared an extra dividend of $1 a share in addition to
the usual quarterly dividend of 50e. a share on the common
stock (no par value) and the regular quarterly dividend of
1%% on the pref. stock, all payable Jan. 25 to holders of
record Jan. 7. A year ago an extra dividend of 50c. a share
was declared on the common stock.
Commenting on the company's earnings, Pres. Charles C. Small said:
"While final figures will not be available for a few weeks, it is apparent
that 1928 earnings will constitute a new record."
The company, through its New York subsidiary, the Knickerbocker Ice
Co. has acquired 3 plants on Long Island. These are the Nassau Consumer's Ice Co. at Oceanside, the Uleblacker plant at Lynbrook and
Garrett Bush & Sons at Hempstead, all 3 plants serving extensive local
territories. The company's operations on Long Island are now handled
-V. 127, p. 2687.
by 18 plants.
-Extra Dividend of $5.
American Meter Co.
The directors have declared an extra dividend of $5 per share on the
outstanding 121,800 shares of capital stock, no par value, payable Jan. 8
to holders of record Dec. 21. This brings total dividends for the year to
$10 per share, compared with $8 per share in 1927 and 1926 and with VT
per share for 1925.
The usual quarterly dividend of $1.25 per share is payable Jan. 31 to
holders of record Jan. 16.-V. 126, p. 3930.
-Listing:
American Smelting & Refining Co.
The New York Stock Exchange has authorized the listing of 1,829,940
shares common stock without par value on official notice of issuance in
exchange for $60,998,000 common stock (par $100) now outstanding and
listed, on the basis of 3 shares of common stock without par value for each
share of common stock of the par value of 4100.-V. 127, p. 3400.
-Annual Report.
American Vitrified Products Co.
1925.
1926.
1927.
1928.
Years End. Oct. 31Not Avail. $3,765,519 43,600,488 44.039.641
Net sales
Net credits to surplus
148,796
def$53,440
16.983
$2,249
after dividends
1,402,930 1,456,371
1,419.914
1,416,934
Profit & loss surplus_
Net profits after depreciation, but before Federal taxes in 1928 amounted
to $258,662 as against $332,985 in 1927 and $276.696 in 1926.
Comparative Balance Sheet Oct. 31.
1927.
1928.
1928.
1927.
Assetsx$4,576,756 $4,705,853 Preferred stock_ _ _$1,359,900 $1,398,300
assets
Fixed
149,294 Common stock _ _ 3,500,000 3,500,000
Inv,In assoc. co- - 165,295
270,000
17,090
116,616 Notes payable_ ___ 250,000
Sundry Invest..-92,307
75,754
1,084,215 1,043,320 Accounts payable_
Inventory
27,791
24,838
372,899 Prov.for Fed.tax_
Notes & accts. rec. 534,075
101,144
116,853
387,814
369,402 Accruals
other cos_
Accts.
24,435
23,798
18,085
34,079 Pret stock diva_Cash
1,416,934 1,419,914
21,298
23,874 Surplus
Deferred charges
$8,784,630 $8,815,340
$6,784,630 $6,815,340 Total
Total
x After deducting reserve for depreciation of 42,284,312.-V. 126, p. 580.
Anaconda Copper Mining Co.
-Larger Dividend.
The directors have declared a quarterly dividend of $1.50
per share on the outstanding $176,840,250 capital stock, par
$50, payable Feb. 18, 1929 to holders of record Jan. 12. In
Aug. and Nov. last, quarterly distributions of $1 per share
were made. From May 1925 to May 1928, incl., quarterly
-V. 127, p. 2687.
dividends of 75 cents per share were paid.
Anglo-American Corp. of So. Africa, Ltd.
-Dividends.
It is announced that the directors anticipate the declaration of a dividend
company's stock.
of 12%% on this
3708
FINANCIAL CHRONICLE
Dividends have been declared payable to all shareholders of record Dec.
31 by the following companies:
Div. Coup. -Rate of Div.
Name of CompanyNo. No. Per CS. Per Sh.
5s. Od.
33 25%
Brakpan Mines, Ltd
33
173i% 35. 6d.
19
Spring Mines, Ltd
19
Is. Od.
_
5%
West Springs. Ltd
7
6d.
53
53
10
Rand Selection Corporation, Ltd
22
New Era Consolidated, Ltd
831% 5lid.
The transfer registers will be closed in each case from Jan. 1 to Jan. 7
1929, both days inclusive.
Holders of share warrants to bearer will receive payment of dividends at
the London office on presentation of the respective coupons on or after
Feb. 4 1929. In the case of Brakpan Mines, Ltd., coupons may also be
presented at the Credit MobWer Francais, 30 and 32 Rue Taltbout, Paris,
and in the case of Rand Selection Corp., Ltd., at the office of the Guaranty
Trust Co. of New York, 27 Avenue des Arts, Brussels, Belgium. Share
warrant holders who are resident in South Africa may obtain payment of
-V. 127, p.
coupons at the head office of the company in Johannesburg.
3544.
-60c. Dividend.
Anglo-American Holding Corp.
The corporation has declared a dividend of 60 cents per share on the
class A stock for the six months ending Dec. 31 1928, payable to stockholders of record Dec.20. This is at the annual rate of6%.-V.126. p.719.
-Omits Interim Div.Anglo-American Oil Co., td.
[VOL. 127.
(a) Assets and business of South Chicago Ice Cream Co., payment to be
made by the issue and delivery of 3,829 shares of capital stock and the
assumption of all liabilities, excepting certain tax liability and certain items
relating to the purchase of machinery and equipment.
(b) Assets and business of F. X. Baumert & Co., Inc., payment to be
made by the issue and delivery of 11,500 shares of capital stock and the
assumption of all liabilities, excepting certain tax liabilities.
(c) All the issued and outstanding capital stock of the various Fumes
Ice Cream Companies, payment to be made by the issue and delivery of
37,300 shares capital stock.
(d) Assets and business of Jersey Ice Cream Co., payment to be made
by the issue and delivery of 3,750 shares of capital stock and the assumption
of all liabilities, excepting certain tax liabilities and excepting 3275,000 of
outstanding gold bonds dated Aug. 1 1928 and $150,000 outstanding gold
notes dated Aug. 1 1928. See also V. 127, P. 2823.
(James) Boring's Travel Service, Inc.
-Registrar.
The Chatham Phenix National Bank & Trust Co. has been appointed
registrar of 4,000 shares of pref. stock, par $100 each, and 8,000 shares of
common stock without par value.
Brandtjen & Kluge, Inc.
-Stock Offered.
-An issue of
11,000 shares 75 cony. pref. stock (with common stock purchase warrants) is being offered by Merchants National Co.,
St. Paul, Minn.
Dividends payable Q. at an annual rate of $3.50 per share, cumulative
-J.
According to a dispatch from f..ondon, this company has passed the
interim dividend on the ordinary stock usually due at this time. On from Oct. 20 1928. Preferred as to assets upon voluntary dissolution up
Dec. 8 1927 the company declared an interim dividend equivalent to to 357.50 per share and divs., and upon involuntary dissolution up to $50
36 3-5c. a share in American money on the stock. (See V. 125, p. 3352.)- per share and diva. Red. all or part at $57.50 per share and div. on any
diva, date on 60 days' notice. Dividends exempt from present normal
V. 126, p. 3759.
Federal income tax. Preferred and common stocks are fully paid and non-Disposing of Real Estate assessable, and free from "double liability" under Minnesota laws. RegisAppleton Co., Lowell, Mass.
trar and transfer agent, Merchants Trust Co. St. Paul.
-Preferred Dividends Deferred.at Lowell
Convertible at the option of the holders, prior to redemption date, into
Pres. Charles Walcott, in a letter to the stockholders, says:
the common stock of the company share for share.
In accordance with the action of the stockholders at the last annual
Warrants.
-There will be attached
share of convertible prebeen dis- ferred stock, a warrant detachable afterto each1930 entitling the holder to
meeting, manufacturing operations at the plant at Lowell have
Oct. 1
continued, and a large proportion of the inventory of finished goods, in- purchase two shares of the common stock of the company on the following
cluding the product of the stock in process, have been sold.
terms: to and including Jan. 1 1932 at $17 per share; thereafter to and incl.
Approximately 30,000 spinning spindles with complementary machinery, Jan. 1 1935 at $20 per share: thereafter to and incl. Jan. 1 1939 at $23 per
excepting looms, have been shipped to the plant at Anderson and are now share.
now in process of transfer
in place and in condition to run. The looms are
Data from Letter of John Brandtjen, Pres. of the Company.
from Lowell to Anderson, S. C. Some looms are already in place and
Company et Business.
-A Minnesota corporation. Is the exclusive
operating in Anderson and the remainder are either in transit or at Lowell
no sale value manufacturer of the Kluge auutomatic platen press feeder. Company
ready for shipment. Of the remaining machinery, some had
and this has been scrapped to reduce taxes; a small portion has been sold, was organized in 1919 with a paid in capital of $18.100 and has been built
and the remainder is held at Lowell, part for sale and part as a reserve for up entirely out of earnings to a business with a net worth of approximately
filling in purposes at Anderson. Only two outlying portions of the real $500,000, before giving effect to this fiancing. The volume of sales and
estate at Lowell have as yet been sold. Your management are mindful the net earnings of the company have increased steadily since organization.
Company's manufacturing plant is located in St. Paul and it maintains
of the necessity of some disposition of the remaining real estate at Lowell
and are actively engaged on this problem along lines which appear promising. sales and service branches in the Cities of Chicago, Detroit, Cleveland,
Building operations at Anderson were delayed by adverse weather con- New York, Atlanta, St. Louis, Dallas and San Francisco. Other branches
will be established this year in Philadelphia. Boston and Spokane.
ditions, but are now completed and the new unit is beginning operations.
The Kluge feeder is a patented mechanical device which is used for autoThe plant at Anderson now has installed 62,000 spindles and will have a
complement of 1.900 looms. This will be an efficient unit and should matically feeding the Gordon or platen type of press. About 90% of all
job printing is done on platen presses and it is estimated that approxiprove profitable.
Expenditures on the additions to the Anderson plant during the year, mately 100,000 are in use in the United States. This affords an unusually
including the cost of moving and setting up machinery from Lowell, have wide market for the Kluge feeder. Among the distinct advantages of the
amounted to $570,884, and it is estimated that $135,000 will cover the Kluge feeder is the large labor saving element which makes it practically
indispensable in the printing shop. Without an automatic press feeder.
payments yet to be made.
Business conditions during the year have been unfavorable and the re- each press requires the attention of one man, whereas with the Kluge
sults of the business unsatisfactory. In view of this condition and the ex- automatic feeder one man can operate three presses. It is apparent that
pense of carrying the idle plant at Lowell pending its sale or other dis- the Kluge feeder soon pays for itself in saving labor costs.
CapitalizarionAuthorized. Outstanding.
position, the directors in July discontinued dividends on the preferred stock.
Convertible preferred stock ($50 par)
11,000 shs. 11,000 shs.
It is hoped that this suspension will not be of long duration.
Common stock (no par)
*110,000 shs. 77,000 shs.
192815 as follows:
The result of operations for the year ending Oct. 31
* 11,000 shares ofcommon stock are reserved for conversion ofconvertible
At Lowell: Loss due to running out stock in process, liquida$136,501.89 preferred stock, and 22,000 shares are reserved against purdchase rights
tion ofinventories and carrying of idle plant
26,360.16 of warrants.
At Anderson: Gain, before charge for depreciation
Years Ended Dec 31
8 Mos. End.
Aug.31'28.
Earnings8110,141.73
1925.
1926.
1927.
Netlossfrom operations for year
Net sales
$363,784
$242,235
$377,188
3571,375
Balance Sheet Oct. 31.
a Net earnings
49,058
65.831
1927.
1928.
Assets1928.
Liabilities1927.
Equiv, per all, on 11,000
Preferred stock_ __ 5998,900 $998,900
Real est., mach. de
shs. of pref. stock._ __ _
4.45
5.98
11.17
8.57
600,000
equip
43,521,340 $3,145,203 Common stock__ _ 600,000
a After Federal taxes and depreciation.
181,131
355,295 Notes payable__ 575.000 1,000,000
Cash
The above earnings are Brandtjen & Kluge, Inc., alone, without giving
316,386 effect to its present acquisition of the patents and manufacturing rights to
949,558 1,113,979 Accounts payable_ 384,309
Acc'ts receivable10,000
841,673 1,498,844 Cotton margins
Inventories
the Miller platen press feeder.
926,331
46,674
Reserves
Prepaid insur. ds
Purpose.
-Proceeds will be used to provide in part for the acquisition
3,065,437 2,441,008 of the patent rights of the Miller Printing Machinery Co. to manufacture
46,350
79,982 Surplus
taxes
Forfeit fund
200
platen press feeders formerly known as Miller feeders, and of certain other
Organization ma80,298
assets, including jigs, dies, spare parts, &c.
89,322
69,769
Deferred charges._
Sinking Fund.
-Beginning with the fiscal year ending Dec. 31 1929,
company shall set aside annually as a sinking fund a sum equal to 15%
35,680,221 58,282,626 of the net earnings available for dividends on the common stock. The
$6,282.626
Total
Total
55,680,221
a After depreciation of 32,827,532.-V. 127. p. 825.
sinking fund shall be used to retire convertible preferrd stock either by
purchase in the open market or by lot, if not so obtainable, at not exceeding
Auburn (Ind.) Automobile Co.
-Sub. Co. Contract.
the redemption price thereof.
The Gardner Motor Co. has placed an order with the Lycoming Manufacturing Co. for 2,000 straight-eight motors to fill its production requireBrotherhood of Locomotive Engineers Securities
ments during the early months of 1929. Delivery on this order will start
-Receivership.
Corp. of N. Y.
-V.127, p. 3544.
in the near future.
Louie S. Weiss and Earl B. Breeding have been appointed receivers by
petition of
J.
Balaban & Katz Corp.
-Paramount Famous Lasky Ac- Judge Mack. upon theof trustees.W.J. Burke,in C. McDormand and J. H. .
the market value of real
A decline
Scott, for the board
quires Additional Stock.
estate investments held by the corporation was attributed as the cause of
See Paramount Famous Lasky Corp. below.
-V. 127, p. 2960.
the receivership. L. S. Weiss was also appointed for the Brotherhood of
Locomotive Engineers Securities Corp. of Pa.
Bankers Financial Trust.
-50c. Dividend.
-
Brotherhood of Locomotive Engineers Securities
-Receivership.
Corp. of Pa.
See Brotherhood of Locomotive Engineers Securities Corp. of N. Y.
V. 123, O. 3188
.
-Bonds Offered.
Beach Development Co., Detroit.
-Omits Dividend.
(J.) Burkart Mfg. Co., St. Louis.
Watling, Lerchen & Hayes, Detroit, are offering $400,000
The directors have decided to omit the quarterly dividend usually paid
1st mtge. 6% sinking fund gold bonds at par and interest. about Jan. 1 on the common stock, no par value. The company on Oct. 1
paid a quarterly dividend of 20 cents per share on this issue.
Unconditionally guaranteed by Fred J. Robinson, Albert B. last 125, p. 1465.
V.
Lowrie, R. C. Mahon and Fred W.Pearce.
-Omits Dividend.
Byers Machine Co.
Dated Nov. 1 1928; due Nov. 1 1938. Red. all or part on 30 days'notice
The directors have declared a semi-annual dividend of 50 cents per share
on the common stock, payable Feb. 1 to holders ofrecord Dec.31.-V. 127,
p.2231.
on any int. date at 102. Denom. $1,000, 3500. 3100. Principal and int.
(M. & N.) payable at the Fidelity Trust Co. of Detroit, trustee, without
deduction for Federal normal income tax in excess of 2%.
-Proceeds will be used to pay off balances due on the purchase
Purpose.
of the land and to finish various improvements on the property.
-These bonds are secured by a first lien trust mortgage on all
Property.
of the real estate and fixed assets of the company, which has been appraised
at $782,749.
The property is located on Lake St. Clair between the Nine and Ten Mile
Roads, just beyond Grosse Pointe, having a frontage of 445.88 ft. on Jefferson Ave. with a like width on the Lake and a depth of 1,482.60 ft. This
location, which is only abou.12% milesfrom the Detroit City Hall,provides
an admirable spot for a bathing beach and aquatic sports as well as ter other
IPAr
entertainmentfeatures.•
Sinking Fund.
-Indenture provides for a semi-annual sinking fund'which
shall be sufficient to retire bonds in increasing amounts from $12,500 to
$30,000 semi-annually.
Borden Co.
-Listing, &c.
The New York Stock Exchange has authorized the listing of (a) 3,829
additional shares of capital stock (par $50) on official notice of issuance in
payment for the business and assets of South Chicago Ice Cream Co.;
(b) 11,500 additional shares of capital stock on official notice of issuance
In payment for the business and assets of F. X. Baumert & Co., Inc.;
(c) 37,300 additional shares capital stock on official notice of issuance in
payment for all the outstanding cpaital stock of the various Furnas Ice
Cream Companies; and (d) 3,750 additional shares of capital stock on official notice of issuance in payment for the business and assets of Jersey
Ice Cream Co., making the total amount applied for to date 1,310,327
shares of an aggregate par value of 365.516,350.
Under authority of resolutions duly adopted by the board of directors
at meetings held Nov. 7, Nov.9 and Dec. 4 1928, the officers of the company have been authorized to effect the following purchases:
The directors have decided to omit the regular quarterly dividends
on the class A stock, no par value, which ordinarily would have been paid
Jan. 1. During the year 1928 four quarterly dividends of 90c, per share
-V. 125, p. 3646.
were paid on this issue.
Calhoun Apartments and Club, Minneapolis.
-H. 0. Stone & Co., Chicago recently
Bonds Offered.
25,000 1st (closed) mtge. 6% serial gold bonds
offered
at par and int.
Chicago Title & Trust Co., trustee. Bonds mature serially each Mar. 1
and Sept. 1 from Mar. 1 1931 to Sept. 11938.
The bonds are a direct (closed) first mortgage on the Calhoun Apartments
and Club Building, nine stories and basement in height, of reinforced concrete and steel fireproof construction: the land, which fronts west 212 feet
on Dean Boulevard and south 175 feet on Lake St. and faces Lake Calhoun,
in the city of Minneapolis, and, as additional security, a chattel mortgage
on the furnishings of the building. Land and building have been appraised
at 31,650.000.
California Consumers Co.
-Earnings.
-
In its consolidated operating statement for the 12 months period ended
Oct. 311928, the company and its subsidiaries report net sales of $2,346,622
compared with 52,262,122 for the same period in 1927, a gain of $84,500
or 3.7%. Operating and other income, after operating expenses, amounted
to $819,801 as against $710.685, an increase of 15.3% or $109,116.
For the month of Oct. 1928, net sales were $216,840, against 3234,401
for Oct. 1927. After operating expenses, operating and other income
amounted to $84,318, compared with 389,316.-V. 127, p. 2233.
California Door Co.-Bonds Offered.-The Detroit Co.,
Inc., San Francisco, are offering $850,000 1st mtge. 6%
gold bonds at 100 and interest.
DEC. 29 1928.]
3709
FINANCIAL CHRONICLE
Dated Oct. 1 1928; due Oct. 1 1936. Int. payable A. & 0. Denom.
$1,000 and $500 O. Red. in numerical order on any int. date on 30 days'
notice at 101% and int. Both principal and int. payable at the office of
Detroit & Security Trust Co., Detroit, Mich., or at the Wells Fargo Bank
& Union Trust Co., San Francisco, Calif. Detroit & Security Trust Co.,
Detroit, and Harry L. Stanton. trustees.
Company.-Incorp. in 1884 in California. Company's business includes
logging, railroading, manufacturing and the sale of its products in the form
of lumber, box shook and sash and doors. Company's sash and door
factory and yards and warehouses are situated in the heart of Oakland.
Calif., in an advantageous position for the serving of the retail trade in
that city. Company also maintains -sales offices together with stocks of
sash and doors in San Francisco and Los Angeles. The wholesale distribution of its lumber and box shook is handled direct from the sawmill at
Diamond Springs.
-Bonds are the direct obligation of the company and are secured
Security.
by a 1st mtge. on substantially all of the assets of the company and by the
pledge of all the capital stock (except directors' qualifying shares) of the
Diamond & Caldor Ry., and appraised as follows:
Timber Owned in Fee.
$570,472
California white pine (142.618,000 feet at $4 per 1.000)
580.210
Sugar pine (116,042.000 feet at $5 Per 1,000)
29,459
Red fir (58,919,000 feet at 50c. per 1,000)
47,887
White fir (95,775.000 feet at 50c. per 1,000)
30,397
Cedar (60,795,000 feet at 50c. per 1,000)
Comparative Consolidated Balance Sheet;(Company and Subsidiaries).
Oct.31'28. Dec. 31'27.
Oa.31'28. Dec.3127.
Liabilities
Assets
28,633
1.200,000
189,158 Notes payable269,108
Cash
697.273
87,848 Accounts payable_ 1,590,517
55,137
Notes receivable- 49,848
Accrued wages_ _ - 120,689
Accts. rec. for cars
63,995
29,987
185,488 Cust'rs' credit bal_
564,027
and parts
15,438 Accr.real, personal
10,392
Creditors'debit bal
187,654
5,004,388 3,231,786 & corp. taxes_ _ 136,334
Inventories
79,472
96.689
Dealers'deposits__
Permanent assets,
lass depreciat'n. 7,220,959 7,183,649 Res.for gen. cont.,
800,000
invent.,dies, &c. 675.958
Sundry investmls,
8,750.000 8,750,000
323,515 Prof. stock
accts., adv., &e_ 171,666
308,000
156,937 Common stock_ _ _ 308,000
Del. charges, &c__ 160,146
5.547,652 5,408,944
5.000,000 5,000,000 Surplus
Good will
18,455,827 16,373,823
Total
-V. 127. p. 3402.
Total
18,455,828 16,373.823
-Clark, Dodge & Co. Forming
Chartered Investors, Inc.
New Investment Company Modeled After British Type.
Clark, Dodge & Co. are forming a new investment company. incorp. in
Delaware, to be known as Chartered Investors, Inc., which will be of the
general management type modeled after the British form of trust. It will
have broad powers for holding and investing in both foreign and domestic
$1,258,426 securities.
Total
The capitalization will be made up of approximately 55% of $5 cumul.
Complete mill and manufacturing plant at Diamond Springs, Cal. 700,000 pref. stock and the balance in common stock of one class. Both classes
Sash and door factory, yards and warehouses at Oakland
350.000 of stock will be entitled to vote and both will be without par value. An
Logging equipment
50,000 offering which will be in the form of units, each consisting of three shares
of preferred and eight of common, is expected shortly.
First mortgage on property valued at
$2.358,426
Directors of the corporation will include Arthur O. Choate, George 0.
Additionally secured by pledge of stock of Diamond & Calder
Clark Jr., Louts C. Clark, Donald G. Geddes, all members of Clark,
Ay., owning properties valued at
350.000 Dodge & Co.; Stephen C. Clark and John A. Garver.
feet of pine and
Cutting rights on approximately 9,832,000
4,562,000 feet of fir and cedar valued at
43,977
Checker Cab Manufacturing Corp.-Acquisitions, &c.
The corporation has acquired the Checker Cab Sales Corp. and the Fisk
Total
$.752,404 Discount Corp., which heretofore handled its business in New York.
-Based on audits of Price, Waterhouse & Co. and Robinson,
Earnings.
outside of New York have always been handled by its own organizaNowell & Co., the average yearly gross timber conversion for 1925, 1926 Salesso
the company is now directly selling and financing its entire
tion
and 1927 at the sawmill was approximately $198,000 on an average yearly output. that
About one-third of all taxicabs operating in New York City are
cut of 23,000,000 feet, or at the rate of approximately $8.60 per 1.000 feet. Checkers.
-The mortgage provides for a quarterly cash sinking fund
Sinking Fund.
-V. 127, p. 2961.
E. F. Gillespie has been elected a director.
of $5 per 1.000 feet for California white pine and sugar pine and $1 per 1,000
feet for red fir, white fir and cedar, to be applied only to principal of bonds.
-New Class A Shares to
Coca-Cola International Corp.
In addition, it provides for payment of $1 per 1,000 feet for any timber
-At a
other than that covered by this mortgage which may be manufactured Be Issued to Common Stockholders as a Stock Dividend.
at its sawmill plant.
meeting of stockholders held on Dec. 18, the issue of 251,000
-Proceeds will be used for the payment of bank debt, for the
Purpose.
shares of no par value $6 cum. class A stock was authorized,
payment of purchase money obligations and for other corporate purposes.
Canadian Connecticut Cotton Mills, Ltd.
-Sale.
See Dominion Textile Co., Ltd., below.
-V. 127. D. 3250.
Canadian International Corp., Ltd.
-Shares Sold.
The corporation, it is announced, has closed a deal in New York for
the sale of its unissued 45,000 treasury shares. The treasury shares are being acquired by the Anglo-American Alining & Metals Corp. of New York,
which, under the contract, has been appointed fiscal agent for Canadian
International and its subsidiaries.
Lawrence N. Levine has been elected Director and Chairman of the
Financial and Executive Committee.
Celanese Corp. of America.
-New Director.
Theodore F. Merseles, President of the Johns-Manville Corp., has been
elected a director.
-V.127. p.2961.
Central Aguirre Associates.
--Listing, &c.
The New York Stock Exchange has authorized the listing of 682,072
common shares without par value, which have been issued and are outstanding in the hands of the public, with authority to add 37,928 common
shares on official notice of issuance in exchange for common stock of Central
Aguirre Sugar Co., making the total amount applied for 720,000 corn.shares.
Central Aguirre Associates was formed primarily for the purpose of
taking part in a reorganization in which it was to acquire as great a proportion as possible of the outstanding capital stock (180,000 common shares,
par $20 each) of Central Aguirre Sugar Co. in the ratio of four shares of
stock of Central Aguirre Associates for each one share of common stock of
Central Aguirre Sugar Co. Approximately 94.7% of the outstanding
shares of the Sugar company had been deposited on Dec. 14 1928.-V.
127, p. 3402.
Cespedes Sugar Co.
-Bonds Called.
Dillon, Read & Co. and J. & W. Seligman & Co. have issued a notice to
hrlders of the above company's 1st mtge. 7;4% sinking fund gold bonds
dated
dat Oct. 17 1924. that 78,000 of the bonds have been drawn by lot for
redemption on Mar. 1 192 at 105 and int. oat of moneys in the sinking fund.
,
Bonds so drawn will be paid upon presentation and surrender on and after
Mar. 1 1929 at the office of the fiscal agent of the company, J. & W. Seligman & Co., 54 Wall St., N. Y. City. Interest on the drawn bonds will
cease after Mar. 1. Upon completion of this operation, the company
will have outstanding $2,301,500 of the 1st mtge. 734% sinking fund gold
-V.126, p.4086.
bonds.
to be distributed as a dividend to stockholders of record
Jan. 18 1929 (actual date of issue not yet determined).
Owners of common stock will receive one share of new class A
stock is callable at 105.
The stockholders also ratified the proposed amendment
to the certificate of incorporation of this corporation providng for the issuance of 500,000 shares of no par value special
-V. 127, p. 3251.
stock, to be known as class A stock.
-Registrar.
Columbia Baking Co.
The Bank of America N. A. has been appointed registrar for the 100.000
shares of 1st pref., 100,000 shares of 2d pref. and 100,000 shares of common
-V. 123. P. 1811.
stock.
-Expansion.
Commercial Credit Co., Baltimore.
The Commercial Credit Co., through A. G. Duncan. Chairman of the
board, on Dec. 27 announced the purchase as of Jan. 2 1929, of the entire
capital stock of American Credit Corp., Omaha. Neb., which company
has approximately 53.200.000 current receivables outstanding.
Walter W. Head, President of the Omaha National Bank and Omaha
Trust Co., has been President and C. E. Vesey as Vice-President of American Credit Corp. Mr. Vesey will succeed Mr. Head as President of the
latter concern, which will be continued and he will also be elected VicePresident of Commercial Credit Co. Mr. Head has been elected a member
of the board of directors of the Commercial Credit Co.
Announcement was also made by Mr. Duncan that the Commercial
Credit Co., Inc., the entire common stock of which is owned by Commercial Credit Co., has also acquired the business of Union Securities Co.,
San Antonio, Tex., with approximately 51,250.000 current receivables
outstanding. This company has for several years been under the successful administration of W. M. Radcliffe, President, who will continue in
charge of commercial credit business in the southwest Texas territory and
-V. 127, p. 3546.
Walter Browning in charge of the North Texas territory.
-Extends Service
Commercial Investment Trust Corp.
to Argentine.
The corporation announces the establishment of a new branch to be
operated by its subsidiary, Commercial Investment TrustCo.. Ltd.,at 66
San Martin, Buenos Aires, Argentine.
The corporation, through its subsidiaries and affiliated companies, now
serves its clients through more than 100 offices in this country and abroad.
giving manufacturers and merchants a complete time payment financing
arrangement in every part of the United States, in Canada, England,
Chandler-Cleveland Motors Corp.
-Listing.
The New York Stock Exchange has authorized the listing of certificates Germany, France, Denmark, Porto Rico. Cuba and South America.
The operations of the organization extend into more than 70 diversified
of deposit for 350,000 shares of pref. stock without par value, and 280,000
aircraft,
shares of common stock without par value, on official notice of the issue lines of manufactured products, including automobiles, boats,electrical
thereof for a like number of such shares deposited pursuant to a plan many kinds of income-producing machinery, musical instruments,
appliances, household utilities, hotel furnishings, printing plants, &c.
dated Dec. 12 1928.
The organization is now completing its twentieth and most successful
Certificates for pref. stock and common stock may be deposited with
Ladenburg, Thalmann & Co. and A. G. Becker & Co. as managers under year of operations, both from a standpoint of volume and profits, it is
-V. 127. p. 3251.
announced.
the plan, at the offices of Guaranty Trust Co. of New York, depositary,
140 Broadway, N. Y. City, Union Trust Co. of Cleveland. depositary,
-25c. Dividend.
Consolidated Lead & Zinc Co.
and First Trust & Savings Bank, Chicago. depositary.
The directors have declared a dividend of 25c. per share on the class
Purpose of Man.
-Chandler-Cleveland Motors Corp. has a well-equipped
plant situated at Cleveland, 0., available for the production of low-priced A and B stocks, both payable Jan. 1. This is at the regular rate authorized
cars and for that reason, Hupp Motor Car Corp., which does not now with the July 1 1928 payament, but discontinued in the succeeding quarter
manufacture a low-priced car, and wishes to be in a position to manufac- by reason of the directors deciding to purchase large mining Interests.
ture one to satisfy the demands of its dealers, is prepared, if in its opinion, and to pay for them out of earnings. It is stated that practically all
-V. 127. la• 1953.
sufficient deposits of pref. stock and common stock of Chandler-Cleveland payments on the new property have been made.
Motors Corp. are made under the plan, to offer an exchange of its common
-Bonds Called.
Consumers Brewing Co. of N. Y., Ltd.
for prof. stock and common stock of Chandler-Cleveland Motors
stock
All of the outstanding gen. mtge. ref. bonds due July 1 1931 have been
Corp.
Terms of Exchange Under Plan.
-It is proposed that Hupp Motor Car called for redemption Jan. 1 1929 at 105 and int. Payment will be made at
Corp. shall acquire all or, at its option, a part of the outstanding pref. the Empire Trust Co., 120 Broadway. N. Y. City. William Engelmann is
stock and common stock of Chandler, and (or) at its option, the business President, and Henry Paulsen. Treasurer.
and assets of the Chandler, the stockholders of the Chandler to receive
-Listing.Continental Can Co. Inc.
Hupp common stock on the following basis:
1 share of common stock of the Hupp for each two shares of pref. stock
The New York Stock Exchange has authorized the listing of 39.991 addiof the Chandler, and
tional shares common stock without par value on official notice of issuance
1 share of common stock of the Hupp for each 3% shares of common making the total amount applied for 1,459.991 shares of such stock.
stock of the Chandler.
The issuance of the 39,991 shares was authorized by the executive comIn lieu of any fraction of a share of Hupp common stock deliverable to mittee of the board of directors by resolutions adopted at meeting held
any stockholder of the Chandler, there will be issued non-voting and non- Nov. 28 1928. Of the stock, 27,000 shares are to be used for the purchase
dividend bearing common stock scrip, exchangeable, in amounts calling of the business, machinery, good-will. &c. of the Wheeling Can Co. of
for one or more full shares, for a certificate for such share or shares. (See Wheeling. W. Va.: 2.150 shares are to housed for the purchase of the business, machinery and good-will of the can business of the R. Hardesty
also Hupp Motor Car Corp. In V. 127, P. 3407.)
10,841 shares
Income Account (Corporation and Subsidiaries) 10 Mos. Ended Oct. 31 1928. Manufacturing Co. of Denver, Cok.. and assets. Stc., ofare to be used for
the Bedford Can
the purchase of the business, machinery,
Gross profit from sales of automobiles, parts and other sources
Co. of Bedford, Va.-V. 127, P. 3096, 2961.
after deducting cost of material, labor and manufacturing
exclusive of depreciation
expense,
$2,577,973
-Acquires Rocky Mountain States
Continental Oil Co.
Allowance for depreciation
439.204
Selling, advertising & gen. exp. and other charges against inc_ _ 2,200.339 Properties from Union Oil Co. of California.
President S. H. Keoughan has issued the following statement: "The
Loss before provision of special reserve
$61.569 company has acquired the oil and gas properties of the Union Oil Co. of
1928-9 Mos.-1927.
Period End. Sept. 30- 1928-3 Mos.-1927.
California in the Rocky Mountain States, embracing the whole or greater
Net profit after deprec.&
Part of productive acreage in eight proven oil fields with 52 wells capable
$12,297
$170,164
$73,357
Federal taxes, &c_ ___
$482,542 of producing about 15,000 barrels of oil per day. The Cities of Fort Collins,
Earns. per sh.on 350,000
C610,,and Cheyenne. Wyo.,are supplied with gasfrom one of the properties.
$0.21
$0.48
(no par)_
$0.03
shs. pref. stk.
$1.37 Included in the deal are two casinghead gasoline plants and all the equip-V. 127, p. 3402.
ment necessary to operate the properties. On some of the structures only
3710
FINANCIAL CHRONICLE
the discovery well has been drilled and in all of the fields are many unproven locations. The Continental 011 Co. contemplates no financing in
connection with the deal."
-V. 126. p. 2319.
Corn Products Refining Co.
-4% Extra Dividend.
-The
directors on Dec. 28 declared an extra dividend of 4% ($1
per share) in addition to the regular quarterly of 2% on
the common stock, both payable Jan. 19 to holders of record
Jan. 4. The last previous extra dividend was 2%, paid on
July 20 1928, while in January 1928 an extra of 3% was
paid.
-V. 127, p. 2536.
Cosmopolitan Fire Insurance Co.
-New Directors.
At a meeting of the board, the following were elected directors of the corporation: Willis P. Fitch (Vice-Pres. of F. L. Putnam & Co., Inc., Boston,
Mass.), W. Wallace Lyon (of W. Wallace Lyon & Co., New York) and
Robert Van Iderstine (President of Guardian Fire Assurance Corp., New
York)
.-V.127,p.2234.
Crowe Manufacturing Corp.
-Added Sales Facilities.
As a result of expanded sales facilities, a 40% increase in unfilled orders
on Dec. 1, as compared with Nov. 1,is reported by the corporation. Rapid
expansion continues in the sales organization, distributors having been assigned recently in such important territories as New England: Eastern
Pennsylvania, Maryland and Delaware: and Oregon, Washington. Idaho
and Montana.
Other factors which will contribute largely to added sales for the corporation are the listing of Crowe Safety Saws as standard equipment by the
Pennsylvania RR. and in addition the approving of Crowe Safety Saws
by the Underwriters Laboratories. The development of a new model
air saw for certain railroad work will open large additional markets with
the railroads. See also V. 127, p. 2962.
Cudahy Packing Co., Chicago.
-Rights.
The common stockholders of record Jan. 4 will be given the right to
subscribe on or before Feb. 9 for 42,499 additional shares of common stock
at par ($50 per share) in the ratio of one new share for each 10 shares
held.
-V. 127, p. 3535.
EvoL. 127.
issuance as a 10% stock dividend, making the total amount applied for
905,211 shares of common stock.
Mos. End. Year End.
Period
Sept. 30'28 Dec. 31 '27.
Gross sales
$45,640,291 $33,714,579
Cost of mfg., sell., adminis. & gen. exp., incl.
salar.,comm.,engin.& branch office exps
39,913,474 29,447,511
Profit from sales
Other income
$5,726,817 $4,267,068
474.917
774,610
Profit before allowance for Federal taxes
Balance beginning of year
56.501,427 54.741,985
20,894,225 22,206,657
Total surplus
$27,395,652 $26,948,642
Federal taxes
848,409
579,589
Dividends paid during period
4,090,375
3,084,487
Sundry adjust, of accts. & all items not applic.
to period
157,103
250.210
Earned surplus,end of period
x$22,206.657 r$23,127,463
x Earned surplus Dec. 31 1927, subject to deduction of $772,784.91 representing 1927 Feder.I taxes payable the following year. y Earned surplus
Sept. 30 1928, subject to deduction of $569.000 representing estimated
nine months'Federal taxes for 1928 payable the following year.
Comparative Consolidated Balance Sheet.
Sept.30'28. Dec.31'27
.
Sept.30'28. Dec.31'27
.
Assets8
5
Real estate, plant
Preferred stock_ ._
31,400
31,400
& equIpment__y13,034,027 13,694,127 Common stock z20.542.207 20,332.917
Pats., tr.-mks., &o
2
2 Accounts payable_ 1,992,707 1,221,670
Ins.fd.,cash&secur
98,545
151,687 Accrued accounts_ 393,499
386,545
Cash
4,971,297 4,845,382 Employees' stock
Bills & accts. ree_ _ 9,200,355 5,865,058 subscriptions_ __ 352,247
368,611
U.S.obligations_ - 8,305,624 7,270,870 Reserves for unfinInd.,ry.& util.bds. 359,590
410,088 ished contracts
Accr. in rocelvle
26,619
76,569 & contingencies_ 314,472
208,611
Inventories
8,716,285 10,327,219 Reserve for insur__
98,545
151,687
Other Investments 1,134,515 1,485,437 Surplus
z23,127,463 22,206,657
Deferred accounts 1,005,738
775,657
Cutler-Hammer, Inc.
-Listing.-Total
46.852,600 44,908,097
Total
46,852,600 44,908,097
The New York Stock Exchange has authorized the listing of 275,000
x Subject to allowance for Federal income tax for nine months of
shares common stock without par value, on official notice of issuance share estimated at $569.000 and for year 1927 of $772,784. 3 Real estate1928
,
and
for share for outstanding common stock of Cutler-Hammer Mfg. Co. (the buildings, $11,367,401: machinery and equipment. $12,885,026: total.
old company).
$24,252,427; less depreciation reserve, $11.218,400. z Common stock
The issuance of 275,000 shares of stock of the new company is in accord- outstanding. 805,181 shares, no par value.
-V. 127, p. 2962.
ance with the plan embracing, among other things, reincorporation of the
old company under the laws of the State of Delaware. which was approved
Elgin National Watch Co.
-4% Extra Cash Dividend.
by the stockholders on Dec. 20 1928.
The plan contemplates, among other things, the following: (1) The trans- The directors have declared an extra cash dividend of 4% on
fer of all the property, business and good will of the old company to, and the the capital stock, par $25, payable Jan.21 to holders of record
assumption of its liabilities by,the new company:(2) that the new company
will have an authorized capital stock consisting of 750,000 shares, without Jan. 3, and the regular quarterly dividend of 234%, payable
par value, all of one class, and of which 275,000 shares will be issued to the Feb. 1 to holders of record Jan. 15. An extra dividend of
stockholders of the old company, share for share, in exchange for their 4% was
also paid on Jan. 20 1928 and one of 6% on Jan. 20
present stock: (3) the dissolution of the old company, and its two subsidiaries, Cutler
-Hammer Manufacturing Co. (of New York) and Cream City 1927.-V. 126, p. 2482.
Foundry Co. (of Wisconsin).
The new company was incorp. in Delaware on Dec.7 1928 for the purpose
Eureka Natural Gas Corp.
-Operations, &c.
of acquiring all the property, business and good will of the old company,
Allan I. Cole has resigned his position as Chairman of the board of
and continuing said business, I. e., the manufacture of and dealing in electrical and mechanical appliances and supplies for electrical and mechanical directors of the Pennsylvania Exchange Bank of New York to act as VicePresident and Treasurer of the above corporation. effective Dec. 31 1928.
purposes.
In addition, W. J. Webster, Chairman of the board of the Atlas Powder
Co. and director of the Delaware Trust Co., Wilmington, Del., has reCutler-Hammer Mfg. Co.
-Successor Cornpany.cently joined the board of directors.
See Cutler-Hammer. Inc.. above.
-V. 127. p. 2235.
The corporation announces that it has drilled 2 wells during the last 45
days in eastern Texas, the first one bringing a daily open flow of 20,000.000
Dominion Textile Co., Ltd.
-Rights.
cubic feet and the second 5.000,000 cubic feet. Casing is being set in a
The directors have voted to offer 45,000 shares of new common stock
(no par value) to holders of record Jan. 15 at $75 per share, to the extent third well. This well is expected to come in early next week.
Contracts have just been signed between the corporation and the Dixie
of 20% of their holdings. Subscriptions will be payable by Feb. 1.
A special meeting of the stockholders has been called for Jan. 7 to vote Fuel & Gas Co.. calling for a minimum in the pipe lines of 5,000,000 feet
,
on increasing the common stock from 225,000 shares to 350,000 shares. daily at a minimum price of 436c. The Dixie company,it is stated, is negoThe proceeds are to be used to pay for the acquisition of the Canadian tiating to receive the entire production.
Connecticut Cotton Mills and for an interest in the Janckes Canadian Co.
Evans Auto Loading Co., Inc.
of Drummondville, Canada.
-Rights
-Acquisition.
-V. 126, p. 3455.
Drug Inc.
-Listing.
-Acquisition of Life Savers, Inc.
-
The New York Stock Exchange has authorized the listing of 146,521
additional shares of capital stock without par value, to be Issued in connection with the acqaisition of certain properties, assets and effects of
Life Savers, Inc., making the total amount applied for 2,380,511 shares
of capital stock.
The directors at a meeting held Dec. 5 1928 authorized the issue on or
after Jan. 2 1929 of 146,521 additional shares of stock in consideration of
the acquisition of certain properties, assets and effects of Life Savers, Inc.
Prior to acquisition Life Savers. Inc., will effect certain reorganizations,
after which Drug Inc. will acquire all of the properties, assets and effects
of Life Savers, Inc., excepting only that prior to acquisition by Drag Inc.
Life Savers, Inc., will transfer to a new corporation marketable securities
aggregating 52,500.000 and all of the stock of the Canadian subsidiary,
Life gavers, Ltd. Drug Inc. is concluding negotiations for the acquisition
from Life Savers, Ltd., of all of its assets and property, including the
English subsidiary. Consolidated earnings of Life Savers, Inc., for Nov.
and Dec. 1928 will accrue to Drug, Inc.
See also Life Savers, Inc., below.
-V. 127, P. 3547.
Dry Ice Corp. of America.
-Expansion, &c.
-
The corporation announces another step in its program of national
expansion. A contract has just been signed by the Dry Ice Corp. and the
Carbide & Carbon Chemicals Corp., a subsidiary of the Union Carbide &
Carbon Corp., whereby the huge supplies of chemically pure CO2 gas available at the Union Carbide plants are to be utilized by the Dry Ice Corp.
in its production of Dry-Ice.
Announcement was made recently that the Dry Ice Corp. had arranged
to produce Dry-Ice at various Liquid Carbonic Corp. plants throughout
the country. The latter corporation's widespread merchandising system
Is to co-operate with and assist the trained dry ice sales forces with consequent economies.
Under the Carbide contract an initial plant having a capacity of 60 tons
of Dry-Ice per day is to be erected immediately at Niagara Falls and will
be in production by May 15 1929. Additional units will be erected as the
demand warrants. There will be available at Niagara Falls alone over 500
tons of pure CO2 per day.
Recently the Dry Ice Corp. had developed original and highly ingenious
methods of economically transporting Dry-Ice in large quantities by rail,
as well as a satisfactory storage system for handling the product in their
warehouses.
The management of the Dry Ice Corp. state that their plans include
an early expansion to the more important cities on the West Coast and that
within a year they expect to be merchandising Dry-Ice in all the large key
cities in the country.
President E. S. Evans recently stated:
At a meeting of the stockholders and the board of directors held on
Dec. 10 1928 the purchase of the properties of Western Lumber Mfg. Co.
of Marshfield, Ore., W. J. Conrad Lumber Co. of Marshfield. Ore.. and
timber from Powers
-Davis Logging Co. and other parties, for the purpose
of manufacturing battery separators and other products developed by this
ke•
company, was approved.
For the Western Lumber Mfg. Co. property and the W. J. Coraa!
Lumber Co. property approximately 15,000 shares of capital stock of the
company is being paid.
For the purchase of timber of approximately 160,000,000 feet, to replenish cash position and for further expansion of this business, the direc.tors feel that an additional $800,000 in cash should be raised by the sale
of stock for cash.
Therefore, at the meeting the board of directors unanimously adopted
resolutions authorizing the sale of 20,000 shares of the stock. This 20,000
shares which will be sold, plus stock to be paid for the properties mentioned,
will mean the issuance of approximately 35,000 shares of the additional
100,000 shares which the stockholders at their meeting on Dec. 10 1928
authorized,leaving in the treasury unissued stock of approximately 65,000
shares.
With the expenditure of this additional cash raised from the sale of stock
this company will have the largest battery separator plant in the world,
with a capacity of approximately 600.000,000 separators per year. We
are now practically assured of the sale of approximately the entire output
of the property for the year 1929. This additional money will also have
paid for sufficient timber to run this plant for a period of years.
The stockholders of record Dec. 21 are offered the right to subscribe on
or before Jan. 15 at $40 per share for additional stock in the ratio of one
share of new stock for each 10 shares of stock held. All subscriptions are
payable at the office of any of the transfer agents, to wit, Central Trust Co.
of Illinois in Chicago,
the Chemical National Bank in the City of New
-V.127, p.3404.
York,or Detroit & Security Trust Co.of Detroit, Mich.
-Bonds Offered.
-The Baltimore
Federal Mortgage Co.
Trust Co. are offering at prices to yield 53 % $1,000,000
4
532% gold bonds, series I.
Dated Sept. 11928; maturities: $150,000 Sept. 1 1929, $250,000 Sept. 1
1931, $350,000 Sept. 1 1933, and $250,000 Sept. 1 1938. Denom. $500
and $1.000 c*. Red. on any int. date at 101 and Int. Company has
agreed to refund all state, county and municipal security taxes in the
states of Maryland, Penn. and Virginia up to 4% mills upon proper application made within 60 days after payment. Interest payable M. & S. at
Baltimore Trust Co., Baltimore, trustee.
The United States Fidelity & Guaranty Co.. Baltimore, has guaranteed
Dunhill International, Inc.
The New York Stock Exchange has -Listing.
listing on or after the payment of the principal and interest of each underlying mortgage or
authorized the
Jan. 15 of 1,250 shares additional common stock without par value on Instrument of like legal effect.
These bonds are secured by deposit with the Central Bank & Trust Co.
official notice of issuance as a stock dividend (1-100 of a share) and on or
after Jan. 5 of 50.000 shares additional common stock on official notice of Asheville, N. C., trustee, of 1st mtge. negotiable promissory notes
of issuance and payment in full, making a total amount applied for of and (or) coupon bonds of individuals, partnerships and (or) corporations
secured by mortgages or deeds of trust constituting 1st liens upon real
176,250 shares. For offering of 50,000 shares see V. 127, p. 3253.
estate, U. S. Govt. bonds and (or) Treasury notes or certificates, or cash
(incl. certificates of deposit issued by the trustee, by the Baltimore Trust
Durium Products Corp.
-Registrar.
-Trust Co. of New York has been appointed registrar for Co. or by any bank or trust company having a capital and surplus of at
The Guaranty
100.000 shares of preferred stock and 500,000 shares of common stock, both least 25,900.000). All of the underlying 1st mtge. notes, or coupon bonds
secured by 1st mtges. or deeds of trust are guaranteed as to principal and
without par value.
Interest by the U. S. Fidelity & Guaranty Co. and are upon improved fee
simple real estate. They are, furthermore, the direct obligation of the
Eaton Axle & Spring Co.
-Larger Dividend.
The directors have declared a quarterly dividend of 75c. a share on the Federal Mortgage Co. of- Asheville, which had as of Dec. 31 1927 capital,
common stock, no par value, payable Feb. 1 to holders of record Jan. 15. surplus and undivided profits of more than $700,000 and total resources
From Aug. 1 1925 to Nov. 1 1 2 , incl., quarterly dividends of 50c. a share of 8,250,000.
were paid on this issue.
-V. 127, p. 2690.
(The) Electric Storage Battery Co.
-Listing.
The New York Stock Exchange has authorized the listing of 81.038
additional shares of common stock without par value, on official notice of
-25c. Dividend.
Federated Metals Corp.
The directors have declared a dividend of 25 cents per share. payable
Jan. 11 to holders of record Jan. 3. A similar distribution was made on
-V. 127, p. 1682.
Jan. 16, July 9 and Oct. 1 of this year.
DEC. 29 1928.]
3711
FINANCIAL CHRONICLE
intention of the company to pay dividends on the common stock at the
rate of $2.60 per share per annum.
-The balance sheet as of Oct. 311928, adjusted to give effect to
Assets.
assets of
The directors have declared an extra dividend of $1 per share in addition certain transactions incident to this financing, shows total current payroll.
including accrued taxes,
regular quarterly of $1 per share on the common stock, both payable I $910,961. and total current liabilities. nearly 334-to-1, and net working
to a
Oct. 1 1928 incl., dividends, &c., of $262,868. a ratio of
Jan. 2 to holders of record Dec. 24. From July 1 1927 to
will
an extra of 35c. per share and a regular dividend of 75c. per share were capital of $648,092. Company estimates that its net working capital
Dec. earnings
Dec. 311928. due
paid quarterly. A 5% stock dividend was also paid on the common stock be increased over $100,000 by not provided for into Nov. and sheet.
this balance
payment of all dividends
on Nov. 15 1927. The company also paid an interim dividend of $I Per after
-The proceeds from the sale of this common stock, together
Purpose.
-V.127, p. 3404.
share on the above issue on Aug. 15 last.
with Government securities now owned by the company will be used to
- retire the company's present outstanding 1st mtge. 6% bonds and 7%
First Holding & Trading Corp.-Pref. Stock Offered.
preferred stock. A portion of this offering represents common stock purFirst Fiscal Corp., New York, in November last offered chased from individuals, but the management has not disposed of any of
100,000 shares 7% cumul. pref. stock at $12.50 per share, its holdings. This financing provides no additional capital for the business
but is for the
$2.50 per share payable with subscription. Balance on call structure. purpose of retiring senior securities and simplyifing the capital
-Application has been made to list this common stock on the
Listing.
after Jan. 1 1929, payable in 30-60-90-120 days.
-V.127, P. 3548.
The preferred stock has a preference over the common stock as to divi- Detroit and Cleveland Stock Exchanges.
dends and as to assets. In the event of liquidation the preferred has a
-The
-Bonds Offered.
Franklin Bond & Mortgage Co.
preference on the assets of the corporation up to 120% of its par value.
It is entitled to dividends of 7% cumulative from Feb. 1 1929. Dividends Colonial Mortgage Investment Co., Baltimore, recently of-F.
payable Q.
fered at 98 and interest, $1,000,000 1st mtge. collateral trust
Capital upon Completion of Present Financing.
$1,000.000 534% gold bonds.
7% preferred stock ($10 Par)
200.000 shs.
Dated Dec. 1 1928; due June 1 1934. Principal and int. (J. & D.)
Common stock (no par)
The first 25,000 shares of this preferred stock sold will carry a bonus
payable at National City Bank, New York,or at the Louisvillevllle Nation
shares of common voting stock with each share of preferred purchased. Bank & Trust Co.. Louisville. Ky., trustee. Red. on any hit. date prior
of 2
The next 25.000 shares will carry a bonus of 1 share of common voting to maturity on 30 days' notice at 101 and int. Denom. $1,000. $500 and
stock with each share of preferred purchased. The balance of 50,000 $100 c*. Company agrees to pay the principal and interest without deducshares will be sold on a basis of a bonus of one-half share of common voting tion for the normal Federal income tax up to 2%, and to refund State,
County and Municipal securities taxes not in excess of five mills per annum
stock with each share of preferred purchased.
-Has been organized in Delaware, with an authorized capitali- or in lieu thereof, the amount of State income taxes not in excess of 6%
Company.
zation of 100,000 shares of 7% preferred stock ($10 per value), and 200,000 per annum, if requested within 60 days after taxes are due and paid. as
shares of no par common stock; to provide a holding and operating corpo- provided in the trust indenture. Colonial Mortgage Investment CO..
Baltimore, fiscal agent.
ration.
Guarantces.-The payment of principal of and interest on the 1st mtges,
Through the sale of 100.000 shares of 7% preferred stock, the treasury of
the corporation will receive a net amount of $1,200,000 in cash to com- held by trustee as collateral to secure these bonds is irrevocably guaranteed
mence business.
by the Maryland Casualty Co.
-These bonds are at all times secured by deposit with the
Security.
The corporation will function as a holding corporation confining the investment of its own capital to bank and trust company stocks and also trustee of 100% principal amount of 1st mtges, United States Government
maintain an operating division for the purpose of dealing in unlisted se- bonds, United States Government Treasury certificates and (or) cash.
curities of banks, trust companies, insurance and industrial companies, for The mortgages deposited are first mortgages on improved fee-simple real
the accounts of its customers.
estate located in the City of Louisville and vicinity, or in the principal cities
-The capital structure is set up with a capital and paid- of the Southwest where the company maintains direct branches.
Capital Structure.
in surplus. From the proceeds of the sale of each share, $10 goes to the
capital account and $2 to the surplus account.
-Exports Gain 30%.
Gardner Motor Co.
-To cover the items of organization expense and
Organization Expense.
Export business of the Gardner Motor Co. for 1928 is expected to run
financing, 50c. a share will be set aside. This will keep the entire capital 30% in excess of 1927, President Russell E. Gardner, announced on Dec.
Any
and surplus of the corporation intact and ready for investment.
24. Through the addition of sales forces in Canada and Continental
remaining amount of this fund (if any), after the payment of expenses, will Europe the export sales have gained until they now represent approximately
be paid into the treasury of the corporation.
25% of the entire business. Mr. Gardner expects that the company will
-R. 8. Gilchrist (Asst. Treas. First Fiscal Corp.), Nathan set a new high export record in excess of 600 cars during the forthcoming
Directors.
Marcus Jr. (Nathan Marcus Jr. Co.), V. I. Chebithes (Vice-Pres.), Shelley year.
B.Hutchinson (Chairman First Trust Bank.Inc.), Edward Potter (Potter &
Shipments and sales will show a substantial increase for 1928 over 1927.
Potter), Don 8. Hutchinson (Pres. First Fiscal Corp.), Harry E. Benner
Gardner announced on Dec. 28, making the fourth
(Pres. First Trust Bank, Inc.), James M. Snee (Director First Trust President Russell E.
consecutive year un which the company has shown gains over the previous
Bank, Inc.), Harry E. Wheeler (Vice-Pres. First Fiscal Corp.), T. R.
periods. For the quarter ended Nov.30,shipments were 114%
Quick (Cashier Galeton Banking Co.), F. Simerda, John B. Rooney, H. W. 1212 month the same quarter in 1927.
in excess of
Maynard Jr.
Export business, Mr. Gardner states, will show an increase of over
-Shelley B. Hutchinson (Pres.), V. I. Chebithes (Vice-Pres.),
Officers.
are being laid to enlarge the foreign business
Edward Potter (Vice-Pres.), Don S. Hutchinson (Treas.), James M. Snee 30% for 1928, and plans addition of dealers and sales representatives in
during 1929 through the
(Sec.), R. S. Gilchrist (Asst. Sec. & Treas.).
countries which the company has not yet entered.
"The company's position is stronger at present than at any time since
--Listing.
First National Stores, Inc.
quality field," President Gardner states. "More
The New York Stock Exchange has authorized the listing of 33,616 entering the eight-cylinder
organization,
additional shares (no par value) common stock, on official notice of issuance and better dealers are being added to the of millions of attracted by the
dollars
exchange for the properties and business of the Mayflower Stores. franchise being offered. The expenditure acceptance that has in adverin
produced
tising and sales effort have resulted in public
making the total amount applied for 628,616 shares.
last 6 months of
in sales
The business of The Mayflower Stores is about to be consolidated with the large increase programduring theis more complete1928. attractive than
and
for 1929
"The Gardner
Ins, through the acquisition by the latter of the
First National Stores
being laid for the 1930 program which will
business, properties and assets subject to the liabilities of that company, ever before and groundwork isis now releasing commitments for
materials
Such purchase is to be paid for by the issue to The Mayflower Stores or its be still greater. The company
for the first quarter of 1929 which will allow a 50% increase in shipments
nominees of 33,616 shares of common stock of First National Stores, Inc.
during that period as compared to that period in 1928, when net profit
Pro Forma Balance Sheet, Sept. 30 1928.
after charges were in excess of $100,000.
[After giving effect to the acquisition of The Mayflower Stores, and th
"While the company is cautious in predicting future business, we feel
Issue of 33,618 Shares of Stock.)
certain that the groundwork has been well laid for a considerable gain and
the time to cash in on the efforts of many years building has arrived."
Liabilities
Assets7% 1st preferred stock
$5,000,000 V. 127. p. 3548.
Land, bldgs.,improve., turn.
x2,736,627
& fixtures & automobiles __y$6,284,919 Common stock
-Incandescent Lamp Sales in 1928.
1,915,000
Cash in banks & on hand__ 1,539,334 Notes payable
General Electric Co.
:380,241 Purchase money obligations_
90,000
Accounts receivable
Sales of incandescent lamps in the United States during 1928 were
9,184 Bal. of earns. for 9 mos. end.
Notes receivable
319,000,000 large size and 240,000,000 small lamps, acapproximately
22,883 cording to a review of the electrical industry for the year by John Liston
8,249,774
Sept.30 '28, pay,to sellers_
Inventories
143,237 Accounts payable
2,205,079 of the General Electric Co. This is an increase of about 1.500,000 in the
Investments
386,245 Employees invest. certificates
391,189 large sizes over 1927, and 20,500,000 in the small sizes over the previous
Deferred charges
1 Unpaid bal. 1927 Fed. taxes_
141,215 year. "Sales during the past year were the largest in the history of the
Good-will
Prov. for 1928 Federal taxes_
162,475 industry," according to Mr. Liston. 'The new type lamps with inside
1st M.5% sk.fd. gold bonds_ 1,500,000 frosted finish, introduced two years ago, have met with marked success.
Res. for Bk. fd. pref. stocks__
149,070 The demand for these new lamps is now about 98% of the total sold.
Reserve for contingencies-495,609 Large lamp prices are now 49% and miniature lamp prices are 48% of the
Earned surplus
2,183,806 corresponding 1914 figures."
-V.127. p. 3548.
-Dividend
Financial & Industrial Securities Corp.
Rate Increased-Extra Also Declared.
Total
$16,892,948
$16,992,947
Total
x Represented by 628,616 no par shares. The entire net worth of The
Mayflower Stores has been capitalized with respect to the 33,616 shares of
common stock issued therefor. y After reserve for depreciation amounting
to $2.217,885.-V. 127. p. 3405.
-Stock Sold.
Foote-Burt Co., Cleveland.
-Maynard
H. Murch & Co., Cleveland, have sold at $40 per share
42,437 shares common stock (no par value).
Exempt from the present Ohio personal property tax and dividends
exempt from the present normal Federal income tax. Transfer agents,
Union Trust Co., Cleveland, and Guardian Trust Co.. Detroit. Registrars,
Guardian Trust Co., Cleveland, and Bankers Trust Co., Detroit.
CapitalizationAuthorized. Outstanding.
*5,500 shs.
Class A shs. $3.50 cumul. div,(no par value)*16.000 shs.
*100,000 slur. 92,437H shs.
Common stock (no par value)
*10,500 shares of the above authorized class "A" shares have agreed to
convert into 14,4373 shares of common stock as of Dec. 311928. 7.562%
shares of the above common stock are reserved until Dec. 31 1928 for conversion of the class "A" shares on the basis of 1% shares of common stock
for each one share of class "A." All class "A" shares that are converted
Into common stock will be cancelled.
Data from Letter of George E. Randles, Pres. of the Company.
Company -Business was established in 1892 as a partnership. Present
company was incorp. Dec. 31 1927 in Ohio as a consolidation of a company of the same name with the Foote-Burt Machine Co. The predecessor
Foote-Burt Co. was incorp. in Ohio in 1906. The Foote-Burt Machine Co.
was incorporated in Ohio in 1919. Company manufactures a line of high
duty single and maltiple spindle drilling machines and special machinery
for the complete manufacture of parts in quantity, also electric washing
machines. Company numbers among its customers many of the leading
industrial concerns and railroads of the country and has a steadily increasing
export business. Company's plant is located at 13,000 St. Clair Ave., Cleveland, 0., on the Cleveland Short Line RR, providing adequate railroad
facilities. The building is a one-story, monitor typo, modern steel, brick
and concrete construction with 131,132 square feet of floor space.
-Net earnings of the company and its preEarnings and Dividends.
decessor companies, for the two years and 10 months ended Oct. 31
1928, after depreciation and Federal taxes at the present rate, adjusted
to the new capital structure have been as follows:
1928.
1928.
(10 Mos.) (2 Mos.Est)
1926.
1927.
Cal. Years$201,428
$278,554
$476,154
$600,000
Net earnings
$2.80
$1.97
*$5.97
$6.28
a Net earnluss per share
$2.01
*$5.71
$6.00
b Net earnings per share shares of corn. $2.78
stk. after Cl."A" dive. b Avail
a Available for 92.43734
of the class "A" shares convert into common. * At the
for corn. stk. If all
annual rate of.
A dividend of 65 cents a share has been declared on this common stock
payable mar. 15 1929, to holders of record Mar. 5 1929. It is the present
-Acquisition.
General Mills, Inc.
President James F. Bell on Dec. 21 announced the completion of negotiations for the ptkchase of the assets and business of the El Reno Mill &
Elevator Co. of El Reno, Okla., which has a daily capacity of 1.100 barrele
-V.127. p.3548:
offlour and a storage capacity of 900,000 bushels of grain.
President Bell also announced the awarding of a contract for the immebushel elevator at the plant of the
diate construction of a new 1,500,000
Red Star Milling Co. at Wichita, Kan. These additional facilities will
provide a total storage capacity of 4.500,000 bushels for that company.
127, p. 3548.
-Listing.
General Paint Corp.
The San Francisco Stock Exchange has authorized the listing of 80.000
shares of class A stock and 260,000 shares of class B stock, both of no par.
Consolidated Income Account,
6 Mos.End. -Years Ended December 31
June 30'28.
1927.
1926.
1925.
PeriodSales,less returns & allow $3,364,075 $6,131,270 $5,538,441 $5,501,001
3.781,202
2,115,889 4.083,393
3.885,810
Cost of goods sold
Gross profit on sales__ $1,248,186 $2,047,877 $1,757,239 $1,615,190
965,860
835.474
544,410
784,183
Selling expenses
500,145
430.982
276,573
543,903
Gen.& admin. expenses..
63,647
51,361
58,706
37,828
Income credits
150,927
113,231
91,883
120,915
Income charges
Unusual & non-recurring
2,084
16,823
6.446
36,615
items
Net income
Deduct proportion appl.
to minority int. ofsubsidiary comPanies-
$366,502
$421,926
$369,952
$301,221
15,853
15,662
19,821
21,224
Net income applic. to
consolidation
$350,849
See also V. 127. p. 2237.
$406,264
$350.131
$279.997
General Re-Alliance Corp.
-Transfer Agent.
The Chatham Phenix National Bank & Trust Co. has been appointed
-V.127. p. 3406.
transfer agent of 240,000 shares of no par capital stock.
General Refractories Co., Philadelphia.-Stk inCreaffe.
The stockholders will vote Feb. 25 on increasing. the authorized capital
stock (no par value) from 225,000 shares to 300,000 shares. The purpose
of the increase is to provide a method of financing which will place the
company in a position to bring about the retirement of the present outstanding 6% bonds, as well as to provide stock which may be issued for
general corporate purposes.
If the increase in the authorized capital stock is approved, and whenever the directors in their discretion determine to issue the additional stock,
3712
FINANCIAL CHRONICLE
[VOL. 127.
you will receive rights to subscribe;for 75,000 additional shares of stock in textiles, mineral oils (notably the refining of petroleum oils) and in the
the proportion of one share of' the additional stock for each three shares of purification of municipal and other water supplies.
stock you own at such price as may be determined.
Company's plant at Niagara Falls, N. Y. comprises over 35 acres owned
It is the intention of the board in due course to make arrangements for in fee, over 50 steel, concrete and brick buildings all of modern fireproof
the underwriting of the entire new issue and to dispose of any stock in construction and is producing at a daily rate of over 70 tons of caustic soda
respect to which rights may not be exercised by the shareholders.
-V. 127, and over 62 tons of chlorine. The plant now under construction at Tacoma,
p. 3549.
Wash., is expected to be in operation the latter part of Jan. 1929 and it is
anticipated that it will materially increase the company's present production
General Tire & Rubber Co.
-Dividend Increased.
Purpose.
-Proceeds are to provide funds for the completion of a new plant
The directors have declared a quarterly dividend of $1 per share on the at Tacoma, Wash., and to reimburse the company for new property purcommon stock, placing stock on $4 annual dividend basis, against $3 chased and additions and improvements to its property.
previously.
-V. 126, p. 3306.
Security.
-Secured by a direct first mortgage on all real properties and
fixed assets now owned by the company, with the exception of the comGermanic Fire Insurance Co.
-Personnel.
pany's office building in N. Y. City, upon which they will be a second Hen,
has been elected President. Other officers elected subject only to a purchase money mortgage of $200.000.
Norman T. Robertson
at the first meeting of the new organization include: Harry A. Grant, ViceAssets.
-The balance sheet as of Oct. 31 1928 after giving effect to this
President; H. E. Eckhoff, Treasurer; and Elmer A. Morrell. Secretary. financing shows net tangible assets, excluding deferred charges and comMr. Robertson recently resigned as director and General Manager of the pany's stock purchased and held in the treasury, of $6,008,349- equal to
National Liberty group of insurance companies.
over 2.4 times the total first mortgage bonds outstanding at that date
-V.127. P. 3549.
including this issue. The above mentioned balance sheet shows a ratio of
Germanic Realty Corp.
-Organized.
current assets to current liabilities of over 5
-to-1.
Organization of this corporation, wholly owned subsidiary of the InterEarnings.
-The net earnings before depreciation, interest and Federal
national Germanic Co.Ltd., and which has acquired title to the property income taxes for the three year period ended Nov. 30 1927 and the eleven
at 336 Madison Ave.,'New York City, is announced. The ground floor months to Oct. 31 1928, after deducting obsolescence of plant, property
of the building at this address will be occupied by the new mid-town offices and equipment, averaged annually $947.365, or over 534 times interest
of the International Germanic Trust Co. which will open for business on requirements on the company's total funded debt to be outstanding (less
Dec. 31. Additional offices of the International Germanic Co.. Ltd., will bonds held in treasury)including this Issue, and after deducting depreciation
also be located at 336 Madison Ave. The building will be renamed the averaged annually $626,101, or over 334 times such interest requirements.
"International Germanic Building." The opening of this new mid-town
Sinking Fund.
-Company covenants to pay semi-annually an amount
branch of the International Germanic Trust Co. Is the second for this equal to 1%% of the highest aggregate principal amount of series "B"
organization, the first having been located at 30th St. and 7th Ave., New bonds theretofore issued, commencing Nov. 30 1929. Company has the
York City.
privilege to tender series "B" bonds at their then current redemption price
The International Germanic Companies whose headquarters downtown in lieu of cash. The sinking fund, to the extent paid in cash, Is to be used
are at 26 Broadway, this city, are taking additional space at that address for the purchase of bonds at or below the then current redemption price
and on completion of remodeling and redecorating of those quarters will and any balance to the redemption of bonds at such price.
occupy the entire ground floor at the Broadway address from New St. to
CapitalizationAuthorized. Outstanding.
Broadway on Beaver St.
5% pnrch. money mtge.on 25 Pine St., New York,
due Nov. 1 1929
$200,000
$200,000
Goldman Sachs Trading Corp.
1st mtge.7% sinking fund gold bonds,series "A,"
-Registrar.
-The National Bank of Commerce in New York has been appointed regisdue Jah. 1 1947
d1,250,000
a986,000
trar for the capital stock of the corporation.
1st mtge. 6% sinking fund gold bonds, series "B"
-V. 127, p. 3254.
(this issue)
d1,500,000
1,500,000
Granby Consolidated Mining, Smelting & Power Co. 6% cumul. pref.stock($100 par)
3,000,000 b2,700.000
Common stock ($100 par)
2,500,000 c2,500,000
-Dividend Rate Increased.
a Of which $105.600 have been purchased and are held in the treasury.
,
The directors have declared a quarterly dividend of $1.50 per share on the b Of which $1,600 have been purchased and are held in
c Of
capital stock, (par $100), payable Feb. 1 to holders of record Jan. 4. In which $192,300 have been purchased and are held In thethe treasury.Total
treasury. d
May, August and November last, quarterly dividends of $1 per share were amount issuablo of all series Is limited to 35.000,000.-V. 127, p. 3550.
A distribution of $1 per share was also made in 1927, the first since
paid..
Horn & Hardart Co.
-25e. Extra Dividend.
The stockholders on Dec. 27 ratified a plan under which they are to reThe directors have declared the regular quarterly dividend of 37;6 cents
ceive not to exceed $1.815.922 as a capital return from the depreciation and and an extra of 25 cents a share on the common stock, both payable Feb. 1
depletion reserve. The amount of the return and the date it is to be made to holders of record Jan. 11. These are the same amounts as paid in each
of the previous 6 quarters.
have been left to the directors to determine.
-V. 127, p. 1956.
The reserve has been increased to $4.026,593 through an appropriation
Houdaille Corp.
of $1.815,922 from excess current assets. A capital distribution of $1.50
-Proposed Merger.
per share had already been authorized (see above). This will leave $3.50
See Hershey Corp. above.
-V. 127, p. 3550. 2965.
per share in the fund to be distributed to stockholders.
-V.127.P.3255.
Household Finance Corp.
-Initial Dividend.
-
The directors have declared an initial quarterly dividend of 75c. a share
Graver Corp., East Chicago, Ind.
-Contract.
Ten cracking units valued at $2.000,000, the first ever purchased in this on the partic. preference stock (par $50) pyaable Jan. 15 1929 to holders of
country for the Soviet oil industry, have been ordered by the Amtorg record Dec. 31 1928. (See V. 127.p. 2098).
President L. C. Harbison, states that the company's total amount of
Trading Corp. of New York. according to an announcemnt made Dec. 19
loans outstanding has increased from $10,479,143 on Nov. 30 1927 to
by Saul G. Bron, Chairman of the board of directors of that company.
"The cracking units will be installed at Batum and Tuapse on the Black $13,940,115 on Nov. 30 1928. an increase of 333'. From Oct. 1 to Nov. 30
Sea, the terminals of the two new $30,000,000 pipelines, and at Yaroslavl 1927, the company made 17,654 loans totaling U.831,822, of which 4,506
on the Volga River," stated Mr. Bron. "Several additional cracking loans were made to new customers. This Compares with 31,303 loans made
units and pipe stills will be purchased in this country In the near future. In the same period of 1928., totaling $3.503.709 of which 10,651 loans were
The order for 10 units was placed on long term credit basis with the Graver made to new customers This shows a gain of 42% in new customers and a
-V.127, p. 2376.
Corp. of East Chicago, Ind. In the past two years the Amtorg has pur- gain of 80% in amount ofloans.
chasedequipment for the Soviet oil fields to a total value of $8,000,000."Hudson River Navigation Corp.
-Night Line Operaens.
V. 110. p. 663.
The Hudson River Night Line announced this week that operation of
Guardian Fire Assurance Corp. of N. Y.
-Earnings.
-- its freight boats between New York and Albany-Troy would be continued
indefinitely in view of the prospect of the weather remaining warm. It
Earnings for Quarter Ended Sept. 30 1928.
was necessary because of freezing of the Hudson to discontinue operation
Net premiums written
$378,217 last year about the middle of December.
-V. 127, p. 3550.
Interest and rents
56,971
Profit on sale of securities
154,603
(Henry E.) Huntington, Estate of.
-Co-Agent.
The Bankers
has been appointed
Los Angeles
Total income
$589,791 First National Trust Co.Savings Bank, Los co-agent with thefor the
Trust &
Angeles, Calif.,
payLosses paid
265.280 ment of the 5
-year 6% note coupons. See also V. 127, p. 2830, 2965.
Expenses, taxes and commissions
133,132
Investment expenses
9,755
Hydraulic Brake Co.
-Earnings.
-Losses on sales or maturity
17,187
Earnings 11 Months Ended Nov. 30 1928.
Dividends paid stockholders
50,000
Gross earnings
$592,474
273,946
Net profit
$114,437 Net earnings after charges
Earnings per share on 44,476 shares capital stock (par $25)
6.11
Balance Sheet Sept. 30 1928.
-V. 127, p. 3407.
Assess
LiaWietesIndependent Oil & Gas Co.
-New Stock Subscribed for
Total bonds & stocks
$2,294,478
$4,556,291 Premium reserve
Cash in bans A: In office
777,104 Reserve for losses
271,045 by Stockholders.
Prem. In course of collection_ 1246,168 Reserve for other liabliites
40.000
Blair & Co., Inc., Field, Glore & Ce. and Kelley, Converse & Co., who
Interest accrued
12,370 Reserve for contingencies_ _
600.000
Market value of securities Capital
1,000,000 underwrote the offering of additional shares to the stockholders, have been
over book value
1,716,942 advised that the entire amount of the new stock has been subscribed for by
330.530 Net surplus
such stockholders. Through this offering approximately 357,000 shares
will be Issued, bringing the total outstanding stock to about 1,330.000
Total
$5,922,464
Total
-V. 127, p. 3407.
x After deducting balances over 90 days amounting to $2$ 1 .-V4 shares.
,5 922,46.
45
127, p. 2693.
International Combustion Engineering Corp.
-List-
Hartman Corp., Chicago.
-Expansion.
-
ing-Acquisition of Minority Stock of English Co.
-Contract.
--
The corporation has closed leases for additional stores in its chain at
The New York Stock Exchange has authorized the listing of 40,000 shares
Hammon, Ind., and Laporte. Ind. A number of additional leases are of common stock without par value on official notice of issuance in exchange
-V.127, p. 3407.
being negotiated.
for 30.000 shares of El each out of a total number of 105.000 shares of El
each of the ordinary shares of Coal Oil Extraction, Ltd.
Hershey Corp.
Coal Oil Extraction, Ltd., was Moon), under the consolidated company
-Proposed Consolidation.
The stockholders of this corporation, the Houdaille Corp. and the Oakes laws of England in 1926 by International Combustion Engineering Corp.
Products Corp. have received notice of a special meeting to be held on In accordance with an agreement with certain English interests associated
Jan. 28 to ratify a proposal to consolidate the 3 companies. The plan with the corporation in developing its business in the British Empire.
approved and recommended by the directors provides that the 3 com- Under this agreement the English interests were entitled to subscribe to
30% of the capital of the company or a total of 45.000 shares of El each
panies will be consolidated on a share for share basis.
The class A stock of the new corporation will be preferred as to cumul. out of a total authorized capital of 150,000 shares of LI. each. This cordivs, at the rate of $2.50 a year, preferred as to assets up to $45 a share portation already controls 75,000 shares, including 60,000 shares allotted
and accrued divs. and redeemable upon 45 days' notice at $45 a share and to a subsidiary in exchange for low temperature distillation patents covering
accrued diva and will be convertible into class It stock share for share at the McEwen-Runge and K. S. G. processes of low temperature distillation
the option of the holder any time before the fifth day prior to the date of for the British Empire. This corporation has since acquired 15,000 shares
of the minority interest and has now voted by resolution of the board of
reduction of the class A stock.
Claire L. Barnes, President of the 3 companies, will be President of the directors to acquire the remaining minority interest of 30.000 shares of Li
each in exchange for 40,000 shares of International Combustion Engineer-V. 127. p. 2830, 2238.
new Houdaille-Hershey Corp.
InCorp.
Matthew S. Sloan, President of the New York Edison Co. and the comHooker Electrochemical Co.
-Bonds Offered.-Blair &
associated with it in supplying electric service in Metropolitan New
Co. Inc., are offering at 994 and interest, $1,500,000 1st paniesannounced the closing of a contract with the International company
York,
-year 6% sinking fund gold bonds, series B.
for three boilers that will be the largest ever built. They are to be inmtge. 25
Dated Dec. 1 1928; due Dec. 1 1953. Interest payable (J. & D.) at New stalled in the East River generating station of the New York Edison Co. at
York Trust Co., New York, trustee, without deduction of Federal income East River and 14th St. and will supply steam to drive the largest singletax up to 2% per annum. Penn. personal property tax, and Calif. personal shaft, single-unit electric generating machine in the world, a 160,000
property tax not exceeding four mills, and Mass, income tax not exceeding kilowatt (215,000 la.p.) turbo-generator will '11 is now being constructed by
6% per annum of the interest thereon, refundable. Denom. of $500 and the General Electric Co. Delivery of the boilers is expected to start in
$1,000c*. Red. all or part at any time on 40 days' prior notice at 105 on or about four months, and the unit will be placed in operation about Sept. 1
before Dec. 1 1933; and thereafter at 104 on or before Dec. 1 1938; and 1929.
The East River generating station of which these units will form an
thereafter at 103 on or before Dec. 1 1943; and thereafter at 103 on or before
Dec. 11043; and thereafter at 102 on or before Dec. 1 1948; and thereafter integral part will contain on completion the largest pumping station in the
prior to maturity at 101, in each case with accrued interest to date of world. The total capacity of the circulating pumps will be 1,400,000
gallons of water per minute or 1,750,000,000 gallons in 24 hours. This is
redemption.
double the quantity of water used by New York City from its water supply.
Data from Letter of Elon H. Hooker, Pres. of the Company.
The water used will not be city water but will be taken from the East River
-Organized in New York. Company conducts and returned to it as rapidly as it is used.
History and Business.
-V.127, p. 3256.
a business originally established in 1903 and now occupies a position of
great importance in the United States in the manufacture of heavy and
International General Electric Co.
-New Vice-Pres.special chemicals. Company's products include caustic soda in various
The appointment of H. H. Dewey, of Schenectady as Vice-President
forms, liquid chlorine, bleaching powder, muriatic acid, benzoates and a has been announced by President Clark H. Minor. Mr. Dewey has been
wide range of related materials filling a basic need in the manufacture of assigned supervision of all interests of the company in connection with
of artificial silk, soap, pulp, paper, &c. and in the treatment of various Russian business -V.127, p. 2240.
DEC. 29 1928.]
FINANCIAL CHRONICLE
3713
Average earnings for this period have been at the rate of $4.27 per share
per annum. Divs, have been paid on the company's stock without interruption for forty years.
-Officers and directors are F. C. Case, Chairman; John G.
Management.
- Jennings, Pres.: Roy H. Smith, V.-Pres.; I. L. Jennings, V.-Pres.; Geo. S.
-Initial Dividend.
International Paper & Power Co.
Longfield,
The direftors have declared an initial quarterly dividend of 60c. per Case, Sec. & Treas.; Chas. L. Wasmer, H. L. Judd, C.
share on the class "A" common stock, no par value, and also the usual R. M. Celine. all of Cleveland, and T. King, of Boston, Mass.
quarterly dividend of 60c. per share on the old International Paper Co.
-It is the declared intention of the management to place this
Dividends.
common stock, both payable Feb. 15 to holders of record Feb. 1.
stock on a $2.50 annual dividend basis with the first regular quarterly
dividend of 624 cents per share, payable on March 15 1929.
Rights Given to Common Stockholders.
-Application has been made to list this stock on the Cleveland
Listing.
The company is offering class A, class B, and class C common stock-V. 122, p. 3093.
holders of record Jan. 8 the right to subscribe on or before Jan. 31 at Stock Exchange.
class C common shares,
$10 a share to 1,500.000 additional no par value
-Initial Dividend.
Lane Drug Stores, Inc.
In the ratio of one share of the new stock for each two shares of either
The directors have declared an initial dividend of 39 cents per share on
class held. Stock of International Paper Co., of which less than 7%
the period from the date of issuance to
Is outstanding, does not have the subscription right, but may be exchanged the cony. pref. stock, covering
is payable
for stock of International Paper & Power Co., which does carry the sub- Dec. 31. This dividend, which is at the rate of $2 annually, 2241.).Jan. 31 to holders of record Dec. 24. (See offering in V. 127. p.
scription right up to Jan.8.
Stockholders subscribing for the new stock may pay for it in full on or V. 127, p. 3409.
-$4 a share Jan. 31. $3 on April 30,
before Jan. 31, or in three installments
-Registrar.
Lawyers Mortgage Co., N. Y.
and $3.14 on or before July 31, the 14 cents representing interest chagre.The Guaranty Trust Co. of New York has been appointed registrar for
V. 127, p. 3256, 3551.
an additional 10,000 shares of capital stock. par $100.-V. 127, p. 3552.
-New Subsidiary.
International Germanic Co., Ltd.
-V. 127. p. 2866.
See Germanic Realty Corp. above.
-Listing.
Jewel Tea Co., Inc.
--Earnings, &c.
-Sale to Drug, Inc.
Life Savers, Inc.
The New York Stock Exchange has authorized the listing on and after
Jan. 3 of 40,000 shares additional common stock without par value, on See Drug,Inc., above.
official notice of issuance and payment in full, making the total amount
The stockholders will vote Dec. 31 on approving a plan to exchange
applied for to date 160,000 shares of common stock (see offering in V. 127, the
assets of this company for 146,521 shares of no par value Drug, Inc..
P. 3551. 3257).
stock.
Earnings Forty Weeks Ended Oct. 6 1928.
Consolidated Income Account.
$11,975,561
Net sales
$2,437,328
Gross profit from operations
Cost of sales, incl. raw materials,labor,supplies,oper. exp., &c_ 10,8.59,793 Selling,advertising,administrative and general expenses
1.153,693
149,925
Depreciation
$1,283,634
Net profit from operations
$965,843
Net profit from operations
93.928
167.045 Other income
Other income
Total net profit
Reserve for Federal income taxes
Net profit for the year
Surplus balance at beginning of year
Total surplus
Dividends paid on preferred stock
Dividends paid on common stock
Premium on preferred stock purchased, &c
Good-will reduced to $1
$1,132,889
135,947
$996,942
1.849.147
$2,846,089
129,850
358.777
75,858
119,999
Total net profit
Depreciation written off during period
Reserve for United States income tax
Reserve for Canadian income tax
$1,377,562
70,832
148,000
6,000
Net profit for period
Balance at credit Dec. 31 1927
Refund prior year Canadian income tax-Credit
$1,152,730
638,859
264
Total surplus
Dividends declared ten months of 1928
31,791,854
660.000
$1,131.354
Balance at credit Oct. 31 1928
$2,161,605
Balance at end of year
$44.17
Earnings per share on preferred stock
Consolidated Balance Sheet, Oct. 311928.
$6.99
Earnings per share on common stock
LtabtlittesAssetsComparative Balance Sheet.
559,152
5374,903 Accounts payable
Cash and call loans
4,350
Oct. 6 '28. Dec. 31'27. Marketable secur.(at cost).__ 1,976,107 Accrued interest, wages,&c-Oct. 6 '28. Dec. 31'27.
252,546 Accrued income taxes, &c__- 193,059
Accounts receivable
Ltabl/iffes-s
s
Assets226,096 Cap.& sttrp. as repres. by 550,
547,386 Preferred stock-- 2,257,000 2,500,000 Merchandise Inventories
bldgs.„ &c__ x412,840
Land,
7,403 000 shs. of no par value such120,000 Common stock-- 120,000 5120.000 Accts.& notes rec. of empl., &c
1
Good-will
2,296,505
2,610 °Hied and Issued
Life Savers Sweets Sales, Ltd_
2,076,900 1,994,469 Letters of credit &
Inventories
1.131,853
751,017 Earned surplus
820,648 Fixed assets
__ 558,318
acceptances__
741,249
Mote.receivable... 284,096
94,238
359,851 Deferred & prepaid exp.. &c__
89,666
1,426,316 1,290,842 Accounts payable_
Investments
$3,684,921
1
Total(each side)
205,211 Patents and trade marks_
160,143
62,242
61,439 Sundry accruals_
Trust funds
714 -V. 127, p. 419.
666,479 Pref. diva. uncl- 120,000
595,224
Cash
185,041
639,495 Federal Inc. taxes_ 182,094
740,700
Advances
-Bonds Called.
62,24161,439
134.705 Surety deposits-92,501
0th. def. charges_
Liquid Carbonic Corp.
54,597
151,697
Hes, for coining_
Common stock for
All of the outstanding let mtge. cony. s. f. gold bonds, due Aug. 1 1941,
2,164605 1,849,147 have been called for redemption Jan. 2 1929 at 105 and int. at the Guaranty
57,682 Surplus
74,844
employees
Trust Co., 140 Broadway,N.Y.City. (See also V.127. p.2241.)-V. 127,
5,765,665 6,253,747 P. 3552
Total
5,765,665 6,253,747
Total
x After deduction of 3894,694 for depreciation. y Represented by
-1929 Production Schedule
Lockheed Aircraft Co.
-V. 127, p. 3551.
120,000 shares of no par value.
-Listing.
Jordan Motor Car Co., Inc.
Rights, &c.
Indicative of the great expansion in aircraft output planned for next
year, the company announces a production schedule of 200 airplanes for
1929. The company, which was incorporated on Jan. 1 1927. turned out
only 7 planes in its first year of operation and at the present time has a
capacity of 8 to 10 planes a month.
Proceeds from recent financing will be used to construct a new assembly
-Debentures Called.
(Julius) Kayser & Co.
s. f. gold debentures, due plant near Chicago and to provide additional manufacturing facilities at
-year cony. 534
An of the outstanding 20
Calif.
Mar. 1 1947, have been called for redemption Mar. 1 next at 104K and int. the company's plant at Burbank, common stock from 25,000 shares to
The company has increased its
at the office of Blair & Co., 24 Broad St., N. Y. City. See also V. 127, p.
150,000 shares. Stockholders have been offered warrants for additional
3551.
stock in the ratio of 5 shares of new stock for each share now held.
Edward F. Schlee and William Brock, famous round-the-world flyers,
-Transfer Agent.
Kent Garage Investing Corp.
worth of Lockheed planes and will
The Guaranty Trust Co. of New York has been appointed transfer have signed an initial order for $750,000
-V. 127. p. 3257.
Southern States.
agent for 200.000 shares of common stock, without par value, and 100.000 act as distributors in the Central and
shares of preferred stock, $100 par value.
-Bankers Issue Notice Relative
Lumber Co.
The New York Stock Exchange has authorized the listing of 100,000
additional shares of common stock without par value, on official notice of
Issuance and payment in full, making the total amount applied for 300,000
shares. For offering see V. 127, p. 3257. 3551.
Long Bell
- to Forged Boncls.-Halsey, Stuart & Co., Inc., have issued
-To Redeem Pfd. Stock.
Keystone Watch Case Corp.
The directors announce that the remaining outstanding preferred stock
relative to forged 1st mtge. 6% gold
has been called for redemption on Feb. 1 1929, at $51.25 and. divs.-V. the following notice
bonds, series C, due Aug. 11946, of the company:
127, p. 1957.
It has
-Control Sought by National Bellas bonds ofcome to our attention that there are in circulation certain spurious
Kinnear Stores Co.
the above company.
-V. 127, p.
-See that company below.
The bond intercepted was in the denomination of $100 and bore number
Hess Co., Inc.
0-344. It is evident that the counterfeiters have photographed a genuine
3408, 2693.
bond and the spurious bonds have been lithographed from a photographed
that the color is not exactly right,
- copy. The chief difference noted isas on the filing of the bond does not
-Stock Offered.
Lamson & Sessions Co., Cleveland.
that the border on the bond as well
Hayden, Miller & Co. and Merrill, Hawley & Co., Cleveland stand out as clearly in the forged bonds. This holds true in the entire
that the shading
coupon, and it
bond as well as in
are offering 20,000 shares common stock at $41.50 per share. face of the couponthe almost entirely will be notedthat the facsimile on the
of the
absent and
is
Of the present offering of stock, 12,551 shares have been ac- corporate seal is a trifle blurred. The binding on the forged bond was
of green and
quired from the company and 7,499 shares from individuals. black instead Is printed in was of poorer quality tape. The picture on the
a darker ink than the picture on the genuine
Guardian Trust Co., Cleveland, transfer agent and registrar. In the
opinion of counsel this stock is now exempt from personal property taxation in Ohio; and dividends are exempt from the present normal Federal
Income tax.
Authorized.
Outstanding.
Capitalization$1,000,000
$904,500
7% cumulative preferred stock
100,000 shs.
100,000 shs.
Common stock (par $25)
Data from Letter of John G. Jennings, Pres, of the Company.
-Company, a partnership, was established in 1865
History and Business.
at Mt. Carmel, Conn., with an original investment of $16,000. The business was moved to Cleveland in Oct. 1869. Thirteen years later, business
was started in a plant located at 2188 Scranton Road, which location the
company still occupies. In Nov. 1883, the present company was incorporated in Ohio. In 1921 the company purchased the Falls Rivet Co. of
Kent, 0., and in 1926 purchased one of its large competitors, the KirkLaity Manufacturing Co. of Cleveland. Both of these plants are now
operated by the company. Through a wholly owned subsidiary, the company acquired in 1928 a factory site at Birmingham, Ala. It is expected
that production will be started in this new plant in 1929. Shipping facilities at all of the company's plants are excellent.
The company is one of tho largest manufacturers of bolts and nuts and
cotter pins in the country. Its products are used by practically all branches
of industry and are distributed through wholesale hardware and mill supply
houses in every state of the Union.
-Company's balance sheet as of Oct. 31 1928,
Financial Condition.
adjusted to give effect to this financing, shows net tangible assets of $35.07
of common stock to be outstanding. Cash and marketable secuper share
rities alone total $1,048,858.
-Net earnings for the period of 2 years and 10 months ended
Earnings.
Oct. 31 1928 available for common stock, including operating results of
the Kirk-Latty Manufacturing Co. for a period of 5 months ended May 31
1926 (the date of acquisition), as shown by statement prepared by Ernst
& Ernst, adjusted to exclude intereat on bonded indebtedness to be eliminated by this financing and to provide for Federal &ages at the current
rate of 12%, have been as follows:
-Calenaar Years- 10 Mos.End,
Oct. 31 '28.
1927.
1926.
$374,394
3323,685
$512,251
Net income for common shares
$3.74
$5.12
$.23
Earned per share of common stock_ -
forged bond
-V. 123, p. 3229.
bond.
--Listing.
MacAndrews & Forbes Co.
The New York Stock Exchange has authorized the listing of 5,039
additional shares common stock without par value, making the total
-V. 127, p. 3552.
amount applied for 383,539 shares.
-The
MacKinnon Steel Corp., Ltd.-Pref. Stock Offered.
Equitable Securities Corp., Ltd., M ontreal, recently offered
$600,000 7% cumul. red. cony, sinking fund 1st pref. stock
share of no par value
at 100 and dividend with bonus of
common stock with every share of preferred.
The first preferred shares have preference as to capital and dividends
over other classes of securities and are entitled to a fixed cumulative div.
-F. by check at par at any branch
at the rate of 7% per annum, payable Q.
of the Royal Bank of Canada in Canada. Dividends accrue from Nov. 1
1928. Red. as a whole or in part on any div. date on 30 days' notice at $110
Per share and div., and at the same price in the event of liquidation. Convertible at the holder's option into no par value common stock on the
basis of one share of preferred stock for two shares of no par value common
stock. In the event of the preferred stock being called, holders shall have
the right of conversion until the expiration of the redemption notice. If
four quarterly dividends, consecutive or not, shall be in arrears, then
until all such arrears have been paid and the current quarterly dividend
declared, preferred shareholders will have one vote for each share. Transfer
agent, Montreal Trust Co., Montreal. Registrar, Canadian Trust Co..
Montreal.
Issued.
Authorized.
Capitalization$600,000
$1,000.000
7% curnul. cony,sinking fund 1st pref.stock
40,000 sirs. 12,000 shs.
Common stock (no par value)
balance of authorized common shares of no par value, 12,000 shares
Of the
are reserved for the conversion of the preferred stock outstanding.
Company.-Incorp. under the laws of the Dominion of Canada in 1928.
,
Has acquired as a going concern, the assets and undertakings of the MacRinnon Steel Co., Ltd. The MacKinnon Steel Co., Ltd.. audits predecessor,
MacKinnon, Holmes & Co., Ltd., have been in successful operation for the
Past 19 years. Throughout most of this time .during which it has been
3714
[vol.. 127
FINANCIAL CHRONICLE
operated and controlled as a family concern, a large proportion of the
Marmon Motor Car Co.
-To Increase Stock-Rights.
-earnings have been used on improving and enlarging the plant. The plant
The stockholders on Dec. 28 increased the authorized common stock,
consists of a modern structural steel plant situated in Sherbrooke, Que.
The business has been chiefly the fabrication and erection of steel frames no par value,from 200,000 shares (all outstanding) to 400,000 shares.
The common stockholders of record Jan. 7 1929 will be given the right to
for buildings,steel bridges and plate work. The plant is capable of double its
current output and provision has been made in the present financing to subscribe on or before Jan. 28 for 60,000 of the new shares at $55 per share
handle the Increased production. The fabrication of tanks and various to the extent of 3-10ths of their holdings. The proceeds are to be used for
-V.127.P.3553.
other plate products for which there is such a large demand at the present expansion and to provide for additional working capital.
time will be added to the company's production.
Mid-Continent Laundries Inc.-Initial Dividend.Asscts.-Company has purchased the real estate, buildings, machinery,
The directors have declared an initial quarterly dividend of 60 cents on
equipment and contracts of the predecessor company for a sum of $450,000.
An appraisal made by the Canadian Appraisal Co., Ltd., as of Oct. 29 the partic. class A stock, no par value, payable Jan. 15 (not Jan. 13 as
1928 values the real estate and replacement cost of the buildings, machinery previously stated) to holders of record Dec. 31.-V. 127, P. 3553.
and equipment at $469,044 and the depreciated value at $389,142. The
Mid-Continent Petroleum Corp.
-Dividends Resumed.
balance sheet as of Oct. 20 1928, after giving effect to the present financing
shows net current assets of $227247, making total net assets of $677,247. The directors have declared a quarterly dividend of 50 cents per share on
the common stock, no par value, payable Feb. 15 to holders of record
The current assets are over four times the current liabilities.
Earnings.
-The net earnings of the MacKinnon Steel Co., Ltd., after Jan. 10. During 1927, the company paid two quarterly dividends of 75
-V. 127,
giving effect to the present financing for the year ending July 31 1928, after cents per share, one in May and the other in August; none since.
provision for depreciation and income tax amounted to $90,798. As applied P. 3259.
to MacKinnon Steel Corp., Ltd., this is over twice the preferred dividend
Moore Drop Forging Co.
-Annual Report.
requirements; and after payment of preferred dividends. $4 a share on the
Years Ended Oct. 311928.
1927.
1925.
1926.
common stock. For the period from Aug. 1 1928 to Oct. 20 1928. the net
$6,407,245 $2,747,333 $5,762,040 $6,427,852
earnings after depreciation and income tax have been at approximately the Net sales
Cost ofgoods sold
5,287,284
2.495,792
4,689,858
4,639,567
same rate as the last fiscal year.
173,939
159,614
158,899
156,763
Conversion Privilege.
-Holders of the preferred shares have the right, Depreciation
477,060
235,647
362,492
539,550
at their option, to convert each share of preferred into two shares of no par Sell. & adm. exp.,int.,&c
value common stock of the company and the calling of such preferred shares
Net earns. before Fed.
for redemption shall not extinguish their right of conversion until the extaxes
$468,962 loss$143,721
$603,217 $1,039,545
piration of the 30 days redemption notice.
Balance Sheet as of Oct. 31.
Maddux Air Lines Co.
-Listing.
Assets1928.
1927.
Liabliitfe,s1928.
1927.
Trading in common stock voting trust certificates of this company began Cash
$338,426 $179,501 Accounts pay_ __ _ $150,749
$47,640
last week on the Los Angeles and San Francisco Curb Exchanges. The Cash surr. val. of
Notes payable_ ___ 350,000
company, which operates freight and passenger services throughout Calilife insur
256,583 Accrued expense__
278,788
120,764
26,169
fornia and Mexico, recently sold 155,000 shares through a syndicate beaded Accts. rec. trade- 805,630
133,961 Reserve for Fed.
by Blair & Co. and Bond & Goodwin & Tucker.
Notes rec.:trade.25,000
600
taxes
75,000
828,078
757,965 Oper.reserves.
15,410
Lieut. D. W. Tomlinson has resigned from the U. S. Navy to become Inventories
Net worth
a4,157,220 3,770,910
Vice-President in charge of operations. He will assume his new duties on Prepaid exp. and
accrued income48,541
32,813
Jan. 1.-V. 127. p.419.
Notes & accts.rec
-of employees9,932
10,102
(B.) Manischewitz Co. Cincinnati.-Stock Sold.
-The Plants & equip_ 2,494,569 2,483,765
4,000
L. R. Ballinger Co. and A. E. Aub & Co., Cincinnati, an- Deferred charges_
'
nounce the sale of 17,000 shares (no par) common stock at Good-will, trademarks, &c
1
1
838
Tot.(each side).$4,853,734 $3,860,129
$30 per share. This stock is being purchased from individ- Treasury stock- 24,768
a Represented by 51,668 class "A" shares, 55,000 class "B" common
uals.
shares.
-V. 125, p. 3651.
Transfer agent, Fifth-Third-Union Trust Co., Cincinnati. Registrar.
First National Bank, Cincinnati.
Mortgage Security Corp. of America.
-Notes Called.
CapitalizationAuthorized. Outstanding.
Certain outstanding 6% real estate trust deed gold notes have been called
Preferred stock, 7% cumulative
$173,700 for redemption Jan. 1 at 100 and int. plus a premium of X of 1% for each
$173.700
Common stock (no par value)
50,000 shs. year and part of a year of the unexpired term of each note. Payment will
100,000 shs.
History and Business.
-Business founded in 1888 and incorporated in be made at the Union Trust Co. of Maryland, Charles and Fayette Sta..
Ohio May 15 1914. Has enjoyed a steady growth. Products consist of Baltimore, Md.-V. 127, p. 420.
matzos (unleavened bread), thin and egg matzos cake meal, matzo meal
and matzo farfel, which are used in large quantities, particularly during
Munson Steamship Line.
-Refinancing Plans-Gets 10the Passover season. Matzo products have come into increasing popular
Year Mail Carrying Contract.
favor, being used throughout the year as a table delicacy.
Refinancing plans are announced by the company in connection with
Earnings and Dividends -An audit of the company shows the following
net sales and earnings for the three years ended July 31 1928, after all its plan to retire 88,000,000 6% secured gold notes Jan. 1 1929 and to
charges, including adequate provision for depreciation, Federal taxes. pre- provide additional working capital.
The plans, as announced, will give the Line a new issue of 6% secured
miums paid for redemption of preferred stock and preferred stock dividends,
gold bonds, due 1937, amounting to $4,500.000, and 82,500,000 of 83i%
after giving effect to the agreed reduction in officers' salaries:
gold debentures, due 1937, the latter carrying warrants for purchase of
1928.
1926.
1927.
Net sales
$1,365,542 $1,356,107 $1,506.203 common stock. In addition to these new issues there will be outstanding
0
Earns, avail, for common dividends_
95,438
105,170
143.944 4X%, 5% and 67 mortgages on vessels and other property maturing
Approx. earns, per common share_ _ _ _
$1.90
$st2A7 serially 1929-1941, in the amount of $3,378,533; $1,104,5061 of 6% cumul.
pref. stock of $100 par value per share, and 125,000 shares of no par value
-Listing.-The corporation has agreed to make application gnat this
common.
on the Cincinnati Stock Exchange.
A syndicate headed by Harris, Forbes & Co. and including Kidder,
Peabody & Co., Brown Brothers & Co., and Otis & Co., has purchased
Manitoba Power Co., Ltd.
-$1.50 Dividend.
The directors have declared a dividend of $1.50 a share on the common the $4,590,000 6% secured gold bonds maturing Jan. 1 1937, while Brown
Brothers
Otis & Co. have purchased the $2.500,000 of 6X %
stock, no par value, payable Feb. 1 to holders of record Jan. 10. Six months debs. It& Co. and to
is planned
market the bonds and debentures simultaneously.
ago a dividend of SI a share was paid and an initial dividend of $2 a share
The Postmaster General has entered into a 10
-year contract with the
was paid last January.
-V. 126. p. 3118.
Line for the carrying of mail between New York and various ports on the
east coast of South America, It Is estimated that under this contract,
Marland Oil Co.(Del.).
-Vice-President Resigns.
which is the first authorized by the so-called Jones
-White Bill to be signed
Col. F. R. Kenney has resigned as President of the Marland 011 Co. of by the Postmaster General since passage of the bill last May, will add
California and Vice-President and director of the parent company, effective approximately $750,000 per year to the net earnings of the Line. The
Dec. 1. His confidential Secretary, Ellsworth McGowan, Secretary of the Act expresses a definite policy of Government aid for the American MerMarland Oil Co. of California, has also resigned, effective Jan. 1. to accept chant Marine for the next 10 years.
a position as Vice-President and director in charge of all California operaIn addition to the fact that the 10
-year mail carrying contract is the
tions of the Kettleman Oil Co., a Delaware corporation, which has 2.000 first signed by the Postmaster General since the legislation referred to,
acres adjoining Mexican Seaboard and Marland properties in Kettleman the proposed financing is the first steamship financing since the passage
Hills.
-V. 127, p. 3410.
by Congress of the Jones
-White Bill. The Munson 'Steamship Line, in
addition to being among the oldest, is one of the largest American steamMaterial Service Corp., Chicago.
-Stock Offered.
- ship companies and Is regarded by Government officials as one of the
most essential trade
forming as it does the principal transportaMitchell, Hutchins & Co. and A. G.Becker & Co., Chicago, tion link between theservices,States and three of the leading South /AmeriUnited
are offering 38,000 shares capital stock (par $10) at $33 per can republic, namely, Brazil, Uraguay and the Argentine.
-V.125, p. 3651.
share.
Transfer agent, the Foreman Trust & Savings Bank, Chicago. Registrar, Illinois Merchants Trust Co., Chicago. Stock listed on Chicago
Stock Exchange.
Corporation was eqtablished as an Illinois corporation in Jan. 1919,
with an original paid-in capital of $10,000. It has grown to its present
proportions through the accumulation of earnings until its net worth as of
June 30 1928 was in excess of $3,000.000. Company is now one of the largest dealers in concrete materials in its territory. It owns and operates a
stone quarry at LaGrange on the Indiana Harbor Belt By.;a sand and gravel
pit at Carpentersville on the Chicago & North Western By..and 10 distributing yards strategically located at different points in Chcago and its
suburbs. The yards are well equipped with modern material-handling
devices. (Compare also V. 127. p. 2695.)
Earnings.
-Sales and net earnings for the past five years, after all charges,
including depletion and depreciation. and Federal taxes at the present rate,
and estimated earnings for 1928, are as follows:
1927.
*1928.
1923.
1926.
1924.
1925.
$
Net sales-2,143,670 3,214,354 4,471,219 5,731.417 6.931,446 9,000.000
Earnings-- 91.519 102,937 212,653 318,789 418,290 500.000
* Estimated.
The three-year average is $412,000, being at the rate of $3.33 per share
per year on the stock to be outstanding. Earnings In 1928 are at the rate
of $4 per share.
Dividends.
-It is expected that dividends at the rate of $2 per share per
year will be initiated by the directors, payable quarterly beginning Mar. 1
1929.
Purpose.
-Present offering of stock is for corporate purposes in redeeming the outstanding funded debt, so that upon completion of this financing
there will be neither funded debt nor preferred stock outstanding.
Capitalization.
-Authorized and outstanding, 125,000 shares (par $10).
Consolidated Balance Sheet June 30 1928.
[After giving effect to the liquidation of current indebtedness through
sale of 38,000 shares of capital stock.]
Liabilities
Assets
$8,000
Cash in banks and on hand- $61,621 Notes payable
553,602
1,461,677 Accounts payable
Receivables
217,610 Accr. exp., incl. reserve for
Inventories
125,629
118,727
Federal taxes
Advs. for materials & services_
112,500
6,630 Fur, money °blies (l929-32)_
Prepaid expenses
60,000
317,967 Minority stockholders interest
Other assets
1,250,000
1,699,554 Capital stock
Fixed assets
Surplus arising from appraisal
of fixed mete
859,386
Earned surplus
a914,668
$3,883,787
Total
$3,883,786
Total
-V. 127. p. 2695.
After deducting $52,452 good-wi 1 of subsidiaries.
-New Name, &c.
Medusa Portland Cement Co.
See Sandusky Cement Co. below.
•
Murray Corp. of America.
-To Increase Stock.
The stockholders will vote Jan. 15 on increasing the authorized common
stock, no par value, from 900,000 shares to 1,000.000 shares.
The Guaranty Trust Co. of New York has been appointed transfer agent
for an additional 269,067 shares of capital stock, no par value.
-V. 127.
P. 3554,
-Annual Report.
Nashua Mfg. Co.
1927-28.
Years Ended Oct. 311926-27.
Sales (less returns & allowances & discounts)--$17,625,081 $17,999,114
Gross profit
1,678,590
2,442,556
625,729
559,242
Depreciation
287,870
274,897
Interest
315,824
324,854
Taxes
11.389
74,753
Sinking fund
$437,978 $1,208,810
302,115
313,571
Net profits
Preferred dividends
Balance,surplus
$135,862
$895,039
Consolidated Balance Sheet Oct. 31.
1927.
1928,
1927.
1928.
Liabilities-$
Assets
$
11,990,278 12,302,637 Preferred stock- 4,643,700 4,720,200
Plant x
977,344 Common stock_ 6,200,000 6,200,000
Cash
1,171,669
Accts.receivable 2,738,295 3,456.315 Accts. payable_ y692,852 1,057,250
4,966,977 5,554,584 Notes Payable-- 2,877,000 3,935,000
Inventories
277,878 Surplus
Prepaid int. & ins_ 257,853
7,069,083 6,933,221
9,160
10,157
Investments
266,760 Total (each side)_21,482,636 22,845,672
Prof. stk. in treas. 348.403
X After depreciation of $5,914,480. y Includes reserves for taxes, &c.
-V. 126, p. 115.
National Bellas Hess Co., Inc.
-Acquisition.
The company is reported to be acquiring a controlling interest in the
Kinnear Stores Co. a department store chain of 27 stores, operating in
Indiana, Michigan, Illinois, Iowa, Kentucky, Minnesota and North and
South Dakota. The deal involves an exchange of stock, it is said.
V. 127. p. 3259.
National Bond & Mortgage Corp., Houston, Tex.Dividends.
The directors have declared the following dividends payable Jan. 1
1929: A quarterly dividend of 2% on the pref. series A stock, a semi-annual
dividend of 4% on the 1st pref. stock, and a semi-annual dividend of 4%
on the common stock.
-V. 127, p. 1958.
National Cash
Dismissed.
-
Register
-Complaint
Co., Dayton.
A complaint charging the company with unfair competition through
disparagement of a competitor and its products, has been dismissed by
the Federal Trade Comission.-V. 127, p. 3554.
DEC. 29 1928.]
FINANCIAL CHRONICLE
National Cash Register Co. (Md.).-Listing.-
The New York Stock Exchange has authorized the listing of (a) 60,000
additional shares of its common A stock, without par value, upon official
notice of issuance and payment in full in cash; and (b) 30,000 additional
shares of common A stock, upon official notice of issuance as part of the
consideration for shares of the capital stock of the Ellis Adding-Typewriter
Co. (N. J.), making the total amount applied for 1,190,000 shares common A stock.
It is proposed to use the 90,000 shares of common A stock in connection
with the contemplated acquisition of the stock of the Ellis company. The
corporation now has options on substantially all of the 10,292 outstanding shares of the capital stock of the Ellis company. The consideration
payable by the corporation under such options is $400 per share of optioned
stock, and in addition 30.000 shares of common A stock of the corporation
in respect of 6,000 of said shares of optioned stock, which constitute the
majority interest in the Ellis company; and upon the exercise of the options,
30,000 of said 90,000 shares of common A stock will be issued in part payment for said 6,000 shares of the Ellis company's stock. The remaining
60,000 of said 90,000 shares of said common A stock are to be issued for cash
at $60 per share to the holders of the common A stock and common B
stock to furnish the major part of the cash consideration which will be payble for the stock of the Ellis company.
The reasons for the acquisition of the capital stock of the Ellis company
are to supplement the corporation's present line of accounting machines,
so as to permit the corporation, through the Ellis company, to enter fields
which it cannot at present enter, due to the limitations inherent in its accounting machines, and to provide the corporation with a sufficiently long
line of purely accounting machines to warrant the creation of a separate
sales organization to handle only accounting machines, with a separate
sales organization handling only the corporation's present line of simple
cash registers.
The Ellis company was organized in New Jersey on June 22 1905. It
now has outstanding 10,2924 shares of the common stock without par
value, the balance of the 20,000 shares having been purchased by the company from time to time, and being now hold in its treasury. Company
at the present time manufactures 12 styles of machines,including machines
which combine in one unit the features of a typewriter and an adding
machine, bookkeeping machines and Haters. It has approximately 23
sales agencies in the United States and has sales agencies in England, France,
Italy, Germany, Spain and other European countries, selling its machines
in both the domestic and the foreign market. It owns and operates a manufacturing plant designed, constructed and equipped for the production of
its machines, with a maximum capcaity for the production of 250 machines per month. The plant is located at 338 Elizabeth Ave., Newark,
N. J. The Plant consists of a land site, owned in fee, with a frontage of
359 feet on Elizabeth Ave. and a total area of 115.600 sq. ft.•, one 4-story
(reinforced concrete) building (with part basement), having gross floor
area of 44,200 sq. ft., and one frame and tile boiler house and garage build-or a total gross floor area of
ing, having gross floor area of 1,227 sq. ft.
45;427 ft.; standard metal working machinery: and the necessary auxiliary
equipment, special tools, dies, jigs, fixtures, patterns and drawings necessary for the manufacture of its product. The company also owns patents
pertaining to its business.
Pro Forma Consolidated Balance Sheet at Aug. 311928.
[Giving effect as of that date to the issue and sale of 60.000 shares of common A stock of National Cash Register Co., and to the acquisition (for
30,000 shares of common A stock and $4,116,900 in cash) by National
Cash Register Co. of the entire outstanding capital stock of the Ellis AddingTypewriter Co.]
Liabilities
Assets
$366,578
$602,507 Payroll accrued
Cash
Areas pay. (trade & current)
243,377
U. S. ctfs. of Indebtedness &
624,484
5,375,000 Sales agents' balances
demand loans
Sales agents'prospective comCustomers' install. notes and
1,183,355
18,019.723
missions
accounts receivable
346,648 Accr. taxes (incl. Fed.Inc.tax) 1,220,264
Misc.sects ¬es receivable
740,200 Domestic customers' deposits
Adv. to sales agents (domes.)
140,138
640,065 against oceans
Due from foreign agents
3,241,691
Reserves
Inventories in U. S.:
x42,153,335
Capital stock
Raw materials,supplies and
5,298,298 Surplus
7,550,805
work in process
Registers on consignment_ _ _ 3,102,280
88,069
Finished machines_ _ __ ____
Investments in foreign sub.
10,473,751
cos. and branches
Land, bides., machinery and
6,705,251
equipment, &c
1,550,002
Patents and licenses
259,106
Deferred charges
Good-will(representing prem.
paid for capital stock of
3,523,125
sub. co.)
$56,724,026
Total
$56,724.026
Total
x Represented by 1,190.000 shares of class A stock and 400.000 shares
-V. 127, p. 3554.
of class B stock, both of no par value.
-Listing.
National Dairy Products Corp.
The New York Stock Exchange has authorized the listing of(a) additional
certificates for 184,303 shares of common stock without par value, upon
official notice of issuance in whole or in part, from time to time, as part
consideration for shares without par value of common stock and pref. stock
of General Ice Cream Corp. (New York) to be acquired by the company,
with authority to add (b) on and after April 1 1929 of 1.843 additional shares
on and after July 1 1929 of 1,862 additional shares and on and after Oct. 1
1929 of 1,880 additional shares of its common stock, upon official notice of
issuance, from time to time, as stock dividends, making the total amount
applied for 1.931,742 shares.
'The Exchange has also authorized the listing of $9,215.000 64% gold
debentures, due 1948, making the total applied for $44,715,000.
Pursuant to resolutions of the board of directors passed at a meeting duly
held on Dec. 6 1928. company was Authorized to issue: (1) ShAres of its
common stock as part consideration for not lass than 204,781 shares of capital stock of General Ice Cream Corp., irrespective of class, to be deposited
with the Marine Trust Co. of Buffalo, as depositary, under an agreement
for the acquisition of common and pref. stock of General Ice Cream Corp.,
dated Nov. 5 1928, upon the basis of (a) One share of common stock of
General Ice Cream Corp. for 6-10 of a share of common stock of the company and $30 of 5),(% gold debentures, due 1948. of the company, and
(b) one share of pref. stock of General Ice Cream Corp. for 66-100 of a share
of common stock of the company altd $33 of 53(% gold debentures. due
1948, of the company; and
(2) Shares of its common stock, from time to time, as part consideration
for the remaining issued and outstanding shares of preferred and(or) common stock of General Ice Cream Corp. not deposited under the abovementioned agreement, which may be later tendered to the company and
accepted by it in the discretion of its officers, upon the same basis of ex--V. 127. p. 3554.
change.
3715
Data from Letter of Francis R. Parks, President of the Company.
Eistory.-Has been organized in Massachusetts, and intends to acquire
the entire capital stocks (except qualifying shares) of the Loyal Protective
Insurance Co. of Boston, Mass., and of the Ridgely Protective Association
of Worcester. Mass. These companies, both in successful operation for
over :50 years will retain their individual indentities but their operations
will be consolidated under joint management thus permitting substantial
savings in expenses and economies in operation.
The Loyal Protective Insurance Co. was incorp. in 1909 succeeding a
mutual company of the same name organized in 1895. The Ridgely Protective Association, incorp. in 1894 as a fraternal association, was reincorporated as a stock company in 1907. Both companies write accident
and health insurance principally on Masons and Odd Fellows.
-The combined net earnings of the two companies after
Earnings.
readjustment of administrative salaries to the schedule to be in effect and
certain other adjustments averaging $59,746 per annum over the period
were as follows:
1925.
1928.
1926.
1927.
Yrs. End. Dec.31-1924.
Net after taxes---$358,577 $385,436 $299,321 $354,877 $325.486
-Francis II. Parka,President; Melville F. Heath, Vice-President:
Officers.
C. 1st. Goodnow, Vice-President: John Hoar, Trans.
Die
otlre;:r.-Allan Forbes. J. Amory Jeffries, J. Lothrop Motley, Thomas
-Resignation.
National Surety Co., N. Y.
John L. Mee, Vice-President and superintendent of agents in charge of
business production for this company, has resigned that post as of Jan. 1
1929.-V. 127. P. 3102.
-Debentures Called.
National Tile Co.
-year 631% gold debentures have been called
All of the outstanding 10
,
for redemption Feb. 1 at 103 and int. Payment will be made at the Union
Trust Co., trustee, Cleveland, Ohio -V. 127, p. 2970.
Nehi Corp., Columbus, Ga.-Sales.-
Increase.
1927.
1928.
11 Mos. Ended Nov. 30$280,169
$3.010.169 $2,730,000
Sales
The Bank of America National Association has been appointed dividend
-V. 127. p. 3554.
disbursing agent.
-Plans for 1929.
(J. J.) Newberry Co.
Announcement has been made by officials ofthe company that the organration has already leased 42 stores for opening in 1929. The addition of
these units will bring the chain to 251 stores. This news follows closely
the recent announcement regarding the purchase of Britta, Inc., operators
of a chain of four stores in Washington and Oregon. See V. 127, p.3554,
-Sale to Union Oil
New England Oil Refining Co.
Corp. Approved.
Judge Mack in the United States District Court has approved the sale of
all of the assets of the company, except its real estate in Massachusetts
and its interests in oil land and tankers, &c., and also approved the basis
of the proposed sale of the Massachusetts real estate. which Is subject to
the Refining company's first mortgage bonds, to Shell Union Oil Corp.,
subject to later confirmation by the Court of the terms of sale. The Court
Placed an upset price of $2,150,000 on the sale of the refinery at Fall River
and the company's New Bedford terminal.
It developed in the proceedings that the question of purchase of the New
England Oil Refinging Co.'s properties had had consideration by a number
-V. 127. p. 2695.
of the prominent oil companies.
-Acquisition.
North American Aviation, Inc.
The corporation has acquired the Sperry Gyroscope Co., builders of aero-V. 127, P. 3260,
nautical and navigational instruments and equipment.
-New InNorth American Mining & Smelting Corp.
-Formation of a new
vestment Trust Formed-Stock Offered.
investment trust in the mining and smelting industry is announced by the North American Mining & Smelting Corp.,
which is offering 500,000 shares of its no par value capital
stock at $3 a share.
The corporation is controlled by the Associated Metals Corp. of New
York,all of whose issued stock is to be deposited with the Corporation Trust
Co. of New York under a voting trust agreement to be administered by
-Famous
-Lasky Corp.,
Richard W. Saunders, Comptroller of Paramount
New York; Walter Gordon Clark. consulting engineer, Los Angeles, and
Charles E. Krebs, consulting engineer, Charleston, W. Va.
The North American Mining & Smelting Corp. will have a capitalization
of 7.500.000 shares of no par value stock and $975,000 of debentures. It
will control properties located in Montana, Idaho, Washington, Oregon.
California,New Mexico,Arizona,Colorado. Wyoming and British Columbia
Andrew Stevenson, founder and first President of the Bank of Alaska,
will be President of the corporation. Associated with him on the board of
directors will be Frank C. Jordan, Secretary of State, California; Walter
Gordon Clark, consulting engineer; Hugo C. Lambach, mining capitalist;
Louis Cruickshank, attorney: Glenville A. Collins, President of Collins
Western Corp.; N. E. McCall and E. Marshall Young.
-Merger.
Oakes Products Corp., Indianapolis, Ind.
-V. 126, p. 3610.
See Hershey Corp. above.
One La Salle Street Building (Illinois Improvement
-S. W.
-Bonds Offered.
& Building Corp.), Chicago.
Straus & Co., Inc., are offering at par and interest, $5,250,000 1st mtge. leasehold 6% sinking fund gold bonds (being
part of an issue of $5,500,000 of which $250,000 are general
mortgage bonds subordinate to the balance of the issue).
Dated Dec. 1 1928; due Jan. 1 1949. Interest (J. & J.) and principal
payable at offices of S. W. Straus & Co., Chicago, Ill., and S. W. Straus
& Co., Inc., N. Y. City. Denom. $1,000, $500 and $100 c*. Callable,
except for sinking fund, at 102 and int. on or before Jan. 1 1934: at 101%
after Jan. 1 1934 and prior to Jan. 1 1944 and at 101 thereafter. Callable
for sinking fund at 101 and int. Federal income tax not in excess of 2%
Paid by borrower. The following state taxes refunded: Calif. 4 mills,
Colo. 5 mills, Iowa 6 mills, Kansas 5 mills, Kentucky 5 mills and Minn.
3 mills, provided that proper application is made within 60 days from
date tax is paid by bondholder. Straus National Bank & Trust Co.,
Chicago, trustee.
-year leaseThe bonds are secured by a direct closed 1st mtge. on the 99
hold estate in the land fronting approximately 101 feet on West Madison
-story One
St., and 177 feet on North La Salle St.. Chicago, and the 47
La Salle Street Building to be erected thereon.
The building will be one of the outstanding office buildings of the country
and will be located on the northeast corner of Madison and La Salle Streets.
La Salle St. is the principal financial street of the city and the financial
-New President.
center of the Middle West.
National Fire Insurance Co.
The completed building and leasehold estate have been appraised by the
F. D. Layton, Senior Vice-President, has been elected President to suc- American Appraisal Co. at $7.567,160. This appraisal shows a margin of
-V. 127, p. 2970.
ceed the late Harry Alexander Smith.
security of $2,317,160 above the amount of this 1st mtge. bond issue.
The net annual earnings of the property are estimated at $678.531, more
-Resumes Preferred Div.
National Fireproofing Co.
than twice the greatest annual int. requirements on this issue.
The directors have declared a dividend of 5% on the non-cum. class A
on Jan. 15,
-Bonds Offered.
7% pref. stock, pat $50, payable in 4 installments of 1 Vs% each 1, June 1
One West 57th St. Corp. Properties.
April 15, June 15 and Oct. 15 to holders of record Jan. 1, April earnings. S.
W. Straus & Co., Inc., are offering at 97.89 and interest
1, respectively. This dividend is payable out of 1928
and Oct.
15 1927. incl., the company paid quarterly $3,000,000 5-year gen. mtge. 6% sinking fund gold bonds.
From July 15 1925 to Oct.
-V.127. p.2155.
dividends of 1 % each.
Dated Dec. 1 1928: due Dec. 1 1933. Int. payable J. & D. Denom.
Principal
$500 and $100
- $1,000,& Co., Inc., ina*. Y. City. and int. payable at office of S. W.
-Stock Offered.
N.
Callable at 101 and Mt. Federal
National Protective Companies.
Straus
borrowing
to
Jeffries & Co., Inc., and Curtis & Sanger, are offering income tax paid by the the Unitedcorporation up to 5% per annum as to
Childs,
States and up to
per annum as
resident in
bondholders
105,000 shares capital stock at $41.50 per share.
bondholders not resident within the United States. Mlnn. 3 mills tax;
Authorized. Outstanding. Penn., Calif., Conn. and Vermont 4 mills taxes; Maryland 43,1 mills tax;
Capitalization*200.000 shs. 105,000 she, District of Columbia, Colo., Neb., Kansas, Kentucky and Virginia 5 mills
Common stock (no par value)
are under option to certain taxes; Iowa 6 mills tax; New Hampshire state income tax up to 3% of
* Of this amount 20,000 shares at $50 a share bankers until Dec. 15
the
1933. Interest per annum; and Mass, state income tax up to 6% of interest per
officers and directors of the company and toand normal Federal
income tax. annum refunded. Straus National Bank & Trust Co., New York, trustee.
Exempt from Massachusetts income tax
Security -This issue is secured by a direct closed mortgage on 6 highThe First National Bank of Boston. Transfer Agent, State
Registrar,
grade centrally located properties in the Borough of Manhattan, N. Y.
Street Trust Co., Boston.
3716
FINANCIAL CHRONICLE
City, subject to existing 1st mtges. upon 4 of the properties and to certain
leases. These properties are as follows:
(1) Land in fee located on the west side of Fifth Avenue on the entire
-story
block frontage between 57th and 58th Streets, improved with two 9
-story buildings, which are located
-story buildings. The two 9
and four 6
on the two corners and cover an area of 18.268 square feet, are leased to
Bergdorf & Goodman Co. and Dobbs & Co., well known retail firms.
-story buildings and on acNegotiations are in progress to rent the four 6
count of the exceptional advantages of these properties in location and
transportation, it is expected that leases will be closed shortly to highgrade retail firms at satisfactory figures. The mortgage securing the bond
Issue is subject to a 1st mtge. on this parcel of $6.000,000. The net rental
of this property from leases already made, after deductions for taxes and
insurance on the units at present unoccupied, and interest on the standing
1st mtge.. is $126,395. From long experience in the management and renting of New York property of this character we anticipate early leasing of
-story buildings at a net annual rental of $270,000. This will give a
the 6
total net rental, after interest charges on the standing 1st mtge., applicable
to the charges on this mortgage of $447,500.
(2) Land in fee located on the northeast corner of Fifth Ave. and 52nd
St., improved with an office and bank building 9 stories in height. An
agreement has been reached to lease the entire property to a subsidiary of
the Plaza Trust Co., which is to occupy the banking quarters, at a net
annual rental of $167,500. The mortgage securing the bond issue is subject to the lien of a 1st mtge. against this property of $1,400,000.
(3) Land in fee located at 145-147 East 57th St., between Park and
-story business propLexington Avenues. The land is improved with a 12
erty occupied by and leased to Hammacher, Schlemmer & Co. leading
'
hardware merchants, for a long term, at a net annual rental of 369,750.
The mortgage securing the bond issue is subject to a 1st mtge. of $510,000.
(4) Land in fee located on the southeast corner of Eighth Ave. and 35th
St. The land has been leased for a long period at a net annual rental of
-story loft
$34,000 to the Roher Real Estate Corp., which has erected a 23
building on this site. The mortgage securing the bond issue is subject to
a 1st mtge. of 5700.000, the int, and principal being payable by the tenant.
(5) Land in fee located at 54 East 59th St. between Park and Madison
-story building.
Avenues. The site is improved with an 8
(6) Land in fee located on the southeast corner of Ninth Ave. and 58th
St. The land has been leased by the borrowing corporation to Franwall
Holding Corp. for a long term at a net annual rental of $18,000. The
-story apartment bldg. with stores on this site.
lessee is now constructing a 5
-Appraisals by Kenneth Slawson Hobbs. Inc.,
Appraisals and Earnings.
Walter Stabler, consultant, give a value to all these properties of 316,275.000, leaving an equity of $7,665,000 above the 1st m(ges. as security for
this general mtge. bond issue of $3,000,000. The net income from all 6
properties, based on leases in effect or agreed upon and estimates as above
set forth as of Dec. 1 1928, amounts to $1.064.750. Annual interest
charges on the 1st mtges. amount to $412,500, leaving a net income applicable to principal and interest on the bonds of this issue of $652,250. The
net income of $652,250 amounts to more than 314 times the greatest
annual interest charge and more than twice the fasatest annual interest
and sinking fund requirements on this Issue taken together.
-Certificates Of1070 Park Avenue (Inc.), N. Y. City.
-The Prudence Co., Inc., is offering $1,540,000 53'2%
fered.
guaranteed Prudence-certificates.
[VOL. 127.
ing trust certificates, making the total amount applied for 2,213,517 shares.
By resolution adopted at its meeting held Nov. 22 1928, the finance committee of the corporation consented to the issuance of up to 150,000 shares
of common stock for the purchase of shares of common stozk (represented
by voting trust certificates) of Balaban & Katz Corp., at a rate not in excess
of 1.6 shares of common stock of the corporation for each share of the common stock of Balaban & Katz Corp., and (or) for the purchase of certificates issued by Guaranty Trust Co. of New York evidencing the right to
the unpaid purchase price for common stock (represented by voting trust
certificates) of Balaban & Katz Corp., deposited under an indenture of
deposit between Famous Players-Lasky Corp., Barney Balaban and Herbert
L. Stern, and Guaranty Trust Co. of New York, dated as of July 30 1926.
at the rate of $53.25 for each share of common stock of the corporation.
Shares not to exceed 112,000 of the 150,000 shares will be issued in exchange for voting trust certificates representing not to exceed 70,000 shares
of the common stock of Balaban & Katz Corp. at the rate of not to exceed
1.6 shares of the common stock of the corporation for each share of stock of
Balaban & Katz Corp.; shares not to exceed 38.000 of the 150.000 shares
will be issued for the purchase of not to exceed 52,000,000 of certificates
issued by Guaranty Trust Co. of New York evidencing the right to the unpaid purchase price for common stock (represented by voting trust certificates) of Balaban & Katz Corp. deposited under the indenture of deposit
at the rate of $53.25 for each share of common stock of the corporation.
Now Owns87M% of Capital Stk. of Balaban & Katz Corp.
It was officially announced Dec. 26 that Paramount had purchased privately approximately 60,000 additional voting trust certificates of Balaban
Ss Katz Corp. by issuing therefor 1.6 shares of Paramount new stock for
each share of Balagan az Katz. This additional purchase gives Paramount
approximately 87;5% of the issued and outstanding voting trust certificates of Balaban Si Katz as compared with 65% thereof heretofore held.
It was also announced that arrangements had been made by Paramount
to purchase approximately $2,000,000 worth of outstanding certificates of
indebtedness of Guaranty Trust Co., which comes due in Oct. 1929: these
certificates having been issued under the original purchase of Balaban &
Katz stock by Paramount two years ago. These were purchased on a
basis of one share of Paramount stock for each $53.25 par value of certificates of indebtedness. The purchasing of these certificates on this basis
relieves Paramount of making this cash payment in Oct. 1929 and changes
this quick liability, with a 7% interest rate, into common stock at $53.25
per share.
-V. 127, P. 2837.
(David) Pender Grocery Co.
-Earnings.
Period End. Nov. 30- 1928
1928--11 Mos.-1927.
-Month-1927.
$252,883
Net inc. after all charges
$311,586
$37,340
357,393
-V. 127, P. 3261.
(J. C.) Penney Co., Inc.-Stock Increased, & c.
-
At a special meeting of the stockholders held on Dec. 27. the proposal
to increase the authorized common stock (no par value) to 3.000,000 shares
from 1.250.000 shares and the offering of new shares on a 2 for 1 basis at
$7 per share was approved. See also V. 127, p. 3413.
-Initial Dividend.
Petroleum Industries, Inc.
The directors have declared an initial quarterly dividend of 75 cents
per share on the pref. stock. par $50. payable Jan. 15 to holders of record
Jan. 5. See offering in V. 127. p. 2382.
Legal for trust funds in State of New York. Interest payable A. & O.
-Stock Offered.-Ortont
Philadelphia Air Terminal.
The purchase of one of these certificates makes the holder the owner of a
participation equal to the amount of his subscription in a first mortgage Kent & Co., are offering at $15 per share 184,000 shares
Park Avenue,Inc.,on the newly constructed apartment house. capital stock (no par value). The stock according to the
made by 1070
-story and pent
The mortgage is a first lien on the land and modern 15
house fireproof elevator apartment located on the southwest corner of East bankers is offered 'on future prospects."
Manhattan,and occupying a plot fronting 100.8M
88th St. and Park
Transfer agents, Girard Trust Co., Philadelphia, and Guaranty Trust
Ave..
ft. on Park Ave. and 147.11 ft. on East 88th St. The building contains Co., New York. Registrars, Bank of North America & Trust Co., Philato
76 apartments divided into suites of6 and 7 rooms with three baths 8 each delphia,and Bankers Trust Co., New York, N. Y.
and one -room
-room apartment
suite. The pent house contains one 7
Authorized. Outstanding.
Capitalizationapartment, with three baths each. The grade floor contains an attractive Common stock (no par value)
200.000 shs. 200,000 shs,
and spacious entrance lobby and alsp four physician's suites of four rooms
Data from Letter of Andrew S. Webb,President of the Company.
each with separate private entrances, as well as 11 additional servants'
-Philadelphia Air Terminal has been organized
Property and Business.
rooms in the rear of the floor.
n Pennsylvania for the purpose of owning and operating an air terminal
-New Directors.- and holding or leasing certain properties incidental thereto. The property
nc.- fay Sell Assets
Osborn
Mills,Of the the directors and other officials have been ac- when acquired will consist of 160 acres (more or less) of ground owned in
The resignations
cepted by vote of the stockholders in special meeting and a new board fee, together with certain adjoining acreage to be leased, amounting to
has been elected and given authority to soil the assets and real estate of the 15 acres, a total of 175 acres, of which approximately 136 acres will be in
corporation as a whole or in part at public or private sale on such terms as the flying field, bounded by Pattison Ave., Swanson St. Fifth St. and
'
Packer Ave. in Philadelphia, a distance of 3M miles from City Hall and
they may determine.
John S. Brayton, Howard A. Stanley, J. Whitney Bowen and Adam W. the Philadelphia main post office.
The value of this land after improvements will be considerably increased,
Gifford were elected to the new board of directors and by vote of the stockholders it was recommended that the board elect John S. Brayton as clerk and from a real estate viewpoint will form- he major asset of the company
The land has been appraised by James F. Hare, Alexander Lieberman,
of the corporation and J. Whitney Bowen as its treasurer.
The passing of certain articles makes it possible for the new board of J. Harker Chadwick and Ben T. Welsh of Philadelphia, and their appraisals
directors to begin operations if they can secure the necessary funds and show an average value of $7,500 per acre, unimproved.
-V. 126. P. 261.
The Union Paving Co., through their airports consultants' division, in
deem such a move more advisable than attempting to sell.
co-operation with the chief engineers, will start work on the field at an early
-Listing.
date, together with the American Airports Corp., who have been retained
Owens Bottle Co.
The New York Stock Exchange has authorized the listing on or after as consulting engineers.
-The income of the company will be from the followSources of Income.
Jan. 1 not to exceed 3961,050 additional common stock (par $25). on official
notice of issuance as a stock dividend, making the total amount applied ing sources: (1) Ownership and operation of a first-class airport. (2) Renting hangar space to airlines, individuals, &c. (3) Service by an expert
for $20,943,575.
force of mechanics skilled in airplane repairs. (4) Charge for any planes
Comparative Consolidated Balance Sheet
field. (5) Operation of short flight sight-seeing service. This
Sept.3028.Dec.31'27. using themay be rented out on a concession basis. (6) Conducting student
Sept. 3028.Dee.3127.
privilege
8
$
Assetstraining school, or renting this as a concession. (7) Sales of oil, gasoline,
20,900 3,889,100 supplies and accessories. (8) Leasing or operating a restaurant, ticket
12,556,808 13,255,099 Preferred stockz
Fixed Assets
Common stock___19,221,150 18,306,825 office, parking space and automobile filling stations. (9) Establishing
Patent rights, li725
censes dr contr._ 1,995,751 2,038,120 Com,stork scrip__
various makes of airplanes.
537,327 sales agencies for proceeds of this issue will be used in part for the purchase
Good-will of subs.- 1,700,000 1,700,000 Accounts payable_ 219,852
-The
Purpose.
93,923
Advance billing___ 107.367
5,383,696 3,559,305
Cash
and improvement of the above-described property, for the erection of the
643,000 company's offices, hangars, shops, waiting rooms, restaurant and terminal
76,429 2,364,719 Accrued Fed.taxes 605,058
U.S. Lib.BondsAced items-ins.
Federal Intermediworking capital.
344.938 building and for
surance, tax.&c. 469,859
ate Cred. Bk nts 1,628,641 1,658,641
-The Philadelphia Air Terminal, after completion of the
Management.
436,489 Dividends declared 576.634
Cash. sur. val. Ins. 436.489
field, will be under the general management of the American Airports
2,484,014 1,076.743 Res. for contingen. 2,421,640 2,274,343 Corp., who, with their affiliated interests, American Airports Corp. of
Customers acc'ts
349,167
580,139
5,404,986 6,403,998 Other reserve
Inventory
England, have been engaged by over 25 cities or municipalities, air9,637,600 9,539,299 New corporations and individuals for airport work in over a dozen different
Surplus
4,243
Prepaid purchases
port
Notes & adv. Inci.
States.
611,348
accrued interest 621,776
-Andrew S. Webb, Pres.; William E. Wark and Conrad Lauer,
Officers.
Securities owned__ 780,653 1,066,683
Vice-Pros.; Francis B. Biddle, Sec. and Treas.
Prepaid insurance,
-N.Emory Bartlett (V.-Pres. Pennsylvania Salt Co.); Francis
Directors.
244,974
227,195
taxes,etc
B. Biddle (Barnes, Brinton & Biddle); Charles T. Brown (Orton, Kent &
Preferred stock our.
Co.); Herbert W. Goodall (Pres., Tradesmen's National Bank & Trust
25,400
for redem
Co.); Stedman B. Hanks (Pres. American Airports Corp.); John Jacobs
636,404
Miseel. assets- -- 620,256
-Pros., Day & Zim(Pres., Box Board Products Co.); Conrad Lauer (V.
Mack 2d (V.-Pres.. Union Paving Co.),• John II,
33,920,936 35,977,924 mermann): Joseph P.
Total
33,920,936 35,977,624
Total
Jr. (V.-Pres., Bank of North America & Trust Co.); Effingham B.
Mason
-V.127, Morris Jr.(V.
-Pros., Girard Trust Co.); B. Russell Shaw (B. Russell Shaw
x All outstanding preferred stock has been called for redemption.
& Co.,St. Louis); William E. Wark; George K. Watson (George K. Watson
p.3261.
& Co.); Andrew S. Webb (Pres.,8.13. & B. W.Fleisher Co.,Phila.);Sydney
Packard Motor Car Co.-Earnings.
G. Willcox (Orton, Kent St Co., New York).
1927.
1928.
-Application will be made to list this issue on the New York
Listing.
Quarter Ended Nov. 30Not available $24,579.413 Curb Exchange.
-V. 127, P. 3261.
Sales
7,138.215
$10.318,159
Factory profit operation
1,518,194
1,009.168
Philadelphia Co. for Guaranteeing Mortgages.
Depreciation
38.799,965 56,129,047 New Directors.
profit
Operating
957,440
John Arthur Brown has been elected to succeed his father, Henry P
1,553,437
Other income_ x
Brown, as a Vice-President and Director. The following have also been
$10,353,402 $7,086.487 elected directors: William C. Harter, Livingston E. Jones and Charles P.
Totalincome
782,729 Vaughan.
-V. 126 p. 425.
1,060,016
Expenses
770.490
998,779
Federal taxes
-Extra Dividend.
Philadelphia Insulated Wire Co.
The directors have declared an extra dividend of $1 per share in addition
$8,294,607 $5,533,268
Consolidated net profit
semi-annual dividend of $2 per share, both payable Feb. 1
$1.84 to the regular
$2.76
Earns, per sh. on 3,004,264 shs. COM stk.(Par $10)
to holders of record Jan. 15. An extra distribution of 50 cents per share
x Includes profit from subsidiaries, rentals and interest on investments. was made on Feb. 1 1927 and on Feb. 1 I928.
-V. 127, p. 965.
-V. 127, p. 2696.
-Listing-Acquires
Paramount Famous Lasky Corp.
Additional Stock of Balaban & Katz Corp.
The New York Stock Exchange has authorized the listing of 150,000
additional shares of common stock without par value, upon official notice
of issuance in the acquisition of voting trust certificates representing interests in the common stock of Balaban & Katz Corp. and for the purchase of
certificates representing the right to the unpaid purchase price for such vet.-
-Initial Pref. Dividend.
Pierce Petroleum Corp.
The directors have declared an initial semi-annual dividend of $3 per
share on the no par value $6 cumul. pref. stock, payable Jan. 2 to holders
of record Dec. 26. (See V. 127, P. 1116.)--y. 127, p. 2548.
---Listing.
Pittsburgh Investment Securities Corp.
The Pittsburgh Stock Exchange has approved for listing 100,000 shares
Of common stock (no par value).
FINANCIAL CHRONICLE
DEC. 29 1928.]
Outstanding.
Authorized.
Capitalization100,000 shs.
250,000 shs.
Common stock (no par)
Transfer agent, Diamond National Bank, Pittsbwrgh, Pa.; registrar,
Colonial Trust Co., Pittsburgh, Pa.
Ilistory.-Corporation was incorp. Aug. 19 1926 in Pennsylvania for the
in
and generally
purpose of buying, selling, underwriting, offering securities and dealing
evidences
individual corporation, governmental and other
of indebtedness.
-At the time of incorporation company had an
Capital Readjustments.
authorized capital of $2,500,000, consisting of $2,450,000 8% cumulative
shares of corn. stock (par $1)•
preferred stock (par val. $100) and 50,000 the preferred stock and $2,000
On Apr. 1 1927, $100,000 was paid in on
of
on the common stock, against an outstanding capital of 1,000 shares
On Oct. 1 1927,$10.000
preferred stock and 2,000 shares ofcommon stock.first six months, reducing
retired out of earnings of the
preferred stock was
the outstanding preferred to $90,000. On Apr. 1 1928, $10.000 additional
reprefrred stock was retired out of earnings of the second six months,the
ducing the outstanding preferred stock to $80,000. In May 1928,
company reorganized and authorized the sale of $400,000 additional prethe
ferred stock at par $100 and $8,000 comomon at par $1. This brought In
total outstanding to $438,000 preferred and 9,580 shares of common.purof common were
October 1928, 720 shares of preferred and 720 sharestreasury. In Novemchased by the company from an estate and held in the
share and
ber 1928 all the outstanding preferred was retired at $100 perpar value).
div., and the authorized capital was changed to $250,000 ($1 of common
of common was paid on each share
A dividend of seven shares
outstanding, thus increasing the outstanding common to 70,880 shares.
The company then sold 29,120 shares of common to bankers for $291,200,
thus bringing the total to 100,000 shares. The common stock of $1 par
value was exchanged share for share into common of no par value.was paid
-On May 22 1928, a cash dividend of $17 per share
Dividends.
on the 2.000 shares of common stock then outstanding. on 8,860 shares of
On Oct. 31 1928, a stock dividend of 700% was paid
common stock then outstanding. This amounted to 62,020 shares.on the
Quarterly dividends at the rate of8% per annum have been paid
preferred stock since date of issue. June 1927, up to and including Nov.1928.
when all outstanding preferred stock was retired.
Comparative Income Account.
7 Mos.End. Year End.
PeriodOct. 31 '28. Mar.31'28.
$34,489
$273,753
Totalincome
1,141
6,127
Expenses
Netincome before Federal tax
Provision for Federal income tax
$267,626
32,383
Net income
Dividends
-New Chairman, &c.
Industrials Corp.
Public
The directors have announced the creation of the post of Chairman of
the board and have elected E. N. Chilson, V.-Pres. of the J. G. White
Engineering Corp., to the newly created position. Mr. Chilson has also
been named Chairman of the executive committee. J. Taylor Wilson
-V. 126, p. 426.
has been elected a director.
-Railroads File Petition
Railway Express Agency, Inc.
-S. C. Commission for Authority to Acquire Control of
with I.
Express Agency.
-S. C. Commission for authority for the railroads
An application to the I.
future
to acquire control of the Railway Express Agency, Inc., for the by the
of the express business, and for the issuance of securities
Conduct
Commission on Dec. 27. The applicanew agency, was made public by the
tion was filed by William B. Storey, Pres. of the Atchison, Topeka & Santa
Fe Ry.; Wallace W.Atterbury, Pres. of the Pennsylvania RR.; Patrick E.
Crowley, Pres. of the New York Central RR., and Carl R. Gray, Pres. of
the Union Pacific RR., as agents for the participating railroads. members
of the Association of Railway Executives, and by the Express Agency.
The Express Agency asks authority to issue 1.000 shares of capital stock,
reprewithout par value, to be sold to the railroads on a percentage basis share.
senting their present proportion of the express business, at $100 a
and to issue and sell its debenture bonds of an initial issue of $35,000,000
for the purpose of acquiring the equipment and physical properties of the
American Railway Express Co., under an agreement in process of formulation, at an approximate cost of $30.000,000.
the laws
The Railway Express Agency. Inc., was incorp. on Dec.7 underrailroada
of Delaware. Under the plan the express agency is constitutedthe express
facility of the participating railroads, to conduct
owned joint
business without profit or compensation to itself. (Compare plan under
American Railway Express Co. in V. 127. p.548.)
$33,348
$235,243
47,974
$187,268
Balance to surplus account
Balance Sheet (As of Oct. 31 1928).
LtabiiiSQs$21,744 Notes payable
Cash in banks
963,311 Accts. payable for sec. purch.
Bds.& stks.(notes payable)165,750 Accrued expenses
Securities purchased
1,925 Pray,for Federal tax
Accounts receivable
5,262 Capital stock
Accr.Int. receivable
134 Surplus
Furniture & fixtures
1,367
Organization expense
Total
$1.159,493
Total
$450,000
165,750
2,435
33,508
100,000
407,799
-Forms New Subs
Rainbow Luminous Products, Inc.
A new operating subsidiary has been formed by the Rainbow companies
and 3 new plants located in Louisville, Ky., Denver, Colo., and Dallas,
Tex., are being established for immediate operation, it is announced by
George L. Johnson, Chairman of Rainbow Luminous Products, Inc.,
national producers and distributors of Rainbow Luminous tube lighting
for electric and outdoor advertising.
The new subsidiary which is located in Louisville, Ky., will handle production and distribution for the immediate Southern territory in which
within the
demand for the Rainbow products has increased over 500% be confined
Dallas will
past 5 months. The new plants in Denver and in territories which have
from their immediate
entirely to handle orders
districts.
overtaxed the territorial plants formerly serving these system of the RainWith the addition of these 3 producing units to the
bow companies, 11 complete producing plants, others of which are located
Detroit, Kansas
in New York, Boston, Chicago, Cleveland. Pittsburgh, plants have also
City, Los Angeles, will be in operation. Three of these
been added within the past 6 months.
present
Mr. Johnson stated that the volume of orders booked during the period,
quarter, while doubling the record volume of the previous 3 months
was the largest in the history of the company and all plants were operating
Several
at a capacity to fill the national demand for Rainbow products. processes
new basic patents awarded the companies, and covering exclusive Rainbow
of manufacture, have considerably broadened the sales field for
-V. 127, p. 3413.
products. Mr. Johnson states.
$1,159,493
-1% Common Dividend.
Pittsburgh Steel Co.
The directors have declared a dividend of 1% on the common stock
payable Jan. 2 to holders of record Dec. 26. The last previous payment was
-V. 127. p. 2548.
a quarterly of 1% paid on Jan. 3 I927.
-Stein Bros.
-Notes Sold.
Read Drug & Chemical Co.
& Boyce and Baker, Watts & Co. announced the sale at
100 and interest of $200,000 6% serial gold notes.
-Capital Stock Offered.
Platt Music Co., Los Angeles.
Alvin H.Frank & Co.,Drake,Riley & Thomas,and Blankenhorn & Co., Los Angeles are offering at $27.50 per share,
40,000 shares capital stock (no par value).
Company agrees to make application to list the stock on the Los Angeles
Stock Exchange.
Transfer agent, Merchants National Trust & Savings Bank of Los Angeles: registrar, Los Angeles-First National Trust & Savings Bank, Los
Angeles.
Authorized. Outstanding,
Capitalizationa200.000 shs. 100,000 shs.
Capital stock (including this issue)
$675.000
b$750,000
gold debentures
7% sinking fund
550,000
550,000
6% 1st mtge. bonds of Platt Realty Co
a Including 10,125 shares reserved for exercise of stock purchase warrants
debentures retired by sinking fund.
attached to debentures. b $75,000
Data from Letter of Benjamin Platt, President of the Company.
-The business of the company (a California corporation) was
Company.
established in 1905 with the opening of a small retail store in Los Angeles.
of
It has grown steadily until to-day the company is the largest distributorits
musical instruments and radios in Southern California. Through
the company now operates 18 stores
branches and through subsidiaries,
In this area.
Ear/stns.-Company has earned a net profit in each of its 23 years of
existence. The net earnings applicable to the common stock, after depreciation and taxes, for the 9 months ended Oct. 31 1928 amounted to $159.251. It is conservatively estimated that the earnings for the last quarter
of the present fiscal year (ending Jan. 31 1929 and including the holiday
period) will amount to not less than $100,000 additional, making a total of
net earnings after all
over $259,000 for the current fiscal year. and average required for dividend
charges for the past throe years of well over the amount
payments on the new stock.
The above earnings were derived from the operation of only 11 stores.
1929
The company's conservative forecast of net earnings for the year based
This is
(after deducting 25% for safety) shows more than $300,000.recently estabupon the additional profits derived from the 7 new stores
lished, increased facilities at the new main store and important new agencies
recently acquired (Including the Knabe-Ampico) and also on the elimination
of non-recurring charges.
-This financing has been necessitated by expansion outlined.
Purpose.
All of the proceeds derived from the sale of the stock will be added to
working capital
Dividends -Company will immediately inaugurate dividends on its new
common stock at the annual rate of $1.75 per share payable quarterly.
has
For the past 8 years, Including the years of deflation, the company of
maintained without interruption cash dividend payments at the rate
-V. 123, p. 3332.
10% per annum on its then outstanding stock.
-Transfer Agent.
Prairie Oil & Gas Co.
The Guaranty Trust Co. of New York has been appointed transfer agent
for 2,607.000 shares of common stock. par $25.-V. 127, p. 3555.
Producers & Refiners Corp.-Consol. Bal. Sheet June
30 1928.Assets
$47,363,049
Properties
1,921,985
InvestmentsIn shares
204.272
Advances
604,544
Bond disc. organiz.exp.,&c._
Conting. accts. receiv. from
356,592
Production only
277,229
Cash
33,079
accept. receivable-Notes &
1,322,702
Accts.receivable
Inventories of crude & refined
2,014,680
oils
499,222
Inventories of mat'ls & sup
114,181
int.,lasur.,&c:
Prep.
Total
-V. 127, p. 2696.
554,717.535
LiabIlItIes$2,845,350
Preferred stock
37,438,950
Common stock
515,608
Min.Int. In cap.stk. of subs._
Due. min. Int, on liquid. of
17,727
Lyons Petroleum Co
1st mtge. 10-yr.8% skg. fund
gold bonds
1,566.000
10-yr. 6% gold coupon mtge.
125,000
notes
643,665
Purch. money notes Pay
Notes & accts. pay-affil. cos. 4,878,075
8,834
Deferred liabilities
Notes payable banks & others 10.007,000
715.508
Accts. payable, miscellaneous
238,964
Accrued Int., taxes & exp__ _
220,075
Res.for Fed. taxes,Insur.,&c.
156,600
Res,for prem.on mtge. bds._
Deficit (bet. prov.for depl.)_ 4,659,819
Total
3717
payable
Dated Nov. 1 1928; due serially Nov. 1 1929-30-31. Int.
date
M. & N. Callable in whole or in part on 30 days' notice on any Int. each
of 1% per annum for
or dates at par and int. plus a premium of Maryland State and Baltimore
unexpired time.
year or fraction thereof of
deduction
city security taxes refunded up to 5 mills. Int. payable withoutDrovers &
of that portion of the Federal income tax not in excess of 2%.
trustee.
Mechanics National Bank of Baltimore.
Sept. 30
Company.-Incorp. in Maryland in 1901. Total assets as ofthis issue
1928 were over $990,000, or over $4,900 for each $1,000 note of
to be outstanding. Company now operates 28 stores.
-Net income for the past three years available for interest
Earnings.
Federal inon this issue, after all deductions, including depredation and
come taxes, have been as follows:
1927.
1926.
1925.
$194.181
$184,789
$177,076
Net income
earnings for the past three years have averaged more than 15 times
Net
interest requirements on these notes.
minths ended
The management states that sales and earnings for the 9
Oct. 1 1928 are in excess of those for the same period of 1927.
Realty Associates, Brooklyn, N. Y.-900% Stock
Dividend-To Increase Stock-To Segregate Operations. common
the
The directors propose to declare a 900% stock dividend on
shares and to effect extensive corporate changes. based on the estimated
structure is
The plan for changes in the capital
The directors of
value of the stock of the Produce Co., Inc., a subsidiary.than $40,000,000,
more
Realty Associates, it is said, value their holdings atof no par value common
or in excess of $400 per share on the 100.000 shares
stock outstanding.
of Realty
It is proposed, accordingly, to increase the common stock to present
Associates to 1,400,000 shares and to distribute 900.000 shares
against
and keep the remaining 400,000 shares in the treasury total of
stockholders,
A
the exercise of warrants which it is proposed to sell to bankers.
200.000 warrants is to be sold at $1 each.
or
These warrants, when presented in conjunction with preferred stockthe
be exchangeable for
other subsidiary issues of the company, would treasury. Each warrant
shares of Realty Associates held in the
common
share of
Would entitle the holder to exchange it, together with either one
preferred stock
1st or 2nd pref. stock of Realty Associates or one share of Issue of Realty
Co., or in multiples of $100 of any bond
of the Prudence
common
Associates Securities Corp. now outstanding for 2 shares of the
now
stock of Realty Associates held in the treasury. Realty Associates 2nd
6% 1st pref. and $2,000.000 of 6%
have outstanding $5,000.000 of
Any
pref. stock. The warrants are to be exercisable for one year only. sold
treasury or
stock remaining after their expiration is to be kept in theat a minimum of
some future plan
to retire indebtedness of the company in
$50 a share.
2 parts
It is planned also to divide the operations of the company into
financing
and to organize the American Investors, Inc., to conduct theAssociates
of Realty
done by the present company. The present name continue to carry on
will be retained by the parent company, which will
-V. 126. p. 1825; V. 124, p. 1991.
the real estate business.
(Daniel) Reeves, Inc. (Del.)-Reqistrar.-
The Seaboard National Bank of the City of New York has been appointed
-See V. 127. P. 3556.
registrar of the preferred and common stocks.
-Registrar, etc.
Republic Brass Corp.
for
The Equitable Trust Co. of New York has been appointed registrarCo.
The Guaranty Trust
1.000.000 shares of class A stock, no par value. stock.
been anoointed transfer agent for the same
has
the common
The Bankers Trust Co. has been appointed registrar for
-V. 127, p. 3556.
stock.
-Listing.
Iron & Steel.
Republic
the listing of not exceeding
The .New York Stock Exchange has authorized par)
official notice of
stock (no
145,232 additional shares common the total applied on 899.164 shares.
for
issuance and payment in full making resolutions to offer additional shares
directors adopted
On Nov. 23 1928,
record Dec. 15, giving such
of common stock to common stockholders of
purchase comcommon stockholders the right on or before Jan. 3 1929, to six such shares
share of com.stock for each
mmistock in the proportion orone
York funds at New York
held at $65 per share, payable in cash or in New
so
A syndicate of bankers has agreed
Trust Co., 100 Broadway, New York. of the additional shares of common
much
to purchase at $65 per share sosubscribed for by the stockholders. The
shall not have been
stock as
Inc., as an incident of their
holders of Class A shares of Steel and Tubes,
shares at the
conversion rights, have the right to subscribe and pay for such the Republic
conversion of such shares into common stock of
554.717.535 time of the
expires en Oct. 1 1930.
company. The right to execute such conversion
3718
FINANCIAL CHRONICLE
Under an agreement dated Aug. 14 1928. entered into by
company with Steel and Tubes. Inc., the Republic company the Republic
issue from time to time to or upon the order of Steel and is obligated to
Tubes, Inc., a
sufficient number of shares of the common stock of the Republic
company to
enable the Steel and Tubes, Inc., to fulfill its obligations
to the holders of
its Class B shares whereby the Class B shares may
be exchanged at any
time during a period of two years from Oct. 1
full
common stock of the Republic company on the 1928, for$75 shares of the
basis of
per share and
divs, for and in respect of each such Class B shares and the market
value
the common stock of the republic company at the time the exchange of
is
made. Any balance of the value of the class 1.1 shares so
tendered for
exchange not aggregating the value of a full share
the Republic company as so determined is payable of the common stock of
in cash.
Of the 145,232 shares without par value of the common stock of the
Republic Company now being applied for. 18.872 shares
to be issued in exchange for 19.889 Class B shares of Steel of such stock are
and
which have been presented to be exchanged for common Tubes. Inc.,
stock of the
Republic company.
Earnings 10 Months End. Oct. 31 1928.
Gross sales
$56,431.152
Cost of sales
48,813,030
Gross profits
Other income
87,618,122
472,496
Total earnings
Prov.for deprec.& renewal of plants & exhaustion of minerals_ _ $8,090,618
1,449,000
Interest & disc. on bonds & notes
1,294,173
General administration expense
1,533,254
Prov.for Fed,income taxes
399,000
Net profits
$3.415.190
Surplus as at Dec.31 1927
34,904,445
Totalsurplus
538.319,635
Adjustments
6,009,425
Dividend on preferred stock
1,312.500
Dividend on common stock
1,454.914
Net surplus carried to balances sheet
$29,542,787
Earnings per share on common stock after preferred
$3.00
Earnings on average number of shares outstanding dividends
4.05
Consolidated Comparative Balance Sheet.
Oct. 31 '28. Dec.31 '27.
Oct. 31 '28. Dec. 31 '27
Assets$
$
$
Property acct_135,497,217 108,871,948 Pf.st., 7% cum_
25,000,000
Investments _ _ 8,603,550 3,282,433 Common stock_ 49,703,265 25,000,000
30,000,000
Cash deposited
5% si. mtg. bds 9,873,000 10,162,000
with trustee
Bevernermlne
100,000
forredemption
R.,& 0. s.f.5 tis 8,219,000 8.535,000
of bonds, Occ.
1,810
9,242 15-yr. 1st mai.
Clev. Trust Co.
12,705
bonds_
12,180,000
Cash
3,680,299 2,991,726 7% 10
2,623,500
Inventories_ __ 14,676,006 13,521,192 Accts. yr. g. debs 4,923,477
payable_
Ore at docks_ _ _ 2,111,419 1,833,897 State, &c., taxes 1,318,652 1,705,469
999,267
Inv. in U. S.
Accr. bond int__
125,722
364,738
bonds, Treas.
Div. pay. Jan. 2
437,500
certifs., &c___ 1,211,368 1,668,645 Res've for deer. 17,051,925
17,184,013
Notes and accts
Ita ,for exhaus'n
,,
reeelv'le (less
of minerals__
reserves) ____ 7,774,938 3,811,469 Reserve for con- 6,041,327 5.731,048
Deferred charges 1,659.976 1.743,333 tingencies. dm 8,627,134
2,664,505
Surplus
29,542,786 34,804,445
Total
175,229,791 137,738,885
Total
175,229.701 137,788,885
-V. 127, p. 3261.
Rio Grande Oil Co.(of Del.).
-Listing.
The Los Angeles Stock Exchange has authorized the listing
shares of new capital stock, effective Dec. 24. These shares of 1,200,000
are to take the
place of old stock that is being split up on the basis
of 5 for 1.
The stock is authorized in the amount of
of which 1,200.000 is to be outstanding. 2,000,000 shares of no par value,
The Bank of America of California and the Chase Bank of New York are transfer agents, while the Pacific
National Bank of Los Angeles and the Guaranty Trust Co.
of New York
are registrars.
-V. 127, p. 3414. 3104.
Rossia Insurance Co. of America.
-Extra Dividned.-
The directors have declared an extra dividend of 2% in addition to
regular quarterly dividend of 6% on the outstanding capital stock, no the
par
value, payable Jan. 2 to holders of record Dec. 14.-V. 126, 2662.
p.
Royal Baking Powder Co.
The New York Stock Exchange has -Listing' listing of $10,000,000
authorized the
6% cumulative preferred stock, ($100 par): and 800,000 shares common
stock, (without par value).
Consolidated Income Account (Company & Subsidiaries).
6 Mos. End.
-Year Ended Dre. 31.
June 30'28.
1927.
1925.
1926.
Gross margin
$2,435.093 $4,931,459
Sell. gen. & admix/. exp. 1,793,142 3.702.772 $4,775,449 $4,663,533
3,970,486
3,307.831
Net operating income- $641,950 $1.228,686
8804.962 51,355,701
Divs, on sub shares (sold
after June 30 1928 for
approx. $5,000,000)_ _
187,755
334,933
155,934
1,159,535
Miscellaneous income_ _ _
57,539
234,304
142.939
177,918
Total income
$887,245 $1.797,924 $2.142,4/8 $1.854,575
Depreciation
865,073
$128,770
$125,382
$120,516
Federal income tax
96,207
180,786
131.750
174.857
Minority int, in profits
ofsub
195
936
Net profit
8725,769 81,487.431 $1,885.282 $1,359,201
Preferred dividends_ _ _ _
300,000
600,000
600.000
600.000
Common dividends
400,000
800.000
1,000.000
1,000.000
Balance surplus
$25,769
$87.431
$285,282 def$240,799
Equiv. per share on 800,000 (no par) corn. shrs
after prov.for div. on
pref.stock
$0.53
$1.11
$1.61
$0.95
Consolidated Comparative Balance Sheet.
:Awe 30'28. Dec. 31 '27
xlune 30'28. Dec. 31 '27
Assets5
$
Liabilities
Cash
4,989,919
487,081 Preferred stock.__10.000,000 10.000,000
Accounts ree(cusCommon stock_ _ _10,000,000 10,000.000
tomers)
713,699
786,540 &cote. pay.
-trade
149,213
71,880
Accounts reedy.
Accts. pay -other
85,448
48,459
other
196.932
84.502 Notes payable_ _
500,000
Marketable sec. &
Accrued payroll Si
accr.int.
979,052
980,542 0th. Cr. expo.--67,559
149,247
Inventories
2,140,319 2,630,809 Prey. for Fed. Inc.
Sub.co'sstock sold
tax
180,786
529.699
after June 30i'28
2,097,653 Res. for def. Habil. 550,000
Miscellaneous inv. 873,425
886,878 Other reserves- - _ 193,698
193,608
Land,build. mach.
Minority int. in
1,495,749 1,437,271
&equip
sub. company__
24,534
25,186
Trade mks, Pats.
Surplus for devel__ 2,461,493
&good-will_ _ ..17,938,153 17.898.847 Unreserved surplus 5,567,852 8,202,184
Deferred charges._ 187,929
195,528
2n,515,179 27,485,742 Total
Total
29.515,179 27,485,742
x After giving effect to sale of shares in subsidiaries disposed of after June
30 1928, and subject to adjustment at end of fiscal year.
-V. 127. P• 3556.
Royal Typewriter Co., Inc.
-Extra Common Dividend.
-
The directors have declared an extra dividend of $1.50 per share and the
regular semi-annual dividend of $1 per share on the common stock, both
payable Jan. 17 to holders of record Jan. 10. Like amounts were paid on
July 17 last. In Jan. 1928 and July 1927, an extra distribution of $1 per
share was made.
-V. 126, p. 3943.
[Vol,. 127.
(Helena) Rubinstein, Inc.
-New
Officer.
Charles S. Welch, formerly general
sidiary of Coty, Inc., has been electedmanager of the Rallet Corp...a subas Vice-President and general manager.
-V. 127. p. 3414.
(Joseph T.) Ryerson & Son, Inc.
--Initial
Dividend.
The directors have declared an initial quarterly dividend
of 50 cents
per share on the capital stock, no par value, payable
Feb. 1 to holders of
record Jan. 20 (see also V. 127, p. 2697.)-V. 127,
p.3262.
St. Bernard Realty Co., Houston Tex.
-Notes Offered.
-Federal Commerce•Trust Co. St. Louis recently offered
3300,000 1st mtge, real estate '& leasehold serial 6% gold
notes.
Dated Sept. 1 1928. Due serially Sept. 1
and int. (51. & S. 1) payable at Federal each year. 1929-1940. Principal
Commerce
St. Louis. Denom. $100. $500 and $1,0000. Red. in Trust Co., trustee,
whole or in part on
any int, date on 60 days' notice at 102. No portion Federal
income tax paid.
Security.
-These notes are the obligation of
(a Texas
with a paid-up capital of $200,000, and arethe company valuable corp.)
secured
lands,
leaseholds and improvements strategically located inby
the heart of the
Industrial and warehouse sections of the City of Houston, Tex.
The
of this loan is to complete the construction of the warehouse purpose
buildings.
Total value ofland, buildings. drc, pledged as security.
$521,957.
Safeway Stores, Inc.
-Listing.
-
The New York Stock Exchange has authorized the listing
of (a) $4,745;
200 7% prof. stock (par $100 per share); (b)
stock (par $100 per share) with authority $3,915,000 of series of6% pref.
to add $44,745,200 of series of
6% pref. stock upon official notice of Issuance In exchange for
7% prof:
stock, share for share, making the total amount of 7% pref.
stock applied
for 5L745,200, and the total amount of series of6% pref. stock
$8,660,200:
(c) 567,704 shares of common stock without par value, with authority to
add 82,415 shares of common stock, upon offlcal notice of
Issuance, upon
the exercise by the holders thereof of the common stock purchase
warrants
and the second series warrants of the corporation, now outstanding
and
In the hands of the publlc, with further authority to add 11,562
shares of
common stock, upon official notice of issuance, upon the
exercise
holders thereof of the common stock purchase warrants issued by the
Grocery Stores, Inc., making the total amount of common stock by Bird
applied
for 661,681 shares.
Consolidated Balance Sheet as at June 30 1928.
[After giving effect to the following transactions consummated subsequent
to June 30 1928: (a) Increase in auth. common stock to
1,500,000 shares
of no par value and the split-up of the outstanding common
warrants five for one, and (b) Acquisition in consideration stock and
stook of Safeway Stores, Inc., of the assets, subject to the for common
liabilities, of
Bird Grocery Stores, Inc., and Piggly Wiggly Pacific
and the
acquisition of the entire outstanding capital stocks ofCo., Inc., Grocery
Sanitary
Co., Inc. (new company), Eastern Stores, Inc., Standard Commodities
,Corp.& Standard Provisions Corp.,&other transactions incident
thereto.)
LiabillflesCash
$4.222,560 Notes payable
$100,000
Bank acceptances
498,609 Accounts payable
3,093,798
U. S. securities
902,713 Accrued liabilities
490,353
Notes receivable
12,474 Provision for Federal tax____
680,606
Accounts receivable
750,389 Dividends payable
349,524
Inventories
13,988,468 Deposits on leases
20,001
Prepaid expenses
314,074 Mtges,on real estate & bldga.
309,000
Bond redemption cash deposit
9,111 7% notes of PigglY
Investments Si advances_
Wiggly
145,494
Pacific Co., Inc
493,500
Treasury stock t7% pref.)
650,000 Minority interest in pref. stk.
Com.stk. owned by sub. co.'s
76,476
of subsidiary companies__
250,000
Fixed assets
7,373.099 Surplus reserved
242,629
7% preferred stock
4,892,000
6% preferred stock
3,914,000
Corn, stock and pald-in sum:11,538,586
Total (each side)
$28,043,470 Earned surplus
2,569,471
x Authorized, 1,500,000 shares of no par value (reserved for warrants
and second series warrants of Safeway Stores. Inc., and warrants
of Bird
Grocery Stores, Inc., 99,587 shares), issued. 562,084 shs.-V.
127, p. 3414.
Sandusky (Ohio) Cement Co.
-Stock Split Up
-Name
Changed.
The stockholders on Dec. 20 increased the authorized capital stock,
no
par value, from 75.000 shares (73,464 shares outstanding) to
shares, and approved a split up of the present outstanding stock250,000
on the
basis of two new shares in exchange for each share held
The split up will probably be made on or about April 2. of April 1 1929.
The stockholders also voted to change the name of the company
to the
Medusa Portland Cement Co. and to increase the authorized capitalizatio
n.
The new name is taken from the brand of cement the company
and transplants the name Sandusky, since the company now has produces
plants in
Dixon, Ill.: Silica, Ohio, and York, Pa.. in addition to the original
plant
at Bay Bridge, near Sandusky. Ohio.
-V. 127, p. 3262.
Schulte Real Estate Co., Inc.
-Earnings.
Earnings 9 Months Ended Sept. 30 1928.
Net profit from operations
Interest paid Si accrued on 10
-year 6% gold notes
Dividends on preferred stock
81,751.364
405,000
/35.000
Net profit
Supplies & reserves for contingencies at end of period
$1,211,364
3.569,647
Total surplus
$4,781,012
Comparative Balance Sheet,
Sept. 3028. Dec.3127
Sept.30'28. Dec.31'27.
Assets--I
S
Liabilities
Cash
2,285,109 1,271,158 Accts. payable_ _ _ 204,180
108,568
Accts. receivable
977,549
216,712 Notes payable_
200,000
Int. at Mx. receiv_
63.842
28,641 Divs. seer,on pref.
Invest. In oth. cos. 556,500
878,346
stock
60,000
15,000
Secur. dep, under
Interest accrued_ _ 303,349
243,347
len-sas
8,000
5.0(H) Deferred liabilities 8,018,869 8,112,101
Real eq.,ld& bldg 9,235,602 to, e1,964 Preferred st,ick.... 3,000,000 3,000,000
Pay. on real est.
Common stock_ 750,000
750,000
purch. contracts 267,011
563.893 Suppl. Si res. for
Len,eholds
584,338
570,705
contingencies_ _ _ 4.731,012 8.569.647
RI eit.mtge.owned 2,682,825 1,853.412
Unamort. disc. on
10-yr. 6% gold
notes
511,968
568,853
Prep. ins. premAre
17,422
12,387
Total
17,220,797 16,164,073
Total
17.220,797 16,164,073
The Schulte Retail Stores Corp. owns all the pref. stock and 70% of the
common stock.
-V. 124, p. 2133.
--Schutter-Johnson Candy Co.(Del.).
-Defers Dividend.
The directors have decided to defer the quarterly dividend of 60 cents
per share usually paid about Jan. I on the cum. class A cony. pref. stock.
This rate had been paid since and lad. Oct. 1 1927.-V. 125. p. 1723.
Scott Paper Co.
-Earnings.
-
11 Months Ended Nov.30Net sales
Production cost of sales
Reserve for depreciation
Maintenance and betterment of plant and equip't
Expenses
Estimated United States income tax
1927.
1928.
$8,161,342 $5,284.274
3,582,863 2,997.306
206,239
218,631
113.739
155,371
1,421,389 1,268.134
98,799
94.484
Net earnings
Preferred dividends
Common dividends
$688,604
135,660
112,500
$600.057
128,767
82,500
Balance,surplus
Earnings per share on pref. stock
Earnings per share on common stock
$440,444
$27.44
3.68
$388.790
$30.07
3.14
DEC. 29 1928.]
FINANCIAL CHRONICLE
3719
payment in full, making the total amount applied for 13,000,000 shares of
common stock.
The 3,000,000 shares of common stock were offered for subscription at
$10 per share in cash to the holders of record Dec. 5, of common stock at the
rate of 3-10 of one share of the common stock for each one share of the
$1,432,418 commqn stock held. The subscription for the additional 3,000,000 shares
$1,918,727
331,652 will be payable in full at or before 3 p. m. on Jan. 10 1929 at the office of
220,949
American Exchange Irving Trust Co., 60 Broadway, New York City.
$4.32 to $1
$8.68 to $1
Current ratio
Comparative Consolidated Balance Sheet.
accompanying the earnings states that sales increased about
A statement
June 30 '28. Dec. 31 '27.
June 30 '28. Dec. 31 '27.
16%; profits for dividends increased about 15%; reserves for depreciation
Ltatrilittes
Assets
and expenditures for maintenance and betterment of plant and equipment
Property accts.-381,154,217 354,990,238 Common necks:201,412,821 201,412,821
are liberal and in excess of 1927.
Minority int. in
On Dec. 11 1928 an exceptionally good business for the month of Decem- Inv.,incl.Int.in
subsidiary. __ 1,368,312 1,386,704
Comar Oil Co.- _4,468,665 3,834,864
ber seems assured. Based on this assumption, earnings for the year 1928
Funded debt___ 79,054,500 79,74.5,000
for prof. dividends will total $750,000 and for common dividends $600.000. Adv. to assoc.
987.088 Accts. payable_ 10,214,080 13,710,971
677,598
cos
or 4 per share.
!rectors have approved an aggressive program for 1929. which will, if Inventories _ _ _ 24,344,889 24,393,120 Sundry accruaLs 2,504,945 1,556,360
achieved, maintain at least our usual increase in volume of sales and profits. kiatls.& suppls _ 7,056,845 6,450,052 Purchase money
323,837 1,721,207
obliga
Accts. es notes,
-V. 127, P. 2698.
13.997,548 10,603,873 Accr. Fed. tax.
receiv
2,804,429 2.967.790
&c., pay
-Short - term &
-Earnings.
Seiberling Rubber Co.(& Subs.).
dem.loans__ 24,851,710 46,384,566 Deprec.& depict
Year Ended 10 2ifos.En4.- Years Ended Dec. 31122,046,333 1e8,684,271
res
1,726,059 3,264,242
Cash
Oct. 31 '28. Oct. 30 '27.
1925.
1926.
Period15,000,000
$16,329,111 $12,367.114 $14,920,294 $10,569,523 Deferred digs.-- 5,994,185 5,905,141 Special reserve. 15,000,000 30,628,357
Net sales
29,542.461
Surplus
1,500,461
722,083
768„531
1,356,708
Net income from oper
221,030
212.811
214,864
304.587
Depreciation
464,271,720 456,813,484
Total
464,271,720 456,813,484
Total
60,000
155.610
85,540
154.351
Federal income tax
-V. 127, p. 2974.
z Represented by 10,000,000 no par shares.
$403,946
$423,732 $1,123,821
$987,493
Net profit
232,833
92,716
97.735
45,639
Preferred dividends___--Acquisition.
Shell Union Oil Corp.
($11219,109
Common dividends
-V.127, p. 2974.
See New England 011 Refining Co.above.
5890,988
3331.016
$941,854
$87.102
Balance, surplus
519,991
1,532,126
1.891,243
2,861.671
Previous surplus
Siemens & Halske (A. G.), Siemens Schuckertwerke
Prof. on pref. stk.& notes
-To Call for Payment of 50% Balance on
121,148 (G. M. b. H.).
28,102
787
Dr.161
purchased
6% Debentures-Larger Dividends.
Excess over decl. val. of
corn. stk. issued in exThe Siemens & Halske and Siemens Schuckertwerke have announced a
108,185
27,788
change for notes _ _
on March 1 1929 the balance of 50% on their
proposal to call for payment
Adjust. of Fed, income
-year 634% sinking fund gold debentures. 50% paid allotment certifi25
Dr.31,130
tax-prior years_ _ _
cates representing $24.000,000 were issued in Sept. 1926 and sold by an
banking syndicate headed by Dillon, Read & Co. Allotment
& loss, surplus_ $3,025,664 $2,861,672 $1.891,244 $1,532,127 international 517,078.000 of debentures are now outstanding. The deProfit
certificates for
P. A. Seiberling, President, says in part:
which were offered In the form of 50% paid allotment certificates
The net sales during that period, after deducting all charges such as cash bentures,
with warrants for contingent additional interest, were originally sold at 99.
and trade discounts, rebates, allowances, &c., amounted to $16.329,111.
Siemens & Halske recently declared a dividend of 14% for the year 1928
The gross profits from all sources, before charges for depreciation and as compared with 12% last year, while the affil ated Slemsn Schuckertwerke
Federal taxes, were $876,716. After allowances for above, there remained authorized a dividend of 10% against 9% paid in 1927.
$511,968 to be transferred to surplus, making the surplus at this time
The company paid contingent additional interest for the year 1926 on
after payment of dividends on preferred and common stock, 83,025,665.
May 1 1927 in the amount of $7.16 per debenture and on May 1 1928 for
7
,
While there was an increase in unit galas in excess of 40' as aeainst the the year 1927 paid $10.98 per debenture. On basis of the above dividend
same period a year aeo, the dollar value of sales increased in much lower declaration the payment on May 1 1929 should be $15.75 per debenture.
proportion, due mainly to the lower cost of crude rubber, which materially
Net profits of Siemens and Halske, German electrical company. totalled
lowered the selling price of our product.
At the beginning of the year the crude rubber price ranged around 40 18,450,000 marks for the year (about $4,600,000). according to cable
cents a pound, when notice was suddenly given that the British Restriction advices received in New York.
Profits of Siemens-Schuckertwerke totaled 16,500.000 marks (about
Act would be withdrawn Nov. 1 1928. The immediate effect was to drop
price of rubber almost over night to 20 cents a pound, selling prices on tires $4,135.000). See also V. 126, p. 884.
shortly thereafter while inventories on hand had to be absorbed.
falling
resulting in greatly reduced profits for the year.
-Stock Offered.-Bertles,
Signode Steel Strapping Co.
Rubber is now stabilized on a basis approximating cost of production.
selling price of product being adjusted thereto, yielding a fair margin of Rawls & Donaldson, Inc.; Mitchell, Hutchins & Co., and
profit, so that we have reason to look forward to 1929 anticipating a Eastman, Dillon & Co. are offering 40,000 units of stock
satisfactory profit for the year's business with steadily expanding volume.
at $41.75 per unit, to yield about 6%. Each unit is comComparative Consolidated Balance Sheet Oct. 31.
posed of one share of $2.50 cum. preference stock, 3 share
1927.
1928.
1927.
1929.
Assets8% Pref.stock_ _$1,517,900 $921,100 of common stock and a detachable warrant for the purchase
Lead,bldes..mach.
x$3,517,044 $8,261,813 Common stock__a 2,438,485 2,188,570
&c
per share,
874,091 3-yr. 534% notes_ 299,500 1,051,500 of M share of common stock at the rate of $30
681,957
Cash
Accounts payable_ 381,036
164,403
317,990 good until Jan. 1 1934.
Securities owned
395.547
Issued.
Accts. receivable.y 1,853.383 1,549,850 Trade accept. Pay. 725,960
Authorized.
Capitalization
Accr. int. & prop.
Notes & trade acstock ($30 par value)_ __ _100,000 shs. 40,000 shs.
tax
67,387
54,230 Cumulative preference value)
136,189
cept. receiv._ _z 154,000
250.000 shs. 125,000 shs.
Common stock (no par
306,275
373,047
2,119,435 1,951,860 Reserves
Inventories
Transfer agents: First Trust & Savings Bank, Chicago, and Central
101,969 Surplus
3.025,665 2,861,671
Accts. rec. In snap. 149,572
Union Trust Co., New York City. Registrars: Foreman Trust & Savings
1
1
Patents
Bank, Chicago, and Chemical National Bank, New York.
Reamort.exp.acet.
-These preference and common stocks and warrants have been
Listed.
Issue of 3-yr. 544
listed on the Chicago Stock Exchange.
12,476
49,904
gold notes
Prepaid int., insur.
Data from Letter of John W. Leslie, President of the Company.
126,584
advertising. &e-10.9,936
-Company, and its predecessor companies, since 1915 have
Business.
30,000 an improved and
$8,761,208 $8,163.655 been supplying to customers now totaling over put under tension and
Total
$8,761,209 $8,163,655 Total
scientlic packing service based on steel strapping
X After deducting $1,443,475 reserve for depreciation. y After deducting
sealed with a Signode seal with patented tools and machines. The widely
$118,588 reserve for doubtful accounts. z After deducting$ 1.248.288 advertised trade name "Signode," originated and owned by the company,
- means a complete system of patented tools, machines, seals and materials
discounted at banks. a Represented by 243,848 shares of no par value.
V. 127. p. 2973.
for reinforcing and sealing packages, bales and boxes with steel strap to
damage in handling or
-The balance sheet prevent merely reinforcing smallloss through pilferage.in. strap in 1915,the
-Correction.
Selected Industries Inc.
paper cartons with ei
From
field of
appearing in last week's "Chronicle," page 3557, under this company's products have been introduced into nearly every world. packing
Almost
and shipping activity throughout the United States
name of Seneca every business which ships its products is a present and the
company should have appeared under the
or prospective customer
Copper Mining Co.
of the company, from jewelers who seal small express packages with fine
bound
steel
The following have been elected to the board of directors in addition to steel tape to steel companies shipping ten-ton bundles of 40% plates type
of this
Over
the ten directors previously announced: Bayard P. Pope; John W. Hanes; with 2 in. strapping sealed with Signode seals.
of strapping and sealing equipment in the United States is sold by this
-V. 127, p. 3557.
Charles G. Sargent; Robert Lehman and Ray Morris
company.
representatives
The company has 30 direct branch office the following throughout the
-Listing-Correction.
Seneca Copper Mining Co.
foreign countries:
companies in
The New York Stock Exchange has authorized the listing of 100,000 United States, and subsidiaryItaly, Germany and Holland. In addition,
Canada. England,
shares of capital stock without par value which have been sold and under- Belgium,
foreign countries. including
written at a price of $3.75 per share, on official notice of issuance and pay- the company has representatives in 24 other Foreign sales make up over
ment In full and 80,000 shares of Capital stock for the payment of bond those in South America and the Far East.
of these estabinterest on the basis of 53,75 per share, on official notice of Issuance, making 30% of the company's annual net sales. The trade value
lished outlets Is not reflected in the company's balance sheet, but widethe total amount applied for 730,000 shares.
this application applies are to be Issued pursuant to spread distribution and diversity of sale is thereby assured.
The shares to which
-Since the present management assumed direction in 1919.
Earnings.
resolutions of the board of directors of the company duly adopted at meetthe earnings of the company have grown rapidly and steadily. The
ings held Sept. 18 1928 and Nov. 13 1928.
doubled every two or
The resolutions provide for the Issuance and sale of 100.000 shares of following figures show that the net profits have years. Results in 1928
capital stock averaging $3.75 a share, which stock has all been under- three years. having increased almost 500% in five
Issuance of 80,000 shares of capital stock to pay the bond from a new automatic wire tie division and a new car loading division
written; and the
volume and profit
Interest due July 11927. Jan. 11928, July 1 1928 and also to anticipate the indicate that each will become of equal importance in 1929 there should
that in
bond interest due Jan. 1 1929, July 1 1029 and Jan. 1 1930 on the first to the metal strapping end of the business andthan ,in any previous year.
increase in volume of business
mortgage, 7%, ten-year convertible bonds dated July 1 1923. on the basis result a greater
The business has grown from a total cash capital investment of less than
of $3.75 per share.
All the shares of the capital stock in excess of the amount required for $200,000.
a1928.
1927.
1926.
1925.
the aforesaid purpose and not taken by the bondholders have been under$1,699,800 $1,978,602 $2.439,627 $2,916,000
Net sales
written on the basis of $3.75 per share.
the sale of the 100,000 shares referred to will be used Net after depreciation &
The proceeds of
350,000
210.433
171.984
148,492
Federal taxes
by the company to prosecute Its development and mining operations on a
100,000
larger and more rapid scale, to rehabilitate the stamp mill for the flotation Dividend on cumulative preference stock
$2
per share on 125,000 shares common stock
treatment of its copper rock, to install a 250 K W-60 cycle electric generator Earnings
a Three months estimated.
and to repair and build a concrete collar at No. 3 Seneca shaft.
-story fireproof building in Chicago
Property.
-Company owns a modern 4
balance sheet appearing under "Selected Industries Inc.", in our
The
-V. 127. with ample room for expansion and adjacent to freight sidings and well
ssue of Dec. 22, p. 3557, is that of Seneca Copper Mining Co.
located with respect to raw material supply.
p. 2246.
-Stock shall receive a cumulative diviprovisions for Preference Stock.
on the
-50c. Dividend.
Sharon Steel Hoop Co.
dend of $2.50 per annum per share before any dividend Is paid $37.50
Callable at
directors have declared% dividend of 50c per share on the common common stock, but no further dividends thereafter. $37.50 per share on
The
of 2% on the preferred stock. per share upon 30 days' notice and is preferred up to
stock and the regular quarterly dividend
per share upon involuntary liquidation, but Is limited
10
The common dividend is payable Jan.A and the preferred dividend Jan. 2, voluntary, and $30 No other class of stock having a preference over or on
dividend of the same amount was to such amounts.
both to holders of record Dec. 24.
preference stock is outa parity with this stock may be created while any
paid on the common stock on July 2. on April 1 next the
$999,700 8% standing, except with the unanimous consent of all stockholders. No prefThe directors also voted to redeem
stock in excess of 40.000 shares may be Issued unless the net earnings
127, p. 1820.
share.
-V.
erence
Pref. stock at $55 per
twice the divifor the next preceding 12 month period shall be in excess of proposed to be
-Proposed Liquidation:
Sharp Mfg. Co.
dend requirements on the preference stock outstanding and
called for Jan. 7 to vote issued, or unless with the consent of three-fourths of the preference stock
A special meeting of stockholders has been a New Bedford, Mass.. outstanding. Common stock has sole voting power except in case of four
upon liquidating the corporation, according to
-V. 12e; consecutive defaults in preference dividends.
dispatch. The directors have voted to recommend this action.
Purpose.-Theee stocks are being purchased in part from the company
P. 1960.
of the company to use
It is
and in part from individuals. when the intention for retiring cumulative
exercised; half
-Listing.
the proceeds from the warrants,
Shell Union Oil Corp. has authorized the listing of
$37.50, by purchase in open market or by
York Stock Exchange
3,000,000 preference stock at or beflow corporate purposes.
The New
and half for other
shares common stock, without par value, upon official notice of Issuance and call at $37.50;
Current AssetsCash
All other
blia
Total current assets
Total current llabllitiee
Assets and Liabilities.
Nov. 24 1928. Nov. 27 1927.
$141,356
...
$766.965
1,291,062
1.151,762
3720
FINANCIAL CHRONICLE
[VoL. 127.
Directors.
-John H. Leslie, Sidney J. Williams, E. C. Wilson. W. S. for entering orders,
Underwood, L. S. Gana, W. E. Stanley, Wm. M. Berties, J. W. Leslie, than two copies are making purchases and for making records where more
required. This system is especially applicable for use
S. W.Treat, Robt. E. Jennings.
in machine bookkeeping and machine record work.
Hall-White Co. is an old established business and has operated under
Southern Bankers Securities Corp.
-Revises Capital.
- its present management for eight years.
The directors have taken action to enable holders of the pref. stock to lithographing business in Alameda County. It is the largest printing and
convert part of their holdings into common stock, according to a letter
The operation of the Spokane plant will be
addressed to pref. stockholders by President Heyward E. Boyce. As a it is planned to consolidate the housing of the continued as heretofore, and
result each holder of pref. stock of record Dec.31 will have the right to sur- property adjoining the present McKee plantCalifornia plants in Oakland,
render one-half of his stock in exchange for common stock on the basis of new building will be erected on this property. having been purchased. A
two shares of common stock for one share of preferred.
Assets.
-The consolidated balance sheet, as of June 30 1928, after
In case any pref. stockholder desires to surrender for conversion more giving effect to this financing, shows a net worth of $942,918, with current
than half of the stock standing in his name, he may make application for assets over seven times total liabilities.
such additional surrender and the total of these applications will receive such
Earnings.
-Consolidated net earnings, after depreciation and Federal
allotments as may be permitted under the resolutions of the board of taxes, for the year 1927 were $98,314. For the first six months of
1928
directors. Conversion rights expire at the close of business Jan. 15. Shares net earnings were $74,048,or at the rate ofapproximately $148,000 per year.
of pref. stock received by the company in this connection will be canceled.
Purpose.
-Issuance of stock as above and proceeds of this financing
-V. 127, p. 562.
are for the purpose of purchasing the constituent companies, to liquidate
certain liabilities and to provide additional working capital.
Standard Fruit & Steamship Corp.
Listing
is expected that application will be made in due course to
-To Distribute Ctfs. list the "A" and "B"
Hibernia Bank & Trust Co., New Orleans, as escrow agent under the
stocks on the San Francisco Stock Exchange.
syndicate agreement dated as of March 1 1926, and the escrow agreement
therein provided for, dated as of April 1 1926, gives notice that it will on
Sutherland Paper Co.
-Receives Order
and after Dec.31 1928 distribute among the holders of certificates of deposit
The company has just received an order for 250 carloads of cartons from
Issued thereunder the shares of pref. stock and voting trust certificate
a large national concern for delivery during 1929, it is stated.
representing the common stock of the corporation held by it pursuant
It is also reported that the carton division's business is so good and
thereto.
advance bookings are so
United States internal revenue stamps at the rate of 2c. for each share be built in the immediategreat that additional plant facilities will have to
future.
-V. 127, P. 274, 3417.
to be distributed are required by law, and therefore each holder of certificate of drposit will be required to pay the amount of such stampsa cash.
in
(0. E.) Szekely Corp.
-Listed.
Since each share of pref. stock will be accompanied by voting trust certifiThe Detroit Stock Exchange has approved for listing 30,000 shares, no
cates for 2 shares of common stock, the stamp tax to be paid by each certificate holder will be equivalent to 6c. for each share of pref. stock to which par value, common stock.
Subsidiary Companies.
-Two subsidiary companies have been organized.
he is entitled. As no charge is being made by the syndicate managers The
Szekely Automotive Parts Corporation which will engage in manufor their services or expenses, no other payments will be due from certifi- facture
of piston rings and other automoblve parts and the Szekely Aircraft
cate holders.
Corporation, wnich will engage in the manufacture of aeroplanes and aeroSuch distribution will be made only upon presentation and surrender of plane
the respective certificates of deposit to the Hibernia Bank & Trust Co. 0.E. motors. These companies started operations as of Sept. 11028. The
Szekely Corporation will own all the capitalstock in these corporations.
-V. 123, p. 1260.
CapitalizationAuthorized. Outstanding.
Common stock (no par value)
Standard Oil Co. of Kentucky.
35,000 she. 30,000 shs.
-Split Up of Shares
- Preferred stock (par $10)
10,000 sns. 5.233 shs.
50% Stock Dividend.
Transfer Agent, Union Trust Co., Detroit, Mich.; registrar, Guardian
The stockholders on Dec. 20 increased the authorized capital stock from Trust Co., Detroit, Mich.
Dividends.
-Common stock, 60c. per share per annum, payable last
$17.500,000 (par $25) to 835,000,000 (par $10). and approved the issuance
of 2; new shares in exchange for each share held and the distribution of a days of March, June, Sept. and Dec. Preferred stock-60c. per share pe
,
6
50% stock dividend. The employees'stock purchase plan was also ratified. annum, payable last days. of March, June, Sept. and Dec. After 15 cents
per share
The directors have declared a 50% stock dividend on the present out- share for has been paid on common stock, preferred stock shares equally
share with common stock in any additional dividends.
standing capital stock and on the shares of capital stock now held in the
History.
-Corporation was organized in Michigan in Feb. 1927, having
treasury for sale to employees, payable Dec. 31 to holders of record Dec.
purchased the assets of the 0. E. Szekely Co. of Ill. The activities of the
27 1928.
Illinois company were confined to development and experimental work
No fractional shares will be issued in the re-adiustment of the company's for
the automotive and stationary motor industry, and the designing and
capital stock and in lieu thereof stockholders will be paid by the company in
cash for any fractions remaining in their accounts after the aforementioned building of machinery for manufacturing purposes.
Company's principal products are piston rings, airplane motors, airplane
re-adjustments. Final settlement for any fractions will be made on the
basis of the average closing bid price of the $25 par stock on the New York industrial units and brass, aluminum and grey iron castings.
Curb Marketfrom Dec.20 to Dec.27 incl. See also V. 127, p. 3262,3105.
Teck-Hughes Gold Mines, Ltd.
-Annual Report.
Steel Co. of Canada, Ltd.
Earnings for Year Ending August 31 1928. •
-New Shares Placed on a Bullion
production
$4,594,707
$2 Annual Annual Dividend Basis.
Interest & exchange
79,737
The directors have declared quarterly dividends of 50 cents per share on
the new common and pref. stocks, payable Feb. 1 to holders of record Jan.
Total income
84,584.444
19. This is equivalent to $8 per share per annum on the old common and Development & exploration expenses
245,674
pref. stocks of $100 per share on which quarterly dividends at tho
Mining expense
715,989
$7 per share per annum had been paid. See also V. 127, p. 3416. rate of Milling expense
410,186
General expense
188.601
Stromberg Carburetor Co. of America. Inc.
-Listing.
-- Depreciation on buildings & fixed
187,482
The New York Stock Exchange has authorized the listing of 70,000 Provision for Federal & provincial plant
taxes
219,020
additional shares of capital stock without par value as a stock dividend
at the rate of 7 of one share for each of the 80,000 shares of capital
Net surplus for year
$2,617,492
stock
now outstanding, making the total amount applied for 150,000 shares.
- Balance at credit, Aug. 31 1927
$1,929,082
V. 127, p. 3416.
Total surplus
$4,546,575
Struthers-Wells-Titusville Corp.
2,145,215
-Transfer Agents.
- Dividends paid
The National Bank of Commerce in New York has been appointed
Balance at credit. Aug. 31st 1928
transfer agent of the preferred and common stock and common stock
$2,401,359
purchase warrants.
Balance Sheet, August 31 1928.
The Bankers Trust Co. has been appointed registrar for the 7% preferred
Assets,
$
Liabilities.
$
and common stock.
-V. 127, p. 2839.
Equipment, tools & furniture
$68,816 Capital stock
$4,767,144
Buildings & fixed plant, (less
Accounts & wages payable_
123,520
Sugar Estates of Oriente, Inc.(& Subs.).
-Report.
-- deprec)
771,373 Prov. for Fed.& provin. taxes
208,582
Years Enthd Sept. 30.
1928.
Mining Properties
1926.
1925.
4,534,937 Surplus
2,401,359
Raw sugar produced_ _ _ $5,442,797 $7,552,684 $6,497,097 $8,178,762 Cash
.
332,524
Molasses produced
218,516
141.561
214,415
435,978 Government bonds
1,374,375
Interest received
141,756
201,526
279,071
285.630 Gold bull,on hand & in trans_
286,727
Prof. on stores, cattle, &c
274,653
283,494
202,238
41.829 Inventory of general stores
116,881
Other income
57,469
Accounts receivable
220
Prepaid insurance & taxes
14,772
Total income
$6,077,722 $8,236,734 $7,192,821 $8,942,190
Prod., mfg., &c.,exp_ _ _ 5,694,302 7,241.745
Total
6,293.560 7,766,198
87.500.606
Total
87,500,606
Prov. for depreciation.. _
383,345
421,463
606,425
565.355
Disct. on 1st mtge.7s
34,111
(John R.) Thompson Co.
-Subscriptions.
Int.on bonds
508,820
528,032
661,904
556,274
It is announced that subscriptions for the additional capital stock to be
Int. on bills payable curoffered to stockholders of record Jan. 23 will be payable either in full
rent accounts, &c_ _ _ _
44,556
93,438
312,029
237,674 ($50 per share) on or before Mar.4 1929, or in two installments of $25 each
Loss carried over & other
Payable on Mar.4 and June 4 1929. See also V. 127, 13. 3559.
Expenditures
264,089
Preferred dividends_
319,980
Thompson's Spa, Inc., Boston.
Common dividends
-Stocks Offered.
-1,400.000
Hall, Waters & Co. and Old Colony Corp. are offering
Balance, deficit
$8817,390
$47,945
$571,097 $1.937,385 35,000 units, each unit consisting
-V. 125, p. 3654.
of one share $6 cumul.
preferred stock (no par value) and one share common
Sunset-McKee Salesbook Co.
-Stock Offered.
-Shingle
unit.
Brown & Co., San Francisco are offering 30,000 shares stock (no par value) at $103.50 and div. per The
Dividends exempt from present Mass. income tax.
$6 cumul.
"A" stock and 6,000 shares "B" stock. Price: "A" stock, stock is preferred as to dividends and in any distribution of assets other pref.
than
by dividends from surplus or net
to
$21.50 per share "B" stock, $15.50 per share. The "B" dive.; dividends cumulative fromprofits 1 the extent of $100 per share plus
Jan. 1929, payable Q.
-J.
stock offered only in connection with "A" stock on the basis part on any div. date upon 30 days' notice at $105 per shareRed. all or
plus diva.
Old Colony Trust
of not to exceed one share of "B" stock for each five shares Boston, registrar. Co., Boston, transfer agent. First National Bank,
of "A" stock.
Data from Letter of Malcolm
"A" stock is entitled to preferential cumulative dividends
share per annum payable quarterly, before any dividend onof $1.50 Per
"B" stock.
Subject to this prior right "B" stock is entitled to non-cumulative dividends of 37% cents per share per quarter. Both
equally share and share alike in any additionalclasses of stock participate
dividends. "A" stock is
preferred to the extent of $30 per share and dive.
of assets in liquidation and shares equally in anyin event of distribution
remaining assets after
"B"stock has received $25 per share. Provided that 12consecutive quarterly
dividends of at least 373. cents per share have been paid on both classes
of stock a majority vote of the entire board of directors can terminate, on
any subsequent dividend date, all distinctions
stocks. "A" and "B" stocks have equal voting between "A" and "B"
power. Dividends
from normal Federal income tax. Registrar: American Trust Co., free
San
Francisco: Transfer Agent: Cole-French Co., San Francisco.
CapitalizationAuthorized. Outstanding.
"A"shares (no par value)
30.000
50,000
"B"shares (no par value)
46,000
100,000
Data from Letter of Frank H. Abbott,Jr., Pres. of the Corporation.
.-Company has purchased the entire outstanding capital stock
Business
of the follwoing companies: McKee Salesbook Co. (Wash.). McKees Salebook Co. (Calif.), Sunset Fanfold Co. (Calif.), Hall
-White Co., Inc.
(Calif.).
McKee Salesbook Co. of Washington, with plant in Spokane, has been
operating profitably for 15 years. The California company, with plant
in Oakland, has been in operation for about two years. The McKee companies manufacture sales checks and manifold forma in daily use for all
commercial and industrial purposes, selling to all classes of mercantile
institutions, department stores, banks, hotels and industrial plants.
Sunset Fanfold Co. manufactures fanfold, interfold forms and autographic register supplies. Fanfold systems are used by the larger manufacturers and mercantile firms, banks and railroads throughout the West
H. Eaton, Treas., Dec. 19.
Business.-Thompson's Spa.. Inc., has been incorp. in Mass, to acquire
the assets of the present co-partnership doing business under the name of
Thompson's
and The Sumner Company', an associated corporation.
"Thompson's Spa" was originally established in 1882 by Charles S. Eaton.
Spa.,
From a modest beginning the business has grown consistently and has been
developed to its present size largely out of earnings. The excellence of its
food and the remarkably rapid and efficient methods of serving, have made
Thompson's Spa probably the best known and the most unique popularpriced restaurant in this country. It is estimated that over 25,000 patrons
are now served daily.
The corporation will be the owner of the land and buildings at 131-135
Summer St. and 13-21 South St., as well as of the buildings
Washington St. and Court Square establishment. The Summer of theSouth St.
and
buildings have a combined floor area of 45,000 square feet, and are expected to be operated as one unit when fully developed. It is planned to
open the South St. building within six weeks with an Initial seating capacity
of 300, and to increase this capacity to 600 within six months, which will
add 60% to the present seating capacity of the business.
CapitalizationAuthorized. Outstanding.
36 cumul. preferred stock (no par)
50.000 shs. 35,000 shs.
Common stock (no par)
300.000 shs. 200.000 shs.
Earnings.
-For more than 45 years the business of Thompson's Sra has
shown a profit in each year. The not earnings of the predecessor businesses
for 10 months ended Oct. 31 1928, have been certified by Lybrand, Ross
Bros. & Montgomery, who have also reviewed the estimates of net earnings
for Nov. and Dec. 1928, made by the management. Based on the foregoing,
net earnings for the clalendar year 1928, after adjustments for deprec..
interest, taxes and officers' salaries, which have been made by Lybrand,
Rosa Bros. Sz Montgomery to conform with the new corporate structure and
including an allowance of $15,000 for one year's investment income to be
available after this financing, but not including any income or charges in
respect of the South St. establishment to be opened early in 1929. amount
DEC. 29 1928.]
FINANCIAL CHRONICLE
dividend requirements on
to $430,113, equivalent to over twice the annualto be outstanding. After
35,000 shares of $6 cumulative preferred stock such earnings amount to
deducting preferred stock dividend requirements,
$220,113, equivalent to $1.10 per share on the 200,000 shares of common
stock to be outstanding.
-The balance sheet as at Oct. 31 1928, after adjustments,
Balance Sheet.
shows current assets of $721,949 as compared with current liabilities of
$195,197, a ratio of more than 3.6-to-1, and net tangible assets of over
outstanding.
$107 for each share of the $6 cumulative preferred stock to be
-A substantial amount of the stock represents new financing
Purpose.
to provide funds for expansion and for other corporate purposes. The balance represents stock purchased from individuals.
Manaoement.-The management will continue in the hands of the three
sons of the founder of the business, Ezra S. Eaton, Malcolm II. Eaton and
Charles F. Eaton. A substantial majority of the common stock to be
-V.
presently outstanding will be owned by these three individuals.
124. P. 3417.
-Bonds Offered.
Union Bus Terminal & Garage Co.
Boettcher & Co., Denver, are offering at 100 and int.
$400,000 1st mtge. 6% serial gold bonds.
-Securities Offered.
385 Fifth Avenue Corp.
The first public offering under the newly originated Mandel Plan, which
enables investors to participate permanently, not only in a single building.
but in the profits of all other properties erected or acquired under this plan,
was announced Dec. 13 by Henry Mandel Associates, Inc., through the
Henry Mandel Development Corp. This new issue consists of 10.000
shares investors' stock of Henry Mandel Associates, Inc., and $1,000.000
6% convertible gold notes of the 385 Fifth Avenue Corp., offered in units
of one share of investors' stock and one $100 6% convertible gold note,
priced at $110 per unit.
The 6% convertible gold notes mature Dec. 11938, and are convertible
into 6% cumulative preferred stock (par value $100)of the 385 Fifth Avenue
Corp. at the option of the holder within one year after a certificate of occupancy has been issued for the building, and within two years thereafter at
the option of the corporation.
The 385 Fifth Avenue Corp. has an authorized capitalization of 10,000
shares of preferred stock and 10,000 shares of common stock, no par value.
The common stock of each Building Corp. is acquired and held by Henry
Mandel Associates. Inc., and for each share thus acquired two shares of
the capital stock of Henry Mandel Associates, Inc., are issued, one Investors' share, represented by this offering, and one Founders' share to be
purchased by the founders of the Mandel organization at the same price of
$10 per share. Both classes of stock are of equal value and share alike in
dividends and equities.
The 385 Fifth Avenue Corp. has been formed to build, own and operate
-story bank and office structure now being erected at the Southeast
a 15
corner of Fifth Ave. and 36th St. New York City. The estimated cost
of the land and completed buldink is $2.600,000, which amount will become available through a first mortgage loan of $1,600,000 and the sale of
the present issue of gold notes. A conservative estimate of rentals provides
a gross annual income of $358,500, and after operating expenses, taxes,
mortgage interest and allowance for vacancies, there is left $144,200 available for preferred stock dividends and retirement. This is equal to $14.42
per share of the preferred stock issue.
Dated Dec. 11928; due serially 1930-1951. Int. (J. & D.) and principal
$1,000
payable at Denver National Bank, Denver, Col. Denom.Denverand $500.
National
Federal income tax of 2% paid by company. Trustee,
Bank. Callable ass whole or in part at 1024 and int. upon 60 days'notice.
taxes in the State of Colorado.
Free from all direct property
-Secured by a closed first mortgage on building located on GlenSecurity.
arm and Tremont Sta. between 17th and 18th Sts., with a frontage of 158 ft.
fee. The
on Gienarm and a frontage of 50 ft. on Fremont, both owned inand public
-story bus terminal
Glenarm St. property will be occupied by a 7
now under construction, with an entrance by the rear
garage building
through a one-story building on the Tremont St. property.
In addition to the first mortgage on the ground and buildings the bonds
are secured by the pledge with the trustee of the lease to be held by Rocky
Mountain Motor Co. The value of the land, buildings, lease and equipment based upon independent appraisal made by Frederick R. ROSS and
Frederick J. Chamberlin, is $802,820, making this loan less than 50% of
the appraised value of the mortgaged property.
Bus Terminal Garage has been leased to Rocky Mountain Motor Co.
for 25 years at a rental which,in each year, exceeds the interest on the bonds
at the time outstanding, plus the principal amount of bonds maturing in
each year from 1930 to 1951 inclusive. In addition, Rocky Mountain
Motor Co. lessee, is obligated under the lease to pay all general and special
on the
taxes and insurance and to make all necessary repairs and renewals charge
leased premises. The annual rental under this lease is an operating
of Rocky Mountain Motor Co.and all the bonds will have matured prior to
the expiration of the lease.
-Company is controlled by Rocky Mountain Motor Co.
Company.
Rocky 'Mountain Motor Co. was incorp. in 1927 to take over the business
or through
founded in 1916 by Roe Emery,its President,and either directly in Denver.
subsidiaries operates taxicab, motor delivery and baggage service limousine
and sight-seeing bus transportation and touring car and
Inter-city
business in and out of Denver,and operates hotels at Estes Park and Grand
Lake in the Rocky Mountain National Park.
-Estimated results of operation of Bus Terminal Garage show
Earnings.
Co..
a substantial final net income to accrue to Rocky Mountain Motor
lessee, which will be in addition to net income of Rocky Mountain Motor
Rocky Mountain Motor Co., before
Co. in the past. Such not income of
depreciation, obsolescence and Federal income taxes for the 103.4 months
from May 18 1927 to Mar. 31 1928. the close of the last fiscal year. was
under
$259,205, or approximately 6 times the average rental requirement
For the
the lease of Bus Terminal Garage by Rocky Mountain Motor Co. income.
1928, Rocky Mountain Motor Co.'s net
6 months ended Sept. 30
before depreciation, obsolescence and Federal income taxes, was $228,284,
equivalent to approximately 5 times the average rental requirement for a
full year.
-Listing of Stock as Stock
Timken Roller Bearing Co.
Split-up and Not as Stock Dividend.
The New York Stock Exchange has authorized the listing of 1,200.882
additional shares of capital stock without par value, on official notice of
issue as a stock split-up two for one,with authority to add 49.118 shares to
the list, on official notice of issuance to employees or upon sale for cash,
making the total amount applied for 2,500,000 shares.
At a special meeting of the stockholders Dec. 4 an amendment of the
articles of the corporation, effective at the close of business Dec. 27 1928,
was duly voted whereby the authorized 1,250,000 shares without par
value of the capital stock of the company was changed into 2,500.000 shares
without par value. Certificates for additional stock will be delivered on
Jan. 10 1929, to stockholders of record at the close of business on Dec. 27
1928 at the rate of one additional share for each share then held. Old
certificates will not be recalled. This action is a "stock split" and does not
constitute a stock dividend.
Earnings 6 Months End. June 30 1928.
Mfg. profit after deduct, cost of goods sold, incl. mat., labor,
$0,936,245
factory exp.& depree
1,695,477
Selling, admin. & general expenses
Extraordinary charges covering prov.for conting.,special deprec.
1,223,233
& obsoles. of mach. & equip.& possible invent.shrink
36,123
-net(exc. ofin,earned & Federal taxes)
Other deductions
Net income
Interest earned
$6,981,411
379,292
Total income
Provision for estimated Federal taxes
3721
$7.360,703
965,132
$6.395.572
Net profit
$5.32
Net earns pershare ofcapital stock
Consolidated Comparative Balance Sheet.
June 30'28. Dec.31'28.
27.
June 30'28. Der.31.
$
Liabilities-Assetsy6.000,000 6,000,000
Property acct.:11,064,303 9,502,523 Capital stock
583,529 Accts. payable ___ 2.211,837 1,194,070
2,878,663
Cash
211,568
Securities owned _ .16,781,503 16,814,466 Accrued tax,&c._. 892,531
3,424 Fed,tax reserve.. 965,131 1,300,000
2,477
Notes receivable_ _
tor cont.,ac _ 2,010,542 1,138,716
Accts. receivable 3,018,083 1,874,928
29,077.842 25,679,340
5,301,823 4,970,082 Surplus
Inventories
1,707,442 1,641,346
Other assets
Total(ea.side) _41,163,886 35,523,694
133,397
409,593
Deferred charges
x After depreciation, &c., amounting to $6,812,965. y Represented by
-V. 127, p. 3417.
1.200,882 no par shares.
-Sub. Co. Contract.
Union Carbide & Carbon Corp.
-V.127.P. 2384.
See Dry Ice Corp of America above.
-Rights.
Union, Oil Co. of California.
The stockholders of record Dec. 28 1928 and employees who are ubBathers for stock, under the offering of only 15,1925 will be entitled to
subscribe for additional stock (par $25) at $35 per share in the proportion
them.
of one share of new stock for each 10 shares of stock then held by 1929.
The right to subscribe expires at the close of business on Feb. 15
Subscriptions will be received by the company for full shares only. installSubscriptions may be made upon a full share warrant in four
on
ments of $5. $10, $10 and $10 per share, before the close of businessthe
Feb. 15, May 15, Aug. 15 and Nov. 15, respectively, by executing
on the back of the warrant and delivering the same,
subscription agreement
accompanied by the payment then due, to John McPeak, Secretary of the
company at his office, 1202 Union Oil Building, Los Angeles, Calif. or to
at
the Guaranty Trust Co.. 140 Broadway, New York City. Interest althe rate of 53.4% per annum, amounting to 62 cents per share, will be
the first three installment payments from their respective due
lowed on
the
dates to Nov. 15 1929, when it will be paid by crediting the amount on
for their
final installment payment. Stockholders desiring to pay to do so. allotted
Stock15 1929, will be permitted
subscriptions in full on Feb.
holders who have paid the first installment of $5 per share on Feb. 15 1929,
on
will be permittted to pay the three remaining installments of $10 eachthe
May 15 1929 (less interest amounting tb six cents per share, allowed on
the first
first installment payment). Stockholders who have paidto pay the two
two
Installments amounting to $15 per share will be permitted
remaining installments of $10 each on Aug. 15 1929, (less interest amountto 28 cents per share allowed on the first two installment payments).
ing
been
The entire amount of stock covered by this offer hasas the underwritten
underwriting
at $35 per share free of any cost to this company insofarCo., First Securities
syndicate composed of Dillon Read &
Is concerned, by a
and Bond & Goodwin &
Co., William R. Staats Co., Blair & Co., Inc.,
Tucker, Inc., who will have the right, and have obligated themselves, to
Purchase all shares of stock which are not subscribed for by stockholders
offer.
or subscribers for stock of the company or their assigns under this general to
The new capital secured from this offering will be devoted in company's'
and growth of the
make financial provision for the conduct
business.
Application will be made for the listing of the additional stock and subscription certificates on the New York, Los Angeles and San Francisco
Stock Exchanges.
-Up Approved.
-Split
Tobacco Products Corp.
The stockholders on Dec. 27 approved a change in the par value of the
class A and common stock from $100 to $20 per share. 5 new shares to be
-V. 127, p. 2698.
Issued in exchange for each share held.
-Stock Offered.-Plimpton &
Trimont Dredging Co.
Plimpton, Boston, in November offered 20,000 shares class
A cumul. participating stock at $25 per share and dividends.
This stock has preference as to quarterly cumul. dividends at the rate
-F. An extra dividend of $1 per share will
of $2 per annum, payable Q.
be payable before any dividends can be paid on the class B stock. The
Atlantic National Bank, Boston, transfer agent and registrar. In case of
liquidation. class A partic. stock receive $35 per share before class B corn.
stock receives any distribution of assets.
Authorized.
Issued.
Capitalization20,000 shs.
20,000 shs.
Class A participating stock (at par)
20.000 shs.
20,000 shs
Class B common stock (no par)
Data from Letter of Herbert T. Gerrish, President of the Company.
-A Massachusetts corporation combining the dredging business
Company.
formerly owned by Herbert T. Gerrish. Conducts a general dredging and
ocean front Improvement business. Company dredges harbors and channels, reclaims low lands and constructs beaches; also dredges docks and
steamship berths, constructs dams, removes ledge under water, builds retattling walls and breakwaters and makes general waterfront improvements. Company does business from Maine to New Jersey.
The company owns a complete fleet of electric suction dredges. scows,
tub boats. pipe lines, tenders and derrick scows. This equipment is thoroughly modern, is in splendid condition and is mobile in action.
-For the past three calendar years the consolidated average
Earnings.
net profits have been $103,052. which is equivalent to $5.15 a share on
offered. The president estimates that with the large additional
the shares
equipment just placed in operation, the net profits of the company, for the
this year, the
next full calendar year, will be over $200,000. Thus far period
of 1927.
business is showing a substantial increase over the previous
-The physical assets have been appraised (May 31 1928) at
Assets.
the American Appraisal Co. Ernst & Ernst In their state$1,000,083 by
ment of May 31 1928 show liabilities of $174.753 which liabilities subtracted from the appraised value leaves $825,329 net tangible &mats.
Based on these appraised values the balance sheet would show $57.19 per
sKare for the class A participating stock.
Presnet Financing -The purpose of this financing is for the purchase &
••ew equipment and additional working capital.
Sale of Rocky Mountain States Properties.
-V. 127, p. 2105.
See Continental Oil Co. above.
-Rights.
Union Oil Associates.
The stockholders of record Dec. 28 will be given the right to subscribe
on or before Feb. 15 for additional capital stock (par $25) at $35 Per share
In the proportion of one new share for each 10 shares held. Subscriptions
are payable either in full on or before Feb. 15 1929, or in 2, 3 or 4 installments, at the office of the company in Los Angeles, Calif., or at the Guaranty Trust Co., 140 Broadway, New York City.
The entire amount of stock covered by this offer has been underwritten
at 835 per share free of any coat to this company insofar as the underwriting is concerned by a syndicate composed of Dillon Read & Co.. First
.
Securities Co. William R. Staats Co., Blair & Co., Inc., and Bond &
Goodwin & Tucker,Inc., who will have the right and have obligated themselves, to purchase all shares of stock which are not subscribed for by stockholders or subscribers for stock of the company or their assigns under this
offer.
The Union Oil Co. of California is offering to each of its stockholders
ot record Dec. 28 the right to purchase at $35 per share an amount of its
unissued capital stock equal to 10% of their holdings. The Union Oil
Associates. being the principal stockholder of the Union Oil Co. of California, desires to avail itself of its full subscription rights under said offer.
and the new capital secured from this offering will be devoted to the purchase of shares of the capital stock of the Union Oil Co. of California at
$35 per share.
Application will be made for the listing of the additional stock on the
-V.124. p. 1525.
Loa Angeles and San Francisco Stock Exchanges.
-Omits Common Dividend.
Union Steel Casting Co.
The directors have voted to omit the usual quarterly dividend of 50c.
per sharp due at this time on the common stock. The regular quarterly
31.75 on the preferred stock was declared, payable Jan. 10 to holders of
record Jan. 3.-V. 123, p. 2668.
-Listing.
United Cigar Stores Co. of America.
The New York Stock Exchange has authorized the listing of $2,244,100
additional common stock (par $10) on official notice of issuance in exchange
for capital stock of Happiness Candy Stores. Inc.. making the total amount
applied for to date $54,505,420 or 5,450.542 shares. 19. the United Cigar
Pursuant to action of the board of directors Nov.
Stores Co. of America made an offer, dated Nov. 22 1928. to all the stockholders of Happiness Candy Stores, Inc. to exchange shares of common
stock
stock of United Cigar Stores Co. for shares of capitalto and of Happiness
incl. Jan. 15
Candy Stores, Inc. on and after Dec. 15 1928 and up
on a basis of one share of common stock of United Cigar Stores Co.
1929,
of America for each five shares of capital stock of Happiness and the directors authorized the issuance of 224.410 additional sharesof common stock
to be used for such exchange. For the purpose of such exchange, the board
of directors have valued the capital stock of Happiness Candy Stores, Inc.
-V. 127. Ei• 3559.
at $5 per share.
3722
FINANCIAL CHRONICLE
United Electric Coal Companies.
-Listing.
---
[VoL. 127.
U.S. Industrial
Alcohol Co.
-Dividend Rate Increased.
The New York Stock Exchange has authorized the listing of additional
voting trust certificates representing 120.000 shares of common stock with- The directors have declared a quarterly dividend of $1.50
out par value on official notice of issuance and payment in full making the per share on the outstanding 320,000 shares
of common
total amount applied for 260,000 shares (v. t. c.) common stock.
At a special meeting of the directors held Nov. 23, it was determined to stock, no par value, payable Feb. 1 to holders of record
Issue and sell 120,000 sharse of the common stock at NO per share for the Jan. 15. Since and incl. Feb. 1 1927 the company had been
purpose of redeeming or acquiring the outstanding first mortgage bonds paying
quarterly dividends of $1.25 per share.
-V. 127,
and the outstanding preferred stocks and for other corporate purposes.
All holders of voting trust certificates of record Dec.6 are given the right p. 2975.
to subscribe at $60 per share for six shares of such increased common stock
for each seven shares of such stock represented by the voting trust cerUnited States & International Securities Corp.
tificates held and the company has entered into with responsible bankers
-New
a contract dated Nov. 23 1928, under which the bankers have agreed to Directors.
cause to be purchased from the company at $60 for each share represented
I.
Hillman, Chairman
thereby all voting trust certificates representing any shares of 120,000 shares and J. W. McConnell, a of the Hillman Coal & Coke Co. of Pittsburgh,
director of the Bank of Montreal, have been
of the common stock which are not subscribed and paid for. The right to elected directors.
-V. 127, P. 2699.
subscribe expired Dec. 27.-V. 127, p. 3559.
United Grain Growers, Ltd.-Bal. Sheet Aug. 31.
1928.
1927.1928.
1927.
Assets3
Real est., bidgs.,
Capital stock
3,096,695 2,979,078
turn.& equip_ __ 6,914,654 6,257,068 Ist mtge. bonds
3,750,000
871,000
Cash
1,930,465 1,753,322 Mortgages
813,555
919 2 0
6 :24
90
0
Bonds at cost
044,095
808,055 Debentures
Advances
570,709
419,280 Accts.& bills pay
856,391 1,139,834
Stocks of grain,Ac
460,44).
653,649 Outst't'g cheques _ 658,298
312,889
Mtacell.acrrualsAc tpv,ons
131,821 Outstanding orders
Stocks Sz shares of
& cash tickets _
85,891
93,953
exch. memb's'ps 1,450,611 1,166,737 Sabreholders divs.. 263,573
256,118
Adv.to subs.
16,345
9,741 Sub-cos. deposits.- 1,060,981
452,371
Deprec.&gen.res. 1,700,000 3,500,000
Total(each side)12,787,757 11,199,673 Surplus
502,373
605,986
The usual comparative earnings statement was given in V. 127, p. 3559.
United States & British International Co., Ltd.
-
Holders of allotment certificates representing pref. and common stock
have been notified that on and after Jan. 2 1929 definitive certificates for
the pref. and common stock will be available at the New York Trust Co.
in exchange for the allotment certificates. (See offering in V. 126. p. 592.)
-V. 127. p. 276.
United States Daily Publishing Corp.
-Debentures
Offered.-Schoellkopf, Hutton &Pomeroy,Inc. Buffalo, N.Y
are offering at 100 and interest, $850,000 6/% guaranteed
'
2
sinking fund gold debentures (with common stock purchase
warrants).
United States Leather Co.
-New President.
-
David G. Ong has been elected President to succeed Hiram S. Brown,
resigned. Mr. Brown retains his Interest in the company by remaining
Chairman of the executive committee and a member of the board of directors.
-V. 127, p. 3418.
United States Mortgage Bond Co. Detroit, Mich.Bonds Offered.
-The Colonial Mortgage Investment Co. re'
cently offered at par, $1,000,000 1st mtge. coll. trust 6%
gold bonds, series No. 200.
Dated Oct. 15 1928; due Oct. 15 1931, 1933 and 1938. Interest payable
every six months. Both principal and interest payable at Chemical National Bank, New York, or at United States Trust Co., Detroit. Red. at
any time before maturity or any interest date on two weeks notice, at
and interest. Denom. $1,000, $500 and $100 c*. Company agrees101
to
pay the principal and interest without deduction for the normal Federal
income tax up to 2%,and to refund state, county and municipal securities
taxes not in excess of 4;4 mills per annum, and the income tax of the
Commonwealth of Massachusetts not exceeding 6%, if requested within
60 days after taxes are due and paid, and within one year after due date, as
provided in the trust indenture. United States Trust Co., Detroit, trustee.
Colonial Mortgage Investment Co., Baltimore, fiscal agent.
Guaranty.
-The payment of principal of and interest on the 1st mtges,
held by the trustee as collateral to secure these bonds is irrevocably guaranteed by the United States Fidelity & Guaranty Co.
Security -These bonds are at all times secured by deposit with the
trustee of 100% principal amount 1st mtges., United States Govt. bonds,
United States Govt. treasury certificates, and (or) cash. The mortgages
so deposited are all on improved fee-simple real estate, located in Detroit,
and vicinity or in vicinity of other large cities whore the mortgage company operates through direct branches or subsidiary mortgage companies
under its management.
The bonds are the direct obligation of the company, which is the oldest
strictly 1st mtge. company in Michigan. and has a record of over 12 years'
successful operation in the State of Michigan. The company's paid-in
capital and surplus as of June 30 1928, is in excess of $1,168,000 and its
total resources $19,805,000.
Mortgages.
-The 1st mtgcs. deposited as security for these bonds are in
every instance the direct obligation of the owner of the property and are
issued only against residences, apartments and income-producing business
property owned in fee-simple, and not against vacant or unimproved property, nor undivided interests in real estate, nor buildings used principally
as churdhes, schools, club-houses or theatres.
-V. 126. p. 3945.
Dated Sept. 15 1928. Due. Sept. 15 1943. Principal and int. payable
at principal office of Marine Trust Co. of Buffalo, trustee. Interest will
be payable (M. & S.) without deduction for the Federal normal income
tax not in excess of 2% per annum. Denom. $1,000 and $500c*. Red.
all or part on any int. date at following prices and int., on or prior to Sept.
15 1933 at 103: thereafter to and incl. Sept. 15 1938 at 102; thereafter to
maturity at 101. Company agrees to reimburse the holders of these
debentures, upon application as provided in the trust indenture, for certain
State and District of Columbia personal property taxes.
Data from Letter of Pres. David Lawrence, Washington, Sept. 15.
Company.
-Organized in Delaware in 1926. Publishes the United
States Daily, a comprehensive record of the daily activities of the United
United States Radio & Television Corp.
States Government in all its branches-executive, legislative and judicial.
-Capital
The contents of the paper are presented in compact form properly
Stock Offered.
-Brokaw & Co., Chicago are offering 62,500
to render immediately the information desired by readers of allindexed
classes shares capital stock at $24.50 per share.
interested in the Government of the United States.
The circulation of the United States Daily is national
Transfer agent, Northern Trust Co., Chicago. Registrar, Continenta
its readers
being business and professional men, manufacturers, in scope, scientists, National Bank & Trust Co. of Chicago.
bankers,
journal sts and industrial executives. Reaching out as it does to the
Listed.
-Listed on the Chicago Stock Exchange.
highest strata of subscribers who have the largest purchasing power of the
History and Business.-Ormnized in Delaware to acquire the assets and
country, advertisers have recognized the paper as being an unusually business of the Case Electric Corp., the Apex Electric Manufacturing
effective advertising medium. This, together with the fact that the Co. and the Radio Allied Manufacturers Corp. The corporation will
United States Daily operates in ad entirely non-competitive field, places acquire a license from the Radio Corp. of America as producers of radios,
the publication in a very strong position.
thereby becoming one of the concerns, now 25 in number, so licensed.
The "United States Daily" obtains its news directly from the various The corporation will also acquire a license from the Hazeltine Corp., conGovernment Departments through its own staff of reporters who keep trolling the Neutrodyne patents, which practically eliminate extraneous
In constant touch with all of the activities of the more than 300 bureaus, noises by controlling oscillation.
the Senate, the House of Representatives, the Supreme Court and the
The corporation markets a complete radio unit of superior
White House. The news is published without editorial opinion, the cluding the set, cabinet and speaker, manufacturing the sets quality, inin its own
policy of the newspaper being to present all the facts and no opinion. plants and purchasing the great majority of its speakers from Utah Radio
This policy establishes the "United States Daily" as an authoritative Products Co. Tubes are purchased from the Radio Corp. of America and
organ, and as such, it has become a necessity to the people of the nation cabinets from various sources. The manufacturing divisions have a C0111
whose interests require them to know what the Government of the
bined capacity of 1,600 radio sets per day. The corporation's products
States is doing and the effect of its activities on the nation. Its united are sold to dealers and jobbers with nationwide distribution. They are
tion at present as certified by independent auditors. is more thancircula- also distributed through various metropolitan department stores.
30,000
net paid subscribers and the subscription list is steadily growing.
CapitalizationAuthorized.
Issued.
Capital stock (no par value)
Capitalization125.000 abs. 125,000 shs.
Authorized
Issued
Earninas.-Consolidated sales and earnings of the predecessor companies,
6% Guaranteed sinking fund gold
Mdeafter giving effect to certain adjustments and account of non-recurring and
bentures (this issue)$1,000,000
$850,000
extraordinary charges, have been as follows
7% cum. pref. stock ($100 par)
.
800,000
527.250
Years Ended Dec. 311925.
Common stock (no par value)
1926.
1927. .
1928.*
200,000 abs.
200,000 she. Net sake
$1.293,321 82.365,216 $1,897,485 $4,072,840
Purpose.
-Proceeds from the sale of these debentures will be
to
reimburse the company for expenditures made in connection with used ac- Net profits after Fed, taxes
the
at present rates and adjust.
qub3ition of its plant and equipment and to provide additional working
for non-recurring and extapital.
traordinary charges
87,550
186,312
34,373
514,239
Security,&c.
-Debentures will be a direct obligation of the corporation
* Two months estimated.
and will in addition be unconditionally guaranteed both as to principal,
-Proceeds of the present financing will be used to the extent of
Purpose.
interest and sinking fund by Consolidated Press Association. There will
also be deposited with the trustee for these debentures 51% of the capital approximately 297 in connection with the acquisition of the businesses
stock of Consolidated Press Association and in addition 51% of the common and properties of the precedessor companies and to the extent of approxistock of the United States Daily Publishing Corp. will be deposited with mately 71% to provide the new corporation with additional worlducapital.
the trustee as a protective measure.
United States Rubber Co.
-Listing.
No additional debentures can be issued unless the net earnings of the
The New York Stock Exchange has authorized the listing of 728,412
corporation for a period of 3 fiscal years immediately preceding it equal
at least 3 times interest requirements on the debentures then outstanding additional shares of common stock without par value on official notice of
and those to be Issued, except In the event it should become necessary or Issuance and payment in full, making the total amount applied for 1,538,412
shares. See offering in V. 127, p. 3418.
desirable to take up the $170.000 existing mortgage indebtedness.
•
Sinking Fund.
-The trust agreement will provide for' a sinking fund
US.Smelting, Refinine& Mining Co.
operating through Marine Trust Co., calculated to
-Earnings.
entire issue
11 Mos. End. Nov. 30- 1928.
at maturity. The corporation will deposit with the retire this the sinking
1927.
1926.
1925.
trustee for
fund on or before April 15 in each year, beginning in 1929, 25% of its net Net after int. & taxes_ _ $5.584,422 $4,864,309 $5.614,437 $5,998,677
income for the preceding fiscal year. On and after April 15 1933 the Deprec.,deplet.& amort 1,975,494
2,164,374
2,291,837
2,484,918
corporation will deposit not less than $25,000 per year. In any event not
Net income
more than $100.000 in any one year will be required to be deposited for the
$3,608,928 $2,699,935 $3,322,600 $3,513,759
sinking fund. In addition, any funds received by the company from the Preferred dividends__ _ _ 1,560,383
1.560,373
1,560.379
1,560,373
exercising of common stock purchase warrants, will be used to retire these
Surplus
debentures. Moneys received as above will be used to purchase deben$2.048,545 $1,139,562 $1,762,221 $1,953,386
tures at prices not in excess of the applicable call price, or if not so obtainable Earns. per sh.on 351.117
shs.,com.stk.
by call by lot at such call price, all in accordance with the provisions of the
$5.82
(par $50)
$3.24
$5.55
66.02
-V.127, p. 3418
Trust Indenture.
_
Purchase Warrants.
-Debentures carrying warrants entitle the holder
Venezuelan Petroleum Co.
-New Directors.
of each $1.000 debenture to purchase subject to the provisions of the
The following new directors have been elected: W. L. Connelly, J.
Indenture. 15 shares of the common stock of the company during the Period
of five years from Sept. 15 1928 at a price of $10 per share; and if exercised Fletcher Farrell, A. E. Watts, P. W. Thirtle, W. S. MONVZIS, W.B. Heroy,
after Sept. 15 1933 at a price of $10 per share plus an additional $5 per J. W. Reid, A. Steinmetz. An executive committee has been elected conshare for each year or part thereof intervening between Sept. 15 1933 and sisting of H. R. Kunhardt, Jr., J. Fletcher Farrell, A. E. Watts, P. W.
Thirtle and W. L. Connelly, and a finance committee consisting of Messrs.
the date of exercise of the right to purchase said shares.
Earnings.
-The earnings of the corporation for the fiscal years ending Farrell. Thirtle and Connelly.
H. R. Kunhardt, Jr. has resigned as President and has been elected
Feb. 28 as estimated by the executives of the company are given below:
Chairman of the board. W. L. Connelly has been elected President.
Net Avail.for J. Fletcher Farrell as Vice-President and Treasurer, W.P. Thirtle as ViceGross
Int. Deprec. President and Comptroller, W. B. Heroy and W. S. Mowris as Vice-PresiYearIncome
dents, and A. Steinmetz as Secretary.
& Amort.
-V. 127. p. 2106.
_
1928
$511,193
*$63,655
1929
810.500
108,854
Warner Bros. Pictures, Inc.-Registrar.-1930
1,103,800
309,016
The National Bank of Commerce in New York has been appointed
1931
1,434,000
582,700 registrar of the preferred stock.
-V. 127, p. 3560.
•
1932
4
1
1.770,000
861,500
1933
2,110.000 1,120,000
Warner Bros. Pictures, Inc.
-New Vice-President.
-'
Maximum annualinterest charges on these debentures
$55,260
Sam E. Morris has been appointed Vice-President and General Manager
*Actual after charging promotional item to Invest Capital account.
In charge of distribution.
-V.127. P. 3560.
DEC. 29 1928.]
FINANCIAL CHRONICLE
3723
NOr.
Authorized Capitalization
80.009 she.
7% cumul. preferred stock (par $25)
80.000 abs.
Class "A"common stock (no par value)
80.000 abs.
tax_ $1,330,401
warrants
"A"common stock reserved for
Net profit after inc.
336,811 Class "B"common stock (no par value)
40,000 abs.
397,500
397,500
344.870
Bond interest
20.000 Class
Registrar, First National Bank & Trust Co., Mamaroneck, N. Y.
Bond discount
160.000 Transfer agent, Guaranty Trust Co., New York.
160,000
160,000
160,000
Depreciation
111,542
136,784
135,320
79,054
-The corporation has been organized in New York to, among
Depletion of limits
Purposes.
other things, invest, re-invest, buy, acquire, hold, sell and generally deal in
5560,916 stocks and other securities of banks and other financial corporations and
5655.982
5727,643
5746.477
Net income
Profit from sale of cap.
generally in stocks, bonds, mortgages and other securities of Corporations
624,902
assets
operating in various lines of business; in mortgages secured by real estate
improved with homes or business structures; to make building loans and to
$560,916 , do a general real estate business.
$655,982
$727,643
$1,371,379
Total income
600,000
Trans. to gen. reserve_ _ _
Its assets will consist mainly of seasoned securities, stocks, bonds,
375,000
300,000
Dividends paid
mortgages, evidences of indebtedness and cash and real estate.
-(1) Interest and dividends on stocks, bonds, mtgs.
Smrce of Earnings.
$560,916 and other securities owned: (2) discounts on mortgages purchased; (3)
$655,982
$352,643
$471,379
Balance,surplus
.50,000 Profits on securities and mortgages resold; (4) profits from realty developx50.000
100.000
100,000
Shs.cap.stk.outs.(nit par)
$11.22 ments and holdings; (5) investments of surplus and accumulated profits.
$13.12
$7.27
$7.46
Earns.per sh.on cap.stk.
x Par $100.
-The pref. stock is preferred as to cumulative dividends to
Dividends.
Balance Sheet Nor. 30.
the extent of the rate of 7% annually, payable semi-annually, over the class
1927.
1928.
"A" and class "B" common stock.
1927.
1928.
After the dividend on the preferred stock has been declared and set
$
Assetsy6.572,315 5,000,000 apart for the current period, dividends may then be declared and paid to the
Capital stock
Bldgs..alants.oroP.
4,055.700 4,156.400 holders of class "A" and class "B' common stock ratably, according to
1st M 40-yr. 6s_
limits, &c (less
,
12,421,821 11,862,204 5-yr. gen. M. 61 t3 1,500.000 1,500,000 their respective shares.
deprec.)
867.531
Redemption.
-The preferred stock is callable in whole or In part at any
869,450 Acc'ts payable, &c 1,375,001
965.436
Cash
123,753 time at the option of the corporation on 30 days' notice. at 110 and diva.
Acer. int. on bonds 121,739
Acc'ts & bills rec..
liquidation, the holders of the preferred stock are entitled to be paid,
1,176,409 Accr. Int. on new
Upon
1,196,028
less reserve
33,875
stock payable__
the par amount of their shares and all accumulated dividends due thereon;
Adv. to Antiosti
75,000 and thereafter the remaining assets and funds are to be divided among and
75,000
Divs. pay. Dec. 1.
578,870
Corp
Id. res. 2,615,314 2,614,526 paid to the holders of class "A" and "B" common stock ratably according
2,368,606 2,165,534 Dear.& sk.
Inventories
500,000 to their respective shares.
x72,754 General reserve_ __ 1,100,000
x1,698,705
Investments •
3,461,968 2,990,589
-The holders of the class "B"common stock have all the
Profit and loss.. _
Voting Powers.
Loan to Wayagavoting powers in the corporation; provided, however, that whenever the
mack News, Ltd 1,681,447 1,681,448
for a
dividends required to be paid on the preferred stock shall be in defaultstock
20,010,914 17,827,799 period of two years or more, then the holders of the class "A." common
Total
20,910,914 17,827,799
Total
the holders of the class "B"
rights, share for share, with
x Including 20,000 shares of common stock of the Anticosti Corp. carried have equal voting
common stock.
at $I. y Represented by 100,000 shares of no par value.
F. Edwards, Pres.; Glen G. White, Vice-Pros.;
Officers,
-The company has guaranteed the 5392,300.5% guaranteed deben- Bertrand -William
Note.
G. Burtnett, Vice-Pros.; Samuel R. Bell, Treas.; Frank M.
ture stock of Wayagamack News. Ltd., and has undertaken to lease and Gagliardi, See.
operate the plant of Wayagamack News,Ltd., for a period of 15 years
-George R. Baker, Frederick H. Hurdman, Samuel R. Bell,
Directors.
P. Brewer,
from January 1926.
Harry M. Blair, George W. Lahey, Clarence M. Lowes, R. George W.
Contingent liabilities of the company, 5150,000.-V. 126, p. 1680.
John Burling, Charles D. Millard, Bertrand G. Burtnett,
Philip A. Murray, William
Burton, Franklin Montross,
- F. Edwards, H. A. Palmer,Lee Parsons Davis, Henry R. Tibbits, Robert
-Acquires Fry Equipment Corp.
(The) Wayne Pump Co.
Charles D. Fiske,
Weerner,
Lucas Forbes. Wagner Van Vlack, Frank M. Gagliardi, George J.E. trying
Three New Directors Elected.
J. Wise, Glen G. White,
acquisition of the business of the Pry Equipment Corp. by the Hon. Alexander H. Garnjost. Sanford 3419.
The
-V.127. p.
Robert T. Wood.
Wayne Pump Co. was completed early this week, the transaction being Hanson,
carried out through the issuance of 25,930 additional shares of cony, pref-Sales.
Western Auto Supply Co.
erence stock and 18,000 shares of common stock of the Wayne company.
Increased 1928-11 Mos.-1927. Increase.
-1927.
-Nov.
1928
At the same time Cornelius Shields of Shields & Co.. George Wolfof Chicago,
$302.5141$11,495,711 $10,669,478 $826,233
5991,657
and James Bruce, Vice-President of the National Park Bank of New York, 51.294,171
were added to the board of directors of the Wayne Pump Co. By acquiring -V. 127, p. 3560.
the Fry Corp., the Wayne company will add to its line many items of filling
-Initial Dividend.
Western Tablet & Stationery Corp.
station equipment not formerly manufactured, and as a result will be able
The directors have declared an initial dividend of Si per share on the
to offer a complete line of filling station equipment. A short time ago the
Wayne company also acquired the Boyle-Dayton Co.. the largest manu- common stock, no par value. payable Jan.10 to holders of record Jan.2.V. 125. D. 1066.
facturer of gasoline pumps on tho Pacific Coast.-V.127, p. 2976.
-Earnings.
Wayagamack Pulp & Paper Co., Ltd.
1924-25.
1925-26.
1926-27.
1927-28.
Nov. 30 Years51,420,463 51.350,266 $1,189,268
Weinberger Drug Stores, Inc., Cleveland, Ohio.
-Middleton, Worthington & Co., Inc., CleveStock Offered.
land, are offering 10,000 shares no par value common stock
at $21 per share. This stock has been purchased by us from
-100% Stock Div.Stock Increased.
Westfield Mfg. Co.
The directors have declared a 100% stock dividend on the outstanding
40,000 shares of common stcok, no par value, payable Jan. 10 to holders
of record Dec. 21.
The stockholders on Dec. 21 approved an increase of the authorized
-V.127. p. 3419.
common stock from 40.000 shares to 80.000 shares.
-The com-Rights.
Authorized. Outstanding.
CapitalizationWestinghouse Electric & Mfg. Co.
30,000 abs. 20.000 abs.
Capital stock (no par),
stockholders of record Jan. 7 are to be
Registrar and transfer agent: Merchants Trust & Saving's Bank, Cleve- mon and preferred
land. Company has agreed to make application to list this stock on the given the right for 296,252 additional shares of common
Cleveland Stock Exchange.
$50) at $105 per share to the extent of 124%
-Directors expect to place this stock on an annual dividend basis stock (par
Listing.
of their holdings. The proceeds are to be used to retire
of $1.50 per share.
Compang.-Has been organized in Ohio to acquire the business here- the $30,000,000 20
-year 5% gold notes, due Sept. 1 1946,
tofore conducted by companies wholly owned by Adolph Weinberger
Rights expire on
comprising six retail drug stores, five in Cleveland and one in Akron, a on March 1 next at 105 and interest.
wholesale department, and the manufacture, packing and distribution of Feb. 5.
proprietary articles under well known trade names. The business being
The offering has been underwritten by Kuhn, Loeb &
acquired was begun less than three years ago in one store at 817 Prospect
-V. 127, p. 3560.
Ave., Cleveland. From this small beginning it has been developed to its Co. and the Chase Securities Corp.
size entirely by the reinvestment of earnings.
present
--Listing.
White Sewing Machine Corp.
Operations are conducted on the cash and carry plan, no accounts reThe New York Stock Exchange has authorized the listing of $2.500,000
ceivable being carried on the books and no deliveries being made.
-As audited by Price, Waterhouse & Co., but ad- 6% and participating sinking fund gold debentures due Nov. 1 1940. See
Earnings.
Sales and
justed for non-tecurring executive salaries and for Federal income taxes offering In V. 127, p. 2699.
at the present rate of 12%,the sales and earnings have been as follows:
-Registrar.
Widlar Food Products Co.
Net Earns. Per Sh.of Corn.
Sales.
The American Exchange Irving Trust Co. has been appointed registrar
$1.35
527.043
$331,883
1927
-V.127, p. 3560
for 300.000 shares of common stock, no par value.
3.51
52.593
378.930
(first nine months)
1928
These figures of sales and earnings do not include results from the Akron
Willys-Overland Co.-Listing.
store which was opened only Sept. 19 1928, and should favorably affect
The New York Stock Exchange has authorized the listing of S1,652,295
•
results for the full year 1928.
common stock (par $5) upon official notice and payment in full
additional
-Neuhaus & Co. and $714.285 additional common stock upon official notice as a stock divi(J.) Weingarten Inc.-Stock Offered.
also V. 127. p. 3110)•
'
and Dillingham & McClung, Houston, Tex., are offering dend. (Compare Earnings 9 Months End. Sept. 30 1928.
$161,654.569
1,500 shares 8% cumulative preferred stock at 100 and div. Net sales
142,020,950
The purchaser of each share of pref. stock is given the privi- Cost of production & sales hid.repairs. plaint. of prop.,doubt.
Expenses (less miscell. inc.),
10,701,521
lege to purchase one share of corn. stock at $25 per share.
accts. receivable,&c
368,699
Entitled to $100 per share and accrued dividend in case of liquidation. Interest paid
1,026,888
Non-voting. Preferred as to assets and dividends over common stock. Federal income tax
-F.
60 days' notice at $105 and diva. Divs. payable Q.
Red. on
$7,530,511
Busitiess.-Established in Houston, Tex. in 1901. Business was carried
Net profit
30,243,999
on as a "charge and delivery" grocery store until 1918 when it was changed Balance beginning of period
28,406
into a "cash and carry" food market, with a self serving grocery depart- Discount on pref. stock purch.for retirement
ment. It was one of the first markets of this kind. All business is trans$337,802,916
for cash. Five large food markets are now being operated in Houston.
acted
Total surplus
826,702
Capitalization (After issuance of total auth. stock.)
Preferred dividends
7.57,931
5250,000 Common dividends
Preferred stock, 8% cumul. (5100 par)
757,931
250,000 Common diva. declared but not paid
Common stock (no par) 16,0100 shares, paid in
138.879
Surplus
535,460,351
Balance at end of period
PUrpOS8. To provide additional capital for expansion.
Earnings -Company paid quarterly dividends on its pref. stock with- Earnings per share
interruption. Earnings for 1927, after depreciation, taxes and int.,
Balance Sheet.
Comparative Consolidated
out
i
,
amounted to 550.171. or more than 23 times div. requirements on the
Sept.30'28. Dec.31'27.
Sept.30'28. Dec.31•27.
entire issue of pref. stock to be presently outstanding. For the first 6
Liabilities
$
$
Assetsearnings, after depreciation, taxes and interest. were $36,512
months of 1928
Preferred stock ...._15,746,700 16,520,700
Real estate,bldgs..
maximum dividend requirements on the 5250,000 pref.
or more than 3
machinery,&c _y36,696,488 32,742,272 Common stock.___12,632,190 12,632,010
stock. After all charges, and allowance for dividends on 5250,000 pref.
1,410
1,230
1
xl Common scrip_ _
Good-will.Pat•s.ft
stock, earnings for the first 6 months in 1928 applicable to the entire issue Investnets in MM.
5,000,000 6,000,000
Funded debt
of common stock, to be presently outstanding, were at the rate of $3.30
companies,&c__ 1,960,318 1,793,258 Accts. payable _ _10,291,296 5,301,194
per annum.
303,680
per share
Time ctfs. of depot 215,800 11,734,000 Stk. purch. contr._ 303,680
908,821
Accrued Int., kc
-Stock Units Offered. Inventories rec_ 19,248,555 20,514,944 Res.for Fed.tax 1,196,279 996,108
Westchester First National Corp.
989,716
7,462,504 2.793,973
Notes & accts.
35,460,351 30,243,999
B. Wilcox & Co., Inc., announce that they have ac- Misc,assets, drc.__ 4,343,497 1,908,244 Surplus
675,699
Cash
quired the final allotment of 5,000 units of shares of stock. Deferred charges- _ 10,946,403 826,426
666,980
On Jan. 10 1929 they will offer one-half of this allotment
81,540,549 72,988,818
Total
81,540,549 72,988,818
at $130 per unit. Terms, one-half cash, balance within 30 Total -will, patents. &c., less reserve provided to reduce book value of
x Good
days. The balance will be reserved for a future offering. these items to 51. y Land, $2,126,284; buIldings, $24.474,001; new conPrevious allotments of units offered by the corporation have struction unclassified, $829.955; machinery, equipment, &c., $29,647,745,
been subscribed by the people of Westchester County, since less allowance for depr. & losses. $20,381.498.
Note -Company was reported as being contingently liable, at Sept. 30
Dec. 3 1928.
corporation's
the opening of thefour shares of 7% books preferred stock (par
' 1928, as endorsers on notes. acceptances, &c., aggregating $4,581,956,
cumul.
$25) -V. 127. p. 3110.
Each unit consists of
value)
and four shares of class "A" common stock (no parof class with purchase
-Transfer of Assets Ratified.
Yukon-Alaska Trust.
"A" common
warrants, good until Sept. 1 1929, for two shares
stock (no par value) at $17.50 per share, and good until Sept. 1 1930, for
two additional shares of class "A" common stock (no par value) at $20
per share.
The holders of certificates of beneficial interest have voted to transfer
the assets of the trust to the /.'acific Tin Corp., according to the plan
-V.127, p.3264.
recently outlined in the "Chroniele" of Dec. 1, p.3111.
3724
fvoL. 127.
FINANCIAL CHRONICLE
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE
-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES-METALS
-WOOL
-ETC.
-DRY GOODS
sales of 52,000 bags. For the week prices are 40 to 43 points
COMMERCIAL EPITOME.
The introductory remarks formerly appearing here will now be higher on Rio and 56 to 58 points upon Santos.
found in an earlier part of this paper immediately following the
Rio coffee prices closed as follows:
editorial natter, in a department headed "INDICATIONS OF Rcpcitunofficial)___183.4" I May
.87@ - 14.75©i4.81 I September 13
BUSINESS ACTIVITY."
15.51 IJuly
14.316 __-_ I December _13.51 CA 13.55
Santos coffee prices closed as follows:
Monday Night, Dec. 28, 1928.
Spot (unofficial)
May
21.03(4)21.04 I September 19.86(4) /
COFFEE on the spot was quiet at 2314 to 232 for Santos March_ _ _21.94(4)21.951July
/
1c.
20.48(4) __-_ I December _ _19.42 ©nom
4s, 18 to 182 for Rio 7s and 17 to 17%c. for Victoria 8s.
/
1
.c.
COCOA today closed at 9.89c. for January, 10.16c. for
Arrivals of mild coffee in the United States since the first of March and 10.44c. for May with sales of 166 lots.
December were 250,826 bags against 195,250 a year ago; deSUGAR-Raw on the spot at one time was quiet at 2-3/16c.
liveries for the same time 206,766 bags against 188,623 last to 3.93c. the latter duty paid. Later it sold at 2%,c. c.&f.
year. Stock on December 24th was 404,330 bags against though not on a large scale. Late last week it is said about
destination
395,000 last week and 202,324 last year. Robusta washed 18 25,000 tons new crop Cuban sold to European from Haat lOs for February-March shipment. A rumor
Ocana 22 to vana on the 27th inst. was that within a few hours, Presito 18 c. Fair to good Crcuta 22g to 232
/
1
2
c.;
/
1
22 c.; Bucaramanga, Natural 23 to 24c.; washed 241 2 to 25c.; dent Machado would make an announcement which it was
/
1
2
/
Honda, Tolima and Giradot 24 to 25c.; Medellin 26% to understood would be that no restrictions of any kind will b
/
1
2
Refined was 5.25c. with
1
1
264c.; Manizales 24/2 to 25c.; Mexican washed 25/2 to 27c.; placed on the new Cuban crop.
Surinam 23 to 24c.; Ankola 34 to 38c. Receipts at Rio in fair withdrawals and not much new business. Receipts at
Cuban ports for the week were 18,474 tons against 29,038 tons
December were 192,000 bags. Since July 1st they are 1,579,000 in the same week in 1927; exports 54,287 against 67,555 in
bags as compared with 2.334,000 in the same time last year same week in 1927; stock (consumption deducted) 154,148
and 2,292,000 two years ago. Santos receipts in December against 258,427 in 1927; centrals grinding none. Of the exwere 569,000 bags. Since July 1st they are 4,054,000 bags ports 32,777 went to Atlantic ports; 4,695 to Interior United
against 5,276,000 in the same time last year and 4,428,000 States; 2,100 to West Coast United States; 4,570 to Savannah;
two years ago. Early cost and freight offers on the 26th inst. 29 to Central America; 2,539 to China, and 7,577 to Europe.
were rather scarce with prompt shipment, Santos Bourbon One Havana cable said that Cuban receipts were 18,533 tons;
2-3s at 24.05c.; 3s at 232 4-5s at 22 to 22.55c.; 5s at exports 62,618 tons and stock 120,595 tons. Exports were
/
1c.;
/
1
2
22.35c.; 5-6s at 21.60c.; 6-7s at 19.45c.; 7-8s at 15.80 to 17Vic.; divided as follows: To New York 11,574 tons; Philadelphia
part Bourbon 3-5s at 22%c.; 5s at 2134c.; 6s at 194c.; pea- 9,049 tons; Boston 4,166 tons; Baltimore 6,735 tons; Saberry 4-5s at 22.10c.; Rio 7s at 17c.; 7-8s at 16.40 to 16.70c.; vannah 4,571; Interior United States 201; San Francisco
Rain damaged 7-8s at 16.85c. On the 27th inst. early cost 9,992; United Kingdom 6,536; China 6,632; Costa Rica 24;
and freight offers from Santos were unchanged to 25 points Germany 26; Panama 5; Canary Islands 9 tons. The weather
higher. The firm offers for prompt shipment from Santos was reported cool and dry with more rain wanted. Receipts
included:-Bourbon 2s at 23.65c. to 24.40c., 2-3s at 24c. to at United States Atlantic ports for the week were 55,981 tons
24.40c., 3s at 23c to 23.40c., 3-4s at 23.15c. to 231 2c., 3-5s at against 47,191 in the previous week, and 31,956 last year;
/
22 c. to 22.80c., 4-5s at 22c. to 22.60c., 5s at 22.35c. to 22.40c., meltings were 44,000 tons against 49,000 in previous week
/
1
2
5-6s at 20.80c. to 21.60c., 6-7s at 19.65c. to 21c., 7-8s at 16c. and 42,000 last year; importers' stocks 103,020 tons against
to 19.10c., 8s at 161/2c.; part Bourbon 5s at 21;4c., peaberry 116,159 in previous week and 108,540 last year; refiners' stocks
3-4s at 22 c., 4s at 22.15c., 4-5s at 21.80c. to 22.10c., 5-6s at 78,134 tons against 53,014 in previous week and 61,254 last
/
1
2
211c.; Rio 7s at 16.65c., 7-8s at 16.20c. to 16.70c., Victoria year, total stocks 181,154 tons against 169,173 in previous
/
2
7s at 16.15c. Rain damaged Santos grades were at 211c. to week and 169,794 tons last year.
/
2
2.09@ ___ISeptember__ _2.20 ©2.21
22.35c. for 4s; 202 for 4-5s; 18c. for 5-7s; 18.70c. for Spot (unofficial)_2 1-16 May
/
1c.
2.15 _-_ December_
July
1.92@
6s; 16.35c. for 6-7s and 17.35c. for 7-8s. Most of the early January
2.01 €12.02
March
cost and freight offers today were rather higher. For prompt
Some take the ground that at present prices the bearish
shipment Santos Bourbon 2s were held at 24.40c.; 2-3s at
aspects of the supply situation have been fairly well dis24.05 to 24.40c.; 3s at 23.20 to 23
/ 3-5s at 22 to 22.90c.;
3
4c.;
any material ad4-5s at 22.15 to 22.60c.; 5s at 22.35c.; 5-6s at mg to 21.60c.; counted though they can see no basis for27th inst. reported
on the
6-7s at 19.85 to 2120c.; 7-8s at 16.20 to 19.14c. 8s at 16.70c. vance in the near future. Londonat 10s. Later store sugars
part Bourbon 5s at 2134c.; peaberry 4s at 22.35c.; 4-5s at sales of Cuba and San Domingos
equal
22 to 22.10c.; Rio 7s at I6.65c.; 7-8s at 16.70c.; Victoria 7s sold although On a small scale down to 3.89c. delivered
to 2%c. c.&f. , One refinery took 4,000 bags and another
at 16.15c.; 7-8s at 15.90c
said to
On the spot Brazilian was firm with more inquiry. Santos 6,000 bags. First half January shipments Cubas are points
4s, 23% to 232 Rio 7s 182 Victoria 7-8s 17 c. Mild be had at 2%c. On the 27th inst. futures fell 1 to 2 devel/
1c.;
/
1c.;
/
1
2
awaiting
coffees were in better demand and firmer in sympathy with with sales of only 21,500 tons. The trade is
some
46,000 tons of
cable advices from primary points to the effect that shipment opments. The sale ofrather heavily Cuba at 2%c. had 100
today. There were
prices on Colombian grades are much higher. On December effect. Europe sold
was
sugar
26th trading in the December delivery was chiefly to even up. January notices issued. London beetsaid at 3:15 p. m.
that some January/
2
There were 47 Santos notices issued to the general surprise unchanged to 11d lower. Rumors
/
1d
of the trade. This led to scattered liquidation and Decem- February-March Cuban raws sold at 9s 102 c.i.f. equal to
ber declined 56 points. Otherwise, Santos deliveries were about 1.92 or 1.93c. f.o.b. Havana cabled to-day: "President
very steady. Rio on the 26th inst. was 36 points lower on Machado just signed decree announcing there will be no reliquidation caused by the issuance of 18 (Robusta) notices. striction, and that there will be no more sugars tendered to
Later deliveries were from 13 points lower to 5 points higher. the Export Company for selling." To-day there were unconOn the 26th inst. the Robusta notices were finally stopped and firmed rumors that prompt Cuban had sold at 2-1/16c. but
Rio grew firmer. At one time prices were 11 points lower to some thought that a large refinery had really bought a cargo
20 points higher. Santos was 20 points lower to 6 points at that price. Futures ended 4 to 7 points lower for the day
higher. On the 27th inst. futrues advanced 17 to 28 points with sales of 74,800 tons. Final prices on futures show a
on Santos with sales of 52,250 bags and 8 to 28 on Rio with decline for the week of 8 points.
sales of 40,000 bags. Cables from Brazil, France and Germany
LARD on the spot was firm early in the week with prime
were firm. Brazil and Europe bought. Trade and commis- Western 11.70 to 11.80c.; Refined Continent 123c.; South
sion houses were also buying. As some see the situation America 12Nc.• Brazil 13%c. New York cleared on the
with the liquidation of December positions completed the ten- 26th inst. 4,448,000 lbs. of lard to Hamburg and Antwerp.
dency is to expect renewed dullness in the futures market Futures on the 24th inst. were 2 to 5 points net higher with
pending further developments in actual coffee. A/ more ac- a decrease in the hog receipts of 79,600 against 154,600 on the
tive demand on the part of roasters they think cannot long same day last week and 27,600 last year. There were delivbe delayed. The prospect is that production in, Brazil next eries of 45,000 lbs. of lard on December contracts. A decrease
season will not prove burdensome. Responsive to European of about 5 per cent. in the total fall pig crop of 1928 comand Brazilian cables and better reports from the spot mar- pared with the fall crop of 1927 for the United States was
ket futures were steady in the latter part If the week reported by about 100,000 farmers to the Department of Agthough rather quiet. Brazilian connections continued to buy riculture. The decrease in the 11 corn belt States was about
Santos on a fair scale. Rio was slow. To-day the cables 11 per cent. but a larger decrease was shown in the southern
/
2
were rather disappointing in response to the action of New States. To-day prices closed 8 points higher on December
York on Thursday and this caused selling. To-day Rio fu- but 10 to 13 points lower on other months. For the week
tures closed 13 points lower to 14 points higher with sales prices show no change on January, but December is 28 points
of 33,000 bags. Santos ended 5 to 13 points higher with higher.
FINANCIAL CHRONICLE
DEC. 29 1928.]
DAILY CLOSING PRICES
Sat.
December delivery----11.00
11.62
January delivery
11.97
March delivery
OF LARD FUTURES
Wed.
Mon. Tues.
11.07
---11.02
Roll- 11.67
11.67
day. 11.95
11.92
IN CHICAGO.
Fri.
Thurs.
11.17 11.25
11.67
11.77
12.05 11.92
PORK-Mess $30. to $31.; family $34. to $36.; fat back
$25. to $28. Ribs in Chicago, Cash 11.25c. basis of 50 to 60
lbs. average. Beef quiet and steady; Mess 26.; packet $28.
to $30.; extra India Mess $44. to $46.; No. 1 canned corned
beef $3.10; No. 2, 6 lbs., South America $16.75; pickled
tongues $75. to $80. per bbl. Cut meats steady; pickled hams
%
10 to 20 lbs. 18% to 1954c.; bellies 6 to 12 lbs. 161 to 17%c.;
bellies, clear, dry salted, boxed 18 to 20 lbs. 13%c.; 14 to 16
2
1
/
lbs. 137Ac. Butter, lower grades to high scoring 43 to 49 c.
2
1
/
2
/
Cheese, flats 251 to 29c.; daisies 24 to 28c. Eggs, medium
to extras 26 to 47c.; premium marks 48 to 51c.
OILS-Linseed was in routine demand with prices unchanged. Prices were 10c. for carlots cooperage basis and
10.8c. for single barrels. Paint manufacturers were inquiring more freely for delivery next spring. Cocoanut Manila
Coast tanks 8c.; spot N. Y. tanks Mc. Corn, crude, bbls.
2
1
/
10 c.; tanks f.o.b. mill 84c. Olive Den. $1.35 to $1.50.
1c.;
/
1c.;
/
China wood, N.Y. drums carlots spot 142 futures 142
1c.
/
Pacific Coast tanks, December 132 Soya bean, bbls. N.Y.
12/Ac.; Tanks coast 9%c. Edible, Corn, 100 bbl. lots 12c.;
2
/
Olive 2.25 to 2.40. Lard, prime 151c.; extra strained winter
1c.
/
1c.
/
N.Y. 132 Cod, Newfoundland 67c. Turpentine 61 to 662
Rosin $9.20 to $12.50. Cottonseed oil sales today including
2
1
/
switches 7400 bbls. P. Crude S.E. 8 c. bid. Prices closed
as follows:
March_
Spot
10.20
January_ --10.20110.231April
February-10.26 10.30 May
_10.370
June
10.60010.72
10.40010.55 July
10.70
10.56010.57 August10.75010.83
PETROLEUM-Gasoline demand was up to expectations.
Consumption is still large for this season of the year. United
States Motor in tanks was quoted at 11c, at refineries and
12c. in tank cars delivered to nearby trade. Kerosene was
more active early in the week but later on the demand became more spasmodic owing mainly to the warmer weather.
Water white in tank cars at refineries was quoted at 9c. while
for prime white 83c. was asked. The Gulf market was
steady with water white at 744c. and prime white 63c.
Bunker oil was firm at $1.05 local refineries and $1.10 f.a.s.
New York harbor. Lubricating oils were in good demand,
especially Pennsylvania cylinder stocks. Mineral spirits have
shown an improvement. Refiners quoted 13c. at New York
and Philadelphia refineries in tank cars.
3725
two years ago. In Liverpool total stocks of all grades on
Dec. 22nd were 2,011 tons against 2,088 tons at the end of the
previous week. Mail order houses are said to have cut tires
7 to 20 per cent. Today London at 1:15 p. m. was 1/16d to
/Ad higher; Spot-January 8-11/16d; February Mcl; January-March 834d; April-June 9d; July-September 954cl. Singapore closed unchanged to 1/16d net higher. No 3 Amber
crepe 7-9/16d. To-day prices ended 10 to 20 points higher
with sales of 314 lots. i:nuary closed at 17.80c.; March at
18.10 to 18.20c.; May at 18.40 to 18.50c. Final prices show
an advance for the week of 20 points.
HIDES-Lower prices prevailed for River Plate frigorifico. Sales were reported of 8,000 Anglo South Dock steers
at $50.25 or 2354c. c. & f. Stocks have accumulated and now
amount to 62,000 hides. City packer were quiet and steady.
1c.
/
Spready native steers are still offered at 242 Country
hides were in rather better demand. Common dry hides
have not been in much demand and prices are only fairly
steady. Common dry, Cucutas 32c.• Orinocos 31c.; Maracaibo
1c.;
/
2
1
/
'
30%c.; Packer: Native steers 22 c.; butt brands 202
/
Colorados 191 2c. New York City calfskins: 5-7s, 2.45; 7-9s,
2
/
2.871; 9-12s 3.70. Later it was stated that stocks on hand
at the close of last week were 62,000. Of River Plate frigorifico 2,000 La Blanca cows sold at 2354c.
OCEAN FREIGHTS were quiet and unchanged. Prompt
rates were as follows: London 2s; Liverpool 2s; Glasgow
3s; Manchester 2s 6d • Hull 2s 6d; Leith 3s; Avonmouth
2s 9d; Irish ports 3s 6d; Hamburg and Bremen 16c; Rotterdam 16c; Antwerp 16c; Copenhagen 19c; Havre, Dunkirk,
Bordeaux, St. Nazaire 18c. to 20c.; Marseilles 20c.; Genoa,
Leghorn and Naples 20c.• Venice, Trieste 21c.; Sweden 22c.;
22c. Asking rates to active sugar
Greece 22c. and Malta '
ports were quoted for prompt loading: United Kingdom 25c.;
passenger $8.50 and freight $1. less;
Genoa and
Naples,
French Atlantic 25c.; Versailles $7. pe rlong ton; Bergen
and Oslo 20c.; Montevido $10. per long ton, passenger and
$1. less freight; Melilla $35c.; Barcelona, $7. per long ton,
and Helsingfors 14c. Later business was better.
[Tables of prices usually appearing here will be found on an earlier page in
our department of "Business Indications," in an article entitled "Petroleum
and Its Products."
RUBBER-New York on the 26th inst. fell 40 points on
December though 10 points higher early while other months
at one time were 10 to 20 points higher. The' sales of December on the Exchange estimated at 44,000 tons or a total
of all months of 109,975 tons. Outside prices were generally
unchanged with little business. December imports it is surmised may be 45,000 tons. In New York on the 26th inst.
December was 17.60 to 18c. and other months closed with
January 17.60 to 17.70c.; March 18c.; May 1820 to 18.30c.;
July 18.50 to 18.60c.; September 18.80c.; October 18.90c to
19c. Outside prices: Ribbed smoked sheets, spot, December
and January 1734 to 18c.; January-March 18 to 18%c.; AprilJune 1834 to 1834c.; July-Sept. 1834 to 1834c. Spot, first latex
crepe 1834 to 1834c.; clean thin brown crepe 1634 to 17c.;
specky brown crepe 162 to 1634c.; rolled brown crepe 1334
1
/
to 13*.; No. 2 amber 17 to 1754c.; No. 3 amber 1634 to
1
/
17c.; No. 4 amber 162 to 1694c.; Paras, upriver fine spot
/
/
1914 to 192 coarse 1314 to 14c. London was closed on
1c.;
/
the 26th inst. Boxing Day. On the 24th inst. New York was
quiet at a final net rise Of 10 points on some months while
unchanged on others. Sales.were only 72 lots. Some estimate the production for the year at 71,500,000 casings. Consumer requirements for the year, it was stated, will be on
the basis of 50,000,000 replacement tires. December on the
24th inst. ended at 17.90c.; January at 17.60 to 17.70c.; March
17.90 to 18c., and May at 18.30c. London on the 27th inst.
at 2:38 p. m. was quiet and unchanged to 1/16d lower. Spot
-January 8-9/16d; February and January-March 834d;
/16d. Singapore closed
April-June Md; July-September 9-3
quiet and net unchanged. No. 3 amber crepe spot 734d a rise
of 1/16d. On the 27th inst. factory demand increased and
prices advanced lAc. in the outside market to 18c. basis. On
the Exchange prices were generally steady with January up
10 points. On that day January ended at 17.70c.; March at
17.90 to 18c.; May 18.30c.; July 18.50 to 18.60c.; September
18.80 to 18.90c. Outside prices: Ribbed smoked, spot, December and January 18 to 1854c.; January-March 1854 to
1
/
1834c.; April-June 182 to 1834c.; July-Sept. 1834 to 19c.
Spot first latex crepe 1834 to 19c.; clean thin brown crepe
1
/
1634 to 167Ac.; specky 1654 to 1634c.; rolled 132 to 1334c.;
No. 2 amber 1634 to 17c.; No. 3 1634 to 1634.; No. 4 1634 to
2
1
/
1634c.; Paras, upriver fine spot 1954 to 19 c., coarse 13% to
1
/
1
/
14c.; Acre fine spot 202 to 21c.; Caucho Ball-Upper 122 to
13c.; Brazil, washed, dried fine 25 to 2554c. London spot
on the 27th inst. 8-9/16d; January Md. Singapore Jan.
8-5/16d; January-February 40. The London stock on
the 22nd inst was 18,821 tons, an increase of 1,152 tons
over the previous week. It compares with 17,669 a week
previous, 18,724 a month ago, 63,397 a year ago and 48,382
CHARTERS included barley, San Francisco to Avonmouth and
Leith, January 1-20th, 38s 9d; wheat Portland or Puget Sound to
United Kingdom or Continent January 35s 6d; wheat Vancouver to
Antwerp or Rotterdam. February 1-20th, 32s; Sugar, Cuba to San
Francisco-Vancouver Range late December $3.25. Tankers:-Hilda
Knudsen, California, December-January, clean, to UnitecT Kingdom
Continent 22s 9d; Vancouver, Gulf to two French Atlantic ports 18s
15 canceling, to
3d. grain 34,000 qrs. Atlantic range, January
,
Hamburg and (or) Bremen, full barley, 161 4c. and 17c. Time, prompt
West Indies, round at $2. Oil cake, Gulf to 4 ports Denmark $6.25
January.
COAL has been fair in demand but of late it has been
too warm in New York for the best interests of the trade.
The Lake movement is over. In the December 17th week
56,018 tons of coal were loaded at Lake Erie docks. The
gain over 1927 is 430,000 tons. In 1928 Duluth has taken
in all 1,155 cargoes an increase of 7 cargoes over 1927. One
hundred pound buyers have latterly been more plentiful here.
Pittsburgh has also reported a better trade. Block and egg
quotations remained unchanged. Slack is steadier despite a
rather burdensome accumulation of stocks which, however,
halts any upward tendency or prices.
TOBACCO has been in fair demand. Wrappers and fillers
were taken in some cases in good sized quantities for delivery early in 1929. Wisconsin binders sold somewhat more
freely. Connecticut shade grown is passing steadily into consumption. It is pointed out that Louisville is getting the highest prices seen for years; sometimes double indeed. Grades
sell for 30c. or more that are usually to be had for 14 to
16c. Western prices are also good. It is worth noting that
in Belgium American tobaccos have been quiet owing to high
prices demanded by shippers in the United States. Canada's
crop for 1928 is estimated preliminary at 40,956,375 lbs.
against 43,916,700 for 1927 and 28,824,000 lbs. in 1926. Liverpool was active. In seven years from 1919 to 1927, the
United States bought 16 per cent, of the Sumatra tobacco
crop, or an average of nearly 5,500,000 lbs. yearly. The
Washington tobacco section of the Department of Commerce
says the world's crop is about 4,500,000,000 lbs., of which
approximately 28 per cent. is produced in the United States.
About 50 countries are now producing tobacco in commercial
quantities, but more than three-fourths of the world crop is
supplies by the following 10 countries, named in order of
their importance as producers: United States, British India,
China, Netherland East Indies, Japanese Empire, Brazil,
Turkey, Greece, Philippine Islands and Italy. The world tobacco crop for 1927 (exclusive of China) was 4,400,000,000
lbs. About 25 per cent, of the 1927 crop was exported, and
Europe consumed over two-thirds of the exports. Europe's
annual absorption is 1,500,000,000 lbs. of raw tobacco, of
which more than 50 per cent, is imported. Owing to the
efforts of Europe to produce tobacco in their colonies the
proportion of the world crop furnished by the United States
has within a few years fallen off. Prior to the World War
the United States supplied nearly one-third of the world's
crop; during the period 1924-26, 28 per cent.; and in 1927 only
about 27 per cent. Only Asia and North America have become important as world tobacco producers. The rest of
the world imports.
/
COPPER sales were made on the 26th inst. at 161 4c. deliv2
1
/
ered to Connecticut Valley. The price is now 2 c. higher
3726
FINANCIAL CHRONICLE.
Fat,. 127.
than at the start of the year. The official export price was net much under the year's summit which was reached in thos
still 161 c. c.i.f. Europe, but it was intimated that the price fall months. That is about all that could in reason be of
4
would be advanced to 162c. and it would not surprise many pected. Stocks of pig iron are said to be very small. 1 ro
if this price became effective on Thursday. Brass and cop- may be sold here at the Metal Exchange.
4
per fabricators advanced bare copper wire Vic. to 181 c.
WOOL-A government report said that trading in Bosto
early in the week. Later en brass products and all is rather slow due to the holidays. A few sales have bee
forms of seamless tubing, as well as nickel silver, reported on fine and medium territory wools at a firm pric
were advanced gc. Copper products, excepting cop- to manufacturers needing stock for immediate consumptio
per tubing, were up gc. to new highs for the year. London and on a large part of this business extra dating has bee
was closed because of the holiday. On the 27th inst. prices 'granted. "Another report said the finer grades of fleec
advanced to 16/c. for export with spot firm at 16Vic. The wools were a little more active in Boston. A fair quantit
sales in the past week are estimated at as high as 150,000,000 of Ohio Ms and finer delaine wool sold at 46e. in the greas
lbs. Certainly they have been large. Domestic concerns took and 58-60s, strictly combing moved at 51 to 52c. The lowe
115,000,000 lbs. In London on the 27th inst. spot standard grades were dull and unchanged. In Western-grown wool
advanced 7s 6d to 171; futures up lls 3d to £70 2s 6d, sales sales were mostly original bag French combing wools. Aver
100 tons spot and 1,500 futures. Spot electrolytic was
age territory original bag wools of 64s and finer qualit
5s higher at 176; futures moved up
to 176 5s.
brought $1.05 to $1.08, scoured basis. Better grade Frenc
TIN was very dull. Sales in the outside market were very combing length with some average strictly combing stapl
small. On the National Exchange they were only 85 tons. were moved occasionally at around $1.10 scoured basis. Texa
The outside market advanced c. while prices on the Na- wools attracted somewhat more attention.
tional Exchange were up 10 to 25 points. Stocks in the
SILK sales today were 315 bales. Some 47 notices wer
United Kingdom increased 617 tons to 7,207 tons, the largest issued. January closed at 5.05c., February-March and Apri
in five years. Straits shipments in December, it is estimated, at 5.06 to 5.08c.
will be about 8,000 tons. Nearby positions in the outside market sold at 49g to 49gc. and futures at about 49gc. On
COTTON
local exchange most of the demand was for April and that
Friday Night, Dec. 28 1928.
was very small. On the National Exchange December closed
THE MOVEMENT OF THE CROP, as indicated b
at 49.60c. on the 26th inst.; January 49.60 to 49.85c.; February at 49.65 to 49.70c.; March at 49.55 to 49.65c.; April our telegrams from the South to-night, is given below.
49.60 to 49.65c.; May at 49.55c. London was closed for the For the week ending this evening the total receipts hay
holiday. On the 27th inst. sales increased noticeably; 660 reached 255,661 bales, against 265,780 bales last week and
tons sold including 360 tons at the Exchange. Futures at
the Exchange advanced 35 to 40 points. Outside spot sold 311,736 bales the previous week, making the total receipt
at 49g to 5034c. closing at 50g.; other positions sold at since Aug. 1 19281 6,866,436 bales, against 6,063,886 bales
4
4974 to 501 . In London on the 27th inst. spot standard for the same period of 1927, showing an increase since
advanced 12 5s to 1226 5s; futures up 11 15s to /225 10s; Aug. 1 1928 of 803,550 bales.
sales 100 tons spot and 350 futures. Spot Straits advanced
Receipts atMon. Tues. Wed. Thurs. Fri.
Sal.
Total.
12 7s 6d to £226 10s. Eastern c.i.f. London sold at 1228 2s
Dalveston
7,638 10.293 23,733
____ 23,688 13.335 78,68
6d on sales of 300 tons. At the second session spot standard
3,935 3,93.
up lOs to 1226 15s; futures rose 15s to 1226 5s; sales 676 rocas City
Houston
8,456 21,405 16,475 4.813 13,622 6,954 71,72
tons. To-day futures closed 5 points lower to 5 points higher. New Orleans_ _- 6,549 5.728 33,212 2.632 4,121 11,766 64,001
Mobile
536
252 1,292 1,043 1,293 4,339 8,75!
January closed at 49.95c. to 50.05c.; February 49.95 to 50c;. Tacksonvfile
12
11
3avannah
1,374 1.695
...___ 1.793
964
145 5,97
March 49.95c.
Dharleston
377 2.449
---114
615
138 3,69:
------------401
---408
LEAD was in a little better demand especially for Januaiy Lake Charles1,492
566
-......_
Wilmington
450
682
832 4,02
delivery with prices steady at 6.50c. New York and 6.35c. East gorfolk
784 1,190
---- 2,004 1,741 3,066 8,781
424
1.759 2,004
St. Louis. Concessions of 2 points in the Middle West gew York
379 4.501
,
4
1.094 LOW
were no longer heard of. London was closed because of the Baltimore
rntala }hie sow& 219A/1 An 157R 7A 471 14. RAR 47 lAtl Aft .1112 9AA RA1
holiday on the 26th inst. Later the demand was fair and the
tone firm. In London on the 27th inst. spot advanced Is
The following table shows the week's total receipts, the
3d to 121 5s; futures 121 us 3d; sales 50 tons spot and 50 total since Aug. 1 1928 and stocks to-night, compared with
of futures.
last year:
ZINC was very quiet but firm at 6.35c. East St. Louis.
1928.
1927.
Stock.
Stocks in bins of the tri-State district again fell off. They
Receipts to
are now 35,900 tons against 50,000 tons at the beginning of
This Since Aug This Since Aug
Dec. 28.
Week. 1 1928. Week. 1 1927.
1928.
1927.
the year. They will be reduced further this week because of
the annual shutdowns, which in several cases will be for two Galveston
78,687 2.196,681 57,743 1,564,680 671,747 571.008
3,935 134,568 2,059
72.402
44,039 38.355
weeks' duration. Later 6.35c. was still quoted with little trade. Texas City
71,7252,319,017 46,9352,106.195 938,758 993,454
Houston
In London on the 27th inst. there was an advance of Is 3d Corpus Christi
---- 252,823
172,627
to 126 15s for spot and 126 lls 3d for futures; sales 25 Port Arthur, &c -----3,650 30.662 967.173 370,205 506.775
New Orleans ---- 64.008 1.000.767
tons spot and 475 futures.
Gulfport
Mobile
8.755 186,527 3,947 206,379
30.349
50,800
STEEL has been quiet and without any marked or general Pensacola
7,837
10,785
12
120
Jacksonville
8
733
592
change in price. Consumption is expected to increase early Savannah
5,971 284.479 6,514 464,913
62,354
63,128
in 1929. Sheets are said to be none too plentiful. Northern Brunswick
Charleston
New Jersey has bought, it is believed, 35,000 tons of plates. Lake Charles..-- _ 3,693 139,067 1.525 201.272 41,669 40,077
5,505
408
200
Milwaukee sold 23,000 tons of welded pipe to the Southwest. Wilminkton
4.022 102,390 2,131
77.710
46,881
34,601
Norfolk
Some reports of late say that business is better than usual N'port News, &c_ 8,785 186,057 5.240 175,627 112,759 95,700
-- _
92
at this time of year. The output of steel ingots for 1928 it New York
4.564
20,648
17
4.549
49,557 209.896
Boston
1.188
257
3.733
2,123
4.684
is believed will overleap the former estimate of 50,000,000 Balthnore
1.094
25,020 2.039
35,478
1,000
1.305
tons or 3,000,000 tons above the old high record of 1926. Philadelphia
155
4,641
8,900
During the year records or near records have been made in
Tnisla
255.861 R_REMARA 1119.080 ES nAn RRA 2i107 966 9 MI6 624
the sale of structural steel, tin plate, steel pipe, agricultural
In order that comparison may be made with other years,
steel and perhaps automobile steel. Milwaukee has sold recently 174,000 tons of electrically welded pipe. In Pitts we give below the totals at leading ports for six seasons:
burgh steel scrap was firm with heavy melting steel quoted Receipts al- 1928.
1927.
1926.
1925.
1924.
1923.
at $19, Pittsburgh. , Heavy breakable cast sold, it was said,
78,687
57.743
Galveston*-98,397
66.110 120,879
55,185
at $15.50, an advance of 50c. Steel specialties and low phos- Houston
71,7'S
44,601
33,845
phorus grades were very firm and blast furnace material New Orleans - 61,008 46,935 89.638 58,272 93.252 26,082
30,662
79,443
59.783
8,75
Mobile
8,262
3,947
4,247
4,152
1,669
higher. In Youngstown on Dec. 27th for January and Feb- Savannah_
5.971
6,514
17,723
2,872
8,339
10,490
ruary, boilers in mid-Western bar mills quoted all advance Brunswick-_
350
1,525
Charleston_ _
3,693
9,299
1,903
4,514
5,598
of 25c. per ton from $11.55 paid in November and December Wilmington__ _
4,0'2
2.131 • 2.803
1,632
3,496
2,330
to $11.80. This increase follows the bi-monthly exatitiriation Norfolk
5,240
8,785
10.469
6,458
7,559
10,897
279
of sales sheets which showed an advance in the average sell- N'port N.,&c_ 10,015
4,322
7,483
5,878
13,911
1,387
ing price of bar iron stripped during the 60 days ending De- All others_ _-_
cember 20th. Muck mill hands and finishers are paid 2% Total this wk_ 255,661 159,069 323,796 213,200 306,967 135.224
per cent. more under the new schedule.
511T1PIN AMC 1 6.8613.4-11 6.063.RRA R.A57.300 A FM 4646 166 917 4.614.106
* Beginning with the season of 1926. Houston figures nclude movement of
PIG IRON sold very well in some directions last week if
not so well in others. General Electric Co., it is said, bought cotton previously reported by Houston as an interior town. The distinction
between port and town has been abandoned.
10,000 tons if other buyers as usual at the end of the year
exports for the week ending this evening reach a total
held aloof. Lately trade here has been very quiet. Prices of The
173,997 bales, of which 61,030 were to
are somewhat higher than a year ago and $2.50 higher than 14,291 to France, 42,708 to Germany, 8,638 Great Britain,
nil to
at one time in the summer.. The statistical position is consid- Russia, 37,835 to Japan and China and 9,495to Italy, destito other
sound. It is not claimed that the recent advance in nations. In the corresponding week last year total exports
ered
Eastern Pennsylvania is in every case maintained; $13 seems were 121,059 bales. For the season to date aggregate
dubious in some cases; less than that it is hinted has been exports have been 4,609,242 bales, against 3,800,602 bales
accepted. December shipments, however, measure well up to- in the same period of the previous season. Below are the
wards the totals for November and October and therefore exports for the week.
-
DEC. 29 1928.]
FINANCIAL CHRONICLE
3727
call money rate of 12% and even 14% on the Street. The
Southern selling has lessened. Hedge selling has not been
Japan&
large enough to count noticeably against the price. ManItaly. MUSS& China. Other. Total.
chester has reported a fair business for this season of the
__-_ 40,797
---_ 24,285
3,026 3,385 5,202 4,899
in Lancashire have not been
Galveston
--------7,410 3,840 50,670 year. Amalgamation plans
20,326 7,607 11,487
Houston
abandoned. Quite the contrary. Japanese interests state
Texas City
Japanese
Lake Charles- :::: "iio 4,50 47,92 that business in Japan has increased and that
,
1
8 3 iTh
New Orleans_ _ 24,Iii 2,iii) 12,g
350 10,720 mills will buy American cotton more freely. Worth Street
--------2,500
____ 5,904
1.966
Mobile
150 4,993
--------1,300
3,543
Boston's trade in yarns has
Savannah
----------------4,736 is inclined to be optimistic.
____ 1,890
2,846
Charleston
been larger than usual at this time of year. The consumpWilmington --large. If the increasing use of
Norfolk
--------850 1,200 tion of American cotton is
100
100
__-150
New York
raymi and silks has to some extent hurt the sale of cotton
124
Baltimore
---_-_, 3,48t
-_-_-_,
------_-_-_
-----: 1,050
2,439
Los Angeles
goods the increasing consumption of cotton by the automoSan Diego
--874 bile trade for tires and upholstery of the cars has made
---------------100
_-774
'San Franciscoup, perhaps more than made up, for the loss. In New EngSeattle
--- 37,835 9,495 173,997 land and in the South the feeling is hopeful.
61,030 14.291 42,708 8,638
Total
On the other hand, speculation has dragged as usual at
____ 36,941 14,772 121,059
20,705 6,405 31,696 10,540
Total 1927
____ 44.234 18.529 236,424 this season of tlie year. Even those who look for higher
fia I5fi 17.183 77.249 16.074
Total 1926
prices in 1929 are not sanguine of any marked advance at
Exported toFrom
once. New business in cotton goods has not been brisk.
Japan&
Get- 1
i8 1928. Great
.1.
Nobody expects it to be at this time. The trade demand
Exportsfrom- Britain. France many. I Italy. Russia. China. Other. Total.
alone sustains the price. Now and then it is said that the
240,270184,404 401.937 85,73 15,798 392,162 201,708 1,522,009
Galveston_ _ _
283,380 186,707 363.077120,603 29,458 272,035, 95,581 1.350,841 basis is as low as ever. The other day there was a rumor
Houston
6,4111 5,7771 64.436 that the basis was lower in Texas. It was not confirmed.
___
_
18,113 6,730 27,405
Texas City_
55,086 27.8121 283,223
44,243 41,659 87,712 21807 4,90
Corp Christi_
3.650 Some have been selling out March, May and October. Some
'
200--------650
2,250
550
1
Port Arthur_
1
New Orleans_ 196.433 50,242 136,519 53,152 68441 969 6 55,50S 657,207 prefer to defer trading until the new contract allowing
__-_ 4,500, 2,860 111.865
871 57,5111 2,09:
44,025
Mobile
700
7.837 Southern delivery on New York transactions goes into ef____
100
751
2,9471
____
3,340
Pensaeola
---- 10,5001 1,661 205,700 fect on Jan. 2 1929. Small amounts of January notices
24 93,298 1,2
09,017
Savannah
92
92
I
N'port News..
777 46,427, --------760 8,743 101.067 came out on Thursday and to-day. The certificated stock
. 44,370
Charleston_ _
---------2,5001 50,050 here
5.300 225i
21,000 --__
Wilmington_ _
is up to 34,127 bales. The South sold moderately. But
13,143 --------1,600 1,2201 58,794
____
42,831
Norfolk- _
6.027 speculation died down as the year drew to an end. On and
330,
1,151 3251-_1
_
1,296
Lake Charles
-.
5,809 10,3621 69.138 after Jan. 2 1929 a seller of October cotton has the option
.
11,273 4,688 24.772 12,234
New York_
2,346
--- _ 1,57 '
_ _
441
330 Boston
blii ------------- -1,241 of delivering it at Norfolk, Charleston, N. C., Galveston or
1
iii
Baltimore1
Philadelphia
jai 2,785 Houston.
,iii
18,481 10,424 21,502 2,606 ---- 20
Los Angeles...
To-day prices declined 7 to 10 points under some pres9.544
600',
.
--__
4.296
1,948
2.700
San Diego_
329 16,386 sure to liquidate, especially May, which was sold, it is sup---- 10,6i0
3,258 ---250
2,459
San Francisco
____1 15,023
15,023
Seattle
posed, for out-of-town interests. Moreover, the weekly sta,
1,073,653489.996 1,292,947324,79 118.600891,834 417,4194.609,242 tistics were less bullish than they have been in recent
Total
1
increase in the world's visible supTotal 1927- 552,813539,287 1.295,196 292,598 101,126615.171 404,411 3,800,602 weeks. There was an
_
_
_
_
_
.
.
otal 1926. 1,388,681 607.006.41't 410,319 117,873
ply of American cotton according to one report of 122,000
-It has never been our practice to include In the bales against only a very small increase last week and
Now.-Ezports to Canada,
above table reports of cotton shipments to Canada, the reason being that virtually
all the cotton aestined to the Dominion comes overland and it is impossible to get a small actual decrease for the same week last year. Morereturns concerning the same from week to week, while reports from the customs over, the quantity brought into sight, according to one reckdistricts on the Canadian border are always very slow in coming to hand. In liew,
however, of the numerous inquiries we are receiving regarding the matter, we will oning was 520,300 bales which was something larger than
say that for the month of Novemter the exports to the Dominion the present season last week. All this excited comment. The week's exports
have been 30,590 bales. In the corresponding month of the Preceding Beeson the
exports were 29,023 bales. For the four months ended Nov. 30 1928 there were although allowance must be made for the holiday were
81.548 bales exported, as against 65,883 balesfor the corresponding four months of noticeably smaller. The West was selling to some ex1927.
tent. Again a rumor, not confirmed, was started that the
In addition to above exports, our telegrams to-night also basis at the South was somewhat easier. Many prefer
give us the following amounts of cotton on shipboard, not to await the New Year and trade under the new contract.
cleared, at the ports named:
On the other hand, the trade was buying January and other
months to some extent and there was local buying of May.
On Shipboard Not Cleared for
Liverpool bought moderately. Wall Street and the SouthLeasing
Other CoastGerGreat
Stock.
west Were buyers. Textile news from China and Japan
- Britain. France. many. Foreign wise. Total.
Dec. 28 at
was favorable. The Polish textile industry is in better
Galveston
15.500 14.000 15,000 40,000 7,000 91,500 580.247
200 31,856 338,349 shape and the tendency is to keep down production in the
New Orleans- 9,025 6,798 5,463 10,370
62,154 Polish mills, rather than overproduce as they did at one
200
200
Savannah
41,584
85
85
Charleston
time. Spot prices were only 10 points lower and although
889 9,439 41,
3,866
5;586
Mobile
200 112.559 the sales are moderate they exceed those of a year ago.
Norfolk200
7,000 6,000 17,000 3,000 41,000 1.046.732
8,000
Other ports *
Worth Street sent cheerful reports. It still takes an opti37.875 27.798 26.463 70.870 11,274 174.280 2,222,986 mistic view of the situation. Though the South sold, it
Total 1928
64,566 7,7871143.753 2,455,071
25.043 19,069 27.288
Total 1927
54.464 29,252 47,251 97,550 12,055,240.572.2.815.713 was on a very small scale. There was no general pressure
Total 1926
on the market. Some of the professionals sold. In gen'Estimated.
Speculation in cotton for future delivery has been of holi- eral the tendency is to look for better things in the raw
day proportions and daily fluctuations have been corre- and manufactured trade in the course of the new year.
spondingly restricted. In general prices have been Prices show a rise for the week of 20 to 25 points. Spot
steady when they have not advanced. There is a moder- cotton ended at 20.55c. for middling, an advance of 15
ate net rise for the week. The undertone has been such as points.
The following averages of the differences between grades,
to preclude any marked decline, but has on the contrary
tended to raise prices under the lifting power of a strong as figured from the Dec. 27 quotations of the ten markets
statistical position and a rising tendency of the world's designated by the Secretary of Agriculture, are the differtrade in textiles. Also the technical position has of late ences from middling established for deliveries in the New
been better. On the 26th inst. an unexpected issue of Jan- York market on Jan. 4:
White
.77 on middling
Middling fair
uary notices for 45,200 bales, although the certificated stock Strict good middling
White
.57 on middling
here was only 28,000 bales, failed to cause anything more Good middling
White
.39 on middling
White
.25 on middling
than a trifle net decline in any month. January itself ac- Strict middling
White
Basis
Middling
tually ended at a net advance of a point and reduced its Strict low umitillng
White
.78 off middling
White
1.55 off middling
Aliscount under March from 9 points on the 24th inst. to 4 Low middling
White
2.41 off middling
Strict good ordinary
'
points on the 26th inst. Then followed on the 27th inst. *Good ordinary
White
3.26 off middling
Extra white
.39 on middling
it premium of 4 points on January over March. All this Good middling
Extra white
.25 on middling
Strict middling
was regarded as emphasizing the value of cotton for near Middling
Extra white
Even on middling
Extra white
.78 off middling
delivery. The mills "called" cotton here and in Liver- Strict low middling
Extra white
1.55 off middling
Low
pool. Liquidation of January here is supposed to be pretty Goodmiddling
Spotted
.23 on middling
middling
.03 off middling
Spotted
well over. At any rate, there has latterly been less pres- Strict middling
Spotted
.78 off middling
Middling
on that month; its premium is sufficient testimony to *Strict low middling
sure
Spotted
1.53 off middling
Spotted
2.31 off middling
Low
fact. Spot markets still show greater activity than ' middling
that
Yellow tinged
.04 off middling
Strict good middling
at the same time last year. The basis according to 3ferhphis Good middling
Yellow tinged
.44 off middling
Yellow tinged
.89 off middling
shows a tendency to rise on the better grades and Strict middling
advices
Yellow tinged
1.50 off middling
staples and this fact lends support to other grades. Stories *Middling middling
Yellow tinged
2.14 off middling
*Strict low
Yellow tinged
middling
2.89 off middling
that 40,000 bales were to be shipped from Galveston to *Low middling
Light yellow stained_ - 1.02 off middling
Good
New York for tender on contracts here were denied; it was *Strict middling
Light yellow stained-- 1.55 off middling
Light yellow stained-- 2.23 off middling
said that this cotton had already arrived recently and had *Middling
Yellow stained
1.33 off middling
Good middling
been delivered. Inferentially on December contracts if partly *Strict middling
Yellow stained
2.05 off middling
Yellow stained
2.70 off middling
Middling
on January'. The exports have slackened, but the total for'
Gray
.67 off middling
Good
the season thus far has latterly shown an increase of some Strict middling
Gray
1.08 off ntiddling
middling
Gray
1.45 off middling
809,000 bales over the corresponding period last year. Liv- *Middling
Blue stained
1.58 off middling
0000d
erpool and the Continent have bought here. Wall Street has 'Strict middling
Blue stained
2.22 off middling
middling
Blue stained
2.97 off middling
bought more or less, as stocks advanced in the teeth of a 'Middling
Exported 10
Week Ended
GerGreat
Dec.28 1928.
- Britain. France. many.
Exports from
3728
[VOL. 127.
FINANCIAL CHRONICLE
The official quotations for middling upland cotton in the
New York market each day for the past week has been:
Continental imports for past week have been 176,000 bales.
The above figures for 1928 show an increase over last
Dec. 22 to Dec. 28Sat. Mon. Tues. Wed. Thurs. Fri.
week of 173,535 bales, a gain of 264,028 over 1927, a
Middling upland
20.50 20.55 Holiday 20.55 20.65 20.55 decrease of
753,629 bales from 1926, and a gain of 672,FUTURES.
-The highest, lowest and closing prices at 209 bales over 1926.
New York for the past week have been as follows:
AT THE INTERIOR TOWNS the movements-that is,
the receipts for the week and since Aug. 1, the shipments for
Saturday, Monday, Tuesday, Wednesday, Thursday, Friday,
the week and the stocks to-night, and the same items for the
Dec.22.
Dec.24.
Dec.25.
Dec.27.
Dec.28.
Dec.26.
corresponding periods of the previous year,is set out in detail
Dec.
below:
Range_ _ 20.25-20.34 20.23-20.42
Closing_ 20.33-20.34
Jan.
Range.
.19.98-20.09 20.05-20.20
20.14-20.28 20.14-20.30 20.20-20.31
20.22Closing_ 20.07-20.08 20.17-20.20
20.18-20.20 20.30Feb.
Range__- -20.07-20.07
Closing_ 20.10 -20.1720.2020.29 -20.21 -liar.Range- 20.05-20.14 20.15-20.28
20.21-20.34 20.14-20.30 20.20-20.28
Closing_ 20.13-20.14 20.26-20.27
20.22-20.23 20.29-20.30 20.21HOLIDAY
Range-Closing_ 20.1320.21 --20.2520.3020.22SlayRange_ _ 20.03-20.14 20.14-20.27
20.21-20.34 20.16-20.32 20.22-20.31
Closing_ 20.12-20.13 20.25-20.26
20.22-20.23 20.31-20.32 20.22-20.23
Tune
Range._
Closing_ 19.95 -20.1020.07 -20.14 -20.06BatyRange__ 19.67-19.80 19.84-19.97
19.91-20.05 19.84-19.98 19.88-19.97
19.90Closing_ 19.78-19.80 19.9619.9719.92tug.
Range._
19.79Closing_ 19.6519.8219.8019.86fept.Range-19.6719.6819.6719.75Closing_ 19.52id.
19.59-19.64 19.50-19.66 19.55-19.62
Range._ 9.31-19.45 9.43-19.54
19.5419.64-19.66 19.55-19.56
Closing_ 19.3919.54foe.
- 9.43-19.43
Range__la
rInalna 19.4410.11 l9 F,4 - ft5 -- 19.58-
Range of future prices at New York for week ending
Dec. 28 1929 and since trading began on each option:
Movement to Dec. 30 1927.
Movement to Dec. 28 1928.
Towns.
Ala.,Birming'm
Eufaula
Montgomery.
Selma
Ark.,Blytheville
Forest City....
Helena
Hope
Jonesboro_ _ _
Little Rock
Newport-Pine Bluff...
Walnut Ridge
Ga., Albany
Athens
Atlanta
Augusta
Columbus_ _ _
Macon
Rome
La., Shreveport
Miss.,Clarksdale
Columbus...
Greenwood..
Merldian
Natchez
Vicksburg...
Yazoo City
Mo., St. Louis_
N.C.,Greensb'ro
Raleigh
Okla
15 towns_.
S.C., Greenville
Tenn.,Memphls
Texas, Abilene.
Austin
Brenham
Dallas
Paris
Robstown_
San Antonio_
Texarkana.-Waco
Receipts.
Ship- Stocks
Ship- Stocks
meals. Dec.
ments. Dec.
Week. Season. Week. 28. Week. I Season. Week.. 30.
Receipts.
2,442
121
506
234
2,842
1,253
1,638
1,342
1,285
3,047
1,478
6,263
1,249
18
840
5,284
3,991
800
1,082
2,145
3,346
2,300
511
3,758
1,043
36
813
77
16,655
667
46 179
12.666
49,572
42,019
68,952
21,559
49,551
53.511
28,913
98.713
41,367
114,148
28,091
3,547
26,783
93,458
170,615
34,282
46,426
30.981
132.803
134,911
28,407
179,666
42.774
23,526
22,969
38,826
221,163
11,882
2,114 10,4
1,225
7 6,3411
168
503 27,397
117
146 25,60
16
1,604 20,592 3,525
1,037 9,946 1,178
952 22,784 1,026
1,110 12,802
394
1,970 6,810
487
1,537 30,224 2,031
1,537 12,389 1,000
5,363 41,500 3,181
2,235 10,032 1,078
1 1,959
20
800 15,892
225
3,185 61,629 15,718
513 79,393 3,849
2,100 6,024 1,131
845 10,380
501
400 28.86
570
3,737 70,5138 1,361
3,950 68.293 1,055
869 15.33
357
8,961 89,673 2,325
1,146 11,713
348
339 20,464
405
1,32 9,238
188
1,825 18,759
286
18,419 23.481 12,731
823 7,877
412
.....
253
76,792
17,969
67,627
54,746
64,538
33,635
43,423
42,258
26,42
91,175
42,743
106,555
28,064
4,937
46,562
85,939
212,286
46,705
47,885
30,558
88,645
143,637
31,959
150,256
36,050
32,396
16,273
26,660
198,344
19,421
10,205
2,166 21,435
128 11,229
20
37
0
8
2,206
1,53
1,445
855
12
27,300
34 441
23,025
15,860
1
2 :795
43 3
3 3
8,182
1,273 30,951
2.000 238,1831,
70
: 000
3
2.941 45,056
3,075
55 2,217
650
2,377 33,438
2,151 113,822
1,486
260 7, 48
7 88
9
100 17,836
1,766 47.591
2,355 79,787
345 9,523
2,580
253
8188 18335
626 21,8318
143
242
87,01
12.574 10 7442
0
1,221 22,184
86 5,214
25.903 652,632 30,455 75,094 23,505 635,733 25,293 100,825
Range for Week.
Range Since Beginning of Option.
Option PT
5.000 110,865 4,000 41,976 11,933 209,412 7,337 88,936
70,9081.013,977 41,329274,443 43,896 951,980 36,251279,613
Dec. 1928_ _ 20.23 Dec. 22 20.42 Dec. 24 16.98 June 12 1928 22.70 June 29 1928
2,464 40,878 2,883 1,59
923 43,384 1,219 1,473
Jan. 1929._ 19.98 Dec. 22 20.31 Dec. 28 17.00 Feb. 2 1928 22.45 June 29 1928
41
45,279
4,300
261 23,243
894 2,908
Feb. 1929._ 20.07 Dec. 24 20.07 Dec. 24 18.68 Aug. 21 1928 20.07 Dec. 24 1928
384 29,92
300 14,758
38
22,661
386 12,074
Mar. 1929._ 20.05 Dec. 22 20.34 Dec. 26 17.20 Sept. 19 1928 22.36 June 29 1928
3,959 105,203 4,117 24,313 3,896 70,55 2,475 24,676
Apr. 1929
18.58 Aug. 18 1928 22.06 July 9 1928
1,05
80.858 1,506 7,651 2,879 66,269 3,207 7,064
May 1928.. 20.03 Dee. 22 20.34 Dec. 26 17.72 Sept.19 1928 2.30 June 29 1928
100 28.050
100 1,177
29,668
1,945
June 1929..
18.00 Aug. 13 1928 0.43 Nov. 26 1928
500 38,635 1,000 2,872
500 32,529 '&58 4,281
July1929._ 19.67 Dec. 22 20.05 Dec. 26 17.12 Sept. 19 1928 0.57 Nov. 27 1928
1.000 59,419
800 14,570
700 52,19
1,50 13,387
Aug. 1929
2,03 130,200 1,605 16,701 1,655 76,201
380 13,560
19.50 Dec. 6 1928 19.63 Dec. 18 1928
Sept. 1929
Oct. 1929.. 19.31 Dec. 22 19.66 Dee. 27 18.08 Nov. 5 1928 20.02 Nov. 27 1928
Nov. 1929.. 19.43 Dec. 24 19.43 Dec. 24 19.45 Dec. 15 1928 19.60 Dec. 18 1928 Total, 56 towns 181,1214,234,179155,8561255901147,6894,138.464 126.9311328743
x Discontinued. •Includes the combined totals of 15 towns In Oklahoma.
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. 28-Stock at Liverpool
Stock at London
Stock at Manchester
1928.
bales_ 825.000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
Stock at Trieste
Total Continental stocks
86.000
1927.
1926.
870.000 1,209,000
73,000
1925.
854,000
137,000
93,000
911.000
943.000 1,346,000
947,000
665.000
234,000
9,000
95.000
30,000
609,000
316,000
11.000
106.000
50,000
345,000
226.000
5,000
85,000
38,000
1,033,000 1.092,000
492.000
228.000
14.000
77,000
69,000
880.000
699.000
Total European stocks
1,944.000 2,035.000 2,226.000 1,646.000
India cotton afloat for Europe.... 128.000
43.000
78.000
96.000
American cotton afloat for Europe 671.000 442,000 829.000 467.000
Egypt,Brazil,&c.,afloatforEurope 113.000
89,000
82.000 103.000
Stock in Alexandria. Egypt
474,000 431.000 400.000 316.000
Stock in Bombay. India
782.000 497,000 320.000 788.000
Stock in U. S. ports
22.397,26622,598.824 3,056.285 1,737,958
Stock in U. S. interior towns_ _ _21.255,90121.328.743 1,562,961 2,034,905
U. S. exports to-day
350
1,922
4.445
Total visible supply
7.765,517 7.501.489.8,519.146 7.093.308
Of the above, totals of American and other descriptions are as follows:
American
bales 546,000 585,000 831,000 547.000
Manctester stock
57,000
53.000 107.000
68.000
Continental stock
972.000 1.032.000 843,000 666.000
American afloat for Europe
671.000 442.000 829,000 467.000
U.S. port stocks
22,397.26632.598,824 3.056.285 1.737.958
U.S. interior stocks
21,255,90121,328,743 1,562,861 2,034,905
-day
U. S. exports ti
' 350
1,922
4,445
Total American
East Indian, Brazil. &c.
Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria. Egypt
Stock in Bombay, India
Total East India, &c
Total American
5,899,517 6,041,489 7,229,146 5,525,308
279,000
285,000
378,000
307,000
29,000
61,000
128,000
113,000
474.000
782.000
20.000
60.000
78.000
89.000
431,000
497,000
30.000
38,000
43.000
82,000
400.000
320.000
25.006
33.000
96.000
103.000
316.000
688,000
1,866.000 1,460,000 1,290,000 1,568,000
5,899.517 6,041,489 7,229.146 5,525,308
The above total shows that the interior stocks have
increased during the week 23,465 bales and are to-night
72,842 bales less than at the same period last year. The
receipts at all towns have been 33,432 bales more than the
same week last year.
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Dec.28for each of the past 32 years have been as follows:
1928
1927
1926
1925
1924
1923
1922
1921
20.55c.
20.00c.
12.95c.
20.65c.
24.80c.
36.65c.
26.70c.
19.05c.
1920
1919
1918
1917
1916
1915
1914
1913
14.50c.
39.25c.
33.00c.
31.65c.
17.40c.
12.3.5c.
7.80c.
12.60c.
1912
1911
1910
1909
1908
1907
1906
1905
13.10c.
9.35c.
14.95c.
15.85c.
9.45c.
11.80c.
10.65c.
11.90c.
1904
1903
1902
1901
1900
1899
1898
1897
7.000.
14.10c.
8.75e.
8.50e.
10.31c.
7.69c.
5.88e.
5.940.
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Spot Market
Closed.
Futures
Market
Closed.
SALES.
Spot. Contect Total.
Saturday... Qulet, 10 pts. adv... Steady
Monday_
Quiet,5 pts. adv.-- Steady
Tuesday _ _ _
HOLIDAY.
Wednesday. Quiet unchanged
Steady
Thursday _- Quiet, 10 pts. adv._ _ Steady
Friday
Quiet,10 pts.decline Steady
Total_
Since Aug. 1
4,300
100
4,300
1,900
1,400
5,100
1,900
1,850
5,100
100
450
St.0 12.700 13.250
101.316 47,8111 148 916
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
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
Dec. 28ShippedVia St. Louis
Via Mounds,&c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes,Szc
-1928-Since
Week. Aug. 1.
16,419 199.053
1,600
33,151
67
2,639
1,928
20,781
4,234 102,690
14,963 258,046
7.765.517 7,501.489 8,519,146 7.093.308
Total visible supply
Total gross overland
39,211
Middling uplands, Liverpool_ _ _ 10.63d. • 11.066.
6.800.
9.27d Deduct Shipments
20.55c. 20.10c. 12.95c. 20.70c.
Middling uplands, NewYork
Overland to N. Y., Boston, lic. 5,660
20.60d. 19.006. 15.60d. 19.406.
Egypt, good Sake!, Liverpool
Between interior towns
469
Peruvian, rough good, Liverpool- 14.50d. 12.50d. 11.506. 23.006.
Inland,&c.,from South
11,640
9.156.
9.906.
Broach, fine, Liverpool
6.306
9.45d.
10.406. 10.45d.
Tinnevelly, good, Liverpool
6.756.
9.856.
Total to be deducted
17.769
a Houston stocks are now included in the port stocks; in previous years
Leaving total net overland*--21,442
they formed part of the interior stocks.
*Estimated.
•Including movement by rail to Canada.
-1927
Since
Week. Aug. 1.
12,574 198.357
6,865 155.144
5,614
687
17,844
1,411
5,515 119.684
8,513 146.151
616,360
35,565
642.794
46,299
8,702
276,724
2,313
522
14,457
45,391
10.156
340,443
331,725
17.292
395,990
284,635
18,273
246,804
FTNANCIAL CHRONICLE
DEC. 29 1928.]
The foregoing shows the week's net overland movement
this year has been 21,442 bales, against 18,273 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 37,831 bales.
1928
Since
InSight and Spinners'
Week.
Aug. 1.
Takings.
Receipts at ports to Dec.28-- --255,661 6,866,436
01,442
284,635
Net overland to Dec."8
Southern consumption to Dec.28106,000 2,269,000
1927
Since
Aug. 1.
Week.
159,069 6,063,886
246,804
18,273
110,000 2,461,000
383,103 9.420,071
Total marketed
938,432
23,465
Interior stocks in excess
Excess of Southern mill takings
597,368
1 over consumption to Dec. 1_
287,342 8,771,690
19,973
955,891
236.744
Came into sight during week-406,568
10,955,871
TotalIn sight Dec.28
307,315
617,089
38.570
North.spinn's'stakings to Dec.28 24,386
9,964.325
751,695
* Decrease.
Movement into sight in previous years:
Bales.
12.611,359
11.519.772
10,304,663
Since Aug. 1Bales.
444,605 1926
371.794 1925
402,432 1924
Week--Jan. 2
1926
-Jan.3
1925
-Jan.4
1924
QUOTATIONS FOR MIDDLING COTTON AT
-Below are the closing quotations
OTHER MARKETS.
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Closing Quotations for Middling Cotton on
Week Ended
Dec. 28.
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
19.55
Galveston
New Orleans- - - 19.22
18.95
Mobile
19.38
Savannah
19.38
Norfolk
19.90
Baltimore
19.13
Augusta
18.65
Memphis
19.45
Houston
Little Rock _ _ - - 18.62 •
18.80
Dallas
Fort Worth_ _ _ _
19.65
19.37
19.10
19.51
19.50
20.00
19.25
18.75
19.55
18.75
18.95
18.95
19.65
19.37
19.10
19.47
Holiday 19.50
20.50
19.25
18.95
19.55
18.75
18.90
18.90
19.75
19.43
19.15
19.55
19.56
20.40
19.31
18.80
19.60
18.75
18.95
18.95
19.65
19.36
19.05
19.47
19.44
20.40
19.19
18.70
19.50
18.75
18.90
18.90
December
January _February March ___
April
May
June
July
August
September
October
Tone
Spot
Options
Monday,
Dec.24.
Tuesday, Wednesday, Thursday,
Dec. 25. Dec.26.
Dec.27.
19.43
19.42-19.43 19.57-19.58
Fri ay.
Dei .28.
19.56-19.6619.5( 19.57
19.50-19.51 19.64-19.65
19.63-19.64 19.6819.6:-19.63
HOLIDAY
19.50 ---- 19.65-19.66
19.63-19.64 19.67-19.68 19.6:
19.37 Bid 19.52-19.53
19.51 -- 19.57-19.60 19.51
18.92 Bid 19.03 Bid
19.05-19.07 19.16 Bid 19.01
Quiet
Steady
Quiet
Steady
Quiet
Steady
Quiet
Steady
and rate at whicl. the plant is squaring and blooming,
whether the season with which comparisons are being made
closed exceptionally early or late, relative abundance of
boll weevil and other insects in the two years.
In using the boll count method, the board assumes that
average weather and other environmental influences will
prevail for the remainder of the season.
Method of computing the indication is as follows:
1. Obtain a series of direct percentage relations for
the identical dates in the two years, between each basic
factor, of acreage, abandonment complement (100% minus
abandoned), stand, size of bolls and number of bolls.
2. Multiply these successive percentages together to obtain a cumulative percentage that will represent the relation (relative percentage) of all the included measurable factors in the current year compared with the base
year.
3. Apply this cumulative percentage to the bale production in the base year to obtain a direct tentative indication of production in the present year. For example,
if the re'ltion of 1928 to 1927 in a certain State were, acreage 103%, a bandonment complement 95%, stand 100%, size
of bolls 105%, number of bolls 90%, this would indicate
103 x 95 x 100 x 105 x 90, equals 92.47%. If the crop in
1927 were 850,000 bales, then 850,000 x 92.47 equals 786,000
bales. This indication of 786,000 bales is then adjusted,
as noted, for other factors.
Useful Early in Season.
-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
Dec.22.
3729
Bid
St dy
St dy
COTTON FORECASTS BY COUNTING BOLLS
NEW WAY DEVELOPED BY CROP BOARD [FOR
-The "Wall
FINDING INDICATED PRODUCTION.
Street Journal," Oct. 29 1928, says: An entirely new
means of obtaining an indication of the size of the cotton
crop has been developed by the Crop Reporting Board
of the United States Department of Agriculture in the
past three or four years. In 1924 the board began collection of data concerning meteorological conditions and
growth of the cotton plant which it was thought might
give an indication of probable yield entirely independent
of the indication obtained from recognized methods of
broadcasting production. The board has been utiliizing
these data and the crop indications obtained from it are
already proving of considerable value.
After development of the cotton plant has proceeded to
the stage where It is carrying grown bolls, as early as
August 1 in most States, valuable indications of probable
production can be obtained from counts of the number of
safe, bolls on the plant, considered in connection with acreage, abandonment, stand and size of bolls.
Records of these boll counts are being maintained from
year to year, and of measurements of other factors, made
on the first day of each of August, September, October and
November, and latterly at even more frequent intervals.
By comparing these figures, it is possible to obtain a ratio
of the relation of the current figures to those for past
years, which can be applied to the bale production in the
base year to obtain an indication of prospective production
in the current year.
Experience of the board in the past three years has Shown
that this method is most useful early in the season, from
August 1 to October 1, when the judgment of those observing and reporting the crop is likely to be unduly influenced by the superficial appearance of the plant, and when
insufficient consideration is given to the amount of fruit
already safe or being developed.
In connection with the boll-count method the board had
special cotton counts made this season by 3,000 voluntary
correspondents throughout the cotton belt. Each correspondent was instructed to pick out a portion of a row of
cotton on his farm, preferably one which fairly well represented the average of cotton in his locality; measure and
mark with stakes 15 feet of the row upon which strip counts
might be made during the season; then make the following
counts:
How many cotton plants are in the 15 feet?
•
How many white blooms?
How many bolls are as large as or larger than a 25
-cent
piece?
On six feet of the adjoining row the correspondent was
directed to make the following counts:
How many punctured squares on the plants?
How many squares not punctured on the plants?
Those were the questions on which reports were made
for July 1, July 16 and Aug. 1. For Aug. 16 the following
sixth question was added:
How many locks in all in the 20 bolls cut open?
Also, on Aug. 16, the fifth question was changed, as
follows: From an adjoining row, pick ten bolls smaller in
size than a 25-cent piece, cut them open, and report:
How many have been punctured by boll weevil?
In a similar way, the inquiries were changed in keeping
With the stage of maturity of the plants.
Forecast from Estimated Yield.
To those engaged in the cotton trade who follow crop
production forecasts and who give attention to the manner
in which these forecasts are arrived at, perhaps the most
familiar method of forecasting the crop in a cotton State
is that of determining the acreage planted, deducting from
this the estimated area abandoned and to be abandoned,
thus finding the area for harvest, and multiplying the acreage for harvest by the estimated final yield an acre. The
result, reduced to bales, is the crop forecast for that State.
This is the simplest way of forecasting, involving as it
does, only the two factors of acreage and yield an acre.
Such a direct method is employed by the Federal Crop
Reporting Board in arriving at one of its eight indications
of production in bales. Determination of acreage from year
Adjustment for Other Factors.
to year is no small problem, it is entirely separate from
This preliminary indication of production must be ad- that of forecasting the yield, and has no relation to, or conjusted for other factors, such as differences•to the stated nection with, the determination of yield an acre. In the
date, in the development of the plant, set of immature bolls past two or three years, greatly improved methods
have
[vol.. 127.
FINANCIAL CHRONICLE
3730
the aggregate amounts taken by Northers
been adopted by the board in finding out the acreage. Dis- takings not being available-and bales In 1928 and 7.160,930 bales in 1927.
and foreign spinners, 7.088.044
how- of which 4.928.834 bales and 4,851.193 bales American.
cussion of these methods of acreage determination,
b Estimated.
ever, will be left to a subsequent article of this series.
INDIA. COTTON MOVEMENT FROM ALL PORTS.
yield an acre are obtained
Estimates of the probable final
the shipments
India cotton
The
- fromreceipts of ports for the at Bombay and season from
by the board from three independent sources in each State
week and for the
all India
the township reporters, the field aids and the chief statis- Aug. 1, as cabled, for three years, have been as follows:
tician. From these estimates the board arrives at its own
1928.
1927.
1926.
tentative figure of the yield an acre in each State, which,
Dec. 27.
Since
Since
Since
Receipts at
left for harvest,
multiplied by the acreage estimated to be
Week. Aug. 1. Week.' Aug. 1. Week. Aug. 1.
and reduced to bales, gives a bale production indication for
45,000 609,000 120,000 837,000 122,000 617,000
Bombay
the State.
Since Augus 1.
For he Week.
Perhaps somewhat less familiar to the trade, because of
EZPOTil
Great
its apparent complexity, is the method of arriving at a crop
Conti- Japan Ob
Great (Conti-'Japan&
IronsChina;
new.
Total.
Britain. neat. China. Total. Britain.
Br
indication in bales by means of reported "condition" figBombay
!
ures and the use of adjusted "pars."
14,000 267,00 498,000 779,000
2,0001 10,003 53,000 65,000
1928
-Reports to
WEATHER REPORTS BY TELEGRAPH.
us by telegraph this evening denote that the weather during
the week has been generally favorable for harvesting the
remnant of the cotton crop still in the fields. Some cotton
is still out in pa ts of Texas, Oklahoma and Arkansas.
Picking and ginning have made satisfactory progress.
Thermometer
Rain. Rainfall.
high 69 low 40 mean 55
dry
Galveston, Texas
high 72 low 26 mean 49
dry
Abilene
high 74 low 36 mean 55
dry
Brownsville
high 72 low 34 mean 53
dry
Corpus Christi
high 70 low 32 mean 51
dry
Dallas
high 72 low 30 mean 51
dry
Del Rio
Palestinehigh 68 low 34 mean 51
6
1 day dr .68 In. high 76 low 38 mean 57
San Antonio
high __ low -- mean 50
dry
New Orleans, La
high 66 low 32 mean 49
dry
Shreveport
dry
Mobile,Ala
high 63 low 32 mean 47
2 days 0.15 in. high 60 low 32 mean 46
Savannah, Ga
(7) days 0.23 in. high 57 low 35 mean 46
Charleston, S. 0_,Charlotte, N.0
(7) days 0.03 in. high 53 low 26 mean 38
16,000 155,000 237,444
1,000 107,000 274,00
408,000
382,000
34,00.
III
III
35,500 177,000
24,500 202,000
10,000 125,000
212,500
2213,500
135,000
99.00'24,1.
38.000
49,000 444,000
40,50 357,000
11.00 232,000 274.0
1,000 17,000 18,000
2,000 35,000 37,000
1927
1926
Other India
1928
1927
1928
6.000 28.000
Total
1928
1927
1926
8,000 38.000 53,
7,000 17,
3,000 35,00
----
6,
1,000
27:??? 517,000
ATM
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
75,000 bales. Exports from all India ports record an increase
of 75,000 bales during the week, and since Aug. 1 show
an increase of 356,500 bales.
-We
ALEXANDRIA RECEIPTS AND SHIPMENTS.
now receive weekly a 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
The following statement we have also received by tele- of the previous two years:
graph, showing the height of rivers at the points named at
1926.
1925.
1928.
Alexandria, Egypt.
8 a. m. of the dates given:
Dec. 26.
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Dec. 28 1928.
Feet.
6.4
21.2
9.4
21.8
29.6
Above zero of gaugeAbove zero of gaugeAbove zero of gaugeAbove zero of gaugeAbove zero of gauge-
Dec. 30 1927.
Feet.
11.6
28.9
9.9
10.6
37.9
-The folRECEIPTS FROM THE PLANTATIONS.
lowing table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Week
Ended
Receipts at Ports.
1928. 1 1927.
1926.
Stocks at Interior Towns. 1Receiptsfrom Plantation*
1928.
1927.
1926.
1928.
1927.
1926.
I
Sept.
543.853529,041680,612
744,
28__ 417,651406,030567,7041,012,624 647,6.
Oct.
I
5_ _ 532.796421.802622,656 602,945 742,848 869,793661.488517,045748.128
11_ _ 21,837 391,639618.810 700.536 869,297 971.402625.428 518.088 724.419
18.. 558,699389.720 587,297 847,112 974.900 1,076,125696,281495,32088,020
. • 1,101,8151.166,683657,285 551,145625,934
25_ 650,877424.130535.376
I
Nov.
2._ 538.822438.156508.7631.034,04 1.199.9 l.264,45061&351 536,276 06,530
9.. 396.001390.293488.4461,050.5451,260,956 1,349,950412,497 451,314 573,946
400,843370.598583.29s
18._ 351,467 341.14 517,7111.099,9211,290,4091,415,
23. 35 L5051257.764 470,44_ i.155.38411.307,97 I 1.456.3a1 406,968 275.32C ,11,728
82,9661,215,7 1,329,9001.490,161425,558 308.862 516,739
80-.565,189284.
Dec.
7.., 388.988 233,5844 51.0841,223,57 1,342,543i4 I.528,5531386,808240,196 189.478
14...311.736 199,962 400.731 1.232,683 1,331.182 1,5.52,303,320,846 188,636 424,479
21_ 265,780l80.4991339,571 1.232,436 1.308,770 1,561,400,265,553 158,08 345,038
28..255,661 159,001 323,79t 1,255,901 1.328.74' 1.562,8611279.131 179,042325.1J7
Receipts (cantors)
This week
Since Aug. 1
100/00
5,406.896
165,000
3.843,046
270,000
4,590.728
Export (bales)-
This Since
Week. Aug. 1.
This Since
Week. Aug. 1.
This Since
Week. Aug. 1.
7,000 65.865
6,000 87.47
To Liverpool
8,000 9,1,42 ---- 66.197
To Manchester.Scc
To Continent St India_ _ _ 17,000 t(2,012 3,000 173.992
100 6.3.119
7,000 72.681
To America
---- 102.372
---- 77,411
4,500156,099
---- 53,442
10.100369,173 4,500389,324
8.000 71,5:-S.
Total exports
Egyptian ha es weigh about 750 lbs.
ge.-A cantar is 99 lbs
This statement shows that the receipts for the week ending Dec. 26 were
300.000 canters and the foreign shipments 38.000 bales.
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market for
yarns is quiet; for cloths is steady. Merchants are buying
very sparingly. We give prices to-day below and leave
those for previous weeks of this and last year for comparison:
1927.
1928.
32s Cop
Twist.
d.
Mos, Common Afiddrg
UpPds
to Finest.
a. d.
S. e. S.
12 7 013 1
14%016
32s Coy
Twist.
Mgt, Common AfiddI'y
Used*
to Finest.
S. s. d.
s. d,
S.
S.
10.72 1714961914 13 4 013 6
13 2
13 2
13 2
13 3
.
d
11.57
12 7
12 1
13 2
13 I
013 1
413 3
013 4
413 3
10.84
10.95
11.00
10.51
013 6
413 6
413
(913 6
11.72
11.54
11.09
11.66
16 01634 13 1
4113 3
10.49 163401854 13 3 .013 6
11.75
15 01614
155.141634
155401654
155401634
17 019
1634961854
165041834
1614961814
11.04
10.46 14 016 13 0 413 3
15 01654 13 0 413 2
The above statement shows: (1) That the total receipts
10.91
10.55 1534 417M 13 0 013 3
1651417% 13 0 4413 2
11.14
from the plantations since Aug. 1 1928 are 7,691,207 bales;
10 84 15M 41734 13 1 @ 1 2
13 1 413 3
1534961634
10.96
10.97 15%017 o 13 1 @134
1534 01653 133 96136
in 1927 were 7,007,803 bales, and in 1926 were 9,351,335
bales. (2) That, although the receipts at the outports the
10 68
10.63 15,56,16% 13 I 013 4
153401654 13 3 013 5
10.68
10.89 153.4 44163.4 13 0 413 4
l534l6I4 13 3 413 5
past week were 255,666 bales, the actual movement from
10.88
10.58 1535(41034 13 2 013 7
1534016Si 13 3 9613 5
.,
plantations was 279,131 bales, stocks at interior towns
11.06
5613 5
10.63 1534017 13 4 014 1
having increased 23,465 bales during the week. Last year
receipts from the plantations for the week were 179,042
-As shown on a previous page, the
SHIPPING NEWS.
bales and for 1926 they were 325,197 bales.
exports of cotton from the United States the past week have
- reached 173,997 bales. The shipments in detail, as made
WORLD'S SUPPLY AND TAKINGS OF COTTON.
following brief but comprehensive statement indiqates up from mail and telegraphic reports, are as follows: Bales.
The
at a glance the world's supply of cotton for the week and NEW YORK-To Venice-Dec.19-Tergestea, 100
100
150
-Alfonso VIII, 150
-Dec. 20
To Coruna
since Aug. 1 for the last two seasons from all sources from
150
To Manchester-Dec.22-Gitano, 150
statistics are obtainable; also the takings or amounts
which
400
-Dec.21-Maine,400
To Antwerp
300
-City of Dundee,300
To Bombay-Dec.24
gone out of sight for the like period:
100
-America, 100
To Bremen-Dec. 26
4,799
-Modus. 4,799
-Dec. 19
GALVESTON-To Genoa
100
-Modus. 100
-Dec. 19
To Naples
-Dec. 21
To Japan-Dec. 20-Taketoyo Mara, 6,765
Week.
Season.
Week.
Season.
18,485
Karachi Maru, 7.961-Dec. 24-Elmsbank, 3,759
To China-Dec. 20-Taketoyo Maru, 2.300---Dec. 21
7,478,881
7.591,982
Visible supply Dec. 21
5.800
Karachi Maru. 2.000---Dec. 24-Elmsbank. 1,500
4,961,754
4.175.480
Visible supply Aug. 1
5.202
-Jutland, 5,202
To Bremen-Dec. 18
Dec.28_ _
406.568 10,955,871 307,315 9.964,325
American in sight to
2.785
To Liverpool-Dec. 24-Cripp1e Creek. 2.785
851,000
669.000 120.000
45,000
Bombay receipts to Dec.27_ _ _ _
241
24-Cripple Creek, 241
To Manchester-Dec.
6.000
226.500
34.000
212.000
Other India shipls to Dec.27
3.385
-Dec. 19-Anjer. 3.385
To Havre
33,000
788,860
60.000 1,084,200
Alexandria receipts to Dec.26
-Steel Voyager,2,200-__Dec.24
MOBILE-To Japan-Dec.20
8.000
345.000
12,000
386,000
0b
Othersupply to Dec 28.
2,500
Steel Exporter, 300
873
-Dec.15-Afoundria.873
To Liverpool
8,149.550 17,422,551 7,953,196 17,123,439
Total supply
1,093
To Manchester-Dec. 15-Afoundria, 1,093
Deduct
-Hastings, 4,964_Dec. 20--Chicone,
To Bremen-Dec. 15
7,765.517 7,765.517 7,501,489 7,501,489
5,514
Visible supply 28
550
-Hastings, 250 .,Dec. 20--Chicone,
To Hamburg-Dec. 15
384.033 9,657.034 451.707 9.621,9.50
Total takings to Dec. 28 a
390
140
279,033 7,197,834 326.707 7.312.590
Of which American
350
To Barcelona-Dec. 15-Armargosa,350
105.000 2.459.200 125.000 2.309.360
Of which other
2,178
CHARLESTON-To Liverpool-Dec.22--Shlekattinny,2,178
668
To Manchester-Dec.22-Shickshinny.668
receipts in Europe from Brazil. Smyrna. West Indies. &c.
* Embraces
472
To Bremen-Dec.22-11eddernheim ,472
a This total embraces since Aug. 1 the total estimated consumption by
1,418
-Dec.22-Haddernhedra. 1,418
To Hamburg
Southern mills. 2,269.000 bales in 1928 and 2,461.000 bales in 1927
Cotton Takings,
Week and Season.
1928.
1927.
FINANCIAL CHRONICLE
DEC. 29 1928.]
Bates.
-Fluor Spar. 1,950---Dec. 27
SAVANNAH
-To Bremen-Dec.21
2,600
-Heddernheim, 650
-Dec.21-Fluor Spar, 175---Dec. 27-HeddernTo Hamburg
943
helm, 768
50
Ir To Antwerp-Fluor Spar, 50
100
-Dec. 21-Fluor Spar, 100
gm To Ghent
1.300
F
' To Japan-Dec. 22-Ryfuku Marti, 1.300
-Dec.21-Benefactor, 10,727---Dec.22
HOUSTON-To Liverpool
-Cripple Creek, 3,350--Dec. 26-Niceto de Larriaaga,
17,689
3,612
-Hudson,1,175 5,608
-Dec.19-Eidena,4,433--Dec.26
To Havre
650
-Dec.19-Eidena,650
To Ghent
To Rotterdam-Dec. 19-Eldena. 1,050--_Dec. 27-Narbo,
1,440
390
-Cripple Creek, 288---Dec. 26
-Dec. 22
To Manchester
2.637
Meet° de Larrinaga, 2.349
-Jutland,
-Deer Lodge,3,814---Dec.22
To Bremen-Dec. 15
8,451
4.637
100
To Stockholm-Dec.26-Brakeholm,100
-Dec. 21__Rio Panuco, 2.252---Dec. 22
To Hamburg
3,036
Jutland, 784
50
To Dramman-Dec. 26-Brakehelm,50
5,360
-Elm thank • 1,460;Steel Voyager,3,900
To Japan-Dec.24
400
-Dec. 26-Brakeholm, 400
To Gothenburg
2,050
To China-Dec.24-Elmsbank,2 050
1,999
-Hudson,1,999
To Dunkirk-Dec.26
1,100
-Mar Caribe,1.100
To Barcelona-Dec.27
100
To Oslo
-Dec.26-Brakeholm,100
4,000
WILMINGTON-To Liverpool
-Dec. 24-Darian, 4,000
604
-Medium,260; Eastside, 344..
-Dec.24
NORFOLK
-To Liverpool
450
To Bremen-Dec.24-Zenada, 100___Dec. 28-Crefeld,350-124
-Dec. 12
-Express, 124
BALTIMORE-To Genoa
1.200
-Arabia Maru, 1.200
SEATTLE-To Japan-Dec. 16
300
-Arabia Maru, 300
To China
-Dec. 16
-Dec. 21-Nessian, 12,311
-To Liverpool
NEW ORLEANS
Dec. 24-Eglantine, 7,657_ _ _Dec. 23-Hamdale, 400.....
21.049
Dec. 12-Bosto dan,681 (additional)
-Eglan_ _Dec. 24
-Dec. 21-Nessian,
To Manchester
3,150
-Bostonian, 254 (add'1)
890tine, 2,006--Dec. 12
461
To Dunkirk-Dec.22
-Hudson,461
2.038
-Dec. 22
-Hudson, 1,196-- _Dec. 25-Anier, 842
To Havre
To Bremen-Dec. 22-Ikala, 7,130; Anatolia, 2,209-_-Dec.
11,498
-Bayou Chico, 2.159
26
-Bayou
-Anatolia, 1,026--Dec. 26
To Hamburg-Dec.- 22
1,076
Chico, 50
100
To Puerto Cabello
-Dec. 20-Scandia, 100
150
-Allier. 150
To Antwerp
-Dec.25
200
-Brush, 200
To Barcelona
-Dec. 24
-Bayou
To Rotterdam-Dec.24-Spaardam,3,079__ -Dec.26
3,579
Chico, 500
2,615
To Venice
-Dec. 22-Rosandra, 2,615
900
-Dec.22-Rosandra,900
To Trieste
50
-Dec. 22-Rosandra, 50
To Piraeus
100
To Patras-Dec. 22-Rosandra, 100
100
-Dec. 22-Herodia, 100
To Cartagena
26
To Gothenburg-Dec. 13
-Modem, 26 (addl)
To Japan-Dec. 26
-Silver Pine, 840
840
-Dec. ?)-Oreylock,50; Nebraska,
(
SAN PEDRO-To Liverpool
1,997
1,203; Pacific Exporter,744
442
To Manchester
-Dec.
(7)
-Pacific Exporter,442
To Bremen-Dec.24
-Portland, 1,050
1,050
700
-To Liverpool
-Dec.21-Greylock,700
SAN DIEGO
-To Liverpool
-Pacific Exporter,774
774
-Dec.20
SAN FRANCISCO
-Portland,100
100
To Bremen-Dec.22
-To Havre
-Dec.18-AnJer,800
800
TEXAS CITY
-To Bremen-Dec.27
-Coronado,408
408
LAKE CHARLES
Total
173,997
-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
StandDensity.
aid.
Liverpool .450. .60c.
Manchester.45c. .80c.
Antwerp .35c. .50c
. 34e. .57Sic.
42
Ghent
Havre
.31o. .46o.
Rotterdam .45c. .60c.
.50o. .650.
Genoa
High
Density.
Oslo
.50o.
Stockholmi 800.
Trieste
.50c.
Flume
.50c.
Lisbon;
.45c.
Oporto
.600.
Barcelona be.
I Japan
.650.
Standant.
.60o.
.75c.
.850.
.650.
.60c.
.75o.
.450.
.80o.
High
Density.
Shanghai .70o.
Bombay
.800.
Bremen
.450.
Hamburg .450.
Piraeus
.750.
Salonica
.750.
Venice
.500.
Standard.
.85c.
.750.
.80c.
.80c.
.90c.
.90o.
.65o.
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks,&c.,at that port:
Dec. 7. Dec. 14. Dec. 21. Dec. 28.
30,000
31,000
29,000
7,000
18.000
19.000
19,000
4,000
1.000
6.000
1,000
69,000
74,000
63.000
34,000
717.000 741,000 755.000 825,000
448.000 469,000 482.000 546,000
152,000
92.000
85,000
112,000
109.000
74,000
60,000
88.000
309,000 327,000 353,000 344,000
227,000 238,000 265,000 247,000
Sales ofthe week
Of which American
Actual exports
Forwarded
Total stocks
Of which American
Total imports
Of which American
',mount afloat
Of which American
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Saturday.
Monday.
Market,
1215 I
P.M.
Dull.
Dull.
Mid.Upl'cis
10.56d.
Tuesday. Wednesday. Thursday.
Quiet.
10.56d
10.63d.
Friday.
Dull.
10.64d.
HOLIDAY HOLIDAY
Sales
2,000
2,000
4,000
3,000
Quiet
Steady
Futures.{
1 to 4 pts. 6 to 7 pts.
Market
decline,
advance,
opened
Steady
Steady
4 to 6 p15.4 to 7 ptx.
decline.
advance.
Market, 1 Q't but Sty Steady
unch'd to 2 9 to 11 pts.
4
pts. adv. advance,
p. M.
Q't but Sty Barely litt'y
5 to 9 pts. unalf to 1
decline.
Pt. adv.
Prices of futures at Liverpool for each day are given below:
Sat.
Dec. 22
to
Dec. 28.
Mon.
Tues.
1
Wed.
Thurs.
Frt.
12.15 12.30 12.15 4.0012.15 4.0012.15 4.0012.15 4.0012.15 4.00
P. m.h. ill P. in• h. m•IL tn• P. m.P. n1 IL m.h. m 11.111 P. m.P. m.
1 .
d.
d.
d.
d.
d.
d.
December --------10.32 -- - 10.43
...i0.3 __ _ _ 10.41
January
_ _ _ 10.3 _ _ _ _ 10.42
FebruarY
March -----------10.35 -- -- 10.46
l0.36. _ 10.47
APei
10.49
0.39
May
June
__ __ 10.35 .... - 10.45 Holiday
_ _ 10.36 _ _ _ _ 10.46
July
_ _ - 10.28 _ _ _ _ 19.38
August
September.
--- -- 0.2 - -- 10.30
10.23
October ----------10.14..
November_ _ - _ -_ - 10.09 -- -10.18
08... -- 10.17
December -------- 10.
d.
d.
d. Id
10.38 10.3 10.39 10.34
4
10.37 10.34 10.39 10.84
10.38 10.35 10.4010.35
10.42 10.40 10.45 10A0
10.43 10.41 10.46 10.41
10.45 10.43 10.48 10.44
Holiday 10.41 10.39 10.44 10.40
10.42 10.40 10.45 10.41
10.34 110.3710.33
10.26 10.24 10.29 10.25
10.19 10.1710.22 10.18
10.14 10.12 10.20 10.13
10.13 10.12 10.2010.13
d.
d.
3731
BREADSTUFFS
Friday Night, Dec. 28 1928.
Flour has met with only a holiday demand which means
next to none and prices have in general changed little. On
the 22d inst. exports were 17,000 sacks; total for the week
97,000 against 163,00 in the same week in 1927. To the
end of the week the trading went on in very listless uninteresting fashion. The export demand so far as the reports went was nothing at all notable though it must be
confessed that often as regards the foreign buying the subsequent reports of large clearances do not substantiate the
previous statements that the export is dull.
Wheat declined on a dull market fearing large Argentine ofefrings shortly. On the 26th inst. prices advanced
%c. net. The strength of corn had some effect. Winni- 4c.
peg was unchanged to Y lower. Early prices were lower.
The United States visible supply increased 813,000 bushels
as against a decrease last year of 1,281.1,00 bushels. The
total is now 137,407,000 bushels against 87,549,000 last year.
The visible supply in the United States increased 943,000
bushels according to Bradstreet. It is now 141,859,000 bushels against 96,100,000 last year. The Canadian visible sup,
ply increased 3,346,000 bushels and is now 192,776,000 bushels against 141,786,000 last year. The amount afloat for
and in Europe decreased 5,800,00 bushels to 55,900,000 bushels. Last year it was 53,800,000 bushels. On the 27th inst.
prices ended % to %d. lower with the weather good, export demand slack, the cables irregular and deliveries on
December contracts up to 943,000 bushels which of itself
caused selling. The Northwest sold May moderately with
stocks increasing. To-day prices declined % to %c. Minne2c.
apolis was off % to Y and Winnipeg was down %c. The
Argentine exportable surplus has been increased by Liver-crop
pool to approximately 240,000,000 bushels, while the.
news from Australia was good. Liverpool and Buenos Aires,
it is true, were relatively steady. Deliveries on December
contracts were 317,000 bushels. Export business was slow.
Final prices show a decline for the week of 114 to 23c.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
157% 157%, Hol. 1565( 156% 1563-1
No.2 red
CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
DAILY
Sat. Mon. Tues. Wed. Tnurs. Frt.
Roll- 114% 114
1133-(
115
114
December delivery
118% 118% day 118% 118% 117%
March delivery
121% 120%
121% -20% 120%
May delivery
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
117
Hob.- Roll- 117
116% 116%
December delivery
125% day. day. 123% 1224 122%
May delivery
1251-i 124% 1244‘
125%
July delivery
Indian corn advanced with a good cash demand and a
large consumption. On the 26th inst. prices declined early
on larger receipts and continued favorable weather, but
later on advanced and ended 13 to 23c. higher with a good
export demand reported. Offerings were readily absorbed.
The United States visible supply increased 2,974,000 bushels
as against an increase last year of 2,885,000 bushels. It is
now 16,174,000 bushels against 23,214,000 last year. The
visible supply according to Bradstreet in the United States
and Canada increased 3,347,000 bushels to 17,599,000 bushels
as compared with 24,552,000 last year. On the 27th inst.
prices were at one time %c. higher on December and % to
%e. higher on other months. Deliveries on December contracts were 720,000 bushels, part of which was taken by cash
interests, supposedly for shipment on old sales. No new
export business was done. Country offerings were small
or disappointing. Still prices lost some of the rise later.
To some corn is acting in a very disappointing fashion,
though there are bullish factors in this grain. The market
does not respond. Sentiment is very bullish, perhaps too
unanimously bullish, it is suggested, for the good of the
market and in combination with opposition market action
suggests overbought condition.
To-day prices closed % to %c. lower with the weather
favorable, if the forecast called for rain or snow in all
States, which gave the market a certain amount of support. Argentine shipments were rather large for the wee.
I. e., 3,300,000 bushels. Contract deliveries were moderate.
Liquidation of December was noticeable. Export demand
was small. And the cash business was slow. Country offerings were light, however. Final prices show an advance
4c., the latter in December.
for the week of % to 1Y
DAILY CLOSING PRICES OF CORA IN Nr...W sORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
104% 1043.( Hol. 1063-1 106% 105%
No.2 yellow
CLOSING PRICES OF CORN FUTURES IN CHICAGO.
DAILY
Sat. Mon. 2'ues. Wed. Thurs. Fri.
84% 84% Roll- 86% 86% 85%
December delivery
87% 87% day
March delivery
ssi 88Si 883
-k
90% 90%
May delivery
91% 913-' 90%
Oats advanced on December and sagged on other months
In a small market. On the 26th inst. prices were % to /
1
2
c.
higher in response to the advance in corn. Country offerings increased. The United States visible supply increased
490,000 bushels as contrasted with a decrease last year of
37,000 bushels. The total is now 13,053,000 bushels against
21,857,000 last year. Bradstreet made the visible
supply,
3732
FINANCIAL CHRONICLE
[Vol,. 127.
in the United States and Canada 32,946,000 bushels, an inThe exports from the several seaboard ports for the week
crease for the week of 57,000 bushels. It compares with ended Saturday, Dec. 22 1928, are shown in the annexed
33,752,000 last year. On the 27th inst. prices advanced 18 statement:
/
to 22c., December leading, despite some increase in the farm
/
Exports fromWheat.
movement, though receipts at terminal points were small.
Corn.
Fleur.
Rye.
Barley.
Oats.
Moreover, the cash demand was good. But speculation was
Bushels. Bushels. Ba,rels. Bushels. Bushels. Bushels.
sluggish in oats as in all other grain. To-day prices ended New York
1,772,259
8,573
73,222
30,200
872,864
503,000
% to %c. lower in sympathy with other grain. Cash de- Portland, Me
Boston
102,000
6,000
470,000
mand was moderate. Final prices for the week show an Philadelphia
313.000 258,000
2,000
20,000
585,000
43,000
2,000
311,000
advance of %c. on December biit a decline of 18 to Y4c. on Baltimore
/
Norfolk
80.000 363,000
other months.
Newport News
1,000
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 white
5834 58% Ho!. 59
59
59
DAILY CLOSING PRICES OF OATS FUTURES
Sal. Mon. Tues.
December delivery
48
47% BollMarch delivery
47% 47% day
May delivery
48% 48%
IN CHICAGO.
Wed. Thurs. Fri.
48% 48% 48%
7
47/s 47% 47%
48% 4834 48%
DAIL
CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery
51% Ho!!- Roll- 51% 51% 51%
May delivery
56% day day 56% 5634 .56%
July delivery
55%
55% 5534 55%
Rye advanced on December with a good demand and
New Orleans
Galveston
St. John, N.B
Halifax
Houston
63,000
785,000
737,000
238,000
67,000
17,000
1,000
48.000
6,000
5,000
80,000
86.000
42,000
186,000
304,000
52,000
Total week 1928._ 4,940,259 1,029,573
Same week 1927_
4.411.270 295.000
32,000
156,222
187.151
115,200
370(10
86,000 2,237,864
280555 402 172
The destination of these exports for the week and since
July 1 1928 is as below:
Flour.
Exports for Week
and Since
Week
Since
July1 to-Dec. 22 July 1
1928.
1928.
Wheat.
Corn.
Week
Dec. 22.
1928.
Since
July 1
1928.
Corn,
bush.
132,000
Oats,
bush,
88,000
17,000
94,000
118,000
Week
Dec. 22.
1928.
Since
July 1
1928.
lower on other deliveries which were not much wanted.
Barrels.
On the 26th inst. prices advanced % to 7 3c. The market was United Kingdom_ Barrels. 1,819.157 Bushels. Bushels. Bushels, Bushels.
4
67,275
719,822 47,554,579 217,000 2,082,339
largely influenced by the action of corn. No export business Continent
53,108 2,965,200 4,140,437 130,970,652 810,573 2,652,209
Cent.
1,000
190,000
7,000
163.000
129,000
was reported. On the 27th inst. prices rose % to %c., the So.& Indies Amer.. 4,000 231.000
West
33,000
2,000
538,000
latter on December which as in the case of other grain, was Brlt.No.Am.Co s _ ---1,000
20,000
73,000 2,295.494
2,250
the most interesting feature. Rye was not tied down to Other countries._ _ 30,839 558,547
wheat as much as usual. It had independent strength.
Total 1928
156.222 6,764,904 4,940,259 181,038,725 1.029.573 4,803,798
Total 1927
187,151 6,101,122 4,411,270 155,913,176 295,000 1,398,739
The Northwest was said to be buying and the home cash
trade was good. To-day prices declined % to %c., with
The visible supply of grain, comprising the stocks in
other grain lower and a small export demand. Final prices granary at principal points of accumulation at lake and
for the week show an advance on December of %c., but seaboard ports Saturday, Dec. 22, were as follows:
4
March and May are 3 and %c. lower.
GRAIN STOCKS.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues, Wed. Thurs. Fri.
101% 101% Boll- 101% J.02% 102
December delivery
104% 104% day 105% 105% 104'
March delivery
108% 108
107%
May delivery
107% 107%
Closing quotations were as follows:
GRAIN.
Oats, New York
Wheat, New YorkNo. 2 white
1.56%
No. 2 red, f.o.b
No. 3 white
No.2 hard winter,f.o.b---_1.32%
Rye, New York
Corn, New YorkNo. 2 f.o.b
1.05%
No. 2 yellow
1.03% Barley, New York
No. 3 yellow
Malting
f patents
, first spring..
Soft winter straights
Hard winter straights
Hard winter patents
Hard winter clears
Fancy Minn. patents
City mills
fafti
59
58
1.17%
84
FLOUR.
$5.90056.25 Rye flour, patents
$6.60@$6.90
3%
5.600 5.80 Semolina No. 2, pound_
6.100 6.50 Oats goods
2.750 2.80
5.750 6.00 Corn flour
2.400 2.45
6.00
6.50 Barley goods
Coarse
3.60
5.10
5.65
Fancy pearl Nos. 1,2.
7.55ts 8.40
3 and 4
8.40
6.5004 7.00
7.70
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Buffalo
" afloat
Toledo
Detroit
Chicago
Milwaukee
Duluth
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
St. Joseph, Mo
Peoria
Indianapolis
Omaha
Wheat,
bush,
1,155,000
Rye,
bush.
89,000
2,000
7,000
5,000
Barley,
bush.
771,000
53.000
202,000
241,000
547,000
358,000
2,220,000
543,000
8,000
125,000
749,000 1,967,000
143,000
52.000
579,000
1,470,000
183,000
5,000
190,000
3,641,000
249,000
227,000
6,000
64,000
5,876,000
890,000 1,328.000
609,000
554,000
9,693,000
608,000
594,000
2,458,000
47,000
167.000
4,000
29,000
254,000
22,000
37,000
11,000
94,000
12,999,000 6,482,000 2,907,000 2,233,003 1,109,000
478,000 1,443.000
790,000
552,000
545,000
21,130.000
362,000
220,000 1,509,000
695,000
31,994,000
488,000 2,211,000
899,000 2,671,000
516,000
675,000
298,000
1,000
41,000
4,092,000
164.000
584,000
455.000
6,000
20,029,000
580.000
96,000
20,000
165,000
5,525,000
18,000
3,000
2,000
17,000
2,279.000
2,000
22,000
660,000
13,000
67,000
808,000
434,000 1.495,000
9,055,000
553,000 1,091.000
47.000
153,000
Total Dec. 22 1928...._137,407,000 16,174,000 13,053,000 6,067,000 9,263.000
Total Dec. 15 1928. _ _136,594,000 13.200,000 12,563,000 5,966,000 8,819,000
Total Dec.24 1927_ _ _ -87,549,000 23,214,000 21,817,000 3,114,000 2,949.000
-Bonded grain not included above: Oats-New York, 13,000 bushels
Note.
Philadelphia, 9,000; Baltimore, 5,000; Buffalo, 510,000; Buffalo, afloat, 229,000
Duluth, 12,000; total, 778,000 bushels, against 619,000 bushels in 1927. Barley
New York, 454,000 bushels; Boston, 59,000; Philadelphia, 123,000; Baltimore,
535,000; Buffalo, 257,000: Buffalo afloat, 813,000; Duluth, 88,000; total, 4,644,000
-New York, 4,960,000 bushels:
bushels, against 2,914,000 bushels in 1927. Wheat.
Boston, 1,440,000; Philadelphia, 2,964,000; Baltimore, 4,869,000; Buffalo, 12,630,000; Buffalo afloat, 12,416,000; Duluth, 255,000; total, 39,534,000 bushels, against
36,585,000 bushels in 1927.
Rye.
Oats.
Barley.
Canadian
576,000
1,189,000
455,000
. Montreal
:oh.32 lbs bush.4815s.bush.561bs
9,083,000
4,486,000 1,299,000 5,340,000
1,666.000
232.000
101,000 Ft. William & Pt. Arthur_ 37,223,000
296,000
41,000
608,000
136,000
478,000
6,914,000
afloat _
835,000 2,036,000
1,659,000
35,000
139,000
107,000 Other Canadian
11,632.000
351,000
14,000
227,000
7,375,000 2,589,000 8,248.000
102,000
1,000
3,000
Total Dee.22 1928.......64,852,000
6,683,000 2.583.000 7,804,000
34,000
Total Dec. 15 1928_ _ _51,932,000
162,000
3,610,000 2,555.000 2,976,000
Total Dec. 24 1927._ _45,528,000
31,000
386,000
Summary
182,000
65,000
137,407.000 16,174.000 13,053,000 6,067,000 9,263,000
American
76,000
7.375,000 2,589.000 8,248,000
64,852,000
Canadian
146,000
22,000
Total Dec. 22 1928__ _202,259.000 16,174,000 20,428,000 8,656,000 17,511,000
10.000
Total Dec. 15 1928._ _188,526,000 13,200.000 19,246,000 8,549,000 16,623.000
2,000
48,000
Total Dec. 24 1927_133,077.000 23,214,000 25.467,000 5,669.000 5,925,000
-f
All the statements below regarding the movement o grain
-are prepared by
-receipts, exports, vis'le supply, &c.
us from figures collected by the New York Produce Exchange. First we give the receipts at Western Lake and
river ports for the week ended last Saturday and since
Aug. 1 for each of the last three years:
Receipts at--
Flour.
Wheat.
Corn.
6915.19918s.bush.60 lbs bush.56 lbs
230,000
372.000 3,676,000
Chicago
1,852,000
366,000
Minneapolis..
1,824,000
259,000
Duluth
30,000
21.000
786,000
Milwaukee...
56,001
122.000
Toledo
35,000
20,000
Detroit
66.000
471,000
Indianapolis
138.000
855,000
699,000
St. Louis_ _ _ _
66,000
32,000
410,000
Peoria
1,533,000
907,000
Kansas City_
424,000
226,000
Omaha
221,000
129.000
Bt. Joseph
446,000
78,000
Wichita
34,000
314,000
Sioux City
Total wk. '28
Same wk. '27
Same wk. '26
464,001
440,001
405.000
7,837.000 8,397,000
5,110.000 10,253,000
3.986,000 5,956,000
2,974,000 1,429,000
906,000
2.502,000
556,000
2,356,000
363.000
397.000
287,000
Since Aug.110,893,000320,630.000 106,149,000 76,946,00068,456,000 17,885,000
1928
10,276,000291.672,000 100,917,000 74,846,00045,837,00027,193.000
1927
1096%
10.116.000208.100.000 95.580.000 72.487.00023.457.000 19.733.000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Dec. 22, follow:
Flour.
Receipts atNew York_ _ _
Portland, Me
Philadelphia.
Baltlmore--1
Newport New4
Norfolk
New Orleans
Galveston-.
Montreal _ _ _
St.John, N.
Boston
Barrels.
275,000
37.000
22,001
1.001
47,001
35.001
48.001
33.001
Wheat.
Corn.
Bushels.
1,410,000
303,000
523,000
237.000
Bushels.
86,000
80.001
102,000
159.000
261,000
737.000
195,000
363,000
528,000
486.000
9,000
309,000
347,000
1,000
Oats.
Barley.
13,000
127,000
2,000
3.000
304,000
568,000
477,000 1.576,000
7,000
498,000 3,997.000 2,129,000
Total wk. '2
Since Jan.1'2 24,715,000275,195.001 80,739,000 35,123,00058,168,000 18,362,000
Week 1927
010.0 ia. 1.0
218.000 949,001
158,000
208,000
513.000 3.051.000
000905555000 15.325.000 24.518.00028.710.000 16.407.000
00 ni2.2
•Receipts do not include grain passing through New Orleans for foreign ports
on through bills _et lading.
1928.
Week
Dec. 21.
North Amer.
Black Sea.Argentina__ _
Australia --India
0th. cotmtr's
Total
24.000
133,000
80,000
2,000
Corn.
Wheat.
Exports.
Rye.
Bushels.
Bushels. Bushels.
194.000
5,000
561.000
26.000
18,000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ending Friday, Dec. 21, and since July 1 1928 and 1927,
are shown in the following:
Since
July 1.
1927.
Since
July 1.
1928.
Week
Dec. 21.
Since
July 1.
1927.
Since
July 1.
Bushels.M
Bushels.
Bushels.
Bushels.
Bushels. I Bushels.
8,206,000 293,723,000261,264,000 1,040,000 7,329,00d 2.697.000
1,856,000 8,872,000
34,000 1,751,0001 11.709.000
3.381,000 58,576.000 36,592,000 3,375,000 156,537,0001 178,448.000
2,856,000 27.240,000 22.808,000
1,064,000 8.240,000
285,000 19,152.000 13,452.000
1.552.000 25,812,000 16,912,000
15,995,000408,271,000354,688,000 4.734.000 184,769,000 206,306.000
WEATHER BULLETIN FOR THE WEEK ENDED
-The general summary of the weather bulletin
DEC. 26.
issued by the Department of Agriculture, indicating the
influence of the weather for the week ended Dee. 26 follows:
At the beginning of the week a marked depression from the Southwest
had moved to the lower St. Lawrence Valley, and light snow, with lower
temperatures, was falling quite generally from the Lake region eastward,
and at the same time high premature. with much colder weather, had overspread the South. Tampeutures were markedly low in the far South
west, and by the 19th they were considerably lower, with some ottbzer-
Ditc. 29 1928.]
FINANCIAL CHRONICLE
readings, in central-northern districts. Thereafter, for several days, high
pressure and relatively low temperatures were the rule quite generally in
most sections of the country, with unusually high barometer persisting
over the western Plateau, attended by low temperatures.
Chart I shows that the week, as a whole, was abnormally cold in the
South and moderately so for the season in most other sections east of the
Mississippi River, except in the Northeast where the weekly mean temperatures were above normal. In the South Atlantic States the period
averaged from 5 deg. or 6 dog, colder than normal, and in most other
southern districts from 4 deg. to as much as 10 deg. colder, the greatest
minus departures of temperature appearing along the west Gulf coast. The
week was markedly cold also in the Rio Grande Valley and over the Great
Basin of the West, with temperatures ranging from deg, to as much as
18 deg, subnormal; the coldest weather of the week was reported from Utah
and southeastern Idaho. Temperatures were low in the interior of California, but along the coast and in the southern portion the weekly means
were near normal values. On the other hand, the northern Great Plains
experienced an unusually warm week for the season, with the mean temperatures ranging from 6 deg, to as mach as 14 deg, above normal.
Chart II shows that precipitation was moderate to rather heavy in the
south Atlantic area from eastern Virginia to southern Georgia, and was
heavy along the coast from Alabama to Corpus Christi, Tex., where the
weekly totals were mostly 2 inches or above. Moderate amounts of rain
occurred also in central and north Pacific coast districts, with some light
falls in the Great Basin and the interior of the Pacific Northwest; there
was appreciable precipitation in parts of the Lake region and Northeast.
Elsewhere throughout the country no rain was reported, or, at a majority
Of stations, the amounts were too small for measurement.
In contrast to recent weeks, that lust closed was characterized by bright,
sunny weather and mostly moderate temperatures in the interior States,
which were generally favorable for outside operations on farms. Except
In the Lake region and more northeastern districts, the ground continued
bare of snow, however, which was somewhat unfavorable for winter grains
In a few sections of the Ohio Valley where sharp freezing occurred, but
there was not enough alternate thawing and freezing, nor were temperatures sufficiently low, to be materially harmful. It was rather too dry
for handling tobacco, but roads improved, which facilitated transportation
of this crop as well as of other farm products.
In the South freezing weather or heavy frosts extended to the Gulf
coast on two or more days, even to the lower Texas districts. This caused
some injury to tender vegetation, but winter crops, including truck, were
not materially harmed, though growth was retarded by reason of the cold.
Showers were helpful along the south Atlantic coast and in northern and
central Florida where warmer and moderate rains are needed generally.
In the northern Great Plains the week was unusually favorable, as the
mild, open conditions allowed free ranging: however, considerable range
area was snow covered in Rocky Mountain and Plateau districts, which
necessitated rather heavy feeding. In the interior of California low temperatures and killing frosts did some damage to unprotected citrus groves
In valley sections where firing was general, but also scattered protection
was necessary in the south; the snow pack in the mountains of California
is still deficient.
SMALL GRAINS.—Except in parts of the Lake region, wheat fields are
still unprotected by snow, and there was some alternate thawing and
freezing in parts of the Ohio Valley. particularly in Indiana and Illinois,
but temperature conditions were not generally harmful. In the western
portion of the winter wheat belt the weather continued favorable and
the crop remains in satisfactory condition quite generally. In the middle
Atlantic area a few sharp freezes somewhat adversely affected wheat, but
DO material damage was reported, while showers in south Atlantic districts were beneficial. In the Southwest growth was slow, because of the
cold weather, but otherwise conditions were favorable. Grain fields in
the eastern Great Basin were protected by an ample snow cover during
the cold weather, but in the interior of the Pacific Northwest there was
little or no snow.
CORN AND COTTON.—The dry, sunshiny weather in the central and
upper Mississippi Valley sections made much better conditions than have
prevailed recently for completion of the gathering of the corn crop. Considerable corn is still out in the southeastern half of Iowa and northern
Missouri, but otherwise the crop has been mostly housed.
The weather was also more favorable for gathering the remnants of
cotton in the northwestern portion of the belt. Some of the crop is still
in the fields in Arkansas. and a little is still out in Oklahoma, as well as
In a few other sections,
3733
most sections of the textile trades. A good volume of fill-in
orders is relieving dullness in some quarters, and the encouraging reports of holiday business are leading primary
factors to expect comparatively active trading after the
middle of January. Most divisions are in a healthy statistical position and constructive efforts are being made to
improve comditions in sections where the situation is not so
good. Cotton goods are expected to reap a satisfactory
harvest of spring business with moderate profit, in spite of
the fact that some lines have been noticeably overproduced
in tbe past six weeks or so. Markets for woolen goods are
in a very good position for expansion when the new year's
demand develops. Even linens appear to be improving
somewhat—a number of factors conceding 1928 as a better
year than 1927. Reports have it that floor coverings are
also in a more satisfactory position. It has come to light
that the Mohawk Carpet Mills' sales during November
were greater than in any other month in the history of that
house. The Christmas holiday hardly seemed to have even
a temporary influence on some lines of rayons, which have
continued in active demand during trading days. Silk factors are making some progress in their efforts to reform the
practice of weighting and adulterating silk.
DOMESTIC COTTON GOODS:—Markets for domestic
cotton goods remained quiet in the days immediately preceding and following the Christmas holiday. Although
there was some trading done, little buying pressure was
exerted and sellers in most cases declined to respond to the
low prices offered. It is apparent, in view of the fact that
distributers' inventories are generally depleted, that many
buyers are confident that they will be able to procure goods
as needed, since they seem quite content to wait until the
last moment before filling their shelves. This applies particularly to sheetings and print cloths, where a high rate of
production has resulted in accumulated primary stocks.
However, the satisfactory volume of holiday consumption,
which is reported to have left relatively little in the way of
surplus goods in retailers' hands, is regarded as opening the
way to good business for the spring season. Meanwhile,
conditions are fairly satisfactory. If the complaint is heard
from some directions that things might be better, it is even
more true—recalling the corresponding season in previous
years— that they might be considerably worse. A good
deal of difficulty has been experienced by producers of late
in keeping prices on the various types of wash goods in a
reasonable relation to each other. They are now making
efforts to discourage the low bidding of buyers for desirable
merchandise which tends toward disproportionate valuations
and disturbs the market conditions on the best selling constructions. Considerably more business has been done on
finished goods than has been generally credited. Many
The Weather Bureau also furnishes the following resume mills are sold far ahead and are being forced to refuse orders
for delivery during the first quarter of 1929. It may be
of the conditions in the different States:
Virginia.—Richmond: Temperatures and precipitation below normal. that even a slight accentuation of activity in January will
Favorable for outdoor work in most sections. Winter truck crops, wheat enhance the shortage to a point of real inconvenience for
and oats in good condition, except portions of interior where rain would
those buyers who have neglected to cover their needs.
be beneficial.
North Carolina.—Raleigh: Temperatures considerably below normal: Blankets appear to be in an encouraging position, with a
rainfall light, except rather heavy on Coastal Plain near close of week.
Small grains doing well. Fall truck fairly good. Favorable for hog killing. fair volume of contracts on hand for delivery during the
South Carolina.—Columbia: Beneficial rains about 20th. Winter cereals early months of the coming year, and the fact that the bedshow generally good stands and practically seasonable development, though
nights too cold for hest growth. Winter truck on coast helped by further spread division is rather quiet is due mainly to the fact that
rains on 25th. Practically no outdoor work, except chores.
mills are unable to accept further orders. Print cloths 28
Osorgia.—Atlanta: Week cold, with freezing to southern border, but not
-inch
cold enough to injure winter cereals, which continue to do well. Sufficient inch 64x60s construction are quoted at 6Hc. and 27
rain to keep soil in good condition and plowing for spring crops more ad- 64x60s at 53 0. Gray goods in the 39-inch 68x72s con/
vanced than usual. Beginning to seed tobacco beds in extreme south.
Florida.—Jacksonville: Unfavorably low temperatures in all divisions de- struction are quoted at 8e.and 80x80s at 104c.
layed germination and growth of truck. Showers in north and central imWOOLEN GOODS.—A final concerted call for overproved soil, oats, truck, citrus and strawberries: heavy rains in extreme
northwest left some lowlands too wet for plowing. Potato planting begun coatings is said to have cleaned out all desirable lines of such
locally on peninsula. Shipping beans and other truck continued in moderate
quantities from south. Warmth and moderate rains needed generally in goods in woolen and worsted markets, in which case manupeninsula.
facturers are now free to prepare fall offerings unencumbered
Alabama.—Montgomery:Temperatures averaged considerably below normal; freezing in extreme north daily and to coast on two days. Rain quite by a carry-over of heavy stocks. In the meantime, while the
general on two days; otherwise fair. Some plowing and hog killing
general seasonal quietness continues, it is expected that acOats mostly looking well and growing slowly. Tender vegetation seriously
locally*
injured in coast section by freezes; winter truck mostly doing well in coast tivity will develop shortly after the beginning of the new
section and some portions of northwest. Pastures dormant, or mostly poor. year, and factors are taking an optimistic view of the future.
Mississippi.—Vicksburg: Moderate to heavy precipitation in southeast They are harboring the belief that stocks
in retail stores are
and coast region; practically no rain elsewhere. Temperatures unseasonably low, but without violent changes. Seasonal inactivity in farm work. very low—an assumption that is justified by the amount of
Progress of pastures and truck mostly poor.
Louisiana.—New Orleans: Moderate to heavy rains in south at begin- fill-in orders received during the short period preceding
ning; dry and cold thereafter, with heavy frosts to coast on four successive Christmas, as well as by the fact that the unusually strong
days, unfavorable for growth of oats, pastures and truck. Very little holiday demand must have gone far toward demolishing the
work done, except grinding sugar cane, which progressed well, with present
comparatively low inventories on hand for public 'conreturns fair to good.
Texas.—Houston: Week cold, with heavy frost to lower coast, where sumption—and it is thought that January clearance sales
tender vegetation killed, but hardy truck and citrus uninjured. Rains
heavy near coast, but little or none elsewhere. Growth of pastures, winter should reveal a shortage which will stimulate contract buying.
wheat, oats and truck slow account cold; condition fair to good. Plowing With mill-men, in connection with the Wool Institute, apand other field work delayed by cold in west and by wet soil in east. Truck proaching the task of stabilizing and improving market
and citrus shipments moderate.
Oklahoma.—Oklahoma City: Fair, with nearly normal temperatures and conditions with a more co-operative attitude; and with a
abundant sunshine. Little cotton still in fields. Wheat generally good stand measurably greater popularity for woolens in evidence,
and fair to good condition, but late. Livestock in good condition.
Arkansas.—Little Rock: No rain and low temperatures. Favorable for those concerned are looking for an exceptionally good
winter work and winter crops, except in north where continued freezing and
business.
thawing damaged wheat and in south-central where lowlands overflowed. year's
Still some corn, cotton and rice in fields.
FOREIGN DRY GOODS.—While business continues
Tennessee.—Nashville: Clear and mostly dry, with temperatures about
seasonal average, resulted in winter grains making good progress, except relatively quiet in the linen markets, a certain amount of
rye, which was set back somewhat by recent frosts. Considerable plow- activity is noticeable in some directions. Prospects for the
ing done. Livestock in fair condition.
xentnots.—Louisville: Dry, with variable, but generally low, tempera future are somewhat conflicting, those factors carrying the
tures; no growth. Favorable for feeding and livestock in good.condition. more active lines expecting a large volume of sales of spring
Rather dry for handling tobacco, but good condition of roads favored
goods, while others fail to see much promise in the outlook.
delivery.
However, demand really appears to be growing broader and
there is certainly justification for the opinion that the sitTHE DRY GOODS TRADE
uation is improved.. Stocks, generally, are at a low figure
New York, Friday Night, Dec. 28 1928. , and the development of a more favorable demand should
s
Sinne buyers are absorbed with inventories, and disposed find the trade in an excellent position for expansion. Burlaps
to wait until the January clearance sales are over before were quiet, but have held firm. Light weights are quoted
placing orders, general quietness eontinues to prevail in at 6.90o. and heavies at 9.50-9.60o.
3734
FINANCIAL CHRONICLE
*tate anti Titg 3I)oartinent
MUNICIPAL BOND SALES IN NOVEMBER.
We pF212s.. herewith our detailed list 0i the municipal
.
bond issues put out during the month of November, which
the erowaet... condition of our columns prevented our pliblThr
ing at the usual time.
1 he review of the month's sales was given on page 3275 of
_
1
the "Chronicle" of Dec. 8. Since then several belated
November returns have been -received, changing the total
for the month to $169,383,595. The number of municipalities issuing bonds in November was 302 and the number of
separate issues 432.
Rate. Maturity. Amount. Price..Basis.
24,500
1932-1938
6
4.39
434 1929-1953 900,000 101
2853_ _Alabama (State of)
4
1932-1959 7,500,000 102.06 4.33
2988-Albany Port Dist., N.YA
1933-1972 1,000.000 105.16 4.16
71,000
2988_ Alexandria, Minn
1929-1938
5
4g, 1946-1955 250,000 101.79 1.15
2988--Allegany Co., Md
48,000
3123_ _Allen, Okla. (2 issues)_____
Park, Mich
6
1930-1934 190,000 100.02
32762854_ _Amenia S. D.,No,9 N.Y.434 1930-1968 165.000 101.53 1755
6.00
3276-Amenia, So. Dak
3,000 100
• 6
10 yrs
5,530 101.41 4.81
2854_ _Ashtabula Co. Ohio--_ _5
1930-1945
,
2854_ _Atlanta, Ga.(3 issues)__ _434 1930-1956 2,150.000 103.77 4.13
77,000 106.49 4.13
2854_ _Atlantic Co., h. J
5
1930-1943
43( 1929-1933
24,000 100.33 4.12
2715_ _Attleboro, Mass
3276_ _Austin, Tex.(12 issues)
-4H-4341329-58 750,000 100.02 4.38
30,000 101.31 5.07
5g 1930-1943
2988- _Avery Co., N.C
2989__Ballston Spa., N. Y. (2
issues)
80,000 100.04 4.42
4)C 1932-1951
5
11,500
3124--Barrett Twp., Pa
4
155,000 97.65
2989-_Bath, Me
2854__Bay & St. Francis D. D.
No. 29, Ark
5g 1932-1952 500.000
3124--Beacon, N. Y
4.20 1931-1948 200,000 100.52 4.15
4.20
4.20
23,000 100
3124_ _Beatrice, Neb
65,000 100.31 5.14
3124--Beaufort Co.. N. C
43( 1929-1933
86,131 100.65 4.61
2989--Berea, Ohio (3 issues).--434 1930-1939
2989__Berrien Co., Mich
26,400 100.55
5
1929-1938
3276-Beverly Mlle S. D.,Calif_434 1929-1968 200,000 102.29 4:55
3124_ _Big Horn Co.,'W yo
r25,000
2716_ _Bingham Co. S. D.No. 1.
4.50
Idaho
434
150,000 100
2989__Bloomfield, N. J
434
246,000 100.13 4.32
1933
2989__Boise. Idaho
7
12,426
1938
2989__Boise, Idaho
5,399
3124 Boise Imps. Dist. No. 1,
Idaho
7
1938
13,279
5
2989- _Bonita S. D., Calif
534 1929-1940
12,000 101.51 - :55
2989_Bonneville Co. S. D. No.
1. Idaho
150,000 100
3432-_Bosque Co. R. D. No.
10, Texas
40.000 97.65 5.31
1929-1948
5
3432.. Bose g li D. No. 9, Tex.5
20.000 97.65 5.22
1929-1958
2989__Brady a. D., Tex
1930-1968 135.000 101.60 4.88
5
3124_ _Bridgeville, Pa
43(
60,000 101.77 4.15
1938
3124-..Brighton Corn. S. D. No.
5, N.Y
4.70 1929-1951 190,000 100.07 4.69
2989_ _Brighton, N. Y.(2 iss.)_ _5
1929-1951 509,000 101.79 4.78
5.25
10,000 100
2716--Brookville, Miss
53( 1929-1948
2716--Broward Co., Fla
6
1931-1939 r126.000
7.00
9,100 100
1940
2716- _Burlington.Wash.(21s.)_7
2854- _Burlington, Wig
10,000 100.51 4.30
434 1929-1933
3124-Burreli Twp. Pa
5% 1945-1949
15,000 114.93 4.28
6,000
3124- _Cadley Con. g. D.,Ga---6
1933-1953
2854„Caernarvon Twp. S. D.,
Pa
434 1933-1948
26,600 102.50 4.24
3432_ _Calcasieu Parish Dr.Dist.
40,000 100.15 5.23
No. 2, La
534 19294951
56,700 -----2854_ _Caldwell, Idaho
1929-1938
7
25,000
2854-Calhoun City, Miss
2989-..Calhoun Co. S. D. No.3.
30,000 100
6.00
Fla
6
43( 19454948 1,000,000 101.05 4.16
2854-California (State of)
2989- _Canonsburg S. D., Pa_ 431 1933-1958 110,000 101.26 4.16
3125-Carmel S.D.N0.10,N.Y..4.40 1929-1948 220.000 100.32 4.36
19314950 500,000
3432- _Carter Co., Okla
15,000
3277-Cary Con.S. D., Ga----- -- 30 yrs.
Yi5
1929-1948
25,000 105
3277-Chadbourn, N. C
6
19294938
12,000
3432_ _Chandler, Ariz
6
100.02 ;Coo
1942
30,
2854--Chatham,Va.(2issues)_ _5
2990-Chicago San. Dist.. III_ __43( 1929-1948 10,000,000 99.15 4.36
5.00
5
1930-1946
4,000 100
3432_ _Chillicothe, to, a
1929-1938
5
9,675
2990- _Clanden Twp.,Ohio
4
.
.50
1929-1948
18,280 100
3125- _Clarksville Ind
:In
1929
20,000
2855__Clay Co.. hid
6.28
19,1-1955
25,000 97.51
3432_ Clay Co.S. C. No.3, Fla..6
5.12
1929-1948
5
5,000 99
2990...Cleveland S. D., Ga
2990- _Cloverport Graded S. D.,
4.50
434 1933-1943 d15,000 100
Hy
2990-.Coastal Highway Comm.,
1931-1939 1,200,000 101.12 4.80
So. Caro
5
2716.. Columbus,Ohio(2issues)434 1931-1940 393,200 100.62 4.35
2990--Columbus, Ohio
434 1931-1940 265.500 101.20 4.30
6
35,000
3433-Commerce,Tex
:-.
4
1,080.000 98.29
2716--Cook Co., Ill
-5
1958
2855„Cookeville, Tenn
65,000
5:55
6
1929-1938
d2,096 102.00 3575_ _Cottage Grove, I 4135.00
19 - 9 8 d12,000 100
3575- _Cross Cut S. D.. Tex---5
3125__Curtis R. D., Misa
534 1929-1948
17,500
::::
1929-1933 303,000 102.88
2990_ Dearborn. Ohio (6 issues)6
2990_ Dearborn Twp., Ohio (2
Issues)
1930-1934 255,500 100.18 4.95
5
97.25 6.62
1929-1938
24,000
3125_ _De Funiak Springs, Fla_ _6
434 1930-1939
4,000 100.62 4.37
2990_ _De Kalb County,Ind_
4.20 1929-1958 450,000 100.21 4.18
2716--Delaware Co.,N.Y
2990- _Detroit, Mich.(3 issues)_43( 1929-1958 1,277,000 100.001 4.22
4
1958
3,000,000 100.001 4.22
2990_ _Detroit. Mich
2990_ _Detroit, Mich.(4!Beni:6).4% 1929-1958 3,683.000 100.001 4.22
4.75
434 19 9-19 6 105,000 101.31
4575_ _Dixon, Ill
2717_ _East St. Louis,Ill.(2 iss.) _- 1930-1938 104,400
6
30.000 100.08
2991_ _Eden, Tex
434
1948
3278__Eden Two., Pa
8,000
_ 25 yrs.
94.000
2991_ _Elk City S. D.,Okla
1928-1938
20,000
3433_ _El Paso, Texas---- - ---6
.
r9.000 100
3433_ _F,mmet ("minty, Iowa _41 4 d1929-1943
6.00
125.000 100
3125- _Erick, Okla. (2 issues).--6
8,500
1433_ _Essex. Iowa
1938
133,120 100.10 -5746
til
2991_ _Eugene,Ore
Ind
5
1930-1939 190,000 98.62 5.25
2855.. Evansile._
2991__Excelsior Springs S. D.
'434 1929-1948 200.000 101.41 4.35
Mo
19304939 164,800 100.68 4.87
2855_ _Fairview, Ohio (5 issues).5
5.00
21,069 100
2991- _Faulkner County, Ark_--5
1929-1948
5
7,000 103.26 ...,:!!
2855- _ Floyd Co., Ind
1958
485,000 100.018
434
2855_ _Fordson, Mich
1958
184,000 100.018 ---434
2855- _Fordson, Mich
1,574
6
3278_ _Forest Grove, Ore
3126_ _Forysth Co.,N.C.(3las.) 434 1929-1958 781,000 100.65 4.43
1930-1934 134,500
5
3126-Fort Lee, N.J
2855-_Frankfort 8. D. No. 9,
434 1930-1958 125.000 101.75 4.14
N. Y
Name.
Lit_Ada, Okla
2715_ _Akron,Ohio
[VOL. 127.
Page.
Name.
Rate. Maturity. Amount. Price. Basis.
2717-_Fulton, N.Y.(2 issues)-43( 1929-1953
82,000 100.19 4.28
3575-Gainesville, Texas
43( 19.,9-1968
4.75
65,000 100
3278--Geary Co. S. D. No. 31,
Kan
43( 15 yrs.
8,000 100
4.25
3126_ GermanTwp.S. D..Pa.-4%
1938
35,000 102.13 4.24
2991-_Gould, Okla
6
1933-1952
59,000 100.25 5.97
3126--Greater Peoria San, Dist.,
Ill
434 1930-1948 2,415,000
3278--Greece S. D. No.1, N.Y..4.55 1934-1958 225,000 100.07
4.54
3126__Green Bay, Wls
434
1930
175.000 99.64 4.80
2855--Greenburgh-East Irvington Water Dist., N. YA.30 1933-1947
43,000 100.08 4.29
2855--Greenburgh-Fairview W.
D., N.Y
4.30 1929-1946
35.000 100.24 4.27
3126_ _Greenburgh-Fairview
Sewer Dist., N.Y
434 1930-1954 490,000 100.57 4.19
2717..-Greenburgh-Knollwood
Water Dist., N. Y---4.40 1929-1948
20,000 100.26 4.36
3126-Greene Co., Ohio
4
1929-1938
91,190 100.25 4.19
2991--Greenville Co., S. C
4
1944-1948 402,000 100
4.30
3126--Greenville Co., S. C
40 1930-1943 360,000 100.02 4.29
3126-Greenville Co., S. C
434
1948
150,000 100.01 4.74
3278-Griswold Ind.S.D.,Iowa-4
1936-1948
68,000
2856.-Grosse Pointe Twp. S. D.
No. 1, Mich
43( 1929-1958 410,000 100
4.25
2991-Haddenfield, N.J
5
1934-1938
71,700
2856-_Hamtramck, Mich
43( 1929-1933 356,613 100.04
2991--Harlan, KY
25.300
3278-Har1an, Ky
6
1952
20.000 106.84
5.48
2991--Harlendale S. D., Tex_ _ _5
1929-1928 200,000 102.50 -2856--Hartford, Conn
43( 1929-1953 1,250,000 101.56 4.08
3576-Hartsville S. D. No. 32,
S.0
4
1933
20,000 100
4.00
3126--Hawthorne,N.J
1930-1967 164,000 101.20 4.66
3126-Hawthorne,N.J
431 1930-1940 152,000 100.19 471
3434_ _Ili hlams( 0., Fla
6
19 G-10 15
,
MO
96.25 6.56
3127-Hillside Twp. S. D. N.J.4
1931-1949 242,000 101.27 4.60
3127--Holmes Co.,Ohio(4 iss.)_4
1930-1934
41,600 100.28 4.66
2856--Hones Path, S.0
4
1938-1957
20.000 94
4.99
3127--Hood Co., Ore
4
1938-1957 200.000 98.62 4.60
2856-Hooversville S. D.,Pa_ _4
1933-1948
30,000
34 i4--Horry Co.,8.0
534 1932-1933
50,000 101.52 5.08
2991--Harvard Co., Ind
4H 1930-1939
4,000 100.88 4.31
3127-_Hudson River Reg. Dist.,
N. Y
4% 1935-1965 2.015.000 101.27 4.41
2717- _Illinois(State of)
4
1953-1958 7.000,000 97.55 4.15
2717- _Illinois(State of)
4
1930-1931 2,000.000 99.07 4.63
2856- _Jacksonville, Fla
_,
10.000 100
2991._Jamestown, No. Dak__ _ _ _
120,000 100
2991__Jeannette, Pa
434 1934-1946
22,000 103.01 -4
.11
2856_ _Jefferson City, Tenn_
100,000 102
-2717_ _Jefferson Co., Fla
5
1946-1948 100.000 95.36 5.66
3434_ _Je, t nd. 8.1).. Tex .5
et
25.000 100
1963
5.00
2717_ _Jo Daviess Co.,Ill.(2iss.)4H
88.000
2992_ _Johnstown, Neb
534
4.000 100
5:815
3279-Johnstown, Neb
1948
534
4,000 100
5.50
3127__Jonesville, So. Caro
6
1932-1948
15,000
2856_ _ Kent,Ohio
534
1930
75,268
3127_ Kenton Co. W.D. No. 1,
Ky _
o
1929-1938
1,483 100
6.00
2992-Kbig Co. S. D. No. 205,
Wash
43( 1930-1937
10,000 100
4.75
3279_ _ King William Co., Va._ _5
25 yrs.
r20,000 100
5.00
3127- _La Grange Park, Ill
5
1933-1942
15,000 103.28 4.63
3279--Lakewood Twp., N. J-534
1934
76,000 105.28 4.48
2717_ _Lambertson S. D., Minn..
16,000 100
3127_ _Landrum.So.Car
6
1935-1953
25,000
3435_ _La Plat 1, Md..5
40,000
1969
2992_ _La Porte Co.,Ind
125,000
3127_ _La Trobe S. D.,Pa
4
1930-1957
55,000 100.61 4.19
2717_ _Laurel, Miss
43(
r24,000
2856_ _Laurel, Mies
434 1929-1948 .r30,000 100
4.76
3279....Lawrence, Neb
27,000 100.05 4.48
434 1933-1948
'577-Leesville, S.0
,
20,000
2856_ _Leon Co., Fla. (5 issues)_5
1931-1940 100,000 97.61
5.26
2992_ _Levelland, _Tex
1939-1968
30,000
2992_ _Ligonier, Md
1930-1938
12,500 101.12
2992_ _Livingston Parish S. D.
No. 1, La
1929-1948
75,000
2856_ Lone Wolf, Okla
1932-1938
36,500
3279--Los Angeles Co. D. D.
No. 26, Calif
6
1932-1948 850,000
2992_ _Los Animus R. D. No. 1,
Colo
5
60,000 92.25
2992__Loulsville. Ky
43(
1968 1,215,000 102.89 4.11
2857_ _Lynnhaven S. D.,Va_ _ _ _5
1933-1958 100.000 102.20 4.83
3128-McComb,Miss.(2 iss.)_5%
40,000 100.50
2992--Macomb Co., Mich. (2
issues)
' 6
1930-1939
22,300 100
6.00
3128-Madill, Okla
1933-1952 r40.000 101
4.91
3128- Madison, Wig
1929-1948 210,000 100.43 4.19
3128-Madison, Wis
1929-1948 200.000 101.97 4.26
3128-Madison, Wig
80.000
..
2992-Mamaroneck, N. Y. (2
Issues)
411
3280- Manor Twp., Pa
4
1923-1948 d35,000
3128--Maple Heights. Ohlo (2
issues)
534 1930-1399
18,500 100.11 5.475
4!.' 1930-1939
3435_ _M arl, m "n.. Ind
8.100 100.87 4.33
6
2992-Marshfield, Ore
32,816 104.08 -3128-Marshall Co.,Ind
1930-1939
6,400 100.95 4.33
3128--Marshall Co.,Ind
1930-1939
2,800 100.73
1212
2992--Medford, Ore
25.757 100.15
2857-Menard Co., Tex
40.000
2992-Miamisburg,Ohio(2 iss.).43( 1930-1939
4.900 100
4.75
3128-Middleboro S. 13., Pa--5
1935-1947
13,000 107.11 ---4H
3128-Mifflin Twp., Pa
1948
150.000 104.11 4.20
10.000
3'80- _Mills County, Iowa
5
2718-Mineola, N.Y
4.70 1929-1933 2 0 000 100.14 4.65
37:
5
5
3128-Minneapolis, Minn
3280-Missien Ind. S. D.,Tex..5
1929-1967
30.000 97.50
/_5..2_0
.
3577_ _Mon seen S. D., Pa
434 1931-1957 250,000 101.06 4.16
2993--Monroe Co., Mich
106,600 100.74
14
2993-Monroe Co., Mich
129,000 100.74
-2993--Monroe Co., Fla
6
1933
110,000 95.34 7.10
3128-Mt. Vernon, N. Y. (5
Issues)
434 1929-1938 339,000 100.10 4.23
434 1933-195.3 250.000 100.36 4.48
3128-Muskogee Co., Okla
2857„Nashville, Tenn
434 1929-1968 400,000 102.47 4.32
2718__New Albion S. D. No. 1,
N.Y
434 1929-1939 r55,000 100.34 4.45
2993_ _Newton Co., Ind
1.910 102.19 -6
1930-1939
2993...New York, N. Y.(4 iss.) 4
1929-197855,000,000 100.83 4.2002
2994.._Nez Perce Co., Idaho 4
1930-1939 100,000 100.18 4.72
2857__Niobrara Co., Wyo
4
1930-1939
45.000 100
4.75
3280_ _North Bennington, Vt_ _ _4
1929-1938
85,000 96.93 4.55
-North Hempstead S. D.
3280
No.9, N. Y
434 1933-1957 283,000 101.58 4.37
3128.-North Milwaukee S. D.,
Wig
275,000
2857- _Northville Mich
434 1929-1938
65,550 100.87 4.56
4.50
3280„North Whites. D., Ia_ -434
75.000 100
3128_ _Noxukee Co.R.D.No.5,
Miss
75.000
2994 -Oak Harbor, Ohio
5
19294935
6,850 100.00 5.00
2994_ _Oakland, Calif
4H
1966
1,000,000 102.93 4.34
2857_ _Oakland Co.. Mich
431 1930-1939 114,000 100.01
2857_ _Oakland Co., Mich
434 1930-1939 114,000 100.001
3436__Ocean Shore Iropt. Dist.,
Fla
101 9 1 953 r75.060
11- 8
4
6
2718_ _Omaha, Neb
4
434 1929-1938 220.000 160:1.8- - :55
2718....0maha, Neb
27.000 100.15 4.33
4
2994_0neida Co., N. Y
4.10 1929-1949 850,000 100.11
3128__Oneonta, N. Y
15.000 100.00 1758
1929-1933
2994-_Ontario, Ore
24.000 100.00 5.50
1948
Ag
AA
DEC. 29 1928.]
FINANCIAL CHRONICLE
3735
Rate. Maturity. Amount. Price. Basis.
Name.
Rate. Maturity. Amount. Price. Basis. Page.
Name.
Page.
2857-Montague Co. R. Dist.
2857-Orange Co. 8. D. No. 7.
750,000 ------ ---No. 12, Texas (Oct.)
30.000 98.52 5.64
Fla
534 1931-1958
2859-Sante Fe Partic. District,
2857--Orange Co. S. D. No. 10.
85,000 ------ __-N. Mex. (Oct.)
10.000 95.10 6.59
1931-1950
6
Fla
20.000 100.25
2857-_Orange Grove 8. D.,Miss.6
We have also learned of the following additional sales for
4
2857__Orleans Levee Dist., La--4X 1929-1968 4.000.000 98.00 - :55
15.775
1930-1133
2994-Painesville, 0.(3 issues)_5
previous months:
163.000
1968
5
3281-Pampa S. D.,Tex
50.000 107.11
5.18 Page,
1932-1948
6
Rate. Maturity. Amount. Price. Bassi.
3129-Paris, Ark
Name.
1929-1958
5
47.600 100.88 5.17 3276__Archer City. Tex.(2 iss.)_
•2994-_Parma 8. D., Ohio
80,000
1930-1939 281,000 10 J68
8281-Parma, Ohio (2 issues) 4
79,000 100.03
1929-1937
534 1933-1957 575,113 101.96 Yog 1280--Berkley, Mich.(Aug.)_ _ _6
2858-Pasadena, Calif
434 1930-1967 801,000 102.70 4.29 3124__Ben Avon Heights, Pa.
2858-Passaic. N. J •
434 1930-1956 424.000 102.07 4.31
28,000 101.73 3.84
2858-Passaic, N. J
(Sept.)
43.4 1933-1948
10,000 101.15
3129--Pen Argyl S. D., Pa
434
53,100 100.01 ---3124__Berrien Co., Mich.(Sept.)4 X 1929-1938
1929-1936 436,000
2718-Pennsauken Twp., N.J__5
3276-Bloomfield Twp. S. D..
2994__Philadelphia, Pa
4
1949-1978 3.500.000 100.005
- 20,000
Pa. (April)
434 1930-1953
2994__Philadelphia, Pa
434 1948-1978 1,500,000 100.005
2989__Bourbon Twp.Sch. Dist.,
6
12.000
1929-1938
2994_ -Phoenix, Ariz
4.25
85,000 100
Ind. (Sept.)
434 1929-1942
3281-Pinesville, Ky
1958
40,000 101.57 5.39
534
434 1931-1945
7,500 100
2994-Plandome, N. Y
4.50 3276__Bowling Green,0.(Aug.)5
44.250
1929-1938
2719--Plattsmouth, Neb
1938
6
d10.000
32.000 100.50
5
3276„Brentville S. D., Va
30 yrs.
3281-Pontiac, Mich.(5 issues)-434 1929-1958 470.000
12,000 100
2989__Bridgeport, Ohio (Sept.).434
5
23,000 101.08
3281-_Port Arthur. Tex
434 193 -1939
9.600 101.16
2989„Camillus S. D. No. 2,
2858--Porter Co. Ind
100,000 100.22 4.48
1938-1948 2,400,000 97.63
434
2858--Portland Water Dist.,Me.4
N. Y.(Aug.)
2719__Port Neches S. D.. Tex_
30.000
21,614
1929-1933
3277__Carroll Co., Md.(Sept.).6
4
2994__Portsmouth, Ohio
1930-1939 236,196 100.53 4.40
--24,000
1929-1938
32,000 101.27 ---- 3277_Columbiana, Ala.(Aug.)-6
2994-.Posey Co., Ind
434 1929-1938
Ohio
2716__Cuyahoga Co.,0.(2 iss.) _43.4 1929-1937 118,866 100.33
434
6,000 100.20
3281-Prairie Twp.,
3500(1 10o
llft 1 -1940
4.513
-Woh 3125__Dale, Pa.(Aug.)
3437. Por‹..ell.( •i,la. ,2 issues)_ -5
15,000 100
434 1932-1946
434 1929-1945
85,000 100.20 4.72
2719-_Putnam Co., N. Y
38.500 100.37 5.95
1930-1943
6
60,000 101.66 4.26 2990__Dare Co., No. Caro
2719-Putnam Twp. S. D.,Pa 4X 1931-1942
9,280 102.49 3.88
43-4 1929-1937
6
1929- 917
7.504 100
6 00 3962-Delaware Co., Ind
3579-_Rapid City, S. Dak
---1934-1943 250.000
43i 1929-1958 1,050.000 102.31 4.04 2855__Dorchester Co.. So. Caro.5
2995--Reading, Pa
1929-1932
57,600 101.55 5.32 2855__Dover Sch. Dist., Pa
3129-Redford Twp.,Pa.(3 iss.)6
4.50
5.200 100
4 A 1929-1943
1929-1938
5
2.000 100
3281-Regan. N. alt
5.00 2855__Eden Con. S. D., Miss_ 6
12,000 101.04 ---_
2858„Riverhead W.D. N.Y-5
1930-1949
35.000 105.18 4.42
1929-1937 1,065,482 100.12
6
1932-1951
50,000 100
3129-River Junction, Fla
6.00 2717__Flint, Mich. (3 issues) 5
1st. Arts _5 11-J0 yrs.
3437 Bo....,“.t .or. I'
.42
5
5,578 102.33 -- 1929-1937
565,000
6
3278__Empire, Ohio
2858-_Rosendale S. D. No. 1.
444__Forsyth Co., No. Caro.
N. Y
5
1929-1948
30,000 102
4.74
- ---125,000
534
(July)
2995-Ross Twp.S. D. 1. Mich_434 1945-1954
60.000 100
4.50
-5.900 101:59 5.15
50,000 100
2719-_Round Grove Twp., Ill-434 1929-1938
4.50 2717__Fort Branch. Ind. (Sept.)5X 1929-1938
1929-1948 dr10,000
35/9__Rtman Co. D. 1). No. 9.
(July) 5
716_ _Fort Calhoun,Neb.
No. rare
6
1031-1040
0q0 100
9.
6.00 1282-Garfield Heights, Ohio
r10.000
2995-Royal, Neb
43.4 1930-1946 886.985 100.92 5.10
(Aug.)
3129--Rye S. D.No. 1,N.Y...4.40 1929-1959
31,500 100.66 1.34
5.59
250.000 100
514
434 1929-1948 275,000 99.71 4.54 2717--Gray Co., Texas
2719_ _St. Johnsburg, Vt
490.000
434
3278-Halfway, Mich
3281--St. Landry Parish S. D.
No. 1, La
1.110_01
534 1929-1938
40,000 100.62 5.38 2991-.Hammonton. N.J.(2 iss.)4X 1929-1958 176.000
3129- _St. Stephens H. S. D..
9.800 - ------ ---2991-Harrison County, Ind.._ _4X 1930-1939
S. C
10,000
4.21
-434 1929-1950
20.000 100
4X 1930-1948
3281--Salem, N. J
48,000 101.22 1
.61 2991-_Hermon, N.Y.(June)
4.58
160.000 105
Valune)-5
1930-1955
296- _Hinton, W.
2995- _ San Antonio,Tex.
(10iss.).4 X 1929-1968 4,755.000 98.25 4.39
6.00
37,000 100
J
1932-1968
3632__Waltville, Calif.une)-6
3281-San Augustine, Tex. (2
3633__Jamestown, N. Y.(June)434 1929-1938 176.423 100.11 ---issues)
72,000
4.61
434 1929-1958
.
3129_ _San Springs, Okla_ _ •____434 1931-1960
15,000 100
47.88 3279__Jefferson Co.. Tex iss.) 6 1930-1938 75,000 98.75 --„._.,
19,829
3129__San Lorenzo S. D..Calif.-5
1929-1954
26,000 104.97 4.48 2717_ _jasper Co., Ind.(2
434 1929-1938 156,800 100.60 - 4.37
Knox County, Ind
3129._San Marcos,Tex
5
1929-1968 150.000 104
4.70 32i9._La Forla, Tex.(June)_ _ --534 1929-1953
5.50
35.000 100
3633,
2859_ _Seal Beach,Calif.(2iss.).
50.000
2859_ _Seneca Co.,Ohio
5
1929-1934
48,000 101.36 4.57 2856_ _Los Angeles Co. D. No.
1933-1947 423,389 101.93 5.77
6
136, Calif
3438_ _ Sha v, nee Co., Kan
1929-19.18
42.290 100
4.50 3633_ Lovelock. Nev.(June)_ _5
75,000 101.25 ---4 4 1938-1954 250.000 101.68 4.37
41
3438_ _Shelby Co., Tenn.
2718__McCone Co. S. D.No.56,
2719_ _Shelbyville, Tenn
5
50.000
1.400 100
1938
Mont.(Sept.)
5
2995_ _ Sierra Madre,Calif
1929-1952
75.000 103.08 4.66
15,000 100.15 1:98
1929-1958
5
3129_ _Signal Hill, Calif
1938-1943 100.000 103.12 4.68 3280_-Mart Ind. S. D.,Tex----5
85.000 100.01 4.24
1938-1948
4
_Masontown,Pa
3128_
3282- _Silverton S. D., Tex
534 1929-1968 100.000 100.60
5.44 2857__Miand & Yoder S. D.,
2719-Southfield Twp. S. D.
4.62
6,500 98
1929-1937
4
Colo
No. 7, Mich.
5
1931-1958 100,000
4.88
8,000 100.31
1929-1932
3129_ _South River, N.J.... _____5
1929-1948 111,000 102.21 4.72 2993_ _Minoa,N.Y.(Sept.)_ _ _ _5
3128__Morehouse Parish S. D.
2859--Spencer Ind. S. D.,Iowa..434 1930-1937 r40.000 100
4.25
2-3, La.(Apr.)- - - -- 1929-1943 125,000
Nos.
3438- _Spindale, N.C.(4iss.)--_534 1931-1950
20,000 102.70 5.20
28.044 101.65 4.62
1930-1947
5
2719- _ Statesville, N.C.(2iss.) _434 1930-1966 270,000 100.27 4.72 2993_ _Morrow Co., Ohio
4.45
15,000 100.41
434 1929-1943
2857_ -New Bethlehem,Pa
2719--Stuart, Fla
95
r83.010
2719-_Summit Co.,Ohio(4 iss.) 434 1929-1938 108.250 100.12 4.47 3966__New Jersey (State of)
7--5.000,000
1933
4
June
-Swan S. D., Iowa
3579
434 1929- 948
22,500 100.17 4.23
2859- _Switzet•land Co.,Ind
434 1930-1939
38,800 100.61 4.39 3635__New Philadelphia, Ohio
5.00
1,500 100
5
(June)
3438_ _ Tippecanoe Co., lnd_ __ _6
1929-1918
34,412 100
6.00 3280_01mstead Falls, Ohlo
7,400 100.20 5.19
534 1930-1934
3129_ _Tipton Co.,Ind
434 1930-1939
11,253 100.65
25,000 100.63
- 1933-1942
2718__Peninsula D.D.No.2,0re_
3129_ _Towanda,Pa
4
22,000
15,186 102.05 Vii
1930-1938
5
2858_ _Perrysburg,Ohio
3130--Tucson, Ariz
1930-1939 100,000
6
218,011
---6
2719__Portland.Ore
2720- _ Tulsa. Okla
1932-1952 200,000 100
2995- _ Tulsa, Okla
431 1932-1952 100.000 101.31 4.57 2719__Putnam Co. S. D., Fla.
20,000 96.59 ---(Sept.)
2995-Tulsa, Okla(2 iss.)
1929-1941 114,000 101.31
5
4.57
60,000
1939
2859_ _Santa Fe P. D.,N.M- -6
2995- _Tuscumbia, Ala
1938
6
138.000
3438-Ulysses, Kan
40,000 100
1:86 4122_ _Seattle, Wash.(June).--434 1930-1948 1,125,000 101.60 1:55
434 1929-1948
2719_ _Shiawassee & Ingham Cos.
3130- _Umatilla Co.S.D.No.80,
90,000 100.38 5.15
53.4 1930-1934
Mich
Ore
1929-1933
9,000 100
5
5.00
10.000
5
3282-University of Texas. Tex-434 1930-1932 500,000 100.43 4.59 3129__Sidney, N.Y
- 2
20,000 100.69 4.6.
3282__Shelby, Ohio (Sept.)-.434 1930-1939
2995- _University Heights, Ohio-5
1930-1939 171,800 100.71 4.94
25,000
1931-1955
2859--Utica, N. Y.(9 lss.)
4.20 1929-1948 411,429 100.27 4.16 2859_ _Suwanee Co.D.No.3,F1a6
449„Texas S. D., Tex.(9 iss.2995_ _ Ventura Gran.S.D .Cal
100.000 105.11
443.000
July)
3580__Vernal, Utah
6
1929-1933 d36,000 98
6.73
2720- _Vicksburg,Miss
434 1929-1953 r215,000 100.59 4.69 2859__Uniondale S. D.. N. Y.
(May)
434 1930-1954 300,000
3130--Valusia Co.,Fla
r250,000 105
1932-1953 140,000
301_ _Union Co.,Fla.(July)- - -6
1930-1943
50,000 101.60 "Zig
2859- _ W arren County, N. C.---5
434 1929-1968 350,000
2720_ _ Vernon,Tex.(3 iss.)
_ _Warwick, R. I
4
2720
1929-1978 350,000 95.86 4.27
113.100 100.13
3637_ _Warren,Ohio(June) • 4X
2720__Washington Co., Miss
455,000 98
143__Weld Co. S. D. No. 102,
3130_ _Washington Sub. Sanitary
2.500
43.4 1930-1932
Colo.(July)
District, Md
43.4
1978
300,000 103.65 4.29
85,000 102.55 Zoe
1953
3282__WestChester,Pa. (Sept.)434
.Wayne County,No.Caro.
3130.
12,560 100.20 ---431
(3 issues)
434 1930-1960 748,000 101.08 4.62 3283__Whitby Co.,Ind
50,000 100.17 4.65
1929-1953
3283__Winchester S. D., Ohio...4
1929-1932 124.000 100.71
3130- _Wayne County, Ohio-- 5
2720__West Monroe, La
1938
5
33,000 101.46 - 755 3283__Wyandot County. Ohio
5
48,969 100.17 4.72
434 1929-1938
(Sept.)
2859_ _West New York, N. J-4
1930-1968 299,000 100.55 4.46
12,000 100
2859_ _West New York, N. J....4
1929-1935
4.50
All of the above sales (except as indicated) are for Octo2859_ _west Nev York, N..1_ -4
1930-1953 200,000 100.13 4.43
will
3283--West Rutland Fire Dist.,
ber. These additional October- - make the total
- - . issues
Vt
434 1929-1948
60,000 100
4.50
2859_ _West Virginia (State of)_ _ 4
1943-1946 412.000 100.002 4.08 sales (not including temporary loans) for that month $99,88,000 100.002 4.08
2859_ _West Virginia (State of) 434
1943
60.000 100
3130__Wilber, Neb. (2 issues) 434
4.50 886,285.
2860_ _Wilmington, Del
434 1933-1967 350,000 104.33 4.18
7
- GEBENTURES _SOLD BY OANKDIAN MIINICTPA LITIES .IN
2860._Wilmington, Del
434 1929-1932 100,000 100.13 4.43
ifiraNOVEMBER.
50,000 101.20 4.30
2860_ _Wilmington, Del
434 1933-1937
5
30.000 100
3130_ _Wilsonville, Neb
5-20 Yrs.
5.00 Page. -^",•;-"' Name.
Rate. Maturity. Amount. Price. Basis.
3131_ _Woonsocket, R. I.(3 iss.)434 1929-1960 650,000 101.39 4.37 3131_ _Burnaby Dist., B. C----5
5.00
225.000 100
30 years
2860__Worcester, Mass.(3 iss.)..4
1929-1948 800.000 100.54 3.92 3131__Burnaby Dist., B. C..___434
100,000 96.25 4.97
10 years
434 1933-1944
3434__Wyoming. Iowa
5,500 100
4.50 3131__Drummond Twp., Ont___
54.941 100
1929-1948
434 1930-1039
11,000 -----3131_ _Xenia, Ohio
10-30 yrs. 525,000 99.57 5.65
5
2721_ Edmonton, Alta
1929-1958 95.000 97.50 --2860__Kenogami. Que
5
Total bond sales for November (302 munici92,000 98.53 -...,1929-1958
5
3283-Magog. Que
palities, covering 432separate issues)..k$169,383.595.
108,000 94.27 4.86
3283-Manitoba D. D., Can 4X 30 yrs.
97.43 ...
.
3131-- e on,
d Subject to call in and during the earlier years and to mature in the later 2721_ _New Brunswick(Pow.of)434
1958 2,265.031 years. k Not including $14.454,425 temporary loans. r Refunding bonds. 3283__Noranda, Que.(3 issues)_5
413.000 100---- Koo
10-40 yrs.
41.207 98.85 5.19
y And other considerations.
10-15 yrs.
2721-Preston, Out.(2 issues).-5
2996Prince Edward Island
(Province of)
43.4 10-20 yrs. 270.000 96.27 4.84
The following items included in our totals for previous
12,000 98.35 --25 years
5
3131__St. Foy. Que
months should be eliminated from the same. We give the 3131__Tecumseth Twp., Ont__ _5
39.375 103.06 5.13
1929-1948
1929-1968 100,000 98.73 ---5
paper in which reasons 3131_ -Terrebonne, Que
page number of the issue of our
19 inst.
19,099 102.25
2721_-Trafalgar Twp., Ont---.5X
2,000 100
10 yrs.
6
3283__Wapello, Sask
1.66
for these eliminations may be found.
Total amount of debentures sold during
Name.
Rate. Maturity. Amount. Price. Batts.
November 31,601.b22.
Page.
30.792
3960-Bucyrus, Ohio (June)_
CANADIAN SALES FOR PREVIOUS MONTHS.
dr13,000
-718.-Fort Calhoun, Neb. (July)
Rate. Maturity. Amount. Price. Basis
50,000
Name,
Page.
3434 _ Fulton t .0.. Ky. tMay)_
101,882
41,900
2721_ _Montmagny,Que.(Oct.)-5
3805-Grover, Ohio (May)
.Scarborough Twp., Ont.
16.800 -----296__Hinton, W. Va. (June).
2996.
5
500,000
(Oct.)
198,514 98.35 --3279__Los Angeles, Calif. (Oct.).
10-20 yrs. 109,920 98.03
2721_ _Swansea,Ont.(Oct.)_ _ - -5
2857-Miami & Yoder S. Dist.,
65,000 ------ - 2996_ _Tache Twp..Que.(Sept.) F
30 in Bt.
__ -----Colo. (Oct.)
28.000
Z
- ia
3736
*
FINANCIAL CHRONICLE
[VOL. 127.
Atlantic Coast Line System.
Mobile & Ohio RR. Co.
41,at consolidated 45, 1952
*General Mortgage 4s, 1938
[
klabama Midland Ry.lst 55 1921
,
]
*Montgomery Division Is, 1947
AU. Coast Line of So. Caro let 4e. 1948
Nashv. Chatt. & Sc.
Brunswick
Connecticut (State of).—List of Legal Investments for Charleston & Western RR. let 4s. 1938 First Mortgage 45, 1978 Louis System.
& Savannah Ry. 1st 78, 1936
Louisville & Nashville Term. 1st 45, 1952
Savings Banks.—Complying with Sec.3976, General Statutes, Florida Southern RR. 1st 48. 1945
Memph. Un. Sta. Co.(guar.) 1st Is, 1959
General Unified 4s & 4145, 1964
Revision of 1918, the Bank Commissioner on Nov. 1 1928 Northeastern RR. cons. 6s, 1933
Paducah & Ill. (guar.) 1st 43.4s, 1955
Norfolk & Carolina RR, 1st 55, 1939
New York Central System.
issued the list of bonds and obligations which he finds upon in2d Is. 1946
First Mortgage 314s, 1997
.
vestigation are legal investments for savings banks. This list Richm. & Petersb. RR.cons. 410, 1940 Consolidation Mortgage 4s, 1998
Say. Fla. dr West. Ry.cons.Is & Os. 1934 Refund. & Impt. Series A 414e, 2013
is revised each six months, that is, during the first week of Wilm. & Weldon RR. gen. 48 & 55, 1935 Refund. & limit. Series 13 68. 2013
Wilm. & New Berne RR. lin 4s. 1947
Refund & Impt. Series C Is, 2013
May and November. The Commissioner again calls attention
Debentures ,8
4s
:
Central of Georgia Railway
1944
32
to the wording of the law, which discriminates against the First mortgage 55, 1945
Carth. Wat.& Sack. H. RR. 1st 55, 1931
Mobile Division Is, 1946
Carthage & Adirond. Ry. 1st 48, 1981
"Special Assessment" or "Improvement" bonds, or other Macon dr Northern 55, 1940
Chicago Ind. & Southern 1st 45, 1956
Oconee Diwision Is, 1945
bonds or obligations which are not the direct obligation of
Cleveland Short Line let 414s. 1961
Central Railway of New Jersey.
Gouverneur & Oswegatchie RR. 1st 5s,'42
the qty issuing the same, and for which the faith and credit General mortgage 4s & Is, 1987.
Indiana Illinois & Iowa 1st 45, 1950
Amer. Dock & Imp. (guar.) let Cs. '36 Jamestown Franklin & Clear!. let 48,1959
of the issuing city are not pledged. The last list published
Kalam.& White Pigeon RR. let 5s, 1940
Chesapeake & Ohio RR. Co.
by us was for May 1 1928, and was printed in full in the First consolidated 55. 1939
[Lake Shore & Mich.So.gen. 3.45, 1997]
Craig Valley Branch 1st 5s, 1940
Lake Shore Collateral 314s. 1998
"Chronicle" of May 26 1928, pp. 3329 and 3330. We print Ches. & Ohio Northern 1st 55, 1945
Lake Shore & Mich.So. Bob. 45, 1928
4s, 1931
" "
the Nov. 1 1928 list herewith in full, indicating by means of Richmond & Allegheny dly. 1st 4s, 1989 Little Falls
Warm Springs Valley Br. 1st Is, 1941
& Dolgeville 1st 3s. 1932
Michigan Central Collateral 334s. 1998
an asterisk (*) the securities added since May 1 1928, while Green Brier Ry. 1st 4s, 1940
Big Sandy Ry. 1st 4s, 1944
Mohawk & Malone Ry. 1st 45, 1991
those that have been dropped are placed in full-faced brackets. Paint Creek Branch 1st 4s, 1945
" ' cons. 33.45. 2002
N. Y.& Putnam RR. cons. 49. 1993
Coal River Ry. 1st 4s, 1945
The following table shows the State and municipal bonds Potts Creek Branch 1st 45, 1946
Pine Creek Ry. let 6s. 1932
Sturges Goshen & St. Louis let 3,a, 1989
Raleigh & So. Western 1st 4s, 1936
which are considered legal investments:
Chicago Burlington & Quincy System Spuy. D'yll. & Pt. Mor. RR. let 3348,59
Norfolk & Western System.
First—Bonds of the United States, or Elkhart, Ind,
General mortgage 45, 1958
Newport, R.I.
Consolidated Mortgage 4s, 1996
those for which the faith of the United Elmira, N. Y.
Illinois Division 33.4s & 45, 1949
Newton, Mass.
General Mortgage 65, 1931
States Is pledged, including the bonds of Elyria, Ohio,
NorthAdams,Mass.
Chicago & North Western System
the District of Columbia.
Erie, Pa.
Northampton,
General mortgage 3145, 4s, 4545 dr Is,'87 New River DhAsion 1st 65, 1932
25. 1930 Evanston, Ill.
Impt. and Exten. Mtge. 68, 1934
United States Bonds
Mess.
Debenture Is, 1933
3s, 1918 Evansville. Ind.
Norfolk Terminal Ry.(guar.) let 45, 196)
Oakland, Cal.
Des Plaines Valley Ry. 1st 448. 1947
25. 1936 Everett, Mass.
U. S. Panama Canal
Oil City, Pa.
First & Refunding 4145, 55 and 6s, 2037 Scioto Val. & New Eng. RR. 151 45, 1989
3s, 1961 Everett, Wash.
U. B. Panama Canal
01Pan. N.Y.
Northern Pacific System.
Frem. Eikh. dr Mo. Val. RR.cons. 65.'33
All issues Fall River. Mass. Omaha, Neb.
Liberty bonds
Iowa Minn.& Northw. Ry. 1st 3345, 1935 General Lien 3s, 2047
4145. 1947-1952 Fargo. No. Dak,
Treasury bonds
Oshkosh, Wis.
Mani. Green Bay & N.W.Ry.Ist 350;41 Prior Lien 45, 1997
45, 1944-1954 Fitchburg, Mass, Oswego, N. Y.
Treasury bonds
Minn.& South Dakota Ry. 1st 3tis. 1935 Refund. dr Imp. 4 Sis 55 and 65, 2047
33.is, 1946-1956 Flint, Mich.
Treasury bonds
Ottumwa. Iowa.
St. Paul & Duluth RR.cons. 4s. 1968
Milwaukee &State Line Ry. 1st
Second.—Legally issued bonds and Fond-du-lac,Wisc, Parkersburg, W.Va. Milw. Sparta & N. W. By. let 33.45.'41
"
1st 55, 1931
4s, 1947
interest
-bearing obligations of the follow- Fort Wayne, Ind. Pasadena, Cal,
Wash.& Columbia River By. let 48. 1934
Mliw. Lake S h. & West. Ry.;
ing States:
Fromm. Cal.
Paterson. N. J.
St. Paul & Duluth Div. 4s, 1996
Extension and Improvement Is, 1929
Nevada
California
Galesburg, Ill.
Pawtucket, R.I.
Sioux City & Pacific RR. let 314s, 1936
Pennsylvania System.
New Hampshire
Colorado
Gloucester, Mass Peoria, Ill.
St. Louis Peoria & N. W. 1st 55, 1948
Consolidated Mortgage 4s. 1943
New Jersey
Connecticut
Gloversville, N. Y. [Pittsburgh, Pa.]
St. Paul East. G. T. Ry. 1st 414s, 1947
4s, 1948
New York
Delaware
Grand Rapids.511ch Pittsfield, Mass,
sCollateral Notes Cilia. 1036
"
310, 1945
North Dakota
Florida
Green Bay, Wis.
Pontiac, Mich.
"
410, 1960
Cleve. Clue. Chicago & St. Louis RR.
Ohio
Idaho
*Hamilton, Ohio
Port Iluron, Mich.
,
Ctn. Indpls. St. L.& Chic. gen. 4s, 1936 Allegheny Valley RS.gen. 48. 1942
Oregon
Illinois
Hammond,Ina.
Portland, Me.
Cloy. Col. Cin. & Indpls. gen. 6s, 1934 Belv. Del. RR.(guar.) cons. 3145, 1943
Pennsylvania
Indiana
Harrisburg, Pa
Portsmouth, Ohio
Cambria & Clearfield Sty. ken. 4s. 1955
Springfield & Columbus Div. 45, 1940
Rhode Island
Iowa
Haverhill. Mass.
Pottsville, RA,
Cambria & Clearfield By. let Is, 1941.
White Water Valley Div. 4s, 1940
Kansas
South Dakota
Hazeiton, Pa.
Poughkeepsie, N.Y.
Cleve.& Pitts.(guar.) gen. 3148, 1948
General Mtge. 48 and Is, 1993
Kentucky
Tennessee
Holyoke. Mass.
Providence, R I.
3148, 1950
Texas
Maine
Delaware & Hudson System.
Huntington, W.Va. Quincy. III.
3148 &414ir42
Maryland
Vermont
Adirondack Ry. 1st 4145. 1942
Mitchinson, Kan. Quincy, Mass.
Colum.& Pt. Dep. Ry. 1st 4s, 1940
Washington
Massachusetts
Albany & Sus.RR.(guar.) cony. 314s,'46 Connecting By. (guar.) 4s, 1951
Indianapolis, Ind. Racine, Wis.
West Virginia
Michigan
Del. & Hudson Co. 1st & ref. 45. 1943
Jackson, Mich.
Reading, Pa.
Connecting Ry. (guar.) Is, 1951
Wisconsin
Minnesota
Jamestown, N. Y. Richmond.
Delaw. Lackawanna & Western Syst Del. Rly. & Bridge Co.(guar.) 1st 4e.'as
Missouri
Wyoming
[Johnstown, Pa
Rockford. Ill.
Bangor dr Portland Ry. 1st 65, 1930
General Mortgage 4S48. 1965
Montana
Joliet, Ill.
Rock Island, Ill.
Morris & Essex RR.(guar.) ref.3 Hs,2000 General Mortgage Is. 1968
Rome, N. Y.
Warren RR.(guar.) ref. 344s. 2000
General Mortgage 65, 1970
Third.—Legally issued bonds and ob- Joplin, Mo,
N .'Y.Lack.& West.(guar.) 1st 4 5.4s,'73 Hollidaysburgh B.& C. Ry. 1st 45, 1951
ligations of any county, town, city, Kalamazoo, Mich. Saginaw, Mich,
N.Y.Lack. & West.(guar.) 1st 55. 1973 Barr. Ports. Mt. J. & L. 1st 45, 1943
borough, school district, fire district, or Kansas City. Mo. St. Joseph, Mo.
St. Louis, Mo.
Junction RR. gen. 33.4s. 1930
sewer district in the State of Connecticut. Kenosha. Wis.
Great Northern System.
Kingston. N. Y.
St. Paul, Minn.
Penn. dr Northw. RR. gen. Is, 1930
First and Refunding 4.1is, 1961
Fourrh.—Legally authorized bonds of Kokomo,Ind.
Salem, Mass.
Pittab. Va.& Chariest. lty. let 4s, 1943
General Mortgage, Series A. 7s, 1936
the following cities outside of Connecticut, La Crosse, Ma.
Diego, Cal.
San
Phila. Halt & Wash. RR. 1st 4e, 1943
Gen. Mtge. Series B, 5345. 1952
and which are the direct obligations of the Lafayette, Ind,
Sandusky. Ohio.
General Mtge. 65. 1980
Gen. Mtge. Series C 58, 1973
city issuing the same. "Special Assess- Lancaster, Pa.
San Francisco, Cal,
General Ser. B Is. 1974
Gen. Mtge. Series D, 434s, 1976
ments" and "Improvement" bonds which Lansing. Mich.
San Jose, Cal.
Wilm. & Bait. RR_ 4s, 1932
Gen. Mtge. Series E.4345, 1977
are not the direct obligations of the city Lawrence, Mass
Scranton, Pa.
East. RR. of alinn.,No.Div. 1st 45. 1948 Phila. & Bait. Central let 4s, 1951
and for which its faith and credit are not Lebanon, Pa.
Sunbury & Lewiston By let 45. 1936
Sheboygan. w14
.
Montana Central Ry. 1st 5s & 65, 1937
pledged are not allowable.
Lewiston. Me,
Shenandoah. Pa.
Sunb. Has. & Wilkes
-B. Ry. 2d (is, 1938
Spokane Falls & Nor. By lot 6s, 1939
Sioux City, Iowa.
Alameda. Cal.
Central Falls, R. I. Lexington. Ky.
St. P.M.& M.By. cons. 48.410.46s.'33 Susq. Bloom. & Bernick 1,t, 5s, 1952
Sioux Falls, So. D
Allentown, Pa.
Charleston. W.Va. Lincoln, Neb.
Un. N.J. RR.& Canal Co. gen. 45, 1948
Montana Extension 45. 1937
Lockport, N. Y.
Somerville, Mass.
Alliance, Ohio.
Chelsea, Main.
4s, 1944
Pacific Extension 45, 1940
Logansport, Ind. South Bend, Ind.
Chester. Pa.
Altoona, Ps.
48. 1929
Willmar & Sioux Falls Ry. 1st 55„ 1938
Long Beach, Cal, Springfield. Ill.
Amsterdam. N. Y. Chicago, Ill.
314e. '51
Illinois Central System.
Springfield, Mass.
Lorain, Ohio.
Anderson, Ind.
Chicopee. Mass
414s.'73
Collateral Trust 314s, 1950
Springfield, Mo.
Los Angeles, Cal.
Ashtabula, Ohio. tAncinnati, Ohio.
[Western Penna. RR. cons. 4s, 19283
Cairo Bridge 45. 1950
Springfield, Ohio.
EAtlanticCIty. NJ Clarksburg. W.Va. Louisville, Ky.
Wash.Terin (guar.) 1st 3"4,'s&43.'45
Chicago St. Louis & N. O.—
Spokane, Wash,
Lowell, Masa,
Auburn, N. Y.
Cleveland, Ohio.
Guar. cons. 335s. 1951
Pittsburgh, Cincin. Chic.& St. L.RR
Steubenville, Ohio,
Lynn, Mass.
Aurora, Ill.
Clinton, Iowa
Memphis Div. (guar.) 1st 45, 1951
Chicago St. L. & Pitts. cons. 58, 1932
Stockton, Cal,
Colorado Spgs., Col. Madison, Wis.
Baltimore. Md.
First Mortgage, gold, 314s & 45, 1951
Chartiers Ry. Co. Ist 33.4s, 1931
Taunton, Mass.
Malden, Mass.
Bangor, Me,
Columbus, Ohio.
First Mortgage, Gold Extension 3145,'51 Consolidated gold la 4148, 1940
Manchester. N. H. Terre Haute, Ind.
Battle Creek, Mich. Concord. N. If,
First Mtge.,Sterling Exten.. 35 & 48,1951
" B 434s, 1942
Toledo, Ohio.
Bay City, Mich.
Council Bluffsjowa. Mansfield. Ohio,
46
First Mtge., Sterling Exton., 314s. 1950
" C 414s, 1942
Topeka, Kan.
Marion, Ind.
[Bayonne, N. J.] Covington, Ky.
Litchfield Division 3s, 1951
" D 4s, 1945
Trenton, N. J.
Marion. Ohio.
Belleville. III.
Cranston, R.I.
Louisville Division 314s, 1953
E 314e, 1949
Mason City, Ia.
Troy, N. Y.
Bellingham, Wash. Cumberland. Md.
Purchased Lines 314s. 1952
" F 4s, 1953
McKeesport, Pa. Utica. N. Y.
Beloit, Wisc.
Dallas, Tex.
Refunding Mortgage 4e & 58. 1955
" 048,1957
Vallejo, Calif.
Medford, Maas.
Berkeley, Cal.
Danville, Ill.
St. Louis Division 3s & 350, 1951
"11 4s, 1960
Beverly, Mass.
Middletown, N. Y. Waco. Tex.
Davenport, Iowa.
Springfield Division 310, 1951
" I 414s, 1963
Middletown, Ohio. Waltham. Mass
Binghamton, N. Y. Dayton, Ohio.
Omaha Division 3s, 1951
" J 4148, 1964
Warren,Ohlo.
Bloomington. Ill.
Decatur, Ill,
Milwaukee. Wis
Western Lines 48, 1951
General mortgage A 55, 1970
Boise City. Ida.
Denver, Colo.
Minneapolis. Minn. Waterloo Iowa.
Lehigh Valley System.
"
B Is, 1975
Wheeling, W. Va.
Des Moines, Iowa, Moline, Ill.
Boston, Mass.
Annuity Perpetual Consol. 4148 & Cs
Vandalia RR. cons, A 4s, 19.55
Wichltag Kan.
Brockton, Mass.
Detroit. Mich.
Muncie, Ind.
First Mortgage 45, 1948
B 45, 1957
[Buffalo, N. 1(.]
Muskegon, Mich. NVichita. Falls, Tex
Dubuque. Iowa.
Penn. & N. Y. Canal RR, Co. Cons. 4s,
Wilkes-Barre, Pa.
Pittsburgh & Lake Erie System.
Burlington, Vt.
Duluth, Minn.
Nashua, N. H.
414s & Is. 1939 (guar.)
Williamsport, Pa.
Pitts. Melt. & Y. Ity.(gu.) lot 6s, 1932
Burlington, Iowa. East Chicago, Ind. Newark, Ohio.
Lehigh Valley Ry.(guar.) 1st 414s, 1040
[Butte, Mont.]
East Liverpool.0.
New Albany. Ind. Worcester, Mass.
Reading System.
Louisville & Nasnviile System
New Bedford, Mass.York, Pa.
Cambridge. Mass. East St. Louis. HI.
Philadelphia & Reading RR. 138, 1933
First Mortgage let 58, 1937
Eau Claire, Wisc,
[Camden, N.J.]
Newburgh, N. Y. Youngstown, Ohio.
1st & Refunding, Series A 514s, 2003
Southern Pacific System.
Zanesville. Ohio.
Elgin. 111.
Canton. Ohio.
New Castle,Pa.
Central Pacific Ry.(gu.) 181 ref. 48,'40
151 & Refunding, Series B 58, 2003
Cedar Rapids. lowa.Elizabeth, N.J.
*NewpOrt. KY.
Northern Ry. 151 Is. 1938
1st dr Refunding, Series C 414s, 2003
Northern California Ry. let 58. 1929
Unified Mortgage 4s. 1940
Fifth.—Railroad bonds which the Bank Commissioner Atlanta Knoxv. & Cinc. 1st 4s, 1955 San Francisco Term. 1st 4s, 1950
Southern Pacific Branch Ry. let 65, 1937
Lexington & Eastern let Is, 1965
finds to be legal investments are shown below:
Mobile & Montgom. By. let 414s. 1941 Southern Pacific RR.cons. 55, 1937
ref. 4s. 1955
Nash. Flor. & Shot, Ry. 1st Is, 1037
BONDS OF NEW ENGLAND COMPANIES.
New Orleans & Mobile Div. let 65, 1930 So. Pac. Coast Ry.(gu.) 1st 4s, 1937
Through Short Line (sus) 1st 48, 1954
Paducah & Memphis Div. 1st 48, 1946
Conn. & Paseumpela River RR. 4e, 1943 Portl. & Rumf. Falls Ry. 58, 1951.
Oregon Lines 1st 4145, 1977
Southeast & St. Louie Div. 1st 68, 1971
Upper Coos RR. 1st 48. 1930
Trust 181 58. 1931
Upper Coos RR.. eaten. 414s 1930
Bangor & Aroostook System.
Union Pacific Railroad.
Louisv. CM.& Lexington gen. 4148, 1931 First Mortgage 48, 1947
1947.
Aroostook Northern 55,
So. & No. Ala. RR.cons. Is, 1936
Refunding Mortgage 4s. 2008
New London Northern RR. 1st 45. 1940 So. & No. Ala. RR. cons 55. 1963
Consolidated Refunding 48, 1951.
58 21108
First Mortgage Is, 1943.
Collateral Notes 78. 1930z
Ore. Short Line cons. 1st Is, 1946
New York New Haven & Hartf.SYstein
Medford Extension Is, 1937.
Michigan Central System.
Ore. Short Line cons. 45, 1960
Holyoke & Westfield RR. 1st OM 1951 Detroit & Bay City let 5s, 1931
Piscataquis Division Is. 1943.
Ore. Shore Line Income Is, 1946
Old Colony RR. 334s, 1932
Van Buren rvten5lon 55 1943.
First Mortgage 1st 314s. 1952
Ore.
-Wash RR.& Nay.Co. 1st & Ref.
deb. 49, 1938.
St. John's River Extension Is. 1939.
Joliet & Nor. Indiana 1st 45, 1957
(guar.) 45. 1961
1st 514e, 1944
Washburn Extension Is. 1939.
Jackson Lansing & sag. let 314s, 1951
Utah & Northern Extended 1st 48, 1933
1st Is, 1945
Kalamazoo & South Haven 1st 55, 1939
VirginIa Railway Co.
Providence & Worcester RR. 1st 48. 1947 Michigan Air Line let 45. 1940
Maine Central System.
Virginia Ry, Co. 1st mtge. 5s, 1962
Boston & Providence RR. deb. 5s 1938
Dexter dr Piscataquis RR. 1st 4s. 1929
*These notes are legal under Section 32 and savings banks May Invest not to
Norwich & Worcester 1st 414e, 1947
European dr No. Am. Ky. 1st 4s. 1933
exceed 2% therein.
Railroad bonds which are at present not legal under the
BONDS OF OTHER COMPANIES
NEWS ITEMS
3
Alabama Great Southern RR. Co. 1st
cons. 45 & 5s, 1943.
Atchison i opeka & Santa Fe System
General mortgage 4e. 1995
Chic. Santa Fe. & Calif. Ry 1st 55. 1937
Rocky Mountain Division let 4s, 1965
San Fr. & San Joaq, Val. Ry. let Is. 1940
Transcontinental Short Line let 41. 195
general provisions of the law but which are legal investments
under Section 29 (given below) are as follows:
Sec. 29. The provisions of this Act shall not render illegal the Investment In
nor the investment hereafter In, any bonds or interest
-bearing obligations Issued or
DEC. 29 1928.]
•
FINANCIAL CHRONICLE
assumed by a railroad corporation, which were a legal investment on May 28 1913,
so long as such bonds or Interest
-bearing obligations continue to comply with the
laws in force prior to said date: but no each bond or interest-bearing obligation that
falls subsequent to said date, to comply with such laws shall again be a legal investment unless such bonds or interest-bearing obligations comply with the provisions
of this section.
Atchison Topeka & Santa Fe System.
Hocking Valley Railway Co.
California-Aria Lines let & ref. 434s, 1962 First Consolidated
4345. 1999
Colum.& Hock. Val. RR.let ext. 48,1948
Boston & Albany RR.
Columbus & Toledo RR. let ext. 4e, 1955
Boston & Albany RR. deb. 334s, 1951
Illinois Central System.
" 3145, 1952
••
Chic.St. L.& N.0.cons. 58.1951
•
••
" 48, 1934
••
••
" 4s, 1935
New York Central System.
••
" 4145, 1937
••
N. Y.& Harlem RR. ref. 314s. 2000
" 5s, 1938
Beech Creek RR. let 4e, 1936
" Es. 1963
Buffalo Rochester & Pitted). System %slam. Allegan & G. R. RR. 1st 58. 1938
Mahoning Coal RR. 1st 58. 1934
Allegheny & Western By. let 45, 1998
▪
Rteh.& Pltts. By. gris 5 .193/
n :45 957
.
Pennsylvania System.
Delaware RR. gen. 4145, 1932
Clearfield & Mahoning By. 1st 55, 1943
Elmira & Williamspt. RR. 1st 4s, 1950
Lincoln Pk.& Charlotte RR. let 55, 1939 Erie & Pittsburgh RR. gen. 344s. 1940
Little Miami RR. lot 45, 1962
Central Ry. of New Jersey System
N. Y. Phila.& Norfolk RR. 1st 48, 1939
N.Y.& Long Breh. RR.gen.45 & M.'41 Ohio Connecting
By. 1st 4s, 1943
Wilkes-Barre dt Soren. By. 1st 4145. 1938 Pitts.
Youngs. & Ash. RR. gen 4s, 1948
Chicago & North Western System.
West Jersey & ea Shore RR.—
Series A.B.C.D.E and F 314a &4e.'38
Collateral Trust 58 & 138. 1929
Reading System.
Connecticut Railway & Lighting Co.
Del.& Bound Brook RR.cone.334e, 1955
First Refunding 414a. 1951
East Pennsylvania RR. 1st 45, 1958
Conn. Lighting & Power Co. 1st 55, 1939 North
Pennsylvania RR. 1st 45. 1936
Phila. & Reading RR. Impt. 45. 1947
Chit).& Western Indiana RR.lot 65, 1932
Term. 55, 1941
Reading Belt RR. lst 45, 1950
Del. & Tol. Shore Line RR. 1st 48. 1953
Terminal Railway Assn. of St. Louis
Duluth & Iron Range RR. let 55, 1C37
Consolidated Mortgage 5.4. 1944
First Mortgage 414s, 1939
Elgin Joliet & Eastern Ry. 1st 5e, 1941
General Refunding Mortgage 45, 1953
Erie Railroad System.
St. Louis Mer.Bdge.Term.Ry. 1st 55,'30
Cleve. & Mabonhag Val. Ry. 1st 55. 1935 St. Louis Mer. Bdge. Co. 1st 6e. 1929
[Goshen & Deckert'n RR. 1st 68, 1928]
Western Maryland System.
Genesee & Wyoming RR. bit Be, 1929
Bait.& Comb. Val. Ext. 1st fis. 1931
Rockville Gas & Elect let 55. 1936
Stamford Gas & Elise. Co est 5e,'29
2d 4s, 1929
Congo!. 55, 1948
Union Electric Light & Power Co.
(Unionville) 6s, 1944
United illuminating Co. 1st 4e, 1940
Atlantic Coast Line.
Equip.trust Series D,614s. 1922 to 1938
Central Railroad of New James.
Series I 6s, serially to 1932
Series J be. serially to 1933
Series L 4 Ms. serially to 1035
Equip, trust of 1926 434s, 1927-1941
3737
Reputilc of France.
Reines, 3%, 1953
External Dollar Loan 53411, 1937
New French Loan 5s. 1920-1980
[Shaking fund gold bonds 85, 1941]
External gold bonds 7345. due 1941
External gold bonds 7s, due 1949.
Twelfth—
Bonds of Public Utility Companies.
Authorized under Chapter 141 of the
Public Acts of 1925. Savings banks may
invest not more than 15% of their deposits and surplus in the following bonds,
but not more than 2% In the bonds of
any one such corporation.
Brooklyn Edison Company-Brooklyn Edison Co. gen. 55, 1949
65, 1930
Edison Elec. Ill. of Brooklyn let cons
4s, 1939
Kings Co. El.L.& P.1st 55, 1937
pur. M.62,'97
Cleveland Electric Illuminating Co.—
First mortgage 5s, 1939
General mortgage, Series A. 55. 1954
General mortgage. Series B, 5s, 1961
Duquesne Light Co.let mtge.4348,1957
Empire Dist. Elect. Co. 1st 5s. 1952
Erie County Electric Co.—
Consolidated Os, 1959
Gen. & refunding 534s. 1960
Fort Worth Power & Light 1st 5a. 1931
Kansas City Power & Light 1st 58, 1952
Kan.City Pow.& Light Set.B 4345,'57
New York Edison Co.—
Ellis. El. Ill. of N.Y.1st cons.58,1995
N.Y.Edison Co. 1st & ref.6 Ms. 1941
N.Y. Edison Co. 1st dr ref. 55. 1944
N.Y.Gas, E. L., H.& P. 1st 55, 1948
N. Y. Gas, F. L., H.&i'.pur.M.4s.
1949
New York & Queens Elec. Lt.& Pow.—
First consolidated 55. 1930
Niagara Falls Power Co.—
First mortgage 5s. 1932
Refunding & general 6s, 1932
Hydraulic Pow. Co. 1st & ref. 5s, 1950
Hydraulic Pow. Co. ref. & imp 5s,'51
Philadelphia Electric Co.—
Phila. Elec. of Penna. let mtge.45,'66
Phila. Elec.of Penna. 1st mtge.55,'66
Platia Electric 1st & ref. 534s, 1947
"
4348,1967
534s. 1953
"
51, 1960
Southern Power Co. let mtge. 55, 1930
Union Elec. Lt.& Power Co,of St.Louis
First mortgage Is. 1932
Thirteenth.—Savings banks may invest not exceeding 10%
of their deposits and surplus in the obligations of the Government of the Kingdom of Great Britain and Ireland and the
Government of the French Republic and the Government of
the Dominion of Canada or any of its Provinces, provided
such obligations have a fixed and definite date of maturity
and shall be the direct obligations of such Government or
Province and that the full faith and credit of such Government or Province shall be pledged for its payment, principal
and interest.
Under the foregoing section the following obligations of
Sizth.—Equipment trust obligations as follows
banks may invest not exceeding six per centum (savings France and the Kingdom of Great Britain and Ireland are
of their legal investments:
deposits and surplus therein):
Equip, trust, series of 1923, 454a to 1934
Equip, trust, series of 1924,4 Ms to 1933
Equip, trust, series of 1925. 4 Ms to 1935
Louisville & Nashville RR. Co.
Series D 630,serially to 1936
New York Central Lines.
Joint Equip. Trust
4345. serially. 1917 to 1932.
Chesapeake & Ohio Ry. Co.
Equipment trust 6s, serially. 1921-1935
Series 5, 6145 to 1935
Equipment trust 78, serially, 1921-1935
Series T, &Ms to 1937
Equipment trust 55, eel'. 1923 to 1937
Series U. 5s to 1938
Equipment trust 444.s. ser. 1923 to 1937
Series V. 5s to 1939
Equipment It,434s & 58,set. 1925 to 1939
*Series W,434s to 1940
Equipment trust 434s, ser. 1926 to 1940
Chicago & Northwestern Ry. Co.
Equipment trust 434s, ser. 1927 to 1940
Equip, trust series J, 6544 to 1936
Pittsburgh & I.ake Erie RR. Co.
••
••
" K,6Ms to 1936
Equipment trust 6 Me, ser. 1921-1935
••
" M,58 to 1938
••
•4
" N, 55 to 1938
Southern Pacific Company.
••
" " 0, 5s to 1938
Series E 7s, to 1935
••
" " P. 58 to 1939
Series F 51. to 1938
Series G 58. to 1939
Illinois Central Railroad Co.
Series H 414s. to 1940
Series F 71, to 1935
Series I 4345 to 1941
Series G 654s, to 1936
National Rs. Service Corp.
Series H 534s, to 1937
Prior Lien 75. 1920 to 1935
Series I 4545, to 1937
"
78. 1921 to 1936
Series .1 Is, to 1938
Pennsylvania Railroad Co.
Series K 4545, to 1939
Equipment trust 55, 1924-1938
Series I. 4%s, to 1940
Equipment trust 58, 1925-1939
Series M 434s, to 1941
Equipment trust 414s, 1925-1939
Series N 4345, to 1941
Equipment trust 414e, 14429-1941
Series 0434s, 1942
Union Pacific Railroad.
Virginia Railway Co.
Equipment trust 75, serially 1924 to 1935
Equp. tr. sm. C. semi-ann. to 1930
Equip. trust Series B 5s, serially 1027-36
Equp. tr., ser. D, serially to 1938
Equip. trust Series C 4345. serially '28 '38
Equp. tr. eer. E, serially to 1940
Equip.tr.. ser. D.434s serially '29 to'38
Norfolk & Western System.
Nash,. Chattanooga & St. Louts Ry.
Equip trust, series of 1922.4345,-'24-'32 Equip. trust Ser. II 444s. serially to
1937
Funding Loan 45, 1960-1990
Victory bonds 4%, redeemable by aocumulative sinking fund, by means of
annual drawings beginning Jan. 1 1920.
National War (20 series) 55, 1928
National War (2d series) 48. 1928
National War (3d series) 5)), 1928
National War (3d series) 45. 1928
United ItIngdom of Great Britain National War (4th series) 55, 1929
National War (4th Relies) 441, 192
9
and Ireland.
Exchequer 35, 1930
United Kingdom of Great Britain and
War Loan 3345, 1925-1928, due 1928
War Loan 414s. 1925-1945, due 1945
Ireland External Loan 534%, 1929
United Kingdom of Great Britain an0
War Loan 45, 1929-1942, due 1942
Ireland External Loan 5345. 1937
War Loan be, 1929-1947, due 1947
Louisiana, State of.—Special Legislative Session Passes
Road Bond Issue.—The Legislature, in special session, on
Dec. 12 unanimously passed the enactment that will permit
the putting into operation of the gasoline tax amendment
that was approved on Nov. 6. The $30,000,000 road
bond issue was also approved with but one dissenting vote.
We quote in part from the New Orleans "Times-Picayune"
of Dec. 13:
Abandorunent of factionalism was the high light of the third day of
-the extraordinary session of the Legislature, which witnessed administration
forces and Old Regular Organization members voting as a unit on the
final passage of the major measures fostered by Governor Huey P. Long.
The Enabling Act, imposing the 4
-cent gasoline tax, was passed unanimously by the House of Representatives, and only one negative vote
was cast against the measure carrying out the mandate of the $30,000.000
Paved road bond issue. The four representatives from Caddo Parish,
one of the three parishes of the State that returned a majority against
Constitutional Amendment No. 13, voted for both enabling Acts.
Representative Clinton Sayes of Avoyelles Parish cast the lone vote
agait the road bond issue bill, asserting that he does not believe in bond
ns
Issues.
Other securities in which banks may invest are classified
Massachusetts (State of).—Bonds Added to List of Legal
as follows:
Investments.—Rey A. Hovey, Bank Commissioner, issued a
&mem—
Also under Chap. 141 ofPublic Acts 011925
Bonds of Street Railways In Conn.
bulletin on Dec. 21 announcing the following additions to
Savings banks may invest
Savings banks may Invest not exceed- 5% of their deposits and not exceeding
surplus in the the list of securities eligible for investment by savings banks
ing two per centum of their deposits and following bonds, but not more
than 2% and trust funds:
surplus therein.
in the bonds of any one such telephone
Bristol & Plains.Tram.CO. 1st 4348,1945
,
Eighth—
Bonds of Water Cos. in Connecticut.
Savings banks may invest not exceeding two per centum of their deposits and
surplus therein.
Branford Water Co. 414s, 1943
Bridgeport Hydraulic Co. 1st 58. 1944
Bridgeport Hydraulic Co. ser. 13 4
'45
Greenwich Water Co. 1st mtge.4344'57
*Guilford-Webster Water Co. 1st eon.
5s, 1939
New Haven Water Co. deb. ails 1982
let 4!4s, 1945
New Haven Water Co. 1st & ref434s,'57
Stamford Water Co 1st As, 1952
MOO under Chapter 112 of the Public
Acts of 1917 any bonds or Interest-bearing obligations of the following water
(*meanies:
Ansonia Water Co.
Bridgeeor Hydraulic Co.
Greenwich Water Cu.
Naugatuck Water Co.
New Haven Water Co.
Stamford Water Co.
Torrington Water Co.
--Ninth—
Bonds of Telephone Co..In Conneet.
Savings banks may invest not exceedlog two per centum of their deposits and
surplus therein.
So. New Eng. Tele!). Co. 1st 58. 1948
Tenth—
Bonds of Telep. Cos. outside of Conn.
Savings banks may invest not exceedhog two per centum of their deposits and
surplus therein.
Amer. Tel. & Tel. Co. coll. trust 45. 1929
••
••
"
coll. trust 68,1946
N. Y. Telephone Co. 1st 445. 1939
New England Tel. & Tel let 55. 1952
Series B 434s. '61
"
deb. 4e. 1930
" " " 5s. 1932
company.
Bell Telep. of Penna. 1st & ref. 55. 1948
"
5s, 1960
Central District Telep. 1st 55, 1943
Illinois Bell Telep, let ref. 5e, 1956
New York Tel. refunding 6s, 1941
deb.(now mtge.) 68.'49
Pac.Tel. dr Tel. let & collat. 5s, 1937
refunding 55, 1952
Southern, Bell Telephone 1st 5s. 1941
Southwestern Bell Tel. let ref. 55. 1954
Eleventh—
Bonds of Gas and Electric Lighting
Companies in Connecticut.
Savings banks may invest not exceeding two per centum of their deposits and
surplus therein:
Bridgeport Gas Lt. Co. tat 4s. 1952
Central Conn.Pr.& Lt. Co. let 58, 1937
Connecticut Power Co.:
1st & cons. 55, 1963
1st 55, 1956
New London Gas & Electric Co.:
2d 58. 1929
1st cons. & ref. 58, 1933
Berkshire Power Co. 1st 5s. 1934
Connesticut Light & Power Co.:
let & refunding A 7s, 1951
let & refunding B 544s, 1954
let & refunding C 4348, 1956
Daubury & Bethel Gas & Electric Light
Company let 58. 1953
Danbury & Bethel Gas & Electric Light
Co.. Series A aftge. Bonds 6s. 1948
Hartford City Gas Lt. Co. let 4s,'35
New Britain Gas Light Co. 55, 1951
Northern Connecticut Light & Power
let 55, 1946
Rockville-Willimantic Lighting Co. lit
ref. gold 58 and 8s. 1971
Public Utility Bonds—
Wisconsin Power & Light Co. series F 5s, 1058.
Moffat Tunnel District, Colo.—Litigation Re-openedlon
Bond Issue.—In order to avoid any doubt as to the first
suit which was filed early in November—V. 127, p. 2714—
having been filed prematurely the Denver Land Co. has
again filed its protests against the proposed taxation for
the payment of interest on bonds of the District thus reopening the litigation that was temporarily stopped. The
following article on thi3 subject is taken from the New
York "Herald-Tribune" of Dec. 26:
An injunction suit to restrain Clem Collins, Manager of Revenue, from
collecting 1.5 mills on each dollar of assessed valuation next year for the
Purpose of making the July interest payments on the Moffat Tunnel supplemental bonds has been filed in the Denver District Court by the Denver
Land Company, an organization of taxpayers.
Psi
At the same time,EH H. Ellis, of the law firm of Grant, Ellis. Shafroth &
Toll, representing the Denver Land Company and the D. C. Burns Realty
and Trust Company,filed a protective suit in the District Court questioning
the validity of the supplemental bonds, which were issued in the amount of
88,750,000. The second action was brought jointly by the land company
and the realty company.
Shortly after the Denver Land Company was formed for the purpose of
Protesting against the issuance of the supplemental bonds the company filed
suit against the Moffat Tunnel Commission in the District Court. District
Judge Robert G. Smith,of Greeley, presiding, upheld the action of the commission in issuing the bonds in excess of the $6,720,000 authorized by the
State Legislature. On November 14 the land company carried its fight to
the State Supreme Court, where the case is pending.
.41
The land company, however. had filed its case in the District Court before
a hearing was obtained from the Tunnel Commission, and the statute provides for an appeal to the District Court from the decision of the Tunnel
Commission.
Asattorney Ellis explains it, say Denver dispatches, the land company
fears it may have filed its suit in the District Court prematurely, as, at the
time, it had not obtained a hearing before the commission. The second
suit was filed to remove any doubt as to the proper method of procedure.
It is similar to the original suit. The result of the injunction suit to restrain
Collins from levying the 1.5 mills tunnel assessment bill depend, it is said,
upon the Supreme Court's decision in the other cases.
3738
For.. 127.
FINANCIAL CtutONICLE
BOND PROPOSALS AND NEGOTIATIONS.
-BOND SALE.
-The $12,000 5X%_ vilADA, Hardin County, Ohio.
lage's portion street improvement bonds offered on Dec. 17-V. 127. P.
-were awarded to the First National Bank of Ada, at a premium of
3276
$65.48, equal to 100.645. a basis of about 5.21%. Dated Oct. 1 1928.
Due $1,500. Oct. 1 1929 to 1932 inclusive.
ADA IMPROVEMENT DISTRICT NO. 81 (P. 0. Ada) Pontotoc
-The $22.000 issue of6% paving improveCounty, Okla.
-PRICE PAID.
ment bonds that was purchased by the Hanchett Bond Co. of Chicago
V. 127, P. 3574
-was awarded to them at a price of 95, a basis of about
6.68%. Due on Oct. 1 1938 and optional at any time.
-BOND SALE.
-The 527,537.16
ALLEN COUNTY (P.0.Lima), Ohio.
road improvement bonds offered on Dec. 20-V. 127, p. 3431-were
awarded as 43s to Seasongood & Mayer of Cincinnati, at a premium of
$56.00 equal to 100.20, a basis of about 4.70%. Dated Sept. 11928. Due
Sept. 1, as follows: $2,000, 1929 and 1930: $3,000, 1931 to 1937, incl.; and
$2,537.16. 1938.
-BOND OFANDERSON SCHOOL CITY, Madison County, Ind.
-Sealed bids will be received by. the Board of Trustees, until
FERING.
8 p. m. Jan. 21 for the purchase of $100,000 4% school building bonds.
Dated Jan. 21 1929. Denominations $1,000. Due 810.000, Jan. 1 1940
to 1949. incl. Principal and interest (J. & J.), payable at the National
Exchange Bank, Anderson. Legality to be approved by Smith, Remster,
Hornbrook & Smith of Indianapolis.
-The $35,000
ANTWERP, Paulding County, Ohio.
-BOND SALE.
water works construction bonds offered on Dec. 14-v. 127, p. 3124
were awarded to Otis & Co. of Cleveland, as 4)1S, at a premium of $95.00.
equal to 100.27. a basis of about 4.72%. Dated Dec. 15 1928. Due Dec.
15, as follows: $1,000, 1930 to 1934 incl., and $2,000. 1935 to 1949 incl.
Other bidders were:
BidderInt. Rate. Price Bid.
$35,021.00
W. K. Terry & Co
4
35,011.00
Well, Roth & Irving Co
4 %
35,720.00
Assel, Goetz & Moerlein
50
35,539.00
First Citizens Corp
5%
35.386.00
Seasongood & Mayer
57'
35,383.00
N.S. Hill& Co
5e
35.378.00
Stranahan. Harris & Oatis
35,361.00
Herrick Co
540
35,168.00
Ryan, Sutherland & Co
-BONDS VOTED.
ARVON TOWNSHIP, Baraga County, Mich.
At an election held on Dec. 17 notice of which was given in-V. 127, P.
-the electors authorized the issuance of bonds amounting to $10.000.
3276
The proceeds of the issue will be used to finance the remodeling and constructing of an addition to the present high school building. Voting was
as follows: Yes 75. no 22.
-The $40.000
ASPINWALL SCHOOL DISTRICT,Pa.
-BOND SALE.
school bonds bearing interest at the rate of 4)4%, offered on Dec. 18V. 127, p. 3276
-were awarded to the Bank of Aspinwall, at a premium
of $1,279.60. equal to 103.197, a basis of about 5.15%. Dated Dec. 31
1928. Due as follows: 55.000, 1932, 1935, 1938, 1941. 1943 and 1945;
also in 1947 and 1948.
The following bids were also received:
Premium.
Bidder
$1,195.00
Mellon National Bank
1,180.00
J. H. Holmes & Co
1,167.00
Prescott, Lyon & Co
970.00
Citizens Deposit & Trust Co
-BOND
ATLANTIC HIGHLANDS, Monmouth County, N. J.
-The $75,000 5% coupon or registered sewage disposal plant bonds
SALE.
offered on Dec. 26-V. 127, p. 3276
-were awarded to the Bank of North
America & Trust Co. of Philadelphia, at a premium of $342.00, equal to
100.458, a basis of about 4.93%. Dated Jan. 2 1929. Due 53,000, Jan. 2
1931 to 1955 inclusive.
ATTLEBORO, Bristol County, Mass.
-TEMPORARY LOAN.
The First National Bank of Attleboro, was awarded on Dec. 27. a $100,000
temporary loan on a discount basis of 4.92%. Loan is dated Dec. 28 1928,
and is due on June 28 1929. Other bidders were:
Disco4r9t95B4sis.
Bidder
Bank of Commerce & Trust Co
Old Colony Corp.(plus $1.25)
5.23%
S. N.Bond & Co
6.00%
-BOND SALE.
BARTHOLOMEW COUNTY (P. 0. Columbus), Ind.
-The First National Bank of Columbus has purchased an issue of $7.200
43,4% Pearl E. Fischer et al Columbus Township road improvement bonds.
Dated Aug. 16 1928. Denom. 51.000. Due $360 on May and Nov. 15.
from 1929 to 1938 inclusive. These bonds were offered unsuccessfully on
Aug. 16-V. 127. p. 575.
BAYARD, Morrill County, Neb.-BOND SALE.
-A $16,500 Issue of
intersection paving bonds has been purchased by the Omaha Trust Co. of
Omaha.
BEAR LAKE COUNTY RURAL SCHOOL DISTRICT No. 1 (P. 0.
-BOND SALE.
-A $52.000 issue of high school bonds has
Paris), Ida.
been recently purchased at par by the State of Idaho.
BEND SCHOOL DISTRICT (P.O. Bend) Deschutes County, Ore.
-A $70.000 issue of emergency loan notes was awarded at
NOTE SALE.
par on Dec. 17 as follows: $25,000 6% school notes to the A. D. Wakeman
Co. of Portland and $45.000 6% school notes to the Central Oregon Bank
of Portland.
-Sealed bids
BIBB COUNTY (P. 0. Macon) Ga.-BOND OFFERING.
will be received uhtil Feb. 5, by the Clerk of the Board of County Commissioners, for the purchase of a 5500,000 issue of school bonds.
-ADDITIONAL INFORBINGHAMTON, Broome County, N. Y.
-We are now informed that Lehman Bros. of New York were
MATION.
in joint account with the Manufacturers & Traders-Peoples Trust Co. of
Buffalo for the purchase of $289,000 4Y and 434% at 100.139, a basis of
about 4.29%-V. 127. p. 3574-Successful bidders are reoffering the bonds
for investment priced to yield 4.10 and 4.15%, according to maturity.
BIRMINGHAM, Jefferson County, Ala.
-BOND OFFERING.
Sealed bids will be received by Eunice Hewes, City Clerk, until Jan. 15,
for the purchase of a 5250.000 issue of 4 to 5% public improvement bonds.
BRADY INDEPENDENT SCHOOL DISTRICT (P. 0. Brady),
McCullough County, Tex.
-BONDSREGISTERED.
-The $135,000 issue
of 5% school bonds that was awarded to Hall & Hall of Temple. V. 127,p.
-was registered by the State Comptroller on Dec. 19.
2854
BRIDGMAN SCHOOL DISTRICT, Berrien County, Mich.
-the
-At the election held on Dec. 10-V. 127, p. 3432
BONDS VOTED.
voters by a majority vote of approximately two to one, approved the
Issuance of $43.000 bonds, to pay the construction costs on a proposed
addition to the present school house.
BROWNSVILLE NAVIGATION DISTRICT (P. 0. Brownsville),
-BONDS VOTED.
-At the special election held
Cameron County, Tex.
-the voters authorized the issuance of
on Dec. 22-V. 127, p. 2989
$2,000,000 in bonds for ship channel dredging by a large majority.
-BOND OFFERING.
-Sealed bids will
BRYAN, Brazos County, Tex.
be received until 10 a. m. on Jan. 11, by J. Bryan Miller, City Manager,
for the purchase of a $90,000 issue of 5% school bonds. Denom. $1,000.
Dated Oct. 1 1928. Due serially in 25 years. Prin. and int. (A. & 0.)
payable at the Chase National Bank in New York City. A recognized
bond attorney will furnish the legal approval. A $1,000 certified check,
payable to Wilson Bradley, Mayor, must accompany the bid.
-BOND OFFERING.
-Sealed bids
CAMDEN, Ouachita County, Ark.
will be received by George R. Gordon. Mayor. until Feb. 19, for the purchase of a $98,000 issue of paving bonds.
CARROLL COUNTY (P. 0. Carrollton), Ky.-MATURITY.-The
570.000 issue of 534% semi-annual road and bridge bonds that was awarded
-V. 127, p. 2399
-is due as follows:
at par to Magnus & Co. of Cincinnati
54.000. 1934 to 1938, and 55.000, 1939 to 1948, all incl.
-A 575.000 issue
CARTHAGE, Jasper County, Mo.-BOND SALE.
of 43407 hospital bonds has recently been purchased by the Federal Commerce Trust Co. of St. Louis for a premium of $818. equal to 101.09, a
basis of about 4.37%. Dated Aug. 11928. Due from 1929 to 1948, incl.
-OFFICIAL TABULATION
CLEVELAND,Cuyahoga County,Ohio.
-We are in receipt of the following official tabulation of the bids
OF BIDS.
submitted on Dec. 12 for the $1.726,000 bonds awarded to Arthur Sinclair,
Wallace & Co. of New York and Otis & Co. of Cleveland as reported in
127. D. 3432.Interest
Int.
Payable.
Rate
Amount
Bidder$
5500.000.00 4
00
23
275:90805..00
100,000.00 4
177.120.00
400.000.00 4
240,803.75
Arthur Sinclair, Wallace & Co., N. Y. 345,000.00 43,4%
90,202.50
357,000.00 4
Otis & Co., Cleveland, Ohio
2,125.00
24,000.00 4
2
3
196.
$809,031. 5
Premium bid.
Net Cost to City.
$808,844.80
4H% 5292,187.50
21,320.00
4%
177,120.00
43.4
240,603.75
45407
85,191.25
43107
2,125.00
4
5500,000.00
100,000.00
400.000.00
345.000.00
First National Bank, N. Y.; Halsey, 357.000.00
24,000.00
Stuart & Co.: Eldredge & Co., and
R. W.Pressprich & Co
Premium bid.
$818,547.50
845.74
Net Cost to City.
$817,701.76
5500.000.00 43-.1
I100.000.00 43/
400,000.00 43107
345,000.00 4
The Herrick Co.:Estabrook & Co.: Wm. .57,000.00.53-4
24,000.00 534%
R. Compton Co.:Stone. Webster &
Blodget: First National Co., Detroit__
Premium bid.
5292,187.50
22.652.50
167.280.00
227,236.88
110,247.50
2.750.00
$822,354.38
3,277.87
$819,076.71
Net Cost to City.
5500,000.00 4% $309,375.00
23,985.00
100.000.00 434'7
167,280.00
400.000.00
400.00000
227,236.88
0
4
90,202.50
Kissel, Kinnicutt & Co.. White. Weld & 357.000.00 434%
2,250.00
24,000.00 4349
Co.: Old Colony Corporation
40
Premium bid.
$820.329.38
350.00
Net Cost to City.
$819,979.38
Premium bid.
$292.187.50
25.317,50
186,960.00
227,236.88
90,202.50
2,250.00
$8824,154.38
535.06
Net Cost to City.
$823,619.32
5500.000.00
100.000.00
400,000.00
Bankameric. N. Y.; F. L. Putnam & 345,000.00
& Co., Kountze Bros. & Co. and 357,000.00
24.000.00
Stranahan, Harris & Oatis, Inc
431
4
4
4
4H
4H
$500.000.00
100.000.00
Bankers Co. of New York, Guarantee 400,000.00
Co. of New York, Detroit Co., First 345,000.00
Co., First Trust & Savings Bank, 357.000.00
24,000.00
Hannabs. Ballln & Lee and Tillotson
& Wolcott Co
43.1
1;1
434
434
434 0
$292,187.50
23,985.00
177,120.00
240,603.75
90,202.50
2,250.00
$826,436468..7025
Premium bid.
Net Cost to City.
$500,000.00
100.000.00
Lehman Bros., Ames, Emerich & Co., 400,000.00
Kean, Taylor & Co.. R. H. Moulton 345,000.00
& Co.and Northern Trust Co., Chic__ 357,000.00
24,000.00
$825,882.73
434% 1309.375.00
23,985.00
434%
177,120.00
4)5%
240,603.75
434%
2 100
000 . 0
8 : 80 00
44
4%
Premium bid.
$833,263.75
8,500.00
Net Cost to City.
$826,763.75
8500,000.00 45.4
100.000.00 4
McDonald,Callahan & Co., A. B.Leach 400,000.00 4
& Co., Stephens & Co., American Na- 345,000.00 4
357,000.00 4
tional Co. and H. L. Allen & Co
24,000.00 4
$309,375.00
21,320.00
177,120.00
240,603.75
80,180.00
2,000.00
Premium bid.
Net Cost to City.
$500,000.00 435
100,000.00 434
Lehman Bros., Ames, Emerich & Co., 400,000.00 45.4
Kean, Taylor & Co.. R. H. Moulton 345,000.00 4)4
357,000.00 434
& Co. and Northern Trust Co
24,000.00 4345
$830,598.75
3.457.00
$827,141.75
$309,375.00
23.985.00
177,120.00
240,603.75
90,202.50
2,250.00
$843,536.25
Premium bid.
15,700.00
Net Cost to City.
$827,836.25
5500.000.00 434% 8309,375.00
100,000.00 434%
23,985.00
177,120.00
Harris,Forbes & Co., The National City 400,000.00 434%
240,603.75
Co.,R.L.Day & Co., Curtis & Sanger 345,000.00 4)4%
80,180.00
357,000.00 4%
Hayden, Miller & Co
2,000.00
24,000.00 4%
Premium bid.
Net Cost to City.
8500.000.00 434%
100,000.00 4
Continental National Co., Illinois Mer- 400.000.00 43407
chants Trust Co. and Chase Securi- 345,000.00 434%
357,000.00 4
ties Co
24,000.00 4%
Premium bid.
$833,263.75
2,745.00
$830,518.75
$309,375.00
23,985.00
177,120.00
240,603.75
80,180.00
2,000.00
$833,263.75
2,514.00
Net Cost to City.
$830.749.75
$500,000.00 434% $309.375.00
23,985.00
100,000.00 434%
177,120.00
Roosevelt & Son, E. H. Rollins & Sons, 400,000.00 4 %
240,603.75
Pulleyn & Co.. R. M.Schmidt & Co. 345.000.00 4 '7
0
85,191.25
357,000.00 4 %
2,125.00
24,000.00 4 %
Premium bid.
$838,400.00
1,553.40
Net Cost to City.
$836.846.60
DEC. 29 1928.]
FINANCIAL CHRONICLE
3739
CHAGRIN FALLS (P. 0. Cleveland). Cuyahoga County, Ohio.
- awarded on Dec.27 the following issues of 4X%
BOND OFFERING.
-Gladys M. Foster, Village Clerk, will receive sealed aggregating 54.503.000, ate price of 100.8289, a coupon or registered bonds.
basis of
bids until 12 m. Jan. 14 for the purchase of the following issues of 55.5% 54.203.000 highway, bridge and building bonds. Dueabout 4.165%:
Jan. 1 as follows:
bonds:
150,000, 1930 to 1937 incl.: $250.000, 1938 to 1942 incl.;
326.288 special assessment street improvement bonds. Due Oct. 1, as
128,000. 1943; $100,000, 1944 and 1945, and from 1951 to 1954
follows: $2,228. 1930: $3,000, 1931: $2,000, 1932; 83,000, 1933:
incl.; $200,000, 1955 to 1958 incl., and 5225,000. 1959.
and 1934: $2,000. 1935: $3,000. 1936 and 1937; 52,000, 1938
300,000 park bonds. Due $100,000 Jan. 1 from 1960 to 1962 incl.
and $3,000, 1939.
Dated Jan. 1 1929. Denom. $1,000. Principal and int. payable in gold
15.000 sewage disposal plant bonds. Due as follows: 32,000. April and at the Manufacturers & Traders-Peoples Trust Co., Buffalo. Legality to
Oct. 1 1930; $1,500. April and $2,000, Oct. 1 1931; and $2,000. be approved by Reed, Hoyt & Washburn of N. Y. City.
April and Oct. 1 1932 and 1933.
The successful bidders are reoffering the obligations for investment at
Dated Jan. 15 1928. Denom. $1,000 and multiples thereof. Principal prices to yield from 4.05 to 4.50%.
and interest payable at the Chagrin Falls Banking Co., Chagrin Falls. A
EUCLID, Cuyahoga County Ohio.
certified check payable to the order of the Village Treasurer for 5% of
-BOND SALE.
-The following
bond issues aggregating $605,500 offered on Dec. 20-V. 127, P. 3125
the bonds offered is required.
were awarded to Otis & Co. of Cleveland as below:
CHARDON TOWNSHIP, Geauga County, Ohio.
-BOND SALE.- $469,000 special assessment street improvement bonds as 534s at a preThe $7,985 5X% road improvement bonds offered on Nov. 30-V. 127,
mium of $666.00 equal to 100.13, a basis of about 5.47%. Due
-were awarded to a local investor. Dated Nov. 1 1928. Due Oct.
P. 3125
Oct. 1, as follows: $47,000. 1930 to 1938, incl.; and $46,000. 1939.
1, as follows: 3985. 1929; and 51,000, 1930 to 1936, incl.
99,000 5% special assessment street improvement bonds, at a premium
of $5.00. Due Oct. 1, as follows: 310,000, 1929 to 1937. incl.:
CHATTANOOGA, Hamilton County, Tenn.
-BOND SALE.
-A
and 39.000, 1938.
$57,249 issue of paving bonds has recently been purchased by Little,
37.500 5% Villages portion street improvement bonds at a premium
Wooten & Co. of Jackson for a premium of $1,250, equal to 102.18.
of 911.00. Due 53,750. Oct. 1 1929 to 1938, incl.
CHELAN COUNTY SCHOOL DISTRICT NO.46(P.O. Wenatchee),
Spitzer, Rorick & Co. of Toledo offered a premium of $3.026 for 6%
Wash.-INT. RATE.
-The $245,000 issue of junior high school bonds bonds. Giles, Carpenter & Rowe and Blanchet, Bowman & Wood.jointly
that was awarded at par on Dec. 15 to the State of Washington
-V. 127. offered a premium of $605.00 for three issues as 6s.
-bears interest at 4.20%.
p. 3574
FENTRESS COUNTY (P. 0.
-BOND OFFERCHESTERFIELD TOWNSHIP SCHOOL DISTRICT No. 6, Macomb ING-Sealed bids will be received Jamestown), Tenn.
by H. N. Wright, County Judge, until
County, Mich.
-BOND OFFERING.
-Sealed bids will be received by the noon on Jan. 16 for the purchase of a 375,000 issue of5% coupon road bonds.
Board of Education, until 8
m. (eastern standard time) January 2, for Denom. $1000. Dated Dec. 1 1927. Due on Dec. 1 1967 and optional
the purchase of $22.250 school bonds
p*
-rate of interest not to exceed 5X g
o. on Dec. 11647.
Prin. and int. (J. & D.) payable at the Chemical National
Bonds are dated Jan. 1 1929 and mature on May 1, as follows: $1,250.1930; Bank in N. Y. City. Chapman & Cutler of Chicago will furnish the ap$1.500. 1931 and 1932; 52,000, 1933 and 1934;32.500. 1935to 1937inclusive; proving opinion. The required bidding forms will be furnished by the
$3.000, 1938; and $3,500. 1939. A certified check payable to the order of County Judge. A certified check for 2% of the bonds, payable to the
above
the School District Treasurer, for 31.000 is required. Successful bidder to Judge, must accompany the bid.
furnish blank bonds and legal opinion at his own expense.
FINDLAY, Hancock County, Ohio.
-BOND OFFERING.
-Myrtle
CHIKASHA IMPROVEMENT DISTRICT NO. 35 (P. 0. Chickasha), Hamprecht, City Auditor, will receive sealed bids until 12 m. Feb. 1 for
Grady County, Okla.
-BOND SALE.
-A $32,000 issue of 6% improve- the purchase of $35.270
% (city's portion) street improvement
ment bands has been purchased by the Hanchett Bond Co. of Chicago. construction bonds. Dated Feb. 1 1929. Denom. 31.000 one bond and
for
Prin. and int. (A. & 0.) payable at the office of the City Treasurer.
$1,270. Due Oct. 1, as follows: $3,270, 1930; $3.000, 1931 to 1934 incl.
and $4,000, 1935 to 1939 incl. Prin. and int. payable at the office of the
CLARKSDALE, Coahoma County, Miss.
-BONDS VOTED.
-At the City Treasurer. A certified check payable to the order of the Treasurer
special election held on Dec. 18 (V. 127, p. 3125) the voters authorized the for 2% of the bonds
bid for is required. Legality to be approved by Squire,
issuance of three issues of bonds aggregating $295,000, as follows: $250,000
for a new junior high school; $30,000 for a library annex, and $15,000 for Sanders & Dempsey of Cleveland.
hospital improvements.
FITCHBURG, Worcester County, Mass.
-BOND SALE.
-R. L.
Day & Co. of Boston were awarded on Dec. 21 an issue of $20,000 sewer
CLINTON, Custer County, Okla.
-BONDS NOT SOLD.
-The $600.- bonds bearing interest at the rate of 4 X %. Price was 102.50. a basis of
000 issue of not to exceed 4X % semi-annual water works extension bonds about 3.95%.
Due $1,000, from 1929 to 1948, incl. Interest payable
offered on Dec. 12-V. 127, P. 3125
-was not sold as all the bids were
rejected. Dated Dec. 15 1928. Due serially in 25 years. The bonds semi-annually. Other bidders were:
BidderRate Bid.
will be re-offered.
Harris, Forbes & Co
102.27
COLFAX, Grant Parish, La.
-BOND SALE.
-An $8,000 issue of 6% E. H. Rollins & Sons
102.10
liquidation, series No. 1 bonds, has been purchased by the Rapides Bank Worcester North Savings Institution (Fitchburg)
102.00
& Trust Co. of Alexandria at par. Dated Apr. 1 1928.
Curtis & Sanger
102.00
Old Colony Corporation
101.61
COLUMBIA COUNTY(P.O. Hudson), N. Y.
-CERTIFICATE SALE.
101.28
-The Germantown Nratinnal Bank of Germantown was awarded on Dec. Worcester County National Bank (Fitchburg)
FORT GAINES SCHOOL DISTRICT (P. 0. Fort Gaines), Clay
15 an issue of $100.000 6% highway certificates at a price of par. Dated
Dec. IS 1928. Due on April 1 1929.
County, Ga.-BOND DESCRIPTION.
-The $50.000 Issue of 5% school
bonds that was recently purchased by Bell, Spam & Co. of Atlanta-V.
COQUILLE, Coos County, Ore.
-BOND SALE.
-The $5,000 issue o
127, p. 3433-is more fully described as follows: coupon bonds in denoms.
coupon city bonds offered for sale on Dec.17-V. 127. p.3277
-was awarded
Dated Nov. 1
Nov.
to the First National Bank of Coquille as5% bonds,for a permium of$11.25, of $1,000. $3,000, 1949 to1928 and due onPrin. 1, as follows: 52,000, 1939
1958,all incl.
and
and int.(M.& N.) payable
equal to 100.225, a basis of about 4.85%. Dated Jan. 1, 1929. Due to 1948National Park Bank In New York.
at the
Story, Thorndike, Palmer &
$500 from Jan. 1 1930 to 1939, incl. Optional after Jan. 1 1930. The Dodge of Boston will furnish the legal approval.
only other bidder was the Farmer & Merchants Bank of Coquille offering
FRANKLIN, Warren County, Ohio.
92.95 for 55.
-BOND SALE.
-The $18.000
water works system Improvement bonds offered on Dec. 1-V.127.p. 2991
CRANSTON,Providence County, R. I.
-NOTE SALE.
-The $150,000 -were awarded to the Sinking Fund Trustees at par. Bonds bear interest
school note issue offered on Dec. 21-V. 127, p. 3575
-was awarded to at the rate of 5%. Dated Oct. 151928. Due 31,000, October 15 from 1930
the Bayles Estate of Boston on a discount basis of 5.50%. Notes are dated to 1947. incl.
Dec. 26 1928 and are payable June 13 1929.at the First National Bank,
Boston. Other bidders were:
FREEPORT INDEPENDENT SCHOOL DISTRICT(P.O. Freeport),
Bidder-BIDDERS.
-The following is a list of the other
Discount Basis. Brazoria County, Tex.
First National Bank (Boston)
bidders on Dec. 14 for the $100,000 issue of 5 X % school house bonds
5.625%
Old Colony Corp
awarded to Hall & Hall of Temple at 107.79, a basis of about 4.93
5.65%
S. N. Bond & Co
BidderPrice Bid.
5.73%
J. E. Jarrett Co
107.677
CUSTER COUNTY COMMON SCHOOL DISTRICT NO. 57 (P. 0. J. R. Phillips & Co.
107.10
Mackay), Ida.
-BOND SALE.
-A $2,000 issue of school bonds has recently Garrett & Co
105.092
been purchased at par by the State of Idaho.
Braun, Bosworth & Co
104.817
104.711
CUYAHJGA COUNTY (P.O. Cleveland), Ohio.
-BOND OFFERING. Ryan,Sutherland & Co.
-Sealed bids will be received by the Board of County Commissioners, until Roger H. Evans Co
104.435
102.035
11 a. m. (eastern standard time) Jan. 9, for the purchase of the following H. C. Burt & Co
issues of 4 X % bonds aggregating $150,675:
FREEPORT SCHOOL DISTRICT, Harrison County, Ohio.
-BOND
650.397.00 assessment portion improvement bonds. Due Oct. 1, as SALE -Charles Lenard, Clerk Board of Education, states that an issue of
follows: 54,379,1929:$5,000, 1930 to 1937 inclusive; and $6.000, $32,000 school building bonds, bearing interest at the rate of 4(
V. has
1938.
purchased by the State Teachers Retirement System, at par. Bonds
been
29,374.00 assessment portion improvement bonds. Due Oct. 1,as follows: were authorized at the general election in November.
32,374, 1929: and $3,000, 1930 to 1938 inclusive.
FUNKS GROVE TOWNSHIP(P.O. Shirley), McLean,County,Ill.
23,610.00 assessment portion improvement bonds. Due Oct. 1. as fol-The McLean State Bank & Trust Co.. McLean. was
lows: 32,610, 1929; $1,000, 1930 to 1935 inci; and 53.000. 1938 BOND SALE.
awarded on Aug. 29, an Issue of $45,000 4 X% gravelling road bonds.
to 1938 inclusive.
47.312.00 county's portion improvement bonds. Due Oct. 1, as follows: Dated Sept. 1 1928. Denoms. $1,000. Due on Sept. 1 1939. Interest
53.312,1929; $4,000, 1930; and 55,000, 1931 to 1938 inclusive. payable on March and September 1.
GARFIELD, Bergen County, N. J.
Dated Jan. 1 1929. Principal and Interest payable at the office of the
-BOND SALE.
-R. M. Grant &
County Treasurer. A certified check payable to the order of the Treasurer Co. of New York were awarded on Dec. 10 the following bond issues, aggregating $147,000. Issues bear interest at the rate of5X % and were awarded
for 1% of the bonds bid for is required.
at a price of 100.40, a basis of about 5.71
DAVIDSON, Tillman County, Okla.
-BOND SALE.
-The two issues $65,000 water bonds. Due Dec. 1 as follows: $3,000, 1930 to 1954 incl.,
of coupon bonds aggregating $46,000, offered for sale on Dec. 18-V. 127.
and 54,000. 1955 to 1959 incl.
-were awarded to the First State Bank of Davidson, as 6% bonds,
p. 3433
52,000 street improvement bonds. Due Dec. 1 as follows: $5,000, 1930
at par. The WRNS are divided as follows: $23,000 water works and $23.000
to 1937 incl., and $6,000, 1938 to 1939.
sanitary sewer bonds.
Dated Dec. 1 1928. Denom. $1,000. Int, payable on June and Dec. 1.
DEER PARK (P. 0. Cincinnati), Hamilton County, Ohio.
GIBSON COUNTY (P. 0. Princeton), Ind.
-BOND
-BOND SALE.
OFFERING.
-W. A. Julien, Village Clerk, will receive sealed bids until $20,000 435% road improvement bonds offered on Dec. 21-V. -The
127, P.
7 p. m. Jan. 14 for the purchase of the following issues of 6% special assess- 3434
-were awarded to the J. F. Wild Investment Co. of Indianapolis at
ment coupon bonds, aggregating $8,359.42:
a premium of $215.00 equal to 101.07, a basis of about 4.32%.
$3,952.48 Matson Ave. bonds. Due Sept. 1 as follows: $487.48, 1930, Dec. 15 1929. Due $1,000, May and Nov. 15 1930 to 1939, ine.l. Dated
Other
and $495 from 1931 to 1937 inclusive.
2,282.46 Superior Ave. bonds. Due Sept. 1 as follows: $287.46, 1930, bidders were:
BidderPremium.
and $285 1931 to 1937 inclusive.
Fletcher American Co
$177.74
2,124.48 Delaware Ave. bonds. Due Sept. 1 as follows: $269.48. 1930, Inland Investment Co
206.50
and $265, 1931 to 1937 Inclusive.
City Securities Corp
201.00
Dated Jan. 20 1929. Principal and interest payable at the Silverton Meyer-Kiser Bank
106.00
Bank, Silverton. A certified check payable to the order of the village for
GLENDALE, Los Angeles County, Calif.
-BOND SALE.
5% of the bonds offered is required.
-The
issue of 434% fire department bonds offered for sale on Dec.
$200,000
DENVER, Denver County, Colo.
-BONDS OFFERED.
-Sealed bids
-was awarded to
were received until 5 p. m. on Dec. 26 (opened at 2.30 p. m. on Dec. 20-V. 127. p. 3434 of 52.189, equal the Wm. R. Staats Co. of San Francisco for a premium
a
27) by Clem W. Collins, Manager of Revenue, for the purchase of eleven Dated Jan. 1 1929. Due $5,000 from to 101.094. tobasis of about 4.42%.
1969. incl.
Jan. 1 1930
Issues of 53 % semi-annual Improvement bonds aggregating $299,500 as
GRAND FORKS COUNTY (P. 0. Grand Forks), N.Dak.-BOND
follows:
$45.500 Arapahoe Street, widening improvement district.
SALE.
-The 310.500 issue of 6X% drainage ditch No. 19 bonds offered
-was awarded to Murphy & Murray
38,000 South Capitol Hill Paving District No. 15.
for sale on Dec. 11-V. 127, p. 3126
37.500 East Denver Improvement District No. 10.
of Grand Forks.
37,000 South Denver Paving District No. 10.
GRANGER, Williamson County, Tex.
-BOND SALE.
-A 660,000
35,500 North Denver Paving District No. 11.
issue of 514% serial waterworks bonds has recently been purchased at par
31.500 17th Avenue Paving District No. 1.
by the First Natonal Bank of Granger.
21.000 Alley Paving District No. 178.
The above bonds were registered on Dec. 19 by G. N. Holton, State
19,000 Alley Paving District No. 178.
Comptroller.
20,000 Alley Paving District No. 180.
Smith Denver Improvement District No. 25.
GRANVILLE UNION FREE SCHOOL DISTRICT NO. 7 (P. 0.
13,500
Granville), Washington County, N. Y.
-BOND SALE.
1.000 North Side Special Sanitary Sewer.
-The 3307,000
coupon or registered school bonds offered on Dec. 21 (V. 127,P.3278)
ELK CITY SCHOOL DISTRICT(P.O. Elk City), Beckham County, 4 X %
were awarded to the Manufacturers & Traders-Peoples Trust Co. of Buffalo
--ADDITIONAL INFORMATION.
-The $94,000 issue of semi- at 100.263, a basis of about 4.46%. Dated Dec. 1 1928. Due on
Okla.
annual school bonds that was awarded to R. J. Edwards, Inc., of Oklahoma as follows: $7,000, 1930: $10,000, 1931 to 1938 incl., and $11.000, Dec. 1
1939 to
-V. 127. P. 2991-was awarded as 5% bonds, for a $50 premium, 1958 incl. Other bidders were:
City
basis of about 4.99%. Due 34.000 in 1931 and $5,000
equal to 100.053, a
BidderRate Bid.
from 1932 to 1949 incl.
Washington County National Bank
100.178
-BOND SALE.
ERIE COUNTY (P. 0. Buffalo), N. Y.
100.09
-A syndicate Dewey, Bacon & Co
composed of Roosevelt & Son, George B. Gibbons & Co., R. L. Day & Co.,
GREENFIELD, Highland County, Ohio.
-MATURITY.
-The $13.Dewey, Bacon & Co., Stone & Webster and Blodget, Inc., White, Weld dr
engine purchase bonds awarded to the State Industrial
Co., E.11. Rollins & Sons and R. M.Schmidt & Co.. all of N.Y. City, was 500 534% fire
Commission in-V.127.p.3575
-at a price of par,mature 31.500 on Oct. 1
I
3740
FINANCIAL CHRONICLE
from 1930 to 1938 inclusive. Interest payable semi-annually. Issue was
authorized for sale at the election held on Nov. 6.
GUNTER SCHOOL DISTRICT (P. 0. Gunter) Grayson County,
Tex.
-BOND SALE.
-A $15,000 issue of 5% school bonds was purchased
by the State of Texas for a $200 premium, equal to 101.33.
-R. M. Grant & Co. of New York
-BOND SALE.
HALEDON, N. J.
were awarded on Dec. 21 an issue of $228.000 general and water improvein from 1 to 6 years at a premium of $100,
ment bonds, maturing serially
equal to a price of 100.04.
HAMILTON, Eaton and Madison Central School District No. 1
-The price
-PRICE PAID.
(P. 0. Hamilton), Madison County, N. Y.
paid for the $30.000 school building and equipment bonds bearing interest
at the rate of 434%. awarded to the Hamilton National Bank, Hamilton
-was 101. a basis of about 4.69%. Due $2,000 Oct. 1
V. 127. P. 3576
1929 to 1943 inclusive.
-The two issues
-BOND SALE.
HAMILTON, Ravelli County, Mont.
of bonds aggregating $41,500. offered for sale on Dec.21-V. 127,P.3126
were awarded to the State of Montana, as 5s, at par. The issues are
divided as follows:
$25,500 funding bonds. Due in not more than 20 years.
16,000 refunding bonds. Due in not. more than 20 years.
The other bidders and their bids were as follows:
Rate. Price Bid.
Bidder100.342
534
XT. S. National Ce.of Denver
100.175
531
Schlessman & Co.of Denver
Heath,
SCHOOL DISTRICT, Lawrence
HANGING ROCK VILLAGE
Board of
-W. G. McKee, Clerk
-BOND OFFERING.
County, Ohio.
Education, will receive sealed bids until 12 M. Jan. 7, for the purchase of
$2,500 534% school improvement bonds. Dated June 1 1926. Denoms.
$250. Due $250. on Sept. 1 from 1927 to 1936 incl. A certified check
able to the order of the Board of Education for $100 must accompany
tu
[Vora. 127.
chase of $70,000 4349' fire station bonds. Dated July 1 1928. Denom.
$1,000. Due $5,000, July 1 1930 to 1943 inclusive. Principal and interest
payable at the Ilion National Bank & Trust Co. A certified check for
10% of the bonds offered is required.
-TEMPORINDIANAPOLIS SCHOOL CITY, Marion County, Ind.
-The $700,000 temporary loan offered on Dec. 22-V. 127.
ARY LOAN.
p. 3434
-was awarded to the Fletcher American Co. of Indianapolis, on an
Interest rate basis of 534%. Loan is dated Dec. 26 1928 and is due on
April 15 1929. Principal and Interest payable at a bank or Trust Co. In
Indianapolis.
JEFFERSON COUNTY ROAD IMPROVEMENT DISTRICT NO. 26
-The $64,000 1881113
-BASIS.
-MATURITY:
(P. 0. Pine Bluff), Ark.
of 5% road bonds that was purchased at a price of 95 by M. W. Elkins &
-is due serially in 15 years, giving a
-V. 127, p. 3434
Co. of Little Rock
basis of about 5.81%.
KEMPSVILLE ROAD DISTRICT (P. 0. Princess Anne) Princess
-At the special election held on
Anne County, Va.-BONDS VOTED.
-the voters approved the proposition to issue
Dec. 7-V. 127, p. 2856
$293,000 in bonds for road construction purposes.
KENT,Portage County, Ohio.-PRICEPAID.-The price paid for the
$75.367.83 special assessment 534% iinprovement bonds awarded to Ryan,
-was par. Issue is dated
-V.127, p. 2856
Sutherland & Co. of Toledo, in
Oct. 1 1928, bonds in denominations of $1,000 with the excejotion of bonds
number one, which is for $267.83. Date of maturity. Oct. 1 1930.
-BONDS OFFERED BY
HARRIS COUNTY (P. 0. Houston), Texas.
-The $2.489,000 issue of 434% coupon road bonds that was
BANKERS.
awarded on Dec. 10 to a syndicate headed by the Harris Trust & Savings
-is now being offered for public sub-V. 127, p. 3434
Bank of Chicago
offered
scription by the purchases as follows: $83,000 bonds due 1929 areto yield
prices
at par; $83.000 of bonds due each year 1930 and 1931 at to yield 4.35%.
$83.000 of bonds due each year 1932 to 1958 at prices
4.40%;
These bonds, it is reported, are offered subject to the approval of counsel
that they will be direct general obligations of the entire County, payable
from unlimited ad valorem taxes levied against all the taxable property
therein.
-At the
HARRISONVILLE, Cass Co.unty, Mo.-BONDS VOTED.
-the voters authorized
special election held on Dec. 18-V. 127, p. 3434
bonds, thus consummating
the issuance of the $100,000 in water system
the pre-election sale of the bonds to the Mississippi Valley Trust Co. of St.
Lou.
HARTSDALE WATER DISTRICT (P. 0. Tarrytown), Westchester
-Norman C.Templeton, Town Clerk,
-BOND OFFERING.
County, N. Y.
will receive sealed bids until 3 p. m. Jan. 9, for the purchase of 522.000
bonds. Dated Dec. 1 1928. Denoms.
4347 coupon or registered water
$1.000. Due $2,000. Dec. 1 1933 to 1943 incl. Prin. and interest payable
at
In gold at the Tarrytown National Bank & Trust Co. Tarrytown, or to
the First National Bank, New York City. A certified check payable by
the order of the Town for $1,000 is required. Legality to be approved
Clay, Dillon & Vandewater of New York City.
-Sealed bids
-BOND OFFERING.
HAXTUN, Phillips County, Colo.
will be received by Floyd W. Gipple, City Clerk, until 7:30 p. m. on Jan. 7
for the purchase of two issues of bonds aggregating $33,000. as follows*
$18.000 revenue bonds and $15,000 water extension bonds.
-The Hanchett
-BOND SALE.
HAZEL CREST, Cook County, III.
of
Bond Co. of Chicago, according to a report, has purchased an issue
repair
$10.000 fire fighting equipment bonds, also $5,000 Village Hall
Both banes aggregating $15,000, were authorized at an election
bonds.
held on Apr. 17.
HEMPSTEAD COMMON SCHOOL DISTRICT NO.18 (P.O. Garden
-The following bids were also
-BIDS.
City), Nassau County, N. Y.
submitted on Dec. 17 for the $150,000 coupon school bonds awarded jointly
to Gores° B. Gibbons & Co. and Roosevelt & Son, both of New York. as
434s at 100.7997 (V. 127. P. 3576). a basis of about 4.41%. These bids
were for 434% bonds.
Rate Bid.
Bidder100.56
Gibson, Leefe & Co
100.519
White, Weld & Co
100.44
Co
Dewey, Bacon &
100.40
H. L. Allen & Ce
100.34
Batchelder, Wack & Co
100.01
City Bank
Garden
St. Francis
BETH SPECIAL SCHOOL DISTRICT (P. 0. Beth),
-Sealed bids will be received until
-BOND OFFERING.
County, Ark.
Jan. 3 by the Clerk of the Board of Directors for the purchase of a $27,500
%
issue of semi-annual school bonds. Int. rate is not to exceed 5 •
-The
-BOND SALE.
HIGHLAND PARK, Middlesex County, N. J.
building
826.000 5% coupon or registered fire apparatus equipment andthe
First
-were awarded to
bonds offered on Dec. 21-V. 127, p. 3279
National Bank of Highland Park, at a premium of $132.60, equal to 100.51,
a basis of about 4.90%. Dated Dec. 20 1928. Due Dec. 20 as follows:
$2,000, 1929 to 1932 inclusive; and $3,000, 1933 to 1938 inclusive.
HILDAGO COUNTY WATER IMPROVEMENT DISTRICT No. 2
-The $1,000,000 issue
-BONDS REGISTERED.
(P. 0. San Juan), Tex.
of 67 semi-annual Series A, water bonds unsuccessfully offered on Oct
-was registered on Dec. 17 by the State Comptroller:
18.-7. 127 p. 2401
HILLSBORO INDEPENDENT SCHOOL DISTRICT (P. 0. Hills-A $15.000 issue of 5% school
-BOND SALE.
boro), Hill County,Tex.
bonds has recently been purchased by the J. E. Jarrett Co. of San Antonio
for a $240 premium, equal to 101.60, a basis of about 4.85%. Dated
Feb. 11929. Due $500 from Feb. 1 1930 to 1959 incl. Bonds will be delivered on Feb. 1.
HILLSIDE TOWNSHIP (P. 0. Hillside), Bergen County, N.J.-A syndicate composed of Lehman Bros.. Stone & Webster
BOND SALE.
and Blodget, Inc., R. W. Pressprich & Co., C. A. Preim & Co. and H. L.
Allen & Co., all of New York, purchased on Dec. 20, 31,000,000 534%
-year bonds at a price of par. Competitive bids were to be opened on
3
Dec. 19 for the issue. The Clerk reported that none had been submitted
which resulted in the bonds being awarded privately, as stated above.
Originally the bonds were to mature in one year.
-Oscar,
-BOND OFFERING.
HOLLAND, Ottawa County, Mich.
Peterson, City Clerk, will receive sealed bids until 7.30 p.m.(Centre'
of $16,309 special assessment street
Jan. 2 for the p
standard time)
improvement bonds. Bonds mature serially from 1930 to 1938 inclusive.
Successful bidders to furnish printed bonds. Proposals must be covered by
a certified check in an amount of tho bid.
-BOND SALE.
HOLMES COUNTY (P. 0. Millersburg), Ohio.
$28.750
F.E. Aultman, Clerk Board of County Commissioners,states thata W.G.
of a number of issues, were awarded on Dec. 13, to
bonds consisting
Rudy of Millersburg, at a premium of $335.60. equal to a price of 101.164
The bonds have been issued for road improvement purposes.
-BOND
HOMEWOOD (P. 0. Birmingham), Jefferson County, Ala.
-The $103,000 issue of 6% public improvement bonds offered for
SALE.
7.
at public auction on Nov. 30-1 127. P. 2991-was awarded to Caldsale
well & Co. of Nashville. Dated Dec. 1 1928. Due from Dec. 1 1929 to
1938, incl. Legality to be approved by Storey, Thorndike, Palmer &
Dodge of Boston.
Caldwell & Co. of Nashville also purchased at public auction an issue of
$100.000 6% public improvement bonds. Due in from 1 to 10 years.
HOPKINSV1LLE, Christian County, Ky.-BOND OFFERING.
Sealed bids will be received by John W. Richards, Mayor, until 10 a. na. on
Jan. 4, for the purchase of a $545,000 issue of 5% semi-annual funding
Dec.
Due 53.000 from 1929
bonds. Denom. $1,000. Dated check, 1 1928. to the Commissioner of
payable
to 1943, incl. A $500 certified
Finance, must accompany the bid.
-B.A. Sackett,
-BOND OFFERING.
ILION, Herkimer County, N. Y.
,
Village Clerk, will receive sealed bids until 7.30 p. m. Jan. 23 for the Pus.
KING COUNTY SCHOOL DISTRICT No.1(P.0,Seattle), Wash.
-Sealed bids will be received until 1 p. m. on Jan. 18.
BOND OFFERING.
by W. W. Shields, County Treasurer, for the purchase of an $850,000 issue
of coupon school bonds. Int. rate is not to exceed 59'. Denom. $1.000.
Dated Feb. 1 1929. Due in from 2 to 25 years. Prin. and semi-annual
bit, payable at the office of the County Treasurer or at the State's fiscal
agency in New York City. Bids are to be submitted on one of the following
propositions:
-On the basis of delivery on Feb. f0 1929, of the full
Proposition No. 1.
$850,000 or any part thereof not less than $200,000.
-On the basis of delivery on Feb. 10 1929, of $200.000
Proposition No. 2
and delivery of the balance of $650,000 in two or three equal monthly
installments, beginning on Mar. 9 1929.
-On the basis of delivery on Feb. 10 1929, of $200,000
Proposition No. 3
and delivery of the balance of 5650.000 at optional dates in amounts of not
less than $150.000 per month.
Separate bids may be made by each or any bidder under any of the above
propositions. A certified check for 5% of the bid is required.
-Roosevelt & Son
-BOND SALE.
KINGSTON, Ulster County, N. Y.
of New York purchased on Dec.20. an issue of $150,000 water works system
bonds, bearing interest at the rate of4X %,at par. Bonds mature 330,000,
on Dec. 1, from 1955 to 1959 incl., and are being reoffered for investment
by the purchaser, priced to yield 4.10%.
KLICKITAT COUNTY SCHOOL DISTRICT No. 54 (P. 0. Golden.
-The $1,000 issue of school bonds offered
-BOND SALE.
dale) Wash.
-was awarded to the State of Washfor sale on Dec. 17-V. 127, p. 3576
ington, as 5% bonds, at par. Due in from 2 to 20 years.
-BOND OFFERING.
LAKE COUNTY (P. 0. Painesville), Ohio.
L, J. Spaulding, Clerk Board of County Commissioners, will receive sealed
(eestern standard time) Jan. 14, for the purchase of the
bids until 11 a. m.
following issues of 5% bonds aggregating $236.578.31:
$156,578.31 bonds. Dated Jan 1 1929. Due as follows: 511,000. April
and Oct. 11929; 511.000. April and 511.578.31, Oct. 1 1930;
511,000. April and Oct. 1 1931: $11,000, April and 812.000,
Oct. 1 1932; 511.000, April and Oct 1 1933; $11,000, April and
$12,000, Oct. 1 1934; and $11,000. April and October 1 1935.
80,000.00 bonds. Dated Jan. 1 1929. Due as follows: $6,000. April
and 55,000. Oct. 11929; $6,000. April and Oct. 1 1930; 55.000
April and $6.000. Oct. 1 1931; $6,000, April and Oct. 11932;
$5.000, April and 56,000. Oct. 1 1933; 56.000, April and
Oct. 1 1934: and $5,000, April also 56,000. Oct. 1 1935.
Principal and Int. (April and Oct 1) payable at the office of the County
Treasurer. A certified check of 51,000 for each Issue, payable to the order
of the County Treasurer, is required.
-A $54.000 issue of
-BOND SALE.
LAKELAND, Polk County, Fla.
534% refunding bonds has been purchased by the Hanchett Bond Co.
of Chicago. Denom. $1,000. Dated Nov. 1 1928 and due on Nov. 1
as follows: 55.000. 1933, 1934, 1939, 1942, 1944 and 1947: 814.000,
1949 and 55.000. 1952 and 1953. Prin. and int.(M.& N.) payable at the
Hanover National Bank in New York City.
-The $7,000
LAKEWOOD,Cuyahoga County,°Mo.-BOND SALE.
-were
5% municipal building bonds offered on Dec. 8-V. 127. p. 3127
awarded to W. L. Slayton & Co.. of Toledo, at a premium of $25.00. equal
mato 100.355. a basis of about 4.95%. Bonds are dated Jan. 11928. and1944
ture on Oct. 1, as follows: $250. 1930 and 1931; and 5500 1932 to
incl. Award was postponed until Dec. 17, list of bids submitted appeared
-V. 127, p. 3435.
in
LANDER HIGH SCHOOL DISTRICT (P. 0. Lander), Fremont
-Sealed bids will be received until
County, Wyo.-BOND OFFERING.
.
1 p.m.on Jan. 12, by H. H. Hime, Secretary of the Board of Trustees, for
$44,000 Issue of coupon semi-annual cchool refunding
the purchase of a
bonds. Int, rate is not to exceed 434%. Denom. $500. Dated Jan. 1
1928.
-The
-BOND SALE.
LA PORTE COUNTY (P. 0. La Porte), Ind.
following issues of 5% bonds aggregating $245,300 offered on Dec. 3-were awarded to the Fletcher Savings & Trust Co. of
V. 127, p. 2992
Indianapolis, at a premium of $7,147, equal to 102.91, a basis of about
528,000 John J. Grams et al bonds. Denom. $1,400. Due $1,400 on
May 15 and Nov. 15 from 1919 to 1938, incl.
22,000 Thocla C. Herrold et al. bonds. Denom. $1,000. Due 51,100
on May 15 and Nov. 15 from 1929 to 1938, incl.
55,000 Charles P. Holton et al. bonds. Denom. $2,700. Due $2,750
on May and Nov. 15 from 1929 to 1938. incl.
66,500 Charles Tryon et al. bonds. Denom. 82.825. Due 52,825 on
May 15 and Nov. 15 from 1929 to 1938, incl.
10,200 William J. Garwood et al. bonds. Denom. $510. Due $510 on
May 15 and Nov. 15 from 1929 to 1938, incl.
17,200 Albert Jahns et al. bonds. Denom. $860. Due $860 on May 15
and Nov. 15 from 1929 to 1938, incl.
on
56,400 Charles Wolfe et al. bonds. Denom. $2,820. Due $2,820
May 15 and Nov. 15 from 1929 to 1938, incl.
Dated Nov. 15 1928.
-The
-BOND SALE.
LA PORTE COUNTY (P. 0. La Porte), Ind.
payable
$3,630 issue of ditch bonds, bearing interest at the rate of 6% to A. P.
awarded
-was
semi-annually, offered on Oct. 1-V. 127. p. 1837
Flynn of Logansport, at a price of par.
-A $20,000 issue of
-BOND SALE.
LaPORTE, Harris County, Tex.
funding bonds has recently been purchased by the J. R.Phillips Investment
Co. of Houston.
-The
-BONDS NOT SOLD.
LEVY COUNTY (P. 0. Bronson), Fla.
-has not
3555,000-issue of road bonds offered on Nov. 17-V. 127 p. 2572
as yet been sold.
LIBERTY CONSOLIDATED SCHOOL DISTRICT (P. 0. Liberty),
-A $12,500 issue of school building
-BOND SALE.
Amite County, Miss.
bonds has recently been purchased by Xavier A. Kramer of McComb. as
bonds, for a premium of $30, equal to 100.24.
534%
-BONDS NOT SOLD.LINCOLN PARK, Wayne County, Mich.
The $2,500 issue of sewer bonds offered for sale on Dec. 24-V. 127, P.
-have not been sold, according to Lawrence M.Bailey, City Controller
3537
Bonds
who reports that the City Council has adjourned until Dec. 27. rate of
mature serially in from 1 to 5 years. Bidders requested to name
interest.
III.
LINCOLN PARK DISTRICT(P. 0. Chicago), Cook County, 434%
-The $2.850,000 issue of
BONDS OFFERED FOR INVESTMENT.
inclusive,
bridge bonds, maturing $150,000. July 1, from 1929 to 1947 & Savings
awarded at 101.033 to a syndicate headed by the Harris Trust now being
-V. 127, lo• 3577-a basis of about 4.379'; is
Bank, Chicago
offered for public investment, priced to yield 4.40 to 4.20%, according to
maturity.
-The
-BOND SALE.
LOS ANGELES, Los Angeles County, Calif.
National City Co. of New York again on Dec. 26, purchased,free and clear
DEC. 291928.]
FINANCIAL CHRONICLE
of all litigation, the $500,000 issue of 4%% Santa Clara Valley drainage
bonds,at the same price as they paid on Oct.9-V. 127, p.2123
-namely,a
premium of $8,155, equal to 101.631, a basis of about 4.55%.
Due on
Oct. 1, as follows: $26,000 from 1929 to 1946 and $16,000 in 1947 and
1948.
The previous sale had been cancelled when suit was brought against
the
bonds.
-V. 127, p. 3279.
LOS ANGELES COUNTY ROAD IMPROVEMENT DISTRICT NO.
308 (P. 0. Los Angeles), Calif.
-ADDITIONAL INFORMATION.
The $40,000 issue of 6% road improvement bonds that was reported sold
V. 127, p. 3577
-was purchased by the District Bond Co. of Los Angeles.
Prin. and semi-annual Int, is payable in gold coin of the U.S. at the County
Treasurer's office. Legality to be approved by Dryer. Castle. McConlogne
& Richards of Los Angeles.
McCAMEY INDEPENDENT SCHOOL DISTRICT.
-(P. 0. McCarney), Upton County, Tex.
-BONDS REGISTERED.
-G.N. Holton,
State Comptroller, on Dec. 19 registered an issue of $150,Q00. 6%
social
school bonds.
3741.
MOORESVILLE, Iredell County, N. C.
-FINANCIAL STATEMENT.
-The following detailed statement is furnished in connection with
the offering on Jan 15-V. 127. p. 3578
-of the $75.000 issue of coupon
water and sewer bonds:
Floating debt outstanding
None.
Bonded debt outstanding
$538.100.00
Bonds herewith offered:
Water and sewer bonds (consisting of 525,000 water bonds
& $50,000 sewer bonds)
75.000.00
Gross debt
$613.100.00
Deductions:
Sinking funds for other than water or light purposes
12.183.35
Uncollected special assessments heretofore levied against
property owners
45,690.00
Water bonds included in gross debt
252,020.00
Electric light bonds included in gross debt
10,000.00
McLENNAN COUNTY (P. 0. Waco), Tex.
Total deductions
-BONDS VOTED.
$319,893.35
special election held on Dec. 18-V. 127. p. 2992-the voters -At the Net debt
293.206.65
authorized Assessed valuation for 1928
the issuance of $4,791.500 in road bonds by a majority of almost 7
5.529,513.00
to 1.
It Is reported that the sum of $2,250,000 will be apportioned as
county aid Actual value,estimated
for the construction of State highways in McLennan County, with
All local improvement bonds are direct primary obligations 8,500,000.00
of the town,
$1,525, payable from an unlimited
000 to be expended on lateral roads and $1,016,000 to be utilized
tax, but the law requires the application of special
in refund- assessments to the payment
ing outstanding bonds.
of such bonds and in terest,thereby reducing the
tax levy. Under the regulations governing the Postal Savings Fund such
MADISON, Madison County, 111.
-BOND
-The Hanchett uncollected assessments are deductible in ascertaining the net debt.
Bond Co. of Chicago, has purchased $13,000 6% SALE.
funding
Amt. of sinking fund on hand to cover water & light bonds. $17,383.34.
Sept. 2 1927. Denoms. $1,000. Due Sept. 2, as follows: bonds. Dated
Of the bonds outstanding 550.000 are long term bonds maturing in the
$2,000. 1929 to
1934 inclusive; and $1,000, 1935. Principal and Int. payable
of the City Treasurer. Legality to be approved by Chapmanat the office years 1936. 1939 and 1945. All other bonds are serial, maturing in annual
& Cutler of installments.
Chicago.
The Town of Mooresville has never defaulted in the payment of principal
Financial Statement.
or interest of any of its oblIgal,ions.
Total value Of all property, estimated
Population (1920 census). 4.515. Estimated population (1928),
$5.000,000
Assessed valuation for taxation
6.500.
3,599.457
Total bonded debt
70,000
MOUNT PULASKI TOWNSHIP SCHOOL DISTRICT (P. 0. Mount
Population, estimated-7,000.
Pulaski), Logan County, III.
-BOND SALE.
-H. V. Wynd, Secretary
MITCHELL, Scotts Bluff County, Neb.-BOND SALE.
Board of Education, informs us that an issue of $20,000 coupon school
to newspaper reports, the two issues of bonds aggregating -According building addition bonds
bearing interest at the rate of 4
$130,000 unhas been sold
successfully offered on Dec. 4-V. 127, p. 3280
-were awarded to the at par. Bonds are dated June 15 1928. Denominations $500. Due
Omaha Trust Co.of Omaha,as 4%% bonds, at par. Due in ten
serially from 1933 to 1939 inclusive. Interest payable on June 15. These
years.
are the bonds mentioned in-V.127. IL 3578.
MAPLE HEIGHTS,Cuyahoga County, Ohio.
-BOND OFFERING.
F. J. Vasek, Village Clerk, will receive sealed bids until 12
m. Jan. 23
NARRAGAN
for the purchase of $13.100
-BOND SALE.
% property owner's portion sidewalk im- The 175.000 SETT, Washington County, R. I.
% coupon refunding bonds offered on Dec. 21-V. 127.
provement bonds. Dated Jan. 15 1929. Denom. $1.000,
one
-were awarded to Stone & Webster and Blodget, Inc. of New York.
81,100. Due Oct. 1 as follows: $1,000. 1930: $1,000, 1931 bond for P• 3436
and 1932: at 100.02, a basis of about 4.49%. Dated Jan. 1
32,000, 1933; 81.000, 1934 and 1935: 32,000, 1936; $1,000,
1929. Due Jan. 1 as
1937 and 1938: follows: $8,000, 1930 to 1934, incl. and
and 32,000, 1939. Principal and interest payable at
$7.000. 1935 to 1939, incl. A
Bank, Cleveland. A certified check, payable*to thethe Central National corrected statement of the town's financial condition appears below:
order of the Village
Financial Statement, Nov. 11928.
Treasurer for 5% of the bonds offered, is required.
Tax valuation last assessment
$5,793,900.00
MAPLE LAKE SCHOOL DISTRICT (P. 0. Maple Lake),
Wright Total bonded debt (of this amount 360.000 is to be paid from
County, Minn.
-MATURITY.
-The 542,000 issue of
proceeds of this issue)
228,000.00
that was purchased at par by the State of Minnesota 4ti% school bonds Town notes
-V. 127, p. 3577
-is
73,500.00
due from 1933 to 1953 incl.
Total debt
MARION COUNTY (P. 0. Ocala), Fla.
$301,500.00
-BOND OFFERING.
-Sealed
bids will be received until 2:30 p. m. on Jan. 19,
NEW BOSTON (P. 0. Portsmouth), Sclota County, Ohlo.-BON
Clerk of the Board of County Commissioners, forby T. D. Lancaster, Jr.,
D
the
-The $39,543.10 improvement bonds offered on Dec. 24-V. 127.
of $1,500,000 coupon highway bonds. Int. rate is purchase of an issue SALE.
not to exceed 6%,
-were awarded to the Well. Roth & Irving Co.
stated in a multiple of
of 1%. Bids are not to be less than 95. Denom. P. 3280
4Iis. at a premium of $56. equal to 100.14, a basis of aboutof Cincinnati as
$1.000. Dated Feb. 1 1929 and due on Feb. 1 as follows:
4.72%. Dated
$33,000, 1938; Sept. 1 1928. Due Sept. 1 as follows: 54,000,
$99,000. 1939 to 1951: $104,000, 1952 and $76,000, in 1953.
1929 to 1937 incl.; and
will be received at the same time for $500,000 of the bonds, Sealed bids 53.513.10. 1938. Other bidders sere:
Bidder
as follows: $33,000, 1938 to 1951 and $38,000 in 1952 anddue on Feb. 1
int. Rate. Prem.
31,030.000 ofthe bonds,due on Feb. 1 as follows: $33,000, also for only First National Bank, Portsmouth
5)4% None(par)
1938; $66.000, Seasongood & Mayer, Cincinnati
1939 to 1951;$71,000 in 1952 and $38,000 in 1953. If bid for
5V
$161.00
bonds, or for the $1,000,000 bonds is accepted, noaother the 3500.000 McDonald, Callahan & Co., Cleveland
4
2.00
bonds will be First-Citizens Corp., Columbus
awarded. Prin. and semi-annual int, payable in gold in New
York. The Title Guarantee & Trust Co., Cincinnati
principal only of the bonds may be registered. Chester
B. Masslich of W. K. Terry & Co.. Toledo
New York City will furnish the legal approval.
4AN
3 8 00
136 r8
55
2.
:
certified
of the bonds bid for, payable to the above Board, A required.check for 2% Assel, Goetz & Moerlein, Cincinnati
5
is
350.00
Provident Savings Bank & Trust Co., Cincinnati
4%%
3.95
MAURY CITY, Crockett County Tenn.
First National Co., Detroit
-BOND
-Two Issues
5
134.00
of bonds aggregating $10.000, have been purchased SALE.
by local investors. N. El. Hill & Co., Cincinnati
326 00
17 55
.
o
The issues are divided as follows: $6,000 street improvemen
t and 54.000 Otis & Co., Cleveland
school bonds.
Blanchet, Bowman & Wood, Toledo
5%%
1813.29
Herrick Co., Cleveland
MECICLENBURG COUNTY (P.O. Charlotte), N.C.
7.25
-ADDITIONAL
DETAILS.
-The $90,000 issue of notes that was recently
NEW ORLEANS, Orleans Parish, La.
Merchants & Farmers National Bank, of Charlotte, at a purchased by the
-CERTIFICATE SALE.
-The
price of 100.01- two issues of 4)4% certificates,
V. 127 p. 3577
-bears interest at 5.80% and is due ,on April
aggregating $1,748,500, offered for sale on
10 1929, Dec. 27-V. 127, p. 3127 and 3578
giving a basis of about 5.68%.
-were awarded to a synidcate composed
of R. W. Pressprich & Co. and Eldredge & Co., both of New York, CaldMILWAUKEE, Milwaukee County, Wis.-BOND SALE.
well & Co. of Nashville, the American Bank & Trust Co., the New Orleans
-Two issues
of bonds aggeegating $220,000 have been purchased by the
various city Securities Co., the Whitney-Central National Bank. the Hibernia Securities
pension and investment funds. The issues are divided as
follows: $120.000 Co., Inc.,the Canal Bank & Trust Co. and the Inter-State Trust & Banking
electric light and $100,000 fire department bonds.
Co., all of New Orleans, at a price of 99.01, a basis of about 4.85%. The
issues are described as follows:
MINNEAPOLIS, Hennepin County, Minn.
MRNT.-The following detailed statement is -FINANCIAL STATE- $1,543,000 permanent paving certificates. Due $154,300 from Jan. 1
furnished in
1930 to 1939, incl.
with the offering on Jan. 7 of the $880.978.22 coupon special connection
205,500 temporary surfacing certificates. Due $68,500 from Jan. 1
street improvement bon. --V. 127, p. 3577
-that were
1930 to 1932, incl.
of the City Charter of the City of Minneapolis,authorized by Chapter 20
and Chapter
The
1911, as amended by Chapter 345, Laws of 1913: Chapter 86, 185. Laws of man only other bid was a tender of 98.01 by a syndicate headed by LehLaws of 1915:
Bros. of New York.
Chapters 11 and 103, Laws of 1917; Chapter 219, Laws of
ter 438, Laws of 1923. and the provisions of Chapters 1919: and Chap120, 162. 226 and
NEW ROCHELLE, Westchester County, N. Y.
343, Laws of 1921; Chapter 417, Laws of 1925 amd the resolution
-BONDS RE-OFof the FERED FOR IN
.-The $1,077,000 coupon or registered bonds
City Council, passed Nov. 27 1928, and approved Dec. 6 1928.
awarded as 4%s on Dec. 14, to a syndicate headed by Leman Bros. of New
Assessed Valuation-1927.
York, at 100.229 a basis of about 4.23%V. 127. p. 3436
Real property
-are now being
$266,066,076.00 offered to the public for investment, priced to yield 4.25 to 4.10%, accordPersonal property
48,238,693.00 it to maturity. Assessed valuation for 1928, reported
Moneys and credits
s.
109.160,400.00 total bonded debt including current bonds $10,246,641. at $167.855,208
Assessed valuation-1927
NEWTON, Middlesex County, Mass.
$423,465,169.00
-BOND SALE.
-R. L. Day &
Full and True Valuation-1927.
Co. of Boston, were awarded on Dec. 26, an issue of
581.000 sewer bonds
Real property
$661,681,180.00 bearing 4% interest, at a price of 101.569 a basis of about 3.83%. Dated
Personal property
160.967,912.00 Dec. 1 1928. Denominations 51.000. Due Dec. 1, as follows: $3.000.
Moneys and credits
106,257,350.00 1929 to 1949 inclusive; and 52,000, 1950 to 1958 incl 'sive. Bonds are
being reoffered by the successful bidders priced to yield from 3.80
Full and true valuation-1927
to 3.95%
$928,906,442.00 accoeding to maturity. Other bidders were:
Population-National census, 1910, 301.408;
Bidderof Minneapolis was incorporated Feb. 6 1978. 1920, 380.592. The City Stone Webster
Rate Bid.
and Blodget. Inc
&
101.29
OutstandinQ Bonds.
Harris, Forbes & Co
Sinking fund liability bonds
10100..72064
$46,208,500.00 Newton Trust Co
Street improvement et al bonds
16,612,102.66
Floating debt
NEW ULM, Brown County, Minn.
-BOND SALE.
.257,000.00
-The $200,000
This sale
880,978.22 issue of 4)4% coupon.semi-annual sewer bonds offered for sale on Nov.30
- us 27, p. 2993
avV. .
o 1
-was awarded at par to V. W. Brewer & Co. of MuneTotal
$63,958,580.88
Water works bonds included in the above
3,315,000.00
Sinking Fund.
NORMAN, Cleveland County, Okla.
-BOND OFFERING.
-Sealed
City of Minneapolis and other bonds
-and cash
$4.793.294.78 bids will be received until Dec. 31, by John Hamill, City Manager, for the
The bonds held in the sinkinz fund are 33§, 4,4%.4%,5. 53•6
and 6% Purchase of a $25,000 issue of public library bonds.
and are carried at their face value.
ORANGE COUNTY (P. 0.
MISSISSIPPI, State of (P. 0. Jackson).
-BOND OFFERING.
-NOTE ISSUE OVERSUB- Sealed bids will be received by B.Orlando), Fla.
M. Robinson. Clerk of the Circuit Court
SCRIBED.
-The $4,000,000 issue of tax anticipation notes
that was par- until Jan. 28, for the purchase of an issue of $1,310.000
awarded on Dec. 11-V. 127. p. 3435
-road bonds.
tially
-has since been oversubscribed
by $100,000, according to a report appearing in the Jackson
ORANGE COUNTY ACQUISITI
Dec. 18. It also reported that half of the issue was absorbed "News" of TRICT NO. 1 (P. 0. Santa Ana), ON AND IMPROVEMENT DISby
Calif.
-BOND SALE
.-A $22.250
sippi banks. The notes are dated Dec. 1 1928. Duo on Apr. 15 Missis- issue or 7% improvement bonds has recently
been
1929.
Bond Sr Son of igenta Ana for a $51 premium, equalpurchased by G. W.
MONTGOMERY COUNTY (P.O. Mt. Sterling), Ky.-BOND
to 100.22, a basis of
OFFER- about 6.98%. Due on Nov. 14 as follows: $1,400 from 1933
-Sealed bids will be received by E. W. Senff, County
ING.
to 1947 and
Judge, until
10 a. m. on Jan. 8, for the purchase of a 320,000 issue of 5% refunding $1,250 in 1948.
bonds. Denom. $1,000. Dated Feb. 1 1929. Due $1,000 from
OSWEGO, Oswego County, N. Y.
-BOND SALE.
-.The $145,
1930 to 1949 incl. Prin. and semi-annual int. payable at the officeFeb.
of the coupon school bonds offered on Dec. 20-V. 127. p. 3280
-were
County Treasurer. Authority: Section 1852, Statutes of
Kentucky. A to H. L. Allen & Co. of New York as 4;is at a premium of $75.20,awarded
$500 certified check, payable to the county, must accompany the bid.
equal
100.05, a basis of about 4.24%. Dated Dec. 1 1928. Due Dec. 1 as to
folMOUNT LEBANON TOWNSHIP (P. 0. Pittsburgh),
rs:$6,000, 1929 to 1948 incl., and 55,000. 1949 to 1958 incl.
Allegheny
-BOND OFFERING.
County, Pa.
-F. W. Cooke, Township Cleric,
OXFORD, Butler County, Ohio.
receive sealed bids until 8 p. m. Jan. 14 for the purchase of $250.000 will
-BOND OFFERING.
-0. B. Finch,
41,6
Village Clerk, will receive sealed bids until
coupon township bonds. Dated Oct. 1 1928. Denom.
$1.000. Due of 38,000 5% water works improvement 12 m. Jan. 18 for the purchase
Oct. 1 as follows:$38.000, 1933; 544,000. 1938; 1943 and 1948;
bonds. Dated Oct. 1 1928.
and
Oct. 1 1930 to 1937 Vi0
1953 and 1958. A certified check, payable to the order of the $40,000, Denom. $1000. Due $1
inTreasurer for 52.000 is required. j,egality to be approved by Township terest (April and Oct. 1) iayable at the office of the llage
Treasurer. A
Burgwin. 4 certified check, payable to the order of the Treasurer for 5% of
Scully & Burgwin of Pittsburgh.
the bonds
offered, is required.
3742
FINANCIAL CHRONICLE
[You 127,
-at a premium of $952.78 equal to 100.38,
-V. 127. p. 2579
-Sealed Chicago
-BOND OFFERING.
incl.; $10,000 1934 to 1938
PASCAGOULA,Jackson County, Miss.
Mayor for mature on Apr. 1 as follows:$5,000, 1929 to 1933 $20,000, 1944 to 1948
and
bids will be received until 10 a. m. on Jan. 5 by J. R. Watts,
to
Dated Nov. 1 1928. Inclusive; $15,000. 1939 the 1943 Inclusive;3.96%.
the purchase of a $60,000 issue of 5% iota* bonds.
district about
inclusive. Basis cost to
$3.000.
to 1948,
Due as follows: $1,500, 1929 to 1933: $2,500. 1934is payableand the Na-at
-FINANCIAL STATEMENT.
SAGINAW,Saginaw County,Mich.
1949 to 1953, all incl. Prin. and semi-annual int.
& Hoffman The following statement has been forwarded to us for publication, in contional Bank of Commerce in New York City. Thomson, Wood
bonds full deCity will furnish the approving opinion. A $2,500 certified nection with the proposed awarded on Jan. 2 of $510,000
of New York
scription of which appeared in V. 127, p. 3579:
check must accompany the bid.
Financial Statement as at Nov. 30 1928.
Burlington
PEMBERTON TOWNSHIP SCHOOL DISTRICT,
Gross debt:
-Mrs. T. c. Shreve, District Clerk,
-BOND OFFERING.
County, N. J.
bonds
Jan. 4 for the purchase of $45.000 Total bonds outstanding,including all special assessment
$7,103.500.00
will receive sealed bids until 8 p. m.
Elenom.
so-called and water bonds
510,000.00
4 X% coupon or registered school bonds. Dated June 30 1929.
bonds to be awarded than will produce a premium of Add thisissue
91,000. No more
and interest payable in
$7,613,500.00
$1,000 over the amount stated above. PrincipalPemberton. A certified
including thisissue
Total debt
gold at the Peoples National Bank & Trust Co.,
-Sinking funds:
the bonds
Deductions
check, payable to the order of the Board of Education for 2% of
3520,681.32
(Notapplicable to water bonds)
bid for, is required.
Water bonds:
-The Now outstanding
SALE.
-BOND
$3,253,000.00
PIERCE COUNTY (P. 0. Tacoma), Wash. for sale on Dec. 21
510,000.00
Thisissue
$150,000 issue of semi-annual county bonds offered
3,763,000.00
-was awarded to the State of Washington as 4g% bonds
-V.127,p.3281
at par
4,283,681.32
deductions
Total
Casa
PINAL COUNTY ELECTRICAL DISTRICT NO. 2 (P. 0. semi-The $40,000 issue of 6% coupon
-BOND SALE.
Grande), Ariz.
Net debt incl. this issue & all special assessment bonds,
awarded
-was
$3,329,818.68
annual power bonds offered for sale on Dec.20V. 127, p. 2991Due on July 1
so-called butexcluding water bonds
at par to the Casa Grande Valley Bank of Casa Grande.
Assessed val.for the purpose oftaption for the year 1928 _ _ _ _93,191,915.00
1943. No other bids were submitted.
-Sealed bids will
-BOND OFFERING.
SALEM, Marion County, Ore.
Pine Bluff),
PINE BLUFF PAVING DISTRICT NO. 104 (P. 0. of 5% paving be received until 7:30 p. m. on Jan. 7 by Mark Poulsen, City Recorder,
-A $62,000 issue
-BOND SALE.
bridge bonds. Denom.$1,000.
County, Ark.
Jefferson
& for the purchase of an issue of $100,0004X%
bonds has recently been purchased at a price of 98.15 by the Merchants
Dated Jan. 1 1929. Due $5,000 from Jan. 1 1930 to 1949 incl. Prin. and
Planters Title & Investment Co. of Pine Bluff.
semi-annual int. is payable at the office of the City Treasurer. Teal.
-PRICE Winfree, Johnson & IvIcCullock of Portland will furnish the legal approval.
PINE TOWNSHIP (P. 0. Heilwood) Indian County, Pa.
on A certified check for 2% must accompany the bid.
-The price paid for the $32,000 4% township bonds, awarded
PAID.
-was Par.
-V. 127. p. 3436
-NOTES NOT
July 26, to the Savings & Trust Co. of Indiana
SALT LAKE COUNTY (P. 0. Salt Lake City), Utah, unsuccessfully
1930 to
Dated Aug. 11928. Due Aug. 1 as follows: $1,000, 1929; $2,000,incl.
-An issue of $1,200,000 tax anticipation notes was
SOLD.
1936, incl.: $3,000, 1937: $2,000, 1938 and 13.000, 1939 to 1942,
offered for sale on Dec. 19, all bids being reiected.
The Edward L.Burton Co.of Salt Lake City is reported to have purchased
PLAQUEMINE GRAVITY DRAINAGE DISTRICT No. 10 (P. 0.
-Sealed bids the notes at private sale as 5Xs.
-BOND OFFERING.
Opelousas), St. Landry Parish, La.
-A $90,000 issue
-BOND SALE.
Dec. 31, by Leon Dupre, President of the Board of
will be received until
SAN SABA,San Saba County, Tex.
Commissioners, for the purchase of a $55.000 Issue of drainage bonds.
of water improvement bonds has been purchased by an unknown investor
DISTRICT at a price of 101.44.
POLK COUNTY SPECIAL ROAD AND BRIDGE T.
(These bonds were voted in Dec. 1927-V. 126, p. 137.)
-FINANCIAL STATEMEN -The folNO. 19 (P. 0. Bartow), Fla.
SELMA RURAL SCHOOL DISTRICT (P. 0. Selma), Clark County,
lowing official statement Is furnished in connection with the offering on
bonds: Ohio.
-The $1,990 5 % school equipment bonds offered
-of the $15,000 issue of6% road and bridge
-BOND SALE.
Jan.8-V. 127, p.3578
-were awarded to the Ohio State Teachers'
over $9,000,000 on Dec. 3-V. 127, p. 3129
Actual valuation, estimated
1,325,670 Retirement Fund at par and accrued interest. Bonds are dated Dec. 1
Assessed valuation, 1928
340,000 1928. Interest payable semi-annually.
Total bonded debt, including this issue
3,000
Mount
Present population based on 1927 State Census
SKAGIT COUNTY SCHOOL DISTRICT NO. 47 (P. 0. school
Note -District valuations are based on county assessments, which are Vernon), Wash.
-The $4,000 issue of coupon
-BOND SALE.
An
-was awarded
disproportionately low, reflecting only a fraction of the actual value.
3282
building bonds offered for sale on Dec. 15-V. 127, p.
appraisement of the actual value of the property in this district indicates to the State of Washington as 5% bonds at par. Denom. $1,000. Dated
a total in excess of $9,000,000.
Due on Jan. 2 1939. Optional after 1 year. Interest payJan, 2
were authorized by a special Act of the Legislature of the able on1929. 1.
These bonds
Jan.
State of Florida and validated by decree of the Circuit Court, which, under
-BOND OFFERING.
SOUTHPORT, Brunswick County, N. C.
the existing laws, renders them forever incontestable
Dec. 31, by J. H. Russ, City
-On Dec. 18 Sealed bids will be received until 11 a. m. on 5% hospital bonds. Denom.
-BONDS VOTED.
PONCA CITY,Kay County, Okla.
Clerk, for the purchase of a $7,500 Issue of
the voters authorized the issuance of $260,000 in bonds for the construction $500. Dated Jan. 1 1929. Due $500 from Jan. 119.12 to 1946 incl. Prin.
and improvement of city school buildings by a majority of almost two to and semi-annual int. is payable at the Hanover National Bank in New
At the same election they defeated a proposed $100,000 bond issue York City. Clay, Dillon .3t Vandewater of New York City will furnish the
one.
for the erection of a new city library.
legal approval. The Bray Bros Co. of Greensboro will prepare the bonds.
of N. 0. of 1921.
-BOND
PONTIAC SCHOOL DISTRICT, Oakland County, Mich. receive Bonds issued under provisions of Chapter 106, Laws bid for,payable to
will
OFFERINO.-O. K. Patterson, Secretary Board of Education, purchase of Extra Session. A certified check for 2% par of the bonds
is required.
time) for the
the City Treasurer,
sealed bids until 2 p. m. Jan. 8 (Eastern standard
$500.000 coupon school bonds-rate of interest not to exceed 5%. Dated
-BOND OFFERING.-EdIth
STARK COUNTY (P.O. Canton), Ohio.
Jan. 1 1929. Denom. 91,000. Due Jan. 1 as follows: $9,000, 1930: $10.- G. Coke, County Clerk, will receive sealed bids until 10 A. M. Jan. 11 for
1936;$14,000,
00.0. 1931 to 1933 incl.; $11,000, 1934; 912.000, 1935:$13,000,
$52,000 4 X% road construction improvement bonds. ,
of
1937: 115.000, 1938 to 1943 incl.: $16,000, 1944: $17,000, 1945: $18,000, the purchase1 1928. Denom. $1,000. Due Sept. 1, as follows: 56.000,
1946: 119.000. 1947 and 1948: 120.000. 1949: $21.000. 1950; 122,000, 1951; Dated Sept. incl.; and $7,000. 1937 and 1938. Prin. and int. payable at
523,000, 1952 to 1954 incl.; $24,000, 1955:125.000, 1956 and 1957, and $26,- 1930 to 1936,
the County 'Treasury. A certified check payable to the order of the Board
000 1958. Bonds are registerable as to principal. Principal and interest of County Commissioners for $500 is required.
payable at the office of the School District Treasurer. A certified check.
-An issue of $5,000
-BOND SALE.
paxable to the order of the Treasurer Board of Education for 5% of the
SUMNER,Lawrence County, III.
bonds bid for, is required. Legality to be approved by Chapman & Cutler street improvement bonds, bearing interest at the rate of 5%, is reported
1928 are in
of Chicago.
to have been sold locally. Bonds are dated Nov. 1 1929 to 1933.
and mature 51.000, July 1, from
PORT ARTHUR INDEPENDENT SCHOOL DISTRICT (P. 0. Port denominations of 1,000
-Sealed bids will inclusive.
-BOND OFFERING.
Arthur), Jefferson County, Tex.
-BOND SALE:
,
SWITZERLAND COUNTY (P. 0. Vevay), Ind.
be received until 2 p.m. on Jan. 4. by L. B. Abbey, Secretary of the Board
road bonds, bearing interest at the rate
rate
of Trustees, for the purchase of a $200,000 Issue of school bonds. Int.Due The $16,800 Jefferson Township 127, p. 1710
-were awarded to the First
of 414%. offered on Oct. 31-V_.
Is not to exceed 5%, and bids are to be on a basis of 4X and 5%.
both of Vevey,at a premium
05.000 In from 1 to 40-years. Prin. and semi-annual let payable at the National Bank and the Vevey Deposit Bank,
basis of about 4.45%. Dated Sept. 15 1928.
Egativpr National Bank la New York City. Chapman & Cutler of Chicago or 939 equal to 100:233, aon'May and Nov. 15 from"1929 to-1948 incl. .
approving attorneys. A certified check for 2% of the Denoms. $420. Due $420
will probably be the
-The
-PRICE PAID.
bonds, payable to the School 'District. Is required.
TERRELL COUNTY (P. 0. Dawson), Ca.
-An Issue of $56,000 issue of 5% permanent road bonds that was jointly purchased by
-BOND SALE.
PORTLAND, Multnomah County, Ore.
Southern Co., both of
6% city improvement bonds was awarded on Dec. 18 as J. H. Hllsman & Co., Inc., and the Citizens & at a price of 101.046, a
1171,445.35
-was awarded to them
106.261;
-V. 127. p. 2574
follows: $100,000 block to Mr. Powers at prices from 106.061 to at prices Atlanta
incl.
basis of about 4.89%. Due $2,000 from Jan. 1 192 to 1956,
$61,445.35 to George H. Burr, Conrad & Broom, of Portland
to 105.791 and $10,000 to William Adams, City
-Sealed bids
-BOND OFFERING.
ranging from 105.901
TOLEDO, Lincoln County, Ore.
m. on Jan. 7,
Treasurer, at par.
will be received by R. R. Miller, City Recorder, until 8 p.
-The for the purchase of a $9,000 issue of 53% semi-annual fire equipment
PRIMROSE, Boone County, Neb.-ADDITIONAL DETAILS.
1931 to 1939 incl. Teal, Win6% refunding bonds that was purchased by Wachob, bonds. Dated Jan. 1 1929. Due 51.000 fromfurnish approving opinion. riA,
$12.000 issue of
-was awarded at par. Due free, Johnson & McCulloch of Portland will
-V. 127, p. 3578
Bender & Co. of Omaha
$450 certified check must accompany the bid.
in 1948. Optional $2.000 from Dec. 1 1936 to 1941.
-Matthew
-BOND OFFERING.
TONAWANDA, Erie County, N. Y.
PROSPECT, Marion County, Ohlo.-BOND OFFERED.-Dlo D.
for the purchase D. Young, Town Supervisor, will receive sealed bids until 2 p. m. Jan. 4,
Dix, Village Clerk, received sealed bids until 12 m. Dec. 28
of coupon or registered bonds aggrefollowing
of$10,007.97 6V fire apparatus and equipment bonds. Dated Dec. 11928. for the purchase of theof interestissues exceed 43. , and to be stated in a
not to
-rate
Due as follows: 51,007.97. March,and $1,000, Sept. 1 1930: $1,000 March gating $565 000
and Sept. 1 1931,and $500, March and Sept. 1 1932 to 1937 incl. Interest multiple of h of 1%:
30, as follows:
1928.
$218,000 pa ng bonds. Dated Dec. 30$18,000,Due Dec.
payable on March and Sept. 1.
1934 to 1938 incl.
$24,700, 1929 to 1933 incl., and
-The 1277.0004 X%
-BOND SALE.
paving bonds. Dated Dec. 30 1928. Due
WAY, Union County, N. J.
Boulevard,
RAH
- 127,000 Kenmore
coupon or registered school bonds offered on Dec. 26-V. 127, P. 3437
as follows: $4,000, 1930 to 1942 incl., and 55.000, 1943 to 1957
were awarded to the Rahway National Bank, Rahway, at a premium of
Inclusive.
to
basis of about 4.495%. Dated Dec. 1 1928.
$55.40, equal to 100.02, a
95,000 sewer bonds. Dated Dec. 1 1927. Due $5,000, Dec. 1 1929
Due Dec. 1 as follows: $6,000, 1930 to 1939, incl.; $7,000. 1940 to 1954,
1947 inclusive.
bonds, Dated Dec. 30 1928. Due Dec. 30, as follows:
and 38,000. 1955 to 1968, incl. No other bid submitted.
incl..
46,000 water
$3,000, 1933 to 1946 incl., and $4,000, 1947.
-A $21,000 issue
-BOND SALE.
RANDALL, Jewell County, Kan.
30, as follows:
29,000 lateral sewer bonds. Dated Dec. 30 1928. DueDec.
of water works bonds has been purchased by the Central Trust Co. of
1933,
56.000, 1929 to 1932 incl., and 56,999,
Topeka.
Dec. 1
18,000 series 4, water bonds. Dated Dec. 11927. Due $1,000.
RIDGEWOOD TOWNSHIP SCHOOL DISTRICT (P. 0. Ridge1929 to 1946 inclusive.
-John Kollmar,
-BOND OFFERING.
wood) Bergen County, N. J.
15,000 series 2, water bonds. Dated Dec. 1 1927. Due $1,000, Dec. 1.
District Clerk, will receive sealed bids until 8 ip. m. Jan. 15 for the purchase
from 1929 to 1943 inclusive.
Due Dec. 30,
Jan. 1 1929.
of $35,000 43 % coupon or registered school bonds. DatedPrincipal and
12,000 series 2, lateral sewer bonds. Dated Dec. 30 1928. to 1933 incl.
as follows: $3,000. 1929 and 1930, and $2.000, 1931
Denom. $1,000. Due 51,000, Jan. 1 1931 to 1965 incl.
sewer bonds. Dated Dec. 1 1927. Due Dec. 11948.
payable at the Ridgewood Trust Co., Ridgewood. No more bonds to be
int.
5,000
Bank,
awarded than will produce a premium of $1,000 over 935,000. A certified
Principal and interest payable in gold at the First National check
check payable to the order of the Board of Education, for 2% of the bonds Kenmore, or at the Chase National Bank, New York. A certified
Legality to be approved by Hawkins, Delafleld & payable to the order of the above-mentioned official for $11,000 is required,
bid for is required.
City.
Longfellow of New York City.
Legality to be approved by Clay, Dillon & Vandewater of New York
-The 13
-II.E.Evans,
-BOND OFFERING.
TRENTON,Mercer County, N.J.
ROCHESTER, Olmsted County, Minn.-730ND SALE.
15
Issues of bonds aggregating $94500,.offered for sale on Dec. 17-V. 127, City Treasurer, will receive sealed bids until 12 m.(standard time) Jan.
-were awarded to the First Minneapolis Trust Co. of Minneapolis, for the purchase of the following issues of 4If or 4 X % coupon or registered
p. 3437
The issues are described as follows:
bonds, aggregating $2,023,000:
11,391,0911 general impt. funding bonds. Due Feb. 1 as follows: $50,000.
$33,000 4 X% State rural credit bonds. Due Feb. 151944.
1931 to 1935 incl.: $60,000. 1936 to 1939 incl.: $75,000, 1940 to
°
14.000 41 V State rural credit bonds. Due on June 1 1954.
1950 incl. and 566,000, 1951.
% State rural credit bonds. Due on June 1 1954.
1,000 43
Due on Dec. 1 1939.
State rural credit bonds.
449,000 school building bonds. Due Feb. 1 as follows: 515.000. 1931
2,000 4
to 1959 incl., and $14,000. 1960.
State rural credit bonds. Due on June 1 1954.
2,000 4
123.000 street assessment funding bonds. Due Feb. 1 as follows:
2,000 4 3. % State rural credit bonds. Due on July 15 1943.
$13,000. 1930 to 1935 incl., and $11,000, 1936 to 1938 Incl
° State armory bonds. Due on Jan. 1 1935.
5,000 4
and 512.000, 1939.
24,000 5 State soldier bonus bonds. Due on Aug. 1 1929. Aug. 1 19 9
/
No.8 bonds. Due on
sewer assessment funding bonds. Due Feb. 1 as follows:
70,000
Independent School District
2,000 4
Aug.1
515.000, 1930: 510.000, 1931; 56,000, 1932 to 1936 incl.. and
3,000 4 V Independent School District No.8 bonds. Due on Aug. 1 1932
1931
bonds. Due on
$5,000. 1937 to 1939 incl.
1,000 4 3. V Independent School District No.8bonds. Due on Aug. 1 1930
Dated Feb. 11929. Denom. 91,000. Principal and interest payab%
4,000 4 V Independent School DistrictNo.8
May 1 1939 the office of the City Treasurer, no more bonds to be awarded than will pro1,500 5 ° Independent School District No.8 bonds. Due on
issue. A certified cheek
-MATURITY. duce a premium of $1,000 over the amount of each
RIVERSIDE SCHOOL DISTRICT, Cook County, 111.
of the total amount of each issue bid for.fpayableito the order of the
-The $250,000 4% school bonds awarded to the Northern Trust Co. of for 2%
DEC. 29 1928.]
city, must accompany bid. Legality to be approved by Hawkins, Delafield & Longfellow of N. Y. City.
TUSTEN AND COCHECTON CENTRAL SCHOOL DISTRICT NO.1
-BOND OFFERING.
(P. 0. Narrowsburg), Sullivan County, N. Y.
Sealed bids will be received by the Members of Board of Education until
2P. M.December 31 for the purchase of $100,000 not to exceed 43 % school
bonds. Dated Jan. 1 1929. Denom. $1.000. Due Jan. 1, as follows:
32,000. 1931 to 1935. incl.; 33,000. 1936 to 1940 incl.; $4,000, 1941 to 1945,
incl.; $5,000, 1946 to 1950, incl.; and $6,000, 1951 to 1955, incl. Prin. and
int. (January and July 1) payable at the First National Bank. Narrows
burg. A certified check for 5% of the bonds offered is required.
UMPQUA HIGHWAY IMPROVEMENT DISTRICT(P.O. Roseburg),
-BOND SALE.
-The $110,000 issue of 5% semiDouglas County, Ore.
annual highway bonds offered for sale on Dec. 3.-V. 127, P. 3130
-was
awarded at par to the State of Oregon. Due from 1930 to 1932, incl.
No other bids were submitted.
VALLEY COUNTY SCHOOL DISTRICT No. 18 (P. 0. Thoeny,
-BOND SALE.
Mont.
-The $1,000 issue of semi-annual school bonds
offered for sale on Nov. 19-V. 127, p. 2574
-was awarded at par to the
State Board of Land Commissioners.
WALLER COUNTY ROAD DISTRICT No. 1 (P. 0. Hempstead),
-BONDS REGISTERED.
-The $230,000 issue of 5'/% coupon road
Tex.
2
bonds that was awarded on Oct. 22 to Garrett & Co. of Dallas.
-V. 127.
-was registered on Dec. 17 by the State Comptroller.
p. 2574
VASSAR, Tuscola County, Mich.
-NO BIDS.
-George F. Childs,
Village Clerk,states that no bids were submitted on Dec.24 for the purchase
of $30,000 4 % light and water department mtge. bonds, scheduled for
sale (V. 127, P. 3580). Bonds are dated Jan. 2 1929 and mature $2,000
Jan. 2 from 1930 to 1944 inclusive.
WARREN COUNTY (P. 0. Bowling Green), Ky.-BOND SALE.
-A
$92,500 issue of 4 % refunding bonds has been jointly purchased by
J. J. B. Hilliard & Son of Louisville and Caldwell & Co. of Nashville for a
premium of 310, equal to 100.01.
WEST MONROE (P. 0. Monroe), Ouachita Parish, La.
-BONDS
VOTED.
-At the special election held on Dec. 18-V. 127. p. 3438-the
voters approved the issuance of $100,000 in bonds by a majority of about
3to 1. The bends will bear int. at 6% and will mature over a 40-year period
WESTMORELAND COUNTY (P. 0. Greensburg), Pa.
-BOND
.SALE.
-The $500,000 4% county bonds offered on Dec. 21-V. 127 P.
3282-were awarded to M. M. Freeman & Co. of Philadelphia, at a price
of par. Dated Dec. 1 1928. Due Dec. 1, as follows: $100.000, 1938; and
5200,000, 1943 and 1948.
WEST YORK (P. 0. York), York County, Pa.
-BOND SALE.
The $15,000 4 % general improvement and refunding bonds offered on
-were awarded to E. H. Rollins & Sons of PhilaDec. 26-V. 127, p. 3580
delphia, at a premium of $436.95, equal to 102.913, a basis of about 4.28%.
Dated Dec. I 1928. Due Dec. I 1948. Other bidders were:
Bidder
Rate Bid.
John A. Hoober,York
100.00
A.B.Leach & Co.,Philadelphia
102.31
J. H.Holmes & Co.,Pittsburgh
100.00
Industrial National Bank.York
100.05
WHITLEY COUNTY (P. 0. Columbia City), Ind.
-BOND SALE.The $25,440 4}4% Mott Herrold at al Torncreek Township road construction bonds offered on Dec. 24-V. 127. p. 3438
-were awarded to the
Bankers Investment Co. of Indianapolis, at a premium of $255.61, equal
to 101. Dated Nov. 15 1928. Due on May and Nov. 15, from 1930 to
1949, inclusive.
-An issue of $3,920
% Frank D. Goodrich at al road
BOND SALE.
construction bonds WSA awarded on the same day to the Provident Trust
Co. of Indianapolis. at a premium of $30, equal to 100.76.
WILLACY COUNTY WATER CONTROL AND IRRIGATION DI&
TRICT NO. 1 (P. 0. Raymondville), Tex.
-BOND ELECTION.
-On
Jan. 14 the voters will be called upon to pass on the proposed issuance of
$7,500,000 in bonds to be used in the construction of an irrigation system.
This is reported to be the largest proposal for an irrigation project ever
submitted to a vote in the State. 'The following report is taken from the
"Wall Street Journal" of Dec. 27:
"The Legislature will be asked to pass a special Act validating the district, but the bonds will be voted and sold irrespective of whether this Legislative action is taken. In making application to the State Board of Engineers for authority to form the district, no definite amount of water was
asked, the district merely requesting right to use unappropriated waters of
the Rio Grande in sufficient quantities to irrigate not to exceed 129,000
acres, which is the size of the district. Water will be taken from the Rio
Grande only when the flow is above normal, and flood waters will be stored
in large reservoirs on the tract, making it unnecessary to take water from
the river during the periods of low flow."
NEW LOANS
3743
FINANCIAL CHRONICLE
WILLIAMSON, Ingham County, Mich.
-BONDS DEFEATED.
-The
electors on Dec. 17 rejected the proposal submitted to them for their consideration-V. 127, p. 3439
-calling for the issuance of $100,000 bonds
The proceeds derived from the bond sale were to be used to construct an
addition to the school building.
WILSON, Wilson County, N. C.
-BOND OFFERING.
-Sealed bide
will be received by Theo. A. Hinnant, Town Clerk, until 7:30 p. m. on
Jan. 8,for the purchase of four issues of coupon bonds aggregating 370.000
as follows: $30,000 water works extension bonds; 315,000 surface drainage
extension bonds; $15,000 sanitary sewer extension bonds and $10.000 fire
fighting apparatus bonds. Int, rate is not to exceed 6%. bid upon in a
multiple of y, of 1%. Principal only of bonds may be registered. Denom.
$1.000. Dated Jan. 1 1929 and due on Jan. 1, as follows: 32.000, 1932 to
1945 and $3,000, 1946 to 1959, all incl. No option of prior payment.
Prin. and int. (J. & J. 1.) payable in New York City in gold. Chester B.
Masslich of New York City will furnish the legal approval. The U. S.
Mortgage & Trust Co. New York City will certify the bonds. The above
-of
clerk or said trust cotnpany -will furnish the required bidding forms. A
certified check for $1,400, payable to the Town Treasurer, must accompany
the bid.
Financial Statement.
322,197.550.00
Assessed valuation,1928
Actual valuation,estimated
40,000,000.00
Total debt,including bonds now offered
2,219,500.00
Water bonds,included in above
$339,705.06
Light bonds,included in above
472,463.58
Gas bonds,included in above
127,000.00
1,393,185.84
Uncoil,special assessments,actually levied
454,017.20
Net debt,including bonds now offered
$826,314.16
Population (1920 census), 10,623. Population (estimated to-day,
18,000. Tax rate for general purposes,40c. Tax rate for bonds .Sr int, 28c.
Total tax rate, 68c.
YALOBUSHA COUNTY ROAD DISTRICT NO. 4 (P. 0. Wetter
Valley), Miss.
-BOND SALE.
-A $75,000 issue of road bonds has been
purchased by the Commerce Security Co. of Memphis at a price of 103.62
-BIDS.
-The following
ZANESVILLE, Muskingum County, Mich.
bids were also sumbitted on Dec. 17, for the $15,000 airport bonds bearing
interest at the rate of 5%,awarded to Sea-songood & Mayer of Cincinnati
V. 127, p. 3581-at a premium of $496.00 equal to 103.306:
-Premium.
Bidder
$468.00
First Citizens Corp, Columbus
451.50
W. K. Terry & Co., Toledo
402.00
Assel, Goetz & Moerlein, Cincinnati
335.00
W. L. Slayton & Co., Toledo
313.00
Union Trust Co., Cleveland
247.10
Blanchet, Bowman & Wood. Toledo
29.10
Provident Savings Bank & Trust Co., Cincinnati
-BOND SALE.
ZAVALLA COUNTY (P. 0. Crystal City), Tex.
A $75,000 issue of court house bonds has been purchased at par by the J. E.
Jarratt Co. of San Antonio.
CANADA, its Provinces and Municipalities.
BOUCHETTE TOWNSHIP, Que.-BOND OFFERING.
-P. Mathieu.
Secretary-Treasurer, will receive sealed bids untll Jan 1, for the purchase
-year serial bonds, dated May 1 1928, and payable at
of $15,750 5% 30
Bouchette. Denominations to suit purchaser.
KAPUSKESING, ONT.-BOND SALE.
-The Municipal Debentures
Corporation of Toronto, is reported to have purchased an issue of $108,000
bonds during December, at a price of par. Bonds bear interest at the rate
of 53. % and mature serially in 20 years.
-William N. Snyder, City
NORTH BAY, Ont.-BOND OFFERING.
Clerk, received sealed bids until 12 M. December 29, for the purchase of
$241.572.73 permenent paving bonds debentures, to bear interest at the
Dated Dec. 31 1928. Principal and Interest payable at
rate of 5
the Royal Bank, North Bay.
-According to the Dec.21
QUEBEC,Que.-PROPOSED BOND ISSUE,
issue of the "Monetary Times" Toronto, the Roman Catholic school commissioners, will apply-to the provincial government, for permission to issue
$250,000 school bonds.
-year serial
ST. LAMBERT, Que.-BOND SALE.
-The $260,000 15
bonds to bear interest at the rate of 5%, payable semi-annually offered on
Dec. 5-V. 127, p. 3131-were awarded to Versailles, Vidricaire & Boulals
of Quebec. Dated Aug. 1 1928. Payable at St. Lambert and Quebec.
Successful bidders are now offering the bonds for investment at par and
accrued Interest.
FINANCIAL
FINANCIAL
WHITTLES-EY.
McLEAN &Ca
We Specialize in
$880,978.22
City of Minneapolis,
Minnesota
SPECIAL STREET IMPROVEMENT
BONDS.
MUNICIPAL.BONDS
PENOBSCOT BLDG., DETROIT
City of Philadelphia
38
328
/
1
4s
/
41 4s
41 2s
/
5s
/
51 4s
51/
23
NOTICE IS HEREBY GIVEN that the
Committee on Ways and Means of the City
Council of the City of Minneapolis, Minnesota,
will sell at a public sale, at the office of the City
MINING ENGINEERS
Comptroller of said City. on MONDAY,
JANUARY 7TH, 1929, at 2:00 o'clock p. m.
(Central Standard Time), $880,978.22 Special
Street Improvement Bonds, at a rate of interest
not exceeding five per cent per annum; to be
dated February 1st, 1929; payable in equal
annual installments-of which $91,546.69 will be
payable in five years; $383,697.12 in ten years.
Mining Engineers and Geologists
and $405,734.41 In twenty years-as follows:
519.546.69, February 1st, 1930; $18.000.00 in
each of the years 1931, 1932, 1933 and 1934: COAL AND MINERAL PROPERTIES
1522 Locust Street
$38,697.12. February 1st, 1930; 338,000.00 in
Examined, Managed, Appraised
Philadelphia
each of the years 1931, 1932, 1933, 1934, 1938
and 1939: $39.000.00 in each of the years 1935, Drexel Building
PHILADELPHIA
Private Wire to New York
1936 and 1937: $20,734.41, February 1st, 1930:
Call Canal 8437
$20,000.00 in each of the years 1931, 1932, 1933,
1934, 1935. 1936, 1937, 1938. 1939, 1945, 1946,
1947, 1948, 1949: 321.000.00 in each of the years
1940, 1941, 1942, 1943 and 1944.
To be in $50. $100. $500 or $1,000 denominations at the option of the purchaser, and coupon
rate must be the same for all bonds bid for.
Sealed bids may be submitted until 2:00
o'clock p. m of the date of sale. Open bids will
be asked for after that hour. All bids must include accrued interest from date of said bonds
to date of delivery, and a certified check for two
is an economy and cuts the cost of selling, making
per cent of the par value of the bonds bid for,
lower prices or better services possible without
made to C. A. Bloomquist, City Treasurer, must
accompany bids.
sacrifice of seller's profits.
No laid will be considered for an amount less
than the par value of the bonds.
The CHRONICLE can carry your message to
The right to reject any and all bids is hereby
the World's most influential class of people at a
reserved.
The approving opinion of Thomson, Hoffman
moderate cost.
& Wood, Attorneys, will accompany these bonds.
Let us help you solve your publicity problems in
Circular containing full particulars will be
mailed upon application.
a consistent manner.
DAN 0. BROWN,City Comptroller,
Minneapolis, Minnesota.
H. M. CHANCE 8,, CO.
Biddle & Henry
Consistent Advertising
[Vol,. 127.
FINANCIAL CHRONICLE
3744
flinanciaI
ffinantia I
ffinanctat
CALIFORNIA
CHICAGO
CHICAGO
Paul C. Dodge & Co., Inc.
INVESTMENT SECURITIES
120 SOUTH LA SALLE STREET
CHICAGO
TRUST&SAVINGS BANK
MICHIGAN
1
New York Office
Paul K. Yost, Vice.Pres.
52 Wall St—Suite 2009
DETROIT
Joel Stockard & Co., Inc.
Investment Securities
Maine Office
11 WALL STREET, NEW YORK
First Mortgage
Real Estate Securities
Approved and Recommended by the
OLDEST REAL ESTATE BOND HOUSE
FOUNDED 1855
HARRIS,SMALL- &-v C
150 CONGRESS ST.,W.1
Resources more than
900 million dollars
E. A. Pierce & Co.
535 Fifth Ave. cor. 44th St.
Phone Vanderbilt 6580
Suitable Investments for Banks, Irtsurand Companies, Estates and Individuals
Los ANGELES-F1RSTNATIONAL ii
Serves the Southern
half of California
through branches in
its principal cities.
Grtenebaum Sons
Securities _DCorporatio
-
eci1zh:
in investment securities of public
service companies supplying
electricity, gas and transportation in 30 states. Write for list.
Penobscot Bldg.
DETROIT
Branch Offices:
Jackson
Dearborn
Kalamazoo
Members Detroit Stock Exchange
Members
N. Y. Stock Exch. Los Angeles Stock Exch.
San Francisco Stock & Bond Exchange
and other leading Exchanges
UTILITY SECURITIES
COMPANY
230 So.La Salle St., CHICAGO
Milwaukee
New York
St. Louis
Louisville Indianapolis Minneapolis
Members of Detroit Stock Exchange
Private Wires to Branch Offices at
Los Angeles
Seattle
Pasadena
Charles A. Parcells & Co.
A., 0. Slaughter & Co.
INVESTMENT SECURITIES
Stocks - Bonds - Grain - Cotton
PENOBSCOT BUILDING, DETROIT, MICH.
Members
New York Stock Exchange
Chicago Stock Exchange
Chicago Board of Trade
120 SOUTH LA SALLE STREET
San Francisco
Portland, Ore.
Tacoma
CHICAGO, ILL.
CONSERVATIVE—
PROFITABLE
LIVINGSTONE CROUSE & CO.
7% Cumulative Preferred Shares of the
Pasadena Mortgage Securities Corporation, par value $100 each, sold at par to
net the investor 7%•
Quarterly dividends of One and Three
Quarters per cent have been regularly
paid out of earnings since organization.
Exempt from taxation in California.
Prospectus upon request.
Members Detroit Stock Exchange
PASADENA MORTGAGE SECURITIES
CORPORATION
Durfey & Marr
223 Pacific-Southwest Bldg.
PASADENA, CALIFORNIA
Market for
409 Griswold Street
DETROIT
RALEIGH. N. C.
Established 1887
1•01 ED
Southern
Industrial Securities
North Carolina's Oldest
Strickly Investment House
Ca
351-353 Montgomery St.
SAN FRANCISCO
Information and 4:::otations on all
Pacific Coast Securities
Members: San Francisco
Members: San Francisco
Curb Exchange
Stock Exchange
Inquiries Solicited on Chicago
Real Estate Bonds
CHICAGO
Quotations and Information
on Pacific Coast Securities
Established 1858
BUFFALO
SUTRO & CO.
Founded 1865
DRAKE, RILEY & THOMAS
CHAPMAN DE WOLFE CO.
'Stocks & Bonds'.
LACKNER, BUTZ & COMPANY
111 West Washington Street
Members
San Francisco Stock and Bond Exchange
We specialize in California
Oakland
San Francisco
Municipal & Corporation
BONDS
410 Montgomery St. Okland Bank Building
Ith and Broadway
Private Wire Service
Van Nuys Building
LOS ANGELES
Santa Barbara
Pasadena
Long Beach
CHICAGO
RALEIGH, N. C.
CALIFORNIA
LOS ANGELES
PASADENA
SAN FRANCISCO
SAN DIEGO
COMPANY
INVESTMENT SECA)RITIES
TRUSTS • ESTATES
39 So.LA SALue ST
Pacific Coast Securities
VVIVILR4STAATS
GARARD TRUST
INDIANAPOLIS
A. J. WRIGHT & CO.
Members New York Stock Exchange
Western New York and Canadian
Mining Securities
Local Stocks and Bonds
Bough and Sold on a Brokerage Beals OW,
BUFFALO, NEW YORK
Thomas D. Sheerim & Company
ALABAMA
CORPORATION
BONDS
INDIANA MUNICIPAL
BONDS
Fletcher Savings g, Trust Bldg.
INDIANAPOLIS
MARX & COMPANY
BANKERS
BIRMINGHAM, ALABAMA
SOUTHERN MUNICIPAL AND
CORPORATION BONDS
The
ontiiirret31
COPYRIGHTED IN 1930 BY WILLIAM B.DANA COMPANY, NEW YORK.
VOL. 127.
issued Weekly
$10.00PsnYeer
ENTERED
SECOND•CLAS5 MATTER JUNE., 1.9, AT THE POST OFAIGE AT NEW YORK, NEW YORK, UNDER THE AGIT OF MARCH 3,IBM
NEW YORK, DECEMBER 291928.
financial
William B. Dana Co.;Pubiliihers.
188 Front St., N.Y City
financial
inancial
CHARTERED 1822
THE FARMERS' LOAN & TRUST HARVEY FISK &SONS
Members New York Stock Exchange
COMPANY
22 William Street
475 Fifth Avenue, at 41st Street
901 Madison Avenue, at 72nd Street
NEW YORK
MANAGEMENT OF ESTATES
CARE OF SECURITIES
New York
120 Broadway
Uptown Offices
522 Fifth Avenue
251 West 57th Street
London
64 Bishopsgate,E.C.2
DOMESTIC AND FOREIGN BANKING
Harris, Forbes & Co
PINE STREET. CORNER WILLIAM
NEW YORK
77. CORNHILL. LONDON. E. C. 3
HARRIS. FORBES & CO.. INC.
Boston
HARRIS TRUST & SAVINGS BANK
Chicago
Act as fiscal agents for municipalities and
corporations and deal in Government,
municipal, railroad and public utility
BONDS FOR INVESTMENT
List on Application
CABLE ADDRESS SABA, NEW YORK
FOREIGN EXCHANGE
LETTERS OF CREDIT
COMMERCIAL LETTERS
WHITE. WELD & CO.
ACCEPTANCES
LONDON
Underwrite and distribute
Investment issues. Act as
fiscal agents for domestic
and foreign corporations.
Reed w (6.
PARIS
Member Federal Reserve System
and New York Clearing House
Established 1874.
John L. Williams & Sons
New ToRi
losrox
and
Ciocaall
Cable Mina "1171dtassiir
..9oretin gaeemotelit SgasPael1
-
gaik 6
1/44
aand g7ancily
j
n
BANKERS
No 3314
.
EDWARD B. SMITH
& CO.
RICHMOND, VA.
Investment Securities
GARFIELD
NATIONAL BANK
23rd STREET, where
FIFTH AVENUE
Crosses Broadway
Capital, - $1,000,000
Surplus - $1,000,080
A Bank for the Builders of Business
Philadelphia
New York
Boston
The New York
Trust Company
The Chase National Bank
State and Municipal
Bonds
C. F.CHILDS AND COMPANY
NEW YORK SAN FRANCISCO CHICAGO
(Branches in all mher principal Mel)
"CHARTEK NO. 1"
Capital, Surplus &
Undivided Profits
$34,000,000
100 Broadway
57th St. & Fifth Ave.
40th St. SE Madison Ave.
FIRST NATIONAL BANK
PHILADELPHIA
Member Federal Reserve System and
N. Y. Clearing House Association
of the City of New York
Capital
Surplus and Profits .
Deposits (Oct. 3, 1928)
.
.
$60,000,000.00
78,807,313.08
893,388,858.51
ALBERT H. WIGGIN
Chairman of the Board
DIRECTORS
Alfred P. Sloan. Jr.
Henry W.Cannon
Elisha Walker
Albert II. Wiggin
Malcolm G. Chace
James N. Hill
Daniel C. Jackling
Thomas N. NIcCarSer
Robert L. Clarkson
Charles M. Schwab
Amos L. Beaty
Samuel El. Miller
Newcomb Carlton
John McHugh
William E. S. Griswold
Frederick IT. Eckel.
Eugene V. R.Thayer Henry 0. Havemeyei
L. F. Loree
Carl J. Schmidlapp
Gerhard M. Dahl
Theodore Pratt
Robert C. Pruyn
Reeve Schley
Samuel F. Pryor
H. Wendell Endicot
Jeremiah Milbank
FerdinandW.Roebllng,Jr.
Earl D. Babst
Henry 011esheimer
Francis H. Brownell
Arthur G. Hoffman
James T. Lee
F. Edson White
LIVINGSTON E. JONES. President
FOREIGN
AND
TRUST
DEPARTMENT
FACILITIES
FINANCIAL CHRONICLE
II
[Vor.. 127.
3nbesitment 3ioue anb 7Zratuercs of _foreign exchange
J. P. MORGAN & CO. Maitland,Coppell &Co.
Wall Street, Corner of Broad
NEW YORK
DREXEL & CO., PHILADELPHIA
Fifteenth and Walnut Streets
MORGAN GRENFELL & CO.,
LONDON
2.3 Great Winchester Street
MORGAN & Cie., PARIS
14 Place Vendome
Securities bought and sold on commission
Foreign Exchange. Commercial Credits.
Cable Transfers
Circular Letters for Travelers, available in all
parts of the world •
62 WILLIAM STREET
NEW YORK
Orders executed for all Investment Securities.
Act as agents of Corporations and negotiate and
Issue Loans.
Bills of Exchange, Telegraphic Transfers,
Letters of Credit
on
National Provincial Bank, Limited, London
Messrs. Mallet Freres St Cie., Paris
and
Principal Places in Mexico
KIDDER, PEABODY & CO.
Founded in 1865
BOSTON
NEW YORK
PROVIDENCE
NEWARK
Government Bonds
Investment Securities
Foreign Ex
-change
Letters of Credit
Correspondents of
TRAVELERS'LETTERS OF CREDIT BARING BROTHERS & CO., Ltd.
LONDON
BROWN BROTHERS&CO.
Established
1818
NEW YORK
PHILADELPHIA
BOSTON
ALEX. BROWN & SONS, Baltimore
Corporate and Industrial Financing
Travelers Letters of Credit
Commercial Letters of Credit
Domestic and Foreign Investment Securities
Foreign Exchange
SCHOLLE BROTHERS
Five Nassau Street
NEW YORK
Bankers' Acceptances
Investment Securities
BROWN, SHIPLEY Es' CO.
James G. Wallace
No. 54 Wall Street
NEW YORK
Lonclon Correspondents
LONDON
T. Suffern Tailor
J. & W.Seligman & Co.
EQUIPMENT TRUST
SECURITIES
SELIGNIAN BROTHERS
LAZARD FRERES
120 Broadway
NEW YORK
TAILER &co
MEMBERS N. Y. STOCK EXCHANGE
522 Fifth Ave., Now York
FREEMAN & COMPANY
Investment Securities
34 PINE STREET
NEW YORK
Lazard Freres & Cie., Paris
6 rue Pillet•Will
Lazard Brothers 8c Co., Ltd., London
11 Old Broad Street
HEIDELBACH, ICKELHEIMER & CO. Lawrence Turnure & Co.
49 Wall Street
64-66 Wall Street
New York
Foreign Exchange
Securities Bought and Sold on Commission
Letters of Credit
London Bankers; Midland Bank, Ltd.
Paris Bankers; Banque do Paris et des Pays
Bas, Heine & Cie.
THOMPSON ROSS
& CO.
MEMBERS N. Y. STOCK EXCHANGE
Investment securities bought and sold on coniExecute orders for purchase and sale of lnission. Travelers' credits, available throughout the United States, Cuba,Puerto Rico, Mexico.
Stocks and Bonds.
Central America and Spain. Make collections
In and issue drafts and cable transfers on above
Foreign Exchange Bought and Sold. countries.
Issue Commercial and Travelers'
'Credits
available in all parts of the world.
J. A. Sisto & Co.
Members New York Stock Exchange
68 Wall Street
New York
Investment Securities
Foreign Exchange
Cable Address: Jasisto, New York
JOHN MUNROE & CO.
Established 5854
ioo Broadway, New York
Commercial and
Investment
Banking
MUNROE & CO.
Established Mn
Lazard Brothers & Co. (Espana), Madrid
Lazard Brothers & Co., Ltd., Antwerp
WELLINGTON & CO.
Members New York Stock Exchange
Members Pittsburgh Stock Exchange
31 Pine Street
Union Trust Bldg.
New Yorlt
Pittsburgh
Underwriters and Distributors
of Corporation Bonds
4
29 S. La Salle Street
CHICAGO
New York • San Francisco •
Boston
GRAHAM,PARSONS ik CO.
PHILADELPHIA
NEW YORK
'Deal in and 'Purchase Issues of
MUNICIPAL PONDS
and 'Bonds and Notes of
RAILROADS
PUBLIC UTILITIES,end
INDUSTRIAL CORPORATIONS
of
ESTABLISHED VALUE
ForeignCorrespondent:The'British,
Foreign and Colonial Corp.. Ltd.
PoRa-ER. Fox
& Go.
g.c........
INVESTMENT
SEGVRITIES
J20 SOVTH LTI SALLE STREET
TELEPHONE CENTRAL 2707
G tirtnc•co
@FedFRASER